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Santander
SAN
#98
Rank
HK$1.450 T
Marketcap
๐Ÿ‡ช๐Ÿ‡ธ Spain
Country
HK$97.94
Share price
2.49%
Change (1 day)
127.46%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Santander
  2. Annual Reports (20-F)
  3. Financial Year 2024

Santander - 20-F annual report 2024


Text size:
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F
(Mark One)
☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ending 31 December 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
Commission file number 001-12518
BANCO SANTANDER, S.A.
(Exact name of Registrant as specified in its charter)
Kingdom of Spain
(Jurisdiction of incorporation)
Ciudad Grupo Santander
28660 Boadilla del Monte (Madrid), Spain
(address of principal executive offices)
José G. Cantera
Banco Santander, S.A.
Ciudad Grupo Santander - 28660 Boadilla del Monte (Madrid), Spain
Tel: +34 91 259 65 20
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)


Securities registered or to be registered, pursuant to Section 12(b) of the Act
Title of each className of each exchange on which registered
American Depositary Shares, each representing the right to receive one Share of Capital Stock of Banco Santander, S.A., par value euro 0.50 eachSANNew York Stock Exchange
Shares of Capital Stock of Banco Santander, S.A., par value euro 0.50 eachNot applicable
New York Stock Exchange *
Non-cumulative Preferred Stock Series 6SAN PRBNew York Stock Exchange
4.250% Second Ranking Senior Debt Securities due 2027SAN27New York Stock Exchange
3.800% Senior Non Preferred Fixed Rate Notes due 2028SAN28New York Stock Exchange
3.306% Senior Non Preferred Fixed Rate Notes due 2029SAN29New York Stock Exchange
4.379% Senior Non Preferred Fixed Rate Notes due 2028SAN28ANew York Stock Exchange
5.179% Subordinated Debt Securities due 2025SAN/25New York Stock Exchange
2.746% Senior Non Preferred Fixed Rate Notes due 2025SAN25New York Stock Exchange
3.490% Senior Non Preferred Fixed Rate Notes due 2030SAN30New York Stock Exchange
2.749% Tier 2 Subordinated Fixed Rate Notes due 2030SAN30ANew York Stock Exchange
1.849% Senior Non Preferred Fixed Rate Notes due 2026SAN26New York Stock Exchange
2.958% Senior Non Preferred Fixed Rate Notes due 2031SAN31New York Stock Exchange
4.750% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 SecuritiesSANP1New York Stock Exchange
4.125% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 SecuritiesSANP2New York Stock Exchange
1.722% Senior Non Preferred Callable Fixed-to-Fixed Rate Notes due 2027SAN27ANew York Stock Exchange
3.225% Tier 2 Subordinated Callable Fixed-to-Fixed Rate Notes due 2032SAN32New York Stock Exchange
3.496% Senior Preferred Fixed Rate Notes due 2025SAN25ANew York Stock Exchange
4.175% Senior Non Preferred Fixed-to-Fixed Rate Notes due 2028SAN28BNew York Stock Exchange
5.147% Senior Non Preferred Fixed Rate Notes due 2025SAN25BNew York Stock Exchange
5.294% Senior Non Preferred Fixed Rate Notes due 2027SAN27BNew York Stock Exchange
6.921% Tier 2 Subordinated Fixed Rate Notes due 2033SAN33New York Stock Exchange
5.588% Senior Preferred Fixed Rate Notes due 2028SAN28CNew York Stock Exchange
6.527% Senior Preferred Callable Fixed-to-Fixed Rate Notes due 2027SAN27CNew York Stock Exchange
6.607% Senior Preferred Fixed Rate Notes due 2028SAN28DNew York Stock Exchange
6.938% Senior Preferred Fixed Rate Notes due 2033SAN33ANew York Stock Exchange
9.625% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 SecuritiesSANP3New York Stock Exchange
9.625% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 SecuritiesSANP4New York Stock Exchange
6.350% Tier 2 Subordinated Fixed Rate Notes due 2034
SAN34
New York Stock Exchange
Senior Preferred Callable Floating Rate Notes due 2028
SAN28G
New York Stock Exchange
5.365% Senior Preferred Callable Fixed-to-Fixed Rate Notes due 2028
SAN28H
New York Stock Exchange
5.439% Senior Preferred Fixed Rate Notes due 2031
SAN31A
New York Stock Exchange
8.000% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities
SANP5
New York Stock Exchange
Senior Non Preferred Callable Floating Rate Notes due 2028
SAN28E
New York Stock Exchange
5.552% Senior Non Preferred Callable Fixed-to-Fixed Rate Notes due 2028
SAN28F
New York Stock Exchange
5.538% Senior Non Preferred Callable Fixed-to-Fixed Rate Notes due 2030
SAN30B
New York Stock Exchange
5.565% Senior Non Preferred Fixed Rate Notes due 2030SAN30CNew York Stock Exchange
6.033% Senior Non Preferred Fixed Rate Notes due 2035SAN35New York Stock Exchange
*Banco Santander Shares are not listed for trading, but are only listed in connection with the registration of the American Depositary Shares, pursuant to requirements of the New York Stock Exchange.
Securities registered or to be registered pursuant to Section 12(g) of the Act: None (Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None (Title of Class)
Indicate the number of outstanding shares of each of the issuer’s classes of capital stock or common stock as of the close of business covered by the annual report: 15,152,492,322 shares

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes ☒ No ☐
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.     Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer”, "accelerated filer", and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ☒
Accelerated filer ☐
Non-accelerated filer ☐
Emerging growth company ☐
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐


† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its
audit report. Yes ☒ No ☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP ☐
International Financial Reporting Standards as issued by the International Accounting Standards Board ☒
Other ☐
If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes ☐No ☒




Cross-reference to Form 20-F

BANCO SANTANDER, S.A.
This annual report on Form 20-F for the year ended 31 December 2024, includes two parts: (i) consolidated directors’ report, auditor's report and consolidated financial statements, and (ii) supplemental information. Set forth below is a table listing the required items for Form 20-F and the location where the relevant disclosure in this annual report can be found.
CROSS REFERENCE TO FORM 20-F
Form 20-F Item Number and Caption
Location
Page
Presentation of Financial and Other Information
875
Cautionary Statement Regarding Forward-Looking Statements
876
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
878
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
882
ITEM 4.
INFORMATION ON THE COMPANY
A. History and development of the company
870
Acquisitions, Dispositions, Reorganizations
620
Capital Increases
702
Recent Events
594
973
B. Business overview
384
Selected Statistical information
917
639
643
661
661
Competition in Spain
935
Supervision and Regulation
937
591
C. Organizational structure
829
589
D. Property, plants and equipment
653
462
ITEM 4A.
UNRESOLVED STAFF COMMENTS
970
ITEM 5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
A. Operating results
394
933
B. Liquidity and capital resources
415
Tabular disclosure of contractual obligations
934
Off balance sheet arrangements
706
C. Research and development, patents and licenses, etc.
659
478

Cross-reference to Form 20-F

Form 20-F Item Number and Caption
Location
Page
D. Trend information
482
E. Critical accounting estimates
591
594
656
659
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A. Directors and senior management
255
B. Compensation
626
307
C. Board practices
264
D. Employees
934
E. Share ownership
970
F. Disclosure of a registrant's action to recover erroneously awarded compensationNone
ITEM 7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A. Major shareholders
242
B. Related party transactions
626
785
303
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
560
Legal proceedings
670
Shareholders remuneration
958
251
624
B. Significant Changes
Not applicable
-
ITEM 9.
THE OFFER AND LISTING
A. Offer and listing details
958
B. Plan of distribution
Not required for Annual Report on Form 20-F
-
C. Markets
958
246
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
961
241
249
264
303
307
C. Material contracts
965
D. Exchange controls
965
E. Taxation
965
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
970
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
-

Cross-reference to Form 20-F

Form 20-F Item Number and Caption
Location
Page
ITEM 11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
524
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
958
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
973
ITEM 16
[Reserved]
A. Audit committee financial expert
279
B. Code of ethics
543
339
C. Principal accountant fees and services
740
973
D. Exemptions from the listing standards for audit committees
Not applicable
-
E. Purchases of equity securities by the issuer and affiliated purchasers
958
F. Change in registrant’s certifying accountant
Not applicable
-
G. Corporate governance
975
H. Mine safety disclosure
Not applicable
-
I. Disclosure regarding foreign jurisdictions that prevent inspectionsNot applicable-
J. Insider trading policies
973
978
K. Cybersecurity
97
255
478
537
972
PART III
ITEM 17.
FINANCIAL STATEMENTS
560
ITEM 18.
FINANCIAL STATEMENTS
560
ITEM 19
EXHIBITS
978




BANCO SANTANDER, S.A.

TABLE OF CONTENTS
Part 1
4
560
Part 2
873




Part 1.


Consolidated directors´ report, auditor's report and consolidated financial statements



PortadaENG.jpg


0b_Pagina2.jpg
2024
Annual report
Unless otherwise specified, references in this annual report to other documents, including but not limited to other reports and websites, including our own, are for information purposes only. If the contents of such other documents and websites refer to this annual report, they are not nor should be considered part of it.

Unless the context suggests otherwise, 'Banco Santander' means Banco Santander, S.A., and 'Santander', 'the Group' and 'Grupo Santander' mean Banco Santander, S.A. and subsidiaries.


Consolidated directors’ report
7
18
Consolidated non-financial information and sustainability information statement
232
1. 2024 OVERVIEW
235
2. OWNERSHIP STRUCTURE
241
3. SHAREHOLDERS AND GENERAL MEETING
247
4. BOARD OF DIRECTORS
255
5. SENIOR MANAGEMENT TEAM
305
6. REMUNERATION
307
7. GROUP STRUCTURE AND INTERNAL GOVERNANCE
336
8. INTERNAL CONTROL OVER FINANCIAL REPORTING (ICFR)
339
9. OTHER CORPORATE GOVERNANCE INFORMATION
346
384
502
Auditor's report and consolidated financial statements
562
572
588
829
870

2024 consolidated
directors’ report
This report was approved unanimously by our board of directors on 25 February 2025
Our approach to this document
We changed the layout of our consolidated directors’ report in 2018 to include the contents previously provided in these documents, which we no longer prepare separately:
•Annual report
•Consolidated directors’ report
•Annual corporate governance report (CNMV format document)
•Board committee reports
•Sustainability report
•Annual report on our directors’ remuneration (CNMV format document)
The consolidated directors’ report also includes all information required by Spanish Act 11/2018 on non-financial information and diversity and the information on sustainability prepared by the Group in accordance with the European Standards of Sustainability Reporting (ESRS). It can be found in the 'Sustainability statement' chapter, which constitutes the consolidated non-financial information statement and sustainability information.
Non-IFRS and alternative performance measures
This report contains financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as alternative performance measures (APMs) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non-IFRS measures. The APMs and non-IFRS measures were calculated with information from Grupo Santander; however, they are neither defined or detailed in the applicable financial reporting framework nor audited or reviewed by our auditors.
We use the APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider them to be useful metrics for our management and investors to compare operating performance between accounting periods.
Nonetheless, the APMs and non-IFRS measures are supplemental information; their purpose is not to substitute the IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. APMs using environmental, social and governance labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR.
For more details on APMs and non-IFRS measures, see section 8. 'Alternative performance measures (APMs)' of the 'Economic and financial review' chapter and section SN 9 'Alternative performance measures (APMs)' of the 'Sustainability statement' chapter.
Sustainability information
This report contains, in addition to financial information, sustainability-related information, including environmental, social and governance-related metrics, statements, goals, targets, commitments and opinions. The sustainability information can be found throughout the report but mostly in the 'Sustainability statement' chapter.
The sustainability information is provided in accordance with Directive 2022/2464 on corporate sustainability reporting (CSRD) and Law 11/2018 on non-financial and diversity reporting. Sustainability information is prepared following various external and internal frameworks, reporting guidelines and measurement, collection and verification methods and practices, which may
materially differ from those applicable to financial information and are in many cases emerging and evolving. Sustainability information is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. Sustainability information is thus subject to significant measurement uncertainties, may not be comparable to sustainability information of other companies or over time or across periods and its inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. The sustainability information is for informational purposes only, without any liability being accepted in connection with it except where such liability cannot be limited under overriding provisions of applicable law.
LogoSantanderPie_76.jpg Annual report 2024    4
Forward-looking statements
Banco Santander hereby warns that this annual report contains 'forward-looking statements', as defined by the US Private Securities Litigation Reform Act of 1995. Such statements can be understood through words and expressions like 'expect', 'project', 'anticipate', 'should', 'intend', 'probability', 'risk', 'VaR', 'RoRAC', 'RoRWA', 'TNAV', 'target', 'goal', 'objective', 'estimate', 'future', 'ambition', 'aspiration', 'commitment', 'commit', 'focus', 'pledge' and similar expressions. They include (but are not limited to) statements on future business development, shareholder remuneration policy and NFI. However, risks, uncertainties and other important factors may lead to developments and results that differ materially from those anticipated, expected, projected or assumed in forward-looking statements.
The important factors below (and others described elsewhere in this report), as well as other unknown or unpredictable factors, could affect our future development and results and could lead to outcomes materially different from what our forward-looking statements anticipate, expect, project or assume:
•general economic or industry conditions (e.g., an economic downturn; higher volatility in the capital markets; inflation; deflation; changes in demographics, consumer spending, investment or saving habits; and the effects of the wars in Ukraine and the Middle East or the outbreak of public health emergencies in the global economy) in areas where we have significant operations or investments;
•climate-related conditions, regulations, targets and weather events;
•exposure to market risks (e.g., risks from interest rates, foreign exchange rates, equity prices and new benchmark indices);
•potential losses from early loan repayment, collateral depreciation or counterparty risk;
•political instability in Spain, the UK, other European countries, Latin America and the US;
•legislative, regulatory or tax changes (including regulatory capital and liquidity requirements), especially in view of the UK's exit from the European Union and greater regulation prompted by financial crises;
•acquisition integration and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters;
•uncertainty over the scope of actions that may be required by us, governments and other to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and governmental standards and regulations;
•our own decisions and actions, including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; and
•changes affecting our access to liquidity and funding on acceptable terms, especially due to credit spread shifts or credit rating downgrade for the entire group or core subsidiaries.
Forward looking statements are based on current expectations and future estimates about Santander’s and third-parties’ operations and businesses and address matters that are uncertain to varying degrees, including, but not limited to developing standards that may change in the future; plans, projections, expectations, targets, objectives, strategies and goals relating to environmental, social,
safety and governance performance, including expectations regarding future execution of Santander’s and third parties’ energy and climate strategies, and the underlying assumptions and estimated impacts on Santander’s and third-parties’ businesses related thereto; Santander’s and third-parties’ approach, plans and expectations in relation to carbon use and targeted reductions of emissions; changes in operations or investments under existing or future environmental laws and regulations; and changes in government regulations and regulatory requirements, including those related to climate-related initiatives.
Forward-looking statements are aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of approval of this annual report and are informed by the knowledge, information and views available on such date and are subject to change without notice. Banco Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law.
LogoSantanderPie_76.jpg Annual report 2024    5
Past performance does not indicate future outcomes
Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or earnings (including earnings per share) will necessarily be the
same or higher than in a previous period. Nothing in this annual report should be taken as a profit and loss forecast.
Not a securities offer
This annual report and the information it contains does not constitute an offer to sell, nor a solicitation of an offer to buy any securities.
Glossary of terms, acronyms and abbreviations
To facilitate a better understanding of this annual report, a glossary of terms, acronyms and abbreviations has been included at the end of the consolidated directors' report.
LogoSantanderPie_76.jpg Annual report 2024    6
01_Modelonegocio.jpg
BUSINESS MODEL AND STRATEGY
LogoSantanderPie_76.jpg Annual report 2024    7
THE SANTANDER WAY
Our purposeOur aimOur how
To help people and businesses prosper
To be the best open financial services platform by acting responsibly and earning the lasting loyalty of our people, customers, shareholders and communities
Everything we do should be
Simple, Personal and Fair
Diapositiva1.jpg
LogoSantanderPie_76.jpg Annual report 2024    8
OUR BUSINESS MODEL
Generating value for our stakeholders
CUSTOMER FOCUS
Building a digital bank with branches
→Customer focus is the essence of our strategy. Our multichannel offering enables us to fulfil all our customers' financial needs, making us their global, trusted and responsive partner.
→Our customer growth investments are centred around three basic things: provide great products at competitive prices, a frictionless digital experience and being a trusted financial partner.
→We are building a digital bank with branches to make our customers' lives easier. By merging technology with human touch, we offer fully-digital products while ensuring our branches provide support and advice. This blend of innovation and personalization ensures our customers get the best of both worlds.


20232024
Total customers (mn)165173
Active customers (mn)100103
SCALE
Global & in-market scale
→Santander has a unique combination of global scale and local leadership (top 3 in lending, deposits and mutual funds in most of our markets).
→Our activities are organized under five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking, Wealth Management & Insurance and Payments.
→These five global businesses support value creation based on the profitable growth and operational leverage that ONE Santander provides.
→Our global approach to technology and development of global platforms is helping us to provide our customers with cost competitive products and the best digital experience.



ONE
Santander
Global businessesRetailRetail & Commercial Banking}
ConsumerDigital Consumer Bank}
CIBCorporate & Investment Banking}
WealthWealth Management & Insurance}
PaymentsPayments}
DIVERSIFICATION
Business, geographical and balance sheet
→Our simple and well-targeted range of products and services meets the needs of a wide spectrum of customers: individuals, SMEs, mid-market companies, large corporates, Wealth Management customers, first-time banking customers, auto customers and dealers, and card customers.
→Santander has a strong, simple and diversified balance sheet, with a low exposure to market risk and is highly collateralized and made up mainly of loans.
→Diversification and a medium-low risk profile deliver recurrent pre-provision profit, with among the lowest volatility across peers.
Group net operating income (pre-provision profit)
EUR billion
2251
LogoSantanderPie_76.jpg Annual report 2024    9
2024 RESULTS
Record results for the third consecutive year, creating value for shareholders
→Record profit on the back of 8mn new customers YoY and strong revenue growth
→A groundbreaking year in our transformation, driving strong operating performance and profitable growth
→Solid balance sheet with sound credit quality and capital ratio, reflecting all-time high organic generation
→Delivering double-digit value creation and higher shareholder remuneration
FY’24 Attributable ProfitFY’24 Revenue
€12.6bn
+14%
€62.2bn
+8%
EfficiencyRoTE
41.8%
–226bps
16.3%
+121bps
CoRFL CET1
1.15%
-3bps
12.8%
+51bps
TNAVps + DPSCash DPS
paid in 2024
 +14%
 +39%
Note: Based on underlying P&L. YoY changes in euros. In constant euros: FY'24 attributable profit +15% vs. FY’23; FY'24 revenue +10% vs. FY’23. For more information on figures presented in constant euros and the alternative performance measures presented above and across this chapter, see section 8. 'Alternative performance measures'.
TNAVps + Cash dividend per share (DPS) includes the €9.50 cent cash dividend per share paid in May 2024 and the €10.00 cent interim cash dividend per share paid in November 2024. Growth in Cash DPS corresponds to the total cash dividend per share paid during 2024 compared to the cash dividends per share paid during 2023. For more details, see section 3.3 ‘Dividends and shareholder remuneration’ in the ‘Corporate governance’ chapter. Implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.

We delivered on all our financial targets, which we upgraded in the Q2'24 earnings presentationA
2024 targetsA
2024 achievements
RevenueB
High-single digit growth +10%ü
Efficiency ratioc.42%41.8%ü
CoRc.1.2%1.15%ü
FL CET1>12%12.8%ü
RoTE>16%16.3%ü
A.Some targets were upgraded in the Q2'24 results presentation: i) revenue from mid-single digit growth to high-single digit growth; ii) efficiency ratio from <43% to c.42%; iii) RoTE from 16% to >16%. FL CET1 target >12% after FL Basel III implementation, FL definition as of 1 January 2025.
B.YoY change in constant euros.
LogoSantanderPie_76.jpg Annual report 2024    10
Over the last 10 years our transformation and unique business model have consistently delivered profitable growth
Diapositiva7.jpg
A. Total shareholder remuneration charged against the results corresponding to the calendar year: cash dividend + share buybacks excluding scrip dividends. Implementation
of 2024 shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.

We are in a phase of value creation, driven by higher profitability underpinned by three tenets:

Think Value
Delivering double-digit value creation, on average through-the-cycle
Think Customer
Building a digital bank with branches with well-targeted products and services to grow our customer base
Think Global
Leveraging global and in-market scale, network and tech to deliver world class-services and accelerate profitable growth


LogoSantanderPie_76.jpg Annual report 2024    11
Think Value
Delivering double-digit value creation, on average through-the-cycle
→We are entering the last year of our strategic cycle well ahead of all our key Investor Day targets for 2025
2024 vs. ID targets for 2025
Strength
FL CET1
12.8%
>12%
Shareholder remuneration
Payout
50%
Cash dividend + SBB
50% annually
Diapositiva10B.jpg
Disciplined capital allocation
RWAs with RoRWA > CoE
87%
c.85%
Profitability
RoTE
16.3%
15-17%


Note: target payout defined as c.50% of Group reported profit (excluding non-cash, non-capital ratios impact items), distributed approximately 50% in cash dividend and 50% in share buybacks. Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. For more details, see section 3.3 ‘Dividends and shareholder remuneration’ in the ‘Corporate governance’ chapter.


Think Customer
Building a digital bank with branches with well-targeted products and services to grow our customer base
→We are committed to delivering simple, lovable, life-centric products and experiences for customers
DigitalBank EN.jpg
20232024
Customer centricTotal customers (mn)165173
Simplification & automationEfficiency ratio (%)44.141.8
Customer activityActive customers (mn)100103




LogoSantanderPie_76.jpg Annual report 2024    12
Think Global
Leveraging global and in-market scale, network and tech to deliver world class-services and accelerate profitable growth
→Our transformation and five global businesses deliver higher revenue with lower costs structurally, supporting our ambition to become the most profitable bank in every market where we operate
Our five global businesses
Diapositiva9B.jpg
We are a global Retail and Consumer powerhouse with 173 million customers
Strong results underpinned by growth across our five global businesses
2024 vs. 2023
Revenue
 (€bn)
Contribution to
Group revenue		Efficiency
Profit
 (€bn)
RoTE
Retail
32.5
+11%
52%
39.7%
-3.4pp
7.3
+29%
18.8%
+3.7pp
Consumer
12.9
+6%
20%
40.1%
-2.7pp
1.7
-12%
9.8% -1.8pp
12.0% excluding CHF and Motor Finance
CIB
8.3
+14%
13%
45.6%
+0.6pp
2.7
+16%
18.0%
+0.5pp
Wealth
3.7
+15%
6%
35.9%
-2.0pp
1.6
+14%
78.7%
+6.5pp
Payments
5.5
+9%
9%
45.0%
+0.7pp
0.7A
+18%
PagoNxt
EBITDA margin 27.5% +2.7pp
Note: YoY changes in constant euros. Contribution to Group revenue as a percentage of total operating areas, excluding the Corporate Centre. Global businesses’ RoTEs are adjusted based on Group’s deployed capital. For more information, see section 8 'Alternative performance measures' of the 'Economic and financial review' chapter.
A.Payments profit and YoY profit growth exclude the write-downs of our investments related to our merchant platform in Germany and Superdigital in Latin America.
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Retail & Commercial Banking
Delivering operational leverage with a groundbreaking year in our transformation
Retail.jpg
Note: data and YoY changes in constant euros.
A. Metrics cover all products and employees in the branch network in our 10 main countries.
Digital Consumer Bank
Openbank roll out demonstrates the benefits of our strategy to deliver the best solutions to customers and transform our operating model
Consumer.jpg
Note: data and YoY changes in constant euros.
ANEAs: average net earning assets, including renting.




LogoSantanderPie_76.jpg Annual report 2024    14
Corporate & Investment Banking
Leveraging our strengths to serve our corporate customers and institutions better
Diapositiva4.jpg
Note: data and YoY changes in constant euros.




Wealth Management & Insurance
Accelerating our customers’ connectivity with our global product platforms
Wealth.jpg
Note: data and YoY changes in constant euros.
Assets under management includes deposits and off-balance sheet assets. Revenue including ceded fees includes all fees generated by Santander Asset Management and Insurance, even those ceded to the commercial network, which are reflected in Retail’s P&L.
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Payments
Seizing a growing opportunity by capturing scale through global platforms
Diapositiva6.jpg
Note: data and YoY changes in constant euros.
Transactions include merchant payments, cards and electronic A2A payments. Payments volume includes PagoNxt Total Payments Volume (TPV) in Getnet (PagoNxt) and Cards turnover.

Network effects and global tech approach: unlocking our Group's potential
We are managing technology globally, implementing the best and most innovative common platforms across the Group, so that we develop the best technology once and operate it centrally
Plataformas.jpg
→We are leveraging Artificial Intelligence (AI) to enhance efficiency, customer experience and agility. We aim to place AI at the core of every process and customer interaction.
LogoSantanderPie_76.jpg Annual report 2024    16
LOOKING AHEAD
Our consistent track record and the implementation of ONE Santander gives us the confidence to aim higher for 2025

2025 Group targets
RevenueFeesCost baseCoRCET 1RoTE
c.€62bnMid-high single digit growth
Down vs.
2024
in euros
c.1.15%
13%
operating range: 12%-13%
c.16.5% post-AT1A
>17% pre-AT1
Return up to €10bn to our shareholders through share buybacks cumulative for 2025-26
Our existing c.50% payout ratio (half cash dividend) will be supplemented with exceptional SBBs using excess capitalB
Double-digit growth of TNAV per share + dividend per share through-the-cycle
Note: Targets presented in this chapter are market dependent and do not represent guidance. Actual results may vary materially.
A.RoTE post-AT1: Group attributable profit – cost of AT1s / average of: net equity (excluding minority interests) – intangible assets (including goodwill).
B.Share buyback target corresponding to 2025-26 including: i) the buybacks resulting from application of our existing shareholder remuneration policy plus; ii) additional buybacks to distribute excesses of our CET1.
Existing shareholder remuneration policy defined as c.50% of Group reported profit (excluding non-cash, non-capital ratios impact items), distributed approximately 50% in cash dividends and 50% in share buybacks. The implementation of the shareholder remuneration policy and any share buybacks to distribute CET1 surpluses are subject to future corporate and regulatory decisions and approvals.
We are creating value for our shareholders by focusing on delivering profitable growth in a responsible way

202320242025 targets
Green finance raised and facilitated (since 2019)€115.3bn€139.4bn€120bn
Socially responsible investments (AuMs)€67.7bn€88.8bn€100bn
Financial inclusion (# People)1.8mn4.3mn5mn

Note: information has been verified with limited assurance by PricewaterhouseCoopers Auditores, S.L. For more details, see the 'Sustainability statement' chapter and metrics definitions see section SN 9. 'Alternative Performance Measures' of the same chapter.
Not taxonomy. Financial inclusion (# people, mn): starting Jan-23. Does not include financial education.



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02_EstadodeSostenibilidad.jpg
SUSTAINABILITY STATEMENT
Consolidated non-financial information statement and sustainability information
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SUSTAINABILITY AT SANTANDER IN 2024
10 highlights
Our activity helps people and businesses prosper and contributes to address global challenges

1
EUR 350.5 billion to help people buy homes, enabling 3.7 million families to access housing. EUR 214.2 billion to purchase other goods.A
2
EUR 330 billion to help set up or grow companies (including more than 530 thousand SMEs and self-employed).B
3
206,753 employees. EUR 14.3 billion paid in wages and benefits.
4
EUR 11.6 billion paid to suppliers. 89% are local and account for 88% of total procurement turnover.
5
EUR 10.9 billion in taxes paid by the Group and EUR 11.5 billion in third party taxes channelled to tax authorities.
6
EUR 139 billion in green Finance raised and facilitated since 2019, reaching our EUR 120 billion target 18 months early and maintaining our leadership position in the financing of renewable energy projects.
7
Additionally, our credit stock in green mortgages and auto (EU taxonomy aligned) grew 27% year over year, supporting the alignment of our portfolios.
8
We continue to make progress towards our target of EUR 100 billion of assets under management in SRI (Socially Responsible Investment), reaching EUR 89 billion in 2024.
9
4.3 million people financially included since 2023, getting closer to our 5 million target until 2025. Our microfinance propositions in Latin America reached 1.3 million underbanked entrepreneurs with EUR 1.27 billion in credit disbursed.
10
EUR 166 million in community support, including EUR 104 million to promote higher education, employability and entrepreneurship.
A. Credit stock and mortgage holdings as at 31 December 2024.
B. Credit stock as at 31 December 2024. Data for Small and Medium Enterprises (SMEs) and the self-employed covers individual customers with an outstanding loan at 2024 year end.
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ABOUT THIS CHAPTER
Scope
This chapter covers the core activities of Banco Santander and its subsidiaries from 1 January to 31 December 2024 (for more details, see Notes 1, 2, 3 and 53 to the consolidated financial statements and sections 3 and 4 in the 'Economic and financial review' chapter). The scope of information and changes in criteria applied with respect to the 2023 Sustainability Report, when significant, are reflected in each relevant section and generally in the 'Sustainability note 1' of this chapter.
Regulation, reporting standards and other references that this chapter addresses
This chapter contains the 'Consolidated non-financial information statement and sustainability information' of Grupo Santander, in compliance with Directive (EU) 2022/2464, with regard to the presentation of information on sustainability by companies, prepared in accordance with Law 11/2018, EU guidelines 2017/C215/01 on non-financial reporting, Delegated Regulation (EU) 2023/2772 supplementing Directive 2013/34/EU of the European Parliament and of the Council with regard to sustainability reporting rules, and the Regulation on European Taxonomy (Regulation (EU) 2020/852 and Commission Delegated Regulations 2021/2139 and 2021/2178 as amended by Delegated Regulations (EU) 2022/1214, 2023/2485 and 2023/2486). This report shows the performance of Grupo Santander in those environmental, social and governance issues that have been identified as material from a double materiality perspective. Its purpose is to provide stakeholders with a fair and balanced picture of the most relevant aspects, objectives, practices and results of the 2024 exercise.









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 For more details, see 'Sustainability information' in the introduction of this Annual report
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CONTENTS
SUSTAINABILITY AT SANTANDER IN 2024
19
ABOUT THIS CHAPTER
20
1. SUSTAINABILITY AT SANTANDER
(General information)
22
1.1 Sustainability strategy
22
1.2 Stakeholder engagement
24
1.3 Materiality assessment
27
1.4 Sustainability governance
29
2. OUR CLIMATE TRANSITION PLAN
(Environmental information)
32
2.1 Strategy
32
2.2 Supporting our customers in their transition goals
35
2.3 Embedding ESG in risk management
40
2.4 Aiming to align our activity with the Paris Agreement Goals
59
2.5 Further actions and enablers
72
3. SUPPORTING EMPLOYEES, COMMUNITIES AND CUSTOMERS
(Social information)
75
3.1 Our employees
75
3.1.1 Talent and skills development
75
3.1.2 Working conditions
77
3.1.3 Inclusive culture
80
3.1.4 Employee feedback and experience
82
3.2 Communities' sustainable development
83
3.2.1 Supporting the economic and social development of our communities
83
3.2.2 Responsible investment and social finance
83
3.2.3 Environmental, social and climate change management
86
3.2.4 Community Support
88
3.3 Our customers
91
3.3.1 Conduct with customers
92
3.3.2 Financial inclusion and financial health
94
3.3.3 Privacy, data protection and cybersecurity
97
4. BUSINESS CONDUCT
(Governance information)
100
4.1 Corporate culture
100
4.2 Ethical conduct
101
4.3 Ethical channels
104
4.4 Our suppliers
105
SUSTAINABILITY NOTES
107
SN 1. Introduction, basis of presentation of the Sustainability statement and other information
107
SN 2. Sustainability governance
117
SN 3. Materiality assessment – Detailed methodology
121
SN 4. Our transition plan
129
SN 5. EU Taxonomy
131
SN 6. Sustainable finance and investment classification system (SFICS)
133
SN 7. Our progress in figures
134
SN 8. Additional metrics to comply with Spanish Act 11/2018
200
SN 9. Alternative performance measures (APMs)
202
SN 10. Non-financial information Act 11/2018 content index
205
SN 11. Commission Delegated Regulation (EU) 2023/2772 on sustainability reporting standards content index
210
OTHER SUSTAINABILITY INFORMATION
224
1. Our progress in relation to UN (United Nations) Global Compact Principles
224
2. Our contribution to United Nations Sustainability Development Goals
226
3. Our progress in relation to the Principles for Responsible Banking UNEP FI
227
4. GFANZ transition planning content index
228
5. Task Force on Climate related Financial Disclosure (TCFD) content index
229
6. Table of equivalence between CSRD and ISSB
230
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1. SUSTAINABILITY AT SANTANDER
(General information)
1.1 Sustainability strategy
Grupo Santander’s purpose is to help people and businesses prosper. We aim to be the best open financial services platform by acting responsibly and earning the lasting loyalty of our employees, customers, shareholders and communities.
Grupo Santander serves more than 173 million customers worldwide through our unique combination of global scale and local leadership. We are among the top 3 in lending, deposits and mutual funds in most of our core markets. Our diverse customer base includes individuals, SMEs, large corporates, high net worth clients and others, all with varying financial needs and expectations. Our simple, tailor-made products and services, coupled with our multichannel proposition, seek to meet those needs.
Santander has over 200 thousand employees and our activities are organized under five global businesses: Retail and Commercial Banking; Digital Consumer Bank; Corporate and Investment Banking; Wealth Management and Insurance; and Payments.
We deliver our multichannel customer proposition in the following core markets (some mature, some emerging) in Europe, North America and South America: Spain, Portugal, United Kingdom, Poland, United States, Mexico, Brazil, Chile and Argentina.
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For more details on the value chain, see SN 1.
For more details on the distribution of employees by geographical area, see table 1. Employees by region in SN 7.3. Our progress in figures. Employees
Our sustainability strategy focuses on issues that are material to Santander, i.e. those that pose the biggest risks to, and create the best opportunity for, and where we can have the biggest impact. This strategy, which is consistent with our double materiality assessment (see section 1.3 'Materiality assessment'), has five pillars:
1.Help our customers in meeting their goals in their transition to a low-carbon economy while also managing climate-related risks and impacts.
2.Help our employees develop by promoting an inclusive culture and learning and providing fair working conditions.
3.Contribute to the economic, financial and social development of our communities, with a special focus on education, employability and entrepreneurship.
4.Be a trusted partner to our customers, with products and services that adapt to their needs, while applying responsible practices, supporting their financial inclusion, and protecting their information.
5.Act responsibly through a strong culture, governance and conduct.
Our sustainability strategy embeds the Group’s three action lines: Think Value, Think Customer and Think Global to drive business growth and become more resilient to increasing environmental, governance and social risks.
→Think Value: Profitable growth makes us resilient and able to withstand shocks, invest in our employees and customer value proposition, support our communities, and create value for our shareholders.
→Think Customer: Be the partner of choice for our customers by offering the best products and helping them in their transition to a low-carbon economy and support their financial inclusion and financial health (including financial education).
→Think Global: Use our scale and local leadership to tackle global sustainability challenges.
The Group’s sustainability policy is embedded in the strategies of the five global businesses, with metrics and targets that form part of our remuneration schemes.
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 For more details, see chapter 1.4 'Sustainability governance'
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Retail and Commercial Banking
Our ambition is to be a driver of growth and to provide value-added solutions for our customers.
Our sustainable value propositions uphold high standards of integrity for all customer and user segments (from individuals to SMEs, large corporates and institutions).
We also collaborate with multilateral development banks, aligning our financial activity with support for countries' sustainable and energy transition.
We measure the emissions of the relevant portfolios of commercial and residential properties in Spain and the United Kingdom (UK) or Agriculture in Brazil, identifying alignment levers towards the transition.
We also provide financial inclusion solutions and have a target to financially include five million people between 2023 and 2025. This includes helping underbanked through microfinance and access initiatives. We also run financial education activities to bolster our financial inclusion programmes.
Santander is also aiming to invest EUR 400 million in education, employability and entrepreneurship between 2023 and 2026, while increasing the number of people engaged in these programmes, including through platforms such as Santander Open Academy.
Digital Consumer Bank
Our ambition is to bolster our sustainable finance proposition by tapping into potential opportunities in both, the auto finance market where we are global leader in auto financing with more than 20 million customers, and the consumer finance market.
We are supporting the green transition through electric vehicle financing — EUR 6.8 billion in loans in the year, with a market share of over 12% in electric vehicle sales in Europe. An increased share of electric vehicles contributes to the alignment of the auto financing portfolio in Europe and to our 2030 alignment target.
Corporate and Investment Banking
Our ambition is to be a strategic partner for our customers by helping them achieve their low-carbon transition and sustainability goals.
We support our customers in pursuing their transition to a low-carbon economy and sustainable objectives by offering them value-added products and services that follow the strictest integrity standards without compromising profitability. We are focused on capturing business opportunities around (i) clean energy and ClimateTech advisory services, (ii) structured finance, and (iii) risk management solutions.
We continue to strengthen our leadership in sustainable finance, which enables us to harness opportunities to finance the green transition. Santander has been a leader in renewable energy project finance for the past decade. In 2024, we exceed our target of EUR 120 billion in green finance raised or facilitated (between 2019 and 2025) 18 months early. We also acted as adviser on several of the globe’s biggest renewable energy transactions.
Through our initiatives, we help our customers draw up their transition plans and progress towards achieving our climate objectives in high-emitting sectors.
Wealth Management and Insurance
Our ambition is to foster sustainability through our leading global private banking platform and best-in-class funds and insurance product factories.
We’re boosting our sustainable product proposition while moving towards our target of EUR 100 billion in assets under management in socially responsible investment (SRI) by 2025. Our products include a wide range of fixed income, equity, mixed and alternative funds, as well as themed products focused on climate, energy transition and natural capital. In addition, we have SRI life-savings portfolios and products, as well as the ability to build customized mandates around specific sustainability preferences.
Moreover, Santander Asset Management is strengthening engagement and voting initiatives through dialogue on climate change issues with portfolio companies and considering climate criteria in voting at shareholder meetings of companies under the scope of its Voting policy.
Payments
We are working on lowering the footprint of our cards by issuing more cards made of sustainable material and recycling more cards. We’re also looking to offer our customers the possibility of calculating and offsetting the footprint of their transactions.
In 2024, we acquired 39 million cards (84% of the year's total) made of sustainable materials (recycled PVC or PLA).1
Embedding our sustainability strategy
Santander’s sustainability strategy forms part of the Group’s strategic plan, three-year financial plans and annual budget (every year). Our Chief Executive Officer (CEO) leads the preparation of our financial plan every year. The plan includes sustainability targets and priorities that are consistent with our long-term strategy. The strategy committee, executive committee and the Group board of directors review the plan’s outcome. Furthermore, all global businesses and each subsidiary has its own financial plan that we review so that it aligns with the Group plan.
The risk area conducts an analysis and challenge of the strategic plan (Risk Challenge) to identify potential threats that may compromise the achievement of the Group's objectives. The risk control committee discusses the outcome of this analysis and reports to the board's risk supervision, regulation and compliance committee. Additionally, Santander has a risk management control model to identify, assess, mitigate, monitor and report all material risks, including Environmental, Social and Governance (ESG), that we may face and that may affect our strategy or business model. We base this model on the Group's risk principles and culture; a clear governance structure; and advanced risk management tools and procedures.
Likewise, Santander regularly conducts an emerging risks exercise to identify key threats to our strategic plan under theoretical stress scenarios with low likelihood of occurrence. We aim to detect, assess and monitor risks that may have a significant impact on our business model, profitability and solvency to promote our strategy remains robust.
1 PVC: Polyvinyl Chloride; PLA: biodegradable plastic made from renewable sources.
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1.2 Stakeholder engagement
Santander remains in constant dialogue with its stakeholder groups, particularly employees, customers, shareholders and communities, who we engaged as part of our materiality assessments and human rights due diligence, as we outline in this report. Grupo Santander is committed to the principles of transparency, honesty and impartiality in its engagement with stakeholders. We believe that working with our stakeholders is key to understanding their concerns, setting priorities, and when possible, spotting opportunity and areas for improvement.
Stakeholders’ views help us develop key processes such as drawing up our strategy, financial plans and definition of goals. Group, subsidiary and global business senior management and executive committees as well as to the Board, when presenting the conclusions of the double materiality analysis, review, debate and agree on implications. The outcome of these listening exercises has helped drive our customer-centric focus, creation of new business teams to help meet customers' needs, and the reinforcement of operational procedures on service quality, security and agility.
We adapt our stakeholder engagement objectives for each group:
•Employees. We run three main listening exercises:
•Your Voice: a tool to collect employee feedback and measure employee engagement. An independent third party manages this feedback confidentially and provides us with aggregated information only to preserve the anonymity of employees and their responses. In 2024, a global survey took place, followed by local pulses to analyse and address specific topics.
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For more details on the results and actions stemming from 'Your Voice', see section 3.1 'Our employees’.
•Canal Abierto: an anonymous and confidential channel for employees to report unethical conduct and breaches of the General code of conduct. This channel also receives reports from third parties, such as vendors, customers and investors.
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For more details, see section 4.3 'Ethical channels'
•Dialogue with employees’ legal representatives: on top of the above mechanisms, we believe that employees’ legal representatives play a key role as a spokesperson for our workforce. That's why we encourage and maintain permanent, fluid and direct dialogue, engagement and negotiation with them through trade unions and works councils. We also channel discussions on industrial relations through these representatives in the markets where they exist.
In order that the relationship between the bank and employees’ legal representatives remains productive and fluid, we engage with them through:
-Santander's bodies for engagement with employees’ legal representatives and through formal councils and committees set up for this purpose;
-Through meetings to address specific matters, direct contact and information exchange platforms.
The Labor Relations function also facilitates mechanisms for communication between employees’ legal representatives and the people they represent and those affiliated to trade unions according to the regulations and agreements that apply in each market.
•Customers. The listening process varies according to customer type:
•Retail customers: the aim is to measure their satisfaction and experience in each of our core markets through regular Net Promoter Score (NPS) surveys following customer interactions. We also run a customer experience benchmark to help us identify our competitive positioning, with results twice a year. Both exercises aim to spot areas for improvement that we pull together in action plans with unit´s management committee oversight.

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For more details on our complaints handling system, see section 3.3 'Our customers'
•Wholesale customers: we identify needs and areas for improvement as part of our customer relations and dialogue on an ad hoc basis. Bankers escalate the insights gain that either need management or provoke actions to adjust our commercial strategy.
Customer feedback is collected by customer interaction teams (customer experience and customer service team, among others) and fed back into key bank processes overseen by governance bodies and thus integrated into the 'Think Costumer' pillar of the strategy.
•Shareholders and investors. We engage with our shareholders and investors to strengthen ties and offer a value-added proposition that sets us apart. We use surveys, events, direct contact and other channels (with digital channels gaining traction) to enable close dialogue that helps this group understand the business better and communicate with senior management.
•Communities. The aim is to understand the needs and challenges of the communities where we operate by gathering information from several sources:
•Individuals: the customer experience function runs mass surveys to learn about how the communities we serve perceive our actions.
•Non-governmental organizations (NGOs): the Sustainability and Social Action functions engage in two-way communication with the leading civil organizations in our markets.
•Under our Environmental, social and climate change risk (ESCC) policy and the Equator Principles, we conduct analyses on the environmental and social risks that our operations might have on our communities.
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For more details, see section' 3.2.3 Environmental, social and climate change management'
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Our 2024 engagement in numbers
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People3.jpg
Employees
83% participation in our Your Voice surveyA
4,437 complaints received through ethical channels

A 151,726 employees answered the survey based on the total number of employees eligible to participate, i.e. employees who have been with the organization for less than 3 months, long-term absentees, employees without access to the corporate intranet, and employees without access to the corporate intranet are excluded.
Customers
Over 9.9 million surveys to customers
681,636 complaints received; resolved or under management

Shareholders & Investors
9,136 responses by retail shareholders on the perception of Santander as Simple, Personal and Fair
157,632 responses by retail shareholders and institutional investors through quality surveys and studies
229 events with retail shareholders
1,269 interactions with institutional investors (109 on ESG matters)
Communities
158 interactions with NGO enabled us to gather and address the needs of the communities where we operate and to understand the impact of our activities

Santander also engages with other stakeholders, including suppliers, ESG ratings agencies, regulators and supervisors, political parties and authorities:
•Suppliers: we want our value chain to be more sustainable while increasing the Group’s resilience to environmental and social risks. We include ESG standards in tenders for certain services and support vendors in assessments and certification procedures.
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For more details, see section 4.4 Our suppliers
•ESG ratings agencies: the aim is to convey our developments, assess our progress and spot areas for improvement. In 2024, we maintained our position in MSCI (AA) and at Carbon disclosure project (CDP) level A . We scored 17.1 points in Sustainalytics, remaining in its ‘Low Risk’ category, and reached the C+ category in ISS.
msci-logo.gif
CCC
Sustainalytics_Logo.gif
100
Carbon_disclosure_project_logo.gif
D-
iss-esg-logo.gif
0
14293651251669
Evol.
AAAAA
 =
AA
019.7
é
17.1
AA-
é
A
A+
C-
55.6
é
C+
58.5
 2023 2024
•Regulators: as part of the policy debate we engage with regulators (local and European) and international standard setters on the initiatives that are most important to the bank, our employees, our customers and the communities we serve. Santander works with the Basel Committee, the Financial Stability Board, the European Banking Authority, the European Central Bank, EU institutions, Banco de España, the Bank of England, and other key actors to set out the sustainable financing framework that boosts support for the United Nations Sustainable Development Goals and the Paris Climate Agreement targets. As part of this engagement, at the corporate level, the Group responded to 53 consultations during 2024. In addition, Brazil’s presidency of the G20 and the COP30 to be held in Belém in 2025 will provide greater opportunity to work with stakeholders on common solutions to ramp up the transition in emerging and developing economies.
•Supervisors: we remain in open dialogue with supervisors so we can understand their priorities and expectations, and meet all pertinent regulatory requirements and recommendations.
•Political parties: we also interact with political parties in their role as policymakers on key topics that affect our sector, broader society and the environment2.
•Within our sector: we work closely with industry bodies (including the Institute of International Finance, the Association for Financial Markets in Europe and the European Banking Federation) and think tanks. We work together to find common ground on issues such as the implementation of the EU Taxonomy, the framework for sustainability disclosure and reporting, and ongoing efforts to pinpoint and manage climate-related risks. We take part in these debates through consultations, workshops and other channels, and by facilitating the exchange of views between key stakeholders, in events such as the International Banking Conference and other events that Banco Santander organizes every year.
2 In line with our principles of transparency, honesty and impartiality, Grupo Santander may only finance political parties on an exceptional and arm's length basis, and with approval from the Group executive committee. These standards prohibit making monetary or in-kind donations and contributions to elections. Total or partial debt cancellation for political parties and their affiliates is strictly prohibited. While Grupo Santander may negotiate the terms of any political party debt, the interest rate charged must never fall below the market rate.
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Main sustainability initiatives where Santander is a member or participant
 Linked to General Sustainability Frameworks and partnerships
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→United Nations Global Compact: We have been part of the Global Compact network since 2022 and a member of the gender equality programme since 2020. We also took part in the 'sustainable suppliers' programme.
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→Santander has been a member of the United Nations Environment Programme Finance Initiative (UNEP FI) since 1992 and a founding member of the Principles for Responsible Banking since its launch in 2019. A Santander representative co-chairs the global management committee and in 2024 took part in a review of the 2030 principles. We are also signatory, through Santander Asset Management and since 2008, in the Principles for Responsible Investment (PRI), which offer a menu of possible actions for incorporating ESG issues into investment practice.
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→World Business Council for Sustainable Development (WBCSD): Having become a WBCSD member in 2015, in 2024 we took part in the Banking for Impact on Climate in Agriculture (B4ICA) initiative, the CFO Network, LEAP project, and other programmes.
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→Equator Principles. Voluntary framework for financial institutions to identify, assess and manage environmental and social risks when financing projects. We have been a signatory since 2009.
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→International Capital Market Association (ICMA). ICMA Principles champion global green, social and sustainability bond (and related) markets to finance progress towards environmental and social sustainability. The Principles were established in 2014 and Santander has been a member since then.
 Linked to Sustainability Disclosure
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→International Sustainability Standards Boad (ISSB). Santander joined the IFRS Corporate Champions initiative at the end of 2024, with the aim of strengthening the positioning of the ISSB standards as the global standard for sustainability reporting.
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→Task Force on Climate-Related Financial Disclosures (TCFD). The TCFD, which we support since 2017, has developed a framework to help public companies and other organizations more effectively disclose climate-related risks and opportunities through their existing reporting processes.
 Linked to Advocacy Forums
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→Instituto Internacional de Finanzas (IIF): Grupo Santander's Executive Chair is the current IIF Chair and has sat on its board since 2014. The bank participates in several sustainability-related working groups, including the Sustainable Finance Policy Expert Group and the Sustainable Finance Data, Disclosure and Classification Expert Group.
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→European Banking Federation (EBF): Santander is a member of several working groups, such as the ESG risk group, which a Santander director chairs; the Sustainable Finance Steering Committee; and the Chief Sustainability Officers Roundtable.
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→Association for Financial Markets in Europe (AFME). Santander is part of AFME´s Sustainable Finance SteerCo. AFME works with members, policymakers and other stakeholders on a wide range of important priorities including sustainability disclosures, taxonomies, sustainable financing products, sustainability due diligence and carbon markets. Santander is part of AFME´s Sustainable Finance SteerCo.
Additionally, in each of the sections, specific initiatives or collaborations for each topic are mentioned.
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For more details on climate-related initiatives and working groups in which we are participate, see section 2.5.1 'Strategy for engagement with other key stakeholders' in the Transition Plan.
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1.3 Materiality assessment
Double materiality assessment underpins our sustainability strategy. For more details, see section 1.1 ‘Sustainability strategy’. In 2023, we shifted our focus slightly to meet the new requirements of the EU Corporate Sustainability Reporting Directive. This report shows the culmination of our work to comply with this Directive.
The analysis developed in 2024 redefines, in line with the regulation, the sustainability matters that pose risks to, and
create opportunity for, Santander; and where we can have an impact on the environment and broader society.
We identified 32 impacts, risks and opportunities (IROs) that form part of the five sustainability matters that are material to Grupo Santander: E1) Climate change, S1) Own workforce, S3) Affected communities, S4) Consumers and end users, and G1) Business conduct. The table below breaks down the impacts (positive and negative), risks and opportunities of each matter.
ImpactFinancial
Sustainability matters (ESRS) +–Risk
Opportunity
ÿE1: Climate Change
E2: Pollution
E3: Water and marine resources
E4: Biodiversity and ecosystems
E5: Resource use & circular economy
ÿS1: Own workforce
S2: Workers in the value chain
ÿS3: Affected Communities
ÿS4: Consumers & end-users
ÿG1: Business conduct

ÿ Material
Thresholds:

g
Critical
g
Significant
g
Informative
g
Minimal
As a global, retail and commercial bank, the material IROs relate mainly to the retail and commercial business (business conduct, customer practices and safeguarding privacy) and to our scale (contributing to global challenges such as climate change and financial inclusion, and managing our 200,000-plus employees).
We conduct this assessment for the entire Group, including our own operations and our value chain, using the available information and tools; and by engaging our key stakeholders. We also conducted a materiality assessment in all our subsidiaries, the findings of which provided feedback on the Group's materiality, while the Group's materiality informed local materiality.
The results reflect a short to medium-term time horizon (~1-5 years) for which most of the information is available. However, a qualitative analysis suggests that if we used a long-term horizon, there would be no changes to the results and IROs that are material.
The materiality assessment is connected to key risk management processes across the Group. It provides input for the top and
emerging risks exercise and is connected to other internal risk exercises.
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For more details, see section 2.3 'Embedding ESG in risk management'
The responsible banking, sustainability and cultural committee approved the bank’s double materiality assessment, material impacts, risks and opportunities, and sustainability strategy.
Below are details of the material IROs under each sustainability matter. In this Sustainability statement, we outline how we manage each one through policies, actions, metrics and targets (as required by the Corporate Sustainability Reporting Directive-CSRD) in several sections under this chapter.
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E1
Climate change
I+ Contribution to protecting the environment by driving an increase in the use of renewable energy and other low-carbon technologies.
I+ Contribution to reducing the Group’s scope 1 and 2 greenhouse gas emissions.
I- Adverse impact on climate and the environment due to the bank’s financing of, or investment in, certain non-sustainable assets and activities.
O Growth in the financing of renewable energy and other energy transition solutions.
O Revenue growth by providing our customers with sustainable solutions in such sectors as construction, mobility or agriculture.
R Reputational risk based on the perception of bank’ progress with climate-related policies and objectives.
S1
Own workforce
I+ Promote the health, well-being and security of our employees in a safe and inclusive workplace; facilitate a positive work-life balance through flexible working when possible.
I+ Promote a workforce that reflects the society we live in and encourages collaboration and the same opportunities for all our employees, irrespective of personal characteristics and in compliance with the law.
I+ Promote continuous career development and personal growth through learning and development programmes.
I+ Promote the general well-being of employees and provide appropriate remuneration under equal conditions based on merit and market rates.
I- Harm employees through unlawful discriminatory conduct, inadequate working conditions, harassment or corruption.
R Potential risk of conflict with employees based on excessive working hours, corruption or the infringement of their rights.
S3
Affected communities
I+ Drive economic growth and job creation in the regions where we operate and provide credit to people and businesses.
I+ Contribution to sustainable development through financing and investment that promotes sustainable performance in companies, addresses societal challenges, mitigates a specific issue, or pursues better societal outcomes.
I+ Contribution to education, employability and entrepreneurship, as well as to community development through support programmes.
I- Finance activities (in any customer segment) that breach the bank’s policies and jeopardize the well-being of present and future generations.
I- Potentially negative impact on the environment or society by failing to sufficiently involve appropriate stakeholders or use suitable customer identification and management mechanisms when providing finance to a customer or project.
S4
Consumers and end users
I+ Positive impact on customers due to the bank’s offer of products and services that adapt to their needs and expectations and promote financial inclusion and health.
I+ Education on, and awareness of, cyber security to understand potential threats and ways to repel them.
I- Negative impact on the customer if they do not have access to complaints channels or if, after making a complaint, the bank fails to take the necessary action.
I- Negative impact on the customer if the bank fails to provide sufficient information on the product or service they are signing up for.
I- Potential infringement of customers’, employees’ or shareholders’ rights due to a lack of appropriate technical or organizational measures to protect their personal data according to law and the practices set by the Group.
I- Negative impact on the customer by failing to guarantee access to, or the use of, products and services that may present certain obstacles or weak spots.
R Potential losses due to fines or a reduction in the number of customers because of a failure to detect or respond effectively to breaches of privacy.
R Potential losses due to claims or a reduction in the number of customers because of substandard customer practices throughout their life cycle.
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G1
Business conduct
I+ Act responsibly and consider investors’ interests and the impact on employees, broader society and the environment; pay taxes to support the distribution of wealth.
I+ Protect the confidentiality of users of the bank’s ethical channel and have an effective reporting system in place that follows robust principles and procedures.
I+ Promote responsible practices among vendors; engage with them, assess their ESG performance and give them recommendations and tools to improve.
I- Negative impact on the environment or broader society by failing to implement measures to resolve incidents through complaints or reporting channels or due to a lack of continuous improvement actions.
I- Harm broader society through bribery or corruption.
R Potential risk from failing to ensure the operational resilience of the value chain by assessing vendors’ solvency, reputation and compliance with the law.
R Risk stemming from improper conduct that makes illicit funds or assets appear legitimate and, therefore, facilitates illegal activity or to benefit from it.
Key: I+ Positive impact I- Negative impact R Risk O Opportunity
There are five sustainability topics that we consider non-material, given none of the impacts, risks and opportunities connected to them reach the materiality threshold: pollution, water and marine resources, biodiversity and ecosystems, resource and circular economy, and workers in the value chain.

However, we address aspects of nature and biodiversity that are most closely related to climate objectives within our transition plan.
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For more information, see section 2.3.5 'Our approach to nature and biodiversity'.
1.4 Sustainability governance
We manage and review progress with sustainability at the highest level of the business. The board of directors is responsible, among other things, for approving the sustainability agenda and setting the sustainability strategy.
The responsible banking, sustainability and cultural committee proposes and oversees the development and implementation of the Group's sustainability strategy and policies, in support of the board of directors.
Other board committees also analyse specific sustainability topics. The audit committee is responsible for supervising and reviewing
the financial and non-financial information process, as well as the internal control systems, to meet the most demanding international standards and complies with the guidelines established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
The overseeing of material sustainability issues, as well as the main lines of action for their management, are periodically reviewed through the bodies shown below, which together form the governance of the function:
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Board of directors
Prepares annual accounts and management report, which shall include sustainability statement,
and is presentation to the general shareholders' meeting
éé
é é
Risk supervision, regulation and compliance committeeA
Reviews risk appetite statement proposals prior to board approval
Audit committee
Reviews company and Group financial statements, monitor legal requirements compliance and assesses information and internal control systems
Responsible banking, sustainability and culture committee
Assists the board in fulfilling its oversight of the responsible business strategy and sustainability issues (company and Group)
ééé
Executive & management level (main bodies & functions)
Risk control committee
Accounting & financial management information corporate committee
Financial accounting & control function
Sustainability, risk, reporting and ESG businesses function
Defence lines:
1st line of defence
(Business owners, general accounting and management and sustainability function)
2nd line of defence
(Risk & compliance)
3rd line of defence
(Internal Audit)
¢ Overall responsibility ¢ Supervisory oversight é Reporting é Risk é Impact é Opportunities
A. The BRC works with the RBSCC (Responsible Banking, Sustainability and Cultural Committee) to review ESG-related conduct risk, data protection risk, customer vulnerability, reputational issues, risk policies and how business units adopted these policies.

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For more details on sustainability governance, see note 'SN 2. Sustainability governance'.
1.4.1 Integration of sustainability-related performance in incentive schemes

Grupo Santander’s remuneration policy reflects our strategic and long-term sustainability objectives. Variable pay is based on pre-determined, specific and quantifiable financial, sustainability-based and value-creation targets.
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For more details, see section 6.1 'Remuneration policy' in the Corporate Governance chapter.
Our long-term incentives (LTI) scheme applies to our top 36 Groups' executives, including the Executive Chair and the CEO.
Sustainability has formed part of the last three LTI schemes, with a 20% weighting. The proposal for 2025-2027 will be subject to vote at the Annual General Meeting in 2025.
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For more details, see section 6.3 'Remuneration of directors for executive duties' in the Corporate Governance chapter.
Short-term variable remuneration has a qualitative and quantitative component. Under the qualitative component, sustainability has had a ±5% weighting in the Group, global businesses and subsidiaries since 2020. Short-term incentives apply to our top 236 Groups' executives and global and subsidiary corporate centre employees.
In 2024, 8% of the variable remuneration received by the Chairwoman and the CEO has been linked to sustainability, while 2% of their total remuneration has been linked to climate actions.
The responsible banking, sustainability and cultural committee, remuneration committee, and board of directors approve these ESG incentive schemes.
The proposed parameters to assess ESG performance aim to reward progress with our main ESG metrics and embedding ESG in our management, as shown below:
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Inclusive Culture
Progress with inclusive culture and other initiatives such as accessibility.
Financial inclusion
Progress with financial inclusion targets and other key initiatives in the social agenda (financial education, community investment, etc.).
Sustainable financeProgress with sustainable finance and socially responsible investment.
ClimateProgress with our transition plan and the key levers to fulfil our net zero ambition.
Governance and cross-cutting mattersConducting our double materiality assessment, implementing sustainability policies, and enhancing data efficiency and quality.
1.4.2 Human rights due diligence
We strive to foster that our operations uphold and protect the human rights of our stakeholders in the countries where we operate.
The CSRD requires the findings of human rights due diligence exercises to inform the double materiality assessment.
Human rights are integrated into management and governance based on the process type, focusing on monitoring adverse impacts and implementing measures, such as:
•looking after our employees’ health and promoting decent employment, the preservation of freedom of association and collective bargaining and the prohibition of slavery and child labour.
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For more details, see section 3.1 'Our employees'
•protecting our customers’ human rights through responsible business practices and the protection of their data.
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For more details, see section 3.3 'Our customers'
•assessing the human rights impact on transactions with customers through environmental, social and climate change (ESCC) analysis.
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For more details, see section 2. 'Our climate transition plan'
•embedding environmental and social aspects, including human rights, in our supply chain management.
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For more details, see section 4. 'Business conduct'
Our board-approved Responsible banking and sustainability policy includes our pledge to uphold human rights.
Canal Abierto is a key tool to identify, manage and resolve potential human rights-related incidents or violations to protect our customers, employees, suppliers and the communities we serve.
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For more details, see section 4.3 'Ethical channels'
In 2024, we conducted a comprehensive human rights due diligence exercise to: (i) assess the effectiveness of current due diligence policies; (ii) identify and assess actual and potential adverse impacts based on their severity and probability; and (iii) assess the suitability of our communications channels and control measures to prevent, mitigate and remedy adverse impacts.
This exercise followed international frameworks and directives and best market practice3 and covered all of our global businesses’ units and activities.
The findings of the human rights due diligence exercise are embedded into the strategy and governance, informing the double materiality assessment. Additionally, we engaged stakeholders as part of our analysis of these findings.
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For further detail regarding the 'Materiality assessment methodology', see Sustainability Note 3
For more details on our human rights due diligence, visit the website santander.com/en/our-approach/policies
3 For instance: the Universal Declaration of Human Rights, the International Labour Organisation Declaration on Fundamental Principles and Rights at Work, the United Nations Guiding Principles on Business and Human Rights, the OECD (Organization for Economic Cooperation and Development) Due Diligence Guidance for Responsible Business Conduct, and others.
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2. OUR CLIMATE TRANSITION PLAN
(Environmental information)
2.1 Strategy
2.1.1 Our approach
Santander considers climate a material topic, having identified impacts, risks and opportunities in the double materiality assessment. Per legal requirements, below we disclose our transition plan, based on three pillars. The purpose of each pillar is to support our customers and the communities we serve in their transition objectives; assess our customers’ climate-related risks to manage the impact on their business and on our operations; and make progress with the alignment of our portfolios:
1
Supporting our customers in 
their transition goals
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Supporting our customers in pursuing their transition to a sustainable economy. Having achieved our target of raising or facilitating EUR 120 bn in green finance between 2019 and 2025 18 months early, we’re making headway with our next milestone of achieving EUR 220 bn by 2030. We are offering our customers guidance, advice and specific business solutions; and a wide range of products to invest in according to their sustainability preferences, with the target of reaching EUR 100 bn assets under management (AuM) in Socially Responsible Investments (SRI) by 2025.
2
Embedding climate in risk management
PlantLeaves.jpg
Embedding climate and environmental aspects in risk management implies adopting a risk-based approach to those factors, focusing on the most material sectors. We consider the risks stemming from climate and environmental factors in the overall risk management cycle, including a materiality assessment that informs the double materiality assessment and our sustainability strategy.
3
Aiming to align our activity with the Paris Agreement Goals
WindPower.jpg
Aiming to align our portfolio with the Paris Agreement goals to help limit global warming. We are setting sector portfolio alignment targets for 2030 in high-emissions portfolios. The progress on these targets is expected to reflect the progress of the economies we serve. We currently have seven targets in five sectors and alignment targets for our asset management activity.
Meanwhile, we continue to reduce our impact on the environment by implementing efficiency measures in our own operations and sourcing all our electricity from renewable sources by 2025.
To achieve this, we engage with our different stakeholders:
•Customers and investors: developing products/services adapted to their needs; participating in a collaborative network of institutions to create financing opportunities; and developing assessment tools to better manage performance and monitor progress towards their transition goals.
•Key climate actors: participating in local and international organizations, alliances and working groups to progress with global goals.
•Authorities: participating in debates regarding the climate agenda with regulators, policy makers and supervisors on the developments that are most relevant to the bank, its employees, customers and the communities in which we operate.
•Communities: supporting a number of local initiatives to tackle climate change, protect biodiversity, and generate positive social impact.
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2.1.2 Our ambition
We continue working towards our ambition of net zero carbon emissions by 2050 by progressively setting specific actions to make headway with our three-pillar strategy.
Incentive policies and frameworks are key to driving the energy transition. The challenge goes beyond increasing the flow of
capital from the regulated financial sector to funding the energy transition. We need to scale transition activity and the demand for solutions, which will require better risk-profitability profiles. Achieving climate objectives depends largely on the macroeconomic landscape and public policy.
2.1.3 Our objectives
2019202020212022202320242025/2030 target
Green finance raised and facilitated (accumulated EUR bn)A
19.033.865.794.5
115.3
139.4
120 bn by 2025
220 bn by 2030
AuM in Socially Responsible Investments (accumulated EUR bn)
27.153.2
67.7
88.8
100 bn by 2025
Thermal coal-related power & mining phase out (EUR bn)
7.05.9
4.9
4.8
0 by 2030
Emissions intensity of power generation portfolioB
0.210.170.190.160.15
0.11 tCO2e/MWh in 2030
Absolute emissions of oil & gas portfolioB
23.8422.5827.4320.9420.27
16.98 mtCO2e in 2030
Emissions intensity of aviation portfolioB
92.4793.0597.2181.0982.99
61.71 grCO2e/RPK in 2030
Emissions intensity of steel portfolioB
1.581.401.361.241.38
1.07 tCO2e/tS in 2030
Emissions intensity of auto-manufacturing portfolioB
149138133134
103 gCO2/vkm in 2030
Emissions intensity of auto-lending portfolioB,C
137133
75-89 gCO2e/vkm in 2030
Electricity from renewable sourcesD
50 %57 %75 %88 %
97%
96%
100% by 2025
In 2024:
→we continued progressing with aligning key portfolios, including adding the disclosure of emissions for our mortgages portfolio in Spain and our commercial real estate portfolio in Spain and the UK;
→we continued managing our own operations emissions from scopes 1 and 2, setting new reductions plans and offsetting remaining ones; and we kept our offices and buildings in our core markets free of single-use plastics to meet our target.
A.Includes Grupo Santander's contribution to green finance: project finance; green bonds; export finance and advisory services to help customers transition to a low-carbon economy.
B.The figures displayed are the latest available given limited data availability from customers to assess financed emissions. We used Banco Santander's internal calculation methodology, which is based on the Partnership for Carbon Accounting Financials (PCAF).
C.Consumer lending for the purchase of passenger cars in Europe.
D.In countries where we can verify electricity from renewable sources at Banco Santander properties. It considers the 10 core markets where we operate.
For more details of the scope of targets, see section 2.1.4.

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2.1.4 Key milestones
We continue to work towards our ambition of net zero carbon emissions by 2050 by progressively setting specific actions to align our portfolios:
PlantMaceta.gif
Net zero ambition and first alignment
targets (thermal coal, power generation and Santander Asset Management-SAM)
CloudCO2.gif
Alignment targets disclosed for oil & gas, steel and aviation

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In 2024 we achieved our 2025 target to raise or facilitate EUR 120 billion in green finance 18 months early
CloudCO2.gif
Alignment targets disclosed for automotive sectors (manufacturing and lending)
CloudCO2.gif
Financed emissions disclosed for residential mortgages (Spain) and commercial real estate (Spain and UK)

WindPower.gif
Use 100% of electricity from renewable sourcesA in all Santander buildings
CloudCO2.gif
SAM target to halve net emissions for 50% of in-scope AuM B

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Alignment targets for power generation, oil & gas, steel, aviation, auto manufacturing and auto lending
20212022202420252030
BotellaTachada.gif
Cut unnecessary single-use plastics
CarpetaLupa.gif
Development of first Sustainable Finance Classification System, including transition finance criteria
CloudCO2.gif
Financed emissions disclosed for residential Mortgages (UK) and Agriculture (Brazil)
HandsEuro.gif
EUR 100 billion in Socially Responsible Investment AuM
HandPlant.gif
Raise or facilitate EUR 220 billion in green finance from 2019

Factory.gif ThermalCoal.gif
Thermal coal-related power & mining phase out
A.In countries where we can verify electricity from renewable sources at Banco Santander properties. Target considers the 10 core markets in which we operate.
B.Assets in scope are 54% of SAM’s total assets, which currently have a set Net Zero methodology. This objective might be revised upwards at least every five years, depending on data availability
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2.2 Supporting our customers in their transition goals
In this section we cover how Santander manages the following IRO:
I+
Contribution to protecting the environment by driving an increase in the use of renewable energy and other low-carbon technologies
O
Growth in the financing of renewable energy and other energy transition solutions
O
Revenue growth by providing our customers with sustainable solutions in such sectors as construction, mobility or agriculture.
To achieve our net-zero ambition, our main lever as a bank is supporting our customers in their efforts to transition to a low-carbon economy.
As a large financial institution, we have an opportunity to support our customers in their ambition to transition to low carbon business models. To this end, we continue enhancing our sustainable finance and advisory proposition, and financing in our global businesses.
To achieve this, we are:
1.growing the green finance business, which entails drawing up a green finance strategy for the Group's businesses and delivering a strong value proposition for our customers;
2.building the infrastructure that support green finance across the Group. This means implementing the sustainable finance and investment classification system (SFICS); strengthening the controls to assess and manage greenwashing risk; and executing the data strategy to measure and monitor green finance results; and
3.deploying well-trained commercial teams to capture opportunity.
In Corporate & Investment Banking (CIB), we have already reached EUR 139 billion in green finance raised and facilitated since 2019, achieving our EUR 120 billion target 18 months early and are working towards reaching EUR 220 billion by 2030.
Climate opportunities
Working with customers to support their transition objectives and carbon reduction emissions goals is key to progressing towards a low-carbon economy. To do this we identify business opportunities for transition financing assessing key sectors, working closely with our clients and with the knowledge of our sustainability experts. These opportunities inform our materiality assessment.
In addition, the Group calculates the ratio of green assets aligned with the European Taxonomy. In 2024, it amounts to 3.28% (vs. 2.6% in 2023). The volume of assets as at December 2024 aligned with the European taxonomy for mortgages is EUR 28.1 bn and auto is EUR 8.8 bn. For more details, see SN 5. European Taxonomy.
Also, from investment through our assets management business SAM, the top three climate-related opportunities are:
•new climate solutions involving products and services that boost diversification, competitive advantage and revenue;
•lower-emission energy sources that benefit from less exposure to Greenhouse Gases (GHG) emissions, lower costs, policy incentives; and
•efficient production and distribution of resources to lower operational costs and raise both production capacity and the value of fixed assets.
Transition finance and just transition
The regulatory framework must support growth, which is key to a stable and orderly transition.
We want to help achieve sustainable development and pledge to play an active role in supporting the green transition. It is vital that the transition is just and inclusive, taking into account regional and sector specificities to avoid isolating communities and stranding assets.
We aim to embed and promote the just transition through our engagement approach, our risk management policies and processes, and our sustainable and investment products. We consider this approach when devising our policies and reviewing our SFICS (Sustainable Finance and Investment Classification System), which covers activities aimed at addressing or mitigating social and environmental issues; bringing focus on specific matters such as protecting the Amazon biome (given our operations in Brazil) and helping local communities; and supporting initiatives like the Just Transition Alliance, led by the Grantham Research Institute at the London School of Economics.
2.2.1 Corporate and investment banking (CIB)
CIB has raised and mobilized globally EUR 139.4 billion in green finance between 2019 and December 2024. This target focuses on green use of proceeds, such as renewable energy, across products where well-recognized public information is available.
GREEN FINANCE VOLUMES FROM 2019 TO 2024
Raised or facilitated. EUR bn.
139.4
220
20192030
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2024 GREEN FINANCE VOLUMES
SPLIT BY PRODUCT
Raised or facilitated. EUR bn.
20890720987552
DCM (Debt capital markets); M&A (Mergers and Acquisitions)
Information obtained from public sources, such as Infralogic, TXF, Bloomberg or Mergermarket league tables. All roles undertaken by Banco Santander in the same project are accounted for. Other sustainable finance components, such as financial inclusion and entrepreneurship, are excluded. Green Finance raised and facilitated is not a synonym of EU Taxonomy. Information from League Tables extracted by January 15th, 2025, latest.

Our sustainable finance proposition includes expertise in renewable energies, as demonstrated by our long-standing global leadership in this field. We also provide a range of sustainable finance structuring solutions and advice across multiple products and geographies. Our client climate tiering approach is designed to aid in the identification of customer-level priority areas and provide transition benchmarking to support our customers in financing their transition. Our corporate finance advisory proposition, led by our global team of experts in green and transition technologies, enables us to provide bespoke strategic and corporate finance advice on opportunities to accelerate the adoption of low-carbon technologies to meet their sustainability ambitions. For more details, see below select case studies that demonstrate how we support our customers in the energy transition.
During 2024, Santander remained active in corporate finance transactions in the renewable energy sector across different technologies and geographies. In Europe, CIB supported Enel in a landmark transaction which is among the largest deals closed in the region: the sale of a 49% stake in a 2GW portfolio of operational solar PV assets in Spain to Masdar. Santander also supported Canadian Solar in the sale of a minority stake in its global development platform Recurrent Energy to BlackRock in March 2024 with a project pipeline totalling 26GW of solar PV and 56 GWh of Battery Energy Storage Systems.
Santander also acted as Financial Adviser to Sonnedix to raise a EUR 2.5 billion debt package to refinance 1.1 GW portfolio of renewable energy assets in Spain, Italy, and France, with the ability to expand the facility with new assets across Europe and the UK. The financing package provided an innovative blend of project finance-like debt structuring with more corporate-style documentation flexibility.
Santander acted as Sole Financial Advisor and LC (Letter of Credit) Provider in 3.16 billion Brazilian reals (BRL) long term financing to the renewable energy Babilonia Central project in Brazil. The project, controlled by a joint-venture between ArcelorMittal Brasil
(55%) and Casa dos Ventos (45%), will have a capacity of 554 MW of renewable energy to be used by ArcelorMittal to align its steel operations in Brasil (estimated 40% of its electricity needs by 2030).
In electric mobility, Santander acted as financial advisor, sole underwriter, and green loan coordinator in the concession of a EUR 225 million green loan to Zunder to help their expansion plan that aims to deploy more than 3,000 ultra-fast charging stations across Europe.
In Debt Capital Markets, Santander helped place several landmark sustainability labelled transactions, including a EUR 1 billion, six-year inaugural green bond issuance by Saint-Gobain, a global leader in light and sustainable construction; a EUR 1 billion, dual-tranche green deal for A.P. Møller-Mærsk, an integrated logistics company; and a EUR 750 million, nine-year debut sustainability-linked bond issued by Gatwick Airport, with targets related to their CO2 emissions reduction. Santander was recognized as ESG Bond House of the Year at the 2024 Global Banking & Markets Latin America Awards, which also selected COFIDE’s USD 300 million, five-year social bond as ESG Bond Deal of the Year, where Santander acted as active joint bookrunner and ESG Structurer. Notable ESG deals in Latin America also include our sole sustainability structurer and sole bookrunner role for the Republic of Guatemala, which issued a USD 800 million, 12.5-year inaugural sustainability bond; a bookrunner position for the Republic of Honduras’ USD 700 million, 10-year debut sustainability bond; and our sole ESG structurer role in the first Mexican taxonomy-aligned bond issuance from Acueducto Cuchillo 2 (6.6 billion Mexican pesos senior unsecured sustainability bond).
In Export Finance, we participated as a Pathfinder, Mandated Lead Arranger and Lender in EUR 1.3 billion green financing partially covered by BPI Assurance Export for Verkor. These funds are allocated to Verkor's first battery gigafactory in Dunkirk, with an initial production capacity of 16Gwh/year.
We also acted as a Senior Mandated Lead Arranger (SMLA) for the construction of H2GS Boden AB’s fully integrated, digitalized and automated greenfield steel plant in the North of Sweden for a total debt of EUR 3.3 billion. Euler Hermes and Riksgalden, the German and Swedish ECAs (Export Credit Agencies), participated in this financing by covering part of the debt. The steel-making process will be powered by hydrogen produced from renewable energy, making it the first European large-scale steel producer based on fossil-free manufacturing. CIB won the PFI Sustainability Deal of the Year for this transaction, as well as 12 other awards, including Europe's Bank of the year.
In Trade Finance, we participated in a EUR 1.2 billion green guarantee line with coverage from Spanish export credit agency Cesce for Siemens Gamesa. The technical guarantees issued under this line will support Siemens Gamesa in its wind projects worldwide.
In Supply Chain Finance, we signed a sustainability-linked confirming program with Vestas in Brazil, the first supply chain finance program of its kind for the energy sector in the country. Santander was also awarded both Best Provider of Sustainable Finance Solutions in Trade Finance and Best Sustainable Supply Chain Finance Program by Global Finance in 2024.

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Financing renewable energy
Grupo Santander has been a leader in renewable energy finance for more than 10 years. In 2024, we were among the top banks in number of transactions and deal value globally, with 82 transactions closed and a 4.54% market share according to Infralogic:
RankLoan ProviderVol. (EUR million)No. transactionsMarket Share
1
Bank 1
8,009794.95%
2
Banco Santander
7,346 
82
4.54%
3
Bank 2
7,175944.44%
4Peer 15,641803.49%
5
Bank 3
4,930663.05%
6Peer 24,126592.55%
7Peer 34,044492.50%
8
Bank 4
3,978412.46%
9
Bank 5
3,538442.19%
10Bank 63,411462.11%
Peers are BBVA, BNP Paribas, Citi, Crédit Agricole, HSBC, ING, Itaú, Scotia Bank and UniCredit. Data extracted by January 15th, 2025, latest.

The greenfield renewable energy projects that we financed or advised on in 2024 have a total installed capacity of 10.2 GW. We also helped expand, enhance and sustain renewable energy brownfield projects that have a total installed capacity of 28.2 GW.
The greenfield renewable energy projects Santander participated as financier or advisor in 2024 can power 6.5 million households per year.
2.2.2 Retail and Commercial Banking
In 2024, Retail and Commercial Banking continued to enhance its proposition with solutions that help customers transition to a low-carbon economy, most notably in such sectors as real estate, mobility and agriculture, as well as in the circular economy (water and waste management). These solutions include sustainability-linked loans (SLL) that complement the products that help customers align production to the transition.
Managing greenwashing risk is one of the Group’s priorities, particularly through compliance with operational guidelines for green finance teams and meeting supervisors’ expectations on climate matters. ESG certification forums review products and transactions to validate that they are consistent with the SFICS before labelling them as green. The SFICS is an automated tool that we implemented in our core markets to provide traceability of decisions and supporting documents.
In addition, we created Green Product Inventories in our core markets where we have implemented standards and established robust control and approval procedures.
These were the core activities we performed in 2024:
•Santander España launched the “Eficiencia Energética” loan for owners associations looking to fund building renovations or boost energy efficiency. This will enable our customers to save on energy bills while helping the environment.
Moreover, through the new Recovery and Resilience Mechanism line of credit, we promote and boost access to sustainable finance mainly for electric vehicles, renewable energy, the circular economy and social housing development.
•Banco Santander Brasil continue to broaden its sustainable finance proposition, especially in renewable energy, agriculture and electric mobility. We worked with Holu Solar to create Energía Plus, a platform to help retail customers and SMEs install solar panels.
•We also launched FIT Energía services for retail and SME customers. FIT Energía is a platform that connects consumers with producers of renewable energy to encourage the use of cleaner and cheaper energy.
•Santander Polska continues to help SME and corporate customers obtain sustainable finance through the “My electric car” programme and a green loan backed by Bank Gospodarstwa Krajowego (BGK). We also launched the Santander New Energy platform, a tool to educate and support SMEs in boosting the efficiency of their production models.
•Santander UK signed an agreement with Scottish Power to offer customers solar panels and heat pumps. Moreover, we also entered into partnership with Octopus Energy to offer customers discount on solar panels and batteries.
•Santander Portugal joined interbank services association SIBS, which developed a platform to help SMEs centralize, report on and share sustainability data, as well as to simplify disclosures on ESG requirements.
•Santander Argentina launched Tienda GRO, an online marketplace to help retail customers finance sustainable products. We also increased the technical and financial solutions for renewable energy projects available to retail customers through our partnerships with leading solar energy providers.
•Santander Chile signed its first real estate loan (USD 25 million) based on the Edge Advanced certificate and under its partnership with the International Finance Corporation (IFC). The bank continues to promote these deals to bolster sustainable development in Chile. We also entered into an agreement with Tesla to broaden our clean mobility proposition.
•In July, Santander Uruguay and Buquebus announced the financing of the world’s biggest electric ferry, which will connect Buenos Aires (Argentina) with Colonia del Sacramento (Uruguay), through a USD 107 million loan granted by the bank and partially backed (USD 67 million) by the IFC. This loan saw Santander and the IFC close the world’s first electric maritime transport deal.
•In October, Banco Santander Perú financed foreign trade deals worth USD 14 million for Exportadora Frutícola del Sur (Grupo Athos), a Peru-based company that holds the Global Gap certificate.
•Santander Colombia was the main lender in Jungheinrich Colombia’s (German logistics multinational) acquisition of electric fork-lift trucks. We also signed an agreement with Enel X to offer our customers solar panel solutions.
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Working with multilateral institutions
Santander continues to work on aligning sales activities with the objectives and opportunities that multilateral development banks (MDBs) drive in the countries where the Group operates.
In 2024, Santander España and Portugal took part in a Green Gateway Advisory Programme coordinated by the Invest EU Advisory Hub to boost the role of banks in the transition to a low-carbon, resilient economy. The purpose of this programme, which EIB (European Investment Bank) and PwC advisors lead on, was to assess Santander's, the EIB’s, and the EIF’s eligibility criteria, uncover the key trends and opportunities in the sustainable finance market, and explore core MDB tools that the Group can use to drive green production among customers.
As part of a synthetic securitization with the EIB, Santander Portugal agreed a line of credit for residential and commercial real estate transactions of new buildings with almost zero emissions and renovation of existing homes according to sustainable standards. This enables us to offer significant discount on the loan spread of customers whose transactions meet EIB’ sustainability standards.
2.2.3 Wealth Management & Insurance (Wealth)
Most socially responsible investment (SRI) products with ESG aspects (registered as Article 8 SFDR-Sustainable Finance Disclosure Regulation) that Santander Asset Management (SAM) manages have a sustainable investment objective ranging from 1% to 50%. Some investment products registered as Article 9 have a 100% sustainable investment objective (excluding cash and derivatives).
As part of our SRI product range, we have thematic funds that focus on renewable energy (Santander Iberia Renewable Energy), social objectives (Santander Prosperity), agriculture (Atgro), and climate (Santander GO Global Environmental Solutions, Santander Innoenergy Climate, and Santander Sostenible Bonos).
The Santander Sostenible Bonos fund, launched in 2019, was a trailblazer in Spain for investing in green bonds to finance clean energy, emissions reduction and other green initiatives. The fund also invests in social, climate change, environmental and other sustainable bonds.
In private markets, Santander Alternative Investments (SAI) offers two solutions to address climate change: Santander Iberia Renewable Energy, a private equity strategy that invests in solar and wind energy projects in Spain and Portugal; and Santander Innoenergy Climate Fund, a venture capital strategy that invests in climate technology startups that work on renewable energy, smart grids, energy efficiency, storage systems, green energy batteries, mobility and the circular economy.
SAM has an advisory mandate for LA Green, a blended finance fund to boost the SME green bond market in Latin America, mobilize large-scale capital and make a positive contribution to society and the environment.
Moreover, SAM’s SRI products include solidarity funds that donate a portion of their fees to NGOs. In 2024, we boosted our proposition by making changes to two equity funds: Santander Sostenible Bonos and Santander Sostenible Renta Fija Ahorro, and two profiled funds: Santander Sostenible Crecimiento and
Santander Sostenible Evolución a solidarios. These funds donated to several NGOs to educate young people at risk of exclusion and help vulnerable women search for jobs, among other causes. Our Santander Responsabilidad Solidario fund won 'Best solidarity fund' at the Expansión-Allfunds Awards.
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For more details on Socially responsible investment, see section 5. 2 'Responsible investment and social finance'.
2.2.4 Digital Consumer Bank (Consumer)
At Digital Consumer Bank, we have the opportunity to help our customers in their transition to more sustainable mobility and a low-carbon economy. Enhancing our sustainable finance proposition is key to achieving our climate transition targets. We split this proposition into auto and non-auto.
Auto
Santander Consumer Finance (SCF) is Europe’s leading auto lender. Our ambition is to boost our sustainable finance proposition while remaining number one. Our leadership enabled us to support the green transition with EUR 6.8 billion in finance for electric vehicles and reach a market share of 12% in Europe, as well as contributing to the alignment of our auto lending portfolio and 2030 target in Europe.
EU regulation is carving out the path for the automobile industry to align through two key measures:
•Emissions targets for manufacturers in relation to new vehicles sold in a year, with progressive, more restrictive targets for passenger vehicles of 95gCO2/km in 2020-2024 down to 49.5gCO2/km in 2030-2034. The penalty for a failure to meet these targets will amount to EUR 95 for each CO2 g/km of excess per vehicle sold. Most manufacturers in Europe are currently above this threshold, which could lead to penalties across the industry or the need to restrict sales of combustion-engine vehicles, but also establishing commercial policies to encourage the sale of low-emission vehicles, or the creation of pools with other brands.
•Prohibition to sell combustion-engine vehicles (unless powered by e-fuels) from 2035.
In 2024, hybrid vehicles saw the highest growth in sales in Europe, with an increase in market share of 31.4%. This suggests only a partial shift in consumers’ mindset towards more sustainable mobility, with perceived barriers to electric vehicles remaining (largely due to a lack of charging infrastructure).
For the first time in several years, electric vehicle registrations fell in Europe in 2024. An end to electric vehicle subsidies in Germany triggered a 27.4% drop in sales compared to 2023. Markets where policy measures have been discontinued have seen electric vehicles become less popular, which once again highlights the link between the sale of these vehicles and government aid.
SCF continued increasing electric vehicle lending, with a market share in Europe of 12% (above the total Auto market share off 8%). This further reflects SCF’s leadership in the electric vehicle market. In 2024, SCF financed 243,315 vehicles (17% of its total business) worth EUR 6.8 billion (13% of the total Auto portfolio). Electric vehicles account for 24% of SCF’s new car business (number of agreements), which outlines its success in this area.
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This progress has been helped by signing new financing agreements with electric vehicle manufacturers; and extending partnerships with traditional manufacturers that have set a roadmap and strategic plan to electrify their fleet (and who, therefore, are showing a solid objective to the sustainable mobility transition).
SCF has also come up with innovative, holistic financing solutions to aid customers’ energy transition, such as home bundles that include charging points and solar panels.
We will continue working on building partnerships with new electric vehicle manufacturers that enter the European market as well as with startups that show vast potential in terms of new sustainable mobility ideas such as battery swapping.
Nonetheless, the effectiveness of all these measures in the medium and long term and SCF’s growth in electric vehicle lending will depend on external factors that include regulation; the technological developments needed to reduce production costs and ensure access to key materials to manufacture green vehicles; the infrastructure to expand capacity and boost efficiency; and customer demand and market trends.
Non-auto
On top of Santander Consumer Finance’s leadership in auto lending, it is also a reference in Europe in other consumer finance sectors, with prominent partnerships and a presence at over 75,000 points of sale throughout the continent.
This vast footprint requires a strong social and environmental objective to drive a more sustainable economy. With specific, measurable actions, SCF is working on a green finance model that promotes environmentally-friendly projects and products for responsible consumption.
Our sustainable finance value proposition for the Consumer business covers these sectors:
•Real estate: Solar panel installation, upgrade to sustainable home heating and cooling systems, and energy efficient devices.
•Sustainable mobility: Electric vehicle charging points, emission-free vehicles such as bicycles and scooters, and conversions of combustion engines to less polluting alternatives such as liquid natural gas and hydrogen.
•Other activities: Sustainable fashion, second-hand clothes, used mobile phone buybacks and the issue of cards made of sustainable materials (recycled PVC/PLA) as part of the circular economy.
Our value proposition is also complemented with financing programmes for education so that students can access the tools they need to achieve greater inclusion.
We run other initiatives such as “Hazte ECO” (SCF España) where we invite customers to join projects to protect the environment when they use their cards. SCF contributes 1% of purchases to these projects and makes twice-yearly donations to Fundación Global Nature to help restore Spain’s wetlands.
The EUR 155 million in green finance disbursed by the Consumer units in 2024 is a key sign of our objective through this value proposition.
However, consumers continue to face several obstacles such as:
•Solar panels: A product with a specific shelf life (10-15 years) requires significant investment and a lengthy repayment plan, which coupled with more stable electricity prices has caused customers’ appetite to wane.
•Electric bicycles: Electric bicycles are growing in popularity in Europe, especially in crowded cities, where they are a practical alternative to passenger cars. Despite being cheaper than electric vehicles, these bicycles are expensive and require significant investment (depending on the model).
The high level of investment that most sustainable initiatives require government subsidies. Lack of such subsidies and bureaucratic obstacles to aid has an impact on customer appetite.
2.2.5 Payments
In 2024, 84% of the cards we acquired (39 million) were made from sustainable materials (recycled PVC/PLA) and we have continued to make progress in providing solutions to our customers to calculate their carbon footprint based on the payments they make with their cards, as well as initiatives to offset it.
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2.3 Embedding ESG in risk management
ESG factors risk management
Due to our ESG strategy, the scrutiny from stakeholders and the regulatory, reporting and disclosure requirements, we continue to work on embedding and monitoring ESG aspects in risk management. We consider ESG risk factors, especially climate-related and environmental, cross-cutting and likely to have an impact on credit, market, liquidity, operational, reputational, strategic risks, among others.
The management of these factors adopts a risk-based approach prioritizing climate and environmental aspects based on the relevance and materiality in the Group and in the current landscape. We keep improving the consideration of the elements that stem from the transition to a low-carbon economy, the physical effects of climate change and biodiversity loss, and actions to consider negative impacts on nature.
We manage social risk based on internal policies and frameworks, which draw on international principles and sector standards, and it adapts to the legal framework of the jurisdictions in which we are present.
Additionally, governance risk is analysed from a dual perspective, both the internal governance in Grupo Santander and the assessment of our customers’, considering proportionality and relevance criteria.
We identify below the typologies of climate and environmental risks:
Transition risk (TR)
Physical risk (PR)
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Market sentiment
Changes in the supply and demand of certain commodities, products and services which are considered climate risks and opportunities, pose a reputational risk among other potential issues.
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Acute
Intense extreme weather events, such as wildfires, hurricanes or floods.
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Chronic
Changes in rainfall patterns, extreme weather variability, average temperature rises, severe heatwaves, droughts and rising sea levels.
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Policy action
Implementing carbon pricing mechanisms to reduce greenhouse gas emissions; using energy sources with lower emissions; adopting energy efficient solutions; and promoting water efficiency measures and more sustainable land use practices.
Beyond climate
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Natural risk
Negative impact of nature degradation (including its biodiversity and the loss of ecosystem services) on economies, financial institutions and financial systems; and/or the lack of alignment of economic players with actions to protect, restore and reduce negative impacts on nature.
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Technology
The need to build and innovate to support the transition to an energy efficient financial system with lower CO2 emissions. This can have a significant impact on companies as new technology displaces obsolete systems and disrupts some components of the financial system as we know it.
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We measure the potential impact of the climate and environmental factors of each risk type across several time horizons, based on the average maturity of the portfolios analysed. The following table shows the potential impacts and our progress against the climate and environmental matters in 2024, and next steps:
Risk type
Climate1 and environmental drivers
Time horizon analysed
Potential Impact of climate and environmental risk factorsWhat we’re doing to manage climate and environmental riskNext steps
Credit
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Present day - short - medium - long term
→Extreme weather can lead to higher retail and corporate loan default and lower collateral value It can also lead to lower incomes, harm agriculture, and increase insurance coverage and premiums. Moreover, changes in wind patterns that reduce energy production can lead to higher operating costs and hamper productivity. The degradation of nature can affect productivity in the agricultural sector and the value of collaterals. This may increase loans repayments and early disposal due to property damage in 'high risk' locations.
→Adverse weather conditions can cause significant financial losses, endanger communities, harm the environment and affect the value of collaterals.
→The failure of borrowers to adapt their business models to a low-carbon economy could heighten credit risk and, therefore rise the risk of an income or activity reduction that may increase default or lead to a loss of business value.
→Market sentiment that influences demand; obsolete technology; customer preferences.
→Higher operating costs for carbon-intensive customers; information requirements (data gathering), especially on emissions (e.g. Scope 3) and green taxonomy disclosures; and new EU financial information directives stemming from government measures.
→Conducting materiality assessments to identify physical and transition risk in our portfolios.
→Monitoring of climate concentration risks by sector and region in the short-, medium- and long-term.
→Creating vulnerability heatmaps for the analysis of climate risks in the present day, short, medium and long term via Orderly, Disorderly and Hot House World scenario analyses.
→Implementing mitigation measures such as policies, thresholds and insurance to combat risks and their impact.
→Conducting scenario analyses and measuring sensitivities to forecast changes in ratings, the probability of default (PD) and loss given default (LGD) considering physical and transition risk.
→Monitoring portfolios through metrics to control E&CC2 risk factors in BAU processes.
→Measuring E&CC factors across customer and transaction analysis and embed into ratings.
→Monitoring risk appetite limits and alerts to manage climate-related sectors.
→Monitor the progress of the subsidiaries against The Climate Race (our credit risk target operating model for climate and environmental factors) to validate the successful inclusion of E&CC factors across the end to end credit risk cycle, to allow the identification and mitigation physical and transition risk.
→Calculate financial impacts through internal climate models for the short, medium and long term.
→Continue to develop and enhance tools to monitor E&CC factors that consider physical and transition risk in each segment.
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Risk type
Climate1 and environmental drivers
Time horizon analysed
Potential Impact of climate and environmental risk factorsWhat we’re doing to manage climate and environmental riskNext steps
Market
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Short term
→High volatility in market factors under stress scenarios.
→Changes in market perception leading to wider credit spreads for business in impacted sectors.
→Extreme weather conditions could raise concerns about the business plans of companies operating in the impacted sectors and widen their credit spreads.
→Regular reviews of climate stress scenarios and the subsidiaries that apply them.
→Stress testing using physical and transition risk scenarios.
→Trading portfolio analysis of current exposure to climate-sensitive business activities.
→Enhance stress testing by reviewing new scenarios to include in the exercise.
→Adapt stress testing to market practices.

Liquidity
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Short term

→Market impacts on the value of high quality liquid assets in Santander's liquidity buffer.
→More frequent extreme weather that stifles economic growth in countries susceptible to climate change, causing sovereign debt to rise and limiting access to capital markets.
→Cash outflows from companies trying to boost their reputation in the market or solve problems with climate scenarios.
→Extreme weather conditions could cause financial impact on companies operating in the affected sectors impacting the funds deposited in the bank.
→Qualitative and quantitative climate scenario analyses of impacts on highly liquid assets (HQLAs) and financing of exposed companies.
→Analysis of higher outflows due to changes in market perception of corporations in climate-sensitive business activities.
→Enhance stress testing and reviewing new scenarios to include them in the exercise.
→Adapt stress testing to best market practices, including new liquidity scenarios to measure their impact.
Operational
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Short - medium - long term


→Severe climate events can cause damage to our assets, including branches, data centers, headquarters and other owned or rented properties. Impacts on our own or our suppliers’ premises can also affect business continuity.
→Climate and environmental - related factors can also lead to operational risk losses from litigation, claims due to inadequate sales or non-compliance with ESG standards.
→Conducting operational risk and self-assessment controls that include ESG-related risks to evaluate our exposure.
→Conducting mandatory operational risk scenario analysis that cover extreme physical and transition risk events.
→Including an ESG flag in the operational risk events database to identify events and losses from climate-related and environmental risks.
→Including an assessment of climate threats in business continuity scenarios.
→Conducting a materiality assessment on climate-related operational risk.
→Updating documentation and delivering training relating to the embedding of ESG factors across operational risk management, as well as sharing best practices throughout the Group.
→Enhance operational risk reporting on climate and environmental - related factors.
→Promote cooperation within the industry to share data, scenarios and best practices on climate-related operational risk management.
→Work with the Corporate Insurance team to conduct analyses on the insurability of climate-related losses.
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Risk type
Climate1 and environmental drivers
Time horizon analysed
Potential Impact of climate and environmental risk factorsWhat we’re doing to manage climate and environmental riskNext steps
Reputational
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Short - medium - long term
→Customers, investors and other stakeholders could believe that banks aren't doing enough to meet low-carbon targets, that they could be acting against their policies, or that their objectives do not meet stakeholders’ expectations.
→Stakeholders’ potential perception of inadequate financing and investment in climate and environment-related sectors, including activities linked to deforestation and/or biodiversity loss.
→Possible misinterpretation by customers, investors and other stakeholders of institutional disclosures or statements, actions, announcements, policies and the sustainability features of products.
→Implementing preventative measures to manage reputational risk and disclose risk data so that governance bodies can make informed decisions when assessing or sanctioning sensitive transactions that involve climate and environmental risk.
→Regularly monitoring reputational issues and disputes (including climate and environmental matters) via working groups, involving functions such as legal, sustainability, investor relations, public policy, supervisory and regulatory affairs, risk, among others.
→Development and update of greenwashing risk management guides that define the roles and responsibilities of key processes, and subsequently set specific training programmes.
→Enhancing materiality assessments to measure climate-related and environmental reputational risk. Developing a methodology to quantify the reputational impact of climate and environmental risk.
→Continue to strengthen collaboration between business and support areas as well as risk and compliance functions to embed climate and environment-related reputational risk in our operations.
→Continue bolstering greenwashing risk prevention, identification, management and control.
→Continue managing ESG events that pose material reputational risk and anticipate these events through early detection measures.
Strategic
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Short - medium - long term
→Our strategy could be affected if we fail to achieve our climate and environmental targets, including those related to the activities we fund and those related to our own operations.
→Regulatory divergence between climate change and ESG requirements in the markets where we operate, including a possible new regulatory cycle and slowdown in the implementation of the Paris agreement.
→Challenging ESG targets in the Group’s strategic planning.
→Monitoring the Group’s ESG indicators regularly.
→Monitoring ESG indicators as part of our regular competitor analysis.
→Identification of emerging ESG risks, including analysis of the potential impact under stressed scenarios on the Group’s strategic targets so that action plans can be implemented in the event such risks materialize.
→Monitoring of ESG aspects in initiatives presented at the corporate product governance forum (CPGF) and investors’ forum.
→Regularly review ESG indicators to support alignment with the Group’s strategy.
→Monitoring of Key Performance Indicators (KPIs) related to Business Model Performance.
→Monitor climate and environmental threats as part of emerging risk identification.
1. Though all climate drivers impact on risk factors, we have only included the key ones in this table.
2. E&CC: environmental and climate change.
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Risk management in SAM
SAM considers that climate-related factors can pose risks and opportunities for companies and have an impact on the long-term risk and return profile of investment portfolios. By analysing climate risk, we can better understand the assets we invest in, identify the issuers best positioned to overcome future challenges, seize new opportunities and create value for businesses and broader society.
The climate-related risks that SAM’s ESG analysis model considers are:
•regulatory risks related to greenhouse gas (GHG) emissions, such as higher prices;
•the risk of new, more efficient low-carbon technology alternatives that may render existing technologies obsolete; and
•market risks stemming from increased costs and shifting consumer demand, which could result in stranded assets; higher operating costs; lower demand for products and services; and the higher cost of, and limited access to, capital.
2.3.1 Resilience of our strategy and business model to climate change
Managing climate and environmental risk factors is key to continue strengthening the resilience of the Group's strategy and business model for climate change.
To enhance such resilience, we embed climate and environmental risk factors in each stage of the risk management cycle through which we analyse our own facilities and customer's financing process. The risks derived from these factors is also included in our policies, procedures, tools, metrics, governance and culture.
Embedding climate and environmental factors in our risk management includes the identification, planning, assessment, monitoring, mitigation and reporting, across different climate scenarios and time horizons defined, see further detail in the next section.
Additionally, the risk function works to strengthen our strategy via the following processes:
•We carry out an analysis and challenge of the strategic plan (Risk Challenge) to identify potential threats that may compromise the achievement of the Group's objectives.
•We have a risk management control model to identify, assess, mitigate, monitor and report all material risks, including ESG, that could materialize and affect our strategy and/or business model.
•Santander regularly conducts an emerging risks exercise to identify key threats to our strategic plan under theoretical stress scenarios with low likelihood of occurrence.
In this sense, we aim to identify, assess and monitor physical, transition and regulatory risks that may have an impact on our business model, profitability or solvency, improving the resilience of our strategy.
The monitoring of the material issues related to the ESG risks identified in the described processes, as well as the main lines of action for their management, are periodically reviewed through the corresponding risk governance bodies which participate in the definition of the business model and the Group's strategy in this matter.
Santander understands how climate-related and environmental risks affect our business environment across the short, medium and long term to inform their business strategy process. The way that we strategically respond to changes and uncertainties in our business environment stemming from climate-related and environmental risks will impact the resilience of the business model over time. We are explicitly considering climate-related and environmental changes in macroeconomic and regulatory environment and the competitive landscape, in particular, and reflected in Santander’s business strategy processes, and demonstrated by documented management body meetings and discussions.
2.3.2 Risk management cycle
At Grupo Santander, we manage climate and environmental factors with a special focus on those that are most material for the different risk types.
Below we describe how we integrate these factors into the risk management cycle.
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1. Identification
We conduct regular risk identification exercises to assess events that could threaten the Group's strategic plan. These exercises consider ESG risk factors — including mainly climate factors — with additional consideration of other factors such as greenwashing, environmental risks that go beyond climate (nature and biodiversity), social risks, among others.
Risk identification helps us understand the internal and external threats posed by the environment and climate change to our business model, profitability, solvency and strategy.
Moreover, our internal risk taxonomy, heatmaps and materiality assessments form the basis for identifying and classifying the material environmental and climate-related risks in our portfolios.
2. Planning
We include risk management into the strategic planning process that has different time horizons, in addition to the ad-hoc analysis at each moment:
•One year for the short term (this is the standard time horizon for the short term in the Group).
•One to five years for the medium term (financial planning).
•More than five years for the long term (strategic plan).
3. Assessment
We consider ESG aspects as factors that may impact existing risks across different time horizons. We assess these factors regularly according to regulatory frameworks and practices.
The assessment of the ESG factors that could be material due to their potential impact on Santander's risk profile is conducted considering the following aspects:
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Identification of ESG drivers: we use recognized sources including but not limited to: TCFDA, UNEP FI, ENCOREB, SBTNC, NGFSD , to identify climate and environmental aspects that can impact several risk types. We also use several tools for this exercise, including heatmaps, sectoral climate and environmental classification, historical information, idiosyncratic scenarios and forward-looking scenario projection to aid continuous monitoring.
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Analysis of the transmission channels: we analyse how the factors identified in the previous stage can materialize and impact on the risk types included in our risk management framework. They can be macroeconomic (e.g. socioeconomic, productive) and microeconomic (e.g. affecting household wealth and/or income) in nature.
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Assessment of the materiality of the potential impact on the main risks: in this stage, we analyse the potential impacts that could arise from the materialization of the risk factors previously identified through the transmission channels described, based on qualitative and/or quantitative approaches.
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Overview of a consolidated materiality: for internal and external disclosure of the materiality of ESG factors analysed, we aggregate the results of the impacts for each risk type in a consolidated report (detailed on the following pages), based on a five-point RAGE status (from Low to Very High) across the short, medium, and long term.
A. Task Force on Climate-related Financial Disclosures.
B. A materiality database of dependencies between production processes and ecosystem services.
C. Science Based Targets Network.
D. Network for Greening the Financial System.
E. Red, amber and green.

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The following table shows the consolidated results of the materiality assessment by risk type and time horizon as of year-end 2024:
Transition RiskPhysical Risk
STMTLTSTMTLT
Credit riskA
CIBllllll
Corporate & SMEllllll
Individualsllllll
Auto Consumerllllll
Operational riskB
llllll
Market riskllllll
Liquidity riskllllll
Reputational riskllllll
l Low l Moderately low l Medium l High l Very high
Short term (ST): 2025 | Medium term (MT): >2030 | Long term (LT): >2050
A. Assessment as of September 2024.
B. Assessment as of November 2024
In 2024, we continued to develop and enhance our materiality assessment approach in order to strengthen the resilience of our strategy. We have incorporated regulatory aspects, industry best practices, further homogenization, and synergy among different risk types in terms of sources, thresholds and scenarios.
The above table shows the final outcome of several procedures by risk type. These procedures use various tools and methodologies to assess the potential impact of climate factors. We use the above-mentioned risk factor materiality assessment to underpin climate risk identification and assessment as part of our double materiality procedure.
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For more details, see section 1.3. 'Materiality Assessment'.
The materiality assessment's rationale for each risk type is as follows:
→3.1 Credit risk:
We conduct a materiality assessment every quarter to identify, assess and monitor the Group’s climate-related and environmental credit risks by sector and geography. This assessment involves a review of the present day and other time horizons based on climate scenarios.
We use in-house scenario analysis techniques and climate stress test models to calculate and monitor climate impacts on key credit risk metrics, such as the probability of default (PD) and loss given default (LGD), across several time horizons, scenarios and at all geography, sector and unit levels.
We complete this assessment with three further initiatives, among others:
a.Customer assessment for the corporate portfolios that analyze the key aspects of transition, physical, social and environmental risk. This assessment is conducted locally.
b.Deep dives into key portfolios such as the collaterals in real estate and auto loans.
c.Geographical assessment of physical risk (acute and chronic) that uses information from expert models across different scenarios and time horizons.
The findings of our materiality assessments are key to defining our strategy, risk appetite, the identification of emerging risks and even for other stress test exercises (such as the ICAAP-Capital adequacy assessment process).
Materiality assessment enhancements in 2024
In 2024, we enhanced our credit materiality assessment to reflect the latest industry and regulatory developments by:
a.Enhancing geographic granularity of physical risk (acute and chronic) information in our European portfolio, from Nomenclature of territorial units for statistics at level 3 (NUTS3) to postcode in our core markets of Poland, Portugal, Spain and the United Kingdom;
b.The development of a new real estate module in Klima tool, which includes physical and transition risks;
c.Improved how we manage and assess collateral through the efficiency performance certificates (EPC) by obtaining data, developing estimation models and drawing up plans to gather such information during customer onboarding processes.
d.Implemented concentration metrics to monitor physical and transition risk management in our subsidiaries; and
e.Used internal climate stress test models (included in the ICAAP) to calculate financial impacts (customer 'bottom-up' approach for the CIB portfolio and 'top-down' approach at sector and geography level for the rest of the portfolios).
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Klima
We run our materiality assessments through our ESCC Credit Risk Management tool Klima, where we aggregate, manage and monitor ESCC risks at local and Group level, with focus by sector and geography. It also includes an analysis of the physical risks of several economic activities and collateral.
We continue to work on enhancing climate information, methodologies and use cases:
1.Climate materiality:
Though the findings by sector of our 2024 credit risk materiality assessment (see table below) follow a similar pattern to 2023, transition risk exposure in CIB to most vulnerable sectors decrease slightly. On the other hand, our portfolios continue to show less vulnerability to physical risk, given the concentration in low-risk locations.

Materiality assessment -
Climate risk analysis and portfolio heatmap
September 2024 (pre-mitigation) - EUR billion
TRPR
CIB
Other segments
Power (conventional)262
Power (renewables)
130
Oil & Gas201
Mining y metals137
Transport2912
Auto Consumer
0162
Real Estate7386
Other climate-related sectors
Agriculture39
Construction1815
Manufacturing4425
Water & Waste31
Climate sectors175621
Other sectors65212
Total portfolio241833
 ¢ Low ¢ Moderately Low ¢ Medium ¢ High ¢ Very High
TR: transition risk. PR: physical risk.
CIB: REC (on and off-balance sheet lending + guarantees + derivatives PFE: Potential Future Exposure).
Other segments: Drawn amount; includes individuals, SCF, Auto US, Corporates and Institutions, and SMEs.
Other sectors: considered as low risk; include: CIB, Corporate and SMEs outside the risk taxonomy perimeter // Individuals and SCF: cards and other consumer credit // Private Banking (excl. mortgages).
Exposure 0 represents exposure below EUR 500 million.
2.Vulnerability heatmaps
We analyze materiality assessment findings through heatmaps that show our vulnerability to climate risk. These heatmaps rate climate risks on a scale from 1 to 5 (low to very high).
These heatmaps are based on the present day and on scenario analysis methods and models that complement our qualitative methodology and provide a forward-looking and geography-based analysis of portfolios across the medium and long term, considering impacts based on their probability, relevance and duration. Although we illustrate these in the table below according to the statistical classification of economic activities in the European Community at level 1 (NACE 1, from the French 'Nomenclature statistique des Activites economiques dans la Communaute Europeenne'-Statistical classification of economic activities in the European Community) breakdown, our sector analysis in risk management goes up to NACE level 4 to monitor the composition of our portfolios, capturing most of our value chain.

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Transition Risk
Physical Risk
Current
OrderlyDisorderly
Current
Hot House World
203020402050203020402050203020402050
Oil & Gas
Mining & Metals
Power (Conventional)
Power (Renewables)
Transport
Auto Consumer
Agriculture
Manufacturing
Water & Waste
Construction
Real Estate
Risk level: ¢ Very high ¢ High ¢ Medium ¢ Moderately low ¢ Low
3.Internal climate models
Detailed below is an overview of our internal climate model:
ClimateInternalModelENG.jpg
Our climate internal models enable us to quantify the financial impact4 of transition and physical risks that we monitor through changes in PD and LGD metrics. Our model estimates the direct and indirect impact of macroeconomic and climate variables, market trends and regulatory expectations. This model takes a bottom-up approach by considering each client's financial situation and technology. Where we don’t have specific customer information, we use a top-down approach by sector and geographical location.
The development of internal models allows us a high degree of flexibility and capacity for analysis and adaptation to our portfolios,
including its characteristics and maturities, to new economic and regulatory requirements. The main features are briefly described below:

A.Scenarios are based on those published by the NGFS5 and Representative Concentration Pathways (RCP), developed by the Intergovernmental Panel on Climate Change (IPCC), which are references in the sector. Moreover, our Research department embeds and broadens external scenarios to more specific variables by country and sector to achieve thorough vision aligned to our portfolios.
4 According to Note 54 "Risk Management": Based on internal models and results from regulatory and supervisory climate stress exercises, the Group does not believe that additional environmental or climate change risk has had a substantial impact on its equity, financial situation and results in 2024
5 NGFS scenarios provide the common and up-to-date reference point for understanding the evolution of climate risks and trends in climate policy and technologies over different time horizons. For this reason, they are used as a basis for showing impacts on our portfolios by calculating a range of outcomes.
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B.Physical risk impact considers the financial impact of acute and chronic risks, as well as long-term changes in weather patterns to give us a wide range of events that we assess at regional level. For these financial impacts, we use data from an expert reinsurance company, considering scenarios across different time horizons. We include physical risk impact through:
-Chronic: Impact on companies' revenue due to chronic physical effects (e.g. change in productivity).
-Acute: Increase in costs due to damages to companies' assets from extreme weather events.
C.The impact of transition risk, relates to changes in drivers such as climate policies, technology and investor and consumer
sentiment that can affect demand, which affects customers on an individual basis. Therefore, depending on the level of information available, we carry out a bottom-up or top-down approach.
D.Counterparty forecasts, which reflect the changes in the financial ratios included in the credit risk rating models and are based on forecasted revenues and costs under the different scenarios, including physical and transition risk impacts. The projected ratings give us the associated PD to the counterparty. Lastly, the LGD is estimated using the Frye-Jacobs relationship between PD and LGD.
NGFS scenarios
RCP climate scenarios
Physical and transition risksPhysical risk
Orderly, assumes ambitious climate policies implemented early, which gradually become stricter. Therefore, both physical and transition risks are relatively moderate.

RCP 2.6: stringent mitigation scenario with the aim to keep global warming below 2ºC. This is associated with orderly scenarios.
Disorderly, climate policies are not introduced until 2030 and may differ between countries and sectors..
RCP 4.5: intermediate scenario where emissions reach their peak in 2040 and then decrease. This is associated with disorderly scenarios.
Hot house world (current policies), it is considering that some climate policies are implemented in some jurisdictions, but that global efforts are insufficient to stop significant global warming. Serious physical risks and irreversible changes, including rising sea levels.
RCP 8.5: very high GHG emissions. It is a business as usual scenario where emissions keep increasing throughout the whole century. This is associated with Hot house world scenarios.
4.Customer assessment
For corporate customers within climate sectors according to our risk taxonomy, the materiality assessment is complemented with analysis performed at local level that considers key physical, transition, social and environmental aspects.
We consider their findings in loan approvals and customer rating procedures.
Challenges and next steps:
Santander continues to work on embedding ESCC factors in our processes by upgrading our data, estimations, tools and models. In particular:
i.Implementing models to assess the impact of climate on credit risk metrics (PD and LGD) by using scenario analyses and models, and including customers' ESCC assessments in corporate portfolios ratings.
ii.Localizing CIB customers’ production sites to obtain more accurate results in physical risk assessments.
iii.Calculating financial impacts across the short, medium and long term through the climate stress test models already included in the ICAAP.
Auto consumer
We conduct an in-depth analysis of this portfolio given the weighting of the Consumer Auto in Santander's portfolio and its specific characteristics and regulations. We consider key risk factors such as products evolution, residual value risk, portfolio average maturity, shifts in market sentiment and technology developments adapted to different markets. Moreover, we review other characteristics such as product type, borrowers' credit risk profile, engine type (internal combustion engine, hybrid or electric vehicle).
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Physical risk
To assess physical risk by geographical location, we work with a leading provider in the reinsurance industry, which enables us to measure the risk of 13 physical hazards (eight acute and five chronic). We analyse the markets where we operate, with a breakdown of over 1,250 regions (NUTS 3 or equivalent), and cover all economic activities in our Risk Taxonomy, as well as the business lines (such as mortgages and automobiles).
We assess each region (NUTS3) to measure the associated physical risks by rating them on our five-point RAG (Red, Amber and Green) scale (low to very high).
To assess the frequency and intensity of natural hazards, we use RCP scenarios across different time horizons (present day, 2030, 2040, 2050 and 2100).
Our analysis, based on a conservative approach, uses RCP 4.5 scenario and time horizons of 2030 for economic activity sectors
and 2050 for collaterals at Group level. The results are included in our materiality assessment at Group level, by region (Europe, North America and South America) and by subsidiary. The results show that while certain sectors are more exposed to physical risks, such as agriculture, conventional energy and mining, their concentration in the Group is very low (between 1% and 2%). The collateralized portfolios have the lowest impact, albeit with very high concentration of exposure in the Group.
The granular, forward-looking physical risk assessment enables us to actively manage these risks through monitoring, metrics and mitigation measures.
Finally, to measure and quantify physical risks more accurately, we increased the granularity of physical risks for the European portfolio (Poland, Portugal, Spain and the UK, as we now have information at postcode level).
Real estate
Santander’s real estate portfolio accounts for a large proportion of Santander's balance sheet, which is why we developed a specific module within the Klima tool with a detailed overview of the portfolio’s transition and physical risk.
Regarding transition risk, we increased the quality and quantity of EPC data by obtaining information, developing estimation models and defining plans to gather information during the customer onboarding process. This internal model consists of a machine learning algorithm that applies a combination of variables related to the real estate guarantee (type of property, geographic location, etc.), learning from observations made from actual data available. These enhancements give our analysis a broader scope, covering the corporate and retail segments.
This chart shows the EPC coverage of our balance sheet and distribution of actual and estimated EPC labels based on the standards and regulation in each market where this information exists:
Residential and commercial real estate EPC data (December 2024):
14293651363092
Distribution of exposure to residential and commercial real estate portfolios by EPC (December 2024):
Distribution based on Portfolio with EPC information. (RAG according EPC Standards)
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We made considerable progress with physical risk through a review of acute and chronic risks in several scenarios and time horizons, broken down geographically at NUTS3 level. Considering a forward-looking view across different time horizons, the percentage of exposure to high and very high physical risks is not material compared to our total portfolio.
Nonetheless, we continue working on conducting a more granular assessment in Europe, where portfolio concentration is higher.
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→3.2 Operational risk:
We assess the potential impact of physical risk through a combination of specific location-based risk scores, data on the bank’s own facilities and insurance, and internal scenario analysis for certain physical risks. We assess the potential impact of transition risk through operational risk tools and external ESG-related events.
We assess physical risk as low in the short term and moderately low in the medium and long term, mainly due to exposure to more frequent and severe weather events in the regions where we operate.
For transition risk exposure, the most affected time horizon is the medium term, owing to legal and compliance risk arising from adaptation to new regulation in each jurisdiction, an increase in the number of greenwashing-related sanctions, an increase in the volume of green business, and greater awareness of climate change among external stakeholders.
→3.3 Market risk:
To assess the potential impact of climate factors, we conduct regular analysis of our trading portfolios to identify the materiality of positions with potential exposure to market risk climate factors. We then compare the findings from climate stress scenarios (both physical and transition risk) to those from internal, stressed and budget scenarios. This analysis concludes that the materiality is low or moderately low depending on the time horizon, due to the low exposure to climate sensitive sectors both in the bond and equity portfolios.
→3.4 Liquidity risk:
To assess the potential impact of climate factors, Santander compares the findings of climate stress scenarios with liquidity stress scenarios. We have a suite of physical and transition risk scenarios (disorderly transition scenarios, extreme climate events, historical events, etc.) whose impacts on liquidity are well below current internal and regulatory stresses due to their limited effect on high quality liquid assets (HQLA) and stable retail deposits.
→3.5 Reputational risk:
We conducted a reputational risk materiality assessment in 2023 (and updated it in 2024) to assess the potential impact on reputation of the key climate-related and environmental levers across the short, medium and long term under several scenarios. As with our strategy, policies and management models, we consider the environment collectively. Thus, the materiality assessment includes identifying and assessing climate change and other environmental impacts.
The assessment is a complex procedure that considers several sources of information and criteria across these phases: i) definition of reputational risk levers related to physical and transition risk; ii) assessment of risks by country and by portfolio exposure in sensitive sectors; iii) climate scenarios according to the Network for Greening the Financial System (NGFS); and iv) time horizons (short, medium and long term).
The reputational risk materiality assessment findings show that transition risks would have a greater reputational impact than physical risks, as transition risks tend to relate more to
stakeholder scrutiny over time, which are the main grounds for reputational risk exposure.
It is our aim to have clear climate and environmental risk objectives, policies and procedures, and solid governance to manage them correctly. Even if extreme climate events occur, and based on the experience of several of them recently, from a reputational risk management standpoint, we believed that Santander has demonstrated its strength and robustness in this regard and its ability to react to a given event.
In 2024, we updated our reputational risk materiality assessment approach based on official reports and studies from recognized organizations. Additionally, we have continued working on further homogenization and synergy between risks in terms of information sources, thresholds, scenarios and others.
4. Monitoring
In addition to the processes described above, we carry out a continuous monitoring of ESG aspects based on:
•At Grupo Santander, we constantly monitor the risk profile and our compliance with risk appetite limits through control functions that report to the board.
Since 2021, we have been enhancing our risk appetite statement with quantitative metrics for thermal coal and mining and power related customers.
In 2024, we implemented the metrics approved in 2023 for oil and gas, steel, and aviation. We also approved two new metrics, one for the automotive sector and the other for Santander Consumer Finance's Auto business which will be implemented in 2025.
•We are in permanent contact with our customers to monitor and support their transition plans. We continue to embed ESG risk factors in credit risk granting and monitor processes through our target operating model, The Climate Race.
This model is supported by the following pillars: strategic planning, risk management, loan approval and tracking, models and systems, and culture and governance. The timeline to implement was defined for 2023 and 2024 considering the supervisory expectations and Group's strategy. During 2025, we will continue with a more granular implementation.
•Our ESG Regulatory Radar enables us to monitor updates to ESG and other regulatory frameworks, as well as the potential efforts and financial impacts that the implementation of these changes may entail.
•Moreover, the Risk, Compliance & Conduct function monitors ESG initiatives (including acquisitions and divestitures) presented to the investment forum — whose delegated authorities come from the board executive committee —, as well as from the corporate product governance forum (CPGF).
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•During 2024, we continued working on our Climate Community as an additional lever for a proper integration of ESCC risk factors in the Group in a collaborative manner. This community keeps the units up to date, shares best practice, sets guidelines to support homogeneous implementation and provides a clear governance structure and allocation of responsibilities. For more details, see the following chart:
GovernacePyramidENG.jpg
5. Mitigation
We have various internal policies and frameworks that integrate climate and environmental factors into our risk management processes. These elements are key to mitigating and adapting climatic and environmental factors.
Our ESCC risk management policy establishes the standards for investing, and providing financial products and services to companies and customers in oil & gas, power generation and distribution, mining and metals, and soft commodities (especially retail customers dedicated to farming and ranching in the Amazon). It dictates prohibited activities and those that require special attention for the aforementioned sectors6.
Our credit granting policies consider climate and environmental factors such as, among others, our internal taxonomy (SFICS), credit committees conclusions, corporate clients' ratings and collateral management.
To mitigate the risk of greenwashing, we reviewed key processes and responsibilities to facilitate the appropriate development, management and disclosure of our sustainability strategy, products and practices, while monitoring regulatory developments in this area.
We also mitigate this type of risk through client engagement for the most material sectors according to the climate materiality assessment.
This enables us to support customers in their transition to a more sustainable economy, offering them tailor-made solutions and generating business opportunities. Engaging with customers gives us access to data on ESG risk that we can use for internal risk management and reporting. Obtaining and cross-checking data
directly from our customers is one way to mitigate ESG risks, including greenwashing.
Additionally, we consider ESG aspects in customer assessments to determine whether they have an impact on credit quality.
We launched several projects so that credit analysts have all the information and tools necessary to perform this assessment.
•Sector guidelines are followed to identify the major transition and physical risks each sub-sector is exposed to and how to pinpoint them in customer engagement. We delivered training sessions in several markets to build on these guidelines.
•ESG assessment guidelines with different levels of detail depending on the risk. In some instances, we conduct an automated assessment at different levels for physical, transitional and reputational risk, with higher risk levels undergoing a more comprehensive and contextual assessment in material cases. We’re implementing this assessment model for our retail banking portfolio across several markets.
•Survey library (EQAL7): we developed a global tool to customize and store our numerous ESG surveys and assist in their identification and review. This will enable us to compile historical ESG data and conduct more aggregated analysis based on wider criteria. EQAL is now operational in Portugal and is currently being implemented in Spain. For Brazil, the system will be customized to replace the existing tool currently in use in the country.
Lastly, we continue working on other mitigation levers:
i.Credit committees, which embed environmental, social and climate change factors in transaction reviews.
6 To the extent required by applicable law, customers and transactions involving activities enumerated in this section will be subject to an enhanced due diligence process to determine the unique risks presented prior to decisioning.
7 EQAL: ESCC Questionnaires & Assessments Library.
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ii.CIB customer ratings, including qualitative environmental, social and climate change assessments for material sectors.
iii.Special prices for certain products.
iv.Collateral management (EPC), based on enhanced data acquisition, estimation model development, and information collection during the customer onboarding process.
v.Specific procedures to analyse environmental, social and climate change risk. The board and its committees verify that decisions are made according to our ESCC and reputational risk policies. The first line of defence conducts a due diligence with special sector-based questionnaires for credit approval. The reputational risk assessment also forms part of decision-making contributing to compliance and preventing from risk of false accusations (with particular focus on greenwashing). The due diligence consists of assessing the CIB's project finance transactions according to the Equator Principles.
vi.Lastly, we have a multidisciplinary working group, where, among others, ESG issues are considered. This group is coordinated by the reputational risk function and discusses actions needed to mitigate any matter that may have a reputational impact.
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ESG classification meetings
Throughout 2024, we worked on extending our sustainable operations identification model to all global businesses, amending existing processes accordingly.
We created local and global commercialization committees and ran ESG classification meetings as the governance bodies tasked, analysing and monitoring products and transactions with an ESG component, ensuring that these bodies have experts to interpret and demonstrate ESG standards through centers of excellence as well as seeking input from business, risk and sustainability teams.
We began working to implement the updated sustainable classification model by identifying the affected processes and the changes to be made across markets.
6. Reporting
Transparent and regular reports to senior managers and stakeholders help us manage climate and environmental factors and comply with the law and supervisors’ expectations.
We work so that the information available to our stakeholders is complete and consistent, conveys adequately Santander's sustainability strategy and management, and mitigates potential risks.
Our reporting on climate and environmental risk management includes our Annual Report, the ICAAP exercise, and our Pillar 3 disclosures report.
Main activities in 2024
→Advances in risk appetite, establishing new metrics and limits to support our strategy.
→Development of internal climate models that enable us to enhance how we quantify the financial impact of transition and physical risks on credit risk variables.
→Increased geographical granularity in physical risk information (acute and chronic) for the European portfolio, from NUTS3 to postcode in Spain, Portugal, UK and Poland.
→Improvements on how we manage and assess collateral through the EPC by obtaining data, developing estimation models and development plans to gather information.
→In order to mitigate the risk of greenwashing, we have reviewed the most relevant processes and responsibilities to validate the correct definition, management and disclosure of our strategy, products and practices.
→Progress in the implementation of the climate risk management model through the Climate Race initiative to integrate ESCC factors into the credit risk granting process.
→Advances in materiality assessments in terms of biodiversity through an internal methodology to assess both nature-related impacts and its dependencies.
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2.3.3 Reputational risk
This section outlines how we manage this IRO, considered a climate-related transition risk:
R
Reputational risk based on the perception of bank progress with climate-related policies and objectives.
Banco Santander manages reputational risk through the Reputational Risk Model, which sets out the principles to identify, manage, prevent and control reputational risk in every procedure, including related ESG factors.
We conduct the reputational risk impact assessment through key ESG procedures. These include setting objectives; taking part in
ESG working groups and governance bodies, the structuring of transactions that may be ESG sensitive and in reporting.
To evaluate the performance and effectiveness of these actions, Banco Santander has implemented a metric8 based on the number of very high-impact reputational risk events that have materialized and have affected various interested parties.
To manage this risk, across short, medium and long term horizons, we identify in the table of section 2.3. the possible impact of the risk factors, the actions we’re performing to manage them and next steps we have in mind.

2.3.4 Potential financial effects
To cover the CSRD requirements related to financial effects (E1-9), in this report we include information of the exposure affected by material physical risks. Since this is a phased-in requirement, we will expand the information in the next reports to provide full coverage of the Regulation.
To comply with the requirements, we use the information disclosed in the Pillar 3 ESG report according to the 'Implementing Technical Standards on prudential disclosures on ESG risks' defined by the EBA (European Banking Authority).
This report covers information of the banking book portfolio, including loans and advances, debt securities and equity instruments. The Group guarantees that the information included is aligned with other reports (mainly accounting reports).
Physical risk:
We report below our exposures sensitive to impacts from relevant acute and chronic physical risks (collateralized and non-collateralized).
To assess the physical risk of our portfolio, we sourced information from an external provider on acute and chronic physical risks to cover over 1,250 regions in our core markets.
To assess the physical risk of our portfolio, we implement the methodology of our external provider.
Based on the information provided, we make the following assumptions to determine the Group’s sensitive exposures to the impact of physical risk:
i.An activity in a region is considered as sensitive to the impact of physical risk when at least one hazard is assessed as 4 or higher on the scale provided.
ii.We use the RCP 4.5 scenario, which is between a scenario that considers that the Paris Agreement objectives are met (RCP 2.6) and a more specific stress exercise scenario (RCP 8.5).
iii.We consider time horizons that are consistent with the average maturities of our portfolios, under a conservative approach. Thus, for non-collateralized exposures, we considered a time horizon of 2030 and for collateralized portfolios, with longer time horizons, we used 2050.
iv.Regarding the location considered for the physical risk assessment, we analyse the location of collateral and the headquarters of our customers for non-collateralized loans at postcode level for exposures in Poland, Portugal, Spain and the UK. NUTS3 level is used for the remaining geographical locations.
According to the assumptions described, our exposure to material physical risks is EUR 54 billion as of December 2024, which accounts less than a 3% over Group’s total assets.
EUR bn
Chronic
Acute
Both
Total
Total
29 205 54
In the Pillar 3 ESG report, the information related to physical risk is disclosed at the regional level (Europe, South America and North America), identifying higher concentration of relevant physical risks in Europe (44%).
2.3.5 Our approach to nature and biodiversity
Climate change is inextricably linked to biodiversity and nature. Climate change is one of the main drivers of nature and biodiversity loss and impacts the resilience of ecosystems, limiting their ability to regulate climate and serve as carbon sinks.
While our materiality assessment considers 'Biodiversity and ecosystems' an informative topic, we continue to oversee our
8 Monthly metric. Banco Santander has zero tolerance for very high impact events, including ESG-related ones. The reputational risk function puts forward events with ‘very high’ impact, which the compliance committee verifies. Circumstances that could lead to a ‘very high’ impact event are: i) events that trigger silver or gold crisis management committees; ii) regulatory requirements that uncover significant weaknesses or shortcomings: very high financial penalties (above EUR 10 million), permanent cessation of economic activity, capital aggregation, loss of banking licence, restrictions on dividend distribution, etc.; iii) events with a very high impact on public opinion: with widespread and sustained negative media and TV coverage in a single market and/or in other markets for over one week or very high impact on social media; and iv) suspension of shares trading or a drop in share price of over 5% in one day on the back of the issue in question.
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operations and impact on biodiversity and nature in view of our climate objectives.
Given our financial activity, and the location of our buildings and offices, mainly in urban areas, no sites located in or near biodiversity sensitive areas are identified9. We are conducting an analysis to determine whether any of them could be in or near biodiversity sensitive areas.
We conducted an assessment on our corporate portfolio, which considers the country in which our customers operate, to learn of the direct impact and dependency of their business on nature and biodiversity.
We followed the Task Force on Nature-related Financial Disclosures’ (TNFD) LEAP10 approach. We used two tools:
•ENCORE: A materiality database of dependencies (physical risks) between production processes and ecosystem services. For our core markets, we complemented the database with internal localization criteria based on ENCORE’s hotspot depletion maps. These criteria cover three natural capital assets: soil and sediment, water, and biodiversity.
•UNEP FI Impact Analysis Tool: This tool provides an in-built impact (transition risks) mapping that, combined with our internal data and context, enables us to identify the most significant impact areas of the portfolio.
The ENCORE database helps us to begin to understand how the deterioration of natural assets could cause a loss of production processes, and the financial consequences it could have.
This methodology enabled us to analyse their dependencies (physical risks11) on over 20 ecosystem services in more than 10 sub-segments of our corporate lending portfolio.
Additionally, in 2024, Santander Brasil participated with various organizations in TNFD pilots to explore how to tackle nature impacts and dependencies more effectively. We used the LEAP approach and focused on the Locate phase. We gained important insight into how data gaps and a lack of methodologies tailored to highly biodiverse tropical countries limit private companies’ ability to account for those factors accurately. Addressing these issues will require further work and collaboration throughout the sector to align with stakeholders’ expectations.
Nature and biodiversity heatmap
Based on the above mentioned approach, we use a 'heatmap' to aggregate nature-related dependencies and show the level of threat of potential events that may affect our corporate portfolio at Group level.
We used this exercise as an input to meet disclosure requirements ESRS E2 (Pollution), ESRS E3 (Water and marine resources), ESRS E4 (Biodiversity and ecosystems) and ESRS E5 (Resource use and circular economy) in relation to ESRS 2 IRO-1. We rate our dependencies on a scale of 1 (very low dependence) to 5 (very high dependency). These are the results:
Corporate portfolio
PollutionPollution of airl
Pollution of waterl
Pollution of soill
Pollution of living organisms & food resourcesl
Substance of concern and very high concernl
Water & marine resourcesWater withdrawals, consumption and usel
Habitat degradation & intensity of pressure on marine resourcesl
Biodiversity & ecosystemsDirect drivers of biodiversity lossl
Impacts on the state of species and on the extent and conditions of ecosystemsl
Impacts & dependencies on ecosystem servicesl
Circular economyResource inflows, including resource usel
Resource outflows related to products and servicesl
Wastel
l
Very low
l
Low
l
Medium
l
High
l
Very high
No nature-related topic or sub-topic was considered material at Group level. We monitor these and other sectors closely as part of regular updates to our nature materiality assessment.
Nature and biodiversity in our ESCC policy
Santander embeds nature and biodiversity conservation measures in financing and investment policies. Our global environmental, social and climate change (ESCC) risk policy12 dictates prohibited activities that Santander will not directly invest in, or provide financial products or services to, regarding biodiversity matters:
•Any projects or activities in areas classified as Ramsar Sites,13 World Heritage Sites, or categories I, II, III or IV by the International Union for Conservation of Nature14 (IUCN).
•Any projects or expansion of existing oil & gas facilities north of the Arctic Circle.
9 The main environmental impact of our offices stems from their maintenance and how we manage the waste we generate. So far, we have not deemed it necessary to adopt biodiversity mitigation measures in our operations. Nonetheless, on certain occasions we have considered corrective or mitigation measures as part of our customer lending due diligence and in application of our ESCC policy.
10 LEAP approach: locate, Evaluate, Assess and Prepare.
11 This analysis does not consider systemic risks since no tools have been identified that include them.
12 To the extent required by applicable law, customers and transactions involving activities enumerated in this section will be subject to an enhanced due diligence process to determine the unique risks presented prior to decisioning.
13 The Convention on Wetlands (known as the Ramsar Convention) is an intergovernmental treaty that provides the framework for the conservation and wise use of wetlands and their resources.
14 The International Union for Conservation of Nature (IUCN) (iucn.org) classifies protected areas according to their environmental management objectives: Category I: Nature Reserve and Wilderness Areas, Category II: National Park, Category III: Natural Monument or Feature, Category IV: Habitat/Species Management Area.
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•Extraction and sale of native tropical wood species not certified by the Forest Stewardship Council (FSC).
•Palm oil processors that are not members of the Roundtable on Sustainable Palm Oil (RSPO).
•Developments in forested peatlands in 'High Risk Geographies'.15
The assessment of the client's ESCC risks in the applicable sectors16 is first completed by the financial manager before a team of analysts conducts an overall assessment. The ESCC risk and compliance departments delve deeper into cases that uncover red flags. We usually conduct this extended due diligence exercise with the client to deepen our understanding of the risk profile and determine the existence (or not) of corrective or remediation measures.
As our global ESCC risk management policy dictates, we consider environmental, social and climate change risks and also conduct annual reviews of our customers and pay particular attention to potential deforestation risk with agribusiness customers in the Amazon biome.
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For more details on our ESCC risk management policy, see section 3.2.3 'Environmental, social and climate change risk management'.
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Nature-based solutions are key to carbon storage and climate resilience. Santander supports several initiatives that foster these solutions:
•Biomas, an ecosystem restoration enterprise that seeks to plant two billion native trees to reforest and protect two million hectares of degraded lands in Brazil over the next 20 years, removing 900 million tonnes of CO2e from the atmosphere.
•Santander España — through Motor Verde — will finance three new forests of over 300 hectares to absorb 82,000 tonnes of CO2e. Two of them have already been registered with the Spanish Office of Climate Change and the third is in the initial phase.
•Santander UK continues to form part of the Net Zero With Nature UK national parks initiative by helping develop a platform to secure private financing for nature-based solutions. We’re also supporting the restoration of peatlands in the Cairngorms and the improvement of water quality at Lake Windemere.
•Since 2021, Santander México — through “LikeU” — has been helping customers contribute to reforestation in collaboration with Reforestamos México, which has been operating for 19 years.
Santander and the Brazilian biomes
Santander promotes the protection and sustainable development of Brazil’s biomes, which is critical to tackling climate change and conserving biodiversity. We need economic growth, but it must be sustainable.
Brazil accounts for approximately 3% of the world’s greenhouse gas (GHG) emissions. According to Observatório do Clima the main sources of emissions are land-use change (46%), particularly deforestation, followed by the agricultural sector (25%), a sector that plays a crucial role in the national economy and is vital for global food security. A significant part of the deforestation is illegal and driven by property speculation in public lands. According to Amazon Environmental Research Institute (IPAM), 50% of the Brazilian Amazon deforestation occurs on public land, especially in undesignated public forests. These forests are easy targets for land grabbers and illegal exploitation due to poorly defined tenure rights.
In recognizing the importance of its biomes, the Brazilian government created and passed the Brazilian Forest Code in 1965 and revised it in 2012. It is one of the world’s strictest environmental laws, establishing the necessary protection percentage for each of the country's biomes.
As strict as the Code is, the main challenge lies in its implementation. A lack of effective adherence and enforcement has led to illegal deforestation and environmental degradation over the years.
Addressing GHG emissions and biodiversity protection in Brazil requires a multilateral approach that includes strengthening the implementation of environmental laws, continuously promoting sustainable agricultural practices, and improving monitoring and transparency.
15 High risk geographies are every country in Africa, plus Argentina (Chaco, Formosa, Santiago del Estero, Salta and Tucumán only), Bolivia, Brazil (the Legal Amazon and the north east of the country only), Cambodia, China, Colombia, Ecuador, Estonia, Guatemala, Honduras, India, Indonesia, Laos, Latvia, Lithuania, Madagascar, Malaysia, Myanmar, Nicaragua, Panama, Papua New Guinea, Paraguay, Peru, Russia, the Solomon Islands, Thailand, Vietnam and any customer declared 'unknown'. This list will be subject to review based on the expansion of agribusiness to new geographies.
16 Sectors covered by the ESCC Risk management policy and additional tactical sectors included in the CIB Procedure, as well as other material businesses and sectors depending on the geography and local legal requirements.
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According to the 2022 MapBiomas report, a significant portion of Brazil’s deforestation is illegal. Illegal activity has a major environmental impact and undermines efforts to control emissions. The MapBiomas platform uses pixel-by-pixel classification of Landsat images processed through machine learning algorithms in Google Earth Engine. Despite its limitations, such as the inability to identify areas with deforestation permits issued by state-level governments, it is a highly effective tool for monitoring deforestation.
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We’ve been working with our customers to promote sustainable development in Brazil for years. In 2002, Santander became the first private-sector bank in Brazil to run credit analysis on environmental and social risk. In 2016, we were the first bank to formally incorporate a sustainability score into our corporate customers’ credit rating.
Risk management
Environmental and social reviews of companies
Santander Brasil conducts annual reviews by analysing the socio-environmental practices of wholesale companies and main customers of SMEs with credit limits or risk exceeding BRL 7 million and that belong to one of the 14 priority social, environmental and climate sectors (including all TCFD sectors, depending on their level of risk). In the past decade, we have analysed approximately 2,000 corporate and retail customers on a yearly basis to determine whether they comply with the law and follow best practice. This procedure begins with a standardized public questionnaire that we send to customers. A team of ESCC risk specialists reviews the returned questionnaire by cross-referencing it against government permits, fines, embargoes, lawsuits, contaminated land reports, press reports and other public information.
The analysis may require additional questions. Upon completion of the analysis, the ESCC risk specialist compiles a report with a score of 1 to 5 that covers environmental, social and climate factors separately, including such aspects as water stress, climate resilience, contaminated land, human rights, environmental sanctions and supplier control. We have further procedures for customers in mining, sugar and beef production.
Farmers and ranchers
A significant portion of illegally deforested lands does not have a clear owner or is government-owned property. For this reason, Santander verifies the land ownership or lease before financing farmers and ranchers.
As part of the credit approval process, we work with a satellite-imaging firm to monitor the properties that we finance or take as collateral throughout the entire loan term. We receive daily information on government embargoes against production on illegally deforested land; modern slavery; and incursions into government protected indigenous land, parks and conservation areas. We monitor approximately 19,000 properties for deforestation alerts.
If we identify any issues, we request an explanation from the customer. If we uncover a material breach of environmental laws and regulations, our standard contracts allow us to demand the early repayment of loans.
Santander also uses Internet-based satellite-imaging tools Global Forest Watch and MapBiomas to track the detailed loss of tree cover on customers’ farms and ranches over time.
Collaborating with initiatives to stop deforestation
Febraban Protocol for livestock in the Amazon
Santander actively collaborates with customers, governments, regulators and NGOs to tackle illegal deforestation. Santander Brasil is a member of Febraban’s committee on forestry and agribusiness.
We have been seeking commitments from beef processing customers in the Amazon since 2020. In 2021, Santander Brasil began engaging with more than a dozen of these customers to tackle illegal deforestation linked to their supply chain by 2025. Santander Brasil, along with other banks, shared lessons learnt with Febraban, which lead to the creation of the sectorial protocol - SARB 026/2023 - in March 2023, which sets the standards for managing the risk of illegal deforestation in the bovine meat chain. The protocol defined guidelines to be adopted by its signatories.
By signing the protocol, Santander has aligned its objective with that of the Brazilian financial industry, and has been engaging with its meatpacking customers. This requires beef processing customers with slaughterhouses in the Brazilian Legal Amazon region to end illegal deforestation by December 2025, both from direct suppliers of cattle and Tier 1 indirect suppliers, and demonstrate progress against. They also must meet mid-term milestones.
Signatory banks must monitor the implementation of actions by the deadlines stipulated by the regulation, reviewing customers' public reports on the dates established by the protocol and taking measures based on the content published by beef processing customers.
Since the objective was established, Santander has actively engaged with all beef processing customers affected by the protocol, leveraging our technical expertise to assist in developing their traceability plans and reports. We monitored their progress reports throughout 2024, and by the December 2023 deadline 100% of eligible customers had been verified for protocol compliance. For those who did not initially present the required plans, credit limits were temporarily suspended and reinstated
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only upon compliance. We will continue to act accordingly and monitor compliance with the milestones set by the Febraban protocol, checking adherence to the implementation timeline.
RTRS and MBPS
Santander Brasil takes part in two other external initiatives that propose solutions to stop deforestation; it was a co-founder of the Roundtable on Responsible Soy (RTRS), and chaired it from 2006 to 2009. The bank also co-founded the Brazilian Roundtable on Sustainable Livestock (MBPS, in Portuguese).
IFACC
We were the first bank to join Innovative Finance for the Amazon, Cerrado and Chaco (IFACC), an initiative coordinated by Nature Conservancy, the Tropical Forest Alliance and UNEP FI (a United Nations environmental programme that focuses on sustainable financing). The aim is to accelerate sustainable production finance through the structuring of mechanisms such as loans to rural producers, land investment funds, and corporate debt and capital market instruments.
Nature-Based Solutions Investment Collaborative
In 2024, we were the first bank to join the NBS Investment Collaborative, a platform with 10 members and 11 partners, led by Capital for Climate, focused on mobilizing BRL 5 bn for nature-based solutions in Brazil by 2025.
Amazon Finance Network
To protect the most important and diverse biome, in late 2023 we joined the Amazon Finance Network, an alliance launched during COP 28 that aims to generate sustainable impact throughout the Amazon region. It brings together 52 financial institutions with the aim of increasing investment flows, mobilizing capital, promoting financial inclusion, sharing knowledge on innovative financial solutions, and generating synergy with the public sector.
Social impact
We understand that supporting the socioeconomic development of the Amazon and other biomes and their residents is fundamental for their preservation and for the development of the country. Helping local people maintain their livelihoods is key to preserving this ecosystem. We want communities and entrepreneurs to develop further and count on our support as they do.
We joined forces with other banks and entities to help launch Jornada Amazônia, a platform that Fundação Certi runs. Its aim is to stimulate the Amazon’s innovation and entrepreneurship ecosystem, with a focus on bioeconomy solutions for forest conservation. The platform’s core objectives include training 3,000 talented people and creating 200 startups by the end of 2025.
Jornada Amazônia continues to progress and gain the support of other partners, including the Inter American Development Bank (IDB) and Instituto Itaúsa (the ESG arm of the Itausa holding company). Progress so far includes:
•2,134 people given entrepreneurship training (71.1% of the target for 2025), 55% of which were women;
•71 startups created and structured (35.5% of the target for 2025), with a cycle to create more startups under way; and
•22 startups classified and ramped up (22% of the target for 2025), with a new acceleration cycle under way with 45 entrepreneurs.
We gathered 15 Santander executives to act as mentors in the Synergy programme to help entrepreneurs in such areas as people management, legal issues, investor access, network building and strategic vision and direction of the company.
MoreInfo2023.jpg
For more details on Santander and the Brazilian Amazon, visit our corporate website santander.com.
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2.4 Aiming to align our activity with the Paris Agreement Goals
In this section we cover how Santander manages the following IRO:
I-
Adverse impact on climate and the environment due to the bank’s financing of, or investment in, certain non-sustainable assets and activities.
We continue working towards our ambition of net zero carbon emissions by 2050 by progressively setting specific actions to support our customers in their climate objectives and to align those climate sectors identified as most material regarding lending, which is our most material financial activity.
Regarding our own operations, we disclose our direct and indirect emissions (scopes 1, 2 and 3) data as well as other climate-relevant metrics such as energy consumption. We report on our targets for renewable electricity17 and the compensation of our scope 1 and scope 2 emissions. Since 2021, we have also been disclosing financed scope 3 emissions (category 15) related to our alignment objectives.
We announced our ambition to work to achieve net zero carbon emissions by 2050 in February 2021.
We are constantly reviewing our strategy and targets to incorporate the latest science insights and changes in local regulation.
We use internal methodologies that take input and recommendations from the NZBA (Net Zero Banking Alliance) guidelines, the PCAF standard, Glasgow Financial Alliance for Net Zero (GFANZ) publications, the Science Based Targets initiative (SBTi) and other references. We also use external data and models from third parties with recognized market reputation and expertise. We rely on financial and non-financial information from our customers.
Though the non-financial information required is becoming more available as more companies begin to report GHG emissions, it still falls short in certain sectors and regions. And, where available, it might not be the most suitable or accurate. In many cases, data is only available with a significant time lag. If no emissions data exist, we estimate them based on a proxy (average emissions by industry, country, etc.). Once we obtain our customers' total emissions, we apply our attribution factor in line with the PCAF approach to determine Santander’s financed emissions.
2.4.1 Alignment targets
As part of our climate ambition, we prioritize the high-emitting sectors (which also bear high and very high transition risk according to our climate materiality) to which we have material exposure and must support the transition to a low-carbon economy.
In 2021 and 2022 we set targets for the wholesale segment in the power generation, thermal coal, oil & gas, aviation, and steel portfolios. In 2023, we focused on the automotive sector from two
perspectives: auto manufacturing (wholesale segment) and auto lending (consumer loans for the purchase of passenger cars in Europe).
Within the sectorial climate approach described above, cement, shipping and aluminium are deemed not material given their low level of exposure. Agriculture, mortgages and commercial real estate (CRE) are considered material in the retail segment.
We are monitoring the materiality of the capital markets emissions (facilitated emissions) for the bank, and for the moment we consider them not material.
The climate performance dynamics of all these sectors are heavily dependent on their regulatory and policy framework, technology changes and customers behaviours. For example, the International Energy Agency (IEA) estimates that one third of the reductions needed to meet the Paris objectives need to come from technologies that are currently at the demonstration or prototype phase.
In sectors where corporate clients are making progress, we have set targets while acknowledging these external dependencies.
For the sectors that are heavily dependent on further regulation to align, and where most of the customers are retail, we are monitoring their alignment; but we will refrain from setting targets until the regulatory and policy framework is clear, consistent and supportive of consumer behaviour changes.
We have been sharing our understanding and experience of these policy gaps with authorities and other sectors, and plan to keep doing so. Given our footprint, we see markedly different regulatory frameworks in the regions where we operate.
Governments' approach to the transition should reflect several, simple points. First, economic growth is essential to finance the transition - and to ensure it is affordable and fair in both developed and developing economies. Policies to support the transition should, therefore, not undermine growth, nor the provision of reliable and affordable energy. Next, we believe the transition is a journey – not a moment in time – for companies, sectors and countries and that governments' policies or regulations to affect sudden change are therefore likely to undermine growth and decrease investor confidence. Third, a “one size fits all approach” to the transition ignores the economic, social and political reality facing different sectors in different regions and we need a more pragmatic, flexible approach to support green growth. Finally, the financial sector should be considered as an enabler of the transition, but not as the solution.
We believe governments' policies for the transition should reflect this by establishing clear policy pathways for critical sectors to achieve a low-carbon economy, with measures and incentives to support businesses' transition. Frameworks should be transparent and provide certainty for each sector. Today, according to IEA, there is still a large gap between the Stated Policies Scenario18 projections and Net Zero Emissions by 2050 Scenario. This gap also exists in Santander's core markets.
17 For 2025, in countries where we can verify electricity from renewable sources at Banco Santander properties. Target considers the 10 core markets in which we operate.
18 The Stated Policies Scenario (STEPS) is designed to provide a sense of the prevailing direction of energy system progression, based on a detailed review of the current policy landscape.
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Our efforts to pursue our transition targets also involve engaging with public bodies whose policy decisions and actions are critical if companies - including banks like Santander - are to make progress towards net zero carbon by 2050. If policies (or the lack of them) remain as they are today, a significant gap will persist between net zero scenario pathways and what will actually happen.
We also monitor technological, economic and geopolitical factors that bear on transition, from energy security to variability in approaches in different markets, including those in which we operate.
Our aim is to help our customers transition and contribute to their alignment, while understanding the constraints and limitations they may face in different jurisdictions and the gaps that make setting targets in certain sectors unfeasible. Weighting the E, the S
and the G appropriately across our strategy is key to avoid undermining other ESG goals, while we pursue tackling climate change. The transition must be just and orderly.
Emissions accounting and science-based alignment target methodologies are still relatively new areas that are improving quickly to meet climate ambitions. More methodologies need to be developed so that all financial institutions have the right tools to effect positive change in the economy.
We set our alignment targets and monitor the most crucial part of each sector’s value chain, focusing on those that are most emissions-intensive, actionable and where progress can be measured as well as considering the availability of quality data and market practices.
Alignment targets
SectorScenarioMetricBaseline20202021202220232030
targets		Scope of emissionsValue chain in scope
Lightening.jpg
Power generationIEA Net Zero 2050
tCO2e/MWh
0.21
(2019 baseline year)		0.170.190.160.15
0.11 (-46%)
1
Upstream / Generation
}
Midstream / Distribution
}Downstream / End product}
PetrolTower.jpg
Oil & gas
mtCO2e
23.84
(2019 baseline year)		22.5827.4320.9420.27
16.98 (-29%)
1 + 2 + 3A
Integrated / Diversified}
Upstream / Extraction}Midstream / Distribution}Downstream / Trading}
Plane.jpg
Aviation
gCO2e/RPK
92.47
(2019 baseline year)		93.0597.2181.0982.99
61.71 (-33%)
1 + 2Upstream / Suppliers}Midstream / Manufacturing}Downstream / Airliners}
Steel.jpg
Steel
tCO2e/tS
1.58
(2019 baseline year)		1.401.361.241.38
1.07 (-32%)
1 + 2
Upstream /
Materials extraction
}
Manufacturing
}
Downstream / End product
}
CarManufacturing.jpg
Auto manufacturing
gCO2/vkm
149
(2020 baseline year)		149138133134
103 (-31%)B
 3A
Upstream /
Suppliers-Materials
}
Midstream /
Manufacturing
}
Midstream /
Dealers
}

AutoLending.jpg
Auto lending Europe C
gCO2e/vkm
137
(2022 baseline year)		N/AN/A137133
75-89 (-35-45%)
1 + 2
Downstream /
End-users
}
ThermalCoal.jpg
Thermal coal
Phase-out targets to eliminate exposure by 2030 to power generation customers with a revenue dependency on coal of over 10% and thermal coal mining.
Details on targets' scope are available in the following pages.
Monitoring of other portfolios
Sector
Absolute emissions (2023)
Scope of emissionsValue chain in scope
Building.jpg
Commercial Real Estate
0.19 mtCO2e D
1 + 2Upstream / Suppliers}Midstream / Construction}Downstream / Owners}
Mortgages.jpg
Mortgages
1.93 mtCO2e E
1 + 2Upstream / Suppliers}Midstream / Construction}Downstream / Homeowners}
Agricultura.jpg
Agriculture
9.83 mtCO2e F
1 + 2Upstream / Suppliers}Midstream / On Farm}Downstream / End product}
Details on our progress on alignment available in the following pages.
Part of the sector value chain in-scope, due emissions materiality and/or actionability
Part of the sector value
chain out of scope
A. Use of sold products.
B. Target reduction is -25% vs. 2021 reference.
C. Consumer lending for acquisition of passenger cars, covering a significant majority of the exposure in Europe.
D. Financed emissions of the UK and Spain CRE portfolios.
E. Financed emissions of the UK and Spain mortgage portfolios.
F. Financed emissions of part of the Brazil agriculture portfolio.
MoreInfo2023.jpg
For more details on our alignment targets, see note SN 4. 'Our transition plan'.
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CIB implementation strategy
As part of supporting our customers in their climate objectives and to achieve our sectoral alignment targets we undertake several actions. These actions include an assessment of the transition plans of our customers, customer engagement, and dedicated portfolio steering governance. We also leverage on data collection as part of the risk analysis process; as well as conducting ESCC exclusion policy reviews. Given our actions directly relate to the activity of our customers, it is not practical to make quantitative estimates for how each action contributes to achieving each of our targets. All actions described below cover the CIB business globally.
Customer Climate Tiering
A key element of our implementation strategy is the customer climate tiering approach. The outcome of this tiering approach is an assessment of our customers’ current and expected progress to align with our climate sector objectives. In 2024 we implemented this approach for Automotive Manufacturing, in addition to existing target sectors (power, oil & gas, steel and aviation), and adapted it where necessary to account for sector differences. We review the climate tiering assessment for each sector every year to reflect our customers’ progress.
Our approach aims to facilitate the achievement of our emissions targets and to develop a strong understanding of our customers’ transition strategies towards low-carbon business models. This approach is supported by governance processes, involving various internal stakeholders, such as front office teams, risk reporting functions, and senior management to guide the potential portfolio steering actions (for more details, see the Portfolio Steering section below). It is structured around four main iterative steps: Collect, Assess, Engage and Review. We have used various internationally recognized references and the Cambridge Institute for Sustainability Leadership (CISL) 'Let's Discuss Climate' guide as inputs and adapted them to our requirements and objectives.
Collect: We collect relevant information as part of regular customer dialogue and engagement. In addition, we source specific climate related information through tailored requests that contain transition-focused elements designed to help us better understand companies’ alignment strategies. Furthermore, we also seek to source reliable and consistent information from credible third parties to complement our understanding.
This information is collected and updated both at the customer onboarding stage, and as part of the regular business and risk assessment review with each customer, which is performed at least once a year.
Assess: Our assessment consists of a two-step approach designed to categorize our customers according to their emissions pathway and perceived quality of their transition strategy.
The first step involves assessing how our customers’ emissions trajectory aligns with our current sectoral portfolio baseline and future sectoral portfolio targets. The second step assesses the quality of each customer’s transition plan. Our transition plan assessment methodology focuses on four pillars:
1.Targets: it focuses on the quality and ambition of the customer’s quantitative GHG emissions targets. Where possible, we assess short- and long-term, as well as absolute and intensity reduction targets.
2.Action plan: it considers the credibility of the customer’s alignment strategy. We assess the business strategy integration of climate change risks and opportunities; the existence of climate scenario planning; as well as time-bound action plans to achieve alignment targets.
3.Disclosure: it focuses on the transparency of reporting on historical emissions performance across all relevant scopes, the level of assurance, as well as the degree of reporting alignment with the TCFD. Where possible, it also includes assessing whether or not previous GHG emission targets were achieved.
4.Governance: it considers the level of management oversight and governance of the customer’s transition strategy. We assess the level of seniority of executives accountable for climate strategy, board committee oversight of climate change issues, and whether executive remuneration is linked to climate change performance.
We draw on established transition plan assessment methodologies, such as the Transition Pathway Initiative (TPI), CDP, ACT (Assessing Low Carbon Transition), TCFD, as well as other related initiatives including the UK’s Transition Plan Taskforce (TPT).
Our transition plan assessment methodology includes higher weightings for assessment criteria deemed to be critical to credible transition plans, compared to lower weightings for those that are considered supporting criteria. The more highly weighted criteria are designed to prioritize focus areas for customer engagement.
Ultimately, our customer climate tiering system leads to four categories (Leader, Strong, Moderate and Weak).
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Two-step tiering system
1.gif
GHG emissions profile alignment
•Current GHG emissions profile
•Future targeted GHG emissions trajectory
•Assessment of alignment with Santander’s pathway
↓
2.gif
Transition plan quality assessment
•Internal methodology to assess perceived quality of transition plans
•Developed using established transition plan assessment methodologies
Transition PillarOverview
1. Targets
Quality and ambition of quantitative targets to reduce GHG emissions
2. Action plan
Depth of alignment strategy to achieve GHG emissions reduction targets
3. DisclosureTransparency on GHG emissions reporting across relevant scopes
4. GovernanceManagement oversight and governance of transition strategy
Tier CategoriesDescription
Tier 1
Leader
•Emissions profile fully aligned with Santander’s pathway
•Strong transition plan
Tier 2Strong
•Emissions profile fully aligned with Santander’s pathway but improvement needed in transition plan; or
•Strong transition plan but emissions profile partially aligned with Santander’s pathway
Tier 3Moderate
•Emissions profile partially aligned with Santander’s pathway, but improvement needed in transition plan; or
•Emissions profile not aligned with Santander’s pathway, but strong transition plan
Tier 4Weak
•Emissions profile not aligned with Santander’s pathway
•Weak transition plan
Internally organized training sessions were delivered to sector-specific relationship managers and Environmental Social Climate Change Risk (ESCC) analysts. These focused on gathering information to complete the transition plan quality assessment (the second step in our customer climate tiering system). These sessions were delivered by senior experts from our ESCC, Portfolio Alignment and Sustainability Solutions teams.
Expert resources from our global Sustainability Solutions team are made available for further education and advice on customers' transition plans assessment.
Engage with customers: Our customer climate tiering system seeks to facilitate tailored transition dialogue to help lower-tiered customers move up to higher tiers over time.
In 2024, we focused our customer engagement efforts on oil & gas as well as lower-tiered customers in other sectors. We developed internal transition assessment dashboards for relationship managers, designed to aid the identification of customer-level priority areas, industry benchmarking, and opportunities to support our customers in financing their transition. Of the customers that are in scope of our targets, approximately three quarters included sustainability-related discussions in 2024.
In addition, on a wider scope of climate-related topics, we are engaging with various public and private organizations (for more details, see section 1.2 ‘Stakeholder engagement’).
Review: The customer transition plan assessment is performed by relationship managers, in cooperation with ESCC risk analysts, followed by portfolio level reviews by Sustainability Solutions and Portfolio Alignment teams to determine final tierings. The portfolio level review is important to help identify key trends and challenges in each sector, as well as for future transition plan assessment methodology improvements.
Initial assessments were completed for both steps for all sectors where targets have been set. Subsequently, transition plan quality assessments were reviewed and enhanced, drawing on updated reference methodologies and sector-specific research. This led to improved guidance, more focused set of questions and the inclusion of additional sector- specific questions for assessing transition plan quality.
The figure below shows the breakdown of our climate tiering system output for all entities in scope of our original sector targets, by sum of drawn exposures as of the end of 2024. See 'Sector Considerations' section for further details on each sector’s portfolio composition and evolution.
Climate tiering aggregated for the sectors for which we had set targetsA
20890721040942
A.Based on 2024 year-end drawn exposure, according to portfolio alignment methodology, and including project finance, both in operation and under construction.

Of our corporate customers with drawn exposure where transition plan assessments were conducted in 2024, approximately:
•two-thirds have set quantitative emissions reduction targets on sector-material GHG scopes between 2030 and 2039;
•one-third have set, or committed to set, science-based targets (SBTi), if available for the sector;
•over two-thirds have a time-bound action plan to align their business, with almost half providing details of the expected proportional impact of different alignment levers, according to our assessment;

•over half provide details or commitments for CAPEX alignment with future low-carbon solutions;
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•over two thirds undertake some form of climate scenario planning; and
•over half have senior management remuneration linked to progress towards achieving their GHG emissions reduction targets.
Portfolio steering
CIB’s portfolio steering governance is designed to identify actions to support our customers’ transition and manage our portfolio to achieve our climate targets. A quarterly portfolio steering meeting operates at the core of our governance. Its scope includes monitoring progress towards the achievement of our portfolio targets. All relevant CIB functions are represented at this meeting. In addition, a monthly portfolio alignment meeting provides technical support by reviewing methodologies and monthly critical KPI performance.
Our risk appetite and lending policies are important tools for monitoring and steering the portfolio towards our financed emissions targets. Our customer climate tiering assessment informs our risk appetite for each sector where targets have been set, e.g., new lending business with lower tier customers might be limited when the sector deviates from the 2030 target.
In addition, Santander’s Environmental, Social and Climate Change (ESCC) Risk Management Policy sets out the criteria for providing financial products to customers involved in several of the sectors within the scope of our financed emissions targets (i.e., power, oil & gas, metals & mining and soft commodities). For all sectors with alignment targets, customer climate tiering and engagement considerations are being incorporated into annual credit risk reviews. For one-off transactions (e.g., project finance transactions), we assess a transaction’s impact on the relevant sector’s portfolio financed emissions targets.
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Contributing to integrity in transition finance
We continue to contribute to furthering knowledge of transition finance as a key enabler towards net zero. As part of our long-standing support for education, employability and entrepreneurship, we are collaborating with the University of Oxford to fund the development of a Transition Finance Centre of Excellence. This centre aims to play a prominent role in defining aspects of transition finance, such as best practice sectoral transition plans and new tools and insight for practitioners.
Initial research has focused on developing a deeper understanding of assessing companies’ transition plans
in emission-intensive sectors. Follow up work has explored external dependencies in corporate transition plans and assessing transition plans with more granular asset-based approaches. Research has also included corporate net zero transition plan implications for loan pricing, the development of tools to assess sustainability-linked bond pricing (given the dynamic nature of sustainability performance indicators), and other topics.
For more details about this collaboration and published research, visit smithschool.ox.ac.uk.
Sectorial considerations
Power generation
Sector boundaries: For the power generation sector, we assess the upstream/generation business in the value chain. Our portfolio includes both corporate customers and project finance transactions.
Industry dynamics: The industry is reducing carbon intensity by building renewable power plants, switching off coal power plants and using combined cycle power plants as transition technology. Some countries also invest in nuclear power as a low-carbon electricity source. The IEA estimates that to meet the Paris objectives, investment in clean energy will need to almost triple from current levels to around 4.5 trillion USD a year by the early 2030s.
Portfolio composition: The exposure to project finance (both in operation and under construction) outweighs the exposure to corporate customers. Within the corporate portfolio, around 80% of the portfolio is classified as tier 1 and 2 customers, typically leading power companies with existing or strong objectives to renewables. We observe clear regional differences in the climate tiering (with Europe being the leader), while many emerging market entities are still developing and disclosing their transition plans.
Power Generation portfolio distributionA
14293651198394
A. Based on September 2024 drawn exposure, according to portfolio alignment methodology, and including corporates and project finance, both in operation and under construction.

Portfolio evolution: Since 2022, we observe a downward trend in the physical emission intensity of our portfolio, going from 0.19 tCO2e/MWh in 2021 to 0.16 in 2022 and 0.15 in 2023. One of the main drivers is an overall improvement in the average emissions intensities of our corporate portfolio customers during this period. Supporting our clients in their alignment journey implies investing in both renewable technologies and transition technologies, which may still lead to temporary increases in physical emission intensity in the future.

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SectorYear
Exposure (drawn amount EUR bn)A
Absolute emissions (MtCO2e)
Physical emissions intensity
(MtCO2e/MWh)
Financial emissions intensity
(MtCO2e/ EUR bn lent)
PCAF score2030 target
Power generation201910.665.410.210.512.7
0.11 tCO2e/
MWh
202010.314.590.170.452.5
202110.234.240.190.412.8
2022
11.883.820.160.323.0
2023
10.753.140.150.293.2
A. It includes Corporates and Project Finance in operation.
Oil & gas
Sector boundaries: For the oil & gas sector, we assess upstream companies, as well as integrated companies undertaking their own upstream production in oil and gas.
Industry dynamics: Oil & gas companies can reduce their emissions by reducing operational emissions (e.g. by reducing flaring and leakages), by shifting their production to less GHG intensive fuels (e.g., from oil to gas), by investing into CCUS (Carbon Capture, Utilisation and Storage) or by diversifying from fossil-fuel combustion related business (e.g., into renewable energy).
2024 saw a number of elections held in major economies. It remains to be seen how the outcome of these elections will affect
energy supply and demand. As ever, energy security remains a critical theme for the sector.
Portfolio composition: To differentiate between oil & gas entities on a sector specific basis, we apply a physical emissions intensity comparison and a 2050-time horizon for our climate tiering analysis in this sector only.
Portfolio evolution: The absolute financed emissions of our portfolio decreased significantly in the years 2022 and 2023, going from 27.43 MtCO2e in 2021 to 20.94 and 20.27 in 2022 and 2023 respectively. This was primarily led by the decrease in the exposure to some low-tiered carbon-intensive clients.
SectorYearExposure (drawn amount EUR bn)
Absolute emissions (MtCO2e)
Physical emissions intensity
(tCO2e/TJ)
Financial emissions intensity
(MtCO2e/ EUR bn lent)
PCAF score2030 target
Oil & gas
20197.6823.8473.803.103.4
16.98
mtCO2e
20206.6722.5873.603.383.6
20218.2527.4374.363.333.9
2022
6.8920.9473.283.043.0
2023
6.8220.2772.972.973.0
Note on data quality: To improve the quality of timely available data, the data source for this sector has been replaced by Wood Mackenzie for figures from 2022 onwards, allowing us to analyse upstream companies and their assets in a more granular way and avoid uncertainties related to public company disclosures. Our methodology has been updated to incorporate this refinement19.
19 Scope 1 and 2 are directly retrieved from Wood Mackenzie. Scope 3 is calculated based on Wood Mackenzie production data and combustion emission factors.
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Our role in supporting the energy transition
The world needs to ramp up renewable energy capacity to align the economy. For the global energy sector to align, all energy-intensive sectors and activities must be transformed. Our role is to support our customers’ transition and, as one of the world’s top lenders in renewable energy, we’re increasing the volume of green finance to support this transformation.
Fossil fuels continue to meet the vast majority of global energy demand. Energy security remains key for an orderly transition. As a bank, we believe our role is to work with clients to support and encourage their transition.









Aviation
Sector boundaries: For the aviation sector, we focus on commercial passenger airlines which include both general purpose lending and aircraft-specific financing. CIB refined the methodology for the latter for 2022 and 2023, as a result of the availability of a new specialized data source that allows the calculation of emissions at the asset level.
Industry dynamics: The IEA's updated Net-Zero by 2050 Scenario lowers expectation on emissions reductions in the sector due to the current trends for sustainable aviation fuel (SAF) – high costs and availability issues - as well the slow adoption of efficiency measures such as fleet renewal or use of lighter materials, raising concerns over whether the sector can reach its current 2030 targets.
Portfolio composition: The exposure to this sector reduced significantly from its peak in 2020 until 2023, driven in particular
by repayments from better climate tiered customers. Current exposure is significantly below the initial level at the time of target setting, and is very much concentrated in a small number of customers and long-term asset financing.
Portfolio evolution: Emissions intensity decreased from 97.21 grCO2/RPK in 2021 to 81.09 in 2022 due to COVID-19 recovery and increased to 82.99 in 2023 driven by changes in the portfolio composition (repayments from less carbon-intensive clients). The emission intensities of individual airlines continue to decline as airlines improve their efficiency, in addition to a normalization effect post-COVID in 2022. It is worth noting that absolute financed emissions have reduced by almost 70% since the baseline year 2019.
SectorYearExposure (drawn amount EUR bn)
Absolute emissions (MtCO2e)
Physical emissions intensity
(gCO2e/RPK)
Financial emissions intensity
(MtCO2e/ EUR bn lent)
PCAF score2030 target
Aviation20191.551.8192.471.173.3
61.71
gCO2e/RPK
20202.441.0893.050.443.7
20212.020.8497.210.423.2
2022
1.651.3581.090.823.0
2023
0.700.5882.990.833.0
Steel
Sector boundaries: For the steel sector, our analysis covers companies that attribute over 10% of their revenue to steel production.
Industry dynamics: The main alignment levers for the steel industry are: shifting to low-carbon energy sources, -e.g. renewable energy or hydrogen-, technological improvements, – e.g. electric-arc-furnaces (EAF), carbon capture, - and material efficiency and recycling. The latest report by Global Energy Monitor
(GEM) shows that 43% of planned steelmaking capacity is now based on electric arc furnace (EAF) technology, while 57% would use coal-based blast furnace-basic oxygen furnaces (BF-BOF). According to IEA, the direct CO2 intensity of crude steel production has decreased slightly in the past few years. However, efforts will likely still need to be accelerated to align with Net Zero Emissions by 2050 scenarios.
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Portfolio composition: Availability of reliable data has improved since our last report, although there are still gaps in certain regions. We employ a conservative approach by assigning all customers with insufficient data to the lowest climate tier. This is a small and concentrated portfolio, where small changes in composition have a noticeable impact on the overall emission intensity.
Portfolio evolution: The reduction in emission intensity from 1.36 to 1.24 tCO2e/tS from 2021 to 2022 was mainly due to the increase in exposure to less carbon-intensive customers. In 2023, this effect reversed which is the main driver for the increase to 1.38 tCO2e/tS. However, we also observed that some clients increased their individual emission intensity.
SectorYearExposure (drawn amount EUR bn)
Absolute emissions (MtCO2e)
Physical emissions intensity
(tCO2e/tS)
Financial emissions intensity
(MtCO2e/ EUR bn lent)
PCAF score2030 target
Steel20191.512.621.581.743.0
1.07
tCO2e/tS
20201.312.141.401.633.1
20211.421.901.361.333.1
2022
1.961.881.240.963.1
2023
2.041.841.380.903.3


Automotive sector
The automotive sector is one of the key sectors to tackle in the transition to a low-carbon economy.
According to the IEA, road transport accounts for over 15% of global energy-related emissions. The switch from internal-combustion engines (ICE) to electric vehicles (EV) and plug-in hybrid electric vehicles (PHEV) is the most important alignment lever for this sector.
We are supporting our auto-manufacturer customers in the adaptation of their business models and product offering towards EVs and PHEVs. As a leading auto end-user lender in Europe, we are also helping our retail customers finance purchases of an increasing number of EVs and PHEVs.
We aim to align our global auto manufacturing and European auto lending loan portfolios, with a 2030 target and a 2030 target-range, respectively. Our approach is heavily dependent on supportive public policy frameworks that stimulate consumer demand.
Auto manufacturing
Sector boundaries: Within the automotive sector, CIB focusses on the manufacturing of passenger cars, i.e. on Original Equipment Manufacturers (OEMs). The target metric is scope 3 GHG emissions from OEMs, measured by the average CO2 intensity per vkm of the fleet sold in the given year.
Industry dynamics: The switch from ICE to EV and PHEV is the most important alignment lever for this sector. The uptake of these technologies depends on multiple external factors.
Portfolio composition: The exposure remains stable at EUR bn 4.02. There are no significant changes in the portfolio composition in 2022 and 2023 compared to 2021. Aside from pure EV manufacturers, the carbon intensities of the OEMs’ fleets are within a relatively narrow band compared to other industries.
Portfolio evolution: The emission intensity improved from 138 gCO2e/vkm in 2021 to 133 in 2022, mainly due to an overall average reduction in the emissions intensity of our customers during this period. This reduction continued in 2023, although the emissions intensity increased slightly to 134 gCO2e/vkm due to minor portfolio exposure changes.
SectorYearExposure (drawn amount EUR bn)
Absolute emissions (MtCO2e)
Physical emissions intensity
(gCO2/vkm)
Financial emissions intensity
(MtCO2e/ EUR bn lent)
PCAF score2030 target
Auto manufacturing20204.453.491490.793.1
103 gCO2/vkm
20213.902.671380.683.0
20223.952.741330.703.0
2023
4.022.741340.683.0
Auto lending Europe202255.275.841370.113.2
75-89 gCO2e/vkm
202362.406.781330.112.7
The data source for auto manufacturing has been replaced by JATO Dynamic for figures from 2022 onwards, allowing us to provide more accurate and timely data points. Accordingly, the methodology has been updated to incorporate this refinement.
Auto lending in Europe
Industry dynamics: The alignment of this sector in Europe is driven by regulation and is especially affected by a law that prohibits the sale of internal combustion engine vehicles from 2035.
Nonetheless, the rate of alignment will rely on external factors such as government action (e.g. subsidies for electric or low-
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emissions vehicles), the development of charging infrastructure and manufacturers’ business objectives.
Portfolio evolution: 2023 emissions were 2% below the lower end of the target curve. Once we finish automating calculations, we will monitor all emissions-related metrics (total emissions, emission intensity, auto lending portfolio exposure, PCAF score, etc.) monthly.
To support the alignment of the auto lending portfolio SCF plans to:
•Enter into new agreements and build on existing agreements with electric vehicle manufacturers.
•Renew and build on existing agreements with traditional manufacturers that have ambitious electric vehicle transition targets.
•Offer additional bundles of financial products and solutions for electric vehicles (e.g. installation and financing of home chargers, solar panels, etc.).
•Implement new risk management methodologies for electric vehicles — residual value risk products to support the sale of electric vehicles under our agreements with manufacturers.
The success of these actions depends entirely on electric vehicle demand and regulation as well as manufacturers’ transition plans, not to mention such other external factors as technology, infrastructure, government incentives and tariffs on electric vehicles. SCF aims to follow general market trends and help finance electric vehicles according to the transition to this vehicle type.
SCF is working on automating the emissions calculations. The Responsible banking, Business, ESG risk and other teams are monitoring action plans and emissions performance, while commercial teams are performing actions to support alignment plans. Estimating the present and future resources needed to carry out our action plan is no easy task given the organizational complexity and scope of targets (13 countries, 16 units and many areas involved).
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Progress on both automotive sector portfolio targets will depend on several external factors such as:
•Regulation and policy: Effective government measures and policies are needed to reach the EV sales and alignment levels that the net zero scenario requires. European countries will need to meet the timelines set to end sales of new ICEs. The introduction of low emissions zones would support this change. Further adoption of subsidies on EV purchases will be key to drive up penetration, as we have seen in the Nordic countries.
•Technology: A guaranteed supply of the required materials to produce EVs and PHEVs at scale is needed to match demand. Also, reducing EV and PHEV production costs is required to ensure affordability in comparison with the less clean alternatives (ICEs), and thus ensure a just transition.
•Infrastructure: Reaching a high penetration of EVs and PHEVs will require a deep transformation of supply chains and the infrastructure that powers them (increasing the number of charging points and their performance) to shift from a model of predominantly ICE cars to an EV and PHEV majority. The investment needed for this infrastructure will require support from governments and other actors, which could be affected by conflicting interests such as energy security.
•OEMs commitments: For electric vehicles to become the market’s number one engine type, manufacturers must fulfil their commitments regarding their development and the phasing out of combustion engines.
Thermal coal phase-out
Sector boundaries: For the thermal coal target, we assess customers for whom coal fired power generation represents directly more than 10% of revenues on a consolidated basis; and customers that own thermal-coal mines worldwide.
Industry dynamics: Power utilities can reduce their usage of thermal coal power plants by replacing them with other technologies, e.g. CCGT (Combined Cycle Gas Turbine) or renewables. Thermal coal miners can either responsibly divest their mine or run down their mining activity, eventually closing the mine sustainably. According to EIA (Environmental impact assessment), record highs have been reached in 2023 as a consequence of the Covid-19 recovery, Ukraine's conflict and the continuous growth of Indian and Chinese demand. The substitution of coal by other sources of energy, such as electricity, bioenergy or natural gas is expected to accelerate in the later years of this decade.
Portfolio composition: Most of our customers in this group already have plans in place to comply with our policy in 2030.
SectorYearExposure (drawn amount EUR bn)
Thermal coal-related power & mining phase out (EUR bn)20217.0
20225.9
20234.9
2024
4.8
Portfolio evolution: We have been continuously reducing our exposure to thermal coal customers in scope of our target. Many of our customers will need financing to transition away from coal.
Transition finance support to these entities may, therefore, temporarily increase before declining over the longer term as we aim to achieve our targets.
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2.4.2 Monitoring of other portfolios
Further to the five existing alignment targets published in 2021, and the two new targets in the automotive sector in 2023, in 2024 we also worked on monitoring the alignment of other climate-relevant portfolios including mortgages (in the UK and Spain), commercial real estate (in the UK and Spain) and agriculture (in Brazil). The selection of sector portfolios for this exercise considered their materiality both at Group and country level within the sectorial climate approach.
The objective of these portfolio assessments is to understand the level of financed emissions in each case, identify levers to drive alignment and understand their feasibility.
The exercise comprised baseline-financed emissions calculations; expected trajectory towards 2030; internal and external alignment levers analysis (considering supply and demand, the regulatory framework and support for sector alignment); internal governance to monitor each portfolio’s alignment progress; and identification of commercial opportunities and initiatives to improve data quality to help align the customers of these portfolios. Further details on the Spain and UK mortgage, and Brazil agriculture exercises are provided below.
Agriculture
The agribusiness sector accounts for over 25% of Brazil’s GDP (Gross Domestic Product). Measuring the sector's financed emissions is challenging. Agriculture comprises a complex and extensive value chain, with varying sources, types and quantities of GHG emissions. Moreover, agriculture practices and emissions vary depending on the commodity, management techniques, geographic location, high portfolios turnover (for instance only 5% of our 2022 portfolio remained active in 2023) and other factors. Our measurement focuses on emissions from primary production activities in the agribusiness sector within Santander Brasil's retail portfolio. The emissions from primary production are unique to the agricultural sector, being under its direct management, and represent a significant portion of the GHG emissions in the agribusiness value chain. Our initial assessment covered scope 1 and 2 emissions originating from farm-gate activities and the land use change (LUC) associated with farmland. Guidelines for setting net zero targets in the agricultural sector are still under development. To overcome the lack of methodology, Santander Brasil, in collaboration with WayCarbon, estimated its financed emissions based on the project finance asset class category from the PCAF, the GHG Protocol Agriculture Guideline, and Brazil’s Fourth National Inventory.
Santander Brasil’s on-balance credit exposure to farms with primary production was EUR 3.58 bn in December 2023. We estimated financed emissions from that portfolio amount to 9.83 mtCO2e/year: c.80% estimated for land management, c.20% for LUC emissions (considering 20-year legacy), and less than 1% for energy consumption. The PCAF quality score is 3.1.
LUC emissions are mainly the result of illegal deforestation in Brazil, and, as mentioned before, a significant part of the illegal deforestation is driven by property speculation in public lands.
Santander Brazil has been implementing a robust monitoring system that uses satellite imagery to monitor and detect illegal deforestation in all financed farms and farms used as guarantees. We go above and beyond the local legal requirements and detecting illegal deforestation before the government had issued
embargoes in those properties. This benchmark practice allow us to avoid being involved in financing illegal deforestation in our agriculture portfolio (see more details in ‘Santander and the Brazilian biomes’).
Our approach to support alignment leans towards a low-carbon agriculture portfolio. It includes:
•helping customers build a low-carbon agriculture future though green finance solutions and innovative financial transactions;
•engaging with the government and local and global forums to share methodologies, open the broader debate to improve data, and accelerate alignment in agriculture; and
•contributing to the Banking for Impact on Climate in Agriculture (B4ICA) initiative, led by the World Business Council for Sustainable Development (WBCSD), through the development of methodologies to guide the sector in the transition to a low-carbon economy.
Commercial real estate alignment
For the commercial real estate sector we have been progressing in our alignment analysis, starting with the most material portfolios with enough information available, the UK and Spain. We are not setting an alignment target for this sector. As already explained, it is heavily dependent on further regulation to align. We have assessed what the 2030 alignment point would be according to the latest available IEA - Net Zero scenario: 12.8 kgCO2e/m2.
Commercial real estate and mortgage in Spain
Santander España has been monitoring emissions from the residential mortgage portfolio since 2021 and for the commercial real estate (CRE) portfolio since 2022.
80% of Spain’s properties do not have an energy performance certificate (EPC). This makes harder to calculate financed emissions.
Since 2020 we have enhanced data availability by:
•Requesting an EPC as part of new loan applications.
•Purchasing databases from an external provider with all available registers in Spain.
•Estimating non-existent EPCs using an internal, machine learning model that includes such variables as year of construction, climate zone, building type and property register information.
By doing this, we obtained actual or estimate EPCs for the entire real estate portfolio.
To calculate emissions, we use the Partnership for Carbon Accounting Financials (PCAF) methodology, with the Carbon Risk Real Estate Monitor initiative (CRREM) emissions factors from the PCAF database, for each EPC.
Our residential portfolio, which amounts to EUR 60.49 bn, has an emissions intensity of 21.41 kgCO2e/m² and a PCAF score of 4.0. Our CRE portfolio, with a scope of EUR 7.22 bn, has an emissions intensity of 20.02 kgCO2e/m² and a PCAF Score of 4.0.
This methodology was ratified by a specialist consultancy firm and the results audited both internally and externally.
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Local and global governance forums, including the Santander España board of directors, regularly monitor these results.
This enables us to gain a greater understanding of our portfolios to monitor their performance and set actions in motion to align the least energy efficient buildings.
The alignment of these portfolios stems from progress in achieving government plans such as the rollout of renewable energy in the domestic energy mix and the alignment targets set out in Spain’s National Energy and Climate Plan (PNIEC) and its long-term strategy for energy efficiency through the renovation of real estate (ERESSE). Moreover, according to the EU Energy Efficiency Directive, EPCs are being put up for review with the aim of achieving greater accuracy and consistency across Europe.
The limited availability of data and sensitivity of calculations to emissions factors, as well as the heavy dependence on external levers and the ever-changing regulatory landscape, pose a challenge when making alignment objectives for these portfolios. Moreover, we need sound public policy (especially for the residential portfolio) to support vulnerable groups and guarantee a just transition.
Santander España works to help customers align their residential and commercial assets while calling for public policy that supports this transition.
Santander promotes the energy efficiency of homes under our residential portfolio through:
•A 10 bp interest rate discount for the most efficient homes.
•Special Banking Environment Initiative (BEI) and European Investment Fund (EIF) lines of credit with additional discount for homes with the best energy efficiency.
•Consumer loans with special terms and conditions for energy-related renovation, including the installation of solar panels, heating and cooling systems, insulation and other items.
•State-backed loans for owners associations to renovate entire buildings.
•An energy efficiency simulator for customers and non-customers to estimate the work required to renovate their home, including projected heating bill savings and emissions avoided.
For our CRE portfolio, which is less granular, we perform these actions individually with customers:
•Agreement with CBRE to advise institutional and commercial customers on aligning and enhancing the energy efficiency of their buildings.
•In 2024, Santander España has joined the commercialization of the ICO MRR Verde line, with the aim of supporting the green transition with special terms and conditions and making buildings more energy efficient through renovation.
•In 2024, we created a new Business Growth team that specializes in CRE. This enables us to control new origination better and spot opportunities for energy renovation and green finance.
Commercial real estate and mortgages in UK
Santander UK adopts the Partnership for Carbon Accounting Financials (PCAF) framework to calculate financed emissions associated with the Mortgages portfolio. Financed emissions are calculated at property level using the value at origination, the outstanding loan amount as of 31 December 2023, and building emissions taken from EPC assessment and the PCAF emissions factors for the property. Where no EPC exists, in mortgages we used a postcode to infer the EPC or, where this wasn’t possible, a regression model trained with multiple known property characteristics. In commercial real estate we used proxy information from the PCAF database. This resulted in a PCAF score of 3.2 for mortgages and 4.0 for commercial real estate, with a portfolio coverage of over EUR 201.96 billion for mortgages and EUR 11.04 billion for commercial real estate. Emissions intensity for mortgages as of 31 December 2023 was 20.87 kgCO2e/m² and 25.40 kgCO2e/m² for commercial real estate.
The evolution of the financed emissions associated with our mortgages portfolio in 2023 compared to last year is mainly explained by an update of the internal methodology we use for real estate financed emissions. In line with market practice, we base our calculations on the Carbon Risk Real Estate Monitor (CRREM) emission factors, resulting in lower attributed financed emissions.
Our initial assessment of Commercial Real estate highlights the challenge of having sufficient coverage of asset level EPC data. We were heavily reliant on use of proxy data which is reflected in the overall PCAF score. We will continue to focus on improving data quality for this portfolio and will streamline the process.
We also refreshed levers analysis to understand how the change in UK government might impact on the alignment of our mortgage lending and alignment pathways. Key levers identified within this analysis include the implementation of the Future Homes Standard for new buildings and minimum energy efficiency standards for buy to let properties. Wider grid alignment also materially supports our alignment.
During 2024 we also conducted research into the barriers facing consumers and have launched several pilot propositions intended to build our understanding of the role Santander UK can play in supporting our customers. This analysis continues to be used to inform our ongoing green finance strategy and public policy engagement over the coming years. Converging towards net zero pathways by 2030 will be challenging to achieve, particularly given the dependency on external factors such as policy and demand.
Considering this analysis (and while we will continue to advocate for policy change) we have made further progress in supporting our customers to reduce their emissions. We do not focus solely on increasing our exposure to new build lending and have a range of test and learn proposition products that support homeowners with a range of EPC rating in improving energy efficiency. These propositions also build our knowledge and capability.
The test and learn propositions launched in 2024 are:
•Octopus Energy – a solar panel installation partnership for existing customers offering 500 pounds discount.
•Vibrant – an enhanced EPC and home energy efficiency advice partnership available to existing customers.
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•Home Energy Cashback to incentivize customers to make green home improvements.
•Bidirectional partnership with Scottish Power including an unsecured product that would be available in Scottish Power’s customer journey.
•Green mortgage offering for customers with an A or B rated property who are remortgaging to benefit from a discounted rate.
•Working with Core Logic under the UK Governments Green Homes Finance Accelerator programme to provide the first national retrofit coordination advisory service in the UK.
2.4.3 Measuring and assessing other portfolios
We are expanding the scope of the portfolios measured to understand and assess the alignment dynamics of each one of these portfolios maintaining our focus on our sectorial climate approach. Although we are facing a clear lack of available data to measure financed emissions, especially in “Retail and Commercial” segments and in some regions. Some of the information needed to properly assess the level of emissions and potential alignment of our customers, is not being measured or available for our customers (examples: energy performance certificates of real estate assets in LATAM (Latin American) countries, emissions calculated and reported by Corporates and particularly by SMEs, etc…). We remain engaged to reduce these data gaps to measure financed emissions in a way that can be useful towards steering the alignment of other climate relevant portfolios and be able to try to implement alignment levers to broad scope of our financed portfolios.
2.4.4 Santander Asset Management’s (SAM) alignment strategy and approach
In March 2021, we joined the Net Zero Asset Managers (NZAM) initiative with the ambition to align the Santander Asset Management portfolio by 2050 to help limit global warming to 1.5°C.
As part of joining this initiative, SAM set a target to halve net emissions for 50% of its AuM in scope (some 27% of the total) by 2030, as well as certain engagement objectives. SAM maintains its ambition to continue aligning its activity, promote greater transparency, and strengthen cooperation between investors and issuers in the net-zero transition. We conduct internal reviews on the way we measure and disclose our progress, in parallel with the NZAM review. We plan to take a more qualitative approach to our reporting next year.
To analyse each issuer’s net zero efforts and progress, we classified assets according to the Net Zero Investment Framework (NZIF).
This maturity scale on the degree of issuers’ alignment with net zero emissions targets provides us with a framework to check the progress that issuers are making in their transition and identify areas that require further effort in terms of engagement. It considers these factors:
1.A long-term ambition consistent with the goal of achieving net-zero by 2050.
2.Short- and medium-term targets to reduce GHG emissions.
3.Disclosure of scope 1, 2 and 3 emissions.
4.Emissions performance against targets.
5.Alignment strategy.
In 2024, we worked on developing our Net Zero engagement strategy, which aims to use dialogue and voting policies to encourage issuers to commit to alignment plans and transparency and disclose accurate and credible information to be able to monitor performance. It also motivates issuers to set ambitious targets that are consistent with the Paris Agreement goals.
SAM is part of the Climate Action 100+ collaborative engagement initiative and conducts regular analysis of Net Zero projects to look into their possible adherence to it. In 2023, SAM joined the IIGCC (Institutional Investors Group on Climate Change) Net Zero Engagement Initiative (launched in January of the same year), which aims to boost the number of entities that form part of the CA100+.
2.4.5 Our environmental footprint
In this section we cover how Santander manages the following IRO:
I+
Contribution to reducing the Group’s scope 1 and 2 greenhouse gas emissions.
As part of our climate ambition, our strategy to lessen the environmental impact of our operations involves: reducing our CO2e emissions and compensating those we're unable to reduce by mitigating beyond our value chain; reducing and handling waste responsibly; and raising employees’ and other stakeholders’ awareness of environmental issues.
We disclose our findings from the exercise we conduct on the scope 1, 2 and 3 emissions of our own operations at buildings and offices. We also disclose scope 3 - category 3.15 'Investments’ (financed emissions) in the ‘SN 4. Our transition plan’ sustainability note.
We’ve been measuring our environmental footprint since 2001. Since 2011, our energy efficiency and sustainability initiatives have helped us cut our scope 1 and 2 emissions by c.86%. Though such reductions achieved, we continue to find opportunities and new technologies to become more energy efficient. In this sense, in 2024 we revised our efficiency target with the ambition of achieving a reduction in emissions from our own operations of 75% compared to 2020. The additional reductions proposed by this review are 6% in scope 1 and 49% in scope 2 compared to 2024.
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2024 environmental footprint
    
96%
renewable electricity in 10 core countries where we are present
1,012,554 MWh
energy consumption
Scope 1
35,503 t CO2e
direct emissions
Scope 2
24,350 t CO2e
indirect emissions from
electricity and other (market
based)
MoreInfo2023.jpg
For more details on our environmental footprint see note SN 7.1 'Green transition'.
The key drivers behind our reduction of consumption and emissions (which we generally group into three-year plans) were:
•Efficient spaces: Better use of space in terms of daily building occupancy and a more efficient and better located properties to carry out our operations.
•Efficient maintenance and operational management of branches and offices — implementation of ISO (International Standards Organization) 14001/ISO 50001 and LEED20 O&M standards as drivers for continuous improvement from an environmental perspective and to facilitate that we comply with growing sector regulation at our premises in every market where the Group operates.
•Awareness and involvement of the entire organization in environment-related results.
•Technology: Heating, air conditioning, lighting, automated control, new and more efficient systems at more affordable prices.
•Vehicles in the Santander fleet fitted with better technology and a wider range of vehicle types in every market.
•Improvements in environmental data collection to analyse trends.
•The purchase of renewable energy and obtaining of energy certificates.
The latest plan, Plan 2022/2025, which ended in 2024 with an investment of EUR 38.3 million, achieved a reduction of more than 69.3 GWh through efficiency measures. Additionally, we converted 213.8 GWh into renewables through contract agreements. Other outcomes of this Plan are:
•Over 8,800 kW (kilowatt) of solar panels for self-consumption with a self-production of 18.5 GWh in Brazil, Chile and Spain, which houses two of Europe’s largest solar installations on office buildings and data centres, enabling us to reduce our scope 2 emissions.
•37% of our workforce work at premises with a buildings or energy efficiency certification or standard (LEED, Breeam21, ISO). These certifications reflect our efforts to reduce fuel, electricity, paper and
water consumption, as well as scope 1, 2 and 3 emissions. Examples include the recently confirmed Breeam Excellent certification of our new UK HQ (Headquarters), Unity Place, in Milton Keynes (almost 80,000 m2), and of the Hernán Cortés building in Spain.
•96% certified renewable electricity either certified purchased or self-produced in our 10 core markets, helps reduce our scope 2 emissions.
•2,103 electric vehicle parking spaces at our buildings and commercial offices across our footprint. This is well above the 1,250 target we included in the 2025 plan. Even with the objective to electric vehicles, Santander continues to follow a policy of using company shuttles, encouraging the use of public transport, and implementing car sharing initiatives as part of a more efficient employee commuting model.
Our 2030 Efficiency Plan for the Group builds on our progress and will focus on the following initiatives and levers:
i. Renewable energy and self-production measures:
•Solar panels in Santander’s own buildings, data centres and commercial premises.
•Geothermal energy.
•Bundled and unbundled agreements to purchase renewable energy (suppliers, PPAs-Power Purchase Agreements, RECs-Renewable Energy Certificates).
ii. Energy efficiency and consumption reduction measures
•Lighting efficiency projects.
•Temperature control efficiency projects.
•Automated measurement and control of office spaces and the branch network.
•Projects to enhance façade materials.
•Projects to renovate and upgrade commercial premises.
•Project to modernize facilities.
•Communications and internal training to raise awareness among employees of responsible water, electricity and paper consumption and the correct ways to recycle.
•Continuous improvement programmes that follow ISO 140001 in buildings and ISO 50001 in offices and branches in our markets to reinforce the importance of robust property and maintenance management.
•Projects to build new, more efficient headquarters and rearrange our assets.
iii. Direct emissions reduction measures:
•Replacing fossil fuels with other forms of energy.
•Preventing the leakage of direct emissions from the temperature control systems at all Santander premises.
•Updating and modernizing air conditioning systems with more eco-friendly and efficient cooling mechanisms.
•Monitoring possible leakages in air conditioning systems and implementing predictive and preventative maintenance.
•Updating Santander’s fleet with hybrid and electric vehicles.
20 Leadership in Energy and Environmental Design
21 Building Research Establishment Environmental Assessment Method
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•Replacing conventional oil or gas boilers with electric heat pump systems and technologies where the weather allows.
With these measures, we want to continue reducing our direct scope 1 and indirect scope 2 emissions, with specific targets that will enable us to reduce:
Alignment lever
Scope 1 (tCO2e)
Scope 2 location-based (tCO2e)
Scope 2 market-based (tCO2e)
i. Renewable energy and self-production measures
2,000
9,000
ii. Energy efficiency and consumption reduction measures
1,600
20,000
3,000
iii. Direct emissions reduction measure
600
Total
2,200
22,000
12,000
Banco Santander remains offsetting scope 1 and 2 emissions. As part of our voluntary carbon credit market monitoring, every year we carefully analyse and select a list of initiatives, usually in our core markets. We follow a strict carbon credit selection process that includes due diligence and compliance of our environmental policies. Projects are also certified under some of the industry's most well-known standards. Moreover, all the carbon credits we purchased in 2024 were ratified by an independent rating agency to validate their integrity. In 2024, we used 59,858 credits22 (85% reduction credits and 15% removal credits), to offset our scope 1 and 2 emissions.
Other key measures
Waste management
Since 2021, our offices and buildings in our core markets have been free of single-use plastics to meet the target we set in 2019. The
Santander Group City and Santander España’s central services buildings have ‘Zero waste’ certification.
Employee awareness
Santander runs local and global employee awareness campaigns on the importance of reducing consumption and waste. Each subsidiary posts news and feature articles on the environment and the Group’s ESG initiatives on its internal portal. In 2024, we observed Earth Hour for the 15th consecutive year by switching off the lights at the Group’s most emblematic buildings.
Scope 3
The assessment we conducted to determine the materiality of indirect GHG emissions (scope 3) found that the only material category under this scope was category 3.15 (financed emissions), with a weighting of 99% of the total.
Moreover, the categories listed below are considered material based on their volume, management capacity and, therefore, potential to reduce them.
In addition to the scope 3 categories we reported on in recent years (3.6 Business travel and 3.7 Employee commuting), in this document we’re reporting on four more supply chain-related categories23 for the first time:
•3.1 Purchased goods and services
•3.2 Capital goods
•3.4 Upstream transportation and distribution
•3.9 Downstream transportation and distribution
To enhance the quality of these emissions and to draw up actions to reduce them, Santander and Aquanima will work with the key vendors of the leading purchasing groups to obtain information on their carbon footprint.
2.5 Further actions and enablers
2.5.1 Strategy for engagement with other key stakeholders
As mentioned previously, we believe that the banks are enablers of the transition and as such, should not be considered as the sole drivers of this process.
In order for banks to support the transition of their clients, the enabling conditions must be in place. Our aim is to contribute constructively to the transition debate by supporting policymakers and regulators take a common approach to legislation. In this sense, it is now necessary that the predominant regulatory and “finance-centric” approach to the net zero transition that has been adopted to date is reconsidered, acknowledging that the financial sector is an enabler, but that it cannot be the sole driver of sectors´ investments towards a low carbon transition.
In addition, it is important that banks´ aim to supporting high-emitting companies in achieving their transition to cleaner production models is recognised as a priority. This means that our financed emissions are likely to rise as we finance the transition of
these companies. Nonetheless, supervisors should not consider our portfolios as misaligned with a 2050 net-zero pathway, but rather the opposite; we are financing and engaging in our customers’ transition, not divesting from them.
There is a meaningful opportunity ahead to foster that the appropriate levers are set to facilitate the transition of the global economy. This includes the review of the current sustainable finance framework. Whereas much progress has been achieved to date in areas such as reporting on sustainability matters, taxonomies to classify green activities and financing, the aim of the European Commission to streamline and consolidate multiple requirements on companies is very much welcome. The reduction of complexity and of the regulatory burden would facilitate the implementation of the framework by the market, and the allocation of resources to support the transition, while positively contributing to companies' competitiveness and economic growth.
Finally, a framework that supports business transition should not seek to increase the capital requirements linked to ESG risk drivers since the Pillar I prudential framework already considers their
22 Since emissions offsetting is done by country, the upward rounding of tCO2e means that the total amount of credits is slightly higher than the total sum of emissions.
23 We calculated these categories based on our operating expenditure in 2024. The emissions factors we used to calculate these categories in 2024 are based on the emission intensities within the input-output (IO) database of the US Environmental Protection Agency (EPA), which are split by economic sector.
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impact. Increased capital requirements would be counter-productive and could jeopardize the transition of the economy — especially in emerging countries and that of companies in carbon intensive sectors.
Authorities should work together as much as possible on drawing up the regulatory framework that provides the right tools to finance the transition of the economy globally.
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For more details on our strategy for engagement with authorities, supervisors, NGOs, etc. see 1.2 'Stakeholder engagement'.
Partnerships and sector working groups
Partnerships with others in business and governments can help us share best practice and accelerate progress if we are to tackle climate change and protect biodiversity. Grupo Santander participates in different organizations, alliances and working groups: we engage with international and local stakeholders (sector associations, think tanks, universities, peers and others) to progress in global and company goals, in line with the SDG 17 (Sustainable Development Goal) on Partnerships for Goals.
In addition to the initiatives outlined in section 1.2 'Stakeholder Engagement', we also engage with leading organisations to improve banks’ stewardship of climate change and nature.
→World Economic Forum - International Business Council: Santander is participating in the "Transforming Energy Demand" project, which aims to identify ways in which companies can reduce energy demand intensity as a means of contributing to the global energy transition, as well as to the bottom-line. The IBC (International Business Council), currently chaired by the executive chair brings together 130 CEOs and company chairs across industries, from developed and emerging markets, on all continents. Member of this group are responsible for c.3% of global energy consumption.
→World Economic Forum - Alliance of CEO Climate Leaders: Santander continues its engagement within the World Economic Forum Alliance of CEO Climate Leaders as key network to influence stakeholders, including policymakers, and drive change towards meeting net zero targets. We are also following the work at the “Financing the Transition to a Net-Zero Future” initiative.
→Banking Environment Initiative (BEI): Coordinated by the Cambridge Institute for Sustainability Leadership (CISL), we continue to take part in the Bank 2030 initiative, which aims to create a roadmap for the banking sector to support broader society’s transition to a low-carbon economy.
→Net Zero Banking Alliance (NZBA): We're a founding member of this initiative (created in 2021) and member of the Net Zero Asset Managers Initiative (NZAM), since 2021.
→Financing the Just Transition Alliance: Led by the Grantham Research Institute within the London School of Economics, the goal of the Alliance is to stimulate and support system level innovation that enables investors and the financial sector more broadly to deliver a just transition in the UK.
→Partnership for Carbon Accounting Financials (PCAF): We have been a member of PCAF since 2021 and thus committed to
disclose our financed emissions according to the PCAF standard. We also take part in its regional and sectoral working groups.
→TNFD Forum: We are part of the TNFD Forum to contribute to the framework for financial institutions that will help the sector to assess, manage and report on impacts and dependencies on nature. We also participated in different TNFD-pilots in LATAM (Latin American) that allow us to gain important insights that highlighted the significant challenge, particularly regarding the lack of availability of primary data and tropicalized databases to assess impacts and dependencies.
→Energy Efficiency Financing Coalition: Led by the European Commission and with the participation of Member States and financial institutions, including Santander, the coalition seeks to promote measures (non-regulatory and non-binding) that promote energy efficiency in relevant sectors, such as cars, agriculture, buildings, among others.
2.5.2 Governance & policies
Roles, responsibilities, and remuneration
Climate change and green transition oversight
The management and oversight bodies described in sustainability note 2 approved our transition plan, as part of this report. Also, the responsible banking, sustainability and cultural committee (RBSCC) reviewed our portfolio alignment targets, which the board of directors then approved. These bodies also receive regular updates on progress with our targets and our climate agenda.
Moreover, they have also overseen the climate finance reports that we have been publishing in recent years.
Other bodies such as the audit committee, the financial accounting and reporting committee, the management committee and the sustainability committee take part in overseeing sustainability disclosures. The risk control committee and the risks supervision commission review risk appetite proposals before their approval.
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For more details on our ESG governance model, see note SN 2. 'Sustainability governance'.
Climate in incentive schemes
Since 2020, the Group’s variable pay scheme and, since 2022, our long-term incentives, have considered green finance and the progress made with climate and other sustainability targets.
In 2024, shareholders at the Annual General Meeting (AGM) passed a board resolution on sustainability metrics for executives’ 2024-2026 long-term incentives (with a weighting of 20%), which are consistent with our targets. Half of the sustainability dashboard covers supporting the transition to a low-carbon economy, including socially responsible investment and green finance raised and facilitated. Moreover, this line of action considers the requirement to develop a transition plan that enables a score of over 100%. Achieving a credible and comprehensive plan will depend on the regulatory and political landscape.
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For more details on the integration of climate-related performance in incentive schemes, see section 1.4 'Sustainability governance'.
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Main areas involved in implementing our climate change strategy
In 2024 we continued to embed climate management in business-as-usual across CIB, Risk and Sustainability. For instance, CIB strengthened its corresponding governance. And Wealth continued to reinforce and update the working groups and policies that oversee and coordinate its SRI strategy, described in section 3.2.2 'Responsible investment and social finance'. Consumer has different working groups that meet monthly to address sustainability projects and issues, and quarterly to review progress in the sustainability agenda.
Beyond global businesses, a number of local units are engaged in a process coordinated by Group Responsible Banking. The objective is to progress the alignment agenda, promote knowledge and expertise sharing by local teams and seek synergy in the design of reliable transition plans.
Other corporate-level initiatives and groups that support governance meet regularly to implement our climate change agenda and inform on regulation updates. For example, our public policy sustainability working group updates on upcoming climate and sustainability regulation; a regulatory radar governance working group that meets quarterly to monitor the status of implementation of sustainability regulations and to assign responsibility for the implementation of regulatory initiatives to the Group's areas; an environmental footprint working group that measures our footprint and reviews ways to reduce it; and a sustainable bonds working group that oversees sustainable bonds issued from Group and its subsidiaries.
ESG Reporting & Internal Control
A new ESG Reporting & Internal Control team, set up in the second quarter of 2023, in the Financial Accounting & Management Control division oversees the disclosure, supervision and control of the ESG information the Group uses to meet regulatory requirements and stakeholder expectations. This year, the team worked with each area in question to make information gathering and the governance and control of disclosed information more automated and efficient. The emission reduction objectives of our own operations emissions (scopes 1 & 2) have been reviewed in the Group’s ESG Reporting Forum.
ESG classification meetings
As part of our green transaction assessments, we created global, regional and local panels to provide additional scrutiny and validation, and coordination across the Group; agree on labelling transactions as green, social or sustainable; and make sure that we use the same standards and procedures across our footprint. The Risk function leads these panels, which business, compliance and sustainability teams also take part in.
Internal Audit
The internal audit function reviews climate risk, for more details see note SN 2. 'Sustainability governance'.
Policies and guidance
The Group has different frameworks and policies that establish the principles, processes and responsibilities for managing ESG criteria throughout Santander Group.
The Group establishes ESG policies, procedures and guidelines adapted to local regulations and applied to all units. We systematically review the scope of the policies to adopt ESG standards in accordance with international best practices. The main ones are the ESCC risk policy and the Responsible banking and sustainability policy.
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For more details on our ESG governance model see note SN 2. Sustainability governance'.
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For more details on our ESCC risk management policy, see section 3.2.3 'Environmental, social and climate change risk management'.
Climate training and skills development
Particularly in climate, we have developed different initiatives to enhance capabilities, beyond the training on sustainability detailed in section 3.3.1 'Talent and skills development'. Some themes of these initiatives are social and environmental risk management and sustainable finance.
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For more details on our employees training and skills development see section 3.1.1 'Talent and skills development'.

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3. SUPPORTING EMPLOYEES, COMMUNITIES AND CUSTOMERS
(Social information)
3.1 Our employees
Aiming to attract and retain a talented team, our approach is based on24:
→promoting an attractive employee value proposition that offers real opportunities to grow and harness potential; innovative ways of working; projects that inspire; and a shared, uplifting culture.
→offering optimal conditions that safeguard employee health and well-being, with fair and competitive remuneration and initiatives that afford a better work-life balance.
→promoting an inclusive and meritocratic culture where everyone feels valued.
3.1.1 Talent and skills development
This section outlines how we manage the following IRO:
I+
Promote continuous career development and personal growth through learning and development programmes.
For the purpose of this Annual Report and in line with previous years, Santander defines employees as people who have an employment contract with any of the companies that comprise our consolidated group and whose contract remains in force at the time of publication. 25
206,753
employees

Europe 42.2%
North America 20.0%
South America 37.8%
It is fundamental that our employees have the necessary abilities and knowledge to perform their role.
i. Attracting talent
Our talent attraction strategy focuses on positioning ourselves as an employer of choice. In 2024, we welcomed 33,175 new employees to the Group.
We focused on:
a.digital transformation.
b.graduate internship programmes.
c.bolstering our employee value proposition (EVP).
We offer programmes and experiences for our employees’ personal and career development:
•Development programmes adapted to different levels and businesses within the organization.
•Temporary and permanent domestic and international mobility and functional experiences.
•Training based on lifelong learning.
ii. Talent management
We reaffirmed our commitment to developing talent in 2024. We kept close watch on our units’ and businesses’ needs to anticipate and cover their requirements, with a proactive approach through initiatives that foster individual growth and boost the wealth of talent in our teams.
Developing potential
Our potential review model, implemented in 2022, has enabled us to delve deep into the skills, expertise and aspirations of some
24 For more information on employee dialogue, see section 1.2 of Dialogue with our stakeholders.
25 The following are not included as Employees: a) Interns; b) Salaried employees on leave or career breaks whose employment contracts are suspended under the respective local employment regulations; c) Non-salaried individuals with temporary employment contracts through an external provider (NACE78) performing similar tasks to in-house staff, who do not receive salaries or benefits paid by Santander, nor self-employed workers; d) Other workers engaged in different tasks within the value chain under service contracts. Additional information on the characteristics and distribution of our employees is provided in the 'Sustainability Notes'.

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124,112 employees . It has driven us to draw up personalized development plans based on each person’s needs.
We came up with a leadership profile and a common leadership assessment methodology to foster transformational and collaborative leadership aligned with our strategy and gain deep, objective and comparable knowledge of our leaders. This also enables us to support their development and make key decisions for the Group.
Mobility matters
We have our global international mobility policy approved by the Human Resources Committee by decision from the Group Board, is an essential tool for the development of our professionals. The objectives of this policy are to: contribute to the development of talent in the Group; strengthen succession plans; attract external talent; encourage global mentality; facilitate international movement to satisfy business needs; share in a transparent manner the criteria for mobility across the workforce.
iii. Learning and development
Our learning and development policy, provides an action framework for the design, supervision and deployment of learning activities with the purpose of promoting innovation and the development of skills in our employees.
In 2024, we allocated EUR 64 million to employee training to provide employees with the resources and tools they need to enhance their skills and employability and to meet critical business and market demands.

173,309 employees accessed Dojo, our digital learning platform and we continue to roll it out to reach all employees. On top of its vast catalogue of 174,223 references with courses in critical competencies promote that our employees are up-to-date with the latest trends and technologies. Dojo offers customized recommendations based on current and future roles to foster a culture of personal development and lifelong learning.
Global learning community for leaders
The aim of Elevate is to equip our senior directors with the means to lead their teams and achieve their strategic objectives.
It’s fully digital format enables directors to sign up to development programmes that are organized into Learning Paths (People, Tech, Strategy and Change) that address the critical skills needed to lead the Group’s transformation.
It provides access to the latest trends, content and tools, and helps create networks of senior leaders to promote the sharing of best practices and experiences. It also encourages them to use what they learn and make a clear path to drive our transformation.
Talent development programmes and promoting a culture of lifelong learning
Our learning and talent development strategy places focus on the development of young talent and digital business profiles, with programmes such as Young Leaders and BeTech & Business.
These programmes are designed to identify and develop internal talent, offering growth opportunities in the career of our employees, helping them be prepared for future challenges.
We trained our employees in the skills they need to further their careers. In 2024, 103,154 employees received training in core business skills related to technology, banking and people to enhance individual performance.
We award certificates to employees who complete training activities and programmes to recognize their new skills. These certificates are approved by an independent issuer. In 2024 17,305 employees obtained certificates, which will enable them to broaden their career horizon, apply for new opportunities and accredit their knowledge.
Mandatory training and promotion of Sustainability and Responsible Banking
To reinforce the Group's culture and knowledge in relevant matters, we have mandatory training, which looks to train all employees in strategic and/or regulatory topics approved by the Global Compliance Management Committee. In 2024, we covered 13 topics in mandatory training, including sustainability, code of conduct, harassment prevention, cybersecurity, financial crime and data protection. This efforts aims to protect the organization and increase our employees capabilities to act with responsibility and ethics in their daily activities. Moreover, each subsidiary has mandatory courses related and applicable to their local laws and regulations.
This year, our employees have participated in a training itinerary on Green Finance for Retail & Commercial Banking, with transversal and country-specific modules in countries we are present with a sustainable offer. Furthermore, all employees have received mandatory training on practical integration of ESG criteria into commercial processes. As part of the Board of administration training program, a session on sustainability with focus on ESRS was conducted. This training strengthens the knowledge and skills of our employees, drives business and benefits the community.
We continue progressing on the certification of experts in sustainable finance topics and promoting our ESG Talks, a program of sessions where we share knowledge and points of view on ESG topics, with the participation of internal experts from different businesses and functions involved in our sustainability agenda. We have also trained our employees in inclusion, environment, health and safety, as well as expanded our learning library related to sustainability topics.
We will continue to invest in developing our employees so that they are equipped to face future challenges and contribute to the ongoing success of the Group.
8.7 (out of 10)
Rating on the learning,
usefulness and development of skills.26
26 YourVoice response to the question: “My job enables me to learn new skills and develop them”. In the top 5% of the finance sector.
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3.1.2 Working conditions
This section outlines how we manage these IROs:
I+
Promote the health, well-being and security of our employees in a safe and inclusive workplace; facilitate a positive work-life balance through flexible working.
I-
Harm employees through discriminatory conduct, inadequate working conditions, harassment or corruption.
I+
Promote the general well-being of employees and provide appropriate remuneration under equal conditions based on merit and market rates.
R
Potential risk of conflict with employees based on the infringement of their rights.
i. Employee health and well-being
Our employees’ health is embedded in our culture and corporate strategy, under which our people and senior managers work together to protect and promote each other’s health, safety and well-being.
Based on our strategy, we implemented:
•safety and prevention systems;
•proactive initiatives to boost the overall well-being of employees;
•a safe and supportive working environment when it comes to health; and
•flexible work alternatives to enhance work-life balance.
Our General health, safety and well-being policy aims to promote healthy lifestyles and create long-term value for employees and society. It applies to all our subsidiaries and follows local laws in the markets where we operate to the letter.
Occupational health27
The sector-level collective agreements that we sign up to consider employee health and occupational risk prevention.
We offer regular check-ups and tests after extended absences in every market where we operate. We also cooperate with local public health authorities, employees’ legal representatives and occupational risk insurers. In every subsidiary with over 500 employees (accounting for 99% of the Group), our people are covered under occupational health and safety systems and policies in compliance with local risk prevention standards and best practices.
We revised our occupational risk prevention plans with employees' councils through:
•regular assessments of risk factors and preventative measures to handle or mitigate them;
•prevention through design in new work spaces and tools;
•procedures regarding safe and quality working conditions and certifications;
•emergency and evacuation plans to protect employees, customers, suppliers and visitors to our premises; emergency response; first aid training;
•measures to detect and minimize risk due to postural hygiene;
•accident investigation to avoid reoccurrence; and
•active participation of employee accident prevention delegates on health and safety committees.
Well-being
We aim to raise awareness about health and well-being through our global BeHealthy programme, which celebrated its eighth year in 2024.
behealthy.gif
In 2024, we ran several initiatives, activities and events in all our subsidiaries following the programme’s four pillars: know your numbers (self-awareness), eat well (healthy nutrition), move (physical health) and be balanced (mental & emotional well-being). In 2024, over 64,000 employees took part in local BeHealthy initiatives.
Rating on satisfaction and opinion on health
8.4 (out of 10)
Health and well-being as a priority28
8.4 (out of 10)
Support I need in terms of physical and mental well-being to perform my job.29
In April, to celebrate World Health Day, we held BeHealthy Week, bringing health and well-being to the focus of the Group worldwide, with daily, in-person and virtual events. We also joined global initiatives run by the World Health Organization, including Global Mental Health Week, Women’s Health Month and Men’s Health Month.
These initiatives gave our employees access to mental health and emotional well-being support programmes, as well as to sports centres, nutrition and mental health apps, specialist health and preventative care, and other free or discounted services.
Work-life balance
Santander promotes employee work-life balance. Employees in all our entities are entitled to paid paternity or adoption leave or to care for newborn children or family members. In 2024, 8,195
27 For more details on absenteeism and health, see the 'Sustainability notes'.
28 Average employee rating of the statement 'Employee health and well-being is a priority at Santander'. In the top 25% of the financial sector. .
29 Average employee rating of the statement 'Santander offers me the support I need in terms of physical and mental well-being to perform my job', in line with the financial sector.
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employees took paternity, maternity or adoption leave and 2,824 other employees family care leaves.30
We have enhanced our flexi-working policies and options for employees in recent years to keep up with digital transformation and social change. Almost all our employees in central services roles can now adapt their working hours and location to fit with their personal circumstances. In nine of our core markets, 31 almost all our employees in central services roles take part in flexi-working programmes that enable them to work remotely or adjust their entry and exit times. We review these measures constantly with our employees and in view of customer needs — considering productivity, commitment and our experience as an employer.
Rating on satisfaction and opinion on flexibility
8.8 (out of 10)
Flexibility at Santander32
Social protection
At Santander we offer our employees protection against a loss of income due to sickness, accidents at work, acquired disability and paternal leave.
Our employees have public or private protection for loss of income due to sickness or acquired disability according to local regulation. On top of public health services, we offer additional private cover in our core markets, under which employees usually receive full pay during periods of sickness.
Because employee care and respect for their rights are important to Santander, 98% of our workforce have a permanent contract. In all countries, employees have coverage against loss of income due to unemployment per local laws.
Our employees have appropriate pay protection in the event of an occupational accident. In Spain and other countries, we supplement the financial benefit that can reach the entire salary of employees in situations of temporary disability.
The Group has a minimum standard in each unit of fully paid parental leave. All Group employees are entitled to a minimum 14 and up to 30 weeks’ fully paid primary parental or adoption leave, while all parents (or secondary caregivers) have 4 weeks of fully paid parental or adoption leave33. Because of our inclusion and flexible return measures, 76% of new mothers continue working for Santander 12 months after returning from their birth, adoption, or pregnancy leaves.
Our employees have retirement coverage through public or private pension schemes in every market where we operate. Santander supplements this with defined contribution pension plans for our employees in our core markets.
Collective bargaining and social dialogue
Santander promotes respect for the rights of employees34. In 2024, we continued to guarantee freedom of association and the right to collective bargaining. Our Responsible banking and sustainability policy considers forming or joining unions and other representative bodies a basic right of workers, in accordance with Article 10 of our General code of conduct.
We also ensured respect for freedom of association, trade unions, collective bargaining and protection for employees’ representatives under the laws of each country where we operate35.
At 2024 year end, 110,692 employees worked at premises or in companies with union representation.
We continued to promote and comply with the International Labour Organization’s Fundamental Conventions and have a European Business Council that meets regularly — Group senior managers and employees’ legal representatives in Italy, Poland, Portugal, Spain, the UK and other European countries attend.
We also maintained a constant dialogue with employees’ legal representatives in bilateral and special committee meetings in our markets where all parties could discuss reporting, queries and negotiations about working conditions, and employee benefits. In core countries, important agreements have been reached during 2024, including committees on occupational health and safety, monitoring of gender balance plans, control of pension plans, training, updates to corresponding collective bargaining agreements, and also other bilateral meetings with union representatives.
In Brazil, Santander and other local banks, implement preventive measures to minimize the risks from individual labour-related claims, which are common in this market. We have sufficient provisions to cover these risks36. In order to minimize these claims, an internal oversight committee has been established, setting preventive measures to promote an environment with adequate working hours and compensation for all positions in the same location, in compliance with local labor legislation and jurisprudence court rulings. Likewise, the departure records have been digitized, and we have strengthened policies and guidance to employees for the correct registration of working hours and digitalization of departure records.
Protection of employee data
The handling of employee data is carried out under the protection of labor laws and based on legal obligations or legitimate interests covered by data protection regulations. As the data controller of such data, Santander has the appropriate procedures, tools, and controls based on the policies of the Group's data processing.
30 10,874 employees (5.3% of Santander's total workforce) exercised their right to parental or family care leave in 2024. The rate by gender was 6.7% for women and 3.7% for men.
31 The nine core markets with the most employees are Argentina, Brazil, Chile, Mexico, Poland, Portugal, Spain, the UK, and the US, accounting for 93% of our total.
32 Employees’ rating of the question on whether they are satisfied with the amount of flexibility they have in their work schedules (within the average range for the finance sector). A. 2024 Your Voice survey.
33 At Santander Polska, this leave is shared, with a guaranteed minimum for both parents of up to 20 weeks, and in Santander Chile the father has 2 weeks of guaranteed paid leave.
34 See our commitment to human rights (which is included as well in our Responsible Banking and Sustainability policy) and international mechanisms of application in section 1.4.2. 'Human rights due diligence'.
35 In 15 of the countries with the highest number of employees in the Group, there are union representatives according to local regulations (by company, location or individual affiliation). In those countries, except for the United Kingdom where data on union membership cannot be disclosed, 60% of workers have union representation.
36 For more details on our provisions, see Note 25 of this report.
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For more Information on data protection, see section 3.3.3 `Privacy, data protection & cybersecurity'.
ii. Remuneration and corporate benefits
Adequate remuneration
Our remuneration framework combines fixed and variable pay schemes based on the performance of employees and the Group.
Our remuneration and performance policies, as well as our general code of conduct, forbid differential treatment that is not based on a review of performance and corporate behaviours. It also promotes dignify pay.
Specifically, the remuneration policy lays the foundations for non-discriminatory practices (related to performance and internal consistency), as well as the principles, processes and criteria for granting fixed and variable remuneration, creating long-term value by managing risks.
Fixed remuneration schemes reflect local market conditions. To set pay, we strictly abide by the practices, regulations and collective agreements in force in each jurisdiction where we operate.
All Santander employees receive a salary equal to or higher than the legally established minimum in each of our markets and we comply with all local legislations and relevant collective agreements. Almost all employees (99%) receive other forms of remuneration that supplement their salary37. This demonstrates our pledge to provide fair, competitive remuneration and the appropriate combination of fixed and variable pay.
All our businesses and subsidiaries have short-term variable remuneration schemes to reflect what we have accomplished and how, according to Group-wide quantitative and qualitative goals as well as individual and team goals, behaviour, leadership, sustainability, commitment, growth and risk management. These schemes promote meritocracy, recognize individual and team contributions, and promote employee growth and well-being. Aligned with sustainability goals, the variable compensation of executive directors also weighs compliance with our sustainability and climate goals38.
In 2024, we paid EUR 14.3 billion in employee wages and benefits39.
To comply with EU regulations on remuneration and manage risk correctly, we identified 1.246 employees subject to a deferred variable pay scheme because their decisions can have a material impact40 on Santander's results. Therefore, the majority of them are subject to a policy of deferral of a significant portion of their variable
compensation (ranging from 40% to 60%, depending on their level of responsibility) for a period of four to seven years. This variable compensation is paid out 50% in shares and 50% in cash, and is subject to a possible reduction (malus) or recovery (clawback).
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For more information on adequate salaries, total remuneration ratio, see SN 7.3 'Employees'.
Equal pay
Our remuneration practices promote a non-discriminatory salary management in terms of gender and equivalent remuneration, especially in those cases where employees perform the same or similar work (equally remunerated for equal work or work of equal value).
Our salary comparison between women and men who perform similar functions remains at c. 0, which confirms our positive performance in recent years and meets the ambition we set for 202541. In certain jurisdictions we continue to periodically assess compensation levels for pay equity and where appropriate make adjustments to compensation.
We often consult our employees to gauge how appropriate and acceptable our remuneration policies are and they recently deemed our remuneration policies competitive.
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For more information about the employee consultation process, refer to section 3.1.4. 'Our listening strategy'.
Rating on satisfaction and opinion on compensation
7.8 (out of 10)
Fair pay42
7.6 (out of 10)
Fair compensation process43
MyContribution
MyContribution is our common performance management model. We update it regularly, and it is aligned with our culture.
177,081 Santander employees had their performance reviewed ( 86% of the total44) under this model in 2024.
These reviews include quarterly or annual quantitative variables; corporate behaviour assessment variables (TEAMS) based on feedback from peers and internal customers; and risk management variables (RiskPro), which enable us to analyse individual and team performance holistically.
37 Other compensations that complement the salary of our employees: benefits, pensions, other fixed compensations, incentives, and short or long-term variable compensations.
38 Climate goals account for 2% of the total remuneration of executive directors, while sustainability targets represent 8% of their total variable remuneration.
39 See Note 46 of the annual accounts.
40 Material risk-takers.
41 Measured with the EPG - equal pay gap ratio, which compares the average compensation between men and women who perform similar tasks. Results for 2024, across the entire Group.
42 Average employee rating of the statement “I receive fair pay according to market rates (e.g. salary, promotions and benefits) for my contribution to Santander”, putting us in the top 25% of the finance sector.
43 Average employee rating of the statement “the processes for determining compensation (e.g. salary, bonus and benefits) are fair and impartial”, in line with sector benchmarks.
44 The employees who did not take part in MyContribution in 2024 were new hires and employees in some customer service, debt recovery and contact centre roles, who are subject to similar performance management schemes but with shorter and more continuous cycles due to the nature of their work. 90,998 women (84% of the total number of women at year end) and 86,071 men (87% of the total number of men employed). Due to statistical significance, we don't report other gender's percentages.
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3.1.3 Inclusive culture
This section outlines how we manage these IROs:
I+
Promote a workforce that reflects the society we live in and encourages collaboration; guarantee the same opportunities for all our employees, irrespective of gender, disability or other characteristics.
Inclusive culture is a component of our corporate culture policy, through which we focus on building a merit-based culture of equal opportunity and inclusion in compliance with laws.
In the global markets we serve, our focus on an inclusive culture is a critical driver of our business success. Our talented and engaged team generates customer loyalty, leading to strong financial results for our shareholders. By fostering equal opportunities for all and an inclusive environment that values different backgrounds, experiences, and viewpoints we enhance our problem-solving capabilities, improve decision-making, and boost creativity to achieve this.
Our approach to hiring, training, promoting, and retaining our workforce is based on meritocracy. Our success is intrinsically linked to the effectiveness of our team, making it a cornerstone of our strategy for sustained growth and profitability.
Related matters are discussed at the highest level— the Group Board cannot delegate these discussions and our executive committee reviews progress.
Our inclusive culture is embedded in the global procedures and regulations that underpin our organization and promotes meritocracy. For instance, it features in our key position, succession, nomination, and selection, suitability assessment and succession of directors policies. It is also embedded in our Group leadership principles and performance and remuneration reviews.
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For further detail, see section 4.1 'Corporate culture'.
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For further detail, see section 6 'Remuneration' of the corporate governance chapter.
We have a strategy on this matter in place since 2020, which drives us to act ethically and transparently. We base our global strategy on five pillars (gender, persons with disabilities, LGBTIQ+45, ethnic and culture, and generational) and take action in other areas such as socio-economic. While we maintain a global outlook, each subsidiary adapts to its local landscape.
Where local laws allow, we encourage our employees to disclose personal information voluntarily so that we can identify areas for improvement and make decisions based on true data.
Rating on satisfaction and opinion on inclusion
9.3 (out of 10)
Inclusion46

While our local teams have action plans based on their own characteristics and conditions to continue supporting progress on inclusive culture, we also run global initiatives to continue making inroads:
•We run mentoring and networking programmes with diverse groups.
•Since 2022, we have held global awards to give recognition to individual and team initiatives that help facilitate equal opportunity access. Stand-out initiatives in 2024 included a project in Poland for the accessibility and inclusion of persons with disabilities; a scheme at the Corporate Centre to spark the interest of the daughters of our employees in studying STEM (Science, Technology, Engineering, Mathematics); and promoting labour reinsertion of women in Spain.
•We are part of global initiatives, such as:
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45 Lesbian, gay, bisexual, transgender, intersex, and queer.
46 Average employee rating of the statement “At Santander we accept and respect everyone based on who they are, independent from gender, nationality, sexual orientation, religion, etc.”, putting us in the top 10% of the finance sector.
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Gender
We promote career development based on merit and support our high potential employees at every level to foster variety of leadership47.
40% of our board members are women, which meets our goal for women to make up 40% to 60% of our directors. This goal will become a legal obligation in some jurisdictions from 2026.
Over the past five years, we have increased the number of women in or senior executive positions from 22.7% in 2019 to 31.2% in 2024 — reaching 34.4% in our core Retail & Commercial business48.
This indicator used as reference the senior executives with the highest ranking in the organisation, representing 1% of the total workforce. Therefore, we agreed to expand the base reference49, a move that is possible thanks to more quality data and greater analytical capacity, with common management and development programmes across the Group, which also responds to stakeholder expectations. The new indicator will allow us to:
•Reach more of our workforce50 and, therefore, reach a greater wealth of talented women internally that will proceed towards senior roles organically.
•With this approach, we expect to progress gradually and sustainably towards gender balance, moving closer to c.40% in 203051.
Women make up 52.4% of our total workforce, a stable trend given 52% of new hires have been women.
We run initiatives to promote equality in the job market . Our programmes include:
•Women in Tech, which has been executed in 752 core countries of the Group to attract talented women with a technology or digital background (29% of our STEM roles are held by women)53.
•InvestHer, is a global programme from Wealth Management & Insurance with participants from different Group´s geographies, that promotes the presence of women in global business roles.
•Our Santander Women Network, founded in 2018 to promote development, empowerment and connection of women within and out of the organization, has 8,000 professionals participating and reaching representation in up to 16 countries. Some initiatives are: Thursdays to Share, I Am Remarkable, Global Mentoring Program, Women in Banking (WiB), the first women's network in the Spanish banking sector, and the celebration of the 40th anniversary of the European Women's Management
Development Network at Banco Santander Financial City hosted by SWN.

In 2024 we maintained our equal pay gap (EPG) at c. 0% after reaching our goal in 2023 which we fulfilled two years early. In certain jurisdictions we continue to periodically assess compensation levels for pay equity and where appropriate make adjustments to compensation.
We also measure at a global level the gender pay gap (GPG), which compares the median pay of women and men. In 2024, our GPG was 26% (improving 2.1 p.p. and 4.5 p.p. vs 2023 and 2022)54.
Persons with disabilities
We strive for the successful inclusion of our 4,828 employees with disabilities (over 2.3% of our global workforce55). There is a legal requirement regarding the inclusion of persons with disabilities in the workforce at least in 7 of countries with more than 1,000 employees.
We have employee networks in several units that aim to include persons with disabilities. Our global Enable network, formed in 2022, has over 2,700 members in 10 countries.
In 2024, to promote this network, we boosted awareness and inclusion in the Group through events on visibility, technology, accessibility, and women.
Our event to mark international day of persons with disabilities, which we hold every year, included a talk with paralympic medallist Susana Rodríguez Gacio. She shared her experience and how education, hard work and passion have enabled her to break down barriers and triumph in sport and medicine.
LGBTIQ+
Our global network of LGBTIQ+ employees and partners, Embrace, ran events to share their challenges or topics of common interest. In June, we marked LGBTIQ+ pride days with an event where employees from across our footprint shared the challenges this group continues to face in being seen and heard. Embrace employees also featured on our “Santander te cuenta” podcast, which we release internally and externally.
Currently, 2.8% of our workforce identify as trans, non-binary or other diverse among the employees who voluntarily offered to share this information56.
Ethnic and culture
We monitor ethnic minority representation in four of our core markets. Employees who identify themselves as part of an ethnic
47 The percentage of male senior executive positions is 68,8%. For more data and metrics about employee characteristics, see the Sustainability Notes.
48 Retail & Commercial and its support areas account for 74.5% of our global workforce.
49 Applicable in accordance with local regulations.
50 Including these Group categories: Sr.Executive VP, Executive VP, VP, Director, Manager, Expert and Branch Manager which account for 14% of our employees.
51 At year end, 38.4% of senior management positions (Senior Executives and Other Executives) are held by women. This ratio does not include joint ventures due to their temporary nature and joint management (they account for only 1.7% of our workforce).
52 When this programme or others were rolled out in a country where regulatory restrictions apply, the programmes are adjusted to comply with any required principles.
53 We have a growing proportion of employees performing STEM-related functions (Data and Services, Information Technology-IT Support, and Products), totalling 30,089 employees across the Group.
54 The gender pay gap measures differences in remuneration between all women and men, regardless of job type. For our management purposes, we use the gender pay gap as the difference between the median remuneration of men and women, expressed as a percentage of men's remuneration.
55 Comparable to 2.2% at the end of 2023. As in previous years, we follow local regulations for the calculation and recognition of employees with disabilities. In most countries, disabilities are recorded at the employee's request with the support of a certificate issued by social services (e.g., degree and date of disability). In the UK, disabilities are recorded at the employee's request and do not require a certificate.
56 The law in 12 of Grupo Santander’s markets (accounting for 69% of our total workforce) allow for the voluntary request of gender identity information from employees.
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or racial minority in these markets account for over 31.6% of the total workforce.
We have employee inclusion networks such as: Reach, Bold and Talento não tem cor, which in 2023 had over 1,300 members.
Anti-harassment protocol and training
To reaffirm the Group’s ambition to combat discrimination57, 108,213 employees across the Group received specialized training in 2024, while 101,651 employees undertook a course on sexual harassment. These courses are part of our global anti-harassment protocol and General code of conduct as a common framework to establish guaranteed standards and fight against discrimination and behaviours that contravene fair treatment and moral integrity.
Moreover, our subsidiaries have action plans in place based on their own characteristics and conditions to continue supporting quality inclusive culture training.
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For further detail related to workforce, see SN 7.3 'Employees'.
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Please see our work and sexual harassment protocol and moral integrity at work at santander.com/es/nuestro-compromiso/nuestra-cultura/diversidad-equidad-inclusion
3.1.4 Employee feedback and experience
As detailed in the “Engagement with stakeholders” section, “Your Voice” is our regular listening strategy to gather employees’ feedback. It includes specific questions on our processes and we analyse the comments made on material impact and our employees’ concerns.
Employees can give feedback and leave comments on every question, preserving anonymity at all times, since the provider facilitates data in an aggregated form to the Group. In addition, managers with five or more employees can access real-time aggregated results of their teams to identify levers that drive greater engagement and promote dialogue, trust, and transparency. As a result, this information helps each leader to enhance team performance and reduce burnout, resignations, and absenteeism.
In a broader sense, cross-geographical and global business action plans are also established. During this year, numerous actions have been launched to improve the employee experience and value proposition. Some of these initiatives have focused on professional growth, recognition, and workload management. In addition, efforts have been made to simplify internal processes and promote organizational transformation and change.

Since the implementation of YourVoice in 2022, we have seen a positive trend in results and participation, reaching levels that position us above the financial sector, with a participation rate of 83%.
8.7 (out of 10)
General engagement
 Within the top 25% and +0.4 compared to the financial sector.
The engagement measures the level of involvement and enthusiasm of employees towards their work and the organization.
See in the section 4.3 'Ethics Channels' the processes to repair negative impacts and channels for own staff to express their concerns.
57 Consider race and ethnicity, color, sex, sexual orientation, gender identity, disability, age, religion, political opinion, national or social origin, among others."
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3.2 Communities' sustainable development
We consider affected communities those where Santander has a presence as an entity, either through its businesses or its community support activities, and includes any specific groups mentioned in this chapter.

3.2.1 Supporting the economic and social development of our communities
In this section we cover how Santander manages the following IRO:
I+
Drive economic growth and job creation in the regions where we operate and provide credit to people and businesses.
i. We help people and businesses prosper
Through finance and investment
→ EUR 350.5 billion to help people buy homes and EUR 214.2 billion to purchase other goods.58
→ EUR 330 billion to help set up or grow companies (including more than 530 thousand SMEs and self-employed).59
→ EUR 24.1 billion in green finance raised and facilitated and EUR 88.8 billion assets under management in Socially Responsible Investment.
→ EUR 1.27 billion disbursed in microcredits to more than 1.3 million of microentrepreneurs to support the creation and expansion of their businesses.
Through community support
→ 2.6 million new people financially included.
→ EUR 166 million invested in communities, including 104 million to promote higher education, employability and entrepreneurship, benefitting 5 million people.
3.2.2 Responsible investment and social finance
In this section we cover how Santander manages the following IRO:
I+
Contribution to sustainable development through financing and investment that promotes sustainable performance in companies, addresses societal challenges, mitigates a specific issue, or pursues positive societal outcomes.
i. Social finance
Santander in its financing activity, support social activities such as building hospitals, universities and homes intended for vulnerable people. The tagging of these deals as social is being done to improve the identification, management and reporting of this type of financing, following the same operating model and system that is used for environmental or sustainable finance.
Within this concept we consider the microfinance businesses that the bank has in Latin America (Prospera in Brazil & Colombia, Tuiio in Mexico and Surgir in Peru), through which the bank gave EUR 1.27 billion in microcredit in 2024. These businesses, covered in more detail in the financial inclusion and financial health section of this report, go in many cases beyond financing, providing access to a bank account and other services such as microinsurance for underbanked microentrepreneurs. During 2024, more than 1.3 million microentrepreneurs benefitted from this type of financing.
Additionally, during 2024 we have signed several agreements with Multilateral Development Banks in Spain, Chile, Brazil and Poland where these agreements include allocating part of the new portfolio to social finance. An example is the agreement with the IFC in Brazil to issue a social bond allocating funding to small and medium enterprises in underserved regions of Brazil, as well as to microentrepreneurs across the country.
ii. Socially responsible investment
We continue to improve our offer to clients with investment options that promote ESG factors and/or have sustainable objectives, with the aim of reaching EUR 100 billion of socially responsible investment (SRI) assets under management (AuM) in Wealth Management & Insurance (Wealth) by 2025. This ambition was formally approved at the Wealth ESG forum in 2021.
In 2024, Wealth’s SRI AuM grew to EUR 88.8 billion60: EUR 63.5 bn in Santander Asset Management and EUR 25.3 bn from third party funds in Private Banking.
This growth owes to the integration of sustainability into our investment product and service strategy and the traction generated by EU regulation.
We calculate Wealth’s SRI AuM and the metrics related to SAM’s net zero by 2050 ambition every month. We process and store these data in our own repository, and perform monthly variation control and validation. An automated report on these data is sent to the Group’s Sustainability data office every quarter. These data are subject to an annual limited assurance audit prior to disclosure.
Wealth defines SRI as the volume of AuM classified under Articles 8 (promoting environment and social characteristics) and 9 (with distinct sustainability objectives) of the SFDR (EU Reg. 2019/2088), except illiquid investment in Private Banking, which we report as committed capital. SRI includes: i) assets that SAM and other Group
58 Credit stock as at 31 December 2024.
59 Credit stock as at 31 December 2024. Data for SMEs and the self-employed covers individual customers with an outstanding loan at 2024 year end
60 Does not include SAM funds distributed by Private Banking to avoid double counting.
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asset managers in the EU (and other regions where the SFDR doesn’t apply, using equivalent criteria) manage or advise on; and ii) third-party funds and advisory assets considered sustainable investment according to the SFDR (Article 2.17) or under internal SFICS sustainability standards.
Santander, through SAM, manages SRI assets through the SRI policy, the Engagement policy, and the Voting policy. Santander Private Banking Gestión (SPBG), our Private Banking asset manager in Spain, also has its own Engagement policy. Our investment product and service proposition meets the SFDR’s transparency obligations, which require disclosure of information on the embedding of sustainability risk, analysis and management of adverse impacts on sustainability, ESG factors, and sustainable investment targets.
The SRI policy sets out SAM’s socially responsible investment approach and the standards we consider to embed ESG variables in our investment analysis and decision-making. The Voting policy outlines the principles and guidelines regarding the right to vote in portfolio companies, facilitating alignment with the SRI policy to promote the strong performance of long-term investments. Last, the Engagement policy dictates the principles that govern SAM's individual and collective engagement activities with the companies it invests in.
The SAM board of directors approves and oversees the SRI policy. SAM’s SRI team informs the local units of any revision of, or amendment to, this policy so that they adopt it correctly and, where appropriate, adapt it to local needs. Moreover, SAM’s SRI strategy and monitoring forum oversees the monitoring and coordination of SAM’s SRI strategy, as well as compliance with the SRI policy and monitoring and control of all activities to embed SRI in SAM.
SAM publishes its policies on its official website, as well as on the Intranet for employees. The third-party regulations and initiatives that SAM has pledged to uphold or that inspire our policies feature in section 3 of our SRI policy, appendix II of our Voting policy, and section 3 of our Engagement policy. SAM España and Santander Pensiones have been working since 2023 to achieve full alignment with the Spanish Stock Market Authority's (CNMV) Stewardship code (to which they are signatories), reporting annually on the activities they carry out to comply with each of its principles. In 2024, SAM published its first SRI report. It includes information on voting and engagement and details on its SRI practices. It offers a comprehensive view of how SAM embeds sustainability in its operations.
SRI AUM (EUR billion)12
17592186102178
32%
2024 vs 2023
Santander Asset Management
As at December 2024, SAM held EUR 63.5 billion in SRI assets (32% year on year) spread across eight countries. This accounts for 26.9% of SAM's total AuM and contributes towards Wealth’s objective of EUR 100 billion in SRI AuM by 2025.
In 2024, we continued to broaden our SRI product and service range, with a focus on the transformation of pension plans in Spain and Portugal under Article 8 of the SFDR. We also launched new products such as Santander GO Global Environmental Solutions and Santander Target Maturity III. We enhanced our voting and engagement policy and methodology for non-EU asset managers.
In 2024, we continued to focus on engaging with portfolio companies in high emitting sectors. As in previous years, we took part in the ‘Global Investor Statement to Governments on the Climate Crisis’ initiative.
SAM’s governance backs the execution of its SRI strategy. It follows environmental (including climate change), social and corporate governance (ESG) standards and is organized around i) an SRI strategy and oversight forum; ii) a voting and engagement forum; and iii) an investment and sustainability forum led by our global team of SRI experts. At the highest level is the ESG Wealth Management & Insurance forum, chaired by the Global Head of Wealth; it discusses, oversees and monitors the global SRI strategy and the SAM, Private Banking and Insurance KPI.
SAM's ESG policies and relationship with the Group’s sustainability documents
Other Group policies:
•Defence policy
•Environmental, social and climate change risk management policy
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Grupo Santander Responsible banking and sustainability policy
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SAM SRI policy
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SAM Voting policy
SAM Engagement policy
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Grupo Santander Conflict of interest policy
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SAM Conflict of interest policy
SAM has a global, multidisciplinary team of SRI experts that develops and implements our ESG methodology, engagement and voting activity and SRI policies, among other tasks. There is also a local network of ESG experts for each of the markets where we operate.
Moreover, we have a network of experts who are key to embedding sustainability in our investment and reporting both globally and locally.
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For more details on our ESG approach in SAM, see santanderassetmanagement.com/sustainability.
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For more information on our engagement and voting strategies, see santanderassetmanagement.com/ sustainability/es/content/ view/11966/file/SAM_Informe_Stewardship_221123_ES.pdf
SAM’s SRI products
SRI products in SAM’s core markets
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ESG methodology and business engagement

SAM runs several exclusions set out in its SRI policy that restrict or prevent investment in certain sectors that are considered unsustainable.

It also has its own analysis methodology based on market benchmarks and core international frameworks and standards, which enables it to assess the ESG performance of assets through ratings awarded to issuers.
In 2024, we bolstered our methodology by revising the materiality matrix and the data we analyse to identify the issuers that are best positioned to manage sustainability related challenges and opportunities, while generating value for both their businesses and broader society.
We define ESG factors based on the relative impact of each industry and its exposure to associated risks and opportunities that arise from changes in policies and regulations, technology, supply and demand, and stakeholder perception. We assign the ESG factors identified for each industry a weighting within the model, based on their materiality. The final ESG rating is the sum of the weighted average of each key matter.
SAM uses its own criteria to determine whether an issuance can be considered sustainable investment according to Article 2.17 of the SFDR in order to meet the minimum percentage of sustainable investment that characterizes the fund or investment or savings solution.
This analysis draws on the information provided by ESG data providers and SAM's weighting and materiality assessment methodology.
Our methodology identifies over 30 key ESG matters where issuers can generate environmental or social externalities that could
translate into material impacts for the issuer, therefore representing risks and potential opportunities.
Our ESG rating analysis comprises these elements:
•Environmental factors: Any component of the issuer’s activity that may represent an environmental issue such as greenhouse gas emissions, resource depletion, pollution, water management, and others.
•Social factors: Society-related matters that include workplace issues, labour standards, talent management, relationships with local communities, data privacy and security, and human rights.
•Governance factors: To assess the quality of the issuer’s management, culture and ethics; the effectiveness of its governance systems to minimize the risk of mismanagement; and its ability to anticipate operational and legal risks that could lead to non-compliance.
We conduct multidimensional analysis on how each company manages these factors. It includes the existence of policies, target analysis, integration of management systems, performance of key performance factors, and other elements.
Outside the EU, we are making progress in training investment teams to embed ESG assessment and sustainable investment methodologies and standards with an approach that makes sense in each jurisdiction, as well as increasing the coverage of our data providers in certain markets (especially Latin America and Poland).
Engagement activities comprise constructive dialogue with investees about sustainable investment objectives and the qualitative and quantitative ESG factors that impact on them. This exercise can have varying aims: i) to drive their behaviour and activities towards enhancing transparency; ii) risk management and the opportunities associated with ESG factors; and iii) the impact on the sustainable investment objectives that particular investments or savings solutions pursue. Our Engagement policy sets out internal procedures, forms of engagement and different escalation processes where targets are not achieved.
Last, SAM exercises its right to vote independently in the companies it invests in under the scope and criteria outlined in its policy, which strengthens its influence on ESG and sustainability issues.
Insurance
In 2024, we focused on developing products to safeguard vulnerable groups and reflect situations in specific contexts or markets that have little protection. We’ll continue to cooperate with our partners to promote this product offering and boost the management of our insurers’ SRI investments.
Private Banking
Private Banking is contributing towards the objective of EUR 100 billion of SRI AuM in Wealth by 2025. Our third-party funds SRI AuM amounted to EUR 25.3 billion at 2024 year end, including committed capital to alternative funds.
In 2024, our global list of funds that are subject to advisory to clients comprised mostly SFDR Article 8 and 9 funds in the EU.
In 2024, we introduced new social metrics in the sustainability reports on the portfolio for our International Private Banking (IPB)
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clients and published a series of papers for our Private Banking clients available on our global website, including papers around investment in climate adaptation vs mitigation, the evolution of businesses from a linear to circular economy, or green hydrogen and the energy transition.
We will embed ESG services in portfolio management and advisory services according to our clients’ investment needs.
In 2024, Global Finance named us 'Best private bank for Social Responsibility' while Euromoney named us 'Best private bank for Sustainability' in Chile.
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For more details, visit our website santanderprivatebanking.com
3.2.3 Environmental, social and climate change management
This section outlines how we manage these IRO:
I-
Finance activities (in any customer segment) that breach of the bank’s policies and jeopardize the well-being of present and future generations.
I-
Potentially negative impact on the environment or society by failing to sufficiently involve stakeholders or use suitable customer identification and management mechanisms when providing finance to a customer or project.
i. Our ESCC policy
Grupo Santander recognises environmental and social issues (E&S) pose some of the biggest challenges for the long-term prosperity of the global economy, the well-being of people and society, and the ability of the natural environment to support life.
Santander pledges to help customers and economies in their efforts to transition to a low-carbon economy, by providing financial products and services based on their context and approach to environmentally and socially responsible business operations. This is an ongoing effort — at different rates depending on the market and with several external dependencies such as public policy, technological advances, consumer needs among other factors — requiring continuous engagement with customers in their transition to a low-carbon economy. It is also important that we monitor social issues that may arise, such as the involuntary displacement of local or indigenous populations, the health, safety and human rights of workers, and the impacts of business activities on communities and other stakeholders.
To support our fight against climate change, the Group will promote supporting customers navigate the transition to a low-carbon economy.
Grupo Santander:
•By 2030, will stop investing in, and/or providing financial services to clients for whom coal fired power generation represents directly more than 10% of revenues on a consolidated basis;
•No exposure to thermal coal mining worldwide by 2030; and
•Supports international standards and treaties.
Santander embeds environmental and social standards in risk management, focusing on priority sectors to support sustainable and inclusive growth and uphold human rights.
The Group applies the precautionary principle to the analysis and management of its main ESCC risks.
Our ESCC risk management policy (which is reviewed annually) defines the standards for investing in and, providing financial products and services to, companies and customers in oil & gas, power generation and distribution, mining and metals, and soft commodities (with particular focus on the financing of retail customers with activities dedicated to farming and ranching in the Amazon). It dictates prohibited activities61 and those that require special attention for the aforementioned sectors.
For the purpose of this policy, we define financial products and services as transactions that entail credit risk, insurance, advisory services, equity, and asset management.
From a social perspective, the ESCC policy follows international standards and benchmarks such as the United Nations Global Compact, the Universal Declaration of Human Rights, the International Labour Organisation Declaration, the Convention on the Rights of the Child, the Rio Declaration on Environment and Development, the United Nations Convention against Corruption, the Equator Principles, and the standards for social and environmental performance and the explanatory notes of the International Finance Corporation (IFC).
The policy states that Grupo Santander will not directly invest in, or provide financial products and services to any of the following activities across any customer segment:
•Projects or activities for oil & gas extraction, power generation or transmission, mining, manufacturing, plantations or other major infrastructure projects that put areas classified as Ramsar Sites, World Heritage Sites or categories I, II, III or IV by the International Union for Conservation of Nature (IUCN) at risk.
•Projects that require free, prior and informed consent (FPIC) according to the IFC Performance Standard 7 – Indigenous Peoples and that fail to meet the standard, with no credible action plan to achieve compliance.
Moreover, we conduct a detailed analysis on CIB clients that operate in sectors subject to the ESCC policy, including any activity that entails the resettlement of indigenous populations and/or other vulnerable groups.
61 To the extent required by applicable law, customers and transactions involving activities enumerated in this section will be subject to an enhanced due diligence process to determine the unique risks presented prior to decisioning.
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We conduct environmental, social and climate change assessments in accordance with established procedures. These assessments are part of the risk management and control of our credit approval and investment decision work flows and governance. Since the Group's board of directors owns the policy, the individual or collective authorities that sanction these risks are responsible for ensuring that decisions are made in consideration of environmental, social and climate change risk and of the policy’s standards.
Clients in applicable sectors62 are assessed through a questionnaire completed by the financial manager, which is then reviewed by a team of analysts to perform a global ESCC risk assessment. ESCC assessments of Santander’s CIB clients cover child labour, forced labour, workplace discrimination, freedom of association, working conditions, complaint mechanisms for employees and impacts on communities in relation to their own operations and their supply chain.
The ESCC risk and compliance departments deepen into cases that uncover red flags. We usually conduct this extended due diligence exercise alongside the client to deepen our understanding of issues and determine the existence (or not) of corrective or remediation measures. Moreover, in the client ESCC risk assessments, we analyse the existence and effectiveness of reporting channels available to affected communities, to understand if a process is in place to avoid and manage adverse impacts on communities due to their own activities or those of their supply chain.
The findings of the analysis (and its impact on credit and other risks) are escalated to the bank’s risk approval committees and are considered in decision-making process.
According to the methodology we use to analyse customers’ climate transition plans, we carry out an annual assessment of ESCC risk for CIB clients in sectors where we have set alignment targets (oil & gas, power generation, automotive, steel, and aviation) to classify them based on their greenhouse gas emissions, emissions targets, and transition risk management.
We continued to consider how ESCC risk affects our customers so as to make our risk assessments more rounded and offer customers support in their transition.
In 2024, the ESCC risk and compliance departments continued to work with the business units to strengthen the governance and the management of these risks in sustainable finance transactions. Our groups of experts responsible for reviewing and classifying operations as sustainable are the cornerstone of our risk management for these transactions.
In addition to the analysis performed by the ESCC risk teams, the Financial crime compliance (FCC) teams establish controls to mitigate the environmental crimes detailed in the next section.
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For more details on environmental, social and climate change risk management, see section 2.3.2. 'Risk management cycle'.
ii. Equator Principles
The Equator Principles (EP) are a voluntary framework for financial institutions to identify, assess and manage environmental and social risks when financing projects. We have been a signatory to the EP framework and applied these principles to project-related transactions (especially project and export finance) since 2009 according with its scope.
The Group has an internal procedure to manage the environmental and social (E&S) risks of project-related transactions. This procedure guides the application of the EP. The assessment of transactions that potentially require us to apply the EP starts with a preliminary assessment conducted by the Front Office. The area that manages ESCC risk under the EP sits in Santander CIB. CIB’s ESCC Risk team oversees the Front Office’s preliminary assessment and provides it with ad-hoc training and support. We conduct an environmental and social risk review for applicable transactions, based on the preliminary assessment findings. This review follows these guidelines:
•For projects with minimal or no adverse environmental and social risks and/or impacts (category C), the initial assessment is considered sufficient.
•For projects with potential limited adverse environmental and social risks and/or impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures (category B) in designated countries, the Front Office must complete a due diligence questionnaire that includes the findings of the E&S risk assessment. The ESCC risk area provides guidance throughout this process.
•For category A (with potential significant adverse environmental and social risks and/or impacts that are diverse, irreversible or unprecedented) and B (projects that involve high-risk factors or are in non-designated countries), the ESCC risk area manages the due diligence procedure and prepares an E&S risk assessment report.
The findings of the E&S assessment form part of the application for financing that is submitted to the risk approval committees before a decision is made.
If approved, we continue to apply the Equator Principles when preparing all subsequent contractual documents, closing the transaction, and monitoring.
In the monitoring phase of a transaction, compliance with the E&S clauses, the implementation of the corresponding E&S Action Plans and compliance with the applicable E&S standards are monitored. When a transaction or material incident is identified during the life of the operation, measures could be taken in accordance with the provisions in the credit agreement, such as, for example, requiring the implementation of a Corrective Action Plan.
In 2024, we analysed 21 projects that fell within the scope of the Equator Principles (for more details, see SN.7.1. Green transition, table 5. 'Equator Principles').
62 Sectors covered by the ESCC Risk management policy and additional tactical sectors included in the CIB Procedure, as well as other material businesses and sectors depending on the geography and local legal requirements.
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Risk/impact management in local communities
As part of our due diligence under the EP, we assess and ensure that projects identify and manage environmental and social risks and impacts correctly and that they maintain a sound relationship with local communities according to international standards.
We pay special attention to, and ensure the correct management of, these situations as potential impacts of projects on communities:
•Involuntary resettlement/displacement (physical or economic) of people.
•Risks to the health and safety of neighbouring communities.
•Impacts on indigenous communities. In these cases, the project must obtain free, prior and informed consent (FPIC) under IFC Performance Standard 7.
iii. Management of principal adverse impacts (PAIS)
Asset management activities could generate non-intentional adverse impacts on society and the environment. Banco Santander and its asset management businesses disclose and manage the potential adverse impacts derived from the management of its portfolios, through the measurement of representative KPI of the main sustainability factors as detailed in the PAIS procedure document from SAM. When an adverse impact is detected, several aspects are assessed towards establishing mitigating mechanisms. Among others, we consider: impact severity, frequency, success rate of dialogue initiatives and level of exposure.
3.2.4 Community Support
This section outlines how we manage the following IRO:
I+
Contribution to education, employability and entrepreneurship, as well as to community development through support programmes.
i. Our approach
We support the communities where we operate by helping them address their social needs.
Santander's community support focuses on higher education, employability and entrepreneurship, complemented with the support on financial education and to vulnerable people. Moreover, we have a strong track record in supporting cultural and other social initiatives.
We make donations and other contributions to projects and initiatives either autonomously or in cooperation with other non-profit organizations and entities that share similar aims.
Santander has a sensitive issues policy, integrating the activity of donations, as well as a Guide on Community Support and People Helped, inspired by the Business for Societal impact (B4SI) standards. This Guide sets out the methodology for quantifying the contributions that both the parent company and our subsidiaries make. We also have a humanitarian crisis guide that outlines Santander’s response to events or disasters with a social impact.
ii. Support for higher education, employability and entrepreneurship
103.8
2.2
1,181
million euros of support
million people and businesses helped
partnerships with universities and entities in 14 countries 63
Santander has supported education, employability, and entrepreneurship for over 28 years.
During this period, we have invested over EUR 2.4 billion in partnership with more than 1,100 universities and entities, helping over 3.7 million people and businesses. In 2024 alone, we allocated EUR 104 million to promoting education, employability and entrepreneurship, and helped 2.2 million people and businesses. This reinforces our objective with EUR 400 million between 2023 and 2026 in these three pillars, that supports our purpose to help people and businesses prosper. Until 2024 we have allocated EUR 208.9 million against this ambition.
We help higher education institutions enhancing the university ecosystem through partnership agreements. We also help adults access and complete their higher education studies through grants and scholarships. Through lifelong learning opportunities, they can acquire and update the skills that will enable them to boost their job prospects. We provide training, resources and other benefits to help businesses and entrepreneurial projects create opportunities, grow and transform through each stage of their development.
1.Education
Our support for education involves grants and scholarships for students and researchers to access and complete their higher education studies. We also help universities to face their main challenges and strengthen their transformation in different areas, with a special focus on digitalisation. We do this through:
→Scholarships and grants awarded in collaboration with universities and institutions of international prestige, which help with access to university, academic mobility, research or the opportunity to do internships.
→Agreements signed with 1,181 universities, institutions and organisations in 14 countries.
63 Includes universities, institutions and organizations that have an agreement with Santander Universities, Universia, Fundación Universia and Fundación Banco Santander. With activity from Santander Universities alone, the figure is 939 academic entities in 11 countries. Since 2024, Universia reports only agreements signed in the geographies where the Group operates.
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→Campus Digital, which offers an innovative relational model improving the life of the university community. It streamlines academic procedures and communications through an easy and simple experience, adapting to users’ needs, and ensuring data privacy. It offers services such as digital credentials, tuition fee payments, certificates, schedules and discounts.
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For more details, visit the website mycampusdigital.com
→Universia Network, represents a global space for meetings, cooperation and joint reflection between universities in the Ibero-American higher education area.
→MetaRed is a collaborative network of heads of public and private Ibero-American higher education institutions to discuss and work together on three of the biggest challenges that universities are facing: digital transformation (MetaRed TIC), university entrepreneurship (MetaRed X), and sustainability (MetaRed ESG).
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For more details, visit the website metared.org
2. Employability
Our ambition to help people prosper through their upskilling and reskilling is embodied in our support for lifelong learning. This is a necessity demanded by both companies and society in order to respond to current and future challenges. Moreover, we facilitate access to employment in the early professional stages.
→Santander Open Academy is a global platform for learning and professional development that offers, to any person, access to training to have better job opportunities.
It offers free courses and open learning for skills in high demand by the labour market.
In 2024, we launched short, direct access courses with unlimited seats and a certificate for participants to expand their knowledge and boost their skills anytime, anywhere.
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For more details, visit the website santanderopenacademy.com
→Universia is the platform through which Santander guides and posts job offers for young graduates and students who are coming to the end of their studies. It uses artificial intelligence to help them draw up their professional profile and uses online tests to measure their skills.
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For more details, visit the website universia.net
→Fundación Universia, a recognised international organisation, which participates in international forums of the United Nations and the International Labour Organization on topics related to inclusive culture. We bolster improvement of quality of life for people with disabilities and other vulnerable groups in educational and work environments.
654
1,180
scholarships and courses for students with disabilities and other vulnerable groups
people with disabilities and other vulnerable groups hired by companies
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For more details, visit the website fundacionuniversia.net
3. Entrepreneurship
We help SMEs create opportunity, grow and transform.
→Santander X, a global initiative that provides access to training, advice and resources (including benefits) needed to launch, scale up and transform a business.
We help entrepreneurs showcase the most impressive projects and connect with other businesses through Santander X 100, a dynamic, global community that offers them unique benefits.
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For more details, visit the website santanderx.com
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iii. Other community support programmes. Social action
We aim to complement our support for higher education, employability, and entrepreneurship, mainly through financial education and supporting vulnerable people.
HandPlant.jpg
People2.jpg
62.5
2.9
EUR million in other community support programmes64
million people helped65
Financial education
Vulnerable people
Arts
and culture
EducacionBorla.jpg
WheelchairAccesibility.jpg
Pajarita.jpg
Enhanced knowledge and understanding of financial products and services
Reduced risk of exclusion and better quality of life for vulnerable people
Promote cultural events and programmes
On top of direct community action, we cooperate with, and channel our support through, local NGOs and social charities. Some partnerships are with the bank’s foundations in Argentina, Spain, the US, Mexico, Portugal, Poland and the UK.
We target our support on different groups depending on their needs. Our support for vulnerable people focuses on sensitive groups (due to gender, disability, age, lack of digital skills, financial difficulty and other reasons). We usually target cultural activities at the general public, although we also include vulnerable groups to facilitate their access to events and programmes.
Volunteering
At Santander we encourage our employees to volunteer in initiatives that help the communities where we have a presence.
These initiatives, which the Group promotes and supports, seek to get employees to dedicate their time and use their skills and talent to support charitable causes, non-profit projects and organizations that benefit society.
Corporate volunteering is a valuable way for employees to engage with the community and contribute to a social cause. In particular, it aims to:
→contribute to the Group’s community support objectives through the direct involvement of Group employees in volunteering programmes;
→foster a culture of inclusion by breaking down prejudices and stereotypes;
→enhance our employees’ skills and work environment through collaboration; and
→contribute to the well-being of our employees through experiences that provide satisfaction, purpose and pride of belonging.
75 k
working hours volunteered
We have a global corporate volunteering guide that sets out a common framework for this activity. Moreover, each subsidiary runs initiatives based on the specific needs of its market. For instance:
•In Brazil, we offer volunteering opportunities related to financial education, entrepreneurship, employability and upholding the rights of children, teenagers and senior citizens. The programme also encourages Volunteering Groups, which carry out continuous and autonomous actions, and are a reference for mobilizing and involving other employees through the Volunteering Programme.
•At the Corporate Centre, we run initiatives to support the inclusion in the job market, mentoring programmes to help women victims of domestic violence find work, and coaching programmes to prevent early school-leaving.
•In Chile, we support students in their transition to higher education through a tutorial programme and give financial education to schoolchildren across the country through the “Misión Ahorro” programme. We also run emergency operations to help build basic shelter for people left vulnerable following fires or earthquakes.
•In Spain, on top of local activities that we run at our branches, we execute flagship projects such as the ‘Finanzas para Mortales’ financial education programme, where our employees teach financially vulnerable groups; the ‘Santander Natura’ programme, where employees and their families help preserve the environment; and our Pro Bono volunteer programme, where volunteers’ expertise helps solve the challenges that NGOs face so that they can continue to perform their work.
•In Mexico, we run numerous volunteering initiatives with a special focus on reforestation and habitat conservation, such as Rally del Ajolote (sporting events and reforestation) and a beach clean-up programme alongside WWF (World Wildlife Fund) México.     
•Through Santander Tuiio, we delivered financial education sessions in schools to elementary education children on personal finance basic concepts, as well as delivering the financial health book "My first steps in finance".
64 It includes the social contributions of the foundations linked to the Group.
65 Based on the People Helped internal methodology, which considers international best practices. Calculated with partners’ certified data or with conservative estimates based on recognized conversion factors.
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Financial education
Financial education is a key component of community support. It aims to boost citizens’ financial skills by providing the necessary tools and information to understand products, concepts and financial risks for better use and decision-making.
Santander promotes financial education through several initiatives that target the general public, with tailored content based on age and needs to foster financial inclusion and better financial health. In addition, and as outlined in examples above, financial education is a core component of volunteering initiatives across the bank.
Our initiatives follow international standards such as the OECD Principles, as set out in our guide to financial education, which also outlines the criteria for counting the number of beneficiaries.
We are also exploring different channels to foster financial education content and reach specific audiences, such as the use of social media as a way to engage with younger people on this subject.
In 2024, 4 million people accessed our financial education initiatives and content, which in social media considers only people engaging with the content (not the reach of the activity).
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For more details on financial education, visit our website santander.com/es/nuestro-compromiso/crecimiento- inclusivo-y-sostenible/educación-financiera
Humanitarian crises
As an international bank that operates in several regions and markets, Santander is sensitive to global situations that can affect the well-being of individuals and communities. That's why we have a procedure to oversee our response to humanitarian crises.
We assess the severity of crises according to their scale and urgency following our corporate guide, which sets out the framework of action and governance for each situation. This helps make the bank’s response to unexpected events as efficient and effective as possible.
In 2024, we analysed such events as the dana storm in Valencia (Spain), forest fires in the Valparaíso region (Chile), the floods in Rio Grande do Sul (Brazil), the earthquake in Gansu and Qinghai (China), and others.
In the case of the dana storms in Spain, since it devastated Valencia and its surroundings with special virulence, as well as other municipalities in Castilla-La Mancha and Andalucia, the Santander Group has been in contact with the teams in the affected areas and has implemented different measures to support and help both our clients, our teams and their families as well as the rest of those affected by the floods. Additionally, the Group has been in permanent contact with different NGOs, which are acting on the ground, to better understand their needs and channel the aid from the Group, that of our clients and employees in the best possible way.
Charitable foundations
Fundación Banco Santander, which is based in Spain, works to build a fair, inclusive and sustainable society by financing and running several cultural, educational, social and environmental projects.
In 2024, Santander made a donation to Fundación Banco Santander for a total of 22,167,105 Banco Santander shares. The donated shares are meant to help the foundation financially; it can use the dividends to cover some (if not all) of the cost of fulfilling its founding purposes.66 These include managing the bank's art collection and financing numerous literary, educational, social, cultural and environmental productions and activities, in which the remodelling of the Santander's headquarters on Paseo de Pereda in Santander and our relations with universities in Spain will play an important role.
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For more details, visit the website fundacionbancosantander.com/es/fundacion/transparencia.
We have other Santander foundations in countries where we operate (Argentina, the US, Mexico, Portugal, Poland and the UK), which boost the number of initiatives we run. Their focus varies according to local needs; for instance, in Argentina on art and culture; in Portugal on education, inclusion and culture; and in Poland on education for children and young people. Activities from these foundations are aligned with the bank’s community support priorities.
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For more details on our foundations in other countries, visit the websites esg.santander.pl (Poland), fundacionsantander/argentina (Argentina), and fundacaosantanderportugal.pt (Portugal).
3.3 Our customers
Our customer-centric approach is a fundamental lever for generating sustainable value67, building a digital bank with branches and a multi-channel offering that covers all of our customers' financial needs. We operate through five global business segments that provide services to various types of clients, including individuals, small and medium-sized enterprises, large corporations, and public entities, among others68.
This chapter focuses on individual customers who use the products and/or services offered by the Group and establish a contractual relationship with it. Include those clients who, due to their circumstances, may be particularly vulnerable to the marketing of products and services.
Impacts resulting from relationships with corporate clients are discussed in section 3.2.3 of Environmental, Social, and Climate Change Management.
66 For more details, see Note 34 ‘Other equity instruments and own shares' in the 'Consolidated financial statements'.
67 For more information on employee dialogue, see section 1.2 of Dialogue with our stakeholders.
68 The actions outlined in this section are specific to Santander and not sector-wide
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3.3.1 Conduct with customers
In this section we cover how Santander manages the following IRO:
R
Potential losses due to claims or a reduction in the numbers of customers because of inadequate customer practices throughout their life cycle.
I-
Negative impact on the customer if the bank fails to provide sufficient information on the product or service they are signing up for.
I-
Negative impact on the customer if they do not have access to complaints channels or if, after making a complaint, the bank fails to take the necessary action.
i. Customer conduct principles
Customer conduct risk model
Our customer conduct risk model approved by compliance and conduct committee, sets out the principles that underpin how we align customer engagement with our Simple, Personal and Fair culture and how we make that the products and services we offer adapt to our customers’ needs while protect their rights69. This model also outlines the key processes, instruments and governance that enable us to mitigate and manage customer conduct risk at every stage of our relationship with them (product and service design, sales and post-sales).
Model principles
→Fair treatment
→Customer-focused product and service design
→Transparency in all customer engagement
→Responsible sales practices
→Responsible pricing
→Consideration of vulnerable customers or those in special circumstances, and prevention of overindebtedness
→Personal data processing
→Complaints handling
→Financial education
→Safeguarding consumer assets against fraud and misuse
Key processes
→Approval and ratification of products and services (Product and service approval policy)
→Customer conduct training
→Sales oversight, with special focus on the classification and suitability of products and services; advertising and transparency at the point of sale; and monitoring
→Remuneration of sales and support teams (Remuneration policy)
→Post-sales oversight, with special focus on recoveries, fraud management and complaints handling (Customer service and dissatisfaction management policy)
→Managing vulnerable customers and preventing overindebtedness (Vulnerable customers and prevention of overindebtedness policy)
Governance and remit
→Our Product governance and consumer protection area, part of the Compliance and conduct unit, develops and oversees how we follow our customer conduct risk model
→The board of directors oversees the Product and service approval policy, while local and corporate product governance forums assess and approve our products and services
→The board is also responsible for the Group Remuneration policy, while the remuneration and risk committees, with the support of the Human Resources and Compliance functions, monitor this policy’s compliance
→Local and global compliance committees set our risk appetite and monitor compliance risk assessments (including customer conduct risk)
The customer conduct risk model and the policies that underpin it are subject to strict internal governance that ensures they are properly communicated to all our stakeholders and transposed to the Group’s subsidiaries. Moreover, we have several guides that cover the key processes of the entire customer relationship cycle and aim to help the units and functions implement internal regulations consistently.
Consumer protection and customer conduct risk mitigation are a basic pillar of the Group’s strategy. The Compliance and conduct function gives shape to this through objectives and annual plans, using a methodology to monitor their effectiveness, determine the customer conduct risk profile in each unit, and set any appropriate correction measures.
In 2024, the Group focused on implementing the European Accessibility Directive in the applicable units, with specific plans to
facilitate the accessibility of products, services, and channels, considering the necessary technological developments and user experience improvements.
Our risk appetite metrics for claims and internal events enable us to detect and manage customer queries and issues effectively and proactively. In 2024, while disputes related to mortgage fees in Spain and Swiss Franc mortgages in Poland impacted these metrics, our contact centres and protocols provided an appropriate response and solution for our customers.
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For more information on internal conduct events, see Note 25 of the annual accounts.
69 For more information on our human rights commitment to our customers, see section 1.4 on our commitment to human rights.
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ii. Product and service marketing and design
Product and service governance
The purpose of the Product and service approval policy is to set out the standards, processes and controls so that we design products and services according to the customer conduct risk model principles. This means products and services with appropriate features to meet the target audience's needs, reasonable pricing, and transparent marketing (i.e. the information we give to customers uses simple language and a clear format; is accurate and sufficient data; and is consistent and comparable so that customers can cross-check it with similar financial products and services). This transparency applies to all advertising, pre-contractual and contractual information, as well as throughout the product or service life cycle and across all channels.
The local and corporate product governance forums are responsible for implementing this policy. These forums are able to draw on document and assessment templates, which includes a review of contractual and briefing material on each product and service. We only approve products and services if all forum members vote unanimously in favour of them.
Conduct training
Training is a key way to boost knowledge of consumer protection. The Compliance function, with the support of Human Resources, draws up mandatory refresher training for all employees on managing and mitigating customer conduct risk. This course has a satisfactory compliance rate in every country. Moreover, every unit ensures strict compliance with the regulatory authorization required to provide services to customers in each country(e.g. MiFID licences in Europe). They also devise and monitor specific training programmes to arm sales teams with the necessary expertise to inform about and sell the products and services we offer.
Quality and conduct metrics in sales teams’ remuneration
The Group follows a rule for at least 40% of sales units variable pay to be based on quality and conduct metrics. This promotes greater awareness and proactive and effective management of customer conduct risk, has a positive impact on transparency with customers, and helps us identify appropriate target audiences.
Sales monitoring
The Group has mechanisms to monitor products and services throughout their life cycle. These enable us to detect and manage (as early as possible) deterioration, failures in marketing and non-compliance with the terms and conditions under which they were approved. We analyse and monitor:
•Customer Voice: queries, complaints and surveys, are a key source of information to identify deficiencies in marketing and customer engagement, and to draw up improvement plans; and
•Sales metrics and controls: monitoring of the percentage of product or service cancellations shortly after sign-up. In 2024, this analysis allowed to set up improvement plans to strengthen welcome communications in different consumer entities, through telephone sales channels in Mexico and the governance of commercial campaigns in Poland.
iii. Post-sales
Conduct in fraud management
In July 2024, we embedded the guidelines for conduct in fraud management in the Grupo Santander Fraud policy, which was adopted by our subsidiaries in the second half of 2024. Moreover, following an internal review on conduct in fraud management in 2023, local units worked on aligning their improvement plans with Group standards in 2024. These plans include combining digital channels to register cases of fraud, bringing together customer voice in Group taxonomies, enhancing customer communications related to fraud cases, and bolstering controls in the first and second lines of defence in terms of conduct towards fraud victims, with special attention to vulnerable customers. They cover the period 2024-2026.
We also have additional fraud management controls based on NPS and quality assurance.
Complaints handling
In 2024, we conducted a review of the channels on which customers can raise queries or complaints. The Customer service and dissatisfaction management policy outlines the principle of making multiple channels available to avoid the potential impact of not having adequate means for customers to convey their issues or dissatisfaction and to promote that we have channels that adapt to our customers’ needs and preferences.
Additionally, customers can escalate complaints through external channels, such as the Financial Ombudsman, regulatory bodies, and consumer agencies, if they are not satisfied with the entity’s resolution.
Most of our units are investing in digital channels to speed up case resolution and help customers self-manage certain queries, as well as to manage expectations better. Root-cause analysis governance and mitigation plans are an essential component of continuous improvement.
The units analyse customer complaints to identify their root causes—such as deficiencies in products, services, systems, channels, or communications—their impact, and the teams responsible for resolving them. These teams must submit clear action plans outlining what will be done, how, and when. Senior management regularly monitors progress and effectiveness. In 2024, all countries advanced in this area, with Spain leading efforts by strengthening governance and setting specific objectives. As a result, it achieved a 19% reduction in claims (excluding sector-wide events).
We have established a global, multidisciplinary working group to enhance our queries, requests and claims procedures and platforms. This includes embedding artificial intelligence in case registration and analysis.
Santander Brasil, in collaboration with the global Consumer Protection and Models and Data functions, developed “Viva Voz”, a tool that uses artificial intelligence to handle large volumes of information and delve deeply and quickly into the root cause of customer complaints. With this tool, it has gone from analysing 3% of cases in two days to analysing 60% in one day and is aiming to reach 100%. Similarly, Santander España and Polska are piloting artificial intelligence solutions to enhance customer claims management.
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Complaint typeA (%)
14293651212069
ResolutionA (%)
14293651212073
A.    The Group uses the same standard claims metric for all geographies.
iv. Vulnerable customers
In this section we cover how Santander manages the following IRO:
I-
Negative impact on the customer by failing to guarantee access to, or the use of, products and services that may present certain obstacles or weak spots.
The management of vulnerable families and businesses is a key pillar of Grupo Santander's strategy, as it can make a difference to performance, perception and long-term sustainability. We identified and considered our customers’ difficulties and vulnerabilities, and trying to mitigate their potential impact. In 2024, we continued to make headway with embedding Group regulations70 on vulnerable customers and the prevention of overindebtedness in every market where we operate. The aim is to provide a common approach and standards to avoid disparate management between countries.
The Group is following indicators used by the units to identify and monitor customers in special circumstances. We’re also developing a methodology that will enable us to pinpoint potential signs of vulnerability in order to foresee and try to adapt services to the specific needs of certain customers.
To coordinate a common approach across our footprint, local units met with the global team every two months in 2024 to facilitate alignment in embedding the Group’s vulnerable customer standards. We also launched a global training course on vulnerable customers so that all employees consider potential vulnerabilities and are aware of the lines of action in each case.

