STOCK TITAN
  1. Home
  2. Sec-filings
  3. BCDRF
  4. [6-K] Banco Santander, S.A. Current Report (Foreign Issuer)

[6-K] Banco Santander, S.A. Current Report (Foreign Issuer)

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Banco Santander, S.A. reports recast 2025 results showing strong growth under a new reporting structure. Profit attributable to the parent reached €14,101 million, up 12% from 2024, while underlying profit was €13,152 million, also 12% higher. Total income rose slightly to €58,308 million as higher fees and trading gains offset a 3% decline in net interest income. Cost discipline reduced total costs by 4% on an underlying basis, improving the efficiency ratio to 45.3%. Credit quality remained solid with a cost of risk of 1.14% and an NPL ratio of 2.91%. The phased-in CET1 capital ratio strengthened to 13.5%, and RoTE post-AT1 increased to 16.3%, supported by growth across retail, Openbank, CIB, wealth and payments.

Positive

  • None.

Negative

  • None.

Insights

Recast 2025 numbers show double-digit profit growth, stronger capital and better efficiency.

Banco Santander delivered profit attributable to the parent of €14.1B, up 12%, and underlying profit of €13.2B, also up 12%. Group RoTE post-AT1 improved to 16.3%, while total income grew modestly as higher fees and trading income offset softer net interest income.

Cost control was notable: underlying total costs fell 3.5% and the efficiency ratio improved to 45.3%, helped by the ONE Transformation programme. Credit metrics remained stable, with cost of risk at 1.14%, NPL ratio at 2.91% and NPL coverage at 66%, indicating resilient asset quality despite selective provisioning increases.

Capital and franchise indicators strengthened. The phased-in CET1 ratio rose to 13.5% and total capital to 17.8%. The bank also grew customers to 174 million, digital customers to 59 million and lifted market capitalization to €147.9B. Subsequent filings using this new segment structure will clarify how sustainable these returns and growth trends are across Retail, Openbank, CIB, Wealth and Payments.

