Consolidated
financial
statements
/B
CONSOLIDATED BALANCE SHEETS โ€“ ASSETS
(Millions of euros)
NOTE
31-12-2025
31-12-2024 *
31-12-2023 *
Cash and cash balances at central banks and other demand deposits
45,828
49,804
37,861
Financial assets held for trading
5,799
5,688
6,993
Derivatives
4,378
4,867
6,344
Equity instruments
641
415
303
Debt securities
780
406
346
Non-trading financial assets mandatorily at fair value through profit or loss
21,320
17,248
13,385
Equity instruments
21,318
17,248
13,385
Debt securities
2
0
0
Financial assets designated at fair value through profit or loss
5,698
6,498
7,240
Debt securities
5,698
6,498
7,240
Financial assets at fair value through other comprehensive income
71,182
68,767
66,590
Equity instruments
611
579
1,340
Debt securities
70,571
68,188
65,250
Financial assets at amortised cost
479,096
446,790
437,181
Debt securities
88,924
80,041
80,916
Loans and advances
390,172
366,749
356,265
Credit institutions
14,844
14,950
11,882
Customers
375,328
351,799
344,383
Derivatives โ€“ Hedge accounting
12
1,377
531
1,206
Fair value changes of the hedged items in portfolio hedge of interest rate risk
12
(169)
(79)
(236)
Investments in joint ventures and associates
13
1,749
1,874
1,918
Joint ventures
4
4
6
Associates
1,745
1,870
1,912
Assets under reinsurance contract
60
53
54
Tangible assets
15
6,514
6,975
7,300
Property, plant and equipment
5,630
5,712
5,877
For own use
5,630
5,712
5,877
Investment property
884
1,263
1,423
Intangible assets
5,269
5,073
4,987
Goodwill
16.1
3,094
3,094
3,094
Other intangible assets
16.2
2,175
1,979
1,893
Tax assets
17,115
18,051
18,747
Current tax assets
2,843
2,827
1,793
Deferred tax assets
22
14,272
15,224
16,954
Other assets
17
1,423
1,718
1,820
Inventories
53
55
93
Remaining other assets
1,370
1,663
1,727
Non-current assets and disposal groups classified as held for sale
18
1,779
2,012
2,121
TOTAL ASSETS
664,040
631,003
607,167
Memorandum items
Off-balance-sheet exposures
Loan commitments given
23
127,411
121,479
117,169
Financial guarantees given
23
9,305
9,769
10,319
Other commitments given
23
38,396
36,022
32,097
Financial instruments lent or pledged as collateral with the right of sale or repledge
Financial assets held for trading
73
136
81
Financial assets at fair value through other comprehensive income
2,115
907
4,814
Financial assets at amortised cost
33,420
19,165
20,394
Tangible assets acquired under a lease
15
1,489
1,538
1,617
Investment property, leased out under operating leases
818
1,021
1,153
(*) Presented for comparative purposes only (รค see Note 1.4).
CONSOLIDATED BALANCE SHEETS -LIABILITIES
(Millions of euros)
NOTE
31-12-2025
31-12-2024 *
31-12-2023 *
Financial liabilities held for trading
19
3,133
3,631
2,253
Derivatives
12.1
2,826
3,420
2,189
Short positions
307
211
64
Financial liabilities designated at fair value through profit or loss
19
4,273
3,600
3,283
Deposits
4,269
3,594
3,281
Customers
4,269
3,594
3,281
Other financial liabilities
4
6
2
Financial liabilities at amortised cost
19
526,391
498,820
480,450
Deposits
467,784
435,416
416,910
Central banks
85
96
548
Credit institutions
19,887
11,082
18,863
Customers
447,812
424,238
397,499
Debt securities issued
52,206
56,563
56,755
Other financial liabilities
6,401
6,841
6,785
Derivatives โ€“ Hedge accounting
12
3,999
4,709
7,677
Changes in the fair value of the hedged items of a portfolio hedged against interest
rate risk
12
(1,235)
(1,310)
(2,907)
Insurance contract liabilities
14
79,892
75,605
70,240
Provisions
20
3,785
4,258
4,472
Pensions and other post-employment defined benefit obligations
497
563
599
Other long-term employee benefits
1,348
1,694
2,083
Procedural matters and pending tax litigation