3.3.2 Financial inclusion and financial health
This section outlines how we manage the following IRO:
I+
Positive impact on customers due to the bank’s offer of products and services that adapt to their needs and expectations and promote financial inclusion and health.
i. Financial health and inclusion as a key driver of social progress

Financial health and inclusion are a priority for Santander in contributing to social progress and promoting prosperity and entrepreneurship.
In the markets where Santander operates, there are financial inclusion challenges that we strive to address with tailored business solutions.
To assess the significance of our proposition, we use the World Bank's Global Findex Database to calculate the number of unbanked, underbanked and financially distressed people due to access and financing issues in the markets where we operate as a retail bank. In particular, we:
•Considered different components of financial exclusion and aggregate indicators to cover all our target audiences.
•Defined an inclusive financial system as one that maximizes the use of financial products and services, access and financing.
•Measured involuntary financial exclusion through barriers that people who do not participate in the formal financial system perceive.
•Applied a correction factor that matches our business penetration rate in the markets where we operate.
70 Approved in November 2023
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Our ambition is for our financial inclusion initiatives to reach five million people between 2023 and 2025. This is consistent with our penetration rate in the markets where we operate and with the gap identified in our latest assessment.
Our processes pinpoint the needs of customers facing financial difficulty; develop products and services; and train our teams71.
These processes align with our customer conduct model, vulnerable customer policy, and responsible banking and sustainability policy. We set out the accounting standards for initiatives and financially included individuals in our Financially included people guide, which applies to the entire Group. The guide includes these definitions:

•Unbanked: People who do not have a bank account or access to any banking services.
•Underbanked: People who, despite having a bank account, have difficulty accessing basic services (e.g. making deposits and withdrawals) or source financing informally.
•People in financial distress: People who earn less than their country’s legal minimum wage or who are unable to cover basic living expenses.
This guide also enables us to use common metrics to monitor and manage access and financing initiatives (listed below) that contribute to our financial inclusion target:
People subject to inclusion measuresA
Target
 +5 mnB
1.8 mn
4.3 mn
2023          20242025
In 2024, we financially included nearly 1 million people through access initiatives; and 1.6 million people through finance initiatives.
A. Based on internal financial inclusion methodology. Includes the principles, definitions and standards we use consistently across our footprint to count the number of people we include financially through initiatives, products and services for access and finance.
B. Cumulative figure since 2023.
Access
1 million
New people subject to financial inclusion measures related to access
We want to help unbanked and underbanked people enter the financial system and gain access to basic financial services, encouraging them to use financial services that are tailored to their needs and barriers, have greater control over their finances and enjoy faster and more secure transactions.
In 2024, our initiatives continued to:
•adapt to developing and mature market needs:
▪In developing markets, we focus on providing access to bank accounts and cash deposit and withdrawal services to unbanked and underbanked people. Our stand-out initiatives include partnerships with merchants in Mexico to offer Santander services, or the financial inclusion branches in Argentina.
▪In mature markets with high account penetration, but with an exodus of people from rural areas and an ageing population, we focus on continuity in access to basic financial services. Stand-out initiatives include Correos Cash and the waiving of fees for vulnerable customers in Spain.

•offer access amid humanitarian crises: making mobile branches available to remain close to our customers in the most affected areas and maintaining key financial services such as cash withdrawals, salary advance and payment holiday requests, and insurance. For more details on our actions during humanitarian crises, see section 3.2.4 'Supporting Communities'.
•promote inclusion: we are constantly adapting branches, products, services and channels for people with disabilities and senior citizens to be able to access them both in person and online.
All of this harnessing technology to drive financial inclusion, overcoming some of the barriers that prevent unbanked and underbanked people from accessing financial products and services.



71 For more details, visit our website santander.com/informe-inclusion-financiera.
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Access initiatives and services:
Promoting access to cash and transactions
We promote underserved communities get cash through our remote branches and agreements with private and public entities that widen our footprint.
Branches in underbanked and remote regionsA
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Spain.jpg
Portugal.jpg
Poland.jpg
Uruguay.jpg
Partnerships to reach underserved communitiesB
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Uruguay.jpg
Promoting digital access
We help people access the banking system so they can make payments; use basic, tailored financial services; take greater control of their finances; and make faster and more secure transactions.
Digital wallets and points of saleC
Chile.jpg
Poland.jpg
Basic accountsD    
Chile.jpg
Spain.jpg
Financial solutions for vulnerable groups
We offer financial support to vulnerable groups so customers will have access to basic products and know how to use them.
Support to senior citizen customersE
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We also have global initiatives such as GetNet, which provides digital payment services to individuals and merchants with a wide range of payments solutions, boosting simplicity, speed and security, that reaches underbanked segments improving their financial inclusion.
Finance
1.6 million
New people subject to financial inclusion measures related to finance
We promote financing for underbanked SMEs and entrepreneurs, as well as the basic needs of low-income population through products and services tailored to their needs.
Our microfinance proposition supports inclusive growth and economic development in Latin America, where the financial inclusion gap is wide. We have been offering microfinance services to low-income and underbanked entrepreneurs since 2002. We help our customers set up small businesses, which drive economic growth and social mobility.
Through these initiatives, we offer loans to boost the income-generating capacity of new ventures and help microentrepreneurs safeguard their business through financing that meets their working capital needs. A large portion of the customers under these initiatives are women, who are less likely to access financial services in developing markets.

In 2024, we continued to:
•evolve our business proposition from microcredit towards microfinance, by extending our customer value proposition through solutions that go beyond credit — basic accounts, financial education, microinsurance and other services.
•make business models more efficient, without jeopardizing the social impact of our proposition. For instance, we leveraged the use of technology to open low-cost mobile branches and improved handling procedures to minimize the time from microloan application to the funds being available to our customers.
•combine group and individual credit granting model, adjusting to our customers’ circumstances and needs, high higher presence of individual model in Peru and Colombia, and growing — albeit at a lower rate — in Brazil and Mexico.

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Other finance-based initiatives and services
Supporting customers in financial distress
We have debt relief programmes that include payment deferrals and line of credit extensions.
Supporting customers in financial distressF
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US.jpg
Financing low-income households' basic needs
We offer products and services that enable low-income households to access housing and meet other basic financial needs.
Affordable housing supplyG
US.jpg
Spain.jpg
Support for low-income households/people with difficulty accessing creditH
Mexico.jpg
US.jpg
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Argentina.jpg
A.In Spain, branches in remote (or sparsely populated) areas to facilitate access to credit and combat social exclusion in communities of less than 10,000 inhabitants. In Portugal, branches in low-income, small or isolated regions, such as the Azores and Madeira. In Argentina, we have financial inclusion branches and remote agents in the marginal environment of Buenos Aires and vulnerable communities. In Poland, ATMs (Automated Teller Machines) in municipalities where there is no Santander branch or partner point of sale. In Uruguay, we have installed three mobile branches since 2020 to reach areas with low levels of banking penetration.
B.Agreements with Correos Cash in Spain, partnerships with retailers such as Oxxo and 7Eleven in Mexico, and agreements with third parties in Uruguay (e.g. Abitab, Red Pagos).
C.In Poland, we included the Cashless Poland programme to promote the use of payment terminals in localities where the use of digital media is low, and the use of our associated Partners Outlets points of sale. In Chile we included Mas Lucas.
D.In some countries, we have basic bank accounts that go beyond regulation in order to serve the bottom of the pyramid. For example, the Cuenta LIfe in Chile or the no-fee account for vulnerable customers in Spain.
E.In several countries we have value propositions aimed at the elderly. For example, tailor-made products for retirees in Mexico and Argentina, services such as Here & Now in Portugal to help seniors with limited digital skills, and third-party access initiatives in the UK to support seniors who need to be cared for.
F.We have programmes in many countries to help people with debt problems. In Portugal, we have the Iris programme to help customers manage defaults. In the UK, we help vulnerable customers get out of arrears with self-service tools and direct financial assistance. In Spain, we have financing programmes for vulnerable groups to relieve their mortgage debts.
G.In Spain, the bank participates in the Social Housing Fund, which facilitates renting for people on low income. It also has affordable rental housing. In the US, as part of its Communities plan, Santander US provides support for the construction, maintenance and rehabilitation of housing serving low- and moderate-income people.
H.We have initiatives to help groups with difficulties in accessing credit; among them, in Spain, we lend to SMEs at their risk limit; in the US, we lend to small businesses operating in low- and moderate-income communities; in Argentina, we lend to entrepreneurs with little credit history. In Mexico, we offer special credit programmes to people at the bottom of the pyramid.
ii. Progress on financial health
In 2024, we continued to make headway with a common approach to financial health. We define financial health as people’s ability to manage finances to meet short-term needs and support long-term goals, bringing stability to avoid financial distress.
We run initiatives in all our markets to promote financial resilience, planning, security and control among our customers in general and, especially, the most vulnerable groups.
The solutions that help customers boost their financial health by making more informed decisions include tools to manage money better, debt calculators and advisory service, which together with financial education support our customers' financial health and better informed decisions.
Financial health must go hand in hand with financial inclusion so that people who access the financial system can manage their money responsibly and effectively. We complement this with financial education to narrow the knowledge gap on financial products and digital skills.
For more details on our financial education programmes for customers and non-customers alike, see section 3.2.4 ‘Community Support’.
In 2024 we have set metrics to monitor financial health, especially for over-indebted customers.

3.3.3 Privacy, data protection and cybersecurity
This section outlines how we manage these IRO:
I-
Potential infringement of customers’, employees’ or shareholders’ rights due to a lack of appropriate technical or organizational measures to protect their personal data according to law and the practices set by the Group.
I+
Education and awareness on cybersecurity issues to understand potential threats and mechanisms to avoid them.
R
Potential losses due to fines or a reduction in the number of customers because of a failure to detect or respond effectively to breaches of privacy.
i. Privacy and data protection
The use of new technologies and progress with the digitalization of businesses have led to a rapid increase in the processing of personal data.
Our commitment to complying with regulation on the protection of personal data throughout their life cycle is key in this regard. Our corporate standards remain consistent with data protection and
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privacy laws at all times, with an ethical and transparent management of personal data to enable individuals to exercise greater control over their data.
We apply measures to obtain and use only the data that is strictly necessary to process personal data for legitimate purposes. The aim of these technical and organizational measures is to preserve the confidentiality, integrity, availability and resilience of the systems and services that we use to process data; and thereby to achieve the correct protection of data subjects’ rights and freedoms; and to boost individuals’ and broader society’s trust.
We created our compliance programme following the privacy standards to manage data protection risk correctly. It is based on:
•local subsidiaries’ responsibility to abide by the General Data Protection Regulation (GDPR) and/or local regulation on data protection;
•a solid governance model consisting of:
1.corporate and local data protection policies.
2.a data protection officer (DPO) and/or privacy champions in each unit. We formally disclose appointees to local authorities.
3.a corporate oversight programme based on the monitoring of management indicators; annual reviews; and an annual monitoring forum sponsored by the Group Chief Compliance Officer where our units report on compliance status, key risks and focal points, and other key data protection matters.
Other measures that strengthen our data protection management are:
•a common, regular monitoring and reporting model for the units, including meetings that we document in minutes;
•procedures to manage security-related incidents and the risks that stem from the potentially unauthorized use of personal data. We also have specific plans of action, where required, which the corresponding areas manage;
•cooperation with third-party service providers that must comply with data protection regulation. All data processors are subject to a suitability test that we monitor through management indicators and review regularly;
•reviews on our compliance with data protection laws, which our Internal audit area performs as part of its annual programme;
•corporate tools that help us manage data protection-related tasks by bringing together and monitoring control information through indicators and the annual review programme. For instance, we regularly update our data processing inventory and report on indicators and security incidents;
•special training for DPOs and privacy champions as well as corporate initiatives and the sharing of best practice among units. In 2024, we ran a refresher course on data privacy by an external provider and initiatives on the back of it;
•employee training and awareness campaigns on data protection, which form part of our mandatory annual curriculum and that we monitor through management indicators; and
•special focus on regulatory developments to update and consolidate criteria, methodologies and documents.
In May we became aware of an unauthorized access to a Santander database hosted by a third-party provider. The bank’s operations and systems were not affected, so customers were able to continue to transact securely.
Bank put in place protective actions and corrective actions for clients and employees:
•Affected individuals, where applicable, were notified the incident and dedicated channels were put in place to provide them with further information.
•Information was made public by Santander in its corporate website.
•The bank started an education campaign for clients and employees regarding the most well-known types of fraud. This campaign has been reinforced in response to the incident and to minimize future similar incidents.
•Santander also notified the relevant supervisors and authorities where the group has a presence, including the data protection agencies, prudential supervisors, resolution authorities, and in some jurisdictions law enforcement as required by local regulations.
•Regarding clients, the Fraud Prevention and Cybersecurity teams continue to be on alert and analysing any relevant behaviour that could be associated with cases that take advantage of the information in question. Also, where relevant and appropriate, fraud prevention controls have been reinforced, that aim to mitigate the possible impacts associated with this incident.
Containment was complete and corrective action has been implemented that will minimize the possibility of any similar unauthorized access.
ii. Cybersecurity
Cybersecurity provides vital support to our purpose of helping people and businesses prosper and our aim to provide customers with first-rate digital services.
We have a board- and subsidiary-board approved cybersecurity framework that sets out the governance, functions, roles and responsibilities to manage cybersecurity throughout the Group, including the role of the Chief Information Security Officer (CISO).
Our cybersecurity policies, which develop the cybersecurity framework, are based on international standards and subject to ongoing review in order to maintain and enhance safety levels in the Group. In 2024 we updated our Cybersecurity requirements policy for technical and business areas, which includes security provisions for the different domains.
To assess how we’re doing on cybersecurity within the industry, we monitor our security rating provided by an independent third party. Bitsight Company gives us with a score between 250 and 900 (with 740-900 considered “Advanced”) based on public information and externally visible network traffic and systems. In 2024, we scored 790 points, which put us in the upper quartile among our peers and meant that we hit our target.
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Protecting our customers’ and employees’ information is the responsibility of every Santander employee. We outline this in another policy under our cybersecurity framework: Cybersecurity standards for the protection of Santander, which sets out the principles that we must follow. En 2024, we ran these cybersecurity awareness initiatives for our teams:
•Regular ethical phishing exercises to strengthen employees’ and partners’ resilience to cyber threats.
•Promote a culture of reporting suspicious incidents or messages through all available channels.
•Update to our mandatory cybersecurity training for employees, including security recommendations against malicious attacks by email, text message or phone call, deepfake, phishing, social engineering, and other threats.
•Specialized training for high-risk groups such as payment agents, IT professionals and developers, digital asset owners, board members, and executives and their support teams.
•Specialized fraud training for contact centre agents and branch employees.
•Internal awareness campaigns for all Group employees to keep them up to date with the latest cybersecurity and fraud trends.
To boost the protection of our customers online, we ran several initiatives that we assess by measuring their impact. In 2024, these campaigns reached 58% engagement (far exceeding the 10% market benchmark):
•Cyber Heroes, an interactive campaign where our customers test their knowledge of online security and fraud prevention in realistic scenarios. It's available in Argentina, Brazil, Chile, Mexico, Portugal, Spain, Poland, and the UK.
•Awareness workshops for retail and corporate customers at our branches to explain online threats and how they can reduce them.
•Por una vida online y corriente ('Everyday Cyber'), a global cybersecurity awareness campaign to help our customers adopt better online security and fraud detection habits.
•Corporate sponsorships, such as Ferrari and League of Legends (an online strategy game), which help us engage more audiences using their unique tones and language. These campaigns follow a multi-channel strategy to reach a global impact.
•In other Santander markets, our “Obvious Passwords” cyber campaign in Uruguay received local recognition for its work in raising awareness on such a hot topic as online security for customers.
•Titania, remains one of Santander’s key initiatives to raise awareness and promote learning about cybersecurity in the form of a fiction podcast. With over two million plays, it received the prizes for Best Podcast and Best Branded Content at the Ondas Awards in Spain.
We run these campaigns through the Group’s numerous digital channels. What’s more, users can report suspicious messages by writing to reportphishing@gruposantander.com.
In 2024, we continued to promote collaboration on cybersecurity and online fraud prevention with public and private organizations:
•Santander plays a key role in the Financial Services Information Sharing and Analysis Center (FS-ISAC) for the exchange of information in Europe and is the European board’s current chair. This organization, established in The Hague, has more than 1,000 members from 174 entities, including major banks, Swift and Europol.
•Santander is part of the leadership team of the US Ransomware Task Force, whose objective is to improve prevention and response capabilities against ransomware attacks.
•Santander contributes to the World Economic Forum's (WEF) initiatives to fight cybercrime. This includes the Cybercrime Atlas, which aims to disrupt cyber crime networks. We also participate in several working groups to promote cybersecurity talent through public-private partnerships; develop a cybersecurity resilience plan; and contribute to narrowing the cybersecurity skills and knowledge gap.
•We work on key cybersecurity and fraud prevention initiatives with other entities and organizations such as the Institute of International Finance (IIF), the European Financial Services Round Table (EFR), the European Banking Federation, DigitalEurope, and others.
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For more details on our cybersecurity plan and the initiatives undertaken during the year, see section 5. 'Research, development and innovation (R&D&I)' in the 'Economic and financial review' chapter; and section '5.2 Operational risk management' in the 'Risk, compliance & conduct management' chapter.
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4. BUSINESS CONDUCT
(Governance information)
4.1 Corporate culture
Santander Way
We are a global company, guided by a common culture, The Santander Way. It is aligned with our corporate strategy and it is the basis of our success. Our values (Simple, Personal and Fair), our corporate behaviours (TEAMS), our leadership principles and our robust risk culture (Risk Pro) guide us every day:
•We continued to promote our behaviours and leadership principles in the Group’s talent processes, as well as promoting them among our leaders for them to be an example of our culture.
•We have intensified our efforts to give our employees the necessary tools and resources to improve their competencies and employability, aligning us with the most critic business and market demands.
•This year we evolved Dojo, our digital learning platform, that offers a personalized offer based on current and future roles, promoting a culture of self-development and continuous learning.
•We continued to assess how to improve our efforts through our employee listening programme - YourVoice, and we have developed action planes to keep making a better place to work.
•We continued to promote our culture through our performance review, MyContribution, where 50% is based on 'what' we do, 40% on 'how' we do it and 10% on our risk management.
•All the above is sustained by our Global Culture Policy, which sets the foundations, guidelines and standards to foster a coherent culture across Banco Santander.
Our values

Simple Personal Fair
Our behaviours
TEAMS.gif
Our leadership principles
→Promote a 'Group First' mindset
→Lead transformation
→Build, develop and grow talent
→Display TEAMS flawlessly
→Drive inclusive culture
Our strong risk management culture
RiskProLogo.gif
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4.2 Ethical conduct
In this section we cover how Santander manages the following IRO:
I+
Act responsibly and consider investors’ interests and the impact on employees, broader society and the environment; pay taxes to support the distribution of wealth.
I-
Harm broader society through bribery or corruption.
R
Risk stemming from improper conduct that makes illicit funds or assets appear legitimate and, therefore, facilitates illegal activity or to benefit from it.
4.2.1 Conduct standards
Our General code of conduct (GCC) sets out the behaviours and values that all Grupo Santander employees must abide by when engaging with colleagues, customers, vendors and broader society. It helps promote a solid risk management and compliance culture and acts as a mechanism to prevent the risks we are exposed to.
The GCC promotes equal opportunity, non-discrimination, zero tolerance for sexual or work-related harassment, respect for others, work-life balance, human rights, and environmental protection.
The Grupo Santander board of directors approves the GCC, which all Group employees — general workforce, top management and members of the management bodies of the subsidiaries that make up Grupo Santander — must be aware of and comply with.
Available on our corporate website for all stakeholders to read, it is in force in every Group subsidiary.
It includes a message from our Executive Chair on the importance of having a solid and common corporate culture that all Santander employees are on board with. Subsidiaries’ versions also have a message from their local CEO.
The GCC’s core implementation mechanisms are:
i.Mandatory training for employees on the GCC through an annual course that instils the guidelines they must follow in their day-to-day to prevent possible risks, such as the Group’s penal responsibility; how to handle conflicts of interest according to our policy,72 and what to do if they receive gifts and invitations from people outside Grupo Santander.
We supplement GCC training with a statement that reinforces our employees’ pledge to comply with it.
ii.#YourConductMatters: Campaigns via email, Intranet and other media to boost employees’ awareness of the GCC, as well as of Canal Abierto and the latest whistleblower protection laws.
iii.The Compliance area, which deals with employees’ queries on the enforcement of the GCC.
iv.Canal Abierto, our whistleblowing channel where employees and stakeholders can report violations of the GCC and of our corporate behaviours.
v.Breaches to the GCC are managed and sanctioned in accordance with applicable regulations.
Our risk appetite metrics include monitoring of employees’ completion of mandatory training on the GCC. Every quarter, we gather completion data for every unit, which currently stands at 99,1% at December 2024. Thus, there is no requirement to put remediation plans in place.
Moreover, mandatory training forms part of our employees’ annual performance review, which acts as an incentive to complete it in due time.
We also use another management metric to identify how many incidents reported to the Group’s ethical channels are linked to violations of the GCC.
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For more details, see section 7.2 ‘Compliance and conduct risk management’ in the ‘Risk management and compliance’ chapter.
4.2.2 Responsible taxation
The Group’s tax strategy is consistent with our business strategy. Our principles of action in tax matters, which apply to all our entities, must align with our purpose of helping people and businesses prosper and with our aim to be the best open financial services platform by acting responsibly and earning the lasting loyalty of our employees, customers, shareholders and communities. The board of directors approves our tax strategy and revises it regularly.
The Group’s tax risk management and control, which draws on our internal control model, sets out the actions to follow our tax strategy and the principles that underpin it.
We participate in cooperative compliance initiatives led by tax authorities. Since 2010, we've adhered to the Spanish Code of Good Tax Practices and the UK Code of Practice on Taxation for Banks, and more recently, in 2022, to the Portuguese Code of Good Tax Practices. Since 2015, we've voluntarily submitted an annual Tax Transparency Report to Spain's Tax Authority.
The principles of Grupo Santander’s tax strategy must enable us to make appropriate contributions according to the value creation in each of the jurisdictions where we operate, as well as to comply with local laws.
Core principles of Santander’s tax strategy
•Satisfy our tax obligations based on a reasonable interpretation of tax laws, grounded on their spirit and intention.
•Respect the rules on transfer pricing and pay taxes in each jurisdiction according to our operations, assumed risks and profits.
•Not give tax advice or planning strategies when marketing and selling financial products and services. Not engage in
72 The Conflicts of Interest Policy has been updated to align it with the General Code of Conduct (updated in 2024) and to simplify it. In addition, the Procurement Management Conduct Policy has been integrated into this policy.
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transactions or activities that enable our customers to avoid paying taxes.
•Communicate Santander's total tax contribution clearly, distinguishing between taxes borne by the Group and by third parties for each jurisdiction.
•Not create, or acquire a stake in, entities registered in countries or territories considered 'non-cooperative jurisdictions' without board approval; and properly monitor the Group's operations in such territories.
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For more details on the Group’s tax strategy, visit our corporate website santander.com.
The Group’s tax contribution and the relevant role that our subsidiaries play in the effective application of their respective jurisdiction's tax systems are a key component of the sustainable and responsible banking framework we pledge to follow and our contribution to sustainable and inclusive growth.    
In 2024, the Group paid EUR 22.5 billion in taxes, of which EUR 10.9 billion account for taxes we paid directly to the tax authorities (57.5% of income before taxes) and the rest for collected taxes originating from our business operations with third parties.
The taxes the Group paid directly are part of the cash flow statement and mainly correspond to the income tax paid in 2024 (EUR 5.9 billion at an effective rate of 30.9%).
There is usually a mismatch in the taxes we pay directly and those recorded in the financial statements because the payment date set by the laws of each country is often different to the accrual date of the income or the transactions subject to tax. Income tax expense recorded for the year amounts to EUR 5.3 billion, which means an effective rate of 27.8% (see Note 27 to the consolidated report).
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For more details on the Group's tax contribution, see section SN 7.7 'Tax contribution'.
4.2.3 Financial crime compliance (FCC)
Grupo Santander is firmly committed to the fight against financial crime and compliance with financial crime prevention regulation in every market where we operate.
Our Group board-approved and subsidiary-ratified Corporate financial crime compliance (FCC) framework sets out the key principles for preventing financial crime, which underpin these programmes: the anti-money laundering and terrorism financing prevention programme (AML/CFT); the sanctions programme; and, since 2023, the anti-bribery and anti-corruption programme (ABC).
This framework is available to all employees and interested third parties. Moreover, we use information channels to raise awareness of the importance of financial crime compliance. We reach out to all our stakeholders through annual training programmes,
communications channels (corporate and subsidiary Intranet sites), awareness campaigns, internal newsletters and best practices so that they can learn about and understand their responsibilities across the Group’s entire operations.
The policies that build on this framework (including customer due diligence — CDD — procedures) are designed according to domestic and international financial crime regulation to manage and mitigate the impacts and risks related to FCC and protect the Group’s integrity in all our businesses and operations. We constantly review and update our policies to remain consistent with regulatory amendments and new and ever-changing external threats.
Moreover, we have a common oversight methodology that enables us to verify that all our operations comply with this framework under the most demanding, standardized criteria that the centralized and technical FCC units in our markets endorse. These units also play a crucial role in promoting FCC culture and awareness to all Grupo Santander employees.
The central and subsidiary-based Financial Crime Prevention units engage in constant dialogue with all the Group’s businesses and functions to identify new risk types, overcome emerging challenges to prevent those risks, and implement risk management, control and mitigation best practice. Some of the salient responsible banking topics to highlight are:
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For more details on our provisions, see Note 25 of this report.
People in special situations
Our FCC onboarding supports the Group’s ambition to help people in special situations73 get access to financial services and requires business units to mitigate the potential financial crime risk related to these groups, based on objective criteria and compliance with FCC regulation.
Our mandatory FCC procedures (identification, risk segmentation and due diligence) for people in special situations to access to banking services and the document updates we perform under our FCC framework are free of bias and subject to strict compliance with the law. Moreover, the Group has been and will continue to run remote and in-person onboarding that gives equal access and opportunity that best adapt to each customers’ circumstances.
People trafficking and exploitation environmental crime
Our customer risk assessment considers the risks stemming from the sectors that our customers operate in. To categorize a sector, we consider exposure to corrupt practices, people trafficking, modern slavery, labour exploitation, child abuse and environmental crime. We subject these sectors to further know-your-customer (KYC) due diligence to be absolutely sure of their level of exposure or link to those types of practices. We also have transaction control systems that enable us to detect irregular movements that may come from or be related to such practices.
73 People in special situations (non-exhaustive list): individuals living in extremely rural areas, those residing in care facilities or pensioners, people unable to manage their financial affairs, gender expression, students and young people, individuals living in shelters or refuges, prisoners and those on parole, international students, economic migrants, refugees, and isolated individuals.
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Grupo Santander plays an active role in public-private sector initiatives and specialist forums where we provide financial crime prevention knowledge, expertise and analysis. As a global bank that offers a wide range of financial products and services, we have a deep understanding of the risks related to our sector. We are firmly committed to the integrity of the financial system and the development of effective solutions to boost cooperation between the public and private sectors in tackling complex and global challenges.
Bribery and corruption
In 2024, we continued to implement our ABC programme, which is also subject to constant review and update in line with the rest of our policies.
We conduct a risk and control self-assessment (RCSA) in all our subsidiaries and units to identify residual risk within the organization.
It involves assessing the inherent risks of our business activities in terms of financial crime, with money laundering and terrorism financing key factors and bribery and corruption also factors that we consider. Marketing, Sponsorships, Vendor Management and Human Resources are the areas with the highest exposure to the ABC risk taxonomy. In 2024, we continued to enhance our awareness strategy, which is based on the programmes included under our corporate framework, by combining basic training with customized programmes. Throughout the year, we ran technical sessions, FCC risk awareness workshops, courses on ABC risks for procurement staff, and specialized training for board members.
Thus the Group’s annual programmes cover FCC risks sufficiently. Our training plans, which we supplement with compliance programmes, help raise awareness among all the Group’s employees.
As one of our KPI, the number of employees we train in the Group highlights our firm commitment to mitigating bribery, corruption and other FCC risks. This cover all risks functions takers. In particular:
◦166,199 employees trained in FCC.
In 2024, we continued to bolster our assessment and mitigation of the risks related to outsourcing and supplier relations in order to automate the controls stemming from the ABC programme. To support this initiative, Group employees received specialized training on ABC and our code of conduct. This is a step forward that bolsters Santander’s operational resilience and regulatory compliance significantly.
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For more detailed information on this issue, see section 4.4 'Our suppliers'.
Detecting and managing FCC incidents
Per FCC laws, the financial intelligence units in all our markets have a robust system to detect, investigate, respond to and inform the authorities of suspicious transactions in terms of FCC (including those with indications of bribery or corruption). This system includes internal controls, lines of action and independent investigation committees that operate outside of the chain of command to preserve impartial incident management. The findings of these investigations are reported regularly to the Group’s management and oversight bodies.
Highlights of key activities related to detection and cooperation with authorities activities in 2024 include:
231,810
453,175
disclosures to authoritiesinvestigations conducted
Moreover, our whistleblowing channel, which we manage according to the Group General code of conduct and Canal Abierto policy, is where individuals can report violations of laws and internal compliance regulations related to the fight against financial crime (FCC).
In accordance with the established criteria74, the Group has no record of any judicial or administrative proceedings in relation to corruption and anti-bribery, nor in relation to anti-money laundering and terrorism financing.
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For more detailed information on this issue, see section 4.2.1 'Conduct standards'.
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For more detailed information on this issue, see section 4.3.1 'Canal Abierto'.
74 Reference is made in this Sustainability statement to judicial and administrative proceedings that have finalised during 2024 with a firm conviction, sanction or fine against an entity of the Group, which are relevant to the Group due to their materiality.
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4.3 Ethical channels
In this section we cover how Santander manages these IRO:
I+
Protect the confidentiality of users of the bank’s ethical channel and have an effective reporting system in place that follows robust principles and procedures.
I-
Negative impact on the environment or broader society by failing to implement measures to resolve incidents through complaints or reporting channels or due to a lack of continuous improvement actions.
4.3.1 Canal Abierto
Canal Abierto is an anonymous and confidential Grupo Santander channel to report unethical conduct. It protects whistleblowers by expressly prohibiting reprisals or any negative consequence against them. Every unit in the Group administers its own ethical channel in different languages (including the local tongue) according to the common standards set out in the Canal Abierto policy since 2020.
Minimum standards applicable to all channels include subsidiary CEO endorsement; communication to employees of the importance of using the channel; information on how incidents have been handled and lessons learned; easy access to the channel and anonymity (if desired); external platforms to receive reports according to best practice; mechanisms to manage conflicts of interest in internal investigations of reports; and regular internal audits.
The board of directors approved the Canal Abierto policy and the related usage and operation procedure, and brought the Banco Santander channel under the Chief Compliance Officer's direct remit. These policies and procedures are available to Group employees and stakeholders on our corporate website and the Canal Abierto platform.
Canal Abierto is available to employees on Santander Now (Intranet) and to any Banco Santander stakeholder through our corporate website and the Canal Abierto platform.
Canal Abierto is mainly set up to receive reports from employees; however, some subsidiaries’ local channels are open to vendors, customers and other stakeholders, who can report violations of the GCC. Business incidents or complaints outside of Canal Abierto’s scope are not accepted on these channels.
On Canal Abierto, whistleblowers can report their suspicions about professional conduct related to:
→unlawful acts at the workplace;
→irregularities or breaches of the General code of conduct and its implementing regulation that may be subject to disciplinary action;
→improper accounting or auditing practices, internal control or influence on external auditors (SOX);
→violations of anti-money laundering and terrorism financing laws or of our internal regulations to comply with those laws, as well as acts of corruption and bribery;
→violations of securities market laws;
→conduct that may involve an act that infringes the law or any other regulation and, in particular, a serious or very serious criminal or administrative offence or infringement of European Union law; and
→acts or conduct that go against the Group’s corporate behaviours.
Santander pledges to handle reports received through Canal Abierto in a diligent, independent and objective manner for the benefit of the parties involved. This is a protective measure for the people who communicate in good faith through the channel, as well as for anyone else who takes part of the related internal investigations. The following criteria, which we set out in the Group’s Canal Abierto policy, reflect that pledge:
→Appropriate handling of the reports received, notwithstanding their possible rejection should they fall under any of the cases provided for in internal regulations or if it is considered that there are no grounds for a case.
→60-day processing time, which could be extended by up to 30 days for cases that are considered especially complex.
→Conflict of interest management during the investigation of cases, in which anyone who may have a conflict of interest with the persons involved in the matter will refrain from taking part. The usage and operation procedure details the teams tasked with investigating each case in relation to the type of report.
→The prohibition of reprisals against employees or other stakeholders who report, in good faith, breaches of internal or external regulations or conduct that does not align with our corporate behaviours, for having merely accessed an ethical channel.
Every year, our employees undertake a mandatory training course on the General code of conduct that includes a module on the importance of using Canal Abierto.
Moreover, we raise awareness of Canal Abierto and it assurances among our employees through email and other channels that detail statistics on the handling of the reports received, the channel’s features, when to use it, and other information.
On an annual basis, the compliance function prepares a joint report for the risk supervision, regulation and compliance committee and the audit committee, informing their members about the activity of the Group’s channels, key statistics, and other matters related to Canal Abierto.
The Compliance area aims to enhance how we manage and analyse the Group’s ethical channels in order to keep our governing bodies informed of the risks that we may spot, the key concerns of employees and stakeholders, and the action plans we put in place to reinforce our ethical and compliance culture.
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We collect data on the Group’s ethical channels every quarter in relation to the number and type of reports received, and the measures taken.
An external auditor reviews those data regularly to ensure their traceability and integrity.
In 2024, 4,437 reports were received, including 216 reports from third parties (163 from customers and 53 from vendors).
2024
Reports receivedA
4,437
reports received over total headcount
2.1 %
Categories of received reports
Breaches to the GCC
2,286
Marketing of products and services
321
Relative to privacy/security and confidentiality of information
116
Internal fraud
292
HarassmentB
1,094
Equal opportunities and non-discrimination
132
Conflicts of interest/activities outside the Group
219
Other breaches to the GCCC
112
Cases of Human ResourcesD
1,754
Other typologiesE
397
Closed reports
4,122
Disciplinary actions
715
   which led to dismissals393
Dismissals over total headcount
0.2 %
A. Scope includes companies in: Argentina, Brazil, Chile, Spain, Mexico, Poland, Portugal, United Kingdom, United States, Uruguay, Colombia, Peru, Switzerland, Bahamas, and Digital Consumer Bank subsidiaries and SCIB branches. In 2023, reports received were 3,611. The increase in the number of cases received is due to the fact that in 2024 a wider perimeter of business units was taken into account, including banking and non-banking units.
B. Harassment (according to CSRD regulation) is defined as a situation where an unwanted conduct related to a protected ground of discrimination (for example, gender under Directive 2006/54/EC of the European Parliament and of the Council (15), or workplace harassment among others) occurs with the purpose or effect of violating the dignity of a person, and of creating an intimidating, hostile, degrading, humiliating or offensive environment. Over the total communications received in this category, 89% were of workplace harassment.
C. It includes reports relative to Anti-money laundering and terrorist financing and sanctions; cybersecurity, gifts and invitations, corruption and bribery, market abuse and antitrust. The Group received 14 reports in 2024 regarding corruption, which led to 3 dismissals.
D. It includes reports relative to breach of corporate behaviours, labour regulations and serious acts of disrespect.
E. It includes reports relative to external fraud, accounting and auditing and any other breach of the Group’s legal or internal regulations, policies or procedures in relation to functional or organizational aspects not mentioned in the categories above.

In accordance with the established criteria75, the Group:
•has no record of any judicial proceedings in relation to incidents of discrimination or violation of fundamental rights.
•has no record of cases involving employees that refer to serious human rights incidents.
4.4 Our suppliers
In this section we cover how Santander manages these IRO:
I+
Promote responsible practices among vendors; engage with them, assess their ESG performance and give them recommendations and tools to improve.
R
Potential risk from failing to ensure the operational resilience of the value chain by assessing vendors’ solvency, reputation and compliance with the law.
4.4.1 Acting responsibly towards suppliers
Our outsourcing and third-party management model and third-party certification policy (which apply in all our markets) provide a methodology so that our suppliers meet the Group’s minimum requirements to avoid risks that stem from substandard
operational resilience, solvency, reputational control and regulatory compliance.
Moreover, to promote responsible practices in our supply chain, we have a supplier ESG certification methodology76 that supplements the third-party certification policy with the aim of identifying the suppliers that pose the greatest risk in terms of sustainability. This methodology also helps us determine which controls to adopt according to the risk identified.
As a driver of the Global Compact training programme, we’re supporting our suppliers in their transition through courses to boost knowledge on sustainability and the resources needed to implement it.
Sustainability in procurement
In 2024, we began embedding the new ESG approval methodology in the Group, that enables us to:
75 More detail see previous footnote.
76 Applicable in accordance with local regulations.
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•Pre-classify all our suppliers according to their sector's environmental and social exposure77.
•Give our suppliers a final ESG risk classification as low, medium or high, through adjusting the pre-classification with a survey considering other factors as country risk, number of employees, and company-specific environmental traits.
As at 2024 year end, we had assessed 487 suppliers78 identified with ESG risk. We plan to continue embedding this methodology and complete assessments by giving all our suppliers a final risk classification over the next two years.
This assessment includes such ESG aspects as carbon footprint calculation, inclusion in terms of gender and people with disabilities, flexi-working, minimum wage and good governance practices, codes of conduct and anti-corruption policies, human and labour rights recognition, and other elements set out in international standards such as the United Nations Global Compact.
We supplement our supplier assessments with remediation plans, where necessary, based on our findings. This helps our suppliers in their transformation and compliance with domestic, European and international ESG regulatory frameworks.
Sustainability in supplier negotiations
Negotiations to procure certain products and services such as cards, electricity and corporate vehicles include mandatory and specific sustainability requirements that we embed in purchasing specifications.
Moreover, we request ESG information in the tenders of other products and services that also have a vast environmental and social impact, such as purchases of ATMs (Automated Teller Machines) and hardware, and the transportation of cash. This information, which in 2024 we considered for illustrative purposes, includes the product's or service's carbon footprint, the use of recycled or renewable materials, energy efficiency, accessibility for people with disabilities, and compliance with social, labour and environmental laws in the supply chain.
Other key aspects
→ The Group has a corporate tool to enhance and standardize the certification of higher risk suppliers in all our core markets as well as to review key risks such as cybersecurity, business continuity, physical security, facilities and data protection, anti-bribery and corruption, data integrity and other additional risks.
→ We continue to build up expert teams in our markets to consider ESG standards in negotiations and risks assessments under the new methodology.
→ We’re working to extend our ethical channels for suppliers to the rest of our core markets.
4.4.2 Supplier payments practices
→ EUR 11.6 billion paid to suppliers. 89% are local and account for 88%79 of total procurement volume.
The Group fully complies with the maximum payment terms prescribed by law. Our average is 15 days (we paid 81% of invoices within the maximum period). We have a cost model that oversees payments to third parties, and is expected to be complemented with specific controls for SMEs. There are no significant differences found in payment terms to suppliers. Likewise, the Group has no record of any judicial or administrative proceedings related to non-payment to suppliers.80
77 Based on S&P’s ESG Risk Atlas.
78 New metric not comparable to 2023 information. Main companies of the Group in: Argentina, Brazil, Chile, Colombia, Germany, Mexico, Portugal, Peru, Spain, United Kingdom and Uruguay, and other geographies in which Digital Consumer Bank operates such as Italy.
79 Main companies of the Group in: Argentina, Brazil, Chile, Colombia, Germany, Mexico, Portugal, Poland, Peru, Spain, United Kingdom, United States and Uruguay, and other geographies in which Digital Consumer Bank operates such as Italy and Nordics.
80 Reference is made in this Sustainability statement to judicial and administrative proceedings related to non-payment to suppliers which are ongoing during 2024 and are relevant to the Group due to their materiality.
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SUSTAINABILITY NOTES
SN 1. Introduction, basis of presentation of the Sustainability statement and other information
a) Introduction
This report is the 'Consolidated non-financial information statement and sustainability information' of Banco Santander, S.A. and its subsidiaries”. It provides detailed information in accordance with Directive (EU) 2022/2464 on corporate information on sustainability and Commission Delegated Regulation (EU) 2023/2772. It also includes the information necessary to comply in accordance with Art.49, sections 5, 6, 7, 8 and 9 of the Spanish Commercial Code as amended by Act 11/2018, which transposes into Spanish law Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending Directive
2013/34/EU as regards disclosure of non-financial and diversity information. The Sustainability statement forms part of the consolidated directors’ report of Santander Group and the board of directors approved it on 25 February 2024.
b) Scope of information
The scope of this document covers the core activities of the Group and its subsidiaries from 1 January to 31 December 2024 and is prepared following the same consolidated basis (principles, accounting policies and criteria) as the financial statements and with the criteria differences set out in this table:
TopicsScope of information
Climate, our transition plan (Environmental information)
Supporting our customers in the green transition
Green financeCorporate & Investment Banking.
Financing of electric vehicles
Digital Consumer Bank auto loan portfolio.
Purchase of cards made of sustainable materials
Main companies of the Group in: Argentina, Brazil, Chile, México, Poland, Portugal, Spain, United Kingdom and Uruguay.
Embedding ESG in risk management
Portfolio exposure to climatic sectors
Full Group scope
Equator Principles
Corporate & Investment Banking.
Aiming to align our activity with the Paris Agreement Goals
Climate alignment
Corporate & Investment Banking for thermal coal, power generation, oil & gas, aviation, steel and auto manufacturing portfolios. Digital Consumer Bank for the auto loan portfolio. Commercial banking perimeter of Brazil for the agro portfolio. And perimeter of commercial banking in Spain and the United Kingdom for the portfolio of residential mortgages and real estate.
Environmental footprint
Full Group scope. Except for the calculation of Scope 3 emissions (categories 1, 2, 4 and 9) for which the information of main companies of the Group in: Argentina, Brazil, Chile, Colombia, Germany, Mexico, Portugal, Poland, Peru, Spain, United Kingdom, United States and Uruguay, and other geographies in which Digital Consumer Bank operates such as Italy.
EU Taxonomy
Green Asset Ratio (GAR)
Scope based on the prudential consolidated group, in accordance with the Commission Delegated Regulation (EU) 2021/2178.
Supporting employees, communities and customers (social information)
Acting responsibly towards our employees
Headcount
Full Group scope (except for accident data where Santander Polska S.A. is not included)
Remuneration
Full Group scope
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Training
Full Group scope
Employee engagement survey
Full Group scope
Communities sustainable development
SRI AuMsWealth Management & Insurance: SAM and Private Banking
Support for higher education, employability and entrepreneurshipMain companies of the Group in: Argentina, Brazil, Chile, Germany, Mexico, Poland, Portugal, Spain, United Kingdom, United States, United Kingdom and Uruguay, in addition to Fundación Universia.
Other community support programmes
Main Group companies in: Germany, Argentina, Brazil, Colombia, Chile, Spain, United States, Mexico, Perú, Poland, Portugal, United Kingdom, Uruguay, and the rest of the countries in which Digital Consumer Bank operates, as well as Foundations associated to the Group (e.g. Fund. Banco Santander in Spain, Santander Foundation in the United Kingdom, etc.).
Acting responsibly towards customers
Customers, offices and channels
Full Group scope
NPS (customer satisfaction)
Main Group companies in: Argentina, Brazil, Chile, Spain, United States, Mexico, Poland, Portugal, United Kingdom and Uruguay.
Customer complaints
All Group entities (>1% of reported claims volume in 2024).
Financial health and inclusionMain companies of the Group in: Argentina, Brazil, Colombia, Chile, Chile, Germany, Mexico, Peru, Poland, Portugal, Spain, United Kingdom, United States and Uruguay.
Business conduct (governance information)
Corporate governance
Corporate governanceBanco Santander, S.A.
Communications with shareholders and investorsBanco Santander, S.A.
Ethical conduct
Mandatory training on the GCC
Full Group scope
Tax contribution
Full Group scope
Financial crime compliance
Main Group companies with FCC obliged parties within the perimeter of GFCC (Group Financial Crime Compliance).
Litigation and penalties
Full Group scope
Ethical channels
Ethical channel
Group companies in: Argentina, Brazil, Chile, Spain, Mexico, Poland, Portugal, United Kingdom, United States, Uruguay, Colombia, Peru, Switzerland, Bahamas, and CIB and Digital Consumer Bank subsidiaries and branches.
Acting responsibly towards suppliers
Payments to suppliers
Main companies of the Group in: Argentina, Brazil, Chile, Colombia, Germany, Mexico, Portugal, Poland, Peru, Spain, United Kingdom, United States and Uruguay, and other geographies in which Digital Consumer Bank operates such as Italy and Nordics.
Evaluated suppliers identified with ESG risk
Main companies of the Group in: Argentina, Brazil, Chile, Colombia, Germany, Mexico, Portugal, Peru, Spain, United Kingdom and Uruguay, and other geographies in which Digital Consumer Bank operates such as Italy.
Significant changes in criteria with respect to the 2023 Sustainability Report are reflected in the corresponding section of this chapter, and generally in section h) of this note.
For a list of subsidiaries included in the consolidation that are exempt from individual or consolidated sustainability reporting pursuant to article 19a or 29a(8) of Directive 2013/34/EU, see Annex 1. Subsidiaries of Banco Santander, S.A. in the ‘Audit report and consolidated annual accounts'. Of this list, the following companies are required to report sustainability information under CSRD:
•Santander Consumer Bank AS (in Norway)
•Santander Bank Polska S.A. (in Poland)
•Stellantis Banque France (in France)
Other companies that meet the requirements established by the standard but are located in countries where the directive has not been transposed are not considered obliged to report under the CSRD.
Moreover, the Group has not applied the exemption in relation to the breakdown of information on upcoming events or matters under negotiation.
From 1 January 2025 to the date on which we prepared this Consolidated non-Financial Information Statement, there were no additional events that could have a significant impact on the information set out in this report other than those described in the consolidated annual accounts.
For more details, see Notes 1, 2, 3 and 53 to the consolidated report and sections 3 and 4 of the ‘Economic and financial review’ chapter.
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c) Value chain
Banco Santander has a defined value chain that identifies all the actors involved in it. It considers the entire consolidation scope set out in the bank’s Annual Report. This chart illustrates our value chain. It is split into three main groups (upstream, own operations and downstream) and shows the actors in each one:
CadenadeValorENG.jpg
To define the value chain, the Group considered the indications of Regulation 2022/2464 (paragraph 33); Delegated Regulation 2023/2772 (ESRS 1); and the EFRAG (European financial reporting advisory group) Value Chain Implementation Guidance.
These are the definitions we used:
Upstream: Set of activities or processes carried out by companies that are part of the bank’s upstream phases and that provide the inputs81 that we use for the development and marketing of products and services. This includes companies with which the bank has a direct and indirect commercial relationship.
•Financial institutions: Monetary institution and public entity responsible for setting monetary policy that will impact on Banco Santander; regulating currency circulation; supervising the interbank market in which the bank operates; and providing liquidity, where required, for solvency purposes. For instance, the European Central Bank, Banco de España, Bundesbank, Narodowy Bank Polski, etc.
•Product and service providers: Companies that provide products and services that are subsequently marketed in later phases of the bank’s value chain or that the bank uses to carry out its operations. For instance, insurance companies (e.g. suppliers of products that are marketed in the bank’s downstream phase), technology providers, external audit and consulting service providers, materials suppliers and office landlords.
The Group continuously oversees the correct management and maintenance of its supplies to offer a high value added service to customers and to guarantee business continuity.
Own operations: Activities that the bank’s functional areas and employees carry out in our markets and subsidiaries.
•Assets: Assets and properties that the bank owns. For instance, tangible assets such as offices.
•Geographies: Places where the bank and its subsidiaries carry out their operations. For instance, Brazil, Spain, United States, the United Kingdom, and Mexico.
•Cross-cutting areas/functions: Departments and areas within the bank whose function is to manage and develop the bank’s operations. For instance, Compliance, Risk, Strategy, Human Resources, Procurement.
Downstream: Commercial relationships and the products and services that the bank sells to meet the needs of its customers and end users.
•Retail and Commercial Banking: A segment that focuses on meeting financial needs and offering a variety of products and services that are accessible and tailored to specific customer requirements. It covers all retail (individual) and commercial (SMEs, large corporates and institutions, excluding those in CIB) banking operations. For instance, savings accounts, mortgages, credit cards and financial services for SMEs.
•Digital Consumer Bank: A segment that aims to convert single product customers into complete banking customers through other products. This business brings together Openbank (online banking platform) and Santander Consumer Finance. For instance, auto loans, consumer loans and credit cards.
•Corporate & Investment Banking (CIB): A segment that provides a wide range of financial services to businesses,
81 Resources that develop and/or help create products and enable us to operate as a bank (e.g. employees; capital; buildings, offices and other physical infrastructure; technology; and others).
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institutions and governments. It includes global corporate banking, investment banking and markets worldwide, as well as globally managed treasuries and equities businesses. For instance, advice on mergers and acquisitions (M&A), corporate finance, investment banking, asset management and risk management.
•Wealth Management & Insurance (Wealth): A segment that provides specialized financial services to high net worth clients and those seeking to protect their assets through insurance. It comprises Santander Asset Management, Santander Private Banking, and Santander Insurance.
•Payments: A segment that provides digital payments and global technology solutions for the bank and new customers in the open market. It is structured into two businesses: PagoNxt and Cards (e.g. the cards platform).
•Joint ventures, associates and other investments: Entities that are not globally integrated in the annual accounts but in which the Group has decision-making capacity over their operating activities that have not been previously considered in the value chain.
•Retailers: Sales channels for companies in the final phases of the value chain that, through their own commercial network, are responsible for selling the bank’s products and services to their customers. For instance, car dealerships.
d) Information not disclosed
In response to the request set out below, the Group has disclosed partial information. It is not possible to make further disclosure because it is confidential and sensitive information on the Group's strategy
•ESRS 2. Minimum Disclosure Requirement - Actions MDR-A - Actions and resources in relation to material sustainability matters. Paragraph 69 regarding disclosure of operating expenses (OpEx) or capital expenditure (CapEx) allocated to action plans.
The Group discloses certain metrics such as the amounts spent on employee training and energy efficiency initiatives and investment in community support, found in the corresponding sections of this report and our annual accounts.82
There is no other classified or sensitive information, or information relating to intellectual property, know-how or innovation results, that the Group has not included in the report.
e) Time horizons
In preparing this Sustainability statement (including the analysis of double materiality), we used the following time horizons:
•One year for the short term (this is the standard time horizon for the short term in the Group).
•One to five years for the medium term (financial planning).
•More than five years for the long term (strategic plan).
These horizons coincide with those provided for by the ESRS standards. We expressly indicate the different time horizons we use for processes or metrics described in this report.
f) Significant estimates and assumptions
The Group discloses metrics that incorporate value chain information, which includes both direct data sources (from customers or investees) and estimated data from third-party data providers or sector averages. In some instances, these estimates draw on factors that the Group is unable to influence and that may have a significant impact on the information disclosed.
The most significant estimates and assumptions relate to the Group’s disclosure of GHG emissions, the measurement of which is subject to considerable uncertainty due to methodology and data limitations, including reliance on third-party data. Our analysis and climate target-setting uses estimates based on the recognized frameworks available at the time. As methods and data evolve, our data sources and figures may become outdated, and updates to methodologies and assumptions could lead to different conclusions. Thus, greenhouse gas emission factors are expected to increase once data becomes available and the corresponding companies are included in the calculations.
Climate-related targets, actions and initiatives require forward-looking parameters and long-term horizons. Our forward-looking statements reflect our current view of future events and are based on expectations, projections and estimations. These involve significant uncertainty and risk due to such factors as scientific developments, methodology developments, standards variation, future market conditions and technological advances (which vary across industries), as well as challenges in data availability and accuracy and regulatory changes. These assessments must evolve and should not be considered reliable indicators of future performance.
We expect improvements in data quality, coverage and availability in the coming years, driven by increased sustainability information reporting and disclosure obligations and other elements. We also expect new guidance, industry standards and scientific research in this area. For that reason, Grupo Santander reserves the right to review and update its targets, methodologies and approach regularly and as necessary.
The disclosure of EU Taxonomy reporting is also subject to uncertainty over data quality and the use of third-party data. For more details, see section NS 5. EU Taxonomy of this Sustainability Statement.
g) Comparative information, changes in the preparation or presentation of sustainability information
The Group has chosen to avail itself of the transitional provision relating to section 7.1 of NEIS 1 comparative reporting whereby the company is not required to disclose comparative information in the first year of application of the directive.. Except for information that is necessary to comply with Spanish Law 11/2018 and the perimeter of disclosure allows its comparability.
In order to comply as accurately as possible with the different requirements established by the regulation, the following
82 See sections 2.4.5 Our Environmental footprint, 3.1.1 Talent and Skills Development and 3.2.4 Community Support for this chapter; and notes 46 and 47 of the Annual Accounts.
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indicators have been subject to modification in their calculation methodology. Therefore the information provided in this Sustainability statement is not comparable with the information provided in previous years.
•Number of calendar days lost due to work-related injuries and fatalities. Fatalities have been included in this metric. In previous years, only work-related accidents, common illnesses and non-work-related accidents were considered.
•Energy consumption (renewable and non-renewable). This is calculated based on the percentage of each generation source (nuclear, renewable and fossil fuels) in each of the countries where we consume energy and considers the renewable electricity that we buy and self-produce. Only electricity that has a renewable certificate is counted as renewable electricity.
•Scope 1 emissions. Emissions derived from refrigerant gas leaks are included for the first time.
Additionally, the reporting scope that applies to the related metrics has been modified:
•Internal consumption. The reporting scope is expanded with information from all subsidiaries. Now covering 100% of the Group's consolidated scope.
•Footprint compensation. Starting this year "2024", the Group compensates scopes 1 and 2 of 100% of the Group.
Finally, scope 1 and 2 emission reduction targets have been reviewed, based on the targets defined in the previous 2022-2025 plan. These targets are based on 2020 and have a horizon of 2030.
At the date of publication of this report, no material misstatements of information disclosed in prior periods have been detected.
h) Incorporation by reference
This report includes all the information necessary to comply with the requirements established in the ESRS, except in those cases in which such information is already included in the Group's audit report and consolidated annual accounts. In these cases, which are detailed below, the disclosure will be made by reference to that report.
•ESRS 2 - Disclosure requirement BP-1, paragraph 5.b).ii. Reference is made to Appendix I of the Group's consolidated annual accounts and audit report for the list of subsidiaries of Banco Santander, S.A.
•ESRS 2 - Disclosure Requirement SBM-3, paragraph 48.d). Reference is made to note 25.e) of the Group's consolidated annual accounts and audit report to complete the information relating to the financial effects derived from the amount of convictions or penalties.
•ESRS 2. Minimum Disclosure Requirement - Actions MDR-A - Actions and resources in relation to material sustainability matters. Paragraph 69 regarding disclosure of operating expenses (OpEx) or capital expenditure (CapEx) allocated to action plans. Reference is made to notes 46 and 47 of the Group's audit report and consolidated annual accounts for more details on the connection of sustainability information with annual accounts information.
•ESRS 2 - Minimum Disclosure Requirement - MDR-M parameters, in relation to the positive impact of 'Act responsibly and consider investors’ interests and the impact on employees, broader society and the environment; pay taxes to support the distribution of wealth'. Reference is made to note 27 of the Group's audit report and consolidated annual accounts for more details on the Group's tax information.
•ESRS S1 - Disclosure Requirement S1-17, paragraphs 103(c), 104(b) and AR 105. Reference is made to note 25.e) of the Group's Annual Report and Consolidated Financial Statements to complete the disclosures regarding serious human rights incidents involving the company's personnel.
•ESRS S3 - Disclosure Requirements S3-1, paragraph 17 and AR 12; and S3-4, paragraph 36. Reference is made to note 25.e) of the Group's Consolidated Annual Report and Accounts for supplementary information on serious human rights incidents relating to affected groups.
•ESRS S4 - Disclosure Requirements S4-4, paragraph 35. Reference is made to note 25.e) of the Group's Consolidated Annual Report and Accounts for supplementary information on serious human rights incidents relating to consumers or end-users.
•ESRS G1- G1-4, paragraphs 24.a) and 25.d). Reference is made to note 25.e) of the Group's Annual Report and Consolidated Financial Statements to complete the information regarding convictions and fines for breaches of anti-corruption and anti-bribery laws.
Sustainability note 11. 'Directive (EU) 2022/2464 content index' provides the sections of this report and of the Group's Annual Report and Consolidated Financial Statements where the information that responds to each of the requirements defined by the ESRS can be found.
i) Use of phase-in provisions in accordance with Appendix C of ESRS 1
The following table details those requirements for which Grupo Santander has opted to not disclosure in this first year of preparing its sustainability report in accordance with the Commission's delegated regulation (EU) 2023/2772.
ESRSDisclosure requirement Description
ESRS 2
SBM-1, paragraph 40, b( and c)
Total revenue/Revenue by significant ESRS Sectors
ESRS 2
SBM-3, paragraph 48 e)
Potential financial effects
ESRS E1E1-9Potential financial effects from material physical and transition risks and potential climate-related opportunities
ESRS S1S1-7Characteristics of non-employee workers in the undertaking’s own workforce
ESRS S1S1-14Health and safety: information on non-employee workers
ESRS S1S1-15Work-life balance
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List of datapoints in cross-cutting and topical standards that derive from other EU legislation
The table below illustrates the data points covered by ESRS 2 and the thematic ESRS derived from other EU legislation. For each data point, in the last column, it is indicated whether or not it is material and if it is, where in the report the information is located.
Disclosure Requirement and related datapoint
SFDR (1) reference
Pillar 3 (2) reference
Benchmark Regulation (3) reference
EU Climate Law (4) reference
Materiality of the data point and location in the report
ESRS 2 GOV-1
Board's gender diversity paragraph 21 (d)		Indicator number 13 of Table #1 of Annex 1Commission Delegated Regulation (EU) 2020/1816 (5),
Annex II
Sustainability notes.
ESRS 2 GOV-1
Percentage of board members who are independent paragraph 21 (e)		Delegated Regulation (EU) 2020/1816,
Annex II
Sustainability notes.
ESRS 2 GOV-4
Statement on due diligence paragraph 30		Indicator number 10
Table #3 of Annex 1
(1.4.2 Human rights due diligence).
ESRS 2 SBM-1
Involvement in activities related to fossil fuel activities paragraph 40 (d) i		Indicators number 4
Table #1 of Annex 1		Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453 (6)
Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk		Delegated Regulation (EU) 2020/1816,
Annex II
Sustainability notes SN 11. Commission Delegated Regulation (EU) 2023/2772 on sustainability reporting standards content index (SBM-1 – Strategy, business model and value chain)
ESRS 2 SBM-1
Involvement in activities related to chemical production paragraph 40 (d) ii		Indicator number 9
Table #2 of Annex 1		Delegated Regulation (EU) 2020/1816,
Annex II		Not material
ESRS 2 SBM-1
Involvement in activities related to controversial weapons paragraph 40 (d) iii		Indicator number 14
Table #1 of Annex 1		Delegated Regulation (EU) 2020/1818 (7),
Article 12(1) Delegated Regulation (EU) 2020/1816,
Annex II		Not material
ESRS 2 SBM-1
Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv		Delegated Regulation (EU) 2020/1818,
Article 12(1) Delegated Regulation (EU) 2020/1816,
Annex II		Not material
ESRS E1-1
Transition plan to reach climate neutrality by 2050 paragraph 14		Regulation
(EU) 2021/1119,
Article 2(1)

Sustainability notes
ESRS E1-1
Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g)		Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453
Template 1: Banking book-Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity		Delegated Regulation (EU) 2020/1818,
Article12.1 (d) to (g), and Article 12.2
Sustainability notes
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Disclosure Requirement and related datapoint
SFDR (1) reference
Pillar 3 (2) reference
Benchmark Regulation (3) reference
EU Climate Law (4) reference
Materiality of the data point and location in the report
ESRS E1-4
GHG emission reduction targets paragraph 34		Indicator number 4
Table #2 of Annex 1		Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453
Template 3: Banking book – Climate change transition risk: alignment metrics		Delegated Regulation (EU) 2020/1818,
Article 6

Sustainability notes
ESRS E1-5
Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38		Indicator number 5
Table #1 and Indicator n. 5 Table #2 of Annex 1
Sustainability notes
(Table 2. Environmental footprint 2023-2024)
ESRS E1-5 Energy consumption and mix paragraph 37Indicator number 5
Table #1 of Annex 1
Sustainability notes
(Table 2. Environmental footprint 2023-2024)
ESRS E1-5
Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43		Indicator number 6
Table #1 of Annex 1
Sustainability notes
(Table 2. Environmental footprint 2023-2024)
ESRS E1-6
Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44		Indicators number 1
and 2 Table #1 of
Annex 1		Article 449a; Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453
Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity		Delegated Regulation (EU) 2020/1818,
Article 5(1), 6
and 8(1)
Sustainability notes
(Table 3. Gross scopes 1, 2, 3 and total GHG emissions )
ESRS E1-6
Gross GHG emissions intensity paragraphs 53 to 55		Indicators number 3
Table #1 of Annex 1		Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453
Template 3: Banking book – Climate change transition risk: alignment metrics		Delegated Regulation (EU) 2020/1818,
Article 8(1)
Sustainability notes
(Table 3. Gross scopes 1, 2, 3 and total GHG emissions )
ESRS E1-7
GHG removals and carbon credits paragraph 56		Regulation
(EU) 2021/1119,
Article 2(1)
Sustainability notes
(Table 3. Gross scopes 1, 2, 3 and total GHG emissions )
ESRS E1-9
Exposure of the benchmark portfolio to climate-related physical risks paragraph 66		Delegated Regulation (EU) 2020/1818,
Annex II Delegated Regulation
(EU) 2020/1816,
Annex II
Phase-in (partially)
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Disclosure Requirement and related datapoint
SFDR (1) reference
Pillar 3 (2) reference
Benchmark Regulation (3) reference
EU Climate Law (4) reference
Materiality of the data point and location in the report
ESRS E1-9
Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a)
ESRS E1-9
Location of significant assets at material physical risk paragraph 66 (c).		Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453
paragraphs 46
and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk.
Phase-in (partially)
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c).Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453
paragraph 34; Template 2:Banking book -Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral
Phase-in (partially)
ESRS E1-9
Degree of exposure of the portfolio to climate- related opportunities paragraph 69		Delegated Regulation (EU) 2020/1818,
Annex II		Phase-in
ESRS E2-4
Amount of each pollutant listed in Annex II of the
E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28		Indicator number 8
Table #1 of Annex 1
Indicator number 2
Table #2 of Annex 1
Indicator number 1
Table #2 of Annex 1
Indicator number 3
Table #2 of Annex 1		Not material
ESRS E3-1
Water and marine resources paragraph 9		Indicator number 7
Table #2 of Annex 1		Not material
ESRS E3-1
Dedicated policy paragraph 13		Indicator number 8
Table 2 of Annex 1		Not material
ESRS E3-1
Sustainable oceans and seas paragraph 14		Indicator number 12
Table #2 of Annex 1		Not material
ESRS E3-4
Total water recycled and reused paragraph 28 (c)		Indicator number 6.2
Table #2 of Annex 1		Not material
ESRS E3-4
Total water consumption in m3 per net revenue on own operations paragraph 29
Indicator number 6.1
Table #2 of Annex 1		Not material
ESRS 2- SBM 3 - E4 paragraph 16 (a) iIndicator number 7
Table #1 of Annex 1		Not material
ESRS 2- SBM 3 - E4 paragraph 16 (b)Indicator number 10
Table #2 of Annex 1		Not material
ESRS 2- SBM 3 - E4 paragraph 16 (c)Indicator number 14
Table #2 of Annex 1		Not material
ESRS E4-2
Sustainable land / agriculture practices or policies paragraph 24 (b)		Indicator number 11
Table #2 of Annex 1		Not material
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Disclosure Requirement and related datapoint
SFDR (1) reference
Pillar 3 (2) reference
Benchmark Regulation (3) reference
EU Climate Law (4) reference
Materiality of the data point and location in the report
ESRS E4-2
Sustainable oceans / seas practices or policies paragraph 24 (c)		Indicator number 12
Table #2 of Annex 1		Not material
ESRS E4-2
Policies to address deforestation paragraph 24 (d)		Indicator number 15
Table #2 of Annex 1		Not material
ESRS E5-5
Non-recycled waste paragraph 37 (d)		Indicator number 13
Table #2 of Annex 1		Not material
ESRS E5-5
Hazardous waste and radioactive waste paragraph 39		Indicator number 9
Table #1 of Annex 1		Not material
ESRS 2- SBM3 - S1
Risk of incidents of forced labour paragraph 14 (f)		Indicator number 13 Table #3 of Annex INot material
ESRS 2- SBM3 - S1
Risk of incidents of child labour paragraph 14 (g)		Indicator number 12 Table #3 of Annex INot material
ESRS S1-1
Human rights policy commitments paragraph 20		Indicator number 9
Table #3 and
Indicator number 11 Table #1 of Annex I
(1.4.2 Human rights due diligence)
ESRS S1-1
Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8,
paragraph 21		Delegated Regulation (EU) 2020/1816,
Annex II
3.1 Our employees - Cross reference to:
(1.4.2 Human rights due diligence)
ESRS S1-1
Processes and measures for preventing trafficking in human beings paragraph 22		Indicator number 11 Table #3 of Annex INot material
ESRS S1-1
Workplace accident prevention policy or management system paragraph 23		Indicator number 1 Table #3 of Annex I
(i. Employee health and well-being)
ESRS S1-3
Grievance/complaints handling mechanisms paragraph 32 (c)		Indicator number 5 Table #3 of Annex I
ESRS S1-14
Number of fatalities and number and rate of work- related accidents paragraph 88 (b) and (c)		Indicator number 2 Table #3 of Annex IDelegated Regulation (EU) 2020/1816,
Annex II
Sustainability notes
(Table 22. Occupational health & safety)
ESRS S1-14
Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)		Indicator number 3 Table #3 of Annex I
Sustainability notes
(Table 22. Occupational health & safety)
ESRS S1-16
Unadjusted gender pay gap paragraph 97 (a)		Indicator number 12 Table #1 of Annex IDelegated Regulation (EU) 2020/1816,
Annex II
Sustainability notes
(Table 16. Remuneration ratios)
ESRS S1-16
Excessive CEO pay ratio paragraph 97 (b)		Indicator number 8 Table #3 of Annex I
Sustainability notes
(Table 16. Remuneration ratios)
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Disclosure Requirement and related datapoint
SFDR (1) reference
Pillar 3 (2) reference
Benchmark Regulation (3) reference
EU Climate Law (4) reference
Materiality of the data point and location in the report
ESRS S1-17
Incidents of discrimination paragraph 103 (a)		Indicator number 7 Table #3 of Annex I

ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a)Indicator number 10
Table #1 and Indicator n. 14 Table #3 of Annex I		Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation
(EU) 2020/1818 Art 12 (1)

ESRS 2- SBM3 – S2
Significant risk of child labour or forced labour in the value chain paragraph 11 (b)		Indicators number 12
and n. 13 Table #3 of Annex I		Not material
ESRS S2-1
Human rights policy commitments paragraph 17		Indicator number 9
Table #3 and Indicator n. 11 Table #1 of Annex 1		Not material
ESRS S2-1 Policies related to value chain workers paragraph 18Indicator number 11
and n. 4 Table #3 of
Annex 1		Not material
ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19Indicator number 10
Table #1 of Annex 1		Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation
(EU) 2020/1818, Art 12 (1)		Not material
ESRS S2-1
Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8,
paragraph 19		Delegated Regulation (EU) 2020/1816,
Annex II		Not material
ESRS S2-4
Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36		Indicator number 14
Table #3 of Annex 1		Not material
ESRS S3-1
Human rights policy commitments paragraph 16		Indicator number 9
Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex
1		Not material
ESRS S3-1
non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines paragraph 17		Indicator number 10
Table #1 Annex 1		Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation
(EU) 2020/1818, Art 12 (1)		Not material
ESRS S3-4
Human rights issues and incidents paragraph 36		Indicator number 14
Table #3 of Annex 1		Not material
ESRS S4-1 Policies related to consumers and end-users paragraph 16Indicator number 9
Table #3 and
Indicator number 11
Table #1 of Annex 1
ESRS S4-1
Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17		Indicator number 10
Table #1 of Annex 1		Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation
(EU) 2020/1818, Art 12 (1)
3.3 Our customers - Cross reference to:
(1.4.2 Human rights due diligence)
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Disclosure Requirement and related datapoint
SFDR (1) reference
Pillar 3 (2) reference
Benchmark Regulation (3) reference
EU Climate Law (4) reference
Materiality of the data point and location in the report
ESRS S4-4
Human rights issues and incidents paragraph 35		Indicator number 14
Table #3 of Annex 1		Not material
ESRS G1-1
United Nations Convention against Corruption paragraph 10 (b)		Indicator number 15
Table #3 of Annex 1
(4.2.3 Financial crime compliance)
ESRS G1-1
Protection of whistle- blowers paragraph 10 (d)		Indicator number 6
Table #3 of Annex 1
ESRS G1-4
Fines for violation of anti- corruption and anti-bribery laws paragraph 24 (a)		Indicator number 17
Table #3 of Annex 1		Delegated Regulation (EU) 2020/1816,
Annex II)
(4.2.3 Financial crime compliance)
ESRS G1-4
Standards of anti- corruption and anti- bribery paragraph 24 (b)		Indicator number 16
Table #3 of Annex 1
(4.2.3 Financial crime compliance)
(1) Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosures Regulation) (OJ L 317, 9.12.2019, p. 1).
(2) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Capital Requirements Regulation “CRR”) (OJ L 176, 27.6.2013, p. 1).
(3) Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1).
(4) Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’) (OJ L 243, 9.7.2021, p. 1).
(5) Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards the explanation in the benchmark statement of how environmental, social and governance factors are reflected in each benchmark provided and published (OJ L 406, 3.12.2020, p. 1).
(6) Commission Implementing Regulation (EU) 2022/2453 of 30 November 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2021/637 as regards the disclosure of environmental, social and governance risks (OJ L 324,19.12.2022, p.1.).
(7) Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks (OJ L 406, 3.12.2020, p. 17)."                    
SN 2. Sustainability governance
Board of directors
It consist of 15 members, of which 13 are non-executive directors and 2 are executive directors. The majority are independent directors (66.67% of the total members of the council).
Likewise, the board of directors shall ensure that the procedures to select members guarantee the individual and collective expertise of directors, encourage diversity in terms of gender, age, geographical origin, experience and knowledge, and do not carry any implicit bias that could lead to any form of discrimination on grounds such as disability, race or ethnic origin. The board currently has a balanced presence of both genders (women -men) with a diversity ratio of 67%.83 In terms of geographical origin/ international experience, 60% of the directors come from or studied in continental Europe, 60% in the US/UK, 13% in Latin America, and 7% in other regions. The Board also has extensive international experience, mainly in the markets where we operate (European market, US and UK markets, and Latin American markets). The Board also has the skills and experience to monitor materiality issues (e.g. on issues related to sustainability, human resources, culture, talent and remuneration, as well as to business conduct and risk management). None of the directors are currently assigned a specific employee representation role.
The board of directors as the highest decision-making body in the Group performs the following functions:
• approves the Responsible Banking agenda and set the strategy;
• approves the culture policy and related policies on responsible business and sustainability matters and, in particular, on environmental and social matters;
• supervise that the responsible banking strategy is consistent with Group strategy;
• reviews the performance against the public objectives and that the metrics are covered within the responsible banking agenda;
• tracks key initiatives; and
• reviews subsidiaries’ strategies.
For more details, see the Rules and Regulations of the board of Directors, available on the Group's corporate website; and section 4.2 'Board composition' in the 'Corporate governance' chapter.
83 The diversity ratio is calculated by dividing the number of women by men. The percentage of each gender vs total membership is 40% women and 60% men.
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Responsible banking, sustainability and cultural committee
The responsible banking, sustainability and cultural committee (RBSCC) assists the board in fulfilling its supervisory responsibilities regarding the responsible business strategy and sustainability issues of Banco Santander and its Group. In particular, it has the following functions:
(i) advise the council on the design of the strategy and policies on responsible business and sustainability, in particular environmental and social matters, by monitoring, supervising and evaluating them;
(ii) Advise the council in formulating the Group’s strategy with interest groups; as well as supervise the involvement with them;
(iii) ensure that adequate control processes are in place with respect to responsible banking practices, and that risks and opportunities related to sustainability and accountability are identified and managed; and
(iv) to report regularly to the council on the progress made by the Group on responsible business practices and sustainability.
The responsible banking, sustainability and culture committee consists of five independent directors, 80% of whom are women. All of them have been appointed by the board of directors taking into account their knowledge, qualifications and experience in the areas for which the committee is responsible. Thus, its members have competence in issues relevant to this function as strategy and human resources, culture, talent and remuneration, responsible business and sustainability, risk management and also in issues related to education and universities.
In 2024, the committee held five meetings, and, among others, the following topics were discussed.
Environmental issues:
•Reviewed the Group’s climate change strategy and alignment targets. Endorsed the Group priorities for 2024 in relation to sustainability, including supporting our customers in their green transition.
•Reviewed ESG factors introduced in the credit approval process, associated action plans and related achievements. Worked with the risk supervision, regulation and compliance committee to review the progress made in embedding climate-related and environmental risks, as well as to monitor the implementation of controls and processes to mitigate ESG risks.
•Reviewed the green finance strategy and its execution.
•Monitored our own environmental footprint, value chain emissions and carbon neutral claim.
Social issues:
•Reviewed our social agenda, which includes financial inclusion; financial health; business with social output; and corporate social responsibility or philanthropic activities. And reviewed the outcomes of the holistic human rights due diligence exercise.
•Reviewed the progress made within our community support strategy, which includes Santander Universidades strategy and its alignment with the Group's transformation agenda.
•Discussed People and Culture's activities and progress and proposals regarding inclusive culture in coordination with the nomination and remuneration committees, with a key focus on the representation of women in senior positions within the Group.
Governance issues:
•Identified priority sustainability areas for action based on the outcomes of a materiality assessment that the Sustainability team conducts every year. Verified that the proposed sustainability agenda and targets remained aligned with the Group´s strategy. Monitored and assessed the Group's progress on its targets to control that its KPI remained relevant and aligned with committee expectations. And reviewed ESG global ratings' assessments of Banco Santander.
•Assisted the board in ensuring that sustainability targets and metrics were embedded in the Group's remuneration schemes. As part of that, reviewed, in coordination with the remuneration committee, a proposal to further increase the alignment of the long-term incentive for 2024-2026 with our sustainability agenda.
•Reviewed the progress made regarding the management of the supply chain in regards to ESG.
•Supported the audit committee on the supervision and assessment of the process to prepare and present non-financial information.
•Reviewed the main European and international financial regulatory and supervisory initiatives and priorities related to sustainability. Received information on local regulatory developments.
In addition, it received specific training in sustainability, with special attention to the new Corporate Sustainability Reporting Directive (CSRD).
For more details, see the Rules and Regulations of the board of Directors, available on the Group's corporate website; and sections 4.2 'Board composition' and 4.9 'Responsible banking, sustainability and cultural committee activities in 2024' in the 'Corporate governance' chapter.
Board audit committee
The board audit committee (BAC) assists the board in overseeing and reviewing the financial and sustainability information process, as well as internal control systems.
The audit committee consists of five independent directors, 60% of whom are women. All of them have been appointed by the board of directors based on their knowledge, qualifications and experience in the areas of finance, accounting and auditing, internal control, information technology, business or risk management.
In 2024, the committee held 15 meetings, including four joint sessions with the risk supervision, regulation and compliance committee. With regard to sustainability reporting, the committee oversaw the sustainability reporting process, receiving regular updates from the Group's Chief Accounting Officer (CAO) and the main functions responsible for sustainability reporting.
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For more details, see the Rules and Regulations of the board of Directors, available on the Group's corporate website; and sections 4.2 'Board composition' and 4.5 'Audit committee activities in 2024' of the 'Corporate governance' chapter.
Risk supervision, regulation and compliance committee
The risk supervision, regulation and compliance committee supports and advises the board in defining and assessing risk policies that affect the Group and in determining the current and future risk appetite and the strategy and culture in this area, including proposing appropriate changes in view of internal or external circumstances that impact on the Group (both financial and non-financial risks), among other functions.
The risk supervision, regulation and compliance committee consists of five external directors (40% women), with three independent members, including its chair. All of them have been appointed by the board of directors based on their knowledge, qualifications and experience in the areas for which the committee is responsible. Thus, its members have competence in issues relevant to this function as banking, accounting, auditing and financing, strategy, risk management, governance and control, as well as in human resources, culture, talent and remuneration.
In 2024, the committee held 18 meetings, including one strategy session, four joint sessions with the audit committee, one joint session with the nomination committee and one joint session with the remuneration committee. It reviewed relevant topics on customer data protection, operational resilience, aspects of customer conduct, complaints and internal whistleblowing. Issues such as culture and internal control are also addressed.
For more information see: the Rules and Regulations of the Board of Directors, available on the Group's corporate website; and sections 4.2 'Board composition' and 4.8 'Risk supervision, regulation and compliance committee activities in 2024' in the 'Corporate governance' chapter.
Other committees of the Group board, such as the Nomination and Remuneration Committees, also support and review sustainability-related issues. For further details, see section 4. 'Board of Directors' in the 'Corporate Governance' chapter.
Other governance bodies
The corporate accounting and financial reporting, management and sustainability committee performs these functions (among others):
•Approve the content and scope of sustainability disclosures.
•Analyze and validate or, when applicable, propose the approval of all significant sustainability information.
This committee meets monthly, or on an extraordinary basis when deemed appropriate.
The risk control committee (CCR) is responsible for controlling risks and providing a holistic view of them. Determines whether lines of business are managed according to the risk appetite approved by the board. It also identifies, tracks and evaluates the impact of current and emerging risks on the Group’s risk profile.
The CCR is composed of senior management members in the functions of risk, compliance and conduct, financial and general intervention, among others.
Other forums and support functions
First line of defence
Business functions and all other functions that generate risk exposure are the first line of defence. The first line of defence identifies, measures, controls, tracks and reports the risks that originate and applies the policies, models and procedures that regulate risk management. Risk generation must be adjusted to the approved risk appetite and associated limits. The head of each unit that generates a risk has primary responsibility for managing it.
The corporate sustainability function works continuously to define, execute and monitor our sustainability strategy, and coordinates and drives the responsible banking agenda, with support from a senior adviser on responsible business practices who reports directly to the executive chair, as well as with the sustainability network in our core markets, global businesses and corporate functions.
The accounting and management control function, is responsible for (among others):
•establishing and maintaining the internal control system on the financial and sustainability information generated by the function; and
•Implementing the standards and policies reflected in the sustainability information sent to the Corporation.
It is the responsibility of the functions involved in executing the strategy and preparing information on sustainability (for example: Technology, Operations, Risks, Human Resources, Tax, and others) that the information provided is true and reliable, establishing the necessary controls and correcting any weaknesses.
Second line of defence
Risk and Compliance & Conduct functions, as the second line of defence, will provide independent challenge and oversight of the risk management activities performed by the first line of defence. This second line of defence should control, within their respective domains of responsibility, that risks are managed in accordance with the risk appetite defined by senior management and promote a strong risk culture throughout the organization.
The internal control function within the Enterprise Wide Risk Management (EWRM) function will be responsible for establishing the criteria and monitoring the implementation and effectiveness of the Santander Group Internal Control System. This will help to the adequacy and integrity of the internal controls established by the different functions to provide reasonable assurance in the achievement of the defined objectives (which include, among others, the reliability of financial and sustainability reporting).
Third line of defence
The internal audit function periodically assesses that policies, methods and procedures are adequate and effectively applied for the management and control of accounting, financial and management information. The annual audit plan, which was carried out on the basis of a robust risk assessment process (Top-down & Bottom-up methodology), provides reviews of the main aspects contained in this report.
In this way, issues related to climate risk and disclaimers are regularly verified as well as compliance with the rules and procedures established in the General Code of Conduct (GCC),
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independently monitoring their adequacy and effectiveness and those of their local developments. the Open Channel is reviewed and specifically evaluates compliance with data protection regulations.
The audit function reports to the Audit Committee, which, among other functions, assists the board in the supervision and evaluation of the process of preparing and presenting financial and non-financial information, as well as internal control systems.
Risk management and internal controls over sustainability information
In order to control the quality and reliability of the information included in the Sustainability statement, Santander implemented an internal control system that complies with the most demanding international standards and complies with the guidelines established by the Committee of Sponsoring Organisations of the Treadway Commission (COSO).
Like the Sustainability information itself, at Santander we are evolving our Internal Control System so that it covers all the material aspects identified for 2026.
First, we identify the most material risks and then establish the necessary controls, complying with the requirements regarding the disclosure of sustainability information.
The most significant aspects taken into account in the process of preparing sustainability information are the following:
•Identification and definition of quantitative and qualitative criteria that emanate from regulatory interpretation or our impacts risks and opportunities in areas where there are no consolidated market practices.
•The hypotheses, judgments, estimates and approximations used in the calculation and preparation of certain metrics.
•Ensuring the completeness of information and establishing perimeters for each metric or group of metrics.
•Difficulties in having, in certain respects, third-party information necessary for the construction of our narrative or metrics, especially in the value chain (emissions information from our portfolio, alignment information, supplier information, etc.).
•Calculation, processing and consolidation of both quantitative and qualitative information.
In addition, we also began to prepare reasonable assurance of several of the metrics to convergence in the quality standards of financial and sustainability information.
Similarly to the control of financial information, the implementation and supervision of the control system of sustainability information is carried out through the following bodies: Board of Directors, Audit committee, Risk Control committee and Corporate Accounting and Financial, Management and Sustainability Reporting committee.
For more details, see the introductory paragraph “Sustainability information” of the consolidated management report itself; section 8. 'Internal control over financial reporting (ICFR)' in the 'Corporate governance' chapter; and section 1.5 'Internal control system' in the 'Risk management and compliance' chapter.
Internal control system for sustainability information
CulturaControl.jpg
Control culture
Basis of Internal Control. Essential to provide reasonable assurance in achieving the objectives defined by the Group, acting responsibly.
EvaluacionRiesgoRSCA.jpg
Risk Assessment (RCSA)
Dynamic process of evaluating the risks associated with achieving the organization's objectives.
ActividadesControl.jpg
Control Activities
Actions established by policies and procedures that help that management instructions are carried out to mitigate identified risks.
InformacionComunicacion.jpg
Information and Communication
Accurate and timely information for decision-making, facilitating the escalation and governance of improvements and incidents.
ActividadesSupervision.jpg
Monitoring activities
Mechanisms and instruments to monitor the correct implementation and effectiveness of the internal control system, promoting a continuous evaluation of the same.
Cross-cutting regulations to embed ESG standards in our business model
Responsible banking framework
Establishes responsible banking as a strategic topic for Grupo Santander and all local units.
Accounting and Financial Reporting, Management and Sustainability information framework
Sets out the principles, directives and guidelines regarding the preparation of accounting, financial and management information that must be applied by all Group subsidiaries as an essential element of proper governance.
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Responsible banking and sustainability policy
Sets out our sustainability principles, targets and strategy (including human rights protection) to create long-term stakeholder value.
Responsible banking model
Sets out the roles and responsibilities of the first, second and third line of defence in all responsible banking-related activity to drive our sustainability agenda, embed ESG standards and achieve our goals.
In addition to these regulations, which apply to all the Group’s units and businesses, the following section of this chapter details the regulations that apply specifically to the management of each of the material topics and associated IROs:
• Climate change (see section 2. 'Our climate transition plan');
• Own workforce (see section 3.1 'Our employees');
•Consumers and end users (see section 3.3 'Our customers');
•Affected communities (see section 3.2. 'Communities' sustainable development'),
• Business conduct (see section 4. 'Business conduct').
All regulations (corporate frameworks, models, policies and procedures) help maintain a high level of governance, and the highest standards in terms of their drafting, approval, and in the monitoring of their local transposition.
The approval of the regulations is responsibility of the Board of Directors or its committees, when the regulated matter falls within their scope of responsibility according to their rules and regulations. Corporate frameworks in all cases must be approved by the board of directors. The regulations approved by the board under this chapter are as follows:
→Relevant corporate frameworks related to sustainability: Responsible Banking, Risk; Cybersecurity; Compliance and conduct; Financial Crime and compliance; Human resources.
→Relevant policies related to sustainability: Responsible banking and sustainability; Code of conduct; Code of conduct in securities markets; Corporate Defence; Environmental, social and climate change risk; Tax; Conflict of interest; Defence sector; Anti-money laundering and countering the financing terrorism; Remuneration; Performance management; Group Succession; Culture.
For more details on the Group's key regulatory documents on sustainability, see our corporate website santander.com.
SN 3. Materiality assessment – Detailed methodology
The Group and subsidiaries’ double materiality assessments are based on European Sustainability Regulatory Standards (ESRS) 1 and 2, and the Double Materiality Assessment Guide from the ERAG.
Our assessment comprised these phases:
1. Background and stakeholder analysis
General view of the bank, its operations and main lines of business, based on:
→Information on the entity: Sources include strategic and financial plans, financial statements and other published reports. This analysis considers operations, products and services, geographical footprint, business relationships and the value chain.
→External information: Public documents on sector trends, analyst and supervisor papers, and peers’ sustainability reports.
To enhance this background analysis, we also use these external sources:
1.The UNEP FI impact analysis tool to uncover the impact of the Group’s financing operations, including those related to climate change. This tool provides a in-built impact mappings that combined, with our internal data and context, enables us to identify the most significant impact areas of the portfolio.
2.The ENCORE (environmental risk assessment) database to obtain information on the bank customer’s environmental dependencies.
ENCORE: a materiality database of dependencies between production processes and ecosystem services.
3.Human rights due diligence to spot the actual and potential impact of the bank’s operations on human rights throughout the value chain.
We use the stakeholder analysis to identify directly affected stakeholders (customers, employees and investors) and readers of the report (supervisors and regulators, our communities and NGOs). We analyse information gathered during stakeholder engagement exercises and conduct surveys on sustainability matters to use as part of our materiality assessment.
2. Identification of impacts, risks and opportunities
The background analysis uncovered +100 IROs. We categorize every IRO and assign them to a topic, sub-topic or sub-sub-topic under ESRS 1, AR 16. For each IRO, we detail:
→the part of the value chain they touch and over what time frame.
→the dependencies between impacts and risks, assessing how each impact can lead to new risks and opportunities, with a special focus on the negative impacts of the human rights due diligence exercise; and
→who in the organization manages it.
→What is the type of financial effect for risks and opportunities.
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3. Assessment of impacts, risks and opportunities
The methodology we use to measure materiality follows the EFRAG implementation guidance. After applying that methodology in this phase, 32 IROs were material.
Impact
We analyse the materiality of actual and potential impacts based on the likelihood and severity of occurrence and, in the case of negative impacts, include irreparable impacts.
→Scale (size of impact): split into five categories: Low, moderately low, medium, high, very high.
→Scope: split into four categories: Local, national, international, global.
→Irreparable impact (when negative): split into four levels; reparable, reparable with moderate effort, difficult to repair, and irreparable.
We estimate the likelihood of impact on a scale of 1 to 5.
Risks
We adapted our methodology according to the maturity of quantifying environmental and social risks.
→The climate materiality assessment includes a climate risk assessment (transition and physical) across several time horizons to align with the EBA’s Guidelines on the management of ESG risks and other EU risk management directives. We used
this information to quantify the materiality of credit, market, operational, reputational and other risks.
→We assessed other environmental risks related to Pollution, Water and marine resources, Biodiversity and ecosystems and Resource use and circular economy through the exercise described in the section 2.3.5. “Our approach to nature and biodiversity”. This assessment sought to identify connection between our portfolios and nature in line with target 15 of the Kunming-Montreal Global Biodiversity Framework adopted at the COP15 in 2022.
→For social and governance risks, we used the Sustainability Accounting Standards Board’s (SASB) financial materiality and internal financial information.
Opportunities
We base the opportunities assessment on forecasts for all our global businesses. We mapped out projected ESG revenue against the identified opportunities and compared it to the Group’s revenue on a scale of 1 to 5.
Stakeholder views
We supplement IROs assessments with stakeholder views (affected groups and readers of the report).
The number of specific inputs received within this exercise is detailed below. These inputs are part of the constant dialogue with our stakeholders, as detailed in section 1.2. Dialogue with our stakeholders.
Retail.gif
Retail
Customers
Investors.gif
Investors
NGOs.gif
NGOs
SeniorManagement.gif
Senior management
Employees.gif
Employees
Regulators.gif
Regulators and supervisors84
N = 9000+ N = 8
N = 3
N = 8N = c.200N = 2
The survey results show agreement in prioritizing three areas: the fight against climate change and supporting the green transition; protecting customer data; information transparency and fostering financial inclusion. Specifically:
•Retail customers prioritize social (privacy and personal data security) and governance matters (transparency and honesty).
•Employees and senior management prioritize each ESG area equally.
•Investors, regulators and NGOs prioritize environmental matters.
4. Materiality thresholds
We set a threshold of 3.5 on a scale of 1 to 5 to classify an IRO as material (for impact perspective and financial materiality). This means that we consider IROs that sit between medium (3) and high (4) as material. Taken as a reference the score calculation for the impacts, the score values greater than 3.5 represent events of medium-high severity and events with medium-high probability of occurrence.
We also assessed the reasonability and coherence of the list of IROs identified as material. In quantitative terms assuming that the distribution of the events materiality follows a normal distribution (average=3 and standard deviation = 0.5), the probability of a score value of 3.5 is around 16%, which is considered reasonable for a material event.

84 Hemos consultado a las dos principales funciones del Grupo que monitorean esta actividad
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Information on impacts, risks and opportunities (IROs)
ESRSIRO descriptionIRO typeValue chainSummary of current/potential effects (narrative)People/environmentStrategy- and business model-related impacts
Time horizon1
Linked to impact due to own operations or business relations2
Systemic/specificCore activities that lead to positive impactsRisks and/or opportunities stemming from impactsMore details
E1 - Climate changeContribute to protecting the environment by driving an increase in the use of renewable energy and other low-carbon technology.Positive impactDownstream- Promote the development of innovative, clean technology and our customers’ transitionEnvironment1. Help our customers in their green transition while also managing climate-related risks and impactsShort/medium termBusiness relationsN/AN/AN/A2.2 Supporting our customers in their transition goals
E1 - Climate changeContribute to reducing the Group’s scope 1 and 2 greenhouse gas emissions.Positive impactOwn operations- Reducing our environmental footprintEnvironment1. Help our customers in their green transition while also managing climate-related risks and impactsShort/medium termOwn operationsN/AN/AN/A2.4 Aiming to align our activity with the Paris
Agreement Goals - 2.4.5 Our environmental footprint
E1 - Climate changeAdverse impact on the environment due to the bank’s financing of, or investment in, non-sustainable assets and activitiesNegative impactDownstream- Adverse environmental impactEnvironment1. Help our customers in their green transition while also managing climate-related risks and impactsShort/medium termBusiness relationsN/AN/AN/A2.4 Aiming to align our activity with the Paris
Agreement Goals
E1 - Climate changeGrowth in the financing of renewable energy and other energy transition solutions.OpportunityDownstream- Support clean technology through our financial product propositionN/AN/AN/AN/AN/AN/A✔2.2 Supporting our customers in their transition goals
E1 - Climate changeRevenue growth by providing our customers with sustainable solutions in such sectors as construction, mobility or agriculture.OpportunityDownstream- Grow our revenue by providing sustainable solutions in several sectors and partnering our customers in their transitionN/AN/AN/AN/AN/AN/A✔2.2 Supporting our customers in their transition goals
E1 - Climate changeReputational risk based on the perception of our progress with climate-related policies and objectivesRiskOwn operations and downstream- Potential reputational damage if risks materializeN/AN/AN/AN/AN/AN/A✔2.3 Embedding climate in risk management - 2.3.3 Reputational risk
S1 - Own workforcePromote the health, well-being and security of our employees in a safe and inclusive work place; facilitate a positive work-life balance through flexible working.Positive impactOwn operations- Contribute positively to a workplace that promotes flexible working, health and well-beingPeople2. Help our employees develop by promoting diversity and learning and providing fair working conditions.Short/medium termOwn operationsN/AGlobal health and well-being strategy that sets out how we protect the health, safety and well-being of our employees and promote a healthy lifestyle.N/A3.1 Our employees - 3.1.1 Working conditions - i. Employee health and well-being
S1 - Own workforcePromote a workforce that reflects the society we live in and encourages collaboration; guarantee the same opportunities for all our employees, irrespective of gender, disability or other characteristics.Positive impactOwn operations- Contribute positively to an inclusive environment that offers equal opportunity for allPeople2. Help our employees develop by promoting diversity and learning and providing fair working conditions.Short/medium termOwn operationsN/AGlobal inclusive culture strategy for 2020-2025 that drives us to act ethically, purposefully and transparently.N/A3.1 Our employees - 3.1.2 Equal opportunity for all
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ESRSIRO descriptionIRO typeValue chainSummary of current/potential effects (narrative)People/environmentStrategy- and business model-related impacts
Time horizon1
Linked to impact due to own operations or business relations2
Systemic/specificCore activities that lead to positive impactsRisks and/or opportunities stemming from impactsMore details
S1 - Own workforcePromote continuous career development and personal growth through learning and development programmesPositive impactOwn operations- Promote training, development and personal growth among employeesPeople2. Help our employees develop by promoting diversity and learning and providing fair working conditions.Short/medium termOwn operationsN/ACreate talent programmes to promote individual growth while considering business demands.N/A3.1 Our employees - 3.1.3 Talent and skills development
S1 - Own workforcePromote the general well-being of employees and provide appropriate remuneration under equal conditions based on merit and market ratesPositive impactOwn operations- Promote appropriate and equal remunerationPeople2. Help our employees develop by promoting diversity and learning and providing fair working conditions.Short/medium termOwn operationsN/ARemuneration framework that combines fixed and variable pay schemes based on targets for employees and the Group.N/A3.1 Our employees - 3.1.1 Working conditions - ii. Remuneration and corporate benefits
S1 - Own workforceHarm employees through discriminatory conduct, inadequate working conditions, harassment or corruptionNegative impactOwn operations- Potential harm to employees through an inadequate working environment and conditions. People2. Help our employees develop by promoting diversity and learning and providing fair working conditions.Short/medium termOwn operationsSystemicN/AN/A3.1 Our employees - 3.1.2 Equal opportunity for all
S1 - Own workforcePotential risk of conflict with employees due to poor management or ethical or conducts failingsRiskOwn operations- Potential harm if risks materializeN/AN/AN/AN/AN/AN/A✔3.1 Our employees - 3.1.1 Working conditions - i. Employee health and well-being
S4 - Consumers and end usersThe customer benefits from the bank’s development of products and services that adapt to their needs and expectations and promote financial inclusion and health.Positive impactOwn operations- Promote customer inclusion through products and services that adapt to their needsPeople4. Be a trusted partner to our customers, with products and services that adapt to their needs, while applying responsible practices, supporting their financial inclusion, and protecting their information.Short/medium termOwn operationsN/ADevelop products and services and special programmes to achieve financial health and inclusionN/A3.3 Our customers - 3.3.2 Financial health and inclusion - i. Financial inclusion
S4 - Consumers and end usersEducation on, and awareness of, cyber security to understand potential threats and ways to repel themPositive impactOwn operationsKnowledge and awareness of cybersecurity matters to help reduce online threatsPeople4. Be a trusted partner to our customers, with products and services that adapt to their needs, while applying responsible practices, supporting their financial inclusion, and protecting their information.Short/medium termOwn operationsN/AInteractive campaigns, awareness workshops, corporate sponsorship, podcastsN/A3.3 Our customers - 3.3.3 Privacy, data protection and cybersecurity
S4 - Consumers and end usersNegative impact on the customer if they do not have access to complaints channels or if, after making a complaint, the bank fails to take the necessary actionNegative impactOwn operations- Potential breakdown of trust and long-term relationships with customersPeople4. Be a trusted partner to our customers, with products and services that adapt to their needs, while applying responsible practices, supporting their financial inclusion, and protecting their information.Short/medium termOwn operationsSystemicN/AN/A3.3 Our customers - 3.3.1 Customer conduct
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ESRSIRO descriptionIRO typeValue chainSummary of current/potential effects (narrative)People/environmentStrategy- and business model-related impacts
Time horizon1
Linked to impact due to own operations or business relations2
Systemic/specificCore activities that lead to positive impactsRisks and/or opportunities stemming from impactsMore details
S4 - Consumers and end usersNegative impact on the customer if the bank fails to provide sufficient information on the product or service they are signing up forNegative impactDownstream- Potential breakdown of trust and long-term relationships with customersPeople4. Be a trusted partner to our customers, with products and services that adapt to their needs, while applying responsible practices, supporting their financial inclusion, and protecting their information.Short/medium termBusiness relationsSystemicN/AN/A3.3 Our customers - 3.3.1 Customer conduct
S4 - Consumers and end usersNegative impact stemming from a potential infringement of customers’, employees’ or shareholders’ rights due to a lack of appropriate technical or organizational measures to protect their personal data according to law and the practices set by the GroupNegative impactUpstream- Potential breakdown of trust and long-term relationships with customersPeople4. Be a trusted partner to our customers, with products and services that adapt to their needs, while applying responsible practices, supporting their financial inclusion, and protecting their information.Short/medium termBusiness relationsSystemicN/AN/A3.3 Our customers - 3.3.3 Privacy, data protection and cybersecurity
S4 - Consumers and end usersNegative impact on the customer by failing to guarantee access to, or the use of, products and services that may present certain obstacles or weak spotsNegative impactOwn operations- Potential breakdown of trust and long-term relationships with customersPeople4. Be a trusted partner to our customers, with products and services that adapt to their needs, while applying responsible practices, supporting their financial inclusion, and protecting their information.Short/medium termOwn operationsSystemicN/AN/A3.3 Our customers - 3.3.1 Customer conduct -iv. Vulnerable customers
S4 - Consumers and end usersPotential losses due to sanctions or a reduction in the number of customers because of a failure to detect or respond effectively to breaches of privacyRiskDownstream- Potential harm if risks materializeN/AN/AN/AN/AN/AN/A✔3.3 Our customers - 3.3.3 Privacy, data protection and cybersecurity
S4 - Consumers and end usersPotential losses due to claims or a reduction in the numbers of customers because of substandard customer practices throughout their life cycleRiskDownstream- Potential harm if risks materializeN/AN/AN/AN/AN/AN/A✔3.3 Our customers - 3.3.1 Customer conduct
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ESRSIRO descriptionIRO typeValue chainSummary of current/potential effects (narrative)People/environmentStrategy- and business model-related impacts
Time horizon1
Linked to impact due to own operations or business relations2
Systemic/specificCore activities that lead to positive impactsRisks and/or opportunities stemming from impactsMore details
S3 - Affected communitiesContribution to education, employability and entrepreneurship, as well as to community development through support programmesPositive impactOwn operations - Enhance education, employability and entrepreneurship opportunities, and contribute positively to addressing social needs in the communities we servePeople3. Contribute to the economic, financial and social development of our communities, with a special focus on education, employability and entrepreneurship.Short/medium termOwn operationsN/A- Education: Grants and scholarships for students and researchers to access and complete their studies; and support to universities in overcoming their key challenges (i.e. digitalization)
- Employability: Support lifelong learning; and facilitate access to employment in the early stages of people’s career.
- Entrepreneurship: Provide access to the training, advice and resources (including benefits).		N/A3.2 Supporting our communities’ sustainable development - 3.2.4 Supporting communities
S3 - Affected communitiesDrive economic growth and job creation in the regions where we operate and provide credit to people and businessesPositive impactDownstream- Grow the economy by helping people and businessesPeople3. Contribute to the economic, financial and social development of our communities, with a special focus on education, employability and entrepreneurship.Short/medium termBusiness relationsN/ALending to create or grow businesses; microloans to microentrepreneurs to support the start-up and expansion of their businesses; and mortgages and loans for other items.N/A3.2 Supporting our communities’ sustainable development - 3.2.1 Supporting our economy and the social development of our communities
S3 - Affected communitiesContribution to sustainable development through financing and investment that promotes sustainable performance in companies, addresses societal challenges, mitigates a specific issue, or pursues positive societal outcomesPositive impactDownstream- Grow the economy, with a focus on activities that promote ESG performance; address social challenges; mitigate a specific social issue; or pursue positive social outcomesPeople3. Contribute to the economic, financial and social development of our communities, with a special focus on education, employability and entrepreneurship.Short/medium termBusiness relationsN/A- Label operations.
- Propose investment that covers ESG factors and sustainability objectives.		N/A3.2 Supporting our communities’ sustainable development - 3.2.2 Socially responsible investment and lending
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ESRSIRO descriptionIRO typeValue chainSummary of current/potential effects (narrative)People/environmentStrategy- and business model-related impacts
Time horizon1
Linked to impact due to own operations or business relations2
Systemic/specificCore activities that lead to positive impactsRisks and/or opportunities stemming from impactsMore details
S3 - Affected communitiesFinance activities (in any customer segment) that breach of the bank’s policies and jeopardize the well-being of present and future generationsNegative impactDownstream- Potential damage to people’s well-beingPeople3. Contribute to the economic, financial and social development of our communities, with a special focus on education, employability and entrepreneurship.Short/medium termBusiness relationsSystemicN/AN/A3.2 Supporting our communities’ sustainable development - 3.2.3 Environmental, social and climate change management
S3 - Affected communitiesPotentially negative impact on the environment or society by failing to sufficiently involve stakeholders or use suitable customer identification and management mechanisms when providing finance to a customer or projectNegative impactOwn operations- Potential damage to people’s well-being and/or to the environmentPeople/environment3. Contribute to the economic, financial and social development of our communities, with a special focus on education, employability and entrepreneurship.Short/medium termOwn operationsSystemicN/AN/A3.2 Supporting our communities’ sustainable development - 3.2.3 Environmental, social and climate change management
G1 - Business conductAct responsibly and consider investors’ interests and the impact on employees, broader society and the environment; pay taxes to support the distribution of wealthPositive impactOwn operations- Promote decision-making that considers all stakeholders’ interestsPeople/environment5. Act responsibly through a strong culture, governance and conduct.Short/medium termOwn operationsN/AN/AN/A4.2 Ethical behaviour
G1 - Business conductProtect the confidentiality of users of the bank’s ethical channel and have an effective reporting system in place that follows robust principles and proceduresPositive impactOwn operations - Availability of mechanisms for stakeholders to escalate confidentially and/or anonymously (and according to regulatory requirements) substandard practices by the bank and its peoplePeople5. Act responsibly through a strong culture, governance and conduct.Short/medium termOwn operationsN/AN/AN/A4.3 Ethical channels
G1 - Business conductPromote responsible practices among vendors; engage with them, assess their ESG performance and give them recommendations and tools to improvePositive impactOwn operations- Promote responsible practice in our value chainPeople/environment5. Act responsibly through a strong culture, governance and conduct.Short/medium termOwn operationsN/AN/AN/A4.4 Our suppliers
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ESRSIRO descriptionIRO typeValue chainSummary of current/potential effects (narrative)People/environmentStrategy- and business model-related impacts
Time horizon1
Linked to impact due to own operations or business relations2
Systemic/specificCore activities that lead to positive impactsRisks and/or opportunities stemming from impactsMore details
G1 - Business conductNegative impact on the environment or broader society by failing to implement measures to resolve incidents through complaints or reporting channels or due to a lack of continuous improvement actionsNegative impactOwn operations- Potential harm to people and/or the environment; loss of stakeholders’ trust in the channel’s effectivenessPeople/environment5. Act responsibly through a strong culture, governance and conduct.Short/medium termOwn operationsN/AN/AN/A4.3 Ethical channels
G1 - Business conductHarm broader society through bribery or corruptionNegative impactOwn operations- Potential loss of customers’ and other stakeholders’ trustPeople5. Act responsibly through a strong culture, governance and conduct.Short/medium termOwn operationsN/AN/AN/A4.2 Ethical behaviour
G1 - Business conductPotential risk from failing to ensure the operational resilience of the value chain by assessing vendors’ solvency, reputation and compliance with the lawRiskOwn operations- Potential harm if risks materializeN/AN/AN/AN/AN/AN/A✔4.4 Our suppliers
G1 - Business conductRisk stemming from improper conduct that makes illicit funds or assets appear legitimate and, therefore, facilitates illegal activity or benefits from it.RiskOwn operations- Potential harm if risks materializeN/AN/AN/AN/AN/AN/A✔4.2 Ethical behaviour
1. For more information on time horizons, see section 1.3 Materiality assessment.
2. Own operations are the bank’s internal activities; Business relations primarily centre on upstream and downstream value chain activities.

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SN 4. Our transition plan
i.Alignment targets details
Target types: To help our customers’ transition to a low-carbon economy, we employ physical emissions intensity for setting targets in the power generation, steel, aviation and auto sectors. For the oil & gas sector, we choose the absolute emissions metric. We prioritize engagement over divestment. We recognize that in certain situations, establishing alignment targets may inadvertently discourage the transition. For example, when they increase their leverage to undertake significant capex programs to align their operations, while the alignment benefits will only materialise over the medium term. To prevent undesirable outcomes like the one described, we evaluate each case individually and base our decisions on a long-term perspective. However, due to the absence of a widely accepted “transition finance taxonomy”, we consider alignment targets to be an effective tool for informing portfolio decisions, provided that each case is managed individually. For the different targets’ design choices taken, we considered inputs from several different internal and external stakeholders.
Scenarios:85 To set 2030 science-based alignment targets for our financed sectors, we choose a credible scenario that draws a pathway to reach net zero emissions by 2050 and will limit temperature increase to 1.5 ºC in line with the Paris Agreement. The scenario we have chosen for the sectors for which we have released alignment targets is the “International Energy Agency - Net Zero Emissions by 2050 Scenario” (IEA-NZE). Our aviation target is consistent with the expected adoption of current technologies. This scenario takes into account the technological, regulatory and market changes that need to take place. Regarding our scope 1 and 2 own emission reduction objective by 2030, it is aligned with the cross-sector absolute reduction method considered by SBTi, going beyond the minimum ambition of a linear annual reduction of a 4.2% linear annual reduction between the base year and target year.
Target coverage:86 All CIB portfolio targets and metrics are global and include our core subsidiaries. SCF's target is European and includes its passenger car portfolio (including loans and leasing) in 16 units
(13 countries in Europe). This is the same scope we use to measure emissions performance and progress with our targets, though we are working on obtaining information and tracking emissions for other vehicle types.
Baseline years: We use 2019 as the baseline year for the four initial sectors and 2020 and 2022 for auto manufacturing and auto lending in Europe, respectively. We chose those years to be representative of our portfolios at that time. For our own operations emissions (Scopes 1 & 2) reduction objectives, we use 2020 as the baseline considering the deadline of the plan set to 2030, and the guidelines criteria for setting science-based targets.
Financed emissions: According to the methodology and design we chose for each target we calculate financed emissions based on PCAF87. Since the emissions information of our customers or assets financed is not available in the same way as their financial information, there is a lag of at least one year in the emissions data.
ii. Disclosed financed emissions
Santander discloses financed emissions from its loan portfolio for different uses. In the context of portfolio alignment, we calculate the financed emissions of the portfolios of the most relevant sectors, following market standards and practices, focusing on the parts of the value chain of each industry that are most polluting and actionable through alignment strategies. For this purpose it is necessary to use information to monitor alignment strategies and their effectiveness.
Additionally, obligations arising from regulatory or supervisory requirements need to cover financed emissions from wider perimeters. For this, we also use other sources and methodologies, including average emission factors per sector based on market-recognised methodologies (such as PCAF).
We also calculate the financed emissions of our long-term investments in equity and sovereign debt, which are material exposures in our balance sheet.
85 The latest IEA's net-zero scenario was published in the World Energy Outlook in October 2024. The reference data for 2030 are 0.19 tCO2/MWh in power (-58% vs. 2019), 23% reduction vs. 2019 in oil & gas (which implies 18.27 mtCO2 applied to Santander baseline), 1.29 tCO2e/tS in steel (-18% vs. 2019), 60.59 gCO2e/RPK in aviation (-29% vs. 2019) and 116 gCO2/vkm in automotive (-40% vs. 2020). For own emission reduction reference data for 2030 is 104,400 ton (-42% vs. 2020).
86 From our total lending on the balance sheet, about 9% of our exposure comprises sectors for which Santander published emissions alignment targets for high-emitting sectors (Power generation, oil and gas, aviation, steel, auto manufacturing and auto lending. Excluding the thermal-coal phase out) and around 18% of total CIB lending. Using baselines exposures with different time horizons as per the above table, and balance sheet exposures as at December 2023. Our objectives and alignment targets have been externally assured only in the verification process of the present report.
87 PCAF: “Partnership for Carbon Accounting Financials” is a global partnership of financial institutions that work together to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with their loans and investments. Santander joined PCAF in 2021.
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2. Financed emissions for alignmentA
Sector
YearB
Exposure (drawn amount
EUR bn)C
Emissions scope
Absolute emissions (mtCO2e)
Physical emissions
intensity
Financial emissions intensity (mtCO2e/EUR bn lent)
Overall PCAF scoreD
Power generation202010.3114.59
0.17 tCO2e/MWh
0.452.5
202110.234.24
0.19 tCO2e/MWh
0.412.8
202211.883.820.16 tCO₂e/MWh0.323.0
202310.753.140.15 tCO₂e/MWh0.293.2
Oil & gas
20206.67
1 + 2 + 3E
22.58
73.60 tCO2e/TJ
3.383.6
20218.2527.43
74.36 tCO2e/TJ
3.333.9
20226.8920.9473.28 tCO₂e/TJ3.043.0
20236.8220.2772.97 tCO₂e/TJ2.973.0
Aviation20202.44
1 + 2
1.08
93.05 gCO2e/RPK
0.443.7
20212.020.84
97.21 gCO2e/RPK
0.423.2
20221.651.3581.09 gCO₂e/RPK0.823.0
20230.700.5882.99 gCO₂e/RPK0.833.0
Steel20201.31
1 + 2
2.14
1.40 tCO2e/tS
1.633.1
20211.421.90
1.36 tCO2e/tS
1.333.1
20221.961.881.24 tCO₂e/tS0.963.1
20232.041.841.38 tCO₂e/tS0.903.3
Auto - manufacturing20204.45
3E
3.49
149 gCO2/vkm
0.793.1
20213.902.67
138 gCO2/vkm
0.683.0
20223.952.74133 gCO₂/vkm0.703.0
20234.022.74134 gCO₂/vkm0.683.0
AgroF
20221.80
1 + 2
6.207.04 tCO₂e/ton3.523.3
20233.589.836.59 tCO₂e/ton2.753.1
Auto - lendingG
202255.27
1 + 2
5.84
137 gCO2e/vkm
0.113.2
202362.406.78133 gCO₂e/vkm0.112.7
MortgagesH
2022211.05
1 + 2
2.63
39.72 kgCO2e/m2
0.013.3
2023262.451.9321.06 kgCO₂e/m²0.013.5
Commercial Real EstateI
202318.26
1+2
0.19
22.89 kgCO2e/m²
0.014.0
A. These financed emissions should not be confused with the EBA Pillar 3 exercise financed emissions calculations, as the perimeter and therefore, supporting data of the two exercises are different. In the case of corporate business loans, Banco Santander calculates the Total Value of the Company (used to obtain the emissions attribution factor) by adding the total equity and debt of the company in order to avoid the high volatility in market capitalization.
B. Obtaining emissions data from our customers is a challenge. As they disclose more non-financial information worldwide, the quality of our reporting on finance emissions will improve. In some other retail sectors, we rely on availability of emissions information for the different asset types as well as business information.
C. For power generation it includes Corporates and Project Finance in operation.
D. Scores illustrate the data quality used to calculate the financed emissions (with 1 being the best). Financed emissions information comes from a wide range of sources for emissions, physical intensity, and production data. For CIB portfolios CDP is the main source for GHG emissions and Trucost for fossil fuel production, we also used Asset Impact and Annual Reports as secondary sources to cover information gaps. We rely on Transition Pathway Initiative to measure physical intensity for certain sectors, such as Autos, O&G and Steel. In other retail sectors, we rely on the good quality of business information but also on data suppliers to improve and expand their emission databases.
E. Scope 3 - category 11: use of sold products.
F. Agriculture portfolio in Brazil. It includes financing for livestock (such as raising cattle for meat and dairy), agricultural activity (such as planting perennial and temporary crops for soybeans, corn, rice, and vegetables) and land use change. Since there is no specific methodology for agriculture, the PCAF score was adapted considering the data available in primary production portfolio that made possible to measure land management emissions. Financed emissions of the Brazil agriculture portfolio as of March 2022 and December 2023.
G. Consumer lending for the acquisition of passenger cars, covering a significant majority of the exposure in Europe.
H. Mortgage portfolio in the United Kingdom for 2022, and in the United Kingdom and Spain for 2023. Assessment includes Scope 1 and 2 emissions based on actual (where available) and modelled EPC's.
I. Commercial real estate portfolios in the United Kingdom and Spain. Assessment includes Scope 1 and 2 emissions based on actual (where available) and modelled EPC's.

More detail regarding other financed emissions calculations from our balance sheet, see section SN 7.1 Green transition.

iii. Internal carbon pricing
Internal carbon pricing is a tool that helps internalize the external costs of carbon emissions and align operations with broader sustainability objectives. Setting an internal carbon price does not appear to be the most appropriate approach for our type of operations and core business model as we strive to help our
customers go green. Nonetheless, we do consider carbon pricing in several of our internal review and assessment tools, such as scenario analyses and transition risk calculations. These processes reflect the "real world" costs in our prices. A “fictitious” internal carbon price would cause disparity between the customer’s actual ability to pay debt and internal valuations. We encourage the
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creation of carbon prices in real economies to facilitate the transition to a low-carbon economy.
Grupo Santander’s strategy to lessen the environmental impact of our operations involves reducing CO2e emissions and offsetting the emissions that we’re unable to reduce. We follow a strict carbon credits selection process that includes due diligence on compliance and consistency with our environmental, social and climate change policy. Credits are certified under some of the industry's most well-known standards. Moreover, the carbon credits we purchase are ratified by an independent rating agency to validate their integrity. We actively monitor the voluntary carbon credit market to adapt our offsetting strategy to best practice.
Offsetting serves to internalize the cost of emissions (scopes 1 and 2) from our own operations.
iv. EU Paris-aligned benchmarks
Because of our financing and investment operations, Santander is not excluded from the EU Paris-aligned benchmarks. These benchmarks are designed to align investment with the Paris Agreement’s goals and include undertakings that meet special sustainability standards. They exclude undertakings that do not meet those standards.
We disclose our exposure to undertakings excluded from those benchmarks in section ‘10.4 Credit quality of exposures‘ of our
Pillar 3 disclosures report in accordance with points (d) to (g) of Article 12(1) and (2) of Regulation (EU) 2020/1818.
v. Locked-in GHG emissions
Our double materiality assessment shows that our direct emissions do not have a negative impact on, or pose material risk to, the environment. Regarding locked-in GHG emissions from key assets,88 the nature of our financing and investment activity means that none of our key assets are sources of scope 1 and 2 emissions. Nonetheless, the Group takes carbon footprint reduction measures to help make a positive contribution to the environment.
As detailed in the 2.4.5 ‘Our environmental footprint’ section regarding indirect GHG emissions (scope 3), the only material category under this scope was category 3.15 (financed emissions), with a weighting of over 99% of the total scope 3 emissions. Regarding locked-in GHG emissions from key products,89 the category Scope 3.11 “Use of sold products emissions” is not material to the bank.
With regard to locked-in GHG emissions in category 3.15, there is currently no information available to have a reliable estimation due to lack of information from counterparties. In future exercises, its evaluation will be assessed based on the availability of data.
SN 5. EU Taxonomy
Information on Article 8 of the EU Taxonomy Regulation
In 2020, the European Union adopted the Taxonomy Regulation that sets out a list of activities that can qualify as environmentally sustainable90 and stipulates that companies subject to the Corporate Sustainability Reporting Directive (CSRD91) must disclose how their operations align with the EU Taxonomy.
→GAR, financial institutions:
Financial institutions have been disclosing their Green Asset Ratio (GAR) since 2023. This ratio measures the financing granted to Taxonomy-aligned activities as the numerator and the total balance sheet as the denominator.
To be considered aligned, activities must meet specific taxonomy criteria and ensure that they do no significant harm (DNSH) to any of the other environmental objectives and meet minimum social safeguards (MSS).

Santander's GAR is 3.04% (turnover-based)92 and 3.28% (CapEx-based)93

The European Taxonomy criteria do not reflect the full reality of companies’ transition efforts. Many activities that contribute to the transition to a greener economy do not meet the Taxonomy’s alignment criteria. Thus, we cannot include them in the ratio (for instance, certain types of hybrid cars, which, despite being an undoubted improvement on petrol cars, are not admitted in all cases).
Moreover, the limitations in the design of the ratio and in financial institutions’ implementation of the Taxonomy lead to reduced numbers:
•The numerator and denominator are not symmetric. While the denominator reflects the balance sheet total, the numerator only includes financing in relation to four portfolios: financial institutions; non-financial institutions subject to the CSRD; households (mortgages, auto and renovations); and local governments. Thus, the numerator does not consider green loans to SMEs or the majority of non-European entities.
88 Estimates of future GHG emissions that could arise during the useful life of a company’s key assets. The term “key assets” refers to existing or planned assets that a company owns or controls (e.g. fixed or mobile installations and equipment) and that are direct or indirect energy-related sources of GHG emissions.
89 Estimates of future GHG emissions as the direct GHG emissions from the use of products sold throughout their useful life (category 3.11).
90 These are: 1) climate change mitigation; 2) climate change adaptation; 3) sustainable use and protection of water and marine resources; 4) transition to a circular economy; 5) pollution prevention and control and protection; and 6) restoration of biodiversity and ecosystems.
91 The CSRD applies to large companies, listed companies, banks, or insurance companies that meet certain criteria, such as having a balance sheet total greater than EUR 20 million, a turnover greater than EUR 40 million, or an average number of employees greater than 500 during the fiscal year.
92 Calculation for the two climate-related objectives. For the flow of volumes, the Green Asset Ratio is 2.6% (turnover-based) and 3.4% (CapEx-based).
93 Eligibility for the climate-related targets is 34.0% (based on both turnover and CapEx) and, for the remaining four targets, is 0.04% based on turnover and 0.03% based on CapEx.
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•The available data is limited. In Latin America and even in European countries such as Poland (key markets for the Group), energy efficiency certificates are either non-existent or very limited, which makes it impossible to account for aligned mortgages in the ratio. There are also significant gaps in companies’ alignment information.
•DNSH (do no significant harm) and MSS (minimum social safeguards) implementation criteria are complex and in no way reflect the reality of a bank. These criteria compel financial institutions to collect evidence that shows the counterparty meets certain standards for each transaction. This results in an inability to include specific aligned financing (e.g. project finance) in the numerator.
Based on a voluntary approach and to mitigate the first limitation mentioned above, we complement disclosure, we complement the GAR with an additional ratio (European and symmetric):
•The numerator follows the same criteria than the previous ratio but only covers European exposures aligned with the Taxonomy.
•The denominator is symmetric and only includes portfolios where we can currently label exposures as environmentally sustainable: European financial and non-financial corporations subject to the CSRD, households, and local governments. We excluded (non-exhaustive list): Non-CSRD companies (since they do not have reporting obligations), cash & interbank loans, derivatives, goodwill and others.
(EUR million)
20242023
GAR stockA
3.04 %2.42 %
Taxonomy aligned activities39,65631,142
Total GAR denominator1,306,5421,288,300
European & Symmetric - GARA
7.90 %6.09 %
Taxonomy aligned activities39,28730,037
Total GAR denominator497,604493,167
A Turnover-based ratio
→Other businesses’ GAR (asset management, insurance and investment services):
In addition to the credit institutions GAR that has already been published, we included the GAR for asset management, insurance94 and investment services businesses according to the European Commission's requirements95
→Our key performance indicator for asset management is 1.59% (based on turnover) and 2.60% (based on CapEx).96
→Our key performance indicator for insurance97 is 1.45% (based on turnover) and 2.05% (based on CapEx).98
→Regarding the investment services KPI, we analysed the turnover of the Group's companies in relation to the total, noting that it accounts for less than 3% and is, therefore immaterial99.
→Consolidated KPI:
Last, per the European Commission's communiqué, we publish a consolidated KPI of all businesses, calculated as the weighted average of the applicable KPI of each business (credit institutions, asset management, insurance and investment services) based on turnover and CapEx, with weightings according to the proportion of revenue stemming from the activities covered by the corresponding KPI in their total turnover.100
Our consolidated KPI is 2.99% (based on turnover) and 3.24% (based on CapEx).
We considered net interest income and fees for the weighting of the turnover-based KPI.
Please find the complete disclosure on the following pages, including the templates set out in the Taxonomy Regulation.
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For more details on how our financial strategy, product design and relations with customers and counterparties comply with the EU Taxonomy, please see the sections 2. 'Supporting the green transition' and 10.9 'GFANZ transition planning'.
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For more details about GAR, please see the section "SN 7.2 EU taxonomy tables".
94 For the asset management and insurer KPI, we included eligible and aligned transactions based on the eligibility and alignment ratios of counterparties (both in terms of CapEx and turnover).
95 C/2024/6691
96 Eligibility for climate-related targets is 10.9% based on turnover and 10.6% based on CapEx. For the remaining four objectives, eligibility is 1.0% based on turnover and 0.5% based on CapEx.
97 European Commission requirements dictate the disclosure of a KPI relating to investment and underwriting. Since the Group does not engage in underwriting relating to non-life insurance (but only markets these products), we only disclose an investment KPI.
98 Eligibility for climate-related targets is 11.7% based on turnover and 12.4% based on CapEx. For the remaining four objectives, eligibility is 0.3% (based on both turnover and CapEx).
99 As part of detailed analysis, we identified the companies under this activity and reviewed a significant volume of revenue derived from it. Following our review, we conclude that this indicator is of little relevance to the Group's sustainability disclosures and, thus, decided not to publish the templates in this regard. Of the analysed revenue samples, 80% comes from customers who are not required to disclose taxonomy information and, therefore, do not publish alignment information. For customers who do publish taxonomy information, the percentage of aligned revenues of the total subject to this KPI is around 0.3%.
100 Based on turnover and CapEx, with weightings according to the proportion of revenue stemming from the activities covered by the corresponding KPI in their total turnover.
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SN 6. Sustainable finance and investment classification system (SFICS)
Sustainable finance is key to meeting our climate ambition. We continue to build on our sustainable finance guidelines, which we first published in February 2022, and that we continue updating based on developments in regulation and market practice. Since 2024 it also includes socially responsible investment standards and is now called the Sustainable finance and investment classification system (SFICS).
The SFICS outlines common standards to consider an asset or activity as environmental, social or sustainable in all the Group’s units and businesses. It draws on such international market guidelines, standards and principles as the EU Taxonomy (including the four new environmental targets for 2023), ICMA (International Capital Market Association) Principles, LMA (Loan Market Association) Principles, UNEP FI Framework and the Climate Bonds Standard.
The SFICS enables us to track our sustainable activity, support product development and mitigate greenwashing risk.
We updated the SFICS based on lessons learned and market trends. It now features:
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A sustainability approach for customers that complements the activity-based approach.
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Additional details on manufacturing, real estate, sustainable agriculture and other activities.
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New activities that come to light on the back of developments in the EU Taxonomy and to cover new environmental goals related to water, waste, the circular economy and biodiversity.
We will continue working to evolve the SFICS in line with market developments and business practice, to have a comprehensive set of criteria that enables us to classify green and transition activities to support our customers transition and contribute to our climate ambition.
Internationally recognized sector principles and guidelines that the SFICS draws on
EU taxonomyICMA Green/Social Bond PrinciplesLMA Green Loan PrinciplesLMA Sustainability Linked Loan PrinciplesICMA Sustainability Linked Bond PrinciplesFebraban taxonomy (Brazil)UNEP FI frameworkClimate Bond Standards
Eligible products
Dedicated purpose
Sustainability-linked financing
→Proceeds go towards eligible environmental and social activities and initiatives.
→Eligibility criteria: Activities with a specific environmental and social purpose under accepted standards that follow internationally recognized sector guidelines and principles (ICMA, LMA, Climate Bonds Standard) and the EU taxonomy.
→Sustainability-linked transactions designed to help our customers achieve their ESG objectives.
→Transaction structured to achieve pre-determined sustainability performance targets (ESG ratings and metrics).
→Alignment with sector standards (ICMA and LMA).
Update in 2023 to the Green, social and sustainability funding global framework
Updated in 2023, this framework is the reference for all environmental, social and sustainability-labelled funding instruments traded in sustainable capital markets and enables all Grupo Santander entities to issue based on it. It replaces our previous Global sustainable bond and Green bond frameworks.
Consistent with best market practice and investor expectations, it covers use of proceeds, project assessment and selection, management of proceeds and reporting in line with the International Capital Market Association’s (ICMA) and Loan Market Association’s (LMA) guidelines. It is also consistent with the SFICS.
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SN 7. Our progress in figures
SN 7.1 Green transition    135
Table 1. Green finance    135
Table 2. Environmental footprint    135
Table 3. Gross scopes 1, 2, 3 and total GHG emissions    136
Table 4. GHG mitigation projects financed through carbon credits    138
Table 5 Equator principles    139
SN 7.2 EU taxonomy tables    140
SN 7.3 Employees    191
Table 6. Employees by region    191
Table 7. Employees by gender    191
Table 8. Employees by management group and gender    192
Table 9. Employees by age bracket    192
Table 10. Employees by employment contract    193
Table 11. Collective bargaining coverage
and social dialogue     193
Table 12. Turnover by region     193
Table 13. Average remuneration by management group, gender and age bracket    194
Table 14. Remuneration ratios    194
Table 15. Average remuneration of senior management    194
Table 16. Average remuneration of senior
management linked to long-term objectives    194
Table 17. Senior management composition    195
Table 18. Training    195
Table 19. Hours of training by gender and management
group    195
Table 20. Occupational health and safety    195
SN 7.4 Customers    196
Table 21. Group customers    196
Table 22. Dialogue by channel    196
Table 23. NPS ranking by country    196
Table 24. Total complaints    197
SN 7.5 Financial inclusion    197
Table 25. People financially included    197
Table 26. Microfinance    197
SN 7.6 Community support    197
Table 27. Community support    197
Table 28. Outputs and outcomes    198
SN 7.7 Tax contribution    199
Table 29. Total taxes paid    199
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SN 7.1 Green transition
1. Green financeA
EUR bn2024202320222021
Raised and facilitated
24.1 20.9 28.8 31.9
Accumulated since 2019
139.4 115.3 94.5 65.7
A. From January to December 2024, CIB contributed EUR 24.1 billion to the green finance target. According to Infralogic, Bloomberg, Dealogic, TXF and Mergermarket league tables. This refers to all roles undertaken by Banco Santander in the same project. It does not include financial inclusion and entrepreneurship. Green Finance raised and facilitated is not a synonym of EU Taxonomy.
2. Environmental footprintA
20242023Var. 2024-2023 (%)
Consumption
Total internal energy consumption (MWh)
1,012,554-
Total fossil energy consumption (MWh)
179,258-
Share of fossil sources in total energy consumption (%)
17.7 %-
Consumption from nuclear sources (MWh)6,457-
Share of nuclear sources in total energy consumption (%)
0.6 %-
Total certified renewable energy consumption (MWh)
793,136-
Share of certified renewable sources in total energy consumption (%)
78.3 %-
Fuel consumption by renewable source, such as biomass (MWh)
0-
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh)780,356-
Consumption of self-generated non-fuel renewable energy
(MWh)
12,780-
Total not certified renewable energy consumption (MWh)
33,703-
Share of not certified renewable sources in total energy consumption (%)
3.3 %-
Total electricity (millions of kwh)856.65805.316.4
Electricity from non-renewable sources (millions of kwh)
63.5225.63147.8
Electricity from renewable sources (millions of kwh)
793.14779.681.7
Percentage of contractual instruments (contracts for renewable electricity guaranteed by utility) used for the procurement of renewable electricity.
53 %
Percentage of contractual instruments (PPAs_Power Purchase Agreements) used for the purchase of renewable electricity
9 %
Percentage of contractual instruments (IRECs (International Renewable Electricity Certificates or DoO) used for the procurement of renewable electricity
38 %
Water (m3)B
1,961,1491,858,6455.5
Paper (t)
6,0234,93222.1
Recycled or certified paper (t)
5,0004,41713.2
A. For 2024, information is included for 100% of the Group’s average employees in all the countries we operate. The entities listed under ESRS Requirement E1, paragraph 50.b) (investees with operational control), are not material to Santander.
B. Santander consumes water basically from public water supply networks.
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3. Gross scopes 1, 2, 3 and total GHG emissions (excluding financed emissions)
Retrospective
Milestones and target years I
Base year (2020) G
Comparative (2023) H
 N (2024)
% N / N-1202520302050
Annual Target % / Base Year
Scope 1 GHG emissionsA,B
Gross scope 1 GHG emissions (tCO2e)
35,96225,75535,50337.8 %-33,303-0.7 %
Scope 2 GHG emissionsA,C
Gross location-based Scope 2 GHG emissions (tCO2e)
297,621205,292194,276(5.4 %)-172,276-4.2 %
Gross market-based Scope 2 GHG emissions (tCO2e)
144,03821,51624,35013.2 %-12,350-9.1 %
Significant scope 3 GHG emissionsD
Total Gross indirect (Scope 3) GHG emissions (tCO2e)
-125,4411,116,061-----
1 Purchased goods and servicesE
--698,768-----
2 Capital goodsE
--216,388-----
4 Upstream transportation and distributionE
--52,835-----
6 Business travelA,F
-50,06152,1504.2 %----
7 Employee commutingA,F
-75,38082,5699.5 %----
9 Downstream transportationE
--13,350-----
Total GHG emissions (excluding financed emissions)A,J
Total GHG emissions (location-based) (tCO2e)
-356,4881,345,841277.5 %----
Total GHG emissions (market-based) (tCO2e)
-172,7111,175,915580.9 %----
A. For 2024, information is included for 100% of the Group’s average employees in all the countries we operate. The entities listed under ESRS Requirement E1, paragraph 50.b) (investees with operational control), are not material to Santander.
B. These emissions include those derived from direct energy consumption: Natural gas, diesel as well as the fuel consumption of the fleets where it is applicable (Argentina, Mexico, Brazil, Chile and Poland this year) and fugitive emissions of refrigerant gases according to the GHG Protocol standard. For the calculation of these emissions, emission factors from DEFRA (Department for Environment, Food and Rural Affairs) 2024 for the financial year 2024 and DEFRA 2023 for the financial year 2023 have been applied. For Brazil’s own fuels, the factors of the Brazilian GHG Protocol Program are used. Santander does not use biomass as fuel and therefore does not produce direct biogenic emissions. Santander does not manage emissions subject to regulated Emission Trading Schemes (ETS), including the EU-ETS, national ETS and non-EU ETS. The direct emissions in tCO2e disaggregated by country are: Argentina 1,554, Brazil 2,772, Chile 564, Germany 2,270, Mexico 6,609, Nordics 3, Poland 6,652, Portugal 231, Spain 5,995, UK 2,676, USA 5,109, Others 1,067.
C. These emissions include those derived from electricity consumption and the use of district heating and correspond to Scope 2 defined by the GHG Protocol standard. In 2024 they have been calculated with emission factors of the 2024 edition of the IEA, for 2023 the emission factors of the 2023 edition were used. For the calculation of district heating in Poland and Norway, local public emission factors for 2024 different from DEFRA were used. Data on biogenic emissions is not included as information on these emissions is not available in the EIA emission factor database.
◦Indirect emissions Electricity – market-based: For the calculation of these emissions, only renewable electricity is considered as renewable electricity that can be certified by any type of contract or product recognized as such, but not the share of the country energy mix obtained from IEA data (i.e. where non-renewable electricity is purchased expressly).
◦Indirect Emissions Electricity – location-based: The IEA emission factor for each country has been applied for all electricity purchased, regardless of its source of origin (renewable or non-renewable).
The indirect emissions in tCO2e disaggregated by country are:
◦Market-based: Argentina 441, Brazil 115, Chile 44, Germany 2,008, Mexico 1,613, Nordics 8, Poland 12,021, Portugal 309, Spain 1,371, UK 1,103, USA 0, Others 5,316.
◦Location-based: Argentina 12,444, Brazil 17,577, Chile 7,350, Germany 5,824, Mexico 51,629, Nordics 36, Poland 26,826, Portugal 3,041, Spain 29,338, UK 16,408, USA 18,486, Others 5,316.
D. The assessment we conducted to determine the materiality of indirect GHG emissions (scope 3) found that the only material category under this scope was category 3.15 (financed emissions), with a weighting of 99% of the total.. The other categories are identified as not relevant, given its low representativeness. In addition, the categories disclosed in this table are defined as relevant, and the following categories are identified as not relevant, given their low representativeness: 3.3 - Fuel and energy-related activities (not included in Scope 1 or 2); 3.5 - waste generated in operations; 3.8 - upstream leased assets; 3.10 - processing of sold products; 3.11 - use of sold products; 3.12 - end-of-life treatment of sold products; 3.14 - franchises.
Biogenic emissions are not included as information on these emissions is not available in the databases we use to calculate any of the categories.
E. Supply chain emissions are calculated using a spend-based approach considering the payments to our suppliers in the current year. For that non primary data obtained from suppliers has been used. These are calculated using the Supply Chain Greenhouse Gas Emission Factors v1.3 from the U.S. Environmental Protection Agency. Our supplier taxonomies are mapped to the sectors considered in the database and then converted into emissions through spend-based emissions factors. Then, different spending taxonomies are grouped based on the GHG scope 3 categories based on their nature (purchased goods and services, capital goods, upstream and downstream transportation)
F. For the calculation of these emission factors DEFRA 2023 for fiscal year 2023 and DEFRA 2022 for fiscal year 2022 have been applied. For Brazil’s specific fuels, emissions factors from the Brazilian GHG Protocol Program have been applied.
G. Base year is 2020. Emissions disclosed that year were reviewed to consider the same circumstances as the disclosed in this report 2024: equal perimeter (all countries and businesses that have employees, formerly G10) and considering fugitive emissions equivalent to current emissions (recently included in emissions footprint).
H. Data with no information for 2023 are first reported in 2024.
I. Our reduction objectives have been externally assured only in the verification process of the present report.
J. To comply with the regulatory requirements we have extended the financed emissions calculations, in most cases based on factors and other proxies. More details see table below 3.2. The total absolute financed emissions (scope 3, categories 15 and 13) of this broad scope, including scope 1, 2 and 3 are 283.8 mtCO2e. And the total GHG emissions (market-based) are 285.0 mtCO2e. With this figure, the ratio of "GHG total emissions / Total income" is: 4.6 mtCO2e/bn€ (Total income figure as disclosed in the Consolidated Income Statements).

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3.1. Financed emissions of non-financial corporations, as disclosed in Pillar 3
SectorGross carrying amount (€bn)
GHG financed emissions (scope 1 and scope 2 of the counterparty) (mtCO2e)
GHG financed emissions (scope 3 of the counterparty) (mtCO2e)
GHG emissions: gross carrying amount percentage of the portfolio derived from company-specific reporting
Exposures towards sectors that highly contribute to climate change A
259.358.6159.310.1 %
A - Agriculture, forestry and fishing8.58.13.80.5 %
B - Mining and quarrying1111.841.528.2 %
C - Manufacturing53.713.763.214.3 %
D - Electricity, gas, steam and air conditioning supply13.910.77.223.6 %
E - Water supply; sewerage, waste management and remediation activities1.71.10.53.8 %
F - Construction18.70.94.82.7 %
G - Wholesale and retail trade; repair of motor vehicles and motorcycles77.76.13112.1 %
H - Transportation and storage17.34.45.69.4 %
I - Accommodation and food service activities11.30.51.41.3 %
L - Real estate activities45.61.30.31.0 %
Exposures towards sectors other than those that highly contribute to climate change A
79.2
K - Financial and insurance activities0
Exposures to other sectors (NACE codes J, M - U)79.2
TOTAL338.558.6159.37.8 %
A.In accordance with the Commission delegated regulation EU) 2020/1818 supplementing regulation (EU) 2016/1011 as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks -Climate Benchmark Standards Regulation - Recital 6: Sectors listed in Sections A to H and Section L of Annex I to Regulation (EC) No 1893/2006.
3.2. Financed emissions estimated from balance sheetA
Asset
Gross carrying amount assessed
(EUR bn)
GHG financed emissions (scope 1 and scope 2) (mtCO2e)
GHG Scope 1 and 2 mtCO2e/ exposure
(EUR bn)
GHG financed emissions (scope 3) (mtCO2e)
GHG Scope 3 mtCO2e/ exposure
(EUR bn)
PCAF ScoreI
Non-financial corporations (Pillar 3)B
338.558.60.18159.30.664.8
Mortgagesc
350.53.60.010.00.013.8
Motor vehicle loansD
170.227.00.160.00.164.2
Sovereign debtE
155.233.90.220.00.222.2
Corporate bondsF
45.70.30.0060.70.025.0
Equity instrumentsG
6.80.010.0020.10.015.0
Investments: joint ventures and associatedH
7.30.020.0030.20.034.0
TOTAL1,065.6 123.50.12 160.30.27 
A. This includes scope 3 - category 13 and 15 emissions for regulatory purposes.
B. These are the financed emissions reported under the EBA Pillar 3 exercise, which should not be confused with the portfolio alignment financed emissions, as the scope and supporting data of the two exercises is different.
C. Mortgage financed emissions. Calculated as of 2023, for the UK and Spain, and as of 2024 for Poland. Also extending calculation to rest of group's mortgage portfolio (2024 data).
D Motor vehicle loans financed emissions from loans and leases. That includes the current auto-lending alignment target scope, calculated as of 2023, and other auto exposures within EU consumer finance business and auto-lending in America, calculated with 2024 financial data.
E. Sovereign debt at fair value or amortized cost. Financed emissions calculated covers scope 1 including 'Land Use, Land-Use Change and Forestry' (LULUCF), following the recommendations by PCAF methodology and using the United Nations Framework Convention on Climate Change (UNFCCC) official reported emissions factors from the PCAF database.
F. Private fixed-income instruments at fair value or amortized cost, excluding the exposures included in the Pillar 3 reporting. Financed emissions calculated covers scope 1, 2 and 3 from the issuers, following the recommendations by PCAF methodology and using the emissions factors from the PCAF database.
G. Equity instruments at fair value, excluding the exposures included in the Pillar 3 reporting. Financed emissions calculated covers scope 1, 2 and 3 from the issuers, following the recommendations by PCAF methodology and using the emissions factors from the PCAF database.
H. Investments in joint ventures and associated. Financed emissions calculated covers scope 1, 2 and 3 from the companies, following the recommendations by PCAF methodology and using the emissions factors from the PCAF database.
I. As explained below, we had to extrapolate the emissions calculations for near 20% of the exposure assessed for 'Financed emissions estimated from balance sheet'. The PCAF score is an approximation assuming the extrapolations account for PCAF score 5 (worse quality), and the rest is calculated following the PCAF standard recommendations.


Santander discloses for the first time financed emissions of new categories from our balance sheet in this annual report, and we extend the scope from the emissions calculated with PCAF methodology to a broader scope to cover almost all balance sheet exposures subject to
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financed emissions calculations, with the only purpose of complying with the disclosure regulation. In the 'SN. 4 Our transition plan' we disclose the financed emissions of portfolio alignment with reasonable quality of data, with the aim of managing our portfolios with alignment purposes. In this section, we prioritize the completeness of the sustainability information disclosed. This means that the calculations where primarily supported by emissions factors, proxies or approximations, instead of actual reported emissions, to extend the calculation of financed emissions as reasonable as possible. This calculation helps us reach the figures we disclose, although we will continue to work on improving the available data and calculations in the future.
For all these reasons, we could expect some volatility in the financed emissions disclosed as better information becomes available over time or as some of the proxies/factors provided by external parties are updated.
4. GHG mitigation projects financed through carbon credits
Carbon credits cancelled and used for scopes 1+2 compensation
N (2024)
Total (tCO2e)A
59,858
Share from removal projectsB (%)
15 %
Share from reduction projects (%)
85 %
Share of projects validated by Verra’s VCS
13 %
Share of projects validated by Climate Action Reserve
15 %
Share of projects validated by Gold Standard
72 %
Share from projects within the EU (%)
— %
Share of carbon credits that qualify as corresponding adjustments (%)C
— %
A. Since emissions offsetting is done by country, the upward rounding of tCO2e means that the total amount of credits is slightly higher than the total sum of emissions.
B. In 2024, all GHG phase-out mitigation projects are nature-based (biogenic) solutions projects. Santander cancels all credits after purchase in the year. In 2024, 71,300 new credits were acquired and cancelled: 16.5% validated by Climate Action Reserve (removal projects) and 83.5% validated by Gold Standard (reduction projects). The existing contractual agreements Santander has in different countries will enable us to obtain 70.259 carbon credits between from now to 2073 year. Cancellation of such credits will be based on the mitigation approach at the time.
C. It is reported 0% since Article 6 is not yet applicable.
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5. Equator Principles
Number of projectsProject FinanceProject Related Corporate LoansProject-Related Refinance and Project-Related Acquisition for Project Finance
CategoryABCABCABC
TOTAL
393231000
bancosantanmagf77.gif Sector
Mining000000000
Infrastructure113000000
Oil & gas
100000000
Power160121000
Others020110000
bancosantanderfagg10.gif Region
Americas
120120000
Europe, Middle East & Africa
273101000
Asia pacific000010000
bancosantandergg08.gif Type
Designated countriesA
293021000
Non-designated countries
100210000
bancosantaage100a04.gif Independent review
Yes
381220000
No
012011000
A. In accordance with the definition of designated countries included in the Equator Principles, with solid environmental and social governance, legislation and institutions to protect their inhabitants and the environment.
Category A – Projects with potential significant adverse environmental and social risks and/or impacts that are diverse, irreversible or unprecedented;
Category B – Projects with potential limited adverse environmental and social risks and/or impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures;
Category C – Projects with minimal or no adverse environmental and social risks and/or impacts.
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SN 7.2 EU taxonomy tables101
0. Summary of KPI to be disclosed by credit institutions under Article 8 Taxonomy Regulation - 2024
Total environmentally sustainable assets (1)KPI (3)KPI (4)% coverage (over total assets) (5)% of assets excluded from the numerator of the GAR (Article 7.2 and 7.3 and Section 1.1.2. of Annex V)% of assets excluded from the denominator of the GAR (Article 7.1 and Section 1.2.4 of Annex V)
Main KPIGreen asset ratio (GAR) stock39,6563.043.2869.834.030.2
Total environmentally sustainable assets (2)KPIKPI% coverage (over total assets)% of assets excluded from the numerator of the GAR (Article 7.2 and 7.3 and Section 1.1.2. of Annex V)% of assets excluded from the denominator of the GAR (Article 7.1 and Section 1.2.4 of Annex V)
Additional KPI
GAR (flow)7,8622.633.3565.940.734.1
Trading book(6)
Financial guarantees2491.473.46
Assets under management2,0471.32.14
Fees and commissions income(6)
(1) Total environmentally sustainable assets used for turnover KPI. Total environmentally sustainable assets used for Capex KPI amounts to EUR 42,834 million.
(2) Total environmentally sustainable assets used for turnover KPI. Total environmentally sustainable assets used for Capex KPI amounts to EUR 10,009 million for GAR flow, EUR 585 million for financial guarantees and EUR 3,360 million for assets under management .
(3) Based on the Turnover KPI of the counterparty.
(4) Based on the CapEx KPI of the counterparty.
(5) % of assets covered by the KPI over banks´ total assets.
(6) Fees and Commissions and Trading Book KPIs shall only apply starting 2026.

101 Perimeter calculation for GAR, in accordance with the Commission Delegated Regulation (EU) 2021/2178, is based on the prudential consolidated group. In this context, the entities within the Santander Group are consolidated using the full consolidation method, except for jointly controlled entities, which are proportionately consolidated. Companies that cannot be consolidated due to their activity are included using the equity method. The difference between the total assets of the public and prudential perimeters is not significant. This difference is due to the exclusion of non-financial entities and the inclusion of multi-group and intergroup entities, in accordance with this consolidation criterion.
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0. Summary of KPI to be disclosed by credit institutions under Article 8 Taxonomy Regulation - 2023
Total environmentally sustainable assets (1)KPI (3)KPI (4)% coverage (over total assets) (5)% of assets excluded from the numerator of the GAR (Article 7.2 and 7.3 and Section 1.1.2. of Annex V)% of assets excluded from the denominator of the GAR (Article 7.1 and Section 1.2.4 of Annex V)
Main KPIGreen asset ratio (GAR) stock31,1512.42.670.333.929.7
Total environmentally sustainable assets (2)KPIKPI% coverage (over total assets)% of assets excluded from the numerator of the GAR (Article 7.2 and 7.3 and Section 1.1.2. of Annex V)% of assets excluded from the denominator of the GAR (Article 7.1 and Section 1.2.4 of Annex V)
Additional KPIsGAR (flow)7,0791.61.950.636.049.4
Trading book(6)
Financial guarantees1420.91.8
Assets under management8290.61.1
Fees and commissions income(6)
(1) Total environmentally sustainable assets used for turnover KPI. Total environmentally sustainable assets used for Capex KPI amounts to EUR 33,422 million
(2) Total environmentally sustainable assets used for turnover KPI. Total environmentally sustainable assets used for Capex KPI amounts to EUR 8,435 million for GAR flow, EUR 289 million for financial guarantees and EUR 1,550 million for assets under management
(3) Based on the Turnover KPI of the counterparty
(4) Based on the CapEx KPI of the counterparty
(5) % of assets covered by the KPI over banks´ total assets
(6) Fees and Commissions and Trading Book KPIs shall only apply starting 2026

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1. Assets for the calculation of GAR (Capex) - 2024
Million EUR2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Total [gross] carrying amount Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
GAR - Covered assets in both numerator and denominator
1Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation664,610447,15842,81836,9699,5082,2021011703447,25942,83436,9699,5082,206
2Financial undertakings25,5445,7041,600028432272005,7321,602028432
3Credit institutions18,2083,3323120112242003,3563140112
4Loans and advances16,8483,0972930112112003,1082950112
5
Debt securities, including UoP (Use of Proceeds)
1,360235190001300024819000
6Equity instruments000000000000
7Other financial corporations7,3362,3721,28802842040002,3761,289028420
8of which investment firms2,30097587800233000097587800233
9Loans and advances1,77852843900136000052843900136
10Debt securities, including UoP523447439009800004474390098
11Equity instruments000000000000
12of which management companies258101800500001028005
13Loans and advances1766130030000613003
14Debt securities, including UoP804150020000415002
15Equity instruments200000000000
16of which insurance undertakings2,050246900020002479000
17Loans and advances1,931246900020002479000
18Debt securities, including UoP000000000000000
19Equity instruments11900000000000
20Non-financial undertakings28,23211,5394,24806481,77173150311,6124,26306481,774
21Loans and advances26,33310,9183,82706461,5086560310,9833,83306461,511
22Debt securities, including UoP1,89162042001262880162842801263
23Equity instruments8110000001100
24Households609,668428,94236,96936,9698,83200000428,94236,96936,9698,8320
25of which loans collateralised by residential immovable property362,813331,27728,13728,137000000331,27728,13728,13700
26of which building renovation loans1,1891,189000000001,1890000
27of which motor vehicle loans96,47796,4778,8328,8328,832096,4778,8328,8328,8320
LogoSantanderPie_76.jpg Annual report 2024    142
Million EUR2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Total [gross] carrying amount Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
28Local governments financing1,166973000000009730000
29Housing financing155153000000001530000
30Other local government financing1,012819000000008190000
31Collateral obtained by taking possession: residential and commercial immovable properties 4,82500000000000000
32Assets excluded from the numerator for GAR calculation (covered in the denominator)637,10600000000000000
33Financial and Non-financial undertakings438,149
34SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations134,206
35Loans and advances132,387
36of which loans collateralised by commercial immovable property23,620
37of which building renovation loans1,704
38Debt securities1,575
39Equity instruments244
40Non-EU country counterparties not subject to NFRD disclosure obligations303,944
41Loans and advances276,247
42Debt securities24,306
43Equity instruments3,391
44Derivatives5,772
45On demand interbank loans12,146
46Cash and cash-related assets9,252
47Other categories of assets (e.g. Goodwill, commodities etc.)171,788
48Total GAR assets1,306,542447,15842,81836,9699,5082,2021011703447,25942,83436,9699,5082,206
49Assets not covered for GAR calculation565,848
50Central governments and Supranational issuers142,309
51Central banks exposure193,354
LogoSantanderPie_76.jpg Annual report 2024    143
Million EUR2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Total [gross] carrying amount Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
52Trading book230,185
53Total assets1,872,390447,15842,81836,9699,5082,2021011703447,25942,83436,9699,5082,206
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54Financial guarantees16,8981,2825700473873915041,320585047390
55Assets under management102156,90813,2383,34501841,419348150113,5863,36001841,420
56Of which debt securities 71,0628,2881,6650967522922008,5801,668096752
57Of which equity instruments 63,3204,7441,6160866425412014,7981,628086643










102 The assets under management taken into account in this template covers the whole Group.
LogoSantanderPie_76.jpg Annual report 2024    144
1. Assets for the calculation of GAR (Turnover) - 2024
Million EUR2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Total [gross] carrying amountOf which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
GAR - Covered assets in both numerator and denominator
1Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation664,610444,13739,61536,9698,9521,41236541018444,50339,65636,9698,9521,431
2Financial undertakings25,5444,9217760328028921025,21079803281
3Credit institutions18,2083,265280005252003,290281005
4Loans and advances16,8483,028260005122003,040262005
5Debt securities, including UoP1,360237190001300025019000
6Equity instruments000000000000
7Other financial corporations7,3361,6564970227426420021,91951602276
8of which investment firms2,300392263001414340243526800143
9Loans and advances1,77817468004743402217720049
10Debt securities, including UoP523218196009400002181960094
11Equity instruments000000000000
12of which management companies258122600400001226004
13Loans and advances176120600400001216004
14Debt securities, including UoP8010000000010000
15Equity instruments200000000000
16of which insurance undertakings2,0502447000219150046222000
17Loans and advances1,9312447000219150046222000
18Debt securities, including UoP000000000000000
19Equity instruments11900000000000
20Non-financial undertakings28,2329,3021,86901171,13376200179,3781,88901171,149
21Loans and advances26,3339,0141,648011793670160169,0841,6640117952
22Debt securities, including UoP1,89128822100197730029422400197
23Equity instruments800000000000
24Households609,668428,94236,96936,9698,83200000428,94236,96936,9698,8320
25of which loans collateralised by residential immovable property362,813331,27728,13728,137000000331,27728,13728,13700
26of which building renovation loans1,1891,189000000001,1890000
27of which motor vehicle loans96,47796,4778,8328,8328,832096,4778,8328,8328,8320
28Local governments financing1,166973000000009730000
LogoSantanderPie_76.jpg Annual report 2024    145
Million EUR2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Total [gross] carrying amountOf which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
29Housing financing155153000000001530000
30Other local government financing1,012819000000008190000
31Collateral obtained by taking possession: residential and commercial immovable properties 4,82500000000000000
32Assets excluded from the numerator for GAR calculation (covered in the denominator)637,10600000000000000
33Financial and Non-financial undertakings438,149
34SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations134,206
35Loans and advances132,387
36of which loans collateralised by commercial immovable property23,620
37of which building renovation loans1,704
38Debt securities1,575
39Equity instruments244
40Non-EU country counterparties not subject to NFRD disclosure obligations303,944
41Loans and advances276,247
42Debt securities24,306
43Equity instruments3,391
44Derivatives5,772
45On demand interbank loans12,146
46Cash and cash-related assets9,252
47Other categories of assets (e.g. Goodwill, commodities etc.)171,788
48Total GAR assets1,306,542444,13739,61536,9698,9521,41236541018444,50339,65636,9698,9521,431
49Assets not covered for GAR calculation565,848
50Central governments and Supranational issuers142,309
51Central banks exposure193,354
52Trading book230,185
LogoSantanderPie_76.jpg Annual report 2024    146
Million EUR2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Total [gross] carrying amountOf which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
53Total assets1,872,390444,13739,61536,9698,9521,41236541018444,50339,65636,9698,9521,431
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54Financial guarantees16,89880921801166673103187624901197
55Assets under management103156,90812,8581,9940788448615301913,7192,047078863
56Of which debt securities 71,0628,627912037367520200119,147931037378
57Of which equity instruments 63,3204,0611,04004046232832084,3891,072040470










103 The assets under management taken into account in this template covers the whole Group.
LogoSantanderPie_76.jpg Annual report 2024    147
1. Assets for the calculation of GAR (Capex) - 2023
Million EUR2023
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Total [gross] carrying amount Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
GAR - Covered assets in both numerator and denominator
1Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation661,433465,89233,41629,1156,9751,64060705465,95333,42229,1156,9751,645
2Financial undertakings28,1567,54451001134940007,548510011349
3Credit institutions22,5176,241300240006,2453002
4Loans and advances20,2575,232300240005,2363002
5Debt securities, including UoP2,2611,009000000001,0090000
6Equity instruments000000000000
7Other financial corporations5,6391,30350701034700001,303507010347
8of which investment firms1,98743834900307000043834900307
9Loans and advances1,45513849007000013849007
10Debt securities, including UoP31330030000300000030030000300
11Equity instruments21900000000000
12of which management companies14110211011000010211011
13Loans and advances14110211011000010211011
14Debt securities, including UoP000000000000000
15Equity instruments000000000000
16of which insurance undertakings1,892318000000003180000
17Loans and advances1,892318000000003180000
18Debt securities, including UoP000000000000000
19Equity instruments000000000000
20Non-financial undertakings25,91010,9013,79103951,2915670510,9573,79803951,296
21Loans and advances24,34710,3673,31503951,0634970510,4163,32203951,068
22Debt securities, including UoP1,56353447600228700054147600228
23Equity instruments000000000000
24Households607,245447,32629,11529,1156,56900000447,32629,11529,1156,5690
25of which loans collateralised by residential immovable property366,626356,97922,54522,545000000356,97922,54522,54500
26of which building renovation loans528528000000005280000
27of which motor vehicle loans89,82089,8206,5696,5696,569089,8206,5696,5696,5690
LogoSantanderPie_76.jpg Annual report 2024    148
Million EUR2023
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Total [gross] carrying amount Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
28Local governments financing122122000000001220000
29Housing financing757500000000750000
30Other local government financing464600000000460000
31Collateral obtained by taking possession: residential and commercial immovable properties 5,59500000000000000
32Assets excluded from the numerator for GAR calculation (covered in the denominator)621,27100000000000000
33Financial and Non-financial undertakings478,101
34SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations141,389
35Loans and advances139,095
36of which loans collateralised by commercial immovable property22,909
37of which building renovation loans141
38Debt securities2,140
39Equity instruments155
40Non-EU country counterparties not subject to NFRD disclosure obligations296,567
41Loans and advances272,256
42Debt securities21,525
43Equity instruments2,787
44Derivatives5,421
45On demand interbank loans11,911
46Cash and cash-related assets8,621
47Other categories of assets (e.g. Goodwill, commodities etc.)117,217
48Total GAR assets1,288,300465,89233,41629,1156,9751,64060705465,95333,42229,1156,9751,645
49Assets not covered for GAR calculation545,242
50Central governments and Supranational issuers137,606
51Central banks exposure230,835
LogoSantanderPie_76.jpg Annual report 2024    149
Million EUR2023
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Total [gross] carrying amount Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
52Trading book176,800
53Total assets1,833,542465,89233,41629,1156,9751,64060705465,95333,42229,1156,9751,645
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54Financial guarantees15,573644285041522600066928604152
55Assets under management137,5314,9791,550077665360005,0151,550077665
56Of which debt securities 39,8363,61383702644070003,621837026440
57Of which equity instruments 43,1581,365713052225290001,394713052225
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1. Assets for the calculation of GAR (Turnover) - 2023
Million EUR2023
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Total [gross] carrying amountOf which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
GAR - Covered assets in both numerator and denominator
1Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation661,433464,20131,14229,1156,834799474908464,67531,15129,1156,834807
2Financial undertakings28,1567,899310042083730008,27231004208
3Credit institutions22,5176,8921000150006,9071000
4Loans and advances20,2575,8831000150005,8981000
5Debt securities, including UoP2,2611,009000000001,0090000
6Equity instruments000000000000
7Other financial corporations5,6391,006309042083580001,36530904208
8of which investment firms1,987280172001554100032117200155
9Loans and advances1,455127190024100016819002
10Debt securities, including UoP31315315300153000015315300153
11Equity instruments21900000000000
12of which management companies141991700000009917000
13Loans and advances141991700000009917000
14Debt securities, including UoP000000000000000
15Equity instruments000000000000
16of which insurance undertakings1,89231700003170006340000
17Loans and advances1,89231700003170006340000
18Debt securities, including UoP000000000000000
19Equity instruments000000000000
20Non-financial undertakings25,9108,8551,71802605911019078,9551,7270260598
21Loans and advances24,3478,6171,5090258552839078,7001,5180258560
22Debt securities, including UoP1,5632372080239180002552080239
23Equity instruments000000000000
24Households607,245447,32629,11529,1156,56900000447,32629,11529,1156,5690
25of which loans collateralised by residential immovable property366,626356,97922,54522,545000000356,97922,54522,54500
26of which building renovation loans528528000000005280000
27of which motor vehicle loans89,82089,8206,5696,5696,569089,8206,5696,5696,5690
28Local governments financing122122000000001220000
29Housing financing757500000000750000
LogoSantanderPie_76.jpg Annual report 2024    151
Million EUR2023
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Total [gross] carrying amountOf which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
30Other local government financing464600000000460000
31Collateral obtained by taking possession: residential and commercial immovable properties 5,59500000000000000
32Assets excluded from the numerator for GAR calculation (covered in the denominator)621,27100000000000000
33Financial and Non-financial undertakings478,101
34SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations141,389
35Loans and advances139,095
36of which loans collateralised by commercial immovable property22,909
37of which building renovation loans141
38Debt securities2,140
39Equity instruments155
40Non-EU country counterparties not subject to NFRD disclosure obligations296,567
41Loans and advances272,256
42Debt securities21,525
43Equity instruments2,787
44Derivatives5,421
45On demand interbank loans11,911
46Cash and cash-related assets8,621
47Other categories of assets (e.g. Goodwill, commodities etc.)117,217
48Total GAR assets1,288,300464,20131,14229,1156,834799474908464,67531,15129,1156,834807
49Assets not covered for GAR calculation545,242
50Central governments and Supranational issuers137,606
51Central banks exposure230,835
52Trading book176,800
53Total assets1,833,542464,20131,14229,1156,834799474908464,67531,15129,1156,834807
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54Financial guarantees15,573494142039860005001420399
55Assets under management137,5314,3028250574314064044,708829057435
LogoSantanderPie_76.jpg Annual report 2024    152
Million EUR2023
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Total [gross] carrying amountOf which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
56Of which debt securities 39,8363,3084450112692330003,541446011269
57Of which equity instruments 43,1589933800461621733031,167384046165
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2. GAR sector information (Capex)
Breakdown by sector - NACE 4 digits level
(code and label)		2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Non-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRDNon-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRDNon-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRD
[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount
Mn EUROf which environmentally sustainable (CCM)Mn EUROf which environmentally sustainable (CCM)Mn EUROf which environmentally sustainable (CCA)Mn EUROf which environmentally sustainable (CCA)Mn EUROf which environmentally sustainable (CCM+CCA)Mn EUROf which environmentally sustainable (CCM+CCA)
1A Agriculture, forestry and fishing25000250
2B610 - Extraction of crude petroleum6753006753
3B910 - Support activities for petroleum and natural gas extraction35426110354261
4B Mining and quarrying50400514
5C2410 - Manufacture of basic iron and steel and of ferro-alloys6155006155
6C2511 - Manufacture of metal structures and parts of structures12112000121120
7C2732 - Manufacture of other electronic and electric wires and cables129980012998
8C2733 - Manufacture of wiring devices6655006655
9C2910 - Manufacture of motor vehicles44314700443147
10C3020 - Manufacture of railway locomotives and rolling stock134340013434
11C3030 - Manufacture of air and spacecraft and related machinery60000600
12C Manufacturing62227833625281
13D3511 - Production of electricity97172600972726
14D3513 - Distribution of electricity40036200400362
15D3514 - Trade of electricity47132800471328
16D3521 - Manufacture of gas136460013646
17D Electricity, gas, steam and air conditioning supply9238009238
18E Water supply78300783
19F4110 - Development of building projects80100801
20F4211 - Construction of roads and motorways149353015235
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Breakdown by sector - NACE 4 digits level
(code and label)		2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Non-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRDNon-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRDNon-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRD
[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount
Mn EUROf which environmentally sustainable (CCM)Mn EUROf which environmentally sustainable (CCM)Mn EUROf which environmentally sustainable (CCA)Mn EUROf which environmentally sustainable (CCA)Mn EUROf which environmentally sustainable (CCM+CCA)Mn EUROf which environmentally sustainable (CCM+CCA)
21F4299 - Construction of other civil engineering projects n.e.c.8810209010
22F4312 - Site preparation3902003902
23F Construction162381016438
24G4511 - Sale of cars and light motor vehicles551810055281
25G4519 - Sale of other motor vehicles101230010123
26G4641 - Wholesale of textiles58000580
27G4711 - Retail sale in non-specialised stores with food, beverages or tobacco predominating132110013211
28G4778 - Other retail sale of new goods in specialised stores1031001031
29G Wholesale and retail trade403698041269
30H4950 - Transport via pipeline14813400148134
31H5210 - Warehousing and storage83000830
32H5221 - Service activities incidental to land transportation2677002677
33H Transport and storage158300015930
34I5510 - Hotels and similar accommodation1820001820
35I Accommodation and food service activities50000500
36J6120 - Wireless telecommunications activities3483031137931
37J6399 - Other information service activities n.e.c.4720004720
38J Information and communication160122216314
39L6810 - Buying and selling of own real estate140737014873
40L6820 - Renting and operating of own or leased real estate1750001751
41L Real estate activities22000220
42M7010 - Activities of head offices92955488937562
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Breakdown by sector - NACE 4 digits level
(code and label)		2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Non-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRDNon-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRDNon-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRD
[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount
Mn EUROf which environmentally sustainable (CCM)Mn EUROf which environmentally sustainable (CCM)Mn EUROf which environmentally sustainable (CCA)Mn EUROf which environmentally sustainable (CCA)Mn EUROf which environmentally sustainable (CCM+CCA)Mn EUROf which environmentally sustainable (CCM+CCA)
43M7490 - Other professional, scientific and technical activities n.e.c.196883019988
44M Professional, scientific and technical activities156691015769
45N7711 - Renting and leasing of cars and light motor vehicles72311900723119
46N8211 - Combined office administrative service activities8430008430
47N8299 - Other business support service activities n.e.c.230900023090
48N Administrative and support service activities1050001050
49O Public administration and defence, compulsory social security000000
50P Education18000180
51Q Human health services and social work activities14200142
52R Arts, entertainment and recreation20000200
53S9609 - Other personal service activities n.e.c.8319008319
54S Other services27511110276111
1. Exposures in the banking book towards those sectors covered by the Taxonomy (NACE sectors 4 levels of detail), using the relevant NACE Codes on the basis of the principal activity of the counterparty. A threshold above 0.5% of the eligible exposure has been set for reporting NACE at level 4. All other NACEs outside this threshold are reported at level 1.
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2. GAR sector information (Turnover)
Breakdown by sector - NACE 4 digits level
(code and label)		2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Non-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRDNon-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRDNon-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRD
[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount
Mn EUROf which environmentally sustainable (CCM)Mn EUROf which environmentally sustainable (CCM)Mn EUROf which environmentally sustainable (CCA)Mn EUROf which environmentally sustainable (CCA)Mn EUROf which environmentally sustainable (CCM+CCA)Mn EUROf which environmentally sustainable (CCM+CCA)
1A Agriculture, forestry and fishing25000250
2B910 - Support activities for petroleum and natural gas extraction186761018776
3B Mining and quarrying46600466
4C2351 - Manufacture of cement67100671
5C2410 - Manufacture of basic iron and steel and of ferro-alloys88300883
6C2442 - Aluminium production138350013835
7C2511 - Manufacture of metal structures and parts of structures1500001500
8C2732 - Manufacture of other electronic and electric wires and cables100440010044
9C2910 - Manufacture of motor vehicles432360043236
10C3011 - Building of ships and floating structures6816006816
11C3020 - Manufacture of railway locomotives and rolling stock134370013437
12C3030 - Manufacture of air and spacecraft and related machinery73000730
13C3313 - Repair of electronic and optical equipment49000490
14C Manufacturing318600031860
15D3511 - Production of electricity61334820615348
16D3513 - Distribution of electricity23616500236165
17D3514 - Trade of electricity23516300235163
18D3521 - Manufacture of gas99500995
19D Electricity, gas, steam and air conditioning supply5219005219
20E3600 - Water collection, treatment and supply51000510
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Breakdown by sector - NACE 4 digits level
(code and label)		2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Non-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRDNon-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRDNon-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRD
[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount
Mn EUROf which environmentally sustainable (CCM)Mn EUROf which environmentally sustainable (CCM)Mn EUROf which environmentally sustainable (CCA)Mn EUROf which environmentally sustainable (CCA)Mn EUROf which environmentally sustainable (CCM+CCA)Mn EUROf which environmentally sustainable (CCM+CCA)
21E Water supply28410294
22F4110 - Development of building projects81200812
23F4120 - Construction of residential and non-residential buildings5111005111
24F4211 - Construction of roads and motorways175718018371
25F4299 - Construction of other civil engineering projects n.e.c.9319409719
26F4312 - Site preparation3740103740
27F Construction111336011733
28G4511 - Sale of cars and light motor vehicles272240027224
29G4519 - Sale of other motor vehicles9911009911
30G4614 - Agents involved in the sale of machinery, industrial equipment, ships and aircraft63000630
31G Wholesale and retail trade174160017416
32H4950 - Transport via pipeline5036005036
33H5210 - Warehousing and storage83000830
34H5221 - Service activities incidental to land transportation265100026510
35H Transport and storage1247001247
36I5510 - Hotels and similar accommodation1670001670
37I Accommodation and food service activities41000410
38J6120 - Wireless telecommunications activities4539020347393
39J6399 - Other information service activities n.e.c.4720004720
40J Information and communication13831231507
41L6810 - Buying and selling of own real estate158610015861
42L6820 - Renting and operating of own or leased real estate1850441894
43L Real estate activities22000220
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Breakdown by sector - NACE 4 digits level
(code and label)		2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Non-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRDNon-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRDNon-Financial corporates (Subject to NFRD)SMEs and other NFC not subject to NFRD
[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount[Gross] carrying amount
Mn EUROf which environmentally sustainable (CCM)Mn EUROf which environmentally sustainable (CCM)Mn EUROf which environmentally sustainable (CCA)Mn EUROf which environmentally sustainable (CCA)Mn EUROf which environmentally sustainable (CCM+CCA)Mn EUROf which environmentally sustainable (CCM+CCA)
44M7010 - Activities of head offices76717943772183
45M7112 - Engineering activities and related technical consultancy6729106829
46M7490 - Other professional, scientific and technical activities n.e.c.145624014962
47M Professional, scientific and technical activities5927646531
48N7711 - Renting and leasing of cars and light motor vehicles716410071641
49N7712 - Renting and leasing of trucks49000490
50N8211 - Combined office administrative service activities58400584
51N8299 - Other business support service activities n.e.c.196650019665
52N Administrative and support service activities79000790
53O Public administration and defence, compulsory social security000000
54P Education18000180
55Q Human health services and social work activities13100131
56R Arts, entertainment and recreation15000150
57S9609 - Other personal service activities n.e.c.70300703
58S Other services210442221246

1. Exposures in the banking book towards those sectors covered by the Taxonomy (NACE sectors 4 levels of detail), using the relevant NACE Codes on the basis of the principal activity of the counterparty. A threshold above 0.5% of the eligible exposure has been set for reporting NACE at level 4. All other NACEs outside this threshold are reported at level 1.
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3. GAR KPI stock (Capex) - 2024
% (compared to total covered assets in the denominator)2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Proportion of total assets covered
Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
GAR - Covered assets in both numerator and denominator
1Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation67.3 %6.4 %5.6 %1.4 %0.3 %0.0 %0.0 %0.0 %0.0 %67.3 %6.4 %5.6 %1.4 %0.3 %35.5 %
2Financial undertakings 22.3 %6.3 %0.0 %0.1 %1.7 %0.1 %0.0 %0.0 %0.0 %22.4 %6.3 %0.0 %0.1 %1.7 %1.4 %
3Credit institutions18.3 %1.7 %0.0 %0.0 %0.1 %0.1 %0.0 %0.0 %0.0 %18.4 %1.7 %0.0 %0.0 %0.1 %1.0 %
4Loans and advances18.4 %1.7 %0.0 %0.0 %0.1 %0.1 %0.0 %0.0 %0.0 %18.4 %1.7 %0.0 %0.0 %0.1 %0.9 %
5Debt securities, including UoP17.3 %1.4 %0.0 %0.0 %0.0 %1.0 %0.0 %0.0 %0.0 %18.2 %1.4 %0.0 %0.0 %0.0 %0.1 %
6Equity instruments30.9 %3.4 %0.0 %0.0 %0.1 %0.0 %0.0 %31.0 %3.5 %0.0 %0.0 %0.0 %
7Other financial corporations32.3 %17.6 %0.0 %0.4 %5.7 %0.0 %0.0 %0.0 %0.0 %32.4 %17.6 %0.0 %0.4 %5.7 %0.4 %
8of which investment firms42.4 %38.2 %0.0 %0.0 %10.1 %0.0 %0.0 %0.0 %0.0 %42.4 %38.2 %0.0 %0.0 %10.1 %0.1 %
9Loans and advances29.7 %24.7 %0.0 %0.0 %7.6 %0.0 %0.0 %0.0 %0.0 %29.7 %24.7 %0.0 %0.0 %7.6 %0.1 %
10Debt securities, including UoP85.5 %84.0 %0.0 %0.0 %18.7 %0.0 %0.0 %0.0 %0.0 %85.5 %84.0 %0.0 %0.0 %18.7 %0.0 %
11Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
12of which management companies39.3 %3.0 %0.0 %0.0 %1.9 %0.0 %0.0 %0.0 %0.0 %39.3 %3.0 %0.0 %0.0 %1.9 %0.0 %
13Loans and advances34.6 %1.7 %0.0 %0.0 %1.6 %0.0 %0.0 %0.0 %0.0 %34.6 %1.7 %0.0 %0.0 %1.6 %0.0 %
14Debt securities, including UoP50.7 %5.7 %0.0 %0.0 %2.6 %0.0 %0.0 %0.0 %0.0 %50.7 %5.7 %0.0 %0.0 %2.6 %0.0 %
15Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
16of which insurance undertakings12.0 %0.5 %0.0 %0.0 %0.0 %0.1 %0.0 %0.0 %0.0 %12.1 %0.5 %0.0 %0.0 %0.0 %0.1 %
17Loans and advances12.7 %0.5 %0.0 %0.0 %0.0 %0.1 %0.0 %0.0 %0.0 %12.8 %0.5 %0.0 %0.0 %0.0 %0.1 %
18Debt securities, including UoP0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
19Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
20Non-financial undertakings40.9 %15.0 %0.0 %2.3 %6.3 %0.3 %0.1 %0.0 %0.0 %41.1 %15.1 %0.0 %2.3 %6.3 %1.5 %
21Loans and advances41.5 %14.5 %0.0 %2.5 %5.7 %0.2 %0.0 %0.0 %0.0 %41.7 %14.6 %0.0 %2.5 %5.7 %1.4 %
22Debt securities, including UoP32.8 %22.2 %0.0 %0.1 %13.9 %0.4 %0.4 %0.0 %0.0 %33.2 %22.7 %0.0 %0.1 %13.9 %0.1 %
23Equity instruments9.6 %9.5 %0.0 %4.6 %0.0 %0.0 %0.0 %9.6 %9.5 %0.0 %4.6 %0.0 %
24Households70.4 %6.1 %6.1 %1.4 %0.0 %0.0 %0.0 %0.0 %0.0 %70.4 %6.1 %6.1 %1.4 %0.0 %32.6 %
25of which loans collateralised by residential immovable property91.3 %7.8 %7.8 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %91.3 %7.8 %7.8 %0.0 %0.0 %19.4 %
26of which building renovation loans100.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %100.0 %0.0 %0.0 %0.0 %0.0 %0.1 %
27of which motor vehicle loans100.0 %9.2 %9.2 %9.2 %0.0 %
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% (compared to total covered assets in the denominator)2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Proportion of total assets covered
Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
28Local governments financing83.4 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %83.4 %0.0 %0.0 %0.0 %0.0 %0.1 %
29Housing financing99.1 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %99.1 %0.0 %0.0 %0.0 %0.0 %0.0 %
30Other local government financing81.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %81.0 %0.0 %0.0 %0.0 %0.0 %0.1 %
31Collateral obtained by taking possession: residential and commercial immovable properties 0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.3 %
32Total GAR assets34.2 %3.3 %2.8 %0.7 %0.2 %0.0 %0.0 %0.0 %0.0 %34.2 %3.3 %2.8 %0.7 %0.2 %69.8 %
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3. GAR KPI stock (Turnover) - 2024
% (compared to total covered assets in the denominator)2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Proportion of total assets covered
Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
GAR - Covered assets in both numerator and denominator
1Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation66.8 %6.0 %5.6 %1.3 %0.2 %0.1 %0.0 %0.0 %0.0 %66.9 %6.0 %5.6 %1.3 %0.2 %35.5 %
2Financial undertakings 19.3 %3.0 %0.0 %0.0 %1.1 %1.1 %0.1 %0.0 %0.0 %20.4 %3.1 %0.0 %0.0 %1.1 %1.4 %
3Credit institutions17.9 %1.5 %0.0 %0.0 %0.0 %0.1 %0.0 %0.0 %0.0 %18.1 %1.5 %0.0 %0.0 %0.0 %1.0 %
4Loans and advances18.0 %1.5 %0.0 %0.0 %0.0 %0.1 %0.0 %0.0 %0.0 %18.0 %1.6 %0.0 %0.0 %0.0 %0.9 %
5Debt securities, including UoP17.4 %1.4 %0.0 %0.0 %0.0 %1.0 %0.0 %0.0 %0.0 %18.4 %1.4 %0.0 %0.0 %0.0 %0.1 %
6Equity instruments31.0 %3.2 %0.0 %0.0 %0.1 %0.0 %0.0 %31.1 %3.3 %0.0 %0.0 %0.0 %
7Other financial corporations22.6 %6.8 %0.0 %0.0 %3.7 %3.6 %0.3 %0.0 %0.0 %26.2 %7.0 %0.0 %0.0 %3.8 %0.4 %
8of which investment firms17.1 %11.4 %0.0 %0.0 %6.1 %1.9 %0.2 %0.0 %0.1 %18.9 %11.6 %0.0 %0.0 %6.2 %0.1 %
9Loans and advances9.8 %3.8 %0.0 %0.0 %2.7 %2.4 %0.3 %0.0 %0.1 %12.2 %4.1 %0.0 %0.0 %2.7 %0.1 %
10Debt securities, including UoP41.7 %37.4 %0.0 %0.0 %18.0 %0.0 %0.0 %0.0 %0.0 %41.7 %37.4 %0.0 %0.0 %18.0 %0.0 %
11Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
12of which management companies47.1 %2.4 %0.0 %0.0 %1.5 %0.2 %0.0 %0.0 %0.0 %47.3 %2.4 %0.0 %0.0 %1.5 %0.0 %
13Loans and advances68.4 %3.4 %0.0 %0.0 %2.1 %0.3 %0.0 %0.0 %0.0 %68.7 %3.4 %0.0 %0.0 %2.1 %0.0 %
14Debt securities, including UoP1.5 %0.2 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %1.5 %0.2 %0.0 %0.0 %0.0 %0.0 %
15Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
16of which insurance undertakings11.9 %0.3 %0.0 %0.0 %0.0 %10.7 %0.7 %0.0 %0.0 %22.6 %1.1 %0.0 %0.0 %0.0 %0.1 %
17Loans and advances12.6 %0.4 %0.0 %0.0 %0.0 %11.3 %0.8 %0.0 %0.0 %23.9 %1.1 %0.0 %0.0 %0.0 %0.1 %
18Debt securities, including UoP0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
19Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
20Non-financial undertakings32.9 %6.6 %0.0 %0.4 %4.0 %0.3 %0.1 %0.0 %0.1 %33.2 %6.7 %0.0 %0.4 %4.1 %1.5 %
21Loans and advances34.2 %6.3 %0.0 %0.4 %3.6 %0.3 %0.1 %0.0 %0.1 %34.5 %6.3 %0.0 %0.4 %3.6 %1.4 %
22Debt securities, including UoP15.2 %11.7 %0.0 %0.0 %10.4 %0.3 %0.2 %0.0 %0.0 %15.6 %11.9 %0.0 %0.0 %10.4 %0.1 %
23Equity instruments6.0 %4.3 %0.0 %3.0 %0.0 %0.0 %0.0 %6.0 %4.3 %0.0 %3.0 %0.0 %
24Households70.4 %6.1 %6.1 %1.4 %0.0 %0.0 %0.0 %0.0 %0.0 %70.4 %6.1 %6.1 %1.4 %0.0 %32.6 %
25of which loans collateralised by residential immovable property91.3 %7.8 %7.8 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %91.3 %7.8 %7.8 %0.0 %0.0 %19.4 %
26of which building renovation loans100.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %100.0 %0.0 %0.0 %0.0 %0.0 %0.1 %
27of which motor vehicle loans100.0 %9.2 %9.2 %9.2 %0.0 %
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% (compared to total covered assets in the denominator)2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Proportion of total assets covered
Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
28Local governments financing83.4 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %83.4 %0.0 %0.0 %0.0 %0.0 %0.1 %
29Housing financing99.1 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %99.1 %0.0 %0.0 %0.0 %0.0 %0.0 %
30Other local government financing81.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %81.0 %0.0 %0.0 %0.0 %0.0 %0.1 %
31Collateral obtained by taking possession: residential and commercial immovable properties 0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.3 %
32Total GAR assets34.0 %3.0 %2.8 %0.7 %0.1 %0.0 %0.0 %0.0 %0.0 %34.0 %3.0 %2.8 %0.7 %0.1 %69.8 %
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3. GAR KPI stock (Capex) - 2023
% (compared to total covered assets in the denominator)2023
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Proportion of total assets covered
Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
GAR - Covered assets in both numerator and denominator
1Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation70.45.14.41.10.20.00.00.00.070.45.14.41.10.236.1
2Financial undertakings 26.81.80.00.01.20.00.00.00.026.81.80.00.01.21.5
3Credit institutions27.70.00.00.00.00.00.00.00.027.70.00.00.00.01.2
4Loans and advances25.80.00.00.00.00.00.00.00.025.80.00.00.00.01.1
5Debt securities, including UoP44.60.00.00.00.00.00.00.00.044.60.00.00.00.00.1
6Equity instruments0.00.00.00.00.00.00.00.00.00.00.00.0
7Other financial corporations23.19.00.00.26.20.00.00.00.023.19.00.00.26.20.3
8of which investment firms22.017.60.00.015.40.00.00.00.022.017.60.00.015.40.1
9Loans and advances9.53.40.00.00.50.00.00.00.09.53.40.00.00.50.1
10Debt securities, including UoP96.096.00.00.096.00.00.00.00.096.096.00.00.096.00.0
11Equity instruments0.00.00.00.00.00.00.00.00.00.00.00.0
12of which management companies72.07.70.00.90.50.00.00.00.072.07.70.00.90.50.0
13Loans and advances72.07.70.00.90.50.00.00.00.072.07.70.00.90.50.0
14Debt securities, including UoP0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
15Equity instruments0.00.00.00.00.00.00.00.00.00.00.00.0
16of which insurance undertakings16.80.00.00.00.00.00.00.00.016.80.00.00.00.00.1
17Loans and advances16.80.00.00.00.00.00.00.00.016.80.00.00.00.00.1
18Debt securities, including UoP0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
19Equity instruments0.00.00.00.00.00.00.00.00.00.00.00.0
20Non-financial undertakings42.114.60.01.55.00.20.00.00.042.314.70.01.55.01.4
21Loans and advances42.613.60.01.64.40.20.00.00.042.813.60.01.64.41.3
22Debt securities, including UoP34.230.40.00.014.60.40.00.00.034.630.40.00.014.60.1
23Equity instruments0.00.00.00.00.00.00.00.00.00.00.00.0
24Households73.74.84.81.10.00.00.00.00.073.74.84.81.10.033.1
25of which loans collateralised by residential immovable property97.46.16.10.00.00.00.00.00.097.46.16.10.00.020.0
26of which building renovation loans100.00.00.00.00.00.00.00.00.0100.00.00.00.00.00.0
27of which motor vehicle loans100.07.37.37.30.0100.07.37.37.30.04.9
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% (compared to total covered assets in the denominator)2023
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Proportion of total assets covered
Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
28Local governments financing100.00.00.00.00.00.00.00.00.0100.00.00.00.00.00.0
29Housing financing100.00.00.00.00.00.00.00.00.0100.00.00.00.00.00.0
30Other local government financing100.00.00.00.00.00.00.00.00.0100.00.00.00.00.00.0
31Collateral obtained by taking possession: residential and commercial immovable properties 0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.3
32Total GAR assets36.22.62.30.50.10.00.00.00.036.22.62.30.50.170.3
LogoSantanderPie_76.jpg Annual report 2024    165
3. GAR KPI stock (Turnover) - 2023
% (compared to total covered assets in the denominator)2023
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Proportion of total assets covered
Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
GAR - Covered assets in both numerator and denominator
1Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation70.24.74.410.10.100070.34.74.410.136.1
2Financial undertakings 28.11.1000.71.300029.41.1000.71.5
3Credit institutions30.600000.100030.700001.2
4Loans and advances2900000.100029.100001.1
5Debt securities, including UoP44.60000000044.600000.1
6Equity instruments000000000000
7Other financial corporations17.85.500.13.76.400024.25.500.13.70.3
8of which investment firms14.18.7007.82.100016.18.7007.80.1
9Loans and advances8.71.3000.12.800011.51.3000.10.1
10Debt securities, including UoP494900490000494900490
11Equity instruments000000000000
12of which management companies70.212000000070.2120000
13Loans and advances70.212000000070.2120000
14Debt securities, including UoP000000000000000
15Equity instruments000000000000
16of which insurance undertakings16.7000016.800033.500000.1
17Loans and advances16.7000016.800033.500000.1
18Debt securities, including UoP000000000000000
19Equity instruments000000000000
20Non-financial undertakings34.26.6012.30.400034.66.7012.31.4
21Loans and advances35.46.201.12.30.300035.76.201.12.31.3
22Debt securities, including UoP15.213.300.22.51.200016.313.300.22.50.1
23Equity instruments000000000000
24Households73.74.84.81.10000073.74.84.81.1033.1
25of which loans collateralised by residential immovable property97.46.16.100000097.46.16.10020
26of which building renovation loans1000000000010000000
27of which motor vehicle loans1007.37.37.301007.37.37.304.9
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% (compared to total covered assets in the denominator)2023
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Proportion of total assets covered
Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
28Local governments financing1000000000010000000
29Housing financing1000000000010000000
30Other local government financing1000000000010000000
31Collateral obtained by taking possession: residential and commercial immovable properties 000000000000000.3
32Total GAR assets362.42.30.50.1000036.12.42.30.50.170.3











LogoSantanderPie_76.jpg Annual report 2024    167
4. GAR KPI flow (Capex)
% (compared to total covered assets in the denominator)2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Proportion of total new assets covered
Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
GAR - Covered assets in both numerator and denominator
1Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation58.1 %8.8 %5.5 %4.2 %1.3 %0.0 %0.0 %0.0 %0.0 %58.2 %8.8 %5.5 %4.2 %1.3 %25.0 %
2Financial undertakings 25.5 %10.2 %0.0 %0.2 %2.6 %0.2 %0.0 %0.0 %0.0 %25.7 %10.2 %0.0 %0.2 %2.6 %2.0 %
3Credit institutions17.8 %1.8 %0.0 %0.0 %0.1 %0.2 %0.0 %0.0 %0.0 %18.0 %1.8 %0.0 %0.0 %0.1 %2.0 %
4Loans and advances17.5 %1.8 %0.0 %0.0 %0.1 %0.0 %0.0 %0.0 %0.0 %17.5 %1.8 %0.0 %0.0 %0.1 %2.0 %
5Debt securities, including UoP27.2 %2.5 %0.0 %0.0 %0.0 %5.3 %0.0 %0.0 %0.0 %32.5 %2.5 %0.0 %0.0 %0.0 %0.0 %
6Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
7Other financial corporations57.3 %44.6 %0.0 %1.2 %13.2 %0.0 %0.0 %0.0 %0.0 %57.3 %44.6 %0.0 %1.2 %13.2 %0.0 %
8of which investment firms92.7 %91.2 %0.0 %0.0 %21.2 %0.0 %0.0 %0.0 %0.0 %92.7 %91.2 %0.0 %0.0 %21.2 %0.0 %
9Loans and advances71.1 %66.5 %0.0 %0.0 %20.3 %0.0 %0.0 %0.0 %0.0 %71.1 %66.5 %0.0 %0.0 %20.3 %0.0 %
10Debt securities, including UoP97.3 %96.4 %0.0 %0.0 %21.4 %0.0 %0.0 %0.0 %0.0 %97.3 %96.4 %0.0 %0.0 %21.4 %0.0 %
11Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
12of which management companies54.5 %7.7 %0.0 %0.0 %4.9 %0.0 %0.0 %0.0 %0.0 %54.5 %7.7 %0.0 %0.0 %4.9 %0.0 %
13Loans and advances70.3 %15.7 %0.0 %0.0 %14.1 %0.1 %0.0 %0.0 %0.0 %70.4 %15.7 %0.0 %0.0 %14.1 %0.0 %
14Debt securities, including UoP50.7 %5.7 %0.0 %0.0 %2.6 %0.0 %0.0 %0.0 %0.0 %50.7 %5.7 %0.0 %0.0 %2.6 %0.0 %
15Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
16of which insurance undertakings0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
17Loans and advances0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
18Debt securities, including UoP0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
19Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
20Non-financial undertakings37.9 %20.5 %0.0 %3.9 %9.0 %0.2 %0.1 %0.0 %0.0 %38.1 %20.6 %0.0 %3.9 %9.1 %3.0 %
21Loans and advances38.2 %19.8 %0.0 %4.3 %8.2 %0.2 %0.0 %0.0 %0.0 %38.4 %19.9 %0.0 %4.3 %8.2 %3.0 %
22Debt securities, including UoP35.3 %26.9 %0.0 %0.0 %17.2 %0.6 %0.6 %0.0 %0.1 %36.0 %27.5 %0.0 %0.0 %17.3 %0.0 %
23Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
24Households64.4 %6.9 %6.9 %4.7 %0.0 %0.0 %0.0 %0.0 %0.0 %64.4 %6.9 %6.9 %4.7 %0.0 %20.0 %
25of which loans collateralised by residential immovable property93.1 %6.1 %6.1 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %93.1 %6.1 %6.1 %0.0 %0.0 %7.0 %
26of which building renovation loans100.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %100.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
27of which motor vehicle loans100.0 %15.4 %15.4 %15.4 %0.0 %100.0 %15.4 %15.4 %15.4 %0.0 %6.0 %
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% (compared to total covered assets in the denominator)2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Proportion of total new assets covered
Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
28Local governments financing97.7 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %97.7 %0.0 %0.0 %0.0 %0.0 %0.0 %
29Housing financing94.4 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %94.4 %0.0 %0.0 %0.0 %0.0 %0.0 %
30Other local government financing98.1 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %98.1 %0.0 %0.0 %0.0 %0.0 %0.0 %
31Collateral obtained by taking possession: residential and commercial immovable properties 0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
32Total GAR assets22.2 %3.3 %2.1 %1.6 %0.5 %0.0 %0.0 %0.0 %0.0 %22.2 %3.3 %2.1 %1.6 %0.5 %65.9 %
LogoSantanderPie_76.jpg Annual report 2024    169
4. GAR KPI flow (Turnover)
% (compared to total covered assets in the denominator)2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Proportion of total new assets covered
Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
GAR - Covered assets in both numerator and denominator
1Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation56.6 %6.9 %5.5 %3.8 %0.8 %0.0 %0.0 %0.0 %0.0 %56.7 %6.9 %5.5 %3.8 %0.8 %25.0 %
2Financial undertakings 21.2 %5.3 %0.0 %0.0 %2.1 %0.2 %0.0 %0.0 %0.0 %21.4 %5.3 %0.0 %0.0 %2.1 %2.0 %
3Credit institutions18.4 %2.0 %0.0 %0.0 %0.0 %0.2 %0.0 %0.0 %0.0 %18.6 %2.0 %0.0 %0.0 %0.0 %2.0 %
4Loans and advances18.1 %1.9 %0.0 %0.0 %0.0 %0.1 %0.0 %0.0 %0.0 %18.1 %2.0 %0.0 %0.0 %0.0 %2.0 %
5Debt securities, including UoP27.2 %2.5 %0.0 %0.0 %0.0 %5.3 %0.0 %0.0 %0.0 %32.5 %2.5 %0.0 %0.0 %0.0 %0.0 %
6Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
7Other financial corporations33.0 %18.9 %0.0 %0.1 %10.6 %0.1 %0.0 %0.0 %0.0 %33.1 %18.9 %0.0 %0.1 %10.6 %0.0 %
8of which investment firms42.5 %37.2 %0.0 %0.0 %18.3 %0.0 %0.0 %0.0 %0.0 %42.5 %37.2 %0.0 %0.0 %18.3 %0.0 %
9Loans and advances20.8 %10.0 %0.0 %0.0 %7.0 %0.0 %0.0 %0.0 %0.0 %20.8 %10.0 %0.0 %0.0 %7.0 %0.0 %
10Debt securities, including UoP47.1 %43.0 %0.0 %0.0 %20.7 %0.0 %0.0 %0.0 %0.0 %47.1 %43.0 %0.0 %0.0 %20.7 %0.0 %
11Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
12of which management companies18.0 %6.1 %0.0 %0.0 %3.8 %0.5 %0.0 %0.0 %0.0 %18.5 %6.1 %0.0 %0.0 %3.8 %0.0 %
13Loans and advances85.3 %30.1 %0.0 %0.2 %19.2 %2.4 %0.0 %0.0 %0.0 %87.6 %30.1 %0.0 %0.2 %19.2 %0.0 %
14Debt securities, including UoP1.5 %0.2 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %1.5 %0.2 %0.0 %0.0 %0.0 %0.0 %
15Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
16of which insurance undertakings0.0 %0.0 %0.0 %0.0 %0.0 %0.1 %0.0 %0.0 %0.0 %0.1 %0.0 %0.0 %0.0 %0.0 %0.0 %
17Loans and advances0.0 %0.0 %0.0 %0.0 %0.0 %0.1 %0.0 %0.0 %0.0 %0.1 %0.0 %0.0 %0.0 %0.0 %0.0 %
18Debt securities, including UoP0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
19Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
20Non-financial undertakings28.2 %8.1 %0.0 %0.6 %5.1 %0.2 %0.0 %0.0 %0.0 %28.5 %8.1 %0.0 %0.6 %5.1 %3.0 %
21Loans and advances29.7 %7.6 %0.0 %0.7 %4.3 %0.2 %0.0 %0.0 %0.0 %30.0 %7.6 %0.0 %0.7 %4.3 %3.0 %
22Debt securities, including UoP14.0 %13.0 %0.0 %0.0 %12.3 %0.5 %0.3 %0.0 %0.0 %14.5 %13.2 %0.0 %0.0 %12.3 %0.0 %
23Equity instruments0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
24Households64.4 %6.9 %6.9 %4.7 %0.0 %0.0 %0.0 %0.0 %0.0 %64.4 %6.9 %6.9 %4.7 %0.0 %20.0 %
25of which loans collateralised by residential immovable property93.1 %6.1 %6.1 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %93.1 %6.1 %6.1 %0.0 %0.0 %7.0 %
26of which building renovation loans100.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %100.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
27of which motor vehicle loans100.0 %15.4 %15.4 %15.4 %0.0 %100.0 %15.4 %15.4 %15.4 %0.0 %6.0 %
LogoSantanderPie_76.jpg Annual report 2024    170
% (compared to total covered assets in the denominator)2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Of which towards taxonomy relevant sectors (Taxonomy-eligible)Of which towards taxonomy relevant sectors
(Taxonomy-eligible)		Proportion of total new assets covered
Of which environmentally sustainable
(Taxonomy-aligned)		Of which environmentally sustainable (Taxonomy-aligned)Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
28Local governments financing97.7 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %97.7 %0.0 %0.0 %0.0 %0.0 %0.0 %
29Housing financing94.4 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %94.4 %0.0 %0.0 %0.0 %0.0 %0.0 %
30Other local government financing98.1 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %98.1 %0.0 %0.0 %0.0 %0.0 %0.0 %
31Collateral obtained by taking possession: residential and commercial immovable properties 0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %
32Total GAR assets21.6 %2.6 %2.1 %1.5 %0.3 %0.0 %0.0 %0.0 %0.0 %21.6 %2.6 %2.1 %1.5 %0.3 %65.9 %
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5. KPI off-balance sheet exposures (Capex stock)
% (compared to total eligible off-balance sheet assets)2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)Proportion of total covered assets funding taxonomy relevant sectors
(Taxonomy-aligned)		Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
1Financial guarantees (FinGuar KPI)7.6 %3.4 %0.0 %0.3 %2.3 %0.2 %0.1 %0.0 %0.0 %7.8 %3.5 %0.0 %0.3 %2.3 %
2Assets under management (AuM KPI)8.4 %2.1 %0.0 %0.1 %0.9 %0.2 %0.0 %0.0 %0.0 %8.7 %2.1 %0.0 %0.1 %0.9 %
5. KPI off-balance sheet exposures (Turnover stock)
% (compared to total eligible off-balance sheet assets)2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)Proportion of total covered assets funding taxonomy relevant sectors
(Taxonomy-aligned)		Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
1Financial guarantees (FinGuar KPI)4.8 %1.3 %0.0 %0.0 %1.0 %0.4 %0.2 %0.0 %0.2 %5.2 %1.5 %0.0 %0.0 %1.2 %
2Assets under management (AuM KPI)8.2 %1.3 %0.0 %0.0 %0.5 %0.5 %0.0 %0.0 %0.0 %8.7 %1.3 %0.0 %0.0 %0.5 %
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5. KPI off-balance sheet exposures (Capex flow)
% (compared to total eligible off-balance sheet assets)2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)Proportion of total covered assets funding taxonomy relevant sectors
(Taxonomy-aligned)		Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
1Financial guarantees (FinGuar KPI)13.4 %5.5 %0.0 %1.0 %4.0 %0.7 %0.3 %0.0 %0.0 %14.1 %5.8 %0.0 %1.0 %4.0 %
2Assets under management (AuM KPI)9.7 %2.1 %0.0 %0.1 %0.9 %0.4 %0.0 %0.0 %0.0 %10.0 %2.1 %0.0 %0.1 %0.9 %

5. KPI off-balance sheet exposures (Turnover flow)
% (compared to total eligible off-balance sheet assets)2024
Climate Change Mitigation (CCM)Climate Change Adaptation (CCA)TOTAL (CCM + CCA)
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)Proportion of total covered assets funding taxonomy relevant sectors
(Taxonomy-aligned)		Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned)
Of which Use of ProceedsOf which transitionalOf which enablingOf which Use of ProceedsOf which enablingOf which Use of ProceedsOf which transitionalOf which enabling
1Financial guarantees (FinGuar KPI)7.0 %2.5 %0.0 %0.0 %2.0 %0.1 %0.0 %0.0 %0.0 %7.1 %2.5 %0.0 %0.0 %2.0 %
2Assets under management (AuM KPI)9.1 %1.2 %0.0 %0.1 %0.5 %0.6 %0.0 %0.0 %0.0 %9.7 %1.3 %0.0 %0.1 %0.5 %
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6. The proportion of the insurance or reinsurance undertaking’s investments that are directed at funding, or are associated with, Taxonomy-aligned in relation to total investments - 2024
The weighted average value of all the investments of insurance or reinsurance undertakings that are directed at funding, or are associated with Taxonomy-aligned economic activities relative to the value of total assets covered by the KPI, with following weights for investments in undertakings per below:The weighted average value of all the investments of insurance or reinsurance undertakings that are directed at funding, or are associated with Taxonomy-aligned economic activities, with following weights for investments in undertakings per below:
Turnover-based: %1.4%Turnover-based: [EUR million]125
CapEx—based: %2.1%CapEx-based: [EUR million]177
The percentage of assets covered by the KPI relative to total investments of insurance or reinsurance undertakings (total AuM). Excluding investments in sovereign entities.
The monetary value of assets covered by the KPI. Excluding investments in sovereign entities.
Coverage ratio: %38.9%Coverage: [EUR million]8,654
Additional, complementary disclosures: breakdown of denominator of the KPI
The percentage of derivatives relative to total assets covered by the KPI.The value in EUR millions of derivatives:.
X %0.7%[EUR million]61
The proportion of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/ EU over total assets covered by the KPI: Value of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings:1.4%For non-financial undertakings: [EUR million]122
For financial undertakings:26.0%For financial undertakings: [EUR million]2,249
The proportion of exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:Value of exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings:1.7%For non-financial undertakings: [EUR million]145
For financial undertakings:1.4%For financial undertakings: [EUR million]121
The proportion of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:Value of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings:4.6%For non-financial undertakings: [EUR million]394
For financial undertakings:17.4%For financial undertakings: [EUR million]1,502
The proportion of exposures to other counterparties over total assets covered by the KPI:Value of exposures to other counterparties:
X %46.9%[EUR million]4,060
The proportion of the insurance or reinsurance undertaking’s investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned economic activities: X %The proportion of the insurance or reinsurance undertaking’s investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned economic activities:
X %80.9%[EUR million]6,999
The value of all the investments that are funding economic activities that are not Taxonomy-eligible relative to the value of total assets covered by the KPI:Value of all the investments that are funding economic activities that are not Taxonomy-eligible:
X %88.3%[EUR million]7,639
The value of all the investments that are funding taxonomy-eligible economic activities, but not taxonomy-aligned relative to the value of total assets covered by the KPI:Value of all the investments that are funding Taxonomy- eligible economic activities, but not taxonomy- aligned:
X %10.3%[EUR million]890
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Additional, complementary disclosures: breakdown of numerator of the KPI
The proportion of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:Value of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings:For non-financial undertakings:
Turnover-based: %0.5%Turnover-based: [EUR million]47
Capital expenditures-based: %0.9%Capital expenditures-based: [EUR million]74
For financial undertakings:For financial undertakings:
Turnover-based: %0.9%Turnover-based: [EUR million]78
Capital expenditures-based: %1.2%Capital expenditures-based: [EUR million]103
The proportion of the insurance or reinsurance undertaking’s investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned:Value of insurance or reinsurance undertaking’s investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned:
Turnover-based: %*Turnover-based: [EUR million]*
Capital expenditures-based: %*Capital expenditures-based: [EUR million]*
The proportion of exposures to other counterparties and assets over total assets covered by the KPI:Value of taxonomy-aligned exposures to other counterparties:
Turnover-based: %0%Turnover-based: [EUR million]0%
Capital expenditures-based: %0%Capital expenditures-based: [EUR million]0%
Breakdown of the numerator of the KPI per environmental objective
Taxonomy-aligned activities –:
(1) Climate change mitigation
Turnover: 1.4%
Transitional activities turnover: A%0.0 %
Transitional activities capex: A%0.1 %
CapEx: 2.0%
Enabling activities turnover: B%0.7 %
Enabling activities capex: B%0.7 %
(2) Climate change adaptation
Turnover: 0.0%
Enabling activities turnover: A%0.0 %
CapEx: 0.0%
Enabling activities capex: B%0.0 %
    
* The value of these investments is 89M€ (1%) turnover-based and 125€ (1,4%) CapEx based. The calculation is based on the proportion of these investments with respect to the total portfolio.

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7. Template: KPI for Asset Managers104. - 2024
Standard template for the disclosure required under Article 8 of Regulation (EU) 2020/852 (asset managers)
The weighted average value of all the investments that are directed at funding, or are associated with Taxonomy-aligned economic activities relative to the value of total assets covered by the KPI, with following weights for investments in undertakings per below:The weighted average value of all the investments that are directed at funding, or are associated with taxonomy-aligned economic activities, with following weights for investments in undertakings per below:
Turnover-based: %1.6%Turnover-based: [EUR million]2,003
CapEx—based: %2.6%CapEx-based: [EUR million]3,278
The percentage of assets covered by the KPI relative to total investments (total AuM). Excluding investments in sovereign entities. The monetary value of assets covered by the KPI. Excluding investments in sovereign entities.
Coverage ratio: %62.10%Coverage: [EUR million]125,892
Additional, complementary disclosures: breakdown of denominator of the KPI
The percentage of derivatives relative to total assets covered by the KPI.The value in EUR millions of derivatives:.
X %0.00%[EUR million]37
The proportion of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/ EU over total assets covered by the KPI: Value of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings:15.8%For non-financial undertakings: [EUR million]19,863
For financial undertakings:18.7%For financial undertakings: [EUR million]23,489
The proportion of exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:Value of exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings:9.4%For non-financial undertakings: [EUR million]11,776
For financial undertakings:17.7%For financial undertakings: [EUR million]22,301
The proportion of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:Value of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings:9.2%For non-financial undertakings: [EUR million]11,637
For financial undertakings:29.1%For financial undertakings: [EUR million]36,665
The proportion of exposures to other counterparties over total assets covered by the KPI:Value of exposures to other counterparties:
X %0.1%[EUR million]124
The value of all the investments that are funding economic activities that are not Taxonomy-eligible relative to the value of total assets covered by the KPI:Value of all the investments that are funding economic activities that are not Taxonomy-eligible:
X %89.3%[EUR million]112,424
The value of all the investments that are funding taxonomy-eligible economic activities, but not taxonomy-aligned relative to the value of total assets covered by the KPI:Value of all the investments that are funding Taxonomy- eligible economic activities, but not taxonomy- aligned:
X %9.1%[EUR million]11,465
104 Only assets under management from asset managers are included.
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Additional, complementary disclosures: breakdown of numerator of the KPI
The proportion of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:Value of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings:For non-financial undertakings:
Turnover-based: %0.8%Turnover-based: [EUR million]959
Capital expenditures-based: %2.9%Capital expenditures-based: [EUR million]3,609
For financial undertakings:For financial undertakings:
Turnover-based: %0.8%Turnover-based: [EUR million]1,044
Capital expenditures-based: %2.3%Capital expenditures-based: [EUR million]2,947
The proportion of exposures to other counterparties and assets over total assets covered by the KPI:Value of taxonomy-aligned exposures to other counterparties:
Turnover-based: %0.0%Turnover-based: [EUR million]5
Capital expenditures-based: %0.0%Capital expenditures-based: [EUR million]5
Breakdown of the numerator of the KPI per environmental objective
Taxonomy-aligned activities –:
(1) Climate change mitigation
Turnover: 1.5%
Transitional activities turnover: A%0.10 %
Transitional activities capex: A%0.70 %
CapEx: 2.6%


Enabling activities turnover: B%0.10 %
Enabling activities capex: B%1.00 %
(2) Climate change adaptation
Turnover: 0.0%
Enabling activities turnover: A%0.00 %
CapEx: 0,0%Enabling activities capex: B%0.00 %

8. Consolidated KPI - 2024
KPI per Business segment
RevenueProportion of total group revenueKPI turnover basedKPI CapEx basedKPI turnover based weighted KPI CapEx based weighted
 Asset management 1,2582.1%1.6%2.6%0.0%0.1%
 Banking activities 57,52697.0%3.0%3.3%2.9%3.2%
 Investment firms 1110.2%0.0%0.0%0.0%0.0%
 Insurance undertakings 4400.7%1.4%2.1%0.0%0.0%
 Total 59,335100.0%
 Average KPI 3.0%3.2%
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9. Nuclear and fossil gas related activities - 2024 (credit institution)
Nuclear energy related activities
1The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.YES
2The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. YES
3The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. YES
Fossil gas related activities
4The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. YES
5The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. YES
6The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.YES
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9. Nuclear and fossil gas related activities:
Taxonomy-aligned economic activities (denominator) - Capex - 2024
CCM+CCACCMCCA
Nuclear energy related activitiesAmount%Amount%Amount%
1Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %00.0 %00.0 %
2Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI40.0 %40.0 %00.0 %
3Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI280.0 %280.0 %00.0 %
4Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI10.0 %10.0 %00.0 %
5Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %00.0 %00.0 %
6Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %00.0 %00.0 %
7Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI42,8003.3 %42,7843.3 %170.0 %
8Total applicable KPI42,8343.3 %42,8183.3 %170.0 %
Note 1: The denominator of the applicable KPI is 1.306.541.919.505 euros
9. Nuclear and fossil gas related activities:
Taxonomy-aligned economic activities (denominator) - Turnover - 2024
CCM+CCACCMCCA
Nuclear energy related activitiesAmount%Amount%Amount%
1Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %00.0 %00.0 %
2Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %00.0 %00.0 %
3Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI360.0 %360.0 %00.0 %
4Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %00.0 %00.0 %
5Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %00.0 %00.0 %
6Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %00.0 %00.0 %
7Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI39,6203.0 %39,5783.0 %410.0 %
8Total applicable KPI39,6563.0 %39,6153.0 %410.0 %
Note 1: The denominator of the applicable KPI is 1.306.541.919.505 euros
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9. Nuclear and fossil gas related activities:
Taxonomy-aligned economic activities (numerator) - Capex - 2024
CCM+CCACCMCCA
Nuclear energy related activitiesAmount%Amount%Amount%
1Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI00.0 %00.0 %00.0 %
2Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI40.0 %40.0 %00.0 %
3Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI280.1 %280.1 %00.0 %
4Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI10.0 %10.0 %00.0 %
5Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI00.0 %00.0 %00.0 %
6Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI00.0 %00.0 %00.0 %
7Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI42,80099.9 %42,78499.9 %170.0 %
8Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI42,834100.0 %42,818100.0 %170.0 %
9. Nuclear and fossil gas related activities:
Taxonomy-aligned economic activities (numerator) - Turnover - 2024
CCM+CCACCMCCA
Nuclear energy related activitiesAmount%Amount%Amount%
1Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI00.0 %00.0 %00.0 %
2Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI00.0 %00.0 %00.0 %
3Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI360.1 %360.1 %00.0 %
4Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI00.0 %00.0 %00.0 %
5Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI00.0 %00.0 %00.0 %
6Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI00.0 %00.0 %00.0 %
7Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI39,62099.9 %39,57899.8 %410.1 %
8Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI39,656100.0 %39,61599.9 %410.1 %
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9. Nuclear and fossil gas related activities:
Taxonomy-eligible but not taxonomy-aligned economic activities - Capex- 2024
CCM+CCACCMCCA
Nuclear energy related activitiesAmount%Amount%Amount%
1Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %00.0 %00.0 %
2Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %00.0 %00.0 %
3Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI170.0 %170.0 %00.0 %
4Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI800.0 %800.0 %00.0 %
5Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI230.0 %230.0 %00.0 %
6Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI10.0 %10.0 %00.0 %
7Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI404,30430.9 %40422030.9 %840.0 %
8Total amount and proportion of taxonomy eligible but not taxonomy- aligned economic activities in the denominator of the applicable KPI404,42431.0 %40434030.9 %840.0 %
9. Nuclear and fossil gas related activities:
Taxonomy-eligible but not taxonomy-aligned economic activities -Turnover- 2024
CCM+CCACCMCCA
Nuclear energy related activitiesAmount%Amount%Amount%
1Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %00.0 %00.0 %
2Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI10.0 %10.0 %00.0 %
3Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI700.0 %700.0 %00.0 %
4Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI8330.1 %8330.1 %00.0 %
5Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI410.0 %410.0 %00.0 %
6Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %00.0 %00.0 %
7Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI403,90130.9 %403,57730.9 %3240.0 %
8Total amount and proportion of taxonomy eligible but not taxonomy- aligned economic activities in the denominator of the applicable KPI404,84631.0 %404,52331.0 %3240.0 %
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9. Nuclear and fossil gas related activities:
Taxonomy non-eligible economic activities - Capex- 2024
Amount%
1Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %
2Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %
3Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %
4Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %
5Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %
6Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %
7Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI859,28365.8 %
8Total amount and proportion of taxonomy eligible but not taxonomy- aligned economic activities in the denominator of the applicable KPI859,28365.8 %
9. Nuclear and fossil gas related activities:
Taxonomy non-eligible economic activities - Turnover- 2024
Amount%
1Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %
2Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %
3Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %
4Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %
5Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %
6Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI00.0 %
7Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI862,03966.0 %
8Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI862,03966.0 %
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10. Nuclear and fossil gas related activities - 2024 (insurance)
Nuclear energy related activities
1The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.NO
2The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.NO
3The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.NO
Fossil gas related activities
4The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.YES
5The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.YES
6The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.NO
10. Nuclear and fossil gas related activities:
Taxonomy-aligned economic activities (denominator) - Capex- 2024
CCM+CCACCMCCA
Amount%Amount%Amount%
1Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
2Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
3Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
4Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
5Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
6Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
7Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI177.42.05 %177.32.05 %0.10.00 %
8Total applicable KPI177.42.05 %177.32.05 %0.10.00 %
Note 1: The denominator of the applicable KPI is 8,654 million euros..
10. Nuclear and fossil gas related activities:
Taxonomy-aligned economic activities (denominator) - Turnover- 2024
CCM+CCACCMCCA
Amount%Amount%Amount%
1Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
2Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
3Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
4Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
5Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
6Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
7Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI125.21.45 %124.31.44 %0.80.01 %
8Total applicable KPI125.21.45 %124.31.44 %0.80.01 %
Note 1: The denominator of the applicable KPI is 8,654 million euros..
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10. Nuclear and fossil gas related activities:
Taxonomy-aligned economic activities (numerator) - Capex- 2024
CCM+CCACCMCCA
Amount%Amount%Amount%
1Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
2Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
3Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
4Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
5Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
6Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
7Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI177.4100.00 %177.399.94 %0.10.06 %
8Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI177.4100.00 %177.399.94 %0.10.06 %
10. Nuclear and fossil gas related activities:
Taxonomy-aligned economic activities (numerator) - Turnover- 2024
CCM+CCACCMCCA
Amount%Amount%Amount%
1Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
2Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
3Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
4Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
5Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
6Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
7Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI125.2100.00 %124.399.33 %0.80.67 %
8Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI125.2100.00 %124.399.33 %0.80.67 %
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10. Nuclear and fossil gas related activities:
Taxonomy-eligible but not taxonomy-aligned economic activities - Capex - 2024
CCM+CCACCMCCA
Amount%Amount%Amount%
1Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
2Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
3Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
4Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
5Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
6Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
7Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI895.810.35 %892.810.32 %3.00.03 %
8Total amount and proportion of taxonomy eligible but not taxonomy- aligned economic activities in the denominator of the applicable KPI895.910.35 %892.810.32 %3.00.03 %
10. Nuclear and fossil gas related activities:
Taxonomy-eligible but not taxonomy-aligned economic activities - Turnover-2024
CCM+CCACCMCCA
Amount%Amount%Amount%
1Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
2Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
3Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
4Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.10.00 %0.10.00 %0.00.00 %
5Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
6Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
7Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI889.410.28 %870.010.05 %19.50.22 %
8Total amount and proportion of taxonomy eligible but not taxonomy- aligned economic activities in the denominator of the applicable KPI889.510.28 %870.110.05 %19.50.22 %
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10. Nuclear and fossil gas related activities:
Taxonomy non-eligible economic activities - Capex- 2024
Nuclear energy related activitiesAmount%
1Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0
2Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0
3Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0
4Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0
5Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0
6Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0
7Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI7,580.887.60 %
8Total amount and proportion of taxonomy eligible but not taxonomy- aligned economic activities in the denominator of the applicable KPI7,580.887.60 %
10. Nuclear and fossil gas related activities:
Taxonomy non-eligible economic activities - Turnover - 2024
Nuclear energy related activitiesAmount%
1Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
2Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
3Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
4Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
5Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
6Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
7Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI7,638.688.27 %
8Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI7,638.688.27 %
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11. Nuclear and fossil gas related activities- 2024 (asset manager)
Nuclear energy related activities
1The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.YES
2The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.YES
3The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.YES
Fossil gas related activities
4The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.YES
5The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.YES
6The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.YES
11. Nuclear and fossil gas related activities:
Taxonomy-aligned economic activities (denominator) - Capex- 2024
CCM+CCACCMCCA
Amount%Amount%Amount%
1Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI2.60.00 %2.60.00 %0.00.00 %
2Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI2.20.00 %2.20.00 %0.00.00 %
3Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.60.00 %0.60.00 %0.00.00 %
4Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
5Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.10.00 %0.00.00 %0.10.00 %
6Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI16.90.01 %16.90.01 %0.00.00 %
7Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI3,255.82.59 %3,241.12.57 %14.80.01 %
8Total applicable KPI3,278.12.60 %3,263.32.59 %14.90.01 %
Note 1: The denominator of the applicable KPI is 125,892 million euros.
11. Nuclear and fossil gas related activities:
Taxonomy-aligned economic activities (denominator) - Turnover- 2024
CCM+CCACCMCCA
Amount%Amount%Amount%
1Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
2Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.40.00 %0.40.00 %0.00.00 %
3Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI21.90.02 %21.90.02 %0.00.00 %
4Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
5Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.20.00 %0.20.00 %0.00.00 %
6Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.30.00 %0.30.00 %0.00.00 %
7Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI1,980.71.57 %1,928.61.53 %52.10.04 %
8Total applicable KPI2,003.41.59 %1,951.31.55 %52.10.04 %
Note 1: The denominator of the applicable KPI is 125,892 million euros.
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11. Nuclear and fossil gas related activities:
Taxonomy-aligned economic activities (numerator) - Capex- 2024
CCM+CCACCMCCA
Amount%Amount%Amount%
1Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI2.60.08 %2.60.08 %0.00.00 %
2Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI2.20.07 %2.20.07 %0.00.00 %
3Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.60.02 %0.60.02 %0.00.00 %
4Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
5Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.10.00 %0.00.00 %0.10.00 %
6Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI16.90.51 %16.90.51 %0.00.00 %
7Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI3,255.899.32 %3,241.198.87 %14.80.45 %
8Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI3,278.1100.00 %3,263.399.55 %14.90.45 %
11. Nuclear and fossil gas related activities:
Taxonomy-aligned economic activities (numerator) - Turnover- 2024
CCM+CCACCMCCA
Amount%Amount%Amount%
1Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
2Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.40.02 %0.40.02 %0.00.00 %
3Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI21.91.09 %21.91.09 %0.00.00 %
4Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
5Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.20.01 %0.20.01 %0.00.00 %
6Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI0.30.01 %0.30.01 %0.00.00 %
7Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI1,980.798.87 %1,928.696.27 %52.12.60 %
8Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI2,003.4100.00 %1,951.397.40 %52.12.60 %
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11. Nuclear and fossil gas related activities:
Taxonomy-eligible but not taxonomy-aligned economic activities - Capex- 2024
CCM+CCACCMCCA
Amount%Amount%Amount%
1Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.10.00 %0.10.00 %0.00.00 %
2Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI4.70.00 %4.70.00 %0.00.00 %
3Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI26.10.02 %26.10.02 %0.00.00 %
4Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
5Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI1.10.00 %0.00.00 %1.10.00 %
6Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.60.00 %0.60.00 %0.00.00 %
7Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI10,501.28.34 %9883.77.85 %617.40.49 %
8Total amount and proportion of taxonomy eligible but not taxonomy- aligned economic activities in the denominator of the applicable KPI10,533.78.37 %9915.27.88 %618.50.49 %
11. Nuclear and fossil gas related activities:
Taxonomy-eligible but not taxonomy-aligned economic activities - Turnover-2024
CCM+CCACCMCCA
Amount%Amount%Amount%
1Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
2Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %0.00.00 %0.00.00 %
3Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI8.20.01 %8.20.01 %0.00.00 %
4Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI111.50.09 %111.50.09 %0.00.00 %
5Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI11.20.01 %11.20.01 %0.00.00 %
6Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.40.00 %0.40.00 %0.00.00 %
7Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI10,823.28.60 %10,752.48.54 %70.80.06 %
8Total amount and proportion of taxonomy eligible but not taxonomy- aligned economic activities in the denominator of the applicable KPI10,954.48.70 %10,883.68.65 %70.80.06 %
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11. Nuclear and fossil gas related activities:
Taxonomy non-eligible economic activities - Capex- 2024
Amount%
1Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
2Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
3Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
4Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
5Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
6Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
7Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI112,080.189.03 %
8Total amount and proportion of taxonomy eligible but not taxonomy- aligned economic activities in the denominator of the applicable KPI112,080.189.03 %
11. Nuclear and fossil gas related activities:
Taxonomy non-eligible economic activities - Capex- 2024
Amount%
1Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
2Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
3Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
4Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
5Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
6Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI0.00.00 %
7Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI112,934.289.71 %
8Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI112,934.289.71 %
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SN 7.3 Employees
6. Employees by regionA,B
Number of employees
Region20242023
Spain34,94035,266
Brazil57,13357,868
Chile9,2409,576
Poland13,84613,361
Argentina8,1008,365
Mexico29,76831,239
Portugal5,3165,303
UK22,54224,221
USA11,34112,579
Others14,52714,986
Total206,753212,764
A.    At year end, information from People & Culture global platform for harmonized people processes groupwide. Employee data is breakdown according to geographical criteria and cannot be compared to the figures in the 'Economic and Financial Report' chapter, which follow management criteria. Employees refers to employees hired as described in chapter 3.1. Our employees.
B. See note 46.b) in the consolidated annual accounts.

7. Employees by genderA
Number of employees (headcount)
Gender
20242023
Male
98,377100,449
Female
108,319112,315
OtherB
6-
Not declared
51-
Total employees
206,753212,764
A.Employees at year end. At Santander we comply with local regulations (and in turn to comply with the CSRD) recording Gender as defined in the employees national identification (as required by each local administration) and is broken down in female, male (both available in all countries), plus other and not declared(these two only accepted in very few countries).
B.In 12 countries the regulation allows us to voluntarily report gender identity, guaranteeing privacy and equal treatment. Among those employees who have voluntarily reported it, 2.8% identify themselves as non-binary, trans or others.
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8. Employees by management group and genderA
Senior executivesB
20242023
Men
Women
OthersNot declared
Total
Men
Women
OthersNot declared
Total
Europe959443011,4031,073500--1,573
North America198720027020282--284
South America29914600445305141--446
Group total1,456661012,1181,580723--2,303
Other executivesC
20242023
Men
Women
OthersNot declared
Total
Men
Women
OthersNot declared
Total
Europe8,8505,0961613,95310,7047,629--18,333
North America3,8812,622036,5063,7782,522--6,300
South America3,9822,996016,9793,8782,708--6,586
Group total16,71310,71411027,43818,36012,859--31,219
Other employees
20242023
Men
Women
OthersNot declared
Total
Men
Women
OthersNot declared
Total
Europe32,65439,20133771,89531,41338,062--69,475
North America15,04719,5712334,62316,38721,111--37,498
South America32,50738,1720070,67932,70939,560--72,269
Group total80,20896,944540177,19780,50998,733--179,242
A. At year end.
B. Senior Executives includes employees with harmonized management levels: Senior Executive VP. Executive VP and VP.
C. Other Executives includes Directors, Mangers, Experts and Branch Managers.

9. Employees by age bracketA
Number and % of total
2024
aged < 30
aged 30 - 50
age over 50
Europe11,84213.57 %54,26262.19 %21,14724.24 %
North America10,48525.33 %25,23960.97 %5,67513.71 %
South America22,37228.64 %49,18362.97 %6,5488.38 %
Group total44,69921.62 %128,68462.24 %33,37016.14 %
A.    At year end. Age brackets are presented according to CSRD definitions. Average age of our workforce is 38 years old, as it was in 2023.
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10. Employees by employment contractA
2024
Men
Women
Other
Not declared
Total
Number of employees98,377108,319651206,753
Number of permanent employees96,541105,942613202,502
Number of temporary employees1,8362,3770384,251
Number of full-time employees97,163102,740550199,958
Number of part-time employees1,2145,579116,795
Number of non-guaranteed hours employees00000
A. At year end. 98% of employees in Santander have a permanent employment contract and 97% have full-time contract, as in 2023. For additional definitions see 7. Employees by gender.
11. Collective bargaining coverage and social dialogueA
Collective Bargaining Coverage
Social dialogue
Coverage Rate
Employees – EEA (European Economic Area) (for countries with >50 empl.
representing >10% total empl)
Employees – Non-EEA
(estimate for regions with >50 empl. representing >10% total empl)
Workplace representation (EEA only)
(for countries with >50 empl.
representing >10% total empl)
0-19%
Poland
United States

20-39%
Mexico
40-59%
60-79%
80-100%
Portugal and Spain
Argentina, Brazil, Chile and United kingdom
Spain, Poland and Portugal
A. Percentage of employees covered by collective agreement, as defined by CSRD. The aggregate average is 74%, among main entities in our 16 relevant countries that aggregately represent 98% of our global headcount, that aggregate average is similar to previous period.
12. Turnover by regionA,B
20242023
Total
Turnover ratioC
Total
Turnover ratio
Europe10,46411.77%8.8710.07%
North America9,90523.38%10,70524.21%
South America19,72625.33%20,90026.41%
Group total40,09519.17%40,47819.14%
A.Employees who ended definitely their employment relation with Santander entities through 2024, it does not include temporary leave or transfer between Santander companies. Information from People & Culture global platform used harmonized people processes groupwide.
B.The total number of terminated employees was 0.9% lower than in 2023, the turnover rate remained stable compared to the previous year, with variations of -1 percentage point in South America and North America and +2 points in Europe. 53.9% of those laid off are women, in line with the distribution of our workforce.
C.Turnover rate is calculated over average headcount of the period.
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13. Average remuneration by management group, gender, and age bracketA
2024
Women
Men
OtherB
Not declaredB
TotalC
Gender41,82265,625--53,131
Senior executivesOther executivesOther employees
Total
Management group524,748129,84736,834-53,131
<3030-50>50
Total
Age bracket23,32953,35388,044-53,131
A.It includes gross annual salary and comparable supplements, pension schemes and variable remuneration. 99% of Santander employees receive other salaries that supplement their salary.
B.The categories requested by CSRD, by gender and age groups have been used. Groups with less than 50 employees (others, not declared) are not included because they are not statistically relevant and to avoid statistically erroneous conclusions.
C.The average pay of our constant workforce (i.e. employees who were with us at 2023 year end and remained at 2024 year end) grew 11.4% in 2024 in constant euros (this does not include Argentina due to exchange rate distortions between the two periods). If we consider the current exchange rates (including Argentina) and the new hired employees, the average remuneration has had a net increase of 3.1% in comparison with the average for our workforce in 2023 (EUR 51,535).

14. Remuneration ratios
2024
Hourly GPG ratio (average)
36%
GPG ratio (median)A
26%
EPG ratio
c. 0
Remuneration ratioB
367.1
A. GPG Ratio (median) includes annual base salary and variable remuneration paid in the year.
B. Ratio of the annual remuneration of the highest-paid individual for the performance of executive duties (salary, pension contributions, variable remuneration); divided over Median employee annual remunerations (excluding the highest-paid). This figure is impacted by our business model, with a large presence in three geographical regions (Europe, North and South America) and a large network of branches (c.8,000), since more than half of our employees are based in Mexico and South America (mainly in Brazil) where remuneration is aligned to the local cost of living, much lower than that of other countries that are the reference for establishing the remuneration of executive directors. In addition, the use of the median overstates this effect versus the mean: with average data the result of the ratio would be 239.7.

15. Average remuneration of senior management (with variable remuneration not linked to long-term objectives)
Thousand euros
2024
2023
Men
Women
Total
Men
Women
Total
Executive directors
9,13712,12710,6328,25711,5449,900
Non-executive directors
285356309368327352
Senior managementA
3,8981,3803,5384,1121,6453,583
A. Members of the senior management at the end of the year.
16. Average remuneration of senior management linked to long-term objectives (fair value)
Thousand euros
2024
2023
Men
Women
Total
Men
Women
Total
Executive directors
1,6112,3321,9721,5372,2431,890
Senior managementA
553170498563189483
A. Additionally, in 2023, one senior executive received EUR 200,000 of the Digital Transformation award from PagoNxt S.L.
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17. Senior management composition
Number20242023
Men
Women
Total
Men
Women
Total
Executive directors
112112
Non-executive directors
105158513
Senior management
1221411314
A. Members of the senior management at the end of the year.
18. Training
2024
Total investment in training (euros)
63,730,131
Total hours of training
5,286,317
% employees trainedA
94.4
Total attendeesB
6,925,442
Hours of training per employeeC
25.3
    
A. Calculation based on year-end headcount.
B. Training courses completed by our employees during 2024 (2% higher vs 2023).
C. Calculation based on average headcount during the year. Women completed an average of 26.2 hours and men 24.3 hours.
19. Hours of training by gender and management groupA
2024
Men
Women
Others
Not declared
Total
Gender
2,413,3712,872,0351118005,286,317
Senior executive
Other executive
Other employees
Total
Management level
52,476857,0654,376,775-5,286,317
A. The aggregate number learning hours decreased 12.9% in comparison with the previous period, based on digitalization and optimization of training courses, plus the evolution of our workforce.
20. Occupational health and safetyA,H
20242023
MenWomenTotalMenWomenTotal
Number of fatal occupational accidents or work-related illness
000000
Work-related illnessB
12331215
Total number of accidentsC
317633950128271399
Work-related accident rate (CSRD criterion, equivalent to the frequency rate of Law 11/2018)D
1.152.081.640.510.940.74
Total number of days of absence due to accidentsE
12,61724,09436,711---
Accident rateF
0.030.060.050.020.040.03
Severity rateG
0.050.080.060.030.060.04
A. As in the rest of this chapter, we only include information about our employees. In accident ratios, Santander Bank Polska s.a. is not included.
B. Reported globally since 2023, following local laws for occupational illnesses where they are regulated country-wide or for specific jobs, as soon as a medical examination confirms the cause as occupational.
C. We report occupational injuries that can be documented in 2024, including accidents while commuting. We standardized criteria, processes and systems across our footprint to calculate leave on medical grounds in every market. Banco Santander only considers occupational accidents and illnesses that, following expert review, are recognized as work-related and reported to official bodies (e.g. in Brazil, through a comunicação de acidente de trabalho — CAT, or work-related accident notice — to the Instituto Nacional do Seguro Social — INSS, National Social Security Institute). In Brazil, this indicator only considers absences due to occupational accident of 15 days or more. The variation from 2023 stems mainly from having standardized types of absence and, especially, the impact of standardization in the UK, where employees report voluntarily if the cause is occupational; in this country, though there is no specialized verification like in our other, we accounted for these absences as reported by the employees.
D. Number of occupational accidents with leave for every 1,000,000 theoretical working hours.
E. Including days missed due to occupational accident with leave according to the definition provided. Across the entire Group, we accounted for 100 days for occupational illnesses and 0 days for occupational fatalities.
F. Ratio of hours missed due to an occupational accident divided by the total number of theoretical hours worked by employees in the year.
G. Days missed due to occupational accident with leave for every 1,000 theoretical working hours. Hours worked are theoretical. This includes accidents while commuting.
H. In addition, in all units our employees have recorded 16.4 million hours of absence due to health reasons (16.9 million hours in 2023).

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SN 7.4 Customers
21. Group customersA
20242023var.
Europe
46,820,826 46,293,433 1%
Spain15,307,491 15,022,877 2%
United Kingdom22,541,474 22,480,761 —%
Portugal2,988,779 2,908,192 3%
Poland5,978,671 5,877,433 2%
Others EuropeB
4,411 4,170 6%
South America
80,404,762 73,028,442 10%
BrazilC
69,454,776 62,804,350 11%
Chile
4,311,488 4,052,314 6%
Argentina
5,117,205 4,771,370 7%
Others South AmericaD
1,521,293 1,400,408 9%
North America25,762,219 25,027,302 3%
United StatesF
4,473,683 4,510,043 (1)%
México21,288,536 20,517,259 4%
Digital Consumer Bank19,549,525 20,192,858 (3)%
Santander Consumer BankF
16,953,371 17,665,556 (4)%
Santander Digital
2,596,154 2,527,302 3%
Total
172,537,332 164,542,034 5%
A. Figures corresponding to total customers.
B. Includes the rest of Private Banking and other CIB Europe.
C. From 2024 onwards, Brazil includes number of customers instead of decision units.
D. Includes Uruguay, Peru and Colombia.
E. Includes BPI Miami.
F. SCF includes customers in all European countries, including the UK.
22. Dialogue by channel
20242023Var .2024/2023 %.
Branches
Number of branches
8,011 8,518 (6.0)%
Digital bankingA
Digital customersB (millions)
59.3 54.2 9.4 %
A.    Santander Consumer Finance not included.
B.    Counts once for customers of both Internet and mobile banking.
23. NPS ranking by country
2024
2023
Argentina21
Brazil54
Chile11
Uruguay12
Spain33
Poland33
Portugal32
UK45
Mexico32
USA69
NPS to measure customer satisfaction, audited by Stiga/Deloitte.
Santander position vs competitors (Official Peer Group by countries). Key peers by country: Argentina: Galicia, BBVA, ICBC, HSBC, Banco Macro, Banco de la Nación; Brazil: Itaú, CEF, Bradesco, Banco do Brasil, Nubank; Chile: BCI, Banco de Chile, Itaú, Scotiabank, Banco Estado; Uruguay: Brou, Itaú, BBVA, Scotiabank; Spain: Bankinter, BBVA, Caixabank, Sabadell, Unicaja; Poland: ING, Millenium, MBank, Bank Polski, Bank Pekao, BNP Paribas; Portugal: BPI, Millenium BCP, CGD, Novo Banco, Montepio; UK: Nationwide, Barclays, Halifax, NatWest Gr., Lloyds, HSBC, TSB; Mexico: BBVA, Scotiabank, Banorte, HSBC, Banamex, Banco Azteca; US: Chase, Capital One, Bank of America, PNC, Wells Fargo, KeyBank, Citizens, Citigroup, TD Bank, M&T Bank, Truist.
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24. Total complaintsA
20242023
SpainB
156,460 88,326 
Portugal
3,588 4,789 
United KingdomC
30,778 25,309 
Poland
4,209 6,272 
Brazil
226,976207,211 
Mexico
71,082 68,565 
ChileD
10,458 8,441 
Argentina
6,351 5,525 
US
6,256 5,712 
SCFE
165,478 33,074 
A. Compliance metrics based on group-wide criteria, homogeneous for all geographies. Include complaints received through formal channels such as the official complaints service (if exists), public or private consumer organisations and agencies, senior management, customer ombudsmen (if exists), regulator channels.
B. Spain increases due to claims for mortgage origination fees. It includes Open bank S.A.
C. UK increases due to a change in the perimeter in 2024. Excluding the effect of the change of perimeter, formal claims are reduced by 20%.
D. Impacted by the inflow of fraud claims in the first half of the year, until the country's fraud law was amended, with a significant reduction in the second half of the year.
E. SCF impacted by high volume of discretionary commission claims on UK dealers.
SN 7.5 Financial inclusion
25. People financially includedA
million people (Accumulated since 2023)20242023
Access
1.9 1.0 
Finance
2.4 0.8 
Total4.3 1.8 
A. A new target for people financially included was launched in 2023, which considers access and finance initiatives (the previous target also included financial education). The figures reflect only the new people financially included since 2023 (unique people).
26. Microfinance
million euros / people20242023
Total credit disbursedA
1,270 1,172
Total micro-entrepreneurs supported
1.3 1.2
A. The increase in credit disbursed is mainly due to the bank's objective to expand its microfinance programmes in Latin America.
SN 7.6 Community support
27. Community Support
million euros20242023
Support for higher education,
employability, and entrepreneurship
103.8 105.1
Other local initiatives
62.5 68.9
Total
166.4 174.0
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28. Outputs and outcomes
28.1 People helped through Santander Universities programmes
people helped20242023
Higher education
34,062 28,849
EmployabilityA
2,078,051 463,045
EntrepreneurshipB
52,570 7,036
TotalA
2,164,683 498,930
A. The significant increase in the number of people helped in terms of employability owes to the global launch of short, direct access courses with unlimited places and a completion certificate.
B. In 2024, we began to disclose entrepreneur support programmes in the US through Santander Universities.
28.2 People helped through other local initiativesA,B

20242023
Childhood education
357,549 600,649
Social welfare
702,706 968,301
Art and culture
672,539 69,772
Others1,146,566 530,764
Total
2,879,360 2,169,486
A. The nature and depth of initiatives is very diverse, both between them and comparing to initiatives of
Santander Universities.
B. The increase is due to a better identification of people helped in countries, as well as the inclusion of initiatives.
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SN 7.7 Tax contribution

We pay taxes in the jurisdictions where we earn a profit. Thus, the profits obtained, and the taxes accrued and paid, correspond to the countries where we operate.
For every EUR 100 in total income, the Group pays EUR 36 in taxes, including EUR 18 in taxes paid directly by Santander and EUR 18 in taxes collected from third parties.
The taxes Santander pays directly (see table below) include non-recoverable value added tax (VAT), employers' social security contributions, charges levied on banks and financial transactions in Spain, the UK, Poland, Portugal, Brazil and Argentina, and other taxes.
29. Total taxes paid
EUR million
2024
Jurisdiction
Corporate
income taxA
Other
 taxes paid
Total
own taxes paidB
Third-party
taxesC
Total
contribution
Spain533 1,863 2,396 2,013 4,409 
UK348 510 858 614 1,472 
Portugal590 175 765 336 1,101 
Poland503 310 813 295 1,108 
Germany238 92 330 96 426 
Rest of Europe638 296 934 184 1,118 
Total Europe2,850 3,246 6,096 3,538 9,634 
Brazil1,213 543 1,756 2,559 4,315 
Mexico875 524 1,399 1,123 2,522 
Chile326 103 429 332 761 
Argentina258 428 686 2,858 3,544 
Uruguay53 76 129 149 278 
Rest of Latin America54 25 79 21 100 
Total Latin America2,779 1,699 4,478 7,042 11,520 
United States241 113 354 935 1,289 
Other10 4 14 11 25 
TOTAL5,880 5,062 10,942 11,526 22,468 
A. The Group's income tax for the year 2023 amounted to EUR 5,214 mn
B. Total own taxes paid for all these concepts amounted to EUR 10,942 mn, broken down as EUR 5,880 mn in corporate income tax, EUR 1,296 mn in non-recoverable VAT and other sales taxes, EUR 1,851 mn in employer-paid payroll taxes, EUR 90 mn in property taxes, EUR 334 mn in Spanish temporary bank levy, EUR 342 mn in bank levies and EUR 1,149 mn in other taxes.
C. Total third-party taxes amounted to EUR 11,526 mn, broken down as EUR 3,167 mn in salary withholdings and employees' social security contributions, EUR 1,230 mn in recoverable VAT, EUR 2,366 mn in tax deducted at source on capital, EUR 385 mn in non-resident taxes, EUR 404 mn in property taxes, EUR 262 mn in stamp taxes, EUR 2,188 mn in taxes related to the financial activity and EUR 1,524 mn in other taxes.
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SN 8. Additional metrics to comply with Spanish Act 11/2018
1. Average employees, by contract type and gender. As required by Ley 11/2018A
2024
Women
Men
Other
Not declared
Total
Average employees109,76299,257686209,112
Average permanent employees107,40497,487664204,960
Average temporary employees 2,3581,7710224,151
Average full-time employees103,83798,023683201,949
Average part-time employees5,9251,234037,163
A.Average headcount throughout the year. We reclassified genders according to CSRD definitions. The breakdown remains stable, with an average 52% women employees against 53% in 2023. The breakdown by contract type also remains similar: The average headcount with a permanent contract is 98%, while the average headcount with a full-time contract is 96.5%, the same figures as in 2023.
2. Average employees, by contract type and age bracket. As required by Ley 11/2018A
2024
Under 3030-50Over 50
Total
Average employees46,556129,72832,828209,112
Average permanent employees44,748127,68232,531204,960
Average temporary employees1,8082,0462974,151
Average full-time employees45,412125,53730,999201,949
Average part-time employees1,1434,1911,8297,163
A.Average headcount throughout the year. We amended the age groups according to CSRD definitions and the breakdown remains flat in comparison with 2023.
3. Average employees, by contract type and management group.A
2024
Senior executiveOther executiveOther employees
Total
Average employees2,27330,748176,091209,112
Average permanent employees2,25330,291172,416204,960
Average temporary employees204573,6744,151
Average full-time employees2,26330,234169,452201,949
Average part-time employees105146,6397,163
A.Average headcount throughout the year. The breakdown by job band remains unchanged. The breakdown of the average number of employees by band is the same as in 2023: 1% senior director; 15% other director; and 84% the rest of the workforce.


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4. Dismissals, by gender, management group and age Bracket.A,B
2024
Women
Men
Other
Not declared
Total
GenderC
7,7556,59922914,385
Senior executivesOther executivesOther employees
Total
Management groupD
1141,22913,04214,385
<3030-50>50
Total
Age bracket4,4957,8662,02414,385
A.Dismissal: Termination of permanent employment determined unilaterally by the company. This includes voluntary terminations as part of reorganizations or redundancy programmes, plus other termination caused by individual performance or disciplinary actions.
B. It does not include temporary absences or transfers to other Group companies.
C. We used CSRD classification by gender and age group. The dismissal rate is stable (6.9% v 6.7% in 2023). The breakdown by gender shifted, as 53.9% of dismissed employees were women (in line with the workforce breakdown), down 3 pp in comparison with 2023 (57.4%).
D. The breakdown by job band is similar to 2023.
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SN 9. Alternative performance measures (APMs)
The following are additional alternative performance measures (APMs) to those listed in section 8 of the chapter 'Economic and Financial Review'. The metrics we use in this report have not been subject to further third-party verification beyond the scope of limited assurance.

Data related to tax contribution
The profits obtained, and the taxes accrued and paid, correspond to the countries where we operate.
Taxes paid by the Group
The taxes Santander pays directly are included in the cash flow statement and mainly stem from the corporate income tax paid. They also include non-recoverable value added tax (VAT), employers' social security contributions, charges levied on banks and financial transactions in the geographies were we operate, and other taxes.
See data in the section SN 7.7 Tax contribution of this chapter.
It reflects how the Bank complies with its commitment to tax transparency in the jurisdictions where it operates.

Third-party taxes
These are those generated by the development of our economic activity.
This is the sum of salary withholdings and employees' social security contributions, recoverable VAT, tax deduced at source on capital, non-resident taxes, property taxes, stamp taxes, taxes related to the financial activity, and others.
See data in the section SN 7.7 Tax contribution of this chapter.
Total tax contribution
The Group's total tax contribution includes the taxes paid by the Group as a direct cost and the taxes collected from third parties in the course of our economic activity.
See data in the section SN 7.7 Tax contribution of this chapter.
Data related to sustainable finance
Green finance raised and
facilitated
Nominal amount of project finance, financial advisory, project bonds, green bonds (DCM), export finance (ECA), mergers and acquisitions (M&A), and equity capital markets (ECM) transactions ranked by the ESG Classification Meeting and reported in the League Tables of Infralogic, Bloomberg, Dealogic, TXF and Mergermarket since the beginning of the year.
See data in section 2. Our climate transition plan and SN 7.1 Green transition (Table 1. Green finance) in this chapter.
It reflects Santander's ambition and contribution to helping our customers, and society as a whole, in the transition to a low-carbon economy.
Financing volume of renewable energy projects
Nominal amount of renewable energy projects (greenfield and brownfield) financed since the beginning of the year and reported externally as reported in Infralogic's League Tables for project financing.
See data in section Sustainability at Santander in 2024 of this chapter.
Financing volume of renewable electric vehicles
Financing volume of vehicles powered exclusively by a rechargeable electric battery (no petrol engine).
See data in section Sustainability at Santander in 2024 of this chapter.
Credit disbursed to microentrepreneurs (EUR)
Total amount of credit disbursed during the year to low-income entrepreneurs with low access to banking services, or with difficulties in accessing credit, with the objective of creating and/or growing their businesses. Data includes information on microfinance programmes in Brazil, Colombia, Mexico and Peru.
See data in section Sustainability at Santander in 2024 and SN 7.5 Financial inclusion (Table 27. Microfinance) of this chapter.
It reflects Santander's ambition and contribution to help address financial inclusion challenges in the markets where we operate.
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Data related to financed emissions
Financed emissions from corporates and projects
For the financed emissions associated with business loans, equities, investments, bonds, and projects we calculate the emissions in accordance with the methodology established by management that is based on the Partnership for Carbon Accounting Financials (PCAF) standard for financed emissions.
The financed emissions for a corporate client portfolio are calculated using the following equation:
Financed emissions = Attribution Factor x Emissions
The following equations are used to determine the attribution factor at company level:
Attribution Factor = Outstanding amount / Total Enterprise Value
In the case of corporate business loans (CIB alignment targets), Banco Santander calculates the Total Value of the Company (used to obtain the emissions attribution factor) by adding the total equity and debt of the company to avoid the high volatility in market capitalization.
In the case of Project Finance, the financed emissions for a Project are calculated using the production and an emission factor.
We use as data sources (non-exhaustive): annual/Sustainability Reports of our customers, Asset Impact, Capital IQ, Carbon Disclosure Project, S&P Trucost, Transition Pathway Initiative, Wood Mackenzie, IBA, JATO, and PCAF database.
See data in section Our transition plan in this chapter.
These metrics reflect Santander’s ambition and contribution to addressing the challenges of emissions measurement, supporting our customers in their objectives and aligning portfolios to progress on our ambition towards net zero emissions by 2050.
Auto – lending
For the auto lending portfolio for Santander Consumer Finance Europe the financed emissions are those associated with the passenger cars financed and leased (passenger cars being the most material vehicle type in the Auto portfolio). These are calculated following the PCAF methodology:
Financed emissions = ∑ Attribution Factor x vehicle emissions
To determine the attribution factor of each of the loans, the following formula is used:
Attribution factor = Outstanding amount / vehicle value at origination
The vehicle emissions are calculated using the emissions of each specific vehicle, where available, multiplied by the annual distance estimated for each vehicle.
See data in section Our transition plan in this chapter.
Mortgages and Commercial Real Estate
Mortgages and commercial real estate portfolio emissions lending on residential mortgages includes Scope 1 and 2 emissions based on actual (where available) and modelled EPC's. We define this asset class as on balance sheet loans for specific consumer purposes – namely the purchase and refinance of residential property.
The following calculation approach was used to arrive at the financed emissions for each of the properties in the portfolio:
Financed emissions = building emissions x LTV
The attribution factor is the outstanding amount of the loan as per the reporting year for each mortgage, divided by the total property value at origination for each building.
See data in section Our transition plan in this chapter.
Agriculture
Agriculture portfolio emissions for Santander Brazil from lending to farmers associated with primary production activities in Brazil (agriculture and livestock activities), financed through Retail mechanisms. Assessment includes Scope 1 and 2 emissions.
In this sector, Santander’s financed emissions estimation is based on GHG Protocol guidance and PCAF methodology, with adaptations to accommodate data availability in retail agriculture portfolio.
Land management emissions:
The general equations used to calculate financed emissions of an agricultural activity are as follows:
Financed emissions = ∑ quantity produced or area of production or number of animals x Emission factor
Emission factor sources include the GHG Protocol Brazil Tool for the Agricultural Sector, the Reference Report from Brazil's IV National Inventory, among other specialized literature.
Land Use Change (LUC) emissions:
The total LUC emissions for the portfolio are calculated for each property: collecting shapefiles of farms associated with the operations financed in the retail portfolio, computing annual tree-cover loss areas (in hectares), for the last 20 years, for each property, and evaluate corresponding carbon stock loss using emission factors, applying the Linear Discounting Methodology, and calculating the attribution factor for emissions related to Santander.
Sources (non-exhaustive): properties’ Rural Environmental Registry number, MapBiomas Collection 8, Brazil´s IV National Inventory Carbon Map.x
See data in section Our transition plan in this chapter.
Sovereign bonds
For the sovereign bonds portfolio we calculate the financed emissions following the PCAF standard recommendations, as follows:
Attributed emissions = Exposure to Sovereign Bond (USD) / PPP-adjusted GDP (international USD) x Sovereign Emissions (tCO2e)
See data in section Our transition plan in this chapter.
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Data related to responsible investment
Socially responsible investment assets under management (SRI AUM)
Value corresponding to total volume of assets under management registered as article 8 - promoting ESG characteristics - and 9 - with explicit sustainability objectives - of the Sustainable Finance Disclosure Regulation (SFDR, EU Reg. 2019/2088) except for illiquid investments in Private Banking which are reported in terms of committed capital. It includes: i) assets managed or advised by Santander Asset Management (SAM) and other Group asset managers in the EU and, using equivalent criteria, in countries where SFDR does not apply; and ii) third party funds and assets under advise deemed sustainable investments according to either SFDR (Article 2.17) or internal criteria as per SFICS (Sustainable Finance & Investment Classification System).
See data in section 3.2.2 Responsible investment and social finance of this chapter.
It reflects Santander's ambition and contribution to promote responsible investment. It also allows our managers and bankers to have a more complete vision of the assets in which to invest and identify competitive advantages and mitigate risks.
Data related to employees training
Total investment in training
Sum of all expenditures accrued in Learning Activities, during the period, including: Direct costs from trainers who are employed as Employees (i.e. Total Compensation prorated for the dedication to training activities), but not including Salaries of Learning and Development Employees, External suppliers / vendors expenses paid and budgeted by the Learning department (for any type of service: training design, training sessions delivery, communications, consulting), logistic and facilities costs (training rooms, catering, accommodation and travel, materials), Labour cost of employees within the Learning Department (actual amounts accrued during the period, including gross compensation - all items-, plus company taxes - contributions, ), IT costs and licenses plus their applicable services; expenditures in Marketing and Communications paid and budgeted by the Learning Department.; Other expenses
See data in section SN 7.3 Employees (table 19. Training) of this chapter.
It reflects the bank's commitment to training and lifelong learning for its employees.
Data related to community support
Support for education, employment and entrepreneurship
Total amount invested to support education, employment and entrepreneurship.
See data in section 3.2.4 Community support and SN 7.6 Community support (table 27. Community support) of this chapter.
It reflects Santander's ambition and contribution to promoting (beyond our business operations) the progress and inclusive and sustainable growth of the communities where we are present.
Support for other local initiatives
Total amount invested through local initiatives to promote childhood education, social welfare (especially among vulnerable groups), art and culture.
See data in section 3.2.4 Community support and SN 7.6 Community support (table 27. Community support) of this chapter.
Total community support
Sum of investment in education, employability and entrepreneurship, plus investment in other community support programmes.
See data in section 3.2.4 Community support and SN 7.6 Community support (table 27. Community support)of this chapter.
Data related to suppliers
Payments to suppliers
Total amount of payments made to suppliers outside the Group.
See data in section 4.4 Our suppliers of this chapter.
It reflects the Group's economic contribution through the purchase of products and services in its operations.
It also reflects our commitment to the local economies of the geographies in which we operate.
% Turnover of locally contracted suppliers (M EUR)
% of the Group's total turnover made to suppliers based in the same geography where the services are purchased.
Turnover from locally contracted suppliers is divided by total turnover to suppliers.
See data in section 4.4 Our suppliers of this chapter.