Form 6-K: How Foreign Companies Report to the SEC →
0000891478false12-312025-12-312025FY11oneP3Y5 years, 6 months10 years, 3 months5 years, 3 monthsP3YP4YP3YP3YP4YP3Yfive years, six monthsiso4217:EURiso4217:EURxbrli:sharessan:subsidiarysan:companiesxbrli:pureiso4217:USDiso4217:USDxbrli:sharesxbrli:sharessan:stagesan:Argentian_pesoiso4217:EURiso4217:PLNxbrli:sharesiso4217:PLNiso4217:GBPiso4217:MXNxbrli:sharessan:branchsan:employeesan:jurisdictionsan:programsan:remuneration_componentsan:annuitysan:variable_remunerationsan:credit_institutionsan:metricsan:Paymentsan:trading_sessionsan:paymentssan:peopleiso4217:BRLiso4217:CLPsan:casesan:childsan:judgementiso4217:GBPiso4217:EURiso4217:GBPiso4217:USDiso4217:GBPiso4217:JPYiso4217:GBPiso4217:CHFiso4217:GBPiso4217:CADiso4217:CNYiso4217:EURiso4217:MXNiso4217:EURiso4217:AUDiso4217:EURiso4217:NZDiso4217:EURiso4217:CZKiso4217:EURiso4217:EURiso4217:COPiso4217:EURiso4217:USDiso4217:HKDiso4217:EURiso4217:JPYiso4217:EURiso4217:NOKiso4217:EURiso4217:RONiso4217:EURiso4217:CHFiso4217:EURiso4217:USDiso4217:COPiso4217:USDiso4217:MXNiso4217:BRLiso4217:EURiso4217:CLPiso4217:EURiso4217:COPiso4217:EURiso4217:USDiso4217:EURiso4217:PLNiso4217:EURiso4217:CADiso4217:EURiso4217:UYUiso4217:EURiso4217:EURiso4217:GBPiso4217:PENiso4217:USDiso4217:COPiso4217:USDiso4217:MADiso4217:EURiso4217:PENiso4217:EURiso4217:USDiso4217:CLPsan:marketsan:countrysan:geographiessan:salesProgramsan:customersan:blockiso4217:GBPxbrli:sharessan:contractsan:independent_divisionsan:segmentsan:operatingAreassan:linesOfDefensesan:tranchessan:scenariosan:line_of_businesssan:transactionssan:bankssan:indicator00008914782025-01-012025-12-3100008914782025-12-3100008914782024-12-3100008914782023-12-310000891478ifrs-full:DerivativesMember2025-12-310000891478ifrs-full:DerivativesMember2024-12-310000891478ifrs-full:DerivativesMember2023-12-310000891478ifrs-full:EquityInvestmentsMember2025-12-310000891478ifrs-full:EquityInvestmentsMember2024-12-310000891478ifrs-full:EquityInvestmentsMember2023-12-310000891478ifrs-full:DebtSecuritiesMember2025-12-310000891478ifrs-full:DebtSecuritiesMember2024-12-310000891478ifrs-full:DebtSecuritiesMember2023-12-310000891478san:LoansAndAdvancesMember2025-12-310000891478san:LoansAndAdvancesMember2024-12-310000891478san:LoansAndAdvancesMember2023-12-310000891478san:LoansAndAdvancesCentralBanksMember2025-12-310000891478san:LoansAndAdvancesCentralBanksMember2024-12-310000891478san:LoansAndAdvancesCentralBanksMember2023-12-310000891478san:LoansAndAdvancesCreditInstitutionsMember2025-12-310000891478san:LoansAndAdvancesCreditInstitutionsMember2024-12-310000891478san:LoansAndAdvancesCreditInstitutionsMember2023-12-310000891478san:LoansAndAdvancesCustomersMember2025-12-310000891478san:LoansAndAdvancesCustomersMember2024-12-310000891478san:LoansAndAdvancesCustomersMember2023-12-310000891478ifrs-full:PropertyPlantAndEquipmentNotSubjectToOperatingLeasesMember2025-12-310000891478ifrs-full:PropertyPlantAndEquipmentNotSubjectToOperatingLeasesMember2024-12-310000891478ifrs-full:PropertyPlantAndEquipmentNotSubjectToOperatingLeasesMember2023-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2025-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2024-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2023-12-310000891478ifrs-full:DerivativesMember2025-12-310000891478ifrs-full:DerivativesMember2024-12-310000891478ifrs-full:DerivativesMember2023-12-310000891478san:ShortPositionsMember2025-12-310000891478san:ShortPositionsMember2024-12-310000891478san:ShortPositionsMember2023-12-310000891478san:DepositMember2025-12-310000891478san:DepositMember2024-12-310000891478san:DepositMember2023-12-310000891478san:DepositsCentralBanksMember2025-12-310000891478san:DepositsCentralBanksMember2024-12-310000891478san:DepositsCentralBanksMember2023-12-310000891478san:DepositsCreditInstitutionsMember2025-12-310000891478san:DepositsCreditInstitutionsMember2024-12-310000891478san:DepositsCreditInstitutionsMember2023-12-310000891478san:DepositsCustomersMember2025-12-310000891478san:DepositsCustomersMember2024-12-310000891478san:DepositsCustomersMember2023-12-310000891478san:DebtInstrumentsMember2025-12-310000891478san:DebtInstrumentsMember2024-12-310000891478san:DebtInstrumentsMember2023-12-310000891478san:OtherFinancialLiabilitiesMember2025-12-310000891478san:OtherFinancialLiabilitiesMember2024-12-310000891478san:OtherFinancialLiabilitiesMember2023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMember2025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMember2024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMember2023-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMember2025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMember2024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMember2023-12-310000891478san:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2025-12-310000891478san:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2024-12-310000891478san:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2023-12-310000891478san:OtherLongTermEmployeeBenefitsProvisionMember2025-12-310000891478san:OtherLongTermEmployeeBenefitsProvisionMember2024-12-310000891478san:OtherLongTermEmployeeBenefitsProvisionMember2023-12-310000891478san:TaxesAndOtherLegalContingenciesProvisionMember2025-12-310000891478san:TaxesAndOtherLegalContingenciesProvisionMember2024-12-310000891478san:TaxesAndOtherLegalContingenciesProvisionMember2023-12-310000891478san:CommitmentsAndGuaranteesGivenProvisionMember2025-12-310000891478san:CommitmentsAndGuaranteesGivenProvisionMember2024-12-310000891478san:CommitmentsAndGuaranteesGivenProvisionMember2023-12-310000891478ifrs-full:MiscellaneousOtherProvisionsMember2025-12-310000891478ifrs-full:MiscellaneousOtherProvisionsMember2024-12-310000891478ifrs-full:MiscellaneousOtherProvisionsMember2023-12-310000891478ifrs-full:LoanCommitmentsMember2025-12-310000891478ifrs-full:LoanCommitmentsMember2024-12-310000891478ifrs-full:LoanCommitmentsMember2023-12-310000891478ifrs-full:FinancialGuaranteeContractsMember2025-12-310000891478ifrs-full:FinancialGuaranteeContractsMember2024-12-310000891478ifrs-full:FinancialGuaranteeContractsMember2023-12-310000891478san:OtherCommitmentsMember2025-12-310000891478san:OtherCommitmentsMember2024-12-310000891478san:OtherCommitmentsMember2023-12-3100008914782024-01-012024-12-3100008914782023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMember2023-01-012023-12-310000891478san:InterestIncomeFromOtherFinancialAssetsMember2025-01-012025-12-310000891478san:InterestIncomeFromOtherFinancialAssetsMember2024-01-012024-12-310000891478san:InterestIncomeFromOtherFinancialAssetsMember2023-01-012023-12-310000891478san:OtherFinancialAssetsAndLiabilitiesMember2025-01-012025-12-310000891478san:OtherFinancialAssetsAndLiabilitiesMember2024-01-012024-12-310000891478san:OtherFinancialAssetsAndLiabilitiesMember2023-01-012023-12-310000891478san:FinancialAssetsReclassifiedFromFairValueWithChangesInOtherComprehensiveIncomeMember2025-01-012025-12-310000891478san:FinancialAssetsReclassifiedFromFairValueWithChangesInOtherComprehensiveIncomeMember2024-01-012024-12-310000891478san:FinancialAssetsReclassifiedFromFairValueWithChangesInOtherComprehensiveIncomeMember2023-01-012023-12-310000891478san:ReclassifiedFinancialAssetsFromAmortizedCostMember2025-01-012025-12-310000891478san:ReclassifiedFinancialAssetsFromAmortizedCostMember2024-01-012024-12-310000891478san:ReclassifiedFinancialAssetsFromAmortizedCostMember2023-01-012023-12-310000891478san:OtherGainsOrLossesMember2025-01-012025-12-310000891478san:OtherGainsOrLossesMember2024-01-012024-12-310000891478san:OtherGainsOrLossesMember2023-01-012023-12-310000891478country:AR2025-01-012025-12-310000891478country:AR2024-01-012024-12-310000891478country:AR2023-01-012023-12-310000891478ifrs-full:IssuedCapitalMemberifrs-full:PreviouslyStatedMember2024-12-310000891478ifrs-full:SharePremiumMemberifrs-full:PreviouslyStatedMember2024-12-310000891478san:OtherEquityInstrumentsIssuedMemberifrs-full:PreviouslyStatedMember2024-12-310000891478ifrs-full:OtherEquityInterestMemberifrs-full:PreviouslyStatedMember2024-12-310000891478ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMemberifrs-full:PreviouslyStatedMember2024-12-310000891478ifrs-full:IssuedCapitalMember2024-12-310000891478ifrs-full:SharePremiumMember2024-12-310000891478san:OtherEquityInstrumentsIssuedMember2024-12-310000891478ifrs-full:OtherEquityInterestMember2024-12-310000891478ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2024-12-310000891478ifrs-full:IssuedCapitalMember2025-01-012025-12-310000891478ifrs-full:SharePremiumMember2025-01-012025-12-310000891478san:OtherEquityInstrumentsIssuedMember2025-01-012025-12-310000891478ifrs-full:OtherEquityInterestMember2025-01-012025-12-310000891478ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2025-01-012025-12-310000891478ifrs-full:IssuedCapitalMember2025-12-310000891478ifrs-full:SharePremiumMember2025-12-310000891478san:OtherEquityInstrumentsIssuedMember2025-12-310000891478ifrs-full:OtherEquityInterestMember2025-12-310000891478ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2025-12-310000891478ifrs-full:RevaluationSurplusMemberifrs-full:PreviouslyStatedMember2024-12-310000891478ifrs-full:OtherReservesMemberifrs-full:PreviouslyStatedMember2024-12-310000891478ifrs-full:TreasurySharesMemberifrs-full:PreviouslyStatedMember2024-12-310000891478san:ProfitLossAttributableToShareholdersOfParentMemberifrs-full:PreviouslyStatedMember2024-12-310000891478san:InterimDividendsMemberifrs-full:PreviouslyStatedMember2024-12-310000891478ifrs-full:AccumulatedOtherComprehensiveIncomeMemberifrs-full:PreviouslyStatedMember2024-12-310000891478san:AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterestsMemberifrs-full:PreviouslyStatedMember2024-12-310000891478san:NonControllingInterestExcludingAccumulatedOtherComprehensiveIncomeMemberifrs-full:PreviouslyStatedMember2024-12-310000891478ifrs-full:PreviouslyStatedMember2024-12-310000891478ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember2024-12-310000891478ifrs-full:FinancialEffectOfChangesInAccountingPolicyMember2024-12-310000891478ifrs-full:RevaluationSurplusMember2024-12-310000891478ifrs-full:OtherReservesMember2024-12-310000891478ifrs-full:TreasurySharesMember2024-12-310000891478san:ProfitLossAttributableToShareholdersOfParentMember2024-12-310000891478san:InterimDividendsMember2024-12-310000891478ifrs-full:AccumulatedOtherComprehensiveIncomeMember2024-12-310000891478san:AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterestsMember2024-12-310000891478san:NonControllingInterestExcludingAccumulatedOtherComprehensiveIncomeMember2024-12-310000891478san:ProfitLossAttributableToShareholdersOfParentMember2025-01-012025-12-310000891478ifrs-full:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-12-310000891478san:AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterestsMember2025-01-012025-12-310000891478san:NonControllingInterestExcludingAccumulatedOtherComprehensiveIncomeMember2025-01-012025-12-310000891478ifrs-full:OtherReservesMember2025-01-012025-12-310000891478ifrs-full:TreasurySharesMember2025-01-012025-12-310000891478san:InterimDividendsMember2025-01-012025-12-310000891478ifrs-full:RevaluationSurplusMember2025-12-310000891478ifrs-full:OtherReservesMember2025-12-310000891478ifrs-full:TreasurySharesMember2025-12-310000891478san:ProfitLossAttributableToShareholdersOfParentMember2025-12-310000891478san:InterimDividendsMember2025-12-310000891478ifrs-full:AccumulatedOtherComprehensiveIncomeMember2025-12-310000891478san:AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterestsMember2025-12-310000891478san:NonControllingInterestExcludingAccumulatedOtherComprehensiveIncomeMember2025-12-310000891478ifrs-full:IssuedCapitalMemberifrs-full:PreviouslyStatedMember2023-12-310000891478ifrs-full:SharePremiumMemberifrs-full:PreviouslyStatedMember2023-12-310000891478san:OtherEquityInstrumentsIssuedMemberifrs-full:PreviouslyStatedMember2023-12-310000891478ifrs-full:OtherEquityInterestMemberifrs-full:PreviouslyStatedMember2023-12-310000891478ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMemberifrs-full:PreviouslyStatedMember2023-12-310000891478ifrs-full:IssuedCapitalMember2023-12-310000891478ifrs-full:SharePremiumMember2023-12-310000891478san:OtherEquityInstrumentsIssuedMember2023-12-310000891478ifrs-full:OtherEquityInterestMember2023-12-310000891478ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2023-12-310000891478ifrs-full:IssuedCapitalMember2024-01-012024-12-310000891478ifrs-full:SharePremiumMember2024-01-012024-12-310000891478san:OtherEquityInstrumentsIssuedMember2024-01-012024-12-310000891478ifrs-full:OtherEquityInterestMember2024-01-012024-12-310000891478ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2024-01-012024-12-310000891478ifrs-full:RevaluationSurplusMemberifrs-full:PreviouslyStatedMember2023-12-310000891478ifrs-full:OtherReservesMemberifrs-full:PreviouslyStatedMember2023-12-310000891478ifrs-full:TreasurySharesMemberifrs-full:PreviouslyStatedMember2023-12-310000891478san:ProfitLossAttributableToShareholdersOfParentMemberifrs-full:PreviouslyStatedMember2023-12-310000891478san:InterimDividendsMemberifrs-full:PreviouslyStatedMember2023-12-310000891478ifrs-full:AccumulatedOtherComprehensiveIncomeMemberifrs-full:PreviouslyStatedMember2023-12-310000891478san:AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterestsMemberifrs-full:PreviouslyStatedMember2023-12-310000891478san:NonControllingInterestExcludingAccumulatedOtherComprehensiveIncomeMemberifrs-full:PreviouslyStatedMember2023-12-310000891478ifrs-full:PreviouslyStatedMember2023-12-310000891478ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember2023-12-310000891478ifrs-full:FinancialEffectOfChangesInAccountingPolicyMember2023-12-310000891478ifrs-full:RevaluationSurplusMember2023-12-310000891478ifrs-full:OtherReservesMember2023-12-310000891478ifrs-full:TreasurySharesMember2023-12-310000891478san:ProfitLossAttributableToShareholdersOfParentMember2023-12-310000891478san:InterimDividendsMember2023-12-310000891478ifrs-full:AccumulatedOtherComprehensiveIncomeMember2023-12-310000891478san:AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterestsMember2023-12-310000891478san:NonControllingInterestExcludingAccumulatedOtherComprehensiveIncomeMember2023-12-310000891478san:ProfitLossAttributableToShareholdersOfParentMember2024-01-012024-12-310000891478ifrs-full:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-310000891478san:AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterestsMember2024-01-012024-12-310000891478san:NonControllingInterestExcludingAccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-310000891478ifrs-full:OtherReservesMember2024-01-012024-12-310000891478ifrs-full:TreasurySharesMember2024-01-012024-12-310000891478san:InterimDividendsMember2024-01-012024-12-310000891478ifrs-full:IssuedCapitalMemberifrs-full:PreviouslyStatedMember2022-12-310000891478ifrs-full:SharePremiumMemberifrs-full:PreviouslyStatedMember2022-12-310000891478san:OtherEquityInstrumentsIssuedMemberifrs-full:PreviouslyStatedMember2022-12-310000891478ifrs-full:OtherEquityInterestMemberifrs-full:PreviouslyStatedMember2022-12-310000891478ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMemberifrs-full:PreviouslyStatedMember2022-12-310000891478ifrs-full:IssuedCapitalMember2022-12-310000891478ifrs-full:SharePremiumMember2022-12-310000891478san:OtherEquityInstrumentsIssuedMember2022-12-310000891478ifrs-full:OtherEquityInterestMember2022-12-310000891478ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2022-12-310000891478ifrs-full:IssuedCapitalMember2023-01-012023-12-310000891478ifrs-full:SharePremiumMember2023-01-012023-12-310000891478san:OtherEquityInstrumentsIssuedMember2023-01-012023-12-310000891478ifrs-full:OtherEquityInterestMember2023-01-012023-12-310000891478ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2023-01-012023-12-310000891478ifrs-full:RevaluationSurplusMemberifrs-full:PreviouslyStatedMember2022-12-310000891478ifrs-full:OtherReservesMemberifrs-full:PreviouslyStatedMember2022-12-310000891478ifrs-full:TreasurySharesMemberifrs-full:PreviouslyStatedMember2022-12-310000891478san:ProfitLossAttributableToShareholdersOfParentMemberifrs-full:PreviouslyStatedMember2022-12-310000891478san:InterimDividendsMemberifrs-full:PreviouslyStatedMember2022-12-310000891478ifrs-full:AccumulatedOtherComprehensiveIncomeMemberifrs-full:PreviouslyStatedMember2022-12-310000891478san:AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterestsMemberifrs-full:PreviouslyStatedMember2022-12-310000891478san:NonControllingInterestExcludingAccumulatedOtherComprehensiveIncomeMemberifrs-full:PreviouslyStatedMember2022-12-310000891478ifrs-full:PreviouslyStatedMember2022-12-310000891478ifrs-full:FinancialEffectOfCorrectionsOfAccountingErrorsMember2022-12-310000891478ifrs-full:FinancialEffectOfChangesInAccountingPolicyMember2022-12-310000891478ifrs-full:RevaluationSurplusMember2022-12-310000891478ifrs-full:OtherReservesMember2022-12-310000891478ifrs-full:TreasurySharesMember2022-12-310000891478san:ProfitLossAttributableToShareholdersOfParentMember2022-12-310000891478san:InterimDividendsMember2022-12-310000891478ifrs-full:AccumulatedOtherComprehensiveIncomeMember2022-12-310000891478san:AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterestsMember2022-12-310000891478san:NonControllingInterestExcludingAccumulatedOtherComprehensiveIncomeMember2022-12-3100008914782022-12-310000891478san:ProfitLossAttributableToShareholdersOfParentMember2023-01-012023-12-310000891478ifrs-full:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000891478san:AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterestsMember2023-01-012023-12-310000891478san:NonControllingInterestExcludingAccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000891478ifrs-full:OtherReservesMember2023-01-012023-12-310000891478ifrs-full:TreasurySharesMember2023-01-012023-12-310000891478san:InterimDividendsMember2023-01-012023-12-310000891478san:IncreaseDecreaseDueToChangesInPresentationMember2025-12-312025-12-310000891478san:IncreaseDecreaseDueToChangesInPresentationMemberifrs-full:MiscellaneousOtherProvisionsMember2025-12-310000891478san:IncreaseDecreaseDueToChangesInPresentationMember2024-01-012024-12-310000891478san:IncreaseDecreaseDueToChangesInPresentationMember2023-01-012023-12-310000891478currency:MXN2025-01-012025-12-310000891478currency:USD2025-01-012025-12-310000891478currency:BRL2025-01-012025-12-310000891478currency:ARS2025-01-012025-12-310000891478currency:GBP2025-01-012025-12-310000891478currency:CLP2025-01-012025-12-310000891478currency:PLN2025-01-012025-12-310000891478ifrs-full:DisposalOfMajorSubsidiaryMembersan:SantanderBankPolskaSAMembersan:AgreementForTheSaleOfSantanderBankPolskaS.A.Member2026-01-092026-01-090000891478ifrs-full:DisposalOfMajorSubsidiaryMembersan:SantanderTowarzystwoFunduszyInwestycyjnychS.A.Membersan:AgreementForTheSaleOfSantanderBankPolskaS.A.Member2026-01-092026-01-090000891478ifrs-full:DisposalOfMajorSubsidiaryMembersan:SantanderTowarzystwoFunduszyInwestycyjnychS.A.AndSantanderBankPolskaS.A.Membersan:AgreementForTheSaleOfSantanderBankPolskaS.A.Member2026-01-092026-01-090000891478ifrs-full:DisposalOfMajorSubsidiaryMembersan:SantanderBankPolskaSAMember2026-01-092026-01-090000891478ifrs-full:MajorBusinessCombinationMembersan:WebsterFinancialCorporationMember2026-02-032026-02-030000891478ifrs-full:MajorBusinessCombinationMembersan:WebsterFinancialCorporationMember2026-02-0300008914782018-01-012018-12-3100008914782016-01-012018-12-310000891478country:AR2025-12-310000891478country:AR2024-12-310000891478currency:USD2025-12-310000891478currency:USD2024-12-310000891478currency:USD2023-12-310000891478currency:CLP2025-12-310000891478currency:CLP2024-12-310000891478currency:CLP2023-12-310000891478currency:GBP2025-12-310000891478currency:GBP2024-12-310000891478currency:GBP2023-12-310000891478currency:MXN2025-12-310000891478currency:MXN2024-12-310000891478currency:MXN2023-12-310000891478currency:BRL2025-12-310000891478currency:BRL2024-12-310000891478currency:BRL2023-12-310000891478currency:PLN2025-12-310000891478currency:PLN2024-12-310000891478currency:PLN2023-12-310000891478currency:ARS2025-12-310000891478currency:ARS2024-12-310000891478currency:ARS2023-12-310000891478currency:USD2024-01-012024-12-310000891478currency:USD2023-01-012023-12-310000891478currency:CLP2024-01-012024-12-310000891478currency:CLP2023-01-012023-12-310000891478currency:GBP2024-01-012024-12-310000891478currency:GBP2023-01-012023-12-310000891478currency:MXN2024-01-012024-12-310000891478currency:MXN2023-01-012023-12-310000891478currency:BRL2024-01-012024-12-310000891478currency:BRL2023-01-012023-12-310000891478currency:PLN2024-01-012024-12-310000891478currency:PLN2023-01-012023-12-310000891478currency:ARS2024-01-012024-12-310000891478currency:ARS2023-01-012023-12-310000891478san:ProjectQuasarInvestments2017SlMember2024-01-012024-12-310000891478san:ProjectQuasarInvestments2017SlMember2023-01-012023-12-310000891478ifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:BuildingsMember2025-01-012025-12-310000891478san:FurnitureMember2025-01-012025-12-310000891478ifrs-full:FixturesAndFittingsMember2025-01-012025-12-310000891478san:OfficeAndComputerEquipmentMember2025-01-012025-12-310000891478san:SantanderBankPolskaSAMember2025-05-050000891478san:SantanderBankPolskaSAMembersan:AgreementForTheSaleOfSantanderBankPolskaS.A.Member2025-05-050000891478san:SantanderTowarzystwoFunduszyInwestycyjnychS.A.Membersan:AgreementForTheSaleOfSantanderBankPolskaS.A.Member2025-05-050000891478san:SantanderTowarzystwoFunduszyInwestycyjnychS.A.AndSantanderBankPolskaS.A.Membersan:AgreementForTheSaleOfSantanderBankPolskaS.A.Member2025-05-052025-05-050000891478san:SantanderBankPolskaSAMember2025-12-022025-12-020000891478san:SantanderBankPolskaSAMember2025-12-020000891478san:SantanderBankPolskaSAMember2025-12-312025-12-310000891478san:AgreementForTheSaleOfSantanderBankPolskaS.A.Membersan:SantanderConsumerS.A.Membersan:SantanderConsumerBankPolskaMember2025-12-230000891478san:AgreementForTheSaleOfSantanderBankPolskaS.A.Membersan:SantanderConsumerS.A.Membersan:SantanderConsumerBankPolskaMember2025-12-232025-12-230000891478san:TSBBankingGroupPlcTSBMember2025-07-012025-07-010000891478san:CaceisMember2024-12-190000891478san:CaceisMember2025-01-012025-12-310000891478san:CreditAgricoleS.A.Membersan:CaceisMember2024-12-192024-12-190000891478san:SantanderBankPolskaSAMember2024-09-102024-09-100000891478san:SantanderBankPolskaSAMember2024-09-100000891478ifrs-full:OrdinarySharesMembersan:SantanderBankPolskaSAMember2024-09-100000891478san:SantanderBankPolskaSAMember2024-09-132024-09-130000891478san:SantanderBankPolskaSAMember2024-09-092024-09-090000891478ifrs-full:OtherReservesMembersan:SantanderBankPolskaSAMember2024-09-132024-09-130000891478ifrs-full:AccumulatedOtherComprehensiveIncomeMembersan:SantanderBankPolskaSAMember2024-09-132024-09-130000891478san:NonControllingInterestExcludingAccumulatedOtherComprehensiveIncomeMembersan:SantanderBankPolskaSAMember2024-09-132024-09-130000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMember2022-10-210000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMember2023-04-100000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMember2023-04-092023-04-090000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMember2023-04-102023-04-100000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMember2023-02-072023-04-100000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMember2022-11-300000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMember2023-05-122023-12-310000891478san:OffShoreEntitiesMembersan:SpanishLegislationMember2025-12-310000891478san:OffShoreEntitiesBranchesMembersan:SpanishLegislationMember2025-12-310000891478san:OffShoreEntitiesMembersan:CouncilOfTheEUBlacklistMember2025-12-310000891478san:OffShoreEntitiesMembersan:OECDMember2025-12-310000891478san:OffShoreEntitiesMember2025-12-310000891478san:OffShoreEntitiesMember2024-12-310000891478country:GG2025-01-012025-12-310000891478san:OffShoreEntitiesMembersan:JerseyTheIsleOfManAndTheCaymanIslandsMembersan:SpanishLegislationMember2025-12-310000891478country:BM2025-01-012025-12-310000891478srt:ParentCompanyMember2025-01-012025-12-310000891478san:InterimDividendMembersrt:ParentCompanyMember2025-01-012025-12-310000891478san:ComplementaryDividendMembersrt:ParentCompanyMember2025-01-012025-12-310000891478san:InterimDividendMember2025-11-012025-11-300000891478san:ComplementaryDividendMember2026-02-242026-02-240000891478san:A2025ProgramFirstMember2025-08-012025-12-310000891478san:A2025And2026ProgramMember2025-01-012025-12-310000891478san:A2025ProgramSecondMember2026-02-042026-12-310000891478san:A2025ProgramSecondGroupUnderlyingProfitMember2026-02-042026-12-3100008914782026-02-042026-12-310000891478san:A2025ProgramSecondCapitalReleasedOfPolandSaleMember2026-02-042026-12-310000891478san:SantanderBankPolskaSAMembersan:AgreementForTheSaleOfSantanderBankPolskaS.A.Member2026-01-092026-01-0900008914782025-01-012025-08-3100008914782025-08-310000891478san:ComplementaryDividendMember2025-05-022025-05-020000891478san:A2024ProgramFirstMember2025-04-042025-04-040000891478san:A2024ProgramSecondMember2025-04-042025-04-040000891478srt:DirectorMemberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478srt:DirectorMemberifrs-full:TopOfRangeMember2024-01-012024-12-310000891478srt:DirectorMember2025-01-012025-12-310000891478srt:DirectorMember2024-01-012024-12-310000891478san:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:ExecutiveCommittee1Member2024-01-012024-12-310000891478san:AuditCommitteeMember2025-01-012025-12-310000891478san:AuditCommitteeMember2024-01-012024-12-310000891478san:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:AppointmentsCommitteeMember2024-01-012024-12-310000891478san:RemunerationCommitteeMember2025-01-012025-12-310000891478san:RemunerationCommitteeMember2024-01-012024-12-310000891478san:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2024-01-012024-12-310000891478san:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:ResponsibleBankingSustainabilityAndCultureCommitteeMember2024-01-012024-12-310000891478san:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:InnovationAndTechnologyCommitteeMember2024-01-012024-12-310000891478san:AuditCommitteeChairmanMember2025-01-012025-12-310000891478san:AuditCommitteeChairmanMember2024-01-012024-12-310000891478san:AppointmentsCommitteeChairmanMember2025-01-012025-12-310000891478san:AppointmentsCommitteeChairmanMember2024-01-012024-12-310000891478san:RemunerationCommitteeChairmanMember2025-01-012025-12-310000891478san:RemunerationCommitteeChairmanMember2024-01-012024-12-310000891478san:RiskSupervisionRegulationAndComplianceOversightCommitteeChairmanMember2025-01-012025-12-310000891478san:RiskSupervisionRegulationAndComplianceOversightCommitteeChairmanMember2024-01-012024-12-310000891478san:ResponsibleBankingSustainabilityAndCultureCommitteeChairmanMember2025-01-012025-12-310000891478san:ResponsibleBankingSustainabilityAndCultureCommitteeChairmanMember2024-01-012024-12-310000891478san:TheInnovationAndTechnologyCommitteeChairmanMember2025-01-012025-12-310000891478san:TheInnovationAndTechnologyCommitteeChairmanMember2024-01-012024-12-310000891478san:LeadDirectorMember2025-01-012025-12-310000891478san:LeadDirectorMember2024-01-012024-12-310000891478san:NonExecutiveViceChairmanMember2025-01-012025-12-310000891478san:NonExecutiveViceChairmanMember2024-01-012024-12-310000891478san:GlennHutchinsMemberifrs-full:BottomOfRangeMember2025-01-012025-12-3100008914782024-03-222024-03-220000891478san:AuditCommitteeAndRiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:AuditCommitteeAndRiskSupervisionRegulationAndComplianceOversightCommitteeMember2024-01-012024-12-310000891478san:OtherCommitteesMember2025-01-012025-12-310000891478san:OtherCommitteesMember2024-01-012024-12-310000891478san:DeferredVariableCompensationFirstAndSecondPortionMember2025-01-012025-12-310000891478san:DeferredVariableCompensationThirdFourthAndFifthPortionMember2025-01-012025-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMember2025-01-012025-12-310000891478san:AnaBotinSanzDeSautuolaYOSheaAndJoseAntonioAlvarezMembersan:BoardOfDirectorsChairmanAndChiefExecutiveOfficerMember2025-01-012025-12-310000891478san:AnaBotinSanzDeSautuolaYOSheaMembersrt:DirectorMember2025-01-012025-12-310000891478san:AnaBotinSanzDeSautuolaYOSheaMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:AnaBotinSanzDeSautuolaYOSheaMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:AnaBotinSanzDeSautuolaYOSheaMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:AnaBotinSanzDeSautuolaYOSheaMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:AnaBotinSanzDeSautuolaYOSheaMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:AnaBotinSanzDeSautuolaYOSheaMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:AnaBotinSanzDeSautuolaYOSheaMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:AnaBotinSanzDeSautuolaYOSheaMember2025-01-012025-12-310000891478san:HectorGrisiMembersrt:DirectorMember2025-01-012025-12-310000891478san:HectorGrisiMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:HectorGrisiMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:HectorGrisiMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:HectorGrisiMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:HectorGrisiMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:HectorGrisiMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:HectorGrisiMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:HectorGrisiMember2025-01-012025-12-310000891478san:JoseAntonioAlvarezMembersrt:DirectorMember2025-01-012025-12-310000891478san:JoseAntonioAlvarezMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:JoseAntonioAlvarezMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:JoseAntonioAlvarezMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:JoseAntonioAlvarezMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:JoseAntonioAlvarezMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:JoseAntonioAlvarezMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:JoseAntonioAlvarezMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:JoseAntonioAlvarezMember2025-01-012025-12-310000891478san:GlennHutchinsMembersrt:DirectorMember2025-01-012025-12-310000891478san:GlennHutchinsMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:GlennHutchinsMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:GlennHutchinsMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:GlennHutchinsMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:GlennHutchinsMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:GlennHutchinsMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:GlennHutchinsMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:GlennHutchinsMember2025-01-012025-12-310000891478san:HomairaAkbariMembersrt:DirectorMember2025-01-012025-12-310000891478san:HomairaAkbariMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:HomairaAkbariMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:HomairaAkbariMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:HomairaAkbariMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:HomairaAkbariMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:HomairaAkbariMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:HomairaAkbariMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:HomairaAkbariMember2025-01-012025-12-310000891478san:JavierBotinSaenzDeSautuolaMembersrt:DirectorMember2025-01-012025-12-310000891478san:JavierBotinSaenzDeSautuolaMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:JavierBotinSaenzDeSautuolaMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:JavierBotinSaenzDeSautuolaMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:JavierBotinSaenzDeSautuolaMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:JavierBotinSaenzDeSautuolaMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:JavierBotinSaenzDeSautuolaMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:JavierBotinSaenzDeSautuolaMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:JavierBotinSaenzDeSautuolaMember2025-01-012025-12-310000891478san:SolDaurellaComadranMembersrt:DirectorMember2025-01-012025-12-310000891478san:SolDaurellaComadranMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:SolDaurellaComadranMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:SolDaurellaComadranMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:SolDaurellaComadranMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:SolDaurellaComadranMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:SolDaurellaComadranMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:SolDaurellaComadranMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:SolDaurellaComadranMember2025-01-012025-12-310000891478san:HenriqueManuelDrummondBorgesCirneDeCastroMembersrt:DirectorMember2025-01-012025-12-310000891478san:HenriqueManuelDrummondBorgesCirneDeCastroMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:HenriqueManuelDrummondBorgesCirneDeCastroMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:HenriqueManuelDrummondBorgesCirneDeCastroMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:HenriqueManuelDrummondBorgesCirneDeCastroMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:HenriqueManuelDrummondBorgesCirneDeCastroMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:HenriqueManuelDrummondBorgesCirneDeCastroMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:HenriqueManuelDrummondBorgesCirneDeCastroMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:HenriqueManuelDrummondBorgesCirneDeCastroMember2025-01-012025-12-310000891478san:GinaLorenzaDiezBarrosoAracarragaMembersrt:DirectorMember2025-01-012025-12-310000891478san:GinaLorenzaDiezBarrosoAracarragaMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:GinaLorenzaDiezBarrosoAracarragaMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:GinaLorenzaDiezBarrosoAracarragaMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:GinaLorenzaDiezBarrosoAracarragaMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:GinaLorenzaDiezBarrosoAracarragaMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:GinaLorenzaDiezBarrosoAracarragaMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:GinaLorenzaDiezBarrosoAracarragaMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:GinaLorenzaDiezBarrosoAracarragaMember2025-01-012025-12-310000891478san:LuisIsasiFernandezDeBobadillaMembersrt:DirectorMember2025-01-012025-12-310000891478san:LuisIsasiFernandezDeBobadillaMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:LuisIsasiFernandezDeBobadillaMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:LuisIsasiFernandezDeBobadillaMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:LuisIsasiFernandezDeBobadillaMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:LuisIsasiFernandezDeBobadillaMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:LuisIsasiFernandezDeBobadillaMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:LuisIsasiFernandezDeBobadillaMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:LuisIsasiFernandezDeBobadillaMember2025-01-012025-12-310000891478san:BelenRomanaGarciaMembersrt:DirectorMember2025-01-012025-12-310000891478san:BelenRomanaGarciaMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:BelenRomanaGarciaMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:BelenRomanaGarciaMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:BelenRomanaGarciaMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:BelenRomanaGarciaMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:BelenRomanaGarciaMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:BelenRomanaGarciaMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:BelenRomanaGarciaMember2025-01-012025-12-310000891478san:PamelaAnnWalkdenMembersrt:DirectorMember2025-01-012025-12-310000891478san:PamelaAnnWalkdenMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:PamelaAnnWalkdenMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:PamelaAnnWalkdenMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:PamelaAnnWalkdenMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:PamelaAnnWalkdenMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:PamelaAnnWalkdenMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:PamelaAnnWalkdenMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:PamelaAnnWalkdenMember2025-01-012025-12-310000891478san:GermanDeLaFuenteEscamillaMembersrt:DirectorMember2025-01-012025-12-310000891478san:GermanDeLaFuenteEscamillaMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:GermanDeLaFuenteEscamillaMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:GermanDeLaFuenteEscamillaMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:GermanDeLaFuenteEscamillaMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:GermanDeLaFuenteEscamillaMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:GermanDeLaFuenteEscamillaMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:GermanDeLaFuenteEscamillaMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:GermanDeLaFuenteEscamillaMember2025-01-012025-12-310000891478san:JuanCarlosBarrabesConsulMembersrt:DirectorMember2025-01-012025-12-310000891478san:JuanCarlosBarrabesConsulMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:JuanCarlosBarrabesConsulMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:JuanCarlosBarrabesConsulMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:JuanCarlosBarrabesConsulMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:JuanCarlosBarrabesConsulMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:JuanCarlosBarrabesConsulMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:JuanCarlosBarrabesConsulMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:JuanCarlosBarrabesConsulMember2025-01-012025-12-310000891478san:AntonioFrancescoWeissMembersrt:DirectorMember2025-01-012025-12-310000891478san:AntonioFrancescoWeissMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:AntonioFrancescoWeissMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:AntonioFrancescoWeissMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:AntonioFrancescoWeissMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:AntonioFrancescoWeissMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:AntonioFrancescoWeissMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:AntonioFrancescoWeissMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:AntonioFrancescoWeissMember2025-01-012025-12-310000891478san:BruceCarnegieBrownMembersrt:DirectorMember2025-01-012025-12-310000891478san:BruceCarnegieBrownMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:BruceCarnegieBrownMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:BruceCarnegieBrownMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:BruceCarnegieBrownMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:BruceCarnegieBrownMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:BruceCarnegieBrownMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:BruceCarnegieBrownMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:BruceCarnegieBrownMember2025-01-012025-12-310000891478san:RamiroMatoGarcaAnsorenaMembersrt:DirectorMember2025-01-012025-12-310000891478san:RamiroMatoGarcaAnsorenaMembersan:ExecutiveCommittee1Member2025-01-012025-12-310000891478san:RamiroMatoGarcaAnsorenaMembersan:AuditCommitteeMember2025-01-012025-12-310000891478san:RamiroMatoGarcaAnsorenaMembersan:AppointmentsCommitteeMember2025-01-012025-12-310000891478san:RamiroMatoGarcaAnsorenaMembersan:RemunerationCommitteeMember2025-01-012025-12-310000891478san:RamiroMatoGarcaAnsorenaMembersan:RiskSupervisionRegulationAndComplianceOversightCommitteeMember2025-01-012025-12-310000891478san:RamiroMatoGarcaAnsorenaMembersan:ResponsibleBankingSustainabilityAndCultureCommitteeMember2025-01-012025-12-310000891478san:RamiroMatoGarcaAnsorenaMembersan:InnovationAndTechnologyCommitteeMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMembersan:RamiroMatoGarcaAnsorenaMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMember2025-01-012025-12-310000891478san:AttendanceFeesAndCommissionsMember2024-01-012024-12-310000891478srt:DirectorMembersan:SantanderSpainMembersan:LuisIsasiFernandezDeBobadillaMember2025-01-012025-12-310000891478san:AnaBotinSanzDeSautuolaYOSheaMember2025-01-012025-12-310000891478san:AnaBotinSanzDeSautuolaYOSheaMember2024-01-012024-12-310000891478san:HectorGrisiMember2025-01-012025-12-310000891478san:HectorGrisiMember2024-01-012024-12-310000891478san:JoseAntonioAlvarezMember2025-01-012025-12-310000891478san:JoseAntonioAlvarezMember2024-01-012024-12-310000891478san:GlennHutchinsMember2025-01-012025-12-310000891478san:GlennHutchinsMember2024-01-012024-12-310000891478san:HomairaAkbariMember2025-01-012025-12-310000891478san:HomairaAkbariMember2024-01-012024-12-310000891478san:JavierBotinSaenzDeSautuolaMember2025-01-012025-12-310000891478san:JavierBotinSaenzDeSautuolaMember2024-01-012024-12-310000891478san:SolDaurellaComadranMember2025-01-012025-12-310000891478san:SolDaurellaComadranMember2024-01-012024-12-310000891478san:HenriqueManuelDrummondBorgesCirneDeCastroMember2025-01-012025-12-310000891478san:HenriqueManuelDrummondBorgesCirneDeCastroMember2024-01-012024-12-310000891478san:GinaLorenzaDiezBarrosoAracarragaMember2025-01-012025-12-310000891478san:GinaLorenzaDiezBarrosoAracarragaMember2024-01-012024-12-310000891478san:LuisIsasiFernandezDeBobadillaMember2025-01-012025-12-310000891478san:LuisIsasiFernandezDeBobadillaMember2024-01-012024-12-310000891478san:BelenRomanaGarciaMember2025-01-012025-12-310000891478san:BelenRomanaGarciaMember2024-01-012024-12-310000891478san:PamelaAnnWalkdenMember2025-01-012025-12-310000891478san:PamelaAnnWalkdenMember2024-01-012024-12-310000891478san:GermanDeLaFuenteEscamillaMember2025-01-012025-12-310000891478san:GermanDeLaFuenteEscamillaMember2024-01-012024-12-310000891478san:JuanCarlosBarrabesConsulMember2025-01-012025-12-310000891478san:JuanCarlosBarrabesConsulMember2024-01-012024-12-310000891478san:AntonioFrancescoWeissMember2025-01-012025-12-310000891478san:AntonioFrancescoWeissMember2024-01-012024-12-310000891478san:BruceCarnegieBrownMember2025-01-012025-12-310000891478san:BruceCarnegieBrownMember2024-01-012024-12-310000891478san:RamiroMatoGarcaAnsorenaMember2025-01-012025-12-310000891478san:RamiroMatoGarcaAnsorenaMember2024-01-012024-12-310000891478san:BoardOfDirectorsChairmanAndChiefExecutiveOfficerMembersan:DeferredVariableCompensationPlanMultiannualObjectivesMembersan:AnaBotinSanzDeSautuolaYOSheaMember2025-01-012025-12-310000891478san:BoardOfDirectorsChairmanAndChiefExecutiveOfficerMembersan:DeferredVariableCompensationPlanMultiannualObjectivesMembersan:AnaBotinSanzDeSautuolaYOSheaMember2024-01-012024-12-310000891478san:BoardOfDirectorsChairmanAndChiefExecutiveOfficerMembersan:DeferredVariableCompensationPlanMultiannualObjectivesMembersan:HectorGrisiMember2025-01-012025-12-310000891478san:BoardOfDirectorsChairmanAndChiefExecutiveOfficerMembersan:DeferredVariableCompensationPlanMultiannualObjectivesMembersan:HectorGrisiMember2024-01-012024-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMembersan:BoardOfDirectorsChairmanAndChiefExecutiveOfficerMember2025-01-012025-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMembersan:BoardOfDirectorsChairmanAndChiefExecutiveOfficerMember2024-01-012024-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMembersan:BoardOfDirectorsChairmanAndChiefExecutiveOfficerMember2025-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMember2025-12-310000891478san:HomairaAkbariMembersan:SantanderConsumerUSAHoldingsIncMember2025-01-012025-12-310000891478san:HomairaAkbariMembersan:PagoNxtMember2025-01-012025-12-310000891478san:HenriqueManuelDrummondBorgesCirneDeCastroMembersan:PagoNxtMember2025-01-012025-12-310000891478san:JoseAntonioAlvarezMembersan:PagoNxtMember2025-01-012025-12-310000891478san:HenriqueManuelDrummondBorgesCirneDeCastroMembersan:PagoNxtNominationCommitteeMember2025-01-012025-12-310000891478san:PamelaAnnWalkdenMembersan:SantanderUKPLCAndSantanderUKGroupHoldingsMember2025-01-012025-12-310000891478san:BelenRomanaGarciaMembersan:SantanderInsuranceS.L.Member2025-01-012025-12-310000891478san:LuisIsasiFernandezDeBobadillaMembersan:SantanderSpainAndBancoSantanderMember2025-01-012025-12-310000891478san:AnaBotinSanzDeSautuolaYOSheaMembersrt:DirectorMember2025-12-310000891478san:AnaBotinSanzDeSautuolaYOSheaMembersrt:DirectorMember2024-12-310000891478san:HectorGrisiMembersrt:DirectorMember2025-12-310000891478san:HectorGrisiMembersrt:DirectorMember2024-12-310000891478srt:DirectorMember2025-12-310000891478srt:DirectorMember2024-12-310000891478san:AnaBotinSanzDeSautuolaYOSheaMembersrt:DirectorMember2024-01-012024-12-310000891478san:HectorGrisiMembersrt:DirectorMember2024-01-012024-12-310000891478san:JoseAntonioAlvarezMembersrt:DirectorMember2024-01-012024-12-310000891478srt:DirectorMembersan:LifeInsuranceMembersan:AnaBotinSanzDeSautuolaYOSheaMember2025-01-012025-12-310000891478srt:DirectorMembersan:LifeInsuranceMembersan:AnaBotinSanzDeSautuolaYOSheaMember2024-01-012024-12-310000891478srt:DirectorMembersan:LifeInsuranceMembersan:HectorGrisiMember2025-01-012025-12-310000891478srt:DirectorMembersan:LifeInsuranceMembersan:HectorGrisiMember2024-01-012024-12-310000891478srt:DirectorMembersan:LifeInsuranceMembersan:JoseAntonioAlvarezMember2025-01-012025-12-310000891478srt:DirectorMembersan:LifeInsuranceMembersan:JoseAntonioAlvarezMember2024-01-012024-12-310000891478srt:DirectorMembersan:LifeInsuranceMember2025-01-012025-12-310000891478srt:DirectorMembersan:LifeInsuranceMember2024-01-012024-12-310000891478san:OtherDirectorsMembersan:LifeInsuranceMember2025-01-012025-12-310000891478san:OtherDirectorsMembersan:LifeInsuranceMember2024-01-012024-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMembersrt:DirectorMember2025-11-252025-11-250000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMembersrt:DirectorMember2025-11-242025-11-240000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMembersrt:DirectorMember2025-02-032025-02-030000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMembersrt:DirectorMember2025-12-310000891478srt:DirectorMembersan:PagoNxtMembersan:DeferredVariableCompensationPlanMultiannualObjectivesMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2019Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2023-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2019Membersan:AnaBotinSanzDeSautuolaYOSheaMember2024-01-012024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2019Membersan:JoseAntonioAlvarezMemberifrs-full:TopOfRangeMember2023-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2019Membersan:JoseAntonioAlvarezMember2024-01-012024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2019Memberifrs-full:TopOfRangeMember2023-12-310000891478san:ShareBasedVariableRemunerationAward2019Membersrt:DirectorMember2024-01-012024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2020Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2023-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2020Membersan:AnaBotinSanzDeSautuolaYOSheaMember2024-01-012024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2020Membersan:JoseAntonioAlvarezMemberifrs-full:TopOfRangeMember2023-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2020Membersan:JoseAntonioAlvarezMember2024-01-012024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2020Memberifrs-full:TopOfRangeMember2023-12-310000891478san:ShareBasedVariableRemunerationAward2020Membersrt:DirectorMember2024-01-012024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2021Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2023-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2021Membersan:AnaBotinSanzDeSautuolaYOSheaMember2024-01-012024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2021Membersan:JoseAntonioAlvarezMemberifrs-full:TopOfRangeMember2023-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2021Membersan:JoseAntonioAlvarezMember2024-01-012024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2021Memberifrs-full:TopOfRangeMember2023-12-310000891478san:ShareBasedVariableRemunerationAward2021Membersrt:DirectorMember2024-01-012024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2022Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2023-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2022Membersan:AnaBotinSanzDeSautuolaYOSheaMember2024-01-012024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2022Membersan:JoseAntonioAlvarezMemberifrs-full:TopOfRangeMember2023-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2022Membersan:JoseAntonioAlvarezMember2024-01-012024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2022Memberifrs-full:TopOfRangeMember2023-12-310000891478san:ShareBasedVariableRemunerationAward2022Membersrt:DirectorMember2024-01-012024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2023Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2023-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2023Membersan:AnaBotinSanzDeSautuolaYOSheaMember2024-01-012024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2023Membersan:HectorGrisiMemberifrs-full:TopOfRangeMember2023-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2023Membersan:HectorGrisiMember2024-01-012024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2023Memberifrs-full:TopOfRangeMember2023-12-310000891478san:ShareBasedVariableRemunerationAward2023Membersrt:DirectorMember2024-01-012024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2024Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2024Membersan:HectorGrisiMemberifrs-full:TopOfRangeMember2024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2024Memberifrs-full:TopOfRangeMember2024-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMembersrt:DirectorMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2019Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2019Membersan:AnaBotinSanzDeSautuolaYOSheaMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2019Membersan:JoseAntonioAlvarezMemberifrs-full:TopOfRangeMember2024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2019Membersan:JoseAntonioAlvarezMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2019Memberifrs-full:TopOfRangeMember2024-12-310000891478san:ShareBasedVariableRemunerationAward2019Membersrt:DirectorMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2020Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2020Membersan:AnaBotinSanzDeSautuolaYOSheaMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2020Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2020Membersan:JoseAntonioAlvarezMemberifrs-full:TopOfRangeMember2024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2020Membersan:JoseAntonioAlvarezMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2020Membersan:JoseAntonioAlvarezMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2020Memberifrs-full:TopOfRangeMember2024-12-310000891478san:ShareBasedVariableRemunerationAward2020Membersrt:DirectorMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2020Memberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2021Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2021Membersan:AnaBotinSanzDeSautuolaYOSheaMember2024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2021Membersan:AnaBotinSanzDeSautuolaYOSheaMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2021Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2021Membersan:JoseAntonioAlvarezMemberifrs-full:TopOfRangeMember2024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2021Membersan:JoseAntonioAlvarezMember2024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2021Membersan:JoseAntonioAlvarezMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2021Membersan:JoseAntonioAlvarezMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2021Memberifrs-full:TopOfRangeMember2024-12-310000891478san:ShareBasedVariableRemunerationAward2021Membersrt:DirectorMember2024-12-310000891478san:ShareBasedVariableRemunerationAward2021Membersrt:DirectorMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2021Memberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2022Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2022Membersan:AnaBotinSanzDeSautuolaYOSheaMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2022Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2022Membersan:JoseAntonioAlvarezMemberifrs-full:TopOfRangeMember2024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2022Membersan:JoseAntonioAlvarezMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2022Membersan:JoseAntonioAlvarezMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2022Memberifrs-full:TopOfRangeMember2024-12-310000891478san:ShareBasedVariableRemunerationAward2022Membersrt:DirectorMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2022Memberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2023Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2023Membersan:AnaBotinSanzDeSautuolaYOSheaMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2023Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2023Membersan:HectorGrisiMemberifrs-full:TopOfRangeMember2024-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2023Membersan:HectorGrisiMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2023Membersan:HectorGrisiMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2023Memberifrs-full:TopOfRangeMember2024-12-310000891478san:ShareBasedVariableRemunerationAward2023Membersrt:DirectorMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2023Memberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2024Membersan:AnaBotinSanzDeSautuolaYOSheaMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2024Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2024Membersan:HectorGrisiMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2024Membersan:HectorGrisiMemberifrs-full:TopOfRangeMember2025-12-310000891478san:ShareBasedVariableRemunerationAward2024Membersrt:DirectorMember2025-01-012025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2024Memberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2025Membersan:AnaBotinSanzDeSautuolaYOSheaMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2025Membersan:HectorGrisiMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:DirectorMembersan:ShareBasedVariableRemunerationAward2025Memberifrs-full:TopOfRangeMember2025-12-310000891478san:ShareBasedVariableRemunerationAward2022Member2025-01-012025-12-310000891478san:ShareBasedVariableRemunerationAward2021Member2025-01-012025-12-310000891478san:ShareBasedVariableRemunerationAward2020Member2025-01-012025-12-310000891478san:PagoNxtMembersan:ShareBasedVariableRemunerationAward2022Membersan:AnaBotinSanzDeSautuolaYOSheaMembersrt:DirectorMemberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:PagoNxtMembersan:ShareBasedVariableRemunerationAward2022Membersan:HectorGrisiMembersrt:DirectorMemberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DirectorsRetiredMembersan:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2019Memberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DirectorsRetiredMembersan:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2019Memberifrs-full:TopOfRangeMember2024-01-012024-12-310000891478san:DirectorsRetiredMembersan:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2020Memberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DirectorsRetiredMembersan:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2020Memberifrs-full:TopOfRangeMember2024-01-012024-12-310000891478san:DirectorsRetiredMembersan:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2021Memberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DirectorsRetiredMembersan:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2021Memberifrs-full:TopOfRangeMember2024-01-012024-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2018Membersan:DirectorsRetiredMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2018Membersan:DirectorsRetiredMember2024-01-012024-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2019Membersan:DirectorsRetiredMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2019Membersan:DirectorsRetiredMember2024-01-012024-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2020Membersan:DirectorsRetiredMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2020Membersan:DirectorsRetiredMember2024-01-012024-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2021Membersan:DirectorsRetiredMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2021Membersan:DirectorsRetiredMember2024-01-012024-12-310000891478san:DirectorsRetiredMember2025-01-012025-12-310000891478san:DirectorsRetiredMember2024-01-012024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:AnaBotinSanzDeSautuolaYOSheaMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:AnaBotinSanzDeSautuolaYOSheaMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:AnaBotinSanzDeSautuolaYOSheaMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:AnaBotinSanzDeSautuolaYOSheaMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:HectorGrisiMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:HectorGrisiMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:HectorGrisiMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:HectorGrisiMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:JoseAntonioAlvarezMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:JoseAntonioAlvarezMember2025-12-310000891478san:JoseAntonioAlvarezMembersrt:DirectorMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:JoseAntonioAlvarezMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:JoseAntonioAlvarezMember2024-12-310000891478san:JoseAntonioAlvarezMembersrt:DirectorMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:GlennHutchinsMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:GlennHutchinsMember2025-12-310000891478san:GlennHutchinsMembersrt:DirectorMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:GlennHutchinsMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:GlennHutchinsMember2024-12-310000891478san:GlennHutchinsMembersrt:DirectorMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:AntonioFrancescoWeissMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:AntonioFrancescoWeissMember2025-12-310000891478san:AntonioFrancescoWeissMembersrt:DirectorMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:AntonioFrancescoWeissMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:AntonioFrancescoWeissMember2024-12-310000891478san:AntonioFrancescoWeissMembersrt:DirectorMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:BelenRomanaGarciaMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:BelenRomanaGarciaMember2025-12-310000891478san:BelenRomanaGarciaMembersrt:DirectorMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:BelenRomanaGarciaMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:BelenRomanaGarciaMember2024-12-310000891478san:BelenRomanaGarciaMembersrt:DirectorMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:BruceCarnegieBrownMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:BruceCarnegieBrownMember2025-12-310000891478san:BruceCarnegieBrownMembersrt:DirectorMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:BruceCarnegieBrownMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:BruceCarnegieBrownMember2024-12-310000891478san:BruceCarnegieBrownMembersrt:DirectorMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:GermanDeLaFuenteEscamillaMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:GermanDeLaFuenteEscamillaMember2025-12-310000891478san:GermanDeLaFuenteEscamillaMembersrt:DirectorMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:GermanDeLaFuenteEscamillaMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:GermanDeLaFuenteEscamillaMember2024-12-310000891478san:GermanDeLaFuenteEscamillaMembersrt:DirectorMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:GinaLorenzaDiezBarrosoAracarragaMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:GinaLorenzaDiezBarrosoAracarragaMember2025-12-310000891478san:GinaLorenzaDiezBarrosoAracarragaMembersrt:DirectorMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:GinaLorenzaDiezBarrosoAracarragaMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:GinaLorenzaDiezBarrosoAracarragaMember2024-12-310000891478san:GinaLorenzaDiezBarrosoAracarragaMembersrt:DirectorMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:HenriqueManuelDrummondBorgesCirneDeCastroMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:HenriqueManuelDrummondBorgesCirneDeCastroMember2025-12-310000891478san:HenriqueManuelDrummondBorgesCirneDeCastroMembersrt:DirectorMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:HenriqueManuelDrummondBorgesCirneDeCastroMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:HenriqueManuelDrummondBorgesCirneDeCastroMember2024-12-310000891478san:HenriqueManuelDrummondBorgesCirneDeCastroMembersrt:DirectorMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:HomairaAkbariMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:HomairaAkbariMember2025-12-310000891478san:HomairaAkbariMembersrt:DirectorMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:HomairaAkbariMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:HomairaAkbariMember2024-12-310000891478san:HomairaAkbariMembersrt:DirectorMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:JavierBotinSaenzDeSautuolaMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:JavierBotinSaenzDeSautuolaMember2025-12-310000891478san:JavierBotinSaenzDeSautuolaMembersrt:DirectorMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:JavierBotinSaenzDeSautuolaMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:JavierBotinSaenzDeSautuolaMember2024-12-310000891478san:JavierBotinSaenzDeSautuolaMembersrt:DirectorMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:JuanCarlosBarrabesConsulMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:JuanCarlosBarrabesConsulMember2025-12-310000891478san:JuanCarlosBarrabesConsulMembersrt:DirectorMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:JuanCarlosBarrabesConsulMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:JuanCarlosBarrabesConsulMember2024-12-310000891478san:JuanCarlosBarrabesConsulMembersrt:DirectorMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:LuisIsasiFernandezDeBobadillaMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:LuisIsasiFernandezDeBobadillaMember2025-12-310000891478san:LuisIsasiFernandezDeBobadillaMembersrt:DirectorMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:LuisIsasiFernandezDeBobadillaMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:LuisIsasiFernandezDeBobadillaMember2024-12-310000891478san:LuisIsasiFernandezDeBobadillaMembersrt:DirectorMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:PamelaAnnWalkdenMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:PamelaAnnWalkdenMember2025-12-310000891478san:PamelaAnnWalkdenMembersrt:DirectorMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:PamelaAnnWalkdenMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:PamelaAnnWalkdenMember2024-12-310000891478san:PamelaAnnWalkdenMembersrt:DirectorMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:RamiroMatoGarcaAnsorenaMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:RamiroMatoGarcaAnsorenaMember2025-12-310000891478san:RamiroMatoGarcaAnsorenaMembersrt:DirectorMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:RamiroMatoGarcaAnsorenaMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:RamiroMatoGarcaAnsorenaMember2024-12-310000891478san:RamiroMatoGarcaAnsorenaMembersrt:DirectorMember2024-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:SolDaurellaComadranMember2025-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:SolDaurellaComadranMember2025-12-310000891478san:SolDaurellaComadranMembersrt:DirectorMember2025-12-310000891478srt:DirectorMemberifrs-full:LoanCommitmentsMembersan:SolDaurellaComadranMember2024-12-310000891478srt:DirectorMemberifrs-full:FinancialGuaranteeContractsMembersan:SolDaurellaComadranMember2024-12-310000891478san:SolDaurellaComadranMembersrt:DirectorMember2024-12-310000891478ifrs-full:LoanCommitmentsMembersrt:DirectorMember2025-12-310000891478ifrs-full:FinancialGuaranteeContractsMembersrt:DirectorMember2025-12-310000891478ifrs-full:LoanCommitmentsMembersrt:DirectorMember2024-12-310000891478ifrs-full:FinancialGuaranteeContractsMembersrt:DirectorMember2024-12-310000891478san:SeniorManagementMember2025-12-310000891478san:SeniorManagementMember2025-01-012025-12-310000891478san:LongTermIncentivePlanMembersan:SeniorManagementMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanMembersan:SeniorManagementMember2025-01-012025-12-310000891478san:SeniorManagementMember2024-12-310000891478san:SeniorManagementMember2024-01-012024-12-310000891478san:LongTermIncentivePlanMembersan:SeniorManagementMember2024-01-012024-12-310000891478san:DeferredConditionalVariableRemunerationPlanMembersan:SeniorManagementMember2024-01-012024-12-310000891478san:SeniorManagementMemberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMembersan:SeniorManagementMember2025-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMembersan:SeniorManagementMember2025-01-012025-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMembersan:SeniorManagementMember2024-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMembersan:SeniorManagementMember2024-01-012024-12-310000891478san:SeniorManagementRetiredMember2025-01-012025-12-310000891478san:SeniorManagementRetiredMember2024-01-012024-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2019Membersan:SeniorManagementMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2019Membersan:SeniorManagementMember2024-01-012024-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2020Membersan:SeniorManagementMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2020Membersan:SeniorManagementMember2024-01-012024-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2021Membersan:SeniorManagementMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2021Membersan:SeniorManagementMember2024-01-012024-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2022Membersan:SeniorManagementMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2022Membersan:SeniorManagementMember2024-01-012024-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2023Membersan:SeniorManagementMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2023Membersan:SeniorManagementMember2024-01-012024-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2024Membersan:SeniorManagementMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2024Membersan:SeniorManagementMember2024-01-012024-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2018Membersan:SeniorManagementMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanAndLinkedToObjectives2018Membersan:SeniorManagementMember2024-01-012024-12-310000891478san:SeniorManagementMemberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:FormerDirectorsOfTheBankMember2025-01-012025-12-310000891478san:FormerDirectorsOfTheBankMember2024-01-012024-12-310000891478san:FormerExecutiveVicePresidentsMember2025-01-012025-12-310000891478san:FormerExecutiveVicePresidentsMember2024-01-012024-12-310000891478san:FormerSeniorManagingDirectorsMember2025-01-012025-12-310000891478san:FormerSeniorManagingDirectorsMember2024-01-012024-12-310000891478san:ProvisionForPostEmploymentDefinedBenefitObligationsMembersan:FormerDirectorsOfTheBankMember2025-12-310000891478san:ProvisionForPostEmploymentDefinedBenefitObligationsMembersan:FormerDirectorsOfTheBankMember2024-12-310000891478san:ProvisionForPostEmploymentDefinedBenefitObligationsMembersan:FormerSeniorManagingDirectorsMember2025-12-310000891478san:ProvisionForPostEmploymentDefinedBenefitObligationsMembersan:FormerSeniorManagingDirectorsMember2024-12-310000891478srt:BoardOfDirectorsChairmanMembersan:AnaBotinSanzDeSautuolaYOSheaMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCentralBanksMembersan:TimeDepositsMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCentralBanksMembersan:TimeDepositsMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCentralBanksMembersan:TimeDepositsMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCentralBanksMembersan:ReverseRepurchaseAgreementsMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCentralBanksMembersan:ReverseRepurchaseAgreementsMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCentralBanksMembersan:ReverseRepurchaseAgreementsMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCentralBanksMembersan:ImpairedAssetsFinancialInstrumentTypeMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCentralBanksMembersan:ImpairedAssetsFinancialInstrumentTypeMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCentralBanksMembersan:ImpairedAssetsFinancialInstrumentTypeMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCentralBanksMembersan:ValuationAdjustmentForImpairmentFinancialInstrumentTypeMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCentralBanksMembersan:ValuationAdjustmentForImpairmentFinancialInstrumentTypeMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCentralBanksMembersan:ValuationAdjustmentForImpairmentFinancialInstrumentTypeMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCreditInstitutionsMembersan:TimeDepositsMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCreditInstitutionsMembersan:TimeDepositsMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCreditInstitutionsMembersan:TimeDepositsMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCreditInstitutionsMembersan:ReverseRepurchaseAgreementsMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCreditInstitutionsMembersan:ReverseRepurchaseAgreementsMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCreditInstitutionsMembersan:ReverseRepurchaseAgreementsMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCreditInstitutionsMembersan:NonLoanAdvancesMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCreditInstitutionsMembersan:NonLoanAdvancesMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCreditInstitutionsMembersan:NonLoanAdvancesMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCreditInstitutionsMembersan:ImpairedAssetsFinancialInstrumentTypeMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCreditInstitutionsMembersan:ImpairedAssetsFinancialInstrumentTypeMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCreditInstitutionsMembersan:ImpairedAssetsFinancialInstrumentTypeMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:LoansAndAdvancesCreditInstitutionsMembersan:ValuationAdjustmentForImpairmentFinancialInstrumentTypeMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:LoansAndAdvancesCreditInstitutionsMembersan:ValuationAdjustmentForImpairmentFinancialInstrumentTypeMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:LoansAndAdvancesCreditInstitutionsMembersan:ValuationAdjustmentForImpairmentFinancialInstrumentTypeMember2023-12-310000891478currency:EURsan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2025-12-310000891478currency:EURsan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2024-12-310000891478currency:EURsan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2023-12-310000891478currency:GBPsan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2025-12-310000891478currency:GBPsan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2024-12-310000891478currency:GBPsan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2023-12-310000891478currency:USDsan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2025-12-310000891478currency:USDsan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2024-12-310000891478currency:USDsan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2023-12-310000891478currency:BRLsan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2025-12-310000891478currency:BRLsan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2024-12-310000891478currency:BRLsan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2023-12-310000891478san:OtherCurrenciesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2025-12-310000891478san:OtherCurrenciesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2024-12-310000891478san:OtherCurrenciesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2023-12-310000891478san:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2025-12-310000891478san:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2024-12-310000891478san:LoansAndAdvancesCentralBanksAndCreditInstitutionsMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:LifetimeExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:LifetimeExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:LifetimeExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:LifetimeExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:LifetimeExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:LifetimeExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:LoansAndAdvancesCentralBanksAndCreditInstitutionsMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:SpanishGovernmentDebtSecuritiesMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:SpanishGovernmentDebtSecuritiesMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:SpanishGovernmentDebtSecuritiesMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:IFRSForeignGovernmentDebtSecuritiesMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:IFRSForeignGovernmentDebtSecuritiesMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:IFRSForeignGovernmentDebtSecuritiesMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:DebtSecuritiesIssuedByFinancialInstitutionsMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:DebtSecuritiesIssuedByFinancialInstitutionsMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:DebtSecuritiesIssuedByFinancialInstitutionsMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:OtherFixedIncomeDebtSecuritiesMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:OtherFixedIncomeDebtSecuritiesMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:OtherFixedIncomeDebtSecuritiesMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:DebtSecuritiesMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:DebtSecuritiesMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:DebtSecuritiesMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembercurrency:EURifrs-full:DebtSecuritiesMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembercurrency:EURifrs-full:DebtSecuritiesMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembercurrency:EURifrs-full:DebtSecuritiesMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembercurrency:GBPifrs-full:DebtSecuritiesMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembercurrency:GBPifrs-full:DebtSecuritiesMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembercurrency:GBPifrs-full:DebtSecuritiesMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembercurrency:USDifrs-full:DebtSecuritiesMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembercurrency:USDifrs-full:DebtSecuritiesMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembercurrency:USDifrs-full:DebtSecuritiesMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembercurrency:BRLifrs-full:DebtSecuritiesMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembercurrency:BRLifrs-full:DebtSecuritiesMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembercurrency:BRLifrs-full:DebtSecuritiesMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:OtherCurrenciesMemberifrs-full:DebtSecuritiesMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:OtherCurrenciesMemberifrs-full:DebtSecuritiesMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:OtherCurrenciesMemberifrs-full:DebtSecuritiesMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:DebtSecuritiesMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:DebtSecuritiesMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:DebtSecuritiesMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478san:FixedIncomeAssetsMemberifrs-full:FinancialInstrumentsPurchasedOrOriginatedCreditimpairedMember2025-12-310000891478san:FixedIncomeAssetsMemberifrs-full:FinancialInstrumentsPurchasedOrOriginatedCreditimpairedMember2024-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMemberifrs-full:CountryOfDomicileMember2025-12-310000891478san:PublicFixedIncomeDebtSecuritiesMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:CountryOfDomicileMember2025-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMemberifrs-full:CountryOfDomicileMember2024-12-310000891478san:PublicFixedIncomeDebtSecuritiesMemberifrs-full:CountryOfDomicileMember2024-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:CountryOfDomicileMember2024-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMemberifrs-full:CountryOfDomicileMember2023-12-310000891478san:PublicFixedIncomeDebtSecuritiesMemberifrs-full:CountryOfDomicileMember2023-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:CountryOfDomicileMember2023-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:GB2025-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:GB2025-12-310000891478ifrs-full:DebtSecuritiesMembercountry:GB2025-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:GB2024-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:GB2024-12-310000891478ifrs-full:DebtSecuritiesMembercountry:GB2024-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:GB2023-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:GB2023-12-310000891478ifrs-full:DebtSecuritiesMembercountry:GB2023-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:PT2025-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:PT2025-12-310000891478ifrs-full:DebtSecuritiesMembercountry:PT2025-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:PT2024-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:PT2024-12-310000891478ifrs-full:DebtSecuritiesMembercountry:PT2024-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:PT2023-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:PT2023-12-310000891478ifrs-full:DebtSecuritiesMembercountry:PT2023-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:IT2025-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:IT2025-12-310000891478ifrs-full:DebtSecuritiesMembercountry:IT2025-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:IT2024-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:IT2024-12-310000891478ifrs-full:DebtSecuritiesMembercountry:IT2024-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:IT2023-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:IT2023-12-310000891478ifrs-full:DebtSecuritiesMembercountry:IT2023-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:IE2025-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:IE2025-12-310000891478ifrs-full:DebtSecuritiesMembercountry:IE2025-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:IE2024-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:IE2024-12-310000891478ifrs-full:DebtSecuritiesMembercountry:IE2024-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:IE2023-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:IE2023-12-310000891478ifrs-full:DebtSecuritiesMembercountry:IE2023-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:PL2025-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:PL2025-12-310000891478ifrs-full:DebtSecuritiesMembercountry:PL2025-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:PL2024-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:PL2024-12-310000891478ifrs-full:DebtSecuritiesMembercountry:PL2024-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:PL2023-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:PL2023-12-310000891478ifrs-full:DebtSecuritiesMembercountry:PL2023-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembersan:OtherEuropeanCountriesMember2025-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembersan:OtherEuropeanCountriesMember2025-12-310000891478ifrs-full:DebtSecuritiesMembersan:OtherEuropeanCountriesMember2025-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembersan:OtherEuropeanCountriesMember2024-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembersan:OtherEuropeanCountriesMember2024-12-310000891478ifrs-full:DebtSecuritiesMembersan:OtherEuropeanCountriesMember2024-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembersan:OtherEuropeanCountriesMember2023-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembersan:OtherEuropeanCountriesMember2023-12-310000891478ifrs-full:DebtSecuritiesMembersan:OtherEuropeanCountriesMember2023-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:US2025-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:US2025-12-310000891478ifrs-full:DebtSecuritiesMembercountry:US2025-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:US2024-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:US2024-12-310000891478ifrs-full:DebtSecuritiesMembercountry:US2024-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:US2023-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:US2023-12-310000891478ifrs-full:DebtSecuritiesMembercountry:US2023-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:BR2025-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:BR2025-12-310000891478ifrs-full:DebtSecuritiesMembercountry:BR2025-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:BR2024-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:BR2024-12-310000891478ifrs-full:DebtSecuritiesMembercountry:BR2024-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:BR2023-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:BR2023-12-310000891478ifrs-full:DebtSecuritiesMembercountry:BR2023-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:MX2025-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:MX2025-12-310000891478ifrs-full:DebtSecuritiesMembercountry:MX2025-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:MX2024-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:MX2024-12-310000891478ifrs-full:DebtSecuritiesMembercountry:MX2024-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:MX2023-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:MX2023-12-310000891478ifrs-full:DebtSecuritiesMembercountry:MX2023-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:CL2025-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:CL2025-12-310000891478ifrs-full:DebtSecuritiesMembercountry:CL2025-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:CL2024-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:CL2024-12-310000891478ifrs-full:DebtSecuritiesMembercountry:CL2024-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembercountry:CL2023-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembercountry:CL2023-12-310000891478ifrs-full:DebtSecuritiesMembercountry:CL2023-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembersan:OtherAmericanCountriesMember2025-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembersan:OtherAmericanCountriesMember2025-12-310000891478ifrs-full:DebtSecuritiesMembersan:OtherAmericanCountriesMember2025-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembersan:OtherAmericanCountriesMember2024-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembersan:OtherAmericanCountriesMember2024-12-310000891478ifrs-full:DebtSecuritiesMembersan:OtherAmericanCountriesMember2024-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembersan:OtherAmericanCountriesMember2023-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembersan:OtherAmericanCountriesMember2023-12-310000891478ifrs-full:DebtSecuritiesMembersan:OtherAmericanCountriesMember2023-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembersan:RestOfWorldMember2025-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembersan:RestOfWorldMember2025-12-310000891478ifrs-full:DebtSecuritiesMembersan:RestOfWorldMember2025-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembersan:RestOfWorldMember2024-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembersan:RestOfWorldMember2024-12-310000891478ifrs-full:DebtSecuritiesMembersan:RestOfWorldMember2024-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMembersan:RestOfWorldMember2023-12-310000891478san:PublicFixedIncomeDebtSecuritiesMembersan:RestOfWorldMember2023-12-310000891478ifrs-full:DebtSecuritiesMembersan:RestOfWorldMember2023-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMember2025-12-310000891478san:PublicFixedIncomeDebtSecuritiesMember2025-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMember2024-12-310000891478san:PublicFixedIncomeDebtSecuritiesMember2024-12-310000891478san:PrivateFixedIncomeDebtSecuritiesMember2023-12-310000891478san:PublicFixedIncomeDebtSecuritiesMember2023-12-310000891478san:IFRSStandardPoorsAAARatingMembersan:PrivateFixedIncomeDebtSecuritiesMember2025-12-310000891478san:IFRSStandardPoorsAAARatingMembersan:PublicFixedIncomeDebtSecuritiesMember2025-12-310000891478san:IFRSStandardPoorsAAARatingMemberifrs-full:DebtSecuritiesMember2025-12-310000891478san:IFRSStandardPoorsAAARatingMembersan:PrivateFixedIncomeDebtSecuritiesMember2024-12-310000891478san:IFRSStandardPoorsAAARatingMembersan:PublicFixedIncomeDebtSecuritiesMember2024-12-310000891478san:IFRSStandardPoorsAAARatingMemberifrs-full:DebtSecuritiesMember2024-12-310000891478san:IFRSStandardPoorsAAARatingMembersan:PrivateFixedIncomeDebtSecuritiesMember2023-12-310000891478san:IFRSStandardPoorsAAARatingMembersan:PublicFixedIncomeDebtSecuritiesMember2023-12-310000891478san:IFRSStandardPoorsAAARatingMemberifrs-full:DebtSecuritiesMember2023-12-310000891478san:IFRSStandardPoorsAARatingMembersan:PrivateFixedIncomeDebtSecuritiesMember2025-12-310000891478san:IFRSStandardPoorsAARatingMembersan:PublicFixedIncomeDebtSecuritiesMember2025-12-310000891478san:IFRSStandardPoorsAARatingMemberifrs-full:DebtSecuritiesMember2025-12-310000891478san:IFRSStandardPoorsAARatingMembersan:PrivateFixedIncomeDebtSecuritiesMember2024-12-310000891478san:IFRSStandardPoorsAARatingMembersan:PublicFixedIncomeDebtSecuritiesMember2024-12-310000891478san:IFRSStandardPoorsAARatingMemberifrs-full:DebtSecuritiesMember2024-12-310000891478san:IFRSStandardPoorsAARatingMembersan:PrivateFixedIncomeDebtSecuritiesMember2023-12-310000891478san:IFRSStandardPoorsAARatingMembersan:PublicFixedIncomeDebtSecuritiesMember2023-12-310000891478san:IFRSStandardPoorsAARatingMemberifrs-full:DebtSecuritiesMember2023-12-310000891478san:IFRSStandardPoorsARatingMembersan:PrivateFixedIncomeDebtSecuritiesMember2025-12-310000891478san:IFRSStandardPoorsARatingMembersan:PublicFixedIncomeDebtSecuritiesMember2025-12-310000891478san:IFRSStandardPoorsARatingMemberifrs-full:DebtSecuritiesMember2025-12-310000891478san:IFRSStandardPoorsARatingMembersan:PrivateFixedIncomeDebtSecuritiesMember2024-12-310000891478san:IFRSStandardPoorsARatingMembersan:PublicFixedIncomeDebtSecuritiesMember2024-12-310000891478san:IFRSStandardPoorsARatingMemberifrs-full:DebtSecuritiesMember2024-12-310000891478san:IFRSStandardPoorsARatingMembersan:PrivateFixedIncomeDebtSecuritiesMember2023-12-310000891478san:IFRSStandardPoorsARatingMembersan:PublicFixedIncomeDebtSecuritiesMember2023-12-310000891478san:IFRSStandardPoorsARatingMemberifrs-full:DebtSecuritiesMember2023-12-310000891478san:IFRSStandardPoorsBBBRatingMembersan:PrivateFixedIncomeDebtSecuritiesMember2025-12-310000891478san:IFRSStandardPoorsBBBRatingMembersan:PublicFixedIncomeDebtSecuritiesMember2025-12-310000891478san:IFRSStandardPoorsBBBRatingMemberifrs-full:DebtSecuritiesMember2025-12-310000891478san:IFRSStandardPoorsBBBRatingMembersan:PrivateFixedIncomeDebtSecuritiesMember2024-12-310000891478san:IFRSStandardPoorsBBBRatingMembersan:PublicFixedIncomeDebtSecuritiesMember2024-12-310000891478san:IFRSStandardPoorsBBBRatingMemberifrs-full:DebtSecuritiesMember2024-12-310000891478san:IFRSStandardPoorsBBBRatingMembersan:PrivateFixedIncomeDebtSecuritiesMember2023-12-310000891478san:IFRSStandardPoorsBBBRatingMembersan:PublicFixedIncomeDebtSecuritiesMember2023-12-310000891478san:IFRSStandardPoorsBBBRatingMemberifrs-full:DebtSecuritiesMember2023-12-310000891478san:IFRSStandardPoorsBelowBBBRatingMembersan:PrivateFixedIncomeDebtSecuritiesMember2025-12-310000891478san:IFRSStandardPoorsBelowBBBRatingMembersan:PublicFixedIncomeDebtSecuritiesMember2025-12-310000891478san:IFRSStandardPoorsBelowBBBRatingMemberifrs-full:DebtSecuritiesMember2025-12-310000891478san:IFRSStandardPoorsBelowBBBRatingMembersan:PrivateFixedIncomeDebtSecuritiesMember2024-12-310000891478san:IFRSStandardPoorsBelowBBBRatingMembersan:PublicFixedIncomeDebtSecuritiesMember2024-12-310000891478san:IFRSStandardPoorsBelowBBBRatingMemberifrs-full:DebtSecuritiesMember2024-12-310000891478san:IFRSStandardPoorsBelowBBBRatingMembersan:PrivateFixedIncomeDebtSecuritiesMember2023-12-310000891478san:IFRSStandardPoorsBelowBBBRatingMembersan:PublicFixedIncomeDebtSecuritiesMember2023-12-310000891478san:IFRSStandardPoorsBelowBBBRatingMemberifrs-full:DebtSecuritiesMember2023-12-310000891478san:UnratedMembersan:PrivateFixedIncomeDebtSecuritiesMember2025-12-310000891478san:UnratedMembersan:PublicFixedIncomeDebtSecuritiesMember2025-12-310000891478san:UnratedMemberifrs-full:DebtSecuritiesMember2025-12-310000891478san:UnratedMembersan:PrivateFixedIncomeDebtSecuritiesMember2024-12-310000891478san:UnratedMembersan:PublicFixedIncomeDebtSecuritiesMember2024-12-310000891478san:UnratedMemberifrs-full:DebtSecuritiesMember2024-12-310000891478san:UnratedMembersan:PrivateFixedIncomeDebtSecuritiesMember2023-12-310000891478san:UnratedMembersan:PublicFixedIncomeDebtSecuritiesMember2023-12-310000891478san:UnratedMemberifrs-full:DebtSecuritiesMember2023-12-310000891478san:SecuritizedMortgageBondsMembersan:PrivateFixedIncomeDebtSecuritiesMember2025-12-310000891478san:SecuritizedMortgageBondsMembersan:PrivateFixedIncomeDebtSecuritiesMember2024-12-310000891478san:SecuritizedMortgageBondsMembersan:PrivateFixedIncomeDebtSecuritiesMember2023-12-310000891478san:OtherAssetBackBondsMembersan:PrivateFixedIncomeDebtSecuritiesMember2025-12-310000891478san:OtherAssetBackBondsMembersan:PrivateFixedIncomeDebtSecuritiesMember2024-12-310000891478san:OtherAssetBackBondsMembersan:PrivateFixedIncomeDebtSecuritiesMember2023-12-310000891478ifrs-full:FloatingInterestRateMembersan:PrivateFixedIncomeDebtSecuritiesMember2025-12-310000891478ifrs-full:FloatingInterestRateMembersan:PrivateFixedIncomeDebtSecuritiesMember2024-12-310000891478ifrs-full:FloatingInterestRateMembersan:PrivateFixedIncomeDebtSecuritiesMember2023-12-310000891478ifrs-full:FixedInterestRateMembersan:PrivateFixedIncomeDebtSecuritiesMember2025-12-310000891478ifrs-full:FixedInterestRateMembersan:PrivateFixedIncomeDebtSecuritiesMember2024-12-310000891478ifrs-full:FixedInterestRateMembersan:PrivateFixedIncomeDebtSecuritiesMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:DebtSecuritiesMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:DebtSecuritiesMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:DebtSecuritiesMember2022-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:DebtSecuritiesMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:DebtSecuritiesMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:DebtSecuritiesMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:DebtSecuritiesMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:DebtSecuritiesMembersan:IFRSEuropeanUnionMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:DebtSecuritiesMembersan:IFRSEuropeanUnionMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:DebtSecuritiesMembersan:IFRSEuropeanUnionMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:DebtSecuritiesMembersan:IFRSAmericaMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:DebtSecuritiesMembersan:IFRSAmericaMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:DebtSecuritiesMembersan:IFRSAmericaMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialAssetsAtAmortisedCostCategoryMemberifrs-full:DebtSecuritiesMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialAssetsAtAmortisedCostCategoryMemberifrs-full:DebtSecuritiesMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialAssetsAtAmortisedCostCategoryMemberifrs-full:DebtSecuritiesMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:DebtSecuritiesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:DebtSecuritiesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:DebtSecuritiesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:DebtSecuritiesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:DebtSecuritiesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:DebtSecuritiesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:DebtSecuritiesMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:DebtSecuritiesMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:DebtSecuritiesMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478san:FinancialAssetsSharesOfDomesticCompaniesMember2025-12-310000891478san:FinancialAssetsSharesOfDomesticCompaniesMember2024-12-310000891478san:FinancialAssetsSharesOfDomesticCompaniesMember2023-12-310000891478san:FinancialAssetsSharesOfForeignCompaniesMember2025-12-310000891478san:FinancialAssetsSharesOfForeignCompaniesMember2024-12-310000891478san:FinancialAssetsSharesOfForeignCompaniesMember2023-12-310000891478ifrs-full:InvestmentFundsMember2025-12-310000891478ifrs-full:InvestmentFundsMember2024-12-310000891478ifrs-full:InvestmentFundsMember2023-12-310000891478ifrs-full:EquityInvestmentsMember2022-12-310000891478ifrs-full:EquityInvestmentsMember2025-01-012025-12-310000891478ifrs-full:EquityInvestmentsMember2024-01-012024-12-310000891478ifrs-full:EquityInvestmentsMember2023-01-012023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:DerivativesMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:DerivativesMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:DerivativesMember2024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:DerivativesMember2024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:DerivativesMember2023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:DerivativesMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:DerivativesMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:DerivativesMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:DerivativesMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:DerivativesMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:DerivativesMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:DerivativesMember2023-12-310000891478ifrs-full:OtherPriceRiskMemberifrs-full:DerivativesMember2025-12-310000891478ifrs-full:OtherPriceRiskMemberifrs-full:DerivativesMember2025-12-310000891478ifrs-full:OtherPriceRiskMemberifrs-full:DerivativesMember2024-12-310000891478ifrs-full:OtherPriceRiskMemberifrs-full:DerivativesMember2024-12-310000891478ifrs-full:OtherPriceRiskMemberifrs-full:DerivativesMember2023-12-310000891478ifrs-full:OtherPriceRiskMemberifrs-full:DerivativesMember2023-12-310000891478san:OtherRisksMemberifrs-full:DerivativesMember2025-12-310000891478san:OtherRisksMemberifrs-full:DerivativesMember2025-12-310000891478san:OtherRisksMemberifrs-full:DerivativesMember2024-12-310000891478san:OtherRisksMemberifrs-full:DerivativesMember2024-12-310000891478san:OtherRisksMemberifrs-full:DerivativesMember2023-12-310000891478san:OtherRisksMemberifrs-full:DerivativesMember2023-12-310000891478ifrs-full:DebtSecuritiesMembersan:ShortPositionsMember2025-12-310000891478ifrs-full:DebtSecuritiesMembersan:ShortPositionsMember2024-12-310000891478ifrs-full:DebtSecuritiesMembersan:ShortPositionsMember2023-12-310000891478ifrs-full:DebtSecuritiesMembersrt:ParentCompanyMembersan:ShortPositionsMember2025-12-310000891478ifrs-full:DebtSecuritiesMembersrt:ParentCompanyMembersan:ShortPositionsMember2024-12-310000891478ifrs-full:DebtSecuritiesMembersrt:ParentCompanyMembersan:ShortPositionsMember2023-12-310000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMemberifrs-full:DebtSecuritiesMembersan:ShortPositionsMember2025-12-310000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMemberifrs-full:DebtSecuritiesMembersan:ShortPositionsMember2024-12-310000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMemberifrs-full:DebtSecuritiesMembersan:ShortPositionsMember2023-12-310000891478ifrs-full:EquityInvestmentsMembersan:ShortPositionsMember2025-12-310000891478ifrs-full:EquityInvestmentsMembersan:ShortPositionsMember2024-12-310000891478ifrs-full:EquityInvestmentsMembersan:ShortPositionsMember2023-12-310000891478ifrs-full:EquityInvestmentsMembersrt:ParentCompanyMembersan:ShortPositionsMember2025-12-310000891478ifrs-full:EquityInvestmentsMembersrt:ParentCompanyMembersan:ShortPositionsMember2024-12-310000891478ifrs-full:EquityInvestmentsMembersrt:ParentCompanyMembersan:ShortPositionsMember2023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:DebtSecuritiesMembersan:ShortPositionsMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:DebtSecuritiesMembersan:ShortPositionsMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:DebtSecuritiesMembersan:ShortPositionsMember2023-12-310000891478san:SantanderUSCapitalMarketsLLCMemberifrs-full:DebtSecuritiesMembersan:ShortPositionsMember2025-12-310000891478san:SantanderUSCapitalMarketsLLCMemberifrs-full:DebtSecuritiesMembersan:ShortPositionsMember2024-12-310000891478san:SantanderUSCapitalMarketsLLCMemberifrs-full:DebtSecuritiesMembersan:ShortPositionsMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:LoansAndAdvancesCustomersMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:LoansAndAdvancesCustomersMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCustomersMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCustomersMember2023-12-310000891478san:CommercialCreditMemberifrs-full:GrossCarryingAmountMember2025-12-310000891478san:CommercialCreditMemberifrs-full:GrossCarryingAmountMember2024-12-310000891478san:CommercialCreditMemberifrs-full:GrossCarryingAmountMember2023-12-310000891478san:SecuredLoansReceivableMemberifrs-full:GrossCarryingAmountMember2025-12-310000891478san:SecuredLoansReceivableMemberifrs-full:GrossCarryingAmountMember2024-12-310000891478san:SecuredLoansReceivableMemberifrs-full:GrossCarryingAmountMember2023-12-310000891478san:ReverseRepurchaseAgreementsMemberifrs-full:GrossCarryingAmountMember2025-12-310000891478san:ReverseRepurchaseAgreementsMemberifrs-full:GrossCarryingAmountMember2024-12-310000891478san:ReverseRepurchaseAgreementsMemberifrs-full:GrossCarryingAmountMember2023-12-310000891478san:OtherTermLoansReceivablesMemberifrs-full:GrossCarryingAmountMember2025-12-310000891478san:OtherTermLoansReceivablesMemberifrs-full:GrossCarryingAmountMember2024-12-310000891478san:OtherTermLoansReceivablesMemberifrs-full:GrossCarryingAmountMember2023-12-310000891478san:FinanceLeaseLoansMemberifrs-full:GrossCarryingAmountMember2025-12-310000891478san:FinanceLeaseLoansMemberifrs-full:GrossCarryingAmountMember2024-12-310000891478san:FinanceLeaseLoansMemberifrs-full:GrossCarryingAmountMember2023-12-310000891478san:ReceivableOnDemandMemberifrs-full:GrossCarryingAmountMember2025-12-310000891478san:ReceivableOnDemandMemberifrs-full:GrossCarryingAmountMember2024-12-310000891478san:ReceivableOnDemandMemberifrs-full:GrossCarryingAmountMember2023-12-310000891478san:CreditCardsReceivablesMemberifrs-full:GrossCarryingAmountMember2025-12-310000891478san:CreditCardsReceivablesMemberifrs-full:GrossCarryingAmountMember2024-12-310000891478san:CreditCardsReceivablesMemberifrs-full:GrossCarryingAmountMember2023-12-310000891478san:ImpairedAssetsFinancialInstrumentTypeMemberifrs-full:GrossCarryingAmountMember2025-12-310000891478san:ImpairedAssetsFinancialInstrumentTypeMemberifrs-full:GrossCarryingAmountMember2024-12-310000891478san:ImpairedAssetsFinancialInstrumentTypeMemberifrs-full:GrossCarryingAmountMember2023-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:GrossCarryingAmountMember2025-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:GrossCarryingAmountMember2024-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:GrossCarryingAmountMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:LoansAndAdvancesCustomersMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:LoansAndAdvancesCustomersMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:RestOfEuropeMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:RestOfEuropeMembersan:LoansAndAdvancesCustomersMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:RestOfEuropeMembersan:LoansAndAdvancesCustomersMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembercountry:GBsan:LoansAndAdvancesCustomersMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembercountry:GBsan:LoansAndAdvancesCustomersMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembercountry:GBsan:LoansAndAdvancesCustomersMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersrt:AmericasMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersrt:AmericasMembersan:LoansAndAdvancesCustomersMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersrt:AmericasMembersan:LoansAndAdvancesCustomersMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembercountry:USsan:LoansAndAdvancesCustomersMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembercountry:USsan:LoansAndAdvancesCustomersMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembercountry:USsan:LoansAndAdvancesCustomersMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembercountry:BRsan:LoansAndAdvancesCustomersMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembercountry:BRsan:LoansAndAdvancesCustomersMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembercountry:BRsan:LoansAndAdvancesCustomersMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:RestOfWorldMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:RestOfWorldMembersan:LoansAndAdvancesCustomersMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:RestOfWorldMembersan:LoansAndAdvancesCustomersMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCustomersMemberifrs-full:FixedInterestRateMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCustomersMemberifrs-full:FixedInterestRateMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCustomersMemberifrs-full:FixedInterestRateMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCustomersMemberifrs-full:FloatingInterestRateMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCustomersMemberifrs-full:FloatingInterestRateMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCustomersMemberifrs-full:FloatingInterestRateMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:IFRSStandardPoorsARatingMemberifrs-full:CountryOfDomicileMembersan:PublicSectorMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:IFRSStandardPoorsARatingMemberifrs-full:CountryOfDomicileMembersan:PublicSectorMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:IFRSStandardPoorsARatingMemberifrs-full:CountryOfDomicileMembersan:PublicSectorMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:RestOfWorldMembersan:PublicSectorMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:RestOfWorldMembersan:PublicSectorMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:RestOfWorldMembersan:PublicSectorMember2023-12-310000891478san:IFRSStandardPoorsAAARatingMembersan:RestOfWorldMembersan:PublicSectorMember2025-12-310000891478san:IFRSStandardPoorsAARatingMembersan:RestOfWorldMembersan:PublicSectorMember2025-12-310000891478san:IFRSStandardPoorsARatingMembersan:RestOfWorldMembersan:PublicSectorMember2025-12-310000891478san:IFRSStandardPoorsBBBRatingMembersan:RestOfWorldMembersan:PublicSectorMember2025-12-310000891478san:IFRSStandardPoorsBelowBBBRatingMembersan:RestOfWorldMembersan:PublicSectorMember2025-12-310000891478san:NoRatingMembersan:RestOfWorldMembersan:PublicSectorMember2025-12-310000891478san:LoansAndReceivablesWithoutConsideringPublicAdministrationMember2025-12-310000891478san:LoansAndReceivablesWithoutConsideringPublicAdministrationMember2024-12-310000891478san:LoansAndReceivablesWithoutConsideringPublicAdministrationMember2023-12-310000891478ifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:LoansAndReceivablesWithoutConsideringPublicAdministrationMember2025-12-310000891478ifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:LoansAndReceivablesWithoutConsideringPublicAdministrationMember2024-12-310000891478ifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:LoansAndReceivablesWithoutConsideringPublicAdministrationMember2023-12-310000891478san:PublicSectorMember2025-12-310000891478san:IFRSUncollateralizedMembersan:PublicSectorMember2025-12-310000891478san:IFRSCollateralPledgedMembersan:PublicSectorMember2025-12-310000891478san:OtherThanPropertyCollateralPledgedMembersan:PublicSectorMember2025-12-310000891478san:LTBLessThanOrEqualTo40PercentMembersan:PublicSectorMember2025-12-310000891478san:LTV40To60PercentMembersan:PublicSectorMember2025-12-310000891478san:LTV60To80PercentMembersan:PublicSectorMember2025-12-310000891478san:IFRSLTV80To100PercentMembersan:PublicSectorMember2025-12-310000891478san:LTVMoreThan100PercentMembersan:PublicSectorMember2025-12-310000891478san:OtherFinancialInstitutionsMember2025-12-310000891478san:IFRSUncollateralizedMembersan:OtherFinancialInstitutionsMember2025-12-310000891478san:IFRSCollateralPledgedMembersan:OtherFinancialInstitutionsMember2025-12-310000891478san:OtherThanPropertyCollateralPledgedMembersan:OtherFinancialInstitutionsMember2025-12-310000891478san:LTBLessThanOrEqualTo40PercentMembersan:OtherFinancialInstitutionsMember2025-12-310000891478san:LTV40To60PercentMembersan:OtherFinancialInstitutionsMember2025-12-310000891478san:LTV60To80PercentMembersan:OtherFinancialInstitutionsMember2025-12-310000891478san:IFRSLTV80To100PercentMembersan:OtherFinancialInstitutionsMember2025-12-310000891478san:LTVMoreThan100PercentMembersan:OtherFinancialInstitutionsMember2025-12-310000891478san:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:IFRSUncollateralizedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:IFRSCollateralPledgedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:OtherThanPropertyCollateralPledgedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTBLessThanOrEqualTo40PercentMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTV40To60PercentMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTV60To80PercentMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:IFRSLTV80To100PercentMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTVMoreThan100PercentMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:ConstructionAndPropertyDevelopmentLoansMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:ConstructionAndPropertyDevelopmentLoansMembersan:IFRSUncollateralizedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:ConstructionAndPropertyDevelopmentLoansMembersan:IFRSCollateralPledgedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:ConstructionAndPropertyDevelopmentLoansMembersan:OtherThanPropertyCollateralPledgedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTBLessThanOrEqualTo40PercentMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTV40To60PercentMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTV60To80PercentMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:IFRSLTV80To100PercentMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTVMoreThan100PercentMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:CivilEngineeringConstructionLoansMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:CivilEngineeringConstructionLoansMembersan:IFRSUncollateralizedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:CivilEngineeringConstructionLoansMembersan:IFRSCollateralPledgedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:CivilEngineeringConstructionLoansMembersan:OtherThanPropertyCollateralPledgedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTBLessThanOrEqualTo40PercentMembersan:CivilEngineeringConstructionLoansMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTV40To60PercentMembersan:CivilEngineeringConstructionLoansMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTV60To80PercentMembersan:CivilEngineeringConstructionLoansMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:IFRSLTV80To100PercentMembersan:CivilEngineeringConstructionLoansMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTVMoreThan100PercentMembersan:CivilEngineeringConstructionLoansMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:CorporateLoansToLargeCompaniesMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:CorporateLoansToLargeCompaniesMembersan:IFRSUncollateralizedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:CorporateLoansToLargeCompaniesMembersan:IFRSCollateralPledgedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:CorporateLoansToLargeCompaniesMembersan:OtherThanPropertyCollateralPledgedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTBLessThanOrEqualTo40PercentMembersan:CorporateLoansToLargeCompaniesMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTV40To60PercentMembersan:CorporateLoansToLargeCompaniesMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTV60To80PercentMembersan:CorporateLoansToLargeCompaniesMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:IFRSLTV80To100PercentMembersan:CorporateLoansToLargeCompaniesMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTVMoreThan100PercentMembersan:CorporateLoansToLargeCompaniesMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:CorporateLoansToSMEsAndIndividualEntrepreneursMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:CorporateLoansToSMEsAndIndividualEntrepreneursMembersan:IFRSUncollateralizedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:CorporateLoansToSMEsAndIndividualEntrepreneursMembersan:IFRSCollateralPledgedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:CorporateLoansToSMEsAndIndividualEntrepreneursMembersan:OtherThanPropertyCollateralPledgedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTBLessThanOrEqualTo40PercentMembersan:CorporateLoansToSMEsAndIndividualEntrepreneursMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTV40To60PercentMembersan:CorporateLoansToSMEsAndIndividualEntrepreneursMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTV60To80PercentMembersan:CorporateLoansToSMEsAndIndividualEntrepreneursMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:IFRSLTV80To100PercentMembersan:CorporateLoansToSMEsAndIndividualEntrepreneursMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:LTVMoreThan100PercentMembersan:CorporateLoansToSMEsAndIndividualEntrepreneursMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:HouseholdsOtherMember2025-12-310000891478san:IFRSUncollateralizedMembersan:HouseholdsOtherMember2025-12-310000891478san:IFRSCollateralPledgedMembersan:HouseholdsOtherMember2025-12-310000891478san:OtherThanPropertyCollateralPledgedMembersan:HouseholdsOtherMember2025-12-310000891478san:LTBLessThanOrEqualTo40PercentMembersan:HouseholdsOtherMember2025-12-310000891478san:LTV40To60PercentMembersan:HouseholdsOtherMember2025-12-310000891478san:LTV60To80PercentMembersan:HouseholdsOtherMember2025-12-310000891478san:IFRSLTV80To100PercentMembersan:HouseholdsOtherMember2025-12-310000891478san:LTVMoreThan100PercentMembersan:HouseholdsOtherMember2025-12-310000891478san:ResidentialLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:ResidentialLoansMembersan:IFRSUncollateralizedMembersan:HouseholdsOtherMember2025-12-310000891478san:ResidentialLoansMembersan:IFRSCollateralPledgedMembersan:HouseholdsOtherMember2025-12-310000891478san:ResidentialLoansMembersan:OtherThanPropertyCollateralPledgedMembersan:HouseholdsOtherMember2025-12-310000891478san:LTBLessThanOrEqualTo40PercentMembersan:ResidentialLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:LTV40To60PercentMembersan:ResidentialLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:LTV60To80PercentMembersan:ResidentialLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:IFRSLTV80To100PercentMembersan:ResidentialLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:LTVMoreThan100PercentMembersan:ResidentialLoansMembersan:HouseholdsOtherMember2025-12-310000891478ifrs-full:ConsumerLoansMembersan:HouseholdsOtherMember2025-12-310000891478ifrs-full:ConsumerLoansMembersan:IFRSUncollateralizedMembersan:HouseholdsOtherMember2025-12-310000891478ifrs-full:ConsumerLoansMembersan:IFRSCollateralPledgedMembersan:HouseholdsOtherMember2025-12-310000891478ifrs-full:ConsumerLoansMembersan:OtherThanPropertyCollateralPledgedMembersan:HouseholdsOtherMember2025-12-310000891478san:LTBLessThanOrEqualTo40PercentMemberifrs-full:ConsumerLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:LTV40To60PercentMemberifrs-full:ConsumerLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:LTV60To80PercentMemberifrs-full:ConsumerLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:IFRSLTV80To100PercentMemberifrs-full:ConsumerLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:LTVMoreThan100PercentMemberifrs-full:ConsumerLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:OtherPurposesLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:OtherPurposesLoansMembersan:IFRSUncollateralizedMembersan:HouseholdsOtherMember2025-12-310000891478san:OtherPurposesLoansMembersan:IFRSCollateralPledgedMembersan:HouseholdsOtherMember2025-12-310000891478san:OtherPurposesLoansMembersan:OtherThanPropertyCollateralPledgedMembersan:HouseholdsOtherMember2025-12-310000891478san:LTBLessThanOrEqualTo40PercentMembersan:OtherPurposesLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:LTV40To60PercentMembersan:OtherPurposesLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:LTV60To80PercentMembersan:OtherPurposesLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:IFRSLTV80To100PercentMembersan:OtherPurposesLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:LTVMoreThan100PercentMembersan:OtherPurposesLoansMembersan:HouseholdsOtherMember2025-12-310000891478san:IFRSUncollateralizedMember2025-12-310000891478san:IFRSCollateralPledgedMember2025-12-310000891478san:OtherThanPropertyCollateralPledgedMember2025-12-310000891478san:LTBLessThanOrEqualTo40PercentMember2025-12-310000891478san:LTV40To60PercentMember2025-12-310000891478san:LTV60To80PercentMember2025-12-310000891478san:IFRSLTV80To100PercentMember2025-12-310000891478san:LTVMoreThan100PercentMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2022-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2022-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2022-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMember2022-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeAndFinancialAssetsAtAmortisedCostMembersan:LoansAndAdvancesCustomersMember2023-01-012023-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsPurchasedOrOriginatedCreditimpairedMember2025-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsPurchasedOrOriginatedCreditimpairedMember2024-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsPurchasedOrOriginatedCreditimpairedMember2023-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsPurchasedOrOriginatedCreditimpairedMembersan:BusinessCombinationsCarriedOutMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2022-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:ExpectedCreditLossesIndividuallyAssessedMemberifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2025-12-310000891478ifrs-full:ExpectedCreditLossesIndividuallyAssessedMemberifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2024-12-310000891478ifrs-full:ExpectedCreditLossesIndividuallyAssessedMemberifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2023-12-310000891478ifrs-full:ExpectedCreditLossesCollectivelyAssessedMemberifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2025-12-310000891478ifrs-full:ExpectedCreditLossesCollectivelyAssessedMemberifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2024-12-310000891478ifrs-full:ExpectedCreditLossesCollectivelyAssessedMemberifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2023-12-310000891478ifrs-full:LoansAndReceivablesCategoryMember2025-01-012025-12-310000891478ifrs-full:LoansAndReceivablesCategoryMember2024-01-012024-12-310000891478ifrs-full:LoansAndReceivablesCategoryMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2022-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2022-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2022-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMember2022-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-01-012023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2022-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-01-012025-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-01-012024-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-01-012023-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:LoansAndReceivablesCategoryMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:LoansAndReceivablesCategoryMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:LoansAndReceivablesCategoryMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:IFRSUncollateralizedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:IFRSUncollateralizedMember2025-12-310000891478san:IFRSUncollateralizedMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:IFRSCollateralPledgedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:IFRSCollateralPledgedMember2025-12-310000891478san:IFRSCollateralPledgedMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:OtherThanPropertyCollateralPledgedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:OtherThanPropertyCollateralPledgedMember2025-12-310000891478san:OtherThanPropertyCollateralPledgedMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:FinancialInstrumentsCreditimpairedMember2025-01-012025-12-310000891478san:SecuritizedLoansLoansAndAdvancesToCustomersMember2025-12-310000891478san:SecuritizedLoansLoansAndAdvancesToCustomersMember2024-12-310000891478san:SecuritizedLoansLoansAndAdvancesToCustomersMember2023-12-310000891478ifrs-full:MortgagesMembersan:SecuritizedLoansLoansAndAdvancesToCustomersMember2025-12-310000891478ifrs-full:MortgagesMembersan:SecuritizedLoansLoansAndAdvancesToCustomersMember2024-12-310000891478ifrs-full:MortgagesMembersan:SecuritizedLoansLoansAndAdvancesToCustomersMember2023-12-310000891478san:SecuritizedLoansLoansAndAdvancesToCustomersMembercountry:GBifrs-full:MortgagesMember2025-12-310000891478san:SecuritizedLoansLoansAndAdvancesToCustomersMembercountry:GBifrs-full:MortgagesMember2024-12-310000891478san:SecuritizedLoansLoansAndAdvancesToCustomersMembercountry:GBifrs-full:MortgagesMember2023-12-310000891478san:LoansBackedByAssetsRatherThanMortgagesMembersan:SecuritizedLoansLoansAndAdvancesToCustomersMember2025-12-310000891478san:LoansBackedByAssetsRatherThanMortgagesMembersan:SecuritizedLoansLoansAndAdvancesToCustomersMember2024-12-310000891478san:LoansBackedByAssetsRatherThanMortgagesMembersan:SecuritizedLoansLoansAndAdvancesToCustomersMember2023-12-310000891478ifrs-full:ForwardContractMembersan:TradingDerivativesMember2025-12-310000891478ifrs-full:ForwardContractMembersan:TradingDerivativesMember2024-12-310000891478ifrs-full:ForwardContractMembersan:TradingDerivativesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMembersan:TradingDerivativesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:TradingDerivativesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:TradingDerivativesMember2023-12-310000891478san:OptionContractAndFuturesContractAndOtherDerivativesMembersan:TradingDerivativesMember2025-12-310000891478san:OptionContractAndFuturesContractAndOtherDerivativesMembersan:TradingDerivativesMember2024-12-310000891478san:OptionContractAndFuturesContractAndOtherDerivativesMembersan:TradingDerivativesMember2023-12-310000891478san:CreditDefaultSwap1Membersan:TradingDerivativesMember2025-12-310000891478san:CreditDefaultSwap1Membersan:TradingDerivativesMember2024-12-310000891478san:CreditDefaultSwap1Membersan:TradingDerivativesMember2023-12-310000891478san:ForeignCurrencyPurchasesAndSalesMembersan:TradingDerivativesMember2025-12-310000891478san:ForeignCurrencyPurchasesAndSalesMembersan:TradingDerivativesMember2024-12-310000891478san:ForeignCurrencyPurchasesAndSalesMembersan:TradingDerivativesMember2023-12-310000891478san:ForeignCurrencyOptionsMembersan:TradingDerivativesMember2025-12-310000891478san:ForeignCurrencyOptionsMembersan:TradingDerivativesMember2024-12-310000891478san:ForeignCurrencyOptionsMembersan:TradingDerivativesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:TradingDerivativesMember2025-12-310000891478ifrs-full:CurrencySwapContractMembersan:TradingDerivativesMember2024-12-310000891478ifrs-full:CurrencySwapContractMembersan:TradingDerivativesMember2023-12-310000891478san:SecuritiesAndCommoditiesDerivativesAndOtherMembersan:TradingDerivativesMember2025-12-310000891478san:SecuritiesAndCommoditiesDerivativesAndOtherMembersan:TradingDerivativesMember2024-12-310000891478san:SecuritiesAndCommoditiesDerivativesAndOtherMembersan:TradingDerivativesMember2023-12-310000891478san:TradingDerivativesMember2025-12-310000891478san:TradingDerivativesMember2024-12-310000891478san:TradingDerivativesMember2023-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMember2025-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMember2024-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMember2023-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMembersan:ForeclosedAssetsMember2025-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMembersan:ForeclosedAssetsMember2024-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMembersan:ForeclosedAssetsMember2023-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMemberifrs-full:CountryOfDomicileMembersan:ForeclosedAssetsMember2025-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMemberifrs-full:CountryOfDomicileMembersan:ForeclosedAssetsMember2024-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMemberifrs-full:CountryOfDomicileMembersan:ForeclosedAssetsMember2023-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMembersan:OtherTangibleAssetsMember2025-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMembersan:OtherTangibleAssetsMember2024-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMembersan:OtherTangibleAssetsMember2023-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMemberifrs-full:AssociatesMemberifrs-full:SubsidiariesMember2025-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMemberifrs-full:AssociatesMemberifrs-full:SubsidiariesMember2024-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMemberifrs-full:AssociatesMemberifrs-full:SubsidiariesMember2023-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMembersan:CaceisMember2025-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMembersan:CaceisMember2024-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMembersan:CaceisMember2023-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMembersan:SantanderBankPolskaSAMember2025-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMembersan:SantanderBankPolskaSAMember2024-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMembersan:SantanderBankPolskaSAMember2023-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMember2025-01-012025-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMember2024-01-012024-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMember2023-01-012023-12-310000891478san:SantanderBankPolskaSAMemberifrs-full:DiscontinuedOperationsMember2025-12-310000891478san:SantanderBankPolskaSAMember2025-01-012025-12-310000891478san:SantanderBankPolskaSAMember2024-01-012024-12-310000891478san:SantanderBankPolskaSAMember2023-01-012023-12-310000891478san:SantanderBankPolskaSAMemberifrs-full:DiscontinuedOperationsMember2025-01-012025-12-310000891478san:SantanderBankPolskaSAMemberifrs-full:DiscontinuedOperationsMember2024-01-012024-12-310000891478san:SantanderBankPolskaSAMemberifrs-full:DiscontinuedOperationsMember2023-01-012023-12-310000891478ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMembersan:SantanderBankPolskaSAMember2025-01-012025-12-310000891478san:MerlinPropertiesSocimiSAMember2025-12-310000891478san:MerlinPropertiesSocimiSAMember2024-12-310000891478san:MerlinPropertiesSocimiSAMember2023-12-310000891478san:ZurichSantanderInsuranceAmericaSLMember2025-12-310000891478san:ZurichSantanderInsuranceAmericaSLMember2024-12-310000891478san:ZurichSantanderInsuranceAmericaSLMember2023-12-310000891478san:MetrovacesaSAMember2025-12-310000891478san:MetrovacesaSAMember2024-12-310000891478san:MetrovacesaSAMember2023-12-310000891478san:CNPSantanderMember2025-12-310000891478san:CNPSantanderMember2024-12-310000891478san:CNPSantanderMember2023-12-310000891478san:PluxeeBeneficiosBrasilS.A.Member2025-12-310000891478san:PluxeeBeneficiosBrasilS.A.Member2024-12-310000891478san:PluxeeBeneficiosBrasilS.A.Member2023-12-310000891478san:CaceisMember2025-12-310000891478san:CaceisMember2024-12-310000891478san:CaceisMember2023-12-310000891478ifrs-full:AggregatedIndividuallyImmaterialAssociatesMember2025-12-310000891478ifrs-full:AggregatedIndividuallyImmaterialAssociatesMember2024-12-310000891478ifrs-full:AggregatedIndividuallyImmaterialAssociatesMember2023-12-310000891478san:SantanderCACEISLatamHolding1SLMember2025-12-310000891478san:SantanderCACEISLatamHolding1SLMember2024-12-310000891478san:SantanderCACEISLatamHolding1SLMember2023-12-310000891478san:SantanderVidaSegurosYReasegurosMember2025-12-310000891478san:SantanderVidaSegurosYReasegurosMember2024-12-310000891478san:SantanderVidaSegurosYReasegurosMember2023-12-310000891478san:UnionDeCreditosInmobiliariosSAEFCMember2025-12-310000891478san:UnionDeCreditosInmobiliariosSAEFCMember2024-12-310000891478san:UnionDeCreditosInmobiliariosSAEFCMember2023-12-310000891478san:FortuneAutoFinanceCoLtdMember2025-12-310000891478san:FortuneAutoFinanceCoLtdMember2024-12-310000891478san:FortuneAutoFinanceCoLtdMember2023-12-310000891478san:HyundaiCapitalUKLimitedMember2025-12-310000891478san:HyundaiCapitalUKLimitedMember2024-12-310000891478san:HyundaiCapitalUKLimitedMember2023-12-310000891478san:VolvoCarFinancialServicesUKLtd.Member2025-12-310000891478san:VolvoCarFinancialServicesUKLtd.Member2024-12-310000891478san:VolvoCarFinancialServicesUKLtd.Member2023-12-310000891478san:BancoRCIBrasilSAMember2025-12-310000891478san:BancoRCIBrasilSAMember2024-12-310000891478san:BancoRCIBrasilSAMember2023-12-310000891478ifrs-full:AggregatedIndividuallyImmaterialJointVenturesMember2025-12-310000891478ifrs-full:AggregatedIndividuallyImmaterialJointVenturesMember2024-12-310000891478ifrs-full:AggregatedIndividuallyImmaterialJointVenturesMember2023-12-310000891478san:AssociatesAndJointVenturesMember2025-12-310000891478san:AssociatesAndJointVenturesMember2024-12-310000891478san:AssociatesAndJointVenturesMember2023-12-310000891478san:ZurichSantanderInsuranceAmericaSLMember2025-01-012025-12-310000891478san:ZurichSantanderInsuranceAmericaSLMember2024-01-012024-12-310000891478san:ZurichSantanderInsuranceAmericaSLMember2023-01-012023-12-310000891478san:MetrovacesaSAMember2025-01-012025-12-310000891478san:MetrovacesaSAMember2024-01-012024-12-310000891478san:MetrovacesaSAMember2023-01-012023-12-310000891478san:SantanderVidaSegurosYReasegurosMember2025-01-012025-12-310000891478san:SantanderVidaSegurosYReasegurosMember2024-01-012024-12-310000891478san:SantanderVidaSegurosYReasegurosMember2023-01-012023-12-310000891478san:MerlinPropertiesSocimiSAMember2025-01-012025-12-310000891478san:MerlinPropertiesSocimiSAMember2024-01-012024-12-310000891478san:MerlinPropertiesSocimiSAMember2023-01-012023-12-310000891478san:CNPSantanderMember2025-01-012025-12-310000891478san:CNPSantanderMember2024-01-012024-12-310000891478san:CNPSantanderMember2023-01-012023-12-310000891478san:CIPS.A.Member2025-01-012025-12-310000891478san:CIPS.A.Member2024-01-012024-12-310000891478san:CIPS.A.Member2023-01-012023-12-310000891478san:CaceisMember2024-01-012024-12-310000891478san:CaceisMember2023-01-012023-12-310000891478san:HyundaiCapitalUKLimitedMember2025-01-012025-12-310000891478san:HyundaiCapitalUKLimitedMember2024-01-012024-12-310000891478san:HyundaiCapitalUKLimitedMember2023-01-012023-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:MerlinPropertiesSocimiSAMember2025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:MetrovacesaSAMember2025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:PluxeeBeneficiosBrasilS.A.Member2025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:ZurichSantanderInsuranceAmericaSLMember2025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:CNPSantanderMember2025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:SantanderCACEISLatamHolding1SLMember2025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:UnionDeCreditosInmobiliariosSAEFCMember2025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:HyundaiCapitalUKLimitedMember2025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:FortuneAutoFinanceCoLtdMember2025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:SantanderSegurosYReasegurosCompaniaAseguradoraSAMember2025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:BancoRCIBrasilSAMember2025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:MerlinPropertiesSocimiSAMember2025-01-012025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:MetrovacesaSAMember2025-01-012025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:PluxeeBeneficiosBrasilS.A.Member2025-01-012025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:ZurichSantanderInsuranceAmericaSLMember2025-01-012025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:CNPSantanderMember2025-01-012025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:SantanderCACEISLatamHolding1SLMember2025-01-012025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:UnionDeCreditosInmobiliariosSAEFCMember2025-01-012025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:HyundaiCapitalUKLimitedMember2025-01-012025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:FortuneAutoFinanceCoLtdMember2025-01-012025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:SantanderSegurosYReasegurosCompaniaAseguradoraSAMember2025-01-012025-12-310000891478san:AggregateAmountsForEntitiesAccountedForUsingEquityMethodMembersan:BancoRCIBrasilSAMember2025-01-012025-12-310000891478srt:ParentCompanyMember2025-12-310000891478srt:ParentCompanyMember2024-12-310000891478srt:ParentCompanyMember2023-12-310000891478san:NetLiabilitiesOrAssetsForRemainingCoverageMember2025-12-310000891478san:NetLiabilitiesOrAssetsForRemainingCoverageMember2024-12-310000891478san:NetLiabilitiesOrAssetsForRemainingCoverageMember2023-12-310000891478ifrs-full:LossComponentMember2025-12-310000891478ifrs-full:LossComponentMember2024-12-310000891478ifrs-full:LossComponentMember2023-12-310000891478ifrs-full:EstimatesOfPresentValueOfFutureCashFlowsMemberifrs-full:LossComponentMember2025-12-310000891478ifrs-full:EstimatesOfPresentValueOfFutureCashFlowsMemberifrs-full:LossComponentMember2024-12-310000891478ifrs-full:EstimatesOfPresentValueOfFutureCashFlowsMemberifrs-full:LossComponentMember2023-12-310000891478ifrs-full:RiskAdjustmentForNonfinancialRiskMemberifrs-full:LossComponentMember2025-12-310000891478ifrs-full:RiskAdjustmentForNonfinancialRiskMemberifrs-full:LossComponentMember2024-12-310000891478ifrs-full:RiskAdjustmentForNonfinancialRiskMemberifrs-full:LossComponentMember2023-12-310000891478ifrs-full:ContractualServiceMarginMemberifrs-full:LossComponentMember2025-12-310000891478ifrs-full:ContractualServiceMarginMemberifrs-full:LossComponentMember2024-12-310000891478ifrs-full:ContractualServiceMarginMemberifrs-full:LossComponentMember2023-12-310000891478ifrs-full:NetLiabilitiesOrAssetsForRemainingCoverageExcludingLossComponentMember2025-12-310000891478ifrs-full:NetLiabilitiesOrAssetsForRemainingCoverageExcludingLossComponentMember2024-12-310000891478ifrs-full:NetLiabilitiesOrAssetsForRemainingCoverageExcludingLossComponentMember2023-12-310000891478ifrs-full:LiabilitiesForIncurredClaimsMember2025-12-310000891478ifrs-full:LiabilitiesForIncurredClaimsMember2024-12-310000891478ifrs-full:LiabilitiesForIncurredClaimsMember2023-12-310000891478srt:MaximumMember2025-01-012025-12-310000891478srt:MinimumMember2025-01-012025-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:GrossCarryingAmountMember2022-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:GrossCarryingAmountMember2022-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:GrossCarryingAmountMember2022-12-310000891478ifrs-full:GrossCarryingAmountMember2022-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2022-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2022-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2022-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMember2022-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:GrossCarryingAmountMember2023-01-012023-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:GrossCarryingAmountMember2023-01-012023-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:GrossCarryingAmountMember2023-01-012023-12-310000891478ifrs-full:GrossCarryingAmountMember2023-01-012023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2023-01-012023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2023-01-012023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2023-01-012023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMember2023-01-012023-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:GrossCarryingAmountMember2023-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:GrossCarryingAmountMember2023-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:GrossCarryingAmountMember2023-12-310000891478ifrs-full:GrossCarryingAmountMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMember2023-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:GrossCarryingAmountMember2024-01-012024-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:GrossCarryingAmountMember2024-01-012024-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:GrossCarryingAmountMember2024-01-012024-12-310000891478ifrs-full:GrossCarryingAmountMember2024-01-012024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2024-01-012024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2024-01-012024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2024-01-012024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMember2024-01-012024-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:GrossCarryingAmountMember2024-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:GrossCarryingAmountMember2024-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:GrossCarryingAmountMember2024-12-310000891478ifrs-full:GrossCarryingAmountMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMember2024-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:GrossCarryingAmountMember2025-01-012025-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:GrossCarryingAmountMember2025-01-012025-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:GrossCarryingAmountMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMember2025-01-012025-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:GrossCarryingAmountMember2025-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:GrossCarryingAmountMember2025-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:GrossCarryingAmountMember2025-12-310000891478ifrs-full:GrossCarryingAmountMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMember2025-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2022-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2022-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2022-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMember2022-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2022-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2022-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2022-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMember2022-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2023-01-012023-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2023-01-012023-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2023-01-012023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMember2023-01-012023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2023-01-012023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2023-01-012023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2023-01-012023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMember2023-01-012023-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2023-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2023-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMember2023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMember2023-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2024-01-012024-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2024-01-012024-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2024-01-012024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMember2024-01-012024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2024-01-012024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2024-01-012024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2024-01-012024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMember2024-01-012024-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2024-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2024-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMember2024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMember2024-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2025-01-012025-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2025-01-012025-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2025-01-012025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMember2025-01-012025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2025-01-012025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2025-01-012025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2025-01-012025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMember2025-01-012025-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2025-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2025-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:AccumulatedDepreciationAndAmortisationMember2025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMember2025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:RightofuseAssetsMember2025-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:AccumulatedImpairmentMember2022-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:AccumulatedImpairmentMember2022-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:AccumulatedImpairmentMember2022-12-310000891478ifrs-full:AccumulatedImpairmentMember2022-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2022-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2022-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2022-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMember2022-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:AccumulatedImpairmentMember2023-01-012023-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:AccumulatedImpairmentMember2023-01-012023-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:AccumulatedImpairmentMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2023-01-012023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMember2023-01-012023-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:AccumulatedImpairmentMember2023-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:AccumulatedImpairmentMember2023-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:AccumulatedImpairmentMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMember2023-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:AccumulatedImpairmentMember2024-01-012024-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:AccumulatedImpairmentMember2024-01-012024-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:AccumulatedImpairmentMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2024-01-012024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMember2024-01-012024-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:AccumulatedImpairmentMember2024-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:AccumulatedImpairmentMember2024-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:AccumulatedImpairmentMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMember2024-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:AccumulatedImpairmentMember2025-01-012025-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:AccumulatedImpairmentMember2025-01-012025-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:AccumulatedImpairmentMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMember2025-01-012025-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:AccumulatedImpairmentMember2025-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:AccumulatedImpairmentMember2025-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:AccumulatedImpairmentMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMemberifrs-full:InvestmentPropertyMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:RightofuseAssetsMember2025-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMember2023-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2023-12-310000891478ifrs-full:InvestmentPropertyMember2023-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:RightofuseAssetsMember2023-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:RightofuseAssetsMember2023-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:RightofuseAssetsMember2023-12-310000891478ifrs-full:RightofuseAssetsMember2023-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMember2024-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2024-12-310000891478ifrs-full:InvestmentPropertyMember2024-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:RightofuseAssetsMember2024-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:RightofuseAssetsMember2024-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:RightofuseAssetsMember2024-12-310000891478ifrs-full:RightofuseAssetsMember2024-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMember2025-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMember2025-12-310000891478ifrs-full:InvestmentPropertyMember2025-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:RightofuseAssetsMember2025-12-310000891478ifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:RightofuseAssetsMember2025-12-310000891478ifrs-full:InvestmentPropertyMemberifrs-full:RightofuseAssetsMember2025-12-310000891478ifrs-full:RightofuseAssetsMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:LandAndBuildingsMember2023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:LandAndBuildingsMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:LandAndBuildingsMember2023-12-310000891478ifrs-full:LandAndBuildingsMemberifrs-full:PropertyPlantAndEquipmentMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:LandAndBuildingsMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ComputerEquipmentMember2023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ComputerEquipmentMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ComputerEquipmentMember2023-12-310000891478ifrs-full:ComputerEquipmentMemberifrs-full:PropertyPlantAndEquipmentMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:ComputerEquipmentMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMembersan:FurnitureAndVehiclesMember2023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:PropertyPlantAndEquipmentMembersan:FurnitureAndVehiclesMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:PropertyPlantAndEquipmentMembersan:FurnitureAndVehiclesMember2023-12-310000891478san:FurnitureAndVehiclesMemberifrs-full:PropertyPlantAndEquipmentMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMembersan:FurnitureAndVehiclesMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ConstructionInProgressMember2023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ConstructionInProgressMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ConstructionInProgressMember2023-12-310000891478ifrs-full:ConstructionInProgressMemberifrs-full:PropertyPlantAndEquipmentMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:ConstructionInProgressMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:PropertyPlantAndEquipmentMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:PropertyPlantAndEquipmentMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2023-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:PropertyPlantAndEquipmentMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:LandAndBuildingsMember2024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:LandAndBuildingsMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:LandAndBuildingsMember2024-12-310000891478ifrs-full:LandAndBuildingsMemberifrs-full:PropertyPlantAndEquipmentMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:LandAndBuildingsMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ComputerEquipmentMember2024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ComputerEquipmentMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ComputerEquipmentMember2024-12-310000891478ifrs-full:ComputerEquipmentMemberifrs-full:PropertyPlantAndEquipmentMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:ComputerEquipmentMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMembersan:FurnitureAndVehiclesMember2024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:PropertyPlantAndEquipmentMembersan:FurnitureAndVehiclesMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:PropertyPlantAndEquipmentMembersan:FurnitureAndVehiclesMember2024-12-310000891478san:FurnitureAndVehiclesMemberifrs-full:PropertyPlantAndEquipmentMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMembersan:FurnitureAndVehiclesMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ConstructionInProgressMember2024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ConstructionInProgressMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ConstructionInProgressMember2024-12-310000891478ifrs-full:ConstructionInProgressMemberifrs-full:PropertyPlantAndEquipmentMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:ConstructionInProgressMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:PropertyPlantAndEquipmentMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:PropertyPlantAndEquipmentMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2024-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:PropertyPlantAndEquipmentMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:LandAndBuildingsMember2025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:LandAndBuildingsMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:LandAndBuildingsMember2025-12-310000891478ifrs-full:LandAndBuildingsMemberifrs-full:PropertyPlantAndEquipmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:LandAndBuildingsMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ComputerEquipmentMember2025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ComputerEquipmentMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ComputerEquipmentMember2025-12-310000891478ifrs-full:ComputerEquipmentMemberifrs-full:PropertyPlantAndEquipmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:ComputerEquipmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMembersan:FurnitureAndVehiclesMember2025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:PropertyPlantAndEquipmentMembersan:FurnitureAndVehiclesMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:PropertyPlantAndEquipmentMembersan:FurnitureAndVehiclesMember2025-12-310000891478san:FurnitureAndVehiclesMemberifrs-full:PropertyPlantAndEquipmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMembersan:FurnitureAndVehiclesMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ConstructionInProgressMember2025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ConstructionInProgressMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:PropertyPlantAndEquipmentMemberifrs-full:ConstructionInProgressMember2025-12-310000891478ifrs-full:ConstructionInProgressMemberifrs-full:PropertyPlantAndEquipmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMemberifrs-full:ConstructionInProgressMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:PropertyPlantAndEquipmentMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:PropertyPlantAndEquipmentMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:PropertyPlantAndEquipmentMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2025-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:PropertyPlantAndEquipmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:RightofuseAssetsMembersan:PropertyPlantAndEquipmentPurchasedForOwnUseMember2025-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:ForeignCountriesMember2025-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:ForeignCountriesMember2024-12-310000891478san:PropertyPlantAndEquipmentPurchasedForOwnUseMemberifrs-full:ForeignCountriesMember2023-12-310000891478san:SantanderUSAutoMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:VehiclesMember2025-12-310000891478san:SantanderUSAutoMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:VehiclesMember2024-12-310000891478san:SantanderUSAutoMemberifrs-full:PropertyPlantAndEquipmentSubjectToOperatingLeasesMemberifrs-full:VehiclesMember2023-12-310000891478san:SantanderUSAutoMemberifrs-full:NotLaterThanOneYearMember2025-12-310000891478san:SantanderUSAutoMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2025-12-310000891478san:SantanderUSAutoMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2025-12-310000891478san:SantanderUSAutoMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2025-12-310000891478ifrs-full:InvestmentPropertyMember2025-01-012025-12-310000891478ifrs-full:InvestmentPropertyMember2024-01-012024-12-310000891478ifrs-full:InvestmentPropertyMember2023-01-012023-12-310000891478san:BancoSantanderBrasilSAMember2025-12-310000891478san:BancoSantanderBrasilSAMember2024-12-310000891478san:BancoSantanderBrasilSAMember2023-12-310000891478san:SAMInvestmentHoldingsLimitedMember2025-12-310000891478san:SAMInvestmentHoldingsLimitedMember2024-12-310000891478san:SAMInvestmentHoldingsLimitedMember2023-12-310000891478san:SantanderConsumerGermanyMember2025-12-310000891478san:SantanderConsumerGermanyMember2024-12-310000891478san:SantanderConsumerGermanyMember2023-12-310000891478san:SantanderPortugalMember2025-12-310000891478san:SantanderPortugalMember2024-12-310000891478san:SantanderPortugalMember2023-12-310000891478san:SantanderEspanaMember2025-12-310000891478san:SantanderEspanaMember2024-12-310000891478san:SantanderEspanaMember2023-12-310000891478san:SantanderUSAutoMember2025-12-310000891478san:SantanderUSAutoMember2024-12-310000891478san:SantanderUSAutoMember2023-12-310000891478san:SantanderHoldingUSAIncMember2025-12-310000891478san:SantanderHoldingUSAIncMember2024-12-310000891478san:SantanderHoldingUSAIncMember2023-12-310000891478san:SantanderUKGroupMember2025-12-310000891478san:SantanderUKGroupMember2024-12-310000891478san:SantanderUKGroupMember2023-12-310000891478san:BancoSantanderChileMember2025-12-310000891478san:BancoSantanderChileMember2024-12-310000891478san:BancoSantanderChileMember2023-12-310000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMember2025-12-310000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMember2024-12-310000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMember2023-12-310000891478san:EburyPartnersLtdMember2025-12-310000891478san:EburyPartnersLtdMember2024-12-310000891478san:EburyPartnersLtdMember2023-12-310000891478san:SantanderConsumerNordicsMember2025-12-310000891478san:SantanderConsumerNordicsMember2024-12-310000891478san:SantanderConsumerNordicsMember2023-12-310000891478san:SantanderBankPolskaSAMember2025-12-310000891478san:SantanderBankPolskaSAMember2024-12-310000891478san:SantanderBankPolskaSAMember2023-12-310000891478ifrs-full:AggregateNotSignificantIndividualAssetsOrCashgeneratingUnitsMember2025-12-310000891478ifrs-full:AggregateNotSignificantIndividualAssetsOrCashgeneratingUnitsMember2024-12-310000891478ifrs-full:AggregateNotSignificantIndividualAssetsOrCashgeneratingUnitsMember2023-12-310000891478san:EburyPartnersLtdMember2025-01-012025-12-310000891478san:EburyPartnersLtdMember2024-01-012024-12-310000891478san:EburyPartnersLtdMember2023-01-012023-12-310000891478ifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478ifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:SantanderUKGroupMember2025-01-012025-12-310000891478san:SantanderUSAutoMember2025-01-012025-12-310000891478san:SantanderHoldingUSAIncMember2025-01-012025-12-310000891478san:SantanderConsumerGermanyMember2025-01-012025-12-310000891478san:SAMInvestmentHoldingsLimitedMember2025-01-012025-12-310000891478san:SantanderPortugalMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:BrandNamesMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:BrandNamesMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:BrandNamesMember2025-12-310000891478ifrs-full:TechnologybasedIntangibleAssetsMemberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478ifrs-full:TechnologybasedIntangibleAssetsMemberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:TechnologybasedIntangibleAssetsMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:TechnologybasedIntangibleAssetsMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:TechnologybasedIntangibleAssetsMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:OtherIntangibleAssetsMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:OtherIntangibleAssetsMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:OtherIntangibleAssetsMember2025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:TechnologybasedIntangibleAssetsMember2024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:TechnologybasedIntangibleAssetsMember2025-01-012025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:TechnologybasedIntangibleAssetsMember2025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:OtherIntangibleAssetsMember2024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:OtherIntangibleAssetsMember2025-01-012025-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:OtherIntangibleAssetsMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:BrandNamesMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:BrandNamesMember2024-01-012024-12-310000891478ifrs-full:TechnologybasedIntangibleAssetsMemberifrs-full:BottomOfRangeMember2024-01-012024-12-310000891478ifrs-full:TechnologybasedIntangibleAssetsMemberifrs-full:TopOfRangeMember2024-01-012024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:TechnologybasedIntangibleAssetsMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:TechnologybasedIntangibleAssetsMember2024-01-012024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:OtherIntangibleAssetsMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:OtherIntangibleAssetsMember2024-01-012024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:TechnologybasedIntangibleAssetsMember2023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:TechnologybasedIntangibleAssetsMember2024-01-012024-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:OtherIntangibleAssetsMember2023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:OtherIntangibleAssetsMember2024-01-012024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:BrandNamesMember2022-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:BrandNamesMember2023-01-012023-12-310000891478ifrs-full:TechnologybasedIntangibleAssetsMemberifrs-full:BottomOfRangeMember2023-01-012023-12-310000891478ifrs-full:TechnologybasedIntangibleAssetsMemberifrs-full:TopOfRangeMember2023-01-012023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:TechnologybasedIntangibleAssetsMember2022-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:TechnologybasedIntangibleAssetsMember2023-01-012023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:OtherIntangibleAssetsMember2022-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:OtherIntangibleAssetsMember2023-01-012023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:TechnologybasedIntangibleAssetsMember2022-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:TechnologybasedIntangibleAssetsMember2023-01-012023-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:OtherIntangibleAssetsMember2022-12-310000891478ifrs-full:AccumulatedDepreciationAndAmortisationMemberifrs-full:OtherIntangibleAssetsMember2023-01-012023-12-310000891478san:DemandDepositMembersan:DepositsCentralBanksMember2025-12-310000891478san:DemandDepositMembersan:DepositsCentralBanksMember2024-12-310000891478san:DemandDepositMembersan:DepositsCentralBanksMember2023-12-310000891478san:TimeDepositsMembersan:DepositsCentralBanksMember2025-12-310000891478san:TimeDepositsMembersan:DepositsCentralBanksMember2024-12-310000891478san:TimeDepositsMembersan:DepositsCentralBanksMember2023-12-310000891478san:ReverseRepurchaseAgreementsMembersan:DepositsCentralBanksMember2025-12-310000891478san:ReverseRepurchaseAgreementsMembersan:DepositsCentralBanksMember2024-12-310000891478san:ReverseRepurchaseAgreementsMembersan:DepositsCentralBanksMember2023-12-310000891478san:DemandDepositMembersan:DepositsCreditInstitutionsMember2025-12-310000891478san:DemandDepositMembersan:DepositsCreditInstitutionsMember2024-12-310000891478san:DemandDepositMembersan:DepositsCreditInstitutionsMember2023-12-310000891478san:TimeDepositsMembersan:DepositsCreditInstitutionsMember2025-12-310000891478san:TimeDepositsMembersan:DepositsCreditInstitutionsMember2024-12-310000891478san:TimeDepositsMembersan:DepositsCreditInstitutionsMember2023-12-310000891478san:ReverseRepurchaseAgreementsMembersan:DepositsCreditInstitutionsMember2025-12-310000891478san:ReverseRepurchaseAgreementsMembersan:DepositsCreditInstitutionsMember2024-12-310000891478san:ReverseRepurchaseAgreementsMembersan:DepositsCreditInstitutionsMember2023-12-310000891478san:SubordinatedLiabilitiesMembersan:DepositsCreditInstitutionsMember2025-12-310000891478san:SubordinatedLiabilitiesMembersan:DepositsCreditInstitutionsMember2024-12-310000891478san:SubordinatedLiabilitiesMembersan:DepositsCreditInstitutionsMember2023-12-310000891478currency:EUR2025-12-310000891478currency:EUR2024-12-310000891478currency:EUR2023-12-310000891478san:OtherCurrenciesMember2025-12-310000891478san:OtherCurrenciesMember2024-12-310000891478san:OtherCurrenciesMember2023-12-310000891478san:CentralBanksAndCreditInstitutionsMember2025-12-310000891478san:CentralBanksAndCreditInstitutionsMember2024-12-310000891478san:CentralBanksAndCreditInstitutionsMember2023-12-310000891478san:TargetedLongTermRefinancingOperationIIIMember2025-12-310000891478san:TargetedLongTermRefinancingOperationIIIMember2024-12-310000891478san:TargetedLongTermRefinancingOperationIIIMember2023-12-310000891478san:TargetedLongTermRefinancingOperationIIIMember2025-01-012025-12-310000891478san:TargetedLongTermRefinancingOperationIIIMember2024-01-012024-12-310000891478san:TargetedLongTermRefinancingOperationIIIMember2023-01-012023-12-310000891478ifrs-full:CountryOfDomicileMembersan:DepositsCustomersMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:DepositsCustomersMember2024-12-310000891478ifrs-full:CountryOfDomicileMembersan:DepositsCustomersMember2023-12-310000891478san:RestOfEuropeMembersan:DepositsCustomersMember2025-12-310000891478san:RestOfEuropeMembersan:DepositsCustomersMember2024-12-310000891478san:RestOfEuropeMembersan:DepositsCustomersMember2023-12-310000891478country:GBsan:DepositsCustomersMember2025-12-310000891478country:GBsan:DepositsCustomersMember2024-12-310000891478country:GBsan:DepositsCustomersMember2023-12-310000891478san:RestOfAmericaMembersan:DepositsCustomersMember2025-12-310000891478san:RestOfAmericaMembersan:DepositsCustomersMember2024-12-310000891478san:RestOfAmericaMembersan:DepositsCustomersMember2023-12-310000891478country:USsan:DepositsCustomersMember2025-12-310000891478country:USsan:DepositsCustomersMember2024-12-310000891478country:USsan:DepositsCustomersMember2023-12-310000891478san:RestOfWorldMembersan:DepositsCustomersMember2025-12-310000891478san:RestOfWorldMembersan:DepositsCustomersMember2024-12-310000891478san:RestOfWorldMembersan:DepositsCustomersMember2023-12-310000891478san:DemandDepositMembersan:DepositsCustomersMember2025-12-310000891478san:DemandDepositMembersan:DepositsCustomersMember2024-12-310000891478san:DemandDepositMembersan:DepositsCustomersMember2023-12-310000891478san:TimeDepositsMembersan:DepositsCustomersMember2025-12-310000891478san:TimeDepositsMembersan:DepositsCustomersMember2024-12-310000891478san:TimeDepositsMembersan:DepositsCustomersMember2023-12-310000891478san:DepositsRedeemableAtNoticeMembersan:DepositsCustomersMember2025-12-310000891478san:DepositsRedeemableAtNoticeMembersan:DepositsCustomersMember2024-12-310000891478san:DepositsRedeemableAtNoticeMembersan:DepositsCustomersMember2023-12-310000891478san:RepurchaseAgreementMembersan:DepositsCustomersMember2025-12-310000891478san:RepurchaseAgreementMembersan:DepositsCustomersMember2024-12-310000891478san:RepurchaseAgreementMembersan:DepositsCustomersMember2023-12-310000891478san:DebtInstrumentsMembersan:BondsAndDebenturesOutstandingMember2025-12-310000891478san:DebtInstrumentsMembersan:BondsAndDebenturesOutstandingMember2024-12-310000891478san:DebtInstrumentsMembersan:BondsAndDebenturesOutstandingMember2023-12-310000891478san:DebtInstrumentsMembersan:SubordinatedLiabilitiesMember2025-12-310000891478san:DebtInstrumentsMembersan:SubordinatedLiabilitiesMember2024-12-310000891478san:DebtInstrumentsMembersan:SubordinatedLiabilitiesMember2023-12-310000891478san:DebtInstrumentsMembersan:NotesAndOtherSecuritiesMember2025-12-310000891478san:DebtInstrumentsMembersan:NotesAndOtherSecuritiesMember2024-12-310000891478san:DebtInstrumentsMembersan:NotesAndOtherSecuritiesMember2023-12-310000891478san:SubordinatedLiabilitiesMemberifrs-full:NotLaterThanThreeMonthsMembersan:DebtInstrumentsMember2025-12-310000891478san:SubordinatedLiabilitiesMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DebtInstrumentsMember2025-12-310000891478san:SubordinatedLiabilitiesMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DebtInstrumentsMember2025-12-310000891478san:SubordinatedLiabilitiesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DebtInstrumentsMember2025-12-310000891478san:SubordinatedLiabilitiesMemberifrs-full:LaterThanFiveYearsMembersan:DebtInstrumentsMember2025-12-310000891478san:SeniorUnsecuredDebtMemberifrs-full:NotLaterThanThreeMonthsMembersan:DebtInstrumentsMember2025-12-310000891478san:SeniorUnsecuredDebtMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DebtInstrumentsMember2025-12-310000891478san:SeniorUnsecuredDebtMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DebtInstrumentsMember2025-12-310000891478san:SeniorUnsecuredDebtMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DebtInstrumentsMember2025-12-310000891478san:SeniorUnsecuredDebtMemberifrs-full:LaterThanFiveYearsMembersan:DebtInstrumentsMember2025-12-310000891478san:DebtInstrumentsMembersan:SeniorUnsecuredDebtMember2025-12-310000891478san:SeniorSecuredDebtMemberifrs-full:NotLaterThanThreeMonthsMembersan:DebtInstrumentsMember2025-12-310000891478san:SeniorSecuredDebtMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DebtInstrumentsMember2025-12-310000891478san:SeniorSecuredDebtMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DebtInstrumentsMember2025-12-310000891478san:SeniorSecuredDebtMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DebtInstrumentsMember2025-12-310000891478san:SeniorSecuredDebtMemberifrs-full:LaterThanFiveYearsMembersan:DebtInstrumentsMember2025-12-310000891478san:DebtInstrumentsMembersan:SeniorSecuredDebtMember2025-12-310000891478san:NotesAndOtherSecuritiesMemberifrs-full:NotLaterThanThreeMonthsMembersan:DebtInstrumentsMember2025-12-310000891478san:NotesAndOtherSecuritiesMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DebtInstrumentsMember2025-12-310000891478san:NotesAndOtherSecuritiesMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DebtInstrumentsMember2025-12-310000891478san:NotesAndOtherSecuritiesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DebtInstrumentsMember2025-12-310000891478san:NotesAndOtherSecuritiesMemberifrs-full:LaterThanFiveYearsMembersan:DebtInstrumentsMember2025-12-310000891478san:BondsAndDebenturesOutstandingAndSubordinatedLiabilitiesMemberifrs-full:NotLaterThanThreeMonthsMembersan:DebtInstrumentsMember2025-12-310000891478san:BondsAndDebenturesOutstandingAndSubordinatedLiabilitiesMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DebtInstrumentsMember2025-12-310000891478san:BondsAndDebenturesOutstandingAndSubordinatedLiabilitiesMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DebtInstrumentsMember2025-12-310000891478san:BondsAndDebenturesOutstandingAndSubordinatedLiabilitiesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DebtInstrumentsMember2025-12-310000891478san:BondsAndDebenturesOutstandingAndSubordinatedLiabilitiesMemberifrs-full:LaterThanFiveYearsMembersan:DebtInstrumentsMember2025-12-310000891478san:DebtInstrumentsMembersan:BondsAndDebenturesOutstandingAndSubordinatedLiabilitiesMember2025-12-310000891478currency:EURsan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-12-310000891478currency:EURsan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-12-310000891478currency:EURsan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-12-310000891478currency:USDsan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-12-310000891478currency:USDsan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-12-310000891478currency:USDsan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-12-310000891478currency:GBPsan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-12-310000891478currency:GBPsan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-12-310000891478currency:GBPsan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-12-310000891478currency:BRLsan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-12-310000891478currency:BRLsan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-12-310000891478currency:BRLsan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-12-310000891478currency:CLPsan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-12-310000891478currency:CLPsan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-12-310000891478currency:CLPsan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-12-310000891478san:OtherCurrenciesMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-12-310000891478san:OtherCurrenciesMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-12-310000891478san:OtherCurrenciesMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-12-310000891478san:DebtInstrumentsMembersan:BondsAndDebenturesOutstandingMember2022-12-310000891478san:DebtInstrumentsMembersan:BondsAndDebenturesOutstandingMember2025-01-012025-12-310000891478san:DebtInstrumentsMembersan:BondsAndDebenturesOutstandingMember2024-01-012024-12-310000891478san:DebtInstrumentsMembersan:BondsAndDebenturesOutstandingMember2023-01-012023-12-310000891478san:SPIRESACompartment2023374Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SPIRESACompartment2023374Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SPIRESACompartment2023374Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:AutoABSUKLoansPLCMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:AutoABSUKLoansPLCMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:AutoABSUKLoansPLCMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:PSABankDeutschlandGmbHMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:PSABankDeutschlandGmbHMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:PSABankDeutschlandGmbHMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478srt:ParentCompanyMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478srt:ParentCompanyMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478srt:ParentCompanyMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:BancoSantanderBrasilSAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:BancoSantanderBrasilSAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:BancoSantanderBrasilSAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SantanderGroupUKMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SantanderGroupUKMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SantanderGroupUKMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SantanderConsumerUSAHoldingsIncMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SantanderConsumerUSAHoldingsIncMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SantanderConsumerUSAHoldingsIncMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SantanderInternationalProductsPLCMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SantanderInternationalProductsPLCMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SantanderInternationalProductsPLCMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:StellantisFinancialServicesItaliaSpAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:StellantisFinancialServicesItaliaSpAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:StellantisFinancialServicesItaliaSpAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SantanderConsumerBankSpAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SantanderConsumerBankSpAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SantanderConsumerBankSpAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SantanderHoldingsUSAIncMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SantanderHoldingsUSAIncMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SantanderHoldingsUSAIncMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SantanderConsumo8F.T.Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SantanderConsumo8F.T.Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SantanderConsumo8F.T.Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SantanderConsumo9F.T.Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SantanderConsumo9F.T.Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SantanderConsumo9F.T.Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:BancoSantanderChileMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:BancoSantanderChileMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:BancoSantanderChileMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SantanderConsumerFinanceSAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SantanderConsumerFinanceSAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SantanderConsumerFinanceSAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:BancoSantanderTottaSAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:BancoSantanderTottaSAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:BancoSantanderTottaSAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SantanderBankNationalAssociationMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SantanderBankNationalAssociationMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SantanderBankNationalAssociationMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SCGermanyS.A.CompartmentConsumer20252Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SCGermanyS.A.CompartmentConsumer20252Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SCGermanyS.A.CompartmentConsumer20252Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SCGermanyS.A.CompartmentConsumer20251Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SCGermanyS.A.CompartmentConsumer20251Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SCGermanyS.A.CompartmentConsumer20251Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SecucorFinance20251DesignatedActivityCompanyMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SecucorFinance20251DesignatedActivityCompanyMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SecucorFinance20251DesignatedActivityCompanyMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:HyundaiCapitalBankEuropeGmbHItalyMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:HyundaiCapitalBankEuropeGmbHItalyMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:HyundaiCapitalBankEuropeGmbHItalyMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:BanqueStellantisFranceMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:BanqueStellantisFranceMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:BanqueStellantisFranceMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SantanderConsumerBankAGMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SantanderConsumerBankAGMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SantanderConsumerBankAGMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SCGermanyS.A.CompartmentConsumer20241Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SCGermanyS.A.CompartmentConsumer20241Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SCGermanyS.A.CompartmentConsumer20241Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SantanderConsumo6F.T.Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SantanderConsumo6F.T.Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SantanderConsumo6F.T.Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SantanderConsumo7F.T.Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SantanderConsumo7F.T.Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SantanderConsumo7F.T.Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SantanderBankPolskaSAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SantanderBankPolskaSAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SantanderBankPolskaSAMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SCGermanyS.A.CompartmentConsumer20242Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SCGermanyS.A.CompartmentConsumer20242Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SCGermanyS.A.CompartmentConsumer20242Membersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:SantanderConsumerBankASMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2025-01-012025-12-310000891478san:SantanderConsumerBankASMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2024-01-012024-12-310000891478san:SantanderConsumerBankASMembersan:BondsAndDebenturesOutstandingMembersan:DebtInstrumentsMember2023-01-012023-12-310000891478san:DebtInstrumentsMemberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:DebtInstrumentsMemberifrs-full:TopOfRangeMember2025-12-310000891478san:DebtInstrumentsMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:EUR2025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:EUR2024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:EUR2023-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:EUR2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:USD2025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:USD2024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:USD2023-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:USD2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:BRL2025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:BRL2024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:BRL2023-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:BRL2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:GBP2025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:GBP2024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:GBP2023-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembercurrency:GBP2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:OtherCurrenciesMember2025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:OtherCurrenciesMember2024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:OtherCurrenciesMember2023-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMember2022-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMember2024-01-012024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMember2023-01-012023-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersrt:ParentCompanyMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersrt:ParentCompanyMember2024-01-012024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersrt:ParentCompanyMember2023-01-012023-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:BancoSantanderBrasilSAMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:BancoSantanderBrasilSAMember2024-01-012024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:BancoSantanderBrasilSAMember2023-01-012023-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:BanqueStellantisFranceMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:BanqueStellantisFranceMember2024-01-012024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:BanqueStellantisFranceMember2023-01-012023-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SantanderUKGroupHoldingsPLCMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SantanderUKGroupHoldingsPLCMember2024-01-012024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SantanderUKGroupHoldingsPLCMember2023-01-012023-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SantanderBankPolskaSAMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SantanderBankPolskaSAMember2024-01-012024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SantanderBankPolskaSAMember2023-01-012023-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SantanderUKPLCMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SantanderUKPLCMember2024-01-012024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SantanderUKPLCMember2023-01-012023-12-310000891478san:RepaidByBancoSantanderS.A.InDecember2025Membersan:SubordinatedLiabilitiesMember2025-12-010000891478san:IssuanceByBancoSantanderS.A.InNovember2025Membersan:SubordinatedLiabilitiesMember2025-11-190000891478san:RepaidByBancoSantanderS.A.InSeptember2025Membersan:SubordinatedLiabilitiesMember2025-09-240000891478san:RepaidByBancoSantanderS.A.InAugust2025ISINXS1384064587Membersan:SubordinatedLiabilitiesMember2025-08-050000891478san:RepaidByBancoSantanderS.A.InAugust2025ISINXS1548444816Membersan:SubordinatedLiabilitiesMember2025-08-050000891478san:RepaidByBancoSantanderS.A.InJuly2025Membersan:SubordinatedLiabilitiesPreferenceSharesMember2025-07-020000891478san:IssuanceByBancoSantanderS.A.InJuly2025Membersan:SubordinatedLiabilitiesPreferenceSharesMember2025-07-020000891478san:IssuanceByBancoSantanderS.A.InJuly2025Membersan:SubordinatedLiabilitiesPreferenceSharesMember2025-07-022025-07-020000891478san:IssuanceByBancoSantanderS.A.InJuly2025Membersan:SubordinatedLiabilitiesPreferenceSharesMembersan:MidSwapRateFiveYearEuroMember2025-07-020000891478san:IssuanceByBancoSantanderS.A.InMarch2025Membersan:SubordinatedLiabilitiesMember2025-03-180000891478san:IssuanceByBancoSantanderS.A.InApril2016Membersan:SubordinatedLiabilitiesMember2025-02-172025-02-170000891478san:IssuanceByBancoSantanderS.A.InApril2016Membersan:SubordinatedLiabilitiesMember2025-02-060000891478san:IssuanceByBancoSantanderS.A.InJanuary2017Membersan:SubordinatedLiabilitiesMember2025-02-172025-02-170000891478san:IssuanceByBancoSantanderS.A.InJanuary2017Membersan:SubordinatedLiabilitiesMember2025-02-060000891478san:IssuanceByBancoSantanderS.A.InAugust2024Membersan:SubordinatedLiabilitiesPreferenceSharesMember2024-08-010000891478san:IssuanceByBancoSantanderS.A.InAugust2024Membersan:SubordinatedLiabilitiesPreferenceSharesMember2024-08-012024-08-010000891478san:IssuanceByBancoSantanderS.A.InAugust2024Membersan:SubordinatedLiabilitiesPreferenceSharesMembersan:MidSwapRateFiveYearEuroMember2024-08-010000891478san:RepaidByBancoSantanderS.A.InMay2024Membersan:SubordinatedLiabilitiesPreferenceSharesMember2024-05-200000891478san:IssuanceByBancoSantanderS.A.InMay2024Membersan:SubordinatedLiabilitiesPreferenceSharesMember2024-05-200000891478san:IssuanceByBancoSantanderS.A.InMay2024Membersan:SubordinatedLiabilitiesPreferenceSharesMember2024-05-202024-05-200000891478san:IssuanceByBancoSantanderS.A.InMay2024Membersan:SubordinatedLiabilitiesPreferenceSharesMembersan:MidSwapRateFiveYearEuroMember2024-05-200000891478san:IssuanceByBancoSantanderS.A.InMarch2024Membersan:SubordinatedLiabilitiesMember2024-03-140000891478san:IssuanceByBancoSantanderS.A.InMarch2024Membersan:SubordinatedLiabilitiesMember2024-03-142024-03-140000891478san:RepaidByBancoSantanderS.A.InFebruary2024Membersan:TierOneContingentlyConvertiblePreferredSecuritiesMember2024-02-080000891478san:IssuanceByBancoSantanderSAInJanuary2024Membersan:SubordinatedLiabilitiesMember2024-01-220000891478san:IssuanceByBancoSantanderSAInJanuary2024Membersan:SubordinatedLiabilitiesMember2024-01-222024-01-220000891478san:IssuanceByBancoSantanderSAInSeptember2017Membersan:TierOneContingentlyConvertiblePreferredSecuritiesMember2023-12-2900008914782023-11-210000891478san:IssuanceByBancoSantanderSAInNovember2023Membersan:SubordinatedLiabilitiesPreferenceSharesFirstSeriesMember2023-11-210000891478san:IssuanceByBancoSantanderSAInNovember2023Membersan:SubordinatedLiabilitiesPreferenceSharesSecondSeriesMember2023-11-210000891478san:IssuanceByBancoSantanderSAInNovember2023Membersan:SubordinatedLiabilitiesPreferenceSharesFirstSeriesMember2023-11-212023-11-210000891478san:IssuanceByBancoSantanderSAInNovember2023Membersan:SubordinatedLiabilitiesPreferenceSharesSecondSeriesMember2023-11-212023-11-210000891478san:IssuanceByBancoSantanderSAInAugust2023Membersan:SubordinatedLiabilitiesMember2023-08-080000891478san:IssuanceByBancoSantanderSAInAugust2023Membersan:SubordinatedLiabilitiesMember2023-08-082023-08-080000891478san:IssuanceByBancoSantanderSAInMay2023Membersan:SubordinatedLiabilitiesMember2023-05-230000891478san:IssuanceByBancoSantanderSAInMay2023Membersan:SubordinatedLiabilitiesMember2023-05-232023-05-230000891478san:TierOneContingentlyConvertiblePreferredSecuritiesMember2022-04-250000891478san:IssuanceByBancoSantanderSAInNovember2021Membersan:SubordinatedDebenturesMember2021-11-222021-11-220000891478san:IssuanceByBancoSantanderSAInNovember2021Membersan:SubordinatedDebenturesMember2021-11-220000891478san:IssuanceByBancoSantanderSAInOctober2021Membersan:SubordinatedDebenturesMember2021-10-042021-10-040000891478san:IssuanceByBancoSantanderSAInOctober2021Membersan:SubordinatedDebenturesMember2021-10-040000891478san:IssuanceByBancoSantanderSAInSeptember2021Membersan:SubordinatedLiabilitiesPreferenceSharesMember2021-09-210000891478san:IssuanceByBancoSantanderSAInSeptember2021Membersan:SubordinatedLiabilitiesPreferenceSharesMember2021-09-212021-09-210000891478san:IssuanceByBancoSantanderSAInMay2021Membersan:SubordinatedLiabilitiesPreferenceSharesMember2021-05-120000891478san:IssuanceByBancoSantanderSAInMay2021SeriesInDollarsMembersan:SubordinatedLiabilitiesPreferenceSharesMember2021-05-120000891478san:IssuanceByBancoSantanderSAInMay2021SeriesInEurosMembersan:SubordinatedLiabilitiesPreferenceSharesMember2021-05-120000891478san:IssuanceByBancoSantanderSAInMay2021SeriesInDollarsMembersan:SubordinatedLiabilitiesPreferenceSharesMember2021-05-122021-05-120000891478san:IssuanceByBancoSantanderSAInMay2021SeriesInEurosMembersan:SubordinatedLiabilitiesPreferenceSharesMember2021-05-122021-05-120000891478san:IssuanceByBancoSantanderSAInDecember2020Membersan:SubordinatedDebenturesMember2020-12-032020-12-030000891478san:IssuanceByBancoSantanderSAInDecember2020Membersan:SubordinatedDebenturesMember2020-12-030000891478san:IssuanceByBancoSantanderSAInOctober2020Membersan:SubordinatedDebenturesMember2020-10-222020-10-220000891478san:IssuanceByBancoSantanderSAInOctober2020Membersan:SubordinatedDebenturesMember2020-10-220000891478san:IssuanceByBancoSantanderSAInJanuary2020Membersan:SubordinatedLiabilitiesPreferredSecuritiesMember2020-01-140000891478san:IssuanceByBancoSantanderSAInJanuary2020Membersan:SubordinatedLiabilitiesPreferredSecuritiesMember2020-01-142020-01-140000891478san:IssuanceByBancoSantanderSAInFebruary2018Membersan:SubordinatedDebenturesMember2018-02-082018-02-080000891478san:IssuanceByBancoSantanderSAInFebruary2018Membersan:SubordinatedDebenturesMember2018-02-080000891478san:BancoSantanderBrasilSAMembersan:IssuanceByBancoSantanderBrasilInDecember2025Membersan:Tier2SubordinatedDebtMember2025-12-012025-12-010000891478san:BancoSantanderBrasilSAMembersan:IssuanceByBancoSantanderBrasilInDecember2025Membersan:Tier2SubordinatedDebtMember2025-12-010000891478san:BancoSantanderBrasilSAMembersan:IssuanceByBancoSantanderBrasilInSeptember2024Membersan:AdditionalTier1FinancialNotesMember2024-09-300000891478san:BancoSantanderBrasilSAMembersan:IssuanceByBancoSantanderBrasilInOctober2023Membersan:SubordinatedFinancialBillsTIERIIMember2023-10-012023-10-010000891478san:BancoSantanderBrasilSAMembersan:IssuanceByBancoSantanderBrasilInOctober2023Membersan:SubordinatedFinancialBillsTIERIIMember2023-10-010000891478san:BancoSantanderBrasilSAMembersan:IssuanceByBancoSantanderBrasilInNovember2021Membersan:SubordinatedFinancialBillsTIERIIMember2021-11-012021-11-300000891478san:BancoSantanderBrasilSAMembersan:IssuanceByBancoSantanderBrasilInNovember2021Membersan:SubordinatedFinancialBillsTIERIIMember2021-11-300000891478san:IssuanceBySantanderBankPolskaS.A.InAugust2010Membersan:SantanderBankPolskaSAMembersan:SubordinatedLiabilitiesMember2024-11-280000891478san:SubordinatedLiabilitiesMember2025-12-310000891478san:SubordinatedLiabilitiesMember2024-12-310000891478san:SubordinatedLiabilitiesMember2023-12-310000891478san:SubordinatedLiabilitiesMember2025-01-012025-12-310000891478san:SubordinatedLiabilitiesMember2024-01-012024-12-310000891478san:SubordinatedLiabilitiesMember2023-01-012023-12-310000891478san:IssuanceByBancoSantanderSAInNovember2023Membersan:SubordinatedLiabilitiesPreferenceSharesFirstSeriesMember2023-11-162023-11-160000891478ifrs-full:NotLaterThanOneYearMember2025-12-310000891478ifrs-full:NotLaterThanOneYearMember2024-12-310000891478ifrs-full:NotLaterThanOneYearMember2023-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2025-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2024-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2023-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2025-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2024-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2023-12-310000891478ifrs-full:LaterThanFiveYearsMember2025-12-310000891478ifrs-full:LaterThanFiveYearsMember2024-12-310000891478ifrs-full:LaterThanFiveYearsMember2023-12-310000891478san:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2024-12-310000891478san:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2025-01-012025-12-310000891478san:OtherLongTermEmployeeBenefitsProvisionMember2025-01-012025-12-310000891478san:CommitmentsAndGuaranteesGivenProvisionMember2025-01-012025-12-310000891478san:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2025-01-012025-12-310000891478san:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2025-12-310000891478san:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2023-12-310000891478san:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2022-12-310000891478san:OtherLongTermEmployeeBenefitsProvisionMember2022-12-310000891478san:CommitmentsAndGuaranteesGivenProvisionMember2022-12-310000891478san:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2022-12-310000891478san:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2024-01-012024-12-310000891478san:OtherLongTermEmployeeBenefitsProvisionMember2024-01-012024-12-310000891478san:CommitmentsAndGuaranteesGivenProvisionMember2024-01-012024-12-310000891478san:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2024-01-012024-12-310000891478san:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2023-01-012023-12-310000891478san:OtherLongTermEmployeeBenefitsProvisionMember2023-01-012023-12-310000891478san:CommitmentsAndGuaranteesGivenProvisionMember2023-01-012023-12-310000891478san:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2023-01-012023-12-310000891478ifrs-full:CountryOfDomicileMembersan:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2024-12-310000891478ifrs-full:CountryOfDomicileMembersan:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2023-12-310000891478ifrs-full:CountryOfDomicileMembersan:OtherLongTermEmployeeBenefitsProvisionMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:OtherLongTermEmployeeBenefitsProvisionMember2024-12-310000891478ifrs-full:CountryOfDomicileMembersan:OtherLongTermEmployeeBenefitsProvisionMember2023-12-310000891478ifrs-full:CountryOfDomicileMember2024-12-310000891478ifrs-full:CountryOfDomicileMember2023-12-310000891478country:GBsan:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2025-12-310000891478country:GBsan:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2024-12-310000891478country:GBsan:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2023-12-310000891478san:OtherForeignCountriesNotIncludingUKMembersan:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2025-12-310000891478san:OtherForeignCountriesNotIncludingUKMembersan:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2024-12-310000891478san:OtherForeignCountriesNotIncludingUKMembersan:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2023-12-310000891478san:OtherForeignCountriesNotIncludingUKMembersan:OtherLongTermEmployeeBenefitsProvisionMember2025-12-310000891478san:OtherForeignCountriesNotIncludingUKMembersan:OtherLongTermEmployeeBenefitsProvisionMember2024-12-310000891478san:OtherForeignCountriesNotIncludingUKMembersan:OtherLongTermEmployeeBenefitsProvisionMember2023-12-310000891478san:ProvisionsForPensionsAndSimilarObligationsMember2025-12-310000891478san:ProvisionsForPensionsAndSimilarObligationsMember2024-12-310000891478san:ProvisionsForPensionsAndSimilarObligationsMember2023-12-310000891478ifrs-full:CountryOfDomicileMember2025-01-012025-12-310000891478ifrs-full:CountryOfDomicileMember2024-01-012024-12-310000891478ifrs-full:CountryOfDomicileMember2023-01-012023-12-310000891478ifrs-full:ActuarialAssumptionOfDiscountRatesMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:ActuarialAssumptionOfDiscountRatesMemberifrs-full:CountryOfDomicileMembersan:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember2025-12-310000891478ifrs-full:ActuarialAssumptionOfDiscountRatesMemberifrs-full:CountryOfDomicileMembersan:OtherLongTermEmployeeBenefitsProvisionMember2025-12-310000891478san:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMemberifrs-full:CountryOfDomicileMember2025-12-310000891478san:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMemberifrs-full:CountryOfDomicileMember2024-12-310000891478san:PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMemberifrs-full:CountryOfDomicileMember2023-12-310000891478san:OtherLongTermEmployeeBenefitsProvisionMemberifrs-full:CountryOfDomicileMember2025-12-310000891478san:OtherLongTermEmployeeBenefitsProvisionMemberifrs-full:CountryOfDomicileMember2024-12-310000891478san:OtherLongTermEmployeeBenefitsProvisionMemberifrs-full:CountryOfDomicileMember2023-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMember2025-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMember2024-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMember2023-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMember2025-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMember2024-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMember2023-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMember2025-01-012025-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMember2024-01-012024-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMember2023-01-012023-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMember2025-01-012025-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMember2024-01-012024-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMember2023-01-012023-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2024-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2023-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2022-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2024-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2023-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2022-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2025-01-012025-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2024-01-012024-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2023-01-012023-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2025-01-012025-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2024-01-012024-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2023-01-012023-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2025-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2025-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PlanAssetsMember2024-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PlanAssetsMember2023-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PlanAssetsMember2022-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PlanAssetsMember2024-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PlanAssetsMember2023-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PlanAssetsMember2022-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PlanAssetsMember2025-01-012025-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PlanAssetsMember2024-01-012024-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PlanAssetsMember2023-01-012023-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PlanAssetsMember2025-01-012025-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PlanAssetsMember2024-01-012024-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PlanAssetsMember2023-01-012023-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PlanAssetsMember2025-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMemberifrs-full:PlanAssetsMember2025-12-310000891478san:PostEmploymentPlansMemberifrs-full:CountryOfDomicileMember2022-12-310000891478san:OtherSimilarBenefitsPlansMemberifrs-full:CountryOfDomicileMember2022-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:NotLaterThanOneYearMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:LaterThanFiveYearsAndNotLaterThanTenYearsMember2025-12-310000891478country:GB2025-01-012025-12-310000891478country:GB2024-01-012024-12-310000891478country:GB2023-01-012023-12-310000891478country:GB2025-12-310000891478country:GB2024-12-310000891478country:GB2023-12-310000891478ifrs-full:ActuarialAssumptionOfDiscountRatesMembercountry:GB2025-12-310000891478ifrs-full:ActuarialAssumptionOfExpectedRatesOfInflationMembercountry:GB2025-12-310000891478country:GBifrs-full:PresentValueOfDefinedBenefitObligationMember2024-12-310000891478country:GBifrs-full:PresentValueOfDefinedBenefitObligationMember2023-12-310000891478country:GBifrs-full:PresentValueOfDefinedBenefitObligationMember2022-12-310000891478country:GBifrs-full:PresentValueOfDefinedBenefitObligationMember2025-01-012025-12-310000891478country:GBifrs-full:PresentValueOfDefinedBenefitObligationMember2024-01-012024-12-310000891478country:GBifrs-full:PresentValueOfDefinedBenefitObligationMember2023-01-012023-12-310000891478country:GBifrs-full:PresentValueOfDefinedBenefitObligationMember2025-12-310000891478country:GBifrs-full:PlanAssetsMember2024-12-310000891478country:GBifrs-full:PlanAssetsMember2023-12-310000891478country:GBifrs-full:PlanAssetsMember2022-12-310000891478country:GBifrs-full:PlanAssetsMember2025-01-012025-12-310000891478country:GBifrs-full:PlanAssetsMember2024-01-012024-12-310000891478country:GBifrs-full:PlanAssetsMember2023-01-012023-12-310000891478country:GBifrs-full:PlanAssetsMember2025-12-310000891478country:GBifrs-full:EquityInvestmentsMember2025-01-012025-12-310000891478country:GBifrs-full:EquityInvestmentsMember2024-01-012024-12-310000891478country:GBifrs-full:EquityInvestmentsMember2023-01-012023-12-310000891478country:GBifrs-full:DebtSecuritiesMember2025-01-012025-12-310000891478country:GBifrs-full:DebtSecuritiesMember2024-01-012024-12-310000891478country:GBifrs-full:DebtSecuritiesMember2023-01-012023-12-310000891478country:GBifrs-full:InvestmentPropertyMember2025-01-012025-12-310000891478country:GBifrs-full:InvestmentPropertyMember2024-01-012024-12-310000891478country:GBifrs-full:InvestmentPropertyMember2023-01-012023-12-310000891478country:GBifrs-full:OtherAssetsMember2025-01-012025-12-310000891478country:GBifrs-full:OtherAssetsMember2024-01-012024-12-310000891478country:GBifrs-full:OtherAssetsMember2023-01-012023-12-310000891478country:GBifrs-full:NotLaterThanOneYearMember2025-12-310000891478country:GBifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2025-12-310000891478country:GBifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2025-12-310000891478country:GBifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2025-12-310000891478country:GBifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember2025-12-310000891478country:GBifrs-full:LaterThanFiveYearsAndNotLaterThanTenYearsMember2025-12-310000891478san:OtherForeignCountriesNotIncludingUKMember2025-01-012025-12-310000891478san:OtherForeignCountriesNotIncludingUKMember2024-01-012024-12-310000891478san:OtherForeignCountriesNotIncludingUKMember2023-01-012023-12-310000891478country:BRifrs-full:BottomOfRangeMember2025-12-310000891478country:BRifrs-full:TopOfRangeMember2025-12-310000891478country:BR2025-12-310000891478ifrs-full:ActuarialAssumptionOfDiscountRatesMembersan:OtherForeignCountriesNotIncludingUKMember2025-12-310000891478san:OtherForeignCountriesNotIncludingUKMember2025-12-310000891478san:OtherForeignCountriesNotIncludingUKMember2024-12-310000891478san:OtherForeignCountriesNotIncludingUKMember2023-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2024-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2023-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2022-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2025-01-012025-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2024-01-012024-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2023-01-012023-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:PresentValueOfDefinedBenefitObligationMember2025-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:PlanAssetsMember2024-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:PlanAssetsMember2023-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:PlanAssetsMember2022-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:PlanAssetsMember2025-01-012025-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:PlanAssetsMember2024-01-012024-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:PlanAssetsMember2023-01-012023-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:PlanAssetsMember2025-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:EquityInvestmentsMember2025-01-012025-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:EquityInvestmentsMember2024-01-012024-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:EquityInvestmentsMember2023-01-012023-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:DebtSecuritiesMember2025-01-012025-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:DebtSecuritiesMember2024-01-012024-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:DebtSecuritiesMember2023-01-012023-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:InvestmentPropertyMember2025-01-012025-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:InvestmentPropertyMember2024-01-012024-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:InvestmentPropertyMember2023-01-012023-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:OtherAssetsMember2025-01-012025-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:OtherAssetsMember2024-01-012024-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:OtherAssetsMember2023-01-012023-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:NotLaterThanOneYearMember2025-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2025-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2025-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2025-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember2025-12-310000891478san:OtherForeignCountriesNotIncludingUKMemberifrs-full:LaterThanFiveYearsAndNotLaterThanTenYearsMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2024-12-310000891478ifrs-full:CountryOfDomicileMembersan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2023-12-310000891478san:EuropeanUnionExcludingSpainMembersan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2025-12-310000891478san:EuropeanUnionExcludingSpainMembersan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2024-12-310000891478san:EuropeanUnionExcludingSpainMembersan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2023-12-310000891478san:OtherForeignCountriesNotIncludingCountriesInEUMembersan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2025-12-310000891478san:OtherForeignCountriesNotIncludingCountriesInEUMembersan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2024-12-310000891478san:OtherForeignCountriesNotIncludingCountriesInEUMembersan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2023-12-310000891478country:BRsan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2025-12-310000891478country:BRsan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2024-12-310000891478country:BRsan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2023-12-310000891478country:GBsan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2025-12-310000891478country:GBsan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2024-12-310000891478country:GBsan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2023-12-310000891478san:FinancialConductAuthorityFCAReviewOfTheVehicleFinanceMarketMembercountry:GBsan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2025-12-310000891478san:ProvisionsForTaxesMember2025-12-310000891478san:ProvisionsForTaxesMember2024-12-310000891478san:ProvisionsForTaxesMember2023-12-310000891478country:BRsan:ProvisionsForLabourProceedingsMember2025-12-310000891478country:BRsan:ProvisionsForLabourProceedingsMember2024-12-310000891478country:BRsan:ProvisionsForLabourProceedingsMember2023-12-310000891478ifrs-full:LegalProceedingsProvisionMember2025-12-310000891478ifrs-full:LegalProceedingsProvisionMember2024-12-310000891478ifrs-full:LegalProceedingsProvisionMember2023-12-310000891478san:ProvisionForCustomerRemediationMember2025-12-310000891478san:ProvisionForCustomerRemediationMember2024-12-310000891478san:ProvisionForCustomerRemediationMember2023-12-310000891478ifrs-full:RestructuringProvisionMember2025-12-310000891478ifrs-full:RestructuringProvisionMember2024-12-310000891478ifrs-full:RestructuringProvisionMember2023-12-310000891478san:OtherProvisionMember2025-12-310000891478san:OtherProvisionMember2024-12-310000891478san:OtherProvisionMember2023-12-310000891478country:BRsan:ProvisionsForLabourProceedingsMember2025-01-012025-12-310000891478country:BRifrs-full:LegalProceedingsProvisionMember2025-01-012025-12-310000891478san:LegalCaseRelatingToProgramaDeIntegracaoSocialAndContribuicaoParaFinanciamentoDaSeguridadeSocialMember2023-06-130000891478san:BancoSantanderBrazilSASubsidiaryMembersan:LegalCaseRelatingToQuestionableDeductionOfLoanLossesInIncomeTaxReturnsMember2025-12-310000891478san:BancoSantanderBrazilSASubsidiaryMembersan:LegalCaseRelatingToTaxDeductibilityOfSaleOfSharesMember2025-12-310000891478san:BancoSantanderBrasilSAMembersan:LegalCaseRelatingToDeductionOfExpensesInIncomeTaxMember2025-12-310000891478san:BancoSantanderBrazilSASubsidiaryMembersan:LegalCaseRelatingToTaxDeductibilityOfAmortizationOfGoodwillArisingOnAcquisitionMembersan:BancoComercialEDeInvestimentoSudamerisSAMember2025-12-310000891478san:BancoSantanderBrazilSASubsidiaryMembersan:LegalCaseRelatedToTaxCompensationWithCreditsMember2025-12-310000891478san:BancoSantanderBrazilSASubsidiaryMembersan:LegalCaseRelatedToInfringementNoticesInitiatedByTaxAuthoritiesRegardingOffsettingTaxLossesMember2025-12-310000891478san:BancoSantanderBrasilSAMembersan:LegalCaseRelatedToWithholdingIncomeTaxOnPaymentsDerivedFromTechnologyServicesMember2025-12-310000891478san:BancoSantanderBrazilSASubsidiaryMembersan:LegalCaseRelatingToTaxDeductibilityOfAmortizationOfGoodwillArisingOnAcquisitionMembersan:GetnetTecnologiaProcesSAMember2025-12-310000891478san:BancoSantanderBrasilSAMember2025-12-310000891478san:BancoSantanderBrasilSaSubsidiaryMember2025-12-310000891478san:SantanderInsuranceServicesUKLimitedMembersan:ProvisionForCompensationAndAssociatedCostInRespectOfPPIPoliciesMember2025-12-310000891478san:SantanderInsuranceServicesUKLimitedMembersan:ProvisionForCompensationAndAssociatedCostInRespectOfPPIPoliciesInterestMember2025-12-310000891478san:FinancialConductAuthorityFCAReviewOfTheVehicleFinanceMarketMembercountry:GBsan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2024-12-310000891478san:FinancialConductAuthorityFCAReviewOfTheVehicleFinanceMarketMembercountry:GBsan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2025-01-012025-12-310000891478san:LegalCaseToRequestCourtJudgmentOnValidityOfSwapsMember2025-01-012025-12-310000891478san:LegalCaseToRequestCourtJudgmentOnValidityOfSwapsMember2021-09-162021-09-160000891478san:PlanosEconomicosMember2020-05-292020-05-290000891478san:BancoSantanderBrasilSAMembersan:PlanosEconomicosMember2025-12-310000891478san:BancoPopularsCompensationRequestMember2024-11-220000891478san:BancoPopularEspanolSAMember2017-12-310000891478san:TaxDividendCumExTransactionsMember2025-12-310000891478san:IndividualPlaintiffCEOFunctionsMember2021-01-012021-05-160000891478san:IndividualPlaintiffCEOFunctionsMember2021-05-172022-12-310000891478san:IndividualPlaintiffCEOFunctionsMember2021-12-092021-12-090000891478san:IndividualPlaintiffCEOFunctionsMember2022-01-132022-01-130000891478san:ShareBasedVariableRemunerationAward2018Membersan:IndividualPlaintiffCEOFunctionsMember2022-12-312022-12-310000891478san:IndividualPlaintiffCEOFunctionsMember2025-12-310000891478san:IndividualPlaintiffCEOFunctionsMember2023-02-062023-02-060000891478san:IndividualPlaintiffCEOFunctionsMember2023-07-112023-07-110000891478san:SantanderBankPolskaAndSantanderConsumerBankPolandMembersan:ConversionOfActiveLoansFromSwissFrancsToPLNLoansMember2025-12-310000891478san:SantanderBankPolskaAndSantanderConsumerBankPolandMembersan:ConversionOfActiveLoansFromSwissFrancsToPLNLoansMembersan:ActiveLoansUnderIAS37Member2025-12-310000891478san:SantanderBankPolskaAndSantanderConsumerBankPolandMembersan:ConversionOfActiveLoansFromSwissFrancsToPLNLoansMember2025-01-012025-12-310000891478san:SantanderBankPolskaAndSantanderConsumerBankPolandMembersan:ConversionOfActiveLoansFromSwissFrancsToPLNLoansMembersan:ActiveLoansUnderIAS37Member2025-01-012025-12-310000891478san:SantanderBankPolskaSAMember2025-12-310000891478san:SantanderBankPolskaSAMembersan:ConversionOfActiveLoansFromSwissFrancsToPLNLoansMember2025-12-310000891478san:SantanderConsumerBankPolskaMember2025-12-310000891478san:SantanderConsumerBankPolskaMembersan:ConversionOfActiveLoansFromSwissFrancsToPLNLoansMember2025-12-310000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMembersan:InheritanceTrustMember1994-01-011994-12-310000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMembersan:InheritanceTrustMember1999-01-011999-12-310000891478san:SpanishSupremeCourtMortgageExpensesMember2019-01-230000891478san:SpanishSupremeCourtMortgageExpensesMember2024-04-250000891478san:SpanishSupremeCourtMortgageExpensesMember2024-12-310000891478country:ES2023-01-012023-12-310000891478country:ES2025-01-012025-12-310000891478country:ES2024-01-012024-12-310000891478country:BR2025-01-012025-12-310000891478country:BR2024-01-012024-12-310000891478country:BR2023-01-012023-12-310000891478country:US2025-01-012025-12-310000891478country:US2024-01-012024-12-310000891478country:US2023-01-012023-12-310000891478country:CL2025-01-012025-12-310000891478country:CL2024-01-012024-12-310000891478country:CL2023-01-012023-12-310000891478country:PL2025-01-012025-12-310000891478country:PL2024-01-012024-12-310000891478country:PL2023-01-012023-12-310000891478san:MonetizableTaxAssetsMember2025-12-310000891478san:NonMonetizableTaxAssetsMember2025-12-310000891478san:MonetizableTaxAssetsMember2024-12-310000891478san:NonMonetizableTaxAssetsMember2024-12-310000891478san:MonetizableTaxAssetsMember2023-12-310000891478san:NonMonetizableTaxAssetsMember2023-12-310000891478san:NonMonetizableTaxAssetsMembersan:UnusedTaxLossesAndTaxCreditsMember2025-12-310000891478san:NonMonetizableTaxAssetsMembersan:UnusedTaxLossesAndTaxCreditsMember2024-12-310000891478san:NonMonetizableTaxAssetsMembersan:UnusedTaxLossesAndTaxCreditsMember2023-12-310000891478san:MonetizableTaxAssetsMemberifrs-full:TemporaryDifferenceMember2025-12-310000891478san:NonMonetizableTaxAssetsMemberifrs-full:TemporaryDifferenceMember2025-12-310000891478san:MonetizableTaxAssetsMemberifrs-full:TemporaryDifferenceMember2024-12-310000891478san:NonMonetizableTaxAssetsMemberifrs-full:TemporaryDifferenceMember2024-12-310000891478san:MonetizableTaxAssetsMemberifrs-full:TemporaryDifferenceMember2023-12-310000891478san:NonMonetizableTaxAssetsMemberifrs-full:TemporaryDifferenceMember2023-12-310000891478san:NonMonetizableTaxAssetsMembersan:NonDeductibleProvisionsMember2025-12-310000891478san:NonMonetizableTaxAssetsMembersan:NonDeductibleProvisionsMember2024-12-310000891478san:NonMonetizableTaxAssetsMembersan:NonDeductibleProvisionsMember2023-12-310000891478san:NonMonetizableTaxAssetsMembersan:ValuationOfFinancialInstrumentsMember2025-12-310000891478san:NonMonetizableTaxAssetsMembersan:ValuationOfFinancialInstrumentsMember2024-12-310000891478san:NonMonetizableTaxAssetsMembersan:ValuationOfFinancialInstrumentsMember2023-12-310000891478san:MonetizableTaxAssetsMembersan:LoanLossesMember2025-12-310000891478san:NonMonetizableTaxAssetsMembersan:LoanLossesMember2025-12-310000891478san:MonetizableTaxAssetsMembersan:LoanLossesMember2024-12-310000891478san:NonMonetizableTaxAssetsMembersan:LoanLossesMember2024-12-310000891478san:MonetizableTaxAssetsMembersan:LoanLossesMember2023-12-310000891478san:NonMonetizableTaxAssetsMembersan:LoanLossesMember2023-12-310000891478san:MonetizableTaxAssetsMembersan:PensionsMember2025-12-310000891478san:NonMonetizableTaxAssetsMembersan:PensionsMember2025-12-310000891478san:MonetizableTaxAssetsMembersan:PensionsMember2024-12-310000891478san:NonMonetizableTaxAssetsMembersan:PensionsMember2024-12-310000891478san:MonetizableTaxAssetsMembersan:PensionsMember2023-12-310000891478san:NonMonetizableTaxAssetsMembersan:PensionsMember2023-12-310000891478san:NonMonetizableTaxAssetsMembersan:ValuationOfTangibleAndIntangibleAssetsMember2025-12-310000891478san:NonMonetizableTaxAssetsMembersan:ValuationOfTangibleAndIntangibleAssetsMember2024-12-310000891478san:NonMonetizableTaxAssetsMembersan:ValuationOfTangibleAndIntangibleAssetsMember2023-12-310000891478ifrs-full:TemporaryDifferenceMember2025-12-310000891478ifrs-full:TemporaryDifferenceMember2024-12-310000891478ifrs-full:TemporaryDifferenceMember2023-12-310000891478san:ValuationOfFinancialInstrumentsMember2025-12-310000891478san:ValuationOfFinancialInstrumentsMember2024-12-310000891478san:ValuationOfFinancialInstrumentsMember2023-12-310000891478san:ValuationOfTangibleAndIntangibleAssetsMember2025-12-310000891478san:ValuationOfTangibleAndIntangibleAssetsMember2024-12-310000891478san:ValuationOfTangibleAndIntangibleAssetsMember2023-12-310000891478san:InvestmentsInGroupCompaniesMember2025-12-310000891478san:InvestmentsInGroupCompaniesMember2024-12-310000891478san:InvestmentsInGroupCompaniesMember2023-12-310000891478san:BancoPopularEspanolSAMember2017-12-310000891478san:ActuarialAssumptionOfGrowthMemberifrs-full:CountryOfDomicileMember2025-01-012025-12-310000891478ifrs-full:ActuarialAssumptionOfExpectedRatesOfInflationMemberifrs-full:CountryOfDomicileMember2025-01-012025-12-310000891478ifrs-full:CountryOfDomicileMembersan:MonetizableTaxAssetsMemberifrs-full:TemporaryDifferenceMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:NonMonetizableTaxAssetsMemberifrs-full:TemporaryDifferenceMember2025-12-310000891478san:UnusedTaxLossesAndTaxCreditsMemberifrs-full:CountryOfDomicileMember2025-12-310000891478country:BRsan:MonetizableTaxAssetsMemberifrs-full:TemporaryDifferenceMember2025-12-310000891478country:BRsan:NonMonetizableTaxAssetsMemberifrs-full:TemporaryDifferenceMember2025-12-310000891478san:UnusedTaxLossesAndTaxCreditsMembercountry:BR2025-12-310000891478country:MX2025-12-310000891478ifrs-full:TemporaryDifferenceMembercountry:MX2025-12-310000891478san:UnusedTaxLossesAndTaxCreditsMembercountry:MX2025-12-310000891478country:US2025-12-310000891478ifrs-full:TemporaryDifferenceMembercountry:US2025-12-310000891478san:UnusedTaxLossesAndTaxCreditsMembercountry:US2025-12-310000891478ifrs-full:TemporaryDifferenceMember2025-01-012025-12-310000891478san:UnusedTaxLossesAndTaxCreditsMember2024-12-310000891478san:UnusedTaxLossesAndTaxCreditsMember2025-01-012025-12-310000891478san:UnusedTaxLossesAndTaxCreditsMember2025-12-310000891478san:MonetizableTaxAssetsMemberifrs-full:TemporaryDifferenceMember2025-01-012025-12-310000891478san:UnusedTaxLossesAndTaxCreditsMember2023-12-310000891478san:UnusedTaxLossesAndTaxCreditsMember2024-01-012024-12-310000891478ifrs-full:TemporaryDifferenceMember2024-01-012024-12-310000891478san:MonetizableTaxAssetsMemberifrs-full:TemporaryDifferenceMember2024-01-012024-12-310000891478san:UnusedTaxLossesAndTaxCreditsMember2022-12-310000891478san:UnusedTaxLossesAndTaxCreditsMember2023-01-012023-12-310000891478ifrs-full:TemporaryDifferenceMember2022-12-310000891478ifrs-full:TemporaryDifferenceMember2023-01-012023-12-310000891478san:MonetizableTaxAssetsMemberifrs-full:TemporaryDifferenceMember2022-12-310000891478san:MonetizableTaxAssetsMemberifrs-full:TemporaryDifferenceMember2023-01-012023-12-310000891478san:Law382022TaxReformMember2023-01-012023-12-310000891478san:Law382022TaxReformMember2024-01-012024-12-310000891478san:DecreeLaw92024Member2025-01-012025-12-310000891478san:Law72024TaxReformMember2025-01-012025-12-310000891478san:SantanderBankPolskaSAMember2024-12-310000891478san:SantanderBankPolskaSAMember2023-12-310000891478san:GrupoPSAMember2025-12-310000891478san:GrupoPSAMember2024-12-310000891478san:GrupoPSAMember2023-12-310000891478san:BancoSantanderChileMember2025-12-310000891478san:BancoSantanderChileMember2024-12-310000891478san:BancoSantanderChileMember2023-12-310000891478san:BancoSantanderBrasilSAMember2024-12-310000891478san:BancoSantanderBrasilSAMember2023-12-310000891478san:OtherCompaniesMember2025-12-310000891478san:OtherCompaniesMember2024-12-310000891478san:OtherCompaniesMember2023-12-310000891478san:GrupoPSAMember2025-01-012025-12-310000891478san:GrupoPSAMember2024-01-012024-12-310000891478san:GrupoPSAMember2023-01-012023-12-310000891478san:BancoSantanderChileMember2025-01-012025-12-310000891478san:BancoSantanderChileMember2024-01-012024-12-310000891478san:BancoSantanderChileMember2023-01-012023-12-310000891478san:BancoSantanderBrasilSAMember2025-01-012025-12-310000891478san:BancoSantanderBrasilSAMember2024-01-012024-12-310000891478san:BancoSantanderBrasilSAMember2023-01-012023-12-310000891478san:OtherCompaniesMember2025-01-012025-12-310000891478san:OtherCompaniesMember2024-01-012024-12-310000891478san:OtherCompaniesMember2023-01-012023-12-310000891478san:FixedRateResetPerpetualATOneCapitalSecuritiesMembersan:SantanderUKPLCMember2023-12-310000891478san:FixedRateResetPerpetualATOneCapitalSecuritiesMembersan:SantanderUKPLCMember2024-12-310000891478ifrs-full:NoncontrollingInterestsMember2024-12-310000891478ifrs-full:NoncontrollingInterestsMember2023-12-310000891478ifrs-full:NoncontrollingInterestsMember2022-12-310000891478san:NonControllingInterestsOtherComprehensiveIncomeMember2025-01-012025-12-310000891478san:NonControllingInterestsOtherComprehensiveIncomeMember2024-01-012024-12-310000891478san:NonControllingInterestsOtherComprehensiveIncomeMember2023-01-012023-12-310000891478san:NonControllingInterestsOtherElementsMember2025-01-012025-12-310000891478san:NonControllingInterestsOtherElementsMember2024-01-012024-12-310000891478san:NonControllingInterestsOtherElementsMember2023-01-012023-12-310000891478ifrs-full:NoncontrollingInterestsMember2025-12-310000891478san:FixedRateResetPerpetualATOneCapitalSecuritiesMember2024-01-012024-12-310000891478san:SantanderBankPolskaSAMember2025-12-310000891478san:BancoSantanderBrasilSAMember2025-12-310000891478san:BancoSantanderChileMember2025-12-310000891478san:GrupoPSAMember2025-12-310000891478san:SantanderBankPolskaSAMember2025-01-012025-12-310000891478san:BancoSantanderBrasilSAMember2025-01-012025-12-310000891478san:BancoSantanderChileMember2025-01-012025-12-310000891478san:GrupoPSAMember2025-01-012025-12-310000891478country:BR2024-12-310000891478san:OtherRegionsMember2025-01-012025-12-310000891478san:EquityInstrumentsDomesticMemberifrs-full:CountryOfDomicileMember2025-12-310000891478san:EquityInstrumentsInternationalMembersan:EuropeExcludingSpainMember2025-12-310000891478san:EquityInstrumentsInternationalMembercountry:US2025-12-310000891478san:EquityInstrumentsInternationalMembersan:LatinAmericaAndRestOfTheWorldMember2025-12-310000891478san:ListedMember2025-12-310000891478san:UnlistedMember2025-12-310000891478san:EquityInstrumentsDomesticMemberifrs-full:CountryOfDomicileMember2024-12-310000891478san:EquityInstrumentsInternationalMembersan:EuropeExcludingSpainMember2024-12-310000891478san:EquityInstrumentsInternationalMembercountry:US2024-12-310000891478san:EquityInstrumentsInternationalMembersan:LatinAmericaAndRestOfTheWorldMember2024-12-310000891478san:ListedMember2024-12-310000891478san:UnlistedMember2024-12-310000891478san:EquityInstrumentsDomesticMemberifrs-full:CountryOfDomicileMember2023-12-310000891478san:EquityInstrumentsInternationalMembersan:EuropeExcludingSpainMember2023-12-310000891478san:EquityInstrumentsInternationalMembercountry:US2023-12-310000891478san:EquityInstrumentsInternationalMembersan:LatinAmericaAndRestOfTheWorldMember2023-12-310000891478san:ListedMember2023-12-310000891478san:UnlistedMember2023-12-310000891478ifrs-full:GoodwillMember2025-01-012025-12-310000891478ifrs-full:GoodwillMember2024-01-012024-12-310000891478ifrs-full:GoodwillMember2023-01-012023-12-310000891478san:GrupoSantanderMembercurrency:BRL2024-12-310000891478san:GrupoSantanderMembercurrency:BRL2025-12-310000891478san:GrupoSantanderMembercurrency:BRL2025-01-012025-12-310000891478san:GrupoSantanderMembercurrency:GBP2024-12-310000891478san:GrupoSantanderMembercurrency:GBP2025-12-310000891478san:GrupoSantanderMembercurrency:GBP2025-01-012025-12-310000891478san:GrupoSantanderMembercurrency:MXN2024-12-310000891478san:GrupoSantanderMembercurrency:MXN2025-12-310000891478san:GrupoSantanderMembercurrency:MXN2025-01-012025-12-310000891478san:GrupoSantanderMembercurrency:ARS2024-12-310000891478san:GrupoSantanderMembercurrency:ARS2025-12-310000891478san:GrupoSantanderMembercurrency:ARS2025-01-012025-12-310000891478san:GrupoSantanderMembercurrency:CLP2024-12-310000891478san:GrupoSantanderMembercurrency:CLP2025-12-310000891478san:GrupoSantanderMembercurrency:CLP2025-01-012025-12-310000891478san:GrupoSantanderMembercurrency:USD2024-12-310000891478san:GrupoSantanderMembercurrency:USD2025-12-310000891478san:GrupoSantanderMembercurrency:USD2025-01-012025-12-310000891478san:GrupoSantanderMembercurrency:PLN2024-12-310000891478san:GrupoSantanderMembercurrency:PLN2025-12-310000891478san:GrupoSantanderMembercurrency:PLN2025-01-012025-12-310000891478san:GrupoSantanderMembersan:OtherCurrenciesMember2024-12-310000891478san:GrupoSantanderMembersan:OtherCurrenciesMember2025-12-310000891478san:GrupoSantanderMembersan:OtherCurrenciesMember2025-01-012025-12-310000891478san:GrupoSantanderMember2024-12-310000891478san:GrupoSantanderMember2025-12-310000891478san:GrupoSantanderMember2025-01-012025-12-310000891478san:GrupoSantanderMembercurrency:BRL2023-12-310000891478san:GrupoSantanderMembercurrency:BRL2024-01-012024-12-310000891478san:GrupoSantanderMembercurrency:GBP2023-12-310000891478san:GrupoSantanderMembercurrency:GBP2024-01-012024-12-310000891478san:GrupoSantanderMembercurrency:MXN2023-12-310000891478san:GrupoSantanderMembercurrency:MXN2024-01-012024-12-310000891478san:GrupoSantanderMembercurrency:ARS2023-12-310000891478san:GrupoSantanderMembercurrency:ARS2024-01-012024-12-310000891478san:GrupoSantanderMembercurrency:CLP2023-12-310000891478san:GrupoSantanderMembercurrency:CLP2024-01-012024-12-310000891478san:GrupoSantanderMembercurrency:USD2023-12-310000891478san:GrupoSantanderMembercurrency:USD2024-01-012024-12-310000891478san:GrupoSantanderMembercurrency:PLN2023-12-310000891478san:GrupoSantanderMembercurrency:PLN2024-01-012024-12-310000891478san:GrupoSantanderMembersan:OtherCurrenciesMember2023-12-310000891478san:GrupoSantanderMembersan:OtherCurrenciesMember2024-01-012024-12-310000891478san:GrupoSantanderMember2023-12-310000891478san:GrupoSantanderMember2024-01-012024-12-310000891478san:GrupoSantanderMembercurrency:BRL2022-12-310000891478san:GrupoSantanderMembercurrency:BRL2023-01-012023-12-310000891478san:GrupoSantanderMembercurrency:GBP2022-12-310000891478san:GrupoSantanderMembercurrency:GBP2023-01-012023-12-310000891478san:GrupoSantanderMembercurrency:MXN2022-12-310000891478san:GrupoSantanderMembercurrency:MXN2023-01-012023-12-310000891478san:GrupoSantanderMembercurrency:ARS2022-12-310000891478san:GrupoSantanderMembercurrency:ARS2023-01-012023-12-310000891478san:GrupoSantanderMembercurrency:CLP2022-12-310000891478san:GrupoSantanderMembercurrency:CLP2023-01-012023-12-310000891478san:GrupoSantanderMembercurrency:USD2022-12-310000891478san:GrupoSantanderMembercurrency:USD2023-01-012023-12-310000891478san:GrupoSantanderMembercurrency:PLN2022-12-310000891478san:GrupoSantanderMembercurrency:PLN2023-01-012023-12-310000891478san:GrupoSantanderMembersan:OtherCurrenciesMember2022-12-310000891478san:GrupoSantanderMembersan:OtherCurrenciesMember2023-01-012023-12-310000891478san:GrupoSantanderMember2022-12-310000891478san:GrupoSantanderMember2023-01-012023-12-310000891478san:DebtInstrumentsIssuedByPublicSectorMemberifrs-full:CountryOfDomicileMember2025-12-310000891478san:DebtInstrumentsIssuedByPublicSectorMembersan:EuropeExcludingSpainMember2025-12-310000891478san:DebtInstrumentsIssuedByPublicSectorMembersan:AmericaAndRestOfTheWorldMember2025-12-310000891478san:DebtInstrumentsIssuedByPrivateSectorMemberifrs-full:CountryOfDomicileMember2025-12-310000891478san:DebtInstrumentsIssuedByPrivateSectorMembersan:EuropeExcludingSpainMember2025-12-310000891478san:DebtInstrumentsIssuedByPrivateSectorMembersan:AmericaAndRestOfTheWorldMember2025-12-310000891478san:DebtSecuritiesAndLoanAndAdvancesMember2025-12-310000891478san:DebtInstrumentsIssuedByPublicSectorMemberifrs-full:CountryOfDomicileMember2024-12-310000891478san:DebtInstrumentsIssuedByPublicSectorMembersan:EuropeExcludingSpainMember2024-12-310000891478san:DebtInstrumentsIssuedByPublicSectorMembersan:AmericaAndRestOfTheWorldMember2024-12-310000891478san:DebtInstrumentsIssuedByPrivateSectorMemberifrs-full:CountryOfDomicileMember2024-12-310000891478san:DebtInstrumentsIssuedByPrivateSectorMembersan:EuropeExcludingSpainMember2024-12-310000891478san:DebtInstrumentsIssuedByPrivateSectorMembersan:AmericaAndRestOfTheWorldMember2024-12-310000891478san:DebtSecuritiesAndLoanAndAdvancesMember2024-12-310000891478san:DebtInstrumentsIssuedByPublicSectorMemberifrs-full:CountryOfDomicileMember2023-12-310000891478san:DebtInstrumentsIssuedByPublicSectorMembersan:EuropeExcludingSpainMember2023-12-310000891478san:DebtInstrumentsIssuedByPublicSectorMembersan:AmericaAndRestOfTheWorldMember2023-12-310000891478san:DebtInstrumentsIssuedByPrivateSectorMemberifrs-full:CountryOfDomicileMember2023-12-310000891478san:DebtInstrumentsIssuedByPrivateSectorMembersan:EuropeExcludingSpainMember2023-12-310000891478san:DebtInstrumentsIssuedByPrivateSectorMembersan:AmericaAndRestOfTheWorldMember2023-12-310000891478san:DebtSecuritiesAndLoanAndAdvancesMember2023-12-310000891478ifrs-full:InvestmentsAccountedForUsingEquityMethodMember2025-12-310000891478ifrs-full:InvestmentsAccountedForUsingEquityMethodMember2024-12-310000891478ifrs-full:InvestmentsAccountedForUsingEquityMethodMember2023-12-310000891478ifrs-full:InvestmentsAccountedForUsingEquityMethodMember2025-01-012025-12-310000891478ifrs-full:InvestmentsAccountedForUsingEquityMethodMember2024-01-012024-12-310000891478ifrs-full:InvestmentsAccountedForUsingEquityMethodMember2023-01-012023-12-310000891478ifrs-full:TreasurySharesMember2023-03-212023-03-210000891478ifrs-full:TreasurySharesMember2023-06-302023-06-300000891478san:A2023ProgramMember2023-01-012023-12-310000891478ifrs-full:TreasurySharesMember2024-02-052024-02-050000891478ifrs-full:TreasurySharesMember2024-07-012024-07-010000891478ifrs-full:TreasurySharesMember2024-12-202024-12-200000891478ifrs-full:TreasurySharesMember2025-06-032025-06-030000891478ifrs-full:TreasurySharesMember2025-12-232025-12-230000891478san:StateStreetBankMember2025-12-310000891478san:ChaseNomineesLtdMember2025-12-310000891478san:BankOfNewYorkMellonCorporationMember2025-12-310000891478san:CitibankMember2025-12-310000891478san:BNPParibasMember2025-12-310000891478san:CaceisBankMember2025-12-310000891478san:TheNorthernTrustMember2025-12-310000891478san:SantanderUKGroupMember2025-12-310000891478san:SantanderUKGroupMember2024-12-310000891478san:SantanderUKGroupMember2023-12-310000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMember2025-12-310000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMember2024-12-310000891478san:BancoSantanderMexicoSAInstitucionDeBancaMultipleGrupoFinancieroSantanderMexicoMember2023-12-310000891478san:SantanderConsumerFinanceGroupMember2025-12-310000891478san:SantanderConsumerFinanceGroupMember2024-12-310000891478san:SantanderConsumerFinanceGroupMember2023-12-310000891478san:BancoSantanderArgentinaSAMember2025-12-310000891478san:BancoSantanderArgentinaSAMember2024-12-310000891478san:BancoSantanderArgentinaSAMember2023-12-310000891478san:BancoSantanderTottaSAMember2025-12-310000891478san:BancoSantanderTottaSAMember2024-12-310000891478san:BancoSantanderTottaSAMember2023-12-310000891478san:SantanderHoldingsUSAIncMember2025-12-310000891478san:SantanderHoldingsUSAIncMember2024-12-310000891478san:SantanderHoldingsUSAIncMember2023-12-310000891478san:SantanderInvestmentSAMember2025-12-310000891478san:SantanderInvestmentSAMember2024-12-310000891478san:SantanderInvestmentSAMember2023-12-310000891478san:SantanderSegurosYReasegurosCompaniaAseguradoraSAMember2025-12-310000891478san:SantanderSegurosYReasegurosCompaniaAseguradoraSAMember2024-12-310000891478san:SantanderSegurosYReasegurosCompaniaAseguradoraSAMember2023-12-310000891478san:BancoSantanderInternationalSAMember2025-12-310000891478san:BancoSantanderInternationalSAMember2024-12-310000891478san:BancoSantanderInternationalSAMember2023-12-310000891478san:OtherCompaniesExchangeDifferencesAndConsolidationAdjustmentsMember2025-12-310000891478san:OtherCompaniesExchangeDifferencesAndConsolidationAdjustmentsMember2024-12-310000891478san:OtherCompaniesExchangeDifferencesAndConsolidationAdjustmentsMember2023-12-3100008914782017-09-080000891478san:A2023ProgramSecondMember2024-01-012024-12-310000891478san:A2024ProgramMember2024-01-012024-12-310000891478san:A2024ProgramSecondMember2025-01-012025-12-310000891478san:A2025ProgramMember2025-01-012025-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478san:BankSuretiesGrantedMember2025-12-310000891478san:BankSuretiesGrantedMember2024-12-310000891478san:BankSuretiesGrantedMember2023-12-310000891478san:SoldCreditDerivativesMember2025-12-310000891478san:SoldCreditDerivativesMember2024-12-310000891478san:SoldCreditDerivativesMember2023-12-310000891478san:OtherCommitmentsMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478san:OtherCommitmentsMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478san:OtherCommitmentsMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478san:OtherGrantedGuaranteesMember2025-12-310000891478san:OtherGrantedGuaranteesMember2024-12-310000891478san:OtherGrantedGuaranteesMember2023-12-310000891478san:OtherContingentCommitmentsMember2025-12-310000891478san:OtherContingentCommitmentsMember2024-12-310000891478san:OtherContingentCommitmentsMember2023-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CommitmentsAndGuaranteesGivenProvisionMember2025-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CommitmentsAndGuaranteesGivenProvisionMember2024-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CommitmentsAndGuaranteesGivenProvisionMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CommitmentsAndGuaranteesGivenProvisionMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CommitmentsAndGuaranteesGivenProvisionMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CommitmentsAndGuaranteesGivenProvisionMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:CommitmentsAndGuaranteesGivenProvisionMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:CommitmentsAndGuaranteesGivenProvisionMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:CommitmentsAndGuaranteesGivenProvisionMember2023-12-310000891478ifrs-full:InvestmentFundsMember2025-12-310000891478ifrs-full:InvestmentFundsMember2024-12-310000891478ifrs-full:InvestmentFundsMember2023-12-310000891478san:PensionFundsMember2025-12-310000891478san:PensionFundsMember2024-12-310000891478san:PensionFundsMember2023-12-310000891478san:AssetsUnderManagementMember2025-12-310000891478san:AssetsUnderManagementMember2024-12-310000891478san:AssetsUnderManagementMember2023-12-310000891478ifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478san:CapsFloorsMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:CapsFloorsMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478san:BaseRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:BaseRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:BaseRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:BaseRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478san:InflationRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InflationRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478ifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:CapsFloorsMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:CapsFloorsMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:InflationRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:InflationRiskMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478ifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478ifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-01-012025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-01-012025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-01-012025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-01-012025-12-310000891478ifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478san:BaseRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:BaseRiskMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:BaseRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:BaseRiskMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478san:MarketValueOfEquityMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:MarketValueOfEquityMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478san:EquitySwapContractMembersan:MarketValueOfEquityMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:EquitySwapContractMembersan:MarketValueOfEquityMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478ifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:InflationRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InflationRiskMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:EquitySwapContractMembersan:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:EquitySwapContractMembersan:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478ifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478ifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-01-012024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-01-012024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-01-012024-12-310000891478ifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478ifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:InflationRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:InflationRiskMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InflationRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InflationRiskMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478ifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-01-012023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-01-012023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-01-012023-12-310000891478ifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:BaseRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:BaseRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:BaseRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:BaseRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:BaseRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:BaseRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:BaseRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:BaseRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:BaseRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:BaseRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InflationRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InflationRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InflationRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InflationRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InflationRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:CapsFloorsMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:CapsFloorsMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:CapsFloorsMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:CapsFloorsMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:CapsFloorsMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:MarketValueOfEquityMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478ifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478ifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478san:ForeignExchangeSwapMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478ifrs-full:NotLaterThanOneMonthMember2025-12-310000891478ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478ifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:BaseRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:BaseRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:BaseRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:BaseRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:BaseRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:BaseRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:BaseRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:BaseRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:BaseRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:BaseRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:MarketValueOfEquityMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:EquitySwapContractMembersan:MarketValueOfEquityMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:EquitySwapContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:EquitySwapContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:EquitySwapContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:EquitySwapContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InflationRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InflationRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InflationRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InflationRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InflationRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:InflationSwapContractMembersan:InflationRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:MarketValueOfEquityMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2024-12-310000891478ifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478ifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478ifrs-full:NotLaterThanOneMonthMember2024-12-310000891478ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478ifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:FuturesContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:FuturesContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:InterestRateSwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:InflationRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:InflationRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:InflationRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:InflationRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:InflationRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InflationRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InflationRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InflationRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InflationRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:CurrencySwapContractMembersan:InflationRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:MarketValueOfEquityMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:MarketValueOfEquityMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:OptionContractMembersan:MarketValueOfEquityMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478ifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478ifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478san:ForeignExchangeForwardContractMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478ifrs-full:NotLaterThanOneMonthMember2023-12-310000891478ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:NotLaterThanOneMonthMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:NotLaterThanOneMonthMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:NotLaterThanOneMonthMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:NotLaterThanOneMonthMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:NotLaterThanOneMonthMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:NotLaterThanOneMonthMember2025-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:NotLaterThanOneMonthMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:NotLaterThanOneMonthMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanFiveYearsMember2025-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:NotLaterThanOneMonthMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:NotLaterThanOneMonthMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:NotLaterThanOneMonthMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:NotLaterThanOneMonthMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:NotLaterThanOneMonthMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:NotLaterThanOneMonthMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:NotLaterThanOneMonthMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:NotLaterThanOneMonthMember2024-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMembersan:InflationRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanFiveYearsMember2024-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:NotLaterThanOneMonthMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanFiveYearsMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:NotLaterThanOneMonthMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanFiveYearsMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:NotLaterThanOneMonthMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanFiveYearsMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:NotLaterThanOneMonthMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanFiveYearsMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:NotLaterThanOneMonthMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanFiveYearsMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:NotLaterThanOneMonthMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanFiveYearsMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:SantanderUKGroupMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:MarketValueOfEquityMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:NotLaterThanOneMonthMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478san:SantanderUKGroupMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:GBPifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CHFifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CHFifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CHFifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CHFifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CHFifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CZKifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CZKifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CZKifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CZKifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CZKifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NOKifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NOKifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NOKifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NOKifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NOKifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:AUDifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:AUDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:AUDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:AUDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:AUDifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:RONifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:RONifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:RONifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:RONifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:RONifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:HKDifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:HKDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:HKDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:HKDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:HKDifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NZDifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NZDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NZDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NZDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NZDifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:AustraliaDollarAndEuroMemberifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:AustraliaDollarAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:AustraliaDollarAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:AustraliaDollarAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:AustraliaDollarAndEuroMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:CzechRepublicKorunyAndEuroMemberifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:CzechRepublicKorunyAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:CzechRepublicKorunyAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:CzechRepublicKorunyAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:CzechRepublicKorunyAndEuroMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:RomaniaNewLeiAndEuroMemberifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:RomaniaNewLeiAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:RomaniaNewLeiAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:RomaniaNewLeiAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:RomaniaNewLeiAndEuroMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:HongKongDollarsAndEuroMemberifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:HongKongDollarsAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:HongKongDollarsAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:HongKongDollarsAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:HongKongDollarsAndEuroMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:JapanYenAndEuroMemberifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:JapanYenAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:JapanYenAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:JapanYenAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:JapanYenAndEuroMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:NorwayKroneAndEuroMemberifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:NorwayKroneAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:NorwayKroneAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:NorwayKroneAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:NorwayKroneAndEuroMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndChilePesoMemberifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndChilePesoMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndChilePesoMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndChilePesoMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndChilePesoMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndColombiaPesoMemberifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndColombiaPesoMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndColombiaPesoMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndColombiaPesoMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndColombiaPesoMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndMexicanPesoMemberifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndMexicanPesoMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndMexicanPesoMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndMexicanPesoMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndMexicanPesoMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMembersan:BasisRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:BasisRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:BasisRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:BasisRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:BasisRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:BasisRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:AustralianDollarAndEuroMemberifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:AustralianDollarAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:AustralianDollarAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:AustralianDollarAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:AustralianDollarAndEuroMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:EURifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:EURifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:EURifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:EURifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:EURifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:AUDifrs-full:NotLaterThanOneMonthMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:AUDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:AUDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:AUDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:AUDifrs-full:LaterThanFiveYearsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-01-012025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-01-012025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-01-012025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-01-012025-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-01-012025-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CZKifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CZKifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CZKifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CZKifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CZKifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NOKifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NOKifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NOKifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NOKifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NOKifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:AUDifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:AUDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:AUDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:AUDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:AUDifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:RONifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:RONifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:RONifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:RONifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:RONifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:HKDifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:HKDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:HKDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:HKDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:HKDifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NZDifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NZDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NZDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NZDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:NZDifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:AustraliaDollarAndEuroMemberifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:AustraliaDollarAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:AustraliaDollarAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:AustraliaDollarAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:AustraliaDollarAndEuroMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:CzechRepublicKorunyAndEuroMemberifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:CzechRepublicKorunyAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:CzechRepublicKorunyAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:CzechRepublicKorunyAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:CzechRepublicKorunyAndEuroMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:RomaniaNewLeiAndEuroMemberifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:RomaniaNewLeiAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:RomaniaNewLeiAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:RomaniaNewLeiAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:RomaniaNewLeiAndEuroMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:HongKongDollarsAndEuroMemberifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:HongKongDollarsAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:HongKongDollarsAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:HongKongDollarsAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:HongKongDollarsAndEuroMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:JapanYenAndEuroMemberifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:JapanYenAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:JapanYenAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:JapanYenAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:JapanYenAndEuroMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:NorwayKroneAndEuroMemberifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:NorwayKroneAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:NorwayKroneAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:NorwayKroneAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:NorwayKroneAndEuroMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndColombiaPesoMemberifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndColombiaPesoMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndColombiaPesoMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndColombiaPesoMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndColombiaPesoMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:EuroAndPoundSterlingMemberifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:EuroAndPoundSterlingMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:EuroAndPoundSterlingMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:EuroAndPoundSterlingMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:EuroAndPoundSterlingMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndMexicanPesoMemberifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndMexicanPesoMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndMexicanPesoMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndMexicanPesoMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndMexicanPesoMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMembersan:BasisRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:BasisRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:BasisRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:BasisRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:BasisRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:BasisRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:AustralianDollarAndEuroMemberifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:AustralianDollarAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:AustralianDollarAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:AustralianDollarAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:AustralianDollarAndEuroMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:EURifrs-full:NotLaterThanOneMonthMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:EURifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:EURifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:EURifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:EURifrs-full:LaterThanFiveYearsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-01-012024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-01-012024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-01-012024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-01-012024-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-01-012024-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:GBPifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:EURifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CHFifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CHFifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CHFifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CHFifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:CHFifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMembercurrency:USDifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:AustraliaDollarAndEuroMemberifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:AustraliaDollarAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:AustraliaDollarAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:AustraliaDollarAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:AustraliaDollarAndEuroMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:CzechRepublicKorunyAndEuroMemberifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:CzechRepublicKorunyAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:CzechRepublicKorunyAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:CzechRepublicKorunyAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:CzechRepublicKorunyAndEuroMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:RomaniaNewLeiAndEuroMemberifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:RomaniaNewLeiAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:RomaniaNewLeiAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:RomaniaNewLeiAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:RomaniaNewLeiAndEuroMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:HongKongDollarsAndEuroMemberifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:HongKongDollarsAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:HongKongDollarsAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:HongKongDollarsAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:HongKongDollarsAndEuroMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:JapanYenAndEuroMemberifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:JapanYenAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:JapanYenAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:JapanYenAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:JapanYenAndEuroMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:NorwayKroneAndEuroMemberifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:NorwayKroneAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:NorwayKroneAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:NorwayKroneAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:NorwayKroneAndEuroMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndMexicanPesoMemberifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndMexicanPesoMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndMexicanPesoMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndMexicanPesoMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndMexicanPesoMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndColombiaPesoMemberifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndColombiaPesoMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndColombiaPesoMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndColombiaPesoMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndColombiaPesoMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:EuroAndUnitedStatesDollarMemberifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:EuroAndUnitedStatesDollarMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:EuroAndUnitedStatesDollarMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:EuroAndUnitedStatesDollarMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:EuroAndUnitedStatesDollarMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndChilePesoMemberifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndChilePesoMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndChilePesoMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndChilePesoMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:FairValueHedgesMembersan:UnitedStatesDollarAndChilePesoMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:SwitzerlandFrancsAndEuroMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:AustralianDollarAndEuroMemberifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:AustralianDollarAndEuroMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:AustralianDollarAndEuroMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:AustralianDollarAndEuroMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:CashFlowHedgesMembersan:AustralianDollarAndEuroMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMembersan:InterestRateAndExchangeRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:EURifrs-full:NotLaterThanOneMonthMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:EURifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:EURifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:EURifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:InterestRateRiskMemberifrs-full:CashFlowHedgesMembercurrency:EURifrs-full:LaterThanFiveYearsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:CashFlowHedgesMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:NotLaterThanOneMonthMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-01-012023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-01-012023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-01-012023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-01-012023-12-310000891478srt:ParentCompanyMemberifrs-full:CurrencyRiskMemberifrs-full:LaterThanFiveYearsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-01-012023-12-310000891478ifrs-full:CreditRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:CreditRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478ifrs-full:EquityPriceRiskMemberifrs-full:FairValueHedgesMember2025-12-310000891478ifrs-full:EquityPriceRiskMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478san:OtherRisksMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:OtherRisksMemberifrs-full:CashFlowHedgesMember2025-12-310000891478san:InflationRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478san:InflationRiskMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478ifrs-full:CreditRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:CreditRiskMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478ifrs-full:EquityPriceRiskMemberifrs-full:FairValueHedgesMember2024-12-310000891478ifrs-full:EquityPriceRiskMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478san:InflationRiskMemberifrs-full:FairValueHedgesMember2023-12-310000891478san:InflationRiskMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478ifrs-full:CreditRiskMemberifrs-full:FairValueHedgesMember2023-12-310000891478ifrs-full:CreditRiskMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478san:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478ifrs-full:InterestRateRiskMembersan:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478ifrs-full:CurrencyRiskMembersan:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:InterestRateAndExchangeRateRiskMembersan:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:InflationRiskMembersan:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:MarketValueOfEquityMembersan:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:DesignatedItemsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-01-012025-12-310000891478ifrs-full:CurrencyRiskMembersan:DesignatedItemsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-01-012025-12-310000891478san:DesignatedItemsMember2025-01-012025-12-310000891478san:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478ifrs-full:InterestRateRiskMembersan:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478ifrs-full:CurrencyRiskMembersan:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:InterestRateAndExchangeRateRiskMembersan:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:InflationRiskMembersan:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:MarketValueOfEquityMembersan:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:DesignatedItemsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-01-012024-12-310000891478ifrs-full:CurrencyRiskMembersan:DesignatedItemsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-01-012024-12-310000891478san:DesignatedItemsMember2024-01-012024-12-310000891478san:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:InterestRateRiskMembersan:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:CurrencyRiskMembersan:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:InterestRateAndExchangeRateRiskMembersan:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:InflationRiskMembersan:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:MarketValueOfEquityMembersan:DesignatedItemsMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:DesignatedItemsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-01-012023-12-310000891478ifrs-full:CurrencyRiskMembersan:DesignatedItemsMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-01-012023-12-310000891478san:DesignatedItemsMember2023-01-012023-12-310000891478ifrs-full:InterestRateRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478ifrs-full:InterestRateRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478ifrs-full:InterestRateRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:InterestRateRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478ifrs-full:InterestRateRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478ifrs-full:InterestRateRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:InterestRateAndExchangeRateRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:InterestRateAndExchangeRateRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:InterestRateAndExchangeRateRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:InterestRateAndExchangeRateRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:InterestRateAndExchangeRateRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:InterestRateAndExchangeRateRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:MarketValueOfEquityMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:MarketValueOfEquityMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:MarketValueOfEquityMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478san:MarketValueOfEquityMembersan:NotDesignatedItemsByTransactionMemberifrs-full:CashFlowHedgesMember2025-01-012025-12-310000891478san:MarketValueOfEquityMembersan:NotDesignatedItemsByTransactionMemberifrs-full:CashFlowHedgesMember2024-01-012024-12-310000891478san:MarketValueOfEquityMembersan:NotDesignatedItemsByTransactionMemberifrs-full:CashFlowHedgesMember2023-01-012023-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-01-012025-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-01-012024-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-01-012023-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2025-01-012025-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2024-01-012024-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2023-01-012023-12-310000891478ifrs-full:InterestRateRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478ifrs-full:InterestRateRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478ifrs-full:InterestRateRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478ifrs-full:InterestRateRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478ifrs-full:InterestRateRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478ifrs-full:InterestRateRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478ifrs-full:CurrencyRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478san:InterestRateAndExchangeRateRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478san:InterestRateAndExchangeRateRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478san:InterestRateAndExchangeRateRiskMembersan:NotDesignatedItemsByTimePeriodMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478san:InterestRateAndExchangeRateRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:FairValueHedgesMember2025-01-012025-12-310000891478san:InterestRateAndExchangeRateRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:FairValueHedgesMember2024-01-012024-12-310000891478san:InterestRateAndExchangeRateRiskMembersan:NotDesignatedItemsByTransactionMemberifrs-full:FairValueHedgesMember2023-01-012023-12-310000891478san:SantanderBankPolskaSAMemberifrs-full:DiscontinuedOperationsMembersan:RenegotiationAndContractualModificationsMember2025-01-012025-12-310000891478san:SantanderBankPolskaSAMemberifrs-full:DiscontinuedOperationsMembersan:RenegotiationAndContractualModificationsMember2024-01-012024-12-310000891478san:SantanderBankPolskaSAMemberifrs-full:DiscontinuedOperationsMembersan:RenegotiationAndContractualModificationsMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember2023-01-012023-12-310000891478ifrs-full:DebtSecuritiesMember2025-01-012025-12-310000891478ifrs-full:DebtSecuritiesMember2024-01-012024-12-310000891478ifrs-full:DebtSecuritiesMember2023-01-012023-12-310000891478san:LoansAndAdvancesCreditInstitutionsAndCustomersMember2025-12-310000891478san:SpanishAndForeignGovernmentSecuritiesMember2025-12-310000891478san:DepositMember2025-01-012025-12-310000891478srt:ParentCompanyMember2025-01-012025-12-310000891478srt:ParentCompanyMember2024-01-012024-12-310000891478srt:ParentCompanyMember2023-01-012023-12-310000891478san:ExecutiveDirectorsAndSeniorManagementMember2025-01-012025-12-310000891478san:ExecutiveDirectorsAndSeniorManagementMember2024-01-012024-12-310000891478san:ExecutiveDirectorsAndSeniorManagementMember2023-01-012023-12-310000891478san:SeniorExecutivesMembersrt:EuropeMember2025-12-310000891478san:SeniorExecutivesMembersrt:EuropeMember2025-01-012025-12-310000891478san:OtherExecutivePersonnelMembersrt:EuropeMember2025-12-310000891478san:OtherExecutivePersonnelMembersrt:EuropeMember2025-01-012025-12-310000891478san:OtherEmployeesMembersrt:EuropeMember2025-12-310000891478san:OtherEmployeesMembersrt:EuropeMember2025-01-012025-12-310000891478san:SeniorExecutivesMembersrt:NorthAmericaMember2025-12-310000891478san:SeniorExecutivesMembersrt:NorthAmericaMember2025-01-012025-12-310000891478san:OtherExecutivePersonnelMembersrt:NorthAmericaMember2025-12-310000891478san:OtherExecutivePersonnelMembersrt:NorthAmericaMember2025-01-012025-12-310000891478san:OtherEmployeesMembersrt:NorthAmericaMember2025-12-310000891478san:OtherEmployeesMembersrt:NorthAmericaMember2025-01-012025-12-310000891478san:SeniorExecutivesMembersrt:SouthAmericaMember2025-12-310000891478san:SeniorExecutivesMembersrt:SouthAmericaMember2025-01-012025-12-310000891478san:OtherExecutivePersonnelMembersrt:SouthAmericaMember2025-12-310000891478san:OtherExecutivePersonnelMembersrt:SouthAmericaMember2025-01-012025-12-310000891478san:OtherEmployeesMembersrt:SouthAmericaMember2025-12-310000891478san:OtherEmployeesMembersrt:SouthAmericaMember2025-01-012025-12-310000891478san:SeniorExecutivesMember2025-12-310000891478san:SeniorExecutivesMember2025-01-012025-12-310000891478san:OtherExecutivePersonnelMember2025-12-310000891478san:OtherExecutivePersonnelMember2025-01-012025-12-310000891478san:OtherEmployeesMember2025-12-310000891478san:OtherEmployeesMember2025-01-012025-12-310000891478srt:ParentCompanyMember2025-01-012025-12-310000891478srt:ParentCompanyMember2024-01-012024-12-310000891478srt:ParentCompanyMember2023-01-012023-12-310000891478san:DeferredConditionalVariableRemunerationPlanSixthCycle2016Member2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanFifthSeventhEighthNinthTenthAndEleventhCycles20152017201820192020And2021Memberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanFifthSeventhEighthNinthTenthAndEleventhCycles20152017201820192020And2021Memberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanTwelfthCycle2022Memberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanTwelfthCycle2022Memberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanFifthCycle2015Membersan:ExecutiveDirectorsAndMembersOfIdentifiedStaffWithTotalVariableRemunerationSpecifiedAmountMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanFourthAndFifthCycles2014And2015Membersan:ExecutiveDirectorsAndMembersOfIdentifiedStaffWithTotalVariableRemunerationSpecifiedAmountMember2025-01-012025-12-310000891478san:DivisionManagersCountryHeadsOtherExecutivesAndIdentifiedStaffWithTotalVariableRemunerationSpecifiedAmountMembersan:DeferredConditionalVariableRemunerationPlanFourthAndFifthCycles2014And2015Memberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:DivisionManagersCountryHeadsOtherExecutivesAndIdentifiedStaffWithTotalVariableRemunerationSpecifiedAmountMembersan:DeferredConditionalVariableRemunerationPlanFourthCycle2014Memberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:DivisionManagersCountryHeadsOtherExecutivesAndIdentifiedStaffWithTotalVariableRemunerationSpecifiedAmountMembersan:DeferredConditionalVariableRemunerationPlanFifthCycle2015Memberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanFourthAndFifthCycles2014And2015Membersan:DivisionManagersCountryHeadsOtherExecutivesAndIdentifiedStaffWithTotalVariableRemunerationSpecifiedAmountMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanFifthCycle2015Membersan:DivisionManagersCountryHeadsOtherExecutivesAndIdentifiedStaffWithTotalVariableRemunerationSpecifiedAmountMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanFourthAndFifthCycles2014And2015Membersan:OtherBeneficiariesMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanSeventhEighthNinthTenthAndEleventhCycles2017201820192020And2021Membersan:BeneficiariesWithTargetTotalVariableRemunerationHigherOrEqualTo27MillionEurosMember2025-01-012025-12-310000891478san:BeneficiariesWithTargetTotalVariableRemunerationBetween17And27MillionEurosMembersan:DeferredConditionalVariableRemunerationPlanSeventhEighthNinthTenthAndEleventhCycles2017201820192020And2021Memberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:BeneficiariesWithTargetTotalVariableRemunerationBetween17And27MillionEurosMembersan:DeferredConditionalVariableRemunerationPlanSeventhEighthNinthTenthAndEleventhCycles2017201820192020And2021Memberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanSeventhEighthNinthTenthAndEleventhCycles2017201820192020And2021Membersan:BeneficiariesWithTargetTotalVariableRemunerationBetween17And27MillionEurosMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanSeventhEighthNinthTenthAndEleventhCycles2017201820192020And2021Membersan:OtherBeneficiariesMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanThirteenthCycle2023Membersan:BeneficiariesWithTargetTotalVariableRemunerationHigherOrEqualTo27MillionEurosMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanFourteenthCycle2024Membersan:BeneficiariesWithTargetTotalVariableRemunerationHigherOrEqualTo27MillionEurosMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanTwelfthCycle2022Membersan:BeneficiariesWithTargetTotalVariableRemunerationHigherOrEqualTo27MillionEurosMember2025-01-012025-12-310000891478san:BeneficiariesWithTargetTotalVariableRemunerationBetween17And27MillionEurosMembersan:DeferredConditionalVariableRemunerationPlanTwelfthCycle2022Memberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:BeneficiariesWithTargetTotalVariableRemunerationBetween17And27MillionEurosMembersan:DeferredConditionalVariableRemunerationPlanThirteenthCycle2023Memberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:BeneficiariesWithTargetTotalVariableRemunerationBetween17And27MillionEurosMembersan:DeferredConditionalVariableRemunerationPlanFourteenthCycle2024Memberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:BeneficiariesWithTargetTotalVariableRemunerationBetween17And27MillionEurosMembersan:DeferredConditionalVariableRemunerationPlanFourteenthCycle2024Memberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:BeneficiariesWithTargetTotalVariableRemunerationBetween17And27MillionEurosMembersan:DeferredConditionalVariableRemunerationPlanTwelfthCycle2022Memberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:BeneficiariesWithTargetTotalVariableRemunerationBetween17And27MillionEurosMembersan:DeferredConditionalVariableRemunerationPlanThirteenthCycle2023Memberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanTwelfthCycle2022Membersan:BeneficiariesWithTargetTotalVariableRemunerationBetween17And27MillionEurosMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanThirteenthCycle2023Membersan:BeneficiariesWithTargetTotalVariableRemunerationBetween17And27MillionEurosMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanFourteenthCycle2024Membersan:BeneficiariesWithTargetTotalVariableRemunerationBetween17And27MillionEurosMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanFourteenthCycle2024Membersan:OtherBeneficiariesMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanThirteenthCycle2023Membersan:OtherBeneficiariesMember2025-01-012025-12-310000891478san:DeferredConditionalVariableRemunerationPlanTwelfthCycle2022Membersan:OtherBeneficiariesMember2025-01-012025-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMemberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesMemberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanSeventhCycleMemberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanSeventhCycleMemberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesThreeYearPlanMemberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesFourYearPlanMember2025-01-012025-12-310000891478san:DeferredVariableCompensationPlanMultiannualObjectivesFiveYearPlanMemberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanSeventhCycleMembersan:ExecutiveDirectorsMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanEighthCycleMembersan:ExecutiveDirectorsMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanFirstCycle2016Membersan:ExecutiveDirectorsAndMembersOfIdentifiedStaffWithTotalVariableRemunerationSpecifiedAmountMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanFirstCycle2016Membersan:DivisionManagersCountryHeadsOtherExecutivesAndIdentifiedStaffWithTotalVariableRemunerationSpecifiedAmountMember2025-01-012025-12-310000891478san:DivisionManagersCountryHeadsOtherExecutivesAndIdentifiedStaffWithTotalVariableRemunerationSpecifiedAmountMembersan:DeferredMultiyearObjectivesVariableRemunerationPlanFirstCycle2016Memberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:DivisionManagersCountryHeadsOtherExecutivesAndIdentifiedStaffWithTotalVariableRemunerationSpecifiedAmountMembersan:DeferredMultiyearObjectivesVariableRemunerationPlanFirstCycle2016Memberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanFirstCycle2016Membersan:OtherBeneficiariesMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanSecondAndThirdCyclesMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanFourthFifthAndSixthCycleMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanTenthCycleMemberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanEighthCycleMemberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanNinthCycleMemberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanTenthCycleMemberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanNinthCycleMemberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanEighthCycleMemberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanNinthCycleMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanSeventhCycleMember2025-01-012025-12-310000891478san:DeferredMultiyearObjectivesVariableRemunerationPlanEighthCycleMember2025-01-012025-12-310000891478san:DigitalTransformationAwardMember2025-01-012025-12-310000891478san:DigitalTransformationAward2020Member2025-01-012025-12-310000891478san:DigitalTransformationAward2021Member2025-01-012025-12-310000891478san:DigitalTransformationAwardMemberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DigitalTransformationAwardMemberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:DigitalTransformationAward20202021Member2025-01-012025-12-310000891478san:DigitalTransformationAwardMemberifrs-full:BottomOfRangeMember2021-01-012021-12-310000891478san:DigitalTransformationAwardMember2020-01-012020-12-3100008914782019-01-012019-12-310000891478san:DigitalTransformationAward2022Member2022-01-012022-12-310000891478san:DigitalTransformationAward2022FirstBlockMember2022-01-012022-12-310000891478san:DigitalTransformationAward2022FirstBlockMemberifrs-full:TopOfRangeMember2022-01-012022-12-310000891478san:DigitalTransformationAward2022FirstBlockMemberifrs-full:BottomOfRangeMember2022-01-012022-12-310000891478san:DigitalTransformationAward2022SecondBlockMember2022-01-012022-12-310000891478san:DigitalTransformationAward2023Member2024-01-012024-12-310000891478san:DigitalTransformationAward2023Member2023-01-012023-12-310000891478san:DigitalTransformationAward2025Memberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:DigitalTransformationAward2024Memberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:DigitalTransformationAward2025Memberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DigitalTransformationAward2024Memberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:DigitalTransformationAward2024Member2025-01-012025-12-310000891478san:DigitalTransformationAward2025Member2025-01-012025-12-310000891478san:SharesavePlanMembersan:SantanderUKPLCMember2022-12-310000891478san:SharesavePlanMembersan:SantanderUKPLCMember2023-01-012023-12-310000891478san:SharesavePlanMembersan:SantanderUKPLCMember2023-12-310000891478san:SharesavePlanMembersan:SantanderUKPLCMember2024-01-012024-12-310000891478san:SharesavePlanMembersan:SantanderUKPLCMember2024-12-310000891478san:SharesavePlanMembersan:SantanderUKPLCMember2025-01-012025-12-310000891478san:SharesavePlanMembersan:SantanderUKPLCMember2025-12-310000891478san:SantanderUKPLCMember2025-12-310000891478san:SantanderUKPLCMember2024-12-310000891478san:SantanderUKPLCMember2023-12-310000891478san:SantanderUKPLCMembersan:SharesavePlanMemberifrs-full:BottomOfRangeMember2008-01-012008-12-310000891478san:SantanderUKPLCMembersan:SharesavePlanMemberifrs-full:TopOfRangeMember2008-01-012008-12-310000891478san:SharesavePlanMembersan:SantanderUKPLCMember2008-01-012008-12-310000891478san:BDOMember2025-01-012025-12-310000891478ifrs-full:ForeignCountriesMember2025-01-012025-12-310000891478ifrs-full:ForeignCountriesMember2024-01-012024-12-310000891478ifrs-full:ForeignCountriesMember2023-01-012023-12-310000891478ifrs-full:NoncurrentAssetsHeldForSaleMember2025-01-012025-12-310000891478ifrs-full:NoncurrentAssetsHeldForSaleMember2024-01-012024-12-310000891478ifrs-full:NoncurrentAssetsHeldForSaleMember2023-01-012023-12-310000891478ifrs-full:NoncurrentAssetsHeldForSaleMembersan:CaceisMember2025-01-012025-12-310000891478ifrs-full:NoncurrentAssetsHeldForSaleMembersan:CaceisMember2024-01-012024-12-310000891478ifrs-full:NoncurrentAssetsHeldForSaleMembersan:CaceisMember2023-01-012023-12-310000891478ifrs-full:Level1OfFairValueHierarchyMember2025-12-310000891478ifrs-full:Level2And3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:Level1OfFairValueHierarchyMember2024-12-310000891478ifrs-full:Level2And3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:Level1OfFairValueHierarchyMember2023-12-310000891478ifrs-full:Level2And3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478ifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCentralBanksMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCentralBanksMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:DebtAndEquityInstrumentsMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:DebtAndEquityInstrumentsMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DerivativesMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:SwapContractMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ExchangeRateOptionMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ExchangeRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateOptionMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateForwardsMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateForwardsMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IndexAndSecuritiesOptionsMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IndexAndSecuritiesOptionsMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:SwapContractMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMembersan:InterestRateOptionMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMembersan:InterestRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMembersan:OtherDerivativesMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMembersan:OtherDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCentralBanksMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCentralBanksMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:LoansAndAdvancesCentralBanksMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:LoansAndAdvancesCentralBanksMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:LoansAndAdvancesCreditInstitutionsMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:LoansAndAdvancesCreditInstitutionsMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:DerivativesMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:DerivativesMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:SwapContractMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:ExchangeRateOptionMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ExchangeRateOptionMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:ForwardsOnInterestRateAndVariableIncomeMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ForwardsOnInterestRateAndVariableIncomeMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:IndexAndSecuritiesOptionsMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:IndexAndSecuritiesOptionsMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:InterestRateOptionMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:OtherDerivativesMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:OtherDerivativesMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:ShortPositionsMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ShortPositionsMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:SwapContractMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:InterestRateOptionMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:OtherDerivativesMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:OtherDerivativesMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:LiabilitiesUnderInsuranceContractsMemberifrs-full:Level2OfFairValueHierarchyMember2025-12-310000891478san:LiabilitiesUnderInsuranceContractsMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478ifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478ifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCentralBanksMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCentralBanksMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCentralBanksMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCentralBanksMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:DebtAndEquityInstrumentsMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:DebtAndEquityInstrumentsMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:DebtAndEquityInstrumentsMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:DebtAndEquityInstrumentsMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DerivativesMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DerivativesMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:SwapContractMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:SwapContractMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ExchangeRateOptionMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ExchangeRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ExchangeRateOptionMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ExchangeRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateOptionMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateOptionMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateForwardsMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateForwardsMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateForwardsMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateForwardsMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IndexAndSecuritiesOptionsMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IndexAndSecuritiesOptionsMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IndexAndSecuritiesOptionsMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IndexAndSecuritiesOptionsMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:SwapContractMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:SwapContractMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMembersan:InterestRateOptionMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMembersan:InterestRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMembersan:InterestRateOptionMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMembersan:InterestRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMembersan:OtherDerivativesMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMembersan:OtherDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMembersan:OtherDerivativesMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMembersan:OtherDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:LoansAndAdvancesCentralBanksMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:LoansAndAdvancesCentralBanksMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:LoansAndAdvancesCentralBanksMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:LoansAndAdvancesCentralBanksMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:LoansAndAdvancesCreditInstitutionsMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:LoansAndAdvancesCreditInstitutionsMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:LoansAndAdvancesCreditInstitutionsMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:LoansAndAdvancesCreditInstitutionsMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:LoansAndAdvancesCustomersMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:LoansAndAdvancesCustomersMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:LoansAndAdvancesCustomersMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:LoansAndAdvancesCustomersMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:DerivativesMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:DerivativesMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:DerivativesMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:DerivativesMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:SwapContractMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:SwapContractMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:InterestRateOptionMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:InterestRateOptionMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:ExchangeRateOptionMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ExchangeRateOptionMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:ExchangeRateOptionMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ExchangeRateOptionMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:IndexAndSecuritiesOptionsMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:IndexAndSecuritiesOptionsMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:IndexAndSecuritiesOptionsMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:IndexAndSecuritiesOptionsMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:ForwardsOnInterestRateAndVariableIncomeMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ForwardsOnInterestRateAndVariableIncomeMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:ForwardsOnInterestRateAndVariableIncomeMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ForwardsOnInterestRateAndVariableIncomeMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:OtherDerivativesMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:OtherDerivativesMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:OtherDerivativesMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:OtherDerivativesMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:ShortPositionsMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ShortPositionsMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:ShortPositionsMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ShortPositionsMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:SwapContractMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:SwapContractMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:InterestRateOptionMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:InterestRateOptionMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:OtherDerivativesMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:OtherDerivativesMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level2OfFairValueHierarchyMembersan:OtherDerivativesMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMembersan:DerivativesDesignatedAsHedgingInstrumentsCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:OtherDerivativesMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:FinancialAssetsAndLiabilitiesCategoryMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:LiabilitiesUnderInsuranceContractsMemberifrs-full:Level2OfFairValueHierarchyMember2024-12-310000891478san:LiabilitiesUnderInsuranceContractsMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:LiabilitiesUnderInsuranceContractsMemberifrs-full:Level2OfFairValueHierarchyMember2023-12-310000891478san:LiabilitiesUnderInsuranceContractsMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ReposReverseReposMembersan:OtherValuationTechniqueMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMembersan:DiscountCurveMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMembersan:DiscountCurveMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMembersan:DiscountCurveMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:DebtSecuritiesOtherMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:DebtSecuritiesOtherMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:DebtSecuritiesOtherMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:DebtSecuritiesOtherMemberifrs-full:DiscountedCashFlowMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CapsFloorsMembersan:BlackScholesModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CapsFloorsMembersan:BlackScholesModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CapsFloorsMembersan:BlackScholesModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CapsFloorsMembersan:BlackScholesModelMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:CurrencySwapContractMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:CurrencySwapContractMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:CurrencySwapContractMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:CurrencySwapContractMemberifrs-full:DiscountedCashFlowMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:EQOptionPricingModelValuationTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:EQOptionPricingModelValuationTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:EQOptionPricingModelValuationTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:EQOptionPricingModelValuationTechniqueMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:LocalVolatilityOptionTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:LocalVolatilityOptionTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:LocalVolatilityOptionTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:LocalVolatilityOptionTechniqueMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeOptionsMembersan:FXOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeOptionsMembersan:FXOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeOptionsMembersan:FXOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeOptionsMembersan:FXOptionPricingModelMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeForwardContractMembersan:ForwardEstimationValuationTechniqueMembersan:SwapRateMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeForwardContractMembersan:ForwardEstimationValuationTechniqueMembersan:SwapRateMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeForwardContractMembersan:ForwardEstimationValuationTechniqueMembersan:SwapRateMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeForwardContractMembersan:ForwardEstimationValuationTechniqueMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InflationDerivativesMembersan:AssetSwapModelValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InflationDerivativesMembersan:AssetSwapModelValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InflationDerivativesMembersan:AssetSwapModelValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InflationDerivativesMembersan:AssetSwapModelValuationTechniqueMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InterestRateOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InterestRateOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InterestRateOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InterestRateOptionPricingModelMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InflationOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InflationOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InflationOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InflationOptionPricingModelMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:OtherValuationTechniqueMembersan:OtherMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:OtherValuationTechniqueMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnCreditSpreadMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnCreditSpreadMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnCreditSpreadMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnCreditSpreadMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnInflationSwapRateMembersan:InflationSwapRateMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnInflationSwapRateMembersan:InflationSwapRateMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnInflationSwapRateMembersan:InflationSwapRateMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnInflationSwapRateMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMembersan:ForwardEstimationValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMembersan:ForwardEstimationValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMembersan:ForwardEstimationValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMembersan:ForwardEstimationValuationTechniqueMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:PropertyDerivativesMemberifrs-full:OptionPricingModelMembersan:GrowthRateMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:PropertyDerivativesMemberifrs-full:OptionPricingModelMembersan:GrowthRateMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:PropertyDerivativesMemberifrs-full:OptionPricingModelMembersan:GrowthRateMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:PropertyDerivativesMemberifrs-full:OptionPricingModelMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:SecuritisationSwapMemberifrs-full:DiscountedCashFlowMemberifrs-full:ConstantPrepaymentRateMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:SecuritisationSwapMemberifrs-full:DiscountedCashFlowMemberifrs-full:ConstantPrepaymentRateMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:SecuritisationSwapMemberifrs-full:DiscountedCashFlowMemberifrs-full:ConstantPrepaymentRateMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:SecuritisationSwapMemberifrs-full:DiscountedCashFlowMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoanMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoanMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoanMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoanMemberifrs-full:DiscountedCashFlowMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:MortgagePortfolioMembersan:BlackScholesModelMembersan:GrowthRateMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:MortgagePortfolioMembersan:BlackScholesModelMembersan:GrowthRateMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:MortgagePortfolioMembersan:BlackScholesModelMembersan:GrowthRateMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:MortgagePortfolioMembersan:BlackScholesModelMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:DebtSecuritiesOtherMembersan:OtherValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:DebtSecuritiesOtherMembersan:OtherValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:DebtSecuritiesOtherMembersan:OtherValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:DebtSecuritiesOtherMembersan:OtherValuationTechniqueMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:PropertySecuritiesMembersan:ProbabilityWeightingValuationTechniqueMembersan:GrowthRateMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:PropertySecuritiesMembersan:ProbabilityWeightingValuationTechniqueMembersan:GrowthRateMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:PropertySecuritiesMembersan:ProbabilityWeightingValuationTechniqueMembersan:GrowthRateMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:PropertySecuritiesMembersan:ProbabilityWeightingValuationTechniqueMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:FlowDiscountingMethodOnCreditSpreadMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnInterestRateCurveMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnInterestRateCurveMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnInterestRateCurveMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnInterestRateCurveMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnMarginOfAReferencePortfolioMembersan:MarginOfAPreferencePortfolioMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnMarginOfAReferencePortfolioMembersan:MarginOfAPreferencePortfolioMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnMarginOfAReferencePortfolioMembersan:MarginOfAPreferencePortfolioMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnMarginOfAReferencePortfolioMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:PresentValueMethodMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:PresentValueMethodMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:PresentValueMethodMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:PresentValueMethodMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMemberifrs-full:MarketComparablePricesMembersan:MarketPriceMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMemberifrs-full:MarketComparablePricesMembersan:MarketPriceMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMemberifrs-full:MarketComparablePricesMembersan:MarketPriceMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMemberifrs-full:MarketComparablePricesMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:MortgageLettersDebtSecuritiesMemberifrs-full:DiscountedCashFlowMembersan:MortgageLettersMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:MortgageLettersDebtSecuritiesMemberifrs-full:DiscountedCashFlowMembersan:MortgageLettersMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:MortgageLettersDebtSecuritiesMemberifrs-full:DiscountedCashFlowMembersan:MortgageLettersMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:MortgageLettersDebtSecuritiesMemberifrs-full:DiscountedCashFlowMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMember2025-01-012025-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:CapsFloorsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:CapsFloorsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:CapsFloorsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:CapsFloorsMember2025-01-012025-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ForeignExchangeOptionsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ForeignExchangeOptionsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ForeignExchangeOptionsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ForeignExchangeOptionsMember2025-01-012025-12-310000891478san:DiscountedCashFlowsOnInflationSwapRateMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:InflationSwapRateMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478san:DiscountedCashFlowsOnInflationSwapRateMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:InflationSwapRateMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478san:DiscountedCashFlowsOnInflationSwapRateMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:InflationSwapRateMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478san:DiscountedCashFlowsOnInflationSwapRateMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMember2025-01-012025-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ReposReverseReposMembersan:OtherValuationTechniqueMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMembersan:DiscountCurveMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMembersan:DiscountCurveMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMembersan:DiscountCurveMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:DebtSecuritiesOtherMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:DebtSecuritiesOtherMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:DebtSecuritiesOtherMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:DebtSecuritiesOtherMemberifrs-full:DiscountedCashFlowMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CapsFloorsMembersan:ForwardEstimationValuationTechniqueMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CapsFloorsMembersan:ForwardEstimationValuationTechniqueMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CapsFloorsMembersan:ForwardEstimationValuationTechniqueMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CapsFloorsMembersan:ForwardEstimationValuationTechniqueMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:CurrencySwapContractMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:CurrencySwapContractMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:CurrencySwapContractMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:CurrencySwapContractMemberifrs-full:DiscountedCashFlowMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CreditDefaultSwap1Membersan:PriceBasedValuationTechniqueMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CreditDefaultSwap1Membersan:PriceBasedValuationTechniqueMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CreditDefaultSwap1Membersan:PriceBasedValuationTechniqueMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CreditDefaultSwap1Membersan:PriceBasedValuationTechniqueMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:EQOptionPricingModelValuationTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:EQOptionPricingModelValuationTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:EQOptionPricingModelValuationTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:EQOptionPricingModelValuationTechniqueMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:LocalVolatilityOptionTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:LocalVolatilityOptionTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:LocalVolatilityOptionTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:LocalVolatilityOptionTechniqueMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeForwardContractMembersan:ForwardEstimationValuationTechniqueMembersan:SwapRateMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeForwardContractMembersan:ForwardEstimationValuationTechniqueMembersan:SwapRateMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeForwardContractMembersan:ForwardEstimationValuationTechniqueMembersan:SwapRateMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeForwardContractMembersan:ForwardEstimationValuationTechniqueMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeOptionsMembersan:FXOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeOptionsMembersan:FXOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeOptionsMembersan:FXOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeOptionsMembersan:FXOptionPricingModelMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InflationDerivativesMembersan:AssetSwapModelValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InflationDerivativesMembersan:AssetSwapModelValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InflationDerivativesMembersan:AssetSwapModelValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InflationDerivativesMembersan:AssetSwapModelValuationTechniqueMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InterestRateOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InterestRateOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InterestRateOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InterestRateOptionPricingModelMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:OtherValuationTechniqueMembersan:OtherMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:OtherValuationTechniqueMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnCreditSpreadMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnCreditSpreadMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnCreditSpreadMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnCreditSpreadMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnSwapRateMembersan:SwapRateMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnSwapRateMembersan:SwapRateMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnSwapRateMembersan:SwapRateMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnSwapRateMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMembersan:ForwardEstimationValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMembersan:ForwardEstimationValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMembersan:ForwardEstimationValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMembersan:ForwardEstimationValuationTechniqueMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:PropertyDerivativesMemberifrs-full:OptionPricingModelMembersan:GrowthRateMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:PropertyDerivativesMemberifrs-full:OptionPricingModelMembersan:GrowthRateMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:PropertyDerivativesMemberifrs-full:OptionPricingModelMembersan:GrowthRateMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:PropertyDerivativesMemberifrs-full:OptionPricingModelMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:SecuritisationSwapMemberifrs-full:DiscountedCashFlowMemberifrs-full:ConstantPrepaymentRateMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:SecuritisationSwapMemberifrs-full:DiscountedCashFlowMemberifrs-full:ConstantPrepaymentRateMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:SecuritisationSwapMemberifrs-full:DiscountedCashFlowMemberifrs-full:ConstantPrepaymentRateMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:SecuritisationSwapMemberifrs-full:DiscountedCashFlowMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoanMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoanMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoanMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoanMemberifrs-full:DiscountedCashFlowMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:MortgagePortfolioMembersan:BlackScholesModelMembersan:GrowthRateMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:MortgagePortfolioMembersan:BlackScholesModelMembersan:GrowthRateMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:MortgagePortfolioMembersan:BlackScholesModelMembersan:GrowthRateMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:MortgagePortfolioMembersan:BlackScholesModelMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:DebtSecuritiesOtherMembersan:OtherValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:DebtSecuritiesOtherMembersan:OtherValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:DebtSecuritiesOtherMembersan:OtherValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:DebtSecuritiesOtherMembersan:OtherValuationTechniqueMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:PropertySecuritiesMembersan:ProbabilityWeightingValuationTechniqueMembersan:GrowthRateMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:PropertySecuritiesMembersan:ProbabilityWeightingValuationTechniqueMembersan:GrowthRateMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:PropertySecuritiesMembersan:ProbabilityWeightingValuationTechniqueMembersan:GrowthRateMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:PropertySecuritiesMembersan:ProbabilityWeightingValuationTechniqueMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:FlowDiscountingMethodOnCreditSpreadMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnInterestRateCurveMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnInterestRateCurveMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnInterestRateCurveMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnInterestRateCurveMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnMarginOfAReferencePortfolioMembersan:MarginOfAPreferencePortfolioMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnMarginOfAReferencePortfolioMembersan:MarginOfAPreferencePortfolioMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnMarginOfAReferencePortfolioMembersan:MarginOfAPreferencePortfolioMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnMarginOfAReferencePortfolioMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:ForwardEstimationValuationTechniqueMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:ForwardEstimationValuationTechniqueMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:ForwardEstimationValuationTechniqueMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:ForwardEstimationValuationTechniqueMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMemberifrs-full:MarketComparablePricesMembersan:MarketPriceMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMemberifrs-full:MarketComparablePricesMembersan:MarketPriceMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMemberifrs-full:MarketComparablePricesMembersan:MarketPriceMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMemberifrs-full:MarketComparablePricesMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMembersan:MarginOfAReferencePortfolioMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMembersan:MarginOfAReferencePortfolioMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMembersan:MarginOfAReferencePortfolioMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:MortgageLettersDebtSecuritiesMemberifrs-full:DiscountedCashFlowMembersan:MortgageLettersMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:MortgageLettersDebtSecuritiesMemberifrs-full:DiscountedCashFlowMembersan:MortgageLettersMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:MortgageLettersDebtSecuritiesMemberifrs-full:DiscountedCashFlowMembersan:MortgageLettersMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:MortgageLettersDebtSecuritiesMemberifrs-full:DiscountedCashFlowMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMember2024-01-012024-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:CapsFloorsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:CapsFloorsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:CapsFloorsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:CapsFloorsMember2024-01-012024-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ForeignExchangeOptionsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ForeignExchangeOptionsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ForeignExchangeOptionsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ForeignExchangeOptionsMember2024-01-012024-12-310000891478san:DiscountedCashFlowsOnInflationSwapRateMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:InflationSwapRateMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478san:DiscountedCashFlowsOnInflationSwapRateMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:InflationSwapRateMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478san:DiscountedCashFlowsOnInflationSwapRateMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:InflationSwapRateMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478san:DiscountedCashFlowsOnInflationSwapRateMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMember2024-01-012024-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2024-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2024-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ReposReverseReposMembersan:OtherValuationTechniqueMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMembersan:DiscountCurveMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMembersan:DiscountCurveMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMembersan:DiscountCurveMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:CurrencySwapContractMembersan:ForwardEstimationValuationTechniqueMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:CurrencySwapContractMembersan:ForwardEstimationValuationTechniqueMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:CurrencySwapContractMembersan:ForwardEstimationValuationTechniqueMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:CurrencySwapContractMembersan:ForwardEstimationValuationTechniqueMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CreditDefaultSwap1Membersan:CreditDefaultModelsMembersan:IlliquidCreditDefaultSpreadCurvesMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CreditDefaultSwap1Membersan:CreditDefaultModelsMembersan:IlliquidCreditDefaultSpreadCurvesMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CreditDefaultSwap1Membersan:CreditDefaultModelsMembersan:IlliquidCreditDefaultSpreadCurvesMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:CreditDefaultSwap1Membersan:CreditDefaultModelsMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:EQOptionPricingModelValuationTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:EQOptionPricingModelValuationTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:EQOptionPricingModelValuationTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:EQOptionPricingModelValuationTechniqueMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:LocalVolatilityOptionTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:LocalVolatilityOptionTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:LocalVolatilityOptionTechniqueMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:EQOptionsMembersan:LocalVolatilityOptionTechniqueMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeOptionsMembersan:FXOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeOptionsMembersan:FXOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeOptionsMembersan:FXOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ForeignExchangeOptionsMembersan:FXOptionPricingModelMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InflationDerivativesMembersan:AssetSwapModelValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InflationDerivativesMembersan:AssetSwapModelValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InflationDerivativesMembersan:AssetSwapModelValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InflationDerivativesMembersan:AssetSwapModelValuationTechniqueMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InterestRateOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InterestRateOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InterestRateOptionPricingModelMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IROptionsMembersan:InterestRateOptionPricingModelMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:OtherValuationTechniqueMembersan:OtherMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:OtherValuationTechniqueMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnCreditSpreadMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnCreditSpreadMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnCreditSpreadMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnCreditSpreadMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnSwapRateMembersan:SwapRateMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnSwapRateMembersan:SwapRateMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnSwapRateMembersan:SwapRateMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:FlowDiscountingMethodOnSwapRateMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:ForwardEstimationValuationTechniqueMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:ForwardEstimationValuationTechniqueMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:ForwardEstimationValuationTechniqueMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:ForwardEstimationValuationTechniqueMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:PrepaymentModelingValuationTechniqueMemberifrs-full:ConstantPrepaymentRateMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:PrepaymentModelingValuationTechniqueMemberifrs-full:ConstantPrepaymentRateMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:PrepaymentModelingValuationTechniqueMemberifrs-full:ConstantPrepaymentRateMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:PrepaymentModelingValuationTechniqueMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:PropertyDerivativesMemberifrs-full:OptionPricingModelMembersan:GrowthRateMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:PropertyDerivativesMemberifrs-full:OptionPricingModelMembersan:GrowthRateMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:PropertyDerivativesMemberifrs-full:OptionPricingModelMembersan:GrowthRateMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:PropertyDerivativesMemberifrs-full:OptionPricingModelMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:SecuritisationSwapMemberifrs-full:DiscountedCashFlowMemberifrs-full:ConstantPrepaymentRateMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:SecuritisationSwapMemberifrs-full:DiscountedCashFlowMemberifrs-full:ConstantPrepaymentRateMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:SecuritisationSwapMemberifrs-full:DiscountedCashFlowMemberifrs-full:ConstantPrepaymentRateMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:SecuritisationSwapMemberifrs-full:DiscountedCashFlowMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:StructuredNotesMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:StructuredNotesMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:StructuredNotesMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:StructuredNotesMembersan:PriceBasedValuationTechniqueMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoanMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoanMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoanMemberifrs-full:DiscountedCashFlowMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoanMemberifrs-full:DiscountedCashFlowMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:MortgagePortfolioMembersan:BlackScholesModelMembersan:GrowthRateMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:MortgagePortfolioMembersan:BlackScholesModelMembersan:GrowthRateMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:MortgagePortfolioMembersan:BlackScholesModelMembersan:GrowthRateMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:MortgagePortfolioMembersan:BlackScholesModelMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:DebtSecuritiesOtherMembersan:OtherValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:DebtSecuritiesOtherMembersan:OtherValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:DebtSecuritiesOtherMembersan:OtherValuationTechniqueMembersan:InflationSwapRateMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:DebtSecuritiesOtherMembersan:OtherValuationTechniqueMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:PropertySecuritiesMembersan:ProbabilityWeightingValuationTechniqueMembersan:GrowthRateMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:PropertySecuritiesMembersan:ProbabilityWeightingValuationTechniqueMembersan:GrowthRateMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:PropertySecuritiesMembersan:ProbabilityWeightingValuationTechniqueMembersan:GrowthRateMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:PropertySecuritiesMembersan:ProbabilityWeightingValuationTechniqueMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:FlowDiscountingMethodOnCreditSpreadMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnInterestRateCurveMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnInterestRateCurveMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnInterestRateCurveMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnInterestRateCurveMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnMarginOfAReferencePortfolioMembersan:MarginOfAPreferencePortfolioMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnMarginOfAReferencePortfolioMembersan:MarginOfAPreferencePortfolioMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnMarginOfAReferencePortfolioMembersan:MarginOfAPreferencePortfolioMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:DiscountedCashFlowsOnMarginOfAReferencePortfolioMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:ForwardEstimationValuationTechniqueMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:ForwardEstimationValuationTechniqueMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:ForwardEstimationValuationTechniqueMemberifrs-full:CreditSpreadMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMembersan:ForwardEstimationValuationTechniqueMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMemberifrs-full:MarketComparablePricesMembersan:MarketPriceMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMemberifrs-full:MarketComparablePricesMembersan:MarketPriceMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMemberifrs-full:MarketComparablePricesMembersan:MarketPriceMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoanMemberifrs-full:MarketComparablePricesMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMembersan:MarginOfAReferencePortfolioMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMembersan:MarginOfAReferencePortfolioMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMembersan:MarginOfAReferencePortfolioMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:CorporateDebtMemberifrs-full:DiscountedCashFlowMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMemberifrs-full:InterestRateMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:GovernmentDebtMemberifrs-full:DiscountedCashFlowMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMembersan:PriceMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMembersan:PriceBasedValuationTechniqueMember2023-01-012023-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:CapsFloorsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:CapsFloorsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:CapsFloorsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:CapsFloorsMember2023-01-012023-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ConstantMaturitySwapCMSMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ConstantMaturitySwapCMSMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ConstantMaturitySwapCMSMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ConstantMaturitySwapCMSMember2023-01-012023-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ForeignExchangeOptionsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ForeignExchangeOptionsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ForeignExchangeOptionsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:ForeignExchangeOptionsMember2023-01-012023-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:InflationSwapRateMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:InflationSwapRateMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMembersan:InflationSwapRateMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:DiscountedCashFlowMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:InterestRateSwapContractMember2023-01-012023-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:SwaptionsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:BottomOfRangeMember2023-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:SwaptionsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:TopOfRangeMember2023-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:SwaptionsMemberifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberifrs-full:WeightedAverageMember2023-12-310000891478san:VolatilityOptionModelValuationTechniqueMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMembersan:SwaptionsMember2023-01-012023-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember2024-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember2025-01-012025-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCentralBanksMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCentralBanksMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCentralBanksMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ExchangeRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ExchangeRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ExchangeRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IndexAndSecuritiesOptionsMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IndexAndSecuritiesOptionsMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IndexAndSecuritiesOptionsMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateFuturesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateFuturesMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateFuturesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:Level3OfFairValueHierarchyMembersan:HedgingDerivativesMember2024-12-310000891478ifrs-full:Level3OfFairValueHierarchyMembersan:HedgingDerivativesMember2025-01-012025-12-310000891478ifrs-full:Level3OfFairValueHierarchyMembersan:HedgingDerivativesMember2025-12-310000891478san:HedgingDerivativesMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:HedgingDerivativesMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478san:HedgingDerivativesMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMember2024-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMember2025-01-012025-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember2024-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember2025-01-012025-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2024-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2025-01-012025-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:DerivativesMember2024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:DerivativesMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:DerivativesMember2025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ExchangeRateOptionMember2024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ExchangeRateOptionMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ExchangeRateOptionMember2025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:IndexAndSecuritiesOptionsMember2024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:IndexAndSecuritiesOptionsMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:IndexAndSecuritiesOptionsMember2025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:SecuritiesAndInterestRateFuturesMember2024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:SecuritiesAndInterestRateFuturesMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:SecuritiesAndInterestRateFuturesMember2025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:OtherDerivativesMember2024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:OtherDerivativesMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:OtherDerivativesMember2025-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2024-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2025-01-012025-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2025-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2024-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2025-01-012025-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478san:LiabilitiesUnderInsuranceContractsMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478san:LiabilitiesUnderInsuranceContractsMemberifrs-full:Level3OfFairValueHierarchyMember2025-01-012025-12-310000891478san:LiabilitiesUnderInsuranceContractsMemberifrs-full:Level3OfFairValueHierarchyMember2025-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember2023-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCreditInstitutionsMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ExchangeRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ExchangeRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IndexAndSecuritiesOptionsMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IndexAndSecuritiesOptionsMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:Level3OfFairValueHierarchyMembersan:HedgingDerivativesMember2023-12-310000891478ifrs-full:Level3OfFairValueHierarchyMembersan:HedgingDerivativesMember2024-01-012024-12-310000891478san:HedgingDerivativesMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:HedgingDerivativesMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMember2023-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember2023-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2023-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:DerivativesMember2023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:DerivativesMember2024-01-012024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2024-01-012024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ExchangeRateOptionMember2023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ExchangeRateOptionMember2024-01-012024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2024-01-012024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:IndexAndSecuritiesOptionsMember2023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:IndexAndSecuritiesOptionsMember2024-01-012024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:OtherDerivativesMember2023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:OtherDerivativesMember2024-01-012024-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2023-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2024-01-012024-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478san:LiabilitiesUnderInsuranceContractsMemberifrs-full:Level3OfFairValueHierarchyMember2023-12-310000891478san:LiabilitiesUnderInsuranceContractsMemberifrs-full:Level3OfFairValueHierarchyMember2024-01-012024-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember2022-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMemberifrs-full:SwapContractMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ExchangeRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:ExchangeRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:InterestRateOptionMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IndexAndSecuritiesOptionsMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:IndexAndSecuritiesOptionsMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMembersan:OtherDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMember2022-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember2022-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2022-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:EquityInvestmentsMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:DerivativesMember2022-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:DerivativesMember2023-01-012023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2022-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2023-01-012023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ExchangeRateOptionMember2022-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:ExchangeRateOptionMember2023-01-012023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2022-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:InterestRateOptionMember2023-01-012023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:IndexAndSecuritiesOptionsMember2022-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:IndexAndSecuritiesOptionsMember2023-01-012023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:OtherDerivativesMember2022-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossThatMeetDefinitionOfHeldForTradingCategoryMemberifrs-full:Level3OfFairValueHierarchyMembersan:OtherDerivativesMember2023-01-012023-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2022-12-310000891478san:HedgingDerivativesMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:SwapContractMember2023-01-012023-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionCategoryMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478san:LiabilitiesUnderInsuranceContractsMemberifrs-full:Level3OfFairValueHierarchyMember2022-12-310000891478san:LiabilitiesUnderInsuranceContractsMemberifrs-full:Level3OfFairValueHierarchyMember2023-01-012023-12-310000891478ifrs-full:OnDemandMember2025-12-310000891478ifrs-full:NotLaterThanThreeMonthsMember2025-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:OnDemandMember2025-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:NotLaterThanThreeMonthsMember2025-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2025-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2025-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478san:LoansAndAdvancesMemberifrs-full:OnDemandMember2025-12-310000891478san:LoansAndAdvancesMemberifrs-full:NotLaterThanThreeMonthsMember2025-12-310000891478san:LoansAndAdvancesMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:LoansAndAdvancesMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2025-12-310000891478san:LoansAndAdvancesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2025-12-310000891478san:LoansAndAdvancesMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:OnDemandMember2025-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:NotLaterThanThreeMonthsMember2025-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2025-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2025-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:OnDemandMember2025-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:NotLaterThanThreeMonthsMember2025-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2025-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2025-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:OnDemandMember2025-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:NotLaterThanThreeMonthsMember2025-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2025-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2025-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478ifrs-full:OnDemandMembersan:DepositMember2025-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:DepositMember2025-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DepositMember2025-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DepositMember2025-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DepositMember2025-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:DepositMember2025-12-310000891478ifrs-full:OnDemandMembersan:DepositsCentralBanksMember2025-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:DepositsCentralBanksMember2025-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DepositsCentralBanksMember2025-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DepositsCentralBanksMember2025-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DepositsCentralBanksMember2025-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:DepositsCentralBanksMember2025-12-310000891478ifrs-full:OnDemandMembersan:DepositsCreditInstitutionsMember2025-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:DepositsCreditInstitutionsMember2025-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DepositsCreditInstitutionsMember2025-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DepositsCreditInstitutionsMember2025-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DepositsCreditInstitutionsMember2025-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:DepositsCreditInstitutionsMember2025-12-310000891478ifrs-full:OnDemandMembersan:DepositsCustomersMember2025-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:DepositsCustomersMember2025-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DepositsCustomersMember2025-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DepositsCustomersMember2025-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DepositsCustomersMember2025-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:DepositsCustomersMember2025-12-310000891478ifrs-full:OnDemandMembersan:DebtInstrumentsMember2025-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:DebtInstrumentsMember2025-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DebtInstrumentsMember2025-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DebtInstrumentsMember2025-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DebtInstrumentsMember2025-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:DebtInstrumentsMember2025-12-310000891478ifrs-full:OnDemandMembersan:OtherFinancialLiabilitiesMember2025-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:OtherFinancialLiabilitiesMember2025-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:OtherFinancialLiabilitiesMember2025-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:OtherFinancialLiabilitiesMember2025-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:OtherFinancialLiabilitiesMember2025-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:OtherFinancialLiabilitiesMember2025-12-310000891478ifrs-full:OnDemandMember2024-12-310000891478ifrs-full:NotLaterThanThreeMonthsMember2024-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:OnDemandMember2024-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:NotLaterThanThreeMonthsMember2024-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2024-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2024-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478san:LoansAndAdvancesMemberifrs-full:OnDemandMember2024-12-310000891478san:LoansAndAdvancesMemberifrs-full:NotLaterThanThreeMonthsMember2024-12-310000891478san:LoansAndAdvancesMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478san:LoansAndAdvancesMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2024-12-310000891478san:LoansAndAdvancesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2024-12-310000891478san:LoansAndAdvancesMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:OnDemandMember2024-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:NotLaterThanThreeMonthsMember2024-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2024-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2024-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:OnDemandMember2024-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:NotLaterThanThreeMonthsMember2024-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2024-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2024-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:OnDemandMember2024-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:NotLaterThanThreeMonthsMember2024-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2024-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2024-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478ifrs-full:OnDemandMembersan:DepositMember2024-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:DepositMember2024-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DepositMember2024-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DepositMember2024-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DepositMember2024-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:DepositMember2024-12-310000891478ifrs-full:OnDemandMembersan:DepositsCentralBanksMember2024-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:DepositsCentralBanksMember2024-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DepositsCentralBanksMember2024-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DepositsCentralBanksMember2024-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DepositsCentralBanksMember2024-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:DepositsCentralBanksMember2024-12-310000891478ifrs-full:OnDemandMembersan:DepositsCreditInstitutionsMember2024-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:DepositsCreditInstitutionsMember2024-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DepositsCreditInstitutionsMember2024-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DepositsCreditInstitutionsMember2024-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DepositsCreditInstitutionsMember2024-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:DepositsCreditInstitutionsMember2024-12-310000891478ifrs-full:OnDemandMembersan:DepositsCustomersMember2024-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:DepositsCustomersMember2024-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DepositsCustomersMember2024-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DepositsCustomersMember2024-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DepositsCustomersMember2024-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:DepositsCustomersMember2024-12-310000891478ifrs-full:OnDemandMembersan:DebtInstrumentsMember2024-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:DebtInstrumentsMember2024-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DebtInstrumentsMember2024-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DebtInstrumentsMember2024-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DebtInstrumentsMember2024-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:DebtInstrumentsMember2024-12-310000891478ifrs-full:OnDemandMembersan:OtherFinancialLiabilitiesMember2024-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:OtherFinancialLiabilitiesMember2024-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:OtherFinancialLiabilitiesMember2024-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:OtherFinancialLiabilitiesMember2024-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:OtherFinancialLiabilitiesMember2024-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:OtherFinancialLiabilitiesMember2024-12-310000891478ifrs-full:OnDemandMember2023-12-310000891478ifrs-full:NotLaterThanThreeMonthsMember2023-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:OnDemandMember2023-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:NotLaterThanThreeMonthsMember2023-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2023-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2023-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478san:LoansAndAdvancesMemberifrs-full:OnDemandMember2023-12-310000891478san:LoansAndAdvancesMemberifrs-full:NotLaterThanThreeMonthsMember2023-12-310000891478san:LoansAndAdvancesMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478san:LoansAndAdvancesMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2023-12-310000891478san:LoansAndAdvancesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2023-12-310000891478san:LoansAndAdvancesMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:OnDemandMember2023-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:NotLaterThanThreeMonthsMember2023-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2023-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2023-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:OnDemandMember2023-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:NotLaterThanThreeMonthsMember2023-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2023-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2023-12-310000891478san:LoansAndAdvancesCentralBanksMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:OnDemandMember2023-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:NotLaterThanThreeMonthsMember2023-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2023-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2023-12-310000891478san:LoansAndAdvancesCreditInstitutionsMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478ifrs-full:OnDemandMembersan:DepositMember2023-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:DepositMember2023-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DepositMember2023-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DepositMember2023-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DepositMember2023-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:DepositMember2023-12-310000891478ifrs-full:OnDemandMembersan:DepositsCentralBanksMember2023-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:DepositsCentralBanksMember2023-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DepositsCentralBanksMember2023-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DepositsCentralBanksMember2023-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DepositsCentralBanksMember2023-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:DepositsCentralBanksMember2023-12-310000891478ifrs-full:OnDemandMembersan:DepositsCreditInstitutionsMember2023-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:DepositsCreditInstitutionsMember2023-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DepositsCreditInstitutionsMember2023-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DepositsCreditInstitutionsMember2023-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DepositsCreditInstitutionsMember2023-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:DepositsCreditInstitutionsMember2023-12-310000891478ifrs-full:OnDemandMembersan:DepositsCustomersMember2023-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:DepositsCustomersMember2023-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DepositsCustomersMember2023-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DepositsCustomersMember2023-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DepositsCustomersMember2023-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:DepositsCustomersMember2023-12-310000891478ifrs-full:OnDemandMembersan:DebtInstrumentsMember2023-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:DebtInstrumentsMember2023-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:DebtInstrumentsMember2023-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:DebtInstrumentsMember2023-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:DebtInstrumentsMember2023-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:DebtInstrumentsMember2023-12-310000891478ifrs-full:OnDemandMembersan:OtherFinancialLiabilitiesMember2023-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:OtherFinancialLiabilitiesMember2023-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:OtherFinancialLiabilitiesMember2023-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:OtherFinancialLiabilitiesMember2023-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:OtherFinancialLiabilitiesMember2023-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:OtherFinancialLiabilitiesMember2023-12-310000891478ifrs-full:DerivativesMemberifrs-full:NotLaterThanThreeMonthsMember2025-12-310000891478ifrs-full:DerivativesMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478ifrs-full:DerivativesMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2025-12-310000891478ifrs-full:DerivativesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2025-12-310000891478ifrs-full:DerivativesMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478ifrs-full:EquityInvestmentsMemberifrs-full:NotLaterThanThreeMonthsMember2025-12-310000891478ifrs-full:EquityInvestmentsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478ifrs-full:EquityInvestmentsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2025-12-310000891478ifrs-full:EquityInvestmentsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2025-12-310000891478ifrs-full:EquityInvestmentsMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478ifrs-full:NotLaterThanThreeMonthsMemberifrs-full:DerivativesMember2025-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:DerivativesMember2025-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMemberifrs-full:DerivativesMember2025-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMemberifrs-full:DerivativesMember2025-12-310000891478ifrs-full:LaterThanFiveYearsMemberifrs-full:DerivativesMember2025-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:ShortPositionsMember2025-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:ShortPositionsMember2025-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:ShortPositionsMember2025-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:ShortPositionsMember2025-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:ShortPositionsMember2025-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:NotLaterThanThreeMonthsMember2025-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2025-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2025-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:NotLaterThanThreeMonthsMember2025-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2025-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2025-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478san:OtherCommitmentsMemberifrs-full:NotLaterThanThreeMonthsMember2025-12-310000891478san:OtherCommitmentsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:OtherCommitmentsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2025-12-310000891478san:OtherCommitmentsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2025-12-310000891478san:OtherCommitmentsMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMemberifrs-full:NotLaterThanThreeMonthsMember2025-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2025-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2025-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMemberifrs-full:LaterThanFiveYearsMember2025-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMember2025-12-310000891478ifrs-full:DerivativesMemberifrs-full:NotLaterThanThreeMonthsMember2024-12-310000891478ifrs-full:DerivativesMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478ifrs-full:DerivativesMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2024-12-310000891478ifrs-full:DerivativesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2024-12-310000891478ifrs-full:DerivativesMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478ifrs-full:EquityInvestmentsMemberifrs-full:NotLaterThanThreeMonthsMember2024-12-310000891478ifrs-full:EquityInvestmentsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478ifrs-full:EquityInvestmentsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2024-12-310000891478ifrs-full:EquityInvestmentsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2024-12-310000891478ifrs-full:EquityInvestmentsMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478ifrs-full:NotLaterThanThreeMonthsMemberifrs-full:DerivativesMember2024-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:DerivativesMember2024-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMemberifrs-full:DerivativesMember2024-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMemberifrs-full:DerivativesMember2024-12-310000891478ifrs-full:LaterThanFiveYearsMemberifrs-full:DerivativesMember2024-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:ShortPositionsMember2024-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:ShortPositionsMember2024-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:ShortPositionsMember2024-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:ShortPositionsMember2024-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:ShortPositionsMember2024-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:NotLaterThanThreeMonthsMember2024-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2024-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2024-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:NotLaterThanThreeMonthsMember2024-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2024-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2024-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478san:OtherCommitmentsMemberifrs-full:NotLaterThanThreeMonthsMember2024-12-310000891478san:OtherCommitmentsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478san:OtherCommitmentsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2024-12-310000891478san:OtherCommitmentsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2024-12-310000891478san:OtherCommitmentsMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMemberifrs-full:NotLaterThanThreeMonthsMember2024-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2024-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2024-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2024-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMemberifrs-full:LaterThanFiveYearsMember2024-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMember2024-12-310000891478ifrs-full:DerivativesMemberifrs-full:NotLaterThanThreeMonthsMember2023-12-310000891478ifrs-full:DerivativesMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478ifrs-full:DerivativesMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2023-12-310000891478ifrs-full:DerivativesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2023-12-310000891478ifrs-full:DerivativesMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478ifrs-full:EquityInvestmentsMemberifrs-full:NotLaterThanThreeMonthsMember2023-12-310000891478ifrs-full:EquityInvestmentsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478ifrs-full:EquityInvestmentsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2023-12-310000891478ifrs-full:EquityInvestmentsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2023-12-310000891478ifrs-full:EquityInvestmentsMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478ifrs-full:NotLaterThanThreeMonthsMemberifrs-full:DerivativesMember2023-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMemberifrs-full:DerivativesMember2023-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMemberifrs-full:DerivativesMember2023-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMemberifrs-full:DerivativesMember2023-12-310000891478ifrs-full:LaterThanFiveYearsMemberifrs-full:DerivativesMember2023-12-310000891478ifrs-full:NotLaterThanThreeMonthsMembersan:ShortPositionsMember2023-12-310000891478ifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMembersan:ShortPositionsMember2023-12-310000891478ifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMembersan:ShortPositionsMember2023-12-310000891478ifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMembersan:ShortPositionsMember2023-12-310000891478ifrs-full:LaterThanFiveYearsMembersan:ShortPositionsMember2023-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:NotLaterThanThreeMonthsMember2023-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2023-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2023-12-310000891478ifrs-full:LoanCommitmentsMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:NotLaterThanThreeMonthsMember2023-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2023-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2023-12-310000891478ifrs-full:FinancialGuaranteeContractsMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478san:OtherCommitmentsMemberifrs-full:NotLaterThanThreeMonthsMember2023-12-310000891478san:OtherCommitmentsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478san:OtherCommitmentsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2023-12-310000891478san:OtherCommitmentsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2023-12-310000891478san:OtherCommitmentsMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMemberifrs-full:NotLaterThanThreeMonthsMember2023-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2023-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMemberifrs-full:LaterThanOneYearAndNotLaterThanThreeYearsMember2023-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2023-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMemberifrs-full:LaterThanFiveYearsMember2023-12-310000891478san:ContingentLiabilitiesAndContingentCommitmentsMember2023-12-310000891478san:NonEuroMember2025-12-310000891478san:NonEuroMember2024-12-310000891478san:NonEuroMember2023-12-310000891478san:LoansAndAdvancesMembersan:NotAtFairValueMember2025-12-310000891478san:LoansAndAdvancesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2025-12-310000891478san:LoansAndAdvancesMemberifrs-full:Level1OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2025-12-310000891478san:LoansAndAdvancesMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2025-12-310000891478san:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2025-12-310000891478san:LoansAndAdvancesMembersan:NotAtFairValueMember2024-12-310000891478san:LoansAndAdvancesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2024-12-310000891478san:LoansAndAdvancesMemberifrs-full:Level1OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2024-12-310000891478san:LoansAndAdvancesMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2024-12-310000891478san:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2024-12-310000891478san:LoansAndAdvancesMembersan:NotAtFairValueMember2023-12-310000891478san:LoansAndAdvancesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2023-12-310000891478san:LoansAndAdvancesMemberifrs-full:Level1OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2023-12-310000891478san:LoansAndAdvancesMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2023-12-310000891478san:LoansAndAdvancesMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2023-12-310000891478ifrs-full:DebtSecuritiesMembersan:NotAtFairValueMember2025-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2025-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:Level1OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2025-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2025-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2025-12-310000891478ifrs-full:DebtSecuritiesMembersan:NotAtFairValueMember2024-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2024-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:Level1OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2024-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2024-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2024-12-310000891478ifrs-full:DebtSecuritiesMembersan:NotAtFairValueMember2023-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2023-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:Level1OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2023-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2023-12-310000891478ifrs-full:DebtSecuritiesMemberifrs-full:Level3OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2023-12-310000891478san:NotAtFairValueMember2025-12-310000891478ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2025-12-310000891478ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2025-12-310000891478ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2025-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2025-12-310000891478san:NotAtFairValueMember2024-12-310000891478ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2024-12-310000891478ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2024-12-310000891478ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2024-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2024-12-310000891478san:NotAtFairValueMember2023-12-310000891478ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2023-12-310000891478ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2023-12-310000891478ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2023-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2023-12-310000891478san:NotAtFairValueMembersan:DepositMember2025-12-310000891478ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMembersan:DepositMember2025-12-310000891478ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMembersan:DepositMember2025-12-310000891478ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMembersan:DepositMember2025-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMembersan:DepositMember2025-12-310000891478san:NotAtFairValueMembersan:DepositMember2024-12-310000891478ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMembersan:DepositMember2024-12-310000891478ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMembersan:DepositMember2024-12-310000891478ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMembersan:DepositMember2024-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMembersan:DepositMember2024-12-310000891478san:NotAtFairValueMembersan:DepositMember2023-12-310000891478ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMembersan:DepositMember2023-12-310000891478ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMembersan:DepositMember2023-12-310000891478ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMembersan:DepositMember2023-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMembersan:DepositMember2023-12-310000891478san:NotAtFairValueMemberifrs-full:DebtSecuritiesMember2025-12-310000891478ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberifrs-full:DebtSecuritiesMember2025-12-310000891478ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberifrs-full:DebtSecuritiesMember2025-12-310000891478ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberifrs-full:DebtSecuritiesMember2025-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberifrs-full:DebtSecuritiesMember2025-12-310000891478san:NotAtFairValueMemberifrs-full:DebtSecuritiesMember2024-12-310000891478ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberifrs-full:DebtSecuritiesMember2024-12-310000891478ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberifrs-full:DebtSecuritiesMember2024-12-310000891478ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberifrs-full:DebtSecuritiesMember2024-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberifrs-full:DebtSecuritiesMember2024-12-310000891478san:NotAtFairValueMemberifrs-full:DebtSecuritiesMember2023-12-310000891478ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberifrs-full:DebtSecuritiesMember2023-12-310000891478ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberifrs-full:DebtSecuritiesMember2023-12-310000891478ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberifrs-full:DebtSecuritiesMember2023-12-310000891478ifrs-full:Level3OfFairValueHierarchyMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberifrs-full:DebtSecuritiesMember2023-12-310000891478san:RepurchaseAgreementsAssetsMember2025-12-310000891478san:RepurchaseAgreementsAssetsMember2024-12-310000891478san:RepurchaseAgreementsAssetsMember2023-12-310000891478san:RepurchaseAgreementsLiabilitiesMember2025-12-310000891478san:RepurchaseAgreementsLiabilitiesMember2024-12-310000891478san:RepurchaseAgreementsLiabilitiesMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:LoansAndAdvancesCustomersMembersan:RetailAndCommercialBankingMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:LoansAndAdvancesCustomersMembersan:OpenbankSegmentMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:LoansAndAdvancesCustomersMembersan:CorporateAndInvestmentBankingSegmentMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:LoansAndAdvancesCustomersMembersan:WealthManagementAndInsuranceSegmentMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:LoansAndAdvancesCustomersMembersan:PaymentSolutionsSegmentMember2025-12-310000891478san:CorporateCenterMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:RetailAndCommercialBankingMembersan:DepositsCustomersMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:OpenbankSegmentMembersan:DepositsCustomersMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:CorporateAndInvestmentBankingSegmentMembersan:DepositsCustomersMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:WealthManagementAndInsuranceSegmentMembersan:DepositsCustomersMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:PaymentSolutionsSegmentMembersan:DepositsCustomersMember2025-12-310000891478san:CorporateCenterMembersan:DepositsCustomersMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:GrossLoansAndAdvancesToCustomersMembersan:RetailAndCommercialBankingMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:GrossLoansAndAdvancesToCustomersMembersan:OpenbankSegmentMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:GrossLoansAndAdvancesToCustomersMembersan:CorporateAndInvestmentBankingSegmentMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:GrossLoansAndAdvancesToCustomersMembersan:WealthManagementAndInsuranceSegmentMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:GrossLoansAndAdvancesToCustomersMembersan:PaymentSolutionsSegmentMember2025-12-310000891478san:CorporateCenterMembersan:GrossLoansAndAdvancesToCustomersMember2025-12-310000891478san:GrossLoansAndAdvancesToCustomersMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:CustomerFundsMembersan:RetailAndCommercialBankingMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:CustomerFundsMembersan:OpenbankSegmentMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:CustomerFundsMembersan:CorporateAndInvestmentBankingSegmentMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:CustomerFundsMembersan:WealthManagementAndInsuranceSegmentMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:CustomerFundsMembersan:PaymentSolutionsSegmentMember2025-12-310000891478san:CorporateCenterMembersan:CustomerFundsMember2025-12-310000891478san:CustomerFundsMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:DepositsCustomersMembersan:RetailAndCommercialBankingMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:DepositsCustomersMembersan:OpenbankSegmentMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:DepositsCustomersMembersan:CorporateAndInvestmentBankingSegmentMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:DepositsCustomersMembersan:WealthManagementAndInsuranceSegmentMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:DepositsCustomersMembersan:PaymentSolutionsSegmentMember2025-12-310000891478san:CorporateCenterMembersan:DepositsCustomersMember2025-12-310000891478san:DepositsCustomersMember2025-12-310000891478ifrs-full:OperatingSegmentsMemberifrs-full:InvestmentFundsMembersan:RetailAndCommercialBankingMember2025-12-310000891478ifrs-full:OperatingSegmentsMemberifrs-full:InvestmentFundsMembersan:OpenbankSegmentMember2025-12-310000891478ifrs-full:OperatingSegmentsMemberifrs-full:InvestmentFundsMembersan:CorporateAndInvestmentBankingSegmentMember2025-12-310000891478ifrs-full:OperatingSegmentsMemberifrs-full:InvestmentFundsMembersan:WealthManagementAndInsuranceSegmentMember2025-12-310000891478ifrs-full:OperatingSegmentsMemberifrs-full:InvestmentFundsMembersan:PaymentSolutionsSegmentMember2025-12-310000891478san:CorporateCenterMemberifrs-full:InvestmentFundsMember2025-12-310000891478ifrs-full:InvestmentFundsMember2025-12-310000891478ifrs-full:OperatingSegmentsMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMembersan:RetailAndCommercialBankingMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMembersan:OpenbankSegmentMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMembersan:CorporateAndInvestmentBankingSegmentMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMembersan:WealthManagementAndInsuranceSegmentMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMembersan:PaymentSolutionsSegmentMember2024-12-310000891478san:CorporateCenterMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2024-12-310000891478san:LoansAndAdvancesCustomersExcludingPolandDisposalMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:RetailAndCommercialBankingMembersan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:OpenbankSegmentMembersan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:CorporateAndInvestmentBankingSegmentMembersan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:WealthManagementAndInsuranceSegmentMembersan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:PaymentSolutionsSegmentMembersan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478san:CorporateCenterMembersan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478san:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:GrossLoansAndAdvancesToCustomersMembersan:RetailAndCommercialBankingMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:GrossLoansAndAdvancesToCustomersMembersan:OpenbankSegmentMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:GrossLoansAndAdvancesToCustomersMembersan:CorporateAndInvestmentBankingSegmentMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:GrossLoansAndAdvancesToCustomersMembersan:WealthManagementAndInsuranceSegmentMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:GrossLoansAndAdvancesToCustomersMembersan:PaymentSolutionsSegmentMember2024-12-310000891478san:CorporateCenterMembersan:GrossLoansAndAdvancesToCustomersMember2024-12-310000891478san:GrossLoansAndAdvancesToCustomersMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:CustomerFundsMembersan:RetailAndCommercialBankingMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:CustomerFundsMembersan:OpenbankSegmentMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:CustomerFundsMembersan:CorporateAndInvestmentBankingSegmentMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:CustomerFundsMembersan:WealthManagementAndInsuranceSegmentMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:CustomerFundsMembersan:PaymentSolutionsSegmentMember2024-12-310000891478san:CorporateCenterMembersan:CustomerFundsMember2024-12-310000891478san:CustomerFundsMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:DepositsCustomersMembersan:RetailAndCommercialBankingMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:DepositsCustomersMembersan:OpenbankSegmentMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:DepositsCustomersMembersan:CorporateAndInvestmentBankingSegmentMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:DepositsCustomersMembersan:WealthManagementAndInsuranceSegmentMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:DepositsCustomersMembersan:PaymentSolutionsSegmentMember2024-12-310000891478san:CorporateCenterMembersan:DepositsCustomersMember2024-12-310000891478san:DepositsCustomersMember2024-12-310000891478ifrs-full:OperatingSegmentsMemberifrs-full:InvestmentFundsMembersan:RetailAndCommercialBankingMember2024-12-310000891478ifrs-full:OperatingSegmentsMemberifrs-full:InvestmentFundsMembersan:OpenbankSegmentMember2024-12-310000891478ifrs-full:OperatingSegmentsMemberifrs-full:InvestmentFundsMembersan:CorporateAndInvestmentBankingSegmentMember2024-12-310000891478ifrs-full:OperatingSegmentsMemberifrs-full:InvestmentFundsMembersan:WealthManagementAndInsuranceSegmentMember2024-12-310000891478ifrs-full:OperatingSegmentsMemberifrs-full:InvestmentFundsMembersan:PaymentSolutionsSegmentMember2024-12-310000891478san:CorporateCenterMemberifrs-full:InvestmentFundsMember2024-12-310000891478ifrs-full:InvestmentFundsMember2024-12-310000891478ifrs-full:OperatingSegmentsMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMembersan:RetailAndCommercialBankingMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMembersan:OpenbankSegmentMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMembersan:CorporateAndInvestmentBankingSegmentMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMembersan:WealthManagementAndInsuranceSegmentMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMembersan:PaymentSolutionsSegmentMember2023-12-310000891478san:CorporateCenterMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2023-12-310000891478san:LoansAndAdvancesCustomersExcludingPolandDisposalMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:RetailAndCommercialBankingMembersan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:OpenbankSegmentMembersan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:CorporateAndInvestmentBankingSegmentMembersan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:WealthManagementAndInsuranceSegmentMembersan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:PaymentSolutionsSegmentMembersan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478san:CorporateCenterMembersan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478san:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:GrossLoansAndAdvancesToCustomersMembersan:RetailAndCommercialBankingMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:GrossLoansAndAdvancesToCustomersMembersan:OpenbankSegmentMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:GrossLoansAndAdvancesToCustomersMembersan:CorporateAndInvestmentBankingSegmentMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:GrossLoansAndAdvancesToCustomersMembersan:WealthManagementAndInsuranceSegmentMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:GrossLoansAndAdvancesToCustomersMembersan:PaymentSolutionsSegmentMember2023-12-310000891478san:CorporateCenterMembersan:GrossLoansAndAdvancesToCustomersMember2023-12-310000891478san:GrossLoansAndAdvancesToCustomersMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:CustomerFundsMembersan:RetailAndCommercialBankingMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:CustomerFundsMembersan:OpenbankSegmentMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:CustomerFundsMembersan:CorporateAndInvestmentBankingSegmentMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:CustomerFundsMembersan:WealthManagementAndInsuranceSegmentMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:CustomerFundsMembersan:PaymentSolutionsSegmentMember2023-12-310000891478san:CorporateCenterMembersan:CustomerFundsMember2023-12-310000891478san:CustomerFundsMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:DepositsCustomersMembersan:RetailAndCommercialBankingMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:DepositsCustomersMembersan:OpenbankSegmentMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:DepositsCustomersMembersan:CorporateAndInvestmentBankingSegmentMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:DepositsCustomersMembersan:WealthManagementAndInsuranceSegmentMember2023-12-310000891478ifrs-full:OperatingSegmentsMembersan:DepositsCustomersMembersan:PaymentSolutionsSegmentMember2023-12-310000891478san:CorporateCenterMembersan:DepositsCustomersMember2023-12-310000891478san:DepositsCustomersMember2023-12-310000891478ifrs-full:OperatingSegmentsMemberifrs-full:InvestmentFundsMembersan:RetailAndCommercialBankingMember2023-12-310000891478ifrs-full:OperatingSegmentsMemberifrs-full:InvestmentFundsMembersan:OpenbankSegmentMember2023-12-310000891478ifrs-full:OperatingSegmentsMemberifrs-full:InvestmentFundsMembersan:CorporateAndInvestmentBankingSegmentMember2023-12-310000891478ifrs-full:OperatingSegmentsMemberifrs-full:InvestmentFundsMembersan:WealthManagementAndInsuranceSegmentMember2023-12-310000891478ifrs-full:OperatingSegmentsMemberifrs-full:InvestmentFundsMembersan:PaymentSolutionsSegmentMember2023-12-310000891478san:CorporateCenterMemberifrs-full:InvestmentFundsMember2023-12-310000891478ifrs-full:InvestmentFundsMember2023-12-310000891478san:RetailAndCommercialBankingMembersan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478san:OpenbankSegmentMembersan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478san:CorporateAndInvestmentBankingSegmentMembersan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478san:WealthManagementAndInsuranceSegmentMembersan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478san:PaymentSolutionsSegmentMembersan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478san:CorporateCenterMembersan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478san:UnderlyingProfitItemsMember2025-01-012025-12-310000891478san:RetailAndCommercialBankingMembersan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478san:OpenbankSegmentMembersan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478san:CorporateAndInvestmentBankingSegmentMembersan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478san:WealthManagementAndInsuranceSegmentMembersan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478san:PaymentSolutionsSegmentMembersan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478san:CorporateCenterMembersan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478san:UnderlyingProfitItemsMember2024-01-012024-12-310000891478san:RetailAndCommercialBankingMembersan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478san:OpenbankSegmentMembersan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478san:CorporateAndInvestmentBankingSegmentMembersan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478san:WealthManagementAndInsuranceSegmentMembersan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478san:PaymentSolutionsSegmentMembersan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478san:CorporateCenterMembersan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478san:UnderlyingProfitItemsMember2023-01-012023-12-310000891478country:ESsan:LoansAndAdvancesCustomersMember2025-12-310000891478country:GBsan:LoansAndAdvancesCustomersMember2025-12-310000891478country:PTsan:LoansAndAdvancesCustomersMember2025-12-310000891478san:OpenbankEuropeMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478country:USsan:LoansAndAdvancesCustomersMember2025-12-310000891478country:MXsan:LoansAndAdvancesCustomersMember2025-12-310000891478country:ESsan:DepositsCustomersMember2025-12-310000891478country:GBsan:DepositsCustomersMember2025-12-310000891478country:PTsan:DepositsCustomersMember2025-12-310000891478san:OpenbankEuropeMembersan:DepositsCustomersMember2025-12-310000891478country:USsan:DepositsCustomersMember2025-12-310000891478country:MXsan:DepositsCustomersMember2025-12-310000891478country:ESsan:GrossLoansAndAdvancesToCustomersMember2025-12-310000891478country:GBsan:GrossLoansAndAdvancesToCustomersMember2025-12-310000891478country:PTsan:GrossLoansAndAdvancesToCustomersMember2025-12-310000891478san:OpenbankEuropeMembersan:GrossLoansAndAdvancesToCustomersMember2025-12-310000891478country:USsan:GrossLoansAndAdvancesToCustomersMember2025-12-310000891478country:MXsan:GrossLoansAndAdvancesToCustomersMember2025-12-310000891478country:ESsan:CustomerFundsMember2025-12-310000891478country:GBsan:CustomerFundsMember2025-12-310000891478country:PTsan:CustomerFundsMember2025-12-310000891478san:OpenbankEuropeMembersan:CustomerFundsMember2025-12-310000891478country:USsan:CustomerFundsMember2025-12-310000891478country:MXsan:CustomerFundsMember2025-12-310000891478country:ESsan:DepositsCustomersMember2025-12-310000891478country:GBsan:DepositsCustomersMember2025-12-310000891478country:PTsan:DepositsCustomersMember2025-12-310000891478san:OpenbankEuropeMembersan:DepositsCustomersMember2025-12-310000891478country:USsan:DepositsCustomersMember2025-12-310000891478country:MXsan:DepositsCustomersMember2025-12-310000891478country:ESifrs-full:InvestmentFundsMember2025-12-310000891478country:GBifrs-full:InvestmentFundsMember2025-12-310000891478country:PTifrs-full:InvestmentFundsMember2025-12-310000891478san:OpenbankEuropeMemberifrs-full:InvestmentFundsMember2025-12-310000891478country:USifrs-full:InvestmentFundsMember2025-12-310000891478country:MXifrs-full:InvestmentFundsMember2025-12-310000891478country:BRsan:LoansAndAdvancesCustomersMember2025-12-310000891478country:CLsan:LoansAndAdvancesCustomersMember2025-12-310000891478country:ARsan:LoansAndAdvancesCustomersMember2025-12-310000891478san:RestOfTheGroupMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478country:BRsan:DepositsCustomersMember2025-12-310000891478country:CLsan:DepositsCustomersMember2025-12-310000891478country:ARsan:DepositsCustomersMember2025-12-310000891478san:RestOfTheGroupMembersan:DepositsCustomersMember2025-12-310000891478country:BRsan:GrossLoansAndAdvancesToCustomersMember2025-12-310000891478country:CLsan:GrossLoansAndAdvancesToCustomersMember2025-12-310000891478country:ARsan:GrossLoansAndAdvancesToCustomersMember2025-12-310000891478san:RestOfTheGroupMembersan:GrossLoansAndAdvancesToCustomersMember2025-12-310000891478country:BRsan:CustomerFundsMember2025-12-310000891478country:CLsan:CustomerFundsMember2025-12-310000891478country:ARsan:CustomerFundsMember2025-12-310000891478san:RestOfTheGroupMembersan:CustomerFundsMember2025-12-310000891478country:BRsan:DepositsCustomersMember2025-12-310000891478country:CLsan:DepositsCustomersMember2025-12-310000891478country:ARsan:DepositsCustomersMember2025-12-310000891478san:RestOfTheGroupMembersan:DepositsCustomersMember2025-12-310000891478country:BRifrs-full:InvestmentFundsMember2025-12-310000891478country:CLifrs-full:InvestmentFundsMember2025-12-310000891478country:ARifrs-full:InvestmentFundsMember2025-12-310000891478san:RestOfTheGroupMemberifrs-full:InvestmentFundsMember2025-12-310000891478country:ESsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2024-12-310000891478country:GBsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2024-12-310000891478country:PTsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2024-12-310000891478san:OpenbankEuropeMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2024-12-310000891478country:USsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2024-12-310000891478country:MXsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2024-12-310000891478country:ESsan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478country:GBsan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478country:PTsan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478san:OpenbankEuropeMembersan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478country:USsan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478country:MXsan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478country:ESsan:GrossLoansAndAdvancesToCustomersMember2024-12-310000891478country:GBsan:GrossLoansAndAdvancesToCustomersMember2024-12-310000891478country:PTsan:GrossLoansAndAdvancesToCustomersMember2024-12-310000891478san:OpenbankEuropeMembersan:GrossLoansAndAdvancesToCustomersMember2024-12-310000891478country:USsan:GrossLoansAndAdvancesToCustomersMember2024-12-310000891478country:MXsan:GrossLoansAndAdvancesToCustomersMember2024-12-310000891478country:ESsan:CustomerFundsMember2024-12-310000891478country:GBsan:CustomerFundsMember2024-12-310000891478country:PTsan:CustomerFundsMember2024-12-310000891478san:OpenbankEuropeMembersan:CustomerFundsMember2024-12-310000891478country:USsan:CustomerFundsMember2024-12-310000891478country:MXsan:CustomerFundsMember2024-12-310000891478country:ESsan:DepositsCustomersMember2024-12-310000891478country:GBsan:DepositsCustomersMember2024-12-310000891478country:PTsan:DepositsCustomersMember2024-12-310000891478san:OpenbankEuropeMembersan:DepositsCustomersMember2024-12-310000891478country:USsan:DepositsCustomersMember2024-12-310000891478country:MXsan:DepositsCustomersMember2024-12-310000891478country:ESifrs-full:InvestmentFundsMember2024-12-310000891478country:GBifrs-full:InvestmentFundsMember2024-12-310000891478country:PTifrs-full:InvestmentFundsMember2024-12-310000891478san:OpenbankEuropeMemberifrs-full:InvestmentFundsMember2024-12-310000891478country:USifrs-full:InvestmentFundsMember2024-12-310000891478country:MXifrs-full:InvestmentFundsMember2024-12-310000891478country:BRsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2024-12-310000891478country:CLsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2024-12-310000891478country:ARsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2024-12-310000891478san:RestOfTheGroupMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2024-12-310000891478country:BRsan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478country:CLsan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478country:ARsan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478san:RestOfTheGroupMembersan:DepositsCustomersExcludingPolandDisposalMember2024-12-310000891478country:BRsan:GrossLoansAndAdvancesToCustomersMember2024-12-310000891478country:CLsan:GrossLoansAndAdvancesToCustomersMember2024-12-310000891478country:ARsan:GrossLoansAndAdvancesToCustomersMember2024-12-310000891478san:RestOfTheGroupMembersan:GrossLoansAndAdvancesToCustomersMember2024-12-310000891478country:BRsan:CustomerFundsMember2024-12-310000891478country:CLsan:CustomerFundsMember2024-12-310000891478country:ARsan:CustomerFundsMember2024-12-310000891478san:RestOfTheGroupMembersan:CustomerFundsMember2024-12-310000891478country:BRsan:DepositsCustomersMember2024-12-310000891478country:CLsan:DepositsCustomersMember2024-12-310000891478country:ARsan:DepositsCustomersMember2024-12-310000891478san:RestOfTheGroupMembersan:DepositsCustomersMember2024-12-310000891478country:BRifrs-full:InvestmentFundsMember2024-12-310000891478country:CLifrs-full:InvestmentFundsMember2024-12-310000891478country:ARifrs-full:InvestmentFundsMember2024-12-310000891478san:RestOfTheGroupMemberifrs-full:InvestmentFundsMember2024-12-310000891478country:ESsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2023-12-310000891478country:GBsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2023-12-310000891478country:PTsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2023-12-310000891478san:OpenbankEuropeMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2023-12-310000891478country:USsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2023-12-310000891478country:MXsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2023-12-310000891478country:ESsan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478country:GBsan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478country:PTsan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478san:OpenbankEuropeMembersan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478country:USsan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478country:MXsan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478country:ESsan:GrossLoansAndAdvancesToCustomersMember2023-12-310000891478country:GBsan:GrossLoansAndAdvancesToCustomersMember2023-12-310000891478country:PTsan:GrossLoansAndAdvancesToCustomersMember2023-12-310000891478san:OpenbankEuropeMembersan:GrossLoansAndAdvancesToCustomersMember2023-12-310000891478country:USsan:GrossLoansAndAdvancesToCustomersMember2023-12-310000891478country:MXsan:GrossLoansAndAdvancesToCustomersMember2023-12-310000891478country:ESsan:CustomerFundsMember2023-12-310000891478country:GBsan:CustomerFundsMember2023-12-310000891478country:PTsan:CustomerFundsMember2023-12-310000891478san:OpenbankEuropeMembersan:CustomerFundsMember2023-12-310000891478country:USsan:CustomerFundsMember2023-12-310000891478country:MXsan:CustomerFundsMember2023-12-310000891478country:ESsan:DepositsCustomersMember2023-12-310000891478country:GBsan:DepositsCustomersMember2023-12-310000891478country:PTsan:DepositsCustomersMember2023-12-310000891478san:OpenbankEuropeMembersan:DepositsCustomersMember2023-12-310000891478country:USsan:DepositsCustomersMember2023-12-310000891478country:MXsan:DepositsCustomersMember2023-12-310000891478country:ESifrs-full:InvestmentFundsMember2023-12-310000891478country:GBifrs-full:InvestmentFundsMember2023-12-310000891478country:PTifrs-full:InvestmentFundsMember2023-12-310000891478san:OpenbankEuropeMemberifrs-full:InvestmentFundsMember2023-12-310000891478country:USifrs-full:InvestmentFundsMember2023-12-310000891478country:MXifrs-full:InvestmentFundsMember2023-12-310000891478country:BRsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2023-12-310000891478country:CLsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2023-12-310000891478country:ARsan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2023-12-310000891478san:RestOfTheGroupMembersan:LoansAndAdvancesCustomersExcludingPolandDisposalMember2023-12-310000891478country:BRsan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478country:CLsan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478country:ARsan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478san:RestOfTheGroupMembersan:DepositsCustomersExcludingPolandDisposalMember2023-12-310000891478country:BRsan:GrossLoansAndAdvancesToCustomersMember2023-12-310000891478country:CLsan:GrossLoansAndAdvancesToCustomersMember2023-12-310000891478country:ARsan:GrossLoansAndAdvancesToCustomersMember2023-12-310000891478san:RestOfTheGroupMembersan:GrossLoansAndAdvancesToCustomersMember2023-12-310000891478country:BRsan:CustomerFundsMember2023-12-310000891478country:CLsan:CustomerFundsMember2023-12-310000891478country:ARsan:CustomerFundsMember2023-12-310000891478san:RestOfTheGroupMembersan:CustomerFundsMember2023-12-310000891478country:BRsan:DepositsCustomersMember2023-12-310000891478country:CLsan:DepositsCustomersMember2023-12-310000891478country:ARsan:DepositsCustomersMember2023-12-310000891478san:RestOfTheGroupMembersan:DepositsCustomersMember2023-12-310000891478country:BRifrs-full:InvestmentFundsMember2023-12-310000891478country:CLifrs-full:InvestmentFundsMember2023-12-310000891478country:ARifrs-full:InvestmentFundsMember2023-12-310000891478san:RestOfTheGroupMemberifrs-full:InvestmentFundsMember2023-12-310000891478country:ESsan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478country:GBsan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478country:PTsan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478san:OpenbankEuropeMembersan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478country:USsan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478country:MXsan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478country:BRsan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478country:CLsan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478country:ARsan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478san:RestOfTheGroupMembersan:UnderlyingProfitItemsMember2025-01-012025-12-310000891478country:ESsan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478country:GBsan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478country:PTsan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478san:OpenbankEuropeMembersan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478country:USsan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478country:MXsan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478country:BRsan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478country:CLsan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478country:ARsan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478san:RestOfTheGroupMembersan:UnderlyingProfitItemsMember2024-01-012024-12-310000891478country:ESsan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478country:GBsan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478country:PTsan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478san:OpenbankEuropeMembersan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478country:USsan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478country:MXsan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478country:BRsan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478country:CLsan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478country:ARsan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478san:RestOfTheGroupMembersan:UnderlyingProfitItemsMember2023-01-012023-12-310000891478san:AdjustmentDueToPolandDisposalMember2025-01-012025-12-310000891478ifrs-full:MaterialReconcilingItemsMember2025-01-012025-12-310000891478ifrs-full:MaterialReconcilingItemsMembercountry:BR2025-01-012025-12-310000891478ifrs-full:MaterialReconcilingItemsMembercountry:BR2025-12-310000891478san:AdjustmentDueToPolandDisposalMember2024-01-012024-12-310000891478ifrs-full:MaterialReconcilingItemsMember2024-01-012024-12-310000891478san:FinancialConductAuthorityFCAReviewOfTheVehicleFinanceMarketMembercountry:GBsan:ProvisionsForTaxesAndOtherLegalContingenciesAndOtherProvisionsMember2024-01-012024-12-310000891478san:MerchantPlatformInGermanyAndSuperdigitalInLatinAmericaMember2024-01-012024-12-310000891478ifrs-full:MaterialReconcilingItemsMembercountry:BR2024-01-012024-12-310000891478ifrs-full:MaterialReconcilingItemsMembercountry:BR2024-12-310000891478san:AdjustmentDueToPolandDisposalMember2023-01-012023-12-310000891478ifrs-full:MaterialReconcilingItemsMember2023-01-012023-12-310000891478ifrs-full:MaterialReconcilingItemsMembercountry:BR2023-12-310000891478ifrs-full:MaterialReconcilingItemsMembercountry:BR2023-01-012023-12-310000891478san:BrazilAndOpenbankSegmentMember2023-01-012023-12-310000891478san:AssociatesAndJointVenturesMember2025-12-310000891478ifrs-full:OtherRelatedPartiesMember2025-12-310000891478san:AssociatesAndJointVenturesMembersan:CashCashBalanceAtCentralBanksAndOtherDepositsOnDemandMember2025-12-310000891478srt:DirectorMembersan:CashCashBalanceAtCentralBanksAndOtherDepositsOnDemandMember2025-12-310000891478san:SeniorManagementMembersan:CashCashBalanceAtCentralBanksAndOtherDepositsOnDemandMember2025-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:CashCashBalanceAtCentralBanksAndOtherDepositsOnDemandMember2025-12-310000891478san:AssociatesAndJointVenturesMembersan:LoansAndAdvancesCreditInstitutionsMember2025-12-310000891478srt:DirectorMembersan:LoansAndAdvancesCreditInstitutionsMember2025-12-310000891478san:SeniorManagementMembersan:LoansAndAdvancesCreditInstitutionsMember2025-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:LoansAndAdvancesCreditInstitutionsMember2025-12-310000891478san:AssociatesAndJointVenturesMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478srt:DirectorMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478san:SeniorManagementMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478san:AssociatesAndJointVenturesMemberifrs-full:DebtSecuritiesMember2025-12-310000891478srt:DirectorMemberifrs-full:DebtSecuritiesMember2025-12-310000891478san:SeniorManagementMemberifrs-full:DebtSecuritiesMember2025-12-310000891478ifrs-full:OtherRelatedPartiesMemberifrs-full:DebtSecuritiesMember2025-12-310000891478san:AssociatesAndJointVenturesMembersan:OtherFinancialAssetsMember2025-12-310000891478srt:DirectorMembersan:OtherFinancialAssetsMember2025-12-310000891478san:SeniorManagementMembersan:OtherFinancialAssetsMember2025-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:OtherFinancialAssetsMember2025-12-310000891478san:AssociatesAndJointVenturesMembersan:DepositsCreditInstitutionsMember2025-12-310000891478srt:DirectorMembersan:DepositsCreditInstitutionsMember2025-12-310000891478san:SeniorManagementMembersan:DepositsCreditInstitutionsMember2025-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:DepositsCreditInstitutionsMember2025-12-310000891478san:AssociatesAndJointVenturesMembersan:DepositsCustomersMember2025-12-310000891478srt:DirectorMembersan:DepositsCustomersMember2025-12-310000891478san:SeniorManagementMembersan:DepositsCustomersMember2025-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:DepositsCustomersMember2025-12-310000891478san:AssociatesAndJointVenturesMembersan:DebtInstrumentsMember2025-12-310000891478srt:DirectorMembersan:DebtInstrumentsMember2025-12-310000891478san:SeniorManagementMembersan:DebtInstrumentsMember2025-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:DebtInstrumentsMember2025-12-310000891478san:AssociatesAndJointVenturesMembersan:OtherFinancialLiabilitiesMember2025-12-310000891478srt:DirectorMembersan:OtherFinancialLiabilitiesMember2025-12-310000891478san:SeniorManagementMembersan:OtherFinancialLiabilitiesMember2025-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:OtherFinancialLiabilitiesMember2025-12-310000891478san:AssociatesAndJointVenturesMember2025-01-012025-12-310000891478ifrs-full:OtherRelatedPartiesMember2025-01-012025-12-310000891478san:AssociatesAndJointVenturesMember2024-12-310000891478ifrs-full:OtherRelatedPartiesMember2024-12-310000891478san:AssociatesAndJointVenturesMembersan:CashCashBalanceAtCentralBanksAndOtherDepositsOnDemandMember2024-12-310000891478srt:DirectorMembersan:CashCashBalanceAtCentralBanksAndOtherDepositsOnDemandMember2024-12-310000891478san:SeniorManagementMembersan:CashCashBalanceAtCentralBanksAndOtherDepositsOnDemandMember2024-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:CashCashBalanceAtCentralBanksAndOtherDepositsOnDemandMember2024-12-310000891478san:AssociatesAndJointVenturesMembersan:LoansAndAdvancesCreditInstitutionsMember2024-12-310000891478srt:DirectorMembersan:LoansAndAdvancesCreditInstitutionsMember2024-12-310000891478san:SeniorManagementMembersan:LoansAndAdvancesCreditInstitutionsMember2024-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:LoansAndAdvancesCreditInstitutionsMember2024-12-310000891478san:AssociatesAndJointVenturesMembersan:LoansAndAdvancesCustomersMember2024-12-310000891478srt:DirectorMembersan:LoansAndAdvancesCustomersMember2024-12-310000891478san:SeniorManagementMembersan:LoansAndAdvancesCustomersMember2024-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:LoansAndAdvancesCustomersMember2024-12-310000891478san:AssociatesAndJointVenturesMemberifrs-full:DebtSecuritiesMember2024-12-310000891478srt:DirectorMemberifrs-full:DebtSecuritiesMember2024-12-310000891478san:SeniorManagementMemberifrs-full:DebtSecuritiesMember2024-12-310000891478ifrs-full:OtherRelatedPartiesMemberifrs-full:DebtSecuritiesMember2024-12-310000891478san:AssociatesAndJointVenturesMembersan:OtherFinancialAssetsMember2024-12-310000891478srt:DirectorMembersan:OtherFinancialAssetsMember2024-12-310000891478san:SeniorManagementMembersan:OtherFinancialAssetsMember2024-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:OtherFinancialAssetsMember2024-12-310000891478san:AssociatesAndJointVenturesMembersan:DepositsCreditInstitutionsMember2024-12-310000891478srt:DirectorMembersan:DepositsCreditInstitutionsMember2024-12-310000891478san:SeniorManagementMembersan:DepositsCreditInstitutionsMember2024-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:DepositsCreditInstitutionsMember2024-12-310000891478san:AssociatesAndJointVenturesMembersan:DepositsCustomersMember2024-12-310000891478srt:DirectorMembersan:DepositsCustomersMember2024-12-310000891478san:SeniorManagementMembersan:DepositsCustomersMember2024-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:DepositsCustomersMember2024-12-310000891478san:AssociatesAndJointVenturesMembersan:DebtInstrumentsMember2024-12-310000891478srt:DirectorMembersan:DebtInstrumentsMember2024-12-310000891478san:SeniorManagementMembersan:DebtInstrumentsMember2024-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:DebtInstrumentsMember2024-12-310000891478san:AssociatesAndJointVenturesMembersan:OtherFinancialLiabilitiesMember2024-12-310000891478srt:DirectorMembersan:OtherFinancialLiabilitiesMember2024-12-310000891478san:SeniorManagementMembersan:OtherFinancialLiabilitiesMember2024-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:OtherFinancialLiabilitiesMember2024-12-310000891478san:AssociatesAndJointVenturesMember2024-01-012024-12-310000891478ifrs-full:OtherRelatedPartiesMember2024-01-012024-12-310000891478san:AssociatesAndJointVenturesMember2023-12-310000891478srt:DirectorMember2023-12-310000891478san:SeniorManagementMember2023-12-310000891478ifrs-full:OtherRelatedPartiesMember2023-12-310000891478san:AssociatesAndJointVenturesMembersan:CashCashBalanceAtCentralBanksAndOtherDepositsOnDemandMember2023-12-310000891478srt:DirectorMembersan:CashCashBalanceAtCentralBanksAndOtherDepositsOnDemandMember2023-12-310000891478san:SeniorManagementMembersan:CashCashBalanceAtCentralBanksAndOtherDepositsOnDemandMember2023-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:CashCashBalanceAtCentralBanksAndOtherDepositsOnDemandMember2023-12-310000891478san:AssociatesAndJointVenturesMembersan:LoansAndAdvancesCreditInstitutionsMember2023-12-310000891478srt:DirectorMembersan:LoansAndAdvancesCreditInstitutionsMember2023-12-310000891478san:SeniorManagementMembersan:LoansAndAdvancesCreditInstitutionsMember2023-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:LoansAndAdvancesCreditInstitutionsMember2023-12-310000891478san:AssociatesAndJointVenturesMembersan:LoansAndAdvancesCustomersMember2023-12-310000891478srt:DirectorMembersan:LoansAndAdvancesCustomersMember2023-12-310000891478san:SeniorManagementMembersan:LoansAndAdvancesCustomersMember2023-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:LoansAndAdvancesCustomersMember2023-12-310000891478san:AssociatesAndJointVenturesMemberifrs-full:DebtSecuritiesMember2023-12-310000891478srt:DirectorMemberifrs-full:DebtSecuritiesMember2023-12-310000891478san:SeniorManagementMemberifrs-full:DebtSecuritiesMember2023-12-310000891478ifrs-full:OtherRelatedPartiesMemberifrs-full:DebtSecuritiesMember2023-12-310000891478san:AssociatesAndJointVenturesMembersan:OtherFinancialAssetsMember2023-12-310000891478srt:DirectorMembersan:OtherFinancialAssetsMember2023-12-310000891478san:SeniorManagementMembersan:OtherFinancialAssetsMember2023-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:OtherFinancialAssetsMember2023-12-310000891478san:AssociatesAndJointVenturesMembersan:DepositsCreditInstitutionsMember2023-12-310000891478srt:DirectorMembersan:DepositsCreditInstitutionsMember2023-12-310000891478san:SeniorManagementMembersan:DepositsCreditInstitutionsMember2023-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:DepositsCreditInstitutionsMember2023-12-310000891478san:AssociatesAndJointVenturesMembersan:DepositsCustomersMember2023-12-310000891478srt:DirectorMembersan:DepositsCustomersMember2023-12-310000891478san:SeniorManagementMembersan:DepositsCustomersMember2023-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:DepositsCustomersMember2023-12-310000891478san:AssociatesAndJointVenturesMembersan:DebtInstrumentsMember2023-12-310000891478srt:DirectorMembersan:DebtInstrumentsMember2023-12-310000891478san:SeniorManagementMembersan:DebtInstrumentsMember2023-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:DebtInstrumentsMember2023-12-310000891478san:AssociatesAndJointVenturesMembersan:OtherFinancialLiabilitiesMember2023-12-310000891478srt:DirectorMembersan:OtherFinancialLiabilitiesMember2023-12-310000891478san:SeniorManagementMembersan:OtherFinancialLiabilitiesMember2023-12-310000891478ifrs-full:OtherRelatedPartiesMembersan:OtherFinancialLiabilitiesMember2023-12-310000891478san:AssociatesAndJointVenturesMember2023-01-012023-12-310000891478srt:DirectorMember2023-01-012023-12-310000891478san:SeniorManagementMember2023-01-012023-12-310000891478ifrs-full:OtherRelatedPartiesMember2023-01-012023-12-310000891478ifrs-full:CountryOfDomicileMembersan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478ifrs-full:CountryOfDomicileMembersan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:CreditRiskMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:CreditRiskMemberifrs-full:CountryOfDomicileMember2024-12-310000891478ifrs-full:CreditRiskMemberifrs-full:CountryOfDomicileMember2023-12-310000891478country:GBsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478country:GBsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478country:GBsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:GBsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:GBsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:GBsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:CreditRiskMembercountry:GB2025-12-310000891478ifrs-full:CreditRiskMembercountry:GB2024-12-310000891478ifrs-full:CreditRiskMembercountry:GB2023-12-310000891478country:PTsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478country:PTsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478country:PTsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:PTsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:PTsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:PTsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:CreditRiskMembercountry:PT2025-12-310000891478ifrs-full:CreditRiskMembercountry:PT2024-12-310000891478ifrs-full:CreditRiskMembercountry:PT2023-12-310000891478san:LoansAndAdvancesCustomersMembersan:OpenbankEuropeMemberifrs-full:CreditRiskMember2025-12-310000891478san:LoansAndAdvancesCustomersMembersan:OpenbankEuropeMemberifrs-full:CreditRiskMember2024-12-310000891478san:LoansAndAdvancesCustomersMembersan:OpenbankEuropeMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:LoansAndAdvancesCustomersMembersan:OpenbankEuropeMemberifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:LoansAndAdvancesCustomersMembersan:OpenbankEuropeMemberifrs-full:CreditRiskMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:LoansAndAdvancesCustomersMembersan:OpenbankEuropeMemberifrs-full:CreditRiskMember2023-12-310000891478san:OpenbankEuropeMemberifrs-full:CreditRiskMember2025-12-310000891478san:OpenbankEuropeMemberifrs-full:CreditRiskMember2024-12-310000891478san:OpenbankEuropeMemberifrs-full:CreditRiskMember2023-12-310000891478country:USsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478country:USsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478country:USsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:CreditRiskMembercountry:US2025-12-310000891478ifrs-full:CreditRiskMembercountry:US2024-12-310000891478ifrs-full:CreditRiskMembercountry:US2023-12-310000891478country:MXsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478country:MXsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478country:MXsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:MXsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:MXsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:MXsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:CreditRiskMembercountry:MX2025-12-310000891478ifrs-full:CreditRiskMembercountry:MX2024-12-310000891478ifrs-full:CreditRiskMembercountry:MX2023-12-310000891478country:BRsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478country:BRsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478country:BRsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:CreditRiskMembercountry:BR2025-12-310000891478ifrs-full:CreditRiskMembercountry:BR2024-12-310000891478ifrs-full:CreditRiskMembercountry:BR2023-12-310000891478country:CLsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478country:CLsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478country:CLsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:CLsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:CLsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:CLsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:CreditRiskMembercountry:CL2025-12-310000891478ifrs-full:CreditRiskMembercountry:CL2024-12-310000891478ifrs-full:CreditRiskMembercountry:CL2023-12-310000891478country:ARsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478country:ARsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478country:ARsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:ARsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:ARsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:ARsan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:CreditRiskMembercountry:AR2025-12-310000891478ifrs-full:CreditRiskMembercountry:AR2024-12-310000891478ifrs-full:CreditRiskMembercountry:AR2023-12-310000891478san:LoansAndAdvancesCustomersMembersan:CorporateCenterMemberifrs-full:CreditRiskMember2025-12-310000891478san:LoansAndAdvancesCustomersMembersan:CorporateCenterMemberifrs-full:CreditRiskMember2024-12-310000891478san:LoansAndAdvancesCustomersMembersan:CorporateCenterMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:LoansAndAdvancesCustomersMembersan:CorporateCenterMemberifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:LoansAndAdvancesCustomersMembersan:CorporateCenterMemberifrs-full:CreditRiskMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:LoansAndAdvancesCustomersMembersan:CorporateCenterMemberifrs-full:CreditRiskMember2023-12-310000891478san:CorporateCenterMemberifrs-full:CreditRiskMember2025-12-310000891478san:CorporateCenterMemberifrs-full:CreditRiskMember2024-12-310000891478san:CorporateCenterMemberifrs-full:CreditRiskMember2023-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478san:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:LoansAndAdvancesCustomersMemberifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:CreditRiskMember2024-12-310000891478ifrs-full:CreditRiskMember2023-12-310000891478ifrs-full:CreditRiskMember2025-01-012025-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAAAToAAMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAAAToAAMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromAAAToAAMember2025-12-310000891478san:FromAAAToAAMember2025-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAToBBMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAToBBMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromAToBBMember2025-12-310000891478san:FromAToBBMember2025-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromBBToBMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromBBToBMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromBBToBMember2025-12-310000891478san:FromBBToBMember2025-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CCCAndBelowMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CCCAndBelowMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:CCCAndBelowMember2025-12-310000891478san:CCCAndBelowMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersIncludingProvisionsForUndrawnAuthorizedMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersIncludingProvisionsForUndrawnAuthorizedMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersIncludingProvisionsForUndrawnAuthorizedMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersIncludingProvisionsForUndrawnAuthorizedMember2025-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAAAToAAMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAAAToAAMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromAAAToAAMember2024-12-310000891478san:FromAAAToAAMember2024-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAToBBMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAToBBMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromAToBBMember2024-12-310000891478san:FromAToBBMember2024-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromBBToBMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromBBToBMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromBBToBMember2024-12-310000891478san:FromBBToBMember2024-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CCCAndBelowMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CCCAndBelowMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:CCCAndBelowMember2024-12-310000891478san:CCCAndBelowMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersIncludingProvisionsForUndrawnAuthorizedMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersIncludingProvisionsForUndrawnAuthorizedMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersIncludingProvisionsForUndrawnAuthorizedMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersIncludingProvisionsForUndrawnAuthorizedMember2024-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAAAToAAMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAAAToAAMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromAAAToAAMember2023-12-310000891478san:FromAAAToAAMember2023-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAToBBMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAToBBMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromAToBBMember2023-12-310000891478san:FromAToBBMember2023-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromBBToBMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromBBToBMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromBBToBMember2023-12-310000891478san:FromBBToBMember2023-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CCCAndBelowMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CCCAndBelowMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:CCCAndBelowMember2023-12-310000891478san:CCCAndBelowMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersIncludingProvisionsForUndrawnAuthorizedMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersIncludingProvisionsForUndrawnAuthorizedMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersIncludingProvisionsForUndrawnAuthorizedMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersIncludingProvisionsForUndrawnAuthorizedMember2023-12-310000891478san:OtherGeographicalUnitsMember2025-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:OtherGeographicalUnitsMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:OtherGeographicalUnitsMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:OtherGeographicalUnitsMember2025-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:OtherGeographicalUnitsMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:OtherGeographicalUnitsMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:OtherGeographicalUnitsMember2024-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:OtherGeographicalUnitsMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:OtherGeographicalUnitsMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:OtherGeographicalUnitsMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:OtherGeographicalUnitsMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:OtherGeographicalUnitsMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:OtherGeographicalUnitsMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:OtherGeographicalUnitsMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:OtherGeographicalUnitsMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:OtherGeographicalUnitsMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:OtherGeographicalUnitsMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:OtherGeographicalUnitsMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:OtherGeographicalUnitsMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:OtherGeographicalUnitsMember2023-12-310000891478ifrs-full:FinancialInstrumentsPurchasedOrOriginatedCreditimpairedMember2025-12-310000891478ifrs-full:FinancialInstrumentsPurchasedOrOriginatedCreditimpairedMember2024-12-310000891478ifrs-full:FinancialInstrumentsPurchasedOrOriginatedCreditimpairedMember2023-12-310000891478country:GB2025-12-310000891478country:GB2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:SantanderUKPLCMemberifrs-full:MortgagesMembercountry:GB2025-12-310000891478san:SantanderUKPLCMemberifrs-full:MortgagesMembercountry:GB2025-12-310000891478san:SantanderUKPLCMemberifrs-full:MortgagesMembercountry:GB2025-01-012025-12-310000891478country:GBsan:SantanderUKPLCMember2025-12-310000891478country:GBsan:SantanderUKPLCMember2025-01-012025-12-310000891478san:SantanderUKPLCMembersan:LTVLessThan70PercentMemberifrs-full:MortgagesMembercountry:GBifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAAAToAAMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAAAToAAMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromAAAToAAMember2025-12-310000891478san:FromAAAToAAMembersan:SantanderUKPLCMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAToBBMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAToBBMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromAToBBMember2025-12-310000891478san:FromAToBBMembersan:SantanderUKPLCMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromBBToBMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromBBToBMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromBBToBMember2025-12-310000891478san:FromBBToBMembersan:SantanderUKPLCMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CCCAndBelowMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CCCAndBelowMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:CCCAndBelowMember2025-12-310000891478san:CCCAndBelowMembersan:SantanderUKPLCMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderUKPLCMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAAAToAAMember2024-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAAAToAAMember2024-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromAAAToAAMember2024-12-310000891478san:FromAAAToAAMembersan:SantanderUKPLCMember2024-12-310000891478san:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAToBBMember2024-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAToBBMember2024-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromAToBBMember2024-12-310000891478san:FromAToBBMembersan:SantanderUKPLCMember2024-12-310000891478san:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromBBToBMember2024-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromBBToBMember2024-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromBBToBMember2024-12-310000891478san:FromBBToBMembersan:SantanderUKPLCMember2024-12-310000891478san:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CCCAndBelowMember2024-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CCCAndBelowMember2024-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:CCCAndBelowMember2024-12-310000891478san:CCCAndBelowMembersan:SantanderUKPLCMember2024-12-310000891478san:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderUKPLCMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMember2024-12-310000891478san:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAAAToAAMember2023-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAAAToAAMember2023-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromAAAToAAMember2023-12-310000891478san:FromAAAToAAMembersan:SantanderUKPLCMember2023-12-310000891478san:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAToBBMember2023-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromAToBBMember2023-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromAToBBMember2023-12-310000891478san:FromAToBBMembersan:SantanderUKPLCMember2023-12-310000891478san:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromBBToBMember2023-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:FromBBToBMember2023-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:FromBBToBMember2023-12-310000891478san:FromBBToBMembersan:SantanderUKPLCMember2023-12-310000891478san:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CCCAndBelowMember2023-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembersan:CCCAndBelowMember2023-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembersan:CCCAndBelowMember2023-12-310000891478san:CCCAndBelowMembersan:SantanderUKPLCMember2023-12-310000891478san:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478san:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderUKPLCMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderUKPLCMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderUKPLCMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMember2023-12-310000891478san:SantanderUKPLCMember2025-01-012025-12-310000891478san:PessimisticScenarioTwoMembersan:SantanderUKPLCMember2025-01-012025-12-310000891478san:PessimisticScenarioOneMembersan:SantanderUKPLCMember2025-01-012025-12-310000891478san:BaseScenarioMembersan:SantanderUKPLCMember2025-01-012025-12-310000891478san:OptimisticScenarioMembersan:SantanderUKPLCMember2025-01-012025-12-310000891478san:PessimisticScenarioThreeMembersan:SantanderUKPLCMember2025-01-012025-12-310000891478san:PessimisticScenarioThreeMembersan:SantanderUKPLCMember2024-01-012024-12-310000891478san:PessimisticScenarioThreeMembersan:SantanderUKPLCMember2023-01-012023-12-310000891478san:PessimisticScenarioTwoMembersan:SantanderUKPLCMember2024-01-012024-12-310000891478san:PessimisticScenarioTwoMembersan:SantanderUKPLCMember2023-01-012023-12-310000891478san:PessimisticScenarioOneMembersan:SantanderUKPLCMember2024-01-012024-12-310000891478san:PessimisticScenarioOneMembersan:SantanderUKPLCMember2023-01-012023-12-310000891478san:BaseScenarioMembersan:SantanderUKPLCMember2024-01-012024-12-310000891478san:BaseScenarioMembersan:SantanderUKPLCMember2023-01-012023-12-310000891478san:OptimisticScenarioMembersan:SantanderUKPLCMember2024-01-012024-12-310000891478san:OptimisticScenarioMembersan:SantanderUKPLCMember2023-01-012023-12-310000891478san:SantanderUKPLCMembersan:HomePurchaseLoansMember2025-12-310000891478san:SantanderUKPLCMemberifrs-full:CorporateLoansMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMember2023-12-310000891478ifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMember2025-01-012025-12-310000891478ifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMember2024-01-012024-12-310000891478ifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMember2023-01-012023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:CreditImpairedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:IFRSUncollateralizedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:IFRSUncollateralizedMembersan:CreditImpairedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMembersan:CreditImpairedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:CreditImpairedMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:IFRSUncollateralizedMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:IFRSUncollateralizedMembersan:CreditImpairedMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMembersan:CreditImpairedMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:CreditImpairedMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:IFRSUncollateralizedMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:IFRSUncollateralizedMembersan:CreditImpairedMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMembersan:CreditImpairedMember2023-12-310000891478san:HomePurchaseLoansMemberifrs-full:CountryOfDomicileMember2025-12-310000891478san:HomePurchaseLoansMemberifrs-full:CountryOfDomicileMember2025-01-012025-12-310000891478san:HomePurchaseLoansMemberifrs-full:CountryOfDomicileMember2024-01-012024-12-310000891478san:HomePurchaseLoansMemberifrs-full:CountryOfDomicileMember2023-01-012023-12-310000891478ifrs-full:CountryOfDomicileMembersan:HomePurchaseLoansMembersan:RetailAndCommercialBankingMember2025-01-012025-12-310000891478ifrs-full:CountryOfDomicileMembersan:IFRSLTVLessThan80PercentMembersan:HomePurchaseLoansMemberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:LTBLessThanOrEqualTo40PercentMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:LTV40To60PercentMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:LTV60To80PercentMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:IFRSLTV80To100PercentMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:LTVMoreThan100PercentMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:LTBLessThanOrEqualTo40PercentMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMembersan:CreditImpairedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:LTV40To60PercentMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMembersan:CreditImpairedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:LTV60To80PercentMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMembersan:CreditImpairedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:IFRSLTV80To100PercentMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMembersan:CreditImpairedMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:LTVMoreThan100PercentMembersan:HomePurchaseLoansMembersan:IFRSCollateralPledgedMembersan:CreditImpairedMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:SmallAndMediumEntitiesAndCorporatesMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:SmallAndMediumEntitiesAndCorporatesMember2025-01-012025-12-310000891478ifrs-full:CountryOfDomicileMembersan:SmallAndMediumEntitiesAndCorporatesMember2024-12-310000891478ifrs-full:CountryOfDomicileMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:RealEstateOperationsInSpainSegmentMember2024-12-310000891478ifrs-full:CountryOfDomicileMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:RealEstateOperationsInSpainSegmentMember2023-12-310000891478ifrs-full:CountryOfDomicileMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:RealEstateOperationsInSpainSegmentMember2022-12-310000891478ifrs-full:CountryOfDomicileMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:RealEstateOperationsInSpainSegmentMember2025-01-012025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:RealEstateOperationsInSpainSegmentMember2024-01-012024-12-310000891478ifrs-full:CountryOfDomicileMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:RealEstateOperationsInSpainSegmentMember2023-01-012023-12-310000891478ifrs-full:CountryOfDomicileMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:CreditImpairedMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:CreditImpairedMembersan:RealEstateOperationsInSpainSegmentMember2024-12-310000891478ifrs-full:CountryOfDomicileMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:CreditImpairedMembersan:RealEstateOperationsInSpainSegmentMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:CountryOfDomicileMembersan:ConstructionAndPropertyDevelopmentLoansMemberifrs-full:ExpectedCreditLossesIndividuallyAssessedMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:CreditImpairedMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:CountryOfDomicileMembersan:ConstructionAndPropertyDevelopmentLoansMemberifrs-full:ExpectedCreditLossesIndividuallyAssessedMembersan:CreditImpairedMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:PrivateSectorMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:IFRSUncollateralizedMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:IFRSCollateralPledgedMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMemberifrs-full:BuildingsMembersan:IFRSCollateralPledgedMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMemberifrs-full:BuildingsMembersan:ResidentialPropertyCollateralMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMemberifrs-full:BuildingsMembersan:NonResidentialPropertyCollateralMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMemberifrs-full:ConstructionInProgressMembersan:IFRSCollateralPledgedMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMemberifrs-full:ConstructionInProgressMembersan:ResidentialPropertyCollateralMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMemberifrs-full:ConstructionInProgressMembersan:NonResidentialPropertyCollateralMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMemberifrs-full:LandMembersan:IFRSCollateralPledgedMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMemberifrs-full:LandMembersan:DevelopedLandCollateralMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMemberifrs-full:LandMembersan:UndevelopedLandCollateralMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:RealEstateOperationsInSpainSegmentMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMember2024-12-310000891478ifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMember2024-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMember2023-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-12-310000891478san:AccumulatedImpairmentSinceInitialImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:CompletedBuildingsMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:CompletedBuildingsMember2025-12-310000891478san:AccumulatedImpairmentSinceInitialImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:CompletedBuildingsMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:CompletedBuildingsMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ResidentialLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:CompletedBuildingsMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ResidentialLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:CompletedBuildingsMember2025-12-310000891478san:AccumulatedImpairmentSinceInitialImpairmentMembersan:ResidentialLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:CompletedBuildingsMember2025-12-310000891478san:ResidentialLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:CompletedBuildingsMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:OtherPurposesLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:CompletedBuildingsMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:OtherPurposesLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:CompletedBuildingsMember2025-12-310000891478san:AccumulatedImpairmentSinceInitialImpairmentMembersan:OtherPurposesLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:CompletedBuildingsMember2025-12-310000891478san:OtherPurposesLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:CompletedBuildingsMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:BuildingsAndOtherConstructionsUnderConstructionMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:BuildingsAndOtherConstructionsUnderConstructionMember2025-12-310000891478san:AccumulatedImpairmentSinceInitialImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:BuildingsAndOtherConstructionsUnderConstructionMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:BuildingsAndOtherConstructionsUnderConstructionMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ResidentialLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:BuildingsAndOtherConstructionsUnderConstructionMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ResidentialLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:BuildingsAndOtherConstructionsUnderConstructionMember2025-12-310000891478san:AccumulatedImpairmentSinceInitialImpairmentMembersan:ResidentialLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:BuildingsAndOtherConstructionsUnderConstructionMember2025-12-310000891478san:ResidentialLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:BuildingsAndOtherConstructionsUnderConstructionMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:OtherPurposesLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:BuildingsAndOtherConstructionsUnderConstructionMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:OtherPurposesLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:BuildingsAndOtherConstructionsUnderConstructionMember2025-12-310000891478san:AccumulatedImpairmentSinceInitialImpairmentMembersan:OtherPurposesLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:BuildingsAndOtherConstructionsUnderConstructionMember2025-12-310000891478san:OtherPurposesLoansMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:BuildingsAndOtherConstructionsUnderConstructionMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:LandLoansMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:LandLoansMember2025-12-310000891478san:AccumulatedImpairmentSinceInitialImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:LandLoansMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:LandLoansMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:DevelopedConsolidatedLandMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:LandLoansMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:DevelopedConsolidatedLandMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:LandLoansMember2025-12-310000891478san:AccumulatedImpairmentSinceInitialImpairmentMembersan:DevelopedConsolidatedLandMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:LandLoansMember2025-12-310000891478san:DevelopedConsolidatedLandMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:LandLoansMember2025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:LandLoansOtherMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:LandLoansMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:LandLoansOtherMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:LandLoansMember2025-12-310000891478san:AccumulatedImpairmentSinceInitialImpairmentMembersan:LandLoansOtherMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:LandLoansMember2025-12-310000891478san:LandLoansOtherMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:LandLoansMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:HomePurchaseLoansMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:HomePurchaseLoansMember2025-12-310000891478san:AccumulatedImpairmentSinceInitialImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:HomePurchaseLoansMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:HomePurchaseLoansMember2025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:OtherLoansMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:OtherLoansMember2025-12-310000891478san:AccumulatedImpairmentSinceInitialImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:OtherLoansMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMembersan:OtherLoansMember2025-12-310000891478san:AccumulatedImpairmentSinceInitialImpairmentMemberifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ForeclosedEquityInstrumentsMember2025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMember2025-01-012025-12-310000891478ifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMember2024-01-012024-12-310000891478ifrs-full:CountryOfDomicileMembersan:ForeclosedPropertiesMember2023-01-012023-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAAAToAAMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAAAToAAMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAAAToAAMember2025-12-310000891478san:FromAAAToAAMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAToBBMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAToBBMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAToBBMember2025-12-310000891478san:FromAToBBMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromBBToBMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromBBToBMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromBBToBMember2025-12-310000891478san:FromBBToBMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:CCCAndBelowMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:CCCAndBelowMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:CCCAndBelowMember2025-12-310000891478san:CCCAndBelowMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAAAToAAMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAAAToAAMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAAAToAAMember2024-12-310000891478san:FromAAAToAAMemberifrs-full:CountryOfDomicileMember2024-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAToBBMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAToBBMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAToBBMember2024-12-310000891478san:FromAToBBMemberifrs-full:CountryOfDomicileMember2024-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromBBToBMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromBBToBMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromBBToBMember2024-12-310000891478san:FromBBToBMemberifrs-full:CountryOfDomicileMember2024-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:CCCAndBelowMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:CCCAndBelowMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:CCCAndBelowMember2024-12-310000891478san:CCCAndBelowMemberifrs-full:CountryOfDomicileMember2024-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMember2024-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:CountryOfDomicileMember2024-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAAAToAAMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAAAToAAMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAAAToAAMember2023-12-310000891478san:FromAAAToAAMemberifrs-full:CountryOfDomicileMember2023-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAToBBMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAToBBMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromAToBBMember2023-12-310000891478san:FromAToBBMemberifrs-full:CountryOfDomicileMember2023-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromBBToBMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromBBToBMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:FromBBToBMember2023-12-310000891478san:FromBBToBMemberifrs-full:CountryOfDomicileMember2023-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:CCCAndBelowMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:CCCAndBelowMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMembersan:CCCAndBelowMember2023-12-310000891478san:CCCAndBelowMemberifrs-full:CountryOfDomicileMember2023-12-310000891478ifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMember2023-12-310000891478ifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMemberifrs-full:CountryOfDomicileMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMemberifrs-full:CountryOfDomicileMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:CountryOfDomicileMember2023-12-310000891478san:PessimisticScenarioMemberifrs-full:CountryOfDomicileMember2025-01-012025-12-310000891478san:BaseScenarioMemberifrs-full:CountryOfDomicileMember2025-01-012025-12-310000891478san:OptimisticScenarioMemberifrs-full:CountryOfDomicileMember2025-01-012025-12-310000891478san:PessimisticScenarioMemberifrs-full:CountryOfDomicileMember2024-01-012024-12-310000891478san:PessimisticScenarioMemberifrs-full:CountryOfDomicileMember2023-01-012023-12-310000891478san:BaseScenarioMemberifrs-full:CountryOfDomicileMember2024-01-012024-12-310000891478san:BaseScenarioMemberifrs-full:CountryOfDomicileMember2023-01-012023-12-310000891478san:OptimisticScenarioOneMemberifrs-full:CountryOfDomicileMember2025-01-012025-12-310000891478san:OptimisticScenarioOneMemberifrs-full:CountryOfDomicileMember2024-01-012024-12-310000891478san:OptimisticScenarioOneMemberifrs-full:CountryOfDomicileMember2023-01-012023-12-310000891478san:HomePurchaseLoansMemberifrs-full:CountryOfDomicileMember2025-12-310000891478ifrs-full:CorporateLoansMemberifrs-full:CountryOfDomicileMember2025-12-310000891478srt:NorthAmericaMembercountry:US2025-12-310000891478srt:NorthAmericaMember2025-12-310000891478srt:NorthAmericaMembercountry:US2025-01-012025-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMember2025-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMember2025-01-012025-12-310000891478san:SantanderBankNationalAssociationMembercountry:US2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2025-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsan:FromAAAToAAMembersrt:NorthAmericaMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2025-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsan:FromAToBBMembersrt:NorthAmericaMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2025-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsan:FromBBToBMembersrt:NorthAmericaMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2025-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsan:CCCAndBelowMembersrt:NorthAmericaMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderBankNationalAssociationMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembercountry:USsrt:NorthAmericaMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2024-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2024-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2024-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsan:FromAAAToAAMembersrt:NorthAmericaMember2024-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2024-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2024-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2024-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsan:FromAToBBMembersrt:NorthAmericaMember2024-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2024-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2024-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2024-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsan:FromBBToBMembersrt:NorthAmericaMember2024-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2024-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2024-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2024-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsan:CCCAndBelowMembersrt:NorthAmericaMember2024-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2024-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2024-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMember2024-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderBankNationalAssociationMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembercountry:USsrt:NorthAmericaMember2024-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2023-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2023-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2023-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsan:FromAAAToAAMembersrt:NorthAmericaMember2023-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2023-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2023-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2023-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsan:FromAToBBMembersrt:NorthAmericaMember2023-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2023-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2023-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2023-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsan:FromBBToBMembersrt:NorthAmericaMember2023-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2023-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2023-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2023-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsan:CCCAndBelowMembersrt:NorthAmericaMember2023-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2023-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2023-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMember2023-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderBankNationalAssociationMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderBankNationalAssociationMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderBankNationalAssociationMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembercountry:USsrt:NorthAmericaMember2023-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMembersan:PessimisticScenarioTwoMember2025-01-012025-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMembersan:PessimisticScenarioOneMember2025-01-012025-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMembersan:BaseScenarioMember2025-01-012025-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMembersan:OptimisticScenarioMember2025-01-012025-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMembersan:PessimisticScenarioTwoMember2024-01-012024-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMembersan:PessimisticScenarioTwoMember2023-01-012023-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMembersan:PessimisticScenarioOneMember2024-01-012024-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMembersan:PessimisticScenarioOneMember2023-01-012023-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMembersan:BaseScenarioMember2024-01-012024-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMembersan:BaseScenarioMember2023-01-012023-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMembersan:OptimisticScenarioMember2024-01-012024-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMembersan:OptimisticScenarioMember2023-01-012023-12-310000891478san:SantanderBankNationalAssociationMembersan:HomePurchaseLoansMembercountry:USsrt:NorthAmericaMember2025-12-310000891478san:SantanderBankNationalAssociationMemberifrs-full:CorporateLoansMembercountry:USsrt:NorthAmericaMember2025-12-310000891478san:SantanderBankNationalAssociationMembersan:AutoMembercountry:USsrt:NorthAmericaMember2025-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMemberifrs-full:TopOfRangeMember2025-01-012025-12-310000891478san:SantanderBankNationalAssociationMembercountry:USsrt:NorthAmericaMemberifrs-full:BottomOfRangeMember2025-01-012025-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMember2025-01-012025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsan:FromAAAToAAMembersrt:NorthAmericaMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsan:FromAToBBMembersrt:NorthAmericaMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsan:FromBBToBMembersrt:NorthAmericaMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsan:CCCAndBelowMembersrt:NorthAmericaMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderConsumerUSAHoldingsIncMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMembercountry:USsrt:NorthAmericaMember2025-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsan:FromAAAToAAMembersrt:NorthAmericaMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsan:FromAToBBMembersrt:NorthAmericaMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsan:FromBBToBMembersrt:NorthAmericaMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsan:CCCAndBelowMembersrt:NorthAmericaMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderConsumerUSAHoldingsIncMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMembercountry:USsrt:NorthAmericaMember2024-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAAAToAAMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsan:FromAAAToAAMembersrt:NorthAmericaMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromAToBBMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsan:FromAToBBMembersrt:NorthAmericaMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:FromBBToBMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsan:FromBBToBMembersrt:NorthAmericaMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMembersan:CCCAndBelowMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsan:CCCAndBelowMembersrt:NorthAmericaMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderConsumerUSAHoldingsIncMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:USsrt:NorthAmericaMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderConsumerUSAHoldingsIncMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:USsrt:NorthAmericaMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:SantanderConsumerUSAHoldingsIncMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMembercountry:USsrt:NorthAmericaMember2023-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMembersan:PessimisticScenarioTwoMember2025-01-012025-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMembersan:PessimisticScenarioOneMember2025-01-012025-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMembersan:BaseScenarioMember2025-01-012025-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMembersan:OptimisticScenarioMember2025-01-012025-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMembersan:PessimisticScenarioTwoMember2024-01-012024-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMembersan:PessimisticScenarioTwoMember2023-01-012023-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMembersan:PessimisticScenarioOneMember2024-01-012024-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMembersan:PessimisticScenarioOneMember2023-01-012023-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMembersan:BaseScenarioMember2024-01-012024-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMembersan:BaseScenarioMember2023-01-012023-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMembersan:OptimisticScenarioMember2024-01-012024-12-310000891478san:SantanderConsumerUSAHoldingsIncMembercountry:USsrt:NorthAmericaMembersan:OptimisticScenarioMember2023-01-012023-12-310000891478san:SantanderConsumerUSAHoldingsIncMembersan:SCAutoMembercountry:USsrt:NorthAmericaMember2025-12-310000891478srt:SouthAmericaMembercountry:BR2025-12-310000891478srt:SouthAmericaMembercountry:BR2025-01-012025-12-310000891478srt:SouthAmericaMembercountry:BR2024-12-310000891478san:RetailBankingSegmentMembercountry:BR2025-12-310000891478country:BRifrs-full:MortgagesMembersan:RetailBankingSegmentMember2025-12-310000891478country:BRsan:CreditCardsMembersan:RetailBankingSegmentMember2025-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsrt:SouthAmericaMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAAAToAAMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAAAToAAMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAAAToAAMember2025-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsan:FromAAAToAAMembersrt:SouthAmericaMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAToBBMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAToBBMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAToBBMember2025-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsan:FromAToBBMembersrt:SouthAmericaMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromBBToBMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromBBToBMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromBBToBMember2025-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsan:FromBBToBMembersrt:SouthAmericaMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:CCCAndBelowMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:CCCAndBelowMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:CCCAndBelowMember2025-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsan:CCCAndBelowMembersrt:SouthAmericaMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMember2025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:BancoSantanderBrasilSAMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMembercountry:BRsrt:SouthAmericaMember2025-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAAAToAAMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAAAToAAMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAAAToAAMember2024-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsan:FromAAAToAAMembersrt:SouthAmericaMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAToBBMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAToBBMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAToBBMember2024-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsan:FromAToBBMembersrt:SouthAmericaMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromBBToBMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromBBToBMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromBBToBMember2024-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsan:FromBBToBMembersrt:SouthAmericaMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:CCCAndBelowMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:CCCAndBelowMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:CCCAndBelowMember2024-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsan:CCCAndBelowMembersrt:SouthAmericaMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMember2024-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsrt:SouthAmericaMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMember2024-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:BancoSantanderBrasilSAMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMembercountry:BRsrt:SouthAmericaMember2024-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAAAToAAMember2023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAAAToAAMember2023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAAAToAAMember2023-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsan:FromAAAToAAMembersrt:SouthAmericaMember2023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAToBBMember2023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAToBBMember2023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromAToBBMember2023-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsan:FromAToBBMembersrt:SouthAmericaMember2023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromBBToBMember2023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromBBToBMember2023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:FromBBToBMember2023-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsan:FromBBToBMembersrt:SouthAmericaMember2023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:CCCAndBelowMember2023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:CCCAndBelowMember2023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMembersan:CCCAndBelowMember2023-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsan:CCCAndBelowMembersrt:SouthAmericaMember2023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMember2023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMember2023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMember2023-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsrt:SouthAmericaMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:BancoSantanderBrasilSAMemberifrs-full:TwelvemonthExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsNotCreditimpairedMembercountry:BRsrt:SouthAmericaMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:BancoSantanderBrasilSAMemberifrs-full:LifetimeExpectedCreditLossesMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMemberifrs-full:FinancialInstrumentsCreditimpairedMembercountry:BRsrt:SouthAmericaMember2023-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:BancoSantanderBrasilSAMembersan:FinancialAssetsAtAmortisedCostAndFinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:LoansAndAdvancesCustomersMembercountry:BRsrt:SouthAmericaMember2023-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsrt:SouthAmericaMembersan:PessimisticScenarioMember2025-01-012025-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsrt:SouthAmericaMembersan:BaseScenarioMember2025-01-012025-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsrt:SouthAmericaMembersan:OptimisticScenarioMember2025-01-012025-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsrt:SouthAmericaMembersan:PessimisticScenarioMember2024-01-012024-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsrt:SouthAmericaMembersan:PessimisticScenarioMember2023-01-012023-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsrt:SouthAmericaMembersan:BaseScenarioMember2024-01-012024-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsrt:SouthAmericaMembersan:BaseScenarioMember2023-01-012023-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsrt:SouthAmericaMembersan:OptimisticScenarioMember2024-01-012024-12-310000891478san:BancoSantanderBrasilSAMembercountry:BRsrt:SouthAmericaMembersan:OptimisticScenarioMember2023-01-012023-12-310000891478san:BancoSantanderBrasilSAMemberifrs-full:ConsumerLoansMembercountry:BRsrt:SouthAmericaMember2025-12-310000891478san:BancoSantanderBrasilSAMembersan:LoansToSmallAndMediumSizedEnterprisesMembercountry:BRsrt:SouthAmericaMember2025-12-310000891478san:BancoSantanderBrasilSAMembersan:LoansToOtherEntitiesMembercountry:BRsrt:SouthAmericaMember2025-12-310000891478san:LargeExposureCustomersMemberifrs-full:CreditRiskMember2025-01-012025-12-310000891478san:LargeExposureCustomersMember2025-01-012025-12-310000891478san:LargeExposureCustomersMemberifrs-full:CreditRiskMember2025-12-310000891478san:LargeExposureCustomersTopFortyMember2025-01-012025-12-310000891478san:LargeExposureCustomersTopFortyMemberifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:CreditRiskMembersan:CentralBanksAndCreditInstitutionsMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:CreditRiskMembersan:CentralBanksAndCreditInstitutionsMember2025-12-310000891478san:OtherEuropeanCountriesMemberifrs-full:CreditRiskMembersan:CentralBanksAndCreditInstitutionsMember2025-12-310000891478srt:AmericasMemberifrs-full:CreditRiskMembersan:CentralBanksAndCreditInstitutionsMember2025-12-310000891478san:RestOfWorldMemberifrs-full:CreditRiskMembersan:CentralBanksAndCreditInstitutionsMember2025-12-310000891478ifrs-full:CreditRiskMembersan:PublicSectorMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:CreditRiskMembersan:PublicSectorMember2025-12-310000891478san:OtherEuropeanCountriesMemberifrs-full:CreditRiskMembersan:PublicSectorMember2025-12-310000891478srt:AmericasMemberifrs-full:CreditRiskMembersan:PublicSectorMember2025-12-310000891478san:RestOfWorldMemberifrs-full:CreditRiskMembersan:PublicSectorMember2025-12-310000891478ifrs-full:CreditRiskMembersan:CentralGovernmentMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:CreditRiskMembersan:CentralGovernmentMember2025-12-310000891478san:OtherEuropeanCountriesMemberifrs-full:CreditRiskMembersan:CentralGovernmentMember2025-12-310000891478srt:AmericasMemberifrs-full:CreditRiskMembersan:CentralGovernmentMember2025-12-310000891478san:RestOfWorldMemberifrs-full:CreditRiskMembersan:CentralGovernmentMember2025-12-310000891478ifrs-full:CreditRiskMembersan:OtherCentralGovernmentMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:CreditRiskMembersan:OtherCentralGovernmentMember2025-12-310000891478san:OtherEuropeanCountriesMemberifrs-full:CreditRiskMembersan:OtherCentralGovernmentMember2025-12-310000891478srt:AmericasMemberifrs-full:CreditRiskMembersan:OtherCentralGovernmentMember2025-12-310000891478san:RestOfWorldMemberifrs-full:CreditRiskMembersan:OtherCentralGovernmentMember2025-12-310000891478ifrs-full:CreditRiskMembersan:OtherFinancialInstitutionsMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:CreditRiskMembersan:OtherFinancialInstitutionsMember2025-12-310000891478san:OtherEuropeanCountriesMemberifrs-full:CreditRiskMembersan:OtherFinancialInstitutionsMember2025-12-310000891478srt:AmericasMemberifrs-full:CreditRiskMembersan:OtherFinancialInstitutionsMember2025-12-310000891478san:RestOfWorldMemberifrs-full:CreditRiskMembersan:OtherFinancialInstitutionsMember2025-12-310000891478ifrs-full:CreditRiskMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:CreditRiskMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:OtherEuropeanCountriesMemberifrs-full:CreditRiskMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478srt:AmericasMemberifrs-full:CreditRiskMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:RestOfWorldMemberifrs-full:CreditRiskMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478ifrs-full:CreditRiskMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:CreditRiskMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-12-310000891478san:OtherEuropeanCountriesMemberifrs-full:CreditRiskMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-12-310000891478srt:AmericasMemberifrs-full:CreditRiskMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-12-310000891478san:RestOfWorldMemberifrs-full:CreditRiskMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-12-310000891478ifrs-full:CreditRiskMembersan:CivilEngineeringConstructionLoansMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:CreditRiskMembersan:CivilEngineeringConstructionLoansMember2025-12-310000891478san:OtherEuropeanCountriesMemberifrs-full:CreditRiskMembersan:CivilEngineeringConstructionLoansMember2025-12-310000891478srt:AmericasMemberifrs-full:CreditRiskMembersan:CivilEngineeringConstructionLoansMember2025-12-310000891478san:RestOfWorldMemberifrs-full:CreditRiskMembersan:CivilEngineeringConstructionLoansMember2025-12-310000891478ifrs-full:CreditRiskMembersan:CorporateLoansToLargeCompaniesMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:CreditRiskMembersan:CorporateLoansToLargeCompaniesMember2025-12-310000891478san:OtherEuropeanCountriesMemberifrs-full:CreditRiskMembersan:CorporateLoansToLargeCompaniesMember2025-12-310000891478srt:AmericasMemberifrs-full:CreditRiskMembersan:CorporateLoansToLargeCompaniesMember2025-12-310000891478san:RestOfWorldMemberifrs-full:CreditRiskMembersan:CorporateLoansToLargeCompaniesMember2025-12-310000891478ifrs-full:CreditRiskMembersan:CorporateLoansToSMEsAndIndividualEntrepreneursMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:CreditRiskMembersan:CorporateLoansToSMEsAndIndividualEntrepreneursMember2025-12-310000891478san:OtherEuropeanCountriesMemberifrs-full:CreditRiskMembersan:CorporateLoansToSMEsAndIndividualEntrepreneursMember2025-12-310000891478srt:AmericasMemberifrs-full:CreditRiskMembersan:CorporateLoansToSMEsAndIndividualEntrepreneursMember2025-12-310000891478san:RestOfWorldMemberifrs-full:CreditRiskMembersan:CorporateLoansToSMEsAndIndividualEntrepreneursMember2025-12-310000891478ifrs-full:CreditRiskMembersan:HouseholdsOtherMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:CreditRiskMembersan:HouseholdsOtherMember2025-12-310000891478san:OtherEuropeanCountriesMemberifrs-full:CreditRiskMembersan:HouseholdsOtherMember2025-12-310000891478srt:AmericasMemberifrs-full:CreditRiskMembersan:HouseholdsOtherMember2025-12-310000891478san:RestOfWorldMemberifrs-full:CreditRiskMembersan:HouseholdsOtherMember2025-12-310000891478ifrs-full:CreditRiskMembersan:ResidentialLoansMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:CreditRiskMembersan:ResidentialLoansMember2025-12-310000891478san:OtherEuropeanCountriesMemberifrs-full:CreditRiskMembersan:ResidentialLoansMember2025-12-310000891478srt:AmericasMemberifrs-full:CreditRiskMembersan:ResidentialLoansMember2025-12-310000891478san:RestOfWorldMemberifrs-full:CreditRiskMembersan:ResidentialLoansMember2025-12-310000891478ifrs-full:CreditRiskMemberifrs-full:ConsumerLoansMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:CreditRiskMemberifrs-full:ConsumerLoansMember2025-12-310000891478san:OtherEuropeanCountriesMemberifrs-full:CreditRiskMemberifrs-full:ConsumerLoansMember2025-12-310000891478srt:AmericasMemberifrs-full:CreditRiskMemberifrs-full:ConsumerLoansMember2025-12-310000891478san:RestOfWorldMemberifrs-full:CreditRiskMemberifrs-full:ConsumerLoansMember2025-12-310000891478ifrs-full:CreditRiskMembersan:OtherPurposesLoansMember2025-12-310000891478ifrs-full:CountryOfDomicileMemberifrs-full:CreditRiskMembersan:OtherPurposesLoansMember2025-12-310000891478san:OtherEuropeanCountriesMemberifrs-full:CreditRiskMembersan:OtherPurposesLoansMember2025-12-310000891478srt:AmericasMemberifrs-full:CreditRiskMembersan:OtherPurposesLoansMember2025-12-310000891478san:RestOfWorldMemberifrs-full:CreditRiskMembersan:OtherPurposesLoansMember2025-12-310000891478ifrs-full:CreditRiskMembersan:OtherEuropeanCountriesMember2025-12-310000891478ifrs-full:CreditRiskMembersrt:AmericasMember2025-12-310000891478ifrs-full:CreditRiskMembersan:RestOfWorldMember2025-12-310000891478san:LocalSovereignOtherThanOfficialCurrencyRiskMember2025-12-310000891478san:LocalSovereignOtherThanOfficialCurrencyRiskMember2025-01-012025-12-310000891478san:NonLocalSovereignCrossBorderRiskMember2025-12-310000891478san:NonLocalSovereignCrossBorderRiskMember2025-01-012025-12-310000891478san:SovereignRiskMembersan:IFRSStandardPoorsAAARatingMember2025-12-310000891478san:SovereignRiskMembersan:IFRSStandardPoorsAAARatingMember2024-12-310000891478san:SovereignRiskMembersan:IFRSStandardPoorsAAARatingMember2023-12-310000891478san:SovereignRiskMembersan:IFRSStandardPoorsAARatingMember2025-12-310000891478san:SovereignRiskMembersan:IFRSStandardPoorsAARatingMember2024-12-310000891478san:SovereignRiskMembersan:IFRSStandardPoorsAARatingMember2023-12-310000891478san:SovereignRiskMembersan:IFRSStandardPoorsARatingMember2025-12-310000891478san:SovereignRiskMembersan:IFRSStandardPoorsARatingMember2024-12-310000891478san:SovereignRiskMembersan:IFRSStandardPoorsARatingMember2023-12-310000891478san:SovereignRiskMembersan:IFRSStandardPoorsBBBRatingMember2025-12-310000891478san:SovereignRiskMembersan:IFRSStandardPoorsBBBRatingMember2024-12-310000891478san:SovereignRiskMembersan:IFRSStandardPoorsBBBRatingMember2023-12-310000891478san:SovereignRiskMembersan:LessThanBBBRatingMember2025-12-310000891478san:SovereignRiskMembersan:LessThanBBBRatingMember2024-12-310000891478san:SovereignRiskMembersan:LessThanBBBRatingMember2023-12-310000891478san:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMemberifrs-full:CountryOfDomicileMembersan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMemberifrs-full:CountryOfDomicileMembersan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMemberifrs-full:CountryOfDomicileMembersan:SovereignRiskMember2025-12-310000891478san:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMemberifrs-full:CountryOfDomicileMembersan:SovereignRiskMember2025-12-310000891478san:SovereignRiskMemberifrs-full:CountryOfDomicileMember2025-12-310000891478san:SovereignRiskMemberifrs-full:CountryOfDomicileMember2024-12-310000891478san:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMembercountry:PTsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembercountry:PTsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembercountry:PTsan:SovereignRiskMember2025-12-310000891478san:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembercountry:PTsan:SovereignRiskMember2025-12-310000891478san:SovereignRiskMembercountry:PT2025-12-310000891478san:SovereignRiskMembercountry:PT2024-12-310000891478san:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMembercountry:ITsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembercountry:ITsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembercountry:ITsan:SovereignRiskMember2025-12-310000891478san:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembercountry:ITsan:SovereignRiskMember2025-12-310000891478san:SovereignRiskMembercountry:IT2025-12-310000891478san:SovereignRiskMembercountry:IT2024-12-310000891478san:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMembercountry:GRsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembercountry:GRsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembercountry:GRsan:SovereignRiskMember2025-12-310000891478san:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembercountry:GRsan:SovereignRiskMember2025-12-310000891478san:SovereignRiskMembercountry:GR2025-12-310000891478san:SovereignRiskMembercountry:GR2024-12-310000891478san:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMembercountry:IEsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembercountry:IEsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembercountry:IEsan:SovereignRiskMember2025-12-310000891478san:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembercountry:IEsan:SovereignRiskMember2025-12-310000891478san:SovereignRiskMembercountry:IE2025-12-310000891478san:SovereignRiskMembercountry:IE2024-12-310000891478san:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMembersan:RestOfEurozoneMembersan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:RestOfEurozoneMembersan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembersan:RestOfEurozoneMembersan:SovereignRiskMember2025-12-310000891478san:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:RestOfEurozoneMembersan:SovereignRiskMember2025-12-310000891478san:SovereignRiskMembersan:RestOfEurozoneMember2025-12-310000891478san:SovereignRiskMembersan:RestOfEurozoneMember2024-12-310000891478san:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMembercountry:GBsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembercountry:GBsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembercountry:GBsan:SovereignRiskMember2025-12-310000891478san:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembercountry:GBsan:SovereignRiskMember2025-12-310000891478san:SovereignRiskMembercountry:GB2025-12-310000891478san:SovereignRiskMembercountry:GB2024-12-310000891478san:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMembercountry:PLsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembercountry:PLsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembercountry:PLsan:SovereignRiskMember2025-12-310000891478san:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembercountry:PLsan:SovereignRiskMember2025-12-310000891478san:SovereignRiskMembercountry:PL2025-12-310000891478san:SovereignRiskMembercountry:PL2024-12-310000891478san:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMembersan:RestOfEuropeMembersan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:RestOfEuropeMembersan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembersan:RestOfEuropeMembersan:SovereignRiskMember2025-12-310000891478san:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:RestOfEuropeMembersan:SovereignRiskMember2025-12-310000891478san:SovereignRiskMembersan:RestOfEuropeMember2025-12-310000891478san:SovereignRiskMembersan:RestOfEuropeMember2024-12-310000891478san:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMembercountry:USsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembercountry:USsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembercountry:USsan:SovereignRiskMember2025-12-310000891478san:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembercountry:USsan:SovereignRiskMember2025-12-310000891478san:SovereignRiskMembercountry:US2025-12-310000891478san:SovereignRiskMembercountry:US2024-12-310000891478san:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMembercountry:BRsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembercountry:BRsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembercountry:BRsan:SovereignRiskMember2025-12-310000891478san:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembercountry:BRsan:SovereignRiskMember2025-12-310000891478san:SovereignRiskMembercountry:BR2025-12-310000891478san:SovereignRiskMembercountry:BR2024-12-310000891478san:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMembercountry:MXsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembercountry:MXsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembercountry:MXsan:SovereignRiskMember2025-12-310000891478san:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembercountry:MXsan:SovereignRiskMember2025-12-310000891478san:SovereignRiskMembercountry:MX2025-12-310000891478san:SovereignRiskMembercountry:MX2024-12-310000891478san:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMembercountry:CLsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembercountry:CLsan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembercountry:CLsan:SovereignRiskMember2025-12-310000891478san:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembercountry:CLsan:SovereignRiskMember2025-12-310000891478san:SovereignRiskMembercountry:CL2025-12-310000891478san:SovereignRiskMembercountry:CL2024-12-310000891478san:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMembersan:OtherAmericanCountriesMembersan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:OtherAmericanCountriesMembersan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembersan:OtherAmericanCountriesMembersan:SovereignRiskMember2025-12-310000891478san:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:OtherAmericanCountriesMembersan:SovereignRiskMember2025-12-310000891478san:SovereignRiskMembersan:OtherAmericanCountriesMember2025-12-310000891478san:SovereignRiskMembersan:OtherAmericanCountriesMember2024-12-310000891478san:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMembersan:RestOfWorldMembersan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMembersan:RestOfWorldMembersan:SovereignRiskMember2025-12-310000891478ifrs-full:FinancialAssetsAtAmortisedCostCategoryMembersan:RestOfWorldMembersan:SovereignRiskMember2025-12-310000891478san:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMembersan:RestOfWorldMembersan:SovereignRiskMember2025-12-310000891478san:SovereignRiskMembersan:RestOfWorldMember2025-12-310000891478san:SovereignRiskMembersan:RestOfWorldMember2024-12-310000891478san:SovereignRiskMembersan:FinancialAssetsHeldForTradingAndFinancialAssetsDesignatedAtFairValueThroughProfitOrLossMember2025-12-310000891478san:SovereignRiskMemberifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember2025-12-310000891478san:SovereignRiskMemberifrs-full:FinancialAssetsAtAmortisedCostCategoryMember2025-12-310000891478san:SovereignRiskMembersan:NonTradingFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember2025-12-310000891478san:SovereignRiskMember2025-12-310000891478san:SovereignRiskMember2024-12-310000891478san:ForborneLoanPortfolioMembersan:CreditImpairedMemberifrs-full:CreditRiskMember2025-12-310000891478san:ForborneLoanPortfolioMembersan:PerformingMemberifrs-full:CreditRiskMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:CreditEntitiesMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:CreditEntitiesMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:CreditEntitiesMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:CreditEntitiesMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMembersan:CreditEntitiesMember2025-01-012025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMembersan:CreditEntitiesMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:CreditEntitiesMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:PublicSectorMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:PublicSectorMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:PublicSectorMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:PublicSectorMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMembersan:PublicSectorMember2025-01-012025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMembersan:PublicSectorMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:PublicSectorMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:OtherFinancialInstitutionsMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:OtherFinancialInstitutionsMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:OtherFinancialInstitutionsMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:OtherFinancialInstitutionsMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMembersan:OtherFinancialInstitutionsMember2025-01-012025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMembersan:OtherFinancialInstitutionsMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:OtherFinancialInstitutionsMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-01-012025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-01-012025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:ConstructionAndPropertyDevelopmentLoansMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:OtherWarehousesMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:OtherWarehousesMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:OtherWarehousesMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:OtherWarehousesMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMembersan:OtherWarehousesMember2025-01-012025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMembersan:OtherWarehousesMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:OtherWarehousesMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMember2025-01-012025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMember2025-12-310000891478ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMember2025-12-310000891478ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMember2025-01-012025-12-310000891478ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleMemberifrs-full:CreditRiskMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:CreditEntitiesMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:CreditEntitiesMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:CreditEntitiesMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:CreditEntitiesMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMembersan:CreditEntitiesMembersan:CreditImpairedMember2025-01-012025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMembersan:CreditEntitiesMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:CreditEntitiesMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:PublicSectorMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:PublicSectorMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:PublicSectorMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:PublicSectorMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMembersan:PublicSectorMembersan:CreditImpairedMember2025-01-012025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMembersan:PublicSectorMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:PublicSectorMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:OtherFinancialInstitutionsMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:OtherFinancialInstitutionsMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:OtherFinancialInstitutionsMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:OtherFinancialInstitutionsMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMembersan:OtherFinancialInstitutionsMembersan:CreditImpairedMember2025-01-012025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMembersan:OtherFinancialInstitutionsMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:OtherFinancialInstitutionsMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMembersan:CreditImpairedMember2025-01-012025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:NonFinancialCorporationsAndIndividualEntrepreneursMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:CreditImpairedMember2025-01-012025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:ConstructionAndPropertyDevelopmentLoansMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:OtherWarehousesMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:OtherWarehousesMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:OtherWarehousesMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:OtherWarehousesMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMembersan:OtherWarehousesMembersan:CreditImpairedMember2025-01-012025-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMembersan:OtherWarehousesMembersan:CreditImpairedMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:OtherWarehousesMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMembersan:CreditImpairedMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMembersan:CreditImpairedMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMembersan:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:CreditImpairedMember2025-12-310000891478san:ForborneLoanPortfolioMembersan:CreditImpairedMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMember2025-01-012025-12-310000891478san:ForborneLoanPortfolioMembersan:CreditImpairedMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMembersan:ForborneLoanPortfolioMembersan:CreditImpairedMemberifrs-full:CreditRiskMember2025-12-310000891478ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleMembersan:CreditImpairedMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleMemberifrs-full:CreditRiskMembersan:IFRSUncollateralizedMembersan:CreditImpairedMember2025-12-310000891478ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleMembersan:CreditImpairedMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMember2025-01-012025-12-310000891478ifrs-full:GrossCarryingAmountMemberifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMembersan:CreditImpairedMember2025-12-310000891478ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleMembersan:CreditImpairedMemberifrs-full:CreditRiskMembersan:RealEstateGuaranteeMember2025-01-012025-12-310000891478ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleMembersan:CreditImpairedMemberifrs-full:CreditRiskMembersan:RestOfRealGuaranteesMember2025-01-012025-12-310000891478ifrs-full:AccumulatedImpairmentMemberifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleMembersan:CreditImpairedMemberifrs-full:CreditRiskMember2025-12-310000891478san:ForborneLoanPortfolioMember2025-01-012025-12-310000891478san:ForborneLoanPortfolioMember2024-01-012024-12-310000891478san:ForborneLoanPortfolioMember2025-12-310000891478san:ForborneLoanPortfolioMember2024-12-310000891478san:ForborneLoanPortfolioMemberifrs-full:CreditRiskMembersan:IFRSCollateralPledgedMember2025-12-310000891478ifrs-full:CreditRiskMembersan:ForborneLoanPortfolioMember2025-12-310000891478ifrs-full:MarketRiskMember2025-01-012025-12-310000891478srt:MinimumMemberifrs-full:MarketRiskMember2025-01-012025-12-310000891478ifrs-full:MarketRiskMember2025-12-310000891478ifrs-full:InterestRateRiskMember2025-12-310000891478san:MarketRiskEvaluatedUsingValueAtRiskMetricMember2025-12-310000891478san:InterestRateAndCreditSpreadRiskMember2025-12-310000891478san:CurrencyAndInterestRateRiskMember2025-12-310000891478ifrs-full:MarketRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:MarketRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:MarketRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:MarketRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:MarketRiskMember2024-12-310000891478ifrs-full:MarketRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:MarketRiskMember2023-12-310000891478ifrs-full:RiskDiversificationEffectMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:RiskDiversificationEffectMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:RiskDiversificationEffectMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:RiskDiversificationEffectMember2025-12-310000891478ifrs-full:RiskDiversificationEffectMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:RiskDiversificationEffectMember2024-12-310000891478ifrs-full:RiskDiversificationEffectMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:RiskDiversificationEffectMember2023-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:InterestRateRiskMember2024-12-310000891478ifrs-full:InterestRateRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:InterestRateRiskMember2023-12-310000891478ifrs-full:EquityPriceRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:EquityPriceRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:EquityPriceRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:EquityPriceRiskMember2025-12-310000891478ifrs-full:EquityPriceRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:EquityPriceRiskMember2024-12-310000891478ifrs-full:EquityPriceRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:EquityPriceRiskMember2023-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:CurrencyRiskMember2025-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:CurrencyRiskMember2024-12-310000891478ifrs-full:CurrencyRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:CurrencyRiskMember2023-12-310000891478san:CreditSpreadRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478san:CreditSpreadRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478san:CreditSpreadRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478san:CreditSpreadRiskMember2025-12-310000891478san:CreditSpreadRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478san:CreditSpreadRiskMember2024-12-310000891478san:CreditSpreadRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478san:CreditSpreadRiskMember2023-12-310000891478ifrs-full:CommodityPriceRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478ifrs-full:CommodityPriceRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478ifrs-full:CommodityPriceRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478ifrs-full:CommodityPriceRiskMember2025-12-310000891478ifrs-full:CommodityPriceRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478ifrs-full:CommodityPriceRiskMember2024-12-310000891478ifrs-full:CommodityPriceRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478ifrs-full:CommodityPriceRiskMember2023-12-310000891478srt:EuropeMemberifrs-full:MarketRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:EuropeMemberifrs-full:MarketRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:EuropeMemberifrs-full:MarketRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:EuropeMemberifrs-full:MarketRiskMember2025-12-310000891478srt:EuropeMemberifrs-full:MarketRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:EuropeMemberifrs-full:MarketRiskMember2024-12-310000891478srt:EuropeMemberifrs-full:MarketRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:EuropeMemberifrs-full:MarketRiskMember2023-12-310000891478srt:EuropeMemberifrs-full:RiskDiversificationEffectMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:EuropeMemberifrs-full:RiskDiversificationEffectMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:EuropeMemberifrs-full:RiskDiversificationEffectMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:EuropeMemberifrs-full:RiskDiversificationEffectMember2025-12-310000891478srt:EuropeMemberifrs-full:RiskDiversificationEffectMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:EuropeMemberifrs-full:RiskDiversificationEffectMember2024-12-310000891478srt:EuropeMemberifrs-full:RiskDiversificationEffectMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:EuropeMemberifrs-full:RiskDiversificationEffectMember2023-12-310000891478srt:EuropeMemberifrs-full:InterestRateRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:EuropeMemberifrs-full:InterestRateRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:EuropeMemberifrs-full:InterestRateRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:EuropeMemberifrs-full:InterestRateRiskMember2025-12-310000891478srt:EuropeMemberifrs-full:InterestRateRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:EuropeMemberifrs-full:InterestRateRiskMember2024-12-310000891478srt:EuropeMemberifrs-full:InterestRateRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:EuropeMemberifrs-full:InterestRateRiskMember2023-12-310000891478srt:EuropeMemberifrs-full:EquityPriceRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:EuropeMemberifrs-full:EquityPriceRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:EuropeMemberifrs-full:EquityPriceRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:EuropeMemberifrs-full:EquityPriceRiskMember2025-12-310000891478srt:EuropeMemberifrs-full:EquityPriceRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:EuropeMemberifrs-full:EquityPriceRiskMember2024-12-310000891478srt:EuropeMemberifrs-full:EquityPriceRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:EuropeMemberifrs-full:EquityPriceRiskMember2023-12-310000891478srt:EuropeMemberifrs-full:CurrencyRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:EuropeMemberifrs-full:CurrencyRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:EuropeMemberifrs-full:CurrencyRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:EuropeMemberifrs-full:CurrencyRiskMember2025-12-310000891478srt:EuropeMemberifrs-full:CurrencyRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:EuropeMemberifrs-full:CurrencyRiskMember2024-12-310000891478srt:EuropeMemberifrs-full:CurrencyRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:EuropeMemberifrs-full:CurrencyRiskMember2023-12-310000891478srt:EuropeMembersan:CreditSpreadRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:EuropeMembersan:CreditSpreadRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:EuropeMembersan:CreditSpreadRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:EuropeMembersan:CreditSpreadRiskMember2025-12-310000891478srt:EuropeMembersan:CreditSpreadRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:EuropeMembersan:CreditSpreadRiskMember2024-12-310000891478srt:EuropeMembersan:CreditSpreadRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:EuropeMembersan:CreditSpreadRiskMember2023-12-310000891478srt:EuropeMemberifrs-full:CommodityPriceRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:EuropeMemberifrs-full:CommodityPriceRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:EuropeMemberifrs-full:CommodityPriceRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:EuropeMemberifrs-full:CommodityPriceRiskMember2025-12-310000891478srt:EuropeMemberifrs-full:CommodityPriceRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:EuropeMemberifrs-full:CommodityPriceRiskMember2024-12-310000891478srt:EuropeMemberifrs-full:CommodityPriceRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:EuropeMemberifrs-full:CommodityPriceRiskMember2023-12-310000891478srt:NorthAmericaMemberifrs-full:MarketRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:MarketRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:MarketRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:MarketRiskMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:MarketRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:NorthAmericaMemberifrs-full:MarketRiskMember2024-12-310000891478srt:NorthAmericaMemberifrs-full:MarketRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:NorthAmericaMemberifrs-full:MarketRiskMember2023-12-310000891478srt:NorthAmericaMemberifrs-full:RiskDiversificationEffectMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:RiskDiversificationEffectMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:RiskDiversificationEffectMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:RiskDiversificationEffectMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:RiskDiversificationEffectMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:NorthAmericaMemberifrs-full:RiskDiversificationEffectMember2024-12-310000891478srt:NorthAmericaMemberifrs-full:RiskDiversificationEffectMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:NorthAmericaMemberifrs-full:RiskDiversificationEffectMember2023-12-310000891478srt:NorthAmericaMemberifrs-full:InterestRateRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:InterestRateRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:InterestRateRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:InterestRateRiskMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:InterestRateRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:NorthAmericaMemberifrs-full:InterestRateRiskMember2024-12-310000891478srt:NorthAmericaMemberifrs-full:InterestRateRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:NorthAmericaMemberifrs-full:InterestRateRiskMember2023-12-310000891478srt:NorthAmericaMemberifrs-full:EquityPriceRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:EquityPriceRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:EquityPriceRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:EquityPriceRiskMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:EquityPriceRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:NorthAmericaMemberifrs-full:EquityPriceRiskMember2024-12-310000891478srt:NorthAmericaMemberifrs-full:EquityPriceRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:NorthAmericaMemberifrs-full:EquityPriceRiskMember2023-12-310000891478srt:NorthAmericaMemberifrs-full:CurrencyRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:CurrencyRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:CurrencyRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:CurrencyRiskMember2025-12-310000891478srt:NorthAmericaMemberifrs-full:CurrencyRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:NorthAmericaMemberifrs-full:CurrencyRiskMember2024-12-310000891478srt:NorthAmericaMemberifrs-full:CurrencyRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:NorthAmericaMemberifrs-full:CurrencyRiskMember2023-12-310000891478srt:SouthAmericaMemberifrs-full:MarketRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:MarketRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:MarketRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:MarketRiskMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:MarketRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:SouthAmericaMemberifrs-full:MarketRiskMember2024-12-310000891478srt:SouthAmericaMemberifrs-full:MarketRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:SouthAmericaMemberifrs-full:MarketRiskMember2023-12-310000891478srt:SouthAmericaMemberifrs-full:RiskDiversificationEffectMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:RiskDiversificationEffectMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:RiskDiversificationEffectMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:RiskDiversificationEffectMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:RiskDiversificationEffectMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:SouthAmericaMemberifrs-full:RiskDiversificationEffectMember2024-12-310000891478srt:SouthAmericaMemberifrs-full:RiskDiversificationEffectMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:SouthAmericaMemberifrs-full:RiskDiversificationEffectMember2023-12-310000891478srt:SouthAmericaMemberifrs-full:InterestRateRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:InterestRateRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:InterestRateRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:InterestRateRiskMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:InterestRateRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:SouthAmericaMemberifrs-full:InterestRateRiskMember2024-12-310000891478srt:SouthAmericaMemberifrs-full:InterestRateRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:SouthAmericaMemberifrs-full:InterestRateRiskMember2023-12-310000891478srt:SouthAmericaMemberifrs-full:EquityPriceRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:EquityPriceRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:EquityPriceRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:EquityPriceRiskMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:EquityPriceRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:SouthAmericaMemberifrs-full:EquityPriceRiskMember2024-12-310000891478srt:SouthAmericaMemberifrs-full:EquityPriceRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:SouthAmericaMemberifrs-full:EquityPriceRiskMember2023-12-310000891478srt:SouthAmericaMemberifrs-full:CurrencyRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:CurrencyRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:CurrencyRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:CurrencyRiskMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:CurrencyRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:SouthAmericaMemberifrs-full:CurrencyRiskMember2024-12-310000891478srt:SouthAmericaMemberifrs-full:CurrencyRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:SouthAmericaMemberifrs-full:CurrencyRiskMember2023-12-310000891478srt:SouthAmericaMemberifrs-full:CommodityPriceRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:CommodityPriceRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:CommodityPriceRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:CommodityPriceRiskMember2025-12-310000891478srt:SouthAmericaMemberifrs-full:CommodityPriceRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478srt:SouthAmericaMemberifrs-full:CommodityPriceRiskMember2024-12-310000891478srt:SouthAmericaMemberifrs-full:CommodityPriceRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478srt:SouthAmericaMemberifrs-full:CommodityPriceRiskMember2023-12-310000891478san:StructuralRisksMember2025-01-012025-12-310000891478san:BankingBookMembersan:StructuralRisksMemberifrs-full:BottomOfRangeMember2025-12-310000891478san:BankingBookMembersan:StructuralRisksMemberifrs-full:WeightedAverageMember2025-12-310000891478san:BankingBookMembersan:StructuralRisksMemberifrs-full:TopOfRangeMember2025-12-310000891478san:BankingBookMembersan:StructuralRisksMember2025-12-310000891478san:BankingBookMembersan:StructuralRisksMemberifrs-full:WeightedAverageMember2024-12-310000891478san:BankingBookMembersan:StructuralRisksMember2024-12-310000891478san:BankingBookMembersan:StructuralRisksMemberifrs-full:WeightedAverageMember2023-12-310000891478san:BankingBookMembersan:StructuralRisksMember2023-12-310000891478san:BankingBookMemberifrs-full:RiskDiversificationEffectMemberifrs-full:BottomOfRangeMember2025-12-310000891478san:BankingBookMemberifrs-full:RiskDiversificationEffectMemberifrs-full:WeightedAverageMember2025-12-310000891478san:BankingBookMemberifrs-full:RiskDiversificationEffectMemberifrs-full:TopOfRangeMember2025-12-310000891478san:BankingBookMemberifrs-full:RiskDiversificationEffectMember2025-12-310000891478san:BankingBookMemberifrs-full:RiskDiversificationEffectMemberifrs-full:WeightedAverageMember2024-12-310000891478san:BankingBookMemberifrs-full:RiskDiversificationEffectMember2024-12-310000891478san:BankingBookMemberifrs-full:RiskDiversificationEffectMemberifrs-full:WeightedAverageMember2023-12-310000891478san:BankingBookMemberifrs-full:RiskDiversificationEffectMember2023-12-310000891478san:BankingBookMembersan:InterestRateAndCreditSpreadRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478san:BankingBookMembersan:InterestRateAndCreditSpreadRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478san:BankingBookMembersan:InterestRateAndCreditSpreadRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478san:BankingBookMembersan:InterestRateAndCreditSpreadRiskMember2025-12-310000891478san:BankingBookMembersan:InterestRateAndCreditSpreadRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478san:BankingBookMembersan:InterestRateAndCreditSpreadRiskMember2024-12-310000891478san:BankingBookMembersan:InterestRateAndCreditSpreadRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478san:BankingBookMembersan:InterestRateAndCreditSpreadRiskMember2023-12-310000891478san:BankingBookMemberifrs-full:CurrencyRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478san:BankingBookMemberifrs-full:CurrencyRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478san:BankingBookMemberifrs-full:CurrencyRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478san:BankingBookMemberifrs-full:CurrencyRiskMember2025-12-310000891478san:BankingBookMemberifrs-full:CurrencyRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478san:BankingBookMemberifrs-full:CurrencyRiskMember2024-12-310000891478san:BankingBookMemberifrs-full:CurrencyRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478san:BankingBookMemberifrs-full:CurrencyRiskMember2023-12-310000891478san:BankingBookMemberifrs-full:EquityPriceRiskMemberifrs-full:BottomOfRangeMember2025-12-310000891478san:BankingBookMemberifrs-full:EquityPriceRiskMemberifrs-full:WeightedAverageMember2025-12-310000891478san:BankingBookMemberifrs-full:EquityPriceRiskMemberifrs-full:TopOfRangeMember2025-12-310000891478san:BankingBookMemberifrs-full:EquityPriceRiskMember2025-12-310000891478san:BankingBookMemberifrs-full:EquityPriceRiskMemberifrs-full:WeightedAverageMember2024-12-310000891478san:BankingBookMemberifrs-full:EquityPriceRiskMember2024-12-310000891478san:BankingBookMemberifrs-full:EquityPriceRiskMemberifrs-full:WeightedAverageMember2023-12-310000891478san:BankingBookMemberifrs-full:EquityPriceRiskMember2023-12-310000891478san:NIIRiskConcentrationMembercurrency:EURsrt:EuropeMemberifrs-full:InterestRateRiskMember2025-12-310000891478san:NIIRiskConcentrationMembercurrency:GBPsrt:EuropeMemberifrs-full:InterestRateRiskMember2025-12-310000891478san:NIIRiskConcentrationMembercurrency:USDsrt:EuropeMemberifrs-full:InterestRateRiskMember2025-12-310000891478san:EVERiskConcentrationMembercurrency:GBPsrt:EuropeMemberifrs-full:InterestRateRiskMember2025-12-310000891478san:EVERiskConcentrationMembercurrency:PLNsrt:EuropeMemberifrs-full:InterestRateRiskMember2025-12-310000891478san:EVERiskConcentrationMembercurrency:USDsrt:EuropeMemberifrs-full:InterestRateRiskMember2025-12-310000891478san:NIIRiskConcentrationMembercountry:USifrs-full:InterestRateRiskMember2025-12-310000891478san:EVERiskConcentrationMembercountry:USifrs-full:InterestRateRiskMember2025-12-310000891478san:NIIRiskConcentrationMembercountry:BRifrs-full:InterestRateRiskMember2025-12-310000891478san:EVERiskConcentrationMembercountry:BRifrs-full:InterestRateRiskMember2025-12-310000891478san:EVERiskConcentrationMembercountry:CLifrs-full:InterestRateRiskMember2025-12-310000891478ifrs-full:CurrencyRiskMember2025-01-012025-12-310000891478ifrs-full:EquityPriceRiskMemberifrs-full:EquityInvestmentsMember2025-01-012025-12-310000891478ifrs-full:EquityPriceRiskMemberifrs-full:EquityInvestmentsMember2025-12-310000891478ifrs-full:EquityPriceRiskMemberifrs-full:EquityInvestmentsMember2024-12-310000891478ifrs-full:EquityPriceRiskMemberifrs-full:EquityInvestmentsMember2023-12-310000891478ifrs-full:LiquidityRiskMember2025-01-012025-12-310000891478ifrs-full:LiquidityRiskMembersan:CashCashBalanceAtCentralBanksAndOtherDepositsOnDemandMember2025-12-310000891478ifrs-full:LiquidityRiskMembersan:CashCashBalanceAtCentralBanksAndOtherDepositsOnDemandMember2024-12-310000891478ifrs-full:LiquidityRiskMembersan:CashCashBalanceAtCentralBanksAndOtherDepositsOnDemandMember2023-12-310000891478ifrs-full:LiquidityRiskMembersan:MarketableAssetsLevel1Member2025-12-310000891478ifrs-full:LiquidityRiskMembersan:MarketableAssetsLevel1Member2024-12-310000891478ifrs-full:LiquidityRiskMembersan:MarketableAssetsLevel1Member2023-12-310000891478ifrs-full:LiquidityRiskMembersan:MarketableAssetsLevel2AMember2025-12-310000891478ifrs-full:LiquidityRiskMembersan:MarketableAssetsLevel2AMember2024-12-310000891478ifrs-full:LiquidityRiskMembersan:MarketableAssetsLevel2AMember2023-12-310000891478ifrs-full:LiquidityRiskMembersan:MarketableAssetsLevel2BMember2025-12-310000891478ifrs-full:LiquidityRiskMembersan:MarketableAssetsLevel2BMember2024-12-310000891478ifrs-full:LiquidityRiskMembersan:MarketableAssetsLevel2BMember2023-12-310000891478ifrs-full:LiquidityRiskMember2025-12-310000891478ifrs-full:LiquidityRiskMember2024-12-310000891478ifrs-full:LiquidityRiskMember2023-12-310000891478ifrs-full:LiquidityRiskMember2024-01-012024-12-310000891478ifrs-full:LiquidityRiskMember2023-01-012023-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMembersan:UnmaturedMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:NotLaterThanOneMonthMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:LaterThanFiveYearsAndNotLaterThanTenYearsMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:LaterThanTenYearsMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMember2025-12-310000891478san:OffBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMembersan:UnmaturedMember2025-12-310000891478san:OffBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:NotLaterThanOneMonthMember2025-12-310000891478san:OffBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember2025-12-310000891478san:OffBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:LaterThanThreeMonthsAndNotLaterThanOneYearMember2025-12-310000891478san:OffBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2025-12-310000891478san:OffBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2025-12-310000891478san:OffBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFiveYearsMember2025-12-310000891478san:OffBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:LaterThanFiveYearsAndNotLaterThanTenYearsMember2025-12-310000891478san:OffBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMemberifrs-full:LaterThanTenYearsMember2025-12-310000891478san:OffBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMember2025-12-310000891478san:OnBalanceSheetAssetsMembersan:LoansAndAdvancesMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMember2025-12-310000891478san:OnBalanceSheetAssetsMembersan:LoansAndAdvancesMemberifrs-full:LiquidityRiskMembersan:IFRSUncollateralizedMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:EquityInvestmentsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:EquityInvestmentsMemberifrs-full:LiquidityRiskMembersan:IFRSUncollateralizedMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:DebtSecuritiesMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:DebtSecuritiesMemberifrs-full:LiquidityRiskMembersan:IFRSUncollateralizedMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:OtherAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:OtherAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSUncollateralizedMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSUncollateralizedMember2025-12-310000891478san:OffBalanceSheetAssetsMembersan:LoansAndAdvancesMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMember2025-12-310000891478san:OffBalanceSheetAssetsMemberifrs-full:EquityInvestmentsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMember2025-12-310000891478san:OffBalanceSheetAssetsMemberifrs-full:DebtSecuritiesMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMember2025-12-310000891478san:OffBalanceSheetAssetsMembersan:OtherCollateralAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMember2025-12-310000891478san:OffBalanceSheetAssetsMembersan:EntityOwnEquityInstrumentsOtherThanCoveredBondsAndAssetBackedSecuritiesMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMember2025-12-310000891478ifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMember2025-12-310000891478san:OnBalanceSheetAssetsMemberifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMember2025-01-012025-12-310000891478ifrs-full:LiquidityRiskMembersan:IFRSCollateralPledgedMember2025-01-012025-12-310000891478ifrs-full:BottomOfRangeMember2025-12-310000891478srt:ReportableLegalEntitiesMembersrt:ParentCompanyMember2025-12-310000891478srt:ReportableLegalEntitiesMembersrt:ParentCompanyMember2024-12-310000891478srt:ReportableLegalEntitiesMembersrt:ParentCompanyMember2023-12-310000891478srt:ReportableLegalEntitiesMembersan:BankSubsidiariesMembersrt:ParentCompanyMember2025-12-310000891478srt:ReportableLegalEntitiesMembersan:BankSubsidiariesMembersrt:ParentCompanyMember2024-12-310000891478srt:ReportableLegalEntitiesMembersan:BankSubsidiariesMembersrt:ParentCompanyMember2023-12-310000891478srt:ReportableLegalEntitiesMembersan:NonBankSubsidiariesMembersrt:ParentCompanyMember2025-12-310000891478srt:ReportableLegalEntitiesMembersan:NonBankSubsidiariesMembersrt:ParentCompanyMember2024-12-310000891478srt:ReportableLegalEntitiesMembersan:NonBankSubsidiariesMembersrt:ParentCompanyMember2023-12-310000891478srt:ReportableLegalEntitiesMembersrt:ParentCompanyMember2025-01-012025-12-310000891478srt:ReportableLegalEntitiesMembersrt:ParentCompanyMember2024-01-012024-12-310000891478srt:ReportableLegalEntitiesMembersrt:ParentCompanyMember2023-01-012023-12-310000891478srt:ReportableLegalEntitiesMembersan:EarningAssetsMembersrt:ParentCompanyMember2025-01-012025-12-310000891478srt:ReportableLegalEntitiesMembersan:EarningAssetsMembersrt:ParentCompanyMember2024-01-012024-12-310000891478srt:ReportableLegalEntitiesMembersan:EarningAssetsMembersrt:ParentCompanyMember2023-01-012023-12-310000891478srt:ReportableLegalEntitiesMembersan:BankSubsidiariesMembersrt:ParentCompanyMember2025-01-012025-12-310000891478srt:ReportableLegalEntitiesMembersan:BankSubsidiariesMembersrt:ParentCompanyMember2024-01-012024-12-310000891478srt:ReportableLegalEntitiesMembersan:BankSubsidiariesMembersrt:ParentCompanyMember2023-01-012023-12-310000891478srt:ReportableLegalEntitiesMembersan:NonBankSubsidiariesMembersrt:ParentCompanyMember2025-01-012025-12-310000891478srt:ReportableLegalEntitiesMembersan:NonBankSubsidiariesMembersrt:ParentCompanyMember2024-01-012024-12-310000891478srt:ReportableLegalEntitiesMembersan:NonBankSubsidiariesMembersrt:ParentCompanyMember2023-01-012023-12-310000891478srt:ReportableLegalEntitiesMembersrt:ParentCompanyMember2022-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SubordinatedLiabilitiesPreferenceSharesMember2025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SubordinatedLiabilitiesPreferenceSharesMember2024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SubordinatedLiabilitiesPreferenceSharesMember2023-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SubordinatedLiabilitiesPreferredSecuritiesMember2024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SubordinatedLiabilitiesPreferredSecuritiesMember2023-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SubordinatedLiabilitiesMember2025-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SubordinatedLiabilitiesMember2024-12-310000891478ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMembersan:SubordinatedLiabilitiesMember2023-12-310000891478san:IssuanceBySantanderUKPLCInOctober1995Membersan:SubordinatedLiabilitiesPreferenceSharesMemberifrs-full:FixedInterestRateMember2025-12-310000891478san:IssuanceBySantanderUKPLCInFebruary1996Membersan:SubordinatedLiabilitiesPreferenceSharesMemberifrs-full:FixedInterestRateMember2025-12-310000891478san:IssuanceByBancoSantanderSAInJanuary2020Membersan:SubordinatedLiabilitiesPreferredSecuritiesMemberifrs-full:FixedInterestRateMember2025-12-310000891478san:IssuanceByBancoSantanderSAInMay2021SeriesInDollarsMembersan:SubordinatedLiabilitiesPreferredSecuritiesMemberifrs-full:FixedInterestRateMember2025-12-310000891478san:IssuanceByBancoSantanderSAInMay2021SeriesInEurosMembersan:SubordinatedLiabilitiesPreferredSecuritiesMemberifrs-full:FixedInterestRateMember2025-12-310000891478san:IssuanceByBancoSantanderSAInSeptember2021Membersan:SubordinatedLiabilitiesPreferredSecuritiesMemberifrs-full:FixedInterestRateMember2025-12-310000891478san:IssuanceByBancoSantanderSAInNovember2023FirstSeriesMembersan:SubordinatedLiabilitiesPreferredSecuritiesMemberifrs-full:FixedInterestRateMember2025-12-310000891478san:IssuanceByBancoSantanderSAInNovember2023SecondSeriesMembersan:SubordinatedLiabilitiesPreferredSecuritiesMemberifrs-full:FixedInterestRateMember2025-12-310000891478san:IssuanceByBancoSantanderS.A.InMay2024Membersan:SubordinatedLiabilitiesPreferredSecuritiesMemberifrs-full:FixedInterestRateMember2025-12-310000891478san:IssuanceByBancoSantanderS.A.InAugust2024Membersan:SubordinatedLiabilitiesPreferredSecuritiesMemberifrs-full:FixedInterestRateMember2025-12-310000891478san:IssuanceByBancoSantanderS.A.InJuly2025Membersan:SubordinatedLiabilitiesPreferredSecuritiesMemberifrs-full:FixedInterestRateMember2025-12-310000891478san:IssuanceBySantanderFinancePreferredSAInSeptember2004Membersan:SubordinatedLiabilitiesPreferredSecuritiesMembersan:CMS10InterestRateMember2025-12-310000891478san:IssuanceByBancoSantanderSAInJanuary2020Membersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-12-310000891478san:IssuanceByBancoSantanderSAInJanuary2020Membersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-01-012025-12-310000891478san:IssuanceByBancoSantanderSAInJanuary2020Membersan:SubordinatedLiabilitiesPreferredSecuritiesMembersan:MidSwapRateFiveYearEuroMember2025-12-310000891478san:IssuanceByBancoSantanderSAInMay2021SeriesInDollarsMembersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-12-310000891478san:IssuanceByBancoSantanderSAInMay2021SeriesInDollarsMembersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-01-012025-12-310000891478san:IssuanceByBancoSantanderSAInMay2021SeriesInDollarsMembersan:SubordinatedLiabilitiesPreferredSecuritiesMembersan:USTRateFiveYearUSDollarMember2025-12-310000891478san:IssuanceByBancoSantanderSAInMay2021SeriesInEurosMembersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-12-310000891478san:IssuanceByBancoSantanderSAInMay2021SeriesInEurosMembersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-01-012025-12-310000891478san:IssuanceByBancoSantanderSAInMay2021SeriesInEurosMembersan:SubordinatedLiabilitiesPreferredSecuritiesMembersan:MidSwapRateFiveYearEuroMember2025-12-310000891478san:IssuanceByBancoSantanderSAInSeptember2021Membersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-12-310000891478san:IssuanceByBancoSantanderSAInSeptember2021Membersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-01-012025-12-310000891478san:IssuanceByBancoSantanderSAInSeptember2021Membersan:SubordinatedLiabilitiesPreferredSecuritiesMembersan:MidSwapRateFiveYearEuroMember2025-12-310000891478san:IssuanceByBancoSantanderSAInNovember2023FirstSeriesMembersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-12-310000891478san:IssuanceByBancoSantanderSAInNovember2023FirstSeriesMembersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-01-012025-12-310000891478san:IssuanceByBancoSantanderSAInNovember2023FirstSeriesMembersan:SubordinatedLiabilitiesPreferredSecuritiesMembersan:USTRateFiveYearUSDollarMember2025-12-310000891478san:IssuanceByBancoSantanderSAInNovember2023SecondSeriesMembersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-12-310000891478san:IssuanceByBancoSantanderSAInNovember2023SecondSeriesMembersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-01-012025-12-310000891478san:IssuanceByBancoSantanderSAInNovember2023SecondSeriesMembersan:SubordinatedLiabilitiesPreferredSecuritiesMembersan:USTRateFiveYearUSDollarMember2025-12-310000891478san:IssuanceByBancoSantanderS.A.InMay2024Membersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-12-310000891478san:IssuanceByBancoSantanderS.A.InMay2024Membersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-01-012025-12-310000891478san:IssuanceByBancoSantanderS.A.InMay2024Membersan:SubordinatedLiabilitiesPreferredSecuritiesMembersan:USTRateFiveYearUSDollarMember2025-12-310000891478san:IssuanceByBancoSantanderS.A.InAugust2024Membersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-12-310000891478san:IssuanceByBancoSantanderS.A.InAugust2024Membersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-01-012025-12-310000891478san:IssuanceByBancoSantanderS.A.InAugust2024Membersan:SubordinatedLiabilitiesPreferredSecuritiesMembersan:USTRateFiveYearUSDollarMember2025-12-310000891478san:IssuanceByBancoSantanderS.A.InJuly2025Membersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-12-310000891478san:IssuanceByBancoSantanderS.A.InJuly2025Membersan:SubordinatedLiabilitiesPreferredSecuritiesMember2025-01-012025-12-310000891478san:IssuanceByBancoSantanderS.A.InJuly2025Membersan:SubordinatedLiabilitiesPreferredSecuritiesMembersan:USTRateFiveYearUSDollarMember2025-12-31



FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the year ended December 31, 2025
Commission File Number: 001-12518
 
 
Banco Santander, S.A.
(Exact name of registrant as specified in its charter)
 
 
Ciudad Grupo Santander
28660 Boadilla del Monte (Madrid) Spain
(Address of principal executive office)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F  ☒            Form 40-F  ☐









The information contained in this Form 6-K and any exhibits hereto shall be deemed filed with the Securities and Exchange Commission (“SEC”) solely for purposes of incorporation by reference into and as part of Banco Santander, S.A.’s Registration Statement No. 333-294235 on Form F-4, Registration Statement No. 333-293987 on Form F-3, and Registration Statements Nos. 333-293144, 333-285208, 333-278095, 333-269251, 333-262484, 333-256936, 333-238260, 333-231568 and 333-227289 on Form S-8 filed with the SEC, including any prospectuses forming a part of such registration statements, and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

BANCO SANTANDER, S.A.
________________________
TABLE OF CONTENTS




Section 1. Certain financial information included in Banco Santander, S.A.’s 2025 Form 20-F retrospectively recast as a result of certain changes to the presentation of the Group's financial information.
1. Cross reference to Form 20-F
2. Presentation of financial and other information
3. Cautionary statement regarding forward-looking statements
4. Financial information:
4.1. Group selected data
4.2. Financial performance: 2025 vs 2024
4.3. Financial information by segment: 2025 vs 2024
4.4. Financial performance: 2024 vs 2023A
4.5. Financial information by segment: 2024 vs 2023A
4.6. Alternative performance measures
5. Risk management information
Section 2. Consolidated financial statements for the three years ended 31 December 2025, recast as a result of certain changes to the presentation of the Group’s financial information.