1,227
1,194
926
Commitments and guarantees given
416
422
446
Other provisions
297
385
418
Tax liabilities
2,923
2,524
2,094
Current tax liabilities
2,018
1,458
748
Deferred tax liabilities
22
905
1,066
1,346
Other liabilities:
17
2,337
2,284
3,096
Liabilities included in disposal groups classified as held for sale
16
17
170
TOTAL LIABILITIES
625,514
594,138
570,828
Memorandum items
Subordinated liabilities
Financial liabilities at amortised cost
19
11,380
9,895
10,129
(*) Presented for comparative purposes only (รค see Note 1.4)
CONSOLIDATED BALANCE SHEETS โ€“ EQUITY
(Millions of euros)
NOTE
31-12-2025
31-12-2024 *
31-12-2023 *
SHAREHOLDERS' EQUITY
21
38,962
37,425
38,206
Capital
7,025
7,175
7,502
Share premium
11,463
12,309
13,470
Other equity items
45
42
46
Retained earnings
18,446
15,786
14,925
Other reserves
(2,584)
(2,307)
(2,034)
(-) Treasury shares
(145)
(299)
(519)
Profit/(loss) attributable to owners of the Parent
5,891
5,787
4,816
(-) Interim dividends
(1,179)
(1,068)
0
ACCUMULATED OTHER COMPREHENSIVE INCOME
21
(452)
(594)
(1,899)
Items that will not be reclassified to profit or loss
(266)
(417)
(1,502)
Actuarial gains or (-) losses on defined benefit pension plans
(407)
(364)
(354)
Share of other recognised income and expense of investments in joint ventures
and associates
(1)
(1)
0
Fair value changes of equity instruments measured at fair value through other
comprehensive income
142
(52)
(1,148)
Ineffectiveness of fair value hedges for equity instruments at fair value through
other comprehensive income
0
0
0
Changes in the fair value of equity instruments at fair value through other
comprehensive income [hedged instrument]
0
0
(50)
Changes in the fair value of equity instruments measured at fair value
through other comprehensive income [hedging instrument]
0
0
50
Items that may be reclassified to profit or loss
(186)
(177)
(397)
Foreign currency exchange
(78)
69
(26)
Hedging derivatives Cash flow hedge reserve [effective portion]
(240)
(257)
(312)
Fair value changes of debt securities measured at fair value through other
comprehensive income
(427)
(93)
(290)
Finance expenses from insurance contracts issued
512
56
207
Share of other recognised income and expense of investments in joint ventures
and associates
47
48
24
MINORITY INTERESTS (NON-CONTROLLING INTERESTS)
21
16
34
32
Accumulated other comprehensive income
0
1
0
Other exposures
16
33
32
TOTAL EQUITY
38,526
36,865
36,339
TOTAL LIABILITIES AND EQUITY
664,040
631,003
607,167
(*) Presented for comparative purposes only (รค see Note 1.4)
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
(Millions of euros)
NOTE
2025
2024 *
2023 *
Interest income
25
18,021
20,897
18,223
from banking and other business
16,119
18,983
16,494
Financial assets at fair value through other comprehensive income
259
160
186
Financial assets at amortised cost
14,871
16,834
14,554
Other interest income
989
1,989
1,754
from the insurance activity
1,902
1,914
1,729
Financial assets at fair value through other comprehensive income
1,947
1,818
1,641
Financial assets at amortised cost
130
126
87
Other interest income
(175)
(30)
1
Interest expense
26
(7,350)
(9,789)
(8,110)
from banking and other business
(5,581)
(8,085)
(6,518)
from the insurance activity
(1,769)
(1,704)
(1,592)
Financial expenses from insurance contracts
(1,756)
(1,692)
(1,582)
Other interest expenses
(13)
(12)
(10)
NET INTEREST INCOME
10,671
11,108
10,113
Dividend income
27
61
100
163
Share of profit/(loss) of entities accounted for using the equity method
13
288
261
281
Fee and commission income
28
4,413
4,199
4,037
Fee and commission expenses
28
(446)
(421)
(379)