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SN 10. Non-financial information Act 11/2018 content index
Table of equivalences with reporting requirements under Spain's Act 11/2018
Non-financial information to be disclosedChapter/section of the annual reportCorrespondence
with CSRD/other regulations
0.
General Information
Brief description of the Group’s business model (including its business environment, organization and structure, markets, objectives and strategies, plus the main factors and trends that can affect its future performance).
Business model and strategy (p. 7).
Economic and financial review (p. 384).
1. Sustainability at Santander (p. 22) [1.3 Materiality assessment].
SN 3. Materiality assessment - Detailed methodology (p. 121).
SBM-1
SBM-2
GOV-1
MDR-T
E1-4
S1-5
S3-5
S4-5
A description of the Group's policies that includes due diligence procedures for identifying, assessing, preventing and mitigating risks and significant impacts, and for verifying and controlling, including the measures in which they have been adopted):
1. Sustainability at Santander (p. 22) [1.4 Sustainability governance] [1.4.2 Human rights due diligence].
SN 2 Sustainability governance (p. 117) [Cross-cutting regulations to embed ESG standards in our business model].
2. Our climate transition plan (p. 32) [2.3 Embedding ESG in risk management].
3. Supporting employees, communities and customers (p. 75) [3.2.3 Environmental, social and climate change management].
GOV-4
MDR-P
E1-2
S1-1
S3-1
S4-1
G1-1
The results of these policies, including key indicators of relevant non-financial results that allow the monitoring and evaluation of progress and that favour the comparability between companies and sectors, in accordance with national, European or international frameworks of reference used for each matter.
2. Our climate transition plan (p. 32).
3. Supporting employees, communities and customers (p. 75).
4. Business conduct (p. 100).
MDR-M
E1
S1
S3
S4
G1
SN 7. Our progress in figures (p. 134).
The main risks related to these matters associated with the Group's activities (business relationships, products or services) that may have a negative effect in these areas, and how the Group manages these risks, explaining the procedures used to detect and assess them in accordance with national, European or international frameworks of reference for each matter. It must include information about the impacts that have been detected, offering a breakdown, in particular of the main risks in the short, medium and long term.
1. Sustainability at Santander (p. 22) [1.3 Materiality assessment].
SN 3. Materiality assessment - detailed methodology (p. 121) [Information on impacts, risks and opportunities].
2. Our climate transition plan (p. 32).
3. Supporting employees, communities and customers (p. 75).
4. Business conduct (p. 100).
GOV-5
SBM-3
IRO-1
E1
S1
S3
S4
G1
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Non-financial information to be disclosedChapter/section of the annual reportCorrespondence
with CSRD/other regulations
1. Environmental Information
Detailed information on the current and foreseeable effects of the activities of the company in the environment and, where appropriate, health and safety, environmental evaluation or certification procedures; the resources dedicated to the prevention of environmental risks; the application of the principle of caution, the amount of provisions and guarantees for environmental risks.
2. Our climate transition plan (p. 32);
At the end of the 2023 financial year, no significant account is presented in the Consolidated Annual Accounts of the Group that should be included in this chapter regarding environmental provisions or guarantees.
SBM-3
IRO-1
MDR-A
MDR-M
E1 SBM-3
E1 IRO-1
E1-3
E1-6
E1-7
E1-9
Contamination:
Measures to prevent, reduce or repair CO2 emissions that seriously affect the environment, taking into account any form of air pollution, including noise and light pollution.
2. Our climate transition plan (p. 32)
[2.4.5 Our environmental footprint].
MDR-A
E1-3
E1-7
Circular economy and waste prevention and management:
Waste prevention measures, waste recycling measures, waste reuse measures; other forms of waste recovery and reuse; actions against food waste.
2. Our climate transition plan (p. 32)
[2.4.5 Our environmental footprint].
E5 IRO-1
Sustainable use of resources:
Use and supply of water according to local limitations
2. Our climate transition plan (p. 32)
[2.4.5 Our environmental footprint].
SN 7.1 Green transition (p. 135) [Table 2. Environmental footprint]
E3 IRO 1
Consumption of raw materials and measures taken to improve the efficiency of its use.
2. Our climate transition plan (p. 32)
[2.4.5 Our environmental footprint].
SN 7.1 Green transition (p. 135) [Table 2. Environmental footprint]
E5 IRO-1
Energy: direct and indirect consumption, measures taken to improve energy efficiency, use of renewable energies
2. Our climate transition plan (p. 32)
[2.4.5 Our environmental footprint].
SN 7.1 Green transition (p. 135) [Table 2. Environmental footprint]
MDR-A
MDR-M
E1-3
E1-5
Climate change:
Important elements of greenhouse gas emissions generated as a business activity (including goods and services produced)
2. Our climate transition plan (p. 32)
[2.4.5 Our environmental footprint].
SN 7.1 Green transition (p. 135) [Table 2. Environmental footprint].
MDR-M
E1-6
Measures taken to adapt to the consequences of climate change
2. Our climate transition plan (p. 32)

MDR-A
E1 SBM-3
E1-1
E1-3
Reduction targets voluntarily established in the medium and long term to reduce greenhouse gas emissions and means implemented for this purpose.
2. Our climate transition plan (p. 32)
MDR-T
E1-4
Protection of biodiversity:
Measures taken to preserve or restore biodiversity
2. Our climate transition plan (p. 32)
[2.3.5 Our approach to nature and biodiversity].
E4 IRO-1
Impacts caused by the activities or operations of protected areas
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Non-financial information to be disclosedChapter/section of the annual reportCorrespondence
with CSRD/other regulations
2. 
Social		Employment:
Total number and distribution of employees by gender, age, country and professional classification
SN 7.3 Employees (p. 191).
MDR-M
S1-6
S1-9
Total number and distribution of contracts modes and annual average of undefined contracts, temporary contracts, and part-time contracts by: sex, age and professional classification.
SN 7.3 Employees (p. 191).
MDR-M
S1-6
S1-9
Number of dismissals by: gender, age and professional classification.
SN 7.3 Employees (p. 191).
MDR-M
S1-6
Average remuneration and its progression broken down by gender, age and professional classification
SN 7.3 Employees (p. 191).
MDR-M
S1-16
Salary gap and remuneration of equal or average jobs in society
3. Supporting employees, communities and customers (p.75) [3.1.3 Inclusive culture].
MDR-M
S1-16
Average remuneration of directors and executives (including variable remuneration, allowances, compensation, payment to long-term savings forecast systems and any other payment broken down by gender)
SN 7.3 Employees (p. 191).
GOV-3
MDR-M
S1-16
Implementation of work disconnection policies
3. Supporting employees, communities and customers (p.75) [3.1.2 Working conditions].
MDR-P
S1-1
Employees with disabilities
3. Supporting employees, communities and customers (p.75) [3.1.3 Inclusive culture].
MDR-M
S1-12
Organization of work:
Organization of work time
3. Supporting employees, communities and customers (p.75) [3.1.2 Working conditions].
MDR-P
MDR-A
S1-1
S1-4
Number of absent hours
SN 7.3 Employees (p. 191).
MDR-M
S1-14
Measures designed to facilitate work-life balance and encourage a jointly responsible use of said measures by parents
3. Supporting employees, communities and customers (p.75) [3.1.2 Working conditions].
MDR-A
S1-4
S1-15
Health and safety:
Conditions of health and safety in the workplace
3. Supporting employees, communities and customers (p.75) [3.1.2 Working conditions].
MDR-A
S1-14
Occupational accidents, in particular their frequency and severity, as well as occupational illnesses. Broken down by gender.
SN 7.3 Employees (p. 191).
MDR-M
S1-14
Social relations:
Organization of social dialogue (including procedures to inform and consult staff and negotiate with them)
3. Supporting employees, communities and customers (p.75) [3.1.2 Working conditions].
MDR-A
S1-2
S1-8
Percentage of employees covered by collective bargaining agreements by country
SN 7. Our progress in figures (p. 134).
MDR-M
S1-8
Balance of the collective bargaining agreements (particularly in the field of health and safety in the workplace)
3. Supporting employees, communities and customers (p.75) [3.1.2 Working conditions].
SN 7.3 Employees (p. 191).
MDR-M
S1-8
S1-14
Mechanisms and procedures that employers have for encouraging the involvement of workers in management of the company, in terms of information, consultation and participation
3. Supporting employees, communities and customers (p.75) [3.1.4 Employee feedback and experience].
4. Business conduct (p. 100) [4.3 Ethical channels].
MDR-A
S1-2
S1-8
Training:
The policies implemented in the field of training
3. Supporting employees, communities and customers (p.75) [3.1.1 Talent and skills development]
MDR-P
S1-1
Total number of hours of training by professional categories.
SN 7.3 Employees (p. 191).
MDR-M
S1-13
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Non-financial information to be disclosedChapter/section of the annual reportCorrespondence
with CSRD/other regulations
2. 
Social		Accessibility:
Universal accessibility of people
3. Supporting employees, communities and customers (p.75) [3,1.3 Inclusive culture] [3.2.4 Community support] [3.3.1 Conduct with customers].
MDR-A
S1-4
S1-12
Equality:
Measures taken to promote equal treatment and opportunities between women and men, Equality plans (Chapter III of Organic Law 3/2007, of 22 March, for the effective equality of women and men), measures taken to promote employment, protocols against sexual and gender-based harassment, Policy against all types of discrimination and, where appropriate, integration of protocols against sexual and gender-based harassment and protocols against all types of discrimination and, where appropriate, management of diversity
3. Supporting employees, communities and customers (p.75) [3,1.3 Inclusive culture]. [3.2.4 Community support].
MDR-P
MDR-A
S1-1
S1-4
S1-12
3.
Human Rights		Application of due diligence procedures in the field of Human Rights
1. Sustainability at Santander (p.22) [1.4.2 Human rights due diligence].
GOV-4
Prevention of the risks of Human Rights violations and, where appropriate, measures to mitigate, manage and repair any possible abuses committed
3. Supporting employees, communities and customers (p.75).
4. Business conduct (p. 100).
MDR-A
S1-4
S3-4
S4-4
Complaints about cases of human rights violations
4. Business conduct (p. 100) [4.3 Ethical channels].
MDR-M
S1-17
S3-4
S4-4
Promotion and compliance with the provisions of the fundamental conventions of the International Labour Organization regarding respect for freedom of association and the right to collective bargaining.
3. Supporting employees, communities and customers (p.75) [3.1.2 Working conditions].
NS 7.3 Employees (p.191) [Table 12 Collective bargaining coverage and social dialogue].
MDR-P
S1-1
Elimination of discrimination in respect of employment and occupation; elimination of forced or compulsory labour; and the effective abolition of child labour.
3. Supporting employees, communities and customers (p.75) [3.1.2 Working conditions] [Environmental, social and climate change management].
4. Business conduct (p. 100) [4.2 Ethical conduct] [4.3 Ethical channels]
MDR-P
S1-1
4.
Fight against corruption		Measures taken to prevent corruption and bribery
4. Business conduct (p. 100) [Financial crime compliance (FCC)].
Risk management and compliance chapter: 6.2 Compliance risk management section (p. 543).
MDR-A
G1-3
Measures to combat money laundering
4. Business conduct (p. 100) [Financial crime compliance (FCC)].
Risk management and compliance chapter: 6.2 Compliance risk management section (p. 543).
MDR-A
G1-3
Contributions to non-profit foundations and entities
3. Supporting employees, communities and customers (p.75) [3.2.4 Community support].
MDR-A
S3-4
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Non-financial information to be disclosedChapter/section of the annual reportCorrespondence
with CSRD/other regulations
5.
Information on the company		Commitments of the company to sustainable development:
The impact of the company’s activity on employment and local development
Sustainability at Santander in 2024.
3. Supporting employees, communities and customers (p.75) [3.2.1 Supporting the economic and social development of our communities] [3.2.3 Environmental, social and climate change management] [3.2.4 Community support] [3.3.2 Financial inclusion and financial health].
MDR-A
MDR-T
MDR-M
S3-4
S3-5
The impact of the company’s activity on local towns and villages and in the country.
3. Supporting employees, communities and customers (p.75) [3.2.4 Community support] [3.3.2 Financial inclusion and financial health].
MDR-A
MDR-T
MDR-M
S3-4
S3-5
Relations maintained with the representatives of local communities and the modalities of dialogue with them.
1.Sustainability at Santander (p.22) [1.2 Stakeholder engagement].
MDR-A
S3-2
Association or sponsorship actions
Santander participates in the sectoral associations representing financial activity in the countries in which it operates, such as the AEB (Spanish Banking Association) in the case of Spain.
MDR-A
S3-4
Outsourcing and suppliers:
Inclusion of social, gender equality and environmental issues in the procurement policy
4. Business conduct (p. 100) [4.4 Our suppliers].
MDR-P
G1-2
Consideration in relations with suppliers and subcontractors of their responsibility
4. Business conduct (p. 100) [4.4 Our suppliers].
MDR-A
G1-2
Supervision and audit systems and resolution thereof
4. Business conduct (p. 100) [4.4 Our suppliers].
MDR-M
G1-2
Consumers:
Measures for the health and safety of consumers
3. Supporting employees, communities and customers (p.75).
Risk, compliance and conduct management chapter: 7.2 Compliance and conduct risk management section (p. 505).
MDR-A
S4-4
Systems for complaints received and resolution thereof
3. Supporting employees, communities and customers (p.75).
Risk, compliance and conduct management chapter: 7.2 Compliance and conduct risk management section (p. 505).
MDR-M
S4-4
Tax information:
The profits obtained country by country
Auditor's report and 2024 annual consolidate accounts (p. 560) (Annex VI Annual banking report) and Auditor's Report and 2023 annual consolidate accounts (Annex VI Annual banking report).
-
Taxes on benefits paid
SN 7.7 Tax contribution (p. 199)

Public grants received
Grupo Santander did not receive significant public subsidies in 2023 and 2024. Appendix More details see VI Annual banking report, section e)Public subsidies (p. 868).
-
6.
Other relevant information		EU Taxonomy
Information related to article 8 of EU Taxonomy:
3. Supporting employees, communities and customers (p. 75) [3.2.2 Responsible investment and social finances].
SN 5. EU Taxonomy (p. 131).
EU Regulation 2020/852 and Commission Delegated Regulations 2021/2139 and 2021/2178 as amended by Delegated Regulations (EU) 2022/1214, 2023/2485 and 2023/2486

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SN 11. Commission Delegated Regulation (EU) 2023/2772 on sustainability reporting standards content index

Table with references to sections and subsections of the Sustainability statement that respond to the information requirements of the Directive (EU) 2022/2464 of the European Parliament and the Commission Delegated Regulation (EU) 2023/2772.
ESRS 2 - General disclosures
Basis for preparationSectionSub-sectionSub-sub-sectionComments
BP-1 – General basis for preparation of sustainability
About this chapter (p. 20)

Sustainability notes (p. 107)


SN 1. Introduction, basis of presentation of the consolidated sustainability statement and other information (p. 107)
BP-2 – Disclosures in relation to specific circumstances
Sustainability notes (p. 107)
SN 1. Introduction, basis of presentation of the consolidated sustainability statement and other information (p. 107)
GovernanceSectionSub-sectionSub-sub-sectionComments
GOV-1 – The role of the administrative, management and supervisory bodies
1. Sustainability at Santander (p. 22)

Sustainability notes (p. 107)
1.4 Sustainability governance (p. 29)

SN 2. Sustainability governance (p. 117)

SN 7.3 Employees (p. 191)






Table 19. Senior management composition
GOV-2 – Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies
Sustainability notes (p. 107)
SN 2. Sustainability governance (p. 117)
GOV-3 - Integration of sustainability-related performance in incentive schemes
1. Sustainability at Santander (p. 22)
1.4 Sustainability governance (p. 29)
1.4.1 Integration of sustainability-related performance in incentive schemes
GOV-4 - Statement on due diligence
1. Sustainability at Santander (p. 22)
1.4 Sustainability governance (p. 29)
1.4.2 Human rights due diligence
GOV-5 - Risk management and internal controls over sustainability reporting
1. Sustainability at Santander (p. 22)

Sustainability notes (p. 107)
1.4 Sustainability governance (p. 29)

SN 2. Sustainability governance (p. 117)
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StrategySectionSub-sectionSub-sub-sectionComments
SBM-1 – Strategy, business model and value chain
1. Sustainability at Santander (p. 22)

Sustainability notes (p. 107)
1.1 Sustainability strategy (p. 22)

2.2 Supporting our customers in their transition goals (p. 35)

3.2 Communities' sustainable development (p. 83)

3.3. Our customers (p. 91)

SN 1. Introduction, basis of presentation of the consolidated sustainability statement and other information (p. 107)

SN 7.1 Green transition (p. 135)

SN 7.5 Financial inclusion (p. 197)







3.2.2 Responsible investment and social finance (p. 83)

3.3.2 Financial inclusion and financial health (p. 94)
The percentage of revenues of concerning sectors over the Group’s total revenues is not material (1.46% over the Group’s total revenues).
SBM-2 – Interests and views of stakeholders
1. Sustainability at Santander (p. 22)

3. Supporting employees, communities and customers (p. 75)

Sustainability notes (p. 107)
1.2 Stakeholder engagement (p. 24)

3.1 Our employees (p. 75)

SN 3. Materiality assessment - Detailed methodology (p. 121)



3.1.4 Employee feedback and experience
SBM-3 - Material impacts, risks and opportunities and their interaction with strategy and business model
1. Sustainability at Santander (p. 22)

Sustainability notes (p. 107)
1.1 Sustainability strategy (p. 22)

1.3 Materiality Assessment (p. 27)

SN 3. Materiality assessment - Detailed methodology (p. 121)
More details on the financial impact stemming from the opportunities identified in the double materiality assessment, see:
2.2 Supporting our customers in their transition goals (volume of assets aligned with the EU Taxonomy for mortgages and automobiles in Europe).
2.2.1 Corporate and Investment Banking (Green Finance raised or facilitated)
The potential financial impact of the identified risks usually comes in the form of direct financial losses from legal claims (payments to third parties, compensation, etc.) and penalties. See Note 25.d) and 25.e) of the annual accounts.
SN 3. Materiality assessment - Detailed methodology (p. 121)
Disclosures on the materiality assessment processSectionSub-sectionSub-sub-sectionComments
IRO-1 - Description of the processes to identify and assess material impacts, risks and opportunities
1. Sustainability at Santander (p. 22)

Sustainability notes (p. 107)
1.3 Materiality Assessment (p. 27)

SN 3. Materiality assessment - Detailed methodology (p. 121)
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IRO-2 - Disclosure requirements in ESRS covered by the undertaking’s sustainability statement
Sustainability notes (p. 107)
SN 1. Introduction, basis of presentation of the consolidated sustainability statement and other information (p. 107)

SN 3. Materiality assessment - Detailed methodology (p. 121)

SN 11. Commission Delegated Regulation (EU) 2023/2772 content index
Minimum Disclosure Requirement SectionSub-sectionSub-sub-sectionComments
MDR-P – Policies adopted to manage material sustainability matters
2. Our climate transition plan (p. 32)

3. Supporting employees, communities and customers (p. 75)

4. Business conduct (p. 100)

Sustainability notes (p. 107)










SN 1. Introduction, basis of presentation of the consolidated sustainability statement and other information (p. 107)

SN 9. Alternative performance measures (p. 202)
MDR-A – Actions and resources in relation to material sustainability matters
MDR-M – Metrics in relation to material sustainability matters
MDR-T – Tracking effectiveness of policies and actions through targets
ESRS E1 - Climate change
GovernanceSectionSub-sectionSub-sub-sectionComments
ESRS 2 GOV-3 Integration of sustainability related performance in incentive schemes
1. Sustainability at Santander (p. 22)



2. Our climate transition plan (p. 32)
1.4 Sustainability Governance (p. 29)



2.5 Further actions and enablers (p. 72)
1.4.1 Integration of sustainability-related performance in incentive schemes

2.5.2 Governance & policies
StrategySectionSub-sectionSub-sub-sectionComments
E1-1 – Transition plan for climate change mitigation
2. Our climate transition plan (p. 32)

Sustainability notes (p. 107)
2.1 Strategy (p. 32)
2.2 Supporting our customers in their transition goals (p. 35)
2.4 Aiming to align our activity with the Paris Agreement Goals (p. 59)
2.5 Further actions and enablers (p. 72)

SN 4. Our transition plan- (p. 129)







2.5.2 Governance & policies
ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with S&BM
2. Our climate transition plan (p. 32)
2.3 Embedding ESG in risk management (p. 40)
2.3.1 Resilience of our strategy and business model to climate change
2.3.2 Risk management cycle
Impact, risk and opportunity managementSectionSub-sectionSub-sub-sectionComments
ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and opportunities
2. Our climate transition plan (p. 32)
2.3 Embedding ESG in risk management (p. 40)
2.3.2 Risk management cycle
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E1-2 – Policies related to climate change mitigation and adaptation
2. Our climate transition plan (p. 32)
2.5 Further actions and enablers (p. 72)
2.5.1 Strategy for engagement with other key stakeholders
2.5.2 Governance & policies		Further details regarding Governance and Climate Change-related policies in: section 1.4 Sustainability Governance, SN 2 Sustainability governance , SN 6. Sustainable finance and investment classification system (SFICS) and section 3.3 (i) Our ESCC policies
E1-3 – Actions and resources in relation to climate change policies
2. Our climate transition plan (p. 32)
2.2 Supporting our customers in their transition goals (p. 35)

2.4 Aiming to align our activity with the Paris Agreement Goals (p. 59)

2.5 Further actions and enablers (p. 72)
Metrics and targetsSectionSub-sectionSub-sub-sectionComments
E1-4 – Targets related to climate change mitigation and adaptation
2. Our climate transition plan (p. 32)


Sustainability notes (p. 107)
2.4 Aiming to align our activity with the Paris Agreement Goals (p. 59)

SN 4. Our transition plan (p. 129)
E1-5 – Energy consumption and mix
2. Our climate transition plan (p. 32)


Sustainability notes (p. 107)
2.4 Aiming to align our activity with the Paris Agreement Goals (p. 59)

SN 4. Our transition plan (p. 129)

SN 7.1 Supporting the green transition (p. 135)
2.4.5 Our environmental footprint





Table 2. Environmental footprint 2023-2024
E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions
2. Our climate transition plan (p. 32)


Sustainability notes (p. 107)
2.4 Aiming to align our activity with the Paris Agreement Goals (p. 59)

SN 4. Our transition plan (p. 129)

SN 7.1 Supporting the green transition (p. 135)
2.4.5 Our environmental footprint





Table 3. Gross Scopes 1, 2, 3 and Total GHG emissions
E1-7 – GHG removals and GHG mitigation projects financed through carbon credits
2. Our climate transition plan (p. 32)


Sustainability notes (p. 107)
2.4 Aiming to align our activity with the Paris Agreement Goals (p. 59)

SN 7.1 Supporting the green transition (p. 135)
2.4.5 Our environmental footprint


Table 4. GHG mitigation projects financed through carbon credits
E1-8 - Internal carbon pricing
Sustainability notes (p. 107)
SN 4. Our transition plan (p. 129)
E1-9 – Anticipated financial effects from material physical and transition risks and potential climate-related opportunities
2. Our climate transition plan (p. 32)
2.3 Embedding ESG in risk management (p. 40)
2.3.4 Potential financial effectsPhase-in (partially). Response to requirements 66.a), 66.c) and 67.c).
ESRS E2, E3, E4, E5.SectionSub-sectionSub-sub-sectionComments
ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and opportunities
2. Our climate transition plan (p. 32)
2.3 Embedding ESG in risk management (p. 40)
2.3.5 Our approach to nature and biodiversity
ESRS S1 - Own Workforce
StrategySectionSub-sectionSub-sub-sectionComments
ESRS 2 SBM 2 - Interests and views of stakeholders
1. Sustainability at Santander (p. 22)
1.2 Stakeholder engagement (p. 24)
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ESRS 2 SBM 3 - Material impacts, risks and opportunities and their interaction with strategy and business model
3. Supporting employees, communities and customers (p. 75)

Sustainability notes (p. 107)
3.1 Our employees (p. 75)

SN 3. Materiality assessment - Detailed methodology (p. 121)
3.1.1 Talent and skills development
Impact, risk and opportunity managementSectionSub-sectionSub-sub-sectionComments
S1-1 - Policies related to own workforce
3. Supporting employees, communities and customers (p. 75)
3.1 Our employees (p. 75)
3.1.1 Talent and skills development
3.1.2 Working conditions
3.1.3 Inclusive culture
S1-2 - Processes for engaging with own workforce and workers' representatives about impacts
1. Sustainability at Santander (p. 22)

3. Supporting employees, communities and customers (p. 75)
1.2 Stakeholder engagement (p. 24)

3.1 Our employees (p. 75)



3.1.2 Working conditions
3.1.4 Employee feedback and experience
S1-3 – Processes to remediate negative impacts and channels for own workers to raise concerns
3. Supporting employees, communities and customers (p. 75)

4. Business conduct (p. 100)
3.1 Our employees (p. 75)



4.3 Ethical channels (p. 104)
3.1.3 Inclusive culture
3.1.4 Employee feedback and experience

4.3.1 Canal abierto
S1-4 – Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions
3. Supporting employees, communities and customers (p. 75)
3.1 Our employees (p. 75)
3.1.1 Talent and skills development
3.1.2 Working conditions
3.1.3 Inclusive culture
3.1.4 Employee feedback and experience
Metrics and targetsSectionSub-sectionSub-sub-sectionComments
S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
3. Supporting employees, communities and customers (p. 75)
3.1 Our employees (p. 75)
3.1.1 Talent and skills development
3.1.2 Working conditions
3.1.3 Inclusive culture
S1-6 – Characteristics of the undertaking’s employees
3. Supporting employees, communities and customers (p. 75)

Sustainability notes (p. 107)
3.1 Our employees (p. 75)



SN 7.3 Employees (p. 191)
3.1.1 Talent and skills development


Table 7. Employees by region
Table 8. Employees by gender
Table 11. Employees by employment contract
Table 14. Turnover by region
S1-8 – Collective bargaining coverage and social dialogue
3. Supporting employees, communities and customers (p. 75)

Sustainability notes (p. 107)
3.1 Our employees (p. 75)



SN 7.3 Employees (p. 191)
3.1.2 Working conditions



Table 13. Collective bargaining coverage and social dialogue
S1-9 – Diversity metrics
3. Supporting employees, communities and customers (p. 75)

Sustainability notes (p. 107)
3.1 Our employees (p. 75)



SN 7.3 Employees (p. 191)
3.1.3 Inclusive culture



Table 9. Employees by management group and gender
Table 10. Employees by age bracket
S1-10 – Adequate wages
3. Supporting employees, communities and customers (p. 75)
3.1 Our employees (p. 75)

3.1.2 Working conditions
S1-11 – Social protection
3. Supporting employees, communities and customers (p. 75)
3.1 Our employees (p. 75)
3.1.2 Working conditions
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S1-12– Persons with disabilities
3. Supporting employees, communities and customers (p. 75)
3.1 Our employees (p. 75)
3.1.3 Inclusive culture
S1-13 – Training and skills development metrics
3. Supporting employees, communities and customers (p. 75)

Sustainability notes (p. 107)
3.1 Our employees (p. 75)



SN 7.3 Employees (p. 191)
3.1.1 Talent and skills development


Table 20. Training
Table 21. Hours of training by gender and management group
S1-14 – Health and safety metrics
3. Supporting employees, communities and customers (p. 75)

Sustainability notes (p. 107)
3.1 Our employees (p. 75)



SN 7.3 Employees (p. 191)
3.1.2 Working conditions



Table 22. Occupational health and safety		The Group relies on the phase-in established by the ESRS for specific information of non-Employees (ESRS S1, S1-14, para. 89).
S1-16 – Compensation metrics (pay gap and total compensation)
3. Supporting employees, communities and customers (p. 75)

Sustainability notes (p. 107)
3.1 Our employees (p. 75)



SN 7.3 Employees (p. 191)
3.1.2 Working conditions



Table 16. Remuneration ratios
S1-17 – Incidents, complaints and severe human rights impacts
3. Supporting employees, communities and customers (p. 75)

4. Business conduct (p. 75)
3.1 Our employees (p. 75)

4.3 Ethical channels (p. 104)
3.1.3 Inclusive culture
ESRS S3 - Affected communities
StrategySectionSub-sectionSub-sub-sectionComments
ESRS 2 SBM-2 – Interests and views of stakeholders
1. Sustainability at Santander (p. 22)
1.2 Stakeholder engagement (p. 24)
ESRS 2 SBM-3 - Material impacts, risks and opportunities and their interaction with strategy and business model
3. Supporting employees, communities and customers (p. 75)

Sustainability notes (p. 107)
3.2 Communities' sustainable development (p. 83)

SN 3. Materiality assessment - Detailed methodology (p. 121)
3.2.1 Supporting the economic and social development of our communities
TBC: Definitions of types of affected communities
Impact, risk and opportunity managementSectionSub-sectionSub-sub-sectionComments
S3-1 – Policies related to affected communities
3. Supporting employees, communities and customers (p. 75)
3.2 Communities' sustainable development (p. 83)
3.2.2 Responsible investment and social finance
3.2.3 Environmental, social and climate change management
3.2.4 Community Support 		Further details on governance and other policies related to affected communities: Section 1.4 Sustainability governance and NS 2 Sustainability governance
S3-2 – Processes for engaging with affected communities about impacts
1. Sustainability at Santander (p. 22)

3. Supporting employees, communities and customers (p. 75)
1.2 Stakeholder engagement (p. 24)

3.2 Communities' sustainable development (p. 83)



3.2.2 Responsible investment and social finance
3.2.3 Environmental, social and climate change management
3.2.4 Community Support
S3-3 – Processes to remediate negative impacts and channels for affected communities to raise concerns
3. Supporting employees, communities and customers (p. 75)
3.2 Communities' sustainable development (p. 83)
3.2.3 Environmental, social and climate change management
S3-4 – Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions
3. Supporting employees, communities and customers (p. 75)
3.2 Communities' sustainable development (p. 83)
3.2.2 Responsible investment and social finance
3.2.3 Environmental, social and climate change management
3.2.4 Community Support
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Metrics and targetsSectionSub-sectionSub-sub-sectionComments
S3-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
3. Supporting employees, communities and customers (p. 75)
3.2 Communities' sustainable development (p. 83)
3.2.2 Responsible investment and social finance
3.2.3 Environmental, social and climate change management
3.2.4 Community Support
ESRS S4 - Consumers and end-users
StrategySectionSub-sectionSub-sub-sectionComments
ESRS 2 SBM-2 – Interests and views of stakeholders
1. Sustainability at Santander (p. 22)
1.2 Stakeholder engagement (p. 24)
ESRS 2 SBM-3 - Material impacts, risks and opportunities and their interaction with strategy and business model
3. Supporting employees, communities and customers (p. 75)

Sustainability notes (p. 107)
3.3 Our customers (p. 91)



SN 3. Materiality assessment - Detailed methodology (p. 121)
Impact, risk and opportunity managementSectionSub-sectionSub-sub-sectionComments
S4-1 – Policies related to consumers and end-users
3. Supporting employees, communities and customers (p. 75)
3.3 Our customers (p. 91)
3.3.1 Conduct with customers
3.3.2 Financial inclusion and financial health
3.3.3 Privacy, data protection and cybersecurity		Further details on governance and other policies related to our clients: Section 1.4 Sustainability governance and NS 2 Sustainability governance
S4-2 – Processes for engaging with consumers and end-users about impacts
1. Sustainability at Santander (p. 22)

3. Supporting employees, communities and customers (p. 75)
1.2 Stakeholder engagement (p. 24)

3.3 Our customers (p. 91)



3.3.1 Conduct with customers
3.3.2 Financial inclusion and financial health
3.3.3 Privacy, data protection and cybersecurity
S4-3 – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns
3. Supporting employees, communities and customers (p. 75)
3.3 Our customers (p. 91)
3.3.1 Conduct with customers
S4-4 – Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions
3. Supporting employees, communities and customers (p. 75)
3.3 Our customers (p. 91)
3.3.1 Conduct with customers
3.3.2 Financial inclusion and financial health
3.3.3 Privacy, data protection and cybersecurity
Metrics and targetsSectionSub-sectionSub-sub-sectionComments
S4-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
3. Supporting employees, communities and customers (p. 75)
3.3 Our customers (p. 91)
3.3.1 Conduct with customers
3.3.2 Financial inclusion and financial health
3.3.3 Privacy, data protection and cybersecurity
ESRS G1 - Business Conduct
GovernanceSectionSub-sectionSub-sub-sectionComments
ESRS 2 GOV-1 – The role of the administrative, supervisory and management bodies
1. Sustainability at Santander (p. 22)

Sustainability notes (p. 107)
1.4. Sustainability governance (p. 29)

SN 2. Sustainability governance (p. 117)
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Impact, risk and opportunity managementSectionSub-sectionSub-sub-sectionComments
ESRS 2 IRO-1 – Description of the processes to identify and assess material impacts, risks and opportunities
1. Sustainability at Santander (p. 22)

Sustainability notes (p. 107)
1.3 Materiality assessment (p. 27)

SN 3. Materiality assessment - Detailed methodology (p. 121)
G1-1– Corporate culture and Business conduct policies and corporate culture
4. Business Conduct (p. 100)
4.1 Corporate culture (p. 100)
4.2 Ethical Conduct (p. 101)
4.3 Ethical channels (p. 104)
G1-2 – Management of relationships with suppliers
4. Business Conduct (p. 100)
4.4 Our suppliers (p. 105)
G1-3 – Prevention and detection of corruption and bribery
4. Business Conduct (p. 100)
4.2 Ethical conduct (p. 101)
4.2.3 Financial Crime Compliance
Metrics and targetsSectionSub-sectionSub-sub-sectionComments
G1-4 – Confirmed incidents of corruption or bribery
4. Business Conduct (p. 100)
4.2 Ethical conduct (p. 101)
4.2.3 Financial Crime Compliance
G1-6 – Payment practices
4. Business Conduct (p. 100)
4.4 Our suppliers (p. 105)
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OTHER SUSTAINABILITY INFORMATION
1. Our progress in relation to UN (United Nations) Global Compact Principles
Santander has been a participant of the UN Global Compact since 2022. We express our support for and disclose our progress on compliance with the 10 Principles of the UN Global Compact on human rights, labour, the environment and anti-corruption through the Sustainability Statement included in this Annual Report.
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Human rights
Principle 1
Businesses should support and respect the protection of internationally proclaimed human rights.
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We aim to act responsibly and broadly throughout our value chain by upholding the protection of human rights. We achieve this aim by focusing on our business conduct, internal regulations and governance, and other prevention, mitigation and remediation mechanisms.
Principle 2
Businesses should make sure that they are not complicit in human rights abuses.
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Human rights form part of our management and governance, based on process type. We follow responsible business and customer data protection practices and are making headway with embedding human rights in our supply chain management. We also assess the impact of transactions on human rights and adopt responsible practices with our employees.
Labour
Principle 3
Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining.
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For more details see section 3.1.2.i. Employee health and well-being
We recognize freedom of association and the right to collective bargaining for all employees. We look after our employees’ health and promote decent employment, a living wage and the preservation of freedom of association and collective bargaining.
Principle 4
Businesses should uphold the elimination of all forms of forced and compulsory labour.
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For more details, see sections 3.2.3.i. Our ESCC policy, and 3.2.3.ii. Equator Principles
We follow the highest standards when running initiatives to combat forced labour, including analysis of environmental, social and climate change (ESCC) matters and applying the guidelines of the Equator Principles as well as analysing our suppliers.

Principle 5
Businesses should uphold the effective abolition of child labour.
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We combat child labour by including environmental, social and climate change (ESCC) matters in our analysis, and applying the guidelines of the Equator Principles, as well as analysing our suppliers.
Principle 6
Businesses should uphold the elimination of discrimination in respect of employment and occupation.
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We promote equal opportunity, diversity and non-discrimination, and an inclusive workplace. We are signatory to the UN Women’s empowerment Principles and Valuable 500 which help us to inform our activity in this area.
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Environment
Principle 7
Businesses should support a precautionary approach to environmental challenges.
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We tackle climate change through our ambition to be net zero by 2050.
Principle 8
Businesses should undertake initiatives to promote greater environmental responsibility.
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We help our customers transition to a low-carbon economy and reduce our carbon footprint.
Principle 9
Businesses should encourage the development and diffusion of environmentally friendly technologies.
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We're a global leader in renewable energy financing and energy efficiency initiatives and we offer opportunities in green transition technologies. We aim to consume 100% renewable electricity by 2025. We contribute to this goal by increasing self-supply
Anti-corruption
Principle 10
Businesses should work against corruption in all its forms, including extortion and bribery.
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We promote transparency, the fight against corruption and robust governance across our organization. We use reporting channels to raise any conduct contrary to tour policies and codes of conduct regulate our business and behaviour.
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2. Our contribution to United Nations Sustainability Development Goals
In line with our purpose to help people and companies thrive, we grow as a business while helping to address society's challenges
The SDGs on which our operations have the greatest impact
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SDGs 1.2, 1.4, 1.5
We want to help reduce poverty, boost well-being and power economic growth wherever we operate. Our financial inclusion strategy and community support programmes empower millions of people every year.

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SDGs 4.3, 4.4, 4.5, 4.6
We help people and businesses prosper through our education, employability and entrepreneurship free programmes, available at our platforms: Santander Open Academy, Santander X, Universia and Campus Digital.

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SDGs 5.1, 5.5
We promote an inclusive workplace to have equal opportunity and diversity
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For more details, see sections 3.3.2.i and 3.2.4.iii

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For more details, see section 3.2.4.ii.

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For more details, see section 3.1.3.i

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SDGs 7.1, 7.2, 7.3
We're a global leader in renewable energy financing and a European leader in electric vehicle financing. We also finance initiatives on energy efficiency, sustainable mobility and cleaner transport solutions.

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SDGs 8.3, 8.4, 8.5, 8.6, 8.8, 8.10
As an employer and financier, we help people and businesses, and contribute to economic growth and job creation in the markets where we operate.

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SDG 10.2
We help people access basic banking services like accounts and promote financial education to teach them the skills they need to manage their finances effectively
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For more details, see sections 2.2 and 2.4.2.

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For more details, see sections 2.3, 2.4.2, 3.3.2.i and 3.2.4.ii

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For more details, see section 3.3.2.i

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SDGs 11.1, 11.4, 11.6
We finance sustainable infrastructure, real estate and mobility solutions and run community support initiatives to meet the basic needs of the communities we serve.

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SDGs 12.2, 12.5, 12.6
We are committed to reducing our environmental footprint by implementing energy efficiency plans and cutting our consumption of paper, single-use plastics and other resources.
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SDG 13.1
We tackle climate change by helping our customers transition to a sustainable economy and reducing our carbon footprint.

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For more details, see sections 2.4.4, 2.5.1, 3.3.2.i, 3.2.2.i, and 3.2.4.iii

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For more details, see sections 1.2, 2.2.5, and 4.4.1

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For more details, see sections 2.1.1, and 2.3

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SDGs 16.5, 16.6, 16.7
We promote transparency, the fight against corruption and robust governance across our organization. Our policies and codes of conduct regulate our business and behaviour and steer our objectives towards a more responsible banking system.

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SDG 17
We participate in prominent local and international initiatives and working groups.

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For more details, see sections 1.2, and 4.2.3

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For more details, see section 1.2

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3. Our progress in relation to the Principles for Responsible Banking UNEP FI

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Principle 1
Alignment
Grupo Santander has integrated sustainability into its corporate strategy. Our sustainability strategy focuses on issues that are material to Santander, i.e. those that pose the biggest risks to, and create the best opportunity for, the bank; and where we can have the biggest impact.
For more details on our Strategy alignment and our business model, please see section 1.1 'Sustainability strategy' .
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Principle 2
Impact & target setting
In 2024 we performed a double materiality assessment to identify the material impacts, risks and opportunities (IROs). As results we found five matters. For the impact estimation we used, among others, the UNEP FI tool.
For more details on the Impact analysis, please see section 1.3 'Materiality assessment'. For more details on the progress towards our objectives see, regarding climate, section 2.1.3 and, regarding employees, customers and communities sections 3.1., 3.2 and 3.3.
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Principle 3
Clients & customers
Our Responsible Banking and Sustainability policy sets out the general principles, targets, objectives and strategy that should guide the Group's progress in sustainability. Two of our strategic pillars focus on supporting our customers in their transition to a low-carbon economy and being the trusted reference for our customers with a product and service offering tailored to their needs and supporting their inclusion.
For more details on how we support customers in their transition see section 2.2 Supporting our customers in their transition goals, while supporting customers in their financial inclusion can be found on section 3.3.2 Financial inclusion and financial health

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Principle 4
Stakeholders
We proactively and continuously engage with our key stakeholders - customers, employees, investors, and NGOs - through various channels, mainly surveys. This helps us to understand their priorities and concerns. In addition, we also interact with other stakeholders such as our suppliers, rating agencies and supervisors and regulators, and engage and learn through initiatives on key issues on our agenda.
For more details see section 1.2. Stakeholder Engagement



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Principle 5
Governance & culture
The Group's board of directors is responsible for approving the sustainability strategy. The board's responsible banking, sustainability and cultural committee oversees the development of the strategy and policies. At the executive level, the management meeting periodically reviews sustainability issues. Sustainability is also present in both short and long term remuneration schemes. There is mandatory sustainability training for employees, and other courses cover specific needs of some teams.
For more details see sections 1.4 Sustainability governance and 3.1.1 Talent and skills development
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Principle 6
Transparency & accountability
Our sustainability report has been verified through a limited review by an independent third party. For more details on verification see section SN 12. 'Independent verification report'. Santander Group, based in Europe, is required to comply with the new sustainability disclosure directive and Spanish law 11/2018. Santander has also published a table of equivalences with the global sustainability standard, ISSB, and has provided information on how it complies with objectives such as the Global Compact.
For more details see sections 1.2. Stakeholder Engagement and Sustainability notes.
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4. GFANZ transition planning content index

GFANZ recommendationsReference in this report
FoundationsObjectives and priorities
Implementation strategyProducts and services
Activities and decision-making
1.4 Sustainability governance; SN 2. Sustainability governance 2.5.2 Governance & policies
Policies and conditions
SN 2. Sustainability governance
Engagement strategyEngagement with clients and portfolio companies
Engagement with industry
Engagement with government and public sector
Metrics and TargetsMetrics and targets
GovernanceRoles, responsibilities, and remuneration
1.4 Sustainability governance; SN 2. Sustainability governance 2.5.2 Governance & policies;
Skills and culture
2.5.2 Governance & policies; 3.1.1 Talents and skills development
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5. Task Force on Climate related Financial Disclosure (TCFD) content index

TCFD RecommendationsReference in this Annual Report
GovernanceaDescribe the board’s oversight of climate-related risks and opportunities.
1.4 Sustainability governance; SN 2. Sustainability governance
bDescribe management’s role in assessing and managing climate-related risks and opportunities.
1.4 Sustainability governance; SN 2. Sustainability governance 2.5.2 Governance & policies; 2.3 Embedding ESG in risk management
StrategyaDescribe the climate-related risks and opportunities the organization has identified over the short, medium, and long term.
bDescribe the impact of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning.
cDescribe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario.
Risk ManagementaDescribe the organization’s processes for identifying and assessing climate-related risks.
2.3 Embedding ESG in risk management
bDescribe the organization’s processes for managing climate-related risks.
cDescribe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization’s overall risk management.
Metrics and TargetsaDisclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process.
2.3 Embedding ESG in risk management; 2.4 Aiming to align our activity with the Paris Agreement Goals
bDisclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks.
cDescribe the targets used by the organization to manage climate-related risks and opportunities and performance against targets.
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6. Table of equivalence between CSRD and ISSB
This table reflects the equivalence of the ESRS standards with the sustainability-related disclosure standards of the International Sustainability Standards Board (ISSB). In the consolidated management report and, to a greater extent, the sustainability statement (as well as in the audit report and annual accounts), the Group includes information that is equivalent to the requirements under the SASB standards that apply to the financial sector (for more details, see the note under the table).
ESRS 2 - General disclosuresISSB
Basis for preparation
BP-1 – General basis for preparation of sustainability
IFRS S2.10(d)
BP-2 – Disclosures in relation to specific circumstances
Governance
GOV-1 – The role of the administrative, management and supervisory bodies
IFRS S1.21(b)
IFRS S2.6(a)
IFRS S2.6(a)(i)
IFRS S2.6(a)(ii)
IFRS S2.6(a)(v)
IFRS S2.6(b)
IFRS S2.6(b)(i)
IFRS S2.6(b)(ii)
GOV-2 – Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies
IFRS S2.6(a)(iii)
IFRS S2.6(a)(iv)
GOV-3 - Integration of sustainability-related performance in incentive schemes
IFRS S2.29(g)(i)
IFRS S2.6(a)(v)
IFRS S1.21(b)
GOV-4 - Statement on due diligence
GOV-5 - Risk management and internal controls over sustainability reporting
Strategy
SBM-1 – Strategy, business model and value chain
SBM-2 – Interests and views of stakeholders
SBM-3 - Material impacts, risks and opportunities and their interaction with strategy and business model
IFRS S2.10(a)
IFRS S2.10(c)
IFRS S2.13(a)
IFRS S2.13(b)
IFRS S2.14(a)(i)
IFRS S2.15(a)
IFRS S2.15(b)
IFRS S2.16(a)
IFRS S2.16(b)
IFRS S2.16(c)(i)–(ii)
IFRS S2.16(d)
Disclosures on the materiality assessment process
IRO-1 - Description of the processes to identify and assess material impacts, risks and opportunities
IFRS S2.25(a)(i)
IFRS S2.25(a)(iii)
IFRS S2.25(a)(iv)
IFRS S2.25(a)(v)
IFRS S2.25(a)(vi)
IFRS S2.25(b)
IFRS S2.25(c)
IRO-2 - Disclosure requirements in ESRS covered by the undertaking’s sustainability statement
ESRS E1 - Climate change
Governance
ESRS 2 GOV-3 Integration of sustainability related performance in incentive schemes
IFRS S2.29(g)(i)
IFRS S2.29(g)(ii)
IFRS S2.6(a)(v)
IFRS S1.21(b)
Strategy
E1-1 – Transition plan for climate change mitigation
IFRS S2.14(a)(iv)
IFRS S2.14(c)
IFRS S2.29(e)
ESRS 2 SBM-3 – Material impacts, risks and
opportunities and their interaction with S&BM
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Impact, risk and opportunity management
ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and opportunities
IFRS S1.23
IFRS S1.B42(c)
IFRS S2.22(b)(i)(1)
IFRS S2.22(b)(i)(2)
IFRS S2.22(b)(i)(3)
IFRS S2.22(b)(i)(4)
IFRS S2.22(b)(i)(5)
IFRS S2.22(b)(i)(6)
IFRS S2.22(b)(ii)
IFRS S2.25(a)
IFRS S2.25(a)(ii)
IFRS S2.10(d)
IFRS S2.25(b)
E1-2 – Policies related to climate change mitigation and adaptation
E1-3 – Actions and resources in relation to climate change policies
IFRS S2.14(a)(ii)
IFRS S2.14(a)(iii)
IFRS S2.14(a)(v)
IFRS S2.14(b)
Metrics and targets
E1-4 – Targets related to climate change mitigation and adaptation
IFRS S2.33
IFRS S2.33(b)
IFRS S2.33(d)
IFRS S2.33(e)
IFRS S2.33(g)
IFRS S2.33(h)
IFRS S2.34(a)
IFRS S2.36(a)
IFRS S2.36(b)
IFRS S2.36(d)
E1-5 – Energy consumption and mix
E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions
IFRS S2.29(a)(i)(1–2)
IFRS S2.29(a)(i)(3)
IFRS S2.B38–B57
IFRS S2.29(a)(ii)
IFRS S2.29(a)(iii)(1–3)
IFRS S2.29(a)(iv)
IFRS S2.29(a)(v)
IFRS S2.B30
IFRS S2.B31
IFRS S2.29(a)(vi)(1)
IFRS S2.B32
IFRS S2.29(a)(vi)(2)
IFRS S2.B19
IFRS S2.B34
IFRS S2.B56(a)
IFRS S2.B56(b)
E1-7 – GHG removals and GHG mitigation projects financed through carbon credits
IFRS S2.36(e)(i)
IFRS S2.36(e)(ii)
IFRS S2.36(e)(iii)
IFRS S2.36(e)(iv)
E1-8 – Internal carbon pricing
IFRS S2.29(f)
E1-9 – Anticipated financial effects from material physical and transition risks and potential climate-related opportunities
IFRS S2.17
IFRS S2.22(a)(iii)(1–3)
IFRS S2.25(b)
IFRS S2.29(b)
IFRS S2.29(c)
IFRS S2.29(d)
IFRS S2.31
IFRS S2.B65(e)
IFRS S1.21(b)
In the consolidated management report and, to a greater extent, the sustainability statement (as well as in the audit report and annual accounts), the Group includes information that is equivalent to the requirements under the SASB standards that apply to the financial sector, mainly in relation to 'commercial banking (FN-CB)', but also in relation to other sub-industries such as: 'Asset management and custody activities (FN-AC)', 'consumer finance (FN-CF)', and 'investment banking and intermediation (FN-IB)'. Specifically, the information disclosed by the Group in these reports allows us to respond, to a greater or lesser extent, to the following SASB metrics: FN-CB-230a.1 (y FN-CF-230a.1), FN-CB--230a.2, FN-CF-230a.3, FN-CB-240a.1, FN-CB-240a.2, FN-CB-240a.3, FN-CB-240a.4, FN-CB-410a.1, FN-CB-410a.2 (y FN-IB-410a.2), FN-IB-410a.3, FN-CB-510a.1 (y FN-AC-510a.1 y FN-IB-510a.1), FN-CB-510a.2 (y FN-AC-510a.2 y FN-IB-510a.2), FN-CB-550a.2 (y FN-IB-550a.2), FN-AC-330a.1 (y FN-IB-330a.1), FN-CB-000.A, FN-CB-000.B.
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CORPORATE GOVERNANCE
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Clear and robust corporate governance to ensure a long-term, sustainable business model
Our governance bodies
Annual general meetingActive involvement of our shareholders in the general meeting
Board of directorsResponsible for setting the strategy and overseeing its execution and the management of the Group.
Board committeesSolid committee structure to support the board
Broad and balanced shareholder base
Share capital distribution by geography1
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Aligned with high corporate governance standards
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Banco Santander has the highest score in the Spanish Association for Standardisation and Certification's (AENOR) Good Corporate Governance Index (GCGI V2.0), which verifies aspects such as composition and functioning of the board and its committees, shareholders' general meeting, remuneration policy, compliance and transparency.
1. Figures as at 31 December 2024.
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1. 2024 OVERVIEW
235
Statement from Glenn Hutchins, Lead Independent Director
235
1.1 Board skills and diversity
236
1.2 Board effectiveness
236
1.3 Remuneration policy
237
1.4 Engagement with our shareholders
237
1.5 Achievement of our 2024 priorities
238
1.6 Priorities for 2025
240
2. OWNERSHIP STRUCTURE
241
2.1 Share capital
241
2.2 Authority to increase capital
241
2.3 Significant shareholders
242
2.4 Shareholders’ agreements
243
2.5 Treasury shares
243
2.6 Stock market information
246
3. SHAREHOLDERS AND GENERAL MEETING
247
3.1 Shareholder communication and engagement
247
3.2 Shareholder rights
249
3.3 Dividends and shareholder remuneration
251
3.4 2024 AGM
251
3.5 Our next AGM in 2025
253
4. BOARD OF DIRECTORS
255
4.1 Our directors
256
4.2 Board composition
264
4.3 Board functioning and effectiveness
270
4.4 Executive committee activities in 2024
277
4.5 Audit committee activities in 2024
279
4.6 Nomination committee activities in 2024
285
4.7 Remuneration committee activities in 2024
289
4.8 Risk supervision, regulation and compliance committee activities in 2024
293
4.9 Responsible banking, sustainability and culture committee activities in 2024
297
4.10 Innovation and technology committee activities in 2024
300
4.11 International advisory board
302
4.12 Related-party transactions and other conflicts of interest
303
5. SENIOR MANAGEMENT TEAM
305
6. REMUNERATION
307
Introduction
307
6.1 Principles of the remuneration policy
308
6.2 Remuneration of directors for supervisory and collective decision-making duties: policy applied in 2024
308
6.3 Remuneration of directors for executive duties
311
6.4 Directors' remuneration policy for 2025, 2026 and 2027
324
6.5 Preparatory work and decision-making for the remuneration policy; remuneration committee involvement
333
6.6 Remuneration of non-director members of senior management
334
6.7 Prudentially significant disclosures document
335
7. GROUP STRUCTURE AND INTERNAL GOVERNANCE
336
7.1 Corporate Centre
336
7.2 Internal governance
336
8. INTERNAL CONTROL OVER FINANCIAL REPORTING (ICFR)
339
8.1 Control environment
339
8.2 Risk assessment in financial reporting
340
8.3 Control activities
340
8.4 Information and communication
342
8.5 Monitoring of system functioning
342
9. OTHER CORPORATE GOVERNANCE INFORMATION
346
9.1 Reconciliation with the CNMV’s corporate governance report model
346
9.2 Statistical information on corporate governance required by the CNMV
350
9.3 References on compliance with recommendations of Spanish Corporate Governance Code
371
9.4 Reconciliation to the CNMV’s remuneration report model
373
9.5 Statistical information on remuneration required by the CNMV
374
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1. 2024 OVERVIEW
Statement from Glenn Hutchins, Lead Independent Director
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Glenn Hutchins,
Vice Chair and Lead Independent Director
"In 2024, the board remained committed to increasing shareholder value by delivering strong, sustainable results in line with our Investor Day targets. We believe that board oversight is critical in aligning the interests of our shareholders –and other stakeholders– with the strategies of our enterprise and driving success. This corporate governance report sets out how the board and its committees work to ensure that the Group continues to deliver shareholder value with prudence and careful risk management.
Notably, we made important progress over the year in our technology transformation agenda and in our shift to five global businesses, enabling us to serve our customers better, gain operating efficiencies and clarify external reporting. We also removed the regional layer of management, facilitating fast decision-making, clear accountability and enhanced agility. We further held several meetings in session with our Executive Chair and with our CEO in order to assist in their work and evaluate their progress.
Every year the board visits one of our key markets to get an on-the-ground perspective of the businesses, opportunities and challenges faced locally. In November 2024, we travelled to Brazil in recognition of the strategic importance of that geography for the Group, meeting with key staff, important clients and external stakeholders. During the year, we also held two sessions with high potential younger executives to evaluate the quality of our internal talent pipeline. We welcomed the opportunity to engage with so many of our valued colleagues and clients around the world and will continue to do this in the future.
Critical to created shareholder value is our capacity to attract, develop and retain the best talent world-wide to support our transformation. We compete in a global market for skills not just with the world’s largest financial institutions but also with large-scale technology companies. Our ability to offer market-based compensation for our top talent is vital to our capacity to compete and succeed. During the year, we met with our largest
shareholders and their proxy advisers to explain our compensation philosophy and to gather feedback. The remuneration committee, which I chair, discussed the lessons from this consultation and made related changes during the year (see section 6. ‘Remuneration’ ).
As part of our ambition to be a technology-first company, we will be holding an entirely virtual Annual General Meeting (AGM) in 2025 supported by advanced technology to improve interaction with our shareholders. During 2024, I conducted an extensive engagement with shareholders on this topic to understand their expectations and to inform the design of our virtual AGM. We are confident that this approach, which positions us as a digital-first and sustainable company, will ensure equal access for all shareholders worldwide (see more details in 'Virtual AGM' in section 3.5).
Leveraging the diverse skills, experience and strengths of our board members, we implemented on a number of committee changes throughout the year. We also strengthened the board with the addition of Carlos Barrabés and Antonio Weiss. The impact and benefit of these changes was evidenced in the results of the internal board effectiveness review conducted in 2024, the details of which can be found in ‘Board effectiveness review in 2024’, in section 4.3.
Looking forward, we will sharpen our focus on increasing shareholder value through the transformation of Santander into a technology-defined enterprise offering high quality products, providing world-class customer service and managing costs efficiently world-wide – while remaining true to our purpose and corporate culture".
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1.1 Board skills and diversity
Appointments in 2024
In 2024 board composition has remained commensurate with the required skills, experience and diversity required to oversee and drive the Group's strategy, reinforced by our board refreshment activity in the year.
Two thirds of our board members are independent directors and 40% are women. This meets the 40% minimum requirement for the less represented gender at the board set out in the Organic Law on Equal Representation and Balanced Presence of Women and Men, that will be required from June 2026.
At the annual general shareholders' meeting held on 22 March 2024 (2024 AGM) it was agreed to appoint Carlos Barrabés and Antonio Weiss who both joined the board once they obtained their corresponding regulatory approvals, filling the vacancies left by Bruce Carnegie-Brown and Ramiro Mato, respectively. These changes have continued to reinforce the board's financial, technological and digital expertise and its geographical diversity, with a key focus on US, which is one of our core markets.
Changes to the committees
Changes to the committees that the board agreed to in 2024 were partly driven by the departures of Bruce Carnegie-Brown and Ramiro Mato from the board, and the need to rotate the audit committee chair after the four-year legal term has elapsed, in line with applicable legal provisions. The board also considered other factors including the distribution of work amongst its members as well as ensuring an optimised mix of skills and experience. In addition, it has also considered the importance of observing best practice committee composition disciplines as well as alignment with regulatory guidance, therefore ensuring their ongoing effectiveness.
Changes can be summarised as follows:
•Executive committee: Ramiro Mato stepped down on 27 June 2024.
•Audit committee: Germán de la Fuente was appointed Chair on 23 March 2024 replacing Pamela Walkden, who remained as a member. Ramiro Mato stepped down on 27 June 2024.
•Nomination committee: Belén Romana, who joined the committee on 1 January 2024, was appointed committee Chair on 23 March 2024, succeeding Bruce Carnegie-Brown. Carlos Barrabés joined with effect from 27 June 2024.
•Remuneration committee: Bruce Carnegie-Brown stepped down on 22 March 2024. Antonio Weiss was appointed to the committee on 1 January 2025.
•Risk supervision, regulation and compliance committee: Pamela Walkden was appointed Chair on 23 March 2024, replacing Belén Romana, who remained as a member. Ramiro Mato stepped down on 27 June 2024 and José Antonio Álvarez became a member on 1 January 2025.
•Responsible banking, sustainability and culture committee: Sol Daurella assumed the chairship on 23 July 2024. Both Pamela Walkden and Carlos Barrabés were appointed to the committee
on 23 March 2024 and 27 June 2024, respectively, replacing Belén Romana and Ramiro Mato, who stepped down on those same dates, respectively.
•Innovation and technology committee: Glenn Hutchins was appointed committee Chair on 23 March 2024, replacing Ana Botín, who remained as a member. Carlos Barrabés joined with effect from 27 June 2024.
1.2 Board effectiveness
Board effectiveness review and actions to continuously improve
Corporate governance is a priority for Santander. Our governance model has consistently received strong support from shareholders, as evidenced by their high participation in general meetings and strong approval rates for corporate management, the appointment and re-election of directors. Governance practices need to adapt to business and strategic needs, so we continuously look for opportunities for improvement.
The annual board effectiveness review, in which we periodically enlist the help of external independent advisors, is key to our commitment to good governance and allows us to verify the quality and effectiveness of the functioning of our governance bodies. It also ensures that the board is able to support management appropriately and to oversee it through constructive challenge. During 2024, the nomination committee monitored execution of the action plan derived from the 2023 board effectiveness review, which was conducted in cooperation with Spencer Stuart as external independent firm and successfully completed in June 2024.
In 2024, the board conducted its annual effectiveness review internally. The areas for improvement were reviewed by the nomination committee and the board of directors and the resultant action plan was approved in January 2025. See 'Board effectiveness review in 2024' in section 4.3.
Group and subsidiary board relations
The ongoing strength of the ties between the Group's and its subsidiaries' boards of directors is key to effective oversight of policies, controls and corporate culture. The challenges of the current macroeconomic landscape evidence the need for effective cross-border cooperation within the Group, which our proven Group Subsidiary Governance Model (GSGM) facilitates.
The strength of our governance model is maintained through a number of coordination mechanisms that are in place between the Group and subsidiaries, as follows:
Group nominated directors
A number of Group directors and top managers are also members of the boards of our subsidiaries, which facilitates the management bodies' coordination and the strategic alignment of the local boards. See section 7. 'Group structure and internal governance'.
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Group and subsidiary committee relations
In 2024, the audit committee and risk supervision, regulation and compliance committee Chairs attended subsidiary committee meetings. In turn, they invited their local counterparts to join the respective Banco Santander committee meetings throughout the year. This helped to enhance communication and the sharing of topics of common interest and best practices between the Group and its subsidiaries.
The Chairs of the Group audit committee and risk supervision, regulation and compliance committee also organised several virtual meetings with their local counterparts, which enriched the communication among them and allowed them to share priorities and common matters of interest. Therefore, this practice will continue going forward.
Finally, in 2024 we also held an audit committee Chairs convention at our headquarters in Boadilla del Monte. The aim was to foster further collaboration between the Group and its subsidiaries, raise awareness about global initiatives and expectations, collectively discuss topical issues and encourage networking. As in previous occasions, the event was both successful and productive, with universal positive feedback received from participants.
Coordinated induction and training plans
We continued to share our training, induction and development methodology and associated content with the subsidiaries to promote best practices and drive a consistent approach on a group-wide basis. In 2024 we scheduled training sessions for subsidiary board members with local directors covering the consolidation of all our activities across our footprint under five global businesses. See 'Director training and induction programmes' in section 4.3.
Group and subsidiary board visits
Every year at least one board session is held in one of the Group's key geographies. As part of these visits, directors meet top management in the unit in order to better understand the country business. In 2024, the board of directors met in São Paulo, Brazil, where we also organised branch visits and meetings with senior management and clients. In addition, directors met with top talent in the region as part of our proactive approach to talent management.
Furthermore, subsidiary boards are encouraged to hold their board meetings at our corporate centre in Boadilla del Monte, Madrid, or in Santander, Cantabria, to foster further collaboration and engagement with the corporate teams. In 2024, the boards of Santander Bank Polska, Santander UK and Santander Brazil held specific meetings at our corporate centre, while Santander Mexico held a board meeting in Santander, Cantabria. The above mentioned practices will continue in 2025 and beyond.
1.3 Remuneration policy
Santander's remuneration policy has traditionally received strong support from our investors. At our 2024 AGM, shareholders approved the policy with 74.82% votes in favour. As this percentage is lower than in other years, our board of directors engaged with our top shareholders and with major proxy advisory firms to ensure that our remuneration policy continues to align
with their expectations. Meetings were led by Glenn Hutchins, our Lead Independent Director and remuneration committee Chair.
Following careful consideration by our remuneration committee and the board of directors of the feedback received, the remuneration policy for 2025, 2026 and 2027 includes the following changes compared to the existing one:
•increase in the component paid in instruments from 50% to 60%;
•raise of the minimum long-term metric on relative TSR threshold for vesting from percentile 40 to percentile 50;
•increase of the weight of the long-term metric on relative TSR from 40% to 50%; and
•enhancement of the weight of the part of the remuneration that is subject to long-term metrics from 36% to 40%.
In addition, we provide further detail on the committee's process for setting and reviewing the remuneration policy, providing additional information on how we set executive remuneration and how pay aligns with performance, including our peers selection criteria for this analysis. Banco Santander conducts a rigorous process that includes an annual review of comparable market information to make sure that our remuneration remains competitive.
We believe these adjustments bolster the alignment of our management and shareholders’ interests. For more details, see section 6. 'Remuneration'.
1.4 Engagement with our shareholders
In 2024 we continued to combine traditional and virtual channels in shareholder engagement, which enabled us to meet the needs of our approximately 3.5 million shareholders, and encourage their involvement in our corporate governance. For more details, see 'Engagement with shareholders in 2024' in section 3.1.
At the 2024 AGM, we once again gave our shareholders, spread around the world, the option to attend in person or remotely. This flexibility enables them to participate without needing to travel. The high shareholder participation through remote means at general meetings shows our shareholders’ satisfaction with this option and has been considered by the board of directors, among other reasons, in its decision to convene the annual general meeting in virtual format (see 'Virtual AGM' in Section 3.5).
We are firmly committed to reporting information of the highest quality to align our interests with those of our shareholders through sustainable growth and long-term value creation. Against this backdrop, the sustainability information we disclose for 2024 considers the new European Sustainability Reporting Standards (ESRS) adopted by the European Commission and the International Sustainability Standards Board's (ISSB) global sustainability disclosure standards, which will enable our shareholders to compare this information more easily within the EU and globally while complying with the disclosure obligations under Spanish law (until the implementation of EU legislation takes place). For more details, see the 'Sustainability statement' chapter.
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1.5 Achievement of our 2024 priorities
The 2023 annual report disclosed our priorities for 2024. The following chart describes how we delivered on each priority.
2024 priorities
How we delivered
Transformation
To oversee the execution of agreed plans to build a digital bank with branches with a single platform, optimizing the product portfolio and enhancing the customer experience, simplifying processes and implementing the new operating model.
The board continued to oversee our operating model, so called One Santander, which completely captures the value and potential of our scale and network effects, simplifying our structure and decision making and eliminating legacies. The board confirmed the positive progress made by global businesses and corporate functions working in partnership as one team.
The board also kept monitoring our transformation journey based on three strategic pillars, to better serve our customers, improve efficiency, and drive value creation:
•Simplification of product portfolio and customer experience to enlarge our customer base: a key focus was placed on improving digital onboarding (including associated onboarding time reduction) across the Group, on the significant simplification of our product portfolio, and on reducing operating costs and associated complexity.
•Automation and simplification of processes: we remain focused on making the business more efficient by undertaking specific Group-wide automation and digitalization of processes initiatives.
•Deployment of best-in-class global tech platform and associated commonality across our footprint: the board monitored specific initiatives launched throughout 2024 together with the implementation of our own common tech global platforms. As part of that, we are evolving into an organization where the software is the product, by developing successful 'banking as a service' initiatives, such as Openbank, Zinia, Getnet, PagoNxt Payments, and Ebury.
Five global businesses
To oversee the consolidation of our activities across all markets under five global businesses and the change of reporting of financial results aligned to this model, with the support of the audit committee.
One key strategic initiative announced in 2023 was to consolidate all activities across our footprint under five global businesses. During 2024, the board monitored the execution of this strategy to ensure that it accomplishes the intended outcomes, including customer benefits and operating efficiencies. In addition, the board oversaw, with the assistance of the audit committee, the change of reporting of financial results to global businesses as primary segments, to better align the information with the manner we manage the Group.
The board considers that the consolidation under five global businesses was well executed, which enables the Group to enter into the next phase of its transformation journey. This phase is marked by a renewed focus on streamlining our structure to achieve greater agility and increasing our profitability through accelerating the roll out of our global business platforms and products.
The consolidation under five global businesses represented a foundational step toward becoming a truly global, digital-first financial institution. These units enable us to deliver innovative solutions tailored to customer needs, leverage efficiencies at scale, and drive significant value creation across geographies, thanks to the network effects of being One Santander.
To help us achieve this next level of transformation, the board agreed to remove the regional layer of management in January 2025. This simplification ensures that our global businesses operate directly across all countries, enabling faster decision-making, clear accountability, and enhanced agility.
People
Continue to enhance our employee value proposition, ensuring that they are aligned with our corporate culture and that we are focused on attracting and retaining the best talent to fulfil our strategy.
The board holds the belief that having the right talent and skills in place and attracting and engaging the best talent with a best-in-class employee value proposition, will enable our transformation. As a result, senior management succession planning remained high on the board's agenda in 2024.
Furthermore, the board monitored that the employee is always placed at the centre of all we do, promoting an inclusive culture, as well as health and wellbeing initiatives. In addition, the board placed a key focus on the merits of listening to employees so the Group can continuously improve in this regard.
The board also approved specific organizational changes and associated appointments, with the aim of having a more dynamic and efficient organization, being well placed to face the challenges ahead with a positive impact on society, utilizing new ways of working to drive value, and reflecting the Group strategy and culture in our relation with clients, supervisors and other stakeholders.
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2024 priorities
How we delivered
Progressing in our sustainability targets
To oversee the fulfilment of our sustainability targets to ensure that we remain on track to fulfil our plans in this area and accelerate finance to help our customers in their transition to a low carbon economy. In addition, we will continue taking care of the sustainability agenda, including our objectives on financial inclusion and customer welfare.
We continued to progress on our sustainability targets. In particular:
•We hit our target of EUR 120 billion in green finance raised or facilitated between 2019 and 2025 in advance (with more than EUR 129 billion in total as from 2019).
•We have financially included 2.6 million people and we have supported microentrepreneurs through programs like Prospera, Tuiio and Surgir.
•We invested EUR 103.8 million to support education, employability and entrepreneurship through Santander Universidades (EUR 208.9 million as from 2023).
•We have progressed towards equality, achieving a greater representation of women in senior positions, from 22.7% in 2019 to 31.2% in 2024.
•We accomplished the equal pay gap target for 2025 (~0%) in advance. We continued to supervise the measures in place to eliminate the pay gap.
•We closed 2024 with 4,828 persons with disabilities employed within the Group (over 2.3% of our global workforce), in line with our commitment to boost the inclusion of people with disabilities by increasing the number of hires and promotions and foster accessibility.
•We continued to supervise the execution our community support programmes, in line with our aim to improve people's access to education and culture and support their well-being. In 2024, we monitored our response to the effects of the flash flood in eastern Spain. We took immediate action to help our people and customers, including fee waivers, the proactive communication to provide financial support to affected customers and employees, payment holidays on loans and leasing, replacement of vehicles for affected customers, among other measures.
See the 'Sustainability statement' chapter for additional details.
Long-term shareholder value
To promote the generation of long-term and sustainable shareholder value creation through consistent returns growth while maintaining our capital management discipline. This will ensure strong shareholder remuneration and the resources required to deliver our strategic transformation.
In 2024, we continued to deliver a strong performance in terms of shareholder value creation, as outlined at the 2023 Investor Day. As part of that, the board continued to drive our potential through leveraging our unique business model based on the customer (building a digital bank with branches), scale (global and in-market scale) and diversification (business, geography and balance sheet) as follows:
•Revenue and customer growth: revenue increased 10% in constant euros (8% in current euros) up to EUR 62,211 million and with customer numbers climbed eight million to 173 million (vs. 165 million customers in 2023).
•Strength: CET1 above12%, closing the year at 12.8% (vs. 12.3% in 2023), where we have maintained a disciplined capital allocation methodology and prudent risk management.
•Profitability: RoTE between 15-17%, closing the year with a 16.3% RoTE (vs. 15.1% in 2023).
•Cost discipline: the efficiency ratio improved in 2024 to 41.8% (vs. 44.1% in 2023), in line with the target of c.42%.
•Conservative risk appetite: the Group cost of risk was 1.15% at the end of 2024 (vs. 1.18%).
•Shareholder remuneration: the remuneration paid to shareholders in 2024 was 34% higher than in 2023. We paid out approximately EUR 3,000 million in a cash dividend (EUR 19.50 cents per share with the right to receive a dividend, of which we paid out EUR 9.50 cents per share in May and EUR 10.00 cents per share in November), which is a 39% increase on the cash dividend paid out in 2023. Moreover, we also paid out approximately EUR 3,000 million through share buyback programmes.
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2024 priorities
How we delivered
Governance effectiveness
To remain focused on the overall effectiveness and composition of the board and its committees, ensuring that their role is discharged in the most tangible and effective manner.
In 2024, we continued to refresh the board of directors ensuring diversity in its broadest sense (gender, backgrounds, geographical provenance, new skills and experience) to ensure that we are well placed to address the challenges faced in our business and taking into account feedback from previous board effectiveness reviews.
The board holistically analysed committee composition and agreed on specific changes, partly driven by the departures of Bruce Carnegie-Brown and Ramiro Mato from the board, and the need to rotate off the audit committee chair in line with applicable provisions. The agreed changes took into consideration best practice committee composition disciplines, regulatory guidance, appropriate workload distribution amongst members and optimised mix of skills and experience on each committee, among other factors. See 'Changes to the committees' in section 1.1.
In 2024, the nomination committee monitored execution of the action plan derived from the 2023 board effectiveness review, which was conducted with the collaboration of an external independent firm, which was successfully completed in June 2024. In addition, the board conducted its annual effectiveness review in 2024 internally. The findings of the review concluded that the board and its committees continue to operate effectively and that the board's contribution is highly valuable for management. See 'Board effectiveness review in 2024' in section 4.3.
1.6 Priorities for 2025
The board set the following priorities for 2025:
→Transformation
We will oversee the implementation of our operating model, ensuring that we operate as a truly global-local organization with five global businesses, simplifying processes, reducing costs and improving customer experience by further optimizing our product portfolio.
→People
We will remain focused on attracting and retaining the best talent to fulfil our strategy now and in the future. We will maintain our proactive approach to senior management succession planning, based on the Group's strategic needs.
→Culture
We will continue to monitor the embeddedness of agile methodologies and more flexible organizational structures across the Group to promote a more collaborative and multidisciplinary way of working that results in a greater customer focus.
→Progressing in our sustainability goals
We will oversee the fulfilment of our sustainability goals striking a balance between financing our customers in their transition to a low carbon economy and the different political and regulatory approaches. In addition, we will continue taking care of the sustainability agenda, in line with our aim to help people and businesses prosper.
→Long-term shareholder value
The board will promote the generation of long-term and sustainable shareholder value creation through consistent returns growth while maintaining our robust capital management discipline. This will ensure strong shareholder remuneration and the resources required to deliver our strategy.
→Governance effectiveness
We will continue to enhance the overall effectiveness of the board and its committees, with an appropriate composition and ensuring that their role is discharged in the most tangible and effective manner.
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2. OWNERSHIP STRUCTURE
→Broad and balanced shareholder base
→A single class of shares
→Authorized capital consistent with best practice to provide the necessary flexibility
2.1 Share capital
Our share capital comprises ordinary shares, each with a par value of EUR 0.50. Every share belongs to the same class and carries the same voting, dividend and other rights.
We do not have any bonds or securities that can be converted into shares other than the contingent convertible preferred securities (CCPS) mentioned in section 2.2 'Authority to increase capital'.
As at 31 December 2024, Banco Santander's share capital amounted to EUR 7,576,246,161, divided into 15,152,492,322 shares.
In 2024, we amended our share capital three times, reducing it on each occasion:
•Two through the cancellation of the shares repurchased under the buyback programmes that formed part of the shareholder remuneration policy for 2023:
•one by EUR 179,283,744 (c. 2.22% of share capital), under the authorization of the 2023 AGM and registered with the Commercial Registry on 5 February 2024; and
•another one by EUR 165,652,500 (c. 2.09% of share capital), in the terms agreed at the 2024 AGM and registered with the Commercial Registry on 1 July 2024.
•One through the cancellation of the shares repurchased under the first buyback programme that formed part of the shareholder remuneration policy for 2024 (First 2024 Buyback Programme), by EUR 170,890,625 (c. 2.21% of share capital), under the authorization of the 2024 AGM and registered with the Companies Register on 20 December 2024.
Since November 2021, when we completed the first buyback programme of those executed within the framework of the shareholder remuneration policy, Banco Santander has reduced its share capital by c.12.62% of the outstanding shares as of that date.
At the 2025 AGM, the board of directors submitted a share capital reduction proposal to cancel the shares that will be acquired through the second share buyback programme charged against 2024 results (Second 2024 Buyback Programme); as well as, if appropriate, a further proposal to cancel the shares that are
acquired in any new buyback programme that the board may implement or by other legally permitted means.
See sections 2.5 'Treasury shares' and 3.5 'Our next AGM in 2025'.
We have a diversified and balanced shareholder structure, with 3,485,134 shareholders as at 31 December 2024, broken down by type, geographical provenance and number of shares as follows:
Type of investor
% of share capital
BoardA
1.29 %
Institutional
58.70 %
Retail
40.01 %
Total
100 %
A. Shares owned or represented by directors. For more details, see 'Tenure and equity ownership' in section 4.2 and subsection A.3 in section 9.2 'Statistical information on corporate governance required by CNMV'.
Geographic distribution
% of share capital
Europe
72.73 %
The Americas
25.72 %
Rest of the world
1.55 %
Total100 %
Number of shares
% of share capital
1-3,000
8.82 %
3,001-30,000
16.92 %
30,001-400,000
11.56 %
Over 400,000
62.70 %
Total
100 %
2.2 Authority to increase capital
Under Spanish law, shareholders at the general meeting have the authority to increase the share capital and may delegate power to the board of directors to increase the share capital by no more than 50%. Our Bylaws are consistent with Spanish law and do not set out special conditions for share capital increases.
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As at 31 December 2024, our board of directors had received authorization from shareholders to approve or carry out the following capital increases:
•Authorized capital to 2027: Shareholders at the 2024 AGM granted authorization to the board to increase share capital on one or more occasions by up to EUR 3,956,394,643 (50% of the capital at the time of that AGM). The board was granted this authorization for a period of three years (until 22 March 2027).
The board can issue shares for cash consideration with or without pre-emptive rights for shareholders, and for capital increases to back any convertible bonds or securities issued under its authority granted at the 2023 AGM.
Shares without pre-emptive rights under this authorization can be issued up to EUR 791,278,928.50 (10% of the capital at the time of the 2024 AGM). However, under the Spanish Companies Act, this limit does not apply to capital increases to convert CCPS (which shall be converted into newly-issued shares if the CET1 ratio falls below a predetermined threshold). This authorization was used for the two CCPS issues carried out in 2024.
•Capital increases approved for contingent conversion of CCPS: We issued contingent convertible preferred securities that qualify as regulatory Additional Tier 1 (AT1) instruments and would be converted into newly-issued shares if the CET1 ratio fell below a predetermined threshold. Each issue was backed by a capital increase approved under the authorization granted to the board by shareholders in force at the time of the CCPS issue.
The chart below shows the outstanding CCPS at the time of this report, with details about the capital increase resolutions that back them. Those capital increases are, therefore, contingent and have been delegated to the board of directors. The board is authorized to issue additional CCPS and other convertible securities and instruments in accordance with a resolution passed at the 2023 AGM that allows convertible instruments and securities to be issued for up to EUR 10 billion or an equivalent amount in another currency (under this authorization, two CCPS issues were executed in 2023 and two in 2024). Any capital increase resulting from the conversion of shares and other convertible instruments will occur according to the capital increase authorization made at the time those instruments were issued.
Issues of contingent convertible preferred securities (CCPS)
Date of issuance
Nominal amount
Discretionary remuneration per annum
Conversion predetermined threshold
Maximum number
of shares in case
of conversionA
19/03/2018
EUR 1,500 million
4.75% for the first 7 years
If, at any time, the CET1 ratio of
Banco Santander or the Group is
lower than 5.125%
416,666,666
14/01/2020
EUR 1,500 million
4.375% for the first 6 years
604,594,921
06/05/2021USD 1,000 million
4.75% for the first 6 years
391,389,432
06/05/2021EUR 750 million
4.125% for the first 7 years
352,278,064
21/09/2021EUR 1,000 million
3.625% for the first 8 years
498,007,968
16/11/2023
USD 1,150 million
9.625% for the first 5 years and 6 months
447,470,817
16/11/2023
USD 1,350 million
9.625% for the first 10 years
525,291,828
20/05/2024
EUR 1,500 million
7% for the first 6 years
501,672,240
01/08/2024
USD 1,500 million
8% for the first 10 years
461,964,890
A. The figure corresponds to the maximum number of shares that could be required to cover the conversion of these CCPS, calculated as the quotient (rounded off by default) of the nominal amount of the CCPS issue divided by the minimum conversion price determined for each CCPS (subject to any antidilution adjustments and the resulting conversion ratio).
2.3 Significant shareholders
As at 31 December 2024, no Banco Santander shareholder individually held over 3% of the voting rights (the minimum threshold provided under Spanish law to issue a mandatory notification of a significant holding in a listed company).
Though the following shareholding held by an asset manager was registered with the CNMV as at 31 December 2024, its related notification states that the shares and financial instruments to which voting rights the notification refers are being held on behalf of third parties (funds or other investment entities or the portfolios they manage) and that none of them exceeds 3% of the voting rights that Banco Santander shares afford.
Significant shareholding as at 31 December 2024
Date of entry in CNMV register
Shareholder name
% voting rightsA
04/10/2024
BlackRock Inc
6.875
A. Includes voting rights attached to shares and financial instruments.
The changes notified to the CNMV in 2024 with regard to significant shareholdings are detailed below:
Significant shareholding. Changes in 2024
Date of entry in CNMV register
Shareholder name
Previous %A
Subsequent %A
18/06/2024
Dodge & Cox
3.0382.937
04/10/2024
Blackrock Inc
5.4266.875
A. Includes voting rights attached to shares and financial instruments.
Likewise, though as at 31 December 2024 certain custodians appeared in our shareholder registry as holding more than 3% of our share capital, we understand that those shares were held on behalf of other investors, none of whom exceeded that threshold individually. These custodians were State Street Bank (15.26%), The Bank of New York Mellon Corporation (7.16%), Chase Nominees Limited (6.01%), Citibank (3.99%) and BNP Paribas (3.36%).

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There may be some overlap in the holdings declared by these custodians and the above mentioned asset manager.
Lastly, as at 31 December 2024, neither our shareholder register nor the CNMV's register showed any investor residing in a non-cooperative jurisdiction holding at least 1% of our voting rights (which is the mandatory disclosure threshold applicable to such investors under Spanish law).
Our Bylaws and the Rules and regulations of the board of directors set out a regime to analyse and approve transactions with shareholders holding more than 10% of the voting rights. See section 4.12 'Related-party transactions and other conflicts of interest'.
2.4 Shareholders’ agreements
In February 2006, several persons linked to the Botín-Sanz de Sautuola y O’Shea family entered into a shareholders’ agreement to set up a syndicate for their shares in Banco Santander. The CNMV was informed of the execution of this agreement and the subsequent amendments the parties made. This information can be found on the CNMV website.
The main provisions of the agreement are:
•Transfer restrictions. Any transfer of Banco Santander shares expressly included in the agreement requires prior authorization from the syndicate meeting (which can freely authorise or reject it), except when the transferee is also a party to the agreement or Fundación Botín. These restrictions apply to the shares they expressly cover under the agreement and to shares subscribed for, or acquired by, syndicate members in exercising any subscription, bonus share, grouping or division, replacement, exchange or conversion rights that pertain or are attributed to, or derive from, those syndicated shares.
•Syndicated voting. Under the agreement, the parties will pool the voting rights attached to all their shares so that syndicate members may exercise them and engage Banco Santander in a concerted manner, in accordance with the instructions and the voting criteria and orientation the syndicate establishes. This covers the shares subject to the transfer restrictions mentioned above as well as any voting rights attached to any other Banco Santander shares held either directly or indirectly by the parties to the agreement, and any other voting rights assigned to them by virtue of usufruct, pledge or any other contractual title, for as long as they hold those shares or are assigned those rights. Representation of the syndicated shares is attributed to the syndicate chair, who will be the chair of Fundación Botín (currently Javier Botín, one of our directors and brother of our Group Executive Chair (Ana Botín)).
Though the agreement initially terminates on 1 January 2056, it will extend automatically for additional 10-year periods unless one of the parties notifies of its intention not to extend six months before the initial term or extension period ends. The agreement may only be terminated early if all the syndicated shareholders agree unanimously.
As at 31 December 2024, the parties to this agreement held 109,810,101 shares in Banco Santander (0.72% of its capital at such time), which were therefore subject to the voting syndicate. They include 80,355,819 shares (0.53% of its capital by close of 2024) that are also subject to the referred transfer restrictions.
Subsection A.7 of section 9.2 'Statistical information on corporate governance required by CNMV' contains a list of parties to the shareholders' agreement and the relevant information filed with CNMV.
2.5 Treasury shares
Shareholder approval
The acquisition of treasury shares was last authorized at our 2023 AGM, for five years and subject to these provisions:
•Treasury shares held cannot exceed 10% of Banco Santander's share capital at any time, which is the legal limit set under the Spanish Companies Act.
•The acquisition price may not be lower than the par value of the shares, nor exceed by more than 3% the highest of the following two: the price of the last independent transaction or the highest independent offer at that time at the trading venue where the purchase is made.
•The purpose of the acquisition of treasury shares will be discretionary treasury share management, the execution of share buyback programmes, the delivery of these shares under the framework of the employee and director remuneration policy or any other purpose that the board deems pertinent at any given time.
Treasury shares policy
On 26 February 2024, the board updated the current treasury shares policy which dictates that Banco Santander may carry out treasury share transactions for these purposes:
•Provide liquidity or supply of securities in the market for Banco Santander shares, which gives this market depth and minimizes any potential temporary imbalances in supply and demand.
•Take advantage, for the benefit of all shareholders, of weakness in the share price due to its medium-term outlook.
•Meet Grupo Santander's obligations to deliver shares to our employees and directors.
•Serve any other purpose authorized by the board within the legal limits and those set at the general meeting. In this regard, Banco Santander made during the year the donations to Fundación Banco Santander indicated below in the context of its Responsible Banking and Sustainability Policy.
Among other things, the policy also provides for:
•The principles to uphold in treasury share trades, which include protecting financial markets' integrity and prohibiting market manipulation and insider trading.
•The operational criteria for carrying out treasury share trades, unless in exceptional circumstances as per the policy or carried out through mechanisms, such as buyback programmes, with a regulation of their own. These criteria include rules on:
•Responsibility for execution of these trades, which falls on the Investments and Holdings department, which is kept separate from the rest of Banco Santander.
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•Venues. Trades must generally be carried out in regulated markets and in the multilateral trading facilities stipulated in the policy, which has been amended by adding three multilateral trading facilities where Banco Santander’s shares circulate.
•Volume limits. Trades must generally not exceed 15% of the average daily trading volume for Banco Santander shares in the previous 30 sessions on the relevant trading venue.
•Price limits. In general, (a) buy orders should not exceed by more than 3% the higher of (i) the price of the last independent transaction prior to the relevant acquisition or (ii) the highest independent bid at that time on the trading venue where the purchase is made; and (b) sell orders should not be lower than the lesser of the price of the last trade in the market by independent parties and the lowest sell order price in the order book.
•Time limits, including a black-out period that applies (a) during the 15 calendar days prior to the publication of each quarterly financial information and (b) if Banco Santander has decided to delay the disclosure of inside information according to market abuse regulations, until such information is disseminated. In the case of buyback programmes, the specific regulations establish a black-out period of 30 calendar days prior to the publication of annual and semi-annual results, which, however, will not apply when the buyback programme is managed by a third party or when the issuer has a temporary buyback programme in place.
•Disclosure to the markets of treasury shares trading.
The policy applies to the discretionary trading of treasury shares irrespective of whether they are carried out in regulated markets, in multilateral trading facilities, outside the orders market, either through blocks or through special transactions, or under buyback programmes. Furthermore, buyback programmes shall comply with all the applicable specific regulations, such as regulation on market abuse and their relevant implementing rules. The policy does not apply to transactions on Banco Santander's shares carried out to hedge market risks or provide brokerage or hedging for customers.
The full treasury shares policy is available on Banco Santander's corporate website.
Execution of the buyback programmes charged against 2023 results
According to the 2023 shareholder remuneration policy, two buyback programmes were executed:
•In the first buyback programme, executed from 28 September 2023 to 25 January 2024, we acquired 358,567,487 treasury shares (2.22% of share capital). Under the authorization of the 2023 AGM, on 30 January 2024 the board resolved to reduce Banco Santander’s share capital through the cancellation of the repurchased shares.
•In the second buyback programme, executed from 20 February to 17 June 2024, we acquired 331,305,000 treasury shares (2.09% of share capital). In the terms agreed at the 2024 AGM, on 25 June 2024 the board resolved to reduce Banco Santander’s share capital through the cancellation of the repurchased shares.
See section 2.1 'Share capital'.
First 2024 Buyback Programme
Under the authorization of the 2023 AGM, and according to the 2024 shareholder remuneration policy, on 26 August 2024 the board resolved to execute a new share buyback programme for a maximum amount of EUR 1,525 million, equivalent to approximately 25% of the Group reported profit (excluding non-cash, non-capital ratios impact items) for the first half of 2024 and for which we have already obtained the required regulatory authorization of the European Central Bank (ECB).
In the First 2024 Buyback Programme (executed from 27 August to 3 December 2024), we acquired 341,781,250 treasury shares (accounting for approximately 2.21% of Banco Santander’s share capital), at a weighted average price per share of EUR 4.46.
On 17 December 2024, the board resolved to reduce the share capital in the amount of EUR 170,890,625, by cancelling the 341,781,250 repurchased shares.
For more details on the share capital reductions, see section 2.1 'Share capital'
Second 2024 Buyback Programme
Under the same AGM approval and also according to the 2024 shareholder remuneration policy, on 4 February 2025 the board resolved to execute a new share buyback programme for a maximum amount of EUR 1,587 million. The appropriate regulatory authorization had already been obtained and the programme began on 6 February 2025.
The board had submitted the resolution to vote at the 2025 AGM for the share capital reduction by cancelling the repurchased shares. See section 3.5 'Our next AGM in 2025'.
Activity in 2024
As at 31 December 2024, Banco Santander and its subsidiaries held 15,529,459 shares, which accounted for 0.10% of Banco Santander's share capital (compared to 297,815,673 shares, accounting for 1.84% of the share capital as at 31 December 2023).
The chart below summarizes the monthly average proportion of treasury shares to share capital throughout 2023 and 2024.
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Monthly average of daily positions in treasury shares
% of Banco Santander’s share capital at month end
20242023
January
1.83 %1.75 %
February
0.13 %2.16 %
March
0.54 %1.46 %
April
0.98 %1.50 %
May
1.49 %1.72 %
June
1.54 %1.68 %
July
0.02 %0.08 %
August
0.06 %0.08 %
September
0.45 %0.08 %
October
0.94 %0.64 %
November
1.60 %1.25 %
December
1.36 %1.56 %
In 2024, Banco Santander and its subsidiaries' treasury share trades amounted to the following values:
Acquisitions and transfers of treasury shares in 2024
AcquisitionsTransfers
EUR (except number of shares)Number of sharesTotal par valueTotal cash amountAverage purchase priceNumber of sharesTotal par valueTotal cash amountAverage purchase priceProfit (loss) net of taxes
Discretionary trading72,223,88136,111,941298,048,0004.13
67,667,779A
33,833,890A
268,877,000A
4.14B
7,804,000B
Client induced tradingC
113,575,33456,787,667484,880,0004.27113,575,33456,787,667484,880,0004.27
Buyback programmes744,811,421372,405,7113,255,024,0004.37N/AN/AN/AN/AN/A
Total930,610,636465,305,3184,037,952,0004.34
181,243,113A
90,621,557A
753,757,000A
4.22B
7,804,000B
A. Including the donations that Banco Santander made to Fundación Banco Santander during the year totalling 22,167,105 treasury shares. For more details, see section 3.2.4 'Community Support' of the 'Sustainability statement' chapter.
B. Excluding the donations mentioned in footnote A above.
C. Transactions on Banco Santander's shares to hedge market risks or provide brokerage or hedging for customers.
The chart below shows significant changes in treasury shares that required disclosure to the CNMV in the year. Companies must report to the CNMV when purchases of treasury shares exceed 1% of the total voting rights (without discounting transfers) or there is a change in the number of total voting rights.
Significant changes in treasury shares in 2024A
% of voting rights represented by shares
Reported on
acquired since last notice
transferred since last notice
held at reference date of notice
26/01/2024B
1.13%
0.20%
1.61%
08/02/20241.00%
2.57%
0.08%
05/04/2024
1.05%
0.36%
0.76%
23/05/2024
1.01%
0.25%
1.53%
04/07/2024
0.87%
2.42%
0.01%
07/10/20241.02%
0.28%
0.75%
19/11/2024
1.04%
0.12%
1.67%
27/12/2024
0.81%
2.35%
0.17%
A. Percentages calculated with share capital at the date of disclosure.
B. It amends report dated 13 December 2024.
Transactions with financial instruments
The transactions with financial instruments with Banco Santander shares as the underlying asset carried out by Banco Santander of its own accord in 2024 for the purpose of discretionary treasury share management are as follows:
•In Q1'24, we reduced the investment position by a delta (i.e. net exposure to share price changes) equalling 860,000 shares. In
Q2'24, we increased the investment position by a delta equalling 1,450,000 shares.
•The final position at year end was a positive aggregated delta equalling 1,500,000 shares worth a total EUR 6,785,815.
•The instruments used were total return equity swaps and listed options, to be settled at maturity exclusively in cash.
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2.6 Stock market information
Markets
Banco Santander shares are listed on Spanish stock exchanges (Madrid, Barcelona, Bilbao and Valencia), the New York Stock Exchange as American Depositary Shares (ADS), the London Stock Exchange as Crest Depositary Interests (CDI), the Warsaw Stock Exchange and in the International Quotation System (SIC) of the Mexican Stock Exchange (BMV).
Market capitalization and trading
As at 31 December 2024, Banco Santander occupies the second position in the eurozone and in the thirty-second world by market value among financial institutions, with a market capitalization of EUR 67,648 million.
7,713 million Banco Santander shares traded in the year for an effective value of EUR 33,410 million and a liquidity ratio of 49%.
The Banco Santander share
20242023
Shares (million)15,152.516,184.1
Price (EUR)
Closing price4.4653.780
Change in the price18 %35 %
Maximum for the period4.9283.970
Date of maximum for the period29/04/202406/12/2023
Minimum for the period3.5632.812
Date of minimum for the period30/01/202403/01/2023
Average for the period4.3523.447
End-of-period market capitalization (EUR million)67,648.361,168.0
Trading 
Total volume of shares traded (million)7,712.611,132.3
Average daily volume of shares traded (million)30.143.7
Total cash traded (EUR million)33,409.938,143.5
Average daily cash traded (EUR million)130.5149.6
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3. SHAREHOLDERS AND GENERAL MEETING
→One share, one vote, one dividend
→No takeover defences in our Bylaws
→High shareholder participation at the general meeting, mostly through virtual means
→Bylaws authorization to hold virtual-only meetings ensuring equal treatment of our shareholders
3.1 Shareholder communication and engagement
Policy on communication and engagement with shareholders and investors
Banco Santander aims to ensure its interests are in line with those of its shareholders, through sustainable growth and long-term value creation, retaining shareholders' and broader society's trust. To do that, we:
•provide information to shareholders and investors that meets their expectations and upholds our culture and values; and
•communicate and engage with them regularly so that senior managers and governance bodies consider their views.
Our policy on communication and engagement with shareholders and investors, available on our corporate website, sets out the principles that govern the aforementioned activities:
•Protection of all shareholders' rights and lawful interests. We facilitate exercising of shareholders' rights, provide them with information and give them opportunities to have a say in our corporate governance.
•Equal treatment and non-discrimination. We treat investors in the same situation equally.
•Fair disclosure. We make sure that the information we disclose is transparent, truthful and consistent according to applicable law.
•Appropriate disclosure of information. We report appropriate and relevant information to meet our shareholders’ and investors’ needs and expectations, and make sure it is clear, concise and accurate.
•Compliance with the law and corporate governance rules. We adhere closely to the laws and regulations on inside and price-sensitive information in addition to following the principles of cooperation and transparency with supervisory and regulatory bodies.
The policy also sets out:
•the roles and responsibilities of the main governance bodies and internal functions involved in communication and engagement;
•the channels for information disclosure and communication; and
•the ways in which we engage with shareholders and investors.
The policy also applies to relations with agents that advise, recommend or guide our shareholders and investors, such as financial and ESG analysts, proxy advisers and ratings agencies.
Moreover, Banco Santander has board-approved frameworks on accounting, financial management and sustainability information and management, on responsible banking and on branding and communications. They set out the general principles, roles and key processes on the communication of financial, non-financial and corporate information, which help ensure that all our shareholders and other stakeholders are properly informed about our strategy, targets and results, as well as about our culture and values.
Engagement with shareholders in 2024
As part of our policy on communication and engagement with shareholders and investors, we carried out the following activities during the year:
•The annual general meeting. The ordinary general meeting is the most important annual event for our shareholders. We strive to encourage them to attend and participate in the meeting, in an informed way. See 'Participation at general meetings' and 'Right to information' in section 3.2.
The annual general meeting is broadcast live on our corporate website, where its recordings are made available in full afterwards. This enables shareholders who cannot attend the meeting and other stakeholders who want to access the recording to remain fully informed of the resolutions that are submitted for approval.
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The 2024 AGM was hybrid, allowing shareholders to attend in person or remotely. Our general meeting attendance app ensures shareholders can fully exercise their rights to attend and participate in real time and remotely. They can watch the entire meeting through a live feed, vote, make remarks, propose resolutions, see the remarks and proposals of other shareholders who attend remotely and contact the notary public. Our high shareholder participation rate at the most recent general meetings proves the effectiveness of our electronic means of attendance, delegation and remote voting.
As usual, an external auditor reviewed our 2024 AGM procedures, where it verified that our meeting call, preparation, communication and holding of the event were up to standard, as well as certifying the security, integrity and consistency of the means available for shareholders to participate.
Also, Banco Santander's management system for the 2024 AGM received once again AENOR certification for sustainable events in compliance with the UNE-ISO 20121.
The vast quorum and voting results at our 2024 AGM show just how important we consider shareholder engagement through general meetings. See section 3.4 '2024 AGM'.
•Lead Independent Director meetings with key investors. Since September 2024, our Lead Independent Director held several meetings with institutional investors, bringing forward the dates of the planned agenda. Though meetings primarily focused on understanding their concerns about remuneration, they also addressed other topics of interest such as the structure of the board, our sustainability strategy and their opinion on virtual
AGMs. In total, he met with 16 large institutional investors, who account for approximately 24% of our share capital.
•Quarterly results presentations. We present our results at the end of each quarter on the same day we make them public. The presentation can be followed live, via conference call or streamed on our website. We release the related quarterly financial report and presentation material on the same day before the markets open. During the presentation, questions can be asked or emailed to investor@gruposantander.com.
In 2024, we gave our first, second and third quarter results presentations on 30 April, 24 July and 29 October, respectively. Our fourth quarter results presentation took place on 5 February 2025.
•Investor days. We organize investor days where we explain our strategy and targets for the next three years to investors and other stakeholders in a broader context than in results presentations. Investors can interact directly with senior managers and some directors. We publish announcements about these meetings and provide related documents well in advance.
We held our most recent investor day in London on 28 February 2023.
•Other activities. We know that a single format for communicating with shareholders and investors is not valid for everyone. For this reason, in 2024 and early 2025, we carried out the activities detailed in the table below to meet their diverse needs and expectations.
Other activities
→Investor roadshows
Our Shareholder and Investor Relations team had 1,269 meetings (both in person and virtually) with 511 investors, including 109 meetings focused on ESG matters. We engaged with 37.91% of share capital.
→Interaction with retail shareholders
Our Shareholder and Investor Relations team held 229 events (online, in person and hybrid). Attendees accounted for 8.25% of the capital held by retail shareholders in Spain. Shareholders engaged with the Group’s senior management at several of these events.
→Studies and surveys
We received 157,632 shareholders and investors opinions through quality surveys and studies, of which 9,136 corresponded to opinions received in the SPF (Simple, Personal and Fair) survey of Banco Santander.
Communication with proxy advisors and other analysts
We have always recognized the value our investors place on open dialogue with proxy advisers, ESG analysts and other influential entities. We make sure they understand our corporate governance and sustainability priorities and messages in order to convey them properly to investors.
In 2024, we continued to engage with the main proxy advisers. Moreover, we provided information and explanations about proposed resolutions submitted to vote at the 2024 AGM so they could make voting recommendations.
We also engaged in dialogue with ESG analysts. For more details, see the 'Sustainability statement’ chapter.
Corporate website
Our corporate website includes all the information on corporate governance as required by law and, in particular, (i) Banco Santander’s key internal regulations (Bylaws, Rules and regulations of the board, Rules and regulations for the general shareholders meeting, etc.); (ii) information on the board of directors and its committees, as well as directors’ skills and professional biographies; and (iii) all the information related to general meetings.
Information on our corporate governance can be found at https://www.santander.com/en/shareholders-and- investors/corporate-governance (included for information purposes only). The contents of our corporate website are not incorporated by reference to this annual report nor should be considered part of it for any purpose.
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In addition, our corporate website provides extensive institutional, financial and sustainability information about the Group as well as other information we consider to be of interest to our shareholders and, in general, to all our stakeholders worldwide. Its design enables us to be transparent and enhance user experience by providing quality information about Santander.
Other channels
In order to maximize the dissemination and quality of information, we offer shareholders and investors an app (Santander Shareholders and Investors) compatible for Android and Apple iOS that contains a broad range of information about the Group.
Foto canales junta.jpg
We also engage with shareholders through various channels, such as an email address, telephone lines, WhatsApp, postal service and virtual office.
In addition, we regularly post information about Banco Santander on our official X and LinkedIn accounts. The contents included in these profiles are not incorporated by reference to this annual report nor should be considered part of it for any purpose.
3.2 Shareholder rights
One share, one vote, one dividend
Our Bylaws provide for one share class only (ordinary shares), which grant all shareholders the same rights. Each Banco Santander share entitles its holder to one vote and there is no preferential treatment in dividend payouts. The Bylaws fully adhere to the one share, one vote, one dividend principle.
Voting rights and unrestricted share transfers
There are no non-voting or multiple-voting shares, nor limitations to the number of votes a shareholder can cast, or any other restriction on exercising voting rights, except for those prescribed by law or set out in our Bylaws should the acquisition of the shares infringe regulations. There are no quorum requirements or qualified majorities other than those prescribed by law.
Neither Banco Santander's Bylaws nor any other means restrict the transferability of shares, which is subject only to restrictions prescribed by law.
Furthermore, our Bylaws do not include any neutralization provisions, as set out in the Spanish Securities Market Act, which would apply in takeover bids.
The shareholders' agreement mentioned in section 2.4 'Shareholders' agreements’ contains transfer and voting restrictions on the shares that are subject to it.
Acquisition of significant shareholdings
Because banking is a regulated sector, the acquisition of a significant shareholding or influence in Banco Santander is subject to regulatory approval or non-objection, as applicable, by the supervising authority. Furthermore, as Banco Santander is a listed company, any parties wishing to acquire control over it and/or enter into any other lawful scenario must launch a tender offer for its shares.
Such acquisitions are largely regulated by:
•Regulation (EU) 1024/2013 of the Council of 15 October 2013, conferring specific tasks on the ECB relating to the prudential supervision of credit institutions.
•Act 10/2014, of 26 June, on the organization, supervision and solvency of credit institutions and its implementing regulation, Spanish Royal Decree 84/2015, of 13 February.
•Act 6/2023, of 17 March, on the Securities Markets and on Investment Services.
The acquisition of a significant holding in Banco Santander may also require approval by other domestic and foreign regulators with supervisory powers over Banco Santander or its subsidiaries' operations and shares listings, or other actions concerning such regulators or subsidiaries; and other authorities pursuant to foreign investment regulations in Spain or other countries where we operate.
Participation at general meetings
All registered holders of shares found on record at least five days prior to the day of a general meeting are entitled to attend. Banco Santander facilitates shareholder participation by allowing them to exercise their rights to attend, delegate, vote and participate at general meetings using remote communications systems.
Shareholders can attend general meetings virtually. They can follow them through real-time means of communication, vote, make remarks, propose resolutions and contact the notary public. Our Bylaws allow for general meetings to be virtual-only, without the physical attendance of shareholders or their proxies, provided that we can guarantee their identity and standing and that they can participate effectively in the meeting by remote means of communication, exercise their rights in real time and follow the presentations of other attendees, considering the state of the art and Banco Santander’s circumstances, particularly the number of shareholders.
The electronic shareholders’ forum, available on the corporate website at the time the meeting is called, allows shareholders to add to the agenda items included in the meeting notice, requests for support for their proposals, initiatives to reach the percentage required to exercise minority shareholder rights legally, and offers or requests to act as a voluntary proxy.
Supplement to the notice and proposal of resolutions
Shareholders representing at least 3% of the share capital are able to request the publication of a supplement to the annual general meeting notice, adding one or more items to the agenda, with an explanation or substantiated resolution proposal and any other relevant documents.
Shareholders representing at least 3% of the share capital may also propose reasoned resolutions on any matters that have been, or should be, added to the agenda of a called annual general meeting.
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To exercise these rights, shareholders must send a certified notice to Banco Santander’s registered office within five days after the annual general meeting notice is posted.
Any shareholder, irrespective of their stake, can also request the removal of directors or the filing of corporate liability action against any director to be put to a vote at the general meeting, even when not on the agenda.
Right to information
From the time the general meeting notice is posted until the fifth day before the general meeting date on first call, shareholders can submit the written requests for information or clarification they may deem pertinent, or any written questions they deem relevant to the items on the meeting agenda.
Moreover, in the same manner and within the same period, shareholders can submit written requests for clarification about information Banco Santander has sent to the CNMV since the last general meeting or about auditor’s reports. Banco Santander posts all shareholder-requested information and the answers it provides on its corporate website.
Shareholders who attend either in person or virtually may also exercise their right to receive information at the meeting. Where information cannot be given during the course of the meeting, it will be provided in writing within seven days and posted on our corporate website.
Quorum and majorities for passing resolutions at the general meeting
The quorum and majorities set out in our Bylaws and Rules and regulations for general meetings in order to hold a valid meeting and adopt corporate resolutions are those provided for under Spanish law.
Except for certain matters mentioned below, on first call, shareholders accounting for at least 25% of the subscribed share capital with voting rights must be in attendance for the valid constitution of the general shareholders' meeting. If sufficient quorum is not reached, general meetings will be held on second call, which does not require a quorum.
In accordance with our Rules and regulations for general meetings, shareholders voting by remote means, by post or direct delivery or by electronic means before the meeting are counted as present in order to determine the general meeting quorum.
With the exception of certain matters mentioned below, general meeting resolutions pass when shareholders attending in person or by proxy cast more votes in favour than against.
The quorum and majorities required to amend the Bylaws, issue shares and bonds, make structural changes and vote on other significant resolutions permitted by law are those set out below for amending the Bylaws. Furthermore, in accordance with laws applying to credit institutions, if over 50% of the share capital is present at a general meeting, a qualified two-thirds majority is required to raise the proportion of variable remuneration
components to fixed components above 100% (up to 200%) for executive directors and other employees whose professional activities have a material impact on the Group's risk profile; otherwise, a three-quarters majority will be necessary.
Decisions about acquiring, selling or contributing core assets to another company or similar corporate transactions shall require shareholder approval at general meetings when the law so dictates. Our Bylaws have no further requirement in this regard.
Rules for amending our Bylaws
Shareholders at the general meeting have the authority to approve any amendment to the Bylaws. However, the board can also decide to change the registered office within Spain.
The directors or, as applicable, the shareholders who have drafted a proposed amendment to the Bylaws, must write it out in full and prepare a report justifying it, which shall be provided to shareholders at the time the general meeting to debate the proposed amendment is called.
The general meeting notice must clearly state the items to be amended as well as the rights of all shareholders to examine the full text of proposed amendments and the related report at Banco Santander’s registered office and to have them delivered free of charge.
If shareholders are convened to debate amendments to the Bylaws, the quorum on first call will be reached if 50% of the subscribed share capital with voting rights is in attendance. If a sufficient quorum cannot be reached, the general meeting will be held on second call, where 25% of the subscribed share capital with voting rights must be in attendance.
When less than 50% of the subscribed share capital with voting rights is in attendance, resolutions on amendments to the Bylaws can only be validly adopted if two-thirds of shareholders attending the meeting in person or by proxy vote for them. However, when 50% or more of the subscribed share capital with voting rights is present, resolutions may pass by way of absolute majority.
Resolutions to amend the Bylaws that involve new obligations for shareholders must be accepted by those affected.
Bylaw amendments are subject to ECB approval. However, amendments that are exempt from authorization but must still be reported to the ECB include a change of the registered office within Spain, share capital increases, adding mandatory or prohibitive laws or regulations to the Bylaws, changing the wording in order to comply with court or administrative rulings and any others the ECB has declared exempt due to a lack of materiality in response to prior consultations.
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3.3 Dividends and shareholder remuneration
Remuneration against 2024 results
For the 2024 results, the board continued to apply the same policy as in 2023, with total shareholder remuneration of approximately 50% of the Group reported profit (excluding non-cash, non-capital ratios impact items), distributed in approximately equal parts in cash dividend and share buybacks.
•Interim remuneration.
•On 26 August 2024, the board resolved to execute the First 2024 Buyback Programme worth up to EUR 1,525 million (equivalent to approximately 25% of said Group reported profit in H1’24). See 'First 2024 Buyback Programme' in section 2.5.
•On 24 September 2024, the board resolved to pay an interim cash dividend against the 2024 results of 10 euro cents per share entitled to the dividend (equivalent to approximately 25% of said Group reported profit in H1’24); it was paid from 1 November 2024.
•Final remuneration. Under the 2024 shareholder remuneration policy:
•On 4 February 2025 the board of directors resolved to implement the Second 2024 Buyback Programme worth a maximum amount of EUR 1,587 million, for which the appropriate regulatory authorization has been obtained, and the execution of which began on 6 February 2025. For more details, see 'Second 2024 Buyback Programme' in section 2.5.
•On 25 February 2025 the board of directors resolved to submit a resolution at the 2025 AGM to approve a final cash dividend in the gross amount of 11 euro cents per share entitled to dividends. If approved at the AGM, the dividend would be payable from 2 May 2025.
Once the above-mentioned actions are completed, total shareholder remuneration for 2024 will total EUR 6,293 million (approximately 50% of the Group reported profit -excluding non-cash, non-capital ratios impact items- in 2024), distributed as approximately 50% in cash dividends (EUR 3,181 million) and 50% in share buybacks (EUR 3,112 million). These amounts have been estimated assuming that, as a consequence of the partial execution of the Second 2024 Buyback Programme, the number of outstanding shares entitled to a final cash dividend will be 14,988,884,075. Therefore, that amount may be higher if fewer shares than planned are acquired in the Second 2024 Buyback Programme; otherwise, it will be lower.
Remuneration against 2025 results
As announced on 5 February 2025, the board intends to allocate up to EUR 10 billion to shareholder remuneration in the form of share buybacks, corresponding to the 2025 and 2026 results, as well as to the expected excess capital. This share buyback target includes: (i) buybacks that are part of the existing shareholder remuneration policy outlined below, and (ii) additional buybacks following the publication of annual results to distribute year-end excesses of CET1 capital.
The ordinary remuneration policy for the 2025 results, which the board intends to apply, will remain the same as for the 2024 results, consisting of a total shareholder remuneration of approximately 50% of the Group's reported profit (excluding non-cash and non-capital ratios impact items), distributed in approximately equal parts between cash dividends and share buybacks.
The execution of the shareholder remuneration policy and share buybacks to distribute the excess CET1 capital is subject to corporate and regulatory approvals.
3.4 2024 AGM
We held our annual general meeting on 22 March 2024, on second call, in a hybrid format, allowing attendance both in person and by electronic means.
Junta1.jpg
Quorum and attendance
The quorum (among shareholders present and represented) was 66.646%, broken down as follows:
Quorum breakdownShare capital with voting rights
Present4.168 %
In person and virtual attendance0.819 %
In person attendance
0.073%A
Virtual attendance
0.007 %
Remote voting3.349 %
By post or direct delivery
0.523 %
By electronic means2.826 %
Represented62.478 %
By post or direct delivery
5.987 %
By electronic means
56.491 %
Total
66.646 %
A. The portion corresponding to shares directly or indirectly held by directors or represented by them at the meeting is not included in this percentage. For more details on directors' voting rights, see subsection A.3 of section 9.2 'Statistical information on corporate governance required by the CNMV'.
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Approved resolutions and voting results
All items on the agenda were approved. Votes in favour of the board’s proposals averaged 97.16%. 99.36% of votes approved the corporate management for 2023 and 74.82% of the votes approved the directors' remuneration policy for 2024, 2025 and 2026.
The following chart summarizes the resolutions approved and voting results:
VOTESA
QuorumD
ForB
AgainstB
BlankC
AbstentionC
1. Annual accounts and corporate management
1A. Annual accounts and directors’ reports for 2023
99.71 0.290.050.3066.65
1B. Consolidated statement of non-financial information for 2023
99.70 0.300.060.3866.65
1C. Corporate management for 2023
99.36 0.640.061.6366.65
2. Application of results for 2023
99.70 0.300.050.2166.65
3. Board of directors: appointment and re-election of directors
3A. Setting of the number of directors
99.63 0.370.070.2866.65
3B. Appointment of Mr Juan Carlos Barrabés Cónsul
99.62 0.380.070.3366.65
3C. Appointment of Mr Antonio Francesco Weiss
99.61 0.390.060.3466.65
3D. Re-election of Mr Javier Botín-Sanz de Sautuola y O'Shea
96.77 3.230.060.3366.65
3E. Re-election of Mr Germán de la Fuente Escamilla
99.62 0.380.070.3266.65
3F. Re-election of Mr Henrique de Castro
95.45 4.550.060.3366.65
3G. Re-election of Mr José Antonio Álvarez Álvarez
97.70 2.300.060.3166.65
3H. Re-election of Ms Belén Romana García
99.21 0.790.070.3566.65
4. Re-election of the external auditor for financial year 2024
99.48 0.520.050.3166.65
5. Share capital
5A. Authorisation to the board of directors to increase the share capital of the Bank on one or more occasions and at any time, within a 3-year period, through cash contributions in the maximum nominal amount of EUR 3,956,394,643. Delegation of the power to exclude pre-emptive rights.
95.16 4.840.040.2266.65
5B. Reduction in share capital in the maximum amount of EUR 783,428,928.50 , through the cancellation of a maximum of 1,566,857,857 own shares. Delegation of powers.
99.44 0.560.040.1966.65
5C. Reduction in share capital in the maximum amount of EUR 791,278,928.50, through the cancellation of a maximum of 1,582,557,857 own shares. Delegation of powers.
99.22 0.780.040.2266.65
6. Remuneration
6A. Directors' remuneration policy
74.82 25.180.050.2966.65
6B. Setting of the maximum total annual remuneration of directors in their capacity as such
97.43 2.570.050.2966.65
6C. Approval of the maximum ratio of fixed and variable components of total remuneration of executive directors and other employees belonging to categories with professional activities that have a material impact on the risk profile
98.84 1.160.060.2766.21
6D. Deferred Multiyear Objectives Variable Remuneration Plan
95.63 4.370.060.2966.65
6E. Application of the Group’s buy-out regulations
98.751.250.070.3266.65
6F. Annual directors' remuneration report (consultative vote)
90.189.820.061.3166.65
7. Authorisation to the board and granting of powers for conversion into a public instrument
99.700.300.060.2566.65
8 to 23. Corporate action to demand director liability and dismissal and removal of directorsE
0.00100.000.000.0563.30
A. Each Banco Santander share grants one vote.
B. Percentage of votes for and against.
C. Percentage of share capital present and attending by proxy at the 2024 AGM.
D. Percentage of Banco Santander's share capital on the date of the 2024 AGM.
E. Items 8 to 23, not included on the agenda, were put to a separate vote. They refer to the proposal to bring corporate action to demand director liability (acción social de responsabilidad) against all directors in office (8) and to the proposal of dismissal and removal of the following directors: Ms Ana Botín-Sanz de Sautuola y O'Shea (9), Mr Héctor Blas Grisi Checa (10), Mr Glenn Hogan Hutchins (11), Mr José Antonio Álvarez Álvarez (12), Ms Homaira Akbari (13), Mr Javier Botín-Sanz de Sautuola y O'Shea (14), Mr Bruce Carnegie-Brown (15), Ms Sol Daurella Comadrán (16), Mr Henrique de Castro (17), Mr Germán de la Fuente Escamilla (18), Ms Gina Lorenza Díez Barroso (19), Mr Luis Isasi Fernández de Bobadilla (20), Mr Ramiro Mato García-Ansorena (21), Ms Belén Romana García (22) and Mrs Pamela Walkden (23).
The full texts of the resolutions passed can be found on our corporate website and on the CNMV’s website, as they were filed as other relevant information on 22 March 2024.
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3.5 Our next AGM in 2025
Resolution proposals submitted to shareholders' approval
The board of directors agreed to call the 2025 AGM on 3 April on first call or on 4 April on second call, and to propose the following resolutions:
Annual accounts and corporate management
→To approve the annual accounts and the directors’ reports of Banco Santander and its consolidated Group for the financial year ended on 31 December 2024. For more details, see 'Consolidated financial statements'.
→To approve the consolidated non-financial statement for the financial year ended on 31 December 2024, which is part of the consolidated directors' report. See the 'Sustainability statement' chapter.
→To approve the corporate management for financial year 2024.
Application of results of financial year 2024
→To approve the application of results obtained by Banco Santander during financial year 2024. See note 4.a) to the consolidated financial statements.
Board of directors: appointments and re-elections
→To set the number of directors at 15, within the maximum and minimum limits stated in the Bylaws.
→To re-elect Luis Isasi, Héctor Grisi, Glenn Hutchins, Pamela Walkden and Ana Botín for a three-year period. See section 4.1 'Our directors'.
External auditor
→To re-elect the firm PricewaterhouseCoopers Auditores, S.L. (PwC) as external auditor of Banco Santander and its consolidated group for financial year 2025.
Independent verifier
→To appoint the firm PricewaterhouseCoopers Auditores, S.L. (PwC) as verifier of the sustainability information of Grupo Santander for financial year 2025.
Share capital
→To reduce the share capital of Banco Santander with the following purposes:
•Cancelling a maximum of 1,413,743,296 treasury shares purchased under the Second 2024 Buyback Programme.
•Cancelling a maximum of 1,515,249,232 treasury shares acquired through one or more share buyback programmes or by other legally permitted means, authorizing the board of directors to cancel them on one or several occasions within the earlier of one year or the date of the next annual general meeting.
See sections 2.1 'Share capital' and 2.5 'Treasury shares'.
Remuneration. See section 6. 'Remuneration'
→To approve the director's remuneration policy for 2025, 2026 and 2027.
→To set the maximum amount of annual remuneration to be paid to all the directors in their capacity as such.
→To approve a maximum ratio of 200% of variable components to fixed components of total remuneration for executive directors and certain employees belonging to professional categories that have a material impact on the Group’s risk profile.
→To approve the Deferred Multiyear Objectives Variable Remuneration Plan.
→To approve the Group's buy-out regulations.
→To hold a non-binding vote on the annual directors’ remuneration report.
Related documents and information are available for consultation on our corporate website from the date the meeting notice is published.
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Virtual AGM
The 2025 AGM will be held as a virtual-only meeting broadcast live from our corporate centre in Boadilla del Monte. Holding the meeting in this format is possible thanks to the legal and statutory authorisation to hold this type of meeting that was approved by the vast majority of our shareholders, it is consistent with the Santander Group’s digitalisation policy, and is motivated by the following reasons:
•First, holding the meeting exclusively by remote means allows us to ensure equal treatment of all our shareholders and facilitates their participation and full exercise of their rights at the meeting from anywhere, in line with our ongoing efforts to incentivise and increase the flexibility in the relationship with its shareholders. Banco Santander has several million shareholders, who are very diversified geographically, and only a few dozen of them attend the general meetings in person. Data on the 2024 AGM quorum and attendance, which endorse the above, are available in section 3.4 '2024 AGM'.
•Additionally, we have spent over two decades promoting remote participation of the shareholders in the general meeting and developing a remote participation platform (the General Shareholders’ Meeting Platform), which proved to be ideal during the pandemic, for which reason it is now considered perfectly possible to hold the general meeting exclusively by remote means with sufficient guarantees, thereby making more effective use of the opportunities provided by technology. In this regard, the General Shareholders’ Meeting Platform has sufficient guarantees, replicates the functioning of the traditional meeting and safeguards the exercise of shareholders' rights at the same level as in a physical or hybrid meeting. The platform is technologically tested and all the processes of the meeting are subject to an external audit, which verifies compliance with the procedures relating to the call, preparation, communication and holding of the meeting, certifying the security, integrity and consistency of the means made available to the shareholders regarding their participation in the meeting. All of this is also part of the Group's digitalisation and transformation process.
•Moreover, this initiative is aligned with the current digital paradigm. This is shown by the experience of countries such as the United States, Canada or Germany, where virtual-only meetings are the majority practice among the major listed companies. This is also attested by the evolution of Spanish legislation after the experience of the pandemic, with the admission of the possibility of holding meetings and assemblies exclusively by remote means and with the express statutory authorisation to this effect agreed by the vast majority of our shareholders.
•Fourthly, the initiative allows for a more effective allocation of the Group’s resources and a relative reduction in the costs associated with a meeting of this nature, benefiting Banco Santander and all the shareholders.
•Finally, a virtual AGM will considerably reduce the environmental impact of a meeting held in a format requiring the physical travel of attendees, employees and other persons involved in the preparation and holding of the general meeting, particularly when an equivalent result can be achieved without such travel thanks to existing technology developed by the Group.
Attendance at the 2025 AGM shall be necessarily through the General Shareholders' Meeting Platform accessible on the corporate website www.santander.com, through the "General Shareholders' Meeting" site, or on the website www.juntasantander.com.
Since attendance at general meetings is not paid, a general policy in this regard is not necessary. However, Banco Santander offers shareholders that participate in our general meeting a commemorative courtesy gift, as has been tradition for decades.

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4. BOARD OF DIRECTORS
A balanced board
→15 directors: 13 non-executive and 2 executive
→Majority of independent directors (66.67%)
→Balanced presence of women and men (40%-60%)
Consejo2024v2e2.jpg
1 Pamela Walkden
Member
Non-executive director
(independent)
òpCŸ
2 Héctor Grisi
CEO
Executive director
òp
3 Ana Botín
Executive Chair
Executive director
òCp
4 Glenn Hutchins
Vice Chair and Lead Independent Director
Non-executive director (independent)
¢¢CpC
5 José Antonio Álvarez
Vice Chair
Non-executive director
òpp
6 Germán de la Fuente
Member
Non-executive director
(independent)
òCp
7 Belén Romana
Member
Non-executive director
(independent)
òò¢Cpp
8 Luis Isasi
Member
Non-executive director
ò¢p
9 Sol Daurella
Member
Non-executive director
(independent)
¢¢ŸC
10 Antonio Weiss
Member
Non-executive director
(independent)
 ¢
11 Javier Botín
Member
Non-executive director
12 Homaira Akbari
Member
Non-executive director
(independent)
òŸp
13 Carlos Barrabés
Member
Non-executive director
(independent)
¢Ÿp
14 Henrique de Castro
Member
Non-executive director
(independent)
ò¢p
15 Gina Díez Barroso
Member
Non-executive director
(independent)
¢Ÿ
16 Jaime Pérez Renovales
General Counsel and secretary of the board
ò Executive committee
ò Audit committee
¢ Nomination committee
¢ Remuneration committee
p Risk supervision, regulation and compliance committee
Ÿ Responsible banking, sustainability and culture committee
p Innovation and technology committee
C Chair of the committee
SiluetasConsejeros.jpg
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4.1 Our directors
1AnaBotín.jpg
Ana
Botín-Sanz de Sautuola y O’Shea
EXECUTIVE CHAIR
Executive director
Board member since 1989.
Nationality: Spanish. Born in 1960 in Santander, Spain.
Education: Degree in Economics from Bryn Mawr College of Pennsylvania.
Experience: Ms Botín joined Banco Santander, after working at JP Morgan (New York, 1980-1988). In 1992, she was appointed Senior Executive Vice President (director general). Between 1992 and 1998, she led Santander’s expansion into Latin America. In 2002, she was appointed Executive Chair of Banesto. Between 2010 and 2014, she was CEO of Santander UK PLC and was a non-executive director until April 2021. In 2014 she was
appointed Executive Chair of Banco Santander. She was also a non-executive director of Santander UK Group Holdings PLC (2014-2021) and Chair of the European Banking Federation (2021-2023).
Other positions of note: Ms Botín is a member of the board of directors of The Coca-Cola Company and Chair of the Institute of International Finance (IIF). She is also founder and Chair of the CyD Foundation (which supports higher education) and the Empieza por Educar Foundation (the Spanish subsidiary of international NGO Teach for All), and sits on the advisory board of the Massachusetts Institute of Technology (MIT).
Positions in other Group companies: Ms Botín is non-executive Chair of Open Bank, S.A., Santander Consumer Finance, S.A., Open Digital Services, S.L., PagoNxt, S.L., Universia España Red de Universidades, S.A. and Universia Holding, S.L.; and is a non-executive director of Santander Holdings USA, Inc. and Santander Bank, N.A.
Membership of board committees: Executive committee (Chair) and innovation and technology committee.
Skills and competencies: Ms Botín has extensive international experience in top executive roles in banking. She has also led Grupo Santander’s strategic and cultural transformation, and her philanthropy underscores her ongoing commitment to sustainable and inclusive growth.
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Héctor
Grisi Checa
CHIEF EXECUTIVE OFFICER
Executive director
Board member since 2023.
Nationality: Mexican. Born in 1966 in Mexico City, Mexico.
Education: Degree in Finance from Universidad Iberoamericana (Mexico City).
Experience: Mr Grisi joined the Group in 2015 as Executive Chair and CEO of Banco Santander México and Grupo Financiero Santander México, S.A. de C.V. He was named Regional Head for North America (2019-2022). Before joining Santander he worked in Mexico and the US. Mr Grisi spent 18 years in several leadership
roles at Crédit Suisse, including Head of investment banking for Mexico, Central America and the Caribbean, and Chair and CEO of Crédit Suisse México. He also held several roles in corporate and investment banking at Grupo Financiero Inverméxico and at Casa de Bolsa Inverlat. From 2011 to 2014, Mr Grisi was Vice Chair of Asociación de Bancos de México ("Bank Association of Mexico").
Other positions of note: Mr Grisi is non-executive Chair of Cogrimex, S.A. de C.V.
Positions in other Group companies: Mr Grisi is a non-executive director of Grupo Financiero Santander México, S.A. de C.V. and PagoNxt, S.L.
Membership of board committees: Executive committee and innovation and technology committee.
Skills and competencies: Mr Grisi has gained vast experience and a unique strategic vision from his many years of executive service at several banking and financial institutions. He is well-versed in Grupo Santander’s businesses and global strategy, especially in such key markets as Mexico and the US. He brings to the board geographic and international diversity and a strong, international track record of management, leadership, business transformation and connectivity between the Group’s markets.
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Glenn Hogan
Hutchins
VICE CHAIR AND LEAD INDEPENDENT DIRECTOR Non-executive director (independent)
Board member since 2022.
Nationality: American. Born in 1955 in Virginia, US.
Education: Graduated with a AB, MBA and JD from Harvard University.
Experience: Mr Hutchins co-founded US technology and investment firm Silver Lake, where he was CEO until 2011. Prior, Mr Hutchins had been a senior managing director at The Blackstone Group (1994-1999) and Thomas H. Lee Co. (1985-1994), and a consultant at Boston Consulting Group. He has also served on the boards of SunGard Data Systems (Chair, 2005-2015), NASDAQ (2005-2017) and Virtu Financial (2017-2021). He served as a director and Chair of the audit and risk committees of the Federal Reserve Bank of New York from 2011 to
2021. Additionally, he served on the board of the Harvard Management Company, which manages Harvard University’s endowment. Mr Hutchins worked with President Clinton in his transition to power and the White House as special advisor on economic and healthcare policy.
Other positions of note: Mr Hutchins is non-executive Chair of investment firm North Island Ventures, an independent director of AT&T and Lead Independent Director of CoreWeave, Inc. He is a member of the international advisory board and investment board of Singapore’s Government Investment Corporation (GIC), co-Chair of the Brookings Institution, Chair emeritus of not-for-profit organization CARE, and Vice Chair of the Obama Foundation. He also serves on the executive committee of the Boston Celtics basketball team.
Membership of board committees: Nomination committee, remuneration committee (Chair), and innovation and technology committee (Chair).
Skills and competencies: As a long-time investor in technology and fintech companies, Mr Hutchins has expertise in financial markets and is well-known among investors and stakeholders. He brings to the board his acumen in technology, telecommunications, innovation, finance and investment as well as extensive knowledge of financial regulation as a result of his leadership roles in government, especially with financial regulators and supervisors. He works closely with not-for-profit entities committed to fighting poverty, designing effective public policy and promoting social justice.
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José Antonio
Álvarez Álvarez
VICE CHAIR
Non-executive director
Board member since 2015.
Nationality: Spanish. Born in 1960 in León, Spain.
Education: Degree in Economics and Business Administration. MBA from the University of Chicago.
Experience: Mr Álvarez joined Banco Santander in 2002. He was appointed Senior Executive Vice President (director general) and Head of the Financial Management and Investor Relations division in 2004 (Group Chief Financial Officer) and was Group CEO from 2015 to 2022.
He served as director at SAM Investments Holdings Limited, Santander Consumer Finance, S.A., Santander Holdings USA, Inc., and as non-executive Vice Chair of Banco Santander (Brasil) S.A. He sat on the supervisory boards of Santander Consumer Bank AG, Santander Consumer Holding GmbH and Santander Bank Polska, S.A. He was also a board member of Bolsas y Mercados Españoles, S.A.
Other positions of note: Mr Álvarez is an independent director of Aon PLC and a member of the advisory committee of Grupo Buenavista.
Positions in other Group companies: Mr Álvarez is a non-executive director of PagoNxt, S.L.
Membership of board committees: Executive committee, risk supervision, regulation and compliance committee, and innovation and technology committee.
Skills and competencies: Mr Álvarez is a highly qualified and talented leader with a distinguished career in banking. He brings significant strategic and international management expertise, in particular financial planning, asset management and consumer finance, and has vast knowledge of the Group from his tenure as CEO. He has extensive experience and an established reputation with such key stakeholders as regulators and investors.
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Homaira
Akbari
Non-executive director (independent)
Board member since 2016.
Nationality: American and French. Born in 1961 in Tehran, Iran.
Education: PhD in Experimental Particle Physics from Tufts University of Massachusetts and MBA from Carnegie Mellon University.
Experience: Ms Akbari was a non-executive director of Gemalto NV and Veolia Environment S.A. She was Chair and CEO of SkyBitz, Inc., managing director of TruePosition Inc., and a non-executive director of Covisint Corporation and US Pack Logistics, LLC. She also held various roles at Microsoft Corporation and Thales Group, was non-executive Chair of WorkFusion, Inc., and an independent director of Temenos, AG.
Other positions of note: Ms Akbari is CEO of AKnowledge Partners, LLC, a global consultancy firm on the Internet of Things, cybersecurity and artificial intelligence. She is an independent director of Landstar System, Inc. and a member of the security advisory board of Telefónica Soluciones de Criptografía, S.A.U. She is also a trustee of the French Institute Alliance Française.
Positions in other Group companies: Ms Akbari is a non-executive director of Santander Consumer USA Holdings Inc. and PagoNxt, S.L.
Membership of board committees: Audit committee, responsible banking, sustainability and culture committee, and innovation and technology committee.
Skills and competencies: Ms Akbari brings significant experience of technology companies. Her knowledge of digital transformation challenges and cybersecurity is an asset to the board. She also has extensive experience in diverse regions and knowledge of water, energy and waste management and treatment, which are of particular value to the Group's sustainability policy.
10CarlosBarrabes.jpg
Juan Carlos
Barrabés Cónsul
Non-executive director (independent)
Board member since 2024.
Nationality: Spanish. Born in 1970 in Huesca, Spain.
Education: Tour Operator Management from the School of Tourism of Aragón and Global Leadership and Public Policy for the XXI Century Program from Harvard Kennedy School.
Experience: Mr Barrabés sat on the board of Santander España and the advisory council of Vodafone. He was also director of the master’s degree in Strategic Design Lab at Istituto Europeo di Design (IED) and of the MBA at Escuela de Organización Industrial (EOI) in Madrid, and a trustee of Fundación Ashoka Emprendedores Sociales.
Other positions of note: Mr Barrabés is the founder and Chair of Grupo Barrabés, which advises large corporates on digital transformation, innovation, new technologies, e-commerce and the Internet, and SMEs on innovation and using technology efficiently in business processes. He founded and sits on the advisory council of Escuela de Negocios del Pirineo (ESPENI); founded and sits on the management board of Épsilon Ecología, Asociación para la Defensa del Medio Ambiente; founded and is a trustee of Fundación Empieza por Educar; and is an adviser to Centro de Finanzas Sostenibles y Responsables de España (centre for sustainable and responsible finance, FINRESP).
Membership of board committees: Nomination committee, responsible banking, sustainability and culture committee, and innovation and technology committee.
Skills and competencies: With a lengthy track record as an entrepreneur and e-commerce pioneer, he brings to the board extensive experience in Spain's digital and innovation areas, especially the integration of digital technology in socio-economic development, retail distribution, the promotion of talent and the benefits of digital transformation for people and institutions. His experience as founder and trustee of multiple non-profit organizations that focus on education, entrepreneurship and environmental protection enriches the board's expertise in responsible business and sustainability.
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6JavierBotin.jpg
Javier
Botín-Sanz de Sautuola y O’Shea
Non-executive director
Board member since 2004.
Nationality: Spanish. Born in 1973 in Santander, Spain.
Education: Degree in Law from the Complutense University of Madrid.
Experience: Mr Botín founded JB Capital Markets, S.V., S.A.U. in 2008 and has been its Executive Chair ever since. He was co-founder and executive director of the equities division of M&B Capital Advisers, S.V., S.A. (2000-2008). Previously, he had been a legal adviser within the International Legal department of Banco Santander (1998-1999).
Other positions of note: In addition to the financial sector, Mr Botín works with several not-for-profit organizations. He has been Chair of the Botín Foundation since 2014 and is also a trustee of the Princess of Girona Foundation.
Skills and competencies: Mr Botín brings international and managerial expertise to the board, particularly in finance and banking. He also brings a deep understanding of Grupo Santander, its operations and its strategy from his tenure as a non-executive director.
14SolDaurella2023.jpg
Sol
Daurella Comadrán
Non-executive director (independent)
Board member since 2015.
Nationality: Spanish. Born in 1966 in Barcelona, Spain.
Education: Degree in Business and MBA from ESADE.
Experience: Ms Daurella sat on the board of Círculo de Economía de Barcelona and was an independent director of Banco Sabadell, S.A., Ebro Foods, S.A. and Acciona, S.A. She was also honorary consul general of Iceland in Barcelona (1992-2021).
Other positions of note: Ms Daurella is Chair of Coca-Cola Europacific Partners PLC, Executive Chair of Olive Partners, S.A., and holds several roles in Grupo Cobega companies. She is also Vice Chair of the board of trustees of the FERO Oncology Research Foundation and a board member of Instituto de la Empresa Familiar.
Membership of board committees: Nomination committee, remuneration committee, and responsible banking, sustainability and culture committee (Chair).
Skills and competencies: Ms Daurella brings to the board excellent strategy and high-level management skills from her international top-executive experience at listed and large privately-held entities, particularly distributors. She has vast experience of corporate governance as the former Chair of several boards and having served on several audit committees. As a trustee of various health, education and environmental foundations, she provides responsible business and sustainability insight to the board.
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Henrique
de Castro
Non-executive director (independent)
Board member since 2019.
Nationality: Portuguese. Born in 1965 in Lisbon, Portugal.
Education: Degree in Business Administration from the Lisbon School of Economics & Management and MBA from the University of Lausanne.
Experience: Mr de Castro was Chief Operating Officer at Yahoo. Previously, he had been the manager of worldwide devices, media and platforms at Google, European sales and business development manager at Dell Inc., and a consultant at McKinsey & Company. He was also an independent director at First Data Corporation.
Other positions of note: Mr de Castro is an independent director of Fiserv Inc.
Positions in other Group companies: Mr de Castro is a non-executive director of PagoNxt, S.L.
Membership of board committees: Audit committee, remuneration committee, and innovation and technology committee.
Skills and competencies: Mr de Castro brings to the board valuable international experience in technological and digital strategy due to his executive roles in the world's top technology companies.
4GermanDeLaFuente2024.jpg
Germán
de la Fuente Escamilla
Non-executive director (independent)
Board member since 2022.
Nationality: Spanish. Born in 1964 in Madrid, Spain.
Education: Degree in Economics and Business Administration with a diploma in auditing from the Complutense University of Madrid.
Experience: Mr de la Fuente has spent his professional career at Deloitte, where he has been Head of the audit business for the financial services industry (2002–2007), managing partner of Audit & Assurance (2007-2021) in Spain, and Chair and CEO of Deloitte, S.L. (2017-2022). He was also a member of the global board of directors of the firm from 2012 to 2016 and of the global audit and risk services committee until June 2021. He has been involved in auditing major Spanish financial groups and in multiple consulting and advisory projects.
Membership of board committees: Audit committee (Chair) and risk supervision, regulation and compliance committee.
Skills and competencies: Mr de la Fuente brings extensive experience in the auditing industry and sound knowledge in auditing, accounting and internal and risk control, and the banking sector, all of which uphold his recognition as a financial expert.
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Gina
Díez Barroso Azcárraga
Non-executive director (independent)
Board member since 2020.
Nationality: Mexican. Born in 1955 in Mexico City, Mexico.
Education: Degree in Design from Centro de Diseño of Mexico City.
Experience: Ms Díez Barroso was an independent director of Banco Santander México and other Grupo Santander companies in Mexico until 2020. She has been member of the board of directors of Americas Society and Council of the Americas, Laurel Strategies and Qualitas of Life Foundation. She was also a founder and a trustee of the Pro-Educación Centro and Diarq foundations.
Other positions of note: Ms Díez Barroso is the founder and non-executive Chair of Grupo Diarq, S.A. de C.V. and Centro de Diseño y Comunicación, S.C. (Universidad Centro). She is also a non-executive director of Bolsa Mexicana de Valores (BMV) and Dalia Women, S.A.P.I de C.V. (Dalia Empower), a member of Comité de 200 (C200) and represents Mexico at the W20, the G20 women's initiative to promote gender diversity.
Positions in other Group companies: Ms Díez Barroso is a non-executive director of Universia México, S.A. de C.V.
Membership of board committees: Nomination committee and responsible banking, sustainability and culture committee.
Skills and competencies: Ms Díez Barroso brings to the board vast experience in the real estate and education sectors, and has extensive knowledge of, and an ever-lasting commitment to, sustainability, inclusion and responsible business, having been a founder and trustee of foundations that focus on education, gender diversity and social support.
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Luis
Isasi Fernández de Bobadilla
Non-executive director (*)
Board member since 2020.
Nationality: Spanish. Born in 1956 in Jerez de la Frontera, Spain.
Education: Degree in Economics and Business Administration and MBA from Columbia Business School.
Experience: Mr Isasi began his career at Abengoa, before holding various executive positions at JP Morgan in New York and First National Bank of Chicago in London.
In 1987, he joined Morgan Stanley where he was managing director of investment banking for Europe and Chair and Country Head for Spain (1997-2020) and senior advisor (2020-2023). He has also been director of Madrileña Red de Gas, S.A. and Sociedad Rectora de la Bolsa de Madrid, S.A., as well as an independent director of Grifols, S.A.
Other positions of note: Mr Isasi is the non-executive (independent) Chair of the board of directors of Logista Integral, S.A. (LOGISTA).
Positions in other Group companies: Mr Isasi is non-executive Chair of the board of Santander España.
Membership of board committees: Executive committee, remuneration committee, and risk supervision, regulation and compliance committee.
Skills and competencies: Mr Isasi has vast experience in a wide range of sectors and international markets (in particular, finance and investment banking) as well as a strong institutional network within Spain.
(*) In the opinion of the nomination committee and the board of directors, Mr Isasi meets the requirements to be considered independent, despite being categorized as other external based on a standard of prudence. For more details, see subsection 'Other external directors' in section 4.2.
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Belén
Romana García
Non-executive director (independent)
Board member since 2015.
Nationality: Spanish. Born in 1965 in Madrid, Spain.
Education: Degree in Economics and Business Administration from Universidad Autónoma de Madrid. She is also a State Economist for Spain.
Experience: Ms Romana was formerly director general of Economic Policy, director general of the Treasury of the Spanish Ministry of Economy, and director at Banco de España and the CNMV. She was also a director at the Instituto de Crédito Oficial and other entities on behalf of the Ministry of Economy. She served as a non-executive director at Banesto and as Executive Chair of Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria, S.A. (SAREB). She has also been non-executive director of Aviva PLC and Aviva Italia Holding S.p.A.
She has also been co-Chair of the board of trustees of The Digital Future Society and advisory board member at Inetum and TribalData.
Other positions of note: Ms Romana is an independent director of Industria de Diseño Textil, S.A. (Inditex), SIX Group AG and its subsidiary Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A.U. She is also the non-executive Chair of its other subsidiaries, SIX Digital Exchange AG and SDX Trading AG. Furthermore, she is an independent director of Werfen, S.A.; an advisory board member at Rafael del Pino Foundation; senior adviser to Artá Capital; and academic director of the IE Leadership & Foresight Hub Programme.
Positions in other Group companies: Ms Romana is the non-executive (independent) Chair of Santander Insurance, S.L.
Membership of board committees: Executive committee, audit committee, nomination committee (Chair), risk supervision, regulation and compliance committee, and innovation and technology committee.
Skills and competencies: Given her background as a government economist and overall executive and non-executive experience in finance (particularly from serving on the audit committees of listed companies), Ms Romana is a recognized financial expert. Having held key positions in credit institutions and the regulatory and supervisory bodies of the financial industry and securities markets in Spain, she also provides strategic insights into banking, financial regulations and government relations in Spain and Europe.
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Pamela
Walkden
Non-executive director (independent)
Board member since 2019.
Nationality: British. Born in 1960 in Worcester, England.
Education: Master's Degree in Economics from Cambridge University.
Experience: Mrs Walkden has served in a number of senior management positions at Standard Chartered Bank, including as Group Head of Human Resources, Chief Risk Officer, Group
Treasurer, Group Head of Asset and Liability Management and Regional Markets, Group Head of Internal Audit, Group Head of Corporate Affairs and Group Manager of Investor Relations. In addition, she served as an independent member of the UK Prudential Regulation Authority (PRA) Regulatory Reform Panel, as member of the European Banking Authority Stakeholder Group, and was a lay member of the Welfare and Ethics Committee of the Royal Veterinary College.
Other positions of note: Mrs Walkden is a member of the advisory board of JD Haspel Limited.
Positions in other Group companies: Mrs Walkden is a non-executive director of Santander UK PLC and Santander UK Group Holdings PLC.
Membership of board committees: Audit committee, risk supervision, regulation and compliance committee (Chair), and responsible banking, sustainability and culture committee.
Skills and competencies: She brings to the board extensive experience in the international banking industry and deep expertise in auditing, which underscores her recognition as a financial expert.
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Antonio Francesco
Weiss
Non-executive director (independent)
Board member since 2024.
Nationality: American and Italian. Born in 1966 in New York, US.
Education: Degree in Comparative Literature from Yale University and MBA from Harvard University.
Experience: Mr Weiss was Counselor to the Secretary of the US Department of the Treasury from 2015 to 2017, where he led the Department of Domestic Finance, working on matters related to financial markets, regulatory reform, job creation and economic growth. He previously held a number of senior management positions at Lazard, including Global Head of Investment Banking, Global Head of Mergers and Acquisitions, and Vice Chair of European Investment Banking.
Other positions of note: Mr Weiss is a founder and partner of investment firm SSW Partners, LP. He is a research fellow of the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School of Government, a member of the Council on Foreign Relations, and a trustee of several non-profit, economic policy organizations, including the Volcker Alliance, the Citizens Budget Commission and the Bretton Woods Committee. He is non-executive director of Société Familiale d' Investissements, S.A., associate of AFWCo LP and senior advisor to the investment company JAB Holdings. He is a director and former publisher of The Paris Review.
Membership of board committees: Remuneration committee.
Skills and competencies: Mr Weiss has a lengthy track record in financial services, public policy and non-profit organizations. He also has vast international experience in executive positions in the US, Europe and other regions. Having held key positions in both the public and private sectors, he contributes extensive knowledge of the US market and financial sector to the board, most notably in matters of economic policy.
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Jaime
Pérez Renovales
General Counsel and secretary of the board
Joined the Group in 2003.
Nationality: Spanish. Born in 1968 in Valladolid, Spain.
Education: Degree in Law and Business Administration from Universidad Pontificia Comillas (ICADE E-3) and State Attorney for Spain.
Experience: Jaime Pérez Renovales was director of the office of the second deputy Prime Minister for Economic Affairs and Minister of Economy, deputy secretary to the Spanish Prime Minister, Chair of the Spanish State Official Gazette and the committee for Government Reform. Previously, he had been Vice General Counsel, vice secretary of the board and Head of Grupo Santander’s legal department, General Counsel and secretary of the board at Banesto, and deputy director of legal services at the CNMV. He is the Banco Santander representative on the board of trustees of the Princess of Asturias Foundation and is a member of the jury for its award for Social Sciences. He is Chair of the ICADE Business Club, Chair of the board of trustees of the Fundación Universitaria Comillas-I.C.A.I. and professor of Constitutional Law in the Faculty of Law at Universidad Pontificia Comillas (ICADE).
Jaime Pérez Renovales is the secretary of every board committee.

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4.2 Board composition
Size
As at 31 December 2024, the board of directors comprised 15 members, whose profile and background are described in section 4.1 'Our directors'. The Bylaws dictate that the board must be composed of no less than 12 and no more than 17 members.
Composition by type of director
The board of directors has a balanced composition between executive and non-executive directors, most of whom are independent. Each director’s status has been verified by the nomination committee.
Our board composition
506
Executive directors
•Ana Botín, Group Executive Chair
•Héctor Grisi, Chief Executive Officer
Section 4.3 provides a detailed description of their respective roles and duties under 'Group Executive Chair and Chief Executive Officer'.
Independent directors
•Glenn Hutchins (Lead Independent Director)
•Homaira Akbari
•Carlos Barrabés
•Sol Daurella
•Henrique de Castro
•Germán de la Fuente
•Gina Díez Barroso
•Belén Romana
•Pamela Walkden
•Antonio Weiss
Every year, the nomination committee verifies the independence of the board members. It considers potentially significant business
relations that could affect their independence and other pertinent circumstances. For more details on this analysis, see section 4.6 'Nomination committee activities in 2024' and in subsection C.1.3 of section 9.2 'Statistical information on corporate governance required by the CNMV'.
Independent non-executive directors account for 66.7% of board members. This conforms to best corporate governance practices as well as to the Rules and regulations of the board, which require that the board be predominantly made up of non-executive directors with at least 50% independent directors.
Other external directors
•José Antonio Álvarez
•Javier Botín
•Luis Isasi
These directors are not classified as independent directors for the following reasons:
•Mr Álvarez, because he was the former CEO of Banco Santander until 31 December 2022.
•Mr Botín, because he has been a director for over 12 years.
•Mr Isasi, because it is considered preferable to classify him as an external director under prudent criteria, in view of his remuneration as non-executive chair of Santander España in addition to his remuneration as a director and the special nature of this body as supervisor of a business unit without its own corporate identity separate to Banco Santander, despite the nomination committee and the board believing that he meets the requirements to be classed as an independent director.
Board tenure
2464
At the end of 2024, the average term of directors was 8.03 years and the average term of independent directors was 4.76 years. For more details, see 'Board skills and diversity matrix' and 'Tenure and equity ownership' in this section 4.2.

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Tenure and equity ownershipA
Board of directorsTenure
Banco Santander shareholdingD
Date of first appointmentB
Date of last appointment
End dateC
DirectIndirectShares representedTotal% of share capital
Executive Chair
Ana Botín
04/02/1989
31/03/2023
31/03/2026
1,893,02831,506,972—33,400,0000.220%
Chief Executive Officer
Héctor Grisi
20/12/2022
31/03/202331/03/20262,123,907——2,123,907
0.014%
Vice Chair and Lead Independent Director
Glenn Hutchins
20/12/2022
31/03/2023
31/03/2026
732,330——732,3300.005%
Vice Chair
José Antonio Álvarez25/11/2014
22/03/2024
22/03/2027
2,617,170——2,617,1700.017%
Members
Homaira Akbari
27/09/2016
31/03/2023
31/03/2026
67,826100,913—168,7390.001%
Carlos Barrabés
22/03/2024
22/03/2024
22/03/2027
100——1000.000%
Javier Botín
25/07/2004
22/03/2024
22/03/2027
5,502,08325,601,761
157.304.169 E
188,408,0131.243%
Sol Daurella
25/11/2014
31/03/2023
31/03/2026
149,483476,837—626,3200.004%
Henrique de Castro
12/04/2019
22/03/2024
22/03/2027
2,982——2,9820.000%
Germán de la Fuente01/04/202222/03/2024
22/03/2027
10,000——10,0000.000%
Gina Díez Barroso
22/12/2020
31/03/2023
31/03/2026
27,000——27,0000.000%
Luis Isasi03/04/2020
01/04/2022
01/04/2025
45,000——45,0000.000%
Belén Romana
22/12/2015
22/03/2024
22/03/2027
208——2080.000%
Pamela Walkden
29/10/2019
31/03/2023
31/03/2026
82,608——82,6080.001%
Antonio Weiss
22/03/2024
22/03/2024
22/03/2027
————0.000%
Total
13,253,72557,686,483157,304,169194,844,3771.286%
General Counsel and secretary of the board
Jaime Pérez Renovales
A. Figures as at 31 December 2024.
B. The date of first appointment referred herein may not match with the date of acceptance of the position.
C. The date provided does not take into account the additional period that may apply under article 222 of the Spanish Companies Act, nor the annual renewal of one-third of the board established in article 55.1 of the Bylaws. For more details, see 'Election, appointment, re-election and succession of directors' in section 4.2.
D. Banco Santander’s shareholding policy aims to align our executive directors and shareholders’ long-term interests. It includes the obligation for each executive director to maintain a significant investment in Banco Santander's shares, equivalent to twice their annual salary. Executive directors have five years from the time they were appointed to reach the required level of investment. Any shares they receive as remuneration are subject to a mandatory three-year holding period from their date of delivery, unless they already hold the mentioned investment equivalent, in addition to the regulatory obligation not to sell them for one year from delivery, which applies in all cases.
E. Includes shares owned by Fundación Botín, chaired by Javier Botín, and syndicated shares, including shares corresponding to Ana Botín that are also included within her direct or indirect shareholdings above, but excluding those corresponding to Javier Botín. For more details, see section 2.4 'Shareholders’ agreements'. In subsection A.3 of section 9.2 'Statistical information on corporate governance required by the CNMV', we adapted this information to the CNMV’s format.
As of 31 December 2024, Ana Botín, Héctor Grisi and José Antonio Álvarez had 903,995, 151,395 and 610,123 Banco Santander share options, respectively. Each option has one share as underlying asset. These options come from the Group's remuneration plans.
For more details, see section 9.2 'Statistical information on corporate governance required by the CNMV'.
Diversity
A diverse board of directors is essential to its effectiveness. Mixed skills, experiences and points of view create an environment that promotes independent opinion and constructive debate and ensures proper decision-making. Thus, we seek to achieve a sound balance of technical expertise, experience and broad diversity in the composition of the board.
Our policy on the selection, suitability assessment and succession of directors helps make our board more diverse in terms of gender, age, geographical provenance, experience and knowledge.
•Gender. The nomination committee and the board of directors understand the importance of fostering equal opportunity between men and women as well as the need for women board members who meet the suitability requirement. In this regard, the policy includes the gender equality target set by the nomination committee for women and men to account for between 40% and 60% of the total members of the board.
40% of our board members are women, meeting the target for the less represented gender at the board set out in the Organic Law on Equal Representation and Balanced Presence of Women and Men, which from June 2026 will require the boards of the 35 companies with the highest market capitalization to have the least-represented gender account for 40% or more of its members.
•Age. Our policy also considers that selection must promote age diversity. There are no age limits for becoming a director nor for the roles of chair and chief executive officer.
•Country of origin/international education. Selection considers cultural diversity, geographical provenance, and international education and experience, especially in the Group's core markets.
•Education and career. Selection considers candidates' academic training and career history to ensure they are qualified to understand our Group’s businesses, structure and markets, and that they fit within the Santander culture and other aspects deemed material to the Group.
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Moreover, our policy stipulates that board member selection must not have any implicit bias that could lead to any form of discrimination, based for instance on disability, race or ethnic origin.
The policy follows the European Banking Authority (EBA) and European Securities and Markets Authority (ESMA) joint guidelines on the suitability assessment of board members and key functions holders, as well as the ECB's Guide to fit and proper assessments.
Board skills and diversity matrix
The nomination committee updates a 'Board skills and diversity matrix' that reflects the balance of the knowledge, skills, qualifications, diversity and experience required to pursue our long-term strategy in an ever-changing market.
It considers the recommendations of the EBA and ESMA guidelines on the suitability assessment of board members and key functions holders, as well as the ECB´s Guide to fit and proper assessments.
The matrix follows this structure:
•We distinguish between thematic (technical) and horizontal skills.
•We include a separate diversity section that details gender, country of origin/ international education, and age.
•We show each member's tenure.
The matrix discloses each board member's particular expertise and skills, some of which are further detailed in section 4.1 'Our directors', and is a sign of our commitment to transparency.
We continuously review the suitability of skills and diversity to ensure a diverse board that can meet Banco Santander's strategy needs. The matrix enables us to pinpoint areas we need to strengthen in the succession and election of new board members.
Last, the 'Committees skills and diversity matrix', which we also continuously update, shows the diverse composition of each committee and members' knowledge and expertise relevant to their committee's remit.
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Board skills and diversity matrix
Ana BotínHéctor Grisi
Glenn Hutchins
José Antonio ÁlvarezHomaira Akbari
Carlos Barrabés
Javier Botín
Sol Daurella
Henrique de Castro
Germán de la Fuente
Gina Díez Barroso
Luis IsasiBelén RomanaPamela Walkden
Antonio Weiss
Executive ChairCEOVice Chair Lead Independent Director
Vice Chair Non-executive
Independent
Independent
Non-executiveIndependentIndependentIndependentIndependentNon-executiveIndependentIndependentIndependent
SKILLS AND EXPERIENCE
THEMATIC SKILLS
Banking (100%)
•••••••••••••••
Other financial services (80%)
••••••••••••
Accounting, auditing and financial literacy (100%)
•••••••••••••••
Retail (73.3%)
•••••••••••
Digital & information technology (53.3%)
••••••••
Risk management (86.7%)
•••••••••••••
Business strategy (100%)
•••••••••••••••
Responsible business & sustainability (73.3%)
•••••••••••
Human resources, culture, talent & remuneration (93.3%)
••••••••••••••
Legal and regulatory (13.3%)
••
Governance and control (80%)
••••••••••••
International experience
Continental Europe (80%)
•

•••••••••••
US/UK (86.7%)
•••••••••••••
Latam (60%)
•••••••••
Others (26.7%)
••••
HORIZONTAL SKILLS
Top management (100%)
•••••••••••••••
Government, regulatory and public policy (20%)
•••
Academia and education (40%)
••••••
Significant directorship tenure (93.3%)
••••••••••••••
DIVERSITY
Gender
Female (40%)
••••••
Male (60%)
•••••••••
Country of origin/international education
Continental Europe (60%)
•

••••••••
US/UK (60%)
•

••••••••
Latam (13.3%)
•

•
Others (6.7%)
•
Age
Under 55 (13.3%)
••
55 to 65 (66.7%)
••••••••••
Over 65 (20%)
•••
BOARD TENURE
0 to 3 years (33.3%)
•••••
4 to 11 years (53.3%)

••••••••
12 years or more (13.3%)
••
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Committees skills and diversity matrix
Executive committeeAudit
committee		Nomination committeeRemuneration committeeRisk supervision,
regulation and
compliance committee		Responsible banking, sustainability and
culture committee		Innovation and technology committee
SKILLS AND EXPERIENCE
THEMATIC SKILLS
Banking
100%100%100%100%100%100%100%
Other financial services
100%80%60%80%80%40%87.5%
Accounting, auditing and financial literacy
100%100%100%100%100%100%100%
Retail
100%80%60%60%80%80%87.5%
Digital and information technology
80%60%60%40%40%40%100%
Risk management
100%80%80%80%100%80%87.5%
Business strategy
100%100%100%100%100%100%100%
Responsible business and sustainability
80%40%100%60%40%80%87.5%
Human resources, culture, talent and remuneration
100%100%100%100%100%100%100%
Legal and regulatory
20%20%40%20%20%
–
25%
Governance and control
100%80%80%60%100%80%87.5%
International experience
Continental Europe
80%100%60%80%100%80%75%
US/UK
100%100%60%100%100%60%87.5%
Latam
80%60%20%40%60%40%62.5%
Others
–
60%20%40%40%40%12.5%
HORIZONTAL SKILLS
Top management
100%100%100%100%100%100%100%
Government, regulatory and public policy
20%20%40%40%20%
–
25%
Academia and education
20%20%60%40%
–
80%37.5%
Significant directorship tenure
100%100%100%80%100%100%100%
DIVERSITY
Gender
Female
40%60%60%20%40%80%37.5%
Male
60%40%40%80%60%20%62.5%
Country of origin/international education
Continental Europe
80%60%60%60%80%40%62.5%
US/UK
80%60%60%60%80%60%62.5%
Latam
20%
–
20%
–
–
20%12.5%
Others
–
20%
–
–
–
20%12.5%
Age
Under 55
–
–
20%
–
–
20%12.5%
55 to 65
80%100%40%60%80%60%75%
Over 65
20%
–
40%40%20%20%12.5%
BOARD TENURE
0 to 3 years
20%20%40%40%20%20%37.5%
4 to 11 years
60%80%60%60%80%80%50%
12 years or more
20%
–
–
–
–
–
12.5%
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Election, appointment, re-election and succession of directors
Election
Our internal policy for the selection, suitability assessment and succession of directors dictates standards for the board’s composition, the process of identifying and selecting candidates, and the suitability assessment of new directors.
Directors must meet specific requirements dictated by laws for credit institutions and our Bylaws and must also fulfil the obligations and duties of their position prescribed therein and in the Rules and regulations of the board.
Our directors must be of renowned business and professional integrity, and have the knowledge and experience needed to perform their role and exercise good governance. Director candidates will also be selected on the basis of their professional contribution to the entire board.
The board of directors will endeavour to have significantly more external or non-executive directors than executive directors, and for the number of independent directors to make up at least half of all members.
Appointment and re-election
Shareholders appoint and re-elect directors at the general meeting. Furthermore, if directors step down during their term of office, the board of directors may provisionally designate another director by co-option until the shareholders at the general meeting confirm the appointment at the next meeting.
Each appointment, re-election and ratification of directors is submitted to a separate vote at the general meeting.
Proposals for appointment, re-election and ratification of directors (regardless of their category), which the board of directors submits to the shareholders, as well as appointments of the board in cases of co-option, should be preceded by the corresponding reasoned proposal of the nomination committee.
Proposals to be submitted to the general meeting must include a duly substantiated report by the board, containing an assessment of the qualifications, experience and merits of the proposed candidate. Re-election and ratification proposals will also provide an assessment of the work and dedication to the position during the last period in which the proposed director held office. If the board disregards the nomination committee's opinion, it must explain its decision and record its reasons in the minutes of the meeting.
Term and cessation
Our directors are appointed for three-year terms. However, one-third of board members are renewed each year in order of their tenure. Outgoing directors may be re-elected.
Our directors shall cease to hold office when the term for which they were appointed ends, unless they are re-elected, when the general meeting so resolves, or when they resign. When a director ceases to hold office prior to the end of their term (i.e. by general meeting resolution or by resignation), they shall explain the reasons for resignation or, for non-executive directors, their opinion on the reasons for their cessation in office by the general meeting in a letter to the other board members, unless they report
them at a meeting of the board and this is recorded in the minutes. To the extent relevant to our shareholders, the resignation shall be publicly disclosed, including sufficient information on the reasons or circumstances that the director provides.
Directors must tender their resignation to the board and formally step down from their position if the board, on the nomination committee's recommendation, deems it appropriate in cases that may adversely affect the board's functioning or Banco Santander’s credit or reputation. In particular, they must resign if they find themselves in a circumstance of ineligibility or prohibition provided by law, without prejudice to the honourability requirements for directors and the consequences deriving from subsequent failure to meet those requirements, set out in Royal Decree 84/2015, that implements Act 10/2014.
Directors must notify the board as soon as possible of any circumstances affecting them, whether related to their performance in Banco Santander or not, that might damage Banco Santander's credit or reputation, especially if under criminal investigation, and of the developments of any such criminal proceedings. When the board is informed or becomes otherwise aware of any such situations, it will examine them as soon as possible and decide, based on the particulars and on a report from the nomination committee, any measures to adopt, such as opening an internal investigation, calling on directors to resign or proposing their dismissal.
Proprietary directors must also tender their resignation when the shareholder they represent sells off or significantly reduces its equity holding.
Succession planning
Succession planning is a key element of our good governance as it ensures orderly role transitions as well as board continuity and stability and its adequate renewal, composition and independence. This planning follows a well-defined methodology and clear allocation of responsibilities. Our aim is to identify candidates with the necessary talent for each function.
Banco Santander's director succession plan focuses on diversity standards and the suitability assessment policy, as well as the regular review of the composition of the board and its committees, and the identification of potential board member candidates.
The policy has specific core performance indicators, reviewed each year, for such aspects as succession effectiveness (vacancies filled by identified candidates); the number of internal and external candidates immediately available to succeed executive directors; training and development plans for potential candidates to succeed executive directors in one to three years; gender diversity and country of origin or international education; updated board member tenure; the strength of the list of successors to executive directors, committee chairs and the Lead Independent Director; and the percentage of candidates to succeed directors who are immediately available (or candidates for a one-to-three year period).
The nomination committee and the board prioritize succession planning, with sound and appropriate plans in place that are regularly revisited to make sure they meet regulatory requirements and align with industry best practice.
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4.3 Board functioning and effectiveness
Board functions
Banco Santander's board of directors is our highest decision-making body, except in matters reserved to shareholders at the general meeting. It performs its duties with unity of purpose and independent judgement.
The board’s policy is to designate executive bodies and managers to run day-to-day operations and implement the strategy. It focuses on general supervision and other functions it cannot delegate by law, the Bylaws or the Rules and regulations of the board, including:
•General policies and strategies including, among others, capital and liquidity; tax; new products, operations and services; corporate culture and values, including policies on responsible business and sustainability and, in particular, on environmental and social matters; crisis management and resolution planning; risk (including tax risk) control and management; remuneration policy; and compliance.
•Financial and non-financial reporting, and - more generally - information reported to shareholders, investors and the general public, as well as the processes and controls that ensure full disclosure.
•Policies on reporting and communication with shareholders, markets and public opinion, and supervision of the disclosure of information.
•Internal audit plan.
•The selection, succession and remuneration of directors, senior management and other key positions.
•Effectiveness of Grupo Santander’s corporate and internal governance system, including the GSGM, corporate frameworks and internal regulations.
•Significant corporate transactions and investments.
•Calling the general shareholders’ meeting.
•Related-party transactions.
Board regulation
The board is governed by the rules set out in the Bylaws and the Rules and regulations of the board, both of which are available on our corporate website.
•Bylaws. These dictate the basic rules that apply to the composition and operation of the board and its members' duties, and are supplemented and implemented by the Rules and regulations of the board. They can only be amended by shareholders at the general meeting. See 'Rules for amending our Bylaws' in section 3.2.
•Rules and regulations of the board. These set the rules for running and internally organizing the board of directors and its committees through the development of applicable laws and Bylaws provisions and good governance recommendations. They set out the principles governing its actions and the duties of its members.
The Rules and regulations of the board adhere to all legal provisions as well as the principles and recommendations set out in the Spanish Corporate Governance Code; Corporate Governance Principles for Banks of the Basel Committee on Banking Supervision; and the EBA's in Guidelines on internal governance.
Our rules on the audit committee also adhere to the good operating practices set out in the CNMV's Technical Guide 1/2024 on Audit Committees of Public Interest Entities, published on 27 June; as well as with the applicable regulations because our shares are listed as ADS on the NYSE and, in particular, with Rule 10A-3 under the Securities Exchange Act (SEA) on standards relating to audit committees.
Our rules on the nomination and the remuneration committees also adhere to the good operating practices set out in the CNMV’s Technical Guide 1/2019 on Nomination and Remuneration Committees.
Structure of the board
The board’s corporate governance structure ensures that it discharges its duties effectively.
Group Executive Chair and Chief Executive Officer
The Executive Chair is Ana Botín and the Chief Executive Officer is Héctor Grisi. They are the most senior executives in the Group’s strategic and ordinary management, which the board is responsible for overseeing, ensuring that their roles are clearly separated and complementary. Both report exclusively to the board of directors.
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The roles of our Executive Chair and Chief Executive Officer can be summarized as follows:
Roles of the Executive Chair and the Chief Executive Officer
Executive ChairChief Executive Officer
•The Chair is the highest-ranking executive in Grupo Santander and its main representative with regulators, authorities and other major stakeholders.
•The Chair is responsible for the long-term strategy of the Group, including new tech and digital growth engines, namely PagoNxt and the Digital Consumer Bank.
•The Chair is also responsible for other corporate functions and units that help drive the Group's long-term strategy and transformation, comprising Technology and Data & Architecture, People & Culture, Financial Accounting & Control, Strategy and Corporate Development, General Secretariat and Communications & Corporate Marketing. This reflects the Chair's ultimate accountability for Transformation.
•The Chair also leads the appointment and succession planning of Grupo Santander senior management, to be submitted to the nomination committee and board for approval.
•The Chief Executive Officer is entrusted with the day-to-day management of the business with the highest executive functions and reports exclusively to the board.
•Accordingly, the Chief Executive Officer’s direct reports are the senior managers in charge of the business units: the local CEO / Country Heads and those in charge of the global businesses (Wealth Management & Insurance, Corporate & Investment Banking, Payments and Retail & Commercial Banking (including TransformationA)), encompassing the relevant support and control functions. Whilst the Chair is accountable for Digital Consumer Bank, given that it is a global business, the Group CEO remains fully accountable for the Countries through which Digital Consumer Bank operates.
•As responsible for day-to-day management, the CFO also reports to the Chief Executive Officer.
•Additionally, the Chief Executive Officer is responsible for Regulatory & Supervisory Relations and for embedding the Group's sustainability policy in the day-to-day management of Group businesses and the support and control functions.
A.Whilst Retail & Commercial Banking reports directly to the Chief Executive Officer (with no functional line to the Executive Chair), ultimate accountability for Transformation remains with the Executive Chair.
The duties of the Executive Chair, the Chief Executive Officer, the board, and its committees are clearly separated. Various checks and balances give Grupo Santander’s corporate governance structure the appropriate equilibrium. In particular:
•The board and its committees supervise both the Executive Chair and the Chief Executive Officer. Both the Executive Chair and Chief Executive Officer report directly to the board of directors.
•The board has delegated all its powers to the Executive Chair and the Chief Executive Officer, except for those that cannot be delegated by law and under the Bylaws and the Rules and regulations of the board. The board directly exercises those powers to perform its general supervisory function.
•The Lead Independent Director leads the Group Executive Chair’s succession and appointment in coordination with the nomination committee.
•The audit committee is chaired by an independent director who is considered a ‘financial expert’ as defined in Regulation S-K of the Securities and Exchange Commission (SEC).
•The audit; nomination; responsible banking, sustainability and culture; remuneration; risk supervision, regulation and compliance; and innovation and technology committees are chaired by, and have a majority of, independent directors. The first three committees are also composed entirely of independent directors.
•The Executive Chair may not simultaneously act as Banco Santander’s Chief Executive Officer.
•The corporate Risk, Compliance and Internal Audit functions report as independent units to a committee or a member of the board of directors and have direct, unfettered access to the board.
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Lead Independent Director
Our Lead Independent Director is Glenn Hutchins. The Lead Independent Director is key to our corporate governance arrangements. He is responsible for the effective coordination of the non-executive directors and makes sure they serve as an appropriate counter-balance to the executive directors.
The following chart shows the Lead Independent Director's functions and activities in 2024. He provides a detailed report to the nomination committee and board of directors on his activities and the discharge of his duties on an annual basis.
Duties of the Lead Independent Director and activities during 2024
Duties
Activities in 2024
Facilitate discussion and open dialogue among independent directors, holding private meetings of non-executive directors without the executive directors present and proactively engaging with them to consider their views and opinions.
Held six meetings with non-executive directors where they were able to voice their views and opinions. These meetings provided a valuable opportunity to reflect on the overall board and committee cycle throughout the year, to discuss board training topics, strategy execution, executive director and top management performance and objectives (including the CEO performance assessment given his reporting line to the board), and reflections on areas of continuous improvement.
The non-executive directors held a meeting with the Chief Executive Officer without the Executive Chair present (and vice versa), in recognition of their direct reporting line to the board.
Direct the periodic evaluation of the Chair of the board of directors and coordinate her succession plans.
Led the Executive Chair's annual performance review in order to determine her variable pay. Furthermore, he coordinated her succession planning activity, facilitated through his membership of the nomination committee.
Engage with shareholders and other investors to learn of their concerns, especially with regard to Banco Santander's corporate governance.
See section 3.1 'Shareholder communication and engagement' for full details of the Lead Independent Director’s activities.
Replace the Chair in her absence, with such key rights as the ability to call board meetings under the terms of the Rules and regulations of the board.
Whilst the Executive Chair was able to chair all board meetings, there were specific instances where the Lead Independent Director assumed the chairship of the board, mainly driven by the nature of the topic being discussed and the Executive Chair's potential vested interest, being therefore recused for those discussions.
Request a board meeting or that new items be added to the agenda.
While the Lead Independent Director did not need to request additional board meetings to be called, he remained fully engaged in, and informed of, board meeting agendas to add additional items as required.
Structure of board committees
Board committees support the board in three main areas:
•Managing the Group by exercising decision-making powers through the executive committee.
•Formulating strategy for core areas through the responsible banking, sustainability and culture committee, and the innovation and technology committee.
•Supervising and making important decisions through the audit committee, nomination committee, remuneration committee and risk supervision, regulation and compliance committee.
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The board has seven committees under this structure:
Mandatory committeesA
Executive
committee
Audit
committee
Nomination
committee
Remuneration
committee
Risk supervision,
regulation and
compliance committee
Decision-making
powers
Supervision, information, advice and recommendations regarding functions in risk, financial reporting and audit, nomination and remuneration matters
Voluntary committees
Responsible banking, sustainability and
culture committee
Innovation and
technology committee
Support and proposal in strategic areas
A. Required by law, the Bylaws or the Rules and regulations of the board.
Secretary of the board
Jaime Pérez Renovales is the secretary of the board. He assists the chair and ensures the formal and substantial legality of all the board’s actions. He also makes sure that good governance recommendations and procedures are observed and remain under continuous review.
The secretary of the board is also the General Counsel of Banco Santander. He acts as the secretary of all board committees and facilitates a fluid and effective relationship between the committees and the Group's units that must collaborate with them.
The appointment of the secretary of the board is a matter for the board to approve, taking into account the prior opinion of the nomination committee. The secretary does not need to be a director.
The board has two vice secretaries, F. Javier Illescas Fernández-Bermejo (Group Head of Legal) and Adolfo Díaz-Ambrona Moreno (General Counsel of Santander España). They assist the secretary with his duties on the board and its committees, and replace him in the event of absence, inability to act or illness.
Board operation
The board of directors held 18 meetings (14 ordinary and four extraordinary) in 2024. The Rules and regulations of the board dictate that it must hold at least nine annual ordinary meetings and one quarterly meeting.
Though board meetings follow a calendar approved annually and a provisional agenda of items to discuss among the matters that fall under its remit, new items can be added and additional meetings can be called. Directors may also propose items to be added to the agenda and are duly informed of changes to the calendar and meeting agendas.
To help directors prepare effectively for each meeting, they are given relevant documents sufficiently in advance and in a secure
electronic format. In the board’s opinion, these documents are appropriately detailed and received in good time which enables members to make appropriate decisions.
The Rules and regulations of the board of directors also expressly acknowledge directors’ rights to request and obtain information on anything related to Banco Santander and its domestic and foreign subsidiaries. They also acknowledge their right to inspect the books, files, documents and any other records of corporate transactions, in addition to premises and facilities. Furthermore, directors can request and obtain any information and advice they deem necessary from the secretary in order to perform their duties.
Additionally, the board meets at the Chair’s discretion or at the request of at least three directors. The Lead Independent Director is also authorized to request a board meeting or that new items be added to the agenda for a meeting that has already been called.
Directors must attend meetings in person, either physically or virtually, and endeavour to limit their absence to situations of absolute necessity. The nomination committee checks that directors attend at least 75% of board and committee meetings and that any absence has a valid excuse without raising doubt about the director's commitment to good governance. For more details, see 'Board and committee preparation and attendance' in this section 4.3.
If directors are unable to attend a meeting, they can designate (in writing and on a special basis for each session) another director to act on their behalf. Proxies are granted with instructions. Non-executive directors may only be represented by other non-executive directors. A director can hold more than one proxy.
The board may meet in various rooms at the same time, provided that members can interact in real time to ensure interactivity and intercommunication via audio-visual means or telephone.
Board meetings are validly quorate when more than half of its members attend in person or by proxy.
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Resolutions are adopted by absolute majority of the directors in attendance. The chair has the casting vote in the event of a tie. The Bylaws and the Rules and regulations of the board only require the qualified majorities according to law.
The secretary of the board keeps the board’s documents on file and records the content of meetings in meeting minutes. Meeting minutes of the board and committees include statements members expressly request to be put on record. Moreover, the secretary oversees the monitoring of the actions that the board and its committees must perform that the parties responsible for are dully informed of.
The board may hire legal, accounting or financial advisers and other experts at Banco Santander’s expense for assistance with their duties.
Comparison of number of meetings heldA
Banco Santander
Spain average
US average
UK average
Board18 11.2 7.7 8.2 
Executive committee24 7.6 
NA
NA
Audit committee15 8.8 8.1 5.3 
Nomination committee13 7.5 4.6 3.9 
Remuneration committee14 7.5 5.8 4.9 
Risk supervision, regulation and compliance committee18 12.3 
NA
6.4 
A. Source: Spencer Stuart Board Index 2024 (Spain, United States and United Kingdom).
NA: Not available.
The following chart shows the board’s approximate time allocation to each function in 2024.
Approximate allocation of the board’s time in 2024
13363
Committee operation
Board committees follow a calendar and an annual work plan established every year. Each committee meets as often as is required to fulfil its duties, with a minimum of four meetings,
except for the innovation and technology committee, which holds at least three meetings.
A committee meeting is quorate if it is attended by more than half the committee's members in person or through an appointed proxy. A committee resolution passes with a simple majority of votes. In the event of a tie, the committee chair has the casting vote. Committee members may appoint a proxy to vote for them and, as in board meetings, non-executive directors can only appoint a non-executive director proxy.
Committee members are given relevant meeting materials sufficiently in advance of each meeting to facilitate suitable meeting preparation and therefore promote overall committee effectiveness.
Though they cannot vote, any director can attend and participate in meetings of committees on which they do not serve if invited by the chair of the board and the chair of the respective committee, upon request to the chair of the board. Furthermore, all board members who are not executive committee members may attend executive committee meetings at least twice a year, for which they are to be called by the chair.
Committees have the authority to summon executives, who will appear at meetings at the invitation of, and under the terms dictated by, the respective chair. Their attendance will be recorded in the meeting minutes. Committees may also submit a request to the General Counsel to hire legal, accounting or financial advisers or other experts to assist with their duties at Banco Santander’s expense.
The role of committee secretary is non-voting and falls on the General Counsel and secretary of the board. This fosters a fluid and efficient relationship between the board, its committees, and senior management. The board should encourage communication and engagement through these and other means with the committees to boost efficiency and ensure effective coordination in the performance of their respective support duties, through, among others, the following mechanisms:
•Joint meetings. The committees (mainly the audit and risk supervision, regulation and compliance committees and the latter with the remuneration committee) hold joint meetings on topics of mutual interest.
•Information to the board. At each board meeting, the committee chairs present on the matters that they have discussed in previous sessions of those meetings. They also provide the board members with copies of their committee meeting minutes and all other documents handed out.
•Common members between committees. We strive to have board members sit on several committees.
•Cross-sectoral review of agendas. A periodic review of the work plans of the various committees is carried out to ensure that meeting agendas are complete and coherent.
•Informal events. Continue to leverage informal time between board members, acknowledging the value that this brings to board culture.
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Board and committee preparation and attendance
The following table shows the attendance rate of board and committee meetings in 2024.
Committees
Directors


Board


Executive


Audit
Nomination


Remuneration
Risk supervision, regulation and complianceResponsible banking, sustainability and cultureInnovation and technology
Average attendance98%95%99%89%93%98%91%100%
Individual attendance
Ana Botín
18/18
24/24
_____
5/5
Héctor Grisi
18/18
23/24
_____
5/5
Glenn Hutchins
18/18
__
12/13
14/14
__
5/5
José Antonio Álvarez
18/18
24/24
_____
5/5
Homaira Akbari
17/18
_
15/15
___
5/5
5/5
Carlos BarrabésA
7/8
__
4/6
__
1/2
3/3
Javier Botín
17/18
_______
Sol Daurella
17/18
__
11/13
11/14
_
5/5
_
Henrique de Castro
18/18
_
14/15
_
14/14
__
5/5
Germán de la Fuente
18/18
_
15/15
__
18/18
__
Gina Díez Barroso
17/18
__
12/13
__
4/5
_
Luis Isasi
18/18
24/24
__
13/14
18/18
__
Belén RomanaB
18/18
23/24
15/15
13/13
_
17/18
2/2
5/5
Pamela WalkdenC
18/18
_
15/15
__
18/18
3/3
_
Antonio WeissD
8/8
_______
Note: This table shows each director's in-person attendance at ordinary and extraordinary board or committee meetings except when they attended by proxy. The nomination committee was informed of directors’ excused absences and verified that they raised no doubt about their capability of good governance. Some directors did not attend extraordinary meetings that were not scheduled in the annual meeting calendar. Health reasons were behind attendance lower than 75%.
A. Member of the board and of the nomination, responsible banking, sustainability and culture; and innovation and technology committees since 27 June 2024.
B. Stopped down as a member of the responsible banking, sustainability and culture committee on 23 March 2024.
C. Member of the responsible banking, sustainability and culture committee since 23 March 2024.
D. Member of the board since 27 June 2024.
The following table shows the average preparation of directors in the exercise of their functions on the board and committees in 2024:
Meetings
Average of hours per memberA
Average of hours per chairA
Board18 
229B
458B
Executive committee24144288
Audit committee15 150 300 
Nomination committee13 52 104 
Remuneration committee14 56 112 
Risk supervision, regulation and compliance committee18 180 360 
Responsible banking, sustainability and culture committee
5 25 50 
Innovation and technology committee
5 20 40 
A. Includes hours of meeting preparation and attendance. Estimated preparation time considers travel to attend meetings in person, where appropriate.
B. Not including four extraordinary sessions held in 2024 due to their short duration and low impact on the directors’ required commitment.
Directors’ average time commitment is calculated by taking the number of members on the board and on each committee, the number of times each body meets during the year, average meeting length, and an estimate of the time each director needs to prepare for every meeting. We estimate that the board chair and
the committee chairs have a greater time commitment than the other directors because of the added functions their roles require. We also consider the commitment to attend sessions that form part of directors’ training and development programme, the meetings of non-executive directors with the Lead Independent Director, and additional unstructured Board time on other activities that enables greater informal engagement between directors.
Considering the above mentioned criteria, on average, directors dedicate approximately 63 eight-hour days a year to preparing and attending board and committee meetings.
Directors must report to the nomination committee any professional activity or role that they are going to perform outside the Group so that the committee can check that they can dedicate enough time to the Group and the professional activity or role does not pose conflicts of interest.
The annual suitability reassessment our nomination committee conducts (see section 4.6 'Nomination committee activities in 2024') enables us to update information on the estimated time directors dedicate to roles or professional activities outside the Group and demonstrates their ability to exercise good governance.
This makes sure the number of board roles that our directors have at once is within the legal limit (i.e. no more than one executive and two non-executive roles, or four non-executive roles; roles in the same group are considered a single role and roles in not-for-profit or non-commercial organizations -such as, among others,
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organisations for the sole purpose of managing the private economic interests- are not included).
Director training and induction programmes
The board has an annual training and development programme to help directors continue to develop skills and increase their understanding of the Group and industry, taking into account their experience and expertise. The board selects contents on an annual basis based on feedback from its members and supervisory and regulatory requirements, among others.
Programme workshops are delivered collectively to all board members and in 2024, they covered the following topics:
•Recovery and Resolution Plan.
•Cybersecurity.
•Sustainability, with a key focus on CSRD.
•Generative Artificial Intelligence.
•Inorganic growth analysis.
•Financial crime compliance, bribery and corruption risks, sanctions and anti-money laundering regulation.
•Regulatory updates covering DORA, Data Privacy and Basel IV, amongst others.
•Customer experience.
Directors can also request one to one and ad-hoc training on specific topics tailored to their own needs, if deemed helpful. The objective of such sessions would be to enable directors to deep dive into specific areas in order to ensure that their knowledge is optimal and up to date.
Banco Santander shares its training, induction and development methodology with subsidiaries to promote best practices and drive consistency of approach across our footprint. Some Group executives facilitated special sessions for subsidiary directors throughout the year to keep them up to date with relevant Group matters such as the consolidation under five global businesses across our footprint.
Every board member receives a directors' manual. It is a support guide that provides both new and existing directors with a complete reference of information relevant to their role. In addition, the board has robust induction programmes so new directors can deeply understand the industry and Grupo Santander’s business model and structure, risk profile and governance arrangements, taking into account their existing skills, competencies and knowledge. They are completed within six months after taking up their position as new directors and include document reviews, tailored meetings, site visits and training sessions with senior managers of the Group, as appropriate.
Both Carlos Barrabés and Antonio Weiss completed their induction programmes, which were tailored to their experience and particular needs.
“
The induction programme played a key role during my onboarding as a member of the board. Both the sessions and supporting materials dealt with all key topics, ensuring that my onboarding was seamless and complete.
I also benefited from early engagement with a number of senior leaders across the Group, who provided me with valuable insights into Santander’s values and culture. Overall, the programme was excellent and ensured that I was well prepared to discharge my role".
Antonio Weiss, director
Board effectiveness review in 2024
The board undergoes a yearly assessment of its performance and effectiveness, composition, quality of its work, and individual performance of its members. The review includes its committees. Every three years, it is conducted by an external consultant, whose independence is verified by the nomination committee.
Methodology and scope of the assessment
In 2024, the review was conducted internally. The scope of the internal assessment included the structure of the board, its organisation and functioning, dynamics and internal culture and the functioning and effectiveness of its committees. In addition, the assessment covered the individual performance of the Executive Chair, Chief Executive Officer, Lead Independent Director and General Secretary. The assessment also facilitated the opportunity for performance feedback on the remaining individual directors.
The Executive Chair and the nomination committee Chair led the assessment, with the involvement of the Lead Independent Director. The review followed the methodology and structure of previous internal reviews, based on a confidential questionnaire that was fully completed by all board members. In addition, the review also took into account the feedback received from senior executives on the overall value they get from the board as a whole and reflections received as part of additional interactions throughout 2024 (including non-executive director sessions and assessment questionnaires for board training and development programmes, among others).
Findings and action plan
The results of the 2024 assessment process were discussed by the nomination committee and board of directors in January and February 2025, with a consensus view that the board and its committees continue to operate effectively. In particular, the results revealed the following:
•The board has undergone an appropriate degree of refreshment and is appropriately composed, with a depth of skills and experience, as well as high degree of independence and diversity.
•The Executive Chair model continues to work effectively and there remains clarity and universal understanding of the division
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of responsibilities between the Executive Chair and the CEO, which is clearly documented. The checks and balances in place are considered to be highly effective.
•There is a strong and healthy internal board culture, where dynamics encourage open and transparent discussions, critical thinking, constructive challenge to senior management and sound decision making.
•The Executive Chair, Chief Executive Officer, Lead Independent Director and General Secretary had a positive and effective performance with the competence expected. The remaining directors also performed positively with an overall effective contribution.
•The board agenda focuses on the right priorities and the quality of reporting and information flows support robust and timely decision-making.
•Committees are considered to work effectively, with appropriate coordination mechanisms in place, and the support they give to the board is highly valued. The committee composition changes made throughout the period, including committee Chair rotation, were considered favourably and in support of an appropriate distribution of work among members, acknowledging that this would be kept under review.
•The executive team has a favourable opinion of the board, positively rating the constructive challenge and support provided.
As a result of the review, the nomination committee and board of directors discussed potential areas for improvement and the latter approved an associated action plan in February 2025. Each committee will be engaged on specific actions applicable to their remit to ensure effective and efficient operation, as appropriate.
The key action plan highlights can be summarised as follows:
•Structure of the board. As part of any future board refreshment, continued consideration will be given to maintaining an appropriate composition taking into account relevant factors such as our strategic direction, and the skills and experience required to oversee its delivery, and our core markets and associated geographical footprint.
•Effectiveness of the Executive Chair model. The split of roles and responsibilities between the Executive Chair and the CEO will be kept under continuous review and refinement, as appropriate, to ensure its ongoing effectiveness and robustness.
•In-person engagement. Increase in person formal and informal engagements in recognition of director preference for in-person meetings and the value they attribute to their time together.
•Organisation and functioning. Continue to optimise Board and committee time facilitated by keeping the volume of supporting documentation under continuous review.
•Committees. A proactive approach to committee composition will be retained, ensuring optimal performance, effectiveness and efficient distribution of work among board members, among other factors. In addition, meeting frequency will be kept under continuous review to identify streamlining opportunities to the extent possible.
The resulting actions and associated outcomes of the review have supported our continued priority focus on effective governance.
4.4 Executive committee activities in 2024
COMPOSITION
Position
Category
Appointed on
Chair
Ana Botín
Executive
11/12/1989A
Members
Héctor Grisi
Executive
01/01/2023
José Antonio Álvarez
Other external13/01/2015
Luis Isasi
Other external
20/05/2020
Belén Romana
Independent
01/07/2018
Secretary
Jaime Pérez Renovales
A. Committee Chair since 10 September 2014.
Functions
The executive committee is a key governance body in Banco Santander and the Group. The board delegated to it all its powers except those that cannot be delegated by law or under the Bylaws and Rules and regulations of the board. Its meeting frequency and the nature of its decisions enable the board to focus on general oversight. It also reports regularly to the board on its core matters and decisions adopted, and provides all directors with the minutes and documents from its meetings.
Committee performance
The board, supported by its nomination committee, determines the committee's size and composition, to ensure its effectiveness. As well as the board, the committee has an external director majority, ensuring a balance of opinions and compliance with Recommendation 37 of the Spanish Corporate Governance Code. Its secretary is the secretary of the board.
The committee frequency ensures the discharge of its duties and it is generally convened every two weeks, although it can meet as many times as required by the Chair.
Main activities in 2024
In 2024, the committee addressed a breadth of matters relating to the business of the Group and its main subsidiaries, risk management, corporate transactions and other proposals that were subsequently submitted to the board, which can be summarised as follows:
•Results. Regularly reviewed the Group's results and stakeholder reaction to them.
•Business performance. Regularly received updated information on the performance of the Group’s business areas and other related matters.
•Report by the Executive Chai.: The Executive Chair regularly reported on the Group´s management, strategy and institutional matters.
•Report by the CEO. The CEO regularly reported on the Group´s performance and on the budget and execution of plans for all the global businesses and units that report to him.
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•Corporate transactions. Analysed and approved, where appropriate, corporate transactions on investments and divestments, joint ventures and capital transactions.
•Risks. Received regular holistic risk and compliance reports. The committee also authorized or declined material transactions within the framework of the risk governance model.
•Global businesses and subsidiaries. Received regular updates on global businesses, subsidiaries and other business lines' performance against agreed plans. This helped the committee support the board with the oversight and control of its global business and subsidiary operations, and with the fulfillment of the targets announced at the 2023 Investor Day.
•Capital and liquidity. Received regular reports on capital ratios and optimization measures, pricing (originations) and portfolio profitability. By virtue of the board's delegation and within capital and funding plans, the committee agreed non-convertible debt issuances and securitizations.
•Supervisors and regulatory matters. agenda and projects to ensure compliance with supervisory recommendations and regulatory reforms.
•Governance matters. Approved specific internal regulation under its remit. In particular, the committee reviewed and approved key governance documents associated with the five global businesses. Furthermore, the committee analysed the effectiveness of the executive first level committee structure and approved the associated improvement plans.
In 2024, the committee held 24 meetings. See 'Board and committee preparation and attendance' in section 4.3 for members’ meeting attendance and the estimated average time each one spent on meeting preparation and attendance.
2025 priorities
The committee set the following priorities for 2025:
•Monitor the performance of the Group's global businesses and subsidiaries, including progress in the execution of their strategic plans.
•Continue to assess proposed corporate transactions relating to investments and divestments, joint ventures and capital transactions.
•Continue to oversee the execution and achievement of specific public targets, including those disclosed at the 2023 Investor Day.
•Continue to facilitate timely and efficient decision making, supporting the board and enabling it to focus on general oversight and strategy matters.
•Continue to ensure the committee’s effectiveness and efficient coordination with the board, its committees and the executive first level committees.
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4.5 Audit committee activities in 2024
4GermanDeLaFuente2024.jpg
The committee oversaw and led an external auditor selection process according to applicable regulation in order to propose the appointment of our external auditor at the 2026 AGM. After a rigorous and competitive selection process, the committee recommended the board to propose the appointment of PricewaterhouseCoopers.
We monitored the independence and effectiveness of the Internal Audit function as part of our fundamental duties, ensuring the resources to fulfil its responsibilities, including the need to complement the existing workforce with new skillsets and expertise. We remained cognisant of the importance of allowing for the appropriate level of flexibility when overseeing the internal audit plan execution, to ensure that we are well prepared for any new challenges and associated risks.
As we have done in previous years, we proactively shared emerging themes, concerns and views with our subsidiary audit committees on an ongoing basis, which enabled us to harness their vast collective expertise and helped to further instil our ‘One-Santander’ vision.
In January 2024, the succession process for a new Group Chief Audit Executive was invoked in order to identify a suitable successor for Juan Guitard, after almost ten years in the role. The committee conducted a rigorous process in coordination with the nomination committee, which resulted in the appointment of Julia Bayón (former Head of Business Legal, CIB Legal, and Vice-Secretary of the board), as new Group CAE. Julia brings different skills that will enrich the role. I wish her all the best and the committee is confident on her success in this new position. In turn, I would like to thank Juan for so many years of excellent performance, his strong commitment to the Group, and especially, for his assistance to the committee I have the privilege to chair."
FirmaGermandelaFuente.gif
Germán de la Fuente
Chair of the audit committee
"During 2024, the committee continued to benefit from a comprehensive mix of experience and skills, and each provided appropriate advice and challenge to the top management. I would like to expressly thank Pamela Walkden, who chaired the committee during the last four years until I took over in March 2024. Her devotion and excellent service have been key for discharging our responsibilities. Pamela remains a member of the committee, offering her experience and commitment. Our smooth transition has facilitated the ongoing effectiveness of the committee, ensuring that its role is discharged in the most tangible and effective manner. As part of that, we received confirmation on our overall alignment with the provisions of the new CNMV Technical Guide on audit committees and we are taking proactive steps to remain fully prepared for the implementation of the CSRD in Spain.
The committee maintained its focus on the effective oversight of the financial information integrity and the internal controls and kept a professional and open relationship with the external auditor. Specifically, we oversaw the change of reporting of financial results to global businesses as primary segments to effectively align the way we report with the manner we manage the Group. Non-financial information also remained high on our agenda last year and, in particular, we discussed at length on the need to maintain robust processes and controls in the current complex legislative framework, and monitor the greater independent assurance required going forward.
COMPOSITION
Position
Category
Appointed on
Chair
Germán de la Fuente
Independent
21/04/2022A
Members
Homaira Akbari
Independent
26/06/2017
Henrique de Castro
Independent
21/10/2019
Belén Romana
Independent
22/12/2015
Pamela Walkden
Independent
29/10/2019
Secretary
Jaime Pérez Renovales
A. Committee Chair since 23 March 2024.
The board of directors appointed the committee's members based on their expertise, skills and experience in the matters within the committee's scope. For more details, see section 4.1 'Our directors' and 'Board skills and diversity matrix' in section 4.2.
According to SEC Regulation S-K, committee Chair Germán de la Fuente is considered a financial expert based on his credentials, extensive experience in accounts auditing and strong expertise in accounting and internal and risk control, as well as in the banking industry.
TIME ALLOCATION
In 2024, the committee held 15 meetings, including four joint sessions with the risk supervision, regulation and compliance committee. See 'Board and committee preparation and attendance' in section 4.3 for members' attendance and the estimated average time each one spent on meeting preparation and attendance.
The chart below shows the committee's approximate time allocation in 2024:
14843407014727
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Duties and activities in 2024
This section summarizes the audit committee's activities in 2024.
DutiesActions taken
Financial and non-financial information
Review the financial statements and other financial information
•Reviewed the individual and consolidated annual financial statements and directors' report for 2024, as well as consolidated half-yearly financial report, and submitted them to the board for approval. Monitored compliance with legal requirements and accounting principles, and ensured that the external auditor issued a report on the effectiveness of the Group’s system of internal control over financial reporting (ICFR).
•Reviewed quarterly financial information (dated 31 December 2023, 31 March, 30 June and 30 September 2024, respectively), inclusive of reporting five global businesses as primary segments, prior to board approval and subsequent release to the market and supervisory bodies.
•Reviewed supplementary financial information to the annual report: the Universal Registration Document filed with the CNMV; Form 20-F and Form 6-K filed with the SEC.
•Verified, on a quarterly basis, the consistency of the financial information published on our website and the CNMV’s website (when required), ensuring that it was up to date and consistent with the information approved by the board.
Review the non-financial information
•Oversaw and assessed the preparation and reporting processes of non-financial information, including sustainability information, in coordination with the responsible banking, sustainability and culture committee and informed the board accordingly.
•Received regular updates from the Group Chief Accounting Officer (CAO) and the Head of Sustainability on progress with sustainability reporting within the Group, including the associated scope of metrics and action plans and the impacts of the CSRD. As part of this, acknowledged the future requirement to appoint a verifier of sustainability information and associated governance upon implementation of the CSRD in Spain.
•Reviewed the Climate Finance and Green Bond reports in coordination with the responsible banking, sustainability and culture committee, prior to their submission to the board for approval, assessing the integrity of such disclosures and the review conducted by the external auditor.
•Endorsed the Pillar III disclosures report and submitted to the board for approval.
Information on applied tax policies
•Was informed by the Head of Tax on applied tax policies based on Spain's Code of Good Tax Practices, prior to their submission to the board for approval, as well as on the annual review of the tax strategy and policy tax risk management and control.
•Was informed on the filing of the 2023 Tax transparency report to the Spanish tax agency (Agencia Estatal de Administración Tributaria).
Relations with the external auditor
Information on the external audit plan
•Received updates on the planning, progress and execution of the audit plan, including the work conducted in connection with the non-financial information.
•Was informed of the impact of legal and regulatory developments in connection with financial and non-financial information, as well as their relevance regarding timelines and assurance scope of the independent external verification.
•Obtained the external auditor's confirmation of its full access to all information necessary to conduct the audit.
•Analysed the audit reports for the annual financial statements before the external auditor submitted them to the board. It also received the external auditor's additional report explaining the results of the audit conducted, in accordance with the applicable regulation.
Interaction with the external auditor
•The lead audit partner, who met regularly with the committee Chair, was invited to all committee meetings, which facilitated effective communication between the external auditor and the board. In addition, the committee met him without executives present to ensure a fluent communication and the independent performance of its function.
Assessment of the external auditor’s performance
•Conducted the final evaluation of the external auditor's performance and how it has contributed to the integrity of the financial information based on, among other parameters: its knowledge of the business, the quality and efficiency of its services and sufficiency of resources (including the composition and level of seniority of the team involved); the frequency and quality of its communications; its independence; transparency reports and quality controls; and the opinions of the audit committee Chairs and the controllers of the main subsidiaries or relevant subgroups within the Group.
•Received the 2024 PwC Transparency report from the lead audit partner, who also informed the committee about the public outcomes of quality controls conducted by the ICAC or other supervisors and other relevant investigations.
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DutiesActions taken
External auditor independence
PwC’s remuneration for audit and non-audit services
•Monitored PwC’s remuneration, including the following fees for audit and non-audit services provided to the Group:
EUR million
2024
2023
2022
Audit
120.1 117.5 115.4 
Audit-related services
13.6 8.6 6.4 
Tax advisory services
0.9 1.6 0.5 
Other services
7.4 5.9 4.8 
Total
142.0 133.6 127.1 
The audit and main non-audit services included for each item in the above breakdown are detailed as follows:
•Audit services: audit of the individual and consolidated financial statements of Banco Santander and its subsidiaries (which PwC or another network firm is the external auditor); audit of the interim consolidated financial statements of Banco Santander; integrated audits prepared in order to file the Form 20-F with the SEC and the internal control audits (SOx) for required Grupo Santander's entities; limited reviews of financial statements; and regulatory reports to the external auditors on Grupo Santander’s entities.
•Audit-related services: issuance of comfort letters, verification services of financial and non-financial information (as required by regulators) and other reviews of documentation to be submitted to domestic or foreign authorities that, due to their nature, are typically provided by the external auditor.
•Tax services: tax compliance and advisory services provided to Group companies mainly outside Spain, which have no direct effect on the audited financial statements and are permitted in accordance with the applicable independence regulations.
•Other services: agreed-upon procedure reports, assurance reports and special reports performed under the accepted profession's standards; as well as other reports required by the regulators.
The 'Audit' heading includes the fees for the year's audit, regardless of the date the audit was completed. Any subsequent adjustments, which are not significant, are shown in note 47.b) in the 'Notes to the consolidated financial statements' for each year for comparison purposes. The fees corresponding to the rest of the services are shown by reference to when the audit committee approved them.
•Verified that the ratio of PwC's fees paid for all services for Banco Santander and the Group to its annual revenue in Spain and worldwide did not exceed the 15% limit for three consecutive years. In 2024 the ratio stood at 0.27% of PwC's total revenues worldwide.
•Verified every quarter, according to Regulation (EU) No 537/2014 of the European Parliament and of the Council, that the fees approved in 2024 for non-audit services provided by PricewaterhouseCoopers Auditores, S.L. (PwC), (including for ‘Other services’ and ‘Audit-related services’, and not including services that the external auditor is required to perform under domestic or EU laws) were significantly less than 70% of the average fees paid specifically to PwC in the past three consecutive years for the ‘Audit’ of Banco Santander and its subsidiaries in Spain (not including fees for reviews with more limited assurance than required for accounts auditing, which are included as non-audit services). In 2024, the ratio stood at 25.98%; and it would be 21.49% if services approved for PwC and other firms in its network and provided to Grupo Santander in and outside Spain were included.
See subsection C.1.32 of section 9.1 'Reconciliation with the CNMV’s corporate governance report model' for the reconciled amounts of the above mentioned fees listed, with the numerator and denominator values of each ratio found in section C.1.32 of section 9.2 'Statistical information on corporate governance required by the CNMV'.
•In 2024, Grupo Santander contracted for services by audit firms other than PwC in the amount of EUR 206.2 million (EUR 174.1 and 185.5 million in 2023 and 2022, respectively).
Non-audit services
•Approved, on a monthly basis, all non-audit services rendered by the Group's external auditor verifying that all of them met the independence requirements under Spanish and European regulation and SEC and Public Company Accounting Oversight Board (PCAOB) rules, as well as complying with our internal Policy on the approval of services other than audits provided by the external auditor.
Personal and financial relations
•Received confirmation from PwC that the designated audit team, PwC as the auditor firm, everyone else that forms part of PwC or of other firms in its network, including all applicable extended relations to them complied with the requirements on external auditor independence, analysing possible threats and taking appropriate safeguarding measures in line with their internal policies and procedures.
•Received information about the results of the internal review, carried out every six months, according to our internal regulation, on possible financial ties between Grupo Santander and PwC and its related parties, which concluded that no existing ties compromised the independence of PwC as external auditor.
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DutiesActions taken
External auditor independence report
•Verified the external auditor's independence prior to the issuance of the 2024 auditor’s report on the financial statements, considering:
•the remuneration it has received for audit and non-audit services;
•all non-audit services rendered by the external auditor; and
•the personal circumstances and financial dealings, that the external auditor or persons performing the audit may have with the Group.
•Received written confirmation from PwC of its independence from Grupo Santander in accordance with applicable European and Spanish law and the SEC and the PCAOB rules.
•Concluded that, in its opinion, it had no objective reason to question the external auditor's independence and issued this annual report on its independence.
External auditor mandate
Re-election
•Proposed to the board, for approval, and subsequent submission to the 2025 AGM, the re-election of PwC as external auditor of Banco Santander and its consolidated group for financial year 2025, which will be the tenth and final year of PwC's initial mandate as the Group's external auditor. Since 2021, the lead audit partner has been Julián González, PwC's banking sector audit leader who has experience as a global group audit partner (mainly in Spain and the UK) and a strong background in the Spanish financial sector. He also regularly participates in various international forums on banking supervisory and regulatory forums.
Selection process
•Oversaw a rigorous and comprehensive selection process, through a public tender according to applicable regulation, to propose to the board the appointment of the external auditor for Banco Santander and its consolidated group's at the 2026 AGM, after PwC's ten-year mandate ends.
•Received the favourable opinion from Internal Audit function on the transparency, objectivity and independence of the selection process conducted.
•Rated PwC's proposal the best for its technical offer, assigned team, and economic terms, among other parameters, and recommended selecting it, as preferred firm, to the board for approval and, subsequent, to propose its appointment as external auditor of Banco Santander and its consolidated group at the 2026 AGM.
Internal audit
Oversight of the Internal Audit function
•Supervised the Internal Audit function and ensured its independence and effectiveness in 2024.
•Reviewed the external quality assessment performed by the Institute of Internal Auditors in Spain to continue ensuring the effectiveness of the function and its alignment with best practice and Global Internal Audit Standards.
•Oversaw, in coordination with the nomination committee, the selection process of the Group Chief Audit Executive (CAE) which resulted in the proposal to appoint Julia Bayón to the nomination committee and to the board. Monitored her onboarding process to ensure its robustness, enabling her to be truly effective in her role.
•Invited the CAE to all committee meetings and held two private sessions with her without other executives or the external auditor present. The committee also invited additional internal audit officers to meetings throughout 2024, when required.
•Endorsed the 2024 Internal Audit function budget, ensuring that the function had the resources and skillsets needed to discharge its duties effectively.
•Reviewed and approved the Internal Audit function strategic plan for 2024-2027.
•Was kept apprised of the initiatives launched and hubs created to improve the efficiency of Internal Audit's work and associated digital initiatives, including artificial intelligence capabilities.
•Assessed the preparedness and effectiveness of the Internal Audit function to fulfil its duties.
•Endorsed the former and new CAE's 2024 objectives for onward submission to the board for approval. Reviewed their performance against those objectives and reported the results to the remuneration committee and to the board to set their variable remuneration.
•Verified the suitability of the subsidiary CAEs, in coordination with the Group nomination committee.
Monitoring of internal audit activities
•Reviewed the annual internal audit plan for 2024 and submitted it to the board for approval, ensuring that it covered the Group's relevant risks, with a key focus on credit risk, third party risk management, model risk and financial crime compliance, among others; and oversaw its progress with internal audit recommendations and ratings of businesses, units and corporate functions. Each subsidiary CAE reported to the committee at least once in 2024.
•Received regular information on internal audit activities carried out in 2024, monitoring progress in audit ratings, and further promoting a continued focus on maintaining a robust control environment; and conducted an additional review of issued audit reports, requiring certain areas to present their action plans.
•Continued promoting the first line’s further involvement in internal audit recommendations and ensured that senior management and the board understood the conclusions of internal audit reports.
•Received holistic reviews of internal audit coverage of cybersecurity, IT risks, financial crime, sustainability, model risk, credit risk, capital and solvency, operational risk, access control and vendor management, among other topics, to ensure proper oversight, with first and second line of defence representatives invited to provide additional feedback, as appropriate.
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DutiesActions taken
Internal control systems
Monitoring the effectiveness of internal control systems
•Received information on the Group's internal control system and monitored related action plans, together with the internal control strategic plan, including those associated with sustainability reporting.
•Received reports and certification on the Group’s 2023 internal control system (ICS) and assessed its effectiveness in compliance with the CNMV's (ICFR) and the SEC's (SOx) regulations.
Other activities
Coordination with Risk and with Compliance
•Held four joint meetings with the risk supervision, regulation and compliance committee to review risk, compliance and internal audit aspects of the global businesses and subsidiaries, with first line of defence representatives present.
•Received information in a joint meeting with the risk supervision, regulation and compliance committee on the Group's whistleblowing channel (Canal Abierto) with a special focus on matters within the committee's remit to ensure the Group's culture empowers employees and other persons related to Banco Santander to speak up, be heard and report irregular practices without fear of reprisal.
•Collectively discussed with the risk supervision, regulation and compliance committee additional topics of mutual interest, such as risk culture and the internal control environment, and received an update on internal audit matters of the Risk and Compliance functions.
•Received biannual reports on the main legal contingencies, associated provisions and applicable public information, in coordination with the risk supervision, regulation and compliance committee.
•Invited the CRO to all 2024 committee meetings.
•The Chairs of the audit committee and of the risk supervision, regulation and compliance committee remained in constant communication, ensuring ongoing coordination and collaboration.
•Received reports from Santander España's joint audit and risk committee on the main items covered at the meetings throughout the year.
Committee's operation and effectiveness
•Reviewed the CNMV's Technical Guide 1/2024 on audit committees at public-interest entities, acknowledging the committee's overall alignment with its recommendations, and endorsed specific actions mainly on sustainability-related matters to be taken following the implementation of the CSRD in Spain.
•Invited subsidiary audit committee chairs to specific committee meetings throughout the year. In turn, the committee Chair attended specific subsidiary audit committee meetings to further enhance communication between them.
•Held a subsidiary audit committee Chairs convention at our headquarters in Boadilla del Monte to foster further collaboration across the Group. For more details, see 'Group and subsidiary board relations' in section 1.2.
Related-party and corporate transactions
Creation or acquisition of special-purpose vehicles and entities based in countries considered non-cooperative jurisdictions
•Was informed of the activities of the Group’s offshore entities by the Head of Tax, providing this information to the board. See note 3.c) in the 'Notes to the consolidated financial statements'.
•Reported favourably to the board, for its approval, on proposals to create or acquire interests in entities domiciled in non-cooperative jurisdictions or in special purpose entities and received the Special Purpose Entities Annual Update.
Authorization and oversight of related-party transactions
•Reviewed the details and balances of the related-party transactions reported in the annual and half-yearly financial statements. Checked that those transactions were carried out under market conditions.
•Supervised and reported to the board on a bi-annual basis that the related-party transactions, including those authorized with delegated board powers, complied with the law, the Rules and regulations of the board and/or the conditions set by board resolution; verified the alignment with the internal reporting and monitoring procedure and that those transactions met the fairness and transparency requirements established in the aforementioned rules and were fair and reasonable.
•Issued the Related-party transactions report. For more, details see section 4.12 'Related-party transactions and other conflicts of interest'.
Information for general meetings and corporate documents
Shareholder information
•Was represented by the former committee Chair, Pamela Walkden, who reported at the 2024 AGM on the committee's activities in 2023.
Corporate documents for 2024
•Prepared this activities report on 20 February 2025, which includes a performance review of the committee's functions and key priorities identified for 2025. The board of directors approved it on 25 February 2025.
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2025 priorities
The committee set the following priorities for 2025:
•Continue to supervise the Group's global business and units, from a control perspective with a special focus on those more linked to transformation, in coordination with the risk supervision, regulation and compliance committee, to ensure that appropriate controls remain effective.
•Continue to focus on the oversight of the internal audit plan execution with an ongoing focus on fundamental risks, such as credit risk, cyber, third party risk management and risk derived from emerging technologies such as artificial intelligence.
•Remain focused on the independence and effectiveness of the Internal Audit function, ensuring its preparedness to fulfil its duties, including the required resources, skills and expertise of its people.
•Continue to monitor the implementation of the CSRD in Spain and the appointment of the verifier of sustainability information. In addition, remain focused on the overall analysis and reporting processes for the non-financial information, including sustainability information, and its associated integrity, to meet increasing stakeholder expectations, in coordination with the responsible banking, sustainability and culture committee.
•Remain focused on ensuring that the committee discharges its role in the most tangible and effective manner.
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4.6 Nomination committee activities in 2024
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footprint to remain sighted on the depth of talent within the Group. However, we understand that we also need to attract external talent required to deliver our strategic targets. For such purposes, the committee remained focused on ensuring the suitability of the new profiles and the creation of an inclusive workplace that facilitates a more diverse composition of our top management and its success.
In line with our commitment to continuous governance improvements, the committee monitored the effective implementation of the action plan derived from the 2023 board effectiveness review, with was conducted with the assistance of an external expert. We also conducted an internal evaluation of the board and its committees in 2024 with a view to improving our overall effectiveness, where possible. We were pleased with the results which concluded that the board continues to operate effectively, with an efficient committee structure, and that management positively values the constructive challenge and the contribution they get from the board as a whole.
We consider that effective Group-wide governance is an essential element of business success and strategy execution. As a result, corporate and internal governance has been a key feature in the year, driving continuous improvement across the Group and ensuring adequate oversight and control of subsidiary operations. The committee has tracked governance developments and the implications for the Group and kept these under continuous review. As a good example of the continuous adaptation to current trends, the committee recommended the organization of a virtual only AGM in 2025, after checking that the measures in place fully preserved shareholders rights. A virtual AGM should foster the active participation of our shareholders, assuring their equal treatment since eliminating the differences between those attending physically and remotely, and will be more consistent with our sustainability policy, since it will avoid travel to where the AGM would take place otherwise.
Looking ahead, we will continue working on ensuring that we have the best team and robust governance in place, leveraging on our strong culture to attract, develop and retain the best people to support our transformation".
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Belén Romana
Chair of the nomination committee

"The committee plays a key role overseeing that both the board and the executive team are well placed to help the Group achieves its strategic goals. As part of that, we continued to apply and supervise succession arrangements for the board as a whole so that succession planning more generally continued to be discharged in an effective manner. We have carefully analysed board composition, ensuring that its depth of skills and experience remained optimal to contribute to the Group's success.
In addition, in 2024 we analysed committee composition more broadly, to ensure that committees remained well equipped to discharge their duties, balancing continuity, refreshed membership and time commitment, relevant skills and experience, and value added. As part of that, the committee continued to benefit from a great mix of experience and skills, complemented with the appointment of Carlos Barrabés as a member in June 2024. In addition, we recommended specific committee Chair rotation movements to the board, evidencing once again the strength and depth of expertise of its members. I would like especially to thank Bruce Carnegie-Brown for his service over the last years as Chair of the committee until I took over in March 2024, when he stepped down from the board.
The committee devoted significant time to senior executive succession planning in 2024 to ensure that we have the appropriate people to lead and execute our transformation strategy. We also remain committed to the continued development of our internal succession pipeline. As part of that, the board held two informal sessions with top talent across our

COMPOSITION
Position
Category
Appointed on
Chair
Belén Romana
Independent
01/01/2024A
Members
Carlos Barrabés
Independent
27/07/2024
Sol DaurellaIndependent23/02/2015
Gina Díez BarrosoIndependent22/12/2021
Glenn HutchinsIndependent
20/12/2022
Secretary
Jaime Pérez Renovales
A. Committee Chair since 23 March 2024.
The board of directors appointed the committee's members based on their expertise, skills and experience in the matters within the committee's scopes. For more details, see section 4.1 'Our directors' and 'Board and committees skills and diversity matrix' in section 4.2.
TIME ALLOCATION
In 2024, the committee held 13 meetings, including one joint session with the risk supervision, regulation and compliance committee. See 'Board and committee preparation and attendance' in section 4.3 for members' attendance and the estimated average time each one spent on meeting preparation and attendance.
The chart below shows the committee’s approximate time allocation in 2024:
657
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Duties and activities in 2024
This section summarizes the nomination committee's activities in 2024.
DutiesActions taken
Board and committees composition and succession planning
Selection and succession of the board and its committees
•Ensured board member selection procedures guaranteed directors’ individual and collective suitability; fostered diversity in its broadest sense; and analysed the required expertise, skills and time commitment for effective board membership.
•Continued to oversee, together with the Executive Chair, succession planning activities for the board.
•Assessed the composition of the committees and the international advisory board in order to ensure they had the right skills and experience to perform their duties successfully and proposed composition changes for certain committees to further enhance their performance and ongoing effectiveness. For more details, see 'Changes to the committees' in section 1.1.
•Continued monitoring the board's overall skills and competencies, therefore ensuring that the collective board and its committees composition remained appropriate to oversee and lead the strategic direction of the Group.
Appointment, re-election and ratification of directors
•Considered areas of expertise and experience required to complement the board by reference to the board skills and diversity matrix as well as the annual board effectiveness review in order to target appropriate searches and recruitment.
•Ensured that any proposed appointment had been drawn from a depth of candidate pool which recognised diversity in its broadest sense, therefore ensuring the best possible outcomes.
Annual verification of directors' status
•Verified each director category (i.e. executive, independent and other external) and submitted a proposal to the board for it to be confirmed or reviewed in the annual corporate governance report and at the 2025 AGM. For more details, see section 4.2 'Board composition'.
•Assessed directors’ independence, verifying that there were no significant business ties between the Group and companies in which they are, or have been, significant shareholders, directors or senior managers, in particular regarding financing extended by the Group to such companies. In all cases, the committee concluded that existing ties were not significant because (i) financing (a) did not constitute economic dependency for such companies because other sources of funding were available, and (b) was consistent with the Group’s share of the relevant market; and because (ii) business ties did not reach comparable materiality thresholds used in other jurisdictions as benchmarks (e.g. New York Stock Exchange (NYSE), Nasdaq and Canada’s Bank Act), among other reasons.
Directors' potential conflicts of interest and other professional activities
•Examined the information provided by directors about their intention to carry out other professional activities or positions outside the Group and the related time commitment and concluded that those commitments were compliant with applicable legislation regarding the maximum number of directorships they may hold, and did not interfere with their obligations as Banco Santander directors nor entail any conflict of interest.
Director induction, training and development programmes
•Assessed the effectiveness of the director induction, training and development programmes, guaranteeing that such programmes are designed according to each director’s circumstances and needs.
•Identified areas for improvement and additional topics for the 2025 board training programme.
Senior management succession planning and effectiveness monitoring, talent and related activities
Succession planning for executive directors and senior management
•Oversaw the discipline applied to senior executive succession planning, which included key positions in subsidiaries, and made sure plans were orderly being implemented through a rigorous, transparent, merit-based and objective process that promotes diversity in its broadest sense.
•Oversaw appointments of key positions and monitored the effectiveness of the top management succession plans.
•Endorsed the proposed changes to the Group succession policy for senior executives to enhance process robustness with a more strategic approach, improving effectiveness and simplicity.
Appointment of senior management team members
•Recommended specific appointments, later agreed by the board, in coordination with certain committees, as needed. For more details, see section 5. 'Senior management team'.
People and culture
•Recommended the full integration of Human Resources and Talent functions under the common leadership of the Global Head of People and Culture.
•Discussed People and Culture's activities to continue supporting progress on inclusive culture, in coordination with the remuneration and the responsible banking, sustainability and culture committees.
•Assessed and challenged proposals on senior executives' mission, career development plans, mobility and talent retention initiatives Group-wide.
Governance
Board effectiveness review
•Reviewed the execution of the action plan to address the areas for improvement revealed in the 2023 board effectiveness annual review, which was conducted with the collaboration of an independent external consultant.
•Oversaw the 2024 board effectiveness review, which was conducted internally, and endorsed the resultant action plan. For more details, see 'Board effectiveness review in 2024' in section 4.3.
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DutiesActions taken
Corporate governance
•Reviewed the key highlights of the 2024 AGM.
•Analysed evolving practices and market trends with regard to the general shareholder meeting format (either physical, hybrid or fully virtual), and requested updated information on our investors and proxy advisors' insights and experiences in this respect to be considered in the proposal to the board on the format for the 2025 AGM. In view that (i) the Bank has several million shareholders very diversified geographically, only a few dozen of which attend the general meetings in person, and holding a virtual-only meeting allows to offer all of them the same opportunities to participate, ensuring their equal treatment; (ii) the remote participation platform developed by the Bank as part of its digitalization process proved to be ideal during the pandemic, as it replicates the functioning of a traditional shareholder meeting and safeguards the exercise of shareholders' rights at the same level as in a physical or hybrid meeting; (iii) holding a virtual-only meeting is aligned with the current digital paradigm, which is shown by the experience of countries such as the United States, Canada or Germany where virtual-only meetings are a majority practice among major listed companies, and which is also attested by the evolution of Spanish legislation and the broad support of the amendment of our Bylaws to allow for virtual-only meetings received from our investors at the 2021 AGM; and (iv) the feedback received from institutional investors during the corporate governance roadshow hosted by our Lead Independent Director, who also had open communication with proxy advisors on this topic; the committee concluded that there are well-grounded reasons and sufficient assurance regarding the effectiveness of shareholders rights for holding a virtual-only 2025 AGM, and recommended to the board to call it in this format, taking into account that this does not necessarily mean that future AGMs will be virtual-only.
•Reviewed the activities conducted by the Lead Independent Director, ensuring the discharge of his duties, as evidenced through a summary of his activities in the year, which was also submitted to the board.
•Reviewed the activities conducted by the Shareholder and Investor Relations team, as well as the Lead Independent Director's engagement with investors, shareholders and proxy advisors, and their feedback on the Group's corporate governance arrangements.
•Verified the independence of the external advisers hired by the committee and the remuneration committee in 2024, analysing their services and the amounts they received, among others.
•Reviewed the annual corporate governance report to verify that information contained therein conforms to the applicable law and assisted the board in the periodic review of our corporate governance system for the board to fulfill its mission to promote the corporate interest and consider stakeholders' expectations.
Internal governance
•Monitored the split of the roles and responsibilities between the Executive Chair and the CEO to ensure its ongoing effectiveness and alignment with the board approved allocation of the same. For more details, see 'Structure of the board' in section 4.3.
•Assessed the suitability of certain proposed key position appointments at Group and subsidiary level, subject to the Group’s appointments and suitability procedure.
•Oversaw subsidiary board composition to ensure consistent suitability in line with expectations across the Group.
•Endorsed Group director nominations for subsidiary boards to ensure they were suitable and correctly perform their duties.
•Verified the suitability of the subsidiary CAEs, and CROs and CCOs with the Group audit and risk supervision, regulation and compliance committees, respectively.
•Remained apprised on new governance regulation, trends, best practices and implications for the Group, as well as on the actions taken to simplify and streamline internal regulation and executive level governance bodies' effectiveness with no loss of governance.
•Verified that subsidiaries followed the provisions of the GSGM relating to board and committee structure and their functions pursuant to best practices. In addition, the committee tracked subsidiary actions and progress in implementing internal regulation required by the Group. For more details, see section 7. 'Group structure and internal governance'.
•Analysed the outcomes of the subsidiary board and board Chairs annual effectiveness reviews.
Suitability assessment
Suitability assessment of directors, senior management and key positions
•Conducted the annual suitability assessment of directors, senior management, heads of internal control functions and the Group's key position holders, confirming their continued business and professional good reputes and appropriate knowledge and experience to perform their duties.
•Concluded that board members continue to discharge good governance, having analysed notifications from them regarding their other professional obligations, confirming that they are able to devote the necessary time and have no conflict of interest; and overseeing directors' attendance at board and committee meetings, ensuring that it did not fall below 75% and, in the specific cases of lower attendance, that absences were duly justified and do not undermine their capacity to devote sufficient time to discharge their duties. Furthermore, average board attendance was verified as 98%. For more details, see 'Board and committee preparation and attendance' in section 4.3.
•Analysed and informed the board of potential circumstances or unforeseen situations affecting directors over the course of the year that could harm the Group's credit and reputation and, in particular, legal proceedings in which a director is subject to investigation. Based on the information received from said director on the events under investigation, and given the stage of proceedings, the nomination committee concluded that the director remained suitable to exercise his duties, though the committee will continue to monitor the case.
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DutiesActions taken
Information for general meetings and corporate documents
Shareholder information
•Was represented by the former committee Chair, Bruce Carnegie-Brown, who reported at the 2024 AGM on the committee's activities in 2023.
Corporate documents for 2024
•Prepared this activities report on 24 February 2025, which includes a performance review of the committee's functions and key priorities identified for 2025. The board of directors approved it on 25 February 2025.
2025 priorities
The committee set the following priorities for 2025:
•Continue to supervise succession arrangements for the board as a whole, playing an important role in ensuring that succession planning more generally is discharged in an effective manner. Continue to take its proactive approach to board refreshment and associated succession planning, considering previous board effectiveness review outcomes and other relevant factors.
•Keep a proactive focus on senior executive succession planning based on the Group’s strategic needs, and the potential challenges the business may face, maintaining our attention to the continued development of our internal succession pipeline and to a merit-based culture of equal opportunity and inclusion. Ensure that people and other talent related risks are properly understood and addressed in coordination with the risk supervision, regulation and compliance committee.
•Continue to promote that leadership and talent traits and associated characteristics as a catalyst of The Santander Way, ensuring that it serves as the glue to keep everyone committed together to the transformation. Further promote an inclusive workplace to facilitate the success of our senior leaders and teams.
•Keep our corporate governance arrangements under constant review to make sure they continue to consider all stakeholders’ interests with strategic relevance for the Group by closely monitoring shareholder engagement and, together with the Lead Independent Director, by taking into account their feedback and insights. In particular, monitor shareholder experience and results of the 2025 AGM, including the feedback received on the format under which it was held and reporting on this to the board.
•Monitor the implementation of CSRD in Spain and assess changes to the internal regulation that may be required in coordination with the audit committee.
•Remain focused on ensuring that the board and its committees discharge their role in the most tangible and effective manner. As part of that, monitor the effective implementation of the action plan derived from the 2024 board effectiveness review, in line with our commitment to continuous governance improvements.
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4.7 Remuneration committee activities in 2024
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Taking account of the support received for our remuneration policy at the 2024 AGM, we met during the year with our largest shareholders and their proxy advisers to explain our compensation philosophy and to gather feedback. The remuneration committee discussed the lessons from this consultation and made a series of adjustments to our incentive plans that strengthen the alignment between pay and long-term performance. Additionally, we have expanded our disclosure to provide more detail on the committee’s process for determining pay and selecting appropriate pay comparators, given our global scale and peer group.
In coordination with the nomination committee, we continued to focus on fairness across the Group, ensuring the avoidance of pay gaps, meeting all relevant requirements and making fulsome disclosure. An external review has affirmed that the Group’s policies, procedures, and practices fully comply with applicable legislation.
Committee members bring diverse expertise, providing valuable insights and challenges to management that enhance our decision-making and oversight. During the year, we strengthened our committee by the including a new director, Antonio Weiss, as a member.
Looking ahead, we remain committed to ensuring that the Group can attract and retain the very best talent to drive our success and deliver long-term, sustainable value for all our stakeholders. To this end, we intend to continue our dialogue with shareholders and other key stakeholders who share our interest in the prosperity of the Group".
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Glenn Hutchins
Chair of the remuneration committee
"The committee is guided by key principles, which include shareholder value, meritocracy, risk management and fairness. Aligned with these principles, our remuneration philosophy is focused on strengthening our employee value proposition while meeting regulatory expectations and serving the best interests of all stakeholders. Our goal is to implement our remuneration policies and plans in a manner that serves these interests across our entire global footprint.
Critical to creating shareholder value is our capacity to attract, develop and retain the best talent world-wide to support our transformation. We compete in a global market for skills not just with the world’s largest financial institutions but also with the biggest and most successful technology companies. Our ability to offer market-based compensation for our top talent is vital to our capacity to compete and succeed.


COMPOSITION
PositionCategoryAppointed on
Chair
Glenn Hutchins
Independent20/12/2022
Members
Sol DaurellaIndependent23/02/2015
Henrique de CastroIndependent29/10/2019
Antonio Weiss
Independent
01/01/2025
Luis Isasi
Other external
19/05/2020
SecretaryJaime Pérez Renovales
A. Committee Chair since 1 October 2023.
The board of directors appointed the committee's members based on their expertise, skills and experience in the matters within the committee's scope. For more details, see section 4.1 'Our directors' and 'Board and committees skills and diversity matrix' in section 4.2.
TIME ALLOCATION
In 2024, the committee held 14 meetings, including one joint session with the risk supervision, regulation and compliance committee. See 'Board and committee preparation and attendance' in section 4.3 for members’ attendance and the estimated average time each one spent on meeting preparation and attendance.
The chart below shows the committee's approximate time allocation in 2024:
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Duties and activities in 2024
This section summarizes the remuneration committee's activities in 2024.
DutiesActions taken
Remuneration schemes and policies
Remuneration policy for executive directors, senior management and other key executives
•Remained focused on simplifying executive directors and senior management remuneration, shaping remuneration schemes consistent with our Simple, Personal and Fair values, with a special focus on shareholder value creation.
•Recommended the 2023 individual variable remuneration for senior management, based on annual performance targets and their weightings as set by the board.
•Proposed to the board the global annual executive variable remuneration for 2024 (payable immediately and deferred executive remuneration), based on achievement of previously set quantitative and qualitative targets. In addition, reviewed the ex-ante risk adjustments of total variable remuneration assigned to the global businesses and units, based on actual risk outcomes and their management, in conjunction with the risk supervision, regulation and compliance committee.
•Recommended to the board the annual performance indicators to calculate variable remuneration for 2025 with limited variations versus the previous year in order to maintain focus on risk, Group-wide collaboration and shareholder value creation, among others.
•Set the achievement scales for the annual and multi-year performance targets and weightings for submission to the board.
•Reviewed and considered the results of the say on pay at our 2024 AGM, as well as the feedback received from top shareholders and major proxy advisory firms, proposing to the board a remuneration policy for 2025, 2026 and 2027 that includes changes compared to the existing policy to strengthen its alignment with shareholders’ expectations.
Assist the board of directors in supervising compliance with remuneration policies
•Checked that remuneration schemes were aligned with the Group's performance, corporate culture, risk appetite and applicable regulation, and created no incentive to breach risk appetite.
•Reported to the board on Group remuneration practices and assessed their effectiveness, receiving confirmation on their alignment with the Group remuneration policy.
•Reported to the board on an external advisor assessment of the remuneration policy that concluded that the Group's policies, procedures and practices comply with the regulatory requirements for credit institutions.
•Reviewed the adoption of ex-post risk adjustments, including the application of malus and clawback arrangements within the Group.
Director remuneration policy report
•Reviewed the Lead Independent Director’s report on engagement with key shareholders and proxy advisors regarding executive director remuneration.
•Reviewed and proposed to the board the annual directors' remuneration report for an advisory vote at the 2024 AGM.
•Assisted the board in overseeing compliance with the director remuneration policy.
•Positively recommended the directors' remuneration policy for 2025, 2026 and 2027 that will be submitted by the board of directors at the 2025 AGM as a separate item on the agenda pursuant to Article 529 novodecies of the Spanish Companies Act and is an integral part of the director remuneration policy report. See sections 6.4 Directors' remuneration policy for 2025, 2026 and 2027' and 6.5 'Preparatory work and decision-making for the remuneration policy; remuneration committee involvement'. As part of that, the committee considered the voting results of the remuneration proposals at the 2024 AGM, the inputs from shareholder and stakeholder engagement during the year. It also considered any recommendations from regulators, legal requirements or applicable regulation concerning remuneration matters and verified that the policy is consistent with the Group's culture and Simple, Personal and Fair values. The main changes incorporated in the policy compared to the previous one include four key actions in the variable remuneration scheme:
•increase in the component paid in instruments from 50% to 60%;
•raise of the minimum long-term metric on relative TSR threshold for vesting from percentile 40% to percentile 50%;
•increase of the weight of the long-term metric on relative TSR from 40% to 50%; and
•enhancement of the weight of long-term metrics from 36% to 40%.
Further detail on the committee's process for setting and reviewing the remuneration policy is provided.
•Confirmed that the directors' remuneration policy for 2025, 2026 and 2027 is consistent with the remuneration scheme set out in the Bylaws.
People and culture
•Reviewed gender pay gap reduction and equal pay with a view to promoting greater diversity in its broadest sense.
•Reviewed internal 'equal pay for equal work' data against the previous year and targets and focused on measures to enhance them in each unit.
•Discussed People and Culture activities, with a key focus on the avoidance of associated pay gaps, in coordination with the nomination and the responsible banking, sustainability and culture committees.
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DutiesActions taken
Remuneration of senior management and other key executives
Performance reviews
•Reviewed the calibration of executives’ performance reviews for the senior management and, in particular, for the Executive Chair, the CEO and the main executives in coordination with non-executive directors; for the CRO and CCO with the risk supervision, regulation and compliance committee; and for the CAE with the audit committee.
Fixed remuneration for executive directors and senior management
•Checked that executive directors' fixed remuneration remained appropriate to their duties based on market rates.
•Made sure remuneration for senior management remained fair and competitive, recommending adjustments where appropriate to the board, based on a benchmark analysis and specific pay principles.
Variable remuneration for executive directors and senior management
•Proposed to the board variable remuneration for the preceding year payable either immediately or in deferred amounts.
Share plans
•Submitted a proposal to the board for approval and subsequently for vote at the 2024 AGM on remuneration plans that involve the delivery to executive directors of shares (deferred multiyear target variable remuneration plan; deferred and conditional variable remuneration plan; application of the Group buy-out policy).
•Analysed and submitted to the board tailored incentive schemes for different units to drive talent retention and alignment with the Group’s strategic priorities.
Remuneration of directors
Individual remuneration of directors in their capacity as such
•Reviewed the directors’ remuneration in their capacity as such, based on the positions they held on the collective decision-making body, their membership and attendance at committee meetings, benchmark information and other objective circumstances and submitted to the board the relevant proposals. For more details, see section 6.2 'Remuneration of directors for supervisory and collective decision-making duties: policy applied in 2024'.
Remuneration of Identified Staff
Remuneration of executives who are Identified Staff
•Reviewed the number of executives who are part of the Identified Staff (Material Risk Takers) in 2024 pursuant to applicable law, trends versus previous years and fixed and variable remuneration ratios for control functions to ensure they remained consistent with regulation and targets.
•Set key remuneration components for Identified Staff in coordination with the risk supervision, regulation and compliance committee.
•Submitted a proposal to the board, for subsequent submission to the 2024 AGM, regarding the approval of maximum variable remuneration of up to 200% of the fixed component for certain Identified Staff, including executive directors and senior management.
•Checked that remuneration schemes supported attraction and retention of key talent to help drive the Group's strategy, the application of the incentives implemented in the Group, and the level of achievement of long-term deferred remuneration metrics.
Governance
Coordination with subsidiaries
•Received information on remuneration practices, trends and challenges in different local markets.
•Held a joint session with the risk supervision, regulation and compliance committee to review the subsidiary action plans on internal sales force pay and conduct risk for the external sales force.
•Verified that remuneration schemes factor in capital and liquidity, and do not offer incentives to assume risks that exceed Banco Santander's tolerance, thus promoting and being compatible with adequate and effective risk management.
Information for general meetings and corporate documents
Shareholders information
•Was represented by the former committee Chair, Bruce Carnegie-Brown, who reported at the 2024 AGM on the committee's activities in 2023.
Corporate documents for 2024
•Prepared this report on 24 February 2025, which includes a performance review of the committee's functions and key priorities identified for 2025. The board of directors approved it on 25 February 2025.
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2025 priorities
The committee set the following priorities for 2025:
•Keep incentive measures under continuous review to ensure that they continue to incentivize shareholder value creation and remain aligned with our organization based on five global businesses and with our solid risk management and control model. This includes a continued focus on customers, sustainable profitability and our corporate culture and behaviours.
•Continue to monitor trends and best practices in executive remuneration to further enhance our employee value proposition, promoting effective attraction and retention of key talent to deliver the Group's strategy while maintaining focus on investors and proxy advisors’ expectations.
•Keep our performance management system under constant review, with a set of conversations planned between managers and teams to bring attention to what we do and how we do it, all within a solid risk culture, while driving everyone's development.
•Continue working with the nomination committee on supporting progress on inclusive culture, ensuring the avoidance of pay gaps in this regard.
•Remain focused on ensuring that the committee discharges its role in the most tangible and effective manner.
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4.8 Risk supervision, regulation and compliance committee activities in 2024
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Compliance and conduct risk, and in particular, financial crime has been a key feature of the committee’s work during the year. We oversaw the positive progress made on our One FCC programme implementation across the Group and reviewed sanction screening activity. The valuable discussions held provided useful and constructive challenge to management, which will be taken forward in 2025.
We also ran a rigorous selection process in coordination with the nomination committee, which resulted in the appointment of David Hazell as the new Chief Compliance Officer in February 2024. David moved from Santander US to take up this role and the committee looks forward to continuing to work with him as he evolves the Compliance function to further support the Group in its transformation.
The committee remains well equipped to discharge its role with a great mix of experience and skills. We have complemented this with the appointment of José Antonio Álvarez as a member with effect from 1 January 2025. I would also like to thank Belén Romana for her service over the last years as Chair of the committee until I took over in March 2024. I am delighted that Belén is staying on the committee as a member.
In 2024 I have continued to host meetings with the subsidiary risk committee Chairs, exchanging views and best practices, and have also attended a number of the subsidiary risk committee meetings. I believe both of these are important to strengthen subsidiary governance linkages and engagement, as well as effectively utilise the experience and local knowledge. Finally, I would like to thank the Risk and Compliance teams who have put in a huge amount of time and effort to help guide the Group through 2024.
For the coming year we sadly expect a complex geopolitical context to remain. The committee will continue to remain focused and do everything possible to ensure efficient and effective risk management across the Group".
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Pamela Walkden
Chair of the risk supervision, regulation and compliance committee
"In 2024 the economic and political environment remained dynamic and constantly evolving. We continued to monitor the macroeconomic conditions and arising risks affecting the Group, while remaining vigilant and identifying emerging risks that could impact on our business model.
The committee’s agenda is closely interconnected with the Group’s strategy and operating context. As part of that, risks associated with the transformation of the retail and commercial businesses and the creation of the five global businesses remained as a top priority. We continued to supervise, in coordination with the audit committee, all the Group's global businesses and units, to ensure the robustness of our control environment.
We closely monitored credit risk and non-performing assets; market risk; operational risk; and IT and cyber risks; among others, to ensure they all remain within acceptable limits. Third party risk management was a key area of focus throughout the year in coordination with the innovation and technology committee and it will remain high on our agenda this coming year, reinforced by the alignment with new regulation on operational resilience.
COMPOSITION
Position
Category
Appointed on
Chair
Pamela Walkden
Independent
01/05/2021A
Members
José Antonio Álvarez
Other external
01/01/2025
Germán de la FuenteIndependent01/01/2023
Luis Isasi Other external19/05/2020
Belén RomanaIndependent
28/10/2016
Secretary
Jaime Pérez Renovales
A. Committee Chair since 23 March 2024.
The board of directors appointed the committee's members based on their expertise, skills and experience in the matters within the committee's scope. For more details, see section 4.1 'Our directors' and 'Board and committees skills and diversity matrix' in section 4.2.
TIME ALLOCATION
In 2024, the committee held 18 meetings, including one strategy session, four joint sessions with the audit committee, one joint session with the nomination committee and one joint session with the remuneration committee. See 'Board and committee preparation and attendance' in section 4.3 for members’ attendance and the estimated average time each one spent on meeting preparation and attendance.
The chart below shows the committee’s approximate time allocation in 2024:
817
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Duties and activities in 2024
This section summarizes the risk supervision, regulation and compliance committee's activities in 2024.
DutiesActions taken
Risk
Assist the board in (i) defining the Group's risks policies, (ii) determining the risk appetite, strategy and culture, and (iii) supervising their alignment with the Group’s corporate values
•Reviewed and proposed to the board for approval the annual risk appetite statement proposal for 2024, including new metrics and limits.
•Reviewed risk appetite metrics, compliance with the approved limits and any breaches on a quarterly basis.
•Reviewed the three-year strategic plan, the annual budget and the recovery and resolution plans before the board approved them. Reviewed and challenged the identified risks and mitigating factors associated with those key processes, their consistency, and their alignment with the Group's risk appetite.
Risk management and control

•Reviewed the risk profile and risk management of the Group's global businesses and main subsidiaries in coordination with the audit committee, with a special focus on credit risk, operational risk, financial crime compliance and risks associated with our transformation.
•Reviewed the risks of strategic projects and their mitigation measures, with a special focus on the global businesses, before their submission to the board.
•Checked that the Group's risk management and control, most notably the risk profile assessment (RPA) and the risk control self-assessment (RCSA), remained robust.
•Analysed the potential impact and opportunities associated with emerging risks and how they would affect our business model, including the different businesses and subsidiaries.
•Supported the board in conducting stress tests of Banco Santander through the assessment of scenarios and assumptions, analysing the results and the measures proposed by the Risk function.
•Ensured that the stress test programme was aligned with the EBA Guidelines 2018/04 on institutions' stress testing.
•Received and analysed specific information on credit risk, with a special focus on non-performing assets; market, counterparty, liquidity and structural risk; operational risk (including legal and reputational risk); and social and environmental risk. The committee conducted this analysis in cooperation with the audit committee.
•Received and analysed updated information on third party risk management and compliance with the requirements of DORA; and on cybersecurity and technological obsolescence, in cooperation with the innovation and technology committee. Oversaw the actions taken on the back of unauthorized access to a Banco Santander database hosted by a third party and analysed in detail the lessons learned following an investigation of the incident.
•Supported the board in the supervision of crisis management and resolution planning and of the business continuity and contingency plans.
•Held a strategy session with a key focus on emerging risks, the macroeconomic and geopolitical landscape, cybersecurity and the risks stemming from artificial intelligence.
Supervise the Risk function
•Reviewed the Risk function’s activities, strategy, strengths and potential areas for improvement.
•Ensured the ongoing independence and effectiveness of the Risk function, including the assessment of the sufficiency and appropriateness of its resourcing.
•Endorsed the CRO's 2024 objectives for onward submission to the board for approval. Reviewed the CRO's annual performance against those objectives and reported the results to the remuneration committee and board of directors to set his variable remuneration.
•Verified the suitability of the subsidiary CROs and participated in subsidiary CRO selection and appointment, in coordination with the Group nomination committee.
Collaboration to establish rational remuneration policies and practices
•Held a joint session with the remuneration committee to review the subsidiary action plans on internal sales force pay and conduct risk for the external sales force.
•Verified that remuneration schemes factor in capital and liquidity, and do not offer incentives to assume risks that exceed Banco Santander's tolerance, thus promoting and being compatible with adequate and effective risk management.
•Reviewed the ex-ante risk adjustment of total variable remuneration assigned to the global businesses and units, based on actual risk outcomes and their management, in conjunction with the remuneration committee.
•Reviewed the 2024 bonus pools and the results of the exercise carried out annually to identify employees whose professional activities had a material impact on the Group´s risk profile (Identified Staff).
Regulatory and supervisory relations
•Received information on regulatory and supervisory relations, with focus on those related to the Single Supervisory Mechanism (SSM), the Single Resolution Board (SRB), the supervisors of all the Group’s subsidiaries and the Supervisory Review and Evaluation Process (SREP) and specific on-site inspections related to risk and compliance matters, as appropriate.
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DutiesActions taken
Compliance
Supervise the Compliance function
•Supervised the Compliance function's activities, strategy, strength and potential areas of improvement, as well as the development of the 2024 compliance programme, with a key focus on its support to the Group's transformation.
•Ensured the ongoing independence and effectiveness of the Compliance function, including the appropriateness and sufficiency of its resourcing.
•Reviewed monthly reports on regulatory issues, product governance and consumer protection, reputational risk, internal and external events, notifications and inspections by supervisors, among others.
•Received updates on compliance and conduct risks from the Group's main subsidiaries and global businesses, with a special focus on the status of the implementation of the One Financial Crime Compliance programme.
•Oversaw, in coordination with the nomination committee, the selection process to identify a new Chief Compliance Officer (CCO), which resulted in the appointment of David Hazell that the committee reported favourably. Monitored his onboarding process to ensure its robustness, enabling him to be truly effective in his role.
•Held two private sessions with the CCO to discuss strategic compliance topics as well as to discuss independently and directly any potential material issue relating to the Compliance function.
•Endorsed the CCO's 2024 objectives for onward submission to the board for approval. Reviewed the CCO's performance against those objectives and reported the results to the remuneration committee and board of directors to set his variable remuneration.
•Verified the suitability of the subsidiary CCOs and participated in subsidiary CCO selection and appointment, in coordination with the Group nomination committee.
Regulatory compliance including Canal Abierto
•Reviewed our compliance with data protection regulation across the Group and received the Data Protection Officer's annual report.
•Endorsed, prior to presentation to the board, amendments to the general code of conduct.
•Received information, in a joint meeting with the audit committee on the Group's whistleblowing channel (Canal Abierto) with a special focus on matters within the committee's remit to ensure the Group's culture empowers employees and other persons related to Banco Santander to speak up, be heard and report irregular practices without fear of reprisal.
Financial crime compliance (FCC)
•Oversaw the Group's observance of FCC regulations as well as the activities carried out by the Compliance function:
•Was provided quarterly progress updates on the One FCC programme implementation either on a Group, global business and/or local business perspective, including information on sanction screening activity.
•Reviewed recommendations and observations stemming from the annual independent expert report on Banco Santander in accordance with Act 10/2010 and Royal Decree 304/2014 (on anti-money laundering and counter terrorism financing).
Product governance and consumer protection
•Reviewed reports on customer and other stakeholders' complaints, to ensure that their root causes were assessed and the action plans set to reduce and mitigate any identified deficiencies were ongoing.
•Reviewed risk management and the main risks identified, as well as the concerns, priorities and actions taken by the Product Governance and Consumer Protection area regarding conduct risk with retail and vulnerable customers.
Capital and liquidity
Assist the board in reviewing and approving capital and liquidity strategies and supervising their implementation
•Reviewed and reported favourably to the board on the annual ICAAP run by the Finance division and challenge made by the Risk function in accordance with industry best practices and supervisory guidelines.
•Reviewed the capital plan according to the scenarios envisaged over a three-year period.
•Reviewed and reported favourably to the board on the ILAAP, which was challenged by the Risk function and developed in line with the Group´s business model and its liquidity needs.
•Reviewed liquidity risk and liquidity levels of the Group and its subsidiaries.
•Continuously monitored capital levels, capital management and associated tools, the 2024 securitizations plan and the analysis of the portfolio profitability versus the risk undertaken.
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DutiesActions taken
Additional oversight activities
Additional oversight activities
•Held four joint meetings with the audit committee to review risk, compliance and internal audit aspects of the global businesses and regions, with first line of defence representatives present.
•Collectively discussed with the audit committee additional topics of mutual interest, such as risk culture and internal control environment, and received an update on internal audit matters of the Risk and Compliance functions.
•The committee Chair attended specific subsidiary risk supervision, regulation and compliance committee meetings to further enhance communication between them.
•Held a number of subsidiary risk supervision, regulation and compliance committee Chair meetings remotely to foster further collaboration across the Group. See 'Group and subsidiary board relations' in section 1.2 for further details.
•The committee Chair and the Chair of the audit committee maintained a smooth communication, ensuring ongoing coordination and collaboration.
Information for general meetings and corporate documents
Shareholder information
•Was represented by the former committee Chair, Belén Romana, who reported at the 2024 AGM committee's activities in 2023.
Corporate documents for 2024
•Prepared this activities report on 21 February 2025, which includes a performance review of the committee's functions and key priorities identified for 2025. The board of directors approved it on 25 February 2025.
2025 Priorities
The committee set the following priorities for 2025:
•Continue to monitor the macroeconomic landscape and supervise all the Group's risks to ensure that those risks remain within our approved risk appetite. Remain focused on credit; third party risk management (including alignment with DORA, in coordination with the innovation and technology committee); operational; market; model; IT; cyber and risk derived from emerging technologies such as artificial intelligence; and financial crime compliance.
•Continue to identify emerging and non-traditional risks to anticipate potential impacts on our business model and work in partnership with the nomination committee to ensure that people and other talent related risks are properly understood and addressed.
•Supervise the main risks associated with our transformation and the five global businesses.
•Continue to monitor the overall effectiveness of the Risk and Compliance functions in discharging their critical role in the Group.
•Remain focused on ensuring that the committee discharges its role in the most tangible and effective manner.
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4.9 Responsible banking, sustainability and culture committee activities in 2024
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The committee continued to analyse the divergence in public policies and actions of authorities and institutions in the countries where we operate, as well as their associated risks and the potential impact on our sustainability strategy. We kept our strong coordination with the audit committee to monitor the implementation of CSRD and non-financial disclosures in order to meet the greater expectations from stakeholders in the current complex legislative framework.
As part of the 2023 board effectiveness review conducted with the assistance of an external provider, we agreed to further develop the role and functioning of the committee given its important sustainability agenda, whilst leveraging on the work of other committees. These steps, together with our focus on continuous improvement, helped ensure that the committee remains effective.
The committee´s mix of experience and skills helped the board with the significant sustainability challenges ahead, further complemented with the appointment of both Pamela Walkden and Carlos Barrabés as members during the year. I would like to thank Ramiro Mato for his service over the last years as committee Chair until he stepped down from the board in June 2024; and to Belén Romana who remained as a committee member until March 2024.
In 2025, we will remain focused on the Group’s green finance strategy, and closely monitor sustainability progress across our footprint, with a key focus on our five global businesses".
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Sol Daurella
Chair of the responsible banking, sustainability and culture committee
"In 2024 we continued to advise the board on the climate change strategy, monitoring the development of our green finance proposition and how the global businesses support our customers’ transition to a low-carbon economy. As part of that, we ensured that actions for climate material exposure and strategy to align our activity with the Paris Agreement goals were consistent with the relevant disclosure requirements and standards, and supported the delivery of our public targets.
Financial inclusion, health and community support remained high on our agenda in 2024. We continued to make progress on our sustainability targets related to green finance and financial inclusion, among others, and towards equality within the Group. Santander Universidades continues to play a key role in supporting education, employability and entrepreneurship across our footprint, in line with our commitment to help people and business prosper and benefit from platforms such as Santander Open Academy, Universia and Santander X, among others.
COMPOSITION
Position
Category
Appointed on
Chair
Sol Daurella
Independent
01/07/2018A
Members
Homaira Akbari
Independent
01/07/2018
Carlos Barrabés
Independent
27/06/2024
Gina Díez BarrosoIndependent31/01/2023
Pamela Walkden
Independent
23/03/2024
SecretaryJaime Pérez Renovales
A. Committee Chair since 23 July 2024.
The board of directors appointed the committee's members based on their expertise, skills and experience in the matters within the committee's scope. For more details, see section 4.1 'Our directors' and 'Board and committees skills and diversity matrix' in section 4.2.

TIME ALLOCATION
In 2024, the committee held five meetings. See 'Board and committee preparation and attendance' in section 4.3 for members’ attendance and the estimated average time each one spent on meeting preparation and attendance.
The chart below shows the committee’s approximate time allocation in 2024:
692
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Duties and activities in 2024
This section summarizes the responsible banking, sustainability and culture committee’s activities in 2024.
DutiesActions taken
Environmental (E)
Climate transition plan
•Reviewed the Group's climate change strategy and challenged it to ensure that it remained a key enabler to achieve our ambition towards net zero emissions by 2050.
•Reviewed the alignment in thermal coal, power generation, energy (oil and gas), aviation, steel and auto manufacturing sectors with the Paris Agreement goals.
•Reviewed the subsidiary plans to ensure their alignment with supervisory expectations and the Paris Agreement goals, covering activity regarding mortgages, commercial real estate and agriculture.
•Endorsed the Group priorities for 2024 in relation to sustainability, including supporting our customers in their green transition and promoting a sustainable culture.
ESG in risk management
•Reviewed ESG factors introduced in the credit approval process, associated action plans and related achievements.
•Worked with the risk supervision, regulation and compliance committee to review the progress made in embedding climate-related and environmental risks, as well as to monitor the implementation of controls and processes to mitigate ESG risks, including greenwashing.
Sustainable finance
•Reviewed the green finance strategy and its execution, including the Group´s exposure in green finance more generally.
•Oversaw the sustainability strategy, including support to our customers in their green transition.
•Reviewed the global businesses' progress in sustainability.
•Received specific training on sustainability matters, with a key focus on CSRD to further enhance board and committee members knowledge on this matter. See 'Director training and induction programmes' in section 4.3.
Environmental footprint
•Monitored our own environmental footprint, value chain emissions and carbon neutral claim, including analysis of the associated CSRD reporting implications.
Social (S)
Social agenda
•Reviewed our social agenda, which includes financial inclusion; financial health; business with social output; and corporate social responsibility or philanthropic activities.
•Reviewed the outcomes of the holistic human rights due diligence exercise conducted and suggested to the board its associated disclosures.
Education and other support to communities
•Reviewed the progress made within our community support strategy, which includes our support to education, employability and entrepreneurship.
•Reviewed Santander Universidades strategy and its alignment with the Group's transformation agenda and endorsed the associated course of action.
People and culture
•Discussed People and Culture's activities to continue supporting progress on inclusive culture, in coordination with the nomination and remuneration committees, with a key focus on the representation of women in senior positions within the Group.
Governance (G)
Governance
•Assisted the board in ensuring that sustainability targets and metrics were embedded in the Group's remuneration schemes. As part of that, reviewed, in coordination with the remuneration committee, a proposal to further increase the alignment of the long-term incentive for 2024-2026 with our sustainability agenda.
•Monitored and assessed the Group's progress on its targets to ensure that its KPIs remained relevant and aligned with committee expectations.
•Identified priority sustainability areas for action based on the outcomes of a materiality assessment that the Sustainability team conducts every year.
•Verified that the proposed sustainability agenda and targets remained aligned with the Group´s strategy.
•Reviewed ESG global ratings' assessments of Banco Santander, identifying strengths, areas for improvement and areas of focus. Reviewed any resulting action plans after engaging with investors and NGOs on ESG-related matters.
•Considered the findings and suggested areas for improvement concerning its remit derived from the 2023 board effectiveness review conducted with the assistance of an external provider and agreed on specific changes to further develop its role and functioning given the importance of the sustainability agenda, while leveraging on the work of other committees, to ensure that it remains effective.
•Reviewed the progress made regarding the management of the supply chain in regards to ESG, including the compliance of associated regulatory requirements.
ESG reporting
•Supported the audit committee on the supervision and assessment of the process to prepare and present non-financial information according to the applicable regulations and international standards.
•Reviewed the 2024 Group statement on non-financial information and the independent expert's report. See the 'Sustainability statement' chapter.
•Reviewed the Climate Finance and Green Bond Reports in coordination with the audit committee, prior to their submission to the board for approval.
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DutiesActions taken
Regulatory landscape
•Reviewed the main European and international financial regulatory and supervisory initiatives and priorities related to sustainability.
•Received information on local regulatory developments to remain abreast of local challenges and opportunities.
Information for general meetings and corporate documents
Shareholder information
•Was represented by the former committee Chair, Ramiro Mato, who reported at the 2024 AGM committee's activities in 2023.
Corporate documents for 2024
•Prepared this activities report on 27 January 2025, which includes a performance review of the committee's functions and key priorities identified for 2025. The board of directors approved it on 25 February 2025.
2025 Priorities
The committee set the following priorities for 2025:
•Continue to advise the board on the climate change strategy and our ambition towards net zero by 2050, monitoring the development of our sustainable finance proposition and how the global businesses support our customers’ transition to a low-carbon economy.
•Oversee that actions and targets for climate material exposure and strategy to align our activity with the Paris Agreement goals are consistent with the relevant disclosure requirements and standards, and support the delivery of our targets.
•Continue to prioritize our financial inclusion, financial health and community support strategy in line with our aim to help people and businesses prosper.
•Analyse developments in public policies and actions of authorities and institutions in the markets where we operate, as well as their associated risks, and the potential impact on our sustainability strategy.
•Continue to enhance data quality and monitor sustainability disclosures and associated strategy in coordination with the audit committee, in order to meet increasing expectations from stakeholders in the current complex legislative framework.
•Remain focused on ensuring that the committee discharges its role in the most tangible and effective manner.
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4.10 Innovation and technology committee activities in 2024
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focused on our common operating and business model for retail and commercial banking. The committee believes that this will enable our in-branch and service teams to free up time for customer-facing activities and to offer personal service across all channels.
The committee also reviewed our cyber security strategy and the global threat landscape with key focus on our defenses and resilience. We looked closely at third party risk management throughout the year, working in partnership with the risk committee.
We continued to position data and analytics at the core of our business strategy and, in the future, to pursue the benefits of emerging uses of artificial intelligence. We recognize that we need take advantage of the commercial opportunities inherent in AI while meeting regulatory expectations on data management and customer safety. We also remain vigilant to other emerging technologies and approaches to computation what will allow us to improve customer offerings, lower costs and improve security in the future. In this regard, we benefit from the insights and experiences of our committee members.
In June, we welcomed Carlos Barrabés, who is experienced in the commercial application of technology, as a member of the committee. Looking forward, we will continue to support the board and management team in the transformation of Santander into a technology-first enterprise".
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Glenn Hutchins
Chair of the innovation and technology committee
“Our goal as a bank is to deploy the most robust and efficient open financial services technology platform and, in particular, to become a digital bank with branches. We endeavor to do this in a manner which improves customer offerings, reduces costs, safeguards our security, meets regulatory expectations and promotes innovation. The committee’s role is to support the bank in these initiatives.
In 2024, the committee held its first strategy session as an addition to our regular, quarterly meetings. We invited all board members to review and assess our global technology strategy plan to ensure that it remains aligned with the Group’s priorities, with a key focus on our transformation agenda.
Over the year, the committee took a close look at our global business strategic platforms, digitalization initiatives, process automation and risk management disciplines. In particular, we
COMPOSITION
Position
Category
Appointed on
Chair
Glenn Hutchins
Independent
20/12/2022A
Members
Homaira Akbari
Independent
27/09/2016
José Antonio Álvarez
Other external
23/02/2015
Carlos Barrabés
Independent
27/06/2024
Ana Botín
Executive
23/04/2007
Henrique de Castro
Independent
23/07/2019
Héctor GrisiExecutive01/01/2023
Belén Romana
Independent
19/12/2017
Secretary
Jaime Pérez Renovales
A. Committee Chair since 23 March 2024.
The board of directors appointed the committee's members based on their expertise, skills and experience in the matters within the committee's scope. For more details, see section 4.1 'Our directors' and 'Board and committees skills and diversity matrix' in section 4.2.
TIME ALLOCATION
In 2024, the committee held five meetings, including one strategy session. See 'Board and committee preparation and attendance' in section 4.3 for members’ attendance and the estimated average time each one spent on meeting preparation and attendance.
The chart below shows the committee’s approximate time allocation in 2024:
674
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Duties and activities in 2024
This section summarizes the innovation and technology committee’s activities in 2024.
DutiesActions taken
Digital & innovation
Digital
•Monitored metrics in connection with the Group's digitalization and associated transformation, with a special focus on customer experience, simplification and efficiency.
•Reviewed core digital strategies to transform the business and accelerate new businesses growth.
•Reviewed strategic technological tools developed internally to further increase value creation across the Group, improving efficiency and driving appropriate synergies.
•Reviewed the execution and progress of One Transformation and its overall alignment with our strategy.
•Monitored execution of the Group’s digital strategy with a key focus on ensuring alignment with supervisors’ expectations and regulatory demands.
Cloud
•Reviewed the cloud strategy, which focuses on improving innovation, time–to-market and efficiency with a business-based approach, ensuring alignment with applicable regulatory requirements at all times.
Innovation framework
•Reviewed the implementation of the Group's innovation agenda, leveraging on our digital and data management capabilities.
•Identified the challenges and capabilities in terms of innovation to increase end-to-end business agile transformation.
•Identified new opportunities to accelerate innovation across the Group and ensured that we were well placed to succeed with new business models, technologies, systems and platforms.
Technology and operations
Technology and operations (T&O)
•Assisted the board in supervising technological risks in coordination with the risk supervision, regulation and compliance and audit committees.
•Reviewed the global technology strategy plan, reported to the board on T&O planning and activities, and ensured that the T&O strategy was properly focused on the Group's key priorities, supervising its execution progress through defined top-level strategic KPIs, including those specific to the execution of One Transformation and the common architecture.
•Endorsed the Group's core strategic technology priorities to integrate key digital capabilities, leveraging five pillars: agile, cloud, core system evolution, artificial intelligence and deep technology related skills and data.
•Monitored the deployment of Gravity, a Santander’s in-house award-winning banking platform and a software, to help the bank become a fully digital company.
•Reviewed specific projects being deployed throughout the Group and their associated T&O investment through a common tool to further ensure efficiencies, synergies and robust decision-making processes.
•Analysed the priorities of the T&O function and specifically, and their alignment with the Group’s aim to be the best open financial services platform with innovative customer centric capabilities.
•Reviewed the strategy to further simplify Group-wide processes with the aim of reducing manual operational activity, analysing alternatives for further optimization, automation and process improvement.
Cybersecurity
Strategy
•Reviewed the Group's cybersecurity strategy, with a key focus on resilience and three main action lines: protecting the Group, bolstering its defences, and generating trust among stakeholders, customers, and broader society; and recommended it for onward submission to the board for approval.
•Monitored the status and progress made on the fraud prevention plan, including its associated impacts and the actions underway to further harmonize fraud prevention capabilities across the Group.
Risk management oversight
•Assisted the board in the supervision of cybersecurity risks and those related to artificial intelligence, and associated regulatory developments in coordination with the risk supervision, regulation and compliance and audit committees.
•Supervised defences against increasing threats and reviewed security controls and automated security processes.
•Analysed cyber incidents (including third party risk management implications) and reviewed associated lessons learnt in coordination with the risk supervision, regulation and compliance committee. Moreover, analysed specific incidents outside the Group according to their relevance and impact.
•Monitored the global cybersecurity threat landscape closely.
•Received regular updates on cybersecurity risks. In 2024 it received updates at four meetings, with a special focus on crisis simulation exercises and internal data leakage protection.
•Reviewed external threats such as ransomware and analysed the strategy designed to shorten data recovery time and reduce its potential impact.
Data management
Data management
•Reviewed the data management strategy including priorities for the year, focusing on the business model and how data contributes to boost business growth and customer experience.
•Reviewed the Group's approach to artificial intelligence usage as a key driver of the data and the overall Group strategy, all within a specific governance and risk management framework.
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DutiesActions taken
Information for general meetings and corporate documents
Corporate documents for 2024
•Prepared this activities report on 14 January 2025, which includes a performance review of the committee's functions and key priorities identified for 2025. The board of directors approved it on 25 February 2025.
2025 Priorities
The committee set the following priorities for 2025:
•Continue to support the Group’s innovation strategy, including the embedding of our operating model based on a global-local organization, through our own global technology platform.
•Continue to drive a culture of innovation using artificial intelligence to enhance decision-making processes, improve customer experience and drive operational savings.
•Remain abreast of emerging technologies and their potential business impact. In addition, the committee will continue monitoring associated developments in the financial sector and market players’ activities, including technology companies.
•Continue to evolve our cyber security defences, with a special focus on emerging threats, as well as to continue to monitor third party risk management and alignment with DORA in coordination with the risk supervision, regulation and compliance committee.
•Remain focused on ensuring that the committee discharges its role in the most tangible and effective manner.
4.11 International advisory board
Composition
PositionBackground
Chair
Larry Summers
Former Secretary of the US Treasury and President Emeritus and Charles W. Eliot University Professor of Harvard University
Members
Sheila C. Bair
Former Chair of the Federal Deposit Insurance Corporation and former President of Washington College
Mike Rhodin
Supervisory board member of TomTom and director of HzO. Former IBM Watson Senior Vice President
Francisco D’Souza
Managing Partner and co-founder at Recognize
James Whitehurst
Senior Advisor at IBM and former CEO of Red Hat
George Kurtz
CEO and co-founder of CrowdStrike. Former Chief Technology Officer of McAfee
Nadia Schadlow
Former Deputy National Security Advisor for Strategy and former Assistant to the President of the United States
Andreas Dombret
Former board member of Deutsche Bundesbank, of Supervisory Board of the ECB and of Bank International Settlements and former Vice Chair of Bank of America in Europe
Carolyn Everson
Director at The Coca-Cola Company and The Walt Disney Company. Former chair of Instacart and former vice-president of Global Business Group at Facebook (Meta)
Juan Ignacio Gallardo Thurlow
Chair of Organización Cultiba, Grupo Azucarero México and Grupo GEPP (PepsiCo bottling company in Mexico)
Secretary
Jaime Pérez Renovales
Functions
Since 2016, Banco Santander’s international advisory board has provided the Group with expert insight into innovation, digital transformation, cybersecurity, new technologies, capital markets, corporate governance, branding, reputation, regulation and compliance.
Its members are external and not members of the board. They are prominent and respected leaders who have extensive experience in the most relevant areas for the strategy of the Group, particularly in terms of innovation, digital transformation and the US and European markets.
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Meetings
The international advisory board meets at least twice a year. In 2024, it met in May and October. It addressed key strategic topics for the near future within the overall context of our transformation agenda and our global-local organization with five global businesses. In particular, it covered specific topics such as the merits of the agile methodology and the implications of artificial intelligence in the financial sector, with a key focus on the Group's activity. In addition, the international advisory board analysed in depth the strategic importance of certain global businesses and geographies on a go-forward basis.
4.12 Related-party transactions and other conflicts of interest
Related-party transactions
This section contains the related-party transactions report referred to in recommendation six of the CNMV´s Corporate Governance Code, which the audit committee prepared on 20 February 2025.
Directors, senior managers and shareholders
Pursuant to the Rules and regulations of the board, a transaction that Banco Santander or its subsidiaries make with directors, shareholders who hold at least 10% of voting rights or sit on the board, and parties considered "related parties" under the International Financial Reporting Standards must be authorized:
•at the general meeting if it is worth 10% or more of assets on the last consolidated balance sheet; or
•by the board of directors in all other cases. Nonetheless, according to relevant rules and on the audit committee’s recommendation, our board delegated authority to executive bodies, committees and competent proxies to approve related-party transactions if they:
•are carried out under agreements with standard terms that would generally apply to customers who contract for the same product or service;
•are made at prices or rates set by the supplier of such products or service or, where such products or service have no existing prices or rates, under regular market conditions as in business relations with similar customers; and
•do not exceed 0.5% of the net annual income as stated in the last consolidated financial statements approved at the general meeting.
The board approved an internal reporting and monitoring procedure in which the audit committee confirms twice a year that such transactions authorized with delegated board powers are fair and transparent and meet the above-mentioned requirements.
The board also has an internal approval mechanism for non-banking and other transactions that do not meet the delegation requirements. It sets out minimum transaction terms and conditions in order to protect corporate and shareholder interests.
The board and audit committee check that transactions with related parties are fair and reasonable to Banco Santander and to the other shareholders.
If a related-party transaction must be approved at the general meeting or by the board, the law stipulates that the audit committee must issue a preliminary report about it. However, the law does not require the report for related-party transactions if they are approved under the board's delegated authority and meet the audit committee’s requirements.
Board members must recuse themselves from all deliberations and votes on resolutions about a related-party transaction if they have a conflict of interest with it.
In 2024, the audit committee found that no director or related party, in the terms of International Financial Reporting Standards, carried out transactions deemed 'significant' or material to Santander and the related party, or under non-market conditions.
The audit committee confirmed that all related-party transactions in 2024, including those authorized with delegated board powers, had been performed correctly after conducting a bi-annual review on their conformity to the law, the Rules and regulations of the board and the conditions set by board resolution; verified the alignment with the internal reporting and monitoring procedure and that those transactions met the fairness and transparency requirements established in the aforementioned rules, and were considered fair, reasonable and under market conditions (see the audit committee activities report under section 4.5 'Audit committee activities in 2024').
Banco Santander has a policy for the admission, authorisation and monitoring of financing transactions to directors and senior managers as well as to their spouse (or similar partner), a child who is a minor or legal adult and their financial dependent, or a company controlled by a director or a senior manager whose business is to hold assets for the sole purpose of managing their personal or family wealth. The policy applies to financing transactions carried out by Banco Santander, or any of its subsidiaries, and sets out general maximum borrowing rules, interest rates and other conditions that apply to related-party transactions, which are the same for all other employees. It dictates that the board must authorize loans, credit facilities and guarantees extended to Banco Santander's directors and senior managers, and, except in the cases listed below, subsequently by the ECB:
•Transactions guaranteed in a collective agreement signed by Banco Santander, with similar terms and conditions to transactions with any employee.
•Transactions made under agreements with standard conditions that generally apply to a large number of customers, if the amount granted to the beneficiary or their related parties does not exceed EUR 200,000.
Note 5.f) 'Loans' to the consolidated financial statements describes the direct risk Grupo Santander maintained with board members as at 31 December 2024. Those transactions are consistent with market conditions, have the same terms and conditions as transactions with employees, and allocate payments in kind where appropriate.
No Banco Santander shareholder holds 10% or more of voting rights or has a seat on the board.
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Intra-group transactions
The law does not consider direct or indirect transactions with a wholly-owned subsidiary or investee to be "related-party" if no party related to Banco Santander holds an interest in it. Thus, Santander monitors subsidiaries or investees’ observance of these rules if they can be affected by related-party transactions.
The rules and approval bodies and procedures that apply to intragroup transactions are the same as for transactions with customers to make sure they are conducted at market prices and conditions.
Note 53 'Related parties' to the consolidated financial statements and note 47 'Related parties' to the individual financial statements state the balance of transactions with subsidiaries, affiliates, jointly-owned entities, directors, senior managers and related parties.
Other conflicts of interest
Banco Santander has internal rules and procedures for preventing and managing conflicts of interest that can arise from the Group´s operations or with directors and senior managers. Our General code of conduct and an internal policy for Group employees, directors and entities set out the guidelines we follow to prevent and manage conflicts of interest.
Directors and senior managers
The Rules and regulations of the board stipulate that our directors must adopt necessary measures to avoid situations in which their direct or indirect interests may enter into conflict with corporate interests or their duty towards Banco Santander.
Directors must refrain from using Santander’s name or their position to exert undue influence on private transactions; using corporate assets for private purposes; using business opportunities for personal gain; obtaining favours or remuneration from others for being directors; and engaging in activities for themselves or others that will put them and Banco Santander in competition or permanent conflict.
Directors must report to the board conflicts of interest that they or their related parties may have with Banco Santander, which are to be disclosed in the financial statements. The nomination committee oversees compliance with the rules set from time to time to avoid potential conflicts of interest in other roles held by directors.
In 2024, no director reported a conflict of interest with Santander. Nonetheless, in 2024 there were 41 abstentions in votes on matters deliberated at board and committee meetings, including 19 instances where directors did not vote on resolutions on nominations, re-elections or board committee or Chair assignments; nine instances concerning remuneration; one instance relating to a transaction between Banco Santander and a director; and 12 instances where directors removed themselves during the review of their status and suitability.
The Code of conduct in security markets (CCSM), which directors and senior managers follow, provides mechanisms to recognize and resolve conflicts of interest. It also dictates that directors and senior managers must provide the Compliance area with a statement on their relations, and they must keep it up to date.
Subjected persons must also disclose any matter that could put them in a conflict of interest because of their ties or otherwise, and the chief officer of their area, their common senior officer (where several areas are involved), or whoever the Compliance area decides will resolve it.
The CCSM also dictates that directors, senior managers and related parties should not trade Grupo Santander’s securities within 30 days either from the time they are bought or sold or before the quarterly, half-year or annual results are announced and published.
The CCSM can be found on our corporate website.
Group companies
Banco Santander is the Group’s only company listed in Spain, where it’s not required to have mechanisms in place to resolve conflicts of interest with a listed subsidiary.
In a conflict of interest with a listed subsidiary, Banco Santander, as the parent company, must consider the interests of all its subsidiaries, the presence of minority shareholders in them, and how these conflicts may affect the long-term interests of the Group. Subsidiaries should also consider the interests of Grupo Santander when making decisions within their remit.
The Group structures governance on a system of rules that guarantees proper oversight over subsidiaries. We have a Group-subsidiary governance model that sets out the key rules for Group-subsidiary relations and conflict of interest resolution mechanisms. For more details, see section 7. 'Group structure and internal governance'.
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5. SENIOR MANAGEMENT TEAM
The table below shows the profiles of Banco Santander’s senior management team (Senior Executive Vice Presidents). It does not include executive directors, whose profiles are described in section 4.1 'Our directors').
Name
Position
Profile
Mahesh Aditya
GROUP CHIEF RISK OFFICER
Mahesh Aditya joined Grupo Santander in 2017 as Chief Operating Officer of Santander Holdings USA and became Chief Risk Officer in 2018. He was appointed Chief Executive Officer of Santander Consumer USA in 2019, and Group Senior Executive Vice President and Group Chief Risk Officer in 2023. Previously, he had been Chief Risk Officer at Visa (2017-2019) and Chief Risk Officer of Retail & Mortgage Banking at JP Morgan, Capital One and Citibank.
Daniel Barriuso
GLOBAL HEAD OF RETAIL & COMMERCIAL BANKING AND GROUP CHIEF TRANSFORMATION OFFICER
Daniel Barriuso joined Grupo Santander in 2017 as Global Head of Cybersecurity (CISO) and Fraud Prevention. In 2023, he was named Senior Executive Vice President, Chief Transformation Officer, and Global Head of Retail and Commercial Banking. Previously, he had held several executive roles at BP, Credit Suisse and ABN AMRO.
Julia Bayón
GROUP CHIEF AUDIT EXECUTIVE
Julia Bayón joined Grupo Santander in 1994 and was Head of Banesto’s International and Wholesale Banking legal service from 2001 to 2013, when she moved on to running the legal service for Global Transaction Banking, Credit and Restructuring at Banco Santander. In 2016, she became Head of Legal for Corporate and Investment Banking. In 2021, she was appointed Head of the Legal Service for Business and deputy secretary of the Banco Santander board of directors. In 2024, she became Group Senior Executive Vice President and Chief Audit Executive.
Juan Manuel CendoyaGROUP HEAD OF COMMUNICATIONS, CORPORATE MARKETING AND RESEARCH
Juan Manuel Cendoya joined Grupo Santander in 2001 as Group Senior Executive Vice President (director general) and Group Head of the Communications, Corporate Marketing and Research division. In 2016, he was appointed Vice Chair of the board of directors and Head of Institutional and Media Relations of Santander España. Previously, he had been Head of the Legal and Tax department of Bankinter, S.A. He is also a State Attorney for Spain.
José Doncel
GROUP CHIEF ACCOUNTING OFFICER
José Doncel joined Grupo Santander in 1989 as Head of Accounting. He had also served as Head of Accounting and Financial Management at Banesto (1994-2013). He was appointed Senior Executive Vice President (director general) and Head of the Internal Audit division in 2013 and Group Chief Accounting Officer in 2014.
José Antonio García CanteraGROUP CHIEF FINANCIAL OFFICER
José Antonio García joined Grupo Santander in 2003 as Group Senior Executive Vice President (director general) of Global Wholesale Banking of Banesto and was appointed CEO in 2006. He was appointed Senior Executive Vice President of Global Corporate Banking at Banco Santander in 2012 and Group Chief Financial Officer in 2015. Previously, he had served on the executive committee of Citigroup EMEA, as well as on the board of directors of Citigroup Capital Markets, Ltd and Citigroup Capital Markets UK.
Javier García-Carranza
GLOBAL HEAD OF WEALTH MANAGEMENT & INSURANCE
Javier García-Carranza joined Grupo Santander in 2016 as Global Head of Corporate Holdings and Investment Platforms before being appointed Global Head of Wealth Management & Insurance in 2024. Previously, he was Head of Principal Investments and Investment Banking for Europe, the Middle East and North Africa at Morgan Stanley.
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Name
Position
Profile
David Hazell
GROUP CHIEF COMPLIANCE OFFICER
David Hazell joined Grupo Santander in 2012 as Chief Conduct & Compliance Officer of Santander UK. In 2018, he was named Chief Compliance Officer of Santander Holdings USA and in 2022 took the same role at Santander Bank NA. In 2024, he became Group Senior Executive Vice President and Group Chief Compliance Officer. Previously, he was Head of Risk and Regulation (2004-2009) and of Governance, Risk and Compliance (2009-2010) at PricewaterhouseCoopers LLP, and Operational & Regulatory Risk Director at Aviva PLC (2010-2012).
José María LinaresGLOBAL HEAD OF CORPORATE & INVESTMENT BANKING
José María Linares joined Grupo Santander in 2017 as Senior Executive Vice President (director general) and Global Head of Corporate and Investment Banking. Previously, he served as director and senior equity analyst at Société Générale (1997-1999). He joined J.P. Morgan in 1999 and was subsequently appointed managing director and Head of Global Corporate Banking at J.P. Morgan Chase & Co. (2011-2017).
Mónica López-MonísGROUP HEAD OF SUPERVISORY AND REGULATORY RELATIONS
Mónica López-Monís joined Grupo Santander in 2009 as General Counsel and secretary of the board of Banesto. In 2015, she was appointed Group Senior Executive Vice President (director general) of Banco Santander and Group Chief Compliance Officer until her appointment in 2019 as Group Head of Supervisory and Regulatory Relations. Previously, she had been General Counsel at Aldeasa, S.A. She also was General Counsel at Bankinter, S.A., as well as independent director at Abertis Infraestructuras, S.A. She is also a State Attorney for Spain.
Dirk Marzluf
GROUP CHIEF OPERATING & TECHNOLOGY OFFICER
Dirk Marzluf joined Grupo Santander in 2018 as Group Senior Executive Vice President and Head of IT and Operations. Previously, he had held several roles at AXA Group, where he became CIO, leading the insurance group’s technology and information security transformation and co-sponsoring its digital strategy. He also held global senior management roles at Accenture, Daimler Chrysler and Winterthur Group.
José Luis de Mora
GROUP HEAD OF CORPORATE DEVELOPMENT AND FINANCIAL PLANNING
José Luis de Mora joined Grupo Santander in 2003 to Head the Group’s Strategic Plan Development and Acquisitions. In 2015, he was appointed Group Senior Executive Vice President (director general) and Group Head of Financial Planning and Corporate Development. He was also Head of Strategy (2019-2023) and Global Head of Digital Consumer Bank (2020-2025).
Jaime Pérez Renovales
GROUP GENERAL COUNSEL
See profile in section 4.1 'Our directors'.
Nitin Prabhu
GLOBAL HEAD OF DIGITAL CONSUMER BANK
Nitin Prabhu joined Grupo Santander in January 2025 as Senior Executive Vice President and Global Head of Digital Consumer Bank. From 2012, he worked at PayPal, where he held leadership roles spanning the payments, consumer, and merchant businesses, and where he became the Senior Vice President of Small and Medium Sized Businesses and Financial Services Products. Prior to PayPal, he worked at eBay and consulted with Fortune 1000 companies globally.
Javier Roglá
GROUP HEAD OF PEOPLE & CULTURE
Javier Roglá joined Grupo Santander in 2016 as Global Head of Santander Universities and CEO of Universia. In 2021 he became Group Senior Executive Vice President and Chief Talent Officer, and in 2024 was appointed Head of the Group’s People & Culture division. He sits also on the board of Teach for All and was previously a business development consultant at Endesa and principal at Boston Consulting Group, as well as co-founding and running Fundación Empieza por Educar.
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6. REMUNERATION
Sections 6.1, 6.2, 6.3, 6.5, 6.6, 6.7, 9.4 and 9.5 comprise the annual report on directors’ remuneration that will be submitted to the consultative vote of the general shareholders' meeting.
In addition, sections 6.4 and 6.5 sets out the directors' remuneration policy for 2025, 2026 and 2027, which will be put to the binding vote of the general shareholders' meeting.
The annual report on directors' remuneration and the directors' remuneration policy for 2025, 2026 and 2027 were approved by our board of directors on 25 February 2025. All directors were present at the time of vote casting and voted in favour.
The remuneration policy for directors in force as of the date of this report is available on our corporate website.
Introduction
Brief summary of strategic accomplishments in 2024
•Santander achieved an attributable profit of EUR 12,574 million in 2024, a 14% increase versus 2023, thanks to strong revenue growth across all global businesses and regions, as well as the addition of eight million new customers to 173 million.
•The group maintained disciplined and rigorous cost control, with the best efficiency ratio in 15 years and continued to increase profitability and shareholder value creation, with a return on tangible equity of 16.3%; earnings per share of EUR 0.77, up 18%, and tangible net asset value per share of EUR 5.24 at the end of the year. Total shareholder return during the year was 23.2%.
•These accomplishments enabled us to exceed our strategic goals set for 2024 bonus pool, mainly in capital and customer growth, so total executive variable remuneration increased by 4% compared to the previous year.
Shareholder engagement and responsiveness
Santander has historically received strong support for our remuneration policy proposals — averaging 90% between 2019 and 2023. However, at our 2024 annual shareholder meeting, the remuneration policy proposal received support from 74.8% of votes for. This lower-than-usual support prompted our board of directors to engage with our top shareholders to understand their perspectives on our remuneration system, identify any concerns leading to votes against our proposed policy and make changes to assume best possible alignment with shareholders.
Meetings were held with the16 top investors (controlling approximately 24% of the Banco Santander's share capital) and with the major proxy advisory firms, ISS and Glass Lewis (regarding their methodologies and vote recommendations). All of these discussions were led by Glenn Hutchins, our Lead Independent Director and Chairman of our remuneration committee (see 'Statement from Glenn Hutchins, Lead Independent Director' in section 1 and 'Engagement with shareholders in 2024' in section 3.1). While primarily focused on remuneration, these meetings also covered additional topics of interest to our investors including board structure, sustainability strategy and virtual shareholder meetings.
Changes approved based on shareholder feedback
Overall feedback and insights received for many aspects of our remuneration programme were positive, since the company is committed to paying for performance and a significant portion of pay is at risk, but some general themes emerged during discussions, including expectations around an increase of the percentage of variable pay which is long-term oriented and higher threshold for TSR vesting. Our remuneration committee and the board of directors carefully reviewed our shareholders’ feedback and have taken steps to address these concerns. This has resulted in a number of changes to our remuneration policy for 2025, as summarized below (for more details on these actions, see section 6.4):
1.The portion of variable remuneration paid in equity has increased from 50% to 60%.
2.The minimum relative TSR threshold for vesting has increased from the 40th percentile versus peers to the 50th percentile in the long-term award, as several investors have indicated this as a preference, in order to avoid vesting below median peer performance levels.
3.The weight of relative TSR within the long-term metrics has increased from 40% to 50%.
4.Long-term metrics application has increased from 36% of total variable remuneration to 40%, to reinforce long-term value creation in the company.
Additionally, Santander has enhanced its public remuneration disclosures to provide further detail on our Committee’s process for setting the Remuneration policy.
In response to feedback from investors, this reports also contains further explanations on how we set executive remuneration and
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align pay with performance, including the peer selection criteria for this analysis. Banco Santander follows a rigorous process which includes an annual review of comparative market data to ensure our pay remains competitive in the marketplace (section 6.3).
We believe these changes further strengthen the alignment of management and shareholders’ interest.
6.1 Principles of the remuneration policy
Directors' remuneration in their capacity as such
The board of directors sets the individual remuneration of directors (including executive directors) for the performance of supervisory and collective decision-making duties within the amount fixed by shareholders and commensurately with the roles they perform on the collective decision-making body, their committee membership and attendance, and other objective circumstances the board might consider.
Remuneration of directors for executive duties
Banco Santander’s remuneration policy for executive duties (which also generally applies to Banco Santander employees) dictates that:
1
Remuneration must be in line with shareholders and customers' interests, conducive to creating long-term value and compatible with our rigorous risk management, long-term strategy and values, as well as with maintaining a sound capital base.
2
Fixed remuneration must make up a significant proportion of total compensation.
3
Variable remuneration must reward performance for achieving individual, business unit and, as the case may be, Group targets.
4
The global remuneration package and its structure must be competitive in order to attract and retain talent.
5
Remuneration decisions must be free of conflicts of interest and discrimination of any kind different from that based on the performance assessment of objectives and corporate behaviours. Remuneration must be free of gender-based bias and help eliminate inequalities that could result from it.
The remuneration elements the policy lays down include necessary mechanisms to ensure remuneration will be conducive to achieving strategic and long-term sustainability objectives of Banco Santander.
Accordingly, it bases executive directors and senior managers’ variable pay on pre-determined, specific and quantifiable financial, sustainability-based and value-creation targets that are consistent with Banco Santander’s interests, including in regard to environmental, social and governance matters.
For more details, please see section 6.3 about the policy's application in 2024 and section 6.4 about the remuneration policy for 2025 and subsequent years.
Lastly, the remuneration committee and the board enlisted the assistance of Willis Towers Watson to:
•Compare markets and entities similar to the Group in size, characteristics and operations using relevant data for setting remuneration.
•Estimate the fair value of variable remuneration linked to long-term objectives.
6.2 Remuneration of directors for supervisory and collective decision-making duties: policy applied in 2024
A. Composition and limits
According to our Bylaws, the remuneration of directors in their roles consists of a fixed annual amount set at the general shareholders' meeting. This amount remains in effect until shareholders vote to amend it, even though the board may reduce it in the years it deems appropriate. At the AGM, remuneration for 2024 was set at EUR 6 million (limit that has not been updated since 2012 and whose amount finally consumed has been systematically lower), which included (a) an annual allotment and (b) attendance fees.
Santander has taken out a civil liability insurance policy for directors and other executives of the Group, subject to usual terms proportionate to its circumstances.
Directors can receive shares, share options or other forms of share-based compensation, subject to prior approval at the general meeting. Directors can also receive other compensation following a proposal made by the remuneration committee and upon resolution by the board of directors, as may be deemed appropriate, in consideration for the performance of other duties in Banco Santander, whether they are executives' duties or not, in addition to their oversight and collective decision-making as board members.
Non-executive directors do not have the right to receive any benefit on the occasion of their removal from office.
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B. Annual allotment
Each director received the amounts for serving on the board and its committees and positions held in them included in the chart below for 2023 and 2024.
In accordance with the remuneration policy approved at the general shareholders' meeting on 22 March 2024, the annual allotment for board and committee membership are for the same amounts for annual allotments as those initially established for 2023, except for the responsible banking, sustainability and culture committee, which was updated to EUR 28 thousand, thus equalizing its remuneration to other committees of mandatory existence, considering the importance and complexity of the matters addressed in it. Applicable amounts were:
Amount per director in euros20242023
Members of the board of directors98,000 98,000 
Members of the executive committee170,000 170,000 
Members of the audit committee43,000 43,000 
Members of the nomination committee28,000 28,000 
Members of the remuneration committee28,000 28,000 
Members of the risk supervision, regulation and compliance committee43,000 43,000 
Members of the responsible banking, sustainability and culture committee 28,000 18,000 
Members of the innovation and technology committee28,000 28,000 
Chair of the audit committee70,000 70,000 
Chair of the nomination committee50,000 50,000 
Chair of the remuneration committee50,000 50,000 
Chair of the risk supervision, regulation and compliance committee70,000 70,000 
Chair of the responsible banking, sustainability and culture committee50,000 50,000 
Chair of the innovation and technology committee70,000 70,000 
Lead independent directorA
110,000 110,000 
Non-executive Vice Chair30,000 30,000 
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.
C. Attendance fees
Pursuant to board-approved resolutions on the remuneration committee’s recommendations, attendance fees for board and committees meetings (with the exception of the executive committee, for which no fees are set) added up to the amounts included in the chart below for the last two years.
Since we had not reviewed the attendance fees since 2016, shareholders at the 2024 AGM approved an increase of 4% in respect of 2023. This increase compensates for board members' greater time commitment in relation to those of other comparable banking groups, based on an independent expert analysis carried out in 2023.
Attendance fees per director per meeting in euros 20242023
Board of directors2,704 2,600 
Audit committee and risk supervision, regulation and compliance committee1,768 1,700 
Other committees (excluding executive committee) 1,560 1,500 
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D. Breakdown of Bylaw-stipulated emoluments
Total director Bylaw-stipulated emoluments and attendance fees received in 2024 amounted to EUR 5.4 million (EUR 5.3 million in 2023). This is 11% less than the amount approved at the general meeting. Each director earned the following amounts for these items:
Amount in euros
Directors20242023
Annual allotmentBoard and committee attendance feesTotal By-law stipulated emoluments and attendance fees
Category
BoardF
EC
AC1
NC2
RC
RSRCC3
RBSCC4
ITC5
Total
Ana Botín
Executive
98,000 170,000 — — — — — 43,944 311,944 56,472 368,416 411,000 
Héctor Grisi
Executive
98,000 170,000 — — — — — 28,000 296,000 56,472 352,472 339,500 
José Antonio Álvarez
Other external
128,000 170,000 — — — — — 28,000 326,000 56,472 382,472 371,000 
Glenn Hutchins
Independent414,912 — — 28,000 78,000 — — 82,055 602,967 97,032 700,000 371,600 
Bruce Carnegie-BrownA
Independent22,322 — — 17,767 6,378 — — — 46,467 31,408 77,875 576,000 
Homaira AkbariIndependent98,000 — 43,000 — — — 28,000 28,000 197,000 88,088 285,088 265,000 
Javier BotínB
Other external
98,000 — — — — — — — 98,000 45,968 143,968 137,000 
Sol DaurellaIndependent98,000 — — 28,000 28,000 — 50,083 — 204,083 88,088 292,171 248,500 
Henrique de CastroIndependent98,000 — 43,000 — 28,000 — — 28,000 197,000 103,064 300,064 283,800 
Gina DíezIndependent98,000 — — 28,000 — — 28,000 — 154,000 70,928 224,928 210,050 
Luis Isasi
Other external
98,000 170,000 — — 28,000 43,000 — — 339,000 100,776 439,776 416,800 
Ramiro MatoC
Independent47,911 83,111 21,022 — — 21,022 38,133 — 211,200 60,008 271,208 517,600 
Belén RomanaIndependent98,000 170,000 43,000 66,750 — 58,944 6,378 28,000 471,072 127,816 598,888 571,600 
Pamela WalkdenIndependent98,000 — 58,944 — — 97,056 21,622 — 275,622 104,624 380,246 340,600 
Germán de la Fuente
Independent98,000 — 97,056 — — 43,000 — — 238,056 99,944 338,000 270,600 
Carlos BarrabésD
Independent50,089 — — 14,311 — — 18,060 14,311 96,771 31,408 128,179 — 
Antonio WeissE
Independent50,089 — — — — — — — 50,089 21,632 71,721 — 
Total
1,791,323 933,111 306,022 182,828 168,378 263,022 190,277 280,310 4,115,270 1,240,200 5,355,470 5,330,650 
A. Stepped down as director on 22 March 2024.
B. All amounts received were reimbursed to Fundación Botín.
C. Stepped down as director on 27 June 2024.
D. Director and member of the NC, RBSCC and ITC since 27 June 2024.
E. Director since 27 June 2024.
F. Also includes emoluments for other roles in the board.
EC: executive committee. AC: audit committee. NC: nomination committee. RC: remuneration committee.
RSRCC: risk supervision, regulation and compliance committee. RBSCC: responsible banking, sustainability and culture committee. ITC: innovation and technology committee.
Changes in the chairship of the committees:
1.Germán de la Fuente was appointed Chair of the AC on 23 March 2024, replacing Pamela Walkden.
2.Belén Romana was appointed Chair of the NC on 23 March 2024, succeeding Bruce Carnegie-Brown.
3.Pamela Walkden was appointed Chair of the RSRCC on 23 March 2024, replacing Belén Romana.
4.Sol Daurella assumed the chairship of the RBSCC on 23 July 2024. Pamela Walkden joined to the RBSCC on 23 March 2024, replacing Belén Romana.
5.Glenn Hutchins was appointed Chair of ITC on 23 March 2024, replacing Ana Botín.
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6.3 Remuneration of directors for executive duties
i) How we set executive directors pay
We set the remuneration structure for executive directors by considering company performance as well as Santander's unique individual circumstances such as multiple stock exchange listings, the geographical distribution of the company’s operations, sales and employees, and the clear industry-specific pressures in terms of talent attraction and retention. As explained below, we conduct a benchmarking analysis for the executive chair and CEO positions every year in order to establish a framework of reference for what competitors are paying.
ii) How we determine our peer group
Banco Santander conducts an annual comparative review of executive directors’ and top management remuneration against a peer group comprised of global banks. Because we have extensive international operations and we compete for talent on a global scale, our peer group appropriately reflects these characteristics. While two-thirds of the companies in our comparator group are European, we include banks from the US and Brazil due to the strong presence of Santander in those countries. For instance, over 50% of revenues and nearly half of profits from our secondary business segments came from the Americas in 2024, making this region a critical market for us both from a business perspective and as a source of talent.
Europe
DCB Europe
North America
South America
% Attributable to the Americas
Revenue (EUR million)
23,5105,67913,91519,78354%
Attributable profit (EUR million)
6,6446422,5793,86347%
Total customers (thousands)
46,82119,55025,76280,40562%
Total employees
65,74616,79242,84679,57160%

As % of total operating areas, excluding the Corporate Centre.
To select the peer group, Group governing bodies follows a robust process that takes into account and ranks potential peers on the following criteria: market capitalization, scale, brand recognition, geographical diversification, business model and regulatory framework.
We regularly review the validity of our peer group and make the necessary changes to ensure it properly reflects our business and talent markets. Following an assessment in autumn of 2024, we determined that for 2025 our peer group should remain unchanged from 2024 and also from 2023. The group comprises the following companies:
Spain.jpg
BBVA
Netherlands.jpg
ING
France.jpg
BNP Paribas
Brazil.jpg
Itaú
US.jpg
Citi
Canada.jpg
Scotiabank
France.jpg
Crédit Agricole
Italy.jpg
Unicredit
UK.jpg
HSBC
Why did we choose these banks for the peer analysis?
•To ensure a comparison under similar macroeconomic and regulatory landscape.
•To be able to identify market trends and dynamics.
•To capture the latest developments in the banking industry.
•To monitor banks with similar size, performance, geographic footprint, business model and strategy.
•To identify outliers and best practices across the sector.
Market Cap (EUR bn) at 2024 closing date
14293651294318
iii) Performance-based Pay and alignment with shareholder value
Our remuneration programme mainly focuses on paying for performance, with a significant portion of each executive's remuneration at-risk. Additionally, variable pay outcome depends on the achievement of performance targets that align with our corporate strategy and lead to enhanced value for our
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shareholders. The main purpose of this incentive programme is to incentivise long-term value creation.
In this sense, for year 2024:
•61% of our Executive Chair’s total compensation is performance-based and 57% of our CEO`s total compensation is performance based.
•36% of our executive director’s total variable remuneration is subject to long-term metrics that include relative TSR, return on tangible equity and other sustainability metrics and therefore strengthen the alignment of our executive director’s interests with the shareholder’s interests in the long-term. This will increase from 36% to 40% in year 2025.
•Additionally, 50% of their variable remuneration is delivered in the form of equity instruments (mainly Banco Santander S.A. shares), with this portion to be increased up to 60% in year 2025.
Targets related to performance metrics are intended to be challenging, with payout levels established after considering upside/downside scenarios, sensitivity analysis and year-over-year growth comparisons, to ensure rigorous alignment of payouts to performance.
iv) How we include sustainability metrics in the variable incentive scheme
The current remuneration policy incorporates mechanisms that link variable remuneration to the achievement of financial, sustainability, and value creation objectives. These objectives are specific, measurable, and aligned with the bank's interests, encompassing environmental, social, and governance (sustainability) factors. For further details, please see section I.
v) Summary of executive remuneration composition
The policy on directors’ remuneration for executive duties in 2024 was approved by the board of directors and put to a binding vote at the 2024 AGM, with 74.8% votes in favour. The table below summarizes the main items of remuneration policy of Ana Botín and Héctor Grisi.
Component
Type
Policy
Effective in 2024
Gross annual salary
Fixed
→Paid in cash on a monthly basis (+5% vs 2023).
Ana Botin: EUR 3,435 thousand.
Héctor Grisi: EUR 3,150 thousand.
Variable remuneration
Variable
→Individual target bonus updated (+5% vs 2023).
→Calculated against annual quantitative metrics and a qualitative assessment, and taking into account individual performance.
→50% of each payment is instruments, consisting of Banco Santander, S.A instruments, and restricted stock units (RSUs) of PagoNxt, S.L.
→The number of instruments is set at the time of the award.
→40% paid in 2025.
→60% deferred in five years.
◦24% paid in equal parts in 2026 and 2027.
◦36% paid in equal parts in 2028, 2029 and 2030, provided certain long-term objectives are met (2024-2026).
•See section 6.3 B ii for details on annual metrics and assessment.
•See section 6.3 B iii for details on individual variable pay.
•See section 6.3 B iv for details on long-term metrics.