Exhibits

A Under these titles we include information that updates 'Part 2. Supplemental information - 6. Supplement to the operating and financial review disclosure in the directors’ report. Consolidated income statement. Variations 2024 compared to 2023 for the Group and by primary and secondary segments' in our 2025 Form 20-F which incorporated by reference 'Part 1. Consolidated Directors´ Report-Economic and Financial review. Section 3.2 and Section 4' in our 2024 Form 20-F.


1
ContentsSection1. Certain recast financial informationSection 2. Consolidated recast financial statementsExhibits



Section 1


Certain financial information included in Banco Santander, S.A.’s 2025 Form 20-F retrospectively recast as a result of certain changes to the presentation of the Group's financial information.

2
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits


1. Cross reference to Form 20-F
Form 20-F item number and caption
Location
Page
Presentation of financial and other information
Section 1. 2 Presentation of financial and other information
6
Cautionary statement regarding forward-looking statements
Section 1. 3 Cautionary statement regarding forward- looking statements
9
PART I
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
A. Directors and senior management
Not required for annual report on Form 20-F
-
B. Advisers
Not required for annual report on Form 20-F
-
C. Auditors
Not required for annual report on Form 20-F
-
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
A. Offer statistics
Not required for annual report on Form 20-F
-
B. Method and expected timetable
Not required for annual report on Form 20-F
-
ITEM 3.
KEY INFORMATION
Selected financial data
Section 1. 4.1 Group selected data
11
A. [Reserved]
B. Capitalization and indebtedness
Not required for annual report on Form 20-F
-
C. Reasons for the offer and use of proceeds
Not required for annual report on Form 20-F
-
D. Risk factors
No material changes derived from the recast
-
ITEM 4.
INFORMATION ON THE COMPANY
A. History and development of the company
No material changes derived from the recast
-
Acquisitions, dispositions, reorganizations
No material changes derived from the recast
-
Capital increases
No material changes derived from the recast
-
Recent events
No material changes derived from the recast
-
B. Business overview
Section 1. 4.2 Financial performance: 2025 vs 2024
13
Section 1. 4.3 Financial information by segment: 2025 vs 2024
32
Section 1. 4.4 Financial performance: 2024 vs 2023
58
Section 1. 4.5 Financial information by segment: 2024 vs 2023
77
Selected statistical information
No material changes derived from the recast
-
Competition in Spain
No material changes derived from the recast
-
Supervision and regulation
No material changes derived from the recast
-
C. Organizational structure
No material changes derived from the recast
-
D. Property, plants and equipmentNo material changes derived from the recast
-
ITEM 4A.
UNRESOLVED STAFF COMMENTS
No material changes derived from the recast
-
ITEM 5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
A. Operating results
Section 1. 4.2 Financial performance: 2025 vs 2024
13
Section 1. 4.3 Financial information by segment: 2025 vs 2024
32
Section 1. 4.4 Financial performance: 2024 vs 2023
58
Section 1. 4.5 Financial information by segment: 2024 vs 2023
77
B. Liquidity and capital resourcesNo material changes derived from the recast
-
C. Research and development, patents and licenses, etc.No material changes derived from the recast
-
D. Trend informationNo material changes derived from the recast
-
E. Critical accounting estimatesNo material changes derived from the recast
-
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A. Directors and senior management
No material changes derived from the recast
-
B. Compensation
No material changes derived from the recast
-
C. Board practices
No material changes derived from the recast
-
D. Employees
No material changes derived from the recast
-
E. Share ownership
No material changes derived from the recast
-
F. Disclosure of a registrant's action to recover erroneously awarded compensationNo material changes derived from the recast
3
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Form 20-F item number and caption
Location
Page
ITEM 7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A. Major shareholders
No material changes derived from the recast
-
B. Related party transactions
No material changes derived from the recast
-
C. Interests of experts and counsel
Not required for annual report on Form 20-F
-
ITEM 8.
FINANCIAL INFORMATION
A. Consolidated statements and other financial information
Financial statements
Section 2. Consolidated financial statements
118
Legal proceedings
No material changes derived from the recast
-
Shareholders remuneration
No material changes derived from the recast
-
B. Significant changes
Not applicable
-
ITEM 9.
THE OFFER AND LISTING
A. Offer and listing details
No material changes derived from the recast
-
B. Plan of distribution
Not required for annual report on Form 20-F
-
C. Markets
No material changes derived from the recast
-
D. Selling shareholders
Not required for annual report on Form 20-F
-
E. Dilution
Not required for annual report on Form 20-F
-
F. Expenses of the issue
Not required for annual report on Form 20-F
-
ITEM 10.
ADDITIONAL INFORMATION
A. Share capital
Not required for annual report on Form 20-F
-
B. Memorandum and articles of association
No material changes derived from the recast
-
C. Material contracts
No material changes derived from the recast
-
D. Exchange controls
No material changes derived from the recast
-
E. Taxation
No material changes derived from the recast
-
F. Dividends and paying agents
Not required for annual report on Form 20-F
-
G. Statement by experts
Not required for annual report on Form 20-F
-
H. Documents on display
No material changes derived from the recast
-
I. Subsidiary information
Not required for annual report on Form 20-F
-
J. Annual report to security holders
Not required for annual report on Form 20-F
-
ITEM 11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Section 1. 5 Risk management information
110
ITEM 12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A. Debt securities
Not required for annual report on Form 20-F
-
B. Warrants and rights
Not required for annual report on Form 20-F
-
C. Other securities
Not required for annual report on Form 20-F
-
D. American Depositary Shares
No material changes derived from the recast
-
PART II
ITEM 13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
Not applicable
-
ITEM 14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Not applicable
-
ITEM 15.
CONTROLS AND PROCEDURES
No material changes derived from the recast
-
ITEM 16
[Reserved]
A. Audit committee financial expertNo material changes derived from the recast
-
B. Code of ethicsNo material changes derived from the recast
-
C. Principal accountant fees and servicesNo material changes derived from the recast
-
D. Exemptions from the listing standards for audit committees
Not applicable
-
E. Purchases of equity securities by the issuer and affiliated purchasersNo material changes derived from the recast
-
F. Change in registrant’s certifying accountant
Not applicable
-
G. Corporate governanceNo material changes derived from the recast
-
H. Mine safety disclosure
Not applicable
-
I. Disclosure regarding foreign jurisdictions that prevent inspectionsNot applicable
-
J. Insider trading policiesNo material changes derived from the recast
-
K. CybersecurityNo material changes derived from the recast
-
PART III
4
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Form 20-F item number and caption
Location
Page
ITEM 17.
FINANCIAL STATEMENTS
Section 2. Consolidated financial statements
118
ITEM 18.
FINANCIAL STATEMENTS
Section 2. Consolidated financial statements
118
ITEM 19
EXHIBITS
Exhibits
414


5
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

2. Presentation of financial and other information
Explanatory Note
We are filing this report on Form 6-K to recast certain financial information and related disclosure for the three years ended 31 December 2025 that were included in our annual report on Form 20-F for the fiscal year ended 31 December 2025 filed with the Securities and Exchange Commission (SEC) on 27 February 2026 (the '2025 Form 20-F'), in order to reflect our new reporting structure.
On 10 February 2026, the Group announced the implementation of a series of changes to its reporting structure. These changes do not affect the Group’s attributable profit nor the Group's targets announced in the Q4 2025 results presentation but rather are intended to improve the transparency and comparability of the metrics and financial statements, as well as to align the reporting with the way the bank has been managed since the beginning of 2026.
These changes, which affect the statutory and underlying income statements, the segment reporting and certain management metrics, have been applied to the periods presented herein and will apply to the information reported from the first quarter of 2026. These changes do not affect the Group’s consolidated balance sheet.
The main changes are as follows:
a. Poland disposal
In the underlying income statement, the results associated with the business subject to the Poland disposal are recorded in a single line item under 'non-recurring items'. Consequently, the global businesses, which, in accordance with IFRS 8, are reported only on an underlying basis, also exclude Poland.
Likewise, the underlying ratios, management metrics and business volumes exclude the activity affected by the Poland disposal.
b. Classification of certain costs
Certain charges that, until 31 December 2025, were recorded under the 'other provisions' line item are now presented in different lines of the income statement. In particular, charges mainly relating to bank levies and other taxes applicable to the banking sector are reclassified to 'other operating costs' to ensure uniformity across the Group.
In addition, certain recurring operating charges, primarily related to labour (mainly in Brazil) and legal processes, are presented in 'total costs' (comprising 'administrative expenses and amortizations' and 'other operating costs').

c. Reporting of the Cards business within Retail & Commercial Banking (Retail)
Given that our payments platform strategy is now largely established, we are positioning Payments, renamed Payment Solutions, as the Group’s payments platform business.
In this context, from 1 January 2026, the income statement and balance sheet items relating to the Cards business have been reclassified to Retail (previously recorded in Payments), to better align reporting with the management structure in these businesses in 2026.
Plard, the Group’s card processing platform, remains in Payment Solutions and charges market-based fees to the global businesses for card processing.
d. Cost of risk, NPL ratio and NPL coverage ratio
The definitions of the cost of risk, the non-performing loan (NPL) ratio and the NPL coverage ratio have been enhanced to include corporate exposures originated through debt securities issued by non-financial institutions. This adjustment provides a more accurate view of our credit exposure and quality.
e. RoTE Spain
The Santander Spain secondary segment does not have its own accounting tangible equity since it is booked under Banco Santander, S.A., together with other units such as the Corporate Centre. For this reason, a theoretical tangible equity is allocated to the segment.
The methodology for allocating such tangible equity to Spain has been updated to increase accuracy, taking into account: i) the amount required to reach a 13% CET1 ratio; and ii) the allocation of deductions and other capital adjustments (add-ons).
f. Other changes within the primary segments
In addition to the change in the Payments business described in section c, two minor adjustments have been introduced to the primary segments: i) the Digital Consumer Bank (Consumer) business has been renamed Openbank; and ii) Wealth Management & Insurance has been reorganized into two business lines: Private Banking, which comprises the corporate private banking unit and International Private Banking in the US, Switzerland and the UAE; and Insurance & Asset Management Solutions, which brings together the insurance business and liquid and illiquid asset management activities, and includes the investment platforms and holdings that complement the traditional Wealth business. These changes do not impact figures at the Group or primary segment levels.
The Group has recast the corresponding information of earlier periods to reflect these changes in the structure of its internal organization.
In this report, we have included only such disclosure as is impacted by the revisions described above and have only revised such disclosure to reflect such revisions, therefore this report does not recast the information in any other part of the 2025 Form 20-F. Accordingly, this report does not, and does not purport to, update any information in such Form 20-F to reflect any events that have occurred after its filing.
References in this report to our consolidated financial statements shall be deemed to refer to our recast consolidated
6
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

financial statements and related notes that are also included in this Form 6-K. This Form 6-K should be read in conjunction with the above-mentioned 2025 Form 20-F and our other filings with the SEC.
Accounting principles
Under Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002, all companies governed by the law of an EU Member State (a Member State) and whose securities are admitted to trading on a regulated market of any Member State must prepare their consolidated financial statements in conformity with the International Financial Reporting Standards as previously adopted by the European Union (EU-IFRS). The Bank of Spain Circular 4/2004 of 22 December 2004 on Public and Confidential Financial Reporting Rules and Formats (Circular 4/2004) required Spanish credit institutions to adapt their accounting systems to the principles derived from the adoption by the European Union of International Financial Reporting Standards. Circular 4/2004 was repealed on 1 January 2018 by Bank of Spain Circular 4/2017, of 27 November 2017 on Public and Confidential Financial Reporting Rules and Formats (Circular 4/2017). Therefore, Grupo Santander (the 'Group' or 'Santander') is required to prepare its consolidated financial statements for the years ended 31 December 2025, 31 December 2024 and 31 December 2023 in conformity with EU-IFRS and Circular 4/2017. Differences between EU-IFRS, Bank of Spain’s Circulars and International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS-IASB) are not material. Therefore, we assert that the financial information contained in this report on Form 6-K complies with IFRS-IASB.
Our auditors, PricewaterhouseCoopers Auditores, S.L., an independent registered public accounting firm, have audited our consolidated financial statements as of, and for the years ended, 31 December 2025, 2024 and 2023, which were prepared in accordance with IFRS-IASB. See the audit report issued by PricewaterhouseCoopers Auditores, S.L., in Section 2 of this report on Form 6-K.
We have presented our financial information according to the classification format for banks used in Spain. We have not reclassified the line items to comply with Article 9 of Regulation S-X, as permitted by the rules and regulations of the SEC. Article 9 is a regulation of the US Securities and Exchange Commission that contains presentation requirements for bank holding company financial statements.
General information
Our consolidated financial statements included in Section 2 of this report on Form 6-K are in Euros, which are denoted 'euro', 'euros', 'EUR' or '€' throughout this report on Form 6-K. Also, throughout this report on Form 6-K, when we refer to:
•'we', 'us', 'our', the 'Group', 'Grupo Santander' or 'Santander', we mean Banco Santander, S.A. and its subsidiaries, unless the context otherwise requires;
•'dollars', 'USD', 'US$' or '$', we mean United States dollars; and
•'pounds', 'GBP' or '£', we mean United Kingdom pounds.
When we refer to 'net interest income', we mean 'interest income/(charges)'.
When we refer to 'staff costs', we mean 'personnel expenses'.
When we refer to 'profit before tax', we mean 'operating profit/(loss) before tax'.
When we refer to 'average balances' for a particular period, we mean the average of the month-end balances for that period, unless otherwise noted. We do not believe that monthly averages present trends that are materially different from trends that daily averages would show. In calculating our interest income, we include any interest payments we received on non-accruing loans if they were received in the period when due.
When we refer to 'loans', we mean loans, leases, discounted bills and accounts receivable, unless otherwise noted. The loan to value ('LTV') ratios disclosed in this report on Form 6-K are calculated as the ratio of the outstanding amount of the loan to the most recent available appraisal value of the mortgaged asset. Additionally, if a loan shows signs of impairment, we update the appraisals which are then used to estimate allowances for loan losses.
When we refer to the 'non-performing loans ratio' ('NPL ratio'), we mean credit impaired loans and advances to customers, debt securities issued by non-financial institutions, customer guarantees and customer commitments granted divided by total risk (which comprises total loans and advances to customers, customer guarantees and customer commitments granted, including those that are credit impaired).
When we refer to 'credit impaired balances', unless otherwise noted, we mean credit impaired loans and advances to customers, debt securities issued by non-financial institutions, customer guarantees and customer commitments granted.
When we refer to 'allowances for credit losses', unless otherwise noted, we mean allowances for inherent losses of impaired assets. Allowances reflect expected credit losses.
When we refer to 'perimeter effect', we mean growth or reduction derived from changes in the companies that we consolidate resulting from acquisitions, dispositions or other reasons.
Where a translation of foreign exchange is given for any financial data, unless otherwise noted, we use the exchange rates of the relevant period (as of the end of such period for balance sheet data and the average exchange rate of such period for income statement data) as published by the European Central Bank (ECB).








7
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Management makes use of certain financial measures in local currency to help in the assessment of ongoing operating performance. These non-GAAP financial measures include the results of operations of our subsidiary banks located outside the eurozone, excluding the impact of foreign exchange. We analyse these banks’ performance on a local currency basis to better measure the comparability of results between periods. Because changes in foreign currency exchange rates have a non-operating impact on the results of operations, we believe that evaluating their performance on a local currency basis provides an additional and meaningful assessment of performance to both management and the company’s investors. Variances in financial metrics, excluding the exchange rate impact, are calculated by translating the components of the financial metrics to our euro presentation currency using the same foreign currency exchange rate for both periods presented. For a discussion of the accounting principles used in translation of foreign currency-denominated assets and liabilities to euros, see note 2(a) to our consolidated financial statements included in Section 2 of this report on Form 6-K. In addition, throughout this report on Form 6-K we make use of other alternative performance measures. See more information in '4.6. 'Alternative performance measures (APMs): 2025, 2024 and 2023' and in section 6 'Alternative performance measures (APMs)' in the 'Economic and financial review' chapter of the consolidated directors’ report and note SN 9 'Alternative performance measures (APMs) in the 'Sustainability statement' chapter in the consolidated directors’ report in Part 1 of the 2025 Form 20-F.

8
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

3. Cautionary statement regarding forward-looking statements
Banco Santander advises that this report on Form 6-K contains statements that constitute 'forward-looking statements' within the meaning of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, information regarding:
•future business development;
•shareholders' remuneration policy;
•exposure to various types of market risks;
•management strategy;
•capital expenditures;
•earnings and other targets;
•asset portfolios; and
•non-financial information.
Forward-looking statements may be identified by words such as 'may', 'will', 'expect', 'project', 'anticipate', 'should', 'intend', 'probability', 'risk', 'VaR', 'RoRAC', 'RoRWA', 'TNAV', 'target', 'goal', 'objective', 'estimate', 'future', 'commitment', 'commit', 'focus', 'pledge' and similar expressions found throughout this report on Form 6-K. We include forward-looking statements throughout this report on Form 6-K, including but not limited to, the 'Operating and financial review and prospects' and 'Quantitative analysis about market risk' sections as well as climate and ESG related metrics, data, targets and other non-financial disclosures. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statements.
Written and/or oral forward-looking statements may also be made in the periodic reports to the US Securities and Exchange Commission ('SEC'), shareholders' and investors' reports, offering circulars, prospectuses, press releases and other written materials, and in oral statements made by our directors, officers or employees to third parties, including financial analysts.
You should understand that the following important factors, in addition to those discussed in section 4. 'Risk factors', section 5.'Information on the Company' and section 6.'Supplement to the operating and financial review disclosure in the directors’ report' in Part 2 of the 2025 Form 20-F, 'Consolidated directors’ report-Economic and financial review' in Part 1 of the 2025 Form 20-F, and elsewhere in the 2025 Form 20-F and in this Form 6-K, could affect our future results and could cause those results or
other outcomes to differ materially from those anticipated in any forward-looking statement:
Economic and industry conditions
•general economic or industry conditions in Spain, the UK, other European countries, the US, Brazil, other Latin American countries and other areas where we have significant operations or investments, including a worsening of the economic environment in these areas and an increase in capital markets volatility;
•climate-related conditions, regulations, targets and weather events;
•uncertainty over the scope of actions that may be required by us, governments and others to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and potential conflicts and inconsistencies among governmental standards and regulations;
•exposure to various market risks, principally including interest rate risk, foreign exchange rate risk, equity price risk, inflation, deflation and risks associated with new or modified benchmark indices;
•the effects of a decline in real estate prices, particularly in Spain and the UK;
•the effects of political developments in the UK, including the UK’s exit from the European Union;
•monetary and interest rate policies of the ECB and various central banks;
•the effects of market behaviour not captured by our statistical models, such as the VaR model we use;
•the inability to hedge some risks economically;
•changes in demographics (including due to an ageing population or migration flows), consumer spending, investment or saving habits;
•changes in energy prices;
•potential losses from early repayments on our loan and investment portfolio, declines in value of collateral securing our loan portfolio, and counterparty risk; and
•changes in competition and pricing environments, including as a result of the progressive adoption of the internet for conducting financial services and/or other factors.
Political, geopolitical and governmental factors
•political instability in Spain, the UK, other European countries, the US, Brazil, other Latin American countries and other areas where we have significant operations or investments;
•changes in monetary, fiscal and immigration policies and trade tensions, including the imposition of tariffs and retaliatory responses;
9
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

•effects of wars and conflicts (including the armed conflicts in Ukraine and the Middle East or other hostilities) or the outbreak of public health emergencies on the global economy;
•changes in Spanish, UK, EU, US, Latin American, or other jurisdictions’ legislation, regulations or taxes, including changes in regulatory capital and liquidity requirements; and
•increased regulation in response to financial crises.
Transaction and commercial factors
•acquisitions, dispositions or restructurings of businesses that may not be completed in a timely manner or at all and may not perform in accordance with our expectations; and our ability to successfully integrate our acquisitions and related challenges that may result from the diversion of management’s focus and resources from other strategic opportunities and operational matters;
•reputational risk and potential adverse reactions of customers, employees, vendors or other business partners, including adverse effects on the market price of our securities; and
•the outcome of our negotiations with business partners and governments.
Operating factors
•the adequacy of loss reserves;
•potential losses associated with an increase in the level of impairment by counterparties to other types of financial instruments;
•the adequacy of provisions for tax, legal and other contingencies;
•technical difficulties and/or failure to adequately improve or upgrade our information technology;
•changes in our access to liquidity and funding on acceptable terms, including as a result of credit spread shifts or downgrades in our credit ratings or those of our more significant subsidiaries;
•our exposure to operational risks (e.g., failed internal or external processes, people and systems, liabilities derived from utilizing artificial intelligence or potential losses associated with cyberattacks, data breaches, data losses and other security incidents);
•limitations in our disclosure controls and procedures over financial and non-financial reporting;
•changes in our ability to recruit, retain and develop appropriate senior management and skilled personnel;
•the occurrence of force majeure events, such as natural disasters, epidemics and pandemics, that impact our operations or impair the asset quality of our loan portfolio;
•the impact of changes in the composition of our balance sheet on future interest income / (charges); and
•our own decisions and actions including those affecting or changing our practices, operations, priorities, strategies, policies or procedures.

The forward-looking statements contained in this report on Form 6-K speak only as of the date of this report. We do not undertake to update any forward-looking statement to reflect events or circumstances after the date of this report on Form 6-K or to reflect the occurrence of unanticipated events.
10
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

4. Financial information
4.1 Group selected data: 2025, 2024 and 2023
BALANCE SHEET (EUR million) A
Dec-25Dec-24
% Dec-25 vs. Dec-24
Dec-23
Total assets1,867,515 1,837,081 1.7 1,797,062 
Loans and advances to customers1,037,288 1,054,069 (1.6)1,036,349 
Customer deposits1,041,200 1,055,936 (1.4)1,047,169 
Total funds B
1,363,160 1,348,422 1.1 1,306,942 
Total equity112,748 107,327 5.1 104,241 
Note: if we exclude loans, deposits and funds associated with the Poland disposal, as at 31 December 2024 loans and advances to customers would have been EUR 1,017,160 million; customer deposits EUR 1,005,605 million and total funds EUR 1,291,446 million; and as at 31 December 2023 loans and advances to customers would have been EUR 1,003,465 million; customer deposits EUR 1,002,669 million and total funds EUR 1,257,351 million.
For further information, see 4.6. 'Alternative performance measures: 2025, 2024 and 2023'.
INCOME STATEMENT (EUR million)20252024
% 2025 vs. 2024
2023
Net interest income42,348 43,787 (3.3)40,650 
Total income58,311 58,043 0.5 53,951 
Net operating income33,532 32,828 2.1 29,267 
Profit before tax18,681 17,347 7.7 15,005 
Profit attributable to the parent14,101 12,574 12.1 11,076 
Note: net operating income is total income minus total costs.
EPS AND PROFITABILITY (%) C
20252024
% 2025 vs. 2024
2023
Earnings per share (euro)0.91 0.77 17.3 0.65 
RoE
13.9 13.0 11.9 
RoTE (post-AT1)
16.3 15.5 14.4 
RoA
0.84 0.76 0.69 
RoRWA
2.44 2.18 1.95 
UNDERLYING INCOME STATEMENT D (EUR million)
20252024
% 2025 vs. 2024
2023
Net interest income42,401 43,824 (3.2)40,718 
Total income58,308 57,984 0.6 53,940 
Net operating income31,898 30,630 4.1 27,439 
Profit before tax18,936 17,377 9.0 15,305 
Profit attributable to the parent13,152 11,774 11.7 10,402 
Note: net operating income is total income minus total costs.
% changes in constant euros (2025 vs. 2024 at 2025 exchange rates):
NII: +0.5%; Total income: +4.5%; Net operating income: +8.6%; Profit before tax: +13.2%; Attributable profit: +16.1%.
% changes in constant euros (2024 vs. 2023 at 2024 exchange rates):
NII: +9.8%; Total income: +10.0%; Net operating income: +14.6%; Profit before tax: +15.9%; Underlying attributable profit: +15.5%.
UNDERLYING EPS, PROFITABILITY AND EFFICIENCY C D (%)
20252024% 2025 vs. 20242023
Underlying earnings per share (euro)0.84 0.72 16.9 0.61 
Underlying RoE13.0 12.2 11.2 
Underlying RoTE (post-AT1)15.2 14.4 13.5 
Underlying RoA 0.79 0.72 0.65 
Underlying RoRWA2.31 2.07 1.86 
Efficiency ratio45.3 47.2 49.1 

11
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

SOLVENCY (%)
Dec-25Dec-24Dec-23
Phased-in CET1 capital ratio
13.5 12.8 12.3 
Phased-in total capital ratio
17.8 17.4 16.4 
CREDIT QUALITY (%) C
Dec-25Dec-24Dec-23
Cost of risk D E
1.14 1.12 1.13 
NPL ratio2.91 3.03 3.11 
NPL coverage ratio66 64 66 
THE SHARE AND MARKET CAPITALIZATION
Dec-25Dec-24
% Dec-25 vs. Dec-24
Dec-23
Number of shareholders3,518,729 3,485,134 1.0 3,662,377 
Number of shares (millions)14,689 15,152 (3.1)16,184 
Share price (euro)10.070 4.465 125.6 3.780 
Market capitalization (EUR million)147,921 67,648 118.7 61,168 
Tangible book value per share (euro)5.76 5.24 4.76 
Price / Tangible book value per share (X)1.75 0.85 0.79 
CUSTOMERS (thousands)
Dec-25Dec-24
% Dec-25 vs. Dec-24
Dec-23
Total customers174,197 166,559 4.6 158,665 
Active customers F
101,651 98,631 3.1 95,038 
Digital customers G
59,040 55,553 6.3 50,665 
Note: data excluding Poland. Including Poland:
In 2025: Total customers 180,221; Active customers 106,410; Digital customers 62,982.
In 2024: Total customers 172,537; Active customers 103,262; Digital customers 59,317.
In 2023: Total customers 164,542; Active customers 99,503; Digital customers 54,161.
OTHER DATADec-25Dec-24
% Dec-25 vs. Dec-24
Dec-23
Number of employees187,539 196,088 (4.4)201,942 
Number of branches H
6,765 7,718 (12.3)8,137 
Note: data excluding Poland. Including Poland:
In 2025: Number of employees 198,403; Number of branches 7,124.
In 2024: Number of employees 206,753; Number of branches 8,086.
In 2023: Number of employees 212,764; Number of branches 8,518.
Note: for Argentina and any grouping which includes it, the variations in constant euros have been calculated considering the Argentine peso exchange rate on the last working day for each of the periods presented. For further information, see 4.6. 'Alternative performance measures: 2025, 2024 and 2023'.
Certain figures contained in this chapter, have been subject to rounding to enhance their presentation. Accordingly, in certain instances, the sum of the numbers in a column or a row in tables contained in this report may not conform exactly to the total figure given for that column or row.
A.In the consolidated balance sheet, the assets associated with the businesses subject to the Poland disposal are classified under the 'non-current assets held for sale' line item and the related liabilities under 'liabilities associated with non-current assets held for sale' solely for the year ended 31 December 2025. Therefore, this classification does not affect the balance sheet for the years ended 31 December 2024 and 31 December 2023.
B.Includes customer deposits, mutual funds, pension funds and managed portfolios.
C.For further information, see 4.6. 'Alternative performance measures: 2025, 2024 and 2023'.
D.In addition to IFRS measures, we present non-IFRS measures including some which we refer to as underlying measures. These non-IFRS measures exclude items outside the ordinary course of business and reclassify certain items under some headings of the underlying income statement as described at the end of 5.1 'Results' and in 4.6. 'Alternative performance measures: 2025, 2024 and 2023'. In our view, this provides a better year-on-year comparison.
E.Allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers over the last 12 months and debt securities issued by non-financial institutions over the last 12 months.
F.Those customers who comply with the minimum balance and/or transactionality requirements as defined according to the business area.
G.Every physical or legal person, that, being part of a commercial bank, has logged in to its personal area of internet banking or mobile phone or both in the last 30 days.
H.For 2025 and 2024 data, we have included the CartaSur points of sale and the banking service points in Argentina, while we have excluded operational
     locations that do not provide customer service in Colombia.
12
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

4.2 Financial performance: 2025 vs 2024
Santander follows IFRS to report its results (see note 1.b to the consolidated financial statements), which generally inform reporting of our financial situation in this report. However, we also use non-IFRS measures and Alternative Performance Measures (APMs) to assess our performance (see 4.6. 'Alternative performance measures: 2025, 2024 and 2023'). Thus, the main adjustments to our IFRS results consist of:
•Underlying results measures: we present what we call underlying results measures which exclude items outside the ordinary course of business and reclassify certain items under some headings of the underlying income statement as described at the end of 4.2.1 ‘Results’ and in note 52.c to the consolidated financial statements. In our view, this provides a better year-on-year comparison.
In 4.3 'Financial information by segment: 2025 vs 2024', we present results by primary and secondary segments only in underlying terms in accordance with IFRS 8. We reconcile them in aggregate terms with our IFRS consolidated results in note 52.c to the consolidated financial statements.
•Local currency measures: we use certain non-IFRS financial indicators in local currency to assess our ongoing operating performance. They include the results from our subsidiary banks outside the eurozone excluding the exchange rate impact (i.e., in constant euros) except for Argentina and any grouping which includes it. For further information, see 4.6. 'Alternative performance measures: 2025, 2024 and 2023' which explains how we exclude the exchange rate impact from financial measures in local currency. Because changes in exchange rates have a non-operating impact on results, we believe assessing performance in local currency provides management and investors a more meaningful assessment of performance.
We have rounded certain figures in this report to present them more clearly. Thus, the amounts given in the totals columns and rows of tables in certain instances may not match the sum of that column or row.
13
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

4.2.1 Group results
Group statutory income statement

Condensed income statement
EUR million
Change
20252024Absolute%
Net interest income (interest income minus interest expense)42,348 43,787 (1,439)(3.3)
Net fee income (commission income minus commission expense)12,976 12,376 600 4.8 
Gains or losses on financial assets and liabilities and exchange differences (net)A
2,362 2,211 151 6.8 
Dividend income715 710 5 0.7 
Income from companies accounted for using the equity method665 687 (22)(3.2)
Other operating income/expensesB
(755)(1,728)973 (56.3)
Total income58,311 58,043 268 0.5 
Operating expenses(24,779)(25,215)436 (1.7)
Administrative expenses(21,601)(22,036)435 (2.0)
Staff costs(13,656)(13,851)195 (1.4)
Other general administrative expenses(7,945)(8,185)240 (2.9)
Depreciation and amortization(3,178)(3,179)1 0.0 
Provisions or reversal of provisions(2,302)(3,062)760 (24.8)
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)(12,546)(12,136)(410)3.4 
Impairment of other assets (net)(251)(624)373 (59.8)
Gains or losses on non-financial assets and investments (net)— 368 (368)(100.0)
Negative goodwill recognized in results22 — 22 — 
Gains or losses on non-current assets held for sale not classified as discontinued operations226 (27)253 — 
Profit or loss before tax from continuing operations18,681 17,347 1,334 7.7 
Tax expense or income from continuing operations(4,723)(4,844)121 (2.5)
Profit from the period from continuing operations13,958 12,503 1,455 11.6 
Profit or loss after tax from discontinued operations1,542 1,241 301 24.3 
Profit for the period15,500 13,744 1,756 12.8 
Profit attributable to non-controlling interests(1,399)(1,170)(229)19.6 
Profit attributable to the parent14,101 12,574 1,527 12.1 
Note: the summarized income statement groups some lines of the consolidated income statements as follows:
A.‘Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net’; ‘Gain or losses on financial assets and liabilities held for trading, net’; ‘Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss’; ‘Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net’; ‘Gain or losses from hedge accounting, net’; and ‘Exchange differences, net’.
B.'Other operating income’; ‘Other operating expenses’; ’Income from insurance and reinsurance contracts’; and ‘Expenses from insurance and reinsurance contracts’.







14
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Main income statement items
In accordance with IFRS 5 requirements, results associated with the business subject to the Poland disposal are reported under a single line item in the consolidated income statement — 'profit/(loss) after tax from discontinued operations' — for the years 2025, 2024 and 2023.
In the consolidated balance sheet, the assets associated with the businesses subject to the Poland disposal are classified under the 'non-current assets held for sale' line item and the related liabilities under 'liabilities associated with non-current assets held for sale' solely for the year ended 31 December 2025.
Therefore, this classification does not affect the balance sheet for the year ended 31 December 2024.
However, to facilitate analysis and ensure comparability of the information in the following tables 'average balance sheet - assets and interest income', 'average balance sheet - liabilities and interest expense', 'volume and profitability analysis', 'volume and cost analysis' and 'net interest income. Volume, profitability and cost analysis summary' were calculated classifying assets and liabilities associated with the businesses subject to the Poland disposal under 'assets/liabilities from discontinued operations' in both periods presented.
In 2025, profit attributable to the parent reached a new record of EUR 14,101 million, representing a year-on-year increase of 12%, compared to the EUR 12,574 million recorded in 2024. This increase was backed by the good performance of our global businesses which grew strongly.
Total income
Total income amounted to EUR 58,311 million in 2025, compared to EUR 58,043 million in 2024, a slight increase year-on-year (+0.5%). Net interest income and net fee income accounted for around 95% of total income. By line item:
Net interest income
Net interest income amounted to EUR 42,348 million, 3% lower than 2024, due to the impact from the sharp fall in interest rates in Argentina compared to 2024, especially in Retail, as well as a decline in Wealth.
This decrease was partially offset by the good performance in Openbank, due to active margin management and higher volumes, and, to a lesser extent, in CIB and Payments.

The following tables show the average balances of each year
calculated as the monthly average over the period, which we believe should not differ materially from using daily balances, and the interest generated.
The tables on the following pages also include average balances and interest rates in 2025 and 2024, based on the domicile of the entities at which the relevant assets or liabilities are recorded. Domestic balances relate to our entities domiciled in Spain. International balances relate to entities domiciled outside of Spain (reflecting our foreign activity), and are divided into mature markets (the US and Europe, except Spain) and developing markets (South America and Mexico).
The average balance of interest-earning assets in 2025 was 2% higher than in 2024. The activity of our entities in the domestic market increased 7% year-on-year and 1% in international mature markets, while in international developing markets they decreased 1%.
The average balance of interest-bearing liabilities in 2025 was 1% higher year-on-year, with growth in the domestic market (+5% year-on-year) whereas international developing markets were 1% lower year-on-year and international mature markets were flat.
The average return on interest-earning assets decreased from 7.03% in 2024 to 6.42% in 2025, due to the lower interest rate environment. By market, it fell 68 bps year-on-year in the domestic market, -53 bps year-on-year in our international mature markets, and -36 bps year-on-year in our international developing markets.
The average cost of interest-bearing liabilities decreased 45 bps in 2025 to 3.97%. By market, domestic and international mature markets performed in line with the average yield on assets, decreasing 53 bps and 61 bps, respectively. However, in international developing markets it rose 22 bps.
We calculated the change in interest income/(expense) shown in the tables below by:
•Applying the interest rate of the previous period to the difference between the average balances from the current and previous periods to obtain the change in volumes.
•Applying the difference between the rates from the current and previous periods to the average balance from the previous year to obtain the change in interest rate.
Both interest income and expense decreased in 2025, mainly due to lower interest rates across most of our footprint.

15
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Average balance sheet - assets and interest income
EUR million
20252024
AssetsAverage balanceInterestAverage rateAverage balanceInterestAverage rate
Cash balances at central banks and other deposits on demand, and loans and advances to central banks and credit institutions 282,529 13,663 4.84 %285,813 16,140 5.65 %
Domestic115,906 3,577 3.09 %108,705 4,701 4.32 %
International - Mature markets104,584 4,411 4.22 %114,350 5,700 4.98 %
International - Developing markets62,039 5,675 9.15 %62,758 5,739 9.14 %
of which:
Reverse repurchase agreements63,091 4,954 7.85 %63,820 5,533 8.67 %
Domestic34,605 1,646 4.76 %32,739 1,901 5.81 %
International - Mature markets6,902 415 6.01 %8,085 492 6.09 %
International - Developing markets21,584 2,893 13.40 %22,996 3,140 13.65 %
Loans and advances to customers1,022,507 70,830 6.93 %1,018,241 74,900 7.36 %
Domestic265,675 10,861 4.09 %265,043 12,272 4.63 %
International - Mature markets569,580 32,180 5.65 %562,488 33,884 6.02 %
International - Developing markets187,252 27,789 14.84 %190,710 28,744 15.07 %
of which:
Reverse repurchase agreements71,826 5,234 7.29 %61,528 5,884 9.56 %
Domestic10,837 380 3.51 %12,410 468 3.77 %
International - Mature markets59,968 4,725 7.88 %48,161 5,310 11.03 %
International - Developing markets1,021 129 12.63 %957 106 11.08 %
Debt securities280,413 15,890 5.67 %246,539 15,431 6.26 %
Domestic119,990 3,975 3.31 %94,607 3,478 3.68 %
International - Mature markets71,725 2,539 3.54 %64,140 2,174 3.39 %
International - Developing markets88,698 9,376 10.57 %87,792 9,779 11.14 %
Income from hedging operations1,420 2,470 
Domestic396 152 
International - Mature markets974 2,001 
International - Developing markets50 317 
Other interest(93)71 
Domestic(256)(71)
International - Mature markets35 42 
International - Developing markets128 100 
Total interest-earning assets1,585,449 101,710 6.42 %1,550,593 109,012 7.03 %
Domestic501,571 18,553 3.70 %468,355 20,532 4.38 %
International - Mature markets745,889 40,139 5.38 %740,978 43,801 5.91 %
International - Developing markets337,989 43,018 12.73 %341,260 44,679 13.09 %
Other non-interest earning assets190,583 193,101 
Assets from discontinued operations67,080 59,578 
Average total assets1,843,112 101,710 1,803,272 109,012 

16
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Average balance sheet - liabilities and interest expense
EUR million
20252024
Liabilities and stockholders’ equityAverage
balance		InterestAverage
rate		Average
 balance		InterestAverage
rate
Deposits from central banks and credit institutions141,619 8,151 5.76 %151,986 9,381 6.17 %
Domestic63,551 2,594 4.08 %60,256 2,960 4.91 %
International - Mature markets31,824 1,537 4.83 %44,633 2,447 5.48 %
International - Developing markets46,244 4,020 8.69 %47,097 3,974 8.44 %
of which:
Repurchase agreements69,047 4,696 6.80 %63,556 4,539 7.14 %
Domestic43,163 1,910 4.43 %37,663 1,973 5.24 %
International - Mature markets8,195 478 5.83 %8,773 579 6.60 %
International - Developing markets17,689 2,308 13.05 %17,120 1,987 11.61 %
Customer deposits1,024,250 31,735 3.10 %994,107 35,714 3.59 %
Domestic354,809 3,884 1.09 %321,519 4,944 1.54 %
International - Mature markets471,883 13,336 2.83 %472,750 16,283 3.44 %
International - Developing markets197,558 14,515 7.35 %199,838 14,487 7.25 %
of which:
Repurchase agreements101,424 7,405 7.30 %85,139 8,207 9.64 %
Domestic33,963 798 2.35 %14,124 586 4.15 %
International - Mature markets46,316 4,230 9.13 %48,115 5,278 10.97 %
International - Developing markets21,145 2,377 11.24 %22,900 2,343 10.23 %
Marketable debt securities A
308,272 15,066 4.89 %307,931 14,612 4.75 %
Domestic136,229 4,890 3.59 %147,606 5,330 3.61 %
International - Mature markets127,870 5,360 4.19 %117,291 5,323 4.54 %
International - Developing markets44,173 4,816 10.90 %43,034 3,959 9.20 %
of which:
Commercial paper20,386 759 3.72 %25,809 1,244 4.82 %
Domestic11,707 347 2.96 %17,046 727 4.26 %
International - Mature markets6,962 265 3.81 %7,143 339 4.75 %
International - Developing markets1,717 147 8.56 %1,620 178 10.99 %
Other interest-bearing liabilities22,841 679 2.97 %22,762 672 2.95 %
Domestic17,741 504 2.84 %17,151 490 2.86 %
International - Mature markets3,658 36 0.98 %3,707 17 0.46 %
International - Developing markets1,442 139 9.64 %1,904 165 8.67 %
Expenses from hedging operations1,762 3,066 
Domestic620 1,159 
International - Mature markets1,009 1,325 
International - Developing markets133 582 
Other interest1,969 1,780 
Domestic843 741 
International - Mature markets388 282 
International - Developing markets738 757 
Total interest-bearing liabilities1,496,982 59,362 3.97 %1,476,786 65,225 4.42 %
Domestic572,330 13,335 2.33 %546,532 15,624 2.86 %
International - Mature markets635,235 21,666 3.41 %638,381 25,677 4.02 %
International - Developing markets289,417 24,361 8.42 %291,873 23,924 8.20 %
Other non-interest bearing liabilities176,158 168,212 
Non-controlling interests8,871 8,398 
Total stockholders´ equity101,497 96,744 
Liabilities from discontinued operations59,604 53,132 
Average total liabilities and stockholders´ equity1,843,112 59,362 1,803,272 65,225 
A.Does not include contingently convertible preference shares and perpetual subordinated notes because they do not accrue interest. We include them under 'Other non-interest-bearing liabilities'.

17
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Volume and profitability analysis
EUR million
2025 vs. 2024
Increase (decrease) due to changes in
Interest incomeVolumeRateTotal change
Cash and deposits on demand and loans and advances to central banks and credit institutions(231)(2,246)(2,477)
Domestic295 (1,419)(1,124)
International - Mature markets(460)(829)(1,289)
International - Developing markets(66)2 (64)
of which:
Reverse repurchase agreements(157)(422)(579)
Domestic104 (359)(255)
International - Mature markets(71)(6)(77)
International - Developing markets(190)(57)(247)
Loans and advances to customers(65)(4,005)(4,070)
Domestic29 (1,440)(1,411)
International - Mature markets423 (2,127)(1,704)
International - Developing markets(517)(438)(955)
of which:
Reverse repurchase agreements1,080 (1,730)(650)
Domestic(57)(31)(88)
International - Mature markets1,130 (1,715)(585)
International - Developing markets7 16 23 
Debt securities1,231 (772)459 
Domestic866 (369)497 
International - Mature markets265 100 365 
International - Developing markets100 (503)(403)
Income from hedging income(1,050)— (1,050)
Domestic244 — 244 
International - Mature markets(1,027)— (1,027)
International - Developing markets(267)— (267)
Other interest(164)— (164)
Domestic(185)— (185)
International - Mature markets(7)— (7)
International - Developing markets28 — 28 
Total interest-earning assets(279)(7,023)(7,302)
Domestic1,249 (3,228)(1,979)
International - Mature markets(806)(2,856)(3,662)
International - Developing markets(722)(939)(1,661)
18
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Volume and cost analysis
EUR million
2025 vs. 2024
Increase (decrease) due to changes in
Interest expenseVolumeRateTotal change
Deposits from central banks and credit institutions(561)(669)(1,230)
Domestic155 (521)(366)
International - Mature markets(643)(267)(910)
International - Developing markets(73)119 46 
of which:
Repurchase agreements297 (140)157 
Domestic266 (329)(63)
International - Mature markets(37)(64)(101)
International - Developing markets68 253 321 
Customer deposits277 (4,256)(3,979)
Domestic473 (1,533)(1,060)
International - Mature markets(30)(2,917)(2,947)
International - Developing markets(166)194 28 
of which:
Repurchase agreements172 (974)(802)
Domestic550 (338)212 
International - Mature markets(191)(857)(1,048)
International - Developing markets(187)221 34 
Marketable debt securities158 296 454 
Domestic(409)(31)(440)
International - Mature markets460 (423)37 
International - Developing markets107 750 857 
of which:
Commercial paper(191)(294)(485)
Domestic(193)(187)(380)
International - Mature markets(8)(66)(74)
International - Developing markets10 (41)(31)
Other interest-bearing liabilities(26)33 7 
Domestic17 (3)14 
International - Mature markets0 19 19 
International - Developing markets(43)17 (26)
Expenses from hedging expenses(1,304)— (1,304)
Domestic(539)— (539)
International - Mature markets(316)— (316)
International - Developing markets(449)— (449)
Other interest189 — 189 
Domestic102 — 102 
International - Mature markets106 — 106 
International - Developing markets(19)— (19)
Total interest-bearing liabilities(1,267)(4,596)(5,863)
Domestic(201)(2,088)(2,289)
International - Mature markets(423)(3,588)(4,011)
International - Developing markets(643)1,080 437 

19
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Net interest income. Volume, profitability and cost analysis summary
EUR million
2025 vs. 2024
Increase (decrease) due to changes in
VolumeRateTotal change
Interest income(279)(7,023)(7,302)
Domestic1,249 (3,228)(1,979)
International - Mature markets(806)(2,856)(3,662)
International - Developing markets(722)(939)(1,661)
Interest expense(1,267)(4,596)(5,863)
Domestic(201)(2,088)(2,289)
International - Mature markets(423)(3,588)(4,011)
International - Developing markets(643)1,080 437 
Net interest income988 (2,427)(1,439)
Domestic1,450 (1,140)310 
International - Mature markets(383)732 349 
International - Developing markets(79)(2,019)(2,098)
Net interest income
EUR million
5675
-3%
2025 vs. 2024

Net fee income
EUR million
5681
+5%
2025 vs. 2024

Net fee income
Net fee income totalled EUR 12,976 million in 2025 and grew 5% compared to 2024, with good performances across most businesses, especially in Retail, Wealth and CIB.
For more details, see note 41 and note 42 to the consolidated financial statements.
Gains or losses on financial assets and liabilities and exchange differences (net)
Gains on financial assets and liabilities and exchange differences (net) stood at EUR 2,362 million (EUR 2,211 million in 2024), mainly due to lower impacts from foreign exchange hedges in Corporate Centre and results in Wealth.
Gains or losses on financial assets and liabilities stem from mark-to-market valuations of the trading portfolio and derivative instruments, which include spot market foreign exchange transactions, sales of investment securities and liquidation of our hedging and other derivative positions.
For more details, see note 43 to the consolidated financial statements.
Exchange rate differences primarily show gains and losses from foreign exchange and the differences that arise from converting monetary items in foreign currencies to the functional currency, and from selling non-monetary assets denominated in foreign currency at the time of their disposal. Given that Santander manages currency exposures with derivative instruments, the changes in this line should be analysed together with gains or losses on financial assets and liabilities.
For more details, see note 44 to the consolidated financial statements.
20
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Dividend income
Dividend income was EUR 715 million in 2025 (EUR 710 million in 2024).
Income from companies accounted for using the equity method
Income from companies accounted for using the equity method reached EUR 665 million in 2025 compared to EUR 687 million in 2024.
Other operating income/expenses
Other operating income recorded a loss of EUR 755 million in 2025. This compares to a EUR 1,728 million loss in 2024 affected by a larger hyperinflation adjustment in Argentina and the charge relating to the temporary levy on revenue earned in Spain (EUR 335 million), whereas in 2025 the tax on expected revenue earned in Spain for the year was recorded under the ‘tax expense or income from continuing operations' line.
For more details, see note 45 to the consolidated financial statement.
Operating expenses
Operating expenses amounted to EUR 24,779 million in 2025, 2% lower than 2024, reflecting our progress in transformation.
Our costs management continued to focus on improving our efficiency ratio and, as a result, we remained among the most efficient global banks.
Our business transformation plan, ONE Transformation, continued to progress across our footprint, reflected in increased operational leverage and better business dynamics.
For more details, see note 46 and note 47 to the consolidated financial statements.
Provisions or reversal of provisions
Provisions (net of provisions reversals) amounted to EUR 2,302 million in 2025 compared to EUR 3,062 million in 2024 which included the charges after discontinuing our Superdigital platform in Latin America in Q2 2024.
Additionally, both in Q4 2025 and Q4 2024 provisions included charges for potential complaints related to motor finance dealer
commissions in the UK (EUR 214 million and EUR 353 million, respectively).
For more details, see note 25 to the consolidated financial statements.
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)
Net impairments totalled EUR 12,546 million in 2025 (impairment of EUR 12,136 million in 2024).
Impairment on other assets (net)
Impairment on other assets (net) was EUR 251 million in 2025. In 2024, the impairment amounted to EUR 624 million and included the charge registered in Q2 2024 in PagoNxt after discontinuing our merchant platform in Germany.
Gains or losses on non-financial assets and investments (net)
No amount was recorded in gains or losses on non-financial assets and investments (net) in 2025. In 2024, it stood at EUR 368 million and included the gain recorded in Q2 2024 from an agreement with Sodexo in Brazil (EUR 352 million).
For more details, see note 48 to the consolidated financial statements.
Negative goodwill recognized in results
In 2025, negative goodwill recognized in results was EUR 22 million relating to the acquisition of CrediScotia Financiera from Scotiabank in Q1 2025 which expands Openbank's presence in Peru. No negative goodwill was recorded in 2024.
Gains or losses on non-current assets held for sale not classified as discontinued operations
This item, which mainly includes impairment of foreclosed assets recorded and the sale of properties acquired upon foreclosure, recorded a EUR 226 million gain in 2025 which included a capital gain of EUR 231 million in Q2 2025 from the sale of Santander’s remaining 30.5% stake in CACEIS. In 2024, this line recorded a loss of EUR 27 million.
For more details, see note 49 to the consolidated financial statements.


21
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)
EUR million
20252024
Financial assets at fair value through other comprehensive income29 (1)
Financial assets at amortized cost12,517 12,137 
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss and net gains and losses from changes12,546 12,136 
Impairment on other assets (net)
EUR million
20252024
Impairment of investments in subsidiaries, joint ventures and associates, net— — 
Impairment on non-financial assets, net251 624 
Tangible assets129 382 
Intangible assets112 231 
Others10 11 
Impairment on other assets (net)251 624 
Profit or loss before tax from continuing operations
Profit before tax was EUR 18,681 million in 2025, +8% year-on-year, supported by the good performance of net fee income and cost discipline.
Tax expense or income from continuing operations
Total tax expense from continuing operations was EUR 4,723 million in 2025 (compared to EUR 4,844 million in 2024) which includes EUR 353 million corresponding to the expected tax on income obtained in Spain for the year.
Profit or loss after tax from discontinued operations
Profit or loss after tax from discontinued operations totalled EUR 1,542 million in 2025 compared to EUR 1,241 million in 2024. This line records the results associated with the Poland disposal, which increased year-on-year driven by a good revenue performance and lower provisions.

Profit attributable to the parent
EUR million
11554
+12%

2025 vs. 2024

Profit attributable to non-controlling interests
Profit attributable to non-controlling interests stood at EUR 1,399 million in 2025 (EUR 1,170 million in 2024).
For more details, see note 28 to the consolidated financial statements.
Profit attributable to the parent
Profit attributable to the parent amounted to EUR 14,101 million in 2025, 12% higher than the EUR 12,574 million in 2024.

Earnings per share
EUR
11937
+17%
2025 vs. 2024

22
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Group underlying income statement
Attributable
Underlying
Profit
RoTE (post-AT1)
Profit
RoTE (post-AT1)
EUR 14,101 million
+12% in euros
16.3%
EUR 13,152 million
+12% in euros
15.2%
+16% in constant euros
+0.8 pp
+16% in constant euros
+0.8 pp
Note: changes vs. 2024.
Below is the condensed income statement adjusted for items beyond the ordinary course of business and reclassification of certain items under some headings of the underlying income statement, as described in note 52.c to the consolidated financial statements, where our segments' aggregate underlying consolidated results are reconciled to the statutory consolidated results.
In the underlying income statement, results obtained in Poland are reported in the 'non-recurring items' line item for 2025 and 2024, so that it is excluded from underlying profit at both the Group and global business levels.
Therefore, all underlying ratios and management metrics included in this underlying income statement section have been calculated excluding Poland.
The Group presents, both at the total Group level and for each of the business units, the changes in euros registered in the income statement, as well as variations excluding the exchange rate effect (i.e. in constant euros, except for Argentina and any grouping which includes it), understanding that the latter provide a better analysis of the Group’s management. For further information, see 4.6. 'Alternative performance measures (APMs): 2025, 2024 and 2023'.
At the Group level, exchange rates had an unfavourable year-on-year impact of 4.0 pp on total income and a favourable impact of 3.5 pp on total costs, mainly due to the depreciation of the Brazilian real and the Mexican peso.
To better understand the business trends, we reclassified certain items under some headings of the underlying income statement. These reclassifications between the statutory and underlying income statements include:

Condensed underlying income statement
EUR million
Change
2025 2024 Absolute%
% excl. FX
Net interest income42,401 43,824 (1,423)(3.2)0.5
Net fee income12,928 12,335 593 4.89.1
Gains (losses) on financial transactions and exchange differences 2,354 2,216 138 6.29.7
Other operating income625 (391)1,016 ——
Total income58,308 57,984 324 0.64.5
Total costs(26,410)(27,354)944 (3.5)0.0
Net operating income31,898 30,630 1,268 4.18.6
Net loan-loss provisions(12,128)(11,822)(306)2.68.1
Other gains (losses) and provisions(834)(1,431)597 (41.7)(41.3)
Profit before tax18,936 17,377 1,559 9.013.2
Tax on profit(4,939)(4,853)(86)1.85.3
Profit from continuing operations13,997 12,524 1,473 11.816.2
Net profit from discontinued operations— — — — — 
Consolidated profit13,997 12,524 1,473 11.816.2
Non-controlling interests(845)(750)(95)12.7 17.7 
Underlying profit attributable to the parent A
13,152 11,774 1,378 11.716.1
Non-recurring items949 800 149 18.618.6
Profit attributable to the parent14,101 12,574 1,527 12.116.3
A.Excluding non-recurring items.


•In 2025:
•As previously explained, in the statutory income statement, results associated with the business subject to the Poland disposal are reported in the 'profit/(loss) after tax from discontinued operations' line item.

However, in the underlying income statement, the results related to the business subject to the Poland disposal are excluded line-by-line from the underlying income statement and recorded in the 'non-recurring items' line.
•As explained in note 52.c, certain charges recorded in the statutory account under the line items that comprise 'other
23
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

gains (losses) and provisions' are presented in the underlying income statement under the 'total costs' line item. These are mainly recurring operating charges, primarily related to labour and legal processes, and exclude EUR 620 million of restructuring charges and EUR 214 million of provisions for potential complaints related to motor finance dealer commissions.
•A capital gain, that falls outside the ordinary course of our business, in Q2 2025 of EUR 231 million from the sale of Santander’s remaining 30.5% stake in CACEIS.
•A one-off charge of EUR 467 million in Q2 2025 (EUR 231 million net of tax and minority interests), which strengthens the balance sheet after having updated macroeconomic parameters in Brazil’s credit provisioning models.
•In 2024:
•As previously explained, in the statutory income statement, results associated with the business subject to the Poland disposal are reported in the 'profit/(loss) after tax from discontinued operations' line item.
However, in the underlying income statement, the results related to the business subject to the Poland disposal are excluded line-by-line from the underlying income statement and recorded in the 'non-recurring items' line.
•As explained in note 52.c, certain charges recorded in the statutory account under the line items that comprise 'other gains (losses) and provisions' are presented in the underlying income statement under the 'total costs' line item. These are mainly recurring operating charges, primarily related to labour and legal processes, and exclude EUR 835 million of restructuring charges, EUR 353 million of provisions for potential complaints related to motor finance dealer commissions and EUR 243 million from charges related to the discontinuation of our merchant platform in Germany and Superdigital in Latin America.
•Provisions which strengthen the balance sheet in Brazil of EUR 352 million gross in Q2 2024 (EUR 174 million net of tax and minority interests) which were compensated by gains on the sale of our stake in Pluxee in Brazil.
Additionally, regarding results that fall outside the ordinary course of our business and are therefore excluded from the underlying income statement and recorded in the 'non-recurring items' line:
•In 2025:
•As previously explained, results obtained in Poland are reported in the 'non-recurring items' line.
•Additionally, it includes the following two events of the same value but opposite signs:
-A capital gain in Q2 2025 of EUR 231 million from the sale of Santander’s remaining 30.5% stake in CACEIS.
-A one-off charge of EUR 467 million in Q2 2025 (EUR 231 million, net of tax and minority interests), which strengthens the balance sheet after having updated macroeconomic
parameters in Brazil’s credit provisioning models, in accordance with IFRS 9 regulations.
•In 2024:
•As previously explained, results obtained in Poland are reported in the 'non-recurring items' line.
For more details, see note 52.c to the consolidated financial statements.
As a result, profit attributable to the parent was EUR 14,101 million, increasing 12% in euros and 16% in constant euros compared to 2024, while underlying profit was EUR 13,152 million in 2025 which also represented a rise of 12% in euros and 16% in constant euros compared to 2024.
The year-on-year comparisons of both attributable profit and underlying profit were favoured mainly by the charges in Q2 2024 related to the discontinuation of our merchant platform in Germany and Superdigital in Latin America (EUR 243 million, net of tax and minority interests) and the charge in Q4 2025 related to the provisions recorded for complaints related to motor finance dealer commissions in the UK that was less than the provision in Q4 2024.
Total income amounted to EUR 58,308 million in 2025, a 1% increase year-on-year. In constant euros, total income rose by 5% year-on-year, as follows:
•Net interest income (NII) totalled EUR 42,401 million and increased by 1% year-on-year, even after the impact from the sharp fall in interest rates in Argentina. Excluding Argentina, NII increased 4%. By business:
•In Retail, which represented 62% of the NII of the total operating areas, NII decreased by 1%. Excluding Argentina, it improved 2%, with positive performances across most countries. Of note were Mexico, due to volumes and a lower cost of deposits, Chile supported by a lower cost of deposits and the UK, driven by higher mortgage profitability and a lower cost of deposits.
•NII grew strongly (+5%) in Openbank (26% of the NII of the total operating areas), with positive trends across almost all of our footprint, boosted by active margin management and higher volumes in Openbank Europe and Latin America and additionally favoured by CrediScotia's integration in Peru.
•In CIB, NII increased by 6%, boosted by Global Markets in Europe and the US.
•In Wealth, NII decreased by 14%, affected by some deposit cost inelasticity to interest rate declines in Private Banking and by the lower yield on assets in a lower interest rate environment.
•In Payments, NII grew strongly, +36%, due to higher activity.
•Net fee income reached EUR 12,928 million, increased by 9% year-on-year, achieving a new record, with growth across all businesses. This excellent net fee income performance was underpinned by higher customer activity, network benefits and greater collaboration between our global businesses. By business:
24
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

•In Retail, net fee income increased by 9%, supported by higher commercial activity and a larger customer base.
•In Openbank, net fee income was relatively stable, as double-digit growth in the US and Latin America was offset by lower net fee income in Openbank Europe which was impacted by new insurance regulation in Germany.
•In CIB, net fee income increased by 9%, reaching record levels with growth in all business lines.
•In Wealth, net fee income rose by 17%, with the largest contribution coming from Private Banking and the asset management business.
•In Payments, net fee income increased by 16%, boosted by higher activity.
Net fee income
EUR million
20252024
Asset management business, funds and insurance4,377 4,244 
Credit and debit cards2,296 2,250 
Securities and custody services1,412 1,251 
Account management and availability fees1,913 1,953 
Cheques and payment orders747 795 
Foreign exchange761 632 
Charges for past-due/unpaid balances and guarantees475 313 
Bill discounting129 139 
Other818 758 
Net fee income12,928 12,335 
•Gains on financial transactions and exchange differences increased by 10%, mainly due to lower impacts from foreign exchange hedges in the Corporate Centre and results in Wealth.
•Other operating income improved in 2025 compared to 2024, primarily due to a less negative impact from the hyperinflation adjustment in Argentina and the temporary levy on revenue earned in Spain, which is recorded in this line in 2024, whereas in 2025 the expected tax on revenue earned in Spain for the year was recorded under the ‘tax on profit' line.
Total income
EUR million
7479
+1 %
A
2025 vs. 2024
A. In constant euros: +5%.
Total costs in 2025 totalled EUR 26,410 million, down 3% year-on-year. In constant euros, costs were flat year-on-year. In real terms, excluding the impact of average inflation and in constant euros, they fell 3% year-on-year (for further information, see 4.6. 'Alternative performance measures (APMs): 2025, 2024 and 2023').
We continued to progress with our business transformation plan, ONE Transformation, reflected in greater operational leverage, better business dynamics and more streamlined and agile structures. By business and in constant euros:
•In Retail, total costs declined 1%. In real terms they fell 5%, driven by the transformation efforts through organizational and process simplification and the implementation of our global platform and lower charges in the 'other operating costs' line. The efficiency ratio improved to 42.9%.
•In Openbank, total costs increased by 4% year-on-year. In real terms, they grew 2%, driven by our investments in platforms and our digital bank, as well as the CrediScotia integration, which were partially offset by savings from our efficiency and transformation efforts. The efficiency ratio stood at 43.6%.
•In CIB, total costs decreased by 1% (-4% in real terms), as our investments in new products and capabilities to support growth were more than offset by lower charges in the 'other operating costs' line. The efficiency ratio stood at 46.8%.
•In Wealth, total costs rose 6% (+3% in real terms), reflecting investments made to strengthen PB teams and to develop new capabilities to address the increase in commercial activity. The efficiency ratio improved to 35.7%.
•In Payments, total costs grew by 2%, but improved 1% in real terms, even with our investments in platforms.

25
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Total costs
EUR million
20252024
Staff costs13,656 13,827 
Other administrative expenses7,923 8,129 
Information technology2,344 2,579 
Communications367 387 
Advertising517 512 
Buildings and premises702 711 
Printed and office material101 86 
Taxes (other than tax on profits)543 554 
Other expenses3,349 3,300 
Administrative expenses21,579 21,956 
Depreciation and amortization3,178 3,179 
Operating expenses24,757 25,135 
Other operating costs1,653 2,219 
Total costs26,410 27,354 
Efficiency ratio
%
1649267473169
-1.9pp
2025 vs. 2024
Our cost management continued to focus on structurally improving our efficiency. As a result, we improved our efficiency ratio by 1.9 pp to 45.3%.
All in all, net operating income reached EUR 31,898 million, up 4% year-on-year. In constant euros, it rose by 9%, mainly driven by the good revenue performance (particularly in net fee income), while total costs were stable.
Net loan-loss provisions in 2025 amounted to EUR 12,128 million, a 3% increase year-on-year.
In constant euros, they rose 8%, mainly due to: i) higher LLPs in Retail, as an increase in card provisions driven by strong loan growth and a less favourable macro environment in some of our countries more than offset a positive performance in the other Retail portfolios; and ii) the increase in the Corporate Centre due to provisions in H1 2025 related to our plan to accelerate NPL ratio reductions, improving the Group's credit quality.
The cost of risk stood at 1.14% as of 31 December 2025. For more details, see 5.1. 'Key credit risk metrics'.
Net loan-loss provisions
EUR million
10441
+3 %
A
2025 vs. 2024
A. In constant euros: +8%.
Other gains (losses) and provisions recorded a loss of EUR 834 million in 2025, compared to a EUR 1,431 million loss in 2024.
This year-on-year improvement was favoured by the aforementioned charges in 2024: i) the discontinuation of our merchant platforms in Germany and Superdigital in Latin America; and ii) the charge in Q4 2025 due to the provisions recorded for complaints related to motor finance dealer commissions in the UK that was less than the provision in Q4 2024.
Tax on profit amounted to EUR 4,939 million, 2% higher than in 2024. In constant euros, it rose 5%, as a lower tax burden in some countries, mainly in Brazil, did not fully offset lower benefits from fiscal incentives for electric vehicles in the US and a EUR 353 million charge in 2025 corresponding to the aforementioned tax on revenue expected in Spain for the year.
26
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Underlying profit attributable to the parent in 2025 was EUR 13,152 million, 12% more than in 2024. In constant euros, it rose by 16%, supported by solid total income growth, while total costs were stable and with a controlled cost of risk.
As a result, underlying RoTE post-AT1 was 15.2%, up from 14.4% in 2024, underlying RoRWA was 2.31% (compared to 2.07% in 2024) and underlying earnings per share reached EUR 0.84 (from EUR 0.72 in 2024).
Underlying profit attributable to the parent
EUR million
11971
+12 %
A
2025 vs. 2024
A. In constant euros: +16%.

Underlying RoTE post-AT1
%
1649267472819
As previously explained, results related to the Poland disposal are recorded in non-recurring items, totalling EUR 949 million in 2025 compared to EUR 800 million in 2024.
Including these non-recurring items, profit attributable to the parent in 2025 was EUR 14,101 million, 12% more than in 2024. In constant euros, it rose by 16%.
RoTE post-AT1 stood at 16.3% (15.5% in 2024), in line with our full-year target of reaching a ratio close to 16.5%. RoRWA stood at 2.44% (2.18% in 2024) and earnings per share stood at EUR 0.91 (EUR 0.77 in 2024).

27
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

4.2.2 Group balance sheet
Since Q2 2025, the assets associated with the Poland disposal have been classified under the 'non-current assets held for sale' line item in the Group’s consolidated balance sheet, in accordance with IFRS 5 requirements and as a result of the announcement of the Poland disposal. The related liabilities have been classified under 'liabilities associated with non-current assets held for sale'. This classification applies solely to balance sheets from 30 June 2025 onwards and does not affect prior periods, which therefore limits the comparability of the balance sheets presented below.
Balance sheet
EUR million
Change
Assets
Dec-25Dec-24
Absolute
%
Cash, cash balances at central banks and other deposits on demand152,281 192,208 (39,927)(20.8)
Financial assets held for trading252,318 230,253 22,065 9.6 
Non-trading financial assets mandatorily at fair value through profit or loss7,761 6,130 1,631 26.6 
Financial assets designated at fair value through profit or loss
8,046 7,915 131 1.7 
Financial assets at fair value through other comprehensive income74,612 89,898 (15,286)(17.0)
Financial assets at amortized cost1,202,689 1,203,707 (1,018)(0.1)
Hedging derivatives3,931 5,672 (1,741)(30.7)
Changes in the fair value of hedged items in portfolio hedges of interest risk50 (704)754 — 
Investments7,052 7,277 (225)(3.1)
Assets under reinsurance contracts223 222 1 0.5 
Tangible assets27,438 32,087 (4,649)(14.5)
Intangible assets17,308 19,259 (1,951)(10.1)
Tax assets30,076 30,596 (520)(1.7)
Other assets
8,719 8,559 160 1.9 
Non-current assets held for sale75,011 4,002 71,009 — 
Total assets1,867,515 1,837,081 30,434 1.7 
Liabilities and equity
Financial liabilities held for trading171,546 152,151 19,395 12.7 
Financial liabilities designated at fair value through profit or loss42,148 36,360 5,788 15.9 
Financial liabilities at amortized cost1,421,184 1,484,322 (63,138)(4.3)
Hedging derivatives4,248 4,752 (504)(10.6)
Changes in the fair value of hedged items in portfolio hedges of interest rate risk49 (9)58 (644.4)
Liabilities under insurance contracts18,737 17,829 908 5.1 
Provisions8,355 8,407 (52)(0.6)
Tax liabilities9,568 9,598 (30)(0.3)
Other liabilities
15,937 16,344 (407)(2.5)
Liabilities associated with non-current assets held for sale62,995 — 62,995 — 
Total liabilities1,754,767 1,729,754 25,013 1.4 
Shareholders' equity141,144 135,196 5,948 4.4 
Other comprehensive income(37,974)(36,595)(1,379)3.8 
Non-controlling interest9,578 8,726 852 9.8 
Total equity112,748 107,327 5,421 5.1 
Total liabilities and equity1,867,515 1,837,081 30,434 1.7 
Note: this is a summarized balance sheet. For further information, see 'consolidated balance sheet' section in the consolidated financial statements.

28
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Executive summary A
Gross loans and advances to customers (excluding reverse repos)
Customer funds (deposits excluding repos + mutual funds)
EUR 984 billion
+4%
EUR 1,200 billion
+6%
 è By segment:
 è By product:
Growth across main businesses, led by double-digit performance in CIB and Wealth.
Growth in all products, rising double digits in mutual funds and with a pickup in demand deposits at the end of the year.
Retail
Openbank
CIB
Wealth
Demand
Time
Mutual funds
+1%
+2%
+16%
+13%
+3%
+7%
+14%
A.2025 vs. 2024 changes in constant euros and excluding Poland. For more information on figures presented in constant euros and the exclusion of repurchase agreements and reverse repurchase agreements, see 4.6. 'Alternative performance measures (APMs): 2025,2024 and 2023'.

Loans and advances to customers
Loans and advances to customers totalled EUR 1,037,288 million in December 2025, a 2% decrease year-on-year. The year-on-year comparison was affected by the Poland disposal as, in accordance with IFRS 5 requirements and only from 30 June 2025 onwards, the assets related to the Poland disposal are aggregated under the 'non-current assets held for sale' line, without affecting assets in previous periods.
For the purpose of analysing traditional commercial banking loans, the Group uses gross loans and advances to customers excluding reverse repurchase agreements (repos). To enable like-for-like comparisons, we analyse gross loans and advances to customers excluding reverse repos and, for 2024 data, excluding Poland, i.e. aligning the perimeter with the accounting treatment from June 2025. As at end December 2025, gross loans and advances to customers excluding reverse repos, totalled EUR 984,466 million in December 2025, a 1% increase year-on-year.
To facilitate the analysis of Santander's management, the comments below do not consider the exchange rate impact (i.e., in constant euros), except for Argentina and any grouping which includes it. For further information, see 4.6. 'Alternative performance measures (APMs): 2025, 2024 and 2023'.
Gross loans and advances to customers excluding Poland and reverse repos and in constant euros, grew by 4% year-on-year, as follows:
•In Retail, which represented 60% of the Group's loan portfolio, gross loans and advances to customers grew by 1%, as growth in the mortgage and card portfolios in most countries and higher corporate loans in Europe offset the decrease in SMEs, mainly in Spain, the UK and Portugal.
•In Openbank, which represented 22% of the Group's loan portfolio, they grew by 2% driven by good performances in auto markets in Europe and Latin America.
•In CIB, which represented 15% of the Group's loan portfolio, lending volumes increased by 16%, with double-digit growth in the three business lines.
•In Wealth, gross loans and advances to customers rose by 13% driven by strong growth in Private Banking.
•Payments had a loan portfolio of just EUR 1 billion (-8% year-on-year).

Loans and advances to customers
EUR million. Excluding Poland
Change
Dec-25Dec-24Absolute%
Commercial bills51,110 51,429 (319)(0.6)
Secured loans530,749 538,218 (7,469)(1.4)
Other term loans295,998 284,136 11,862 4.2 
Finance leases38,540 37,643 897 2.4 
Receivable on demand10,313 10,737 (424)(3.9)
Credit cards receivable26,179 24,563 1,616 6.6 
Impaired assets31,577 32,235 (658)(2.0)
Gross loans and advances to customers (excluding reverse repos)984,466 978,961 5,505 0.6 
Reverse repurchase agreements
73,980 59,344 14,636 24.7 
Gross loans and advances to customers1,058,446 1,038,305 20,141 1.9 
Loan-loss allowances21,158 21,145 13 0.1 
Net loans and advances to customers1,037,288 1,017,160 20,128 2.0 
29
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Gross loans and advances to customers
(excluding reverse repos)
EUR billion. Excluding Poland
2908
+1 %
A
2025 vs. 2024
A. In constant euros: +4%.
As of December 2025, gross loans and advances to customers excluding reverse repos maintained a diversified structure between the markets in which the Group operates.
With respect to gross loans and advances to customers (including reverse repos) maturing in more than one year, at the end of 2025, 66% had a fixed interest rate, while the remaining 34% had a floating interest rate:


Gross loans and advances to customers
(excluding reverse repos)
% of operating areas. December 2025. Excluding Poland



3305
•In Spain, 53% of loans and advances to customers were fixed rate and 47% were floating rate.
•Outside of Spain, 69% of loans and advances to customers were fixed rate and 31% were floating rate.
For more details on the distribution of loans and advances to customers by business line, see note 10.b to the consolidated financial statements.

Gross loans and advances to customers (including reverse repos) with maturities exceeding one year as at 31 December 2025
EUR million. Excluding Poland
DomesticInternationalTOTAL
AmountWeight as % of the totalAmountWeight as % of the totalAmountWeight as % of the total
Fixed74,31053 %361,57669 %435,88666 %
Floating66,10847 %158,75831 %224,86634 %
TOTAL140,418100 %520,334100 %660,752100 %
30
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Total customer funds
EUR million. Excluding Poland
Change
Dec-25Dec-24Absolute%
Demand deposits646,125 641,237 4,888 0.8
Time deposits298,284 286,296 11,988 4.2
Mutual funds A
255,389 227,226 28,163 12.4
Customer funds1,199,798 1,154,759 45,039 3.9
Pension funds A
16,112 15,646 466 3.0
Managed portfolios A
50,459 42,969 7,490 17.4
Repurchase agreements96,791 78,072 18,719 24.0
Total funds1,363,160 1,291,446 71,714 5.6
A. Including managed and marketed funds.
Customer deposits fell 1% year-on-year to EUR 1,041,200 million as at 31 December 2025. This year-on-year comparison was also affected by the Poland disposal as, in accordance with IFRS 5 requirements and only from 30 June 2025 onwards, the liabilities related to the Poland disposal are aggregated under the 'liabilities associated with non-current assets held for sale' line, without affecting liabilities in previous periods.
The Group uses customer funds (customer deposits, excluding repos, plus mutual funds) to analyse traditional retail banking funds. To enable like-for-like comparisons, we analyse customer funds excluding Poland in 2024, i.e. aligning the perimeter with the accounting treatment from June 2025. As at 31 December 2025, they amounted to EUR 1,199,798 million and grew 4% year-on-year.
To facilitate the analysis of Santander's management, the comments below do not consider the exchange rate impact (i.e., in constant euros), except for Argentina and any grouping which includes it. For further information, see 4.6. 'Alternative performance measures (APMs): 2025, 2024 and 2023'.
Customer funds (excluding repos)
EUR billion. Excluding Poland
4748
Dec-25 vs. Dec-24
+4
%
A
+12
%
+2
%
Total
Mutual fundsB
Deposits excluding repos
A. In constant euros: +6%.
B. Including managed and marketed funds.


Compared to December 2024, customer funds excluding Poland rose 6% in constant euros, as follows:
•By product, customer deposits excluding repos rose 4%, with an increase in both demand (+3%) and time deposits (+7%). Mutual funds rose 14%, with widespread increases across most businesses and countries.
•By business, customer funds increased 5% in Retail, mainly driven by time deposits in Europe and South America. In Openbank, customer funds rose 6%, in line with our deposit gathering strategy. In CIB, customer funds grew 4%, due to deposits in Cash Management. In Wealth, they were up 15%, driven mainly by mutual funds.
Customer funds maintained a diversified structure across the markets in which the Group operates. The weight of demand deposits was 54% of total customer funds, while time deposits accounted for 25% and mutual funds 21%.
In addition to capturing customer deposits, for strategic reasons the Group has a selective policy on issuing securities in international fixed income markets and strives to adapt the frequency and volume of its market operations to the structural liquidity needs of each unit, as well as to the receptiveness of each market.

Customer funds (excluding repos)
% of operating areas. December 2025. Excluding Poland
6127
31
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

4.3 Financial information by segment: 2025 vs 2024

4.3.1 Description of segments
We base segment reporting on financial information presented to the chief operating decision maker, which excludes certain statutory results items that distort year-on-year comparisons and are not considered for management reporting. This financial information (underlying basis) is computed by adjusting reported results for the effects of certain gains and losses (e.g. capital gains, write-downs, impairment of goodwill, etc.). These gains and losses are items that management and investors ordinarily identify and consider separately to better understand the underlying trends in the business. For more details, see note 52.c to the consolidated financial statements.
Santander has aligned the information in this section with the underlying information used internally for management reporting and with that presented in the Group's other public documents.
The executive committee of Santander's board of directors has been selected to be its chief operating decision maker. The Group's operating segments reflect its organizational and managerial structures. The executive committee reviews internal reporting based on these segments to assess performance and allocate resources.
The segments are split by global business and by country in which profits are earned. We prepare the financial information by aggregating the figures for Group’s global businesses and countries, relating it to both the accounting data of the business units integrated in each segment and that provided by management information systems. The same general principles as those used in the Group are applied.
Taking into account all of the changes detailed in 2. 'Presentation of financial and other information', from 2026 the primary and secondary segments are structured as follows:
Primary segments
This primary level of segmentation comprises six reportable segments: five global businesses plus the Corporate Centre.
Retail & Commercial Banking (Retail): area that integrates the retail banking and commercial banking businesses (individuals, SMEs and corporates), except private banking clients and business originated in the consumer finance businesses. Detailed financial information is provided on Spain (Retail Spain), the UK (Retail UK), Mexico (Retail Mexico) and Brazil (Retail Brazil), which represent most of the total Retail business.
Openbank, formerly Digital Consumer Bank (Consumer): comprises all business originated by consumer finance companies, plus our digital bank (formerly Openbank), Open Digital Services (ODS) and SBNA Consumer. Detailed financial information is provided on Europe (Openbank Europe) and the US (Openbank US).
Corporate & Investment Banking (CIB): this business, which includes Global Transaction Banking, Global Banking (Global Debt Financing and Corporate Finance) and Global Markets, offers products and services on a global scale to corporate and institutional customers, and collaborates with other global businesses to better serve our broad customer base.
Wealth Management & Insurance (Wealth): comprises two business lines: i) Private Banking, which includes the corporate private banking unit and International Private Banking in the US, Switzerland and the UAE; and ii) Insurance & Asset Management Solutions, which brings together the insurance business and liquid and illiquid asset management activities and includes the investment platforms and holdings that complement the traditional Wealth business.
Payment Solutions (Payments): brings together the Group’s digital payment solutions, providing global technological solutions to Group entities and new customers in the open market. It comprises Getnet, Getnet Platforms and Ebury.
Corporate Centre: includes the centralized activities relating to equity stakes in financial companies, financial management of the structural exchange rate position, assumed within the sphere of the Group’s asset and liability committee, as well as management of liquidity and of shareholders’ equity via issuances.
As the Group’s holding entity, this area manages all capital and reserves and allocations of capital and liquidity with the other businesses. It also incorporates goodwill impairments but not the costs related to the Group’s central services (charged to the areas), except for corporate and institutional expenses related to the Group’s functioning.
Secondary segments
This secondary level includes our main geographical units and the Corporate Centre, as described in the primary segments.
Detailed financial information is provided on Spain, the UK, Portugal, Openbank Europe (previously referred to as DCB Europe), which includes all consumer business, our digital bank in Europe and ODS, the US, Mexico, Brazil, Chile and Argentina.
Information is also provided for the 'Rest of the Group', the grouping which brings together everything that is not included in the aforementioned geographical units or the Corporate Centre.



32
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

The information included on each of the segments in this report and the accounting principles under which their results are presented here may differ from the accounting principles applied and the financial information separately prepared and disclosed by our subsidiaries (some of which are publicly listed) which in name or geographical description may seem to correspond to the segments covered in this report. Accordingly, the results of operations and trends shown for our segments in this document may differ materially from those of such subsidiaries.
As described in 4.2 'Group financial performance: 2025 vs 2024', the results of our segments presented below are only provided on the basis of underlying results in accordance with IFRS 8. Therefore, the information included in this section, at the Group and primary segment levels, excludes Poland's results line by line as they are recorded in full in the 'non-recurring items' line item. This reporting approach is consistent with the information used internally in management reporting as well as with other public Group disclosures from 2026. For the same reason, all underlying ratios and management metrics included in this section have been calculated excluding Poland. For further information, see 4.6 'Alternative performance measures (APMs): 2025, 2024 and 2023'.
The results of our segments presented below are provided on the basis of underlying results only and include the impact of foreign exchange rate fluctuations. However, for a better understanding of the changes in the performance of our business areas, we also provide and discuss the year-on-year changes to our results excluding such exchange rate impacts (i.e. in constant euros), except for Argentina, and any grouping which includes it, where the variations in constant euros have been calculated considering the Argentine peso exchange rate on the last working day for each of the periods presented. For further information, see 4.6 'Alternative performance measures (APMs): 2025, 2024 and 2023'.
The statements included in this section regarding Santander's competitiveness and that of its subsidiaries have been produced by the Group based on public information (corporate websites of competing entities and information published by national banking institutions).
Certain figures contained in this chapter have been subject to rounding to enhance their presentation. Accordingly, in certain instances, the sum of the numbers in a column or a row in tables contained in this report may not conform exactly to the total figure given for that column or row.
33
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

4.3.2 Summary of the Group's main business areas' income statements
2025
Main items of the underlying income statement
EUR million
Primary segmentsNet interest incomeNet fee
income		Total
income		Net operating incomeProfit before tax
Underlying profit attributable to the parent
Retail & Commercial Banking26,528 6,222 32,447 18,534 10,998 7,710 
Openbank11,036 1,479 13,015 7,335 2,566 1,741 
Corporate & Investment Banking3,824 2,552 8,016 4,264 3,949 2,708 
Wealth Management & Insurance1,335 1,642 4,042 2,598 2,564 1,983 
Payment Solutions167 1,059 1,373 170 134 96 
Corporate Centre(490)(27)(585)(1,003)(1,275)(1,085)
TOTAL GROUP42,401 12,928 58,308 31,898 18,936 13,152 
Secondary segments
Spain7,305 3,022 11,887 7,423 6,083 4,272 
UK5,008 369 5,032 2,095 1,794 1,307 
Portugal1,346 506 1,956 1,412 1,417 1,010 
Openbank Europe4,685 804 5,925 3,026 1,398 772 
US5,888 1,328 7,929 4,039 1,748 1,541 
Mexico4,554 1,454 6,305 3,575 2,336 1,705 
Brazil9,380 3,193 12,602 7,645 3,224 2,168 
Chile1,917 582 2,714 1,795 1,232 729 
Argentina1,727 788 2,235 1,257 650 433 
Corporate Centre(490)(27)(585)(1,003)(1,275)(1,085)
Rest of the Group1,080 908 2,309 634 328 300 
TOTAL GROUP42,401 12,928 58,308 31,898 18,936 13,152 
Underlying profit attributable to the parent. 2025 distribution
Distribution A by primary segment
74
A. As a % of operating areas. Excluding the Corporate Centre.

Underlying profit attributable to the parent. 2025
EUR million. % change YoY
Retail
Openbank
CIB
Wealth
Payments
148
Var
Var B
+5 
%
+9 %
+5 
%
+8 %
+3 
%
+7 %
+25 
%
+29 %
—
—
B. Changes in constant euros.
34
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

2024
Main items of the underlying income statement
EUR million
Primary segmentsNet interest incomeNet fee
income		Total
income		Net operating incomeProfit before taxUnderlying profit attributable to the parent
Retail & Commercial Banking27,854 6,022 33,064 18,359 10,750 7,345 
Openbank
10,777 1,508 12,877 7,302 2,228 1,659 
Corporate & Investment Banking3,779 2,415 7,897 3,975 3,815 2,639 
Wealth Management & Insurance1,591 1,442 3,587 2,183 2,134 1,584 
Payment Solutions132 958 1,240 31 (233)(299)
Corporate Centre(308)(11)(680)(1,220)(1,317)(1,154)
TOTAL GROUP43,824 12,335 57,984 30,630 17,377 11,774 
Secondary segments
Spain7,256 2,867 11,580 7,071 5,440 3,762 
UK4,950 283 5,011 1,962 1,794 1,306 
Portugal1,548 467 2,065 1,492 1,481 1,001 
Openbank Europe4,361 902 5,644 2,796 1,131 642 
US5,693 1,152 7,580 3,615 1,053 1,109 
Mexico4,631 1,385 6,278 3,551 2,274 1,671 
Brazil10,121 3,414 13,536 8,318 3,830 2,422 
Chile1,822 551 2,592 1,650 1,111 629 
Argentina2,919 602 2,487 1,150 827 665 
Corporate Centre(308)(11)(680)(1,220)(1,317)(1,154)
Rest of the Group832 722 1,889 246 (248)(280)
TOTAL GROUP43,824 12,335 57,984 30,630 17,377 11,774 
35
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

4.3.3 Primary segments
Retail & Commercial Banking
Underlying attributable profit
EUR 7,710 mn
Business performance
Gross loans and advances to customers, excluding reverse repos and in constant euros rose 1% year-on-year, mainly due to the increase in mortgages and cards, which amply offset the decrease in SMEs.
The mortgage portfolio increased across most countries. However, personal loans decreased driven by Brazil, partially offset by growth in Spain, Chile and Argentina.
Corporate loans rose, mainly due to generalized growth across Europe, while SME loans were affected by lower volumes in Spain, the UK and Portugal.
Customer deposits, excluding repos and in constant euros, rose 4%, driven by broad-based growth across countries in Europe, particularly in Spain, the UK and Brazil, especially in time deposits. Mutual funds rose 11% in constant euros, with positive performances across most countries. As a result, customer funds increased 5% in constant euros.
Retail. 2025 business performance
EUR billion and YoY % change in constant euros
591
+1%
727
+5%
Spain.jpg
UK.jpg
Mexico.jpg
Brazil.jpg
Other
4154
Spain.jpg
UK.jpg
Mexico.jpg
Brazil.jpg
Other
4159
Gross loans and advances to customer excl. reverse reposCustomer deposits excl. repos + mutual funds
Results
Underlying attributable profit in 2025 was EUR 7,710 million (54% of the Group's total operating areas), up 5% compared to 2024. In constant euros, it rose 9% year-on-year, as follows:
•Total income increased 3%, as the decrease in net interest income was amply offset by improvements in net fee income and other income, the latter favoured by the temporary levy on revenue earned in Spain, which was recorded in this line in 2024, whereas in 2025 the expected tax on revenue earned in Spain for the year was recorded under the ‘tax on profit' line.
Net interest income decreased 1% year-on-year, heavily impacted by Argentina, where interest rates declined significantly over the year. However, if we exclude Argentina, net interest income increased 2%, even in a less favourable interest rate environment, with positive performances in most countries. Of note, Mexico due to volumes and a lower cost of deposits, Chile supported by a lower cost of deposits and the UK driven by higher mortgage profitability and a lower cost of deposits.

Greater commercial activity and a larger loyal customer base contributed to net fee income growth (+9%). The most significant increases were in Argentina, Mexico and the UK and by product in transactional, insurance and mutual fund fees.
Retail. Total income
EUR million and YoY % change in constant euros
Spain.jpg
UK.jpg
Mexico.jpg
Brazil.jpg
Other
5184
Var
+3%
+2%
+9%
0%
+2%
    
Retail32,447
+3%

•Total costs decreased 1%. In real terms, expenses declined 5% reflecting our transformation efforts through organizational simplification, process automation and the deployment of the global platform as well as lower charges in the 'other operating costs' line. As a result, net operating income increased 6% and efficiency improved to 42.9%.
•Net loan-loss provisions increased 8% year-on-year, as declines in Spain and the US partially offset the increases in Argentina due normalization and Brazil driven by loan growth and a less favourable macro environment.
•Other gains (losses) and provisions line recorded a 29% lower loss than in 2024, due to lower charges related to transformation.
Overall, underlying RoTE (post-AT1) in 2025 was 17.1%.
Retail. Underlying income statement
EUR million and % change
/ 2024
20252024 %% excl. FX
Revenue32,44733,064 (2)+3
Total costs(13,913)(14,704)(5)(1)
Net operating income18,534 18,359 +1+6
LLPs(7,150)(7,064)+1+8
PBT10,99810,750 +2+6
Underlying attr. profit7,710 7,345 +5+9
Detailed financial information in 4.3.4 'Appendix'.
36
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

banderaESP.jpg
Retail Spain
Profit before tax
EUR 3,316
 mn
Business performance
Gross loans and advances to customers, excluding reverse repos, were flat year-on-year as the increase in personal loans, consistent with our customer engagement strategy, and higher corporate loans offset a decrease in SMEs, affected by the ICO maturities and the impact of our focus on active risk management and balance sheet optimization.
Customer deposits excluding repos, increased 4% year-on-year, driven by our new value proposition for Select customers, supporting customer acquisition and improving our funding mix. Mutual funds increased 15% year-on-year. As a result, customer funds increased 6% year-on-year.
Results
Profit before tax in 2025 reached EUR 3,316 million, 17% higher than in 2024. By line item:
•Total income increased 3% mainly due to the rise of net fee income, driven by transactional, insurance and mutual funds fees, and other income favoured by the temporary levy on revenue earned in Spain, which was recorded in this line in 2024, whereas in 2025 the expected tax on revenue earned in Spain for the year was recorded under the ‘tax on profit' line.
•Total costs were flat, reflecting the progress achieved in product simplification and process automation, as well as by the savings obtained from the rollout of global platforms such as Gravity. As a result, the efficiency ratio improved to 36.5%.
•Net loan-loss provisions decreased 8%, which resulted in an improvement in the cost of risk and NPL ratio to 0.71% and 2.39%, respectively.
•The other gains (losses) and provisions line recorded a 49% lower loss year-on-year, benefited by less charges related to transformation.
Retail Spain. Underlying income statement
EUR million and % change
/ 2024
20252024 %
Revenue7,1436,915 +3
Total costs(2,605)(2,606)0
Net operating income4,5384,309 +5
LLPs(1,036)(1,121)(8)
PBT3,316 2,824 +17
Detailed financial information in 4.3.4 'Appendix'.
UK.jpg
Retail UK
Profit before tax
EUR 1,658
 mn
Business performance
Gross loans and advances to customers, excluding reverse repos and in constant euros, increased 2% year-on-year, driven by an increase in mortgages and corporates. The trend in mortgages was positive throughout the year, with a progressive recovery in new business volumes.
Customer deposits, excluding repos and in constant euros, increased 4% mainly driven by time deposits. Mutual funds increased 5% year-on-year in constant euros. As a result, customer funds increased 4% in constant euros.
Results
Profit before tax was EUR 1,658 million, up 2% year-on-year. In constant euros, it increased 3%, by line item:
•Total income increased 2%, driven by a positive performance in net interest income, supported both by higher loan yields and a lower cost of deposits, and higher net fee income, driven by transactional and FX fees.
•Total costs decreased 3% reflecting our efforts in process simplification and automation. Net operating income increased 10% and the efficiency ratio improved by 2.9 pp to 59.3%.
•Net loan-loss provisions continued to normalize, though they remained at low levels, with a cost of risk of only 7 bps.
•The other gains (losses) and provisions line recorded losses of EUR 124 million, a 21% greater loss year-on-year, impacted by charges related to transformation.
Retail UK. Underlying income statement
EUR million and % change
/ 2024
20252024 %% excl. FX
Revenue4,8124,766 +1+2
Total costs(2,853)(2,965)(4)(3)
Net operating income1,9591,801 +9+10
LLPs(177)(64)+177+181
PBT1,658 1,633 +2+3
Detailed financial information in 4.3.4 'Appendix'.
37
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Mexico.jpg
Retail Mexico
Profit before tax
EUR 1,628
 mn
Business performance
Gross loans and advances to customers, excluding reverse repos and in constant euros, grew 2% year-on-year, mainly due to growth in mortgages, supported by our enhanced commercial offering.
Customer deposits, excluding repos and in constant euros, increased 8% year-on-year, with growth in both demand and time deposits. This reflects increased transactional activity as a result of our focus on customer primacy. In addition, during the year mutual funds rose 16% in constant euros. As a result, customer funds grew 10% in constant euros.
Results
Profit before tax reached EUR 1,628 million in 2025 up 7% year-on-year. In constant euros, it increased 17%, as follows:
•Total income rose 9%, mainly driven by a good net interest income performance, supported by higher activity and a lower cost of deposits, and by an increase in net fee income, particularly from transactional fees and higher volumes in mutual funds.
•Total costs rose 7% affected by inflation and our investments in transformation. As a result, net operating income increased 11% and the efficiency ratio improved by 0.9 pp to 42.6%.
•Net loan-loss provisions increased 2%, partially due to loan growth, with a cost of risk of 5.03% and an NPL ratio of 5.00%.
•No other gains (losses) and provisions were recorded in 2025 or 2024.
Retail Mexico. Underlying income statement
EUR million and % change
/ 2024
20252024 %% excl. FX
Revenue4,8204,861 (1)+9
Total costs(2,055)(2,114)(3)+7
Net operating income2,7652,746 +1+11
LLPs(1,136)(1,222)(7)+2
PBT1,628 1,524 +7+17
Detailed financial information in 4.3.4 'Appendix'.
Brazil.jpg
Retail Brazil
Profit before tax
EUR 1,464
 mn
Business performance
Gross loans and advances to customers, excluding reverse repos and in constant euros, declined 1%, as growth in cards and mortgages did not fully offset declines in personal loans, in line with our strategy to focus on more profitable growth and capital optimization.
Customer deposits increased 9%, excluding repos and in constant euros, driven by time deposits, which rose double-digits, particularly individuals. Mutual funds increased 18% in constant euros. As a result, customer funds grew 11% in constant euros.
Results
Profit before tax was EUR 1,464 million in 2025, a 26% decrease year-on-year. In constant euros, it declined 20%, as follows:
•Total income was flat, as higher fees driven by cards offset the negative sensitivity of the balance sheet to higher interest rates and lower gains on financial transactions, in an environment with lower activity.
•Total costs increased 3%, driven by higher T&O costs and higher charges in the 'other operating costs' line However, this growth is below inflation, reflecting our transformation efforts in simplification, automation and digitalization.
•Net loan-loss provisions increased 6%, affected by higher provisions in cards (volumes and macroeconomic environment) as well as in the corporate and agribusiness segments, which were impacted by the macroeconomic and regulatory environment.
•The other gains (losses) and provisions line recorded losses of EUR 11 million, a greater loss year-on-year.

Retail Brazil. Underlying income statement
EUR million and % change
/ 2024
20252024 %% excl. FX
Revenue9,1729,992 (8)0
Total costs(3,936)(4,159)(5)+3
Net operating income5,2375,833 (10)(3)
LLPs(3,762)(3,857)(2)+6
PBT1,464 1,975 (26)(20)
Detailed financial information in 4.3.4 'Appendix'.
38
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Openbank
Underlying attributable profit
EUR 1,741 mn
Business performance
Gross loans and advances to customers, excluding reverse repos and in constant euros, rose 2% year-on-year. This was driven by auto (+4%), which saw continuous growth in Europe, in a market that picked up from a weak start at the beginning of 2025, and double-digit increases across most of Latin America.
The new lending performance (-8% year-on-year in constant euros) continued to reflect our focus on prioritizing profitability over volumes as we remained prudent in terms of originations in an environment marked by volatility and geopolitical uncertainty.
Our EUR 13.3 billion leasing portfolio decreased 15% year-on-year in constant euros, as growth in Europe was more than offset by a decline in the US, due to the wind down of business through our relationship with Stellantis, lower demand for electric vehicles and our strategy to prioritize profitability over growth.
In terms of liabilities, our access to wholesale funding markets remained strong and diversified. Customer deposits accounted for 61% of Openbank's total funding. Excluding repos and in constant euros, deposits were up 5% year-on-year (+11% in the US and +1% in Europe), as a result of our focus on deposit gathering, supported by our digital bank. Including mutual funds (which rose 17%, albeit from low levels), customer funds grew 6% year-on-year in constant euros.
Openbank. 2025 business performance
EUR billion and YoY % change in constant euros
212
+2%
139
+6%
Openbank Europe
Openbank US
5383
Openbank Europe
Openbank US
5388
Gross loans and advances to customer excl. reverse reposCustomer deposits excl. repos + mutual funds
Openbank. Leasing portfolio
EUR billion and YoY % change in constant euros
Total leasing
13
-15%
5396Results
Underlying attributable profit in 2025 was EUR 1,741 million, up 5% year-on-year, representing 12% of the Group's total operating areas. In constant euros, profit increased 8%, as follows:
•Total income rose 4%, mainly driven by net interest income, which grew 5%, with positive trends across almost all of our footprint, underpinned by our active margin management and higher volumes, as well as the CrediScotia integration in Peru.
Net fee income was flat, as double-digit growth in the US and Latin America was offset by Openbank Europe, which was impacted by new insurance regulation in Germany and weaker car registration trends, especially in H1 2025.
Other income declined, mainly due to lower leasing results in the US, driven by reduced volumes and lower residual values.
Openbank. 2025 total income
EUR million and YoY % change in constant euros
Openbank Europe
Openbank US
Other
6186
Var
+5%
0%
+12%

•Total costs rose 4% year-on-year (+2% in real terms), mainly driven by our investments in platforms, our digital bank and the CrediScotia integration, which were partially offset by savings from our efficiency and transformation efforts.
•Net loan-loss provisions grew 1%, as an excellent performance in auto in the US nearly offset increases in other units, mainly in Openbank Europe, and the impact of the CrediScotia integration. Credit quality remained controlled with the cost of risk improving 7 bps to 2.10%, while the NPL ratio stood at 5.32%.
•Other gains (losses) and provisions registered a loss of EUR 312 million in 2025 compared to a EUR 512 million loss in 2024, mainly due to lower provisions for potential complaints related to motor finance dealer commissions in the UK.
•The effective tax rate normalized as the benefit from fiscal incentives for electric vehicles decreased, following a decline in leasing volumes for these vehicles in the US during 2025.
As a result, underlying RoTE (post-AT1) stood at 8.5% in 2025.
Openbank. Underlying income statement
EUR million and % change
/ 2024
20252024 %% excl. FX
Revenue13,01512,877 +1+4
Total costs(5,680)(5,576)+2+4
Net operating income7,335 7,302 0+4
LLPs(4,457)(4,562)(2)+1
PBT2,5662,228 +15+18
Underlying attr. profit1,741 1,659 +5+8
Detailed financial information in 4.3.4 'Appendix'.
39
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

OB
Openbank Europe
Profit before tax
EUR 1,398
 mn
Business performance
New car registrations saw weaker trends at the beginning of the year, with declines in normally strong months, but they picked up towards the end of the year. This performance and our focus on prioritizing profitability over growth were reflected in a 3% year-on-year drop in new business volumes in constant euros.
However, gross loans and advances to customers, excluding reverse repos and in constant euros, grew 2% year-on-year, driven by auto balances.
Customer deposits, excluding repos and in constant euros, rose 1% year-on-year, supported by demand deposits, in line with our strategy to increase the weight of retail funding. Mutual funds grew 16% in constant euros.
Results
In 2025, profit before tax reached EUR 1,398 million, 24% higher than in 2024. In constant euros, it rose 23%, as follows:
•Total income grew 5%, mainly driven by strong net interest income (+8%), underpinned by our margin management and volumes growth, which more than offset the impact on net fee income from new insurance regulation in Germany and weaker car registration trends, particularly in the first half of the year.
•Total costs were up 2%. In real terms costs were flat as our strategic investments in platforms and business growth and higher charges in the 'other operating costs' line were offset by savings from the transformation of our operating model. As a result, net operating income increased 8% and the efficiency ratio improved to 48.9%.
•Net loan-loss provisions grew 13%, especially in Germany, impacted by the macro environment and worse credit quality in corporates (which is in run-off). However, cost of risk remained below 1%.
•Other gains (losses) and provisions posted a loss of EUR 266 million, compared to a EUR 456 million loss in 2024, mainly due to a decline in provisions for potential complaints related to motor finance dealer commissions in the UK.
Openbank Europe. Underlying income statement
EUR million and % change
/ 2024
20252024 %% excl. FX
Revenue5,9255,644 +5+5
Total costs(2,899)(2,848)+2+2
Net operating income3,0262,796 +8+8
LLPs(1,363)(1,209)+13+13
PBT1,3981,131 +24+23
Detailed financial information in 4.3.4 'Appendix'.
US.jpg
Openbank US
Profit before tax
EUR 699
 mn
Business performance
The stock of gross loans and advances to customers, excluding reverse repos and in constant euros, declined 5% year-on-year, mainly due to asset rotation initiatives (in line with our capital light strategy) and reduced new business activity, as we maintained our focus on profitability over growth. The leasing portfolio fell 28% in constant euros, impacted by the wind down of business through our relationship with Stellantis and a lower demand for electric vehicles.
Customer deposits, excluding repos and in constant euros, rose 11% year-on-year, driven by demand deposits, reflecting strong momentum in our digital bank. Mutual funds also grew in constant euros, contributing to an 11% increase in customer funds in constant euros.
Results
In 2025, profit before tax was 27% higher year-on-year, reaching EUR 699 million. In constant euros, it increased 32%, as follows:
•Total income was flat, as stronger net interest income (higher auto loan margins) and net fee income (higher activity in auto servicing for third parties), offset a decline in leasing income, primarily due to lower volumes and lower residual values.
•Total costs increased 3%, driven by strategic investment in our digital bank, which was partially offset by savings from our transformation initiatives.
•Net loan-loss provisions improved 9%, underpinned by resilient consumer behaviour, used car prices stable at high levels, and capital relief measures. As a result, cost of risk improved 26 bps, reaching 4.17%.
•The other gains (losses) and provisions line recorded a loss of EUR 45 million compared to a EUR 55 million loss in 2024.
Openbank US. Underlying income statement
EUR million and % change
/ 2024
20252024 %% excl. FX
Revenue5,0725,297 (4)0
Total costs(2,188)(2,225)(2)+3
Net operating income2,8843,072 (6)(2)
LLPs(2,140)(2,466)(13)(9)
PBT699551 +27+32
Detailed financial information in 4.3.4 'Appendix'.
40
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Corporate & Investment Banking
Underlying attributable profit
EUR 2,708 mn
Business performance
Gross loans and advances to customers, excluding reverse repos and in constant euros, increased 16% year-on-year, boosted by double-digit growth in GTB, GB and GM. Customer deposits, excluding repos and in constant euros, rose 6% year-on-year, driven by Cash Management.
Global Transaction Banking (GTB) recorded good activity levels year-on-year in a challenging environment:
•In Trade & Working Capital Solutions (T&WCS), activity grew year-on-year, supported by the expansion into new segments and partnerships, such as Invensa, a new global inventory finance platform, in alliance with Pemberton, and the implementation of innovative, tailored solutions to address new client demands.
•Export Finance activity, which increased in our main markets, was adversely impacted by Argentina. We achieved a fourth consecutive year as a global leader and strengthened our leadership in Sustainability through transactions carried out together with the Structured Finance team.
•Cash Management activity was affected by interest rates easing across most of our markets. Nevertheless, we expanded real-time payment solutions and strengthened treasury connectivity, in line with our ambition to build a stronger European franchise while preserving our leadership in Spain, Portugal and Latin America.
In Global Banking (GB), activity rose in the year, especially on the back of our US BBO initiative.
•In Corporate Finance (CF), strong growth was driven by M&A in the US and Europe, reflected in transactions such as with Orange, where we acted as financial advisor on the acquisition of its remaining stake in MasOrange. ECM activity recovered during the second half of the year. Leveraged Finance activity increased, especially in the US, with key mandates such as Advent’s leveraged buyout of Reckitt Essential Homes and with more important roles such as our lead arranger role in Partners Group’s acquisition of Middle River Power.
•In Debt Finance, DCM performed well, supported by strong investor demand and refinancing-driven issuances in the US, Europe and Latin America. However, Syndicated Loans activity softened, though we maintained leading bookrunner roles in Latin American sovereign and corporate deals, with prominent clients such as the Republic of Colombia and Metro de Rio de Janeiro.
•Structured Finance activity was broadly flat year-on-year despite challenging conditions during the first half of the year. We achieved notable growth in the US, reinforcing our leadership in Liquefied Natural Gas and Renewables sectors and gaining traction in Digital and Data Centres infrastructure. We are also expanding our business in the UK and Asia and maintaining a top global position in Project Finance advisory.
In Global Markets (GM), we recorded strong institutional client activity, particularly in the US, with disciplined risk management supported growth. Fixed income and FX products performed particularly well, offsetting weaker activity in Cash Equity.
Results
Underlying attributable profit in 2025 was EUR 2,708 million (19% of the Group's total operating areas), up 3% year-on-year. In constant euros, profit grew 7%, as follows:
•Total income rose 5% year-on-year, on the back of net interest income growth (+6%), mainly due to GM in Europe and the US, and strong net fee income (+9%) which grew across business lines. Other income was fairly stable year-on-year.
By country, there was double-digit revenue growth in the US, Mexico and our branch in the UK.
By business line, revenue rose 11% and 8% in GM and in GB, respectively, and there was double-digit growth in CF, mainly in the US. GTB revenue decreased slightly, as growth in Trade & Working Capital Solutions was offset by lower results in Cash Management and Export Finance.
CIB. Total income by business
Both EUR million and % change in constant euros
7075Note: total income includes revenue from other activities which are less material (EUR 160 million in 2024 and EUR 128 million in 2025).

•Total costs decreased 1%, as our investments in new products and capabilities to support growth were more than offset by lower charges in the 'other operating costs' line. As a result, net operating income increased 12% and the efficiency ratio was 46.8%.
•Net loan-loss provisions have a limited impact on results due to the nature of CIB business. They increased year-on-year, though the cost of risk remained low at just 0.14%.
•Other gains (losses) and provisions recorded a EUR 37 million loss compared to a EUR 19 million loss in 2024.
Underlying RoTE (post-AT1) was 17.8%.
CIB. Underlying income statement
EUR million and % change
/ 2024
20252024 %% excl. FX
Revenue8,0167,897 +2+5
Total costs(3,752)(3,922)(4)(1)
Net operating income4,2643,975712
LLPs(278)(141)+96+98
PBT3,9493,815 +4+8
Underlying attr. profit2,7082,63937
Detailed financial information in 4.3.4 'Appendix'.
41
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Wealth Management & Insurance
Underlying attributable profit
EUR 1,983 mn
Business performance
During 2025, solid commercial activity and a positive market performance enabled us to reach a total volume of assets under management (AuMs) of EUR 541 billion, +14% year-on-year in constant euros. By business and in constant euros, volumes performed as follows:
•In Private Banking (PB), customer assets and liabilities reached EUR 363 billion (+17% year-on-year), with all products growing, as we focus on offering products with greater added value, such as alternatives and discretionary portfolio management.
Our focus on offering our customers the benefits of our scale and international presence helped us expand our Private Banking customer base by 5% year-on-year to nearly 297,000.
•In Insurance & Asset Management Solutions: i) total Santander Asset Management (SAM) AuMs increased year-on-year, on the back of the solid commercial activity, confirming strong client engagement and the attractive product offering; and ii) Insurance gross written premiums reached EUR 10.6 billion in 2025, +5% year-on-year, mainly driven by life savings business.
Wealth. 2025 business performance
EUR billion and % change in constant euros. December 2025
5833
/ 2024
+14 %
+10 %
+24 %
+6 %
+13 %
+5 %
Note: total products marketed, advised, under custody and/or managed.

Results
Underlying attributable profit was EUR 1,983 million (14% of the Group's total operating areas), up 25% compared to 2024. In constant euros, it was 29% higher, by line item:
•Total income increased 16% year-on-year, as a result of our focus on value-added solutions to expand our fee business and improve revenue recurrency and predictability.
Net interest income decreased 14% year-on-year affected by Private Banking deposit cost inelasticity to interest rate cuts and a decline in the yield on assets in a lower interest rate environment in most of our markets.

Net fee income rose 17% year-on-year, with notable performances in Private Banking and our asset management business, driven by solid commercial activity, a positive market performance and our focus on promoting fee-generating activities and products.
Other income improved year-on-year, boosted by the good performances of our insurance joint ventures and the investment platform units, both in the Insurance & Asset Management Solutions business line.
Including the fees ceded to our commercial network, total revenue reached EUR 6,488 million, up 14%, on the back of higher customer activity in PB and higher volumes and good performance of our asset management business.
•Total costs were 6% higher year-on-year, growing less than total income, reflecting investments made to strengthen PB teams and develop new capabilities to address the increase in commercial activity.
•Net loan-loss provisions recorded a EUR 20 million loss compared to a EUR 42 million loss in 2024.
•The other gains (losses) and provisions recorded a EUR 14 million loss compared to a EUR 8 million loss in 2024.
When considering ceded fees along with our PAT, the total contribution to Group profit (PAT+Fees) reached EUR 3,612 million, up 20% year-on-year.
Underlying RoTE (post-AT1) in 2025 was 61.5%.
Wealth. Underlying income statement
EUR million and % change
/ 2024
20252024 %% excl. FX
Revenue4,0423,587 +13+16
Total costs(1,444)(1,403)+3+6
Net operating income2,5982,183 +19+22
LLPs(20)(42)(51)(51)
PBT2,5642,134 +20+24
Underlying attr. profit1,983 1,584 +25+29
Detailed financial information in 4.3.4 'Appendix'.
42
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Payment Solutions
Underlying attributable profit
EUR 96 mn
Business performance
In 2025, activity increased sharply. The total number of transactions in Getnet reached 10.5 billion, 7% higher year-on-year, for a total payments volume (TPV) of EUR 238 billion, 14% more than in 2024 in constant euros. This was driven by the good performances across countries, especially in Latin America.
In our A2A payments platform, the significant increase in the volume of payments processed enabled us to operate with greater efficiency, achieving a very competitive cost per transaction.
Payments' loan and deposit portfolios are not material, making up just 0.1% of the Group's total portfolios.
Getnet. TPV
EUR billion and % change year-on-year in constant euros
+14%
4272

Results
Underlying attributable profit was EUR 96 million in 2025, compared to a EUR 299 million loss in 2024 (EUR 56 million loss excluding the charges related to the discontinuation of platforms in 2024). In constant euros:
•Total income increased 16% year-on-year, driven mainly by the increase in net fee income, boosted by higher activity.
•Total costs rose 2%, but improved 1% in real terms, even with our investments in platforms.
•Net loan-loss provisions increased, mainly due to Getnet in Brazil.
•Other gains (losses) and provisions recorded a loss of EUR 12 million, a significantly lower loss than a year ago due to the aforementioned charges related to the discontinuation of our platforms in 2024.
EBITDA margin was 34.5%, 7.0 pp higher than in 2024.
Payment Solutions. Underlying income statement
EUR million and % change
/ 2024
20252024 %% excl. FX
Revenue1,3731,240 +11+16
Total costs(1,203)(1,208)0+2
Net operating income17031 +4470
LLPs(24)(16)+49+55
PBT134(233)00
Underlying attr. profit96 (299)00
Detailed financial information in 4.3.4 'Appendix'.
43
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Corporate Centre
Underlying attributable profit
-EUR 1,085 mn
Results
The underlying attributable loss in 2025 was EUR 1,085 million, a 6% lower loss than in 2024 (loss of EUR 1,154 million), with the following breakdown by line item:
•Net interest income declined EUR 182 million as lower interest rates impacted the balance sheet which has positive sensitivity to rate rises.
•Losses on financial transactions decreased by EUR 325 million, due to a lower impact from foreign currency hedges.


•Total costs were 23% lower year-on-year, as higher IT costs were more than offset by lower charges in the 'other operating costs' line.
•Net loan-loss provisions increased by EUR 200 million due to LLPs recorded in the first half of the year related to our plan to accelerate NPL ratio reductions, improving the Group's credit quality.
•Other gains (losses) and provisions showed an improvement of EUR 25 million compared to 2024.


Corporate Centre. Underlying income statement
EUR million
20252024%
Net interest income(490)(308)59.1 
Net fee income(27)(11)156.5 
Gains (losses) on financial transactions A
(82)(408)(79.8)
Other operating income14 47 (68.9)
Total income(585)(680)(13.9)
Total costs(417)(540)(22.8)
Net operating income(1,003)(1,220)(17.8)
Net loan-loss provisions(198)3 — 
Other gains (losses) and provisions(75)(99)(24.9)
Profit before tax(1,275)(1,317)(3.2)
Tax on profit190 162 16.9 
Profit from continuing operations(1,085)(1,155)(6.0)
Net profit from discontinued operations— — — 
Consolidated profit(1,085)(1,155)(6.0)
Non-controlling interests0 1 (99.7)
Underlying profit attributable to the parent(1,085)(1,154)(6.0)
Corporate Centre. Balance sheet and operating means
EUR million
Dec-25Dec-24%
Loans and advances to customers7,465 6,911 8.0 
Cash, central banks and credit institutions109,001 110,984 (1.8)
Debt instruments11,075 10,922 1.4 
Other financial assets1,613 1,444 11.7 
Other asset accounts179,896 175,693 2.4 
Total assets309,050 305,954 1.0 
Customer deposits1,387 1,430 (3.0)
Central banks and credit institutions29,024 26,103 11.2 
Marketable debt securities112,520 121,122 (7.1)
Other financial liabilities772 48 — 
Other liabilities accounts69,659 64,321 8.3 
Total liabilities213,363 213,024 0.2 
Total equity95,687 92,930 3.0 
Memorandum items:
Gross loans and advances to customers B
7,537 6,997 7.7 
Customer funds1,387 1,299 6.7 
    Customer deposits C
1,387 1,299 6.7 
    Mutual funds— — — 
Operating means
Number of employees1,901 1,825 4.2 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.



44
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

4.3.4 Appendix
Primary segments
RETAIL & COMMERCIAL BANKING
EUR million
Underlying income statement20252024%% excl. FX
Net interest income26,528 27,854 (4.8)(0.7)
Net fee income6,222 6,022 3.3 8.6 
Gains (losses) on financial transactions ᴬ680 805 (15.5)(13.7)
Other operating income(983)(1,617)(39.2)(38.1)
Total income32,447 33,064 (1.9)2.5 
Total costs(13,913)(14,704)(5.4)(1.3)
Net operating income18,534 18,359 1.0 5.5 
Net loan-loss provisions(7,150)(7,064)1.2 8.0 
Other gains (losses) and provisions(385)(545)(29.3)(28.8)
Profit before tax10,998 10,750 2.3 5.8 
Tax on profit(2,974)(3,132)(5.0)(2.0)
Profit from continuing operations8,024 7,619 5.3 9.0 
Net profit from discontinued operations— — — — 
Consolidated profit8,024 7,619 5.3 9.0 
Non-controlling interests(314)(273)14.9 22.4 
Underlying profit attributable to the parent7,710 7,345 5.0 8.5 
Business volumes
Gross loans and advances to customers ᴮ591,287 600,230 (1.5)1.1 
Customer funds726,779 706,505 2.9 4.8 
    Customer deposits C
616,402 607,094 1.5 3.7 
    Mutual funds110,377 99,411 11.0 11.5 
Risk-weighted assets
290,080 285,525 1.6 
Ratios (%), operating means and customers
RoTE (post-AT1)
17.1 17.6 (0.6)
Efficiency ratio42.9 44.5 (1.6)
NPL ratio3.09 3.21 (0.12)
NPL coverage ratio66 63 3 
Number of employees126,299 135,901 (7.1)
Number of total customers (thousands)147,129 141,179 4.2 
Number of active customers (thousands)76,305 74,465 2.5 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.





45
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Retail Spain
EUR million
Underlying income statement20252024%
Net interest income5,877 5,930 (0.9)
Net fee income1,223 1,199 2.0 
Total income7,143 6,915 3.3 
Total costs(2,605)(2,606)(0.1)
Net operating income4,538 4,309 5.3 
Net loan-loss provisions(1,036)(1,121)(7.6)
Profit before tax3,316 2,824 17.4 
Business volumes
Gross loans and advances to customers ᴬ
156,497 156,118 0.2 
Customer funds281,486 266,230 5.7 
    Customer deposits ᴮ
230,850 222,089 3.9 
    Mutual funds50,636 44,141 14.7 
A. Excluding reverse repos.
B. Excluding repos.
Retail UK
EUR million
Underlying income statement20252024%% excl. FX
Net interest income4,846 4,760 1.8 3.0 
Net fee income313 233 34.4 36.1 
Total income4,812 4,766 1.0 2.2 
Total costs(2,853)(2,965)(3.8)(2.6)
Net operating income1,959 1,801 8.8 10.1 
Net loan-loss provisions(177)(64)177.3 180.7 
Profit before tax1,658 1,633 1.5 2.7 
Business volumes
Gross loans and advances to customers ᴬ
225,043 233,033 (3.4)1.6 
Customer funds215,472 217,765 (1.1)4.1 
    Customer deposits ᴮ
209,427 211,720 (1.1)4.1 
    Mutual funds6,046 6,045 0.0 5.3 
A. Excluding reverse repos.
B. Excluding repos.
46
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Retail Mexico
EUR million
Underlying income statement20252024%% excl. FX
Net interest income3,901 3,974 (1.8)7.8 
Net fee income929 910 2.1 12.1 
Total income4,820 4,861 (0.8)8.9 
Total costs(2,055)(2,114)(2.8)6.8 
Net operating income2,765 2,746 0.7 10.6 
Net loan-loss provisions(1,136)(1,222)(7.0)2.1 
Profit before tax1,628 1,524 6.9 17.4 
Business volumes
Gross loans and advances to customers ᴬ
37,284 35,721 4.4 2.3 
Customer funds54,278 48,220 12.6 10.3 
    Customer deposits ᴮ
38,864 35,245 10.3 8.1 
    Mutual funds15,414 12,975 18.8 16.4 
A. Excluding reverse repos.
B. Excluding repos.
Retail Brazil
EUR million
Underlying income statement20252024%% excl. FX
Net interest income7,190 7,811 (7.9)(0.1)
Net fee income2,188 2,327 (6.0)2.0 
Total income9,172 9,992 (8.2)(0.4)
Total costs(3,936)(4,159)(5.4)2.7 
Net operating income5,237 5,833 (10.2)(2.6)
Net loan-loss provisions(3,762)(3,857)(2.5)5.8 
Profit before tax1,464 1,975 (25.9)(19.6)
Business volumes
Gross loans and advances to customers ᴬ
65,589 66,406 (1.2)(0.8)
Customer funds80,749 72,993 10.6 11.1 
    Customer deposits ᴮ
58,241 53,865 8.1 8.6 
    Mutual funds22,508 19,128 17.7 18.2 
A. Excluding reverse repos.
B. Excluding repos.