Gains (losses) on derecognition of financial assets and liabilities not measured at fair value
through profit or loss, net
29
41
86
94
Financial assets at amortised cost
13
44
3
Other financial assets and liabilities
28
42
91
Gains (losses) on financial assets and liabilities held for trading, net
29
292
(8)
(42)
Other gains or losses
292
(8)
(42)
Gains (losses) on financial assets not held for trading mandatorily measured at fair value
through profit or loss, net
29
3
3
24
Other gains or losses
3
3
24
Gains (losses) arising from hedge accounting, net
29
34
5
30
Exchange differences (gain/loss), net
(124)
137
129
Other operating income 
30
517
524
591
Other operating expenses 
30
(780)
(1,337)
(1,928)
Insurance service result
1,320
1,240
1,144
Insurance revenue
3,262
3,053
3,164
Insurance service expenses
(1,942)
(1,813)
(2,020)
Net result from reinsurance contracts held
(20)
(24)
(26)
GROSS INCOME
16,270
15,873
14,231
Administrative expenses
(5,624)
(5,330)
(5,047)
Personnel expenses
32
(3,972)
(3,776)
(3,516)
Other administrative expenses
33
(1,652)
(1,554)
(1,531)
Depreciation and amortisation
15 and
16
(791)
(778)
(774)
Provisions or reversal of provisions
24
(189)
(356)
(115)
Impairment/(reversal) of impairment on financial assets not measured at fair value through
profit or loss or net profit or loss due to a change
34
(935)
(1,053)
(1,228)
Financial assets at fair value through other comprehensive income
0
3
(4)
Financial assets at amortised cost
(935)
(1,056)
(1,224)
Impairment/(reversal) of impairment on investments in joint ventures and associates
13
(56)
(23)
(50)
Impairment/(reversal) of impairment on non-financial assets
(107)
(55)
(75)
Tangible assets
15
(61)
(9)
(22)
Intangible assets
16
(38)
(36)
(48)
Other
(8)
(10)
(5)
Profit/(loss) on derecognition of non-financial assets, net
30
18
10
Gains/(losses) from non-current assets and disposal groups classified as held for sale not
qualifying as discontinued operations (net)
18
76
23
(28)
PROFIT/(LOSS) BEFORE TAX FROM CONTINUING OPERATIONS
8,674
8,319
6,924
Tax expense or income related to profit or loss from continuing operations
22
(2,775)
(2,525)
(2,108)
PROFIT OR LOSS AFTER TAX FROM CONTINUING OPERATIONS
5,899
5,794
4,816
Profit/(loss) after tax from discontinued operations
2
1
2
PROFIT/(LOSS) FOR THE PERIOD
5,901
5,795
4,818
Attributable to minority interests (non-controlling interests)
10
8
2
Attributable to owners of the parent
5,891
5,787
4,816
(*) Presented for comparative purposes only (รค see Note 1.4)
.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
CONSOLIDATED STATEMENTS OF RECOGNISED INCOME AND EXPENSES
(Millions of euros)
NOTE
2025
2024 *
2023 *
PROFIT/(LOSS) FOR THE PERIOD
5,901
5,795
4,818
OTHER COMPREHENSIVE INCOME
141
1,306
334
Items that will not be reclassified to profit or loss
150
1,085
(123)
Actuarial gains or losses on defined benefit pension plans
(17)
(22)
(138)
Share of other recognised income and expenses of investments in joint ventures
and associates
0
(1)
0
Changes in the fair value of equity instruments measured at fair value through other
comprehensive income
193
1,101
(16)
Changes in the fair value of equity instruments measured at fair value through
equity [hedged instrument]
0
50
(12)
Changes in the fair value of equity instruments measured at fair value through
equity [hedging instrument]
0
(50)
12
Income tax relating to items that will not be reclassified
(26)
7
31
Items that may be reclassified to profit or loss
(9)
221
457
Foreign currency exchange
(201)
133
(76)
Translation gains/(losses) taken to equity
(201)
133
(76)
Cash flow hedges (effective portion)
14
(58)
189
Valuation gains/(losses) taken to equity
(12)
(377)
5
Transferred to profit or loss