Pension scheme
Fixed
→Annual contribution of 22% of base salary.
•No changes.

Variable
→Annual contribution of 22% of 30% of the average of variable remuneration in the last three years.
•See section 6.3 C for details on annual contributions and pension balance.
Other remuneration
Fixed
→Includes life, accident and medical insurance, and other in-kind compensation.
→Includes for the Executive Chair a fixed remuneration supplement in cash (not considered salary or pensionable) since supplementary death and disability benefits were eliminated.
•Regarding fixed remuneration supplement, no change for Ana Botín since 2018.
•Héctor Grisi will not receive supplement in his fixed remuneration.
→Payment for non-compete commitment
No changes.
Shareholding policy
N/A
→Executive directors also have the obligation to hold them for three years from their award date, unless the director already holds shares for an amount equivalent to 200% of their net annual salary (calculated on the basis of their gross annual salary). In such case, the regulatory obligation to hold shares is for one year from their grant date.
•Policy updated during 2020 to assure compliance with recommendation 62 to the Good Governance Code for Listed Companies of the CNMV.
•Both Ana Botín and Héctor Grisi maintain an amount in shares higher than 200% of their fixed pay.
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2024 AWARD
%1
Component
Gross Annual Salary24%
Fixed
Board of Directors' by-law stipulated emoluments
3%
Fixed
Pension Contribution
9%
Fixed and
Variable
Rest of components
7%
Fixed
Variable remuneration

(Target Bonus
 x
 Achievement level of Bonus pool
+/-
Individual performance)
57%
Upfront
Deferred
Cash/ Shares (%)
arrowDeferred.gif
Feb 202520262027202820292030
40%12%12%12%12%12%
EuroAccount.gif 20%
SantanderFlameBranch.gif 20%
EuroAccount.gif 6%
SantanderFlameBranch.gif 6%
EuroAccount.gif 6%
SantanderFlameBranch.gif 6%
EuroAccount.gif 6%
SantanderFlameBranch.gif 6%
EuroAccount.gif 6%
SantanderFlameBranch.gif 6%
EuroAccount.gif 6%
SantanderFlameBranch.gif 6%

50%
50%
36%
arrow36.gif
Additionally subject to long-term goals achievement2
RoTE
40%
rTSR
40%
Sustai-nability
20%
 arrowAllYellow.gif
 Malus/Clawback clauses
 arrowAllRed.gif
All payments in shares3 are subject to a one-year retention period and the prohibition of hedging
100%
EuroAccount.gif Cash SantanderFlameBranch.gif Shares
Remuneration scheme applicable to Executive Chair and CEO.
1. Example with Executive Chair 2024 percentages over total remuneration.
2. Long-term metrics shown for 2024 award at fair value of 70%, as have been determined by an independent expert.
3. Executive directors also have the obligation to hold them for three years from their award date, unless the director already holds shares for an amount equivalent to 200% of their net annual salary (calculated on the basis of their gross annual salary). In such case, the regulatory obligation to hold shares is for one year from their grant date.
A. Gross annual salary
On the remuneration committee’s recommendation, and due to the excellent business results and total shareholder return in 2023, in order to ensure a competitive remuneration compared to other peer groups, the board resolved to increase 5% the annual salary for Ana Botín and Héctor Grisi in 2024 versus 2023.
Fixed pension contribution continues to be 22% of gross annual salary for 2024.
Executive directors’ gross annual salary and fixed annual contribution to pensions for 2024 and 2023 were as follows:
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EUR thousand20242023
Gross annual salaryFixed annual pension contribution
TotalA
Gross annual salaryFixed annual pension contribution
TotalA
Ana Botín3,435 756 4,191 3,271 720 3,991 
Héctor Grisi3,150 693 3,843 3,000 660 3,660
Total6,585 1,449 8,034 6,271 1,380 7,651 
A. Additionally, Ana Botín received in 2024 and 2023 EUR 525 thousand as a fixed remuneration supplement. Héctor Grisi did not receive fixed remuneration supplement.
B. Variable remuneration
i) General policy for 2024
The board approved the executive directors’ variable remuneration on the remuneration committee’s recommendation, according to the policy approved at the general shareholders' meeting:
•Variable components1 of executive directors’ total remuneration in 2024 should represent less than 200% of fixed components, as established by resolution of the AGM on 22 March 2024.
•At the beginning of 2025, on the remuneration committee’s recommendation, the board approved the final amount of the 2024 incentive, based on the bonus pool calculated in accordance with the directors' remuneration policy approved at the general shareholders' meeting on 22 March 2024, and in consideration of:
•Short-term quantitative metrics measured against annual objectives.
•A qualitative assessment that cannot adjust the result by more than 25 percentage points upwards or downwards. While the metrics considered are qualitative, the assessment is not discretionary. Rather, it is based on an assessment of objective, measurable and audited goals, as described below.
•An exceptional adjustment that, if applicable, must be supported by evidence.
•The final 2024 individual incentive is determined based on the bonus pool payout, the executive director’s target bonus and the individual performance resulting from (i) their individual objectives (which generally match the Group’s and cover financial, risk management and solvency position, as well as fostering the five global businesses: Payments, Digital Consumer Bank, Retail & Commercial Banking, CIB and Wealth; and accelerating the transformation of the Bank into One Santander, with a special focus on IT, people and the sustainability agenda); and (ii) how they achieve them in consideration of how they manage employees and follow the corporate values.
Individual target bonus
TrianguloHorizGris.jpg
Quantitative metrics and qualitative assessmentA
TrianguloHorizGris.jpg
Individual performance
TrianguloHorizGris.jpg
Final individual variable remuneration
A.Any exceptional adjustment supported by evidence
Quantitative metrics and qualitative assessment aspects are described below.
•Payment of the approved incentive is split equally into cash and instruments, the latter as follows:
•EUR 500,000 and EUR 420,000 in PagoNxt, S.L. RSUs for Ana Botín and Héctor Grisi, respectively.
•The rest, all in shares of Banco Santander.
• 40% is paid in 2025, once the final amount has been set. The remaining 60% will be deferred in equal parts over five years (subject to long-term metrics) as follows:
•The deferred amounts payable in 2026 and 2027 (24% of the total), will be paid if none of the malus clauses described below are triggered.
•The deferred amounts payable in 2028, 2029 and 2030 (36% of the total), will be paid if the malus clauses are not triggered and the multi-year targets described below are reached. 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.
•Deferred amounts in cash may be adjusted for the inflation related to the deferral period.
•All payments in shares are subject to a three-year retention period, unless the director already holds shares for an amount equivalent to twice his/her annual fix remuneration, in which case the shares would be subject only to the regulatory one-year retention period obligation.
•The hedging of the instruments received during the retention and deferral periods is expressly prohibited. The sale of shares is also prohibited for one year from time they are received.
•All deferred payments can be subject to malus. Similarly, Santander can claw back paid incentives in the scenarios and for the period dictated in the Group’s malus and clawback policy.
ii) Quantitative metrics and qualitative assessment for 2024
Executive directors’ variable remuneration for 2024 has been based on the corporate centre executives' common bonus pool, which calculation comes from the quantitative metrics and qualitative assessment approved by the board at the beginning of 2024 on the remuneration committee’s recommendation. This also takes into account the input from the human resources committee, which for this purpose counts on the participation of the senior management in charge of the group's Risk, Compliance, Audit, Human Resources and Legal and Financial accounting and control functions, who among others provided input on risk, solvency, liquidity, results' quality and recurrence, and compliance and control. The results for the bonus pool (shown in the chart below) resulting from the process above and reviewed and approved by
1 As indicated in the first chart in section 6.3 pension contributions include both fix and variable components, the latter of which also form part of total variable remuneration.
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the board, upon recommendation from the remuneration committee, are shown in the chart below.
Category
and (weight) of Bonus pool
A.Quantitative metricsA
Targets
Achievement over
target
Assessment
Transformation: (45%)
Total customers (growth) (10%)
Target: 5.31 million. Achievement: 8.9 million.
150.00 %
Active customers (growth) (10%)
Target: 2.1 million. Achievement: 4.1 million.150.00 %
Revenue per active customer (10%)
Target: EUR 600. Achievement: 617 EUR. 102.79 %
Cost (15%)
Target: EUR 24,799 million. Achievement: EUR 24,808 million.
100.00 %

CapitalB (30%)
CET1 ratio
Target: 12.45%. Achievement: 12.76%
252.59 %
Profitability (25%)
RoTE (Return on tangible equity)
Target: 16.09%. Achievement: 16.27%.
108.86 %
TOTAL metrics
158.27 %
A. For this purpose, these metrics may be adjusted upwards or downwards by the board, following a proposal from the remuneration committee, when inorganic transactions, material changes to the Group’s composition or size or other extraordinary circumstances (such as extraordinary impacts of macroeconomic environment, impairments, restructuring procedures or regulatory changes) have occurred which affect the suitability of the metric and achievement scale established in each case and resulting in an impact not related to the performance of the executive directors and executives being evaluated.
B. The related score has been calculated as per the pay-out scale approved, which factors in not only performance vs target as per CRR2 but also vs CRR3, risk transfer and net RWAs targets.
B. Qualitative assessment
Indicators
Level of achievementAssessment
Performance vs. Market (+/- 10%)
The Group achieved record results in 2024 for the third year in a row. This enabled us to i) place above our global peers’ average in terms of profitability adjusted to cost of risk (NIM-CoR); keep a lid on cost growth more or less in line with inflation and increasing at a rate half that of our peers; and iii) continue boosting our profitability (RoTE) by climbing two positions and widening the gap with the market average. By business, Retail performed strongly in almost every market, as did Consumer, which remained a leader in NIM-CoR and profitability. Wealth grew at a faster rate than our peers.
+5.00%
Network Collaboration (+/- 5%)
During the year, we have strengthened synergy between global businesses, countries and support functions, driving collaboration within our Organization as a key factor in capturing the value of our Group, reinforcing our competitive and operational advantages. This allows us to continue to strengthen our global network and transform collaboration into a real advantage for the Group.+3.41%
Compliance and Risk (+/- 5%)
Strengthened oversight units, including in global processes (e.g. P-27). Delivered on various regulatory/supervisory issues (closure of 4 SREP recommendations, maintained SREP operational rating, delivered EBA repair programme, full implementation of ECB IFRS9 operational act). Delivered a new Group-wide IRB strategy. Significant progress on strategic and transformational initiatives and further integration of advanced risk management techniques fostering profitable growth (automated credit decisioning, use of machine learning and artificial intelligence).
Also continued to deliver an effective Compliance program in 2024, meeting the defined priorities with tangible deliverables focused on regulatory priorities such as One FCC, Unit and Global Division oversight and advice, and broader issues such as talent enhancement and mobility.
+2.50%
Sustainability targets (+/- 5%)
We made significant progress in sustainability-related lines of work, most notably our strong performance in financial inclusion and sustainable business (including climate).
+3.13%
TOTAL qualitative assessment+14.03%
C. Exceptional adjustment approved by board of directors upon recommendation of remuneration committee
Despite very strong results and outstanding performance in capital management, the Board, upon recommendation from the Remuneration Committee, approved a discretionary reduction of -27.3 p.p. to best align the bonus pool results with shareholder performance
-27.30 %
Final bonus pool 2024
145 %
The payout relative to the level of achievement of the targets for the quantitative metrics (158.27%) and the ones relative to the qualitative evaluation (+14.03%) and exceptional adjustment (-27.30%) are added up:
A + B +C = Final bonus pool result in 2024 (as a percentage of target).
The following section details the individual variable remuneration approved by the board.
iii) Determination of the individual variable remuneration for executive directors set in 2024
The board approved executive directors' variable remuneration for 2024 on the remuneration committee’s recommendation, based on the bonus pool detailed above, their individual target bonuses for 2024 and the evaluation of their individual contributions.
The board also verified that none of the following circumstances have occurred:
•The Group's ONP2 for 2024 was not more than 50% less than for 2023. Otherwise, variable remuneration would not have been greater than 50% of the individual target.
2 For this purpose, ONP is attributed ordinary net profit, adjusted upwards or downwards for transactions the board believes have an impact not connected to the performance of evaluated directors, for which extraordinary profit, corporate transactions, impairments, or accounting or legal adjustments that may occur during the year are evaluated. The exclusion in the calculation for these purposes of goodwill impairments is aligned with the supervisors' criteria on their recommendations on dividend distributions.
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•The Group’s ONP was not negative. Otherwise, the incentive would have been zero.
The board of directors, upon recommendation of the remuneration committee, resolved to increase 5% the target bonuses for the Executive Chair and the CEO in 2024.
Variable contributions to pensions in terms of percentage were not modified in 2024, remaining at 22% of the 30% of the last three assigned bonus' average. 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.
Breakdown of immediately payable and deferred remuneration
2024 was a groundbreaking year in our transformation. We delivered solid operating performance and profitable growth, with record attributable profit of EUR 12,574 million on the back of a strong increase in revenue that grew far above costs, and all this progress with an improvement in cost of risk. These excellent results enabled us to achieve the targets we set for the year: a CET1 ratio of 12.8% (far exceeding forecasts and driven by strong
net organic capital generation of over 200 basis points) and shareholder value creation (TNAV per share plus cash DPS up 14% year on year and cash dividend per share of up 39% year on year). All this, coupled with our business model and robust balance sheet, enabled us to achieve an initial bonus pool of 172.30%. However, to make this pool more consistent with shareholder return, the board approved a negative adjustment of 27.30%.
Furthermore, the ratio of executive directors’ total remuneration to underlying attributable profit fell from 0.19% in 2023 to 0.18% in 2024, as shown in section 6.3.I.
In this context, total executive variable remuneration increased by 4% compared to the previous year.
The immediately payable variable remuneration in deferred amounts not contingent on long-term metrics and variable remuneration deferred and contingent on long-term objectives approved by the board of directors, following a proposal by the remuneration committee, resulting from the aforementioned process are:
Immediately payable and deferred (not linked to long-term objectives) variable remuneration
EUR thousand20242023
In cash
In sharesA
In RSUsA
TotalIn cash
In sharesB
In RSUsB
Total
Ana Botín2,961 2,761 200 5,922 2,848 2,648 200 5,696 
Héctor Grisi2,046 1,878 168 4,092 1,952 1,784 168 3,904 
Total5,007 4,639 368 10,015 4,800 4,432 368 9,600 
A. The amounts in the foregoing table correspond to a total of 1,014 thousand shares of Banco Santander and 7 thousand RSUs of PagoNxt, S.L.
B. The amounts in the foregoing table correspond to a total of 1,168 thousand shares in Banco Santander and 6 thousand RSUs in 2023.
The following chart states deferred variable remuneration at fair value, which will only be received in 2028, 2029 and 2030 if the long-term multi-year targets are met (see section 6.3 B iv)) and beneficiaries continue to be employed at Grupo Santander, in accordance with the terms approved in the general shareholders' meeting, and no circumstances triggering malus clauses occur3:
Deferred variable remuneration linked to long-term objectives (fair value)
EUR thousand20242023
In cash
In sharesA
In RSUsA
TotalIn cash
In sharesB
In RSUsB
Total
Ana Botín1,166 956 210 2,332 1,121 911 210 2,243 
Héctor Grisi806 629 176 1,611 769 592 176 1,537 
Total1,972 1,585 386 3,943 1,890 1,504 386 3,780 
A. The number of shares in the table correspond to a total of 346 thousand shares of Banco Santander and 7 thousand RSUs of PagoNxt S.L.
B. The number of shares in the table correspond to a total of 396 thousand shares and 6 thousand RSUs of PagoNxt S.L in 2023.
Fair value has been determined on the grant date based on the valuation of an independent expert, Willis Towers Watson. Based on the design of the plan for 2024 and success levels of similar plans at peer entities, the fair value was considered to be 70% of total value linked to long-term objectives assigned.
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 2024 AGM for executive
directors. This number of shares has been calculated with the weighted average daily volume of weighted average listing prices of Banco Santander shares in the 50 trading sessions prior to the Friday (not inclusive) before 4 February 2025 (the date on which the board approved the 2024 bonus for executive directors), which was EUR 4.576 per share. According to an independent experts' valuation, the price per PagoNxt, S.L. RSU equals EUR 54.14.
3 Corresponds to the fair value of the maximum amount to be received over a total of 3 years, subject to continued service -with certain exceptions-, non- applicability of malus clauses and compliance with set goals. Fair value was estimated at the plan award date on account of several scenarios for the variables in the plan during the measurement periods.
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iv) Multi-year targets linked to the payment of deferred amounts in 2028, 2029 and 2030
The multi-year targets linked to the payment of the deferred amounts payable in 2028, 2029 and 2030 are:
MetricsWeightTarget and compliance scales (metrics ratios)
A
Banco Santander’s consolidated Return on tangible equity (RoTE)
target in 2026
40%
If RoTE in 2026 is ≥ 18%, then metric ratio is 1.5
If RoTE in 2026 is ≥ 15% but <18%, then metric ratio is 0 – 1.5B
If RoTe in 2026 is < 15%, then metric is 0
B
Relative Total Shareholder Return (TSR)A in
2024-2026 within a peer group
40%
If ranking Santander equal percentile 100, then metric ratio is 1.5
If ranking Santander between percentiles 75 and 100 (not inclusive), then metric ratio is
1 – 1.5C
If ranking Santander between percentiles 40 and 75 (not inclusive), then metric ratio is 0.5 – 1C
If ranking Santander below percentile 40, then metric ratio is 0
C

Four sustainability (environmental, social and governance) metrics with the following weighting:

2/10 x Coefficient 1 + 2/10 x Coefficient 2 + 1/10 x Coefficient
3 +5/10 x Coefficient 4
20%1)
If % women in senior executive positions in 2026 is ≥ 37%, then metric ratio is 1.25
If % women in senior executive positions in 2026 is ≥ 36% but <37%, then metric ratio is
1 – 1.25D
If % women in senior executive positions in 2026 is ≥ 34% but <36%, then metric ratio is 0 – 1D
If % women in senior executive positions in 2026 is < 34%, then metric ratio is 0
2)
If number of financially included peopleE between 2024 and 2026 (in million) is ≥ 6,3, then metric ratio is 1.25
If number of financially included peopleE between 2024 and 2026 (in million) is ≥ 5,3 but <6,3, then metric ratio is 1 – 1.25D
If number of financially included peopleE between 2024 and 2026 (in million) is ≥ 3,5 but <5,3, then metric ratio is 0 – 1D
If number of financially included peopleE between 2024 and 2026 (in million) is < 3,5, then metric ratio is 0
3)
If socially responsible investmentF in 2026 is ≥ 21%, then metric ratio is 1.25
If socially responsible investmentF in 2026 is ≥ 18% but < 21%, then metric ratio is 1 –1.25D
If socially responsible investmentF in 2026 is ≥ 15% but < 18%, then metric ratio is 0 –1D
If socially responsible investmentF in 2026 is < 15%, then metric ratio is 0
4)
If finance raised and facilitatedG (in EUR billions) between 2024 and 2026 is ≥ 180, then metric ratio is 1.25
If finance raised and facilitatedG (in EUR billions) between 2024 and 2026 is ≥ 150 but < 180, then metric ratio is 1 –1.25D
If finance raised and facilitatedG (in EUR billions) between 2024 and 2026 is ≥ 110 but < 150, then metric ratio is 0 –1D
If finance raised and facilitatedG (in EUR billions) between 2024 and 2026 is < 110, then metric ratio is 0
A. TSR refers to the difference (%) between the final and initial values of capital invested in ordinary shares of Banco Santander. The final value is calculated based on the dividends or other similar concepts (such as the Santander Scrip Dividend programme) shareholders receive for this investment during the corresponding period -as if they had invested in more shares of the same type at the first date on which the dividend or similar concept was payable to shareholders- and the weighted average share price at that date. To calculate TSR, the weighted average daily volumes of the weighted average listing prices for the fifteen trading sessions prior to 1 January 2024 (exclusive) is considered (to calculate the initial value) and the fifteen trading sessions prior to 1 January 2027 (exclusive) (to calculate the final value). The peer group consists of BBVA, BNP Paribas, Citi, Crédit Agricole, HSBC, ING, Itaú, Scotia Bank and Unicredit.
B. Straight-line increase in the RoTE ratio based on the percentage of specific RoTE in 2026 within this bracket of the scale.
C. Proportional increase in the TSR ratio based on the number of positions moved up in the ranking.
D. Increase of the coefficient is proportional to its position on this line of the scale.
E. Financial inclusion: the banking proposals or tailored finance refer to the number of people unbanked, underbanked, in financial distress or with difficulty to access credit to whom we provide tailored access and finance solutions, aiming to meet local financial inclusion needs in a recurrent, comprehensive, affordable and effective way.
F. Assets under management that meet the criteria of Santander’s Sustainable Finance and Investment Classification System (SFICS) as a percentage of total assets under management.
G. Grupo Santander's contribution to our customers’ transition (2024-2026): CIB green finance raised and facilitated (target), Retail & Commercial banking green finance and sustainable linked-loans, and Digital Consumer Bank green finance.

To determine the annual amount of the deferred portion linked to objectives corresponding to each executive director in 2028, 2029 and 2030, the following formula shall be applied to each of these payments ('final annuity') without prejudice to any adjustment deriving from the malus clauses:
Final annuity = Amt. x (2/5 x A + 2/5 x B + 1/5 x C)
where:
•'Amt.' is one third of the variable remuneration amount deferred conditional on performance (i.e. Amt. will be 12% of the total variable pay set in early 2025).
•'A' is the RoTE coefficient according to the scale in the table above, based on RoTE at year-end 2026.
•'B' is the TSR ratio calculated as the scale in the table above, according to the relative performance of Banco Santander’s TSR within its peer group in 2024- 2026.
•'C' is the coefficient resulting from the sum of weighted coefficients for each of the four sustainability targets for 2026 described above.
•In any event, if the result of (2/5 x A + 2/5 x B +1/5 x C) is greater than 1.25, the multiplier will be 1.25.
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v) Malus and clawback
Deferred amounts (whether or not contingent on multi-year targets) will be earned if the beneficiary continues to work with the Group4, and none of the circumstances triggering malus clauses arise before each payment, according to the section on malus and clawback clauses in the remuneration policy.
Similarly, Banco Santander can clawback any paid variable amounts in the scenarios and for the period dictated by the terms and conditions in the said policy.
Variable remuneration for 2024 can be clawed back until the beginning of 2031.
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:
Category
Factors
Risk
Significant failures in risk management by Banco Santander, or by a business or risk control unit.
Capital
An increase in capital requirements at the Banco Santander or one of its business units not planned at the time that exposure was generated.
Regulation and internal codes
Regulatory penalties or legal convictions for events that might be attributable to the unit or staff responsible for them. In addition, failure to comply with Banco Santander’s internal codes of conduct.
Conduct
Improper conduct, whether individual or collective. Negative effects deriving from the marketing of unsuitable products and the liability of persons or bodies making such decisions will be considered especially significant.
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 application of malus or clawback clauses for executive directors shall be determined by the board of directors, at the proposal of the remuneration committee, and cannot be proposed once the retention period for the final payment in shares under the plan has elapsed in early 2031. Therefore, the board determines the specific deferred incentive amount to be paid as well as any amount that could be subject to clawback, upon on the
remuneration committee’s recommendation and depending on the level of compliance with the conditions for applying malus clauses.
C. Main features of the benefit plans
Executive directors participate in the defined contribution pension scheme created in 2012, which covers contingencies due to retirement, disability and death.
According to the 2012 system, contracts for Ana Botín and other senior managers with defined benefit pension obligations were transformed into a defined contribution system. The new system gives executive directors the right to receive benefits upon retirement, even if they are not active at Banco Santander at the time, based on contributions to the system. It also replaced their previous right to receive a pension supplement in the event of retirement.
The initial contribution for Ana Botín in the new defined contribution pension scheme corresponded to the market value of the assets for which the provisions for due obligations were recognized when the previous pension commitments had been transferred to the new pension scheme.
Every year since 2013, Banco Santander has been contributing to the pension scheme for executive directors and other members of the executive team in proportion to their pensionable bases until their departure from the Group, retirement, death or disability. In general terms, the pensionable base for executive directors is the sum of their fixed remuneration plus 30% of the average of their last three variable remuneration amounts. Contributions will be 22% of pensionable bases in all cases.
This means complying in both cases 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.
For Héctor Grisi, CEO from 1 January 2023, since he has been in the position for two years, the calculation of the variable portion was done using the average of the last two variable remuneration amounts.
Pursuant to remuneration regulations, contributions calculated on the basis of variable remuneration are subject to the discretionary pension benefits scheme. Therefore, under the policy, malus and clawback clauses can be enforced on them in place at any given time and during the same period in which variable remuneration is deferred. Furthermore, these contributions must be invested in Banco Santander shares for five years from the date of the executive director's retirement, or from the date on which the executive directors leave the group. Once that period has elapsed, the amount invested in shares will be paid to them or their beneficiaries if some contingency covered by the pension scheme was happened or will be added to the remainder of their
4 When the beneficiary’s relationship with Banco Santander or another Group entity terminates because of retirement, early retirement or pre-retirement; a dismissal ruled by the courts to be wrongful; unilateral withdrawal for good cause by an employee (which includes the situations set forth in article 10.3 of Royal Decree 1382/1985, of 1 August, governing the special relationship of senior management, for the persons subject to these rules); permanent disability or death; mandatory redundancy; or because an employer other than Banco Santander ceases to belong to Grupo Santander, the right to receive shares and deferred amounts in cash and any amounts of the deferred amounts in cash adjusted for inflation will remain under the same conditions in force as if none of such circumstances had occurred. In the case of death, the right will pass to the beneficiary’s heirs.
In cases of justified temporary leave due to temporary disability, suspension of contract due to maternity or paternity leave, or leave to care for children or a relative, there will be no change in the beneficiary’s rights. If the beneficiary goes to another Group company (even through international assignment and/or expatriation), these rights will likewise not change. If the relationship terminates by mutual agreement or because the beneficiary obtains a leave not mentioned above, the terms of the termination or temporary leave agreement will apply.
None of the above circumstances shall give the right to receive the deferred amount in advance. If the beneficiary or the successors thereof maintain the right to receive the deferred remuneration in shares and cash and, where applicable, the amounts arising from the adjustment for inflation of the deferred amounts in cash, it shall be delivered within the periods and under the terms provided in the rules for the plans.
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cumulative balance until their retirement age when the total amount will be paid.
The benefit plan is outsourced to Santander Seguros y Reaseguros, Compañía Aseguradora, S.A. The economic rights of the directors previously mentioned belong to them even if they are not active at Banco Santander at the time of their retirement, death or disability. Their contracts do not stipulate any severance payment outside the extent of the law for termination of contract.
The provisions recognised in 2024 for retirement pensions amounted to EUR 2,445 thousand (EUR 2,110 thousand in 2023), as broken down below.
EUR thousand2024 2023 
Ana Botín1,339 1,144 
Héctor Grisi1,105 966 
Total2,445 2,110 
The amounts corresponding to each director as of 31 December 2024 and 2023 in the pension scheme are:
EUR thousand2024 2023 
Ana Botín54,731 49,257 
Héctor Grisi1,299 585 
José Antonio Álvarez20,326 19,495 
Total76,356 69,338 
D. Other remuneration
Grupo Santander also takes out insurance policies for life, health and other contingencies for its executive directors. This other remuneration component includes the fixed supplement approved for Ana Botín to replace the supplementary benefits from the pension scheme eliminated in 2018, in addition to the cost for insuring death or disability until they retire. Directors are covered under the Group’s civil liability insurance policy.
Note 5 to the Group’s consolidated financial statements describes other benefits received by executive directors in detail.
E. Shareholdings
In 2016, on the remuneration committee’s recommendation, the board of directors approved a shareholding policy to better align executive directors with shareholders’ long-term interests.
According to this policy, in addition to the executive directors’ commitment to maintaining a significant holding of shares in Banco Santander for as long as they have their role, executive directors have five years to demonstrate that their personal assets include shares in Banco Santander that amount (net of taxes) to twice their gross annual salary on that date. The following table show the ratio, with a share price of EUR 4.4655:
2024
Gross annual salary (thousand)Number of shares (thousand)
Number of times
Ana Botín3,43533,40043.4
Héctor Grisi
3,1502,1243.0
Likewise, in addition to the regulatory obligation for executive directors not to sell the shares they receive as remuneration for a year from their award, which is included in the shareholding policy, and will apply to all cases, this policy has also been updated in 2020 to include the obligation for executive directors not to sell the shares they receive as remuneration for a period of three years from their award date, unless the executive director already holds Banco Santander shares for an amount equivalent to twice his/her annual salary.
F. Remuneration of board members as representatives of Banco Santander
The executive committee resolved that the remuneration accrued by executive directors who represent Banco Santander on boards of companies where it owns equity and were appointed after 18 March 2002 will accrue to the Group. No executive director received remuneration for this type of representation in 2024.
The following table includes the remuneration received by non-executive directors on a personal basis in other Group entities:
DirectorPositionRemuneration
Homaira Akbari
Member of the board of Santander Consumer USA
Holdings, Inc.
USD 100 thousand (EUR 96 thousand)
Member of the Board of PagoNxt, S.L.
EUR 200 thousand
Henrique de Castro
Member of the Board of PagoNxt, S.L.
EUR 200 thousand
José Antonio Álvarez
Member of the Board of PagoNxt, S.L.
EUR 200 thousand
Member of the Board of Banco Santander (Brasil) S.A.
BRL 1,135 thousand (EUR 183 thousand)
Pamela Walkden
Member of the Santander UK,
plc and Santander UK Group Holdings Limited
GBP 109 thousand (EUR 129 thousand)
Likewise, Luis Isasi received EUR 1,000 thousand for his role as non-executive Chair of the Santander España business unit and for attending its board and committee meetings (amount included in the chart below as "other remuneration" as it is paid by Banco Santander, S.A.).
And finally, José Antonio Álvarez received a fixed remuneration of EUR 1,750 thousand as strategic adviser of Grupo Santander, as well as the life and health insurance contributions and the supplement for having waived the death and disability policy disclosed in the table in section G below.
G. Individual remuneration of directors for all items in 2024
Below is a breakdown of each director’s short-term salary (payable immediately) and deferred remuneration not based on long-term performance for 2024 and 2023. Statistical information on remuneration required by the CNMV (9.5) and Note 5 to the Group’s consolidated financial statements contains disclosures on shares delivered in 2024 under the deferred remuneration schemes of previous years where conditions for their delivery were met in the related years.

5 This share price corresponds to the share price as of closing of stock markets on 31 December 2024.
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EUR thousand
Directors20242023
Bylaw-stipulated emolumentsSalary and bonus of executive directorsTotalTotal
Board and board committees annual allotmentBoard and committee attendance feesFixed SalaryImmediate payment bonus (50% in instruments)Deferred payment bonus (50% in instruments)TotalPension Contribution
Other remunerationF
Ana Botín312563,4353,7022,2219,3581,3391,06212,12711,544
Héctor Grisi296563,1502,5581,5357,2431,1054379,1378,257
José Antonio Álvarez32656—————3,3163,6983,553
Glenn Hutchins60397——————700372
Bruce Carnegie-BrownA
4631——————78576
Homaira Akbari19788——————285265
Javier BotínB
9846——————144137
Sol Daurella20488——————292249
Henrique de Castro197103——————300284
Gina Díez15471——————225211
Luis Isasi339101—————1,0001,4401,417
Ramiro MatoC
21160——————271518
Belén Romana471128——————599572
Pamela Walkden276105——————381341
Germán de la Fuente238100——————338271
Carlos BarrabésD
97 31 — — — — — — 128 — 
Antonio WeissE
5022——————72—
Total 20244,1151,2406,5856,2603,75616,6012,4445,81530,214—
Total 20234,2381,0976,2716,0003,60015,8712,1105,251—28,567
A. Stepped down as director on 22 March 2024.
B. All amounts received were reimbursed to Fundación Botín.
C. Stepped down as director on 27 June 2024.
D. Member of board of directors since 27 June 2024.
E. Member of board of directors since 27 June 2024.
F. Other remuneration includes for Luis Isasi EUR 1,000 thousand for his role as non-executive Chair of the Santander España business unit and for attending its board and committee meetings. For José Antonio Álvarez, this amount includes remuneration as strategic advisor of Grupo Santander, life and health insurance contributions (EUR 856 thousand) and the supplement for having waived the death and disability policy (EUR 710 thousand).
The following table provides each executive director’s salary contingent on multi-year targets. It is only paid if they remain active in the group, malus clauses do not apply and set multi-year targets are achieved (as depending on their achievement, the amounts will be increased (limited to 125%), reduced, or even be zero, if the related minimum thresholds are not achieved):
EUR thousand
2024 2023 
Ana Botín2,332 2,243 
Héctor Grisi1,611 1,537 
Total3,943 3,780 
A. Fair value of the maximum amount receivable over a total of 3 years (2028, 2029 and 2030), which was estimated when the plan was granted, based on several scenarios relating to variables in the plan during the measurement periods.
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H. Ratio of variable to fixed pay components in 2024
At the 2024 AGM, shareholders approved a maximum ratio of 200% of variable to fixed components in executive directors’ pay.
The table below shows the ratio of variable components to fixed components for each executive director’s total pay in 2024. This ratio increased slightly from 2023 by 3 pp for Ana Botín and decreased 11 pp for Héctor Grisi.
25741 25747
2023
2024
For these purposes:
•Variable components include all items of this nature, such as any contributions to the pension scheme calculated on directors’ variable pay.
•Fixed components consist of the other items each director receives for executive duties, including contributions to pension schemes calculated on the basis of fixed remuneration and other benefits, as well as all Bylaw-stipulated emoluments that the director is entitled to receive in his or her capacity as such.
I. How we include sustainability metrics in 2024 variable incentive scheme
Banco Santander's current remuneration policy is designed to align executive pay with our strategic goals, including long-term sustainability. The policy incorporates mechanisms that link variable remuneration to the achievement of financial, sustainability, and value creation objectives. These objectives are specific, measurable, and aligned with the bank's interests, encompassing environmental, social, and governance (sustainability) factors.
Sustainability metrics are included in the two different incentive schemes, the short-term incentive and the long-term incentive. Both structures are in place to reward performance and promote a balance between immediate results and sustainable growth over time.
1.Short-term incentive (measured by the Bonus pool result):
•Variable pay calculated against annual quantitative metrics and a qualitative assessment based on objective factors, while also considering individual performance. We consider sustainability accomplishments in the qualitative assessment, with a weight of +/- 5%.
•Our top 236 Groups' executives (including the Executive Chair and CEO), as well as employees of the global Corporate Centre and global corporate centres of our subsidiaries, are subject to this general Bonus pool framework and their respective local adaptations.
•The proposed parameters for sustainability performance reviews aim to reward progress both in key metrics and in embedding sustainability in management. For the 2024 award, the sustainability component of the qualitative assessment considered the following sustainability-related accomplishments vs the targets budgeted for the year: progress with inclusive culture, financial inclusion, sustainable business volume, climate and governance and data.
2.Long-term incentive:
•A portion of variable compensation (36%), which is deferred and earned based on the achievement of pre-determined multi-year goals, including sustainability metrics (for the 2024 award, 20% of total multi-year goals). These metrics are progress with inclusive culture, financial inclusion, socially responsible investment and supporting the transition to a low carbon economy (for more details, please see section 6.3.B iv)).
•Our top 36 Groups' executives have their long-term incentive linked to these metrics, including the Executive Chair and CEO.
J. Comparative analysis of directors' remuneration, company performance and average remuneration of employees
This chart summarizes directors’ compensation (short-term remuneration, deferred variable remuneration and/or deferred variable remuneration linked to multi-year targets included, excluding pension contributions) for executive duties in relation to underlying attributable profit as evidenced below. The weight of executive directors’ remuneration relative to underlying attributable profit continues to decline since 2013.
Ratio of executive directors’ total remuneration to underlying attributable profit
RetribucionConsejerosENG.jpg
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The following chart shows the comparative analysis between the directors' remuneration, the company performance (underlying profit attributable to the Group, audited profit before taxes and ordinary ROTE) and the average remuneration of Santander employees (other than directors and in a full time equivalent basis) in the last 5 years:
Directors' remuneration1 (EUR thousand)
2024
% var. 24/23
2023
% var. 23/22
2022% var. 22/212021% var. 21/202020
• Executive Directors
Ana Botín12,1275%11,5445%11,001(4)%11,43568%6,818
Héctor Grisi
9,13711%8,257——————
• Non-Executive Directors2
José Antonio Álvarez3,6984%3,553(61%)9,086(1%)9,16052%6,018
Glenn Hutchins
70088%372—%10—%——%—
Bruce Carnegie-BrownA
78(86%)576(18%)700—70018%595
Homaira Akbari2858%2659%244(2%)24823%202
Javier BotínB
1445%1376%129—1296%122
Sol Daurella29217%2498%230(4%)23912%214
Henrique de Castro3006%2849%261(2%)26723%217
Gina Díez Barroso2257%21123%17232%130—4
Luis IsasiC
1,4402%
1,417E
—
1,412E
—
1,406E
49%943
Ramiro MatoD
271(48%)5184%500—49916%430
Belén Romana5995%5724%5493%53328%417
Pamela Walkden38112%3416%3237%30342%214
Germán de la Fuente
33825%271—137————
Carlos BarrabésE
128————————
Antonio WeissF
72————————
Company’s performance
Underlying profit attributable to the Group (EUR mn)12,57414%11,07615%9,60511%8,65470%5,081
Consolidated results of the Group3 (EUR mn)
19,02716%16,4598%15,2505%14,547—(2,076)
Ordinary RoTE16.27%8%15.06%13%13.37%5%12.73%71%7.44%
Employees' average remuneration4 (EUR thousand)
615%583%561%5618%47
Employees' average remuneration in Spain5 (EUR thousand)
753%736%6810%62(2%)63
1. Deferred variable remuneration linked to long-term objectives is not included.
2. Non-executive directors' remuneration fluctuations are caused by joining or leaving the board of directors and the difference in the amount of meetings they assist during the year. Hence there is no correlation between their remuneration and the company performance.
3.Group operating profit/(loss) before tax.
4. Employee average remuneration includes all concepts, including other remuneration. Normally the increases or decreases in remuneration are greater for the executive directors, depending on the results of the entity, because the percentage of variable remuneration over fixed remuneration in an average employee is lower than that of the executive directors. Variable remuneration data accrued in the current year, both for employees and executive directors. Evolutive data also impacted by exchange rate performance in the group's geographies. Full time equivalent data considered.
5.Total employees in Spain geography. Fixed remuneration + effective bonus received in the year. Not all concepts are included. Not impacted by exchange rates.
A. Stepped down as director on 22 March 2024.
B. All amounts received were reimbursed to Fundación Botín.
C. Includes EUR 1,000 thousand for his role as non-executive Chair of the Santander España business unit and for attending its board and committee meetings.
D. Stepped down as director on 27 June 2024.
E. Member of board of directors since 27 June 2024.
F. Member of board of directors since 27 June 2024.

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K. Performance of the long-term metrics under the 2021 plan (2021-2023)
In 2024, the board of directors, at the remuneration committee’s recommendation, approved the level of performance of the long-term metrics for the sixth cycle of the deferred multi-year objectives variable remuneration plan (2021). The table below details each metric and its result at the close of period.
Metric
Target
Result
Coefficient
Weight
Weighted coefficient
CET1 fully loaded in 2023
12%
12.3%
100%
1/3
33.3%
Earnings per share growth in 2023 vs 2020
100%
149.6%
150%
1/3
50%
TSR in 2021-2023
33 - 66 percentile
(0% and 100%)
Percentile 33
25%
1/3
8.3%
Total
91.6%
L. Summary of link between risk, performance and remuneration
Banco Santander's remuneration policy and its application in 2024 have promoted sound and effective risk management, at the same time as supported the fulfilment of long-term business objectives.
The key elements of the remuneration policy for executive directors making alignment between risk, performance and reward in 2024 were as follows:
Key words
Aspect aligning risk, performance and remuneration
Metrics balanceThe balance of quantitative metrics and qualitative assessments, including customer, risk, capital and profitability in relation to risk, used to determine the executive directors’ variable remuneration.
Financial thresholdsThe adjustment to variable remuneration if certain financial thresholds are not reached, which may limit the variable remuneration to 50% of the previous year's amount or lead to it not being awarded at all.
Long-term objectives
The long-term objectives linked to the last three portions of the deferred variable remuneration. These objectives are directly associated with return to shareholders relative to a peer group, return on tangible equity (RoTE) and the five targets linked to our sustainability agenda.
Individual performanceThe discretion of the board to consider the performance of each executive director in the award of their individual variable remuneration.
Variable remuneration cap200% of fixed remuneration.
Control functions involvement
The work undertaken by the human resources committee aided by senior managers leading Control functions in relation to the analysis of quantitative metrics information and undertaking qualitative analysis.
Malus and clawback
Malus can be applied to unvested deferred pay and clawback can be applied to vested or paid compensation under the conditions dictated by the Group’s remuneration policy.
Shareholding policy
We have demanding executive stock ownership requirements whereby they have the obligation to hold an amount of Santander shares of at least twice their annual salary, thus reducing the incentive for short-term risk taking.
Payment in instruments
At least 50% of variable pay is in instruments and subject to retention or prohibition from exercise of at least one year from their delivery.
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6.4 Directors' remuneration policy for 2025, 2026 and 2027
Remuneration policy principles and remuneration system
A. Directors' remuneration in their capacity as such
Director’s remuneration is regulated by article 58 of Banco Santander’s Bylaws and article 33 of the Rules and regulations of the board of directors. For 2025, 2026 and 2027, no changes to the principles and composition of directors’ remuneration for supervisory and collective decision-making duties are planned with respect of those in 2024. They are described in sections 6.1 and 6.2.
B. Executive directors' remuneration
Executive directors are entitled to be paid the remuneration (e.g., salaries, incentives, bonuses, severance payments for early
termination from such duties, and amounts to be paid by Banco Santander for insurance premiums or contributions to savings schemes) deemed appropriate for performing executive functions following a proposal from the remunerations committee and by resolution of the board of directors, subject to the limits set by law.
C. Shareholder engagement
In response to the lower-than-usual support our 2024 remuneration policy proposal received in the 2024 annual general meeting, we engaged with a significant portion of our shareholders and proxy advisors to discern and address any concerns related to remuneration. These engagement efforts are described in greater detail on the introduction section of this chapter.
As a result of these conversations, the remuneration committee proposed several changes to the remuneration structure of the executive directors for the 2025 incentive award and beyond, as well as updates to our disclosure:
Key issues raised by shareholders
Actions taken in response
→Investors expressed their wish to increase the weight of the long-term components of variable remuneration.
•First, to provide even greater alignment with shareholders, the portion of variable remuneration paid in equity will be increased from 50% to 60%. In this regard, in 2025, for executive directors, variable remuneration will be paid 40% in cash and 60% in instruments, the latter whose long-term valuation replicate the interests of our shareholders. The portion they will receive in instruments is split as follows:
i.EUR 500 thousand and EUR 420 thousand in PagoNxt, S.L. RSUs for Ana Botín and Héctor Grisi, respectively.
ii.The rest, all in shares of Banco Santander.
•Second, to strengthen the long-term vision and value creation of the company, the percentage of variable pay subject to long-term metrics will be increased from 36% to 40%.
•And third, to increase the alignment with shareholders return, we have increased the weight of the relative TSR long-term performance metric from 40% to 50%.
 



→Investors viewed favourably that we had increased the minimum relative TSR (rTSR) vesting from 33rd percentile to 40th percentile. Still, several indicated a preference for no vesting below median peer performance levels.
•Starting with the 2025 awards, we have increased the minimum vesting threshold for rTSR from 40th percentile to 50th percentile.
→Some investors raised how executive remuneration levels are determined.
•Santander has enhanced the remuneration disclosures to provide further detail on our Committee’s process for setting the Remuneration Policy.
•This report contains further explanations detailing how executive remuneration is set and how pay is aligned with performance, including the peer selection criteria for this analysis. Santander follows a rigorous process that includes an annual review of comparative market data to ensure our pay remains competitive in the marketplace.
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The remuneration committee proposes to maintain the current long-term performance metrics, thus prioritizing shareholder returns and the Group's profitability in the long-term, as well as the sustainability of the balance sheet and its activities and how we carry them out. Therefore these metrics will continue to be:
•Relative performance of Banco Santander's total shareholder return (TSR) compared to our peer group. Its weight is increased from 40% to 50% of the total.
•Return on tangible equity (RoTE), as an indication of long-term value creation. Its weight will be 30% of the total.
•Four sustainability metrics linked to the progress we make on our targets to implement the Group's agenda in this sense. Their weight will be 20% of the total.
And the maximum achievement ratio will also remain at 125% so executives have the incentive to exceed their targets; however, the maximum achievement ratio for effectively paid remuneration will not exceed the thresholds approved at the AGM.
The following table shows the remuneration structure for 2025 of both executive directors, according to the aforementioned changes:
2025 AWARD
Component
Gross Annual SalaryFixed
Board of
Directors'
by-law stipulated
emoluments
Fixed
Pension Contribution
Fixed &Variable
Rest of components
Fixed
Variable remuneration

(Target Bonus
 x
 Achievement level of Bonus pool
+/-
Individual performance)
Upfront
Deferred
Cash/ Shares (%)
arrowDeferred.gif
Feb N+1
N+2
N+3
N+4
N+5
N+6
40%10%10%13.33%13.33%13.33%
EuroAccount.gif 20%
SantanderFlameBranch.gif 20%
EuroAccount.gif 5%
SantanderFlameBranch.gif 5%
EuroAccount.gif 5%
SantanderFlameBranch.gif 5%
EuroAccount.gif 3.33%
SantanderFlameBranch.gif 10%
EuroAccount.gif 3.33%
SantanderFlameBranch.gif 10%
EuroAccount.gif 3.33%
SantanderFlameBranch.gif 10%
40%
60%
New
40%
New
arrow36.gif
Additionally subject to long-term goals achievement
rTSR
50%
RoTE
30%
Sustain-ability
20%
New
 arrowAllYellow.gif
 Malus/Clawback clauses
 arrowAllRed.gif
All payments in shares1 are subject to a one-year retention period and the prohibition of hedging
EuroAccount.jpg Cash SantanderFlameBranch.jpg Shares
1.Executive directors also have the obligation to hold them for three years from their award date, unless the director already holds shares for an amount equivalent to 200% of their net annual salary (calculated on the basis of their gross annual salary). In such case, the regulatory obligation to hold shares is for one year from their grant date.

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Moreover, to strengthen a strategic line that is key to Banco Santander's future, and with the aim of providing a strong alignment with PagoNxt's success, the Executive Chair and the Chief Executive Officer will continue to receive restricted stock units (RSUs) of PagoNxt, S.L.
The RSUs substitute part of their variable pay instruments in Banco Santander shares without increasing their total pay and will not represent more than 10% of their variable pay.
Specifically, as regards 2025, Ana Botín would receive the equivalent of EUR 500 thousand in RSUs, and Héctor Grisi would receive the equivalent of EUR 420 thousand in RSUs, in accordance with PagoNxt, S.L.'s long term incentive plan. Each RSU would grant the right to a share in PagoNxt, S.L. or the holding entity of its group (or its equivalent in cash) at the moment when, according to such plan, a liquidity event, a repurchase or a liquidation of such instruments takes place.
This plan is subject to the same principles of risk alignment, variable remuneration caps, deferrals and malus and clawback as the incentive which applies to executive directors described herein, but with payment being done in PagoNxt S.L. instruments.
Also, as detailed at the beginning of chapter 6.3, Banco Santander conducts an annual comparative review of executive directors’ and top management remuneration. In 2025, the peers that comprise the review are BBVA, BNP Paribas, Citi, Crédit Agricole, HSBC, ING, Itaú, Scotiabank and Unicredit, based on their market capitalization, global scale, brand recognition, geographical diversification, business model and regulatory framework. The incorporation of US and Brazilian banks is justified by the strong presence of Banco Santander in those countries, where Santander is listed (on the New York Stock Exchange and Brazilian Stock Exchange of São Paulo).
Our findings show that Banco Santander does not award its executive directors any remunerative components outside of common market practice.
Principle of equal pay for equal work and equal employment conditions for Santander executives and employees
Santander applies the equal pay principle included in the Corporate remuneration policy of Grupo Santander for executive directors and employees alike, which forbids any type of differential treatment that is not exclusively based on an assessment of performance results and corporate behaviours, and promotes equal pay for men and women.
Furthermore, our remuneration framework rewards Santander employees for their contribution based on such common principles as:
•Meritocracy: Non-discrimination based on sex, age, culture, religion or ethnicity.
•Consistency: Remuneration consistent with the level of responsibility, leadership and performance within the Group, to promote retention of key professionals and attract the best talent.
•Sustainability: A remuneration framework that is sustainable in terms of associated costs, cost control, and related objectives (as described in the policy) that ensure variable remuneration is commensurate with the Group's performance, disincentivize
short termism and promote long-term sustainability. The remuneration scheme for the 1,246 Corporate Identified Staff also includes deferrals of up to 60% of their variable remuneration, payment of 50% of their variable remuneration in instruments (subject to one-year retention) and malus and clawback clauses.
Also, performance objectives for annual variable remuneration have included since 2020 sustainability components. From 2022, with the purpose of increasing focus on the Group's sustainability agenda and highlight this matter as a core long-term strategy, sustainability metrics are included (described in the next section) for the last deferred variable remuneration payments.
•Social responsibility: Employees’ pay cannot be lower than the legal minimum wage or the living wage in the country where they work. Additionally, in order to give our social responsibility prominence in remuneration, the Group’s responsible banking objectives for employee remuneration include the people financially included metric.
•Performance-based pay: Variable remuneration is subject to the achievement of (i) annual objectives (set out in section 6.4.B.ii.B), which reflect customer and profitability strategy, promote proper risk management and cost-effective capital allocation, and discourage short-term management focus; and (ii) long-term objectives (see section 6.4.B.ii.B), which support a sustainable balance sheet, shareholder return, the Group’s profitability and sustainability of the Group's activities and the way they are carried out.
Directors’ remuneration for 2025
A. Directors' remuneration in their capacity as such
In 2025, directors, in their capacity as such, will receive remuneration for supervisory and collective decision-making duties for a total of up to EUR 6 million as authorised by the shareholders at the 2024 AGM (which will again be put to a vote at the 2025 AGM). It consists of:
•annual allocation, and
•attendance fees.
For 2025, the board of directors, on the remuneration committee’s recommendation, approved a 3% increase (in respect of 2024) to the annual allotments for the board (chair and members) and its committees (including the executive committee), as well as to the amount allocated to the role of Lead Independent Director and non-executive vice chair and to attendance fees. This increase (aligned with the average remuneration increase of the Group’s staff in Spain in 2024 vs 2023) compensates the greater time commitment of board members, compared to those of other comparable banking groups, as the last market analysis we conducted alongside an independent expert concluded.
The specific amounts and the form of payment are determined by the board of directors in the manner described in the respective 6.2 section of the Annual report, based on the objective circumstances of each director.
Additionally, as indicated in the description of the director remuneration system, Banco Santander will pay its directors’ the corresponding civil liability insurance premium in 2025. The related
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policy is common to all executives and was taken out under usual market condition, proportionate to Banco Santander's situation.
B. Executive directors' remuneration for the performance of executive duties
i) Fixed remuneration components
A) Gross annual salary
As part of the annual review of the target compensation of our executive directors, and on the remuneration committee's recommendation, the board has decided not to increase their gross annual salaries, which they believe are competitive based on market data for our peer group and appropriate given their roles and capabilities as well as the Group's performance.
Likewise, their gross annual salary amounts may increase owing to adjustments made to the fixed remuneration mix based on the criteria approved by the remuneration committee, provided this does not entail any cost increase for Banco Santander.
B) Other fixed remuneration components
•Benefit systems: defined contribution schemes as set out in section 'Benefit schemes'6.
•Supplement to fixed salary: Ana Botín will receive EUR 525 thousand as a supplement to her fixed pay in 2025. This was approved in 2018 when the supplementary death and disability pension schemes were eliminated. Héctor Grisi will not receive any supplement of this kind.
•Social welfare benefits: executive directors will also receive social welfare benefits such as life insurance premiums, travel grants, medical insurance and the allocation of remuneration to employee loans, in accordance with Banco Santander’s general policy for senior management, and in the same terms as the rest of employees.
•Likewise, Banco Santander makes available to directors the human and material means required or considered appropriate for carrying out their duties (including any travel required for the exercise of their role). Any eventual private use of these means by the executive directors is duly paid by them under the similar terms and conditions that would be applied to third independent party under the supervision of the audit committee. This information can also be found under the 'Benefit plans' section.
ii) Variable remuneration components
The board approved the policy on executive directors' variable remuneration for 2025 on the remuneration committee's recommendation, based on the remuneration policy principles described at the beginning of this section 6.4.
Executive directors’ variable remuneration consists of a single incentive scheme, linked to the achievement of short-and long-term objectives. It is structured as follows:
•The final amount of variable remuneration will be set at the start of the following year (2026) based on the target bonus amount and subject to compliance with the annual objectives described under section B) below.
•40% of the incentive will be paid immediately once the final amount has been set, and 60% will be deferred in equal parts paid out over five years and subject to long-term metrics:
•The amount deferred over the first two years (20% of the total) will be paid in 2027 and 2028 on the condition that no malus clauses described under section 6.3 B v) are triggered.
•The amount deferred over the next three years (40% of the total) will be paid in 2029, 2030 and 2031, on the condition that no malus clauses are triggered and long-term targets –described in section D) Deferred incentive subject to long-term performance objectives– are met.
The Group can clawback incentives already paid in the cases and during the term set out in its malus and clawback policy, described under section 6.3. B) v).
Exceptionally, when a new executive director joins Banco Santander, his/her variable pay may include a sign-on bonus and/or buyouts.
Variable components in executive directors’ total remuneration for 2025 cannot exceed the limit of 200% of fixed components submitted for approval to the 2025 AGM. However, under EU regulations on remuneration, certain variable components can be excluded.
The proportion of fixed and variable remuneration elements of Banco Santander executive directors is due to the European regulation set out in the CRD V directive. In this sense, the setting of higher fixed amounts than other executive directors of non-EU banks within our peer group is due precisely to the non-requirement of this limit 2:1 of variable/fixed components for non-EU banks.
A. Target bonus
Variable remuneration for executive directors in 2025 will be set based on bonus pool results versus items detailed in the scorecard herein, their individual target bonus and the achievement of their individual objectives, which for 2025 among others include, both for the Executive Chair and the CEO, the ones to continue consolidating the management of the Group through our five global businesses.
As part of the annual review of the target compensation of our executive directors, and on the remuneration committee's recommendation, the board has decided not to increase their target bonuses for the same reasons that their gross annual salaries were not increased.
B. Setting of final variable remuneration based on yearly results
The executive director' 2025 variable remuneration will be based on the results for the following items within an updated scorecard:
1.Three categories of quantitative metrics (business transformation, capital and sustainable profitability) to increase alignment with shareholder value creation and capital generation. The main changes adopted in 2025 are:
i.the removal of the total customers metric, leaving active customers, to prioritize profitability further;
6 As indicated in the next section, executive directors contribution to the benefit systems includes both fixed and variable components
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ii.the inclusion of cost per active customer (instead of total costs) to keep the focus on appropriate costs management to succeed in transformation, while connecting it with our profitable customers;
iii.the replacement of revenue per active customer with fees over costs to incentivize growing in a business with lower capital consumption and reducing costs (so when rates come down, earnings are not depressed); and
iv. the inclusion of RoRWA SVA (shareholder value added) in the quantitative assessment, removing RoTE from the scope, to increase alignment with shareholders.
2.A qualitative assessment with the same four components of previous year, which address regulatory requirements and the needs and concerns of our shareholders: risk and compliance, network collaboration, sustainability matters and a relative performance assessment against the market in the main financial metrics. As stated in section 6.3.b, the metrics in the qualitative assessment are measurable, objective, audited and important to executing the long-term strategy of the company. The range of adjustment related to the risk and compliance and network collaboration categories has been modified (from +/-5% in the 2024 variable remuneration framework to +/-10% in 2025) to further reinforce risk adjustments within the bonus scheme and collaboration within the Group due to its relevance for the current strategy.
3.An exceptional adjustment that must be duly supported and may involve changes owing to control and/or risk deficiencies, negative assessments from supervisors or unexpected material events.
Quantitative metrics
`+/-
Qualitative assessment
?+/-
Exceptional adjustment
Accordingly, the proposed quantitative metrics and weightings are:
Category
 MetricsA
Weighting
Transformation:
Weight: 45%
Active customers (growth)
10%
Cost per active customer
15%
Fees over costs (recurrence ratio)
20%
Capital
Weight: 25%
Capital generation
25%
Sustainable profitability
Weight: 30%
RoRWA (Return on risk-weighted assets) SVA
30%
A. For this purpose, these metrics may be adjusted upwards or downwards by the board, following a proposal from the remuneration committee, when inorganic transactions, material changes to the Group’s composition or size or other extraordinary circumstances (such as impairments, extraordinary impacts of macroeconomic environment, regulatory changes or restructuring processes) have occurred which affect the suitability of the metric and achievement scale established in each case and resulting in an impact not related to the performance of the executive directors and executives being evaluated.
And finally, to the result obtained above, we add or subtract the qualitative assessment according to this table:
Qualitative assessmentWeight
Performance vs. Market+/-10%
Compliance and Risk
'+/-10%
Network collaboration
'+/-10%
Sustainability targets
+/-5%
Lastly, as additional conditions for determining the incentive, the following circumstances must be confirmed to set variable pay:
•If the Group’s ONP for 2025 were 50% less than in 2024, variable pay would in no case exceed 50% of the benchmark incentive for 2025.
•If the Group’s ONP were negative, the incentive would be zero.
When setting individual bonuses, the board will also consider restrictions to the dividend policy imposed by supervisors.
C) Forms of payment of the incentive
Variable remuneration of executive directors will be paid 60% in instruments, split as:
•the amount of PagoNxt RSUs set for each year (which cannot exceed 10% of their variable pay); and

•the rest, all in shares of Banco Santander.

One portion will be paid in 2026 and the other will be deferred for five years and contingent on long-term metrics:
a)40% of variable remuneration is paid in 2026 net of tax, with 50% in cash and 50% in instruments.
b)60% paid, if applicable, in five parts in 2027, 2028, 2029, 2030 and 2031 (net of tax), with 33% in cash, 67% in instruments, under the conditions stipulated in section E). This is explained in more detail in the table "2025 award" at the beginning of this 6.4 section.
The final three payments, which weight has been increased from 36% of variable remuneration to 40%, will also be subject to long-term objectives described in section D) below.
Shares shall be subject to a three-years retention period, unless the executive directors already hold shares for an amount equivalent to 200% of their fix annual remuneration -in which case the regulatory one year retention period will apply.
Under the remuneration policy, the maximum number of shares will be calculated based on the daily volume-weighted average of the weighted average Santander share price in the 50 trading sessions before the last Friday (not included) before the board meeting at which executive directors’ bonus is agreed.
D) Deferred variable pay subject to long-term objectives
As indicated above, the amounts deferred in 2029, 2030 and 2031 will be paid on the condition that the group achieves its long-term targets for 2025-2027, in addition to the terms described in section E).
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As advanced in section B) on the principles of the remuneration policy, the long-term targets are:
A.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.
Ranking of Santander TSR
'TSR Ratio'
The 100th percentile
1.5
Between the 75th and 100th percentiles (not inclusive)
1 – 1.5A
Between the 50th and 75th percentiles (not inclusive)
0.5 - 1A
Less than the 50th percentile
0
A. Proportional increase in TSR coefficient within this bracket of the scale according to the number of positions moved up in the ranking.
TSR7 measures the return on shareholders’ investment. It is the sum of the change in share price plus dividends and other similar items shareholders can receive during the period.
The peer group comprises BBVA, BNP Paribas, Citi, Credit Agricole, HSBC, ING, Itaú, Scotiabank and Unicredit.
B.Banco Santander’s consolidated Return on tangible equity (RoTE) target in 2027. The RoTE ratio for this target is obtained as follows:
RoTE in 2027 (%)
‘RoTE Ratio'
≥ 18.5%
1.5
≥ 17% but <18.5%
0 – 1.5A
< 17%
0
A. Straight-line increase in RoTE coefficient within this bracket of the scale based on the specific percentage of RoTE in 2027.

C.Sustainability metrics.
In the global markets we serve, our engagement to a inclusive culture is a critical driver of our business success. We have a large, diverse customer base, and it's essential that our workforce reflects and understands the varied perspectives of our clients. Our approach to hiring, training, promoting, and retaining an appropriately aligned workforce directly impacts our ability to innovate, relate to our customers and, ultimately, deliver superior results. By fostering an inclusive environment that values different backgrounds, experiences, and viewpoints, we enhance our problem-solving capabilities, improve decision-making, and boost creativity.
Our focus on the composition of our workforce is about doing what's smart for our business because it means we are better positioned to maximize our financial performance and deliver enhanced value to our shareholders. Our success is intrinsically linked to the effectiveness of our team, making it a cornerstone of our strategy for sustained growth and profitability.
More specifically, for the 2025 incentive, the sustainability portion of the long-term incentive that is granted is determined based on performance in the following metrics and targets, which together determine the final payout of 20% of the portion of variable compensation tied to multi-year goals.
Achievement will depend on the progress made on the Group's sustainability actions lines and associated targets (described below)8:
1.Women in executive positions by 2027:
In those geographies where regulation or governmental policy does not support establishing specific inclusivity objectives, there will not be specific goals tied to incentive compensation and will not be included in the methodology or formula that determines an element of the total executive payout. In those instances, and to the extent permissible, they will be assessed with other Group’s initiatives, factors or projects as aspirational goals that can be a factor considered in making compensation decisions.
Women in executive positionsB (%)
Coefficient
≥ 39.5%
1.25
≥ 39.2% but < 39.5%
1 – 1.25A
≥ 38.4% but < 39.2%
0 – 1A
< 38.4%
0
A. Increase of the coefficient is proportional to its position on this line of the scale.
B. Executive positions make up 14% of the total workforce.
The scope of this metric has been reviewed to enhance the attraction and retention of female talent and drive meaningful change. It is essential to focus on lower levels of the organization pyramid, enabling a stronger and more robust female pipeline that supports organic and sustainable progress towards our senior roles.
2.Average annual total number of people that received financial inclusion support in the period 2025 and 2027:
Financial inclusionB (millions of people)
Coefficient
≥ 6
1.25
≥ 4.5 but < 6
1 – 1.25A
≥ 3.5 but < 4.5
0 – 1A
< 3.5
0
A. Increase of the coefficient is proportional to its position on this line of the scale.
B. Number of people unbanked, underbanked, in financial distress or with difficulty to access credit to whom we provide tailored access and finance solutions, aiming to meet local financial inclusion needs in a recurrent, comprehensive, affordable and effective way.
Financial Inclusion thresholds have shifted from accumulative to annual average because it reflects better the performance of these programs.
7TSR refers to the difference (%) between the final and initial values of capital invested in ordinary shares of Banco Santander. The final value is calculated based on the dividends or other similar concepts (such as the Santander Scrip Dividend programme) shareholders receive for this investment during the corresponding period -as if they had invested in more shares of the same type at the first date on which the dividend or similar concept was payable to shareholders- and the weighted average share price at that date. To calculate TSR, the weighted average daily volumes of the weighted average listing prices for the fifteen trading sessions prior to 1 January 2025 (exclusive) is considered (to calculate the initial value) and the fifteen trading sessions prior to 1 January 2028 (exclusive) (to calculate the final value).
8 There are thresholds that go beyond current targets, which should not be considered a revision of them, but a way to further motivate our management team, in order to progress beyond targets on sustainability main strategic lines.
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3.Socially responsible investment in 2027 as a percentage of total assets under management.
Socially responsible investmentB (%)
Coefficient
≥ 21%
1.25
≥ 19% but < 21%
1 – 1.25A
≥ 15% but < 19%
0 – 1A
< 15%
0
A. Increase of the coefficient is proportional to its position on this line of the scale.
B. Assets under management that meet the criteria of Santander’s Sustainable Finance and Investment Classification System (SFICS), over total assets under management.

4.Supporting transition. This goal includes how we support our customers' transition through sustainable finance, and the progress on transition plan:
Finance raised and facilitatedB between 2025 and 2027 (EUR bn)
Coefficient
≥ 220
1.25
≥ 165 but < 220
1 – 1,25A
≥ 120 but < 165
0 – 1A
< 120
0
A. Increase of the coefficient is proportional to its position on this line of the scale.
B. Grupo Santander's contribution to our customers’ transition: CIB green finance raised and facilitated and Retail & Commercial banking green finance and Digital Consumer Bank green finance.
To achieve beyond 100% of this goal, it is necessary to progress on Banco Santander transition plan, in order to further support our customers in their transition, including: improving climate data, progress on actions to align our portfolios, enhance sustainable product offering to address market needs, further embed climate and environmental risk, and aim to support policy action and market developments.

Each sustainability goal has a different weighting:
1. Women in executive positions: 20%
2. Financial inclusion: 20%
3. Socially responsible Investment: 10%
4. Supporting transition: 50%

C = (20% Goal 1 +20% Goal 2 +10% Goal 3 +50% Goal 4)
Finally, the following formula will be used to set the annual amount of performance-based deferred variable remuneration in 2029, 2030 and 2031 ('final annuity'), without prejudice to any adjustment deriving from the application of the malus policy (see section 6.3 B v):
Final annuity = Amt. x (5/10 x A + 3/10 x B + 2/10 x C)
where:
•'Amt.' is one third of variable remuneration deferred conditional on performance (i.e. Amt. will be 13.33% of the total incentive set in early 2026).
•'A' is the TSR ratio calculated as the scale in the table above, according to the relative performance of Banco Santander’s TSR within its peer group in 2025-2027.
•‘B' is the RoTE coefficient according to the scale in the table above, based on RoTE at year-end 2027.
•‘C’ is the coefficient resulting from the sum of weighted coefficients for each of the four sustainability targets for 2027 (see section (c) above).
•In any event, if the result of (5/10 x A + 3/10 x B +2/10 x C) is greater than 1.25, the multiplier will be 1.25.
The estimated maximum amount to be delivered in instruments to executive directors is EUR 11.5 million.
Lastly, to verify compliance with these long-term objectives, the board, following a proposal from the remuneration committee, may adjust them to remove the effects of any regulatory change to its calculation rules or any extraordinary circumstances (such as impairments, corporate transactions, share buybacks or restructuring procedures) that have occurred which affect the suitability of the metrics and achievement scales established in each case and resulting in an impact not related to the performance of the executive directors and executives being evaluated.
E) Other terms of the incentive
Payment of the deferred amounts (including those linked to long-term targets) will occur only if they remain in the Group and none of the circumstances triggering malus clauses arise (as per the malus and clawback section in the Group’s remuneration policy) under terms similar to those indicated for 2024 (detailed in section 6.3 B v)), policy expanded in 2023 to adapt it to the new regulation of US Securities Exchange Commission. Furthermore, the Group can claw back paid incentives under the scenarios, period and terms and conditions set out in the remuneration policy.
Hedging the value of Santander shares received during the retention and deferral periods is expressly prohibited.
The effect of inflation on the deferred amounts in cash may be offset.
Selling shares is also prohibited for at least one year since the delivery.
The remuneration committee may propose to the board adjustments in variable remuneration under exceptional circumstances owing to internal or external factors, such as requirements, orders or recommendations issued by regulatory or supervisory bodies. Such adjustments will be described in detail in the report on the remuneration committee and the annual report on directors’ remuneration put to a non-binding vote at the AGM.
iii. Shareholdings
As described in section 6.3.E, in addition to the regulatory obligation not to sell shares they receive as remuneration for a year since from their award date, in order to comply with recommendation 62 of the Spanish Corporate Governance Code, the policy on shareholdings includes the obligation for executive directors not to sell the shares they receive as variable remuneration for a period of three years from their award date, unless the executive director already holds Banco Santander shares for an amount equivalent to twice his/her annual salary.
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Directors’ remuneration for 2026 and 2027
A. Directors’ remuneration in their capacity as such
For 2026 and 2027, no changes to directors’ remuneration are planned in respect of what is foreseen herein for 2025. However, shareholders at the 2026 or 2027 AGMs may approve an amount higher than the six million euros currently in force, or the board may approve an alternative allocation of that amount to directors in accordance with the criteria in article 58.2 of Banco Santander’s Bylaws (i.e. duties and responsibilities; positions held on the board; membership and attendance at committee meetings; and other objective circumstances).
B. Directors' remuneration for the performance of executive duties
Executive directors’ remuneration will conform to principles similar to those applied in 2025, with the following changes.
i) Fixed components of remuneration
A) Gross annual salary
Executive directors’ annual gross fixed pay may be adjusted each year based on the criteria approved by the remuneration committee at any given time.
Otherwise, it must be disclosed in the report on the remuneration committee and the annual report on director's remuneration put to a non-binding vote at AGM.
B) Other fixed remuneration components
No changes planned in respect of the terms for 2025.
ii) Variable remuneration components
The policy on executive directors’ variable remuneration for 2026 and 2027 will be based on the same principles as in 2025, following the same single-incentive scheme described above, and subject to the same rules of operation and limitations.
A) Setting variable remuneration
Executive directors’ variable remuneration for 2026 and 2027 will be set based on the corporate bonus pool and a benchmark approved for each year which takes into account:
•a set of short-term quantitative metrics measured against annual objectives and aligned with the Group’s strategic plan. These metrics will also cover, at least, capital and customers. They can be measured at Group level and, where applicable, at division level, for a specific business division headed by an executive director. The results of each metric can be contrasted with the budget for the financial year, as well as with growth from the previous year.
•a qualitative assessment that cannot raise or lower the result of the quantitative metrics by more than 35%. It will be conducted for the same categories as the quantitative metrics, including relative performance against market, risk management, compliance, network collaboration and sustainability targets.
•an exceptional adjustment that must be duly substantiated and may involve changes owing to control and/or risk shortfalls, negative assessments from supervisors or unexpected material events.
The quantitative metrics, the qualitative assessment and potential extraordinary adjustments will allow main objectives are considered from the perspective of the various stakeholders and that the importance of risk and capital management is factored in.
Once the corporate bonus pool is fixed according to the criteria above, the board of directors, further to a proposal from the remunerations committee, decides on the individual bonus, taking into consideration the level of achievement of their individual objectives, which in general terms coincide with the bonus pool metrics, their compliance with corporate values and risk culture.
Lastly, the following circumstances must be confirmed to set variable remuneration:
•If ONP does not reach a certain compliance threshold, the incentive cannot exceed 50% of the year’s individual target bonus.
•If the group’s ONP were negative, the incentive would be zero.
•When setting individual variable pay, the board will also consider restrictions to the dividend policy imposed by supervisors.
B) Forms of payment of the incentive
The variable remuneration of executive directors for 2026 and 2027, will be paid as follows:
•40% in cash;
•and 60% in instruments, split as follows:
•the amount of PagoNxt, S.L. RSUs set for each year (as described below); and
•the rest, all in shares of Banco Santander.
It is also envisaged that for 2026 and 2027 Ana Botín would receive the equivalent of EUR 500 thousand in RSUs, and Héctor Grisi would receive the equivalent of EUR 420 thousand in RSUs, in accordance with PagoNxt, S.L.'s long term incentive plan. Each RSU would grant the right to a share in PagoNxt, S.L. or the holding entity of its group (or its equivalent in cash) at the moment when, according to such plan, a liquidity event, a repurchase or a liquidation of such instruments takes place.
The RSUs will substitute part of their Santander variable pay instruments without increasing their total pay and will not represent more than 10% of their variable pay in any event.
C) Deferred variable remuneration subject to long-term objectives
The last three annual payments of each deferred variable remuneration amount will be made in accordance with the terms described under section E) above and if the Group fulfils long-term objectives for at least 3 years. This may confirm, reduce or increase payment amounts and the number of deferred instruments.
Long-term metrics will reflect value creation and shareholder returns as well as capital and sustainability over a minimum period of 3 years. They will be aligned with the Group’s strategic plan and main priorities towards its stakeholders. They can be measured for the entire Group or by country or business, when appropriate, and subsequently compared to a group of peers.
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The portion paid in shares cannot be sold until one year has elapsed since delivery.
D) Other terms of the incentive
No changes to the continuity, malus and clawback clauses of the remuneration policy for 2025 described in section 6.4.B.E) are expected. Furthermore, no changes are planned in respect of the clauses on hedging instruments or the deferred amounts in cash adjusted for inflation.
iii) Shareholdings
The policy on shareholdings approved in 2016, with the amendment introduced in 2020 relating to not selling the shares they receive as variable remuneration for a period of three years detailed in section 6.3.E) above will apply in 2026 and 2027, unless the remuneration committee proposes it be amended to the board in light of exceptional circumstances (regulations, orders or recommendations from regulators or supervisors). Such amendments would be described in detail in the report on the remuneration committee and the annual report on director’s remuneration put to a non-binding vote at the annual general meeting.
iv) Principle of equal pay
The same principle of equal pay that applies for executive directors and any other Santander employee described in respect of 2025 apply for 2026 and 2027.
Terms and conditions of executive director contracts and other provisions applicable to all directors
Executive directors’ terms of service are governed by board-approved contracts they sign with Banco Santander. The basic terms and conditions, besides those relating to the remuneration mentioned above, are the ones described here below.
A. Exclusivity and non-competition
Executive directors may not contract with other companies or entities to perform services, unless expressly authorised by the board of directors. In all cases, they are bound by a duty of non-competition in relation to companies and activities similar in nature to Banco Santander and its consolidated group.
In addition, executive director contracts impose prohibitions on competing and attracting customers, employees and suppliers, which can be enforced for two years after their termination in their executive duties for reasons other than a breach by Banco Santander. In regard to Ana Botín and Héctor Grisi, the compensation to be paid by Banco Santander for this duty of non-competition is twice the amount of the fixed remuneration.
Finally, all directors must comply with the Board Rules and regulations provisions that prevent them from carrying out competing activities and oblige them to communicate any other professional activities, that must be assessed by the nominations committee in order to check whether there is any conflict of interest or impair director´s capacity to discharge his duties as such.
B. Code of Conduct
Directors are obliged to adhere strictly to the group’s General Code and the Code of Conduct in Securities Markets, especially in terms of confidentiality, professional ethics and conflicts of interest.
C. Termination
The length of executive directors' contract is indefinite. Contracts do not provide for any severance payment upon termination apart from what the law provides.
If Ana Botín’s contract is terminated by Banco Santander, she must remain available to the group for four months in order to ensure proper transition. During this period, she would continue to receive her gross annual salary.
D. Benefit plans
Executive directors participate in the defined contribution pension scheme created in 2012. It covers retirement, disability and death. Banco Santander makes annual contributions to executive directors’ benefit plans schemes. Annual contributions are calculated in proportion to executive directors’ pensionable bases, and the Group will continue to make them until the executive directors’ leave the Group or until their retirement within the Group, their death or disability. The pensionable base of executive directors’ annual contributions is their fixed remuneration plus 30% of the average of their last three variable remuneration amounts.
Contributions will be 22% of pensionable bases.
The pension amount that corresponds to contributions linked to variable remuneration will be invested in Santander shares for five years from the earlier of the date of retirement or cessation. It will be paid in cash after the five years have elapsed or on the retirement date (if later). Moreover, the malus and clawback clauses for variable remuneration contributions will apply for the same period as the related bonus or incentive.
This benefit plan is outsourced to Santander Seguros y Reaseguros, Compañía Aseguradora, S.A. Executive directors’ economic rights under the scheme belong to them even if they are not active in the group at the time of their retirement, death or disability. Their contracts do not provide for any severance pay upon termination apart from what the law provides.
E.  Insurance and other remuneration and benefits in kind
Ana Botín will receive the supplement to their fixed remuneration approved when the supplementary life and health benefits were eliminated in 2018. It will be paid in 2025, 2026 and 2027 in the same amount and continue to be paid until they reach retirement age (even if they are still active).
The Group has life and health insurance policies taken out for executive directors. Insurance premiums for 2025 include standard life insurance and the life insurance cover with the supplement to their fixed remuneration mentioned above. In 2026 and 2027, premiums could vary if directors’ fixed pay or actuarial circumstances change.
Furthermore, directors are covered by Banco Santander’s civil liability insurance policy and may receive other benefits in kind (such as employee loans) pursuant to the group’s general policy and subject to the corresponding tax treatment.
Likewise, the Bank makes available to directors the human and material means required or considered appropriate for carrying out their duties (including any travel required for the exercise of their role). Any eventual private use of these means by the directors is
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duly paid by them under the similar terms and conditions that would be applied to third independent party under the supervision of the audit committee.
F. Confidentiality and return of documents
Directors are bound to a strict duty of confidentiality during their relationship and subsequent to termination. Directors are required to return any documents and items relating to their activities and in their possession to Banco Santander.
Agreements with non-executive members of the board
José Antonio Álvarez has a contract since 1 January 2023 to represent the bank before supervisors, international bodies, sector organizations and other entities and authorities in institutional and public policy matters as necessary, for which he receives a fixed remuneration of EUR 1,750 thousand. This is an annual contract which has been renewed for the year 2025.
Luis Isasi has a contract since 4 April 2020 to act as non-executive Chair of the Santander España business unit (for which he receives EUR 925 thousand a year) and to serve as a member of the board of Santander España business unit (for which he receives EUR 75 thousand a year). His contract is for an indefinite term and does not entitle him to any compensation if terminated.
Appointment of new executive directors
The components of remuneration and basic structure of the agreements described in this remunerations policy will apply to any new director that is given executive functions at Banco Santander, notwithstanding the possibility of amending specific terms of agreements so that, overall, they contain conditions similar to those previously described.
Directors’ total remuneration for executive duties cannot exceed the highest remuneration received by the group’s current executive directors under the remuneration policy approved by shareholders. The same rules apply if a director assumes new duties or becomes an executive director.
If a director takes up executive functions in a specific division or local unit, the board of directors, on the remuneration committee's recommendation, can adapt the metrics for setting and paying incentives to take that division or local unit into account in addition to the Group.
Remuneration paid to directors in that capacity will be included within the maximum amount set by shareholders to be distributed by the board of directors in the terms described above.
A new director coming from an entity outside Grupo Santander could be paid a buyout to offset any variable remuneration foregone for having accepted a contract with the group; and/or a sign-on bonus for leaving to join Banco Santander.
This compensation could be paid fully or partly in shares, depending on the delivery limits approved at the AGM. Authorization is expected to be sought at the next general shareholders’ meeting in order to deliver a maximum number of shares to any new executive directors or employees to whom buyout regulations apply.
Furthermore, sign-on bonuses can only be paid once to new executive directors, in cash or in shares, and in each case they will
not exceed the sum of the maximum variable remuneration awarded for all executive directors.
Mr Grisi’s appointment as CEO (with effect from 1 January 2023) did not entail a buyout or sign-on bonus since he was already part of Grupo Santander.
Temporary exceptions to the remuneration policy
According to section 6 of Article 529 novedecies of the Spanish Companies Act, specific exceptions may apply to components in the remuneration policy, based on particular business needs or macroeconomic context in the Group's geographies, provided that they are required to serve the long-term interests and sustainability of the entity; ensure its viability; and require to be adopted urgently.
Such exceptions include:
•Complex macroeconomic scenarios where the ordinary course of the business is severely impacted.
•The appointment of a new Executive Chair or chief executive officer, or the need to retain an executive director to avoid a vacancy at the head of the Group (vacatio regis) during especially complex times for the business.
•The need to adapt to regulatory change.
To apply, exceptions must be supported by:
•a reasoned remuneration committee proposal; and
•board of directors analysis and approval.
Any applied exception will be explained in the Annual report on directors' remuneration.
6.5 Preparatory work and decision-making for the remuneration policy; remuneration committee involvement
Section 4.7 'Remuneration committee activities for 2023', (the report on the remuneration committee) states:
•Pursuant to Banco Santander’s Bylaws and the Rules and regulations of the board of directors, the duties relating to the remuneration of directors performed by the remuneration committee.
•The composition of the remuneration committee at the date the report is approved.
•The number of meetings held in 2024, including a joint session with the risk supervision, regulation and compliance supervision committee.
•The date of the meeting in which the report was approved.
The 2023 annual report on directors’ remuneration was approved by the board of directors and put to consultative vote at the 2024 AGM, with 90.18% of the votes in favour. The tally of the votes
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was:
Number
% of totalA
Votes10,547,165,76799.95 %
Number
%
Votes forB
9,381,395,30590.18 %
Votes againstB
1,021,578,7689.82 %
BlankC
5,497,3670.05 %
AbstentionsC
138,694,3271.31 %
A. Percentage on total valid votes and abstentions.
B. Percentage of votes for and against.
C. Percentage of Banco Santander's share capital on the date of the AGM.
Decision process for the development, review and application of the policy
Pursuant to Article 529 novodecies of the Spanish Companies Act, the remuneration committee issues the report on the proposed remuneration policy for 2025, 2026 and 2027 herein. The board of directors then submits it to the 2025 AGM as a separate item on the agenda and an integral part of this text. See 6.4 ' Directors' remuneration policy for 2025, 2026 and 2027'.
Banco Santander’s Compensation function prepares the remuneration policy with the suggestions, requests and comments received during the year from the human resources committee, remuneration committee and the board of directors. A first draft of the policy is submitted to the remuneration committee for review every January. The review considers the suggestions, requests and comments the Chair and Lead Independent Director receive through shareholder and stakeholder engagement during the year on our corporate governance and our remuneration structures. Regulators’ recommendations and legal requirements that may have come to light since the last time the director remuneration policy was submitted for approval by the AGM are also considered.
The committee also makes sure the policy is consistent with the Group's culture and our Simple, Personal and Fair values.
After the preliminary presentation, incorporating the changes and suggestions of these first revisions, the Compensation function then prepares the final draft for the remuneration committee to submit to the board of directors for approval in February.
Based on the analysis carried out in the context of the 2024 annual remuneration report elaboration and its continued supervision of the remuneration policy, the remuneration committee believes the director remuneration policy for 2025, 2026 and 2027 which is
included in section 6.4 above is consistent with the principles of Banco Santander’s remuneration policy and its remuneration scheme set out in the Bylaws.
The policy aims, among other aspects, (i) to maintain a simple executive remuneration scheme, with three categories of quantitative metrics (business transformation, sustainable profitability and capital) to further align with value creation and capital generation; (ii) outperform peers in value creation aspects; and, (iii) regarding metrics linked to multiyear objectives, to prioritize long-term profitability for shareholders and Santander and a sustainable balance sheet (total shareholder return, RoTE and sustainability-related metrics related to our responsible banking targets) in order to follow best market practice and meet our stakeholders’ needs.
In 2024, no deviations from, or temporary exceptions to, the application of the remuneration policy occurred.
6.6 Remuneration of non-director members of senior management
2024 variable remuneration was approved by the board of directors on 4 February 2025 in view of the recommendation from the 27 January 2025 remuneration committee. It was set according to Banco Santander’s general remuneration policy as well as specific details pertaining to senior management.
In general, senior management variable remuneration packages were calculated with the quantitative metrics and qualitative assessment used for executive directors (see section 6.3.B) ii).
Some contracts of members of senior management were amended in 2018 in the same manner described under 6.3.D) in respect of Ana Botín, with a pension scheme of 22% of their pensionable bases, the elimination of supplementary benefits, an increase of the insured sum of life insurance and a supplement to fixed remuneration in cash which is included under "Other remuneration".
The following table shows the amounts of short term remuneration (immediately payable) and deferred remuneration (not linked to multi year targets) for senior management as of 31 December 2024 and 2023, excluding those of executive directors. This amount has been reduced by 39% compared to that reported in 2014 (EUR 80,792 thousand):
EUR thousand
Short-term and deferred salary remuneration
Year
Number of people
Fixed
Immediately receivable variable remuneration (50% in instruments)A
Deferred variable remuneration (50% in instruments)B
Pension contributions
Other remunerationC
Total
202414 16,466 14,753 6,639 4,520 7,153 49,531 
20231417,109 14,711 6,439 4,775 7,135 50,169 
A. The amount immediately payable in 2024 was 1,612 thousand Santander shares (1,568 thousand Santander shares and 1,386 thousand Santander share options in 2023).
B. The deferred amount for 2024 will be 725 thousand Santander shares a (700 thousand Santander shares and 555 thousand Santander share options in 2023).
C. Includes life insurance premiums, health insurance and relocation packages, other remuneration items and RSUs of PagoNxt S.L., as members of board of directors of this entity.
The share price for 2024 variable remuneration is EUR 4.576.
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This table breaks down remuneration linked to multi-year targets for senior management (excluding executive directors) at 31 December 2024 and 2023, which they will only receive if they meet the terms of continued service; non-applicability of malus clauses; and long-term goals are met during deferral periods.
Thousands of euros
Year
Number of people
Deferred variable remuneration
subject to long-term
metricsA (50% in instruments)B
2024146,971 
2023146,761 
A. In 2024, this corresponds to the fair value of maximum annual payments for 2028, 2029 and 2030 in the ninth cycle of the plan for deferred variable remuneration linked to multi-year targets. In 2023, this corresponds to the estimated fair value of maximum annual payments for 2027, 2028 and 2029 in the eighth cycle of the plan for deferred variable pay linked to multi-year targets. Fair value in the plan was determined on the authorization date based on the valuation report of independent expert Willis Towers Watson. Based on the plan for 2024 and success levels of similar plans at peer entities, the fair value was considered to be 70% of the value linked to long-term metrics.
B. The number of shares in Santander as deferred variable pay subject to long-term metrics shown in the table above was 762 thousand shares in 2024 (735 thousand shares in Santander and 582 Santander share options in 2023).
The long-term goals are the same as those for executive directors. They are described in section 6.3.B) iv).
Additionally, members of senior management who stepped down from their roles in 2024 consolidated salary remuneration and other remuneration for a total amount of EUR 12,303 thousand (EUR 3,560 thousand in 2023). In 2024 rights regarding variable pay subject to long-term objectives amounted to EUR 633 thousand (this right has not been generated in 2023 for this collective).
In 2024, the ratio of variable to fixed pay components was 116% of the total for senior managers group, well within the maximum limit of 200% set by shareholders at the AGM.
See note 5 of the Group’s 2024 consolidated financial statements for further details.

6.7 Prudentially significant disclosures document
On the remuneration committee’s recommendation, the board approves the key remuneration elements of managers or employees who, while not belonging to senior management, take on risks, carry out control functions (i.e. internal audit, risk management and compliance) or who receive global remuneration that places them in the same remuneration bracket as senior management and employees who take on risk. These are typically those whose professional activities may have an important impact on the Group's risk profile (all of these, together with the senior management and Banco Santander's board of directors form the so called 'Corporate Identified Staff' or 'Corporate Material Risk Takers')
Every year, the remuneration committee reviews and, where applicable, updates Corporate Identified Staff in order to include individuals within the organization who qualify as such. The Remuneration Policies chapter in the 2024 Pillar III disclosures report9 of Banco Santander explains the criteria and regulations followed to identify such staff.
At the end of 2024, 1,246 Group executives (including executive directors and non-director senior managers) were considered corporate identified staff of Grupo Santander (1,152 in 2023), which accounts for 0.60% of the total final workforce (0.54% in 2023).
Corporate Identified Staff have the same remuneration framework as executive directors (see sections 6.1 and 6.3), except for:
•Category-based deferral percentages and terms.
•The possibility in 2024 of certain less senior manager categories of only having deferred variable pay subject to malus and clawback clauses.
•The portion of variable remuneration paid or deferred as shares for Group executives in Brazil, Chile and Poland that can be delivered in shares or similar instruments of their own listed entities.
In 2025, the board will maintain its flexibility to determine full or partial payment in shares or similar instruments of Banco Santander and its relevant subsidiaries in the proportion it deems appropriate (according to the maximum number of Banco Santander shares allocated at the general meeting and to any regulatory restrictions in each jurisdiction).
The aggregate amount of variable remuneration for Corporate Identified Staff in 2024, the amounts deferred in cash and instruments, and the ratio of the variable to fixed remuneration components are explained in the remuneration policies chapter of Banco Santander’s Pillar III disclosures report for 2024.
9 The 2024 Pillar III disclosures report can be found on our corporate website.
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7. GROUP STRUCTURE AND INTERNAL GOVERNANCE
The Group is structured into legally independent subsidiaries whose parent company is Banco Santander, S.A. Its registered office is in Santander (Cantabria, Spain), while its corporate centre is located in Boadilla del Monte (Madrid, Spain). It has a Group-subsidiary governance model (GSGM) and good governance practices in place for its core subsidiaries. Any references to subsidiaries in this section are to the Group’s most prominent entities.
The key features of the GSGM are:
•The subsidiaries’ governing bodies must ensure their rigorous and prudent management and economic solvency while pursuing the interests of their shareholders and other stakeholders.
•The subsidiaries are managed locally by teams that possess extensive knowledge on, and experience with, their customers and markets, while benefiting from the synergies and advantages of belonging to the Group.
•The subsidiaries are subject to local authority regulation and supervision, although the ECB supervises the Group on a consolidated basis.
•Customer funds are secured by the deposit guarantee schemes in the subsidiaries’ countries and are subject to local laws.
The subsidiaries manage their capital and liquidity autonomously while the Group’s capital and liquidity are coordinated by corporate committees. Intra-group risk transactions are limited, transparent and carried out under market conditions. In addition, the Group retains a controlling interest in subsidiaries listed in certain countries.
Each subsidiary runs independently and has its own recovery plan, limiting the contagion of risk between them and reducing systemic risk.
The GSGM also applies to the global businesses, namely: Corporate & Investment Banking (CIB), Retail & Commercial Banking (Retail), Wealth Management & Insurance (Wealth), Digital Consumer Bank (Consumer) and Payments (Payments). Local CEOs / Country Heads remain ultimately responsible for achieving the budget, execution of the customer and commercial strategy, and financial delivery while global businesses heads lead common businesses and are responsible for the implementation of the global operating model and common tech stack, thereby improving local performance; these result in a truly global-local organization.
7.1 Corporate Centre
The GSGM is supported by a corporate centre, which brings control and support units together with such functions as strategy, risk, compliance, audit, finance, accounting, technology and operations, people and culture, legal services, internal governance, communications and marketing. It adds value to the Group by:
•enhancing governance under robust corporate frameworks, models, policies and procedures to implement strategies and ensure an effective Group oversight;
•making the Group’s units more efficient through cost management synergies, economies of scale and a common brand;
•sharing best commercial practices, with a key focus on global connectivity, launching commercial initiatives globally and bolstering digitalization and transformation; and
•ensuring the suitability of our main executives through the procedure for appointing key positions and assessing suitability that applies to the entire Group.
7.2 Internal governance
Group-subsidiary relationship
The GSGM outlines a set of principles that regulate three types of relationships between the Group and its subsidiaries:
•The subsidiaries’ governing bodies are subject to the Group’s rules and procedures for structuring, forming and running boards of directors and their committees (audit, nomination, remuneration and risk committees), according to international standards. Guidelines regarding subsidiary board composition are aligned with best international practices and ensure an appropriate Group presence on subsidiary boards with at least two Group nominated directors on each board. The subsidiaries are also subject to local regulations and supervisory standards.
•The relationship between local CEOs / Country Heads and the Group CEO. Until January 2025 these relationships were facilitated through three Regional Heads (Europe, North America and South America). Whilst the regional organizational structure has played a key role in ensuring that the Group delivers on its long-term strategic vision and against targets announced as part
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of previous investor days, the board agreed to remove this management layer in line with its ongoing focus on streamlining our structure to achieve greater agility, increasing our profitability through accelerating the roll out of our global business platforms and products. See section 1.5 'Achievement of our 2024 goals'.
•The relationship between local and global heads of key positions, following a three lines of defence model: Chief Risk Officer (CRO), Chief Compliance Officer (CCO), Chief Audit Executive (CAE), Chief Financial Officer (CFO) and Chief Accounting Officer (CAO), as well as other key support and business functions (Technology and Operations (T&O), People and Culture, General Secretariat, Marketing, Communications, Strategy), as well as the five global businesses (CIB, Retail, Wealth, Consumer and Payments).
Internal regulation
The Group has corporate frameworks for matters considered to have a material impact on its risk profile, such as risk, capital, liquidity, compliance, financial crime, technology, auditing, accounting, finance, strategy, people and culture, outsourcing, cybersecurity, special situations management communications and brand and responsible banking. These frameworks, which are mandatory, also specify:
•how the Group should supervise and exert control over its subsidiaries; and
•the Group’s involvement in subsidiaries’ decision-making (and vice versa).
The Banco Santander board approves the GSGM and corporate frameworks for subsidiary governing bodies to formally adhere to them. They consider subsidiaries' local requirements and are revised every year as required by the Group board to adapt to new legislation and international best practices.
The functions draw on corporate frameworks to prepare internal regulatory documents that are given to subsidiaries as a reference for implementing those frameworks effectively, cohesively and in compliance with applicable local laws and supervisory requirements. This approach ensures consistency throughout the
Group. Every year, the functions conduct an assessment to ensure that the Group's internal regulations are embedded locally and carry out an annual certification process to ensure the internal regulation under their scope is fit for purpose.
The Group’s Internal Governance office and subsidiary general counsels are responsible for embedding the GSGM and corporate frameworks. Every year, their performance is assessed in reports sent to the relevant governing bodies.
Since 2019, a policy on the governance of non-GSGM subsidiaries has enhanced the governance and control system that has been applied to those companies.
Global businesses each have specific governance arrangements which ensures a robust Group-wide oversight of such businesses as set out in the GSGM. Each global business is responsible for defining the common business and operating model, setting the global ambition and identifying and managing the global tech platforms and product factories.
Recent developments
As we continue to progress our transformation agenda, the board agreed to remove the regional layer of management in January 2025 to drive simplification and ensure that our global businesses operate directly across all countries, enabling faster decision-making, clear accountability and enhanced agility. As a result, local CEO / Country Heads now report directly to the Group CEO. They must undertake their defined key responsibilities in compliance with European Union and country-specific laws and regulations. In turn, global businesses and corporate functions own the implementation of the global operating model across our footprint; and are responsible for of the relevant platform and products budgets. This ensures alignment with our global priorities and further ensures resource optimization.
In addition, the T&O governance model was updated in 2024 with the aim of helping the global businesses and entities in their digital transformation. This governance model details a set of guiding principles defined to implement T&O’s operating model global strategy, whilst ensuring an adequate control and oversight on a Group-wide basis.
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The following charts show the three levels of the GSGM, as well as the main actions to ensure an effective relationship and solid internal governance system for the Group.
Group
Subsidiaries
Board of directors
Board of directors
flecha_gris.jpg
Group Executive ChairA
The GSGM enhances control and oversight through:
Group presence on the subsidiaries' boards of directors, establishing guidelines for board and committee structure, dynamics and effectiveness.
Group CEOB
CEO / Country Head
flecha_roja.jpg
Reporting of the CEO / Country Heads to the Group CEO and Group executive committee.
Control management and business functions, as well as Group global businessesC
Control management and business functions, as well as local global businesses
flecha_roja.jpg
Reporting to Group and interaction between them.
A. First executive.
B. Second executive, who reports directly to the board of directors.
C. Audit, Risk, Compliance, Finance, Financial Accounting & Control, T&O, People and Culture, General Secretariat, Marketing, Communications, Strategy as well as the five global businesses (CIB, Retail, Wealth, Consumer and Payments).
Best practices and talent sharing across the whole Group and between subsidiaries is key to our success.
Multiple point of entry structure that has proved to be a key resilience instrument and is a result of our diversification strategy.
Continuous collaboration and daily interaction between local and corporate teams.
A common set of corporate frameworks and policies across the Group adapted to local market conditions.
Synergies and economies of scale across the Group.
Planning and implementation of new Group-wide and local initiatives to keep developing our management and control model.
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8. INTERNAL CONTROL OVER FINANCIAL REPORTING (ICFR)
This section describes the key features of Grupo Santander's ICFR.
8.1 Control environment
Governance and control bodies
These bodies are responsible for implementing and overseeing our ICFR, which builds on the Group’s internal control system (ICS):
•Board of directors. It approves the financial reports Banco Santander must disclose as a listed company. The board also oversees and guarantees the integrity of the Group’s internal information, control, accounting and reporting systems.
•Audit committee. It assists the board of directors in overseeing the ICS and in preparing and presenting financial information. The audit committee also works with the external auditor to address matters that have been considered in audits to have a significant impact on our ICFR. It also makes sure the external auditor issues a report on the Group’s ICFR.
For more details, see section 4.5 'Audit committee activities in 2024'.
•Risk control committee. It assists the audit committee in reviewing and overseeing the annual ICS assessment.
•Corporate accounting, financial and management, and sustainability information committee. It is responsible for governing and supervising accounting, financial management and control matters.
•Internal control steering meeting. It is chaired by the CRO and CAO and its role is to continuously monitors the Group’s control environment, as well as the ICS strategy and performance.
Lead functions
The structure of the Group enables us to manage risk effectively and ensure that internal control functions (risk, compliance and internal audit) are independent of business functions and can perform their duties efficiently. The key functions that prepare financial information are:

•Costs function. It draws up and documents the corporate model for managing structures and templates, which is used as a reference across the Group.
•Business and support functions. They are responsible for identifying and documenting (under their remit) the risks, tasks and controls that make up our ICFR, based on knowledge of their operations and procedures.
•Financial accounting and control function. It is responsible for: (i) drawing up the Group's accounting policies and adapting them to local needs; (ii) ensuring that appropriate organizational
structures are in place to carry out assigned tasks, as well as a suitable hierarchical-functional structure; (iii) using Group tools and methodologies to implement and run an ICS on the cut-off, consolidation and publication of financial information and to ensure that the financial information we report remains reliable; and (iv) implementing the corporate accounting and management information systems and adapting them to the specific needs of local units.
•Risk and compliance functions. These functions comprise the second line of defence and are in charge of independently overseeing and challenging the risk management that the first line conducts.
Within the Risk division, the internal control function sets the standards and methodology for, and oversees the implementation, monitoring and reporting of the Group’s ICS.
•Internal audit function. It is the third line of defence in overseeing and reporting on our ICFR. It recommends corrective action and areas of improvement for the first and second lines to consider and implement. Internal audit is an independent function from the board of directors and senior management that oversees the quality and effectiveness of internal control, risk management (current or emerging) and governance processes and systems, thus helping the protect the organization's value, solvency and reputation.
General Code of Conduct, Canal Abierto and training
General Code of Conduct (GCC)
The Group’s GCC sets out board approved guidelines on employees’ conduct. Moreover, it dictates guidelines in relation to accounting standards and financial reporting.
All of the Group’s employees, including directors, sign up to the GCC when they join Santander. Some are also subjected to the Code of Conduct in Securities Markets and other codes of conduct specific to their area or business.
All Santander employees have access to courses on the GCC. The compliance function also answers employees’ queries on ethics and rules in the GCC.
If anyone violates the code, the people and culture function adopts disciplinary measures and recommends corrective action (including work sanctions), irrespective of any related civil or criminal sanctions.
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For more details on the GCC’s core implementation mechanisms, see 'Conduct standards' in section 4.2 'Ethical conduct' in the 'Sustainability statement' chapter.
Canal Abierto
Canal Abierto is Banco Santander's internal information system where any person related to Banco Santander can confidentially and, if desired, anonymously, report unethical conduct that could be considered illegal acts in the workplace or contrary to the law; irregularities or violations of the GCC and acts that go against the Group’s corporate behaviours; and improper accounting or auditing practices and internal control or influence on external auditors according to the SOx Act. It also provides a means to report suspicions of infringements of anti-money laundering and terrorism financing, corruption and bribery, and securities market laws.
The board of directors is responsible for implementing Canal Abierto, while the audit committee and the risk supervision, regulation and compliance committee jointly supervise the channel.
For more details on functioning of the channel and the number and type of reports received, see section 4.3 'Ethical channels' in the 'Sustainability statement' chapter.
Training
Group employees who help prepare or analyse financial information take part in training programmes and regular refresher courses specifically designed to teach them the concepts and skills they require to discharge their duties properly.
The functions that prepare our ICFR promote, design and oversee these programmes and courses, with support from the people and culture function.
Training takes the form of both e-learning and on-site sessions that the people and culture function monitors and oversees to guarantee that employees duly complete them and understand their contents.
Training programmes and refresher courses on financial reporting in 2024 focused on: (i) risk analysis and management; (ii) accounting and financial statement analysis; (iii) the business, banking and the financial environment; (iv) financial management, costs and budgeting; (v) mathematical skills; and (vi) calculations and statistics.
Over 81,133 employees from several units and markets where Grupo Santander operates undertook the mentioned training programmes, with some 490,000 hours spent on them. Moreover, each subsidiary has its own training plan, based on Banco Santander’s.
8.2 Risk assessment in financial reporting
Grupo Santander has a specific process to identify the companies that must be included in its scope of consolidation, which the Financial Accounting and Control division and the General Secretariat division oversee.
This process enables us to identify the entities that Grupo Santander controls through voting rights that grant direct or indirect ownership of their capital and through mutual funds, securitization funds, shareholders agreements, structured entities and other means. The aim is to determine whether the Group has control over an entity, whether it has rights to the variable returns of the entity or is exposed to them, and whether it can influence the amount of such variable returns. If the Group is considered to have control, the entity is included in the scope of consolidation under the global integration method. Otherwise, we analyse whether there is significant influence or joint control. If so, the entity is also included in the scope of consolidation and is measured using the equity method.
Entities with the greatest impact on the preparation of the consolidated financial information, must use a common ICS methodology to make sure that relevant controls are included and all significant risks to financial reporting are covered.
Risk identification considers all the Group's activities, not just the risks directly related to the preparation of the Group's financial information. For more details on the specific ICS controls on non-financial information and sustainability, see 'Risk management and internal controls over sustainability information' in note SN 2. 'Sustainability governance' in the 'Sustainability statement' chapter.
Identifying potential risks that must be covered by the ICS is based on top management's knowledge and understanding of the business and its operations in relative to the importance and qualitative criteria associated with the type, complexity or structure of the business.
Banco Santander ensures that controls are in place to cover the potential risks we identify. This includes risks of errors and fraud in financial reporting and those that cover (i) the existence of assets, liabilities and transactions at the relevant date; (ii) timely and correct recording and proper valuation of assets, liabilities and transactions; and (iii) the correct application of accounting principles and rules, as well as appropriate breakdowns.
For more details on the identification, documentation and assessment of the ICS risks and controls, see section 1.5 'Internal control system' in the 'Risk management and compliance' chapter.
8.3 Control activities
Revision and approval of financial information
The board of directors and the audit committee oversee the preparation, submission and integrity of the financial information required of Banco Santander and the Group. They also review compliance with regulatory requirements, the scope of consolidation and the correct application of accounting standards, ensuring that financial information remains permanently updated on our corporate website.
The audit committee is responsible for reporting to the board of directors on the financial information that the Group must publish, ensuring that it is prepared in accordance with the same principles and practices as the financial statements and is as equally reliable.
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The most significant aspects we consider when closing accounts and reviewing relevant judgements, estimates, measurements and projections are:
•impairment losses on certain assets;
•the assumptions used in the actuarial calculation for employment benefit liabilities and other obligations;
•the useful life of tangible and intangible fixed assets;
•the valuation of consolidation goodwill;
•the calculation of provisions and contingent liabilities;
•the fair value of certain unquoted assets and liabilities;
•the recoverability of tax assets; and
•the fair value of acquired identifiable assets and the liabilities assumed in business combinations.
For more details on ICS reporting and governance, see section 1.5 'Internal control system' in the 'Risk management and compliance' chapter.
Internal control policies and procedures for financial IT systems
The Technology and Operations division draws up the Group’s corporate policies on IT systems that are used directly or indirectly to prepare financial statements. These systems follow special internal controls to prepare and publish financial information correctly.
The internal control policies on the following aspects are of particular importance:
•Updated and divulged internal policies and procedures for system security and access to applications and computer systems according to the duties assigned to a role, to make sure access to information is appropriate and to protect the confidentiality, availability and integrity of financial information from cyber attacks.
•The methodology we use when creating, modifying and maintaining apps follows a cycle of definition, development and testing that ensures we process financial information correctly. We have special development and security controls and data access, testing, vulnerability management, and other mechanisms. For more details on cybersecurity, see section 5. 'Research, development and innovation (R&D&I)' in the 'Economic and Financial Review' chapter.
•Comprehensive testing of applications developed based on the requirements set by a specialized development laboratory.
•We run the complete software testing cycle in a pre-production computerized environment which simulates real situations before they are rolled out. Testing includes technical and functional tests, performance tests, user-acceptance tests and pilot and prototype tests, which the entities draw up before the apps become available to end users.
•Business continuity and technological contingency plans based on corporate methodology for key functions in disasters or other events that could suspend or disrupt operations, as well as highly automated back-up systems that support critical systems and
require little manual intervention owing to redundant systems and communication lines, high availability systems and data back-up.
Internal control policies and procedures for outsourced activities and valuation services from independent experts
Grupo Santander has a corporate outsourcing and third party agreement framework and third party approval policies and procedures to cover outsourcing risks properly.
The Group must adhere to this framework (and the models and policies that build on it), which meets the EBA's requirements for outsourcing and risk management with third parties and complies with DORA Regulation.
Key processes include:
•tasks to initiate, record, process, settle, report and account for transactions and asset valuations;
•IT support in terms of software development, infrastructure maintenance, incident management, security and processing; and
•other material support services that are not directly related to financial reporting, such as vendor management, property management, HR management and others.
Key control procedures to ensure adequate coverage of risks in these processes are:
•documenting relations between Group companies with comprehensive service agreements;
•documenting and validating by the Group’s service providers of processes and controls for the services that the Group´s vendors perform; and
•external suppliers undergoing an approval process to ensure that the relevant risks associated with the services they provide remain within acceptable levels (according to the Group's risk appetite) and to encourage them to prove the effectiveness of their internal controls through external certifications.
Grupo Santander reviews its estimates internally according to its control model guidelines. It will hire the services of a third party to help with specific matters upon confirming their expertise and independence and approving their methods and rationale of assumptions though relevant procedures.
In particular, we have controls in place to ensure the integrity and quality of information on external suppliers of key services that could affect the financial statements. These controls are comprehensively detailed in the service level agreements that form part of the respective contracts with third parties.
For more details, see 'Supplier risk management' in the section 5.2. 'Operational risk management' in the 'Risk management and compliance' chapter.
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8.4 Information and communication
Group accounting policies
Accounting policies should be understood as a complement to local financial and accounting rules. Their overarching aims are (i) for statements and financial information to be made available to management bodies, supervisors and the market to provide accurate and reliable information for decision-making in relation to the Group; and (ii) for all Group entities (due to their accounting ties to Banco Santander) to meet their legal requirements in a timely manner.
The Accounting Regulation area of the Financial Accounting and Control division is responsible for:
•setting the general framework for the treatment of the transactions that constitute Banco Santander's activity, in accordance with their economic nature and the regulations governing the financial system;
•drafting up and keeping up to date the Group’s accounting policies and resolving any queries or conflicts arising from their interpretation; and
•enhancing and standardizing the Group’s accounting practices.
The accounting, financial management and sustainability information corporate framework sets out the principles and guidelines to prepare accounting, financial and management information that must apply to all Grupo Santander entities as a key element of their good governance.
The Group's structure makes it necessary for these principles and standard guidelines to be common for their application across our footprint, and for each of the Group entities to have effective consolidation methods and employ homogeneous accounting policies. The framework's principles are adequately reflected in the Group’s accounting policies.
Accounting policies are revised at least once a year and on the back of key regulatory amendments. Moreover, every month, the Accounting Regulation area publishes an internal bulletin on new accounting regulation and their most significant interpretations.
The Group entities, through their operations or accounting heads, maintain open communication with the Accounting Regulation area and the rest of the Financial Accounting and Control division, as well as other divisions when appropriate.
Mechanisms for the preparation of financial information
Regarding financial statement consolidation, to minimize operational risk and maximize the quality of information, the Group developed IT tools to channel the flow of information between the units and the Financial Accounting and Control division and carries out consolidation based on the information provided.
This process is automated end to end, with controls that enable us to detect incidents during consolidation. Moreover, the Financial Accounting and Control division exercises further supervisory and analytical control, which is set out in formal documents and carried out and reviewed under set time frames.
8.5 Monitoring of system functioning
2024 ICFR monitoring activities and results
The board of directors approved an internal audit framework that details the function and how it should conduct its work.
Internal audit function reports to the audit committee and, at least twice a year, to the board of directors. As an independent unit, it also has direct access to the board when required.
Internal audit assesses:
•the efficiency and effectiveness of the ICFR;
•compliance with applicable regulations and supervisory requirements;
•the reliability and integrity of financial and operational information; and
•asset integrity.
Its scope of action includes:
•all entities over which the Group exercises effective control;
•separated assets (for example, mutual funds) managed by the entities mentioned in the previous section; and
•any entity (or separated assets) not included in the above points with which the Group has entered into an agreement to provide internal audit function.
This subjective scope includes, our activities, businesses and processes (performed internally or through outsourcing), the organization and, where applicable, branch networks. Internal audit function may also conduct audits for other investees that are not included in the preceding points when the Group has reserved this right as a shareholder, as well as on outsourced activities in accordance with the established agreements.
The audit committee supervises the Group's Internal Audit function. For more details, see section 4.5 'Audit committee activities in 2024'.
As at 2024 year-end, Internal Audit division had 1,230 employees, all exclusively dedicated to this service. Of these, 281 were based at the Corporate Centre and 949 in the local units located in the Group´s core markets, all with exclusive dedication.
Every year, the internal audit function prepares an audit plan based on a risk self-assessment and is solely responsible for executing the plan. Reviews may lead to recommendations, which are prioritized in accordance with their relative importance and are continuously monitored until full implementation.
In its meeting on 13 February 2024, the audit committee gave the green light to the internal audit plan for 2024, which the board of directors subsequently approved at its meeting on 26 February 2024.
The internal audit function report on the ICFR review aimed to:
•verify compliance with the provisions contained in sections 302, 404, 406, 407 and 806 of the SOx Act;
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•check corporate governance with regard to information relating to the ICFR, including risk culture;
•review the functions performed by the internal control departments and by other departments, areas and divisions that work to ensure compliance with the SOx Act;
•make sure the supporting documentation relating to the SOx Act is up to date;
•confirm the effectiveness of a sample of controls based on an internal audit risk assessment methodology;
•assess the accuracy of the unit's certifications, especially their consistency with respect to the observations and recommendations made by Internal Audit, the external auditors of the annual accounts and supervisors; and
•ratify the implementation of recommendations made in the audit plan.
In 2024, the audit committee and the board of directors were regularly informed of the internal audit function's work in accordance with its annual plan, as well as of other related
matters. For more details, see section 4.5 'Audit committee activities in 2024'.
Detection and management of deficiencies
As part of its to supervise financial reporting and internal control systems, the audit committee is responsible for maintaining continuous dialogue with the external auditor regarding any significant weaknesses detected in the audit.
The audit committee also assesses the results of the work of the internal audit function and may take the necessary measures to correct any deficiencies identified in the financial information, that may impact on the reliability and accuracy of the financial statements. It may ask other areas of the Group involved in the process for vital information and clarification. The committee also assesses the potential impact of any errors detected in the financial information.
In 2024, the audit committee was informed of the ICS assessment and certification for the 2023 financial year. For more details, see section 4.5 'Audit committee activities in 2024'.





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9. OTHER CORPORATE GOVERNANCE INFORMATION
Since 12 June 2018, CNMV allows the annual corporate governance and directors’ remuneration reports Spanish listed companies must submit to be drafted in a free format, which is what we selected for our corporate governance and directors’ remuneration reports since 2018.
The CNMV requires any issuer opting for a free format to provide certain information in a format it dictates so that it can be aggregated for statistical purposes. This information is included (i) for corporate governance matters, under section 9.2 'Statistical information on corporate governance required by the CNMV', which also covers the section 'Degree of compliance with corporate governance recommendations', and (ii) for remuneration matters, under section 9.5 'Statistical information on remuneration required by the CNMV'.
Some shareholders or other stakeholders may be used to the formats of the corporate governance and directors' remuneration
reports set the by the CNMV. Therefore, each section under this format in sections 9.1 'Reconciliation with the CNMV’s corporate governance report model' and 9.4 'Reconciliation to the CNMV’s remuneration report model' include a cross reference indicating where this information may be found in the 2024 annual corporate governance report (drafted in a free format) and elsewhere in this annual report.
We have normally completed the 'comply or explain' section for all recommendations in the Spanish Corporate Governance Code to clearly show the ones we complied with, and explain the ones we partially complied or failed to comply with. In section 9.3 'References on compliance with recommendations of Spanish Corporate Governance Code', we have included a chart with cross-references showing where information supporting each response can be found in this corporate governance chapter and elsewhere in this annual report.
9.1 Reconciliation with the CNMV’s corporate governance report model
Section in the CNMV model
Included in
statistical report
Comments
A. OWNERSHIP STRUCTURE
A.1Yes
A.2Yes
A.3Yes
A.4No
See section 2.3 'Significant shareholders' where we explain there are no significant shareholders on their own account so this section does not apply.
A.5No
See section 2.3 'Significant shareholders' where we explain there are no significant shareholders on their own account so this section does not apply.
A.6No
See section 2.3 'Significant shareholders' where we explain there are no significant shareholders on their own account so this section does not apply.
A.7Yes
A.8Yes
A.9Yes
A.10No
A.11Yes
A.12No
A.13No
A.14Yes
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Section in the CNMV model
Included in
statistical report
Comments
B. GENERAL SHAREHOLDERS’ MEETING
B.1No
B.2No
B.3No
B.4Yes
See 'Quorum and attendance' in section 3.4, in relation to financial year 2024, and section 9.2 'Statistical information on corporate governance required by the CNMV', in relation to the financial 2022, 2023 and 2024 year.
B.5Yes
B.6Yes
B.7No
B.8No
See 'Corporate website' in section 3.1.
C. MANAGEMENT STRUCTURE
C.1 Board of directors
C.1.1Yes
See 'Size' in section 4.2 and section 3.4 '2024 AGM'.
C.1.2Yes
C.1.3Yes
C.1.4Yes
See 'Board skills and diversity matrix' in section 4.2, in relation to financial year 2024, and section 9.2 'Statistical information on corporate governance required by the CNMV', in relation to the remaining financial years.
C.1.5No
C.1.6No
See section 1.5 'Achievement of our 2024 goals', 'Diversity' in section 4.2 and 'Duties and activities in 2024' in section 4.6 and also section 3.1.3 'Inclusive culture' in 'Sustainability statement' chapter.
C.1.7No
C.1.8No
Not applicable, since there are no proprietary directors. See 'Composition by type of director' in section 4.2.
C.1.9No
See 'Functions' in section 4.4.
C.1.10No
See section 4.1 'Our directors'.
C.1.11Yes
C.1.12Yes
C.1.13Yes
See sections 6. 'Remuneration' and 9.2 'Statistical information on corporate governance required by the CNMV'. Additionally, see Note 5) in the 'Notes to the consolidated financial statements'.
C.1.14Yes
C.1.15Yes
See 'Board regulation' in section 4.3.
C.1.16No
C.1.17No
C.1.18No
Not applicable as it was not carried out with the help of an independent external advisor. See 'Board effectiveness review and actions to continuously improve' in section 1.2 and 'Board effectiveness review in 2024' in section 4.3.
C.1.19No
C.1.20No
See 'Board operation' in section 4.3.
C.1.21Yes
Not applicable since there are no specific requirements, other than those applying to directors generally, to be appointed chair. See section 9.2 'Statistical information on corporate governance required by the CNMV'.
C.1.22No
See 'Diversity' in section 4.2.
C.1.23Yes
C.1.24No
See 'Board operation' in section 4.3.
C.1.25Yes
C.1.26Yes
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Section in the CNMV model
Included in
statistical report
Comments
C.1.27Yes
C.1.28No
C.1.29Yes
C.1.30No
C.1.31Yes
See 'Re-election' in section 4.5.
C.1.32Yes
In accordance with the CNMV’s instructions, see 'External auditor independence' in section 4.5 and sub-section C.1.32 of section 9.2 'Statistical information on corporate governance required by the CNMV'. Per the CNMV’s instructions on preparing annual reports on corporate governance, sub-section C.1.32 provides the fee ratios of non-audit services to total audit services, with these differences in the ratio set out in Regulation (EU) No 537/2014 that is included in section 4.5 'Audit committee activities in 2024': (a) the ratios in sub-section C.1.32 have two perimeters to the one established by Regulation (EU) No 537/2014: fees for the approved services to be performed by PricewaterhouseCoopers Auditores, S.L. (PwC) for Banco Santander and fees for the approved services to be performed by PwC and other firms in its network for all other Grupo Santander entities, in and outside Spain; and (b) the ratios' denominator is the fees amount for audit services in 2024 and not the average fee value from the past three consecutive years that Regulation (EU) No 537/2014 dictates.
C.1.33Yes
C.1.34Yes
C.1.35Yes
C.1.36No
C.1.37No
C.1.38NoNot applicable.
C.1.39Yes
C.2 Board committees
C.2.1Yes
C.2.2Yes
C.2.3No
See 'Board regulation' and 'Structure of board committees', 'Committee operation' in section 4.3 and 'Duties and activities in 2024' in sections 4.4, 4.5, 4.6, 4.7, 4.8, 4.9 and 4.10.
D. RELATED PARTY AND INTRAGROUP TRANSACTIONS
D.1No
See 'Related-party transactions' in section 4.12.
D.2Yes
Not applicable. See 'Related-party transactions' in section 4.12.
D.3Yes
Not applicable. See 'Related-party transactions' in section 4.12.
D.4Yes
D.5Yes
Not applicable. See 'Related-party transactions' in section 4.12.
D.6No
See 'Other conflicts of interest' in section 4.12.
D.7Yes
Not applicable. See section 2.3 'Significant shareholders' and 'Other conflicts of interest' in section 4.12.
E. CONTROL AND RISK MANAGEMENT SYSTEMS
E.1No
E.2No
See note 54 to the 'Notes to the consolidated financial statements', section 1.3 'Risk and compliance governance' in the 'Risk management and compliance' chapter. See also sections 1.3 'Materiality assessment', 1.4 'Sustainability governance' and 4.2.2. 'Responsible taxation' in 'Sustainability statement' chapter.
E.3No
See sections 1.2 'Key risk types', 2. 'Credit risk', 3. 'Market, structural and liquidity risk', 4. 'Capital risk', 5. 'Operational risk', 6. 'Compliance risk', 7. 'Model risk' and 8. 'Strategic risk' in 'Risk management and compliance' chapter. See also section 2.3 'Embedding ESG in risk management' in 'Sustainability statement' chapter and, for our capital needs, see section 3.5 'Capital management and adequacy. Solvency ratios' of 'Economic and financial review' chapter.
E.4No
See section 1.4. 'Management processes and tools' in the 'Risk management and compliance' chapter and sections 1.3 'Materiality assessment', 2.3 'Embedding ESG in risk management' and 4.2.2. 'Responsible taxation' in 'Sustainability statement' chapter.
E.5No
E.6No
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Section in the CNMV model
Included in
statistical report
Comments
F. ICFRS
F.1No
F.2No
F.3No
F.4No
F.5No
F.6NoNot applicable.
F7No
G. DEGREE OF COMPLIANCE WITH CORPORATE GOVERNANCE RECOMMENDATIONS
GYes
H. OTHER INFORMATION OF INTEREST
HNo
•See 'Board regulation' in section 4.3, as well as section 1.4 'Sustainability governance' in the 'Sustainability statement' chapter.
•Banco Santander also complies with the Polish Code of Best Practices, except in areas where regulation is different in Spain and Poland.
•In addition, see sections 1.4 'Sustainability governance' and 4. 'Business conduct (Governance information)' in the 'Sustainability statement' chapter.
•Banco Santander has voluntarily signed up to the Code of Best Tax Practices in Spain, see section 4.2.2. 'Responsible taxation' in the 'Sustainability statement' chapter and note 27g) of the 'Notes to the consolidated financial statements'. Banco Santander also voluntarily signed up to the Code of Good Practices for the viable restructuring of debts secured by mortgages on primary residences and the Code of Good Practices for mortgage debtors at risk of vulnerability, see note 54 to the 'Notes to the consolidated financial statements'.
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9.2 Statistical information on corporate governance required by the CNMV
Unless otherwise indicated all data as of 31 December 2024.
A. OWNERSHIP STRUCTURE
A.1 Complete the following table on share capital and the attributed voting rights, including those corresponding to shares with a loyalty vote as of the closing date of the year, where appropriate:
Indicate whether company Bylaws contain the provision of double loyalty voting:
Yes o No þ
Date of last
modification		Share capital
(euros)		Number of
shares
Number of voting rights
20/12/20247,576,246,16115,152,492,32215,152,492,322
Indicate whether different types of shares exist with different associated rights:
Yes o No þ
A.2 List the direct and indirect holders of significant ownership interests at year-end, including directors with a significant shareholding:
% of voting rights
attributed to shares		% of voting rights through
financial instruments		Total % of voting rights
Name or corporate name of shareholderDirectIndirectDirectIndirect
BlackRock Inc.0.006.790.000.096.88
Details of the indirect shares:
Name or corporate name of the indirect shareholderName or corporate name of the direct shareholder% of voting rights attributed to shares % of voting rights through financial instrumentsTotal % of voting rights
BlackRock Inc.Subsidiaries of BlackRock Inc.6.790.096.88
A.3 Give details of the participation at the close of the fiscal year of the members of the board of directors who are holders of voting rights attributed to shares of the company or through financial instruments, whatever the percentage, excluding the directors who have been identified in Section A.2 above:
Name or corporate name of director
% of voting rights
attributed to shares (including loyalty votes)
% of voting rights
through financial
instruments
Total %
of voting rights
From the total % of voting rights attributed to the shares, indicate, where appropriate, the % of the additional votes attributed corresponding to the shares with a loyalty vote
Direct
Indirect
Direct
Indirect
Direct
Indirect
Ana Botín-Sanz de Sautuola y O’Shea0.01 0.21 0.00 0.00 0.22 0.00 0.00 
Héctor Grisi Checa
0.01 0.00 0.00 0.00 0.01 0.00 0.00 
Glenn Hogan Hutchins
0.01 0.00 0.00 0.00 0.01 0.00 0.00 
José Antonio Álvarez Álvarez0.02 0.00 0.00 0.00 0.02 0.00 0.00 
Homaira Akbari0.00 0.00 0.00 0.00 0.00 0.00 0.00 
Juan Carlos Barrabés Cónsul
0.00 0.00 0.00 0.00 0.00 0.00 0.00 
Javier Botín-Sanz de Sautuola y O’Shea0.04 0.17 0.00 0.00 0.21 0.00 0.00 
Sol Daurella Comadrán0.00 0.00 0.00 0.00 0.00 0.00 0.00 
Henrique de Castro0.00 0.00 0.00 0.00 0.00 0.00 0.00 
Germán de la Fuente Escamilla
0.00 0.00 0.00 0.00 0.00 0.00 0.00 
Gina Díez Barroso Azcárraga
0.00 0.00 0.00 0.00 0.00 0.00 0.00 
Luis Isasi Fernández de Bobadilla0.00 0.00 0.00 0.00 0.00 0.00 0.00 
Belén Romana García0.00 0.00 0.00 0.00 0.00 0.00 0.00 
Pamela Walkden0.00 0.00 0.00 0.00 0.00 0.00 0.00 
Antonio Francesco Weiss0.00 0.00 0.00 0.00 0.00 0.00 0.00 
% total voting rights held by the board of directors0.47 
% total voting rights represented on the board of directors0.82 
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Details of the indirect holding:
Name or corporate name of directorName or corporate name of direct owner% of voting rights attributed to shares% of voting rights through financial instruments Total % of voting rights
From the total % of voting rights attributed to the shares, indicate, where appropriate, the % of the additional votes attributed corresponding to the shares with a loyalty vote
______
A.7 Indicate whether the company has been notified of any shareholders’ agreements that may affect it, in accordance with the provisions of Articles 530 and 531 of the Spanish Companies Act (LSC). If so, provide a brief description and list the shareholders bound by the agreement, as applicable:
Yes þ No o
Parties to the shareholders’ agreement% of share
capital affected		Brief description of agreementExpiry date, if
applicable
Javier Botín-Sanz de Sautuola y O’Shea (directly and indirectly through Agropecuaria El Castaño, S.L.U.)
Emilio Botín-Sanz de Sautuola y O’Shea,
Puente San Miguel, S.L.U.
Ana Botín-Sanz de Sautuola y O’Shea,
CRONJE, S.L.U.
Nueva Azil, S.L.
Carmen Botín-Sanz de Sautuola y O’Shea
Paloma Botín-Sanz de Sautuola y O’Shea
Bright Sky 2012, S.L.		0.72
Transfer restrictions and syndication of voting rights as described under section 2.4 'Shareholders’ agreements' of the 'Corporate governance' chapter in the annual report. The communications to CNMV relating to this shareholders' agreement can be found in material facts with entry numbers 64179, 171949, 177432, 194069, 211556, 218392, 223703, 226968 and 285567 filed in CNMV on 17 February 2006, 3 August 2012, 19 November 2012, 17 October, 2013, 3 October 2014, 6 February 2015, 29 May 2015, 29 July 2015 and 31 December 2019, respectively.
01/01/2056
Indicate whether the company is aware of the existence of any concerted actions among its shareholders. If so, give a brief description as applicable:
Yes þ No o
Participants in the concerted action% of share
capital affected		Brief description of concerted actionExpiry date, if
applicable
Javier Botín-Sanz de Sautuola y O’Shea (directly and indirectly through Agropecuaria El Castaño, S.L.U.)
Emilio Botín-Sanz de Sautuola y O’Shea,
Puente San Miguel, S.L.U.
Ana Botín-Sanz de Sautuola y O’Shea,
CRONJE, S.L.U.
Nueva Azil, S.L.
Carmen Botín-Sanz de Sautuola y O’Shea
Paloma Botín-Sanz de Sautuola y O’Shea
Bright Sky 2012, S.L.		0.72
Transfer restrictions and syndication of voting rights as described under section 2.4 'Shareholders’ agreements' of the 'Corporate governance' chapter in the annual report. The communications to CNMV relating to this shareholders' agreement can be found in material facts with entry numbers 64179, 171949, 177432, 194069, 211556, 218392, 223703, 226968 and 285567 filed in CNMV on 17 February 2006, 3 August 2012, 19 November 2012, 17 October, 2013, 3 October 2014, 6 February 2015, 29 May 2015, 29 July 2015 and 31 December 2019, respectively.
01/01/2056
A.8 Indicate whether any individual or entity currently exercises control or could exercise control over the company in accordance with article 5 of the Spanish Securities Market Act. If so, identify them:
Yes o No þ
A.9 Complete the following tables on the company’s treasury shares:
At year end:
Number of shares held directly
Number of shares held indirectly (*)
% of total share capital
015,529,4590.10%
(*) Through:
Name or corporate name of the direct shareholder
Number of shares held directly
Pereda Gestión, S.A.14,000,000 
Banco Santander Argentina, S.A.
558,421 
Banco Santander México, S.A.971,038 
Total:15,529,459 
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A.11 Estimated free float:
%
Estimated free float91.73
A.14 Indicate whether the company has issued securities not traded in a regulated market of the European Union.
Yes þ No o
B. GENERAL SHAREHOLDERS' MEETING
B.4 Indicate the attendance figures for the general shareholders’ meetings held during the financial year to which this report relates and in the two preceding financial years:
Attendance data
% remote voting
Date of General Meeting
% attending in person% by proxyElectronic meansOtherTotal
01/04/20220.71 65.41 2.08 0.57 68.77 
Of which free float:0.09 64.98 2.08 0.57 67.72 
Attendance data
% remote voting
Date of General Meeting
% attending in
person
% by proxy
Electronic means
Other
Total
31/03/20230.72 64.20 2.22 0.42 67.56 
Of which free float:0.06 63.73 2.22 0.42 66.43 
Attendance data
% remote voting
Date of General Meeting
% attending in person% by proxyElectronic meansOtherTotal
22/03/20240.82 62.48 2.83 0.52 66.65 
Of which free float:0.08 61.99 2.83 0.52 65.42 
B.5 Indicate whether in the general shareholders’ meetings held during the financial year to which this report relates there has been any matter submitted to them which has not been approved by the shareholders:
Yes o No þ
B.6 Indicate whether the Bylaws require a minimum holding of shares to attend to or to vote remotely in the general shareholders’ meeting:
Yes o No þ
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C. MANAGEMENT STRUCTURE
C.1 Board of directors
C.1.1 Maximum and minimum number of directors provided for in the Bylaws:
Maximum number of directors17
Minimum number of directors12
Number of directors set by the General Meeting15
C.1.2 Complete the following table with the directors’ details:
Name or corporate
name of director
Representative
Category of
director
Position in
the board
Date of first
appointment
Date of last
appointment
Election procedure
Ana Botín-Sanz de Sautuola y O’SheaN/AExecutiveChair04/02/198931/03/2023Vote in general shareholders’ meeting
Héctor Grisi Checa
N/A
Executive
Chief Executive Officer
01/01/202331/03/2023Vote in general shareholders’ meeting
Glenn Hogan Hutchins
N/AIndependent
Lead Independent Director
20/12/202231/03/2023Vote in general shareholders’ meeting
José Antonio Álvarez ÁlvarezN/AOther externalVice Chair13/01/201522/03/2024Vote in general shareholders’ meeting
Homaira AkbariN/AIndependentDirector27/09/201631/03/2023Vote in general shareholders’ meeting
Juan Carlos Barrabés Cónsul
N/AIndependentDirector27/06/202427/06/2024Vote in general shareholders’ meeting
Javier Botín-Sanz de Sautuola y O’SheaN/AOther external Director25/07/200422/03/2024Vote in general shareholders’ meeting
Sol Daurella ComadránN/AIndependentDirector18/02/201531/03/2023Vote in general shareholders’ meeting
Henrique de CastroN/AIndependentDirector17/07/201922/03/2024Vote in general shareholders’ meeting
Germán de la Fuente Escamilla
N/AIndependentDirector21/04/202222/03/2024Vote in general shareholders’ meeting
Gina Díez Barroso Azcárraga
N/AIndependentDirector22/12/202031/03/2023Vote in general shareholders’ meeting
Luis Isasi Fernández de BobadillaN/AOther externalDirector19/05/202001/04/2022Vote in general shareholders' meeting
Belén Romana GarcíaN/AIndependentDirector22/12/201522/03/2024Vote in general shareholders’ meeting
Pamela WalkdenN/AIndependentDirector29/10/201931/03/2023Vote in general shareholders’ meeting
Antonio Francesco Weiss
N/A
Independent
Director
27/06/202427/06/2024
Vote in general shareholders' meeting
Total number of directors15
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Indicate any directors who have left during the financial year to which this report relates, regardless of the reason (whether for resignation or by agreement of the general meeting or any other):
Name or corporate name of director
Category of director at the time he/her left
Date of last appointment
Date of leave
Board committees he or she was a member of
Indicate whether he or she has left before the expiry of his or her term
Bruce Carnegie-Brown
Independent
26/03/202122/03/2024
Nomination and remuneration committees
No
Ramiro Mato García-Ansorena
Independent
26/03/202127/06/2024
Executive; audit; risks supervision, regulation and compliance; and responsible banking, sustainability and culture committees
No
C.1.3 Complete the following tables for the directors in each relevant category:
Executive directors
Name or corporate name of directorPosition held in the companyProfile
Ana Botín-Sanz de Sautuola y O’Shea
 Executive Chair
See section 4.1 'Our directors' in the 'Corporate governance' chapter in the annual report.
Héctor Grisi Checa
CEO
See section 4.1 'Our directors' in the 'Corporate governance' chapter in the annual report.
Total number of executive directors2
% of the Board13.33 
Proprietary non-executive directors
Name or corporate name of director
Name or corporate name of significant shareholder represented or having proposed his or her appointment
Profile
N/AN/AN/A
Total number of proprietary non-executive directors0
% of the Board0 
Independent directors
Name or corporate name of director
Profile
Glenn Hogan Hutchins
See section 4.1 'Our directors' in the 'Corporate governance' chapter in the annual report.
Homaira Akbari
See section 4.1 'Our directors' in the 'Corporate governance' chapter in the annual report.
Juan Carlos Barrabés Cónsul
See section 4.1 'Our directors' in the 'Corporate governance' chapter in the annual report.
Sol Daurella Comadrán
See section 4.1 'Our directors' in the 'Corporate governance' chapter in the annual report.
Henrique de Castro
See section 4.1 'Our directors' in the 'Corporate governance' chapter in the annual report.
Germán de la Fuente Escamilla
See section 4.1 'Our directors' in the 'Corporate governance' chapter in the annual report.
Gina Díez Barroso Azcárraga
See section 4.1 'Our directors' in the 'Corporate governance' chapter in the annual report.
Belén Romana Garcia
See section 4.1 'Our directors' in the 'Corporate governance' chapter in the annual report.
Pamela Walkden
See section 4.1 'Our directors' in the 'Corporate governance' chapter in the annual report.
Antonio Francesco Weiss
See section 4.1 'Our directors' in the 'Corporate governance' chapter in the annual report.
Total number of independent directors10
% of the Board66.67 
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Identify any independent director who receives from the company or its group any amount or perk other than his or her director remuneration, as a director, or who maintain or have maintained during the financial year covered in this report a business relationship with the company or any group company, whether in his or her own name or as a principal shareholder, director or senior manager of an entity which maintains or has maintained such a relationship.
In such a case, a reasoned statement from the Board on why the relevant director(s) is able to carry on their duties as independent director(s) will be included.
Name or corporate name of directorDescription of the relationshipReasoned statement
Sol Daurella Comadrán
Business/Financing
When conducting the annual verification of the independence of directors classified as independent, the nomination committee analysed the business relationships between Grupo Santander and the companies in which they are or have previously been principal shareholders, directors or senior managers.
The committee concluded that the business relationships maintained and the funding Grupo Santander granted to companies in which Sol Daurella was a principal shareholder or director in 2024 were not significant because, among other reasons: (i) they did not generate economic dependence on the companies involved in view of the substitutability of this funding by other sources, whether banks or others; (ii) they were consistent with Grupo Santander's share in the corresponding market; and (iii) they did not reach certain comparable materiality thresholds used in other jurisdictions (e.g. NYSE, Nasdaq and the Canadian Bank Act).
Henrique de CastroBusiness
When conducting the annual verification of the independence of directors classified as independent, the nomination committee analysed the business relationships between Grupo Santander and the companies in which they are or have previously been principal shareholders, directors or senior managers.
The committee concluded that the business relationships maintained between Grupo Santander and the company in which Henrique de Castro was a director in 2024 were not significant because, among other reasons they did not reach certain comparable materiality thresholds used in other jurisdictions (e.g. NYSE and Nasdaq).
Gina Díez Barroso Azcárraga
Business/Financing
When conducting the annual verification of the independence of directors classified as independent, the nomination committee analysed the business relationships between Grupo Santander and the companies in which they are or have previously been principal shareholders, directors or senior managers.
The committee concluded that the business relationships maintained and the funding Grupo Santander granted to companies in which Gina Díez Barroso was a principal shareholder and director in 2024 were not significant because, among other reasons: (i) they did not generate a situation of economic dependence on the company involved in view of the substitutability of this funding by other sources, whether banks or others; (ii) they were consistent with Grupo Santander's share in the corresponding market; and (iii) they did not reach certain comparable materiality thresholds used in other jurisdictions (e.g. NYSE, Nasdaq and the Canadian Bank Act).
Glenn Hogan Hutchins
Business/Financing
When conducting the annual verification of the independence of directors classified as independent, the nomination committee analysed the business relationships between Grupo Santander and the companies in which they are or have previously been principal shareholders, directors or senior managers.
The committee concluded that the business relationships maintained and the funding Grupo Santander granted to the company in which Glenn Hutchins was a director in 2024 were not significant because, among other reasons: (i) they did not generate economic dependence on the companies involved in view of the substitutability of this funding by other sources, whether banks or others; (ii) they were consistent with Grupo Santander's share in the corresponding market; and (iii) they did not reach certain comparable materiality thresholds used in other jurisdictions (e.g. NYSE, Nasdaq and the Canadian Bank Act).
Belén Romana García
Business/Financing
When conducting the annual verification of the independence of directors classified as independent, the nomination committee analysed the business relationships between Grupo Santander and the companies in which they are or have previously been principal shareholders, directors or senior managers.
The committee concluded that the business relationships maintained and the funding Grupo Santander granted to companies in which Belén Romana was a director in 2024 were not significant because, among other reasons: (i) they did not generate economic dependence on the companies involved in view of the substitutability of this funding by other sources, whether banks or others; (ii) they were consistent with Grupo Santander's share in the corresponding market; and (iii) they did not reach certain comparable materiality thresholds used in other jurisdictions (e.g. NYSE, Nasdaq and the Canadian Bank Act).
Juan Carlos Barrabés Cónsul
Financing
When conducting the annual verification of the independence of directors classified as independent, the nomination committee analysed the business relationships between Grupo Santander and the companies in which they are or have previously been principal shareholders, directors or senior managers.
The committee concluded that the funding Grupo Santander granted to Juan Carlos Barrabés and the companies in which he was a principal shareholder or director in 2024 were not significant because, among other reasons: (i) it did not generate economic dependence in view of the substitutability of this funding by other sources, whether banks or others; (ii) it was consistent with Grupo Santander's share in the corresponding market; and (iii) it did not reach certain comparable materiality thresholds used in other jurisdictions (e.g. NYSE, Nasdaq and the Canadian Bank Act).
Antonio Weiss
Business
When conducting the annual verification of the independence of directors classified as independent, the nomination committee analysed the business relationships between Grupo Santander and the companies in which they are or have previously been principal shareholders, directors or senior managers.
The committee concluded that the business relationships maintained between Grupo Santander and the company in which Antonio Weiss was a principal shareholder in 2024 were not significant because, among other reasons they did not reach certain comparable materiality thresholds used in other jurisdictions (e.g. NYSE and Nasdaq).
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Other external directors
Identify all other external directors and explain why these cannot be considered proprietary or independent directors and detail their relationships with the company, its executives or shareholders:
Name or corporate name of directorReasonsCompany, manager or shareholder to which or to whom the director is relatedProfile
José Antonio Álvarez Álvarez
Given that Mr Álvarez was the former CEO of Banco Santander until 31 December 2022, pursuant to sub-section 4.a) of article 529 duodecies of the Spanish Companies Act.
Banco Santander, S.A.
See section 4.1 'Our directors' in the Corporate governance chapter in the annual report.
Javier Botín-Sanz de Sautuola y O’Shea
Given that Mr Botín has been director for over 12 years, pursuant to sub-section 4. i) of article 529 duodecies of the Spanish Companies Act.
Banco Santander, S.A.
See section 4.1 'Our directors' in the Corporate governance chapter in the annual report.
Luis Isasi Fernández de Bobadilla
Under prudent criteria given his remuneration as non-executive Chair of Santander España’s body as supervisor, unit without its own corporate identity separate to Banco Santander, pursuant to sub-sections 2 to 4 of article 529 duodecies of the Spanish Companies Act.
Banco Santander, S.A.
See section 4.1 'Our directors' in the Corporate governance chapter in the annual report.
Total number of other external directors3
% of the Board20.00 
List any changes in the category of a director which have occurred during the period covered in this report.
Name or corporate name of director
Date of change
Previous category
Current category
————
C.1.4 Complete the following table on the number of female directors at the end of each the past four years and their category:
Number of female directors
% of total directors of each category
FY 2024
FY 2023
FY 2022FY 2021
FY 2024
FY 2023
FY 2022FY 2021
Executive1 11150.00 50.00 50.00 50.00 
Proprietary————0.00 0.00 0.00 0.00 
Independent555550.00 50.00 50.00 50.00 
Other external————0.00 0.00 0.00 0.00 
Total:6 66640.00 40.00 40.00 40.00 
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C.1.11 List the positions of director, administrator or representative thereof, held by directors or representatives of directors who are members of the company's board of directors in other entities, whether or not they are listed companies:
Identity of the director or representative
Company name of the listed or non-listed entity
Position
Remunerated YES/NO
Ana Botín-Sanz de Sautuola y O’SheaThe Coca-Cola CompanyDirectorYES
Héctor Grisi Checa
Cogrimex, S.A. de C.V.
Chair
NO
Glenn Hogan HutchinsAT&T Inc.DirectorYES
North Island, LLChairNO
North Island Ventures, LLCChairNO
José Antonio Álvarez Álvarez
Aon PLC
Director
YES
Homaira AkbariLandstar System, Inc. DirectorYES
AKnowledge Partners, LLC
Chief Executive Officer
YES
Juan Carlos Barrabés Cónsul
Grupo Barrabés Cónsul, S.L.
Chair-Chief Executive Officer
NO
Barrabés Internet, S.L.U.
Chief Executive Officer
NO
Barrabés Ski Montaña, S.L.U.
Director
NO
Action & Lifestyle, S.L.U.
Director
NO
Tuca del Mont, S.L.
Chief Executive Officer
NO
Ediciones Montañas y Hombres, S.L.U.
Director
NO
Llitarrada Innova, S.L.
Representative of sole administrator
NO
Innova Next, S.L.U.
Representative of joint and several administrator
NO
Step One Ventures, S.L.
Representative of joint and several administrator
NO
Formiguero Barrabés, S.L.
Joint and several administrator
NO
Agencia Certificadora Autónoma, S.L.U.
Representative of joint and several administrator
NO
Primschain, S.L.U.
Representative of sole administrator
NO
Javier Botín-Sanz de Sautuola y O’Shea
JB Capital Markets, S. V., S.A.U.
ChairYES
Inversiones Zulú, S.L.
Chair-Chief Executive Officer
NO
Agropecuaria El Castaño, S.L.
Joint administrator
NO
Inversiones Peña Cabarga, S.L.Joint and several administratorNO
Sol Daurella ComadránCoca-Cola Europacific Partners PLCChairYES
Cobega, S.A.Representative of directorNO
Equatorial Coca Cola Bottling Company, S.L.DirectorYES
Cobega Invest S.L.
Joint administrator
NO
Olive Partners, S.A.Representative of directorNO
Indau, S.A.R.L.
Sole administrator
YES
Henrique de CastroFiserv Inc.DirectorYES
Stakecorp Capital, s.a.r.l.DirectorNO
Gina Díez Barroso AzcárragaGrupo Diarq, S.A. de C.V.ChairNO
Dalia Women, S.A.P.I. de C.V.DirectorNO
Centro de Diseño y Comunicación, S.C.ChairNO
Bolsa Mexicana de Valores, S.A.B. de C.V.DirectorYES
Luis Isasi Fernández de Bobadilla
Logista Integral, S.A.
Chair
YES
Balcón del Parque, S.L.Sole administratorNO
Santa Clara de C. Activos, S.L.
Joint and several administratorNO
Belén Romana GarcíaWerfen, S.A.DirectorYES
SIX Group AG
DirectorYES
SIX Digital Exchange AG
Chair
YES
SDX Trading AG
Chair
YES
Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A.DirectorYES
Industria de Diseño Textil, S.A. (Inditex)
Director
YES
Antonio Weiss
Societe Familiale d'Investissements S.A.
Director
YES
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Indicate, where appropriate, the other remunerated activities of the directors or directors' representatives, whatever their nature, other than those indicated in the previous table.
Identity of the director or representative Other paid activities
Glenn Hogan HutchinsMember of the international advisory board Government of Singapore Investment Corporation
Member of the executive committee of Boston Celtics
Homaira Akbari
Member of the Security Advisory Board of Telefónica Soluciones de Criptografía, S.A.U.
Belén Romana García
Senior advisor of Artá Capital, S.G.E.I.C., S.A.
Academic director of the IE Leadership & Foresight Hub Programme
Pamela WalkdenMember of the advisory board of JD Haspel Limited
Antonio Weiss
Partner of SSW Partners LP
Associate of AFWCo LP
Senior Advisor of JAB Holdings
C.1.12 Indicate and, if applicable explain, if the company has established rules on the maximum number of directorships its directors may hold and, if so, where they are regulated:
Yes þ No o
The maximum number of directorships is established, as provided for in article 30 of the Rules and regulations of the board, in article 26 of Spanish Law 10/2014 on the ordering, supervision and solvency of credit institutions. This rule is further developed by articles 29 and subsequent of Royal Decree 84/2015 and by Rules 30 and subsequent of Bank of Spain Circular 2/2016.
C.1.13 Identify the following items of the total remuneration of the board of directors:
Board remuneration accrued in the fiscal year (EUR thousand)30,214 
Funds accumulated by current directors for long-term savings systems with consolidated economic rights (EUR thousand)76,356 
Funds accumulated by current directors for long-term savings systems with unconsolidated economic rights (EUR thousand)
0 
Pension rights accumulated by former directors (EUR thousand)46,390 
C.1.14 Identify the members of the company’s senior management who are non executive directors and indicate total remuneration they have accrued during the financial year:
Name or corporate name
Position (s)
Mahesh Chatta Aditya
Group Chief Risk Officer
Daniel Barriuso Rojo
Global Head of Retail & Commercial Banking and Group Chief Transformation Officer
Julia Bayón Pedraza
Group Chief Audit Executive
Juan Manuel Cendoya Méndez de Vigo
Group Head of Communications, Corporate Marketing and Research
José Francisco Doncel Razola
Group Chief Accounting Officer
José Antonio García CanteraGroup Chief Financial Officer
Francisco Javier García-Carranza
Global Head of Wealth Management & Insurance
David Arthur Hazell
Group Chief Compliance Officer
José María Linares Perou
Global Head of Corporate & Investment Banking
Mónica Lopez-Monís Gallego
Group Head of Supervisory and Regulatory Relations
Dirk Ludwig Marzluf
Group Chief Operating & Technology Officer
José Luis de Mora Gil-Gallardo
Group Head of Digital Consumer Bank and Group Head of Corporate Development and Financial Planning
Jaime Pérez Renovales
Group General Counsel
Javier Roglá Puig
Group Head of People & Culture
Number of women in senior management
2
Percentage of total senior management14.29 %
Total remuneration accrued by the senior management (EUR thousand) 49,531
C.1.15 Indicate whether any changes have been made to the board's regulations during the financial year:
Yes o No þ
C.1.21 Indicate whether there are any specific requirements, other than those applying to directors generally, to be appointed Chair:
Yes o No þ
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C.1.23 Indicate whether the Bylaws or the board's regulations set a limited term of office (or other requirements which are stricter than those provided for in the law) for independent directors different than the one provided for in the law.
Yes o No þ
C.1.25 Indicate the number of board meetings held during the financial year and how many times the board has met without the Chair’s attendance. Attendance also includes proxies appointed with specific instructions:
Number of board meetings18
Number of board meetings held without the Chair’s attendance0
Indicate the number of meetings held by the Lead Independent Director with the rest of directors without the attendance or representation of any executive director.
Number of meetings6
Indicate the number of meetings of the various board committees held during the financial year.
Number of meetings of the audit committee15
Number of meetings of the responsible banking, sustainability and culture committee4
Number of meetings of the innovation and technology committee5
Number of meetings of the nomination committee13
Number of meetings of the remuneration committee14
Number of meetings of the risk supervision, regulation and compliance committee18
Number of meetings of the executive committee24
C.1.26 Indicate the number of board meetings held during the financial year and data about the attendance of the directors:
Number of meetings with at least 80% of directors being present18
% of votes cast by members present over total votes in the financial year98 
Number of board meetings with all directors being present (or represented having given specific instructions)16
% of votes cast by members present at the meeting or represented with specific instructions over total votes in the financial year98.87 
C.1.27 Indicate whether the company´s consolidated and individual financial statements are certified before they are submitted to the board for their formulation.
Yes þ No o
Identify, where applicable, the person(s) who certified the company’s individual and consolidated financial statements prior to their formulation by the board:
Name
Position
José Francisco Doncel Razola
Group Chief Accounting Officer
C.1.29 Is the secretary of the board also a director?
Yes o No þ
If the secretary of the board is not a director fill in the following table:
Name or corporate name of the secretary
Representative
Jaime Pérez RenovalesN/A
C.1.31 Indicate whether the company has changed its external audit firm during the financial year. If so, identify the incoming audit firm and the outgoing audit firm:
Yes o No þ
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C.1.32 Indicate whether the audit firm performs non-audit work for the company and/or its group. If so, state the amount of fees paid for such work and express this amount as a percentage they represent of all fees invoiced to the company and/or its group.
Yes þ No o
CompanyGroup companiesTotal
Amount of non-audit work (EUR thousand)9,301 12,339 21,640 
Amount of non-audit work as a % of amount of audit work34.43 15.47 20.26 
C.1.33 Indicate whether the audit report on the previous year’s financial statements contains a qualified opinion or reservations. Indicate the reasons given by the Chair of the audit committee to the shareholders in the general shareholders meeting to explain the content and scope of those qualified opinion or reservations.
Yes o No þ
C.1.34 Indicate the number of consecutive years during which the current audit firm has been auditing the financial statements of the company and/or its group. Likewise, indicate for how many years the current firm has been auditing the financial statements as a percentage of the total number of years over which the financial statements have been audited:
Individual financial statements
Consolidated financial statements
Number of consecutive years99
Company
Group
Number of years audited by current audit firm/Number of years the company’s or its Group financial statements have been audited (%)20.9321.43
C.1.35 Indicate and if applicable explain whether there are procedures for directors to receive the information they need in sufficient time to prepare for meetings of the governing bodies:
Yes þ No o
Procedures
Our Rules and regulations of the board foresees that members of the board and committees are provided with the relevant documentation for each meeting sufficiently in advance of the meeting date.
C.1.39 Identify, individually in the case of directors, and in the aggregate in all other cases, and provide detailed information on, agreements between the company and its directors, executives and employees that provide indemnification, guarantee or golden parachute clause in the event of resignation, unfair dismissal or termination as a result of a takeover bid or other type of transaction.
Number of beneficiaries25
Type of beneficiaryDescription of the agreement:
EmployeesThe Bank has no commitments to provide severance pay to directors.
A number of employees have a right to compensation equivalent to one to two years of their basic salary in the event of their contracts being terminated by the Bank in the first two years of their contract in the event of dismissal on grounds other than their own will, retirement, disability or serious dereliction of duties.
In addition, for the purposes of legal compensation, in the event of redundancy a number of employees are entitled to recognition of length of service including services provided prior to being contracted by the Bank; this would entitle them to higher compensation than they would be due based on their actual length of service with the Bank itself.
Indicate whether these agreements must be reported to and/or authorised by the governing bodies of the company or its group beyond the procedures provided for in applicable law. If applicable, specify the process applied, the situations in which they apply, and the bodies responsible for approving or communicating those agreements:
Board of directorsGeneral Shareholders’ Meeting
Body authorising clauses√
YES
NO
Is the general shareholders’ meeting informed of such clauses?√
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C.2 Board committees
C.2.1 Give details of all the board committees, their members and the proportion of executive, independent and other external directors.
Executive committee
Name
Position
Type
Ana Botín-Sanz de Sautuola y O’SheaChairExecutive director
Héctor Grisi Checa
Member
Executive director
José Antonio Álvarez ÁlvarezMemberOther external director
Luis Isasi Fernández de BobadillaMemberOther external director
Belén Romana GarcíaMemberIndependent director
% of executive directors40.00 
% of proprietary directors0.00 
% of independent directors20.00 
% of other external directors40.00 
Audit committee
Name
Position
Type
Germán de la Fuente Escamilla
ChairIndependent director
Homaira AkbariMemberIndependent director
Henrique de CastroMemberIndependent director
Belén Romana García
MemberIndependent director
Pamela Walkden
MemberIndependent director
% of executive directors0 
% of proprietary directors0 
% of independent directors100 
% of other external directors0 
Identify those directors in the audit committee who have been appointed on the basis of their knowledge and experience in accounting, audit or both and indicate the date of appointment of the committee chair.
Name of directors with accounting or audit experience
Germán de la Fuente
Homaira Akbari
Henrique de Castro
Belén Romana García
Pamela Walkden
Date of appointment of the committee chair for that position
23 March 2024
Nomination committee
Name
Position
Type
Belén Romana García
Chair
Independent director
Juan Carlos Barrabés Cónsul
Member
Independent director
Sol Daurella Comadrán
Member
Independent director
Gina Díez BarrosoMemberIndependent director
Glenn HutchinsMemberIndependent director
% of executive directors
0 
% of proprietary directors
0 
% of independent directors
100 
% of other external directors0 
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Remuneration committee
Name
Position
Type
Glenn Hogan Hutchins
Chair
Independent director
Sol Daurella Comadrán
Member
Independent director
Henrique de Castro
Member
Independent director
Luis Isasi Fernández de BobadillaMemberOther external director
% of executive directors
0 
% of proprietary directors
0 
% of independent directors
75.00 
% of other external directors
25.00 
Risk supervision, regulation and compliance committee
Name
Position
Type
Pamela Walkden
Chair
Independent director
Germán de la Fuente Escamilla
Member
Independent director
Luis Isasi Fernández de Bobadilla
Member
Other external director
Belén Romana García
Member
Independent director
% of executive directors
0 
% of proprietary directors
0 
% of independent directors
75.00 
% of other external directors
25.00 
Responsible banking, sustainability and culture committee
Name
Position
Type
Sol Daurella Comadrán
Chair
Independent director
Homaira Akbari
Member
Independent director
Juan Carlos Barrabés Cónsul
Member
Independent director
Gina Díez Barroso Azcárraga
Member
Independent director
Belén Romana García
Member
Independent director
% of executive directors
0 
% of proprietary directors
0 
% of independent directors
100 
% of other external directors
0 
Innovation and technology committee
Name
Position
Type
Glenn Hogan Hutchins
ChairIndependent director
Ana Botín-Sanz de Sautuola y O'Shea
Member
Executive director
Homaira Akbari
Member
Independent director
José Antonio Álvarez Álvarez
Member
Other external director
Juan Carlos Barrabés Cónsul
Member
Independent director
Henrique de Castro
Member
Independent director
Héctor Grisi Checa
Member
Executive director
Belén Romana García
Member
Independent director
% of executive directors
25.00 
% of proprietary directors
0.00 
% of independent directors
62.50 
% of other external directors12.50 
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C.2.2 Complete the following table on the number of female directors on the various board committees over the past four years.
Number of female directors
FY 2024FY 2023FY 2022FY 2021
Number%Number%Number%
Number
%
Audit committee
3 50.00 3 50.00 3 50.00 3 60.00 
Responsible banking, sustainability and culture committee
4 80.00 4 80.00 3 75.00 3 60.00 
Innovation and technology committee
3 37.50 3 42.86 3 42.86 3 42.86 
Nomination committee
3 60.00 2 50.00 2 50.00 2 50.00 
Remuneration committee
1 25.00 1 20.00 1 20.00 1 20.00 
Risk supervision, regulation and compliance committee
2 50.00 2 40.00 2 50.00 2 40.00 
Executive committee
2 40.00 2 33.33 2 33.33 2 33.33 
D. RELATED-PARTY AND INTRAGROUP TRANSACTIONS
D.2  Give individual details of operations that are significant due to their amount or of importance due to their subject matter carried out between the company or its subsidiaries and shareholders holding 10% or more of the voting rights or who are represented on the board of directors of the company, indicating which has been the competent body for its approval and if any affected shareholder or director has abstained. In the event that the board of directors has responsibility, indicate if the proposed resolution has been approved by the board without a vote against the majority of the independents:
Not applicable.
D.3 Give individual details of the operations that are significant due to their amount or relevant due to their subject matter carried out by the company or its subsidiaries with the administrators or managers of the company, including those operations carried out with entities that the administrator or manager controls or controls jointly, indicating the competent body for its approval and if any affected shareholder or director has abstained. In the event that the board of directors has responsibility, indicate if the proposed resolution has been approved by the board without a vote against the majority of the independents:
Not applicable.
D.4 Report individually on intra-group transactions that are significant due to their amount or relevant due to their subject matter that have been undertaken by the company with its parent company or with other entities belonging to the parent's group, including subsidiaries of the listed company, except where no other related party of the listed company has interests in these subsidiaries or that they are fully owned, directly or indirectly, by the listed company.
In any case, report any intragroup transactions carried out with entities in countries or territories considered to be tax havens.
Corporate name of the group companyBrief description of the transaction and any other information necessary for its evaluationAmount (EUR thousand)
The information included in this chart shows the transactions and the results obtained by Banco Santander in Spain and its foreign branches as of 31 December 2024 with Group entities resident in countries or territories that were considered non-cooperative jurisdictions pursuant to Spanish legislation, at such date (Law 11/2021 on measures to prevent and fight against tax fraud).
These results, and the balances indicated below, were eliminated in the consolidation process. See note 3 to the 2024 'consolidated financial statements' for more information on offshore entities.
Banco Santander (Brasil) S.A.
(Cayman Islands Branch)
The amount shown on the right corresponds to net positive results (including results due to exchange differences) relating to contracting of derivatives.
The referred derivatives had a net positive market value of EUR 143 million and covered the following transactions:
- 181 Non-Delivery Forwards.
- 213 Swaps.
- 67 Cross Currency Swaps.
- 52 Options.
- 116 Forex.
232,795 
The amount shown on the right corresponds to negative results relating to demand and term deposits (liability). These deposits had a nominal value of EUR 2,564 million as of 31 December 2024.
49,681 
The amount shown on the right corresponds to positive results relating to term deposits (asset). These deposits had a nominal value of EUR 11 million as of 31 December 2024.
8 
The amount shown on the right corresponds to positive results relating to fixed income securities/subordinated instruments (asset). This relates to the investment in Tier I subordinated perpetual notes, with original date of issue November 2018, that were fully amortized on 8 November 2024.
87,327 
The amount shown on the right corresponds to negative results relating to interests and commissions concerning correspondent accounts (liability). This relates to correspondent accounts with a credit balance of EUR 15 million as of 31 December 2024.
164 
The amount shown on the right corresponds to positive results relating to commissions received.
110 
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D.5 Give individual details of the operations that are significant due to their amount or relevant due to their subject matter carried out by the company or its subsidiaries with other related parties pursuant to the international accounting standards adopted by the EU, which have not been reported in previous sections.
Not applicable.
G. DEGREE OF COMPLIANCE WITH THE CORPORATE GOVERNANCE RECOMMENDATIONS
Indicate the degree of the company’s compliance with the recommendations of the good governance code for listed companies.
Should the company not comply with any of the recommendations or comply only in part, include a detailed explanation of the reasons so that shareholders, investors and the market in general have enough information to assess the company’s behaviour. General explanations are not acceptable.
1. The bylaws of listed companies should not place an upper limit on the votes that can be cast by a single shareholder, or impose other obstacles to the takeover of the company by means of share purchases on the market.
Complies þ Explain o
2. When the listed company is controlled, pursuant to the meaning established in Article 42 of the Commercial Code, by another listed or non-listed entity, and has, directly or through its subsidiaries, business relationships with that entity or any of its subsidiaries (other than those of the listed company) or carries out activities related to the activities of any of them, this is reported publicly, with specific information about:
a) The respective areas of activity and possible business relationships between, on the one hand, the listed company or its subsidiaries and, on the other, the parent company or its subsidiaries.
b) The mechanisms established to resolve any conflicts of interest that may arise.
Complies o Partially complies o Explain o Not applicable þ
3. During the AGM the chair of the board should verbally inform shareholders in sufficient detail of the most relevant aspects of the company’s corporate governance, supplementing the written information circulated in the annual corporate governance report. In particular:
a) Changes taking place since the previous annual general meeting.
b) The specific reasons for the company not following a given Good Governance Code recommendation, and any alternative procedures followed in its stead.
Complies þ Partially complies o Explain o
4. The company should define and promote a policy for communication and contact with shareholders and institutional investors within the framework of their involvement in the company, as well as with proxy advisors, that complies in full with the rules on market abuse and gives equal treatment to shareholders who are in the same position. The company should make said policy public through its website, including information regarding the way in which it has been implemented and the parties involved or those responsible its implementation.
Further, without prejudice to the legal obligations of disclosure of inside information and other regulated information, the company should also have a general policy for the communication of economic-financial, non-financial and corporate information through the channels it considers appropriate (media, social media or other channels) that helps maximise the dissemination and quality of the information available to the market, investors and other stakeholders.
Complies þ Partially complies o Explain o
5. The board of directors should not make a proposal to the general meeting for the delegation of powers to issue shares or convertible securities without pre-emptive subscription rights for an amount exceeding 20% of capital at the time of such delegation.
And that whenever the board of directors approves an issuance of shares or convertible securities without pre-emptive rights the company immediately publishes reports on its web page regarding said exclusions as referenced in applicable mercantile law.
Complies þ Partially complies o Explain o
6. Listed companies drawing up the following reports on a voluntary or compulsory basis should publish them on their website well in advance of the AGM, even if their distribution is not obligatory:
a) Report on auditor independence.
b) Reviews of the operation of the audit committee and the nomination and remuneration committees.
c) Audit committee report on third-party transactions.
Complies þ Partially complies o Explain o
7. The company should broadcast its general meetings live on the corporate website.
The company should have mechanisms that allow the delegation and exercise of votes by electronic means and even, in the case of large-cap companies and, to the extent that it is proportionate, attendance and active participation in the general shareholders’ meeting.
Complies þ Explain o
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8. The audit committee should strive to ensure that the financial statements that the board of directors presents to the general shareholders’ meeting are drawn up in accordance to accounting legislation. And in those cases where the auditors includes any qualification in its report, the chair of the audit committee should give a clear explanation at the general meeting of their opinion regarding the scope and content, making a summary of that opinion available to the shareholders at the time of the publication of the notice of the meeting, along with the rest of proposals and reports of the board.
Complies þ Partially complies o Explain o
9. The company should disclose its conditions and procedures for admitting share ownership, the right to attend general meetings and the exercise or delegation of voting rights, and display them permanently on its website.
Such conditions and procedures should encourage shareholders to attend and exercise their rights and be applied in a non-discriminatory manner.
Complies þ Partially complies o Explain o
10. When a shareholder so entitled exercises the right to supplement the agenda or submit new proposals prior to the general meeting, the company should:
a) Immediately circulate the supplementary items and new proposals.
b) Disclose the standard attendance card or proxy appointment or remote voting form, duly modified so that new agenda items and alternative proposals can be voted on in the same terms as those submitted by the board of directors.
c) Put all these items or alternative proposals to the vote applying the same voting rules as for those submitted by the board of directors, with particular regard to presumptions or deductions about the direction of votes.
d) After the general meeting, disclose the breakdown of votes on such supplementary items or alternative proposals.
Complies þ Partially complies o Explain o Not applicable o
11. In the event that a company plans to pay for attendance at the general meeting, it should first establish a general, long-term policy in this respect.
Complies o Partially complies o Explain o Not applicable þ
12. The board of directors should perform its duties with unity of purpose and independent judgement, according the same treatment to all shareholders in the same position. It should be guided at all times by the company’s best interest, understood as the creation of a profitable business that promotes its sustainable success over time, while maximising its economic value.
In pursuing the corporate interest, it should not only abide by laws and regulations and conduct itself according to principles of good faith, ethics and respect for commonly accepted customs and good practices, but also strive to reconcile its own interests with the legitimate interests of its employees, suppliers, clients and other stakeholders, as well as with the impact of its activities on the broader community and the natural environment.
Complies þ Partially complies o Explain o
13. The board of directors should have an optimal size to promote its efficient functioning and maximise participation. The recommended range is accordingly between five and fifteen members.
Complies þ Explain o
14. The board of directors should approve a policy aimed at promoting an appro­priate composition of the board that:
a) is concrete and verifiable;
b) ensures that appointment or re-election proposals are based on a prior analysis of the competences required by the board; and
c) favours diversity of knowledge, experience, age and gender. Therefore, measures that encourage the company to have a significant number of female senior managers are considered to favour gender diversity.
The results of the prior analysis of competences required by the board should be written up in the nomination committee’s explanatory report, to be pub­lished when the general shareholders’ meeting is convened that will ratify the appointment and re-election of each director.
The nomination committee should run an annual check on compliance with this policy and set out its findings in the annual corporate governance report.
Complies þ Partially complies o Explain o
15. Proprietary and independent directors should constitute an ample majority on the board of directors, while the number of executive directors should be the minimum practical bearing in mind the complexity of the corporate group and the ownership interests they control.
Further, the number of female directors should account for at least 40% of the members of the board of directors before the end of 2022 and thereafter, and not less than 30% previous to that.
Complies þ Partially complies o Explain o
16. The percentage of proprietary directors out of all non-executive directors should be no greater than the proportion between the ownership stake of the shareholders they represent and the remainder of the company’s capital.
This criterion can be relaxed:
a) In large cap companies where few or no equity stakes attain the legal threshold for significant shareholdings.
b) In companies with a plurality of shareholders represented on the board but not otherwise related.
Complies þ Explain o
17. Independent directors should be at least half of all board members.
However, when the company does not have a large market capitalisation, or when a large cap company has shareholders individually or concertedly controlling over 30 percent of capital, independent directors should occupy, at least, a third of board places.
Complies þ Explain o
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18. Companies should disclose the following director particulars on their websites and keep them regularly updated:
a) Background and professional experience.
b) Directorships held in other companies, listed or otherwise, and other paid activities they engage in, of whatever nature.
c) Statement of the director class to which they belong, in the case of proprietary directors indicating the shareholder they represent or have links with.
d) Dates of their first appointment as a board member and subsequent re-elections.
e) Shares held in the company, and any options on the same.
Complies þ Partially complies o Explain o
19. Following verification by the nomination committee, the annual corporate governance report should disclose the reasons for the appointment of proprietary directors at the urging of shareholders controlling less than 3 percent of capital; and explain any rejection of a formal request for a board place from shareholders whose equity stake is equal to or greater than that of others applying successfully for a proprietary directorship.
Complies o Partially complies o Explain o Not applicable þ
20. Proprietary directors should resign when the shareholders they represent dispose of their ownership interest in its entirety. If such shareholders reduce their stakes, thereby losing some of their entitlement to proprietary directors, the number of the latter should be reduced accordingly.
Complies þ Partially complies o Explain o Not applicable o
21. The board of directors should not propose the removal of independent directors before the expiry of their tenure as mandated by the bylaws, except where they find just cause, based on a proposal from the nomination committee. In particular, just cause will be presumed when directors take up new posts or responsibilities that prevent them allocating sufficient time to the work of a board member, or are in breach of their fiduciary duties or come under one of the disqualifying grounds for classification as independent enumerated in the applicable legislation.
The removal of independent directors may also be proposed when a takeover bid, merger or similar corporate transaction alters the company’s capital structure, provided the changes in board membership ensue from the proportionality criterion set out in recommendation 16.
Complies þ Explain o
22. Companies should establish rules obliging directors to disclose any circum­stance that might harm the organisation’s name or reputation, related or not to their actions within the company, and tendering their resignation as the case may be, and, in particular, to inform the board of any criminal charges brought against them and the progress of any subsequent trial.
When the board is informed or becomes aware of any of the situations men­tioned in the previous paragraph, the board of directors should examine the case as soon as possible and, attending to the particular circumstances, de­cide, based on a report from the nomination and remuneration committee, whether or not to adopt any measures such as opening of an internal investigation, calling on the director to resign or proposing his or her dismissal. The board should give a reasoned account of all such determinations in the annual corporate governance report, unless there are special circumstances that justify otherwise, which must be recorded in the minutes. This is without prejudice to the information that the company must disclose, if appropriate, at the time it adopts the corresponding measures.
Complies þ Partially complies o Explain o
23. Directors should express their clear opposition when they feel a proposal submitted for the board’s approval might damage the corporate interest. In particular, independents and other directors not subject to potential conflicts of interest should strenuously challenge any decision that could harm the interests of shareholders lacking board representation.
When the board makes material or reiterated decisions about which a director has expressed serious reservations, then he or she must draw the pertinent conclusions. Directors resigning for such causes should set out their reasons in the letter referred to in the next recommendation.
The terms of this recommendation also apply to the secretary of the board, even if he or she is not a director.
Complies þ Partially complies o Explain o Not applicable o
24. Directors who give up their position before their tenure expires, through resignation or resolution of the general meeting, should state the reasons for this decision, or in the case of non-executive directors, their opinion of the reasons for the general meeting resolution, in a letter to be sent to all members of the board.
This should all be reported in the annual corporate governance report, and if it is relevant for investors, the company should publish an announcement of the departure as rapidly as possible, with sufficient reference to the reasons or circumstances provided by the director.
Complies þ Partially complies o Explain o Not applicable o
25. The nomination committee should ensure that non-executive directors have sufficient time available to discharge their responsibilities effectively.
The board rules and regulations should lay down the maximum number of company boards on which directors can serve.
Complies þ Partially complies o Explain o
26. The board should meet with the necessary frequency to properly perform its functions, eight times a year at least, in accordance with a calendar and agendas set at the start of the year, to which each director may propose the addition of initially unscheduled items.
Complies þ Partially complies o Explain o
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27. Director absences should be kept to a strict minimum and quantified in the annual corporate governance report. In the event of absence, directors should delegate their powers of representation with the appropriate instructions.
Complies þ Partially complies o Explain o
28. When directors or the secretary express concerns about some proposal or, in the case of directors, about the company’s performance, and such concerns are not resolved at the meeting, they should be recorded in the minutes book if the person expressing them so requests.
Complies þ Partially complies o Explain o Not applicable o
29. The company should provide suitable channels for directors to obtain the advice they need to carry out their duties, extending if necessary to external assistance at the company’s expense.
Complies þ Partially complies o Explain o
30. Regardless of the knowledge directors must possess to carry out their duties, they should also be offered refresher programmes when circumstances so advise.
Complies þ Explain o Not applicable o
31. The agendas of board meetings should clearly indicate on which points directors must arrive at a decision, so they can study the matter beforehand or obtain the information they consider appropriate.
For reasons of urgency, the chair may wish to present decisions or resolutions for board approval that were not on the meeting agenda. In such exceptional circumstances, their inclusion will require the express prior consent, duly minuted, of the majority of directors present.
Complies þ Partially complies o Explain o
32. Directors should be regularly informed of movements in share ownership and of the views of major shareholders, investors and rating agencies on the company and its group.
Complies þ Partially complies o Explain o
33. The chair, as the person responsible for the efficient functioning of the board of directors, in addition to the functions assigned by law and the company’s bylaws, should prepare and submit to the board a schedule of meeting dates and agendas; organise and coordinate regular evaluations of the board and, where appropriate, of the company’s chief executive officer; exercise leadership of the board and be accountable for its proper functioning; ensure that sufficient time is given to the discussion of strategic issues, and approve and review refresher courses for each director, when circumstances so advise.
Complies þ Partially complies o Explain o
34. When a lead independent director has been appointed, the bylaws or the Rules and regulations of the board of directors should grant him or her the following powers over and above those conferred by law: to chair the board of directors in the absence of the chair or vice chair; to give voice to the concerns of non-executive directors; to maintain contact with investors and shareholders to hear their views and develop a balanced understanding of their concerns, especially those to do with the company’s corporate governance; and to coordinate the chair’s succession plan.
Complies þ Partially complies o Explain o Not applicable o
35. The board secretary should strive to ensure that the board’s actions and decisions are informed by the governance recommendations of the Good Governance Code of relevance to the company.
Complies þ Explain o
36. The board in full should conduct an annual evaluation, adopting, where necessary, an action plan to correct weakness detected in:
a) The quality and efficiency of the board’s operation.
b) The performance and membership of its committees.
c) The diversity of board membership and competencies.
d) The performance of the chair of the board of directors and the company’s chief executive.
e) The performance and contribution of individual directors, with particular attention to the chair of board committees.
The evaluation of board committees should start from the reports they send to the board of directors, while that of the board itself should start from the report of the nomination committee.
Every three years, the board of directors should engage an external facilitator to aid in the evaluation process. This facilitator’s independence should be verified by the nomination committee.
Any business dealings that the facilitator or members of its corporate group maintain with the company or members of its corporate group should be detailed in the annual corporate governance report.
The process followed and areas evaluated should be detailed in the annual corporate governance report.
Complies þ Partially complies o Explain o
37. When there is an executive committee, there should be at least two non-executive members, at least one of whom should be independent; and its secretary should be the secretary of the board of directors.
Complies þ Partially complies o Explain o Not applicable o
38. The board should be kept fully informed of the matters discussed and decisions made by the executive committee. To this end, all board members should receive a copy of the committee’s minutes.
Complies þ Partially complies o Explain o Not applicable o
39. All members of the audit committee, particularly its chair, should be appointed with regard to their knowledge and experience in accounting, auditing and risk management matters, both financial and non-financial.
Complies þ Partially complies o Explain o
40. Listed companies should have a unit in charge of the internal audit function, under the supervision of the audit committee, to monitor the effectiveness of reporting and control systems. This unit should report functionally to the board’s non-executive chair or the chair of the audit committee.
Complies þ Partially complies o Explain o
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41. The head of the unit handling the internal audit function should present an annual work programme to the audit committee, for approval by this committee or the board, inform it directly of any incidents or scope limitations arising during its implementation, the results and monitoring of its recommendations, and submit an activities report at the end of each year.
Complies þ Partially complies o Explain o Not applicable o
42. The audit committee should have the following functions over and above those legally assigned:
1. With respect to internal control and reporting systems:
a) Monitor and evaluate the preparation process and the integrity of the financial and non-financial information, as well as the con­trol and management systems for financial and non-financial risks related to the company and, where appropriate, to the group – including operating, technological, legal, social, environmental, political and reputational risks or those related to corruption – reviewing compliance with regulatory requirements, the accurate demarcation of the consolidation perimeter, and the correct ap­plication of accounting principles.
b) Monitor the independence of the unit handling the internal audit function; propose the selection, appointment and removal of the head of the internal audit service; propose the service’s budget; approve or make a proposal for approval to the board of the prior­ities and annual work programme of the internal audit unit, ensur­ing that it focuses primarily on the main risks the company is ex­posed to (including reputational risk); receive regular report-backs on its activities; and verify that senior management are acting on the findings and recommendations of its reports.
c) Establish and supervise a mechanism that allows employees and other persons related to the company, such as directors, sharehold­ers, suppliers, contractors or subcontractors, to report irregulari­ties of potential significance, including financial and accounting irregularities, or those of any other nature, related to the company, that they notice within the company or its group. This mechanism must guarantee confidentiality and enable communications to be made anonymously, respecting the rights of both the complainant and the accused party.
d) In general, ensure that the internal control policies and systems established are applied effectively in practice.
2. With regard to the external auditor:
a) Investigate the issues giving rise to the resignation of the external auditor, should this come about.
b) Ensure that the remuneration of the external auditor, does not compromise its quality or independence.
c) Ensure that the company notifies any change of external auditor through the CNMV, accompanied by a statement of any disagreements arising with the outgoing auditor and the reasons for the same.
d) Ensure that the external auditor has a yearly meeting with the board in full to inform it of the work undertaken and developments in the company’s risk and accounting positions.
e) Ensure that the company and the external auditor adhere to current regulations on the provisions of non-audit services, limits on the concentration of the auditor’s business and other requirements concerning auditor independence.
Complies þ Partially complies o Explain o
43. The audit committee should be empowered to meet with any company employee or manager, even ordering their appearance without the presence of another manager.
Complies þ Partially complies o Explain o
44. The audit committee should be informed of any structural changes or corporate transactions the company is planning, so the committee can analyse the operation and report to the board beforehand on its economic conditions and accounting impact and, when applicable, the exchange ratio proposed.
Complies þ Partially complies o Explain o Not applicable o
45. Risk control and management policy should identify or establish at least:
a) The different types of financial and non-financial risk the company is exposed to (including operational, technological, financial, legal, social, environmental, political and reputational risks, and risks relating to corruption), with the inclusion under financial or economic risks of con­tingent liabilities and other off-balance-sheet risks.
b) A risk control and management model based on different levels, of which a specialised risk committee will form part when sector regula­tions provide or the company deems it appropriate.
c) The level of risk that the company considers acceptable.
d) The measures in place to mitigate the impact of identified risk events should they occur.
e) The internal control and reporting systems to be used to control and manage the above risks, including contingent liabilities and off-balance-sheet risks.
Complies þ Partially complies o Explain o
46. Companies should establish a risk control and management function in the charge of one of the company’s internal department or units and under the direct supervision of the audit committee or some other specialised board committee. This internal department or unit should be expressly charged with the following responsibilities:
a) Ensure that risk control and management systems are functioning correctly and, specifically, that major risks the company is exposed to are correctly identified, managed and quantified.
b) Participate actively in the preparation of risk strategies and in key decisions about their management.
c) Ensure that risk control and management systems are mitigating risks effectively in the frame of the policy drawn up by the board of directors.
Complies þ Partially complies o Explain o
47. Members of the nomination and remuneration committee-or of the nomination committee and remuneration committee, if separately constituted - should be chosen procuring they have the right balance of knowledge, skills and experience for the functions they are called on to discharge. The majority of their members should be independent directors.
Complies þ Partially complies o Explain o
48. Large cap companies should have formed separate nomination and remuneration committees.
Complies þ Explain o Not applicable o
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49. The nomination committee should consult with the company’s chair and chief executive, especially on matters relating to executive directors.
When there are vacancies on the board, any director may approach the nomination committee to propose candidates that it might consider suitable.
Complies þ Partially complies o Explain o
50. The remuneration committee should operate independently and have the following functions in addition to those assigned by law:
a) Propose to the board the standard conditions for senior officer contracts.
b) Monitor compliance with the remuneration policy set by the company.
c) Periodically review the remuneration policy for directors and senior officers, including share-based remuneration systems and their application, and ensure that their individual compensation is proportionate to the amounts paid to other directors and senior officers in the company.
d) Ensure that conflicts of interest do not undermine the independence of any external advice the committee engages.
e) Verify the information on director and senior officers’ pay contained in corporate documents, including the annual directors’ remuneration statement.
Complies þ Partially complies o Explain o
51. The remuneration committee should consult with the company’s chair and chief executive, especially on matters relating to executive directors and senior officers.
Complies þ Partially complies o Explain o
52. The rules regarding composition and functioning of supervision and control committees should be set out in the regulations of the board of directors and aligned with those governing legally mandatory board committees as specified in the preceding sets of recommendations. They should include at least the following terms:
a) Committees should be formed exclusively by non-executive directors, with a majority of independents.
b) They should be chaired by independent directors.
c) The board should appoint the members of such committees with regard to the knowledge, skills and experience of its directors and each committee’s terms of reference; discuss their proposals and reports; and provide report-backs on their activities and work at the first board plenary following each committee meeting.
d) They may engage external advice, when they feel it necessary for the discharge of their functions.
e) Meeting proceedings should be minuted and a copy made available to all board members.
Complies þ Partially complies o Explain o Not applicable o
53. The task of supervising compliance with the policies and rules of the company in the environmental, social and corporate governance areas, and internal rules of conduct, should be assigned to one board committee or split between several, which could be the audit committee, the nomination committee, a committee specialised in sustainability or corporate social responsibility, or a dedicated committee established by the board under its powers of self-organisation. Such a committee should be made up solely of non-executive directors, the majority being independent and specifically assigned the following minimum functions.
Complies þ Partially complies o Explain o
54. The minimum functions referred to in the previous recommendation are as follows:
a) Monitor compliance with the company’s internal codes of conduct and corporate governance rules, and ensure that the corporate culture is aligned with its purpose and values.
b) Monitor the implementation of the general policy regarding the disclosure of economic-financial, non-financial and corporate information, as well as communication with shareholders and investors, proxy advisors and other stakeholders. Similarly, the way in which the entity communicates and relates with small and medium-sized shareholders should be monitored.
c) Periodically evaluate the effectiveness of the company’s corporate governance system and environmental and social policy, to confirm that it is fulfilling its mission to promote the corporate interest and catering, as appropriate, to the legitimate interests of remaining stakeholders.
d) Ensure the company’s environmental and social practices are in accordance with the established strategy and policy.
e) Monitor and evaluate the company’s interaction with its stakeholder groups.
Complies þ Partially complies o Explain o
55. Environmental and social sustainability policies should identify and include at least:
a) The principles, commitments, objectives and strategy regarding shareholders, employees, clients, suppliers, social welfare issues, the environment, diversity, fiscal responsibility, respect for human rights and the prevention of corruption and other illegal conducts.
b) The methods or systems for monitoring compliance with policies, associated risks and their management.
c) The mechanisms for supervising non-financial risk, including that related to ethical aspects and business conduct.
d) Channels for stakeholder communication, participation and dialogue.
e) Responsible communication practices that prevent the manipulation of information and protect the company’s honour and integrity.
Complies þ Partially complies o Explain o
56. Director remuneration should be sufficient to attract and retain directors with the desired profile and compensate the commitment, abilities and responsibility that the post demands, but not so high as to compromise the independent judgement of non-executive directors.
Complies þ Explain o
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57. Variable remuneration linked to the company and the director’s performance, the award of shares, options or any other right to acquire shares or to be remunerated on the basis of share price movements, and membership of long-term savings schemes such as pension plans, retirement accounts or any other retirement plan should be confined to executive directors.
The company may consider the share-based remuneration of non-executive directors provided they retain such shares until the end of their mandate. The above condition will not apply to any shares that the director must dispose of to defray costs related to their acquisition.
Complies þ Partially complies o Explain o
58. In the case of variable awards, remuneration policies should include limits and technical safeguards to ensure they reflect the professional performance of the beneficiaries and not simply the general progress of the markets or the company’s sector, or circumstances of that kind.
In particular, variable remuneration items should meet the following conditions:
a) Be subject to predetermined and measurable performance criteria that factor the risk assumed to obtain a given outcome.
b) Promote the long-term sustainability of the company and include non-financial criteria that are relevant for the company’s long-term value, such as compliance with its internal rules and procedures and its risk control and management policies.
c) Be focused on achieving a balance between the achievement of short, medium and long-term targets, such that performance-related pay rewards ongoing achievement, maintained over sufficient time to appreciate its contribution to long-term value creation. This will ensure that performance measurement is not based solely on one off, occasional or extraordinary events.
Complies þ Partially complies o Explain o Not applicable o
59. The payment of the variable components of remuneration is subject to sufficient verification that previously established performance, or other, conditions have been effectively met. Entities should include in their annual directors’ remuneration report the criteria relating to the time required and methods for such verification, depending on the nature and characteristics of each variable component.
Additionally, entities should consider establishing a reduction clause (‘malus’) based on deferral for a sufficient period of the payment of part of the variable components that implies total or partial loss of this remuneration in the event that prior to the time of payment an event occurs that makes this advisable.
Complies þ Partially complies o Explain o Not applicable o
60. Remuneration linked to company earnings should bear in mind any qualifications stated in the external auditor’s report that reduce their amount.
Complies þ Partially complies o Explain o Not applicable o
61. A major part of executive directors’ variable remuneration should be linked to the award of shares or financial instruments whose value is linked to the share price.
Complies þ Partially complies o Explain o Not applicable o
62. Following the award of shares, options or financial instruments corresponding to the remuneration schemes, executive directors should not be able to transfer their ownership or exercise them until a period of at least three years has elapsed.
Except for the case in which the director maintains, at the time of the transfer or exercise, a net economic exposure to the variation in the price of the shares for a market value equivalent to an amount of at least twice his or her fixed annual remuneration through the ownership of shares, options or other financial instruments.
The foregoing shall not apply to the shares that the director needs to dispose of to meet the costs related to their acquisition or, upon favourable assessment of the nomination and remuneration committee to address an extraordinary situation.
Complies þ Partially complies o Explain o Not applicable o
63. Contractual arrangements should include provisions that permit the company to reclaim variable components of remuneration when payment was out of step with the director’s actual performance or based on data subsequently found to be misstated.
Complies þ Partially complies o Explain o Not applicable o
64. Termination payments should not exceed a fixed amount equivalent to two years of the director’s total annual remuneration and should not be paid until the company confirms that he or she has met the predetermined performance criteria.
For the purposes of this recommendation, payments for contractual termination include any payments whose accrual or payment obligation arises as a consequence of or on the occasion of the termination of the contractual relationship that linked the director with the company, including previously unconsolidated amounts for long-term savings schemes and the amounts paid under post-contractual non-compete agreements.
Complies þ Partially complies o Explain o Not applicable o
List whether any directors voted against or abstained from voting on the approval of this Report.
Yes o No þ
I declare that the information included in this statistical annex are the same and are consistent with the descriptions and information included in the annual corporate governance report published by the company.
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9.3 References on compliance with recommendations of Spanish Corporate Governance Code
Recommendation
Comply / Explain
Information
1
Comply
See section 3.2 'Shareholder rights'.
2
Not applicable
See 'Other conflicts of interest' in section 4.12 and section 2.3 'Significant shareholders'.
3
Comply
See section 3.1 'Shareholder communication and engagement'.
4
Comply
See section 3.1 'Shareholder communication and engagement'.
5
Comply
See section 2.2 'Authority to increase capital'.
6
Comply
See sections 4.5 'Audit committee activities in 2024', 4.6 'Nomination committee activities in 2024', 4.7 'Remuneration committee activities in 2024', 4.8 'Risk supervision, regulation and compliance committee activities in 2024', 4.9 'Responsible banking, sustainability and culture committee activities in 2024', 4.10 'Innovation and technology committee activities in 2024' and 4.12 'Related-party transactions and conflicts of interest'.
7
Comply
8
Comply
See 'Board regulation' in section 4.3 and sections 4.5 'Audit committee activities in 2024' and 8.5 'Monitoring of system functioning'.
9
Comply
See 'Participation at general meetings' in section 3.2.
10
Comply
See 'Supplement to the notice and proposals resolutions' in section 3.2.
11
Not applicable
See section 3.5 'Our next AGM in 2025'.
12
Comply
See section 4.3 'Board functioning and effectiveness'.
13
Comply
See 'Size' in section 4.2.
14
Comply
See 'Diversity' and 'Election, appointment, re-election and succession of directors' in section 4.2, 'Board regulation' in section 4.3, 'Duties and activities in 2024' in section 4.6 and 'Sustainability statement' chapter.
15
Comply
See section 4.2 'Board composition'.
16
Comply
See 'Composition by type of director' in section 4.2.
17
Comply
See 'Composition by type of director' and 'Election, appointment, re-election and succession of directors' in section 4.2.
18
Comply
See 'Corporate website' in section 3.1, section 4.1 'Our directors' and 'Tenure and equity ownership' in section 4.2.
19
Not applicable
See 'Composition by type of director' in section 4.2.
20
Comply
See 'Election, appointment, re-election and succession of directors' in section 4.2.
21
Comply
See 'Election, appointment, re-election and succession of directors' in section 4.2.
22
Comply
See 'Election, appointment, re-election and succession of directors' in section 4.2, 'Board regulation' in section 4.3 and 'Duties and activities in 2024' in section 4.6.
23
Comply
See 'Election, appointment, re-election and succession of directors' in section 4.2.
24
Comply
See 'Election, appointment, re-election and succession of directors' in section 4.2 and 'Board's regulation' in section 4.3.
25
Comply
See 'Board and committee preparation and attendance' in section 4.3 and 'Duties and activities in 2024' in section 4.6.
26
Comply
See 'Board operation' and 'Board and committee preparation and attendance' in section 4.3.
27
Comply
See 'Board operation', 'Committee operation' and 'Board and committee preparation and attendance' in section 4.3.
28
Comply
See 'Board regulation' and 'Board operation' in section 4.3.
29
Comply
See 'Board operation' and 'Committee operation' in section 4.3.
30
Comply
See 'Director training and induction programmes' in section 4.3.
31
Comply
See 'Board operation' in section 4.3.
32
Comply
See section 3.1 'Shareholder communication and engagement' and 'Duties and activities in 2024' in section 4.6.
33
Comply
See section 4.3 'Board functioning and effectiveness'.
34
Comply
See 'Lead Independent Director' in section 4.3.
35
Comply
See 'Secretary of the board' in section 4.3.
36
Comply
See 'Board effectiveness review in 2024' in section 4.3.
37
Comply
See 'Board regulation' in section 4.3 and 'Composition' in section 4.4.
38
Comply
See 'Committee operation' in section 4.3 and section 4.4 'Executive committee activities in 2024'.
39
Comply
See 'Board regulation' in section 4.3 and 'Composition' in section 4.5.
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Recommendation
Comply / Explain
Information
40
Comply
See 'Duties and activities in 2024' in section 4.5 and sections 8.1 'Control environment' and 8.5 'Monitoring of system functioning'.
41
Comply
See 'Board regulation' in section 4.3, 'Duties and activities in 2024' in section 4.5 and section 8.5 'Monitoring of system functioning'.
42
Comply
See 'Board regulation' in section 4.3 and 'Duties and activities in 2024' in section 4.5.
43
Comply
See 'Committee operation' in section 4.3.
44
Comply
See 'Duties and activities in 2024' in section 4.5.
45
Comply
See 'Board regulation' in section 4.3, 'Duties and activities in 2024' in section 4.5, 'Duties and activities in 2024' in section 4.8 and the 'Risk management and compliance' chapter.
46
Comply
See 'Duties and activities in 2024' in section 4.5,'Duties and activities in 2024' in section 4.8 and the 'Risk management and compliance' chapter.
47
Comply
See 'Composition' in section 4.6 and 'Composition' in section 4.7.
48
Comply
49
Comply
50
Comply
51
Comply
52
Comply
53
Comply
See 'Board regulation' in section 4.3, 'Duties and activities in 2024' in section 4.6, 'Duties and activities in 2024' in section 4.8 and 'Duties and activities in 2024' in section 4.9.
54
Comply
See 'Board regulation' in section 4.3, 'Duties and activities in 2024' in section 4.6, 'Duties and activities in 2024' in section 4.8 and 'Duties and activities in 2024' in section 4.9.
55
Comply
56
Comply
57
Comply
58
Comply
59
Comply
60
Comply
61
Comply
62
Comply
63
Comply
64
Comply
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9.4 Reconciliation to the CNMV’s remuneration report model
Section in the CNMV model
Included in statistical report
Further information elsewhere and comments
A. Remuneration policy for the present fiscal year
A.1No
•See section 6.4: A.1.1, A.1.2, A.1.3, A.1.4, A.1.5, A.1.6, A.1.7, A.1.8, A.1.9, A.1.10, A.1.11 (note 5), A.1.12.
•See also sections 4.7 and 6.5 for A.1.1 y A.1.6.
•See 'L. Summary of link between risk, performance and remuneration' in section 6.3.
A.2No
See section 6.4.
A.3No
See section 6.4. See introduction.
A.4No
See section 6.5.
B. Overall summary of application of the remuneration policy over the last fiscal year
B.1No
For B.1.1, see sections 6.1, 6.2. and 6.3.
For B.1.2 y B.1.3 (not applicable) see section 6.5.
B.2No
B.3No
See sections 6.1, 6.2 and 6.3.
B.4No
See section 6.5.
B.5No
See section 6.2 and 6.3.
B.6No
See 'A. Gross annual salary' in section 6.3.
B.7No
See 'B. Variable remuneration' in section 6.1, as well as sections 6.2 and 6.3.
B.8NoNot applicable.
B.9No
B.10No
See 'D. Other remuneration' in section 6.3.
B.11No
B.12No
B.13No
See note 5 to the consolidated financial statements.
B.14No
B.15No
B.16NoNo remuneration for this component.
C. Breakdown of the individual remuneration of directors
CYes
C.1 a) i)
Yes
See section 9.5 'Statistical information on remuneration required by the CNMV'.
C.1 a) ii)
Yes
See section 9.5 'Statistical information on remuneration required by the CNMV'.
C.1 a) iii)
Yes
See section 9.5 'Statistical information on remuneration required by the CNMV'.
C.1 a) iii)
Yes
See section 9.5 'Statistical information on remuneration required by the CNMV'.
C.1 b) i)
Yes
See section 9.5 'Statistical information on remuneration required by the CNMV'.
C.1 b) ii)
No
No remuneration for this component.
C.1 b) iii)
No
No remuneration for this component.
C.1 b) iv)
No
No remuneration for this component.
C.1 c)
Yes
See section 9.5 'Statistical information on remuneration required by the CNMV'.
C.2Yes
See section 9.5 'Statistical information on remuneration required by the CNMV'.
D. Other information of interest
D
No
See section 4.7 'Remuneration committee activities in 2024'
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9.5 Statistical information on remuneration required by the CNMV
B. OVERALL SUMMARY OF HOW REMUNERATION POLICY WAS APPLIED DURING THE YEAR ENDED
B.4 Report on the result of the consultative vote at the general shareholders’ meeting on remuneration in the previous year, indicating the number of votes in favour, votes against, abstentions and blank ballots:
Number% of total
Votes cast10,547,165,767100.00 %
Number% of votes cast
Votes in favour9,381,395,30588.95 %
Votes against1,021,578,7689.69 %
Blank5,497,3670.05 %
Abstentions138,694,3271.31 %
C. ITEMISED INDIVIDUAL REMUNERATION ACCRUED BY EACH DIRECTOR
DirectorsTypePeriod of accrual in year 2024
Ana Botín-Sanz de Sautuola y O’SheaExecutive ChairFrom 01/01/2024 to 31/12/2024
Héctor Grisi Checa CEOFrom 01/01/2024 to 31/12/2024
José Antonio Álvarez ÁlvarezVice-ChairFrom 01/01/2024 to 31/12/2024
Glenn HutchinsLead independent directorFrom 01/01/2024 to 31/12/2024
Homaira AkbariIndependentFrom 01/01/2024 to 31/12/2024
Javier Botín-Sanz de Sautuola y O’SheaOther external From 01/01/2024 to 31/12/2024
Sol Daurella ComadránIndependentFrom 01/01/2024 to 31/12/2024
Henrique de CastroIndependentFrom 01/01/2024 to 31/12/2024
Gina Díez BarrosoIndependentFrom 01/01/2024 to 31/12/2024
Luis Isasi Fernández de BobadillaOther ExternalFrom 01/01/2024 to 31/12/2024
Ramiro Mato García-AnsorenaIndependentFrom 01/01/2024 to 27/06/2024
Belén Romana GarcíaIndependentFrom 01/01/2024 to 31/12/2024
Pamela WalkdenIndependentFrom 01/01/2024 to 31/12/2024
Germán de la FuenteIndependentFrom 01/01/2024 to 31/12/2024
Bruce Carnegie-BrownIndependentFrom 01/01/2024 to 22/03/2024
Juan Carlos Barrabés Cónsul IndependentFrom 27/06/2024 to 31/12/2024
Antonio Francesco WeissIndependentFrom 27/06/2024 to 31/12/2024
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C.1 Complete the following tables on individual remuneration of each director (including the remuneration for exercising executive functions) accrued during the year.
a) Remuneration from the reporting company:
i) Remuneration in cash (thousand euros)
NameFixed remunerationPer diem allowancesRemuneration for membership of Board's committeesSalaryShort-term variable remuneration
Long-term variable remuneration
Severance payOther groundsTotal year 2024Total year 2023
Ana Botín-Sanz de Sautuola y O’Shea98 56 214 3,435 2,891 719 — 525 7,938 7,406 
Héctor Grisi Checa98 56 198 3,150 1,645 — — — 5,147 4,560 
José Antonio Álvarez Álvarez128 56 198 — 342 473 — 2,460 3,657 3,776 
Glenn Hutchins415 97 188 — — — — — 700 372 
Bruce Carnegie-Brown22 31 24 — — — — — 78 576 
Homaira Akbari98 88 99 — — — — — 285 265 
Javier Botín-Sanz de Sautuola y O’Shea98 46 — — — — — — 144 137 
Sol Daurella Comadrán98 88 106 — — — — — 292 249 
Henrique de Castro98 103 99 — — — — — 300 284 
Gina Díez Barroso98 71 56 — — — — — 225 211 
Luis Isasi Fernández de Bobadilla98 101 241 — — — — 1,000 1,440 1,417 
Ramiro Mato García-Ansorena48 60 163 — — — — — 271 518 
Belén Romana García98 128 373 — — — — — 599 572 
Pamela Walkden98 105 178 — — — — — 381 341 
Germán de la Fuente98 100 140 — — — — — 338 271 
Juan Carlos Barrabés Cónsul 50 31 47 — — — — — 128 — 
Antonio Francesco Weiss50 22 — — — — — — 72 — 
Comments (Not included in the electronic submission to the CNMV)
The remuneration of Luis Isasi includes EUR 1,000 thousand for his role as non-executive Chair of the Santander España business unit and for attending its board and committee meetings.
The variable remuneration only includes amounts related to the position of executive director of Banco Santander S.A.
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ii) Table of changes in share-based remuneration schemes and gross profit from consolidated shares or financial instruments
Financial instruments at start of year 2024Financial instruments granted during 2024 yearFinancial instruments consolidated during 2024
Instruments
matured but
not exercised
Financial instruments at end of year 2024
NameName of Plan No. of instrumentsNo. of equivalent sharesNo. of instrumentsNo. of equivalent sharesNo. of instrumentsNo. of equivalent shares /
handed over		Price of the consolidated sharesGross profit
from shares
handed over or
consolidated
financial
instruments
(EUR thousand)		No. of instrumentsNo. of instrumentsNo. of equivalent shares
Ana
Botín-
Sanz de
Sautuola
y O’Shea
4th cycle of deferred variable remuneration
plan linked to multi-year targets (2019)		106,464106,464———35,45235,4524.576162—71,012———
5th cycle of deferred variable remuneration
plan linked to multi-year targets (2020)		74,54774,547———31,04931,0494.576142—6,225—37,27337,273
6th cycle of deferred variable remuneration
plan linked to multi-year targets (2021)		533,023533,023———162,750162,7504.576745—14,925—355,348355,348
7th cycle of deferred variable remuneration
plan linked to multi-year targets (2022) in shares		249,335249,335———62,33462,3344.576285———187,001187,001
7th cycle (Bis) of deferred variable remuneration
plan linked to multi-year targets (2022) in shares options.		671,339249,335———167,83562,3344.576250———503,504187,001
8th cycle of deferred variable remuneration
plan linked to multi-year targets (2023) in shares		572,107572,107———114,421114,4214.576524———457,686457,686
9th cycle of deferred variable remuneration
plan linked to multi-year targets (2024)
——901,853901,853—404,447404,4474.5761,851———497,405497,405
Financial instruments at start of year 2024Financial instruments granted during 2024 yearFinancial instruments consolidated during 2024
Instruments
matured but
not exercised
Financial instruments at end of year 2024
NameName of Plan No. of instrumentsNo. of equivalent sharesNo. of instrumentsNo. of equivalent sharesNo. of instrumentsNo. of equivalent shares /
handed over		Price of the consolidated sharesGross profit
from shares
handed over or
consolidated
financial
instruments
(EUR thousand)		No. of instrumentsNo. of instrumentsNo. of equivalent shares
Héctor Grisi Checa
8th cycle of deferred variable remuneration
plan linked to multi-year targets (2023) in shares		371,737371,737————74,34774,3474.576340———297,390297,390
9th cycle of deferred variable remuneration
plan linked to multi-year targets (2024)
———606,917606,917—279,480279,4804.5761,279———327,437327,437
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Financial instruments at start of year 2024Financial instruments granted during 2024 yearFinancial instruments consolidated during 2024
Instruments
matured but
not exercised
Financial instruments at end of year 2024
NameName of PlanNo. of instrumentsNo. of equivalent sharesNo. of instrumentsNo. of equivalent sharesNo. of instrumentsNo. of equivalent shares /
handed over		Price of the consolidated sharesGross profit
from shares
handed over or
consolidated
financial
instruments
(EUR thousand)		No. of instrumentsNo. of instrumentsNo. of equivalent shares
José Antonio Álvarez Álvarez
4th cycle of deferred variable remuneration
plan linked to multi-year targets (2019)		71,14971,149————23,69323,6934.576108—47,456———
5th cycle of deferred variable remuneration
plan linked to multi-year targets (2020)		40,49140,491————16,86516,8654.57677—3,381—20,24520,245
6th cycle of deferred variable remuneration
plan linked to multi-year targets (2021)		359,733359,733————109,838109,8384.576503—10,073—239,822239,822
7th cycle of deferred variable remuneration
plan linked to multi-year targets (2022) in shares		168,316168,316————42,07942,0794.576193———126,237126,237
7th cycle (Bis) of deferred variable remuneration
plan linked to multi-year targets (2022) in shares options.		453,194168,316————113,29842,0794.576169———339,896126,237
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Comments (Not included in the electronic submission to the CNMV)
nThe variable remuneration only includes the amounts related to the position of executive director of Banco Santander S.A. For the construction of "short-term variable remuneration" and "long-term variable remuneration" information has been used the consolidation criteria of CNMV. In 2024 there was no application of malus clauses.

nThe variable remuneration consolidated as of the date of this report corresponds to the following plans:

1) Short-term variable remuneration:

a.40% immediate payment of variable remuneration of the ninth cycle of the deferred multi-year objectives variable remuneration plan (2024).
b.First fifth deferred (12%) of variable remuneration of the eight cycle of the deferred multi-year objectives variable remuneration plan (2023).
c.Second fifth deferred (12%) of variable remuneration of the seventh cycle of the deferred multi-year objectives variable remuneration plan (2022).

2) Long-term variable remuneration:

a.Third deferred (first fifth subject to multi-year metrics) of variable remuneration of the sixth cycle of the deferred multi-year objectives variable remuneration plan (2021).
b.Fourth deferred (second fifth subject to multiyear metrics) of variable remuneration of the fifth cycle of the deferred multi-year objectives variable remuneration plan (2020).
c.Fifth deferred (third fifth subject to multiyear metrics) of variable remuneration of the fourth cycle of the deferred multi-year objectives variable remuneration plan (2019).

For the purpose of calculating the hypothetical current cash value of Gross profit from shares handed over or consolidated financial instruments, the same share price used for VR 2024 has been taken, calculated with the weighted average daily volume of weighted average listing prices of Santander shares in the 50 trading sessions prior to the Friday (not inclusive) before 4 February 2025 (the date on which the board approved the 2024 bonus for executive directors), which was EUR 4.576 per share.

In the case of the 2022 VR share options, the gross profit of the hypothetical consolidated instruments has been calculated as the difference between the EUR 4.576 and the exercise price of the option in that remuneration plan (EUR 3.088).

nAnd below are the levels of achievement of the multi-year metrics of the long-term variable remuneration plans:

1) 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 33-66 percentile). Weight of 33.3%.

2) Fifth cycle of the deferred multi-year objectives variable remuneration plan (2020): 83.3% 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%.

3) Fourth cycle of the deferred multi-year objectives variable remuneration plan (2019): 33.3% of achievement for the period 2019-2021.

a.CET1 metric at 100% of achievement for 2021 year-end period (target 12.00%). Weight of 33.3%.
b.Underlying BPA growth at 0% of achievement (target growth of 15%). Weight of 33.3%.
c.TSR metric at 0% of achievement (minimum target of 33% not reached). Weight of 33.3%.

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iii) Long-term saving systems (thousand EUR)
NameRemuneration from
consolidation of rights to savings system
Ana Botín-Sanz de Sautuola y O’Shea1,339 
Héctor Grisi Checa
1,105 
Contribution over the year from the company (EUR thousand)
Savings systems with consolidated
economic rights		Savings systems with unconsolidated
economic rights 		Amount of accumulated funds (EUR thousand)
20242023
Name2024202320242023Systems with consolidated economic rightsSystems with unconsolidated economic rightsSystems with consolidated economic rightsSystems with unconsolidated economic rights
Ana Botín-Sanz de Sautuola y O’Shea1,339 1,144 — — 54,731 — 49,257 — 
Héctor Grisi Checa1,105 966 1,299 — 585 — 
José Antonio Álvarez
— — — — — — 20,326 — — 19,495 — 
iv) Details of other items (thousands of EUR)
NameItemAmount remunerated in 2024
Ana Botín-Sanz de Sautuola y O’Shea
Life insurance and complement
507 
Other remuneration 30 
NameItemAmount remunerated in 2024
Héctor Grisi Checa
Life insurance and complement
389 
Other remuneration 48 
NameItem
Amount remunerated in 2024
José Antonio Álvarez Álvarez
Life insurance and complement
849 
Other remuneration 7 
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b) Remuneration of the company directors for seats on the boards of other group companies:
i) Remuneration in cash (thousands of EUR)
Name Fixed remunerationPer diem allowancesRemuneration for membership of Board's committeesSalaryShort-term variable remunerationLong-term variable remunerationSeverance payOther groundsTotal year 2024Total year 2023
Homaira Akbari296 — — — — — — — 296 311 
D. Henrique Manuel Drummond Borges Cirne de Castro200 — — — — — — — 200 200 
Pamela Walkden129 — — — — — — — 129 152 
D. José Antonio Álvarez 383 — — — — — — — 383 341 

Comments (Not included in the electronic submission to the CNMV)
nThe variable remuneration only includes the amounts related to the position of executive director of Banco Santander S.A.
ii) Table of changes in share/based remunerations schemes and gross profit from consolidated shares of financial instruments
Not applicable
iii) Long term saving systems (thousand EUR)
Not applicable
iv) Detail of other items (thousands of EUR)
Not applicable
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c) Summary of remuneration (thousands of EUR)
The summary should include the amounts corresponding to all the items of remuneration included in this report that have been accrued by the director, in thousand euros.
Remuneration accrued in the companyRemuneration accrued in group companiesTotal 2024 Company + group companies
NameTotal cash remunerationGross profit on consolidated shares or financial instrumentsContributions to the long-term savings planRemuneration for other itemsTotal 2024Total cash remunerationGross profit on consolidated shares or financial instrumentsContributions to the long-term savings planRemuneration for other itemsTotal 2024
Ana Botín-Sanz de Sautuola y O’Shea7,938 3,959 1,339 537 13,773 — — — — — 13,773 
Héctor Grisi Checa5,147 1,619 1,105 437 8,308 — — — — — 8,308 
José Antonio Álvarez Álvarez3,657 1,050 — 856 5,563 383 — — — 383 5,946 
Glenn Hutchins700 — — — 700 — — — — — 700 
Bruce Carnegie-Brown78 — — — 78 — — — — — 78 
Homaira Akbari285 — — — 285 296 — — — 296 581 
Javier Botín-Sanz de Sautuola y O’Shea144 — — — 144 — — — — — 144 
Sol Daurella Comadrán292 — — — 292 — — — — — 292 
Henrique de Castro300 — — — 300 200 — — — 200 500 
Gina Díez Barroso225 — — — 225 — — — — — 225 
Luis Isasi Fernández de Bobadilla1,440 — — — 1,440 — — — — — 1,440 
Ramiro Mato García-Ansorena271 — — — 271 — — — — — 271 
Belén Romana García599 — — — 599 — — — — — 599 
Pamela Walkden381 — — — 381 129 — — — 129 510 
Germán de la Fuente338 — — — 338 — — — — — 338 
Juan Carlos Barrabés Cónsul 128 — — — 128 — — — — — 128 
Antonio Francesco Weiss72 — — — 72 — — — — — 72 
Total21,995 6,627 2,444 1,830 32,896 1,008 — — — 1,008 33,905 
Comments (Not included in the electronic submission to the CNMV)
The remuneration of Luis Isasi includes EUR 1,000 thousand for his role as non-executive Chair of the Santander España business unit and for attending its board and committee meetings.
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C.2 Indicate the evolution in the last five years of the amount and percentage variation of the remuneration accrued by each of the directors of the listed company who have held this position during the year, the consolidated results the company and the average remuneration on an equivalent basis with regard to full-time employees of the company and its subsidiaries that are not directors of the listed company.
Directors' remuneration (EUR thousand)2024% var. 24/232023% var. 23/222022% var. 22/212021% var. 21/202020
• Executive Directors
Ana Botín-Sanz de Sautuola y O’Shea13,77313%12,2394%11,735(5)%12,28852%8,090
Héctor Grisi Checa8,30822%6,793——————
• External Directors1
José Antonio Álvarez Álvarez5,9463%5,775(40)%9,575(2)%9,72841%6,877
Glenn Hutchins70088%372—10————
Bruce Carnegie-Brown78(86)%576(18)%700—70018%595
Homaira Akbari5811%576(5)%60531%46119%386
Javier Botín-Sanz de Sautuola y O’Shea1445%1376%129—%1296%122
Sol Daurella Comadrán29217%2498%230(4)%23912%214
Henrique de Castro5003%4845%46145%31936%234
Gina Díez Barroso2257%21123%17232%130622%18
Luis Isasi Fernández de Bobadilla2
1,4402%1,417—1,412—1,40649%943
Ramiro Mato García Ansorena271(48)%5184%500—49916%430
Belén Romana García5995%5724%5493%53328%417
Pamela Walkden5103%4935%47038%33959%214
Germán de la Fuente33825%271—137————
Juan Carlos Barrabés Cónsul 128————————
Antonio Francesco Weiss72————————
Company’s performance
Underlying profit attributable to the Group (EUR mn)12,57414%11,07615%9,60511%8,65470%5,081
Consolidated results of the Group3 (EUR mn)
19,02716%16,4598%15,2505%14,547—(2,076)
Ordinary RoTE16.27%8%15.06%13%13.37%5%12.73%71%7.44%
Employees' average remuneration4 (EUR thousand)
615%583%561%5618%47
Employees' average remuneration in Spain5 (EUR thousand)
753%736%6810%62(2%)63
1.Non-executive directors' remuneration fluctuations are caused by joining or leaving the Board of Directors and the difference in the amount of meetings they assist during the year. Hence there is no correlation between their remuneration and the company performance.
2.The remuneration of Luis Isasi includes EUR 1,000 thousand for his role as non-executive Chair of the Santander España business unit and for attending its board and committee meetings.
3. Group operating profit/(loss) before tax.
4. Employee average remuneration includes all concepts. Full-time equivalent data. Variable remuneration data accrued in the current year.
5. Total employees in Spain geography. Fixed remuneration + effective bonus received in the year. Not included rest of concepts. Not impacted by exchange rates.
Comments (Not included in the electronic submission to the CNMV)
nThe variable remuneration only includes the amounts related to the position of executive director of Banco Santander S.A. For the construction of "short-term variable remuneration" and "long-term variable remuneration" information has been used the consolidation criteria of CNMV. In 2024 there was no application of malus clauses.
nTotal remuneration of executive directors is impacted by the excellent evolution of Santander share price. In 2024, the revaluation of the share price used to set the 2024 variable remuneration (EUR 4.576) was +21%, so the Gross profit from shares handed over or consolidated financial instruments (Price x Volume) increased due to such revaluation. If it had remained stable in EUR 3.793 (share price of VR 2023), the increase in the total remuneration of the Executive Chair would have been +9% compared to the figure released in 2023 report (EUR 12,239 thousand). This variation is also highly impacted by the consolidation in 2024 of previous deferrals with better levels of achievement (e.g. 2021 plan had a 91.6% of total achievement).
nAnd regarding the average remuneration of employees (EUR 61 thousand), to highlight the following ideas:
a.Normally the increases or decreases in remuneration are greater for the executive directors, depending on the results of the entity, because the percentage of variable remuneration over fixed remuneration is lower in the average employee than in the executive directors.
b.Our local presence and global scale, based on three regions and ten core markets, and our vast branch network (c.8,000), have a direct impact on this figure: more than a half of our employees are based in Mexico and South America (mainly in Brazil). The salaries of these employees are adapted to the local cost of living. Therefore, the comparison with the remuneration of executive directors (which remuneration was set for living in a mature country) is also impacted by the difference between both costs of living. Developing countries have a lower cost of living than the country where both directors carried out their functions.
c.The different annual exchange rates have also an impact on this calculation where all local wages and salaries are translated into euros at the average year-end exchange rate.
d.Finally, the average remuneration figure of Banco Santander is impacted by the different departures (retirements and early retirements) and annual new hires, with the average cost of the former (a more senior profile) being higher than the latter (a more junior profile).
This annual report on remuneration has been approved by the board of directors of the company, at its meeting on 25 February 2025.
State if any directors have voted against or abstained from approving this report.
Yes o No þ
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Business model and strategy
Sustainability statement
Corporate governance
Economic and financial review
Risk management and compliance
05_EconomicoFinanciero.jpg
ECONOMIC AND FINANCIAL REVIEW
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2024 Highlights
We delivered record profit for the third consecutive year, creating value for shareholders...
→Record profit on the back of 8mn new customers YoY and strong revenue growth
→A groundbreaking year in our transformation driving strong operating performance and profitable growth
→Solid balance sheet with sound credit quality and capital ratio reflecting all-time high organic generation
→Delivering double-digit value creation and higher shareholder remuneration
FY’24 Attributable Profit
FY’24 Revenue
€12.6bn
+14%
€62bn
+8%
Efficiency ratio
RoTE
41.8%
–226bps
16.3%
+121bps
CoRFL CET1
1.15%
-3bps
12.8%
+51bps
TNAVps + DPS
Cash DPS
 +14%

 +39%
… and achieved all our 2024 financial targets
2024 targets
2024 achievements
RevenueA
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High-single digit growth
+10%ü
Efficiency ratio
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c.42%41.8%ü
CoR
arrow.jpg
c.1.2%1.15%ü
FL CET1
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>12.0%
after FLB Basel III implementation
12.8%ü
RoTE
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>16%16.3%ü
A. YoY change in constant euros, except Argentina in current euros.
B. Fully-loaded definition as of 1 January 2025.




Note: YoY changes. P&L accounts presented on an underlying basis. FY'24 attributable profit in constant euros +15% vs. FY’23. FY'24 revenue in constant euros +10% vs. FY’23. For more information on figures presented in constant euros and the alternative performance measures presented above, see section 8. 'Alternative performance measures'.
TNAVps + Cash dividend per share (DPS) includes the €9.50 cent cash dividend per share paid in May 2024 and the €10.00 cent interim cash dividend per share paid in November 2024. Growth in Cash DPS corresponds to the total cash dividend per share paid during 2024 compared to the cash dividends per share paid during 2023. For more details, see section 3.3 ‘Dividends and shareholder remuneration’ in the ‘Corporate governance’ chapter.
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Business model and strategy
Sustainability statement
Corporate governance
Economic and financial review
Risk management and compliance

1. ECONOMY, REGULATION AND COMPETITION
387
2. GROUP SELECTED DATA
392
3. GROUP FINANCIAL PERFORMANCE
394
3.1 Overview of Santander
394
3.2 Results
397
3.3 Balance sheet
411
3.4 Liquidity and funding management
415
3.5 Capital management and adequacy. Solvency ratios    
423
3.6 Special situations and resolution
434
4. FINANCIAL INFORMATION BY SEGMENT
437
4.1 Description of segments during 2024
437
4.2 Summary of the Group's main business areas' income statements
439
4.3 Primary segments
441
4.4 Secondary segments
453
4.5 Appendix
462
5. RESEARCH, DEVELOPMENT AND INNOVATION (R&D&I)
478
6. SIGNIFICANT EVENTS SINCE YEAR END
481
 7. TREND INFORMATION 2025
482
8. ALTERNATIVE PERFORMANCE MEASURES (APMs)
492
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1. ECONOMY, REGULATION AND COMPETITION
Economy
In 2024, Santander operated in an environment characterized by gradual reductions in interest rates by central banks, as a result of the decline in inflation and in a context with continuing geopolitical tensions. In general, the world's major economies are successfully completing the soft landing promoted by central banks' monetary policies and, while activity levels cooled down, they did so slowly. Labour markets were robust, with unemployment rates at or near full employment in two out of three economies in which Santander operates.
Our core regions' economies performed as follows in 2024:
•Eurozone (GDP in 2024: +0.7%). GDP growth improved slightly during the year. The reactivation of household consumption, still affected by inflation, was less than the increase in wages would have allowed. Moreover, the decline in gross fixed capital formation continued. External demand was the main driver of economic activity. The labour market remained resilient, with the unemployment rate at record lows (6.3% at year end). Inflation fell to around 2%, allowing the European Central Bank (ECB) to start a cycle of interest rate cuts, ending the year at 3%.
•Spain (GDP in 2024: +3.2%). Spain's economy was one of the most dynamic among the advanced economies. GDP was driven by services exports and consumption (both public and private). However, investment is not yet reflecting the expansionary cycle. Immigration supported this economic growth, with this population increase leading to some tensions in the housing market. Inflation continued to decline and remains around the euro area average.
•United Kingdom (GDP in 2024: +0.9%). The economy recovered in 2024 after stagnating in 2023, backed by consumption and investment. The labour market remained tight at full employment (4.3% at year end), although it began to show signs of cooling. This added pressure on wages (which grew 5% on average), which fuelled inflation through services. Inflation stood above the Bank of England's 2% target, despite its downward trend during the year, which allowed the central bank to initiate interest rate cuts in August. By year end, the Bank of England reference rate stood at 4.75%.
•Portugal (GDP in 2024: +1.9%). The economy experienced a slowdown in growth, due to the loss of momentum in investment and exports, the latter due to the weak external demand from the European Union (EU). The labour market remained strong at full employment rates (6.6% in November 2024). Inflation was stable backed by little change in the more volatile components. Both headline and core inflation ended the year above the ECB's target, at 3% and 2.8%, respectively. Of note was the reduction in the economy's debt ratios, especially
public debt, which, as a result of contained public deficit, remained below 100% in 2024.
•Poland (GDP in 2024: +2.8%). The economy recovered sharply in 2024 after weak growth in 2023 (+0.1%). Domestic demand offset the weak tone of foreign demand. The labour market remained stressed due to labour shortages, yet maintained a full employment rate which kept wage growth at double digits. Inflation moderated in H1 2024 but rebounded in H2 2024, ending the year at 4.7%, which led the central bank to hold the official interest rate at 5.75%.
•US (GDP in 2024: +2.8%). GDP growth was more robust than expected, backed by dynamic productivity increases. The unemployment rate remained around 4%, favoured by the increase in immigration. Inflation continued to moderate, although it remained high, and drove the Federal Reserve (Fed) to reduce the degree of monetary tightening by cutting interest rates by 100 basis points in the second part of the year to 4.50%.
•Mexico (GDP in 2024: +1.5% estimated). The economy slowed in 2024, driven by lower construction growth (following the completion of infrastructure projects the previous year), while the manufacturing and services sectors remained resilient. Inflation moderated at year end, especially core inflation, which fell below 4%. The central bank began its cycle of official rate cuts, with gradual reductions from 11.25% at the end of 2023 to 10% at the end of 2024, and indicated there would be further cuts.
•Brazil (GDP in 2024: +3.5% estimated). The economy maintained robust growth, supported by the strength of private consumption and investment. Inflation rebounded towards the end of the year, to 4.8% (4.6% in 2023). The central bank concluded its cycle of interest rate cuts in May 2024 at 10.5% and restarted interest rate hikes in September, with interest rates ending the year at 12.25% (11.75% in December 2023).
•Chile (GDP in 2024: +2.3% estimated). The economy recovered in 2024, driven by consumption and exports. Inflation rebounded to 4.5% in 2024 compared to 3.9% in 2023, due to the rise of electricity prices and its effects on other goods and services. Medium-term inflation expectations remain anchored at the 3% target. This allowed the central bank to continue its cycle of interest rate cuts to reach 5% by the end of the year (compared to 8.25% in 2023).
•Argentina (GDP in 2024: -2.5% estimated). The economy completed its adjustment process, correcting its fiscal and external imbalances, leading to surpluses. This enabled the economy to begin recovering in the second half of the year after
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an intense recession in the first half. Inflation accelerated at the beginning of the year (affected by the devaluation of the Argentine peso in December 2023), but moderated significantly by year end, to monthly rates below 3%.
Financial markets' performance in 2024 was marked by the landing expectations of the global economy, which was softer than anticipated, supported by the beginning of the cycle of easing monetary policy in the US and the eurozone, and the presidential elections in the US, with some occasional bouts of volatility and an increase in geopolitical risk in conflict areas.
Equity markets showed a positive trend. Gains were especially positive in the US, due to the strength of the business cycle together with expectations of tax cuts and deregulation. The technology sector stood out above all, mainly driven by the rise of artificial intelligence. In European stock markets, gains were more moderate, weighed down by weaknesses in the German growth model and the prospects of a more uncertain external environment (due to the impact of US and Chinese policies).
In the sovereign debt market, despite the fact that the Fed began the cycle of interest rate cuts, there was a rebound in long-term debt yields in the US, reflecting expectations of a pick-up in inflation. In Europe, strong interest in government bonds has reduced spreads over the German bond yields. France was an exception, weighed down by weakening macroeconomic fundamentals and political uncertainty.
The US dollar strengthened against the euro towards the end of the year, underpinned by the cyclical gap between the US and eurozone economies, by geopolitical uncertainty (which benefits the dollar as a safe-haven asset) and by the political agenda of the new administration in the US (which reduces the Fed's room for additional interest rate cuts).
In commodities, gold led gains, driven by geopolitical uncertainty and declining official interest rates. Industrial metals benefited from a revival of global manufacturing activity. In contrast, oil prices fell amid concerns regarding oversupply and slow demand growth.
Latin American markets had a volatile year, especially in the second half of 2024, due to the combination of a more uncertain international context and idiosyncratic factors in several countries. Central banks continued the monetary policy easing cycles they began in 2023, albeit gradually and still maintaining restrictive positions, while paying attention to their differentials against the Fed and the performance of their currencies against the US dollar. Latin American currencies ended the year with sharp depreciations. Volatility was most pronounced in the Brazilian market, where Brazil’s central bank decided to restart the cycle of interest rate hikes in the final months of the year, to curb pressures on the Brazilian real and contain its possible upward impacts on inflation.
The banking sector benefitted from a favourable macroeconomic environment and resilient labour markets which supported continued solid revenue performance and contained portfolio quality deterioration.
As a result, the market valuation of banks improved significantly throughout the year, although significant differences in the ratio of market capitalization to book value remained. While European banks increased their market capitalization to an average of 0.8
times their book value, US banks were at levels of 1.6 times their book value at year end.
The process of easing monetary policies is expected to have an impact on net interest income which is expected to be offset by an increase in credit volumes in an environment where a significant increase in non-performing loans is not expected.
Banks maintained high solvency levels, as observed in the stress tests conducted by supervisors and multilateral organizations, and they absorbed the impact of the gradual liquidity withdrawal being carried out by the major central banks.
The sector's outlook for 2025 is positive, with returns expected to be slightly lower than those recorded in 2024 but well above those observed in the last decade. In the short term, the main risks facing the sector are essentially exogenous, mainly those related to geopolitical risks.
The potential volatility in market valuations could be amplified by the positions of non-bank financial institutions. The volatility observed in the banking sector in August, although short lived, can be seen as a wake-up call.
The medium-term challenges for banks remain unchanged. The digital transition continues to force entities to make significant investments in order to offer the best customer experience to be able to face the competition from new competitors, while improving efficiency through automatization and simplification of processes, and maintaining safeguards against cyberattacks.
Additionally, the banking sector must continue to address potential risks related to sustainability.
Regulatory and competitive environment
In 2024, the regulatory agenda was similar to that of 2023, with prudential, sustainability, digitalization and retail banking issues taking the spotlight. In Europe, European Parliament elections held in June 2024 and the composition of the new European Commission slowed down the approval of ongoing proposals and the presentation of new ones. Competitiveness was consolidated as a fundamental pillar of action, both for the new European Commission - which agreed to introduce a competitiveness test in new legislative proposals - and for the UK, which introduced it as a regulatory objective.
The main regulatory topics in 2024 were:
1.Prudential and resolution: the European Banking Authority (EBA) began work on the secondary regulation needed to allow the Basel III reform in Europe (the new CRR3) to enter into force on 1 January 2025. However, the implementation of the Fundamental Review of the Trading Book (FRTB) was postponed until January 2026 to settle differences in criteria between jurisdictions and considering the different impacts, given the delayed implementation in the UK and the uncertainty around its implementation in the US. Additionally, the Basel Committee continued to work on the new prudential framework for cryptoasset exposures.
In Europe, discussions also centred on the capital buffer framework (potential revision is being considered), and on securitizations, which are expected to increase in a more competitive environment. No significant progress was made on
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the crisis management framework review, as negotiations were postponed until early 2025.
The Basel Committee and the Financial Stability Board (FSB) continued to analyse the lessons learned from the Silicon Valley Bank and Credit Suisse collapses, and also analysed a potential framework for non-bank financial intermediaries (NBFIs).
2.Sustainability: In June 2024, the European Union adopted the Corporate Sustainability Due Diligence Directive (CSDDD), which establishes obligations for large companies to identify and mitigate adverse effects on human rights and environmental impacts derived from their operations and supply chains.
Regarding improvements in European competitiveness, the European Commission reiterated its objective of reducing reporting burdens, announcing that it will work to simplify the requirements on taxonomy, reporting (Corporate Sustainability Reporting Directive or CSRD) and due diligence regulation.
The European supervisory authorities (the EBA, the European Insurance and Occupational Pensions Authority or EIOPA and the European Securities and Markets Authority or ESMA) published a common definition of greenwashing for the financial sector, and the EBA worked on the integration of climate and environmental risks into the Pillar 1 prudential framework. In addition, guidelines have been developed for bank transition plans in Europe and in other jurisdictions such as the UK.
The Basel Committee aims to complement Pillar 3 transparency requirements with information on environmental risk management.
Other jurisdictions, such as Brazil, Mexico and Chile continued to make progress in building a sustainability framework, with initiatives related to taxonomies and risk management.
Finally, the International Sustainability Standards Board (ISSB) continued to make progress in the design of reporting requirements, consolidating its position as the international standard.
3.Digitalization: The European Artificial Intelligence Regulation (Regulation (EU) 2024/1689 or AI Act), which establishes a harmonized legal framework for the development, marketing and use of artificial intelligence (AI) systems in the European Union, entered into force in August 2024. The regulation classifies AI systems according to their level of risk, establishing new requirements for high-risk systems and prohibiting those that pose unacceptable risks. With this regulation, the EU positions itself as one of the first jurisdictions to generally regulate artificial intelligence. Internationally, forums such as Group of Seven (G7) have established general principles, while the best framework for the use of AI is still under debate.
The debate on Central Bank Digital Currencies (CBDCs) continues. The EU continued to make progress on the digital euro project. The vast majority of central banks in the EU are exploring opportunities to issue a CBDC, although the focus is shifting to wholesale CBDCs, where opportunities seem to be clearer. The appetite to launch a digital currency decreased both in the US and in the UK.
Some jurisdictions have begun to implement the recommendations for the regulation of cryptoassets and stablecoins issued by the FSB. Europe led the way with the Markets in Crypto-Assets Regulation (MiCA) while other countries such as Brazil and Argentina are exploring similar frameworks.
In addition, Europe continued to work on a framework for data sharing between financial institutions (Financial Data Access or FiDA) whose objective is to give customers control and power over their data, with the aim of generating a data economy. Similar debates on data took place in Chile and the US.
Finally, payment regulation in many countries, both in terms of fraud regulation in an increasingly digital world, and the regulation of interchange fees were discussed.
4. Retail banking: The debate focused on the European Commission's Retail Investment Strategy (RIS), a proposal which aims to empower and protect retail investors in the EU by amending several directives on capital markets, on which negotiations are still ongoing. The debate also centred on the Savings and Investments Union (formerly the Capital Markets Union), which intends to create a single market for capital and increase the number of retail investors participating in capital markets. There was also an important focus on different regulations on pricing and customer access to products in the UK, Brazil and Argentina.
For more details, see note 1.e to the consolidated financial statements.
Santander and public policy
We have a strong commitment to our customers to conduct our business in a simple, personal and fair way. We are also committed to constructively engaging with regulators and supervisors, both regarding the regulation and frameworks that affect our business, as well as the interests of our customers.


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Public policy priorities
1Promote regulation that allows banks to finance the economy and be profitable and investable
•Banks must continue to play their fundamental role of financing the economy and promoting growth in a competitive way, with profitability as their first line of defence.
•It is important that, when designing regulation and supervision, policymakers and regulators consider the need for a balance between preserving financial stability and supporting economic growth.
•Lack of growth is the biggest threat to financial stability. As such, it is crucial to promote growth in order to finance the current challenges: decarbonization, the demographic challenge and the digital transformation, among others.
•Predictability and transparency in capital, regulatory and supervisory requirements are key to preserve the ability of banks to finance the economy and its transformation, as well as their ability to invest.
•For European banks to be competitive and do more for their customers, businesses and society as a whole, it is necessary to guarantee consistent regulation and a single market. To do so, the EU needs a new Savings and Investments Union as well as a Banking Union. Additionally, it is essential for the European regulation to recognize non-EU countries, so that global European companies can continue to invest in other jurisdictions, improving their competitiveness and contributing to growth in other regions.
2Provide support so that sustainability can boost the competitiveness and growth of companies
•It is advisable to conduct regular impact assessments on the sustainability legislation currently in force, to evaluate its contribution to a stable and fair transition.
•It is crucial for the regulatory framework to recognize specific needs given the heterogeneity in the starting points of countries and sectors in terms of their transitions, to enable banks to finance both sustainable companies and especially those undergoing a transition to become more sustainable.
•It is important that the regulatory framework does not add capital requirements associated with ESG risk management.
3Leverage the benefits of a digital economy
•In a more digital world, banks must leverage technology to improve their value proposition to customers.
•It is positive for central banks to analyse the possibilities technology offers to increase innovation. Regarding payments, a prudent approach to CBDCs is needed, to ensure they generate opportunities while mitigating associated risks. Retail CBDCs could have significant impacts on financial stability and should not displace private payment solutions. In contrast, wholesale CBDCs could act as enablers for a new tokenized economy.
•It is vital that all payment systems are subject to a common regulatory framework, to safeguard customer protection and financial stability and promote interoperability between payment systems.
•Both education and public authorities' involvement are necessary to raise awareness of the increased risk of fraud in a digital world. Moreover, it is crucial to facilitate a framework that addresses the entire fraud chain and adequately allocates responsibilities to all parties involved, to avoid perverse incentives.
•Tokenization has the potential to transform financial markets by introducing new financial assets.
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Promote a data economy
4
•Data has gained importance as an asset in an increasingly digitalized economy and society. Leveraging the benefits of a data-driven economy requires a change in the way in which companies are regulated, public institutions are managed and citizens are served.
•Data exchange should be regulated following a cross-sector perspective, to promote synergies that could arise from sharing information between sectors and thus maximize opportunities for innovation and preserve a competitive environment. One of the clearest examples is the combination of public and private data.
•It is essential that regulation encourages innovation and the adoption of AI as a transformative technology, while also curbing threats to people’s safety and fundamental rights. The major challenges linked to this technology are global and must be tackled in a coordinated way across regions. Regulators and the industry must work together to establish adequate guidelines and ensure their proper implementation.
5Achieve the proper balance between customer protection and needs
•Regulation must promote both customer protection and service as well as product, service and channel innovation, based on a market approach. The implementation of regulatory instruments such as caps on prices or bans on incentives to sell products should be carefully assessed, as they can introduce complexity and rigidity into value propositions and may even lead to the creation of an unregulated parallel market.
•Significant short- and medium-term investments are needed to finance the growing digitalisation of the economy and the green transition. It is critical to ensure that retail investors have access to capital markets, on the base of transparent and specific information on value-adding products. Additionally, incentives are key to provide advice and value-added services to these investors in open distribution models.
•To ensure financial inclusion and prevent excessive leverage, is it important for consumers to access credit according to their needs and solvency and that interest rates on consumer credit are set following market competition.
•Promoting financial education and empowering consumers with clear and targeted information is crucial to enable consumers to make informed financial decisions. In this sense, the use of data and AI will be key to better fulfil our customers' needs in a changing environment.
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2. GROUP SELECTED DATA
BALANCE SHEET (EUR million)Dec-24Dec-23% Dec-24 vs. Dec-23Dec-22
Total assets1,837,081 1,797,062 2.2 1,734,659 
Loans and advances to customers1,054,069 1,036,349 1.7 1,036,004 
Customer deposits1,055,936 1,047,169 0.8 1,009,722 
Total funds A
1,348,422 1,306,942 3.2 1,239,981 
Total equity107,327 104,241 3.0 97,585 
INCOME STATEMENT (EUR million)20242023% 2024 vs. 20232022
Net interest income46,668 43,261 7.9 38,619 
Total income61,876 57,423 7.8 52,117 
Net operating income35,842 31,998 12.0 28,214 
Profit before tax19,027 16,459 15.6 15,250 
Profit attributable to the parent12,574 11,076 13.5 9,605 
EPS, PROFITABILITY AND EFFICIENCY (%)20242023% 2024 vs. 20232022
Earnings per share (euro)0.77 0.65 17.9 0.54 
RoE B
13.0 11.9 10.7 
RoTE B
16.3 15.1 13.4 
RoA B
0.76 0.69 0.63 
RoRWA B
2.18 1.96 1.77 
Efficiency ratio B
41.8 44.1 45.8 
UNDERLYING INCOME STATEMENT B (EUR million)
20242023% 2024 vs. 20232022
Net interest income46,668 43,261 7.9 38,619 
Total income62,211 57,647 7.9 52,154 
Net operating income36,177 32,222 12.3 28,251 
Profit before tax19,027 16,698 13.9 15,250 
Profit attributable to the parent12,574 11,076 13.5 9,605 
% changes in constant euros (2024 vs. 2023):
NII: +9.5%; Total income: +9.9%; Net operating income: +14.6%; Profit before tax: +15.6%; Attributable profit: +15.3%.
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. Additionally, in 2024, for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior years). For further information, see section 8. 'Alternative performance measures' of this chapter.
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.
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SOLVENCY (%)
Dec-24Dec-23Dec-22
Fully-loaded CET1 capital ratio12.8 12.3 12.0 
Fully-loaded total capital ratio17.2 16.3 15.8 
CREDIT QUALITY (%) B
Dec-24Dec-23Dec-22
Cost of risk C
1.15 1.18 0.99 
NPL ratio3.05 3.14 3.08 
NPL coverage ratio65 66 68 
THE SHARE AND MARKET CAPITALIZATION
Dec-24Dec-23% Dec-24 vs. Dec-23Dec-22
Number of shareholders3,485,134 3,662,377 (4.8)3,915,388 
Number of shares (millions)15,152 16,184 (6.4)16,794 
Share price (euro)4.465 3.780 18.1 2.803 
Market capitalization (EUR million)67,648 61,168 10.6 47,066 
Tangible book value per share (euro)5.24 4.76 4.26 
Price / Tangible book value per share (X)0.85 0.79 0.66 
CUSTOMERS (thousands)Dec-24Dec-23% Dec-24 vs. Dec-23Dec-22
Total customers172,537 164,542 4.9 159,844 
Active customers D
103,262 99,503 3.8 99,190 
Digital customers E
59,317 54,161 9.5 51,471 
OPERATING DATADec-24Dec-23% Dec-24 vs. Dec-23Dec-22
Number of employees206,753 212,764 (2.8)206,462 
Number of branches8,011 8,518 (6.0)9,019 
A. Includes customer deposits, mutual funds, pension funds and managed portfolios.
B. 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 section 3.2 'Results' and in section 8. 'Alternative Performance Measures' of this chapter. In our view, this provides a better year-on-year comparison.
C. Allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers over the last 12 months.
D. Those customers who comply with the minimum balance and/or transactionality requirements as defined according to the business area.
E. 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.
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3. GROUP FINANCIAL PERFORMANCE
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 section 8. 'Alternative Performance Measures' of this chapter). 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 section 3.2 ‘Results’ in this chapter and in note 52.c of the consolidated financial statements. In our view, this provides a better year-on-year comparison.
In section 4. 'Financial information by segment', 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 section 8. 'Alternative Performance Measures' of this chapter, 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.
3.1 Overview of Santander
Santander is a Retail and Consumer global powerhouse and one of the largest banks in the eurozone. At 2024 year end, we had EUR 1,837,081 million in assets and EUR 1,348,422 million in total customer funds. Santander was the second largest bank by market capitalization in the eurozone (EUR 67,648 million as of 31 December 2024).
The Santander Way
Our Purpose is to help people and businesses prosper. Our Aim is to be the best open financial services platform, by acting responsibly and earning the lasting loyalty of our stakeholders by being Simple, Personal and Fair in all we do.
Our business model and transformation in recent years has provided sustained earnings and a stronger balance sheet, despite the challenging environment and macro volatility.
We engage in a wide range of typical banking activities, operations and services. We do not merely meet our legal and regulatory obligations but we also aim to exceed the expectations of our stakeholders: employees, customers, shareholders and communities. In detail:
•We are committed to continuously improving the experience of the 206,753 employees who are part of Santander. Our goal is to attract and retain the best talent by offering an attractive value proposition that prioritizes personal growth, an inspiring culture, and working conditions that ensure the health and well-being of our people. Furthermore, we promote an environment that prioritizes inclusion, where all voices are valued and individuals feel safe and free to express their identity, ideas and opinions.

Our health, safety and well-being policy applies in all countries where we operate, with a proactive and comprehensive approach to the health of the people working at Santander.
Your Voice, our listening channel to periodically assess the engagement and experience of our professionals, showed an increase in engagement levels, achieving an average score of 8.7 and an employee Net Promoter Score (eNPS) of 63, obtaining results above the financial industry in all evaluated dimensions, positioning us at the top of the sector.
We plan to continue working in this direction, with the firm purpose of improving year after year.
•Customer focus is an essential part our strategy. We are a Retail and Consumer global powerhouse with 173 million customers. We continue building a digital bank with branches to be the number one bank for our customers. By listening to our
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customers' needs, we are boosting Santander's position as their trusted financial partner.
We keep moving and adapting to the evolving needs of our customers, to offer the best products, an agile and frictionless customer experience for daily needs and competitive prices.

Throughout the year, we undertook significant initiatives to transform customer experience and strengthen our value proposition. This was reflected in our customer growth rates and Net Promoter Score (NPS) improvement where we are one of the top three banks in seven markets.

In the digital space, we enhanced self-service capabilities and user experiences, leveraging behavioural economics methodologies for deeper customer insights and implementing training programmes to ensure excellence in branch interactions.

At year end, we had 8,011 branches, including traditional ones and other specialized centres for businesses, private banking, universities and other customer segments.

These physical spaces have evolved to integrate traditional services with digital facilities. In some branches, such as the Work Cafés, we have collaborative spaces, which enable native digital customers to have a better experience and integrate their financial transactions into their daily lives.
At the same time, customer interactions continued their structural shift towards digital and remote services with high user experience standards. We now have more than 59 million digital customers (10% more than in 2023) and we increased our digitally available products and services to 62% (56% in 2023).
At Santander, we appreciate the value of the human connection that our branch network provides and are mindful of our most vulnerable customers' needs, responding with tailored offers, thereby increasing customer loyalty and improving customer experience.
We are committed to creating products and services catered to our customers' needs, such as through our financial inclusion initiatives. For example, we provide customers in rural Spain access to basic financial services through our branches, ATMs, network of financial agents in communities with under 10,000 inhabitants and Correos Cash in areas that might otherwise have been left unattended. In 2024, we extended the Correos Cash agreement to offer cash access with a non-digital solution through rural letter carriers.

Santander is also committed to ensuring and promoting financial inclusion in vulnerable customers through different initiatives such as our microfinance programmes in Latin America (Prospera in Brazil and Colombia, Tuiio in Mexico and Surgir in Peru). We also signed several agreements with Multilateral Development Banks in countries such as Chile, Brazil and Poland where these agreements include allocating part of new portfolios to social finance. In Spain, we helped customers with financial difficulties to access credit (e.g., loans for a first home for young people) or those impacted by the rising cost of living or natural disasters (e.g., the floods that affected Valencia in October 2024), among others.
Additionally, we have a cross-functional team that has been working on enhancing services for our elderly customers, including measures such as extending the hours of counter/teller services and creating senior ambassadors to make sure senior citizens receive the best possible service. We also continued to promote financial education with specific content through our financial education programme, Finanzas para Mortales. Our commitment to financial education through this programme directly impacted senior citizens, people with disabilities, people in vulnerable situations and school children, among others.
•We also support our communities through programmes to help them address their social needs. We focus our efforts on education, employability and entrepreneurship, in addition to financial education and support for vulnerable people. Moreover, we have a strong track record of backing cultural and other social initiatives. For more information, see the 'Sustainability statement' chapter.
•For our shareholders, we delivered solid financial results in 2024 and met all our 2024 targets which we upgraded in July 2024.
Once again, we achieved an all-time high attributable profit, reaching EUR 12,574 million in 2024. This was supported by revenue growth (+10% year-on-year in constant euros), better efficiency (41.8% in 2024) and profitability improvement (RoTE of 16.3% in 2024). At the same time, we maintained a solid balance sheet with sound credit quality (cost of risk was 1.15% in 2024) and capital ratios (fully-loaded CET1 ratio at 12.8% at year end).
Finally, we delivered higher shareholder remuneration with double-digit value creation in 2024. Our TNAV per share plus cash dividend per share grew 14% year-on-year and the cash dividend per share paid during 2024 was 39% greater than cash dividends per share paid during 2023.






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Looking ahead
We are in a phase of value creation which is underpinned by the following three tenets:
•Think Value: delivering double-digit value creation, on average through-the-cycle.
•Think Customer: building a digital bank with branches with well-targeted products and services to grow our customer base.
•Think Global: leveraging global and in-market scale, network and tech to deliver world class-services and accelerate profitable growth.
Our business model and transformation are already providing sustained earnings and a stronger balance sheet, while enabling us to accelerate profitable growth and value creation.
We manage the Group as ONE Santander through five global businesses. As one of the largest retail and consumer banks in the world, we have the scale to build our own technology platforms, making it possible to offer customers the best products and services while constantly reducing the cost-to-serve. This is a key competitive advantage and is reflected in our results through continuous improvement in operational leverage.
Our business model and our five global businesses boost value creation by leveraging our global and in-market scale. This, coupled with our network effects, drives revenue growth with structurally lower costs thereby supporting our ambition of becoming the most profitable bank in every market where we operate.
The strategic priorities of our five global businesses for 2025 are the following:
•Retail & Commercial Banking: i) continue our transformation journey towards our vision of becoming a digital bank with branches underpinned by a common operating model and a global tech platform; ii) adapt our business model towards value creation through stronger customer relationships and network effects; and iii) strengthen structural efficiency on the back of our transformed operating and business models to drive cost-to-serve efficiencies.
•Digital Consumer Bank: i) converge towards global platforms; ii) grow and consolidate partnerships; iii) promote the network effect through a complete product offering to our customers leveraging the Group's capabilities; iv) continue gathering customer deposits; and v) enhance and automate our originate-to-share model.
•Corporate & Investment Banking: i) deepen our client relationships with a particular focus on the US; ii) fully leverage our enhanced centres of expertise, increase connectivity around the client agenda and further digitalize our business; iii) keep evolving our active capital management and global operating models; and iv) attract, develop and retain top talent.
•Wealth Management & Insurance: i) improve our customer experience providing enhanced value-added products and services and expanding our presence to new countries and businesses; ii) boost operational leverage by globalizing service and product factories/hubs and enhancing local distribution; and iii) develop common global platforms to transform our operations and distribution model leveraging the Group's technology, data and AI.
•Payments: in PagoNxt, i) continue to scale up our global platform of innovative payments and integrated value-added solutions; ii) roll out our global payment platform to all our regions and the open market. In Cards, expand our cards business while improving customer experience.
Additionally, we are accelerating our global approach to technology which drives innovation and excellence in a dynamic and fast-changing environment. This is differentiating us from our peers and giving us a competitive advantage. We have already built a strong set of platforms, which provide services to customers across our footprint and, at the same time, to the open market.
To conclude, we believe Grupo Santander is well positioned to achieve our aim to be the best open financial services platform, leveraging our unique business model and our network effects.