47
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

OPENBANK
EUR million
Underlying income statement20252024%% excl. FX
Net interest income11,036 10,777 2.4 5.4 
Net fee income1,479 1,508 (2.0)0.4 
Gains (losses) on financial transactions ᴬ(11)(4)168.4 126.4 
Other operating income511 596 (14.2)(12.0)
Total income13,015 12,877 1.1 3.9 
Total costs(5,680)(5,576)1.9 4.2 
Net operating income7,335 7,302 0.5 3.7 
Net loan-loss provisions(4,457)(4,562)(2.3)1.4 
Other gains (losses) and provisions(312)(512)(39.0)(38.2)
Profit before tax2,566 2,228 15.2 18.2 
Tax on profit(489)(294)66.2 69.4 
Profit from continuing operations2,077 1,934 7.4 10.4 
Net profit from discontinued operations— — — — 
Consolidated profit2,077 1,934 7.4 10.4 
Non-controlling interests(336)(275)22.1 23.5 
Underlying profit attributable to the parent1,741 1,659 4.9 8.2 
Business volumes
Gross loans and advances to customers ᴮ211,894 215,164 (1.5)1.9 
Customer funds138,999 137,122 1.4 6.0 
    Customer deposits C
129,909 128,933 0.8 5.3 
    Mutual funds9,089 8,189 11.0 17.1 
Risk-weighted assets155,664 151,102 3.0 
Ratios (%), operating means and customers
RoTE (post-AT1)
8.5 8.8 (0.3)
Efficiency ratio43.6 43.3 0.3 
NPL ratio5.32 5.07 0.24 
NPL coverage ratio71 74 (2)
Number of employees30,751 29,903 2.8 
Number of total customers (thousands)26,709 25,041 6.7 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
48
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Openbank Europe
EUR million
Underlying income statement20252024%% excl. FX
Net interest income4,685 4,361 7.4 7.5 
Net fee income804 902 (10.9)(10.8)
Total income5,925 5,644 5.0 5.1 
Total costs(2,899)(2,848)1.8 1.8 
Net operating income3,026 2,796 8.2 8.4 
Net loan-loss provisions(1,363)(1,209)12.7 12.9 
Profit before tax1,398 1,131 23.6 23.4 
Business volumes
Gross loans and advances to customers ᴬ
142,477 139,927 1.8 2.3 
Customer funds87,559 85,876 2.0 2.0 
    Customer deposits ᴮ
82,359 81,376 1.2 1.3 
    Mutual funds5,200 4,500 15.6 15.6 
A. Excluding reverse repos.
B. Excluding repos.
Openbank US
EUR million
Underlying income statement20252024%% excl. FX
Net interest income4,581 4,651 (1.5)2.8 
Net fee income339 303 11.8 16.6 
Total income5,072 5,297 (4.2)(0.1)
Total costs(2,188)(2,225)(1.7)2.6 
Net operating income2,884 3,072 (6.1)(2.0)
Net loan-loss provisions(2,140)(2,466)(13.2)(9.5)
Profit before tax699 551 26.9 32.4 
Business volumes
Gross loans and advances to customers ᴬ
47,402 56,266 (15.8)(4.7)
Customer funds50,333 51,230 (1.8)11.2 
    Customer deposits ᴮ
46,444 47,541 (2.3)10.5 
    Mutual funds3,889 3,689 5.4 19.3 
A. Excluding reverse repos.
B. Excluding repos.
49
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

CORPORATE & INVESTMENT BANKING
EUR million
Underlying income statement20252024%% excl. FX
Net interest income3,824 3,779 1.2 5.7 
Net fee income2,552 2,415 5.7 8.8 
Gains (losses) on financial transactions ᴬ1,281 1,568 (18.3)(15.9)
Other operating income359 136 164.5 159.1 
Total income8,016 7,897 1.5 5.2 
Total costs(3,752)(3,922)(4.3)(1.3)
Net operating income4,264 3,975 7.3 11.5 
Net loan-loss provisions(278)(141)96.5 97.9 
Other gains (losses) and provisions(37)(19)98.1 99.3 
Profit before tax3,949 3,815 3.5 7.8 
Tax on profit(1,114)(1,023)8.9 13.6 
Profit from continuing operations2,835 2,792 1.5 5.6 
Net profit from discontinued operations— — — — 
Consolidated profit2,835 2,792 1.5 5.6 
Non-controlling interests(127)(153)(17.2)(11.6)
Underlying profit attributable to the parent2,708 2,639 2.6 6.6 
Business volumes
Gross loans and advances to customers ᴮ146,065 130,840 11.6 15.8 
Customer funds149,731 147,492 1.5 4.0 
    Customer deposits C
137,267 133,433 2.9 5.6 
    Mutual funds12,464 14,059 (11.3)(10.8)
Risk-weighted assets103,485 117,010 (11.6)
Ratios (%) and operating means
RoTE (post-AT1)
17.8 16.3 1.5 
Efficiency ratio46.8 49.7 (2.9)
NPL ratio0.72 0.86 (0.14)
NPL coverage ratio47 39 8 
Number of employees13,266 12,652 4.9 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
50
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

WEALTH MANAGEMENT & INSURANCE
EUR million
Underlying income statement20252024%% excl. FX
Net interest income1,335 1,591 (16.0)(14.2)
Net fee income1,642 1,442 13.8 17.0 
Gains (losses) on financial transactions ᴬ512 256 100.2 105.2 
Other operating income552 298 85.4 98.7 
Total income4,042 3,587 12.7 15.9 
Total costs(1,444)(1,403)2.9 6.0 
Net operating income2,598 2,183 19.0 22.2 
Net loan-loss provisions(20)(42)(51.4)(51.2)
Other gains (losses) and provisions(14)(8)66.6 67.9 
Profit before tax2,564 2,134 20.2 23.5 
Tax on profit(532)(509)4.4 6.5 
Profit from continuing operations2,032 1,624 25.1 28.9 
Net profit from discontinued operations— — — — 
Consolidated profit2,032 1,624 25.1 28.9 
Non-controlling interests(50)(40)23.5 31.5 
Underlying profit attributable to the parent1,983 1,584 25.2 28.9 
Business volumes
Gross loans and advances to customers ᴮ26,680 24,643 8.3 13.2 
Customer funds181,509 161,304 12.5 15.0 
    Customer deposits C
58,051 55,736 4.2 7.1 
    Mutual funds123,458 105,568 16.9 19.1 
Risk-weighted assets18,447 11,709 57.6 
Assets under management540,585 483,695 11.8 13.6 
Gross written premiums10,632 10,752 (1.1)4.5 
Ratios (%), operating means and customers
RoTE (post-AT1)
61.5 68.2 (6.7)
Efficiency ratio35.7 39.1 (3.4)
NPL ratio0.86 0.98 (0.12)
NPL coverage ratio71 68 4 
Number of employees7,263 7,425 (2.2)
Number of Private Banking customers (thousands)297 283 5.0 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
51
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

PAYMENT SOLUTIONS
EUR million
Underlying income statement20252024%% excl. FX
Net interest income167 132 27.0 35.7 
Net fee income1,059 958 10.5 16.4 
Gains (losses) on financial transactions ᴬ(24)— — — 
Other operating income171 150 14.3 14.9 
Total income1,373 1,240 10.8 16.2 
Total costs(1,203)(1,209)(0.5)2.4 
Net operating income170 31 451.7 — 
Net loan-loss provisions(24)(16)48.5 55.1 
Other gains (losses) and provisions(12)(247)(95.2)(95.2)
Profit before tax134 (233)— — 
Tax on profit(19)(57)(65.9)(60.1)
Profit from continuing operations115 (290)— — 
Net profit from discontinued operations— — — — 
Consolidated profit115 (290)— — 
Non-controlling interests(19)(9)101.1 120.7 
Underlying profit attributable to the parent96 (299)— — 
Business volumes
Gross loans and advances to customers ᴮ1,002 1,087 (7.8)(7.9)
Customer funds1,392 1,038 34.2 34.2 
    Customer deposits C
1,392 1,038 34.2 34.2 
    Mutual funds— — — — 
Risk-weighted assets4,421 4,898 (9.7)
Ratios (%) and operating means
EBITDA margin
34.5 27.5 7.0 
Efficiency ratio87.6 97.5 (9.9)
Number of employees8,059 8,382 (3.9)
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
52
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Secondary segments
EUR million
SpainUK
Underlying income statement20252024%20252024%% excl. FX
Net interest income7,305 7,256 0.7 5,008 4,950 1.2 2.4 
Net fee income3,022 2,867 5.4 369 283 30.3 31.8 
Gains (losses) on financial transactions A
841 1,100 (23.6)(100)(18)445.8 452.4 
Other operating income720 358 101.4 (245)(203)20.8 22.2 
Total income11,887 11,580 2.6 5,032 5,011 0.4 1.6 
Total costs(4,465)(4,509)(1.0)(2,937)(3,050)(3.7)(2.5)
Net operating income7,423 7,071 5.0 2,095 1,962 6.8 8.1 
Net loan-loss provisions(1,142)(1,259)(9.3)(177)(64)177.4 180.7 
Other gains (losses) and provisions(198)(372)(46.8)(124)(104)19.4 20.8 
Profit before tax6,083 5,440 11.8 1,794 1,794 0.0 1.2 
Tax on profit(1,811)(1,678)7.9 (486)(488)(0.3)0.9 
Profit from continuing operations4,272 3,763 13.5 1,307 1,306 0.1 1.3 
Net profit from discontinued operations— — — — — — — 
Consolidated profit4,272 3,763 13.5 1,307 1,306 0.1 1.3 
Non-controlling interests0 0 (2.5)— — — — 
Underlying profit attributable to the parent4,272 3,762 13.5 1,307 1,306 0.1 1.3 
Balance sheet
Loans and advances to customers264,950 246,897 7.3 242,624 246,453 (1.6)3.6 
Cash, central banks and credit institutions88,904 97,838 (9.1)55,335 54,787 1.0 6.3 
Debt instruments120,671 94,519 27.7 10,570 15,120 (30.1)(26.4)
Other financial assets51,675 48,132 7.4 270 390 (30.8)(27.2)
Other asset accounts19,361 22,341 (13.3)4,048 3,382 19.7 26.0 
Total assets545,561 509,726 7.0 312,846 320,132 (2.3)2.9 
Customer deposits354,943 323,425 9.7 225,708 230,408 (2.0)3.1 
Central banks and credit institutions54,996 57,218 (3.9)18,326 25,665 (28.6)(24.8)
Marketable debt securities29,957 27,385 9.4 51,231 47,933 6.9 12.5 
Other financial liabilities63,188 59,976 5.4 2,441 2,500 (2.4)2.8 
Other liabilities accounts22,268 21,163 5.2 2,277 1,733 31.4 38.3 
Total liabilities525,352 489,168 7.4 299,984 308,239 (2.7)2.4 
Total equity20,209 20,558 (1.7)12,863 11,893 8.2 13.8 
Memorandum items:
Gross loans and advances to customers B
237,385 225,759 5.1 228,273 236,496 (3.5)1.6 
Customer funds429,464 399,999 7.4 227,160 230,479 (1.4)3.7 
    Customer deposits C
322,070 306,389 5.1 219,440 222,835 (1.5)3.7 
    Mutual funds107,394 93,609 14.7 7,719 7,643 1.0 6.3 
Ratios (%), operating means and customers
RoTE (post-AT1)
20.4 18.3 2.2 10.2 10.6 (0.4)
Efficiency ratio37.6 38.9 (1.4)58.4 60.9 (2.5)
NPL ratio1.94 2.66 (0.73)1.08 1.33 (0.25)
NPL coverage ratio55 53 2 33 29 3 
Number of branches1,630 1,827 (10.8)363 444 (18.2)
Number of total customers (thousands)15,362 15,307 0.4 22,720 22,541 0.8 
Number of active customers (thousands)9,242 8,842 4.5 13,547 13,646 (0.7)
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
53
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

EUR million
Portugal
Openbank Europe
Underlying income statement20252024%20252024%% excl. FX
Net interest income1,346 1,548 (13.0)4,685 4,361 7.4 7.5 
Net fee income506 467 8.2 804 902 (10.9)(10.8)
Gains (losses) on financial transactions A
70 45 56.9 (39)(24)60.8 61.9 
Other operating income33 5 569.5 474 405 17.1 17.5 
Total income1,956 2,065 (5.3)5,925 5,644 5.0 5.1 
Total costs(544)(574)(5.2)(2,899)(2,848)1.8 1.8 
Net operating income1,412 1,492 (5.4)3,026 2,796 8.2 8.4 
Net loan-loss provisions8 (11)— (1,363)(1,209)12.7 12.9 
Other gains (losses) and provisions(3)— — (266)(456)(41.7)(41.1)
Profit before tax1,417 1,481 (4.3)1,398 1,131 23.6 23.4 
Tax on profit(405)(478)(15.2)(322)(255)25.9 25.2 
Profit from continuing operations1,011 1,003 0.8 1,076 876 22.9 22.9 
Net profit from discontinued operations— — — — — — — 
Consolidated profit1,011 1,003 0.8 1,076 876 22.9 22.9 
Non-controlling interests(2)(2)(18.9)(304)(234)30.3 30.3 
Underlying profit attributable to the parent1,010 1,001 0.9 772 642 20.2 20.2 
Balance sheet
Loans and advances to customers41,260 38,410 7.4 139,322 137,038 1.7 2.1 
Cash, central banks and credit institutions2,744 3,873 (29.2)16,078 19,185 (16.2)(15.6)
Debt instruments15,998 15,010 6.6 8,510 6,310 34.9 34.6 
Other financial assets1,243 1,129 10.1 126 128 (1.3)(1.3)
Other asset accounts1,090 1,109 (1.7)12,088 11,115 8.8 9.6 
Total assets62,334 59,530 4.7 176,125 173,775 1.4 1.8 
Customer deposits40,576 38,304 5.9 82,359 81,376 1.2 1.3 
Central banks and credit institutions9,357 8,813 6.2 26,820 28,120 (4.6)(2.5)
Marketable debt securities5,809 4,973 16.8 45,494 43,137 5.5 5.6 
Other financial liabilities304 339 (10.3)2,014 1,918 5.0 5.2 
Other liabilities accounts2,916 3,056 (4.6)6,208 5,714 8.7 9.0 
Total liabilities58,961 55,485 6.3 162,896 160,264 1.6 2.1 
Total equity3,373 4,046 (16.6)13,229 13,512 (2.1)(1.6)
Memorandum items:
Gross loans and advances to customers B
41,980 39,143 7.2 142,477 139,927 1.8 2.3 
Customer funds46,201 43,186 7.0 87,559 85,876 2.0 2.0 
    Customer deposits C
40,576 38,304 5.9 82,359 81,376 1.2 1.3 
    Mutual funds5,625 4,882 15.2 5,200 4,500 15.6 15.6 
Ratios (%), operating means and customers
RoTE (post-AT1)30.3 25.0 5.3 6.7 5.5 1.2 
Efficiency ratio27.8 27.8 0.0 48.9 50.5 (1.5)
NPL ratio1.99 2.27 (0.29)2.53 2.50 0.03 
NPL coverage ratio81 78 3 87 83 5 
Number of branches308 374 (17.6)298 326 (8.6)
Number of total customers (thousands)2,971 2,989 (0.6)19,893 19,550 1.8 
Number of active customers (thousands)1,945 1,905 2.1 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
54
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

EUR million
US
Mexico
Underlying income statement20252024%% excl. FX20252024%% excl. FX
Net interest income5,888 5,693 3.4 7.9 4,554 4,631 (1.7)8.0 
Net fee income1,328 1,152 15.3 20.3 1,454 1,385 5.0 15.3 
Gains (losses) on financial transactions A
547 371 47.7 54.1 427 396 7.7 18.3 
Other operating income165 365 (54.7)(52.7)(130)(133)(2.5)7.1 
Total income7,929 7,580 4.6 9.1 6,305 6,278 0.4 10.3 
Total costs(3,890)(3,965)(1.9)2.4 (2,730)(2,727)0.1 9.9 
Net operating income4,039 3,615 11.7 16.6 3,575 3,551 0.7 10.6 
Net loan-loss provisions(2,244)(2,507)(10.5)(6.6)(1,239)(1,277)(3.0)6.5 
Other gains (losses) and provisions(47)(55)(14.5)(10.8)— — — — 
Profit before tax1,748 1,053 66.0 73.2 2,336 2,274 2.7 12.8 
Tax on profit(207)56 — — (627)(598)4.9 15.2 
Profit from continuing operations1,541 1,109 39.0 45.0 1,709 1,676 2.0 12.0 
Net profit from discontinued operations— — — — — — — — 
Consolidated profit1,541 1,109 39.0 45.0 1,709 1,676 2.0 12.0 
Non-controlling interests— — — — (4)(5)(9.0)(0.1)
Underlying profit attributable to the parent1,541 1,109 39.0 45.0 1,705 1,671 2.0 12.0 
Balance sheet
Loans and advances to customers132,659 134,856 (1.6)11.3 48,083 45,054 6.7 4.6 
Cash, central banks and credit institutions21,318 28,200 (24.4)(14.5)11,569 10,945 5.7 3.6 
Debt instruments38,411 27,042 42.0 60.7 32,066 30,092 6.6 4.4 
Other financial assets3,159 2,821 12.0 26.7 4,731 5,785 (18.2)(19.9)
Other asset accounts11,171 16,058 (30.4)(21.3)5,778 5,745 0.6 (1.5)
Total assets206,718 208,978 (1.1)11.9 102,227 97,621 4.7 2.6 
Customer deposits122,000 125,403 (2.7)10.1 55,595 49,836 11.6 9.3 
Central banks and credit institutions34,934 26,794 30.4 47.5 17,984 17,260 4.2 2.1 
Marketable debt securities26,433 31,783 (16.8)(5.9)9,316 9,632 (3.3)(5.2)
Other financial liabilities6,255 5,223 19.8 35.5 7,586 9,640 (21.3)(22.9)
Other liabilities accounts3,085 3,683 (16.2)(5.2)3,258 3,115 4.6 2.5 
Total liabilities192,707 192,886 (0.1)13.0 93,740 89,483 4.8 2.7 
Total equity14,011 16,091 (12.9)(1.5)8,487 8,138 4.3 2.2 
Memorandum items:
Gross loans and advances to customers B
108,950 117,511 (7.3)4.9 49,442 44,715 10.6 8.4 
Customer funds103,178 108,246 (4.7)7.9 68,201 61,160 11.5 9.3 
    Customer deposits C
87,686 93,545 (6.3)6.1 45,498 41,528 9.6 7.4 
    Mutual funds15,492 14,702 5.4 19.2 22,703 19,632 15.6 13.3 
Ratios (%), operating means and customers
RoTE (post-AT1)
10.2 6.9 3.2 22.0 19.6 2.3 
Efficiency ratio49.1 52.3 (3.2)43.3 43.4 (0.1)
NPL ratio4.82 4.68 0.14 2.65 2.71 (0.05)
NPL coverage ratio55 64 (9)105 100 4 
Number of branches376 405 (7.2)1,314 1,356 (3.1)
Number of total customers (thousands)4,369 4,474 (2.4)22,577 21,289 6.1 
Number of active customers (thousands)4,169 4,308 (3.2)11,976 10,871 10.2 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.


55
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

EUR million
BrazilChile
Underlying income statement20252024%% excl. FX20252024%% excl. FX
Net interest income9,380 10,121 (7.3)0.6 1,917 1,822 5.2 10.7 
Net fee income3,193 3,414 (6.5)1.5 582 551 5.8 11.2 
Gains (losses) on financial transactions A
(64)(37)71.7 86.3 230 238 (3.4)1.6 
Other operating income93 39 139.5 160.0 (15)(18)(16.4)(12.1)
Total income12,602 13,536 (6.9)1.0 2,714 2,592 4.7 10.1 
Total costs(4,957)(5,219)(5.0)3.1 (919)(942)(2.5)2.6 
Net operating income7,645 8,318 (8.1)(0.2)1,795 1,650 8.8 14.4 
Net loan-loss provisions(4,409)(4,487)(1.7)6.6 (531)(497)6.9 12.4 
Other gains (losses) and provisions(11)0 — — (32)(42)(24.7)(20.8)
Profit before tax3,224 3,830 (15.8)(8.6)1,232 1,111 11.0 16.7 
Tax on profit(836)(1,165)(28.2)(22.1)(189)(211)(10.5)(5.9)
Profit from continuing operations2,388 2,665 (10.4)(2.8)1,043 899 16.0 22.0 
Net profit from discontinued operations— — — — — — — — 
Consolidated profit2,388 2,665 (10.4)(2.8)1,043 899 16.0 22.0 
Non-controlling interests(220)(243)(9.3)(1.6)(314)(271)16.0 22.0 
Underlying profit attributable to the parent2,168 2,422 (10.5)(2.9)729 629 16.0 22.0 
Balance sheet
Loans and advances to customers87,653 88,620 (1.1)(0.6)39,924 40,332 (1.0)1.6 
Cash, central banks and credit institutions49,450 46,745 5.8 6.3 5,218 5,759 (9.4)(7.0)
Debt instruments46,658 45,670 2.2 2.6 9,385 7,993 17.4 20.5 
Other financial assets11,772 10,632 10.7 11.2 11,489 13,554 (15.2)(13.0)
Other asset accounts13,919 13,844 0.5 1.0 2,189 2,796 (21.7)(19.7)
Total assets209,453 205,510 1.9 2.4 68,205 70,434 (3.2)(0.6)
Customer deposits92,256 93,994 (1.8)(1.4)29,503 30,181 (2.2)0.3 
Central banks and credit institutions32,377 30,878 4.9 5.3 8,778 8,133 7.9 10.8 
Marketable debt securities29,161 25,351 15.0 15.6 9,703 10,403 (6.7)(4.3)
Other financial liabilities33,757 34,215 (1.3)(0.9)12,322 14,323 (14.0)(11.7)
Other liabilities accounts5,829 5,582 4.4 4.9 2,299 1,942 18.4 21.5 
Total liabilities193,380 190,020 1.8 2.2 62,604 64,983 (3.7)(1.1)
Total equity16,073 15,490 3.8 4.2 5,601 5,451 2.8 5.5 
Memorandum items:
Gross loans and advances to customers B
93,030 93,785 (0.8)(0.3)40,986 41,405 (1.0)1.6 
Customer funds132,580 129,881 2.1 2.6 42,256 43,383 (2.6)0.0 
    Customer deposits C
80,449 81,378 (1.1)(0.7)28,293 30,060 (5.9)(3.4)
    Mutual funds52,132 48,503 7.5 8.0 13,963 13,324 4.8 7.6 
Ratios (%), operating means and customers
RoTE (post-AT1)
15.3 16.8 (1.5)19.7 16.3 3.4 
Efficiency ratio39.3 38.6 0.8 33.9 36.4 (2.5)
NPL ratio6.76 6.10 0.66 5.73 5.37 0.36 
NPL coverage ratio81 79 2 48 50 (2)
Number of branches1,618 2,202 (26.5)228 237 (3.8)
Number of total customers (thousands)73,948 69,455 6.5 4,608 4,311 6.9 
Number of active customers (thousands)33,966 33,123 2.5 2,693 2,556 5.4 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
56
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

EUR million
Argentina
Rest of the Group
Underlying income statement20252024%20252024%% excl. FX
Net interest income1,727 2,919 (40.8)1,080 832 29.8 36.1 
Net fee income788 602 30.9 908 722 25.8 28.8 
Gains (losses) on financial transactions A
229 229 0.1 296 326 (9.1)(6.2)
Other operating income(510)(1,263)(59.6)25 9 187.7 175.7 
Total income2,235 2,487 (10.2)2,309 1,889 22.3 26.7 
Total costs(978)(1,337)(26.9)(1,676)(1,643)2.0 4.1 
Net operating income1,257 1,150 9.3 634 246 158.1 197.3 
Net loan-loss provisions(574)(284)101.8 (260)(230)13.1 17.9 
Other gains (losses) and provisions(33)(39)(14.7)(45)(263)(82.7)(82.7)
Profit before tax650 827 (21.4)328 (248)— — 
Tax on profit(216)(161)34.6 (29)(37)(22.6)(9.1)
Profit from continuing operations434 666 (34.9)300 (285)— — 
Net profit from discontinued operations— — — — — — — 
Consolidated profit434 666 (34.9)300 (285)— — 
Non-controlling interests(1)(1)(39.8)1 5 (89.3)(87.5)
Underlying profit attributable to the parent433 665 (34.9)300 (280)— — 
Balance sheet
Loans and advances to customers8,032 7,684 4.5 25,315 24,905 1.6 8.2 
Cash, central banks and credit institutions3,724 4,901 (24.0)12,912 8,178 57.9 64.7 
Debt instruments2,230 2,654 (16.0)4,452 10,677 (58.3)(57.8)
Other financial assets16 23 (28.5)2,387 3,041 (21.5)(16.9)
Other asset accounts1,078 978 10.2 3,157 2,930 7.7 8.1 
Total assets15,080 16,240 (7.1)48,222 49,732 (3.0)1.3 
Customer deposits9,959 11,293 (11.8)26,913 19,955 34.9 42.5 
Central banks and credit institutions685 852 (19.5)8,249 19,309 (57.3)(55.8)
Marketable debt securities258 158 63.4 4,508 898 401.8 408.3 
Other financial liabilities1,060 968 9.5 2,402 2,694 (10.9)(4.5)
Other liabilities accounts547 476 14.9 1,543 1,514 1.9 2.3 
Total liabilities12,510 13,746 (9.0)43,614 44,371 (1.7)2.7 
Total equity2,570 2,494 3.1 4,608 5,360 (14.0)(10.3)
Memorandum items:
Gross loans and advances to customers B
8,611 7,938 8.5 25,796 25,285 2.0 8.5 
Customer funds15,894 17,047 (6.8)45,916 34,204 34.2 40.8 
    Customer deposits C
9,959 11,293 (11.8)26,691 19,527 36.7 44.6 
    Mutual funds5,934 5,754 3.1 19,225 14,677 31.0 35.9 
Ratios (%), operating means and customers
RoTE (post-AT1)
20.2 34.5 (14.3)
Efficiency ratio43.8 53.8 (10.0)
NPL ratio7.68 2.06 5.62 
NPL coverage ratio90 177 (87)
Number of branches D
391 409 (4.4)
Number of total customers (thousands)5,412 5,117 5.8 
Number of active customers (thousands)3,772 3,674 2.7 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
D. In Argentina, we have included the CartaSur points of sale and the banking service points in 2025 and 2024 figures and all previous periods.
57
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

4.4 Financial performance: 2024 vs 2023
Santander follows IFRS to report its results (see note 1.b to the consolidated financial statements), which generally inform reporting of our financial situation in this consolidated directors’ report. However, we also use non-IFRS measures and Alternative Performance Measures (APMs) to assess our performance (see 4.6. 'Alternative performance measures: 2025, 2024 and 2023'). Thus, the main adjustments to our IFRS results consist of:
•Underlying results measures: we present what we call underlying results measures which exclude items outside the ordinary course of business and reclassify certain items under some headings of the underlying income statement as described at the end of 4.4.1 ‘Results’ and in note 52.c to the consolidated financial statements. In our view, this provides a better year-on-year comparison.
In 4.5 'Financial information by segment: 2024 vs 2023', we present results by primary and secondary segments only in underlying terms in accordance with IFRS 8. We reconcile them in aggregate terms with our IFRS consolidated results in note 52.c to the consolidated financial statements.
•Local currency measures: we use certain non-IFRS financial indicators in local currency to assess our ongoing operating performance. They include the results from our subsidiary banks outside the eurozone excluding the exchange rate impact (i.e., in constant euros) except for Argentina and any grouping which includes it. For further information, see 4.6. 'Alternative performance measures: 2025, 2024 and 2023', which explains how we exclude the exchange rate impact from financial measures in local currency. Because changes in exchange rates have a non-operating impact on results, we believe assessing performance in local currency provides management and investors a more meaningful assessment of performance.
We have rounded certain figures in this consolidated directors' report to present them more clearly. Thus, the amounts given in the totals columns and rows of tables in certain instances may not match the sum of that column or row.
58
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

4.4.1 Group results
Group statutory income statement

Condensed income statement
EUR million
Change
20242023Absolute%
Net interest income (interest income minus interest expense)
43,787 40,650 3,137 7.7 
Net fee income (commission income minus commission expense)12,376 11,495 881 7.7 
Gains or losses on financial assets and liabilities and exchange differences (net)A
2,211 2,565 (354)(13.8)
Dividend income710 568 142 25.0 
Income from companies accounted for using the equity method687 591 96 16.2 
Other operating income/expensesB
(1,728)(1,918)190 (9.9)
Total income58,043 53,951 4,092 7.6 
Operating expenses(25,215)(24,684)(531)2.2 
Administrative expenses(22,036)(21,598)(438)2.0 
Staff costs(13,851)(13,299)(552)4.2 
Other general administrative expenses(8,185)(8,299)114 (1.4)
Depreciation and amortization(3,179)(3,086)(93)3.0 
Provisions or reversal of provisions(3,062)(2,058)(1,004)48.8 
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)(12,136)(12,298)162 (1.3)
Impairment of other assets (net)(624)(237)(387)163.3 
Gains or losses on non-financial assets and investments (net)368 312 56 17.9 
Negative goodwill recognized in results— 39 (39)(100.0)
Gains or losses on non-current assets held for sale not classified as discontinued operations(27)(20)(7)35.0 
Profit or loss before tax from continuing operations17,347 15,005 2,342 15.6 
Tax expense or income from continuing operations(4,844)(3,880)(964)24.8 
Profit from the period from continuing operations12,503 11,125 1,378 12.4 
Profit or loss after tax from discontinued operations1,241 1,058 183 17.3 
Profit for the period13,744 12,183 1,561 12.8 
Profit attributable to non-controlling interests(1,170)(1,107)(63)5.7 
Profit attributable to the parent12,574 11,076 1,498 13.5 
Note: the summarized income statement groups some lines of the consolidated income statements as follows:
A.‘Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net’; ‘Gain or losses on financial assets and liabilities held for trading, net’; ‘Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss’; ‘Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net’; ‘Gain or losses from hedge accounting, net’; and ‘Exchange differences, net’.
B.Other operating income’; ‘Other operating expenses’; ’Income from insurance and reinsurance contracts’; and ‘Expenses from insurance and reinsurance contracts’.







59
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Main income statement items
In accordance with IFRS 5 requirements, results associated with the business subject to the Poland disposal are reported under a single line item in the consolidated income statement — 'profit/(loss) after tax from discontinued operations' — for the years 2025, 2024 and 2023.
In the consolidated balance sheet, the assets associated with the businesses subject to the Poland disposal are classified under the 'non-current assets held for sale' line item and the related liabilities under 'liabilities associated with non-current assets held for sale' solely for the year ended 31 December 2025.
Therefore, this classification does not affect the balance sheet for the year ended 31 December 2024 or for the year ended 31 December 2023.
However, to facilitate analysis and ensure comparability of the information in the following tables 'average balance sheet - assets and interest income', 'average balance sheet - liabilities and interest expense', 'volume and profitability analysis', 'volume and cost analysis' and 'net interest income. Volume, profitability and cost analysis summary' were calculated classifying assets and liabilities associated with the businesses subject to the Poland disposal under 'assets/liabilities from discontinued operations' in both periods presented.
In 2024, profit attributable to the parent reached a new record of EUR 12,574 million, representing a year-on-year increase of 14%, compared to the EUR 11,076 million recorded in 2023. This increase was backed by the good performance in total income, which grew at a much higher pace than operating expenses.
This year-on-year comparison is impacted by a higher charge relating to the temporary levy on revenue earned in Spain (EUR 335 million in 2024), charges in Q2 2024 related to the discontinuation of our merchant platform in Germany and Superdigital in Latin America (EUR 243 million, net of tax and minority interests) and the provision in Q4 2024 for potential complaints related to motor finance dealer commissions in the UK (EUR 260 million, net of tax). Additionally, there was a lower contribution to the Deposit Guarantee Fund (DGF) in Spain in 2024 and there was no contribution to the Single Resolution Fund (SRF) as contributions ended in 2023.
Total income
Total income amounted to EUR 58,043 million in 2024, compared to EUR 53,951 million in 2023, an 8% increase year-on-year. Net interest income and net fee income accounted for around 97% of total income. By line item:
Net interest income
Net interest income amounted to EUR 43,787 million, 8% higher than in 2023.
The following tables show the average balances of each year
calculated as the monthly average over the period, which we believe should not differ materially from using daily balances, and the interest generated.
The tables on the following pages also include average balances and interest rates in 2024 and 2023, based on the domicile of the entities at which the relevant assets or liabilities are recorded. Domestic balances relate to our entities domiciled in Spain. International balances relate to entities domiciled outside of Spain (reflecting our foreign activity), and are divided into mature markets (the US and Europe, except Spain) and developing markets (South America and Mexico).
The average balance of interest-earning assets in 2024 was 2% higher than in 2023. The activity of our entities in both the domestic market and in the international mature markets grew by 3% year-on-year, while in international developing markets they decreased 2%.
The average balance of interest-bearing liabilities in 2024 was 2% higher year-on-year, with growth in the domestic market (+6% year-on-year) whereas both the international mature markets and international developing markets were 1% lower year-on-year.
The average return on interest-earning assets increased from 6.68% in 2023 to 7.03% in 2024, following a strong rise in 2023. By market, it grew 49 bps year-on-year in the domestic market, +53 bps year-on-year in our international mature markets, and +6 bps year-on-year in our international developing markets.
The average cost of interest-bearing liabilities increased 22 bps in 2024 to 4.42%. By market, domestic and international mature markets increased 48 bps and 67 bps, respectively. However, in international developing markets it decreased 106 bps.
We calculated the change in interest income/(expense) shown in the tables below by:
•Applying the interest rate of the previous period to the difference between the average balances from the current and previous periods to obtain the change in volumes.
•Applying the difference between the rates from the current and previous periods to the average balance from the previous year to obtain the change in interest rate.
Both interest income and expense increased in 2024, mainly due to higher average interest rates.

60
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Average balance sheet - assets and interest income
EUR million
20242023
AssetsAverage balanceInterestAverage rateAverage balanceInterestAverage rate
Cash balances at central banks and other deposits on demand, and loans and advances to central banks and credit institutions 285,813 16,140 5.65 %306,622 16,272 5.31 %
Domestic108,705 4,701 4.32 %117,332 4,694 4.00 %
International - Mature markets114,350 5,700 4.98 %124,570 5,611 4.50 %
International - Developing markets62,758 5,739 9.14 %64,720 5,967 9.22 %
of which:
Reverse repurchase agreements63,820 5,533 8.67 %53,760 4,670 8.69 %
Domestic32,739 1,901 5.81 %24,292 1,336 5.50 %
International - Mature markets8,085 492 6.09 %4,845 278 5.74 %
International - Developing markets22,996 3,140 13.65 %24,623 3,056 12.41 %
Loans and advances to customers1,018,241 74,900 7.36 %1,005,713 67,879 6.75 %
Domestic265,043 12,272 4.63 %265,322 10,581 3.99 %
International - Mature markets562,488 33,884 6.02 %546,641 28,771 5.26 %
International - Developing markets190,710 28,744 15.07 %193,750 28,527 14.72 %
of which:
Reverse repurchase agreements61,528 5,884 9.56 %46,238 4,163 9.00 %
Domestic12,410 468 3.77 %8,725 261 2.99 %
International - Mature markets48,161 5,310 11.03 %36,546 3,809 10.42 %
International - Developing markets957 106 11.08 %967 93 9.62 %
Debt securities246,539 15,431 6.26 %211,269 13,955 6.61 %
Domestic94,607 3,478 3.68 %71,507 2,503 3.50 %
International - Mature markets64,140 2,174 3.39 %51,327 1,444 2.81 %
International - Developing markets87,792 9,779 11.14 %88,435 10,008 11.32 %
Income from hedging operations2,470 3,510 
Domestic152 (45)
International - Mature markets2,001 2,955 
International - Developing markets317 600 
Other interest71 126 
Domestic(71)(47)
International - Mature markets42 63 
International - Developing markets100 110 
Total interest-earning assets1,550,593 109,012 7.03 %1,523,604 101,742 6.68 %
Domestic468,355 20,532 4.38 %454,161 17,686 3.89 %
International - Mature markets740,978 43,801 5.91 %722,538 38,844 5.38 %
International - Developing markets341,260 44,679 13.09 %346,905 45,212 13.03 %
Other non-interest earning assets193,101 197,273 
Assets from discontinued operations59,578 52,226 
Average total assets1,803,272 109,012 1,773,103 101,742 

61
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Average balance sheet - liabilities and interest expense
EUR million
20242023
Liabilities and stockholders’ equityAverage
balance		InterestAverage
rate		Average
 balance		InterestAverage
rate
Deposits from central banks and credit institutions151,986 9,381 6.17 %174,294 9,360 5.37 %
Domestic60,256 2,960 4.91 %62,366 2,723 4.37 %
International - Mature markets44,633 2,447 5.48 %63,456 2,989 4.71 %
International - Developing markets47,097 3,974 8.44 %48,472 3,648 7.53 %
of which:
Repurchase agreements63,556 4,539 7.14 %55,594 3,711 6.68 %
Domestic37,663 1,973 5.24 %34,123 1,686 4.94 %
International - Mature markets8,773 579 6.60 %6,542 388 5.93 %
International - Developing markets17,120 1,987 11.61 %14,929 1,637 10.97 %
Customer deposits994,107 35,714 3.59 %969,831 32,457 3.35 %
Domestic321,519 4,944 1.54 %302,379 3,269 1.08 %
International - Mature markets472,750 16,283 3.44 %468,602 12,386 2.64 %
International - Developing markets199,838 14,487 7.25 %198,850 16,802 8.45 %
of which:
Repurchase agreements85,139 8,207 9.64 %73,158 7,059 9.65 %
Domestic14,124 586 4.15 %4,602 263 5.71 %
International - Mature markets48,115 5,278 10.97 %46,992 4,125 8.78 %
International - Developing markets22,900 2,343 10.23 %21,564 2,671 12.39 %
Marketable debt securities A
307,931 14,612 4.75 %287,148 12,671 4.41 %
Domestic147,606 5,330 3.61 %134,045 4,184 3.12 %
International - Mature markets117,291 5,323 4.54 %108,912 4,219 3.87 %
International - Developing markets43,034 3,959 9.20 %44,191 4,268 9.66 %
of which:
Commercial paper25,809 1,244 4.82 %29,195 1,329 4.55 %
Domestic17,046 727 4.26 %21,509 888 4.13 %
International - Mature markets7,143 339 4.75 %5,641 243 4.31 %
International - Developing markets1,620 178 10.99 %2,045 198 9.68 %
Other interest-bearing liabilities22,762 672 2.95 %23,020 634 2.75 %
Domestic17,151 490 2.86 %16,109 469 2.91 %
International - Mature markets3,707 17 0.46 %4,830 1 0.02 %
International - Developing markets1,904 165 8.67 %2,081 164 7.88 %
Expenses from hedging operations3,066 4,374 
Domestic1,159 1,045 
International - Mature markets1,325 1,756 
International - Developing markets582 1,573 
Other interest1,780 1,596 
Domestic741 567 
International - Mature markets282 304 
International - Developing markets757 725 
Total interest-bearing liabilities1,476,786 65,225 4.42 %1,454,293 61,092 4.20 %
Domestic546,532 15,624 2.86 %514,899 12,257 2.38 %
International - Mature markets638,381 25,677 4.02 %645,800 21,655 3.35 %
International - Developing markets291,873 23,924 8.20 %293,594 27,180 9.26 %
Other non-interest bearing liabilities168,212 170,566 
Non-controlling interests8,398 8,650 
Total stockholders´ equity96,744 93,035 
Liabilities from discontinued operations53,132 46,559 
Average total liabilities and stockholders´ equity1,803,272 65,225 1,773,103 61,092 
A.Does not include contingently convertible preference shares and perpetual subordinated notes because they do not accrue interest. We include them under 'Other non-interest-bearing liabilities'.

62
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Volume and profitability analysis
EUR million
2024 vs. 2023
Increase (decrease) due to changes in
Interest incomeVolumeRateTotal change
Cash and deposits on demand and loans and advances to central banks and credit institutions(1,020)888 (132)
Domestic(358)365 7 
International - Mature markets(482)571 89 
International - Developing markets(180)(48)(228)
of which:
Reverse repurchase agreements473 390 863 
Domestic487 78 565 
International - Mature markets196 18 214 
International - Developing markets(210)294 84 
Loans and advances to customers391 6,630 7,021 
Domestic(11)1,702 1,691 
International - Mature markets854 4,259 5,113 
International - Developing markets(452)669 217 
of which:
Reverse repurchase agreements1,397 324 1,721 
Domestic128 79 207 
International - Mature markets1,270 231 1,501 
International - Developing markets(1)14 13 
Debt securities1,173 303 1,476 
Domestic844 131 975 
International - Mature markets401 329 730 
International - Developing markets(72)(157)(229)
Income from hedging income(1,040)— (1,040)
Domestic197 — 197 
International - Mature markets(954)— (954)
International - Developing markets(283)— (283)
Other interest(55)— (55)
Domestic(24)— (24)
International - Mature markets(21)— (21)
International - Developing markets(10)— (10)
Total interest-earning assets(551)7,821 7,270 
Domestic648 2,198 2,846 
International - Mature markets(202)5,159 4,957 
International - Developing markets(997)464 (533)
63
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Volume and cost analysis
EUR million
2024 vs. 2023
Increase (decrease) due to changes in
Interest expenseVolumeRateTotal change
Deposits from central banks and credit institutions(1,181)1,202 21 
Domestic(95)332 237 
International - Mature markets(980)438 (542)
International - Developing markets(106)432 326 
of which:
Repurchase agreements576 252 828 
Domestic182 105 287 
International - Mature markets144 47 191 
International - Developing markets250 100 350 
Customer deposits412 2,845 3,257 
Domestic218 1,457 1,675 
International - Mature markets111 3,786 3,897 
International - Developing markets83 (2,398)(2,315)
of which:
Repurchase agreements672 476 1,148 
Domestic413 (90)323 
International - Mature markets101 1,052 1,153 
International - Developing markets158 (486)(328)
Marketable debt securities681 1,260 1,941 
Domestic449 697 1,146 
International - Mature markets342 762 1,104 
International - Developing markets(110)(199)(309)
of which:
Commercial paper(166)81 (85)
Domestic(190)29 (161)
International - Mature markets69 27 96 
International - Developing markets(45)25 (20)
Other interest-bearing liabilities15 23 38 
Domestic30 (9)21 
International - Mature markets— 16 16 
International - Developing markets(15)16 1 
Expenses from hedging expenses(1,308)— (1,308)
Domestic114 — 114 
International - Mature markets(431)— (431)
International - Developing markets(991)— (991)
Other interest184 — 184 
Domestic174 — 174 
International - Mature markets(22)— (22)
International - Developing markets32 — 32 
Total interest-bearing liabilities(1,197)5,330 4,133 
Domestic890 2,477 3,367 
International - Mature markets(980)5,002 4,022 
International - Developing markets(1,107)(2,149)(3,256)

64
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Net interest income. Volume, profitability and cost analysis summary
EUR million
2024 vs. 2023
Increase (decrease) due to changes in
VolumeRateTotal change
Interest income(551)7,821 7,270 
Domestic648 2,198 2,846 
International - Mature markets(202)5,159 4,957 
International - Developing markets(997)464 (533)
Interest expense(1,197)5,330 4,133 
Domestic890 2,477 3,367 
International - Mature markets(980)5,002 4,022 
International - Developing markets(1,107)(2,149)(3,256)
Net interest income646 2,491 3,137 
Domestic(242)(279)(521)
International - Mature markets778 157 935 
International - Developing markets110 2,613 2,723 
Net interest income
EUR million
5580
+8%
2024 vs. 2023

Net fee income
EUR million
5586
+8%
2024 vs. 2023
Net fee income
Net fee income totalled EUR 12,376 million in 2024, 8% higher than in 2023, with good performances in CIB, Openbank and Wealth.
For more details, see note 41 and note 42 to the consolidated financial statements.
Gains or losses on financial assets and liabilities and exchange differences (net)
Gains on financial transactions and liabilities and exchange differences (net) stood at EUR 2,211 million (EUR 2,565 million in 2023), affected by lower market activity in South America, especially in Brazil, lower results in Openbank Europe and lower results in the Corporate Centre from foreign currency hedges and risk transfer initiatives.
Gains or losses on financial assets and liabilities stem from mark-to-market valuations of the trading portfolio and derivative instruments, which include spot market foreign exchange
transactions, sales of investment securities and liquidation of our hedging and other derivative positions.
For more details, see note 43 to the consolidated financial statements.
Exchange rate differences primarily show gains and losses from foreign exchange and the differences that arise from converting monetary items in foreign currencies to the functional currency, and from selling non-monetary assets denominated in foreign currency at the time of their disposal. Given Santander manages currency exposures with derivative instruments, the changes in this line should be analysed together with gains or losses on financial assets and liabilities.
For more details, see note 44 to the consolidated financial statements.
65
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Dividend income
Dividend income was EUR 710 million in 2024 (EUR 568 million in 2023).
Income from companies accounted for using the equity method
The income from companies accounted for using the equity method reached EUR 687 million in 2024 compared to EUR 591 million in 2023.
Other operating income/expenses
Other operating income/expenses recorded a loss of EUR 1,728 million in 2024 (compared to a EUR 1,918 million loss in 2023). These results include the hyperinflation adjustment in Argentina and a charge relating to the temporary levy on revenue earned in Spain, which was 50% higher than in 2023 (EUR 335 million in 2024 versus EUR 224 million in 2023). There was no contribution to the SRF in 2024 and there was a lower contribution to the DGF in Spain (EUR 11 million, net of tax and minority interests in 2024).
For more details, see note 45 to the consolidated financial statement.
Operating expenses
Operating expenses amounted to EUR 25,215 million in 2024, 2% higher than 2023, increasing below inflation, reflecting our progress in transformation.
Our cost management continued to focus on improving our efficiency and, as a result, we remained among the most efficient global banks in the world.
Our business transformation plan, ONE Transformation, continued to progress across our footprint, reflected in an enhanced operating performance and better business dynamics.
For more details, see note 46 and note 47 to the consolidated financial statements.
Provisions or reversal of provisions
Provisions (net of provisions reversals) amounted to EUR 3,062 million in 2024 compared to EUR 2,058 million in 2023. In 2024 they included the charges after discontinuing our Superdigital platform in Latin America in Q2 2024 and a charge in Q4 2024 from provisions for potential complaints related to motor finance dealer commissions in the UK (EUR 353 million).
For more details, see note 25 to the consolidated financial statements.

Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)
Net impairments totalled EUR 12,136 million in 2024 (EUR 12,298 million in 2023).
Impairment on other assets (net)
Impairment on other assets (net) was EUR 624 million in 2024 (compared to EUR 237 million in 2023). In 2024, it included the charge registered in Q2 2024 in PagoNxt after discontinuing our merchant platform in Germany.
Gains or losses on non-financial assets and investments (net)
In 2024, gains or losses on non-financial assets and investments (net) stood at EUR 368 million, which included the gain recorded in Q2 2024 from an agreement with Sodexo in Brazil (EUR 352 million). In 2023, gains or losses on non-financial assets and investments (net) stood at EUR 312 million.
For more details, see note 48 to the consolidated financial statements.
Negative goodwill recognized in results
No negative goodwill was recorded in 2024. Negative goodwill of EUR 39 million was recorded in 2023.
Gains or losses on non-current assets held for sale not classified as discontinued operations
This item, which mainly includes impairment of foreclosed assets recorded and the sale of properties acquired upon foreclosure, recorded a EUR 27 million loss in 2024 (EUR 20 million loss in 2023).
For more details, see note 49 to the consolidated financial statements.

66
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)
EUR million
20242023
Financial assets at fair value through other comprehensive income(1)24 
Financial assets at amortized cost12,137 12,274 
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss and net gains and losses from changes12,136 12,298 
Impairment on other assets (net)
EUR million
20242023
Impairment of investments in subsidiaries, joint ventures and associates, net— — 
Impairment on non-financial assets, net624 237 
Tangible assets382 135 
Intangible assets231 73 
Others11 29 
Impairment on other assets (net)624 237 
Profit or loss before tax from continuing operations
Profit before tax was EUR 17,347 million in 2024, +16% year-on-year, supported by the good performances in net interest income and net fee income.
Tax expense or income from continuing operations
Total tax expense from continuing operations was EUR 4,844 million in 2024 (compared to EUR 3,880 million in 2023).
Profit or loss after tax from discontinued operations
Profit or loss after tax from discontinued operations totalled EUR 1,241 million in 2024 compared to EUR 1,058 million in 2023. This line records the results associated with the Poland disposal, which increased year-on-year driven by a good revenue performance.


Profit attributable to the parent
EUR million
11393
+14%
2024 vs. 2023

Profit attributable to non-controlling interests
Profit attributable to non-controlling interests stood at EUR 1,170 million in 2024 (EUR 1,107 million in 2023), in part due to the accelerated placement of ordinary shares of Santander Bank Polska S.A. in the year.
For more details, see note 28 to the consolidated financial statements.
Profit attributable to the parent
Profit attributable to the parent amounted to EUR 12,574 million in 2024, 14% higher than the EUR 11,076 million in 2023.
Earnings per share
EUR
11776
+18%
2024 vs. 2023

67
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Group underlying income statement
Attributable
Underlying
Profit
RoTE (post-AT1)
Profit
RoTE (post-AT1)
EUR 12,574 million
+14% in euros
15.5%
EUR 11,774 million
+13% in euros
14.4%
+16% in constant euros
+1.1 pp
+15% in constant euros
+1.0 pp
Note: changes vs. 2023.
Below is the condensed income statement adjusted for items beyond the ordinary course of business and reclassification of certain items under some headings of the underlying income statement, as described in note 52.c to the consolidated financial statements, where our segments' aggregate underlying consolidated results are reconciled to the statutory consolidated results.
In the underlying income statement, results obtained in Poland are reported in the 'non-recurring items' line item for 2024 and 2023, so that it is excluded from underlying profit at both the Group and global business levels.
Therefore, all underlying ratios and management metrics included in this underlying income statement section have been calculated excluding Poland.
The Group presents, both at the total Group level and for each of the business units, the changes in euros registered in the income statement, as well as variations excluding the exchange rate effect (i.e. in constant euros, except for Argentina and any grouping which includes it), understanding that the latter provide a better analysis of the Group’s management. For further information, see 4.6. 'Alternative performance measures (APMs): 2025, 2024 and 2023'.
At the Group level, exchange rates had an unfavourable year-on-year impact of 2.5 pp on total income and a favourable impact of 1.9 pp on total costs, mainly due to the depreciation of the Brazilian real and the Mexican peso.
To better understand the business trends, we reclassified certain items under some headings of the underlying income statement. These reclassifications between the statutory and underlying income statements include:
•In 2024:
•As previously explained, in the statutory income statement, results associated with the business subject to the Poland disposal are reported in the 'profit/(loss) after tax from discontinued operations' line item.
However, in the underlying income statement, the results related to the business subject to the Poland disposal are excluded line-by-line from the underlying income statement and recorded in the 'non-recurring items' line.
Condensed underlying income statement
EUR million
Change
2024 2023 Absolute%
% excl. FX
Net interest income43,824 40,718 3,106 7.69.8
Net fee income12,335 11,468 867 7.610.8
Gains (losses) on financial transactions and exchange differences 2,216 2,566 (350)(13.6)(11.1)
Other operating income(391)(812)421 (51.8)(52.0)
Total income57,984 53,940 4,044 7.510.0
Total costs(27,354)(26,501)(853)3.25.1
Net operating income30,630 27,439 3,191 11.614.6
Net loan-loss provisions(11,822)(11,784)(38)0.33.8
Other gains (losses) and provisions(1,431)(350)(1,081)308.9313.8
Profit before tax17,377 15,305 2,072 13.515.9
Tax on profit(4,853)(4,112)(741)18.020.1
Profit from continuing operations12,524 11,193 1,331 11.914.4
Net profit from discontinued operations— — — — — 
Consolidated profit12,524 11,193 1,331 11.914.4
Non-controlling interests(750)(791)41 (5.2)(0.1)
Underlying profit attributable to the parent A
11,774 10,402 1,372 13.215.5
Non-recurring items800 674 126 18.718.8
Profit attributable to the parent12,574 11,076 1,498 13.515.7
A.Excluding non-recurring items.


68
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

•As explained in note 52.c to the consolidated financial statements, certain charges recorded in the statutory income statements under the line items that comprise 'other gains (losses) and provisions' are presented in the underlying income statement under the 'total costs' line item. These are mainly recurring operating charges, primarily related to labour and legal processes, and exclude EUR 835 million of restructuring charges, EUR 353 million of provisions for potential complaints related to motor finance dealer commissions and EUR 243 million from charges related to the discontinuation of our merchant platform in Germany and Superdigital in Latin America.
•Provisions which strengthen the balance sheet in Brazil of EUR 352 million gross in Q2 2024 (EUR 174 million net of tax and minority interests) which were compensated by gains on the sale of our stake in Pluxee in Brazil.
•In 2023:
•As previously explained, in the statutory income statement, results associated with the business subject to the Poland disposal are reported in the 'profit/(loss) after tax from discontinued operations' line item.
However, in the underlying income statement, the results related to the business subject to the Poland disposal are excluded line-by-line from the underlying income statement and recorded in the 'non-recurring items' line.
•As explained in note 52.c, certain charges recorded in the statutory account under the line items that comprise 'other gains (losses) and provisions' are presented in the underlying income statement under the 'total costs' line item. These are mainly recurring operating charges, primarily related to labour and legal processes, and exclude EUR 385 million of restructuring charges.
•Provisions to strengthen the balance sheet in Brazil in Q1 2023, totalling EUR 235 million, net of tax and non-controlling interests (EUR 474 million recorded in net loan-loss provisions, EUR 213 million positive impact in tax and EUR 26 million in non-controlling interests) which were more than offset by gains of EUR 270 million resulting primarily from the divestments of stakes in Brazil and Openbank in the 'other gains (losses) and provisions' line item.
Additionally, regarding results that fall outside the ordinary course of our business and are therefore excluded from the underlying income statement and recorded in the 'non-recurring items' line:
•As previously explained, in both 2024 and 2023, results obtained in Poland are reported in the 'non-recurring items' line.
For more details, see note 52.c to the consolidated financial statements.
As a result, the profit attributable to the parent was EUR 12,574 million, increasing 14% in euros and 16% in constant euros compared to 2023, while the underlying profit was EUR 11,774 million in 2024 which also represented a rise of 13% in euros and 15% in constant euros compared to 2023.
This year-on-year comparison is impacted by a higher charge relating to the temporary levy on revenue earned in Spain, charges
in Q2 2024 related to the discontinuation of our merchant platform in Germany and Superdigital in Latin America (EUR 243 million, net of tax and minority interests) and by the provision in Q4 2024 for potential complaints related to motor finance dealer commissions in the UK (EUR 260 million, net of tax and minority interests).
Additionally, in 2024, there was a lower DGF contribution in Spain and there was no contribution to the SRF as contributions ended in 2023.
Total income amounted to EUR 57,984 million in 2024, a 7% increase year-on-year. In constant euros, total income increased by 10% year-on-year, as follows:
•Net interest income (NII) totalled EUR 43,824 million and increased by 10% year-on-year, with growth across all businesses:
•In Retail, which represented 63% of the NII of the total operating areas, NII increased by 11%, with rises in most countries, but especially in South America, driven by higher volumes, and in Spain and Portugal, due to good margin management.
•NII grew strongly (+6%) in Openbank (24% of the NII of the total operating areas), on the back of active loan repricing and volumes growth in Openbank Europe, and higher volumes and lower interest rates in Brazil.
•In CIB, NII increased by 16%, boosted by our three main business lines.
•In Wealth, NII increased by 7%, driven by good margin management in a favourable macroeconomic environment and strong commercial activity in Private Banking.
•In Payments, NII increased strongly (+50%), due to higher activity.
•Net fee income reached EUR 12,335 million, increasing by 11% year-on-year, with growth across all businesses. We recorded this excellent net fee income performance as a result of executing our strategy to capture network effects across the Group. By business:
•In Retail, net fee income increased by 3%, supported by the good performances in Brazil, Argentina and the US.
•In Openbank, net fee income increased by 24%, driven mainly by growth in Openbank Europe due to increased insurance penetration, volumes growth in Brazil and auto fee income in the US.
•In CIB, net fee income increased by 22%, especially boosted by the US Banking Build-Out (US BBO) initiative.
•In Wealth, net fee income increased by 21%, with growth across businesses, boosted especially by higher volumes on the back of positive commercial activity and a favourable market performance.
•In Payments, net fee income increased by 5%, boosted by higher activity.
69
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Net fee income
EUR million
20242023
Asset management business, funds and insurance4,244 3,890 
Credit and debit cards2,250 2,286 
Securities and custody services1,251 1,059 
Account management and availability fees1,953 1,866 
Cheques and payment orders795 784 
Foreign exchange632 629 
Charges for past-due/unpaid balances and guarantees313 304 
Bill discounting139 208 
Other758 441 
Net fee income12,335 11,468 
•Gains on financial transactions and exchange differences decreased 11%, mainly due to lower results in CIB, mainly in Brazil, affected by weaker market activity (though there was some recovery in the second half of the year), lower results in Openbank Europe and in the Corporate Centre due to impacts from foreign currency hedges and risk transfer initiatives.
•Other operating income registered a lower negative result in 2024 than in 2023. These results include the hyperinflation adjustment in Argentina and the charge relating to the temporary levy on revenue earned in Spain, which was 50% higher than in 2023 (EUR 335 million in 2024 versus EUR 224 million in 2023). There was no contribution to the SRF in 2024 and there was a lower contribution to the DGF in Spain (EUR 11 million, net of tax and minority interests in 2024).
Total income
EUR million
8533
+7%
A
2024 vs. 2023
A. In constant euros: +10%.
Total costs in 2024 reached EUR 27,354 million, up 3% year-on-year (+5% in constant euros). In real terms, excluding the impact of average inflation and in constant euros, they increased 2% year-on-year, well below total income growth. For further information about costs in real terms, see 4.6. 'Alternative performance measures (APMs): 2025, 2024 and 2023'.
We continued to progress with our business transformation plan, ONE Transformation, reflected in greater operational leverage, better business dynamics and more streamlined and agile structures. By business and in constant euros:
•In Retail, total costs decreased by 1%. In real terms they also fell 1%, reflecting our transformation efforts through organizational simplification, process automation and the deployment of the global platform, as well as lower charges in the 'other operating costs' line. The efficiency ratio improved strongly to 44.5%.
•In Openbank, total costs increased by 1% year-on-year. In real terms, they declined 1%, driven by our efficiency and transformation efforts in the US and Europe. The efficiency ratio was 49.7%.
•In CIB, total costs increased by 18% (+15% in real terms), due to our investments in new products and capabilities to support growth and higher impacts in the 'other operating costs' line. The efficiency ratio stood at 49.7%.
•In Wealth, total costs rose 12% (+9% in real terms), reflecting investments made to strengthen PB teams and develop new capabilities to address the increase in commercial activity. The efficiency ratio improved to 39.1%.
•In Payments, total costs grew 11% (+7% in real terms), reflecting continued investment in global payments platforms.
70
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Total costs
EUR million
20242023
Staff costs13,827 13,279 
Other administrative expenses8,129 8,250 
Information technology2,579 2,387 
Communications387 399 
Advertising512 575 
Buildings and premises711 681 
Printed and office material86 93 
Taxes (other than tax on profits)554 570 
Other expenses3,300 3,545 
Administrative expenses21,956 21,529 
Depreciation and amortization3,179 3,086 
Operating expenses25,135 24,615 
Other operating costs2,219 1,886 
Total costs27,354 26,501 
Efficiency ratio
%
10254
-1.9pp
2024 vs. 2023
Our cost management continued to focus on structurally improving our efficiency. As a result, we improved our efficiency ratio to 47.2%.
All in all, net operating income reached EUR 30,630 million, up 12% year-on-year. In constant euros, it rose 15%, mainly driven by the good revenue performance (particularly in net interest income and net fee income).
Net loan-loss provisions in 2024 amounted to EUR 11,822 million, broadly in line with 2023.
In constant euros, they increased by 4%. The good performance in Retail due to lower provisions in Europe, especially in Spain and the UK partially offset the expected increases in Openbank, as a result of the normalization in Europe, higher volumes, lower portfolio sales compared to 2023 and some regulatory charges.
The cost of risk stood at 1.12% as of 31 December 2024. For more details, see 5.1. 'Key credit risk metrics'.
Net loan-loss provisions
EUR million
11288
0 %
A
2024 vs. 2023
A. In constant euros: +4%.
Other gains (losses) and provisions recorded a loss of EUR 1,431 million in 2024, compared to a EUR 350 million loss in 2023.
This year-on-year comparison was impacted by the aforementioned charges in 2024: i) the discontinuation of our merchant platforms in Germany and Superdigital in Latin America; and ii) the charge in Q4 2024 due to the provisions recorded for complaints related to motor finance dealer commissions in the UK.
Tax on profit amounted to EUR 4,853 million, 18% higher than in 2023. In constant euros, it rose 20%, due to higher tax burden in some countries, mainly in Spain and Brazil.
71
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Underlying profit attributable to the parent in 2024 was EUR 11,774 million, 13% more than in 2023. In constant euros, it rose 15%, supported by solid total income growth.
As a result, underlying RoTE post-AT1 was 14.4%, up from 13.5% in 2023, underlying RoRWA was 2.07% (compared to 1.86% in 2023) and underlying earnings per share reached EUR 0.72 (from EUR 0.61 in 2023).
Underlying profit attributable to the parent
EUR million
12580
+13 %
A
2024 vs. 2023
A. In constant euros: +15%.

Underlying RoTE post-AT1
%
12588
As previously explained, results related to the Poland disposal are recorded in non-recurring items, totalling EUR 800 million in 2024 compared to EUR 674 million in 2023.
Including these non-recurring items, profit attributable to the parent in 2024 was EUR 12,574 million, 14% more than in 2023. In constant euros, it rose 16%.
RoTE post-AT1 stood at 15.5% (14.4% in 2023). RoRWA stood at 2.18% (1.95% in 2023) and earnings per share stood at EUR 0.77 (EUR 0.65 in 2023).

72
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

4.4.2 Group balance sheet

Balance sheet
EUR million
Change
Assets
Dec-24Dec-23
Absolute
%
Cash, cash balances at central banks and other deposits on demand192,208 220,342 (28,134)(12.8)
Financial assets held for trading230,253 176,921 53,332 30.1 
Non-trading financial assets mandatorily at fair value through profit or loss6,130 5,910 220 3.7 
Financial assets designated at fair value through profit or loss
7,915 9,773 (1,858)(19.0)
Financial assets at fair value through other comprehensive income89,898 83,308 6,590 7.9 
Financial assets at amortized cost1,203,707 1,191,403 12,304 1.0 
Hedging derivatives5,672 5,297 375 7.1 
Changes in the fair value of hedged items in portfolio hedges of interest risk(704)(788)84 (10.7)
Investments7,277 7,646 (369)(4.8)
Assets under reinsurance contracts222 237 (15)(6.3)
Tangible assets32,087 33,882 (1,795)(5.3)
Intangible assets19,259 19,871 (612)(3.1)
Tax assets30,596 31,390 (794)(2.5)
Other assets
8,559 8,856 (297)(3.4)
Non-current assets held for sale4,002 3,014 988 32.8 
Total assets1,837,081 1,797,062 40,019 2.2 
Liabilities and equity
Financial liabilities held for trading152,151 122,270 29,881 24.4 
Financial liabilities designated at fair value through profit or loss36,360 40,367 (4,007)(9.9)
Financial liabilities at amortized cost1,484,322 1,468,703 15,619 1.1 
Hedging derivatives4,752 7,656 (2,904)(37.9)
Changes in the fair value of hedged items in portfolio hedges of interest rate risk(9)55 (64)(116.4)
Liabilities under insurance contracts17,829 17,799 30 0.2 
Provisions8,407 8,441 (34)(0.4)
Tax liabilities9,598 9,932 (334)(3.4)
Other liabilities
16,344 17,598 (1,254)(7.1)
Liabilities associated with non-current assets held for sale— — — — 
Total liabilities1,729,754 1,692,821 36,933 2.2 
Shareholders' equity135,196 130,443 4,753 3.6 
Other comprehensive income(36,595)(35,020)(1,575)4.5 
Non-controlling interest8,726 8,818 (92)(1.0)
Total equity107,327 104,241 3,086 3.0 
Total liabilities and equity1,837,081 1,797,062 40,019 2.2 
Note: this is a summarized balance sheet. For further information, see the 'consolidated balance sheet' in the consolidated financial statements.

73
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Executive summary A
Gross loans and advances to customers (excluding reverse repos and Poland)
Customer funds (deposits excluding repos + mutual funds, excluding Poland)
EUR 979 billion
+1%
+1%
EUR 1,155 billion
+4%
 è By segment:
 è By product:
Growth in the year was mainly driven by Openbank and Wealth
Growth in all products, rising double digits in mutual funds
Retail
Openbank
CIB
Wealth
Demand
Time
Mutual funds
-1%
+4%
0%
+8%
+1%
+1%
+18%
A.2024 vs. 2023 changes in constant euros. For more information on figures presented in constant euros and the exclusion of repurchase agreements and reverse repurchase agreements, see 4.6. 'Alternative performance measures (APMs): 2025, 2024 and 2023'.

Loans and advances to customers
Loans and advances to customers totalled EUR 1,054,069 million in December 2024, a 2% increase year-on-year.
For the purpose of analysing traditional commercial banking loans, the Group uses gross loans and advances to customers excluding reverse repurchase agreements (repos). Additionally, in line with the criteria used in 4.2.2.'Balance sheet', we analysed loans and advances to customers excluding Poland in both 2024 and 2023 balance sheets. As at end December 2024, gross loans and advances to customers excluding reverse repos and Poland, totalled EUR 978,961 million in December 2024, flat compared to December 2023.
To facilitate the analysis of Santander's management, the comments below do not consider the exchange rate impact (i.e., in constant euros), except for Argentina and any grouping which includes it. For further information, see 4.6. 'Alternative performance measures (APMs): 2025, 2024 and 2023'.
Gross loans and advances to customers excluding Poland and reverse repos and in constant euros, grew by 1% year-on-year, as follows:
•In Retail, which represented 62% of the Group's loan portfolio, gross loans and advances to customers decreased 1%, mainly due to declines in the UK (in line with our profitability strategy) and Spain, still impacted by pre-payments despite a pickup in new business volumes.
•In Openbank, which represented 22% of the Group's loan portfolio, they grew 4% driven by good performances in the auto markets in Openbank Europe and Latin America.
•In CIB, which represented 13% of the Group's loan portfolio, lending volumes were stable, as growth in North and South America compensated the lower volumes in Europe.
•In Wealth, gross loans and advances to customers increased by 8% driven by growth in Private Banking.
•Payments had a loan portfolio of just EUR 1 billion (+5% year-on-year).

Loans and advances to customers
EUR million. Excluding Poland
Change
Dec-24Dec-23Absolute%
Commercial bills51,429 53,970 (2,541)(4.7)
Secured loans538,218 535,118 3,100 0.6 
Other term loans284,136 286,585 (2,449)(0.9)
Finance leases37,643 36,518 1,125 3.1 
Receivable on demand10,737 12,255 (1,518)(12.4)
Credit cards receivable24,563 24,016 547 2.3 
Impaired assets32,235 32,730 (495)(1.5)
Gross loans and advances to customers (excluding reverse repos)978,961 981,192 (2,231)(0.2)
Reverse repurchase agreements
59,344 44,067 15,277 34.7 
Gross loans and advances to customers1,038,305 1,025,259 13,046 1.3 
Loan-loss allowances21,145 21,794 (649)(3.0)
Net loans and advances to customers1,017,160 1,003,465 13,695 1.4 
74
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Gross loans and advances to customers
(excluding reverse repos)
EUR billion. Excluding Poland
2956
0 %
A
2024 vs. 2023
A. In constant euros: +1%.
As of December 2024, gross loans and advances to customers excluding reverse repos maintained a diversified structure between the markets in which the Group operates.
With respect to gross loans and advances to customers (including reverse repos) maturing in more than one year, at the end of 2024, 67% had a fixed interest rate, while the remaining 33% had a floating interest rate:


Gross loans and advances to customers
(excluding reverse repos)
% of operating areas. December 2024. Excluding Poland



3346
•In Spain, 51% of loans and advances to customers were fixed rate and 49% were floating rate.
•Outside of Spain, 71% of loans and advances to customers were fixed rate and 29% were floating rate.
For more details on the distribution of loans and advances to customers by business line, see note 10.b to the consolidated financial statements.

Gross loans and advances to customers (including reverse repos) with maturities exceeding one year as at 31 December 2024
EUR million. Excluding Poland
DomesticInternationalTOTAL
AmountWeight as % of the totalAmountWeight as % of the totalAmountWeight as % of the total
Fixed70,16651 %368,33071 %438,49667 %
Floating67,44049 %148,52129 %215,96133 %
TOTAL137,606100 %516,851100 %654,456100 %
75
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Total customer funds
EUR million. Excluding Poland
Change
Dec-24Dec-23Absolute%
Demand deposits641,237 628,451 12,786 2.0
Time deposits286,296 295,434 (9,138)(3.1)
Mutual funds A
227,226 203,618 23,608 11.6
Customer funds1,154,759 1,127,503 27,256 2.4
Pension funds A
15,646 14,831 815 5.5
Managed portfolios A
42,969 36,233 6,736 18.6
Repurchase agreements78,072 78,784 (712)(0.9)
Total funds1,291,446 1,257,351 34,095 2.7
A. Including managed and marketed funds.
Customer deposits grew 1% year-on-year to EUR 1,055,936 million at 31 of December 2024.
The Group uses customer funds (customer deposits, excluding repos, plus mutual funds) to analyse traditional retail banking funds. Additionally, in line with the criteria used in 4.2.2 'Balance sheet', we analysed customer funds excluding Poland in both 2024 and 2023 balance sheets. As at 31 December 2024, they amounted to EUR 1,154,759 million and grew 2% year-on-year.
To facilitate the analysis of Santander's management, the comments below do not consider the exchange rate impact (i.e., in constant euros), except for Argentina and any grouping which includes it. For further information, see 4.6. 'Alternative performance measures (APMs): 2025, 2024 and 2023'.
Compared to December 2023, customer funds excluding Poland rose 4% in constant euros, as follows:
Customer funds (excluding repos)
EUR billion. Excluding Poland
4818
Dec-24 vs. Dec-23
+2
%
A
+12
%
0
%
Total
Mutual fundsB
Deposits excluding repos
A. In constant euros: +4%.
B. Including managed and marketed funds.


•By product, customer deposits excluding repos rose 1%, with a 1% increase in both demand and time deposits. Mutual funds rose 18%, with widespread increases across all businesses and countries.
•By business, customer funds increased 4% in Retail, mainly driven by time deposits and mutual funds. In Openbank, customer funds rose 11%, in line with our retail deposit gathering strategy. In CIB, customer funds fell 8%, as a result of our strategy to reduce excess corporate deposits while in Wealth they were up 11%, mainly driven by mutual funds.
Customer funds maintained a diversified structure across the markets in which the Group operates. The weight of demand deposits was 55% of total customer funds, while time deposits accounted for 25% and mutual funds 20%.
In addition to capturing customer deposits, for strategic reasons the Group has a selective policy on issuing securities in international fixed income markets and strives to adapt the frequency and volume of its market operations to the structural liquidity needs of each unit, as well as to the receptiveness of each market.

Customer funds (excluding repos)
% of operating areas. December 2024. Excluding Poland
6004
76
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

4.5 Financial information by segment: 2024 vs 2023
4.5.1 Summary of the Group's main business areas' income statements
2024
Main items of the underlying income statement
EUR million
Primary segmentsNet interest incomeNet fee
income		Total
income		Net operating incomeProfit before tax
Underlying profit attributable to the parent
Retail & Commercial Banking27,854 6,022 33,064 18,359 10,750 7,345 
Openbank
10,777 1,508 12,877 7,302 2,228 1,659 
Corporate & Investment Banking3,779 2,415 7,897 3,975 3,815 2,639 
Wealth Management & Insurance1,591 1,442 3,587 2,183 2,134 1,584 
Payment Solutions132 958 1,240 31 (233)(299)
Corporate Centre(308)(11)(680)(1,220)(1,317)(1,154)
TOTAL GROUP43,824 12,335 57,984 30,630 17,377 11,774 
Secondary segments
Spain
7,256 2,867 11,580 7,071 5,440 3,762 
UK
4,950 283 5,011 1,962 1,794 1,306 
Portugal
1,548 467 2,065 1,492 1,481 1,001 
Openbank Europe
4,361 902 5,644 2,796 1,131 642 
US
5,693 1,152 7,580 3,615 1,053 1,109 
Mexico
4,631 1,385 6,278 3,551 2,274 1,671 
Brazil
10,121 3,414 13,536 8,318 3,830 2,422 
Chile
1,822 551 2,592 1,650 1,111 629 
Argentina
2,919 602 2,487 1,150 827 665 
Corporate Centre(308)(11)(680)(1,220)(1,317)(1,154)
Rest of the Group832 722 1,889 246 (248)(280)
TOTAL GROUP43,824 12,335 57,984 30,630 17,377 11,774 
Underlying profit attributable to the parent. 2024 distribution
Distribution A by primary segment
76
A. As a % of operating areas. Excluding the Corporate Centre and negative contribution from Payments.

Underlying profit attributable to the parent. 2024
EUR million. % change YoY
Retail
Openbank
CIB
Wealth
Payments
150
Var
Var B
+25
%
+27%
-13
%
-12%
+13
%
+17%
+17
%
+18%
+291
%
+231%
B. Changes in constant euros.
77
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

2023
Main items of the underlying income statement
EUR million
Primary segmentsNet interest incomeNet fee
income		Total
income		Net operating incomeProfit before taxUnderlying profit attributable to the parent
Retail & Commercial Banking25,586 6,077 30,792 16,036 8,195 5,887 
Openbank10,221 1,229 12,274 6,748 2,677 1,901 
Corporate & Investment Banking3,361 2,013 7,100 3,719 3,578 2,328 
Wealth Management & Insurance1,499 1,209 3,082 1,816 1,834 1,360 
Payment Solutions92 954 1,134 23 (17)(77)
Corporate Centre(41)(13)(442)(901)(961)(998)
TOTAL GROUP40,718 11,468 53,940 27,439 15,305 10,402 
Secondary segments
Spain
6,641 2,699 9,837 5,022 3,399 2,371 
UK
5,152 338 5,358 2,430 2,107 1,545 
Portugal
1,465 464 1,944 1,378 1,314 896 
Openbank Europe
4,193 796 5,481 2,730 2,019 1,199 
US
5,742 766 7,209 3,502 863 932 
Mexico
4,408 1,374 5,899 3,254 2,119 1,560 
Brazil
9,116 3,462 13,104 7,674 2,911 1,921 
Chile
1,383 572 2,285 1,332 951 582 
Argentina
1,879 396 1,544 713 505 386 
Corporate Centre(41)(13)(442)(901)(961)(998)
Rest of the Group780 615 1,721 306 77 9 
TOTAL GROUP40,718 11,468 53,940 27,439 15,305 10,402 
78
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

4.5.2 Primary segments
Retail & Commercial Banking
Underlying attributable profit
EUR 7,345 mn
Business performance
Gross loans and advances to customers, excluding reverse repos and in constant euros, decreased 1% year-on-year. Balances fell mainly in the UK (in line with our profitability strategy) and in Spain, still impacted by pre-payments despite a pickup in new business volumes. This was partially offset by increases in Brazil, Mexico and Portugal.
Customer deposits, excluding repos and in constant euros, rose 2%, driven by Spain and Brazil, especially in time deposits. Mutual funds rose 21% in constant euros, with positive performances across most countries. As a result, customer funds increased 4% in constant euros.
Retail. 2024 business performance
EUR billion and YoY % change in constant euros
600
-1%
707
+4%
Spain.jpg
UK.jpg
Mexico.jpg
Brazil.jpg
Other
924
Spain.jpg
UK.jpg
Mexico.jpg
Brazil.jpg
Other
929
Gross loans and advances to customer excl. reverse reposCustomer deposits excl. repos + mutual funds
Results
Underlying attributable profit in 2024 was EUR 7,345 million, up 25% compared to 2023. In constant euros, it rose 27% year-on-year, as follows:
•Total income increased 10%, driven by both net interest income and net fee income.
Net interest income increased 11% year-on-year, with rises in most countries, but especially in South America, driven by higher volumes, and in Spain and Portugal due to good margin management. The exceptions were the UK and the US, affected by lower volumes.
Greater commercial activity and a larger loyal customer base contributed to net fee income growth (+3%). The most significant increases were in Brazil, Argentina and the US.

Retail. Total income
EUR million and YoY % change in constant euros
Spain.jpg
UK.jpg
Mexico.jpg
Brazil.jpg
Other
2223
Var
+15%
-10%
+7%
+14%
+22%
    
Retail33,064
+10%

•Total costs increased 2%. In real terms, expenses declined 1% reflecting our transformation efforts through organizational simplification, process automation and the deployment of the global platform, as well as lower charges in the 'other operating costs' line. As a result, net operating income increased 18% and efficiency improved to 44.5%.
•Net loan-loss provisions improved 2% year-on-year, due to positive performances across Europe, especially in Spain and the UK (macro outlook improvement in the country), which more than offset greater provisions in Brazil due to higher activity and cost of risk normalization in Mexico and Chile.
•The other gains (losses) and provisions line had an 85% greater loss than in 2023.
Underlying RoTE (post-AT1) in 2024 was 17.6%.
Retail. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue33,06430,792 +7+10
Total costs(14,704)(14,757)0+2
Net operating income18,359 16,036 +14+18
LLPs(7,064)(7,542)(6)(2)
PBT10,7508,195 +31+33
Underlying attr. profit7,345 5,887 +25+27
Detailed financial information in 4.5.3 'Appendix'.
79
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

banderaESP.jpg
Retail Spain
Profit before tax
EUR 2,824
 mn
Business performance
Gross loans and advances to customers, excluding reverse repos, decreased 3% year-on-year still impacted by pre-payments despite higher new business volumes.
Customer deposits excluding repos, increased 4% year-on-year, driven by both demand and time deposits. Mutual funds increased 15% year-on-year. As a result, customer funds increased 6% year-on-year.
Results
Profit before tax in 2024 reached EUR 2,824 million, more than double that of 2023. By line item:
•Total income increased 15% mainly due to the pick up in net interest income, driven by good margin management.
•Total costs declined 14%, reflecting the progress achieved in product simplification and process automation and a strong decrease in the 'other operating costs' line. As a result, the efficiency ratio improved to 37.7%.
•Net loan-loss provisions decreased 23%, which resulted in an improvement in the cost of risk and NPL ratio to 0.84% and 3.47%, respectively.
•The other gains (losses) and provisions line recorded losses of EUR 363 million in 2024 and EUR 100 million in 2023.
Retail Spain. Underlying income statement
EUR million and % change
/ 2023
20242023 %
Revenue6,9156,012 +15
Total costs(2,606)(3,048)(14)
Net operating income4,3092,964 +45
LLPs(1,121)(1,464)(23)
PBT2,824 1,400 +102
Detailed financial information in 4.5.3 'Appendix'.




UK.jpg
Retail UK
Profit before tax
EUR 1,633
 mn
Business performance
Gross loans and advances to customers, excluding reverse repos and in constant euros, decreased 4% year-on-year (in line with our profitability strategy). However, the trend in mortgages was positive throughout the year, with a progressive recovery in new business volumes.
Customer deposits, excluding repos and in constant euros, decreased 5% mainly driven by demand deposits. Mutual funds fell 1% year-on-year in constant euros. As a result, customer funds declined 5% in constant euros.
Results
Profit before tax in 2024 was EUR 1,633 million, down 17% year-on-year. In constant euros, it decreased 19%, by line item:
•Total income fell 10% with net interest income down affected by lower volumes.
•Total costs increased 1% in a competitive labour market. Net operating income declined 23% and the efficiency ratio stood at 62.2%.
•Net loan-loss provisions improved 75% driven by positive macro outlook, with a cost of risk of only 3 bps.
•The other gains (losses) and provisions line recorded losses of EUR 104 million, a 35% greater loss year-on-year.
Retail UK. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue4,7665,140 (7)(10)
Total costs(2,965)(2,858)+4+1
Net operating income1,8012,283 (21)(23)
LLPs(64)(247)(74)(75)
PBT1,633 1,960 (17)(19)
Detailed financial information in 4.5.3 'Appendix'.
80
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Mexico.jpg
Retail Mexico
Profit before tax
EUR 1,524
 mn
Business performance
Gross loans and advances to customers, excluding reverse repos and in constant euros, grew 6% year-on-year, supported by our enhanced commercial offering.
Customer deposits, excluding repos and in constant euros, increased 2% year-on-year, mainly driven by demand deposits. Additionally, mutual funds rose 42% in constant euros. As a result, customer funds grew 11% in constant euros.
Results
Profit before tax reached EUR 1,524 million in 2024 up 6% year-on-year. In constant euros, it increased 9%, as follows:
•Total income rose 7%, mainly driven by a good net interest income performance, supported by higher activity.
•Total costs rose 3%. In real terms, expenses declined 2% even after our investments in transformation. As a result, net operating income increased 11% and the efficiency ratio improved by 1.8 pp to 43.5%.
•Net loan-loss provisions increased 13%, partially driven by loan growth, with a cost of risk of 5.03% and an NPL ratio of 5.25%.
•No other gains (losses) and provisions were recorded in 2024 or 2023.
Retail Mexico. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue4,8614,670 +4+7
Total costs(2,114)(2,114)0+3
Net operating income2,7462,556 +7+11
LLPs(1,222)(1,117)+9+13
PBT1,524 1,439 +6+9
Detailed financial information in 4.5.3 'Appendix'.
Brazil.jpg
Retail Brazil
Profit before tax
EUR 1,975
 mn
Business performance
Gross loans and advances to customers, excluding reverse repos and in constant euros, increased 7%.
Customer deposits increased 10%, excluding repos and in constant euros, driven by time deposits, which rose double digits. Mutual funds increased 2% in constant euros. As a result, customer funds grew 8% in constant euros.
Results
Profit before tax was EUR 1,975 million in 2024, a 73% increase year-on-year. In constant euros, it rose 86%, as follows:
•Total income grew 14% driven by net interest income and higher net fee income, mainly due to volumes in an environment of higher activity.
•Total costs increased 5%, affected by the impact of higher labour costs and greater charges in the 'other operating costs' line. As a result, net operating income increased 21% and the efficiency ratio improved by 3.6 pp to 41.6%.
•Net loan-loss provisions increased 5%, below volume growth.
•No other gains (losses) and provisions were recorded in 2024 and a EUR 62 million loss was recorded in 2023.

Retail Brazil. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue9,9929,454 +6+14
Total costs(4,159)(4,278)(3)+5
Net operating income5,8335,176 +13+21
LLPs(3,857)(3,970)(3)+5
PBT1,975 1,144 +73+86
Detailed financial information in 4.5.3 'Appendix'.
81
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Openbank
Underlying attributable profit
EUR 1,659 mn
Business performance
New lending increased 4% year-on-year, with notable growth in Brazil. Gross loans and advances to customers, excluding reverse repos and in constant euros, also rose 4% year-on-year, mainly driven by auto in Openbank Europe and Brazil.
Our EUR 16.9 billion leasing portfolio decreased 5% year-on-year in constant euros, as growth in Europe was more than offset by a decline in the US.
Our access to wholesale funding markets remained strong and diversified. Customer deposits accounted for 60% of Openbank's total funding. Excluding repos and in constant euros, deposits were up 10% year-on-year, underpinned by our strategy to lower funding costs and reduce net interest income volatility across the cycle. Mutual funds rose 19% in constant euros, albeit from very low levels. As a result, customer funds increased 11% year-on-year in constant euros.
Openbank. 2024 business performance
EUR billion and YoY % change in constant euros
215
+4%
137
+11%
Openbank Europe
Openbank US
1385
Openbank Europe
Openbank US
1387
Gross loans and advances to customers excl. reverse reposCustomer deposits excl. repos + mutual funds
Openbank. Leasing portfolio
EUR billion and YoY % change in constant euros
Total leasing
17
-5%
1395Results
In 2024, underlying attributable profit stood at EUR 1,659 million, 13% lower year-on-year. In constant euros, profit fell 12%, as follows:
•Total income rose 6%, with net interest income up 6%, mainly driven by volumes growth in Brazil and Argentina and repricing actions and higher volumes in Europe.
Net fee income increased strongly (+24%), with double-digit growth across our main units, underpinned by increased insurance penetration in Europe, volumes growth in Brazil and auto servicing fees in the US.
Other income fell, as gains on financial transactions declined, mainly in Europe, and leasing income decreased in the US, primarily due to lower volumes, reduced residual values and the pass-on of fiscal benefits (recorded in the tax line) from electric vehicle (EV) leases to pricing.
Openbank. 2024 total income
EUR million and YoY % change in constant euros
Openbank Europe
Openbank US*
Other
2189
Var
+3%
-1%
+45%
* Year-on-year growth in revenue in the US would have been flat if we included the impact from the EV incentives recorded in the tax line.
•Total costs performed well, increasing slightly year-on-year and declining 1% in real terms, supported by efficiency and transformation efforts in the US and Europe, which partially offset investments in platforms and business growth, as well as higher other operating costs. Consequently, net operating income grew 9% and the efficiency ratio improved 1.7 pp to 43.3%.
•Net loan-loss provisions were up 12%, reflecting continued normalization in Europe, higher volumes, increased CHF mortgage portfolio coverage, some regulatory charges and lower portfolio sales than in 2023. Credit quality remained controlled, with the cost of risk at 2.16% and the NPL ratio at 5.07%.
•Other gains (losses) and provisions registered a loss of EUR 512 million in 2024 (compared to a EUR 35 million gain in 2023), mainly due to the provision for potential complaints related to motor finance dealer commissions in the UK.
As a result, underlying RoTE (post-AT1) stood at 8.8% in 2024.
Openbank. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue12,87712,274 +5+6
Total costs(5,576)(5,526)+1+1
Net operating income7,302 6,748 +8+9
LLPs(4,562)(4,106)+11+12
PBT2,2282,677 (17)(17)
Underlying attr. profit1,659 1,901 (13)(12)
Detailed financial information in 4.5.3 'Appendix'.
82
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

OB
Openbank Europe
Profit before tax
EUR 1,131
 mn
Business performance
New business volumes increased 1% year-on-year in constant euros, mainly underpinned by new auto loans. In turn, gross loans and advances to customers, excluding reverse repos and in constant euros, rose 4% year-on-year, primarily driven by auto balances.
Customer deposits, excluding repos and in constant euros, grew strongly year-on-year (+18%), in line with our strategy to increase retail funding. Mutual funds rose 24% year-on-year in constant euros, albeit from very low levels.
Results
Profit before tax stood at EUR 1,131 million in 2024, 44% lower than in 2023. In constant euros, it also fell 44%, as follows:
•Total income grew 3%, mainly supported by higher net interest income (+4%), on the back of repricing actions and volumes growth, and net fee income (+13%), backed by greater insurance penetration, especially in Germany, and higher fees from our agreements.
•Total costs rose 3%, broadly in line with inflation, mainly due to our investments in platforms and business growth and higher charges linked to the CHF mortgage portfolio, partially offset by savings resulting from our efficiency and transformation efforts.
•Net loan-loss provisions increased 52%, reflecting normalization, volumes growth, higher provisions linked to our CHF mortgage portfolio in Poland, some regulatory impacts and lower portfolio sales compared to the previous year. Cost of risk remained at low levels (0.88%), having normalized in line with expectations.
•Other gains (losses) and provisions recorded a EUR 456 million loss in 2024 (compared to a EUR 82 million gain in 2023), mainly due to the provision for potential complaints related to motor finance dealer commissions in the UK.
Openbank Europe. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue5,6445,481 +3+3
Total costs(2,848)(2,751)+4+3
Net operating income2,7962,730 +2+2
LLPs(1,209)(792)+53+52
PBT1,1312,019 (44)(44)
Detailed financial information in 4.5.3 'Appendix'.
US.jpg
Openbank US
Profit before tax
EUR 551
 mn
Business performance
Gross loans and advances to customers, excluding reverse repos and in constant euros, declined 4% year-on-year, in line with our focus on capital optimization and efficient allocation and value creation. The leasing portfolio fell 15% in constant euros, impacted by the wind down of business through our relationship with Stellantis and reduced EV new business volumes.
Customer deposits, excluding repos and in constant euros, rose 2% year-on-year, supported by the launch of our digital bank in Q4 2024. Mutual funds recorded double-digit growth in constant euros, contributing to a 3% increase in customer funds in constant euros.
Results
Profit before tax was 5% higher year-on-year, reaching EUR 551 million. In constant euros, it also grew 5%, as follows:
•Total income decreased slightly, as weaker other income, mainly due to lower leasing results (lower volumes, reduced residual values and pass-on of EV fiscal benefits to pricing) was partially offset by solid net interest income and double-digit growth in net fee income (auto servicing fees).
•Total costs improved 3%, even with investments related to the launch of our digital bank, supported by savings from our transformation initiatives.
•Net loan-loss provisions decreased 1%, on the back of lower provisions in our auto portfolio. Cost of risk stood at 4.44%.
•The other gains (losses) and provisions line posted a loss of EUR 55 million compared to a EUR 46 million loss in 2023.
Openbank US. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue5,2975,367 (1)(1)
Total costs(2,225)(2,305)(3)(3)
Net operating income3,0723,062 00
LLPs(2,466)(2,490)(1)(1)
PBT551525 +5+5
Detailed financial information in 4.5.3 'Appendix'.
83
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Corporate & Investment Banking
Underlying attributable profit
EUR 2,639 mn
Business performance
Gross loans and advances to customers, excluding reverse repos and in constant euros, remained flat year-on-year, as higher activity in Global Markets was offset by lower volumes in Global Transaction Banking and in Global Banking. Customer deposits, excluding repos and in constant euros, fell 10% year-on-year, in line with our strategy to reduce excess corporate deposits.
In Global Transaction Banking (GTB) strong activity in Export Finance and Trade & Working Capital Solutions more than compensated weaker activity in Cash Management, impacted by lower interest rates:
•Export Finance maintained a strong market position driven by our coordinator and underwriter roles in some of the most important transactions.
•Trade & Working Capital Solutions continued to increase collaboration with Financial Sponsors, Leveraged Finance and M&A teams and we outperformed the market backed by our leading innovative solutions.
Global Banking (GB) performed well on the back of growth in Corporate Finance and Global Debt Financing (GDF).
•In Corporate finance, we gained market share in a complex environment, with leading advisory and capital raising roles across our focused industry sectors and higher activity levels in Europe and the US, as a result of our upgraded capabilities and the expansion of our US franchise.
•GDF had the best-ever year in terms of DCM activity and wallet share growth. Structured Finance increased significantly at the end of the year driven by Energy advisory mandates and Fund Finance. Securitized Products in Europe had the most active year in over a decade, being the leading bookrunner in primary cash issuances and as synthetic securitization arranger with fund investments, with increasing activity in Latin America.
Global Markets (GM) saw good activity levels throughout the year in Europe, Asia and the US, while Latin America recovered in the second half of the year. Our investments led to increased client activity, highlighting institutional flows, while our US BBO initiative continued to gain momentum, with most key products implemented and volumes ramping up. There was strong activity in Rates, Securitized Products and Cash Equities.
Results
Underlying attributable profit in 2024 was EUR 2,639 million, up 13% year-on-year. In constant euros, profit grew 17%, as follows:
•Total income rose 14% year-on-year, backed by double-digit growth in net interest income and net fee income. Net interest income grew 16%, boosted by GM. Net fee income increased 22%, driven particularly by GB on the back of the US BBO initiative. Gains on financial transactions decreased 7%, worsening in all business lines except in GTB.

By country, there was double-digit revenue growth in Spain, the US, Mexico and Argentina.
By business, total income rose 24% in GM, on the back of strong activity across European and North American units, mainly with institutional clients. In GB it grew 18% (CF in Europe and the US and GDF across markets). In GTB, total income grew 4% supported by good performance in Export Finance and Trade & Working Capital Solutions.
CIB. Total income by business
Both EUR million and % change in constant euros
3928Note: total income includes revenue from other activities which are less material (EUR 174 million in 2023 and EUR 161 million in 2024).

•Total costs increased 18% mainly driven by our investments in new products and capabilities to support growth and the increase in the 'other operating costs' line. As a result, net operating income increased 11% and the efficiency ratio was 49.7%.
•Net loan-loss provisions have a limited impact on results due to the nature of CIB business. They increased year-on-year, though the cost of risk remained low at just 0.08%.
•Other gains (losses) and provisions recorded a EUR 19 million loss compared to a EUR 9 million loss in 2023.
Underlying RoTE (post-AT1) was 16.3%.
CIB. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue7,8977,100 +11+14
Total costs(3,922)(3,381)+16+18
Net operating income3,9753,719+7+11
LLPs(141)(132)+7+10
PBT3,8153,578 +7+11
Underlying attr. profit2,6392,328+13+17
Detailed financial information in 4.5.3 'Appendix'.
84
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Wealth Management & Insurance
Underlying attributable profit
EUR 1,584 mn
Business performance
Total assets under management (AuMs) reached EUR 484 billion, +12% year-on-year in constant euros, driven by excellent commercial activity and positive market performance. By business and in constant euros, volumes performed as follows:
•In Private Banking (PB), customer assets and liabilities reached EUR 318 billion, growing 11% year-on-year especially funds and investments.
We offer our customers the benefits of our scale and international presence which is reflected in 14% growth year-on-year in total clients to 283 thousand.
•In Insurance & Asset Management Solutions: total SAM AuMs increased year-on-year on the back of the record commercial activity across countries. Insurance gross written premiums reached EUR 10.8 billion in 2024, -14% year-on-year, impacted particularly by lower activity in savings business.
Wealth. 2024 business performance
EUR billion and % change in constant euros. December 2024
1082
/ 2023
+12 %
+15 %
+10 %
+4 %
+6 %
-14 %
Note: total products marketed, advised, under custody and/or managed.

Results
Underlying attributable profit was EUR 1,584 million, up 17% compared to 2023. In constant euros, it was 18% higher, by line:
•Total income increased 18% year-on-year, supported by solid growth in net fee income and net interest income.
Net interest income increased 7% in a favourable macro environment driven by solid margin management and strong commercial activity in Private Banking.

Net fee income rose 21% year-on-year, with growth across businesses, boosted especially by higher volumes on the back of positive commercial activity and favourable market performance.
Other income improved year-on-year, mainly due to higher activity in PB, as well as to our insurance joint ventures and our investment platform units, both of them under the Insurance & Asset Management Solutions business line.
Including the fees ceded to our commercial network, total revenue reached EUR 5,913 million, up 16%, on the back of higher customer activity in PB as well as higher volumes and good performance of our asset management business.
•Total costs were 12% higher year-on-year, reflecting our investments made to strengthen PB teams and develop new capabilities to address the increase in commercial activity.
•Net loan-loss provisions recorded a EUR 42 million loss compared to net releases of EUR 19 million in 2023.
•The other gains (losses) and provisions recorded an EUR 8 million loss compared to a EUR 1 million loss in 2023.
When considering ceded fees along with our PAT, the total contribution to Group profit (PAT+Fees) reached EUR 3,127 million, up 16% year-on-year.
Underlying RoTE (post-AT1) in 2024 was 68.2%.
Wealth. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue3,5873,082 +16+18
Total costs(1,403)(1,266)+11+12
Net operating income2,1831,816 +20+22
LLPs(42)19 ——
PBT2,1341,834 +16+18
Underlying attr. profit1,584 1,360 +17+18
Detailed financial information in 4.5.3 'Appendix'.
85
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Payment Solutions
Underlying attributable profit
-EUR 299 mn
Business performance
In 2024, activity increased as the total number of transactions in Getnet reached 9.8 billion, 5% higher year-on-year, and total payments volume (TPV) was EUR 222 billion, 13% more than in 2023 in constant euros.
In our A2A payments platform, the number of transactions processed in 2024 increased strongly, reaching 1.2 billion compared to 303 million in 2023.
Payments' loan and deposit portfolios are not material, making up just 0.1% of the Group's total portfolio.
Getnet. TPV
EUR billion and % change in constant euros
+13%
654

Results
In 2024, Payments recorded an underlying attributable loss of EUR 299 million in 2024. If we exclude the charges after discontinuing our merchant platform in Germany and Superdigital in Latin America in Q2 2024, the underlying attributable loss is EUR 56 million, compared to a EUR 77 million loss in 2023. In constant euros:
•Total income rose 14% year-on-year, driven by the increase in both NII and net fee income.
•Total costs grew 11% year-on-year, reflecting continued investment in global payments platforms.
•Net loan-loss provisions have a limited impact on results due to the nature of Payments business. They improved 31% year-on-year.
•Other gains (losses) and provisions recorded a loss of EUR 247 million, impacted by the aforementioned charges related to the discontinuation of our platforms (EUR 243 mn).
EBITDA margin was 27.5%, 2.7 pp higher than in 2023.
Payment Solutions. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue1,240 1,134 +9+14
Total costs(1,209)(1,111)+9+11
Net operating income31 23 +370
LLPs(16)(24)(32)(31)
PBT(233)(17)0+514
Underlying attr. profit(299)(77)+291+231
Detailed financial information in 4.5.3 'Appendix'.
86
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Corporate Centre
Underlying attributable profit
-EUR 1,154 mn
Results
The underlying attributable loss in 2024 was EUR 1,154 million, a 16% greater loss than in 2023 (loss of EUR 998 million), with the following breakdown by line item:
•Net interest income worsened by EUR 268 million, as increased liquidity buffer remuneration was offset by greater interest expense related to higher volumes of TLAC/MREL.
•Losses on financial transactions worsened by EUR 106 million, due to the impact from foreign currency hedges and risk transfer initiatives.

•Total costs increased 18% year-on-year, driven by higher expenses in the 'other operating costs' line, partially offset by savings from ongoing simplification measures.
•Net loan-loss provisions recorded a EUR 3 million net release in 2024, after having registered a net release of EUR 2 million in 2023.
•The net negative impact of other gains (losses) and provisions, increased from a EUR 62 million loss in 2023 to a EUR 99 million loss in 2024.


Corporate Centre. Underlying income statement
EUR million
20242023%
Net interest income(308)(41)660.3 
Net fee income(11)(13)(20.6)
Gains (losses) on financial transactions A
(408)(302)35.2 
Other operating income47 (86)— 
Total income(680)(442)53.9 
Total costs(540)(460)17.5 
Net operating income(1,220)(901)35.4 
Net loan-loss provisions3 2 25.6 
Other gains (losses) and provisions(99)(62)60.0 
Profit before tax(1,317)(961)37.0 
Tax on profit162 (36)— 
Profit from continuing operations(1,155)(998)15.7 
Net profit from discontinued operations— — — 
Consolidated profit(1,155)(998)15.7 
Non-controlling interests1 0 — 
Underlying profit attributable to the parent(1,154)(998)15.7 
Corporate Centre. Balance sheet and operating means
EUR million
Dec-24Dec-23%
Loans and advances to customers6,911 6,531 5.8 
Cash, central banks and credit institutions110,984 126,919 (12.6)
Debt instruments10,922 7,727 41.4 
Other financial assets1,444 807 78.9 
Other asset accounts175,693 170,193 3.2 
Total assets305,954 312,177 (2.0)
Customer deposits1,430 1,508 (5.2)
Central banks and credit institutions26,103 51,332 (49.1)
Marketable debt securities121,122 110,144 10.0 
Other financial liabilities48 326 (85.4)
Other liabilities accounts64,321 57,961 11.0 
Total liabilities213,024 221,271 (3.7)
Total equity92,930 90,906 2.2 
Memorandum items:
Gross loans and advances to customers B
6,997 6,608 5.9 
Customer funds1,299 1,507 (13.8)
    Customer deposits C
1,299 1,508 (13.8)
    Mutual funds— — — 
Operating means
Number of employees1,825 — — 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.



87
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

4.5.3 Appendix
Primary segments
RETAIL & COMMERCIAL BANKING
EUR million
Underlying income statement20242023%% excl. FX
Net interest income27,854 25,586 8.9 11.5 
Net fee income6,022 6,077 (0.9)3.0 
Gains (losses) on financial transactions ᴬ805 837 (3.9)(2.7)
Other operating income(1,617)(1,707)(5.3)(4.7)
Total income33,064 30,792 7.4 10.4 
Total costs(14,704)(14,757)(0.4)2.2 
Net operating income18,359 16,036 14.5 17.9 
Net loan-loss provisions(7,064)(7,542)(6.3)(1.8)
Other gains (losses) and provisions(545)(298)82.8 85.5 
Profit before tax10,750 8,195 31.2 33.0 
Tax on profit(3,132)(2,076)50.9 51.4 
Profit from continuing operations7,619 6,120 24.5 26.7 
Net profit from discontinued operations— — — — 
Consolidated profit7,619 6,120 24.5 26.7 
Non-controlling interests(273)(232)17.7 29.2 
Underlying profit attributable to the parent7,345 5,887 24.8 26.6 
Business volumes
Gross loans and advances to customers ᴮ600,230 611,882 (1.9)(0.6)
Customer funds706,505 688,569 2.6 4.2 
    Customer deposits C
607,094 600,871 1.0 2.0 
    Mutual funds99,411 87,698 13.4 20.7 
Risk-weighted assets
285,525 289,187 (1.3)
Ratios (%), operating means and customers
RoTE (post-AT1)
17.6 14.5 3.1 
Efficiency ratio44.5 47.9 (3.4)
NPL ratio3.21 3.21 0.00 
NPL coverage ratio63 65 (3)
Number of employees135,901 — — 
Number of total customers (thousands)141,179 132,961 6.2 
Number of active customers (thousands)74,465 70,682 5.4 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.





88
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Retail Spain
EUR million
Underlying income statement20242023%
Net interest income5,930 5,160 14.9 
Net fee income1,199 1,219 (1.7)
Total income6,915 6,012 15.0 
Total costs(2,606)(3,048)(14.5)
Net operating income4,309 2,964 45.3 
Net loan-loss provisions(1,121)(1,464)(23.4)
Profit before tax2,824 1,400 101.7 
Business volumes
Gross loans and advances to customers ᴬ
156,118 161,512 (3.3)
Customer funds266,230 251,301 5.9 
    Customer deposits ᴮ
222,089 212,952 4.3 
    Mutual funds44,141 38,349 15.1 
A. Excluding reverse repos.
B. Excluding repos.
Retail UK
EUR million
Underlying income statement20242023%% excl. FX
Net interest income4,760 4,973 (4.3)(6.8)
Net fee income233 302 (22.9)(25.0)
Total income4,766 5,140 (7.3)(9.8)
Total costs(2,965)(2,858)3.7 1.0 
Net operating income1,801 2,283 (21.1)(23.2)
Net loan-loss provisions(64)(247)(74.2)(74.9)
Profit before tax1,633 1,960 (16.7)(18.9)
Business volumes
Gross loans and advances to customers ᴬ
233,033 231,856 0.5 (3.9)
Customer funds217,765 219,820 (0.9)(5.3)
    Customer deposits ᴮ
211,720 213,965 (1.0)(5.4)
    Mutual funds6,045 5,855 3.3 (1.3)
A. Excluding reverse repos.
B. Excluding repos.
89
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Retail Mexico
EUR million
Underlying income statement20242023%% excl. FX
Net interest income3,974 3,848 3.3 6.3 
Net fee income910 961 (5.4)(2.6)
Total income4,861 4,670 4.1 7.2 
Total costs(2,114)(2,114)0.0 3.0 
Net operating income2,746 2,556 7.4 10.6 
Net loan-loss provisions(1,222)(1,117)9.4 12.6 
Profit before tax1,524 1,439 5.9 9.1 
Business volumes
Gross loans and advances to customers ᴬ
35,721 38,724 (7.8)6.4 
Customer funds48,220 50,315 (4.2)10.5 
    Customer deposits ᴮ
35,245 39,761 (11.4)2.2 
    Mutual funds12,975 10,554 22.9 41.8 
A. Excluding reverse repos.
B. Excluding repos.
Retail Brazil
EUR million
Underlying income statement20242023%% excl. FX
Net interest income7,811 7,278 7.3 15.5 
Net fee income2,327 2,338 (0.5)7.1 
Total income9,992 9,454 5.7 13.8 
Total costs(4,159)(4,278)(2.8)4.7 
Net operating income5,833 5,176 12.7 21.3 
Net loan-loss provisions(3,857)(3,970)(2.8)4.6 
Profit before tax1,975 1,144 72.6 85.8 
Business volumes
Gross loans and advances to customers ᴬ
66,406 74,526 (10.9)6.8 
Customer funds72,993 81,119 (10.0)7.8 
    Customer deposits ᴮ
53,865 58,753 (8.3)9.8 
    Mutual funds19,128 22,366 (14.5)2.5 
A. Excluding reverse repos.
B. Excluding repos.

90
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

OPENBANK
EUR million
Underlying income statement20242023%% excl. FX
Net interest income10,777 10,221 5.4 6.1 
Net fee income1,508 1,229 22.7 23.8 
Gains (losses) on financial transactions ᴬ(4)116 — — 
Other operating income596 709 (15.9)(16.2)
Total income12,877 12,274 4.9 5.6 
Total costs(5,576)(5,526)0.9 1.3 
Net operating income7,302 6,748 8.2 9.1 
Net loan-loss provisions(4,562)(4,106)11.1 12.4 
Other gains (losses) and provisions(512)35 0.0 0.0 
Profit before tax2,228 2,677 (16.8)(16.5)
Tax on profit(294)(426)(31.0)(30.9)
Profit from continuing operations1,934 2,251 (14.1)(13.8)
Net profit from discontinued operations— — — — 
Consolidated profit1,934 2,251 (14.1)(13.8)
Non-controlling interests(275)(350)(21.4)(21.2)
Underlying profit attributable to the parent1,659 1,901 (12.7)(12.5)
Business volumes
Gross loans and advances to customers ᴮ215,164 206,649 4.1 3.6 
Customer funds137,122 120,996 13.3 10.8 
    Customer deposits C
128,933 114,334 12.8 10.3 
    Mutual funds8,189 6,662 22.9 19.4 
Risk-weighted assets151,102 154,396 (2.1)
Ratios (%), operating means and customers
RoTE (post-AT1)
8.8 10.6 (1.9)
Efficiency ratio43.3 45.0 (1.7)
NPL ratio5.07 4.75 0.33 
NPL coverage ratio74 77 (3)
Number of employees29,903 — — 
Number of total customers (thousands)25,041 25,413 (1.5)
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
91
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Openbank Europe
EUR million
Underlying income statement20242023%% excl. FX
Net interest income4,361 4,193 4.0 3.8 
Net fee income902 796 13.4 13.1 
Total income5,644 5,481 3.0 2.7 
Total costs(2,848)(2,751)3.5 3.2 
Net operating income2,796 2,730 2.4 2.2 
Net loan-loss provisions(1,209)(792)52.6 51.9 
Profit before tax1,131 2,019 (44.0)(44.1)
Business volumes
Gross loans and advances to customers ᴬ
139,927 135,202 3.5 3.6 
Customer funds85,876 72,963 17.7 18.2 
    Customer deposits ᴮ
81,376 69,334 17.4 17.9 
    Mutual funds4,500 3,629 24.0 24.0 
A. Excluding reverse repos.
B. Excluding repos.
Openbank US
EUR million
Underlying income statement20242023%% excl. FX
Net interest income4,651 4,599 1.1 1.2 
Net fee income303 237 28.1 28.2 
Total income5,297 5,367 (1.3)(1.2)
Total costs(2,225)(2,305)(3.5)(3.4)
Net operating income3,072 3,062 0.3 0.4 
Net loan-loss provisions(2,466)(2,490)(1.0)(0.9)
Profit before tax551 525 4.9 5.0 
Business volumes
Gross loans and advances to customers ᴬ
56,266 55,013 2.3 (3.9)
Customer funds51,230 46,895 9.2 2.7 
    Customer deposits ᴮ
47,541 43,862 8.4 1.9 
    Mutual funds3,689 3,033 21.6 14.3 
A. Excluding reverse repos.
B. Excluding repos.
92
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

CORPORATE & INVESTMENT BANKING
EUR million
Underlying income statement20242023%% excl. FX
Net interest income3,779 3,361 12.4 16.0 
Net fee income2,415 2,013 20.0 22.3 
Gains (losses) on financial transactions ᴬ1,568 1,748 (10.3)(7.0)
Other operating income136 (22)— — 
Total income7,897 7,100 11.2 14.5 
Total costs(3,922)(3,381)16.0 17.8 
Net operating income3,975 3,719 6.9 11.3 
Net loan-loss provisions(141)(132)6.8 10.3 
Other gains (losses) and provisions(19)(9)113.9 116.2 
Profit before tax3,815 3,578 6.6 11.1 
Tax on profit(1,023)(1,086)(5.8)(1.3)
Profit from continuing operations2,792 2,491 12.1 16.5 
Net profit from discontinued operations— — — — 
Consolidated profit2,792 2,491 12.1 16.5 
Non-controlling interests(153)(163)(5.9)3.7 
Underlying profit attributable to the parent2,639 2,328 13.3 17.3 
Business volumes
Gross loans and advances to customers ᴮ130,840 132,308 (1.1)(0.2)
Customer funds147,492 166,721 (11.5)(8.3)
    Customer deposits C
133,433 152,156 (12.3)(10.0)
    Mutual funds14,059 14,565 (3.5)12.5 
Risk-weighted assets117,010 109,397 7.0 
Ratios (%) and operating means
RoTE (post-AT1)
16.3 15.9 0.4 
Efficiency ratio49.7 47.6 2.0 
NPL ratio0.86 1.43 (0.56)
NPL coverage ratio39 39 0 
Number of employees12,652 — — 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
93
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

WEALTH MANAGEMENT & INSURANCE
EUR million
Underlying income statement20242023%% excl. FX
Net interest income1,591 1,499 6.1 7.1 
Net fee income1,442 1,209 19.3 20.9 
Gains (losses) on financial transactions ᴬ256 178 44.0 45.7 
Other operating income298 197 51.0 63.5 
Total income3,587 3,082 16.4 18.2 
Total costs(1,403)(1,266)10.8 12.2 
Net operating income2,183 1,816 20.2 22.3 
Net loan-loss provisions(42)19 — — 
Other gains (losses) and provisions(8)(1)548.9 577.6 
Profit before tax2,134 1,834 16.3 18.4 
Tax on profit(509)(429)18.7 20.2 
Profit from continuing operations1,624 1,405 15.6 17.8 
Net profit from discontinued operations— — — — 
Consolidated profit1,624 1,405 15.6 17.8 
Non-controlling interests(40)(45)(11.4)(3.1)
Underlying profit attributable to the parent1,584 1,360 16.5 18.5 
Business volumes
Gross loans and advances to customers ᴮ24,643 22,550 9.3 8.3 
Customer funds161,304 148,292 8.8 11.2 
    Customer deposits C
55,736 53,599 4.0 3.6 
    Mutual funds105,568 94,693 11.5 15.7 
Risk-weighted assets11,709 18,066 (35.2)
Assets under management483,695 448,297 7.9 12.3 
Gross written premiums10,752 12,937 (16.9)(13.7)
Ratios (%), operating means and customers
RoTE (post-AT1)
68.2 61.8 6.4 
Efficiency ratio39.1 41.1 (2.0)
NPL ratio0.98 1.39 (0.41)
NPL coverage ratio68 29 38 
Number of employees7,425 — — 
Number of Private Banking customers (thousands)283 247 14.4 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
94
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

PAYMENT SOLUTIONS
EUR million
Underlying income statement20242023%% excl. FX
Net interest income132 92 42.6 50.2 
Net fee income958 954 0.5 5.2 
Gains (losses) on financial transactions ᴬ0 (10)(97.5)(97.4)
Other operating income150 97 54.2 56.1 
Total income1,240 1,134 9.3 14.2 
Total costs(1,209)(1,111)8.8 11.5 
Net operating income31 23 36.7 — 
Net loan-loss provisions(16)(24)(32.5)(30.9)
Other gains (losses) and provisions(247)(15)— — 
Profit before tax(233)(17)— 514.3 
Tax on profit(57)(59)(3.0)10.2 
Profit from continuing operations(290)(75)285.5 223.9 
Net profit from discontinued operations— — — — 
Consolidated profit(290)(75)285.5 223.9 
Non-controlling interests(9)(1)571.7 — 
Underlying profit attributable to the parent(299)(77)290.7 231.4 
Business volumes
Gross loans and advances to customers ᴮ1,087 1,194 (8.9)5.5 
Customer funds1,038 1,418 (26.8)(26.8)
    Customer deposits C
1,038 1,418 (26.8)(26.8)
    Mutual funds— — — — 
Risk-weighted assets4,898 5,428 (9.8)
Ratios (%) and operating means
EBITDA margin
27.5 24.8 2.7 
Efficiency ratio97.5 98.0 (0.5)
Number of employees8,382 — — 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
95
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Secondary segments
EUR million
Spain
UK
Underlying income statement20242023%20242023%% excl. FX
Net interest income7,256 6,641 9.3 4,950 5,152 (3.9)(6.5)
Net fee income2,867 2,699 6.2 283 338 (16.2)(18.4)
Gains (losses) on financial transactions A
1,100 688 59.9 (18)29 — — 
Other operating income358 (190)— (203)(162)25.7 22.4 
Total income11,580 9,837 17.7 5,011 5,358 (6.5)(9.0)
Total costs(4,509)(4,815)(6.4)(3,050)(2,928)4.2 1.4 
Net operating income7,071 5,022 40.8 1,962 2,430 (19.3)(21.4)
Net loan-loss provisions(1,259)(1,522)(17.3)(64)(247)(74.2)(74.9)
Other gains (losses) and provisions(372)(100)270.3 (104)(75)38.2 34.5 
Profit before tax5,440 3,399 60.1 1,794 2,107 (14.9)(17.1)
Tax on profit(1,678)(1,029)63.1 (488)(563)(13.3)(15.6)
Profit from continuing operations3,763 2,371 58.7 1,306 1,545 (15.4)(17.7)
Net profit from discontinued operations— — — — — — — 
Consolidated profit3,763 2,371 58.7 1,306 1,545 (15.4)(17.7)
Non-controlling interests0 0 106.8 — — — — 
Underlying profit attributable to the parent3,762 2,371 58.7 1,306 1,545 (15.4)(17.7)
Balance sheet
Loans and advances to customers246,897 239,214 3.2 246,453 245,743 0.3 (4.1)
Cash, central banks and credit institutions97,838 113,091 (13.5)54,787 62,387 (12.2)(16.1)
Debt instruments94,519 70,072 34.9 15,120 10,234 47.7 41.2 
Other financial assets48,132 40,926 17.6 390 289 35.0 29.1 
Other asset accounts22,341 22,497 (0.7)3,382 4,363 (22.5)(25.9)
Total assets509,726 485,799 4.9 320,132 323,016 (0.9)(5.3)
Customer deposits323,425 324,099 (0.2)230,408 233,453 (1.3)(5.7)
Central banks and credit institutions57,218 44,802 27.7 25,665 28,202 (9.0)(13.0)
Marketable debt securities27,385 28,486 (3.9)47,933 43,850 9.3 4.5 
Other financial liabilities59,976 46,532 28.9 2,500 3,434 (27.2)(30.4)
Other liabilities accounts21,163 22,264 (4.9)1,733 1,704 1.7 (2.8)
Total liabilities489,168 466,184 4.9 308,239 310,642 (0.8)(5.2)
Total equity20,558 19,615 4.8 11,893 12,373 (3.9)(8.1)
Memorandum items:
Gross loans and advances to customers B
225,759 229,803 (1.8)236,496 235,111 0.6 (3.9)
Customer funds399,999 386,810 3.4 230,479 231,667 (0.5)(4.9)
    Customer deposits C
306,389 308,745 (0.8)222,835 224,396 (0.7)(5.1)
    Mutual funds93,609 78,065 19.9 7,643 7,272 5.1 0.5 
Ratios (%), operating means and customers
RoTE (post-AT1)
18.3 11.8 6.4 10.6 12.5 (2.0)
Efficiency ratio38.9 48.9 (10.0)60.9 54.6 6.2 
NPL ratio2.66 3.04 (0.38)1.33 1.42 (0.09)
NPL coverage ratio53 49 4 29 30 (1)
Number of branches1,827 1,874 (2.5)444 444 — 
Number of total customers (thousands)15,307 15,023 1.9 22,541 22,481 0.3 
Number of active customers (thousands)8,842 8,367 5.7 13,646 13,864 (1.6)
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
96
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

EUR million
Portugal
Openbank Europe
Underlying income statement20242023%20242023%% excl. FX
Net interest income1,548 1,465 5.7 4,361 4,193 4.0 3.8 
Net fee income467 464 0.8 902 796 13.4 13.1 
Gains (losses) on financial transactions A
45 33 35.3 (24)117 — — 
Other operating income5 (17)— 405 375 8.0 7.2 
Total income2,065 1,944 6.2 5,644 5,481 3.0 2.7 
Total costs(574)(567)1.2 (2,848)(2,751)3.5 3.2 
Net operating income1,492 1,378 8.3 2,796 2,730 2.4 2.2 
Net loan-loss provisions(11)(77)(85.7)(1,209)(792)52.6 51.9 
Other gains (losses) and provisions— 14 (100.0)(456)82 — — 
Profit before tax1,481 1,314 12.7 1,131 2,019 (44.0)(44.1)
Tax on profit(478)(416)14.9 (255)(493)(48.2)(48.3)
Profit from continuing operations1,003 898 11.6 876 1,526 (42.6)(42.7)
Net profit from discontinued operations— — — — — — — 
Consolidated profit1,003 898 11.6 876 1,526 (42.6)(42.7)
Non-controlling interests(2)(2)4.6 (234)(327)(28.7)(28.8)
Underlying profit attributable to the parent1,001 896 11.7 642 1,199 (46.5)(46.5)
Balance sheet
Loans and advances to customers38,410 36,864 4.2 137,038 132,692 3.3 3.4 
Cash, central banks and credit institutions3,873 8,084 (52.1)19,185 18,636 2.9 3.1 
Debt instruments15,010 10,991 36.6 6,310 5,387 17.1 17.8 
Other financial assets1,129 1,078 4.7 128 135 (5.3)(5.4)
Other asset accounts1,109 1,279 (13.3)11,115 9,945 11.8 11.3 
Total assets59,530 58,297 2.1 173,775 166,796 4.2 4.3 
Customer deposits38,304 36,366 5.3 81,376 69,334 17.4 17.9 
Central banks and credit institutions8,813 9,237 (4.6)28,120 31,965 (12.0)(12.9)
Marketable debt securities4,973 4,813 3.3 43,137 44,605 (3.3)(3.1)
Other financial liabilities339 319 6.3 1,918 2,218 (13.5)(13.7)
Other liabilities accounts3,056 3,725 (18.0)5,714 5,233 9.2 9.5 
Total liabilities55,485 54,460 1.9 160,264 153,355 4.5 4.6 
Total equity4,046 3,837 5.4 13,512 13,441 0.5 0.8 
Memorandum items:
Gross loans and advances to customers B
39,143 37,658 3.9 139,927 135,202 3.5 3.6 
Customer funds43,186 40,618 6.3 85,876 72,963 17.7 18.2 
    Customer deposits C
38,304 36,366 5.3 81,376 69,334 17.4 17.9 
    Mutual funds4,882 4,252 14.8 4,500 3,629 24.0 24.0 
Ratios (%), operating means and customers
RoTE (post-AT1)25.0 25.6 (0.6)5.5 11.6 (6.1)
Efficiency ratio27.8 29.1 (1.4)50.5 50.2 0.3 
NPL ratio2.27 2.41 (0.14)2.50 2.12 0.37 
NPL coverage ratio78 83 (5)83 88 (5)
Number of branches374 376 (0.5)326 342 (4.7)
Number of total customers (thousands)2,989 2,908 2.8 19,550 20,193 (3.2)
Number of active customers (thousands)1,905 1,838 3.6 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
97
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

EUR million
US
Mexico
Underlying income statement20242023%% excl. FX20242023%% excl. FX
Net interest income5,693 5,742 (0.9)(0.8)4,631 4,408 5.0 8.1 
Net fee income1,152 766 50.3 50.4 1,385 1,374 0.8 3.8 
Gains (losses) on financial transactions A
371 294 25.8 25.9 396 211 88.0 93.5 
Other operating income365 406 (10.1)(10.1)(133)(94)41.7 45.9 
Total income7,580 7,209 5.1 5.2 6,278 5,899 6.4 9.6 
Total costs(3,965)(3,707)7.0 7.0 (2,727)(2,645)3.1 6.1 
Net operating income3,615 3,502 3.2 3.3 3,551 3,254 9.1 12.4 
Net loan-loss provisions(2,507)(2,593)(3.3)(3.3)(1,277)(1,135)12.5 15.8 
Other gains (losses) and provisions(55)(46)19.0 19.1 — — — — 
Profit before tax1,053 863 22.0 22.1 2,274 2,119 7.3 10.5 
Tax on profit56 69 (19.1)(19.1)(598)(541)10.5 13.7 
Profit from continuing operations1,109 932 19.0 19.0 1,676 1,577 6.3 9.4 
Net profit from discontinued operations— — — — — — — — 
Consolidated profit1,109 932 19.0 19.0 1,676 1,577 6.3 9.4 
Non-controlling interests— — — — (5)(17)(73.0)(72.2)
Underlying profit attributable to the parent1,109 932 19.0 19.0 1,671 1,560 7.2 10.3 
Balance sheet
Loans and advances to customers134,856 126,843 6.3 (0.1)45,054 47,905 (6.0)8.5 
Cash, central banks and credit institutions28,200 21,215 32.9 24.9 10,945 14,088 (22.3)(10.4)
Debt instruments27,042 22,686 19.2 12.0 30,092 27,624 8.9 25.6 
Other financial assets2,821 4,075 (30.8)(34.9)5,785 6,723 (14.0)(0.8)
Other asset accounts16,058 16,307 (1.5)(7.4)5,745 6,156 (6.7)7.6 
Total assets208,978 191,126 9.3 2.8 97,621 102,496 (4.8)9.8 
Customer deposits125,403 121,782 3.0 (3.2)49,836 53,703 (7.2)7.0 
Central banks and credit institutions26,794 17,411 53.9 44.7 17,260 17,047 1.3 16.8 
Marketable debt securities31,783 27,059 17.5 10.4 9,632 8,074 19.3 37.6 
Other financial liabilities5,223 7,276 (28.2)(32.5)9,640 11,189 (13.8)(0.6)
Other liabilities accounts3,683 3,119 18.1 11.0 3,115 3,579 (13.0)0.3 
Total liabilities192,886 176,646 9.2 2.6 89,483 93,592 (4.4)10.3 
Total equity16,091 14,480 11.1 4.5 8,138 8,904 (8.6)5.4 
Memorandum items:
Gross loans and advances to customers B
117,511 112,671 4.3 (2.0)44,715 48,688 (8.2)5.9 
Customer funds108,246 108,062 0.2 (5.8)61,160 62,775 (2.6)12.4 
    Customer deposits C
93,545 95,697 (2.2)(8.1)41,528 45,693 (9.1)4.8 
    Mutual funds14,702 12,364 18.9 11.8 19,632 17,082 14.9 32.5 
Ratios (%), operating means and customers
RoTE (post-AT1)
6.9 5.6 1.3 19.6 17.4 2.2 
Efficiency ratio52.3 51.4 0.9 43.4 44.8 (1.4)
NPL ratio4.68 4.57 0.11 2.71 2.82 (0.11)
NPL coverage ratio64 68 (4)100 100 0 
Number of branches405 415 (2.4)1,356 1,369 (0.9)
Number of total customers (thousands)4,474 4,510 (0.8)21,289 20,517 3.8 
Number of active customers (thousands)4,308 4,223 2.0 10,871 10,263 5.9 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.


98
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

EUR million
BrazilChile
Underlying income statement20242023%% excl. FX20242023%% excl. FX
Net interest income10,121 9,116 11.0 19.5 1,822 1,383 31.8 48.3 
Net fee income3,414 3,462 (1.4)6.1 551 572 (3.7)8.4 
Gains (losses) on financial transactions A
(37)483 — — 238 320 (25.7)(16.3)
Other operating income39 43 (10.3)(3.4)(18)11 — — 
Total income13,536 13,104 3.3 11.2 2,592 2,285 13.4 27.7 
Total costs(5,219)(5,430)(3.9)3.4 (942)(953)(1.1)11.3 
Net operating income8,318 7,674 8.4 16.7 1,650 1,332 23.8 39.4 
Net loan-loss provisions(4,487)(4,701)(4.5)2.7 (497)(365)36.1 53.2 
Other gains (losses) and provisions0 (62)(99.4)(99.4)(42)(16)169.3 203.2 
Profit before tax3,830 2,911 31.6 41.6 1,111 951 16.7 31.4 
Tax on profit(1,165)(776)50.1 61.6 (211)(135)56.1 75.7 
Profit from continuing operations2,665 2,135 24.8 34.4 899 816 10.2 24.1 
Net profit from discontinued operations— — — — — — — — 
Consolidated profit2,665 2,135 24.8 34.4 899 816 10.2 24.1 
Non-controlling interests(243)(215)13.2 21.9 (271)(234)15.5 30.0 
Underlying profit attributable to the parent2,422 1,921 26.1 35.8 629 582 8.1 21.7 
Balance sheet
Loans and advances to customers88,620 96,399 (8.1)10.1 40,332 42,616 (5.4)1.2 
Cash, central banks and credit institutions46,745 53,618 (12.8)4.4 5,759 6,373 (9.6)(3.3)
Debt instruments45,670 47,325 (3.5)15.6 7,993 13,273 (39.8)(35.6)
Other financial assets10,632 8,161 30.3 56.1 13,554 12,159 11.5 19.3 
Other asset accounts13,844 14,590 (5.1)13.7 2,796 2,746 1.8 8.9 
Total assets205,510 220,093 (6.6)11.9 70,434 77,167 (8.7)(2.4)
Customer deposits93,994 110,162 (14.7)2.2 30,181 29,578 2.0 9.2 
Central banks and credit institutions30,878 28,333 9.0 30.6 8,133 14,808 (45.1)(41.2)
Marketable debt securities25,351 27,976 (9.4)8.6 10,403 10,775 (3.5)3.3 
Other financial liabilities34,215 28,625 19.5 43.2 14,323 12,624 13.5 21.4 
Other liabilities accounts5,582 7,938 (29.7)(15.7)1,942 3,733 (48.0)(44.3)
Total liabilities190,020 203,035 (6.4)12.1 64,983 71,518 (9.1)(2.8)
Total equity15,490 17,058 (9.2)8.8 5,451 5,648 (3.5)3.2 
Memorandum items:
Gross loans and advances to customers B
93,785 102,583 (8.6)9.5 41,405 43,823 (5.5)1.1 
Customer funds129,881 145,044 (10.5)7.3 43,383 40,098 8.2 15.7 
    Customer deposits C
81,378 90,297 (9.9)8.0 30,060 29,337 2.5 9.6 
    Mutual funds48,503 54,747 (11.4)6.1 13,324 10,761 23.8 32.5 
Ratios (%), operating means and customers
RoTE (post-AT1)
16.8 13.1 3.6 16.3 14.2 2.1 
Efficiency ratio38.6 41.4 (2.9)36.4 41.7 (5.4)
NPL ratio6.10 6.25 (0.15)5.37 5.01 0.36 
NPL coverage ratio79 83 (4)50 53 (3)
Number of branches2,202 2,580 (14.7)237 248 (4.4)
Number of total customers (thousands)69,455 62,804 10.6 4,311 4,052 6.4 
Number of active customers (thousands)33,123 30,460 8.7 2,556 2,399 6.6 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
99
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

EUR million
Argentina
Rest of the Group
Underlying income statement20242023%20242023%% excl. FX
Net interest income2,919 1,879 55.3 832 780 6.7 8.4 
Net fee income602 396 52.2 722 615 17.5 17.9 
Gains (losses) on financial transactions A
229 341 (32.8)326 353 (7.6)(8.1)
Other operating income(1,263)(1,071)17.9 9 (26)0.0 0.0 
Total income2,487 1,544 61.1 1,889 1,721 9.8 10.5 
Total costs(1,337)(831)60.9 (1,643)(1,415)16.1 16.4 
Net operating income1,150 713 61.2 246 306 (19.6)(17.5)
Net loan-loss provisions(284)(150)89.5 (230)(203)13.4 14.7 
Other gains (losses) and provisions(39)(58)(34.0)(263)(25)938.7 942.3 
Profit before tax827 505 63.8 (248)77 — — 
Tax on profit(161)(117)38.0 (37)(75)(50.8)(49.9)
Profit from continuing operations666 388 71.6 (285)2 — — 
Net profit from discontinued operations— — — — — — — 
Consolidated profit666 388 71.6 (285)2 — — 
Non-controlling interests(1)(2)(43.9)5 7 (30.3)(22.8)
Underlying profit attributable to the parent665 386 72.2 (280)9 — — 
Balance sheet
Loans and advances to customers7,684 3,767 104.0 24,905 24,892 0.1 (2.5)
Cash, central banks and credit institutions4,901 4,548 7.8 8,178 5,911 38.4 99.2 
Debt instruments2,654 1,368 94.0 10,677 11,447 (6.7)(6.6)
Other financial assets23 11 112.9 3,041 2,116 43.7 58.0 
Other asset accounts978 776 26.1 2,930 3,671 (20.2)(29.2)
Total assets16,240 10,470 55.1 49,732 48,037 3.5 2.2 
Customer deposits11,293 6,478 74.3 19,955 16,207 23.1 32.3 
Central banks and credit institutions852 1,271 (33.0)19,309 22,050 (12.4)(15.5)
Marketable debt securities158 148 6.4 898 703 27.7 32.0 
Other financial liabilities968 638 51.6 2,694 2,061 30.7 48.0 
Other liabilities accounts476 455 4.6 1,514 960 57.8 93.8 
Total liabilities13,746 8,990 52.9 44,371 41,981 5.7 6.3 
Total equity2,494 1,479 68.6 5,360 6,056 (11.5)(36.9)
Memorandum items:
Gross loans and advances to customers B
7,938 3,878 104.7 25,285 25,164 0.5 (2.0)
Customer funds17,047 10,288 65.7 34,204 27,670 23.6 27.8 
    Customer deposits C
11,293 6,478 74.3 19,527 16,034 21.8 30.8 
    Mutual funds5,754 3,810 51.0 14,677 11,636 26.1 24.3 
Ratios (%), operating means and customers
RoTE (post-AT1)
34.5 54.7 (20.2)
Efficiency ratio53.8 53.8 — 
NPL ratio2.06 1.99 0.07 
NPL coverage ratio177 166 11 
Number of branches D
409 322 27.0 
Number of total customers (thousands)5,117 4,771 7.2 
Number of active customers (thousands)3,674 3,562 3.1 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
D. In Argentina, we have included the CartaSur points of sale and the banking service points in 2024 figures.
100
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

4.6 Alternative performance measures (APMs): 2025, 2024 and 2023
Profitability and efficiency ratios
The purpose of the profitability ratios is to measure the ratio of profit to equity, to tangible equity, to assets and to risk-weighted assets. The efficiency ratio measures the amount of costs needed to generate revenue.
The results related to activity in Poland affected by the Poland disposal are recorded in the 'non-recurring items' line within the underlying income statement. Profitability ratios are therefore also presented on an underlying basis. Additionally, the definition of efficiency has been adjusted to use the new total costs line.
Ratio Formula Relevance of the metric
RoE Profit attributable to the parentThis ratio measures the return that shareholders obtain on the funds invested in the bank and as such measures the bank’s ability to pay shareholders.
(Return on Equity)
   Average stockholders’ equity A (excl. minority interests)
Underlying RoEUnderlying profit attributable to the parentThis ratio measures the return that shareholders obtain on the funds invested in the bank excluding results from operations outside the ordinary course of business.
   Average stockholders’ equity A (excl. minority interests)
RoTE (post-AT1)
Profit attributable to the parent minus AT1 costsB
This indicator is used to assess the profitability of a company as a percentage of its tangible equity, deducting AT1 issuance costs from the numerator. It is measured as the return that shareholders receive as a percentage of the funds invested in the bank less intangible assets.
(Return on Tangible Equity)
Average stockholders' equity A (excl. minority interests) - intangible assets
Underlying RoTE (post-AT1)
Underlying profit attributable to the parent minus AT1 costs B
As with RoTE (post-AT1), this indicator is used to assess the profitability of the tangible equity of a company of a company, deducting AT1 issuance costs from the numerator, but excluding results from operations outside the ordinary course of business (i.e. arising from underlying activities).
Average stockholders' equity A (excl. minority interests) - intangible assets
RoA Consolidated profitThis metric measures the profitability of a company as a percentage of its total assets. It is an indicator that reflects the efficiency of the bank’s total assets in generating profit over a given period.
(Return on Assets) Average total assets
Underlying RoAUnderlying consolidated profitThis metric measures the profitability of a company as a percentage of its total assets excluding results from operations outside the ordinary course of business. It is an indicator that reflects the efficiency of the bank’s total assets in generating underlying profit over a given period.
Average total assets
RoRWAConsolidated profitThe return adjusted for risk is a derivative of the RoA metric. The difference is that RoRWA measures profit in relation to the bank’s risk-weighted assets.
(Return on Risk-Weighted Assets)Average risk-weighted assets
Underlying RoRWAUnderlying consolidated profitThis relates the underlying consolidated profit (excluding results from operations outside the ordinary course of business) to the Group’s risk-weighted assets.
Average risk-weighted assets
Efficiency
Total costs C
One of the most commonly used indicators when comparing productivity of different financial entities. It measures the amount of resources used to generate the bank’s total income.
(Cost-to-income)Total income
A.Stockholders’ equity = Capital and Reserves + Accumulated other comprehensive income + Profit attributable to the parent + Dividends.
B.Excluding the adjustment to the valuation of goodwill, since they are not considered in the denominator, we believe this calculation is more correct.
C.Total costs = Administrative expenses + amortizations + other operating costs.
101
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Profitability and efficiency A (EUR million and %)

202520242023
RoE13.9%13.0%11.9%
Profit attributable to the parent14,10112,57411,076
Average stockholders' equity (excluding minority interests)101,49796,74493,035
Underlying RoE13.0%12.2%11.2%
Profit attributable to the parent14,10112,57411,076
(-) Non-recurring items949800674
Underlying profit attributable to the parent13,15211,77410,402
Average stockholders' equity (excluding minority interests)101,49796,74493,035
RoTE post-AT116.3%15.5%14.4%
Profit attributable to the parent14,10112,57411,076
(-) AT1 costs622620492
(-) Goodwill impairment(4)(4)(20)
Profit attributable to the parent minus AT1 costs (excluding goodwill impairment)13,48311,95810,604
Average stockholders' equity (excluding minority interests)101,49796,74493,035
(-) Average intangible assets18,86519,42819,361
Average stockholders' equity (excl. minority interests) - intangible assets82,63177,31673,675
Underlying RoTE (post-AT1)15.2%14.4%13.5%
  Profit attributable to the parent14,10112,57411,076
(-) AT1 costs622620492
(-) Goodwill impairment(4)(4)(20)
Profit attributable to the parent minus AT1 costs (excluding goodwill impairment)13,48311,95810,604
(-) Non-recurring items949800674
Underlying profit attributable to the parent minus AT1 costs (excluding goodwill impairment)12,53411,1589,930
Average stockholders' equity (excluding minority interests)101,49796,74493,035
(-) Average intangible assets18,86519,42819,361
Average stockholders' equity (excl. minority interests) - intangible assets82,63177,31673,675
RoA0.84%0.76%0.69%
Consolidated profit15,50013,74412,183
Average total assets1,843,1121,803,2721,773,103
Underlying RoA0.79%0.72%0.65%
Consolidated profit15,50013,74412,183
(-) Adjustments to consolidated profit for activity outside the ordinary course of business1,5031,220990
Underlying consolidated profit13,99712,52411,193
Average total assets C
1,771,2981,739,9151,716,997
RoRWA2.44%2.18%1.95%
Consolidated profit15,50013,74412,183
Average risk-weighted assets B
634,020630,494624,031
Underlying RoRWA2.31%2.07%1.86%
Consolidated profit15,50013,74412,183
(-) Adjustments to consolidated profit for activity outside the ordinary course of business1,5031,220989
Underlying consolidated profit13,99712,52411,194
Average risk-weighted assets B C
605,556604,137602,132
Efficiency ratio45.3%47.2%49.1%
Operating expenses24,77925,21524,684
Adjustments to operating expenses in the underlying income statement
1,6312,1391,817
Underlying total costs
26,41027,35426,501
Total income58,31158,04353,951
Adjustments to total income in the underlying income statement
(3)(59)(11)
Underlying total income58,30857,98453,940
A.Averages included in the RoE, RoTE, RoTE (post-AT1), RoA and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from using daily balances.
B.The risk-weighted assets included in the denominator of the RoRWA metric are calculated in line with the criteria laid out in the CRR (Capital Requirements Regulation).
C.Excludes balances related to the Poland disposal.
102
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Ratio Formula Relevance of the metric
Global business and country underlying RoTE (post-AT1)
Underlying profit attributable to the parent minus AT1 costsA (excluding goodwill impairment)
This indicator is used to assess the profitability of the tangible equity of a company arising from underlying activities, i.e. excluding results from operations outside the ordinary course of business, deducting AT1 issuance costs from the numerator.
Average stockholders' equity (excl. minority interests) - intangible assetsB
A.For both global businesses and countries, AT1 costs are allocated according to RWA consumption.
B.For global businesses, tangible equity is allocated according to RWA consumption.

RoTE (post-AT1) (EUR million and %)
202520242023
%NumeratorDenominator%NumeratorDenominator%NumeratorDenominator
Retail17.1 7,411 43,382 17.6 7,051 39,997 14.5 5,639 38,855 
Openbank8.5 1,578 18,546 8.8 1,500 17,090 10.6 1,774 16,686 
CIB17.8 2,602 14,603 16.3 2,519 15,483 15.9 2,240 14,105 
Wealth61.5 1,961 3,189 68.2 1,567 2,296 61.8 1,346 2,178 
Payments
Spain20.4 4,133 20,230 18.3 3,620 19,822 11.8 2,261 19,104 
UK10.2 1,248 12,200 10.6 1,247 11,781 12.5 1,489 11,874 
Portugal30.3 994 3,282 25.0 985 3,948 25.6 884 3,458 
Openbank Europe6.7 685 10,212 5.5 556 10,055 11.6 1,131 9,721 
US10.2 1,454 14,311 6.9 1,024 14,742 5.6 865 15,355 
Mexico22.0 1,674 7,616 19.6 1,638 8,343 17.4 1,533 8,814 
Brazil15.3 2,074 13,545 16.8 2,323 13,853 13.1 1,839 13,987 
Chile19.7 703 3,567 16.3 602 3,693 14.2 559 3,925 
Argentina20.2 419 2,072 34.5 658 1,909 54.7 1,201 2,195 
Numerator: underlying profit attributable to the parent excluding goodwill impairment minus AT1 costs (excluding goodwill impairment).
Denominator: average stockholders' equity (excluding minority interests) - tangible assets.
Payment Solutions' RoTE (post-AT1) is not provided as we do not consider it a relevant metric to measure performance in this type of business.
Efficiency ratio (EUR million and %)
202520242023
%NumeratorDenominator%NumeratorDenominator%NumeratorDenominator
Retail
42.9 13,913 32,447 44.5 14,704 33,064 47.9 14,757 30,792 
Openbank43.6 5,680 13,015 43.3 5,576 12,877 45.0 5,526 12,274 
CIB
46.8 3,752 8,016 49.7 3,922 7,897 47.6 3,381 7,100 
Wealth
35.7 1,444 4,042 39.1 1,403 3,587 41.1 1,266 3,082 
Payments
87.6 1,203 1,373 97.5 1,209 1,240 98.0 1,111 1,134 
Spain37.6 4,465 11,887 38.9 4,509 11,580 48.9 4,815 9,837 
UK58.4 2,937 5,032 60.9 3,050 5,011 54.6 2,928 5,358 
Portugal27.8 544 1,956 27.8 574 2,065 29.1 567 1,944 
Openbank Europe48.9 2,899 5,925 50.5 2,848 5,644 50.2 2,751 5,481 
US49.1 3,890 7,929 52.3 3,965 7,580 51.4 3,707 7,209 
Mexico43.3 2,730 6,305 43.4 2,727 6,278 44.8 2,645 5,899 
Brazil39.3 4,957 12,602 38.6 5,219 13,536 41.4 5,430 13,104 
Chile33.9 919 2,714 36.4 942 2,592 41.7 953 2,285 
Argentina43.8 978 2,235 53.8 1,337 2,487 53.8 831 1,544 
Numerator: underlying total costs.
Denominator: underlying total income.