26
319
184
Debt instruments at fair value through other comprehensive income
(470)
295
2,590
Valuation gains/(losses) taken to equity
(452)
327
2,598
Transferred to profit or loss
(18)
(32)
(8)
Finance expenses from insurance contracts issued
650
(216)
(2,135)
Share of other recognised income and expenses of investments in joint ventures
and associates
1
23
12
Income tax relating to items that may be reclassified to profit or loss
(3)
44
(123)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
6,042
7,101
5,152
Attributable to minority interests (non-controlling interests)
9
9
2
Attributable to owners of the parent
6,033
7,092
5,150
(*) Presented for comparative purposes only (รค see Note 1.4)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENTS OF TOTAL CHANGES IN EQUITY
(Millions of euros)
Equity attributable to the Parent
Minority interest
Total
Shareholdersโ€™ equity
Accumulate
d other
comprehens
ive income
Accumulate
d other
comprehens
ive income
Other
exposur
es
NOTE
Capital
Share
premium
Other equity
Retained
earnings
Other
reserves
Less:
treasury
shares
Profit
attributable to
owners of the
parent
Less:
interim
dividends
BALANCE AT 31-12-2024
7,175
12,309
42
15,786
(2,307)
(299)
5,787
(1,068)
(594)
1
33
36,865
OPENING BALANCE AT 01-01-2025
7,175
12,309
42
15,786
(2,307)
(299)
5,787
(1,068)
(594)
1
33
36,865
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
0
0
0
0
0
0
5,891
0
142
(1)
10
6,042
OTHER CHANGES IN EQUITY
(150)
(846)
3
2,660
(277)
154
(5,787)
(111)
0
0
(27)
(4,381)
Capital reduction
(150)
(846)
0
0
0
0
0
0
0
0
0
(996)
Dividends (or distributions to shareholders)
0
0
0
(2,028)
0
0
0
(1,179)
0
0
(4)
(3,211)
Purchase of treasury shares
0
0
0
0
0
(872)
0
0
0
0
0
(872)
Sale or cancellation of treasury shares
0
0
0
0
0
1,026
0
0
0
0
0
1,026
Transfers among components of equity
0
0
0
4,719
0
0
(5,787)
1,068
0
0
0
0
Other increases/(decreases) in equity
0
0
3
(31)
(277)
0
0
0
0
0
(23)
(328)
Of which: Payment of AT1 instruments
0
0
0
0
(278)
0
0
0
0
0
0
(278)
CLOSING BALANCE AT 31-12-2025
7,025
11,463
45
18,446
(2,584)
(145)
5,891
(1,179)
(452)
0
16
38,526
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENTS OF TOTAL CHANGES IN EQUITY *
(Millions of euros)
Equity attributable to the Parent
Minority interest
Total
Shareholdersโ€™ equity
Accumulat
ed other
comprehen
sive
income
Accumulate
d other
comprehens
ive income
Other
exposure
s
NOTE
Capital
Share
premium
Other equity
Retained
earnings
Other
reserves
Less:
treasury
shares
Profit
attributable to
owners of the
parent
Less:
interim
dividends
BALANCE AT 31-12-2022
7,502
13,470
46
13,653
(1,866)
(25)
3,128
0
(2,233)
0
32
33,707
OPENING BALANCE AT 01-01-2023
7,502
13,470
46
13,653
(1,866)
(25)
3,128
0
(2,233)
0
32
33,707
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
0
0
0
0
0
0
4,816
0
334
0
2
5,152
OTHER CHANGES IN EQUITY
0
0
0
1,272
(168)
(494)
(3,128)
0
0
0
(2)
(2,520)
Dividends (or distributions to shareholders)
0
0
0
(1,728)
0
0
0
0
0
0
(3)
(1,731)
Purchase of treasury shares
0
0
0
0
0
(513)
0
0
0
0
0
(513)
Sale or cancellation of treasury shares
0
0
0
0
0
19
0
0
0
0
0
19
Transfers among components of equity
0
0
0
3,128
0
0
(3,128)
0
0
0
0
0
Other increases/(decreases) in equity
0
0
0
(128)
(168)
0
0
0
0
0
1
(295)
Of which: Payment of AT1 instruments
0
0
0
0
(277)
0
0
0
0
0
0
(277)
BALANCE AT 31-12-2023
7,502
13,470
46
14,925
(2,034)
(519)
4,816
0
(1,899)
0
32
36,339
OPENING BALANCE AT 01-01-2024
7,502
13,470
46
14,925
(2,034)
(519)
4,816
0
(1,899)
0
32
36,339
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
0
0
0
0
0
0
5,787
0
1,305
1
8
7,101
OTHER CHANGES IN EQUITY
(327)
(1,161)
(4)
861
(273)
220
(4,816)
(1,068)
0
0
(7)