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3.2 Results
Statutory income statement

Condensed income statement
EUR million
Change
20242023Absolute%2022
Net interest income46,668 43,261 3,407 7.9 38,619 
Net fee income (commission income minus commission expense)13,010 12,057 953 7.9 11,790 
Gains or losses on financial assets and liabilities and exchange differences (net)2,273 2,633 (360)(13.7)1,653 
Dividend income714 571 143 25.0 488 
Income from companies accounted for using the equity method711 613 98 16.0 702 
Other operating income/expenses(1,500)(1,712)212 (12.4)(1,135)
Total income61,876 57,423 4,453 7.8 52,117 
Operating expenses(26,034)(25,425)(609)2.4 (23,903)
   Administrative expenses(22,740)(22,241)(499)2.2 (20,918)
       Staff costs (14,328)(13,726)(602)4.4 (12,547)
       Other general administrative expenses (8,412)(8,515)103 (1.2)(8,371)
   Depreciation and amortization(3,294)(3,184)(110)3.5 (2,985)
Provisions or reversal of provisions(3,883)(2,678)(1,205)45.0 (1,881)
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)(12,644)(12,956)312 (2.4)(10,863)
Impairment of other assets (net)(628)(237)(391)165.0 (239)
Gains or losses on non-financial assets and investments (net)367 313 54 17.3 12 
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 7 
Profit or loss before tax from continuing operations19,027 16,459 2,568 15.6 15,250 
Tax expense or income from continuing operations(5,283)(4,276)(1,007)23.6 (4,486)
Profit from the period from continuing operations13,744 12,183 1,561 12.8 10,764 
Profit or loss after tax from discontinued operations— — — — — 
Profit for the period13,744 12,183 1,561 12.8 10,764 
Profit attributable to non-controlling interests(1,170)(1,107)(63)5.7 (1,159)
Profit attributable to the parent12,574 11,076 1,498 13.5 9,605 












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Main income statement items
In 2024, the 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 and minority interests). Additionally, there was a lower contribution to the Deposit Guarantee Fund in Spain in 2024 and there was no contribution to the Single Resolution Fund as contributions ended in 2023.
Total income
Total income amounted to EUR 61,876 million, a new annual record and an 8% increase year-on-year. Net interest income and net fee income accounted for 96% of total income. By line item:
Net interest income
Net interest income amounted to EUR 46,668 million, 8% higher than 2023.
The tables below 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 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 Poland) and developing markets (South America, Mexico and Poland).
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 it was stable in the international developing markets.
The average balance of interest-bearing liabilities in 2024 was 2% higher year-on-year, with growth in domestic (+6% year-on-year) and international developing markets (+1% year-on-year), while it decreased by 1% year-on-year in international mature markets.
The average return on interest-earning assets increased 32 bps from 6.70% in 2023 to 7.02% in 2024, following a strong increase in 2023. By market, it grew 49 bps year-on-year in the domestic market, 54 bps year-on-year in our international mature markets, and fell 14 bps year-on-year in our international developing markets.
The average cost of interest-bearing liabilities rose 19 bps in 2024 to 4.33%. By market, it performed in line with the average yield on assets, increasing in our domestic (+48 bps year-on-year) and international mature (+67 bps year-on-year) markets, and it fell 1.1 pp year-on-year in our international developing markets.
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 and, to a lesser extent, greater volumes.
As a result, net interest income increased 8% year-on-year, with generalized growth across all businesses and regions.
Especially of note was the performance in Retail, mainly in South America due to the higher volumes and lower cost of deposits, and in Spain, Poland and Portugal due to good margin management. There was also strong growth in Consumer, especially in Europe due to volumes growth and asset repricing, and in Brazil, favoured by higher volumes and lower average interest rates.
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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 290,409 16,399 5.65 %310,887 16,467 5.30 %
   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 markets67,354 5,998 8.91 %68,985 6,162 8.93 %
        of which:
        Reverse repurchase agreements65,939 5,644 8.56 %55,570 4,745 8.54 %
            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 markets25,115 3,251 12.94 %26,433 3,131 11.85 %
Loans and advances to customers1,053,394 77,781 7.38 %1,036,547 70,619 6.81 %
   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 markets225,863 31,625 14.00 %224,584 31,267 13.92 %
        of which:
        Reverse repurchase agreements61,793 5,922 9.58 %46,382 4,202 9.06 %
            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 markets1,222 144 11.78 %1,111 132 11.88 %
Debt securities262,338 16,120 6.14 %224,304 14,501 6.46 %
   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 markets103,591 10,468 10.11 %101,470 10,554 10.40 %
Income from hedging operations2,456 3,561 
   Domestic152 (45)
   International - Mature markets2,001 2,955 
   International - Developing markets303 651 
Other interest(21)104 
   Domestic(71)(47)
   International - Mature markets42 63 
   International - Developing markets8 88 
Total interest-earning assets1,606,141 112,735 7.02 %1,571,738 105,252 6.70 %
   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 markets396,808 48,402 12.20 %395,039 48,722 12.33 %
Other non-interest earning assets197,131 201,365 
Assets from discontinued operations— — 
Average total assets1,803,272 112,735 1,773,103 105,252 

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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 institutions152,706 9,383 6.14 %175,164 9,350 5.34 %
   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 markets47,817 3,976 8.32 %49,342 3,638 7.37 %
        of which:
        Repurchase agreements63,601 4,570 7.19 %55,619 3,737 6.72 %
            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 markets17,165 2,018 11.76 %14,954 1,663 11.12 %
Customer deposits1,041,242 36,465 3.50 %1,011,471 33,238 3.29 %
   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 markets246,973 15,238 6.17 %240,490 17,583 7.31 %
        of which:
        Repurchase agreements85,665 8,240 9.62 %73,193 7,084 9.68 %
            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 markets23,426 2,376 10.14 %21,599 2,696 12.48 %
Marketable debt securities A
310,226 14,774 4.76 %288,345 12,751 4.42 %
   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 markets45,329 4,121 9.09 %45,388 4,348 9.58 %
        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 liabilities22,887 677 2.96 %23,139 638 2.76 %
   Domestic17,151 490 2.86 %16,109 469 2.91 %
   International - Mature markets3,707 17 0.46 %4,830 1 0.02 %
   International - Developing markets2,029 170 8.38 %2,200 168 7.64 %
Expenses from hedging operations2,986 4,436 
   Domestic1,159 1,045 
   International - Mature markets1,325 1,756 
   International - Developing markets502 1,635 
Other interest1,782 1,578 
   Domestic741 567 
   International - Mature markets282 304 
   International - Developing markets759 707 
Total interest-bearing liabilities1,527,061 66,067 4.33 %1,498,119 61,991 4.14 %
   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 markets342,148 24,766 7.24 %337,420 28,079 8.32 %
Other non-interest bearing liabilities171,069 173,299 
Non-controlling interests8,398 8,650 
Total stockholders´ equity96,744 93,035 
Liabilities from discontinued operations— — 
Average total liabilities and stockholders´ equity1,803,272 66,067 1,773,103 61,991 
A.Does not include contingently convertible preference shares and perpetual subordinated notes because they do not accrue interests. We include them under 'Other non-interest-bearing liabilities'.

LogoSantanderPie_76.jpg Annual report 2024    400
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(985)917 (68)
   Domestic(358)365 7 
   International - Mature markets(482)571 89 
   International - Developing markets(145)(19)(164)
        of which:
        Reverse repurchase agreements522 377 899 
            Domestic487 78 565 
            International - Mature markets196 18 214 
            International - Developing markets(161)281 120 
Loans and advances to customers1,022 6,140 7,162 
   Domestic(11)1,702 1,691 
   International - Mature markets854 4,259 5,113 
   International - Developing markets179 179 358 
        of which:
        Reverse repurchase agreements1,411 309 1,720 
            Domestic128 79 207 
            International - Mature markets1,270 231 1,501 
            International - Developing markets13 (1)12 
Debt securities1,463 156 1,619 
   Domestic844 131 975 
   International - Mature markets401 329 730 
   International - Developing markets218 (304)(86)
Income from hedging income(1,105)— (1,105)
   Domestic197 — 197 
   International - Mature markets(954)— (954)
   International - Developing markets(348)— (348)
Other interest(125)— (125)
   Domestic(24)— (24)
   International - Mature markets(21)— (21)
   International - Developing markets(80)— (80)
Total interest-earning assets270 7,213 7,483 
   Domestic648 2,198 2,846 
   International - Mature markets(202)5,159 4,957 
   International - Developing markets(176)(144)(320)
LogoSantanderPie_76.jpg Annual report 2024    401
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(1,190)1,223 33 
   Domestic(95)332 237 
   International - Mature markets(980)438 (542)
   International - Developing markets(115)453 338 
        of which:
        Repurchase agreements582 251 833 
            Domestic182 105 287 
            International - Mature markets144 47 191 
            International - Developing markets256 99 355 
Customer deposits792 2,435 3,227 
   Domestic218 1,457 1,675 
   International - Mature markets111 3,786 3,897 
   International - Developing markets463 (2,808)(2,345)
        of which:
        Repurchase agreements729 427 1,156 
            Domestic413 (90)323 
            International - Mature markets101 1,052 1,153 
            International - Developing markets215 (535)(320)
Marketable debt securities785 1,238 2,023 
   Domestic449 697 1,146 
   International - Mature markets342 762 1,104 
   International - Developing markets(6)(221)(227)
        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 liabilities16 23 39 
   Domestic30 (9)21 
   International - Mature markets0 16 16 
   International - Developing markets(14)16 2 
Expenses from hedging expenses(1,450)— (1,450)
   Domestic114 — 114 
   International - Mature markets(431)— (431)
   International - Developing markets(1,133)— (1,133)
Other interest204 — 204 
   Domestic174 — 174 
   International - Mature markets(22)— (22)
   International - Developing markets52 — 52 
Total interest-bearing liabilities(843)4,919 4,076 
   Domestic890 2,477 3,367 
   International - Mature markets(980)5,002 4,022 
   International - Developing markets(753)(2,560)(3,313)

LogoSantanderPie_76.jpg Annual report 2024    402
Net interest income. Volume, profitability and cost analysis summary
EUR million
2024 vs. 2023
Increase (decrease) due to changes in
VolumeRateTotal change
Interest income270 7,213 7,483 
   Domestic648 2,198 2,846 
   International - Mature markets(202)5,159 4,957 
   International - Developing markets(176)(144)(320)
Interest expense(843)4,919 4,076 
   Domestic890 2,477 3,367 
   International - Mature markets(980)5,002 4,022 
   International - Developing markets(753)(2,560)(3,313)
Net interest income1,113 2,294 3,407 
   Domestic(242)(279)(521)
   International - Mature markets778 157 935 
   International - Developing markets577 2,416 2,993 
Net interest income
EUR million
4914
+8%
2024 vs. 2023

Net fee income
EUR million
4922
+8%
2024 vs. 2023

Net fee income
EUR million
Change
20242023Absolute%2022
Asset management business, funds and insurance4,374 3,967 407 10.3 4,032 
Credit and debit cards2,352 2,386 (34)(1.4)2,139 
Securities and custody services1,289 1,086 203 18.7 986 
Account management and availability fees2,046 2,005 41 2.0 2,032 
Cheques and payment orders842 826 16 1.9 797 
Foreign exchange834 797 37 4.7 788 
Charges for past-due/unpaid balances and guarantees305 297 8 2.6 277 
Bill discounting 190 208 (18)(8.7)227 
Other778 484 294 60.7 512 
Net fee income13,010 12,057 953 7.9 11,790 
LogoSantanderPie_76.jpg Annual report 2024    403
Net fee income
Net fee income totalled 13,010 in 2024 and grew 8% compared to 2023, with good performance in all businesses except Payments, whose year-on-year comparison was impacted by a one-time positive fee from commercial agreements in Brazil in Q1 2023.
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 2,273 million in 2024 (EUR 2,633 million in 2023), affected by lower market activity in South America, especially in Brazil, lower results in DCB Europe (DCBE) and lower results in the Corporate Centre from foreign currency hedges and risk transfer initiatives.
Gains and 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/(losses) on financial assets and liabilities.
For more details, see note 44 to the consolidated financial statements.
Dividend income
Dividend income was EUR 714 million in 2024 (EUR 571 million in 2023).
Income from companies accounted for by the equity method
The income from companies accounted for by the equity method reached EUR 711 million in 2024 compared to EUR 613 million in 2023.
Other operating income/expenses
Other operating income recorded a loss of EUR 1,500 million in 2024 (compared to a EUR 1,712 million loss in 2023). These results include the hyperinflation adjustment in Argentina and 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). As mentioned, 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 26,034 million in 2024, 2% higher than 2023, growing at a much lower pace than total income.
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.
Operating expenses
EUR million
Change
20242023Absolute%2022
Staff costs14,328 13,726 602 4.4 12,547 
Other administrative expenses8,412 8,515 (103)(1.2)8,371 
   Information technology2,622 2,471 151 6.1 2,473 
   Communications404 414 (10)(2.4)410 
   Advertising540 603 (63)(10.4)559 
   Buildings and premises757 721 36 5.0 708 
   Printed and office material89 97 (8)(8.2)96 
   Taxes (other than tax on profits)556 570 (14)(2.5)559 
   Other expenses3,444 3,639 (195)(5.4)3,566 
Administrative expenses22,740 22,241 499 2.2 20,918 
Depreciation and amortization3,294 3,184 110 3.5 2,985 
Operating expenses26,034 25,425 609 2.4 23,903 
LogoSantanderPie_76.jpg Annual report 2024    404
Provisions or reversal of provisions
Provisions (net of provisions reversals) amounted to EUR 3,883 million in 2024 (EUR 2,678 million in 2023) and included the charges after discontinuing our Superdigital platform in Latin America in Q2 2024, and the provision in Q4 2024 for potential complaints related to motor finance dealer commissions in the UK.
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)
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss (net) was EUR 12,644 million in 2024 (EUR 12,956 million in 2023).
Credit quality indicators remained robust, supported by good risk management and the good performance of the economy in general and labour markets in the countries where the Group operates.
Impairment of other assets (net)
The impairment on other assets (net) was EUR 628 million in 2024 and included the charge registered in Q2 2024 after discontinuing our merchant platform in Germany, compared to an impairment of EUR 237 million in 2023.

Gains or losses on non-financial assets and investments (net)
Net gains on non-financial assets and investments (net) were EUR 367 million in 2024, which included the gain recorded in Q2 2024 from an agreement with Sodexo in Brazil compared to a gain of EUR 313 million in 2023.
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.
LogoSantanderPie_76.jpg Annual report 2024    405
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)
EUR million
202420232022
Financial assets at fair value through other comprehensive income— 44 7 
Financial assets at amortized cost12,644 12,912 10,856 
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss and net gains and losses from changes12,644 12,956 10,863 
Impairment on other assets (net)
EUR million
202420232022
Impairment of investments in subsidiaries, joint ventures and associates, net— — — 
Impairment on non-financial assets, net628 237 239 
   Tangible assets386 136 140 
   Intangible assets231 73 75 
   Others11 28 24 
Impairment on other assets (net)628 237 239 
Profit or loss before tax from continuing operations
Profit before tax was EUR 19,027 million in 2024, +16% year-on-year, supported by the good performance of net interest income, net fee income and cost discipline.
Tax expense or income from continuing operations
Total income tax was EUR 5,283 million in 2024 (EUR 4,276 million in 2023).
Profit attributable to the parent
EUR million
62672162816612
+14%

2024 vs. 2023

Profit attributable to non-controlling interests
Profit attributable to non-controlling interests increased slightly to 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. These results do not fully reflect profit performance due to the aforementioned impacts.

Earnings per share
EUR
62672162816631
+18%
2024 vs. 2023

LogoSantanderPie_76.jpg Annual report 2024    406
Underlying income statement
→Third consecutive year of record revenue, which boosted profit to an all-time high in 2024.
→Efficiency improvement and profitable growth, supported by the operational leverage resulting from the execution of ONE Transformation.
→Risk indicators were robust, underpinned by good risk management, the economic environment and low unemployment.
Attributable profitRoTERoRWA
EUR 12,574 million+14% in euros16.3%2.18%
+15% in constant euros +1.2 pp+0.2 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 of the consolidated financial statements, where our segments' aggregate underlying consolidated results are reconciled to the statutory consolidated results.
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. For further information, see section 8. 'Alternative Performance Measures' of this chapter.
At the Group level, exchange rates had an unfavourable impact of 2.0 pp on total income and a favourable impact of 1.6 pp on costs in the year.
To better understand the business trends, we reclassified certain items under some headings of the underlying income statement. These items explain the differences between the statutory and underlying income statements and were:
•In 2024:
•The impact of the temporary levy on revenue earned in Spain totalling EUR 335 million in Q1 2024, which was reclassified from total income to other gains (losses) and provisions.
•Provisions which strengthen the balance sheet in Brazil of EUR 352 million in Q2 2024 (EUR 174 million net of tax and minority interests).
•In 2023:
•The impact of the temporary levy on revenue earned in Spain totalling EUR 224 million in Q1 2023, which was reclassified from total income to other gains (losses) and provisions.
•Provisions which strengthen the balance sheet in Brazil of EUR 235 million (net of tax and minority interests) in Q1 2023.
Condensed underlying income statement
EUR million
Change
2024 2023 Absolute%
% excl. FX
2022 
Net interest income46,668 43,261 3,407 7.99.538,619 
Net fee income13,010 12,057 953 7.910.711,790 
Gains (losses) on financial transactions and exchange differences 2,273 2,633 (360)(13.7)(11.3)1,653 
Other operating income260 (304)564 ——92 
Total income62,211 57,647 4,564 7.99.952,154 
Administrative expenses and amortizations(26,034)(25,425)(609)2.44.0(23,902)
Net operating income36,177 32,222 3,955 12.314.628,251 
Net loan-loss provisions(12,333)(12,458)125 (1.0)2.0(10,509)
Other gains (losses) and provisions(4,817)(3,066)(1,751)57.158.9(2,492)
Profit before tax19,027 16,698 2,329 13.915.615,250 
Tax on profit(5,283)(4,489)(794)17.719.0(4,486)
Profit from continuing operations13,744 12,209 1,535 12.614.410,764 
Net profit from discontinued operations— — — — — — 
Consolidated profit13,744 12,209 1,535 12.614.410,764 
Non-controlling interests(1,170)(1,133)(37)3.35.3(1,159)
Net capital gains and provisions— — — ——— 
Profit attributable to the parent12,574 11,076 1,498 13.515.39,605 
Underlying profit attributable to the parent A
12,574 11,076 1,498 13.515.39,605 
A.Excluding net capital gains and provisions.
For more details, see note 52.c to the consolidated financial statements.
LogoSantanderPie_76.jpg Annual report 2024    407
In both 2024 and 2023, profit attributable to the parent and underlying profit were the same (EUR 12,574 million in 2024 and EUR 11,076 million in 2023), as profit was not affected by results that fell outside the ordinary course of our business. As a result, both attributable profit and underlying profit increased 14% 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 contribution to the Deposit Guarantee Fund in Spain and there was no contribution to the Single Resolution Fund as contributions ended in 2023.
Total income amounted to EUR 62,211 million in 2024, a new record, up 8% year-on-year. In constant euros, total income rose 10% year-on-year, as follows:
•Net interest income (NII) totalled EUR 46,668 million, a new record, and 10% higher year-on-year, with growth across all businesses and regions:
•NII grew strongly in Retail (+11%), which represents 60% of the Group's NII. It rose in all three regions, especially in South America, which benefitted from higher volumes and lower cost of deposits, and in Europe, driven by good margin management.
•In Consumer (23% of Group NII), it rose 6%, on the back of active loan repricing and volumes growth in Europe, and higher volumes and lower interest rates in Brazil.
•In CIB, NII increased strongly (+15%), boosted by our three main businesses.
•In Wealth, NII rose 8%, driven by good margin management in a favourable macroeconomic environment and strong commercial activity in Private Banking.
•In Payments, NII increased 13%, with growth in both Cards and PagoNxt, due to higher activity.
•Net fee income reached EUR 13,010 million, also a new record, up 11% year-on-year, with growth across all businesses if we exclude from Payments the one-time positive fee from commercial agreements in Cards in Brazil in Q1 2023. 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 7%, supported by higher commercial activity and a larger customer base. By country, the good performances in Brazil, the US, Mexico and Poland stood out.
•In Consumer, net fee income rose 24%, driven mainly by growth in Europe due to increased insurance penetration, volumes growth in Brazil and auto fee income in the US.
•In CIB, net fee income increased 21%, with all businesses growing but particularly Global Banking on the back of the US Banking Build-Out (US BBO) initiative.
•In Wealth, net fee income rose 19%, with growth across all three businesses, mainly due to good commercial activity in Private Banking and Asset Management.
•In Payments, net fee income declined 1%, affected by the impact from the aforementioned one-time positive fee in Q1 2023 in Cards (+1% excluding it), while net fee income rose 5% in PagoNxt.
•Gains on financial transactions and exchange differences declined 11%, due to lower results in CIB, mainly in Brazil affected by weaker market activity (although it showed some recovery in the second half of the year), lower results in DCBE and lower results in the Corporate Centre due to impacts from foreign currency hedges and risk transfer initiatives.
•Other operating income registered a positive result in 2024 compared to a negative result in 2023. These results include the negative impact of the hyperinflation adjustment in Argentina and there was a lower contribution to the DGF in Spain (EUR 11 million, net of tax and minority interests in 2024). As already mentioned, there was no contribution to the SRF in 2024 as contributions ended in 2023.
This positive total income performance, with double-digit growth, enabled us to exceed our growth target for 2024, which we upgraded in Q2.
Total income
EUR million
62672162824983
+8 %
A
2024 vs. 2023
A. In constant euros: +10%.


LogoSantanderPie_76.jpg Annual report 2024    408
Administrative expenses and amortizations in 2024 totalled EUR 26,034 million, up 2% year-on-year. In real terms, excluding the impact of average inflation and in constant euros, they grew 1% year-on-year (for further information, see section 8. 'Alternative performance measures' of this chapter).
We continued to progress with our business transformation plan, ONE Transformation, reflected in greater operational leverage and better business dynamics. By business and in constant euros:
•In Retail, administrative expenses and amortizations grew 3%. In real terms they fell 1%, driven by the transformation efforts through organizational and process simplification and the implementation of our global platform. The efficiency ratio improved 3.4 pp year-on-year to 39.7%.
•In Consumer, administrative expenses and amortizations fell 1% year-on-year. In real terms, they fell 4%, even as we continued to invest in operational leasing and check-out lending platforms and in business growth. This good performance was due to our focus on efficiency and transformation and resulted in a 2.7 pp improvement in the efficiency ratio year-on-year to 40.1%.
•In CIB, administrative expenses and amortizations increased 14%, due to our investments in new products, capabilities and technology. The efficiency ratio stood at 45.6%, maintaining a leading position among peers.
•In Wealth, administrative expenses and amortizations rose 9%, due to investments in key initiatives, such as reinforcing teams in Private Banking. The efficiency ratio improved 2.0 pp year-on-year to 35.9%.
•In Payments, administrative expenses and amortizations rose 8%, rising 5% in real terms due to investments in global platforms in both PagoNxt and Cards. The efficiency ratio stood at 45.0%.
Our cost management continued to focus on structurally improving our efficiency. As a result, we remained one of the most efficient banks in the world with an efficiency ratio of 41.8%. This is a 2.3 pp improvement year-on-year and is in line with our target of around 42%, which we upgraded in Q2.

Efficiency ratio (cost to income)
%
92908732611190
-2.3pp
2024 vs. 2023
All in all, net operating income reached EUR 36,177 million, up 12% year-on-year (+15% in constant euros). This strong performance was driven by both the good performance of revenue and the efficiency improvement.
Net loan-loss provisions in 2024 amounted to EUR 12,333 million, down 1% year-on-year. In constant euros, they increased just 2%, with our credit portfolio growing 1%.
The good performance in Retail (which accounts for around 50% of the Group's total net loan-loss provisions), due to lower provisions in Europe, partially offset the expected increases in Consumer, as a result of the normalization in Europe, higher volumes, increased Swiss franc mortgage portfolio coverage, lower portfolio sales than last year and some regulatory charges.
The cost of risk stood at 1.15%, better than the Group’s 2024 target to maintain the cost of risk around 1.2%.
For more details, see section 2. 'Credit risk' in the 'Risk management and compliance' chapter.
Net loan-loss provisions
EUR million
12644383754028
-1 %
A
2024 vs. 2023
A. In constant euros: +2%.
LogoSantanderPie_76.jpg Annual report 2024    409
Other gains (losses) and provisions recorded a loss of EUR 4,817 million in 2024, versus a EUR 3,066 million loss 2023, mainly affected by the aforementioned charges in 2024 (the discontinuation our merchant platforms in Germany and Superdigital in Latin America and the provision for potential complaints related to motor finance dealer commissions in the UK), and the higher impact of the temporary levy on revenue earned in Spain.
Profit attributable to the parent in 2024 was EUR 12,574 million, a new record, and 14% more than in 2023 (+15% in constant euros), supported by solid total income growth, which greatly outstripped cost growth, which grew practically in line with inflation, and controlled cost of risk (improving 3 bps year-on-year).
Underlying profit attributable to the parent
EUR million
92908732621209
+14 %
A
2024 vs. 2023
A. In constant euros: +15%.
RoTE stood at 16.3% (15.1% in 2023) in line with our full-year target to exceed 16%, which we upgraded in Q2.
RoRWA stood at 2.18% (1.96% in 2023) and earnings per share stood at EUR 0.77 (EUR 0.65 in 2023).
RoTE
%
62672162861097




LogoSantanderPie_76.jpg Annual report 2024    410
3.3 Balance sheet
Balance sheet
EUR million
Change
Assets
Dec-24Dec-23Absolute%Dec-22
Cash, cash balances at central banks and other deposits on demand192,208 220,342 (28,134)(12.8)223,073 
Financial assets held for trading230,253 176,921 53,332 30.1 156,118 
Non-trading financial assets mandatorily at fair value through profit or loss6,130 5,910 220 3.7 5,713 
Financial assets designated at fair value through profit or loss7,915 9,773 (1,858)(19.0)8,989 
Financial assets at fair value through other comprehensive income89,898 83,308 6,590 7.9 85,239 
Financial assets at amortized cost1,203,707 1,191,403 12,304 1.0 1,147,044 
Hedging derivatives5,672 5,297 375 7.1 8,069 
Changes in the fair value of hedged items in portfolio hedges of interest risk(704)(788)84 (10.7)(3,749)
Investments7,277 7,646 (369)(4.8)7,615 
Assets under reinsurance contracts222 237 (15)(6.3)308 
Tangible assets32,087 33,882 (1,795)(5.3)34,073 
Intangible assets19,259 19,871 (612)(3.1)18,645 
Tax assets30,596 31,390 (794)(2.5)29,987 
Other assets8,559 8,856 (297)(3.4)10,082 
Non-current assets held for sale4,002 3,014 988 32.8 3,453 
Total assets1,837,081 1,797,062 40,019 2.2 1,734,659 
Liabilities and equity
Financial liabilities held for trading152,151 122,270 29,881 24.4 115,185 
Financial liabilities designated at fair value through profit or loss36,360 40,367 (4,007)(9.9)40,268 
Financial liabilities at amortized cost1,484,322 1,468,703 15,619 1.1 1,423,858 
Hedging derivatives4,752 7,656 (2,904)(37.9)9,228 
Changes in the fair value of hedged items in portfolio hedges of interest rate risk(9)55 (64)(116.4)(117)
Liabilities under insurance contracts17,829 17,799 30 0.2 16,426 
Provisions8,407 8,441 (34)(0.4)8,149 
Tax liabilities9,598 9,932 (334)(3.4)9,468 
Other liabilities16,344 17,598 (1,254)(7.1)14,609 
Liabilities associated with non-current assets held for sale— — — — — 
Total liabilities1,729,754 1,692,821 36,933 2.2 1,637,074 
Shareholders' equity135,196 130,443 4,753 3.6 124,732 
Other comprehensive income(36,595)(35,020)(1,575)4.5 (35,628)
Non-controlling interest8,726 8,818 (92)(1.0)8,481 
Total equity107,327 104,241 3,086 3.0 97,585 
Total liabilities and equity1,837,081 1,797,062 40,019 2.2 1,734,659 
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Executive summary A
Loans and advances to customers (excluding reverse repos)Customer funds (deposits excluding repos + mutual funds)
Positive activity in the year supported slight credit growth, still affected by prepayments.Customer funds increased 4% year-on-year, above loan growth, reflecting the interest rate environment.
EUR 1,017 billion+1%EUR 1,211 billion+4%
 è By segment:
 è By product:
Loan growth in Consumer, Payments and Wealth, offset the slight decrease in Retail in Europe and the US.Growth in all products, rising double digits in mutual funds and with a pickup in demand deposits at the end of the year, mainly in Europe, following interest rate cuts.
RetailConsumerCIB DemandTimeMutual funds
-1%+4%0%+2%+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 section 8 'Alternative performance measures'.

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) which amounted to EUR 1,016,546 million in December 2024, a 2% 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 section 8. 'Alternative performance measures' of this chapter.
Gross loans and advances to customers, excluding reverse repos and in constant euros, grew 1% year-on-year, as follows:
•In Retail, which represents 60% of the Group's loans, gross loans and advances fell 1%, as growth in corporate and personal loans
partially offset falls in mortgages and SMEs, affected by prepayments. By region, increases in North and South America partially offset declines in Europe.
•In Consumer, which represents 21% of the Group's loans, gross loans and advances grew 4% driven by good performance in the auto markets in Europe and Latin America.
•In CIB, which represents 14% of the Group's loans, lending volumes were stable, as growth in North and South America compensated the lower volumes in Europe.
•In Wealth and Payments gross loans and advances increased 8% and 15%, respectively.


Loans and advances to customers
EUR million
Change
Dec-24Dec-23Absolute%Dec-22
Commercial bills53,209 55,628 (2,419)(4.3)56,688 
Secured loans557,463 554,375 3,088 0.6 565,609 
Other term loans296,339 295,485 854 0.3 290,031 
Finance leases40,120 38,723 1,397 3.6 39,833 
Receivable on demand10,756 12,277 (1,521)(12.4)11,435 
Credit cards receivable24,928 24,371 557 2.3 22,704 
Impaired assets33,731 34,094 (363)(1.1)32,888 
Gross loans and advances to customers (excluding reverse repos)1,016,546 1,014,953 1,593 0.2 1,019,188 
Reverse repos59,648 44,184 15,464 35.0 39,500 
Gross loans and advances to customers1,076,194 1,059,137 17,057 1.6 1,058,688 
Loan-loss allowances22,125 22,788 (663)(2.9)22,684 
Net loans and advances to customers1,054,069 1,036,349 17,720 1.7 1,036,004 
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Gross loans and advances to customers
(excluding reverse repos)
EUR billion
1552
0 %
A
Dec-24 vs. Dec-23
A. In constant euros: +1%.
At the end of 2024, 65% of loans and advances to customers maturing in more than one year had a fixed interest rate, while the other 35% had a floating interest rate:
•In Spain, 51% of loans and advances to customers were fixed rate and 49% were floating rate.
•Outside of Spain, 68% of loans and advances to customers were fixed rate and 32% were floating rate.
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: Europe (55%), DCB Europe (14%), North America (16%) and South America (15%).
Gross loans and advances to customers
(excluding reverse repos)
% of operating areas. December 2024



68169720926642
For more details on the distribution of loans and advances to customers by business line, see note 10.b to the consolidated financial statements.
Tangible assets amounted to EUR 32,087 million in December 2024, down EUR 1,795 million compared to December 2023.
Intangible assets stood at EUR 19,259 million, of which EUR 13,438 million corresponds to goodwill (which decreased EUR 579 million) and EUR 5,821 million to other intangible assets, mostly IT developments (down EUR 33 million year-on-year).




Loans and advances to customers with maturities exceeding one year as at 31 December 2024
EUR million
DomesticInternationalTOTAL
AmountWeight as % of the totalAmountWeight as % of the totalAmountWeight as % of the total
Fixed70,16651 %371,08068 %441,24665 %
Floating67,46149 %172,31332 %239,77435 %
TOTAL137,627100 %543,393100 %681,020100 %

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Total customer funds
EUR million
Change
Dec-24Dec-23Absolute%Dec-22
Demand deposits677,818 661,262 16,556 2.5710,232 
Time deposits299,801 307,085 (7,284)(2.4)236,099 
Mutual funds A
233,722 208,528 25,194 12.1184,054 
Customer funds1,211,341 1,176,875 34,466 2.91,130,385 
Pension funds A
15,646 14,831 815 5.514,021 
Managed portfolios A
43,118 36,414 6,704 18.432,184 
Repos78,317 78,822 (505)(0.6)63,391 
Total funds1,348,422 1,306,942 41,480 3.21,239,981 
A. Including managed and marketed funds.
Customer deposits grew 1% year-on-year to EUR 1,055,936 million at 31 of December 2024.
Santander uses customer funds (customer deposits, excluding repos, plus mutual funds) to analyse traditional retail banking funds, which stood at EUR 1,211,341 million and grew 3% 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 section 8. 'Alternative performance measures' of this chapter.
Compared to December 2023, customer funds rose 4% in constant euros, as follows:
•By product, customer deposits excluding repos rose 2%, with an increase in both demand (+2%) and time deposits (+1%). Mutual funds rose 18%, with widespread increases across all businesses and regions.
Customer funds (excluding repos)
EUR billion
3415
+3 %
A
+12 %
+1 %
•Total
•Mutual fundsB
•Deposits excluding repos
Dec-24 vs. Dec-23
A. In constant euros: +4%.
B. Including managed and marketed funds.










•By business, customer funds increased 4% in Retail, driven by time deposits in Europe and South America. In Consumer, customer funds rose 11%, in line with our retail deposit gathering strategy. In CIB, customer funds fell 7%, as a result of our strategy to reduce excess corporate deposits while in Wealth they were up 12%, driven mainly by mutual funds.
•By secondary segment, customer funds increased practically in all countries. Of note, was South America where they grew 13%. In Europe, they increased 2% and in North America they were stable, as double-digit growth in Mexico offset the decrease in the US.
Customer funds maintained a diversified structure across the markets in which the Group operates: Europe (62%), DCB Europe (7%), North America (14%) and South America (17%). The weight of demand deposits was 56% of total customer funds, while time deposits accounted for 25% and mutual funds 19%.
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.
For more details on debt issuances and maturities, see section 3.4 'Liquidity and funding management' in this chapter.
Customer funds (excluding repos)
% of operating areas. December 2024
68169720926647



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3.4 Liquidity and funding management
Executive Summary
Regulatory ratiosDebt issuances in 2024
The LCR and NSFR ratios amply exceed regulatory requirements (both 100%)We issued close to EUR 80 bn in debt in 2024, diversified by product, currency, country and maturity
LCR A
NSFREUR 52.6 bnMedium- and long-term debt
168%126%EUR 26.6 bnSecuritizations
vs. 100% regulatory requirementvs. 100% regulatory requirementComfortable and stable funding structure
High contribution from customer deposits
100%Loan-to-deposit ratio
A.Group LCR.
Liquidity management
Our structural liquidity management aims to optimize maturities and costs, and to avoid undesired liquidity risks in funding Santander’s operations, and is based on these principles:
•Decentralized liquidity model.
•Medium- and long-term (M/LT) funding needs must be covered by medium- and long-term instruments.
•High contribution from customer deposits due to the retail nature of the balance sheet.
•Wholesale funding sources diversified by instrument, investor, market, currency and maturity.
•Limited use of short-term funding.
•Sufficient liquidity reserves (including standing facilities/discount windows at central banks) to be used in adverse situations.
•Group and subsidiary-level compliance with regulatory liquidity requirements.
To apply these principles effectively across the Group, we developed a unique, three-pronged management framework:
•Organization and governance. Strict organization and governance that involve subsidiaries’ senior managers in decision-making and our global strategy. Decisions about structural risks, including liquidity and funding risk, falls on the local asset and liability committees (ALCOs), which coordinate with the global ALCO. The global ALCO is empowered by Banco Santander, S.A.'s board of directors under the corporate Asset and Liability Management (ALM) framework.

This enhanced governance model is part of our risk appetite framework, which meets regulatory and market standards for strong risk management and control systems.
•Balance sheet and liquidity risk. In-depth analysis that supports decisions and controls to ensure liquidity levels cover short- and long-term needs with stable funding sources, and optimize funding costs.
Each subsidiary has a conservative risk appetite framework (based on their commercial strategy) which sets out the liquidity risk management framework. Subsidiaries must work within the framework limits to achieve their strategic objectives.
•Liquidity management adapted to the needs of each business. We prepare a liquidity plan every year to achieve:
•a solid balance sheet structure, with a diversified footprint in wholesale markets;
•stable liquidity buffers and limited asset encumbrance; and
•compliance with regulatory and other metrics included in each entity’s risk appetite statement.
We monitor all these plan's components throughout the year.
Santander continues to carry out the Internal Liquidity Adequacy Assessment Process (ILAAP) as part of its other risk management and strategic processes to measure liquidity in ordinary and stressed scenarios. The quantitative and qualitative items we consider are also inputs for the Supervisory Review and Evaluation Process (SREP).



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Once a year, we must submit a board-approved ILAAP assessment to supervisors that demonstrates our funding and liquidity structures will remain solid in all scenarios and our internal processes will ensure sufficient liquidity (based on analyses that each subsidiary conducts according to local liquidity management models).
We believe that our governance structure is robust and suited to identify, manage, monitor and control liquidity risks. It rests on common frameworks, conservative principles, clearly defined roles and responsibilities, a consistent committee structure, effective local lines of defence and well-coordinated corporate supervision.

We produce frequent, detailed liquidity monitoring reports for management, control and reporting purposes. We also regularly send the most relevant information to senior managers, the pertinent ALCOs, the executive committee and the board of directors.

Over the last few years, Santander and each subsidiary have developed a comprehensive special situations management framework that centralizes our governance for such scenarios. It contains contingency funding plans that form part of our governance model, including feasible, pre-assessed actions that follow a defined timeline, are categorized and prioritized, and provide for sufficient liquidity and execution time to mitigate stress scenarios. For more details, see the '3.6 Special situations and resolution' section in this chapter.
Funding strategy and liquidity in 2024
Funding strategy and structure
Our funding strategy is focused on extending our management model to all subsidiaries.
It is based on a model of autonomous subsidiaries that are responsible for covering their own liquidity needs. This enables us to better understand the advantages derived from our solid retail banking model to maintain sound liquidity positions in the Group and our core local units, even amid market stress.
We have adapted our funding strategies to business trends, market conditions and new regulations. In 2024, we improved specific aspects, without significant changes in liquidity management or funding policies and practices. We believe this will enable us to start 2025 from a strong position and with no growth restrictions.
Our subsidiaries continue to apply the same funding and liquidity management strategies to:
•maintain sufficient and stable medium- and long-term wholesale funding levels;
•ensure the right volume of assets that can be discounted in central banks as part of the liquidity buffer; and
•generate liquidity from the retail business.
These developments provide Santander with a very strong funding structure with the following characteristics:
•Customer deposits are our main funding source. At the end of December 2024, they represented just over two thirds of net liabilities (i.e. of the liquidity balance sheet). They are highly stable because they mainly arise from retail customer activity. For more details, see the Liquidity in 2024 section.
Group liquidity balance sheet
%. December 2024
Financial assets
Fixed assets & other
Loans and advances to customers
5831
n
 ST funding
n
 Equity and other
n
M/LT debt issuance
nSecuritizations and others
n
Customer deposits
Note: Liquidity balance sheet for management purposes is the consolidated balance sheet, net of trading derivatives and interbank balances. For more information on the consolidated balance sheet, see the 'Consolidated financial statements' chapter.
•M/LT funding (including M/LT issuances and securitizations) accounted for nearly 18% of net liabilities at the end of 2024 (similar to 2023).
•The outstanding balance of M/LT debt issued (to third parties) at the end of 2024 was EUR 222,623 million. Our maturity profile is comfortable and well balanced by instrument and market with a weighted average maturity of 4.2 years (slightly above average maturity of 4.1 years at the end of 2023).
These tables show our funding by instrument over the past three years and by maturity profile:
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Group. Stock of medium- and long-term debt issuances A
EUR million
202420232022
AT1/Preferred shares11,254 9,892 8,693 
Tier 2/Subordinated23,468 20,708 17,573 
Senior debt137,693 125,951 116,350 
Covered bonds50,207 49,639 44,073 
Total222,623 206,190 186,689 
A. Placed in markets. Does not include securitizations, agribusiness notes and real estate credit notes.
Group. Distribution by contractual maturity
EUR million
0-1
month
1-3
months
3-6
months
6-9
months
9-12
months
12-24
months
2-5
years
more than
5 years
Total
AT1/Preferred shares— — — — — — — 11,254 11,254 
Tier 2/Subordinated— 1,542 — 394 1,442 2,573 3,400 14,117 23,468 
Senior debt5,662 3,791 5,558 4,961 1,322 20,426 60,153 35,820 137,693 
Covered bonds993 1,258 1,322 492 356 11,397 22,509 11,880 50,207 
Total6,655 6,591 6,880 5,848 3,119 34,397 86,062 73,071 222,623 
Note: There are no additional guarantees for any of the debt issued by the Group’s subsidiaries.
In addition to M/LT wholesale debt issuances, we have securitizations placed in the market as well as collateralized and other specialist funding totalling EUR 66,971 million (including EUR 12,226 million in debt instruments placed with private banking clients in Brazil). The average maturity was around 1.9 years.
This chart shows the similarity of the geographic breakdown of our loans and advances to customers and M/LT wholesale funding across our footprint. This distribution is very similar to 2023.
Loans and advances to customers and M/LT wholesale funding
%. December 2024
CREDIT_MLT.jpg
Europe
North America
South America
DCB Europe

Wholesale funding from short-term issuance programmes is a residual part of Santander’s funding structure, which is related to treasury activities and is comfortably covered by liquid assets.
The outstanding short-term wholesale funding balance at the end of 2024 was EUR 38,450 million, of which 54% was in European Commercial Paper, US Commercial Paper and domestic programmes issued by Banco Santander, S.A.; 14% in certificates of deposit and commercial paper programmes in the UK; 19% in Santander Consumer Finance commercial paper programmes; and 13% in issuance programmes in other subsidiaries.
Liquidity in 2024
The key liquidity takeaways from 2024 were:
•basic liquidity ratios remained at comfortable levels;
•regulatory liquidity ratios were well above minimum requirements; and
•our asset encumbrance from funding operations was moderate.
In 2024, the main central banks started to cut interest rates, with different levels of intensity. However, Brazil's central bank started to raise its interest rate at the end of 2024, while in Poland, interest rates remained stable during the year.
In 2024, the repayment of the ECB TLTRO-III funding programme launched by the European Central Bank was completed, being replaced by a mix of funding sources that allowed regulatory liquidity ratios and internal metrics to remain at appropriate levels.

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The liquidity position remained solid, and commercial activity did not consume significant liquidity during the year, as the growth in lending was matched by the growth in deposits.
i) Basic liquidity ratios at comfortable levels
At the end of 2024, Santander recorded:
•A credit to net assets ratio (i.e., total assets minus trading derivatives and inter-bank balances) of 68%, a similar level to previous years.
•A net loan-to-deposit ratio (LTD) of 100%, a very comfortable level (well below 120%) although slightly higher than the 99% at 2023 year end.
•A customer deposit plus M/LT funding to net loans and advances ratio of 128%, slightly above the 127% in 2023.
•Limited recourse to short-term wholesale funding (around 2-3% of total funding), in line with previous years.
•An average structural surplus balance, defined as the excess of structural funding sources (deposits, M/LT funding and capital) against structural liquidity needs from fixed assets and loans, of EUR 340,438 million in the year.
The consolidated structural surplus stood at EUR 363,828 million at year end. Fixed-income assets (EUR 230,862 million), equities (EUR 20,368 million) and net interbank and central bank deposits (EUR 151,048 million) were partly offset by short-term wholesale funding (-EUR 38,450 million). This totalled around 24% of our net liabilities (similar to previous years).
This table shows Santander’s basic liquidity monitoring metrics in recent years:
Group’s liquidity monitoring metrics
%
202420232022
Loans A / Net assets
68 %68 %72 %
Loan A -to-deposit ratio (LTD)
100 %99 %103 %
Customer deposits and medium- and long-term funding / Loans A
128 %127 %121 %
Short-term wholesale funding / Net liabilities2 %3 %3 %
Structural liquidity surplus (% of net liabilities)24 %23 %19 %
A. Net loans and advances to customers.

The table below shows the principal liquidity ratios of our secondary segments as at 31 December 2024:
Secondary segments' liquidity metrics
%. December 2024
LTD ratio (loans A / deposits)
Deposits + M/LT funding / Loans A
Spain76 %142 %
United Kingdom107 %110 %
Portugal100 %112 %
Poland76 %139 %
DCB Europe168 %85 %
US108 %120 %
Mexico90 %121 %
Brazil94 %131 %
Chile134 %97 %
Argentina68 %147 %
Group100 %128 %
A. Net loans and advances to customers.
In 2024, the key drivers of Santander's and its subsidiaries' liquidity were:
•Commercial activity has provided liquidity during the year.
•Issuance activity continued to be intense, to finance issuance maturities and repayment of central bank funding, even exceeding the funding plan proposed at the beginning of the year, taking advantage of favourable market conditions, to pre-fund part of the 2025 maturities.
In 2024, Santander issued EUR 79,127 million in M/LT funding (at year-average exchange rates).
By instrument (in constant euros, i.e., excluding exchange rate impact), issuances of M/LT fixed income debt (i.e., covered bonds, senior debt, subordinated debt and capital hybrid instruments) increased by around 18% to EUR 52,575 million in the year. Activity in senior debt issuances (mainly TLAC eligible) increased significantly compared to 2023. The volume of covered bond issuances in 2024 was similar to the previous year. Securitizations and structured finance totalled EUR 26,552 million in 2024, a 33% increase year-on-year.
Spain issued the most M/LT fixed income debt (excluding securitizations), followed by the UK. The UK and Spain registered the highest absolute increases in the year. The main year-on-year decrease occurred in Santander Consumer Finance.
The US and Santander Consumer Finance were the main issuers of securitizations.

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The charts below show issuances in the year by instrument and region:
Distribution by instrument and region
%. December 2024
1268712688
The issuance of eligible hybrid instruments, such as AT1 or subordinated debt, depends on risk-weighted asset growth. In 2024, they reduced their weight versus 2023, to the benefit of senior debt. The weight of covered bonds decreased in 2024, to the benefit of securitizations.
In 2024, at average exchange rates, the Group issued EUR 20,800 million in subordinated debt instruments, including EUR 13,848 million in senior non-preferred debt from Banco Santander, S.A. and Poland and senior preferred from the holdings in the UK and the US; EUR 2,762 million in subordinated debt issued from Banco Santander, S.A., EUR 2,881 million of AT1 eligible hybrid instruments were issued from Banco Santander, S.A. and EUR 1,308 million hybrid instruments were issued from Brazil, as AT1 eligible and as subordinated for the Group.
In conclusion, in 2024, we retained comfortable access to all our markets having issued and securitized debt in 17 currencies, involving 30 major issuers from 14 countries and an average maturity of 4.9 years, similar to 2023 (4.8 years).
ii) Compliance with regulatory ratios
Within the liquidity management model, Santander manages implementation, monitoring and compliance with the liquidity requirements established under international financial regulations.
Liquidity Coverage Ratio (LCR)
As the regulatory LCR requirement has been at 100% since 2018, we set a risk appetite of 110% at the consolidated and subsidiary level.
Our good baseline short-term position liquidity, combined with the management of the ratio in all units, enabled us to maintain levels of over 100% in the year, both at the consolidated and individual level.
The Group LCR ratio as at end of December 2024 was 168%. This ratio is calculated using an internal methodology that determines the common minimum percentage of simultaneous coverage in all Group jurisdictions, taking into account all existing restrictions on the transfer of liquidity in third countries. This methodology reflects more accurately the Group’s resilience to liquidity risk.
This internal ratio is very much in line with the level that would be achieved under the approach followed until mid-2024, which did not include restrictions on liquidity transfer between subsidiaries.
The Consolidated LCR ratio as at end of December 2024 was 153%, comfortably exceeding internal and regulatory requirements. This ratio is calculated, at the request of the ECB, using a consolidation methodology that does not take into account any excess liquidity in excess of 100% of the LCR outflows and that is subject to transferability restrictions (legal or operational) in third countries, even if such excess liquidity can be used to cover additional outflows within the country itself, which is not subject to any restrictions.
However, as the Group manages the liquidity on a decentralized level, the consolidated metrics are not considered a representative indicator of the Group's liquidity position.
This table shows that all our subsidiaries substantially exceeded the required minimum in 2024 and the comparison versus 2023. Santander UK’s figures only include activities that the Financial Services and Markets Act 2000 leaves within the Ring-Fenced Bank.
Liquidity Coverage Ratio (LCR)
%
December 2024December 2023
Parent bank162 %159 %
United Kingdom154 %159 %
Portugal142 %150 %
Poland220 %221 %
Santander Consumer Finance263 %357 %
US179 %138 %
Mexico212 %171 %
Brazil168 %154 %
Chile181 %207 %
Argentina226 %226 %
Group LCR 168 %— 
Consolidated LCR 153 %166 %

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NSFR (Net Stable Funding Ratio)
Regulation (EU) 2019/876 of the European Parliament dictated that entities must have a net stable funding ratio greater than 100% from June 2021.
The NSFR is a structural measure that gives banks an incentive to ensure long-term stability and proper management of maturity mismatches by funding long-term assets with long-term liabilities. It is the quotient of available stable funding (ASF) and required stable funding (RSF).
ASF comprises sources of funding (i.e., capital and other liabilities) considered stable over one year. As RSF primarily refers to any asset deemed illiquid over one year, it needs to be matched with stable sources of funding.
The risk appetite limit for the NSFR is set at 103% at the consolidated and subsidiary level.
The high weight of customer deposits (which are more stable); permanent liquidity needs deriving from commercial activity funded by medium- and long-term instruments; and limited recourse to short-term funding help maintain our balanced liquidity structure as reflected in our consolidated and subsidiary NSFRs which all exceeded 100% in December 2024.
The following table provides details by entity as well as a comparison with 2023. Santander UK’s figures only include activities that the Financial Services and Markets Act 2000 leaves within the Ring-Fenced Bank. All figures were calculated using European regulations.
Net Stable Funding Ratio
%
December 2024December 2023
Parent bank122 %117 %
United Kingdom137 %138 %
Portugal120 %117 %
Poland156 %157 %
Santander Consumer Finance116 %111 %
US120 %117 %
Mexico128 %129 %
Brazil114 %113 %
Chile112 %115 %
Argentina181 %202 %
Group126 %123 %
iii) Asset Encumbrance
Santander’s use of assets as collateral in structural balance sheet funding sources is moderate.
Per the 2014 European Banking Authority (EBA) guidelines on disclosure of encumbered and unencumbered assets, the concept of asset encumbrance includes on-balance-sheet assets pledged as collateral in operations to obtain liquidity, off-balance-sheet assets received and reused for a similar purpose, and other assets with liabilities for reasons other than funding.
The tables below show the asset encumbrance data we must submit to the EBA as of 2024.
On-balance-sheet encumbered assets amounted to EUR 299.8 billion, of which 56% were loans and advances (e.g., mortgages and corporate loans). Off-balance-sheet encumbrance stood at EUR 161.0 billion and mainly related to debt securities received as collateral in reverse repos and reused ('rehypothecated').
In total, encumbered assets amounted to EUR 460.9 billion, giving rise to associated liabilities of EUR 363.0 billion.
At the end of 2024, total asset encumbrance in funding operations was 22.5% of the Group's extended balance sheet under EBA criteria (total assets plus guarantees received: EUR 2,047.7 billion), similar to 2023.





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Group. Disclosure on asset encumbrance as at December 2024
EUR billion
Carrying amount of encumbered assetsFair value of encumbered assetsCarrying amount of unencumbered assetsFair value of unencumbered assets
Assets299.8— 1,537.2 — 
   Loans and advances168.8— 1,181.0 — 
   Equity instruments9.69.6 13.9 — 
   Debt instruments93.894.3 189.7 190.6 
   Other assets27.6— 152.8 — 
Group. Collateral received as at December 2024
EUR billion
Fair value of encumbered collateral received or own debt securities issuedFair value of collateral received or own debt securities issued available for encumbrance
Collateral received161.0 49.6 
   Loans and advances1.2 0.0 
   Equity instruments7.0 7.5 
   Debt instruments152.8 41.9 
   Other collateral received— 0.2 
Own debt securities issued other than own covered bonds or ABSs0.1 2.3 
Group. Encumbered assets/collateral received and associated liabilities as at December 2024
EUR billion
Matching liabilities,
contingent liabilities
or securities lent
Assets, collateral received and own
debt securities issued other than
covered bonds and ABSs encumbered
Total sources of encumbrance (carrying amount)363.0460.9
Rating agencies
Rating agencies influence Santander’s access to wholesale funding markets and the cost of its issuances.
The agencies listed below regularly review our ratings. Debt ratings depend on several internal factors (business model, strategy, capital, income generation capacity, liquidity, ESG related factors, etc.) but also on external factors related to economic conditions, the industry and sovereign risk across our footprint.
Sometimes the methodology applied by the rating agencies limits a bank's rating to the sovereign rating of the country where it is headquartered. As at end 2024 Banco Santander, S.A. was rated above the sovereign debt rating of the Kingdom of Spain by Moody’s, DBRS and S&P and rated at the same level by Fitch, which demonstrates our financial strength and the benefits from our diversification.
At the end of 2024, the ratings from the main agencies were:
Rating agencies
Long termShort termOutlook
DBRSA (High)R-1 (Middle)Stable
Fitch RatingsA-(SeniorA)F2 (Senior F1)Stable
Moody'sA2P-1Positive
Standard & Poor'sA+A-1Stable
ScopeAA-S-1+Stable
JCR JapanAA-— Stable
In October 2024, Moody's confirmed the A2 rating for long-term and P-1 rating for short-term and maintained the positive outlook, which it had already upgraded in April, following the same movement in the rating of the Kingdom of Spain and keeping it two notches above it.
In September 2024, S&P Global Ratings confirmed Santander's credit rating at A+ for long-term debt issuances and A1 for short-term. In April, S&P rated our AT1 instruments as BBB- (investment grade), a new rating for this type of instrument. It also maintained Santander's outlook at stable, above the sovereign rating.
Fitch maintained the senior ratings at A/F1 in September 2024 and the stable outlook. In February 2025, it upgraded Santander’s long-term rating from A- to A and the short-term rating F2 to F1 and maintained the outlook at stable, above the sovereign.
DBRS maintained the outlook at stable, above the sovereign.
In January 2025, JCR upgraded Santander's rating by one notch from A+ to AA- for long-term debt issuances and senior rating from A to A+, with a stable outlook.
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Funding outlook for 2025
Grupo Santander has begun 2025 in a comfortable position and with a good funding outlook for the year, despite some uncertainty stemming from the global macroeconomic and geopolitical situation.
We expect a moderate lending increase across our footprint, together with a good performance of deposits, which will not put pressure on liquidity in commercial business.
Maturities in the coming quarters are expected to be manageable, aided by limited recourse to short-term funding and an active medium- and long-term issuance dynamic. We will manage each country and optimize liquidity to maintain a solid balance sheet structure across our footprint.
Our funding plans consider costs and diversification by instrument, country and market as well as the construction of liability buffers with loss-absorbing capacity in resolution (whether capital eligible or not). We design them to ensure Santander and its subsidiaries satisfy regulatory requirements and those stemming from our risk appetite framework.
Santander has been very active at the beginning of 2025. Banco Santander, S.A. pre-funded approximately EUR 8.0 billion in 2024. In January 2025, the main issuers in the Group (Banco Santander, S.A., Santander UK and Santander Holdings USA) had already issued EUR 6.3 billion, which, together with the pre-funding amounts to around EUR 15 billion.
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3.5 Capital management and adequacy. Solvency ratios    
Executive summary
Fully-loaded capital ratioFully-loaded CET1
The fully-loaded CET1 ratio increased 0.5 pp in the year to 12.8%, remaining above 12% in every quarter in 2024Strong organic generation driven by higher profit and risk transfer and balance sheet mobilization initiatives
%
CAPITAL.jpg
Organic generation in 2024+209 bps
TNAV per share
The TNAV per share was EUR 5.24, +14% year-on-year including cash dividends paid in 2024
Capital management and adequacy at Santander aims to guarantee solvency and maximize profitability, while complying with regulatory requirements and internal capital targets.
Capital management is a key strategic tool for decision-making at both the subsidiary and corporate levels.
We have a common framework that covers capital management actions, criteria, policies, functions, metrics and processes. We have a team in charge of our capital analysis, adequacy and management that coordinates with subsidiaries on all matters related to capital and monitors and measures shareholder returns.
Our most notable capital management activities are:
•Establishing capital adequacy and capital contribution targets that align with minimum regulatory requirements, internal policies and the budget, to guarantee robust capital levels consistent with our risk profile and efficient use of capital.
•Drawing up a capital plan to meet our strategic plan objectives.
•Monitoring the capital ratio in both regulatory and economic terms and the efficient capital allocation to country units and global businesses. Assessing capital adequacy to ensure the capital plan is consistent with our risk profile and risk appetite framework in baseline and stress scenarios.
•Integrating capital metrics into businesses' management ensuring alignment with the Group’s objectives. Continuously monitoring stock and new business profitability as well as new business pricing at the country unit, global business, segment and customer levels, in addition to tracking businesses, portfolios and customers with profitability below the minimum target.
•Coordinating and promoting the bank’s asset mobilization plan (e.g., securitizations, guarantees, sales).
•Preparing internal capital reports, and reports for the supervisory authorities and the market (ICAAP, Pillar 3 reports and stress tests).
•Planning and managing other loss-absorbing instruments other than regulatory capital instruments (MREL and TLAC).
Santander's capital function has the following aims:

Capital allocationMaximize profitability in the
economic cycle		Shift towards a fee-based,
capital-light model
capital allocation.jpg
ciclo economico.jpg
capital light.jpg
Capital allocation based on shareholder value creation by measuring profitability on a full cost allocation basis
Sustain profitability improvements in a changing macro-economic environment
Embrace a fee-based, capital-light model, given intense competition from peers operating with lighter capital models with more competitive pricing

Imagen1.jpg
Imagen2.jpg
Provide economic value to shareholdersContinue building a sound capital base
Improve free capital generation by increasing profitability per unit of capital deployed as well as by mitigating impacts that hinder free capital generation
Continuously improve the Group’s capital base,
while cautiously following the net zero RWA growth mandate


Imagen3.jpg
Santander’s goal is to generate capital growth and value creation for shareholders

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The main measures we took in 2024 were:
Issuances of capital hybrid and other loss-absorbing instruments
In 2024, Banco Santander, S.A. issued around EUR 5.7 billion in hybrid instruments, of which approximately EUR 2.8 billion was Tier 2 subordinated debt and approximately EUR 2.9 billion was contingently convertible preferred shares (CoCos). One EUR 1.5 billion CoCo issuance was to replace an AT1 issuance of the same amount that was called in a tender offer. The other CoCo, a USD 1.5 billion issuance, was to cover regulatory requirements.
Additionally, Banco Santander, S.A. issued around EUR 9.0 billion in senior non-preferred debt.
Dividends and shareholder remuneration
For the 2024 results, the board continued to apply the same policy as in 2023, with total shareholder remuneration of approximately 50% of the Group reported profit (excluding non-cash, non-capital ratios impact items), distributed in approximately equal parts in cash dividend and share buybacks.
•Interim remuneration.
•On 26 August 2024, the board resolved to execute the First 2024 Buyback Programme worth up to EUR 1,525 million (equivalent to approximately 25% of said Group reported profit in H1’24). See 'First 2024 Buyback Programme' in the 'Corporate governance' chapter.
•On 24 September 2024, the board resolved to pay an interim cash dividend against the 2024 results of 10 euro cents per share entitled to the dividend (equivalent to approximately 25% of said Group reported profit in H1’24); it was paid from 1 November 2024.
•Final remuneration. Under the 2024 shareholder remuneration policy:
•On 4 February 2025 the board of directors resolved to implement the Second 2024 Buyback Programme worth a maximum amount of EUR 1,587 million, for which the appropriate regulatory authorization has been obtained, and the execution of which began on 6 February 2025. For more details, see 'Second 2024 Buyback Programme' in the 'Corporate governance' chapter.
•On 25 February 2025 the board of directors resolved to submit a resolution at the 2025 AGM to approve a final cash dividend in the gross amount of 11 euro cents per share entitled to dividends. If approved at the AGM, the dividend would be payable from 2 May 2025.
Once the above-mentioned actions are completed, total shareholder remuneration for 2024 will total EUR 6,293 million (approximately 50% of the Group reported profit -excluding non-cash, non-capital ratios impact items- in 2024), distributed as approximately 50% in cash dividends (EUR 3,181 million) and 50% in share buybacks (EUR 3,112 million). For more details, see section 3.3 'Dividends and shareholder remuneration' in the 'Corporate governance' chapter.
Strengthening our active capital management culture
We continue to focus on disciplined capital allocation and shareholder remuneration after achieving our 2024 fully-loaded CET1 target of remaining above 12%.
At end 2025, we are targeting to reach a CET1A ratio of 13%, above the 12% objective and at the top end of our 12-13% operating range. Additionally, the board of directors intends to return up to EUR 10 billion to our shareholders through share buybacks corresponding to 2025 and 2026 by combining: i) buybacks resulting from the application of our existing shareholder remuneration policy consisting of a c.50% pay-out ratio (distributed approximately equally between cash dividends and share buybacks); plus ii) additional buybacks to distribute excesses of our CET1. The implementation of the shareholder remuneration policy and any share buybacks to distribute CET1 surpluses are subject to future corporate and regulatory decisions and approvals.
Continuous improvement of our capital ratios reflects our profitable growth strategy and a culture of active capital management at all levels.
The Capital and Profitability Management team is in charge of our capital analysis, adequacy and management, coordination with subsidiaries on all matters related to capital and monitoring and measuring returns.
Every country and business unit has drawn up individual capital plans that focus on maximizing return on equity.
Santander places high value on its long-term sustainability and the efficient use of capital in the incentives of the Group's main executives. We considered certain aspects relating to capital management and returns when setting senior managers' 2024 variable remuneration including return on tangible equity (RoTE) and other relevant capital metrics (capital generation or CET1).
A. Phased-in CRR3.
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Fully-loaded CET1 ratio
%
5727
Regulatory phased-in CET1 ratioA
%
12.212.312.8
Main capital data and solvency ratios
EUR million
Fully loaded
Phased inA
2024202320242023
Common equity (CET1)79,70576,44879,80076,741
Tier 1 (T1)90,07685,45090,17085,742
Eligible capital107,106101,747108,589102,240
Risk-weighted assets624,477623,652624,503623,731
CET1 capital ratio12.8 %12.3 %12.8 %12.3 %
T1 capital ratio14.4 %13.7 %14.4 %13.7 %
Total capital ratio17.2 %16.3 %17.4 %16.4 %
Leverage ratio4.78 %4.68 %4.78 %4.69 %


A.The phased-in ratios include the transitory treatment of IFRS 9, calculated in accordance with article 473 bis of the Regulation on Capital Requirements (CRR) and subsequent amendments introduced by Regulation 2020/873 of the European Union. Additionally, the Tier 1 and total phased-in capital ratios include the transitory treatment according to chapter 2, title 1, part 10 of the aforementioned CRR.

Fully-loaded capital ratios in 2024
The fully-loaded CET1 ratio was 12.8% if we do not apply the transitory IFRS 9 provisions or the subsequent amendments introduced by Regulation 2020/873 of the European Union. This represents a 0.5 pp increase in the year.
We organically generated 209 bps of capital, strongly supported by results obtained during the year and by a significant uplift from asset rotation and risk transfer initiatives. The impact from shareholder remuneration in the year was -100 bps.
We also recorded a negative 59 bp impact in regulatory and models, mainly relating to a parameter change regarding maturities in CIB models and changes in capital model associated with large exposures.
Additionally, there was no net contribution in markets and others, as positive impacts from the accelerated placement of Santander Bank Polska S.A. ordinary shares, intangible assets and ALCO portfolio valuations were offset by various smaller charges (pensions, tax credits, etc.).
The fully-loaded leverage ratio stood at 4.78% at the end of 2024.
Fully-loaded CET1 ratio in 2024
%
7126
A.Deduction for expected shareholder remuneration. Our target payout is approximately 50% of Group reported profit (excluding non-cash, non-capital ratios impact items), divided approximately equally between cash dividends and share buybacks. The implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.
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Regulatory capital ratios (phased-in)
The phased-in ratios are calculated by applying the CRR transitory schedules. The transitory schedule ended on 31 December 2024 (with the exception of some issuances in the UK). From 1 January 2025, a new transitory schedule will apply related to the implementation of CRR3. For more information, see note 1.e in the consolidated financial statements.
On a consolidated basis, the minimum levels required by the European Central Bank in 2024 were 9.6% for the CET1 ratio and 13.9% for the total capital ratio.
Our capital requirements increased in 2024 compared to 2023 due to:
•a higher D-SIB requirement driving an increase in the D-SIB/G-SIB requirement from 1% to 1.25% due to: i) a methodological change by the ECB which was later adopted by Banco de España; and ii) because institutions must hold capital at the consolidated level for the higher of the G-SIB (currently at 1%) and D-SIB requirements;
•the ECB's revision of Banco Santander, S.A.'s P2R requirement from 1.58% to 1.74% (mainly due to a change in the ECB's methodology);
•higher countercyclical buffer requirements by the competent authorities in the countries in which we operate (+0.02 pp); and
•and a new systemic risk buffer (0.03 pp).
At year end, the phased-in CET1 ratio was 12.8%, resulting in a CET1 management buffer of 313 bps. This shows our ability to generate capital organically, our solid position to be able to pay dividends and our strong capital management.
The total phased-in capital ratio was 17.4%. Taking into account the shortfall in AT1, Santander exceeded the 2024 minimum regulatory requirements (i.e. distance to the maximum distributable amount - MDA) by 297 bps.
The phased-in leverage ratio stood at 4.78%.
req capital.jpg
A. Countercyclical buffer.
B. Systemic risk buffer.
C. Global systemically important banks (G-SIB) buffer.
D. Capital conservation buffer.

Regulatory capital (phased-in). Flow statement
EUR million
2024
Capital Core Tier 1 (CET 1)
Starting amount (31/12/2023)76,741 
Shares issued in the year and share premium (4,810)
Treasury shares and own shares financed1,153 
Reserves(419)
Attributable profit net of dividends9,431 
Other retained earnings(3,579)
Minority interests1,580 
Decrease/(increase) in goodwill and other intangible assets1,263 
Other(1,559)
Ending amount (31/12/2024)79,800 
Additional Capital Tier 1 (AT1)
Starting amount (31/12/2023)9,002 
AT1 eligible instruments1,264 
AT1 excesses - subsidiaries105 
Residual value of intangible assets— 
Deductions— 
Ending amount (31/12/2024)10,371 
Capital Tier 2 (T2)
Starting amount (31/12/2023)16,497 
T2 eligible instruments1,767 
Generic funds and surplus loan-loss provisions-IRB(76)
T2 excesses - subsidiaries230 
Deductions— 
Ending amount (31/12/2024)18,418 
Deductions from total capital— 
Total capital ending amount (31/12/2024)108,589 
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These tables show the total risk-weighted assets (comprising the denominator of capital requirements based on risk) as well as their distribution by geographic segment.
Risk-weighted assets (phased-in CRR, phased-in IFRS 9)
EUR million
RWAsMinimum capital requirements
202420232024
Credit risk (excluding CCR) A
499,560 515,238 39,965 
   Of which: standardized approach (SA)283,612 285,728 22,689 
   Of which: the foundation IRB (FIRB) approach59,981 56,913 4,798 
   Of which: slotting approach B
13,840 14,123 1,107 
   Of which: IRB equities under the simple risk-weighted approach4,724 3,603 378 
   Of which: the advanced IRB (AIRB) approach129,919 138,204 10,394 
Counterparty credit risk (CCR)18,768 13,593 1,501 
   Of which: standardized approach
15,035 10,150 1,203 
   Of which: internal model method (IMM)— — — 
   Of which: exposures to a CCP294 324 24 
   Of which: credit valuation adjustment (CVA)679 680 54 
   Of which: other CCR2,761 2,439 221 
Settlement risk173 4 14 
Securitization exposure in the banking book (after the cap)15,705 11,419 1,256 
   Of which: SEC-IRBA approach7,285 4,275 583 
   Of which: SEC-ERBA approach2,484 2,257 199 
   Of which: SEC-SA approach B
5,935 4,887 475 
   Of which: 1,250% deduction C
— — — 
Position, foreign exchange and commodities risks (Market risk)17,946 16,454 1,436 
   Of which: standardized approach10,693 9,166 855 
   Of which: internal model approach (IMA)7,253 7,288 580 
Large exposures— — — 
Operational risk72,351 67,022 5,788 
   Of which: basic indicator approach — — — 
   Of which: standardized approach72,351 67,022 5,788 
   Of which: advanced measurement approach — — — 
Amounts below the thresholds for deduction22,656 28,732 1,812 
Total B
624,503 623,731 49,960 
A.Includes equities under the PD/LGD approach.
B.For more detail see Pillar 3 report.
C.Information prepared following the update of the EBA (24.05.22,'ITS on institutions’ Pillar 3 public disclosures'). Banco Santander, S.A. deducts from capital those securitizations that meet the deduction requirements, and therefore does not apply a 1,250% weighting to these exposures. This row does not include the EUR 8,367 million in 2024 and EUR 5,475 million in 2023 that would result from applying this weighting to these exposures.

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RWAs by geographical distribution (phased-in CRR, phased-in IFRS 9)
EUR billion
TOTALEUROPEo/w: Spaino/w: United KingdomNORTH AMERICAo/w: USSOUTH AMERICAo/w: Brazil
Credit risk (excluding CRR)53533018058855812084
of which, standardised approach (SA)284117411873569461
of which, internal rating-based (IRB) approach20317410737802119
of which, securitizations A
1613922211
of which, rest33272211143
Market risk18131301142
Operational risk72341681712169
Total625378208671037214095

Note: Breakdown according to debtor’s residency, except operational risk (management criteria). Counterparty RWAs are included in the IRB/STD approaches. The amounts shown in the table are presented in EUR billion, therefore, the amounts have been rounded. Consequently, 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. It does not include 1,250% deductions. See footnote C in the previous table.


CAPITAL_MAPA.jpg
Note: EUR 5 billion allocated to other countries (1% of total Group RWAs).
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This table presents the main changes to capital requirements by credit risk:
Credit risk capital movements A
EUR million
RWAsCapital requirements
Starting amount (31/12/2023)539,24743,140
Asset size(17,322)(1,386)
Asset quality(2,584)(207)
Model updates8,307665
Methodology and policy14,3081,145
Acquisitions and disposals——
Foreign exchange movements(8,897)(712)
Other——
Ending amount (31/12/2024)533,06042,645
A. Includes capital requirements from equity, securitizations and counterparty risk (excluding CVA and CCP).
Credit risk RWAs decreased EUR 6,187 million in 2024. If we isolate the exchange rate effect (due to the depreciation of the Brazilian real, the Mexican peso and the Chilean peso, partially offset by the appreciation of the US dollar and the pound sterling), RWAs increased EUR 2,709 million. This is mainly due to 'Methodology and policy' from calculating maturity models in CIB (+EUR 11,556 million) and a review of the application of the SME factor on some operations with self-employed customers (+EUR 2,752 million). Additionally, 'Model updates' contributed +EUR 8,307 million, mainly relating to capital model changes associated with large exposures in some portfolios. This growth was compensated by the decrease in RWAs related to 'Asset quality' (-EUR 2,584 million) and 'Asset size' (-EUR 17,322 million), as securitizations during the year (-EUR 29,499 million) more than offset widespread business growth.
In short, from a qualitative point of view, Santander's solid capital ratios are consistent with its business model, balance sheet structure and risk profile.
Economic capital
Economic capital is the capital required to cover all risks from our activity with a certain level of solvency. We measure it using an internal model. To calculate the required capital, we determine our solvency level based on our long-term rating target of 'A' (in line with the Kingdom of Spain); this represents a confidence level of 99.95% (above the regulatory level of 99.90%).
Our economic capital model measurements cover all significant risks incurred in our activity (concentration risk, structural interest rate risk (ALM), business risk, pensions risk, deferred tax assets (DTAs), goodwill and others that are beyond the scope of regulatory Pillar 1). It also considers diversification, which is key to determining and understanding our risk profile and solvency in view of our multinational operations and businesses.
Our total risk and related economic capital are less than the sum of the risk and capital of all individual units combined. Because our business spans several countries in a structure of separate legal entities with different customer and product segments and risk types, our earnings are less vulnerable to adverse situations for any given market, portfolio, customer type or risk. Despite increasing economic globalization, economic cycles and their impact differ by country. Groups with a global presence tend to have more stable results and are more resistant to market or portfolio crises, which translates into lower risk.
In contrast to regulatory criteria, we consider such intangible assets as DTAs and goodwill to retain value (even in a hypothetical resolution), owing to the geographic structure of our subsidiaries. Thus, we can value assets and estimate their unexpected loss and capital impact.
Economic capital is an essential internal management tool that helps us develop our strategy, assess solvency and manage portfolio and business risk. As such, it is a key part of the Supervisory Review and Evaluation Process (SREP).
Regarding Basel Pillar 2, we use our economic model for the internal capital adequacy assessment process (ICAAP). We plan business progression and capital needs under a baseline scenario and alternative stress scenarios to make sure we meet our solvency objectives, even in adverse scenarios.
Economic capital-derived metrics help us assess risk-return objectives, price operations based on risk, determine how economically viable projects are, and value country units and business lines to fulfil our overriding objective of maximizing shareholder value.
As a homogeneous risk measure, we can use economic capital to explain how we distribute risk throughout Santander, bringing together several activities and risk types under a single metric.
Given its relevance to internal management, Santander includes several economic capital-derived metrics from both a capital needs and a risk-return point of view, within a conservative risk appetite framework established at both Group and subsidiary levels.
Required economic capital in December 2024 amounted to EUR 69,984 million. Compared to the available economic capital base of EUR 96,342 million, this implies a capital surplus of EUR 26,358 million.
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Reconciliation of economic and regulatory capital
EUR million
20242023
Net capital and issuance premiums45,961 49,618 
Reserves and retained profits85,979 76,841 
Valuation adjustments(38,323)(34,484)
Minority interests8,485 6,908 
Prudential filters(912)(669)
Other A
(4,847)(3,986)
Base economic capital available96,342 94,228 
Deductions(17,379)(18,867)
   Goodwill(13,664)(14,161)
   Other intangible assets(2,293)(3,059)
   DTAs(1,423)(1,648)
Other(743)1,088 
Base regulatory (FL CET1) capital available79,705 76,448 
Base economic capital available96,342 94,228 
   Economic capital required B
69,984 74,721 
   Capital surplus26,358 19,507 
A. Includes: deficit of provisions over economic expected loss, pension assets and other adjustments.
B. For a better comparison with regulatory capital, the differences in goodwill due to FX changes are included in the required economic capital. All figures according to EC 2024 methodology.
The main difference compared to regulatory CET1 is the treatment of goodwill, other intangible assets and DTAs; we consider them additional capital requirements rather than a deduction from available capital.
Profitability metrics and Economic Value Added
One of the Group's primary priorities is to manage capital by ensuring that we make a profitable allocation of capital in all our activities.
Our strategy includes investing capital in markets, country units, global businesses and portfolios with the highest returns on capital, ensuring strong and sustainable shareholder value creation. Metrics such as RoTE, RoRWA and RoRAC are part of approvals and monitoring policies. These metrics help us compare the return on operations, customers, portfolios and businesses on a like-for-like basis. We can identify what is obtaining a risk-adjusted return higher than its cost of capital and thus align risk and business management to maximize economic value added (EVA).
We regularly assess the level and progression of EVA across the Group's country units and global businesses, both from a regulatory and economic capital point of view. EVA is the profit generated above the cost of capital employed.

The minimum return on capital a transaction must obtain is determined by the cost of capital (i.e. the minimum compensation required by shareholders). We calculate it by adding the premium shareholders demand to invest in Santander to the risk-free return. The premium depends essentially on the degree of volatility in our share price with respect to market performance. Santander's cost of capital in 2024 was 12.0% (versus 11.2% in 2023).
On top of reviewing the cost of capital every year, we also estimate a cost of capital for each business unit based on its features (under the philosophy that subsidiaries manage capital and liquidity autonomously) to determine whether each business is capable of creating value on a standalone basis.
This table shows economic value added and RoRAC of the Group’s geographical segments at the end of December 2024.
Economic Value AddedA and RoRAC
EUR million
20242023
RoRACEVARoRACEVA
Europe28.3 %4,14924.1 %3,169 
DCB Europe13.0 %7223.2 %788 
North America22.8 %1,20518.8 %886 
South America26.3 %87219.0 %(45)
Total Group17.5 %4,33215.3 %3,285 
A. The economic value added is calculated with the cost of capital of each unit. The Group’s total RoRAC includes the operating units and the Corporate Centre, reflecting the Group's economic capital and its return.
In 2024, we generated EUR 4.3 billion EVA for our shareholders, with positive contributions from all our geographical segments.
Additionally, we also internally use a Shareholder Value Added (SVA) view which adjusts components that affect shareholder value creation but are not reflected in results.
Identifying and managing businesses with low profitability is part of the Group's capital optimization process. We dynamically target and actively monitor customers, portfolios, global businesses and markets with attractive returns on capital.
To ensure improved profitability and maximize capital productivity, we must focus on capital efficiency from origination. Pricing is an objective process based on the characteristics of the transaction, product, borrower, segment and market. Furthermore, it should ensure that the price exceeds a minimum threshold covering at least funding, operating, credit and capital costs, as well as an additional spread that takes into account demand sensitivity to prices and value generation. Therefore, pricing should aim to maximize profitability, with positive EVA for every transaction, customer, portfolio and/or global business, and ensure compliance with minimum return on capital targets.

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Santander has granular approvals tools for the CIB and corporate segments which it uses to calculate the return on both regulatory and economic capital (RoRWA and RoRAC) and determine appropriate pricing. For retail segments, tools are locally developed by the units, tailoring them to the individual characteristics of each market. We also employ a granular tool to track returns on capital on a like-for-like basis between units.
Our approvals tools enable us to identify and justify any new loans with a pricing below the minimum threshold and our monitoring tools enable us to identify operations with profitability below the cost of capital, thereby recurrently destroying value. To try to ensure that all customer relationships add value, we regularly monitor and actively manage low performing customers through specific action plans.
Both approvals and profitability monitoring have a robust approval and review governance which i) ensures the consideration of minimum pricing thresholds are properly integrated into capital processes; ii) establishes a timely scaling/authorizing process; and iii) that detailed follow-ups are carried out for operations approved below the minimum threshold.

Capital planning and stress tests
Capital stress test exercises are a key tool in banks' dynamic assessments of their risks and solvency. These forward-looking reviews are based on unlikely-but-plausible macroeconomic and idiosyncratic scenarios. They require robust planning models that can translate the effects defined in the projected scenarios to elements that affect solvency.
The ultimate aim of these exercises is to assess risks and solvency thoroughly to determine capital requirements if a bank fails to meet its regulatory and internal capital objectives.
Santander has an internal capital stress and planning process to respond to various regulatory exercises and is a key tool integrated within management and strategy. They aim to ensure sufficient current and future capital, even in unlikely-but-plausible economic scenarios. We estimate results in various business environments (including severe recessions as well as expected macroeconomic environments), based on our initial situation (defined using financial statements, capital base, risk parameters and regulatory and economic ratios) to determine our solvency ratios, usually for a three-year period.
Planning offers a comprehensive view of our capital for the analysed period and in each of the defined scenarios based on regulatory capital and economic capital metrics.
This chart describes the structure in place:


1
Macroeconomic
scenario
•Central and recession
•Idiosyncratic: based on specific risks the entity faces
•Multi-year horizon
•Reverse stress tests
2
Balance sheet
and income statement forecasts
•Projection of volumes. Business strategy
•Margins and funding costs
•Fees and operating expenses
•Market shocks and operational losses
•Credit losses and provisions. PIT LGD and PD models
•IFRS 9 models and migration among stages
3
Capital requirements
forecasts
•Consistent with projected balance sheet
•Regulatory and economic risk parameters (PD, LGD and EAD)
4
Solvency analysis
•Available capital base. Profits and dividends
•Regulatory and legislative impacts
•Capital and solvency ratios
•Compliance with capital objectives
•Regulatory and economic view
5
Action plan
•In the event of failure to comply with internal objectives or regulatory requirements

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This structure supports the ultimate objective of capital planning, by making it an important strategic component that:
•ensures current and future solvency, even in adverse economic scenarios;
•facilitates communication with the market and supervisors;
•ensures comprehensive capital management, analyses specific effects and integrates them into strategic planning;
•enables a more efficient use of capital; and
•helps formulate our capital management strategy.
Senior managers are fully involved in and closely oversee capital planning under a framework that ensures proper governance and is subject to the robust challenge, review and analysis.
In capital planning and stress analysis exercises, calculating the required provisions under stress scenarios is key, especially to cover losses on credit portfolios. It is particularly important for income statement forecasts under adverse scenarios.
To calculate loan-loss provisions of the credit portfolio, we use a methodology that ensures provisions cover loan losses projected by internal expected loss models, based on exposure at default (EAD), probability of default (PD) and loss given default (LGD) parameters, at all times.
In 2018, we adapted this methodology to incorporate changes brought in by the new IFRS 9 regulations, with models to calculate balances by stages (S1, S2, S3) as well as the movements between them and the loan-loss provisions in accordance with the new standards.
Our capital planning and stress analysis culminate in an analysis of solvency under various scenarios over a set period to measure capital adequacy and ensure we meet all internal capital and regulatory requirements.
Should we fail to meet our capital objectives, we would draw up an action plan with the measures needed to attain the minimum capital desired. We analyse and quantify those measures as part of internal exercises even if we don't need to use them as we exceed the minimum capital thresholds.

Santander carries out its internal stress and capital planning transversally throughout the Group, at the consolidated and local level. Our subsidiaries use it as an internal management tool, particularly to respond to local regulatory requirements.
We have undergone nine external stress tests since the beginning of the economic crisis in 2008. Every test proved our strength and solvency in the most extreme and severe macroeconomic scenarios showing that, owing to our business model and geographic diversification, we would still be capable of generating a profit for shareholders while satisfying the most demanding regulatory requirements.
The ECB determines and sets Pillar 2 Guidance (P2G) according to the results of the adverse scenario in these supervisory stress tests, including the EU-level stress tests carried out by the EBA. When determining the P2G, the ECB considers the maximum impact expected on the CET1 ratio, which, for this purpose, is the difference between the lowest CET1 ratio in the adverse scenario over the projection horizon and the real CET1 ratio at the starting point.
In the most recent ECB-EBA stress test in 2023, Santander destroyed the least fully-loaded CET1 capital among peers in the adverse scenario (-170 bps versus a peer average of -418 bps). This implies that, in absolute terms, the Group would have a fully-loaded CET1 ratio 30 bps better than the peer average at the end of the stressed horizon. Even in the adverse scenario, Santander was forecasted to generate a cumulative profit of EUR 6,582 million, well above its peers and the European banking system as a whole (where losses of EUR 3,129 million and EUR 1,404 million were projected, respectively).
We have also conducted internal stress tests every year since 2008 as part of our ICAAP (Basel Pillar 2). Every test has proven our capacity to confront the most difficult exercises globally and locally. We carry out these capital planning processes using tools shared throughout the Group.
We incorporate an analysis of the potential impact of climate risks (transition risk and physical risk) into internal stress exercises in addition to expressly considering them in the macroeconomic scenario definitions, in line with industry best practices and supervisory expectations.
In 2022, Santander participated in the ECB's first climate risk stress test comprising three parts: first, the supervisor assessed entities’ internal capacities; second, the entities provided information on their main customers' emissions and revenue shares by activity sector to the supervisor; and third, the ECB made projections under various transition risk, heat wave risk and flood risk scenarios. The ECB published aggregate results for the industry as a whole.

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Total Loss-Absorbing Capacity (TLAC) and Minimum Requirement for own funds and Eligible Liabilities (MREL)
In November 2015, the FSB published the TLAC term sheet based on the previously published principles for crisis management frameworks. It aims to ensure global systemically important banks (G-SIBs) will have the capacity to absorb losses and recapitalize as required to maintain critical functions during and immediately after resolution proceedings without compromising public funds or financial stability.
From 1 January 2022, the TLAC term sheet requires each G-SIB to have an individually set minimum TLAC level that is the greater of 18% of risk-weighted assets and 6.75% of the Basel III Tier 1 leverage ratio exposure.
Some jurisdictions have already transposed the TLAC term sheet into law (as is the case in Europe, the US and Mexico as of 1 January 2023); however, other jurisdictions where we operate (e.g. Brazil) have yet to do so.
In Europe, the final texts of CRR 2 and BRRD 2, which amend the resolution framework, were published in June 2019. One of the main objectives of this revision was to implement the TLAC requirement in Europe.
The CRR 2, which came into force in June 2019, dictates the 18% of RWAs minimum requirement for G-SIBs as set in the TLAC term sheet. It must be made up of subordinated liabilities (with the exception of a percentage of senior debt of maximum of 3.5% or RWAs, with the resolution authority's authorization).
As of 31 December 2024, the TLAC of the resolution group headed by Banco Santander, S.A. stood at 31.0% of risk-weighted assets and 9.8% of the leverage ratio exposure.
The BRRD 2 was transposed into law in Spain in 2021.
G-SIBs also have a Pillar 2 requirement in addition to the minimum CRR TLAC requirement, owing to the MREL methodology in the BRRD 2.
In June 2024, Banco de España formally communicated the (binding) MREL requirement for the Banco Santander, S.A. Resolution Group (sub-consolidated):
•Until 31 December 2024, the Group needed to meet the minimum requirement set at the highest of 29.69% of the Resolution Group’s RWAs and 11.51% of the Resolution Group’s leverage ratio exposure. Of the total MREL requirement, a minimum subordination level was fixed as the highest of 10.27% of RWAs and 6.13% of the leverage ratio exposure. However, the Resolution Group headed by Banco Santander, S.A.'s minimum subordination is determined by TLAC, not by MREL, as the TLAC subordination requirement is greater. This MREL requirement was based on December 2021 data.

As of 31 December 2024, Banco Santander, S.A.'s MREL was 42.1% of RWAs and 16.5% of the leverage ratio exposure and subordinated MREL was 35.2% of RWAs and 13.8% of the leverage ratio exposure. As a result, Banco Santander, S.A. met its MREL requirements.
•From 1 January 2025 until 24 June 2025, the Group must meet the minimum requirement set at the highest of 32.39% of the Resolution Group’s RWAs and 12.23% of the Resolution Group’s leverage ratio exposure. Of the total MREL requirement, a minimum subordination level was fixed as the highest of 11.30% of RWAs and 6.22% of the leverage ratio exposure. This MREL requirement is based on December 2022 data.
•From 24 June 2025, until otherwise communicated by Banco de España, the Group will need to meet a minimum requirement set at the highest of 33.59% of the Resolution Group’s RWAs and 12.93% of the Resolution Group’s leverage ratio exposure. Of the total MREL requirement, a minimum subordination level was fixed as the highest of 11.30% of RWAs and 6.22% of the leverage ratio exposure. This MREL requirement is based on December 2022 data.

2024 TLAC2024 MREL
%%
 Imagen7.jpg
MREL.jpg
A.CBR: Combined Buffer Requirement, comprising a capital conservation buffer (2.5%), a G-SII buffer (1.25%), a countercyclical capital buffer (0.37%) and a systemic risk buffer (0.04%).

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3.6 Special situations and resolution
Corporate special situations and resolution framework, crisis management, recovery and resolution planning
This section summarizes the main developments in the year relating to preparing and strengthening mechanisms for a potential crisis, recovery plans and preparing and executing initiatives to improve resolvability plans.
Corporate framework for special situations and resolution
The framework enables our units to aggregate and clearly interpret the various mechanisms for monitoring, escalating and managing both financial and non-financial events as well as governance. It helps link the action plans (e.g. contingency plans, business continuity plans, recovery plan) to be executed in each phase.
We base crisis governance on a collective decision-making model that is organized into and operated under severity levels to facilitate flexibility and sequential decision-making. For instance, in the most severe stages of a hypothetical crisis, the Gold committee, composed of the Group’s top executives supported by the Silver forum and other specialist Bronze teams, would be the leading decision-making body.
The framework aims to encourage the sharing of best practices across the Group and continuous collaboration between subsidiaries and corporate teams (including coordination in the recovery and resolution planning phases) to continue to develop our management and control model in the most effective way.
Two of Santander's key processes are the recovery plan and the bail-in playbook, which describes the resolution tool's execution.
Crisis management
We managed several important events in 2024 relating to i) cybersecurity (e.g., unauthorized access to a database hosted by a third party); ii) geopolitical and/or macroeconomic events (e.g., armed conflicts in the Middle East); iii) natural disasters (e.g., forest fires in Valparaíso, Chile; floods in Rio Grande do Sul, Brazil, in Poland and in dozens of Spanish municipalities, earthquake in the Chinese provinces of Gansu and Qinghai); and iv) operational events (e.g., related to the operation of digital channels or critical providers).
We have taken away important lessons from these events, including:
•The benefits of ex ante preparation. Crisis management simulation exercises conducted over the past few years have enabled us to act quickly.
•The importance of maintaining a consistent and global approach that enables us to act as a Group, regardless of the type of event, where the incident occurs, the size of the affected unit or which global business is affected.
•The ability to anticipate potential events is decisive in the final result, especially in internal and external communication and in case of events that affect critical services with customers or require frequent contact with competent authorities.
Despite the very different nature of the events managed, our crisis management model once again demonstrated its strength. There are two fundamental and defining aspects of our model:
•Coordination between and with the subsidiaries and the five global businesses. Cooperation between the different units is not only a strength of the operating model under normal conditions, but has also proven to be a strength in times of crisis. There are several instruments that support this coordination such as i) the ability to summon global crisis governing bodies (e.g., Bronze teams and/or global Silver forum); ii) the close relationship between Crisis Management Directors (CMDs), crisis management managers and the involved functions; or iii) the ongoing issuance of corporate guidelines to facilitate decision-making.
•Early incident management. Through Bronze teams, we have been able to give a quick and proactive response to the most critical events.
However, in order to further strengthen our crisis management model, we carried out several initiatives:
•A more granular taxonomy and methodology is available for the identification and classification of events, both for financial and non-financial events.
•We integrated new decision-making processes to strengthen confidentiality and protect the security of our employees and customers.
•We assigned new roles to align the crisis management function to the new organizational model based on five global businesses.
•We further developed the process governing the response to humanitarian crises. By using the corporate guide, units are able to determine the severity of these events depending on their scale and urgency, as well as the action and governance framework for each situation.
In short, despite the challenges faced in 2024, the Group has shown it has the right tools to respond to crises of very different nature. However, given the complexity of the current environment and the potential threats facing the banking industry, the Group remains committed to strengthening crisis management mechanisms and instruments.

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Recovery plans
Context. Santander drew up its 15th corporate recovery plan in 2024. It sets out measures we have at our disposal to survive a very severe crisis without extraordinary public aid, in accordance with article 5.3 of the BRRD.
Its primary aims are to test i) the feasibility, effectiveness and credibility of the recovery measures; and ii) the suitability of the recovery indicators and their respective thresholds, above which decision-making would be escalated to cope with stress situations.
It sets out macroeconomic and/or financial crisis scenarios that could materialize in idiosyncratic, systemic and combined events that could lead the Group to trigger the plan.
The recovery plan should not be considered an instrument separate from our structural mechanisms to measure, manage and supervise risk. It is aligned with the risk appetite framework (RAF), the risk appetite statement (RAS), the risk profile assessment (RPA), the business continuity management system (BCMS), the internal assessments of capital and liquidity (ICAAP and ILAAP) and other tools. It is also integrated into the Group's strategic plans.
Progress in 2024. In January, the new 'Guidelines on Total Recovery Capacity in Recovery Plans' came into force, which require us to incorporate more severe scenarios that reach the near-default point and calculate the recovery capacity in a dynamic way and taking the moment the indicator was breached as a starting point. These requirements were already taken into account in the 2023 plan.
In May 2024, the ECB sent us a letter with their annual priorities, recommending that: i) entities should focus their efforts on improving liquidity recovery capacity and demonstrate that they have sufficient recovery options that can be implemented within a short time frame (less than one month); ii) simulations should be carried out to demonstrate the feasibility of these measures; and iii) liquidity scenarios should incorporate idiosyncratic and rapidly evolving events that lead to a point close to default in less than three months.
As it does every year, the 2024 recovery plan fully covers all the recommendations and priorities required by the ECB, including:
•A more conservative recalibration of capital indicators with regulatory requirements. They also expanded information on all indicators and the justification for their calibration.
•More extreme scenarios, so that all scenarios reach a near-default point according to the guidelines.
•A complete and detailed analysis of the risk profile of the entity at different times in each of the scenarios.
•A report including the characteristics of the two simulations carried out, with a critical evaluation of the lessons learned and possible follow-up actions.
•A new recovery measure.
The key takeaways from our review of the 2024 corporate plan were:
•there are no material interdependencies between main subsidiaries;
•we have ample recovery capacity in all scenarios through available measures. Our geographically diversified model is a great asset from a recovery standpoint;
•each subsidiary has sufficient capacity to emerge from a recovery situation on its own, which strengthens the Group's model based on units that are autonomous with respect to liquidity and capital;
•we have sufficiently robust governance to manage financial and non-financial stresses that vary in nature and intensity; and
•amid a serious financial or solvency crisis, no subsidiary is important enough to trigger the corporate plan by causing the severest recovery indicator levels to be breached.
These factors prove our business model and geographic diversification strategy would remain firm in a recovery situation.
Regulation and governance. Santander’s recovery plan complies with EU regulations and follows the non-binding recommendations of the Financial Stability Board (FSB) and other international bodies.
We submitted our latest plan to the Single Supervisory Mechanism in October 2024; the EBA has six months to make formal considerations.
Santander's recovery plan comprises the corporate plan (Banco Santander, S.A.) and local plans for the UK, Brazil, Mexico, the US, Germany, Argentina, Chile, Portugal, Norway and a recovery plan summary for Santander Bank Polska S.A. and Santander Consumer Bank S.A. -Poland-. All subsidiaries (except Santander Chile) must draw up a local plan in compliance with local regulations and corporate requirements.
Though the board of Banco Santander, S.A. approves the corporate plan, relevant content and figures are previously submitted to and discussed by the Silver forum, Gold committee, risk control committee and the risk supervision, regulation and compliance committee. Local plans are approved by local bodies in coordination with the Group (as they are included in the Group's corporate plan).
Resolution plans
The relevant authorities prepare the resolution plans1 and Santander cooperates with them, providing all requested information. During 2024, the members of the crisis management group (CMG) upheld their decision on our multiple point of entry (MPE) strategy to be used in a hypothetical resolution, formed by 11 different resolution groups where the parent company, Banco Santander, S.A., forms the main resolution group along with the rest of its subsidiaries of the Banking Union.



1.With the exception of the US, where individual entities draw up their own resolution plans.
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This strategy is consistent with our legal and business structure, as the 11 resolution groups can be resolved independently without involving other parts of the organization, given the low level of interconnection.
Meetings with the Single Resolution Board (SRB) and its working priorities letters confirmed in October 2023 that there are no substantial impediments to Banco Santander, S.A.’s resolvability, achieving the target set for December 2023 by the SRB. Despite this, the SRB highlighted the need to continue to work on resolvability and meet the targets set for the new resolution planning cycle starting in 2025, which focus on the operationalization of the resolution tool, i.e., internal recapitalization (bail-in).
In 2024, we prepared the multi-annual work plan to continue to meet resolution planning requirements. Banco Santander, S.A.’s board of directors approved it in February 2025, prior to its definitive submission to the SRB and in which the following actions, among others, were defined:
1) Conduct initial tests to measure capability to provide high quality data for resolution valuations
In 2024, Banco Santander, S.A. carried out a real-time dry run exercise on governance and obtaining data for valuation in resolution for each of the relevant subsidiaries of Banco Santander, S.A. within the resolution group known as the Banking Union. We shared the generated data with the SRB.
2) Conduct a liquidity exercise based on the joint SRB-ECB liquidity report prepared in October 2024
During November 2024, we worked on a new liquidity report, jointly required by the SRB and the ECB. In 2025, we will again conduct a liquidity exercise aimed at strengthening our liquidity reporting capabilities during and after resolution, which will take into account the SRB's comments on the 2024 liquidity exercise. For the first time, it will be a real-time dry run exercise and the SRB will observe.
3) Continue the work on the separability of important subsidiaries in the resolution group headed by Banco Santander, S.A.
We will continue the work on separability, an area that was established as a priority for Santander in 2023, and will continue to be so during 2025, focused on improving our ability to implement alternative resolution tools to sell a business in the event of resolution by developing an advanced separability analysis report.

This analysis should identify potential obstacles and mitigating factors to ensure the subsidiaries' operational and business continuity if separated from the Group. We will work on developing specific business transferability manuals in 2025, detailing how to execute the sale of a business from an operational point of view.
4) Test the internal recapitalization resolution tool and the internal loss transfer and recapitalization mechanism, together with information system capabilities
Given the results of the dry-run exercises for the internal recapitalization testing exercises in previous years, Banco Santander is expected to continue to annually test its bail-in preparation through a test focused on its information systems' capabilities, accounting and amortization processes, conversion and issuance of new capital, communication and governance, as described in the bail-in playbook. Testing should also include the internal loss transfer and recapitalization mechanism (ILTRM) in place for most of the important Banco Santander, S.A. subsidiaries. The SRB has already communicated the new developments of this simulation exercise for 2025, mainly the inclusion of new subsidiaries and the stress assumptions.
5) Continue the work on Management Information Systems
During 2024, we completed all the manuals for reporting information regarding internal recapitalization and valuation data. We also did dry-run tests on the capabilities of management information systems, including the preparation and extraction of resolution valuation information and bail-in instruments. In 2025, we plan to carry out further testing to ensure information systems are capable of providing accurate and timely information.
6) Guarantee operational continuity in resolution situations
In 2024, we continued to work on operational continuity in resolution: i) we developed retention plans for certain units of the Banking Union Resolution Group; ii) remediation plans continued with the inclusion of clauses in vendor contracts to ensure resilience in resolution; and iii) we updated the contingency plan for access to market infrastructure. In 2025, we plan to test the operational continuity in bank resolution through simulation exercises.

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4. FINANCIAL INFORMATION BY SEGMENT

4.1 Description of segments during 2024
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 (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 (see also note 52.c to the Santander financial statements).
Santander has aligned the information in this chapter with the underlying information used internally for management reporting and with that presented in the Group's other public documents.
Santander's executive committee 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.
As we announced at the end of 2023, following the creation of two new global segments and in order to align the operating and management model, we adapted our reporting, starting with the financial information for Q1 2024, with global businesses becoming the primary segments.
Main changes to the composition of Santander's segments
The main changes, which apply from 1 January 2024 to the management information for all periods included in the consolidated financial statements, are as follows:
•All of the Group's businesses across all markets were consolidated into five global areas: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking, Wealth Management & Insurance and Payments. These became the new primary segments.
•The changes in financial information were:
•The former Retail Banking was split into two new segments: Retail & Commercial Banking and Digital Consumer Bank. Our cards business now forms part of the new Payments segment.
•The results of activities mainly related to financial management located in the countries are fully allocated to
their global businesses based on the segment that generates the financial position.
•The local corporate centres are fully allocated to the global businesses.
•The revenue sharing criteria between global businesses were revised to better reflect the contribution of each business to the Group.
•The former primary segments (Europe, North America, South America and Digital Consumer Bank - which is renamed DCB Europe) became our secondary segments. 2023 published figures for the countries, regions and the Corporate Centre remain unchanged.
All the changes described above have no impact on the reported Group consolidated financial statements.
Primary segments
This primary level of segmentation, which is based on the Group's management structure from 1 January 2024, comprises six reportable segments: five operating areas plus the Corporate Centre.
The operating areas are:
Retail & Commercial Banking (Retail): area that integrates the retail banking business and commercial banking (individuals, SMEs and corporates), except for business originated in the consumer finance and the cards businesses.
Digital Consumer Bank (Consumer): comprises all business originated in the consumer finance companies, plus Openbank, Open Digital Services (ODS) and SBNA Consumer.
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): includes the corporate unit of Private Banking and International Private Banking in Miami and Switzerland (Santander Private Banking), the asset management business (Santander Asset Management) and the insurance business (Santander Insurance).
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Payments: the Group's digital payments solutions, providing global technology solutions for our banks and new customers in the open market. It is structured in two businesses: PagoNxt (Getnet, Ebury and PagoNxt Payments) and Cards (cards platform and business in the countries where we operate).
Secondary segments
At this secondary level, Santander is structured into the segments that made up the primary segments until 31 December 2023, which are Europe, DCB Europe, North America and South America:
Europe: comprises all business activity carried out in the region, except that included in DCB Europe. Detailed financial information is provided on Spain, the UK, Portugal and Poland.
DCB Europe: includes Santander Consumer Finance, which incorporates the entire consumer finance business in Europe, Openbank in Spain and ODS.
North America: comprises all the business activities carried out in Mexico and the US, which includes the holding company (SHUSA) and the businesses of Santander Bank (SBNA), Santander Consumer USA (SC USA), the specialized business unit Banco Santander International, the New York branch and Santander US Capital Markets (SanCap).
South America: includes all the financial activities carried out by Santander through its banks and subsidiary banks in the region. Detailed information is provided on Brazil, Chile and Argentina.
In addition to these operating units, both primary and secondary segments, the Group maintains the Corporate Centre, which 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 assets and liabilities committee, as well as management of liquidity and 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 does not incorporate 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.



The businesses included in each of the primary segments in this report and the accounting principles under which their results are presented here may differ from the businesses included and accounting principles applied in 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 business areas covered in this report. Accordingly, the results of operations and trends shown for our business areas in this document may differ materially from those of such subsidiaries.
As described in section 3. 'Group financial performance', the results of our business areas presented below are provided on the basis of underlying results only and generally including the impact of foreign exchange rate fluctuations. However, for a better understanding of the changes in the performance of our business segments, we also provide and discuss the year-on-year changes to our results excluding such exchange rate impacts. 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. Additionally, in 2024, for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior years). For further information, see the 8. 'Alternative performance measures' section.
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.
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4.2 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 taxProfit attributable to the parent
Retail & Commercial Banking27,942 4,681 32,461 19,584 10,874 7,263 
Digital Consumer Bank10,777 1,508 12,916 7,733 2,232 1,663 
Corporate & Investment Banking4,020 2,548 8,343 4,537 4,009 2,740 
Wealth Management & Insurance1,627 1,489 3,661 2,348 2,259 1,650 
Payments2,609 2,793 5,505 3,030 969 413 
PagoNxt132 958 1,240 80 (233)(299)
Cards2,478 1,835 4,265 2,950 1,202 712 
Corporate Centre(308)(11)(676)(1,055)(1,317)(1,154)
TOTAL GROUP46,668 13,010 62,211 36,177 19,027 12,574 
Secondary segments
Europe16,720 4,659 23,510 14,102 10,129 6,644 
     Spain7,256 2,867 11,974 7,703 5,440 3,762 
     United Kingdom4,950 283 5,216 2,299 1,794 1,306 
     Portugal1,548 467 2,100 1,553 1,481 1,001 
     Poland2,844 674 3,555 2,591 1,650 800 
     Other121 367 664 (42)(236)(225)
DCB Europe4,361 902 5,679 3,075 1,131 642 
North America10,330 2,594 13,915 7,214 3,091 2,579 
     US5,693 1,152 7,580 3,750 1,053 1,109 
     Mexico4,631 1,385 6,278 3,613 2,274 1,671 
     Other7 57 57 (149)(236)(201)
South America15,566 4,864 19,783 12,841 5,993 3,863 
     Brazil10,121 3,414 13,536 9,184 3,830 2,422 
     Chile1,822 551 2,592 1,659 1,111 629 
     Argentina2,919 602 2,487 1,465 827 665 
     Other703 298 1,168 533 225 146 
Corporate Centre(308)(11)(676)(1,055)(1,317)(1,154)
TOTAL GROUP46,668 13,010 62,211 36,177 19,027 12,574 
Profit attributable to the parent distribution
Distribution A by primary segment. 2024
62672162783891


A. As a % of operating areas. Excluding the Corporate Centre.
Profit attributable to the parent. 2024
EUR million. % change YoY
Retail
Consumer
CIB
Wealth
Payments
Europe
DCBE
North America
South America
62672162783994
Var
Var B
+28 %+29 %
-13 %-12 %
+12 %+16 %
+12 %+14 %
-32 %-26 %
+21 %+19 %
-46 %-47 %
+10 %+12 %
+27 %+36 %
B. Changes in constant euros.
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2023
Main items of the underlying income statement
EUR million
Primary segmentsNet interest incomeNet fee
income		Total
income		Net operating incomeProfit before taxProfit attributable to the parent
Retail & Commercial Banking25,550 4,497 29,754 16,930 7,989 5,659 
Digital Consumer Bank10,221 1,229 12,296 7,033 2,677 1,901 
Corporate & Investment Banking3,594 2,131 7,527 4,140 3,795 2,440 
Wealth Management & Insurance1,513 1,262 3,210 1,994 1,994 1,467 
Payments2,424 2,952 5,298 2,954 1,205 607 
PagoNxt93 954 1,140 49 (17)(77)
Cards2,331 1,998 4,158 2,905 1,222 684 
Corporate Centre(41)(13)(439)(829)(961)(998)
TOTAL GROUP43,261 12,057 57,647 32,222 16,698 11,076 
Secondary segments
Europe15,910 4,399 21,439 12,409 8,195 5,482 
     Spain6,641 2,699 10,132 5,905 3,399 2,371 
     United Kingdom5,152 338 5,525 2,779 2,107 1,545 
     Portugal1,465 464 1,982 1,440 1,314 896 
     Poland2,543 589 3,182 2,320 1,392 674 
     Other109 309 618 (35)(17)(3)
DCB Europe4,193 796 5,502 2,884 2,019 1,199 
North America10,159 2,192 13,174 6,708 2,837 2,354 
     US5,742 766 7,209 3,531 863 932 
     Mexico4,408 1,374 5,899 3,311 2,119 1,560 
     Other8 52 66 (133)(145)(138)
South America13,040 4,684 17,971 11,050 4,608 3,038 
     Brazil9,116 3,462 13,104 8,574 2,911 1,921 
     Chile1,383 572 2,285 1,265 951 582 
     Argentina1,879 396 1,544 769 505 386 
     Other662 254 1,038 441 241 150 
Corporate Centre(41)(13)(439)(829)(961)(998)
TOTAL GROUP43,261 12,057 57,647 32,222 16,698 11,076 
LogoSantanderPie_76.jpg Annual report 2024    440
4.3 Primary segments
Underlying attributable profit
RetailRetail & Commercial BankingEUR 7,263 mn
Strategy
To support our vision of becoming a digital bank with branches, during the year, we focused on providing the best experience for our customers, driving our ONE Transformation programme, implementing a common operating model and rolling out our global technology platform.
Business performance1
Loans fell slightly (-1% year-on-year) due to lower loans in Europe and the US, partially offset by the increases in South America and Mexico. Deposits rose 3% year-on-year, with growth in all three regions.
Results1
Attributable profit in 2024 was EUR 7,263 million, a 29% increase year-on-year, driven by a good revenue performance, efficiency gains from our transformation programme and lower provisions in Europe.
1.In constant euros.
Strategy
During the year, we consolidated the Group's individual, SME and corporate banking activities within a new global business, Retail & Commercial Banking (Retail), successfully executing our three strategic priorities with the following advances:
•Common operating model. Our vision is to become a digital bank with branches, offering our products and services digitally through our own global platform and using our branch network to advise our customers. In 2024, all countries worked with a common operating model and within this vision. We have 147 million customers who can access most of our products and services digitally. Sales through our digital channels rose double digits year-on-year. Additionally, we have a network of nearly 8,000 branches, where customers can receive advice and support.
•Transformation, based on three pillars:
•Customer experience. We reduced the number of products by 39% year-on-year, as part of our commitment to offer a simple and attractive product portfolio that provides the best experience for our customers. We also continued to improve customer journeys, especially digital onboarding (substantially reducing onboarding times in all countries). Additionally, we launched a new 100% digital and simplified offer for individuals in Brazil and SMEs in Spain. As a result of the improvement in customer experience and digital onboarding, customers grew more than 8 million in the year.
•Operational leverage. We reduced the number of resources dedicated to non-commercial activities per million customers by 13% during the year, supported by digitalization, process
automatization and organizational simplification, with significant progress in all units. Some examples this year were the digitalization of in-branch processes in Spain and mortgage servicing in Poland, as well as the simplification of the branch organization in Brazil and Chile. Additionally, our strategy to promote a self-service model is producing results, as chatbot interactions increased during the year and contact centre call volumes decreased. This has freed up time to be spent on value-added tasks and has contributed to greater efficiency.
•Global technology platform. The roll out of the global platform is especially relevant for business transformation. This platform is based on two proprietary technologies developed in-house: i) Gravity, with open technologies to reduce back-end costs; and ii) ODS, deployed in the cloud for the front-end, offering a superior omni-channel experience to our customers.
During the year, we completed the initial integration of Gravity and ODS in the US, which enables us to provide a new digital offering and the best customer experience. We also completed the migration of our customers in the UK to the new app. In addition, we are rolling out our global commercial tool to support branches in Spain and Mexico.
•Profitable growth. Structural efficiency improvements that the global platform's scale provides and disciplined capital management, together with increased simplification and process automatization were significant drivers of profitable growth. Additionally, enhanced customer experience and a greater commercial focus drove further customer growth and profitability improvement.

Retail. Customers
Thousands and year-on-year change
RetailEurope
Spain.jpg
UK.jpg
North
America
Mexico.jpg
South
America
Brazil.jpg
Total customers147,14046,57615,14022,49321,27521,26179,28968,882
+6%+1%+2%0%+4%+4%+10%+11%
Active customers79,07928,8068,68913,60410,85910,84539,41432,552
+5%+2%+6%-2%+6%+6%+8%+9%
LogoSantanderPie_76.jpg Annual report 2024    441
Business performance
Loans and advances to customers decreased 1% year-on-year. In gross terms, excluding reverse repos and in constant euros they also decreased 1%, due to the decline in mortgages and SMEs, partially offset by the increases in corporate and personal loans. By region, the decrease in Europe and the US volumes was partially offset by rises in South America and Mexico.
Mortgage balances fell both 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 Portugal, Poland, Mexico and Brazil. Personal loans performed well, especially in Brazil, Spain and Poland.
Corporate loans rose, mainly driven by Poland, Brazil and Mexico. SME loans decreased mainly due to pre-payments in Europe, partially offset by higher volumes in Brazil and Poland.
Customer deposits decreased 1% year-on-year. Excluding repos and in constant euros, they rose 3%, driven by Spain, Poland and overall growth in South America, notably in Brazil. All products contributed to the increase, but especially time deposits in Europe and South America. Mutual funds rose 19% in constant euros, driven by commercial efforts in the current interest rate environment. As a result, customer funds increased 4% in constant euros.
Retail. 2024 business performance
EUR billion and YoY % change in constant euros
609-1%748+4%
FA_SAN_REGION_EUROPE_FONDO_RGB.jpg
FA_SAN_REGION_NORTH_AMERICA_FONDO_RGB.jpg
FA_SAN_REGION_SOUTH_AMERICA_FONDO_RGB.jpg
12644383733929
FA_SAN_REGION_EUROPE_FONDO_RGB.jpg
FA_SAN_REGION_NORTH_AMERICA_FONDO_RGB.jpg
FA_SAN_REGION_SOUTH_AMERICA_FONDO_RGB.jpg
12644383733933
Gross loans and advances to customer excl. reverse reposCustomer deposits excl. repos + mutual funds
Results
Attributable profit in 2024 was EUR 7,263 million (53% of the Group's total operating areas), up 28% compared to 2023. In constant euros, it rose 29% year-on-year, with the following detail:
•Total income grew 11% driven by higher net interest income and net fee income. Net interest income increased 11%, with rises in most countries, but especially in South America, driven by higher volumes and lower deposit costs, and in Spain, Poland and Portugal due to good margin management. The exceptions were the UK, due to lower mortgage volumes (in line with our strategy) and higher cost of deposits (competitive market), and the US, due to lower volumes.
Greater commercial activity and a larger customer base contributed to net fee income growth (+7%). The most significant increases were in Brazil, the US, Mexico and Poland.

Retail. Total income
EUR million and YoY % change in constant euros
Spain.jpg
UK.jpg
Mexico.jpg
Brazil.jpg
Other
12644383735695
Var
+17%
-9%
+7%
+16%
+17%
    
RetailEUR 32,461 mn+11%

•Administrative expenses and amortizations increased 3%. In real terms, costs declined 1% reflecting our transformation efforts through organizational simplification, process automatization and the deployment of the global platform, particularly evident in Spain and the US. As a result, net operating income grew 17% and efficiency improved to 39.7%.
•Net loan-loss provisions improved 7%, due to a positive performance in Europe, especially in Spain, Poland and the UK (macro outlook improvement in the country), which more than offset greater provisions in South America due to higher activity and the cost of risk normalization in Mexico and Chile.
•The other gains (losses) and provisions line was 21% more negative than in 2023, mainly due to greater restructuring charges in some countries and higher charges related to the CHF mortgage portfolio in Poland.
RoTE in 2024 was 18.9%, a 3.7 pp improvement year-on-year.

Retail. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue32,46129,754 +9+11
Expenses(12,877)(12,825)0+3
Net operating income19,584 16,930 +16+17
LLPs(5,845)(6,540)(11)(7)
PBT10,8747,989 +36+36
Attributable profit7,263 5,659 +28+29
Detailed financial information in section 4.5 'Appendix'.


LogoSantanderPie_76.jpg Annual report 2024    442
Underlying attributable profit
ConsumerDigital Consumer BankEUR 1,663 mn
Strategy
Our priority is to continue expanding our leadership in consumer finance and to be the most cost competitive player, with the best customer experience through a more digital global operating model and the best solutions (check-out lending, digital journeys in auto lending and operational leasing) through common platforms.
Business performance 1
Loans increased 4% year-on-year, +6% in auto. Deposits rose 10%, in line with our strategy aimed at lowering funding costs and reducing net interest income volatility across the cycle, to be able to offer our customers better pricing.
Results 1
Double-digit year-on-year growth in net operating income due to solid performance in net interest income and net fee income and good cost control. However, this was not reflected in attributable profit (-12%) due to impacts from higher CHF mortgage provisions and the provision for potential complaints related to motor finance dealer commissions in the UK.
1.In constant euros.
Strategy
Digital Consumer Bank (Consumer) is a leading consumer finance company globally. It operates in 26 countries in Europe and the Americas and it serves the financing needs at the point of sale (both physical and digital) of 25 million customers. It combines three interconnected businesses: auto financing, consumer lending, supported by Zinia, and Openbank.
Our vision in the Consumer business is to become the preferred choice of our partners and our end customers, and offer greater profitability and value creation to our shareholders, while being the most cost-efficient player in the industry.
To respond to the changes the mobility and consumer finance ecosystem is undergoing and deliver on our vision, during 2024, we worked to transform our operating model by:
•Offering global and best-in-class solutions, integrated into our partners' (OEMs, importers and retailers) processes, accompanying them as their increasingly digital business models evolve.
•We continued to foster cross-regional partnerships and consolidate new partnerships by leveraging existing agreements, particularly in the US where we incorporated new strategic agreements in auto throughout the year and in Latin America where we continued to focus on developing strategic alliances.
•We further upgraded our value proposition for improved customer experience.
•Simplifying and automating our processes to increase scalability. We are working to align our functions with the Group's operating model. In the US, our focus has been on recovering pre-pandemic profitability, driving efficiency savings and improving our service. In Europe, we focused on transforming our operating model by streamlining the organization and making it more agile, accelerating process automatization, improving digital capabilities and converging towards global platforms.
•Building and developing global platforms. Throughout the year, we:
•Expanded the functionalities of our auto leasing platform, operative in three European markets, and we opened the broker channel in Germany.
•Continued to simplify our auto operating model in Europe, having moved from one platform per country to three in total, towards our final goal of having one common platform to support our aim of being the most cost-efficient player.
•Fostered growth in Zinia, our check-out lending technology in Germany, through new agreements such as a co-branded card with Amazon and instalment loans with Apple.
•Launched Openbank in the US in Q4 2024. We also prepared the launch of an Openbank branch in Germany (opened in January 2025) and the full launch of Openbank in Mexico (in February 2025) with a complete value proposition to compete with other neobanks.
These launches, together with digital deposit gathering activities in the Netherlands during the year, support our profitable growth strategy to capture deposits (a lower cost and more stable source of funding) and actively manage our balance sheet to make it more capital light.
Consumer. Total customers
Millions
12644383731891



LogoSantanderPie_76.jpg Annual report 2024    443
Business performance
After a difficult environment in previous years, 2024 showed further signs of recovery supported by a market with inflation moderation and lower interest rates in Europe and North America.
In this environment, new lending increased 4% year-on-year, with solid growth across our main markets, especially in South America, led by Brazil. The stock of loans and advances to customers rose 4%. In gross terms, excluding reverse repos and in constant euros, they were also 4% up year-on-year, mainly driven by Brazil.
We have a EUR 17 billion leasing portfolio which decreased 5% year-on-year in constant euros, as growth in Europe was more than offset by a decline in the US.
Customer deposits, which accounted for 60% of Consumer's total funding, increased 12% year-on-year. Excluding repos and in constant euros, they were up 10%, as a result of our strategy aimed at lowering funding costs and reducing net interest income volatility across the cycle. Our access to wholesale funding markets remained strong and diversified. Mutual funds rose 19% in constant euros, up from very low levels. As a result, customer funds rose 11% year-on-year in constant euros.
Consumer. 2024 business performance
EUR billion and YoY % change in constant euros
215+4%137+11%
DCB Europe
US
12644383734533
DCB Europe
US
12644383734538
Gross loans and advances to customer excl. reverse reposCustomer deposits excl. repos + mutual funds
Consumer. Leasing portfolio
EUR billion and YoY % change in constant euros
Total leasing 17-5%
12644383734546
Results
Attributable profit in 2024 was EUR 1,663 million (12% of the Group's total operating areas), down 13% year-on-year. In constant euros, profit fell 12%, as follows:
•Total income rose 6%, with net interest income growing 6% on the back of active loan repricing actions and volumes growth in Europe, and higher volumes in Brazil. Net interest income in the US rose slightly as benefits from higher yields were mostly offset by lower credit volumes.
Net fee income increased strongly (+24%), largely driven by increased insurance penetration in Europe, volumes growth in Brazil and auto fees in the US. Gains on financial transactions decreased, mainly in Europe. Leasing income fell, due to a decrease in auto residual values and, in the US due lower leasing volumes and as we pass on fiscal benefits (recorded in the tax line) from electric vehicle leases to pricing.

Consumer. Total income
EUR million and YoY % change in constant euros
DCB Europe
US*
Other
12644383734566
Var
+3%
-1%
+45%
* Year-on-year growth in revenue in the US is flat if we include the impact of the EV incentives in the tax line.

•Administrative expenses and amortizations performed well, declining slightly year-on-year (-4% in real terms), even as we invest in leasing and check-out lending platforms and in business growth. This good performance reflects our efficiency and transformation efforts in both the US and DCB Europe. Consequently, net operating income grew 11% and efficiency improved 2.7 pp to 40.1%.
•Net loan-loss provisions increased 12%, affected by continued normalization in Europe and the US, higher volumes, increased CHF mortgage portfolio coverage, lower portfolio sales than last year and some regulatory charges. Credit quality remained controlled with the cost of risk at 2.16%, having normalized in line with expectations, and the NPL ratio stood at 5.07%.
•Other gains (losses) and provisions registered a loss of EUR 939 million in 2024 compared to a EUR 250 million loss in 2023, mainly driven by higher Swiss franc mortgage provisions in Poland and the provision for potential complaints related to motor finance dealer commissions in the UK (for more information, see note 25.e in the consolidated financial statements).
RoTE in 2024 was 9.8%, a 1.8 pp decrease year-on-year.
Consumer. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue12,91612,296 +5+6
Expenses(5,183)(5,263)(2)(1)
Net operating income7,733 7,033 +10+11
LLPs(4,562)(4,106)+11+12
PBT2,2322,677 (17)(16)
Attributable profit1,663 1,901 (13)(12)
Detailed financial information in section 4.5 'Appendix'.


LogoSantanderPie_76.jpg Annual report 2024    444
Underlying attributable profit
CIBCorporate & Investment BankingEUR 2,740 mn
Strategy
We made our centres of expertise more sophisticated and deepened client relationships, on the back of our Global Markets plan and US Banking Build-Out (US BBO) initiative, and actively managed capital.
Business performance 1
Strong activity year-on-year across all business lines, particularly driven by our growth initiatives in Global Markets and Global Banking.
Results 1
Attributable profit rose 16% year-on-year, on the back of revenue growth (+14%) from a record 2023, which more than offset higher costs related to the investment in new capabilities. We maintained a leading position in efficiency and profitability with a low cost of risk.
1.In constant euros.
Strategy
CIB is our global business focused on wholesale customers, with a strong advisory component and high value-added solutions. We leverage the Group's technology to digitalize our business and automate end-to-end processes, enhancing and protecting the business while increasing operational efficiency.
Our tech partnerships and participations with Allianz Trade, the fintech Two, SAP and Komgo, among others, enable us to compete with new digital players and other competitors and benefit from new opportunities arising in the current environment.
In 2024, we made good progress in the execution of our strategy to become a focused, world-class CIB business, positioning ourselves as a trusted advisor to our clients while delivering profitable growth and maintaining dynamic capital management, with good progress with respect to the priorities set for the year:
•We made our centres of expertise more sophisticated, further strengthening our teams in sales, trading and banking, on the back of our two most important strategic initiatives: US BBO and Global Markets plan.
In Global Banking (GB), we expanded our sector and product capabilities in areas adjacent to our traditional strengths to offer complete investment banking solutions with coverage across multiple industries, making key hires in our Global Industry Groups (such as TMT, Healthcare, Industrials and Financials) and product teams (M&A, Leveraged Finance, Equity Capital Markets - ECM and Debt Capital Markets - DCM).
In Global Markets (GM), we continued to execute our ambitious plan centred on increasing activity with our corporate and institutional clients (strengthening our European Markets platform with sales teams in Paris, Frankfurt and Milan), further leveraging technology, increasing cross-border flows and enhancing our trading and distribution capabilities.
We started to reap the rewards of our investments in 2023 and 2024, as reflected in the solid performance in institutional sales.
•We further deepened our client relationships, with a particular focus on the US where we are taking our CIB franchise to the next level through the execution of the US BBO initiative, selectively expanding our client universe and product capabilities enabling us to increase our addressable market and the contribution of fees as a share of total revenue, especially in the US.
As a result, we are already making progress in targeting untapped wallets, especially in the US and EMEA, where our recent investments have had a positive effect and synergies are evident.
Our US BBO initiative is producing results, enabling us to deliver more sophisticated solutions to our clients and achieve numerous ‘firsts’ in businesses where we did not have presence and upgraded roles in transactions. Additionally, this is leading to follow-on business opportunities in other areas and markets, such as in our DCM business, which has led the reverse Yankee bond market.

•We continued to actively manage capital through our originate- to-share model to drive large-scale capital recycling in coordination with the Group's Global Asset Desk team. This enabled us to increase origination and maintain good profitability ratios.
•Attracting, developing and retaining top diverse talent is key to the execution of our strategy and for business success, and we implemented several initiatives to enhance our teams’ skills and provide enriching careers.
Recent awards Ranking in League Tables 2024
Risk.netGlobal Banking & MarketsStructured FinanceECMM&A
Risk Solutions House of the Year
Bond House and ESG Bond House of the Year
Structured finance.jpg
ECM.jpg
M&A.jpg
PFIGlobal FinanceDebt Capital MarketsECAs
Americas Bank of the Year
 Europe Digital Deal of the Year: GD Towers (Germany)
World’s Best Sustainable Supply Chain and Trade Finance Solutions
DCM.jpg
eca.jpg
Note: In DCM, Europe and the UK refers to financial institutions group (FIG).
LogoSantanderPie_76.jpg Annual report 2024    445
Business performance
A high proportion of CIB's activity is customer related (84% of total income) and capital light, supported by our active balance sheet management, as reflected in a total revenue to risk-weighted assets ratio of 6.9%, up 1 pp since 2022.
Loans and advances to customers, mainly concentrated in GTB and GB businesses, increased 9% year-on-year. In gross terms, minus reverse repos and in constant euros, they were flat. Customer deposits decreased 1% year-on-year. Excluding repos and in constant euros, they fell 10% in line with our strategy to reduce excess corporate deposits.
By business line, we had the following performance:
•In Global Transaction Banking, strong activity in Export Finance and Trade & Working Capital Solutions more than compensated weaker activity in Cash Management, impacted by lower interest rates.
In Export Finance, we maintained a 10% market share on the back of 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 performed well on the back of growth in Corporate Finance (CF) and Global Debt Financing (GDF).
In CF, 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 had 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 the 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
Record attributable profit in 2024, increasing 12% year-on-year to EUR 2,740 million (20% of the Group's total operating areas). In constant euros, profit grew 16%, with the following detail:
•Total income rose 14% year-on-year, backed by double-digit growth in net interest income and net fee income, both at record levels. Net interest income grew 15%, boosted by GB and to a lesser extent by GM. Net fee income increased 21%, driven particularly by GB on the back of the US BBO initiative. Gains on financial transactions decreased 7% due to lower market activity in South America, mainly in Brazil.
By region, good total income performance in North America and Europe, while total income grew only slightly in South America, in part due to weaker activity in the Brazilian market .
CIB. Total income by region
EUR million and % change in constant euros
Europe
North America
South America
12644383749065
Var
+14%
+34%
+1%
By business, total income rose 25% in GB (CF in Europe and the US and GDF across markets) and +18% in GM, on the back of strong activity in Europe and North America, mainly with institutional clients. In GTB, total income grew 3% supported by good performance in Export Finance and Trade & Working Capital Solutions.
CIB. Total income by business
EUR million and % change in constant euros
12644383749079Note: total income includes revenue from other activities which are less material (EUR 186 million in 2023 and EUR 161 million in 2024).

•Administrative expenses and amortizations increased 14% due to our investments in new products, capabilities and technology. The efficiency ratio stood at 45.6%.
•Due to the nature of the business, net loan-loss provisions have a limited impact on CIB's results. They were EUR 174 million (EUR 165 million in 2023), with a low cost of risk of 0.10%.
•Other gains (losses) and provisions recorded a EUR 353 million loss compared to a EUR 181 million loss in 2023.
As a result, RoTE was 18.1% in 2024 (0.5 pp higher than in 2023).
CIB. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue8,3437,527 +11+14
Expenses(3,807)(3,387)+12+14
Net operating income4,537 4,140 +10+13
LLPs(174)(165)+6+7
PBT4,0093,795 +6+9
Attributable profit2,740 2,440 +12+16
Detailed financial information in section 4.5 'Appendix'.
LogoSantanderPie_76.jpg Annual report 2024    446
Underlying attributable profit
WealthWealth Management & InsuranceEUR 1,650 mn
Strategy
We continue building the best wealth and insurance manager in Europe and the Americas supported by our leading global private banking platform and our best-in-class funds and insurance product factories that leverage our scale and global capabilities to offer the best value proposition to our customers.
Business performance1
Total assets under management reached EUR 498 billion, +13% year-on-year, on the back of the excellent commercial dynamics in both Private Banking and Santander Asset Management. In Insurance, gross written premiums exceeded EUR 11.5 billion in 2024.
Results1
Attributable profit grew 14% to EUR 1,650 million with an RoTE of 79%.
1.In constant euros.
Strategy
Our Wealth Management & Insurance business was established in 2017 with the aim of enhancing its service model and value proposition as part of a common platform that leverages Santander's scale and capabilities.
Since then, it has been an important growth driver for the Group through its three businesses, delivering consistent double-digit growth and generating around one third of the Group's total fees, when those ceded to the commercial network are included.
•Santander Private Banking (PB) is our leading global platform serving our clients across 11 countries. We have a best-in-class service model and value proposition connecting clients and countries through a single platform.
•Santander Asset Management (SAM) is our global asset manager, which manufactures investment solutions for retail and institutional customers, with presence in 10 countries and over 50 years of experience. SAM makes the most of its local client knowledge and global capabilities to provide customers the best investment opportunities.
•Santander Insurance provides protection solutions following a model based on strategic alliances with leading insurance companies that enables us to have a comprehensive value proposition across 12 countries. We complement this with in-person and digital distribution capabilities to better serve our clients. Most of this activity is currently under the recently established Santander Insurance Holding with a solid governance and risk monitoring processes.
During 2024, we focused on the following strategic initiatives:
•In PB, where we already have a best-in-class global platform leading investment flows between Latin America, Europe and the US, we are developing key growth opportunities to expand our footprint, such as in the Middle East. During the first half of the year, we established a branch in the Dubai International Financial Centre.
Private Banking clients
Thousands
+14%
62672162819901
We continued expanding our high value-added offering in all countries, strengthening, for example, our alternatives investments offering and developing an open architecture for structured products. We are also increasing our focus on portfolio advisory services with ongoing initiatives mainly in Spain, Brazil and Mexico. Additionally, we established a global ultra-high-net-worth (UHNW) team based in Madrid.
We were named the Best International Private Bank in Latin America and the Best International Private Bank in eight of our countries by Euromoney and the Best Private Bank in Spain and Mexico by the Professional Wealth Management Magazine, a Financial Times publication.
•In SAM, we operate as a global asset manager leveraging our scale, global investment capabilities and product distribution hubs. In terms of retail distribution, we progressed in the implementation of our advisory model across countries and deployed SAM Conecta in Mexico and Brazil (already operating in Spain and Portugal), enhancing our distribution capabilities with real-time information for our customers.
We recently launched Santander Money Market Fund in partnership with Amundi Asset Management to offer short-term cash management solutions to institutional and corporate clients.
In our alternatives business, we implemented eFront, our common operating platform to support our aim of enhancing our value proposition and consolidating our operations.
During the year, we were the asset manager that received most awards in the Salmon Awards in Chile and were named the Best Asset Manager for Money Markets in Brazil by Guia de Fundos de Investimentos FGV.
•In Insurance, we continued to deploy our strategic plans across countries to deliver more value to our customers and simplify our operations. We are focused on completing our value offering, especially in higher growth verticals such as life savings, underscoring our long-term vision for growth in the retirement products and services. Another area of focus is health, where we have launched new products in Spain, Portugal and Chile.
Additionally, we continue to improve customer growth and loyalty by deploying fully-digital servicing and claims capabilities, already implemented in Brazil, Spain, Poland and Argentina. We are also developing global platforms such as Autocompara, our motor insurance comparison engine, to capture additional business in Latin America.
LogoSantanderPie_76.jpg Annual report 2024    447
Business performance
Total assets under management (AuMs) reached EUR 498 billion, +13% year-on-year in constant euros, driven by excellent commercial activity and positive market performance. In Insurance, gross written premiums exceeded EUR 11.5 billion in 2024. By business and in constant euros:
•In Private Banking, customer assets and liabilities exceeded EUR 327 billion (+11% year-on-year), with all products growing, especially funds and investments. Net new money totalled EUR 18.6 billion in 2024. 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 299 thousand.
•In SAM, total AuMs reached EUR 236 billion,+16% year-on-year, on the back of the record commercial activity across countries. Net sales in 2024 reached EUR 15.8 billion, exceeding 2023 net sales.
Spain surpassed the EUR 100 billion in AuMs for the first time and Mexico delivered record net sales.
•Insurance had good activity levels, with customer growth of 3% year-on-year and an increase in the protection business. Gross written premiums recorded in our Wealth business were 9% lower in 2024, impacted by lower activity in related business.
Wealth. 2024 business performance
EUR billion and % change in constant euros. December 2024
62672162832777
/ 2023
+13 %
+16 %
+16 %
+19 %
+10 %
+4 %
+7 %
-9 %
Note: total products marketed, advised, under custody and/or managed.
*Excluding overlaps between PB and SAM (PB clients with investment funds managed by SAM).
Results
Attributable profit was EUR 1,650 million (12% of the Group’s total operating areas), 12% up compared to 2023. In constant euros, it was 14% higher, by line item:
•Total income reached EUR 3,661 million, 15% higher year-on-year, supported by solid growth in both net interest income and net fee income.
Net interest income increased 8% in a favourable macro environment driven by solid margin management and strong commercial activity in Private Banking.
Net fee income rose 19% year-on-year to EUR 1,489 million, with growth across businesses (mainly in Private Banking and SAM), boosted especially by higher volumes on the back of positive commercial activity and favourable market performance.

Including the fees ceded to our commercial network, which are mainly related to Insurance (c.70% of the total fees ceded), total revenue reached EUR 6,248 million, up 13%, with a solid performance across all three businesses.
Wealth. Total income
EUR million and % change in constant euros
PB
SAM
Insurance
62672162824488
Total incomeTotal income + ceded fees
+14%+14%
+23%+21%
+12%+7%
Total incomeFees ceded to the commercial network
Note: information at the total Wealth level excludes overlaps between businesses.
•Administrative expenses and amortizations were 9% higher year-on-year, due to investments in key initiatives, such as reinforcing PB teams to address the increase in commercial activity. As a result, net operating income increased 19% year-on-year and the efficiency ratio improved 2.0 pp to 35.9%.
•Net loan-loss provisions increased from net releases of EUR 17 million in 2023 to a EUR 41 million net provision in 2024.
•The other gains (losses) and provisions increased from a loss of EUR 18 million in 2023 to a EUR 48 million loss in 2024.
The total contribution to Group profit (profit after tax plus fees ceded to the commercial network) reached EUR 3,399 million, up 9% year-on-year (+12% in constant euros).
RoTE in 2024 was 78.7%, a 6.5 pp improvement year-on-year.
Wealth. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue3,6613,210 +14+15
Expenses(1,313)(1,216)+8+9
Net operating income2,3481,994 +18+19
LLPs(41)17 ——
PBT2,2591,994 +13+15
Attributable profit1,650 1,467 +12+14
Detailed financial information in section 4.5 'Appendix'.
LogoSantanderPie_76.jpg Annual report 2024    448
Underlying attributable profit
PaymentsPaymentsEUR 413 mn
Strategy
PagoNxt and Cards bring a unique position in the payments industry to the Group, covering both sides of the value chain of card payments (issuing and acquiring businesses) and account-to-account payments.
Business performance1
Activity increased in both businesses supported by global platform development, enabling further scale gains. In PagoNxt, Getnet's Total Payments Volume rose 13% year-on-year and the number of transactions improved 5%. In Cards, turnover rose 9% year-on-year and transactions rose 8%.
Results1
Attributable profit was EUR 413 million. Excluding charges after discontinuing our merchant platform in Germany and Superdigital in Latin America in Q2 2024, profit was EUR 656 million, increasing 18% year-on-year. PagoNxt's EBITDA margin improved 2.3 pp to 27.5%
1.In constant euros.
PagoNxt and Cards strategy
At the beginning of the year, we consolidated our PagoNxt and Cards businesses into the unique global business of Payments.
In PagoNxt, we made progress in the following strategic priorities:
•In Getnet, building on our global platform we deployed global solutions which enable us to gain market share. For example, our Tap On Phone functionality launched in Spain, Portugal and Brazil, our Dynamic Currency Conversion service in Brazil, and a regional e-commerce API for merchants who are pursuing acquiring and processing services in Brazil, Mexico, Argentina and Chile through a single integration.
We remain focused on our current value proposition in Spain and Portugal, and as such, we decided to discontinue our merchant platform in Germany in June 2024.
•In Ebury, we continued to make progress by focusing on: i) growing customers by expanding our product offering and online capabilities; ii) expanding geographically with a focus on emerging markets; and iii) introducing tailored products to capture verticals such as mass payments.
•PagoNxt Payments integrated Lynx Tech, a software company based on AI to detect and prevent financial crime. We continued to develop Payments Hub, our A2A payment processor which already processes all types of payments globally for our banks, and aims to achieve an industry-leading cost per transaction with value-added services and is starting to offer our services to third parties.
Also, in 2024, we discontinued our Superdigital platform in Latin America, in line with our strategy to promote the use of common platforms across the Group.
In Cards, we focused on the following priorities:
•Expand the business: we made progress implementing Cards Risk Data Lab in four countries, a global solution with more than 1 million new pre-approved customers. We launched a differential joint value proposition (card + PoS) in Spain, Chile and Portugal, reaching more than 50,000 new business cards.
•Improve customer satisfaction: we are working to offer the best card payment experience in a simple way at any time, through what we call Invisible Payments. For physical payments, we launched Apple Pay in Mexico and Argentina, while in e-commerce payments in Brazil we implemented Click to Pay.
•Implement our global card platform (Plard), which manages more than 15 million debit cards in Brazil and will start issuing new customer debit cards in Chile in early 2025. In Mexico, the new authorizer is live with 160 million transactions per month.
Business performance
Loans and advances to customers increased 4% year-on-year. In gross terms, excluding reverse repos and in constant euros, loans rose 15%, driven mainly by Cards in Brazil and Mexico.
Payments has a small amount of deposits, concentrated in PagoNxt, that decreased 27% year-on-year. Excluding repos and in constant euros they also fell 27%.
Results
Attributable profit was EUR 413 million in 2024 (3% of the Group's total operating areas), 32% down year-on-year affected by the aforementioned charges related to the discontinuation of platforms. Excluding these charges, profit was EUR 656 million, 18% up year-on-year in constant euros, by line item:
•Total income grew 9%, boosted by a good NII performance driven by higher activity.
•Administrative expenses and amortizations rose 8% due to our investments in platforms both in Cards and PagoNxt.
•Net loan-loss provisions, mainly related to Cards, increased 8% driven by South America and Mexico.
The charges related to the discontinuation of platforms were recorded in the other gains (losses) and provisions line which recorded a EUR 347 million loss (EUR 84 million loss in 2023).
Payments. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue5,5055,298 +4+9
Expenses(2,475)(2,344)+6+8
Net operating income3,0302,954 +3+9
LLPs(1,714)(1,666)+3+8
PBT9691,205(20)(13)
Attributable profit413607(32)(26)
Detailed financial information in section 4.5 'Appendix'.
LogoSantanderPie_76.jpg Annual report 2024    449
PagoNxt
Business performance
In 2024, the total number of transactions in Getnet reached 9.8 billion, 5% higher year-on-year, and the total payments volume (TPV) was EUR 221.8 billion, 13% more than in 2023 in constant euros, driven by the good performance in Europe, Mexico and Chile.
In PagoNxt Payments, the number of transactions processed in 2024 was 1.2 billion compared to 303 million in 2023.
PagoNxt. Activity. TPV (Getnet)
EUR billion and changes in constant euros
+13%
12644383739095
Results
Attributable loss of EUR 299 million in 2024 (EUR 56 million loss if we exclude the charges related to the discontinuation of platforms), compared to a EUR 77 million loss in 2023. There was no material impact from exchange rates in the period. Year-on-year and in constant euros:
•Total income rose 14%, driven by the increase in Getnet's revenue in Europe, Mexico and Chile and a good performance in Ebury.
•Administrative expenses and amortizations rose 9% year-on-year, reflecting continued investment in global payments platforms.
•Net loan-loss provisions improved 31%, supported by all regions.
•Other gains (losses) and provisions recorded losses of EUR 296 million, higher losses than a year ago due to the aforementioned charges related to the discontinuation of our platforms.
EBITDA margin was 27.5%, 2.7 pp higher than in 2023.
PagoNxt. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue1,2401,140 +9+14
Expenses(1,160)(1,091)+6+9
Net operating income+80+49+63+210
LLPs(16)(24)(32)(31)
PBT(233)(17)—+513
Attributable profit(299)(77)+287+229
Detailed financial information in section 4.5 'Appendix'.
Cards
Business performance
We recorded good activity levels in the year, resulting in 9% card turnover growth year-on-year in constant euros, especially credit cards (+14% in constant euros), with most countries at record levels.
The number of transactions rose 8% year-on-year, boosted by a larger card pool and increased card usage across all transaction sizes.
Loans and advances to customers increased 4% year-on-year. In gross terms, excluding reverse repos and in constant euros, they rose 16%, driven mainly by Brazil and Mexico.
Cards. Activity. Turnover
EUR billion and changes in constant euros
+9%
12644383739122
Results
In 2024, attributable profit was EUR 712 million, 4% higher compared to 2023. In constant euros, profit rose 10%, by line item:
•Total income increased 7%. Net interest income improved (+11%) mainly due to higher volumes in Latin America, which offset the fall in net fee income (-5%) affected by customer retention campaigns in Mexico, a regulatory impact in Chile and a one-time positive fee recorded in Q1 2023 in Brazil.
•Administrative expenses and amortizations rose 7% driven mainly by our investments in platforms.
•Net loan-loss provisions rose 9%, below portfolio growth.
•Other gains (losses) and provisions recorded a EUR 50 million loss compared to a EUR 42 million loss in 2023.
In 2024, RoTE in Cards was 32.6% (35.5% in 2023).
Cards. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue4,2654,158 +3+7
Expenses(1,315)(1,253)+5+7
Net operating income2,9502,905 +2+7
LLPs(1,698)(1,642)+3+9
PBT1,2021,222(2)+4
Attributable profit712684+4+10
Detailed financial information in section 4.5 'Appendix'.
LogoSantanderPie_76.jpg Annual report 2024    450
Corporate CentreUnderlying attributable profit
-EUR 1,154 mn
2024 highlights:
The Corporate Centre continued to support the Group and add value, defining, developing and coordinating the Group's strategy, as well as aiding the operating units.
It carries out the corporate oversight and control functions, coordinates interactions with the Group's supervisors and regulators and also carries out functions related to financial and capital management.
Attributable loss of EUR 1,154 million in 2024, compared to a EUR 998 million loss in 2023, due to a weaker performance in net interest income, affected by greater interest expenses related to higher TLAC/MREL issuances and increased losses on financial transactions driven by the impact from foreign currency hedges and risk transfer initiatives, which were partially offset by an improvement in the sum of the rest of the lines (costs, net fee income and tax).
Strategy and functions
The Corporate Centre contributes value to the Group, through the following functions, among others:
•Implementing global control frameworks and supervision.
•Fostering the exchange of best practices in cost management, which enables us to be one of the most efficient banks.
•Collaborating in the definition and execution of the global strategy, competitive development operations and projects that ensure we meet the business plan.
•Contributing to the launch of projects that our global businesses will carry out which aim to leverage our worldwide presence to generate economies of scale.
•Ensuring open and constructive communication with shareholders, analysts, investors, bondholders, rating agencies and other market players.
•Adding value to our businesses, countries and divisions by encouraging the exchange of best practices, driving and managing innovative global initiatives and defining corporate policies, to improve efficiency in our processes and service quality for our customers.
It also coordinates the relationship with European regulators and supervisors and carries functions related to financial and capital management, as follows:
•Financial Management functions:
•Structural management of liquidity risk associated with funding the Group’s recurring activity and stakes of a financial nature. At the end of 2024, the liquidity buffer was EUR 351 billion.

This is done via diversified funding sources (issuances and other), maintaining an adequate profile in volumes, maturities and costs.
The price of these transactions with other Group units is the market rate that includes all liquidity concepts (which the Group supports by immobilizing funds during the term of the transaction) and regulatory requirements (TLAC/MREL).
•Interest rate risk is also actively managed in order to dampen the impact of interest rate changes on net interest income, conducted via high credit quality, very liquid and low capital consumption derivatives.
•Strategic management of exposure to exchange rates in equity and dynamic management of the FX hedges related to the units’ next twelve months results in euros. The net investments in equity currently hedged totalled EUR 12,169 million (mainly in Mexico, the UK and Poland) through different FX instruments (spot or forwards).
•Management of capital and reserves: capital analysis, adequacy and management of the Group including coordination with subsidiaries, profitability monitoring to maximize shareholder returns, setting solvency targets and capital contributions, monitoring the capital ratio (in both regulatory and economic terms), and efficient capital allocation to the units.

LogoSantanderPie_76.jpg Annual report 2024    451
Results
The attributable loss of EUR 1,154 million was 16% higher than in 2023 (loss of EUR 998 million), as follows:
•Net interest income worsened by EUR 268 million, as increased liquidity buffer remuneration was amply offset by greater interest expense related to higher volumes of TLAC/MREL issuances.
•Losses on financial transactions increased by EUR 106 million due to the impact from foreign currency hedges and risk transfer initiatives.

•Administrative expenses and amortizations showed a positive trend, decreasing 3% year-on-year, driven by ongoing simplification measures.
•Net loan-loss provisions recorded a EUR 3 million release in 2024, after having registered a release of EUR 2 million in 2023.
•The net negative impact of other gains (losses) and provisions (which includes provisions, intangible asset impairments, cost of the state guarantee on deferred tax assets, pensions, litigation, one-off provisions, etc.) increased from a loss of EUR 134 million in 2023 to a EUR 265 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 income50 (83)0.0 
Total income(676)(439)54.1 
Administrative expenses and amortizations(379)(391)(3.1)
Net operating income(1,055)(829)27.1 
Net loan-loss provisions3 2 25.6 
Other gains (losses) and provisions(265)(134)97.7 
Profit before tax(1,317)(961)37.0 
Tax on profit162 (36)0.0 
Profit from continuing operations(1,155)(998)15.7 
Net profit from discontinued operations— — — 
Consolidated profit(1,155)(998)15.7 
Non-controlling interests1 — — 
Profit attributable to the parent(1,154)(998)15.7 
Corporate Centre. Balance sheet and operating means
EUR million
20242023%
Loans and advances to customers5,778 5,565 3.8 
Cash, central banks and credit institutions104,379 119,279 (12.5)
Debt instruments10,923 7,726 41.4 
Other financial assets1,444 808 78.7 
Other asset accounts118,425 121,327 (2.4)
Total assets240,948 254,705 (5.4)
Customer deposits1,430 1,508 (5.2)
Central banks and credit institutions21,730 47,747 (54.5)
Marketable debt securities121,122 110,144 10.0 
Other financial liabilities48 326 (85.3)
Other liabilities accounts7,256 7,084 2.4 
Total liabilities151,585 166,809 (9.1)
Total equity89,363 87,896 1.7 
Memorandum items:
Gross loans and advances to customers B
5,853 5,640 3.8 
Customer funds1,299 1,508 (13.8)
    Customer deposits C
1,299 1,508 (13.8)
    Mutual funds— — — 
Operating means
Number of employees1,798 1,922 (6.5)
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.



LogoSantanderPie_76.jpg Annual report 2024    452
4.4 Secondary segments
EuropeUnderlying attributable profit
EUR 6,644 mn
Strategy
We maintained our objective to accelerate our business transformation to achieve higher growth and a more efficient common operating model.
Business performance 1
New business lending volumes improved year-on-year and there was a strong increase in total customers (+527,000). However, the stock of loans decreased slightly, still impacted by prepayments. Customer deposits decreased, driven by both demand and time deposits.
Results 1
Attributable profit increased 19% year-on-year to EUR 6,644 million, with strong revenue growth, mainly from net interest income, and lower provisions.
1.In constant euros.
Strategy
In 2024, we focused on growing and transforming our business and implementing of our common operating model.
•In Retail, we continued to drive digitalization through a common online banking and mobile experience, while reducing running costs and streamlining products and processes.
•In CIB, we focused on deepening customer relationships and boosting our distribution capabilities.
•We continued to grow our Wealth business, which is a key driver of fee generation, while increasing its efficiency by developing centralized global technology platforms.
•In Payments, we remain focused on our current PagoNxt value proposition in Spain and Portugal and on expanding our Cards business.
Business performance
Commercial activity continued its positive trend, supported by an increase of more than 527,000 customers year-on-year. Loans and advances to customers rose 2% year-on-year. In gross terms, excluding reverse repos and in constant euros, they decreased 2%, mainly in the UK and Spain, partially offset by growth in Poland and Portugal supported by new loan origination in Retail.
Customer deposits increased 1% year-on-year. Excluding repos and in constant euros, they decreased 1% year-on-year driven by both time and demand deposits. Mutual funds rose 19% in constant euros.
Europe. 2024 business performance
EUR billion and YoY % change in constant euros
E554 -2%E753 +2%
Spain.jpg
UK.jpg
Portugal.jpg
Poland.jpg
12644383741485
Spain.jpg
UK.jpg
Portugal.jpg
Poland.jpg
12644383741491
Gross loans and advances to customers excluding reverse reposCustomer deposits excluding
repos + mutual funds

Results
Attributable profit was EUR 6,644 million in 2024 (48% of the Group's total operating areas), up 21% year-on-year. In constant euros, profit rose 19% year-on-year, as follows:
•Total income grew 8%, with an increase in net interest income (+3%), which rose significantly in Spain, Poland and Portugal due to good margin management, that more than offset the fall in the UK due to lower volumes (in line with our strategy) and a higher cost of deposits in a more competitive market. Net fee income rose 5%, mainly driven by mutual fund fees in Spain. Gains on financial transactions increased 31% driven by greater activity in CIB.
•Administrative expenses and amortizations increased 3%, flat in real terms as higher costs in the UK and Poland, both affected by competitive labour markets, were offset by declines in Portugal and Spain. Net operating income rose 12% and the efficiency ratio improved to 40.0%.
•Net loan-loss provisions decreased 28% mainly driven by credit quality improvement across countries and by the macro-outlook improvement in the UK.
•The other gains (losses) and provisions line recorded losses of EUR 2,111 million, 24% higher, related to the temporary levy on revenue earned in Spain and greater charges related to the Swiss franc mortgage portfolio in Poland.
Europe. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue23,51021,439 +10+8
Expenses(9,407)(9,030)+4+3
Net operating income14,10212,409 +14+12
LLPs(1,862)(2,533)(26)(28)
PBT10,129 8,195 +24+22
Attributable profit6,644 5,482 +21+19
Detailed financial information in section 4.5 'Appendix'.

LogoSantanderPie_76.jpg Annual report 2024    453
banderaESP.jpg
SpainUnderlying attributable profit
EUR 3,762  mn
Business performance
During the year, we continued to drive our transformation programme and we maintained the solid trend in customer growth, achieving 40 consecutive months of positive net growth (+285,000 customers in 2024).
There were good commercial dynamics, with the focus on profitability. In Retail, new business volumes increased double digits, mainly due to corporate, personal loans and mortgages. We increased our market share in payrolls, pensions and cards and we recorded positive trends in mutual funds and insurance business. In CIB, we consolidated our leadership in the major league tables.
Loans and advances to customers increased 3% year-on-year. In gross terms and excluding reverse repos, loans decreased 2%, impacted by SME amortizations, partially offset by growth in CIB and Wealth growth.
Customer deposits were flat year-on-year. Excluding repos, they decreased 1%, affected by time deposits, mainly in CIB. Mutual funds increased 20% year-on-year.
Results
Attributable profit in 2024 reached EUR 3,762 million, 59% higher than in 2023. By line item:
•Total income was up 18% propelled by net interest income, mainly in Retail, net fee income mainly from mutual funds, a lower contribution to the DGF and the end of contribution to the SRF in 2023.
•Administrative expenses and amortizations increased 1%. In real terms, they fell 2% driven by efficiencies generated. As a result, net operating income rose 30% and the efficiency ratio improved 6 pp to 35.7%.
•Net loan-loss provisions decreased 17% supported by proactive risk management, with an improvement in the cost of risk and NPL ratio to 0.50% and 2.68%, respectively.
•The other gains (losses) and provisions line recorded 2% higher losses, due to a higher charge for the temporary levy on revenue earned in Spain.
Spain. Underlying income statement
EUR million and % change
/ 2023
20242023 %
Revenue11,974 10,132 +18
Expenses(4,271)(4,227)+1
Net operating income7,703 5,905 +30
LLPs(1,259)(1,522)(17)
PBT5,440 3,399 +60
Attributable profit3,762 2,371 +59 
Detailed financial information in section 4.5 'Appendix'.
UK.jpg
United KingdomUnderlying attributable profit
EUR 1,306  mn
Business performance
During the year, we advanced in our transformation programme through digitalization and automatization, which helped to simplify the business and improve efficiency. Our focus on customer service, both in branches and through a new mobile banking app received very positive scores.
We prioritized profitability, through pricing discipline and planned balance sheet optimization. As a result, loans and advances to customers were flat year-on-year. In gross terms, excluding reverse repos and in constant euros, they decreased 4%.
Customer deposits decreased 1% year-on-year. Excluding repos and in constant euros, both customer deposits and total customer funds decreased 5%. Mutual funds were flat year-on-year in constant euros.
Results
Attributable profit was EUR 1,306 million, 15% down from 2023. In constant euros, profit decreased 18%. By line item:
•Total income declined 8%, mainly due to a decrease in net interest income, affected by lower volumes (in line with our strategy) and a higher cost of deposits in a very competitive market. Net fee income decreased mainly due to lower transactionality.
•Administrative expenses and amortizations rose 3% (+1% in real terms) as costs related to investments, technology and personnel were partially offset by transformation savings. The efficiency ratio stood at 55.9%.
•Net loan-loss provisions decreased 75%, driven by macro-outlook improvement in the UK and good risk management. The cost of risk was 3 bps, an improvement of 7 bps in the year.
•The other gains (losses) and provisions line recorded losses of EUR 441 million, a 1% greater loss year-on-year.
United Kingdom. Underlying income statement
EUR million and % change
/ 2023
2024 2023 %% excl. FX
Revenue5,2165,525 (6)(8)
Expenses(2,918)(2,745)+6+3
Net operating income2,2992,779 (17)(19)
LLPs(64)(247)(74)(75)
PBT1,7942,107 (15)(17)
Attributable profit1,306 1,545 (15)(18)
Detailed financial information in section 4.5 'Appendix'.
LogoSantanderPie_76.jpg Annual report 2024    454
Portugal.jpg
PortugalUnderlying attributable profit
EUR 1,001  mn
Business performance
In 2024, our strategy remained centred on the execution of our commercial and digital transformation, focusing on excellence in customer experience and satisfaction, especially in Retail, which enabled us to grow in both customers and volumes.
During the year, and despite a competitive environment, we were leaders in new mortgage lending, supported by our mixed-rate offering. In individuals, there was a good performance in personal loans and insurance (especially in health). In corporates, we promoted investment projects and energy transition, both in Retail and CIB.
As a result, loans and advances to customers grew 4% year-on-year. In gross terms excluding reverse repos, they also increased 4%.
Customer deposits increased 5%, also +5% excluding repos, supported by a well-targeted strategy. Mutual funds rose 15% year-on-year, supported by our growth strategy focused on high value-added segments.
Results
Attributable profit reached EUR 1,001 million in 2024, 12% higher than in 2023 as follows:
•Total income increased 6%, reflecting higher net interest income (+6%) supported by higher volumes and good margin management. Net fee income increased slightly (+1%), in part due to legal limitations on fees charged on mortgages and other loans.
•Administrative expenses and amortizations rose 1% (-1% in real terms). However, the efficiency ratio improved 1 pp to 26.1%.
•Net loan-loss provisions fell 86%, returning to the minimum levels seen in 2022, with a cost of risk of only 3 bps and an NPL ratio that improved 0.19 pp to 2.40%.
•The other gains (losses) and provisions line recorded losses of EUR 61 million, a 25% greater loss year-on-year.
Portugal. Underlying income statement
EUR million and % change
/ 2023
20242023 %
Revenue2,1001,982 +6
Expenses(548)(542)+1
Net operating income1,5531,440 +8
LLPs(11)(77)(86)
PBT1,4811,314 +13
Attributable profit1,001 896 +12
Detailed financial information in section 4.5 'Appendix'.
Poland.jpg
PolandUnderlying attributable profit
EUR 800  mn
Business performance
In 2024, we launched a new strategy based on three pillars: total experience (best experience for customers and employees), total digitalization (digitalizing and automatizing customer journeys with the best digital channels) and total responsibility (regulatory compliance and responsible business agenda). We remain in the top 3 in NPS and we substantially increased active customers, supported by OneApp in the first year since its implementation.
There were good commercial dynamics, mainly in SMEs and corporates. Loans and advances to customers were 12% up in the year. In gross terms, excluding reverse repos and in constant euros, they rose 10% mainly in Retail and in CIB.
Customer deposits increased 13% year-on-year. Excluding repos and in constant euros, they rose 11%, driven by both time and demand deposits. Mutual funds increased 30% in constant euros.
Results
Attributable profit was EUR 800 million in 2024. Year-on-year, profit rose 19%. In constant euros, it increased 13%, as follows:
•Total income was 6% higher, driven by net interest income (+6% on the back of higher volumes and strict funding cost control). Net fee income grew 8%, mainly in FX and funds.
•Administrative expenses and amortizations increased 6%, mainly affected by a competitive labour market. The efficiency ratio stood at 27.1% in line with 2023.
•Net loan-loss provisions decreased 28%, with a significant improvement in the cost of risk.
•The other gains (losses) and provisions line recorded losses of EUR 429 million, a 61% greater loss year-on-year, impacted by charges related to the Swiss franc mortgage portfolio.
Poland. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue3,5553,182 +12+6
Expenses(965)(862)+12+6
Net operating income2,5912,320 +12+6
LLPs(511)(674)(24)(28)
PBT1,6501,392 +19+12
Attributable profit800 674 +19+13
Detailed financial information in section 4.5 'Appendix'.
LogoSantanderPie_76.jpg Annual report 2024    455
Digital Consumer Bank EuropeUnderlying attributable profit
EUR 642 mn
Strategy
Our strategy is focused on strengthening our leadership in auto and non-auto through strategic alliances and better service through new operational leasing and non-auto (Zinia) platforms.
Business performance 1
In 2024, new business volumes rose 1% year-on-year (+2% in auto) and the stock of loans grew 4%. Deposits grew double digits, in line with our objective to increase retail funding through common platforms to reduce liability costs.
Results 1
Net operating income rose 6% year-on-year due to higher net interest income and net fee income and lower costs. However, this was not reflected in attributable profit (-47% year-on-year) due to cost of risk normalization, higher provisions related to the Swiss franc mortgage portfolio in Poland and the provision for potential complaints related to motor finance dealer commissions in the UK.
1.In constant euros.
Strategy
Our strategy in Europe is aligned with that of Consumer at the global level. The vision in our DCB Europe business is to become the preferred choice of our partners and our end customers and offer greater profitability and value creation to our shareholders, while being the most cost competitive player in the industry.
Our main focus is on transforming our operating model:
•Offering global solutions integrated into our partners' (OEMs, importers and retailers) processes, accompanying them as their increasingly digital business models evolve.
•Simplifying and automating our processes to improve customer experience and gain scalability.
•Building and developing global platforms. In 2024, we strengthened our operational leasing solution and launched an Amazon co-branded card through Zinia in Germany. We prepared the launch of an Openbank branch in Germany (opened in January 2025) and we continued to upgrade our customer value proposition and experience.
Business performance
The stock of loans and advances to customers rose 3% year-on- year. In gross terms, excluding reverse repos and in constant euros, it rose 4% year-on-year (primarily due to auto). New business volumes rose 1% year-on-year in constant euros, mainly new auto.
In line with our strategy to increase retail funding, customer deposits increased 17% year-on-year. Excluding repos and in constant euros, they grew 18% to EUR 81 billion. Mutual funds increased 24% in constant euros albeit from very low levels. Our access to wholesale funding markets remained strong and diversified.
DCB Europe. 2024 business performance
EUR billion and % change in constant euros
+4%
140YoY
86+18%
YoY
Gross loans and advances to customers excluding reverse reposCustomer deposits excluding
repos + mutual funds
Results
Attributable profit in 2024 was EUR 642 million (5% of the Group’s total operating areas), a 46% decline year-on-year. In constant euros, profit fell 47%, as follows:
•Total income increased 3%, due to higher net interest income (+4%), supported by active loan repricing and customer deposit growth, and net fee income (+13%) driven by greater penetration in direct insurance, especially in Germany and due to higher fees from our agreements.
•Administrative expenses and amortizations fell slightly, even as we invest in business growth. Net operating income increased 6% and the efficiency ratio improved 1.7 pp to 45.9%.
•Net loan-loss provisions were 52% higher, impacted by higher provisions in Swiss franc mortgage portfolio in Poland. They were also impacted by normalization, in line with expectations, volumes growth, some regulatory impacts and lower portfolio sales than last year. Despite all of this, cost of risk remained at low levels (0.88%), having normalized in line with expectations.
•Other gains (losses) and provisions registered a loss of EUR 735 million in 2024 compared to a EUR 72 million loss in 2023, mainly driven by Swiss franc mortgage provisions and the provision for potential complaints related to motor finance dealer commissions in the UK (for more information, see note 25.e in the consolidated financial statements).
The largest contribution to profit came from Germany (EUR 229 million), followed by the Nordic countries (EUR 202 million) and France (EUR 113 million).
DCB Europe. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue5,6795,502 +3+3
Expenses(2,604)(2,618)(1)(1)
Net operating income3,075 2,884 +7+6
LLPs(1,209)(792)+53+52
PBT1,1312,019 (44)(44)
Attributable profit642 1,199 (46)(47)
Detailed financial information in section 4.5 'Appendix'.
LogoSantanderPie_76.jpg Annual report 2024    456
North AmericaUnderlying attributable profit
EUR 2,579 mn
Strategy
We continue to progress in our digital transformation in the region, leveraging the strengths of our global businesses with the recent launch of Openbank, to deliver a superior customer experience with improved operational leverage.
Business performance 1
Loans and advances to customers were flat year-on-year, as growth in Mexico was offset by decrease in the US. Customer deposits declined 5%, in line with our strategy to reduce excess corporate deposits in the US, partially mitigated by deposit growth in Mexico and Consumer in the US.
Results 1
Attributable profit grew 12% year-on-year, driven by revenue growth in CIB in both countries and the good revenue performance in all businesses in Mexico, amply offsetting higher costs (inflation and investments).
1.In constant euros.
Strategy
We continued to pursue business transformation across the US and Mexico, while leveraging our global and regional scale. In 2024, we:
•Remained focused on the transformation of our Retail business, targeting product simplification, digital investments, process and operations streamlining.
•Achieved an important milestone in Consumer, launching Openbank in the US to gather retail deposits and we prepared the full launch in Mexico (in February 2025) to compete with new players in the country.
•Continued to invest in our CIB Banking Build-Out in the US (US BBO initiative), with the expansion of our advisory services and product capabilities, which is already positively impacting revenue.
•Pursued growth in Wealth, with targeted investments to enhance our capabilities and strengthen business growth levers.
Business performance
Loans and advances to customers were up 3% year-on-year. In gross terms, excluding reverse repos and in constant euros, they were flat as growth in Mexico was offset by decrease in the US, in line with our strategy focused on capital optimization and efficient allocation, and value creation.
Customer deposits were flat year-on-year. Excluding repos and in constant euros, they decreased 5%, in line with our strategy to reduce excess corporate deposits in CIB in the US.
Mutual funds grew 23% year-on-year in constant euros, largely driven by Retail in Mexico and Wealth in both countries.
North America. 2024 business performance
EUR billion and YoY % change in constant euros
NA162 0%NA170 0%
US.jpg
Mexico.jpg
12644383738593
US.jpg
Mexico.jpg
12644383738612
Gross loans and advances to customers excluding reverse reposCustomer deposits excluding
repos + mutual funds
Results
Attributable profit in 2024 was EUR 2,579 million (19% of the Group's total operating areas), +10% year-on-year. In constant euros, profit grew 12%, by line:
•Total income increased 7%, driven by strong performance in CIB in the US, as we consolidate our US BBO initiative, and by growth in all businesses in Mexico, supported by higher volumes.
•Administrative expenses and amortizations were 5% higher impacted by inflation. In real terms, they rose slightly (+1%) as higher costs related to investments that we are undertaking in Retail in Mexico and for the development of new capabilities in CIB in the US were offset by savings from transformation initiatives.
•Net loan-loss provisions rose 2%, reflecting business growth in Retail and Payments in Mexico, partially compensated by lower provisions in auto and Commercial portfolios in the US.
•We recorded a EUR 336 million loss in the other gains (losses) and provisions line, compared to EUR 138 million loss in 2023 due to charges related to transformation acceleration in the US.
North America. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue13,91513,174 +6+7
Expenses(6,701)(6,465)+4+5
Net operating income7,2146,708 +8+9
LLPs(3,786)(3,733)+1+2
PBT3,0912,837 +9+11
Attributable profit2,579 2,354 +10+12
Detailed financial information in section 4.5 'Appendix'.
LogoSantanderPie_76.jpg Annual report 2024    457
US.jpg
United StatesUnderlying attributable profit
EUR 1,109  mn
Business performance
Loans and advances to customers were 6% higher than in December 2023. In gross terms, excluding reverse repos and in constant euros, they were 2% down year-on-year, in line with our focus on capital optimization and efficient allocation and value creation.
Customer deposits rose 3% year-on-year. Excluding repos and in constant euros, they fell 8%, mainly due to our strategy to reduce excess corporate deposits in CIB. Deposits from individuals, including those from Openbank since its launch in Q4 2024, grew 2% year-on-year. Mutual funds increased 12% year-on-year in constant euros, supported by an enhanced value proposition.
Results
Attributable profit in 2024 was EUR 1,109 million, a 19% increase year-on-year. In constant euros, profit also grew 19%, as follows:
•Total income rose 5%, driven by strong net fee income growth (+50%) and higher gains on financial transactions supported by increased activity levels in CIB and the good performance related to the Multifamily servicing agreement with the FDIC. Net interest income decreased 1%, due to higher funding costs, partially offset by higher volumes in auto loans. Leasing income dropped mainly due to lower leasing volumes.
•Administrative expenses and amortizations increased 4%. In real terms, they rose just 1%, as investments related to the Openbank launch and the US BBO initiative were largely offset by savings captured from our transformation plan.
•Net loan-loss provisions improved 3% due to lower provisions in the auto and Commercial portfolios, in line with portfolio performance. Cost of risk improved to 1.82%.
•Other gains (losses) and provisions recorded a EUR 190 million loss compared to a EUR 74 million loss in 2023, due to charges related to transformation acceleration.
•Tax on profit had a positive impact both in 2023 and 2024 as a result of the tax incentives related to electric vehicle leasing.
United States. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue7,580 7,209 +5+5
Expenses(3,830)(3,679)+4+4
Net operating income3,750 3,531 +6+6
LLPs(2,507)(2,593)(3)(3)
PBT1,053 863 +22+22
Attributable profit1,109 932 +19+19
Detailed financial information in section 4.5 'Appendix'.
Mexico.jpg
MexicoUnderlying attributable profit
EUR 1,671  mn
Business performance
In 2024, we recorded solid activity levels, mainly in individuals, where we continued to perform well with a market share of 14% well above our total loan share of 12%.
Loans and advances to customers decreased 6% year-on-year. In gross terms, excluding reverse repos and in constant euros, loans rose 6%, with growth in all global businesses except CIB (-6% year-on-year, in line with our focus on profitability and risk appetite). There were notable increases in Retail (good performance in mortgages, personal loans and corporates) and double-digit growth in Consumer and Wealth.
Customer deposits declined 7% year-on-year. Excluding repos and in constant euros, they increased 5%, driven by demand deposit growth (+7%) due to our strategy to manage funding costs and improve the mix. Mutual funds rose 33% in constant euros.
Results
Attributable profit in 2024 was EUR 1,671 million, 7% higher year-on-year. In constant euros, it increased 10% year-on-year as follows:
•Total income rose 10%, with increases in net interest income (+8%, with growth in all businesses), net fee income (+4%, supported by mutual fund and insurance fees) and gains on financial transactions (+94%).
•Administrative expenses and amortizations increased 6%. In real terms however, they rose just 1%, as our investments in technology and digitalization were offset by savings from transformation initiatives. As a result, the efficiency ratio improved by 1.4 pp to 42.5%.
•Net loan-loss provisions were up 16%, due to the normalization of provisions and solid loan growth. Asset quality performed well and cost of risk remained at comfortable levels (2.64%).
•Other gains (losses) and provisions recorded a EUR 62 million loss, compared to a EUR 57 million loss in 2023.
Mexico. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue6,278 5,899 +6+10
Expenses(2,665)(2,588)+3+6
Net operating income3,613 3,311 +9+12
LLPs(1,277)(1,135)+12+16
PBT2,274 2,119 +7+11
Attributable profit1,671 1,560 +7+10
Detailed financial information in section 4.5 'Appendix'.
LogoSantanderPie_76.jpg Annual report 2024    458
South AmericaUnderlying attributable profit
EUR 3,863 mn
Strategy
In 2024, our franchise continued to grow and create value for the Group, in line with our objective of being the primary bank for our customers and becoming the most profitable bank in each of the countries where we operate. Given our focus on service quality, our customer base grew 10% year-on-year, reaching 80 million.
Business performance 1
Both loans and deposits grew year-on-year (+9% and +12%, respectively), as we supported regional strategic initiatives including multinationals, consumer, payments and inclusive and sustainable businesses through differential value propositions.
Results 1
Attributable profit was EUR 3,863 million in 2024, reflecting a 36% increase year-on-year driven by higher activity, lower cost of deposits, good performance in net fee income as well as improvements in efficiency.
1.In constant euros. In volumes and results, 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 section 8. 'Alternative performance measures' of this chapter.
Strategy
In 2024, we focused on being the primary bank for our customers, leveraging the synergies generated by our global businesses:
•In Retail, we continued on our journey to become a digital bank with branches by streamlining our product and service offering and improving customer experience.
•In Consumer, we maintained our market leadership in auto by strengthening strategic alliances and new business acquisitions.
•In CIB, we continued evolving towards a pan-regional offering, focusing on Markets and Corporate Finance businesses.
•In Wealth, we increased liability gathering to drive loyalty and continued developing our distribution channels.
•In Payments, we expanded our Getnet business and started implementing Plard, our Cards platform, in Brazil and Chile.
Business performance
Loans and advances to customers decreased 4% year-on-year. In gross terms, excluding reverse repos and in constant euros, they rose 9%, with increases in all global businesses. Retail had a good performance overall in Brazil and in corporates in Uruguay and Chile. There were positive trends in loans across our main countries in Consumer, Payments and Wealth. In CIB, growth in Brazil and Argentina was partially offset by decreases in Chile and Uruguay.
South America. 2024 business performance
EUR billion and YoY % change in constant euros.
SA154 +9%SA201 +13%
Brazil.jpg
Chile.jpg
Argentina.jpg
12644383728836
Brazil.jpg
Chile.jpg
Argentina.jpg
12644383728839
Gross loans and advances to customers excluding reverse reposCustomer deposits excluding
repos + mutual funds
Customer deposits fell 7% year-on-year. Excluding repos and in constant euros, they grew 12%, rising in all our main countries and driven by double-digit growth in both time and demand deposits. Mutual funds increased 14%, supported by all our main countries.
Results
Attributable profit was EUR 3,863 million (28% of the Group’s total operating areas), 27% higher than in 2023. In constant euros, profit increased 36% as follows:
•Total income rose 18%, supported by 27% net interest income growth, up in all global businesses (of note, Retail) on the back of higher activity in the region and, in the case of Brazil and Chile, also benefiting from negative sensitivity of their balance sheets in a lower interest rate environment. Solid net fee income growth amply offset lower gains on financial transactions.
•Administrative expenses and amortizations increased 7% (up 3% in real terms), mainly driven by Argentina, but with good cost management in our main countries. The efficiency ratio improved 3.4 pp, reaching 35.1%.
•Net loan-loss provisions rose 9%, due to Brazil and Argentina, where provisions increased (although both by less than portfolio growth), normalization from low levels in Chile and portfolio growth in Consumer in Uruguay. The cost of risk reached 3.50%, from 3.36% in December 2023.
•Greater loss in other gains (losses) and provisions, mainly driven by Argentina and Chile.
South America. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue19,78317,971 +10+18
Expenses(6,943)(6,920)0+7
Net operating income12,841 11,050 +16+25
LLPs(5,478)(5,401)+1+9
PBT5,9934,608 +30+40
Attributable profit3,863 3,038 +27+36
Detailed financial information in section 4.5 'Appendix'.
LogoSantanderPie_76.jpg Annual report 2024    459
Brazil.jpg
BrazilUnderlying attributable profit
EUR 2,422  mn
Business performance
In Brazil, we continued working to become the primary bank for our customers by launching several initiatives through our global businesses. In Retail, we focused on providing a personalized experience for our customers through data analysis and the use of artificial intelligence. In Consumer, we strengthened our strategic alliances and maintained our leadership in auto for individuals. In CIB, we consolidated our leadership in foreign trade financing and foreign currency. In Wealth, we furthered our fund gathering plan, leveraging a diversified investment ecosystem. In Payments, we achieved sustained growth and increased active customers.
Loans and advances to customers fell 8% year-on-year. In gross terms, excluding reverse repos and in constant euros, they rose 10%, supported by all global businesses, with notable growth in Retail and Consumer.
Customer deposits decreased 15% year-on-year. Excluding repos and in constant euros, they grew 8% mainly driven by time deposits (+9%). Mutual funds rose 6% and total customer funds increased 7% in constant euros.
Results
Attributable profit in 2024 was EUR 2,422 million, 26% higher year-on-year. In constant euros, it increased 36%, as follows:
•Total income rose 11%, as the good performance in net interest income (+20%), which benefitted from higher volumes and the negative sensitivity of the balance sheet in a lower interest rate environment, and net fee income (+6%, particularly insurance and FX fees) amply offset lower gains on financial transactions.
•Administrative expenses and amortizations increased 3%, but fell 1% in real terms, as a result of good cost management. The efficiency ratio improved to 32.1%.
•Net loan-loss provisions rose 3%, increasing below loan growth and having registered charges in 2023 due to single names in CIB. The cost of risk stood at 4.51% (4.77% in 2023).
•The negative impact of other gains (losses) and provisions decreased in the period (-3%).
Brazil. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue13,53613,104 +3+11
Expenses(4,352)(4,529)(4)+3
Net operating income9,1848,574 +7+15
LLPs(4,487)(4,701)(5)+3
PBT3,830 2,911 +32+42
Attributable profit2,422 1,921 +26+36
Detailed financial information in section 4.5 'Appendix'.
Chile.jpg
ChileUnderlying attributable profit
EUR 629  mn
Business performance
In 2024, we remained focused on improving customer service, furthering digitalization and increasing our customer base by leveraging our digital products. This enabled us to be the most recommended bank in the country for the fifth consecutive year. We further expanded Getnet and we are also scaling our platform to make international transfers to 28 countries, with no cost for our customers. In Consumer, we strengthened our leadership, exceeding a market share of 24%.
We lead the market among privately-owned banks in loans and deposits. Loans and advances to customers decreased 5% year-on-year. Excluding reverse repos and in constant euros, gross loans and advances to customers rose 1%, increasing in all global businesses except CIB.
Customer deposits rose 2% year-on-year. Excluding repos and in constant euros they were 10% higher, mainly underpinned by time deposits (+13%), while mutual funds grew 32%. Total customer funds increased 16% in constant euros.
Results
Attributable profit in 2024 was EUR 629 million, up 8% year-on-year. In constant euros it grew 22%, by line item:
•Total income rose 28%, as an increase in net interest income (+48%), which benefitted from higher activity and the negative sensitivity of the balance sheet in a lower interest rate environment, and in net fee income (mainly driven by mutual funds, cards and advisory) more than offset lower gains on financial transactions (falling from high levels in 2023).
•Administrative expenses and amortizations were up 3% (-1% in real terms) and the efficiency ratio improved 8.6 pp to 36.0%.
•Net loan-loss provisions increased 53%, normalizing from very low levels. The cost of risk rose 39 bps, standing at 1.19%. The NPL ratio stood at 5.37%.
•Other gains (losses) and provisions reflected a loss of EUR 51 million related to labour charges (gain of EUR 51 million in 2023).
Chile. Underlying income statement
EUR million and % change
/ 2023
20242023 %% excl. FX
Revenue2,5922,285 +13+28
Expenses(933)(1,020)(8)+3
Net operating income1,6591,265 +31+48
LLPs(497)(365)+36+53
PBT1,111951 +17+31
Attributable profit629 582 +8+22
Detailed financial information in section 4.5 'Appendix'.
LogoSantanderPie_76.jpg Annual report 2024    460
Argentina.jpg
ArgentinaUnderlying attributable profit
EUR 665  mn
Business performance
In Argentina, we pursued our profitable growth and value creation strategy, focused on customer experience. We further consolidated our leadership in the transactional business, generating results with low capital consumption. In Retail, we relaunched mortgage loans and redefined our operating model, focusing on optimizing cost to serve. In Consumer, we strengthened our leadership via strategic alliances. We expanded our perimeter in Wealth and also developed new digital functionalities in Cards.
In volumes and results, in contrast to the other countries, the variations in Argentina have been calculated only considering the Argentine peso exchange rate on the last working day for each of the periods presented. For further information, see section 8. 'Alternative performance measures' of this chapter.
Loans and advances to customers rose 104% year-on-year. In gross terms and excluding reverse repos they were up 105%, underpinned by growth in all businesses (notably in Retail).
Customer deposits increased 74% year-on-year. Excluding repos, they also grew 74%, supported by both demand (+72%) and time deposits (+82%). Mutual funds rose 51% in 2024, contributing to a 66% increase in customer funds.
Results
Attributable profit in 2024 was EUR 665 million, 72% higher year-on-year. By line item:
•Total income grew 61%, underpinned by increases in net interest income (higher credit volumes and income from public securities) and net fee income, in an environment characterized by narrowing margins, regulatory changes and disinflation.
•Administrative expenses and amortizations rose 32%, well below total income growth total income. As a result, the efficiency ratio improved 9.1 pp year-on-year, reaching 41.1%, while net operating income was up 90%.
•Net loan-loss provisions increased (+89%) although by less than loan growth. The cost of risk stood at 4.59%, improving 2.0 pp year-on-year.
•Other gains (losses) and provisions registered charges relating to labour charges.
Argentina. Underlying income statement
EUR million and % change
/ 2023
20242023 %
Revenue2,4871,544 +61
Expenses(1,022)(775)+32
Net operating income1,465769 +90
LLPs(284)(150)+89
PBT827505 +64
Attributable profit665 386 +72
Detailed financial information in section 4.5 'Appendix'.
LogoSantanderPie_76.jpg Annual report 2024    461
4.5 Appendix
Note: In 2024 for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods). For further information, see section 8. 'Alternative performance measures' of this chapter.
Additionally, in line with the changes published in the Q1 2024 quarterly report, balance sheet series include adjustments to some of the 2023 metrics published in the Annual report 2023 in Retail & Commercial Banking, Digital Consumer Bank, CIB and Wealth Management & Insurance to better reflect our five global businesses’ perimeters according to our new operating model; these adjustments do not affect business volumes metrics at the Group level.
Primary segments
RETAIL & COMMERCIAL BANKING
EUR million
Underlying income statement20242023%% excl. FX
Net interest income27,942 25,550 9.4 11.0 
Net fee income4,681 4,497 4.1 7.3 
Gains (losses) on financial transactions ᴬ812 854 (4.9)(4.0)
Other operating income(974)(1,146)(15.1)(14.3)
Total income32,461 29,754 9.1 11.0 
Administrative expenses and amortizations(12,877)(12,825)0.4 2.5 
Net operating income19,584 16,930 15.7 17.4 
Net loan-loss provisions(5,845)(6,540)(10.6)(7.3)
Other gains (losses) and provisions(2,865)(2,401)19.4 20.7 
Profit before tax10,874 7,989 36.1 35.9 
Tax on profit(3,091)(1,927)60.4 57.4 
Profit from continuing operations7,783 6,062 28.4 28.9 
Net profit from discontinued operations— — — — 
Consolidated profit7,783 6,062 28.4 28.9 
Non-controlling interests(520)(403)29.0 29.1 
Profit attributable to the parent7,263 5,659 28.3 28.8 
Balance sheet and activity metrics
Loans and advances to customers608,945 618,113 (1.5)(0.9)
Customer deposits661,152 666,578 (0.8)0.3 
Memorandum items:
Gross loans and advances to customers ᴮ609,490 618,773 (1.5)(0.7)
Customer funds747,567 725,971 3.0 4.4 
    Customer deposits C
649,619 638,169 1.8 2.6 
    Mutual funds97,948 87,802 11.6 18.8 
Risk-weighted Assets290,922 293,430 (0.9)
Ratios (%) and customers
RoTE ᴰ18.9 15.1 3.7 
Efficiency ratio39.7 43.1 (3.4)
NPL ratio3.18 3.21 (0.03)
NPL coverage ratio58.4 61.4 (3.0)
Number of total customers (thousands)147,140 138,821 6.0 
Number of active customers (thousands)79,079 75,130 5.3 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
D. Allocated according to RWA consumption.

LogoSantanderPie_76.jpg Annual report 2024    462
DIGITAL CONSUMER BANK
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 income635 730 (13.0)(13.3)
Total income12,916 12,296 5.0 5.7 
Administrative expenses and amortizations(5,183)(5,263)(1.5)(1.2)
Net operating income7,733 7,033 10.0 10.9 
Net loan-loss provisions(4,562)(4,106)11.1 12.4 
Other gains (losses) and provisions(939)(250)276.0 283.0 
Profit before tax2,232 2,677 (16.6)(16.4)
Tax on profit(295)(426)(30.9)(30.8)
Profit from continuing operations1,938 2,251 (13.9)(13.6)
Net profit from discontinued operations— — — — 
Consolidated profit1,938 2,251 (13.9)(13.6)
Non-controlling interests(275)(350)(21.3)(21.1)
Profit attributable to the parent1,663 1,901 (12.5)(12.3)
Balance sheet and activity metrics
Loans and advances to customers207,104 199,158 4.0 3.4 
Customer deposits128,975 115,446 11.7 9.2 
Memorandum items:
Gross loans and advances to customers ᴮ215,160 206,649 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 Assets152,399 154,396 (1.3)
Ratios (%) and customers
RoTE ᴰ9.8 11.5 (1.8)
Efficiency ratio40.1 42.8 (2.7)
NPL ratio5.07 4.75 0.33 
NPL coverage ratio73.6 76.5 (2.9)
Number of total customers (thousands)25,041 25,413 (1.5)
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
D. Allocated according to RWA consumption.
LogoSantanderPie_76.jpg Annual report 2024    463
CORPORATE & INVESTMENT BANKING
EUR million
Underlying income statement20242023%% excl. FX
Net interest income4,020 3,594 11.9 14.8 
Net fee income2,548 2,131 19.6 21.4 
Gains (losses) on financial transactions ᴬ1,619 1,795 (9.9)(6.7)
Other operating income156 7 — — 
Total income8,343 7,527 10.8 13.6 
Administrative expenses and amortizations(3,807)(3,387)12.4 13.8 
Net operating income4,537 4,140 9.6 13.4 
Net loan-loss provisions(174)(165)5.7 7.3 
Other gains (losses) and provisions(353)(181)95.3 100.1 
Profit before tax4,009 3,795 5.7 9.5 
Tax on profit(1,065)(1,137)(6.3)(2.2)
Profit from continuing operations2,944 2,658 10.8 14.4 
Net profit from discontinued operations— — — — 
Consolidated profit2,944 2,658 10.8 14.4 
Non-controlling interests(204)(219)(6.5)(1.1)
Profit attributable to the parent2,740 2,440 12.3 15.8 
Balance sheet and activity metrics
Loans and advances to customers184,923 168,960 9.4 9.4 
Customer deposits202,355 203,713 (0.7)1.0 
Memorandum items:
Gross loans and advances to customers ᴮ136,818 137,578 (0.6)0.2 
Customer funds152,450 169,839 (10.2)(7.0)
    Customer deposits C
136,672 155,274 (12.0)(9.7)
    Mutual funds15,777 14,565 8.3 26.2 
Risk-weighted Assets122,274 114,849 6.5 
Ratios (%)
RoTE ᴰ18.1 17.5 0.5 
Efficiency ratio45.6 45.0 0.6 
NPL ratio0.86 1.36 (0.50)
NPL coverage ratio39.3 41.2 (2.0)
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
D. Allocated according to RWA consumption.
LogoSantanderPie_76.jpg Annual report 2024    464
WEALTH MANAGEMENT & INSURANCE
EUR million
Underlying income statement20242023%% excl. FX
Net interest income1,627 1,513 7.6 8.2 
Net fee income1,489 1,262 18.0 19.2 
Gains (losses) on financial transactions ᴬ213 170 25.7 27.3 
Other operating income332 266 24.7 32.0 
Total income3,661 3,210 14.0 15.4 
Administrative expenses and amortizations(1,313)(1,216)8.0 9.2 
Net operating income2,348 1,994 17.7 19.3 
Net loan-loss provisions(41)17 — — 
Other gains (losses) and provisions(48)(18)170.8 170.3 
Profit before tax2,259 1,994 13.3 14.8 
Tax on profit(531)(454)16.9 18.1 
Profit from continuing operations1,728 1,540 12.2 13.8 
Net profit from discontinued operations— — — — 
Consolidated profit1,728 1,540 12.2 13.8 
Non-controlling interests(79)(73)7.9 11.6 
Profit attributable to the parent1,650 1,467 12.5 13.9 
Balance sheet and activity metrics
Loans and advances to customers24,479 22,509 8.8 7.7 
Customer deposits60,986 58,507 4.2 3.9 
Memorandum items:
Gross loans and advances to customers ᴮ24,611 22,603 8.9 7.9 
Customer funds171,866 157,142 9.4 11.6 
    Customer deposits C
60,058 57,643 4.2 3.7 
    Mutual funds111,807 99,499 12.4 16.4 
Risk-weighted Assets11,559 18,418 (37.2)
Assets under management498,289 459,544 8.4 12.7 
Gross written premiums11,526 12,598 (11.8)(8.5)
Ratios (%) and customers
RoTE ᴰ78.7 72.2 6.5 
Efficiency ratio35.9 37.9 (2.0)
NPL ratio0.67 1.40 (0.73)
NPL coverage ratio80.3 29.3 51.0 
Number of Private Banking customers (thousands)299 263 13.7 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
D. Allocated according to RWA consumption.
LogoSantanderPie_76.jpg Annual report 2024    465
PAYMENTS
EUR million
Underlying income statement20242023%% excl. FX
Net interest income2,609 2,424 7.6 12.9 
Net fee income2,793 2,952 (5.4)(1.5)
Gains (losses) on financial transactions ᴬ41 1 — — 
Other operating income61 (79)— — 
Total income5,505 5,298 3.9 8.6 
Administrative expenses and amortizations(2,475)(2,344)5.6 8.0 
Net operating income3,030 2,954 2.6 9.0 
Net loan-loss provisions(1,714)(1,666)2.9 8.2 
Other gains (losses) and provisions(347)(84)314.3 320.1 
Profit before tax969 1,205 (19.6)(12.9)
Tax on profit(464)(509)(8.8)(2.2)
Profit from continuing operations505 696 (27.4)(20.8)
Net profit from discontinued operations— — — — 
Consolidated profit505 696 (27.4)(20.8)
Non-controlling interests(92)(89)3.4 12.0 
Profit attributable to the parent413 607 (31.9)(25.7)
Balance sheet and activity metrics
Loans and advances to customers22,840 22,045 3.6 15.0 
Customer deposits1,038 1,418 (26.8)(26.8)
Memorandum items:
Gross loans and advances to customers ᴮ24,614 23,709 3.8 15.3 
Customer funds1,038 1,418 (26.8)(26.8)
    Customer deposits C
1,038 1,418 (26.8)(26.8)
    Mutual funds— — — — 
Risk-weighted Assets20,346 20,963 (2.9)
Ratios (%)
RoTE ᴰ15.6 24.9 (9.4)
NPL ratio5.14 5.02 0.12 
NPL coverage ratio140.1 139.8 0.3 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
D. Allocated according to RWA consumption.
LogoSantanderPie_76.jpg Annual report 2024    466
PAGONXT
EUR million
Underlying income statement20242023%% excl. FX
Net interest income132 93 41.0 48.3 
Net fee income958 954 0.5 5.2 
Gains (losses) on financial transactions ᴬ0 (10)(97.5)(97.4)
Other operating income150 102 46.5 48.3 
Total income1,240 1,140 8.7 13.6 
Administrative expenses and amortizations(1,160)(1,091)6.3 8.8 
Net operating income80 49 62.7 210.4 
Net loan-loss provisions(16)(24)(32.5)(30.9)
Other gains (losses) and provisions(296)(42)611.6 639.1 
Profit before tax(233)(17)— 513.0 
Tax on profit(57)(59)(4.0)8.9 
Profit from continuing operations(290)(76)281.8 221.4 
Net profit from discontinued operations— — — — 
Consolidated profit(290)(76)281.8 221.4 
Non-controlling interests(9)(1)571.7 — 
Profit attributable to the parent(299)(77)287.1 228.8 
Balance sheet and activity metrics
Loans and advances to customers1,066 1,167 (8.7)6.1 
Customer deposits1,038 1,418 (26.8)(26.8)
Memorandum items:
Gross loans and advances to customers ᴮ1,087 1,196 (9.1)5.2 
Customer funds1,038 1,418 (26.8)(26.8)
    Customer deposits C
1,038 1,418 (26.8)(26.8)
    Mutual funds— — — — 
Risk-weighted Assets4,671 5,428 (13.9)
Total transactions (Getnet, million)9,837 9,413 4.5 
Total payments volume (Getnet)221,787 196,342 7.9 13.0 
Ratios (%)
EBITDA margin27.5 24.8 2.7 
Efficiency ratio93.6 95.7 (2.1)
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
LogoSantanderPie_76.jpg Annual report 2024    467
CARDS
EUR million
Underlying income statement20242023%% excl. FX
Net interest income2,478 2,331 6.3 11.4 
Net fee income1,835 1,998 (8.2)(4.7)
Gains (losses) on financial transactions ᴬ41 10 309.2 358.5 
Other operating income(89)(181)(50.7)(49.9)
Total income4,265 4,158 2.6 7.2 
Administrative expenses and amortizations(1,315)(1,253)5.0 7.3 
Net operating income2,950 2,905 1.5 7.1 
Net loan-loss provisions(1,698)(1,642)3.4 8.8 
Other gains (losses) and provisions(50)(42)19.2 18.2 
Profit before tax1,202 1,222 (1.6)4.5 
Tax on profit(407)(450)(9.5)(3.5)
Profit from continuing operations795 772 3.0 9.1 
Net profit from discontinued operations— — — — 
Consolidated profit795 772 3.0 9.1 
Non-controlling interests(83)(88)(5.7)1.6 
Profit attributable to the parent712 684 4.1 10.1 
Balance sheet and activity metrics
Loans and advances to customers21,774 20,877 4.3 15.4 
Customer deposits— — — — 
Memorandum items:
Gross loans and advances to customers ᴮ23,526 22,513 4.5 15.8 
Customer funds— — — — 
    Customer deposits C
— — — — 
    Mutual funds— — — — 
Risk-weighted Assets15,675 15,535 0.9 
Number of total cards (millions)100 97 3,6
Ratios (%)
RoTE ᴰ32.6 35.5 (2.9)
Efficiency ratio30.8 30.1 0.7 
NPL ratio5.25 5.11 0.14 
NPL coverage ratio141.9 142.1 (0.3)
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
D. Allocated according to RWA consumption.

LogoSantanderPie_76.jpg Annual report 2024    468
Secondary segments
EUR million
EuropeSpain
Underlying income statement20242023%% excl. FX20242023%
Net interest income16,720 15,910 5.1 3.3 7,256 6,641 9.3 
Net fee income4,659 4,399 5.9 4.9 2,867 2,699 6.2 
Gains (losses) on financial transactions A
1,357 1,033 31.3 30.7 1,100 688 59.9 
Other operating income774 97 699.8 706.4 751 105 616.5 
Total income23,510 21,439 9.7 8.0 11,974 10,132 18.2 
Administrative expenses and amortizations(9,407)(9,030)4.2 2.8 (4,271)(4,227)1.0 
Net operating income14,102 12,409 13.6 11.8 7,703 5,905 30.4 
Net loan-loss provisions(1,862)(2,533)(26.5)(27.7)(1,259)(1,522)(17.3)
Other gains (losses) and provisions(2,111)(1,681)25.6 23.7 (1,003)(984)2.0 
Profit before tax10,129 8,195 23.6 21.6 5,440 3,399 60.1 
Tax on profit(3,065)(2,371)29.3 27.3 (1,678)(1,029)63.1 
Profit from continuing operations7,064 5,824 21.3 19.3 3,763 2,371 58.7 
Net profit from discontinued operations— — — — — — — 
Consolidated profit7,064 5,824 21.3 19.3 3,763 2,371 58.7 
Non-controlling interests(420)(342)22.8 16.5 0 0 106.8 
Profit attributable to the parent6,644 5,482 21.2 19.5 3,762 2,371 58.7 
Balance sheet
Loans and advances to customers583,754 570,067 2.4 0.2 246,897 239,214 3.2 
Cash, central banks and credit institutions172,609 198,451 (13.0)(14.4)99,657 116,317 (14.3)
Debt instruments150,428 115,428 30.3 29.4 94,519 70,072 34.9 
Other financial assets52,118 44,538 17.0 16.8 48,132 40,926 17.6 
Other asset accounts25,243 26,860 (6.0)(7.0)17,521 17,075 2.6 
Total assets984,151 955,344 3.0 1.2 506,725 483,603 4.8 
Customer deposits652,312 644,921 1.1 (0.7)323,425 324,099 (0.2)
Central banks and credit institutions110,850 104,164 6.4 4.5 57,218 44,802 27.7 
Marketable debt securities83,036 79,095 5.0 2.3 27,385 28,486 (3.9)
Other financial liabilities66,358 53,361 24.4 23.8 59,976 46,532 28.9 
Other liabilities accounts28,275 29,633 (4.6)(4.9)21,163 22,264 (4.9)
Total liabilities940,831 911,173 3.3 1.4 489,168 466,184 4.9 
Total equity43,320 44,171 (1.9)(3.6)17,557 17,419 0.8 
Memorandum items:
Gross loans and advances to customers B
554,179 551,722 0.4 (1.7)225,759 229,803 (1.8)
Customer funds753,172 725,417 3.8 2.1 399,999 386,810 3.4 
    Customer deposits C
627,029 620,299 1.1 (0.8)306,389 308,745 (0.8)
    Mutual funds126,143 105,118 20.0 19.3 93,609 78,065 19.9 
Ratios (%), operating means and customers
RoTE16.9 14.5 2.4 21.7 14.2 7.5 
Efficiency ratio40.0 42.1 (2.1)35.7 41.7 (6.0)
NPL ratio2.15 2.32 (0.17)2.68 3.06 (0.38)
NPL coverage ratio50.2 49.3 0.9 52.6 49.1 3.6 
Number of employees D
65,746 67,457 (2.5)23,980 24,713 (3.0)
Number of branches3,022 3,083 (2.0)1,827 1,874 (2.5)
Number of total customers (thousands)46,821 46,293 1.1 15,307 15,023 1.9 
Number of active customers (thousands)29,030 28,538 1.7 8,842 8,367 5.7 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
D. 2023 employee data for Spain published in the Annual report 2023 have been modified slightly to better reflect the allocation of CIB employees.
LogoSantanderPie_76.jpg Annual report 2024    469
EUR million
United KingdomPortugal
Underlying income statement20242023%% excl. FX20242023%
Net interest income4,950 5,152 (3.9)(6.5)1,548 1,465 5.7 
Net fee income283 338 (16.2)(18.4)467 464 0.8 
Gains (losses) on financial transactions A
(18)29 — — 45 33 35.3 
Other operating income2 5 (67.2)(68.1)40 21 94.3 
Total income5,216 5,525 (5.6)(8.1)2,100 1,982 6.0 
Administrative expenses and amortizations(2,918)(2,745)6.3 3.4 (548)(542)1.0 
Net operating income2,299 2,779 (17.3)(19.5)1,553 1,440 7.8 
Net loan-loss provisions(64)(247)(74.2)(74.9)(11)(77)(85.7)
Other gains (losses) and provisions(441)(425)3.9 1.1 (61)(49)24.5 
Profit before tax1,794 2,107 (14.9)(17.1)1,481 1,314 12.7 
Tax on profit(488)(563)(13.3)(15.6)(478)(416)14.9 
Profit from continuing operations1,306 1,545 (15.4)(17.7)1,003 898 11.6 
Net profit from discontinued operations— — — — — — — 
Consolidated profit1,306 1,545 (15.4)(17.7)1,003 898 11.6 
Non-controlling interests— — — — (2)(2)4.6 
Profit attributable to the parent1,306 1,545 (15.4)(17.7)1,001 896 11.7 
Balance sheet
Loans and advances to customers246,453 245,743 0.3 (4.1)38,410 36,864 4.2 
Cash, central banks and credit institutions54,787 62,387 (12.2)(16.1)3,873 8,084 (52.1)
Debt instruments15,120 10,234 47.7 41.2 15,010 10,991 36.6 
Other financial assets390 289 35.0 29.1 1,129 1,078 4.7 
Other asset accounts3,382 4,363 (22.5)(25.9)1,109 1,279 (13.3)
Total assets320,132 323,016 (0.9)(5.3)59,530 58,297 2.1 
Customer deposits230,408 233,453 (1.3)(5.7)38,304 36,366 5.3 
Central banks and credit institutions25,665 28,202 (9.0)(13.0)8,813 9,237 (4.6)
Marketable debt securities47,933 43,850 9.3 4.5 4,973 4,813 3.3 
Other financial liabilities2,500 3,434 (27.2)(30.4)339 319 6.3 
Other liabilities accounts1,733 1,704 1.7 (2.8)3,056 3,725 (18.0)
Total liabilities308,239 310,642 (0.8)(5.2)55,485 54,460 1.9 
Total equity11,893 12,373 (3.9)(8.1)4,046 3,837 5.4 
Memorandum items:
Gross loans and advances to customers B
236,496 235,111 0.6 (3.9)39,143 37,658 3.9 
Customer funds230,479 231,667 (0.5)(4.9)43,186 40,618 6.3 
    Customer deposits C
222,835 224,396 (0.7)(5.1)38,304 36,366 5.3 
    Mutual funds7,643 7,272 5.1 0.5 4,882 4,252 14.8 
Ratios (%), operating means and customers
RoTE11.1 13.0 (1.9)25.4 25.9 (0.6)
Efficiency ratio55.9 49.7 6.2 26.1 27.3 (1.3)
NPL ratio1.33 1.42 (0.09)2.40 2.59 (0.19)
NPL coverage ratio29.3 30.3 (1.0)79.4 82.7 (3.3)
Number of employees20,455 22,280 (8.2)4,901 4,945 (0.9)
Number of branches444 444 0.0 374 376 (0.5)
Number of total customers (thousands)22,541 22,481 0.3 2,989 2,908 2,8
Number of active customers (thousands)13,646 13,864 (1.6)1,905 1,838 3,6
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
LogoSantanderPie_76.jpg Annual report 2024    470
EUR million
PolandOther Europe
Underlying income statement20242023%% excl. FX20242023%% excl. FX
Net interest income2,844 2,543 11.8 6.1 121 109 11.1 11.2 
Net fee income674 589 14.4 8.5 367 309 19.0 19.0 
Gains (losses) on financial transactions A
57 67 (14.8)(19.1)174 217 (19.9)(19.9)
Other operating income(20)(17)15.0 9.1 2 (16)— — 
Total income3,555 3,182 11.7 6.0 664 618 7.4 7.4 
Administrative expenses and amortizations(965)(862)11.9 6.1 (706)(653)8.1 8.1 
Net operating income2,591 2,320 11.7 5.9 (42)(35)20.8 20.5 
Net loan-loss provisions(511)(674)(24.2)(28.0)(17)(12)42.6 42.6 
Other gains (losses) and provisions(429)(253)69.3 60.6 (176)30 — — 
Profit before tax1,650 1,392 18.5 12.4 (236)(17)— — 
Tax on profit(431)(377)14.4 8.5 10 13 (24.2)(24.3)
Profit from continuing operations1,219 1,015 20.1 13.9 (227)(5)— — 
Net profit from discontinued operations— — — — — — — — 
Consolidated profit1,219 1,015 20.1 13.9 (227)(5)— — 
Non-controlling interests(419)(342)22.6 16.3 1 2 (32.3)(32.3)
Profit attributable to the parent800 674 18.8 12.7 (225)(3)— — 
Balance sheet
Loans and advances to customers38,042 33,850 12.4 10.6 13,952 14,397 (3.1)(8.6)
Cash, central banks and credit institutions10,283 9,289 10.7 9.0 4,009 2,374 68.9 63.0 
Debt instruments17,489 15,070 16.1 14.2 8,289 9,060 (8.5)(9.3)
Other financial assets493 733 (32.7)(33.8)1,975 1,512 30.6 24.6 
Other asset accounts1,961 1,974 (0.6)(2.2)1,270 2,170 (41.5)(43.0)
Total assets68,269 60,916 12.1 10.3 29,495 29,512 (0.1)(3.9)
Customer deposits50,331 44,500 13.1 11.3 9,843 6,503 51.4 42.3 
Central banks and credit institutions5,020 4,623 8.6 6.9 14,134 17,300 (18.3)(20.9)
Marketable debt securities2,744 1,945 41.1 38.9 — — — — 
Other financial liabilities1,656 1,706 (3.0)(4.5)1,888 1,369 37.9 31.0 
Other liabilities accounts1,688 1,687 0.0 (1.5)635 253 151.4 146.2 
Total liabilities61,439 54,462 12.8 11.0 26,500 25,425 4.2 0.1 
Total equity6,830 6,454 5.8 4.2 2,995 4,087 (26.7)(28.6)
Memorandum items:
Gross loans and advances to customers B
38,729 34,729 11.5 9.8 14,052 14,420 (2.6)(8.1)
Customer funds56,581 49,371 14.6 12.8 22,927 16,951 35.3 30.4 
    Customer deposits C
50,086 44,462 12.6 10.9 9,415 6,330 48.7 39.6 
    Mutual funds6,495 4,909 32.3 30.2 13,512 10,621 27.2 24.7 
Ratios (%), operating means and customers
RoTE20.2 17.7 2.5 
Efficiency ratio27.1 27.1 0.0 
NPL ratio3.66 3.55 0.11 
NPL coverage ratio61.9 73.3 (11.4)
Number of employees11,038 10,822 2.0 
Number of branches368 381 (3.4)
Number of total customers (thousands)5,979 5,877 1.7 
Number of active customers (thousands)4,632 4,465 3.7 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
LogoSantanderPie_76.jpg Annual report 2024    471
EUR million
DCB Europe
Underlying income statement20242023%% excl. FX
Net interest income4,361 4,193 4.0 3.8 
Net fee income902 796 13.4 13.1 
Gains (losses) on financial transactions A
(24)117 — — 
Other operating income440 396 11.0 10.2 
Total income5,679 5,502 3.2 2.9 
Administrative expenses and amortizations(2,604)(2,618)(0.5)(0.7)
Net operating income3,075 2,884 6.6 6.2 
Net loan-loss provisions(1,209)(792)52.6 51.9 
Other gains (losses) and provisions(735)(72)914.1 867.3 
Profit before tax1,131 2,019 (44.0)(44.1)
Tax on profit(255)(493)(48.2)(48.3)
Profit from continuing operations876 1,526 (42.6)(42.7)
Net profit from discontinued operations— — — — 
Consolidated profit876 1,526 (42.6)(42.7)
Non-controlling interests(234)(327)(28.7)(28.8)
Profit attributable to the parent642 1,199 (46.5)(46.5)
Balance sheet
Loans and advances to customers137,038 132,692 3.3 3.4 
Cash, central banks and credit institutions19,185 18,636 2.9 3.1 
Debt instruments6,310 5,387 17.1 17.8 
Other financial assets128 135 (5.3)(5.4)
Other asset accounts11,115 9,945 11.8 11.3 
Total assets173,775 166,796 4.2 4.3 
Customer deposits81,376 69,334 17.4 17.9 
Central banks and credit institutions28,120 31,965 (12.0)(12.9)
Marketable debt securities43,137 44,605 (3.3)(3.1)
Other financial liabilities1,918 2,218 (13.5)(13.7)
Other liabilities accounts5,714 5,233 9.2 9.5 
Total liabilities160,264 153,355 4.5 4.6 
Total equity13,512 13,441 0.5 0.8 
Memorandum items:
Gross loans and advances to customers B
139,927 135,202 3.5 3.6 
Customer funds85,876 72,963 17.7 18.2 
    Customer deposits C
81,376 69,334 17.4 17.9 
    Mutual funds4,500 3,629 24.0 24.0 
Ratios (%), operating means and customers
RoTE6.4 12.3 (5.9)
Efficiency ratio45.9 47.6 (1.7)
NPL ratio2.50 2.12 0.37 
NPL coverage ratio82.5 88.0 (5.5)
Number of employees16,792 16,795 0.0 
Number of branches326 342 (4.7)
Number of total customers (thousands)19,550 20,193 (3.2)
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
LogoSantanderPie_76.jpg Annual report 2024    472
EUR million
North AmericaUnited States
Underlying income statement20242023%% excl. FX20242023%% excl. FX
Net interest income10,330 10,159 1.7 3.0 5,693 5,742 (0.9)(0.8)
Net fee income2,594 2,192 18.3 20.5 1,152 766 50.3 50.4 
Gains (losses) on financial transactions A
747 505 48.1 49.9 371 294 25.8 25.9 
Other operating income243 318 (23.6)(24.1)365 406 (10.1)(10.1)
Total income13,915 13,174 5.6 7.0 7,580 7,209 5.1 5.2 
Administrative expenses and amortizations(6,701)(6,465)3.6 4.9 (3,830)(3,679)4.1 4.2 
Net operating income7,214 6,708 7.5 9.1 3,750 3,531 6.2 6.3 
Net loan-loss provisions(3,786)(3,733)1.4 2.4 (2,507)(2,593)(3.3)(3.3)
Other gains (losses) and provisions(336)(138)143.1 146.1 (190)(74)154.9 155.0 
Profit before tax3,091 2,837 9.0 11.4 1,053 863 22.0 22.1 
Tax on profit(509)(468)8.7 12.5 56 69 (19.1)(19.1)
Profit from continuing operations2,582 2,369 9.0 11.2 1,109 932 19.0 19.0 
Net profit from discontinued operations— — — — — — — — 
Consolidated profit2,582 2,369 9.0 11.2 1,109 932 19.0 19.0 
Non-controlling interests(3)(15)(78.6)(77.8)— — — — 
Profit attributable to the parent2,579 2,354 9.6 11.7 1,109 932 19.0 19.0 
Balance sheet
Loans and advances to customers179,941 174,780 3.0 1.9 134,856 126,843 6.3 (0.1)
Cash, central banks and credit institutions39,855 35,969 10.8 12.4 28,200 21,215 32.9 24.9 
Debt instruments57,135 50,311 13.6 18.8 27,042 22,686 19.2 12.0 
Other financial assets8,759 10,937 (19.9)(15.0)2,821 4,075 (30.8)(34.9)
Other asset accounts22,112 22,829 (3.1)(4.1)16,058 16,307 (1.5)(7.4)
Total assets307,801 294,827 4.4 4.9 208,978 191,126 9.3 2.8 
Customer deposits175,586 175,958 (0.2)(0.6)125,403 121,782 3.0 (3.2)
Central banks and credit institutions44,332 34,723 27.7 32.1 26,794 17,411 53.9 44.7 
Marketable debt securities41,414 35,133 17.9 15.7 31,783 27,059 17.5 10.4 
Other financial liabilities14,998 18,606 (19.4)(14.7)5,223 7,276 (28.2)(32.5)
Other liabilities accounts6,869 6,764 1.6 5.9 3,683 3,119 18.1 11.0 
Total liabilities283,200 271,183 4.4 4.9 192,886 176,646 9.2 2.6 
Total equity24,601 23,644 4.0 5.2 16,091 14,480 11.1 4.5 
Memorandum items:
Gross loans and advances to customers B
162,263 161,401 0.5 0.1 117,511 112,671 4.3 (2.0)
Customer funds169,753 171,310 (0.9)(0.1)108,246 108,062 0.2 (5.8)
    Customer deposits C
135,419 141,863 (4.5)(4.6)93,545 95,697 (2.2)(8.1)
    Mutual funds34,334 29,447 16.6 22.8 14,702 12,364 18.9 11.8 
Ratios (%), operating means and customers
RoTE11.2 9.8 1.4 7.5 6.1 1.5 
Efficiency ratio48.2 49.1 (0.9)50.5 51.0 (0.5)
NPL ratio4.22 4.09 0.12 4.72 4.57 0.15 
NPL coverage ratio69.7 73.8 (4.2)63.8 67.7 (3.9)
Number of employees42,846 45,593 (6.0)12,484 13,489 (7.5)
Number of branches1,761 1,784 (1.3)405 415 (2.4)
Number of total customers (thousands)25,762 25,027 2.9 4,474 4,510 (0.8)
Number of active customers (thousands)15,178 14,486 4.8 4,308 4,223 2.0 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
LogoSantanderPie_76.jpg Annual report 2024    473
EUR million
MexicoOther North America
Underlying income statement20242023%% excl. FX20242023%% excl. FX
Net interest income4,631 4,408 5.0 8.1 7 8 (16.7)(16.7)
Net fee income1,385 1,374 0.8 3.8 57 52 10.9 10.9 
Gains (losses) on financial transactions A
396 211 88.0 93.5 (20)(1)— — 
Other operating income(133)(94)41.7 45.9 12 6 86.5 86.5 
Total income6,278 5,899 6.4 9.6 57 66 (13.9)(13.9)
Administrative expenses and amortizations(2,665)(2,588)3.0 6.0 (206)(199)3.3 3.3 
Net operating income3,613 3,311 9.1 12.3 (149)(133)11.7 11.7 
Net loan-loss provisions(1,277)(1,135)12.5 15.8 (2)(5)(54.0)(54.0)
Other gains (losses) and provisions(62)(57)8.1 11.3 (85)(7)— — 
Profit before tax2,274 2,119 7.3 10.5 (236)(145)62.8 62.8 
Tax on profit(598)(541)10.5 13.7 34 5 589.9 588.4 
Profit from continuing operations1,676 1,577 6.3 9.4 (202)(140)44.4 44.4 
Net profit from discontinued operations— — — — — — — — 
Consolidated profit1,676 1,577 6.3 9.4 (202)(140)44.4 44.4 
Non-controlling interests(5)(17)(73.0)(72.2)1 2 (32.3)(32.3)
Profit attributable to the parent1,671 1,560 7.2 10.3 (201)(138)45.5 45.6 
Balance sheet
Loans and advances to customers45,054 47,905 (6.0)8.5 30 32 (6.9)(6.9)
Cash, central banks and credit institutions10,945 14,088 (22.3)(10.4)710 666 6.5 6.5 
Debt instruments30,092 27,624 8.9 25.6 1 2 (28.9)(28.9)
Other financial assets5,785 6,723 (14.0)(0.8)154 139 10.5 10.5 
Other asset accounts5,745 6,156 (6.7)7.6 308 366 (15.7)(15.7)
Total assets97,621 102,496 (4.8)9.8 1,203 1,205 (0.2)(0.2)
Customer deposits49,836 53,703 (7.2)7.0 347 473 (26.8)(26.8)
Central banks and credit institutions17,260 17,047 1.3 16.8 277 265 4.5 3.8 
Marketable debt securities9,632 8,074 19.3 37.6 — — — — 
Other financial liabilities9,640 11,189 (13.8)(0.6)135 141 (4.2)(4.2)
Other liabilities accounts3,115 3,579 (13.0)0.3 72 66 9.1 9.1 
Total liabilities89,483 93,592 (4.4)10.3 830 945 (12.1)(12.3)
Total equity8,138 8,904 (8.6)5.4 372 259 43.6 44.6 
Memorandum items:
Gross loans and advances to customers B
44,715 48,688 (8.2)5.9 37 41 (11.0)(11.0)
Customer funds61,160 62,775 (2.6)12.4 347 473 (26.8)(26.8)
    Customer deposits C
41,528 45,693 (9.1)4.8 347 473 (26.8)(26.8)
    Mutual funds19,632 17,082 14.9 32.5 — — — — 
Ratios (%), operating means and customers
RoTE20.0 17.7 2.3 
Efficiency ratio42.5 43.9 (1.4)
NPL ratio2.71 2.82 (0.11)
NPL coverage ratio100.4 100.0 0.4 
Number of employees28,957 30,876 (6.2)
Number of branches1,356 1,369 (0.9)
Number of total customers (thousands)21,289 20,517 3.8 
Number of active customers (thousands)10,871 10,263 5.9 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
LogoSantanderPie_76.jpg Annual report 2024    474
EUR million
South AmericaBrazil
Underlying income statement20242023%% excl. FX20242023%% excl. FX
Net interest income15,566 13,040 19.4 27.3 10,121 9,116 11.0 19.5 
Net fee income4,864 4,684 3.9 11.2 3,414 3,462 (1.4)6.1 
Gains (losses) on financial transactions A
601 1,280 (53.1)(50.4)(37)483 — — 
Other operating income(1,247)(1,033)20.8 20.3 39 43 (10.3)(3.4)
Total income19,783 17,971 10.1 17.9 13,536 13,104 3.3 11.2 
Administrative expenses and amortizations(6,943)(6,920)0.3 7.1 (4,352)(4,529)(3.9)3.4 
Net operating income12,841 11,050 16.2 24.8 9,184 8,574 7.1 15.3 
Net loan-loss provisions(5,478)(5,401)1.4 9.0 (4,487)(4,701)(4.5)2.7 
Other gains (losses) and provisions(1,369)(1,041)31.6 40.1 (867)(963)(9.9)(3.0)
Profit before tax5,993 4,608 30.1 39.7 3,830 2,911 31.6 41.6 
Tax on profit(1,617)(1,121)44.3 54.1 (1,165)(776)50.1 61.6 
Profit from continuing operations4,376 3,487 25.5 35.1 2,665 2,135 24.8 34.4 
Net profit from discontinued operations— — — — — — — — 
Consolidated profit4,376 3,487 25.5 35.1 2,665 2,135 24.8 34.4 
Non-controlling interests(513)(449)14.4 26.0 (243)(215)13.2 21.9 
Profit attributable to the parent3,863 3,038 27.1 36.4 2,422 1,921 26.1 35.8 
Balance sheet
Loans and advances to customers147,559 153,244 (3.7)9.9 88,620 96,399 (8.1)10.1 
Cash, central banks and credit institutions60,865 67,410 (9.7)4.8 46,745 53,618 (12.8)4.4 
Debt instruments58,703 64,352 (8.8)5.6 45,670 47,325 (3.5)15.6 
Other financial assets25,121 20,796 20.8 34.8 10,632 8,161 30.3 56.1 
Other asset accounts18,970 19,247 (1.4)14.0 13,844 14,590 (5.1)13.7 
Total assets311,218 325,049 (4.3)9.9 205,510 220,093 (6.6)11.9 
Customer deposits145,233 155,448 (6.6)7.6 93,994 110,162 (14.7)2.2 
Central banks and credit institutions44,760 48,898 (8.5)3.5 30,878 28,333 9.0 30.6 
Marketable debt securities36,811 39,603 (7.1)7.5 25,351 27,976 (9.4)8.6 
Other financial liabilities50,177 42,438 18.2 36.1 34,215 28,625 19.5 43.2 
Other liabilities accounts8,808 12,768 (31.0)(21.4)5,582 7,938 (29.7)(15.7)
Total liabilities285,790 299,155 (4.5)9.7 190,020 203,035 (6.4)12.1 
Total equity25,428 25,894 (1.8)12.2 15,490 17,058 (9.2)8.8 
Memorandum items:
Gross loans and advances to customers B
154,323 160,987 (4.1)9.5 93,785 102,583 (8.6)9.5 
Customer funds201,241 205,675 (2.2)12.6 129,881 145,044 (10.5)7.3 
    Customer deposits C
132,496 135,342 (2.1)12.1 81,378 90,297 (9.9)8.0 
    Mutual funds68,745 70,333 (2.3)13.6 48,503 54,747 (11.4)6.1 
Ratios (%), operating means and customers
RoTE18.7 14.4 4.3 17.5 13.7 3.8 
Efficiency ratio35.1 38.5 (3.4)32.1 34.6 (2.4)
NPL ratio5.42 5.72 (0.30)6.14 6.56 (0.42)
NPL coverage ratio76.5 78.4 (1.9)82.7 84.7 (2.0)
Number of employees79,571 80,997 (1.8)56,619 57,775 (2.0)
Number of branches2,902 3,309 (12.3)2,202 2,580 (14.7)
Number of total customers (thousands)80,405 73,028 10.1 69,455 62,804 10.6 
Number of active customers (thousands)40,527 37,517 8.0 33,123 30,460 8.7 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
LogoSantanderPie_76.jpg Annual report 2024    475
EUR million
ChileArgentina
Underlying income statement20242023%% excl. FX20242023%
Net interest income1,822 1,383 31.8 48.3 2,919 1,879 55.3 
Net fee income551 572 (3.7)8.4 602 396 52.2 
Gains (losses) on financial transactions A
238 320 (25.7)(16.3)229 341 (32.8)
Other operating income(18)11 — — (1,263)(1,071)17.9 
Total income2,592 2,285 13.4 27.7 2,487 1,544 61.1 
Administrative expenses and amortizations(933)(1,020)(8.5)3.0 (1,022)(775)31.9 
Net operating income1,659 1,265 31.1 47.6 1,465 769 90.4 
Net loan-loss provisions(497)(365)36.1 53.2 (284)(150)89.5 
Other gains (losses) and provisions(51)51 — — (353)(114)209.1 
Profit before tax1,111 951 16.7 31.4 827 505 63.8 
Tax on profit(211)(135)56.1 75.7 (161)(117)38.0 
Profit from continuing operations899 816 10.2 24.1 666 388 71.6 
Net profit from discontinued operations— — — — — — — 
Consolidated profit899 816 10.2 24.1 666 388 71.6 
Non-controlling interests(271)(234)15.5 30.0 (1)(2)(43.9)
Profit attributable to the parent629 582 8.1 21.7 665 386 72.2 
Balance sheet
Loans and advances to customers40,332 42,616 (5.4)1.2 7,684 3,767 104.0 
Cash, central banks and credit institutions5,759 6,373 (9.6)(3.3)4,901 4,548 7.8 
Debt instruments7,993 13,273 (39.8)(35.6)2,654 1,368 94.0 
Other financial assets13,554 12,159 11.5 19.3 23 11 112.9 
Other asset accounts2,796 2,746 1.8 8.9 978 776 26.1 
Total assets70,434 77,167 (8.7)(2.4)16,240 10,470 55.1 
Customer deposits30,181 29,578 2.0 9.2 11,293 6,478 74.3 
Central banks and credit institutions8,133 14,808 (45.1)(41.2)852 1,271 (33.0)
Marketable debt securities10,403 10,775 (3.5)3.3 158 148 6.4 
Other financial liabilities14,323 12,624 13.5 21.4 968 638 51.6 
Other liabilities accounts1,942 3,733 (48.0)(44.3)476 455 4.6 
Total liabilities64,983 71,518 (9.1)(2.8)13,746 8,990 52.9 
Total equity5,451 5,648 (3.5)3.2 2,494 1,479 68.6 
Memorandum items:
Gross loans and advances to customers B
41,405 43,823 (5.5)1.1 7,938 3,878 104.7 
Customer funds43,383 40,098 8.2 15.7 17,047 10,288 65.7 
    Customer deposits C
30,060 29,337 2.5 9.6 11,293 6,478 74.3 
    Mutual funds13,324 10,761 23.8 32.5 5,754 3,810 51.0 
Ratios (%), operating means and customers
RoTE17.0 14.8 2.2 34.8 55.6 (20.8)
Efficiency ratio36.0 44.6 (8.6)41.1 50.2 (9.1)
NPL ratio5.37 5.01 0.36 2.06 1.99 0.07 
NPL coverage ratio49.9 52.7 (2.8)177.1 165.7 11.4 
Number of employees9,587 9,948 (3.6)8,166 8,455 (3.4)
Number of branches237 248 (4.4)301 322 (6.5)
Number of total customers (thousands)4,311 4,052 6.4 5,117 4,771 7.2 
Number of active customers (thousands)2,556 2,399 6.6 3,674 3,562 3.1 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
LogoSantanderPie_76.jpg Annual report 2024    476
EUR million
Other South America
Underlying income statement20242023%% excl. FX
Net interest income703 662 6.2 8.2 
Net fee income298 254 17.3 18.0 
Gains (losses) on financial transactions A
172 137 25.2 24.1 
Other operating income(5)(16)(68.4)(68.3)
Total income1,168 1,038 12.6 13.9 
Administrative expenses and amortizations(635)(596)6.5 7.1 
Net operating income533 441 20.8 23.3 
Net loan-loss provisions(210)(186)13.2 14.7 
Other gains (losses) and provisions(97)(15)566.6 586.5 
Profit before tax225 241 (6.4)(4.0)
Tax on profit(80)(93)(13.5)(12.4)
Profit from continuing operations145 148 (2.0)1.4 
Net profit from discontinued operations— — — — 
Consolidated profit145 148 (2.0)1.4 
Non-controlling interests1 2 (37.1)(37.0)
Profit attributable to the parent146 150 (2.5)0.8 
Balance sheet
Loans and advances to customers10,923 10,463 4.4 6.7 
Cash, central banks and credit institutions3,459 2,870 20.5 21.9 
Debt instruments2,387 2,386 0.1 4.1 
Other financial assets913 466 96.0 102.5 
Other asset accounts1,352 1,135 19.1 20.1 
Total assets19,034 17,320 9.9 12.3 
Customer deposits9,765 9,230 5.8 9.1 
Central banks and credit institutions4,898 4,486 9.2 9.6 
Marketable debt securities898 703 27.7 32.0 
Other financial liabilities671 550 21.9 25.1 
Other liabilities accounts807 641 25.8 28.3 
Total liabilities17,040 15,611 9.2 11.6 
Total equity1,994 1,709 16.6 19.0 
Memorandum items:
Gross loans and advances to customers B
11,196 10,703 4.6 6.9 
Customer funds10,930 10,246 6.7 10.2 
    Customer deposits C
9,765 9,230 5.8 9.1 
    Mutual funds1,165 1,016 14.7 20.5 
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.

LogoSantanderPie_76.jpg Annual report 2024    477
5. RESEARCH, DEVELOPMENT AND INNOVATION (R&D&I)
Research, development and innovation activity
Innovation and technological development are crucial to Santander's strategy. We focus on operational excellence and customer experience to meet the challenges that stem from digital transformation.
The information we gather through new technology platforms helps us to better understand the customer journey and design a more accurate digital profile which boosts trust and increases customer loyalty.
In addition to competition from other banks, we must be mindful of new entrants to the financial system that use new technology to stand out from the crowd and gain a competitive advantage.
Developing a sound strategic technology plan must provide:
•greater capacity to adapt to customers’ needs (customized products and services, full availability and excellent, secure service on all channels);
•enhanced processes for Santander’s professionals to ensure greater reliability and productivity; and
•proper risk management that provides teams with the means to spot and assess all business, operational, reputational, regulatory and compliance risks.
As a global systemically important bank, Santander and its subsidiaries face increasing regulatory demands that impact system models and underlying technology, which require considerable investments to guarantee compliance and legal certainty.
As in previous years, the European Commission's 2024 EU Industrial R&D Investment Scoreboard (based on 2023 data) recognized our technological efforts. We were the top bank in R&D investment, both in Europe and globally, with EUR 2,197 million invested. In 2024, the equivalent investment in R&D&I to that considered in the ranking was EUR 2,104 million. See note 18 to the consolidated financial statements.
Technology strategy
To aid the Group's strategy to become the best open digital platform for financial services, our technology must boost efficiency and minimize risk through optimization, simplification, supporting business growth and value creation.
Our IT strategy is based on a global platform model with reusable components, known as the ONE Santander platform. This strategy is aligned with the Group's strategic initiatives, global business and operating model.
Our in-house ONE Santander platform is supported by common technical components (such as a cloud-based platform, common data platform and artificial intelligence platform) as well as components of our five global businesses and global control and support functions. For example, Gravity is one of the components of the global platform and its implementation laid the foundations for digitalization with its own core banking software.
To ensure the commitment of all Group units to the IT strategy and to manage the ONE Santander platform, there is an appropriate global governance including all active players involved in key decision making.
To implement our technology strategy, we use internal regulation and the Group's governance model that defines platforms, projects and initiatives to shape the strategy across our footprint.
Innovation is at the core of Santander's activity, with a commitment to the latest technology that enable more robust, efficient and secure systems and processes.
Artificial intelligence (AI) is transforming our business across multiple dimensions, from data-driven strategies, to process automation and customer interaction. Our AI and Agents Platform, which provides us with advanced generative AI capabilities and supervised autonomous agents, is a key enabler and accelerator of the Group’s transformation. During 2024, we made significant progress, with ongoing initiatives which demonstrate the impact of these technologies.
We have an inventory of over 550 data-driven models using machine learning to accelerate revenue growth and operational efficiency across multiple countries and businesses. Our models focus on areas including simplification, business growth (customer acquisition and retention, card lifecycle optimization), risk management and pricing optimization (advanced credit and smart pricing models).
Generative AI is having significant impacts on customer support, operations and software development. In 2024, we implemented conversational assistants in Spain, Brazil and the UK.
In process automation, we are using operational agents to manage over 6 million documents. Additionally, 5,800 developers are using AI tools supporting software development, achieving a 25% improvement in the time-to-deliver.
At Santander, we are confident that data and AI will continue to play a pivotal role in our strategy, as they represent a significant opportunity in the coming years to drive cost savings, revenue generation, business growth and operational simplification.
LogoSantanderPie_76.jpg Annual report 2024    478
Santander Digital Services (SDS), a Group service company, is contributing to the implementation of our global business strategy using this new technology. It is providing our ONE Santander platform with components linked to the cloud, process automation, generative AI or data projects among other areas. With over 9,000 employees in Spain, Poland, Portugal, the UK, Mexico, the US, Brazil and Chile, SDS is a key element in Santander's technology and operations strategy, offering its services and know-how to the different Group entities and banks.
Technological infrastructure
Santander has a network of high-quality data processing centres (CPDs) interconnected by a redundant communications system. They are spread across strategic markets to support and develop our operations. They combine traditional IT systems with the capabilities of a private, on-premise cloud, which, thanks to its swift adoption, enables us to integrate management of the business areas’ technology, accelerate digitalization and achieve significant cost savings.
Santander has migrated more than 96% of its technology infrastructure to the cloud and has accelerated the deployment of next generation infrastructure in the on-premise private cloud with a technology architecture that provides greater resilience and efficiency while reducing energy consumption.
Our local Cloud Centres of Excellence (CCoEs), coordinated by Global CCoE, guarantee consistent and rigorous cloud adoption across our entities. This minimizes risk in accordance with our public cloud policy. Migration will also contribute towards Santander's sustainable banking goals as we have reduced our carbon footprint by 32 tonnes.
Cybersecurity
Cybersecurity is crucial in supporting our purpose of helping people and businesses prosper and to become the best open financial services platform. Both the digital evolution, driven by the boom in connectivity and emerging technologies, as well as the complex cyber threat landscape, continue to make cybersecurity a business risk and a priority for the Group.
In 2024, the Group continued to strengthen its cyber defences in an effort to mitigate the risks associated with the current environment, which is marked by increased geopolitical tensions and the accelerating adoption of emerging technologies such as artificial intelligence. As a result, new controls have been implemented to address current risk areas and new attack methods. Among these, security controls were strengthened, focusing on ransomware and distributed denial of service (DDoS) preparedness and response, access management in virtual environments, supply chain protection, and the incorporation of measures to prevent digital fraud and identity theft, ensuring a more secure customer experience. To ensure alignment with the cybersecurity requirements set out in the Digital Operational Resilience Act (DORA), regulation that aims to strengthen IT security of financial entities, we also reviewed and adapted internal regulations with a focus on incident management and reporting and advanced penetration testing.

To manage the environment with increasingly complex threats and the rapidly transforming digital landscape that means a continually expanding attack surface, Santander has updated its cybersecurity strategy, which focuses on three pillars:
•Shift-left. Embedding security by default is key to help identify and mitigate cybersecurity risks from the earliest stages of initiatives. It is essential to have a culture where security is our priority as an organization. In particular, we have defined measures in this area aimed at reinforcing the risk culture, reducing the attack surface and combating phishing scams, among others.
•Automated and assisted cyber defence. Taking advantage of the capabilities provided by advanced technologies to reduce response times, such as the use of AI to speed up analysis by cybersecurity teams, providing more dynamic and efficient defence capabilities.
•Resilience. Strengthening resilience globally is essential to sustainably defend the bank against evolving threats.
The Santander Fusion Center, which integrates the cybersecurity and IT monitoring teams, carries out the functions of detection, monitoring and response to operational failures and cybersecurity events for the Group's entities, 24 hours a day, seven days a week.
Information systems are regularly reviewed through internal and external audits. Santander identifies IT assets, systems and information (including those of third parties) and periodically reviews the risks and level of protection to proactively detect and remedy potential weaknesses. The activities performed comprise periodic security tests including vulnerability scans, penetration tests and red team exercises that simulate real cyber-attack scenarios.
In addition to periodic testing and review, independent certification authorities review and certify our critical cybersecurity processes. Certifications, including International Organization for Standardization (ISO) 27001:2022 and 27017, Statement on Standards for Attestation Engagements (SSAE) 18 and Payment Card Industry Data Security Standard - PCI DSS4.0, are regularly reviewed and updated, including new processes and controls on an annual basis.
For more details on the cybersecurity initiatives we ran in 2024, see section 3.3.1 'Conduct with customers' in the 'Sustainability statement' chapter. For details on the measurement, monitoring and control of cybersecurity-related risks, and their respective mitigation plans, see section 5.2 'Operational risk management' in the 'Risk management and compliance' chapter.

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Fintech ecosystem
Santander actively participates in the fintech ecosystem in all the regions in which we operate. We work with fintech companies as partners as part of our efforts to foster and channel innovation while improving customer experience and efficiency. Through our Fintech Station programme, we work with startups and scale-ups in pilot programmes and implement or co-create new products and services with them. In 2024, Santander Fintech Station worked on eight Proofs of Concept (PoC) and also launched six production initiatives. The Group also provides banking services to these fintech companies, such as advice on financing rounds, buying and selling processes and IPOs.
Santander is an active investor in the fintech sector, sometimes directly through its Corporate Venture Capital (CVC) programme, or through funds promoted by the Group, such as Mouro Capital, a global fintech venture capital fund. To date, the Group has invested in several strategic fintech startups directly and through Mouro, which has a portfolio comprising 46 companies throughout Europe, North America and South America and continues to be a key tool to drive innovation within the Group. Santander collaborates with many of the companies in Mouro’s portfolio, for example, with ThetaRay for money laundering and sanctions prevention worldwide. Atempo Growth, a pan-European venture debt fund also backed by the Group, consolidated its market position by financing 31 companies, many of them in the fintech sector (e.g., Form3, Acin or Clarity.ai). In February 2024, Trainera Venture Finance began its activity, a venture debt fund launched with Inveready, which has since financed 15 high-growth startups in Spain, several of them in the fintech sector such as REVENI or TECFYS.

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6. SIGNIFICANT EVENTS SINCE YEAR END
•On 20 January 2025, Banco Santander, S.A. prepaid all the Tier 1 Contingently Convertible Preferred Securities with ISIN code XS179325004 and common code 179325004 in circulation, for a total nominal amount of EUR 187.6 million and which trade on the Irish Stock Market 'Global Exchange Market' (the 'PPCC').
•As part of our strategy of becoming ONE Santander, through the simplification and transformation of the Group, and after a year with our five global businesses in full operation, the board of directors approved the dissolution of the regional structures. This is effective from 3 February 2025, having fulfilled their mission to support the transition to the global operating model. Through this, we are taking another step in simplifying the Group’s structure, as the CEOs in our main markets will now report directly to the Group’s CEO, Héctor Grisi.
•Under the authorization of the 2023 annual general meeting and also according to the 2024 shareholder remuneration policy, on 4 February 2025 the board resolved to execute a new share buyback programme for a maximum amount of approximately EUR 1,587 million. The appropriate regulatory authorization has already been obtained and the execution of which began on 6 February 2025.
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7. TREND INFORMATION 2025
This directors' report contains prospective information on the directors’ plans, forecasts and estimates, based on what they consider to be reasonable assumptions. Readers of this report should take into account that such prospective information must not be considered a guarantee of our future performance as the plans, forecasts and estimates are subject to numerous risks and uncertainties, our future performance may not match initial expectations. These risks and uncertainties are described in the 'Risk management and compliance' chapter of this report and in note 54 of the consolidated financial statements.
à Macroeconomic environment
The prospects for 2025 are for a moderate economic slowdown, in an environment that will continue to be relatively uncertain due to global geopolitical tensions. Inflation is expected to continue to slow down gradually, converging toward the central banks' targets, although it is likely to do so at different rates between regions. Central banks such as the Fed or the ECB are expected to complete their rate-cutting cycle in 2025, with terminal rates depending on the strength of the economies. Economic slowdown is not expected to have a strong impact on the unemployment rate due to the strength of most labour markets.
Our macroeconomic forecasts for 2025 by country/region are as follows:
Eurozone
The eurozone is expected to face many challenges in 2025. Economic growth could show some improvement, particularly in household consumption, supported by increased real income, high savings rates and lower interest rates. However, the year will be marked by uncertainty arising from a complex geopolitical situation, the potential protectionist shift in US trade policy, elections in Germany and France’s difficulties in reducing its public deficit. Inflation is expected to reach the ECB’s 2% target, which is expected to allow the ECB to reduce interest rates to levels which have a neutral effect on the economy.
Spain
We expect notable dynamism in economic growth, although growing at a slightly lower rate than in 2024. Household consumption is expected to be the main growth driver and we expect corporate investment to play a growing role (due to the reconstruction of the damage caused by the floods in Valencia and the implementation of the EU Recovery and Resilience Plan). The unemployment rate is expected to continue to improve. Inflation is expected to around 2%, as wage increases are moderating.
United Kingdom
In 2025, we expect the economy to regain momentum and register growth close to its potential. Growth is likely to be supported by increased public spending, offsetting part of the slowdown in the
private sector. Households are expected to face weaker growth in nominal income with slightly higher inflation than in 2024 which, together with increased fiscal pressure (tax thresholds will not be adjusted for inflation), would reduce their purchasing power. The labour market is expected to maintain the stability observed in recent years, with an unemployment rate at full employment. The Bank of England is expected to continue relaxing its monetary policy until the end of the year reaching 3.75%.
Portugal
In 2025, the economy is expected to maintain a growth rate similar to that observed in 2024, driven by improved external demand from the eurozone and the dynamism of domestic consumption supported by improved purchasing power. External demand is expected to be underpinned by positive trends in tourism services. The labour market is expected to remain at full employment, with the unemployment rate around 6.6%. We expect inflation to remain slightly above the ECB's 2% target.
Poland
The economy in 2025 is expected to accelerate, supported by an investment boom largely financed from EU funds. While investment is expected to take the lead, private consumption will likely continue to support domestic demand, leaving the economy partially immune to the weak growth expected in the euro area. The labour market is expected to remain at full employment, and continue to fuel significant wage increases, albeit less so than in 2024. Inflation is expected to remain around 5%. The central bank will not consider interest rate cuts until it sees a change in inflation, which is not expected before the second half of the year.
US
The scope of the economic policies of the new administration is still unknown. In 2025, positive growth inertia, combined with deregulation policies and tax cuts, can be expected to offset the potential negative impact of tariff increases and tightened migration policies. Thus, we expect growth to remain around 2%, with inflation slightly higher than expected, but not too far from the target, which would lead the Fed to pause interest rate cuts earlier and at a higher level than previously expected.
Mexico
We expect the economy to slow down, reflecting the effects of fiscal consolidation and reduced investment in infrastructure. The central bank is expected to continue its cycle of cutting official rates, with gradual declines, keeping an eye on the Fed's monetary policy and exchange rate movements.
Brazil
The economy is expected to slow down, toward more moderate rates compared to the strong dynamism of the last three years. Monetary and fiscal policies will face major challenges. Brazil’s central bank is expected to continue the cycle of interest rate hikes
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that restarted in September 2024, which is likely to contribute to the slowdown of the economy, moderate inflation and anchor its medium-term expectations. Fiscal policy is expected to undertake a consolidation process to meet targets and direct the public debt ratio toward a sustainable path.
Chile
The economy is expected to grow at a similar rate to that of 2024, but with a solid recovery in domestic demand, especially in investment. External demand will likely have a smaller contribution, reflecting increases in imports. Inflation is expected to moderate, but remain above the 3% target, which is expected to be reached in 2026. The central bank has room for additional interest rate cuts depending on inflation and its constraints.
Argentina
The economy is expected to show a clear recovery, consolidating the improvement in the second half of 2024, with the fiscal balance remaining close to equilibrium, and inflation is expected to continue the moderation observed in the final months of 2024. Expectations of a new agreement with the IMF that would eventually involve additional funding for Argentina and a more stable exchange rate are expected to lead to a replenishment of international reserves.
à Financial markets
Our outlook for 2025 points to cautious optimism: a macroeconomic environment characterized by lower interest rates and positive economic growth should support risk appetite.
Tax cuts and deregulation efforts from the new US government are likely to support profit growth in the US, although the high valuations of the technology sector could bring some bouts of volatility. Other opportunities are also expected to arise in other regions.
While the US and the eurozone are expected to move forward in the monetary easing cycle, we believe that long-term yields on sovereign bonds have little room to fall from their current levels. The Fed and ECB rate cuts are widely discounted, while the new administration’s agenda puts upward pressure on US Treasury yields.
Cyclical divergence between the US and the eurozone, geopolitical uncertainty and relatively higher interest rates in the US are tilting towards a more appreciated US dollar against the euro in 2025.
Macroeconomic and geopolitical uncertainty are expected to continue to sustain demand for precious metals.
In developing economies, a major hotspot of uncertainty remains with respect to the Chinese economy and the effect of the Chinese government's reaction to the new tariffs introduced by the US. In Latin America, markets are expected to remain vulnerable to global uncertainty. In any event, domestic factors are likely to continue to play a significant role in market behaviour, which pay close attention to how countries in the region face their main challenges, in particular, fiscal consolidation and anchoring inflation expectations to central bank targets.
The financial sector is expected to be marked by monetary policy normalization, which will have an impact on net interest income.
This impact is expected to be partially offset by an improvement in business volumes in a stable portfolio credit quality environment.
Risks are slightly skewed to the downside and may come from non-bank financial institutions, with the risk of disorderly adjustments in asset prices and disruptions to market liquidity. Even so, at the moment, most entities currently have solid solvency positions to face such a scenario.
In addition to the economic environment, banks must cope with the acceleration of the business digitalization and knowledge and management of the risks associated with climate change.

à Financial regulation
Elections held across our footprint (the US, Mexico, the UK, the EU) in 2024, will usher in a new political cycle that will define the regulatory agenda. The first 100 days of the European Commission will be critical, focusing on boosting competitiveness and growth through simplification and with defence and both the green and digital transitions as the main focus points of its strategy.
Competitiveness and Capital Markets Union 2.0
Recently released publications by political figures such as Enrico Letta, Christian Noyer and Mario Draghi agree on a lack of competitiveness and innovation within the EU. The new Savings and Investments Union (SIU) will be instrumental in channelling the trillions of euros in European savings towards capital markets, but this will require less fragmented, more liquid and transparent markets. The debate on how to complete the Banking Union, through the creation of a deposit guarantee fund, is expected to resume.
Prudential and resolution
During 2025, the European Banking Authority (EBA) is expected to continue developing technical standards to further the implementation of Basel III in Europe. Some legislative developments are expected in the field of non-bank financial intermediaries (NBFIs) and in the macroprudential framework in Europe. The European Commission will review the securitization framework and a legislative proposal is expected to be presented in 2025. In addition, the crisis management and deposit insurance (CMDI) framework review in Europe is expected to resume.
Sustainability
The sustainability regulatory agenda is expected to be reviewed in 2025, focusing on implementation. In January 2025, the reporting obligations established in the Corporate Sustainability Reporting Directive (CSRD) came into force. Although transposition is delayed in some European countries, companies will still be expected to comply with this standard and collect data on sustainability for the 2024 financial year. Under the CSRD, general reporting standards will continue to be implemented and industry-specific standards will continue to be developed (European Sustainability Reporting Standards, ESRS).
The European Commission has announced an omnibus proposal that will reduce the burden on companies, by simultaneously revising and simplifying sustainability regulations, including taxonomy, reporting and due diligence standards. In addition, a proposal to revise the Sustainable Finance Disclosure Regulation
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(SFDR) is expected, which could include a new categorization system for financial products such as funds.
Regarding prudential matters, in 2025, the EBA will continue to assess the need for an adjustment in the Pillar 1 framework, to ensure that climate and environmental risks are adequately integrated. In addition, it will continue to analyse if emerging systemic risks, such as ESG, should be managed by using macroprudential tools.
The Basel Committee is expected to publish the final international standards on Pillar 3 climate disclosure requirements during 2025. Developments will continue in countries that have already begun their work in this area, such as Mexico, Chile and Brazil.
Digital
Discussions will continue to revolve around innovation, data use and artificial intelligence. Regulators have widened their view on fraud beyond the financial sector, as a significant amount of fraud occurs through different digital platforms. Central banks will continue to explore the opportunities linked to central bank digital currencies (CBDCs), focused on the wholesale market, with the exception of some jurisdictions such as the EU, which continues to design the digital euro. By the end of 2025, the ECB will have to decide whether to continue with the development of the digital euro, which depends upon a regulatory framework that remains under discussion since 2023. Focus will remain on the implementation of the Digital Markets Act (DMA) whose objective is to regulate competition in digital markets.
Retail banking
Access to capital markets and consumer protection will continue to be a priority in the EU's agenda, in line with projects such as the SIU and the Retail Investment Strategy (RIS). The transposition of the new directive regarding consumer credit should also occur in 2025.
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These are the main management priorities for 2025 in our Global Business segments and countries:
Retail
Retail & Commercial Banking's top priorities for 2025 are to:
→Continue our transformation journey towards our vision of becoming a digital bank with branches underpinned by a common operating model and a global tech platform.
→Adapt our business model towards value creation through stronger customer relationships and network effects.
→Strengthen structural efficiency on the back of the transformation of our operating and business models to drive cost-to-serve efficiencies.
Retail & Commercial Banking
A global business integrating our retail and commercial banking activities

Our vision for 2025 is to continue working on the transformation of our operating model, to become a digital bank with branches, powered by the Group's network, with all of our products and services available to our customers on our websites and applications, and with the branch network serving as a powerful sales and advisory channel.
This vision is underpinned by Retail's common operating model, which leverages our global scale and local presence, and takes advantage of best practices across the Group. The operating model is centred around three strategic pillars: i) customer experience; ii) operational leverage; and iii) global technology platform.
Our transformation efforts in 2024 resulted in increased customer growth and efficiency. In 2025, we will continue to focus on our transformation journey building on our three strategic pillars:
•Customer experience. Provide our customers with the best products and experiences and make them available through improved customer journeys. Continue enhancing our digital capabilities to drive engagement and digital sales. Also, continue implementing our new branch and Work Café model that provides enhanced capabilities for personal advisory and support to our customers.
•Operational leverage. Continue to streamline processes and promote lean organizational structures to drive efficiency, accuracy and speed. Develop the key role of artificial intelligence in automating operations, resulting in faster transaction processing, reduced operational tasks and efficiencies in cost to serve.

•Global technology platform. Deploy our Global Platform to deliver best-in-class solutions and reduce the cost per transaction, promoting efficiency and innovation across the Group. Continue to converge all units towards the global platform with focusing on rolling out: Gravity, our award-winning back-end technology, which will increase the number of transactions it processes while reducing the cost per technical transaction and ODS, our proprietary cloud-based front-end technology which enables a superior digital experience, global products and faster time to market.
Additionally, as part of our business model transformation, we will deepen our focus on value creation through stronger customer relationships and network effects.
•Build strong customer relationships and consolidate our position as their trusted financial partner through a tailored approach to our core segments (individuals, SMEs and commercial banking).
•Leverage our competitive position to better serve our customers, taking advantage of the network effect provided by the Group’s global business structure.
Executing the transformation of our operating and business models across our footprint to pave the way for structural savings and cost-to-serve efficiencies, and support value creation for our shareholders.


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Customer experienceOperational leverageGlobal platform

Best digital products and new branch model

Process automation and leaner organization
Proprietary back-end (Gravity) and cloud based front-end (ODS) technologies

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Consumer
Our priorities for 2025 are to:
→Converge towards global platforms and continue transforming our operating model, automating key processes and gaining efficiencies and providing best customer experience.
→Grow and consolidate partnerships with our partners, offering solutions with a better digital experience.
→Promote the network effect through a complete product offering to our customers, leveraging the Group's capabilities.
→Continue gathering customer deposits to lower funding costs and reduce net interest income volatility across the cycle, to be able to offer our customers better pricing.
→Enhance and automate our originate-to-share model.
Digital Consumer Bank
Deliver the best solution to customers (B2B and B2C), while being the most cost competitive player in the market
Our vision is to become the preferred choice of our partners and our end customers, and offer greater profitability and value creation to our shareholders, while being the most cost competitive player in the industry.
In 2025, our strategic priorities include:
•In Auto:
•Continue to consolidate Santander’s leadership position by: i) strengthening existing partnerships and incorporating new strategic agreements with OEMs and retailers; ii) expanding the operational leasing platform across Europe; and iii) developing new revenue sources.
•Support profitability improvement by simplifying, automating and digitalizing customer journeys to operate with lower cost-to-serve. Utilize improved digital capabilities to take customer experience to the next level.

•In the consumer lending business (non-auto), within our objective to expand our consumer lending offering through Zinia, we will continue prioritizing the expansion to other products and markets and continue transforming the check-out lending business through existing agreements and expanding them across regions.
•In Openbank: leverage advanced data, tech and product capabilities to successfully deliver on our plans for the US and Mexico, expanding our value proposition.
•Finally, we will continue to drive deposit gathering initiatives in Europe and the expansion of securitization programmes, as part of our originate-to-share model.
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Customer experienceOperational leverageGlobal platform
Global solutions and relationship management (OEMs, importers and retailers)
Operational and commercial benchmark to maximize profitability and growth
From multiple country- specific platforms to global platforms (e.g. leasing, BNPL)
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CIB
Our aim is to become a focused, world-class Corporate & Investment Banking business, positioning ourselves as a trusted advisor to our clients while delivering profitable growth. Our priorities for 2025 are to:
→Deepen our client relationships, with a particular focus on the US.
→Fully leverage our enhanced centres of expertise, increase connectivity around the client agenda and further digitalize our business.
→Keep evolving our active capital management and global operating models.
→Attract, develop and retain top talent.
Corporate & Investment Banking
Our global platform to support corporate and institutional clients
In order to deliver on our 2025 priorities, we will focus on the following levers:
•Deepen client relationships:
•Foster and expand our advisory/value-added businesses on the back of our transformation initiatives, with a particular focus on fee business.
•Materialize the growth plan for our US franchise, maximizing impact on global CIB, leveraging our new capabilities and expanded coverage.
•Continue to foster collaboration with other global businesses to generate additional value for the Group.
•Operational leverage:
•Consolidate our centres of expertise to strengthen our positioning in our core markets.
•Further grow our Global Markets franchise on the back of the investments made and leveraging collaboration opportunities with Global Transaction Banking and Global Banking.

•Advance in the execution of our automatization and digitalization initiatives, enhancing the business value from our data and exploring tangible opportunities from AI.
•Global platforms:
•Keep evolving our operating model deepening globalization, standardization and specialization of our business, improving client experience, efficiency and risk management.
•Further optimize our originate-to-share model in close partnership with the Group's Global Asset Desk for active capital management.
•Attract, develop and retain top talent while strengthening our culture and risk awareness.
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Customer experienceOperational leverageGlobal platform
Trusted advisor to our clients, building long-term relationships supported by our global reach and local strength
Consolidate our global centres of expertise and tech investments as levers for growth

Further optimize our originate-to-share and global operational models, leveraging technology

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Wealth
Our priorities for 2025 are to:
→Improve our customer experience providing enhanced value-added products and services and expanding our presence to new countries and businesses.
→Boost operational leverage by globalizing service and product factories/hubs and enhancing local distribution.
→Develop common global platforms to transform our operations and distribution model leveraging Group's technology, data and AI.
Wealth Management & Insurance
Globalizing and transforming our Private Banking, Asset Management and Insurance businesses
We aim to transform Wealth businesses leveraging the Group's technology and AI as major enablers, while promoting globalization and simplification to deliver more value to our customers. This should increase Wealth's contribution to the Group while maintaining attractive profitability levels.
To deliver on this ambition, our priorities for 2025 are organized around three growth levers:
•Provide our customers with personalized best-in-class service and investment & protection solutions, leveraging digital and data capabilities to enhance customer experience.
We are increasing our penetration in our footprint and expanding into new markets that are relevant for our business (e.g., Middle East and the US), which should enable us to increase our customer base.
We will continue developing products with significant growth potential, such as alternative investments, life retirement solutions and non-life high-growth businesses, including health and cyber insurance.
•Globalize our service and investment & insurance product factories to better serve local distribution networks with a simplified value proposition and developing common hubs to boost operational leverage.
We also plan to continue leveraging the synergies between our businesses to improve profitability and provide a stable source of capital, while we keep working to reinforce the collaboration with the other global businesses.
•Develop common global platforms to transform how our businesses operate with an increased focus on technology, data and AI, providing a tailored value proposition and service to our clients while we evolve and improve our distribution model, for example, through an embedded and highly contextualized offer or digital platforms for servicing and claims.
Additionally, we will continue to further reinforce our leadership and governance, having recently made a few additions and changes to the board of directors of Santander Insurance Holding.
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Customer experienceOperational leverageGlobal platform
Providing our customers
with enhanced value-added products and personalized services
Globalize our operations and product factories while simplifying our processes and value proposition
Develop common digital platforms to transform our operations, service and distribution capabilities
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Payments
Our priorities for 2025 are to:
→Scale up our global platform of innovative payments and integrated value-added solutions.
→Roll out our global payment platform to all our regions and the open market.
→Expand our cards business while improving customer experience.
Payments
Single infrastructures for payments solutions: PagoNxt and Cards

PagoNxt
In PagoNxt, our priorities by business are:
•Getnet
•Strategic market share management with focus on profitable growth, investing in commercial capabilities to further expand business across Santander's banks and capture opportunities in the open market.
•Focus on product globalization and delivery of strategic value-added services.
•Investment in globalizing technology to improve efficiency and lower cost per transaction, and scale up our platform functionalities.
•Ebury
•Customer growth through enhanced product offering and online capabilities and geographical expansion.
•Introduction of tailored products to capture verticals such as mass payments.
•Payments
•Migration of Group A2A payments to the new cloud-native platform.
•Leverage scale and connectivity to drive lower cost-per-transaction and to offer adjacent services and open market propositions.
•Delivery of an instant cross-border payments solution.
Cards
We aim to provide an exceptional payments experience, foster customer loyalty and leverage transactional data to enhance profitability.
To implement this vision, we are focusing on three pillars:
•Profitably expand our credit business:
•Drive profitable growth through credit cards through the use of data and models through our Cards Risk Data Lab.
•Exploit the commercial cards business, with a complete offering in their payment management through corporate cards, leveraging Santander's presence in the corporate and SME segments.
•Connect card issuing and acquiring platforms, developing new business opportunities between Cards and Getnet.
•Improve payment experience through cards:
•Offer our customers the most seamless and convenient card payment experience through Invisible Payments, both for face-to-face and e-commerce purchases.
•Expand, develop and adopt common digital services that improve customer experience.
•Build and implement our global card processing tech platform:
•Once the debit solution is completed, the aim for 2025 is to finish the credit solution development and to improve the solution for corporates.
•After starting the debit integration in Brazil, continue implementing the platform in the other countries, and start with the credit integration once the building is complete.
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Customer experienceOperational leverageGlobal platform
Deliver best-in-class
payment solutions
leveraging our global
and local scale
Reduce cost per transaction through capex optimization and operational efficiency

Migrate volumes to
common global platforms
to gain scale and offer
competitive pricing
in the open market
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Secondary segments

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 Europe
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Spain
•Continue to grow and develop our customer base, providing personalized answers to our customers' needs and the best experience, to become their main bank.
•Evolve our operating model towards a digital bank with branches, moving forward in the simplification of products and services, digitalization and the elimination of operational processes to focus on value creation.
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United Kingdom
•Prioritize profitability, through pricing discipline and planned balance sheet optimization, growing through customer engagement and exceptional customer experience.

•Continue transforming the bank through simplification and digitalization, in order to improve efficiency and performance.
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Portugal
•Further our commercial and digital transformation, focusing on excellence in customer experience and satisfaction.
•Remain best-in-class in terms of efficiency and profitability, creating value with an appropriate return on capital.
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Poland
•Accelerate our digital transformation, through increased availability of products and services through digital channels.
•Continue to improve customer and employee experience.
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 DCB Europe
In 2025, our strategic priorities include:
•Expand our European leadership with strong focus on profitability, through competitive, innovative financing products and solutions.
•Auto: expand the implementation of the operational leasing platform, digitalize customer journeys, grow partnerships and deliver the best customer experience.
•Consumer lending: continue to expand partnerships through Zinia and transform our consumer lending business.
•Transform our operating model through global platforms, the simplification and the automatization of processes, aiming to become the most cost competitive player in the market.
•Reduce sensitivity to interest rates by increasing deposit gathering, optimizing the balance sheet and maintaining a strict capital allocation.


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 North America
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US
•Deliver strategic priorities through disciplined capital allocation, focused on customer-centric growth in businesses that benefit from Santander’s global network or operate at scale locally and where we have deep expertise.
•Consumer: leverage Group-developed digital platforms to support profitable growth.
•CIB: enhance advisory and investment banking capabilities focused on profitable client relationships and expanding our product and services offering.
•Wealth: accelerate growth through initiatives to expand cross-border client relationships, while enhancing local private banking.


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Mexico
•Strengthen our Retail transformation and enhance our model by focusing on digital offerings and channels, new service models, continued product simplification and customer primacy.
•Roll-out new digital capabilities, particularly through the launch of Openbank, to challenge the rise of neobanks with a superior and fully-digital value proposition.
•Grow selectively, rebalancing our asset mix towards more profitable and capital-light businesses.
•Reinforce our low-cost producer positioning, offering the best products at the best price while improving our deposit mix.


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 South America
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Brazil
•Focus on being the primary bank for our customers. Sustain value creation and continue to personalize our offering and improve customer experience, through intensive use of technology.
•Continue with our sustainable growth strategy, focusing on disciplined capital management, process optimization and cost reduction to improve profitability.
•Further diversify our asset portfolio and boost our liabilities business and transactional revenue.
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Chile
•Continue to digitally transform the bank, capturing new customers, maintaining our NPS leadership and consolidating our position in the mass segment through new product offerings.
•Strengthen our corporate and private banking franchise, with specialized value propositions and a leadership position in transactional foreign exchange and Wealth Management products.
•Continue to transform our operating model, boosting global initiatives, converging our platforms, further simplifying our offering and reducing cost per active customer.
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Argentina
•Further develop our financial platform, promoting synergies between businesses and within value chains, and consolidating recent inorganic acquisitions.
•Continue to pursue our profitable growth and value creation strategy. Increase productivity and reduce cost to serve by streamlining products and processes. Focus on operational excellence and market leadership in customer experience.
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8. ALTERNATIVE PERFORMANCE MEASURES (APMs)
In addition to the financial information prepared under IFRS, this consolidated directors’ report contains financial measures that constitute alternative performance measures (APMs) to comply with the guidelines on alternative performance measures issued by the European Securities and Markets Authority on 5 October 2015 and non-IFRS measures.
The financial measures contained in this consolidated directors’ report that qualify as APMs and non-IFRS measures have been calculated using our financial information but are not defined or detailed in the applicable financial information framework or under IFRS and therefore have neither been audited nor are susceptible to being fully audited.
We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period. While we believe that these APMs and non-IFRS financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute of IFRS measures. In addition, the way in which Santander defines and calculates these APMs and non-IFRS measures may differ from the calculations used by other companies with similar measures and, therefore, may not be comparable.

Additional APMs to those included in this section are presented in section SN 9. 'Alternative Performance Measures' of the 'Sustainability statement' chapter.

The APMs and non-IFRS measures we use in this document can be categorized as follows:
Underlying results
In addition to IFRS results measures, we present some results measures which are non-IFRS and which we refer to as underlying measures. These measures allow in our view a better year-on-year comparability given that they exclude items outside the ordinary performance of our business (e.g. capital gains, write-downs, impairment of goodwill) or certain line items have been reclassified in the underlying ("adjusted") income statement, as their impact on profit is zero, to better understand the trends in the business. Further information is included at the end of section 3.2 'Results'.
In addition, in section 4. 'Financial information by segment' covering the primary and secondary segments, results are presented only on an underlying basis in accordance with IFRS 8. The use of this information by the Group’s governance bodies and a reconciliation on an aggregate basis to our IFRS consolidated results can be found in note 52.c to our consolidated financial statements.

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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, while the efficiency ratio measures how much general administrative expenses (personnel and other) and amortization costs are needed to generate revenue.
Additionally, goodwill adjustments have been removed from the RoTE numerator as, since they are not considered in the denominator, we believe this calculation is more correct.
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)
RoTE
Profit attributable to the parent B
This is used to evaluate the profitability of the company as a percentage of its tangible equity. 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
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
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
RoRACUnderlying consolidated profitThis is the return on economic capital required internally (necessary to support all risks inherent in our activity).
(Return on Risk-Adjusted Capital)Average economic capital
Economic Value AddedUnderlying consolidated profit – (average economic capital x cost of capital) Economic value added is the profit generated in excess of the cost of economic capital employed. This measures risk-adjusted returns in absolute terms, complementing the RoRAC approach.
Efficiency
Operating expenses 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.
C.Operating expenses = Administrative expenses + amortizations.