103
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Credit risk indicators
The credit risk indicators measure the quality of the credit portfolio and the percentage of non-performing loans covered by provisions.
As explained in 2. 'Presentation of financial and other information', the credit risk metrics have been enhanced to include corporate exposures originated through private fixed income products. Additionally, these measures exclude Poland from all periods presented.
RatioFormulaRelevance of the metric
NPL ratio
(Non-performing loans ratio)
Credit impaired customer loans and advances, guarantees and undrawn balances and debt securities issued by non-financial institutionsThe NPL ratio is an important variable regarding financial institutions' activity since it gives an indication of the level of credit risk the entities are exposed to. It calculates risks that are, in accounting terms, declared to be credit impaired as a percentage of the total outstanding amount of customer credit and contingent liabilities and debt securities issued by non-financial institutions.
Total risk A
NPL coverage ratioTotal allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances and debt securities issued by non-financial institutionsThe NPL coverage ratio is a fundamental metric in the financial sector. It reflects the level of provisions as a percentage of the credit impaired assets. Therefore, it is a good indicator of the entity's solvency against customer defaults both present and future.
Credit impaired customer loans and advances, guarantees and undrawn balances and debt securities issued by non-financial institutions
Cost of risk   Allowances for loan-loss provisions over the last 12 monthsThis ratio quantifies loan-loss provisions arising from credit risk over a defined period of time for a given loan and debt securities issued by non-financial institutions portfolio. As such, it acts as an indicator of credit quality.
Average loans and advances to customers and debt securities issued by non-financial institutions over the last 12 months
A.Total risk = non-impaired and impaired customer loans and advances and guarantees + impaired undrawn customer balances + debt securities issued by non-financial institutions.
Credit risk (I) (EUR million and %)

Dec-25Dec-24Dec-23
NPL ratio2.91%3.03%3.11%
Credit impaired balances33,73934,38334,671
Gross loans and advances to customers registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through other comprehensive income' classified in stage 3, excluding POCI (Purchased or Originated Credit Impaired)31,53132,14432,565
Customer guarantees and undrawn balances classified in stage 31,3061,4381,485
Gross debt securities issued by non-financial institutions registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through other comprehensive income' classified in stage 3839697447
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired4691165
Doubtful exposure of portfolios at fair value through profit or loss17139
Total risk1,159,1801,134,4181,115,288
Impaired and non-impaired gross loans and advances to customers1,058,4471,038,3061,025,256
Impaired and non-impaired customer guarantees and impaired undrawn customer balances80,05677,56072,026
Impaired and non-impaired gross debt securities issued by non-financial institutions20,67718,55218,006
104
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Credit risk (II) (EUR million and %)

Dec-25Dec-24Dec-23
NPL coverage ratio66%64%66%
Total allowances to cover impairment losses22,35822,15522,734
Total allowances to cover impairment losses on loans and advances to customers measured at amortized cost and designated at fair value through other comprehensive income21,15821,14521,794
Total allowances to cover impairment losses on customer guarantees and undrawn balances712688674
Total allowances to cover impairment losses on debt securities issued by non-financial institutions measured at amortized cost and designated at fair value through other comprehensive income488322266
Credit impaired balances33,73934,38334,671
Gross loans and advances to customers registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through other comprehensive income' classified in stage 3, excluding POCI (Purchased or Originated Credit Impaired)31,53132,14432,565
Customer guarantees and undrawn balances classified in stage 31,3061,4381,485
Gross debt securities issued by non-financial institutions registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through other comprehensive income' classified in stage 3839697447
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired4691165
Doubtful exposure of portfolios at fair value through profit or loss17139
Cost of risk1.14 %1.12 %1.13 %
Underlying allowances for loan-loss provisions over the last 12 months12,12811,82211,784
Allowances for loan-loss provisions over the last 12 months12,59612,18312,260
Adjustments to allowances for loan-loss provisions for activity outside the ordinary course of business
(468)(361)(476)
Average loans and advances to customers and debt securities issued by non-financial institutions over the last 12 months1,063,7831,057,1001,043,881
NPL ratio (EUR million and %)
Dec-25Dec-24
Dec-23
%NumeratorDenominator%NumeratorDenominator%NumeratorDenominator
Retail3.09 19,855 641,820 3.21 20,689 643,578 3.21 21,025 654,436 
Openbank5.32 11,351 213,525 5.07 10,993 216,616 4.75 9,831 207,107 
CIB0.72 1,928 266,108 0.86 2,058 238,187 1.43 3,145 220,656 
Wealth0.86 235 27,384 0.98 252 25,692 1.39 330 23,688 
Payments
Spain1.94 5,915 305,156 2.66 7,677 288,162 3.04 8,531 280,629 
UK1.08 2,645 244,303 1.33 3,299 248,061 1.42 3,518 247,360 
Portugal1.99 948 47,760 2.27 1,014 44,573 2.41 1,024 42,455 
Openbank Europe2.53 3,642 144,039 2.50 3,527 141,312 2.12 2,877 135,608 
US4.82 7,150 148,488 4.68 7,012 149,907 4.57 6,303 137,894 
Mexico2.65 1,420 53,476 2.71 1,352 49,927 2.82 1,489 52,785 
Brazil6.76 8,010 118,546 6.10 7,090 116,247 6.25 7,923 126,722 
Chile5.73 2,528 44,146 5.37 2,394 44,590 5.01 2,332 46,565 
Argentina7.68 677 8,813 2.06 173 8,411 1.99 78 3,903 
Numerator: credit impaired customer loans and advances, guarantees and undrawn balances + debt securities issued by non-financial institutions.
Denominator: total risk.
Payment Solutions' NPL ratio is not provided as we do not consider it a relevant metric for this type of business.
105
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

NPL coverage ratio (EUR million and %)






Dec-25Dec-24Dec-23
%NumeratorDenominator%NumeratorDenominator%NumeratorDenominator
Retail66 13,104 19,855 63 12,984 20,689 65 13,744 21,025 
Openbank71 8,075 11,351 74 8,088 10,993 77 7,521 9,831 
CIB47 908 1,928 39 803 2,058 39 1,241 3,145 
Wealth71 168 235 68 170 252 29 97 330 
Payments
Spain55 3,254 5,915 53 4,041 7,677 49 4,188 8,531 
UK33 860 2,645 29 967 3,299 30 1,066 3,518 
Portugal81 770 948 78 792 1,014 83 849 1,024 
Openbank Europe87 3,181 3,642 83 2,910 3,527 88 2,532 2,877 
US55 3,934 7,150 64 4,471 7,012 68 4,265 6,303 
Mexico105 1,488 1,420 100 1,358 1,352 100 1,489 1,489 
Brazil81 6,478 8,010 79 5,627 7,090 83 6,597 7,923 
Chile48 1,211 2,528 50 1,196 2,394 53 1,230 2,332 
Argentina90 607 677 177 307 173 166 128 78 
Numerator: total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances + debt securities issued by non-financial institutions.
Denominator: credit impaired customer loans and advances, guarantees and undrawn balances + debt securities issued by non-financial institutions.
Payment Solutions' coverage ratio is not provided as we do not consider it a relevant metric for this type of business.
Cost of risk (EUR million and %)


Dec-25Dec-24
Dec-23
%NumeratorDenominator%NumeratorDenominator%NumeratorDenominator
Retail1.15 7,150 621,246 1.11 7,064 634,438 1.17 7,542 642,839 
Openbank2.10 4,457 212,551 2.16 4,562 210,748 2.04 4,106 201,376 
CIB0.14 278 196,144 0.08 141 180,547 0.08 132 170,175 
Wealth0.08 20 25,509 0.18 42 23,686 (0.08)(19)22,442 
Payments
Spain0.43 1,142 263,717 0.50 1,259 251,826 0.61 1,522 248,723 
UK0.07 177 244,442 0.03 64 251,348 0.10 247 251,531 
Portugal(0.02)(8)43,578 0.03 11 41,676 0.19 77 41,364 
Openbank Europe0.97 1,363 140,504 0.88 1,209 137,165 0.62 792 128,583 
US1.62 2,244 138,832 1.82 2,507 137,926 1.92 2,593 135,191 
Mexico2.69 1,239 46,067 2.64 1,277 48,439 2.43 1,135 46,729 
Brazil4.17 4,409 105,666 4.03 4,487 111,362 4.27 4,701 110,102 
Chile1.32 531 40,181 1.19 497 41,582 0.80 365 45,637 
Argentina7.34 574 7,820 4.59 284 6,190 6.64 150 2,262 
Numerator: underlying allowances for loan-loss provisions over the last 12 months.
Denominator: average loans and advances to customers + debt securities issued by non-financial institutions over the last 12 months.
Payment Solutions' cost of risk is not provided as we do not consider it a relevant metric for this type of business.

106
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Other indicators
The Group has a series of additional financial metrics which facilitate analysis of the underlying business trends and performance.
Ratio
Formula
Relevance of the metric
TNAV per share
(Tangible net asset value per share)
Tangible book value A
This is a very commonly used ratio used to measure the company’s accounting value per share having deducted the intangible assets. It is useful in evaluating the amount each shareholder would receive if the company were to enter into liquidation and had to sell all the company’s tangible assets.
 Number of shares excluding treasury stock
Price to tangible book
value per share (X)
 Share priceThis is one of the most commonly used ratios by market participants for the valuation of listed companies both in absolute terms and relative to other entities. This ratio measures the relationship between the price paid for a company and its accounting equity value.
TNAV per share
LTD ratio
(Loan-to-deposit)
Net loans and advances to customersThis is an indicator of the bank's liquidity. It measures the
total loans and advances to customers net of loan-loss provisions as a percentage of customer deposits.
Customer deposits
Loans and advances (excl. reverse repos)
Gross loans and advances to customers excluding reverse reposIn order to aid analysis of the commercial banking activity, reverse repos are excluded as they are highly volatile treasury products.
Deposits (excl. repos)
Customer deposits excluding reposIn order to aid analysis of the commercial banking activity, repos are excluded as they are highly volatile treasury products.
PAT + After tax fees (in Wealth Management & Insurance)
Net profit + fees ceded by Santander Insurances and Asset Management Solutions to the branch network, net of taxes, excluding Private Banking customersMetric to assess Wealth Management & Insurance’s total contribution to the Group’s profit.
A.Tangible book value = Stockholders' equity (excl. minority interests) - intangible assets.



Others (EUR million and %)
Dec-25Dec-24Dec-23
TNAV (tangible book value) per share5.765.244.76
Tangible book value84,52779,34275,552
Number of shares excl. treasury stock (million)14,67815,13715,886
Price to tangible book value per share (X)1.750.850.79
Share price (euros)10.0704.4653.780
TNAV (tangible book value) per share5.765.244.76
Loan-to-deposit ratio100%101%100%
Net loans and advances to customers1,037,2881,017,1601,003,465
Customer deposits1,041,2001,005,6051,002,669
Dec-25Dec-24
PAT + After tax fees (in Wealth) (Constant EUR million at average 2025 exchange)3,6123,007
Profit after tax2,0321,576
Net fee income net of tax1,5801,431
Dec-24Dec-23
PAT + After tax fees (in Wealth) (Constant EUR million at average 2024 exchange)3,1272,703
Profit after tax1,6241,379
Net fee income net of tax1,5031,324

107
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Local currency measures
We make use of certain financial measures in local currency to help in the assessment of our ongoing operating performance. These non-IFRS financial measures include the results of operations of our subsidiary banks located outside the eurozone, excluding the impact of foreign exchange. Because changes in foreign currency exchange rates do not have an operating impact on the results, we believe that evaluating their performance on a local currency basis provides an additional and meaningful assessment of performance to both management and the company’s investors.
The Group presents, at both the Group and business unit levels, the real changes in euros in the income statement as well as the changes excluding the exchange rate effect (i.e., 'excluding FX' or 'constant euros'), as it considers the latter facilitates analysis, since it enables business movements to be identified without taking into account the impact of converting each local currency into euros.
Said variations, excluding the impact of exchange rate movements, are calculated by converting income statement lines for the different business units comprising the Group into our presentation currency, the euro, applying the average exchange rate for 2025 to all periods contemplated in sections 4.2 and 4.3 and the average exchange rate for 2024 to all periods contemplated in sections 4.4 and 4.5. We use this method for all countries with the exception of Argentina, where we use the exchange rate on the last working day of each period presented, given it is a hyperinflationary economy, to mitigate the distortions caused by the hyperinflation.
The Group presents, at both the Group level as well as the business unit level, the changes in euros as well as the changes excluding the exchange rate effect ('excluding FX' or 'constant euros') for loans and advances to customers excluding reverse repurchase agreements (repos) and customer funds (which comprise deposits and mutual funds) excluding repos. Additionally, we present changes in the main balance sheet lines of the Group's countries both in euros as well as the changes excluding the exchange rate effect. As with the income statement, the reason is to facilitate analysis by isolating the changes in the balance sheet that are not caused by converting each local currency into euros.
These changes excluding the impact of exchange rate movements are calculated by converting the balances, into our presentation currency, the euro, applying the closing exchange rate on the last working day of December 2025 to all periods contemplated in sections 4.2 and 4.3 and the closing exchange rate on the last working day of December 2024 to all periods contemplated in sections 4.4 and 4.5. We use this method to calculate the variations for all countries with the exception of Argentina, where we use the exchange rate on the last working day of each period presented, given it is a hyperinflationary economy, to mitigate the distortions caused by the hyperinflation.
In 2023, we applied the official exchange rate for the Argentine peso. However, during 2024, due to the significant divergence between the official Argentine peso exchange rate and other macroeconomic magnitudes, mainly inflation, we applied an alternative exchange rate to 2024 results which reflected the exchange rate observed in transactions ordered between market participants under the prevailing economic conditions, such as the repatriation of dividends from businesses in Argentina. This alternative exchange rate took the dollar contado con liquidación rate (CCL) as a reference, which is the exchange rate resulting from the sale of local bonds denominated in Argentine pesos in US dollars (dual denomination peso/dollar bonds). At the end of 2024, the value of this exchange rate did not significantly differ from other market rates or the official exchange rate.
In 2025, we once again began to apply the official exchange rate given that the value of the dollar CCL exchange rate did not significantly differ from other market rates or the official exchange rate following the lifting of currency controls and the removal of restrictions on the purchase of foreign currency for individuals in Argentina.
The average and period-end exchange rates for the main currencies in which the Group operates are set out in the table below.
Exchange rates: 1 euro/currency parity
Average (income statement)Period-end (balance sheet)
202520242023202520242023
US dollar1.129 1.082 1.081 1.176 1.039 1.105 
Pound sterling0.857 0.846 0.870 0.873 0.829 0.868 
Brazilian real6.304 5.809 5.397 6.458 6.427 5.365 
Mexican peso21.662 19.723 19.158 21.122 21.554 18.691 
Chilean peso1,073.108 1,020.473 906.417 1,059.750 1,032.560 965.192 
Argentine peso A
1,706.383 1,232.389 893.635 
A.Average exchange rates for the Argentine peso are not included since we use the exchange rate on the last working day of each period presented given it is a hyperinflationary economy. For 2024 data, we applied an alternative exchange rate for the Argentine peso that better reflects the evolution of inflation. We apply the official ARS exchange rate to all other periods.

108
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Impact of inflation on total costs
Santander presents, for both the Group and the business units included in the primary and secondary segments: i) the changes in total costs in euros; ii) the changes excluding the exchange rate effect with the exception of Argentina which is calculated as described above; and iii) the changes excluding the exchange rate effect minus the effect of average inflation (i.e. 'in real terms') over the year except for Argentina as Argentina's cost growth in euros should already largely reflect the effect of hyperinflation on exchange rates. The reason is that the two latter facilitate analysis for management purposes.
Inflation is calculated as the arithmetic average of the last 12 months for each country and, for the global businesses, as the weighted average of the inflation rate of each country comprising the global business, weighted by each country's total costs in the global business. For the Group and the global businesses, we exclude the impact of inflation in Argentina from the calculation as Argentina's cost growth in euros should already largely reflect the effect of hyperinflation on exchange rates.
The table below shows the average inflation rates calculated as indicated.
12 month average inflation (%)
20252024
Retail A
3.53.4
Openbank A
2.62.8
CIB A
2.93.2
Wealth A
2.93.1
Payments A
3.04.0
Spain2.72.8
UK3.42.5
Portugal2.32.4
Openbank Europe2.12.4
US2.73.0
Mexico3.84.7
Brazil5.04.4
Chile4.24.3
Total Group A
3.23.3
A.Excluding the impact of inflation in Argentina.
109
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

5. Risk management information
5.1 Key credit risk metrics1
In 2025, developments in the credit market were shaped by successive interest rate cuts in mature markets and some emerging economies and the start of a new cycle of credit growth. Against this backdrop, demand gradually recovered, with positive growth in the main geographies where we operate.
In retail banking, mortgage lending balances began to recover, supported by more favourable financial conditions and lower early repayments. Consumer lending maintained a positive performance during the year, as it is less sensitive to interest rate trends and benefitted from a resilient labour market. In the eurozone, the ECB’s neutral-to-expansionary monetary policy stance has already fed through to mortgage and consumer portfolios. In the United Kingdom, rate cuts, stable house prices and support measures from the Bank of England drove greater credit activity.
In corporate lending, credit volumes grew in the first part of the year, in line with the expansion phase of the investment cycle. However, developments in US trade policy and geopolitical tensions, together with some weaker activity and external demand indicators, led to some slowdown in the second half of the year, especially in Latin America, where, after a strong first half, signs of moderation started to appear. In the United States, weaker labour market data and greater caution on the economic outlook prompted the Federal Reserve to cut interest rates. This helped sustain credit activity, although in a more prudent lending environment focused on lower-risk segments.
Our credit risk remained well diversified, with an appropriate balance between mature and emerging markets: Spain (26%), the United Kingdom (21%), the United States (13%) and Brazil (10%).
The distribution of credit risk by global businesses (including gross customer loans, guarantees and documentary credits) is shown below:
Main credit risk performance metrics from our activity with customers
Credit risk with customersA
(EUR million)
Impaired loans
(EUR million)
NPL ratio
 (%)

202520242023202520242023202520242023
Retail & Commercial Banking641,820 643,578 654,436 19,855 20,689 21,025 3.093.213.21
Openbank213,525 216,616 207,107 11,351 10,993 9,831 5.325.074.75
Corporate & Investment Banking266,108 238,187 220,656 1,928 2,058 3,145 0.720.861.43
Wealth Management & Insurance27,384 25,692 23,688 235 252 330 0.860.981.39
Total Group1,159,180 1,134,418 1,115,288 33,739 34,383 34,671 2.913.033.11
NPL Coverage Ratio
(%)
Net loan-loss provisionsB
(EUR million)
Cost of riskC
(%)

202520242023202520242023202520242023
Retail & Commercial Banking6663657,150 7,064 7,542 1.151.111.17
Openbank7174774,457 4,562 4,106 2.102.162.04
Corporate & Investment Banking473939278 141 132 0.140.080.08
Wealth Management & Insurance71682920 42 (19)0.080.18(0.08)
Total Group66646612,128 11,822 11,784 1.141.121.13
Data for 2025, 2024 and 2023 reflects the new reporting structure. Total Group includes the Corporate Centre.
Due to the Cards portfolio integration in the Retail & Commercial business, Payments Solutions represents less than 1% of the total credit risk with customers. In view of the immateriality of the portfolio no further disclosures are considered necessary.
A.Includes credit impaired customer loans and advances, guarantees, impaired undrawn balances and debt securities issued by non-financial institutions.
B.Loan-loss provisions net of post write-off recoveries (EUR 1,791 million in 2025).
C.Cost of risk calculated as allowances for loan-loss provisions over the past 12 months / average loans and advances to customers and debt securities issued by non-financial institutions over the last 12 months.
MoreInfo2023.jpg
For more details on secondary segments, see 2. 'Main aggregates and variations' in Note 54 to the consolidated financial statements.

1 Certain figures contained in this section have been subject to rounding to enhance their presentation. Accordingly, in certain instances, the sum of the numbers in a column or a row in tables contained in this report may not conform exactly to the total given for that column or row.
110
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Credit quality during 2025 was as follows:
The NPL ratio stood at 2.91% (-12 bps vs. year-end 2024), mainly due to the Group's efforts to reduce its non-performing portfolio, which fell 2% to EUR 33,739 million. Declines in Europe led the improvement, supported by the strong performance of the portfolios and the execution of the NPL reduction plan. Gross customer exposure (total risk) grew 2.2% in the year to EUR 1,159 billion, driven mainly by the positive performance of the CIB business.
Under IFRS 9 requirements, Group net loan-loss provisions (LLPs) in December 2025 totalled EUR 12,128 million, increasing 3% compared to the previous year. The higher LLPs in Corporate & Investment Banking (CIB), Retail & Commercial Banking (mainly driven by normalization in Argentina and the UK) and the Corporate Centre (provisions related to our plan to accelerate NPL ratio reductions) were partially offset by Openbank, where, despite a less favourable performance in Germany, the US and Brazil performed better during the year.
The cost of risk stood at 1.14%, 2 bps above 2024, mainly driven by the aforementioned LLP increase. Nevertheless, it remained in line with our target for the year.
The total NPL coverage ratio increased to 66%, with impairment allowances of EUR 22,358 million. Coverage remained at comfortable levels, considering that more than 65% of the Group’s portfolio is secured by collateral.
Our credit risk management performance within the global businesses at December 2025 was as follows:
MoreInfo2023.jpg
For more details on segments, see 4.3.1 Description of segments.
 Retail & Commercial Banking
The retail portfolio mainly comprises high credit quality mortgage loans, around 90% of which have a loan-to-value (relationship between the loan amount and the appraised value of the collateral) below 80%, and a corporate portfolio where roughly 50% has real estate or other tangible collateral.
Portfolio distribution by geography and by performing loans and credit impaired
31 December 2025 data
4943
4945
At December 2025, gross customer credit exposure in Retail was distributed among mortgages (52%), corporates and institutions (25%), SMEs (12%) and other individuals (11%).
The NPL ratio fell by 12 bps during the year to 3.09%, supported by the reduction in impaired loans, driven by declines in Europe. Gross customer credit exposure (total risk) remained practically stable during the year.
The cost of risk increased 4 bps year-on-year to 1.15%, with LLPs slightly up, mainly driven by normalization in Argentina and the UK, partially offset by declines in Spain (good mortgage portfolio performance, supported by lower interest rates and a resilient labour market), Mexico and Brazil (both reflecting currency depreciation).
The total NPL coverage ratio rose to 66%. Given that Retail includes the mortgage portfolios in Spain and the United Kingdom, which are backed by high-quality collateral, we consider coverage levels appropriate for the portfolio’s risk profile.
111
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

 Openbank
This business comprises all business originated by consumer finance companies, plus our digital bank (formerly Openbank), Open Digital Services (ODS) and SBNA Consumer. The portfolio mainly consists of vehicle finance loans, which account for close to 80% of the portfolio and are originated through strategic partnerships with car manufacturers, as well as leasing and personal loans.
Portfolio distribution by geography and by performing loans and credit impaired
31 December 2025 data
65786579
The NPL ratio at year-end 2025 stood at 5.32%, 24 bps higher than in the same period in 2024, due to: (i) higher impaired loans, mainly in Germany (due to the macroeconomic environment and the credit quality deterioration of the corporates portfolio), Brazil and Argentina; (ii) decrease in gross customer exposure (total risk), linked to lower auto lending and to asset rotation initiatives in the US.
Net loan-loss provisions declined 2.3% year-on-year, mainly driven by better performance in the US and Brazil, with both benefiting from FX movements.
The cost of risk fell by 7 bps versus December 2024, to 2.10%, mainly due to a decline in provisions in the US (-13%), driven by resilient consumer behaviour, used car prices stable at high levels, capital relief measures.
The total NPL coverage ratio at year-end 2025 stood at 71%, which we consider comfortable, given the positive impact of vehicle price trends and the higher share of secured loans in the portfolio, mainly in the US.
 Corporate & Investment Banking
Corporate & Investment Banking is a wholesale business in which over 83% of our customers have a credit rating higher than 'investment grade'. It’s a business with a strong component of advisory services and high value added solutions.
Portfolio distribution by geography and by performing loans and credit impaired
31 December 2025 data
7813
7815
During the year, CIB showed a strong ability to deliver profitable growth and maintain solid credit quality in a complex environment, while keeping its strategic focus on geographic and client diversification and on offering higher value-added products. By business line, growth was recorded across all lines (Global Markets, Global Banking and Global Transaction Banking).
The NPL ratio improved by 14 bps in the year, to 0.72%, backed by a reduction in impaired loans of c. -EUR 130 million year-on-year across a range of clients and geographies, mainly in Europe and South America. In addition, gross customer credit exposure (total risk) increased by 12% year-on-year, mainly in the US and Spain, and to a lesser extent Mexico.
Net loan-loss provisions rose to EUR 278 million, reflecting the performance of the business in Brazil in a more challenging macroeconomic environment, higher coverage for already impaired customers and portfolio growth in the US.
The cost of risk increased by 6 bps versus December 2024 to 0.14% as portfolio growth did not offset the increase in provisions.
The total NPL coverage ratio reached 47%, up 8 pp versus December 2024 with higher provisions in a more challenging economic and geopolitical environment.

112
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

In 2025, CIB continued to strengthen the control environment amid portfolio growth and heightened regulatory and supervisory scrutiny, leveraging new technologies. Key initiatives included reinforcing the risk infrastructure —including organisation and governance, with a particular focus on the United States—upgrading credit risk systems and models, defining more robust frameworks in specific areas, and strengthening preventive risk management capabilities.
 Wealth Management & Insurance
Wealth comprises two business lines: i) Private Banking, which includes the corporate private banking unit and International Private Banking in the US, Switzerland and the UAE; and ii) Insurance & Asset Management Solutions, which brings together the insurance business and liquid and illiquid asset management activities and also includes the investment platforms and holdings that complement the traditional Wealth business.
Portfolio distribution by geography and by performing loans and credit impaired
31 December 2025 data
9964
9966
The NPL ratio closed at 0.86%, down 12 bps in the year, supported by an increase in gross customer exposure during the period (+7%), with a particular focus on the Middle East portfolio and the roll-out of secured lending in all core geographies, while impaired loans fell 7% year-on-year.
Net loan-loss provisions in 2025 totalled EUR 20 million, compared with EUR 42 million at year-end 2024.
The cost of risk decreased by 10 bps in the year to 0.08%, driven by lower provisions and by portfolio growth, with a focus on collateral-backed loans.
The total NPL coverage ratio rose to 71%, remaining at a comfortable level given the high share of the collateral-backed loan portfolio.


113
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Reconciliation of key figures
Santander’s 2025 consolidated financial statements disclose loans and advances to customers before and after loan-loss reserves. Credit risk with customers also includes off-balance sheet risk or contingent liabilities. This table shows the relationship between those concepts:

Gross credit risk with customersA
1,159,180
Gross credit risk with customers=
Gross loans and advances to customers & others
+Contingent liabilities+Debt securities
1,159,1801,058,44780,05620,677
Loans and advances to customers (Gross)
=
Financial assets measured at amortized cost (Gross)B
+
Financial assets held for tradingB
+
Financial assets at fair value (Gross)B
1,058,4471,006,25332,76619,428
Loan-loss reserves
=
Loan-loss
reserves
+
Loan-loss
reserves
(21,158)(21,077)(81)
Net loans and advances to customers
=
Net financial assets
measured at amortized cost
+
Financial assets
held for trading
+
Net financial assets at fair value
1,037,288985,17632,76619,346
Net loans and advances to customers
1,037,288
5.1. Credit risk
Balance sheet item from consolidated financial statement
A. Includes gross loans and advances to customers, guarantees, impaired undrawn customer balances and dept securities issued by non-financial institutions.
B. Before loan-loss allowances.
Financial asset impairment
IFRS 9 introduced a substantial change in the approach to calculating impairment provisions for credit risk exposures, moving from an incurred loss model to an expected loss model. Under this new approach, provisions are recognised from the moment a transaction is originated, since credit risk exists from that moment and not only when defaults occur.
This change required a review of the models and methodologies used to estimate expected loss for customers and portfolios, incorporating the expected evolution of the economy and the residual life of different transactions.
The methodology to quantify expected credit losses – and therefore impairment provisions – is based on an unbiased, probability-weighted estimate of up to five future macroeconomic scenarios that could affect the ability to collect contractual cash flows. These scenarios take into account the time value of money, relevant information about past events, current conditions and projections of significant macroeconomic factors, such as GDP, house prices, unemployment rate and interest rates, among others.
The parameters used by the Group to calculate impairment provisions (mainly EAD2, PD3, LGD4 and discount rate) build on our internal model infrastructure and the experience gained in regulatory and management environments. However, rather than simply adapting existing models, these parameters are specifically designed, updated and validated to comply with IFRS 9 requirements.
MoreInfo2023.jpg
For more details on financial asset impairment and the calculation of provisions under IFRS 9, see '2. Main aggregates and variations' in Note 54 to the consolidated financial statements.
IFRS 9 classifies transactions based on how credit risk has evolved since origination to the analysis date, so we can determine both their accounting treatment and pricing. Transactions with different probabilities of default must carry different interest rates or margins that cover their expected loss.
2 Exposure at Default.
3 Probability of Default.
4 Loss Given Default.
114
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

If a transaction has undergone a significant increase in credit risk since origination, the interest rate initially applied no longer covers its potential risk, so it requires a higher level of provisions. Under the standard, transactions fall into three groups or stages:
•Stage 1 includes assets whose current credit risk has not increased relative to origination or initial recognition. Provisions are calculated to cover expected credit losses from possible defaults over the next 12 months.
•Stage 2 includes assets that have not yet incurred credit losses but have shown a significant increase in credit risk since origination or initial recognition. Impairment provisions must cover potential loss over the lifetime of the exposure, during which losses may materialise.
•Stage 3 includes assets where there is evidence of credit deterioration that will eventually materialise as credit losses. Provisions must cover potential loss over the lifetime of the exposure.
IFRS 9: Classification of exposures by credit quality and expected credit loss horizons
.+.
Credit quality
Stage 1
Stage 2
Stage 3
.-.
Credit quality
|}
Performing credit assets with no significant credit risk increase since initial recognition
Credit assets that have experienced a significant credit risk increase since initial recognition
Impaired credit assets
ÄÄÄ
Expected losses 12 months
Expected losses over residual life (Lifetime)
In addition, impairment provisions include expected credit losses over the expected remaining lifetime of those financial instruments originated or purchased credit-impaired (POCI).
The following table shows credit risk exposure by stage and geography:
Exposure by stage and geographyA, B
EUR million. 31 December 2025 data
Stage 1Stage 2Stage 3Total
Spain283,82515,4165,915305,156
UK221,86919,7892,645244,303
Portugal43,9312,88194847,760
Openbank Europe131,7248,6733,642144,039
US127,68013,6587,150148,488
Mexico47,9364,1201,42053,476
Brazil95,88214,6548,010118,546
Chile37,5604,0582,52844,146
Argentina6,7111,4256778,813
Total Group1,038,69886,74333,7391,159,180
Data for 2025 reflects the new reporting structure.
A. Includes credit impaired customer loans and advances, guarantees, impaired undrawn balances and debt securities issued by non-financial institutions, temporary purchases of stage 1 assets and risk not subject to impairment.
B. Total Group includes the Corporate Centre.
Stage 3 financial assets (showing impairment) performed as follows:
2023 - 2025 Impaired credit assets
EUR million
202520242023
Start of period34,38334,67133,788
Net entries13,69713,91814,442
Perimeter—17(59)
FX and others(1,075)(1,073)126
Write-off(13,266)(13,150)(13,626)
End of period33,73934,38334,671
Data for 2025, 2024 and 2023 reflects the new reporting structure.
The following table shows the calculation of IFRS 9 loan loss reserves for assets subject to credit risk:
2023 - 2025 loan-loss reserves
EUR million
202520242023
Start of period
22,15522,73422,692
Stage 1 and 28,5368,7549,055
Stage 313,61913,98013,637
Gross provision for impaired assets and write-downs13,91913,34113,316
Provision for other assets—8255
FX and other(450)(852)297
Write-off(13,266)(13,150)(13,626)
End of period
22,35822,15522,734
Stage 1 and 28,2718,5368,754
Stage 314,08713,61913,980
Data for 2025, 2024 and 2023 reflects the new reporting structure.
A. Includes off-balance.
115
Contents
Section 1. Certain recast financial information
l
Section 2. Consolidated recast financial statements
Exhibits

Forbearance
Our forbearance policy incorporates the regulatory requirements set out in the EBA Guidelines on the management of non-performing exposures and forbearance. The policy serves as a reference for implementation in our subsidiaries and reflects applicable supervisory expectations.
It sets the criteria to identify, classify and monitor these transactions, with the aim of applying maximum diligence in their granting and control. Forbearance solutions must aim to recover the amounts due, aligning payment obligations with the customer’s current situation.
Forborne transactions must remain in the appropriate classification for a suitable period in order to capture the associated risk and confirm a reasonable recovery of repayment capacity. Under no circumstances should forbearance be used to delay the immediate recognition of losses or to mask non-payment risk.
The stock of forborne exposures continued to decline from EUR 26,223 million to EUR 25,235 million as of 31 December 2025, supported by good repayment performance in our main geographies, which offset higher activity in other regions. In credit quality terms, 53% of the portfolio is classified as non-performing, with a coverage ratio of 41%.
Key forbearance figures
EUR million
202520242023
Performing11,90111,95516,455
Credit impaired
13,33414,26814,695
Total forborne25,23526,22331,150
% Total coverageA
26%27%25%
Data for 2025, 2024 and 2023 reflects the new reporting structure.
A. Total forbearance portfolio loan-loss allowances/total forborne portfolio.

116
Contents
Section1. Certain recast financial information
Section 2. Consolidated recast financial statements
Exhibits



Section 2


Consolidated financial statements for the three years ended 31 December 2025, recast as a result of certain changes to the presentation of the Group’s financial information.
117
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l

7.InfoAuditoriayCuentas_ENG.jpg
Auditor's report and consolidated financial statements
118
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Auditor's report    120
Consolidated financial statements    512
Consolidated balance sheets as of 31 December
2025, 2024 and 2023    513
Consolidated income statements for the years
ended 31 December 2025, 2024 and 2023    517
Consolidated statements of recognised income and expense for the years ended 31 December
2025, 2024 and 2023    519
Consolidated statements of changes in total equity for the years ended 31 December 2025, 2024 and 2023    520
Consolidated statements of cash flows for the years
ended 31 December 2025, 2024 and 2023    526
Notes to the consolidated financial statements    139
1.    Introduction, basis of presentation of the
consolidated financial statements (consolidated
annual accounts) and other information    140
2.    Accounting policies    145
3.    Grupo Santander    171
4.    Distribution of Banco Santander’s profit, shareholder
remuneration scheme and earnings per share    174
5.    Remuneration and other benefits paid to the Bank’s
directors and senior managers    176
6.    Loans and advances to central banks and credit
institutions    189
7.    Debt securities    190
8.    Equity instruments    192
9.    Trading derivatives (assets and liabilities) and short positions    193
10. Loans and advances to customers    193
11. Trading derivatives    199
12. Non-current assets    199
13. Investments    200
14. Insurance contracts linked to pensions    202
15. Liabilities under insurance contracts    203
16. Tangible assets    204
17. Intangible assets - Goodwill    207
18. Intangible assets - Other intangible assets    209
19. Other assets    210
20. Deposits from central banks and credit institutions    211
21. Customer deposits    211
22. Marketable debt securities    212
23. Subordinated liabilities    215
24. Other financial liabilities    219

25. Provisions    219
26. Other liabilities    234
27. Tax matters    235
28. Non-controlling interests    242
29. Other comprehensive income    243
30. Shareholders' equity    249
31. Issued capital    249
32. Share premium    250
33. Accumulated retained earnings    251
34. Other equity instruments and own shares    252
35. Memorandum items    253
36. Hedging derivatives    253
37. Discontinued operations    276
38. Interest income    277
39. Interest expense    277
40. Dividend income    277
41. Commission income    277
42. Commission expense    278
43. Gains or losses on financial assets and liabilities    278
44. Exchange differences, net    279
45. Other operating income and expenses    279
46. Staff costs    279
47. Other general administrative expenses    285
48. Gains or losses on non financial assets, net    287
49. Gains or losses on non-current assets held for
sale not classified as discontinued operations    287
50. Fair value of financial instruments    287
51. Other disclosures    303
52. Primary and secondary segments reporting    316
53. Related parties    331
54. Risk management    334
55. Additional disclosures    367
Appendix    372
Appendix I. Subsidiaries of Banco Santander, S.A.    373
Appendix II. Societies of which the Group owns more
than 5%, entities associated with Grupo Santander
and jointly controlled entities    396
Appendix III. Issuing subsidiaries of shares and
preference shares    403
Appendix IV. Notifications of acquisitions and
disposals of investments in 2025    404
Appendix V. Other information on the Group’s banks    405
Appendix VI. Annual banking report    412

119
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l


8.InfoAuditoria_ENG.jpg
Auditor's report
120
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Banco Santander, S.A.
Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Banco Santander, S.A. and its subsidiaries (the “Company”) as of December 31, 2025, 2024 and 2023, and the related consolidated income statements, statements of recognised income and expense, statements of changes in total equity and statements of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting (not presented herein) appearing under Item 15 of the Company’s 2025 Annual Report on Form 20-F. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Estimation of impairment of financial assets at amortized cost– loans and advances to customers

As described in Notes 2,10 and 54 to the consolidated financial statements, the Company’s financial assets at amortized cost – loans and advances to customers - were EUR 985,176 million as of December 31, 2025, and its estimation of impairment of financial assets at amortized cost – loans and advances to customers – was EUR 12,517 million for the year ended December 31, 2025. The Company assesses impairment by estimating the expected credit losses based on the stage in which each financial asset is classified. Management’s assessment of expected credit losses considers instruments with similar credit risk characteristics that are indicative of debtors’ capacity to pay. The methodology required to estimate the expected credit losses due to credit events is based on the estimation of credit risk parameters (probability of default and loss given default) with an unbiased and weighted consideration by the probability of occurrence of a series of scenarios. The estimation of expected credit losses requires expert judgment and the support of historical, current and future information, including considering management overlays, if applicable. The probability of
121
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
loss is measured considering past events, the present situation and future trends of macroeconomic scenarios.

The principal considerations for our determination that performing procedures relating to the estimation of the impairment of financial assets at amortized cost – loans and advances to customers is a critical audit matter are (i) the significant judgment by management in determining the assessment of the expected credit losses; (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures relating to the models and assumptions used to determine the expected credit losses; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s expected credit loss estimation process, which included controls over the data, models and assumptions used in the estimation process, including management overlays to the models, if applicable. These procedures also included, among others, (i) evaluating, on a test basis, expected credit loss models parameters with respect to the estimation criteria and calculation, the appropriateness of the methodology used for the generation of the macroeconomic scenarios, the reliability of the data sources and the completeness and accuracy of data provided by management, and the reasonableness of management’s criteria for significant increase in credit risk and loan classification by stages; (ii) testing the mathematical accuracy of the impairment calculation for the credit portfolios; (iii) evaluating the reasonableness of the management overlays to the models, if applicable; (iv) evaluating a sample of individual credit files to determine the reasonableness of management’s classification, expected loss estimation methodologies and, where appropriate, corresponding impairment, and (v) evaluating the loan collateral assignment and valuation process, including collateral recovery process. Professionals with specialized skill and knowledge were used to assist in evaluating the appropriateness of the models used by management and evaluating the reasonableness of assumptions used in the impairment estimation for the credit portfolios.

Goodwill Impairment Assessment of Certain Cash Generating Unit (CGU)

As described in Notes 2 and 17 to the consolidated financial statements, the Company’s consolidated goodwill balance was EUR 11,958 million as of December 31, 2025, which includes the goodwill balance of the Santander US Auto CGU of EUR 943 million. Management assesses goodwill for impairment at the end of each annual reporting period or whenever there is any indication of impairment. Potential impairment is identified by management by comparing the value in use of a CGU to its carrying value. Value in use is estimated by management using discounted cash flow projections. Management’s cash flow projections for the CGU include assumptions relating to earnings projections, discount rates determined as the cost of capital taking into account the risk-free rate of return plus a risk premium and constant growth rates used in order to extrapolate earnings in perpetuity.

The principal considerations for our determination that performing procedures relating to the goodwill impairment assessment of the aforementioned CGU is a critical audit matter are (i) the significant judgment by management when developing the value in use of the CGU; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to earnings projections, discount rates and constant growth rates; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall
opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s goodwill impairment assessment, including controls over the valuation of the aforementioned CGU. These procedures also included, among others, (i) testing management’s process for developing the value in use estimate; (ii) evaluating the appropriateness of the discounted cash flow model; (iii) evaluating the reasonableness of the earnings projections, the discount rate and the constant growth rates assumptions used by management; and (iv) testing the mathematical accuracy of the discounted cash flow projections. Evaluating the reasonableness of management’s key assumptions involved (i) performing a retrospective comparison of forecasted earnings to actual past performance and previous forecasts; and (ii) evaluating the consistency of the discount rate and constant growth rate with external market and industry data. Professionals with specialized skill and knowledge were used to assist in the evaluation of the appropriateness of management’s discounted cash flow model and reasonableness of the earnings projections, discount rate and constant growth rates assumptions.

Litigation provisions and contingencies

As described in Notes 2 and 25 to the consolidated financial statements, the Company’s consolidated litigation provisions and contingencies balance as of December 31, 2025 were EUR 4,714 million. The Company records provisions for tax, civil and legal proceedings in which management assesses the chances of loss to be probable. Management determines the amounts to be provided for as the best estimate of the expenditure required to settle the corresponding claim based, among other factors, on a case-by-case analysis of the facts and the legal opinion of internal and external counsel or by considering the historical average amount of the loss incurred in claims of the same nature.

The principal considerations for our determination that performing procedures relating to litigation provisions and contingencies is a critical audit matter are the significant judgment by management to assess the intrinsic uncertainty of the obligations for which management recognizes a provision for these proceedings based on estimates, which in turn led to a high degree of auditor judgment and effort in performing procedures and evaluating management’s process for estimating the litigation provisions and contingencies.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the assessment of litigation provisions and contingencies. These procedures also included, among others, (i) obtaining and evaluating letters of audit inquiry with internal and external lawyers and external tax advisors, (ii) evaluating the reasonableness of management’s assessment regarding whether an outflow of resources is probable and the contingency is estimable, (iii) evaluating management’s assessment of possible contingencies relating to compliance with the tax obligations for all the years open to inspection and (iv) evaluating the sufficiency of the Company’s contingency disclosures.

/s/ PricewaterhouseCoopers Auditores, S.L.

Madrid, Spain
February 27, 2026, except with respect to our opinion on the consolidated financial statements insofar as it relates to the change in reportable segments discussed in Note 52, and the change in the manner in which the company presents certain items in the consolidated income statements discussed in Note 1, as to which the date is April 1, 2026

We have served as the Company’s auditor since 2016.
122
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l

9.EstadosFinancieros_ENG.jpg
Consolidated financial statements
123
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l

Grupo Santander
CONSOLIDATED BALANCE SHEETS AS OF 31 DECEMBER 2025, 2024 AND 2023
EUR million
ASSETSNote2025
2024
2023
CASH, CASH BALANCES AT CENTRAL BANKS AND OTHER DEPOSITS ON DEMAND152,281 192,208 220,342 
FINANCIAL ASSETS HELD FOR TRADING252,318 230,253 176,921 
Derivatives9 and 1158,355 64,100 56,328 
Equity instruments8 22,030 16,636 15,057 
Debt securities7 98,568 82,646 62,124 
Loans and advances73,365 66,871 43,412 
Central banks6 14,632 12,966 17,717 
Credit institutions6 25,967 27,314 14,061 
Customers10 32,766 26,591 11,634 
NON-TRADING FINANCIAL ASSETS MANDATORILY AT
FAIR VALUE THROUGH PROFIT OR LOSS		7,761 6,130 5,910 
Equity instruments85,815 4,641 4,068 
Debt securities7245 447 860 
Loans and advances1,701 1,042 982 
Central banks6— — — 
Credit institutions6— — — 
Customers101,701 1,042 982 
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS8,046 7,915 9,773 
Debt securities7 2,894 2,897 3,095 
Loans and advances5,152 5,018 6,678 
Central banks6 — — — 
Credit institutions6 413 408 459 
Customers10 4,739 4,610 6,219 
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME74,612 89,898 83,308 
Equity instruments82,281 2,193 1,761 
Debt securities758,305 76,558 73,565 
Loans and advances14,026 11,147 7,982 
Central banks6— — — 
Credit institutions61,120 363 313 
Customers1012,906 10,784 7,669 
FINANCIAL ASSETS AT AMORTIZED COST1,202,689 1,203,707 1,191,403 
Debt securities7140,014 120,949 103,559 
Loans and advances1,062,675 1,082,758 1,087,844 
Central banks615,986 16,179 20,082 
Credit institutions661,513 55,537 57,917 
Customers10985,176 1,011,042 1,009,845 
HEDGING DERIVATIVES363,931 5,672 5,297 
CHANGES IN THE FAIR VALUE OF HEDGED ITEMS IN
PORTFOLIO HEDGES OF INTEREST RATE RISK
54
50 (704)(788)
124
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
CONSOLIDATED BALANCE SHEETS AS OF 31 DECEMBER 2025, 2024 AND 2023
EUR million
ASSETSNote2025
2024
2023
INVESTMENTS137,052 7,277 7,646 
Joint venture entities1,956 2,061 1,964 
Associated entities5,096 5,216 5,682 
ASSETS UNDER REINSURANCE CONTRACTS223 222 237 
TANGIBLE ASSETS27,438 32,087 33,882 
Property, plant and equipment1626,416 31,212 32,926 
For own-use11,663 12,636 13,408 
Leased out under an operating lease14,753 18,576 19,518 
Investment properties161,022 875 956 
Of which leased out under an operating lease860 749 851 
INTANGIBLE ASSETS17,308 19,259 19,871 
Goodwill1711,958 13,438 14,017 
Other intangible assets185,350 5,821 5,854 
TAX ASSETS30,076 30,596 31,390 
Current tax assets11,132 11,426 10,623 
Deferred tax assets2718,944 19,170 20,767 
OTHER ASSETS8,719 8,559 8,856 
Insurance contracts linked to pensions1467 81 93 
Inventories7 6 7 
Other198,645 8,472 8,756 
NON-CURRENT ASSETS HELD FOR SALE1275,011 4,002 3,014 
TOTAL ASSETS1,867,515 1,837,081 1,797,062 

The accompanying notes 1 to 55 and appendices are an integral part of the consolidated balance sheet as of 31 December 2025.


125
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
CONSOLIDATED BALANCE SHEETS AS OF 31 DECEMBER 2025, 2024 AND 2023
EUR million
LIABILITIESNote2025
2024
2023
FINANCIAL LIABILITIES HELD FOR TRADING171,546 152,151 122,270 
Derivatives9 and 1151,968 57,753 50,589 
Short positions9 44,015 35,830 26,174 
Deposits75,563 58,568 45,507 
Central banks20 12,385 13,300 7,808 
Credit institutions20 27,058 26,284 17,862 
Customers21 36,120 18,984 19,837 
Marketable debt securities22 — — — 
Other financial liabilities24 — — — 
FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS42,148 36,360 40,367 
Deposits30,440 28,806 34,996 
Central banks20 3,086 1,774 1,209 
Credit institutions20 1,424 1,625 1,735 
Customers21 25,930 25,407 32,052 
Marketable debt securities22 11,686 7,554 5,371 
Other financial liabilities24 22 — — 
Memorandum items: subordinated liabilities23 — — — 
FINANCIAL LIABILITIES AT AMORTIZED COST1,421,184 1,484,322 1,468,703 
Deposits1,072,384 1,126,439 1,125,308 
Central banks20 18,542 24,882 48,782 
Credit institutions20 74,692 90,012 81,246 
Customers21 979,150 1,011,545 995,280 
Marketable debt securities22 312,704 317,967 303,208 
Other financial liabilities24 36,096 39,916 40,187 
Memorandum items: subordinated liabilities23 29,287 35,813 30,912 
HEDGING DERIVATIVES364,248 4,752 7,656 
CHANGES IN THE FAIR VALUE OF HEDGED ITEMS IN
PORTFOLIO HEDGES OF INTEREST RATE RISK		5449 (9)55 
LIABILITIES UNDER INSURANCE CONTRACTS1518,737 17,829 17,799 
PROVISIONS258,355 8,407 8,441 
Pensions and other post-retirement obligations1,656 1,731 2,225 
Other long term employee benefits993 915 880 
Taxes and other legal contingencies2,989 2,717 2,715 
Contingent liabilities and commitments713 710 702 
Other provisions2,004 2,334 1,919 
TAX LIABILITIES9,568 9,598 9,932 
Current tax liabilities3,664 3,322 3,846 
Deferred tax liabilities27 5,904 6,276 6,086 
OTHER LIABILITIES2615,937 16,344 17,598 
LIABILITIES ASSOCIATED WITH NON-CURRENT ASSETS HELD FOR SALE62,995 — — 
TOTAL LIABILITIES1,754,767 1,729,754 1,692,821 




126
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
CONSOLIDATED BALANCE SHEETS AS OF 31 DECEMBER 2025, 2024 AND 2023
EUR million
EQUITYNote2025
2024
2023
SHAREHOLDERS´ EQUITY30 141,144 135,196 130,443 
CAPITAL31 7,345 7,576 8,092 
Called up paid capital7,345 7,576 8,092 
Unpaid capital which has been called up— — — 
SHARE PREMIUM32 36,792 40,079 44,373 
EQUITY INSTRUMENTS ISSUED OTHER THAN CAPITAL34— — 720 
Equity component of the compound financial instrument— — — 
Other equity instruments issued— — 720 
OTHER EQUITY34 273 217 195 
ACCUMULATED RETAINED EARNINGS33 91,959 82,326 74,114 
REVALUATION RESERVES33 — — — 
OTHER RESERVES33 (7,532)(5,976)(5,751)
Reserves or accumulated losses in joint venture investments1,643 1,831 1,762 
Others(9,175)(7,807)(7,513)
(-) OWN SHARES34 (96)(68)(1,078)
PROFIT OR LOSS ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT14,101 12,574 11,076 
(-) INTERIM DIVIDENDS4 (1,698)(1,532)(1,298)
OTHER COMPREHENSIVE INCOME OR LOSS29(37,974)(36,595)(35,020)
Items that will not be reclassified to profit or loss
(4,121)(4,757)(5,212)
Items that may be reclassified to profit or loss(33,853)(31,838)(29,808)
NON-CONTROLLING INTEREST28 9,578 8,726 8,818 
Other comprehensive income or loss(1,947)(2,020)(1,559)
Other items11,525 10,746 10,377 
TOTAL EQUITY112,748 107,327 104,241 
TOTAL LIABILITIES AND EQUITY1,867,515 1,837,081 1,797,062 
MEMORANDUM ITEMS: OFF BALANCE SHEET AMOUNTS35 
Loan commitments granted321,234 302,861 279,589 
Financial guarantees granted17,449 16,901 15,435 
Other commitments granted148,118 134,493 113,273 

The accompanying notes 1 to 55 and appendices are an integral part of the consolidated balance sheet as of 31 December 2025.
127
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
CONSOLIDATED INCOME STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2025, 2024 AND 2023
EUR million
(Debit) Credit
Note2025
2024
2023
Interest income 38 101,710 109,012 101,742 
Financial assets at fair value through other comprehensive income5,713 6,931 5,533 
Financial assets at amortized cost76,248 80,992 74,799 
Other interest income19,749 21,089 21,410 
Interest expense39 (59,362)(65,225)(61,092)
Interest income/(charges)42,348 43,787 40,650 
Dividend income40 715 710 568 
Income from companies accounted for using the equity method13 665 687 591 
Commission income41 17,387 16,834 15,644 
Commission expense42 (4,411)(4,458)(4,149)
Gain or losses on financial assets and liabilities not measured
at fair value through profit or loss, net		43 127 (117)96 
Financial assets at amortized cost(89)(190)(3)
Other financial assets and liabilities216 73 99 
Gain or losses on financial assets and liabilities held for trading, net43 1,017 1,344 2,316 
Reclassification of financial assets at fair value through other comprehensive income— — — 
Reclassification of financial assets at amortized cost— — — 
Other gains (losses)1,017 1,344 2,316 
Gains or losses on non-trading financial assets and liabilities mandatorily
at fair value through profit or loss		43 1,106 495 198 
Reclassification of financial assets at fair value through other comprehensive income— — — 
Reclassification of financial assets at amortized cost— — — 
Other gains (losses)1,106 495 198 
Gain or losses on financial assets and liabilities measured
at fair value through profit or loss, net		43 (307)691 (92)
Gain or losses from hedge accounting, net43 12 14 69 
Exchange differences, net44 407 (216)(22)
Other operating incomeA
45 1,583 846 1,137 
Other operating expenses45 (2,429)(2,595)(3,066)
Income from insurance and reinsurance contracts476 470 460 
Expenses from insurance and reinsurance contracts(385)(449)(449)
128
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
CONSOLIDATED INCOME STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2025, 2024 AND 2023
EUR million
(Debit) Credit
Note2025
2024
2023
Total income58,311 58,043 53,951 
Administrative expenses(21,601)(22,036)(21,598)
Staff costs46 (13,656)(13,851)(13,299)
Other general administrative expenses47 (7,945)(8,185)(8,299)
Depreciation and amortisation cost16 and 18(3,178)(3,179)(3,086)
Provisions or reversal of provisions, net25 (2,302)(3,062)(2,058)
Impairment or reversal of impairment at financial assets not measured
at fair value through profit or loss and net gains and losses from changes		(12,546)(12,136)(12,298)
Financial assets at fair value through other comprehensive income(29)1 (24)
Financial assets at amortized cost10 (12,517)(12,137)(12,274)
Impairment or reversal of impairment of investments in
subsidiaries, joint ventures and associates, net		17 and 18— — — 
Impairment or reversal of impairment on non-financial assets, net(251)(624)(237)
Tangible assets16 (129)(382)(135)
Intangible assets17 and 18(112)(231)(73)
Others(10)(11)(29)
Gain or losses on non-financial assets and investments, net48 — 368 312 
Negative goodwill recognized in results22 — 39 
Gains or losses on non-current assets held for sale
not classified as discontinued operations		49 226 (27)(20)
Operating profit/(loss) before tax18,681 17,347 15,005 
Tax expense or income from continuing operations27 (4,723)(4,844)(3,880)
Profit/(loss) from continuing operations13,958 12,503 11,125 
Profit/(loss) after tax from discontinued operations37 1,542 1,241 1,058 
Profit/(loss) for the year15,500 13,744 12,183 
Profit/(loss) attributable to non-controlling interests28 1,399 1,170 1,107 
Profit/(loss) attributable to the parent14,101 12,574 11,076 
Earnings/(losses) per share
Basic4 0.905 0.771 0.654 
Diluted4 0.900 0.768 0.651 

A. Includes EUR -486 million at 31 December 2025 (EUR -1,225 and EUR -1,016 at 31 December 2024 and 2023, respectively) derived from the net loss generated in Argentina as a result of the application of IAS 29 Financial reporting in hyperinflationary economies.
The accompanying notes 1 to 55 and appendices are an integral part of the consolidated income statement for the year ended 31 December 2025.


129
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
CONSOLIDATED STATEMENTS OF RECOGNISED INCOME AND EXPENSE
FOR THE YEARS ENDED 31 DECEMBER 2025, 2024 AND 2023
EUR million
Note2025
2024
2023
CONSOLIDATED PROFIT/(LOSS) FOR THE YEAR15,500 13,744 12,183 
OTHER RECOGNISED INCOME AND EXPENSE(1,858)(2,339)614 
Items that will not be reclassified to profit or loss29100 219 (964)
Actuarial gains and losses on defined benefit pension plans(73)(584)(1,038)
Non-current assets held for sale10 — — 
Other recognised income and expense of investments in
subsidiaries, joint ventures and associates		1 (3)(5)
Changes in the fair value of equity instruments measured at fair value through other comprehensive income245 447 (162)
Gains or losses resulting from the accounting for hedges of equity instruments measured at fair value through other comprehensive income, net36 — — — 
Changes in the fair value of equity instruments measured at fair value through other comprehensive income (hedged item)(76)20 (29)
Changes in the fair value of equity instruments measured at fair value through other comprehensive income (hedging instrument)76 (20)29 
Changes in the fair value of financial liabilities at fair value through profit or loss attributable to changes in credit risk(160)277 (120)
Income tax relating to items that will not be reclassified77 82 361 
Items that may be reclassified to profit or loss29 (1,958)(2,558)1,578 
Hedges of net investments in foreign operations (effective portion)36 195 420 (1,888)
Revaluation gains (losses)195 420 (1,888)
Amounts transferred to income statement— — — 
Other reclassifications— — — 
Exchanges differences(3,399)(3,047)1,017 
Revaluation gains (losses)(3,399)(3,047)1,009 
Amounts transferred to income statement— — 8 
Other reclassifications— — — 
Cash flow hedges (effective portion)36 867 558 2,592 
Revaluation gains (losses)158 (698)(30)
Amounts transferred to income statement709 1,256 2,622 
Transferred to initial carrying amount of hedged items— — — 
Other reclassifications— — — 
Hedging instruments (items not designated)36 (14)— — 
Revaluation gains (losses)(1)— — 
Amounts transferred to income statement(13)— — 
Other reclassifications— — — 
Debt instruments at fair value with changes in other comprehensive income613 (493)858 
Revaluation gains (losses)29 715 (447)852 
Amounts transferred to income statement(102)(46)6 
Other reclassifications— — — 
Non-current assets held for sale274 — — 
Revaluation gains (losses)267 — — 
Amounts transferred to income statement7 — — 
Other reclassifications— — — 
Share of other recognised income and expense of investments20 (108)19 
Income tax relating to items that may be reclassified to profit or loss(514)112 (1,020)
Total recognised income and expenses for the year13,642 11,405 12,797 
Attributable to non-controlling interests1,452 709 1,401 
Attributable to the parent12,190 10,696 11,396 

The accompanying notes 1 to 55 and appendices are an integral part of the consolidated statement of recognised income and expense for the year ended 31 December 2025.
130
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY FOR THE YEARS ENDED 31 DECEMBER 2025, 2024 AND 2023
EUR million
CapitalShare premiumEquity instruments issued (not capital)Other equity instrumentsAccumulated retained earnings
Balance at 31 December 2024
7,576 40,079 0 217 82,326 
Adjustments due to errors— — — — — 
Adjustments due to changes in accounting policies— — — — — 
Opening balance at 1 January 2025
7,576 40,079 — 217 82,326 
Total recognised income and expense— — — — — 
Other changes in equity(231)(3,287)— 56 9,633 
Issuance of ordinary shares— — — — — 
Issuance of preferred shares— — — — — 
Issuance of other financial instruments— — — — — 
Maturity of other financial instruments— — — — — 
Conversion of financial liabilities into equity— — — — — 
Capital reduction(231)(3,287)— — — 
Dividends
— — — — (1,643)
Purchase of equity instruments— — — — — 
Disposal of equity instruments— — — — — 
Transfer from equity to liabilities— — — — — 
Transfer from liabilities to equity— — — — — 
Transfers between equity items— — — — 11,276 
Increases (decreases) due to business combinations— — — — — 
Share-based payment— — — (67)— 
Others increases or (-) decreases in equity— — — 123 — 
Balance at 31 December 20257,345 36,792 — 273 91,959 
The accompanying notes 1 to 55 and appendices are an integral part of the consolidated statement of changes in total equity for the year ended 31 December 2025.
131
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Non-controlling interest
Revaluation reservesOther reserves(-) Own sharesProfit attributable to shareholders of the parent(-) Interim dividendsOther comprehensive incomeOther comprehensive incomeOther itemsTotal
— (5,976)(68)12,574 (1,532)(36,595)(2,020)10,746 107,327 
— — — — — — — — — 
— — — — — — — — — 
— (5,976)(68)12,574 (1,532)(36,595)(2,020)10,746 107,327 
— — — 14,101 — (1,911)53 1,399 13,642 
— (1,556)(28)(12,574)(166)532 20 (620)(8,221)
— — — — — — — — — 
— — — — — — — — — 
— — — — — — — — — 
— — — — — — — — — 
— — — — — — — — — 
— 231 3,287 — — — — (8)(8)
— — — — (1,698)— — (896)(4,237)
— — (4,081)— — — — — (4,081)
— 34 766 — — — — — 800 
— — — — — — — — — 
— — — — — — — — — 
— (766)— (12,574)1,532 532 20 (20)— 
— — — — — — — (5)(5)
— — — — — — — — (67)
— (1,055)— — — — — 309 (623)
— (7,532)(96)14,101 (1,698)(37,974)(1,947)11,525 112,748 
132
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY FOR THE YEARS ENDED 31 DECEMBER 2025, 2024 AND 2023
EUR million
CapitalShare premiumEquity instruments issued (not capital)Other equity instrumentsAccumulated retained earnings
Balance at 31 December 2023
8,092 44,373 720 195 74,114 
Adjustments due to errors— — — — — 
Adjustments due to changes in accounting policies— — — — — 
Opening balance at 1 January 2024
8,092 44,373 720 195 74,114 
Total recognised income and expense— — — — — 
Other changes in equity(516)(4,294)(720)22 8,212 
Issuance of ordinary shares— — — — — 
Issuance of preferred shares— — — — — 
Issuance of other financial instruments— — — — — 
Maturity of other financial instruments— — (751)— — 
Conversion of financial liabilities into equity— — — — — 
Capital reduction(516)(4,294)— — — 
Dividends— — — — (1,485)
Purchase of equity instruments— — — — — 
Disposal of equity instruments— — — — — 
Transfer from equity to liabilities— — — — — 
Transfer from liabilities to equity— — — — — 
Transfers between equity items— — — — 9,697 
Increases (decreases) due to business combinations— — — — — 
Share-based payment— — — (62)— 
Others increases or (-) decreases in equity— — 31 84 — 
Balance at 31 December 2024
7,576 40,079 — 217 82,326 

The accompanying notes 1 to 55 and appendices are an integral part of the consolidated statement of changes in total equity for the year ended 31 December 2025.
133
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Non-controlling interest
Revaluation reservesOther reserves(-) Own sharesProfit attributable to shareholders of the parent(-) Interim dividendsOther comprehensive incomeOther comprehensive incomeOther itemsTotal
— (5,751)(1,078)11,076 (1,298)(35,020)(1,559)10,377 104,241 
— — — — — — — — — 
— — — — — — — — — 
— (5,751)(1,078)11,076 (1,298)(35,020)(1,559)10,377 104,241 
— — — 12,574 — (1,878)(461)1,170 11,405 
— (225)1,010 (11,076)(234)303 — (801)(8,319)
— — — — — — — — — 
— — — — — — — — — 
— — — — — — — — — 
— — — — — — — (590)(1,341)
— — — — — — — — — 
— 516 4,294 — — — — (93)(93)
— — — — (1,532)— — (660)(3,677)
— — (4,038)— — — — — (4,038)
— 8 754 — — — — — 762 
— — — — — — — — — 
— — — — — — — — — 
— (215)— (11,076)1,298 303 — (7)— 
— — — — — — — (8)(8)
— — — — — — — — (62)
— (534)— — — — — 557 138 
— (5,976)(68)12,574 (1,532)(36,595)(2,020)10,746 107,327 
134
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY FOR THE YEARS ENDED 31 DECEMBER 2025, 2024 AND 2023
EUR million
CapitalShare premiumEquity instruments issued (not capital)Other equity instrumentsAccumulated retained earnings
Balance at 31 December 2022
8,397 46,273 688 175 66,702 
Adjustments due to errors— — — — — 
Adjustments due to changes in accounting policies— — — — — 
Opening balance at 1 January 2023
8,397 46,273 688 175 66,702 
Total recognised income and expense— — — — — 
Other changes in equity(305)(1,900)32 20 7,412 
Issuance of ordinary shares— — — — — 
Issuance of preferred shares— — — — — 
Issuance of other financial instruments— — — — — 
Maturity of other financial instruments— — — — — 
Conversion of financial liabilities into equity— — — — — 
Capital reduction(305)(1,900)— — — 
Dividends— — — — (963)
Purchase of equity instruments— — — — — 
Disposal of equity instruments— — — — — 
Transfer from equity to liabilities— — — — — 
Transfer from liabilities to equity— — — — — 
Transfers between equity items— — — — 8,375 
Increases (decreases) due to business combinations— — — — — 
Share-based payment— — — (60)— 
Others increases or (-) decreases in equity— — 32 80 — 
Balance at 31 December 2023
8,092 44,373 720 195 74,114 

The accompanying notes 1 to 55 and appendices are an integral part of the consolidated statement of changes in total equity for the year ended 31 December 2025.
135
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Non-controlling interest
Revaluation reservesOther reserves(-) Own sharesProfit attributable to shareholders of the parent(-) Interim dividendsOther comprehensive incomeOther comprehensive incomeOther itemsTotal
— (5,454)(675)9,605 (979)(35,628)(1,856)10,337 97,585 
— — — — — — — — — 
— — — — — — — — — 
— (5,454)(675)9,605 (979)(35,628)(1,856)10,337 97,585 
— — — 11,076 — 320 294 1,107 12,797 
— (297)(403)(9,605)(319)288 3 (1,067)(6,141)
— — — — — — — 1 1 
— — — — — — — — — 
— — — — — — — — — 
— — — — — — — — — 
— — — — — — — — — 
— 305 1,900 — — — — — — 
— — — — (1,298)— — (748)(3,009)
— — (3,109)— — — — — (3,109)
— 13 806 — — — — — 819 
— — — — — — — — — 
— — — — — — — — — 
— (37)— (9,605)979 288 3 (3)— 
— — — — — — — (364)(364)
— — — — — — — — (60)
— (578)— — — — — 47 (419)
— (5,751)(1,078)11,076 (1,298)(35,020)(1,559)10,377 104,241 

136
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 2025, 2024 AND 2023
EUR million
Note2025
2024
2023
A. CASH FLOWS FROM OPERATING ACTIVITIES(14,835)(24,155)5,015 
Profit or loss for the year15,500 13,744 12,183 
Adjustments made to obtain the cash flows from operating activities31,347 28,361 26,948 
Depreciation and amortisation cost3,178 3,179 3,086 
Other adjustments28,169 25,182 23,862 
Net increase/(decrease) in operating assets119,257 117,996 74,982 
Financial assets held-for-trading25,776 62,460 18,332 
Non-trading financial assets mandatorily at fair value through profit or loss1,867 31 286 
Financial assets at fair value through profit or loss146 (1,850)874 
Financial assets at fair value through other comprehensive income(6,733)10,225 (4,470)
Financial assets at amortized cost97,964 45,995 60,525 
Other operating assets237 1,135 (565)
Net increase/(decrease) in operating liabilities62,529 57,616 46,080 
Financial liabilities held-for-trading20,654 34,256 5,450 
Financial liabilities designated at fair value through profit or loss5,858 (3,854)(11)
Financial liabilities at amortized cost35,719 34,164 40,138 
Other operating liabilities298 (6,950)503 
Income tax recovered/(paid)(4,954)(5,880)(5,214)
B. CASH FLOWS FROM INVESTING ACTIVITIES534 (3,712)(5,366)
Payments7,925 11,355 15,056 
Tangible assets16 5,854 8,494 11,446 
Intangible assets18 1,805 2,104 2,197 
Investments13 79 686 139 
Subsidiaries and other business units187 71 1,274 
Non-current assets held for sale and associated liabilities— — — 
Other payments related to investing activities— — — 
Proceeds8,459 7,643 9,690 
Tangible assets16 5,206 5,966 7,074 
Intangible assets18 — — — 
Investments13 749 681 814 
Subsidiaries and other business units54 8 885 
Non-current assets held for sale and associated liabilities12 2,450 988 917 
Other proceeds related to investing activities— — — 
C. CASH FLOW FROM FINANCING ACTIVITIES(14,203)(5,510)(2,058)
Payments17,743 14,045 10,187 
Dividends4 3,341 3,017 2,261 
Subordinated liabilities23 8,822 4,096 2,931 
Redemption of own equity instruments— 751 — 
Acquisition of own equity instruments4,081 4,038 3,109 
Other payments related to financing activities1,499 2,143 1,886 
Proceeds3,540 8,535 8,129 
Subordinated liabilities23 2,287 7,001 7,007 
Issuance of own equity instruments— — — 
Disposal of own equity instruments815 765 825 
Other proceeds related to financing activities438 769 297 
137
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 2025, 2024 AND 2023
EUR million
Note2025
2024
2023
D. EFFECT OF FOREIGN EXCHANGE RATE DIFFERENCES(8,908)5,243 (322)
E. NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
(37,412)(28,134)(2,731)
F. CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR192,208 220,342 223,073 
G. CASH AND CASH EQUIVALENTS AT END OF THE YEAR154,796 192,208 220,342 
COMPONENTS OF CASH AND CASH EQUIVALENTS AT END OF THE YEAR
Cash7,357 9,253 8,621 
Cash equivalents at central banks135,330 170,914 199,932 
Other financial assets9,594 12,041 11,789 
Less, bank overdrafts refundable on demand— — — 
TOTAL CASH AND CASH EQUIVALENTS AT END OF THE YEAR152,281 192,208 220,342 
In which, restricted cash— — — 
TOTAL CASH AND CASH EQUIVALENTS AT END OF PERIOD ASSOCIATED WITH NON-CURRENT ASSETS HELD FOR SALE122,515 — — 

The accompanying notes 1 to 55 and appendices are an integral part of the consolidated statement of cash flows for the year ended 31 December 2025.

138
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l

10.Consolidada_ENG.jpg
Notes to the consolidated financial statements
139
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Banco Santander, S.A., and Companies composing Grupo Santander
Notes to the consolidated financial statements (consolidated annual accounts) for the year ended 31 December 2025.
1. Introduction, basis of presentation of the consolidated financial statements (consolidated annual accounts) and other information
a) Introduction
Banco Santander, S.A. ('the parent' or 'Banco Santander'), is a private-law entity subject to the rules and regulations applicable to banks operating in Spain, where it was constituted and currently maintains its legal domicile, which is paseo de Pereda, numbers 9 to 12, 39004, Santander, Spain.
The principal headquarters of Banco Santander are located in Ciudad Grupo Santander, Avenida Cantabria s/n, 28660, Boadilla del Monte, Madrid, Spain.
The corporate purpose of Banco Santander, S.A. mainly entails carrying out all kinds of activities, operations and services inherent to the banking business in general and permitted by current legislation, and the acquisition, holding, enjoyment and disposal of all kinds of securities.
In addition to the operations carried on directly by it, Banco Santander is the head of a group of subsidiaries that engage in various business activities and which compose, together with it, Grupo Santander ('Santander' or 'the Group'). Therefore, Banco Santander is obliged to prepare, in addition to its own separate financial statements, the Group's consolidated financial statements, which also include the interests in joint ventures and investments in associates.
At 31 December 2025, Grupo Santander consisted of 755 subsidiaries of Banco Santander, S.A. In addition, other 191 companies are associates of the Group, joint ventures or companies of which the Group holds more than 5% (excluding the Group companies of negligible interest with respect to the fair presentation that the annual accounts must express).
Grupo Santander consolidated financial statements for 2023 were approved by the shareholders at the group´s annual general meeting on 22 March 2024. Grupo Santander consolidated financial statements for 2024 were approved by the shareholders at the group´s annual general meeting on 4 April 2025. The Group's 2025 consolidated financial statements, the financial statements of the parent and of substantially all the Group companies have not been approved yet by their shareholders at the respective annual general meetings. However, Banco Santander board of directors considers that the aforementioned financial statements will be approved without any significant changes.
b) Basis of presentation of the consolidated financial statements
Under Regulation (EC) n.º 1606/2002 of the European Parliament and of the Council of 19 July 2002 all companies governed by the law of an EU Member State and whose securities are admitted to trading on a regulated market of any Member State must prepare their consolidated financial statements for the years beginning on or after 1 January 2005 in conformity with the International Financial Reporting Standards ('IFRS') previously adopted by the European Union ('EU-IFRS').
In order to adapt the accounting system of Spanish credit institutions with the principles and criteria established by the IFRS adopted by the European Union ('EU-IFRS'), the Bank of Spain published circular 4/2017, dated 27 November 2017, on Public and Confidential Financial Reporting Standards and Financial Statement Formats and the following regulations.
Particularly, during 2025 and 2023, the Bank of Spain published Circulars 1/2025 of 19 December of 2025, and 1/2023 of 24 February of 2023, amending Circular 4/2017 of 27 November to credit institutions on Public and Confidential Financial Reporting Standards and Financial Statement Formats.
Grupo Santander consolidated financial statements for 2025 were authorised by the Bank's directors (at the board meeting on 24 February 2026) in accordance with International Financial Reporting Standards as adopted by the European Union and with Bank of Spain circular 4/2017 and subsequent modifications, and Spanish corporate and commercial law applicable to the Group, using the basis of consolidation, accounting policies and measurement bases set forth in note 2, accordingly, they present fairly the Group's equity and financial position at 31 December 2025, 2024 and 2023 and the consolidated results of its operations and the consolidated cash flows in 2025, 2024 and 2023. These consolidated annual accounts have been prepared on the basis of the accounting records held by Banco Santander and by each of the other companies of the Group, and include the adjustments and reclassifications required to standardise the accounting policies and valuation criteria applied by Grupo Santander. The consolidated financial statements are also in compliance with IFRS as issued by the International Accounting Standards Board ('IFRS – IASB' and together with IFRS adopted by the European Union, 'IFRS').
The notes to the consolidated financial statements contain additional information to that presented in the consolidated balance sheet, consolidated income statement, consolidated statement of recognised income and expense, consolidated statement of changes in total equity and consolidated statement of cash flows. The notes provide, in a clear, relevant, reliable and comparable manner, narrative descriptions and breakdowns of these statements.
The information contained in the consolidated income statement has been reclassified as a result of the change in the presentation for certain charges at 31 December 2025 in the amount of EUR 427 million, mainly levies and other expenses, of which EUR 359 million have been reclassified from the line item 'Other provisions' to the line item 'Other operating expenses'.
The figures of the consolidated annual accounts are presented in millions of euros unless another alternative monetary unit is indicated, rounded to the nearest million unit.
140
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Adoption of new standards and interpretations issued
The following modifications came into force and were adopted by the European Union in 2025:
•IAS 21 Effects of changes in foreign currency exchange rates: IAS 21 established the requirements to apply when there is a temporary lack of interchangeability between two currencies, but did not give indications when this situation was not temporary. Given this scenario, IAS 21 has been modified establishing the criteria to identify these situations, specifying how entities should estimate the spot exchange rate, the methodologies and data to be considered, as well as the associated disclosure requirements. This modification was applied in advance by the Group on 31 December 2024. For more information, see Note 2.a.iv.
The application of the aforementioned amendment to accounting standards and interpretations did not have any material effects on Grupo Santander consolidated financial statements.
Likewise, at the date of approval of these consolidated annual accounts, the following standards which effectively came into force have effective dates after 31 December 2025:
•Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures: (i) amendments to classification and measurement requirements related to the assessment of contractual cash flows of certain financial assets (with ESG characteristics, non-recourse or contractually linked); (ii) an accounting policy option for the derecognition of financial liabilities settled through an electronic payment system is included; (iii) the disclosure requirements related to equity instruments designated at fair value through other comprehensive income are amended; (iv) disclosure requirements are included for financial instruments with contingent characteristics that may modify their contractual cash flows. These amendments will be applicable from 1 January 2026.
•Amendments to IFRS 9 and IFRS 7 - Nature-dependent electricity contracts for electricity contracts dependent on energy sources and susceptible to variations due to uncontrollable factors, such as weather conditions, this modification: (i) clarifies the application of the 'own use' requirements; (ii) allows hedge accounting if these contracts were used as hedging instruments; and, (iii) adds new filing requirements for greater clarity on the impact of these contracts. These modifications will be applicable form 1 January 2026.
•IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1 Presentation of Financial Statements, (i) improves the comparability of the income statement by defining its structure into three categories (operating, investing, and financing) and presenting defined subtotals, including operating profit; (ii) breaks down in the financial statements certain management-defined performance measures related to the income statement; and (iii) improves the aggregation of information for disclosure in the financial statements or notes. The new standard will be applicable from 1 January 2027.
•Amendments to IFRS Improvement Cycle: introduces minor amendments, effective from 1 January 2026, to the following standards:
•IFRS 1 First-time Adoption of International Financial Reporting Standards, for hedge accounting in first adoption.
•IFRS 7 Financial Instruments: Disclosures: updated references and alignment with IFRS 13, as well as clarifications in the Implementation Guidance.
•IFRS 9 Financial Instruments: amendment to apply derecognition criteria to lease liabilities recorded by the lessee and replacement of the term 'transaction price' with 'the amount determined in accordance with IFRS 15'.
•IFRS10 Consolidated Financial Statements: Determining a 'de facto agent'.
•IAS 7 Statement of Cashflows: replacing the term 'cost method' with 'cost'.
Finally, at the date of approval of these consolidated annual accounts, the following standards which effectively come into force after 31 December 2025 had not yet been adopted by the European Union:
•IFRS 19 Subsidiaries without Public Accountability: Disclosures: this new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. A subsidiary is eligible if: (i) it does not have public accountability; and (ii) it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards. Applicable from 1 January 2027.
•IFRS 19 Subsidiaries without Public Accountability: Disclosures: these new amendments help eligible subsidiaries reduce disclosures related to IFRS standards and amendments issued between February 2021 and May 2024. With these amendments, IFRS 19 reflects the IFRS changes that will take effect up to 1 January 2027, when IFRS 19 will become applicable.
•Amendments to IAS 21 The effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency: establishes how to translate financial statements when the presentation currency is subject to hyperinflation. Requires converting all amounts, including comparatives, at the closing exchange rates and restating them in accordance with IAS 29. Furthermore, introduces additional disclosures to enhance comparability and reduce diversity in practice. Applicable from 1 January 2027, with early application permitted.
Grupo Santander is currently analyzing the possible effects of these new standards and interpretations, and unless expressly indicated otherwise, no significant impacts are expected from their application.
141
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
During 2025, the Group completed the project to adapt its accounting policies relating to hedging transactions to the hedge accounting requirements set out in IFRS 9 (see Note 2.d.v). The main impacts of this change on the accounting for hedging relationships are primarily due to: (i) the mandatory separation of the time value of options (when the hedged risk is the intrinsic value); (ii) and the optional separation of the forward element of foreign exchange forward contracts for all hedges, as well as (iii) the separation of the foreign currency basis spread of a foreign exchange derivative for each hedging relationship. The application of these options to hedges designated before 31 December 2024 did not have a material impact on the Group's consolidated statement of financial position or consolidated profit or loss.
All accounting policies and measurement bases with a material effect on the consolidated financial statements for 2025 were applied in the preparation of these consolidated annual accounts.
c) Use of accounting estimates
The consolidated results and the determination of consolidated equity are sensitive to the accounting policies, measurement bases and estimates used by Banco Santander in preparing the consolidated financial statements.
The main accounting policies and measurement bases are set forth in note 2.
In the consolidated financial statements estimates were occasionally made by the senior management of Grupo Santander in order to quantify certain of the assets, liabilities, income, expenses and obligations reported herein. These estimates, which were made on the basis of the best information available, relate basically to the following:
•The impairment losses on certain assets: it applies to financial assets at fair value through other comprehensive income, financial assets at amortised cost, non-current assets held for sale, investments, tangible assets and intangible assets (see Notes 6, 7, 10, 12, 13, 16, 17, 18 and 54).
•The assumptions used in the actuarial calculation of the post-employment benefit liabilities and commitments and other obligations (see Note 25).
•The useful life of the tangible and intangible assets (see Notes 16 and 18).
•The measurement of the impairment in goodwill arising on consolidation (see Note 17).
•The calculation of provisions and the consideration of contingent liabilities (see Note 25).
•The fair value of certain unquoted assets and liabilities (see Notes 6, 7, 8, 9, 10, 11, 20, 21 and 22).
•The recoverability of deferred tax assets (see Note 27).
•The fair value of the identifiable assets acquired and the liabilities assumed in business combinations in accordance with IFRS 3 (see Note 17).
•The measurement of assets under reinsurance contracts and liabilities under insurance contracts (see Note 15).
To update the previous estimates, the Group's management has taken into account the current macroeconomic scenario, characterized by persistent geopolitical tensions and changing financial conditions, as well as the evolution of monetary and fiscal policies in major economies. The analysis also considers developments in interest rates, credit spreads, and currency movements, along with labor market trends in the geographies where the Group operates.
The Group's management has evaluated in particular the uncertainties caused by the current environment in relation to credit risk, maintaining active oversight of clients in geographies and sectors more exposed to international trade tensions, global geopolitical uncertainty and the impact of public debt containment policies or fiscal stimulus measures, liquidity and market risks, taking into account the best available information, to estimate the impact on the credit portfolio's impairment provision, and in the debt instruments' interest rates and valuation, developing in the notes the main estimates made during the period ended December 31, 2025 (see notes 10, 17, 50 and 54).
Although these estimates have been made on the basis of the best information available at the end of the year 2025, and considering information updated at the date of preparation of these consolidated annual accounts, it is possible that events that may take place in the future may make it necessary to modify them (upwards or downwards) in the coming years, which would be done, if appropriate, in a prospective manner, recognising the effects of the change in estimate in the corresponding consolidated income statement.
d) Information relating to 2024 and 2023
The information in the consolidated income statement from 2024 and 2023 has been restated, as a result of the agreement for the sale of Santander Bank Polska S.A. by Grupo Santander, as required by IFRS 5 (see, mainly, Notes 3 and 37, as well as the rest of the notes of the profit and loss account).
Additionally, the segment information corresponding to the years ended 31 December 2024 and 2023 has been restated, in accordance with the changes in the segments' composition of Grupo Santander, as required by IFRS 8 (see note 52).
The information contained in the consolidated income statements relating to the periods 2024 and 2023 has been modified as a result of the retrospective application of the change in the presentation for certain charges in the amounts of EUR 403 million and EUR 352 million, respectively (see Note 1.b).
In order to interpret the changes in the balances with respect to 31 December 2025, it is necessary to take into consideration the exchange rate effect arising from the volume of foreign currency balances held by Grupo Santander in view of its geographic diversity (see note 52.b) and the impact of the appreciation/depreciation of the various currencies against the euro in 2025, based on the exchange rates at the end of 2025: Mexican peso (2.05%), US dollar (-11.62%), Brazilian real (-0.47%), Argentinian peso (-37.23%), Sterling pound (-4.99%), Chilean peso (-2.57%), and Polish zloty (1.30%); as well as the evolution of the comparable average rates: Mexican peso (-8.95%), US dollar (-4.15%), Brazilian real (-7.86%), Sterling pound (-1.20%), Chilean peso (-4.90%) and Polish zloty (1.56%).
142
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
e) Capital management
i. Regulatory and economic capital
Credit institutions must comply with a set of minimum capital and liquidity requirements. These minimum requirements are regulated by the European Capital Requirements Regulation (CRR), which is directly applicable within the Spanish legal framework, and by the Capital Requirements Directive (CRD).
On 19 June 2024, the final texts of the update to the banking package were published in the Official Journal of the European Union: Regulation (EU) 2024/1623 (hereinafter, CRR 3), which amends the CRR with regard to requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the floor on risk-weighted assets (known as the output floor), as well as Directive (EU) 2024/1619 (hereinafter, CRD VI), which amends the CRD as regards supervisory powers, sanctions, third-country branches, and environmental, social and governance risks.
The update to the banking package aims, on the one hand, to implement the final Basel III reforms and, on the other, to strengthen the harmonisation of banking supervision within the European Union (EU).
CRR 3, applicable since 1 January 2025, introduce greater risk sensitivity into standardised approaches, reduce the variability of risk-weighted assets among banks using internal models to calculate capital requirements, and enhance comparability across banks.
Under CRD VI, the ambition to achieve more robust supervision and to safeguard financial stability is reflected in a set of rules affecting fit-and-proper requirements, an extended scope resulting from the revision of certain definitions, and new provisions regarding the establishment of third-country branches in the EU, with the aim of achieving greater regulatory harmonisation and improved supervision of this type of entity.
Although most CRR 3 provisions apply since 1 January 2025, for certain provisions the regulator has established a gradual implementation (phase-in) period until 2030 in order to give the industry sufficient time to build up the capital required to meet the requirements on a fully loaded basis.
Regarding Market Risk, the European Commission and the European Parliament have approved an additional 12-month delay to the entry into force of the new market risk capital framework, or FRTB, until 1 January 2027. Beyond this date, the CRR 3 does not allow for any further delay, as postponements are limited to two years. This delay also covers other provisions, such as the separation between the trading book and the banking book, the internal risk transfer regime, etc.
The CRR 3/CRD VI package contains 140 mandates for the EBA to develop Level 2 or Level 3 legislation (regulatory technical standards, implementing technical standards and guidelines—RTS, ITS and GL, for their acronyms) and to issue opinions and reports to further specify certain aspects of the regulation. In this context, the EBA published its roadmap (EBA Roadmap) at the end of 2023, structuring the implementation of the banking package around four sequential phases, under which the authority will address the various mandates in an orderly manner based on their latest legal application dates (up to four years after the entry into force of CRR 3 and CRD VI). In addition, at the end of 2024, the EBA published its 2025 work programme, setting out the guidelines for addressing these mandates during the year. This has resulted in the publication of various consultations throughout the year on RTS, ITS and Guidelines, such as, for example:
–Regulatory Technical Standards (RTS) on off-balance-sheet exposures and unconditionally cancellable commitments
–Regulatory Technical Standards (RTS) on material changes to IRB models and model extensions
–Revision of the Guidelines on the revised definition of default
–Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) on operational risk
In its 2025 Work Programme, the EBA undertook, among other initiatives, the revision of the SREP Guidelines, the consultation for which was published on 24 October, with the aim of updating them based on three pillars: legislative changes (CRR 3 and CRD VI, IRRBB/CSRBB, DORA, etc.), lessons learned, and structural changes intended to improve the usability of the Guidelines. The consultation period was set to run until early February 2026, and following the conclusion of the consultation process, the Guidelines are expected to enter into force on 1 January 2027.
On 28 July 2025, the ECB published a revised version of its Guide to Internal Models, with the objective of reflecting the regulatory changes introduced by CRR 3 in relation to internal models for credit, counterparty credit and market risk; clarifying supervisory expectations for internal models that make use of machine learning; and enhancing transparency and supervisory harmonisation. This revision builds on the experience accumulated by the ECB since the first publication of the Guide in 2019.
On 25 July 2025, the ECB also published the final Guide on Options and Discretions, following a consultation process launched in November 2024. The Guide introduces clarifications and adjustments to the treatment of market risk and operational risk, as well as to the conditions under which minority interests may be included in group capital, among other aspects.

143
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Regarding resolution regulation, institutions are required to maintain an adequate funding structure to ensure that, in the event of financial distress, they hold sufficient liabilities to absorb losses and either restore viability or be resolved while safeguarding depositor protection and financial stability. To this end, global systemically important institutions are subject to minimum loss-absorbing capacity requirements, namely Total Loss-Absorbing Capacity (TLAC) and the Minimum Requirement for own funds and Eligible Liabilities (MREL), as regulated under CRR 3 and the Bank Recovery and Resolution Directive (BRRD).
On 25 October 2022, a regulation on the prudential treatment of global systemically important institutions was published, amending both the CRR and the BRRD with respect to the prudential treatment of G-SIBs with a multiple point of entry (MPE) resolution strategy, as well as the methods for the indirect subscription of eligible instruments (daisy chains) for the purpose of meeting MREL requirements. This regulation, known as the Resolution 'Quick Fix', pursues two main objectives:
•The inclusion in the BRRD and CRR 3 of references to third-country subsidiaries allowing for adjustments to the deduction for holdings of TLAC instruments issued by such subsidiaries, based on excess TLAC/MREL at subsidiary level, as well as adjustments in cases where the aggregate own funds and eligible liabilities requirements of a G-SIB under an MPE strategy exceed the theoretical requirements of the same group under a single point of entry (SPE) strategy. This adjustment is therefore based on a comparison between the two possible resolution strategies.
•The introduction of a deduction regime for holdings of MREL instruments through entities within the same resolution group other than the resolution entity. The Regulation establishes a deduction at the level of the intermediate entity within the daisy chain that repurchases the instruments. As a result, the intermediate entity is required to issue an equivalent amount, thereby transferring internal MREL needs to the resolution entity, which will cover them with external MREL.
In this context, in 2025 the EBA published the Final Report on the draft Implementing Technical Standards (ITS) on resolution planning, aimed at further harmonising reporting requirements.
Regarding Deposit Guarantee Schemes (DGS), these are regulated under the Deposit Guarantee Schemes Directive (DGSD), which has not undergone substantial amendments since its publication in 2014. The Directive aims to harmonise DGS across Member States to ensure stability and consistency across countries. It establishes an appropriate framework to improve depositor access to DGS through a clear scope of coverage, short repayment periods, enhanced information, and robust funding requirements. The Directive has been transposed into Spanish law through Royal Decree 2606/1996, as amended by Royal Decree 1041/2021.
To ensure the protection of depositors, DGS collect financial resources through contributions from their members, which must be paid at least annually. These annual contributions are determined based on the number of covered deposits and the risk profile of the institutions affiliated with the DGS. The methodology for calculating contributions is set out in the EBA Guidelines (EBA/GL/2023/02).
In June 2025, the Council and the European Parliament reached a political agreement, which still needs to be finalized at a technical level as a prerequisite for its final formal approval.
Within the sustainability field from a prudential perspective, the implementation of the CRR 3/CRD VI package has progressed, introducing specific requirements to integrate environmental, social and governance (ESG) risks into the prudential framework. With the aim of assessing whether a specific prudential treatment is warranted, the CRR establishes three mandates: to assess the availability of ESG risk data; to evaluate the effective risk profile of exposures affected by environmental or social factors; and to analyse the potential effects on financial stability of differentiated prudential treatment, with a view to possible legislative proposals by 31 December 2026.
In addition, the CRR 3/CRD VI package introduces disclosure requirements on ESG risks, reporting of ESG risk exposures to competent authorities, and an obligation for institutions to develop specific plans for managing financial risks arising from ESG factors, including those related to transition trends.
In this context, the EBA published in January 2025 the Guidelines on the Management of ESG Risks, fulfilling the CRD VI mandate to structurally integrate ESG risks into the European prudential framework. These Guidelines set out minimum standards and reference methodologies for the identification, measurement, management and monitoring of ESG risks, as well as their proper integration into internal governance processes, risk appetite frameworks and strategic planning. The Guidelines also specify minimum requirements for the development of transition plans, which must include metrics, quantifiable targets and time-bound milestones aligned with institutions’ sustainability strategies and prudential requirements. Their application will be mandatory from 11 January 2026, consolidating a prudential framework that strengthens the systematic consideration of ESG risks in supervisory and risk management processes.
At the international level, the Basel Committee on Banking Supervision (BCBS) has continued to advance work on ESG-related standards. In June 2025, the Committee published a voluntary framework for the disclosure of climate-related financial risks, aimed at guiding internationally active banks in the provision of qualitative and quantitative information on their exposures to physical and transition risks. The framework acknowledges the still nascent state of climate data availability, consistency and quality, and therefore adopts a flexible approach that allows for the use of different metrics and methodologies. While its adoption will depend on jurisdictional decisions, the Committee considers this framework an important step towards enhancing transparency and international comparability of climate risk disclosures and intends to monitor its implementation with a view to potential future revisions.
In the digital field, due to the increase in international crypto assets activities, the EU is moving forward with the integration of Basel standards on crypto-assets through the mandate set out in CRR 3, which will enable the establishment of a harmonised prudential treatment once the legislative process is completed. In fulfilment of the CRR 3 mandate, the EBA has finalised and published the draft Regulatory Technical Standards (RTS) applicable to the calculation of own funds requirements for crypto-asset exposures.

144
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
At 31 December 2025 Grupo Santander met the minimum capital requirements established by current legislation (see note 54.d). Additionally, it should be noted that the Group has filed an appeal with the Court of Justice of the European Union (CJEU) requesting the annulment of a decision by the European Central Bank (ECB) related to the treatment of deferred tax assets generated at Banco Santander Brasil, which, if resolved favourably, would have a positive impact of approximately 20 basis points on the Group's CET1, using the amounts at the end of the year.
f) Environmental impact
In view of the business activities carried on by the Group entities, the Group does not have any environmental liability, expenses, assets, provisions or contingencies that might be material with respect to its consolidated equity, financial position or results (see note 54.a).
g) Events after the reporting period
On 9 January 2026, after obtaining the necessary regulatory approvals and fulfilling the conditions for closing, the Group completed the sale of 49% of the share capital of Santander Bank Polska S.A. and 50% of the share capital of Santander Towarzystwo Funduszy Inwestycyjnych S.A. (TFI, the asset management business in Poland) to Erste Group Bank AG for a total cash amount of approximately EUR 7,000 million. The transaction generated a net capital gain of approximately EUR 1,900 million, which will be recognized in the consolidated income statement for the 2026 financial year. Santander holds the 9.7% of Santander Polska's share capital.
The transaction resulted in the loss of effective control over the entity, and therefore, effective as of 9 January 2026, Santander Bank Polska S.A. will cease to be consolidated using the global integration method in the Group's consolidated financial statements from that date forward.
Additionally, on 3 February 2026, Banco Santander, S.A. ('Santander') announced that it had reached an agreement to acquire Webster Financial Corporation ('Webster'), the parent company of Webster Bank, N.A., for approximately USD 12,200 million (around EUR 10,300 million). Webster shareholders will receive USD 48.75 in cash and 2.0548 Santander shares for each Webster share, resulting in a total consideration of USD 75 per Webster share. Completion of the transaction is expected to take place in the second half of 2026 subject to the customary conditions for this type of operations, including obtaining the relevant regulatory approvals and the approvals of both Webster's and Santander's shareholders.







2. Accounting policies
The accounting policies applied in preparing the consolidated financial statements were as follows:
a) Foreign currency transactions
i. Presentation currency
Banco Santander’s functional and presentation currency is the euro. Also, the presentation currency of the Group is the euro.
ii. Translation of foreign currency balances
Foreign currency balances are translated to euros in two consecutive stages:
•Translation of foreign currency to the functional currency (currency of the main economic environment in which the entity operates).
•Translation to euros of the balances held in the functional currencies of entities whose functional currency is not the euro.
Translation of foreign currency to the functional currency
Foreign currency transactions performed by consolidated entities (or entities accounted for using the equity method) not located in European Monetary Union ('EMU') countries are initially recognised in their respective currencies. Monetary items in foreign currency are subsequently translated to their functional currencies using the closing rate.
Furthermore:
•Non-monetary items measured at historical cost are translated to the functional currency at the exchange rate at the date of acquisition.
•Non-monetary items measured at fair value are translated at the exchange rate at the date when the fair value was determined.
•Income and expenses are translated at the average exchange rates for the year for all the transactions performed during the year. When applying this criterion, the Group considers whether there have been significant changes in the exchange rates in the year which, in view of their materiality with respect to the consolidated financial statements taken as a whole, would make it necessary to use the exchange rates at the transaction date rather than the aforementioned average exchange rates.
•The balances arising from non-hedging forward foreign currency/foreign currency and foreign currency/euro purchase and sale transactions are translated at the closing rates prevailing in the forward foreign currency market for the related maturity.
145
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Translation of functional currencies to euros
The balances in the financial statements of consolidated entities (or entities accounted for using the equity method) whose functional currency is not the euro are translated to euros as follows:
-Assets and liabilities, at the closing rates.
-Income and expenses, at the average exchange rates for the year.
-Equity items, at the historical exchange rates.
iii. Recognition of exchange differences
The exchange differences arising on the translation of foreign currency balances to the functional currency are generally recognised at their net amount under 'Exchange differences, net' in the consolidated income statement, except for exchange differences arising on financial instruments at fair value through profit or loss, which are recognised in the consolidated income statement without distinguishing them from other changes in fair value, and for exchange differences arising on non-monetary items measured at fair value through equity, which are recognised under 'Other comprehensive income–Items that may be reclassified to profit or loss–Exchange differences' except for exchange differences on equity instruments, where the option to irrevocably elect to be measured at fair value through changes in accumulated other comprehensive income, which are recognised in accumulated 'Other Comprehensive Income - Items not to be reclassified to profit or loss - Changes in fair value of equity instruments measured at fair value' through other comprehensive income (see note 29).
The exchange differences arising on the translation to euros of the financial statements denominated in functional currencies other than the euro are recognised in 'Other comprehensive income–Items that may be reclassified to profit or loss–Exchange differences' in the consolidated balance sheet, whereas those arising on the translation to euros of the financial statements of entities accounted for using the equity method are recognised in equity under 'Other comprehensive income–Items that may be reclassified to profit or loss and Items not reclassified to profit or loss–Other recognised income and expense' of investments in subsidiaries, joint ventures and associates (see note 29), until the related item is derecognised, at which time they are recognised in profit or loss.
Exchange differences arising on actuarial gains or losses when converting to euros the financial statements denominated in the functional currencies of entities whose functional currency is different from the euro are recognised under equity 'Other comprehensive income–Items not reclassified to profit or loss–Actuarial gains or (-) losses' on defined benefit pension plans (see note 29).
iv. Entities located in hyperinflationary economies
When a subsidiary operates in a country with hyperinflationary economy, IAS 29 Financial Information in Hyperinflationary Economies is applied, which means that:
–Historical cost of non-monetary assets and liabilities and of the various items of equity have to be adjusted to reflect the changes in the purchasing power of the currency due to inflation from their date of acquisition or incorporation into the consolidated balance sheet.
–The different items of the income statement are adjusted by the inflationary index since their generation, with a balancing entry in 'Other comprehensive income'.
–The loss on the net monetary position is recorded in the income for the year against 'Accumulated Other comprehensive income'.
–All components of the financial statements of the subsidiary are translated at the closing exchange rate.
The deterioration of the economic situation in Argentina over the last years caused, among other impacts, a significant increase in inflation, which by the end of 2018 had reached 48% per year (147% accumulated in three years). This led the Group to conclude that it was necessary to apply IAS 29 Financial Information in Hyperinflationary Economies to its activities in the country in question in its consolidated financial statements from that year on.
In 2024, Grupo Santander decided to apply an alternative exchange rate for the conversion of its Argentine business in the preparation of its consolidated annual accounts. This decision stemmed from the divergence observed between the official exchange rate and certain macroeconomic variables, primarily inflation, coupled with the fact that for certain transactions, such as the repatriation of dividends, the exchange rate implied in orderly transactions between market participants did not correspond to the official exchange rate. As of 31 December 2024, the alternative exchange rate used was based on the CCL dollar ('contado con liquidación'), which is the exchange rate resulting from the sale in US dollars of local bonds denominated in Argentine pesos (bonds with dual peso dollar/denomination). At that date, this rate did not differ significantly from other market rates.
From the second quarter of 2025, and considering the liberalization of the foreign exchange market and the elimination of restrictions on the purchase of foreign currency by individuals, and the value of this CCL dollar exchange rate did not differ significantly from other market rates and the official exchange rate, Grupo Santander started using the official exchange rate as a reference once again.
Inflation during 2025, according to the national consumer price index published by the National Statistics and Census Institute, was 31.5% for the year (117.8% at 31 December 2024). The official exchange rate as 31 December 2025 was 1,706.38 Argentine pesos per euro (1,071.16 Argentine pesos per euro at 31 December 2024). The exchange rate applied by the Group as at 31 December 2024 was 1,232.39 Argentine pesos per euro.
146
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
At 31 December 2025, no other country in which the consolidated and associated entities of Grupo Santander are located is considered to have a hyperinflationary economy in accordance with the criteria established in this regard by the International Financial Reporting Standards adopted by the European Union.
v. Exposure to foreign currency risk
Grupo Santander hedges a portion of its long-term foreign currency positions using foreign exchange derivative financial instruments (see note 36). Also, the Group manages foreign exchange risk dynamically by hedging its short-term position (with a potential impact on profit or loss) in order to limit the impact of currency depreciations while optimising the cost of financing the hedges.
The following tables show the sensitivity of the consolidated income statement and consolidated equity to percentage changes of ± 1% in the foreign exchange rate positions arising from investments in Grupo Santander companies with currencies other than the euro (with its hedges) and in their results (with its hedges), in which the Group maintains significant balances.
The estimated effect on the consolidated equity attributable to Grupo Santander and on consolidated profit and loss account of a 1% appreciation of the euro against the corresponding currency is as follows:
EUR million
Effect on 
consolidated equity		Effect on 
consolidated profit
Currency202520242023202520242023
US dollar(135.0)(168.4)(136.9)(2.5)(3.9)(3.4)
Chilean peso(8.8)(15.3)(35.3)(4.3)(2.1)(2.3)
Pound sterling(88.1)(96.5)(79.1)(7.6)(4.4)(3.1)
Mexican peso(32.5)(33.9)(36.4)(0.5)(0.5)(0.1)
Brazilian real(141.2)(144.1)(175.7)(0.8)(4.3)(6.5)
Polish zloty(12.8)(25.1)(48.8)— (0.4)— 
Argentine peso(21.3)(18.3)(7.5)(3.7)(6.6)(4.2)
Similarly, the estimated effect on the Group’s consolidated equity and on consolidated profit and loss account of a 1% depreciation of the euro against the corresponding currency is as follows:
EUR million
Effect on 
consolidated equity		Effect on 
consolidated profit
Currency202520242023202520242023
US dollar137.8 171.8 139.7 2.5 4.0 3.4 
Chilean peso9.0 15.6 36.0 4.4 2.2 2.3 
Pound sterling89.9 98.4 80.7 7.7 4.5 3.1 
Mexican peso33.1 34.6 37.1 0.5 0.5 0.1 
Brazilian real144.0 147.0 179.3 0.9 4.3 6.6 
Polish zloty
13.0 25.6 49.8 — 0.4 — 
Argentine peso21.7 18.7 7.7 3.8 6.7 4.2 
The above data were obtained as follows:
a)    Effect on consolidated equity: in accordance with the accounting policy detailed in note 2.a.iii, foreign exchange rate impact arising on the translation to euros of the financial statements in the functional currencies of the Group entities whose functional currency is not the euro are recognised in consolidated equity. The potential effect that a change in the exchange rates of the related currency would have on the Group’s consolidated equity was therefore determined by applying the aforementioned change to the net value of each unit’s assets and liabilities -including, where appropriate, the related goodwill- and by taking into consideration the offsetting effect of the hedges of net investments in foreign operations.
b)    Effect on consolidated profit: the effect was determined by applying the up and down movements in the average exchange rates of the year, as indicated in note 2.a.ii (except in the case of Argentina, which is a hyperinflationary economy and has applied the closing exchange rate), to translate to euros the income and expenses of the consolidated entities whose functional currency is not the euro, taking into consideration, where appropriate, the offsetting effect of the various hedging transactions in place.
The estimates used to obtain the foregoing data were performed considering the effects of the changes in the exchange rate in standalone basis not considering the effect of the performance of other variables whose changes would affect equity and profit or loss, such as variations in the interest rates of the reference currencies or other market factors. Accordingly, all variables other than the exchange rate variations were kept constant with respect to their positions at 31 December 2025, 2024 and 2023.

















147
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
b) Basis of consolidation
i. Subsidiaries
Subsidiaries are defined as entities over which the Bank has the capacity to exercise control. The Bank controls an entity when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
The financial statements of the subsidiaries are fully consolidated with those of the Bank. Accordingly, all balances and effects of the transactions between consolidated companies are eliminated on consolidation.
On acquisition of control of a subsidiary, its assets, liabilities and contingent liabilities are recognised at their acquisition-date fair values. Any positive differences between the acquisition cost and the fair values of the identifiable net assets acquired are recognised as goodwill (see note 17). Negative differences are recognised in profit or loss on the date of acquisition.
Additionally, the share of third parties of Grupo Santander equity is presented under 'Non-controlling interests' in the consolidated balance sheet (see note 28). Their share of the profit for the year is presented under 'Profit attributable to non-controlling interests' in the consolidated income statement.
The results of subsidiaries acquired during the year are included in the consolidated income statement from the date of acquisition to year-end. Similarly, the results of subsidiaries for which control is lost during the year are included in the consolidated income statement from the beginning of the year to the date of disposal.
At 31 December 2025, apart from the structured consolidated entities, Grupo Santander does not control any company in which it maintains a percentage of direct participation in its share capital of less than 50% and in where other elements exist which, considered together, would grant give it decision-making power over its relevant activities.
The appendices contain significant information on the subsidiaries.
ii. Interests in joint ventures
Joint ventures are deemed to be entities that are not subsidiaries but which are jointly controlled by two or more unrelated entities. This is evidenced by contractual arrangements whereby two or more parties have interests in entities so that decisions about the relevant activities require the unanimous consent of all the parties sharing control.
In the consolidated financial statements, investments in joint ventures are accounted for using the equity method, i.e. at the Group’s share of net assets of the investee, after taking into account the dividends received therefrom and other equity eliminations. The profits and losses resulting from transactions with a joint venture are eliminated to the extent of the Group’s interest therein.
The appendices contain relevant information on the joint ventures.

iii. Associates
Associates are entities over which Banco Santander is in a position to exercise significant influence, but not control or joint control. It is presumed that Banco Santander exercises significant influence if it holds 20% or more of the voting power of the investee.
In the consolidated financial statements, investments in associates are accounted for using the equity method, with the same criteria applicable to shares in joint ventures.
There are certain investments in entities which, although Grupo Santander owns 20% or more of their voting power, are not considered to be associates because the Group is not in a position to exercise significant influence over them. As of 31 December 2024 and 2023, the investment in Project Quasar Investments 2017, S.L. was in this situation, despite maintaining a 49% stake in the share capital. The rest of the investments are not significant for the Group.
There are also certain investments in associates where the Group owns less than 20% of the voting rights, as it is determined that it has the capacity to exercise significant influence over them. The impact of these companies is immaterial in the Group's consolidated financial statements.
The appendices contain significant information on the associates.
iv. Structured entities
In some cases, Grupo Santander incorporates entities, or holds ownership interests therein, to enable its customers to access certain investments, or for the transfer of risks or other purposes. Those entities are called 'structured entities' and they are characterized by the fact that since the voting, or similar power is not a key factor in deciding who controls the entity. The control is determined by using internal criteria and procedures and taking into consideration the applicable legislation, as described above. Specifically, for those entities to which this policy applies (mainly investment funds and pension funds), the Group analyses the following factors:
•Percentage of ownership held by Grupo Santander; 20% is established as the general threshold.
•Identification of the fund manager, and verification as to whether it is a company controlled by the Group since this could affect Grupo Santander ability to direct the relevant activities.
•Existence of agreements between investors that might require decisions to be taken jointly by the investors, rather than by the fund manager.
•Existence of currently exercisable removal rights (possibility of removing the manager from his position), since the existence of such rights might limit the manager’s power over the fund, and it may be concluded that the manager is acting as an agent of the investors.
•Analysis of the fund manager’s remuneration regime, taking into consideration that a remuneration regime that is proportionate to the service rendered does not, generally, create exposure of such importance as to indicate that the manager is acting as the principal. Conversely, if the remuneration regime is not proportionate to the service rendered, this might give rise to an exposure that would lead the Group to a different conclusion.
148
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
These structured entities also include the securitisation special purpose vehicles, which are consolidated in the case of the Special Purpose Vehicles (SPVs) over which, being exposed to variable yield, it is considered that the Group continues to exercise control.
The exposure associated with unconsolidated structured entities, additional to investments in the equity of investment funds (note 8), are not material with respect to the Group’s consolidated financial statements.
v. Business combinations
A business combination is the bringing together of two or more separate entities or economic units into one single entity or group of entities.
Business combinations whereby Grupo Santander obtains control over an entity or a business are recognised for accounting purposes as follows:
•Grupo Santander measures the cost of the business combination, which is normally the consideration transferred, defined as the acquisition-date fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity instruments issued, if any, by the acquirer. In cases where the amount of the consideration to be transferred has not been definitively established at the acquisition date, but rather depends on future events, any contingent consideration is recognised as part of the consideration transferred and measured at its acquisition-date fair value. Moreover, acquisition-related costs do not for these purposes form part of the cost of the business combination.
•The fair values of the assets, liabilities and contingent liabilities of the acquired entity or business, including any intangible assets identified in the business combination which might not have been recognised by the acquiree, are estimated and recognised in the consolidated balance sheet; the Group also estimates the amount of any non-controlling interests and the fair value of the previously held equity interest in the acquiree.
•Any positive difference between the aforementioned items is recognised as discussed in note 2.m. Any negative difference is recognised under 'Negative Goodwill' recognised in the consolidated income statement.
Goodwill is only calculated and recognised once, when control of a business or an entity is obtained.
vi. Changes in the levels of ownership interests in subsidiaries
Acquisitions and disposals not giving rise to a change in control are recognised as equity transactions, and no gain or loss is recognised in the income statement and the initially recognised goodwill is not remeasured. The difference between the consideration transferred or received and the decrease or increase in non-controlling interests, respectively, is recognised in reserves.
Similarly, when control over a subsidiary is lost, the assets, liabilities and non-controlling interests and any other items recognised in 'Other Comprehensive income' of that company are derecognised from the consolidated balance sheet, and the fair value of the consideration received and of any remaining equity interest is recognised. The difference between these amounts is recognised in profit or loss.
c) Classification of financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or an equity instrument of another entity.
The following transactions are not treated for accounting purposes as financial instruments:
•Investments in associates and joint venture when accounted for using the equity method in accordance with IAS 28 (see note 13).
•Rights and obligations under employee benefit plans recognized in accordance with IAS 19 (see note 25).
•Insurance contracts and the rights and obligations directly arising from them, within the scope of IFRS 17 (see note 15).
•Contracts and obligations relating to employee remuneration based on own equity instruments accounted for in accordance with IFRS 2 (see note 34).
i. Classification of financial assets for measurement purposes
Financial assets are classified into the various categories used for management and measurement purposes, unless they have to be presented as 'Non-current assets held for sale' or they relate to 'Cash, cash balances at central banks and other deposits on demand', 'Changes in the fair value of hedged items in portfolio hedges of interest rate risk (asset side)', 'Hedging derivatives and Investments', which are reported separately.
Classification of financial instruments: the classification criteria for financial assets depends on the business model for their management and the characteristics of their contractual flows.
Grupo Santander business models refer to the way in which it manages its financial assets to generate cash flows. In defining these models, the Group takes into account the following factors:
•How key entity staff are assessed and reported on the performance of the business model and the financial assets held in the business model.
•The risks that affect the performance of the business model (and the financial assets held in the business model) and, specifically, the way in which these risks are managed.
•The way in which business managers are remunerated.
•The frequency, the calendar and volume of sales in previous years, as well as expectations of future sales and the reasons of the sales.
149
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
The analysis of the characteristics of the contractual cash flows of financial assets requires an assessment of the congruence of these flows with a basic loan agreement. The Group determines if the contractual cash flows of its financial assets that are only principal and interest payments on the outstanding principal amount at the beginning of the transaction. This analysis takes into consideration four factors (performance, contractual clauses, contractually linked products and currencies). Furthermore, among the most significant judgements used by the Group in carrying out this analysis, the following ones are included:
•The return on the financial asset, in particular in cases of periodic interest rate adjustments where the term of the reference rate does not coincide with the frequency of the adjustment. In these cases, an assessment is made to determine whether or not the contractual cash flows differ significantly from the flows without this change in the time value of money, establishing a tolerance level of 5%.
•When contractual clauses that may modify the cash flows of the financial asset exist, the structure of the cash flows before and after the activation of such clauses is analysed, regardless of the probability of occurrence of the contingent event. The evaluation of contractual flows of financial assets with characteristics associated with ESG (Environmental, Social and Governance) is included in this analysis.
•Financial assets whose cash flows have different priority for payment due to a contractual link to underlying assets (e.g. securitization instruments or similar structures) require a look-through analysis by the Group so as to review that both the financial asset and the underlying assets are only principal and interest payments and that the exposure to credit risk of analyzed segment does not exceed the average exposure of the underlying assets of the instrument.
Depending on these factors, the financial assets classify for measurement as: (i) at amortised cost, (ii) at fair value with changes in other comprehensive income or (iii) at fair value with changes through profit and loss. IFRS 9 also establishes an option to irrevocably designate an instrument at fair value with changes in profit or loss, when doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as 'accounting asymmetry') that would otherwise arise from measuring assets or liabilities or recognising gains and losses on different bases.
Grupo Santander uses the following criteria for the classification of the financial debt instruments:
•Amortised cost: financial instruments managed under a business model whose objective is to hold the financial assets to collect contractual principal and interest flows. This category includes instruments for which there are no frequent or significant unjustified sales and fair value is not a key element in the management of these assets and contractual conditions they give rise to cash flows on specific dates, which are only payments of principal and interest on the outstanding principal amount. In this sense, justified sales are considered to be those related to an (i) increase in the credit risk of the asset, (ii) unanticipated funding needs (stress case scenarios) and (iii) those close to maturity . Additionally, the characteristics of its contractual flows represent substantially a 'basic financing agreement'.
•Fair value with changes in other comprehensive income: financial instruments held in a business model whose objective is to collect principal and interest cash flows and the sale of these assets, where fair value is a relevant factor in their management. Additionally, the contractual cash flow characteristics substantially represent a 'basic financing agreement'.
•Fair value with changes in profit or loss: financial instruments included in a business model different from the above, where fair value is a key element in the management of these assets, and the contractual flows of the financial instruments do not substantially represent a 'basic financing agreement'. In this section it can be enclosed the portfolios classified under 'Financial assets held for trading', 'Non-trading financial assets mandatorily at fair value through profit or loss' and 'Financial assets at fair value through profit or loss'. In this regard, most of the financial assets presented in the category of 'Financial assets designated at value reasonable with change in results' are instruments financial services that, not being part of the portfolio of negotiation, are contracted jointly with other financial instruments that are recorded in the category of 'held for trading', and that by both are recorded at fair value with changes in results, so your record in any other category would produce accounting asymmetries.
Equity instruments will be classified at fair value under IFRS 9, with changes in profit or loss, unless the Group decides, for non-trading assets, to classify them at fair value with changes in other comprehensive income (irrevocably) at initial recognition.
ii. Classification of financial assets for presentation purposes
Financial assets are classified by nature into the following items in the consolidated balance sheet:
•Cash, cash balances at Central Banks and other deposits on demand: cash balances and balances receivable on demand relating to deposits with central banks and other credit institutions.
•Loans and advances: includes the debit balances of all credit and loans granted by the Group, other than those represented by securities or securitized, as well as the finance lease receivables and other debit balances of a financial nature in favour of the Group such as cheques drawn on credit institutions, balances receivable from clearing houses and settlement agencies for transactions on the stock exchange and organised markets, bonds given in cash, capital calls, fees and commissions receivable for financial guarantees and debit balances arising from transactions not originating in banking transactions and services, such as the collection of rentals and similar items. They are classified, on the basis of the institutional sector to which the debtor belongs, into:
–Central banks: credit of any nature, including deposits and money market transactions received from the Bank of Spain or other central banks.
–Credit institutions: credit of any nature, including deposits and money market transactions, in the name of credit institutions.
–Customers: includes the remaining credit, including money market transactions through central counterparties.
150
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
•Debt securities: bonds and other securities that represent a debt for their issuer, that that accrue interest or equivalent returns implemented in securities or in book entries.
•Equity instruments: financial instruments issued by other entities, such as shares, which have the nature of equity instruments for the issuer, other than investments in subsidiaries, joint ventures or associates. Investment fund units are included in this item.
•Derivatives: includes the fair value in favour of the Group of derivatives which do not form part of hedge accounting, including embedded derivatives separated from hybrid financial instruments.
•Repurchase agreements and reverse repurchase agreements: Purchases of financial instruments under a non-optional resale (repurchase) agreement at a fixed price (repos) are recognised in the consolidated balance sheet as financing granted, based on the nature of the debtor, under 'Loans and advances with central banks', 'Loans and advances to credit institutions' or 'Loans and advances to customers. Differences between the purchase and sale prices are recognised as interest over the contract term.
•Changes in the fair value of hedged items in portfolio hedges of interest rate risk: this item is the balancing entry for the amounts credited to the consolidated income statement in respect of the measurement of the portfolios of financial instruments which are effectively hedged against interest rate risk through fair value hedging derivatives.
•Hedging derivatives: Includes the fair value in favour of the Group of derivatives, including embedded derivatives separated from hybrid financial instruments, designated as hedging instruments in hedge accounting.
iii. Classification of financial liabilities for measurement purposes
Financial liabilities are initially classified into the various categories used for management and measurement purposes, unless they have to be presented as 'Liabilities associated with non-current assets held for sale' or they relate to 'Hedging derivatives' or the changes in the fair value of hedged items in portfolio hedges of interest rate risk (liability side), which are reported separately.
In most cases, changes in the fair value of financial liabilities designated at fair value through profit or loss, caused by the entity's credit risk, are recognized in other comprehensive income, unless this treatment results in an accounting asymmetry, in which case the full effect is recognized in the profit or loss for the period.
Financial liabilities are included for measurement purposes in one of the following categories:
•Financial liabilities held for trading (at fair value through profit or loss): this category includes financial liabilities incurred for the purpose of generating a profit in the near term from fluctuations in their prices, financial derivatives not designated in accounting hedging relationships, and financial liabilities arising from the outright sale of financial assets temporarily acquired or received on loan (short positions).
•Financial liabilities designated at fair value through profit or loss: financial liabilities are included in this category when they provide more relevant information, either because this eliminates or significantly reduces recognition or measurement inconsistencies (accounting mismatches) that would otherwise arise from measuring assets or liabilities or recognising the gains or losses on them on different bases, or because a group of financial liabilities or financial assets and liabilities is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the group is provided on that basis to the Group’s key management personnel.
Liabilities may only be included in this category on the date when they are incurred or originated.
•Financial liabilities at amortised cost: financial liabilities, irrespective of their instrumentation and maturity, not included in any of the above-mentioned categories which arise from the ordinary borrowing activities carried on by financial institutions.
iv. Classification of financial liabilities for presentation purposes
Financial liabilities are classified by nature into the following items in the consolidated balance sheet:
•Deposits: includes all repayable balances received in cash by Grupo Santander, other than those instrumented as marketable securities and those having the substance of subordinated liabilities (amount of the loans received, which for credit priority purposes are after common creditors), except for the debt instruments issued. This item also includes cash bonds and cash consignments received the amount of which may be invested without restriction. Deposits are classified on the basis of the creditor’s institutional sector into:
–Central banks: deposits of any nature, including credit received and money market transactions received from the Bank of Spain or other central banks.
–Credit institutions: deposits of any nature, including credit received and money market transactions in the name of credit institutions.
–Customer: includes the remaining deposits, including money market transactions through central counterparties.
•Marketable debt securities: includes the amount of bonds, debentures and other debt represented by marketable securities, other than those having the substance of subordinated liabilities (amount of the loans received, which for credit priority purposes are after common creditors, and includes the amount of the financial instruments issued by the Group which, having the legal nature of capital, do not meet the requirements to qualify as equity, such as certain preferred shares issued). This item includes the component that has the consideration of financial liability of the securities issued that are compound financial instruments.
•Derivatives: includes the fair value, with a negative balance for the Group, of derivatives, including embedded derivatives separated from the host contract, which do not form part of hedge accounting.
151
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
•Short positions: includes the amount of financial liabilities arising from the outright sale of financial assets acquired under reverse repurchase agreements or borrowed.
•Other financial liabilities: includes the amount of payment obligations having the nature of financial liabilities not included in other items (includes, among others, the balance of lease liabilities recognized in accordance with IFRS 16), and liabilities under financial guarantee contracts, unless they have been classified as non-performing.
•Repurchase agreements and reverse repurchase agreements: Sales of financial instruments under a non-optional resale (repurchase) agreement at a fixed price (repos) are recognised in the consolidated balance sheet as financing received, based on the nature of the creditor, under 'Deposits from central banks', 'Deposits from credit institutions' or 'Customer deposits'. Differences between the purchase and sale prices is recorded as interest accrued over the life of the contract, using the effective interest rate method.
•Changes in the fair value of hedged items in portfolio hedges of interest rate risk: this item is the balancing entry for the amounts charged to the consolidated income statement in respect of the measurement of the portfolios of financial instruments which are effectively hedged against interest rate risk through fair value hedging derivatives.
•Hedging derivatives: includes the fair value of the Group’s liability in respect of derivatives, including embedded derivatives separated from hybrid financial instruments, designated as hedging instruments in hedge accounting.
•The preference shares contingently convertible into ordinary shares eligible as Additional Tier 1 capital (PPCC) -perpetual shares, which may be repurchased by the issuer in certain circumstances, the interest on which is discretionary, and would convert into variable number of newly issued ordinary shares if the capital ratio of the Bank or its consolidated group falls below a given percentage (trigger event), as those two terms are defined in the related issue prospectuses are recognised for accounting purposes by the Group as compound instruments in accordance with IAS 32. The liability component reflects the issuer’s obligation to deliver a variable number of shares and the equity component reflects the issuer’s discretion in relation to the payment of the related coupons. In order to effect the initial allocation, the Group estimates the fair value of the liability as the amount that would have to be delivered if the trigger event were to occur immediately and, accordingly, the equity component, calculated as the residual amount, is zero. In view of the aforementioned discretionary nature of the payment of the coupons, they are deducted directly from equity.
•Capital perpetual preference shares (PPCA), with the possibility of purchase by the issuer in certain circumstances, whose remuneration is discretionary, and which will be amortised permanently, totally or partially, in the event that the bank or its consolidated group submits a capital ratio lesser than a certain percentage (trigger event), as defined in the corresponding prospectuses, are accounted for by the Group as equity instruments.
•Derivatives embedded in other financial instruments or in other host contracts are accounted for separately as derivatives if their risks and characteristics are not closely related to those of the host contracts, provided that the host contracts are not classified as financial assets/liabilities designated at fair value through profit or loss or as 'Financial assets/liabilities held for trading'.
d) Measurement of financial assets and liabilities and recognition of fair value changes
In general, financial assets and liabilities are initially recognised at fair value which, in the absence of evidence to the contrary, is deemed to be the transaction price.
In this regard, IFRS 9 states that regular way purchases or sales of financial assets shall be recognised and derecognised on the trade date or on the settlement date. Grupo Santander has opted to make such recognition on the trading date or settlement date, depending on the convention of each of the markets in which the transactions are carried out. For example, in relation to the purchase or sale of debt securities or equity instruments traded in the Spanish market, securities market regulations stipulate their effective transfer at the time of settlement and, therefore, the same time has been established for the accounting record to be made.
The fair value of instruments not measured at fair value through profit and loss is adjusted by transaction costs. Subsequently, and on the occasion of each accounting close, they are valued in accordance with the following criteria:
i. Measurement of financial assets
Financial assets are measured at fair value are valued mainly at their fair value without deducting any transaction cost for their sale.
The fair value of a financial instrument on a given date is taken to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The most objective and common reference for the fair value of a financial instrument is the price that would be paid for it on an active, transparent and deep market (quoted price or market price). At 31 December 2025, there were no significant investments in quoted financial instruments that had ceased to be recognised at their quoted price because their market could not be deemed to be active.
If there is no market price for a given financial instrument, its fair value is estimated on the basis of the price established in recent transactions involving similar instruments and, in the absence thereof, of valuation techniques commonly used by the international financial community, taking into account the specific features of the instrument to be measured and, particularly, the various types of risk associated with it.
152
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
All derivatives are recognised in the balance sheet at fair value from the trade date. If the fair value is positive, they are recognised as an asset and if the fair value is negative, they are recognised as a liability. The fair value on the trade date is deemed, in the absence of evidence to the contrary, to be the transaction price. The changes in the fair value of derivatives from the trade date are recorded in the consolidated income statement. Specifically, the fair value of financial derivatives traded in organised markets included in the portfolios of financial assets or liabilities held for trading is deemed to be their daily quoted price and if, for exceptional reasons, the quoted price cannot be determined on a given date, these financial derivatives are measured using methods similar to those used to measure derivatives.
The fair value of derivatives is taken to be the sum of the future cash flows arising from the instrument, discounted to present value at the date of measurement (present value or theoretical close) using valuation techniques commonly used by the financial markets: net present value, option pricing models and other methods.
The amount of debt securities and loans and advances under a business model whose objective is to collect the principal and interest flows are valued at their amortised cost, as long as they comply with the 'SPPI' (Solely Payments of Principal and Interest) test, using the effective interest rate method in their determination. Amortised cost refers to the acquisition cost of a corrected financial asset or liability (more or less, as the case may be) for repayments of principal and the part systematically charged to the consolidated income statement of the difference between the initial cost and the corresponding reimbursement value at expiration. In the case of financial assets, the amortised cost includes, in addition, the corrections to their value due to the impairment. In the loans and advances covered in fair value hedging transactions, the changes that occur in their fair value related to the risk or the risks covered in these hedging transactions are recorded.
The effective interest rate is the discount rate that exactly matches the carrying amount of a financial instrument to all its estimated cash flows of all kinds over its remaining life.
For fixed rate financial instruments, the effective interest rate coincides with the contractual interest rate established on the acquisition date plus, where applicable, the fees and transaction costs that, because of their nature, form part of their financial return. In the case of floating rate financial instruments, the effective interest rate coincides with the rate of return prevailing in all connections until the next benchmark interest reset date.
Equity instruments and contracts related with these instruments are measured at fair value. However, in certain circumstances the Group estimates cost value as a suitable estimate of the fair value. This can happen if the recent event available information is not enough to measure the fair value or if there is a broad range of possible measures and the cost value represents the best estimates of fair value within this range.
The amounts at which the financial assets are recognised represent, in all material respects, the Group’s maximum exposure to credit risk at each reporting date. Also, Grupo Santander has received collateral and other credit enhancements to mitigate its exposure to credit risk, which consist mainly of mortgage guarantees, cash collateral, equity instruments and personal security, assets leased out under finance lease and full-service lease agreements, assets acquired under repurchase agreements, securities loans and credit derivatives.
ii. Measurement of financial liabilities
In general, financial liabilities are measured at amortised cost, as defined above, except for those included under 'Financial liabilities held for trading' and 'Financial liabilities designated at fair value through profit or loss' and financial liabilities designated as hedged items (or hedging instruments) in fair value hedges, which are measured at fair value. The changes in credit risk arising from financial liabilities designated at fair value through profit or loss are recognised in accumulated other comprehensive income, unless they generate or increase an accounting mismatch, in which case changes in the fair value of the financial liability in all respects are recognised in the income statement.
iii. Valuation techniques
The financial instruments at fair value determined on the basis of published price quotations in active markets (level 1) include government debt securities, private-sector debt securities, derivatives traded in organised markets, securitised assets, shares, short positions and fixed-income securities issued.
In cases where price quotations cannot be observed, management makes its best estimate of the price that the market would set, using its own internal models, described in note 50. In most cases, these internal models use data based on observable market parameters as significant inputs (level 2) and, in cases, they use significant inputs not observable in market data (level 3). In order to make these estimates, various techniques are employed, including the extrapolation of observable market data. The best evidence of the fair value of a financial instrument on initial recognition is the transaction price, unless the fair value of the instrument can be obtained from other market transactions performed with the same or similar instruments or can be measured by using a valuation technique in which the variables used include only observable market data, mainly interest rates.
iv. Recognition of fair value changes
As a general rule, changes in the carrying amount of financial assets and liabilities are recognised in the consolidated income statement. A distinction is made between the changes resulting from the accrual of interest and similar items, (which are recognised under Interest income or Interest expense, as appropriate), and those arising for other reasons, which are recognised at their net amount under 'Gains/losses on financial assets and liabilities'.
Adjustments due to changes in fair value arising from:
153
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
•'Financial assets at fair value with changes in other comprehensive income' are recorded temporarily, in the case of debt instruments in 'Other comprehensive income - Elements that can be reclassified to profit or loss - Financial assets at fair value with changes in other comprehensive income', while in the case of equity instruments are recorded in 'other comprehensive income - Elements that will not be reclassified to line item - Changes in the fair value of equity instruments valued at fair value with changes in other comprehensive income'.
Exchange differences on debt instruments measured at fair value with changes in other comprehensive income are recognised under 'Exchange Differences, net' of the consolidated income statement. Exchange differences on equity instruments, in which the irrevocable option of being measured at fair value with changes in other comprehensive income has been chosen, are recognised in '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 comprehensive income'.
•Items charged or credited to 'Items that may be reclassified to profit or loss – Financial assets at fair value through other comprehensive income' and 'Other comprehensive income – Items that may be reclassified to profit or loss – Exchange differences in equity' remain in the Group's consolidated equity until the asset giving rise to them is impaired or derecognised, at which time they are recognised in the consolidated income statement.
•Unrealized capital gains on financial assets at fair value through other comprehensive income classified as 'Non-current assets held for sale' because they form part of a disposal group or a discontinued operation that are recorded in the equity balancing entry 'Other accumulated comprehensive income - Items that can be reclassified in income - Non-current assets as held for sale.
v. Hedging transactions
The objective of hedge accounting is to represent in the financial statements the effect of an entity's risk management activities when it uses financial instruments to manage exposures arising from specific risks that could affect profit or loss or other comprehensive income (in the case of investments in equity instruments for which the entity has opted to represent changes in the fair value of other comprehensive income).
As described in Note 1.b, the Group has adopted IFRS 9 for hedge accounting prospectively, while continuing to apply IAS 39 for fair value hedges in portfolios where the hedged risk is interest rate risk. This change has not resulted in any modifications to the accounting treatment of hedges designated under IAS 39, which remain unchanged in both their designation and accounting treatment.
For a hedging relationship to meet the requirements set out in IFRS 9, it must meet the following conditions:

1.    Instruments that can be designated as hedging instruments include all derivative financial instruments or non-derivative financial instruments measured at fair value through profit or loss, or a combination thereof. In the case of foreign exchange risk hedges, any type of non-derivative financial instrument can also be designated, regardless of its measurement method.
2. Items that can be designated as covered items are all those that are recognized assets or liabilities, firm commitments, highly probable anticipated transactions, and net investments abroad.
3.    At the start of coverage, a formal designation and documentation of the hedging relationship must be made, which will include the entity's risk management strategy and objective, identification of the hedging instrument and the covered item, the nature of the covered risk, the methodology for measuring effectiveness, which includes an analysis of the sources of ineffectiveness, and the coverage ratio.
The main sources of ineffectiveness based on the risk covered are:
a. Interest rate risk: mismatches in time horizons, principal, repricing and payment dates, time value of options, modifications in the hedged item or the hedging instrument.
b. Exchange rate risk: in addition to the above, the difference between the interest rates of the two currencies that represents the net cost or benefit of switching cash flows between two currencies with different interest rates.
4. The hedging relationship must be effective, for which there must be an economic relationship between the hedged item and the hedging instrument, credit risk must not have a dominant effect on changes in the value of the economic relationship between the hedging instrument and the hedged item, and the hedging ratio must coincide with that used by the entity in its management.
The Group assesses these effectiveness requirements, at the time of designation and on each submission date, through:
•The economic relationship between the hedged item and the hedging instrument is demonstrated through a qualitative test, and in the event of non-compliance, through quantitative tests that compare the market value of the hedged items—corresponding to the hedged risk—and the hedging instruments. Likewise, a quantitative analysis of variations in the market values of the hedging instrument and the hedged item is performed prospectively.
•The hedge ratio is determined based on the proportion between the amount of the hedged item and the amount of the instrument actually designated by the Group in each hedging relationship.
• The credit risk domain assessment is performed through an analysis of the credit exposure of the hedged items and the hedging instruments.
154
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Accounting hedges are classified and recorded according to the type of risk they cover, based on the following criteria:
•Fair value hedges: These are hedges against exposure to changes in the fair value of the hedged item, attributable to a specific risk.
The differences arising from both the hedging instruments and the hedged items (due to the hedged risk) are recognized directly in the consolidated profit and loss account.
When the fair value hedge is discontinued, the adjustments previously recorded in the hedged item are charged to profit or loss using the effective interest rate method recalculated at the date the hedge ceases to be covered, and must be fully amortized at maturity.
In fair value hedges of interest rate risk of a portfolio of financial instruments (macro hedges), regulated by IAS 39, the gains or losses arising from the valuation of the hedging instruments are recognized directly in the consolidated profit and loss account, while the gains or losses due to changes in the fair value of the hedged amount (attributable to the hedged risk) are recognized in the consolidated profit and loss account using as a counterpart the headings 'Changes in the fair value of hedged items' of a portfolio with interest rate risk hedge (asset or liability), as appropriate.
•Cash flow hedges: These are hedges against exposure to changes in cash flows attributable to a specific risk associated with the hedged item.
The effective portion of the change in the value of the hedging instrument is temporarily recorded in the equity account 'Other accumulated comprehensive income - Items that may be reclassified in profit or loss - Hedging derivatives. Cash flow hedges (effective portion)' until the hedged item affects profit or loss. From that point onward, it will be recorded in the consolidated profit or loss account for the same period as the hedged item, except in cases where it is required to be included in the cost of the non-financial asset or liability, or the anticipated transactions are ultimately recognized as non-financial assets or liabilities.
When cash flow hedges are discontinued, the accumulated result of the hedging instrument recognized in the equity heading 'Other accumulated global result' (while the hedge was effective) will continue to be recognized in that heading until the hedged transaction occurs, at which time it will be recorded in profit or loss, unless it is expected that the transaction will not take place, in which case it is recorded immediately in profit or loss.
•Net investment hedges of a foreign operation: This is a hedge of the amount corresponding to the reporting entity's share of the net assets of said operation.
The effective portion of the hedging instrument is temporarily recorded in the equity account 'Other accumulated comprehensive income - Items that may be reclassified in profit or loss - Net investment hedges' in foreign operations until the gains or losses on the hedged item are recognized in profit or loss.
To measure ineffectiveness, the Group compares the valuation of the hedging instrument with the valuation of the hedged item based on the hedged risk, using different methodologies such as the proxy method or the hypothetical derivative method. The ineffective portion of the cash flow and net investment hedge relationships in foreign operations is recorded directly in the consolidated profit and loss account, under the heading 'Net gains or losses from hedge accounting'.
The Group discontinues accounting for hedging relationships when the hedging instrument expires, is sold, or when the hedging relationship becomes ineffective because it is no longer aligned with the risk management objective. In that case, the derivative is then treated as a trading derivative.
If a hedging relationship ceases to meet the effectiveness requirements, but the risk management objective remains, the Group will assess whether to rebalance or adjust the hedging ratio to meet the effectiveness requirements again without discontinuing the hedging relationship.
A hedging instrument is generally designated in its entirety, as the factors contributing to its fair value are interdependent. However, IFRS 9 allows certain parts of a hedging instrument to be excluded from its fair value:
a.Separating the intrinsic value and the time value of an option and designating only the intrinsic element as the hedging instrument, which is mandatory if the intrinsic value is designated;
b.Separating the forward and spot elements of a forward contract and designating only the spot element as the hedging instrument, which will be determined for each hedging relationship. and
c.Separate the foreign currency basis spread of a currency derivative and exclude it from the designation of the hedging instrument, as determined for each hedging relationship.
Separating these components will improve the effectiveness of the hedge and allows for alternative accounting treatment for the excluded component. This treatment consists of recording the changes in value under the heading 'Other accumulated comprehensive income – Undesignated items' and recording this component in the consolidated profit or loss statement, depending on the nature of the hedged item, either over a period of time or at the time the hedged transaction occurs.
Additionally, if the entity manages the credit risk of all or part of a financial instrument through the use of credit derivatives, there is the option of designating a fair value credit exposure through profit or loss, provided that the derivative matches the name and priority of the financial instrument being hedged. This designation may be made at the initial recognition of the designated financial instrument or subsequently, with the designation being documented. From its designation, fair value variations (for all its risks, not exclusively credit risk) will be recorded in the consolidated profit and loss account.
155
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
e) Derecognition of financial assets and liabilities
The accounting treatment of transfers of financial assets depends on the extent to which the risks and rewards associated with the transferred assets are transferred to third parties:
1.    If the Group transfers substantially all the risks and rewards to third parties unconditional -sale of financial assets, sale of financial assets under an agreement to repurchase them at their fair value at the date of repurchase, sale of financial assets with a purchased call option or written put option that is deeply out of the money, securitisation of assets in which the transferor does not retain a subordinated debt or grant any credit enhancement to the new holders, and other similar cases-, the transferred financial asset is derecognised and any rights or obligations retained or created in the transfer are recognised simultaneously.
2.    If the Group retains substantially all the risks and rewards associated with the transferred financial asset -sale of financial assets under an agreement to repurchase them at a fixed price or at the sale price plus interest, a securities lending agreement in which the borrower undertakes to return the same or similar assets, and other similar cases-, the transferred financial asset is not derecognised and continues to be measured by the same criteria as those used before the transfer. In this case, the following items are recognised:
a.An associated financial liability, which is recognised for an amount equal to the consideration received and is subsequently measured at amortised cost, unless it meets the requirements for classification under 'Financial liabilities designated at fair value through profit or loss'.
b.The income from the transferred financial asset not derecognised and any expense incurred on the new financial liability, without offsetting.
3.    If the Group neither transfers nor retains substantially all the risks and rewards associated with the transferred financial asset -sale of financial assets with a purchased call option or written put option that is not deeply in or out of the money, securitisation of assets in which the transferor retains a subordinated debt or other type of credit enhancement for a portion of the transferred asset, and other similar cases- the following distinction is made:
a.If the transferor does not retain control of the transferred financial asset, the asset is derecognised and any rights or obligations retained or created in the transfer are recognised.
b.If the transferor retains control of the transferred financial asset, it continues to recognise it for an amount equal to its exposure to changes in value and recognises a financial liability associated with the transferred financial asset. The net carrying amount of the transferred asset and the associated liability is the amortised cost of the rights and obligations retained, if the transferred asset is measured at amortised cost, or the fair value of the rights and obligations retained, if the transferred asset is measured at fair value.
Accordingly, financial assets are only derecognised when the rights to the cash flows they generate have expired or when substantially all the inherent risks and rewards have been transferred to third parties. Similarly, financial liabilities are only derecognised when the obligations they generate have been extinguished or when they are acquired with the intention either to cancel them or to resell them.
Regarding contractual modifications of financial assets, Grupo Santander distinguishes two main categories depending on whether the new conditions result in the disposal of the asset (and recognition of a new one) or imply the continuation of the original instrument with the new modified terms:
•Contractual modifications for commercial or market reasons, which are generally carried out at the request of the debtor to apply current market conditions to the debt. The new contract is considered a new transaction and, consequently, it is necessary to derecognize the original financial asset and recognize a new financial asset subject to the classification and measurement requirements established by IFRS 9. The new financial asset will be recorded at fair value and, if applicable, the difference between the carrying amount of the asset derecognized and the fair value of the new asset will be recognized in profit or loss.
•Modifications due to refinancing or restructuring, in which the payment conditions are modified to allow a customer that is experiencing financial difficulties (current or foreseeable) to meet its payment obligations and that, if such modification had not been made, it would be reasonably certain that it would not be able to meet such payment obligations. In this case, the modification does not result in the derecognition of the financial asset, but rather the original financial asset is maintained and does not require a new assessment of its classification and measurement. When assessing credit impairment, the current credit risk (considering the modified cash flows) should be compared with the credit risk at initial recognition. The gross carrying amount of the financial asset (the present value of the renegotiated or modified contractual cash flows that are discounted at the original effective interest rate of the financial asset) should be recalculated, with a gain or loss recognized in profit or loss for the difference.
f) Offsetting of financial instruments
Financial asset and liability balances are offset, i.e. reported in the consolidated balance sheet at their net amount, only if the Group entities currently have a legally enforceable right to set off the recognised amounts and intend either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
g) Impairment of financial assets
i. Definition
Grupo Santander associates an impairment in the value to financial assets measured at amortised cost, debt instruments measured at fair value with changes in other comprehensive income, lease receivables, assets from contracts and loan commitments and the financial guarantees issued that are not measured at fair value through profit or loss.
156
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
The impairment for expected credit losses is recorded with a charge to the consolidated income statement for the period in which the impairment arises. In the event of occurrence, the recoveries of previously recognised impairment losses are recorded in the consolidated income statement for the period in which the impairment no longer exists or is reduced.
In the case of purchased or originated credit-impaired assets, the Group only recognizes at the reporting date the changes in the expected credit losses during the life of the asset since the initial recognition as a credit loss. In the case of assets measured at fair value with changes in other comprehensive income, the changes in the fair value due to expected credit losses are charged in the consolidated income statement of the year where the change happened, reflecting the rest of the valuation in other comprehensive income.
As a rule, the expected credit loss is estimated as the difference between the contractual cash flows to be recovered and the expected cash flows discounted using the original effective interest rate. In the case of purchased or originated credit-impaired assets, this difference is discounted using the effective interest rate adjusted by credit rating.
Depending on the classification of financial instruments, which is mentioned in the following sections, the expected credit losses may be along 12 months or during the life of the financial instrument:
•12-month expected credit losses: arising from the potential default events, as defined in the following sections that are estimated to be likely to occur within the 12 months following the reporting date. These losses will be associated with financial assets classified as 'normal risk' as defined in the following sections.
•Expected credit losses over the life of the financial instrument: arising from the potential default events that are estimated to be likely to occur throughout the life of the financial instruments. These losses are associated with financial assets classified as 'normal risk under watchlist' or 'doubtful risk'.
With the purpose of estimating the expected life of the financial instrument all the contractual terms have been taken into account (e.g. prepayments, duration, purchase options, etc.), being the contractual period (including extension options) the maximum period considered to measure the expected credit losses. In the case of financial instruments with an uncertain maturity period and a component of undrawn commitment (e.g.: credit cards), the expected life is estimated through quantitative analyses to determine the period during which the entity is exposed to credit risk, also considering the effectiveness of management procedures that mitigate such exposure (e.g. the ability to unilaterally cancel such financial instruments, etc.).
The following constitute effective guarantees:
a)    Mortgage guarantees on housing as long as they are first duly constituted and registered in favour of the entity. The properties include:
i.Buildings and building elements, distinguishing among:
–Houses.
–Offices, stores and multi-purpose premises.
–Rest of buildings such as non-multi-purpose premises and hotels.
ii.Urban and developable ordered land.
iii. Rest of properties that classify as: buildings and building elements under construction, such as property development in progress and halted development, and the rest of land types, such as rustic lands.
b)    Collateral guarantees on financial instruments in the form of cash deposits, debt securities or equity instruments issued by creditworthy issuers.
c)    Other types of real guarantees, including properties received in guarantee and second and subsequent mortgages on properties, as long as the entity demonstrates its effectiveness. When assessing the effectiveness of the second and subsequent mortgages on properties the entity will implement particularly restrictive criteria. It will take into account, among others, whether the previous charges are in favour of the entity itself or not and the relationship between the risk guaranteed by them and the property value.
d)    Personal guarantees, as well as the incorporation of new owners, covering the entire amount of the financial instruments and implying direct and joint liability to the entity of persons or other entities whose solvency is sufficiently proven to ensure the repayment of the loan on the agreed terms.
The different aspects that the Group considers for the evaluation of effective guarantees are set out below in relation to the individual analysis.
ii. Financial instruments presentation
For the purposes of estimating the impairment amount, and in accordance with its internal policies, the Group classifies its financial instruments (financial assets, commitments and guarantees) measured at amortised cost or fair value through other comprehensive income in one of the following categories:
•Normal Risk ('stage 1'): includes all instruments that do not meet the requirements to be classified in the rest of the categories.
•Normal risk under watchlist ('stage 2'): includes all instruments that, without meeting the criteria for classification as doubtful or default risk, have experienced significant increases in credit risk since initial recognition.
In order to determine whether a financial instrument has increased its credit risk since initial recognition and is to be classified in stage 2, the Group considers the following criteria:
157
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Quantitative criteriaChanges in the risk of a default occurring through the expected life of the financial instrument are analysed and quantified with respect to its credit level in its initial recognition.

