Álvaro Granados Ortega scored the winning penalty for Spain against Serbia in the quarter-finals of the Men's European Water Polo Championship ©Getty Images

Spain eliminated five-time reigning champions Serbia from the Men's European Water Polo Championship after claiming a penalty-shootout win in Budapest this evening.

Following a 6-6 draw after four periods at the Hungarian capital's Danube Arena, Álvaro Granados Ortega was the hero as the Spaniards prevailed 4-3 in the shootout to triumph 10-9 overall.

The victory avenges Spain's penalty-shootout loss to Serbia in the final of the previous edition of the event in 2018, when they played host in Barcelona.

Standing between them and a place in the final are Croatia, the bronze medallists from two years ago, after they beat Greece 14-11.

The other semi-final pits Montenegro against home nation Hungary after both teams came through their ties today.

Montenegro defeated Italy 10-8, while Hungary overcame Russia 14-10.

Also held today were the ninth-to-12th play-offs, which saw Georgia beat Turkey 12-6 and Germany defeat Romania 15-10.

Both the ninth-place playoff, between Georgia and Germany, and the 11th-place playoff, between Turkey and Romania, are due to take place on Friday (January 24).

France overcame Slovakia 9-6 in the 13th-place play-off, while The Netherlands claimed a 19-9 win over Malta in the 15th-place play-off.