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Profitability and efficiency A B (EUR million and %)

202420232022
RoE13.00 %11.91 %10.67 %
   Profit attributable to the parent12,57411,0769,605
   Average stockholders' equity (excluding minority interests)96,74493,03589,986
RoTE16.27 %15.06 %13.37 %
   Profit attributable to the parent12,57411,0769,605
   (-) Goodwill impairment(4)(20)—
   Profit attributable to the parent (excluding goodwill impairment)12,57811,0969,605
   Average stockholders' equity (excluding minority interests)96,74493,03589,986
   (-) Average intangible assets19,42819,36118,164
   Average stockholders' equity (excl. minority interests) - intangible assets77,31673,67571,822
RoA0.76 %0.69 %0.63 %
   Consolidated profit13,74412,20910,764
   Average total assets1,803,2721,773,1031,720,273
RoRWA2.18 %1.96 %1.77 %
   Consolidated profit13,74412,20910,764
   Average risk-weighted assets630,494624,031606,952
RoRAC 17.52 %15.34 %14.00 %
   Consolidated profit13,74412,20910,764
   (-) Net capital gains and provisions———
   Underlying consolidated profit13,74412,20910,764
   Average economic capital78,43079,60576,872
Economic value added4,3323,2852,146
   Underlying consolidated profit13,74412,20910,764
   (-) Average economic capital x cost of capital(9,412)(8,924)(8,617)
       Average economic capital78,43079,60576,872
       Cost of capital12.00 %11.21 %11.21 %
Efficiency ratio41.8 %44.1 %45.8 %
   Underlying operating expenses26,03425,42523,903
      Operating expenses26,03425,42523,903
      Adjustments to operating expenses for items outside ordinary course of businesses C
———
   Underlying total income62,21157,64752,154
      Total income61,87657,42352,117
      Adjustments to total income for items outside ordinary course of businesses C
33522437
A.Averages included in the RoE, RoTE, 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.Following the adjustments in note 52.c to the consolidated financial statements.
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Ratio Formula Relevance of the metric
Global business RoTEProfit attributable to the parent excluding goodwill impairmentThis indicator is used to evaluate the profitability of the company as a percentage of its tangible equity. It's measured as the return that shareholders receive as a percentage of the funds invested in the entity less intangible assets.
Average stockholders' equity (excl. minority interests) - intangible assets A
A.Allocated according to RWA consumption.
RoTE (EUR million and %)
20242023
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking18.9 7,265 38,482 15.1 5,659 37,362 
Digital Consumer Bank9.8 1,663 17,050 11.5 1,901 16,502 
Corporate & Investment Banking18.1 2,740 15,178 17.5 2,440 13,922 
Wealth Management & Insurance78.7 1,650 2,097 72.2 1,467 2,033 
Payments15.6 415 2,664 24.9 627 2,512 
PagoNxt
Cards32.6 712 2,187 35.5 684 1,928 
Europe16.9 6,645 39,292 14.5 5,489 37,931 
   Spain21.7 3,762 17,347 14.2 2,371 16,742 
   United Kingdom11.1 1,306 11,781 13.0 1,545 11,874 
   Portugal25.4 1,001 3,948 25.9 896 3,458 
   Poland20.2 800 3,956 17.7 674 3,810 
DCB Europe6.4 642 10,055 12.3 1,199 9,721 
North America11.2 2,580 23,089 9.8 2,360 24,183 
   US7.5 1,109 14,742 6.1 932 15,355 
   Mexico20.0 1,671 8,343 17.7 1,560 8,814 
South America18.7 3,865 20,671 14.4 3,045 21,097 
   Brazil17.5 2,424 13,853 13.7 1,921 13,987 
   Chile17.0 629 3,693 14.8 582 3,925 
   Argentina34.8 665 1,909 55.6 386 694 
Numerator: profit attributable to the parent excluding goodwill impairment.
Denominator: average stockholders' equity (excluding minority interests) - intangible assets, for global businesses allocated according to RWA consumption.
PagoNxt's RoTE 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 %)
20242023
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking39.7 12,877 32,461 43.1 12,825 29,754 
Digital Consumer Bank40.1 5,183 12,916 42.8 5,263 12,296 
Corporate & Investment Banking45.6 3,807 8,343 45.0 3,387 7,527 
Wealth Management & Insurance35.9 1,313 3,661 37.9 1,216 3,210 
Payments45.0 2,475 5,505 44.2 2,344 5,298 
PagoNxt93.6 1,160 1,240 95.7 1,091 1,140 
Cards30.8 1,315 4,265 30.1 1,253 4,158 
Europe40.0 9,407 23,510 42.1 9,030 21,439 
   Spain35.7 4,271 11,974 41.7 4,227 10,132 
   United Kingdom55.9 2,918 5,216 49.7 2,745 5,525 
   Portugal26.1 548 2,100 27.3 542 1,982 
   Poland27.1 965 3,555 27.1 862 3,182 
DCB Europe45.9 2,604 5,679 47.6 2,618 5,502 
North America48.2 6,701 13,915 49.1 6,465 13,174 
   US50.5 3,830 7,580 51.0 3,679 7,209 
   Mexico42.5 2,665 6,278 43.9 2,588 5,899 
South America35.1 6,943 19,783 38.5 6,920 17,971 
   Brazil32.1 4,352 13,536 34.6 4,529 13,104 
   Chile36.0 933 2,592 44.6 1,020 2,285 
   Argentina41.1 1,022 2,487 50.2 775 1,544 
Numerator: underlying operating expenses.
Denominator: underlying total income.
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Credit risk indicators
The credit risk indicators measure the quality of the credit portfolio and the percentage of non-performing loans covered by provisions.
RatioFormulaRelevance of the metric
NPL ratio
(Non-performing loans ratio)
Credit impaired customer loans and advances, guarantees and undrawn balancesThe 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.
Total Risk A
NPL coverage ratioTotal allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balancesThe 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
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 portfolio. As such, it acts as an indicator of credit quality.
Average loans and advances to customers over the last 12 months
A.Total risk = non-impaired and impaired customer loans and advances and guarantees + impaired undrawn customer balances.
Credit risk (I) (EUR million and %)

202420232022
NPL ratio3.05 %3.14 %3.08 %
Credit impaired customer loans and advances, guarantees and undrawn balances35,26535,62034,673
Gross loans and advances to customers registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through profit or loss' classified in stage 3 (OCI), excluding POCI (Purchased or Originated Credit Impaired)33,56833,82132,617
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired163273271
Customer guarantees and undrawn balances classified in stage 31,5211,5171,776
Doubtful exposure of loans and advances to customers at fair value through profit or loss1399
Total risk1,157,2741,133,8981,124,121
Impaired and non-impaired gross loans and advances to customers1,076,1951,059,1351,058,688
Impaired and non-impaired customer guarantees and impaired undrawn customer balances81,07974,76365,433
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Credit risk (II) (EUR million and %)

202420232022
NPL coverage ratio64.8 %65.9 %67.5 %
Total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances22,83523,49023,418
Total allowances to cover impairment losses on loans and advances to customers measured at amortized cost and designated at fair value through OCI22,12522,78822,684
Total allowances to cover impairment losses on customer guarantees and undrawn balances710702734
Credit impaired customer loans and advances, guarantees and undrawn balances35,26535,62034,673
Gross loans and advances to customers registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through profit or loss' classified in stage 3 (OCI), excluding POCI (Purchased or Originated Credit Impaired)33,56833,82132,617
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired163273271
Customer guarantees and undrawn balances classified in stage 31,5211,5171,776
Doubtful exposure of loans and advances to customers at fair value through profit or loss1399
Cost of risk1.15 %1.18 %0.99 %
Underlying allowances for loan-loss provisions over the last 12 months12,33312,45810,509
Allowances for loan-loss provisions over the last 12 months12,68512,93210,836
Adjustments to loan-loss provisions for items outside ordinary course of businesses -352-474-327
Average loans and advances to customers over the last 12 months1,075,8211,059,5661,059,972
NPL ratio (EUR million and %)
20242023
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking3.18 20,468 643,782 3.21 20,961 652,382 
Digital Consumer Bank5.07 10,992 216,613 4.75 9,831 207,107 
Corporate & Investment Banking0.86 2,068 241,078 1.36 3,007 221,593 
Wealth Management & Insurance0.67 169 25,226 1.40 330 23,612 
Payments5.14 1,266 24,615 5.02 1,191 23,710 
PagoNxt
Cards5.25 1,235 23,526 5.11 1,151 22,513 
Europe2.15 13,774 640,094 2.32 14,495 624,696 
   Spain2.68 7,672 285,883 3.06 8,529 278,569 
   United Kingdom1.33 3,299 248,061 1.42 3,518 247,360 
   Portugal2.40 993 41,418 2.59 1,024 39,503 
   Poland3.66 1,636 44,704 3.55 1,397 39,329 
DCB Europe2.50 3,527 141,312 2.12 2,877 135,608 
North America4.22 8,375 198,607 4.09 7,805 190,720 
   US4.72 7,012 148,643 4.57 6,303 137,893 
   Mexico2.71 1,352 49,927 2.82 1,489 52,785 
South America5.42 9,287 171,301 5.72 10,142 177,380 
   Brazil6.14 6,418 104,519 6.56 7,479 113,937 
   Chile5.37 2,394 44,590 5.01 2,332 46,565 
   Argentina2.06 173 8,411 1.99 78 3,903 
Numerator: credit impaired customer loans and advances, guarantees and undrawn balances.
Denominator: total risk.
PagoNxt's NPL ratio is not provided as we do not consider it a relevant metric for this type of business.
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NPL coverage ratio (EUR million and %)






20242023
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking58.4 11,949 20,468 61.4 12,868 20,961 
Digital Consumer Bank73.6 8,088 10,992 76.5 7,521 9,831 
Corporate & Investment Banking39.3 812 2,068 41.2 1,240 3,007 
Wealth Management & Insurance80.3 135 169 29.3 97 330 
Payments140.1 1,774 1,266 139.8 1,665 1,191 
PagoNxt
Cards141.9 1,752 1,235 142.1 1,636 1,151 
Europe50.2 6,909 13,774 49.3 7,147 14,495 
   Spain52.6 4,039 7,672 49.1 4,185 8,529 
   United Kingdom29.3 967 3,299 30.3 1,066 3,518 
   Portugal79.4 789 993 82.7 847 1,024 
   Poland61.9 1,013 1,636 73.3 1,024 1,397 
DCB Europe82.5 2,910 3,527 88.0 2,532 2,877 
North America69.7 5,836 8,375 73.8 5,763 7,805 
   US63.8 4,471 7,012 67.7 4,265 6,303 
   Mexico100.4 1,358 1,352 100.0 1,489 1,489 
South America76.5 7,103 9,287 78.4 7,948 10,142 
   Brazil82.7 5,311 6,418 84.7 6,338 7,479 
   Chile49.9 1,196 2,394 52.7 1,230 2,332 
   Argentina177.1 307 173 165.7 128 78 
Numerator: total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances.
Denominator: credit impaired customer loans and advances, guarantees and undrawn balances.
PagoNxt's 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 %)


20242023
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking0.92 5,845 632,300 1.02 6,540 638,166 
Digital Consumer Bank2.16 4,562 210,747 2.04 4,106 201,376 
Corporate & Investment Banking0.10 174 180,565 0.10 165 168,553 
Wealth Management & Insurance0.18 41 23,264 (0.08)(17)22,366 
Payments7.39 1,714 23,183 7.22 1,666 23,060 
PagoNxt
Cards7.64 1,698 22,225 7.44 1,642 22,058 
Europe0.32 1,862 590,624 0.44 2,533 582,256 
   Spain0.50 1,259 249,759 0.62 1,522 246,660 
   United Kingdom0.03 64 251,348 0.10 247 251,362 
   Portugal0.03 11 38,454 0.20 77 38,546 
   Poland1.38 511 37,138 2.08 674 32,385 
DCB Europe0.88 1,209 137,165 0.62 792 128,583 
North America2.04 3,786 185,873 2.05 3,733 182,037 
   US1.82 2,507 137,581 1.92 2,593 135,190 
   Mexico2.64 1,277 48,439 2.43 1,135 46,729 
South America3.50 5,478 156,397 3.36 5,401 160,644 
   Brazil4.51 4,487 99,532 4.77 4,701 98,555 
   Chile1.19 497 41,582 0.80 365 45,637 
   Argentina4.59 284 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 over the last 12 months.
PagoNxt's cost of risk is not provided as we do not consider it a relevant metric for this type of business.
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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 Asset Management and Santander Insurance 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-24Dec-23Dec-22
TNAV (tangible book value) per share5.244.764.26
   Tangible book value79,34275,55270,459
   Number of shares excl. treasury stock (million)15,13715,88616,551
Price to tangible book value per share (X)0.850.790.66
   Share price (euros)4.4653.7802.803
   TNAV (tangible book value) per share5.244.764.26
Loan-to-deposit ratio100 %99 %103 %
   Net loans and advances to customers1,054,0691,036,3491,036,004
   Customer deposits1,055,9361,047,1691,009,722
20242023
PAT + After tax fees (in Wealth) (Constant EUR million)3,3993,039
   Profit after tax1,7281,518
   Net fee income net of tax1,6711,521


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Impact of exchange rate movements on profit and loss accounts
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 level as well as the business unit level, 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 2024 to all periods contemplated in the analysis. 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.
Impact of exchange rate movements on the balance sheet
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 and regions 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 2024 to all periods contemplated in the analysis. 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.
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 reflects 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 takes 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 the year, the value of this exchange rate did not significantly differ from other market rates or the official exchange rate.
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)
2024202320242023
US dollar1.082 1.081 1.039 1.105 
Pound sterling0.846 0.870 0.829 0.868 
Brazilian real5.809 5.397 6.427 5.365 
Mexican peso19.723 19.158 21.554 18.691 
Chilean peso1,020.473 906.417 1,032.560 965.192 
Argentine peso A
1,232.389 893.635 
Polish zloty4.305 4.538 4.275 4.343 
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 apply an alternative exchange rate for the Argentine peso that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods).


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Impact of inflation on operating expenses
Santander presents, for both the Group and the business units included in the primary and secondary segments: i) the changes in operating expenses 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 over the year except for Argentina as 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 regions and global businesses, as the weighted average the inflation rate of each country comprising the regions or global business, weighted by each country's operating expenses in the region or global business. For the Group, the global businesses and South America, we exclude the impact of inflation in Argentina from the calculation of the region's average inflation as 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.
Average inflation 2024 (%)
Average inflation last 12 months
Retail & Commercial Banking A
3.4
Digital Consumer Bank A
2.7
Corporate & Investment Banking A
3.2
Wealth Management & Insurance A
3.1
PaymentsA
3.3
Europe2.8
   Spain2.8
   United Kingdom2.5
   Portugal2.4
   Poland3.7
DCB Europe2.4
North America3.7
   US3.0
   Mexico4.7
South America A
3.9
   Brazil4.4
   Chile4.3
Total Group A
3.3
A.Excluding the impact of inflation in Argentina.
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01_Modelodenegocio.jpg
RISK MANAGEMENT AND COMPLIANCE
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Our risk management and compliance is key to making us a solid, safe and sustainable bank that helps people and businesses prosper
2024 Highlights
→Credit quality indicators improved despite the macro and geopolitical scenario.
→The operational risk profile did not show significant changes in the year, maintaining a focus on risks related to process execution, suppliers and cyberrisk.
NPL ratio
3.05%
-9 bp /2023
Cost of risk
1.15%
-3 bp /2023
→In compliance risk, our profile remained stable, with continuous progress in enhancing the Group's FCC risk profile and proactive management of conduct related risks to support delivering effective customer outcomes.
→VaR remained at moderate levels in an economic context marked by geopolitical risk and the evolution of inflation. Robust and diversified liquidity buffer.
Avg. VaR
€17.1 Mn
 +5.4 Mn /2023
LCR ratio1
168%
→During 2024, technological transformation was strengthened and the model risk function was simplified, making it more efficient. Additionally, the model inventory was reviewed from the perspective of the five global businesses, seeking effective management aligned with the Group's strategy.
→Capital optimization with updated models that allow for better capital allocation in our businesses.
Fully-loaded CET1 ratio2
12.8%
+51 bp /2023
RWAs
€625 Bn
 +1 Bn /2023
→In strategic risk, we focused on monitoring the evolution and potential impact of geopolitical risks, and on effectively challenging our three-year financial plan and strategic initiatives to support the Group's transformation.
1 Group LCR: Calculated since 2024 to better reflect the restrictions to transferability of assets, using an internal methodology that determines the minimum common coverage percentage simultaneously across all the Group’s jurisdictions, considering all existing restrictions on liquidity transfer in third countries.
2 Fully-loaded IFRS 9.
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1. RISK MANAGEMENT AND CONTROL MODEL
505
1.1 Risk principles and culture
505
1.2 Key risk types
505
1.3 Risk and compliance governance
506
1.4 Risk management processes and tools
508
Risk appetite and structure of limits
508
Risk profile assessment (RPA)
510
Scenario analysis
510
Risk reporting structure
511
1.5 Internal control system
511
2. CREDIT RISK
512
2.1 Introduction
512
2.2 Credit risk management
512
2.3 Key metrics
513
2.4 Other credit risk details
519
3. MARKET, STRUCTURAL AND LIQUIDITY RISK
524
3.1 Introduction
524
3.2 Market risk management
524
3.3 Key market risk metrics
527
3.4 Structural balance sheet risk management
530
3.5 Key structural balance sheet risk metrics
531
3.6 Liquidity risk management
533
3.7 Key liquidity risk metrics
533
3.8 Actuarial, pension and insurance risk management
534
4. CAPITAL RISK
535
4.1 Introduction
535
4.2 Capital risk management
535
4.3 Key metrics
536
5. OPERATIONAL RISK
537
5.1 Introduction
537
5.2 Operational risk management
537
5.3 Key metrics
542
6. COMPLIANCE RISK
543
6.1 Introduction
543
6.2 Compliance risk management
543
7. MODEL RISK
549
7.1 Introduction
549
7.2 Model risk management
549
8. STRATEGIC RISK
551
8.1 Introduction
551
8.2 Strategic risk management
551
8.3 Emerging risks in 2024
552
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1. RISK MANAGEMENT AND CONTROL MODEL
Our risk management and control model is underpinned by common principles, a solid risk culture, a clear governance structure and advanced management processes for different risk types.
Robust corporate governance is crucial to the functioning of banks and, especially, to risk management. According to regulatory requirements, Grupo Santander's governance structure and risk management enable the board of directors and top management to receive accurate information, make decisions on strategy and oversee every risk to which the bank is exposed to check consistency with our risk appetite and set limits.
1.1 Risk principles and culture
Grupo Santander's risk management and control must follow these mandatory principles and our risk culture (Risk Pro), which consider regulatory requirements and best market practices:
1.All employees are risk managers who must understand the risks that their work can pose and avoid taken risks that will exceed the Group’s risk appetite or have an unknown impact.
2.Senior managers must be involved to promote consistent risk management and control through their conduct, action and communications, as well as reviewing our risk culture and making sure we keep our risk profile within risk appetite.
3.Independence of risk management and control functions, according to our three lines of defence model (described in detail in section 1.3 'Risk and compliance governance') and with clearly defined roles and responsibilities.
4.We take a forward-looking, comprehensive approach for all businesses and risk types, which should be proactive and analyse trends over different time periods and under different scenarios.
5.Effective information management to identify, assess, manage and disclose risks at appropriate levels.

Risk culture - Risk Pro
One of the pillars of the Group's culture, The Santander Way, is our solid risk culture, Risk Pro (or 'I AM RISK' in the US), which is a key lever of the Group's purpose to help people and businesses prosper.
Risk Pro is each employee’s accountability for the risks taken in their day to day and their individual contribution to identifying, assessing and managing risks properly and responsibly. In addition, it is part of all stages of the employee life cycle: recruitment, training, day-to-day activities, remuneration, and recognition.
Because communication is a key tool in embedding our risk culture, in 2024 we enhanced all units’ communications and awareness plans in this area.
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For more details about Group's risk culture, see the section '4.1. Corporate culture' of the 'Sustainability statement'.

1.2 Key risk types
Grupo Santander has suitable procedures in place to identify, measure, manage, control and report the risks that we are exposed to in our day-to-day operations and under special circumstances.
The Risk and Compliance functions follow internal regulations for each type of risk. These regulations define the processes, tools, responsibilities, roles, and governance requirements necessary to establish our control environment.
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Our corporate risk framework defines each key risk type. They are (click on each one type for more details):
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MoreInfo2022transparentwhite.gif ESG risk factors
Given the cross-cutting impact that ESG (environmental, social and governance) risk factors can have on the different types of risks that exist in different time horizons, our ESG risk management requires a comprehensive view to be able to manage and control these risks correctly, align with the Group’s sustainability strategy, and meet regulatory requirements and supervisory expectations.
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For more details about ESG factor management, see the section '2.3 Embedding ESG in risk management' of the 'Sustainability statement'.
1.3 Risk and compliance governance
Our risk and compliance governance structure emanates from our board of directors and is set up to promote autonomy between management and control functions according to our three lines of defence model. Our units’ adherence to corporate frameworks gives us a common governance model that we replicate across our footprint.
Lines of defence
Grupo Santander’s risk governance keeps the functions of each line of defence separate to manage and control risks effectively. This model is key to ensuring that the Group remains robust, secure and sustainable.
1st
The business and support functions that take or originate risks are primarily responsible for managing them. The first line detects, measures, controls, monitors and reports on the risks it originates according to internal risk management policies, models and procedures. Risk management must be consistent with the approved risk appetite and related limits. The first line of defence executes the mitigation plans for the risks where we have identified shortcomings in their control environment.
2nd
The second line of defence, comprising the risk and compliance functions, independently oversees and challenges risk management at the first line of defence. Its duties include promoting that risks are managed according to the senior management approved risk appetite, and strengthening our risk culture across the Group. The second line of defence must supervise and challenge the control environment implemented by the first line.
3rd
The third line of defence, which is the Internal Audit functions, is fully independent to give the board and senior management assurance of high-quality and efficient internal control, governance and risk management to verify that we comply with the law and to preserve our value, solvency and reputation.
Risk, compliance and internal audit functions are sufficiently separate and independent from each other. Each function has direct access to the board and its committees. The risk and compliance functions report to the risk supervision, regulation and compliance committee and the internal audit function reports to the audit committee.
Risk and compliance committees' structure
The Group’s risk and compliance governance covers our day-to-day operations and special situations. It is supported by a clearly defined committee structure, from the board of directors and board committees to top level committees and lower level forums.
Our governance aims to facilitate effective and efficient decision-making on risks, oversee risk control, and check that we manage risks according to the risk appetite set by the Group and subsidiary boards of directors. To achieve these aims, our risk and compliance governance keeps risk control and risk-taking separate.
The board of directors has final oversight of risk and compliance management and control to promote a sound risk culture and to review and approve risk appetite and policy, with support from its risk supervision, regulation and compliance committee (RSRCC) and its executive committee.
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For more details, see section 4.8 ‘Risk supervision, regulation and compliance committee activities in 2024’ on 'Corporate governance' chapter.
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Board level:

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Board of directors
Risk management
Risk control
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Executive committee
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Risk supervision, regulation and compliance committee
Executive level:
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Executive risk committee (ERC)
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Risk control committee (RCC)
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Compliance and conduct committee
Chair:
CEO
CRO
CCO
Frequency:
WeeklyMonthlyMonthly
Fora:
•Model approval forum
•Risk proposal forum
•Market, structural, liquidity and capital risk control forum
•Credit risk control forum
•Provisions forum
•Corporate product governance forum
•Financial crime compliance forum

Our governance structure includes key positions and executive level committees that enable us to perform effective risk control and oversight.
The Group chief risk officer (CRO), who leads the implementation and execution of our risk strategy and promotes proper risk culture, is in charge of overseeing all risks, as well as challenging and advising business lines on risk management.
The Group chief compliance officer (CCO) leads the implementation and execution of the compliance risk strategy and is in charge of overseeing the risks within their purview and reporting on them to the CRO.
The CRO and the CCO report directly to both the risk supervision, regulation and compliance committee and the board of directors.
The executive risk committee, the risk control committee and the compliance and conduct committee are executive committees with powers delegated from the board.
Executive risk committee (ERC)
The ERC manages risk with board-given authority to accept, modify or escalate the important models as well as actions and transactions that may pose significant risk to the Group. It makes the highest-level risk decisions, mindful of risk appetite. It is formed of the CEO and other senior managers from the Risk, Finance and Compliance areas. The CRO can veto the committee’s resolutions.
Risk control committee (RCC)
The RCC controls and provides a holistic overview of risks. It makes sure business lines are managed according to the board-approved
risk appetite. It also determines and checks the impact of existing and emerging risks on Grupo Santander's risk profile. It is formed of senior officers from the Risk, Compliance, Financial Accounting and Control, and other areas. From time to time, subsidiary-level CROs to report the committee on their risk profile.
Compliance & conduct committee
This committee monitors and reviews compliance risk management and oversees corrective measures for new risks and risks detected among management-related deficiencies. It is formed of senior officers from the Compliance, Risk, Financial Accounting and Control, and other areas. The chair holds the casting vote over the committee’s resolutions.
Executive-level committees delegate some duties to management and control fora and meetings (see chart above) that:
•inform the CRO, the CCO, the risk control committee, and the compliance and control committee if risks are being managed within risk appetite;
•regularly monitor each key risk type; and
•oversee measures to meet supervisors' and auditors’ expectations.
In 2024, the reputational risk forum was embedded in the compliance committee as a simplification proposal suggested. Recurrent updates on these reputational risk matters are presented to the compliance committee.
Grupo Santander can establish additional governance measures for special situations. We have upgraded the monitoring of all risks, with special attention to the main macroeconomic indicators,
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liquidity, vulnerable sectors and customers, cybersecurity reinforcement, among other areas. The special situations forums we have set up are enabling us to cope with the geopolitical and macroeconomic environment landscape resiliently.
Group-subsidiary relations
Grupo Santander subsidiaries’ risk and compliance management and control model is consistent with the frameworks approved by the Group board of directors. Subsidiaries adhere to the frameworks through their own boards and can only adapt to higher standards according to local law and regulation.
As part of our aggregate risk oversight, we challenge and ratify subsidiaries’ internal regulation and transactions to create a common risk management and control model across the Group.
The risk and compliance functions will continue to support the businesses and oversee risk control both globally and locally. Throughout the year, we continued to build on our group-subsidiary governance model (GSGM) by leveraging our global scale to uncover synergy under a common operating model and platform. The model promotes process simplification and more enhanced control to help grow the business.
The GSGM sets out the principles that govern the relationship between Group and subsidiary key positions to safeguard the independence of the second lines of defence in local units. The CRO, the CCO and regional heads of risk are involved in appointing, setting objectives for, reviewing and compensating their country-unit counterparts and assessing whether risks are properly controlled.

Our subsidiaries work together to strengthen group- subsidiary relations effectively through these common initiatives:
•Enhancing organizational structures based on subsidiary benchmarks and strategic vision to promote more advanced risk management infrastructures and practices;
•Exchanging best practices to strengthen processes and drive innovation to have a quantitative impact;
•Promoting internal talent and encouraging geographic and functional mobility, which we placed special emphasis on in 2024. Continuous investment in our risk employees’ development and promoting diverse teams and a global outlook are key to boosting risk expertise across our footprint.
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For more details on our relationship with our subsidiaries, see section 7. ‘Group structure and internal governance’ of the 'Corporate Governance' chapter.
1.4 Risk management processes and tools
In the following section, we describe Grupo Santander's processes and tools to carry out effective risk management.
Risk appetite and structure of limits
Risk appetite is the aggregate level and types of risk we deem prudent for our business strategy, even in unforeseen circumstances.
The risk appetite is expressed through qualitative statements and quantitative limits and metrics representative of the bank’s risk profile. Those metrics cover all key risk types according to our corporate risk framework. We articulate them in five axes that provide us with a holistic view of all risks we incur in the development of our business model:
Key risks
Risk Appetite axesCredit riskMarket riskLiquidity riskStructural riskOperat. riskFinancial Crime RiskModel riskReputat. riskStrategic risk
P&L volatility
Control of P&L volatility associated with business plan under baseline and stressed conditions
SolvencyControl of capital ratios under baseline and stressed scenarios (aligned with ICAAP)
LiquidityControl of liquidity ratios under base and stress scenarios (aligned with ILAAP)
Concentration
Control of concentration levels in customers, sectors and portfolios
Non financial risks & control environment
Solid controls on non financial risks aimed to minimize financial, operative, technological losses, as well as legal and regulatory breaches, and conduct events or reputational damage


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Our risk appetite and business model rests on:
•a medium-low, predictable target risk profile, customer focus, internationally diversified operations and a significant market share;
•stable, recurrent earnings and shareholder remuneration, sustained by a sound base of capital, liquidity and sources of funding;
•autonomous subsidiaries that are self-sufficient in terms of capital and liquidity to safeguard their risk profiles against compromising the Group’s profile;
•an independent risk function and a senior management actively engaged in supporting a robust control environment and risk culture; and
•a conduct model that protects our customers and our Simple, Personal and Fair culture.
Risk appetite is governed throughout the Group by the following principles:
•Risk appetite is part of the board's duties. It prepares the risk appetite statement (RAS) for the whole Group every year. In a cascading down process, each subsidiary's board also sets its own risk appetite.

•Comprehensiveness and forward-looking approach. Our appetite includes of all material risks that we are exposed to and defines our target risk profile for the current and medium term with a forward-looking view considering stress scenarios.
To promote that all material risks are adequately represented, we use corporate methodologies to identify and assess the risk to which we are exposed to, in the different counties, and are inherent to our activities (emerging risks and risk control self-assessment — RCSA— among others).

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For more details on these exercises see sections ‘Management and control model’ 5.2 Operational risk management' and '8.3 Emerging risks'.
•Common standards embedded in the day-to-day risk management. The Group shares the same risk appetite model, which sets common requirements for processes, metrics, governance bodies, controls and standards. It also facilitates an effective and traceable embedding of our appetite into more granular management policies and limits across our subsidiaries.
•Continuous adaptation to market best practices, regulatory requirements and supervisors’ expectations.
•Aligning with business plans and strategy. The risk appetite is a key point of reference for strategic and business planning. We verify that the three-year strategic plans, the annual budget, and capital and liquidity planning are within the limits set in the RAS before we approve them.
RAF
RAS
(Risk appetite statement and limits)
Group's RAS
RAS
Unit 1		RAS
Unit 2		RAS
Unit n
RAF
(Management limits)
Global limits & policiesRisk limits & policies
Unit 1		Risk limits & policies
Unit 2		Risk limits & policies
Unit n
RAF Risk appetite framework

We promote that strategic and business plans are aligned with our risk appetite by:
•considering the risk appetite, long-term strategic view and the risk culture when drafting strategic and business plans.
•challenging business and strategic plans against the risk appetite. Misalignments trigger a review of either the three-year strategic plan (to make sure we stay within RAS limits) or risk appetite limits, with independent governance.
•control through the three lines of defence model that the risk appetite limits are subject to periodic oversight and that the specialized control functions report on risk profile and compliance with limits to the board and its committees every month.
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Risk profile assessment (RPA)
Risk identification and assessment activities, and risk profile calculation extend to all types of risks arising from the entity's activities. The risk framework, reviewed annually, defines the key risk types resulting from the Group's main risk identification and assessment exercises.
Risk identification encompasses all processes aimed at detecting risks and vulnerabilities, both internal and external, to which the Group is exposed. These processes enable the responsible functions to become aware of these risks and form the starting point for effective management and control.
Risk assessment includes processes through which the relevance of identified risks is determined, quantitatively and/or qualitatively, considering both inherent risk (before considering the effects of associated mitigant and controls) and residual risk levels.
We systematically evaluate the Group's risk profile and its subsidiaries using a unique RPA methodology, based on the fundamental principles of the risk identification and assessment model: responsibility of all functions, efficiency, common methodologies, completeness in covering all risks, materiality, and orientation towards corrective and mitigation actions.
The calculation of the risk profile according to this methodology generates results through a scoring system composed of four materiality categories: low, medium-low, medium-high and high. This allows for monitoring the risk appetite approved by the board. Additionally, it provides a holistic view of all risks at a given point in time, enabling the identification of management weaknesses and potential deviations from the business plan, on which corrective actions can be taken. It provides evidence of prudent risk management, confirming strong solvency ratios and comfortable liquidity levels.
Our objective is to maintain a medium-low risk profile, stable in an environment dominated by market volatility, a gradual decline in inflation, and ongoing geopolitical tensions. Prudent and forward-looking risk management means strong profitability indicators and credit quality at year-end, as well as a solid liquidity risk profile.
Scenario analysis
Scenario analyses enable us to measure the resilience of our balance sheet, financial statements and our capital adequacy under stressful conditions. We use the findings of these analyses to review our risk appetite and draw up actions to mitigate expected losses or, if needed, to reduce capital and liquidity.
Scenario analyses also enable senior management to comprehend the nature and scope of the vulnerabilities to which the Group is exposed in the execution of its business plan.
Our Research department plays a key role in determining scenarios, macroeconomic variables and other factors that can affect our risk profile in our markets.
We conduct a systematic review of our risk exposure under base, adverse and favourable scenarios that predict an impact on solvency and liquidity. These exercises are fundamental to our processes:
•Regulatory exercises based on EU and domestic supervisors' guidelines.
•Business planning to help set the Group’s risk strategy and profile, with:
•internal capital and liquidity adequacy assessment processes (ICAAP and ILAAP) that measure capital and liquidity in various scenarios;
•budget and strategic planning when implementing a new risk approval policy, in assessing the risk profile or when monitoring specific portfolios and business lines;
•our annual recovery plan, which specifies which tools Grupo Santander could use to survive a severe financial crisis. The plan’s financial and macroeconomic stress scenarios have various levels of severity, plus idiosyncratic and/or systemic events; and
•risk appetite, with stressed metrics to determine how much risk we want to expose ourselves to.
•Recurrent risk management also uses scenario analyses for:
•provisions estimates, which involve adjusting the value of credit operations due to existing or prospective risk factors that have not been considered in the initial approval and rating process, both for individual customers and for the portfolio as a whole; and
•regular credit and market risk stress tests that simulate changes in expected losses to estimate required capital and absorb unexpected losses.
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For more details on scenario analysis, see sections 3.2 ‘Market risk management’ and 3.6 'Liquidity risk management' and section 'Expected loss estimation' in Note 54 to the consolidated financial statement.
•Climate change scenario analysis, for which we have embedded the scenarios defined by the Network for Greening the Financial System (NGFS), by Representative Concentration Pathways (RCP) and by the Intergovernmental Panel on Climate Change (IPCC), which our Research department integrates and expands by adjusting them to more specific variables by country and sector to offer a more complete and tailored view of our portfolios.
This enables us to boost our forward-looking capabilities to quantify the impact on our customers of a transition to a lower greenhouse gas emissions economic model, as well as potential physical risk events.
To make stress testing more consistent and robust:
•Our three lines of defence and senior management are involved in scenario analysis governance and oversight.
•The models we develop estimate future metric values (e.g. credit losses).
•Our backtesting and reverse stress exercises challenge model outcomes regularly.
•Our teams contribute expert opinions and a vast understanding of portfolios.
•And we thoroughly monitor models, scenarios, assumptions, results and mitigating management measures.
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Amid an economic 'soft landing', where falling inflation is paving the way for central banks to cut interest rates; the unfolding of armed conflicts; election outcomes; early signs of GDP weakness in some economies; and the effects of floods in Brazil, hurricanes in the US, flash floods in Spain and other climate events, scenario analysis proved vital in 2024 to identify and manage correctly the potential impacts of these events on our portfolios.
We boosted our management and forecasting capacity by drawing up action points, adapting our strategy to maintain solvency levels and considering our more vulnerable customers due to the macroeconomic environment and some specific events.
Risk reporting structure
In order for senior management to have a complete and up-to-date view of the risk profile for proper decision-making, we report recurrently and in a consolidated manner on current and future risks. Reporting is comprehensive and dynamic, adapts to needs, and prioritizes all significant risks in a timely and appropriate manner.
Our reports cover every risk included in our corporate risk framework, with all necessary considerations for their proper risk assessment. They also provide a consolidated view of all risks, maintaining the quality and consistency of information according to our corporate data framework.
Our risk reporting structure continues to strike a balance between data, analysis and qualitative commentary, incorporating forward-looking measures, risk appetite information and limits, emerging risks, and other elements.
We continue to enhance our reporting with simpler, automated processes and tighter controls that adapt to new needs. In 2024, we continued to report and monitor all the impacts of ongoing armed conflicts and natural disasters; escalated cases of risk from macroeconomic and geopolitical volatility; and paid close attention to every emerging risk that could have a direct or indirect impact on the Group. Moreover, we adapted reporting by embedding the global businesses to be consistent with the Group’s strategic objectives and round off the existing geographical view.
1.5 Internal control system
Our internal control system (ICS) comprises the risk and control procedures that the board of directors, senior management and the rest of our employees perform as part of scheme of individual responsibilities. Its aim is to provide reasonable guarantee regarding the operational efficiency; the reliability of financial and sustainability reports; and compliance with internal policies, by acting responsibly and covering every process across the organization (business, risk and support areas).
Our ICS is consistent with the most demanding international standards and follows the guidelines set out by the Committee of Sponsoring Organisations of the Treadway Commission (COSO). We base it on these principles:
•Tone at the top: the board of directors oversees the ICS's integrity, while senior management sets an appropriate ICS. Both groups work to raise awareness of the ICS's importance, especially in new initiatives (transformation projects, regulatory compliance, and others).
•Risk Control Self-Assessment (RCSA): it is where we identify, document and assess the ICS’s risks and controls to measure — dynamically and proactively — the likelihood and exposure of each operational risk related to our targets once we’ve assessed the effectiveness of the control that mitigates such exposure.
•Oversight: ongoing review of the ICS’s effectiveness as well as the management of material deteriorations and oversight of the mitigation plans drawn up to resolves any issues correctly. Monitoring the implementation of the ICS helps to reinforce its robustness and effectiveness.
•Governance & reporting: to make sure that we adopt accurate and clear information, and disclosure procedures for decision-making, as well as form strict governance to assess the status and performance of the ICS continuously.
To establish a robust control environment, the first line of defence:
•identifies and documents risk and control based on its knowledge and understanding of its businesses and processes. This covers the risks that we face in performing our activities and achieving the targets we set; and the controls we need to mitigate risks.
•keeps our ICS dynamic to reflect the Group’s reality, the risks that affect us, and the controls to mitigate them; and
•assesses the effectiveness of internal controls and exposure to risks, and sets and monitors the mitigation of control shortcomings and undesired exposure.
We run all of this on our Heracles system to provide a comprehensive view of Santander's ICS.
As the second line of defence, the Internal Control function:
•sets the standards and methodology for, and oversees the implementation of, the Group’s ICS. This will help safeguard the suitability and integrity of the internal risks and controls that each function sets to provide reasonable guarantee regarding the achievement of targets.
•oversees and challenges the ICS’s effectiveness by monitoring its main shortcomings, unwanted risk exposure and the correct execution of mitigation plans.
•reports a comprehensive overview of the internal control environment regularly to senior management and governance bodies to enhance our risk management.
We compile the key conclusions and main shortcomings of the RCSA in a report to submit to the CRO, CAO and governance bodies. The report outlines whether we have overcome those shortcomings correctly or have remediation plans in place to do so. It helps the CEO, CFO and CAO decide on the ICS’s effectiveness according to the Sarbanes-Oxley Act (SOx).

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2. CREDIT RISK
2.1 Introduction
Credit risk is the risk of financial loss when a customer or counterparty whom Santander has financed or has a contractual obligation with defaults or loses creditworthiness. It includes counterparty risk, country risk and sovereign risk and generates the most exposure and capital consumption.
2.2 Credit risk management
We take a holistic view of the credit risk cycle, including the transaction, the customer and the portfolio to identify, analyse and make decisions about credit risk.

Credit risk identification facilitates active and effective portfolio management. We classify external and internal risk in each business to adopt any corrective or mitigating measures through:


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1
Planning
Strategic commercial plans (SCPs) are a risk management and control tool the business and risk areas prepare for different credit portfolios. It helps us determine business targets, risk policies, infrastructure, to have a holistic view of the portfolios, and draw up actions plans aligned with our risk appetite statement.
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2
Risk assessment and credit rating
Risk approval depends on the applicant’s ability to repay the debt, for which we review their regular sources of income, including funds and net cash flows from any businesses. The credit quality assessment models are based on the credit rating engines for each of our segments.
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3
Scenario analysis
Scenario analyses determine potential risks in credit portfolios; give us a better understanding of their performance under various macroeconomic and environmental conditions; and enable us to bring forward and employ management strategies to avoid future deviations from set targets.

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4
Monitoring
Our holistic, regular monitoring of every customer enables us to track credit quality, spot risk trends early and check business performance against original plans, which are key to credit risk management.
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5
Mitigation techniques
We approve risk according to a borrower’s ability to make due payment, regardless of any additional collateral or personal guarantees we may require. We always consider guarantees or collateral as a reinforcement measure to mitigate a loss if the borrower defaults on their payment obligation.
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6
Collections and recoveries
The Collections & Recoveries area draws up a strategy based on local economic conditions, business models and other recovery-related particulars. For effective and efficient recoveries management, the area segments customers based on certain aspects and the use of new digital channels.

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For more details on the credit cycle, see the 'Credit risk management' section in Note 54 to the consolidated financial statement.
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2.3 Key metrics
During 2024, increasing geopolitical tensions, different electoral processes, uncertainty associated with the pace of inflation decline, the cut in interest rates by central banks in some geographies, as well as uncertainty about economic growth, have marked market behaviour.
Although the financial system, in general terms, has benefited throughout much of the year from the increase in credit margins, it is also facing certain adverse factors (headwinds) related to lower loan demand, deterioration in credit quality, and potential increase in credit losses due to the reduction in disposable income of households, despite the strength of labor markets, as fiscal policies that have supported families and businesses are being withdrawn.

The macroeconomic outlook has influenced Grupo Santander's performance and led us to strengthen our credit risk control framework with a more anticipatory vision in all processes, in order to strengthen our resilience to possible future economic disruptions. Our geographical and business diversification, prudent balance sheet management, and proactive risk management, among others, help us face this challenging environment.
Our credit risk maintained a strong, diversified balance of mature and emerging markets: Europe (56%), North America (17%), South America (15%) and Digital Consumer Bank Europe (12%).
The distribution of credit risk by global businesses (including gross loans to customers, guarantees, and documentary credits) is shown below:
Main credit risk performance metrics from our activity with customers
Dec. 24 data
Credit risk with customersA
(EUR million)
Impaired loans
(EUR million)
NPL ratio
 (%)

202420232022202420232022202420232022
Retail & Commercial Banking643,782 652,382 657,201 20,468 20,961 22,033 3.183.213.35
Digital Consumer Bank216,613 207,107 197,290 10,992 9,831 8,027 5.074.754.07
Corporate & Investment Banking241,078 221,593 218,691 2,068 3,007 2,457 0.861.361.12
Wealth Management & Insurance25,226 23,612 23,177 169 330 159 0.671.400.69
Payments24,615 23,710 21,938 1,266 1,191 1,103 5.145.025.03
Total Grupo1,157,274 1,133,898 1,124,121 35,265 35,620 34,673 3.053.143.08
NPL Coverage Ratio
(%)
Net loan-loss provisionsB
(EUR millions)
Cost of riskC
(%)

202420232022202420232022202420232022
Retail & Commercial Banking58.461.461.65,845 6,540 5,887 0.921.020.89
Digital Consumer Bank73.676.590.94,562 4,106 3,222 2.162.041.69
Corporate & Investment Banking39.341.235.3174 165 257 0.100.100.16
Wealth Management & Insurance80.329.378.541 (17)21 0.18-0.080.09
Payments140.1139.8140.11,714 1,666 1,132 7.397.225.76
Total Grupo64.865.967.512,333 12,458 10,509 1.151.180.99
Total Group includes Corporate Centre.
A.Includes gross loans and advances to customers, guarantees and documentary credits
B.Loan-loss provisions net of post write-off recoveries (EUR 1,606 million).
C.Cost of risk calculated as the ratio of loan-loss provisions over the past 12 months / average customer loans and advances of the last 12 months.
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For more details on secondary segments, see 2. 'Main aggregates and variations' section in Note 54 to the consolidated financial statement.
Credit quality in December 2024 was as follows:
The NPL ratio stood at 3.05% (-9 bps versus 2023 year end), since the impaired loans remained stable, reaching EUR 35,265 million, with increase in Consumer and Payments, which were offset by the positive behaviour in Retail, CIB and Wealth. Gross credit risk with customers (total risk) grew 2.1% in 2024 to EUR 1,157 million, owing mainly to the strong performance of CIB.
Per IFRS 9 guidelines, Group loan-loss provisions for 2024 amounted to EUR 12,333 million, 1% less than the previous year despite normalization in Consumer, an increase in provisions for Swiss Franc mortgages in Poland, and an increase in Wealth (after
registering net releases in 2023), which was partially offset by a strong performance in Retail (in Europe). In general, our credit profile in the global businesses and markets remained positive.
The cost of risk stood at 1.15% (-3 bps versus 2023 year end), in line with our target for the year, due to the good performance of loan-loss provisions and total risk.
The NPL coverage ratio fell to 65%, with loan-loss reserves standing at EUR 22,835 million. Coverage remains at a comfortable level, considering that 66% of the Group’s portfolio is backed by collaterals.
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To alleviate the mortgage burden for clients considered vulnerable, since the rates reduction, derived from the decreases in official rates in some countries, has not yet been applied to the entire portfolio, the Group maintains the aid measures proposed by various governments, and particularly in Spain, the ICO lines for those affected by the flash floods and the promotion of social housing.
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For more details on segments, see section '4.1 Description of segments' of the 'Economic and financial review' chapter.
Our credit risk management performance within the five global businesses at 2024 year end was as follows:
 Retail & Commercial Banking
The Retail portfolio mainly comprises high quality mortgages (90% of which have a loan to value ratio of lower than 80%) and a corporate portfolio in which around 50% is backed by collateral or real estate guarantee.
Portfolio distribution by region and by performing loans and credit impaired
Dec.24
14293651288294
14293651288353
The Retail credit risk with customers is distributed between Mortgages (52%), Corporates (24%), SMEs (14%), and Other individuals (10%).
The NPL ratio decreased 3 bps to 3.18%, owing to a 2.4% decrease in impaired loans mainly in Mexico, the UK and Spain on the back of non-performing portfolio sales, partially offset by growths in South America and the US . The credit risk with customers (total risk) fell slightly in the year (-1.3%).
Loan-loss provisions in 2024 fell 11% in comparison with the same period in 2023, largely due to strongly performing European portfolios, which were partially offset by an increase, due to normalization in Mexico and Chile.
The cost of risk decreased 10 bps to 0.92% in comparison with 2023, explained by the positive loan-loss provision effect.
The NPL coverage ratio fell slightly to 58%. Since Retail includes the mortgage portfolios for Spain and the UK, which are backed by quality collateral, this ratio is at a suitable level versus the portfolio risk.
 Digital Consumer Bank
Digital Consumer Bank brings together all our consumer finance businesses in Europe and the Americas, and also includes Openbank, Open Digital Services (ODS) and SBNA Consumer. The portfolio mainly comprises auto loans (80% of the total) that originate from our strategic alliances with manufacturers, the leasing business, and consumer loans.
In the second half of the year, we launched a new digital proposition in the US under the Openbank brand. This launch will help ramp up the execution of our profitable growth strategy for the US by capturing deposits to provide liquidity to our auto lending subsidiary.
Portfolio distribution by region and by performing loans and credit impaired
Dec.24
14293651289866
14293651289868
The NPL ratio stood at 5.07%, up 32 bps in comparison to 2023, owing to an increase in impaired loans mainly in the United States and Europe, which the growth in credit risk with customers (total risk) could not offset because of lower auto loan volume in Europe and the US.
Loan-loss provisions in 2024 grew 11% in comparison with the same period in 2023, due to normalization in Europe, higher volume in Latin America, an increase in the coverage of the Swiss franc mortgage portfolio, lower portfolio sales, and less regulatory burden.
The cost of risk climbed 12 bps to 2.16% in comparison with December 2023; the growth in loan-loss provision could not offset by credit risk with customers (total risk) growth (+4.5%)
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The NPL coverage ratio fell slightly to 74%, which is considered a comfortable level considering the positive effect of the evolution of vehicle prices and the increased weight of the guaranteed loan portfolio, mainly in the US.
 Corporate & Investment Banking
Corporate & Investment Banking is a wholesale business in which over 85% 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 region and by performing loans and credit impaired
Dec.24
14293651291109
14293651291111
The NPL ratio improved by 50 bps during the year, reaching 0.86%, due to a 31% drop in impaired loans (mainly in Brazil), accompanied by a 9% growth in the primarily in Spain and the US, driven by the New York branch.
Loan-loss provisions in 2024 grew 6% in comparison with the same period in 2023, due to significant growth in Spain and the United States portfolios, partly offset by good performance of loan-loss provision in Brazil.
The cost of risk, meanwhile, remained stable at 0.10%.
The NPL coverage ratio stood at 39%, down 2 pp from December 2023, owing to the outflow of some credit impaired assets with an above-average level of coverage.
 Wealth Management & Insurance
Wealth Management & Insurance brings together Santander Private Banking in Miami and Switzerland, Santander Asset Management, and Santander Insurance.
Portfolio distribution by region and by performing loans and credit impaired
Dec.24
14293651291921
14293651291923

The NPL ratio closed at 0.67%, with a decrease of 73 bps during the year, almost halving impaired loans, mainly in Europe and Brazil. On the other hand, gross credit risk with customers (total risk) increased by 7% over the period.
Loan-loss provisions in 2024 stood at EUR 41 million, compared with a EUR 17 million release in the same period one year earlier.
The cost of risk increased by 26 basis points during the year, changing from negative to positive, standing at 0.18%.
The NPL coverage ratio climbed to 80%.
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 Payments
Payments brings together the Group’s digital payment services. It offers global technology solutions for our banks and our customers in the open market. The portfolio groups our exposure to payment and transfer processor operations (PagoNxt) and the Cards businesses, which are typified by rapid turnover and profitability that is appropriate to their level of risk.
Portfolio distribution by region and by performing loans and credit impaired
Dec.24
14293651292835
14293651292837
The NPL ratio closed at 5.14%, 12 bps above 2023 year-end, due to a 6% increase in impaired loans, mainly in Brazil and, to a lesser extent, in Europe. Though Mexico performed strongly, it was not enough to offset the other markets. On the other hand, gross credit risk with customers (total risk) increased by 4% comparing to 2023, although in constant euros it increased by 15% during the year, thanks to the good commercial dynamics in all countries, with a clear strategic focus on growth, service quality, and technological transformation to offer the Group's payments and cards customers an improved experience and quality of service.
Loan-loss provisions, which are concentrated in Cards, reached EUR 1,714 million, increased by 3% comparing to 2023, owing to performance in South America and Mexico.
The cost of risk increased by 17 bps during the year, reaching 7.39%, due to the growth in provisions and the portfolio. The anticipatory measures adopted have allowed the improvement of the quality and profitability of new production, contributing to a balanced risk profile with the portfolio's economic profitability.
The NPL coverage ratio remained high and stable at 140%.
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Reconciliation of key figures
Santander’s 2024 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
1,157,274
Gross credit risk with customers=Gross loans and advances to customers & others
1,076,195		+Contingent liabilities
1,157,27481,079
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
1,076,1951,033,02526,59116,579
Loan-loss reserves
=
Loan-loss
reserves
+
Loan-loss
reserves
-22,125-21,983-142
Net loans and advances to customers
=
Net financial assets
measured at amortized cost
+
Financial assets
held for trading
+
Net financial assets at fair value
1,054,0701,011,04226,59116,437
Net loans and advances to customers
1,054,070
Section 2. Credit risk
Balance sheet item from consolidated financial statement
A. Includes gross loans and advances to customers, guarantees and documentary credits.
B. Before loan-loss allowances.
Financial asset impairment
IFRS 9 amended the criteria for provisioning financial assets subject to credit risk, from only recognizing losses once they had occurred to requiring provisions from the time the transaction receives approval (based on expected losses) because the credit risk exists from that moment as opposed to upon default. This gave rise to modification of the models and methodologies we use to calculate expected losses for customers and portfolios, which now consider economic forecasts and the residual life of individual transactions.
We quantify expected losses from credit events and, therefore, impairment provisions, using an unbiased, weighted consideration of up to five future scenarios that could affect our ability to collect contractual cash flows. They consider the time-value of money, information from past events, and current conditions and projections of GDP, house prices, unemployment, interest rates, and other important macroeconomic factors.
We calculated impairment losses using parameters (mainly EAD1, PD2, LGD3 and discount rate) based on internal models and regulatory and management expertise. As they are far from a simple adaptation, we define, update and validate them according to IFRS 9 guidelines.
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For more details on financial asset impairment and the calculation of provisions under IFRS 9, see section '2. Main aggregates and variations' in Note 54 to the consolidated financial statement.
IFRS 9 classifies financial assets in stages according to changes in the level of credit risk from the time of approval to the date of analysis to establish transaction prices and with varying criteria to calculate expected loss. Transactions with contrasting likelihood of default should be pegged to different interest rates or spreads that cover each transaction’s expected losses.
If a transaction’s risk increases significantly compared to when it was approved, the original interest rate will no longer cover the potential risk, which calls for greater provisions. Under IFRS 9, transactions are split according to three stages:
•Stage 1 includes financial assets with no significant increase in credit risk since initial approval or registration. Thus, the impairment provision reflects expected credit losses from defaults over the next 12 months from the reporting date.
1 Exposure at Default.
2 Probability of Default.
3 Loss Given Default.
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•Stage 2 include financial assets that show a significant credit risk increase since initial registration or the time for approval but no materialized impairment event. Thus, the impairment provision reflects expected losses from defaults over the transaction’s lifetime.
•Stage 3 includes financial assets with true signs of credit risk impairment as a result of one or more events resulting in a loss. Thus, the impairment provision reflects expected losses for credit risk over the instrument’s expected lifetime.
.+.
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 experience a significant credit risk increase since initial recognition
Impaired credit assets
Ä
ÄÄ
Expected losses 12 months
Expected losses over residual life (Lifetime)
Impairment provisions or loan loss reserves include expected credit risk losses over the expected residual life of purchased or originated credit impaired (POCI) financial assets.
The following table shows credit risk exposure by stage and geography:
Exposure by stage and geographyA,B
EUR million. Dec.24
Stage 1Stage 2Stage 3Total
Europe537,09048,58913,774599,453
Spain231,75117,1457,672256,568
UK209,78223,9623,299237,043
Portugal37,1293,29699341,418
Poland38,6514,1121,63644,400
North America149,87515,6158,375173,865
US102,90711,1847,012121,103
Mexico42,9394,0161,35248,307
South America144,61916,5059,287170,411
Brazil86,54410,7936,418103,755
Chile38,2233,8662,39444,483
Argentina7,1151,1231738,411
DCB Europe
130,6187,1513,527141,297
Total Group967,36787,93835,2651,090,569
A. Does not include EUR 34,668 million in temporary purchases of stage 1 assets, nor EUR 32,230 million in unimpaired risk.
B. Total Group includes the Corporate Centre.
Stage 3 financial assets (showing impairment) performed as follows:
2022 - 2024 Impaired credit assets
EUR million
202420232022
Start of period35,62034,67333,234
Net entries13,78714,65813,257
Perimeter17(59)—
FX and others(947)195417
Write-off(13,212)(13,847)(12,235)
End of period35,26535,62034,673
The following table shows the calculation of IFRS 9 loan loss reserves for assets subject to credit risk:
2022 - 2024 loan-loss reserves
EUR million
202420232022
Start of period
23,49023,41823,698
Stage 1 and 29,0269,2729,983
Stage 314,46414,14613,714
Gross provision for impaired assets and write-downs13,51113,52411,665
Provision for other assets428526305
FX and other(1,382)(132)(14)
Write-off(13,212)(13,847)(12,235)
End of period
22,83523,49023,418
Stage 1 and 28,5359,0269,272
Stage 314,30014,46414,146
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Forbearance
Grupo Santander's forbearance policy follows the EBA Guidelines on management of non-performing and forborne exposures. It is a standard for our subsidiaries and meets supervisory expectations.
The policy establishes criteria for identification, classification and monitoring forbearances, to underwrite and monitor these transactions with the utmost diligence. Forbearance must aim to recover outstanding debt, with payment obligations adapted to customers' circumstances.
Forborne debt should remain appropriately classified for sufficient time in order to determine both associated risk and reasonable certainty about recovery of ability to pay. Forbearance may never be used to delay the immediate recognition of losses or hinder the appropriate recognition of risk of default.
In 2024, forbearance stock continued to fall (15% in the year), and stood at EUR 27,144 million, due to consistent payment behaviour in our core markets. In terms of credit quality, 54% are classified as credit impaired with average coverage of 41%.
Key forbearance figures
EUR million
202420232022
Performing12,45916,91918,988
Credit impaired
14,68515,04415,185
Total forborne27,14431,96334,173
% Total coverageA
26 %25 %24 %
A. Total forbearance portfolio loan-loss allowances/total forborne portfolio.
2.4 Other credit risk details
Credit risk from financial markets activities
This section covers the credit risk generated from treasury activity with customers (especially credit institutions) through money market financing and counterparty risk products to meet the needs of customers and the Group's own needs in their management.
Counterparty credit risk is the risk that a customer will default before the final settlement of a transaction’s cash flows. It creates a bilateral credit risk because it can affect both parties to a transaction. It is also uncertain because it depends on market factors, which can be volatile.
As part of counterparty credit risk exposure, an additional risk known as wrong-way risk can arise. This risk occurs when the exposure to a portfolio or counterparty increases as the credit quality of the counterparty deteriorates. In other words, there is wrong-way risk when there is an increase in default risk, and consequently, the exposure to the counterparty increases. Santander has specific models to measure this risk.
Regarding settlement risk, this occurs when the settlement of a transaction involves a bilateral exchange of flows or assets between two counterparties. For example, when a counterparty buys dollars in exchange for euros, the settlement of the transaction involves one party delivering euros and receiving an equivalent amount of dollars from the other. Settlement risk is the risk that one of the parties fails to meet their settlement
obligations. We have also developed a global infrastructure and specific models to measure this risk.
To manage and control counterparty risk, it is essential to have an infrastructure that allows measuring current and potential exposure at different levels of aggregation and granularity in an agile and dynamic way, ensuring the generation of reports with sufficient detail to facilitate the understanding of exposures and the decision-making process.
To measure exposure, we follow two methodologies: mark-to-market (MtM or replacement value in derivatives) plus potential future exposure (add-on), and Monte Carlo simulation for calculating exposure for some countries and products. Additionally, we calculate capital at risk or unexpected loss, which is the loss that constitutes economic capital net of guarantees and recoveries, after deducting the expected loss.
After market close, we recalculate exposures by adjusting all operations to their new time horizon, adapting the potential future exposure and applying mitigation measures (netting, collateral, among others), so that exposures can be controlled daily against the limits approved by senior management within the risk appetite. We perform risk control through a real-time integrated system, which allows us to know at any moment the available exposure limit with any counterparty, in any product and term, and across all subsidiaries.
Counterparty risk exposures: over-the-counter (OTC) transactions and organized markets (OM)
As at December 2024, the positive market value of total exposure (under management criteria) with netting and collateral agreements for counterparty risk was 15,855 million euros (net credit risk equivalent of 52,604 million euros). Despite the environment in which we operate, the 9% increase in exposure compared to the previous year is driven by the 26% increase in the Group's trading volume in notional terms over this period.
Counterparty risk: exposure in terms of market value and
credit risk equivalent, including the mitigation effectA
EUR million
202420232022
Market value with netting effect and collateralB
15,855 13,428 13,249 
Net CREC
52,604 48,372 45,157 
A. Figures under internal risk management criteria. Listed derivatives have a market value of zero. No collateral is received for these types of transactions.
B. Includes the mitigation of netting agreements and deducting the collateral received.
C. CRE (credit risk equivalent): net value of replacement plus the maximum potential value, less collateral received.
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The chart below shows counterparty risk products (especially interest rate and FX hedging instruments) by nominal risk:
Counterparty risk by nominalA
EUR million
202420232022
Nominal
Nominal
Nominal
Credit derivativesB
45,628 24,528 14,765 
Equity derivatives28,431 20,326 26,177 
Fixed income derivatives17,567 4,793 13,320 
Exchange rate derivatives1,391,564 1,256,997 1,069,870 
Interest rate derivatives8,718,567 6,775,004 5,538,173 
Commodity derivatives23,762 20,061 13,496 
Total OTC derivatives9,994,422 7,909,027 6,479,325 
Derivatives organised marketsC
231,098 192,682 196,476 
Repos457,977 421,937 259,946 
Securities lending74,139 61,374 52,269 
Total counterparty riskD
10,757,636 8,585,020 6,988,017 
A. Figures under internal risk management criteria.
B. Credit derivatives acquired including hedging of loans.
C. Refers to transactions involving listed derivatives (proprietary portfolio). Listed derivatives have a market value of zero. No collateral is received for these types of transactions.
D. Spot transaction not included.
As the following table shows, most of Santander’s derivatives reach maturity in up to five years, and repurchase agreements and securities lending in up to one year.
Counterparty risk: Distribution of nominal risk by maturityA
EUR million. Dec.24 data
Up to 1 yearUp to 5 yearsUp to 10 yearsMore than 10 years
Credit derivativesB
28 %47 %21 %3 %
Equity derivatives59 %27 %15 %— %
Fixed income derivatives97 %3 %— %— %
Exchange rate derivatives57 %27 %11 %6 %
Interest rate derivatives44 %36 %12 %7 %
Commodity derivatives79 %19 %1 %— %
Total OTC derivatives45 %35 %12 %7 %
Derivatives organised marketsC
67 %24 %8 %1 %
Repos95 %5 %— %— %
Securities lending99 %1 %— %— %
Total counterparty risk48 %34 %12 %7 %
A. Figures under internal risk management criteria.
B. Credit derivatives acquired, including coverage of loans.
C. Refers to transactions involving listed derivatives (proprietary portfolio). Listed derivatives have a market value of zero. No collateral is received for these types of transactions.
Even if the credit quality of some counterparties declines, most counterparty credit risk is with customers with high credit quality (90% rated A or higher).
In terms of notional value, 97% of operations with counterparty credit risk belong to CIB's customer and are handled under its management model.
Counterparty risk: Notional values by customer ratingA
Dec.24 data
Rating
%
AAA0.67 %
AA1.11 %
A87.84 %
BBB9.27 %
BB1.04 %
B0.07 %
Other0.01 %
A. Ratings based on internally defined equivalences between internal ratings and credit agency ratings.
Transactions with clearing houses and financial institutions are subject to netting and collateral agreements, which we also seek to use to cover all other transactions. In general, the collateral agreements Santander signs are bilateral; still, we do sign some unilateral agreements in the customer’s favour, mainly with multilateral organizations and securitization funds.
Counterparty risk: Notional values by customer segment
Dec.24 data
5248
We use collateral to reduce counterparty risk. It consists of highly liquid instruments with economic value. They are deposited or transferred from one counterparty to another to guarantee or reduce counterparty credit risk from portfolios of cross-risk derivatives.
We measure trades subject to collateral agreements daily, with parameters to determine the amount of collateral to be paid or received from the counterparty (in cash or securities). Our processes to manage collateral properly and more often have proved effective amid high volatility.
Most of the collateral received under Credit Support Annex (CSA), Overseas Securities Lending Agreement (OSLA), International Securities Market Association (ISMA), Global Master Repurchase Agreement (GMRA) and other agreements signed by the Group has been effective (44%); the rest is subject to strict quality policies in regard to the issuer and their rating, debt seniority and haircuts.
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Because of the credit risk we assume with each counterparty, we apply credit valuation adjustments (CVA) to over-the-counter (OTC) derivatives when calculating the results of trading portfolios.
A CVA is a change to the market value of OTC derivatives that accounts for counterparty credit risk throughout the contract life. A counterparty’s CVA adds up to the CVA on all maturity dates. It discounts the value of a derivative offered by a buyer based on the chance that the counterparty will default. We calculate it with exposure at default, probability of default, loss given default, the discount curve and other inputs.
We also apply debt valuation adjustments (DVA), which are similar to CVA but result from credit risk assumed by OTC counterparties trading with Grupo Santander. Both CVA and DVA are done within the potential period of exposure.
As of December 2024, CVA adjustments amounted to EUR 272 million (representing a 7.2% decrease compared to December 2023) and DVA adjustments were EUR 317 million (3.9% decrease vs December 2023). These decreases are mainly due to drops in interest rate markets in EUR and USD, a decrease in inflation, and movements in credit markets where spread levels have moderately decreased compared to those in December 2023.
Counterparty risk, organized markets and clearing houses
Santander’s policies promote early action according to regulation on OTC derivatives, repurchase agreements and securities lending (whether settled through clearing houses or bilaterally). In recent years, we have been standardizing OTC transactions to settle and clear new contracts through clearing houses according to current regulation, in addition to promoting internal use of electronic execution systems.
We actively manage contracts not settled by clearing houses to optimize volume, in accordance with regulation on margins and capital.
While our counterparty risk management does not contemplate credit risk in such transactions, we have been calculating regulatory credit exposure for organized market exchanges since the Basel principles on capital calculation.
The table below shows the weight of contracts settled by CCP versus total counterparty risk as of December 2024:
Counterparty risk: Notional values by settlement channel and productA
Nominal in EUR million
Bilateral
CCPB
Organised marketsC
Total
Nominal
%
Nominal
%
Nominal
%
Credit derivatives17,944 39.3 %27,684 60.7 %— — %45,628 
Equity derivatives21,315 75.0 %574 2.0 %6,542 23.0 %28,431 
Fixed income derivatives17,471 99.5 %96 0.5 %— — %17,567 
Exchange rate derivatives1,316,307 94.6 %39,420 2.8 %35,838 2.6 %1,391,564 
Interest rate derivatives810,896 9.3 %7,740,492 88.8 %167,179 1.9 %8,718,567 
Commodity derivatives2,223 9.4 %— — %21,539 90.6 %23,762 
Repos275,003 60.0 %182,973 40.0 %— — %457,977 
Securities lending73,845 99.6 %294 0.4 %— — %74,139 
Total 2,535,003 7,991,535 231,098 10,757,636 
A. Figures under internal risk management criteria.
B. Central counterparties (CCP).
C. Refers to transactions involving listed derivatives (proprietary portfolio). Listed derivatives have a market value of zero. No collateral is received for these types of transactions.
Risk settled by CCP and productA
Nominal in EUR million
Sept. 2024
2023
2022
Credit derivatives27,684 10,140 4,848 
Equity derivatives574 559 758 
Fixed income derivatives96 — 15 
Exchange rate derivatives39,420 44,152 24,349 
Interest rate derivatives7,740,492 5,844,580 4,555,519 
Commodity derivatives— — — 
Repos182,973 193,386 109,248 
Securities lending294 — — 
Total7,991,535 6,092,817 4,694,737 
A. Figures under internal risk management criteria.

Credit derivatives
We use credit derivatives to hedge transactions, customer business in financial markets and trading. The credit derivatives Santander has negotiated have a low notional value: 0.4% of the notional value of counterparty risk. Furthermore, we subject credit derivatives to internal robust controls and procedures to minimize operational risk.

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Concentration risk
Concentration risk control is key to our management. We continuously monitor credit risk concentration by region and country, economic sector, customer type and other criteria.
The board sets concentration limits according to risk appetite. Accordingly, the executive risk committee develops risk policies and reviews the appropriate exposure levels so we can effectively manage credit risk concentration.
Because Santander is subject to the Capital Requirements Regulation (CRR) stipulations on large risks, exposure with a customer or group of associated customers will be considered 'large exposure' if its value is equal to, or greater than, 10% of eligible capital.
No large exposure should exceed 25% of the entity’s eligible capital, including the credit risk reduction effect set out in the regulation.
The use of risk mitigation techniques resulted in no groups triggering those thresholds as at the end of December. 5.5% of total credit risk (including loans to customers and off-balance-sheet risk) is with the 20 'large exposure' groups, according to regulation on credit exposure. While 8.4% of total credit risk is with the 40 'large exposure' groups.
Our Risk division works closely with the Finance division on actively managing credit portfolios with credit derivatives, securitizations and other techniques to reduce exposure concentration and optimize risk-reward.
As indicated in the key metrics section of this chapter, our credit risk is diversified among our core markets (Spain 25%, the UK 21%, the US 12%, Brazil 9%, etc.). Grupo Santander is enhancing our markets with global businesses that will help boost local performance to add value.
In terms of sector diversification, 56% of our credit risk is with individuals, who are inherently highly diverse. It is also well distributed, with no significant concentration in a particular industry. The chart below shows credit risk by industry as at December 2024:
Diversification by economic sectorA
11080
A. Includes total risk (gross) on balance for all clients with economic activity but excludes individuals and reverse repos.
Sectors identification and management
Grupo Santander conducts a quarterly review of exposure to customers operating in sectors that could be more affected by macroeconomic conditions (energy consumption, commodity prices, and key macroeconomic variables). This monitoring is complemented by the use of internal tools that allow projecting the behaviour and evolution of clients in each sector under different macroeconomic scenarios. It considers:
•Market information: Industries’ stock market performance.
•Analysts’ EBITDA forecasts for the coming years.
•Internal information: Changes in credit exposure, defaults (in different timelines) and stagings.
•Our industry experts’ opinion, based on specific details about our exposures and our relationships with customers.
We continued to build up our analysis of potential losses to the highest level of granularity by enhancing our sector-level methodology and projection tool based on the resilience of each company’s financial statements to different macroeconomic scenarios. We considered their pledge to meet energy commitments through possible transition plans by quantifying impacts under the assumptions of an orderly, disorderly or non-existent transition to be able to keep our management of the portfolio one step ahead.

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Country risk
In credit risk, country risk involves transactions with customers residing in a particular country with unusual business risk. It includes sovereign risk and transfer risk, as well as war, natural disaster, balance of payments crisis and other things that can disrupt international finance. To cover potential losses arising from these types of events, we integrate country risk into our models and provisioning processes in accordance with applicable regulation.
We assume country risk very selectively in transactions that enhance our global relations with customers. And we follow highly cautious standards to manage it.
Sovereign risk and risk with government agencies
Sovereign risk arises from central bank transactions (including regulatory cash reserves), government bonds (public debt) and transactions with non-commercial government institutions funded exclusively by a state’s budget revenue.
Our standard for sovereign risk differs somewhat from the EBA's standard for regular stress testing. In particular, the EBA does not consider deposits with central banks, exposures with insurance companies or indirect exposures from guarantees and other financial instruments. However, its standard does generally include entities run by regional, local and central governments.
We continue to track and manage transactions with sovereign risk based on available information, such as reports by rating agencies and international organizations. We monitor each country where we have cross-border4 and sovereign risk. We analyse events that could affect the country’s political or institutional stability and assign its government or central bank a credit rating. This helps us set limits for transactions with sovereign risk.
In recent years, total sovereign risk exposure has remained within regulatory requirements and strategy defined for its management. Because exposure spans several countries, each with its distinct macroeconomic outlook and growth scenario, it varies due to our liquidity management strategy and our interest and FX rate coverage, which apply limits based on each country’s credit rating.
At the end of December 2024, total sovereign risk exposure was EUR 198,627 million, which was 23% higher than 2023.
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For more details on sovereign risk exposure, see section '4. Other credit risk aspects' in Note 54 to the consolidated financial statement.
Our exposure to local sovereign risk not in the issuer country’s currency at the end of December 2024 was minor (EUR 4,459 million or 1.1% of total sovereign risk), based on our management criteria. Exposure to non-local sovereign issuers with cross-border risk was also minor5 (EUR 11,494 million or 2.8% of total sovereign risk). The sovereign debt we hold in Latin America, which is recorded in local ledgers, is predominantly in local currency and short-term.
Additionally, our investment strategy for sovereign risk considers country’s credit quality to set the maximum exposure limits.
The table below shows exposure ratios by rating6 December 2024:
202420232022
AAA21 %18 %27 %
AA18 %19 %19 %
A41 %41 %34 %
BBB11 %12 %11 %
Lower than BBB9 %10 %9 %
4 Risks with domestic public or private borrowers in foreign currency and originated outside the country.
5 Countries that are not considered low risk by Banco de España.
6 Internal ratings are applied.
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3. MARKET, STRUCTURAL AND LIQUIDITY RISK
3.1 Introduction
This section is about Grupo Santander’s management and control of market risk in 2024, including trading risk, liquidity risk and structural risk. It provides a brief description of our methodologies and metrics.
Market risk comes from movements in interest rates, inflation, foreign exchange, equity prices, credit spread, commodity prices, volatility, liquidity risk from products and the balance sheet, and other market variables that can affect transaction performance. It also includes trading and structural risk.
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For more details on market factors see section 'Activities subject to market risk and types of market risk', in Note 54 to the consolidated financial statement.
Options, futures, forwards, swaps and other derivatives can mitigate some or all of these risks.
Market risk factors that require more complex hedging are correlation, market liquidity, pre-payment and underwriting risk.
On-balance sheet liquidity risk is also key (for more detail, see 3.6 'Liquidity risk management'), as pension and actuarial risk also depend on market variables (for more details, see 3.8 'Pension and actuarial risk management' at the end of this section).
We check our compliance with the Basel Committee’s Fundamental Review of the Trading Book (FRTB) and its implementation according to the EU’s Capital Requirements Regulation (CRR II) and the EBA’s guidelines on market risks.
In 2024, we ran several projects to give control teams the best tools to manage market risk and capital consumption. They included:
•Running numerous initiatives to enhance the calculation of market risk-related capital requirements under the Fundamental Review of the Trading Book - Standard Approach (FRTB- SA) methodology. In particular we:
◦rounded off the scope of calculation for entities and risk factors subject to market risk-related capital;
◦made necessary amendments to adapt the calculation to the CRR III;
◦strengthened the control environment over metrics, static risks and technical procedures through an overhaul of data architecture to reduce calculation times and enable us to run simulations; and
◦built up the exploitation layer of capital data under FRTB SA.
◦developed new regulatory reporting required by the EBA; and
◦strengthen our governance framework for FRTB-SA procedures by redefining the functions of certain forums, adapting internal regulation, and setting new escalation criteria.
•Enhancing the procedures to classify financial instruments under the fair value hierarchy.
•Updating the stress test programme for trading portfolios to meet regulator's expectations.
•Implementing new valuation adjustment methodologies in all units using corporate tools and common standards.
•Broadening the content and analysis of market risk reporting to top management.
•Enhancing the governance framework for the approval and use of market risk models.

3.2 Market risk management
Because factors inside and outside a unit can give rise to market risk, management and control must cover all potential risk sources with coordinated, uniform treatment by all subsidiaries.
The Group's senior management receives thorough, accurate reporting on a regular basis to measure subsidiaries’ risk profiles and gain a holistic view of market risk for global analysis and control.
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Limits management and control system
The market risk area runs daily checks so that market positions remain within approved limits. It also assesses the performance of, and significant changes in, related metrics.
We set market risk limits in a dynamic process according to risk appetite levels in the annual limits plan prepared by senior management and extended to all subsidiaries.
We take a prudent approach to manage market risk activity from multiple perspectives and to establish appetite limits on different metrics including:
•value at risk (VaR) and stressed VaR (sVaR) limits;
•equivalent and/or nominal position limits;
•interest rate sensitivity limits;
•vega limits;
•limits for risk of delivery of short sales (bonds and equities);
•limits to reduce effective losses or protect profits during the year (loss trigger and stop loss);
•credit limits (limits for total exposure and jump-to-default by issuer); and
•origination limits.
Those general limits have sub-limits that make the structure granular enough to control market risks from trading. We monitor subsidiaries’ positions every day.
We set global approval and control limits, global approval limits with subsidiary-run control and subsidiary-level approval and control limits. Each subsidiary’s business unit manager requests limits based on business particulars and budgetary targets so that they will match the risk-reward ratio. Risk bodies approve limits according to established governance.
Subsidiaries must adhere to approved limits. The day a limit breach occurs, subsidiary business managers must provide a written explanation with an action plan to correct it.
Market risk-related capital requirements
We use internal and standard models to determine market risk-related capital requirements. We also use internal models to calculate regulatory capital for the trading books of our subsidiaries in Chile, Mexico and Spain (Santander España’s trading book includes Santander London Branch, which helps diversify its positions).
In 2024, we continued to work on enhancing the calculation of market risk-related capital, most notably to adapt our infrastructure to new FRTB requirements. Moreover, we worked to enrich internal regulation and reporting on market risk-related capital to meet supervisory expectations.
We rolled out all these enhancements in our core markets through corporate tools, enabling us to automate processes and reduce the use of expert judgement significantly.
Our internal market risk model calculates the Group's consolidated regulatory capital as subsidiaries’ total regulatory capital that the ECB has approved. Because it does not consider capital savings owing to geographical diversification, our model is conservative.
It uses advanced methods with VaR, stressed VaR, Incremental Risk Charge (IRC) and Risk Not in Model (RNIM) as fundamental metrics to calculate ECB-approved regulatory capital in trading consistently with the CRR.
Methodologies and key aspects
a) Value at Risk (VaR)
Value at risk (VaR), our standard methodology for managing and controlling market risk, measures maximum expected loss with a certain confidence level over a given time. For standard historical simulation, the confidence level is 99% and the time window is one day. We also apply a two-year horizon or VaR over 520 days and other statistical adjustments in order to quickly and efficiently account for recent events that influence risk levels.
We report the highest of two VaR figures, which we calculate every day. One figure includes an exponential decay factor with a low weighting on the oldest observations; the other weights all observations the same. We also use the same methodology to calculate value at earnings (VaE), which gives maximum potential earnings within a certain confidence level and time horizon.
As a risk metric, historical VaR simulation has many advantages. It states a portfolio’s market risk in a single figure according to market movements. Still, it does have its limitations:
•VaR is calibrated to a certain confidence level, above which it does not reveal potential losses.
•The liquidity horizon of products in a portfolio is longer than the VaR model’s.
•VaR is not a dynamic measure of risk even if it is subject every day to significant, albeit unlikely, changes.
•High sensitivity to time windows.
•Inability to show plausible high-impact events outside the time window.
•No market inputs (e.g. correlations, dividends or recovery rates) for measurement parameters.
•Slow adaptation to new volatility and correlations, as the weighting of the newest and the oldest data is the same.
To circumvent some limitations, we use stressed VaR (sVaR) and expected shortfall (ES); calculate VaR with exponential decay; make conservative measurement adjustments; and run analyses and backtesting to assess the accuracy of the VaR calculation model.
b) Stressed VaR (sVaR) and Expected Shortfall (ES)
Every day, we calculate sVaR for our main portfolios using the same VaR calculation method but with these exceptions:


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•A window of 260 observations (as opposed to 520 for VaR) over a continuous stress period. For each portfolio, we review the history of a subset of market risk factors (selected with expert criteria) and the most significant positions per book.
•Unlike VaR, the percentile we take to get sVaR has uniform weighting and is not the highest one based on exponential and uniform weightings.
We calculate ES as expected loss above VaR at a 99% confidence level. We also weight all observations the same. Unlike VaR, ES has the advantage of showing tail risk (i.e. the risk of loss due to a rare event) while being a subadditive metric. According to the Basel Committee, 97.5% ES is a risk level similar to 99% VaR.
c) Scenario analysis
Santander’s risk measures are based on normal market conditions, price stability, sufficient liquidity and other assumptions used in daily risk management and decision-making. However, some extreme movements and vast unforeseen changes might not be properly anticipated.
Scenario analysis enables us to recognize unexpected outcomes and estimate how much capital could be needed to absorb losses stemming from those outcomes.
We regularly calculate and review stress test scenarios for all the trading books of the Group and our subsidiaries, such as:
Historical scenarios
Historical scenarios consider trading portfolio performance during a crisis or significant past market events to estimate maximum losses based on existing positions.
Hypothetical scenarios
We use extreme scenarios based on market risk shocks that do not relate to past events (e.g. abrupt crisis with strong movements in all risk factors, worst-case scenarios, scenarios based on regulatory stress exercises, and forward-looking scenarios). Unlike generally ex post historical scenarios, hypothetical scenarios are ex ante.
Reverse stress test scenarios
Reverse stress test scenarios indicate loss-causing market variables that may compromise the bank’s survival. They supplement traditional stress test scenarios and point out potentially vulnerable business areas, hidden risks and correlations between risk factors.
Climate change scenarios
We use climate change scenarios to measure the potential impact of current exposure to climate-sensitive economic activities on trading portfolios resulting from climate and environmental risks. They include both exposure to physical risk and transition risk.
Other stress test scenarios
In addition to the above scenarios, we conduct other stress tests every quarter to identify potential losses or significant impacts on capital arising from extreme market movements (e.g. IRC scenarios, proxy stress scenarios in the VaR calculation stress scenarios in valuation adjustments).

d) Calibration and backtesting
According to regulation, the VaR model must accurately show material risks. Because VaR uses statistical techniques under normal conditions for a certain confidence level over a set time horizon, the estimate of maximum potential loss may differ from actual losses. We review and contrast the VaR calculation model on a regular basis to verify its accuracy.
We run internal backtesting, contrast VaR and review assumptions about portfolios for subsidiaries that follow the internal market risk model. For subsidiaries with an approved internal model, we run regulatory backtesting to find exceptions (where daily profit or loss is higher than VaR or VaE) that will influence the calculation of regulatory capital requirements for market risk.
Through backtesting, we assess the quality and general effectiveness of our risk measurement model. Our backtesting compares daily VaR/VaE observed on D-1 to profit and loss (P&L) observed on D: Economic P&L, actual P&L, hypothetical P&L, and theoretical P&L.
We run daily backtesting for our subsidiaries, as well as daily, weekly and monthly internal (non-regulatory) backtesting depending on portfolio granularity.
The number (or proportion) of exceptions we record is one of the most intuitive indicators of a model’s soundness. As our regulatory backtesting covers a historical period of one year (250 days) and a 99% VaR, we expect two to three exceptions per year. To calculate regulatory capital for market risk, we take the regulatory K7 from the number of exceptions we find in actual and hypothetical backtesting.
e) Analysis of positions, sensitivities and results
Santander uses positions to quantify the market value of derivative transactions by main risk factor and with the Delta value of futures and options. We can express risk positions in subsidiaries’ base currency and in the currency used to standardize information. We monitor positions every day to correct any incidents we find immediately.
Sensitivity to market risk is the estimated impact of change in a risk factor on the market value of an instrument or portfolio. We measure it with partial derivatives or a full portfolio revaluation to get an analytical approximation.
The Market risk area’s daily P&L statement is an excellent indicator of the impact of changes of financial variables on portfolios.
f) Derivatives activities and credit management
Because of their atypical characteristics, we have special measures to monitor derivatives and credit management daily. On the one hand, we monitor the sensitivity of underlying assets to price movements (Delta and Gamma) to volatility (Vega8) and over time (Theta). On the other hand, we systematically check measurements of their sensitivity to spread risk, jump-to-default risk and position concentrations by rating.
Based on regulation and the Basel Committee’s recommendations, we also calculate the IRC, an additional metric for credit risk in the trading book.
7 K: Parameter to calculate regulatory capital consumption for market risk.
8 Vega represents the sensitivity of the value of a portfolio to changes in the value of market volatility.
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The IRC covers default risk and rating migration risk (which VaR does not show adequately) by taking credit spread changes into account. In general, we apply it to government and corporate bonds; to forwards, options and other bond derivatives; and to credit default swaps, asset-backed securities and other credit derivatives. To calculate it, we take direct measurements of loss distribution tails at the right percentile (99.9%) over a one-year horizon and follow the Monte Carlo method with one million simulations.
g) Credit valuation adjustment (CVA) and debit valuation adjustment (DVA)
The Group calculates trading book results through CVA and DVA.
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For more details on CVA and DVA see 'Credit risk from financial markets activities' in section 2.4 'Other credit risk details'
3.3 Key market risk metrics
In 2024, trading risk levels remained low, slightly above 2023 levels, amid the high volatility caused by uncertainty over inflation and the pace of central bank monetary policy tightening and its effects on global economies. Moreover, political issues such as elections in certain countries and the conflicts in Ukraine and the Middle East compounded market volatility.
Risks continued to originate from trading non-complex instruments with customers. Most were hedges for interest rate and FX risk.
2024 saw generally low consumption of trading limits, which are based on the Group's market risk appetite.
VaR analysis
As the VaR of CIB’s trading book shows, market risk strategy focuses on trading with customers to minimize net directional exposure and keep risk diversified by geography and risk factor.
In 2024, VaR fluctuated between EUR 23.0 and EUR 11.6 million. Average VaR in 2024 was EUR 17.1 million, higher than 2023 and 2022 (EUR 11.7 million and EUR 14.1 million, respectively). Market volatility throughout the year (especially in terms of interest rates) caused VaR to stay above its three-year average for almost the entire period.
VaR at the end of December (EUR 18.7 million) was EUR 5.2 million higher compared to the end of 2023, reflecting the spike in market volatility caused by geopolitical risk, inflation and its impact on central banks’ monetary policy, and greater exposure to interest rate risk in North America.
Average VaR was higher for all risk factors, especially interest rates. Temporary VaR increases owe more to short-term price volatility than to significant changes in positions.
Average VaR was higher in the three regions where we operate, with the increase due to interest rates risk factor in North America, and more distributed among the other factors in the other regions.
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For more details on VaR and expected shortfall (ES) by risk factor and region see table on section '2. Trading market risk management', in Note 54 to the consolidated financial statement
VaR 2022-2024
EUR million. VaR at 99% over a one day horizon
Var ENG dec.jpg
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Backtesting
Actual losses can differ from predicted losses because of VaR’s limitations. Santander measures the accuracy of our VaR calculation model to make sure it is reliable (see ‘Methodologies’ in section 3.2 ‘Market risk management’). The most important tests we run involve backtesting:
•Backtesting of hypothetical P&L and of the entire trading book showed no exceptions in 2024 (daily loss greater than VaR or
daily profit greater than VaE) to VaR and VaE at 99% confidence level.
•These results are consistent with assumptions in the VaR calculation model.
Backtesting of trading portfolios: daily results vs. VaR for previous day
EUR million
Backtesting ENGdec.jpg
Derivatives risk management
Our operations with derivatives consist mainly in selling investment products and hedging risks for customers. We aim to keep open net risk as low as possible. Trading includes equity, fixed-income and FX options, chiefly in Spain, Brazil, the UK, the US and Mexico.
The graph shows the VaR vega of structural derivatives over the past three years. On average, it has increased some EUR 3.0 million. In general, high VaR values stem from sudden spikes in market volatility, such as changes to monetary policy on the back of inflation performance, or at times of political uncertainty in our geographies.
Change in risk over time (VaR) of structure derivatives
EUR million. VaR Vega at a 99% over a one day horizon
VaR Vega ENG dec.jpg
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Average VaR was based mainly on equities, followed by interest rates and FX rates. In December 2024, average risk (EUR 3.5 million) was slightly higher than in 2023 and more or less the same as in 2022 (see table below):
Financial derivatives. Risk (VaR) by risk factor
EUR million. VaR at a 99% over a one day horizon
c
 202420232022
MinimumAverageMaximumLatestAverageLatestAverageLatest
Total VaR Vega1.9 3.5 5.4 4.5 2.4 2.1 3.2 2.7 
Diversification effect0.6 (2.0)(5.7)(1.7)(1.9)(1.2)(1.1)(1.0)
Interest rate VaR
0.8 1.3 3.0 0.9 2.0 1.5 2.0 1.4 
Equity VaR— 3.1 5.2 3.8 1.4 1.2 1.4 0.9 
FX VaR0.5 1.1 2.9 1.5 0.9 0.6 0.9 1.4 
Commodity VaR— — — — — — — — 
Santander's exposure to complex structured instruments and assets is very limited, this reflects our risk culture and prudent risk management. The Group’s risk appetite restricts total level 3 assets and liabilities (those whose fair value is calculated using significant unobservable inputs in market data) to 5% of the Group's total assets and liabilities measured at fair value.
At the end of December 2024, our exposure to hedge funds amounted to EUR 111 million (indirect as the counterparty in derivative contracts). We review this type of counterparty risk on a case-by-case basis, setting collateralization ratios based on each fund's characteristics and assets.
Our policy on approving new derivatives transactions has always been extremely prudent and conservative. It is reviewed by senior management.







Scenario analysis
The table below shows worst case scenario results from the end of December 2024:
Stress scenario: maximum volatility (worst case)
EUR million. Dec 2024
Interest rate
Equities
Exchange rate
Credit spread
Commodities
Total
Total trading(275.8)26.3 (83.2)(69.2)— (401.9)
Europe(118.4)27.6 (80.3)(69.2)— (240.3)
North America(151.9)(0.2)(1.9)— — (154.0)
South America(5.5)(1.1)(1.0)— — (7.6)
Our analysis found that Santander's trading books would lose EUR 402 million in market value in the worst-case scenario of market stress. Losses would mainly affect Europe (especially in interest rates if rates rise, in exchange rates if the euro were to appreciate and finally in credit spreads if credit prices rise) and North America (especially if interest rates rise).
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Connection with balance sheet items
Below are items on Santander’s consolidated balance sheet that generate market risk. The table distinguishes positions whose main risk metric is VaR from other positions that are monitored with other risk metrics.
Risk metric values on the consolidated balance sheet
EUR million. Dec. 2024









Main market
risk metrics

Assets subject to market riskBalance sheet
amount 		VaROtherMain risk factors for 'Other' balance
Cash, cash balances at central banks and other deposits on demand192,208 192,208 Interest rate
Financial assets held for trading230,253 230,253 
Non-trading financial assets mandatorily at fair value through profit or loss6,130 4,641 1,489 Interest rate, spread
Financial assets designated at fair value through profit or loss7,915 7,915 Interest rate, spread
Financial assets at fair value through other comprehensive income89,898 2,193 87,705 Interest rate, spread
Financial assets measured at amortised cost1,203,707 1,203,707 Interest rate, spread
Hedging derivatives5,672 5,672 Interest rate, exchange rate
Changes in the fair value of hedged items in portfolio hedges of interest risk(704)(704)Interest rate
Other assets102,002 
Total assets1,837,081 
Liabilities subject to market risk
Financial liabilities held for trading152,151 152,151 
Financial liabilities designated at fair value through profit or loss36,360 36,360 Interest rate, spread
Financial liabilities at amortised cost1,484,322 1,484,322 Interest rate, spread
Hedging derivatives4,752 4,752 Interest rate, exchange rate
Changes in the fair value hedged items in portfolio hedges of interest rate risk(9)(9)Interest rate
Other liabilities52,178 
Total liabilities1,729,754 
Total equity107,327 

3.4 Structural balance sheet risk management
Structural risk is the risk that market or balance sheet movements will change the value or profit generation of assets or liabilities in the banking book.
It covers insurance and pension risks, as well as the risk that Santander will not have sufficient capital (in terms of quantity or quality) to meet internal business targets, regulatory requirements or market expectations.
Limits management and control systems
The internal policies set by senior management dictate mechanisms to monitor and control structural risk according to regulatory requirements and our risk appetite. These mechanisms consider sub-types of structural risk and their implications, contingencies and interrelations.


The Structural risk area’s role in the second line of defence is to oversee that structural risks are understood, controlled and reported to senior management according to established governance:
•It sets interest rate risk metrics and reviews and challenges the structural risk appetite and limits proposed by the first line of defence.
•It oversees the first line of defence’s structural risk management and checks compliance with set limits.
•It regularly reports on our risk profile to senior management and issues guidelines to business lines about measures it deems necessary.
•It reviews and challenges business proposals and helps senior management and business units understand the interest rate risk of the Group’s businesses and operations.
•It develops and revises models and policy, and checks that structural risk procedures are fit and proper.
Like market risk, structural risk also has an annual plan framework to set structural balance sheet risk limits according to risk appetite.
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These are the main limits we use:
•Structural interest risk in the banking book:
•Net interest income (NII) sensitivity limit over a one-year horizon.
•Economic value of equity (EVE) sensitivity limit.
•Limit of the negative impact on shareholder equity of changes to the value of assets carried at fair value in the banking book stemming from adverse movements in the market.
•Structural FX risk:
•Limit on the net permanent position of the core capital ratio.
•Limit on the individual hedge required for each currency.
We supplement these limits with other alerts and triggers that monitor certain aspects of such risks and complement the metrics described above.
Business lines’ risk managers must provide explanations for potential limit and sub-limit breaches as well as an action plan to correct them.
Methodologies and other key details
a) Structural interest rate risk
As part of structural risk, interest rate risk in the banking book (IRRBB) is a key balance sheet risk.
Santander measures the potential impact of interest rate movements on EVE and NII. Because of the effect of changing rates, we must manage and control many subtypes of interest rate risk, such as repricing risk, yield curve risk, basis risk and option risk (e.g. behavioural or automatic).
Interest rate positions on the balance sheet and market conditions and outlooks could necessitate certain financial measures to achieve the Group’s risk profile target.
Metrics for checking IRRBB include NII and EVE sensitivity to interest rate movements.
•Net interest income (NII) and sensitivity: NII is the difference between interest income from assets and the interest cost of liabilities in the banking book over a typical one- to three-year horizon (one year being standard in Santander). It enables us to see short-term risks and supplement economic value of equity (EVE) sensitivity.
•Economic value of equity (EVE) and sensitivity: EVE is the difference between the present value of all assets minus the present value of all liabilities in the banking book. It does not include shareholder equity and non-interest-bearing instruments. It enables us to see long-term risks and supplement NII sensitivity.
b) Credit spread risk
The metrics we use to monitor credit spread risk in the banking book (CSRBB) includes NII and EVE sensitivity to changes in spread curves as well as the impact of stress scenarios on positions that have been identified as affecting CSRBB.
In 2024, we embedded the CSRBB monitoring framework in our units and added limits and metrics to track the impact of adverse movements in credit spreads on market value, EVE, and NII.
c) Interest rate models
Interest rate risk metrics consider the behaviour of financial products under stress scenarios in which uncertainty is common and the failure to meet contractual obligations is possible. We have methodologies that help explain how such products will behave. These are our key interest rate risk models:
•Treatment of liabilities without stated maturity. The Group’s model shows balances of all accounts without maturity using stable and unstable volumes, settlement speed over time, customer and market types, and other variables.
•Prepayment treatment for certain assets. Prepayment risk mainly affects fixed-rate mortgages in subsidiaries where contractual rates are below market rates and customers have the incentive to pay off all or part of their mortgage early.
d) Structural exchange rate risk/hedging of results
We measure FX positions, VaR and P&L every day.
In 2024, we introduced new limits to FX positions in the banking book to complement the structural FX metrics and monitor exchange rate risk in full.
e) Structural equity risk
We measure equity positions, VaR and P&L.
3.5 Key structural balance sheet risk metrics
In line with previous years, the market risk profile of the Group’s balance sheet remained moderate in 2024.
Each subsidiary’s Finance division manages interest rate risk from retail banking and is responsible for handling structural risk from interest rate fluctuations.
Grupo Santander measures interest rate risk by analysing changes to EVE and NII triggered by movements in parallel and non-parallel interest rates, balance sheet composition, and shifts in customer behaviour. Once we’ve measured these risks, we decide whether to follow strategies to mitigate structural risk with interest-rate instruments (such as bonds and derivatives) and keep an interest rate risk profile within risk appetite.
Exposure across all our footprint was moderate in relation to the annual budget and capital levels in 2024.
The NII and EVE sensitivities below are based on scenarios of parallel interest rate movements between ±100 pbs.
Structural interest rate risk
Europe
At the end of December, sensitivity of NII on our core balance sheets to interest rate hikes was positive, while EVE sensitivity was negative in the case of UK and positive in Spain considering the same scenario.
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Under the scenarios described above, at the end of December, the most significant risk of NII sensitivity to the euro amounted to EUR 877 million; to the pound sterling, EUR 211 million; to the Polish zloty, EUR 61 million; and to the US dollar, EUR 54 million, all with the risk of rate cuts.
Net interest income (NII) sensitivity
% of total
65.6%20.9%6.7%6.8 %
1319
* Other: Portugal and SCF.
Significant risk of EVE sensitivity to yield curves of the euro was EUR 753 million; of the pound sterling, EUR 662 million; of the Polish zloty, EUR 244 million; and of the US dollar, EUR 132 million, related to the risk of interest rate increases, except for the US dollar.
Economic value of equity (EVE) sensitivity
% of total
25.6%35.3%39.1%
1594
* Other: Poland, Portugal and SCF.
North America
At the end of December, sensitivity of NII on our North America balance sheet to interest rate hikes was positive, while EVE sensitivity was negative.
At the end of December, the most significant risk to NII was mainly in the US and amounted to EUR 125 million.
Net interest income (NII) sensitivity
% of total
91.9%8.1%
1912
The most significant risk to EVE was in the US and amounted to EUR 639 million.
Economic value of equity (EVE) sensitivity
% of total
76.4%23.6%
1997
South America
The EVE and NII of our main South American balance sheets are positioned for interest rate cuts.
At the end of December, the most significant risks to NII were mainly in Brazil (EUR 124 million) and Chile (EUR 4 million).
Net interest income (NII) sensitivity
% of total
86.1%2.8%11.1%
2240
* Other: Argentina, Peru and Uruguay.
The most significant risks to EVE were in Brazil (EUR 411 million) and Chile (EUR 323 million).
Economic value of equity (EVE)
% of total
54.3%42.7%3.0%
2388
* Other: Argentina, Peru and Uruguay.
Structural foreign exchange rate risk/results hedging
Our structural FX risk exposure mainly stems from the performance of, and hedges for, permanent financial investments. In our dynamic management of this risk, we aim to limit the impact of FX rate movements on the core capital ratio. In 2024, the hedged of the different currencies that have an impact on our core capital ratio was close to 100%.
In December 2024, our permanent exposures (with potential impact on shareholder equity) were, from largest to smallest, in the US dollar, British pounds sterling, Brazilian reais, Mexican pesos, Polish złoty and Chilean pesos.
We use FX derivatives to hedge part of those permanent positions. The Finance division manages FX risk and hedging for the expected profits and dividends of subsidiaries whose base currency is not the euro.
Structural equity risk
Santander holds equity positions in its banking and trading books. They are either equity instruments or stock, depending on the share of ownership or control.
Equities in the banking book at the end of September 2024 were diversified, with securities from Spain, China, Morocco, Poland and other countries. Most of them invest in the financial and insurance sectors. We have minor equity exposure to property and other sectors.
Structural equity positions are exposed to market risk. We calculate their VaR with a set of market prices and proxies. At the end of December 2024, VaR at a 99% confidence level over a one-
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day horizon was EUR 127 million (EUR 171 million in 2023 and EUR 195 million in 2022).
Structural VaR
Homogenous metrics like VaR make it possible to monitor all market risk in the banking book (minus CIB trading; see section 3.3 ‘Key market risk metrics’). We differentiate fixed income based on interest rates and credit spreads in ALCO portfolios, FX rates and shares.
In general, the structural VaR of our total assets and equity is minor.



Structural VaR
EUR million. VaR at a 99% over a one day horizon
202420232022
MinimumAverageMaximumLatestAverageLatestAverageLatest
Structural VaR620.7 747.7 910.0 687.5 705.0 749.5 0664.0 538.5 
Diversification effect(237.2)(386.4)(575.5)(268.6)(416.6)(444.7)(417.1)(422.4)
VaR Interest RateA
210.7 412.0 685.6 235.2 348.4 380.2 350.8 304.5 
VaR Exchange Rate526.9 571.7 629.8 594.4 580.4 642.9 493.4 461.0 
VaR Equities120.3 150.4 170.1 126.5 192.8 171.1 236.9 195.4 
A. Includes credit spread VaR on ALCO portfolios.

3.6 Liquidity risk management
Liquidity risk occurs if the bank is unable to meet payment obligations promptly or would do so at a high price. Losses may result from a forced asset disposal and a cash flow imbalance.
The second line of defence oversees that this risk is understood, controlled and reported to senior management and across the Group according to established governance. For this purpose:
•defines liquidity risk and provides detailed measurements of current and emerging liquidity risks;
•sets liquidity risk metrics, and reviews and challenges risk appetite and limits proposed by the first line of defence;
•assesses and challenges commercial and business proposals, and gives senior management and business units the information they need to understand Santander’s liquidity risk;
•oversees the first line of defence’s liquidity risk management and measures how long business will remain within risk appetite limits;
•reports to governing bodies (risk control committee, RSRCC and board of directors) on compliance with risk appetite limits and any exceptions;
•provides a comprehensive overview of our liquidity risk exposure and profile; and
•makes sure that liquidity risk procedures are appropriate to manage the business within risk appetite limits.
The market remained stable throughout 2024. Debt markets operated under normal conditions and we achieved our proposed financing targets. Additionally, our subsidiaries have a sound balance sheet and stable funding structure, supported by a large base of customer deposits, low dependence on short-term funding and liquidity metrics that are well above local and corporate regulatory requirements and within risk appetite limits.
3.7 Key liquidity risk metrics
Our solid liquidity position stands on a decentralized model under which each subsidiary manages its own liquidity autonomously. To measure liquidity risk, we use tools and metrics for the right risk factors. We follow the guidelines set out in the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD) to draw up liquidity risk metrics. We determine liquidity scenarios for internal metrics based on the behaviour of other banks in liquidity crises, regulatory assumptions, and expert opinion.
These are our core monitoring metrics in the Group:
A) Regulatory metrics:
a. Liquidity coverage ratio (LCR) assesses the short-term resilience of our liquidity profile by making sure we have enough high-quality liquid assets to withstand a considerable market stress scenario for 30 calendar days. In 2024, the Group’s LCR remained stable and well above the regulatory threshold.
b. Net stable funding ratio (NSFR) measures long-term liquidity risk. It is the ratio of available stable funding to required stable funding. In 2024, the NSFR of our core subsidiaries and the Group remained above the regulatory requirement of 100% and the internal risk appetite.
B) Internal metrics:
a. Liquidity buffer assesses whether liquid assets are enough for the bank to survive for set time horizons under several liquidity stress scenarios.
b. Wholesale counterparty concentration metric measures the impact of our largest non-financial counterparties withdrawing deposited funds. We use it to measure the quality of our liquidity and to uncover excessive dependency on a small number of customers.
c. Structural asset encumbrance metrics. We calculate two metrics to measure asset encumbrance risk. One the one hand, the asset
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encumbrance ratio is encumbered assets to total assets; on the other hand, the structural asset encumbrance ratio gives the proportion of encumbered assets by structural funding transaction (namely long-term collateralized issues and credit transactions with central banks).
d. Other liquidity metrics. Grupo Santander has a set of additional liquidity indicators to complement those listed above and to measure other non-covered liquidity risk factors.
e. Liquidity risk scenario analysis. Grupo Santander has five standard scenarios:
i.An idiosyncratic scenario of events that are detrimental only to Santander.
ii.A local market scenario of events that are highly detrimental to Grupo Santander’s base country’s financial system or real economy.
iii.A global market scenario of events that are highly detrimental to the global financial system.
iv.A combined scenario of more severe idiosyncratic and local and global market events, occurring simultaneously in an interconnected manner.
v.Climate scenarios, with various stress situations based on the potential economic effects of climate change.
We use these stress test outcomes as tools to determine risk appetite and support business decision-making.
f. Early-warning liquidity indicators. The system of early warning indicators consists of quantitative and qualitative liquidity indicators that help predict stress situations and weaknesses in the funding and liquidity structure of Grupo Santander entities. External indicators relate to market-based financial variables; internal indicators relate to our own performance.
g. Intraday liquidity metrics. Santander follows Basel regulation and calculates several metrics and stress scenarios for intraday liquidity risk to maintain a high level of control.
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For more details on liquidity metrics, see section 3.4 ‘Liquidity and funding management’ in the 'Economic and financial review' chapter.
3.8 Actuarial, pension and insurance risk management
Actuarial risk
Actuarial risk stems from biometric changes in defined benefit recipients’ and life insurance policyholders’ life expectancy; and from suddenly higher non-life insurance payments.
These are the actuarial risks we distinguish:
•Life liability risk: Risk of loss on liabilities due to changing risk factors that affect pension obligations, split into mortality/longevity risk, morbidity risk, withdrawal/surrender risk, expense risk, and catastrophe risk.
•Non-life liability risk: Risk of loss on liabilities due to changing risk factors that increase Santander's non-life payment
obligations towards employees, split into premium risk, reserve risk, and catastrophe risk.
Pension risk
Grupo Santander runs several defined benefit pension schemes that generate financial, market, credit and liquidity risks from assets and investments, as well as market and actuarial risks from pension obligations.
Our pension risk management and control involves identifying, measuring, mitigating and reporting on sources of pension risk to reduce long-term exposure.
Grupo Santander uses a VaR methodology to measure pension risk, set pension risk appetite limits and calculate economic capital. Moreover, we estimate combined losses each year on assets and liabilities under a stress scenario that includes shifts in interest rates, exchange rates, inflation, stock markets, property values and credit spreads.
The majority of our defined benefit pension schemes are in Brazil, Germany, Portugal, Spain and the UK.
In 2024, the impact of market performance on pension risk was slightly negative, owing to contrasting behaviour of discount rates in our core markets and a rise in inflation in the markets that are exposed to this risk. Throughout the year, we took measures to reduce our exposure to pension and actuarial risk by taking advantage of interest rate levels.
Insurance risk
Grupo Santander’s insurance risk model is based on our own insurers and partnerships with insurers in which we hold a non-majority interest (joint ventures).
These insurers assume financial, non-financial, actuarial and other risks according to their risk profile.
Our core aim in managing and controlling insurance risk is to identify, measure, mitigate and convey all sources of risk in the insurance business to help meet our commitments to policyholders and shareholders.
We continuously monitor the solvency of our insurers by calculating regulatory solvency levels and making sure that they stay within the established risk appetite. Moreover, we run sensitivity analyses and stress scenarios on the most significant risks to assess their impact on solvency.
In 2024, our insurers’ risks remained stable. Regarding actuarial risk, though natural disasters have generally increased in our markets, they have not had a significant impact on solvency due to reinsurance programmes and other public and private protection schemes.
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4. CAPITAL RISK
4.1 Introduction
Grupo Santander’s structural risk includes the risk that the bank has insufficient capital to absorb losses stemming from its operations or to meet internal business objectives, regulatory requirements and market expectations.
We oversee first-line capital management and check that our capital adequacy and coverage match our risk profile and Group strategy through our Capital Risk area, which is part of our second line of defence. We also oversee transactions that could be considered significant risk transfers (SRT).
Capital management falls under the Group’s capital framework and model. It brings together capital planning and adequacy, budget execution and tracking, and the ongoing measurement, reporting and disclosure of capital data.
4.2 Capital risk management
We independently oversee the capital activities carried out by the first line of defence. These activities are split into four workflows to promote an appropriate level and efficient use of capital, meet internal solvency targets and regulatory requirements, and match our risk profile:
Capital planning
We draw up a capital plan (consistent with the strategic plan) that sets out our solvency targets and the actions required to execute it. The control area reviews the plan’s viability to identify, assess and quantify the risks that may impact on fulfilling it.
Capital adequacy
We measure capital levels against the risk assumed, based on a risk profile assessment and our risk appetite framework, and under stress scenarios. Oversight of this process aims to:
•cover all significant risks in the course of our operations;
•confirm that results are reasonable and consistent with business strategy, the macroeconomic environment and system variables; and
•check that planning methodologies and assumptions are appropriate.
Capital risk assessment
Capital measurement is an internal risk management process to calculate the metrics we use in capital management, supervisory reporting and market disclosures regularly.
The continuous monitoring of our capital measurement is an additional control function to achieve the right capital risk profile. It involves a review of capital metrics and set thresholds, as well as oversight of compliance with solvency risk appetite to keep capital levels above internal and regulatory requirements, and market expectations.
Origination (risk transfer initiatives)
Origination is where we oversee the structuring and launch of the Group’s initiatives to release shareholder equity and their subsequent monitoring.
We oversee securitizations that might be significant risk transfers originated by Santander in order to release capital, according to articles 243 and 245 of Regulations (EU) 2017/2401 and 2017/2402.
Oversight is an essential prerequisite for synthetic and traditional securitizations, especially if they can reduce risk-weighted assets (RWA) under regulatory standards.
The aim is to make sure that oversight includes analysis of the conditions that could alter the securitization’s SRT classification, namely:
•if it meets the requirements of an effective risk transfer;
•if it complies with all prudential regulation requirements;
•if its risk parameters follow our methodology; and
•if its economic rationale meets Group-wide standards.
In today’s macroeconomic landscape of geopolitical tension, market volatility and other events, we focused on protecting the Group’s solvency and meet the internal objectives. We pinpointed and assessed the risks that could affect solvency and continuously monitored key metrics.
The capital risk function regularly assesses potential deviations in capital forecasts to set budget uncertainty levels. We oversee progress with the organic capital plan, securitization plan and other initiatives that impact on capital, as well as the supervisor’s
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review of capital calculation (Internal Model Investigations -IMIs-, On-Site Inspections -OSIs- and others).
In 2024, we continued to enhance monitoring of the achievement of subsidiaries’ capital contribution targets to spot risk and opportunity relating to our capital targets for the year. We also checked the impact of market variables on capital levels. Against this backdrop, we continue to implement hedging policies to mitigate exchange rate volatility on our CET1 ratio.
The second and first line of defence set the solvency appetite limits, which were consistent with the Group’s medium-low risk profile and resilient to stress conditions.
Regarding planning, in 2024 we performed a more detailed review of our Group and subsidiary recovery plans to enhance measures and hypotheses.
We introduced stricter standards to enhance reporting and governance of SRT securitization oversight during origination. To make monitoring more robust, subsidiaries became more involved in regular analysis and we drove further automation through use of the corporate tool.
4.3 Key metrics
Banco Santander’s strong capital position is consistent with our business model, balance sheet structure, risk profile and regulatory requirements. Our robust balance sheet and profitability enable us to finance growth and accumulate capital.
Our model of subsidiaries with autonomy over liquidity and capital enables us to mitigate risk. Our capital metrics are stable, with ratios that remain comfortably above regulatory requirements.
The distribution of risk-weighted assets (RWA) by risk type and by region at year end reflects the Group's core business in credit risk and geographic diversification:
RWA by risk typeA
Dec.24 data
RWA by regionB
Dec. 24 data
631 633
A. Credit risk included counterparty credit risk, securitizations and amounts below the thresholds for deduction.
B. Others, not included, represent 3% (Corporate centre)

At the end of December, our fully-loaded CET1 ratio was 12.8%, above our 12% target.
The fully-loaded CET1 ratio rose 51 bps. We achieved gross organic generation of 209 bps and recognized a 100 bps charge for shareholder remuneration in 2024 (consistent with the target payout of 50%) and a negative regulatory and model impact of 59 bps.
Under IFRS 9 transitional arrangements, the CET1 phased-in ratio at the end of December was 12.8% and the total phased-in capital ratio was 17.4%, comfortably meeting the Basel Committee's 9.6% and 13.9% minimum levels, respectively.
Throughout the year, we maintained all the Group's risk appetite metrics above the established solvency limits.
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For more details, see section 3.5 ‘Capital management and adequacy. Solvency ratios' in the 'Economic and financial review' chapter.

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5. OPERATIONAL RISK
5.1 Introduction
Operational risk is inherent in all products, activities, processes, and systems, as well as in all business and support areas. All employees are responsible for managing and controlling the operational risks generated by their activities.
Santander defines operational risk, according to the Basel framework, as the risk of loss resulting from inadequate or failed internal processes, people, or systems, or from external events. Also, it covers categories of risks such as fraud, technological, cyber, legal9, and conduct risks are included.
5.2 Operational risk management
Management and control model
Our operational risk and control model establishes the core components needed to manage and control this risk properly throughout the cycle according to advanced regulatory standards and best practices. Execution of the model supports the correct setting and update of management priorities as well as the definition and implementation of internal controls to mitigate risk throughout the organization.
In this section we first detail the risk management cycle, as well as the instruments we use to manage and control operational risk. We then focus on operational resilience and the core operational risks and their mitigation plans. Last, we describe how we use insurance as a risk transfer mechanism and operational risk management in the wholesale banking business.
The operational risk cycle comprises:
•strategic planning: this covers the activities necessary to define the Group's objective operational risk profile, including setting the risk appetite, estimating annual losses and reviewing the management perimeter;
•identification and assessment of risks and internal controls: this process aims to identify the risks and factors that may cause operational risk in the organization and assess their potential impact quantitatively or qualitatively;
•ongoing monitoring of the operational risk profile, to analyse available information regularly on the nature and extent of the risks incurred in the undertaking of the Group's activities through an adequate alerts system, based on tools, such as indicators and escalation procedures.
•risk response decisions including risk mitigation and risk transfer measures: operational risk can emerge in any Group procedure, so its management requires mitigation measures for risks considered unacceptable following identification and assessment.
The analysis of operational risk exposure can conclude with the acceptance of that level of risk, the implementation of action plans to manage it, the transfer of risk through insurance or other outsourcing mechanisms or, alternatively, the discontinuation of the related activity.
Against this backdrop, contingency and business continuity plans are key as they enable us to continue activity and limit losses in the event of severe business interruptions, which are particularly sensitive in financial markets. According to the EU Digital Operational Resilience Act (DORA), it is necessary to increase digital operational resilience such as the capacity to build, support and review operational integrity and reliability, contribute to keep networks and information systems secure, and continuously provide quality financial services even in the face of disruption.
•disclosure and reporting of information necessary for decision-making.
9 Legal proceedings stemming from operational risk.
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Additionally, at Grupo Santander, we have various tools that allow us to effectively manage and control risk throughout the management cycle, such as:
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Internal event database
The internal events database collects and records internal operational risk events, whose impacts could be financial impact (e.g., losses and provisions, regardless of their amount) or non-financial impact (i.e. relating to regulation, customers and/or services). This information:
◦enables us to conduct root-cause analysis;
◦increases the awareness of risks for better operational risk management;
◦enables the escalation of relevant operational risk events to senior risk executives in the shortest time possible;
◦facilitates regulatory reporting;
◦facilitates the development of the economic capital model within the internal capital adequacy assessment process (ICAAP).
External event database
This database contains quantitative and qualitative information about external operational risk events, which facilitates detailed analysis of relevant events in the industry; comparison with Group and subsidiaries’ loss profiles; and preparation for the Risk control self-assessment (RCSA) exercises, insurance and scenario analysis.
It provides an additional source of information to internal events, which boosts operational risk management.
Scenario analysis
This is a tool to analyse highly unlikely events that could result in significant losses and establish appropriate mitigating measures based on the assessment and opinion of experts from business lines and risk managers. Scenario analysis results are also used as input to the economic capital models.
RCSA
The RCSA is an assessment of the operational risks and control environment associated with the Group's activities and operations. Its key aim is to assess inherent and residual operational risk, as well as the design and effectiveness of controls and whether they
need to be strengthened or new mitigating actions need to be put in place.
It includes detailed reviews to identify cyber, technology, fraud, supplier and other risk factors that could generate operational risk or a failure to observe the law. The RCSA also covers regulatory compliance, conduct risk and financial crime.
Key operational risks (KORs)
Top-down assessment that considers senior managers’ concerns and opinions about operational risk so that the rest of the organization can review them appropriately and we can include them in the RCSA.
Key risk indicators (KRIs)
These provide quantitative information about our risk exposure and control environment. The most relevant indicators are those related to the bank’s main risk exposures, and are part of the operational risk appetite.
Risk appetite
It has the following structure:
•A global non-financial risk appetite statement, which asserts our commitment to controlling and limiting non-financial risk events that can result in financial losses; fraud events; operational and technological incidents; legal and regulatory infractions; issues associated with conduct; or reputational damage. This statement has associated loss and control environment metrics.
•Statements regarding technology risk, cyber risk, the cloud, fraud, financial crime compliance, product sales, regulatory compliance, model risk, data management, and supplier risk management, and their own forward-looking monitoring metrics.
Economic capital model
Our economic capital model for operational risk takes a loss distribution approach (LDA) that captures our operational risk profile and calculates economic capital based on information collected from the internal and external event databases and scenario analyses. We use it to determine operational risk economic capital and estimate expected and stressed losses to set operational risk appetite.
Moreover, we use other instruments to analyse and manage operational risk, such as the assessment of new products and services and transformation initiatives; business continuity plans (BCP); review of the management perimeter and corporate insurance policy coverage; recommendations from internal and external auditors and supervisors; and the quality assurance process.
Our management, assessment and reporting system for operational risk, Heracles, supports the operational risk programme and tools through a governance, risk and compliance (GRC) approach and provides information on our subsidiaries and the Group. Heracles also facilitates better operational risk management decisions by using a common set of taxonomies and methodological standards to allow for information consolidation, duplication prevention, and reporting simplification. Through Heracles, we aim for employees to have a timely, complete, and precise view of their operational risks.
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Operational resilience and the business continuity plan
The digital transformation, which is ramping up due to the entry of new players with more digital business models, is revolutionizing how banks operate and presenting new business opportunities. At the same time, this structural change has increased exposure to emerging risks such as technology risk, cyber risk, and further dependency on third party suppliers, which heighten the potential exposure to events that could affect the services that we offer to customers.
Thus, regulation continues to focus on the importance of operational resilience through:
•the DORA Act, along with its implementing rules, which complements the perspective of risk related to Information and Communication Technologies (ICT). It encompasses any reasonably identifiable circumstance related to the use of networks and information systems that, if it occur, may compromise the security of networks, systems, tools, processes, operations, or the provision of services;
•the Basel Principles for Operational Resilience guidelines;
•the Building the UK Financial Sector’s Operational Resilience rules published by the Bank of England (BoE), the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA);
These regulations require us to strengthen our ability to prevent and recover from disruptive events and verify that we can deliver services to our customers in all our businesses and maintain systemic stability.
To comply with the law and keep our services running, we have an operational resilience and business continuity management system (OR BCMS) that seeks to establish the continuity of services and business activities in all our subsidiaries should a disaster or major incident occur. It is a holistic management process that identifies potential threats and their impact to our operations and resources (people, apps, data, properties and others). It also defines the proper protocols and governance to provide an effective response and recovery in the shortest time possible.
Our operational resilience and business continuity application (ARK@) is vital to maintain and manage the information we use in this process.
In 2024, we continued to enhance and revise our BCMS to adapt it to the new Operational Resilience regulatory requirements, with particular emphasis on:
•critical services identification, establishing the impact tolerance for disruption for each of them, according to the bank’s risk appetite, risk capacity and risk profile;
•the Group’s board of directors approved operational resilience approach, considering our risk appetite and the tolerance for disruption to critical services;
•internal continuity strategies to minimize the impact on business activities derived from the potential disruptions to the services provided by critical suppliers;
•mandatory risk assessments and cost-benefit analyses in order to select the necessary continuity strategies for each contingency scenario identified;
•bolstering the tests we run every year to check our strategies and plans for every scenario, especially application outage;
•enhancing the methodology to manage and monitor the maturity level of subsidiary business continuity programmes.
Important mitigating measures
Mitigation measures aim to reduce or eliminate exposure to the main sources of risk that our internal and external tools uncover and to significant emerging or potential risks.
Below are the principal sources of operational risk (such as fraud, cyber risk, technology risk, supplier risk, and others) and their respective mitigation measures:
Fraud
The transformation and digitalization of the business has given rise to new risks and threats, such as more payment scams and fraud in loan applications.
To mitigate these risks, we enhanced control mechanisms and implemented new solutions, including:
•stronger authentication for customers;
•increased anti-fraud alerts in loan applications;
•transaction monitoring using advanced fraud prevention models.
Additional examples of controls that we are implementing for online banking fraud include:
→strong customer authentication and signature to approve transactions;
→behavioural biometrics and anti-malware protection;
→identification and secure registration of customer devices.
Moreover, the second line of defence made progress with internal fraud management in 2024 by enhancing a related policy that applies to all Group subsidiaries and coordinating several activities to standardize how we manage these events, based on best practice and identified controls.
Cyber risk
At Santander, cyber risk management is an integral part of our operational risk control and management model. Our cybersecurity management is designed to align with international best practices and provide a framework to measure and monitor the cyber risk profile and control environment, including threats and incidents associated with the use of external service providers.
The increasing reliance on digital systems puts cybersecurity at the heart of managing non-financial risks in the financial industry. Our goal is to make Grupo Santander a cyberresilient organization, capable of preventing, detecting, and quickly responding to cyberattacks, while constantly improving and evolving our defences.
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Ransomware in all its forms (data encryption and exfiltration) continues to be the prominent external threat. Moreover, distributed denial of service (DDoS) attacks associated with geopolitical tension and international conflicts in Ukraine and the Middle East, also continue to have a high incidence.
During 2024, multiple events were responded to, including those involving third-party service providers. For example, on May 14, 2024, Santander announced that it had become aware of unauthorized access to a Santander database hosted by an external provider, which included certain customer and employee information. Numerous measures were immediately implemented to manage the incident, such as blocking access to the database, strengthening fraud prevention, taking preventive actions to avoid a similar incident from occurring again, and maintaining direct contact with regulatory bodies and collaborating in the investigation with law enforcement agencies.
In this regard, we continue to improve risk management and develop controls in line with the Group's global cybersecurity framework and international best practices.
From the second line of defence perspective, there is a framework to measure and monitor the cyber risk profile and its control environment. The key aspects of our cyber risk oversight programme in 2024 were:
•the expansion of the services and scope of a global second line of defence Centre of Excellence for cyber risk, providing an opportunity to strengthen control risk activities while achieving efficiencies, simplification and harmonization;
•an update of internal regulation to align with new regulatory requirements (e.g. DORA Regulation);
•a review of our oversight procedures (risk indicators, risk appetite and reference risk);
•participation in the ECB’s first Cyber Resilience Stress Test;
•the automation of dashboards to embed several sources of information and provide a consolidated view of cyber risk.
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For more details on cyber security, see section 5 'Research, development and innovation (R&D&I)' on 'Economic and financial review' chapter.
IT risk
Our aim to become the best open financial services platform on the back of digital transformation requires constant review, assessment and enhancement of our controls to mitigate and manage technological risk.
Despite a demanding environment under constant change, we are quickly adapting our business model and our technology to support the global businesses in their digital transformation by providing them with global platforms that draw on innovative capabilities to meet the new needs of our customers and new regulatory requirements. This also aims to strengthen our position as a digital bank with a global footprint that can adapt to the changing demands of the market.
For 2024, the key aspects of our IT Risk Management programme were:
•monitoring the implementation of actions to meet the requirements of DORA regulation, including a deep dive into the operational resilience scenario mitigation strategy in relation to data mismanagement;
•making key IT assets less obsolete to fit with our risk appetite;
•strengthening the Public Cloud control model by embedding essential controls within the risk and control self-assessment for the first time;
•continuing to enhance automation to correlate data, analyse and report on technology risks to facilitate the collection and consolidation of information, prioritize risk management, and enable more effective independent oversight;
•making headway with the implementation of automated solutions to analyse back-up and inventory controls that help enhance the monitoring and control of technological risk.
Supplier risk management
Our digitalization strategy sets out to offer our customers the best solutions and products in the market. This may lead to an increase in third-party services, cloud services and the large-scale use of new technologies.
In 2024, we boosted our supplier management model and internal control framework due to increased cyber risk, environmental (ESG) risks and regulatory requirements (especially DORA). We implemented a new IT platform to assess and manage the risks in outsourcing and third-party agreements.
We continued to bolster our methodologies and contractual frameworks to enhance the monitoring of third-party risk in our subsidiaries. Moreover, we used a risk-based approach that focused on suppliers that could increase the potential risk level in our operations and customer services in the Group’s subsidiaries. We increased monitoring of those suppliers to check that:
•they have an appropriate control environment in accordance with established Group policies and that mitigate the risk level of the service provided;
•business continuity plans are in place to enable the delivery of the service even in the event of a disruption;
•the proper controls are in place to protect the information processed during the provision of services;
•contracts and third-party agreements include the required clauses to protect the interests of our customers and the Group, while providing coverage of the legal obligations in force;
•regular monitoring of these suppliers is carried out, with particular attention to service level agreements and the regular testing of their business continuity plans;
•exit strategies are defined, including reversion or migration plans, particularly for those services with a high impact on business continuity and difficult to replace.

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We continue to embed our environmental, social and governance approach in our strategy and culture to build a more responsible bank. Because our suppliers may have an impact on the environment and broader society, we implemented a new certification procedure to verify that they follow the Group’s ESG sustainability standards and criteria.
Other key mitigating actions
We are constantly improving our risk mitigation measures related to customer, products, and business practices. Santander has specific frameworks and policies on the marketing and selling of products and services; customer complaint handling and analysis; financial crime prevention; and compliance with new regulations.
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For more details on compliance risk mitigation, see section 6.2 'Compliance risk management'.
Insurance in operational risk management
Santander considers insurance a key component of operational risk management. The Corporate Insurance function is responsible for the use of risk transfer formulas to optimize and safeguard the bank's financial results.
We have global insurance programmes for property damage, civil liability, fraud, expenses arising from cybersecurity breaches, and third-party claims against directors and officers of the Group (D&O insurance). We supplement these global policies with a wide range of local insurance policies that adapt to the characteristics of each subsidiary and are taken out according to the insurance risk management model that the Corporate Insurance area implements in each market.
This area works with the Non-Financial Risk (NFR) function to perform continuous monitoring and oversight of the proper application of policies and procedures to manage risk that is insurable in our subsidiaries.
This collaboration is governed by:
•NFR's participation as a permanent member in the quarterly corporate insurance forum;
•NFR's attendance at the quarterly claims forum, which monitors and enhances processes for loss recovery via insurance;
•procedures outlining the interaction model between NFR and Corporate Insurance, as well as other functions that correspond to the various insurance typologies (e.g., facilities, cybersecurity and, legal, among others). These procedures pursue the proper management of insurance throughout the entire process of identification, assessment, transfer, and retention of risk;
•twice-yearly coordination of the mapping of risks to insurance across the Group, with the objective of monitoring the effectiveness of insurance coverage, and identifying and correcting any potential gaps in coverage.

We continue to adapt how we use insurance to align our management with changes in the risk environment. Against this backdrop, we extended our analysis and added coverage related to climate change, cyber risk, the digital landscape and other elements to make sure that the policies and governance of the non-financial risk and corporate insurance functions respond to these and other emerging cross-cutting risks.
Analysis and oversight of controls in Corporate & Investment Banking (CIB)
Given the nature, specificity and complexity of financial markets, CIB must enhance operational risk management and control continuously. We implemented these enhancements in 2024:
•Enrichment of processes to drive automation and operational excellence in the services provided to our customers, based on a culture of quality that promotes the best CIB standards in every market;
•Reinforcement of the control framework for market activity by enhancing the design of controls, the quality of their execution, and other aspects. We continue to focus on the risk of unauthorized trading as a CIB risk management priority, for which we have clearly defined controls;
•Strengthening of the vendor risk management function through monitoring focused on critical and high risk services and targeted reviews of critical third-party processes to boost the risk profile and promote compliance with internal and regulatory requirements. We placed special emphasis in 2024 on meeting all the requirements set out under the DORA's Act;
•Strengthening cybersecurity control measures to protect against information leaks and cyber attacks in interactions with third parties (including SaaS10 providers); controls over user access to systems (privileged user access); and technological contingency tests. In addition, we enhanced monitoring and challenge exercises to execute controls correctly.

10 SaaS - Software as a Service
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5.3 Key metrics
Net losses (including incurred losses and net provisions) as per Basel11 risk categories in the last three years were:
Net losses by operational risk categoryA
(% o/total)
15393162791320

A. Does not include employees litigations in Brazil.
Santander considers employee litigation in Santander Brazil to be a staff expense. Our governing bodies (risk control committee, RSRCC and board of directors) continuously monitor expense levels with specific risk appetite metrics and take special actions to reduce them. These expenses are reported under the categories defined by the Basel Operational Risk framework.
In 2024, the most significant losses by category and geography are related to litigation in Santander Brazil, the UK, Poland and Spain. In the case of the UK, operational risk losses increased in 2024 due to the provision made for the case of vehicle financing commissions (see section on legal provisions in the consolidated financial statements). Excluding this case, UK losses would be lower compared to the previous year.

The net losses by country were:
Net losses by countryA
(% o/total)
448
A. Does not include employees litigations in Brazil.


11 The Basel categories incorporate risks which are detailed in section 6 'Compliance risk'.
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6. COMPLIANCE RISK
6.1 Introduction
The compliance risk function is an independent control function within the second line of defence. It reports directly and regularly to the board of directors and its committees through the Group Chief Compliance Officer (CCO). It facilitates critical, independent debate, oversight and control in terms of corporate compliance, product governance, consumer protection, reputational risk, and financial crime. It also measures the impact of compliance and conduct risk on risk appetite. The compliance function regularly reports to the relevant governance bodies at management and board level, on compliance related risks and the effectiveness of the compliance programme in managing them. This function works closely with the wider risk team to promote a common risk and compliance culture.
Our compliance operating model and framework is well established and delivered consistently across the Group. It considers all applicable legal and regulatory requirements and expectations of the Group, and promotes well-defined ethical principles and good conduct requirements, for the benefit of employees, customers, shareholders and the communities we serve in.
In 2024 we focused on enhancing our operating model to strengthen the progression of our commitments, with specific focus on managing our financial crime risks in the face of ongoing geopolitical challenges, and delivering enhanced compliance support to the Group’s global divisions.
6.2 Compliance risk management
We have a robust and consistent compliance operating model and framework to meet all legal and regulatory requirements at Group and subsidiary level. Programmes are risk-based and reflect the size and complexity of the Group. The key risks that we cover and describe in the current section include but are not limited to the following:
•Employee compliance: risk of non-compliance with legal and regulatory requirements as outlined in Grupo Santander's Code of Conduct, due to the behaviours and conduct of our employees. Every employee is expected to operate based on the highest ethical considerations and free of any conflict of interest at all times.
•Conduct risk: risk arising from inadequate practices in the Group's relationship with customers, including the way they are treated, as well as the products and services offered and their suitability for each customer. Inadequate treatment of customers includes the risk of not taking due account of the vulnerability or special circumstances and/or economic stress of customers, so that we act in their best interests and offer them viable solutions where possible.
•Reputational risk: risk of current or potential negative economic impact to the bank due to damage to the perception of the bank on the part of employees, customers, shareholders, investors and the wider community.
•Financial crime risk: risk that Santander is used or exploited to make funds or assets with illicit origin and/or that enable criminal activity to appear as legitimate, specifically through money laundering, terrorism financing, sanctions violations and such other crimes as bribery, corruption or fraud.
In addition, ESG factors12 are cross-cutting in all the organization and managed according to our risk and compliance, and sustainability frameworks. From a compliance programme perspective, they mainly relate to FCC, conduct and reputational risk, where we continue to enhance the risk and compliance control environment in relation to the ESG management.
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For more details on ESG factors management, see section'2.3 Embedding climate in risk management' in the 'Sustainability statement' chapter.
Corporate compliance
This function oversees and controls regulatory risk from employees, those related to personal data processing, securities markets (markets conduct) and regulatory disclosures to the Spain's stock markets authority, Comisión Nacional del Mercado de Valores (CNMV), and other regulatory bodies where Santander is a publicly traded company. The core elements of corporate compliance are:
12 A set of potential negative impacts relating to ESG factors (environmental, social and governance), considered as material by the Group according to the corporate risk framework.
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A. Employees
We promote a culture of ethics and compliance among our employees, with standards for preventing corporate financial crime risk, conflicts of interest and anti-competitive practices according to the General Code of Conduct (GCC). To support this, we operate Canal Abierto, Grupo Santander´s whistleblowing channel, through which employees and other stakeholders can anonymously and confidentially report financial and accounting irregularities, as well as violations of internal or external regulations and our corporate behaviours.
Employees’ compliance
Canal AbiertoTraining and awareness
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→Provide a channel for employees to report unethical conduct and breaches of internal or external regulations.
→Manage and investigate reported cases.
→Promote a culture of speaking up and truly listening.
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→Develop employee training programmes and awareness campaigns on corporate defense, anti-trust and employee compliance.
→Issue messages about ethics to the entire Group to build relationships based on trust.

Disciplinary proceedingsPolicies and procedures
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→Investigate conduct that is misaligned with our ethics and compliance principles.
→ Assess disciplinary measures.

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→Promote compliance with the GCC and enact special policies and procedures to enforce it.
→ Report to governing bodies regularly.

Appointments
Queries about ethics
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→Assess the suitability of the Group’s board and senior management nominations.*
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→Manage queries from employees and members of governing bodies about ethics and internal regulation.

(*) Run by the Corporate Centre, Corporate Compliance, Legal and Internal Governance areas.
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For more details on Canal Abierto, see section '4.3 Ethical channels' of the 'Sustainability statement' chapter.
B. Privacy
At Santander, we have a specialist office that enforces our corporate policy on personal data protection and sets out guidelines for all our subsidiaries. In 2024, we increased data protection awareness following the 14th of May incident related to the unauthorized access to a Santander database hosted by a third-party provider. We adopted coordinated and reinforced measures to strengthen our data protection culture and foster collective consciousness about the value and protection of personal data.
C. Market regulation
The Markets Conduct team within Corporate Compliance oversees enforcement of the Code of Conduct in Securities Markets (CCSM). It is also responsible for the control environment applicable to treasury shares transactions and Santander's buyback programmes and for monitoring the use and contribution of benchmarks.
In addition to the application of the CCSM, the risk of market abuse is primarily managed by the relevant business line, with support from CIB Compliance, as outlined below:
•The global control room function is responsible for preventing unlawful disclosures of inside information and transactional conflicts of interest.
•The surveillance function is responsible for: (i) monitoring the bank's activity in financial markets; (ii) deterring and detecting market abuse and other types of misconduct; and (iii) establishing monitoring systems for both the bank's orders and transactions in financial markets and for the communications of employees carrying out this activity.
•The CIB compliance function also oversees compliance with core international market regulations, including, but not limited to:
•EU laws and regulations: monitoring of compliance with EU Regulations (for example, MiFID II and EMIR), with the focus in 2024 on regulatory reporting, inducements and Algorithmic Trading requirements.
•UK laws and regulations: continued monitoring of divergences of UK vs. EU regulations.
•US laws and regulations: monitoring of US compliance programmes and their global application, in particular Dodd-
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Frank Swap Dealer and Security Based Swap Dealer; and the Volcker Rule.
D. Relevant Information
The core functions of Corporate Compliance’s Relevant Information team are: (i) leading the assessment to decide whether a particular piece of information could be classified as inside or other relevant information; (ii) disclosing relevant information as well as key inside information on the Group to the markets, which can be found on both our website and the CNMV's; and (iii) reporting on transactions with treasury shares or significant holdings of Banco
Santander, and on transactions and share-based remuneration schemes of executive directors and senior managers to the CNMV and other regulatory bodies in markets where Santander is a publicly traded company.
E. Automatic exchange of tax information between countries
The data management function oversees automatic tax disclosure between subsidiaries (pursuant to FATCA13 and CRS14) by checking regular reporting obligations and execution of local action plans.
Key corporate compliance lines of action in 2024
Policies, procedures and guidelines
Subsidiaries Oversight and Awareness

→Enhanced Santander's GCC to avoid conflicts of interest that could arise between Group professionals who have a family member within the Group.
→Revised Santander's CCSM to align its content to the current regulatory framework and best practices and to adopt an approach closer to the expectations of US regulators.

→Ongoing coordination to facilitate proactive identification, management and reporting of any data related risk.
→Established foundation for countries not affected by GDPR to apply similar standards through a comprehensive compliance program which manages personal data protection risks effectively.
→The focus of the Surveillance function was on the continued harmonization of global tools and processes across both trade and communications.
→Benchmark Oversight of subsidiaries and global businesses strengthened through the execution of Risk assessments, and through the advice to local units and businesses.


Risk management, methodologies and control

→Successfully completed the transition to the enhanced methodology of EURIBOR contribution set by the European Money Markets Institute.
→Implemented the amendments stemming from EMIR-Refit.
→Applied a control framework to the two buyback programmes carried out in the year (for an amount of EUR 1,459 million and EUR 1,525 million) to contribute to their compliance with applicable regulation.


Conduct and reputational risk
The conduct and reputational risk function promotes suitable levels of consumer protection by fostering a good customer relationship culture throughout the overall customer lifecycle (from design of products, sales, post-sales and in all engagement throughout a customer’s relationship with the Group) to protect consumers' rights and promote their fair treatment while managing and mitigating all potential conduct risks with them.
It also promotes a low reputational risk profile by defining criteria and controls to minimize risk that seek to prevent, mitigate and proactively manage stakeholder relationships within the Group.

A. Conduct risk
Customer conduct risk can potentially arise through failures in marketing processes, including product design (e.g. definition of target market and price), in sales (e.g. transparency and suitability) and post-sales (e.g. customer service and consideration of customers in special circumstances).
The first line of defence (i.e. business and its supporting functions), are responsible for identifying, mitigating, managing and resolving risks across all these phases and when dealing with customers. Compliance, as the second line of defence, advises the first line of defence of the global business and the local compliance teams on the implementation of the Group´s conduct risk management model and oversees the control environment and remediation plans, where applicable.
13 Foreign Account Tax Compliance Act
14 Common Reporting Standards
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Key elements of the conduct risk management model
Internal regulation and governance
Oversight of key processes
Risk management
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→Define principles and processes through a strong regulatory-based conduct risk management model.
→Oversee of local product governance forums and run the corporate one to mitigate conduct risk in the product and service approval.
→Our products and services meet customer needs.
→Sales target the right markets with transparency, ensuring proper training, and customer-centric incentives.
→Our customer service and post-sale services are high-quality and fair.

→Monitor results of marketing controls.
→Identify and assess risks using customer voice, risk management tools, and supervisory and sectorial information.
→Escalate issues and action plans.
Our conduct risk model promotes basing our actions on customers’ interests, regulation, our values and our principles. That means driving a customer-centric culture throughout the marketing and servicing processes and retail customer relations with a Simple, Personal and Fair approach.
Key conduct risk lines of action in 2024
Implementation of responsible practices with end users
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→Vulnerable customers policy implementation.
→Annual review of sales force remuneration, ensuring consistency with Group standards.
→Thematic review on fair lending practices for credit cards and overdrafts.
→Monitoring of responsible pricing, fraud management, and contact centre activities.
Contribution to the simplification strategy
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→Conduct risk assessments of product catalogue simplification.
→Optimization of product approval processes.
Promoting best practices in digital strategy
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→New guidelines to mitigate conduct risk and improve customer experience in digital sales.
→Policies for crypto and digital Assets and several initiatives approved after expert review.
→Ongoing collaboration in public discussions on digital assets.
→AI project in Brazil to analyse customer complaints better, enhancing depth and speed.
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For more details on conduct with customers, see section '3.3 Our customers' of the 'Sustainability' chapter.
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B. Reputational risk
Reputational risk is predominantly rooted in stakeholders' perception of the bank in every market where we operate. Reputational risk can arise from multiple sources: from business or business support activities, as a consequence of other risks, from the economic, social and political environment, or from events related to our competitors. Our reputation could also suffer if we are the subject of negative coverage in the media, whether merited or not.
Reputational risk applies to all Group activities and is identified, managed and mitigated by business and support functions, in particular the ones that engage with stakeholders. The second line of defence, in compliance, draws up policies, oversees the risks,
challenges the first line of defence and report and escalate to the relevant governing bodies (compliance and conduct committee, CSRRC and board).
Our reputational risk model takes a preventive management and control approach, with effective handling of early warnings as well as procedures to identify, manage and monitor risk events. It also includes elements to identify, analyse and monitor key stakeholders’ perception of Grupo Santander and the financial sector, and how that perception may change. Our model is also consistent with the overall risk management and control processes (risk profile, risk appetite, economic capital, emerging risks, and others).
Key reputational risk lines of action in 2024
Policies, procedures and guidelines
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→Reviewed models, policies and criteria in sensitive activities: the defence sector and subsidiaries oversight.
→Collaborated with other functions to implement greenwashing guidelines, awareness and meet regulatory requirements.
→Reviewed our humanitarian crisis management guidelines and set assessment criteria for Santander aid deployment.
→Collaboration in definition of a protocol to mitigate reputational risk when restricting or ending business relationships due to FCC reasons.
Risk management, methodologies and control
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→Ran initiatives to share best practices with subsidiaries, including enhancements of collaborative tools.
→Enhanced methodologies to quantify reputational risk for economic capital and developed a methodology to quantify reputational impact related to climate & environmental risks.
Subsidiaries oversight and reporting
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→Enhanced subsidiary oversight, governance and challenge processes.
→Updated the methodology and processes for the control environment at Group and subsidiary-level (quality assurance, oversight perimeter, etc.).
→Bolstered the process of risk reporting and consolidation in the corporation and subsidiaries for reputational risks, based on a forward-looking approach.
Financial Crime Compliance (FCC)
Financial crime risk arises from acts or the use of the Group's means, products and services for criminal or illegal activities.
The business functions form the first line of defence who is primarily responsible for identifying, managing, mitigating and reporting financial crime risk, taking into consideration the Group's risk culture. The Accountable Executive for FCC oversees that the business embraces, implements and executes the FCC Framework and FCC Programme effectively.
The FCC function, as a second line of defence, oversees financial crime risks and maintains suitable policies and procedures to manage the business activities within the Group's established risk appetite.
In addition, in 2024, we continued to focus on these priorities:
•Priority crime threats, geopolitical events, and focus on information sharing drove the general FCC Group activity for prevention and mitigation purposes against money laundering, terrorism financing and sanctions violation.
•Moreover, we focused on the growing risk in international financial sanctions in an increasingly global and interrelated environment, appropriate knowledge and updating customer due diligence files and, where appropriate, their structures and new businesses and services such as cryptoassets and payment gateways, coupled with the growing risks of fraud, and will continue to do so in the future.
•Continuous cooperation with law enforcement and competent authorities is key to disrupt threatening finance networks support the communities that the Group serves, and the Group is fully committed in this regard.
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•Forged and maintained relationships with domestic financial intelligence units, law enforcement agencies and public financial institutions to enhance overall capabilities to prevent, mitigate and detect suspicious activities.
•Enhanced and developed methodologies, procedures, processes and systems to detect and mitigate financial crime, to respond correctly to existing and emerging threats.
•The ongoing FCC strategic programme enables a strong approach to the Group’s control framework and operating model, embedding a dynamic model and continuous improvement of scenarios on internal systems such as transaction monitoring and sanctions screening.






Key FCC lines of action in 2024
Frameworks & policiesOne FCC strategic program
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→Continued evolution of AML policies and procedures as part of ongoing update of the AML/CFT framework regulation.
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→Continued to build on the control framework in several units as a consequence of strengthening the control environment and implementing One FCC strategic program.

Financial Intelligence unitsOversight
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→Enhanced information sharing activities through a new platform to feed and share information within the Group, enhancing functionality, confidentiality and security controls.

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→Enhanced the methodology for the FCC unit’s oversight to check that all subsidiaries follow a consistent approach to supervise and assess financial crime risk.

TrainingsRelationship with other associations
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→Targeted training to introduce the new EU AML package and provided an online training module on sanctions.
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→Banco Santander is a founding member of the Wolfsberg Group (association of 12 global banks that aims to develop financial services industry standards for financial crime) and is actively involved in its activities and initiatives.
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For more details on FCC, see section 4.2.3 'Financial Crime Compliance (FCC)' in 'Sustainability statement'.
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7. MODEL RISK
7.1 Introduction
A model is a system, approach or a quantitative method that applies statistical, economic, financial or mathematical theories, techniques and assumptions to transform data into quantitative estimates.
We use models mainly for credit scoring/rating, performance, capital and provisioning, market and structural risk, operational, compliance and liquidity risk, and financial accounting and control, among others.
The use of models entails model risk, which is defined as the potential negative consequences of decisions based on poorly developed, poorly implemented or incorrectly used models. Model risk can lead to financial losses, inappropriate business or strategic decisions or damage to the Group's operations.
7.2 Model risk management
At Grupo Santander we have been measuring, managing and controlling model risk for years. The Model Risk area, which extends to both the corporation and the main subsidiaries, seeks to manage and supervise this risk.
For the proper management of model risk, we have clear internal regulations that establish the principles, responsibilities and processes to organise, approve, manage and govern models through their entire life cycle.
The intensity of model risk management and monitoring is relative to the importance of each model for Santander Group. Through the tiering process, we summarize and classify the level of importance of non-regulatory models. The regulatory models, given their particular relevance for the Group, follow the most intense control and management standards.

At Grupo Santander we define the following phases of the model's life cycle:
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1. Identification
The identified models must be included in the scope of model risk control and, consequently, in the Group centralised inventory, a single platform based on an uniform taxonomy for all models used in the business units. This inventory is key for sound management, as it contains all relevant information of each model, enabling to closely monitor them according to their relevance and the tiering criteria.
2. Planning
An internal annual exercise approved by our subsidiaries’ governance bodies15 and reviewed in an aggregated form, which formulates strategic measures for models managed by the Model Risk area and pinpoints needs for any models to be developed, reviewed or implemented during the year.
3. Development
In this phase, the Model unit helps strengthen risk management by developing models and using data according to existing regulatory requirements.
15 The subsidiaries’ local governance bodies (including the local executive risk committee — ERC — or equivalent) approve the plan for the models under their remit. At corporate level, the subsidiaries’ plans and global model plan are presented to the model approval forum (MAF) for review and to the ERC for approval.
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This unit leads the development of models for all risk types, with the spotlight on complying with regulatory expectations (Internal Rating Based Approach — IRB —, IFRS9, Internal Model Approach — IMA —, and other models). To develop models, we have specialized local and global teams. The experts in each geography are responsible for the development of local models since they are well-versed in the particularities and needs of each unit, while the global experts define the modelling standards, develop global models and support the geographies on the application of these standards and on the development of their own models, where required.
Moreover, we use a boxification methodology that enables us to automate, standardize and maintain the quality of model development.
Throughout the year, we completed the final developments under the IRB Repair Program. Per supervisory requirements, we also delivered on the IRB strategy update, which sought to pursue the consistent use of IRB models in the Group’s units. We will execute this strategy in the coming years. We built on models for stress tests, climate change risk management, and others.
At Santander, we believe in innovation, such as the responsible use of machine learning and generative artificial intelligence. Our aim is to delve deeper into these new techniques by running process enhancement and simplification initiatives.
4. Internal validation
Independent model validation is a regulatory requirement and key feature of our model risk management and control.
A specialist unit that is totally independent from developers and users issues technical assessments of internal model suitability. These assessments are expressed through a rating that summarizes the model risk associated to it. Validation intensity and frequency are well-defined and risk-driven.
We have an unique validation approach led by the Single Validation Office, which strengthen the second line of defence ensuring a consistent and standardised model risk management across the Group. It has allowed a greater decentralised organizational structure.
5. Approval
Before the model´s implementation and use, internal governing bodies16 must approve it through a governance circuit in place for our model inventory, based on its level of importance.
6. Implementation and use
In this phase, we add new models to our IT systems. Because this is another source of model risk, technical teams and model owners test proper model integration based on methodology and expectations.
7. Monitoring and control
We regularly review models so that they are working correctly and that they are suitable for their purpose. Otherwise, they must be adapted and redesigned. Control teams must make sure models are managed according to the general model risk framework and other related internal rules.
Main activities in 2024
To strengthen the Group's model risk culture and position Santander as a benchmark in this area within the banking industry, in 2024 our strategy has focused on:
•implementation of the IV Next project for the evolution of the validation function, reinforcing the identification of root causes of incidents and the binding role of the Internal Validation teams;
•technological transformation and simplification of the function towards a more efficient model;
•continuous improvement of the IRB regulatory models to meet supervisory expectations and adaptation to the new FRTB regulatory framework;
•review of the model inventory from the point of view of the five global businesses, thus enabling effective model risk management aligned with the Group's strategy.
16 The ERC, model approval forum (MAF), local model governance bodies or the model owner will approve models based on model type or use (regulatory or not); if the model is local or global; the type of amendment to the model; global tiering; and the powers delegated to each subsidiary.
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8. STRATEGIC RISK
8.1 Introduction
Strategic risk is the risk of loss or damage arising from strategic decisions or their poor implementation, or the inability to adapt to a changing environment, which may impact the medium- and long-term interests of our key stakeholders.
Grupo Santander’s business model is a key element of our strategic risk. It must be viable, sustainable and capable of generating results in line with our annual objectives and in a manner that is consistent with the Group's long-term vision.
Strategic risk has three key components:
1
Business model risk, which includes the risk of the model being out of date, becoming irrelevant and/or losing its capacity to continue generating the desired results.
2
Strategy design risk, which relates to the strategy and assumptions set out in the Group’s long-term plan, considering that this plan may be unsuitable in its nature or because of its assumptions, which could result in the Group not achieving the expected results.
3
Strategy execution risk, which involves the three-year strategic plan and potential deviations from it due to internal and external factors, the lack of capacity to respond to changes in the business environment and the risks associated with corporate development transactions and the marketing of new products and services.

8.2 Strategic risk management
Our strategy and business model pillars are customer focus, our global scale with local presence, and geographical, business and product diversification. Our five global businesses are key to driving more value creation, profitability and shareholder remuneration, while helping us maintain a solid and diversified balance sheet thanks to our prudent risk management.
Grupo Santander views strategic risk as a transversal risk. We therefore have an operating model, to which the Group's subsidiaries refer to, that covers the governance, procedures and necessary tools for robust monitoring and control, all within our board-approved risk appetite.
We constantly monitor changes in competition, regulation, market conditions, our organization and other areas to determine the existence of mitigating factors, as well as action plans and the potential need to revise our strategy. The Strategic Risk function engages with key areas of the first and second lines of defence to ready mitigating measures for implementation when necessary.
Our strategic risk operating model is based on:
•Challenging strategic plans: With the support of other specialized areas within the Risk division, the Strategic Risk team challenges the three-year financial plan and long-term strategic plan by identifying potential threats that could undermine our objectives. In 2024, we bolstered this by defining a set of binding constraints that we embedded in the Group's three-year plan as well as by fully integrating our five global businesses into this process.
•Emerging risks: Santander proactively identifies, measures, monitors and manages risks that, under stressed scenarios, could have a significant impact on the Group's profitability, liquidity and solvency. In 2024, we updated the methodology we use to identify and assess these risks by enhancing its foresight component. For more details on the emerging risks we spotted in 2024, see the next section.
•Analysis of business model performance: To identify and assess the main threats to the bank’s and our subsidiaries' business plan and strategic objectives in three areas:
•Strategy execution: Assessing the risk of deviation from plans, targets and strategic initiatives.
•Viability and sustainability: Assessing our position against competitors and the risk of failing to create shareholder value.
•Business plan predictability: The risk of results becoming unpredictable and unstable over time.
In 2024, we simplified and strengthened our business model assessment methodology by reducing the number of metrics, dimensions and volatility, giving greater relevance to strategic execution, as well as reinforcing the backtesting of strategic planning
•Participation in the assessment and validation of proposals for new products and services prior to their release by verifying they are consistent with the Group's strategy and weighing up their risk against profitability.
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•Corporate development transactions: Encouraging that the analysis of these transactions includes an assessment of their impact on the Group's risk profile and risk appetite.
•Monitoring strategic projects: The Group strategy committee sets out the strategic initiatives inventory every year. We jointly review progress of these initiatives performance twice a year, including an independent challenge from the second line of defence. In 2024, we launched several initiatives, such as those related to the use of Artificial Intelligence, to boost productivity and process automation and increase customer satisfaction. We are also promoting the interoperability of instant payment systems in Europe as a cross-border solution. Moreover, we continued to modernize the Group's core processes — based on cloud computing — to boost efficiency and strengthen our global strategy, which the five global businesses underpin.
The strategic risk function is responsible for providing a consolidated view of the exposure to this risk, providing an independent opinion and challenging the activities of the first line of defence. Senior management regularly receives the Strategic Risk Report, which includes an update on strategy execution, emerging risks, business model performance, corporate development transactions, product marketing, and strategic initiatives.

8.3 Emerging risks in 2024
Our emerging risks exercise aims to detect, assess and monitor risks that may have a significant impact on our business model, profitability and solvency under stressful conditions with low likelihood of occurrence.
Proactive emerging risk management is essential to avoid and mitigate potentially negative impacts on, and deviations from, targets through action plans drawn up in advance.
This involves both the first and second line of defence in our subsidiaries and at the corporate centre. We also embed identified risks in the idiosyncratic scenarios of the Group's Internal Capital Adequacy Assessment Process (ICAAP) and viability, recovery and resolution plans.
In 2024, the main emerging risk drivers were geopolitical and macroeconomic uncertainty in relation to the potential escalation of ongoing military conflicts and deteriorating US-China relations as well as technology risks such as possible service disruptions caused by key suppliers and cyber attacks.
We highlight the following emerging risks:
Geopolitical uncertainty
While this has always formed part of our analysis, it has recently become one of the most important elements to consider in weighing up the potential threats to Grupo Santander. In 2024, we considered these events:
•Potential escalation of the conflicts in Ukraine and the Middle East, which could lead to tighter monetary policy if energy prices and inflation soar.
•Potentially disruptive policies in the US (with an impact on the global economy) and Mexico following recent elections in both countries.
•China-US relations: with a possible shift in the balance of power between economic blocs, an increase in trade tensions related to technology exchange, and the situation involving Taiwan and the South China Sea.
Macroeconomic landscape
This includes threats that often arise from geopolitical events but that are not part of our central scenario and have a very low likelihood of occurrence according to our emerging risks methodology. For instance:
•Severe recession in Germany, caused by a loss of competitiveness and leadership (especially in the automotive sector), which could trigger a potential systemic recession in the EU.
•Potential increase in market volatility, which could generate a sharp deleveraging of non-bank financial institutions and lead to further price adjustments that may spill over to the real economy and the banking sector.
•Vast fiscal imbalance in the EU, political clashes among EU members, and slowdown or even regression in EU integration, which could lead to loss of confidence and higher risk premiums.
Macroeconomic and geopolitical uncertainty can potentially hinder our growth and profitability and diminish asset quality due to a slowdown in one or many of our markets, as well as impacting on our customers and the recoverability of loans and increasing our losses or additional provisioning needs.
In Grupo Santander, we carry out a proactive risk management and have robust risk policies and procedures to keep our risk profile within the limits set in our risk appetite statement. This, coupled with our geographical and business diversification, makes us more resilient to macroeconomic and geopolitical risk.
In addition, the constant reinforcement of mitigating measures helped reduce the potential severity of these risks. We performed these actions in 2024:
•Held frequent monitoring meetings, including special situation forums (where necessary) to review risk profile, with the spotlight on key indicators for its monitoring and control.
•Definition and implementation of playbooks to pursue a quick, forward-looking and proactive response to challenging circumstances.
•Adjusted limits and exposures in relation to our risk appetite (where necessary) and updated internal sovereign risk ratings.
•Continuous monitoring of the US’s, China's and the EU's decisions on international trade and tariffs.
•Held asset-liability committee (ALCO) and market committee meetings to monitor structural, interest rate and FX risk, including the coverage of our capital ratios in all major currencies and, where necessary, adjusting our limits and exposure so that we remain within our risk appetite.
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Growing legislative and regulatory pressure
An increase in requirements due to new laws and amendments or the extension of legislative measures in the markets where we operate could threaten our capitalization and solvency objectives, stymie profitability, and undermine our ability to extend credit. An example of this would be the potential extension of the windfall tax on banks in Spain.
The key mitigation measures for this risk are:
•Initiatives included under the capital plan such as mobilizing assets through securitization, portfolio sales and other means; and
•Multidisciplinary working groups in cooperation with banking associations, regulators and other stakeholders to anticipate and mitigate the possible outcomes of these measures.
Risks related to generative artificial intelligence (AI)
AI is a technology that aims to create intelligent systems that can operate with certain autonomy to generate results (such as predictions, recommendations or decisions) with impact in both physical and virtual environments.
The major AI risks relate to a potential decline in equality (algorithmic bias), privacy and data processing, design errors and cyber risk. We also consider climate risk due to the high computational intensity of these technologies.
We are firmly committed to promoting the transformation of the financial sector through the responsible use of AI that prioritizes transparency and customer protection.
That’s why we set potential AI use cases under our risk management framework. Moreover, we have an AI policy with clearly defined roles and responsibilities, which aligns with the Group's risk appetite and the EU AI Act17. Additionally, it is necessary to consider the progressive entry into force of the AI Regulation in the EU (AI Act), which will have a high regulatory impact on the implementation and use of AI systems classified as high-risk. Our generative AI platform makes sure that the developments we undertake in the Group comply with our internal security and ethical control policies.
Potential disruption of a critical ICT18 supplier
Digitalization is increasing banks’ reliance on information and communication technology (ICT) and making them particularly vulnerable to potential disruptions and associated threats. This could result in the loss of data and disruption to our business.
Some of Grupo Santander's mitigating measures in this regard are comprehensive and strictly governed due diligence prior to ICT supplier onboarding, including supplier certification and regular monitoring and review; and exit strategies and business continuity plans for potential failures or disruptions, which we test regularly.
Central bank digital currencies (CBDC) and disintermediation risk
The digital versions of fiduciary currencies issued by central banks (central bank digital currency — CBDC), especially those that target retail customers, could impact on financial system stability if they replace traditional current accounts, which in turn could affect commercial banks’ volume, structure and cost of funding. To mitigate CBDC risk, the Group:
•Actively participates in the debate on CBDC with domestic and international authorities to explain the risks to financial stability and propose solutions to mitigate them.
•Monitors central banks’ CBDC projects to analyse their impact on the business or the possibility of developing new services for our customers to mitigate impact.
•Sets up multidisciplinary working groups with banking associations, think tanks, regulators and others to foresee and escalate, if necessary, potential CBDC impacts.
Risk of suffering a severe cyber attack
Our goal is to achieve a cyber-resilient organization capable of withstanding large-scale cyberattacks that could disrupt the normal functioning of the bank. In line with new regulatory requirements, the objective is to enhance all necessary capabilities to preserve the security of networks and information systems that underpin the continuous provision of financial services and their quality, even in the face of significant disruptions.
To achieve this, we have a governance and control framework that allows us to measure and monitor the cyber risk profile and its control environment, with the aim of maintaining a high level of digital operational resilience and an effective and prudent management of ICT-related risks.
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For more details on the main cybersecurity risks, see 'Cyber risk' in section 5.2 ‘Operational risk management’.
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To counter these threats, Santander runs several counts with different initiatives described in section '5. Research, development and innovation (R&D&i)' of the 'Economic and financial review' chapter.
17 European regulation on artificial intelligence.
18 Information and communication technology.
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GLOSSARY OF TERMS, ACRONYMS AND ABBREVIATIONS
2023 AGM
Annual general shareholders’ meeting of Banco Santander held on 31 March 2023 at second call
2024 AGM
Annual general shareholders’ meeting of Banco Santander held on 22 March 2024 at second call
2025 AGM
Annual general shareholders’ meeting of Banco Santander called for 3 or 4 April 2025 at first or second call, respectively
A2A
Account-to-account
ABCAnti-bribery and corruption
Act 10/2014
Active customerThose customers who comply with the minimum balance, income and/or transactionality requirements as defined according to the business area
ADRAmerican depositary receipts
ADSAmerican depositary shares
AEOIAutomatic Exchange of Information standard
AIArtificial intelligence
ALCOAssets and liabilities committee
ALMAsset and liability management
AMLAnti-money laundering
APIApplication programming interface
APMAlternative performance measure
AuMAssets under management
B2B
Business-to-business
B2C
Business-to-commerce
BanestoBanco Español de Crédito, S.A.
BCMSBusiness continuity management system
bnBillion
BNPL
Buy now, pay later. Short-term financing that allows consumers to make purchases and pay for them at a future date
bpsBasis points
BREEAM
Building research establishment environmental assessment method
BRL
Brazilian real
BRRDDirective 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, as amended from time to time
Bylaws
Bylaws of Banco Santander
CAEChief Audit Executive
CAOChief Accounting Officer
CapEx
Capital expenditure
CARF
Conselho Administrativo de Recursos Fiscais (Administrative Council for Tax Appeals)
CBDCCentral bank digital currency
CCOChief Compliance Officer
CCoB
Capital conservation buffer
CCPSContingent convertible preferred stock
CCRCounterparty credit risk
CCSMCode of Conduct in Securities Markets
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CCyB
Countercyclical capital buffer
CDICREST Depositary Interests
CEOChief Executive Officer
CF
Corporate Finance
CFOChief Financial Officer
CFTCombating the financing of terrorism
CHFSwiss franc
CIB
Corporate & Investment Banking (primary business segment)
CNBV
Comisión Nacional Bancaria y de Valores (Mexican stock market authority)
CNMV
Comisión Nacional del Mercado de Valores (Spanish stock market authority)
CO2e
Carbon dioxide equivalent
CoECost of equity
COFINS
Contribuiçao para Financiamiento da Seguridade Social (Contribution for Social Security Financing)
Constant eurosExcluding exchange rates impact
Consumer
Digital Consumer Bank (primary business segment)
Costs in real termsCosts excluding the effect of average inflation over the last twelve months
CPGFCorporate product governance forum
CRDCapital Requirements Directive
CRE
Commercial real estate
CROChief Risk Officer
CRRRegulation (EU) 575/2013 on prudential requirements for credit institutions and investment firms, as amended from time to time
CSLL
Contribuçao Social sobre o Lucro Liquido (Social Contribution on Net Profit)
CSRBBCredit spread risk in the banking book
CSRD
Corporate Sustainability Reporting Directive. Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting (as updated from time to time)
CVACredit valuation adjustment
DCBE
Digital Consumer Bank Europe (secondary business segment)
DCM
Debt capital markets
Digital customerEvery consumer of commercial banking services who has logged on to their personal online banking and/or mobile banking in the last 30 days
DNSHDo no significant harm
DORA
Digital Operational Resilience Act. Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on Digital Operational Resilience for the Financial Sector and Amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011
DTADeferred tax asset
DVADebt valuation adjustment
E&CCEnvironmental and climate change related
E&S
Environmental and social
EADExposure at default
EBAEuropean Banking Authority
EBITDAEarnings before interest, taxes, depreciation and amortization
ECBEuropean Central Bank
EFRAG
European Financial Reporting Advisory Group
EIA
Environmental impact assessment
EIBEuropean Investment Bank
EMIREuropean Market Infrastructure Regulation
eNPSEmployee Net Promoter Score is a method of measuring employee satisfaction
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EOIRExchange Of Information on Request standard
EP
Equator Principles
EPCEnergy performance certificate
EPG
Equal pay gap. It measures differences in remuneration between women and men in the same job at the same level
EPSEarnings per share
Equal pay gapThe equal pay gap measures differences in remuneration between women and men in the same job at the same level
ESCCEnvironmental, social and climate change related
ESGEnvironmental, social and governance
ESMAEuropean Securities and Markets Authority
ESRSEuropean Sustainability Reporting Standards
EUEuropean Union
EUR
Euro
EVElectric vehicle
EVAEconomic value added
EVE
Economic value of equity
FCAFinancial Conduct Authority
FCCFinancial crime compliance
FDIC
Federal Deposit Insurance Corporation
FedFederal Reserve
FiDA
Financial Data Access Regulation
Financial inclusionNumber of people who are unbanked, underbanked, in financial difficulty, with difficulties in accessing credit who, through the Group's products and services, are able to access the financial system or receive tailored finance. Financially underserved groups are defined as people who do not have a current account, or who have an account but obtained alternative (non-bank) financial services in the last 12 months. Beneficiaries of various programmes are included in the quantification process only once in the entire period. Only new empowered people are counted, taking as a base year those existing since 2019
First 2024 Buyback Programme
First buyback programme carried out within the 2024 shareholder remuneration policy
FL CET1Fully-Loaded Common Equity Tier 1
FRTBFundamental review of the trading book
FSBFinancial Stability Board
FXForeign exchange
G-SIBGlobal systemically important bank
GARGreen asset ratio
GB
Global Banking
GBPSterling pound
GCCGeneral Code of Conduct
GDF
Global Debt Financing
GDPGross Domestic Product
GDPRGeneral Data Protection Regulation
Gender pay gapThe gender pay gap measures differences in remuneration between women and men in an organization, business, industry or the broader economy, irrespective of the type of work
GFANZGlasgow Financial Alliance for Net Zero
GHGGreenhouse gases
GM
Global Markets
GPG
Gender pay gap. It measures differences in remuneration between women and men in an organization, business, industry or the broader economy, irrespective of the type of work
GSGM Group-Subsidiary governance model
GTB
Global Transaction Banking
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GW
Gigawat
GWh
Gigawatt per hour
HQLAHigh-quality liquid assets
ICAAPInternal capital adequacy assessment process
ICAC
Instituto de Contabilidad y Auditoría de Cuentas (Institute of accounting and auditing)
ICE
Internal combustion engines
ICFRInternal control over financial reporting
ICMA
International Capital Markets Association
ICO
Instituto Oficial de Crédito (Spanish public credit institution)
ICSInternal control system
ICT
Information and communication technology
Identified staffOther executives whose activities may have a significant impact on the Group's risk profile
IEAInternational Energy Agency
IFC
International Finance Corporation
IFRSInternational Financial Reporting Standards
ILAAPInternal liquidity adequacy assessment process
IMFInternational Monetary Fund
IRBInternal ratings-based
IRCIncremental risk charge
IROsImpacts, risks and opportunities
IRPJ
Imposto sobre a Renda das Pessoas Jurídicas (Corporate Income Tax)
IRRBBInterest rate risk in the banking book
ISO
International Organization for Standardization
IT
Information technology
JPYJapanese yen
KPIKey performance indicators
LCRLiquidity coverage ratio
LDALoss distribution approach
Ley de Sociedades de Capital
Ley de Sociedades de Capital. Spanish Companies Act, approved by Legislative Royal Decree 1/2010, on 2 July
LGDLoss given default
LTDLoan to deposit ratio. Ratio of loans and advances to customers over customer deposits
LTVLoan to value ratio. Ratio of loans and advances to customers to the value of the asset used as collateral
LUC
Land use change
M&A
Mergers and acquisitions
M/LTMedium-and long-term
MDR
Minimum disclosure requirement
MiFIDMarkets in Financial Instruments Directive
mnMillion
MRELMinimum requirements for own funds and eligible liabilities which are required under the BRRD
MSSMinimum social safeguards
Mt
Metric tone
MWh
Megawatt per hour
NACENomenclature of Economic Activities of the European Union
NCF
Non-financial corporate
NFRNon-financial risk
NFRD
Non-Financial Reporting Directive
NGFSNetwork for greening the financial system
NGONon-governmental organization
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NGO TMTNon-governmental organization Trygg Mat Tracking
NIINet interest income
NPLNon-performing loans
NPS
Net promoter score
NSFRNet stable funding ratio
NYSENew York Stock Exchange
NZAM
Net Zero Asset Managers initiative
NZBANet Zero Banking Alliance
ODS
Open digital services
OECDOrganization for Economic Cooperation and Development
OEMOriginal equipment manufacturer
OTCOver-the-counter
P&LProfit and loss statement
P2R
Pillar 2 requirement
Payments
PagoNxt (Getnet, Ebury and PagoNxt Payments) and Cards (cards platform and card business in the countries where we operate). Payments is a primary business segment
PBTProfit before taxes
PCAFPartnership for Carbon Accounting Financials
PCAOBPublic Company Accounting Oversight Board
PDProbability of default
PHEVplug-in hybrid electric vehicle
PIS
Programa de Integraçao Social (Social Integration Programme)
PLA
Polylactic acid
POCIPurchased or originated credit impaired
ppPercentage point
PVC
Polyvinyl Chloride
RASRisk appetite statement
RBSCCResponsible banking, sustainability and culture committee
RCPRepresentative concentration pathway
RCSARisk control self-assessment
ReposRepurchase agreements
Retail
Retail & Commercial (primary business segment)
RoAReturn on assets
RoEReturn on equity
RoRWAReturn (net of tax) on risk weighted assets for a particular business
RoTEReturn on tangible equity
RoTE post-AT1
Return on tangible equity: Group attributable profit – cost of AT1s / average of: net equity (excluding minority interests) – intangible assets (including goodwill)
RPARisk profile assessment
RPK
Revenue passenger kilometers
RWARisk-weighted assets
SAMSantander Asset Management
SASB
Sustainability Accounting Standards Board
SBNASantander Bank N.A.
SBTiScience Based Targets initiative
SC USASantander Consumer US
SCFSantander Consumer Finance
SDGSustainable development goals
SECSecurities and Exchange Commission
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Second 2024 Buyback Programme
Second share buyback programme charged against 2024 results
SFDRSustainable Finance Disclosure Regulation
SFICSSustainable finance and investment classification system
SHUSASantander Holding USA, Inc
SMESmall and medium enterprises
SN
Sustainability note
SOxSarbanes-Oxley Act of 2002
Spanish Corporate Governance CodeCNMV's Good Governance Code for Listed Companies
Spanish Securities Markets ActAct 6/2023, of 17 March, on the Securities Markets and on Investment Services
SPFSimple, Personal and Fair
SRBEuropean Single Resolution Board
SREPSupervisory review and evaluation process
SRISocially responsible investment
SRTSignificant risk transfer
SSMSingle Supervisory Mechanism. The system of banking supervision in Europe. It is composed of the ECB and the competent supervisory authorities of the participating EU countries
STEMScience, Technology, Engineering, Mathematics
sVaR
Stressed value at risk
SyRB
Systemic risk buffer
T&OTechnology & operations
TCFDTask Force on Climate-related Financial Disclosures
tCS
Tonne of crude steel
TJ
Terajoule
TLACTotal loss-absorbing capacity requirement which is required to be met under the CRD V package
TLTROTargeted longer-term refinancing operations
TMT
Technology, media and telecom
TNAVTangible net asset value
TNFDTaskforce on Nature-related Financial Disclosure
TPVTotal payments volume
TSRTotal shareholder return
UKUnited Kingdom
UN
United Nations
UNEP FIUnited Nations Environmental Programme Finance Initiative
UNGP
United Nations Guiding Principles
UoP
Use of Proceeds
USUnited States of America
USDUnited States dollar
VaE
Value at earnings
VaRValue at risk
VATValue added tax
vkm
Vehicle-kilometer
Wealth
Wealth Management & Insurance (primary business segment)
YoYYear-on-Year
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AUDITOR'S REPORT AND FINANCIAL STATEMENTS
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Auditor's report    562
Consolidated financial statements    512
Consolidated balance sheets as of 31 December
2024, 2023 and 2022    513
Consolidated income statements for the years
ended 31 December 2024, 2023 and 2022    517
Consolidated statements of recognised income and expense for the years ended 31 December
2024, 2023 and 2022    519
Consolidated statements of changes in total equity for the years ended 31 December 2024, 2023 and 2022    520
Consolidated statements of cash flows for the years
ended 31 December 2024, 2023 and 2022    526
Notes to the consolidated financial statements    588
1.    Introduction, basis of presentation of the
consolidated financial statements (consolidated
annual accounts) and other information    589
2.    Accounting policies    594
3.    Grupo Santander    620
4.    Distribution of Banco Santander’s profit, shareholder
remuneration scheme and earnings per share    624
5.    Remuneration and other benefits paid to the Bank’s
directors and senior managers    626
6.    Loans and advances to central banks and credit
institutions    639
7.    Debt securities    640
8.    Equity instruments    642
9.    Trading derivatives (assets and liabilities) and short positions    643
10. Loans and advances to customers    643
11. Trading derivatives    649
12. Non-current assets    649
13. Investments    649
14. Insurance contracts linked to pensions    651
15. Liabilities under insurance contracts    652
16. Tangible assets    653
17. Intangible assets - Goodwill    656
18. Intangible assets - Other intangible assets    659
19. Other assets    660
20. Deposits from central banks and credit institutions    661
21. Customer deposits    661
22. Marketable debt securities    662
23. Subordinated liabilities    665
24. Other financial liabilities    669

25. Provisions    670
26. Other liabilities    687
27. Tax matters    688
28. Non-controlling interests    695
29. Other comprehensive income    696
30. Shareholders' equity    702
31. Issued capital    702
32. Share premium    704
33. Accumulated retained earnings    704
34. Other equity instruments and own shares    705
35. Memorandum items    706
36. Hedging derivatives    706
37. Discontinued operations    731
38. Interest income    731
39. Interest expense    731
40. Dividend income    732
41. Commission income    732
42. Commission expense    732
43. Gains or losses on financial assets and liabilities    732
44. Exchange differences, net    733
45. Other operating income and expenses    734
46. Staff costs    734
47. Other general administrative expenses    740
48. Gains or losses on non financial assets, net    742
49. Gains or losses on non-current assets held for
sale not classified as discontinued operations    742
50. Fair value of financial instruments    742
51. Other disclosures    759
52. Primary and secondary segments reporting    772
53. Related parties    785
54. Risk management    788
55. Additional disclosures    824
Appendix    829
Appendix I. Subsidiaries of Banco Santander, S.A.    830
Appendix II. Societies of which the Group owns more
than 5%, entities associated with Grupo Santander
and jointly controlled entities    852
Appendix III. Issuing subsidiaries of shares and
preference shares    859
Appendix IV. Notifications of acquisitions and
disposals of investments in 2024    860
Appendix V. Other information on the Group’s banks    861
Appendix VI. Annual banking report    868

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AUDITOR'S REPORT
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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, 2024, 2023 and 2022, 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, 2024, 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, 2024, 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, 2024, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 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, 2024, 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 appearing under Item 15. 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 1,011,042 million as of December 31, 2024, and its estimation of impairment of financial assets at amortized cost – loans and advances to customers – was EUR 12,644 million for the year ended December 31, 2024. The Company assesses impairment by estimating the expected credit losses based on the stage in which each financial asset is classified. Management’s collective 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 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. The
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probability of 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 collective 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. These procedures also included, among others, (i) evaluating, on a test basis, models with respect to the estimation criteria and calculation, the models utilized for the estimation of the expected loss parameters, the appropriateness of the methodology used for the generation of the macroeconomic scenarios, 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 made by management, if applicable; and (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. 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 13,438 million as of December 31, 2024, which includes the goodwill balance of the Santander US Auto CGU of EUR 1,068 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, 2024 were EUR 4,464 million. The Company records provisions for tax 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 legal counsel, (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 28, 2025

We have served as the Company’s auditor since 2016

LogoSantanderPie_76.jpg Annual report 2024    571
09_EstadosFinancierosConsolidados.jpg
CONSOLIDATED FINANCIAL STATEMENTS
LogoSantanderPie_76.jpg Annual report 2024    572

Grupo Santander
CONSOLIDATED BALANCE SHEETS AS OF 31 DECEMBER 2024, 2023 AND 2022
EUR million
ASSETSNote2024
2023
2022
CASH, CASH BALANCES AT CENTRAL BANKS AND OTHER DEPOSITS ON DEMAND192,208 220,342 223,073 
FINANCIAL ASSETS HELD FOR TRADING230,253 176,921 156,118 
Derivatives9 and 1164,100 56,328 67,002 
Equity instruments8 16,636 15,057 10,066 
Debt securities7 82,646 62,124 41,403 
Loans and advances66,871 43,412 37,647 
Central banks6 12,966 17,717 11,595 
Credit institutions6 27,314 14,061 16,502 
Customers10 26,591 11,634 9,550 
NON-TRADING FINANCIAL ASSETS MANDATORILY AT
FAIR VALUE THROUGH PROFIT OR LOSS		6,130 5,910 5,713 
Equity instruments84,641 4,068 3,711 
Debt securities7447 860 1,134 
Loans and advances1,042 982 868 
Central banks6— — — 
Credit institutions6— — — 
Customers101,042 982 868 
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS7,915 9,773 8,989 
Debt securities7 2,897 3,095 2,542 
Loans and advances5,018 6,678 6,447 
Central banks6 — — — 
Credit institutions6 408 459 673 
Customers10 4,610 6,219 5,774 
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME89,898 83,308 85,239 
Equity instruments82,193 1,761 1,941 
Debt securities776,558 73,565 75,083 
Loans and advances11,147 7,982 8,215 
Central banks6— — — 
Credit institutions6363 313 — 
Customers1010,784 7,669 8,215 
FINANCIAL ASSETS AT AMORTIZED COST1,203,707 1,191,403 1,147,044 
Debt securities7120,949 103,559 73,554 
Loans and advances1,082,758 1,087,844 1,073,490 
Central banks616,179 20,082 15,375 
Credit institutions655,537 57,917 46,518 
Customers101,011,042 1,009,845 1,011,597 
HEDGING DERIVATIVES365,672 5,297 8,069 
CHANGES IN THE FAIR VALUE OF HEDGED ITEMS IN
PORTFOLIO HEDGES OF INTEREST RATE RISK		36(704)(788)(3,749)
LogoSantanderPie_76.jpg Annual report 2024    573
CONSOLIDATED BALANCE SHEETS AS OF 31 DECEMBER 2024, 2023 AND 2022
EUR million
ASSETSNote2024
2023
2022
INVESTMENTS137,277 7,646 7,615 
Joint venture entities2,061 1,964 1,981 
Associated entities5,216 5,682 5,634 
ASSETS UNDER REINSURANCE CONTRACTS222 237 308 
TANGIBLE ASSETS32,087 33,882 34,073 
Property, plant and equipment1631,212 32,926 33,044 
For own-use12,636 13,408 13,489 
Leased out under an operating lease18,576 19,518 19,555 
Investment properties16875 956 1,029 
Of which leased out under an operating lease749 851 804 
INTANGIBLE ASSETS19,259 19,871 18,645 
Goodwill1713,438 14,017 13,741 
Other intangible assets185,821 5,854 4,904 
TAX ASSETS30,596 31,390 29,987 
Current tax assets11,426 10,623 9,200 
Deferred tax assets2719,170 20,767 20,787 
OTHER ASSETS8,559 8,856 10,082 
Insurance contracts linked to pensions1481 93 104 
Inventories6 7 11 
Other198,472 8,756 9,967 
NON-CURRENT ASSETS HELD FOR SALE124,002 3,014 3,453 
TOTAL ASSETS1,837,081 1,797,062 1,734,659 

The accompanying notes 1 to 55 and appendices are an integral part of the consolidated balance sheet as of 31 December 2024.


LogoSantanderPie_76.jpg Annual report 2024    574
CONSOLIDATED BALANCE SHEETS AS OF 31 DECEMBER 2024, 2023 AND 2022
EUR million
LIABILITIESNote2024
2023
2022
FINANCIAL LIABILITIES HELD FOR TRADING152,151 122,270 115,185 
Derivatives9 and 1157,753 50,589 64,891 
Short positions9 35,830 26,174 22,515 
Deposits58,568 45,507 27,779 
Central banks20 13,300 7,808 5,757 
Credit institutions20 26,284 17,862 9,796 
Customers21 18,984 19,837 12,226 
Marketable debt securities22 — — — 
Other financial liabilities24 — — — 
FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS36,360 40,367 40,268 
Deposits28,806 34,996 34,841 
Central banks20 1,774 1,209 1,740 
Credit institutions20 1,625 1,735 1,958 
Customers21 25,407 32,052 31,143 
Marketable debt securities22 7,554 5,371 5,427 
Other financial liabilities24 — — — 
Memorandum items: subordinated liabilities23 — — — 
FINANCIAL LIABILITIES AT AMORTIZED COST1,484,322 1,468,703 1,423,858 
Deposits1,126,439 1,125,308 1,111,887 
Central banks20 24,882 48,782 76,952 
Credit institutions20 90,012 81,246 68,582 
Customers21 1,011,545 995,280 966,353 
Marketable debt securities22 317,967 303,208 274,912 
Other financial liabilities24 39,916 40,187 37,059 
Memorandum items: subordinated liabilities23 35,813 30,912 25,926 
HEDGING DERIVATIVES364,752 7,656 9,228 
CHANGES IN THE FAIR VALUE OF HEDGED ITEMS IN
PORTFOLIO HEDGES OF INTEREST RATE RISK		36(9)55 (117)
LIABILITIES UNDER INSURANCE CONTRACTS1517,829 17,799 16,426 
PROVISIONS258,407 8,441 8,149 
Pensions and other post-retirement obligations1,731 2,225 2,392 
Other long term employee benefits915 880 950 
Taxes and other legal contingencies2,717 2,715 2,074 
Contingent liabilities and commitments710 702 734 
Other provisions2,334 1,919 1,999 
TAX LIABILITIES9,598 9,932 9,468 
Current tax liabilities3,322 3,846 3,040 
Deferred tax liabilities27 6,276 6,086 6,428 
OTHER LIABILITIES2616,344 17,598 14,609 
LIABILITIES ASSOCIATED WITH NON-CURRENT ASSETS HELD FOR SALE— — — 
TOTAL LIABILITIES1,729,754 1,692,821 1,637,074 




LogoSantanderPie_76.jpg Annual report 2024    575
CONSOLIDATED BALANCE SHEETS AS OF 31 DECEMBER 2024, 2023 AND 2022
EUR million
EQUITYNote2024
2023
2022
SHAREHOLDERS´ EQUITY30 135,196 130,443 124,732 
CAPITAL31 7,576 8,092 8,397 
Called up paid capital7,576 8,092 8,397 
Unpaid capital which has been called up— — — 
SHARE PREMIUM32 40,079 44,373 46,273 
EQUITY INSTRUMENTS ISSUED OTHER THAN CAPITAL34— 720 688 
Equity component of the compound financial instrument— — — 
Other equity instruments issued— 720 688 
OTHER EQUITY34 217 195 175 
ACCUMULATED RETAINED EARNINGS33 82,326 74,114 66,702 
REVALUATION RESERVES33 — — — 
OTHER RESERVES33 (5,976)(5,751)(5,454)
Reserves or accumulated losses in joint venture investments1,831 1,762 1,553 
Others(7,807)(7,513)(7,007)
(-) OWN SHARES34 (68)(1,078)(675)
PROFIT OR LOSS ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT12,574 11,076 9,605 
(-) INTERIM DIVIDENDS4 (1,532)(1,298)(979)
OTHER COMPREHENSIVE INCOME OR LOSS29(36,595)(35,020)(35,628)
Items that will not be reclassified to profit or loss
(4,757)(5,212)(4,635)
Items that may be reclassified to profit or loss(31,838)(29,808)(30,993)
NON-CONTROLLING INTEREST28 8,726 8,818 8,481 
Other comprehensive income or loss(2,020)(1,559)(1,856)
Other items10,746 10,377 10,337 
TOTAL EQUITY107,327 104,241 97,585 
TOTAL LIABILITIES AND EQUITY1,837,081 1,797,062 1,734,659 
MEMORANDUM ITEMS: OFF BALANCE SHEET AMOUNTS35 
Loan commitments granted302,861 279,589 274,075 
Financial guarantees granted16,901 15,435 12,856 
Other commitments granted134,493 113,273 92,672 
The accompanying notes 1 to 55 and appendices are an integral part of the consolidated balance sheet as of 31 December 2024.
LogoSantanderPie_76.jpg Annual report 2024    576
CONSOLIDATED INCOME STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2024, 2023 AND 2022
EUR million
(Debit) Credit
Note2024
2023
2022
Interest income 38 112,735 105,252 71,430 
Financial assets at fair value through other comprehensive income7,324 5,995 5,479 
Financial assets at amortized cost84,309 77,701 59,214 
Other interest income21,102 21,556 6,737 
Interest expense39 (66,067)(61,991)(32,811)
Interest income/(charges)46,668 43,261 38,619 
Dividend income40 714 571 488 
Income from companies accounted for using the equity method13 711 613 702 
Commission income41 17,602 16,321 15,867 
Commission expense42 (4,592)(4,264)(4,077)
Gain or losses on financial assets and liabilities not measured
at fair value through profit or loss, net		43 (114)96 149 
Financial assets at amortized cost(190)(3)34 
Other financial assets and liabilities76 99 115 
Gain or losses on financial assets and liabilities held for trading, net43 1,459 2,322 842 
Reclassification of financial assets at fair value through other comprehensive income— — — 
Reclassification of financial assets at amortized cost— — — 
Other gains (losses)1,459 2,322 842 
Gains or losses on non-trading financial assets and liabilities mandatorily
at fair value through profit or loss		43 495 204 162 
Reclassification of financial assets at fair value through other comprehensive income— — — 
Reclassification of financial assets at amortized cost— — — 
Other gains (losses)495 204 162 
Gain or losses on financial assets and liabilities measured
at fair value through profit or loss, net		43 691 (93)968 
Gain or losses from hedge accounting, net43 16 63 74 
Exchange differences, net44 (274)41 (542)
Other operating incomeA
45 803 1,104 1,510 
Other operating expenses45 (2,324)(2,827)(2,803)
Income from insurance and reinsurance contracts470 460 2,698 
Expenses from insurance and reinsurance contracts(449)(449)(2,540)
LogoSantanderPie_76.jpg Annual report 2024    577
CONSOLIDATED INCOME STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2024, 2023 AND 2022
EUR million
(Debit) Credit
Note2024
2023
2022
Total income61,876 57,423 52,117 
Administrative expenses(22,740)(22,241)(20,918)
Staff costs46 (14,328)(13,726)(12,547)
Other general administrative expenses47 (8,412)(8,515)(8,371)
Depreciation and amortisation cost16 and 18(3,294)(3,184)(2,985)
Provisions or reversal of provisions, net25 (3,883)(2,678)(1,881)
Impairment or reversal of impairment at financial assets not measured
at fair value through profit or loss and net gains and losses from changes		(12,644)(12,956)(10,863)
Financial assets at fair value through other comprehensive income— (44)(7)
Financial assets at amortized cost10 (12,644)(12,912)(10,856)
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(628)(237)(239)
Tangible assets16 (386)(136)(140)
Intangible assets17 and 18(231)(73)(75)
Others(11)(28)(24)
Gain or losses on non-financial assets and investments, net48 367 313 12 
Negative goodwill recognized in results— 39 — 
Gains or losses on non-current assets held for sale
not classified as discontinued operations		49 (27)(20)7 
Operating profit/(loss) before tax19,027 16,459 15,250 
Tax expense or income from continuing operations27 (5,283)(4,276)(4,486)
Profit/(loss) from continuing operations13,744 12,183 10,764 
Profit/(loss) after tax from discontinued operations37 — — — 
Profit/(loss) for the year13,744 12,183 10,764 
Profit/(loss) attributable to non-controlling interests28 1,170 1,107 1,159 
Profit/(loss) attributable to the parent12,574 11,076 9,605 
Earnings/(losses) per share
Basic4 0.771 0.654 0.539 
Diluted4 0.768 0.651 0.537 
The accompanying notes 1 to 55 and appendices are an integral part of the consolidated income statement for the year ended 31 December 2024.
A. Includes EUR -1,225 million at 31 December 2024 (EUR -1,016 and EUR -674 at 31 December 2023 and 2022, respectively) derived from the net loss generated in Argentina as a result of the application of IAS 29 Financial reporting in hyperinflationary economies.

LogoSantanderPie_76.jpg Annual report 2024    578
CONSOLIDATED STATEMENTS OF RECOGNISED INCOME AND EXPENSE
FOR THE YEARS ENDED 31 DECEMBER 2024, 2023 AND 2022
EUR million
Note2024
2023
2022
CONSOLIDATED PROFIT/(LOSS) FOR THE YEAR13,744 12,183 10,764 
OTHER RECOGNISED INCOME AND EXPENSE(2,339)614 (2,660)
Items that will not be reclassified to profit or loss29219 (964)(399)
Actuarial gains and losses on defined benefit pension plans(584)(1,038)(56)
Non-current assets held for sale— — — 
Other recognised income and expense of investments in
subsidiaries, joint ventures and associates		(3)(5)17 
Changes in the fair value of equity instruments measured at fair value through other comprehensive income447 (162)(497)
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)20 (29)18 
Changes in the fair value of equity instruments measured at fair value through other comprehensive income (hedging instrument)(20)29 (18)
Changes in the fair value of financial liabilities at fair value through profit or loss attributable to changes in credit risk277 (120)88 
Income tax relating to items that will not be reclassified82 361 49 
Items that may be reclassified to profit or loss29 (2,558)1,578 (2,261)
Hedges of net investments in foreign operations (effective portion)36 420 (1,888)(2,467)
Revaluation gains (losses)420 (1,888)(2,467)
Amounts transferred to income statement— — — 
Other reclassifications— — — 
Exchanges differences(3,047)1,017 3,658 
Revaluation gains (losses)(3,047)1,009 3,658 
Amounts transferred to income statement— 8 — 
Other reclassifications— — — 
Cash flow hedges (effective portion)36 558 2,592 (3,016)
Revaluation gains (losses)(698)(30)(1,762)
Amounts transferred to income statement1,256 2,622 (1,254)
Transferred to initial carrying amount of hedged items— — — 
Other reclassifications— — — 
Hedging instruments (items not designated)36 — — — 
Revaluation gains (losses)— — — 
Amounts transferred to income statement— — — 
Other reclassifications— — — 
Debt instruments at fair value with changes in other comprehensive income(493)858 (2,086)
Revaluation gains (losses)29 (447)852 (2,591)
Amounts transferred to income statement(46)6 (99)
Other reclassifications— — 604 
Non-current assets held for sale— — — 
Revaluation gains (losses)— — — 
Amounts transferred to income statement— — — 
Other reclassifications— — — 
Share of other recognised income and expense of investments(108)19 85 
Income tax relating to items that may be reclassified to profit or loss112 (1,020)1,565 
Total recognised income and expenses for the year11,405 12,797 8,104 
Attributable to non-controlling interests709 1,401 1,410 
Attributable to the parent10,696 11,396 6,694 
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 2024.
LogoSantanderPie_76.jpg Annual report 2024    579
CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY FOR THE YEARS ENDED 31 DECEMBER 2024, 2023 AND 2022
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 20247,576 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 2024.
LogoSantanderPie_76.jpg Annual report 2024    580
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 
LogoSantanderPie_76.jpg Annual report 2024    581
CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY FOR THE YEARS ENDED 31 DECEMBER 2024, 2023 AND 2022
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 2024.
LogoSantanderPie_76.jpg Annual report 2024    582
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 
LogoSantanderPie_76.jpg Annual report 2024    583
CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY FOR THE YEARS ENDED 31 DECEMBER 2024, 2023 AND 2022
EUR million
CapitalShare premiumEquity instruments issued (not capital)Other equity instrumentsAccumulated retained earnings
Balance at 31 December 2021
8,670 47,979 658 152 60,273 
Adjustments due to errors— — — — — 
Adjustments due to changes in accounting policies— — — — — 
Opening balance at 1 January 2022
8,670 47,979 658 152 60,273 
Total recognised income and expense— — — — — 
Other changes in equity(273)(1,706)30 23 6,429 
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(273)(1,706)— — — 
Dividends— — — — (869)
Purchase of equity instruments— — — — — 
Disposal of equity instruments— — — — — 
Transfer from equity to liabilities— — — — — 
Transfer from liabilities to equity— — — — — 
Transfers between equity items— — — — 7,298 
Increases (decreases) due to business combinations— — — — — 
Share-based payment— — — (49)— 
Others increases or (-) decreases in equity— — 30 72 — 
Balance at 31 December 2022
8,397 46,273 688 175 66,702 

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 2024.
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Non-controlling interest
Revaluation reservesOther reserves(-) Own sharesProfit attributable to shareholders of the parent(-) Interim dividendsOther comprehensive incomeOther comprehensive incomeOther itemsTotal
— (4,477)(894)8,124 (836)(32,719)(2,104)12,227 97,053 
— — — — — — — — — 
— — — — — — — — — 
— (4,477)(894)8,124 (836)(32,719)(2,104)12,227 97,053 
— — — 9,605 — (2,911)251 1,159 8,104 
— (977)219 (8,124)(143)2 (3)(3,049)(7,572)
— — — — — — — 9 9 
— — — — — — — — — 
— — — — — — — — — 
— — — — — — — (756)(756)
— — — — — — — — — 
— 273 1,706 — — — — — — 
— — — — (979)— — (500)(2,348)
— — (2,050)— — — — — (2,050)
— 7 563 — — — — — 570 
— — — — — — — — — 
— — — — — — — — — 
— (12)— (8,124)836 2 (3)3 — 
— — — — — — — 31 31 
— — — — — — — — (49)
— (1,245)— — — — — (1,836)(2,979)
— (5,454)(675)9,605 (979)(35,628)(1,856)10,337 97,585 

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CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 2024, 2023 AND 2022
EUR million
Note2024
2023
2022
A. CASH FLOWS FROM OPERATING ACTIVITIES(24,155)5,015 27,706 
Profit or loss for the year13,744 12,183 10,764 
Adjustments made to obtain the cash flows from operating activities28,361 26,948 23,970 
Depreciation and amortisation cost3,294 3,184 2,985 
Other adjustments25,067 23,764 20,985 
Net increase/(decrease) in operating assets117,996 74,982 108,774 
Financial assets held-for-trading62,460 18,332 30,837 
Non-trading financial assets mandatorily at fair value through profit or loss31 286 218 
Financial assets at fair value through profit or loss(1,850)874 (7,083)
Financial assets at fair value through other comprehensive income10,225 (4,470)(22,358)
Financial assets at amortized cost45,995 60,525 105,618 
Other operating assets1,135 (565)1,542 
Net increase/(decrease) in operating liabilities57,616 46,080 107,244 
Financial liabilities held-for-trading34,256 5,450 29,533 
Financial liabilities designated at fair value through profit or loss(3,854)(11)27,705 
Financial liabilities at amortized cost34,164 40,138 55,595 
Other operating liabilities(6,950)503 (5,589)
Income tax recovered/(paid)(5,880)(5,214)(5,498)
B. CASH FLOWS FROM INVESTING ACTIVITIES(3,712)(5,366)(3,898)
Payments11,355 15,056 11,776 
Tangible assets16 8,494 11,446 9,066 
Intangible assets18 2,104 2,197 1,774 
Investments13 686 139 152 
Subsidiaries and other business units71 1,274 784 
Non-current assets held for sale and associated liabilities— — — 
Other payments related to investing activities— — — 
Proceeds7,643 9,690 7,878 
Tangible assets16 5,966 7,074 5,558 
Intangible assets18 — — — 
Investments13 681 814 533 
Subsidiaries and other business units8 885 734 
Non-current assets held for sale and associated liabilities12 988 917 1,053 
Other proceeds related to investing activities— — — 
C. CASH FLOW FROM FINANCING ACTIVITIES(5,510)(2,058)(9,964)
Payments14,045 10,187 10,665 
Dividends4 3,017 2,261 1,848 
Subordinated liabilities23 4,096 2,931 2,291 
Redemption of own equity instruments751 — — 
Acquisition of own equity instruments4,038 3,109 2,050 
Other payments related to financing activities2,143 1,886 4,476 
Proceeds8,535 8,129 701 
Subordinated liabilities23 7,001 7,007 119 
Issuance of own equity instruments— — — 
Disposal of own equity instruments765 825 573 
Other proceeds related to financing activities769 297 9 
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CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 2024, 2023 AND 2022
EUR million
Note2024
2023
2022
D. EFFECT OF FOREIGN EXCHANGE RATE DIFFERENCES5,243 (322)(1,460)
E. NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTSA
(28,134)(2,731)12,384 
F. CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR220,342 223,073 210,689 
G. CASH AND CASH EQUIVALENTS AT END OF THE YEAR192,208 220,342 223,073 
COMPONENTS OF CASH AND CASH EQUIVALENTS AT END OF THE YEAR
Cash9,253 8,621 8,929 
Cash equivalents at central banks170,914 199,932 200,830 
Other financial assets12,041 11,789 13,314 
Less, bank overdrafts refundable on demand— — — 
TOTAL CASH AND CASH EQUIVALENTS AT END OF THE YEAR192,208 220,342 223,073 
In which, restricted cash— — — 

A. During 2024, the variation is primarily due to balance sheet management, focusing on liquidity optimization and investment in liquid assets for interest rate risk management, without resulting in any deterioration in the liquidity position, which has remained stable throughout the year (see also Note 54, Liquidity Risk section).
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 2024.

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10_MemoriaConsolidadaNotas.jpg
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
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Banco Santander, S.A., and Companies composing Grupo Santander
Notes to the consolidated financial statements (consolidated annual accounts) for the year ended 31 December 2024.
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 2024, Grupo Santander consisted of 735 subsidiaries of Banco Santander, S.A. In addition, other 205 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 2022 were approved by the shareholders at the group´s annual general meeting on 31 March 2023. Grupo Santander consolidated financial statements for 2023 were approved by the shareholders at the group´s annual general meeting on 22 March 2024. The Group's 2024 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 2023 and 2021, the Bank of Spain published Circulars 1/2023 of 24 February of 2023, and 6/2021 of 22 December of 2021, 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 2024 were authorised by the Bank's directors (at the board meeting on 25 February 2025) 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 2024, 2023 and 2022 and the consolidated results of its operations and the consolidated cash flows in 2024, 2023 and 2022. 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 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.

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Adoption of new standards and interpretations issued
The following modifications came into force and were adopted by the European Union in 2024:
•Amendment to IFRS 16 Lease Liability in a Sale and Leaseback requires a seller-lessee to subsequently measure lease liabilities arising from a leaseback without recognising any amount of the gain or loss that relates to the right of use retained. This new requirement does not prevent a seller-lessee from recognising in profit or loss any gain or loss relating to the partial or full termination of a lease.
•Classification of Liabilities, amendments to IAS 1 Presentation of Financial Statements, considering non-current liabilities those in which the entity has the possibility of deferring payment for more than 12 months from the closing date of the reporting period.
Likewise, an additional amendment to IAS 1 on the classification of liabilities with covenants as current or non-current has been approved, specifying that covenants that must be complied with after the reporting date do not affect the classification of liabilities and require additionally their respective breakdowns.
They should be applied retrospectively in accordance with the normal requirements of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.
•IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Additional disclosures are required for companies entering into supplier financing arrangements. The objective of the new disclosures is to provide information on Supplier Finance Arrangements (SFA) that allows investors to evaluate the effects on an entity's liabilities, cash flows and liquidity risk exposure.
The application of the aforementioned amendments 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 2024:
•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. It will be applicable from 1 January 2025.
Finally, at the date of approval of these consolidated annual accounts, the following standards which effectively come into force after 31 December 2024 had not yet been adopted by the European Union:
•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.
•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'.
•IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1 Presentation of Financial Statements: this is the new standard with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to: (i) the structure of the statement of profit or loss; (ii) required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and (iii) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. Applicable from 1 January 2027.
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•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.
During 2024, the Group has started a project with the aim of adapting its accounting policies related to hedging transactions to the requirements on hedge accounting established in Chapter 6 of IFRS 9, in accordance with IFRS' accounting options related to this subject. The Group expects to complete the project throughout 2025 without significant impacts.
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.
All accounting policies and measurement bases with a material effect on the consolidated financial statements for 2024 were applied in the preparation of these consolidated annual accounts.
c) Use of critical estimates
The consolidated results and the determination of consolidated equity are sensitive to the accounting policies, measurement bases and estimates used by the directors of 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 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).
To update the previous estimates, the Group's management has taken into account the current macroeconomic scenario resulting from the complex geopolitical situation and the changes in inflation levels and interest rates.
For this reason, the Management of the Group has particularly evaluated the uncertainties caused by the current environment in relation to credit, liquidity and market risk, taking into account the best information available, to estimate the impact on the provisions for impairment of the credit portfolio, on the rates of interest, and in the valuation of debt instruments, developing in the notes the main estimates made during the period ended December 31, 2024 (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 2024, 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 2023 and 2022
Regarding the first application of IFRS 17, it has been restated the balance sheet information relating to 'Liabilities under insurance contracts' corresponding to the years closed on 31 December 2022, of a portfolio of products for an amount of approximately EUR 16 billion (see Note 2.i).
Additionally, the segment information corresponding to the years ended 31 December 2023 and 2022 was restated for comparative purposes. In accordance with the Group's organizational structure, as required by IFRS 8 (see note 52).
In order to interpret the changes in the balances with respect to 31 December 2024, 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 2024, based on the exchange rates at the end of 2024: Mexican peso (-13.28%), US dollar (6.39%), Brazilian real (-16.53%), Sterling pound (4.62%), Chilean peso (-6.52%), and Polish zloty (1.59%); as well as the evolution of the comparable average rates: Mexican peso (-2.87%), US dollar (-0.06%), Brazilian real (-7.09%), Sterling pound (2.74%), Chilean peso (-11.18%) and Polish zloty (5.41%).
e) Capital management
i. Regulatory and economic capital
Credit institutions must meet a series of minimum capital and liquidity requirements. These minimum requirements are regulated by the European Capital Requirements Regulation (CRR) directly applicable under the Spanish legal system, and by the Capital Requirements Directive (CRD).
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On 19 June 2024, the final update of the banking package was published in the Official Journal of the European Union Regulation (EU) 2024/1623 (CRR3) amending the CRR as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor and also Directive (EU) 2024/1619 (CRD6), amending the CRD as regards requirements for supervisory powers, sanctions, third-country branches, and environmental, social and governance risks.
The update of the banking package aims firstly to implement Basel III final reforms and, secondly, to enhance the standardisation of banking supervision in the European Union (EU).
The CRR3 introduces greater sensitivity to standardised metrics, to reduce the variability of risk-weighted assets between institutions using internal models for capital requirement calculation and facilitate the comparability among banks.
The goal of achieving more robust supervision and protection of financial stability in the CRD6 is expressed in a series of provisions concerning fit-and-proper requirements, extending the scope by revising certain definitions and additions on the establishment of third-country branches in the EU in order to achieve greater regulatory harmonization and better supervision of this type of entities.
The CRR3 and CRD6 came into force on 9 July 2024. Although early implementation was established for certain provisions, such as certain definitions that may affect the scope of consolidation or the capital requirements for crypto assets exposures, most of the changes were not applicable until 1 January 2025. At the same time the regulatory authority has imposed a delay for certain changes, due to issues resulting from difficulty in their implementation by institutions or to level the playing field with respect to other comparable jurisdictions. Specifically, the new regulation for the new market risk capital calculation approach (FRTB), linked to the standards already published by the Basel Committee on Banking Supervision (BCBS) in 2017, will be delayed to 1st of January 2026 at the earliest. The Commission and the Council, without opposition from the Parliament, have issued a delegated act stipulating a delay of 12 months for the application of this standard, which is generating uncertainty regarding the form, content and date of implementation of this approach in other comparable jurisdictions, such as the UK and USA.
This delay, which was published in July 2024, is accompanied by a delay in the rules regulating the Trading and Banking Book Boundary allocating instruments between investment and trading books for prudential purposes, the definition of trading and investment desks, the rules regarding the prudential recognition of internal risk transfers between investment and trading books, the treatment of structural FX and newest market risk reporting and disclosure framework.
For the calculation of the output floor banks have to use the FRTB SA model for calculating the market share of the output floor and compare it with the results from the internal model or CRR2 market standardized model, depending on the use by each institution. Therefore, this is the only metric in which FRTB SA is, as today official and binding.
Other articles, such as the new regulation on calculating capital by Credit Valuation Adjustment (CVA) risk, which significantly impact the capital requirements, are not affected by this delay and came into force as of 1 January 2025.
The changes regarding the CVA mainly affect the methodological modifications for capital calculation and establish a new standard model based on sensitivities aligned with the new standard model for calculating capital requirements for market risk.
Considering the regulation published to date, the implementation of CRR III does not have a significant impact in terms of capital on the Group.
In terms of resolution regulation, institutions must have an adequate funding structure to ensure that, in the event of financial distress, the institution has sufficient liabilities to absorb losses in order to recover or resolve its positions, while ensuring the protection of depositors and financial stability. For this purpose global systemically important institutions must therefore meet several minimum loss-absorbing requirements, e.g. Total Loss-Absorbing Capacity (TLAC), Minimum Requirement for own funds and Eligible Liabilities (MREL), which are regulated by the CRR and by the Bank Recovery and Resolution Directive (BRRD).
The regulation on the prudential treatment for global systemically important banks was published on 25 October 2022. This modified both the CRR and the BRRD regarding the prudential treatment of global systemically important banks (G-SIBs) with a multiple point of entry (MPE) resolution strategy, as well as the methods for indirect subscription of eligible instruments (Daisy Chains) to meet the minimum requirement for own funds and eligible liabilities. This regulation, known as the 'Quick Fix', covers the following two objectives:
•The inclusion in BRRD and CRR of references to third country subsidiaries to adjust the deduction for the holding of TLAC instruments issued from subsidiaries in third countries based on the excess TLAC/MREL existing in those subsidiaries, as well as the adjustment where the sum of the requirements for own funds and eligible liabilities of G-SIBs under an MPE strategy is higher than the theoretical requirement for the same group under a single point of entry (SPE) strategy. The latter adjustment is based on a comparison between the two possible resolution strategies.
Additionally, for the subsidiaries in jurisdictions without a resolution regime in place, the Regulation provides a transitional period until 31 December 2024. During this transitional period the institutions may adjust the deductions based on the excesses above the capital requirements in subsidiaries in third countries, if they meet certain requirements.
•Inclusion of a deduction scheme for MREL instrument holdings through entities of the same resolution group other than the resolution entity. This regulation sets a deduction for the intermediate entity (Daisy Chains) that repurchases instruments, and, if there is such a deduction, the intermediate entity is obliged to issue the same amount as it is repurchasing, transferring the internal MREL needs to the resolution entity, which will cover it with external MREL.
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This Regulation is applicable from 14 November 2022, except for the provisions relating to Daisy Chains, which applies from 1 January 2024.
In April 2024 Directive (EU) 2024/1174 was published, which amends the Daisy Chain Act to exclude daisy chain requirements in some cases, e.g. institutions that would prefer liquidation rather than resolution.
Additionally, in 2024 the SRB amended the MREL policy to adapt it to the latest amendments involving daisy chains, among other aspects.
The Deposit Guarantee Schemes (DGSs) are regulated by the Deposit Guarantee Schemes Directive (DGSD), which has not undergone any significant changes since its publication in 2014. The Directive aims to harmonise the DGSs of the Member States, thus ensuring stability and balance in the various different countries. The Directive creates an appropriate framework for depositors to have improved access to DGS through the establishment of a clear scope of coverage, shorter repayment periods, the requirement of a reliable information and robust funding requirements of the DGS. This Directive is transposed into Spanish law by Royal Decree 2606/1996, with additional amendments set forth in Royal Decree 1041/2021.
To guarantee customers' deposits, the DGS collect available financial means in the form of contributions that members institutions have to make at least once a year. After the target level of 0.8% of the amount of covered deposits was reached, with the contributions raised until 2023, the Spanish DGS has not required the additional contribution to its institution's deposits compartment in 2024 (however, it will require a contribution to its securities compartment in February 2025 according to institution's data as of December 2024). These annual contributions are established depending on the total covered deposits and the risk profile faced by the institutions involved in the DGS. The method for calculation contributions is set out in the EBA Guidelines (EBA/GL/2023/02.
The Council agreed on 19 June 2024 on its position on the revision of the CMDI, which includes a broad set of measures aiming to strengthen the current EU crisis management framework. The trialogue process was initiated in December 2024.
Within the sustainability field from a prudential perspective, the CRR3 has introduced new requirements for integrating ESG risks in this framework, in particular including definitions, a 'more ecological' infrastructure supporting factor, climate considerations in collateral assessments and additional mandates to assess whether the prudential treatment of exposures related to assets or liabilities subject to the impact of environmental or social factors should be adjusted. To assess precisely whether specific prudential treatment is required, the CRR3 provides three mandates for creating the reports that assess data availability for the exposure categories, evaluation of the actual risk situation of exposures that affect environmental factors compared with the risk situation of other exposures and the potential effects of prudential treatment on financial stability. If considered necessary, after publication of these reports, a legislative proposal to amend the current prudential framework may be submitted to the Commission by 31 December 2026 to ensure a prudential framework which will continue supporting financial stability and a sustainable transition.
Furthermore, the CRR3/CRD6 regulatory package contains additional disclosure obligations concerning ESG, obligations on reporting to competent authorities and the obligation to establish specific plans for addressing short-, medium- and long-term financial risks derived from ESG factors, including generated risks as a consequence of the transition period.
In 2024 the EBA held a consultation on the Guidelines on the management of ESG risks, highlighting among its content mainly the following topics: reference methodology for the identification and measurement of ESG risks, minimum standards and reference methodology for the management and monitoring of ESG risks, and transition plans addressing the key aspects included in the new CRD6.
At the international level and particularly regarding reporting obligations on climate risks, it is important to note that the Basel Committee published a consultation paper at the end of 2023 (proposing a series of qualitative and quantitative requirements which should be disclosed in the entities' Pillar III reports). In this document the Committee acknowledges that precise, consistent and quality climate data is still evolving, but also the Committee believes that the disclosure requirements will expedite the availability of such information and will facilitate banks' prospective risk.
In the digital field, due to the increase in international crypto assets activities, significant adjustments have also been made to the prudential framework. Following the publication of the Basel standards, the European regulation needs to be adapted to incorporate them. Therefore, the CRR3 includes the mandate to the Commission to issue a legislative proposal by 30 June 2025 that incorporates international standards on the prudential regulation applicable in Europe. Until that framework is fully integrated, the CRR3 has set out a transitional framework for calculating own funds that will be applied until the Basel standards are incorporated. The implementation of this temporary treatment is pending more comprehensive elaboration in a technical standard to be issued by the EBA.
Apart from the treatment of exposures to this type of assets, the regulation also covers obligations concerning reporting to the competent authorities and disclosure to preserve transparency and market discipline. All these provisions have to be implemented before the enforcement date of the CRR3, and compliance is obligatory from 9 July 2024.
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At 31 December 2024 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 17 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 20 January 2025, Banco Santander, S.A. prepaid all the Tier 1 Contingently Convertible Preferred Securities with ISIN code XS179325004 and common code 179325004 in circulation, for a total nominal amount of EUR 187.6 million and which trade on the Irish Stock Market 'Global Exchange Market' (the 'PPCC').
Under the authorization of the 2023 annual general meeting and also according to the 2024 shareholder remuneration policy, on 4 February 2025 the board resolved to execute a new share buyback programme for a maximum amount of approximately EUR 1,587 million. The appropriate regulatory authorization has already been obtained and the execution of which began on 6 February 2025.

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.

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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.
The Group has decided, in the year 2024, to apply an alternative exchange rate for the conversion of its businesses in Argentina in the preparation of its consolidated annual accounts, as a consequence of the divergence observed between the official exchange rate and certain macroeconomic variables, mainly inflation, together with the fact that for certain operations, such as the repatriation of dividends, the exchange rate implicit in orderly transactions between market participants did not correspond to the official exchange rate. As of 31 December 2024, the alternative exchange rate used takes as a reference the CCL dollar ('contado con liquidación'), which is the exchange rate that results from the sale in US dollars of local bonds denominated in Argentine pesos (bonds with dual peso denomination /dollar), which as of this date does not differ significantly with other market rates.
Inflation during 2024, to the national consumer price index published by the National Statistics and Census Institute, was 117.8% for the year (211.2% at 31 December 2023). The official exchange rate at 31 December 2024 has been of 1,071.16 Argentine pesos per euro (893.63 Argentine pesos per euro at 31 December 2023). The exchange rate applied by the Group as of 31 December 2024 was 1,232.39 Argentine pesos per euro.
At 31 December 2024, 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.
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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
Currency202420232022202420232022
US dollar(168.4)(136.9)(146.0)(3.9)(3.4)(4.4)
Chilean peso(15.3)(35.3)(14.8)(2.1)(2.3)(2.0)
Pound sterling(96.5)(79.1)(94.7)(4.4)(3.1)(1.5)
Mexican peso(33.9)(36.4)(27.7)(0.5)(0.1)(2.0)
Brazilian real(144.1)(175.7)(100.1)(4.3)(6.5)(5.9)
Polish zloty(25.1)(48.8)(19.8)(0.4)— (1.3)
Argentine peso(18.3)(7.5)(17.1)(6.6)(4.2)(2.1)
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
Currency202420232022202420232022
US dollar171.8 139.7 148.9 4.0 3.4 4.5 
Chilean peso15.6 36.0 15.1 2.2 2.3 2.1 
Pound sterling98.4 80.7 96.7 4.5 3.1 1.5 
Mexican peso34.6 37.1 28.2 0.5 0.1 2.0 
Brazilian real147.0 179.3 102.1 4.3 6.6 6.0 
Polish zloty
25.6 49.8 20.2 0.4 — 1.4 
Argentine peso18.7 7.7 17.4 6.7 4.2 2.2 
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 2024, 2023 and 2022.
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.
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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 2024, 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%.
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 2023 and 2022, 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.
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.

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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 equity instrument of another entity.
The following transactions are not treated for accounting purposes as financial instruments:
•Investments in associates and joint ventures (see note 13).
•Rights and obligations under employee benefit plans (see note 25).
•Rights and obligations under insurance contracts (see note 15).
•Contracts and obligations relating to employee remuneration based on own equity instruments (see note 34).
i. Classification of financial assets for measurement purposes
Financial assets are initially 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.
•How 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.
The analysis of the characteristics of the contractual 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, 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:
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•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 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. securitisations) 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 the set of underlying assets belonging to the tranche analysed is less than or equal to the exposure to credit risk of the set of underlying assets of the instrument.
Depending on these factors, the asset can be measured at amortised cost, at fair value with changes in other comprehensive income, or at fair value with changes through profit and loss. IFRS 9 also establishes an option to 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 under a business model whose objective is to collect principal and interest flows, over which there is no 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, unjustified sales are considered to be those other than 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 key 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 whose objective is not obtained through the above mentioned models, where fair value is a key factor in managing of these assets, and financial instruments whose contractual cash flow characteristics 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 credit institutions.
•Loans and advances: includes the debit balances of all credit and loans granted by the Group, other than those represented by securities, as well as 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.
•Debt securities: bonds and other securities that represent a debt for their issuer, that generate an interest return, and that are in the form of certificates or book entries.
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•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 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.
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 as hedging instruments, and financial liabilities arising from the outright sale of financial assets acquired under reverse repurchase agreements ('reverse repos') or borrowed (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. 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 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.
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•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), 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 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 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. 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 2024, 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.
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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.


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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:
•'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 consolidated entities use financial derivatives for the following purposes: i) to facilitate these instruments to customers who request them in the management of their market and credit risks; ii) to use these derivatives in the management of the risks of the Group entities’ own positions and assets and liabilities (hedging derivatives); and iii) to obtain gains from changes in the prices of these derivatives (derivatives).
Financial derivatives that do not qualify for hedge accounting are treated for accounting purposes as trading derivatives. Additionally, certain financial assets and liabilities can be designated as hedging instruments to cover exchange rate risk.
A derivative qualifies for hedge accounting if all the following conditions are met:
1.    The derivative hedges one of the following three types of exposure:
a.Changes in the fair value of assets and liabilities, as well as firm commitments, due to fluctuations, among others, in the interest rate and/or exchange rate to which the position or balance to be hedged is subject (fair value hedge).
b.Changes in the estimated cash flows arising from assets and liabilities, commitments and highly probable forecast transactions (cash flow hedge).
c.The net investment in a foreign operation (hedge of a net investment in a foreign operation).
2.    It is effective in offsetting exposure inherent in the hedged item or position throughout the expected term of the hedge, which means that:
a.At the date of arrangement the hedge is expected, under normal conditions, to be highly effective (prospective effectiveness).
b.There is sufficient evidence that the hedge was actually effective during the whole life of the hedged item or position (retrospective effectiveness). To this end, the Group checks that the results of the hedge were within a range of 80% to 125% of the results of the hedged item.
3.    There must be adequate documentation evidencing the specific designation of the financial derivative to hedge certain balances or transactions and how this hedge was expected to be achieved and measured, provided that this is consistent with the Group’s management of own risks.
The changes in value of financial instruments qualifying for hedge accounting are recognised as follows:
a. In fair value hedges, the gains or losses arising on both the hedging instruments and the hedged items attributable to the type of risk being hedged are recognised directly in the consolidated income statement.
b. In fair value hedges of interest rate risk on a portfolio of financial instruments, the gains or losses that arise on measuring the hedging instruments are recognised directly in the consolidated income statement, whereas the gains or losses due to changes in the fair value of the hedged amount (attributable to the hedged risk) are recognised in the consolidated income statement with a balancing entry under Changes in the fair value of hedged items in portfolio hedges of interest rate risk on the asset or liability side of the balance sheet, as appropriate.
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c. In cash flow hedges, the effective portion of the change in value of the hedging instrument is recognised temporarily in Other comprehensive income – under Items that may be reclassified to profit or loss – Hedging derivatives – Cash flow hedges (effective portion) until the covered element affects the results, when it is recognised in the consolidated income statement, unless, if the forecast transactions result in the recognition of non-financial assets or liabilities, it is included in the cost of the non-financial asset or liability.
d.    In hedges of a net investment in a foreign operation, the gains or losses attributable to the portion of the hedging instruments qualifying as an effective hedge are recognised temporarily in Other comprehensive income under Items that may be reclassified to profit or loss – Hedges of net investments in foreign operations until the gains or losses – on the hedged item are recognised in profit or loss.
e.    The ineffective portion of the gains or losses on the hedging instruments of cash flow hedges and hedges of a net investment in a foreign operation is recognised directly under 'Gains/losses on financial assets and liabilities (net)' in the consolidated income statement, in Gains or losses from hedge accounting, net.
If a derivative designated as a hedge no longer meets the requirements described above due to expiration, ineffectiveness or for any other reason, the derivative is classified for accounting purposes as a trading derivative.
When fair value hedge accounting is discontinued, the adjustments previously recognised on the hedged item are amortised to profit or loss at the effective interest rate recalculated at the date of hedge discontinuation. The adjustments must be fully amortised at maturity.
When cash flow hedge accounting is discontinued, any cumulative gain or loss on the hedging instrument recognised in equity under other comprehensive income 'Items that may be reclassified to profit or loss' (from the period when the hedge was effective) remains in this equity item until the forecast transaction occurs, at which time it is recognised in profit or loss, unless the transaction is no longer expected to occur, in which case the cumulative gain or loss is recognised immediately in profit or loss.
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. However, 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 has differentiated them into two main categories in relation to the conditions under which a modification leads to the disposal of the financial asset (and the recognition of a new financial asset) and those under which the accounting of the original financial instrument with the modified terms is maintained:
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•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.
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.).

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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:
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.
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–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.
- 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.
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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.
•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.
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–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
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.

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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. 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 2024 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 2024 the fair value less costs to sell of non-current assets held for sale exceeded their carrying amount by EUR 553 million (EUR 624 million at 31 December 2023); however, in accordance with the accounting standards, this unrealised gain could not be recognised.
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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 81% 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.
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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.
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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. Fulfillment 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-fulfillment risks. financial. The identification of the contractual limit under IFRS 17 is essential not only for measuring the fulfillment 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 fulfillment 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 use2.7 %
Furniture9.8 %
Fixtures9.8 %
Office and IT equipment23.9 %
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.
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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 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 methodology is based on the need for each entity to consider its economic and financial situation, for which the following factors must be considered:
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–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.
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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 accrued interest, and 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’s directors made 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.
▪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.
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.
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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.
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.
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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:
•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'.
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•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 331.2 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.
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.
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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 2024 Grupo Santander received interest amounting to EUR 117,046 million (EUR 101,029 and EUR 69,282 in 2023 and 2022, respectively) and paid interest amounting to EUR 61,091 million (EUR 50,954 and EUR 23,390 in 2023 and 2022, 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)

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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 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. Following the execution of the planned transaction, Crédit Agricole S.A. will control 100% of the share capital of CACEIS.
The transaction will generate an increase of around 10 basis points on the fully loaded CET1 ratio and will not have a material impact on the Group's results or earnings per share.
The closing of the transaction is subject to the usual conditions for this type of transaction, including obtaining the relevant regulatory authorizations, which is expected to occur throughout 2025.
As a result of the above, as of 31 December 2024, this participation has been reclassified, at its carrying value, from the caption 'investments' to the caption 'Non-current assets held for sale' in the balance sheet (see note 12).
The joint depositary, custody and asset servicing services business of Grupo Santander and CACEIS in Latin America is not included in the scope of the transaction and will continue to be jointly controlled by Grupo Santander and CACEIS.
ii. Accelerated placement of ordinary shares of Santander Bank Polska
On September 10, 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.
iii. 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.
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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 has already been liquidated and the Group's effective participation amounts to 99.98%.
iv. Agreement to acquire a significant holding in Ebury Partners Limited
On 28 April 2020, the investment announced on 4 November 2019 in Ebury, a payments and foreign exchange platform for SMEs, was completed. The transaction involved a total disbursement of GBP 357 million (approximately EUR 409 million) of which GBP 70 million (approximately EUR 80 million) was for new shares. By the end of 2019, the Group had already acquired 6.4% of the company for GBP 40 million (approximately EUR 45 million). Following the disbursement made in April 2020, which gave the Group 50.38% of the economic rights of the company, without the conditions to obtain control being met, this interest was recorded under 'Investments - Associated entities' in the consolidated balance sheet.
In April 2022 Grupo Santander acquired a new package of shares for GBP 113 million (approximately EUR 135 million) and subscribed in full to a new capital increase, paying an additional GBP 60 million (approximately EUR 72 million). Following these transactions, the Group holds 66.54% of the economic rights and control of the company.
The total value of the net assets identified in the business combination amounted to EUR 413 million, mainly intangible assets (IT developments, customer lists and brand) and resulted in the recognition of goodwill of EUR 316 million.
No gain or loss was recorded for the difference between the book value and the fair value of the previous holding as this difference was not significant.
v. Purchase by SHUSA for shares of Santander Consumer USA
In August 2021 Santander Holdings USA, Inc. ('SHUSA') and Santander Consumer USA Holdings Inc. ('SC') entered into a definitive agreement pursuant to which SHUSA acquired all outstanding shares of common stock of SC not already owned by SHUSA via an all-cash tender offer (the 'Tender Offer') for USD 41.50 per SC common share (the 'Offer Price'), followed by a second-step consisting of a merge (together with the Offer, the 'Transaction') in which a wholly owned subsidiary of SHUSA was merged with and into SC, with SC surviving as a wholly owned subsidiary of SHUSA, and all outstanding shares of common stock of SC not tendered in the Tender Offer were converted into the right to receive the Offer Price in cash. The Offer Price represented a 14% premium to the closing price of SC common stock of USD 36.43 as of 1 July 2021, the last day prior to the announcement of SHUSA’s initial offer to acquire the remaining outstanding shares of SC’s common stock.
On 31 January 2022, after completion of the customary closing conditions, the Transaction was performed and SHUSA increased its share up to the 100% of SC's common stock. The transaction meant a disbursement of USD 2,510 million (around EUR 2,239 million) for the Group, with a decrease of reserves of EUR 487 million and a decrease of EUR 1,752 million of minority interests.
vi. Acquisition of Amherst Pierpont Securities LLC, a US fixed-income broker dealer
On 15 July 2021, Santander Holdings USA, Inc. (SHUSA), reached an agreement to acquire Amherst Pierpont Securities LLC, a market-leading independent fixed-income and structured products broker dealer, through the acquisition of its parent holding company, Pierpont Capital Holdings LLC, for a total consideration of approximately USD 450 million (around EUR 405 million). The operation was closed on 11 April 2022 once the pertinent regulatory approvals have been obtained. Immediately after the acquisition, SHUSA lent financing to the company for an amount of USD 163 million (approximately EUR 147 million), which the company used to cancel debt with third parties. Amherst Pierpont Securities LLC (now Santander Capital Holdings LLC, see note 17) is part of Santander Corporate & Investment Banking, Global business line.
The business combination meant the recognition of a goodwill of EUR 158 million and EUR 24 million of intangible assets (mainly relationships with customers) identified in the purchase price allocation, without other relevant value adjustments to net assets of the business.

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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), Grupo Santander has three branches in the non-cooperative jurisdictions of Jersey, the Isle of Man and the Cayman Islands (offshore entities). Santander also has two other subsidiaries incorporated in non-cooperative jurisdictions that are tax resident in the UK and subject to British tax law.
i. Offshore subsidiaries
A subsidiary resident in Jersey was liquidated during 2024 so, at the reporting date, Grupo Santander does not have subsidiaries in non-cooperative jurisdictions.
ii. Offshore branches
Grupo Santander has three offshore branches in the Cayman Islands, the Isle of Man and Jersey. They report to, and consolidate balance sheets and income statements with, their foreign headquarters. They are taxed either with their headquarters (the Cayman Islands branch in Brazil) or in the territories they are located in (Jersey and Isle of Man, pertain to the UK).
These three offshore branches have a total of 167 employees as of December 2024.
iii. Subsidiaries in non-cooperative jurisdictions that are tax resident in the United Kingdom
Grupo Santander also has two subsidiaries that were incorporated in offshore jurisdictions (one in Bermuda without activity and one in Guernsey with leasing activity), but are not deemed offshore entities because they only operate from and are tax resident in the UK and, thus, are subject to British tax law.
iv. 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 has other non-controlling financial interest of a reduced amount in entities located in non-cooperative jurisdictions.
The European Union (EU)
In February 2025, the Council of the EU updated the blacklist of non-cooperative jurisdictions for tax purposes, which currently contains 11 jurisdictions. Additionally, the EU grey list comprises 8 jurisdictions which have sufficiently committed to adapt their legislation to international tax standards, subject to monitoring by the EU. Both lists are subject to permanent review and update. Santander is not present in any of the countries and territories included in these lists.
Organization for Economic Cooperation and Development (OECD)
Grupo Santander is not present in any jurisdiction non-compliant with both OECD standards on transparency and exchange of information for tax purposes (Automatic exchange of information standard -AEOI- and Exchange of information on request standard -EOIR-), according to the last annual report of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes released in November 2024.
However, although The Bahamas and Chile -jurisdictions where the Group is present- have complete legal and regulatory frameworks in place for the application of the AEOI standard, they need to improve the effectiveness of this standard.
The Group's presence in offshore territories at the end of 2024 is as follows:
Presence of the Group in non-cooperative jurisdictionsa
Spanish legislationCouncil of the EU blacklist
OECDb
Sub.BranchSub.BranchSub.Branch
Jersey1
Isle of Man1
Cayman Islands1
2024—3————
2023c
1311——
aAdditionally, there are one subsidiary constituted in Guernsey and one in Bermuda, but residents for tax purposes in the UK.
bJurisdictions non-compliant with both OECD standards on transparency and exchange of information for tax purposes (AEOI and EOIR). Jersey, the Isle of Man and the Cayman Islands continue to fully comply with both OECD standards.
cAt the end of 2023, The Bahamas was included in the EU blacklist, having Santander one subsidiary and one branch in this territory. The Bahamas was removed from this list in February 2024 update.

Grupo Santander has the right mechanisms (risk management, supervision, verification and review plans, and regular reporting) to prevent reputational, tax and legal risk 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 2024, 2023 and 2022.
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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 dividends3,181 
Dividend paid at 31 DecemberA
1,532 
Complementary dividendB
1,649 
To voluntary reservesC
6,920 
Net profit for the year10,101 
A.Total amount paid as interim dividend, at the rate of EUR 10 fixed cents per eligible share (recorded in 'Shareholders' equity - Interim dividends').
B.Fixed complementary dividend of EUR 11 gross cents per eligible share, payable in cash as from 2 May 2025. The total amount has been estimated on the assumption that, as a result of the partial implementation of the buyback program announced on February 5, 2025, the number of the Bank's outstanding shares eligible for the dividend will be 14,988,884,075. Therefore, the total amount of the complementary dividend may be higher if fewer shares are acquired in the buyback program than expected, or lower in the opposite case.
C.Estimated amount corresponding to a complementary dividend of EUR 1,648,777,248.25. To be increased or reduced by the same amount by which the total amount of the complementary dividend is respectively lower or higher than the estimate of that complementary dividend.

The transcribed proposal comprises the part of the 2024 shareholder remuneration policy that is implemented through cash dividends (the interim dividend paid in November 2024 of EUR 10 cents per share with dividend entitlement, approved by the board of directors on 24 September 2024, and the complementary dividend expected to be paid as of 2 May 2025, of EUR 11 cents per share with the dividend entitlement, proposed by the board of directors on 25 February 2025, and therefore subject to approval by the General Meeting of Shareholders).
In addition, the 2024 remuneration policy also includes expected shareholder remuneration through the implementation of share buyback programs to which an amount equivalent to 25% of the Group's ordinary profit will be allocated. The first of these programs based on the results of 2024, for an approximate amount of EUR 1,525 million, was completed between August 2024 and January 2025. On 6 February 2025 a second buyback program on account of the 2024 results was started for a maximum amount of EUR 1,587 million. It also submits to the general meeting of shareholders an agreement for reduction of capital that will allow the amortization of own shares acquired in this second repurchase program, subject to the relevant regulatory authorization.






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 2024
Profit before taxes6,549 
Tax expense373 
Dividends paid in cash— 
Distributable maximum amount6,176 
Available liquidity87,847 
Finally, and although it is not part of the remuneration charged to the 2024 financial year, it should be noted that pursuant to the resolution of the Bank's General Meeting of Shareholders held on 22 March 2024, on 2 May 2024 the Bank paid a complementary cash dividend of EUR 9.5 cents per share charged to the results of the 2023 financial year. Finally, also charged to the results of 2023, the Bank implemented two repurchase programs. The first of them for a maximum amount of EUR 1,310 million, which ended on January 2024 and the second one, for a maximum amount of EUR 1,459 million, which ended in June 2024.
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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:
202420232022
Profit (Loss) attributable to the Parent (EUR million)12,574 11,0769,605 
Remuneration of PPCC and PPCA (EUR million) (note 23)(620)(492)(529)
11,954 10,584 9,076 
Of which:
Profit (Loss) from discontinued operations (non controlling interest net) (EUR million)— — — 
Profit (Loss) from continuing operations (non-controlling interest and PPCC and PPCA net)
(EUR million)		11,954 10,584 9,076 
Weighted average number of shares outstanding15,497,607,269 16,172,084,714 16,848,344,667 
Basic earnings (Loss) per share (euros)0.771 0.654 0.539 
Of which, from discounted operations (euros)— — — 
Basic earnings (Loss) per share from continuing operations (euros)0.771 0.654 0.539 
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:
202420232022
Profit (Loss) attributable to the Parent (EUR million)12,574 11,076 9,605 
Remuneration of PPCC and PPCA (EUR million) (Note 23)(620)(492)(529)
Dilutive effect of changes in profit for the period arising from potential conversion of ordinary shares— — — 
11,954 10,584 9,076 
Of which:
Profit (Loss) from discontinued operations (net of non-controlling interests) (EUR million)— — — 
Profit (Loss) from continuing operations (net of non-controlling interests and PPCC and PPCA) (EUR million)11,954 10,584 9,076 
Weighted average number of shares outstanding15,497,607,269 16,172,084,714 16,848,344,667 
Dilutive effect of options/rights on shares70,110,570 75,180,407 55,316,206 
Adjusted number of shares15,567,717,839 16,247,265,121 16,903,660,873 
Diluted earnings (Loss) per share (euros)0.768 0.651 0.537 
Of which, from discounted operations (euros)— — — 
Diluted earnings (Loss) per share from continuing operations (euros)0.768 0.651 0.537 


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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 2024 and 2023.
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 2024 (EUR 6 million in 2023), 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 2024 amounted to EUR 5.4 million (EUR 5.3 million in 2023).
Annual allotment
In accordance with the remuneration policy approved at the general shareholders' meeting on 22 March 2024, the annual allotment for board and committee membership are for the same amounts for annual allotments as those initially established for 2023, except for the responsible banking, sustainability and culture committee, which was updated to EUR 28,000 ,thus equalizing its remuneration to other committees of mandatory existence, considering the importance and complexity of the matters addressed in it. Each director received the amounts for serving on the board and its committees and positions held in them included in the chart below for 2023 and 2024:

Amount per director in euros20242023
Members of the board of directors98,000 98,000 
Members of the executive committee170,000170,000
Members of the audit committee43,00043,000
Members of the appointments committee28,00028,000
Members of the remuneration committee28,00028,000
Members of the risk supervision, regulation and compliance committee43,00043,000
Members of the responsible banking, sustainability and culture committee 28,00018,000
Members of the innovation and technology committee28,00028,000 
Chair of the audit committee70,00070,000
Chair of the appointments committee50,00050,000
Chair of the remuneration committee50,00050,000
Chair of the risk supervision, regulation and compliance committee70,00070,000
Chair of the responsible banking, sustainability and culture committee50,00050,000
Chair of the innovation and technology committee70,00070,000 
Lead independent directorA
110,000110,000
Non-executive Vice Chair30,00030,000
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.
Since we had not reviewed the attendance fees since 2016, shareholders at the 2024 AGM approved an increase of 4% in respect of 2023. This increase compensates for board members' greater time commitment in relation to those of other comparable banking groups, based on an independent expert analysis carried out in 2023. So the amounts for 2024 and 2023 are as follows:
Attendance fees per director per meeting in euros 20242023
Board of directors2,704 2,600 
Audit committee and risk supervision, regulation and compliance committee1,768 1,700 
Other committees (excluding executive committee) 1,560 1,500 
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:
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•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, to be paid in five portions, 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 (payment in 2026 and 2027) will be conditional on none of the malus clauses being triggered.
–The accrual of the third, fourth, and fifth portion (payment in 2028, 2029 and 2030), is linked to objectives related to the period 2024—2026 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.
The immediate payment (or short-term), as well as each deferred payment (linked to long term metrics and not linked to long-term metrics) will be settled 50% in cash and the remaining 50% in instruments, consisting of Banco Santander, S.A. 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, S.A.
Comparative of executive remuneration (Chair and CEO)
On the remuneration committee’s recommendation, and due to the excellent business results and total shareholder return in 2023, in order to ensure a competitive remuneration compared to other peer groups, the board resolved to increase 5% the annual salary for Ana Botín and Héctor Grisi in 2024 versus 2023.

Variable contributions to pensions were not modified in 2024, so the amounts are the 22% of the 30% of the last three assigned bonus' average.
2024 was a groundbreaking year in our transformation. We delivered solid operating performance and profitable growth, with record attributable profit of EUR 12,574 million on the back of a strong increase in revenue that grew far above costs, and all this progress with an improvement in cost of risk. These excellent results enabled us to achieve the targets we set for the year: a CET1 ratio of 12.8% (far exceeding forecasts and driven by strong net organic capital generation of over 200 basis points) and shareholder value creation (TNAV per share plus cash DPS up 14% year on year and cash dividend per share of up 39% year on year). All this, coupled with our business model and robust balance sheet, enabled us to achieve an initial bonus pool of 172.30%. However, to make this pool more consistent with shareholder returns, the board approved a negative adjustment of 27.30%.
Moreover, the ratio of executive directors’ total remuneration to underlying attributable profit fell to 0.18% from 0.19% in 2023.
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iii. Detail by director
The detail, by bank director, of the short-term (immediate) and deferred (not subject to long-term goals) remuneration for 2024 and 2023 is provided below:
EUR thousand
2024
Bylaw-stipulated emoluments
Annual emolument
BoardF
Executive committee
Audit1 committee
Nomination committee2
Remuneration committee
Risk supervision, regulation and compliance oversight committee3
Responsible banking, sustainability and culture committee4
Innovation and technology committee5
Attendance fees and commissions
Ana Botín98 170 — — — — — 44 56 
Héctor Grisi98 170 — — — — — 28 56 
José Antonio Álvarez128 170 — — — — — 28 56 
Glenn Hutchins
415 — — 28 78 — — 82 97 
Bruce Carnegie-BrownA
22 — — 18 6 — — — 31 
Homaira Akbari98 — 43 — — — 28 28 88 
Javier BotínB
98 — — — — — — — 46 
Sol Daurella98 — — 28 28 — 50 — 88 
Henrique de Castro98 — 43 — 28 — — 28 103 
Gina Díez98 — — 28 — — 28 — 71 
Luis Isasi98 170 — — 28 43 — — 101 
Ramiro MatoC
48 83 21 — — 21 38 — 60 
Belén Romana98 170 43 67 — 59 6 28 128 
Pamela Walkden98 — 59 — — 97 22 — 105 
Germán de la Fuente
98 — 97 — — 43 — — 100 
Carlos BarrabésD
50 — — 14 — — 18 14 31 
Antonio WeissE
50 — — — — — — — 22 
Total 2024
1,791 933 306 183 168 263 190 280 1,240 
Total 2023
1,700 1,147 328 162 191 285 139 287 1,096 
A. Stepped down as director on 22 March 2024.
B. All amounts received were reimbursed to Fundación Botín.
C. Stepped down as director on 27 June 2024.
D. Director and member of the NC, RBSCC and ITC since 27 June 2024.
E. Director since 27 June 2024.
F. Also includes emoluments for other roles in the board.
Changes in the chairship of the committees:
1.Germán de la Fuente was appointed Chair of the AC on 23 March 2024 replacing Pamela Walkden.
2.Belén Romana was appointed Chair of the NC on 23 March 2024, succeeding Bruce Carnegie-Brown.
3.Pamela Walkden was appointed Chair of the RSRCC on 23 March 2024, replacing Belén Romana.
4.Sol Daurella assumed the chairship of the RBSCC on 23 July 2024. Pamela Walkden joined to the RBSCC on 23 March 2024, replacing Belén Romana.
5.Glenn Hutchins was appointed Chair of ITC on 23 March 2024, replacing Ana Botín.

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 856 thousand) and the supplement for having waived the death and disability policy (EUR 710 thousand).

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20242023
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 1,851 1,851 1,110 1,111 9,358 1,339 1,062 12,127 11,544 
Héctor Grisi3,150 1,279 1,279 767 768 7,243 1,105 437 9,137 8,257 
José Antonio Álvarez— — — — — — — 3,316 3,698 3,553 
Glenn Hutchins
— — — — — — — — 700 372 
Bruce Carnegie-BrownA
— — — — — — — — 78 576 
Homaira Akbari— — — — — — — — 285 265 
Javier BotínB
— — — — — — — — 144 137 
Sol Daurella— — — — — — — — 292 249 
Henrique de Castro— — — — — — — — 300 284 
Gina Díez— — — — — — — — 225 211 
Luis Isasi— — — — — — — 1,000 1,440 1,417 
Ramiro MatoC
— — — — — — — — 271 518 
Belén Romana— — — — — — — — 599 572 
Pamela Walkden— — — — — — — — 381 341 
Germán de la Fuente
— — — — — — — — 338 271 
Carlos BarrabésD
— — — — — — — — 128 — 
Antonio WeissE
— — — — — — — — 72 — 
Total 20246,585 3,130 3,130 1,877 1,879 16,601 2,444 5,815 30,214 — 
Total 20236,271 3,000 3,000 1,800 1,800 15,871 2,110 5,251 28,567 
Footnotes in previous table.


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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
20242023
Variable subject to long-term
objectives1
In cashIn sharesIn RSUsTotalTotal
Ana Botín1,166 956 210 2,332 2,243 
Héctor Grisi806 629 176 1,611 1,537 
Total1,972 1,585 386 3,943 3,780 
1. Corresponds with the fair value of the maximum amount they are entitled to in a total of 3 years: 2028, 2029 and 2030, 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 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 2024 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 2024 and 2023 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 2024 the Bank’s directors did not receive any remuneration in respect of these representative duties.
On the other hand, in their personal capacity, in 2024 Homaira Akbari was paid USD 100 thousand (EUR 96 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 Henrique de Castro and José Antonio Álvarez were each paid the same EUR 200 thousand as members of the board of PagoNxt S.L. José Antonio Álvarez also received BRL 1,135 thousand (EUR 183 thousand) as member of Banco Santander (Brasil) S.A. Likewise, Pamela Walkden was paid GBP 109 thousand (EUR 129 thousand) as member of Santander UK plc and Santander UK Group Holdings.
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 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.

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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.

For Héctor Grisi, CEO from 1 January 2023, since he has been in the position for two years, the calculation of the variable portion was done using the average of the last two variable remuneration amounts.
•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.
•The total amount insured for life and accident insurance was increased.
The provisions recognised in 2024 and 2023 for retirement pensions were as follows:
EUR thousand
20242023
Ana Botín1,339 1,144 
Héctor Grisi1,105 966 
Total2,445 2,110 
Following is a detail of the balances relating to each of the directors under the welfare system as of 31 December 2024 and 2023:
EUR thousand
20242023
Ana Botín54,731 49,257 
Héctor Grisi1,299 585 
José Antonio Álvarez20,326 19,495 
Total76,356 69,338 
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
20242023
Ana Botín21,525 21,054 
Héctor Grisi12,600 50 
José Antonio Álvarez11,215 11,910 
Total45,340 33,014 
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 2024 and 2023, the Group has disbursed a total amount of EUR 13.5 million and EUR 13.2 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 2024 and 2023, no life insurance commitments exist for the Group in respect of any other directors.

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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 2024 and 2023 due to their participation in the deferred variable remuneration systems, which instrumented a portion of their variable remuneration relating to 2024 and prior years, as well as on the deliveries, in shares or in cash, made to them in 2024 and 2023 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 2024 has been approved by the board of directors and implemented through the ninth 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, in five portions, 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 2026 and 2027) is conditional on none of the malus clauses being triggered.
•The accrual of the third, fourth and fifth parts (instalments in 2028, 2029 and 2030) is linked to non-concurrence of malus clauses and the fulfilment of certain objectives related to the 2024‑ 2026 period. These objectives and their respective weights are:
–Banco Santander’s consolidated Return on tangible equity (RoTE) target in 2026 (weight of 40%).
–Relative performance of Banco Santander's total shareholder return (TSR) in 2024-2026 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 40%).
–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 (short-term) and each of the deferred (long-term and conditioned) portions are paid 50% in cash and the remaining 50% 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 number of shares to be delivered is calculated by taking into account the average weighted daily volume of the average weighted listing prices corresponding to the fifty trading sessions prior to the previous Friday (excluded) to the date on which the bonus is agreed by the board of executive directors of the Bank.

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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 2023, 31 December 2023 and 31 December 2024, as well as the gross shares that were delivered to them in 2023 and 2024, 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 2018, 2019, 2020, 2021, 2022, 2023 and 2024 were formalized.

Share-based variable remuneration
Maximum number of shares to be delivered at January 1,2023Shares delivered in 2023 (immediate payment 2022 variable remuneration)Shares delivered in 2023 (deferred payment 2021 variable remuneration)Shares delivered in 2023 (deferred payment 2020 variable remuneration)Shares delivered in 2023 (deferred payment 2019 variable remuneration)Shares delivered in 2023 (deferred payment 2018 variable remuneration)Variable remuneration 2023 (Maximum number of shares to be delivered)
2018 variable remuneration
Ana Botín68,800 — — — — (34,400)— 
José Antonio Álvarez45,975 — — — — (22,988)— 
114,776 (57,388)
2019 variable remuneration
Ana Botín106,357 — — — (35,452)— — 
José Antonio Álvarez71,079 — — — (23,693)— — 
177,435 (59,145)
2020 variable remuneration
Ana Botín149,095 — — (37,274)— — — 
José Antonio Álvarez80,983 — — (20,246)— — — 
230,078 (57,520)
2021 variable remuneration
Ana Botín888,373 — (177,675)— — — — 
José Antonio Álvarez599,555 — (119,911)— — — — 
1,487,928 (297,586)
2022 variable remuneration
Ana Botín631,829 (273,410)— — — — — 
José Antonio Álvarez426,475 (184,521)— — — — — 
1,058,305 (457,931)
2023 variable remuneration
Ana Botín— — — — — — 1,127,209 
José Antonio Álvarez— — — — — — 749,143 
1,876,352 
2024 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, by fifths in the next five years, the last three being subject to the fulfilment of multiannual objectives.                    
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Maximum number of shares to be delivered at December 31, 2023
Instruments matured but not consolidated at January 1, 20242
Shares 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)Shares delivered in 2024 (deferred payment 2018 variable remuneration)Variable remuneration 2024 (Maximum number of shares to be delivered)Maximum number of shares to be delivered at December 31, 2024
34,400 — — — — — — (34,400)— — 
22,988 — — — — — — (22,988)— — 
57,388 (57,388)
70,905 — — — — — (35,452)— — 35,452 
47,386 — — — — — (23,693)— — 23,693 
118,290 (59,145)59,145 
111,821 (18,674)— — — (31,049)— — — 62,098 
60,737 (10,143)— — — (16,865)— — — 33,729 
172,558 (28,817)(47,914)95,827 
710,698 — — — (177,675)— — — — 533,023 
479,644 — — — (119,911)— — — — 359,733 
1,190,342 (297,586)892,756 
358,419 — — (62,334)— — — — — 296,085 
241,954 — — (42,079)— — — — — 199,875 
600,374 (104,413)495,961 
1,127,209 — (469,286)— — — — — — 657,923 
749,143 — (321,645)— — — — — — 427,498 
1,876,352 (790,931)1,085,421 
— — — — — — — — 976,463 976,463 
— — — — — — — — 656,032 656,032 
1,632,495 1,632,495 
    
2.The levels of achievement of the multi-year metrics of the long-term variable remuneration plans:

1) 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%.

2) 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%.

3) Forth cycle of the deferred multi-year objectives variable remuneration plan (2019): 33.3% of achievement for the period 2019-2021.
a. CET1 metric at 100% of achievement for 2021 year-end period (target 12.00%). Weight of 33.3%.
b. Underlying BPA growth at 0% of achievement (target growth of 15%). 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 is 10,621 and 8,921 units for Ana Botín and Héctor Grisi, respectively.
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In addition, the table below shows the cash delivered in 2024 and 2023, 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-fifth relating to each plan had accrued:

EUR thousand
20242023
Cash paid (immediate payment 2023 variable remuneration)Cash paid (deferred payments from 2022, 2021, 2020 and 2019 variable remuneration)Cash paid (immediate payment 2022 variable remuneration)Cash paid (deferred payments from 2021, 2020, 2019 and 2018 variable remuneration)
Ana Botín1,7801,4191,6891,117
Héctor Grisi1,2208631,823697
José Antonio Álvarez09451,140737
Total3,0003,2284,6512,551
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 2024 and 2023 to former board members, upon achievement of the conditions for the receipt thereof (see note 46):

Maximum number of shares to be delivered
2024 2023 
Deferred conditional variable remuneration plan and linked to objectives (2018)—29,860
Deferred conditional variable remuneration plan and linked to objectives (2019)24,49048,980
Deferred conditional variable remuneration plan and linked to objectives (2020)71,024106,536
Deferred conditional variable remuneration plan and linked to objectives (2021)206,100300,000
Deferred conditional variable remuneration plan and linked to objectives (2022)——
Deferred conditional variable remuneration plan and linked to objectives (2023)——
Number of shares delivered
2024 2023 
Deferred conditional variable remuneration plan and linked to objectives (2017)—6,145
Deferred conditional variable remuneration plan and linked to objectives (2018)29,86029,860
Deferred conditional variable remuneration plan and linked to objectives (2019)24,49024,490
Deferred conditional variable remuneration plan and linked to objectives (2020)35,51242,632
Deferred conditional variable remuneration plan and linked to objectives (2021)12,91175,000
Deferred conditional variable remuneration plan and linked to objectives (2022)——
Deferred conditional variable remuneration plan and linked to objectives (2023)——
In addition, EUR 650 thousand and EUR 1,471 thousand relating to the deferred portion payable in cash of the aforementioned plans were paid each in 2024 and 2023.
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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
20242023
Loans and creditsGuaranteesTotalLoans and creditsGuaranteesTotal
Ana Botín— — — 26 — 26 
Héctor Grisi— — — 8 — 8 
José Antonio Álvarez— — — 4 — 4 
Glenn Hutchins— — — — — — 
Antonio Francesco Weiss B
— — — — — — 
Belén Romana— — — — — — 
Bruce Carnegie-Brown A
— — — — — — 
Germán de la Fuente— — — — — — 
Gina Díez Barroso5 — 5 1 — 1 
Henrique de Castro— — — — — — 
Homaira Akbari— — — — — — 
Javier Botín— — — 4 — 4 
Juan Carlos Barrabés C
138 — 138 — — — 
Luis Isasi— — — — — — 
Pamela Walkden— — — — — — 
Ramiro Mato D
— — — — — — 
Sol Daurella — — — 51 — 51 
143 — 143 94 — 94 
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 2024 and those at 31 December 2023, excluding the remuneration of the executive directors, which is detailed above. This amount has been reduced by 39% compared to that reported in 2014 (EUR 80,792 thousand):
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
20241416,4667,3767,3773,3193,3204,5207,15349,531
20231417,1097,3557,356—3,2193,2204,7757,13550,169
1.    Includes other remuneration items such as life and medical insurance premiums and localization aids and lastly RSUs from PagoNxt S.L., for his work as a director in said entity.
2.    The amount of immediate payment for 2024 is 1,611,965 shares (1,567,930 Santander shares and 1,386,491 share options in 2023).
3.    The deferred amount in instruments not linked to long-term objectives for 2024 is 725,399 shares ( 700,305 Santander shares and 554,597 share options in 2023).
In 2024, the ratio of variable to fixed pay components was 116% of the total for senior managers, well within the maximum limit of 200% set by 2024 AGM.
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Also, the detail of the breakdown of the remuneration linked to long-term objectives of the members of senior management at 31 December 2024 and 31 December 2023 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
2024143,485 3,486 6,971 
2023143,380 3,381 6,761 
1.    Relates to the fair value of the maximum annual amounts for years 2028, 2029 and 2030 of the ninth cycle of the deferred conditional variable remuneration plan (2027, 2028 and 2029 for the eighth cycle of the deferred variable compensation plan linked to annual objectives for the year 2023).
Additionally, members of senior management who stepped down from their roles in 2024 consolidated salary remuneration and other remuneration for a total amount of EUR 12,303 thousand (EUR 3,560 thousand in 2022). In 2024 rights regarding variable
pay subject to long-term objectives amounted to EUR 633 thousand (this right has not been generated in 2023 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 2024 and 31 December 2023 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
20242023
Deferred conditional variable remuneration plan and linked to objectives (2018)— 72,734 
Deferred conditional variable remuneration plan and linked to objectives (2019) 71,294 176,704 
Deferred conditional variable remuneration plan and linked to objectives (2020)370,522 728,200 
Deferred conditional variable remuneration plan and linked to objectives (2021)966,680 1,824,824 
Deferred conditional variable remuneration plan and linked to objectives (2022)1,430,464 2,320,032 
Deferred conditional variable remuneration plan and linked to objectives (2023)1,395,815 — 
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 2024 and 2023 to the senior management, in addition to the payment of the related cash amounts:
Number of shares delivered
20242023
Deferred conditional variable remuneration plan and linked to objectives (2017)— 11,046 
Deferred conditional variable remuneration plan and linked to objectives (2018)57,730 72,734 
Deferred conditional variable remuneration plan and linked to objectives (2019) 71,294 88,352 
Deferred conditional variable remuneration plan and linked to objectives (2020) 185,261 292,737 
Deferred conditional variable remuneration plan and linked to objectives (2021) 351,777 456,206 
Deferred conditional variable remuneration plan and linked to objectives (2022) 357,615 2,070,634 
Deferred conditional variable remuneration plan and linked to objectives (2023) 1,212,984 — 
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.

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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 2024 in the pension system for those who were part of senior management at year end amounted to EUR 51 million (EUR 57 million at 31 December 2023).
The net charge to income corresponding to pension amounted to EUR 4.5 million in 2024 (EUR 4.7 million in 31 December 2023).
In 2024 and 2023 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 2024 of this group amounts to EUR 83 million (EUR 84.4 million at 31 December 2023).
h) Post-employment benefits to former directors and former senior executive vice presidents
The post-employment benefits and settlements paid in 2024 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 2023, respectively. Also, the post-employment benefits and settlements paid in 2024 to former executive vice presidents amounted to EUR 12.7 million and EUR 15.0 million in 2023, 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 2024 (EUR 0.17 million in 2023). Likewise, contributions to insurance policies that hedge pensions for previous senior managers amounted to EUR 2.3 million in 2024 (EUR 3.3 million in 2023).
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 2024 and 2023.
In addition, 'Provisions - Pension Fund and similar obligations' in the consolidated balance sheet as at 31 December 2024 included EUR 46 million in respect of the post-employment benefit obligations to former Directors of the Bank (EUR 46 million at 31 December 2023) and EUR 96 million corresponding to former members of senior management (EUR 88 million at 31 December 2023).
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.
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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 BANKS202420232022
Classification
Financial assets held for trading12,96617,71711,595
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 cost16,17920,08215,375
29,14537,79926,970
Type
Time deposits16,17917,74715,180
Reverse repurchase agreements12,96620,05211,790
Impaired assets———
Valuation adjustments for impairment———
29,14537,79926,970
CREDIT INSTITUTIONS
Classification
Financial assets held for trading27,31414,06116,502
Non-trading financial assets mandatorily at
fair value through profit or loss		———
Financial assets designated at fair value through profit or loss408459673
Financial assets designated at fair value
through other comprehensive income		363313—
Financial assets at amortised cost55,53757,91746,518
83,62272,75063,693
Type
Time deposits9,0368,5608,891
Reverse repurchase agreements48,93235,84627,321
Non- loans advances25,65928,35327,487
Impaired assets———
Valuation adjustments for impairment(5)(9)(6)
83,62272,75063,693
CURRENCY
Euro43,34734,22926,024
Pound sterling2,4243,5394,474
US dollar22,53917,60218,468
Brazilian real39,37947,15134,863
Other currencies5,0788,0286,834
TOTAL112,767110,54990,663
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 2024 the gross exposure by impairment stage of the assets accounted subject to impairment for amounts to EUR 72,084 million, EUR 0 million and EUR 0 million (EUR 78,321, EUR 0 million and EUR 0 million in 2023 and EUR 61,898 million, EUR 1 million and EUR 0 million in 2022), and the loan loss provision by impairment stage amounts to EUR 5 million, EUR 0 million and EUR 0 million (EUR 9 million, EUR 0 million and EUR 0 million in 2023 and EUR 6 million, EUR 0 million and EUR 0 million in 2022) in stage 1, stage 2 and stage 3, respectively.

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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
202420232022
Classification
Financial assets held for trading82,646 62,124 41,403 
Non-trading financial assets mandatorily at fair value through profit or loss447 860 1,134 
Financial assets designated at fair value through profit or loss2,897 3,095 2,542 
Financial assets designated at fair value through other comprehensive income76,558 73,565 75,083 
Financial assets at amortised cost120,949 103,559 73,554 
283,497 243,203 193,716 
Type
Spanish government debt securities56,919 40,321 26,876 
Foreign government debt securities164,747 145,732 121,018 
Issued by financial institutions16,776 14,681 10,176 
Other fixed-income securities44,703 42,294 35,468 
Impaired financial assets701 461 404 
Impairment losses(349)(286)(226)
283,497 243,203 193,716 
Currency
Euro118,456 90,857 63,903 
Pound sterling15,630 9,284 6,732 
US dollar48,189 38,161 37,749 
Brazilian real44,432 46,190 35,841 
Other currencies57,139 58,997 49,717 
Debt securities excluding impairment adjustments283,846 243,489 193,942 
Impairment losses(349)(286)(226)
283,497 243,203 193,716 
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 European Union 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 2024, 2023 and 2022 the gross exposure by impairment stage of the book assets amounted to EUR 196,514 million, EUR 176,697 million and EUR 148,384 million in stage 1; EUR 597 million, EUR 203 million and EUR 75 million in stage 2, and EUR 701 million, EUR 461 million and EUR 404 million in stage 3, respectively.
In addition, at 31 December 2024, the Group had EUR 44 million of exposure in assets purchased with impairments, which correspond mainly to the business combinations carried out by the Group with any additional impairment signs.
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b) Breakdown
The breakdown, by origin of the issuer, of debt securities at 31 December 2024, 2023 and 2022, net of impairment losses, is as follows:
EUR million
202420232022
Private fixed-incomePublic fixed-incomeTotal%Private fixed-incomePublic fixed-incomeTotal%Private fixed-incomePublic fixed-incomeTotal%
Spain1,901 56,919 58,820 20.75 %2,525 40,321 42,846 17.62 %1,015 26,876 27,891 14.40 %
United Kingdom3,077 9,903 12,980 4.58 %2,816 4,748 7,564 3.11 %2,545 3,013 5,558 2.87 %
Portugal3,224 5,138 8,362 2.95 %2,826 4,815 7,641 3.14 %2,572 3,603 6,175 3.19 %
Italy3,072 22,954 26,026 9.18 %2,968 12,945 15,913 6.54 %1,948 8,329 10,277 5.31 %
Ireland4,557 14 4,571 1.61 %5,632 11 5,643 2.32 %6,141 11 6,152 3.18 %
Poland2,472 15,224 17,696 6.24 %2,937 12,482 15,419 6.34 %2,830 9,443 12,273 6.34 %
Other European countries11,593 12,702 24,295 8.57 %9,797 15,495 25,292 10.40 %8,161 9,655 17,816 9.20 %
United States12,475 27,811 40,286 14.21 %8,959 22,992 31,951 13.14 %8,950 22,318 31,268 16.14 %
Brazil12,738 32,645 45,383 16.01 %13,551 32,342 45,893 18.87 %9,201 28,191 37,392 19.30 %
Mexico2,190 20,822 23,012 8.12 %1,969 20,738 22,707 9.34 %481 17,578 18,059 9.32 %
Chile96 6,982 7,078 2.50 %49 11,995 12,044 4.95 %28 10,009 10,037 5.18 %
Other American countries3,336 4,502 7,838 2.76 %2,315 2,546 4,861 2.00 %1,560 5,960 7,520 3.88 %
Rest of the world1,100 6,050 7,150 2.52 %806 4,623 5,429 2.23 %390 2,908 3,298 1.70 %
61,831 221,666 283,497 100 %57,150 186,053 243,203 100 %45,822 147,894 193,716 100 %
The detail, by issuer rating, of Debt securities at 31 December 2024, 2023 and 2022 is as follows:
EUR million
202420232022
Private fixed-incomePublic fixed-incomeTotal%Private fixed-incomePublic fixed-incomeTotal%Private fixed-incomePublic fixed-incomeTotal%
AAA16,889 6,440 23,329 8.23 %15,152 7,887 23,039 9.47 %13,481 5,494 18,975 9.80 %
AA16,972 47,254 64,226 22.65 %15,142 36,704 51,846 21.32 %9,542 30,502 40,044 20.67 %
A10,056 87,814 97,870 34.53 %11,175 68,112 79,287 32.60 %10,058 48,341 58,399 30.15 %
BBB8,900 44,483 53,383 18.83 %7,749 39,173 46,922 19.29 %5,181 29,900 35,081 18.11 %
Below BBB5,543 35,675 41,218 14.54 %4,654 34,177 38,831 15.97 %2,974 33,657 36,631 18.91 %
Unrated3,471 — 3,471 1.22 %3,278 — 3,278 1.35 %4,586 — 4,586 2.37 %
61,831 221,666 283,497 100 %57,150 186,053 243,203 100 %45,822 147,894 193,716 100 %
During 2024, Portugal's rating for sovereign issuances has been modified from BBB+ to A-. For the years 2023 and 2022, the distribution of the exposure by rating level of the previous table has not been affected by ratings reviews of the sovereign issuers.

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The detail, by type of financial instrument, of private fixed-income securities at 31 December 2024, 2023 and 2022, net of impairment losses, is as follows:
EUR million
202420232022
Securitised mortgage bonds10,709 9,310 9,222 
Other asset-backed bonds11,624 10,243 7,120 
Floating rate debt17,323 15,376 12,397 
Fixed rate debt22,175 22,221 17,083 
Total61,831 57,150 45,822 
c) Impairment losses
The changes in the impairment losses on debt securities are summarised below:
EUR million
202420232022
Balance at beginning of year286 226 215 
Net impairment losses for the yearA
226 24 16 
Of which:
Impairment losses charged to income 234 36 30 
Impairment losses reversed with a credit to income(8)(12)(14)
Assets written off(131)0 0 
Exchange differences and other items(32)36 (5)
Balance at end of year349 286 226 
Of which:
By geographical location of risk:
European Union23 22 26 
America326 264 200 
A.Of the EUR 226 million corresponding to net provisions for the year ended 31 December 2024 (EUR 24 million and EUR 16 million at 31 December 2023 and 2022, respectively), EUR 227 million relates to financial assets at amortized cost (EUR 23 million and EUR 17 million at 31 December 2023 and 2022, respectively) and EUR -1 million relates to financial assets designated at fair value through other comprehensive income (EUR 1 million and EUR -1 million at 31 December 2023 and 2022, respectively).
At 31 December 2024, 2023 and 2022 the loan loss provision by impairment stage of the assets accounted for under IFRS9 amounted to EUR 39 million, EUR 30 million and EUR 25 million in stage 1, EUR 9 million, EUR 8 million and EUR 2 million in stage 2, and EUR 301 million, EUR 248 million and EUR 199 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
202420232022
Classification
Financial assets held for trading16,636 15,057 10,066 
Non-trading financial assets mandatorily at fair value through profit or loss4,641 4,068 3,711 
Financial assets designated at fair value through other comprehensive income2,193 1,761 1,941 
23,470 20,886 15,718 
Type
Shares of Spanish companies3,730 3,540 3,284 
Shares of foreign companies17,153 15,185 10,494 
Shares of investment funds2,587 2,161 1,940 
23,470 20,886 15,718 
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
202420232022
Balance at beginning of the year1,761 1,941 2,453 
Net additions (disposals)(35)11 (33)
Changes in the fair value of equity instruments measured at fair value through other comprehensive income (EIGR)A
447 (162)(497)
Changes in the RV hedged with micro-hedging transactions20 (29)18 
Balance at end of year2,193 1,761 1,941 
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 2024, 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.
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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
202420232022
Debit balanceCredit balanceDebit balanceCredit balanceDebit balanceCredit balance
Interest rate risk30,834 24,754 31,480 26,014 38,789 37,641 
Currency risk29,395 29,110 22,834 23,094 26,391 26,063 
Price risk1,765 1,632 1,279 904 1,347 817 
Other risks2,106 2,257 735 577 475 370 
64,100 57,753 56,328 50,589 67,002 64,891 
b) Short positions
Following is a breakdown of the short positions (liabilities):
EUR million
202420232022
Borrowed securities
Debt instruments2,566 3,2631,979 
Of which:
Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México1,199 1,8811,362 
Banco Santander, S.A.1,347 1,383 617 
Equity instruments538 546 993 
Of which:
Banco Santander, S.A.358 312 934 
Short sales
Debt instruments32,726 22,365 19,543 
Of which:
Banco Santander, S.A.23,813 16,143 12,902 
Banco Santander (Brasil) S.A.5,950 3,462 3,857 
Santander US Capital Markets LLC 2,382 2,442 2,690 
35,830 26,174 22,515 

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
202420232022
Financial assets held for trading26,591 11,634 9,550 
Non-trading financial assets mandatorily at fair value through
profit or loss		1,042 982 868 
Financial assets designated at fair value through profit or loss4,610 6,219 5,774 
Financial assets at fair value through other comprehensive income10,784 7,669 8,215 
Financial assets at amortized cost1,011,042 1,009,845 1,011,597 
Of which:
Impairment losses(22,125)(22,788)(22,684)
1,054,069 1,036,349 1,036,004 
Loans and advances to customers disregarding impairment losses 1,076,194 1,059,137 1,058,688 
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.

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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
202420232022
Loan type and status
Commercial credit53,209 55,628 56,688 
Secured loans557,463 554,375 565,609 
Reverse repurchase agreements59,648 44,184 39,500 
Other term loans296,339 295,485 290,031 
Finance leases40,120 38,723 39,833 
Receivable on demand10,756 12,277 11,435 
Credit cards receivables24,928 24,371 22,704 
Impaired assets33,731 34,094 32,888 
1,076,194 1,059,137 1,058,688 
Geographical area
Spain198,164 203,680 212,804 
European Union (excluding Spain)223,525 211,368 202,958 
United States and Puerto Rico142,773 126,894 125,436 
Other OECD countriesA
372,696 374,812 385,906 
South America (non - OECD)112,979 120,610 112,803 
Rest of the world26,057 21,773 18,781 
1,076,194 1,059,137 1,058,688 
Interest rate formula
Fixed rate678,994 647,349 642,537 
Floating rate397,200 411,788 416,151 
1,076,194 1,059,137 1,058,688 
A.Includes, mainly, customers from the United Kingdom.
At 31 December 2024, 2023 and 2022 the Group had granted loans amounting to EUR 16,562 million, EUR 15,544 million and EUR 14,698 million to Spanish public sector agencies which had a rating at 31 December 2024 of A (ratings of A at 31 December 2023 and 31 December 2022), and EUR 13,593 million, EUR 11,530 million, and EUR 12,467 million to the public sector in other countries (at 31 December 2024, the breakdown of this amount by issuer rating was as follows: 3.5% AAA, 13.7% AA, 39.5% A, 31.1% BBB, 10.8% below BBB and 1.4% without rating).
Without considering the public administrations, the amount of the loans and advances at 31 December 2024, 2023 and 2022 amounts to EUR 1,046,039 million, EUR 1,032,063 million and EUR 1,031,523 million, of which, EUR 1,012,389 million, EUR 998,010 million and EUR 998,689 million are classified as performing, respectively.

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Following is a detail, by activity, of the loans to customers at 31 December 2024, 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 sector26,902 25,179 169 1,554 73 69 14 1,540 27 
Other financial institutions (financial business activity)109,110 40,813 2,306 65,991 1,976 985 417 64,060 859 
Non-financial corporations and individual entrepreneurs (non-financial business activity) (broken down by purpose)330,025 174,064 72,803 83,158 29,010 27,544 23,192 47,590 28,625 
Of which:
Construction and property development21,793 1,967 18,275 1,551 7,373 5,984 1,945 2,619 1,905 
Civil engineering construction3,182 1,998 80 1,104 77 50 234 666 157 
Large companies173,280 110,225 20,435 42,620 8,528 7,031 7,125 26,178 14,193 
SMEs and individual entrepreneurs131,770 59,874 34,013 37,883 13,032 14,479 13,888 18,127 12,370 
Households – other (broken down by purpose) 564,687 111,389 357,377 95,921 103,138 130,087 120,000 57,983 42,090 
Of which:
Residential350,450 1,910 348,437 103 93,356 120,164 107,941 25,131 1,948 
Consumer loans196,757 105,729 2,382 88,646 5,527 7,273 9,520 29,171 39,537 
Other purposes17,480 3,750 6,558 7,172 4,255 2,650 2,539 3,681 605 
TotalA
1,030,724 351,445 432,655 246,624 134,197 158,685 143,623 171,173 71,601 
Memorandum item
Refinanced and restructured transactionsB
19,998 6,532 7,594 5,872 3,557 1,845 1,906 1,403 4,755 
A.In addition, the Group has granted advances to customers amounting to EUR 23,345 million, bringing the total of loans and advances to EUR 1,054,069 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 2024 provided by the latest available appraisal value of the collateral.
Note 54 contains information relating to the forborne loan portfolio.


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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 2024, 2023 and 2022:
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 assets43,281 (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 assets 29,696 (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 
2022
EUR million
Stage 1Stage 2Stage 3Total
Balance at the beginning of year878,700 67,584 31,287 977,571 
Movements
Transfers
To stage 2 from stage 1(31,811)31,811 — 
To stage 3 from stage 1(11,143)11,143 — 
To stage 3 from stage 2(8,487)8,487 — 
To stage 1 from stage 218,907 (18,907)— 
To stage 2 from stage 33,250 (3,250)— 
To stage 1 from stage 3456 (456)— 
Net changes on financial assets86,459 (8,839)(2,568)75,052 
Write-offs— — (12,235)(12,235)
Exchange differences and others1,293 284 209 1,786 
Balance at the end of the year942,861 66,696 32,617 1,042,174 
In addition, at 31 December 2024, the Group had EUR 515 million (EUR 694 million at 31 December 2023 and EUR 322 million at 31 December 2022) of exposure in assets purchased with impairment of which EUR 163 million still show signs of additional impairment, which correspond mainly to the business combinations carried out by the Group.