With the purpose of determining if such changes are considered as significant, with the consequent classification into stage 2, each Group unit has defined the quantitative thresholds to consider in each of its portfolios taking into account corporate guidelines ensuring a consistent interpretation in all units.

Within the quantitative thresholds, two types are considered: A relative threshold is those that compare current credit quality with credit quality at the time of origination in percentage terms of change. In addition, an absolute threshold compares both references in total terms, calculating the difference between the two. These absolute/relative concepts are used homogeneously (with different values) in all geographies. The use of one type of threshold or another (or both) is determined in accordance with the process described in note 54, below, and is marked by the type of portfolio and characteristics such as the starting point of the average credit quality of the portfolio.
Qualitative criteria
In addition to the quantitative criteria indicated, various indicators are used that are aligned with those used by the Group in the normal management of credit risk. Irregular positions of more than 30 days and renewals are common criteria in all Group units. In addition, each unit can define other qualitative indicators, for each of its portfolios, according to the particularities and normal management practices in line with the policies currently in force (i.e. use of management alerts, etc.).
The use of these qualitative criteria is complemented with the use of an expert judgement, under the corresponding governance.
In the case of forbearances, instruments classified as 'normal risk under watchlist' may be generally reclassified to 'normal risk' in the following circumstances: at least two years have elapsed from the date of reclassification to that category or from its forbearance date, the client has paid the accrued principal and interest balance, and the client has no other instruments with more than 30 days past due balances.
•Doubtful Risk ('stage 3'): includes financial instruments, overdue or not, in which, without meeting the circumstances to classify them in the category of default risk, there are reasonable doubts about their total repayment (principal and interests) by the client in the terms contractually agreed. Likewise, off-balance-sheet exposures whose payment is probable and their recovery doubtful are considered in stage 3. Within this category, two situations are differentiated:
–Doubtful risk for non-performing loans: financial instruments, irrespective of the client and guarantee, with balances more than 90 consecutive days on material arrears for principal, interest or expenses contractually agreed.
This category also includes all loan balances for a client when the operations with more than 90 consecutive days on material arrears are greater than 20% of the amounts pending collection.
These instruments may be reclassified to other categories if, as a result of the collection of part of the past due balances, the reasons for their classification in this category do not remain and the client does not have balances more than 90 consecutive days on material arrears in other loans.
–Doubtful risk for reasons other than non-performing loans: this category includes doubtful recovery financial instruments that are not more than 90 consecutive days on material arrears.
Grupo Santander considers that a financial instrument to be doubtful for reasons other than delinquency when one or more combined events have occurred with a negative impact on the estimated future cash flows of the financial instrument. To this end, the following indicators, among others, are considered:
a)Negative net equity or decrease because of losses of the client's net equity by at least 50% during the last financial year.
b)Continued losses or significant decrease in revenue or, in general, in the client's recurring cash flows.
c)Generalised delay in payments or insufficient cash flows to service debts.
d)Significantly inadequate economic or financial structure or inability to obtain additional financing by the client.
e)Existence of an internal or external credit rating showing that the client is in default.
f)Existence of overdue customer commitments with a significant amount to public institutions or employees.
These financial instruments may be reclassified to other categories if, as a result of an individualised study, reasonable doubts do not remain about the total repayment under the contractually agreed terms and the client does not have balances of 90 days on material arrears.
In the case of forbearances, instruments classified as doubtful risk may be reclassified to the category of 'normal risk under watchlist' when the following circumstances are present: a minimum period of one year has elapsed from the forbearance date, the client has paid the accrued principal and interest amounts, and the client has no other loan balances of 90 days on material arrears.
•Default Risk: includes all financial assets, or part of them, for which, after an individualised analysis, their recovery is considered remote due to a notorious and irrecoverable deterioration of their solvency.
In any event, except in the case of financial instruments with effective collateral covering a substantial portion of the transaction amount, the Group generally consider as remote the following:
- Those operations that, after an individualized analysis, are categorized as unsustainable debt, assuming an irrecoverability of such debt.
- Transactions classified as doubtful due to non-performing loans with recovery costs that exceed the amounts receivable.
- The operations on which the award is executed. The queue of these operations shall be included under default risk, as the recovery of the flows, provided that no further guarantees associated with the operation remain after the award of the property.
158
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
- Those operations on which a deduction is made, the portion of the operation corresponding to that deduction, will be given as a balance at the time of signature.
A financial asset amount is maintained in the balance sheet until they are considered as a 'default risk', either all or a part of it, and the write-off is registered against the balance sheet.
In the case of operations that have only been partially derecognised, for forgiveness reasons or because part of the total balance is considered unrecoverable, the remaining amount shall be fully classified in the category of 'doubtful risk', except where duly justified.
The classification of a financial asset, or part of it, as a 'default risk' does not involve the disruption of negotiations and legal proceedings to recover the amount.
iii. Impairment valuation assessment
Grupo Santander has policies, methods and procedures in place to hedge its credit risk, both due to the insolvency attributable to counterparties and its residence in a specific country.
These policies, methods and procedures are applied in the concession, study and documentation of financial assets, commitments and guarantees, as well as in the identification of their impairment and in the calculation of the amounts needed to cover their credit risk.
The impairment represents the best estimation of the financial assets expected credit losses at the balance sheet date, assessed both individually and collectively.
•Individually: for the purposes of estimating the provisions for credit risk arising from the insolvency of a financial instrument, the Group individually assesses impairment by estimating the expected credit losses on those financial instruments that are considered to be significant and with sufficient information to make such an estimate.
Therefore, this classification mostly includes wholesale banking customers —Corporations, specialised financing— as well as some of the largest companies —Chartered and real estate developers— from retail banking. The determination of the perimeter in which the individualised estimate is applied is detailed in a later section.
The individually assessed impairment estimate is equal to the difference between the gross carrying amount of the financial instrument and the estimated value of the expected cash flows receivable discounted using the original effective interest rate of the transaction. The estimate of these cash flows takes into account all available information on the financial asset and the effective guarantees associated with that asset. This estimation process is detailed below.
•Collectively: the Group also assesses impairment by estimating the expected credit losses collectively in cases where they are not assessed on an individual basis. This includes, for example, loans with individuals, sole proprietors or businesses in retail banking subject to a standardised risk management.
For the purposes of the collective assessment of expected credit losses, the Group has consistent and reliable internal models. For the development of these models, instruments with similar credit risk characteristics that are indicative of the debtors' capacity to pay are considered.
The credit risk characteristics used to group the instruments are, among others: type of instrument, debtor's sector of activity, geographical area of activity, type of guarantee, aging of past due balances and any other factor relevant to estimating the future cash flows.
Grupo Santander performs retrospective and monitoring tests to evaluate the reasonableness of the collective estimate.
On the other hand, the methodology required to estimate the expected credit loss due to credit events is based on an unbiased and weighted consideration by the probability of occurrence of a series of scenarios, considering a range of three to five possible future scenarios, depending on the characteristics of each unit, which could have an impact on the collection of contractual cash flows, always taking into account the time value of money, as well as all available, reasonable and sustainable information on past events, current conditions and forecasts of the evolution of macroeconomic scenarios that are shown to be relevant for the estimation of this amount (for example: GDP (Gross Domestic Product), housing price, unemployment rate, etc.).
The estimation of expected losses requires expert judgment and the support of historical, current and future information. The probability of loss is measured considering past events, the present situation and future trends of macroeconomic scenarios.
Grupo Santander uses forward-looking information in both internal risk management and prudential regulation processes, so that for the calculation of the impairment loss allowance, various scenarios are incorporated that take advantage of the experience with such information, thus ensuring consistency in obtaining the expected loss.
The complexity of the estimation in this exercise has been derived from the current macroeconomic scenario as a consequence of the complex geopolitical situation, as well changes in inflations levels and interest rates, which has generated uncertainty in economic evolution.
Grupo Santander has internally ensured the criteria to be followed for guarantees received from government bodies, both through credit lines and other public guarantees, so that when they are adequately reflected in each of the contracts, they are recognised as mitigating factors of the potential expected losses, and therefore of the provisions to be recognised, based on the provisions of the applicable standard (IFRS 9 Par. B5.5.55). Furthermore, where applicable, these guarantees are appropriately reflected in the mitigation of the significant increase in risk, considering their nature as personal guarantees.
For the estimation of the parameters used in the estimation of impairment provisions -EAD (exposure at default), PD (probability of default), LGD (loss given default)-, the Group based its experience in developing internal models for the estimation of parameters both in the regulatory area and for management purposes, adapting the development of the impairment provision models under IFRS 9.
159
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
•Exposure at default: is the amount of estimated risk incurred at the time of the counterparty's analysis.
•Probability of default: is the estimated probability that the counterparty will default on its principal and/or interest payment obligations.
•Loss given default: is the estimate of the severity of the loss incurred in the event of non-compliance. It depends mainly on the updating of the guarantees associated with the operation and the future cash flows that are expected to be recovered.
In any case, when estimating the flows expected to be recovered, portfolio sales are included. It should be noted that due to the Group's recovery policy and the experience observed in relation to the prices of past sales of assets classified as stage 3 and/or default risk, there is no substantial divergence between the flows obtained from recoveries after performing recovery management of the assets with those obtained from the sale of portfolios of assets discounting structural expenses and other costs incurred.
The definition of default implemented by the Group for the purpose of calculating the impairment provision models is based on the definition in Article 178 of Regulation 575/2013 of the European Union (CRR), which is fully aligned with the requirements of IFRS 9, which considers that a 'default' exists in relation to a specific customer/contract when at least one of the following circumstances exists: the entity considers that there are reasonable doubts about the payment of all its credit obligations or that the customer/contract is in an irregular situation for more than 90 consecutive days past due material balances with respect to any significant credit obligation.
Grupo Santander aligned partially and voluntarily during 2022 the accounting definition of Stage 3, as well as the calculation of impairment provision models, to the New Definition of Default, incorporating the criteria defined by the EBA in its implementation guide of the definition of default, capturing the economic deterioration of the operations (days in default - on a daily basis - and materiality thresholds - minimum amount in arrears). The alignment of criteria was done taking into account the criteria of IFRS 9 as well as the accounting principles of unbiased presentation of financial information. Grupo Santander registered an increase in the default rate at around 19 basis points, with no material impact on the provision figures for credit risk.
In addition, the Group considers the risk generated in all cross-border transactions due to circumstances other than the usual commercial risk of insolvency (sovereign risk, transfer risk or risks arising from international financial activity, such as wars, natural catastrophes, balance of payments crisis, etc.).
IFRS 9 includes a series of practical solutions that can be implemented by entities, with the aim of facilitating its implementation. In order to achieve a complete and high-level implementation of the standard, and following the best practices of the industry, the Group applies these practical solutions adapting them to their own characteristics and circumstances:
–Rebuttable presumption that the credit risk has increased significantly, when payments are more than 30 days past due: this threshold is used as an additional, but not primary, indicator of significant risk increase.
–Assets with low credit risk at the reporting date: the Group adopts this practice prioritizing its reduced and punctual use and its systematic and periodic justification through quantitative evidence.
This information is provided in more detail in note 54.b.
iv. Detail of individual estimate of impairment
For the individual estimate of the assessment for impairment of the financial asset, the Group has a specific methodology to estimate the value of the cash flows expected to be collected:
•Recovery through the debtor's ordinary activities (going approach).
•Recovery through the execution and sale of the collateral guaranteeing the operations (gone approach).
Gone approach:
a. Evaluation of the effectiveness of guarantees
Grupo Santander assesses the effectiveness of all the guarantees associated considering the following:
•The time required to execute these guarantees.
•Grupo Santander's ability to enforce or assert these guarantees in its favour.
•The existence of limitations imposed by each local unit´s regulation on the foreclosure of collateral.
Under no circumstances the Group considers that a guarantee is effective if its effectiveness depends substantially on the solvency of the debtor, as could be the case:
•Promises of shares or other securities of the debtor himself when their valuation may be significantly affected by a debtor's default.
•Personal cross-collateralisation: when the guarantor of a transaction is, at the same time, guaranteed by the holder of that transaction.
The different types of effective guarantees have been detailed in section i. Definition
b. Valuation of guarantees
Grupo Santander assesses the guarantees on the basis of their nature in accordance with the following:
•Mortgage guarantees on properties associated with financial instruments, using complete individual valuations carried out by independent valuation experts and under generally accepted valuation standards. If this is not possible, alternative valuations are used with duly documented and approved internal valuation models.
•Personal guarantees are valued individually on the basis of the guarantor´s updated information.
•The rest of the guarantees are valued based on current market values.
c. Adjustments to the value of guarantees and estimation of future cash flow inflows and outflows
160
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Grupo Santander applies a series of adjustments to the value of the guarantees in order to improve the reference values:
•Adjustments based on the historical sales experience of local units for certain types of assets.
•Individual expert adjustments based on additional management information.
Likewise, to adjust the value of the guarantees, the time value of money is taken into account based on the historical experience of each of the units, estimating:
•Period of adjudication.
•Estimated time of sale of the asset.
In addition, the Group takes into account all those cash inflows and outflows linked to that guarantee until it is sold:
•Possible future income commitments in favour of the borrower which will available after the asset is awarded.
•Estimated foreclosure costs.
•Asset maintenance costs, taxes and community costs.
•Estimated marketing or sales costs.
Finally, since it is considered that the guarantee will be sold in the future, the Group applies an additional adjustment ('index forward') in order to adjust the value of the guarantees to future valuation expectations.
v. Impairment individual assessment scope
Grupo Santander determines the perimeter over which it makes an estimate of the assessment for impairment on an individual basis based on a relevance threshold set by each of the geographical areas and the stage in which the operations are located. In general, the Group applies the individualised calculation of expected losses to the significant exposures classified in stage 3, although Banco Santander, S.A. has also extended its analyses to some of the exposures classified in stage 2.
It should be noted that, in any case and irrespective of the stage in which their transactions are carried out, for customers who do not receive standardised treatment, a relational risk management model is applied, with individualised treatment and monitoring by the assigned risk analyst. In addition to wholesale customers (Santander Corporate & Investment Banking or SCIB) and large companies, this relational management model also includes other segments of smaller companies for which there is information and capacity for more personalised and expert analysis and monitoring. As indicated in the Group's wholesale credit model, the individual treatment of the client facilitates the continuous updating of information. The risk assumed must be followed and monitored throughout its life cycle, enabling anticipation and action to be taken in the event of possible impairments. In this way, the customer's credit quality is analysed individually, taking into account specific aspects such as his competitive position, financial performance, management, etc. In the wholesale risk management model, every customer with a credit risk position is assigned a rating, which has an associated probability of customer default.
Thus, individual analysis of the debtor triggers a specific rating for each customer, which determines the appropriate parameters for calculating the expected loss, so that it is the rating itself that initially modulates the necessary coverage, adjusting the severity of the possible loss to the guarantees and other mitigating factors that the customer may have available. In addition, if as a result of this individualised monitoring of the customer, the analyst finally considers that his coverage is not sufficient, he has the necessary mechanisms to adjust it under his expert judgement, always under the appropriate governance.
h) 'Non-current assets' and 'liabilities associated with non-current assets held for sale'
Non-current assets held for sale' includes the carrying amount of individual items, disposal groups or items forming part of a business unit earmarked for disposal (discontinued operations), whose sale in their present condition is highly likely to be completed within one year from the reporting date. Therefore, the recovery of the carrying amount of these items -which can be of a financial nature or otherwise- will foreseeably be effected through the proceeds from their disposal.
Specifically, property or other non-current assets received by the consolidated entities as total or partial settlement of their debtors’ payment obligations to them are deemed to be 'Non-current assets held for sale', unless the consolidated entities have decided to make continuing use of these assets.
'Liabilities associated with non-current assets held for sale' includes the balances payable arising from the assets held for sale or disposal groups and from discontinued operations.
'Non-current assets and disposal groups of items that have been classified as held for sale' are generally recognised at the date of their allocation to this category and are subsequently valued at the lower of their fair value less costs to sell or its book value. 'Non-current assets and disposal groups of items that are classified as held for sale' are not amortised as long as they remain in this category.
The valuation of the portfolio of non-current assets held for sale has been made in compliance with the requirements of International Financial Reporting Standards in relation to the estimate of the fair value of tangible assets and the value-in-use of financial assets.
The value of the portfolio is determined as the sum of the values of the individual elements that compose the portfolio, without considering any total or batch grouping in order to correct the individual values.
For the purposes of its consideration in initial recognition, the Group obtains, at the time of award, the fair value of the corresponding asset by requesting an appraisal from external valuation agencies.
Grupo Santander has in place a corporate policy that ensures the professional competence and the independence and objectivity of the external appraisal agencies, in accordance with the regulations, which require appraisal agencies to meet independence, neutrality and credibility requirements, so that the use of their estimates does not reduce the reliability of its valuations.
161
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
This policy establishes that all the appraisal companies and agencies with which the Group works in Spain should be registered in the Official Register of the Bank of Spain and that the appraisals performed by them should follow the methodology established in Order ECO/805/2003, of 27 March. The main appraisal companies and agencies with which the Group worked in Spain in 2025 are as follows: Tinsa Tasaciones Inmobiliarias, S.A.U., Sociedad de Tasación, S.A., Global Valuation, S.A.U., Instituto de Valoraciones, S.A., Euroevaluaciones, S.A. and Valoraciones Mediterráneo, S.A.
Also, this policy establishes that the various subsidiaries abroad work with appraisal companies that have recent experience in the area and the type of asset under appraisal and meet the independence requirements established in the corporate policy. They should verify, inter alia, that the appraisal company is not a party related to the Group and that its billings to the Group in the last twelve months do not exceed 15% of the appraisal company’s total billings.
At 31 December 2025 the fair value less costs to sell of non-current assets held for sale exceeded their carrying amount by EUR 551 million (EUR 553 million at 31 December 2024); however, in accordance with the accounting standards, this unrealised gain could not be recognised.
Banco Santander, in compliance with Bank of Spain Circular 4/2017, and subsequent amendments, on public and private financial reporting standards and financial statement models, has developed a methodology that enables it to estimate the fair value and costs of sale of assets foreclosed or received in payment of debts. This methodology is based on the classification of the portfolio of foreclosed assets into different segments. Segmentation enables the intrinsic characteristics of Banco Santander's portfolio of foreclosed assets to be differentiated, so that assets with homogeneous characteristics are grouped by segment.
Thus, the portfolio is segmented into (i) finished assets of a residential and tertiary nature, (ii) developments in progress and (iii) land.1
In determining the critical segments in the overall portfolio, assets are classified on the basis of the nature of the asset and its stage of development. This segmentation is made in order to seek the liquidation of the asset (which should be carried out in the shortest possible time).
When making decisions, the situation and/or characteristics of the asset are fundamentally taken into account, as well as the evaluation of all the determining factors that favour the recovery of the debt. For them, the following aspects are analyzed, among others:
•The time that has elapsed since the adjudication.
•The transferability and contingencies of the foreclosed asset.
•The economic viability from the real estate point of view with the necessary investment estimate.
•The expenses that may arise from the marketing process.
•The offers received, as well as the difficulties in finding buyers.
In the case of real estate assets foreclosed in Spain, which represent 76% of the Group’s total non-current assets held for sale, the valuation of the portfolio is carried out by applying the following models:
•Market Value Model used in the valuation of finished properties of a residential nature (mainly homes and car parks) and properties of a tertiary nature (offices, commercial premises and multipurpose buildings). For the valuation of finished assets whose availability for sale is immediate, a market sale value provided by a third party external to Banco Santander is considered, calculated under the AVM methodology by the comparable properties method adjusted by our experience in selling similar assets, given the term, price, volume, trend in the value of these assets and the time elapsing until their sale and discounting the estimated costs of sale.
The market value is determined on the basis of the definition established by the International Valuation Standards drawn up by the IVSC (International Valuation Standards Council), understood as the estimated amount for which an asset or a liability should be exchanged on the measurement date between a willing buyer and a willing seller, in an arm's length transaction, after appropriate marketing, and in which the parties have acted with sufficient information, prudently and without coercion.
The current market value of the properties is estimated on the basis of automated valuations obtained by taking comparable properties as a reference; simulating the procedure carried out by an appraiser in a physical valuation according to Order ECO 805/2003: selection of properties and obtaining the unit value by applying homogenisation adjustments. The selection of the properties is carried out by location within the same real estate cluster and according to the characteristics of the properties, filtering by type2, surface area range and age. The model enables a distinction to be made within the municipality under study as to which areas are similar and comparable and therefore have a similar value in the property market, discriminating between which properties are good comparators and which are not.
Adjustments to homogenize the properties are made according to: (i) the age of the property according to the age of the property to be valued, (ii) the deviation of the built area from the common area with respect to the property to be valued and (iii) by age of the date of capture of the property according to the price evolution index of the real estate market.
In addition, for individually significant assets, complete individual valuations are carried out, including a visit to the asset, market analysis (data relating to supply, demand, current sale or rental price ranges and supply-demand and revaluation expectations) and an estimate of expected income and costs.

1. The assets in a situation of 'stopped development' are included under 'land

2. Assets qualified as protected housing are taken into account. The maximum legal value of these assets is determined by the VPO module, obtained from the result of multiplying the State Basic Module (MBE) by a zone coefficient determined by each autonomous community. To carry out the valuation of a protected property, the useful surface area is used in accordance with current regulations.
162
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
For this segmentation of assets, when they are completed, the real costs are known and the actual expenses for the marketing and sale of the asset must be taken into account. Therefore, Banco Santander uses the actual costs in its calculation engine or, failing that, those estimated on the basis of its observed experience.
•Market Value Model according to Evolution of Market Values used to update the valuation of developments in progress. The valuation model estimates the current market value of the properties based on complete individual valuations by third parties, calculated from the values of the feasibility studies and development costs of the promotion, as well as the selling costs, distinguishing by location, size and type of property. The inputs used in the valuation model for residential assets under construction are actual revenues and costs.
For this purpose, in order to calculate the investment flows, Banco Santander considers, on the basis of the feasibility studies, the expenditure required for construction, the professional fees relating to the project and to project management, the premiums for mandatory building insurance, the developer's administrative expenses, licenses, taxes on new construction and fees, and urban development charges.
With respect to the calculation of income flows, Banco Santander takes into account the square metres built, the number of homes under construction and the estimated selling price over 1.5 years.
The market value will be the result of the difference between the income flows and the investment flows estimated at each moment.
•Land Valuation model. The methodology followed by the Group regarding land valuation consists of updating the individual reference valuation of each of the land on an annual basis, through updated valuation valuations carried out by independent professionals and following the methodology established in the Order ECO/805/2003, of 27 March, whose main verifications in the case of land valuation, regardless of the degree of urbanisation of the land, correspond to:
–Visual verification of the assessed property.
–Registry description.
–Urban planning.
–Visible easements.
–Visible state of occupation, possession, use and exploitation.
–Protection regime.
–Apparent state of preservation.
–Correspondence with cadastral property.
–Existence of expropriation procedure, expropriation plan or project, administrative resolution or file that may lead to expropriation.
–Expiry of the urbanization or building deadlines.
–Existence of a procedure for failure to comply with obligations.
–Verification of surfaces.
For the purposes of valuation, the land will be classified in the following levels:
–Level I: It will include all the lands that do not belong to level II.
–Level II: It shall include land classified as undeveloped where building is not allowed for uses other than agriculture, forestry, livestock or linked to an economic exploitation permitted by the regulations in force. Also included are lands classified as developable that are not included in a development area of urban planning or that, in such an area, the conditions for its development have not been defined.
In those cases where the Group does not have an updated reference value through an ECO valuation for the current year, we use as a reference value the latest available ECO valuation reduced or corrected by the average annual coverage ratio of the land on which we have obtained an updated reference value, through an ECO valuation.
Grupo Santander applies a discount to the aforementioned reference values that takes into account both the discount on the reference value in the sales process and the estimated costs of marketing or selling the land; discount on reference value = % discount on sales + % marketing costs being:
–% discount on Sales: = 100 - (sales price / updated appraisal value).
–marketing costs: calculated on the basis of our historical experience in sales and in accordance with the marketing management fees negotiated with our suppliers of this type of service.
In this way the Group obtains the corrected market value, an amount that we compare with the net cost of each piece of land to determine its correct valuation and conclude with our valuation process.
In addition, in relation to the previously mentioned valuations, less costs to sell, are contrasted with the sales experience of each type of asset in order to confirm that there is no significant difference between the sale price and the valuation.
Impairment losses on an asset or disposal group arising from a reduction in its carrying amount to its fair value (less costs to sell) are recognised under 'Gains or (losses) on non-current assets held for sale not classified as discontinued operations' in the consolidated income statement.
The gains on a non-current asset held for sale resulting from subsequent increases in fair value (less costs to sell) increase its carrying amount and are recognised in the consolidated income statement up to an amount equal to the impairment losses previously recognised.
163
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
i) Assets under reinsurance contracts and Liabilities under insurance contracts
The Group has prepared the accounting policy that establishes the criteria for recording insurance contracts, in accordance with IFRS 17. This standard defines insurance contracts as contracts under which one party accepts a significant insurance risk from another party by agreeing to compensate the policyholder if a specific uncertain future event negatively affects the policyholder.
IFRS 17 requires a level of aggregation of contracts that the Group identifies in portfolios of contracts with similar risks and that are managed jointly. The Group then divides each portfolio into a minimum of three groups: (i) contracts that are onerous on initial recognition; (ii) contracts that, upon initial recognition, have no significant possibility of subsequently becoming onerous; and (iii) any remaining contract.
For contracts that are considered not to be onerous, a profit margin is recognized in the profit and loss account (referred to as 'Contractual Service Margin' or 'CSM') throughout the period in which the entity performs the service. However, if at the time of initial recognition, or during the period in which the entity performs the service, the contract is onerous, the entity recognizes the loss in the income statement.
Contract limits define the term up to which compliance cash flows must be considered in order to measure an insurance contract. Fulfilment cash flows comprise an unbiased, probability-weighted estimate of future cash flows, a discount adjustment to the present value to reflect the time value of money for monetary and financial risks, and a risk adjustment for non-fulfilment risks. financial. The identification of the contractual limit under IFRS 17 is essential not only for measuring the fulfilment cash flows of a group of contracts, but also for determining the applicable measurement model, in case the contractual limits are identified in a year or more.
Cash flows are within the contractual limit of an insurance contract if they arise from substantial rights and obligations that exist during the reporting period, in which the entity can obligate the insurance policyholder to pay premiums or in which the entity has a substantive obligation to provide services to the insured.
The Group has carried out an analysis of the limits of insurance and reinsurance contracts under IFRS 17, separately, generally applying the General Model (Building Block Approach) to all contracts, except those eligible to be valued by the Simplified Model (Premium Allocation Approach), or the Variable Commission Approach ('VCA' or Variable Fee Approach).
The general model measures a group of contracts as the sum of the fulfilment cash flows and the Contractual Service Margin. The CSM represents benefits not yet recorded that the entity will recognize as providing services under the insurance contract.
Insurance contracts with direct participation apply the VCA as a modified version of the General Model. This should reduce the volatility of results due to the asymmetry between the accounting treatment of the profit and losses of the underlying items attributable to the policyholders and the accounting treatment of the liability owed to those policyholders.
Another aspect considered in measuring the present value of the future cash flows of a group of insurance contracts is the discount
rate applied to reflect the time value of money and the financial risks related to those cash flows. The Group has established a generally chosen methodology and guarantees that the calculation components have a homogeneous basis, previously approved by the Group, establishing the base curves provided by the Group and allowing adjustments to these curves based on the expert criteria of each local address.
Likewise, measuring compliance cash flows requires a risk adjustment for non-financial risk. Risk adjustment for non-financial risk is the compensation necessary to withstand uncertainty about the amount and timing of cash flows arising from non-financial risks. If a change in the assumptions occurs, it could affect the income statement or the Other comprehensive income, depending on its nature. The risks covered by the risk adjustment for non-financial risk are insurance risk and other non-financial risks, such as interruption risk and expense risk.
j) Tangible assets
Tangible assets includes the amount of buildings, land, furniture, vehicles, computer hardware and other fixtures owned by the consolidated entities or acquired under finance leases. Tangible assets are classified by use as follows:
i. Property, plant and equipment for own use
Property, plant and equipment for own use – including tangible assets received by the consolidated entities in full or partial satisfaction of financial assets representing receivables from third parties which are intended to be held for continuing use and tangible assets acquired under finance leases– are presented at acquisition cost, less the related accumulated depreciation and any estimated impairment losses (carrying amount higher than recoverable amount).
Depreciation is calculated, using the straight-line method, on the basis of the acquisition cost of the assets less their residual value. The land on which the buildings and other structures stand has an indefinite life and, therefore, is not depreciated.
The annual tangible asset depreciation charge is recognised in the consolidated income statement and are essentially equivalent to the following amortization percentages (determined based on the years of estimated useful life, on average, of the different elements):
Average
annual rate
Buildings for own use2.4%
Furniture9.5%
Fixtures9.5%
Office and IT equipment23.6%
Lease use rightsLess than the lease
term or the useful life
of the underlying asset
At the end of each reporting period, consolidated entities assess whether there is any indication that the carrying amount of an asset exceeds its recoverable amount, in which case they write down the carrying amount of the asset to its recoverable amount and adjust future depreciation charges in proportion to its adjusted carrying amount and to its new remaining useful life, if the useful life needs to be re-estimated.
164
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Similarly, if there is an indication of a recovery in the value of a tangible asset, the consolidated entities recognise the reversal of the impairment loss recognised in prior periods and adjust the future depreciation charges accordingly. In no circumstances may the reversal of an impairment loss on an asset raise its carrying amount above that which it would have if no impairment losses had been recognised in prior years.
The estimated useful lives of the items of property, plant and equipment for own use are reviewed at least at the end of the reporting period with a view to detecting significant changes therein. If changes are detected, the useful lives of the assets are adjusted by correcting the depreciation charge to be recognised in the consolidated income statement in future years on the basis of the new useful lives.
Upkeep and maintenance expenses relating to property, plant and equipment for own use are recognised as an expense in the period in which they are incurred, since they do not increase the useful lives of the assets.
ii. Investment property
'Investment property' reflects the net values of the land, buildings and other structures held either to earn rentals or for obtaining profits by sales due to future increase in market prices.
The criteria used to recognise the acquisition cost of investment property, to calculate its depreciation and its estimated useful life and to recognise any impairment losses thereon are consistent with those described in relation to property, plant and equipment for own use.
In the case of investment properties that support obligations to pay a return directly linked to fair value, or to the returns of certain assets including the investment property itself, such properties are measured using the fair value model.
In order to evaluate the possible impairment Grupo Santander determines periodically the fair value of its investment property so that, at the end of the reporting period, the fair value reflects the market conditions of the investment property at that date. This fair value is determined annually, taking as benchmarks the valuations performed by independent experts. The methodology used to determine the fair value of investment property is selected based on the status of the asset in question; thus, for properties earmarked for lease, the valuations are performed using the sales comparison approach, whereas for leased properties the valuations are made primarily using the income capitalisation approach and, exceptionally, the sales comparison approach.
In the sales comparison approach, the property market segment for comparable properties is analysed, inter alia, and, based on specific information on actual transactions and firm offers, current prices are obtained for cash sales of those properties. The valuations performed using this approach are considered as Level 2 valuations.
In the income capitalisation approach, the cash flows estimated to be obtained over the useful life of the property are discounted taking into account factors that may influence the amount and actual obtainment thereof, such as: (i) the payments that are normally received on comparable properties; (ii) current and probable future occupancy; (iii) the current or foreseeable default rate on payments. The valuations performed using this approach
are considered as Level 3 valuations, since significant unobservable inputs are used, such as current and probable future occupancy and/or the current or foreseeable default rate on payments.
iii. Assets leased out under an operating lease
'Property, plant and equipment' - Leased out under an operating lease reflects the amount of the tangible assets, other than land and buildings, leased out by the Group under an operating lease.
The criteria used to recognise the acquisition cost of assets leased out under operating leases, to calculate their depreciation and their respective estimated useful lives and to recognise the impairment losses thereon are consistent with those described in relation to property, plant and equipment for own use.
k) Accounting for leases
The main aspects contained in the regulation (IFRS 16) adopted by the Group are included below:
When the Group acts as lessee, it recognises a right-of-use asset representing its right to use the underlying leased asset with a corresponding lease liability on the date on which the leased asset is available for use by the Group.
Each lease payment is allocated between liability and finance charge. The finance charge is allocated to the income statement during the term of the lease in such a way as to produce a constant periodic interest rate on the remaining balance of the liability for each year.
The right-of-use asset is depreciated over the useful life of the asset or the lease term, whichever is shorter, on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is amortized over the useful life of the underlying asset.
Assets and liabilities arising from a lease are initially measured at present value. Lease liabilities include the net present value of the following lease payments:
–Fixed payments (including inflation-linked payments), less any lease incentive receivable.
–Variable lease payments that depend on an index or rate.
–The amounts expected to be paid by the lessee under residual value guarantees.
–The exercise price of a purchase option if the lessee is reasonably certain that it will exercise that option.
–Lease termination penalty payments, if the term of the lease reflects the lessee's exercise of that option.
Lease payments are discounted using the interest rate implicit in the lease. When this interest rate cannot be obtained, the interest rate used in these cases, is the lessee's incremental borrowing rate at the related date. For this purpose, the entity has calculated this incremental borrowing rate taking as reference the listed debt instruments issued by the Group; in this regard, the Group has estimated different interest rate curves depending on the currency and economic environment in which the contracts are located.
In order to construct the incremental borrowing rate, a methodology has been developed at the corporate level. This
165
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
methodology is based on the need for each entity to consider its economic and financial situation, for which the following factors must be considered:
–Economic and political situation (country risk).
–Credit risk of the company.
–Monetary policy.
–Volume and seniority of the company’s debt instrument issues.
The incremental borrowing rate is defined as the interest rate that a lessee would have to pay for borrowing, given a similar period to the duration of the lease and with similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. The Group entities have a wide stock and variety of financing instruments issued in different currencies to that of the euro (pound, dollar, etc.) that provide sufficient information to be able to determine an 'all in rate' (reference rate plus adjustment for credit spread at different terms and in different currencies). In circumstances, where the leasing company has its own financing, this has been used as the starting point for determining the incremental borrowing rate. On the other hand, for those Grupo Santander entities that do not have their own financing, the information from the financing of the consolidated subgroup to which they belong was used as the starting point for estimating the entity's curve, analysing other factors to assess whether it is necessary to make any type of negative or positive adjustment to the initially estimated credit spread.
Right-of-use assets are valued at cost which includes the following:
–The amount of the initial measurement of the lease liability.
–Any lease payment made at or before the commencement date less any lease incentive received.
–Any initial direct costs.
–Restoration costs.
The Group recognises the payments associated with short-term leases and leases of low-value assets on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term less than or equal to 12 months (a lease that contains a purchase option is not a short term lease).
l) Intangible assets
Intangible assets are identifiable non-monetary assets (separable from other assets) without physical substance which arise as a result of a legal transaction or which are developed internally by the consolidated entities.
Only assets whose cost can be measured reliably and it is likely that the consolidated entities obtain future economic benefits are recognised.
Intangible assets are recognised initially at acquisition or production cost and are subsequently measured at cost less any accumulated amortisation and any accumulated impairment losses.
i. Goodwill
Any excess of the cost of the investments in the consolidated entities and entities accounted for using the equity method over the corresponding underlying carrying amounts acquired, adjusted at the date of first-time consolidation, is allocated as follows:
a.If it is attributable to specific assets and liabilities of the companies acquired, by increasing the value of the assets (or reducing the value of the liabilities) whose fair values were higher (lower) than the carrying amounts at which they had been recognised in the acquired entities’ balance sheets.
b.If it is attributable to specific intangible assets, by recognising it explicitly in the consolidated balance sheet provided that the fair value of these assets within twelve months following the date of acquisition can be measured reliably.
c.The remaining amount is recognised as goodwill, which is allocated to one or more cash-generating units (CGU) (a cash-generating unit is the smallest identifiable group of assets that, as a result of continuing operation, generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets). The cash-generating units represent the Group’s geographical and/or business segments.
Goodwill (only recognised when it has been acquired by consideration) represents, therefore, a payment made by the acquirer in anticipation of future economic benefits from assets of the acquired entity that are not capable of being individually identified and separately recognised.
At the end of each annual reporting period or whenever there is any indication of impairment goodwill is reviewed for impairment (i.e. a reduction in its recoverable amount to below its carrying amount) and, if there is any impairment, the goodwill is written down with a charge to 'Impairment or reversal of impairment on non-financial assets, net - Intangible assets' in the consolidated income statement.
An impairment loss recognised for goodwill is not reversed in a subsequent period.
In the event of sale or departure of an activity that is part of a CGU, the part of the goodwill that can be assigned to said activity would be written-off, taking as a reference the relative value of the same over the total of the CGU at the time of sale or abandonment. If applicable, the distribution by currency of the remaining goodwill will be performed based on the relative values of the remaining activities.
ii. Other intangible assets
Other intangible assets includes the amount of identifiable intangible assets, such as purchased customer lists and computer software.
Other intangible assets can have an indefinite useful life -when, based on an analysis of all the relevant factors, it is concluded that there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the consolidated entities- or a finite useful life, in all other cases.
166
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Intangible assets with indefinite useful lives are not amortised, but rather at the end of each reporting period or whenever there is any indication of impairment the consolidated entities review the remaining useful lives of the assets in order to determine whether they continue to be indefinite and, if this is not the case, to take the appropriate steps.
Intangible assets with finite useful lives are amortised over those useful lives using methods similar to those used to depreciate tangible assets.
The intangible asset amortisation charge is recognised under 'Depreciation and amortisation' in the consolidated income statement.
In both cases the consolidated entities recognise any impairment loss on the carrying amount of these assets with a charge to 'Impairment or reversal of impairment on non-financial assets, net - Intangible assets in the consolidated' income statement.
The criteria used to recognise the impairment losses on these assets and, where applicable, the reversal of impairment losses recognised in prior years are similar to those used for tangible assets (see note 2.k).
Internally developed computer software
Internally developed computer software is recognised as an intangible asset if, among other requisites (basically the Group’s ability to use or sell it), it can be identified and its ability to generate future economic benefits can be demonstrated.
Expenditure on research activities is recognised as an expense in the year in which it is incurred and cannot be subsequently capitalised into the carrying amount of the intangible asset.
m) Other assets
Other assets' in the consolidated balance sheet includes the amount of assets not recorded in other items, the breakdown being as follows:
•Inventories: this item includes the amount of assets, other than financial instruments, that are held for sale in the ordinary course of business, that are in the process of production, construction or development for such purpose, or that are to be consumed in the production process or in the provision of services. Inventories include land and other property held for sale in the property development business.
Inventories are measured at the lower of cost and net realisable value, which is the estimated selling price of the inventories in the ordinary course of business, less the estimated costs of completion and the estimated costs required to make the sale.
Any write-downs of inventories -such as those due to damage, obsolescence or reduction of selling price- to net realisable value and other impairment losses are recognised as expenses for the year in which the impairment or loss occurs. Subsequent reversals are recognised in the consolidated income statement for the year in which they occur.
The carrying amount of inventories is derecognised and recognised as an expense in the period in which the revenue from their sale is recognised.
▪Other: this item includes the balance of all prepayments and accrued income (excluding accrued interest, fees and commissions), the net amount of the difference between pension plan obligations and the value of the plan assets with a balance in the entity’s favour, when this net amount is to be reported in the consolidated balance sheet, and the amount of any other assets not included in other items.
n) Other liabilities
'Other liabilities' includes the balance of all accrued expenses and deferred income, excluding those related to interests and fees on financial instruments, as well as the amount of any other liabilities not included in other categories.
o) Provisions and contingent liabilities (assets)
When preparing the financial statements of the consolidated entities, Banco Santander makes a distinction between:
•Provisions: credit balances covering present obligations at the reporting date arising from past events which could give rise to a loss for the consolidated entities, which is considered to be likely to occur and certain as to its nature but uncertain as to its amount and/or timing.
•Contingent liabilities: possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly within the control of the consolidated entities. They include the present obligations of the consolidated entities when it is not probable that an outflow of resources embodying economic benefits will be required to settle them. The Group does not recognise the contingent liability. The Group will disclose a contingent liability, unless the possibility of an outflow of resources embodying economic benefits is remote.
Irrevocable contingent payments (ICPs), corresponding to payment facilities allowed under the annual contributions of certain levies, are recorded in accordance with the definitions mentioned above. In this regard, on 14 November 2025, the Group learned that the CJEU had definitively resolved the dispute concerning the CPI contributions made by a financial institution to the Single Resolution Fund, upholding the judgment of the General Court of 25 October 2023, which ruled against said financial institution regarding its request for the return of guarantees linked to irrevocable payment commitments for a Group entity whose license had been withdrawn. In light of this ruling, it was concluded that it was not necessary to modify the accounting entries that the Santander Group has made when using these facilities to make contributions corresponding to this levy or to other similar levies that also allow for such contributions.
•Contingent assets: possible assets that arise from past events and whose existence is conditional on, and will be confirmed only by, the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. Contingent assets are not recognised in the consolidated balance sheet or in the consolidated income statement, but rather are disclosed in the notes, provided that it is probable that these assets will give rise to an increase in resources embodying economic benefits.

167
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Grupo Santander’s consolidated financial statements include all the material provisions with respect to which it is considered that it is more likely than not the obligation will have to be settled. In accordance with accounting standards, contingent liabilities must not be recognised in the consolidated financial statements, but must rather be disclosed in the Notes.
Provisions (which are quantified on the basis of the best information available on the consequences of the event giving rise to them and are reviewed and adjusted at the end of each year) are used to cater for the specific obligations for which they were originally recognised. Provisions are fully or partially reversed when such obligations cease to exist or are reduced.
Provisions are classified according to the obligations covered as follows (see note 25):
▪Provision for pensions and similar obligations: includes the amount of all the provisions made to cover post-employment benefits, including obligations to pre-retirees and similar obligations.
▪Provisions for contingent liabilities and commitments: include the amount of the provisions made to cover contingent liabilities -defined as those transactions in which the Group guarantees the obligations of a third party, arising as a result of financial guarantees granted or contracts of another kind- and contingent commitments -defined as irrevocable commitments that may give rise to the recognition of financial assets.
▪Provisions for taxes and other legal contingencies and Other provisions: include the amount of the provisions recognised to cover tax and legal contingencies and litigation and the other provisions recognised by the consolidated entities. Other provisions includes, inter alia, any provisions for restructuring costs and environmental measures.
p) Own equity instruments
Own equity instruments are those meeting both of the following conditions:
▪The instruments do not include any contractual obligation for the issuer (i) to deliver cash or another financial asset to a third party; or (ii) to exchange financial assets or financial liabilities with a third party under conditions that are potentially unfavourable to the issuer.
▪The instruments will or may be settled in the issuer’s own equity instruments and are: (i) a non-derivative that includes no contractual obligation for the issuer to deliver a variable number of its own equity instruments; or (ii) a derivative that will be settled by the issuer through the exchange of a fixed amount of cash or another financial asset for a fixed number of its own equity instruments.
Transactions involving own equity instruments, including their issuance and cancellation, are charged directly to equity.
Changes in the value of instruments classified as own equity instruments are not recognised in the consolidated financial statements. Consideration received or paid in exchange for such instruments, including the coupons on preference shares contingently convertible into ordinary shares and the coupons associated with CCPP, is directly added to or deducted from equity.
q) Equity-instrument-based employee remuneration
Own equity instruments delivered to employees in consideration for their services, if the instruments are delivered once the specific period of service has ended, are recognised as an expense for services (with the corresponding increase in equity) as the services are rendered by employees during the service period. At the grant date the services received (and the related increase in equity) are measured at the fair value of the equity instruments granted. If the equity instruments granted are vested immediately, Grupo Santander recognises in full, at the grant date, the expense for the services received.
When the requirements stipulated in the remuneration agreement include external market conditions (such as equity instruments reaching a certain quoted price), the amount ultimately to be recognised in equity will depend on the other conditions being met by the employees (normally length of service requirements), irrespective of whether the market conditions are satisfied.
If the conditions of the agreement are met but the external market conditions are not satisfied, the amounts previously recognised in equity are not reversed, even if the employees do not exercise their right to receive the equity instruments.
r) Recognition of income and expenses
The most significant criteria used by Grupo Santander to recognise its income and expenses are summarised as follows:
i. Interest income, interest expenses and similar items
Interest income, interest expenses and similar items are generally recognised on an accrual basis using the effective interest method. Dividends received from other companies are recognised as income when the consolidated entities’ right to receive them arises.
ii. Commissions, fees and similar items
Fee and commission income and expenses are recognised in the consolidated income statement using criteria that vary according to their nature. The main criteria are as follows:
▪Fee and commission income and expenses relating to financial assets and financial liabilities measured at fair value through profit or loss are recognised when paid.
▪Those arising from transactions or services that are performed over a period of time are recognised over the life of these transactions or services.
▪Those relating to services provided in a single act are recognised when the single act is carried out.
iii. Non-finance income and expenses
They are recognised for accounting purposes when the good is delivered or the non-financial service is rendered. To determine the amount and timing of recognition, a five-step model is followed: identification of the contract with the customer, identification of the separate obligations of the contract, determination of the transaction price, distribution of the transaction price among the identified obligations and finally recording of income as the obligations are satisfied.
168
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
iv. Deferred collections and payments
These are recognised for accounting purposes at the amount resulting from discounting the expected cash flows at market rates.
v. Loan arrangement fees
Loan arrangement fees, mainly loan origination, application and information fees, are accrued and recognised in income over the term of the loan.
s) Financial guarantees
Financial guarantees are considered contracts that require the issuer to make specific payments to reimburse the creditor for the loss it incurs when a specific debtor defaults on its due date payment obligation in accordance with the original or modified conditions of debt instrument, regardless of its legal form, which may be, among others, a deposit, financial guarantee, insurance contract or credit derivative.
Grupo Santander initially recognises the financial guarantees provided on the liability side of the consolidated balance sheet at fair value, which is generally the present value of the fees, commissions and interest receivable from these contracts over the term thereof, and simultaneously the Group recognises the amount of the fees, commissions and similar interest received at the inception of the transactions and a credit on the asset side of the consolidated balance sheet for the present value of the fees, commissions and interest outstanding.
Financial guarantees, regardless of the guarantor, instrumentation or other circumstances, are reviewed periodically so as to determine the credit risk to which they are exposed and, if appropriate, to consider whether a provision is required. The credit risk is determined by application of criteria similar to those established for quantifying impairment losses on debt instruments carried at amortised cost (described in note 2.g above).
The provisions made for these transactions are recognised under 'Provisions - Provisions for commitments and guarantees given in the consolidated balance sheet' (see note 25). These provisions are recognised and reversed with a charge or credit, respectively, to 'Provisions or reversal of provisions', net, in the consolidated income statement.
t) Assets under management and investment and pension funds managed by the Group
Assets owned by third parties and managed by the consolidated entities are not presented on the face of the consolidated balance sheet. The investment funds and pension funds managed by the consolidated companies are also not presented in the Group's consolidated balance sheet, as they are owned by third parties.
The commissions generated by these activities are included in the balance of the 'Commission income' chapter of the consolidated profit and loss account.
Note 2.b.iv describes the internal criteria and procedures used to determine whether control exists over the structured entities, which include, inter alia, investment funds and pension funds.
u) Post-employment benefits
Under the collective agreements currently in force and other arrangements, the Spanish banks included in the Group and certain other Spanish and foreign consolidated entities have undertaken to supplement the public social security system benefits accruing to certain employees, and to their beneficiary right holders, for retirement, permanent disability or death, and the post-employment welfare benefits.
Grupo Santander's post-employment obligations to its employees are deemed to be defined contribution plans when the Group makes pre-determined contributions (recognised under Personnel expenses in the consolidated income statement) to a separate entity and will have no legal or effective obligation to make further contributions if the separate entity cannot pay the employee benefits relating to the service rendered in the current and prior periods. Post-employment obligations that do not meet the aforementioned conditions are classified as defined benefit plans (see note 25).
Defined contribution plans
The contributions made in this connection in each year are recognised under 'Personnel expenses' in the consolidated income statement.
The amounts not yet contributed at each year-end are recognised, at their present value, under 'Provisions - Provision for pensions' and similar obligations on the liability side of the consolidated balance sheet.
Defined benefit plans
Grupo Santander recognises under 'Provisions - Provision for pensions and similar obligations on the liability side of the consolidated balance sheet' (or under 'Other assets' on the asset side, as appropriate) the present value of its defined benefit post-employment obligations, net of the fair value of the plan assets.
Plan assets are defined as those that will be directly used to settle obligations and that meet the following conditions:
▪They are not owned by the consolidated entities, but by a legally separate third party that is not a party related to the Group.
▪They are only available to pay or fund post-employment benefits and they cannot be returned to the consolidated entities unless the assets remaining in the plan are sufficient to meet all the benefit obligations of the plan and of the entity to current and former employees, or they are returned to reimburse employee benefits already paid by Grupo Santander.
If Grupo Santander can look to an insurer to pay part or all of the expenditure required to settle a defined benefit obligation, and it is practically certain that said insurer will reimburse some or all of the expenditure required to settle that obligation, but the insurance policy does not qualify as a plan asset, the Group recognises its right to reimbursement -which, in all other respects, is treated as a plan asset- under 'Insurance contracts linked to pensions' on the asset side of the consolidated balance sheet.
Grupo Santander will recognise the following items in the income statement:
169
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
•Current service cost, (the increase in the present value of the obligations resulting from employee service in the current period), is recognised under 'Staff costs'.
•The past service cost, which arises from changes to existing post-employment benefits or from the introduction of new benefits and includes the cost of reductions, is recognised under 'Provisions or reversal of provisions'.
•Any gain or loss arising from a liquidation of the plan is included in the 'Provisions or reversion of provisions'.
•Net interest on the net defined benefit liability (asset), i.e. the change during the period in the net defined benefit liability (asset) that arises from the passage of time, is recognised under 'Interest expense' and similar charges ('Interest and similar income' if it constitutes income) in the consolidated income statement.
The remeasurement of the net defined benefit liability (asset) is recognised in 'Other comprehensive income' under Items not reclassified to profit or loss and includes:
▪Actuarial gains and losses generated in the year, arising from the differences between the previous actuarial assumptions and what has actually occurred and from the effects of changes in actuarial assumptions.
▪The return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset).
▪Any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset).
v) Other long-term employee benefits
Other long-term employee benefits, defined as obligations to pre-retirees -taken to be those who have ceased to render services at the entity but who, without being legally retired, continue to have economic rights vis-à-vis the entity until they acquire the legal status of retiree-, long-service bonuses, obligations for death of spouse or disability before retirement that depend on the employee’s length of service at the entity and other similar items, are treated for accounting purposes, where applicable, as established above for defined benefit post-employment plans, except that actuarial gains and losses are recognised under 'Provisions or reversal of provisions', net, in the consolidated income statement (see note 25).
w) Termination benefits
Termination benefits are recognised when there is a detailed formal plan identifying the basic changes to be made, provided that implementation of the plan has begun, its main features have been publicly announced or objective facts concerning its implementation have been disclosed.
x) Income tax
The expense for Spanish income tax and other similar taxes applicable to the foreign consolidated entities is recognised in the consolidated income statement, except when they arise from a transaction whose results are recognised directly in equity, in which case the related tax effect is recognised in equity.
The current income tax expense is calculated as the sum of the current tax resulting from application of the appropriate tax rate to the taxable profit for the year (net of any deductions allowable for tax purposes), and of the changes in deferred tax assets and liabilities recognised in the consolidated income statement.
'Deferred tax assets' and liabilities include temporary differences, which are identified as the amounts expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities and their related tax bases, and tax loss and tax credit carryforwards. These amounts are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled.
'Tax assets' include the amount of all tax assets, which are broken down into current -amounts of tax to be recovered within the next twelve months- and deferred -amounts of tax to be recovered in future years, including those arising from tax loss or tax credit carryforwards.
Tax liabilities' includes the amount of all tax liabilities (except provisions for taxes), which are broken down into current -the amount payable in respect of the income tax on the taxable profit for the year and other taxes in the next twelve months- and deferred -the amount of income tax payable in future years.
Deferred tax liabilities are recognised in respect of taxable temporary differences associated with investments in subsidiaries, associates or joint ventures, except when the Group is able to control the timing of the reversal of the temporary difference and, in addition, it is probable that the temporary difference will not reverse in the foreseeable future. In this regard, no deferred tax liabilities of EUR 321.9 million were recognised in relation to the taxation that would arise from the undistributed earnings of certain Group holding companies, in accordance with the legislation applicable in those jurisdictions.
Deferred tax assets are only recognised for temporary differences to the extent that it is considered probable that the consolidated entities will have sufficient future taxable profits against which the deferred tax assets can be utilised, and the deferred tax assets do not arise from, in its initial recognition of (i)a business combination, (ii) an operation that does not affect either the tax result or the accounting result or (iii) on the date of the transaction, does not generate deductible and taxable temporary differences for the same amount (in which case assets and deferred tax liabilities). Other deferred tax assets (tax loss and tax credit carryforwards) are only recognised if it is considered probable that the consolidated entities will have sufficient future taxable profits against which they can be utilised.
Differences generated by the different accounting and tax treatment of any of the income and expenses recorded directly in equity to be paid or recovered in the future are accounted for as temporary differences.
The deferred tax assets and liabilities are reassessed at the reporting date in order to ascertain whether any adjustments need to be made on the basis of the findings of the analyses performed.
170
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Regarding taxes on profits arising from the application of tax laws for the implementation of the Pillar Two model rules, including those related to national minimum complementary taxes, the Group applies the mandatory and temporary exception to the recognition of deferred tax assets and liabilities derived from said tax laws (see note 27.f).
y) Residual maturity periods
In note 51 it is provided an analysis of the maturities of the balances of certain items in the consolidated balance sheet.
Santander Group has recorded as 'time liabilities' those recognised financial liabilities in which the counterparty may require payments.
Likewise, when Grupo Santander has committed to having amounts available at different maturity periods, these amounts have been recorded in the first year in which they may be required.
Additionally, for the financial guarantee contracts issued, the Group has recorded the maximum amount of the financial guarantee issued in the first year in which the guarantee can be executed.
z) Consolidated statement of recognised income and expense
This statement presents the income and expenses generated by the Group as a result of its business activity in the year, and a distinction is made between the income and expenses recognised in the consolidated income statement for the year and the other income and expenses recognised directly in consolidated equity.
Accordingly, this statement presents:
a.    Consolidated profit for the year.
b.    The net amount of the income and expenses recognised in 'Other comprehensive income' under items that will not be reclassified to profit or loss.
c.    The net amount of the income and expenses recognised in Other comprehensive income under items that may be reclassified subsequently to profit or loss.
d.    The income tax incurred in respect of the items indicated in b and c above, except for the valuation adjustments arising from investments in associates or joint ventures accounted for using the equity method, which are presented net.
e.    Total consolidated recognised income and expense, calculated as the sum of a) to d) above, presenting separately the amount attributable to the parent company and the amount relating to non-controlling interests.
The statement presents the items separately by nature, grouping together items that, in accordance with the applicable accounting standards, will not be reclassified subsequently to profit and loss since the requirements established by the corresponding accounting standards are met.
aa) Statement of changes in total equity
This statement presents all the changes in equity, including those arising from changes in accounting policies and from the correction of errors. Accordingly, this statement presents a reconciliation of the carrying amount at the beginning and end of the year of all the consolidated equity items, and the changes are grouped together on the basis of their nature into the following items:
a.    Adjustments due to changes in accounting policies and to errors: include the changes in consolidated equity arising as a result of the retrospective restatement of the balances in the consolidated financial statements, distinguishing between those resulting from changes in accounting policies and those relating to the correction of errors.
b.    Income and expense recognised in the year: includes, in aggregate form, the total of the aforementioned items recognised in the consolidated statement of recognised 'Income and expense'.
c.    Other changes in equity: includes the remaining items recognised in equity, including, inter alia, increases and decreases in capital, distribution of profit, transactions involving own equity instruments, equity-instrument-based payments, transfers between equity items and any other increases or decreases in consolidated equity.
ab) Consolidated statement of cash flows
The following terms are used in the consolidated statements of cash flows with the meanings specified:
•Cash flows: inflows and outflows of cash and cash equivalents, which are short-term, highly liquid investments that are subject to an insignificant risk of changes in value, irrespective of the portfolio in which they are classified.
Grupo Santander classifies as cash and cash equivalents the balances recognised under 'Cash, cash balances at central banks' and 'Other deposits on demand' in the consolidated balance sheet.
•Operating activities: the principal revenue-producing activities of credit institutions and other activities that are not investing or financing activities.
•Investing activities: the acquisition or disposal of long-term assets and other investments not included in cash and cash equivalents.
•Financing activities: activities that result in changes in the size and composition of the equity and liabilities that are not operating activities.
During 2025 Grupo Santander received interest amounting to EUR 109,840 million (EUR 117,046 and EUR 101,029 in 2024 and 2023, respectively) and paid interest amounting to EUR 57,737 million (EUR 61,091 and EUR 50,954 in 2024 and 2023, respectively).
Also, dividends received and paid by the Group are detailed in notes 4, 28 and 40, including dividends paid to minority interests (non-controlling interests)

171
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
3. Grupo Santander
a) Banco Santander, S.A., and international Group structure
The growth of Grupo Santander in the last decades has led Banco Santander to also act, in practice, as a holding entity of the shares of the various companies in its Group, and its results are becoming progressively less representative of the performance and earnings of the Group. Therefore, each year the bank determines the amount of the dividends to be distributed to its shareholders on the basis of the consolidated net profit, while maintaining the Group’s objectives of capitalisation and taking into account that the transactions of the Bank and of the rest of the Group are managed on a consolidated basis (notwithstanding the allocation to each company of the related net worth effect).
At the international level, the various banks and other subsidiaries, joint ventures and associates of the Group are integrated in a corporate structure comprising various holding companies which are the ultimate shareholders of the banks and subsidiaries abroad.
The purpose of this structure, all of which is controlled Banco Santander, is to optimise the international organisation from the strategic, economic, financial and tax standpoints, since it makes it possible to define the most appropriate units to be entrusted with acquiring, selling or holding stakes in other international entities, the most appropriate financing method for these transactions and the most appropriate means of remitting the profits obtained by the group’s various operating units to Spain.
The Appendices provide relevant data on the consolidated group companies and on the companies accounted for using the equity method.
b) Acquisitions and disposals
Following is a summary of the main acquisitions and disposals of ownership interests in the share capital of other entities and other significant corporate transactions performed in the last three years or pending to be completed:
i. Agreement for the sale of 49% of Santander Bank Polska S.A. and accelerated placement of ordinary shares
On 5 May 2025, Banco Santander announced an agreement to sell approximately 49% of the share capital of Santander Bank Polska S.A. (Santander Polska) to Erste Group Bank AG at a price of 584 zlotys per share, as well as the 50% of Santander Towarzystwo Funduszy Inwestycyjnych S.A. (TFI, the asset management business in Poland) owned directly by Banco Santander, S.A., for a total amount of approximately EUR 7,000 million. Following the transaction and the accelerated placement of ordinary shares announced on 2 December 2025, of 3,576,626 ordinary shares of Santander Polska, representing approximately 3.5% of its share capital, for a total import of EUR 407 million, Santander will hold 9.7% of Santander Polska's share capital (58.7% as of 31 December 2025). The transaction was completed on 9 January 2026 (see Note 1.g. Introduction, basis of presentation of the consolidated annual accounts, and other information, subsequent events).
As a result of the agreement, the Group has reclassified the assets of Santander Polska and TFI in the consolidated balance sheet as of 31 December 2025, to the heading 'Non-current assets held for sale', and their liabilities to the heading 'Liabilities associated with non-current assets held for sale'. Furthermore, the effect of these businesses on the profit and loss account for the 2025 financial year has been classified under the heading 'Profit/(loss) after tax from discontinued operations' (see Note 12), with the same classification being applied for comparative purposes in the profit and loss accounts for the 2024 and 2023 financial years.
As part of this transaction, on 23 December 2025, Santander Consumer, S.A. acquired 60% of Santander Consumer Bank Polska, which was owned by Santander Polska, for PLN 3,105 million (EUR 726 million). This transaction had no significant impact on the Group's consolidated financial statements.
ii. Agreement for the acquisition of TSB Banking Group plc
On 1 July 2025, Banco Santander announced an agreement with Banco de Sabadell, S.A. for the acquisition of TSB Banking Group plc for approximately GBP 2,650 million (EUR 3,100 million) plus the results generated by this business between 31 March 2025, and the closing of the transaction.
The completion of the transaction is subject to the usual conditions for this type of deal, including obtaining the relevant regulatory authorizations.
iii. Agreement for the sale of the stake in Caceis
On 19 December 2024, Grupo Santander signed an agreement with Crédit Agricole S.A. for the sale of its 30.5% stake in the share capital of CACEIS. As a result of the above, as of 31 December 2024, this participation was reclassified, at its carrying value, from the line item 'investments' to the line item 'Non-current assets held for sale' in the balance sheet (see Note 6). The transaction was formalized in 2025 after obtaining the relevant regulatory approvals, generating a profit before taxes of EUR 231 million registered in the line item 'Gains or losses on non-current assets held for sale not classified as discontinued operations' of the income statement. Following the completion of the planned transaction, Crédit Agricole S.A. holds the 100% of CACEIS’s share capital.
The joint depositary, custody and related asset servicing services of Santander and CACEIS in Latin America is not included in the scope of the transaction and continues to be jointly controlled by Santander and CACEIS.
iv. Accelerated placement of ordinary shares of Santander Bank Polska
On 10 September 2024, Banco Santander, S.A. announced an accelerated placement of 5,320,000 ordinary shares of its subsidiary Santander Bank Polska S.A., representing approximately 5.2% of its share capital, at a price of PLN 463 (EUR 108) per ordinary share. The transaction was settled on September 13, with the total transaction amounting to PLN 2,463 million (EUR 575 million). Banco Santander will continue to hold a majority stake in Santander Bank Polska S.A. of 62.2% of the share capital (prior to this transaction, the percentage of participation was 67.4%).
This sale has resulted in an increase in reserves and valuation adjustments of EUR 158 million and EUR 57 million, respectively, and an increase in minority equity of EUR 360 million.
172
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
v. Tender offers for shares of Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México
On 21 October 2022, Banco Santander, S.A. ('Banco Santander') announced that it intends to make concurrent cash tender offers to acquire all of the shares of Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México ('Santander Mexico') in Mexico (Shares) and United States (American Depositary Shares ('ADSs')) which were not owned by Grupo Santander, which amount to approximately 3.76% of Santander Mexico’s share capital.
The offers were launched on 7 February 2023 and were originally scheduled to close on 8 March 2023. On 1 March 2023, Banco Santander announced its decision to extend the expiration date of the offers so that they could be concluded on 10 April 2023. Finally, after the offers' closing, 3.6% of the capital accepted the offer, which raised the Group's stake in Santander México from 96.2% to 99.8%.will be settled on 13 March 2023.
Shareholders who participated in the offerings received 24.52 Mexican pesos (approximately EUR 1.20) per Share and USD 6.6876 in cash for each ADS (i.e., the equivalent in United States dollars of 122.6 Mexican pesos in cash for each ADS at the US dollar/Mexican peso exchange rate on the expiration date of 10 April 2023),which corresponded to the book value of the Santander México share according to the quarterly report of Santander México corresponding to the fourth quarter of the year 2022 in accordance with applicable legislation, with a total disbursement by Banco Santander of approximately EUR 300 million.
The operation led to an increase of EUR 13 million in Reserves and a decrease of EUR 313 million in minority interests.
Once the offers were concluded and settled, Banco Santander proceeded to: (i) withdraw the ADSs from the listing on the New York Stock Exchange ('NYSE') and the Shares from the registry before the Securities and Exchange Commission ('SEC') in the United States and; (ii) cancel the registration of the Shares in the National Securities Registry of the National Banking and Securities Commission ('CNBV') and withdraw the listing of the Shares in the Mexican Stock Exchange, S.A.B. de C.V. ('BMV'). Said cancellation was approved by the extraordinary general shareholders' meeting of Santander México held on 30 November 2022, with the favourable vote of the holders of the shares that represent more than 95% of the shares of Santander Mexico, as required by the Mexican Securities Market Law.
Pursuant to Mexican law, on 12 May 2023, Banco Santander and Santander México established a trust (the 'Repurchase Trust'), to which the holders of the Shares that remain outstanding after the conclusion of the offers, to sell said Shares to the repurchase trust, at the same cash price that would have been paid to them in the Mexican offer with respect to the same. At the end of the year, said trust was liquidated and the Group's effective participation amounts to 99.98%.
c) Offshore entities
Spanish regulation
According to current Spanish regulation (Law 11/2021, of 9 July; Royal Decree 1080/1991, of 5 July; and Order HFP/115/2023, of 9 February), at year-end 2025 Grupo Santander has three branches in the non-cooperative jurisdictions of Jersey, the Isle of Man and the Cayman Islands (offshore entities). The Group also has a subsidiary in Guernsey, which is in the process of being wound up and is tax resident in the United Kingdom, and is therefore subject to its tax regime.
i. Offshore branches
As previously mentioned, Grupo Santander has three offshore branches in the non-cooperative jurisdictions of the Cayman Islands, the Isle of Man and Jersey. They report to, and consolidate balance sheets and income statements with, their respective foreign headquarters. They are taxed either with their headquarters (the Cayman Islands branch in Brazil) or in the territories they are located (Jersey and the Isle of Man, pertain to the UK).

These three offshore branches have a total of 147 employees as of December 2025.
ii. Subsidiaries in non-cooperative jurisdictions that are tax resident in the United Kingdom (UK)
Grupo Santander also has a subsidiary incorporated in the non-cooperative jurisdiction of Guernsey, which is not deemed an offshore entity because it operated exclusively from the UK and is tax resident there, and is therefore subject to UK tax law. This subsidiary is in the process of being liquidated as of December 31, 2025.

Additionally, during 2025 a subsidiary incorporated in Bermuda and tax resident in the United Kingdom, was liquidated.
iii. Other offshore holdings
From Brazil, Grupo Santander manages Santander Brazil Global Investment Fund SPC, a segregated portfolio company located in the Cayman Islands. The Group also holds minority, non-controlling financial interests in entities located in non-cooperative jurisdictions, including, among others, Klar Holdings Limited in the Cayman Islands.
The European Union (EU)
Santander has no presence in any of the 11 jurisdictions included on the EU Council’s blacklist of non-cooperative jurisdictions for tax purposes as of 31 December 2025. Additionally, the EU grey list comprises another 11 jurisdictions which have sufficiently committed to fully adapting their legislation to international tax standards, subject to monitoring by the EU. Within these grey-list jurisdictions, Santander operates only in Morocco through one subsidiary and holds a minority interest in a financial institution tax resident in that jurisdiction.
173
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Organization for Economic Cooperation and Development (OECD)
Grupo Santander has no presence in any jurisdictions non-compliant with both OECD standards on transparency and exchange of information for tax purposes (the automatic exchange of information AEOI standard and the exchange of information on request EOIR standard), according to the last annual reports of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, released on 2 December 2025.

However, Vietnam —a jurisdiction where Santander has a subsidiary— does not comply with the EOIR standard. Meanwhile, The Bahamas and Chile —jurisdictions where Santander is also present—, although they have complete legal and regulatory frameworks in place for the implementation of the AEOI standard, they still need to improve the effectiveness of this standard.

Santander presence in offshore territories at the end of 2025 is as follows:
Group presence in non-cooperative jurisdictions

Regulatory framework
Group presence in non-cooperative jurisdictions
Subsidiaries
Branches
Spanish legislationa
—
3b
Council of the EU blacklist
——
OECDc
——
2025—3
2024—3
aAdditionally, there is one subsidiary constituted in Guernsey (in the process of winding up), but resident for tax purposes in the UK.
bThe Group has three branches in Jersey, the Isle of Man and the Cayman Islands. These jurisdictions are not included in the European Union’s October 2025 blacklist and fully comply with both OECD international standards on transparency and exchange of information for tax purposes (AEOI and EOIR).
cJurisdictions non-compliant with both OECD standards (AEOI and EOIR).

Grupo Santander has the right mechanisms (risk management, supervision, verification and review plans, and regular reporting) to prevent reputational, tax and legal risks in entities resident in non-cooperative jurisdictions. Grupo Santander also maintains its policy of limiting and reducing its presence in non-cooperative jurisdictions when possible.

PwC member firms audited the financial statements of Grupo Santander’s offshore entities in 2025, 2024 and 2023.
4. Distribution of Banco Santander's profit, shareholder remuneration scheme and earnings per share
a) Distribution of Banco Santander's profit and shareholder remuneration scheme
The distribution of the Bank's current annual results that the board of directors will propose for approval by the shareholders at the annual general meeting is as follows:
EUR million
To dividends3,520 
Dividend paid at 31 DecemberA
1,699 
Complementary dividendB
1,821 
To voluntary reservesC
7,593 
Net profit for the year11,113 
A.Total amount paid as interim dividend, at the rate of EUR 11.5 fixed cents per eligible share (recorded in 'Shareholders' equity - Interim dividends').
B.Fixed complementary dividend of EUR 12.5 gross cents per eligible share, payable in cash as from 5 May 2026. The total amount has been estimated on the assumption that, as a result of the partial implementation of the buyback program announced on February 3, 2026, the number of the Bank's outstanding shares eligible for the dividend will be 14,568,470,446 and that, as envisaged, the capital increase submitted to the 2026 general meeting under item 6.C of the agenda will not be executed before 5 May 2026. Therefore, the total amount of the complementary dividend may be lower if more shares than initially envisaged are acquired under the buy-back programme, or higher if fewer shares are acquired under the buy-back programme or if the capital increase submitted to this general meeting under item 6.C of the agenda is executed before 5 May 2026.
C.Estimated amount corresponding to a complementary dividend of EUR 1,821,058,805.75. To be increased or reduced by the same amount by which the total amount of the final dividend is lower or higher, respectively, than its estimated amount.


The transcribed proposal comprises the part of the 2025 shareholder remuneration policy that is implemented through cash dividends (the interim dividend paid in November 2025 of EUR 11.5 cents per share with dividend entitlement, approved by the board of directors on September 30, 2025, and the complementary dividend expected to be paid as of 5 May 2026, of EUR 12.5 cents per share with the dividend entitlement, proposed by the board of directors on 24 February 2026, and therefore subject to approval by the general meeting).
The remuneration policy also provides for shareholder remuneration through the implementation of share buyback programmes, to which an amount equivalent to 25% of the Group’s underlying profit will be allocated. The first programme charged to 2025 results, amounting to approximately amount of EUR 1,700 million, was completed between August 2025 and December 2025. In addition, in 2025 Banco Santander announced its objective of allocating at least EUR 10,000 million to share buybacks in respect of 2025 and 2026 results and expected excess capital. As part of this objective, on 4 February 2026 a second buyback programme was launched for a maximum total amount of EUR 5,030 million, of which EUR 1,830 million corresponds to an amount equivalent to c.25% of the Group’s underlying profit in the second half of 2025, and the remaining EUR 3,200 million corresponds to c.50% of the capital released following completion of the sale of the 49% stake in Santander Bank Polska. A capital reduction resolution is also being submitted to the general meeting to enable the cancellation of the treasury shares acquired under this second buyback programme.
174
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
The accounting statement, prepared by the Bank pursuant to legal requirements, evidencing the existence of sufficient liquidity for the payment of the interim dividend on the date and for the amount mentioned above, was as follows:
EUR million
31 August 2025
Profit before taxes6,193 
Tax expense635 
Dividends paid in cash— 
Distributable maximum amount5,558 
Available liquidity96,923 
Finally, and although it does not form part of the remuneration charged to the 2025 financial year, it is hereby stated that, in execution of the resolution of the general meeting held on 4 April 2025, on 2 May 2025 the Bank paid a final cash dividend of EUR 11 cents per share charged to the results of the 2024 financial year. Finally, also charged to the results of 2024, the Bank implemented two repurchase programs. The first of them for a maximum amount of EUR 1,525 million, was completed in December 2024, and the second, for a maximum amount of EUR 1,587 million, was completed in June 2025.
b) Earnings/loss per share from continuing and discontinued operations
i. Basic earnings / loss per share
Basic earnings/loss per share are calculated by dividing the net profit attributable to the Group, adjusted by the after-tax amount of the remuneration of contingently convertible preference shares (PPCC) recognised in equity and the capital perpetual preference shares (PPCA) (see note 23), if applicable, by the weighted average number of ordinary shares outstanding during that period, excluding the average number of own shares held through that period.
Accordingly:
202520242023
Profit (Loss) attributable to the Parent (EUR million)14,101 12,57411,076 
Remuneration of PPCC and PPCA (EUR million) (note 23)(622)(620)(492)
13,479 11,954 10,584 
Of which:
Profit (Loss) from discontinued operations (non controlling interest net) (EUR million)962 822 717 
Profit (Loss) from continuing operations (non-controlling interest and PPCC and PPCA net)
(EUR million)		12,517 11,132 9,867 
Weighted average number of shares outstanding14,890,304,840 15,497,607,269 16,172,084,714 
Basic earnings (Loss) per share (euros)0.905 0.771 0.654 
Of which, from discounted operations (euros)0.065 0.053 0.044 
Basic earnings (Loss) per share from continuing operations (euros)0.840 0.718 0.610 
175
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
ii. Diluted earnings / loss per share
Diluted earnings/loss per share are calculated by dividing the net profit attributable to the Group, adjusted by the after-tax amount of the remuneration of contingently convertible preference shares recognised in equity (PPCC) recognised in equity and the capital perpetual preference shares (PPCA) (see note 23), by the weighted average number of ordinary shares outstanding during the year, excluding the average number of treasury shares and adjusted for all the dilutive effects inherent to potential ordinary shares (share options, and convertible debt securities).
Accordingly, diluted earnings/loss per share were determined as follows:
202520242023
Profit (Loss) attributable to the Parent (EUR million)14,101 12,574 11,076 
Remuneration of PPCC and PPCA (EUR million) (Note 23)(622)(620)(492)
Dilutive effect of changes in profit for the period arising from potential conversion of ordinary shares— — — 
13,479 11,954 10,584 
Of which:
Profit (Loss) from discontinued operations (net of non-controlling interests) (EUR million)962 822 717 
Profit (Loss) from continuing operations (net of non-controlling interests and PPCC and PPCA) (EUR million)12,517 11,132 9,867 
Weighted average number of shares outstanding14,890,304,840 15,497,607,269 16,172,084,714 
Dilutive effect of options/rights on shares85,269,647 70,110,570 75,180,407 
Adjusted number of shares14,975,574,487 15,567,717,839 16,247,265,121 
Diluted earnings (Loss) per share (euros)0.900 0.768 0.651 
Of which, from discounted operations (euros)0.064 0.053 0.044 
Diluted earnings (Loss) per share from continuing operations (euros)0.836 0.715 0.607 


5. Remuneration and other benefits paid to the Bank’s directors and senior managers
The following section contains qualitative and quantitative disclosures on the remuneration paid to the members of the board of directors —both executive and non-executive directors— and senior managers for 2025 and 2024.
a) Remuneration of Directors
i. Bylaw-stipulated emoluments
The annual general meeting held on 22 March 2013 approved an amendment to the Bylaws, whereby the remuneration of directors in their capacity as board members became an annual fixed amount determined by the annual general meeting. This amount shall remain in effect unless the shareholders resolve to change it at a general meeting. However, the board of directors may elect to reduce the amount in any years in which it deems such action justified.
The maximum remuneration established by the annual general meeting was EUR 6 million in 2025 (EUR 6 million in 2024), with two components: (a) an annual emolument and (b) attendance fees.
The specific amount payable for the above-mentioned items to each of the directors is determined by the board of directors. For such purpose, it takes into consideration the positions held by each director on the board, their membership of the board and the board committees and their attendance to the meetings thereof, and any other objective circumstances considered by the board.
The total Bylaw-stipulated emoluments earned by the directors in 2025 amounted to EUR 5.3 million (EUR 5.4 million in 2024).

176
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Annual allotment
For 2025, the board of directors, upon recommendation of the remuneration committee, approved a 3% increase in the annual
allotments payable to the chair and members of the board and its committees (including the executive committee), as well as to the lead independent director and the non-executive Vice Chair . Accordingly, each director received, in respect of 2024 and 2025, the amounts corresponding to their service on the board and its committees, with such amounts determined by the specific position held, as detailed in the table below.

Amount per director in euros20252024
Members of the board of directors100,940 98,000 
Members of the executive committee175,100170,000
Members of the audit committee44,29043,000
Members of the appointments committee28,84028,000
Members of the remuneration committee28,84028,000
Members of the risk supervision, regulation and compliance committee44,29043,000
Members of the responsible banking, sustainability and culture committee 28,84028,000
Members of the innovation and technology committee28,84028,000 
Chair of the audit committee72,10070,000
Chair of the appointments committee51,50050,000
Chair of the remuneration committee51,50050,000
Chair of the risk supervision, regulation and compliance committee72,10070,000
Chair of the responsible banking, sustainability and culture committee51,50050,000
Chair of the innovation and technology committee72,10070,000 
Lead independent directorA
113,300110,000
Non-executive Vice Chair30,90030,000
A.Glenn Hutchins has been allocated EUR 700,000 (including annual allowances and attendance fees) in minimum total annual pay set for the required time and dedication to perform his roles.
Attendance fees
The directors receive fees for attending board and committee meetings, excluding executive committee meetings, where no attendance fees are received.
In line with the adjustment to the annual allotments, the board of directors approved a 3% increase for 2025 in attendance fees compared with 2024.
Accordingly, attendance fees for meetings of the board and its committees (with the exception of the Executive Committee, for which no attendance fees are payable) amounted, for the last two years, to the totals set out in the table below:
Attendance fees per director per meeting in euros 20252024
Board of directors2,785 2,704 
Audit committee and risk supervision, regulation and compliance committee1,821 1,768 
Other committees (excluding executive committee) 1,606 1,560 
ii. Salaries
The executive directors receive salaries. In accordance with the policy approved by the annual general meeting, salaries are composed of a fixed annual remuneration and a variable one, which consists in a unique incentive, which is a deferred variable remuneration plan linked to multi-year objectives, which establishes the following payment scheme:
•40% of the variable remuneration amount, determined at year-end on the basis of the achievement of the established objectives, is paid immediately.
•The remaining 60% is deferred over five years, provided that the conditions of permanence in the Group and non-concurrence of the malus clauses are met, and subject to long term metrics, taking into account the following accrual scheme:
–The accrual of the first and second portion (20% of total variable compensation, paid in 2027 and 2028) will be conditional on none of the malus clauses being triggered.
–The accrual of the third, fourth and fifth portion (40% of total variable compensation and paid in 2029, 2030 and 2031), is linked to objectives related to the period 2025—2027 and the metrics and scales associated with these objectives. The fulfilment of the objectives determines the percentage to be paid of the deferred amount in these three annuities, and these targets can reduce these amounts and the number of deferred instruments, or increase them up to a maximum achievement ratio of 125%, so executives have the incentive to exceed their targets.
In accordance with current remuneration policies, the amounts already paid will be subject to a possible recovery (clawback) by the Bank during the period set out in the policy in force at each moment.
Payment of the approved incentive is paid 40% in cash and the remaining 60% in instruments, consisting of Banco Santander shares and restricted stock units (RSUs) of PagoNxt, split as:
◦ the amount of PagoNxt RSUs set for each year; and
◦ the rest, all in shares of Banco Santander.
Comparative of executive remuneration (Chair and CEO)
The target bonus of the Executive Chair and the CEO for 2025 remains unchanged compared to 2024.

Variable contributions to pensions were not modified in 2025, so the amounts are the 22% of the 30% of the last three assigned bonus' average.
In assessing individual performance, the Board considered the Grupo Santander’s strong results for 2025, reflecting continued delivery of our strategic plan. Attributable profit reached EUR 14,101 million in 2025, up 12% year-on-year (or +16% in constant euros), with a TSR during the year of 132% (+60% in relative terms vs. our peer group).
The Board also evaluated the leadership of the Executive Chair and the Chief Executive Officer in delivering these results and advancing the Group’s strategic priorities. Taking these factors into account, it determined that both executives achieved an 'Exceptional' level of performance and approved the corresponding variable remuneration.
Moreover, the ratio of executive directors’ total remuneration to underlying attributable profit fell to 0.17% from 0.18% in 2024.
177
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
iii. Detail by director
The detail, by bank director, of the short-term (immediate) and deferred (not subject to long-term goals) remuneration for 2025 and 2024 is provided below:
EUR thousand
2025
Bylaw-stipulated emoluments
Annual emolument
BoardF
Executive committee
Audit committee
Nomination committee
Remuneration committee1
Risk supervision, regulation and compliance oversight committee2
Responsible banking, sustainability and culture committee
Innovation and technology committee
Attendance fees and commissions
Ana Botín101 175 — — — — — 29 44 
Héctor Grisi101 175 — — — — — 29 44 
José Antonio Álvarez132 175 — — — 44 — 29 67 
Glenn Hutchins412 — — 29 80 — — 101 78 
Homaira Akbari101 — 44 — — — 29 29 81 
Javier BotínA
101 — — — — — — — 36 
Sol Daurella101 — — 29 29 — 80 — 75 
Henrique de Castro101 — 44 — 29 — — 29 80 
Gina Díez101 — — 29 — — 29 — 63 
Luis Isasi101 175 — — 29 44 — — 74 
Belén Romana101 175 44 80 — 44 — 29 107 
Pamela Walkden101 — 44 — — 116 29 — 93 
Germán de la Fuente101 — 116 — — 44 — — 83 
Carlos BarrabésB
101 — — 29 — — 29 29 71 
Antonio WeissC
101 — — — 29 — — — 50 
Bruce Carnegie-BrownD
— — — — — — — — — 
Ramiro MatoE
— — — — — — — — — 
Total 2025
1,857 875 292 196 196 292 196 304 1,047 
Total 2024
1,791 933 306 183 168 263 190 280 1,240 
A. All amounts received were reimbursed to Fundación Botín.
B. Director and member of the nomination committee, responsible banking, sustainability and culture committee and innovation and technology committee since 27 June 2024.
C. Director since 27 June 2024.
D. Stepped down as director on 22 March 2024.
E. Stepped down as director on 27 June 2024.
F. Also includes emoluments for other roles in the board.
Changes in the chairship or membership of the committees:
1.Antonio Weiss was appointed member of the remuneration committee on 1 January 2025.
2.José Antonio Álvarez was appointed member of the risk supervision, regulation and compliance oversight committee on 1 January 2025.

Other remuneration includes EUR 1,000 thousand for the role as non-executive Chair of the Santander España business unit and for attending its board and committee meetings for Luis Isasi. For José Antonio Álvarez, this amount includes remuneration as strategic advisor of Grupo Santander, life and health insurance contributions (EUR 678 thousand) and part of the former supplement for having waived the death and disability policy (EUR 12 thousand).

178
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
20252024
Short-term and deferred (not subject to long-term goals) salaries of executive directors
FixedVariable - immediate paymentDeferred variable
In cashIn instrumentsIn cashIn instrumentsTotalPension contribution
Other remuneration
TotalTotal
Ana Botín3,435 2,003 2,003 1,001 1,002 9,444 1,341 843 11,977 12,127 
Héctor Grisi3,150 1,384 1,384 692 692 7,302 1,120 718 9,489 9,137 
José Antonio Álvarez— — — — — — — 2,440 2,887 3,698 
Glenn Hutchins— — — — — — — — 700 700 
Homaira Akbari— — — — — — — — 284 285 
Javier BotínA
— — — — — — — — 137 144 
Sol Daurella— — — — — — — — 314 292 
Henrique de Castro— — — — — — — — 283 300 
Gina Díez— — — — — — — — 222 225 
Luis Isasi— — — — — — — 1,000 1,423 1,440 
Belén Romana— — — — — — — — 581 599 
Pamela Walkden— — — — — — — — 383 381 
Germán de la Fuente— — — — — — — — 344 338 
Carlos BarrabésB
— — — — — — — — 259 128 
Antonio WeissC
— — — — — — — — 180 72 
Bruce Carnegie-BrownD
— — — — — — — — — 78 
Ramiro MatoE
— — — — — — — — — 271 
Total 20256,585 3,387 3,387 1,693 1,694 16,746 2,461 5,001 29,462 — 
Total 20246,585 3,130 3,130 1,877 1,879 16,601 2,444 5,815 — 30,214 
Footnotes in previous table.


179
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Following is the detail by executive director of the salaries linked to multi-year objectives at their fair Value, which will only be received if the conditions of permanence in the Group, non-applicability of malus clauses and achievement of the established objectives are met (or, as the case may be, of the minimum thresholds thereof, with the consequent reduction of amount agreed-upon at the end of the year) in the terms described in Note 46.
EUR thousand
20252024
Variable subject to long-term
objectives1
In cashIn sharesIn RSUsTotalTotal
Ana Botín701 1,893 210 2,804 2,332 
Héctor Grisi484 1,277 176 1,938 1,611 
Total1,185 3,170 386 4,742 3,943 
1. Corresponds with the fair value of the maximum amount they are entitled to in a total of 3 years: 2029, 2030 and 2031, subject to conditions of continued service, with the exceptions provided, and to the non-applicability of malus clauses and achievement of the objectives established. The face value of the three aforementioned deferred amounts is EUR 6,774 thousand for 2025 (EUR 4,006 thousand for Ana Botín and EUR 2,768 thousand for Héctor Grisi).
The fair value has been determined at the grant date based on the valuation report of an independent expert, Willis Towers Watson. Based on the design of the plan for 2025 and the levels of achievement of similar plans in comparable entities, the fair value considered is 70% of the variable remuneration subject to long-term objectives. (see note 46).
Note 5.e below includes disclosures on the shares delivered from the deferred remuneration schemes in place in previous years and for which delivery conditions were met, as well as on the maximum number of shares that may be received in future years in connection with the aforementioned 2025 and 2024 variable remuneration plans.
b) Remuneration of the board members as representatives of the Bank
By resolution of the executive committee, all the remuneration received by the Bank’s directors who represent the Bank on the boards of directors of listed companies in which the Bank has a stake, paid by those companies and relating to appointments made on or after 18 March 2002, accrues to the Group. In 2025 the Bank’s directors did not receive any remuneration in respect of these representative duties.
On the other hand, in their personal capacity, in 2025 Homaira Akbari was paid USD 100 thousand (EUR 85 thousand) as member of the board of Santander Consumer USA Holdings, Inc. and EUR 200 thousand as member of the board of PagoNxt S.L., and José Antonio Álvarez and Henrique de Castro were each paid the same EUR 200 thousand as members of the board of PagoNxt S.L. (Henrique de Castro also received EUR 15 thousand as member of the nomination committee of PagoNxt, S.L.). Likewise, Pamela Walkden was paid GBP 100 thousand (EUR 115 thousand) as member of Santander UK plc and Santander UK Group Holdings; and Belén Romana EUR 157 thousand as member of the Board of Santander Insurance, S.L.
Likewise, Luis Isasi was paid EUR 1,000 thousand as non-executive Chair of the Santander España business unit and for attending its board and committee meetings (amounts paid by Banco Santander, S.A.).

And finally, José Antonio Álvarez, as strategic adviser of Grupo Santander, received fixed remuneration of EUR 1,750 thousand. In addition, he received the life and health insurance contributions, and the part of the former supplement for having waived the death and disability policy.
c) Post-employment and other long-term benefits
In 2012, the contracts of Ana Botín and other members of the Bank's senior management with defined benefit pension commitments were modified to transform these commitments into a defined contribution system, which covers the contingencies of retirement, disability and death. From that moment on, the Bank makes annual contributions to their pension system for their benefit.
This system gives them the right to receive benefits upon retirement, regardless of whether or not they are active at the Bank at such time, based on contributions to the system, and replaced their previous right to receive a pension supplement in the event of retirement.
The initial balance for Ana Botín in the new defined benefits system corresponded to the market value of the assets from which the provisions corresponding to the respective accrued obligations had materialised on the date on which the old pension commitments were transferred into the new benefits system.
Since 2013, the Bank has made annual contributions to the benefits system for executive directors and other members of executive team, in proportion to their respective pensionable bases, until they leave Grupo Santander or until their retirement within the Group, death, or disability.
The benefit plan system is outsourced to Santander Seguros y Reaseguros, Compañía Aseguradora, S.A., and the economic rights of the foregoing directors under this plan belong to them regardless of whether or not they are active at the Bank at the time of their retirement, death or disability.
In accordance with the provisions of the remuneration regulations, contributions made calculated on variable remuneration are subject to the discretionary pension benefits regime. Under this regime, contributions are subject to malus clauses and clawback according to the policy in force at any given time and during the same period in which the variable remuneration is deferred.
Furthermore, they must be invested in bank shares for a period of five years from the date when the executive director leaves the Group, regardless of whether or not they leave to retire. Once that period has elapsed, the amount invested in shares will be reinvested, along with the remainder of the cumulative balance corresponding to the executive director, or it will be paid to the executive director or to their beneficiaries in the event of a contingency covered by the benefits system.

180
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
As per the director´s remuneration policy approved at the 23 March 2018 general shareholder´s meeting, the system was changed with a focus on:
•Aligning the annual contributions with practices of comparable institutions.
•Reducing future liabilities by eliminating the supplementary benefits scheme in the event of death (death of spouse or parent) and permanent disability of serving directors.
•Not increasing total costs for the Bank.
The changes to the system were the following:
•Fixed and variable pension contributions were reduced to 22% of the respective pensionable bases. The gross annual salaries and the benchmark variable remuneration were increased in the corresponding amount with no increase in total costs for the Bank. The pensionable base for the purposes of the annual contributions for the executive directors is the sum of fixed remuneration plus 30% of the average of their last three variable remuneration amounts. This means complying with Circular 2/2016 of the Bank of Spain, standard 41, on pension benefits, by which a part of not less than 15% of the total contribution must be based on variable components.
•The death and disability supplementary benefits were eliminated since 1 April 2018. A fixed remuneration supplement (included in other remuneration in section a.iii in this note) was implemented the same date. During 2025, this fixed remuneration supplement has expired both for Ana Botín and José Antonio Álvarez, in line with the age of 65 initially set at the time this remuneration component was approved.
•The total amount insured for life and accident insurance was increased.
The provisions recognised in 2025 and 2024 for retirement pensions were as follows:
EUR thousand
20252024
Ana Botín1,341 1,339 
Héctor Grisi1,120 1,105 
Total2,461 2,445 
Following is a detail of the balances relating to each of the directors under the welfare system as of 31 December 2025 and 2024:
EUR thousand
20252024
Ana Botín65,027 54,731 
Héctor Grisi2,033 1,299 
José Antonio Álvarez23,178 20,326 
Total90,238 76,356 
d) Insurance
The Group pays for life insurance policies for the Bank’s directors, who will be entitled to receive benefits if they are declared disabled. In the event of death, the benefits will be payable to their heirs. The premiums paid by the Group are included in the 'Other remuneration' column of the table shown in Note 5.a.iii above. Also, the following table provides information on the sums insured for the Bank’s directors:
Insured capital
EUR thousand
20252024
Ana Botín20,659 21,525 
Héctor Grisi12,600 12,600 
José Antonio Álvarez10,500 11,215 
Total43,759 45,340 
The insured capital has been modified in 2018 for Ana Botín as part of the pension systems transformation set out in note 5.c) above, which has encompassed the elimination of the supplementary benefits systems (death of spouse and death of parent) and the increase of the life and accident insurance annuities.
During 2025 and 2024, the Group has disbursed a total amount of EUR 8.3 million and EUR 13.5 million, respectively, for the payment of civil-liability insurance premiums. These premiums correspond to several civil-liability insurance policies that hedge, among others, directors, senior management and other managers and employees of the Group and the Bank itself, as well as its subsidiaries, in light of certain types of potential claims of third parties. For this reason, it is not possible to disaggregate or individualize the amount that correspond to the directors and executives.
As of 31 December 2025 and 2024, no life insurance commitments exist for the Group in respect of any other directors.

181
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
e) Deferred variable remuneration systems
The following information relates to the maximum number of shares to which the executive directors are entitled at the beginning and end of 2025 and 2024 due to their participation in the deferred variable remuneration systems, which instrumented a portion of their variable remuneration relating to 2025 and prior years, as well as on the deliveries, in shares or in cash, made to them in 2025 and 2024 once the conditions for the receipt thereof had been met (see Note 46):
i) Deferred variable compensation plan linked to multiannual objectives
In the annual shareholders meeting of 18 March 2016, with the aim of simplifying the remuneration structure, improving the ex-ante risk adjustment and increasing the incidence of long-term objectives, the bonus plan (deferred and conditioned variable compensation plan) and ILP were replaced by one single plan.
The variable remuneration of executive directors and certain executives (including senior management) corresponding to 2025 has been approved by the board of directors and implemented through the tenth cycle of the deferred variable remuneration plan linked to multi-year objectives. The application of the plan was authorised by the annual general meeting of shareholders, as it entails the delivery of shares to the beneficiaries.
As indicated in section a.ii of this note, 60% of the variable remuneration amount is deferred over five years for executive directors, to be paid, where appropriate, provided that the conditions of permanence in the Group, according to the following accrual scheme:
•The accrual of the first and second parts (instalments in 2027 and 2028) is conditional on none of the malus clauses being triggered.
•The accrual of the third, fourth and fifth parts (instalments in 2029, 2030 and 2031) is linked to non-concurrence of malus clauses and the fulfilment of certain objectives related to the 2025‑ 2027 period. These objectives and their respective weights are:
–Banco Santander’s consolidated Return on tangible equity (RoTE) target in 2027 (weight of 30%).
–Relative performance of Banco Santander's total shareholder return (TSR) in 2025-2027 in respect of the weighted TSR of a peer group comprising 9 credit institutions, with the appropriate TSR ratio based on the group’s TSR among its peers (weight of 50%).
–Four sustainability metrics, which have different weighting (with a total weight of 20%).
The degree of compliance with the above objectives determines the percentage to be applied to the deferred amount in these three annuities, with a maximum achievement ratio of 125%, so executives have the incentive to exceed their targets.
Both the immediate payment and the two first deferrals (short-term part) are paid 50% in cash and the remaining 50% in instruments. The last three deferrals (conditioned to long-term metrics) are paid 25% in cash and 75% in instruments.
The accrual of deferred amounts (whether or not subject to performance measures) is conditioned, in addition to the permanence of the beneficiary in the Group, to non-occurrence, during the period prior to each of the deliveries, of any the circumstances giving rise to the application of malus as set out in the Group’s remuneration policy in its chapter related to malus and clawback. Likewise, the amounts already paid of the incentive will be subject to clawback by the Bank in the cases and during the term foreseen in said policy, and in accordance with the terms and conditions foreseen in it.
Malus and clawback clauses are triggered by poor financial performance of Banco Santander, a division or area, or exposures from staff as a result of an executive(s)’s management of, at least, one of these factors:
i.Significant failures in risk management committed by the entity, or by a business unit or risk control.
ii.The increase suffered by the entity or by a business unit of its capital needs, not foreseen at the time of generation of the exposures.
iii.Regulatory sanctions or judicial sentences from events that could be attributable to the unit or the personnel responsible for those. Also, the breach of internal codes of conduct of the entity.
iv.Irregular conduct, whether individual or collective. In this regard, the negative effects derived from the marketing of inappropriate products and the responsibilities of the people or bodies that made those decisions will be specially considered.
In addition to the existing policy on malus and clawback clauses of our remuneration policy, the addendum to our remuneration policy entitled 'Financial Statement Restatement Compensation' regulates the recoupment of compensation received by the executive directors of Banco Santander, S.A., and senior management, in the event of a financial restatement (according to the regulation) resulting from material noncompliance with financial reporting requirements under US federal securities laws.
The maximum amount of shares to be delivered under the plan is within the maximum amount of the award to be delivered in shares (EUR 11.5 million) approved at the 2025 AGM for executive directors. At its meeting on 25 November 2025 and pursuant to the powers granted by shareholders at the 2025 AGM, the board agreed to amend the calculation period used to determine the number of shares to be delivered from 50 to 30 trading sessions (under no circumstances may the number of shares exceed the maximum approved at the AGM), as the board considered that this better reflects market practice and enables us to offset share price volatility. Thus, the number of shares to be delivered under the 2025 policy has been calculated with the weighted average daily volume of weighted average listing prices of Banco Santander shares in the 30 trading sessions prior to the Friday (not inclusive) before 4 February 2025 (the date on which the board approved the 2025 bonus for executive directors), which was EUR 10.261 per share. According to an independent experts' valuation, the price per PagoNxt, S.L. RSU equals EUR 61.07.

182
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
ii) Shares assigned by deferred variable remuneration plans
The following table shows the number of Santander shares assigned to each director already in service and pending delivery as of 1 January 2024, 31 December 2024 and 31 December 2025, as well as the gross shares that were delivered to them in 2024 and 2025, either in the form of an immediate payment or a deferred payment. In this case after having been appraised by the board, at the proposal of the remuneration committee, that the corresponding one-fifth of each plan had accrued. They come from the deferred conditional and linked to multi-year objectives in 2019, 2020, 2021, 2022, 2023, 2024 and 2025 were formalized.

Share-based variable remuneration
Maximum number of shares to be delivered at January 1,2024Shares delivered in 2024 (immediate payment 2023 variable remuneration)Shares delivered in 2024 (deferred payment 2022 variable remuneration)Shares delivered in 2024 (deferred payment 2021 variable remuneration)Shares delivered in 2024 (deferred payment 2020 variable remuneration)Shares delivered in 2024 (deferred payment 2019 variable remuneration)Variable remuneration 2024 (Maximum number of shares to be delivered)
2019 variable remuneration
Ana Botín70,905 — — — — (35,452)— 
José Antonio Álvarez47,386 — — — — (23,693)— 
118,290 — — — — (59,145)— 
2020 variable remuneration
Ana Botín93,146 — — — (31,049)— — 
José Antonio Álvarez50,594 — — — (16,865)— — 
143,740 — — — (47,914)— — 
2021 variable remuneration
Ana Botín710,698 — — (177,675)— — — 
José Antonio Álvarez479,644 — — (119,911)— — — 
1,190,342 — — (297,586)— — — 
2022 variable remuneration
Ana Botín358,419 — (62,334)— — — — 
José Antonio Álvarez241,954 — (42,079)— — — — 
600,374 — (104,413)— — — — 
2023 variable remuneration
Ana Botín1,127,209 (469,286)— — — — — 
Héctor Grisi
749,143 (321,645)— — — — — 
1,876,352 (790,931)— — — — — 
2024 variable remuneration
Ana Botín— — — — — — 976,463 
Héctor Grisi
— — — — — — 656,033 
— — — — — — 1,632,496 
2025 variable remuneration1
Ana Botín— — — — — — — 
Héctor Grisi— — — — — — — 
— — — — — — — 
1.For each director, 40% of the shares indicated correspond to the short-term variable (or immediate payment). The remaining 60% is deferred for delivery, where appropriate, in the next five years, the last three being subject to the fulfilment of multiannual objectives. Maximum opportunity subject to regulatory ratio compliance.                    
183
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Maximum number of shares to be delivered at December 31, 2024
Instruments matured but not consolidated at January 1, 20252
Shares delivered in 2025 (immediate payment 2024 variable remuneration)Shares delivered in 2025 (deferred payment 2023 variable remuneration)Shares delivered in 2025 (deferred payment 2022 variable remuneration)Shares delivered in 2025 (deferred payment 2021 variable remuneration)Shares delivered in 2025 (deferred payment 2020 variable remuneration)Shares delivered in 2025 (deferred payment 2019 variable remuneration)Variable remuneration 2025 (Maximum number of shares to be delivered)Maximum number of shares to be delivered at December 31, 2025
35,452 — — — — — — (35,452)— — 
23,693 — — — — — — (23,693)— — 
59,145 — — — — — — (59,145)— — 
62,097 — — — — — (31,049)— — 31,048 
33,729 — — — — — (16,865)— — 16,864 
95,826 — — — — — (47,914)— — 47,912 
533,023 (44,774)— — — (162,750)— — — 325,499 
359,733 (30,218)— — — (109,838)— — — 219,677 
892,756 (74,992)— — — (272,588)— — — 545,176 
296,085 — — — (62,334)— — — — 233,751 
199,875 — — — (42,079)— — — — 157,796 
495,961 — — — (104,413)— — — — 391,548 
657,923 — — (114,421)— — — — — 543,502 
427,498 — — (74,347)— — — — — 353,151 
1,085,421 — — (188,768)— — — — — 896,653 
976,463 — (404,447)— — — — — — 572,016 
656,033 — (279,480)— — — — — — 376,553 
1,632,496 — (683,927)— — — — — — 948,569 
— — — — — — — — 602,746 602,746 
— — — — — — — — 408,159 408,159 
— — — — — — — — 1,010,904 1,010,904 
    
2.The levels of achievement of the multi-year metrics of the long-term variable remuneration plans:
1) Seventh cycle of the deferred multi-year objectives variable remuneration plan (2022): 115.2% of achievement for the period 2022-2024.
a. RoTE metric for 2024 year-end period at 150%. Weight of 40.0%.
b. Relative TSR metric in 2022-2024 period at 83% of achievement. Weight of 40.0%.
c. Sustainability metrics at 25% of achievement. Weight of 20.0%.
2) Sixth cycle of the deferred multi-year objectives variable remuneration plan (2021): 91.6% of achievement for the period 2021-2023.
a. CET1 metric at 100% of achievement for 2023 year-end period (target 12.00%). Weight of 33.3%.
b. Underlying BPA growth at 150% of achievement (target growth of 100%). Weight of 33.3%.
c. TSR metric at 25% of achievement (target of 33 to 66 percentile). Weight of 33.3%.

3) Fifth cycle of the deferred multi-year objectives variable remuneration plan (2020): 83.0% of achievement for the period 2020-2022.
a. CET1 metric at 100% of achievement for 2022 year-end period (target 12.00%). Weight of 33.3%.
b. Underlying BPA growth at 150% of achievement (target growth of 10%). Weight of 33.3%.
c. TSR metric at 0% of achievement (minimum target of 33% not reached). Weight of 33.3%

Furthermore, the maximum number of RSUs of PagoNxt, S.L. to be delivered under the current plan (and subject to regulatory ratio compliance) is 9,415 and 7,909 units for Ana Botín and Héctor Grisi, respectively.
184
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
In addition, the table below shows the cash delivered in 2025 and 2024, by way of either immediate payment or deferred payment, in the latter case once the Board had determined, at the proposal of the remuneration committee, that one deferral relating to each plan had accrued:

EUR thousand
20252024
Cash paid (immediate payment 2024 variable remuneration)Cash paid (deferred payments from 2023, 2022, 2021 and 2020 variable remuneration)Cash paid (immediate payment 2023 variable remuneration)Cash paid (deferred payments from 2022, 2021, 2020 and 2019 variable remuneration)
Ana Botín1,8511,7591,7801,419
Héctor Grisi1,2793661,220863
José Antonio Álvarez—815—945
Total3,1302,9403,0003,228
iii) Information on former members of the board of directors
The chart below includes information on the maximum number of shares to which former members of the board of directors, are entitled for their participation in the various deferred variable remuneration systems, which instrumented a portion of their variable remuneration relating to the years in which they were executive directors. Also set forth below is information on the deliveries, whether in shares or in cash, made in 2025 and 2024 to former board members, upon achievement of the conditions for the receipt thereof (see note 46):

Maximum number of shares to be delivered
2025 2024 
Deferred conditional variable remuneration plan and linked to objectives (2019)—24,490
Deferred conditional variable remuneration plan and linked to objectives (2020)35,51171,024
Deferred conditional variable remuneration plan and linked to objectives (2021)137,400206,100
Number of shares delivered
2025 2024 
Deferred conditional variable remuneration plan and linked to objectives (2018)—29,860
Deferred conditional variable remuneration plan and linked to objectives (2019)24,49024,490
Deferred conditional variable remuneration plan and linked to objectives (2020)35,51235,512
Deferred conditional variable remuneration plan and linked to objectives (2021)68,70012,911
In addition, EUR 724 thousand and EUR 650 thousand relating to the deferred portion payable in cash of the aforementioned plans were paid each in 2025 and 2024.
185
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
f) Loans
Grupo Santander’s direct risk exposure to the bank’s directors and the guarantees provided for them are detailed below. These transactions were made on terms equivalent to those that prevail in arm’s-length transactions or the related compensation in kind was recognized:

EUR thousand
20252024
Loans and creditsGuaranteesTotalLoans and creditsGuaranteesTotal
Ana Botín3 — 3 — — — 
Héctor Grisi— — — — — — 
José Antonio Álvarez— — — — — — 
Glenn Hutchins— — — — — — 
Antonio Francesco Weiss B
— — — — — — 
Belén Romana— — — — — — 
Bruce Carnegie-Brown A
— — — — — — 
Germán de la Fuente— — — — — — 
Gina Díez Barroso— — — 5 — 5 
Henrique de Castro— — — — — — 
Homaira Akbari— — — — — — 
Javier Botín— — — — — — 
Juan Carlos Barrabés C
137 — 137 138 — 138 
Luis Isasi— — — — — — 
Pamela Walkden— — — — — — 
Ramiro Mato D
— — — — — — 
Sol Daurella — — — — — — 
140 — 140 143 — 143 
A.Ceased as director of Banco Santander, S.A. on 22 March 2024.
B.Director since 27 June 2024.
C.Director since 27 June 2024.
D.Ceased as director of Banco Santander, S.A. on 27 June 2024 .
g) Senior management
The table below includes the amounts relating to the short-term remuneration of the members of senior management at 31 December 2025 and those at 31 December 2024, excluding the remuneration of the executive directors, which is detailed above.
EUR thousand
Short-term salaries and deferred remuneration
Variable remuneration (bonus) - Immediate paymentDeferred variable remuneration
YearNumber of
persons		FixedIn cash
In instruments2
In cash
In instruments3
Pensions
Other
remuneration1
Total
20251519,2559,1799,1804,3064,3064,9106,45657,592
20241416,4667,3767,3773,3193,3204,5207,15349,531
1.Includes other remuneration items such as life and medical insurance premiums and localization aids and lastly RSUs from PagoNxt S.L., for the work of one director in said entity.
2.    The amount of immediate payment for 2024 is 894,587 shares (1,611,965 Santander shares in 2024).
3.    The deferred amount in instruments not linked to long-term objectives for 2024 is 416,410 shares ( 725,399 Santander shares in 2024).
In addition to the amounts reflected in the table, salary remunerations amounting to EUR 4,118 thousand were granted in the form of buyouts and sign-on awards, related to the recruitment of new members who joined this employee group during the year.
In 2025, the ratio of variable to fixed pay components was 134% of the total for senior managers, well within the maximum limit of 200% set by 2024 AGM.
186
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Also, the detail of the breakdown of the remuneration linked to long-term objectives of the members of senior management at 31 December 2025 and 31 December 2024 is provided below. These remuneration payments shall be received, as the case may be, in the corresponding deferral periods, upon achievement of the conditions stipulated for each payment (see note 46):
EUR thousand
Variable remuneration subject to long-term objectives1
YearNumber of peopleCash 
payment
Instrument
payment
Total
2025154,521 4,522 9,043 
2024143,485 3,486 6,971 
1.    Relates to the fair value of the maximum annual amounts for years 2029, 2030 and 2031 of the tenth cycle of the deferred conditional variable remuneration plan (2028, 2029 and 2030 for the ninth cycle of the deferred variable compensation plan linked to annual objectives for the year 2024). The face value of the three aforementioned deferred amounts is EUR 12,919 thousand for 2025.
Additionally, members of senior management who stepped down from their roles in 2025 consolidated salary remuneration and other remuneration for a total amount of EUR 2,905 thousand (EUR 12,303 thousand in 2024). In 2025 rights regarding variable
pay subject to long-term objectives amounted to EUR 342 thousand (EUR 633 thousand were generated in 2024 for this collective).
The maximum number of Santander shares that the members of senior management at each plan grant date (excluding executive directors) were entitled to receive as of 31 December 2025 and 31 December 2024 relating to the deferred portion under the various plans then in force is the following (see note 46):
Maximum number of shares to be delivered
20252024
Deferred conditional variable remuneration plan and linked to objectives (2019) — 71,294 
Deferred conditional variable remuneration plan and linked to objectives (2020)145,704 370,522 
Deferred conditional variable remuneration plan and linked to objectives (2021)486,863 966,680 
Deferred conditional variable remuneration plan and linked to objectives (2022)891,305 1,430,464 
Deferred conditional variable remuneration plan and linked to objectives (2023)934,609 1,395,815 
Deferred conditional variable remuneration plan and linked to objectives (2024)1,601,213 — 
Since the conditions established in the corresponding deferred share-based remuneration schemes for prior years had been met, the following number of Santander shares was delivered in 2025 and 2024 to the senior management, in addition to the payment of the related cash amounts:
Number of shares delivered
20252024
Deferred conditional variable remuneration plan and linked to objectives (2018)— 57,730 
Deferred conditional variable remuneration plan and linked to objectives (2019) 54,249 71,294 
Deferred conditional variable remuneration plan and linked to objectives (2020) 145,704 185,261 
Deferred conditional variable remuneration plan and linked to objectives (2021) 243,433 351,777 
Deferred conditional variable remuneration plan and linked to objectives (2022) 266,390 357,615 
Deferred conditional variable remuneration plan and linked to objectives (2023) 233,652 1,212,984 
Deferred conditional variable remuneration plan and linked to objectives (2024) 1,399,679 — 
As indicated in note 5.c above, senior management participate in the benefit system created in 2012, which covers the contingencies of retirement, disability and death. Banco Santander makes annual contributions to the benefit plans of its senior managers. In 2012, the contracts of the senior managers with benefit pension commitments were amended to transform them into a contribution system. The system, which is outsourced to Santander Seguros y Reaseguros, Compañía Aseguradora, S.A., gives senior managers the right to receive benefits upon retirement, regardless of whether or not they are active at Banco Santander at such time, based on contributions to the system. This new system replaced their previous right to receive a pension supplement in the event of retirement. In the event of pre-retirement, and up to the retirement date, senior managers appointed prior to September 2015 are entitled to receive an annual allowance.
In addition, further to applicable remuneration regulations, from 2016 (inclusive), a discretionary pension benefit component of at least 15% of total remuneration in contributions to the pension system has been included. Under the regime corresponding to these discretionary benefits, the contributions that are calculated on variable remunerations are subject to malus and clawback clauses, subject to policies applicable at each time, and during the same period in which the variable remuneration is deferred.
Likewise, the annual contributions calculated on variable remunerations must be invested in Bank shares for a period of five years from the date that the senior manager leaves the Group, regardless of whether or not they leave to retire. Once that period has elapsed, the amount invested in shares will be reinvested, along with the remainder of the cumulative balance corresponding to the senior manager, or it will be paid to the senior manager or to their beneficiaries in the event of a contingency covered by the benefits system.

187
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
The contracts of some members of senior management were modified at the beginning of 2018 with the same objective and changes indicated in section c of this note for Ana Botín. The modifications, which are aimed at aligning the annual contributions with the practices of comparable institutions and reducing the risk of future obligations by eliminating the supplementary scheme for death (widowhood and orphanhood) and permanent disability in service without increasing the costs to the bank, are as follows:
•Contributions to the pensionable bases were reduced. Gross annual salaries were increased in the corresponding amount.
•The death and disability supplementary benefits were eliminated since 1 January 2018 for some members of senior management and since 1 April 2018 for executive directors. A fixed remuneration supplement reflected in other remuneration in the table above was implemented on the same date.
•The amounts insured for life and accident insurance were increased.
All of the above was done without an increase in total cost for the Bank.
The balance as of 31 December 2025 in the pension system for those who were part of senior management at year end amounted to EUR 51 million (EUR 51 million at 31 December 2024).
The net charge to income corresponding to pension amounted to EUR 4.9 million in 2025 (EUR 4.5 million in 31 December 2024).
In 2025 and 2024 there have been no payments in the form of a single payment of the annual voluntary pre-retirement allowance.
Additionally, the capital insured by life and accident insurance at 31 December 2025 of this group amounts to EUR 78 million (EUR 83 million at 31 December 2024).
h) Post-employment benefits to former directors and former senior executive vice presidents
The post-employment benefits and settlements paid in 2025 to former directors of the Bank, other than those detailed in note 5.c amounted to EUR 5.6 million and EUR 5.6 million in 2024, respectively. Also, the post-employment benefits and settlements paid in 2025 to former executive vice presidents amounted to EUR 16 million and EUR 12.7 million in 2024, respectively.
Contributions to insurance policies that hedge pensions to previous members of the Bank’s board of directors, amounted to EUR 0.17 million in 2025 (EUR 0.17 million in 2024). Likewise, contributions to insurance policies that hedge pensions for previous senior managers amounted to EUR 1.3 million in 2025 (EUR 2.3 million in 2024).
No releases or charges were recorded in the consolidated income statement for pension commitments and similar obligations held by the Group with previous former members of the bank's board of directors or former members of senior management in 2025 and 2024.
In addition, 'Provisions - Pension Fund and similar obligations' in the consolidated balance sheet as at 31 December 2025 included EUR 43 million in respect of the post-employment benefit obligations to former Directors of the Bank (EUR 46 million at 31 December 2024) and EUR 108 million corresponding to former members of senior management (EUR 96 million at 31 December 2024).
i) Pre-retirement and retirement
The board of directors approved an amendment to the contracts of executive directors whereby they ceased to have the right to pre-retire in case of termination of his contract.
j) Contract termination
The executive directors and members of senior management have indefinite-term employment contracts. Executive directors or senior managers whose contracts are terminated voluntarily or due to breach of duties are not entitled to receive any economic compensation. If Banco Santander terminates the contract for any other reason, they will be entitled to the corresponding legally-stipulated termination benefit, without prejudice to any compensation that may for non-competition obligations, as detailed in the directors' remuneration policy.
If Banco Santander were to terminate her contract, Ana Botín would have to remain at Banco Santander’s disposal for a period of 4 months in order to ensure an adequate transition, and would receive her fixed salary during that period.
k) Information on investments held by the directors in other companies and conflicts of interest
None of the members of the board of directors have declared that they or persons related to them may have a direct or indirect conflict of interest with the interests of Banco Santander, S.A., as set forth in article 229 of the Corporate Enterprises Act.
188
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
6. Loans and advances to central banks and credit institutions
The detail, by classification, type and currency, of Loans and advances to central banks and credit institutions in the consolidated balance sheets is as follows:
EUR million
CENTRAL BANKS202520242023
Classification
Financial assets held for trading14,63212,96617,717
Non-trading financial assets mandatorily at
fair value through profit or loss		———
Financial assets designated at fair value through profit or loss———
Financial assets designated at fair value
through other comprehensive income		———
Financial assets at amortised cost15,98616,17920,082
30,61829,14537,799
Type
Time deposits15,98616,17917,747
Reverse repurchase agreements14,63212,96620,052
Impaired assets———
Valuation adjustments for impairment———
30,61829,14537,799
CREDIT INSTITUTIONS
Classification
Financial assets held for trading25,96727,31414,061
Non-trading financial assets mandatorily at
fair value through profit or loss		———
Financial assets designated at fair value through profit or loss413408459
Financial assets designated at fair value
through other comprehensive income		1,120363313
Financial assets at amortised cost61,51355,53757,917
89,01383,62272,750
Type
Time deposits10,6659,0368,560
Reverse repurchase agreements52,36548,93235,846
Non- loans advances25,98725,65928,353
Impaired assets———
Valuation adjustments for impairment(4)(5)(9)
89,01383,62272,750
CURRENCY
Euro43,69743,34734,229
Pound sterling5,1472,4243,539
US dollar23,32022,53917,602
Brazilian real43,57739,37947,151
Other currencies3,8905,0788,028
TOTAL119,631112,767110,549
The loans and advances to credit institutions classified under 'Financial assets at amortised' cost are mainly time accounts and deposits.
Note 51 contains a detail of their residual maturity periods.
This line item also includes irrevocable payment commitments to the Single Resolution Fund made in accordance with article 70.3 of Regulation 806/2014, which establishes uniform rules and a uniform procedure for the resolution of credit institutions and certain security service companies. investment within the framework of a Single Resolution Mechanism and a Single Resolution Fund, for which, in accordance with the standard, no provision has been recorded, these commitments have not been significant regarding the consolidated annual accounts.
At 31 December 2025 the gross exposure by impairment stage of the assets accounted subject to impairment for amounts to EUR 78,623 million, EUR 0 million and EUR 0 million (EUR 72,084, EUR 0 million and EUR 0 million in 2024 and EUR 78,321 million, EUR 0 million and EUR 0 million in 2023), and the loan loss provision by impairment stage amounts to EUR 4 million, EUR 0 million and EUR 0 million (EUR 5 million, EUR 0 million and EUR 0 million in 2024 and EUR 9 million, EUR 0 million and EUR 0 million in 2023) in stage 1, stage 2 and stage 3, respectively.

189
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
7. Debt securities
a) Detail
The detail, by classification, type and currency, of Debt securities in the consolidated balance sheets is as follows:
EUR million
202520242023
Classification
Financial assets held for trading98,568 82,646 62,124 
Non-trading financial assets mandatorily at fair value through profit or loss245 447 860 
Financial assets designated at fair value through profit or loss2,894 2,897 3,095 
Financial assets designated at fair value through other comprehensive income58,305 76,558 73,565 
Financial assets at amortised cost140,014 120,949 103,559 
300,026 283,497 243,203 
Type
Spanish government debt securities63,742 56,919 40,321 
Foreign government debt securities172,468 164,747 145,732 
Issued by financial institutions17,465 16,776 14,681 
Other fixed-income securities46,029 44,703 42,294 
Impaired financial assets842 701 461 
Impairment losses(520)(349)(286)
300,026 283,497 243,203 
Currency
Euro142,969 118,456 90,857 
Pound sterling14,114 15,630 9,284 
US dollar50,671 48,189 38,161 
Brazilian real48,231 44,432 46,190 
Other currencies44,561 57,139 58,997 
Debt securities excluding impairment adjustments300,546 283,846 243,489 
Impairment losses(520)(349)(286)
300,026 283,497 243,203 
The increase in the year of the debt securities portfolio under the heading 'Financial assets at fair value with changes in other comprehensive income' is mainly due to the increase in exposure to sovereign debt, as a result of greater activity in the markets business, both its own and for distribution to clients.
Likewise, the increase in the debt securities portfolio under the heading 'Financial assets at amortized cost' is due to the continuation of the strategy started in year 2022 in which two new business models were created for the optimization of excess liquidity and the management of the maturity of the balance sheet credit and deposit portfolios.
At 31 December 2025, 2024 and 2023 the gross exposure by impairment stage of the book assets amounted to EUR 196,509 million, EUR 196,514 million and EUR 176,697 million in stage 1; EUR 1,480 million, EUR 597 million and EUR 203 million in stage 2, and EUR 842 million, EUR 701 million and EUR 461 million in stage 3, respectively.