(6,575)
Capital reduction
(327)
(1,161)
0
0
0
0
0
0
0
0
0
(1,488)
Dividends (or distributions to shareholders)
0
0
0
(2,876)
0
0
0
(1,068)
0
0
(3)
(3,947)
Purchase of treasury shares
0
0
0
0
0
(1,292)
0
0
0
0
0
(1,292)
Sale or cancellation of treasury shares
0
0
0
0
0
1,512
0
0
0
0
0
1,512
Transfers among components of equity
0
0
0
4,816
0
0
(4,816)
0
0
0
0
0
Other increases/(decreases) in equity
0
0
(4)
(1,079)
(273)
0
0
0
0
0
(4)
(1,360)
Of which: Payment of AT1 instruments
0
0
0
0
(267)
0
0
0
0
0
0
(267)
BALANCE AT 31-12-2024
7,175
12,309
42
15,786
(2,307)
(299)
5,787
(1,068)
(594)
1
33
36,865
(*) Presented for comparative purposes only (รค see Note 1.4)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(INDIRECT METHOD)
(Millions of euros)
NOTE
2025
2024 **
2023 **
A) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES
4,410
16,846
15,744
Profit/(loss) for the period *
5,901
5,795
4,818
Adjustments to obtain cash flows from operating activities
2,059
2,764
2,681
Depreciation and amortisation
791
778
774
Other adjustments
1,268
1,986
1,907
Net increase/(decrease) in operating assets
(38,487)
(13,355)
7,687
Financial assets held for trading
(111)
1,305
390
Financial assets not designated for trading compulsorily measured at fair value
through profit or loss
(4,073)
(3,863)
(2,034)
Financial assets designated at fair value through profit or loss
800
743
782
Financial assets at fair value through other comprehensive income
(2,564)
(1,944)
(262)
Financial assets at amortised cost
(31,999)
(9,865)
8,192
Other operating assets
(540)
269
619
Net increase/(decrease) in operating liabilities
35,994
23,089
617
Financial liabilities held for trading
(498)
1,378
(1,777)
Financial liabilities designated at fair value through profit or loss
673
318
(126)
Financial liabilities at amortised cost
31,729
17,839
(5,928)
Other operating liabilities
4,090
3,554
8,448
Collections/(payments) for income
(1,057)
(1,447)
(59)
B) CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
(34)
(152)
203
Payments:
(980)
(772)
(828)
Tangible assets
(386)
(317)
(412)
Intangible assets
(585)
(438)
(389)
Investments in joint ventures and associates
(3)
0
(26)
Non-current assets and liabilities classified as held for sale
(6)
(17)
(1)
Proceeds:
946
620
1,031
Tangible assets
105
83
134
Intangible assets
6
5
16
Investments in joint ventures and associates
99
89
106
Non-current assets and liabilities classified as held for sale
736
443
775
C) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
(8,349)
(4,752)
1,393
Payments:
(19,404)
(12,939)
(9,655)
Dividends
(3,211)
(3,947)
(1,728)
Subordinated liabilities
(2,005)
(2,000)
(1,500)
Purchase of own equity instruments
(872)
(1,292)
(513)
Other payments related to financing activities
(13,316)
(5,700)
(5,914)
Proceeds:
11,055
8,187
11,048
Subordinated liabilities
19
3,500
1,750
2,318
Disposal of own equity instruments
30
23
19
Other cash receipts related to financing activities
7,525
6,414
8,711
D) EFFECT OF EXCHANGE RATE CHANGES
(3)
1
(1)
E) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C+D)
(3,976)
11,943
17,339
F) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
49,804
37,861
20,522
G) CASH AND CASH EQUIVALENTS AT END OF PERIOD (E+F)
45,828
49,804
37,861
COMPONENTS OF CASH AND CASH EQUIVALENTS AT END OF PERIOD
Cash
2,512
2,402
2,418
Cash equivalents at central banks
42,139
45,955
33,704
Other financial assets
1,177
1,447
1,739
TOTAL CASH AND CASH EQUIVALENTS AT END OF PERIOD
45,828
49,804
37,861
(*)
Of which: Interest received
17,542
21,113
17,599
Of which: Interest paid
7,490
9,591
7,397
Of which: Dividends receiveds
480
450
674
(**)
(*) Presented for comparative purposes only (รค see Note 1.4)