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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
202420232022
Amount at beginning of the year22,788 22,684 22,964 
Impairment losses charged to income for the year13,608 14,011 11,676 
Of which:
Impairment losses charged to profit or loss23,703 21,413 19,879 
Impairment losses reversed with a credit to profit or loss(10,095)(7,402)(8,203)
Change of perimeter— (48)— 
Write-off of impaired balances against recorded impairment allowance(13,212)(13,847)(12,235)
Exchange differences and other changes(1,059)(12)279 
Amount at end of the year22,125 22,788 22,684 
Which correspond to:
Impaired assets14,088 14,238 13,931 
Other assets8,037 8,550 8,753 
Of which:
Individually calculated2,258 2,951 2,493 
Collective calculated19,867 19,837 20,191 
In addition, provisions for debt securities amounting to EUR 226 million were recorded at 31 December 2024 (provisions amounting to EUR 24 million and EUR 16 million as of 31 December 2023 and 2022, respectively), written-off assets recoveries have been recorded in the year amounting to EUR 1,605 million at 31 December 2024 (EUR 1,592 million and EUR 1,459 million at 31 December 2023 and 2022, respectively).
EUR 415 million were recorded in the account for losses on renegotiation or contractual modification at 31 December 2024 (EUR 513 and EUR 630 million at 31 December 2023 and 2022, respectively) mainly due to the impact of the adjustment of the gross amount of mortgage loans denominated and indexed to foreign currencies in Poland, and of the Moratorium law approved in July 2022 in this same country (see note 25.e.)
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 12,644 million at 31 December 2024 (EUR 12,956 million and EUR 10,863 million at 31 December 2023 and 2022, respectively).
Following is the movement of the loan loss provision broken down by impairment stage of loans and advances to customers during 2024, 2023 and 2022:
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 
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 
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2022
EUR million
Stage 1Stage 2Stage 3Total
Loss allowance at the beginning of the year4,188 5,226 13,550 22,964 
Transfers
To stage 2 from stage 1(713)3,046 2,333 
To stage 3 from stage 1(557)4,586 4,029 
To stage 3 from stage 2(1,802)3,182 1,380 
To stage 1 from stage 2215 (894)(679)
To stage 2 from stage 3400 (933)(533)
To stage 1 from stage 39 (161)(152)
Net changes of the exposure and modifications in the credit risk414 (1,056)5,940 5,298 
Write-offs— — (12,235)(12,235)
FX and other movements70 207 2 279 
Loss allowance at the end of the year3,626 5,127 13,931 22,684 
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
202420232022
Balance at beginning of year34,094 32,888 31,645 
Net additions13,779 14,944 13,060 
Written-off assets(13,212)(13,847)(12,235)
Changes in the scope of consolidation17 (59)— 
Exchange differences and other(947)168 418 
Balance at end of year33,731 34,094 32,888 
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 2024, the Group’s written-off assets totalled EUR 49,939 million (EUR 48,138 million and EUR 43,675 million at 31 December 2023 and 2022, 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 2024:
EUR million
Gross
amount		Allowance recognised
Estimated collateral
valueA
Without associated real collateral14,207 8,037 — 
With real estate collateral9,519 2,371 6,979 
With other collateral10,005 3,680 5,789 
Total33,731 14,088 12,768 
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
202420232022
Retained on the balance sheet80,824 75,738 82,603 
Of which
Securitised mortgage assets17,782 16,994 16,265 
Of which: UK assets9,034 6,096 4,144 
Other securitised assets63,042 58,744 66,338 
TotalA
80,824 75,738 82,603 
A.Note 22 details the liabilities associated with these securitisation transactions.
At 31 December 2024, Grupo Santander had loans that had been fully derecognised and for which it retained servicing amounting to EUR 14,919 million (EUR 13,923 million and EUR 13,711 million at 31 December 2023 and 2022, respectively).
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11. Trading derivatives
The detail of the notional amounts and the market values of the trading derivatives held by the Group in 2024, 2023 and 2022 is as follows:
EUR million
202420232022
Notional amountMarket
value		Notional amountMarket
value		Notional amountMarket
value
Trading derivatives
Interest rate risk
Forward rate agreements1,992,413 13 829,913 3 100,579 22 
Interest rate swaps6,127,812 6,364 5,381,966 5,514 4,844,043 2,387 
Options, futures and other derivatives377,285 (297)398,519 (51)495,994 (1,261)
Credit risk
Credit default swaps41,111 (572)22,462 (86)16,185 (6)
Foreign currency risk
Foreign currency purchases and sales514,268 595 471,955 33 384,024 423 
Foreign currency options221,159 528 77,934 288 54,967 150 
Currency swaps625,765 (838)586,405 (581)496,441 (245)
Securities and commodities derivatives and other78,328 554 68,664 619 71,237 641 
Total9,978,141 6,347 7,837,818 5,739 6,463,470 2,111 
12. Non-current assets
The detail of Non-current assets held for sale in the consolidated balance sheets is as follows:
EUR million
202420232022
Tangible assets2,851 2,991 3,435 
Of which:
Foreclosed assets2,621 2,773 3,101 
Of which property assets in Spain1,896 2,138 2,596 
Other tangible assets held for sale230 218 334 
Other assets1,151 23 18 
Of which: Caceis (Note 3)A
1,137 — — 
Total4,002 3,014 3,453 
A.As a result of the agreement for the sale of the stake in Caceis, as of 31 December 2024, this participation has been reclassified, at its carrying value, from the caption 'Investments' to the caption 'Non-current assets held for sale' in the balance sheet (see note 3).
At 31 December 2024, the provisions recognised for the total non-current assets held for sale totalled EUR 2,606 million (EUR 2,956 million and EUR 3,425 million at 31 December 2023 and 2022, respectively). The charges recorded in those years amounted to EUR 163 million, EUR 139 million and EUR 204 million, respectively, and the recoveries during these exercises are amounted to EUR 71 million, EUR 88 million and EUR 110 million, respectively.
13. Investments
a) Breakdown
The detail, by company, of Investments is as follows:
EUR million
202420232022
Associated entities5,216 5,682 5,634 
Merlin Properties, SOCIMI, S.A.
1,803 1,621 1,653 
Caceis (Notes 3 and 12)— 1,139 1,046 
Zurich Santander Insurance
America, S.L. - Consolidated		884 936 916 
Metrovacesa, S.A.841 899 979 
CNP Santander397 423 406 
Pluxee Beneficios Brasil S.A. A
309 — — 
Other companies982 664 634 
Joint Ventures entities2,061 1,964 1,981 
Santander Caceis Latam Holding 1, S.L. - Consolidated (previously Santander Securities Services Latam Holding, S.L)381 389 359 
Santander Vida Seguros y Reaseguros, S.A.356 362 356 
U.C.I., S.A. - Consolidated325 349 416 
Fortune Auto Finance Co., Ltd261 254 244 
Hyundai Capital UK Limited249 205 223 
Banco RCI Brasil S.A.94 92 95 
Other companies395 313 288 
Total Associated entities and Joint ventures7,277 7,646 7,615 
A.Acquisition of 20% of Pluxee Beneficios Brasil, S.A. in 2024.
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Of the entities included above, at 31 December 2024, 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.
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
202420232022
Goodwill1,238 1,460 1,508 
Of which:
Zurich Santander Insurance America, S.L. - Consolidated526 526 526 
Pluxee Beneficios Brasil, s.a.A
122 — — 
Caceis (Notes 3 and 12)— 337 337 
A.Acquisition of 20% of Pluxee Beneficios Brasil, S.A. in 2024.
b) Changes
The changes in the investments were as follows:
EUR million
202420232022
Balance at beginning of year7,646 7,615 7,525 
Acquisitions (disposals) of companies and capital increases (reductions)A
1,011 52 142 
Changes in the consolidation method (note 3)(13)(43)(320)
Of which:
Ebury Partners Limited — — (382)
Transfers to Non current Assets B
(1,137)— — 
Effect of equity accounting711 613 702 
Dividends distributed and reimbursements of share premium(745)(565)(560)
Of which:
Zurich Santander Insurance América, S.L. - Consolidado(202)(202)(160)
Caceis (114)— — 
CNP Santander(88)(51)(15)
Santander Vida Seguros y Reaseguros, S.A.- Consolidated(82)(52)(40)
CIP S.A.(56)— — 
Merlin Properties, SOCIMI, S.A.(53)(51)(139)
Metrovacesa, S.A.(52)(50)(124)
Hyundai Capital UK Limited— (58)— 
Other global result(32)(24)70 
Exchange differences and other changes(164)(2)56 
Balance at end of year
7,277 7,646 7,615 
A.Includes the acquisition of 20% of Pluxee Beneficios Brasil, S.A. and the capital increase of Merlin Properties, SOCIMI, S.A.
B.Stake in Caceis (Notes 3 and 12).
c) Impairment adjustments
During the years 2024, 2023 and 2022 there was no evidence of significant impairment in the Group's associated interests.

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d) Other information
A summary of the financial information at the end of December 2024 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 assets600 2,137 643 1,850 215 159 219 2,321 174 130 12 
Non current assets11,465 396 639 18,384 2,273 537 9,698 3,354 2,195 1,689 1,985 
Total assets12,065 2,533 1,282 20,234 2,488 696 9,917 5,675 2,369 1,819 1,997 
Current liabilities215 555 292 718 108 152 127 2,366 36 186 82 
Non current liabilities5,312 292 450 18,541 1,990 12 9,187 2,812 1,812 1,088 1,677 
Total liabilities5,527 847 742 19,259 2,098 164 9,314 5,178 1,848 1,274 1,759 
Attributable profit for the period(83)(21)79 481 105 80 (77)65 22 123 40 
Other accumulated comprehensive income(22)— (43)(801)(21)(304)98 14 (1)(26)(228)
Rest of equity6,643 1,707 504 1,295 306 756 582 418 500 448 426 
Total Equity6,538 1,686 540 975 390 532 603 497 521 545 238 
Total liabilities and equity12,065 2,533 1,282 20,234 2,488 696 9,917 5,675 2,369 1,819 1,997 
Ordinary activities income473 585 419 5,784 878 146 640 369 188 882 277 
Profit (loss) from continuing operations(83)(21)79 481 105 80 (77)65 22 123 40 
Profit (loss) for the year from discontinuing operations— — — — — — — — — — — 
A.Data as of 31 December 2023, 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
202420232022
Assets relating to insurance contracts covering post-employment benefit plan obligations:
Banco Santander, S.A.81 93 104 
81 93 104 
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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
202420232022
Liabilities under insurance contracts17,829 17,799 16,426 
Liability for Remaining Coverage (LRC)
17,377 17,333 15,919 
Liabilities relating to insurance contracts measured under BBA/VFA17,292 17,262 15,841 
Current value of future cashflows (PVFCF)16,614 16,627 15,206 
Risk adjustment for non-financial risk (RA)199 211 154 
Contractual service margin (CSM)479 424 481 
Liabilities relating to insurance contracts measured under PAA85 71 78 
Liability for incurred claims (LIC)452 466 507 
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 fulfillment 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 fulfillment 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.
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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 202225,529 24,423 1,537 51,489 4,429 — — 4,429 
Additions / disposals (net) due to change in the scope of consolidation14 89 — 103 1 — — 1 
Additions / disposals (net)604 (822)(64)(282)
109A
— — 109 
Transfers, exchange differences and other items423 1,476 107 2,006 153 — — 153 
Balance at 31 December 202226,570 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 
Accumulated depreciation
Balances at 1 January 2022(12,015)(5,238)(149)(17,402)(1,789)— — (1,789)
Disposals due to change in the scope of consolidation(7)(30)4 (33)— — — — 
Disposals1,065 2,882 16 3,963 164 — — 164 
Charge for the year(1,821)— (13)(1,834)(636)— — (636)
Transfers, exchange differences and other items(114)(3,192)(30)(3,336)(4)— — (4)
 Balance at 31 December 2022(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(1,744)— (11)(1,755)(609)— — (609)
Transfers, exchange differences and other items1,708 (2,744)(16)(1,052)98 — — 98 
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(1,602)— (9)(1,611)(492)— — (492)
Transfers, exchange differences and other items948 (2,902)46 (1,908)91 — — 91 
Balance at 31 December 2024(12,619)(4,784)(162)(17,565)(2,814)— — (2,814)
A. Includes contract extensions on operating leases and repurchases.
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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 2022(255)(102)(408)(765)(15)— — (15)
Impairment charge for the year(95)(33)(29)(157)(2)— — (2)
Releases12 1 4 17 1 — — 1 
Disposals due to change in the scope of consolidation— — — — — — — — 
Disposals34 769 119 13 13 
Exchange differences and other115 25 45 185 (11)— — (11)
Balance at 31 December 2022(189)(33)(379)(601)(14)— — (14)
Impairment charge for the year(115)(29)(12)(156)(39)— — (39)
Releases5 11 4 20 4 — — 4 
Disposals due to change in the scope of consolidation— — — — — — — — 
Disposals36 — 4 40 5 5 
Exchange differences and other65 47 (38)74 (1)— — (1)
Balance at 31 December 2023(198)(4)(421)(623)(45)— — (45)
Impairment charge for the year(280)(70)(81)(431)(33)— — (33)
Releases34 3 8 45 10 — — 10 
Disposals due to change in the scope of consolidation— — — — — — — — 
Disposals53 — — 53 19 — — 19 
Exchange differences and other(10)32 76 98 — — — — 
Balance at 31 December 2024(401)(39)(418)(858)(49)— — (49)
Tangible assets, net
Balances at 31 December 202213,489 19,555 1,029 34,073 2,413 — — 2,413 
Balances at 31 December 202313,408 19,518 956 33,882 2,183 — — 2,183 
Balances at 31 December 202412,636 18,576 875 32,087 1,918 — — 1,918 
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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 buildings14,623 (4,467)(175)9,981 2,349 
IT equipment and fixtures5,285 (3,984)— 1,301 53 
Furniture and vehicles6,445 (4,389)— 2,056 11 
Construction in progress and other items217 (52)(14)151 — 
Balances at 31 December 202226,570 (12,892)(189)13,489 2,413 
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 — 
Balances 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 — 
Balances at 31 December 202425,656 (12,619)(401)12,636 1,918 
The carrying amount at 31 December 2024 in the foregoing table includes the following approximate amounts EUR 6,531 million (EUR 7,119 million at 31 December 2023 and EUR 7,083 million at 31 December 2022) 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 18,576 EUR million that the Group had assigned to operating leases at 31 December 2024 (19,518 EUR and 19,555 EUR at 31 December 2023 and 2022, respectively), EUR 11,336 million (EUR 12,525 and EUR 13,389 at 31 December 2023 and 2022, 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 Analysis2024
20253,524 
20265,246 
20274,481 
2028351 
d) Tangible assets - Investment property
The fair value of investment property at 31 December 2024, 2023, 2022 amounted to EUR 1,041, 1,163 and 1,153 million, respectively. A comparison of the fair value of investment property at 31 December 2024, 2023 and 2022 with the net book value shows gross unrealised gains of EUR 166, 207 and 124 million, respectively, attributed completely to the group.
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The rental income earned from investment property and the direct costs related both to investment properties that generated rental income in 2024, 2023 and 2022 and to investment properties that did not generate rental income in those years are not material in the context of the consolidated financial statements.
17. Intangible assets – Goodwill
The detail of goodwill, based on the cash-generating units giving rise thereto, is as follows:
EUR million
202420232022
Banco Santander (Brasil) 3,079 3,679 3,503 
SAM Investment Holdings Limited1,444 1,444 1,444 
Santander Consumer Germany1,304 1,304 1,304 
Santander Bank Polska1,178 1,159 1,075 
Santander Portugal1,040 1,040 1,040 
Santander US Auto1,068 1,003 1,039 
Santander España998 998 998 
Santander Holding USA (ex. Auto)
865 814 844 
Santander UK641 612 599 
Banco Santander - Chile482 516 548 
Grupo Financiero Santander (México)453 523 469 
Ebury Partners340 350 298 
Santander Consumer Nordics211 206 215 
Other companies335 369 365 
Total Goodwill13,438 14,017 13,741 

The changes in goodwill were as follows:
EUR million
202420232022
Balance at beginning of year14,017 13,741 12,713 
Additions (note 3)30 56 534 
Of which:
Ebury Partners— 45 316 
Santander Holding USA (ex. Auto) A
— — 158 
Impairment losses(4)(20)— 
Disposals or changes in scope of consolidation— — — 
Exchange differences and other items(605)240 494 
Balance at end of year13,438 14,017 13,741 
A.Acquisition of Santander US Capital Markets LLC (previously Amherst Pierpont Securities LLC) (see note 3).







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 2024 there was a decrease of EUR 605 million (an increase of EUR 240 million in 2023 and EUR 494 million in 2022), 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's directors assess 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.
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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.
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 2024, 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 20 million and EUR 0 million in 2023 and 2022, respectively). Goodwill is deducted from CET1 for regulatory purposes, so an impairment of goodwill has no impact on the Group's capital ratios.


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Following is a detail of the main assumptions taken into account in determining the recoverable amount, at 2024 year-end, of the most significant cash-generating units which were valued using the discounted cash flow method:


2024
Projected period
Discount rateA
Nominal
perpetual
growth rate
Santander UK5 years11.8 %2.5 %
Santander Bank Polska5 years12.9 %5.0 %
Santander US Auto3 years12.2 %3.0 %
Santander Holding USA (ex. Auto)B
5 years13.4 %3.5 %
Santander Consumer Germany5 years9.1 %2.0 %
SAM Investment Holdings, Limited5 years11.6 %2.5 %
Santander Portugal5 years10.2 %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 2023 and 2022 are presented below for comparison purposes:
Discount rateA
Nominal
perpetual
growth rate
2023202220232022
Santander UK11.9 %11.1 %2.5 %2.5 %
Santander Bank Polska13.2 %15.6 %5.0 %4.8 %
Santander US Auto12.8 %12.2 %3.0 %2.8 %
Santander Holding USA (ex. Auto)B
13.4 %12.6 %3.5 %3.5 %
Santander Consumer Germany9.7 %9.4 %2.3 %2.3 %
SAM Investment Holdings, Limited11.6 %12.2 %2.5 %2.5 %
Santander Portugal11.2 %11.1 %2.5 %2.3 %
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 2024 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.



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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 2024, 2023, and 2022 is as follows:



EUR million
Estimated
useful life		31/12/2023Net 
additions
and
disposals		Change in
scope of
consolidation		Amortization
and
impairment		Application of
amortization
and
impairment		Exchange
differences
and other		31/12/2024
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 (1,683)1,062 231 (9,235)
Development(8,078)— 6 (1,546)1,062 244 (8,312)
Other(773)— — (137)— (13)(923)
Impairment losses(68)— — (227)107 (17)(205)
Of which addition(227)
Of which Liberation— 
5,854 2,104 (2)(1,910)— (225)5,821 
EUR million
Estimated
useful life		31/12/2022Net 
additions
and
disposals		Change in
scope of
consolidation		Amortization
and
impairment		Application of
amortization
and
impairment		Exchange
differences
and other		31/12/2023
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 (1,429)209 (82)(8,851)
Development(6,866)— — (1,294)177 (95)(8,078)
Other(688)— 5 (135)32 13 (773)
Impairment losses(44)— — (53)21 8 (68)
Of which addition(53)
Of which Liberation— 
4,904 2,197 181 (1,482)— 54 5,854 

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EUR million
Estimated
useful life		31/12/2021Net 
additions
and
disposals		Change in
scope of
consolidation		Amortization
and
impairment		Application of
amortization
and
impairment		Exchange
differences
and other		31/12/2022
Cost10,712 1,757 381 (511)163 12,502 
Brand names4 — 27 — 2 33 
IT developments
3-10 years
9,189 1,748 153 (497)128 10,721 
Other1,519 9 201 (14)33 1,748 
Accumulated amortisation(6,707)— — (1,151)412 (108)(7,554)
Development(6,149)— — (1,024)403 (96)(6,866)
Other(558)— — (127)9 (12)(688)
Impairment losses(134)— — (75)99 66 (44)
Of which addition(75)
Of which Liberation— 
3,871 1,757 381 (1,226)— 121 4,904 
In 2024, 2023 and 2022, impairment losses of EUR 227 million, EUR 53 million and EUR 75 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 assets' is as follows:
EUR million
202420232022
Transactions in transit469 246 83 
Net pension plan assets (note 25)677 1,001 1,345 
Prepayments and accrued income3,016 2,911 3,003 
Other (note 2.m)4,310 4,598 5,536 
8,472 8,756 9,967 
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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
202420232022
CENTRAL BANKS
Classification
Financial liabilities held for trading13,300 7,808 5,757 
Financial liabilities designated at fair value through profit or loss1,774 1,209 1,740 
Financial liabilities at amortized cost24,882 48,782 76,952 
39,956 57,799 84,449 
Type
Deposits on demand405 117 — 
Time deposits18,488 43,853 72,320 
Reverse repurchase agreements21,063 13,829 12,129 
39,956 57,799 84,449 
CREDIT INSTITUTIONS
Classification
Financial liabilities held for trading26,284 17,862 9,796 
Financial liabilities designated at fair value through profit or loss1,625 1,735 1,958 
Financial liabilities at amortized cost90,012 81,246 68,582 
117,921 100,843 80,336 
Type
Deposits on demand6,657 5,468 6,808 
Time deposits54,716 54,402 49,221 
Reverse repurchase agreements56,273 40,689 24,245 
Subordinated deposits275 284 62 
117,921 100,843 80,336 
Currency
Euro53,779 53,921 65,133 
Pound sterling21,853 27,697 35,357 
US dollar57,992 49,447 30,924 
Brazilian real7,459 7,997 14,195 
Other currencies16,794 19,580 19,176 
TOTAL157,877 158,642 164,785 
At 31 December 2024, no conditional long-term financing of the European Central Bank (TLTRO- Targeted Long-Term Refinancing Operation-) is outstanding. As of 2023 and 2022, the balance of such financing amounted to EUR 11,583 million and EUR 33,536 million, respectively, all corresponding to the TLTRO III financing program.
At 31 December 2024, the expense recognized in the consolidated income statement corresponding to TLTRO III amounts to EUR 158 million (expense of EUR 659 million and income EUR 489 million at 31 December 2023 and 2022, respectively), as a result of the conditions of the financing program.
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
202420232022
Classification
Financial liabilities held for trading18,984 19,837 12,226 
Financial liabilities designated at fair value through profit or loss25,407 32,052 31,143 
Financial liabilities
at amortized cost		1,011,545 995,280 966,353 
1,055,936 1,047,169 1,009,722 
Geographical area
Spain395,479 388,736 386,826 
European Union (excluding Spain)133,056 120,540 111,930 
United Kingdom233,192 235,698 232,364 
United States 88,712 83,555 87,497 
Rest of America194,689 208,713 181,782 
Rest of the world10,808 9,927 9,323 
1,055,936 1,047,169 1,009,722 
Type
Demand deposits-677,818 661,262 710,232 
Time deposits-298,276 305,296 235,598 
Deposits redeemable at notice1,525 1,789 501 
Repurchase agreements78,317 78,822 63,391 
1,055,936 1,047,169 1,009,722 
Note 51 contains a detail of the residual maturity periods of financial liabilities at amortised cost.
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22. Marketable debt securities
a) Breakdown
The detail, by classification and type, of Marketable debt securities is as follows:
EUR million
202420232022
Classification
Financial liabilities
held for trading		— — — 
Financial liabilities designated
at fair value through profit or loss		7,554 5,371 5,427 
Financial liabilities
at amortized cost		317,967 303,208 274,912 
325,521 308,579 280,339 
Type
Bonds and debentures outstanding252,765 231,880 211,597 
Subordinated35,461 30,529 25,717 
Notes and other securities37,295 46,170 43,025 
325,521 308,579 280,339 
The distribution of the book value of debt securities issued by contractual maturity at 31 December 2024 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 debt1,5721,8573,9282,19225,91235,461
Senior unsecured debt9,58617,49450,08437,74836,994151,906
Senior secured debt6,38911,33748,82421,61612,693100,859
Promissory notes and other securities18,86618,429———37,295
Debt securities issued36,413 49,117 102,836 61,556 75,599 325,521 
The distribution by contractual maturity of the notional amounts of these debt securities issued at 31 December 2024 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 debt1,5421,8363,8092,16525,37034,722
Senior unsecured debt9,53317,39849,80837,54036,790151,069
Senior secured debt6,37211,30748,68921,55512,657100,580
Promissory notes and other securities18,86818,432———37,300
Debt securities issued36,315 48,973 102,306 61,260 74,817 323,671 
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b) Bonds and debentures outstanding
The detail, by currency of issue, of 'Bonds and debentures outstanding' is as follows:
EUR million2024
Currency of issue202420232022Outstanding issue amount in foreign currency (Million)Annual
interest rate (%)
Euro110,973101,65787,295110,9732.78%
US dollar79,74070,22975,79882,8464.86%
Pound sterling23,96120,52015,88319,8724.18%
Brazilian real18,68321,86118,024120,08412.24%
Chilean peso4,5794,9214,6534,728,0943.38%
Other currencies14,82912,6929,944
Balance at end of year252,765 231,880 211,597 

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The changes in 'Bonds and debentures outstanding' were as follows:
EUR million
202420232022
Balance at beginning of year231,880 211,597 194,362 
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)— 
Issues77,921 68,568 66,033 
Of which:
Banco Santander, S.A. 20,559 19,706 19,243 
Santander UK Group Holdings plc9,884 6,002 10,178 
Santander Consumer USA Holdings Inc.8,949 7,309 13,315 
Banco Santander (Brasil) S.A.8,039 12,781 11,233 
Santander Bank, National Association4,133 1,346 1,222 
Santander Holdings USA, Inc.3,004 1,850 2,315 
Santander International Products, Plc.2,752 1,054 599 
Santander Consumer Finance, S.A.2,271 2,557 1,293 
Stellantis Financial Services Italia S.p.A.2,021 761 — 
SC Germany S.A., Compartment Consumer 2024-11,500 — — 
Santander Consumo 6, F.T.1,230 — — 
Santander Consumo 7, F.T.1,218 — — 
Banco Santander - Chile1,171 814 1,486 
Banco Santander Totta, S.A.1,129 1,734 113 
Santander Bank Polska S.A.1,002 1,102 — 
Santander Consumer Bank S.p.A.1,001 1,460 — 
SC Germany S.A., Compartment Consumer 2024-21,000 — — 
Banque Stellantis France897 1,145 60 
Santander Consumer Bank AG180 1,256 — 
Redemptions and repurchases(57,676)(48,825)(49,903)
Of which:
Banco Santander, S.A.(15,888)(7,889)(9,297)
Santander Consumer USA Holdings Inc.(10,806)(14,466)(15,252)
Santander Group UK(7,764)(6,185)(5,267)
Banco Santander (Brasil) S.A.(6,919)(10,542)(2,721)
Santander Consumer Finance, S.A.(2,900)(1,800)(3,357)
Banco Santander - Chile(1,486)(575)(1,452)
Santander Bank, National Association(1,440)(567)(287)
Santander Holdings USA, Inc.(1,387)— (3,153)
Banco Santander Totta, S.A.(1,055)(108)(62)
Banque Stellantis France(565)(813)(1,165)
Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México(122)(140)(1,316)
Exchange differences and other movements1,864 2,007 1,105 
Balance at year-end252,765 231,880 211,597 
LogoSantanderPie_76.jpg Annual report 2024    664
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
202420232022
Asset-backed securities49,723 37,717 40,138 
Of which, mortgage-backed securities4,377 3,019 1,549 
Other mortgage securities50,141 49,478 43,650 
Of which: mortgage-backed bonds22,631 24,619 22,049 
Covered bonds (non mortgage and export financing)995 764 352 
100,859 87,959 84,140 
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 2024 of EUR 22,631 million (all of them issued in euros), which correspond to issues of Banco Santander, S.A. (with an outstanding face value of EUR 22,368 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.




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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 million2024
202420232022Outstanding issue amount in foreign currency (million)Annual interest rate (%)
Currency of issue
Euro14,99913,68412,94014,9994.11%
US dollar13,42511,3008,43813,9486.27%
Pound sterling1,4091,3531,3581,1694.30%
Brazilian real3,6002,5181,12723,13914.01%
Other currencies2,3802,0572,063
Balance at end of year35,813 30,912 25,926 
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
202420232022
Balance at beginning of year30,912 25,926 26,196 
Net inclusion of entities in the Group— (40)— 
IssuancesA
7,001 7,007 119 
Of which:
Banco Santander, S.A.5,625 5,610 — 
Banco Santander (Brasil) S.A.1,338 1,112 — 
Banque Stellantis France25 150 — 
Banco Santander - Chile— — 113 
Redemptions and repurchasesA
(2,572)(1,781)(1,040)
Of which:
Banco Santander, S.A.(2,433)(1,000)(889)
Santander Bank Polska S.A.(100)— — 
Santander UK plc— (702)(98)
Banque Stellantis France— (78)— 
Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México— — (52)
Exchange differences and other movements472 (200)651 
Balance at end of year35,813 30,912 25,926 
A.The balance relating to issuances, redemptions and repurchases (EUR 4,429 million), together with the interest paid in remuneration of these issuances including PPCC (EUR 1,524 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 issues 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 issues of subordinated debt securities issued, broken down by company, are detailed below:
Issues by Banco Santander, S.A.
On 11 September 2024, Banco Santander, S.A., proceeded to redeem in advance the entirety of the issuance called 'First Issue of Special Subordinated Debt of Banco Pastor, S.A.', with ISIN code ES0213770011, with an original nominal amount issued of EUR 300 million and a current nominal amount of EUR 11.5 million.

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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.
At 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').
At 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.
At 8 August 2023, Banco Santander, S.A. carried out an issue 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.
At 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.
At 6 July 2022 and 20 July 2022, two subordinated issues matured for a nominal amount of EUR 114 million and EUR 25 million, respectively.
At 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').
At 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.
At 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).
At 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.
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At 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.
At 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.
At 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.
At 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 'Issue' and the 'PPCCs'). The Issue 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).
At 19 March 2018, a 'PPCC' issue was carried out, for a nominal amount of EUR 1,500 million. The remuneration of the issue, the payment of which is subject to certain conditions and is also discretionary, was set at 4.75% per annum, payable quarterly, for the first seven years (revised thereafter by applying a margin of 410 basis points over the Mid-swap rate).
At 8 February 2018, a ten-year subordinated debenture issue of EUR 1,250 million was carried out. The issue accrues annual interest of 2.125% payable annually.

Issues by Banco Santander - Chile
In January 2022, Banco Santander - Chile carried out an issuance, in the local market, of subordinated obligations with a term of 6 years, for an amount of UF 3.3 million (equivalent to USD 105 million), which accrues an annual interest of 1.25%.
In June 2020, Banco Santander - Chile issued subordinated debentures for a term of fifteen years, in the amount of UF 5 million (equivalent to USD 185 million). The issue bears annual interest at 3.5%.
In April 2020, Banco Santander - Chile issued two subordinated debentures, the first for a term of fourteen years, for an amount of UF 3 million (equivalent to USD 100 million), bearing annual interest at 3%, and the second for a term of nineteen years, for an amount of UF 3 million (equivalent to USD 100 million), bearing annual interest at 3.15%.
Issues Banco Santander (Brasil) S.A.
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 issue 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 6,000 million. The issue price was CDI +1.6% per annum, payable at maturity.
At the end of November 2021, Banco Santander (Brasil) S.A. carried out an issue 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.
Issues by Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México
In January 2022, Banco Santander México, S.A. Multiple Institution, Grupo Financiero Santander México proceeded to redeem early a perpetual issue carried out at 30 December 2016 for a nominal amount of USD 500 million, of which 88.2% of the issue had been acquired by the Group.
At 1 October 2018, a ten-year subordinated debenture issue was made by Banco Santander México, S.A. Institución de Banca Múltiple, Grupo Financiero Santander México for a nominal amount of USD 1,300 million and at an interest rate of 5.95%, with the group having acquired 75% of the issue.
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Issues 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.
At 20 April 2018, Santander Bank Polska S.A. carried out a ten-year subordinated debenture issue with a redemption option on the fifth anniversary of the issue date in the amount of PLN 1,000 million. The issue bears floating interest at Wibor (6M) + 160 basis points payable semi-annually.
The accrued interests from the subordinated liabilities during 2024 amounted to EUR 1,397 million (EUR 1,049 million and EUR 992 million during 2023 and 2022, respectively).
In addition, interests from the PPCC and PPCA during 2023 amounted to EUR 620 million (EUR 492 million and EUR 529 million in 2023 and 2022, respectively).
24. Other financial liabilities
The detail of Other financial liabilities in the consolidated balance sheets is as follows:
EUR million
202420232022
Trade payables1,452 1,783 1,563 
Clearing houses776 1,269 1,200 
Tax collection accounts:
Public Institutions6,156 4,986 5,796 
Factoring accounts payable226 272 262 
Unsettled financial transactions7,421 6,412 5,429 
Lease liabilities (note 2.k)2,202 2,400 2,622 
Other financial liabilities21,683 23,065 20,187 
39,916 40,187 37,059 
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 2024 was EUR 684 million (EUR 738 million and EUR 710 in 2023 and 2022, respectively).
The analysis of the maturities of lease liabilities at 31 December 2024, 2023 and 2022 is shown below:
EUR million
202420232022
Maturity Analysis - Discounted payments
Within 1 year526 586 707 
Between 1 and 3 years868 918 1,005 
Between 3 and 5 years405 480 454 
Later than 5 years403 416 456 
Total discounted payments at the end of the year2,202 2,400 2,622 
During 2024, 2023 and 2022 there were no significant variable lease payments not included in the valuation of lease liabilities.

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25. Provisions
a) Breakdown
The detail of Provisions in the consolidated balance sheets is as follows:
EUR million
202420232022
Provision for pensions and other obligations post-employments1,731 2,225 2,392 
Other long term employee benefits915 880 950 
Provisions for taxes and other legal contingencies2,717 2,715 2,074 
Contingent liabilities and commitments (note 2.o)710 702 734 
Other provisions2,334 1,919 1,999 
Provisions8,407 8,441 8,149 

b) Changes
The changes in 'Provisions' in the last three years were as follows:
EUR million
2024
Post employment plansLong term employee benefitsContingent liabilities and commitmentsOther provisionsTotal
Balances at beginning of year2,225 880 702 4,634 8,441 
Incorporation of Group companies, net— — — — — 
Additions charged to income96 368 41 3,530 4,035 
Interest expense (note 39)77 29 — — 106 
Staff costs (note 46)
35 11 — — 46 
Provisions or reversion of provisions(16)328 41 3,530 3,883 
Addition5 335 502 4,931 5,773 
Release(21)(7)(461)(1,401)(1,890)
Other additions arising from insurance contracts linked to pensions(2)— — — (2)
Changes in value recognised in equity643 — — — 643 
Payments to pensioners and pre-retirees with a charge to internal provisions(153)(331)— — (484)
Insurance premiums paid— — — — — 
Payments to external funds(708)— — — (708)
Amounts used— — — (2,490)(2,490)
Transfer, exchange differences and other changes(370)(2)(33)(623)(1,028)
Balances at end of year1,731 915 710 5,051 8,407 
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EUR million
20232022
Post employment plansLong term employee benefitsContingent liabilities and commitmentsOther provisionsTotalPost employment plansLong term employee benefitsContingent liabilities and commitmentsOther provisionsTotal
Balances at beginning of year2,392 950 734 4,073 8,149 3,185 1,242 733 4,423 9,583 
Incorporation of Group companies, net(4)— — — (4)— — — — — 
Additions charged to income93 244 (24)2,501 2,814 128 69 (27)1,876 2,046 
Interest expense (note 39)60 34 — — 94 73 27 — — 100 
Staff costs (note 46)
33 9 — — 42 57 8 — — 65 
Provisions or reversion of provisions— 201 (24)2,501 2,678 (2)34 (27)1,876 1,881 
Addition3 204 392 4,013 4,612 10 105 618 3,484 4,217 
Release(3)(3)(416)(1,512)(1,934)(12)(71)(645)(1,608)(2,336)
Other additions arising from insurance contracts linked to pensions— — — — — (33)— — — (33)
Changes in value recognised in equity944 — — — 944 242 — — — 242 
Payments to pensioners and pre-retirees with a charge to internal provisions(182)(316)— — (498)(229)(363)— — (592)
Insurance premiums paid— — — — — (3)— — — (3)
Payments to external funds(750)— — — (750)(451)— — — (451)
Amounts used— — (1)(2,087)(2,088)— — — (2,817)(2,817)
Transfer, exchange differences and other changes(268)2 (7)147 (126)(447)2 28 591 174 
Balances at end of year2,225 880 702 4,634 8,441 2,392 950 734 4,073 8,149 
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
202420232022
Provisions for post-employment plans - Spanish entities6747701,245
Provisions for other similar obligations - Spanish entities852817895
Of which pre-retirements839805884
Provisions for post-employment plans - United Kingdom287629
Provisions for post-employment plans - Other subsidiaries1,0291,3791,118
Provisions for other similar obligations - Other subsidiaries636355
Provision for pensions and other obligations post -employments and Other long term employee benefits2,646 3,105 3,342 
Of which defined benefits2,6383,0973,335
i. Spanish entities - Post-employment plans and other similar obligations
At 31 December 2024, 2023 and 2022, 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 2022, the provisions made to cover the commitments with 446 employees covered by early retirement and incentivized dismissals plan amounted to EUR 92 million.
In 2023, the provisions made to cover the commitments with 502 employees covered by early retirements and incentivized dismissals 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.
The expenses incurred by the Spanish companies in 2024, 2023 and 2022 in respect of contributions to defined contribution plans amounted to EUR 126 million, EUR 116 million and EUR 101 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:
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Post-employment plansOther similar obligations
202420232022202420232022
Annual discount rate3.00 %3.35 %3.80 %3.00 %3.35 %3.80 %
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 %2.00 %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 2024, 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 4.18% (-50 bp) to -3.88% (+50 bp),respectively, and an increase or decrease in the present value of the long-term obligations of 1.11% (-50 bp) to -1.08% (+50 bp), respectively.

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These changes would be offset in part by increases or decreases in the fair value of the assets and insurance contracts linked to pensions.
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
202420232022202420232022
Expected rate of return on plan assets3.00 %3.35 %3.80 %3.00 %3.35 %3.80 %
Expected rate of return on reimbursement rights3.00 %3.35 %3.80 %N/AN/AN/A
The funding status of the defined benefit obligations in 2024 and the two preceding years is as follows:
EUR million
Post-employment plansOther similar obligations
202420232022202420232022
Present value of the obligations
To current employees18 21 25 — — — 
Vested obligations to retired employees1,829 1,917 2,005 — — — 
To pre-retirees employees— — — 844 812 892 
Long-service bonuses and other benefits— — — 13 12 11 
Other52 49 46 — — — 
1,899 1,987 2,076 857 824 903 
Less - Fair value of plan assets1,234 1,235 861 5 7 8 
Provisions - Provisions for pensions665 752 1,215 852 817 895 
Of which:
Internal provisions for pensions593 677 1,141 852 817 895 
Net pension assets(6)(14)(24)— — — 
Insurance contracts linked to pensions (note 14)81 93 104 — — — 
Unrecognised net assets for pensions(3)(4)(6)— — — 

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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
202420232022202420232022
Current service cost3 2 3 1 1 1 
Interest cost (net)28 42 48 25 30 25 
Expected return on insurance contracts linked to pensions(3)(4)(4)— — — 
Provisions or reversion of provisions
Actuarial (gains)/losses recognised in the year— — — — 7 (67)
Past service cost3 2 2 — 13 — 
Pre-retirement cost— — — 303 160 92 
OtherA
(10)(1)(8)(4)(1)— 
21 41 41 325 210 51 
A.Including reduction/settlement effect
In addition, in 2024 'Other comprehensive income – Items not reclassified to profit or loss – Actuarial gains or (-) losses on defined benefit pension plans' has decreased by EUR 21 million with respect to defined benefit obligations (decrease of EUR 10 and increase of EUR 295 million in 2023 and 2022, respectively).
The changes in the present value of the accrued defined benefit obligations were as follows:
EUR million
Post-employment plansOther similar obligations
202420232022202420232022
Present value of the obligations at beginning of year1,987 2,076 2,891 824 903 1,198 
Incorporation of Group companies, net— — — — — — 
Current service cost3 2 3 1 1 1 
Interest cost71 82 78 25 30 25 
Pre-retirement cost— — — 303 160 92 
Effect of curtailment/settlement(10)(1)(8)(4)(1)— 
Benefits paid(203)(210)(258)(292)(290)(346)
Benefits paid due to settlements(2)— — — — — 
Past service cost3 2 2 — 13 — 
Actuarial (gains)/losses45 37 (631)— 7 (68)
Demographic actuarial (gains)/losses— (2)2 (1)— (5)
Financial actuarial (gains)/losses45 39 (633)1 7 (63)
Exchange differences and other items5 (1)(1)— 1 1 
Present value of the obligations at end of year1,899 1,987 2,076 857 824 903 

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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
202420232022202420232022
Fair value of plan assets at beginning of year1,235 861 1,217 7 8 10 
Incorporation of Group companies, net— — — — — — 
Expected return on plan assets43 40 30 — — — 
Gains/(losses) on settlements— — — — — — 
Benefits paid(124)(89)(78)(2)(2)(2)
Contributions/(surrenders)58 409 2 — — — 
Actuarial gains/(losses)27 25 (303)— — (1)
Exchange differences and other items(5)(11)(7)— 1 1 
Fair value of plan assets at end of year1,234 1,235 861 5 7 8 
Insurance Contracts linked to pensions
EUR million
Post-employment plansOther similar obligations
202420232022202420232022
Fair value of insurance contracts linked to pensions at beginning of year93 104 149 — — — 
Incorporation of Group companies, net— — — — — — 
Expected return on insurance contracts linked to pensions3 4 4 — — — 
Benefits paid(13)(15)(16)— — — 
Paid premiums— — — — — — 
Actuarial gains/(losses)(2)— (33)— — — 
Fair value of insurance contracts linked to pensions at end of year81 93 104 — — — 
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 2025 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 2024 for the next ten years:
EUR million
2025446
2026393
2027332
2028277
2029227
2030 to 2034726

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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 98 million in 2024 (EUR 87 million in 2023 and EUR 77 million in 2022).
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:
202420232022
Annual discount rate5.54%4.63%4.88%
Mortality tablesThe 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%.The S3 Middle tables weighted at 84% of the CMI_2021 projection with an initial addition of 0.25%, smoothing parameter 7 and improving 1.25%.
Cumulative annual CPI growth3.11%3.02%3.11%
Annual salary increase rate1.00%1.00%1.00%
Annual pension increase rate3.04%2.96%2.98%
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 2024, 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 6.20% (-50 bp) and -5.60% (+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 4.28% (+50 bp) and -4.16% (-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 2024 and the two preceding years is as follows:
EUR million
202420232022
Present value of the obligations8,898 9,451 8,982 
Less-
Fair value of plan assets9,400 10,208 10,152 
Provisions - Provisions for pensions(502)(757)(1,170)
Of which:
Internal provisions for pensions28 76 29 
Net assets for pensions(530)(833)(1,199)
The amounts recognised in the consolidated income statements in relation to the aforementioned defined benefit obligations are as follows:
EUR million
202420232022
Current service cost13 14 30 
Interest cost (net)(40)(62)(37)
Provisions or reversal of provisions, net
Cost of services provided— — — 
Others— — — 
(27)(48)(7)
In addition, in 2024 'Other comprehensive income – Items not reclassified to profit or loss – Actuarial gains or (-) losses on defined benefit pension plans has decreased by EUR 475 million with respect to defined benefit obligations ( decrease of EUR 687 and of EUR 857 million in 2023 and 2022, respectively).
The changes in the present value of the accrued defined benefit obligations were as follows:
EUR million
202420232022
Present value of the obligations at beginning of year9,451 8,982 15,392 
Net incorporation of companies into the Group— (28)— 
Current service cost13 14 30 
Interest cost438 436 283 
Benefits paid(465)(428)(487)
Benefits paid by settlements— (9)— 
Contributions made by employees7 6 9 
Past service cost— — — 
Actuarial (gains)/losses(965)281 (5,660)
Demographic actuarial (gains)/losses(133)(59)(144)
Financial actuarial (gains)/losses(832)340 (5,516)
Exchange differences and other items419 197 (585)
Present value of the obligations at end of year8,898 9,451 8,982 
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The changes in the fair value of the plan assets were as follows:
EUR million
202420232022
Fair value of plan assets at beginning of year10,208 10,152 17,244 
Net incorporation of companies into the Group— (41)— 
Expected return on plan assets478 498 320 
Benefits paid(465)(434)(487)
Contributions182 225 262 
Actuarial gains/(losses)(1,440)(406)(6,517)
Exchange differences and other items437 214 (670)
Fair value of plan assets at end of year9,400 10,208 10,152 
In 2025 the Group expects to make current contributions to fund these obligations for amounts similar to those made in 2024.
The main categories of plan assets as a percentage of total plan assets are as follows:
202420232022
Equity instruments— ——
Debt instruments66 %62 %51 %
Properties14 %12 %13 %
Other20 %26 %36 %
The following table shows the estimated benefits payable at 31 December 2024 for the next ten years:
EUR million
2025577 
2026489 
2027511 
2028535 
2029558 
2030 to 20342,939 
iii. Other foreign subsidiaries
Certain of the consolidated foreign entities have acquired commitments to their employees similar to post-employment benefits.
At 31 December 2024, 2023 and 2022, 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 133 million in 2024 (EUR 107 million at 31 December 2023 and EUR 118 million at 31 December 2022).
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 10.50% and 10.58%, 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 2024, 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 3.96% (-50 bp) and -3.71% (+50 bp), respectively. These changes would be offset in part by increases or decreases in the fair value of the assets.

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The funding status of the obligations similar to post-employment benefits and other long-term benefits in 2024 and the two preceding years is as follows:


EUR million
2024Of which business in Brazil20232022
Present value of the obligations6,903 4,465 8,485 7,578 
Less-
Of which: with a charge to the participants157 157 114 107 
Fair value of plan assets6,502 4,849 7,787 7,321 
Provisions - Provisions for pensions244 (541)584 150 
Of which:
Internal provisions for pensions1,084 211 1,434 1,166 
Net assets for pensions(141)(53)(154)(122)
Unrecognised net assets for pensions(699)(699)(696)(894)
The amounts recognised in the consolidated income statements in relation to these obligations are as follows:
EUR million
202420232022
Current service cost29 25 31 
Interest cost (net)93 84 64 
Provisions or reversion of provisions
(Actuarial gains)/losses recognised in the year28 23 8 
Past service cost2 1 8 
Pre-retirement cost— — — 
Other(10)(3)(3)
142 130 108 
In addition, in 2024 'Other comprehensive income – Items not reclassified to profit or loss – Actuarial gains or (-) losses on defined benefit pension plans' has decreased by EUR 147 million with respect to defined benefit obligations (decrease of EUR 247 million and increase of EUR 320 million in 2023 and 2022, respectively).
The changes in the present value of the accrued obligations were as follows:
EUR million
202420232022
Present value of the obligations at beginning of year8,485 7,578 8,018 
Incorporation of Group companies, net— (20)— 
Current service cost29 25 31 
Interest cost579 600 546 
Pre-retirement cost— — — 
Effect of curtailment/settlement(10)(2)(3)
Benefits paid(1,113)(730)(653)
Benefits paid due to settlements(20)(2)(179)
Contributions made by employees4 3 5 
Past service cost2 1 8 
Actuarial (gains)/losses(191)697 (876)
Demographic actuarial (gains)/losses(1)40 5 
Financial actuarial (gains)/losses(190)657 (881)
Exchange differences and other items(862)335 681 
Present value of the obligations
at end of year		6,903 8,485 7,578 
The changes in the fair value of the plan assets were as follows:
EUR million
202420232022
Fair value of plan assets at beginning of year7,787 7,321 7,167 
Incorporation of Group companies, net— (16)— 
Expected return on plan assets551 588 570 
Benefits paid(1,022)(644)(766)
Contributions477 124 198 
Actuarial gains/(losses)(304)110 (498)
Exchange differences and other items(987)304 650 
Fair value of plan assets at end of year6,502 7,787 7,321 
In 2025 the Group expects to make contributions to fund these obligations for amounts similar to those made in 2024.
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The main categories of plan assets as a percentage of total plan assets are as follows:
202420232022
Equity instruments13 %11%11%
Debt instruments79 %83%83%
Properties1 %1%1%
Other7 %5%5%
The following table shows the estimated benefits payable at 31 December 2024 for the next ten years:
EUR million
2025614 
2026604 
2027594 
2028600 
2029611 
2030 to 20343,067 
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
202420232022
Recognised by Spanish companies1,924 1,921 1,768 
Recognised by other EU companies694 433 328 
Recognised by other companies2,433 2,280 1,977 
Of which:
Brazil1,445 1,618 1,243 
United Kingdom A
654373 345 
5,051 4,634 4,073 
A.Of which GBP 293 million (EUR 353.3 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 2024, 2023 and 2022 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
202420232022
Provisions for taxes727 745 679 
Provisions for employment-related proceedings (Brazil)458 611 301 
Provisions for other legal proceedings1,532 1,359 1,094 
Provision for customer remediation1,001 454 349 
Provision for restructuring589 596 641 
Other744 869 1,009 
5,051 4,634 4,073 
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.
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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 2024, in provisions for labor processes and others of a legal nature, EUR 404 million and EUR 327 million were recorded in Brazil in 2024, making payments of EUR 463 million and EUR 205 million, respectively.
e) Litigation and other matters
i. Tax-related litigation
At 31 December 2024 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 two 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, they 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. On December 2020, the appeal was decided unfavourably. Against the judgment, the bank filed a motion for clarification which has not been accepted. Currently it is appealed to higher courts. There is a provision recognized for the estimated loss.
•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), 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.
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•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 issued 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 711 million, and for lawsuits that qualify as contingent liabilities is EUR 4,740 million.
•Banco Santander appealed before European Courts the Decisions 2011/5/CE of 28 October 2009 (First Decision), and 2011/282/UE of 12 January 2011 (Second Decision) of the European Commission, ruling that the deduction of the financial goodwill regulated pursuant to Article 12.5 of the Corporate Income Tax Law constituted illegal State aid. On October 2021 the Court of Justice definitively confirmed these Decisions. The dismissal of the appeal, that only affects these two decisions, had no impact on results.
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 2024 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 (GE Capital), known as Financial Insurance Company Ltd (FICL) and Financial Assurance Company Ltd (FACL), acquired by AXA SA in 2015) (together, AXA France) have brought a claim for GBP 552 million (EUR 665.6 million) (plus interest) against (i) Santander Cards UK Limited (former GE Capital entity known as GE Capital Bank Limited (GECB), which was acquired by Banco Santander SA in 2008 and subsequently transferred to Santander UK plc); and (ii) Santander Insurance Services UK Limited (a Banco Santander SA subsidiary) (together 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. . Axa France reduced their claim from GBP 670 million (EUR 807.9 million) to GBP 552 million (EUR 665.6 million) (plus interest) in their Re-Re-Amended Particulars of Claim dated 29 June 2023. The Santander Entities strongly refute the claim. Trial has been fixed for six weeks, beginning on 3 March 2025.

There are ongoing factual issues to be resolved which may have legal consequences including in relation to liability. These issues create uncertainties which mean that it is difficult to reliably predict the outcome or the timing of the resolution of the matter. The provision recognized includes the best estimate of the Santander Entities' liability to the specific portfolio.

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•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 a number 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) and paused the handling of these complaints originally until September 2024. The FCA announced in July 2024 that it expected to share the outcome of its Review by May 2025 and that the pause in respect of handling of these complaints was extended to 4 December 2025. In December 2024, the FCA announced the expansion of this pause on DCA complaints handling to other motor finance commission complaints received on or after 26 October 2024, also until 4 December 2025. A claim has also been issued against SCUK, Santander UK plc and others in the Competition Appeal Tribunal (CAT), alleging that SCUK’s historical DCAs in respect of used car financing operated in breach of the Competition Act 1998. This is currently paused until the end of July 2025 connected to the outcome of the FCA Review.
In a judicial proceeding brought against other financial entities, on 25 October 2024, the Court of Appeal issued a judgment establishing certain criteria which, after the corresponding assessment by SCUK, has led it to recognise a provision of GBP 293 million (EUR 353.3 million) as of December 2024, although the referred judgment has been appealed before the Supreme Court. This includes estimates for operational and legal costs (including litigation costs) reached after considering various scenarios which take into account the differences and similarities between the cases in the referred judgment and SCUK’s situation, as well as the outcome of the Supreme Court appeal, the scope, nature and timeframe of any redress scheme, applicable time periods, claims, rates and compensatory interest rates.

The outcome of the FCA’s Review and/or adverse outcomes from litigation could result in material costs. The outcome of the FCA’s Review may be informed by the judgment of the Court of Appeal handed down on 25 October 2024 in relation to cases against other lenders involving DCAs, as well as the anticipated judgment of the Supreme Court on appeal (noting that permission for leave to appeal to the Supreme Court has been granted relating to these cases, with the hearing listed for 1 to 3 April 2025). The FCA’s Review might also be informed by the outcome of a judicial review of a final decision by the Financial Ombudsman Service (FOS) against another lender that was heard in October 2024. Judgment in this case was handed down in December 2024 and permission for leave to appeal to the Court of Appeal has been granted.

These matters, mean that there are currently significant uncertainties as to the extent of any misconduct, if any, as well as the perimeter of commission models, nature, extent and timing of any remediation action if required. As such, the ultimate financial impact could be materially different than the amount provided and it is not practicable to quantify the extent of any remaining contingent liability.
•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 has been appealed by Delforca, Monesa and the bankruptcy administrator. On 1 June 2023, the appeal hearing took place and on 15 November 2023 the Provincial Court of Barcelona rendered a judgment dismissing the appeals filed by Delforca, Monesa and the bankruptcy administrator and confirming the first instance judgment. Delforca and Monesa (not the bankruptcy administrator) have filed an appeal in cassation before the Supreme Court against the judgment of the Provincial Court of Barcelona.
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.
•Former employees of Banco do Estado de São Paulo S.A., Santander Banespa, Cia. de Arrendamiento Mercantil: class action filed by AFABESP (an association of retirees and former Banespa employees) claiming payment of a semi-annual bonus provided for in the Bank's bylaws. The final decision rendered on the merits was unfavorable to Santander. However, a favorable decision was subsequently rendered stating that each beneficiary of the decision shall file an individual lawsuit to receive the due amount.
Since the judgments adopted different positions for each case, a procedure called Incident for the Resolution of Repetitive Demands (IRDR) was commenced before the Regional Labor Court (TRT) with the purpose of establishing objective criteria regarding the arguments brought by the Bank, mainly the statute of limitations and limitation of payments until December 2006 (Plan V).On 11 March 2024, the IRDR was admitted for future judgment, and it was determined that all cases filed in São Paulo - Capital remained suspended from its second instance (TRT).
Finally, due to the divergence between the interpretation of the Federal Constitution, an Action for Allegation of Non-Compliance with a Fundamental Precept (ADPF) was also filed, so that the Federal Supreme Court (STF) settles the issue and indicates the correct statute of limitations to be used in the individual cases filed.
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On 27 June 2024, an agreement was signed with the indication of a nominal and exhaustive list of 7,299 retirees who, according to the criteria presented by the Bank, are entitled to payment of the amounts related to semi-annual bonuses. The maximum value of the agreement was of BRL 2,742.15 million (EUR 420.1 million); though it ultimately depended on the individual and voluntary adherence of each beneficiary (the Agreement). At the end of the voluntary adherence period in August 2024 6,501 people had adhered to the agreement (89% of the total), out of which 6,500 agreements were finally approved at the deadline for judicial approvals set on 15 October 2024, totaling BRL 2,440.51 million (~EUR 379.6 million). The bank has made the necessary contributions to the fund Banesprev to comply with the payments derived from the Agreement. As to the beneficiaries who have not adhered to the Agreement, as of the date of these annual consolidated accounts, there are ongoing factual and legal issues that make it impossible to reliably predict the potential impact.
•'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 bank deposits (economic plans). At the end of 2017, an agreement between regulatory entities and the Brazilian Federation of Banks (Febraban) with the purpose of closing the lawsuits was reached and was approved by the Supremo Tribunal Federal. 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 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, the STF approved the extension of the agreement for 5 additional years starting from 3 June 2020. Condition for this extension was to include in the agreement actions related to the 'Collor I Plan'. On 31 December 2024, the provision recorded for the economic plan proceedings amounts to EUR 167.0 million.
•Floor clauses: as a consequence of the acquisition of Banco Popular Español, S.A.U. (Banco Popular), the Group has been exposed to a material number of transactions with floor clauses. The so-called floor clauses are those under which the borrower accepts a minimum interest rate to be paid to the lender, regardless of the applicable reference interest rate. Banco Popular included floor clauses in certain asset-side transactions with customers. In relation to this type of clauses, and after several rulings issued by the Court of Justice of the European Union (CJEU) and the Spanish Supreme Court, and the extrajudicial process established by the Spanish Royal Decree-Law 1/2017, of 20 January, Banco Popular made provisions that were updated in order to cover the effect of the potential return of the excess interest charged for the application of the floor clauses between the contract date of the corresponding mortgage loans and May 2013. On 31 December 2024, after having processed most of the customer requests, the potential residual loss associated with ongoing court proceedings is estimated at EUR 51.29 million, amount which is fully covered by provisions.
•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 appeals 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 these appeals, on the one hand, the General Court of the European Union (GCUE) selected 5 appeals from among all those filed before the European courts by various investors against the European institutions and processed them as pilot cases. On 1 June 2022, the GCUE rendered five judgements in which it completely dismissed the appeals, (i) supporting the legality of the resolution framework applied to Banco Popular, (ii) confirming the legality of the action of the European institutions in the resolution of Banco Popular and (iii) rejecting, in particular, all the allegations that there were irregularities in the sale process of Banco Popular to Banco Santander, S.A. Although four of these five judgments were initially appealed in cassation before the CJEU, in July 2023 one of the appellants withdrew his appeal. In June 2024, the CJEU upheld the appeal in case C-551/22-P brought by the Commission, in the sense of attributing to the later the responsibility of the contested decision. On 4 October 2024 the CJEU dismissed the appeals in cases C-535/22-P, C-541/22-P and subsequently, on 14 October the appeal in case C-448/22-P. Therefore, all appeals before the CJEU have already been resolved.
On the other hand, in relation to the lawsuits initiated by investors directly against Banco Santander, S.A. derived from the acquisition of Banco Popular, on 2 September 2020, the Provincial Court of La Coruña submitted a preliminary ruling to the CJEU in which it asked for the correct interpretation of the Article 60, section 2 of Directive 2014/59/EU of the European Parliament and of the Council of 15 May, establishing a framework for the restructuring and resolution of credit institutions and investment services companies. Said article establishes that, in the cases of redemption of capital instruments in a bank resolution, no liability will subsist in relation to the amount of the instrument that has been redeemed. On 5 May 2022, the CJEU rendered its judgement confirming that Directive 2014/59/EU of the European Parliament and of the Council does not allow that, after the total redemption of the shares of the share capital of a credit institution or an investment services company subject to a resolution procedure, the shareholders who have acquired shares within the framework of a public subscription offer issued by said company before the start of such a resolution procedure, exercise against that entity or against its successor, an action for liability for the information contained in the prospectus, under Directive 2003/71/EC of the European Parliament and of the Council, or an action for annulment of the subscription contract for those shares, which, taking into account its retroactive effects, gives rise to the restitution of the equivalent value of said shares, plus the interest accrued from the date of execution of said contract.
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Regarding this judgment, the Supreme Court submitted three preliminary rulings about the application of the judgment of 5 May 2022 to other capital instruments such as subordinated obligations, preferred stocks and subordinated bonds. On 5 September 2024, the CJEU ruled that Directive 2014/59 precludes, after the total write down of the shares in a credit institution under resolution, that persons who have purchased (i) capital instruments that have been converted into shares in that credit institution before the adoption of resolution measures against it, or (ii) capital instruments which, in the context of that procedure, have been converted into shares in that credit institution, which were subsequently transferred to another credit institution, from bringing, against that institution or against its successor entity, an action for damages on the basis of flawed and incorrect information provided in the prospectus or a declaration of nullity. Currently, there are five preliminary rulings pending: (i) three preliminary rulings referred by the First Instance Court 3 of Santa Coloma de Farners in April 2023 concerning pre-emptive subscription rights and the compatibility of the principles of proportionality and legal certainty with the bringing of legal actions by former holders of pre-emptive subscription rights and shares against the entity issuing the securities or against the entity succeeding it, which is currently suspended; and (ii) two preliminary rulings referred by the Supreme Court in November 2023, which complement the ones requested in December 2022, regarding to a holder of subordinated bonds who filed a claim against Banco Popular before the resolution.
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; and (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. 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 million. 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 were granted until 4 February 2025 to file their defense writs. After that, the proceedings will be forwarded to the Criminal Chamber of the National Court for the oral trial. Regarding the civil liability, notwithstanding that the Bank considers that in light of the CJEU’s rulings dated 5 May 2022 and 5 September 2024 it has no subsidiary civil liability 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 (vid. note 34 of these consolidated annual accounts).The CJEU judgements of 5 May 2022 and of 5 September 2024 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 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 penalties.
•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.

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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. Existing provisions cover the estimated risk of loss.
•Universalpay Entidad de Pago, S.L. (Upay): has filed a lawsuit against Banco Santander, S.A. for breach of the marketing alliance agreement (MAA) and claims payment (EUR 1,050 million). The MAA was originally entered into by Banco Popular and its purpose is the rendering of acquiring services (point of sale payment terminals) for businesses in the Spanish market. The lawsuit was mainly based on the potential breach of clause 6 of the MAA, which established certain obligations of exclusivity, non-competition and customer referral. On 16 December 2022, the Court ruled in favour of the Bank and dismissed the plaintiff's claim in its entirety. The decision was appealed before the Provincial Court of Madrid and the Bank filed its opposition to Upay's appeal. On 4 October 2024 the Court of Appeal issued an order scheduling the date for the vote and decision of the appeal on 14 November 2024. On 20 December 2024, the parties reached an agreement by which the MAA and ancillary agreements, which duration would have elapsed in over five years’ time, were terminated and, as a result, they have made an application to the Court to terminate the proceedings. The agreement will not have a material impact in the consolidated annual accounts.

•CHF Polish Mortgage Loans: on 3 October 2019, the CJEU rendered its decision in relation to a judicial proceeding against an unrelated bank in Poland regarding the consequences of potentially unfair contractual clauses in CHF-indexed loan agreements. The CJEU left it up to national courts to decide in this regard, indicating that it is possible to invalidate a contract if it cannot be maintained without abusive terms and there are no explicit supplementary provisions that can replace these terms.
On 15 June 2023, the CJEU issued its judgment in Case C-520/21, in which it confirmed that it is national law that is relevant to determine the effect of cancellation of a contract - respecting the principles arising from Directive 93/13/EEC. According to the ruling of the CJEU in that case, the bank's claims in excess of the repayment of the nominal amount of the loan's principal and, as the case may be, the payment of default interest are contrary to the objectives of Directive 93/13/EEC if they were to lead to a profit analogous to the one it intended to make from the performance of the contract and thus eliminate the deterrent effect.
On 25 April 2024, the Civil Chamber of the Supreme Court rendered a decision according to which: (i) in the event that a provision of an indexed or denominated loan agreement relating to the manner of determining the exchange rate of a foreign currency constitutes an abusive contractual term and is not binding, based on the current case law, it is not possible for this provision to be replaced by any other method of determining exchange rates under the law or prevailing practices; (ii) in the event that it is not possible to determine a foreign currency exchange rate binding for the parties in an indexed or denominated credit agreement, the agreement is not binding. Further, referring to the issues related to the cancellation of a credit agreement, the Supreme Court pointed out that: (i) if the bank has paid all or part of the credit amount to the borrower and the borrower has made repayments of the credit, independent claims for the repayment of the undue payment arise in favour of each party (the so-called two condition theory); (ii) the limitation period of the bank's claim for reimbursement of amounts paid under the credit begins from the day following the day on which the borrower challenged the bindingness of the terms of the agreement; (iii) there is no legal basis for either party to claim interest or other benefits for the use of its funds during the period between the undue payment and the date when the repayment became due. The criteria set out by the Supreme Court in its decision could clarify the previous decisions described above. Nine judges of the Supreme Court declined to participate in the resolution raising questions of a constitutional nature and six judges submitted dissenting opinions mainly on issues related to the maintenance of the agreement after the elimination of abusive clauses.
Santander Bank Polska and Santander Consumer Bank Poland estimate legal risk using a model which considers different possible outcomes and regularly monitor court rulings on foreign currency loans to verify changes in case law practice, including the impact of the aforementioned Supreme Court resolution on this case law. The Bank is reaching settlements with customers who have taken legal action as well as with those who have not yet decided to file a lawsuit. The settlement scenario is reflected in the model used to calculate provisions for legal risks.
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As of 31 December 2024, Santander Bank Polska S.A. and Santander Consumer Bank S.A. maintained a portfolio of loans affected by the legal risk connected with CHF mortgage for an approximate gross amount of PLN 5,173.7 million (EUR 1,210.1 million). As of 1 January 2022, in accordance with IFRS 9 and based on the new best available information, the accounting methodology was adapted so that the gross carrying amount of mortgage loans denominated and indexed in foreign currencies is reduced by the amount in which the estimated cash flows are not expected to cover the gross amount of loans, including as a result of legal controversies relating to these loans. In the absence of exposure or insufficient gross exposure, a provision according to IAS 37 is recorded.
As of 31 December 2024, the total value of adjustment to gross carrying amount in accordance with IFRS9 as well as provisions recorded under IAS37, amount to PLN 6,592.0 million (EUR 1,541.9 million). PLN 4,676.8 million (EUR 1,093.1 million) corresponds to adjustment to gross carrying amount under IFRS 9 and PLN 1,915.3 million (EUR 448.0 million) to provisions recognized in accordance with IAS 37. The adjustment to gross carrying amount in accordance with IFRS9 in 2024 amounted to PLN 1,268.9 million (EUR 294.8 million) and the additional provisions under IAS37 amounted to PLN 1,248.8 million (EUR 290.1 million). Other costs related to the dispute amounted to PLN 536.9 million (EUR 124.7 million).
These provisions represent the best estimate as at 31 December 2024. Santander Bank Polska and Santander Consumer Bank Poland will continue to monitor and assess appropriateness of those provisions.
•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.
Santander Mexico has filed various constitutional reviews and appeals against the recurso de amparo referred to above, which have been dismissed by the Supreme Court of Justice of the Nation. As of this date, an amparo review filed by the Bank is pending to be resolved in the Collegiate Courts in the State of Nuevo León, thus the judgment is not final.
On 29 June 2022, Santander México, within the framework of the amparo review filed by the Bank, requested the First Collegiate Court in Civil Matters of the Fourth Circuit of Nuevo León the recusal of two of the three Magistrates who rendered against Santander Mexico, which was resolved in favour of Santander Mexico. Plaintiffs requested the recusal of the third Magistrate who ruled with a dissenting vote against the recurso de amparo referred above and this was resolved in favour of Plaintiffs, and consequently the matter was referred to the Second Collegiate Court of the Fourth Circuit based in Nuevo León. The President of this Court considered that the Seventh Civil Chamber of the Superior Court of Justice of Nuevo León had fulfilled the Amparo granted to Mrs. Garza, therefore the Bank presented disconformity 'inconformidad', which was sent for resolution by the Second Collegiate Court of the Fourth Circuit based in Nuevo León. However, on 22 April 2024, the Bank asked the Supreme Court of Justice of the Nation to take up the matter. This has been accepted and consequently, the Supreme Court of Justice will resolve the matter. In addition, the Bank presented a Recurso de Reclamación for procedural defects, which is pending to be resolved by the Supreme Court of Justice of the Nation.
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 to be sufficient to cover the risks deriving from this claim.
•URO Property Holdings, S.A. (before URO Property Holdings, SOCIMI SA): on 16 February 2022, legal proceedings were commenced in the Commercial Court of London against Uro Property Holdings S.A. (Uro), a subsidiary of Banco Santander, S.A., by BNP Paribas Trust Corporation UK Limited (BNP) in its capacity as trustee on behalf of certain bondholders and beneficiaries of security rights. The litigation concerns certain terms of a financing granted to Uro which was supported by a bond issue in 2015. The claimant seeks a declaration by the Court and a monetary award against Uro, in connection with an additional premium above the nominal value of the financing repayment because of Uro having lost its status as SOCIMI (Sociedad Anónima Cotizada de Inversión Inmobiliaria), such loss causing the prepayment of the bond issue and, in the opinion of the claimant BNP, also the obligation to pay the additional premium by Uro. Uro denies being liable to pay that additional premium and filed its defense statement and a counterclaim against the claimant. Furthermore, Uro filed a summary judgement application for BNP's claim to be dismissed before trial. The dismissal of this application by the Commercial Court was confirmed by the Appeal Court. It is estimated that the maximum loss associated with this possible contingency, amounts to approximately EUR 250 million. In November 2024, Uro reached an agreement with bondholders and beneficiaries of security rights, which determine termination of the proceedings. The agreement does not have a material impact in the consolidated annual accounts.
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•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 September 2020, the Barcelona Court of Appeal, rendered a decision stating that the commencement (dies a quo) for the statute of limitation starts running from the day the consumer fully paid mortgage expenses. The judgment has been appealed to the Supreme Court, which referred a preliminary matter to the ECJ for the establishment of the dies a quo from which the limitation period for the refund action starts running (C-561/21).
On 25 January 2024 the ECJ rendered a judgment (joint cases C‑810/21 and C‑813/21) stating that Directive 93/13 must be fixed on a case-by-case basis by national courts based on the moment when the consumer was aware of the unfair nature of the clause and the legal consequences of such unfair nature.
Further, on 25 April 2024, two additional judgments were rendered (cases C-561/21 and C-484/21) in which the ECJ stated that the dies a quo of the statute of limitations for the annulment of the mortgage expenses 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 ECJ has handed down judgments confirming that the statute of limitations for 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 ECJ 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 annulment of mortgage expenses has been raised before the ECJ 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 2024, 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 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.

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26. Other liabilities
The detail of Other liabilities in the consolidated balance sheets is as follows:
EUR million
202420232022
Transactions in transit910 767 457 
Accrued expenses and deferred income9,003 9,136 8,445 
Other6,431 7,695 5,707 
16,344 17,598 14,609 
27. Tax matters
a) Consolidated Tax Group
In accordance with current Spanish legislation, the Consolidated Tax Group includes Banco Santander, S.A. (as the parent) and Spanish subsidiaries that meet the requirements provided for in Spanish legislation regulating the taxation of the consolidated profits of corporate groups (as the controlled entities).
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 January 2024, the Spanish tax authorities formalized acts with agreement, conformity and non-conformity, relating to corporate income tax for financial years 2017 to 2019. The adjustments signed in conformity and with agreement had no impact on results.
In June 2024, the tax authorities notified the final assessments derived from the adjustments in non-conformity, which have been appealed at the Central Economic Administrative Court. Banco Santander, S.A., as the parent of the Consolidated Tax Group, considers, in accordance with the advice of its external lawyers, that the assessments should not have a significant impact on the consolidated financial statements, as there are sound arguments as proof in the appeals filed, as well as in the appeals against previous tax audits that are pending at the National Appellate Court (tax years 2003 to 2011) and at the Central Economic Administrative Court (tax years 2012 to 2015). Consequently, no provision has been recorded for this concept. It should also be noted that, in those cases where it has been considered appropriate, the mechanisms available to avoid international double taxation have been used.
In April 2024, the Spanish tax authorities have initiated partial tax audits to verify corporate income tax for the year 2020, as well as value added tax (VAT) for years 2020 to 2022.

At the date of approval of these consolidated annual accounts, subsequent years up to and including 2024, are subject to review.
The other entities have the corresponding years open for review, pursuant to their respective tax regulations.


Because of the 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
202420232022
Consolidated profit (loss) before tax:
From continuing operations19,02716,459 15,250 
From discontinued operations—— — 
19,02716,459 15,250 
Income tax at tax rate applicable in Spain (30%)5,7084,938 4,575 
By the effect of application of the various tax rates applicable in each countryA
115(100)61 
Of which:
Brazil413198 472 
United Kingdom(53)(51)(161)
United States(25)(28)(99)
Chile(33)(28)(30)
Poland(183)(164)(101)
Effect of profit or loss of associates and joint ventures(213)(184)(210)
USA electric vehicle leasing incentives(258)(259)— 
Global minimum tax Pillar Two14— — 
Effect of reassessment of deferred taxes68— — 
Permanent differences
and other
(151)(119)60 
Income tax5,2834,276 4,486 
Effective tax rate27.77%25.98 %29.42 %
Of which:
Continuing operations5,2834,276 4,486 
Of which:
Current taxes4,8555,568 4,272 
Deferred taxes428(1,292)214 
Income tax (receipts)/payments5,8805,214 5,498 
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.

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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 2024, 2023 and 2022:
EUR million
202420232022
Other comprehensive income
Items not reclassified to profit or loss85 358 49 
Actuarial gains or (-) losses on defined benefit pension plans172 302 96 
Changes in the fair value of equity instruments measured at fair value through other comprehensive income(4)20 (19)
Financial liabilities at fair value with changes in results attributable to changes in credit risk(83)36 (26)
Other recognised income and expense of investments in subsidiaries, joint ventures and associates— — (2)
Items that may be reclassified to profit or loss54 (919)1,522 
Cash flow hedges(205)(732)912 
Changes in the fair value of debt instruments through other comprehensive income261 (214)661 
Other recognised income and expense of investments in subsidiaries, joint ventures and associates(2)27 (51)
Total139 (561)1,571 
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.
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The detail of deferred tax assets, by classification as monetizable or non-monetizable assets, and of deferred tax liabilities at 31 December 2024, 2023 and 2022 is as follows:
EUR million
202420232022
MonetizableA
Other
MonetizableA
Other
MonetizableA
Other
Tax assets10,309 8,861 11,099 9,668 10,660 10,127 
Tax losses and tax credits— 2,367 — 2,393 — 1,778 
Temporary differences10,309 6,494 11,099 7,275 10,660 8,349 
Of which:
Non-deductible provisions— 1,784 — 1,965 — 2,182 
Valuation of financial instruments— 1,486 — 1,543 — 1,535 
Loan losses7,880 1,103 8,248 1,577 7,696 1,232 
Pensions2,429 423 2,851 665 2,964 560 
Valuation of tangible and intangible assets— 885 — 1,060 — 1,270 
Tax liabilities— 6,276 — 6,086 — 6,428 
Temporary differences— 6,276 — 6,086 — 6,428 
Of which:
Valuation of financial instruments— 2,412 — 2,059 — 1,792 
Valuation of tangible and intangible assets— 2,797 — 2,594 — 3,169 
Investments in Group companies— 403 — 378 — 359 
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 995 million euros. Banco Santander was refunded without impact on results. The favorable 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, based on external sources of information. 
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 non-recurring events outside the operation of the business, such as the impacts due to the first application of new regulations, the costs assumed for the acceleration of the restructuring plans and the changing effect of the current macroeconomic environment. 
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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 7,338 million, of which EUR 5,246 million were for monetizable temporary differences with the right to conversion into a credit against the tax administration as explained before, EUR 1,411 million for other temporary differences and EUR 681 million for tax losses and credits.
Brazil
The deferred tax assets recognised in Brazil total EUR 7,198 million, of which EUR 4,979 million were for monetizable temporary differences, EUR 1,363 million for other temporary differences and EUR 856 million for tax losses and credits.
Mexico
The deferred tax assets recognized in Mexico total EUR 1,262 million, which are temporary differences.
United States
The deferred tax assets recognised in the United States total EUR 1,173 million, of which EUR 387 million were for temporary differences and EUR 786 million 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.

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The changes in Tax assets - Deferred and Tax liabilities - Deferred in the last three years were as follows:

EUR million
Balances at 31 December 2023(Charge)/Credit to incomeForeign currency balance translation differences and other items(Charge)/Credit to asset and liability valuation adjustmentsAcquisition for the year (net)Balances at 31 December 2024
Deferred tax assets20,767 119 (1,670)(41)(5)19,170 
Tax losses and tax credits2,393 114 (139)— (1)2,367 
Temporary differences18,374 5 (1,531)(41)(4)16,803 
Of which monetizable11,099 147 (937)— — 10,309 
Deferred tax liabilities(6,086)(547)142 215 — (6,276)
Temporary differences(6,086)(547)142 215 — (6,276)
14,681 (428)(1,528)174 (5)12,894 
EUR million
Balance at 31 December 2022(Charge)/Credit to incomeForeign currency balance translation differences and other items(Charge)/Credit to asset and liability valuation adjustmentsAcquisition for the year (net)Balance at 31 December 2023
Deferred tax assets20,787 629 (130)(422)(97)20,767 
Tax losses and tax credits1,778 392 224 — (1)2,393 
Temporary differences19,009 237 (354)(422)(96)18,374 
Of which monetizable10,660 1,232 (787)— (6)11,099 
Deferred tax liabilities(6,428)663 3 (338)14 (6,086)
Temporary differences(6,428)663 3 (338)14 (6,086)
14,359 1,292 (127)(760)(83)14,681 
EUR million
Balances at 31 December 2021(Charge)/Credit to incomeForeign currency balance translation differences and other items(Charge)/Credit to asset and liability valuation adjustmentsAcquisition for the year (net)Balance at 31 December 2022
Deferred tax assets19,440 273 376 697 1 20,787 
Tax losses and tax credits1,250 211 317 — — 1,778 
Temporary differences18,190 62 59 697 1 19,009 
Of which monetizable10,473 507 (320)— — 10,660 
Deferred tax liabilities(6,462)(487)(149)684 (14)(6,428)
Temporary differences(6,462)(487)(149)684 (14)(6,428)
12,978 (214)227 1,381 (13)14,359 
Also, the Group did not recognise deferred tax assets amounting to approximately EUR 11,200 million of which EUR 6,660 million relate to tax losses, EUR 3,500 million to tax credits, and EUR 1,040 million to other concepts.

LogoSantanderPie_76.jpg Annual report 2024    692
f) Global Minimum Tax Pillar Two
In December 2021, the OECD's Inclusive Framework on base erosion and profit shifting (BEPS) approved the model rules of the Global Minimum Tax, known as Pillar Two. Pillar Two applies to multinational groups with a turnover of more than EUR 750 million and entails a minimum tax of 15% calculated on adjusted accounting profit on a jurisdiction-by-jurisdiction basis. The OECD has completed these rules by approving administrative guidances and a report on Safe Harbors in order to simplify their application during the first three years.
In the European Union, in December 2022, the Council adopted Directive 2022/2523 ensuring an overall minimum level of taxation for multinational groups and large domestic groups in the EU, entering into force on 1 January 2024. The Directive implements at EU level the Pillar Two rules of the OECD's Inclusive Framework, extending its application to large national groups.
In Spain, Law 7/2024 was approved on 20 December 2024, establishing a complementary tax to ensure an overall minimum level of taxation for multinational groups and large domestic groups with effects from 1 January 2024. This law transposes Council Directive 2022/2523 and establishes a national complementary tax adapted to Pillar Two Rules. In other jurisdictions, the new global minimum tax is in force in the United Kingdom, Switzerland, the Bahamas and most of the EU member states, and in 2025 will enter into force in other jurisdictions where the Group is present, such as Poland, Brazil, Hong Kong, Singapore, Jersey or the Isle of Man.
The Group is within the scope of this new regulation. Pilar Two rules require the calculation of the effective tax rate resulting from the income tax expense and the accounting result, both with some adjustments, in each jurisdiction where the Group is present. If in a jurisdiction this rate is under 15%, Banco Santander, as the ultimate parent entity, must pay the difference to the Spanish tax authorities as a Top-up Tax, unless there is a Domestic Top-up Tax payable to the local tax authorities, according to the rules of Pillar Two in that jurisdiction (Qualified Domestic Top-up Tax).
Both Banco Santander, S.A., as the ultimate parent entity, and subsidiaries in jurisdictions with Domestic Top-up taxes in force, have estimated these additional taxes, considering the application of transitional Safe Harbors in 2024, 2025 and 2026.
These Safe Harbors entail that no Top-up Tax is due, either in the parent entity or in jurisdictions that have approved a Qualified Domestic Top-up Tax, as long as one of the following conditions is met: (i) the effective tax rate calculated from the Country-by-country reporting exceeds 15% in 2024, 16% in 2025 and 17% in 2026, (ii) the Group’s presence in a jurisdiction is not significant, considering so when income is less than EUR 10 million and profit before tax is less than EUR 1 million, or (iii) the profit before tax is lower than the result of adding fixed tangible assets and staff costs, weighted by a certain percentage that varies annually.
Top-up taxes registered by the Group are not significant, since the effective tax rates calculated under Pillar Two rules in most jurisdictions in which the Group operates are above 15%. However, the new rules require to provide a large amount of information to the tax authorities of the different jurisdictions where the Group is present, broken down by entity, which entails relevant administrative burden.
g) Tax reforms
The following significant tax reforms were approved in 2024 and previous years:
In Spain, in 2022, Law 38/2022 established a new temporary levy on credit institutions and financial credit institutions for fiscal years 2023 and 2024. The levy is calculated as 4.8% of net interest and fees earned in the business carried out in Spain in the precedent year and the payment obligation arises on the first day of each period. The recorded levy totals 224 million in 2023 and 334 million euros in 2024, although the tax authorities have reviewed the tax year 2023 and consider that an additional amount is payable due to discrepancies in the criteria applied in determining the tax base, which are being disputed by Banco Santander. Additionally, this law also established for 2023 a 50% limitation on the integration of negative individual tax bases into the consolidated group’s tax base, with a 10-year deadline for the reversal of this positive adjustment.
On 20 December 2024, Law 7/2024 was approved. This law establishes, among others, a tax on net interest and commissions obtained in the Spanish territory by certain financial institutions that will be accrued on 1 January 2025, 2026, and 2027. The tax base, with some modifications compared to the temporary levy tax base, is now calculated on an individual basis for each financial entity and the tax liability is determined according to a progressive scale of tax rates from 1% to 7%, with certain deductions. On 24 December 2024, Royal Decree-Law 9/2024 was published in the Spanish State Official Gazette modifying certain technical aspects of the tax and postponing its accrual to 31 January. This Royal Decree-Law has been repealed on 22 January 2025. No expense for this new tax has been recorded in these consolidated annual accounts in accordance with the legislation in force.
The above-mentioned Law has extended during 2024 and 2025, the 50% limitation on the integration of negative individual tax bases into the consolidated group’s tax base, with a 10-year deadline for the reversal of this positive adjustment. Besides, this law reintroduces the limits established by Royal Decree-Law 3/2016, that was annulled on 18 January 2024 by the Spanish Constitutional Court, on the offsetting of monetizable deferred tax assets and tax losses (from 70% to 25%) and double taxation deductions ( 50%) and mandatory reversal of impairment losses that were deducted in previous years in the next three years, irrespective of the recovery of the value of the investments.
In the United Kingdom, the Budget Act for 2021 increased the main corporate income tax rate from 19% to 25% with effect from 1 April 2023. In addition, and also with effect from 1 April 2023, the Bank Surcharge tax rate was reduced from 8% to 3%, so the corporate tax rate for banks is set at 28%.
In Brazil, in 2022 Law 14,446, established for this year an increase in the rate of contribution on net income (CSLL) of banks, from 20% to 21%, and for other financial institutions, from 15% to 16%. In addition, Law 14,467, with effect from 2025, amends the rules on the tax deductibility of credit provisions in financial institutions, bringing those rules closer to the accounting recognition criterion. In 2024, Law 15,078 has been published, which allows the recovery of the accumulated balance of provisions of non-deductible loans at the end of 2024 within a period of 7 years from January 2026 (with option of 10 years).
LogoSantanderPie_76.jpg Annual report 2024    693
In the tax on financial operations (IOF), Decree 10,997/2022 established the reduction to 0% of the IOF applicable to foreign financing and lending transactions, and a gradual reduction in the rates applicable to foreign exchange transactions until their reduction to 0%, as from 2 January 2029.
In December 2023, Congress approved Constitutional Amendment 132/2023 on indirect taxation reform, that has been developed through PLP No. 68/2024 approved in December 2024. This reform replaces the various existing indirect taxes in Brazil, -applicable at the federal, regional and municipal levels-, with two taxes administered at federal level (contribution on goods and services and selective tax) and other administered at regional and municipal levels (tax on goods and services). The new system will be gradually implemented over a transitional period of 8 years (from 2026 to 2033).
Additionally, Law 14,973/2024 has partially extended the payroll tax until 31 December 2027, establishing an optional regime of employees social contributions applicable to certain sectors of activity, which allows calculating these social contributions as a percentage of gross income (between 1% and 4.5%, depending on sector), instead of the general regime consisting of a percentage (20%) of the payroll paid to employees.
In Argentina, since 23 December 2024, Tax for an Inclusive and Solidarity Argentina (PAIS) was eliminated, which imposed certain foreign currency purchasing operations in order to make payments abroad. Likewise, General Resolution (AFIP) No. 5,554 cancels, with effect 1 September 2024, the obligation to practice withholding for VAT and income tax on electronic payments.
In Chile, Law 27,713 on the Compliance of Tax Obligations was published in October 2024, which amends, among other rules, the Tax Code, the Income Tax Law and the VAT Law. In addition, in July 2024, Law 21,681 was published, which, among other measures, establishes a new Substitute Tax of Final Tax, which allows tax profits to be distributed up to 31 January 2025 with a fixed rate of 12%, reducing the tax cost of its distribution.
In the United States, during 2022, Inflation Reduction Act (IRA) was approved, which, among other measures, imposed a minimum taxation on the accounting results of certain large companies, through the introduction of a new Alternative Minimum Tax (AMT) from 2023, as well as relevant tax credits related with investments in clean energies.


h) Other information
In compliance with the disclosure requirement established in the listing rules instrument 2005 published by the UK Financial Conduct Authority, it is hereby stated that shareholders of the Bank resident in the United Kingdom will be entitled to a tax credit for taxes paid abroad in respect of withholdings that the Bank has to pay on the dividends to be paid to such shareholders if the total income of the dividend exceeds the amount of exempt dividends of GBP 500 for the year 2024/25 (GBP 1,000 for the year 2023/24). The shareholders of the Bank resident in the United Kingdom who hold their ownership interest in the Bank through Santander Nominee Service will be informed directly of the amount thus withheld and of any other data they may require to complete their tax returns in the United Kingdom. The other shareholders of the Bank resident in the United Kingdom should contact their bank or securities broker.
Banco Santander, S.A., is part of the Large Business Forum and has adhered since 2010 to the Code of Good Tax Practices in Spain. Also Santander UK is a member of the HMRC’s (His Majesty's Revenue and Customs) Code of Practice on Taxation in the United Kingdom and Santander Portugal has adhered to the Code of Good Tax Practices in Portugal, actively participating in the cooperative compliance programs being developed by these Tax Administrations.
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28. Non-controlling interests
Non-controlling interests include the net amount of the equity of subsidiaries attributable to equity instruments that do not belong, directly or indirectly, to the Bank, including the portion attributed to them of profit for the year.
a) Breakdown
The detail, by Group company, of 'Equity - Non-controlling interests' is as follows:
EUR million
 202420232022
Santander Bank Polska S.A.2,320 1,934 1,603 
Grupo PSA1,725 1,590 1,728 
Banco Santander - Chile1,364 1,379 1,317 
Banco Santander (Brasil) S.A.1,257 1,493 1,210 
Banco Santander México, S.A. Institución de Banca Múltiple, Grupo Financiero Santander México3 4 251 
Other companiesA
887 1,311 1,213 
7,556 7,711 7,322 
Profit/(Loss) for the year attributable to non-controlling interests1,170 1,107 1,159 
Of which:
Grupo PSA217 285 323 
Banco Santander - Chile271 235 280 
Banco Santander (Brasil) S.A.233 182 259 
Santander Bank Polska S.A.413 347 196 
Banco Santander México, S.A. Institución de Banca Múltiple, Grupo Financiero Santander México— 13 42 
Other companies36 45 59 
TOTAL8,726 8,818 8,481 
A.Includes perpetual Santander UK plc equity instruments convertible at the option of Santander UK plc into preferred shares of the entity itself (EUR 576 million and EUR 564 million in 2023 and 2022, respectively). During 2024, the last outstanding issuance held by third parties was redeemed in advance for an amount of GBP 500 million (EUR 590 million at the transaction rate).
b) Changes
The changes in Non-controlling interests are summarised as follows:
EUR million
202320222021
Balance at beginning of year8,818 8,481 10,123 
Other comprehensive income(461)297 248 
Other369 40 (1,890)
Profit attributable to non-controlling interests1,170 1,107 1,159 
Modification of participation ratesA
395 (258)(1,811)
Change of perimeter(8)(364)31 
Dividends paid to minority shareholders(660)(748)(500)
Changes in capital and other conceptsB
(528)303 (769)
Balance at end of year8,726 8,818 8,481 
A.Include the effects of the accelerated placement of 5.2% of the share capital of Santander Bank Polska S.A. in 2024, the public offer for the acquisition of shares of Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México that occurred in 2023 and the purchase of shares of Santander Holdings USA, Inc. on Santander Consumer USA Holdings Inc. occurred in 2022 (see note 3.b).
B.Includes the effects of the amortization of AT1 UK by EUR 590 million and EUR 756 million at closing of fiscal years 2024 and 2022, respectively.
The foregoing changes are shown in the consolidated statement of changes in total equity.

c) Other information
The financial information on the subsidiaries with significant non-controlling interests at 31 December 2024 is summarised below:
EUR millionA
Santander Bank Polska S.A.Banco Santander (Brasil) S.A.Banco Santander - ChileGrupo PSA
Total assets68,269 205,510 70,434 45,373 
Total liabilities61,439 190,020 64,983 41,458 
Net assets6,830 15,490 5,451 3,915 
Total income3,555 13,536 2,592 1,053 
Total profit1,219 2,665 899 431 
A.Information prepared using corporate management criteria, which may not coincide with those published individually by each entity.
LogoSantanderPie_76.jpg Annual report 2024    695
29. Other comprehensive income
The balances of 'Other comprehensive income' include the amounts, net of the related tax effect, of the adjustments to assets and liabilities recognised in equity through the consolidated statement of recognised income and expense. The amounts arising from subsidiaries are presented, on a line by line basis, in the appropriate items according to their nature.
Respect to items that may be reclassified to profit or loss, the consolidated statement of recognised income and expense includes changes in other comprehensive income as follows:
•Revaluation gains (losses): includes the amount of the income, net of the expenses incurred in the year, recognised directly in equity. The amounts recognised in equity in the year remain under this item, even if in the same year they are transferred to the income statement or to the initial carrying amount of the assets or liabilities or are reclassified to another line item.
•Amounts transferred to income statement: includes the amount of the revaluation gains and losses previously recognised in equity, even in the same year, which are recognised in the income statement.
•Amounts transferred to initial carrying amount of hedged items: includes the amount of the revaluation gains and losses previously recognised in equity, even in the same year, which are recognised in the initial carrying amount of assets or liabilities as a result of cash flow hedges.
•Other reclassifications: includes the amount of the transfers made in the year between the different "Other comprehensive income" items.

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a) Breakdown of Other comprehensive income - Items that will not be reclassified in results and Items that can be classified in results
EUR millionA
2024 2023 2022 
Other comprehensive income
(36,595)(35,020)(35,628)
Items that will not be reclassified to profit or loss
(4,757)(5,212)(4,635)
Actuarial gains and losses on defined benefit pension plans(4,404)(4,324)(3,945)
Non-current assets held for sale— — — 
Share in other income and expenses recognised in investments, joint ventures and associates(1)1 10 
Other valuation adjustments— — — 
Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income(432)(776)(672)
Inefficiency of fair value hedges of equity instruments measured at fair value with changes in other comprehensive income— — — 
Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income (hedged item)284 264 293 
Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income (hedging instrument)(284)(264)(293)
Changes in the fair value of financial liabilities measured at fair value through profit or loss attributable to changes in credit risk80 (113)(28)
Items that may be reclassified to profit or loss
(31,838)(29,808)(30,993)
Hedges of net investments in foreign operations (Effective portion)(8,002)(8,684)(6,750)
Exchange differences(22,375)(19,510)(20,420)
Hedging derivatives. Cash flow hedges (Effective portion)(298)(740)(2,437)
Changes in the fair value of debt instruments measured at fair value with changes in other comprehensive income(736)(555)(1,002)
Hedging instruments (items not designated)— — — 
Non-current assets classified as held for sale— — — 
Share in other income and expenses recognised in investments, joint ventures and associates(427)(319)(384)
A.Net amount of taxes and minorities
b) Other comprehensive income- Items not reclassified to profit or loss – Actuarial gains or (-) losses on defined benefit pension plans
'Other comprehensive income  —Items not reclassified to profit or loss—  Actuarial gains or (-) losses on defined benefit pension plans' include the actuarial gains and losses and the return on plan assets, less the administrative expenses and taxes inherent to the plan, and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset), attributed to the group net of taxes.
In 2024, the amount of actuarial losses (net of actuarial gains) recognized in the consolidated statement of recognised income was EUR 584 million, which corresponds to:
•In first place, due to the addition against equity of 2024 amounting to EUR 643 million - see note 25.b -, with the following breakdown:
•Increase of EUR 475 million in the cumulative actuarial losses relating to the Group´s businesses in the UK, mainly due to the evolution of the asset portfolio. These losses have been partially offset by the evolution experienced in the discount rate- increase from 4.63% to 5.54%.

•Increase of EUR 160 million in accumulated actuarial losses corresponding to the Group’s business in Brazil, mainly due to the collective experience and the evolution of the asset portfolio. These losses have been partially offset by the evolution experienced by the discount rate -increase from 8.65% to 10.58% in the main pension benefits and 8.70% to 10.50% in medical benefits.
•Increase of EUR 21 million in the accumulates actuarial losses relating to the Group´s entities in Spain, mainly due to the evolution experienced by the discount rate -reduction from 3.35% to 3.00%-.
•Decrease of EUR 13 million in the accumulated actuarial losses corresponding to the Group's businesses in other geographical areas.
•In second place, due to the evolution of exchange rates, a EUR 59 million decrease.
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c) Other comprehensive income - Items that will not be reclassified in results - Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income
Since the entry into force of IFRS 9, no impairment analysis is performed of equity instruments recognised under 'Other comprehensive income'. IFRS 9 eliminates the need to carry out the impairment estimate on this class of equity instruments and the reclassification to profit and loss on the disposal of these assets, being recognised at fair value with changes in equity.
The following is a breakdown of the composition of the balance as of 31 December 2024, 2023 and 2022 under '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 global result' depending on the geographical origin of the issuer:








EUR million
2024
Capital gains by valuationCapital losses by valuationNet gains/losses by valuationFair Value
Equity instruments
Domestic
Spain39 (1328)(1,289)117 
International
Rest of Europe131 (71)60 299 
United States22 — 22 24 
Latin America and rest775 — 775 1,753 
967 (1,399)(432)2,193 
Of which:
Publicly listed779 (51)728 1,780 
Non publicly listed188 (1,348)(1,160)413 
EUR million
2023
Capital gains by valuationCapital losses by valuationNet gains/losses by valuationFair Value
Equity instruments
Domestic
Spain32 (1,173)(1,141)252 
International
Rest of Europe117 (71)46 267 
United States16 — 16 19 
Latin America and rest370 (67)303 1,223 
535 (1,311)(776)1,761 
Of which:
Publicly listed316 (118)198 1,225 
Non publicly listed219 (1,193)(974)536 
LogoSantanderPie_76.jpg Annual report 2024    698
EUR million
2022
Capital gains by valuationCapital losses by valuationNet gains/losses by valuationFair Value
Equity instruments
Domestic
Spain30 (926)(896)500 
International
Rest of Europe84 (60)24 225 
United States15 — 15 29 
Latin America and rest244 (59)185 1,187 
373 (1,045)(672)1,941 
Of which:
Publicly listed246 (113)133 1,200 
Non publicly listed127 (932)(805)741 
d) Other comprehensive income - Items that may be reclassified to profit or loss - Hedge of net investments in foreign operations (effective portion) and exchange differences
The change in 2024 reflects the positive effect of the appreciation of pound sterling, the US dollar and Polish zloty and the negative effect of the depreciation of the Brazilian real, Argentine peso, Mexican peso and Chilean peso, whereas the change in 2023 reflected positive effect of the appreciation of the Brazilian real, the US dollar and the Mexican peso and the negative effect of the depreciation of the pound sterling. The change in 2022 reflected the positive effect of the generalized appreciation of the main currencies, especially the Brazilian real, the pound sterling, the US dollar and the Mexican peso.
Of the change in the balance in these years, a loss of EUR 568 million, a profit of EUR 249 million and a profit of EUR 494 million in 2024, 2023 and 2022, respectively relate to the measurement of goodwill.
The detail, by country is as follows:
EUR million
202420232022
Net balance at end of year(30,377)(28,194)(27,170)
Of which:
Brazilian real(19,293)(16,340)(16,735)
Pound sterling(3,444)(3,964)(4,219)
Mexican peso(3,995)(2,942)(3,010)
Argentine peso(2,090)(2,655)(1,755)
Chilean peso(2,857)(2,531)(2,081)
US dollar2,923 1,819 2,384 
Polish zloty(709)(786)(999)
Other(912)(795)(755)

LogoSantanderPie_76.jpg Annual report 2024    699
The breakdown of translation differences by currency is as follows:
EUR million
2024Of which:
CurrencyBalance at the beginning of the yearBalance at the end of the yearMovementFrom goodwill
From resultsA
From net assets
Brazilian real(13,287)(16,664)(3,377)(631)(206)(2,540)
Pound sterling(4,064)(3,300)764 39 22 703 
Mexican peso(64)(1,437)(1,373)(82)(136)(1,155)
Argentine peso(2,658)(2,090)568 — — 568 
Chilean peso(1,890)(2,180)(290)(34)(7)(249)
US dollar3,433 4,462 1,029 116 35 878 
Polish zloty(325)(202)123 34 5 84 
Other(655)(964)(309)(10)(8)(291)
Total Group(19,510)(22,375)(2,865)(568)(295)(2,002)
A.Profit and loss items are translated into euros at the average exchange rate for the year as described in note 2 a) ii.
EUR million
2023Of which:
CurrencyBalance at the beginning of the yearBalance at the end of the yearMovementFrom goodwill
From resultsA
From net assets
Brazilian real(14,199)(13,287)912 191 11 710 
Pound sterling(4,446)(4,064)382 20 4 358 
Mexican peso(1,132)(64)1,068 62 41 965 
Argentine peso(1,754)(2,658)(904)(4)— (900)
Chilean peso(1,605)(1,890)(285)(32)(34)(219)
US dollar4,062 3,433 (629)(64)(16)(549)
Polish zloty(776)(325)451 87 32 332 
Other(570)(655)(85)(11)(1)(73)
Total Group(20,420)(19,510)910 249 37 624 
A.Profit and loss items are translated into euros at the average exchange rate for the year as described in note 2 a) ii.

EUR million
2022Of which:
CurrencyBalance at the beginning of the yearBalance at the end of the yearMovementFrom goodwill
From resultsA
From net assets
Brazilian real(15,913)(14,199)1,714 376 (98)1,436 
Pound sterling(3,504)(4,446)(942)(51)(67)(824)
Mexican peso(2,012)(1,132)880 56 18 806 
Argentine peso(2,109)(1,754)355 — — 355 
Chilean peso(1,852)(1,605)247 31 5 211 
US dollar2,775 4,062 1,287 102 (24)1,209 
Polish zloty(678)(776)(98)(21)— (77)
Other(594)(570)24 3 (7)28 
Total Group(23,887)(20,420)3,467 496 (173)3,144 
A.Profit and loss items are translated into euros at the average exchange rate for the year as described in note 2 a) ii.

LogoSantanderPie_76.jpg Annual report 2024    700
e) Other comprehensive income -Items that may be reclassified to profit or loss - Hedging derivatives – Cash flow hedges (Effective portion)
Other comprehensive income – Items that may be reclassified to profit or loss - Cash flow hedges includes the gains or losses attributable to hedging instruments that qualify as effective hedges. These amounts will remain under this heading until they are recognised in the consolidated income statement in the periods in which the hedged items affect it.
f) Other comprehensive income - Items that may be reclassified to profit or loss – Changes in the fair value of debt instruments measured at fair value with changes in other comprehensive income
Includes the net amount of unrealised changes in the fair value of assets classified as Changes in the fair value of debt instruments measured at fair value with changes in other comprehensive income (see note 7).
The breakdown, by type of instrument and geographical origin of the issuer, of 'Other comprehensive income – Items that may be reclassified to profit or loss - Changes in the fair value of debt instruments measured at fair value with changes in other comprehensive income' at 31 December 2024, 2023 and 2022 is as follows:
EUR million
31 December 2024
Revaluation gainsRevaluation lossesNet revaluation gains/ (losses)Fair value
Debt instruments
Issued by Public-sector
Spain103 — 103 13,764 
Rest of Europe268 (70)198 15,413 
Latin America and rest of the world76 (944)(868)38,784 
Issued by Private-sector
Spain96 (23)73 6,019 
Rest of Europe25 (18)7 7,478 
Latin America and rest of the world16 (265)(249)6,247 
584 (1,320)(736)87,705 
LogoSantanderPie_76.jpg Annual report 2024    701
EUR million
31 December 2023
Revaluation gainsRevaluation lossesNet revaluation gains/ (losses)Fair value
Debt instruments
Issued by Public-sector
Spain17 — 17 9,867 
Rest of Europe333 (96)237 18,258 
Latin America and rest of the world194 (820)(626)38,169 
Issued by Private-sector
Spain98 (9)89 5,129 
Rest of Europe19 (30)(11)5,018 
Latin America and rest of the world6 (267)(261)5,106 
667 (1,222)(555)81,547 
EUR million
31 December 2022
Revaluation gainsRevaluation lossesNet revaluation gains/ (losses)Fair value
Debt instruments
Issued by Public-sector
Spain26 (1)25 9,312 
Rest of Europe268 (199)69 17,593 
Latin America and rest of the world196 (937)(741)40,873 
Issued by Private-sector
Spain— (24)(24)5,727 
Rest of Europe11 (68)(57)5,203 
Latin America and rest of the world16 (290)(274)4,590 
517 (1,519)(1,002)83,298 

Since the entry into force of IFRS 9, the Group estimates the expected losses on debt instruments measured at fair value with changes in other comprehensive income. These losses are recorded with a charge to the consolidated income statement for the period.
At the end of the years 2023 and 2022, the Group recorded under 'Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss', net due to modification of the consolidated income statement, in the line of financial assets at fair value with changes in other comprehensive income a provision of EUR 44 million and EUR 7 million, respectively.
At the end of the year 2024, the Group did not record any provision in this regard.
g) 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
At 31 December 2024, the heading includes a negative amount of EUR 428 million (EUR 318 million and EUR 374 million in 2023 and 2022, respectively). Of the variation in the balance of said years, a gain of EUR 45 million and EUR 44 million has been transferred to results, and a loss of EUR 15 million in the years 2024 2023 and 2022, respectively.
30. Shareholders' equity
The changes in Shareholders' equity are presented in the consolidated statement of changes in total equity. Significant information on certain items of Shareholders' equity and the changes during the year are set forth below.

LogoSantanderPie_76.jpg Annual report 2024    702
31. Issued capital
a) Changes
At 31 December 2021, Banco Santander's share capital consisted of EUR 8,670 million, represented by 17,340,641,302 shares of EUR 0.50 of nominal value each and all of them of a unique class and series.
On 1 April 2022, there was a capital reduction amounting to EUR 129,965,136.50 through the redemption of 259,930,273 shares, corresponding to the share buyback program carried out in 2021.
Likewise, on 28 June 2022, Banco Santander decreased its capital by an amount of EUR 143,154,722.50 through the redemption of 286,309,445 shares, corresponding to the share buyback program carried out during the first half of 2022.
Therefore, at 31 December 2022, Banco Santander's share capital consisted of EUR 8,397 million, represented by 16,794,401,584 shares of EUR 0.50 of nominal value each and all of them of a unique class and series. It includes 220,942,806 shares corresponding to the first 2022 share buyback program.
On 21 March 2023, there was a capital reduction amounting EUR 170,203,286 through the redemption of 340,406,572 shares, corresponding to the share buyback program carried out in 2022 and ended in January 2023.
Likewise, on 30 June 2023, there was a capital reduction of EUR 134,924,476.50 through the redemption of 269,848,953 shares, corresponding to the share buyback program during the first half of 2023.
Therefore, Banco Santander's share capital at 31 December 2023 consisted of EUR 8,092 million, represented by 16,184,146,059 shares of EUR 0.50 of nominal value each and all of them of a unique class and series; including 286,842,316 shares corresponding to the first buyback program of 2023 (see note 1.g.).
On 5 February 2024, a capital reduction of EUR179,283,743.50 took place through the redemption of 358,567,487 shares, corresponding to the share buyback program carried out in 2023 and ended in January 2024.
On 1 July 2024, a capital reduction of EUR 165,652,500 took place through the redemption of 331,305,000 shares, corresponding to he share buyback program carried out between February and June 2024.
On 20 December 2024, a capital reduction of EUR 170,890,625 took place through the redemption of 341,781,250 shares, corresponding to he share buyback program carried out during the second semester of 2024.
Aforementioned operations have not entailed the return of contributions to the shareholders as Banco Santander was the owner of the redeemed shares.
Therefore, Banco Santander's share capital at 31 December 2024 consisted of EUR 7,576 million, represented by 15,152,492,322 shares of EUR 0.50 of nominal value each and all of them of a unique class and series.
Banco Santander’s shares are listed on the Spanish Stock Market Interconnection System and on the New York, London and Warsaw Stock Exchanges, and all of them have the same features and rights. Santander shares are listed on the London Stock Exchange under Crest Depository Interest (CDI), each CDI representing one Bank’s share. They are also listed on the New York Stock Exchange under American Depositary Shares (ADS), each ADS representing one share. Additionally, Banco Santander's shares were listed on the traditional listing of the Mexican Stock Exchange (BMV) and since 29 December 2023, they were listed only in the International Quotation System of said stock exchange.
As of 31 December 2024, no Banco Santander shareholder individually held more than 3% of its total share capital (which is the threshold generally provided for in Spanish regulations for mandatory notification of a significant participation in a listed company). Even though at 31 December 2024, certain custodians appeared in our shareholder registry as holding more than 3% of our share capital, we understand that those shares were held in custody on behalf of other investors, none of whom exceeded that threshold individually. These custodians were State Street Bank (15.26%), The Bank of New York Mellon Corporation (7.16%), Chase Nominees Limited (6.01%) Citibank New York (3.99%) and BNP (3.36%).
At 31 December 2024, neither Banco Santander's shareholder registry nor the CNMV's registry showed any shareholder residing in a non-cooperative jurisdiction with a shareholding equal to, or greater than, 1% of our share capital (which is the other threshold applicable under Spanish regulations).
b) Other considerations
Under Spanish law, only shareholders at the general meeting have the authority to increase share capital. However, they may delegate the authority to approve or execute capital increases to the board of directors. Banco Santander´s Bylaws are fully aligned with Spanish law and do not establish any different conditions for share capital increases.
At 31 December 2024 the shares of the following companies were listed on official stock markets: Banco Santander - Chile; Banco Santander (Brasil) S.A. and Santander Bank Polska S.A.
At 31 December 2024 the number of Banco Santander shares owned by third parties and managed by Group management companies (mainly portfolio, collective investment undertaking and pension fund managers) or jointly managed was 40 million shares, which represented 0.26% of Banco Santander’s share capital (36 and 50 million shares, representing 0.22% and 0.30% of the share capital in 2023 and 2022, respectively). In addition, the number of Banco Santander shares owned by third parties and received as security was 78 million shares (equal to 0.51% of the Bank’s share capital).
At 31 December 2024 the capital increases in progress at Group companies and the additional capital authorised by their shareholders at the respective general meetings were not material at Group level (see appendix V)
LogoSantanderPie_76.jpg Annual report 2024    703
32. Share premium
Share premium includes the amount paid up by the Bank’s shareholders in capital issues in excess of the par value.
The Corporate Enterprises Act expressly permits the use of the share premium account balance to increase capital at the entities at which it is recognised and does not establish any specific restrictions as to its use.
The change in the balance of share premium corresponds to the capital reductions detailed in note 31.a).
The decreased produced in 2022 by an amount of EUR 1,433 million was the consequence of the difference between the purchase value of the redeemed shares (EUR 1,706 million) and the par value of said shares (EUR 273 million) as a consequence of the capital decreases described in note 31.a.
The decrease produced in 2023 by an amount of EUR 1,595 million was the consequence of the difference between the purchase value of the redeemed shares (EUR 1,900 million) and the par value of said shares (EUR 305 million) (see note 4.a and consolidated statements of changes in total equity) as a consequence of the capital decreases described in note 31.a.
The decrease produced in 2024 by an amount of EUR 3,778 million has been the consequence of the difference between the purchase value of the redeemed shares (EUR 4,294 million) and the par value of said shares (EUR 516 million) (see note 4.a and consolidated statements of changes in total equity) as a consequence of the capital decreases described in note 31.a.
Likewise, in accordance with the applicable legislation, a reserve has been provided in 2024 for amortized capital charged to the issue premium for an amount equal to the nominal value of said amortized shares ascending to EUR 516 million (EUR 305 million and EUR 273 million euros in 2023 and 2022 respectively).

33. Accumulated retained earnings
a) Definitions
The balance of 'Equity - Accumulated gains and Other reserves' includes the net amount of the accumulated results (profits or losses) recognised in previous years through the consolidated income statement which in the profit distribution were allocated in equity, the expenses of own equity instrument issues, the differences between the amount for which the treasury shares are sold and their acquisition price, as well as the net amount of the results accumulated in previous years, generated by the result of non-current assets held for sale, recognised through the consolidated income statement.
b) Breakdown
The detail of Accumulated retained earnings and Reserves of entities accounted for using the equity method is as follows:
EUR million
202420232022
Restricted reserves3,084 2,899 2,798 
Legal reserveA
1,515 1,618 1,734 
Own shares421 649 737 
Revaluation reserve Royal Decree-Law 7/199643 43 43 
Reserve for retired capital1,105 589 284 
Unrestricted reserves24,186 16,033 7,701 
Voluntary reservesB
20,362 14,284 7,917 
Consolidation reserves attributable to the Bank3,824 1,749 (216)
Reserves of subsidiaries47,249 47,669 49,196 
Reserves of entities accounted for using the equity method1,831 1,762 1,553 
76,350 68,363 61,248 
A.The board of directors has proposed to the general shareholders' meeting the reclassification of the excess that the amount of the balance of the legal reserve account shows over the figure that is equivalent to 20% of the resulting share capital after the executed capital reductions, to be included in the voluntary reserves account.
B.In accordance with the commercial regulations in force in Spain.
i. Legal reserve
Under the Consolidated Spanish Corporate Enterprises Act, 10% of net profit for each year must be transferred to the legal reserve. These transfers must be made until the balance of this reserve reaches 20% of the share capital. The legal reserve can be used to increase capital provided that the remaining reserve balance does not fall below 10% of the increased share capital amount.
Consequently, once again, after the capital increases described in note 31 had been carried out, the balance of the legal reserve met the percentage of 20% of the share capital, and at 31 December 2024 the Legal reserve was at the stipulated level.
LogoSantanderPie_76.jpg Annual report 2024    704
ii. Reserve for treasury shares
According to the Corporate Enterprises Act, an unavailable reserve equivalent to the amount for which Banco Santander's shares owned by subsidiaries are recorded. This reservation shall be freely available when the circumstances which have obliged its constitution disappear. In addition, this reserve covers the outstanding balance of loans granted by the Group with Banco Santander's share guarantee and the amount equivalent to the credits granted by the Group companies to third parties for the acquisition of own shares.
iii. Revaluation reserve Royal Decree Law 7/1996, of 7 June
The balance of Revaluation reserve Royal Decree-Law 7/1996 can be used, free of tax, to increase share capital. From 1 January 2007, the balance of this account can be taken to unrestricted reserves, provided that the monetary surplus has been realised. The surplus will be deemed to have been realised in respect of the portion on which depreciation has been taken for accounting purposes or when the revalued assets have been transferred or derecognised.
If the balance of this reserve were used in a manner other than that provided for in Royal Decree law 7/1996, of 7 June, it would be subject to taxation.
iv. Reserves of subsidiaries
The detail, by company, of Reserves of subsidiaries, based on the companies’ contribution to the Group (considering the effect of consolidation adjustments) is as follows:
EUR million
202420232022
Banco Santander (Brasil) S.A. (Consolidated Group)15,107 14,512 14,663 
Santander UK Group8,576 8,700 8,358 
Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México5,248 5,684 5,437 
Santander Consumer Finance Group4,729 4,344 3,858 
Banco Santander - Chile4,250 4,112 3,875 
Banco Santander Argentina S.A.2,892 2,813 2,527 
Banco Santander Totta, S.A. (Consolidated Group)2,766 2,626 3,297 
Santander Bank Polska S.A.2,890 2,535 2,140 
Grupo Santander Holdings USA187 1,893 4,324 
Santander Investment, S.A.1,217 1,215 1,316 
Santander Seguros y Reaseguros, Compañía Aseguradora, S.A.836 1,044 1,050 
Banco Santander International SA (former Banco Santander (Suisse) S.A)397 346 310 
Other companies and consolidation adjustments(1,846)(2,155)(1,959)
47,249 47,669 49,196 
Of which, restricted4,175 3,870 3,614 
34. Other equity instruments and own shares
a) Equity instruments issued not capital and other equity instruments
Other equity instruments includes the equity component of compound financial instruments, the increase in equity due to personnel remuneration, and other items not recognised in other 'Shareholders’ equity' items.
On 8 September 2017, Banco Santander, S.A. issued contingent redeemable perpetual bonds (the fidelity bonds) amounting to EUR 981 million nominal value EUR - 686 million fair value -.
On 15 December 2024, Banco Santander, S.A., proceeded to redeem in advance voluntarily all of said bonds in circulation.
Additionally, at 31 December 2024 the Group had other equity instruments amounting to EUR 217 million.
b) Own shares
'Shareholders’ equity - Own shares' includes the amount of own equity instruments held by all the Group entities.
Transactions involving own equity instruments, including their issuance and cancellation, are recognised directly in equity, and no profit or loss may be recognised on these transactions. The costs of any transaction involving own equity instruments are deducted directly from equity, net of any related tax effect.
At 31 December 2022, the number of treasury shares held by the Group was 243,689,025 (1.45% of the issued share capital).
During 2023, 911,293,677 shares of the Bank were acquired at an average price of EUR 3.41 per share, of which 389,312,719 relate to the Share Buyback Program carried out during the first half of 2023, and 286,842,316 relate to the Share Buyback Program started on September. Likewise, 610,255,525 shares were amortised (note 31) and 246,911,504 shares at an average price of EUR 3.34 per share were transferred, of which 6,617,008 shares correspond to the donation made by Banco Santander to Fundación Banco Santander with extraordinary character.
At 31 December 2023, the number of treasury shares held by the Group was 297,815,673 (1.84% of the issued share capital).
During 2024, 930,610,636 shares of the Bank were acquired at an average price of EUR 4.34 per share, of which 403,030,171 relate to the Share Buyback Program carried out during the first half of 2024, and 341,781,250 relate to the new Share Buyback Program started on September. Likewise, 1,031,653,737 shares were amortised (note 31) and 181,243,113 shares at an average price of EUR 4.22 per share have been transferred, of which 22,167,105 shares correspond to the donation made by Banco Santander to Fundación Banco Santander with extraordinary character.
At 31 December 2024, the Group holds 15,529,459 shares of the Bank's issued share capital (0.10%).
The effect on equity, net of tax, arising from the purchase and sale of Bank shares is of EUR 8 million profit in 2024 (EUR 13 million and EUR 7 million profit in 2023 and 2022, respectively).
LogoSantanderPie_76.jpg Annual report 2024    705
35. Memorandum items
Memorandum items relates to balances representing rights, obligations and other legal situations that in the future may have an impact on net assets, as well as any other balances needed to reflect all transactions performed by the consolidated entities although they may not impinge on their net assets.
a) Guarantees and contingent commitments granted
Contingent liabilities includes all transactions under which an entity guarantees the obligations of a third party and which result from financial guarantees granted by the entity or from other types of contracts. The detail is as follows:
202420232022
Loans commitment granted302,861 279,589 274,075 
Of which impaired511 406 653 
Financial guarantees granted16,901 15,435 12,856 
Of which impaired217 578 521 
Financial guarantees16,887 15,400 12,813 
Credit derivatives sold14 35 43 
Other commitments granted134,493 113,273 92,672 
Of which impaired793 542 608 
Technical guarantees61,551 57,363 50,508 
Other72,942 55,910 42,164 
The breakdown as at 31 December 2024 of the exposures and the provision fund out of balance sheet by impairment stage is EUR 435,147 million and EUR 305 million (EUR 398,243 million and EUR 302 million in 2023 and EUR 370,729 million and EUR 331 million in 2022) in stage 1, EUR 17,587 million and EUR 192 million (EUR 8,528 million and EUR 174 million in 2023 and EUR 7,092 million and EUR 191 million in 2022) in stage 2 and EUR 1,521 million and EUR 213 million (EUR 1,526 million and EUR 226 million in 2023 and EUR 1,782 million and EUR 212 million in 2022) in stage 3, respectively.
Income from guarantee instruments is recognised under 'Fee and commission income' in the consolidated income statements and is calculated by applying the rate established in the related contract to the nominal amount of the guarantee.
i. Loan commitments granted
Loan commitments granted: firm commitments of grating of credit under predefined terms and conditions, except for those that comply with the definition of derivatives as these can be settled in cash or through the delivery of issuance of another financial instrument. They include stand-by credit lines and long-term deposits.
ii. Financial guarantees granted
Financial guarantees includes, inter alia, financial guarantee contracts such as financial bank guarantees, credit derivatives sold, and risks arising from derivatives arranged for the account of third parties.
iii. Other commitments granted
Other contingent liabilities include all commitments that could give rise to the recognition of financial assets not included in the above items, such as technical guarantees and guarantees for the import and export of goods and services.
b) Memorandum items
i. Off-balance-sheet funds under management
The detail of off-balance-sheet funds managed by the Group and by joint ventures is as follows:
EUR million
202420232022
Investment funds178,840 165,174 142,189 
Pension funds15,646 14,831 14,021 
Assets under management35,999 29,732 25,670 
230,485 209,737 181,880 
ii. Non-managed marketed funds
Additionally, at 31 December 2024 there are non-managed marketed funds totalling EUR 62,002 million (EUR 50,036 million and EUR 48,379 million at 31 December 2023 and 2022, respectively).
c) Third-party securities held in custody
At 31 December 2024 the Group held in custody debt securities and equity instruments totalling EUR 292,216 million (EUR 268,338 million and EUR 231,263 million at 31 December 2023 and 2022, respectively) entrusted to it by third parties.
36. Hedging derivatives
Grupo Santander, within its financial risk management strategy, and in order to reduce asymmetries in the accounting treatment of its operations, enters into hedging derivatives on interest, exchange rate, credit risk or variation of stock prices, depending on the nature of the risk covered.
Based on its objective, Grupo Santander classifies its hedges in the following categories:
•Cash flow hedges: cover the exposure to the variation of the cash flows associated with an asset, liability or a highly probable forecast transaction. This cover the variable-rate issues in foreign currencies, fixed-rate issues in non-local currency, variable-rate interbank financing and variable-rate assets (bonds, commercial loans, mortgages, etc.).
•Fair value hedges: cover the exposure to the variation in the fair value of assets or liabilities, attributable to an identified and hedged risk. This covers the interest risk of assets or liabilities (bonds, loans, bills, issues, deposits, etc.) with coupons or fixed interest rates, interests in entities, issues in foreign currencies and deposits or other fixed rate liabilities.
•Hedging of net investments abroad: cover the exchange rate risk of the investments in subsidiaries domiciled in a country with a different currency from the functional one of the Group.

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The following tables contains the detail of the hedging derivatives according to the type of hedging, the hedge risk and the main products used as of 31 December 2024, 2023 and 2022:
EUR million
2024
Carrying amount
Nominal valueAssetsLiabilitiesChanges in fair value used for calculating hedge ineffectivenessBalance sheet line items
Fair value hedges308,897 2,584 2,964 483 
Interest rate risk290,152 2,070 2,319 373 Hedging derivatives
Of which:
Interest rate swap108,435 1,185 2,074 (165)
Call money swap168,280 393 8 321 
Exchange rate risk4,411 13 59 101 Hedging derivatives
Of which:
Fx forward2,240 8 39 (2)
Future interest rate2,059 — — 91 
Interest rate and exchange rate risk13,739 501 586 8 Hedging derivatives
Of which:
Interest rate swap882 5 65 17 
Call money swap1,838 10 — 29 
Currency swap11,019 486 520 (38)
Base risk500 — — — Hedging derivatives
Interest rate swap500 — — — 
Equity risk95 — — 1 Hedging derivatives
Equity swap95 — — 1 
Cash flow hedges179,271 2,415 1,519 558 
Interest rate risk134,503 1,060 1,089 144 
Of which:
Future interest rate6,621 — — 225 
Interest rate swap43,081 485 241 231 
Call money swap63,582 303 237 (361)
Exchange rate risk30,653 738 258 459 Hedging derivatives
Of which:
FX forward9,286 362 51 408 
Currency swap19,957 323 189 114 
Interest rate and exchange rate risk11,724 539 172 26 Hedging derivatives
Interest rate swap3,092 (6)46 75 
Currency swap8,632 545 126 (49)
Inflation risk2,316 58 — (69)Hedging derivatives
Of which:
Inflation swap2,163 57 — 82 
Equity risk75 20 — (2)Hedging derivatives
Equity swap75 20 — (2)
Hedges of net investments in foreign operations23,559 673 269 420 
Exchange rate risk23,559 673 269 420 Hedging derivatives
FX forward23,559 673 269 420 
511,727 5,672 4,752 1,461 
LogoSantanderPie_76.jpg Annual report 2024    707
EUR million
2023
Carrying amount
Nominal valueAssetsLiabilitiesChanges in fair value used for calculating hedge ineffectivenessBalance sheet line items
Fair value hedges241,792 2,661 4,231 (1,869)
Interest rate risk225,377 2,280 3,644 (1,684)Hedging derivatives
Of which:
Interest rate swap92,491 1,671 2,236 (47)
Call money swap122,891 344 1,226 (1,824)
Exchange rate risk4,331 15 24 (98)Hedging derivatives
FX forward1,913 15 24 (11)
Future interest rate2,418 — — (87)
Interest rate and exchange rate risk12,084 366 563 (87)Hedging derivatives
Future interest rate1,218 6 82 59 
Currency swap9,773 357 384 (107)
Call money swap1,093 3 97 (39)
Cash flow hedges157,796 2,575 2,889 1,828 
Interest rate risk97,780 913 1,246 2,181 Hedging derivatives
Of which:
Future interest rate3,020 — — 6 
Interest rate swap37,864 403 948 1,188 
Call money swap53,705 469 266 1,000 
Exchange rate risk34,823 1,001 663 (498)Hedging derivatives
Of which:
FX forward11,160 502 241 43 
Currency swap20,043 446 397 (537)
Interest rate and exchange rate risk12,217 484 74 (98)Hedging derivatives
Interest rate swap2,847 — (45)227 
Currency swap9,370 484 119 (325)
Inflation risk12,908 155 906 234 Hedging derivatives
Of which:
Currency swap12,495 153 906 240 
Equity risk68 22 — 9 Hedging derivatives
Option68 22 — 9 
Hedges of net investments in foreign operations18,706 61 536 (1,888)
Exchange rate risk18,706 61 536 (1,888)Hedging derivatives
FX forward18,706 61 536 (1,888)
418,294 5,297 7,656 (1,929)
LogoSantanderPie_76.jpg Annual report 2024    708
EUR million
2022
Carrying amount
Nominal valueAssetsLiabilitiesChanges in fair value used for calculating hedge ineffectivenessBalance sheet line items
Fair value hedges214,473 5,095 4,630 3,351 
Interest rate risk190,513 4,405 4,239 2,554 Hedging derivatives
Of which:
Interest rate swap87,477 2,950 3,203 (716)
Call money swap88,059 1,367 623 3,468 
Exchange rate risk4,492 147 25 (9)Hedging derivatives
FX forward3,745 147 25 (36)
Future interest rate747 — — 27 
Interest rate and exchange rate risk19,412 543 366 805 Hedging derivatives
Of which:
Currency swap9,522 266 286 (61)
Interest rate swap905 4 80 (79)
Future interest rate8,679 261 — 922 
Credit risk56 — — 1 Hedging derivatives
CDS56 — — 1 
Cash flow hedges149,756 2,730 3,767 (519)
Interest rate risk81,626 137 1,325 (2,461)Hedging derivatives
Of which:
Future interest rate2,027 — — 51 
Interest rate swap55,886 59 1,494 (1,439)
Call money swap20,784 49 (184)(1,151)
Exchange rate risk34,973 1,358 746 1,760 Hedging derivatives
Of which:
FX forward10,754 267 172 773 
Currency swap20,005 951 455 982 
Interest rate and exchange rate risk16,175 1,046 292 (80)Hedging derivatives
Interest rate swap3,361 — 161 (333)
Currency swap12,814 1,046 131 249 
Inflation risk16,924 180 1,403 261 Hedging derivatives
Of which:
Currency swap14,096 179 1,364 241 
Equity risk58 9 1 — Hedging derivatives
Option58 9 1 — 
Hedges of net investments in foreign operations22,614 244 831 (2,467)
Exchange rate risk22,614 244 831 (2,467)Hedging derivatives
FX forward22,614 244 831 (2,467)
386,843 8,069 9,228 364 
LogoSantanderPie_76.jpg Annual report 2024    709
Considering the main entities or groups within the Group by the weight of their hedging, the main types of hedging that are being carried out in Santander UK Group Holdings plc group and Banco Santander, S.A.
Santander UK Group Holdings plc group enters into fair value and cash flow hedging derivatives depending on the exposure of the underlying. Only designated risks are hedged and therefore other risks, such as credit risk, are managed but not hedged.
Within fair value hedges, Santander UK Group Holdings plc group has portfolios of assets and liabilities at fixed rate that are exposed to changes in fair value due to changes in market interest rates. These positions are managed by contracting mainly interest rate swaps. Effectiveness is assessed by comparing the changes in the fair value of these portfolios generated by the hedged risk with the changes in the fair value of the derivatives contracted.
Santander UK Group Holdings plc group also has access to international markets to obtain financing by issuing fixed-rate debt or investing in fixed rate debt of other issuers, in its functional currency and other currencies. As such, they are exposed to changes in interest rates and exchange rates, mainly in EUR and USD. This risk is mitigated with cross currency swaps e interest rate swaps in which they pay a fixed rate and receive a variable rate. Effectiveness is evaluated using linear regression techniques to compare changes in the fair value of the debt at interest and exchange rates with changes in the fair value of interest rate swaps or cross currency swaps.
Within the cash flow hedges, Santander UK Group Holdings plc group has portfolios of assets and liabilities at variable rates, normally at SONIA or BoE base rate. To mitigate this market rate variability risk, it contracts interest rate swaps.
As Santander UK Group Holdings plc group obtains financing in the international markets, it assumes a significant exposure to currency risk mainly USD and EUR. In addition, it also holds debt securities for liquidity purposes which assume exposure mainly in JPY and CHF. To manage this exchange rate risk, Spot, Forward y Cross Currency Swap are contracted to match the cash flow profile and the maturity of the estimated interest and principal repayments of the hedged item.
Effectiveness is assessed by comparing changes in the fair value of the derivatives with changes in the fair value of the hedged item attributable to the hedged risk by applying a hypothetical derivative method using linear regression techniques.
It also has inflation risk hedges, which arise from UK bonds linked to UK inflation and are hedged using inflation swaps.
Effectiveness is assessed by comparing changes in the fair value of the inflation swap with the changes in the fair value of the hedged item attributable to the hedged risk, applying the hypothetical derivative method using linear regression techniques.
In addition, within the hedges that cover equity risk, Santander UK Group Holdings plc group offers employees the opportunity to purchase shares of the Bank at a discount under the Sharesave Scheme, exposing the Bank to share price risk. As such, options are purchased allowing them to purchase shares at a pre-set price.

Banco Santander, S.A. covers the risks of its balance sheet in a variety of ways. On the one hand, documented as fair value hedges, it covers the interest rate and foreign exchange risk of fixed-income portfolios at a fixed rate (REPOs are included in this category). Resulting, in an exposure to changes in their fair value due to variations in market conditions based on the various risks hedged, which has an impact on Banco Santander's income statement.
To mitigate these risks, Banco Santander contracts derivatives, mainly Interest Rate Swaps, Cross Currency Swaps, Cap&floors and Forex Forward.
On the other hand, the interest and exchange rate risk of loans granted to corporate clients at a fixed rate or variable rate is covered. These hedges, are carried out through interest rate swaps, cross currency swaps and exchange rate derivatives (forex swaps and forex forward).
In addition, Banco Santander, S.A. manages the interest and exchange risk of debt issues in its various categories (issuing covered bonds, perpetual, subordinated and senior bond) and in different currencies, denominated at fixed rates, and therefore subject to changes in their fair value. These issues are covered through interest rate swaps and cross currency swaps.
The methodology used by Banco Santander, S.A. to measure the effectiveness of fair value hedges is based on comparing the market values of the hedged items (based on the objective risk of the hedge) and of the hedging instruments in order to analyse whether the changes in the market value of the hedged items are offset by the market value of the hedging instruments, thereby mitigating the hedged risk and minimizing volatility in the income statement.
Prospectively, the same analysis is performed, measuring the theoretical market values in the event of parallel variations in the market curves of a positive basis point.
There is a macro hedge of structured loans in which the interest rate risk of fixed-rate loans (mortgage, personal or with other guarantees) granted to legal entities in commercial or corporate banking and wealth clients in the medium-long term is hedged. This hedge is instrumented as a macro hedge of fair value, the main hedging instruments being Interest Rate Swap and Cap&floors. In case of total or partial cancellation or early repayment, the customer is obliged to pay/receive the cost/income of the cancellation of the interest rate risk hedge managed by the Bank.
Regarding cash flow hedges, the objective is to hedge the cash flow exposure to changes in interest rates and exchange rates.
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For retrospective purposes, the hypothetical derivative methodology is used to measure effectiveness. By means of this methodology, the hedged risk is modelled as a derivative instrument -not real-, created exclusively for the purpose of measuring the effectiveness of the hedge, and which must comply with the fact that its main characteristics coincide with the critical terms of the hedged item throughout the period for which the hedging relationship is designated. This hypothetical derivative does not incorporate characteristics that are exclusive to the hedging instrument. Additionally, it is worth mentioning that any risk component not associated with the hedged objective risk and effectively documented at the beginning of the hedge is excluded for the purpose of calculating the effectiveness. The market value of the hypothetical derivative that replicates the hedged item is compared with the market value of the hedging instrument, verifying that the hedged risk is effectively mitigated and that the impact on the income statement due to potential ineffectiveness is residual.
Prospectively, the variations in the market values of the hedging instrument and the hedged item (represented by the hypothetical derivative) are measured in the event of parallel shifts of a positive basis point in the affected market curves.
There is another macro-hedge, this time of cash flows, the purpose of which is to actively manage the risk-free interest rate risk (excluding credit risk) of a portion of the floating rate assets of Banco Santander, S.A., through the arrangement of interest rate derivatives whereby the bank exchanges floating rate interest flows for others at a fixed rate agreed at the time the transactions are arranged. The items affected by the Macro-hedging have been designated as those in which their cash flows are exposed to interest rate risk, specifically the floating rate mortgages of the Banco Santander, S.A. network referenced to Euribor 12 Months or Euribor Mortgage, with annual renewal of rates, classified as sound risk and which do not have a contractual floor (or, if not, this floor is not activated). The hedged position affecting the Macro Cash Flow Hedge at the present time is near to EUR 5,000 million.
Regarding net foreign investments hedges, basically, they are allocated in Banco Santander, S.A. and Santander Consumer Finance Group. Grupo Santander assumes as a priority risk management objective to minimize -to the limit determined by the Group's Financial Management- the impact on the calculation of the capital ratio of its permanent investments included within the Group's consolidation perimeter, and whose shares or equity interests are legally denominated in a currency other than that of the Group's parent company. For this purpose, financial instruments (generally derivatives) are contracted to hedge the impact on the capital ratio of changes in forward exchange rates. Grupo Santander mainly hedges the risk for the following currencies: BRL, CLP, MXN, CAD, COP, CNY, GBP, CHF, NOK, USD, PLN, UYU and PEN. The instruments used to hedge the risk of these investments are forex swaps, forex forward and spot currency purchases/sales.
For this type of hedges, ineffectiveness scenarios are considered to be of low probability, given that the hedging instrument is designated considering the position determined and the spot rate at which the position is located.
LogoSantanderPie_76.jpg Annual report 2024    711
The following table sets out the maturity profile of the hedging instruments used in Grupo Santander non-dynamic hedging strategies:

EUR million
 
31 December 2024
Up to one monthOne to three monthsThree months to one yearOne year to five yearsMore than five yearsTotal
Fair value hedges9,791 15,953 88,519 163,086 31,548 308,897 
Interest rate risk8,725 14,680 85,981 154,440 26,326 290,152 
Of which:
Interest rate swap2,877 4,261 19,788 61,440 20,069 108,435 
Call money swap5,033 7,652 64,102 87,473 4,020 168,280 
Exchange rate risk1,054 717 469 112 2,059 4,411 
Of which:
Fx forward1,054 717 469 — — 2,240 
Future interest rate— — — — 2,059 2,059 
Interest rate and exchange rate risk12 511 2,019 8,034 3,163 13,739 
Of which:
Interest rate swap— 43 — 491 348 882 
Call Money Swap— 106 104 1,052 576 1,838 
Currency swap12 361 1,915 6,491 2,240 11,019 
Base risk— — — 500 — 500 
Interest rate swap— — — 500 — 500 
Equity risk— 45 50 — — 95 
Equity swap— 45 50 — — 95 
Cash flow hedges19,696 10,088 43,111 94,030 12,346 179,271 
Interest rate risk14,628 7,932 30,390 75,459 6,094 134,503 
Of which:
Future interest rate6,621 — — — — 6,621 
Interest rate swap1,816 1,666 5,950 32,654 995 43,081 
Call money swap5,330 4,190 14,896 34,841 4,325 63,582 
Exchange rate risk2,982 1,377 8,765 14,703 2,826 30,653 
Of which:
FX forward2,594 1,310 5,382 — — 9,286 
Currency swap133 66 3,383 14,704 1,671 19,957 
Interest rate and exchange rate risk2,086 778 3,785 3,813 1,262 11,724 
Of which:
Interest rate swap997 — 395 1,260 440 3,092 
Currency swap1,090 778 3,389 2,553 822 8,632 
Inflation risk— — 153 — 2,163 2,316 
Of which:
Inflation swap— — — — 2,163 2,163 
Equity risk— 1 18 55 1 75 
Option— 1 18 55 1 75 
Hedges of net investments in foreign operations:3,918 5,644 13,997 — — 23,559 
Exchange rate risk3,918 5,644 13,997 — — 23,559 
FX forward3,918 5,644 13,997 — — 23,559 
33,405 31,685 145,627 257,116 43,894 511,727 
LogoSantanderPie_76.jpg Annual report 2024    712
EUR million
 
31 December 2023
Up to one monthOne to three monthsThree months to one yearOne year to five yearsMore than five yearsTotal
Fair value hedges6,862 14,535 59,170 139,486 21,739 241,792 
Interest rate risk6,266 13,749 56,860 131,323 17,179 225,377 
Of which:
Interest rate swap2,013 2,104 16,045 59,952 12,377 92,491 
Call money swap4,163 11,421 39,873 65,453 1,981 122,891 
Exchange rate risk566 678 619 50 2,418 4,331 
Fx forward566 678 619 50 — 1,913 
Future interest rate— — — — 2,418 2,418 
Interest rate and exchange rate risk30 108 1,691 8,113 2,142 12,084 
Currency swap30 87 1,370 6,605 1,681 9,773 
Interest rate swap— — 321 535 362 1,218 
Call Money Swap— 21 — 973 99 1,093 
Cash flow hedges7,873 16,149 43,913 83,291 6,570 157,796 
Interest rate risk4,467 6,859 30,846 53,038 2,570 97,780 
Of which:
Future interest rate— — — 3,020 — 3,020 
Interest rate swap3,191 2,876 14,108 16,793 896 37,864 
Call money swap1,050 3,553 15,755 31,942 1,405 53,705 
Exchange rate risk2,655 7,087 6,607 16,711 1,763 34,823 
Of which:
FX forward2,013 2,344 4,617 2,186 — 11,160 
Currency swap642 2,209 1,990 14,525 677 20,043 
Interest rate and exchange rate risk407 1,547 2,270 7,187 806 12,217 
Of which:
Interest rate swap— 80 — 2,575 192 2,847 
Currency swap407 1,467 2,270 4,612 614 9,370 
Inflation risk344 656 4,182 6,296 1,430 12,908 
Of which:
Currency swap318 618 3,833 6,296 1,430 12,495 
Equity risk— — 8 59 1 68 
Option— — 8 59 1 68 
Hedges of net investments in foreign operations:4,303 4,940 9,463 — — 18,706 
Exchange rate risk4,303 4,940 9,463 — — 18,706 
FX forward4,303 4,940 9,463 — — 18,706 
19,038 35,624 112,546 222,777 28,309 418,294 

LogoSantanderPie_76.jpg Annual report 2024    713
EUR million
31 December 2022
Up to one monthOne to three monthsThree months
to one year		One year
to five years		More than five
years		Total
Fair value hedges6,588 9,811 37,723 136,223 24,128 214,473 
Interest rate risk5,120 8,822 34,074 120,829 21,668 190,513 
Of which:
Interest rate swap2,535 3,005 8,854 56,868 16,215 87,477 
Call money swap2,492 5,039 23,511 54,786 2,231 88,059 
Exchange rate risk556 741 2,448 — 747 4,492 
Future interest rate— — — — 747 747 
Fx forward556 741 2,448 — — 3,745 
Interest rate and exchange rate risk912 238 1,193 15,356 1,713 19,412 
Of which:
Interest rate swap— — 405 192 308 905 
Currency swap912 238 788 6,188 1,396 9,522 
Future interest rate— — — 8,679 — 8,679 
Credit risk— 10 8 38 — 56 
CDS— 10 8 38 — 56 
Cash flow hedges10,182 15,202 41,514 75,653 7,205 149,756 
Interest rate risk5,546 7,424 30,568 36,501 1,587 81,626 
Of which:
Future interest rate2,027 — — — — 2,027 
Interest rate swap2,292 4,877 28,103 20,568 46 55,886 
Call money swap1,175 2,471 1,196 14,728 1,214 20,784 
Exchange rate risk3,777 4,295 4,452 19,940 2,509 34,973 
Of which:
FX forward1,996 2,487 1,982 4,289 — 10,754 
Currency swap1,313 1,809 2,470 13,028 1,385 20,005 
Interest rate and exchange rate risk182 509 3,982 10,294 1,208 16,175 
Interest rate swap— — 659 2,468 234 3,361 
Currency swap182 509 3,323 7,826 974 12,814 
Inflation risk677 2,974 2,505 8,870 1,898 16,924 
Of which:
Currency swap483 951 1,895 8,869 1,898 14,096 
Equity risk— — 7 48 3 58 
Option— — 7 48 3 58 
Hedges of net investments in foreign operations2,249 5,393 14,972 — — 22,614 
Exchange rate risk2,249 5,393 14,972 — — 22,614 
FX forward2,249 5,393 14,972 — — 22,614 
19,019 30,406 94,209 211,876 31,333 386,843 
LogoSantanderPie_76.jpg Annual report 2024    714
Additionally, for Santander UK Group Holdings plc and Banco Santander, S.A., both the maturity profile, the average interest and exchange rate of hedging instruments by maturity buckets are shown:
Santander UK Group Holdings plc group



31 December 2024
EUR million
Up to one monthOne to three monthsThree months
to one year		One year
to five years		More than five
years		Total
Fair value hedges
Interest rate risk
 Interest rate instruments
  Nominal5,033 7,598 64,755 93,176 4,110 174,672 
Average fixed interest rate (%) GBP3.749 4.293 4.496 3.868 3.653 
Average fixed interest rate (%) EUR0.200 (0.346)(0.446)0.585 4.370 
Average fixed interest rate (%) USD1.677 1.534 1.531 5.756 0.449 
Interest rate and foreign exchange rate risk
 Exchange and interest rate instruments
  Nominal—212258 2,280 1,152 3,902 
Average GBP/EUR exchange rate—1.1361.1581.1621.176
Average GBP/USD exchange rate———1.3181.281
Average fixed interest rate (%) EUR— — 1.350 3.304 2.940 
Average fixed interest rate (%) USD— — — 4.831 4.375 
Cash flow hedges
Interest rate risk
 Interest rate instruments
  Nominal5,330 4,190 14,896 34,841 4,325 63,582 
Average fixed interest rate (%) GBP4.592 4.075 4.761 3.707 4.352 
Foreign exchange risk
 Exchange and interest rate instruments
  Nominal311 954 5,941 13,235 2,730 23,171 
Average GBP/JPY exchange rate178.368179.995187.640——
Average GBP/CHF exchange rate——1.0861.115—
Average GBP/EUR exchange rate—1.2031.1881.1771.162
Average GBP/USD exchange rate——1.2381.2971.388
Average GBP/CAD exchange rate——1.758——
Equity risk
Equity instruments
Nominal——1955175
Interest rate and foreign exchange rate risk
 Exchange and interest rate instruments
  Nominal1,993 476 1,039 2,294 707 6,509 
Average GBP/EUR exchange rate1.1241.3701.1611.2131.179
Average GBP/USD exchange rate——1.5381.3191.537
Average fixed interest rate (%) GBP1.480 2.760 3.203 2.771 4.885 
Inflation risk
Interest rate instruments
Nominal— — — — 2,163 2,163 
Average fixed interest rate (%) GBP— — — — 4.983 
LogoSantanderPie_76.jpg Annual report 2024    715
31 December 2023
EUR million
Up to one monthOne to three monthsThree months to one yearOne year to five yearsMore than five
years		Total
Fair value hedges
Interest rate risk
Interest rate instruments
Nominal4,163 8,230 37,158 70,075 3,467 123,093 
Average fixed interest rate (%) GBP2.380 3.190 3.420 3.890 3.990 
Average fixed interest rate (%) EUR1.140 0.180 0.450 0.210 3.920 
Average fixed interest rate (%) USD2.600 2.460 4.230 1.360 4.910 
Interest rate and foreign exchange rate risk
Exchange and interest rate instruments
Nominal— 41 — 2,172 198 2,411 
Average GBP/EUR exchange rate— 1.113—1.1561.148
Average GBP/USD exchange rate———1.318—
Average fixed interest rate (%) EUR— — — 2.770 3.480 
Average fixed interest rate (%) USD— — — 4.830 — 
Cash flow hedges
Interest rate risk
Interest rate instruments
Nominal1,050 3,553 15,756 31,941 1,405 53,705 
Average fixed interest rate (%) GBP5.060 3.050 5.380 3.840 3.450 
Foreign exchange risk
Exchange and interest rate instruments
Nominal1,068 6,266 3,104 10,888 1,763 23,089 
Average GBP/JPY exchange rate154.135153.954167.846— — 
Average GBP/CHF exchange rate1.0921.0931.0891.1211.121
Average GBP/EUR exchange rate— 1.1971.1671.179—
Average GBP/USD exchange rate—1.392—1.2771.388
Equity risk
Equity instruments
Nominal— — 8 58 2 68 
Interest rate and foreign exchange rate risk
Exchange and interest rate instruments
Nominal100 905 576 5,614 719 7,914 
Average GBP/EUR exchange rate1,183 — 1.2541.1981.189
Average GBP/USD exchange rate— 1,663—1.3831.537
Average fixed interest rate (%) GBP2.570 2.540 2.960 2.420 4.810 

LogoSantanderPie_76.jpg Annual report 2024    716
31 December 2022
EUR million
Up to one monthOne to three monthsThree months
to one year		One year
to five years		More than five
years		Total
Fair value hedges
Interest rate risk
Interest rate instruments
Nominal2,492 5,039 24,447 51,257 4,294 87,529 
Average fixed interest rate (%) GBP2.580 0.880 0.560 2.070 3.780 
Average fixed interest rate (%) EUR1.770 1.600 0.770 0.280 3.090 
Average fixed interest rate (%) USD1.350 3.470 3.510 2.000 4.920 
Interest rate and foreign exchange rate risk
Exchange and interest rate instruments
Nominal— — 74 821 16 911 
Average GBP/EUR exchange rate——1.2121.1571.100
Average GBP/USD exchange rate———1.186—
Average fixed interest rate (%) EUR— — 3.420 2.060 — 
Average fixed interest rate (%) USD— — — 4.630 — 
Cash flow hedges
Interest rate risk
Interest rate instruments
Nominal1,175 2,471 2,188 14,728 1,213 21,775 
Average fixed interest rate (%) GBP1.770 2.290 1.980 2.350 1.840 
Foreign exchange risk
Exchange rate instruments
Nominal3,063 3,536 2,685 14,583 2,436 26,303 
Average GBP/JPY exchange rate— 157.450 160.039 — — 
Average GBP/CHF exchange ratio—1.131———
Average GBP/EUR exchange rate——1.1231.1811.165
Average GBP/USD exchange rate1.2241.2531.1711.3141.388
Equity risk
Equity instruments
Nominal— — 7 48 2 57 
Interest rate and foreign exchange rate risk
Exchange and interest rate instruments
Nominal— — 1,983 7,621 968 10,572 
Average GBP/EUR exchange rate— — 1.185 1.210 1.196 
Average GBP/USD exchange rate——1.6041.5031.537
Average fixed interest rate (%) GBP— —3.270 2.580 4.590 



LogoSantanderPie_76.jpg Annual report 2024    717
Banco Santander, S.A.
31 December 2024
EUR million
Up to one monthOne to three monthsThree months to one yearOne year to five yearsMore than five
years		Total
Fair value hedges
Interest rate risk
 Interest rate instruments
  Nominal1,4314,4466,87833,32415,99162,070
Average fixed interest rate (%) GBP—0.0203.1202.6405.370
Average fixed interest rate (%) EUR1.3400.0102.0003.4603.170
Average fixed interest rate (%) CHF—————
Average fixed interest rate (%) USD0.0103.5002.7404.4604.720
Average fixed interest rate (%) CZK———2.000—
Average fixed interest rate (%) NOK————2.400
Average fixed interest rate (%) AUD————3.820
Average fixed interest rate (%) JPY—————
Average fixed interest rate (%) RON—3.610—4.200—
Average fixed interest rate (%) HKD———1.960—
Average fixed interest rate (%) NZD————3.250
Foreign exchange risk
 Exchange and interest rate instruments
  Nominal473 405 287 — — 1,165 
Average GBP/EUR exchange rate—————
Average USD/EUR exchange rate—————
Average COP/USD exchange rate—————
Average PEN/USD exchange rate—————
Average AUD/EUR exchange rate—————
Average SAR/EUR exchange rate—————
Average CNY/EUR exchange rate7,7107,7107,710——
Average JPY/USD exchange rate—————
Average MXN/EUR exchange rate2,178————
Average MAD/EUR exchange rate—————
Average PEN/EUR exchange rate—————
Interest rate and foreign exchange rate risk
 Exchange and interest rate instruments
  Nominal12 148 1,355 4,859 1,669 8,043 
Average fixed interest rate (%) AUD/EUR— — — 5.690 6.100 
Average fixed interest rate (%) EUR/USD— — — — — 
Average fixed interest rate (%) CZK/EUR— — — 4.190 — 
Average fixed interest rate (%) EUR/COP— — — — — 
Average fixed interest rate (%) RON/EUR— — — — 6.970 
Average fixed interest rate (%) HKD/EUR— — — 4.620 — 
Average fixed interest rate (%) JPY/EUR— — — 1.300 1.410 
Average fixed interest rate (%) NOK/EUR— — — 3.440 4.500 
Average fixed interest rate (%) CHF/EUR— — — 2.030 2.250 
Average fixed interest rate (%) USD/CLP— — — — — 
Average fixed interest rate (%) USD/COP— 12.750 10.580 10.540 7.760 
Average fixed interest rate (%) EUR/GBP6.690 — — — — 
LogoSantanderPie_76.jpg Annual report 2024    718
31 December 2024
EUR million
Up to one monthOne to three monthsThree months to one yearOne year to five yearsMore than five
years		Total
Average fixed interest rate (%) NZD/EUR—————
Average fixed interest rate (%) USD/MXN——11.300——
Average AUD/EUR exchange rate———1.5991.584
Average NZD/EUR exchange rate————1.666
Average CZK/EUR exchange rate——26.03025.634—
Average EUR/GBP exchange rate1.189————
Average EUR/COP exchange rate—————
Average EUR/USD exchange rate——0.9820.943—
Average HKD/EUR exchange rate———8.488—
Average JPY/EUR exchange rate———134.151129.229
Average MXN/EUR exchange rate———19.083—
Average NOK/EUR exchange rate———9.51910.429
Average RON/EUR exchange rate—4.810—4.9404.980
Average CHF/EUR exchange rate———1.0190.932
Average USD/CLP exchange rate—————
Average USD/COP exchange rate—————
Average USD/MXN exchange rate——0.052——
Credit risk
 Credit risk instruments
   Nominal— — — — — 
Basis Risk
Basis risk instruments
   Nominal— — — 500 — 500 
Cash flow hedges
Interest rate and foreign exchange rate risk
Interest rate and foreign exchange rate instruments
  Nominal— — — 1,055 84 1,139 
Average fixed interest rate (%) EUR/PEN— — — — — 
Average fixed interest rate (%) AUD/EUR— — — 3.520 — 
Average fixed interest rate (%) USD/COP— — — — — 
Average fixed interest rate (%) EUR/AUD— — — — — 
Average fixed interest rate (%) CHF/EUR— — — 3.110 — 
Average EUR/PEN exchange rate—————
Average EUR/USD exchange rate—————
Average AUD/EUR exchange rate———1.5801.560
Average RON/EUR exchange rate———4.940—
Average JPY/EUR exchange rate—————
Average CHF/EUR exchange rate———1.000—
Average EUR/GBP exchange rate—————
Average NOK/EUR exchange rate—————
Average CZK/EUR exchange rate—————
Average EUR/AUD exchange rate—————
Interest rate risk
 Bond Forward instruments
  Nominal— — 6,200 5,820 — 12,020 
Average fixed interest rate (%) EUR— — — 2.910 — 
Average fixed interest rate (%) USD— — — — — 
Average fixed interest rate (%) AUD— — — — — 
LogoSantanderPie_76.jpg Annual report 2024    719
31 December 2024
EUR million
Up to one monthOne to three monthsThree months to one yearOne year to five yearsMore than five
years		Total
Exchange rate risk
Exchange instruments
Nominal14 83 125 — — 222 
Average exchange rate GBP/EUR1.2001.1701.190— — 
Hedges of net investments in foreign operations
Exchange rate risk
 Exchange and interest rate instruments
  Nominal3,240 5,070 12,821 — — 21,131 
Average BRL/EUR exchange rate5.9906.1206.270——
Average CLP/EUR exchange rate1,052.7801,066.5801,045.090——
Average COP/EUR exchange rate—4,703———
Average GBP/EUR exchange rate0.8600.8500.850——
Average MXN/EUR exchange rate20.28019.83021.970——
Average USD/EUR exchange rate1.0901.0801.090——
Average PLN/EUR exchange rate4.3704.4104.410——
Average CAD/EUR exchange rate—1.500———
Average CHF/EUR exchange rate—0.940———
Average UYU/EUR exchange rate45.82045.16048.290——
LogoSantanderPie_76.jpg Annual report 2024    720
31 December 2023
EUR million
Up to one monthOne to three monthsThree months to one yearOne year to five yearsMore than five
years		Total
Fair value hedges
Interest rate risk
Interest rate instruments
Nominal1,532 194 7,880 22,714 8,775 41,095 
Average fixed interest rate (%) GBP— — 1.375 4.479 2.036 
Average fixed interest rate (%) EUR0.096 0.014 2.085 2.422 3.421 
Average fixed interest rate (%) CHF— — 1.010 — — 
Average fixed interest rate (%) USD0.015 3.688 2.603 3.801 4.446 
Foreign exchange risk
Exchange and interest rate instruments
Nominal27863452450—1,486
Average PEN/USD exchange rate3.7843.751———
Average CNY/EUR exchange rate—7.3237.7327.716—
Average AUD/EUR exchange rate1.6481.665———
Average MXN/EUR exchange rate—19.363———
Average COP/USD exchange rate4,159.1903,998.060———
Average MAD/EUR exchange rate10.92911.057———
Average PEN/EUR exchange rate4.0954.110———
Interest rate and foreign exchange rate risk
Exchange and interest rate instruments
Nominal30661,4504,3211,1507,017
Average fixed interest rate (%) AUD/EUR— — — 4.800 3.615 
Average fixed interest rate (%) CZK/EUR— — — 2.000 — 
Average fixed interest rate (%) RON/EUR5.130 — — 3.967 — 
Average fixed interest rate (%) HKD/EUR— — 2.580 5.270 — 
Average fixed interest rate (%) JPY/EUR— — 0.465 1.298 1.407 
Average fixed interest rate (%) NOK/EUR— — — 3.441 4.501 
Average fixed interest rate (%) CHF/EUR— — — 1.243 — 
Average fixed interest rate (%) USD/MXN— — 14.250 — — 
Average fixed interest rate (%) USD/COP— 17.980 6.152 13.207 7.149 
Average fixed interest rate (%) EUR/USD— — (0.140)— — 
Average fixed interest rate (%) USD/CLP— — 3.450 — — 
Average AUD/EUR exchange rate———1.4991.545
Average CZK/EUR exchange rate———25.831—
Average EUR/USD exchange rate——0.8910.961—
Average HKD/EUR exchange rate——8.7828.666—
Average JPY/EUR exchange rate——120.568134.151129.229
Average NOK/EUR exchange rate———9.51910.429
Average RON/EUR exchange rate4.711——4.887—
Average CHF/EUR exchange rate———1.104—
Average MXN/EUR exchange rate————19.083
Average USD/CLP exchange rate——0.001——
Average NZD/EUR exchange rate— — — — 1.666 
Average USD/MXN exchange rate— — 0.058 — — 
LogoSantanderPie_76.jpg Annual report 2024    721
31 December 2023
EUR million
Up to one monthOne to three monthsThree months to one yearOne year to five yearsMore than five
years		Total
Cash flow hedges
Interest rate and foreign exchange rate risk
Interest rate and foreign exchange rate instruments
Nominal— — 414 1,075 86 1,575 
Average fixed interest rate (%) CHF/EUR— — — 3.106 — 
Average fixed interest rate (%) AUD/EUR— — — 3.521 — 
Average EUR/GBP exchange rate— — 1.173 — — 
Average AUD/EUR exchange rate— — 1.625 1.584 1.562 
Average RON/EUR exchange rate— — — 4.940 — 
Average CHF/EUR exchange rate— — — 1.002 — 
Interest rate risk
Bond Forward instruments
Nominal7501,5007,7500010,000
Average fixed interest rate (%) EUR(0.124)(0.889)0.016 — — 
Exchange rate risk
Exchange instruments
Nominal13 25 111 — — 
Average exchange rate GBP/EUR1.148 1.146 1.138 — — 
Hedges of net investments in foreign operations
Exchange rate risk
Exchange and interest rate instruments
Nominal3,593 4,870 8,034 — — 16,497 
Average BRL/EUR exchange rate5.569 5.505 5.481 — — 
Average CLP/EUR exchange rate916.724 936.166 987.202 — — 
Average COP/EUR exchange rate— 4,525.656 — — — 
Average GBP/EUR exchange rate0.866 0.867 0.876 — — 
Average MXN/EUR exchange rate20.078 20.589 20.210 — — 
Average USD/EUR exchange rate— 1.129 1.081 — — 
Average PLN/EUR exchange rate4.664 4.752 4.580 — — 
Average CAD/EUR exchange rate— 1.461 — — — 
Average CHF/EUR exchange rate— 0.940 — — — 
Average UYU/EUR exchange rate43.235 43.521 44.400 — — 
LogoSantanderPie_76.jpg Annual report 2024    722

31 December 2022
EUR million
Up to one monthOne to three monthsThree months to one yearOne year to five yearsMore than five
years		Total
Fair value hedges
Interest rate risk
Interest rate instruments
Nominal1,032 1,248 2,348 24,115 8,809 37,552 
Average fixed interest rate (%) GBP— 2.036 2.036 1.856 2.036 
Average fixed interest rate (%) EUR0.569 (0.406)0.278 2.396 1.674 
Average fixed interest rate (%) CHF— — — 0.530 — 
Average fixed interest rate (%) JPY— — — 0.465 — 
Average fixed interest rate (%) CZK— — — 1.650 — 
Average fixed interest rate (%) NOK— — — — 2.327 
Average fixed interest rate (%) AUD— 1.073 — — — 
Average fixed interest rate (%) USD2.892 3.123 3.835 3.181 3.374 
Average fixed interest rate (%) RON— — — 3.610 — 
Foreign exchange risk
Exchange and interest rate instruments
Nominal250 899 2,064 — — 3,213 
Average GBP/EUR exchange rate——0.877——
Average USD/EUR exchange rate1.040—0.992——
Average CNY/EUR exchange rate7.1727.2527.159——
Average AUD/EUR exchange rate—1.587———
Average MXN/EUR exchange rate—21.529———
Average JPY/EUR exchange rate—————
Interest rate and foreign exchange rate risk
Exchange and interest rate instruments
Nominal912381,1013,7679886,806
Average fixed interest rate (%) AUD/EUR4.000 — — 4.800 3.824 
Average fixed interest rate (%) CZK/EUR— — 0.860 — — 
Average fixed interest rate (%) RON/EUR— 4.520 — 5.130 — 
Average fixed interest rate (%) HKD/EUR— — — 2.580 — 
Average fixed interest rate (%) JPY/EUR0.568 — — 1.442 1.360 
Average fixed interest rate (%) NOK/EUR— — — 3.010 3.762 
Average fixed interest rate (%) CHF/EUR— — — 1.243 — 
Average fixed interest rate (%) EUR/GBP— 5.170 — — — 
Average fixed interest rate (%) NZD/EUR— — — — — 
Average fixed interest rate (%) USD/MXN— — 12.982 — — 
Average fixed interest rate (%) USD/COP— — 15.452 13.614 7.150 
Average fixed interest rate (%) EUR/USD— — — (0.140)— 
Average fixed interest rate (%) USD/CLP— — — 3.450 — 
Average AUD/EUR exchange rate1.499— — 1.4991.545
Average CZK/EUR exchange rate——25.40725.677—
Average EUR/GBP exchange rate—1.162———
Average EUR/USD exchange rate———0.945—
Average HKD/EUR exchange rate———8.851—
Average JPY/EUR exchange rate133.840——130.227118.180
Average NOK/EUR exchange rate———9.4929.685
Average RON/EUR exchange rate—4.746—4.8424.927
Average CHF/EUR exchange rate——1.0921.105—
LogoSantanderPie_76.jpg Annual report 2024    723
31 December 2022
EUR million
Up to one monthOne to three monthsThree months to one yearOne year to five yearsMore than five
years		Total
Average USD/CLP exchange rate———0.001—
Average NZD/EUR exchange rate————1.666
Average USD/MXN exchange rate——0.051——
Credit risk
Credit risk instruments
Nominal— 9 8 38 — 55 
Cash flow hedges
Interest rate and foreign exchange rate risk
Interest rate and foreign exchange rate instruments
Nominal— 3 597 1,451 184 2,235 
Average fixed interest rate (%) EUR/PEN— — 6.496 — — 
Average fixed rate (%) USD/COP— 15.398 — — 
Average fixed interest rate (%) EUR/AUD— 3.207 — — — 
Average fixed interest rate (%) AUD/EUR— — — 0.305 — 
Average EUR/GBP exchange rate——1.0841.173—
Average AUD/EUR exchange rate———1.6041.562
Average RON/EUR exchange rate———4.885—
Average JPY/EUR exchange rate———120.568—
Average CHF/EUR exchange rate———1.102—
Average NOK/EUR exchange rate————10.242
Average CZK/EUR exchange rate———26.131—
Average EUR/PEN exchange rate——0.252——
Average EUR/AUD exchange rate—0.654———
Interest rate risk
Bond Forward instruments
Nominal2,250 4,500 11,453 10,000 — 28,203 
Average fixed interest rate (%) EUR(0.431)(0.404)(0.348)(0.010)— 
Inflation risk
Bond Forward instruments
Nominal——700——700
Average fixed interest rate (%) EUR— — 0.322 — — 
Exchange rate risk
Exchange rate instruments
Nominal11229900132
Average GBP/EUR exchange rate1.1561.1531.142——
Hedges of net investments in foreign operations
Exchange rate risk
Exchange and interest rate instruments
Nominal2,020 4,711 13,839 — — 20,570 
Average BRL/EUR exchange rate6.5545.7975.866——
Average CLP/EUR exchange rate953.549955.790944.113——
Average COP/EUR exchange rate—4,935.121———
Average GBP/EUR exchange rate0.8690.8730.876——
Average MXN/EUR exchange rate25.13023.96822.156——
Average PLN/EUR exchange rate——1.158——
Average USD/EUR exchange rate4.8324.8374.991——

LogoSantanderPie_76.jpg Annual report 2024    724
Other geographies
Consumer Group entities mainly have loans portfolios at fixed interest rates and are therefore, exposed to changes in fair value due to movements in market interest rates. The entities manage this risk by contracting interest rate swaps in which they pay a fixed rate and receive a variable rate. Interest rate risk is the only one hedged and, therefore, other risks, such as credit risk, are managed but not hedged by the entities. The interest rate risk component is determined as the change in fair value of fixed rate loans arising solely from changes in a reference rate. This strategy is designated as a fair value hedge and its effectiveness is assessed by comparing changes in the fair value of loans attributable to changes in reference interest rates with changes in the fair value of interest rate swaps.
In addition, in order to access international markets with the aim of obtaining sources of financing, some Consumer Group´s entities issue fixed rate debt in their own currency and in other currencies that differ from their functional currency. Therefore, they are exposed to changes in both interest rates and exchange rates, which they mitigate with derivatives (interest rate swaps, fx forward and cross currency swaps) in which they receive a fixed interest rate and pay a variable interest rate, implemented with a fair value hedge.
The cash flow hedges of the Grupo Santander´s entities hedge the foreign currency risk of loans and financing.
Finally, it has hedges of net investments abroad to hedge the foreign exchange risk of the shareholding in NOK, CNY, PLN, CAD and CHF currencies.

Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México has mainly long-term loan portfolios at fixed interest rates, portfolios of short-term deposits in local currency, portfolios of Mexican Government bonds and corporate bonds in currencies other than the local currency and are therefore exposed to changes in fair value due to movements in market interest rates, as well as these latter portfolios also to variations in exchange rates. The entity manages this risk by contracting derivatives (interest rate swaps or cross currency swaps) in which they pay a fixed rate and receive a variable rate. Only the interest rate and exchange rate risk is hedged, if applicable, and therefore other risks, such as credit risk, are managed but not hedged by the entity.
The interest rate risk component is determined as the change in the fair value of fixed rate loans arising solely from changes in a reference rate. This strategy is designated as a fair value hedge and its effectiveness is assessed by comparing changes in the fair value of loans attributable to changes in benchmark interest rates with changes in the fair value of interest rate swaps.
Regarding cash flow hedges, Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México has a portfolio of unsecured bonds issued at a variable rate in its local currency, which it manages with an interest rate swap in which it receives a variable rate and pays a fixed rate. On the other hand, it also has different items in currencies other than the local currency: unsecured fixed rate bonds, commercial bank loans at variable rates, fixed rate issues, Mexican and Brazilian government bonds at fixed rates. In all these portfolios, the Bank is exposed to exchange rate variations, which it mitigates by contracting cross currency swaps or fx forward.
Banco Santander (Brasil) S.A. has, on the one hand, fair value hedges to protect both assets and liabilities from fluctuations in market rates. The market risk coverage management methodology adopted by the Bank segregates transactions by risk factor (BRL/USD exchange rate risk, pre-set interest rate risk in BRL, USD interest rate risk, inflation….). The entity manages this risk by contracting derivatives (interest rate swaps or interest rate futures) to hedge assets or liabilities at a fixed rate.
Brasil has corporate loans in different currencies than the local one and is therefore exposed to changes in fair value due to exchange rates. This risk is mitigated by contracting cross currency swaps or futures.
It also holds a portfolio of long-term corporate bonds with inflation-indexed rates, thus exposed to changes in market value due to changes in market inflation rates. In order to achieve its mitigation, they contract futures in which they pay the indexed inflation and receive variable interest rates.
In the hedge of cash flows, Banco Santander (Brasil) S.A. has portfolios of loans and government bonds in different currency than the entity's functional currency and, therefore, it is subject to the risk of changes in currency rates. This exposure will be mitigated by hiring Cross Currency Swaps and futures.
Finally, they have a portfolio of variable rate government bonds, so they are exposed to changes in the value due to changes in interest rates. In order to mitigate these changes, a future is hired in which a variable rate is paid and a fixed rate is received.
Additionally, Banco Santander - Chile uses fair value hedges with cross currency swaps, interest rate swaps and call money swaps to hedge its exposure to changes in the fair value of the hedged item attributable to interest rates. The aforementioned hedging instruments modify the effective cost of long-term issues, from a fixed interest rate to a variable interest rate.
In addition, it also makes cash flow hedges in which it uses cross currency swaps to cover the risk of variability of flows attributable to changes in the interest rate of bonds and interbank loans issued at variable rates, as well as to cover the variation of foreign currency, mainly in United States dollars. To hedge the inflation risk present in certain items, it uses both forwards and cross currency swaps.
At Santander Bank, National Association, Interest Rate Swaps are used to leave commercial loans at a fixed rate at a variable rate in USD indexed to 1-month Libor or SOFR, under cash flow hedges.
LogoSantanderPie_76.jpg Annual report 2024    725
Regarding the hedged items, the following table shows the detail of the type of hedging, the risk that is hedged and which products are being hedged at 31 December 2024, 2023 and 2022. The products that are being hedged are mainly borrowed deposits, financial deposits, loans, government bonds as assets and financial bonds as liabilities:

EUR million
31 December 2024
Carrying amount of hedged itemsAccumulated amount of fair value adjustments on the hedged itemBalance sheet line itemChange in fair value of hedged item for ineffectiveness assessmentCash flow reserves or conversion reserves
AssetsLiabilitiesAssetsLiabilitiesContinuing hedgesDiscontinued hedges
Fair value hedges138,906 32,642 (1,412)(1,200)Loans and advances / Deposits and Debt securities / Debt securities issued(461)— — 
Interest rate risk133,149 23,780 (1,345)(1,176)(343)— — 
Exchange rate risk2,017 1,562 1 3 (118)— — 
Interest and Exchange rate risk3,238 7,205 (68)(27)1 — — 
Inflation risk— — — — — — — 
Credit risk— — — — — — — 
Base risk502 — — — — — — 
Equity risk— 95 — — (1)— — 
Cash flow hedges(564)(478)50 
Interest rate risk(156)(794)83 
Exchange rate risk(439)213 19 
Interest and Exchange rate risk(40)11 — 
Inflation risk69 82 (52)
Equity risk2 10 — 
Net foreign investments hedges23,559—(420)(8,002)— 
Exchange rate risk23,559—(420)(8,002)— 
162,465 32,642 (1,412)(1,200)(1,445)(8,480)50 
LogoSantanderPie_76.jpg Annual report 2024    726
EUR million
31 December 2023
Carrying amount of hedged itemsAccumulated amount of fair value adjustments on the hedged itemBalance sheet line itemChange in fair value of hedged item for ineffectiveness assessmentCash flow reserves or conversion reserves
AssetsLiabilitiesAssetsLiabilitiesContinuing hedgesDiscontinued hedges
Fair value hedges134,095 26,946 (1,798)(1,652)Loans and advances / Deposits and Debt securities / Debt securities issued1,928 — 
Interest rate risk130,672 19,176 (1,682)(1,546)1,757 — — 
Exchange rate risk637 1,365 (1)(3)60 — — 
Interest and Exchange rate risk2,786 6,405 (115)(103)111 — — 
Inflation risk— — — — — — — 
Credit risk— — — — — — — 
Cash flow hedges(1,824)(813)(173)
Interest rate risk(2,182)(797)(77)
Exchange rate risk500 (80)— 
Interest and Exchange rate risk100 (144)— 
Inflation risk(233)196 (96)
Equity risk(9)12 — 
Net foreign investments hedges18,706 — 1,888 (8,684)— 
Exchange rate risk18,706 — 1,888 (8,684)— 
152,801 26,946 (1,798)(1,652)1,992 (9,497)(173)
LogoSantanderPie_76.jpg Annual report 2024    727
EUR million
31 December 2022
Carrying amount of hedged itemsAccumulated amount of fair value adjustments on the hedged itemBalance sheet line itemChange in fair value of hedged item for ineffectiveness assessmentCash flow reserves or conversion reserves
AssetsLiabilitiesAssetsLiabilitiesContinuing hedgesDiscontinued hedges
Fair value hedges126,665 59,837 (5,487)(3,581)Loans and advances / Deposits and Debt securities / Debt securities issued(3,232)— — 
Interest rate risk121,605 53,239 (5,069)(3,428)(2,397)— — 
Exchange rate risk2,792 1,040 (284)— (7)— — 
Interest and Exchange rate risk2,126 5,558 (134)(153)(826)— — 
Inflation risk— — — — — — — 
Credit risk142 — — — (2)— — 
Cash flow hedges475 (3,353)(225)
Interest rate risk2,458 (2,973)(75)
Exchange rate risk(1,764)(88)(2)
Interest and Exchange rate risk39 (309)1 
Inflation risk(258)14 (149)
Equity risk— 3 — 
Net foreign investments hedges22,614 — 2,467 (6,750)— 
Exchange rate risk22,614 — 2,467 (6,750)— 
149,279 59,837 (5,487)(3,581)(290)(10,103)(225)


LogoSantanderPie_76.jpg Annual report 2024    728
The cumulative amount of adjustments of the fair value hedging instruments that remain in the balance for hedges items that are no longer adjusted by profit and loss of coverage as at 31 December 2024 is EUR 775 losses (EUR 1,006 million losses and EUR 756 million profits in 2023 and 2022, respectively).
The net impact of the hedges are shown in the following table:

EUR million
31 December 2024
Earnings/(losses) recognised in another cumulative overall resultIneffective recognised in the income statementLine of the income statement that includes the ineffectiveness of cash flowsReclassified amount of reserves to the income statement due to:
Cover transaction affecting the income statementLine of the income statement that includes reclassified items
Fair value hedges22 Gains or losses financial assets/liabilities
Interest rate risk30 —
Exchange rate risk(17)—
Interest rate and exchange rate risk9 —
Cash flow hedges558 (6)— (1,256)Interest margin/Gains or losses financial assets/liabilities
Interest rate risk163 (12)—(1,166)
Exchange rate risk312 20 —319 
Interest rate and exchange rate risk155 (14)—(340)
Inflation risk(70)— —(69)
Equity risk(2)— —0 
Net foreign investments hedges420 — — — 
Exchange rate risk420 — — 
978 16 (1,256)
EUR million
31 December 2023
Earnings/(losses) recognised in another cumulative overall resultIneffective coverage recognised in the income statementLine of the income statement that includes the ineffectiveness of cash flowsReclassified amount of reserves to the income statement due to:
Cover transaction affecting the income statementLine of the income statement that includes reclassified items
Fair value hedges59 Gains or losses financial assets/liabilities
Interest rate risk72 
Exchange rate risk(38)
Interest rate and exchange rate risk25 
Cash flow hedges2,592 4 Gains or losses financial assets/liabilities(2,622)Interest margin/Gains or losses financial assets/liabilities
Interest rate risk2,179 2 (1,647)
Exchange rate risk7 (1)(416)
Interest rate and exchange rate risk164 2 (431)
Inflation risk233 1 (128)
Equity risk9 — 0 
Net foreign investments hedges
hedges		(1,888)— — 
Exchange rate risk(1,888)— — 
704 63 (2,622)
LogoSantanderPie_76.jpg Annual report 2024    729

EUR million
31 December 2022
Earnings/(losses) recognised in another cumulative overall resultIneffective coverage recognised in the income statementLine of the income statement that includes the ineffectiveness of cash flowsReclassified amount of reserves to the income statement due to:
Cover transaction affecting the income statementLine of the income statement that includes reclassified items
Fair value hedges119 Gains or losses financial assets/liabilities
Interest rate risk155 
Risk of Exchange rate(16)
Risk of interest rate and exchange rate(20)
Credit risk
Cash flow hedges(3,016)(45)Gains or losses financial assets/liabilities1,254 Interest margin/Gains or losses financial assets/liabilities
Interest rate risk(2,458)1 (370)
Exchange rate risk(178)(10)2,130 
Interest rate and exchange rate risk(638)(39)587 
Inflation risk258 3 (1,093)
Equity risk0 — — 
Net foreign investments
hedges		(2,467)— — 
Exchange rate risk(2,467)— — 
(5,483)74 1,254 

LogoSantanderPie_76.jpg Annual report 2024    730
The following table shows the movement in the impact of equity for the year:
EUR million
202420232022
Balance at beginning of year(9,424)(9,187)(4,559)
Cash flow hedges
Interest rate risk163 2,179 (2,458)
Amounts transferred to income statements1,166 1,647 370 
Gain or loss in value CFE - recognized in equity(1,003)532 (2,828)
Exchange rate risk312 7 (178)
Amounts transferred to income statements(319)416 (2,130)
Gain or loss in value CFE - recognized in equity631 (409)1,952 
Interest rate and exchange rate risk155 164 (638)
Amounts transferred to income statements340 431 (587)
Gain or loss in value CFE - recognized in equity(185)(267)(51)
Inflation risk(70)233 258 
Amounts transferred to income statements69 128 1,093 
Gain or loss in value CFE - recognized in equity(139)105 (835)
Equity risk(2)9 0 
Amounts transferred to income statements— — — 
Gain or loss in value CFE - recognized in equity(2)9 — 
Net foreign investments hedges
Exchange rate risk420 (1,888)(2,467)
Amounts transferred to income statements— — — 
Gain or loss in value CFE - recognized in equity420 (1,888)(2,467)
Minorities, taxes and others146 (941)855 
Balance at end of year(8,300)(9,424)(9,187)
37. Discontinued operations
No operations were discontinued in 2024, 2023 or 2022.
38. Interest income
Interest and similar income in the consolidated income statement comprises the interest accruing in the year on all financial assets with an implicit or explicit return, calculated by applying the effective interest method, irrespective of measurement at fair value; and the rectifications of income as a result of hedge accounting. Interest is recognised gross, without deducting any tax withheld at source.
The detail of the main interest and similar income items earned in 2024, 2023 and 2022 is as follows:
EUR million
202420232022
Loans and advances, central banks1,728 1,959 1,606 
Loans and advances, credit institutions6,620 5,361 2,186 
Debt instruments16,120 14,501 10,416 
Loans and advances, customers77,781 70,619 54,110 
Other interestA
10,486 12,812 3,112 
112,735 105,252 71,430 
A.Mainly include the rectification of income originating from accounting hedges as well as interest on balances in central banks and on demand credit institutions.
Most of the interest and similar income was generated by the Group’s financial assets that are measured either at amortised cost or at fair value through other comprehensive income.
39. Interest expense
Interest expense and similar charges in the consolidated income statement includes the interest accruing in the year on all financial liabilities with an implicit or explicit return, including remuneration in kind, calculated by applying the effective interest method, irrespective of measurement at fair value; the rectifications of cost as a result of hedge accounting; and the interest cost attributable to provisions recorded for pensions.
The detail of the main items of interest expense and similar charges accrued in 2024, 2023 and 2022 is as follows:
EUR million
202420232022
Central banks deposits1,745 2,178 706 
Credit institution deposits7,638 7,172 2,784 
Customer deposits36,465 33,238 16,994 
Debt securities issued and subordinated liabilities14,774 12,751 8,464 
Marketable debt securities13,377 11,702 7,472 
Subordinated liabilities (note 23)1,397 1,049 992 
Provisions for pensions (note 25)106 94 100 
Lease Liabilities126 130 116 
Other interest expense5,213 6,428 3,647 
66,067 61,991 32,811 
Most of the interest expense and similar charges was generated by the Group’s financial liabilities that are measured at amortised cost.
LogoSantanderPie_76.jpg Annual report 2024    731

40. Dividend income
Dividend income includes the dividends and payments on equity instruments out of profits generated by investees after the acquisition of the equity interest.
The detail of income from dividends as follows:
EUR million
202420232022
Dividend income classified as:
Financial assets held for trading522 415 366 
Non-trading financial assets mandatorily at fair value through profit or loss71 68 35 
Financial assets at fair value through other comprehensive income121 88 87 
714 571 488 
41. Commission income
Commission income comprises the amount of all fees and commissions accruing in favour of the Group in the year, except those that form an integral part of the effective interest rate on financial instruments.
The detail of fee and commission income is as follows:
EUR million
202420232022
Coming from collection and payment services
Bills220 232 245 
Demand accounts1,504 1,457 1,526 
Cards4,207 4,278 4,012 
Orders704 698 625 
Cheques and other138 128 172 
6,773 6,793 6,580 
Coming from non-banking financial products
Investment funds1,462 1,092 1,017 
Pension funds194 178 167 
Insurance2,923 2,715 2,743 
4,579 3,985 3,927 
Coming from Securities services
Securities underwriting and placement598 511 438 
Securities trading472 348 339 
Administration and custody370 354 321 
Asset management254 341 446 
1,694 1,554 1,544 
Other
Foreign exchange907 846 822 
Financial guarantees562 486 433 
Commitment fees542 549 506 
Other fees and commissions2,545 2,108 2,055 
4,556 3,989 3,816 
17,602 16,321 15,867 

42. Commission expense
Commission expense shows the amount of all fees and commissions paid or payable by the Group in the year, except those that form an integral part of the effective interest rate on financial instruments.
The detail of commission expense is as follows:
EUR million
202420232022
Commissions assigned to third parties2,686 2,644 2,554 
Cards1,854 1,891 1,872 
By collection and return of effects30 24 18 
Other fees assigned 802 729 664 
Other commissions paid1,906 1,620 1,523 
Brokerage fees on lending and deposit transactions84 105 77 
Sales of insurance and pension funds459 358 340 
Other fees and commissions1,363 1,157 1,106 
4,592 4,264 4,077 
43. Gains or losses on financial assets and liabilities
The following information is presented below regarding the gains or losses recorded for financial assets or liabilities:
a) Breakdown
The detail, by origin, of Gains/losses on financial assets and liabilities:
EUR million
202420232022
Gains or losses on financial assets and liabilities not measured at fair value through profit or loss, net(114)96 149 
  Financial assets at amortized cost(190)(3)34 
  Other financial assets and liabilities76 99 115 
Of which debt instruments53 51 122 
Gains or losses on financial assets and liabilities held for trading, netA
1,459 2,322 842 
Gains or losses on non-trading financial assets and liabilities mandatory at fair value through profit or loss495 204 162 
Gains or losses on financial assets and liabilities measured at fair value through profit or loss, netA
691 (93)968 
Gains or losses from hedge accounting, net16 63 74 
2,547 2,592 2,195 
A.Includes the net result obtained by transactions with debt securities, equity instruments, derivatives and short positions included in this portfolio when the Group jointly manages its risk in these instruments.

LogoSantanderPie_76.jpg Annual report 2024    732
As explained in note 44, the above breakdown should be analysed in conjunction with the 'Exchange differences, net':
EUR million
202420232022
Exchange differences, net(274)41 (542)
b) Financial assets and liabilities at fair value through profit or loss
The detail of the amount of the asset balances is as follows:
EUR million
202420232022
Loans and receivables:72,931 51,072 44,962 
Central banks12,966 17,717 11,595 
Credit institutions27,722 14,520 17,175 
Customers32,243 18,835 16,192 
Debt instruments85,990 66,079 45,079 
Equity instruments21,277 19,125 13,777 
Derivatives64,100 56,328 67,002 
244,298 192,604 170,820 
Grupo Santander mitigates and reduces this exposure as follows:
•With respect to derivatives, the Group has entered into framework agreements with a large number of credit institutions and customers for the netting-off of asset positions and the provision of collateral for non-payment.
At 31 December 2024 the exposure to credit risk of the derivatives presented in the balance sheet is not significant because they are subject to netting and collateral agreements (see note 2.f).
•Loans and advances to credit institutions and Loans and advances includes reverse repos amounting to EUR 65,253 million at 31 December 2024.
Also, mortgage-backed assets totalled EUR 1,703 million.
•Debt instruments include EUR 68,506 million of Spanish and foreign government securities.
At 31 December 2024 the amount of the change in the year in the fair value of financial assets at fair value through profit or loss attributable to variations in their credit risk (spread) was not material.
The detail of the amount of the liability balances is as follows:
EUR million
202420232022
Deposits87,374 80,503 62,620 
Central banks15,074 9,017 7,497 
Credit institutions27,909 19,597 11,754 
Customer44,391 51,889 43,369 
Marketable debt securities7,554 5,371 5,427 
Short positions35,830 26,174 22,515 
Derivatives57,753 50,589 64,891 
Other financial liabilities— — — 
188,511 162,637 155,453 
At 31 December 2024, the amount of the change in the fair value of financial liabilities at fair value through profit or loss attributable to changes in their credit risk during the year is not material.
In relation to liabilities designated at fair value through profit or loss where it has been determined at initial recognition that the credit risk is recorded in accumulated 'Other comprehensive income' (see 'Statement of recognised income and expense') the amount that the Group would be contractually obliged to pay on maturity of these liabilities at 31 December 2024 is EUR 1,851 million higher than their carrying amount (EUR 866 million higher at 31 December 2023 and EUR 1,044 million higher at 31 December 2022), no significant impact on results as its fair value is covered by hedging operations.
Within Deposits, there are repurchase agreements amounting to EUR 58,569 million at 31 December 2024.
44. Exchange differences, net
Exchange differences shows basically the gains or losses on currency dealings, the differences that arise on translations of monetary items in foreign currencies to the functional currency.
Grupo Santander manages the currencies to which it is exposed together with the arrangement of derivative instruments and, accordingly, the changes in this line item should be analysed together with those recognised under 'Gains/losses on financial assets and liabilities' (see note 43).
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45. Other operating income and expenses
Other operating income and Other operating expenses in the consolidated income statements include:
EUR million
202420232022
Other operating income803 1,104 1,510 
Non- financial services654 752 770 
Other operating income149 352 740 
Other operating expense(2,324)(2,827)(2,803)
Non-financial services(498)(674)(661)
Other operating expense:(1,826)(2,153)(2,142)
Of which, credit institutions deposit guarantee fund and single resolution fund(536)(1,119)(1,258)
(1,521)(1,723)(1,293)
In the 2024 financial year, it has been decided that there will be no contribution in Spain to the Single Resolution Fund, as well as a decrease in the contribution to the Deposit Guarantee Fund, by the Single Resolution Board (SRB) and the Deposit Guarantee Fund Management Committee, respectively.
The amount of the Group recognises in relation to income from sub-leases of rights of use is not material.

46. Staff costs
a) Breakdown
The detail of Staff costs is as follows:
EUR million
202420232022
Wages and salaries10,923 10,351 9,563 
Social Security costs1,714 1,637 1,441 
Additions to provisions for defined benefit pension plans (note 25)46 42 65 
Contributions to defined contribution pension funds357 310 296 
Other Staff costs1,288 1,386 1,182 
14,328 13,726 12,547 
b) Headcount
The number of employees of Grupo Santander at 31 December 2024, 2023 and 2022 is 206,753, 212,764 and 206,462, respectively. For the years 2024, 2023 and 2022 the average number of employees of the Group is 209,371, 211,135 and 201,516 , respectively, being the average number of employees of Banco Santander, S.A. 23,839, 24,061 and 23,410, of which 15, 16 and 17 are executive directors and Senior management, respectively.

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The functional breakdown (final employment), by gender, at 31 December 2024 is as follows:
Functional breakdown by gender
Senior executivesA
Other executivesB
Other employees
MenWomenOthersNot declaredMenWomenOthersNot declaredMenWomenOthersNot declared
Europe959 443 — 1 8,850 5,096 1 6 32,654 39,201 3 37 
North America198 72 — — 3,881 2,622 — 3 15,047 19,571 2 3 
South America299 146 — — 3,982 2,996 — 1 32,507 38,172 — — 
1,456661 — 1 16,71310,714 1 10 80,208 96,944 5 40 
A.Senior Executives includes employees with job profiles under the following harmonized management levels: Senior Executive VP. Executive VP and VP.
B.Other Executives includes Directors, Mangers, Experts and Branch Managers.
The same information, expressed in percentage terms at 31 December 2024 is as follows:
Functional breakdown by gender
Senior executivesA
Other executivesB
Other employees
MenWomenOthersNot declaredMenWomenOthersNot declaredMenWomenOthersNot declared
Europe68 %32 %0 %0 %63 %37 %0 %0 %45 %55 %0 %0 %
North America73 %27 %0 %0 %60 %40 %0 %0 %43 %57 %0 %0 %
South America67 %33 %0 %0 %57 %43 %0 %0 %46 %54 %0 %0 %
69 %31 %0 %0 %61 %39 %0 %0 %45 %55 %0 %0 %
A.Senior Executives includes employees with job profiles under the following harmonized management levels: Senior Executive VP. Executive VP and VP.
B.Other Executives includes Directors, Mangers, Experts and Branch Managers.
The labour relations between employees and the various Group companies are governed by the related collective agreements or similar regulations.
The number of employees in the Group with disabilities, distributed by professional categories, at 31 December 2024, is as follows:
Number of employeesA
2024
Senior executives16 
Other executives267 
Other employees4,545 
4,828 
A.An employee with disabilities is considered to be a person who is recognised by the State or the company in each jurisdiction where the Group operates and that entitles them to receive direct monetary assistance, or other types of aid such as, for example, reduction of their taxes. In the case of Spain, employees with disabilities have been considered to be those with a degree of disabilities greater than or equal to 33%.
The number of Group employees with disabilities at 2023 and 2022, was 4,701 and 4,114, respectively.
Likewise, the average number of employees of Banco Santander, S.A. with disabilities, equal to or greater than 33%, during 2024 was 435 (428 and 331 employees during 2023 and 2022). At the end of fiscal year 2024, there were 432 employees (436 and 444 employees at 31 December, 2023 and 2022, respectively).
c) Share-based payments
The main share-based payments granted by the Group in force at 31 December, 2024, 2023 and 2022 are described below.
i. Bank
The variable remuneration policy for the Bank’s executive directors and certain executive personnel of the Bank and of other Group companies includes Bank share-based payments, the implementation of which requires, in conformity with the law and the Bank’s Bylaws, specific resolutions to be adopted by the general meeting.
Were it necessary or advisable for legal, regulatory or other similar reasons, the delivery mechanisms described below may be adapted in specific cases without altering the maximum number of shares linked to the plan or the essential conditions to which the delivery thereof is subject.
These adaptations may involve replacing the delivery of shares with the delivery of cash amounts of an equal value.

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The plans that include share-based payments are as follows: (i) Deferred and Conditional Variable Remuneration Plan; (ii) Deferred Multiyear Objectives Variable Remuneration Plan; (iii) Digital Transformation Award, (iv) Digital Transformation Award 2022, Digital Transformation Award 2023 and (vi) Digital Transformation Award 2024. The characteristics of the plans are set forth below:

Deferred variable remuneration systems
Description and plan beneficiaries
Conditions
Calculation Base
(i) Deferred and conditional variable remuneration plan (2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023 and 2024)
The purpose of these cycles is to defer a portion of the variable remuneration of the beneficiaries over a period of three years for the sixth cycles, over three or five years for the fifth, seventh, eighth, ninth, tenth and eleventh cycles, and over four or five years for the twelfth cycle, for it to be paid, where appropriate, in cash and in Santander shares. The other portion of the variable remuneration is also to be paid in cash and Santander shares, upon commencement of the cycles, in accordance with the rules set forth below.

Beneficiaries:
•Executive directors and certain executives (including senior management) and employees who assume risk, who perform control functions or receive an overall remuneration which puts them on the same remuneration level as executives and employees who assume risks (fifth cycle)

•In the case of the sixth, seventh, eighth, ninth, tenth, eleventh twelfth, thirteenth cycle and fourteenth, the beneficiaries are Material Risk Takers (Identified staff) that are not beneficiaries of the Deferred Multiyear Objectives Variable Remuneration Plan.

For the fifth and sixth cycles (2015 to 2016), the accrual of the deferred compensation is conditioned, in addition to the requirement that the beneficiary remains in the Group's employ, with the exceptions included in the plan regulations on none of the following circumstances existing during the period prior to each delivery, pursuant to the provisions set forth in each case in the plan regulations:
•Poor financial performance of the Group.
•Breach by the beneficiary of internal regulations, including, in particular, those relating to risks.
•Material restatement of the Group's consolidated financial statements, except when it is required pursuant to a change in accounting standards.
•Significant changes in the Group’s economic capital or risk profile
In the case of the seventh, eighth, ninth, tenth, eleventh, twelfth and thirteenth cycles (2017 to 2022), the accrual of deferred compensation is conditioned, in addition to the permanence of the beneficiary in the Group, with the exceptions contained in the plan's regulations, to non-occurrence of a poor performance of the entity as a whole or of a specific division or area of the entity or of the exposures generated by the personnel:
i.significant failures in risk management by the entity , or by a business unit or risk control unit.
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 for 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 behaviours, whether individual or collective, considering in particular the negative effects derived from the marketing of inappropriate products and the responsibilities of the persons or bodies that made those decisions.
Fifth cycle (2015):
•Executive directors and members of the Identified Staff with total variable remuneration higher than 2.6 million euros: 40% paid immediately and 60% deferred over 5 years deferral period.
•Division managers, country heads (of countries which represent at least 1% of Group's economic capital), other executives of the Group with a similar profile and members of the Identified Staff with total variable remuneration between 1.7 million euros (1.8 million in fourth cycle) and 2.6 million euros: 50% paid immediately and 50% deferred over 5 years (fifth cycle)
•Other beneficiaries: 60% paid immediately and 40% deferred over 3 years.

Sixth cycle (2016):
•60% of bonus will be paid immediately and 40% deferred over a three years period.

Seventh, eighth, ninth, tenth and eleventh cycle (2017, 2018, 2019, 2020 and 2021):
•Beneficiaries of these plans with target total variable remuneration higher or equal to 2.7 million euros: 40% paid immediately and 60% deferred over 5 years
•Beneficiaries of these plans with target total variable remuneration between 1.7 million euros and 2.7 million euros: 50% paid immediately and 50%paid over 5 years
•Other beneficiaries of these plans: 60% paid immediately and 40% deferred over 3 years.

Twelfth (2022), thirteenth (2023) and fourteenth (2024) cycle:
•Beneficiaries of these plans with target total variable remuneration higher or equal to 2.7 million euros: 40% paid immediately and 60% deferred over 5 years
•Beneficiaries of these plans with target total variable remuneration between 1.7 million euros and 2.7 million euros: 50% paid immediately and 50% paid over 5 years
•Other beneficiaries of these plans: 60% paid immediately and 40% deferred over 4 years .

T


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Deferred variable remuneration systems
Description and plan beneficiaries
Conditions
Calculation Base
(ii)Deferred Multiyear Objectives Variable Remuneration Plan (2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023 and 2024)
The aim is simplifying the remuneration structure, improving the ex ante risk adjustment and increasing the impact of the long-term objectives on the Group’s most relevant roles. The purpose of these cycles is to defer a portion of the variable remuneration of the beneficiaries over a period of three or five years (four or five years for the seventh cycle) for it to be paid, where appropriate, in cash and in Santander shares; the other portion of the variable remuneration is also to be paid in cash and Santander shares (regarding the instruments part, executive directors in the seventh cycle have the opportunity to choose all in share options or half in share options and half in shares), upon commencement of the cycles, in accordance with the rules set forth below. The accrual of the last third of the deferral (in the case of 3 years deferral), the last 2 fourths (in the case of 4 years deferral) and the last three fifths (in the case of 5 years deferral) is also subject to long-term objectives.

Beneficiaries
Executive directors, senior management and certain executives of the Group’s first lines of responsibility.

In 2016 the accrual is conditioned, in addition to the permanence of the beneficiary in the Group, with the exceptions contained in the plan’s regulations, to non-occurrence of the following circumstances during the period prior to each of the deliveries in the terms set forth in each case in the plan’s regulations:
i.Poor performance of the Group.
ii.Breach by the beneficiary of the internal regulations, including in particular that relating to risks.
iii.Material restatement of the Group’s consolidated financial statements, except when appropriate under a change in accounting regulations.
iv.Significant changes in the Group’s economic capital or risk profile.
In 2017, 2018, 2019, 2020 and 2021 the accrual is conditioned, in addition to the beneficiary' permanence in the Group, with the exceptions contained in the plan’s regulations, to the non-occurrence of poor financial performance from the entity as a whole or of a specific division or area thereof or of the exposures generated by the personnel, taking into account the following factors:
v.Significant failures in risk management committed by the entity, or by a business unit or risk control unit.
vi.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.
vii.Regulatory sanctions or court rulings for 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.
viii.Irregular behaviours, whether individual or collective, considering in particular negative effects derived from the marketing of inappropriate products and responsibilities of persons or bodies that made those decisions.
 
Paid half in cash and half in shares. In the seventh cycle, and only for executive directors: half in cash and 25% in share options and 25% in shares (unless the director chooses to receive options only). The maximum number of shares to be delivered is calculated by taking into account the weighted average daily volume of weighted average prices for the fifteen trading sessions prior to the previous Friday (excluding) on the date on which the board decides the bonus for the Executive directors of the Bank.
In the eighth cycle, and for all Identified Staff: half in cash and 25% in shares and 25% in share options, or half in cash and half in shares, according to each executive´s choice.

In the ninth cycle, half in cash and half in shares.


First cycle (2016):
•Executive directors and members of the Identified Staff with total variable remuneration higher than or equal to 2.7 million euros: 40% paid immediately and 60% deferred over a 5 years period.
•Senior managers, country heads of countries representing at least 1% of the Group´s capital and other members of the identified staff whose total variable remuneration is between 1.7 million and 2.7 million euros: 50% paid immediately and 50% deferred over a 5 years period.
•Other beneficiaries: 60% paid immediately and 40% deferred over a 3 years period.

The second, third, fourth, fifth and sixth cycles (2017, 2018, 2019,2020 and 2021 respectively) are under the aforementioned deferral rules, except that the variable remuneration considered is the target for each executive and not the actual award.

In 2016 the metrics for the deferred portion subject to long-term objectives (last third or last three fifths, respectively, for the cases of three years and five years deferrals) are:
•Earnings per share (EPS) growth in 2018 over 2015.
•Relative Total Shareholder Return (TSR) in the 2016-2018 period measured against a group of credit institutions.
•Compliance with the fully-loaded common equity tier 1 ('CET1') ratio target for financial year 2018.
•Compliance with Grupo Santander’s underlying return on risk-weighted assets ('RoRWA') growth target for financial year 2018 compared to financial year 2015.

In the second, third, fourth, fifth and sixth cycle (2017, 2018, 2019, 2020 and 2021) the metrics for the deferred portion subject to long-term objectives (last third or last three fifths, respectively, for the cases of three years and five years deferrals) are:
•EPS growth in 2019, 2020, 2021, 2022 and 2023 (over 2016, 2017, 2018, 2019 and 2020, for each respective cycle)
•Relative Total Shareholder Return (TSR) measured against a group of 17 credit institutions (second and third cycles) in the periods 2017-2019 and 2018-2019, respectively, and against a group of 9 entities (fourth, fifth and sixth cycle) for the 2019-2021, 2020-2022 and 2010-2023 period.
•Compliance with the fully-loaded common equity tier 1 ('CET1') ratio target for financial years 2019, 2020, 2021,2022 and 2023, respectively.

In the seventh (2022), eighth cycle (2023) and ninth cycle (2024), the metrics for the deferred portion subject to long-term objectives (two last fourths and last three fifths, for the cases of four years and five years deferrals) are:
•Banco Santander's consolidated Return on tangible equity (RoTE) target in 2024 (7th cycle), 2025 (8th cycle) and 2026 (9th cycle).
•Relative Total Shareholder Return (TSR) measured against a group of 9 credit institutions for the period 2022-2024 (7th cycle), 2023-2025 (8th cycle) and 2024-2026 (9th cycle).
•Progress level in the public targets of our Sustainability agenda.
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Deferred variable remuneration systems
Description and plan beneficiaries
Conditions
Calculation Base
(iii) Digital Transformation Award (2019, 2020 and 2021)
The 2019, 2020 and 2021 Digital Transformation Incentive (the 'Digital Incentive') is a variable remuneration system that includes the delivery of Santander shares and share options.

The aim of the Digital Incentive is to attract and retain the critical skill sets to support and accelerate the digital transformation of the Group. By means of this program, the Group offers a remuneration element which is competitive with the remuneration systems offered by other market operators who also compete for digital talent.

The number of beneficiaries is limited to a maximum of 250 employees and the total amount of the incentive is limited to 30 million euros.
The funding of this incentive is subject to meeting important milestones that are aligned with the Group´s digital roadmap and have been approved by the board of directors, taking into account the digitalization strategy of the Group, with the aim of becoming the best open, responsible global financial services platform.

Performance of 2019 incentive was measured based on achievement of the following milestones: (i) Launch of a Global Trade Services (GTS) platform; (ii) launch of a Global Merchant Services (GMS) platform; (iii) migration of our fully digital bank, OpenBank, to a 'next generation' platform and launch in 3 markets; (iv) extension of SuperDigital in Brazil to at least one other country; (v) and launch of our international payments app based on blockchain Pago FX to non-Santander customers.

The milestones for the 2020 Digital Transformation Award were: (i) rolling out the global merchant services (GMS) platform in 3 new geographies, enhancing the platform functionality and achieving volume targets for transactions and participating merchants; (ii) doing the commercial rollout of the global trade services (GTS) platform in 8 new geographies, enhancing platform functionality, and achieving volume targets for on-boarded clients and monthly active users; (iii) launching OpenBank in a new market and migrating the retail banking infrastructure to 'new-mode' bank; (iv) launch the global platform SuperDigital in at least 4 countries, driving target active user growth; (v) deploying machine learning across pre-defined markets for 4 priority use cases, rolling out Conversion Rate Optimization (Digital marketing) for at least 40 sales programs, delivering profit targets, and driving reduction of agent handled calls in contact centers; (vi) successfully implementing initiatives related to on-board and identity services, common API (application programming interface) layer, payment hubs, mobile app for SMEs and virtual assistant services; and (vii) launching the PagoFX global platform in at least 4 countries.

The milestones for 2021 were: (i)in relation to Pago Nxt Consumer payment platform: implementation of Superdigital platform in seven countries, acquisition of over 1.5 million active customer base and accelerating growth through B2B (business to business) and B2B2C (business to business to customer) partnerships, acquiring more than 50% of the new customers through these channels, which are more cost-effective; (ii)in relation to Digital Consumer Bank: launching online API for checkout lending in the European Union and completion of controllable items for Openbank launch in USA; (iii)in relation to One Santander strategy: implementation in Europe of One Common Mobile Experience and, specifically, implementation of Europe ONE app for individual customers in at least three of the four countries by December 2021; and be among the three-top rated entities in terms of Mobile NetPromoter Score (Mobile NPS) in at least two of the four countries by December 2021; (iv) In relation to cloud adoption: host 75% of migratable virtual machines on cloud technology (either public cloud or OHE) by December 2021. For these purposes, mainframes, physical servers and servers with non-x86 operating systems will be considered non-migratable.

The Digital Incentive is structured 50% in Santander shares and 50% in options over Santander shares, taking into account the fair value of the option at the moment in which they are granted. For Material Risk Takers subject to five years deferrals, the Digital Incentive (shares and options over shares) shall be delivered in thirds, on the third, fourth and fifth anniversary from their granting. For Material Risk Takers subject to three years deferrals and employees not subject to deferrals, delivery shall be done on the third anniversary from their granting.

Any delivery of shares, either directly or via exercise of options overs shares, will be subject generally to the Group’s general malus & clawback provisions as described in the Group’s remuneration policy and to the continuity of the beneficiary within the Grupo Santander. In this regard, the board may define specific rules for non-Identified Staff.

Vested share options can be exercised until maturity, with all options lapsing after ten years (for granting the 2019 incentive) and eight years (for granting the 2020 and 2021 incentive).

The total achievement for 2021 Digital Incentive was 77.5% (85% en 2020 and 83% en 2019).
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Deferred variable remuneration systems
Description and plan beneficiaries
ConditionsCalculation base
(iv) Digital Transformation Award (2022)
The board of directors approved the 2022 Digital
Transformation Incentive. It is a variable remuneration scheme
splits in two different blocks:

• The first one, with the same mechanism than previous years,
that delivers Santander shares and share options if the group hits major milestones on its digital roadmap. This is aimed at a group of up to 250 (is limited to 30 million euros)employees whose functions are deemed essential to Santander’s growth.

• And the second one, which delivers PagoNxt, S.L. RSUs and premium prices options (PPOs), and is aimed at up to 50
employees (and limited to 15 million euros) whose roles are considered key to PagoNxt’s success.

The aim of the Digital Incentive is to attract and retain the critical skill sets to support and accelerate the digital transformation of the Group. By means of this program, the Group offers a remuneration element which is competitive with the remuneration systems offered by other market operators who also compete for digital talent.
Performance of the first block of the incentive shall be measured based on achievement of the following milestones:

i. Edelweiss: Our Santander future retail architecture EDELWEISS will mean moving from our current Core centric banking architecture towards a Customer and Data-Centric Core supported by lean Record Processing engines.

ii. Simplification: Speed up the simplification of our technology platform and business model by Reducing the total number of applications in production and reducing number of products in the regions.

iii. Agile: Agile ways of working enable a better and faster reaction to customers’ needs and is based on a value-driven delivery that increases efficiency by reducing time-to-market and development costs, and increasing quality. People working in Agile are more collaborative, engaged, empowered and creative.

iv. In Digital Consumer Bank:
a) To create the BNPL platform connected to at least one merchant in Netherlands and Germany, and to make sure the platform is ready to connect in Spain.
b) To support the definition of Openbank US’s IT digital strategy and achieve 2022 milestones in it.
c) To have the new leasing platform connected to dealers in Italy.
d) To expand the Wabi B2B online business to Germany. To execute the first B2B deal with an Original Equipment Manufacturer or mobility player in at least one country. To expand coches.com business and platform to Portugal.

And in regard to the second block of digital incentive: the consolidation of PagoNxt Core Perimeter.

The first block of thee Digital Incentive is structured 50% in Santander shares and 50% in options over Santander shares, taking into account the fair value of the option at the moment in which they are granted. For Material Risk Takers subject to five years deferrals, the Digital Incentive (shares and options over shares) shall be delivered in thirds, on the third, fourth and fifth anniversary from their granting. For Material Risk Takers subject to three years deferrals and employees not subject to deferrals, delivery shall be done on the third anniversary from their granting.

Any delivery of shares, either directly or via exercise of options overs shares, will be subject generally to the Group’s general malus & clawback provisions as described in the Group’s remuneration policy and to the continuity of the beneficiary within the Grupo Santander. In this regard, the board may define specific rules for non-Identified Staff.

Vested share options can be exercised until maturity, with all options lapsing after ten years.

The total achievement for 2022 Digital Incentive was 96.5%.

The second block of Digital Incentive is structures in restricted stock units (RSUs) and premium priced Options (PPOs) of PagoNxt S.L. in a percentage determined by the internal category of the beneficiary. The total achievement for 2022 was 100%.
Deferred variable remuneration systems
Description and plan beneficiaries
ConditionsCalculation base
(iv) Digital Transformation Award (2023)
The board of directors approved the 2023 Digital
Transformation Incentive. It is a variable remuneration scheme which delivers PagoNxt, S.L. RSUs and premium prices options (PPOs), and is aimed at up to 50
employees (and limited to 15 million euros) whose roles are considered key to PagoNxt’s success.

With this program, the Group offers a remuneration element which is competitive with the remuneration systems offered by other market operators who also compete for digital talent.
And the performance conditions were focus on key digital projects related with PagoNxt's main businesses (Trade, Merchant and Payments) in its core geographies.
This incentive is structures in restricted stock units (RSUs) and premium priced Options (PPOs) of PagoNxt S.L. in a percentage determined by the internal category of the beneficiary. The average achievement for 2023 was 88%.
Deferred variable remuneration systems
Description and plan beneficiaries
ConditionsCalculation base
(iv) Digital Transformation Award (2024)
The board of directors approved the 2024 Digital
Transformation Incentive. It is a variable remuneration scheme which delivers PagoNxt, S.L. RSUs, and is aimed at approximately to 50 employees whose roles are considered key to PagoNxt’s success.

With this program, the Group offers a remuneration element which is competitive with the remuneration systems offered by other market operators who also compete for digital talent.
And the performance conditions were focus on key digital projects related with PagoNxt's main businesses (Trade, Merchant and Payments) in its core geographies.
This incentive is structures in restricted stock units (RSUs) of PagoNxt S.L. in a percentage determined by the internal category of the beneficiary. The average achievement for 2024 was 77%.
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ii. Santander UK plc
The long-term incentive plans on shares of the Bank granted by management of Santander UK plc to its employees are as follows:
Number of shares (in thousand)
Exercise price in pounds sterlingA
Year grantedEmployee group
Number of personsB
Date of commencement of exercise periodDate of expiry of exercise period
Plans outstanding at 01/01/202225,936 
Options granted (sharesave)13,068 1.89 2022Employees4,362 01/11/2201/11/25
01/11/2201/11/27
Options exercised(242)1.69 
Options cancelled (net) or not exercised(8,774)2.59 
Plans outstanding at 31/12/202229,988 
Options granted (sharesave)7,175 2.78 2023Employees4,752 01/11/2301/11/26
01/11/2301/11/28
Options exercised(5,980)1.7 
Options cancelled (net) or not exercised(4,044)2.53 
Plans outstanding at 31/12/202327,139 
Options granted (sharesave)4,991 3.36 2024Employees4,107 01/11/2401/11/27
01/11/2401/11/29
Options exercised(4,004)2.29 
Options cancelled (net) or not exercised(2,437)2.37 
Plans outstanding at 31/12/202425,689 
A.At 31 December, 2024, 2023 and 2022, the euro/pound sterling exchange rate was 1.2099, 1.1525 and 1.1277 , respectively.
B.Number of accounts/contracts. A single employee may have more than one account/contract.
In 2008 the Group launched a voluntary savings scheme for Santander UK employees (Sharesave Scheme) whereby employees who join the scheme see deducted between GBP 5 and GBP 500 from their net monthly pay over a period of three or five years. At the end of the chosen period, the employee may choose between collecting the amount contributed, the interest accrued and a bonus (tax-exempt in the United Kingdom) or exercising options on shares of the Bank in an amount equal to the sum of such three amounts at a fixed price. The exercise price will be the result of reducing by up to 20% the average purchase and sale prices of the Bank shares in the three trading sessions prior to the approval of the scheme by the UK tax authorities (HMRC). This approval must be received within 21 to 41 days following the publication of the Group’s results for the first half of the year. This scheme was approved by the Board of Directors, at the proposal of the appointments and remuneration committee, and, since it involved the delivery of Bank shares, its application was authorized by the Annual General Meeting held on June 21, 2008. Also, the scheme was authorized by the UK tax authorities (HMRC) and commenced in September 2008. In subsequent years, at the Annual General Meetings held on June 19, 2009, June 11, 2010, June 17, 2011, March 30, 2012, March 22, 2013, March 28, 2014, March 27, 2015, March 18, 2016, April 7, 2017, March 23, 2018, April 12, 2019, April 3, 2020 and March 26, 2021, respectively, the shareholders approved the application of schemes previously approved by the board and with similar features to the scheme approved in 2008.

iii. Fair value
The fair value of the performance share plans was calculated as follows:
a) Deferred variable compensation plan linked to multi-year objectives 2022, 2023 and 2024:
The Group calculates at the grant date the fair value of the plan based on the valuation report of an independent expert, Willis Towers Watson. According to the design of the plan for 2022, 2023 and 2024 and the levels of achievement of similar plans in comparable entities, it has been considered that the fair value is 70%.
b) Santander UK sharesave plans:
The fair value of each option at the date of grant is estimated using an analytical model that also reflects the correlation between EUR and GBP. This model uses assumptions on the share price, the EUR/GBP FX rate, the EUR/GBP risk-free interest rate, dividend yields, the expected volatilities of both the underlying shares and EUR/GBP for the expected lives of options granted. The weighted average grant-date fair value of options granted during the year was GBP 0.23 (GBP 0.33 and GBP 0.23 reported in 2023 and 2022, respectively).

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47. Other general administrative expenses
a) Breakdown
The detail of Other general administrative expenses is as follows:
EUR million
202420232022
Technology and systems2,622 2,471 2,473 
Property, fixtures and supplies
(note 2.k)		846 818 804 
Technical reports737 809 785 
Advertising540 603 559 
Taxes other than income tax556 570 559 
Communications404 414 410 
Surveillance and cash courier services345 337 336 
Per diems and travel expenses239 218 163 
Insurance premiums102 95 108 
Other administrative expenses2,021 2,180 2,174 
8,412 8,515 8,371 
The payments associated with short-term leases (leases less than or equal to 12 months) and leases of low-value assets, that the Group recognises as an expense in the income statement is not material.
b) Technical reports and other
Technical reports includes the fees from the various Group companies (detailed in the accompanying appendices) for the services provided by their respective auditors, the detail being as follows:
EUR million
202420232022
Audit 120.1 117.5 115.4 
Audit-related services13.6 8.6 6.4 
Tax services0.9 1.6 0.5 
All other 7.4 5.9 4.8 
Total142.0 133.6 127.1 
The audit services and main non-audit services included for each item in the above breakdown are detailed as follows:
•Audit services: audit of the individual and consolidated financial statements of Banco Santander and its subsidiaries (which PwC or another network firm is the external auditor); audit of the interim consolidated financial statements of Banco Santander; integrated audits prepared in order to file the Form 20-F with the SEC and the internal control audits (SOx) for required Group's entities; limited reviews of financial statements; and regulatory reports required to the external auditors on Group's entities.
•Audit-related services: issuance of comfort letters, verification services of financial and non-financial information required by regulators, and other reviews of documentation to be submitted to domestic or foreign authorities that, due to their nature, are typically provided by the external auditor.
•Tax services: tax compliance and advisory services provided to Group companies mainly outside Spain, which have no direct effect on the audited financial statements and are permitted in accordance with the applicable independence regulations.
•Other services: agreed-upon procedure reports, assurance reports and special reports performed under the accepted profession's standards; as well as other reports required by the regulators.
The 'Audit' heading includes the fees for the year's audit, regardless of the date the audit was completed. Any subsequent adjustments, which are not significant, and for purposes of comparison, are shown in this note for each year. The fees corresponding to the rest of the services are shown by reference to when the audit committee approved them.
The services commissioned from the Group's auditors meet the independence requirements under applicable European and Spanish law, the SEC rules and the Public Company Accounting Oversight Board (PCAOB), applicable to the Group, and they did not involve in any case the performance of any work that is incompatible with the auditor's role.
Lastly, the Group commissioned services from audit firms other than PwC amounting to EUR 206.2 million in 2024 (EUR 174.1 million and EUR 185.5 million in 2023 and 2022, respectively).
c) Number of branches
The number of offices according to their geographical location at 31 December 2024, 2023 and 2022 is as follows:
Number of branches
Group
202420232022
Spain1,877 1,924 1,966 
Group6,134 6,594 7,053 
8,011 8,518 9,019 
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48. Gains or losses on non financial assets, net
The detail of Gains/ (losses) on disposal of assets not classified as non-current assets held for sale is as follows:
EUR million
202420232022
Gains
Tangible and intangible assets47 53 56 
Investments360 285 5 
407 338 61 
Losses
Tangible and intangible assets(36)(25)(49)
Investments(4)— — 
(40)(25)(49)
367 313 12 
49. Gains or losses on non-current assets held for sale not classified as discontinued operations
The detail of Gains/(losses) on non-current assets held for sale not classified as discontinued operations is as follows:
EUR million
Net balance202420232022
Tangible assets(24)(20)7 
Impairment (note 12)(92)(51)(94)
Gain (loss) on sale (note 12)68 31 101 
Other gains and other losses(3)— — 
(27)(20)7 
50. Fair value of financial instruments
a) Details
The following table summarises the fair values, at the end of each of the years indicated, of the financial assets and liabilities listed below, classified according to the different valuation methodologies used by the Group to determine their fair value:
EUR million
202420232022
Published
price
quotations
in active
markets
(level 1)		Internal
Models
(level 2
and 3)		TotalPublished
price
quotations
in active
markets
(level 1)		Internal
Models
(level 2
and 3)		TotalPublished
price
quotations
in active
markets
(level 1)		Internal
Models
(level 2
and 3)		Total
Financial assets held for trading88,147 142,106 230,253 67,842 109,079 176,921 45,014 111,104 156,118 
Non-trading financial assets mandatorily at fair value through profit or loss2,037 4,093 6,130 1,765 4,145 5,910 1,800 3,913 5,713 
Financial assets designated at fair value through profit or loss2,744 5,171 7,915 2,746 7,027 9,773 1,976 7,013 8,989 
Financial assets at fair value through other comprehensive income67,680 22,218 89,898 64,631 18,677 83,308 64,216 21,023 85,239 
Hedging derivatives (assets)— 5,672 5,672 — 5,297 5,297 — 8,069 8,069 
Financial liabilities held for trading29,974 122,177 152,151 20,298 101,972 122,270 16,237 98,948 115,185 
Financial liabilities designated at fair value through profit or loss
— 36,360 36,360 25 40,342 40,367 212 40,056 40,268 
Hedging derivatives (liabilities)— 4,752 4,752 — 7,656 7,656 — 9,228 9,228 
Liabilities under insurance contracts
— 17,829 17,829 — 17,799 17,799 — 16,426 16,426 
Grupo Santander has developed a formal process for the systematic valuation and management of financial instruments, which has been implemented worldwide across all the Group’s units. The governance scheme for this process distributes responsibilities between two independent divisions: Treasury (development, marketing and daily management of financial products) and Risk (on a periodic basis, validation of pricing models and daily risk certification of market data, computation of risk metrics, new transaction approval policies, management control of market risk and implementation of fair value adjustment policies).
The approval of new products follows a sequence of steps (request, development, validation, integration in corporate systems and quality assurance) before the product is brought into production. This process ensures that pricing systems have been properly reviewed and are stable before they are used.
The following subsections set forth the most important products and families of derivatives, and the related valuation techniques and inputs, by asset class:
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Interest rate and inflation
The fixed income asset class includes basic instruments such as interest rate forwards, interest rate swaps and cross currency swaps, which are valued using the net present value of the estimated future cash flows discounted taking into account basis (swap and cross currency spreads) determined on the basis of the payment frequency and currency of each leg of the derivative. Vanilla options, including caps, floors and swaptions, are priced using the Black-Scholes model, which is one of the benchmark industry models. More exotic derivatives are priced using more complex models which are generally accepted as standard across institutions.
These pricing models are fed with observable market data such as deposit interest rates, futures rates, cross currency swap and constant maturity swap rates, and basis spreads, on the basis of which different yield curves, depending on the payment frequency, and discounting curves are calculated for each currency. In the case of options, implied volatilities are also used as model inputs. These volatilities are observable in the market for cap and floor options and swaptions, and interpolation and extrapolation of volatilities from the quoted ranges are carried out using generally accepted industry models. The pricing of more exotic derivatives may require the use of non-observable data or parameters, such as correlation (among interest rates and cross-asset), mean reversion rates and prepayment rates, which are usually defined from historical data or through calibration.
Inflation-related assets include zero-coupon or year-on-year inflation-linked bonds and swaps, valued with the present value method using forward estimation and discounting. Derivatives on inflation indices are priced using standard or more complex internal models. Valuation inputs of these models consider inflation-linked swap spreads observable in the market and estimations of inflation seasonality, on the basis of which a forward inflation curve is calculated. Also, implied volatilities taken from zero-coupon and year-on-year inflation options are also inputs for the pricing of more complex derivatives.
Equity and foreign exchange
The most important products in these asset classes are forward and futures contracts; they also include vanilla, listed and OTC (Over-The-Counter) derivatives on single underlying assets and baskets of assets. Vanilla options are priced using the standard Black-Scholes model and more exotic derivatives involving forward returns, average performance, or digital, barrier or callable features are priced using generally accepted industry models or internal models, as appropriate. For derivatives on illiquid stocks, hedging takes into account the liquidity constraints in models.
The inputs of equity models consider yield curves, spot prices, dividends, asset funding costs (repo margin spreads), implied volatilities, correlation among equity stocks and indices, and cross-asset correlation. Implied volatilities are obtained from market quotes of European and American-style vanilla call and put options. Various interpolation and extrapolation techniques are used to obtain continuous volatility for illiquid stocks. Dividends are usually estimated for the mid and long term. Correlations are implied, when possible, from market quotes of correlation-dependent products. In all other cases, proxies are used for correlations between benchmark underlyings or correlations are obtained from historical data.
The inputs of foreign exchange models include the yield curve for each currency, the spot foreign exchange rate, the implied volatilities and the correlation among assets of this class. Volatilities are obtained from European call and put options which are quoted in markets as of-the-money, risk reversal or butterfly options. Illiquid currency pairs are usually handled by using the data of the liquid pairs from which the illiquid currency can be derived. For more exotic products, unobservable model parameters may be estimated by fitting to reference prices provided by other non-quoted market sources.
Credit
The most common instrument in this asset class is the credit default swap (CDS), which is used to hedge credit exposure to third parties. In addition, models for first-to-default (FTD), n-to-default (NTD) and single-tranche collateralised debt obligation (CDO) products are also available. These products are valued with standard industry models, which estimate the probability of default of a single issuer (for CDS) or the joint probability of default of more than one issuer for FTD, NTD and CDO.
Valuation inputs are the yield curve, the CDS spread curve and the recovery rate. For indices and important individual issuers, the CDS spread curve is obtained in the market. For less liquid issuers, this spread curve is estimated using proxies or other credit-dependent instruments. Recovery rates are usually set to standard values. For listed single-tranche CDO, the correlation of joint default of several issuers is implied from the market. For FTD, NTD and internal CDO, the correlation is estimated from proxies or historical data when no other option is available.
Valuation adjustment for counterparty risk or default risk
The Credit valuation adjustment (CVA) is a valuation adjustment to over the counter (OTC) derivatives as a result of the risk associated with the credit exposure assumed to each counterparty.
The CVA is calculated taking into account potential exposure to each counterparty in each future period. The CVA for a specific counterparty is equal to the sum of the CVA for all the periods. The following inputs are used to calculate the CVA:
•Expected exposure: including for each transaction the mark-to-market (MtM) value plus an add-on for the potential future exposure for each period. Mitigating factors such as collateral and netting agreements are taken into account, as well as a temporary impairment factor for derivatives with interim payments.
•Severity: percentage of final loss assumed in a counterparty credit event/default.
•Probability of default: for cases where there is no market information (the CDS quoted spread curve, etc.), proxies based on companies holding exchange-listed CDS, in the same industry and with the same external rating as the counterparty, are used.
•Discount factor curve.
The Debit Valuation Adjustment (DVA) is a valuation adjustment similar to the CVA but, in this case, it arises as a result of the Group’s own risk assumed by its counterparties in OTC derivatives.
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The CVA at 31 December 2024 amounted to EUR 272 million (resulting in a decrease of 7.2% compared to 31 December 2023) and DVA amounted to EUR 317 million (resulting in a decrease of 3.9% compared to 31 December 2023). These decreases are mainly due to the declines in the EUR and USD interest rate markets, lower inflation and the movements in credit markets whose spread levels have reduced moderately compared to those of December 2023.
The CVA at 31 December 2023 amounted to EUR 293 million (resulting in a decrease of 16.5% compared to 31 December 2022) and DVA amounted to EUR 330 million (resulting in a decrease of 9.3% compared to 31 December 2021). These decreases are mainly due to movements in credit markets whose spread levels have reduced moderately compared to those of December 2022, partially offset by the upward movement in interest rates.
The CVA at 31 December 2022 amounted to EUR 351 million (increase of 48% compared to 31 December 2021) and DVA amounted EUR 364 million (increase of 125% compared to 31 December 2021). The increase is mainly due to movements in credit markets whose spread levels have increased substantially compared to those at the end of 2021.
In addition, the Group amounts the funding fair value adjustment (FFVA) is calculated by applying future market funding spreads to the expected future funding exposure of any uncollateralised component of the OTC derivative portfolio. This includes the uncollateralised component of collateralised derivatives in addition to derivatives that are fully uncollateralised. The expected future funding exposure is calculated by a simulation methodology, where available. The FFVA impact is not material for the consolidated annual accounts as of 31 December 2024, 2023 and 2022.
During 2024, the Group has continued to apply the criteria for classifying financial instruments within the levels of the fair value hierarchy established to comply with regulatory expectations. These criteria, based on information from the price contributors and real market transactions, represent a significant reduction in the use of expert judgement to determine observability and allow the measurement of the significance of non-observable valuation inputs based on objective criteria.
There has been increase in the instruments classified as Level 3, especially during the last quarter of the year. This increase has been due to increases in the portfolio due to new operations, with no significant reclassifications having been detected due to changes in the market observability conditions of the valuation inputs for the rest of the positions. The main increases include long-term repo/reverse repo operations, structured notes and short-term financing operations for which there is no observable market price based on the criteria used. These increases have been only partially offset by some non-material reclassifications in derivatives and energy positions due to access to new sources of observability and the sale of certain debt instruments.
Valuation adjustments due to model risk
The valuation models described above do not involve a significant level of subjectivity, since they can be adjusted and recalibrated, where appropriate, through internal calculation of the fair value and subsequent comparison with the related actively traded price. However, valuation adjustments may be necessary when market quoted prices are not available for comparison purposes.
The sources of risk are associated with uncertain model parameters, illiquid underlying issuers, and poor quality market data or missing risk factors (sometimes the best available option is to use limited models with controllable risk). In these situations, the Group calculates and applies valuation adjustments in accordance with common industry practice. The main sources of model risk are described below:
•In the interest rate markets, the sources of model risk include interest rate indexes correlations, basis spread modelling, the risk of calibrating model parameters and the treatment of near-zero or negative interest rates. Other sources of risk arise from the estimation of market data, such as volatilities or yield curves, whether used for estimation or cash flow discounting purposes.
•In the stock markets, the sources of model risk include forward skew modelling, the impact of stochastic interest rates, correlation and multi-curve modelling. Other sources of risk arise from managing hedges of digital callable and barrier option payments. Also worthy of consideration as sources of risk are the estimation of market data such as dividends and correlation for quanto and composite basket options.
•For specific financial instruments relating to home mortgage loans secured by financial institutions in the UK (which are regulated and partially financed by the Government) and property asset derivatives, the main input is the Halifax House Price Index (HPI). In these cases, risk assumptions include estimations of the future growth and the volatility of the HPI, the mortality rate and the implied credit spreads.
•Inflation markets are exposed to model risk resulting from uncertainty around modelling the correlation structure among various Consumer Price Index (CPI) rates. Another source of risk may arise from the bid-offer spread of inflation-linked swaps.
•The currency markets are exposed to model risk resulting from forward skew modelling and the impact of stochastic interest rate and correlation modelling for multi-asset instruments. Risk may also arise from market data, due to the existence of specific illiquid foreign exchange pairs.
•The most important source of model risk for credit derivatives relates to the estimation of the correlation between the probabilities of default of different underlying issuers. For illiquid underlying issuers, the CDS spread may not be well defined.
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Set forth below are the financial instruments at fair value whose measurement was based on internal models (levels 2 and 3) at 31 December 2024, 2023 and 2022:
EUR million
Fair values calculated
using internal models at
2024A
Level 2 Level 3 Valuation techniquesMain assumptions
ASSETS163,941 15,319 
Financial assets held for trading138,176 3,930 
Central banksB
12,966 — Present value methodYield curves, FX market prices
Credit institutionsB
26,546 769 Present value methodYield curves, FX market prices
CustomersB
24,602 1,801 Present value methodYield curves, FX market prices
Debt and equity instruments11,115 413 Present value methodYield curves, FX market prices
Derivatives62,947 947 
Swaps47,519 556 
Present value method, Gaussian CopulaC
Yield curves, FX market prices, HPI, Basis, Liquidity
Exchange rate options1,583 2 Black-Scholes ModelYield curves, Volatility surfaces, FX market prices, Liquidity
Interest rate options1,879 30 Black's Model, multifactorial advanced models interest rateYield curves, Volatility surfaces, FX market prices, Liquidity
Interest rate forwards
1,445 — Present value methodYield curves, FX market prices
Index and securities options465 241 Black's Model, multifactorial advanced models interest rateYield curves, Volatility surfaces, FX & EQ market prices, Dividends, Liquidity
Other10,056 118 Present value method, Advanced stochastic volatility models and otherYield curves, Volatility surfaces, FX and EQ market prices, Dividends, Correlation, HPI, Credit, Others
Hedging derivatives5,652 20 
Swaps5,390 20 Present value methodYield curves, FX market prices, Basis
Interest rate options2 — Black's ModelYield curves, FX market prices, Volatility surfaces
Other260 — Present value method, Advanced stochastic volatility models and otherYield curves, Volatility surfaces, FX market prices, Credit, Liquidity, Others
Non-trading financial assets mandatorily at fair value through profit or loss1,505 2,588 
Equity instruments763 1,841 Present value methodMarket price, Interest rates curves, Dividends and Others
Debt securities205 242 Present value methodYield curves
Loans and receivables537 505 Present value method, swap asset model & CDSYield curves and Credit curves
Financial assets designated at fair value through profit or loss5,065 106 
Credit institutions408 — Present value methodYield curves, FX market prices
CustomersC
4,590 20 Present value methodYield curves, FX market prices, HPI
Debt securities67 86 Present value methodYield curves, FX market prices
Financial assets at fair value through other comprehensive income13,543 8,675 
Equity instruments5 375 Present value methodMarket price, Yield curves, Dividends and Others
Debt securities9,644 1,047 Present value methodYield curves, FX market prices
Loans and receivables3,894 7,253 Present value methodYield curves, FX market prices and Credit curves
LogoSantanderPie_76.jpg Annual report 2024    745
EUR million
Fair values calculated
using internal models at
2024A
Level 2 Level 3 Valuation techniquesMain assumptions
LIABILITIES179,766 1,352 
Financial liabilities held for trading121,243 934 
Central banksB
13,300 — Present value methodFX market prices, Yield curves
Credit institutionsB
26,284 — Present value methodFX market prices, Yield curves
Customers18,984 — Present value methodFX market prices, Yield curves
Derivatives56,205 934 
Swaps41,283 479 
Present value method, Gaussian CopulaC
Yield curves, FX market prices, Basis, Liquidity, HPI
Interest rate options2,295 79 Black's Model, multifactorial advanced models interest rateYield curves, Volatility surfaces, FX market prices, Liquidity
Exchange rate options1,057 — Black-Scholes ModelYield curves, Volatility surfaces, FX market prices, Liquidity
Index and securities options1,160 294 Black's Model, multifactorial advanced models interest rateYield curves, Volatility surfaces, FX & EQ market prices, Dividends, Liquidity
Forwards on interest rate and variable income
1,276 — Present value methodYield curves, Volatility surfaces, FX & EQ market prices, Dividends, Correlation, Liquidity, HPI
Other9,134 82 Present value method, Advanced stochastic volatility modelsYield curves, Volatility surfaces, FX & EQ market prices, Dividends, Correlation, Liquidity, HPI, Credit, Others
Short positions6,470 — Present value methodYield curves ,FX & EQ market prices, Equity
Hedging derivatives4,740 12 
Swaps4,618 12 Present value methodYield curves ,FX & EQ market prices, Basis
Interest rate options3 — Black's ModelYield curves , Volatility surfaces, FX market prices and Liquidity
Other119 — Present value method, Advanced stochastic volatility models and otherYield curves , Volatility surfaces, FX market prices, Credit, Liquidity, Other
Financial liabilities designated at fair value through profit or lossD
36,200 160 Present value methodYield curves, FX market prices
Liabilities under insurance contracts
17,583 246 Present Value Method with actuarial techniquesMortality tables and interest rate curves
A.Level 2 internal models use data based on observable market parameters, while level 3 internal models use significant non-observable inputs in market data.
B.Includes mainly short-term loans/deposits and repurchase/reverse repurchase agreements with corporate customers (mainly brokerage and investment companies).
C.Includes, mainly, structured loans to corporate clients.
D.It mainly includes short-term deposits that are managed based on their fair value.
LogoSantanderPie_76.jpg Annual report 2024    746
EUR million
Fair values calculated
using internal models at		Fair values calculated
using internal models at
2023A
2022A
Level 2Level 3Level 2Level 3Valuation techniques
ASSETS133,874 10,351 142,832 8,290 
Financial assets held for trading106,993 2,086 110,721 383 
Central banksB
17,717 —11,595 — Present value method
Credit institutionsB
14,061 —16,502 —Present Value method
CustomersB
11,418 249,550 —Present Value method
Debt and equity instruments8,683 9156,537 43Present Value method
Derivatives55,114 1,14766,537 340
Swaps44,987 57754,367 139Present Value method, Gaussian Copula
Exchange rate options836 9916 4Black-Scholes Model
Interest rate options2,210 1532,681 39Black's Model, advanced multifactor interest rate models
Interest rate forwards
33 —113 —Present Value method
Index and securities options126 235354 48Black's Model, advanced multifactor interest rate models
Other6,922 1738,106 110Present Value method, Advanced stochastic volatility models and other
Hedging derivatives5,297 — 8,069 — 
Swaps4,665 — 6,687 — Present Value method
Interest rate options2 —2 —Black’s Model
Other630 —1,380 —Present Value method, Advanced stochastic volatility models and other
Non-trading financial assets mandatorily at fair value through profit or loss2,050 2,095 2,080 1,833 
Equity instruments815 1,495 643 1,269 Present Value method
Debt securities issued539 313 809 325 Present Value method
Loans and receivables696 287 628 239 Present Value method, swap asset model & CDS
Financial assets designated at fair value through profit or loss6,846 181 6,586 427 
Credit institutions459 — 673 — Present Value method
CustomersC
6,189 31 5,769 5 Present Value method
Debt securities198 150 144 422 Present Value method
Financial assets at fair value through other comprehensive income12,688 5,989 15,376 5,647 
Equity instruments5 492 9 700 Present Value method
Debt securities9,638 559 11,869 229 Present Value method
Loans and receivables3,045 4,938 3,498 4,718 Present Value method
LogoSantanderPie_76.jpg Annual report 2024    747
EUR million
Fair values calculated
using internal models at		Fair values calculated
using internal models at
2023A
2022A
Level 2Level 3Level 2Level 3Valuation techniques
LIABILITIES166,542 1,227 163,733 925 
Financial liabilities held for trading101,103 869 98,533 415 
Central banksB
7,808 —5,759 — Present Value method
Credit institutionsB
17,862 —9,796 — Present Value method
Customers19,837 —12,226 — Present Value method
Derivatives49,380 86964,147 415 
Swaps39,395 38851,191 235 Present Value method, Gaussian Copula
Interest rate options2,207 1393,268 19 Black's Model, advanced multifactor interest rate models
Exchange rate options549 8769 0 Black-Scholes Model
Index and securities options466 187591 42 Black's Model, advanced multifactor interest rate models
Forwards on interest rate and variable income
101 —807 — Present Value method
Other6,662 1477,521 119 Present Value method, Advanced stochastic volatility models and other
Short positions6,216 —6,605 — Present Value method
Hedging derivatives7,650 6 9,214 14 
Swaps6,866 68,142 14 Present Value method
Interest rate options1 —0 — Black’s Model
Other783 —1,072 — Present Value method, Advanced stochastic volatility models and other
Financial liabilities designated at fair value through profit or lossD
40,313 2939,905 151 Present Value method
Liabilities under insurance contracts
17,476 32316,081 345 Present Value method with actuarial techniques
A.Level 2 internal models use data based on observable market parameters, while level 3 internal models use significant non-observable inputs in market data.
B.Includes mainly short-term loans/deposits and repurchase/reverse repurchase with corporate customers (mainly brokerage and investment companies).
C.Includes, mainly, structured loans to corporate clients.
D.Includes, mainly, short-term deposits that are managed based on their fair value.


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b) Financial Instruments (level 3)
Set forth below are the Group’s main financial instruments measured using unobservable market data as significant inputs of the internal models (level 3):
•HTC&S (Held to collect and sale) syndicated loans classified in the fair value category with changes in other comprehensive income, where the cost of liquidity is not directly observable in the market, as well as the prepayment option in favour of the borrower.
•Illiquid equity in non-trading portfolios, classified at fair value through profit or loss and at fair value through equity.
•Instruments in Santander UK’s portfolio (loans, debt securities and derivatives) linked to the House Price Index (HPI). Even if the valuation techniques used for these instruments may be the same as those used to value similar products (present value in the case of loans and debt securities, and the Black-Scholes model for derivatives), the main factors used in the valuation of these instruments are the HPI spot rate, the growth and volatility thereof, and the mortality rates, which are not always observable in the market and, accordingly, these instruments are considered illiquid.
•Callable interest rate derivatives (Bermudan-style options) where the main unobservable input is mean reversion of interest rates.
•Trading derivatives on interest rates, taking as an underlying asset titling and with the amortization rate (CPR, Conditional prepayment rate) as unobservable main entry.
• Derivatives from trading on inflation in Spain, where volatility is not observable in the market.
•Equity volatility derivatives, specifically indices and equities, where volatility is not observable in the long term.
•Derivatives on long-term interest rate and FX in some units (mainly South America) where for certain underlyings it is not possible to demonstrate observability to these terms.
•Debt instruments referenced to certain illiquid interest rates, for which there is no reasonable market observability.

The measurements obtained using the internal models might have been different if other methods or assumptions had been used with respect to interest rate risk, to credit risk, market risk and foreign currency risk spreads, or to their related correlations and volatilities. Nevertheless, the Bank’s directors consider that the fair value of the financial assets and liabilities recognised in the consolidated balance sheet and the gains and losses arising from these financial instruments are reasonable.
The net amount recognised in profit and loss in 2024 arising from models whose significant inputs are unobservable market data (level 3) amounted to EUR 523 profit (EUR 404 million profit in 2023 and EUR 90 million loss in 2022, respectively).
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1.Valuation techniques
The table below shows the effect, at 31 December 2024, 2023 and 2022 on the fair value of the main financial instruments classified as level 3 of a reasonable change in the assumptions used in the valuation. This effect was determined by applying the probable valuation ranges of the main unobservable inputs detailed in the following table:
2024
Portfolio/InstrumentValuation techniqueMain unobservable inputsRangeWeighted averageImpacts (EUR million)
(Level 3)Unfavourable scenarioFavourable scenario
Financial assets held for trading
Loans and advances to customers
Repos/Reverse reposOtherLong-term repo spreadn.a.n.a.(0.05)— 
Debt securities
Corporate debtDiscounted Cash FlowsCredit spread
0% - 10%
5.06%(4.50)4.61 
Government debtDiscounted Cash FlowsDiscount curve
0% - 8%
3.99%(8.07)8.02 
OthersDiscounted Cash FlowsCredit spread
10% - 90%
54.05%(1.18)1.45 
Derivatives
Cap&FloorForward estimationInterest rate
(2)bps - 2bps
0.00 bps— — 
CCSDiscounted Cash FlowsCredit spread
158% - 165%
161.50 %(0.01)0.01 
CDSPriceCredit spread
100% - 250%
178.83 %(0.09)0.10 
EQ OptionsEQ option pricing modelVolatility
0% - 70%
41.25 %(0.48)0.69 
EQ OptionsLocal volatilityVolatility
10% - 90%
50.00 %(21.54)21.54 
FX ForwardForward estimationSwap Rate
0% - 15%
8.08 %(0.06)0.07 
FX OptionsFX option pricing modelVolatility
0% - 40%
20.10 %(0.65)0.66 
Inflation DerivativesAsset Swap modelInflation Swap Rate
2% - 8%
4.78 %(0.21)0.18 
IR OptionsIR option pricing modelVolatility
0% - 30%
17.34 %(0.16)0.22 
IRSOthersOthers
5% - n.a.
n.a.(4.09)— 
IRSDiscounted Cash FlowsCredit spread
47.8% - 273.4%
155.36 %(1.91)1.74 
IRSDiscounted Cash FlowsSwap rate
1% - 99%
49.58 %(2.45)2.41 
OthersForward estimationPrice
60bps - 300bps
181.50bps(3.00)3.08 
Property derivativesOption pricing modelGrowth rate
(5)% - 5%
0.00 %(3.39)3.39 
Securitisation SwapDiscounted Cash FlowsConstant prepayment rates
10% - 90%
50.00 %(0.63)0.63 
Financial assets designated at fair value through profit or loss
Loans and advances to customers
LoansDiscounted Cash FlowsCredit spreads
0.1% - 2.0%
1.05 %(0.15)0.15 
Mortgage portfolioBlack Scholes modelGrowth rate
(5)% - 5%
0.00 %(0.24)0.24 
Debt securities
Other debt securitiesOthersInflation Swap Rate
0% - 8%
3.96 %(3.63)3.55 
LogoSantanderPie_76.jpg Annual report 2024    750
2024
Portfolio/InstrumentValuation techniqueMain unobservable inputsRangeWeighted averageImpacts (EUR million)
(Level 3)Unfavourable scenarioFavourable scenario
Non-trading financial assets mandatorily at fair value through profit or loss
Debt securities
Property securitiesProbability weightingGrowth rate
(5)% - 5%
0.00 %(0.24)0.24 
Equity instruments
EquitiesPrice BasedPrice
90% - 110%
100.00 %(183.98)183.98 
Financial assets at fair value through other comprehensive income
Loans and advances to customers
LoansDiscounted Cash FlowsCredit spreadn.a.n.a.(18.61)— 
LoansDiscounted Cash FlowsInterest rate curve
3.4% - 6.5%
4.95 %(0.17)0.17 
LoansDiscounted Cash FlowsMargin of a reference portfolio
(1)bps - 1bps
0bp(30.36)30.36 
LoansForward estimationCredit spread
150bps - 232bps
150bps(1.96)— 
LoansMarket priceMarket price
(5)% - 20%
0.01 %(4.91)1.23 
Debt securities
Corporate debtDiscounted Cash FlowsMargin of a reference portfolio
(0.01)% - 0.01%
0.00 %(0.09)0.09 
Mortgage LettersDiscounted Cash FlowsMortgage Letters
1.6% - 5.2%
3.40 %— — 
Equity instruments
EquitiesPrice BasedPrice
90% - 110%
100.00 %(37.56)37.56 
Financial liabilities held for trading
Derivatives
Cap&FloorVolatility option modelVolatility
10% - 90%
42.20 %(0.11)0.07 
FX OptionsVolatility option modelVolatility
10% - 90%
45.30 %(0.03)0.02 
IRSDiscounted Cash FlowsInflation Swap Rate
1% - 99%
47.12 %(4.77)4.24 
IRSDiscounted Cash FlowsCredit spread
34bps - 68bps
44bps(4.09)1.65 
A.For each instrument, the valuation technique, the unobservable inputs are shown in the 'Main observable inputs' column under probable scenarios, variation range, average value and impact resulting from valuing the position in the established maximum and minimum range.
B.The breakdown of impacts is shown by type of instrument and unobservable inputs.
C.The estimation of the range of variation of the unobservable inputs has been carried out taking into account plausible movements of said parameters depending on the type of instrument.
D.Zero impacts from fully hedged or back-to-back transactions have not been included in this exercise.












LogoSantanderPie_76.jpg Annual report 2024    751

2023
Portfolio/InstrumentValuation technique
Main unobservable inputs
RangeWeighted averageImpacts (EUR million)
(Level 3)Unfavourable scenarioFavourable scenario
Financial assets held for trading
Loans and advances to customers
Repos/Reverse reposOtherLong-term repo spreadn.a.n.a.(0.08)— 
Debt securities
Corporate debtDiscounted Cash FlowsCredit spread
0% - 10%
5.01 %(1.90)1.90 
Government debtDiscounted Cash FlowsDiscount curve
0% - 8%
3.99 %(7.77)7.72 
Derivatives
CCSForward estimationInterest rate
(6)bps - 6bps
0.40 bps(0.90)1.03 
CDSCredit default modelsIlliquid credit default spread curves
100bps - 200bps
149.14 bps(0.14)0.14 
EQ OptionsEQ option pricing modelVolatility
0% - 70%
44.39 %(0.51)0.89 
EQ OptionsLocal volatilityVolatility
10% - 90%
50.00 %(1.26)1.26 
FX OptionsFX option pricing modelVolatility
0% - 40%
20.81 %(0.55)0.59 
Inflation DerivativesAsset Swap modelInflation Swap Rate
2% - 8%
4.18 %(0.28)0.16 
IR OptionsIR option pricing modelVolatility
0.4% - 32.2%
18.86 %(0.29)0.41 
IRSOthersOthers
5% - n.a.
n.a.(1.25)— 
IRSDiscounted Cash FlowsCredit spread
2.6% - 8.3%
5.60 %(1.97)2.18 
IRSDiscounted Cash FlowsSwap rate
9.4% - 9.8%
9.60 %(1.01)0.95 
IRSForward estimationInterest rate
(5.2)bps - 5.2bps
0.09 bps(0.03)0.03 
IRSPrepayment modellingPrepayment rate
2.5% - 9.0%
8.92 %— 0.05 
Property derivativesOption pricing modelGrowth rate
(5)% - 5%
0.00 %(3.92)3.92 
Securitisation SwapDiscounted Cash FlowsConstant prepayment rates
(22.30)% - 27.20%
2.47 %(4.95)4.95 
Structured notesPrice basedPrice
(10)% - 10%
0.00 %(1.53)1.53 
Financial assets designated at fair value through profit or loss
Loans and advances to customers
LoansDiscounted Cash FlowsCredit spreads
0.1% - 3%
1.55 %(0.21)0.21 
Mortgage portfolioBlack Scholes modelGrowth rate
 (5)%- 5%
0.00 %(0.23)0.23 
Debt securities
Other debt securitiesOthersInflation Swap Rate
0% - 8%
3.89 %(4.48)4.25 
LogoSantanderPie_76.jpg Annual report 2024    752
2023
Portfolio/InstrumentValuation technique
Main unobservable inputs
RangeWeighted averageImpacts (EUR million)
(Level 3)Unfavourable scenarioFavourable scenario
Non-trading financial assets mandatorily at fair value through profit or loss
Debt securities
Property securitiesProbability weightingGrowth rate
(5)% - 5%
0.00 %(0.35)0.35 
Equity instruments
EquitiesPrice BasedPrice
90% - 110%
100.00 %(149.49)149.49 
Financial assets at fair value through other comprehensive income
Loans and advances to customers
LoansDiscounted Cash FlowsCredit spread
n.a.
n.a.(20.8)— 
LoansDiscounted Cash FlowsInterest rate curve
4.6% - 9.0%
6.80 %(0.68)0.68 
LoansDiscounted Cash FlowsMargin of a reference portfolio
(1)bp - 1bp
0bp
(20.3)20.30 
LoansForward estimationCredit spread
167.7bps - 365.8bps
167.74 bps(3.46)— 
LoansMarket priceMarket price
(10)% - 20%
0.00 %(5.02)2.51 
Debt securities
Corporate debtDiscounted Cash FlowsMargin of a reference portfolio
(1)% - 1%
0.00 %(0.09)0.09 
Government debtDiscounted Cash FlowsInterest rate
0% - 2%
0.99 %— — 
Equity instruments
EquitiesPrice BasedPrice
90% - 110%
100.00 %(49.24)49.24 
Financial liabilities held for trading
Derivatives
Cap&FloorVolatility option modelVolatility
10% - 90%
39.03 %(0.45)0.25 
CMSDiscounted Cash FlowsVolatility
10% - 90%
47.66 %— — 
FX OptionsVolatility option modelVolatility
10% - 90%
28.09 %(0.45)0.13 
IRSDiscounted Cash FlowsInflation Swap Rate
10% - 90%
39.03 %(0.45)0.25 
SwaptionsVolatility option modelVolatility
10% - 90%
35.55 %(0.21)0.10 
A.For each instrument, the valuation technique, the unobservable inputs are shown in the 'Main observable inputs' column under probable scenarios, variation range, average value and impact resulting from valuing the position in the established maximum and minimum range.
B.The breakdown of impacts is shown by type of instrument and unobservable inputs.
C.The estimation of the range of variation of the unobservable inputs has been carried out taking into account plausible movements of said parameters depending on the type of instrument.
D.Zero impacts from fully hedged or back-to-back transactions have not been included in this exercise.
LogoSantanderPie_76.jpg Annual report 2024    753
2022
Portfolio/InstrumentImpacts (EUR million)
(Level 3)Valuation techniqueMain unobservable inputsRangeWeighted
average		Unfavourable
scenario
Favourable
scenario
Financial assets held for trading
Debt securities
Corporate debtDiscounted Cash FlowsCredit spread
0% - 20%
10.07 %(1.38)1.40 
Corporate debtPrice basedMarket price
85% - 115%
100.00 %— — 
Government debtDiscounted Cash FlowsDiscount curve
 0% - 10%
4.92 %(8.34)8.07 
Derivatives
CCSDiscounted Cash FlowsInterest rate
(0.7)% - 0.7%
0.00 %— — 
CCSForward estimationInterest rate
(4)bps - 4bps
0.42bps
(0.06)0.07 
CDSDiscounted Cash flowsCredit Spread
14.9bps - 42.1bps
21.99bps
(0.05)0.02 
EQ OptionsEQ option pricing modelVolatility
0% - 90%
61.30 %(0.23)0.48 
EQ OptionsLocal volatilityVolatility
10% - 90%
50.00 %(1.05)1.05 
FRAsAsset Swap modelInterest rate
0% - 6%
2.71 %(1.16)0.95 
Fx SwapOthersOthers
n.a.
n.a(1.37)1.37 
Inflation DerivativesAsset Swap modelInflation Swap Rate
0% - 10%
3.41 %(0.21)0.11 
Inflation DerivativesVolatility option modelVolatility
0% - 40%
17.37 %(0.14)0.11 
IR OptionsIR option pricing modelVolatility
0% -60%
35.82 %(0.30)0.44 
IRSAsset Swap modelInterest rate
0% - 15%
9.20 %(0.05)0.08 
IRSDiscounted Cash FlowsCredit spread
1.25% - 6.29%
3.89 %(2.25)2.47 
IRSDiscounted Cash FlowsSwap rate
8.6% - 9.1%
8.84 %(0.02)0.03 
IRSForward estimationInterest rate
(6)bps - 6bps
0.13bps
(0.04)0.04 
IRSOthersOthers
5% - n.a.
n.a(11.58)— 
IRSPrepayment modellingPrepayment rate
2.5% - 6.2%
4.17 %(0.06)0.05 
OthersForward estimationPrice
0% -2%
0.62 %(0.53)0.24 
Property derivativesOption pricing modelGrowth rate
(5)% - 5%
0.00 %(5.75)5.75 
Financial assets designated at fair value through profit or loss
Loans and advances to customers
LoansDiscounted Cash FlowsCredit spreads
0.1% - 2%
1.05 %(0.18)0.18 
Mortgage portfolioBlack Scholes modelGrowth rate
(5)% - 5%
0.00 %(0.79)0.79 
Debt securities
Other debt securitiesOthersInflation Swap Rate
0% - 10%
4.74 %(4.25)3.83 
Non-trading financial assets mandatorily at fair value through profit or loss
Debt securities
Corporate debtDiscounted Cash FlowsMargin of a reference portfolio
(1)bp - 1bp
0.01pbs
(0.33)0.33 
Property securitiesProbability weightingGrowth rate
(5)% - 5%
0.00 %(0.68)0.68 
Equity instruments
EquitiesPrice BasedPrice
90% - 110%
100.00 %(126.87)126.87 


LogoSantanderPie_76.jpg Annual report 2024    754
Financial assets at fair value through other comprehensive income
Loans and advances to customers
LoansDiscounted Cash FlowsCredit spread
n.a.
n.a(24.10)— 
LoansDiscounted Cash FlowsInterest rate curve
0.8% - 1.0%
0.88 %(0.08)0.08 
LoansDiscounted Cash FlowsMargin of a reference portfolio
(1)bp - 1bp
0bp
(17.51)17.51 
LoansForward estimationCredit spread
2.56% - 3.4%
2.56 %(0.49)— 
Debt securities
Government debtDiscounted Cash FlowsInterest rate
(0.4)% - 1.6%
0.63 %(0.01)0.01 
Equity instruments
EquitiesPrice BasedPrice
90% - 110%
100.00 %(70.04)70.04 
Financial liabilities held for trading
Derivatives
Cap&FloorVolatility option modelVolatility
10% - 90%
40.73 %(0.29)0.18 
Financial liabilities designated at fair value through profit or loss
Loans and advances to customers
Repos/Reverse reposOthersLong-term repo spreadn.a.n.a.(0.13)— 
A.For each instrument, the valuation technique, the unobservable inputs are shown in the 'Main observable inputs' column under probable scenarios, variation range, average value and impact resulting from valuing the position in the established maximum and minimum range.
B.The breakdown of impacts is shown by type of instrument and unobservable inputs.
C.The estimation of the range of variation of the unobservable inputs has been carried out taking into account plausible movements of said parameters depending on the type of instrument.
D.Zero impacts from fully hedged or back-to-back transactions have not been included in this exercise.
LogoSantanderPie_76.jpg Annual report 2024    755
2. Movement of financial instruments classified as Level 3
Lastly, the changes in the financial instruments classified as Level 3 in 2024, 2023 and 2022 were as follows:
01/01/2024Changes31/12/2024
EUR million
Fair value calculated using internal models (Level 3)
Purchases/
Issuances
Sales/Settlements
Changes in
fair value
recognised
in profit or
loss
Changes in
fair value
recognised
in equity
Level
reclassifications		OtherFair value
calculated
using
internal
models
(level 3)
Financial assets held for trading2,086 3,205 (813)302 — (715)(135)3,930 
Credit entities— 770 — (1)— — — 769 
Customers24 1,808 (24)(7)— — — 1,801 
Debt securities914 355 (384)(39)— (377)(56)413 
Equity instruments1 — — (1)— — — — 
Trading derivatives1,147 272 (405)350 — (338)(79)947 
Swaps577 184 (278)186 — (152)39 556 
Exchange rate options9 — (1)— — (6)— 2 
Interest rate options153 13 (42)(20)— (74)— 30 
Index and securities options235 42 (44)128 — (106)(14)241 
Other173 33 (40)56 — — (104)118 
Hedging derivatives (Assets)— — — 15 — (1)6 20 
Swaps— — — 15 — (1)6 20 
Financial assets at fair value through profit or loss181 417 (300)13 — (201)(4)106 
Loans and advances to customers31 — — (5)— (23)17 20 
Debt securities150 417 (300)18 — (178)(21)86 
Non-trading financial assets mandatorily at fair value through profit or loss2,095 719 (349)73 — 132 (82)2,588 
Customers287 390 (128)(31)— 41 (54)505 
Debt instruments313 4 (96)10 — 11 — 242 
Equity instruments1,495 325 (125)94 — 80 (28)1,841 
Financial assets at fair value through other comprehensive income5,989 6,707 (3,781)— (136)6 (110)8,675 
Loans and advances4,938 5,962 (3,685)— 43 — (5)7,253 
Debt securities559 743 (81)— (74)6 (106)1,047 
Equity instruments492 2 (15)— (105)— 1 375 
TOTAL ASSETS10,351 11,048 (5,243)403 (136)(779)(325)15,319 
Financial liabilities held for trading869 472 (200)(95)— (266)154 934 
Trading derivatives869 472 (200)(95)— (266)154 934 
Swaps388 371 (20)(205)— (105)50 479 
Exchange rate options8 — (5)— — (3)— — 
Interest rate options139 — (54)3 — (10)1 79 
Index and securities options187 54 (14)113 — (40)(6)294 
Others147 47 (107)(6)— (108)109 82 
Hedging derivatives (Liabilities)6 — — — — — 6 12 
Swaps6 — — — — — 6 12 
Financial liabilities designated at fair value through profit or loss29 41 (5)1 — 94 — 160 
Liabilities under insurance contracts323 — — (26)— — (51)246 
TOTAL LIABILITIES1,227 513 (205)(120)— (172)109 1,352 
LogoSantanderPie_76.jpg Annual report 2024    756
01/01/2023Changes31/12/2023
EUR millionFair value
calculated
using
internal
models
(level 3)		Purchases
/Issuances		Sales/SettlementsChanges in
fair value
recognized
in profit or
loss		Changes in
fair value
recognized
in equity		Level
reclassifications		OtherFair value
calculated
using
internal
models
(level 3)
Financial assets held for trading383 496 (149)194 — 1,162 — 2,086 
Debt securities42 126 (63)30 — 773 6 914 
Equity instruments1 — — — — — — 1 
Trading derivatives340 347 (86)163 — 389 (6)1,147 
Swaps139 90 (4)179 — 191 (18)577 
Exchange rate options4 1 — 4 — — — 9 
Interest rate options39 — — 2 — 112 — 153 
Index and securities options48 132 (4)(20)— 76 3 235 
Other110 124 (78)(2)— 10 9 173 
Financial assets at fair value through profit or loss427 51 — (21)— 22 (298)181 
Loans and advances to customers5 — — 4 — 22 — 31 
Debt securities422 51 — (25)— — (298)150 
Non-trading financial assets mandatorily at fair value through profit or loss1,833 345 (238)107 — (6)54 2,095 
Customers239 99 (73)13 — — 9 287 
Debt instruments325 38 (48)(5)— — 3 313 
Equity instruments1,269 208 (117)99 — (6)42 1,495 
Financial assets at fair value through other comprehensive income5,647 3,322 (3,411)— (204)231 404 5,989 
Loans and advances4,718 3,322 (3,408)— 36 160 110 4,938 
Debt securities229 — — — 5 71 254 559 
Equity instruments700 — (3)— (245)— 40 492 
TOTAL ASSETS8,290 4,214 (3,798)280 (204)1,409 160 10,351 
Financial liabilities held for trading415 276 (167)(118)— 476 (13)869 
Trading derivatives415 276 (167)(118)— 476 (13)869 
Swaps235 53 (83)(58)— 257 (16)388 
Exchange rate options— 6 — 2 — — — 8 
Interest rate options19 4 (5)(16)— 137 — 139 
Index and securities options42 88 (13)(15)— 82 3 187 
Others119 125 (66)(31)— — — 147 
Hedging derivatives (Liabilities)14 — — (3)— (5)— 6 
Swaps14 — — (3)— (5)— 6 
Financial liabilities designated at fair value through profit or loss151 32 (151)(3)— 0 0 29 
Liabilities under insurance contracts345 0 0 0 (40)0 18 323 
TOTAL LIABILITIES925 308 (318)(124)(40)471 5 1,227 
LogoSantanderPie_76.jpg Annual report 2024    757
01/01/2022Changes31/12/2022
EUR millionFair value
calculated
using
internal
models
(level 3)
Purchases/
Issuances
Sales/Settlements
Changes in
fair value
recognised
in profit or
loss
Changes in
fair value
recognised
in equity
Level
reclassifications		OtherFair value
calculated
using
internal
models
(level 3)
Financial assets held for trading537 91 (99)(116)— (15)(15)383 
Debt securities22 2 (2)15 — 2 3 42 
Equity instruments2 — — — — (1)— 1 
Trading derivatives513 89 (97)(131)— (16)(18)340 
Swaps224 1 (47)(20)— 4 (23)139 
Exchange rate options12 — (9)2 — — (1)4 
Interest rate options182 — — (142)— (1)— 39 
Index and securities options41 27 (28)29 — (26)5 48 
Other54 61 (13)— — 7 1 110 
Financial assets at fair value through profit or loss418 — (9)(31)— — 49 427 
Credit entities— — — — — — — — 
Loans and advances to customers18 — (9)(5)— — 1 5 
Debt securities400 — — (26)— — 48 422 
Non-trading financial assets mandatorily at fair value through profit or loss1,865 521 (579)98 — (22)(50)1,833 
Customers268 276 (280)(25)— — — 239 
Debt securities366 51 (33)(31)— (27)(1)325 
Equity instruments1,231 194 (266)154 — 5 (49)1,269 
Financial assets at fair value through other comprehensive income4,847 8,564 (8,029)— (172)417 20 5,647 
Loans and advances3,880 8,471 (7,988)— 1 349 5 4,718 
Debt securities146 91 (23)— — — 15 229 
Equity instruments821 2 (18)— (173)68 — 700 
TOTAL ASSETS7,667 9,176 (8,716)(49)(172)380 4 8,290 
Financial liabilities held for trading160 328 (97)35 — (2)(9)415 
Trading derivatives160 328 (97)35 — (2)(9)415 
Swaps44 32 (16)189 — 9 (23)235 
Exchange rate options7 6 (14)1 — — — — 
Interest rate options26 56 (44)(19)— — — 19 
Index and securities options67 23 (19)(32)— (11)14 42 
Securities and interest rate futures— — — — — — — — 
Others16 211 (4)(104)— — — 119 
Financial liabilities designated at fair value through profit or loss151 — (3)3 — — — 151 
Liabilities under insurance contracts318 — — (11)— — 38 345 
TOTAL LIABILITIES629 328 (100)41 — (2)29 925 
LogoSantanderPie_76.jpg Annual report 2024    758
51. Other disclosures
a) Residual maturity periods
The detail, by maturity, of the balances of certain items in the consolidated balance sheet at 31 December 2024, 2023 and 2022 is presented below:
31 December 2024
EUR million
On demandWithin 3 months3 to 12 months1 to 3 years3 to 5 yearsMore than 5 yearsTotal
Assets
Cash, cash balances at Central Banks and other deposits on demand192,208 — — — — — 192,208 
Financial assets at fair value through other comprehensive income— 13,401 9,153 23,902 8,905 32,344 87,705 
Debt securities— 11,072 8,449 22,137 7,623 27,277 76,558 
Loans and advances— 2,329 704 1,765 1,282 5,067 11,147 
Credits institutions— 36 — 98 6 223 363 
Customers— 2,293 704 1,667 1,276 4,844 10,784 
Financial assets
at amortized cost		41,652 208,565 167,974 220,871 176,710 387,935 1,203,707 
Debt securities— 9,628 14,041 17,071 22,705 57,504 120,949 
Loans and advances41,652 198,937 153,933 203,800 154,005 330,431 1,082,758 
Central banks— 15,067 — — — 1,112 16,179 
Credits institutions6,208 23,550 4,166 5,760 1,843 14,010 55,537 
Customers35,444 160,320 149,767 198,040 152,162 315,309 1,011,042 
233,860 221,966 177,127 244,773 185,615 420,279 1,483,620 
Liabilities
Financial liabilities at amortized cost720,659 256,651 171,362 155,620 89,229 90,801 1,484,322 
Deposits707,418 213,220 121,914 46,431 21,510 15,946 1,126,439 
Central banks17 9,063 11,022 4,772 — 8 24,882 
Credit institutions13,948 27,149 19,300 15,655 6,477 7,483 90,012 
Customer deposits693,453 177,008 91,592 26,004 15,033 8,455 1,011,545 
Marketable debt securitiesA
— 35,570 47,977 100,451 60,128 73,841 317,967 
Other financial liabilities13,241 7,861 1,471 8,738 7,591 1,014 39,916 
720,659 256,651 171,362 155,620 89,229 90,801 1,484,322 
Difference (assets less liabilities)(486,799)(34,685)5,765 89,153 96,386 329,478 (702)
A.Includes promissory notes, certificates of deposit and other short-term debt issues.
See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, notes and other securities) (see note 22).


LogoSantanderPie_76.jpg Annual report 2024    759
31 December 2023
EUR million
On demandWithin 3 months3 to 12 months1 to 3 years3 to 5 yearsMore than 5 yearsTotal
Assets                        
Cash, cash balances at Central Banks and other deposits on demand220,342 — — — — — 220,342 
Financial assets at fair value through other comprehensive income— 13,544 9,234 19,372 14,162 25,235 81,547 
Debt securities— 13,078 8,433 18,432 12,764 20,858 73,565 
Loans and advances— 466 801 940 1,398 4,377 7,982 
Credits institutions— — — — 313 — 313 
Customers— 466 801 940 1,085 4,377 7,669 
Financial assets
at amortized cost		40,687 202,066 171,494 232,190 158,556 386,410 1,191,403 
Debt securities— 12,281 14,114 18,608 11,281 47,275 103,559 
Loans and advances40,687 189,785 157,380 213,582 147,275 339,135 1,087,844 
  Central banks— 18,730 — — — 1,352 20,082 
  Credits institutions6,783 26,671 6,313 7,151 1,521 9,478 57,917 
  Customers33,904 144,384 151,067 206,431 145,754 328,305 1,009,845 
261,029 215,610 180,728 251,562 172,718 411,645 1,493,292 
Liabilities
Financial liabilities
at amortized cost		711,093 246,898 182,516 161,784 88,527 77,885 1,468,703 
Deposits697,339 210,538 118,035 61,332 22,161 15,903 1,125,308 
Central banks168 20,224 6,941 16,846 4,581 22 48,782 
Credit institutions6,572 25,990 21,390 13,434 5,963 7,897 81,246 
Customer deposits690,599 164,324 89,704 31,052 11,617 7,984 995,280 
Marketable debt
securitiesA
— 28,371 63,440 92,554 57,639 61,204 303,208 
Other financial liabilities13,754 7,989 1,041 7,898 8,727 778 40,187 
711,093 246,898 182,516 161,784 88,527 77,885 1,468,703 
Difference (assets less liabilities)(450,064)(31,288)(1,788)89,778 84,191 333,760 24,589 
A.Includes promissory notes, certificates of deposit and other short-term debt issues.



LogoSantanderPie_76.jpg Annual report 2024    760
31 December 2022
EUR million
On demandWithin 3 months3 to 12 months1 to 3 years3 to 5 yearsMore than 5 yearsTotal
Assets                            
Cash, cash balances at Central Banks and other deposits on demand223,073 — — — — — 223,073 
Financial assets at fair value through other comprehensive income— 19,215 5,425 15,377 17,693 25,588 83,298 
Debt securities— 19,011 4,528 13,884 16,631 21,029 75,083 
Loans and advances— 204 897 1,493 1,062 4,559 8,215 
Customers— 204 897 1,493 1,062 4,559 8,215 
Financial assets
at amortized cost		45,322 194,757 137,632 196,939 135,156 437,238 1,147,044 
Debt securities— 7,956 7,417 21,459 6,715 30,007 73,554 
Loans and advances45,322 186,801 130,215 175,480 128,441 407,231 1,073,490 
Central banks— 14,139 — — — 1,236 15,375 
Credit institutions7,565 22,578 2,756 3,580 139 9,900 46,518 
Customers37,757 150,084 127,459 171,900 128,302 396,095 1,011,597 
268,395 213,972 143,057 212,316 152,849 462,826 1,453,415 
Liabilities
Financial liabilities
at amortized cost		731,837 236,565 144,666 168,984 81,808 59,998 1,423,858 
Deposits718,366 193,092 96,667 82,663 19,343 1,756 1,111,887 
Central banks117 6,991 18,311 47,018 4,506 9 76,952 
Credit institutions7,172 30,557 15,901 9,670 3,925 1,357 68,582 
Customer deposits711,077 155,544 62,455 25,975 10,912 390 966,353 
Marketable debt
securitiesA
— 34,408 46,480 81,051 55,359 57,614 274,912 
Other financial liabilities13,471 9,065 1,519 5,270 7,106 628 37,059 
731,837 236,565 144,666 168,984 81,808 59,998 1,423,858 
Difference (assets less liabilities)(463,442)(22,593)(1,609)43,332 71,041 402,828 29,557 
A.Includes promissory notes, certificates of deposit and other short-term debt issues.
LogoSantanderPie_76.jpg Annual report 2024    761
The detail of the remaining contractual maturities of the existing financial liabilities at amortised cost at 31 December 2024, 2023 and 2022 is as follows:
31 December 2024
EUR million
On demandWithin 3 months3 to 12 months1 to 3 years3 to 5 yearsMore than 5 yearsTotal
Financial liabilities at amortized cost
Deposits699,007 207,554 117,431 43,090 19,248 15,796 1,102,126 
Central banks17 9,082 11,026 4,772 — 7 24,904 
Credit institutions13,634 27,170 19,258 15,674 6,482 7,462 89,680 
Customer685,356 171,302 87,147 22,644 12,766 8,327 987,542 
Marketable debt securities— 36,315 48,973 102,306 61,260 74,817 323,671 
Other financial liabilities13,241 7,861 1,471 8,738 7,591 1,014 39,916 
712,248 251,730 167,875 154,134 88,099 91,627 1,465,713 
31 December 2023
EUR million
On demandWithin 3 months3 to 12 months1 to 3 years3 to 5 yearsMore than 5 yearsTotal
Financial liabilities at amortized cost
Deposits698,595 204,001 109,311 51,191 20,761 15,585 1,099,444 
Central banks168 20,334 6,853 16,846 4,581 35 48,817 
Credit institutions6,884 25,642 21,334 13,079 5,924 7,685 80,548 
Customer691,543 158,025 81,124 21,266 10,256 7,865 970,079 
Marketable debt securities— 28,258 62,935 91,492 56,944 60,166 299,795 
Other financial liabilities13,666 8,078 1,041 7,898 8,727 777 40,187 
712,261 240,337 173,287 150,581 86,432 76,528 1,439,426 
.
31 December 2022
EUR million
On demandWithin 3 months3 to 12 months1 to 3 years3 to 5 yearsMore than 5 yearsTotal
Financial liabilities at amortized cost                            
Deposits718,366 192,609 96,482 82,618 19,354 1,595 1,111,024 
Central banks117 7,003 18,210 46,933 4,506 9 76,778 
Credit institutions7,172 30,548 15,808 9,722 3,924 1,190 68,364 
Customer711,077 155,058 62,464 25,963 10,924 396 965,882 
Marketable debt securities— 34,312 46,396 81,059 55,357 57,576 274,700 
Other financial liabilities13,471 9,065 1,519 5,270 7,106 626 37,057 
731,837 235,986 144,397 168,947 81,817 59,797 1,422,781 
LogoSantanderPie_76.jpg Annual report 2024    762
Below is a breakdown of contractual maturities for the rest of financial assets and liabilities as of 31 December 2024, 2023 and 2022:
31 December 2024
EUR million
Within 3 months3 to 12 months1 to 3
years		3 to 5
years		More than 5 yearsTotal
FINANCIAL ASSETS
Financial assets held for trading64,300 56,571 33,945 24,504 50,933 230,253 
Derivatives14,231 14,504 16,676 12,384 6,305 64,100 
Equity instruments— — — — 16,636 16,636 
Debt securities6,930 21,305 15,319 11,944 27,148 82,646 
Loans and advances43,139 20,762 1,950 176 844 66,871 
Central banks1,241 11,725 — — — 12,966 
Credits institutions21,840 4,088 1,287 — 99 27,314 
Customers20,058 4,949 663 176 745 26,591 
Financial assets designated at fair value through profit or loss152 750 2,421 1,075 3,517 7,915 
Debt securities95 342 1,254 680 526 2,897 
Loans and advances57 408 1,167 395 2,991 5,018 
Credit institutions16 — 5 34 353 408 
Customers41 408 1,162 361 2,638 4,610 
Non-trading financial assets mandatorily at fair value through profit or loss794 8 29 102 5,197 6,130 
Equity instruments— — — — 4,641 4,641 
Debt securities39 2 3 10 393 447 
Loans and advances755 6 26 92 163 1,042 
Central banks— — — — — — 
Credits institutions— — — — — — 
Customers755 6 26 92 163 1,042 
Financial assets at fair value through other comprehensive income— — — — 2,193 2,193 
Equity instruments— — — — 2,193 2,193 
Hedging derivatives1,786 1,423 957 800 706 5,672 
Changes in the fair value of hedged items in portfolio hedges of interest rate risk(61)18 (569)(50)(42)(704)
TOTAL FINANCIAL ASSETS66,971 58,770 36,783 26,431 62,504 251,459 


LogoSantanderPie_76.jpg Annual report 2024    763
31 December 2024
EUR million
Within 3 months3 to 12 months1 to 3
years		3 to 5
years		More than 5 yearsTotal
FINANCIAL LIABILITIES
Financial liabilities held for trading100,071 16,537 14,244 12,530 8,769 152,151 
Derivatives14,364 13,296 11,946 12,335 5,812 57,753 
Shorts positions28,548 2,931 1,199 195 2,957 35,830 
Deposits57,159 310 1,099 — — 58,568 
Central banks13,300 — — — — 13,300 
Credits institutions24,875 310 1,099 — — 26,284 
Customers18,984 — — — — 18,984 
Financial liabilities designated at fair value through profit or loss16,036 6,000 6,422 1,918 5,984 36,360 
Deposits15,193 4,860 4,037 490 4,226 28,806 
Central banks1,774 — — — — 1,774 
Credits institutions1,035 133 15 49 393 1,625 
Customers12,384 4,727 4,022 441 3,833 25,407 
Marketable debt securitiesA
843 1,140 2,385 1,428 1,758 7,554 
Hedging derivatives832 668 826 814 1,612 4,752 
Changes in the fair value of hedged items in portfolio hedges of interest rate risk— (5)13 47 (64)(9)
TOTAL FINANCIAL LIABILITIES116,939 23,200 21,505 15,309 16,301 193,254 
A.See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, promissory notes and other securities) (see note 22).
31 December 2024
EUR million
Within 3 months3 to 12 months1 to 3
years		3 to 5
years		More than 5 yearsTotal
Memorandum items
Loans commitment granted133,084 35,747 57,157 57,285 19,588 302,861 
Financial guarantees granted5,103 6,803 3,691 796 508 16,901 
Other commitments granted92,172 20,681 13,197 5,032 3,411 134,493 
MEMORANDUM ITEMS230,359 63,231 74,045 63,113 23,507 454,255 
In the Group’s experience, no outflows of cash or other financial assets take place prior to the contractual maturity date that might affect the information broken down above.
LogoSantanderPie_76.jpg Annual report 2024    764
31 December 2023
EUR million
Within 3 months3 to 12 months1 to 3
years		3 to 5
years		More than 5 yearsTotal
FINANCIAL ASSETS
Financial assets held for trading36,120 49,668 30,602 17,912 42,619 176,921 
Derivatives8,777 10,551 17,775 9,532 9,693 56,328 
Equity instruments— — — — 15,057 15,057 
Debt securities7,598 18,315 10,274 8,137 17,800 62,124 
Loans and advances19,745 20,802 2,553 243 69 43,412 
Central banks1,146 16,571 — — — 17,717 
Credits institutions10,861 2,076 1,079 45 — 14,061 
Customers7,738 2,155 1,474 198 69 11,634 
Financial assets designated at fair value through profit or loss1,657 557 2,529 1,350 3,680 9,773 
Debt securities252 77 1,269 690 807 3,095 
Loans and advances1,405 480 1,260 660 2,873 6,678 
Central banks— — — — — — 
Credit institutions26 22 3 15 393 459 
Customers1,379 458 1,257 645 2,480 6,219 
Non-trading financial assets mandatorily at fair value through profit or loss591 153 71 80 5,015 5,910 
Equity instruments— — — — 4,068 4,068 
Debt instruments41 — 57 3 759 860 
Loans and advances550 153 14 77 188 982 
Central banks— — — — — — 
Credits institutions— — — — — — 
Customers550 153 14 77 188 982 
Financial assets at fair value through other comprehensive income— — — — 1,761 1,761 
Equity instruments— — — — 1,761 1,761 
Hedging derivatives1,188 412 1,535 937 1,225 5,297 
Changes in the fair value of hedged items in portfolio hedges of interest rate risk(237)(225)156 (402)(80)(788)
TOTAL FINANCIAL ASSETS39,319 50,565 34,893 19,877 54,220 198,874 
LogoSantanderPie_76.jpg Annual report 2024    765
31 December 2023
EUR million
Within 3 months3 to 12 months1 to 3
years		3 to 5
years		More than 5 yearsTotal
FINANCIAL LIABILITIES
Financial liabilities held for trading73,257 12,127 19,180 10,591 7,115 122,270 
Derivatives8,147 9,486 17,990 10,060 4,906 50,589 
Shorts positions21,381 1,288 765 531 2,209 26,174 
Deposits43,729 1,353 425 — — 45,507 
Central banks7,808 — — — — 7,808 
Credits institutions17,228 209 425 — — 17,862 
Customers18,693 1,144 — — — 19,837 
Financial liabilities designated at fair value through profit or loss23,190 7,583 4,863 1,359 3,372 40,367 
Deposits22,688 6,459 3,223 338 2,288 34,996 
Central banks1,158 51 — — — 1,209 
Credits institutions1,161 57 84 61 372 1,735 
Customers20,369 6,351 3,139 277 1,916 32,052 
Marketable debt securitiesA
502 1,124 1,640 1,021 1,084 5,371 
Hedging derivatives1,525 2,064 1,577 878 1,612 7,656 
Changes in the fair value of hedged items in portfolio hedges of interest rate risk(1)(4)36 (5)29 55 
TOTAL FINANCIAL LIABILITIES97,971 21,770 25,656 12,823 12,128 170,348 
A.See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, promissory notes and other securities) (see note 22).