In addition, at 31 December 2025, the Group had EUR 8 million (EUR 44 million at 31 December 2024) of exposure in assets purchased with impairments, which correspond mainly to the business combinations carried out by the Group with any additional impairment signs.
190
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
b) Breakdown
The breakdown, by origin of the issuer, of debt securities at 31 December 2025, 2024 and 2023, net of impairment losses, is as follows:
EUR million
202520242023
Private fixed-incomePublic fixed-incomeTotal%Private fixed-incomePublic fixed-incomeTotal%Private fixed-incomePublic fixed-incomeTotal%
Spain2,528 63,742 66,270 22.09%1,901 56,919 58,820 20.75%2,525 40,321 42,846 17.62%
United Kingdom2,336 9,227 11,563 3.85%3,077 9,903 12,980 4.58%2,816 4,748 7,564 3.11%
Portugal3,212 5,627 8,839 2.95%3,224 5,138 8,362 2.95%2,826 4,815 7,641 3.14%
Italy2,821 24,215 27,036 9.01%3,072 22,954 26,026 9.18%2,968 12,945 15,913 6.54%
Ireland4,239 42 4,281 1.43%4,557 14 4,571 1.61%5,632 11 5,643 2.32%
Poland22 1,465 1,487 0.50%2,472 15,224 17,696 6.24%2,937 12,482 15,419 6.34%
Other European countries12,682 25,894 38,576 12.86%11,593 12,702 24,295 8.57%9,797 15,495 25,292 10.40%
United States14,941 29,199 44,140 14.71%12,475 27,811 40,286 14.21%8,959 22,992 31,951 13.14%
Brazil13,518 33,908 47,426 15.81%12,738 32,645 45,383 16.01%13,551 32,342 45,893 18.87%
Mexico3,001 25,113 28,114 9.37%2,190 20,822 23,012 8.12%1,969 20,738 22,707 9.34%
Chile137 8,567 8,704 2.90%96 6,982 7,078 2.50%49 11,995 12,044 4.95%
Other American countries3,254 5,954 9,208 3.07%3,336 4,502 7,838 2.76%2,315 2,546 4,861 2.00%
Rest of the world1,125 3,257 4,382 1.45%1,100 6,050 7,150 2.52%806 4,623 5,429 2.23%
63,816 236,210 300,026 100%61,831 221,666 283,497 100%57,150 186,053 243,203 100%
The detail, by issuer rating, of Debt securities at 31 December 2025, 2024 and 2023 is as follows:
EUR million
202520242023
Private fixed-incomePublic fixed-incomeTotal%Private fixed-incomePublic fixed-incomeTotal%Private fixed-incomePublic fixed-incomeTotal%
AAA15,952 9,320 25,272 8.42%16,889 6,440 23,329 8.23%15,152 7,887 23,039 9.47%
AA19,598 42,451 62,049 20.68%16,972 47,254 64,226 22.65%15,142 36,704 51,846 21.32%
A13,206 95,537 108,743 36.24%10,056 87,814 97,870 34.53%11,175 68,112 79,287 32.60%
BBB6,872 50,066 56,938 18.98%8,900 44,483 53,383 18.83%7,749 39,173 46,922 19.29%
Below BBB5,052 38,836 43,888 14.63%5,543 35,675 41,218 14.54%4,654 34,177 38,831 15.97%
Unrated3,136 — 3,136 1.05%3,471 — 3,471 1.22%3,278 — 3,278 1.35%
63,816 236,210 300,026 100%61,831 221,666 283,497 100%57,150 186,053 243,203 100%
During 2025, France's rating for sovereign issuances has been modified from AA- to A+. During 2024, Portugal's rating for sovereign issuances was modified from BBB+ to A-. For the year 2023, the distribution of the exposure by rating level of the previous table was not affected by ratings reviews of the sovereign issuers.

191
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
The detail, by type of financial instrument, of private fixed-income securities at 31 December 2025, 2024 and 2023, net of impairment losses, is as follows:
EUR million
202520242023
Securitised mortgage bonds10,514 10,709 9,310 
Other asset-backed bonds14,073 11,624 10,243 
Floating rate debt18,721 17,323 15,376 
Fixed rate debt20,508 22,175 22,221 
Total63,816 61,831 57,150 
c) Impairment losses
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).
At 31 December 2025, 2024 and 2023 the loan loss provision by impairment stage of the assets accounted for under IFRS9 amounted to EUR 62 million, EUR 39 million and EUR 30 million in stage 1, EUR 66 million, EUR 9 million and EUR 8 million in stage 2, and EUR 392 million, EUR 301 million and EUR 248 million in stage 3, respectively.

8. Equity instruments
a) Breakdown
The detail, by classification and type, of Equity instruments in the consolidated balance sheets is as follows:
EUR million
202520242023
Classification
Financial assets held for trading22,030 16,636 15,057 
Non-trading financial assets mandatorily at fair value through profit or loss5,815 4,641 4,068 
Financial assets designated at fair value through other comprehensive income2,281 2,193 1,761 
30,126 23,470 20,886 
Type
Shares of Spanish companies5,083 3,730 3,540 
Shares of foreign companies21,633 17,153 15,185 
Shares of investment funds3,410 2,587 2,161 
30,126 23,470 20,886 
Note 29 contains a detail of the 'Other comprehensive income', recognised in equity, on 'Financial assets designated at fair value through other comprehensive income'.
b) Changes
The changes in 'Financial assets at fair value through other comprehensive income' were as follows:
EUR million
202520242023
Balance at beginning of the year2,193 1,761 1,941 
Net additions (disposals)(81)(35)11 
Changes in the fair value of equity instruments measured at fair value through other comprehensive income (EIGR)A
245 447 (162)
Changes in the RV hedged with micro-hedging transactions(76)20 (29)
Balance at end of year2,281 2,193 1,761 
A.They do not include fair value movements for currency risk hedged with hedging instruments.
c) Notifications of acquisitions of investments
The notifications of the acquisitions and disposals of holdings in investees made by the Bank in 2025, in compliance with Article 155 of the Spanish Limited Liability Companies Law and Article 105 of Spanish Securities Market Law 24/1998, are listed in appendix IV.
192
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
9. Trading derivatives (assets and liabilities) and short positions
a) Trading Derivatives
The detail, by type of inherent risk, of the fair value of the trading derivatives arranged by the Group is as follows (see note 11):
EUR million
202520242023
Debit balanceCredit balanceDebit balanceCredit balanceDebit balanceCredit balance
Interest rate risk29,550 23,728 30,834 24,754 31,480 26,014 
Currency risk24,755 20,508 29,395 29,110 22,834 23,094 
Price risk1,858 2,279 1,765 1,632 1,279 904 
Other risks2,192 5,453 2,106 2,257 735 577 
58,355 51,968 64,100 57,753 56,328 50,589 
b) Short positions
Following is a breakdown of the short positions (liabilities):
EUR million
202520242023
Borrowed securities
Debt instruments2,938 2,5663,263 
Of which:
Banco Santander, S.A.1,555 1,3471,383 
Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México1,358 1,199 1,881 
Equity instruments690 538 546 
Of which:
Banco Santander, S.A.429 358 312 
Short sales
Debt instruments40,387 32,726 22,365 
Of which:
Banco Santander, S.A.28,710 23,813 16,143 
Banco Santander (Brasil) S.A.7,417 5,950 3,462 
Santander US Capital Markets LLC 3,396 2,382 2,442 
44,015 35,830 26,174 

10. Loans and advances to customers
a) Detail
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 
Note 51 contains a detail of the residual maturity periods of 'Financial assets at amortized cost'.
Note 54 shows the Group’s total exposure, by geographical origin of the issuer.
There are no loans and advances to customers for material amounts without fixed maturity dates.

193
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
b) Breakdown
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 
At 31 December 2025, 2024 and 2023 the Group had granted loans amounting to EUR 18,127 million, EUR 16,562 million and EUR 15,544 million to Spanish public sector agencies which had a rating at 31 December 2025 of A (ratings of A at 31 December 2024 and 31 December 2023), and EUR 16,248 million, EUR 13,593 million, and EUR 11,530 million to the public sector in other countries (at 31 December 2025, the breakdown of this amount by issuer rating was as follows: 3.6% AAA, 26.4% AA, 25.6% A, 27.5% BBB, 16.4% below BBB and 0.5% without rating).
Without considering the public administrations, the amount of the loans and advances at 31 December 2025, 2024 and 2023 amounts to EUR 1,024,071 million, EUR 1,046,039 million and EUR 1,032,063 million, of which, EUR 954,533 million, EUR 1,012,389 million and EUR 998,010 million are classified as performing, respectively.

194
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
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.
Note 54 contains information relating to the forborne loan portfolio.


195
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
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 
In addition, at 31 December 2025, the Group had EUR 307 million (EUR 515 million at 31 December 2024 and EUR 694 million at 31 December 2023) of exposure in assets purchased with impairment of which EUR 46 million still show signs of additional impairment, which correspond mainly to the business combinations carried out by the Group.

196
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
c) Impairment losses on loans and advances to customers at amortised cost and at fair value through other comprehensive income
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 
In addition, provisions for debt securities amounting to EUR 182 million were recorded at 31 December 2025 (provisions amounting to EUR 226 million and EUR 24 million as of 31 December 2024 and 2023, respectively), written-off assets recoveries have been recorded in the year amounting to EUR 1,791 million at 31 December 2025 (EUR 1,600 million and EUR 1,587 million at 31 December 2024 and 2023, respectively).
With this, the impairment recorded in Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes: 'Financial assets at fair value through other comprehensive income' and 'Financial assets at amortised cost (IFRS 9) and, Loans and receivables (IAS 39)'; amounts EUR 12,535 million at 31 December 2025 (EUR 12,136 million and EUR 12,298 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 
197
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
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 
d) Impaired assets and assets with unpaid past-due amounts
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 
This amount, after deducting the related allowances, represents the Group’s best estimate of the discounted value of the flows that are expected to be recovered from the impaired assets.
At 31 December 2025, the Group’s written-off assets totalled EUR 51,435 million (EUR 49,939 million and EUR 48,138 million at 31 December 2024 and 2023, respectively).
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.
When classifying assets in the previous table, the main factors considered by the Group to determine whether an asset has become impaired are the existence of amounts past due —assets impaired due to arrears— or other circumstances that may arise which will not result in all contractual cash flows being recovered, such as a deterioration of the borrower’s financial situation, the worsening of its capacity to generate funds or difficulties experienced by it in accessing credit.
e) Transferred credits
'Loans and advances to customers' includes, inter alia, the securitised loans transferred to third parties on which the Group has retained the risks and rewards, albeit partially, and which therefore, in accordance with the applicable accounting standards, cannot be derecognised. This is mainly due to mortgage loans, loans to companies and consumer loans in which the group retains subordinate financing and/or grants some kind of credit enhancement to new holders.
Securitisation is used as a tool for the management of regulatory capital and as a means of diversifying the Group's liquidity sources.
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.
At 31 December 2025, Grupo Santander had loans that had been fully derecognised and for which it retained servicing amounting to EUR 12,174 million (EUR 14,919 million and EUR 13,923 million at 31 December 2024 and 2023, respectively).
198
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
11. Trading derivatives
The detail of the notional amounts and the market values of the trading derivatives held by the Group in 2025, 2024 and 2023 is as follows:
EUR million
202520242023
Notional amountMarket
value		Notional amountMarket
value		Notional amountMarket
value
Trading derivatives
Interest rate risk
Forward rate agreements1,995,070 (32)1,992,413 13 829,913 3 
Interest rate swaps6,166,278 6,324 6,127,812 6,364 5,381,966 5,514 
Options, futures and other derivatives470,659 (472)377,285 (297)398,519 (51)
Credit risk
Credit default swaps64,924 (3,135)41,111 (572)22,462 (86)
Foreign currency risk
Foreign currency purchases and sales611,850 1,282 514,268 595 471,955 33 
Foreign currency options160,421 441 221,159 528 77,934 288 
Currency swaps682,350 2,526 625,765 (838)586,405 (581)
Securities and commodities derivatives and other98,588 (547)78,328 554 68,664 619 
Total10,250,140 6,387 9,978,141 6,347 7,837,818 5,739 
12. Non-current assets held for sale and liabilities associated with non-current assets held for sale
a) Breakdown
The detail of Non-current assets held for sale in the consolidated balance sheets is as follows:
EUR million
202520242023
Tangible assets2,850 2,851 2,991 
Foreclosed assets2,487 2,621 2,773 
Of which property assets in Spain1,705 1,896 2,138 
Other tangible assets held for sale363 230 218 
Entities held for sale72,148 1,137 — 
      Caceis (Note 3)— 1,137 — 
      Santander Bank Polska S.A. (Note 3) 72,148 — — 
Other assets13 14 23 
Total non-current assets held for sale
75,011 4,002 3,014 
EUR million
202520242023
Entities held for sale
Santander Bank Polska S.A. (Note 2)62,995 — — 
Total Liabilities associated with non-current assets held for sale62,995 — — 





At 31 December 2025, the provisions recognised for the total non current assets held for sale totalled EUR 2,357 million (EUR 2,606 million and EUR 2,956 million at 31 December 2024 and 2023, respectively). The charges recorded in those years amounted to EUR 131 million, EUR 163 million and EUR 139 million, respectively, and the recoveries during these exercises are amounted to EUR 59 million, EUR 71 million and EUR 88 million, respectively.
b) Assets and liabilities from entities held for sale
The following is the consolidated balance sheet and consolidated summary cash flow statements for the Polish business held for sale:
EUR million
Condensed consolidated balance sheet2025
Cash, cash balances at central banks and other deposits on demand2,515
Financial assets held for trading1,956
Financial assets designated at fair value through other comprehensive income8,173
Financial assets at amortised cost55,642
Intangible assets1,335
Tax assets1,224
Other assets1,303
Total assets72,148
199
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
EUR million
Condensed consolidated balance sheet2025
Financial liabilities held for trading842 
Financial liabilities at amortised cost59,704 
Provisions603 
Tax liabilities1,335 
Other liabilities511 
Total liabilities62,995 
EUR million
Other comprehensive income2025
Items that will not be reclassified to profit or loss56 
Actuarial gains or losses on defined benefit pension plans— 
Changes in the fair value of equity instruments measured at fair value through other comprehensive income56 
Items that may be reclassified to profit or loss(590)
Hedges of net investments in foreign operations (effective portion)(522)
Exchange differences(164)
Cash flow hedges (effective portion)98 
Debt instruments at fair value with changes in other comprehensive income8 
Share in other income and expenses recognised in investments, joint ventures and associates(10)
EUR million
Condensed consolidated statements of cash flows202520242023
A) Cash flows from operating activities1,4051,705352
B) Cash flows from investing activities(98)(96)(91)
C) Cash flows from financing activities(1,301)(1,194)(591)
D) Effect of foreign exchange rate differences2027143
E) Net increase/(decrease) in cash and cash equivalents26442(187)
At 31 December 2025, the written-off assets totalled EUR 2,339 million from the Polish business held for sale.
Consistent with the Group´s management model, the amounts related to the business held for sale in Poland are primarily reported within the Retail & Commercial Banking segment for primary segment information purposes. Additionally, a separate breakdown for the Poland geography is presented as a secondary segment.
In addition, see the consolidated summary profit and loss accounts for the business for sale in Poland in Note 37.
13. Investments
a) Breakdown
The detail, by company, of Investments is as follows:
EUR million
202520242023
Associated entities5,096 5,216 5,682 
Merlin Properties, SOCIMI, S.A.A
1,830 1,803 1,621 
Zurich Santander Insurance
America, S.L. - Consolidated		940 884 936 
Metrovacesa, S.A.748 841 899 
CNP Santander399 397 423 
Pluxee Beneficios Brasil S.A. A
295 309 — 
Caceis (Notes 3 and 12)
— — 1,139 
Other companies884 982 664 
Joint Ventures entities1,956 2,061 1,964 
Santander Caceis Latam Holding 1, S.L. - Consolidated (previously Santander Securities Services Latam Holding, S.L)404 381 389 
Santander Vida Seguros y Reaseguros, S.A.329 356 362 
U.C.I., S.A. - Consolidated293 325 349 
Fortune Auto Finance Co., Ltd232 261 254 
Hyundai Capital UK Limited270 249 205 
Volvo Car Financial Services UK Limited
116 99 76 
Banco RCI Brasil S.A.77 94 92 
Other companies235 296 237 
Total Associated entities and Joint ventures7,052 7,277 7,646 
A.Acquisition of 20% of Pluxee Beneficios Brasil S.A. and capital increase of Merlin Properties, SOCIMI, S.A., both carried out in 2024.
Of the entities included above, at 31 December 2025, the entities Merlin Properties, SOCIMI, S.A, and Metrovacesa, S.A. and Compañía Española de Viviendas en Alquiler, S.A., are the only listed companies.
200
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Below is a breakdown of the Goodwill of the main investments in joint ventures and associates included in the balance of this heading:
EUR million
202520242023
Goodwill1,096 1,238 1,460 
Of which:
Zurich Santander Insurance America, S.L. - Consolidated526 526 526 
Pluxee Beneficios Brasil S.A.A
71 122 — 
Caceis (Notes 3 and 12)— — 337 
A.Acquisition of 20% of Pluxee Beneficios Brasil S.A. in 2024.
b) Changes
The changes in the investments were as follows:
EUR million
202520242023
Balance at beginning of year7,277 7,646 7,615 
Acquisitions (disposals) of companies and capital increases (reductions)A
(17)1,011 52 
Changes in the consolidation method (Note 3)
15 (13)(43)
Entities for sale (Notes 3 y 12)B
(168)(1,137)— 
Effect of equity accounting665 687 591 
Dividends distributed and reimbursements of share premium(694)(745)(565)
Of which:
Zurich Santander Insurance América, S.L. - Consolidado(206)(202)(202)
Metrovacesa, S.A.(118)(52)(50)
Santander Vida Seguros y Reaseguros, S.A.- Consolidated(87)(82)(52)
Merlin Properties, SOCIMI, S.A.(57)(53)(51)
CNP Santander(54)(88)(51)
CIP S.A.(16)(56)— 
Caceis— (114)— 
Hyundai Capital UK Limited— — (58)
Other global result28 (32)(24)
Exchange differences and other changes(54)(140)20 
Balance at end of year
7,052 7,277 7,646 
A.Includes the acquisition of 20% of Pluxee Beneficios Brasil S.A. and the capital increase of Merlin Properties, SOCIMI, S.A carried out in 2024.
B.Stakes of Santander Bank Polska S.A. and Caceis (Notes 3 and 12).
c) Impairment adjustments
During the years 2025, 2024 and 2023 there was no evidence of significant impairment in the Group's associated interests.

201
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
d) Other information
A summary of the financial information at the end of December 2025 of the main associates and joint ventures (obtained from the information available at the date of preparation of the consolidated financial statements) is shown below:
EUR million
AssociatesJoint ventures
Merlin Properties, SOCIMI, S.A.A
Metrovacesa, S.A.A
Pluxee Beneficios Brasil S.A.Zurich Santander Insurance América, S.L. - ConsolidatedCNP SantanderSantander Caceis Latam Holding, S.L. - ConsolidatedU.C.I., S.A. - ConsolidatedHyundai Capital UK LimitedFortune Auto Finance Co., LTDSantander Vida Seguros y Reaseguros, S.A.- Consolidated (note 3)Banco RCI Brasil S.A.
Current assets1,701 2,025 689 2,434 165 201 397 2,022 167 157 10 
Non current assets11,758 389 652 20,190 2,139 579 8,876 3,665 1,933 1,710 2,221 
Total assets13,459 2,414 1,341 22,624 2,304 780 9,273 5,687 2,100 1,867 2,231 
Current liabilities840 507 254 657 186 315 6,930 3,685 10 140 112 
Non current liabilities5,118 310 578 21,021 1,726 35 1,715 1,480 1,627 1,243 1,924 
Total liabilities5,958 817 832 21,678 1,912 350 8,645 5,165 1,637 1,383 2,036 
Attributable profit for the period284 16 87 534 101 97 (75)77 20 145 54 
Other accumulated comprehensive income(11)— — (33)(9)— 114 (1)— (21)4 
Rest of equity7,228 1,581 422 445 300 333 589 446 443 360 137 
Total Equity7,501 1,597 509 946 392 430 628 522 463 484 195 
Total liabilities and equity13,459 2,414 1,341 22,624 2,304 780 9,273 5,687 2,100 1,867 2,231 
Ordinary activities income544 658 457 4,559 568 163 499 426 159 907 312 
Profit (loss) from continuing operations284 16 87 534 101 97 (75)77 20 145 54 
Profit (loss) for the year from discontinuing operations— — — — — — — — — — — 
A.Data as of 31 December 2024, latest accounts available.
14. Insurance contracts linked to pensions
The detail of Insurance contracts linked to pensions in the consolidated balance sheets is as follows:
EUR million
202520242023
Assets relating to insurance contracts covering post-employment benefit plan obligations:
Banco Santander, S.A.67 81 93 
67 81 93 
202
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
15. Liabilities under insurance contracts
The detail of Liabilities under insurance contracts and reinsurance assets in the consolidated balance sheets (see note 2.i) is as follows:
EUR million
202520242023
Liabilities under insurance contracts18,737 17,829 17,799 
Liability for Remaining Coverage (LRC)
18,291 17,377 17,333 
Liabilities relating to insurance contracts measured under BBA/VFA18,194 17,292 17,262 
Current value of future cashflows (PVFCF)17,461 16,614 16,627 
Risk adjustment for non-financial risk (RA)186 199 211 
Contractual service margin (CSM)547 479 424 
Liabilities relating to insurance contracts measured under PAA97 85 71 
Liability for incurred claims (LIC)446 452 466 
The balance of liabilities under insurance contracts reflected in the consolidated balance sheet includes the following elements:
•Liability for Remaining Coverage (LRC): amount of obligations provisioned to meet the fulfilment of future services assigned to the group on a date for a specific coverage period.
•Liabilities relating to insurance contracts measured under BBA/VFA, formed from the sum of the following elements:
-Current value of future cashflows (PVFCF): present value of future inflow and outflow cash flows weighted by their probability of occurrence.
-Risk adjustment for non-financial risk (RA): reflects compensation for the uncertainty of cash flows by quantifying the amount necessary to compensate for unexpected losses in liability flows.
-Contractual service margin (CSM): future benefit to be recognized during the coverage period.
•Liabilities relating to insurance contracts measured under PAA, valued using the premium allocation method, represent the portion of premiums written for the remaining hedge net of acquisition expenses.
•Liability for Incurred Claims (LIC): amount of obligations provisioned to meet the fulfilment of past services assigned to the group on a date.
The insurance activity is carried out mainly in the life insurance sector in its life-savings modality. Within the amount of liabilities for insurance contracts, Individual Life Annuities are the product that has the greatest weight in the consolidated balance sheet. This product consists of life annuities where the client contributes a single premium and receives a constant and periodic insured income (monthly, quarterly, semi-annual or annual) until his death where, at that time, the beneficiaries will receive the insured capital of 102% or 101% of the premium contributed.
The income and expenses recorded in the profit and loss account for the insurance activity, including reinsurance income and expenses, are not material in the Group's consolidated annual accounts.
203
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
16. Tangible assets
a) Changes
The changes in Tangible assets in the consolidated balance sheets were as follows:
EUR million
Tangible assetsOf which:
For leasing
For own use
Leased out under
an operating
lease		Investment
property		TotalFor own useLeased out under
an operating
lease		Investment
property		Total
Cost
Balance at 1 January 202326,570 25,166 1,580 53,316 4,692 — — 4,692 
Additions / disposals (net) due to change in the scope of consolidation11 37 — 48 (13)— — (13)
Additions / disposals (net)1,122 742 (34)1,830 
125A
— — 125 
Transfers, exchange differences and other items(1,460)(641)30 (2,071)33 — — 33 
Balance at 31 December 202326,243 25,304 1,576 53,123 4,837 — — 4,837 
Additions / disposals (net) due to change in the scope of consolidation28 (1,192)— (1,164)— — — — 
Additions / disposals (net)730 (1,716)(17)(1,003)
179A
— — 179 
Transfers, exchange differences and other items(1,345)1,003 (104)(446)(235)— — (235)
Balance at 31 December 202425,656 23,399 1,455 50,510 4,781 — — 4,781 
Additions / disposals (net) due to change in the scope of consolidation4 — 7 11 — — — — 
Additions / disposals (net)326 (2,603)(58)(2,335)
(40)A
— — (40)
Transfers, exchange differences and other items(1,845)(1,743)188 (3,400)(450)— — (450)
Balance at 31 December 202524,141 19,053 1,592 44,786 4,291 — — 4,291 
Accumulated depreciation
Balances at 1 January 2023
(12,892)(5,578)(172)(18,642)(2,265)— — (2,265)
Disposals due to change in the scope of consolidation7 — — 7 7 — — 7 
Disposals284 2,540 — 2,824 160 — — 160 
Charge for the year(1,689)— (11)(1,700)(580)— — (580)
Transfers, exchange differences and other items1,653 (2,744)(16)(1,107)69 — — 69 
 Balance at 31 December 2023
(12,637)(5,782)(199)(18,618)(2,609)— — (2,609)
Disposals due to change in the scope of consolidation— 686 — 686 — — — — 
Disposals672 3,214 — 3,886 196 — — 196 
Charge for the year(1,544)— (9)(1,553)(460)— — (460)
Transfers, exchange differences and other items890 (2,902)46 (1,966)59 — — 59 
Balance at 31 December 2024
(12,619)(4,784)(162)(17,565)(2,814)— — (2,814)
Disposals due to change in the scope of consolidation— — — — — — — — 
Disposals663 2,428 — 3,091 177 — — 177 
Charge for the year(1,323)— (8)(1,331)(405)— (405)
Transfers, exchange differences and other items1,150 (1,917)(32)(799)381 — — 381 
Balance at 31 December 2025
(12,129)(4,273)(202)(16,604)(2,661)— — (2,661)
A. Includes contract extensions on operating leases and repurchases.
204
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
EUR million
Tangible assetsOf which:
For leasing
For own useLeased out under
an operating
lease		Investment
property		TotalFor own useLeased out under
an operating
lease		Investment
property		Total
Impairment losses
Balance at 1 January 2023
(189)(33)(379)(601)(14)— — (14)
Impairment charge for the year(113)(29)(12)(154)(38)— — (38)
Releases4 11 4 19 3 — — 3 
Disposals due to change in the scope of consolidation— — — — — — — — 
Disposals36 —4 40 5 5 
Exchange differences and other64 47 (38)73 (1)— — (1)
Balance at 31 December 2023
(198)(4)(421)(623)(45)— — (45)
Impairment charge for the year(276)(70)(81)(427)(31)— — (31)
Releases34 3 8 45 10 — — 10 
Disposals due to change in the scope of consolidation— — — — — — — — 
Disposals53 — — 53 19 — — 19 
Exchange differences and other(14)32 76 94 (2)— — (2)
Balance at 31 December 2024
(401)(39)(418)(858)(49)— — (49)
Impairment charge for the year(172)(79)(15)(266)(41)— — (41)
Releases41 71 25 137 1 — — 1 
Disposals due to change in the scope of consolidation— — — — — — — — 
Disposals17 17 — 34 6 — — 6 
Exchange differences and other166 3 40 209 9 — — 9 
Balance at 31 December 2025
(349)(27)(368)(744)(74)— — (74)
Tangible assets, net
Balances at 31 December 2023
13,408 19,518 956 33,882 2,183 — — 2,183 
Balances at 31 December 2024
12,636 18,576 875 32,087 1,918 — — 1,918 
Balances at 31 December 2025
11,663 14,753 1,022 27,438 1,556 — — 1,556 
205
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
b) Tangible assets - For own use
The detail, by class of asset, of 'Property, plant and equipment' which is owned by the Group in the consolidated balance sheets is as follows:
EUR million
Tangible assets for own use
Of which:
for leasing
CostAccumulated
depreciation		Impairment
losses		Carrying
amount
Land and buildings14,973 (5,010)(154)9,809 2,104 
IT equipment and fixtures5,614 (4,154)— 1,460 60 
Furniture and vehicles5,412 (3,424)— 1,988 19 
Construction in progress and other items244 (49)(44)151 — 
Balance at 31 December 202326,243 (12,637)(198)13,408 2,183 
Land and buildings15,113 (5,516)(353)9,244 1,882 
IT equipment and fixtures5,283 (3,926)— 1,357 23 
Furniture and vehicles4,963 (3,130)— 1,833 13 
Construction in progress and other items297 (47)(48)202 — 
Balance at 31 December 202425,656 (12,619)(401)12,636 1,918 
Land and buildings14,067 (5,359)(304)8,404 1,536 
IT equipment and fixtures4,204 (3,003)(10)1,191 13 
Furniture and vehicles5,548 (3,746)(1)1,801 7 
Construction in progress and other items322 (21)(34)267 — 
Balance at 31 December 202524,141 (12,129)(349)11,663 1,556 
The carrying amount at 31 December 2025 in the foregoing table includes the following approximate amounts EUR 6,545 million (EUR 6,531 million at 31 December 2024 and EUR 7,119 million at 31 December 2023) relating to property, plant and equipment owned by group entities and branches located abroad.
c) Tangible assets - Leased out under an operating lease
Grupo Santander has assets leased out under operating leases where the company is the lessor and do not meet the accounting requirements to be classified as finance leases. The net cost of these leases is recorded as an asset and depreciated on a straight-line basis over the contractual term of the lease to the expected residual value.
The expected residual value and, consequently, the monthly depreciation expense may change during the term of the lease. The Group estimates expected residual values using independent data sources and internal statistical models. It also assesses the estimate of the residual value of these leases and adjusts the depreciation rate in line with the change in the expected value of the asset at the end of the lease.
Grupo Santander periodically assesses its investment in operating leases for impairment in certain circumstances, such as a systemic and material decrease in the values of used vehicles. If assets leased out under operating leases are deemed to be impaired, impairment is measured as the amount by which the carrying amount of the assets exceeds the fair value as estimated by discounted cash flows.
Of the 14,753 EUR million that the Group had assigned to operating leases at 31 December 2025 (18,576 EUR and 19,518 EUR at 31 December 2024 and 2023, respectively), EUR 7,227 million (EUR 11,336 and EUR 12,525 at 31 December 2024 and 2023, respectively) relate to vehicles of Santander US Auto's business. The variable lease payments of various items of this business are not significant.
In addition, the maturity analysis of the assets leased out under operating leases from Santander US Auto, is as follows:
EUR million
Maturity Analysis2025
20253,988 
20264,228 
20271,332 
2028330 
d) Tangible assets - Investment property
The fair value of investment property at 31 December 2025, 2024, 2023 amounted to EUR 1,194, 1,041 and 1,163 million, respectively. A comparison of the fair value of investment property at 31 December 2025, 2024 and 2023 with the net book value shows gross unrealised gains of EUR 172, 166 and 207 million, respectively, attributed completely to the group.
The rental income earned from investment property and the direct costs related both to investment properties that generated rental income in 2025, 2024 and 2023 and to investment properties that did not generate rental income in those years are not material in the context of the consolidated financial statements.
206
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
17. Intangible assets – Goodwill
The detail of goodwill, based on the cash-generating units giving rise thereto, is as follows:
EUR million
202520242023
Banco Santander (Brasil) 3,031 3,079 3,679 
SAM Investment Holdings Limited1,444 1,444 1,444 
Santander Consumer Germany1,304 1,304 1,304 
Santander Portugal1,040 1,040 1,040 
Santander España998 998 998 
Santander US Auto943 1,068 1,003 
Santander Holding USA (ex. Auto)765 865 814 
Santander UK609 641 612 
Banco Santander - Chile470 482 516 
Grupo Financiero Santander (México)463 453 523 
Ebury Partners326 340 350 
Santander Consumer Nordics211 211 206 
Santander Bank Polska— 1,178 1,159 
Other companies354 335 369 
Total Goodwill11,958 13,438 14,017 

The changes in goodwill were as follows:
EUR million
202520242023
Balance at beginning of year13,438 14,017 13,741 
Additions
19 30 56 
Of which:
Ebury Partners— — 45 
Impairment losses(4)(4)(20)
Transfer to Assets held for sale (Notes 3 y 12)(1,176)— — 
Exchange differences and other items(291)(605)240 
Balance at end of year11,958 13,438 14,017 

Grupo Santander has goodwill generated by cash-generating units located in non-euro currency countries (mainly Brazil, Poland, the United States, the United Kingdom, Chile, Mexico, Norway and Sweden) and, therefore, this gives rise to exchange differences on the translation to euros, at closing rates, of the amounts of goodwill denominated in foreign currencies. Accordingly, in 2025 there was a decrease of EUR 291 million (a decrease of EUR 605 million in 2024 and an increase of EUR 240 million in 2023), due to exchange differences and other items which, pursuant to current standards, were recognised with a change to 'Other comprehensive income - Items that may be reclassified to profit or loss - Exchange differences in other comprehensive income in the consolidated statement of recognised income and expense' (see note 29.d).
At least once per year (or whenever there is any indication of impairment), Grupo Santander performs an analysis of the potential impairment of its recorded goodwill with respect to its recoverable amount. The first step that must be taken in order to perform this analysis is the identification of the cash-generating units, which are the Group's smallest identifiable groups of assets that generate cash inflows that are largely independent of the cash flows of other assets or groups of assets.
The amount to be recovered of each cash-generating unit is determined taking into consideration the carrying amount (including any fair value adjustment arising on the business combination) of all the assets and liabilities of all the independent legal entities composing the cash-generating unit, together with the related goodwill.
The amount to be recovered of the cash-generating unit is compared with its recoverable amount in order to determine whether there is any impairment.
Grupo Santander assesses the existence of any indication that might be considered to be evidence of impairment of the cash-generating unit by reviewing information including the following (i) certain macroeconomic variables that might affect its investments (population data, political situation, economic situation —including banking concentration level—, among others) and (ii) various microeconomic variables comparing the investments of the Group with the financial services industry of the country in which the cash-generating unit carries on most of its business activities (balance sheet composition, total funds under management, results, efficiency ratio, capital adequacy ratio, return on equity, among others).
Regardless of whether there is any indication of impairment, every year the Group calculates the recoverable amount of each cash-generating unit to which goodwill, has been allocated and, to this end, it uses price quotations, market references (multiples), internal estimates and valuations performed by internal and external experts.
Firstly, the Group determines the recoverable amount by calculating the fair value of each cash-generating unit on the basis of the quoted price of the cash-generating units, if available.
In addition, the Group performs estimates of the recoverable amounts of certain cash-generating units by calculating their value in use using discounted cash flow projections. The main assumptions used in this calculation are (i) earnings projections based on the financial budgets approved by the Group’s directors which cover between three and five year periods (unless a longer time horizon can be justified), (ii) discount rates determined as the cost of capital taking into account the risk-free rate of return plus a risk premium in line with the market and the business in which the units operate and (iii) constant growth rates used in order to extrapolate earnings in perpetuity which do not exceed the long-term average growth rate for the market in which the cash-generating unit in question operates.
The cash flow projections used by Group management to obtain the values in use are based on the financial budgets approved by both local management of the related local units and the Group’s directors. The Group’s budgetary estimation process is common for all the cash-generating units. The local management teams prepare their budgets using the following key assumptions:
a)    Microeconomic variables of the cash-generating unit: management takes into consideration the current balance sheet structure, the product mix and the business decisions taken by local management in this regard.
207
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
b)    Macroeconomic variables: growth is estimated on the basis of the changing environment, taking into consideration expected GDP growth in the unit’s geographical location and forecast trends in interest and exchange rates. These data, which are based on external information sources, are provided by the Group’s economic research service.
c)    Past performance variables: in addition, management takes into consideration in the projection the difference (both positive and negative) between the cash-generating unit’s past performance and budgets.
During 2025, the Group has recognised impairment losses of EUR 4 million of immaterial goodwill that has been recorded under the heading 'Impairment or reversal of the impairment of non-financial assets - Intangible assets' (EUR 4 million and EUR 20 million in 2024 and 2023, respectively). Goodwill is deducted from CET1 for regulatory purposes, so an impairment of goodwill has no impact on the Group's capital ratios.
Following is a detail of the main assumptions taken into account in determining the recoverable amount, at 2025 year-end, of the most significant cash-generating units which were valued using the discounted cash flow method:
2025
Projected period
Discount rateA
Nominal
perpetual
growth rate
Santander UK5 years12.4%2.5%
Santander US Auto3 years11.5%3.0%
Santander Holding USA (ex. Auto)B
5 years13.6%3.5%
Santander Consumer Germany5 years9.5%2.5%
SAM Investment Holdings, Limited5 years11.5%2.5%
Santander Portugal5 years10.6%2.5%
A.Post-tax discount rate.
B.Weighted information of the main assumptions of the segments to which goodwill has been allocated.
The discount and nominal perpetual growth rates taken into account in 2024 and 2023 are presented below for comparison purposes:
Discount rateA
Nominal
perpetual
growth rate
2024202320242023
Santander UK11.8%11.9%2.5%2.5%
Santander Bank Polska12.9%13.2%5.0%5.0%
Santander US Auto12.2%12.8%3.0%3.0%
Santander Holding USA (ex. Auto)B
13.4%13.4%3.5%3.5%
Santander Consumer Germany9.1%9.7%2.0%2.3%
SAM Investment Holdings, Limited11.6%11.6%2.5%2.5%
Santander Portugal10.2%11.2%2.5%2.5%
A.Post-tax discount rate.
B.Weighted information of the main assumptions of the segments to which goodwill has been allocated.
The variations reflected in the assumptions used in 2025 are mainly a consequence of the current macroeconomic scenario, as well as the level of inflation.
Given the degree of uncertainty of the above key assumptions on which the recoverable amount of the cash-generating units is based, the Group performs a sensitivity analysis which consisted of adjusting +/- 50 basis points the discount rate, adjusting +/- 50 basis points the growth rate in perpetuity and reducing the cash flow projections by 5%. These changes in the key assumptions in isolation mean that the recoverable amount of all the cash-generating units continues to exceed their amount to be recovered and have been considered by the Group as reasonably possible changes in the business operations of the cash-generating units are not contemplated.
The recoverable amount of Banco Santander - Chile and Banco Santander (Brasil) was calculated as the fair values of the aforementioned cash-generating units obtained from the quoted market prices of their shares at year-end. This value exceeded the amount to be recovered. A significant reduction in the quoted market prices of these cash generating unit could result in an indication of impairment which in turn may lead to a goodwill impairment charge in the future.
208
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
18. Intangible assets - Other intangible assets
The detail of Intangible assets - Other intangible assets in the consolidated balance sheets and of the changes therein in 2025, 2024, and 2023 is as follows:



EUR million
Estimated
useful life		1 January 2025Net 
additions
and
disposals		Change in
scope of
consolidation		Amortization
and
impairment		Application of
amortization
and
impairment		Exchange
differences
and other		31 December 2025
Cost15,261 1,714 (20)(1,286)(1,179)14,490 
Brand names32 — — — — 32 
IT developments
3-10 years
13,322 1,713 (7)(1,286)(1,084)12,658 
Other1,907 1 (13)— (95)1,800 
Accumulated amortisation(9,235)— 12 (1,847)1,228 795 (9,047)
Development(8,312)— 6 (1,715)1,228 723 (8,070)
Other(923)— 6 (132)— 72 (977)
Impairment losses(205)— — (108)58 162 (93)
Of which addition(108)
Of which Liberation
5,821 1,714 (8)(1,955)— (222)5,350 
EUR million
Estimated
useful life		1 January 2024Net 
additions
and
disposals		Change in
scope of
consolidation		Amortization
and
impairment		Application of
amortization
and
impairment		Exchange
differences
and other		31 December 2024
Cost14,773 2,104 (8)(1,169)(439)15,261 
Brand names40 — — — (8)32 
IT developments
3-10 years
12,867 2,104 (8)(1,169)(472)13,322 
Other1,866 — — — 41 1,907 
Accumulated amortisation(8,851)— 6 (1,626)1,062 174 (9,235)
Development(8,078)— 6 (1,546)1,062 244 (8,312)
Other(773)— — (80)— (70)(923)
Impairment losses(68)— — (227)107 (17)(205)
Of which addition(227)
Of which Liberation— 
5,854 2,104 (2)(1,853)— (282)5,821 

209
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
EUR million
Estimated
useful life		1 January 2023Net 
additions
and
disposals		Change in
scope of
consolidation		Amortization
and
impairment		Application of
amortization
and
impairment		Exchange
differences
and other		31 December 2023
Cost12,502 2,197 176 (230)128 14,773 
Brand names33 — 8 (2)1 40 
IT developments
3-10 years
10,721 2,197 18 (196)127 12,867 
Other1,748 — 150 (32)— 1,866 
Accumulated amortisation(7,554)— 5 (1,386)209 (125)(8,851)
Development(6,866)— — (1,294)177 (95)(8,078)
Other(688)— 5 (92)32 (30)(773)
Impairment losses(44)— — (53)21 8 (68)
Of which addition(53)
Of which Liberation— 
4,904 2,197 181 (1,439)— 11 5,854 
In 2025, 2024 and 2023, impairment losses of EUR 108 million, EUR 227 million and EUR 53 million, respectively, were recognised under Impairment or reversal of impairment on non-financial assets, net – intangible assets. This impairment losses are related mainly to the decline in or loss of the recoverable value of certain computer systems and applications as a result of the processes initiated by the Group to transform or integrate businesses and to adapt to the various regulatory changes.
19. Other assets
The detail of 'Other' of 'Other assets' is as follows:
EUR million
202520242023
Transactions in transit364 469 246 
Net pension plan assets (note 25)784 677 1,001 
Prepayments and accrued income3,121 3,016 2,911 
Other4,376 4,310 4,598 
8,645 8,472 8,756 
210
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
20. Deposits from central banks and credit institutions
The detail, by classification, counterparty, type and currency, of 'Deposits from central banks' and 'Deposits from credit institutions' in the consolidated balance sheets is as follows:
EUR million
202520242023
CENTRAL BANKS
Classification
Financial liabilities held for trading12,385 13,300 7,808 
Financial liabilities designated at fair value through profit or loss3,086 1,774 1,209 
Financial liabilities at amortized cost18,542 24,882 48,782 
34,013 39,956 57,799 
Type
Deposits on demand856 405 117 
Time deposits14,709 18,488 43,853 
Reverse repurchase agreements18,448 21,063 13,829 
34,013 39,956 57,799 
CREDIT INSTITUTIONS
Classification
Financial liabilities held for trading27,058 26,284 17,862 
Financial liabilities designated at fair value through profit or loss1,424 1,625 1,735 
Financial liabilities at amortized cost74,692 90,012 81,246 
103,174 117,921 100,843 
Type
Deposits on demand5,005 6,657 5,468 
Time deposits42,718 54,716 54,402 
Reverse repurchase agreements55,186 56,273 40,689 
Subordinated deposits265 275 284 
103,174 117,921 100,843 
Currency
Euro54,588 53,779 53,921 
Pound sterling13,625 21,853 27,697 
US dollar43,466 57,992 49,447 
Brazilian real6,783 7,459 7,997 
Other currencies18,725 16,794 19,580 
TOTAL137,187 157,877 158,642 
At 31 December 2025 and 2024, no conditional long-term financing of the European Central Bank (TLTRO- Targeted Long-Term Refinancing Operation-) was outstanding. As of 2023, the balance of such financing amounted to EUR 11,583 million, all corresponding to the TLTRO III financing program.
At 31 December 2025, no expense has been recognized in the consolidated income statement corresponding to TLTRO III (expenses of EUR 158 million and EUR 659 million at 31 December 2024 and 2023, respectively, as a result of the conditions of the financing programme).
Note 51 contains a detail of the residual maturity periods of financial liabilities at amortised cost.
21. Customer deposits
The detail, by classification, geographical area and type, of Customer deposits is as follows:
EUR million
202520242023
Classification
Financial liabilities held for trading36,120 18,984 19,837 
Financial liabilities designated at fair value through profit or loss25,930 25,407 32,052 
Financial liabilities
at amortized cost		979,150 1,011,545 995,280 
1,041,200 1,055,936 1,047,169 
Geographical areaA
Spain437,855 395,479 388,736 
Rest of Europe323,854 377,057 366,165 
of which: United Kingdom228,810 233,192 235,698 
Rest of America279,491 283,400 292,268 
of which: United States 82,321 88,712 83,555 
Rest of the world— — — 
1,041,200 1,055,936 1,047,169 
Type
Demand deposits-646,125 677,818 661,262 
Time deposits-296,797 298,276 305,296 
Deposits redeemable at notice1,487 1,525 1,789 
Repurchase agreements96,791 78,317 78,822 
1,041,200 1,055,936 1,047,169 
A.According to the geography of the legal entity.

Note 51 contains a detail of the residual maturity periods of financial liabilities at amortised cost.
211
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
22. Marketable debt securities
a) Breakdown
The detail, by classification and type, of Marketable debt securities is as follows:
EUR million
202520242023
Classification
Financial liabilities
held for trading		— — — 
Financial liabilities designated
at fair value through profit or loss		11,686 7,554 5,371 
Financial liabilities
at amortized cost		312,704 317,967 303,208 
324,390 325,521 308,579 
Type
Bonds and debentures outstanding253,893 252,765 231,880 
Subordinated28,859 35,461 30,529 
Notes and other securities41,638 37,295 46,170 
324,390 325,521 308,579 
The distribution of the book value of debt securities issued by contractual maturity at 31 December 2025 is shown below:

EUR million
Within 3 months3 to 12
months		1 to 3
years		3 to 5
years		More than 5
years		Total
Subordinated debt—7981,7602,27724,02428,859
Senior unsecured debt10,50913,64351,46134,46535,618145,696
Senior secured debt11,52912,30843,66128,10612,593108,197
Promissory notes and other securities17,74723,06033517032641,638
Debt securities issued39,785 49,809 97,217 65,018 72,561 324,390 
The distribution by contractual maturity of the notional amounts of these debt securities issued at 31 December 2025 is as follows:
EUR million
Within 3 months3 to 12
months		1 to 3
years		3 to 5
years		More than 5
years		Total
Subordinated debt—7901,7442,25522,92627,715
Senior unsecured debt10,05612,65450,18934,08936,469143,457
Senior secured debt11,03812,11043,46728,11612,513107,244
Promissory notes and other securities17,70923,04229915431241,516
Debt securities issued38,803 48,596 95,699 64,614 72,220 319,932 
212
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
b) Bonds and debentures outstanding    
The detail, by currency of issue, of 'Bonds and debentures outstanding' is as follows:
EUR million2025
Currency of issue202520242023Outstanding issue amount in foreign currency (Million)Annual
interest rate (%)
Euro117,350110,973101,657117,3502.72%
US dollar71,14079,74070,22983,6324.73%
Pound sterling25,54823,96120,52022,3015.14%
Brazilian real21,84818,68321,861141,08914.21%
Chilean peso4,6974,5794,9214,977,6483.61%
Other currencies13,31014,82912,692
Balance at end of year253,893 252,765 231,880 

213
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
The changes in 'Bonds and debentures outstanding' were as follows:
EUR million
202520242023
Balance at beginning of year252,765 231,880 211,597 
Net inclusion of entities in the Group— (1,224)(1,467)
Of which:
SPIRE SA Compartment 2023-374— (1,224)— 
Auto ABS UK Loans PLC— — (841)
PSA Bank Deutschland GmbH— — (626)
Issues72,014 77,921 68,568 
Of which:
Banco Santander, S.A. 12,682 20,559 19,706 
Banco Santander (Brasil) S.A.11,827 8,039 12,781 
Santander Group UK11,450 9,884 6,002 
Santander Consumer USA Holdings Inc.8,705 8,949 7,309 
Santander International Products, Plc.5,071 2,752 1,054 
Stellantis Financial Services Italia S.p.A.2,020 2,021 761 
Santander Consumer Bank S.p.A.1,799 1,001 1,460 
Santander Holdings USA, Inc.1,772 3,004 1,850 
Fondo de Titulización, Santander Consumo 81,523 — — 
Fondo de Titulización, Santander Consumo 91,421 — — 
Banco Santander - Chile1,204 1,171 814 
Santander Consumer Finance, S.A.1,181 2,271 2,557 
Banco Santander Totta, S.A.1,069 1,129 1,734 
Santander Bank, National Association853 4,133 1,346 
SC Germany S.A., Compartment Consumer 2025-2850 — — 
SC Austria S.à r.l., Compartment Consumer 2025-1803 — — 
Secucor Finance 2025-1 Designated Activity Company801 — — 
Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México787 875 634 
Hyundai Capital Bank Europe GmbH Italy749 — — 
Banque Stellantis France728 897 1,145 
Santander Consumer Bank AG— 180 1,256 
SC Germany S.A., Compartment Consumer 2024-1— 1,500 — 
Santander Consumo 6, F.T.— 1,230 — 
Santander Consumo 7, F.T.— 1,218 — 
Santander Bank Polska S.A.— 1,002 1,102 
SC Germany S.A., Compartment Consumer 2024-2— 1,000 — 
Redemptions and repurchases(60,335)(57,676)(48,825)
Of which:
Banco Santander, S.A.(14,854)(15,888)(7,889)
Banco Santander (Brasil) S.A.(9,430)(6,919)(10,542)
Santander Consumer USA Holdings Inc.(7,905)(10,806)(14,466)
Santander Group UK(4,936)(7,764)(6,185)
Santander Consumer Finance, S.A.(2,743)(2,900)(1,800)
Santander Holdings USA, Inc.(2,693)(1,387)— 
Santander Bank, National Association(2,648)(1,440)(567)
Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México(2,084)(122)(140)
Banco Santander - Chile(1,930)(1,486)(575)
Santander International Products, Plc.(1,327)(584)(728)
Santander Consumer Bank S.p.A.(1,327)(233)(266)
Santander Consumer Bank AS(1,174)(839)(681)
Banque Stellantis France(746)(565)(813)
Stellantis Financial Services Italia S.p.A.(698)(22)— 
Banco Santander Totta, S.A.(223)(1,055)(108)
Exchange differences and other movements(10,551)1,864 2,007 
Balance at year-end253,893 252,765 231,880 
214
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
c) Notes and other securities
The notes of the Group (see Note 22.a) were issued basically by Santander Consumer Finance, S.A., Santander UK plc, Banco Santander (México), S.A. Institución de Banca Múltiple, Grupo Financiero Santander México, Banco Santander, S.A., Santander Consumer Bank AG, Banque Stellantis France, Banco Santander -Chile and Banco Santander S.A. - Uruguay.
d) Guarantees
Set forth below is information on the liabilities secured by assets:
EUR million
202520242023
Asset-backed securities55,031 49,723 37,717 
Of which, mortgage-backed securities5,961 4,377 3,019 
Other mortgage securities51,438 50,141 49,478 
Of which: mortgage-backed bonds22,624 22,631 24,619 
Covered bonds (non mortgage and export financing)1,728 995 764 
108,197 100,859 87,959 
The main characteristics of the assets securing the aforementioned financial liabilities are as follows:
1.Asset-backed securities
a.Mortgage-backed securities- these securities are secured by mortgage assets (see Note 10.e) with average maturities of more than ten years that must: be a first mortgage for acquisition of principal or second residence, be current in payments, have a loan-to-value ratio below 80% and have a liability insurance policy in force covering at least the appraisal value. The value of the financial liabilities broken down in the foregoing table is lower than the balance of the assets securing them —securitised assets retained on the balance sheet— mainly because the Group repurchases a portion of the bonds issued, and in such cases they are not recognised on the liability side of the consolidated balance sheet.
b.Other asset - backed securities: includes asset-backed securities, notes issued by securitization funds collateralized mainly by mortgage loans that do not meet the above requirements and other loans (mainly personal loans with an average maturity of five years and loans to SMEs with average maturities of seven years) and private issues of Santander Consumer USA Holdings Inc. collateralized by vehicles assigned under operating leases.
2.Other mortgage securities include mainly:
a.Mortgage-backed bonds with average maturities of more than ten years that are secured by a portfolio of mortgage loans and credits (included in secured loans  —see note 10.b—) which must: not be classified as of procedural stage; have available appraisals performed by specialised entities; have a loan-to-value (LTV) ratio below 80% in the case of home loans and below 60% for loans for other assets and have sufficient liability insurance.
b.Other debt securities issued as part of the Group’s liquidity strategy in the UK, mainly covered bonds in the UK secured by mortgage loans and other assets.
Grupo Santander has a balance corresponding to mortgage bonds at 31 December 2025 of EUR 22,624 million (all of them issued in euros), which correspond to issues of Banco Santander, S.A. (with an outstanding face value of EUR 22,360 million).
The issuing entity may repay the mortgage bonds early, if this has been expressly established in the final conditions of the issue in question and in the conditions established there.
None of the mortgage bonds issued by Banco Santander have replacement assets involved.
During 2023, the Bank of Spain has published Circular 1/2023 of 4 February , which modifies Circular 4/2017, repealing the breakdown in the annual accounts and the information related to internal accounting development and management control.
Additionally, Banco Santander, S.A. issues internationalization certificates, which are securities whose capital and interest are guaranteed by loans and credits that are linked to the financing of export contracts or the internationalization of companies.
The fair value of the guarantees received by the Group (financial and non-financial assets) which the Group is authorised to sell or pledge even if the owner of the guarantee has not defaulted is scantly material taking into account the Consolidated financial statements as a whole.




215
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
23. Subordinated liabilities
a) Breakdown
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 
Note 51 contains a detail of the residual maturity periods of subordinated liabilities at each year-end.
b) Changes
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.

c) Other disclosures
This caption includes contingent convertible or redeemable preferred participations, as well as other subordinated financial instruments issued by consolidated companies, which do not qualify as equity (preferred shares).
Preferred shares do not have voting rights and are non-cumulative. They have been subscribed by third parties outside the Group, and except for the issuances of Santander UK plc, the rest are redeemable by decision of the issuer, according to the terms of each issue.
Banco Santander's contingently convertible preferred participations are subordinated debentures and rank after common creditors and any other subordinated credit that by law and/or by their terms, to the extent permitted by Spanish law, ranks higher than the contingently convertible preferred participations. Their remuneration is conditioned to the obtainment of sufficient distributable profits, and to the limitations imposed by the regulations on shareholders' equity, and they have no voting rights. The other issues of Banco Santander, S.A. mentioned in this caption are also subordinated debentures and, for credit ranking purposes, they rank behind all the common creditors of the issuing entities and ahead of any other subordinated credit that ranks pari passu with the Bank's contingently convertible preferred participations.
The main issuances of subordinated debt securities, broken down by company, are detailed below:
Issuances by Banco Santander, S.A.
On 1 December 2025, Banco Santander, S.A. has proceeded to redeem in advance all the issued subordinated obligations: 'EUR 60,000,000', with original maturity date on December 2026 and with ISIN code XS1492669509.
On 19 November 2025, Banco Santander, S.A. carried out an issuance for an amount of USD 1,500 million with ISIN code US05971KAA79.
216
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
On 24 September 2025, Banco Santander, S.A. proceeded to redeem in advance all the issued subordinated obligations: 'EUR 50,000,000 Fixed/Floating', with original maturity date on March 2029 and with ISIN code XS1585005314.
On 5 August 2025, Banco Santander, S.A. proceeded to redeem in advance the subordinated debt issuances with ISIN code XS1384064587, for a nominal amount of EUR 1,500 million, with a coupon of 3.250% and original maturity date on April 2026 and with ISIN code XS1548444816, for a nominal amount of EUR 1,000 million, with a coupon of 3.125% and original maturity date on January 2027.
On 2 July 2025, Banco Santander, S.A. proceeded to repurchase for their subsequent redeem in advance the contingently convertible preferred shares with ISIN code XS2102912966, for a total nominal amount of EUR 466.6 million and which are traded on the market of the Irish Stock Exchange 'Global Exchange Market', leaving the amount in circulation at EUR 1,033.4 million.
On 2 July 2025, Banco Santander, S.A. carried out a placement of preference shares contingently convertible into newly issued ordinary shares of the Bank (PPCC), for a nominal amount of EUR 1,500 million with ISIN code XS3100756637 . The Issuance has been made at par and the remuneration of the PPCC, whose payment is subject to certain conditions and is also discretionary, has been set at 6% quarterly for the first six years, being reviewed every five years thereafter by applying a margin of 381.9 basis points over the five-year mid-swap rate.
On 18 March 2025, Banco Santander, S.A. carried out an issuance for an amount of EUR 1,500 million with ISIN code XS1201001572.
On 17 February 2025, Banco Santander, S.A. prepaid EUR 600.8 million out of a total of EUR 1,500 million of the transaction with ISIN XS138406464587 following the tender announcement launched on 6 February 2025.
On 17 February 2025, Banco Santander, S.A. prepaid EUR 563.6 million euros out of a total of EUR 1,000 million of the transaction with ISIN XS1548444816 following the tender announcement launched on 6 February 2025.
On 1 August 2024, Banco Santander, S.A. carried out a placement of preference shares contingently convertible into newly issued ordinary shares of the Bank (PPCC), for a nominal amount of USD 1,500 million (valued at EUR 1,356 million). The issuance has been made at par and the remuneration of the PPCC, whose payment is subject to certain conditions and is also discretionary, has been set at 8% annually for the first ten years, being reviewed every five years thereafter by applying a margin of 391.1 basis points over the 5-year mid-swap rate.
On 20 May 2024, Banco Santander, S.A., proceeded to partially redeem in advance the contingently convertible preferred shares with ISIN code XS1793250041, for a total nominal amount of EUR 1,312 million and which are traded on the market of the Irish Stock Exchange 'Global Exchange Market' (the 'PPCC'), leaving the amount in circulation at EUR 187.6 million.
On 20 May 2024, Banco Santander, S.A. carried out a placement of preference shares contingently convertible into newly issued ordinary shares of the Bank (PPCC), for a nominal amount of EUR 1,500 million. The Issuance has been made at par and the remuneration of the PPCC, whose payment is subject to certain conditions and is also discretionary, has been set at 7% annually for the first six years, being reviewed every five years thereafter by applying a margin of 443.2 basis points over the 5-year mid-swap rate.
On 14 March 2024, Banco Santander, S.A. issued subordinated obligations for an amount of USD 1,250 million (valued at EUR 1,158 million) for a term of 10 years. The issuance was made at par and the issue coupon was set at 6.35% per year, payable bi-annually.
On 8 February 2024, Banco Santander, S.A., proceeded to prepay all of the contingently convertible Tier 1 preferred shares with ISIN code XS1951093894, for a total nominal amount of USD 1,200 million (valued at EUR 1,110 million) and that were traded on the Irish Stock Exchange 'Global Exchange Market' (the 'PPCC').
On 22 January 2024, Banco Santander, S.A. issued subordinated bonds for an amount of EUR 1,250 million for a term of 10 years and 3 months. The issue was carried out at 99.74% and the issue coupon was set at 5% per year for the first 5 years and 3 months, with an amortization option in April 2029, reviewing the coupon, in case of non-amortization, at a fixed rate equivalent to a margin of 250 points plus the 5-year Euro swap rate.
On 29 December 2023, Banco Santander, S.A., proceeded to prepay all the Tier 1 Contingently Convertible Preferred Securities with ISIN code XS1692931121 for a total nominal amount of EUR 1,000 million and which were traded on the Irish Stock Market 'Global Exchange Market' (the 'PPCC').
On 21 November 2023, Banco Santander, S.A., carried out a placement of two series of contingently convertible preferred shares into newly issued ordinary shares of the Bank, for a total nominal amount of USD 1,150 million (EUR 1,054 million at the exchange rate on the day of issue) and USD 1,350 million (EUR 1,235 million at the exchange rate on the day of issue), respectively.
The issue was carried out at par and the remuneration of the PPCC, whose payment is subject to certain conditions and is also discretionary, was set (i) for the first Series at 9.625% annually for the first five years and six months, being reviewed every five years thereafter by applying a margin of 530.6 basis points on the five-year UST rate (5-year UST), and (ii) for the second Series at 9.625% annually for the first ten years, being reviewed thereafter every five years, applying a margin of 529.8 basis points on the five-year UST rate.
On 8 August 2023, Banco Santander, S.A. carried out an issuance of subordinated obligations for an amount of 2,000 million dollars (1,821 million euros at the exchange rate on the day of issuance). The issue was carried out at par coupon was set at 6.921% per year, payable semiannually during the 10-year life of the operation.
217
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
On 23 May 2023, Banco Santander, S.A. issued subordinated bonds for an amount of 1,500 million euros for a term of 10 years and 3 months. The issue was carried at 99.739% and the coupon of the issue was set at 5.75% annually for the first 5 years and 3 months, with the option of amortization in August 2028, revising the coupon, in case of non-amortization, at a margin of 285 points plus the Euro Swap type 5 years.
On 25 April 2022, Banco Santander, S.A. proceeded to prepay all the Tier 1 Contingently Convertible Preferred Securities with ISIN code XS1602466424 and common code 160246642 in circulation, for a total nominal amount of EUR 750 million and which were traded on the Irish Stock Market 'Global Exchange Market' (the 'PPCC').
On 22 November 2021, Banco Santander, S.A. issued subordinated debentures for a term of eleven years, with a redemption option on the tenth anniversary of the issue date, in the amount of USD 1,000 million (EUR 1,007 million at the exchange rate on the day of issue). The issue bears interest at an annual rate of 3.225%, payable semi-annually, for the first ten years. This issue has an early redemption option in the tenth year from the issue date and if the redemption is not executed in the tenth year, the coupon is repriced at a margin of 160 points over the one-year US government bond.
On 4 October 2021, Banco Santander, S.A. issued subordinated debentures for a term of eleven years, with a redemption option on the sixth anniversary of the issue date, amounting to GBP 850 million (EUR 887 million at the exchange rate on the day of issue). The issue bears interest at an annual rate of 2.25%, payable annually for the first six years (then repricing at a margin of 165 points over the 5-year UK government bond).
On 21 September 2021, Banco Santander, S.A. carried out a placement of preferential shares contingently convertible into newly issued ordinary shares of the Bank ('PPCC') for a nominal amount of EUR 1,000 million (issue placed on the market EUR 997 million). The issuance was carried out at par and the remuneration of the PPCC, whose payment is subject to certain conditions and is also discretionary, was set at 3.625% per year for the first eight years, being reviewed every five years applying a margin of 376 basis points over the 5-year Mid-Swap Rate.
On 12 May 2021, Banco Santander, S.A. placed the issue of preference shares contingently convertible into newly issued ordinary shares of the Bank, previously announced, for a total nominal amount of EUR 1,578 million, issued in a Series in Dollars of USD 1,000 million (EUR 828 million at the exchange rate on the day of issue) and a Series in Euros for an amount of EUR 750 million. The issuance was carried out at par and the remuneration of the PPCC, whose payment is subject to certain conditions and is also discretionary, was set (i) for the Series in Dollars at 4.750% per annum for the first six years, being revised every five years applying a margin of 375.3 basis points over the 5-year UST rate and (ii) for the Series in Euros by 4.125% per annum for the first seven years, being revised every five years applying a margin of 431.1 basis points over the applicable 5-year euro mid-swap.
On 3 December 2020, Banco Santander, S.A. issued subordinated debentures with a ten-year term of USD 1,500 million (EUR 1,222 million at the date of issue). The issue bears interest at an annual rate of 2.749%, payable semiannually.
On 22 October 2020, it carried out a ten-year subordinated debenture issue for an amount of EUR 1,000 million. The issue bears interest at an annual rate of 1.625%, payable annually.
On 14 January 2020, it carried out a placement of contingently convertible preferred participations into newly issued ordinary shares of the Bank (the 'PPCCs'), excluding the pre-emptive subscription rights of its shareholders and for a nominal amount of EUR 1,500 million (the 'Issuance' and the 'PPCCs'). The Issuance was made at par and the remuneration of the PPCCs, the payment of which is subject to certain conditions and is also discretionary, was set at 4.375% per annum for the first six years, revised every five years thereafter by applying a margin of 453.4 basis points over the 5-year mid-Swap Rate (5-year mid-Swap Rate).
On 8 February 2018, a ten-year subordinated debenture issuance of EUR 1,250 million was carried out. The issue accrues annual interest of 2.125% payable annually.
Issuances by Banco Santander (Brasil) S.A.
In early December 2025, Brazil closed a Tier 2 subordinated debt issuance in its local market with a 10-year term and the first call date at 5 years, for an amount of BRL 2.4 billion. The issuance price was 10y CDI + 65 bps.
At September 2024, Brazil issued AT1 Financial Notes (PerpNC5) in its local market for an amount of BRL 7,600 million at CDI + 140% (equivalent to UST +222 bps).
At the beginning of October 2023, Banco Santander (Brasil) S.A. carried out an issuance of Subordinated Financial Bills (TIER II) in its local market for a 10-year term, with a repurchase option as of the fifth anniversary of the issuance date, in the amount of BRL 6,000 million. The issuance price was CDI +1.6% per annum, payable at maturity.
At the end of November 2021, Banco Santander (Brasil) S.A. carried out an issuance of Subordinated Financial Bills (TIER II) in its local market for a 10-year term, with a repurchase option as of the fifth anniversary of the issue date, in the amount of BRL 5,500 million. The issue price was CDI 2% per annum, payable at maturity.
Issuance by Santander Bank Polska S.A.
At 28 November 2024, Santander Bank Polska S.A proceeded to repay subordinated debt ISIN XS0531310182 for EUR 100 million. The debt was originally fully subscribed by the EBRD at 5 August 2010.
The accrued interests from the subordinated liabilities during 2025 amounted to EUR 1,486 million (EUR 1,357 million and EUR 1,010 million during 2024 and 2023, respectively).
In addition, interests from the PPCC and PPCA during 2025 amounted to EUR 622 million (EUR 620 million and EUR 492 million in 2024 and 2023, respectively).
218
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
24. Other financial liabilities
The detail of Other financial liabilities in the consolidated balance sheets is as follows:
EUR million
202520242023
Trade payables1,452 1,452 1,783 
Clearing houses794 776 1,269 
Tax collection accounts:
Public Institutions6,271 6,156 4,986 
Factoring accounts payable274 226 272 
Unsettled financial transactions3,860 7,421 6,412 
Lease liabilities (note 2.k)1,822 2,202 2,400 
Other financial liabilities21,645 21,683 23,065 
36,118 39,916 40,187 
Note 51 contains a detail of the residual maturity periods of other financial liabilities at each year-end.
Lease liabilities
The cash outflow of leases in 2025 was EUR 510 million (EUR 684 million and EUR 738 in 2024 and 2023, respectively).
The analysis of the maturities of lease liabilities at 31 December 2025, 2024 and 2023 is shown below:
EUR million
202520242023
Maturity Analysis - Discounted payments
Within 1 year466 526 586 
Between 1 and 3 years619 868 918 
Between 3 and 5 years315 405 480 
Later than 5 years422 403 416 
Total discounted payments at the end of the year1,822 2,202 2,400 
During 2025, 2024 and 2023 there were no significant variable lease payments not included in the valuation of lease liabilities.


25. Provisions
a) Breakdown
The detail of Provisions in the consolidated balance sheets is as follows:
EUR million
202520242023
Provision for pensions and other obligations post-employments1,656 1,731 2,225 
Other long term employee benefits993 915 880 
Provisions for taxes and other legal contingencies2,989 2,717 2,715 
Contingent liabilities and commitments (note 2.o)713 710 702 
Other provisions2,004 2,334 1,919 
Provisions8,355 8,407 8,441 
219
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
b) Changes
The changes in 'Provisions' in the last three years were as follows:
EUR million
2025
Post employment plansLong term employee benefitsContingent liabilities and commitmentsOther provisionsTotal
Balances at beginning of year1,731 915 710 5,051 8,407 
Incorporation of Group companies, net(13)— — — (13)
Additions charged to income75 437 50 1,872 2,434 
Interest expense (note 39)59 32 — — 91 
Staff costs (note 46)
32 9 — — 41 
Provisions or reversion of provisions(16)396 50 1,872 2,302 
Addition6 424 591 4,036 5,057 
Release(22)(28)(541)(2,164)(2,755)
Other additions arising from insurance contracts linked to pensions(5)— — — (5)
Changes in value recognised in equity220 — — — 220 
Payments to pensioners and pre-retirees with a charge to internal provisions(107)(358)— — (465)
Benefits paid due to settlements(31)— — — (31)
Insurance premiums paid— — — — — 
Payments to external funds(329)— — — (329)
Amounts used— — — (1,914)(1,914)
Transfer, exchange differences and other changes115 (1)(47)(16)51 
Balances at end of year1,656 993 713 4,993 8,355 
EUR million
20242023
Post employment plansLong term employee benefitsContingent liabilities and commitmentsOther provisionsTotalPost employment plansLong term employee benefitsContingent liabilities and commitmentsOther provisionsTotal
Balances at beginning of year2,225 880 702 4,634 8,441 2,392 950 734 4,073 8,149 
Incorporation of Group companies, net— — — — — (4)— — — (4)
Additions charged to income94 368 47 2,703 3,212 92 244 (38)1,895 2,193 
Interest expense (note 39)76 29 — — 105 59 34 — — 93 
Staff costs (note 46)
34 11 — — 45 33 9 — — 42 
Provisions or reversion of provisions(16)328 47 2,703 3,062 — 201 (38)1,895 2,058 
Addition5 335 430 4,026 4,796 3 204 378 3,407 3,992 
Release(21)(7)(383)(1,323)(1,734)(3)(3)(416)(1,512)(1,934)
Other additions arising from insurance contracts linked to pensions(2)— — — (2)— — — — — 
Changes in value recognised in equity643 — — — 643 944 — — — 944 
Payments to pensioners and pre-retirees with a charge to internal provisions(153)(331)— — (484)(182)(316)— — (498)
Insurance premiums paid— — — — — — — — — — 
Payments to external funds(708)— — — (708)(750)— — — (750)
Amounts used— — — (2,178)(2,178)— — (1)(1,825)(1,826)
Transfer, exchange differences and other changes(368)(2)(39)(108)(517)(267)2 7 491 233 
Balances at end of year1,731 915 710 5,051 8,407 2,225 880 702 4,634 8,441 
220
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
c) Provision for pensions and other obligations post –employments and Other long term employee benefits
The detail of Provisions for pensions and similar obligations is as follows:
EUR million
202520242023
Provisions for post-employment plans - Spanish entities602674770
Provisions for other similar obligations - Spanish entities927852817
Of which pre-retirements916839805
Provisions for post-employment plans - United Kingdom262876
Provisions for post-employment plans - Other subsidiaries1,0281,0291,379
Provisions for other similar obligations - Other subsidiaries666363
Provision for pensions and other obligations post -employments and Other long term employee benefits2,649 2,646 3,105 
Of which defined benefits2,6372,6383,097
i. Spanish entities - Post-employment plans and other similar obligations
At 31 December 2025, 2024 and 2023, the Spanish entities had post-employment benefit obligations under defined contribution and defined benefit plans. In addition, in various years some of the consolidated entities offered certain of their employees the possibility of taking pre-retirement and, therefore, provisions are recognised each year for the obligations to employees taking pre-retirement -in terms of salaries and other employee benefit costs- from the date of their pre-retirement to the agreed end date.
In 2023, the provisions made to cover the commitments with 502 employees covered by early retirement and incentivized dismissals plan amounted to EUR 160 million.
In 2024, the provisions made to cover the commitments with 826 employees covered by early retirements and incentivized dismissals amounted to EUR 303 million.
In 2025, the provisions made to cover the commitments with 1,238 employees covered by early retirements and incentivized dismissals amounted to EUR 389 million.
The expenses incurred by the Spanish companies in 2025, 2024 and 2023 in respect of contributions to defined contribution plans amounted to EUR 130 million, EUR 126 million and EUR 116 million, respectively.
The amount of the defined benefit obligations was determined on the basis of the work performed by independent actuaries using the following actuarial techniques:
1.    Valuation method: projected unit credit method, which sees each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately.
2.    Actuarial assumptions used: unbiased and mutually compatible. Specifically, the most significant actuarial assumptions used in the calculations were as follows:
Post-employment plansOther similar obligations
202520242023202520242023
Annual discount rate3.75%3.00%3.35%3.75%3.00%3.35%
Mortality tablesPER2020 M/F Col. Orden 1PER2020 M/F Col. Orden 1PER2020 M/F Col. Orden 1PER2020 M/F Col. Orden 1PER2020 M/F Col. Orden 1PER2020 M/F Col. Orden 1
Cumulative annual CPI growth2.00%2.00%2.00%2.00%2.00%2.00%
Annual salary increase rate
1.25%A
1.25%A
1.25%A
N/AN/AN/A
Annual social security pension increase rate2.12%2.12%2.12%N/AN/AN/A
Annual benefit increase rateN/AN/AN/A0%0%0 %
A.Corresponds to the group’s defined-benefit obligations.
The discount rate used for the flows was determined by reference to high-quality corporate bonds (at least AA in euros) matching the durations of the commitments. From the bond portfolio considered, callable, putable and sinkable bonds, which could distort the rates, are excluded.
Any changes in the main assumptions could affect the calculation of the obligations. At 31 December 2025, if the discount rate used had been decreased or increased by 50 basis points (bp), there would have been an increase or decrease in the present value of the post-employment obligations of 4.02% (-50 bp) to -3.75% (+50 bp),respectively, and an increase or decrease in the present value of the long-term obligations of 1.15% (-50 bp) to -1.15% (+50 bp), respectively.
These changes would be offset in part by increases or decreases in the fair value of the assets and insurance contracts linked to pensions.
221
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
3. The estimated retirement age of each employee is the first at which the employee is entitled to retire or the agreed-upon age, as appropriate.
The fair value of insurance contracts was determined as the present value of the related payment obligations, taking into account the following assumptions:
Post-employment plansOther similar obligations
202520242023202520242023
Expected rate of return on plan assets3.75%3.00%3.35%3.75%3.00%3.35%
Expected rate of return on reimbursement rights3.75%3.00%3.35%N/AN/AN/A
The funding status of the defined benefit obligations in 2025 and the two preceding years is as follows:
EUR million
Post-employment plansOther similar obligations
202520242023202520242023
Present value of the obligations
To current employees34 49 51 — — — 
Vested obligations to retired employees1,610 1,850 1,936 — — — 
To pre-retirees employees— — 919 844 812 
Long-service bonuses and other benefits— — 11 13 12 
1,644 1,899 1,987 930 857 824 
Less - Fair value of plan assets1,058 1,234 1,235 3 5 7 
Provisions - Provisions for pensions586 665 752 927 852 817 
Of which:
Internal provisions for pensions535 593 677 927 852 817 
Net pension assets(13)(6)(14)— — — 
Insurance contracts linked to pensions (note 14)67 81 93 — — — 
Unrecognised net assets for pensions(3)(3)(4)— — — 
The amounts recognised in the consolidated income statements in relation to the aforementioned defined benefit obligations are as follows:
EUR million
Post-employment plansOther similar obligations
202520242023202520242023
Current service cost5 3 2 1 1 1 
Interest cost (net)27 28 42 27 25 30 
Expected return on insurance contracts linked to pensions(3)(3)(4)— — — 
Provisions or reversion of provisions
Actuarial (gains)/losses recognised in the year— — — (19)— 7 
Past service cost— 3 2 — — 13 
Pre-retirement cost— — — 389 303 160 
OtherA
(16)(10)(1)— (4)(1)
13 21 41 398 325 210 
A.Including reduction/settlement effect
In addition, in 2025 'Other comprehensive income – Items not reclassified to profit or loss – Actuarial gains or (-) losses on defined benefit pension plans' has decreased by EUR 33 million with respect to defined benefit obligations (increase of EUR 21 and increase of EUR 10 million in 2024 and 2023, respectively).
222
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
The changes in the present value of the accrued defined benefit obligations were as follows:
EUR million
Post-employment plansOther similar obligations
202520242023202520242023
Present value of the obligations at beginning of year1,899 1,987 2,076 857 824 903 
Incorporation of Group companies, net— — — — — — 
Current service cost5 3 2 1 1 1 
Interest cost67 71 82 27 25 30 
Pre-retirement cost— — — 389 303 160 
Effect of curtailment/settlement(9)(10)(1)— (4)(1)
Benefits paid(179)(203)(210)(325)(292)(290)
Benefits paid due to settlements(31)(2)— — — — 
Past service cost— 3 2 — — 13 
Actuarial (gains)/losses(102)45 37 (19)— 7 
Demographic actuarial (gains)/losses(14)— (2)(8)(1)— 
Financial actuarial (gains)/losses(88)45 39 (11)1 7 
Exchange differences and other items(6)5 (1)— — 1 
Present value of the obligations at end of year1,644 1,899 1,987 930 857 824 
The changes in the fair value of plan assets and of insurance contracts linked to pensions were as follows:

Plan Assets
EUR million
Post-employment plansOther similar obligations
202520242023202520242023
Fair value of plan assets at beginning of year1,234 1,235 861 5 7 8 
Incorporation of Group companies, net— — — — — — 
Expected return on plan assets40 43 40 — — — 
Gains/(losses) on settlements7 — — — — — 
Benefits paid(144)(124)(89)(2)(2)(2)
Contributions/(surrenders)(7)58 409 — — — 
Actuarial gains/(losses)(64)27 25 — — — 
Exchange differences and other items(8)(5)(11)— — 1 
Fair value of plan assets at end of year1,058 1,234 1,235 3 5 7 
Insurance Contracts linked to pensions
EUR million
Post-employment plansOther similar obligations
202520242023202520242023
Fair value of insurance contracts linked to pensions at beginning of year81 93 104 — — — 
Incorporation of Group companies, net— — — — — — 
Expected return on insurance contracts linked to pensions3 3 4 — — — 
Benefits paid(12)(13)(15)— — — 
Paid premiums— — — — — — 
Actuarial gains/(losses)(5)(2)— — — — 
Fair value of insurance contracts linked to pensions at end of year67 81 93 — — — 

223
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
In view of the conversion of the defined-benefit obligations to defined-contribution obligations, the Group will not make material current contributions in Spain in 2026 to fund its defined-benefit pension obligations.
The plan assets and the insurance contracts linked to pensions are instrumented mainly through insurance policies.
The following table shows the estimated benefits payable at 31 December 2025 for the next ten years:
EUR million
2026461
2027391
2028331
2029274
2030223
2031 to 2035672
ii. United Kingdom
At the end of each of the last three years, the businesses in the United Kingdom had post-employment benefit obligations under defined contribution and defined benefit plans. The expenses incurred in respect of contributions to defined contribution plans amounted to EUR 92 million in 2025 (EUR 98 million in 2024 and EUR 87 million in 2023).
The amount of the defined benefit obligations was determined on the basis of the work performed by independent actuaries using the following actuarial techniques:

1.    Valuation method: projected unit credit method, which sees each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately.
2.    Actuarial assumptions used: unbiased and mutually compatible. Specifically, the most significant actuarial assumptions used in the calculations were as follows:
202520242023
Annual discount rate5.58%5.54%4.63%
Mortality tables''S4 Light' tables weighted 105% males/101% females and CMI_2024 projection [LTR=1.25%, A=0.25%, H=1] with both Age-Period and Cohort convergence periods equal to core values except increased to 20 years for ages 80 to 100 and then tapering down to nil by age 120The S3 Middle tables weighted at 84% of the CMI_2023 projection with an initial addition of 0.25%, smoothing parameter 7 and improving 1.25%.The S3 Middle tables weighted at 84% of the CMI_2022 projection with an initial addition of 0.25%, smoothing parameter 7 and improving 1.25%.
Cumulative annual CPI growth2.9%3.11%3.02%
Annual salary increase rate1.00%1.00%1.00%
Annual pension increase rate2.78%3.04%2.96%
The discount rate used for the flows was determined by reference to high-quality corporate bonds (at least AA in pounds sterling) that coincide with the terms of the obligations.
Any changes in the main assumptions could affect the calculation of the obligations. At 31 December 2025, if the discount rate used had been decreased or increased by 50 basis points, there would have been an increase or decrease in the present value of the obligations of 5.82% (-50 bp) and -5.28% (+50 bp), respectively. If the inflation assumption had been increased or decreased by 50 basis points, there would have been an increase or decrease in the present value of the obligations of 4.23% (+50 bp) and -4.14% (-50 bp), respectively. These changes would be offset in part by increases or decreases in the fair value of the assets.
The funding status of the defined benefit obligations in 2025 and the two preceding years is as follows:
EUR million
202520242023
Present value of the obligations8,164 8,898 9,451 
Less-
Fair value of plan assets8,740 9,400 10,208 
Provisions - Provisions for pensions(576)(502)(757)
Of which:
Internal provisions for pensions25 28 76 
Net assets for pensions(601)(530)(833)

224
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
The amounts recognised in the consolidated income statements in relation to the aforementioned defined benefit obligations are as follows:
EUR million
202520242023
Current service cost9 13 14 
Interest cost (net)(31)(40)(62)
Provisions or reversal of provisions, net
Cost of services provided— — — 
Others— — — 
(22)(27)(48)
In addition, in 2025 'Other comprehensive income – Items not reclassified to profit or loss – Actuarial gains or (-) losses on defined benefit pension plans has increased by EUR 117 million with respect to defined benefit obligations ( increase of EUR 475 and of EUR 687 million in 2024 and 2023, respectively).
The changes in the present value of the accrued defined benefit obligations were as follows:
EUR million
202520242023
Present value of the obligations at beginning of year8,898 9,451 8,982 
Net incorporation of companies into the Group— — (28)
Current service cost9 13 14 
Interest cost465 438 436 
Benefits paid(469)(465)(428)
Benefits paid by settlements— — (9)
Contributions made by employees3 7 6 
Past service cost— — — 
Actuarial (gains)/losses(304)(965)281 
Demographic actuarial (gains)/losses(91)(133)(59)
Financial actuarial (gains)/losses(213)(832)340 
Exchange differences and other items(438)419 197 
Present value of the obligations at end of year8,164 8,898 9,451 
The changes in the fair value of the plan assets were as follows:
EUR million
202520242023
Fair value of plan assets at beginning of year9,400 10,208 10,152 
Net incorporation of companies into the Group— — (41)
Expected return on plan assets496 478 498 
Benefits paid(469)(465)(434)
Contributions203 182 225 
Actuarial gains/(losses)(421)(1,440)(406)
Exchange differences and other items(469)437 214 
Fair value of plan assets at end of year8,740 9,400 10,208 
In 2026 the Group expects to make current contributions to fund these obligations for amounts similar to those made in 2025.
The main categories of plan assets as a percentage of total plan assets are as follows:
202520242023
Equity instruments— ——
Debt instruments67%66%62%
Properties11%14%12%
Other22%20%26%
The following table shows the estimated benefits payable at 31 December 2025 for the next ten years:
EUR million
2026576 
2027485 
2028503 
2029527 
2030545 
2031 to 20352,801 
iii. Other foreign subsidiaries
Certain of the consolidated foreign entities have acquired commitments to their employees similar to post-employment benefits.
At 31 December 2025, 2024 and 2023, these entities had defined-contribution and defined-benefit post-employment benefit obligations. The expenses incurred in respect of contributions to defined contribution plans amounted to EUR 110 million in 2025 (EUR 133 million at 31 December 2024 and EUR 107 million at 31 December 2023).
The actuarial assumptions used by these entities (discount rates, mortality tables and cumulative annual CPI growth) are consistent with the economic and social conditions prevailing in the countries in which they are located.
Specifically, the discount rate used for the flows was determined by reference to high-quality corporate bonds, except in the case of Brazil where there is no extensive corporate bond market and, accordingly the discount rate was determined by reference to the series B bonds issued by the Brazilian National Treasury Secretariat for a term coinciding with that of the obligations. In Brazil the discount rate used was between 10.52% and 10.65%, the CPI 3.00% and the mortality table the AT-2000, AT-2000 Basic y AT-2000 S10.
Any changes in the main assumptions could affect the calculation of the obligations. At 31 December 2025, if the discount rate used had been decreased or increased by 50 basis points, there would have been an increase or decrease in the present value of the obligations of 3.92% (-50 bp) and -3.53% (+50 bp), respectively. These changes would be offset in part by increases or decreases in the fair value of the assets.

225
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
The funding status of the obligations similar to post-employment benefits and other long-term benefits in 2025 and the two preceding years is as follows:


EUR million
2025Of which business in Brazil20242023
Present value of the obligations6,886 4,569 6,903 8,485 
Less-
Of which: with a charge to the participants152 152 157 114 
Fair value of plan assets6,284 4,730 6,502 7,787 
Provisions - Provisions for pensions450 (313)244 584 
Of which:
Internal provisions for pensions1,083 210 1,084 1,434 
Net assets for pensions(170)(60)(141)(154)
Unrecognised net assets for pensions(463)(463)(699)(696)
The amounts recognised in the consolidated income statements in relation to these obligations are as follows:
EUR million
202520242023
Current service cost26 28 25 
Interest cost (net)68 92 83 
Provisions or reversion of provisions
(Actuarial gains)/losses recognised in the year25 28 23 
Past service cost— 2 1 
Pre-retirement cost3 — — 
Other(2)(10)(3)
120 140 129 
In addition, in 2025 'Other comprehensive income – Items not reclassified to profit or loss – Actuarial gains or (-) losses on defined benefit pension plans' has increased by EUR 136 million with respect to defined benefit obligations (increase of EUR 147 million and EUR 247 million in 2024 and 2023, respectively).
The changes in the present value of the accrued obligations were as follows:
EUR million
202520242023
Present value of the obligations at beginning of year6,903 8,485 7,578 
Incorporation of Group companies, net(6)— (20)
Current service cost26 28 25 
Interest cost552 578 599 
Pre-retirement cost3 — — 
Effect of curtailment/settlement(2)(10)(2)
Benefits paid(726)(1,113)(730)
Benefits paid due to settlements(133)(20)(2)
Contributions made by employees4 4 3 
Past service cost— 2 1 
Actuarial (gains)/losses270 (191)697 
Demographic actuarial (gains)/losses300 (1)40 
Financial actuarial (gains)/losses(30)(190)657 
Exchange differences and other items(5)(860)336 
Present value of the obligations
at end of year		6,886 6,903 8,485 
The changes in the fair value of the plan assets were as follows:
EUR million
202520242023
Fair value of plan assets at beginning of year6,502 7,787 7,321 
Incorporation of Group companies, net— — (16)
Expected return on plan assets556 551 588 
Benefits paid(752)(1,022)(644)
Contributions134 477 124 
Actuarial gains/(losses)(201)(304)110 
Settlements gains/(losses)(1)— — 
Exchange differences and other items46 (987)304 
Fair value of plan assets at end of year6,284 6,502 7,787 
In 2026 the Group expects to make contributions to fund these obligations for amounts similar to those made in 2025.
226
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
The main categories of plan assets as a percentage of total plan assets are as follows:
202520242023
Equity instruments14%13%11%
Debt instruments79%79%83%
Properties1%1%1%
Other6%7%5%
The following table shows the estimated benefits payable at 31 December 2025 for the next ten years:
EUR million
2026746 
2027736 
2028740 
2029744 
2030747 
2031 to 20353,790 
d) Provisions for taxes and other legal contingencies and Other provisions
'Provisions - Provisions for taxes and other legal contingencies' and 'Provisions - Other provisions', which include, inter alia, provisions for restructuring costs and tax-related and non-tax-related proceedings, were estimated using prudent calculation procedures in keeping with the uncertainty inherent to the obligations covered. The definitive date of the outflow of resources embodying economic benefits for the Group depends on each obligation. In certain cases, these obligations have no fixed settlement period and, in other cases, depend on the legal proceedings in progress.
The detail, by geographical area, of Provisions for taxes and other legal contingencies and Other provisions is as follows:
EUR million
202520242023
Recognised by Spanish companies2,033 1,924 1,921 
Recognised by other EU companies310 694 433 
Recognised by other companies2,650 2,433 2,280 
Of which:
Brazil1,530 1,445 1,618 
United Kingdom A
736654 373 
4,993 5,051 4,634 
A.Of which GBP 461 million (EUR 528.1 million) correspond to the Financial Conduct Authority (FCA) review of the Vehicle Finance Market as detailed in note 25.e.ii.
Set forth below is the detail, by type of provision, of the balance at 31 December 2025, 2024 and 2023 of Provisions for taxes and other legal contingencies and Other provisions.
The types of provision were determined by grouping together items of a similar nature:
EUR million
202520242023
Provisions for taxes720 727 745 
Provisions for employment-related proceedings (Brazil)594 458 611 
Provisions for other legal proceedings1,675 1,532 1,359 
Provision for customer remediation826 1,001 454 
Provision for restructuring279 589 596 
Other899 744 869 
4,993 5,051 4,634 
Relevant information is set forth below in relation to each type of provision shown in the preceding table.
The provisions for taxes include provisions for tax-related proceedings.
The provisions for employment-related proceedings (Brazil) relate to claims filed by trade unions, associations, the prosecutor’s office and ex-employees claiming employment rights to which, in their view, they are entitled, particularly the payment of overtime and other employment rights, including litigation concerning retirement benefits. The number and nature of these proceedings, which are common for banks in Brazil, justify the classification of these provisions in a separate category or as a separate type from the rest. The Group calculates the provisions associated with these claims in accordance with past experience of payments made in relation to claims for similar items. When claims do not fall within these categories, a case-by-case assessment is performed and the amount of the provision is calculated in accordance with the status of each proceeding and the risk assessment carried out by the legal advisers.
The provisions for other legal proceedings include provisions for court, arbitration or administrative proceedings (other than those included in other categories or types of provisions disclosed separately) brought against Grupo Santander companies.
The provisions for customer remediation include mainly the estimated cost of payments to remedy errors relating to the sale of certain products in the UK, the CHF mortgage portfolio of Poland, as well as the estimated amount related to the floor clauses of Banco Popular Español, S.A.U in Spain. To calculate the provision for customer remediation, the best estimate of the provision made by management is used, which is based on the estimated number of claims to be received and, of these, the number that will be accepted, as well as the estimated average payment per case.
The provisions for restructuring include only the costs arising from restructuring processes carried out by the various Group companies.
Lastly, the Other heading contains very atomized and individually insignificant provisions, such as the provisions to cover the operational risk of the different offices of the Group.
Qualitative information on the main litigation is provided in Note 25 e to the consolidated financial statements.
227
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
The Group's general policy is to record provisions for tax and legal proceedings in which the Group assesses the chances of loss to be probable and the Group does not record provisions when the chances of loss are possible or remote. Grupo Santander determines the amounts to be provided for as its best estimate of the expenditure required to settle the corresponding claim based, among other factors, on a case-by-case analysis of the facts and the legal opinion of internal and external counsel or by considering the historical average amount of the loss incurred in claims of the same nature. The definitive date of the outflow of resources embodying economic benefits for the Group depends on each obligation. In certain cases, the obligations do not have a fixed settlement term and, in others, they depend on legal proceedings in progress.
Regarding their variations in fiscal year 2025, in provisions for labour processes and others of a legal nature, EUR 524 million and EUR 185 million were recorded in Brazil in 2025, making payments of EUR 384 million and EUR 159 million, respectively.
e) Litigation and other matters
i. Tax-related litigation
At 31 December 2025 the main tax-related proceedings concerning the Group were as follows:
•Legal actions filed by Banco Santander (Brasil) S.A. and other Group entities to avoid the application of Law 9.718/98, which modifies the basis to calculate Programa de Integraçao Social (PIS) and Contribuição para Financiamento da Seguridade Social (COFINS), extending it to all the entities income, and not only to the income from the provision of services. In relation of Banco Santander (Brasil) S.A. process, in 2015 the Federal Supreme Court (FSC) admitted the extraordinary appeal filed by the Federal Union regarding PIS, and dismissed the extraordinary appeal lodged by the Brazilian Public Prosecutor's Office regarding COFINS contribution, confirming the decision of Federal Regional Court favourable to Banco Santander (Brasil) S.A. of August 2007. The Federal Supreme Court also admitted the appeals related to the other Group entities both for PIS and COFINS. On June 13, 2023, the Federal Supreme Court ruled unfavorably 2 cases through General Repercussion (Theme 372), including Banco Santander (Brasil) S.A. case. The Bank has filed a new appeal, considering the possible loss as a contingent liability. The cases of the other Group entities are no longer susceptible of appeal and a provision has been recognized for the amount of the estimated loss.
•Banco Santander (Brasil) S.A. and other Group companies in Brazil have appealed against the assessments issued by the Brazilian tax authorities questioning the deduction of loan losses in their income tax returns (Imposto sobre a Renda das Pessoas Jurídicas - IRPJ - and Contribuçao Social sobre o Lucro Liquido -CSLL-) in relation to different administrative processes of various years on the ground that the requirements under the applicable legislation were not met. The appeals, which involves several cases, are pending decision in different administrative and judicial instances. No provision was recognised in connection with the amount considered to be a contingent liability.

•Banco Santander (Brasil) S.A. and other Group companies in Brazil are involved in administrative and legal proceedings against several municipalities that demand payment of the Service Tax on certain items of income from transactions not classified as provisions of services. There are several cases in different judicial instances. A provision was recognised in connection with the amount of the estimated loss.
•Banco Santander (Brasil) S.A. and other Group companies in Brazil are involved in administrative and legal proceedings against the tax authorities in connection with the taxation for social security purposes of certain items which are not considered to be employee remuneration. There are several cases in different judicial instances. A provision was recognised in connection with the amount of the estimated loss.
•In May 2003 the Brazilian tax authorities issued separate infringement notices against Santander Distribuidora de Títulos e Valores Mobiliarios, Ltda. (DTVM, actually Santander Brasil Tecnología S.A.) and Banco Santander (Brasil) S.A. in relation to the Provisional Tax on Financial Movements (Contribuição Provisória sobre Movimentação Financeira) of the years 2000 to 2002. The administrative discussion ended unfavourably for both companies, and on July 3, 2015, filed a lawsuit requesting the cancellation of both tax assessments. The lawsuit was judged unfavourably in first instance. Therefore, both plaintiffs appealed to the court of second instance. In December 2020, the appeal was decided unfavourably and the judgement was appealed before the higher courts. This case fell within the scope of the Comprehensive Transaction Programme (Programa de Transaçao Integral) established by the Ministry of Finance, and in 2025 a final settlement was reached. The amounts paid under the terms of the Transaction were fully provisioned.
•In December 2010 the Brazilian tax authorities issued an infringement notice against Santander Seguros S.A. (Brasil), (currently Zurich Santander Brasil Seguros e Previdência S.A.), as the successor by merger to ABN AMRO Brasil dois Participações S.A., in relation to income tax (IRPJ and CSLL) for 2005, questioning the tax treatment applied to a sale of shares of Real Seguros, S.A. The administrative discussion ended unfavourably, and the CARF decision has been appealed at the Federal Justice. As the former parent of Santander Seguros S.A. (Brasil) (currently Zurich Santander Brasil Seguros e Previdência S.A.), Banco Santander (Brasil) S.A. is liable in the event of any adverse outcome of this proceeding. No provision was recognised in connection with this proceeding as it is considered to be a contingent liability.
•In November 2014 the Brazilian tax authorities issued an infringement notice against Banco Santander (Brasil) S.A. in relation to corporate income tax (IRPJ and CSLL) for 2009 questioning the tax-deductibility of the amortisation of the goodwill of Banco ABN AMRO Real S.A. performed prior to the absorption of this bank by Banco Santander (Brasil) S.A., but accepting the amortisation performed after the merger. The Bank appealed before the Higher Chamber of CARF, and a final favourable decision was obtained in April 2024. No provision was recognised in connection with this proceeding as it was considered to be a contingent liability.
228
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
•Banco Santander (Brasil) S.A. has also appealed against infringement notices issued by the tax authorities questioning the tax deductibility of the amortisation of the goodwill arising on the acquisition of Banco Comercial e de Investimento Sudameris S.A from years 2007 to 2012. In May and October 2024, the appeal related to period 2009 to 2012 was finally rejected by the CARF and the resolution was appealed at the Federal Justice. No provision was recognised in connection with this matter as it was considered to be a contingent liability.
•Banco Santander (Brasil) S.A. and other companies of the Group in Brazil are undergoing administrative and judicial procedures against Brazilian tax authorities for not admitting tax compensation with credits derived from other tax concepts, not having registered a provision for the amount considered to be a contingent liability.
•Banco Santander (Brasil) S.A. is involved in appeals in relation to infringement notices initiated by tax authorities regarding the offsetting of tax losses in the CSLL of year 2009 and 2019. The appeals are pending decision at the administrative level. No provision was recognised in connection with this matter as it is considered to be a contingent liability.
•Banco Santander (Brasil) S.A. filed a suspensive judicial measure aiming to avoid the withholding income tax (Imposto sobre a Renda Retido na Fonte - IRRF), on payments derived from technology services provided by Group foreign entities. A favorable decision was handed down and an appeal was filed by the tax authority at the Federal Regional Court, where it awaits judgment. No provision was recognized as it is considered to be a contingent liability.
•Brazilian tax authorities have issued infringement notices against Getnet Adquirência e Serviços para Meios de Pagamento S.A and Banco Santander (Brasil) S.A. as jointly liable in relation to corporate income tax (IRPJ and CSLL) for 2014 to 2018 questioning the tax-deductibility of the amortization of the goodwill from the acquisition of Getnet Tecnologia Proces S.A., considering that the company would not have complied with the legal requirements for such amortization. The tax assessment notices were appealed to the CARF. In 2024, the CARF issued a favourable partial decision on both infraction notices. In December 2024, the tax authorities issued a new infringement notice for 2019 and 2020. No provision was recognized as it is considered to be a contingent liability.
The total amount for the aforementioned Brazil lawsuits that are fully provisioned is EUR 553 million, and for lawsuits that qualify as contingent liabilities is EUR 5,040 million.
At the date of approval of these consolidated annual accounts, there are other less significant tax disputes.
ii. Non-tax-related proceedings
At 31 December 2025 the main non-tax-related proceedings concerning the Group were as follows:
•Payment Protection Insurance (PPI): AXA France IARD and AXA France Vie (former GE Capital Corporation Group entities, known as Financial Insurance Company Ltd (FICL) and Financial Assurance Company Ltd (FACL), acquired by AXA SA in 2015) (together, AXA France) brought a claim against (i) Santander Cards UK Limited (formerly known as GE Capital Bank Limited (GECB), which was acquired by Banco Santander, S.A. in 2008 and subsequently transferred to Santander UK plc); and (ii) Santander Insurance Services UK Limited (a Banco Santander, S.A. subsidiary) (SISUK and together with GECB the Santander Entities). The claim relates to the allocation of liability for compensation and associated costs in respect of a large number of PPI policies distributed by GECB pre-2005, which were underwritten by FICL and FACL.
On 25 July 2025, the Commercial Court of England and Wales handed down its judgment in relation to the claim brought by AXA France (the Judgment). It found against SISUK in relation to AXA France’s claim pursuant to an indemnity in an agency agreement entered into between GECB, FICL and FACL in 2000 and novated by GECB to SISUK in 2010. It also found GECB negligent in the sale of PPI policies, but this element of the claim was time barred to PPI policies sold in the period between 2002 and 2005 and overlaps with the indemnity claim. The Judgment required the Santander Entities to pay GBP 515 million plus interest of GBP 162 million.
In October 2025 the Santander Entities obtained permission to appeal the findings in the Judgment relating to the application of the indemnity arising from PPI sales occurring before the indemnity had been agreed in December 2000 (Santander Appeal).  In January 2026, AXA France obtained permission to cross-appeal the Commercial Court’s rejection of AXA France’s contribution claim made under the Civil Liability (Contribution) Act 1978 (the AXA France’s cross appeal). A decision on the Santander Appeal and AXA France’s cross appeal is expected in the second half of 2026.
With respect to the Santander Appeal and AXA France’s cross-appeal, there are points of legal interpretation to be resolved and, in the case of the cross-appeal, factual points to be determined. The significant uncertainties make it difficult to predict the timing or the final impact of the resolution of the appeals for the Group.
No customers have suffered loss as a consequence of the claim brought by AXA France or the Judgment, nor does it impact upon past redress paid to customers for PPI complaints.
229
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
•Motor Finance Broker Commissions: following the Financial Conduct Authority’s (FCA) Motor Market review in 2019 which resulted in a change in rules in January 2021, Santander Consumer (UK) plc (SCUK) has received several of county court claims and complaints in respect of its historical use of discretionary commission arrangements (DCAs) prior to the 2021 rule changes. In January 2024, the FCA commenced a review of the use of DCAs between lenders and credit brokers (the FCA Review). Pending the conclusion of its review, the FCA paused the handling of motor finance commission related complaints. The pause is currently in place until 31 May 2026, reflecting the extended timeline of the FCA's Review and subsequent Consultation (see below).
After the Court of Appeal's decision rendered on 25 October 2024 within the judicial proceedings followed against DCAs of other financial entities, as of 31 December 2024, the Santander UK group Holdings recognised a provision of GBP 293.0 million (EUR 353.3 million). This provision was determined based upon the information then available. It included estimates for operational and legal costs and potential awards based on various scenarios and used a range of assumptions, including the possible outcome of the appeal to the Supreme Court in 2025 of the Court of Appeal's decision. On 1 August 2025, the Supreme Court handed down its judgment stating that motor dealers acting as credit brokers do not owe fiduciary or disinterested duties to their customers and, as a consequence, commission payments by lenders to motor dealers would not be unlawful on that basis. In addition, the Supreme Court held that an unfair relationship under s.140A of the Consumer Credit Act 1974 had arisen in one of the cases on its facts and awarded the amount of the commission paid by the lender plus interest at a commercial rate as the remedy. It also confirmed that the test for unfairness of the relationship with borrower was highly fact sensitive and it outlined a series of non-exhaustive factors to consider in assessing unfair relationships in this context (indicating that no or partial disclosure was not necessarily enough on its own to constitute an unfair relationship).
Following the Supreme Court’s judgment, on 3 August 2025, the FCA announced that it aimed to publish a consultation on an industry wide redress scheme in early October (the Consultation). Further to the publication of the FCA’s Consultation on 7 October 2025, the Santander UK group submitted its comments on 12 December 2025 and continues to engage constructively with the FCA. The FCA has stated that its intention is to publish the industry wide redress scheme no later than in March 2026.
In light of the proposed sectoral scheme and taking into account the objections raised and the uncertainty surrounding both the final decision to be adopted by the FCA and the outcome of any potential legal challenges, the Santander UK group has reviewed the potential impact on SCUK in relation to the vehicle finance market. The range of scenarios has been updated, which has resulted in an additional estimated charge of GBP 183 million (EUR 213.6 million). As of 31 December 2025, the total provision amounts to GBP 461 million (EUR 528.1 million). This continues to include estimates for operational and legal costs and potential awards reflecting an increased likelihood of a higher number of cases than had previously been predicted as eligible for redress as well as an increased possibility that a remedy is sought to be imposed which extends beyond reversing any damaging financial consequences caused by any unfair relationships. The provision is based on various scenarios using a range of assumptions, including potential changes to the proposed scheme following responses to the Consultation or publication of the FCA’s final scheme rules.
There continue to be significant uncertainties as to the nature, extent and timing of redress payments. Therefore, while the ultimate financial impact of this matter could materially differ from the amount of the provision as of this date, such impact is not expected to be material for the Group as of the date of these financial statements.
230
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
•Delforca: dispute arising from equity swaps entered into by Gaesco (now Delforca 2008, S.A. (Delforca)) on shares of Inmobiliaria Colonial, S.A. Banco Santander, S.A. is claiming to Delforca before the Court of Barcelona in charge of the bankruptcy proceedings, a total of EUR 66 million from the liquidation resulting from the early termination of financial transactions due to Delforca's non-payment of the equity swaps. In the same bankruptcy proceedings, Delforca and Mobiliaria Monesa, S.A., parent of Delforca (Monesa) have in turn claimed the Bank to repay EUR 57 million, which the Bank received for the enforcement of the agreed guarantee, as a result of the aforementioned liquidation. On 16 September 2021 the Commercial Court Number 10 of Barcelona has ordered Delforca to pay the Bank EUR 66 million plus EUR 11 million in interest and has dismissed the claims filed by Delforca. This decision was appealed by Delforca, Monesa and the bankruptcy administrator. On 15 November 2023 the Provincial Court of Barcelona rendered a judgment dismissing the appeals filed by Delforca, Monesa and the bankruptcy administrator. Delforca and Monesa (not the bankruptcy administrator) filed an appeal in cassation, that was rejected in November 2025 by the First Chamber of Supreme Court and, as a result, the appeal and first instance judgments in favor of the Bank have been confirmed.
Separately, Monesa, filed in 2009 a civil procedure with the Courts of Santander against the Bank claiming damages that have not been specified to date. The procedure is suspended.
•'Planos Económicos': like the rest of the banking system in Brazil, Santander Brazil has been the target of customer complaints and collective civil suits stemming mainly from legislative changes and its application to the retribution of bank deposits (economic plans). At the end of 2017, an agreement was reached between regulatory entities and the Brazilian Federation of Banks (Febraban) with the purpose of closing the lawsuits and was approved by the Supremo Tribunal Federal (the STF and the Collective Agreement). Discussions focused on specifying the amount to be paid to each affected client according to the balance in their notebook at the time of the application of the plan. Finally, the total value of the payments will depend on the number of adhesions there may be and the number of savers who have proved the existence of the account and its balance on the date the indexes were changed. In November 2018, the STF ordered the suspension of all economic plan proceedings for two years from May 2018. On 29 May 2020, STF approved the extension of the Collective Agreement for 5 additional years starting from 3 June 2020. Condition for this extension was to include in the Collective Agreement actions related to the 'Collor I Plan'. On May 2025, the STF issued the judgment recognizing the constitutionality of the Bresser, Verão, Collor I and II plans, guaranteeing savers the receipt of the amounts established in the Collective Agreement and setting a deadline of 24 months for new adhesions. As of 31 December 2025, the provision recorded for the economic plan proceedings amounts to EUR 155.3 million.
•Banco Popular´s acquisition: after the declaration of the resolution of Banco Popular, some investors filed claims against the EU’s Single Resolution Board decision, and the FROB's resolution executed in accordance with the aforementioned decision. Likewise, numerous civil lawsuits were filed against Banco Santander, S.A. alleging that the information provided by Banco Popular was erroneous and requesting from Banco Santander, S.A. the restitution of the price paid for the acquisition of the investment instruments or, where appropriate, the corresponding compensation.
In relation to the direct appeals filed before the General Court of the European Union (EGC) and the Court of Justice of the European Union (CJEU), all appeals were either dismissed or discontinued. Currently there are no ongoing appeals. On 4 February 2026, the National Court issued its first rulings dismissing the actions brought against the FROB’s decision, in application of the judgments of the EGC and the CJEU.
In the civil proceedings, several Spanish judges referred to the CJEU a number of preliminary questions that have already been resolved. In particular, in the judgments of 5 May 2022 (C-410/20) and 5 September 2024 (C-775/22, C-779/22, C-794/22), the CJEU stated that Directive 2014/59/EU on bank resolution prevents shareholders, subordinated debt holders, and holders of equity instruments converted into shares bringing actions against a financial institution subject to a resolution proceeding or against its successor after the resolution, claiming liability for the information contained in the prospectus, under Directive 2003/71/EC, or actions seeking the nullity of the contract of subscription of capital instruments, which, given its retroactive effects, would result in the refund of the value of such securities, plus the interest accrued as of the date of execution of the contract. In its 11 September 2025 resolution (C-687/23), the CJEU declared that the above referred TJUE resolutions do not apply to actions pursued prior to the entity’s resolution. There are currently no other preliminary questions under consideration.
On 4 March 2024, in the context of preliminary proceedings 42/2017, the Central Court of Instruction No. 4 issued a ruling transforming the proceedings into Summary Proceedings and terminating the investigation phase. This ruling considers that the circumstantial evidence resulting from the investigation which could constitute a crime is basically the following: (i) an alleged misrepresentation in the prospectus of the 2016 capital increase of Banco Popular; (ii) an alleged misrepresentation in the annual accounts of Banco Popular for 2015, the interim financial statements for 2016 and the annual accounts for 2016; and (iii) the offer to the market of a distorted amount of regulatory capital, after the capital increase of 2016 (for allegedly having been granted by Banco Popular financing to clients for the subscription of shares in the aforementioned capital increase, without discounting it from the regulatory capital). According to the aforementioned ruling, these facts could constitute the crimes of fraud of investors (art. 282 of the Criminal Code) and accounting falsehood (art. 290 of the Criminal Code). All appeals filed against the ruling have been dismissed.
231
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
The accusing parties, including the Public Prosecutor's Office, filed their indictment briefs on 28 October 2024, which included requests for compensation for civil liability and the request that not only the defendants but also several entities are held liable for such compensation, including Banco Santander, S.A., the auditing firm and several insurance companies. Following the filing of the indictment briefs, on 22 November 2024, the Court (Investigating Judge) issued an order for the opening of the oral trial against the defendants and civil liability parties, including Banco Santander, S.A. as a possible civil liable party. However, in line with what was determined by the Spanish National Court and confirmed by the Supreme Court concerning the hypothetical succession of Banco Popular by Banco Santander, S.A., the oral trial has not been opened against the Bank as possible direct civil liable party.
The order to open the oral trial states that the plaintiffs have requested compensation for civil liability for a total amount of EUR 2,277.65. Additionally, the order rejects the imposition of the guarantee requested by several of the accusing parties, considering that it is unnecessary to secure the outcome of the trial. The defendants and potential civil liable parties submitted their defense writs on 4 February 2025. After that, the proceedings will be forwarded to the Criminal Chamber of the National Court for the oral trial.
Regarding civil liability, the Bank considers that it has no subsidiary civil liability in light of the CJEU’s judgments of 5 May 2022 (C-410/20), 5 September 2024 (C-775/22, C-779/22, C-794/22) and 11 September 2025 (C-687/23 and C-447/23). Notwithstanding the foregoing, the Spanish National Court has stated that this issue shall be resolved within the ongoing proceedings.
The estimated cost of any compensation to shareholders and bondholders of Banco Popular recognized in the 2017 accounts amounted to EUR 680 million, of which EUR 535 million were applied to the commercial loyalty program. On 15 December 2024, Banco Santander, S.A., proceeded to redeem in advance voluntarily all bonds in circulation regarding such commercial action. The CJEU judgements of 5 May 2022 (C-410/20), 5 September 2024 (C-775/22, C-779/22, C-794/22) and 11 September 2025 (C-687/23 and C-447/23) referred above, represented a very significant reduction in the risk associated with these claims.
•German shares investigation: the Cologne Public Prosecution Office is conducting an investigation against the Bank and other group entities based in the UK - Santander UK plc, Santander Financial Services Plc and Cater Allen International Limited -, in relation to a particular type of tax dividend linked transactions known as cum-ex transactions.
The Group is cooperating with the German authorities. According to the state of the investigations, the result, and the effects for the Group, which may potentially include the imposition of material financial consequences (penalties, and/or disgorgement of proceeds) cannot be anticipated. For this reason, the Bank has not recognized any provisions in relation to the potential imposition of financial liabilities.
•Banco Santander, S.A. was sued in a legal proceeding in which the plaintiff alleges that the Bank breached his contract as CEO of the institution: in the lawsuit, the claimant mainly requested a declaratory ruling upholding the existence, validity and effectiveness of such contract and its enforcement together with the payment of certain amounts. For the case that the main request is not granted, the claimant sought a compensation for a total amount of approximately EUR 112 million or, an alternative relief for other minor amounts. Banco Santander, S.A. answered to the legal action stating that the conditions to which the appointment of that position was subject to were not met; that the executive services contract required by law was not concluded; and that in any case, the parties could terminate the contract without any justified cause. On 17 May 2021, the plaintiff reduced his claims for compensation to EUR 61.9 million.
On 9 December 2021, the Court upheld the claim and ordered the Bank to compensate the claimant in the amount of EUR 67.8 million. By court order of 13 January 2022, the Court corrected and supplemented its judgment, reducing the total amount to be paid by the Bank to EUR 51.4 million and clarifying that part of this amount (buy out) was to be paid under the terms of the offer letter, i.e., entirely in Banco Santander shares, within the deferral period for this type of remuneration at the plaintiff's former employer and subject to the performance metrics or parameters of the plan in force at the Bank, which was that of 2018. As explained in note 5 of the report of the consolidated annual accounts of the year 2022, the degree of performance of these objectives was 33.3%.
The Bank filed an appeal against the judgment before the Madrid Court of Appeal, which was opposed by the plaintiff. At the same time, the plaintiff filed an application for provisional enforcement of the judgment in the First Instance Court. A court order was issued ordering enforcement of the judgment, and the Bank deposited in the court bank account the full amount provisionally awarded to the claimant, including interest, for an approximate sum of EUR 35.5 million, within the voluntary compliance period.
On 6 February 2023, Banco Santander was notified with the judgment of 20 January 2023 by which the Madrid Court of Appeal partially upheld the appeal filed by the Bank. The judgment has reduced the amount to be paid by EUR 8 million, which, to the extent that this amount was already paid in the provisional partial enforcement of the judgement of First Instance Court, must be returned to the Bank together with other amounts for interest, which the appeal judgement also rejects. The plaintiff deposited circa EUR 9.6 million. This amount was received by the Bank on 11 July 2023.
On 11 April 2023, the Bank filed an extraordinary appeal for procedural infringement and an appeal in cassation against the Madrid Court of Appeal’s judgment before Spanish Supreme Court. The extraordinary and cassation appeals submitted by the Bank were accepted on 26 March 2025 and are pending to be resolved. Existing provisions cover the estimated risk of loss.

232
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
•CHF Polish Mortgage Loans: In October 2019, the CJEU rendered its decision in relation to the effects of the potential unfairness of certain contractual clauses in CHF-Indexed loan agreements. The CJEU established that it for the national courts to determine the invalidity of a contract where it cannot be maintained without the clause declared unfair and where no supplementary provisions exist that would allow the contract to be maintained. Subsequently, in June 2023, the CJEU confirmed that the effects of such invalidity must be determined in accordance with national law, interpreted in the light of Directive 93/13/EEC, and that claims by financial institutions exceeding the reimbursement of the loan principal and, where applicable, default interest, are contrary to the objectives of that Directive.
In April 2024, the Civil Chamber of the Polish Supreme Court issued a judgment confirming that clauses relating to the mechanism for determining the exchange rate declared abusive cannot be replaced by alternative provisions and that, in the absence of a binding exchange rate, the contract is not enforceable for the parties. With regard to the effects of invalidity, the Supreme Court confirmed the existence of independent restitution claims for each party and ruled out the possibility of claiming interest or other amounts for the use of the funds. Nevertheless, certain aspects of this judgment have been subject to internal debate within the Supreme Court itself, reflecting the complexity and evolving nature of the jurisprudential framework
In this context, Santander Bank Polska S.A. and Santander Consumer Bank S.A. estimate legal risk using a model that considers different possible outcomes and regularly review court rulings on this matter in order to assess changes in case law, including the impact of the aforementioned Supreme Court judgment. Settlements are being reached both with customers who have already initiated legal proceedings and with customers who have not yet filed a claim. The model used to calculate provisions for legal risks considers the evolution and expected development of such settlements.
As of 31 December 2025, the total amount adjusted against the gross carrying amount of loans in accordance with IFRS 9, together with the provisions recognised under IAS 37, amounts to PLN 5,874.3 million (EUR 1,391.9 million), of which PLN3,191.7 million (EUR 756.3 million) corresponds to adjustments to the gross carrying amount under IFRS 9 and PLN 2,682.6 million (EUR 635.6 million) to provisions recognised under IAS 37. The adjustment to gross carrying amount in accordance with IFRS9 during 2025 amounted to PLN 99.7 million (EUR 23.6 million), and the additional provisions recognised under IAS 37 amounted to PLN 1245.3 million (EUR 293.8 million). Other costs related to the dispute amounted to PLN 730.5 million (EUR 172.4 million). IAS 37.

As of the same date, Santander Bank Polska S.A. held a portfolio of mortgages denominated in or indexed to CHF amounting to approximately PLN 2,642.0 million (EUR 626.0 million) and recognised provisions of PLN 4,766.4 million (EUR 1,129.4 million) to cover the CHF mortgage portfolio. Santander Consumer Bank S.A. (Poland), in turn, held a portfolio of mortgages denominated in or indexed to CHF amounting to approximately PLN 735.9 million (EUR 174.4 million) and recognised provisions of PLN 1,107.9 million (EUR 262.5 million) to cover this portfolio.
Notwithstanding the above, as detailed in Note 3 b), in January 2026 the Group sold a 49% stake in Santander Bank Polska S.A., which ceased to be consolidated within the Group’s perimeter as of that date.
The Group continues to monitor the evolution of legal proceedings and to periodically review the adequacy of the provisions recognised, which represent the best estimate of the risk existing as of the reporting date.
•Banco Santander Mexico: dispute regarding a testamentary trust constituted in 1994 by Mr. Roberto Garza Sada in Banca Serfin (currently Santander Mexico) in favor of his four sons in which he affected shares of Alfa, S.A.B. de C.V. (respectively, Alfa and the Trust). During 1999, Mr. Roberto Garza Sada instructed Santander México in its capacity as trustee to transfer 36,700,000 shares from the Trust's assets to his sons and daughters and himself. These instructions were ratified in 2004 by Mr. Roberto Garza Sada before a Notary Public.
Mr. Roberto Garza Sada passed away on 14 August 2010 and subsequently, in 2012, his daughters filed a complaint against Santander Mexico alleging it had been negligent in its trustee role. The lawsuit was dismissed at first instance in April 2017 and on appeal in 2018. In May 2018, the plaintiffs filed an appeal (recurso de amparo) before the First Collegiate Court of the Fourth Circuit based in Nuevo León, which ruled in favor of the plaintiffs on 7 May 2021, annulling the 2018 appeal judgment and condemning Santander Mexico to the petitions claimed, consisting of the recovery of the amount of 36,700,000 Alfa shares, together with dividends, interest and damages.
Since 2021, Santander Mexico has filed before the Supreme Court of Justice of the Nation a constitutional review challenge (recurso de revisión constitucional) against the referred decision which was initially rejected by the Supreme Court; and several appeals (recursos de reclamación) against such rejection. On 25 June 2025, one of the appeals filed by the Bank was accepted, and this decision was extended to a remaining one, which will now be resolved. In case that these appeals are resolved favorably to the Bank, the Supreme Court will decide on the merits of the constitutional review against the judgment which condemned the Bank.
In parallel to the foregoing, the Bank also filed an amparo against the judgment favorable to the plaintiffs rendered by the First District Court in the State of Nuevo León before the Collegiate Courts if such State, and in 2024, the Bank requested the Supreme Court of Justice of the Nation to take up and resolve the matter through the faculty of attraction, what is pending.
233
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
The challenges and appeals filed by the Bank imply that the judgment rendered in favour of the plaintiffs is not final, and Santander México believes that the actions taken should prevail and reverse the decision against it. The impact of a potential unfavorable resolution for Santander México will be determined in a subsequent proceeding and will also depend on the additional actions that Santander México may take in its defense, so it is not possible to determine it at this time. At the current stage of the proceedings, the provisions recorded are considered sufficient to cover the risks deriving from this claim.
•Mortgage Expenses: in December 2015 the Spanish Supreme Court ruled that mortgage clauses relating to the payment of fees associated to formalizing the mortgage were abusive. On 27 November 2018, the Supreme Court agreed that the taxpayer of the documented legal acts stamp duty tax (IAJD) on the mortgage loans should be the borrower. On 9 November 2018, RDL 17/2018 came into force and modified the Law of the IAJD, establishing that the taxpayer is the Bank. On 23 January 2019, the Supreme Court ruled the distribution of the same must be 50% between the Bank and the borrower in public notary expenses and agency expenses. The Supreme Court also ruled that the Bank must pay 100% of the Registry. On 26 October 2020, the Supreme Court ruled that the Bank is fully responsible for the management expenses; and on 27 January 2021, the Supreme Court ruled that the Bank is also responsible for the valuation expenses.
In relation to the statute of limitations, on 25 April 2024, two judgments were rendered (cases C-561/21 and C-484/21) in which the Court of Justice of the European Union (CJEU) stated that the commencement of the statute of limitations for the reimbursement action of the mortgage expenses derived from the annulment of the clause, shall be fixed on the moment when the consumer has an effective knowledge of the abusive nature of the clause and its effects and that this date must not be fixed (a) on the date of payment of such expense nor of the execution of the agreement; (b) when the Supreme Court has handed down judgments stating the abusive nature of a clause similar to the one included in the consumer contract; nor (c) when the CJEU has handed down judgments confirming that the statute of limitations for the reimbursement action of the amounts derived from the annulment of contractual provisions is valid subject to its compliance with the principles of equivalence and effectiveness.
The Supreme Court has confirmed this criterion in its 14 June 2024 judgment, establishing that the public dissemination of case-law declaring the abusive nature of a clause does not necessarily give rise to the limitation period of the reimbursement action derived from similar clauses. However, the 4 July 2024 judgment, rendered in the case C-450/22, the CJEU has established that it cannot be excluded a priori that, as a consequence of the occurrence of an objective event or of a notorious event, such as the amendment of the applicable legislation or a widely disseminated and debated development of jurisprudence, the court considers that the average consumer's overall perception of the floor clause has changed during the reference period and has enabled him to become aware of the potentially significant economic consequences arising from such clause. A further preliminary question concerning the statute of limitations of the reimbursement action derived from the annulment of mortgage expenses has been raised before the CJEU by the First Instance Court No 8 of La Coruña.
In December in 2024, the Supreme Court handed down two additional judgments regarding statute of limitations, in which it determines that the date to be considered for the purposes of the application of Directive 93/1994 and, consequently, the statute of limitations detailed in its previous judgments, is 31 December 1994 (i.e. the date when the deadline for its transposition ended). This is based on the principle of interpretation in accordance with directives not transposed (applicable once their transposition period has expired). The recorded provision includes the best estimate of Group’s liability for this matter.
Banco Santander and the other Group companies are subject to claims and, therefore, are party to certain judicial and administrative proceedings incidental to the normal course of their business including those in connection with lending activities, relationships with employees and other commercial or tax matters additional to those referred to here.
With the information available to it, the Group considers that, at 31 December 2025, it had reliably estimated the obligations associated with each proceeding and had recognized, where necessary, sufficient provisions to cover reasonably any liabilities that may arise as a result of these tax and legal risks. Disputes in which risk and/or provisions have been registered but are not disclosed is justified on the basis that it would be prejudicial to the proper defense of the Group. Subject to the qualifications made, it also believes that any liability arising from such claims and proceedings will not have, overall, a material adverse effect on the Group’s business, financial position, or results of operations.
26. Other liabilities
The detail of Other liabilities in the consolidated balance sheets is as follows:
EUR million
202520242023
Transactions in transit707 910 767 
Accrued expenses and deferred income9,018 9,003 9,136 
Other6,212 6,431 7,695 
15,937 16,344 17,598 
234
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
27. Tax matters
a) Consolidated Tax Group
According to current Spanish regulation, the Tax Consolidated Group includes Banco Santander, S.A. as the parent company and, as subsidiaries, those Spanish subsidiaries that meet the requirements established by the regulations on the taxation of consolidated groups.
The other Group companies file income tax returns in accordance with the tax regulations applicable to them.
b) Years open for review by the tax authorities
In relation to the partial scope tax audit of Corporate Income Tax for fiscal year 2020 and Value Added Tax for fiscal years 2020 to 2022, initiated in April 2024, in December 2025 the Spanish tax authorities issued a Corporate Income Tax assessment, which has been appealed before the Central Economic-Administrative Court, and the VAT assessments were still pending at the close of the financial year.
The main appeals filed against assessments issued in prior audits remain pending before the Central Economic-Administrative Court (Corporate Income Tax and Value Added Tax for fiscal years 2017 to 2019) and before the National Appellate Court (Corporate Income Tax for fiscal years 2003 to 2015). Banco Santander, S.A., as the parent company of the Tax Consolidated Group, considers, based on the advice of its external legal counsel, that the adjustments made should not have a significant impact on the consolidated annual accounts, as there are strong arguments for defense in the appeals filed against these assessments. Consequently, no provision has been recognized in this respect. Furthermore, it should be noted that, in those cases where it was considered appropriate, the available mechanisms have been used to avoid international double taxation.
At the date of approval of these consolidated annual accounts, subsequent years up to and including 2025, are subject to review.
The other entities have the corresponding years open for review, pursuant to their respective tax regulations.

Due to possible different interpretations which can be made of the tax regulations, the outcome of the tax audits of the rest of years subject to review might give rise to contingent tax liabilities which cannot be objectively quantified. However, the Group’s tax advisers consider that it is unlikely that such tax liabilities will materialize, and that in any event the tax charge arising therefrom would not materially affect the Group’s consolidated financial statements.
c) Reconciliation
The reconciliation of the income tax expense calculated at the tax rate applicable in Spain (30%) to the income tax expense recognised and the detail of the effective tax rate are as follows:
EUR million
202520242023
Consolidated profit (loss) before tax:
From continuing operations18,68117,347 15,005 
From discontinued operations1,9501,680 1,454 
20,63119,027 16,459 
Income tax at tax rate applicable in Spain (30%)
6,1895,708 4,938 
By the effect of application of the various tax rates applicable in each countryA
(103)115 (100)
Of which:
Brazil264413 198 
United Kingdom(42)(53)(51)
United States(60)(25)(28)
Chile(36)(33)(28)
Poland(224)(183)(164)
Effect of profit or loss of associates and joint ventures(207)(213)(184)
USA electric vehicle leasing incentives(203)(258)(259)
Global minimum tax Pillar Two614 — 
Effect of reassessment of deferred taxes(101)68 — 
Permanent differences
and other
(450)(151)(119)
Income tax5,1315,283 4,276 
Effective tax rate24.87%27.77%25.98%
Of which:
Continuing operations4,7234,844 3,880 
Discontinued operations
(Note 37)
408439 396 
Of which:
Current taxes5,6664,855 5,568 
Deferred taxes(535)428 (1,292)
Income tax (receipts)/payments4,9545,880 5,214 
A.Calculated by applying the difference between the tax rate applicable in Spain and the tax rate applicable in each jurisdiction to the profit or loss contributed to the Group by the entities which operate in each jurisdiction.

235
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
d) Tax recognised in equity
In addition to the income tax recognised in the consolidated income statement, the Group recognised the following amounts in consolidated equity in 2025, 2024 and 2023:
EUR million
202520242023
Other comprehensive income
Items not reclassified to profit or loss115 85 358 
Actuarial gains or (-) losses on defined benefit pension plans63 172 302 
Changes in the fair value of equity instruments measured at fair value through other comprehensive income4 (4)20 
Financial liabilities at fair value with changes in results attributable to changes in credit risk48 (83)36 
Items that may be reclassified to profit or loss(440)54 (919)
Cash flow hedges(207)(205)(732)
Changes in the fair value of debt instruments through other comprehensive income(204)261 (214)
Hedging instruments (items not designated)3 — — 
Non-current assets held for sale(32)— — 
Other recognised income and expense of investments in subsidiaries, joint ventures and associates— (2)27 
Total(325)139 (561)
e) Deferred taxes
'Tax assets' in the consolidated balance sheets includes debit balances with the Public Treasury relating to deferred tax assets. 'Tax liabilities' includes the liability for the Group’s various deferred tax liabilities.
In accordance with EU Regulation 575/2013 on prudential requirements for credit institutions and investment firms (CRR), and subsequently amended by EU Regulation 2019/876 of the European Parliament and of the Council, those deferred tax assets that do not rely on future profitability arising from temporary differences (referred to hereinafter as 'monetizable deferred tax assets’), meeting certain conditions, should not be deducted from regulatory capital and should not be risk-weighted at 250% according to the thresholds set out in Article 48 of the said Regulation, but shall apply a risk weight of 100% under Article 39.
236
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
The detail of deferred tax assets, by classification as monetizable or non-monetizable assets, and of deferred tax liabilities at 31 December 2025, 2024 and 2023 is as follows:
EUR million
202520242023
MonetizableA
Other
MonetizableA
Other
MonetizableA
Other
Tax assets10,725 8,219 10,309 8,861 11,099 9,668 
Tax losses and tax credits— 2,354 — 2,367 — 2,393 
Temporary differences10,725 5,865 10,309 6,494 11,099 7,275 
Of which:
Non-deductible provisions— 1,970 — 1,784 — 1,965 
Valuation of financial instruments— 810 — 1,486 — 1,543 
Loan losses8,471 1,341 7,880 1,103 8,248 1,577 
Pensions2,254 426 2,429 423 2,851 665 
Valuation of tangible and intangible assets— 832 — 885 — 1,060 
Tax liabilities— 5,904 — 6,276 — 6,086 
Temporary differences— 5,904 — 6,276 — 6,086 
Of which:
Valuation of financial instruments— 1,980 — 2,412 — 2,059 
Valuation of tangible and intangible assets— 2,714 — 2,797 — 2,594 
Investments in Group companies— 427 — 403 — 378 
A.In 2023, the Spanish Economic Administrative Court ruled that in 2017 the requirements for the conversion of part of the monetizable assets of Popular Group into a credit against the Tax Administration were met, allowing the conversion to EUR 995 million. Banco Santander was refunded without impact on results. The favourable Economic Administrative Court decision was declared harmful to the public interests and challenged at the National Appellate Court by the Tax Administration. The estimation of this appeal, which is pending at the National Appellate Court, would imply that Grupo Santander should repay the amount refunded and would, once again, credit these monetizable assets with no impact on results except for late payment interests. However, it is considered that there are strong defense arguments in relation to this appeal.

Grupo Santander only recognises deferred tax assets for temporary differences or tax loss and tax credit carryforwards where it is considered probable that consolidated entities that generated them will have sufficient future taxable profits against which they can be utilised.
The deferred tax assets and liabilities are reassessed at the reporting date in order to ascertain whether any adjustments need to be made on the basis of the findings of the analyses performed.
These analyses take into consideration all evidence, both positive and negative, of the recoverability of such deferred tax assets, among which we can find, (i) the results generated by the different entities in previous years, (ii) the projections of results of each entity or fiscal group, (iii) the estimation of the reversal of the different temporary differences according to their nature and (iv) the period and limits established under the applicable legislation of each country for the recovery of the different deferred tax assets, thus concluding on the ability of each entity or fiscal group to recover the deferred tax assets registered.

The projections of results used in this analysis are based on the financial planning approved by both the local directions of the corresponding units and by the Group's directors. The Group's budget estimation process is common for all units. The Group's management prepares its financial planning based on the following key assumptions: 
a)Microeconomic variables of the entities that make up the fiscal group in each location: the existing balance structure, the mix of products offered and the commercial strategy at each moment defined by local directions are taken into account, based on the competition, regulatory and market environment.
b)Macroeconomic variables: estimated growths are based on the evolution of the economic environment considering the expected evolution in the gross domestic product of each location, and the forecasts of interest rates, inflation and exchange rates fluctuations. These data are provided by the Group’s Studies Service.

237
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
Additionally, the Group performs retrospective contrasts (backtesting) on the variables projected in the past. The differential behaviour of these variables with respect to the real market data is considered in the projections estimated in each fiscal year. Thus, and in relation to Spain, the deviations identified by the Directors in recent past years are due to a combination of exogenous factors, mainly the changing impact of the macroeconomic environment and competition, and management actions, such as the acceleration of restructuring plans, investment in digitalisation, and the optimisation of capital and shareholder returns.

Finally, and given the degree of uncertainty of these assumptions on the referred variables, the Group conducts a sensitivity analysis of the most significant assumptions considered in the deferred tax assets’ recoverability analysis, considering any reasonable change in the key assumptions on which the projections of results of each entity or fiscal group and the estimation of the reversal of the different temporary differences are based.
In relation to Spain, the sensitivity analysis has consisted of making reasonable changes to the key assumptions, including adjusting 50 basis points for growth (gross domestic product) and adjusting 50 basis points for inflation.
Relevant information is set forth below for the main countries which have recognised deferred tax assets:
Spain
The deferred tax assets recognised at the Consolidated Tax Group total EUR 7,183 million, of which EUR 5,069 million were for monetizable temporary differences with the right to conversion into a credit against the tax administration as explained before, EUR 1,433 million for other temporary differences and EUR 681 million for tax losses and credits.
Brazil
The deferred tax assets recognised in Brazil total EUR 7,465, of which EUR 5,606 million were for monetizable temporary differences, EUR 1,150 for other temporary differences and EUR 709 for tax losses and credits.
Mexico
The deferred tax assets recognized in Mexico total EUR 1,542, of which EUR 1,511 were for temporary differences and EUR 31 for tax losses and credits.
United States
The deferred tax assets recognised in the United States total EUR 1,026, of which EUR 253 were for temporary differences and EUR 773 for tax losses and credits.
The Group estimates that the recognised deferred tax assets for temporary differences, tax losses and credits in the different jurisdictions could be recovered in a maximum period of 15 years.

238
     HomeCabeceraRojo.gif
Contents
Auditor's report
l
Consolidated financial statements
l
Notes to the consolidated financial statements
l
Appendix
l
The changes in Tax assets - Deferred and Tax liabilities - Deferred in the last three years were as follows:

⚠️ Filing Content Truncated

This filing was too large to display in its entirety (original size: 24.74 MB). The content has been truncated to fit within database limits.

To view the complete filing, please visit the original source:

View Complete Filing on SEC Website

Filing: 6-K - Banco Santander, S.A. (SAN,BCDRF)
Accession Number: 0000891478-26-000037

EUR million
Balance at 1 January 2025(Charge)/Credit to incomeForeign currency balance translation differences and other items(Charge)/Credit to asset and liability valuation adjustmentsReclassification no-current asset held for saleAcquisition for the year (net)Balance at 31 December 2025
Deferred tax assets19,170 1,107 (102)(132)(1,130)31 18,944 
Tax losses and tax credits2,367 82 

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

6 documents

Financial & Certifications

Other Documents