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Balance sheet and business activity



During 2025, loans and advances to customers increased by 11.6%, driven by the dynamism of the wholesale segment. Of particular note within this segment was the higher volume of loans to business, which grew by 14.2% at the Group level. Loans to individuals increased by 8.3%, with consumer and mortgage loans showing greater dynamism (14.0% and 5.4%, respectively). All business areas performed well, with Rest of Business standing out.

Customer funds grew by 13.5% during the year, boosted by both customer deposits, which increased by 12.3% at Group level, and by mutual funds and customer portfolios, which grew by 17.2%.

CONSOLIDATED BALANCE SHEET (MILLIONS OF EUROS)
31-12-25𝚫 %31-12-24
Cash, cash balances at central banks and other demand deposits58,83715.051,145
Financial assets held for trading123,18513.1108,948
Non-trading financial assets mandatorily at fair value through profit or loss11,2726.910,546
Financial assets designated at fair value through profit or loss1,00620.4836
Financial assets at fair value through accumulated other comprehensive income58,809(0.3)59,002
Financial assets at amortized cost568,89313.2502,400
Loans and advances to central banks and credit institutions35,11313.630,909
Loans and advances to customers460,40111.6412,477
Debt securities73,37924.359,014
Investments in joint ventures and associates9940.4989
Tangible assets9,482(2.8)9,759
Intangible assets2,85614.72,490
Other assets24,243(7.8)26,287
Total assets859,57611.3772,402
Financial liabilities held for trading91,9176.286,591
Other financial liabilities designated at fair value through profit or loss18,41723.214,952
Financial liabilities at amortized cost658,59912.7584,339
Deposits from central banks and credit institutions53,99710.049,074
Deposits from customers502,50112.3447,646
Debt certificates81,84217.169,867
Other financial liabilities20,25814.117,753
Liabilities under insurance and reinsurance contracts12,76016.210,981
Other liabilities16,0843.615,525
Total liabilities797,77812.0712,388
Non-controlling interests4,4411.94,359
Accumulated other comprehensive income(18,871)9.6(17,220)
Shareholders’ funds76,2284.672,875
Total equity61,7983.060,014
Total liabilities and equity859,57611.3772,402
Memorandum item:
Guarantees given74,02215.264,257
LOANS AND ADVANCES TO CUSTOMERS (MILLIONS OF EUROS)
31-12-25𝚫 %31-12-24
Public sector25,90517.222,108
Individuals192,5248.3177,751
Mortgages99,6685.494,577
Consumer51,93814.045,562
Credit cards28,75310.326,067
Other loans12,1665.411,544
Business239,92214.2210,017
Non-performing loans14,3461.014,211
Loans and advances to customers (gross)472,69711.5424,087
Allowances (1)(12,297)5.9(11,611)
Loans and advances to customers460,40111.6412,477
(1) Allowances include valuation adjustments for credit risk throughout the expected residual life in those financial instruments that have been acquired (mainly originating from the acquisition of Catalunya Banc, S.A.). As of December 31, 2025 and December 31, 2024 the remaining amount was €76m y €107m respectively.

LOANS AND ADVANCES TO CUSTOMERS
(BILLIONS OF EUROS)

chart


(1) At constant exchange rates: +16.0%.



CUSTOMER FUNDS
(BILLIONS OF EUROS)

chart


(1) At constant exchange rates: +17.7%.

CUSTOMER FUNDS (MILLIONS OF EUROS)
31-12-25𝚫 %31-12-24
Deposits from customers502,50112.3447,646
Current accounts360,6828.7331,780
Time deposits126,93819.3106,362
Other deposits14,88156.69,503
Other customer funds224,38316.5192,604
Mutual funds and investment companies and customer portfolios (1)183,20117.2156,265
Pension funds34,3068.531,614
Other off-balance sheet funds6,87645.54,726
Total customer funds726,88413.5640,250
(1) Includes the customer portfolios in Spain, Mexico, Peru and Colombia (preliminary data as of 31-12-2025).

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