In this final between two previous Nations League winners, it was the victors of the inaugural competition, Portugal, who started the brighter.
Led by Spanish-born manager Roberto Martinez, Portugal created a gilt-edged opportunity inside the opening five minutes when a well-worked corner saw Bernardo Silva tee up the unmarked Joao Neves, who scuffed a volleyed effort narrowly wide of the post.
As ever, though, the Spanish couldn’t be held down for long, and they created a glorious chance of their own when Nico Williams laid the ball on a plate for the unmarked Pedri 18 yards from goal, but his side-footed effort flashed inches wide of the target.
That only proved to be a temporary reprieve for the Portuguese, who soon found themselves behind.
A sweeping Spanish move ended with a touch of fortune, as Lamine Yamal’s teasing delivery was only partially cleared by Portugal, and Martin Zubimendi was on hand from six yards to prod the ball into an empty net.
Their joy was only short-lived, though, as the Selecao hit back inside five minutes through Champions League winner Nuno Mendes, who drove into the box and arrowed a ferocious strike into the far corner.
As the first half wore on after Portugal’s leveller, the game was akin to a basketball contest at times.
A third goal looked increasingly likely, and it was an incisive Spain attack that yielded it moments before half-time, as Pedri’s deft ball was flicked into the bottom corner by the on-rushing Mikel Oyarzabal, restoring La Roja’s lead in timely fashion.
Never ones to give up, Portugal did have the ball in the net for a second time just after the break through Bruno Fernandes, but he’d strayed into an offside position before finding the bottom corner.
Portugal’s resolve was unwavering, though, and they eventually found a leveller through a familiar source, as Cristiano Ronaldo reacted quickest to prod home Mendes’ deflected cross at the far post.
It was Spain and Isco who came closest to winning the game within 90 minutes, but a stunning Diogo Costa save ensured the game would go into extra time.
Even with an extra 30 minutes of action, a winning goal seemed unlikely, with two much-changed sides seemingly content for the game to go into penalties.
Spain are no strangers to penalty shootouts in Nations League finals having beaten Croatia in the 2023 final, but when Alvaro Morata missed their fourth penalty at 4-3 in Portugal’s favour, Ruben Neves stepped forward to convert and seal glory for Portugal, completing a clean sweep of spot kicks for the EURO 2016 winners.
They are now the first nation to ever win the tournament more than once, with tonight’s triumph also being a fitting way for Cristiano Ronaldo to sign off from international tournaments, should this be his last one.
Flashscore Man of the Match: Nuno Mendes (Portugal)