31 December 2023
EUR million
Within 3 months3 to 12 months1 to 3
years		3 to 5
years		More than 5 yearsTotal
Memorandum items
Loans commitment granted125,083 31,658 55,344 47,204 20,300 279,589 
Financial guarantees granted7,870 4,734 1,654 686 491 15,435 
Other commitments granted81,146 17,448 9,699 3,386 1,594 113,273 
MEMORANDUM ITEMS214,099 53,840 66,697 51,276 22,385 408,297 
LogoSantanderPie_76.jpg Annual report 2024    766
31 December 2022
EUR million
Within 3 months3 to 12 months1 to 3
years		3 to 5
years		More than 5 yearsTotal
FINANCIAL ASSETS
Financial assets held for trading44,770 27,562 29,753 20,177 33,856 156,118 
Derivatives7,631 9,983 23,156 15,533 10,699 67,002 
Equity instruments— — — — 10,066 10,066 
Debt securities5,160 13,357 5,667 4,193 13,026 41,403 
Loans and advances31,979 4,222 930 451 65 37,647 
Central banks11,595 — — — — 11,595 
Credits institutions13,650 2,852 — — — 16,502 
Customers6,734 1,370 930 451 65 9,550 
Financial assets designated at fair value through profit or loss236 756 2,732 1,691 3,574 8,989 
Debt securities68 77 1,026 599 772 2,542 
Loans and advances168 679 1,706 1,092 2,802 6,447 
Credit institutions6 181 23 4 459 673 
Customers162 498 1,683 1,088 2,343 5,774 
Non-trading financial assets mandatorily at fair value through profit or loss164 214 265 70 5,000 5,713 
Equity instruments— — — — 3,711 3,711 
Debt instruments6 52 52 — 1,024 1,134 
Loans and advances158 162 213 70 265 868 
Customers158 162 213 70 265 868 
Financial assets at fair value through other comprehensive income— — — — 1,941 1,941 
Equity instruments— — — — 1,941 1,941 
Hedging derivatives2,200 1,076 1,356 1,451 1,986 8,069 
Changes in the fair value of hedged items in portfolio hedges of interest rate risk(734)(498)(1,178)(1,036)(303)(3,749)
TOTAL FINANCIAL ASSETS46,636 29,110 32,928 22,353 46,054 177,081 

LogoSantanderPie_76.jpg Annual report 2024    767
31 December 2022
EUR million
Within 3 months3 to 12 months1 to 3
years		3 to 5
years		More than 5 yearsTotal
FINANCIAL LIABILITIES
Financial liabilities held for trading51,621 12,012 23,669 18,273 9,610 115,185 
Derivatives7,749 9,671 22,479 16,955 8,037 64,891 
Shorts positions17,952 888 1,031 1,071 1,573 22,515 
Deposits25,920 1,453 159 247 — 27,779 
Central banks5,757 — — — — 5,757 
Credits institutions7,963 1,435 151 247 — 9,796 
Customers12,200 18 8 — — 12,226 
Financial liabilities designated at fair value through profit or loss25,180 3,984 4,389 1,796 4,918 40,268 
Deposits25,017 3,183 3,278 699 2,663 34,841 
Central banks1,702 38 — — — 1,740 
Credits institutions1,284 129 54 87 404 1,958 
Customers22,031 3,016 3,224 612 2,259 31,143 
Marketable debt securitiesA
163 801 1,111 1,097 2,255 5,427 
Hedging derivatives947 1,469 3,650 1,159 2,003 9,228 
Changes in the fair value of hedged items in portfolio hedges of interest rate risk11 (52)(140)20 44 (117)
TOTAL FINANCIAL LIABILITIES77,759 17,413 31,568 21,248 16,575 164,564 
A.See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, promissory notes and other securities) (see note 22).


31 December 2022
EUR million
Within 3 months3 to 12 months1 to 3
years		3 to 5
years		More than 5 yearsTotal
Memorandum items
Loans commitment granted120,962 32,538 50,875 54,033 15,667 274,075 
Financial guarantees granted7,023 3,586 1,427 441 379 12,856 
Other commitments granted66,716 16,152 7,119 1,517 1,168 92,672 
MEMORANDUM ITEMS194,701 52,276 59,421 55,991 17,214 379,603 


LogoSantanderPie_76.jpg Annual report 2024    768
b) Equivalent euro value of assets and liabilities
The detail of the main foreign currency balances in the consolidated balance sheet, based on the nature of the related items, is as follows:
Equivalent value in EUR million
202420232022
AssetsLiabilitiesAssetsLiabilitiesAssetsLiabilities
Cash, cash balances at central banks and other deposits on demand109,932 — 114,410 — 122,391 — 
Financial assets/liabilities held for trading130,076 76,216 106,011 60,581 94,256 60,105 
Non-trading financial assets mandatorily at fair value through profit or loss3,208 — 3,291 — 3,210 — 
Other financial assets/liabilities at fair value through profit or loss793 13,844 1,721 12,699 1,085 19,929 
Financial assets at fair value through other comprehensive income60,861 — 60,516 — 62,046 — 
Financial assets at amortized cost777,226 — 773,504 — 747,138 — 
Investments2,103 — 1,689 — 1,296 — 
Tangible assets18,812 — 20,797 — 21,834 — 
Intangible assets12,282 — 12,772 — 11,881 — 
Financial liabilities at amortized cost— 938,844 — 937,917 — 893,531 
Liabilities under insurance contracts— 261 — 330 — 349 
Other25,891 22,385 26,236 25,740 23,886 24,372 
1,141,184 1,051,550 1,120,947 1,037,267 1,089,023 998,286 
c) Fair value of financial assets and liabilities not measured at fair value
The fair value at year-end of the financial instruments (certain portfolios of loans and advances and debt securities, on the asset side, and deposits and debt securities, on the liability side) registered in the consolidated balance sheet at amortized cost is presented below:
i) Financial assets measured at other than fair value
EUR million
202420232022
AssetsCarrying amountFair valueLevel 1Level 2Level 3Carrying amountFair valueLevel 1Level 2Level 3Carrying amountFair valueLevel 1Level 2Level 3
Loans and advances1,082,758 1,073,530 — 104,582 968,948 1,087,844 1,077,543 — 103,414 974,129 1,073,490 1,053,703 — 64,968 988,735 
Debt securities120,949 119,539 87,170 13,149 19,220 103,559 102,888 67,951 11,057 23,880 73,554 70,373 37,805 19,254 13,314 
1,203,707 1,193,069 87,170 117,731 988,168 1,191,403 1,180,431 67,951 114,471 998,009 1,147,044 1,124,076 37,805 84,222 1,002,049 
ii) Financial liabilities measured at other than fair value
EUR million
202420232022
LiabilitiesA
Carrying amountFair valueLevel 1Level 2Level 3Carrying amountFair valueLevel 1Level 2Level 3Carrying amountFair valueLevel 1Level 2Level 3
Deposits1,126,439 1,125,532 — 250,440 875,092 1,125,308 1,124,373 — 263,428 860,945 1,111,887 1,108,918 — 258,701 850,217 
Debt securities317,967 317,912 170,118 112,365 35,429 303,208 298,792 136,109 125,575 37,108 274,912 263,191 106,169 124,939 32,083 
1,444,406 1,443,444 170,118 362,805 910,521 1,428,516 1,423,165 136,109 389,003 898,053 1,386,799 1,372,109 106,169 383,640 882,300 
A.At 31 December 2024, Grupo Santander had other financial liabilities that amounted to EUR 39,916 million, EUR 40,187 million in 2023 and EUR 37,059 million in 2022.
LogoSantanderPie_76.jpg Annual report 2024    769
The main valuation methods and inputs used in the estimates at 31 December 2024 of the fair values of the financial assets and liabilities in the foregoing table were as follows:
•Financial assets at amortised cost: the fair value was estimated using the present value method. The estimates were made considering factors such as the expected maturity of the portfolio, market interest rates, spreads on newly approved transactions or market spreads -when available-.
•Financial liabilities at amortised cost:
i) Deposits: the fair value of short term and on demand deposits was taken to be their carrying amount. Factors such as the expected maturity of the transactions and the Group’s current cost of funding in similar transactions are consider for the estimation of long term deposits fair value. It had been used also current rates offered for deposits of similar remaining maturities.
ii) Marketable debt securities and subordinated liabilities: the fair value was calculated based on market prices for these instruments -when available- or by the present value method using market interest rates and spreads, as well as using any significant input which is not observable with market data if applicable.
iii) The fair value of cash, cash balances at central banks and other deposits on demand was taken to be their carrying amount since they are mainly short-term balances.

LogoSantanderPie_76.jpg Annual report 2024    770

d) Offsetting of financial instruments
Following is the detail of financial assets and liabilities that were offset in the consolidated balance sheets as of 31 December 2024, 2023 and 2022:
31 December 2024
EUR million
AssetsGross amount
of
financial
assets		Gross amount
of financial
assets
offset in the
balance sheet		Net amount
of financial
assets
presented in
the balance
sheet
Derivatives152,331 (82,559)69,772 
Reverse repurchase agreements189,034 (67,488)121,546 
Total341,365 (150,047)191,318 
31 December 2023
EUR million
AssetsGross amount
of
financial
assets		Gross amount
of financial
assets
offset in the
balance sheet		Net amount
of financial
assets
presented in
the balance
sheet
Derivatives149,508 (87,883)61,625 
Reverse repurchase agreements179,580 (79,500)100,080 
Total329,088 (167,383)161,705 
31 December 2022
EUR million
AssetsGross amount
of
financial
assets		Gross amount
of financial
assets
offset in the
balance sheet		Net amount
of financial
assets
presented in
the balance
sheet
Derivatives176,814 (101,743)75,071 
Reverse repurchase agreements127,561 (48,949)78,612 
Total304,375 (150,692)153,683 


















31 December 2024
EUR million
LiabilitiesGross amount
of
financial
liabilities		Gross amount
of financial
liabilities
offset in the
balance sheet		Net amount
of financial
liabilities
presented in
the balance
sheet
Derivatives145,064 (82,559)62,505 
Reverse repurchase agreements223,141 (67,488)155,653 
Total368,205 (150,047)218,158 
31 December 2023
EUR million
LiabilitiesGross amount
of
financial
liabilities		Gross amount
of financial
liabilities
offset in the
balance sheet		Net amount
of financial
liabilities
presented in
the balance
sheet
Derivatives146,128 (87,883)58,245 
Reverse repurchase agreements212,840 (79,500)133,340 
Total358,968 (167,383)191,585 
31 December 2022
EUR million
LiabilitiesGross amount
of
financial
liabilities		Gross amount
of financial
liabilities
offset in the
balance sheet		Net amount
of financial
liabilities
presented in
the balance
sheet
Derivatives175,862 (101,743)74,119 
Reverse repurchase agreements148,715 (48,949)99,766 
Total324,577 (150,692)173,885 

At 31 December 2024, Grupo Santander has offset other items amounting to EUR 811 million (EUR 910 million and EUR 1,024 million at 31 December 2023 and 2022, respectively).

At 31 December 2024 the balance sheet shows the amounts EUR 176,198 million (EUR 151,044 million and EUR 141,529 million at 31 December 2023 and 2022) on derivatives and repos as assets and EUR 209,121 million (EUR 180,539 million and EUR 157,572 million at 31 December 2023 and 2022, respectively) on derivatives and repos as liabilities that are subject to netting and collateral arrangements.
LogoSantanderPie_76.jpg Annual report 2024    771
52. Primary and secondary segments reporting
Grupo Santander bases 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.
Grupo Santander has aligned the information in this note with the underlying information used internally for management reporting and with that presented in Grupo Santander's other public documents.
Grupo Santander executive committee has been determined to be its chief operating decision maker. Grupo Santander's operating segments reflect its organizational and managerial structures. Grupo Santander 's executive committee reviews internal reporting based on these segments to assess performance and allocate resources.
The segments are split by type of business and the geographic area in which profits are earned. Santander prepares the information by aggregating the figures for Grupo Santander’s various geographic areas and business units, relating it to both the accounting data of the units integrated in each segment and that provided by management information systems. The same general principles as those used in Grupo Santander are applied.
On September 18, 2023, Grupo Santander announced a change in the reportable segments to align the disclosed financial information to the new report structure, from the first 2024 three months period onwards.
The main changes, which have been applied to management information for all periods included in the annual accounts, relate to the following:
1.The totality of the Bank's businesses in every market has been consolidated into five global areas: Retail & Commercial Bank, Digital Consumer Bank, Corporate & Investment Banking, Wealth Management & Insurance and Payments, which became the new primary segments.
2.The changes made in financial information are as follows:
a.The former Retail Banking is divided into the new Retail & Commercial Banking and Digital Consumer Bank segments, while the country-based card business becomes part of the new Payments segment.
b.The results of activities primarily related to financial management, which are located in the countries, are fully allocated to the global business based on the segment generating the financial position in each unit.
c.Local corporate centres are allocated to the different global businesses.
d.The criteria for the distribution of revenues among the global businesses have been revised to better reflect the contribution of each of them to the Group.
3.The former core segments (Europe, North America, South America and Digital Consumer Bank, which is now called DCB Europe) became the new secondary segments. The published financial information for 2023 and 2022 regarding the regions, countries and Corporate Centre remain unchanged.
Grupo Santander recasted the corresponding information of earlier periods considering the changes included in this section to facilitate a homogeneous comparison.
The above-mentioned changes have no impact on the Group’s reported consolidated financial statements.
a) Primary segments
This primary level of segmentation, which is based on the Group’s management structure, comprises six reportable segments: five operating areas plus the Corporate Centre. The operating areas are:
•Retail & Commercial Banking (Retail): new area that integrates the retail banking business (individuals) and commercial banking (SMEs and corporates), except for business originated in the consumer finance and the cards businesses.
•Digital Consumer Bank (Consumer): comprises all business originated in the consumer finance companies, plus Openbank, Open Digital Services (ODS) and SBNA Consumer.
•Corporate & Investment Banking (CIB): this business, which includes Global Transactional Banking, Global Banking (Global Debt Finance and Corporate Finance) and 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): includes the corporate unit of Private Banking and International Private Banking in Miami and Switzerland (Santander Private Banking), the asset management business (Santander Asset Management) and the insurance business (Santander Insurance).
•Payments: digital payments solutions, providing global technology solutions for our banks and new customers in the open market. It is structured in two businesses: PagoNxt (Getnet, Ebury and PagoNxt Payments) and Cards (cards platform and business in the countries).
In addition to these operating units, both primary and secondary, Grupo Santander continues to maintain the area of Corporate Centre, that includes the centralized activities relating to equity stakes in financial companies, financial management of the structural exchange rate position, assumed within the sphere of Grupo Santander’s assets and liabilities committee, as well as management of liquidity and of shareholders’ equity via issuances.
As Grupo Santander’s holding entity, this area manages all capital and reserves and allocations of capital and liquidity with the rest of businesses. It also incorporates amortization of goodwill but not the costs related to the Grupo Santander’s central services (charged to the areas), except for corporate and institutional expenses related to the Grupo Santander’s functioning.
There are no customers located in any of the areas that generate income exceeding 10% of Total income.
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The main masses of the balance sheets of the different segments, summarized, are indicated below:

EUR million
2024
Balance sheet (condensed)Retail & Commercial BankingDigital Consumer BankCorporate & Investment BankingWealth Management & InsurancePaymentsCorporate CentreTotal
Loans and advances to customers608,945 207,104 184,923 24,479 22,840 5,778 1,054,069 
Customer deposits661,152 128,975 202,355 60,986 1,038 1,430 1,055,936 
Memorandum items
Gross loans and advances to customersA
609,490 215,160 136,818 24,611 24,614 5,853 1,016,546 
Customers funds747,567 137,122 152,450 171,866 1,038 1,299 1,211,342 
Customer depositsB
649,619 128,933 136,672 60,058 1,038 1,299 977,620 
Investment funds97,948 8,189 15,777 111,807 — — 233,722 
EUR million
2023
Balance sheet (condensed)Retail & Commercial BankingDigital Consumer BankCorporate & Investment BankingWealth Management & InsurancePaymentsCorporate CentreTotal
Loans and advances to customers618,113 199,158 168,960 22,509 22,045 5,565 1,036,349 
Customer deposits666,578 115,446 203,713 58,507 1,418 1,508 1,047,169 
Memorandum items
Gross loans and advances to customersA
618,773 206,649 137,578 22,603 23,709 5,640 1,014,951 
Customers funds725,971 120,996 169,839 157,142 1,418 1,508 1,176,874 
Customer depositsB
638,169 114,334 155,274 57,643 1,418 1,508 968,346 
Investment funds87,802 6,662 14,565 99,499 — — 208,528 
EUR million
2022
Balance sheet (condensed)Retail & Commercial BankingDigital Consumer BankCorporate & Investment BankingWealth Management & InsurancePaymentsCorporate CentreTotal
Loans and advances to customers622,933 189,623 173,397 22,127 22,140 5,785 1,036,004 
Customer deposits616,601 103,021 230,194 58,324 688 895 1,009,722 
Memorandum items
Gross loans and advances to customersA
629,478 196,878 142,646 22,247 22,161 5,779 1,019,188 
Customers funds675,028 108,824 195,814 149,135 688 895 1,130,385 
Customer depositsB
598,110 102,946 186,678 57,014 688 895 946,331 
Investment funds76,918 5,878 9,136 92,121 — — 184,053 

A.Excluding reverse repos.
B.Excluding repos.
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The condensed income statements for the primary segments are as follows:

EUR million
2024
Underlying income statement (condensed)Retail & Commercial BankingDigital Consumer BankCorporate & Investment BankingWealth Management & InsurancePaymentsCorporate CentreTotal
Net interest incomeA
27,942 10,777 4,020 1,627 2,609 (308)46,668 
Net fee income4,681 1,508 2,548 1,489 2,793 (11)13,010 
Gains (losses) on financial transactionsB
812 (4)1,619 213 41 (408)2,273 
Other operating incomeC
(974)635 156 332 61 50 260 
Total income32,461 12,916 8,343 3,661 5,505 (676)62,211 
Administrative expenses, depreciation and amortisation(12,877)(5,183)(3,807)(1,313)(2,475)(379)(26,034)
Net operating incomeD
19,584 7,733 4,537 2,348 3,030 (1,055)36,177 
Net loan-loss provisionsE
(5,845)(4,562)(174)(41)(1,714)3 (12,333)
Other gains (losses) and provisionsF
(2,865)(939)(353)(48)(347)(265)(4,817)
Operating profit/(loss) before tax10,874 2,232 4,009 2,259 969 (1,317)19,027 
Tax on profit(3,091)(295)(1,065)(531)(464)162 (5,283)
Profit from continuing operations7,783 1,938 2,944 1,728 505 (1,155)13,744 
Net profit from discontinued operations— — — — — — — 
Consolidated profit7,783 1,938 2,944 1,728 505 (1,155)13,744 
Non-controlling interests(520)(275)(204)(79)(92)1 (1,170)
Attributable profit to the parent7,263 1,663 2,740 1,650 413 (1,154)12,574 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: 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, net, 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.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes an addition of EUR 41 million mainly corresponding to the results by commitments and contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except an addition EUR 41 million mainly corresponding to the results by commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognised in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
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EUR million
2023
Underlying income statement (condensed)Retail & Commercial BankingDigital Consumer BankCorporate & Investment BankingWealth Management & InsurancePaymentsCorporate CentreTotal
Net interest incomeA
25,550 10,221 3,594 1,513 2,424 (41)43,261 
Net fee income4,497 1,229 2,131 1,262 2,952 (13)12,057 
Gains (losses) on financial transactionsB
854 116 1,795 170 1 (302)2,633 
Other operating incomeC
(1,146)730 7 266 (79)(83)(304)
Total income29,754 12,296 7,527 3,210 5,298 (439)57,647 
Administrative expenses, depreciation and amortisation(12,825)(5,263)(3,387)(1,216)(2,344)(391)(25,425)
Net operating incomeD
16,930 7,033 4,140 1,994 2,954 (829)32,222 
Net loan-loss provisionsE
(6,540)(4,106)(165)17 (1,666)2 (12,458)
Other gains (losses) and provisionsF
(2,401)(250)(181)(18)(84)(134)(3,066)
Operating profit/(loss) before tax7,989 2,677 3,795 1,994 1,205 (961)16,698 
Tax on profit(1,927)(426)(1,137)(454)(509)(36)(4,489)
Profit from continuing operations6,062 2,251 2,658 1,540 696 (998)12,209 
Net profit from discontinued operations— — — — — — — 
Consolidated profit6,062 2,251 2,658 1,540 696 (998)12,209 
Non-controlling interests(403)(350)(219)(73)(89)— (1,133)
Attributable profit to the parent5,659 1,901 2,440 1,467 607 (998)11,076 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: 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, net, 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.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.'Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.'Net Loan loss provisions' refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes a release of EUR 24 million mainly corresponding to the results by commitments and contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except a release of EUR 24 million mainly corresponding to the results by commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognised in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
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EUR million
2022
Underlying income statement (condensed)Retail & Commercial BankingDigital Consumer BankCorporate & Investment BankingWealth Management & InsurancePaymentsCorporate CentreTotal
Net interest incomeA
22,093 10,121 3,816 883 2,359 (652)38,619 
Net fee income4,672 1,269 1,922 1,293 2,653 (19)11,790 
Gains (losses) on financial transactionsB
1,141 144 962 108 20 (723)1,653 
Other operating incomeC
(913)856 3 394 (158)(91)92 
Total income26,994 12,391 6,703 2,678 4,874 (1,485)52,154 
Administrative expenses, depreciation and amortisation(12,059)(5,197)(2,901)(1,104)(2,271)(372)(23,903)
Net operating incomeD
14,935 7,194 3,802 1,574 2,604 (1,857)28,251 
Net loan-loss provisionsE
(5,887)(3,222)(257)(21)(1,132)10 (10,509)
Other gains (losses) and provisionsF
(1,950)(91)(166)(37)(74)(174)(2,492)
Operating profit/(loss) before tax7,099 3,880 3,379 1,516 1,398 (2,021)15,250 
Tax on profit(1,676)(881)(955)(346)(603)(27)(4,486)
Profit from continuing operations5,423 3,000 2,424 1,170 795 (2,048)10,764 
Net profit from discontinued operations— — — — — — — 
Consolidated profit5,423 3,000 2,424 1,170 795 (2,048)10,764 
Non-controlling interests(406)(389)(191)(69)(103)1 (1,159)
Attributable profit to the parent5,017 2,610 2,233 1,101 693 (2,049)9,605 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: 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, net, 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.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes a release of EUR 27 million mainly corresponding to the results by commitments and contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except a release of EUR 27 million mainly corresponding to the results by commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognised in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
LogoSantanderPie_76.jpg Annual report 2024    776
b) Secondary segments
At this secondary level, Grupo Santander is structured into Europe, DCB Europe, North America and South America:
•Europe: which comprises all business activity carried out in the region, except that included in Digital Consumer Bank.
•DCB Europe: includes Santander Consumer Finance, which incorporates the entire consumer finance business in Europe, Openbank and ODS.
•North America: which comprises all the business activities carried out in Mexico and the US, which includes the holding company (SHUSA) and the businesses of Santander Bank (SBNA), Santander Consumer USA (SC USA), the specialized business unit Banco Santander International, Santander's New York branch and Santander US Capital Markets (SanCap).
•South America: includes all the financial activities carried out by Grupo Santander through its banks and subsidiary banks in the region.
With regard to the balance sheet, due to the required segregation of the various business units (included in a single consolidated balance sheet), the amounts lent and borrowed between the units are shown as increases in the assets and liabilities of each business. These amounts relating to intra-Group liquidity are eliminated and are shown in the Intra-Group eliminations column in the table below in order to reconcile the amounts contributed by each business unit to the consolidated Grupo Santander's balance sheet.
There are no customers located in a place different from the location of the Group's assets that generate revenues in excess of 10% of ordinary revenues.

LogoSantanderPie_76.jpg Annual report 2024    777
The condensed balance sheets of the different secondary segments are indicated below:
EUR million
2024
Balance sheet (condensed)EuropeNorth AmericaSouth AmericaDigital Consumer Bank EuropeCorporate centreIntra-group eliminationsTotal
Total assets984,151 307,801 311,218 173,775 240,948 (180,815)1,837,081 
Total liabilities940,831 283,200 285,790 160,264 151,585 (91,916)1,729,754 
Total equity43,320 24,601 25,428 13,512 89,363 (88,899)107,327 
Other customer funds under management129,784 21,613 77,846 1,243 — — 230,485 
Other non-managed marketed customer funds 34,610 21,331 1,165 4,896 — — 62,002 


EUR million
2023
Balance sheet (condensed)EuropeNorth AmericaSouth AmericaDigital Consumer Bank EuropeCorporate centreIntra-group eliminationsTotal
Total assets955,344 294,827 325,049 166,796 254,705 (199,660)1,797,062 
Total liabilities911,173 271,183 299,155 153,355 166,809 (108,854)1,692,821 
Total equity44,171 23,644 25,894 13,441 87,896 (90,806)104,241 
Other customer funds under management111,933 18,733 78,076 996 — — 209,737 
Other non-managed marketed customer funds 26,390 18,503 1,087 4,057 — — 50,036 


EUR million
2022
Balance sheet (condensed)EuropeNorth AmericaSouth AmericaDigital Consumer Bank EuropeCorporate centreIntra-group eliminationsTotal
Total assets958,207 288,595 292,925 151,015 262,218 (218,301)1,734,659 
Total liabilities915,167 262,931 268,417 137,986 178,651 (126,078)1,637,074 
Total equity43,040 25,664 24,508 13,029 83,567 (92,223)97,585 
Other customer funds under management100,178 15,571 65,251 880 — — 181,880 
Other non-managed marketed customer funds 23,305 20,908 1,077 3,089 — — 48,379 
LogoSantanderPie_76.jpg Annual report 2024    778
The condensed income statements are as follows:

EUR million
2024
Underlying income statement (condensed)
Europe
North America
South America
DCB Europe
Corporate Centre
Total
Net interest incomeA
16,720 10,330 15,566 4,361 (308)46,668 
Net fee income4,659 2,594 4,864 902 (11)13,010 
Gains (losses) on financial transactionsB
1,357 747 601 (24)(408)2,273 
Other operating incomeC
774 243 (1,247)440 50 260 
Total income23,510 13,915 19,783 5,679 (676)62,211 
Administrative expenses, depreciation and amortisation(9,407)(6,701)(6,943)(2,604)(379)(26,034)
Net operating incomeD
14,102 7,214 12,841 3,075 (1,055)36,177 
Net loan-loss provisionsE
(1,862)(3,786)(5,478)(1,209)3 (12,333)
Other gains (losses) and provisionsF
(2,111)(336)(1,369)(735)(265)(4,817)
Operating profit/(loss) before tax10,129 3,091 5,993 1,131 (1,317)19,027 
Tax on profit(3,065)(509)(1,617)(255)162 (5,283)
Profit/(loss) from continuing operations7,064 2,582 4,376 876 (1,155)13,744 
Net profit/(loss) from discontinued operations— — — — — — 
Consolidated profit/(loss)7,064 2,582 4,376 876 (1,155)13,744 
Non-controlling interests(420)(3)(513)(234)1 (1,170)
Attributable profit/(loss) to the parent6,644 2,579 3,863 642 (1,154)12,574 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: 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, net, 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.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes an addition of EUR 41 million mainly corresponding to the results by commitments and contingent risks included in the line provisions or reversal of provisions, net of the statutory income statement.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except an addition of EUR 41 million mainly corresponding to the results by commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
LogoSantanderPie_76.jpg Annual report 2024    779
EUR million
2023
Underlying income statement (condensed)
Europe
North America
South America
DCB Europe
Corporate Centre
Total
Net interest incomeA
15,910 10,159 13,040 4,193 (41)43,261 
Net fee income4,399 2,192 4,684 796 (13)12,057 
Gains (losses) on financial transactionsB
1,033 505 1,280 117 (302)2,633 
Other operating incomeC
97 318 (1,033)396 (83)(304)
Total income21,439 13,174 17,971 5,502 (439)57,647 
Administrative expenses, depreciation and amortisation(9,030)(6,465)(6,920)(2,618)(391)(25,425)
Net operating incomeD
12,409 6,708 11,050 2,884 (829)32,222 
Net loan-loss provisionsE
(2,533)(3,733)(5,401)(792)2 (12,458)
Other gains (losses) and provisionsF
(1,681)(138)(1,041)(72)(134)(3,066)
Operating profit/(loss) before tax8,195 2,837 4,608 2,019 (961)16,698 
Tax on profit(2,371)(468)(1,121)(493)(36)(4,489)
Profit/(loss) from continuing operations5,824 2,369 3,487 1,526 (998)12,209 
Net profit/(loss) from discontinued operations— — — — — — 
Consolidated profit/(loss)5,824 2,369 3,487 1,526 (998)12,209 
Non-controlling interests(342)(15)(449)(327)— (1,133)
Attributable profit/(loss) to the parent5,482 2,354 3,038 1,199 (998)11,076 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: 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, net, 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.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes a release of EUR 24 million mainly corresponding to the results by commitments and contingent risks included in the line provisions or reversal of provisions, net of the statutory income statement.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except a release of EUR 24 million mainly corresponding to the results by commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
LogoSantanderPie_76.jpg Annual report 2024    780

EUR million
2022
Underlying income statement (condensed)
Europe
North America
South America
DCB EuropeCorporate CentreTotal
Net interest incomeA
12,565 9,705 12,979 4,022 (652)38,619 
Net fee income4,493 1,958 4,515 843 (19)11,790 
Gains (losses) on financial transactionsB
821 204 1,291 60 (723)1,653 
Other operating incomeC
151 449 (761)344 (91)92 
Total income18,030 12,316 18,024 5,269 (1,485)52,154 
Administrative expenses, depreciation and amortisation(8,523)(5,871)(6,675)(2,462)(372)(23,903)
Net operating incomeD
9,507 6,445 11,349 2,807 (1,857)28,251 
Net loan-loss provisionsE
(2,396)(2,538)(5,041)(544)10 (10,509)
Other gains (losses) and provisionsF
(1,629)(118)(544)(27)(174)(2,492)
Operating profit/(loss) before tax5,482 3,789 5,764 2,236 (2,021)15,250 
Tax on profit(1,492)(869)(1,549)(549)(27)(4,486)
Profit/(loss) from continuing operations3,990 2,920 4,215 1,687 (2,048)10,764 
Net profit/(loss) from discontinued operations— — — — — — 
Consolidated profit/(loss)3,990 2,920 4,215 1,687 (2,048)10,764 
Non-controlling interests(179)(43)(557)(379)1 (1,159)
Attributable profit/(loss) to the parent3,811 2,877 3,658 1,308 (2,049)9,605 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: 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, net, 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.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes a release of EUR 27 million mainly corresponding to the results by commitments and contingent risks included in the line provisions or reversal of provisions, net of the statutory income statement.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except a release of EUR 27 million mainly corresponding to the results by commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
LogoSantanderPie_76.jpg Annual report 2024    781
c) Reconciliations of reportable segment results
The tables below reconcile the statutory basis results to the underlying results for each of the periods presented as required by IFRS 8. For the purposes of these reconciliations, all material reconciling items are separately identified and described.
Grupo Santander assets and liabilities for management reporting purposes do not differ from the statutory reported figures and therefore are not reconciled.
EUR million
2024
Reconciliation of statutory results to underlying results Statutory resultsAdjustmentsUnderlying results
Net interest incomeA
46,668 — 46,668 
Net fee income13,010 — 13,010 
Gains (losses) on financial transactionsB
2,273 — 2,273 
Other operating incomeC
(75)335 260 
Total income61,876 335 62,211 
Administrative expenses, depreciation and amortisation(26,034)— (26,034)
Net operating incomeD
35,842 335 36,177 
Net loan-loss provisionsE
(12,685)352 (12,333)
Other gains (losses) and provisionsF
(4,130)(687)(4,817)
Operating profit/(loss) before tax19,027 — 19,027 
Tax on profit(5,283)— (5,283)
Adjusted profit for the year from continuing operations13,744 — 13,744 
Profit from discontinued operations (net)— — — 
Consolidated profit/(loss)13,744 — 13,744 
Non-controlling interests(1,170)— (1,170)
Attributable profit/(loss) to the parent12,574 — 12,574 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: 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, net, 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.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes an addition of EUR 41 mainly corresponding to the results by commitments and contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except for an addition of EUR 41 mainly corresponding to results from commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
Explanation of adjustments:
•Temporary levy on revenue in Spain in the first quarter, totalling EUR 335 million, which was moved from total income to other gains (losses) and provisions.
•Provisions which strengthen the balance sheet in Brazil of EUR 352 million in the second quarter (EUR 174 million net of tax and minority interests).

LogoSantanderPie_76.jpg Annual report 2024    782
EUR million
2023
Reconciliation of statutory results to underlying resultsStatutory resultsAdjustmentsUnderlying results
Net interest incomeA
43,261 — 43,261 
Net fee income 12,057 — 12,057 
Gains (losses) on financial transactionsB
2,633 — 2,633 
Other operating incomeC
(528)224 (304)
Total income 57,423 224 57,647 
Administrative expenses, depreciation and amortisation (25,425)— (25,425)
Net operating incomeD
31,998 224 32,222 
Net loan-loss provisionsE
(12,932)474 (12,458)
Other gains (losses) and provisionsF
(2,607)(459)(3,066)
Operating profit/(loss) before tax 16,459 239 16,698 
Tax on profit (4,276)(213)(4,489)
Adjusted profit for the year from continuing operations12,183 26 12,209 
Profit from discontinued operations (net)— — — 
Consolidated profit/(loss)12,183 26 12,209 
Non-controlling interests(1,107)(26)(1,133)
Attributable profit/(loss) to the parent11,076 — 11,076 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: 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, net, 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.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes a release of EUR 24 mainly corresponding to the results by commitments and contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except for a release of EUR 24 mainly corresponding to results from commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations
Explanation of adjustments:
•Temporary levy on revenue in Spain in the first quarter, totalling EUR 224 million, which was moved from total income to other gains (losses) and provisions.
• Additional provisions for specific cases in the wholesale portfolio of Brazil for an amount of 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).

LogoSantanderPie_76.jpg Annual report 2024    783
EUR million
2022
Reconciliation of statutory results to underlying resultsStatutory resultsAdjustmentsUnderlying results
Net interest incomeA
38,619 — 38,619 
Net fee income 11,790 — 11,790 
Gains (losses) on financial transactionsB
1,653 — 1,653 
Other operating incomeC
55 37 92 
Total income 52,117 37 52,154 
Administrative expenses, depreciation and amortisation (23,903)— (23,903)
Net operating incomeD
28,214 37 28,251 
Net loan-loss provisionsE
(10,836)327 (10,509)
Other gains (losses) and provisionsF
(2,128)(364)(2,492)
Operating profit/(loss) before tax 15,250 0 15,250 
Tax on profit (4,486)— (4,486)
Adjusted profit for the year from continuing operations10,764 0 10,764 
Profit from discontinued operations (net)— — — 
Consolidated profit/(loss)10,764 0 10,764 
Non-controlling interests(1,159)— (1,159)
Attributable profit/(loss) to the parent9,605 0 9,605 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: 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, net, 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.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes a release of EUR 27 mainly corresponding to the results by commitments and contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except a release of EUR 27 mainly corresponding to results from commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
Explanation of adjustments:
•Mainly, payment holidays in Poland.
LogoSantanderPie_76.jpg Annual report 2024    784
53. Related parties
The parties related to the Group are deemed to include, in addition to its associates and joint ventures, the Bank's key management personnel (the members of its board of directors and the executive vice presidents, together with their close family members) and the entities over which the key management personnel may exercise significant influence or control.
Following below is the balance sheet balances and amounts of the Group's income statement corresponding to operations with the parties related to it, distinguishing between associates and joint ventures, members of the Bank's board of directors, the Bank's senior management, and other related parties. Related-party transactions were made on terms equivalent to those that prevail in arm's-length transactions or, when this was not the case, the related compensation in kind was recognized.
EUR million
2024
Associates and joint venturesMembers of the board of directorsSenior ManagementOther related parties
Assets10,783 — 14 226 
Cash, cash balances at central banks and other deposits on demand163 — — — 
Loans and advances: credit institutions407 — — — 
Loans and advances: customers9,750 — 14 221 
Debt securities229 — — 5 
Others234 — — — 
Liabilities3,243 9 7 292 
Financial liabilities: credit institutions228 — — — 
Financial liabilities: customers2,810 9 7 292 
Marketable debt securities— — — — 
Others205 — — — 
Income statement1,776 — — 4 
Interest income508 — — 9 
Interest expense(153)— — (5)
Gains/losses on financial assets and liabilities and others(11)— — — 
Commission income1,535 — — 1 
Commission expense(103)— — (1)
Other4,712 4 3 216 
Financial guarantees granted and Others18 3 2 64 
Loan commitments and Other commitments granted317 1 1 20 
Derivative financial instruments4,377 — — 132 
LogoSantanderPie_76.jpg Annual report 2024    785
EUR million
2023
Associates and joint venturesMembers of the board of directorsSenior ManagementOther related parties
Assets10,497 — 12 186 
Cash, cash balances at central banks and other deposits on demand154 — — — 
Loans and advances: credit institutions405 — — — 
Loans and advances: customers9,275 — 12 185 
Debt securities391 — — 1 
Others272 — — — 
Liabilities2,480 14 5 150 
Financial liabilities: credit institutions463 — — — 
Financial liabilities: customers1,727 14 5 150 
Marketable debt securities— — — — 
Others290 — — — 
Income statement1,698 — — 11 
Interest income427 — — 9 
Interest expense(149)— — (1)
Gains/losses on financial assets and liabilities and others43 — — — 
Commission income1,499 — — 3 
Commission expense(122)— — — 
Other4,189 3 2 1,094 
Financial guarantees granted and Others10 2 1 861 
Loan commitments and Other commitments granted274 1 1 9 
Derivative financial instruments3,905 — — 224 
LogoSantanderPie_76.jpg Annual report 2024    786
EUR million
2022
Associates and joint venturesMembers of the board of directorsSenior ManagementOther related parties
Assets10,257 — 13 455 
Cash, cash balances at central banks and other deposits on demand227 — — — 
Loans and advances: credit institutions489 — — — 
Loans and advances: customers8,822 — 13 455 
Debt securities463 — — — 
Others256 — — — 
Liabilities3,611 11 11 109 
Financial liabilities: credit institutions938 — — — 
Financial liabilities: customers2,301 11 11 109 
Marketable debt securities— — — — 
Others372 — — — 
Income statement1,357 — — 2 
Interest income189 — — 1 
Interest expense(60)— — — 
Gains/losses on financial assets and liabilities and others(225)— — — 
Commission income1,541 — — 1 
Commission expense(88)— — — 
Other3,535 2 2 79 
Financial guarantees granted and Others11 1 1 23 
Loan commitments and Other commitments granted201 1 1 13 
Derivative financial instruments3,323 — — 43 
The remaining required information is detailed in notes 5 and 46.c.

LogoSantanderPie_76.jpg Annual report 2024    787
54. Risk management
a) Risk principles and culture
The principles on which Grupo Santander's risk management and control are based are detailed below. They take into account regulatory requirements, best market practices and are mandatory:
1.All employees are risk managers who must understand the risks associated with their functions and not assume risks that will exceed the Group’s risk appetite or have an unknown impact.
2.Senior managers must be involved to promote consistent risk management and control through their conduct, action and communications, as well as reviewing the risk culture and making sure Grupo Santander keeps the risk profile within risk appetite.
3.Independent risk management and control functions, according to the three lines of defence model of Grupo Santander.
4.Grupo Santander takes a forward-looking and comprehensive approach to management and control all businesses and risk types, which should analyse trends over different time periods and under different scenarios.
5.Effective information management to identify, assess, manage and disclose risks at appropriate levels.
1. Key risk types
Grupo Santander's risks categorization allows effective risk management, control and reporting, and includes, among others the following risk types:
•Credit risk relates to financial loss arising from the default or credit quality deterioration of a customer or counterparty, to which Santander has directly provided credit or assumed a contractual obligation.
•Market risk is the risk incurred as a result of the effect of changes in market factors interest rates, exchange rates, equities and commodities, among others, may have on profits or capital.
•Liquidity risk is the risk that Santander Group does not have the liquid financial resources to meet its obligations when they fall due or can only obtain them at high cost.
•Structural Risk is the risk of changes in the value or margin generation of the assets or liabilities in the banking book resulting from changes in market factors and balance sheet behaviour. It also includes risks associated with insurance and pension activities.
•Capital risk , included within the scope of structural risk, is the risk that arises from the possibility of having an inadequate quantity or quality of capital to meet internal business objectives, regulatory requirements or market expectations.

Grupo Santander also takes into account, on an ongoing basis in its risk management, operational (includes fraud, technological, cyber, legal and conduct risks), financial crime (includes, among others, money laundering, terrorism financing, violation of international sanctions, corruption, bribery and tax evasion), model, reputational and strategic risks.
Besides, environmental and climate-related risk drivers are considered as factors that could impact the existing risks across significant time horizons. These elements include, on the one hand, those derived from the physical effects of climate change and, on the other hand, those derived from the process of transition to a development model with lower emissions, including legislative, technological or behaviour of economic agents changes.
Given the nature of its operations, the Group has no environment-related liabilities, expenses, assets or contingencies of a material relevance to its consolidated equity, financial situation and results.
Most exposures in sectors potentially affected by climate change risk, according to market consensus and to the execution of our materiality assessment, are with wholesale clients, whose preliminary reviews, credit approval and credit ratings take such risk into account. Customers’ ratings determine the parameters for calculating loan loss (typically in terms of probability of default or PD). Thus, when climate factors are relevant, in conjunction with other elements of analysis, they have an impact on the loan loss calculations which support capital and provisions. Additionally, potential future losses due to climatic events, such as the floods suffered in Valencia at the end of October 2024, have been considered through an overlay, which is not material compared to total Group loan loss reserves.
Additionally, Grupo Santander has participated in different regulatory and supervisory climate stress exercises carried out recently. In particular, in the latest scenario analysis exercise (Fit-for-55) carried out by the European Banking Authority (EBA), the results highlight the resilience of the banking sector to climate-related shocks under the scenarios analysed and, in particular, indicate that first-round losses have a limited impact on the financial system. All this is consistent with the previous top-down stress test exercises carried out by the European Central Bank (ECB), across relevant time horizons.
In the aforementioned exercise, the EBA points out the importance to include climate risks in risk management. In this sense, the Group continues working to embed climate and environmental aspects into management, adopting a risk-based approach to those factors, focusing on the most material sectors. We consider the risks stemming from climate and environmental factors in the overall risk management cycle, including a materiality assessment that informs our sustainability strategy. For more information, see the Sustainability Statement in this report.
Therefore, based on the best information available at the time these consolidated annual financial statements were prepared, the Group sees no additional environmental or climate change risk having a substantial impact on its equity, financial situation and results in 2024.

LogoSantanderPie_76.jpg Annual report 2024    788
Still, this matter is constantly changing, and, like other banks, the Group is working on developing more methodologies to better measure potential loan loss considering the idiosyncrasies of each of the regions in which the Group is present regarding management, best industry practices and regulatory/supervisory requirements. In particular, we are in the process of analysing and implementing the recent EBA guidelines on ESG Risk Management published in January 2025 and Scenario Analysis which are in the consultation process. Both guidelines will apply from January 2026.
2. Risk and compliance governance
Grupo Santander robust risk and compliance governance structure allows us to conduct effective oversight in line with our risk appetite. It stands on three lines of defence, a structure of committees and strong Group-subsidiary relations, guided by our risk culture, Risk Pro.
2.1 Lines of defence
Grupo Santander model of three lines of defence effectively manages and controls risks:
–First line: formed by business and support areas that take or originate risks are primarily responsible for managing them. The first line of defence detects, measures, controls, monitors and reports on the risks it originates according to internal risk management policies, models and procedures. Risk management must be consistent with the approved risk appetite and related limits. The first line executes the mitigation plans for the risks where we have identified shortcomings in their control environment.
–Second line: formed by risk and compliance functions, independently oversees and challenges risk management at the first line of defence. Its duties include ensuring that risks will be managed according to the risk appetite approved by senior management and strengthening our risk culture across the Group. The second line must supervise and challenge the control environment implemented by the first line.
–Third line: internal audit function, is fully independent to give the board and senior managers assurance of high-quality and efficient risk governance and management to preserve our value, solvency and reputation.
Risk, Compliance and Internal Audit are sufficiently separate and autonomous functions, with direct access to the board and its committees. The risk and compliance functions report to the risk supervision, regulation and compliance committee and the internal audit function reports to the audit committee.
2.2 Risk committee structure
The board of directors has final oversight of risk and compliance management and control to promote a sound risk culture and review and approve risk appetite and frameworks, with support from its risk, regulation and compliance committee (RSRCC) and its executive committee. The Group's risk governance keeps risk control and risk-taking areas separate.
Our governance structure includes key positions and executive level committees that enable us to perform effective risk control and oversight.
The Group chief risk officer (CRO), who leads the application and execution of risk strategy and promotes proper risk culture, is in charge of overseeing all risks and challenging and advising business lines on risk management.
The Group chief compliance officer (CCO) leads the application and execution of the compliance and conduct risk strategy and reports the status of risks being monitored in order to provide the Chief Risk Officer with a comprehensive view of all risks.
The CRO and the CCO report directly to both the risk supervision, regulation and compliance committee and the board of directors.
The executive risk, risk control and compliance and conduct committees are executive committees with powers delegated from the board.
Furthermore, risk functions have forums and regular meetings to manage and control the risks within their purview. Executive committees also delegate some duties to subordinate forums.
Their responsibilities include:
•Inform the CRO, the CCO, the risk control committee and the compliance and conduct committee if risks are being managed within risk appetite;
•Regularly monitor each key risk type; and
•Overseeing measures to meet supervisors and auditors' expectations.
Besides, Grupo Santander, in order to establish an adequate control environment for the management of each risk types, the risk and compliance functions have effective internal regulation to create the right environment to manage and control all risks.
Grupo Santander can establish additional governance measures for special situations. The Group has upgraded the monitoring of all risks, with special attention to the main macroeconomic indicators, liquidity, vulnerable sectors and customers, cybersecurity reinforcement, among other areas. The special situations forums we have set up are enabling us to cope with the geopolitical and macroeconomic environment landscape resiliently.
2.3 The Group's relationship with subsidiaries
Grupo Santander subsidiaries have a model for managing risk and compliance that is consistent with the frameworks approved by the group’s board of directors, which they adhere to through their own boards and can only adapt to higher standards according to local law and regulation.
Furthermore, the Group's aggregate oversight area advises and validates subsidiaries on internal regulation and operations. This reinforces a common risk management model across Grupo Santander.
The risk and compliance functions will continue to support global businesses and control at a global and local level. In 2024, Grupo Santander continued to build on our group-subsidiary relations model (GSGM) by leveraging our global scale to uncover synergy under a common operating model and platform. The model promotes process simplification and more enhanced control to help grow the business.
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The GSGM sets out the principles that govern the relationship between Group and subsidiary key positions to safeguard the independence of the second lines of defence in local units. The CRO and the CCO are involved in appointing, setting objectives for, reviewing and compensating their country-unit counterparts and assessing whether risks are properly controlled.
Country and regional units work closely to effectively strengthen group-subsidiary relations through these common initiatives:
•Restructuring based on subsidiary benchmarks, strategic vision, and advanced risk management infrastructures and practices.
•Exchange of best practices that will strengthen processes, drive innovation and result in a quantitative impact.
•Promoting internal talent and encouraging geographic and functional mobility, which we placed special emphasis on in 2024.
3. Management processes and tools
Grupo Santander has these effective risk management processes and tools:
3.1 Risk appetite and structure of limits
Risk appetite is the aggregate level and types of risk that Grupo Santander deems prudent for our business strategy, even in unforeseen circumstances. In Grupo Santander, these principles influence risk appetite:
•Risk appetite is part of the board's duties. It prepares the risk appetite statement (RAS) for the whole Group every year. In a cascading down process, each subsidiary's board also sets its own risk appetite.
•Comprehensiveness and forward-looking approach. Our appetite includes of all material risks that Santander are exposed to and defines our target risk profile for the current and medium term with a forward-looking view considering stress scenarios.
•Common standards and embedding in the risk management. The Group shares the same risk appetite model, which sets common requirements for processes, metrics, governance bodies, controls and standards. It also enables an effective and traceable embedding of our appetite into management policies and more granular limits.
•Continuous adaptation to market best practices, regulatory requirements and supervisors’ expectations.
•Aligning with business plans and strategy. The risk appetite is a key point of reference for strategic and business planning. Grupo Santander verifies that the three-year strategic plans, the annual budget and capital and liquidity planning are within the limits set in the RAS before Santander approves them.
Grupo Santander's risk appetite and business model rest on the following elements:
•A medium-low and predictable target risk profile, customer focus, internationally diversified operations and a strong market share;
•Stable, recurrent earnings and shareholder remuneration, sustained by a sound base of capital, liquidity and sources of funding;
•Autonomous subsidiaries that are self-sufficient in terms of capital and liquidity with risk profiles that won't compromise the Group’s risk profile;
•An independent Risk function and a senior management actively engaged in supporting a robust control environment and risk culture; and
•A conduct model that protects our customers and our Simple, Personal and Fair culture.
The risk appetite is expressed through qualitative statements and limits on metrics representative of the bank’s risk profile at present and under stress. Those metrics cover all risk types according to our corporate risk framework. Grupo Santander articulates them in five axes that provide the Bank with a holistic view of all risks it incurs in the development of its business model. These five axes are applicable to all Santander's key risk types, and comprise:
•P&L volatility: control of P&L volatility of business plan under baseline and stressed conditions (under normal and stressed conditions).
•Solvency: control of capital ratios under baseline and stressed scenarios (aligned with ICAAP).
•Liquidity: control of liquidity ratios under base and stress scenarios (aligned with ILAAP).
•Concentration: control of credit concentration on top clients, portfolios and industries.
•Non financial risk and control environment: robust control on non financial risks aimed to minimize events which could lead to financial loss, operative, technological, legal and regulatory breaches, conduct issues or reputational damage.
b) Credit risk
1. Introduction to the credit risk treatment
Grupo Santander takes a holistic view of the credit risk cycle, including the transaction, the customer and the portfolio, in order to identify, analyse, control and decide on credit risk.
Credit risk identification facilitates active and effective portfolio management and control. Grupo Santander identify and classify external and internal risk in each business to adopt any corrective or mitigating measures through:
1.1. Planning
Grupo Santander´s planning helps to set business targets and draw up action plans within our risk appetite statement.
Strategic commercial plans (SCP) are a management and control tool the business and risk areas prepare for Grupo Santander's credit portfolios. They determine commercial strategies, risk policies, resources and infrastructure, ensuring a holistic view of the portfolios.
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They provide an updated view of portfolio credit quality to measure credit risk, run internal controls on credit strategy, regularly monitor and detect significant risk deviation and potential impacts, enable decision-making and take corrective action.
They are suited to the Grupo Santander's risk appetite and subsidiaries’ capital targets, having been reviewed and pre-approved by senior managers before Group management revises and validates them.
1.2. Risk assessment and credit rating
Risk approval generally depends on the applicant’s ability to repay the debt. Grupo Santander reviews their regular sources of income, including funds and net cash flows from any businesses.
The risk function monitors credit rating drivers to calibrate the decisions and ratings that the Group's credit quality assessment models determine. Risk management uses these ratings for many things like underwriting process (application of limits and pre-approvals), risk monitoring and credit pricing policies.
Grupo Santander then uses rating models to measure ability to pay. Depending on each segment, credit rating drivers can be:
•Rating: from mathematical algorithms that have a quantitative model based on balance sheet ratios or macroeconomic variables, and a qualitative module supplemented by the credit analyst’s expert judgement. It is used for large corporates, corporates, institutional and SME segments (with individualised treatment).
•Scoring: system of automatic evaluation of loan applications. It automatically assigns customers an individual score retail on which the subsequent decision is based. It is used for individual customers and SME segments without an assigned analyst.
Grupo Santander's parameter estimation models, based on econometric models of past defaults and losses, calculate economic and regulatory capital as well as IFRS 9 provisions for each portfolio or customer.
Grupo Santander regularly monitors and evaluates models' suitability, predictive capacity, performance, granularity, and compliance with policies, among other factors.
In addition, ratings are reviewed with the latest available financial information and other relevant data. Grupo Santander has also increased reviews of customers who are subject to more in-depth monitoring or who have early warnings in risk management systems, enhancing proactive credit risk management.
This allows Grupo Santander to align credit portfolios management and control with Group´s credit risk appetite and its target risk profile. Grupo Santander uses SCPs to define limits for each portfolio, counterparty and for new originations up to a level deemed acceptable.
Grupo Santander´s limits, pre-classifications and pre-approvals processes, which are highly automated and digitalized, determine the risk Grupo Santander can assume with each customer. Limits are approved by the executive risk committee (or delegated committees) and should reflect a transaction’s expected risk-return. Santander also uses risk-based pricing tools to make sure portfolio growth is sustainable.
Grupo Santander applies various limits models to each segment:
•Large corporate groups are subject to a pre-classification model based on a system for measuring and monitoring economic capital. Pre-classification models express the level of risk Grupo Santander is willing to assume in transactions with customers/groups.
•Corporates and institutions that meet certain requirements (rating, profitability, etc.) are subject to a simpler pre-classification model aimed at the main products of customer's recurring operations. Internal limits are established in nominal terms that sets a recommended risk level for each customer, based on factors such as their payment capacity and level of indebtedness.
Transactions with large corporates, corporates and institutions above certain limits or with special characteristics could require approval with a specific admission process.
•For individual customers and SMEs with low turnover, Grupo Santander manages large volumes of credit transactions with automatic decision models to classify customers and transactions.
1.3. Scenario analysis
Grupo Santander´s scenario analyses determine the potential risks in its credit portfolios and provide a better understanding of our portfolios' performance under various macroeconomic conditions. They allow us to anticipate management strategies that will avoid future deviations from defined plans and targets.
They simulate the impact of alternative scenarios in portfolios’ credit parameters (PD, LGD) and expected credit losses. Grupo Santander compares findings with portfolios’ credit profile indicators to find the right measures for managers to take. Credit risk management of portfolios and SCPs incorporate scenario analyses.
1.4. Monitoring
Regularly monitoring business performance and comparing it to pre-defined plans is key to our management of risk. Grupo Santander's holistic monitoring of customers helps detect impacts on risk performance and credit quality early.
The monitoring process considers projections on the performance of the operations and their characteristics, in addition to any variation in their classification. Anticipation and preventive monitoring uses transactional data sources and advanced analytics (early warning engine) which determines specific actions at the client level, based on the assigned monitoring classification.
Monitoring is performed by local and global risk teams and is based on customer segmentation:
•For large corporate groups, monitoring is initially a function of business managers and risk analysts which provide an up-to-date view of customers’ credit quality to predict a potential customer's deterioration.
•For commercial banking, institutions and SMEs with an assigned a credit analyst, Grupo Santander tracks customers requiring closer monitoring and review their ratings based on relevant indicators.
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•Monitoring of individual customers, businesses and smaller SMEs follows a system of automatic alerts to detect shifts in portfolios’ performance.
Monitoring uses the Santander Customer Assessment Note (SCAN) tool. It helps set individual monitoring levels and frequencies, policies, and actions for customers based on credit quality and particular circumstances. It assigns a monitoring level, specific management actions, identification of those responsible and a monitoring frequency. In addition to monitoring customer credit quality, Grupo Santander defines control procedures to analyse portfolios and performance, as well as to detect any deviations from planning or approved alert levels.
1.5. Credit risk mitigation techniques
Grupo Santander generally approves risk according to a borrower’s ability to make due payment, regardless of any additional collateral or personal guarantees Santander may require to modulate exposure.
To determine ability to pay, the Group analyses funds or cash flows from businesses or other regular income, not including guarantors or loan collateral which are always considered at credit approval as a secondary means of recourse.
In general, guarantees are to reinforce a credit transaction and mitigate a loss if the borrower defaults. Our techniques to mitigate credit risk cover various types of customer and product. Some are for specific transactions (e.g. real estate guarantees) or a series of transactions (e.g. derivatives netting and collateral). Santander groups them by personal guarantees (with a solvent guarantor), collateral and hedges with credit derivatives.
The correct acceptance of these mitigation techniques is established by verifying their legal enforceability in all jurisdictions. The entire process is subject to internal control and effective monitoring of the valuation of the guarantees, especially real estate guarantees.
1.6. Collections & recoveries management
Collections & recoveries (C&R), an important area in risk management, develops a global management strategy based on local economic conditions, business models and other recovery-related particulars, with a full approach and general action lines for our subsidiaries. Recovery management follows regulatory requirements set out in the EBA Guidelines on the management of non-performing and forborne exposures.
For effective and efficient recoveries management, the area segments customers based on certain aspects, using new digital channels that help create value in Collections & Recoveries function. It follows hi-tech, digital procedures to handle large groups of similar customer profiles and products; but it also adapts management for customers who need an assigned manager and tailored approach.
Collections & Recoveries splits recoveries into four phases: arrears/early delinquency, default, write-offs and foreclosed assets. To recover debt, the Group always seeks alternatives to court action, like forbearance and other arrears management techniques.
Write-off category includes debt instruments, due or not, for which recovery is considered remote after an individualized analysis, due to a notorious and irrecoverable deterioration of
transaction or customer's solvency. This category implies the total or partial cancellation of transaction's gross carrying amount and derecognition from the assets, which does not imply that the Group will interrupt negotiations and legal proceedings to recover debt. .
In markets where the real estate risk exposure is high, Grupo Santander can take action to quickly dispose of assets, like selling off portfolios or foreclosed assets through efficient sales instruments to recover as many on-balance-sheet assets as possible.
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2. Main aggregates and variations
Below are the main aggregates relating to credit risk from our activities with customers:
Main credit risk performance metrics from activity with customersA
December data
Credit risk with customers
(EUR million)B
Credit impaired
(EUR million)
NPL ratio
(%)
202420232022202420232022202420232022
Europe640,094624,696639,99613,77414,49515,1862.15 %2.32 %2.37 %
Spain285,883278,569293,1977,6728,5299,5982.68 %3.06 %3.27 %
UK248,061247,360253,4553,2993,5183,0591.33 %1.42 %1.21 %
Portugal41,41839,50341,7559931,0241,2472.40 %2.59 %2.99 %
Poland44,70439,32933,3501,6361,3971,2683.66 %3.55 %3.80 %
North America198,607190,720185,6148,3757,8055,6294.22 %4.09 %3.03 %
US148,643137,893140,4527,0126,3034,5714.72 %4.57 %3.25 %
Mexico49,92752,78545,1071,3521,4891,0472.71 %2.82 %2.32 %
South America171,301177,380167,3489,28710,14210,3815.42 %5.72 %6.20 %
Brazil104,519113,937101,8016,4187,4797,7056.14 %6.56 %7.57 %
Chile44,59046,56547,8112,3942,3322,3845.37 %5.01 %4.99 %
Argentina8,4113,9035,844173781222.06 %1.99 %2.08 %
DCB Europe
141,312135,608125,3393,5272,8772,5832.50 %2.12 %2.06 %
Corporate Centre5,9595,4945,8243013018945.06 %5.48 %15.35 %
Total Group1,157,2741,133,8981,124,12135,26535,62034,6733.05 %3.14 %3.08 %

NPL coverage ratio
(%)
Net loan-loss provisionsC
(EUR million)
Cost of risk
(%/risk)D
202420232022202420232022202420232022
Europe50 %49 %52 %1,8622,5332,3960.32 %0.44 %0.39 %
Spain53 %49 %51 %1,2591,5221,6180.50 %0.62 %0.61 %
UK29 %30 %34 %642473160.03 %0.10 %0.12 %
Portugal79 %83 %79 %1177170.03 %0.20 %0.04 %
Poland62 %73 %74 %5116744401.38 %2.08 %1.43 %
North America70 %74 %93 %3,7863,7332,5382.04 %2.05 %1.49 %
US64 %68 %90 %2,5072,5931,7441.82 %1.92 %1.35 %
Mexico100 %100 %107 %1,2771,1357882.64 %2.43 %1.95 %
South America77 %78 %76 %5,4785,4015,0413.50 %3.36 %3.32 %
Brazil83 %85 %80 %4,4874,7014,4174.51 %4.77 %4.79 %
Chile50 %53 %56 %4973653991.19 %0.80 %0.93 %
Argentina177 %166 %180 %2841501324.59 %6.64 %2.91 %
DCB Europe
83 %88 %93 %1,2097925440.88 %0.62 %0.45 %
Corporate Centre25 %33 %2 %(3)(2)(10)(0.05 %)(0.04 %)(0.14 %)
Total Group65 %66 %68 %12,33312,45810,5091.15 %1.18 %0.99 %
A. Management perimeter according to the reported segments.
B. Includes gross loans and advances to customers, guarantees and documentary credits.
C. Loan-loss provisions net of post write-off recoveries (EUR 1,606 million).
D. Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months.


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Key figures by geographic region are described below at 31 December 2024:
•Europe: the NPL ratio fell 17 bps to 2.15% from 2023 due to portfolio growth mainly in Spain, the UK, and Portugal, with a 5% decrease in credit impaired in these geographies, compared to 2023.
•North America: the NPL ratio increased 13 bps to 4.22% from 2023, mainly due to increases at SC USA (normalization of the portfolio) and SBNA despite of good performance of the Mexican portfolio.
•South America: the NPL ratio decreased 30 bp from 2023 to 5.42%,due to the positive performance of Brazil.
•DCB Europe: the NPL ratio climbed 38 bps to 2.50%, due to an increase in impaired loans (mainly in Germany) on the back of a delay in classifying write-offs due to a policy change and growth in used car business.
Information on the estimation of impairment losses
The calculation of provisions for credit risk losses is performed at financial asset level, estimating potential credit losses through the difference between the contractual cash flows and the expected cash flows, ensuring that the results are adequate considering the status of the transaction, economic conditions and available forward-looking information.
The IFRS 9 impairment model applies to financial assets valued at amortized cost; debt instruments valued at fair value with changes in other comprehensive income; leasing receivables; and commitments and guarantees not valued at fair value.
The portfolio of financial instruments subject to IFRS 9 has three credit risk categories (or stages) according to the status of each instrument in relation to its level of credit risk:
•Stage 1: financial instruments with no significant increase in risk since initial recognition – the impairment provision reflects expected credit losses from defaults over the 12 months from the reporting date.
•Stage 2: financial instruments with a significant credit risk increase since initial recognition but no materialized impairment event – the impairment provision reflects expected losses from defaults over the financial instrument’s residual life.
•Stage 3: financial instruments with true signs of impairment as a result of one or more events resulting in a loss – the impairment provision reflects expected losses for credit risk over the instrument’s expected residual life.
The classification of financial instrument in the IFRS 9 stages is carried out in accordance with the guidelines through the risk management policies of the subsidiaries, which are consistent with the Group's policies.
Estimation of expected loss
Grupo Santander calculates impairment losses using parameters (mainly EAD, PD, LGD, and discount rate) based on the internal models infrastructure used for the calculation of regulatory capital and the experience acquired from regulatory and management fields, as well as the stages in which each financial asset is classified. However, far from being a simple adaptation, Santander built and validated them under the specific requirements of IFRS 9, as well as other guidelines issued by regulators, supervisors, and other international bodies (EBA, NCA, BIS, GPPC, etc.), which includes forward-looking information, point-in-time (PiT) vision, multiple scenarios, calculation of losses for the entire life of the transaction through lifetime PD, among others.
Determination of significant increase in credit risk
In order to determine the classification in stage 2, the Group assesses whether there has been a significant increase in credit risk (SICR) since the initial recognition of the transactions, considering a series of common principles throughout the Group to assess all financial instruments are subject to it, which considers the particularities of each portfolio and type of product on the basis of various quantitative and qualitative indicators. Furthermore, transactions are subject to the expert judgement of the analysts, who set the thresholds under an effective integration in management and implemented according to the approved governance.
The criteria thresholds used by the Group are based on a series of principles, and develop a set of techniques. The principles are as follows:
•Universality: all financial instruments subject to a credit rating must be assessed for their possible SICR.
•Proportionality: the definition of the SICR must take into account the particularities of each portfolio.
•Materiality: its implementation must be also consistent with the relevance of each portfolio so as not to incur in unnecessary costs or efforts.
•Holistic vision: the approach selected must be a combination of the most relevant credit risk aspects (e.g. quantitative and qualitative).
•Application of IFRS 9: the approach must take into consideration IFRS 9 characteristics, focusing on a comparison with credit risk at initial recognition, as well as considering forward-looking information.
•Risk management integration: the criteria must be consistent with those metrics considered in the day-to-day risk management.
•Documentation: appropriate documentation must be prepared.
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The techniques are summarised below:
•Stability of stage 2: in the absence of significant changes in the portfolios credit quality, the volume of assets in stage 2 should maintain a certain stability as a whole.
•Economic reasonableness: at transaction level, stage 2 is expected to be a transitional rating for exposures that could eventually move to a deteriorating credit status at some point or stage 3, as well as for exposures that have suffered credit deterioration and whose credit quality is improving and returns to stage 1.
•Predictive power: it is expected that the SICR definition avoids, as far as possible, direct migrations from stage 1 to stage 3 without having been previously classified in stage 2.
•Time in stage 2: it is expected that the exposures do not remain categorized as stage 2 for an excessive time.
The application of the aforementioned techniques, conclude in the setting of one or several thresholds for each portfolio in each geography. Likewise, these thresholds are subject to a regular review by means of calibration tests, which may entail updating the thresholds types or their values.
Identifying a significant increase in credit risk: when classifying financial instruments under stage 2, Santander considers:
•Quantitative criteria: Grupo Santander reviews and quantifies changes in the risk of default during their expected life based on their credit risk level on initial recognition.
In order to consider significant changes when financial instruments are classified in stage 2, each subsidiary has defined the quantitative thresholds of its portfolios in accordance with the Group's guidelines, ensuring a consistent interpretation in all our geographies. These thresholds can be expressed as an absolute or relative increase in the probability of default.
Within the aforementioned quantitative thresholds we consider two types: we understand a relative threshold as one that compares the current credit quality with the credit quality at the time of granting the operation in percentage terms of variation. For its part, an absolute threshold compares both references in total terms, calculating the difference between them. These absolute/relative concepts are used homogeneously (with different values) in all geographies. The calibration of these two thresholds will depend on the type of portfolio and characteristics such as the starting point of the average credit quality of the portfolio.
In addition to these quantitative criteria, a backstop is set at the relative threshold of 200%. This means that those operations whose credit quality has currently deteriorated by more than three times compared to the quality they had at the time of operation granted will be transferred from stage 1 to stage 2.
•Qualitative criteria: several indicators aligned with ordinary credit risk management indicators (e.g. past due for over 30 days, forbearance, early warning indicators system, etc.). Each subsidiary has defined these indicators for their portfolios, with special attention to reinforcing these qualitative criteria through expert judgment and aligning them to the criteria used in management.
When the presumption of a significant deterioration of credit risk is removed, due to a sufficient improvement of the credit quality, the obligor can be re-classified to stage 1, without any probationary period in stage 2.
•Definition of default: Santander incorporated the new definition to provisions calculation according to the EBA’s guidelines; the Group is also considering applying it to prudential framework. In addition, the default definition and stage 3 have been aligned.
This definition considers the following criteria to classify exposures as stage 3: financial instruments with one or more payments more than 90 consecutive days past due, representing at least 1% of the client's total exposure or the identification of other criteria demonstrating, even in the absence of defaults, that it is unlikely that the counterparty is unlikely to meet all of its financial obligations.
Grupo Santander applies the default criteria to all exposures of the impaired client. Where an obligor belongs to a group, the default criteria may also be applied to all exposures of the group.
The default classification is maintained during the 3-month test period following the disappearance of all default indicators described above, and this period is extended to one year for forbearances that have been classified as default.
•Expected life of financial instruments: Santander estimates the expected life of financial instruments according to their contractual terms (e.g. prepayments, duration, purchase options, etc.).
The contractual period (including extension options) is the maximum time frame for measuring the expected credit loss. If financial instruments have an undefined maturity period and undrawn amounts (e.g. credit cards), Santander estimates its expected life based on the total exposure period and effective management practices to mitigate exposure.
1.Forward-looking vision
To estimate expected losses, Grupo Santander requires a great deal of expert analysis as well as past, present and future data. Santander quantifies expected losses from credit events using an unbiased, weighted consideration of up to five future scenarios that could affect our ability to collect contractual cash flows. These scenarios take into account the time value of money, the relevant information available about past events and current conditions, and projections of macroeconomic factors that are considered important to estimate this amount (e.g. GDP, house prices, rate of unemployment, among others).
Santander uses forward-looking information in internal management and regulatory processes under several scenarios. The Group's guidelines and governance seek synergy and consistency between these different processes.
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2. Additional elements
Additional elements will be required when necessary because they have not been captured under the two previous elements. This has included, among others, the analysis of sectors most affected if their impacts are not sufficiently captured by the macroeconomic scenarios. Also collective analysis techniques, when the potential impairment in a group of clients cannot be identified individually.
With the elements indicated above, Grupo Santander has evaluated in each of the geographical areas the evolution of the credit quality of its customers, for the purposes of classifying them into stages and consequently calculating expected loss.
Management overlays
During fiscal year 2024, the Group has strengthened its` overlay governance by creating a corporate guide for post Model adjustments (PMAs), which has enabled a better design, monitoring and implementation of the overlays.
In addition, the adjustments associated with the uncertainty resulting from the inflationary macroeconomic context of the past years have been gradually withdrawn. On the other hand, among the most relevant overlays, losses associated with climatic events have been anticipated, such as the Valencia flood suffered at the end of October 2024 for Santander España. The amount of overlays at the end of the 2024 financial year is not material compared to total Group loan-loss reserves.
Exposure and loan-loss reserves
Then, considering the most relevant units of the Group (United Kingdom, Spain, United States, Brazil, also Chile, Mexico, Portugal, Poland, Argentina and Santander Consumer Finance), which represent approximately 95% of the total Group's provisions. The table below shows the loan-loss reserves associated with each stage as of 31 December 2024, 2023 and 2022. In addition, depending on the transactions credit quality, the exposure is divided into four categories according to Standard & Poor's rating scale:
Exposure and loan-loss reserves by stage
EUR million
2024
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-108,977 2,599 — 111,576 
From A+ to BB431,544 16,600 — 448,144 
From BB- to B-288,302 45,129 — 333,431 
CCC and below10,431 17,088 32,901 60,421 
Total exposure B
839,255 81,416 32,901 953,572 
Loan-losses reservesC
3,276 4,715 13,669 21,661 

Exposure and loan-loss reserves by stage
EUR million
2023
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-147,065 2,261 — 149,326 
From A+ to BB421,449 13,910 — 435,359 
From BB- to B-262,954 41,237 — 304,191 
CCC and below11,829 19,376 33,838 65,043 
Total exposureB
843,297 76,784 33,838 953,919 
Loan-losses reservesC
3,592 5,055 14,131 22,778 
    
Exposure and loan-loss reserves by stage
EUR million
2022
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-172,440 1,506 — 173,946 
From A+ to BB394,084 10,601 — 404,685 
From BB- to B-272,456 32,653 — 305,109 
CCC and below11,799 21,436 32,608 65,843 
Total exposure B
850,779 66,196 32,608 949,583 
Loan-losses reservesC
3,807 5,195 13,852 22,854 
A.Detail of credit quality ratings calculated for Group management purposes.
B.Total exposure includes loan balances (drawn amounts) and off balance (letters of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and undrawn commitments.
C.Includes provisions for undrawn authorized lines (loan commitments).     
The remaining units that form the totality of the Group exposure, contributed EUR 80,541 million in stage 1; EUR 2,534 million in stage 2, and EUR 874 million in stage 3 (in 2023 EUR 68,788 million in stage 1; EUR 1,504 million in stage 2, and EUR 658 million in stage 3. In 2022, EUR 123,796 million in stage 1; EUR 2,902 million in stage 2, and EUR 2,064 million in stage 3), and loan-loss reserves of EUR 165 million in stage 1; EUR 117 million for stage 2, and EUR 295 million in stage 3 (in 2023, EUR 199 million, EUR 73 million and EUR 161 million and in 2022, EUR 147 million, EUR 123 million and EUR 294 million in stage 1, stage 2 and stage 3, respectively).
The remaining exposure, including all financial instruments not included before, amounts to EUR 665,476 million (EUR 598,385 million in 2023 and EUR 538,364 million in 2022), and it includes all undrawn authorized lines (loan commitments).
As of 31 December 2024, the Group had EUR 559 million net of provisions (EUR 743 million and EUR 322 million at 31 December 2023 and 2022, respectively) of purchased credit-impaired assets, which relate mainly to the business combinations carried out by the Group.
Regarding the evolution of credit risk provisions, the Group, in collaboration with the main geographical areas, monitors them by carrying out sensitivity analyses considering changes in macroeconomic scenarios and main variables that have an impact on the financial assets distribution in the different stages and calculating credit risk provisions.
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Additionally, based on consistent macroeconomic scenarios, the Group also performs stress tests and sensitivity analysis in a regular basis, such as ICAAP, strategic plans, budgets and recovery and resolution plans. In this sense, a prospective view of the sensitivity of each of the Group’s loan portfolio is created in relation to the possible deviation from the base scenario, considering both the macroeconomic developments in different scenarios and the three year evolution of the business. These tests include potentially adverse and favourable scenarios.
3.Detail of the main geographical areas
Following is the risk information related to the most relevant geographies in exposure and credit risk allowances.
This information includes sensitivity analysis, consisting on simulations of +/-100 bp in the main macroeconomic variables. A set of specific and complete scenarios is used in each geography, where different shocks that affect both the reference macroeconomic variable as well as the rest of the parameters is simulated, with different intensities. These shocks collect mainly the most relevant risks and may be originated by productivity, tax, wages or exchange and interest rates factors.
Sensitivity is measured as the average variation on expected loss corresponding to the aforementioned movement of +/-100 bp. Following a conservative approach, the negative movements take into account one additional standard deviation in order to reflect the potential higher variability of losses.
3.1. United Kingdom
Portfolio overview
Credit risk with customers in the UK (excluding Santander Consumer UK and Santander London Branch) remained stable in EUR 248,061 million. This credit risk represents 21% of Santander’s loan portfolio.
At 1.33%, the NPL ratio decreased 9 bps in comparison to the year end of 2023, due to the good performance in the mortgage portfolio.
Mortgage portfolio
Because of its size, Grupo Santander closely monitor Santander UK’s mortgage portfolio for the entity itself and the Group.
As of 31 December 2024, the mortgage portfolio of Santander UK decreased by 4.6% in local currency to EUR 199,788 million. It comprises residential mortgages granted to new and existing customers which are first lien mortgages. There are no second or more liens on mortgaged properties.
Originations have increased in 2024 compared to 2023, a sign of a more active housing market due to lower interest rates and less pressure on households’ purchasing power. The housing market returned to growth in 2024, with a higher level of transactions and price increases compared to 2023.
Customer payment increases are softening compared to 2023 and are below the conservative assessments of customers’ ability to pay when approving them for a mortgage. We implemented measures to help customers, including those under the UK Government’s 'Mortgage Charter'. Its demand has been reduced, which also reflects the high credit quality of this portfolio.
Under Santander's risk management principles, a property must be appraised independently before we can approve a new mortgage. In line with market practices and the law, we get updated values of properties used as mortgage collateral from an independent agency's automatic appraisal system.
Santander UK's wide range of mortgages include:
•Interest-only loans (22%): Customers pay interest every month and repay the principal at maturity. These mortgages, which are common in the UK, require borrowers to have an appropriate repayment vehicle, such as a pension plan or an investment fund. To mitigate inherent risk, Santander UK has restrictive approval requirements, such a maximum loan-to-value (LTV) ratio of 50% and an assessment of the ability to pay both interest and capital.
•Flexible loans (3%): Loan agreements allow borrowers to modify monthly payments or draw down additional funds up to a set limit under various conditions.
•Buy-to-let (9%): Buy-to-let mortgages account for a small portion of the total portfolio and are subject to strict risk approval policies.
Despite the challenging economic environment, the NPL ratio reflects the strength of the mortgage portfolio, which reduces to 1.07% at the end of December 2024 (-9 bps YoY).
At 31 December 2024, 84% of the mortgage portfolio had an LTV lower than 70%.
Information on the estimation of impairment losses
The detail of Santander's UK exposure and loan-loss reserves associated with each of the stages at 31 December, 2024, 2023 and 2022, is shown below.
In addition, the exposure is divided in four tranches of the Standard & Poor's rating scale, according to their current credit quality:
Exposure and loan-loss reserves by stage
EUR million
2024
Credit qualityA
Stage 1Stage 2Stage 3Total
From AAA to AA-32,012 1,184 — 33,196 
From A+ to BB159,97010,916 — 170,886 
From BB- to B-17,59411,175 — 28,769 
CCC and below126953,292 3,999 
Total exposureB
209,588 23,969 3,292 236,849 
Loan-loss reservesC
166 401 400 967 
Exposure and loan-loss reserves by stage
EUR million
2023
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-46,236 1,273 — 47,509 
From A+ to BB145,88410,850— 156,734 
From BB- to B-13,588 13,995 — 27,583 
CCC and below— — 3,518 3,518 
Total exposure B
205,708 26,118 3,518 235,344 
Loan-loss reservesC
172 498 396 1,066 

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Exposure and loan-loss reserves by stage
EUR million
2022
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-85,930 827 — 86,757 
From A+ to BB118,5857,547— 126,132 
From BB- to B-16,831 11,093 — 27,924 
CCC and below220 978 3,059 4,257 
Total exposure B
221,566 20,445 3,059 245,070 
Loan-loss reservesC
166 529 337 1,032 
A.Detail of credit quality ratings calculated for Group management purposes.
B.Total exposure includes loan balances (drawn amounts) and off balance (letters of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and undrawn commitments.
C.Includes provisions for undrawn authorized lines (loan commitments).

For the estimation of expected losses, prospective information is taken into account. Specifically, Santander UK considers four macroeconomic scenarios, which are updated periodically. The evolution forecasted in 2024 for the next five years of the main macroeconomic indicators used by Santander UK to estimate expected losses is presented below:
2025 - 2029
VariablesPessimistic scenario 2Pessimistic scenario 1Base scenarioOptimistic scenario
Interest rate2.5 %3.5 %3.5 %3.1 %
Unemployment rate7.4 %5.4 %4.2 %4.1 %
Housing price change-3.0 %0.1 %3.1 %4.6 %
GDP growth0.5 %0.6 %1.4 %2.4 %
Each of the macroeconomic scenarios is associated with a given weight. In terms of allocation, Santander UK associates the highest weighting to the base scenario, while it associates the lowest weightings to the most extreme or severe scenarios. In addition, at 31 December 2024, 2023 and 2022, the weights used by Santander UK reflect the future prospects of the British economy in relation to its current political and economic position so that higher weights are assigned for negative scenarios:
202420232022
Pessimistic scenario 320 %20 %
Pessimistic scenario 210 %10 %10 %
Pessimistic scenario 125 %10 %15 %
Base scenario50 %50 %50 %
Optimistic scenario15 %10 %5 %
The sensitivity analysis of the main portfolios expected loss to variations of +/-100 bp for the macroeconomic variables used in the construction of the scenarios, as of December 2024, is as follows:
Change in Provision
MortgagesCorporates
GDP Growth
-100 bp10.8 %3.4 %
100 bp-4.8 %-1.7 %
Housing price change
-100 bp6.6 %5.4 %
100 bp-3.7 %-2.2 %
Unemployment rate
-100 bp-9.5 %-3.4 %
100 bp22.5 %7.4 %

With regards to the determination of classification in stage 2, the quantitative criteria applied by Santander UK are based on identifying whether any increase in PD for the expected life of the transaction is greater than both an absolute and a relative threshold (the PD used in that assessment are adjusted to the transaction's remaining term and also annualised in order to facilitate that the thresholds defined cover the whole range of the transactions maturity dates). The relative threshold established is common to all portfolios and a transaction is considered to exceed this threshold when the PD for the entire life of the transaction increases by 100% with respect to the PD at the time of initial recognition. The absolute threshold, on the other hand, is different for each portfolio depending on the characteristics of the transactions, ranging between 340 bps and 30 bps.
In addition, for each portfolio, a series of specific qualitative criteria is defined to indicate that the exposure has experienced a significant increase in credit risk, regardless of the evolution of its PD since the time of initial recognition. Santander UK, among other criteria, considers that an operation presents a significant increase in credit risk when it presents irregular positions for more than 30 days. It also has implemented early warning indicator system for classifying operations in stage 2. These criteria depend on the risk management practices of each portfolio.
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3.2. Spain
Portfolio overview
Santander España’s credit risk totalled EUR 285,883 million (25%% of Grupo Santander’s total). It is appropriately diversified among products and customer segments.
The credit portfolio’s NPL ratio was 2.68%, 38 bps lower than in December 2023. This decrease was based on the good performance of the portfolio driven by the management of single names and portfolio sales.
The NPL coverage ratio remained at 53% (+4 p.p. year-on-year). The cost of risk decreased to 0.50% (-12 bps vs. December 2023) mainly due to SMEs and Corporates, only partially offset by the portfolio of individuals.
The Spanish economy will slightly moderate its growth rate, but that it will continue to maintain a dynamic pace well above the Eurozone average, since the Spanish economy has been sustained largely by greater domestic demand in the face of a weaker than expected foreign sector.
Residential mortgage portfolio
Residential mortgages in Spain, including Santander Consumer Finance business, amounted to EUR 59,316 million in 2024 (EUR 61,097 million and EUR 63,688 million in 2023 and 2022, respectively), 99.65% of which have a mortgage guarantee (99.65%and 99.55% in 2023 and 2022, respectively).
2024
EUR MillionGross amountOf which: impaired
Home purchase loans to families59,316 789 
Without mortgage collateral208 11 
With mortgage collateral59,108 778 
2023
EUR MillionGross amountOf which: impaired
Home purchase loans to families61,097 924 
Without mortgage collateral215 16 
With mortgage collateral60,882 908 
2022
EUR MillionGross amountOf which: impaired
Home purchase loans to families63,688 1,088 
Without mortgage collateral288 24 
With mortgage collateral63,400 1,064 
The NPL ratio for the residential mortgages portfolio stood at 1.33%, with a reduction of 18 bps, compared to 31 December 2023, mainly due to by portfolio sales, although credit risk registered a reduction of 2.9% compared to December 2023.
The mortgage portfolio for the acquisition of homes in Spain is characterised by its medium-low risk profile, which limits expectations of any potential additional impairment:
•Principal is repaid on all mortgages from the start.
•Early repayment is common so the average life of the transaction is well below that of the contract.
•High quality of collateral, concentrated almost exclusively in financing for first homes.
•The average affordability rate stood at 24% (24% and 26% in 2023 and 2022, respectively).
•The 93% of the portfolio has a LTV below 80% calculated as total risk/latest available house appraisal.
•All customers applying for a residential mortgage are subject to a rigorous credit risk and viability assessment, analysing whether their income is sufficient to meet all repayments and will remain stable over the term of the loan.
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Breakdown of the credit with mortgage guarantee to households for house acquisition, according to the percentage that the total risk represents on the amount of the latest available valuation (loan to value):

2024
Loan to value ratio
EUR MillionLess than or equal to 40%More than 40% and less than 60%More than 60% and less than 80%More than 80% and less than or equal to 100%More than 100%Total
Gross amount17,205 20,085 17,955 2,925 938 59,108 
Of which impaired114 167 189 130 178 778 
In November 2022, Royal Decree-Law 19/2022 was published, which establishes a Code of Good Practices in response to the rise in interest rates on mortgage loans for primary residences and Royal Decree-Law 6/2012 of protection measures for mortgage debtors without resources. The code of good practices is focused on granting capital grace periods and extending the term of the operations. The requests made have not been significant.
Corporate & SME financing
Credit risk with SME and corporates in commercial banking amounted to EUR 102,342 million, lower than December 2023, mainly due to the fall in the portfolio of SMEs of 4.4%. This portfolio accounting for 36% of the total, compared to 38% of CIB's portfolio, which from 2022 includes branches in Europe.
Most of the portfolio corresponds to clients who have been assigned a credit analyst, who performs continuous management of said clients during all phases of the risk cycle. The portfolio is broadly diversified and not concentrated by sector of activity.
Santander Spain has continued to rely on its support and proximity to SMEs and the self-employed and has positioned itself as the leading entity in ICO Loans in 2024 with 816 million euros of financing, which represents a 39% share in the Spanish financial system. The majority of this financing was allocated to the ICO Companies and Entrepreneurs Lines and to a lesser extent to the ICO International Line and to housing rehabilitation.
The ICO loans that were granted as a result of the pandemic (25,428 million euros) are being repaid normally and there is a balance of EUR 12.7 billion, so they now represent only around 4.4% of Santander Spain's total portfolio.
In the case of delinquent operations with ICO guarantee, the transfer of the overdue guaranteed amounts will take place as the guarantee is executed, regardless of whether the guarantor is subrogated to the right to receive said amounts, according to the regulation of these guarantees. The de-recognition of the transferred guaranteed amounts will entail the recognition, at its fair value, of a collection right against the guarantor.
The portfolio’s NPL ratio stood at 5.07% in December 2024. The NPL ratio decreased by 20 bps compared to December 2023, due to a reduction in the delinquency stock in SMEs, due to the proactive management of delinquent positions with the support of portfolio sales along with management of single names.

Support measures for those affected by the Dana
The flash floods caused by the Dana on 29 October exceeded expectations, causing serious impacts, victims and material losses. From the outset, Santander took immediate measures to protect employees, customers and facilities, in addition to working closely with the authorities to adopt support measures. Management was regulated through the Group's Crisis Management Framework and a Dana Crisis Steering Committee was also created.
RDL 6/2024 of 6 November included the Government's support measures for households, companies and the self-employed. i) Public guarantees of 80% for EUR 5 billion until the end of 2025 to cover losses in the affected area. ii) Moratoriums: capital and interest grace period for the first 3 months, plus an additional 9 months of capital grace period (for individuals and companies with income up to EUR 6 million). iii) Extension of the Code of Good Practices until December 2025. iv) Director support: to alleviate personal and material damage to equipment, homes, and industrial, commercial and service sites.
In response to these measures, Santander Spain has worked on a response framework that pivots on four management domains according to client typology: companies, SMEs, self-employed and individuals.
Real estate activity
Santander has specialized teams that are in charge of managing real estate business production and risk areas that cover the entire life cycle of these operations.

The changes in gross property development loans to customers were as follows:
EUR million
202420232022
Balance at beginning of year2,4332,3272,625
Foreclosed assets—(1)—
Net variation112115(295)
Written-off assets—(8)(3)
Balance at end of year2,5452,4332,327

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The NPL ratio of this portfolio (considering only the on balance amount) ended the year at 2.28% (compared with 3.04% and 4.04% at December 2023 and 2022, respectively) . The table below shows the distribution of the portfolio. The coverage ratio of the real estate doubtful exposure in Spain stands at 36.21% (39.19% and 35.11% in 2023 and 2022, respectively).
2024
EUR MillionGross amountExcess of gross exposure over maximum recoverable amount of effective collateralSpecific allowance
Financing for construction and property development (including land) (business in Spain)2,54527828
Of which impaired58621
Memorandum items written-off assets338
Memorandum items: Data from the public consolidated balance sheet
2024
EUR MillionCarrying amount
Total loans and advances to customers excluding the Public sector (business in Spain) (Book value)235,824 
Total consolidated assets (Total business) (Book value)1,837,081 
Impairment losses and credit risk allowances. Coverage for unimpaired assets (business in Spain)1,132 
At year-end, the distribution of this portfolio was as follows:
2024
EUR MillionLoans: gross amount
1. Without mortgage guarantee13 
2. With mortgage guarantee2,532 
2.1 Completed buildings934 
2.1.1 Residential634 
2.1.2 Other300 
2.2 Buildings and other constructions under construction1,580 
2.2.1 Residential1,534 
2.2.2 Other46 
2.3 Land18 
2.3.1 Developed consolidated land13 
2.3.2 Other land5 
Total2,545 





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Foreclosed properties
At 31 December 2024, the net balance of these assets amounted to EUR 2,131 million (EUR 2,448 million and EUR 2,971 million at 31 December 2023 and 2022, respectively), gross amount of EUR 4,823 million (EUR 5,506 million and EUR 6,422 million at 31 December 2023 and 2022, respectively); recognised allowance of EUR 2,692 million (EUR 3,058 million and EUR 3,451 million at 31 December 2023 and 2022, respectively).
The following table shows the detail of the assets foreclosed by the businesses in Spain at the end of 2024:




2024
EUR MillionGross carrying amountValuation adjustmentsOf which impairment losses on assets since time of foreclosureNet Carrying amount
Property assets arising from financing provided to construction and property development companies4,329 2,456 1,804 1,873 
Of which:
Completed buildings707 452 382 255 
Residential197 106 87 91 
Other510 346 295 164 
Buildings under construction95 41 30 54 
Residential— — — — 
Other95 41 30 54 
Land3,527 1,963 1,392 1,564 
Developed land1,000 533 318 467 
Other land2,527 1,430 1,074 1,097 
Property assets from home purchase mortgage loans to households390 183 123 207 
Other foreclosed property assets104 53 42 51 
Total property assets4,823 2,692 1,969 2,131 
In addition, the Group has shareholdings in entities holding foreclosed assets amounting to EUR 27 million and equity instruments foreclosed or received in payment of debts amounting to EUR 13 million.
In recent years, the Group has considered foreclosure to be an option to resolve cases of default instead of legal proceedings. The Group initially recognises foreclosed assets at the lower of the carrying amount of the debt (net of provisions) and the fair value of the foreclosed asset (less estimated costs to sell). Subsequent to initial recognition, the assets are measured at the lower of fair value (less costs to sell) and the amount initially recognised.
The fair value of this type of assets is determined by the market value (appraisal) adjusted with discounts obtained according to internal valuation methodologies based on the entity's sales experience in goods with similar characteristics.
The management of real estate assets on the balance sheet is carried out through companies specializing in the sale of real estate that is complemented by the structure of the commercial network. The sale is realised with at prices in accordance with the market situation and the offer of wholesale buyers.

The gross movement in foreclosed properties were as follows (EUR billion):
EUR Billion
202420232022
Gross additions0.1 0.30.2
Disposals(0.8)(1.2)(1.3)
Difference(0.7)(0.9)(1.1)


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Information on the estimation of impairment losses
The detail of Santander Spain exposure and loan-loss reserves associated with each of the stages at 31 December, 2024, 2023 and 2022, is shown below. In addition, the exposure is divided in four tranches of the Standard & Poor's rating scale, according to their current credit quality:
Exposure and loan-loss reserves by stage
EUR million
2024
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-35,347 110 — 35,456 
From A+ to BB104,1971,124— 105,322 
From BB- to B-37,413 8,844 — 46,257 
CCC and below2,0843,1996,618 11,900 
Total exposureB
179,041 13,277 6,618 198,936 
Loan-loss reservesC
340 570 2,953 3,863 
Exposure and loan-loss reserves by stage
EUR million
2023
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-46,827 48 — 46,875 
From A+ to BB101,079780— 101,859 
From BB- to B-33,905 9,789 — 43,694 
CCC and below1,5134,5177,536 13,566 
Total exposureB
183,324 15,134 7,536 205,994 
Loan-loss reservesC
300 663 2,959 3,922 
    
Exposure and loan-loss reserves by stage
EUR million
2022
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-37,133 447 — 37,580 
From A+ to BB107,667282— 107,949 
From BB- to B-46,296 6,388 — 52,684 
CCC and below3365,00813,762 19,106 
Total exposureB
191,349 12,351 8,893 212,593 
Loan-loss reservesC
507 666 3,472 4,645 
A.Detail of credit quality ratings calculated for Group management purposes. Excluding the SCIB branches business
B.Total exposure includes loan balances (drawn amounts) and off balance (letters of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and undrawn commitments.
C.Includes provisions for undrawn authorized lines (loan commitments).

For the estimation of the expected losses, the prospective information is taken into account. Specifically, Santander Spain considers three macroeconomic scenarios, which are updated periodically. The projected evolution for a period of five years of the main macroeconomic indicators used by Santander Spain for estimating expected losses as of 2024, is presented below:
2025-2029
VariablesPessimistic scenario Base scenarioOptimistic scenario 
Interest rate3.3 %2.7 %2.5 %
Unemployment rate12.5 %10.1 %8.9 %
Housing price change-0.7 %2.9 %4.1 %
GDP growth0.3 %1.7 %2.8 %
Each macroeconomic scenarios is associated with a given weight. As for its allocation, Santander Spain associates the Base scenario with the highest weight, while associating the lower weights to the most extreme scenarios:
202420232022
Pessimistic scenario30 %30 %30 %
Base scenario40 %40 %40 %
Optimistic scenario 130 %30 %30 %
The sensitivity analysis of the main portfolios expected loss to variations of +/-100 bp for the macroeconomic variables used in the construction of the scenarios, at December 31 2024, is as follows:
Change in Provision
MortgagesCorporatesOthers
GDP Growth
-100 bp2.3 %4.9 %2.1 %
100 bp-1.0 %-4.2 %-1.1 %
Housing price change
-100 bp1.6 %8.0 %1.9 %
100 bp-1.3 %-2.8 %-0.7 %
Regarding the stage 2 classification determination, the quantitative criteria applied in Santander Spain are based on identifying whether any increase in the PD for the entire expected life of the operation is greater than a relative or absolute threshold. The established threshold is different for each portfolio depending on the characteristics of the operations, and an operation is considered to exceed said threshold when the PD for the entire life of the operation increases a certain amount over the PD it had at the time of initial recognition. The values of these thresholds depend on their calibration, carried out periodically, as indicated in previous paragraphs. Additionally, Santander Spain has implemented a backstop to the relative threshold in all portfolios. Consequently, contracts whose current PD has increased more than twice with respect to its PD at the time of its origination will be classified in stage 2.
In addition, a series of specific qualitative criteria are defined that indicate that the exposure has had a significant increase in credit risk, regardless of the evolution of its PD since the moment of initial recognition. Santander Spain, among other criteria, considers that an operation presents a significant increase in risk when it presents irregular positions for more than 30 days or if it is determined based on a system of early warning indicators.
    
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3.3. United States
Portfolio overview
Santander US’s credit risk increased to EUR 148,643 million at the end of December 2024. It makes up 12.8% of Grupo Santander's total credit risk.
As of December 2024, Santander US credit risk dropped 7.8% compared to 2023, mainly due to the activity of the New York branch.
The NPL ratio grew to 4.72% (+15 bps in the year) due to a higher stock of delinquencies and lower portfolio growth, and the cost of risk down to 1.82% (-10 bp in the year).
Santander US includes the following business units:
Santander Bank, National Association (SBNA)
In 2024 lending amounted 53,520 million euros (representing 5% of the Group's credit risk) and presents a reduction of 9.0% in 2024, mainly due to the transfer of the CIB portfolio to the New York branch.
Once the fiscal support and stimulus programs were withdrawn, the NPL ratio increased to 2.22% (+58 bp in the year) as of December 2024, but the cost of risk decreased to 0.91% (-7 bp in the year) due to Consumer Finance portfolio.
The retail segment focuses on auto lending and leasing, consumer loans and credit cards. To maximize profitability and growth opportunities, we discontinued the origination of home equity lines of credit and home equity loans (HELOCs and HELOANs).
The corporate portfolio continued its downward trend, owing to our sharper focus on profitability and lower origination in commercial real estate. The interest rate hikes that began in 2022 and the US office market situation led to an increase in NPLs in this portfolio.
Information on the estimation of impairment losses
The detail of Santander Bank, National Association exposure and loan-loss reserves associated with each of the stages at 31 December, 2024, 2023 and 2022 is shown below. In addition, the exposure is divided in four tranches of the Standard & Poor's rating scale, according to their current credit quality:
Exposure and loan-loss reserves by stage
EUR million
2024
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-4,215 277 — 4,492 
From A+ to BB21,422930— 22,352
From BB- to B-21,8993,855— 25,754
CCC and below334821,1301,645
Total exposureB
47,569 5,544 1,130 54,243 
Loan-loss reservesC
292 364 182 838 

Exposure and loan-loss reserves by stage
EUR million
2023
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-4,834 76 — 4,910 
From A+ to BB20,468459— 20,926
From BB- to B-25,3123,439— 28,751
CCC and below52450894 1,396
Total exposureB
50,665 4,424 894 55,983 
Loan-loss reservesC
409 335 141 885 
    
Exposure and loan-loss reserves by stage
EUR million
2022
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-6,884 145 — 7,029 
From A+ to BB20,768366— 21,134 
From BB- to B-30,359 2,225 — 32,584 
CCC and below308558459 1,325 
Total exposure B
58,319 3,294 459 62,072 
Loan-loss reservesC
392 241 74 707 
A.Detail of credit quality ratings calculated for Group management purposes.
B.Total exposure includes loan balances (drawn amounts) and off-balance (letters of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and undrawn commitments.
C.Includes provisions for undrawn authorized lines (loan commitments).    
For the estimation of expected losses, prospective information is taken into account. Specifically, Santander Bank, National Association considers four macroeconomic scenarios, which are updated periodically. The evolution projected in 2024 for a period of five years of the main macroeconomic indicators used Santander Bank, National Association to estimate expected losses is presented below:
2025 - 2029
VariablesPessimistic scenario 2Pessimistic scenario 1Base scenarioOptimistic scenario
Interest rate (annual averaged)1.9 %2.7 %3.4 %3.2 %
Unemployment rate6.3 %4.8 %4.2 %3.3 %
House price change-0.1 %0.4 %1.1 %1.9 %
GDP growth1.7 %2.0 %2.0 %2.6 %
Manheim growthA
-1.2 %-0.5 %-0.3 %0.2 %
A. US used vehicle price car index.
Each of the macroeconomic scenarios is associated with a given weight. As for its allocation, Santander Bank, National Association associates the highest weighting to the Base scenario, while associates the lowest weightings to the most extreme scenarios:
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202420232022
Pessimistic scenario 217.5 %17.5 %17.5 %
Pessimistic scenario 120.0 %20.0 %20.0 %
Base scenario32.5 %32.5 %32.5 %
Optimistic scenario30.0 %30.0 %30.0 %
The sensitivity analysis of the main portfolios expected loss to variations of +/-100 bp for the macroeconomic variables used in the construction of the scenarios as of 2024 is as follows:
Change in Provision
MortgagesCorporates
Auto
GDP Growth
-100 bp13.5%8.3%2.3%
100 bp-10.5%-6.2%-1.8%
Housing price change
-100 bp24.9%12.5%3.3%
100 bp-11.0%-6.1%-1.8%
Unemployment rate
-100 bp-43.1%-20.7%-5.8%
100 bp54.3%28.6%9.0%
Manheim index
-100 bp——1.4%
100 bp——-1.1%
In relation to the Stage 2 classification determination, the quantitative criteria applied at SBNA for retail portfolios uses the FICO (Fair Isaac Corporation) score to reference their PD, at the time of origination and its current value, establishing different absolute threshold for each portfolio according to their characteristics. A SICR implies changes in that score ranging from 120 bp to 20 bp.
In the case of wholesale portfolios, SBNA uses the transaction's rating as a reference for its PD, taking into account its rating at the time of origination and its current rating, setting absolute thresholds for the different rating bands that depend on each portfolio characteristics.
Additionally, for each portfolio, a series of specific qualitative criteria are defined, which indicate that the exposure has experienced a significant increase in credit risk, regardless of the evolution of its PD since the initial recognition. Santander Bank, National Association, among other criteria, considers that a transaction presents a significant increase in credit risk when it has arrears positions for more than 30 days or if it is determined based on a system of early warning indicators.
Santander Consumer USA Inc.
Santander Consumer USA Inc. (SC USA) presents higher risk indicators than other Santander US units due to the nature of its business, which focuses on auto finance via loans and leasing.
At 31 December 2024, lending amounted to EUR 30,669 million (representing 3% of the Group) and presents an increase of 6.2%.
As of December 2024, the cost of credit is following a normalization trend, from the artificially good situation of previous years, due to government support and stimulus programs. Regarding the NPL ratio, it increased to 18.68% (+42 bp in the year); and the cost of credit stood at 6.61% (+20 bp YoY).
NPL coverage ratio fell to 62% (-1 pp in the year), in line with the percentages of transfers from default to bad debts, which are at historically low levels.
The focus continues to be on managing the relationship between profitability and risk, via management of prices adjusted to the credit quality of the customer/transaction, while improving the dealers' experience.
Information on the estimation of impairment losses
The detail of Santander Consumer USA Inc. exposure and loan-loss reserves associated with each of the stages at 31 December 2024, 2023 and 2022, is shown below. In addition, the exposure is divided in four tranches of the Standard & Poor's rating scale, according to their current credit quality:
Exposure and loan-loss reserves by stage
EUR million
2024
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-— — — — 
From A+ to BB202 — — 202 
From BB- to B-12,802 451 — 13,253 
CCC and below7,259 4,226 5,729 17,214 
Total exposure B
20,263 4,677 5,729 30,669 
Loan-loss reservesC
630 1,006 1,908 3,543 
Exposure and loan-loss reserves by stage
EUR million
2023
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-— — — — 
From A+ to BB99— — 99 
From BB- to B-12,120395— 12,515 
CCC and below6,7544,2375,272 16,263 
Total exposure B
18,973 4,632 5,272 28,877 
Loan-loss reservesC
597 1,019 1,712 3,327 
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Exposure and loan-loss reserves by stage
EUR million
2022
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-— — — — 
From A+ to BB1710— 171 
From BB- to B-14,564512— 15,076 
CCC and below7,7355,1083,870 16,713 
Total exposure B
22,470 5,620 3,870 31,960 
Loan-loss reservesC
672 1,232 1,452 3,356 
A.Detail of credit quality ratings calculated for Group management purposes.
B.Total exposure includes loan balances (drawn amounts) and off-balance (letters of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and undrawn commitments.
C.Includes provisions for undrawn authorized lines (loan commitments).
For the expected losses estimation, prospective information should be taken into account. Specifically, SC USA considers four macroeconomic scenarios, periodically updated over a 5-year time horizon.
The evolution forecasted in 2024 for a period of five years of the main macroeconomic indicators used by in SC USA in the estimation of expected losses is shown below:
2025 - 2029
VariablesPessimistic scenario 2Pessimistic scenario 1Base scenarioOptimistic scenario
Interest rate (annual averaged)1.9 %2.7 %3.4 %3.2 %
Unemployment rate6.3 %4.8 %4.2 %3.3 %
House price change-0.1 %0.4 %1.1 %1.9 %
GDP growth1.7 %2.0 %2.0 %2.6 %
ManheimA index
-1.2 %-0.5 %-0.3 %0.2 %
A. US used vehicle price car index.
Each of the macroeconomic scenarios is associated with a given weight. Santander Consumer USA Inc. associates the highest weighting to the Base scenario, whereas it associates the lowest weightings to the most extreme or acid scenarios:
202420232022
Pessimistic scenario 217.5 %17.5 %17.5 %
Pessimistic scenario 120.0 %20.0 %20.0 %
Base scenario32.5 %32.5 %32.5 %
Optimistic scenario30.0 %30.0 %30.0 %
The sensitivity analysis of the main portfolios expected loss to variations of +/-100 bp for the macroeconomic variables used in the construction of the scenarios at the end of 2024 is as follows:
Change in provision
SC Auto
Manheim index
-100 bp0.7%
100 bp-0.6%
Unemployment Rate
-100 bp-3.1%
100 bp4.5%
House Price Change
-100 bp1.7%
100 bp-0.9%
GDP growth
-100 bp1.1%
100 bp-0.9%
In relation to the stage 2 classification determination, the quantitative criteria applied at SC USA uses the FICO (Fair Isaac Corporation) score to reference their PD, at the time of origination and its current value, establishing different absolute threshold for each portfolio according to their characteristics.
Additionally, for each portfolio, a series of specific qualitative criteria are defined, which indicate that the exposure has had a significant increase in credit risk, regardless of the evolution of its PD since the initial recognition. SC USA among other criteria, considers that a transaction presents a significant increase in credit risk when it has irregular positions for more than 30 days. These criteria depend on the risk management practices of each portfolio.


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3.4. Banco Santander (Brasil) S.A.
Portfolio overview
Santander Brasil's credit risk amounted to EUR 104,519 million. It decreased by 8.3% from 2023. Minus the exchange rate effect, it grew by 9.9%. As of December 2024, Santander Brasil accounts for 9% of Grupo Santander's loan book.
The NPL ratio went from 6.56% in December 2023 to 6.14% in December 2024, and the coverage ratio decreased from 85% to 83%.
As of 31 December 2024 loan-loss provisions reached EUR 4,487 million, a 4.5% year-on-year decrease. Cost of risk reduced from 4.77% in 2023 to 4.51% in 2024.
Despite the challenging macroeconomic environment, Brazil’s economy showed moderate growth in 2024, driven by industry and services but hit by the negative impact on agriculture due to adverse weather conditions. The job market continues to show resilience in a landscape marked by macroeconomic challenges, which helped sustain household consumption. Brazil’s economy remains subject to uncertainty linked to lower GDP in 2025 and the depreciation of the real.
The retail segment (without Consumer Finance), which accounts 38% of Santander Brazil's total portfolio, mainly comprises mortgages and credit cards (26% and 22% of the total portfolio, respectively). As a result of conservative measures in admission, the credit performance of new originations in recent months (as tracked through early irregularity indices) has improved, despite the changing environment.
In the SME segment, which accounts for 10% of the total risk, we kept the restrictive loan approval measures adopted in the past few years in place, especially for poorer-performing risk profiles. We constantly review our strategies to achieve credit quality that is consistent with expectations, which we achieved during the year, with new production indicators performing strongly.
In the corporate segment, the portfolio continues to grow sustainably in line with budget, owing to consistent origination volume. The risk profile of the stock and new production remains stable, with the portfolio performing well within the set quality and profitability thresholds.
Information on the estimation of impairment losses
The detail of Banco Santander (Brasil) S.A. exposure and loan-loss reserves associated with each of the stages at 31 December 2024, 2023 and 2022, is shown below. In addition, the exposure is divided in four tranches of the Standard & Poor's rating scale, according to their current credit quality:
Exposure and loan-loss reserves
EUR million2024
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-19,557 970 — 20,527 
From A+ to BB32,8241,637— 34,461 
From BB- to B-33,655 5,285 — 38,940 
CCC and below423 2,808 6,382 9,613 
Total exposureB
86,458 10,700 6,382 103,540 
Loan-loss reservesC
687 860 3,766 5,313 
Exposure and loan-loss reserves
EUR million
2023
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-20,670 468 — 21,138 
From A+ to BB38,869751— 39,620 
From BB- to B-36,107 4,177 — 40,284 
CCC and below1,153 3,735 7,479 12,367 
Total exposureB
96,799 9,131 7,479 113,409 
Loan-loss reservesC
722 1,078 4,538 6,338 
Exposure and loan-loss reserves
EUR million
2022
Credit quality A
Stage 1Stage 2Stage 3Total
From AAA to AA-18,033 41 — 18,074 
From A+ to BB35,902342— 36,244 
From BB- to B-31,269 3,195 — 34,464 
CCC and below432 4,547 7,705 12,684 
Total exposureB
85,636 8,125 7,705 101,466 
Loan-loss reservesC
575 1,219 4,334 6,128 
A.Detail of credit quality ratings calculated for Group management purposes.
B.Total exposure includes loan balances (drawn amounts) and off-balance (letters of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and undrawn commitments.
C.Includes provisions for undrawn authorized lines (loan commitments).
For the expected losses estimation, prospective information is taken into account. Particularly, Santander Brazil considers three macroeconomic scenarios, periodically updated. The evolution for a period of five years of the main macroeconomic indicators used to estimate the expected losses in Santander Brazil is as follows:
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2025-2029
VariablesPessimistic scenarioBase scenarioOptimistic scenario
Interest rate (annual averaged)10.3 %9.4 %7.1 %
Unemployment rate9.4 %7.4 %5.7 %
House price change-0.1 %3.4 %6.8 %
GDP growth0.3 %1.9 %3.2 %
Burden income25.6 %23.9 %21.5 %
Each macroeconomic scenario is associated with a given weight. Regarding its assignation, Brazil links the highest weight to the base scenario whilst links the lowest weights to the most extreme scenarios:
202420232022
Pessimistic scenario12.5 %10 %10 %
Base scenario75.0 %80 %80 %
Optimistic scenario12.5 %10 %10 %
The sensitivity analysis of the main portfolios expected loss to variations of +/-100 bp for the macroeconomic variables used in the construction of the scenarios is at the end of 2024 as follows:
Change in provision
ConsumerCorporateOther
GDP growth
-100 bp1.3 %3.7 %2.1 %
100 bp-0.6 %-2.0 %-0.9 %
Unemployment rate
-100 bp-1.8 %-4.9 %-2.6 %
100 bp3.1 %5.8 %4.7 %
Interest rate (SELIC)
-100 bp-0.5 %-1.0 %-0.9 %
100 bp1.9 %3.4 %2.9 %
Regarding the stage 2 classification determination, Santander Brazil analyses whether any increase in the PD for the expected entire life of the operation is greater than the combination of an absolute and a relative threshold. The established threshold is different for each portfolio depending on the characteristics of the operations, and an operation is considered to exceed said threshold when the PD for the entire life of the operation increases a certain amount over the PD it had at the time of initial recognition. The values of these absolute and relative thresholds depend on their calibration, carried out periodically, as well as the type of portfolio they affect. In addition, Santander Brazil has implemented a backstop to the relative threshold in all portfolios. Consequently, contracts whose current PD has increased more than twice their PD at the time of origination will be classified as stage 2.
In addition, for every portfolio, a set of specific qualitative criteria are defined to indicate that the exposure to credit risk has significantly risen, regardless of the evolution of its PD since the initial recognition. Santander Brazil, among other criteria, considers that an operation involves a significant increase in credit risk when it presents irregular positions for more than 30 days or if it is determined based on a system of early warning indicators.
4. Other credit risk aspects
4.1. Credit risk by activity in the financial markets
This section covers credit risk from treasury, with money market financing and counterparty risk products to satisfy the needs of customers (especially credit institutions) and the Group.
Counterparty credit risk is the risk that a customer will default before the final settlement of a transaction’s cash flows. It creates a bilateral credit risk because it can affect both parties to a transaction. It is also uncertain because it depends on market factors, which can be volatile.
As part of counterparty credit risk exposure, an additional risk known as wrong-way risk can arise. This risk occurs when the exposure to a portfolio or counterparty increases as the credit quality of the counterparty deteriorates. In other words, there is wrong-way risk when there is an increase in default risk, and consequently, the exposure to the counterparty increases. Santander has specific models to measure this risk.
Regarding settlement risk, this occurs when the settlement of a transaction involves a bilateral exchange of flows or assets between two counterparties. For example, when a counterparty buys dollars in exchange for euros, the settlement of the transaction involves one party delivering euros and receiving an equivalent amount of dollars from the other. Settlement risk is the risk that one of the parties fails to meet their settlement obligations. Grupo Santander has also developed a global infrastructure and specific models to measure this risk.
To manage and control counterparty risk, it is essential to have an infrastructure that allows measuring current and potential exposure at different levels of aggregation and granularity in an agile and dynamic way, ensuring the generation of reports with sufficient detail to facilitate the understanding of exposures and the decision-making process.
To measure exposure, Grupo Santander follows two methodologies: mark-to-market (MtM or replacement value in derivatives) plus potential future exposure (add-on), and Monte Carlo simulation for calculating exposure for some countries and products. Additionally, Santander calculates capital at risk or unexpected loss, which is the loss that constitutes economic capital net of guarantees and recoveries, after deducting the expected loss.
After market close, Grupo Santander recalculates exposures by adjusting all operations to their new time horizon, adapting the potential future exposure and applying mitigation measures (netting, collateral, among others), so that exposures can be controlled daily against the limits approved by senior management within the risk appetite. Santander performs risk control through a real-time integrated system, which allows the Group to know at any moment the available exposure limit with any counterparty, in any product and term, and across all subsidiaries.
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4.2. Concentration risk
Concentration risk control is a vital part of our management. The Group continuously monitors the degree of concentration of its credit risk portfolios using various criteria: geographic areas and countries, economic sectors and groups of customers.
The board, via the risk appetite framework, determines the maximum levels of concentration.
In line with these maximum levels and limits, the executive risk committee establishes the risk policies and reviews the appropriate exposure levels for the effective management of the degree of concentration in Santander’s credit risk portfolios.
Grupo Santander must adhere to the regulation on large risks contained in the CRR, according to which the exposure contracted by an entity with a customer or group of associated customers will be considered a large exposure when its value is equal to or greater than 10% of eligible capital.
In addition, in order to limit large exposures, no entity may assume exposures exceeding 25% of its eligible capital with a single customer or group of associated customers, having factored in the credit risk mitigation effect contained in the regulation.
At the end of December, after applying risk mitigation techniques, no group reaches the above-mentioned thresholds.
Regulatory credit exposure with the 20 largest groups within the scope of large risks represented 5.5% of the outstanding credit risk with customers (lending to customers plus off-balance sheet risks) as of December 2024. While the regulatory credit exposure with the 40 largest groups represents 8.4% of the credit risk.

The detail, by activity and geographical area of the Group's risk concentration at 31 December 2024 is as follows:
EUR million
2024A
TotalSpainOther EU countriesAmericaRest of the world
Central banks and Credit institutions359,739 76,925 82,039 130,073 70,702 
Public sector253,851 73,743 71,610 98,828 9,670 
Of which:
Central government221,877 59,921 65,821 86,677 9,458 
Other central government31,974 13,822 5,789 12,151 212 
Other financial institutions (financial business activity)189,113 14,698 50,470 83,470 40,475 
Non-financial companies and individual entrepreneurs (non-financial business activity) (broken down by purpose)450,349 106,017 107,575 175,493 61,264 
Of which:
Construction and property development24,736 3,702 4,323 10,691 6,020 
Civil engineering construction5,515 2,337 1,890 1,218 70 
Large companies274,798 50,487 63,963 114,597 45,751 
SMEs and individual entrepreneurs145,300 49,491 37,399 48,987 9,423 
Households – other (broken down by purpose)568,540 86,734 110,909 146,673 224,224 
Of which:
Residential351,331 61,388 38,502 45,953 205,488 
Consumer loans199,156 17,793 70,064 95,189 16,110 
Other purposes18,053 7,553 2,343 5,531 2,626 
Total1,821,592 358,117 422,603 634,537 406,335 
A.For the purposes of this table, the definition of risk includes the following items in the public balance sheet: 'Loans and advances to credit institutions', 'Loans and advances to Central Banks', 'Loans and advances to Customers', 'Debt securities', 'Equity Instruments', 'Trading Derivatives', 'Hedging derivatives', 'Investments and financial guarantees given'.
4.3 Sectors identification and management
Grupo Santander conducts a quarterly review of exposure to customers operating in sectors that could be more affected by macroeconomic conditions (energy consumption, commodity prices, and key macroeconomic variables). This monitoring is complemented by the use of internal tools that allow projecting the behaviour and evolution of clients in each sector under different macroeconomic scenarios. Additionally, this process considers, among other things, the following information at the sector level:
•Market information: Industries’ stock market performance.
•Analysts’ EBITDA forecasts for the coming years.
•Internal information: Changes in credit exposure, defaults (in different timelines) and stagings.
•Our industry experts’ opinion, based on specific details about our exposures and our relationships with customers
Grupo Santander continued to build up our analysis of potential losses to the highest level of granularity by enhancing our sector-level methodology and projection tool based on the resilience of each company’s financial statements to different macroeconomic scenarios. Santander considered their pledge to meet energy commitments through possible transition plans by quantifying impacts under the assumptions of an orderly, disorderly or non-existent transition to be able to keep our management of the portfolio one step ahead.
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4.4. Sovereign risk and exposure to other public sector entities
Sovereign risk occurs in transactions with a central bank. It includes the regulatory cash reserve, issuer risk with the Treasury (public debt portfolio) and risk from transactions with government institutions whose funding only come from the state’s budgetary revenue and not commercial operations.
Grupo Santander's standard for sovereign risk differs somewhat from the European Banking Authority's (EBA) standard for regular stress testing. In particular, the EBA does not consider deposits with central banks, exposures with insurance companies or indirect exposures from guarantees and other financial instruments. However, its standard does generally include entities run by regional, local and central governments.
Santander continues to track and manage transactions with sovereign risk based on available information, such as reports by rating agencies and international organizations. Grupo Santander monitors each country where the Group has cross-border1 and sovereign risk. Santander analyses events that could affect the country’s political or institutional stability and assign its government or central bank a credit rating. This helps us set limits for transactions with sovereign risk.
At the end of December 2024, Grupo Santander´s local sovereign exposure, in currencies other than the official currency of the country of issuance, is not significant (EUR 4,459 million, 1.1% of total sovereign risk) according to our management criteria. Furthermore, exposure to non-local sovereign issuers involving cross-border risk is even less significant2 (EUR 11,494 million, 2.8% of total sovereign risk). Sovereign exposure in Latin America is mostly in local currency, and is recognised in the local accounts and concentrated in short- term maturities.
Over the past few years, total exposure to sovereign risk has remained in line with regulatory requirements and our strategy to manage this portfolio.
The shifts observed in the different countries exposure is due to our liquidity management strategy and the hedging of interest and exchange rates risks. Santander's exposure spreads among countries with varied macroeconomic outlooks and dissimilar scenarios in terms of growth, interest and exchange rates.
Our investment strategy for sovereign risk considers country’s credit quality to set the maximum exposure limits. The following table shows the percentage of exposure by ratingA:
202420232022
AAA21 %18 %27 %
AA18 %19 %19 %
A41 %41 %34 %
BBB11 %12 %11 %
Less than BBB9 %10 %9 %
A.Internal ratings are applied.
Sovereign exposure at the end of 31 December 2024 is shown in the table below (data in million euros):
20242023
Portfolio


Financial assets held for trading and Financial assets designated as FV with changes in resultsFinancial assets
at fair value
through other
comprehensive
income		Financial
assets at
amortised cost		Non-trading financial assets mandatory at fair value through profit or lossTotal net direct exposureTotal net direct exposure
Spain8,096 3,841 44,356 — 56,293 39,627 
Portugal89 1,240 6,323 — 7,652 6,859 
Italy4,830 452 7,633 — 12,915 5,594 
Greece— — — — — — 
Ireland— — — — — — 
Rest Eurozone595 567 5,050 — 6,212 8,124 
UK375 1,376 7,021 — 8,772 3,787 
Poland434 5,570 8,282 — 14,286 11,267 
Rest of Europe(6)424 536 — 954 2,793 
US5,630 4,560 14,736 — 24,926 21,304 
Brazil9,185 13,824 3,632 — 26,641 27,733 
Mexico6,051 8,964 6,627 — 21,642 20,825 
Chile316 1,425 5,159 — 6,900 6,285 
Rest of America190 1,745 2,496 — 4,431 2,250 
Rest of the World15 3,502 3,486 — 7,003 4,527 
Total35,800 47,490 115,337 — 198,627 160,975 
1 Risks with domestic public or private borrowers in foreign currency and originated outside the country.
2 Countries that are not considered low risk by Banco de España.
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5. Forborne loan portfolio
The customer debt redirection policy incorporates the regulatory requirements of the EBA guidelines on the management of non-performing exposures, refinancing and restructuring. This policy acts as a reference for the transposition in our subsidiaries and shares the applicable supervisory expectations.
This policy also sets down rigorous criteria for evaluating, classifying and monitoring forbearances to ensure the strictest possible care and diligence in recovering due amounts. Thus, it dictates that Santander must adapt payment obligations to customers' current circumstances. Our forbearance policy also defines classification criteria to ensure Grupo Santander recognizes risks appropriately. They must remain classified as non-performing or in watch-list for a prudential period for reasonable certainty of repayment. In no case will repayments be used to delay the immediate recognition of losses or so that their use distorts the timely recognition of the risk of non-payment.
At 31 December 2024, forbearance stock fell again and stood at EUR 27,144 million, due to the good payment behaviour in the main geographies. In terms of credit quality, 54% of the loans is classified as credit impaired, with a coverage ratio of 41%. In addition, 46% of the portfolio is classified as performing.
The following terms are used with the meanings specified below:
•Refinancing transaction: transaction that is granted or used, for reasons relating to current or foreseeable financial difficulties of the borrower, to repay one or more of the transactions granted to it, or through which the payments on such transactions are brought fully or partially up to date, in order to enable the borrowers of the cancelled or refinanced transactions to repay their debt (principal and interest) because they are unable, or might foreseeably become unable, to comply with the conditions there of in due time and form.
•Restructured transaction: transaction with respect to which, for economic or legal reasons relating to current or foreseeable financial difficulties of the borrower, the financial terms and conditions are modified in order to facilitate the payment of the debt (principal and interest) because the borrower is unable, or might foreseeably become unable, to comply with the aforementioned terms and conditions in due time and form, even if such modification is envisaged in the agreement.


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Current refinancing and restructuring balances
Amounts in EUR million, except number of transactions that are in units
2024
Total
Without real guaranteeWith real guarantee
Maximum amount of the actual collateral that can be consideredImpairment of accumulated value or accumulated losses in fair value due to credit risk
Number of transactionsGross amountNumber of transactionsGross amountReal estate guaranteeRest of real guarantees
Credit entities— — — — — — — 
Public sector23 9 9 2 2 — 4 
Other financial institutions and: individual shareholder946 70 605 306 199 52 93 
Non-financial institutions and individual shareholder543,934 5,515 47,854 6,668 3,678 1,398 3,011 
Of which financing for constructions and property development12,688 103 1,765 828 672 30 171 
Other warehouses3,308,884 4,534 483,714 10,040 4,375 3,754 4,038 
Total3,853,787 10,128 532,182 17,016 8,254 5,204 7,146 
Financing classified as non-current assets and disposable groups of items that have been classified as held for sale— — — — — — — 
Current refinancing and restructuring balances
Amounts in EUR million, except number of transactions that are in units
2024
Of which, non-performing/Doubtful
Without real guaranteeWith real guarantee
Maximum amount of the actual collateral that can be consideredImpairment of accumulated value or accumulated losses in fair value due to credit risk
Number of transactionsGross amountNumber of
transactions		Gross amountReal estate guaranteeRest of real guarantees
Credit entities— — — — — — — 
Public sector8 3 7 1 1 — 3 
Other financial institutions and: individual shareholder574 21 512 125 70 14 85 
Non-financial institutions and individual shareholder353,838 2,956 31,259 3,106 1,622 543 2,624 
Of which financing for constructions and property development8,789 64 1,116 218 154 20 127 
Other warehouses2,073,312 2,623 285,857 5,850 2,188 2,299 3,285 
Total2,427,732 5,603 317,635 9,082 3,881 2,856 5,997 
Financing classified as non-current assets and disposable groups of items that have been classified as held for sale— — — — — — — 
In 2024, the amortised cost of financial assets whose contractual cash flows were modified during the year when the corresponding loss adjustment was valued at an amount equal to the expected credit losses over the life of the asset amounted to EUR 3,940 million (2,902 million in 2023), without these modifications having a material impact on the income statement. Also, during 2024, the total of financial assets that have been modified since the initial recognition, and whose correction for expected loss has gone from being valued during the entire life of the asset to the following twelve months, amounts to EUR 2,950 million (2,804 million in 2023).
The transactions presented in the foregoing tables were classified at 31 December 2024 by nature, as follows:
•Credit impaired: Operations that rest on an inadequate payment scheme will be classified within the non-performing category, regardless they include contract clauses that delay the repayment of the operation throughout regular payments or present amounts written off the balance sheet for being considered irrecoverable.
•Performing: Operations not classifiable as non-performing will be classified within this category. Operations will also be classified as normal if they have been reclassified from the non-performing category for complying with the specific criteria detailed below:
a.A period of a year must have passed from the refinancing or restructuring date.
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b.The owner must have paid for the accrued amounts of the capital and interests, thus reducing the rearranged capital amount, from the date when the restructuring of refinancing operation was formalised.
c.The owner must not have any other operation with amounts past due by more than 90 consecutive days of material delay on the date of the reclassification to the normal risk category.
Attending to the credit attention 46% of the forborne loan transactions are classified as other than non-performing. Particularly noteworthy are the level of existing guarantees (50% of transactions are secured by collateral) and the coverage provided by specific allowances (representing 26% of the total forborne loan portfolio and 41% of the non-performing portfolio).

c) Market, structural and liquidity risk
1. Activities subject to market risk and types of market risk
Activities exposed to market risk encompass transactions where risk is assumed as a consequence of potential changes in interest rates, inflation rates, exchange rates, stock prices, credit spreads, commodity prices, volatility and other market factors; the liquidity risk from our products and markets, and the balance-sheet liquidity risk. Therefore, they include trading risks and structural risks.
•Interest rate risk arises from movements in interest rates that reduce the value of a financial instrument, a portfolio or the Grupo Santander. It can affect loans, deposits, debt securities, most assets and liabilities held for trading, and derivatives.
•Inflation rate risk arises from movements in inflation that can reduce the value of a financial instrument, a portfolio or the entire group. It can affect loans, debt securities and derivatives (e.g. inflation swaps and futures) whose profitability is linked to inflation.
•Exchange rate risk is the possibility of loss because the currency of a long or open position will depreciate against the base currency. It can affect debt in subsidiaries whose local currency is not the euro, as well as loans denominated in a foreign currency.
•Equity risk is the possibility of loss from open positions in securities if their market price or expected future dividends fall. It affects shares, stock market indices, convertible bonds and derivatives with shares as the underlying asset (put, call, equity swaps, etc.).
•Credit spread risk is the possibility of loss from open positions in fixed-income securities or credit derivatives if their yield curve, or the recovery rate of their issuer or type change. A spread is the yield difference between financial instruments against a benchmark (e.g. the internal rate of return (IRR) of government bonds and interbank interest rates).
•Commodity price risk is the possibility of loss from movements in commodity prices. Grupo Santander's commodity exposure is minor and stems mainly from commodity derivatives.
•Volatility risk is the possibility of loss caused by movements in interest rates, exchange rates, the stock market, credit spreads and other risk factors affecting portfolio value. It is inherent to all financial instruments whose value considers volatility (especially options contracts).
Derivative contracts (such as options, futures, forwards and swaps) can mitigate market risks partially or fully.
Additionally, other more complex coverage market risks are considered, such as correlation risk, market liquidity risk, prepayment or cancellation risk and subscription risk.
•Correlation risk is the possibility of loss due to an adverse correlation between risk variables that affect portfolio value. Risk variables could be the same (e.g. two FX rates) or different (e.g. an interest rate and a commodity price).
•Market liquidity risk is the possibility that fewer market makers or institutional investors, a large number of transactions, market instability and other factors will cause the Group or a subsidiary to exit a position at a worse market price or trade cost. Exposure to different products and currencies can also increase this risk.
•Pre-payment or cancellation risk originates when mortgages, deposits and other on-balance-sheet instruments give holders the option to buy or sell them, thus altering future cash flows. Potential mismatches on the balance sheet pose a risk since cash flows may have to be reinvested at an interest rate that is potentially lower (assets) or higher (liabilities).
•Underwriting risk is the possibility that the bank will have to hold part of a debt issue it has underwritten or agreed to place if it cannot all be placed among potential buyers.
Balance sheet liquidity risk (unlike market liquidity risk) is the possibility of loss caused by forced disposal of assets or cash flow imbalance if the bank meets its payment obligations late or at excessive cost. It can cause losses by forced asset sales or impacts on margins due to the mismatch between expected cash inflows and outflows.
Pension and actuarial risks (explained at the end of this section) also depend on market variables.
Grupo Santander aim to comply with the Basel Committee’s Fundamental Review of the Trading Book (FRTB) and the EBA’s Guidelines on the management of interest rate risk arising from non-trading book activities. The purpose of several projects Grupo Santander runs is to provide risk control managers and teams with the best market risk management tools under the right governance framework for the models Grupo Santander uses for metric reporting; and to comply with regulation on the risks mentioned above.
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2. Trading market risk management
Setting market risk limits in a dynamic process according to the risk appetite in the annual limits plan prepared by senior management and extended to all subsidiaries.
The standard methodology for risk management and control in trading, measures the maximum expected loss with a specific level of confidence and time frame. The standard for historical simulation is a confidence level of 99% over one day.
Grupo Santander applies statistical adjustments efficiently to incorporate recent developments affecting our levels of risk. Our time frame is two years or at least 520 days from the reference date of the VaR calculation.
The balance sheet items in the Group’s consolidated position that are subject to market risk are shown below, distinguishing those positions for which the main risk metric is VaR from those for which risk monitoring is carried out using other metrics:
Risk metric values on the consolidated balance sheet
EUR million


Main market risk metric

Balance sheet amountVaROtherMain risk factor for 'Other' balance
Assets subject to market risk
Cash, cash balances at central banks and other deposits on demand192,208 192,208 Interest rate
Financial assets held for trading230,253 230,253 
Non-trading financial assets mandatorily at fair value through profit or loss6,130 4,641 1,489 Interest rate, spread
Financial assets designated at fair value through profit or loss7,915 7,915 Interest rate, spread
Financial assets designated at fair value through other comprehensive income89,898 2,193 87,705 Interest rate, spread
Financial assets at amortized cost1,203,707 1,203,707 Interest rate, spread
Hedging derivatives5,672 5,672 Interest rate, exchange rate
Changes in the fair value of hedged items in portfolio hedges of interest risk(704)(704)Interest rate
Other assets102,002 
Total assets1,837,081 
Liabilities subject to market risk
Financial liabilities held for trading152,151 152,151 
Financial liabilities designated at fair value through profit or loss36,360 36,360 Interest rate, spread
Financial liabilities at amortized cost1,484,322 1,484,322 Interest rate, spread
Hedging derivatives4,752 4,752 Interest rate, exchange rate
Changes in the fair value of hedged items in portfolio hedges of interest rate risk(9)(9)Interest rate
Other liabilities52,178 
Total liabilities1,729,754 
Equity107,327 
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The following table displays the latest and average VaR values at 99% by risk factor over the last three years. It also shows the minimum and maximum VaR values in 2024 and 97.5% ES at the end of December 2024:

VaR statistics and expected shortfall by risk factorA
EUR million. VaR at 99% and ES at 97.5% with one day time horizon

202420232022

VaR (99%)
ES (97.5%)
VaR
VaR

Min
Average
Max
Latest
Latest
Average
Latest
Average
Latest
Total Trading11.6 17.1 23.0 18.7 19.6 11.7 13.5 14.1 11.6 
Diversification effect(11.0)(19.8)(42.1)(27.3)(21.8)(14.9)(17.1)(14.6)(15.5)
Interest rate11.4 17.0 23.1 20.2 19.8 12.2 11.1 12.6 9.9 
Equities2.8 6.0 18.8 9.5 6.5 3.2 6.0 4.2 5.5 
Exchange rate2.8 5.8 11.1 5.9 7.0 5.3 4.8 4.8 3.6 
Credit spread3.6 4.9 7.0 5.3 4.9 4.3 6.1 5.4 5.8 
Commodities2.0 3.2 5.1 5.1 3.2 1.6 2.6 1.7 2.3 
Total Europe9.0 12.7 17.4 16.0 16.0 9.4 11.8 12.2 10.5 
Diversification effect(9.9)(15.4)(33.3)(18.4)(15.9)(10.5)(13.8)(10.4)(14.2)
Interest rate8.8 12.0 17.6 14.4 15.4 9.1 8.2 10.2 10.1 
Equities3.3 5.9 16.9 8.8 6.2 2.8 5.8 3.6 5.5 
Exchange rate3.1 5.1 8.9 5.8 5.3 3.5 5.2 3.4 3.3 
Credit spread3.6 4.9 7.0 5.3 4.9 4.3 6.1 5.4 5.8 
Commodities0.1 0.2 0.3 0.1 0.1 0.2 0.3 — — 
Total North America4.9 6.9 9.3 6.4 6.8 4.0 5.0 2.3 2.7 
Diversification effect(0.2)(1.1)(4.3)(0.8)(0.8)(0.7)(0.5)(0.8)(1.1)
Interest rate4.7 6.9 10.0 6.6 6.9 3.7 5.0 2.2 2.7 
Equities— 0.2 1.3 0.1 0.1 0.2 — 0.1 0.1 
Exchange rate0.4 0.9 2.3 0.5 0.6 0.8 0.5 0.8 1.0 
Total South America4.4 9.0 15.0 9.5 8.0 7.3 7.0 8.0 6.2 
Diversification effect(2.5)(6.9)(18.1)(5.5)(5.2)(6.2)(6.6)(5.0)(4.2)
Interest rate4.5 8.8 14.7 6.5 5.5 7.3 5.6 7.0 5.5 
Equities0.0 1.2 4.4 2.1 1.6 1.4 2.4 1.6 1.7 
Exchange rate0.4 2.7 8.9 1.3 3.0 3.2 3.0 2.7 0.9 
Commodities2.0 3.2 5.1 5.1 3.1 1.6 2.6 1.7 2.3 
A. In South and North America, VaR levels of credit spreads and commodities are not shown separately due to their low or null materiality.
VaR at the end of December (EUR 18.7 million) was EUR 5.2 million higher compared to the end of 2023, reflecting the spike in market volatility caused by geopolitical risk, inflation and its impact on central banks’ monetary policy, and greater exposure to interest rate risk in North America.
In 2024, average VaR (EUR 17.1 million) higher than 2023 and for all risk factors, especially interest rates. Temporary VaR increases owe more to short-term price volatility than to significant changes in positions.
By region, average VaR, was higher in the three regions where we operate, with the increase due to interest rates risk factor in North America, and more distributed among the other factors in the other regions.
Backtesting
Actual losses can differ from predicted losses because of the VaR’s limitations. Grupo Santander measures the accuracy of the VaR calculation model to make sure it is reliable. The most important tests Grupo Santander runs involve backtesting:
•At backtesting of hypothetical P/L and of the entire trading book no exception was observed during 2024 (daily loss greater than the VaR or daily profit greater than VaE) to VaR and VaE with a confidence level of 99%.
•The exceptions observed in the past year are consistent with the assumptions of the VaR calculation model.
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IBOR reform
Since 2013, different supranational organizations and authorities (IOSCO and FSB) have promoted and monitored initiatives aimed at carrying out reforms to strengthen interest rate indices. The main objective was to facilitate the transition to the risk-free indices identified in different jurisdictions, highlighting the SONIA index as a replacement for the LIBOR references in pounds, the SOFR for the LIBOR in dollars, and the €STR for the LIBOR in euros.
In this sense and as a result of the joint effort of authorities and market participants, this transition process has been materialized in different milestones during the period between 2019 and 2024. From March and September 2024, the terms of the 3-month pound LIBOR, and the 1-month, 3-month and 6-month dollar LIBOR have ceased permanently, thus completing the transition.
The Group has carried out the operational and technological changes necessary to undertake the transition of these reference indexes.

3. Structural balance sheet risks
3.1. Main aggregates and variations
Consistent with previous years, the market risk profile of Grupo Santander’s balance sheet remained moderate in 2024 in terms of asset, shareholders’ equity and NII volumes.
Each subsidiary’s finance division manages interest rate risk from commercial banking and is responsible for handling structural risk from interest rate fluctuations.
To measure interest rate risk, Grupo Santander uses statistical models based on strategies to mitigate structural risk with interest-rate instruments (such as bonds and derivatives) to keep risk profile within risk appetite.
The NII and EVE sensitivities below are based on scenarios of parallel interest rate movements from -100 to +100 basis points.
Structural VaR
With such a homogeneous metric as VaR, Grupo Santander can fully monitor market risk in the banking book (excluding CIB trading activity). The Bank differentiates fixed income based on interest rates and credit spreads in ALCO portfolios, FX rates and shares.
In general, the structural VaR of Grupo Santander total assets and equity is minor.


Structural VaR
EUR million. Structural VaR 99% with a temporary horizon of one day.
202420232022
MinAverageMaxLatestAverageLatestAverageLatest
Structural VaR620.7 747.7 910.0 687.5 705.0 749.5 664.0 538.5 
Diversification effect(237.2)(386.4)(575.5)(268.6)(416.6)(444.7)(417.1)(422.4)
VaR Interest RateA
210.7 412.0 685.6 235.2 348.4 380.2 350.8 304.5 
VaR Exchange Rate526.9 571.7 629.8 594.4 580.4 642.9 493.4 461.0 
VaR Equities120.3 150.4 170.1 126.5 192.8 171.1 236.9 195.4 
A. Includes credit spread VaR on ALCO portfolios.
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Structural interest rate risk
•Europe
At the end of December, the net interest income (NII) of our main balance sheets showed positive sensitivities to increases in interest rates. On the same date, in the case of the economic value of equity (EVE), it showed negative sensitivity to increases in interest rates in the case of the UK and positive sensitivity in the case of Spain in the same scenario.
At the end of December, under the scenarios previously described, significant risk of NII sensitivity to the euro amounted to EUR 877 million; to the pound sterling, EUR 211 million; to the US dollar, EUR 54 million; and to the Polish złoty, EUR 61 million, all with risk of rate cuts.
Significant risk of EVE sensitivity to yield curves of the euro was EUR 753 million; of the pound sterling, EUR 662 million; of the US dollar, EUR 132 million euros; and of the Polish złoty, EUR 244 million euros, mostly with risk of rate cuts, except for the US dollar.
Exposure was moderate in relation to annual budget and capital levels in 2024.
•North America
At the end of December, sensitivity of NII on our North America balance sheet to interest rate hikes was positive, while EVE sensitivity was negative.
Exposure was moderate in relation to annual budget and capital levels in 2024.
At the end of December, significant risk to NII was mainly in the US and amounted to EUR 125 million.
The most significant risk to EVE was in the US and amounted to EUR 639 million.
•South America
EVE and NII on our main South American balance sheets are positioned for interest rate cuts.
Exposure in all countries was moderate in relation to the annual budget and capital levels in 2024.
At the end of December, most significant risk to NII was mainly in Brasil (EUR 124 million) and in Chile (EUR 4 million).
Most significant risk to EVE was recorded in Brasil (EUR 411 million) and in Chile (EUR 323 million).
Structural foreign currency rate risk/results hedging
Grupo Santander's structural FX risk stems mainly from the income and hedging of foreign currency transactions for permanent financial investments. In the dynamic management of this risk, Grupo Santander aims to limit the impact of FX rate movements on the core capital ratio. In 2024, the hedged of the different currencies that have an impact on our core capital ratio was close to 100%.
In December 2024, our permanent exposures (with potential impact on shareholders’ equity) were, from largest to smallest, in
US dollars, British pounds sterling, Brazilian reais, Mexican pesos, Polish złoty and Chilean pesos.
Grupo Santander uses FX derivatives to hedge part of those permanent positions. The Finance division manages FX risk and hedging for the expected profits and dividends of subsidiaries whose base currency is not the euro.
Structural equity risk
Grupo Santander holds equity positions in its banking and trading books. They are either equity instruments or stock, depending on the share of ownership or control.
At the end of December 2024, the equities and shareholdings in the banking book were diversified among Spain, China, Morocco, Poland and other countries. Most of them invest in the financial and insurance sectors. Grupo Santander has minor equity exposure to property and other sectors.
Structural equity positions are exposed to market risk. The Group calculates its VaR with a set of market prices and proxies. At the end of the year 2024, VaR at a 99% confidence level over a one-day horizon was EUR 127 million (EUR 171 million and EUR 195 million in 2023 and 2022, respectively).
3.2. Methodologies
Structural interest rate risk
Grupo Santander measures the potential impact of interest rate movements on EVE and NII. Because changing rates may generate impacts, Grupo Santander must manage and control many subtypes of interest rate risk, such as repricing risk, curve risk, basis risk and option risk (e.g. behavioural or automatic).
Interest rate risk in the balance sheet and market conditions and outlooks could necessitate certain financial measures to achieve Grupo Santander's desired risk profile (such as selling positions or setting interest rates on products Grupo Santander markets).
The metrics Grupo Santander uses to monitor IRRBB include NII and EVE sensitivity to interest rate movements.
•Net interest income sensitivity
Net interest income (NII) is the difference between interest income from assets and the interest cost of liabilities in the banking book over a typical one- to three-year horizon (one year being standard in Grupo Santander). Because NII sensitivity is the difference in income between a selected scenario and the base scenario, its values can be as many as considered scenarios. It enables us to see short-term risks and supplement economic value of equity (EVE) sensitivity.
•Economic value of equity sensitivity
Economic value of equity (EVE) is the difference between the current value of all assets minus the current value of all liabilities in the banking book. It does not include shareholders’ equity and non-interest-bearing instruments. The sensitivity of the economic value of own funds is obtained as the difference between said economic value calculated with a selected scenario and that calculated with a base scenario.
Because EVE sensitivity is the difference in EVE between a selected scenario and the base scenario, it can have as many values as considered scenarios. It enables us to see long-term risks and supplement NII sensitivity.
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Structural exchange-rate risk/hedging of results
Every day, Grupo Santander measures FX positions, VaR and P/L.
Structural equity risk
Grupo Santander measures equity positions, VaR and P/L.
4. Liquidity risk
Structural liquidity management aims to fund the Group’s recurring activity optimising maturities and costs, while avoiding taking on undesired liquidity risks.
Santander’s liquidity management is based on the following principles:
•Define liquidity risk and provide detailed assessments of current and emerging material liquidity risks.
•Define liquidity risk metrics, review and challenge liquidity risk appetite and limits on first line of defence proposals.
•Evaluates and challenges commercial/business proposals; It provides senior management and business units with the necessary elements to understand the liquidity risk of Santander's businesses and operations.
•Supervise the liquidity risk management of the first line of defence and assess the permanence of businesses within the limits of liquidity risk.
•Reports on compliance with risk appetite limits and exceptions, if any, to governing bodies.
•Provides a consolidated view of liquidity risk exposures and liquidity risk profile.
•Confirms the existence of adequate liquidity procedures to manage the business within the limits of risk appetite.
The effective application of these principles by all institutions comprising the Group required the development of a unique management framework built upon three fundamental pillars:
•A solid organisational and governance model that ensures the involvement of the subsidiaries’ senior management in decision-taking and its integration into the Group’s global strategy. The decision-making process for all structural risks, including liquidity and funding risk, is carried out by local Asset and Liability Committees (ALCOs) in coordination with the global ALCO, which is the body empowered by the Bank's board in accordance with the corporate Asset and Liability Management (ALM) framework.
This governance model has been reinforced as it has been included within Santander's Risk Appetite Framework. This framework meets demands from regulators and market players emanating from the financial crisis to strengthen banks’ risk management and control systems.
•In-depth balance sheet analysis and measurement of liquidity risk, supporting decision-taking and its control. The Group objective is to maintains adequate liquidity levels necessary to cover its short- and long-term needs with stable funding sources, optimising the impact of their costs on the income statement. Grupo Santander’s liquidity risk management processes are contained within a conservative risk appetite framework established in each geographic area in accordance with its commercial strategy. This risk appetite establishes the limits within which the subsidiaries can operate in order to achieve their strategic objectives.
•Management adapted in practice to the liquidity needs of each business. Every year, based on business needs, a liquidity plan is developed which seeks to achieve:
•a solid balance sheet structure, with a diversified presence in the wholesale markets;
•the use of liquidity buffers and limited encumbrance of assets;
•compliance with both regulatory metrics and other metrics included in each entity’s risk appetite statement.
Over the course of the year, all dimensions of the plan are monitored.
Grupo Santander continues to develop the ILAAP (Internal Liquidity Adequacy Assessment Process), an internal self-assessment of liquidity adequacy which must be integrated into the Group’s other risk management and strategic processes. It focuses on both quantitative and qualitative matters and is used as an input to the SREP (Supervisory Review and Evaluation Process). The ILAAP evaluates the liquidity position both in ordinary and stressed scenarios.
i. Liquidity risk measurement
Grupo Santander uses the Basel regulatory definition and calculates a set of metrics and stress scenarios in relation to intraday liquidity risk to maintain a high level of management and control. On the one hand, the regulatory liquidity metrics (LCR, NSFR) are prepared following the regulatory criteria established in the CRR-II and CRD IV. Regarding internal metrics, liquidity scenarios are determined using a combination of behavioral observation in actual liquidity crises occurred at other banks, regulatory assumptions and expert judgment.
a) Liquidity Coverage Ratio (LCR)
The liquidity coverage ratio (LCR) is a regulatory metric. Its purpose is to promote the short-term resilience of a bank’s liquidity profile and make sure it has enough high-quality liquid assets to withstand a considerable idiosyncratic or market stress scenario over 30 calendar days.
b) Net Stable Funding Ratio (NSFR)
The net stable funding ratio (NSFR) is a regulatory metric we use to measure long-term liquidity risk. It is the ratio of available stable funding to required stable funding. It requires banks to keep a robust balance sheet, with off-balance-sheet assets and operations financed by stable liabilities.
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c) Liquidity buffer
The liquidity buffer is the total liquid assets a bank has to cope with cash outflows during periods of stress. The assets are free of encumbrances and can be used immediately to generate liquidity without losses or excessive discounts. The liquidity buffer is a tool for calculating most liquidity metrics. It is also a metric with defined limits for each subsidiary.
d) Wholesale liquidity metric
The wholesale liquidity metric measures the number of days Grupo Santander would survive if it used liquid assets to cover lost liquidity from a wholesale deposit run-off (without possible renewal) over a set time horizon. Grupo Santander also uses it as an internal short-term liquidity metric to reduce risk from dependence on wholesale funding.
e) Asset Encumbrance metrics
Grupo Santander calculates two metrics to measure asset encumbrance risk. On the one hand, the asset encumbrance ratio gives the proportion of encumbered assets to total assets; on the other, the structural asset encumbrance ratio gives the proportion of encumbered assets by structural funding transaction (namely long-term collateralized issues and credit transactions with central banks).
f) Other additional liquidity indicators
In addition to traditional tools to measure short and long-term liquidity and funding risk, Grupo Santander has a set of additional liquidity indicators to complement those and to measure other non-covered liquidity risk factors. These include concentration metrics, such as the main and the five largest funding counterparties, or the distribution of funding by maturity.
In this sense, deposits do not show a tendency towards concentration, maintaining a stable structure at 31 December 2024, where approximately 75% are transactional and more than 80% of retail deposits are insured by deposit guarantee systems of the different countries.
g) Liquidity scenario analysis
As liquidity stress tests, five standard scenarios have been defined:

i.An idiosyncratic scenario of events detrimental only to Santander;
ii.a local market scenario of events highly detrimental to a base country’s financial system or real economy;
iii.a global market scenario of events highly detrimental to the global financial system; and
iv.combined scenario consisting of a combination of more severe idiosyncratic and market events (local and global) occurring simultaneously and interactively.
v.climate scenarios where different stress cases derived from the effects that climate change could have on the economy are collected.
Grupo Santander uses these stress test outcomes as tools to determine risk appetite and support business decision-making.
h) Liquidity early warning indicators
Early warning indicator system consists of quantitative and qualitative liquidity indicators that help predict stress situations and weaknesses in the funding and liquidity structure of Grupo Santander entities. External indicators relate to market-based financial variables; internal indicators relate to our own performance.
i) Intraday liquidity metrics
Grupo Santander follows Basel regulation and calculates several metrics and stress scenarios for intraday liquidity risk to maintain a high level of control.
ii. Liquidity coverage ratio and net stable financing ratio
The regulatory requirement for the LCR ratio has been set at 100% since 2018.
Below is a breakdown of the Group's liquid assets composition according to the criteria established in the supervisory prudential information (Commission Implementing Regulation (EU) 2017/2114 of 9 November 2017) for the determination of high-quality liquid assets for the calculation of the LCR ratio (HQLA):
EUR million
202420232022
Amount weighted applicableAmount weighted applicableAmount weighted applicable
High-quality liquid assets-HQLAs
Cash and reserves available at central banks188,745 217,935 127,285 
Marketable assets Level 1150,912 119,043 177,887 
Marketable assets Level 2A4,696 4,236 3,308 
Marketable assets Level 2B6,951 6,814 3,562 
Total high-quality liquid assets351,304 348,028 312,042 
EUR million
202420232022
High-quality liquid assets-HQLAs (numerator)315,524348,028312,042
Total net cash outflows (denominator)206,889209,892204,759
Cash outflows278,760282,982270,748
Cash inflows71,87173,09065,989
Consolidated LCR ratio (%)
153 %166 %152 %
Group LCR ratio (%)
168 %
NSFR ratio (%)126 %123 %121 %
Since 2024, the calculation of the consolidated LCR ratio has been updated to comply with a series of requirements regarding asset transferability restrictions in third countries. This new consolidated ratio includes an adjustment whereby any excess liquidity above 100% of LCR outflows, which is subject to transferability restrictions (legal or operational) in third countries, is not taken into account. This applies even if the surplus liquidity can be used to cover additional outflows within the country itself, which is not subject to any restrictions.
The total high-quality liquid assets differ from the high-quality liquid assets (HQLAs) considered as the numerator within the consolidated LCR ratio, due to the aforementioned adjustment.
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In addition, since 2024, we have been calculating a Group LCR ratio using an internal methodology that determines the minimum common coverage percentage simultaneously across all the Group's markets and considers all existing restrictions on liquidity transfers in third countries. This methodology reflects the Group's resilience to liquidity risk more accurately and the internal ratio presents a level that is consistent with what would be achieved by applying the criteria followed until mid-2024, which did not include restrictions on liquidity transfers between subsidiaries.
Regarding the net stable funding ratio (NSFR), its definition was approved by the Basel Committee in October 2014. The transposition of this requirement into European regulation took place in June 2019 with the publication in the Official Journal of the European Union of Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019. The Regulation establishes that entities must have a net stable funding ratio, as defined in the Regulation, above 100% from June 2021.
As for the funding structure, given the inherently commercial nature of the Group's balance sheet, the loan portfolio is mainly financed by customer deposits. In note 22, 'Debt securities,' the composition of these liabilities is presented based on their nature and classification, the movements and maturity profile of the debt securities issued by the Group, reflecting the strategy of diversification by products, markets, issuers, and terms followed by the Group in its approach to wholesale markets.
iii. Asset encumbrance
Finally, the moderate use of assets by Grupo Santander as collateral in the sources of structural financing of the balance sheet should be highlighted.
In accordance with the guidelines established by the European Banking Authority (EBA) in 2014 on committed and uncommitted assets, the concept of assets committed in financing transactions (asset encumbrance) includes both on-balance sheet assets provided as collateral in transactions to obtain liquidity and off-balance sheet assets that have been received and reused for similar purposes, as well as other assets associated with liabilities for reasons other than financing.

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The residual maturities of the liabilities associated with the assets and guarantees received and committed are presented below, as of 31 of December of 2024 (EUR thousand million):


Residual maturities of the liabilitiesUnmatured<=1month>1 month
<=3 months		>3 months
<=12 months		>1 year
<=2 years		>2 years
<=3 years		3 years
<=5 years		5 years
<=10 years		>10 yearsTotal
Committed assets45.6 55.9 13.9 39.9 33.0 37.6 39.6 20.6 13.7 299.8 
Guarantees received committed40.0 60.3 16.4 38.8 3.1 0.8 0.9 0.6 0.1 161.0 
The reported Group information as required by the EBA at 2024 year-end is as follows:
On-balance-sheet encumbered assets
EUR billion
Carrying amount of encumbered assetsFair value of encumbered assetsCarrying amount of unencumbered assetsFair value of unencumbered assets
Loans and advances168.8 1,181.0 
Equity instruments9.6 9.6 13.9 
Debt securities93.8 94.3 189.7 190.6 
Other assets27.6 152.8 
Total assets299.8 1,537.2 
Encumbrance of collateral received
EUR billion
Fair value of encumbered collateral received or own debt securities issuedFair value of collateral received or own debt securities issued available for encumbrance
Collateral received161.0 49.6 
Loans and advances1.2 — 
Equity instruments7.0 7.5 
Debt securities152.8 41.9 
Other collateral received— 0.2 
Own debt securities issued other than own covered bonds or ABSs0.1 2.3 
Encumbered assets and collateral received and matching liabilities
EUR billion
Matching liabilities, contingent liabilities or securities lentAssets, collateral received and own debt securities issued other than covered bonds and ABSs encumbered
Total sources of encumbrance
(carrying amount)		363.0 460.9 
On-balance-sheet encumbered assets amounted to EUR  299,831 million, of which close to 56% are loans (mortgage loans, corporate loans, etc.). Guarantees received committed amounted to EUR 160,995 million, relating mostly to debt securities received as security in asset purchase transactions and re-used.
Taken together, these two categories represent a total of EUR 460,888 million of encumbered assets, which give rise to EUR 363,038 million matching liabilities.
As of December 2024, total asset encumbrance in funding operations represented 22.5% of the Group’s extended balance sheet under EBA criteria (total assets plus guarantees received: EUR 2,047,690 million), similar to December 2023.

d) Capital risk
The second line of defence can independently challenge business and first-line activities by:
•Supervising capital planning and adequacy exercises through a review of the main components affecting the capital ratios.
•Identifying key metrics to calculate the Group’s regulatory capital, setting tolerance levels and analysing significant variations, as well as single transactions with impact on capital.
•Reviewing and challenging the execution of capital actions proposed in line with capital planning and risk appetite.
Grupo Santander commands a sound solvency position, above the levels required by regulators and by the European Central bank.
Regulatory capital
At 1 January 2025, at a consolidated level, the Group must maintain a minimum capital ratio of 9.65% of CET1 ( 4.50% being the requirement for Pillar I, 0.98% being the requirement for Pillar 2R (requirement), 2.50% being the requirement for capital conservation buffer, 1.25% being the requirement for global systemically entity (D-SIB), 0.39% being the requirement for anti-cyclical capital buffer) and a systemic risk requirement of 0.03%
Grupo Santander must also maintain a minimum capital ratio of 11.47% of tier 1 and a minimum total ratio of 13.91%.
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In 2024, the solvency target set was achieved. Santander’s CET1 ratio stood at 12.78%1 at the close of the year, demonstrating its organic capacity to generate capital. The key regulatory capital figures are indicated below:
Reconciliation of accounting capital with regulatory capital
EUR million
202420232022
Subscribed capital7,576 8,092 8,397 
Share premium account40,079 44,373 46,273 
Reserves76,568 69,278 62,111 
Treasury shares(68)(1,078)(675)
Attributable profit12,574 11,076 9,605 
Approved dividendC
(1,532)(1,298)(979)
Shareholders’ equity on public balance sheet135,197 130,443 124,732 
Valuation adjustments(36,596)(35,020)(35,628)
Non-controlling interests8,726 8,818 8,481 
Total Equity on public balance sheet107,327 104,241 97,585 
Goodwill and intangible assets(16,098)(17,313)(17,272)
Eligible preference shares and participating securities10,371 9,002 8,831 
Accrued dividendC
(1,611)(1,471)(942)
Other adjustmentsA
(9,817)(8,717)(5,169)
Tier 1B
90,170 85,742 83,033 
A.Fundamentally for non-computable non-controlling interests and deductions and reasonable filters in compliance with CRR.
B.Figures calculated by applying the transitional provisions of IFRS 9.
C.Assumes 25% of ordinary profit, see note 4.a for proposed distribution of results.

Note: Certain figures presented in this capital note have been rounded for ease of presentation. Consequently, the amounts corresponding to the rows or columns of totals in the tables presented in this note may not coincide with the arithmetic sum of the concepts or items that make up the total.




































1 Data calculated applying the transitional provisions of IFRS 9.
The following table shows the capital coefficients and a detail of the eligible internal resources of the Group:
Capital coefficients
EUR million
202420232022
Level 1 ordinary eligible capital (EUR million)79,80076,74174,202
Level 1 additional eligible capital (EUR million)10,3719,0028,831
Level 2 eligible capital (EUR million)18,41816,49714,359
Risk-weighted assets (EUR million)624,503623,731609,266
Level 1 ordinary capital coefficient (CET 1)12.78 %12.30 %12.18 %
Level 1 additional capital coefficient (AT1)1.66 %1.45 %1.45 %
Level 1 capital coefficient (TIER1)14.44 %13.75 %13.63 %
Level 2 capital coefficient (TIER 2)2.95 %2.64 %2.36 %
Total capital coefficient17.39 %16.39 %15.99 %
Eligible capital
EUR million
202420232022
Eligible capital
Common Equity Tier I79,800 76,741 74,202 
Capital7,576 8,092 8,397 
(-) Treasure shares and own shares financed(1,694)(2,847)(60)
Share Premium40,079 44,373 46,273 
Reserves76,608 68,721 62,246 
Other retained earnings(38,617)(35,038)(37,439)
Minority interests8,479 6,899 7,416 
Profit net of dividends9,431 8,307 7,684 
Deductions(22,061)(21,766)(20,315)
Goodwill and intangible assets(15,957)(17,220)(17,182)
   Others(6,104)(4,546)(3,133)
Additional Tier I10,371 9,002 8,831 
Eligible instruments AT19,725 8,461 8,344 
AT1-excesses-subsidiaries645 541 487 
Tier II18,418 16,497 14,359 
Eligible instruments T218,869 17,101 14,770 
Excess IRB provision on PE
— 76 — 
T2-excesses -  subsidiaries(450)(680)(411)
Total eligible capital108,589 102,240 97,392 
Note: Banco Santander, S.A. and its affiliates had not taken part in any State aid programmes.
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Leverage ratio
Basel III established the leverage ratio as a non-risk sensitive measure aimed at limiting excessive balance sheet growth relative to available capital.
The Group performs the calculation in accordance with Regulation (EU) 2019/876 of 20 May 2019 amending Regulation (EU) No 575/2013 as regards the leverage ratio.
This ratio is calculated as tier 1 capital divided by leverage exposure. Exposure is calculated as the sum of the following items:
•Accounting assets, excluding derivatives and items treated as deductions from tier 1 capital (for example, the balance of loans is included, but not that of goodwill) further excluding the exposures referred to in Article 429.a (1) of the regulation.
•Off-balance-sheet items (mainly guarantees, unused credit limits granted and documentary credits) weighted using credit conversion factors.
•Inclusion of net value of derivatives (gains and losses are netted with the same counterparty, minus collaterals if they comply with certain criteria) plus a charge for the future potential exposure.
•A charge for the potential risk of security funding transactions.
•Lastly, it includes a charge for the risk of credit derivative swaps (CDS).
With the publication of Regulation (EU) 2019/876 of 20 May, 2019, amending Regulation (EU) n.º 575/2013 as regards the leverage ratio, the final calibration of the ratio is set at 3% for all entities and, for systemic entities G-SIB, is established an additional surcharge which would be 50% of the cushion ratio applicable to the EISM, applicable from January 2023. In addition, modifications are included in its calculation, including the exclusion of certain exposures from the total exposure measure: public loans when exceptional circumstances arise, public loans, transfer loans and officially guaranteed export credits, transfer loans and officially guaranteed export credits.
EUR million
202420232022
Leverage
Level 1 Capital90,170 85,742 83,033 
Exposure1,885,572 1,826,922 1,750,626 
Leverage Ratio4.78 %4.69 %4.74 %
Global systemically important banks
Grupo Santander is one of 29 banks designated as global systemically important banks (G-SIBs).
The designation as a globally systemic entity comes from a measurement established by the regulators (FSB and BCBS) that they have implemented based on five indicators (size, interjurisdictional activity, interconnection with other financial entities, substitutability and complexity). The application methodology has been modified in December 2021, incorporating, among other things, an additional score considering the Member States of the SRM as a single jurisdiction.
This definition means it has to fulfil certain additional requirements, which consist mainly of a capital buffer (1%), in TLAC requirements (total loss absorbing capacity), that Grupo Santander has to publish relevant information more frequently than other banks, greater regulatory requirements for internal control bodies, special supervision and drawing up of special reports to be submitted to supervisors.
Additionally, Grupo Santander appears both on the list of global systemic entities and on the list of domestic systemic entities. Bank of Spain, based on rule 23 of Circular 2/2016, requires the application of the highest of the two corresponding buffers, in the case of Grupo Santander being the domestic one, 1.25%, a surcharge payable by 2025.
The fact that Grupo Santander has to comply with these requirements makes it a more solid bank than its domestic rivals.
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55. Additional disclosures
This note includes relevant information about additional disclosure requirements.
55.1 Parent company financial statements
Following are the summarised balance sheets of Banco Santander, S.A. as of December 31, 2024, 2023 and 2022 :
EUR million
CONDENSED BALANCE SHEETS (Parent company only)31 December 202431 December 202331 December 2022
Assets
Cash and due from banks157,665 172,524 177,920 
Of which:
To bank subsidiaries5,952 6,834 14,548 
Trading account assets135,758 102,296 92,128 
Investment securities77,230 63,325 47,560 
Of which:
To bank subsidiaries16,191 16,137 14,287 
To non-bank subsidiaries1,005 1,229 1,327 
Net loans and leases301,937 298,068 314,905 
Of which:
To non-bank subsidiaries21,127 22,435 25,312 
Investment in affiliated companies100,045 99,326 94,213 
Of which:
To bank subsidiaries74,624 74,016 70,698 
To non-bank subsidiaries25,421 25,310 23,515 
Premises and equipment, net6,219 6,368 6,513 
Other assets15,986 15,435 16,787 
Total assets794,840 757,342 750,026 
Liabilities
Deposits393,787 398,374 418,841 
Of which:
To bank subsidiaries6,645 7,832 16,619 
To non-bank subsidiaries19,176 14,610 15,106 
Short-term debt88,263 70,771 54,255 
Long-term debt137,549 129,258 114,447 
Total debt225,812 200,029 168,702 
Of which:
To bank subsidiaries100 — — 
To non-bank subsidiaries2,428 1,816 1,638 
Other liabilities96,909 84,065 92,437 
Total liabilities716,508 682,468 679,980 
Stockholders' equity
Capital stock7,576 8,092 8,397 
Retained earnings and other reserves70,756 66,782 61,649 
Total stockholders' equity78,332 74,874 70,046 
Total liabilities and Stockholders’ Equity794,840 757,342 750,026 
In the financial statements of the Parent Company, investments in subsidiaries, jointly controlled entities and associates are recorded at cost.
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Following are the condensed statements of income of Banco Santander, S.A. for the years ended December 31, 2024, 2023 and 2022.
EUR million
Year ended
CONDENSED STATEMENTS OF INCOME (Parent company only)31 December 202431 December 202331 December 2022
Interest income35,474 32,231 19,322 
Interest from earning assets27,639 23,049 10,579 
Dividends from affiliated companies7,835 9,182 8,743 
Of which:
From bank subsidiaries6,959 8,159 8,228 
From non-bank subsidiaries876 1,023 515 
Interest expense(20,112)(16,204)(5,958)
Interest income / (charges)15,362 16,027 13,364 
Provision for credit losses(1,334)(1,372)(1,397)
Interest income / (charges) after provision for credit losses14,028 14,655 11,967 
Non-interest income5,712 4,778 4,808 
Non-interest expense(8,548)(9,661)(8,811)
Income before income taxes11,192 9,772 7,964 
Income tax benefit (expense)(1,091)(533)(43)
Net income10,101 9,239 7,921 
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Following are the condensed statements of comprehensive income of Banco Santander, S.A. for the years ended December 31, 2024, 2023 and 2022:
EUR million
Year ended
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parent company only)31 December 202431 December 202331 December 2022
NET INCOME10,101 9,239 7,921 
OTHER COMPREHENSIVE INCOME 730 (57)(735)
Items that may be reclassified subsequently to profit or loss305 276 (524)
Hedging instruments (items not designated)— — — 
Revaluation gains (losses)— — — 
Amounts transferred to income statement— — — 
Other reclassifications— — — 
Debt instruments at fair value with changes in other comprehensive income28 104 (328)
Revaluation gains (losses)(55)65 (242)
Amounts transferred to income statement84 39 (86)
Other reclassifications— — — 
Cash flow hedges:409 284 (420)
Revaluation gains/(losses)140 (70)(505)
Amounts transferred to income statement269 354 85 
Amounts transferred to initial carrying amount of hedged items— — — 
Other reclassifications— — — 
Hedges of net investments in foreign operations:— — — 
Exchange differences— — — 
Non-current assets held for sale— — — 
Income tax(132)(112)224 
Items that will not be reclassified to profit or loss425 (333)(211)
Actuarial gains/(losses) on pension plans(16)(14)279 
Other recognised income and expense of investments in subsidiaries, joint ventures and associates— — — 
Changes in the fair value of equity instruments measured at fair value through other comprehensive income262 (250)(450)
Gains or losses resulting from the accounting for hedges of equity instruments measured at fair value through other comprehensive income, net— — — 
Changes in the fair value of equity instruments measured at fair value through other comprehensive income (hedged item)20 (31)18 
Changes in the fair value of equity instruments measured at fair value through other comprehensive income (hedging instrument)(20)31 (18)
Changes in the fair value of financial liabilities at fair value through profit or loss attributable to changes in credit risk247 (107)58 
Income tax relating to items that will not be reclassified(68)38 (98)
TOTAL COMPREHENSIVE INCOME10,831 9,182 7,186 
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Following are the condensed cash flow statements of Banco Santander, S.A. for the years ended December 31, 2024, 2023 and 2022.
EUR million
Year ended
CONDENSED CASH FLOW STATEMENTS (Parent company only)31 December 202431 December 202331 December 2022
1. Cash flows from operating activities
Consolidated profit10,101 9,239 7,921 
Adjustments to profit(4,439)(3,746)3,370 
Net increase/decrease in operating assets(63,686)(6,765)(58,102)
Net increase/decrease in operating liabilities27,480 (6,880)85,367 
Reimbursements/payments of income tax(591)(360)(1,724)
Total net cash flows from operating activities (1)(31,135)(8,512)36,832 
2. Cash flows from investing activities
Investments (-)(2,915)(5,458)(4,257)
Divestments (+)9,544 10,880 10,852 
Total net cash flows from investment activities (2)6,629 5,422 6,595 
3. Cash flows from financing activities
Issuance of own equity instruments— — — 
Disposal of own equity instruments485 649 369 
Acquisition of own equity instruments(3,740)(2,974)(1,847)
Issuance of debt securities5,625 5,636 — 
Redemption of debt securities(3,615)(1,813)(1,678)
Dividends paid(3,017)(2,261)(1,848)
Issuance/Redemption of equity instruments(751)— — 
Other collections/payments related to financing activities(300)(166)(180)
Total net cash flows from financing activities (3)(5,313)(929)(5,184)
4. Effect of exchange rate changes on cash and cash equivalents (4)2,256 (1,044)104 
5. Net increase/decrease in cash and cash equivalents (1+2+3+4)(27,563)(5,063)38,347 
Cash and cash equivalents at beginning of period125,020 130,083 91,736 
Cash and cash equivalents at end of period97,457 125,020 130,083 
55.2 Preference Shares and Preferred Securities
The following table shows the balance of the preference shares and preferred securities as of 31 December 2024, 2023 and 2022:
EUR million
202420232022
Preference shares211 202 198 
Preferred securities9,821 9,081 7,898 
Total10,032 9,283 8,096 
Both Preference Shares and Preferred Securities are recorded under the “Financial liabilities at amortized cost - Subordinated Liabilities” caption in the consolidated balance sheet as of December 31, 2024, 2023 and 2022.
Preference Shares include the financial instruments issued by the consolidated companies which, although equity for legal purposes, do not meet the requirements for classification as equity in the financial statements. These shares do not carry any voting rights and are non-cumulative.
Preference shares include non-cumulative preferred non-voting shares issued by Santander UK plc.
Preferred securities include non-cumulative preferred non-voting securities issued by Banco Santander, S.A.
For the purposes of payment priority, preferred securities are junior to all general creditors and to subordinated deposits. The payment of dividends on these securities, which have no voting rights, is conditional upon the obtainment of sufficient distributable profit and upon the limits imposed by Spanish banking regulations on equity.
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Preference shares and preferred securities are perpetual securities and there is no obligation that requires the Group to redeem them. All securities have been fully subscribed by third parties outside the Group.
Santander Finance Preferred, S.A. (Unipersonal)- issuer of registered securities guaranteed by Banco Santander, S.A. until November 2017, merged in that month with Banco Santander, S.A.
For further information, see note 23.c. 'Subordinated liabilities-other disclosures'.

Outstanding at 31 December 2024
Preference Shares Issuer/Date of issueCurrencyAmount in currency (million)Interest rateRedemption
Option (A)
Santander UK plc, October 1995Pounds Sterling80.3 10.375%No option
Santander UK plc, February 1996Pounds Sterling80.3 10.375%No option
Outstanding at 31 December 2024
Preferred Securities Issuer/Date of issueCurrencyAmount in
currency
(million)		Interest rateMaturity date
Banco Santander, S.A., March 2018Euro187.2 4.750%(B)Perpetuity
Banco Santander, S.A., January 2020Euro1,493.0 4.375%(C)Perpetuity
Banco Santander, S.A., May 2021US Dollar998.0 4.750%(D)Perpetuity
Banco Santander, S.A., May 2021Euro750.0 4.125%(E)Perpetuity
Banco Santander, S.A., September 2021Euro1,000.0 3.625%(F)Perpetuity
Banco Santander, S.A., November 2023US Dollar1,150.0 9.625%(G)Perpetuity
Banco Santander, S.A., November 2023US Dollar1,349.4 9.625%(H)Perpetuity
Banco Santander, S.A., May 2024Euro1,498.0 7.00%(I)Perpetuity
Banco Santander, S.A., August 2024US Dollar1,495.6 8.00%(J)Perpetuity
Santander Finance Preferred, S.A. (Unipersonal), September 2004Euro144.0 
€CMS 10 + 0.05% subject to a maximum distribution of 8% per annum
Perpetuity

A.From these dates the issuer can redeem the shares, subject to prior authorization by the national supervisor.
B.Payment is subject to certain conditions and to the discretion of the Banco Santander. The 4.75% interest rate is set for the first seven years. After that, it will be reviewed by applying a margin of 409.7 basis points on the Mid-Swap Rate.
C. Payment is subject to certain conditions and to the discretion of the Banco Santander. The 4.375% interest rate is set for the first six years. After that, it will be reviewed every 5 years by applying a margin of 453.4 basis point on the 5-year Mid-Swap Rate.
D.Payment is subject to certain conditions and to the discretion of Banco Santander. The 4.750% interest rate is set for the first six years, revised every 5 years thereafter by applying a margin of 375.3 basis points over the 5-year UST rate.
E.Payment is subject to certain conditions and to the discretion of Banco Santander. The 4.125% interest rate is set for the first seven years, revised every 5 years thereafter by applying a margin of 431.1 basis points over the applicable 5-year Euro mid-swap.
F. Payment is subject to certain conditions and to the discretion of Banco Santander. The 3.625% interest rate is set for the first eight years, revised every 5 years thereafter by applying a margin of 376 basis points over the 5-year Mid-Swap Rate.
G. Payment is subject to certain conditions and to the discretion of Banco Santander. The 9.625% interest rate is set for the first five years and six months, revised every 5 years thereafter by applying a margin of 530.6 basis points on the five-year UST rate.
H. Payment is subject to certain conditions and to the discretion of Banco Santander. The 9.625% interest rate is set for the first ten years, revised every 5 years thereafter by applying a margin of 529.8 basis points on the five-year UST Rate.
I. Payment is subject to certain conditions and to the discretion of Banco Santander. The 7.00% interest rate is set for the first six years, revised every 5 years thereafter by applying a margin of 443.2 basis points on the five-year Mid-Swap rate.
J. Payment is subject to certain conditions and to the discretion of Banco Santander. The 8.00% interest rate is set for the first ten years, revised every 5 years thereafter by applying a margin of 391.1 basis points on the five-year Mid-Swap rate.
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11_Anexos.jpg
APPENDIX
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Appendix I
Subsidiaries of Banco Santander, S.A. 1


% of ownership held by
Banco Santander
Percentage of voting power (d)
Company
Location
DirectIndirect
Year 2024
Year 2023
Activity
2 & 3 Triton LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Real estate
A & L CF (Guernsey) Limited (f)Guernsey0.00 %100.00 %100.00 %100.00 %Leasing
A & L CF June (2) Limited (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
A & L CF June (3) Limited (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Leasing
A & L CF March (5) Limited (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
A & L CF September (4) Limited (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Abbey Covered Bonds (Holdings) LimitedUnited Kingdom— (a)— — Securitization
Abbey Covered Bonds (LM) LimitedUnited Kingdom0.00 %100.00%100.00 %100.00 %Securitization
Abbey Covered Bonds LLPUnited Kingdom— (a)— — Securitization
Abbey National Beta Investments Limited (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Abbey National Business Office Equipment Leasing LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Abbey National Nominees LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Abbey National PLP (UK) LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Abbey National Property InvestmentsUnited Kingdom0.00 %100.00 %100.00 %100.00 %Finance company
Abbey National Treasury Services Investments Limited (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Abbey National Treasury Services Overseas Holdings (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Abbey National UK Investments (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Abbey Stockbrokers (Nominees) LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Abbey Stockbrokers LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Abent 3T, S.A.P.I de C.V.Mexico0.00 %100.00 %100.00 %100.00 %Electricity production
Ablasa Participaciones, S.L. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Holding company
Aduro S.A.Uruguay0.00 %100.00 %100.00 %100.00 %Payments and collection services
Aevis Europa, S.L.Spain96.34 %0.00 %96.34 %96.34 %Cards
AFB SAM Holdings, S.L.Spain1.00 %99.00 %100.00 %100.00 %Holding company
Afisa S.A.Chile0.00 %100.00 %100.00 %100.00 %Fund management company
Agro Flex Fundo de Investimento em Direitos CreditóriosBrazil0.00 %90.00 %100.00 %100.00 %Investment fund
Allane Leasing GmbHAustria0.00 %46.95 %100.00 %100.00 %Renting
Allane Location Longue Durée S.a.r.l.France0.00 %46.95 %100.00 %100.00 %Renting
Allane Mobility Consulting AGSwitzerland0.00 %46.95 %100.00 %100.00 %Consulting services
Allane Mobility Consulting B.V.Netherlands0.00 %46.95 %100.00 %100.00 %Consulting services
Allane Mobility Consulting GmbHGermany0.00 %46.95 %100.00 %100.00 %Consulting services
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Subsidiaries of Banco Santander, S.A. 1


% of ownership held by
Banco Santander
Percentage of voting power (d)
Company
Location
DirectIndirect
Year 2024
Year 2023
Activity
Allane Mobility Consulting Österreich GmbHAustria0.00 %46.95 %100.00 %100.00 %Consulting services
Allane Mobility Consulting S.a.r.lFrance0.00 %46.95 %100.00 %100.00 %Consulting services
Allane Schweiz AGSwitzerland0.00 %46.95 %100.00 %100.00 %Renting
Allane SEGermany0.00 %46.95 %92.07 %92.07 %Renting
Allane Services GmbH & co. KGGermany0.00 %46.95 %100.00 %100.00 %Services
Allane Services Verwaltungs GmbHGermany0.00 %46.95 %100.00 %100.00 %Management of portfolios
Alliance & Leicester Cash Solutions Limited (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Alliance & Leicester Commercial Bank Limited (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Alliance & Leicester Investments (Derivatives) Limited (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Alliance & Leicester Investments (No.2) LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Alliance & Leicester Investments Limited (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Alliance & Leicester LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Alliance & Leicester Personal Finance LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Finance company
Altamira Santander Real Estate, S.A.Spain100.00 %0.00 %100.00 %100.00 %Real estate
Alternative Leasing, FIL (Compartimento B)Spain100.00 %0.00 %100.00 %100.00 %Investment fund
Amazonia Trade LimitedUnited Kingdom100.00 %0.00 %100.00 %100.00 %Inactive
América Gestão Serviços em Energía S.A.Brazil0.00 %63.00 %70.00 %— Electricity production
Amherst Pierpont Commercial Mortgage Securities LLCUnited States0.00 %100.00 %100.00 %100.00 %Securitization
Amherst Pierpont International Ltd.Hong-Kong0.00 %100.00 %100.00 %100.00 %Inactive
AMS Auto Markt Am Schieferstein GmbH Germany0.00 %90.01 %100.00 %100.00 %Vehicle sales
AN (123) LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Andaluza de Inversiones, S.A. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Holding company
ANITCO LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
AP Acquisition Trust IUnited States0.00 %100.00 %100.00 %100.00 %Trust company
AP Acquisition Trust IIUnited States0.00 %100.00 %100.00 %100.00 %Inactive
AP Asset Acquisition LLCUnited States0.00 %100.00 %100.00 %100.00 %Financial services
APSG GP LLCUnited States0.00 %100.00 %100.00 %100.00 %Holding company
Aquanima Brasil Ltda.Brazil0.00 %100.00 %100.00 %100.00 %E-commerce
Aquanima Chile S.A.Chile0.00 %100.00 %100.00 %100.00 %Services
Aquanima México S. de R.L. de C.V.Mexico0.00 %100.00 %100.00 %100.00 %E-commerce
Aquanima S.A.Argentine0.00 %100.00 %100.00 %100.00 %Services
Ararinha Fundo de Investimento em Renda Fixa Longo Prazo Crédito PrivadoBrazil0.00 %90.00 %100.00 %— Investment fund
Artarien S.A.Uruguay100.00 %0.00 %100.00 %100.00 %Insurance mediation
Atempo Growth I - Sub-Fund 4Luxembourg100.00 %0.00 %100.00 %— Investment fund
Athena Corporation Limited (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Financial services
Atlantes Mortgage No. 2Portugal— (a)— — Securitization
LogoSantanderPie_76.jpg Annual report 2024    831
Subsidiaries of Banco Santander, S.A. 1


% of ownership held by
Banco Santander
Percentage of voting power (d)
Company
Location
DirectIndirect
Year 2024
Year 2023
Activity
Atlantes Mortgage No. 3Portugal— (a)— — Securitization
Atlantes Mortgage No. 4Portugal— (a)— — Securitization
Atual - Fundo de Invest Multimercado Crédito Privado Investimento no ExteriorBrazil0.00 %90.00 %100.00 %100.00 %Investment fund
Auto ABS Belgium Loans 2019 SA/NVBelgium— (a)— — Securitization
Auto ABS DFP Master Compartment France 2013France— (a)— — Securitization
Auto ABS French Leases 2021France— (a)— — Securitization
Auto ABS French Leases 2023France— (a)— — Securitization
Auto ABS French Leases Master Compartment 2016France— (a)— — Securitization
Auto ABS French Loans 2024France— (a)— — Securitization
Auto ABS French Loans MasterFrance— (a)— — Securitization
Auto ABS French LT Leases MasterFrance— (a)— — Securitization
Auto ABS Italian Balloon 2019-1 S.r.l.Italy— (a)— — Securitization
Auto ABS Italian Rainbow Loans S.r.l.Italy— (a)— — Securitization
Auto ABS Italian Stella Loans 2023-1 S.r.l.Italy— (a)— — Securitization
Auto ABS Italian Stella Loans S.r.l. (series 2024-1)Italy— (a)— — Securitization
Auto ABS Italian Stella Loans S.r.l. (series 2024-2)Italy— (a)— — Securitization
Auto ABS Spanish Loans 2020-1, Fondo de TitulizaciónSpain— (a)— — Securitization
Auto ABS Spanish Loans 2022-1, Fondo de TitulizaciónSpain— (a)— — Securitization
Auto ABS Spanish Loans 2024-1, Fondo de TitulizaciónSpain— (a)— — Securitization
Autodescuento, S.L. UnipersonalSpain0.00 %100.00 %100.00 %93.89 %Vehicles purchased by internet
Autohaus24 GmbHGermany0.00 %46.95 %100.00 %100.00 %Internet
Auto-Interleasing AGSwitzerland0.00 %100.00 %100.00 %— Renting
Auttar HUT Processamento de Dados Ltda.Brazil0.00 %100.00 %100.00 %100.00 %IT services
Aviación Antares, A.I.E.Spain99.99 %0.01 %100.00 %100.00 %Renting
Aviación Británica, A.I.E.Spain99.99 %0.01 %100.00 %100.00 %Renting
Aviación Comillas, S.L. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Renting
Aviación Laredo, S.L.Spain99.00 %1.00 %100.00 %100.00 %Air transport
Aviación Oyambre, S.L. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Renting
Aviación Santillana, S.L.Spain99.00 %1.00 %100.00 %100.00 %Renting
Aviación Suances, S.L.Spain99.00 %1.00 %100.00 %100.00 %Air transport
Aymoré Crédito, Financiamento e Investimento S.A.Brazil0.00 %90.00 %100.00 %100.00 %Finance company
Banco Bandepe S.A.Brazil0.00 %90.00 %100.00 %100.00 %Banking
Banco de Albacete, S.A. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Banking
Banco Hyundai Capital Brasil S.A.Brazil0.00 %45.00 %50.00 %50.00 %Banking
Banco Santander - ChileChile0.00 %67.13 %67.18 %67.18 %Banking
Banco Santander (Brasil) S.A.Brazil0.04 %89.96 %90.60 %90.80 %Banking
Banco Santander (México), S.A., Institución de Banca Múltiple, Grupo Financiero Santander México como Fiduciaria del Fideicomiso 100740Mexico0.00 %99.98 %100.00 %100.00 %Finance company
Banco Santander (México), S.A., Institución de Banca Múltiple, Grupo Financiero Santander México como Fiduciaria del Fideicomiso 2002114Mexico0.00 %99.98 %100.00 %100.00 %Finance company
Banco Santander (México), S.A., Institución de Banca Múltiple, Grupo Financiero Santander México como Fiduciaria del Fideicomiso GFSSLPTMexico0.00 %99.98 %100.00 %100.00 %Finance company
Banco Santander Argentina S.A.Argentine0.00 %99.82 %99.77 %99.78 %Banking
LogoSantanderPie_76.jpg Annual report 2024    832
Subsidiaries of Banco Santander, S.A. 1


% of ownership held by
Banco Santander
Percentage of voting power (d)
Company
Location
DirectIndirect
Year 2024
Year 2023
Activity
Banco Santander de Negocios Colombia S.A.Colombia92.95 %7.05 %100.00 %100.00 %Banking
Banco Santander InternationalUnited States0.00 %100.00 %100.00 %100.00 %Banking
Banco Santander International SASwitzerland34.70 %65.30 %100.00 %100.00 %Banking
Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander MéxicoMexico24.93 %75.05 %99.98 %99.97 %Banking
Banco Santander Perú S.A.Peru99.90 %0.10 %100.00 %100.00 %Banking
Banco Santander S.A.Uruguay97.75 %2.25 %100.00 %100.00 %Banking
Banco Santander Totta, S.A.Portugal0.00 %99.87 %99.96 %99.96 %Banking
Banque Stellantis FranceFrance0.00 %50.00 %50.00 %50.00 %Banking
Bansa Santander S.A.Chile0.00 %100.00 %100.00 %100.00 %Real estate
Bilkreditt 7 Designated Activity Company (c)Ireland— (a)— — Securitization
Blecno Investments, S.L. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Real estate
BRS Investments S.A.Argentine5.10 %94.90 %100.00 %100.00 %Finance company
Cántabro Catalana de Inversiones, S.A.Spain100.00 %0.00 %100.00 %100.00 %Holding company
Capital Street Delaware LPUnited States0.00 %100.00 %100.00 %100.00 %Holding company
Capital Street Holdings, LLCUnited States0.00 %100.00 %100.00 %100.00 %Holding company
Capital Street REIT Holdings, LLCUnited States0.00 %100.00 %100.00 %100.00 %Holding company
Capital Street S.A.Luxembourg0.00 %100.00 %100.00 %100.00 %Finance company
Carmine D - Services, Unipessoal Lda.Portugal0.00 %100.00 %100.00 %100.00 %Software
Cartasur Cards S.A. Argentine0.00 %99.82 %100.00 %100.00 %Finance company
Casa de Bolsa Santander, S.A. de C.V., Grupo Financiero Santander MéxicoMexico0.00 %99.97 %99.97 %99.97 %Securities company
Cater Allen Holdings LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Cater Allen International LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Cater Allen LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Banking
Cater Allen Lloyd's Holdings Limited (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Cater Allen Syndicate Management LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
CCAP Auto Lease Ltd.United States0.00 %100.00 %100.00 %100.00 %Leasing
Centro de Capacitación Santander, A.C.Mexico0.00 %99.98 %100.00 %100.00 %Non-profit institute
Certidesa, S.L. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Aircraft rental
Charlotte 2023 Funding PlcUnited Kingdom0.00 %100.00 %100.00 %100.00 %Securitization
Charlotte 2023 Holdings LimitedUnited Kingdom— (a)— — Securitization
Chrysler Capital Master Auto Receivables Funding 2 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Cianite New Energy, S.r.l.Italy0.00 %49.00 %70.00 %70.00 %Renewable energies
CIMA Finance DAC Series 2022-1Ireland— (a)— — Securitization
CIMA Finance DAC Series 2023-1Ireland— (a)— — Securitization
CLM Fleet Management LimitedUnited Kingdom0.00 %100.00 %100.00 %— Vehicle rental
Cobranza Amigable, S.A.P.I. de C.V.Mexico0.00 %100.00 %100.00 %100.00 %Collection services
LogoSantanderPie_76.jpg Annual report 2024    833
Subsidiaries of Banco Santander, S.A. 1


% of ownership held by
Banco Santander
Percentage of voting power (d)
Company
Location
DirectIndirect
Year 2024
Year 2023
Activity
Community Development and Affordable Housing Fund LLC United States0.00 %96.00 %96.00 %96.00 %Asset management
Compagnie Generale de Credit Aux Particuliers - Credipar S.A.France0.00 %50.00 %100.00 %100.00 %Banking
Compagnie Pour la Location de Vehicules - CLVFrance0.00 %50.00 %100.00 %100.00 %Banking
Comparanet, S.A. de C.V.Mexico0.00 %100.00 %100.00 %— Insurance mediation
Consumer Totta 1Portugal— (a)— — Securitization
Consumer Totta 2Portugal— (a)— — Securitization
Contrato de Fideicomiso Irrevocable de Administración CIB/4473Mexico— (a)— — Trust company
Credileads S.A.Uruguay0.00 %100.00 %100.00 %100.00 %Advertising
D365 Fundo de Investimento em Direitos CreditóriosBrazil0.00 %90.00 %100.00 %— Investment fund
Darep Designated Activity CompanyIreland100.00 %0.00 %100.00 %100.00 %Reinsurances
Decarome, S.A.P.I. de C.V.Mexico0.00 %100.00 %100.00 %100.00 %Finance company
Decarope S.A.C.Peru0.00 %100.00 %100.00 %100.00 %Investment Company
Deva Capital Advisory Company, S.L. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Advisory services
Deva Capital Holding Company, S.L. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Holding company
Deva Capital Investment Company, S.L. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Holding company
Deva Capital Management Company, S.L. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Advisory services
Deva Capital Servicer Company, S.L. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Holding company
Diglo Servicer Company 2021, S.L. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Real estate management
Diners Club Spain, S.A. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Cards
Dirección Estratega, S.C.Mexico0.00 %100.00 %100.00 %100.00 %Services
Drive Auto Receivables Trust 2021-1United States— (a)— — Securitization
Drive Auto Receivables Trust 2021-2United States— (a)— — Securitization
Drive Auto Receivables Trust 2021-3United States— (a)— — Securitization
Drive Auto Receivables Trust 2024-1United States— (a)— — Securitization
Drive Auto Receivables Trust 2024-2United States— (a)— — Securitization
Drive S.r.l.Italy0.00 %75.00 %75.00 %75.00 %Renting
Ductor Real Estate, S.L. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Real estate
Ebury Banco de Cambio S.A.Brazil0.00 %66.43 %100.00 %100.00 %Payment services
Ebury Banco Holding Participações Ltda.Brazil0.00 %66.43 %100.00 %100.00 %Holding company
Ebury Brasil Consultoria S.A.Brazil0.00 %66.43 %100.00 %100.00 %Consulting services
Ebury Brasil Holding Ltda.Brazil0.00 %66.43 %100.00 %100.00 %Holding company
Ebury Brasil Participações S.A.Brazil0.00 %66.43 %100.00 %100.00 %Holding company
Ebury Facilitadora De Pagamentos Ltda.Brazil0.00 %66.43 %100.00 %100.00 %Software
Ebury Mass Payments Holdco Limited United Kingdom0.00 %66.43 %100.00 %100.00 %Holding company
Ebury Mass Payments Limited United Kingdom0.00 %66.43 %100.00 %100.00 %Payment services
LogoSantanderPie_76.jpg Annual report 2024    834
Subsidiaries of Banco Santander, S.A. 1


% of ownership held by
Banco Santander
Percentage of voting power (d)
Company
Location
DirectIndirect
Year 2024
Year 2023
Activity
Ebury Partners (DIFC) Limited Arab United Emirates0.00 %66.43 %100.00 %100.00 %Finance company
Ebury Partners Australia Pty Ltd. Australia0.00 %66.43 %100.00 %100.00 %Finance company
Ebury Partners Belgium NV /SA Belgium0.00 %66.43 %100.00 %100.00 %Payment services
Ebury Partners Canada Limited Canada0.00 %66.43 %100.00 %100.00 %Finance company
Ebury Partners Chile SpAChile0.00 %66.43 %100.00 %100.00 %Finance company
Ebury Partners China LimitedChina0.00 %66.43 %100.00 %100.00 %Marketing
Ebury Partners Finance Limited United Kingdom0.00 %66.43 %100.00 %100.00 %Finance company
Ebury Partners Hong Kong Limited Hong-Kong0.00 %66.43 %100.00 %100.00 %Finance company
Ebury Partners Limited United Kingdom0.00 %66.43 %66.43 %66.54 %Holding company
Ebury Partners Markets Cyprus Limited Cyprus0.00 %66.43 %100.00 %100.00 %Finance company
Ebury Partners Markets Limited United Kingdom0.00 %66.43 %100.00 %100.00 %Finance company
Ebury Partners México, S.A. de C.V.Mexico0.00 %66.43 %100.00 %100.00 %Payment services
Ebury Partners South Africa (Pty) Ltd Republic of South Africa0.00 %66.43 %100.00 %100.00 %Finance company
Ebury Partners Switzerland AG Switzerland0.00 %66.43 %100.00 %100.00 %Finance company
Ebury Partners UK Limited United Kingdom0.00 %66.43 %100.00 %100.00 %Electronic money
Ebury Payments PTE Ltd. Singapur0.00 %66.43 %100.00 %100.00 %Payment services
Ebury Soluções de Pagamentos Ltda.Brazil0.00 %66.43 %100.00 %100.00 %Financial services
Ebury Tech Participações Ltda.Brazil0.00 %66.43 %100.00 %100.00 %Holding company
Ebury Technology Limited United Kingdom0.00 %66.43 %100.00 %100.00 %Software
EDT FTPYME Pastor 3, Fondo de Titulización de ActivosSpain— (a)— — Securitization
Elcano Renovables, S.L.Spain0.00 %70.00 %70.00 %70.00 %Holding company
Electrolyser, S.A. de C.V.Mexico0.00 %99.98 %100.00 %100.00 %Services
Elevate Tech Platforms, S.L. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Holding company
Emdia Serviços Especializados em Cobranças Ltda.Brazil0.00 %90.00 %100.00 %100.00 %Collection services
Empresa de Créditos Santander Consumo Perú S.A.Peru100.00 %0.00 %100.00 %100.00 %Finance company
Energias Renovables de Ormonde 30, S.L. UnipersonalSpain0.00 %100.00 %100.00 %55.00 %Renewable energies
Energias Renovables de Titania, S.L. UnipersonalSpain0.00 %100.00 %100.00 %55.00 %Renewable energies
Energias Renovables Gladiateur 45, S.L. UnipersonalSpain0.00 %100.00 %100.00 %55.00 %Renewable energies
Energias Renovables Prometeo, S.L. UnipersonalSpain0.00 %100.00 %100.00 %55.00 %Renewable energies
Esfera Fidelidade S.A.Brazil0.00 %90.00 %100.00 %100.00 %Services
Evidence Previdência S.A.Brazil0.00 %90.00 %100.00 %100.00 %Insurance
Eyemobile Tecnologia S.A.Brazil0.00 %100.00 %100.00 %100.00 %IT services
F1rst Tecnologia e Inovação Ltda.Brazil0.00 %90.00 %100.00 %100.00 %IT services
Fideicomiso Empresarial Irrevocable de Administración y Garantía F/3443Mexico— (a)— — Trust company
LogoSantanderPie_76.jpg Annual report 2024    835
Subsidiaries of Banco Santander, S.A. 1


% of ownership held by
Banco Santander
Percentage of voting power (d)
Company
Location
DirectIndirect
Year 2024
Year 2023
Activity
Financeira El Corte Inglés, Portugal, S.F.C., S.A.Portugal0.00 %51.00 %100.00 %100.00 %Finance company
Financiera El Corte Inglés, E.F.C., S.A.Spain0.00 %51.00 %51.00 %51.00 %Finance company
Finsantusa, S.L. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Holding company
First National Motor plcUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
First National Tricity Finance LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
FIT Economia de Energia S.A.Brazil0.00 %58.50 %65.00 %— Electricity production
Flexliving Valdemarín, S.L.Spain0.00 %90.00 %90.00 %— Real estate
Fondation Holding Auto ABS Belgium LoansBelgium— (a)— — Securitization
Fondo de Titulización PYMES Santander 15Spain— (a)— — Securitization
Fondo de Titulización Santander Financiación 1Spain— (a)— — Securitization
Fondo de Titulización, RMBS Santander 7Spain— (a)— — Securitization
Fondos Santander, S.A. Administradora de Fondos de Inversión (en liquidación) (c)Uruguay0.00 %100.00 %100.00 %100.00 %Fund management company
Foreign Exchange Solutions S.L. Spain0.00 %66.43 %100.00 %100.00 %IT services
Fortensky Trading, Ltd.Ireland0.00 %100.00 %100.00 %100.00 %Finance company
Fosse (Master Issuer) Holdings LimitedUnited Kingdom— (a)— — Securitization
Fosse Funding (No.1) LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Securitization
Fosse Master Issuer PLCUnited Kingdom0.00 %100.00 %100.00 %100.00 %Securitization
Fosse Trustee (UK) LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Securitization
Freedom Depository Holdings, LLCUnited States0.00 %100.00 %100.00 %100.00 %Holding company
Freedom Depository, LLCUnited States0.00 %100.00 %100.00 %100.00 %Securitization
Fundo de Investimento em Direitos Creditórios Atacado - Não PadronizadoBrazil0.00 %90.00 %100.00 %100.00 %Investment fund
Fundo de Investimento em Direitos Creditórios Multisegmentos NPL Ipanema VI – Não padronizadoBrazil0.00 %90.00 %100.00 %100.00 %Investment fund
Fundo de Investimento em Direitos Creditórios TellusBrazil0.00 %90.00 %100.00 %100.00 %Investment fund
Gamma, Sociedade Financeira de Titularização de Créditos, S.A.Portugal0.00 %99.87 %100.00 %100.00 %Securitization
GC FTPYME Pastor 4, Fondo de Titulización de ActivosSpain— (a)— — Securitization
Generación de Energía Villahermosa, S.A.P.I. de C.V.Mexico0.00 %100.00 %100.00 %— Electricity production
Gesban México Servicios Administrativos Globales, S.A. de C.V.Mexico0.00 %100.00 %100.00 %100.00 %Services
Gesban Santander Servicios Profesionales Contables LimitadaChile0.00 %100.00 %100.00 %100.00 %Accounting services
Gesban Servicios Administrativos Globales, S.L.Spain99.99 %0.01 %100.00 %100.00 %Services
Gesban UK LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Payments and collection services
Gestión de Inversiones JILT, S.A. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Services
Gestora de Procesos S.A. en liquidación (c)Peru100.00 %0.00 %100.00 %100.00 %Financial services
LogoSantanderPie_76.jpg Annual report 2024    836
Subsidiaries of Banco Santander, S.A. 1


% of ownership held by
Banco Santander
Percentage of voting power (d)
Company
Location
DirectIndirect
Year 2024
Year 2023
Activity
Getnet Adquirência e Serviços para Meios de Pagamento S.A. - Instituição de PagamentoBrazil0.00 %100.00 %100.00 %100.00 %Payment services
Getnet Argentina S.A.U.Argentine0.00 %100.00 %100.00 %100.00 %Payment methods
Getnet Europe, Entidad de Pago, S.L. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Payment services
Getnet Fundo de Investimento em Direitos CreditóriosBrazil0.00 %90.00 %100.00 %100.00 %Investment fund
Getnet Merchant Solutions UK LtdUnited Kingdom0.00 %100.00 %100.00 %100.00 %Financial services
Getnet México Servicios de Adquirencia, S.A. de C.V.Mexico0.00 %100.00 %100.00 %100.00 %Payments and collection services
Getnet Payments, S.L.Spain0.00 %100.00 %100.00 %100.00 %Holding company
Getnet Sociedade de Credito Direto S.A.Brazil0.00 %100.00 %100.00 %100.00 %Finance company
Getnet Technology and Operations Brasil Ltda.Brazil0.00 %100.00 %100.00 %100.00 %IT services
Getnet Uruguay S.A.Uruguay0.00 %100.00 %100.00 %100.00 %Payment methods
GNXT Serviços de Atendimento Ltda.Brazil0.00 %100.00 %100.00 %100.00 %Telemarketing
Golden Bar (Securitisation) S.r.l.Italy— (a)— — Securitization
Golden Bar Stand Alone 2020-1Italy— (a)— — Securitization
Golden Bar Stand Alone 2020-2Italy— (a)— — Securitization
Golden Bar Stand Alone 2021-1Italy— (a)— — Securitization
Golden Bar Stand Alone 2022-1Italy— (a)— — Securitization
Golden Bar Stand Alone 2023-1Italy— (a)— — Securitization
Golden Bar Stand Alone 2023-2Italy— (a)— — Securitization
Golden Bar Stand Alone 2024-1Italy— (a)— — Securitization
Grafite New Energy, S.r.l.Italy0.00 %49.00 %70.00 %70.00 %Renewable energies
Gravity Cloud Technology, S.L.Spain100.00 %0.00 %100.00 %100.00 %IT services
Grupo Empresarial Santander, S.L.Spain99.62 %0.38 %100.00 %100.00 %Holding company
Grupo Financiero Santander México, S.A. de C.V.Mexico100.00 %0.00 %100.00 %100.00 %Holding company
Guaranty Car, S.A. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Automotive
Hipototta No. 13Portugal— (a)— — Securitization
Hipototta No. 4 plcIreland— (a)— — Securitization
Hipototta No. 5 plcIreland— (a)— — Securitization
Holbah Santander, S.L. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Holding company
Holmes Funding LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Securitization
Holmes Holdings LimitedUnited Kingdom— (a)— — Securitization
Holmes Master Issuer plcUnited Kingdom0.00 %100.00 %100.00 %100.00 %Securitization
Holmes Trustees LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Securitization
Hyundai Capital Bank Europe GmbHGermany0.00 %51.00 %51.00 %51.00 %Banking
Hyundai Fundo de Investimento em Direitos CreditóriosBrazil0.00 %45.00 %100.00 %— Investment fund
Ibérica de Compras Corporativas, S.L.Spain97.17 %2.83 %100.00 %100.00 %E-commerce
Independence Community Bank Corp.United States0.00 %100.00 %100.00 %100.00 %Holding company
Innohub, S.A.P.I. de C.V. (c)Mexico0.00 %62.01 %69.54 %62.01 %IT services
Insurance Funding Solutions LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
LogoSantanderPie_76.jpg Annual report 2024    837
Subsidiaries of Banco Santander, S.A. 1


% of ownership held by
Banco Santander
Percentage of voting power (d)
Company
Location
DirectIndirect
Year 2024
Year 2023
Activity
Inversiones Capital Global, S.A. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Holding company
Inversiones Marítimas del Mediterráneo, S.A., en liquidación (c)Spain0.00 %100.00 %100.00 %100.00 %Inactive
Isar Valley S.A.Luxembourg— (a)— — Securitization
Isla de los Buques, S.A.Spain99.98 %0.02 %100.00 %100.00 %Finance company
Klare Corredora de Seguros S.A.Chile0.00 %100.00 %100.00 %50.10 %Insurance mediation
Landcompany 2020, S.L. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Real estate management
Laparanza, S.A.Spain61.59 %0.00 %61.59 %61.59 %Agricultural holding
Lerma Investments 2018, S.L. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Real estate
Liquetine, S.L. UnipersonalSpain0.00 %70.00 %100.00 %100.00 %Renewable energies
Liquidity Limited (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Factoring
Lynx Financial Crime Tech, S.A.Spain0.00 %79.99 %79.99 %100.00 %IT services
MAC No. 1 LimitedUnited Kingdom— (a)— — Mortgage credit company
Master Red Europa, S.L.Spain96.34 %0.00 %96.34 %96.34 %Cards
Mata Alta, S.L. UnipersonalSpain0.00 %61.59 %100.00 %100.00 %Agricultural holding
MCE Bank GmbH Germany0.00 %90.01 %90.01 %90.01 %Banking
MCE Verwaltung GmbH Germany0.00 %90.01 %100.00 %100.00 %Real estate rental
Mercadotecnia, Ideas y Tecnología, S.A. de C.V.Mexico0.00 %70.00 %70.00 %70.00 %Payment methods
Merciver, S.L.Spain99.90 %0.10 %100.00 %100.00 %Financial advisory
Midata Service GmbH Germany0.00 %90.01 %100.00 %100.00 %IT services
Moon GC&P Investments, S.L. UnipersonalSpain100.00 %0.00 %100.00 %— Holding company
Motor Securities 2018-1 Designated Activity Company (c)Ireland— (a)— — Securitization
Mouro Capital I LPUnited Kingdom0.00 %100.00 %100.00 %100.00 %Investment fund
Multiplica SpAChile0.00 %100.00 %100.00 %100.00 %Payment services
Munduspar Participações S.A.Brazil80.00 %0.00 %80.00 %80.00 %Holding company
Navegante Américo Vespucio SpAChile0.00 %100.00 %100.00 %100.00 %Real estate
Naviera Mirambel, S.L. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Finance company
Naviera Trans Gas, A.I.E.Spain99.99 %0.01 %100.00 %100.00 %Renting
Naviera Transcantábrica, S.L.Spain100.00 %0.00 %100.00 %100.00 %Leasing
Naviera Transchem, S.L. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Leasing
NeoAuto S.A.C.Peru0.00 %100.00 %100.00 %100.00 %Vehicles purchased by internet
Subsidiaries of Banco Santander, S.A. 1
% of ownership held by
Banco Santander
Percentage of voting power (d)
CompanyLocationDirectIndirect
Year 2024
Year 2023
Activity
Newcomar, S.L., en liquidación (c)Spain40.00 %40.00 %80.00 %80.00 %Real estate
Novimovest – Fundo de Investimento ImobiliárioPortugal0.00 %78.64 %78.74 %78.74 %Investment fund
LogoSantanderPie_76.jpg Annual report 2024    838
Subsidiaries of Banco Santander, S.A. 1
% of ownership held by
Banco Santander
Percentage of voting power (d)
CompanyLocationDirectIndirect
Year 2024
Year 2023
Activity
NW Services CO.United States0.00 %100.00 %100.00 %100.00 %E-commerce
One Mobility Management GmbHGermany0.00 %46.95 %100.00 %100.00 %Services
Open Bank, S.A.Spain100.00 %0.00 %100.00 %100.00 %Banking
Open Digital Market, S.L.Spain0.00 %100.00 %100.00 %100.00 %Commerce
Open Digital Services, S.L.Spain99.97 %0.03 %100.00 %100.00 %Services
Openbank México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander MéxicoMexico0.00 %100.00 %100.00 %100.00 %Banking
Operadora de Carteras Gamma, S.A.P.I. de C.V.Mexico100.00 %0.00 %100.00 %100.00 %Holding company
Optimal Investment Services SASwitzerland100.00 %0.00 %100.00 %100.00 %Fund management company
Optimal Multiadvisors Ireland Plc / Optimal Strategic US Equity Ireland Euro Fund (b) Ireland0.00 %0.00 %0.00 %0.00 %Fund management company
Optimal Multiadvisors Ireland Plc / Optimal Strategic US Equity Ireland US Dollar Fund (b) Ireland0.00 %0.00 %0.00 %0.00 %Fund management company
Paga Después, S.A. de C.V.Mexico0.00 %100.00 %100.00 %100.00 %Financial services
PagoNxt Emoney, E.D.E., S.L.Spain0.00 %100.00 %100.00 %100.00 %Financial services
PagoNxt LtdUnited Kingdom100.00 %0.00 %100.00 %100.00 %Holding company
PagoNxt Merchant Solutions FZ-LLCArab United Emirates0.00 %100.00 %100.00 %100.00 %Financial services
PagoNxt Merchant Solutions India Private LimitedIndia0.00 %100.00 %100.00 %100.00 %Financial services
PagoNxt Payments Brasil Ltda.Brazil0.00 %100.00 %100.00 %100.00 %Financial services
PagoNxt Payments Chile SpAChile0.00 %100.00 %100.00 %100.00 %Services
PagoNxt Payments México, S.A. de C.V.Mexico0.00 %100.00 %100.00 %100.00 %IT services
PagoNxt Payments UK LtdUnited Kingdom0.00 %100.00 %100.00 %100.00 %Payment services
PagoNxt Payments, S.L.Spain0.00 %100.00 %100.00 %100.00 %IT services
PagoNxt Trade Services, S.L.Spain0.00 %100.00 %100.00 %100.00 %Services
PagoNxt US, LLCUnited States0.00 %100.00 %100.00 %100.00 %Inactive
PagoNxt, S.L.Spain100.00 %0.00 %100.00 %100.00 %Holding company
Paytec Logística e Armazém Ltda.Brazil0.00 %100.00 %100.00 %100.00 %Logistics services
Paytec Tecnologia em Pagamentos Ltda.Brazil0.00 %100.00 %100.00 %100.00 %Commerce
PBE Companies, LLCUnited States0.00 %100.00 %100.00 %100.00 %Real estate
Pereda Gestión, S.A.Spain99.99 %0.01 %100.00 %100.00 %Securities brokerage
Phoenix S.A.Uruguay0.00 %100.00 %100.00 %100.00 %Payment methods
Pony S.A.Luxembourg— (a)— — Securitization
Pony S.A., Compartment German Auto Loans 2023-1Luxembourg— (a)— — Securitization
Pony S.A., Compartment German Auto Loans 2024-1Luxembourg— (a)— — Securitization
Portal Universia Argentina S.A.Argentine0.00 %75.75 %75.75 %75.75 %Internet
Portal Universia Portugal, Prestação de Serviços de Informática, S.A.Portugal0.00 %100.00 %100.00 %100.00 %Internet
Precato IV Fundo de Investimento em Direitos Creditórios - Não PadronizadosBrazil0.00 %90.00 %100.00 %100.00 %Investment fund
Prime 16 – Fundo de Investimentos ImobiliárioBrazil0.00 %90.00 %100.00 %100.00 %Investment fund
LogoSantanderPie_76.jpg Annual report 2024    839
Subsidiaries of Banco Santander, S.A. 1
% of ownership held by
Banco Santander
Percentage of voting power (d)
CompanyLocationDirectIndirect
Year 2024
Year 2023
Activity
Punta Lima Wind Farm, LLCUnited States0.00 %100.00 %100.00 %100.00 %Renewable energies
Punta Lima, LLCUnited States0.00 %100.00 %100.00 %100.00 %Leasing
Repton 2023-1 LimitedUnited Kingdom— (a)— — Securitization
Retailcompany 2021, S.L. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Real estate
Retop S.A. (f)Uruguay100.00 %0.00 %100.00 %100.00 %Finance company
Return Capital Gestão de Ativos e Participações S.A.Brazil0.00 %90.00 %100.00 %80.00 %Collection services
Rojo Entretenimento S.A.Brazil0.00 %85.14 %94.60 %94.60 %Real estate
SAFO Alternative Lending, S.L. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Finance company
SAI Alternative Investments México, S.A. de C.V.Mexico0.00 %100.00 %100.00 %— Consulting services
SAI Lux Carry SCSp
Luxembourg0.00 %100.00 %100.00 %— Fund management company
SALCO, Servicios de Seguridad Santander, S.A.Spain99.99 %0.01 %100.00 %100.00 %Security
SAM Argentina Sociedad Gerente de Fondos Comunes de Inversión S.A.Argentine0.00 %100.00 %100.00 %100.00 %Investment fund management
SAM Asset Management, S.A. de C.V., Sociedad Operadora de Fondos de InversiónMexico0.00 %100.00 %100.00 %100.00 %Fund management company
SAM Inversiones Argentina S.A.Argentine0.00 %100.00 %100.00 %100.00 %Pension fund management company
SAM Investment Holdings, S.L.Spain92.37 %7.63 %100.00 %100.00 %Holding company
San Créditos Estruturados i Fundo de Investimento em Direitos Creditórios Não PadronizadosBrazil0.00 %90.00 %100.00 %100.00 %Investment fund
San Pietro Solar PV, S.r.l.Italy0.00 %56.00 %80.00 %80.00 %Renewable energies
SANB Promotora de Vendas e Cobrança S.A.Brazil0.00 %90.00 %100.00 %100.00 %Finance company
Sancap Investimentos e Participações S.A.Brazil0.00 %90.00 %100.00 %100.00 %Holding company
Santander (CF Trustee Property Nominee) LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Santander (CF Trustee) Limited (d)United Kingdom—(a)— —Inactive
Santander (UK) Group Pension Schemes Trustees Limited (d)United Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Santander Ahorro Inmobiliario 1, S.A. (c)Spain98.53 %0.00 %98.53 %98.53 %Real estate rental
Santander Alternative Investments, S.G.I.I.C., S.A. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Fund management company
Santander AM Global Working Capital Fund ILuxembourg100.00 %0.00 %100.00 %100.00 %Investment fund
Santander Asesorías Financieras LimitadaChile0.00 %67.45 %100.00 %100.00 %Financial advisory
Santander Asset Finance (December) LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Leasing
Santander Asset Finance OpportunitiesLuxembourg100.00 %0.00 %100.00 %100.00 %Investment fund
Santander Asset Finance plcUnited Kingdom0.00 %100.00 %100.00 %100.00 %Leasing
Santander Asset Management - SGOIC, S.A.Portugal0.00 %100.00 %100.00 %100.00 %Fund management company
LogoSantanderPie_76.jpg Annual report 2024    840
Subsidiaries of Banco Santander, S.A. 1
% of ownership held by
Banco Santander
Percentage of voting power (d)
CompanyLocationDirectIndirect
Year 2024
Year 2023
Activity
Santander Asset Management Chile S.A.Chile0.00 %100.00 %100.00 %100.00 %Securities Investment
Santander Asset Management Gerente de Fondos Comunes de Inversión S.A.Argentine0.00 %100.00 %100.00 %100.00 %Fund management company
Santander Asset Management Luxembourg, S.A.Luxembourg0.00 %100.00 %100.00 %100.00 %Fund management company
Santander Asset Management S.A. Administradora General de FondosChile0.00 %100.00 %100.00 %100.00 %Fund management company
Santander Asset Management UK Holdings LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Holding company
Santander Asset Management UK LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Management of funds and portfolios
Santander Asset Management, S.A., SGIICSpain0.00 %100.00 %100.00 %100.00 %Fund management company
Santander Auto Lease Titling Ltd.United States0.00 %100.00 %100.00 %100.00 %Leasing
Santander Back-Offices Globales Mayoristas, S.A.Spain100.00 %0.00 %100.00 %100.00 %Services
Santander Banca de Inversión Colombia, S.A.S.Colombia100.00 %0.00 %100.00 %100.00 %Advisory services
Santander Bank & Trust Ltd.Bahamas100.00 %0.00 %100.00 %100.00 %Banking
Santander Bank Polska S.A.Poland62.20 %0.00 %62.20 %67.41 %Banking
Santander Bank, National AssociationUnited States0.00 %100.00 %100.00 %100.00 %Banking
Santander Brasil Administradora de Consórcio Ltda.Brazil0.00 %90.00 %100.00 %100.00 %Services
Santander Brasil Gestão de Recursos Ltda.Brazil0.08 %99.92 %100.00 %100.00 %Securities Investment
Santander Capital Holdings LLCUnited States0.00 %100.00 %100.00 %100.00 %Holding company
Santander Capital Structuring, S.A. de C.V.Mexico0.00 %100.00 %100.00 %100.00 %Investment Company
Santander Capitalização S.A.Brazil0.00 %90.00 %100.00 %100.00 %Insurance
Santander Cards Ireland Limited (f)Ireland0.00 %100.00 %100.00 %100.00 %Cards
Santander Cards LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Santander Cards UK LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Finance company
Santander Chile Holding S.A.Chile22.11 %77.75 %99.86 %99.86 %Holding company
Santander Compara Holding, S.L.Spain99.97 %0.03 %100.00 %— Holding company
Santander Consulting (Beijing) Co., Ltd.China0.00 %100.00 %100.00 %100.00 %Advisory services
Santander Consumer (UK) plcUnited Kingdom0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Auto Receivables Funding 2018-L3 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Auto Receivables Funding 2022-B1 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Auto Receivables Funding 2022-B2 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Auto Receivables Funding 2022-B3 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Auto Receivables Funding 2022-B4 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Auto Receivables Funding 2023-B1 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Auto Receivables Funding 2023-B2 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
LogoSantanderPie_76.jpg Annual report 2024    841
Subsidiaries of Banco Santander, S.A. 1
% of ownership held by
Banco Santander
Percentage of voting power (d)
CompanyLocationDirectIndirect
Year 2024
Year 2023
Activity
Santander Consumer Auto Receivables Funding 2023-B3 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Auto Receivables Funding 2023-B4 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Auto Receivables Funding 2023-B5 LLCUnited States0.00 %100.00 %100.00 %100.00 %Inactive
Santander Consumer Auto Receivables Funding 2023-B6 LLCUnited States0.00 %100.00 %100.00 %100.00 %Inactive
Santander Consumer Auto Receivables Funding 2024-B1 LLCUnited States0.00 %100.00 %100.00 %100.00 %Inactive
Santander Consumer Auto Receivables Funding 2024-B2 LLCUnited States0.00 %100.00 %100.00 %100.00 %Inactive
Santander Consumer Auto Receivables Funding 2024-B3 LLCUnited States0.00 %100.00 %100.00 %100.00 %Inactive
Santander Consumer Auto Receivables Funding 2024-L1 LLCUnited States0.00 %100.00 %100.00 %100.00 %Inactive
Santander Consumer Auto Receivables Funding 2024-L2 LLCUnited States0.00 %100.00 %100.00 %100.00 %Inactive
Santander Consumer Bank AGGermany0.00 %100.00 %100.00 %100.00 %Banking
Santander Consumer Bank ASNorway0.00 %100.00 %100.00 %100.00 %Banking
Santander Consumer Bank GmbHAustria0.00 %100.00 %100.00 %100.00 %Banking
Santander Consumer Bank S.A.Poland0.00 %77.32 %100.00 %100.00 %Banking
Santander Consumer Bank S.p.A.Italy0.00 %100.00 %100.00 %100.00 %Banking
Santander Consumer Credit Services LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Finance Global Services, S.L.Spain0.00 %100.00 %100.00 %100.00 %IT
Santander Consumer Finance Inc.Canada0.00 %100.00 %100.00 %100.00 %Holding company
Santander Consumer Finance LimitadaChile49.00 %34.24 %100.00 %100.00 %Finance company
Santander Consumer Finance México, S.A. de C.V., S.O.F.O.M., E.R., Grupo Financiero Santander MéxicoMexico0.00 %99.98 %100.00 %100.00 %Inactive
Santander Consumer Finance OyFinland0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Finance Schweiz AGSwitzerland0.00 %100.00 %100.00 %100.00 %Leasing
Santander Consumer Finance, S.A.Spain100.00 %0.00 %100.00 %100.00 %Banking
Santander Consumer Financial Solutions Sp. z o.o.Poland0.00 %77.32 %100.00 %100.00 %Leasing
Santander Consumer Holding Austria GmbHAustria0.00 %100.00 %100.00 %100.00 %Holding company
Santander Consumer Holding GmbHGermany0.00 %100.00 %100.00 %100.00 %Holding company
Santander Consumer Inc.Canada0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Lease Receivables 1 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Lease Receivables 2 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Leasing B.V.Netherlands0.00 %100.00 %100.00 %100.00 %Renting
Santander Consumer Leasing GmbHGermany0.00 %100.00 %100.00 %100.00 %Leasing
Santander Consumer Leasing S.A.France0.00 %100.00 %100.00 %100.00 %Renting
Santander Consumer Mobility Services, S.A.Spain0.00 %100.00 %100.00 %100.00 %Renting
Santander Consumer Multirent Sp. z o.o.Poland0.00 %77.32 %100.00 %100.00 %Leasing
Santander Consumer Operations Services GmbHGermany0.00 %100.00 %100.00 %100.00 %Services
Santander Consumer Receivables 10 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
LogoSantanderPie_76.jpg Annual report 2024    842
Subsidiaries of Banco Santander, S.A. 1
% of ownership held by
Banco Santander
Percentage of voting power (d)
CompanyLocationDirectIndirect
Year 2024
Year 2023
Activity
Santander Consumer Receivables 11 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Receivables 15 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Receivables 16 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Receivables 20 LLCUnited States0.00 %100.00 %100.00 %100.00 %Inactive
Santander Consumer Receivables 21 LLCUnited States0.00 %100.00 %100.00 %100.00 %Inactive
Santander Consumer Receivables 7 LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Receivables Funding LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Renting S.r.l.Italy0.00 %100.00 %100.00 %100.00 %Renting
Santander Consumer Renting, S.L.Spain0.00 %100.00 %100.00 %100.00 %Renting
Santander Consumer S.A.Argentine0.00 %99.82 %100.00 %100.00 %Finance company
Santander Consumer Services GmbHAustria0.00 %100.00 %100.00 %100.00 %Services
Santander Consumer Services, S.A.Portugal0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumer Spain Auto 2019-1, Fondo de TitulizaciónSpain— (a)— — Securitization
Santander Consumer Spain Auto 2020-1, Fondo de TitulizaciónSpain— (a)— — Securitization
Santander Consumer Spain Auto 2021-1, Fondo de TitulizaciónSpain— (a)— — Securitization
Santander Consumer Spain Auto 2022-1, Fondo de TitulizaciónSpain— (a)— — Securitization
Santander Consumer Spain Auto 2023-1, Fondo de TitulizaciónSpain— (a)— — Securitization
Santander Consumer Spain Auto 2024-1, Fondo de TitulizaciónSpain— (a)— — Securitization
Santander Consumer Technology Services GmbHGermany0.00 %100.00 %100.00 %100.00 %IT services
Santander Consumer USA Holdings Inc.United States0.00 %100.00 %100.00 %100.00 %Holding company
Santander Consumer USA Inc.United States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Consumo 4, F.T.Spain— (a)— — Securitization
Santander Consumo 5, F.T.Spain— (a)— — Securitization
Santander Consumo 6, F.T.Spain— (a)— — Securitization
Santander Consumo 7, F.T.Spain— (a)— — Securitization
Santander Corredora de Seguros LimitadaChile0.00 %67.21 %100.00 %100.00 %Insurance mediation
Santander Corredores de Bolsa LimitadaChile0.00 %83.24 %100.00 %100.00 %Securities company
Santander Corretora de Câmbio e Valores Mobiliários S.A.Brazil0.00 %90.00 %100.00 %100.00 %Securities company
Santander Corretora de Seguros, Investimentos e Serviços S.A.Brazil0.00 %90.00 %100.00 %100.00 %Insurance mediation
Santander Customer Voice, S.A.Spain99.50 %0.50 %100.00 %100.00 %Services
Santander de Titulización, S.G.F.T., S.A.Spain81.00 %19.00 %100.00 %100.00 %Fund management company
Santander Distribuidora de Títulos e Valores Mobiliários S.A.Brazil0.00 %90.00 %100.00 %100.00 %Securities company
Santander Drive Auto Receivables LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Drive Auto Receivables Trust 2021-2United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2022-1United States— (a)— — Securitization
LogoSantanderPie_76.jpg Annual report 2024    843
Subsidiaries of Banco Santander, S.A. 1
% of ownership held by
Banco Santander
Percentage of voting power (d)
CompanyLocationDirectIndirect
Year 2024
Year 2023
Activity
Santander Drive Auto Receivables Trust 2022-2United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2022-3United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2022-4United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2022-5United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2022-6United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2022-7United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2023-1United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2023-2United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2023-3United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2023-4United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2023-5United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2023-6United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2024-1United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2024-2United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2024-3United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2024-4United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2024-5United States— (a)— — Securitization
Santander Drive Auto Receivables Trust 2024-7United States— (a)— — Inactive
Santander Drive Auto Receivables Trust 2024-S4United States— (a)— — Inactive
Santander Drive Auto Receivables Trust 2025-1United States— (a)— — Inactive
Santander Empresa Administradora de Fondos Colectivos S.A.Peru99.00 %1.00 %100.00 %— Investment Company
Santander Equity Investments LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Finance company
Santander España Servicios Legales, S.L.Spain99.97 %0.03 %100.00 %100.00 %Services
Santander Estates LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Real estate
Santander European Hospitality OpportunitiesLuxembourg100.00 %0.00 %100.00 %100.00 %Investment fund
Santander F24 S.A.Poland0.00 %62.20 %100.00 %100.00 %Finance company
Santander Facility Management España, S.L. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Real estate
Santander Factoring S.A.Chile0.00 %99.86 %100.00 %100.00 %Factoring
Santander Factoring Sp. z o.o.Poland0.00 %62.20 %100.00 %100.00 %Financial services
Santander Factoring y Confirming, S.A. Unipersonal, E.F.C.Spain100.00 %0.00 %100.00 %100.00 %Factoring
Santander FI Hedge StrategiesIreland0.00 %90.00 %100.00 %— Investment fund
Santander Finance 2012-1 LLCUnited States0.00 %100.00 %100.00 %100.00 %Financial services
LogoSantanderPie_76.jpg Annual report 2024    844
Subsidiaries of Banco Santander, S.A. 1
% of ownership held by
Banco Santander
Percentage of voting power (d)
CompanyLocationDirectIndirect
Year 2024
Year 2023
Activity
Santander Financial Exchanges LimitedUnited Kingdom100.00 %0.00 %100.00 %100.00 %Inactive
Santander Financial Services plcUnited Kingdom0.00 %100.00 %100.00 %100.00 %Banking
Santander Financiamientos S.A.Peru100.00 %0.00 %100.00 %100.00 %Finance company
Santander Financing S.A.S.Colombia100.00 %0.00 %100.00 %100.00 %Financial advisory
Santander Finanse Sp. z o.o.Poland0.00 %62.20 %100.00 %100.00 %Financial services
Santander Fintech Holdings, S.L.Spain100.00 %0.00 %100.00 %100.00 %Holding company
Santander Fundo de Investimento Amazonas Multimercado Crédito Privado Investimento no Exterior Brazil0.00 %90.00 %100.00 %— Investment fund
Santander Fundo de Investimento Diamantina Multimercado Crédito Privado Investimento no Exterior Brazil0.00 %90.00 %100.00 %— Investment fund
Santander Fundo de Investimento Guarujá Multimercado Crédito Privado Investimento no Exterior (d)Brazil0.00 %90.00 %100.00 %— Investment fund
Santander Fundo de Investimento SBAC Renda Fixa Referenciado DI (h)Brazil0.00 %90.00 %100.00 %100.00 %Investment fund
Santander Gestión de Recaudación y Cobranzas Ltda.Chile0.00 %99.86 %100.00 %100.00 %Financial services
Santander Global Cards & Digital Solutions Brasil S.A.Brazil0.00 %100.00 %100.00 %100.00 %IT consulting
Santander Global Cards & Digital Solutions, S.L.Spain100.00 %0.00 %100.00 %100.00 %IT services
Santander Global Consumer Finance LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Finance company
Santander Global Facilities, S.A. de C.V.Mexico100.00 %0.00 %100.00 %100.00 %Services
Santander Global Services S.A. (c)Uruguay0.00 %100.00 %100.00 %100.00 %Services
Santander Global Services, S.L. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Real estate
Santander Global Technology and Operations Brasil Ltda.Brazil0.00 %100.00 %100.00 %100.00 %IT services
Santander Global Technology and Operations Chile LimitadaChile0.00 %100.00 %100.00 %100.00 %IT services
Santander Global Technology and Operations, S.L. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %IT services
Santander Green Investment, S.L.Spain99.97 %0.03 %100.00 %100.00 %Holding company
Santander Group Properties, S.L. UnipersonalSpain100.00 %0.00 %100.00 %— Holding company
Santander Guarantee CompanyUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Santander Hera Renda Fixa Fundo Incentivado de Investimento em Infraestrutura Responsabilidade LimitadaBrazil0.00 %90.00 %100.00 %— Investment fund
Santander Hermes Multimercado Crédito Privado Infraestructura Fundo de Investimento Brazil0.00 %90.00 %100.00 %— Investment fund
Santander Hipotecario 2 Fondo de Titulización de ActivosSpain— (a)— — Securitization
Santander Hipotecario 3 Fondo de Titulización de ActivosSpain— (a)— — Securitization
Santander Holding Imobiliária S.A.Brazil0.00 %90.00 %100.00 %100.00 %Real estate
Santander Holding Internacional, S.A.Spain99.95 %0.05 %100.00 %100.00 %Holding company
Santander Holdings USA, Inc.United States100.00 %0.00 %100.00 %100.00 %Holding company
LogoSantanderPie_76.jpg Annual report 2024    845
Subsidiaries of Banco Santander, S.A. 1
% of ownership held by
Banco Santander
Percentage of voting power (d)
CompanyLocationDirectIndirect
Year 2024
Year 2023
Activity
Santander Inclusión Financiera, S.A. de C.V., S.O.F.O.M., E.R., Grupo Financiero Santander MéxicoMexico0.00 %99.98 %100.00 %100.00 %Finance company
Santander Insurance Agency, U.S., LLCUnited States0.00 %100.00 %100.00 %100.00 %Insurance mediation
Santander Insurance Services UK LimitedUnited Kingdom100.00 %0.00 %100.00 %100.00 %Wealth management
Santander Insurance, S.L.Spain100.00 %0.00 %100.00 %100.00 %Holding company
Santander Intermediación Correduría de Seguros, S.A.Spain100.00 %0.00 %100.00 %100.00 %Insurance mediation
Santander International Products, Plc. (e)Ireland99.99 %0.01 %100.00 %100.00 %Finance company
Santander International Wealth Management México, S. de R.L. de C.V.México0.00 %100.00 %100.00 %— Advisory services
Santander International Wealth Solutions LLCUnited States0.00 %100.00 %100.00 %— Holding company
Santander Inversiones S.A.Chile5.12 %94.88 %100.00 %100.00 %Holding company
Santander Investment Chile LimitadaChile16.12 %83.88 %100.00 %100.00 %Finance company
Santander Investment, S.A.Spain100.00 %0.00 %100.00 %100.00 %Banking
Santander Investments GP 1 S.à.r.l.Luxembourg0.00 %100.00 %100.00 %100.00 %Fund management company
Santander Inwestycje Sp. z o.o.Poland0.00 %62.20 %100.00 %100.00 %Securities company
Santander ISA Managers LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Management of funds and portfolios
Santander Lease, S.A., E.F.C.Spain100.00 %0.00 %100.00 %100.00 %Leasing
Santander Leasing ABSweden0.00 %100.00 %100.00 %— Leasing and renting
Santander Leasing S.A.Poland0.00 %62.20 %100.00 %100.00 %Leasing
Santander Leasing S.A. Arrendamento MercantilBrazil0.00 %90.00 %100.00 %100.00 %Leasing
Santander Leasing, LLCUnited States0.00 %100.00 %100.00 %100.00 %Leasing
Santander Lending LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Mortgage credit company
Santander Mediación Operador de Banca-Seguros Vinculado, S.A.Spain100.00 %0.00 %100.00 %100.00 %Insurance mediation
Santander Merchant S.A.Argentine5.10 %94.90 %100.00 %100.00 %Finance company
Santander Mortgage Asset Depositor LLCUnited States0.00 %100.00 %100.00 %— Inactive
Santander Mortgage Holdings LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Holding company
Santander New Business, S.A.Spain99.00 %1.00 %100.00 %100.00 %Trade intermediary
Santander Paraty Qif PLCIreland0.00 %90.00 %100.00 %100.00 %Investment Company
Santander Pensiones, S.A., E.G.F.P.Spain0.00 %100.00 %100.00 %100.00 %Pension fund management company
Santander Pensões - Sociedade Gestora de Fundos de Pensões, S.A.Portugal100.00 %0.00 %100.00 %100.00 %Pension fund management company
Santander Prime Auto Issuance Notes 2018-A Designated Activity Company (c)Ireland— (a)— — Inactive
Santander Prime Auto Issuance Notes 2018-B Designated Activity Company (c)Ireland— (a)— — Inactive
LogoSantanderPie_76.jpg Annual report 2024    846
Subsidiaries of Banco Santander, S.A. 1
% of ownership held by
Banco Santander
Percentage of voting power (d)
CompanyLocationDirectIndirect
Year 2024
Year 2023
Activity
Santander Prime Auto Issuance Notes 2018-C Designated Activity Company (c)Ireland— (a)— — Inactive
Santander Prime Auto Issuance Notes 2018-D Designated Activity Company (c)Ireland— (a)— — Inactive
Santander Prime Auto Issuance Notes 2018-E Designated Activity Company (c)Ireland— (a)— — Inactive
Santander Private Banking Gestión, S.A., S.G.I.I.C.Spain100.00 %0.00 %100.00 %100.00 %Fund management company
Santander Private Banking s.p.a. in Liquidazione (c)Italy100.00 %0.00 %100.00 %100.00 %Finance company
Santander Private Banking UK LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Holding company
Santander Private Real Estate Advisory & Management, S.A.Spain99.99 %0.01 %100.00 %100.00 %Real estate
Santander Private Real Estate Advisory, S.A.Spain100.00 %0.00 %100.00 %100.00 %Real estate
Santander Real Estate Debt 1 sub-fundLuxembourg100.00 %0.00 %100.00 %100.00 %Investment fund
Santander Real Estate Equity I, F.C.R.Spain100.00 %0.00 %100.00 %— Venture capital fund
Santander Real Estate, S.A.Spain100.00 %0.00 %100.00 %100.00 %Inactive
Santander Retail Auto Lease Funding LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
Santander Retail Auto Lease Trust 2022-AUnited States— (a)— — Securitization
Santander Retail Auto Lease Trust 2022-BUnited States— (a)— — Securitization
Santander RMBS 6, Fondo de TitulizaciónSpain— (a)— — Securitization
Santander S.A. Sociedad SecuritizadoraChile0.00 %67.24 %100.00 %100.00 %Fund management company
Santander Secretariat Services LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Santander Securities LLCUnited States0.00 %100.00 %100.00 %100.00 %Securities company
Santander Seguros y Reaseguros, Compañía Aseguradora, S.A.Spain0.00 %100.00 %100.00 %100.00 %Insurance
Santander Services Solutions, S.L.Spain0.00 %100.00 %100.00 %100.00 %Payment services
Santander Servicios Corporativos, S.A. de C.V.Mexico0.00 %99.98 %100.00 %100.00 %Services
Santander Technology USA, LLCUnited States0.00 %100.00 %100.00 %100.00 %IT services
Santander Tecnología Argentina S.A.Argentine0.00 %99.83 %100.00 %100.00 %IT services
Santander Tecnología México, S.A. de C.V.Mexico0.00 %99.98 %100.00 %100.00 %IT services
Santander Totta Seguros, Companhia de Seguros de Vida, S.A.Portugal0.00 %100.00 %100.00 %100.00 %Insurance
Santander Totta, SGPS, S.A.Portugal99.91 %0.00 %99.91 %99.91 %Holding company
Santander Towarzystwo Funduszy Inwestycyjnych S.A.Poland50.00 %31.10 %100.00 %100.00 %Fund management company
Santander Trade Services LimitedHong-Kong0.00 %100.00 %100.00 %100.00 %Inactive
Santander Trust S.A.Argentine0.00 %99.99 %100.00 %100.00 %Services
Santander UK Group Holdings plcUnited Kingdom77.67 %22.33 %100.00 %100.00 %Holding company
Santander UK InvestmentsUnited Kingdom0.00 %100.00 %100.00 %100.00 %Finance company
LogoSantanderPie_76.jpg Annual report 2024    847
Subsidiaries of Banco Santander, S.A. 1
% of ownership held by
Banco Santander
Percentage of voting power (d)
CompanyLocationDirectIndirect
Year 2024
Year 2023
Activity
Santander UK Operations LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Finance company
Santander UK plcUnited Kingdom0.00 %100.00 %100.00 %100.00 %Banking
Santander UK Technology LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %IT services
Santander US Capital Markets LLCUnited States0.00 %100.00 %100.00 %100.00 %Securities Investment
Santander Valores S.A.Argentine5.10 %94.73 %100.00 %100.00 %Securities company
Santusa Holding, S.L.Spain69.76 %30.24 %100.00 %100.00 %Holding company
SBNA Auto Lease Funding LLCUnited States0.00 %100.00 %100.00 %100.00 %Finance company
SBNA Auto Lease Trust 2023-AUnited States— (a)— — Securitization
SBNA Auto Lease Trust 2024-AUnited States— (a)— — Securitization
SBNA Auto Lease Trust 2024-BUnited States— (a)— — Securitization
SBNA Auto Lease Trust 2024-CUnited States— (a)— — Securitization
SBNA Auto Lease Trust 2025-AUnited States— (a)— — Inactive
SBNA Auto Receivables Funding LLCUnited States0.00 %100.00 %100.00 %— Finance company
SBNA Auto Receivables Grantor Trust 2025-AUnited States— (a)— — Inactive
SBNA Auto Receivables Trust 2025-AUnited States— (a)— — Inactive
SBNA Investor LLCUnited States0.00 %100.00 %100.00 %100.00 %Holding company
SC Austria Auto Finance 2020-1 Designated Activity CompanyIreland— (a)— — Securitization
SC Austria Consumer Loan 2021 Designated Activity CompanyIreland— (a)— — Securitization
SC Canada Asset Securitization TrustCanada— (a)— — Securitization
SC Germany Auto 2019-1 UG (haftungsbeschränkt) (c)Germany— (a)— — Securitization
SC Germany Consumer 2018-1 UG (haftungsbeschränkt) (c)Germany— (a)— — Securitization
SC Germany Mobility 2019-1 UG (haftungsbeschränkt) (c)Germany— (a)— — Securitization
SC Germany S.A.Luxembourg— (a)— — Securitization
SC Germany S.A., Compartment Consumer 2020-1Luxembourg— (a)— — Securitization
SC Germany S.A., Compartment Consumer 2021-1Luxembourg— (a)— — Securitization
SC Germany S.A., Compartment Consumer 2022-1Luxembourg— (a)— — Securitization
SC Germany S.A., Compartment Consumer 2023-1Luxembourg— (a)— — Securitization
SC Germany S.A., Compartment Consumer 2024-1Luxembourg— (a)— — Securitization
SC Germany S.A., Compartment Consumer 2024-2Luxembourg— (a)— — Securitization
SC Germany S.A., Compartment Consumer Private 2023-1Luxembourg— (a)— — Securitization
SC Germany S.A., Compartment Leasing 2023-1Luxembourg— (a)— — Securitization
SC Germany S.A., Compartment Mobility 2020-1Luxembourg— (a)— — Securitization
SC Mobility ABSweden0.00 %100.00 %100.00 %100.00 %Renting
SC Mobility ASNorway0.00 %100.00 %100.00 %100.00 %Renting
SC Poland Consumer 23-1 Designated Activity CompanyIreland—(a)——Securitization
SCF Ajoneuvohallinto IX LimitedIreland—(a)——Securitization
SCF Ajoneuvohallinto VIII Limited (c)Ireland—(a)——Securitization
LogoSantanderPie_76.jpg Annual report 2024    848
Subsidiaries of Banco Santander, S.A. 1
% of ownership held by
Banco Santander
Percentage of voting power (d)
CompanyLocationDirectIndirect
Year 2024
Year 2023
Activity
SCF Ajoneuvohallinto X LimitedIreland—(a)——Securitization
SCF Ajoneuvohallinto XI LimitedIreland—(a)——Securitization
SCF Ajoneuvohallinto XII LimitedIreland—(a)——Securitization
SCF Ajoneuvohallinto XIII LimitedIreland—(a)——Securitization
SCF Eastside Locks GP LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Real estate management
SCF Rahoituspalvelut IX DACIreland—(a)——Securitization
SCF Rahoituspalvelut VIII Designated Activity Company (c)Ireland—(a)——Securitization
SCF Rahoituspalvelut X DACIreland—(a)——Securitization
SCF Rahoituspalvelut XI Designated Activity CompanyIreland—(a)——Securitization
SCF Rahoituspalvelut XII DACIreland—(a)——Securitization
SCF Rahoituspalvelut XIII DACIreland—(a)——Securitization
SCM Poland Auto 2019-1 DACIreland—(a)——Securitization
SDMX Superdigital, S.A. de C.V., Institución de Fondos de Pago ElectrónicoMexico0.00 %100.00 %100.00 %100.00 %Payment platform
Secucor Finance 2021-1, DACIreland—(a)——Securitization
Services and Promotions Delaware CorporationUnited States0.00 %100.00 %100.00 %100.00 %Holding company
Services and Promotions Miami LLCUnited States0.00 %100.00 %100.00 %100.00 %Real estate
Servicios de Cobranza, Recuperación y Seguimiento, S.A. de C.V.Mexico0.00 %100.00 %100.00 %85.00 %Finance company
Servicios Inmobiliarios Residencial en Venta JV2, S.L.Spain0.00 %90.00 %90.00 %—Real estate
Sheppards Moneybrokers LimitedUnited Kingdom0.00 %100.00 %100.00 %100.00 %Inactive
Shiloh III Wind Project, LLCUnited States0.00 %100.00 %100.00 %100.00 %Renewable energies
Silk Finance No. 5Portugal—(a)——Securitization
Sociedad Integral de Valoraciones Automatizadas, S.A. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Appraisals
Sociedad Operadora de Tarjetas de Pago Santander Getnet Chile S.A.Chile0.00 %67.13 %100.00 %100.00 %Payments and collection services
Socur S.A. (f)Uruguay100.00 %0.00 %100.00 %100.00 %Finance company
Solution 4Fleet Consultoria Empresarial S.A.Brazil0.00 %90.00 %100.00 %80.00 %Vehicle rental
Sovereign Community Development CompanyUnited States0.00 %100.00 %100.00 %100.00 %Holding company
Sovereign Delaware Investment CorporationUnited States0.00 %100.00 %100.00 %100.00 %Holding company
Sovereign Lease Holdings, LLCUnited States0.00 %100.00 %100.00 %100.00 %Financial services
Sovereign REIT Holdings, Inc.United States0.00 %100.00 %100.00 %100.00 %Holding company
Sovereign Spirit Limited (f)Bermudas0.00 %100.00 %100.00 %100.00 %Leasing
SSA Swiss Advisors AGSwitzerland0.00 %100.00 %100.00 %100.00 %Wealth management
Stellantis Consumer Financial Services Polska Sp. z o.o.Poland0.00 %38.66 %100.00 %100.00 %Finance company
Stellantis Financial Services Belux SABelgium0.00 %50.00 %100.00 %100.00 %Finance company
Stellantis Financial Services España, E.F.C., S.A.Spain0.00 %50.00 %50.00 %50.00 %Finance company
Stellantis Financial Services Italia S.p.A.Italy0.00 %50.00 %50.00 %50.00 %Banking
Stellantis Financial Services Nederland B.V.Netherlands0.00 %50.00 %100.00 %100.00 %Finance company
LogoSantanderPie_76.jpg Annual report 2024    849
Subsidiaries of Banco Santander, S.A. 1
% of ownership held by
Banco Santander
Percentage of voting power (d)
CompanyLocationDirectIndirect
Year 2024
Year 2023
Activity
Stellantis Financial Services Polska Sp. z o.o.Poland0.00 %38.66 %50.00 %50.00 %Finance company
Stellantis Renting Italia S.p.A.Italy0.00 %50.00 %100.00 %100.00 %Renting
Sterrebeeck B.V.Netherlands100.00 %0.00 %100.00 %100.00 %Holding company
Suleyado 2003, S.L. UnipersonalSpain0.00 %100.00 %100.00 %100.00 %Securities Investment
Summer Empreendimentos Ltda.Brazil0.00 %90.00 %100.00 %100.00 %Real estate management
Superdigital Argentina S.A.U.Argentine0.00 %100.00 %100.00 %100.00 %IT services
Superdigital Holding Company, S.L.Spain0.00 %100.00 %100.00 %100.00 %Holding company
Superdigital Instituição de Pagamento S.A.Brazil0.00 %100.00 %100.00 %100.00 %Payment services
Superdigital Perú S.A.C. en liquidación (c)Peru0.00 %100.00 %100.00 %100.00 %Financial services
Suzuki Servicios Financieros, S.L.Spain0.00 %51.00 %51.00 %51.00 %Intermediation
Svensk Autofinans WH 1 Designated Activity Company (c)Ireland—(a)——Securitization
Swesant SASwitzerland0.00 %100.00 %100.00 %100.00 %Holding company
SX Negócios Ltda.Brazil0.00 %90.00 %100.00 %100.00 %Telemarketing
Tabasco Energía España, S.L. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Holding company
Taxagest Sociedade Gestora de Participações Sociais, S.A.Portugal0.00 %99.87 %100.00 %100.00 %Holding company
Taxos Luz, S.L. UnipersonalSpain0.00 %70.00 %100.00 %100.00 %Renewable energies
Teatinos Siglo XXI Inversiones S.A.Chile50.00 %50.00 %100.00 %100.00 %Holding company
The Alliance & Leicester Corporation Limited (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Real estate
The Best Specialty Coffee, S.L. UnipersonalSpain100.00 %0.00 %100.00 %100.00 %Restaurant services
Time Retail Finance Limited (c)United Kingdom0.00 %100.00 %100.00 %100.00 %Services
TIMFin S.p.A.Italy0.00 %51.00 %51.00 %51.00 %Finance company
Titularizadora Colombiana S.A. -Universalidad TIV V9Colombia—(a)——Securitization
Tonopah Solar I, LLCUnited States0.00 %100.00 %100.00 %100.00 %Holding company
Tools Soluções e Serviços Compartilhados Ltda.Brazil0.00 %90.00 %100.00 %100.00 %Services
Tornquist Asesores de Seguros S.A. (c)Argentine0.00 %99.99 %99.99 %99.99 %Inactive
Toro Asset Management S.A.Brazil0.00 %90.00 %100.00 %100.00 %Securities Investment
Toro Corretora de Títulos e Valores Mobiliários S.A.Brazil0.00 %90.00 %100.00 %62.51 %Securities company
Toro Investimentos S.A.Brazil0.00 %90.00 %100.00 %91.32 %Securities company
Totta (Ireland), PLC (h)Ireland0.00 %99.87 %100.00 %100.00 %Finance company
Totta Urbe - Empresa de Administração e Construções, S.A.Portugal0.00 %99.87 %100.00 %100.00 %Real estate
Trainera Venture Finance I, F.C.R.-PYMESpain99.00 %0.00 %99.00 %99.00 %Venture capital fund
Trans Skills Employment Services - Sole Proprietorship LLCArab United Emirates0.00 %66.43 %100.00 %100.00 %Human resources services
Trans Skills Information Technology LLCSaudi Arabia0.00 %66.43 %100.00 %100.00 %Inactive
LogoSantanderPie_76.jpg Annual report 2024    850
Subsidiaries of Banco Santander, S.A. 1
% of ownership held by
Banco Santander
Percentage of voting power (d)
CompanyLocationDirectIndirect
Year 2024
Year 2023
Activity
Trans Skills Investment in Commercial Enterprises & Management Co. LLCArab United Emirates0.00 %66.43 %100.00 %100.00 %Holding company
Trans Skills South Africa (Pty) LimitedRepublic of South Africa0.00 %66.43 %100.00 %100.00 %Inactive
Trans Skills Technology Services LLCArab United Emirates0.00 %66.43 %100.00 %100.00 %IT services
Transolver Finance EFC, S.A.Spain0.00 %51.00 %51.00 %51.00 %Leasing
Transskills Employer Services Private LimitedIndia0.00 %66.43 %100.00 %— Consulting services
Tresmares Santander Direct Lending, SICC, S.A.Spain99.67 %0.00 %99.67 %99.67 %Fund management company
TVG-Trappgroup Versicherungsvermittlungs-GmbH (d)Germany0.00 %90.01 %100.00 %100.00 %Insurance brokerage
Universia Brasil S.A.Brazil0.00 %100.00 %100.00 %100.00 %Internet
Universia Chile S.A.Chile0.00 %86.84 %86.84 %86.84 %Internet
Universia Colombia S.A.S.Colombia0.00 %100.00 %100.00 %100.00 %Internet
Universia España Red de Universidades, S.A.Spain0.00 %89.43 %89.43 %89.45 %Internet
Universia Holding, S.L.Spain100.00 %0.00 %100.00 %100.00 %Holding company
Universia México, S.A. de C.V.Mexico0.00 %100.00 %100.00 %100.00 %Internet
Universia Perú, S.A.Peru0.00 %99.64 %99.64 %99.40 %Internet
Universia Uruguay, S.A.Uruguay0.00 %100.00 %100.00 %100.00 %Internet
Uro Property Holdings, S.A.Spain99.99 %0.00 %99.99 %99.99 %Real estate investment
Virtua Advanced Solutions FZEArab United Emirates0.00 %66.43 %100.00 %100.00 %Payment services
Wallcesa, S.A.Spain100.00 %0.00 %100.00 %100.00 %Financial services
Waycarbon Soluções Ambientais e Projetos de Carbono S.A.Brazil0.00 %80.00 %100.00 %100.00 %Consulting services
WIM Servicios Corporativos, S.A. de C.V.Mexico0.00 %100.00 %100.00 %100.00 %Advisory services
WTW Shipping Designated Activity CompanyIreland100.00 %0.00 %100.00 %100.00 %Leasing
a.Companies over which effective control is maintained.
b.Companies in liquidation. Pending registration.
c.Company in liquidation as at 31 December 2024.
d.Pursuant to Article 3 of Royal Decree 1159/ 2010, of 17 September, approving the rules for the preparation of consolidated annual accounts, in order to determine the voting rights, voting rights held directly by the parent company have been added to those held by companies controlled by the parent company or by other persons acting in their own name but on behalf of a Group company. For these purposes, the number of votes corresponding to the parent company, in relation to the companies indirectly dependent on it, is that corresponding to the dependent company that directly participates in the share capital of the latter.
e.Company resident for tax purposes in Spain.
f.Company resident for tax purposes in the United Kingdom.


(1) Companies issuing preference shares are listed in Annex III, together with other relevant information.
LogoSantanderPie_76.jpg Annual report 2024    851
Appendix II
Societies of which Grupo Santander owns more than 5% (c) , entities associated with Grupo Santander and jointly controlled entities
% of ownership held by Banco SantanderPercentage of voting power (b)
CompanyLocationDirectIndirect
Year 2024
Year 2023
ActivityType of company
Administrador Financiero de Transantiago S.A.Chile0.00 %13.43 %20.00 %20.00 %Payments and collection servicesAssociated
Adprotel Strand, S.L. (consolidado)Spain0.00 %38.20 %38.20 %— Real estate promotionAssociated
Aegon Santander Portugal Não Vida - Companhia de Seguros, S.A.Portugal0.00 %49.00 %49.00 %49.00 %InsuranceJoint ventures
Aegon Santander Portugal Vida - Companhia de Seguros Vida, S.A.Portugal0.00 %49.00 %49.00 %49.00 %InsuranceJoint ventures
Aeroplan - Sociedade Construtora de Aeroportos, Lda. (a)Portugal0.00 %19.97 %20.00 %20.00 %Inactive—
Aguas de Fuensanta, S.A. (a) Spain36.78 %0.00 %36.78 %36.78 %Food—
Alma UK Holdings Ltd (consolidado) United Kingdom30.00 %0.00 %30.00 %30.00 %Holding companyJoint ventures
Apolo Fundo de Investimento em Direitos CreditóriosBrazil0.00 %30.00 %33.33 %33.33 %Investment fundJoint ventures
Apolo Vault 1, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 10, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 11, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 12, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 13, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 14, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 15, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 16, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 17, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 18, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 19, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 2, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 20, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 21, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 22, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 23, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 24, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 25, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 26, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 27, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 28, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 29, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
LogoSantanderPie_76.jpg Annual report 2024    852
Societies of which Grupo Santander owns more than 5% (c) , entities associated with Grupo Santander and jointly controlled entities
% of ownership held by Banco SantanderPercentage of voting power (b)
CompanyLocationDirectIndirect
Year 2024
Year 2023
ActivityType of company
Apolo Vault 3, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 30, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 31, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 32, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 33, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 34, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 35, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 36, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 37, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 38, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 39, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 4, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 40, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 41, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 42, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 43, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 44, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 45, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 5, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 6, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 7, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 8, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Apolo Vault 9, S.L.Spain0.00 %25.00 %25.00 %— Renewable energies—
Atitlan Agro I, S.C.R., S.A. (e) (f)Spain80.00 %0.00 %0.00 %— Holding company—
Attijariwafa Bank Société Anonyme (consolidado) Morocco0.00 %5.10 %5.10 %5.10 %Banking—
AutoFi Inc. United States9.50 %9.40 %4.99 %4.99 %E-commerce—
Autopistas del Sol S.A. Argentine0.00 %14.17 %14.17 %14.17 %Highway concession—
Avanath Affordable Housing IV LLC United States0.00 %7.27 %7.27 %7.27 %Investment Company—
Axle 2023-1 LtdUnited Kingdom— (d)— — SecuritizationJoint ventures
Banco RCI Brasil S.A.Brazil0.00 %35.90 %39.89 %39.89 %BankingJoint ventures
Banco S3 Caceis México, S.A., Institución de Banca MúltipleMexico0.00 %50.00 %50.00 %50.00 %BankingJoint ventures
LogoSantanderPie_76.jpg Annual report 2024    853
Societies of which Grupo Santander owns more than 5% (c) , entities associated with Grupo Santander and jointly controlled entities
% of ownership held by Banco SantanderPercentage of voting power (b)
CompanyLocationDirectIndirect
Year 2024
Year 2023
ActivityType of company
Bank of Beijing Consumer Finance CompanyChina0.00 %20.00 %20.00 %20.00 %Finance companyAssociated
Bank of Shanghai Co., Ltd. (consolidado) China6.54 %0.00 %6.54 %6.54 %Banking—
Biomas – Serviços Ambientais, Restauração e Carbono S.A.Brazil0.00 %15.00 %16.67 %16.67 %Consulting servicesAssociated
Bizum, S.L.Spain20.92 %0.00 %20.92 %20.92 %Payment servicesAssociated
CACEIS (consolidado)France0.00 %30.50 %30.50 %30.50 %Custody servicesAssociated
Campo Grande Empreendimentos Ltda. (a)Brazil0.00 %22.79 %25.32 %25.32 %Inactive—
CCPT - ComprarCasa, Rede Serviços Imobiliários, S.A.Portugal0.00 %49.98 %49.98 %49.98 %Real estate servicesJoint ventures
Centro de Compensación Automatizado S.A.Chile0.00 %22.38 %33.33 %33.33 %Payments and collection servicesAssociated
Centro para el Desarrollo, Investigación y Aplicación de Nuevas Tecnologías, S.A. Spain0.00 %49.00 %49.00 %49.00 %TechnologyAssociated
CIP S.A.Brazil0.00 %15.77 %17.52 %17.52 %Financial servicesAssociated
CNP Santander Insurance Europe Designated Activity CompanyIreland0.00 %49.00 %49.00 %49.00 %InsuranceAssociated
CNP Santander Insurance Life Designated Activity CompanyIreland0.00 %49.00 %49.00 %49.00 %InsuranceAssociated
CNP Santander Insurance Services Ireland LimitedIreland0.00 %49.00 %49.00 %49.00 %ServicesAssociated
Comder Contraparte Central S.AChile0.00 %8.37 %12.47 %12.47 %Financial servicesAssociated
Companhia Promotora UCIBrazil0.00 %25.00 %25.00 %25.00 %Financial servicesJoint ventures
Compañia Española de Financiación de Desarrollo, Cofides, S.A., SME Spain20.17 %0.00 %20.17 %20.18 %Finance company—
Compañía Española de Seguros de Crédito a la Exportación, S.A., Compañía de Seguros y Reaseguros (consolidado) Spain23.33 %0.55 %23.88 %23.88 %Credit insurance—
Compañía Española de Viviendas en Alquiler, S.A. (consolidado)Spain24.07 %0.00 %24.07 %24.07 %Real estateAssociated
Compañía para los Desarrollos Inmobiliarios de la Ciudad de Hispalis, S.L., en liquidación (a)Spain21.98 %0.00 %21.98 %21.98 %Real estate promotion—
Connecting Visions Ecosystems, S.L.Spain37.56 %0.00 %37.56 %19.90 %Consulting servicesJoint ventures
Corkfoc Cortiças, S.A. Portugal0.00 %27.55 %27.58 %27.58 %Cork industry—
CSD Central de Serviços de Registro e Depósito Aos Mercados Financeiro e de Capitais S.A.Brazil0.00 %18.00 %20.00 %20.00 %Financial servicesAssociated
Decus Real Estate, S.L.Spain0.00 %30.00 %30.00 %— Real estateJoint ventures
DoRes Securitisation S.r.lItaly— (d)— — SecuritizationJoint ventures
Elaia Agro, S.L.Spain49.99 %0.00 %49.99 %— Consulting servicesAssociated
Emerald Tradeco UK Limited (f)United Kingdom25.00 %0.00 %4.99 %— Holding companyAssociated
Ethias Lease N.V.Belgium0.00 %50.00 %50.00 %50.00 %LeasingAssociated
Euro Automatic Cash Entidad de Pago, S.L.Spain50.00 %0.00 %50.00 %50.00 %Payment servicesAssociated
European Hospitality Opportunities S.à r.l. Luxembourg0.00 %49.00 %49.00 %49.00 %Holding companyJoint ventures
LogoSantanderPie_76.jpg Annual report 2024    854
Societies of which Grupo Santander owns more than 5% (c) , entities associated with Grupo Santander and jointly controlled entities
% of ownership held by Banco SantanderPercentage of voting power (b)
CompanyLocationDirectIndirect
Year 2024
Year 2023
ActivityType of company
Evacuación Liquesun, S.L.Spain0.00 %35.00 %50.00 %50.00 %Electricity productionJoint ventures
Evolve SPV S.r.l.Italy— (d)— — SecuritizationJoint ventures
Federal Home Loan Bank of Pittsburgh United States0.00 %5.37 %5.37 %7.48 %Banking—
Federal Reserve Bank of Boston United States0.00 %21.09 %21.09 %19.14 %Banking—
Fondo de Titulización de Activos UCI 14Spain— (d)— — SecuritizationJoint ventures
Fondo de Titulización de Activos UCI 15Spain— (d)— — SecuritizationJoint ventures
Fondo de Titulización de Activos UCI 16Spain— (d)— — SecuritizationJoint ventures
Fondo de Titulización de Activos UCI 17Spain— (d)— — SecuritizationJoint ventures
Fondo de Titulización Hipotecaria UCI 12Spain— (d)— — SecuritizationJoint ventures
Fondo de Titulización, RMBS Green Prado XISpain— (d)— — SecuritizationJoint ventures
Fondo de Titulización, RMBS Prado IXSpain— (d)— — SecuritizationJoint ventures
Fondo de Titulización, RMBS Prado VIISpain— (d)— — SecuritizationJoint ventures
Fondo de Titulización, RMBS Prado VIIISpain— (d)— — SecuritizationJoint ventures
Fondo de Titulización, RMBS Prado XSpain— (d)— — SecuritizationJoint ventures
Forest Power, S.L.Spain0.00 %55.00 %55.00 %— Renewable energiesJoint ventures
Forgepoint Capital International Management LimitedUnited Kingdom50.00 %0.00 %50.00 %— Consulting servicesJoint ventures
Fortune Auto Finance Co., LtdChina0.00 %50.00 %50.00 %50.00 %Finance companyJoint ventures
FrauDfense, S.L.Spain0.00 %33.33 %33.33 %33.33 %IT servicesJoint ventures
Fremman limited United Kingdom32.99 %0.00 %4.99 %4.99 %Consulting servicesAssociated
Gestora de Inteligência de Crédito S.A.Brazil0.00 %14.00 %16.00 %16.00 %Collection servicesAssociated
Gire S.A.Argentine0.00 %58.23 %58.33 %58.33 %Payments and collection servicesAssociated
Glenrowan Solar Holdings Pty LtdAustralia49.00 %0.00 %49.00 %49.00 %Holding companyJoint ventures
HCUK Auto Funding 2017-2 LtdUnited Kingdom— (d)— — SecuritizationJoint ventures
HCUK Auto Funding 2022-1 Limited United Kingdom— (d)— — SecuritizationJoint ventures
Healthy Neighborhoods Equity Fund I LP United States0.00 %22.37 %22.37 %22.37 %Real estate—
Hillcrest Private Equity Real Estate LLP (consolidado)United Kingdom0.00 %88.00 %88.00 %88.00 %Real estateJoint ventures
Hyundai Capital UK LimitedUnited Kingdom0.00 %50.01 %50.01 %50.01 %Finance companyJoint ventures
Hyundai Corretora de Seguros Ltda.Brazil0.00 %45.00 %50.00 %50.00 %Insurance mediationJoint ventures
Imperial Holding S.C.A. (a) Luxembourg0.00 %36.36 %36.36 %36.36 %Securities Investment—
Imperial Management S.à r.l. (a)Luxembourg0.00 %40.20 %40.20 %40.20 %Holding company—
LogoSantanderPie_76.jpg Annual report 2024    855
Societies of which Grupo Santander owns more than 5% (c) , entities associated with Grupo Santander and jointly controlled entities
% of ownership held by Banco SantanderPercentage of voting power (b)
CompanyLocationDirectIndirect
Year 2024
Year 2023
ActivityType of company
Inverlur Aguilas I, S.L.Spain0.00 %50.00 %50.00 %50.00 %Real estateJoint ventures
Inverlur Aguilas II, S.L.Spain0.00 %50.00 %50.00 %50.00 %Real estateJoint ventures
Inversiones ZS América Dos Ltda.Chile0.00 %49.00 %49.00 %49.00 %Securities and real estate investmentAssociated
Inversiones ZS América SpAChile0.00 %49.00 %49.00 %49.00 %Securities and real estate investmentAssociated
LB Oprent, S.A. Spain40.00 %0.00 %40.00 %40.00 %Rental of industrial machineryAssociated
Mapfre Santander Portugal - Companhia de Seguros, S.A.Portugal0.00 %49.99 %49.99 %49.99 %InsuranceAssociated
Massachusetts Business Development Corp. (consolidado) United States0.00 %21.61 %21.61 %21.61 %Finance company—
MB Capital Fund IV, LLC United States0.00 %21.51 %21.51 %21.51 %Finance company—
Merlin Properties, SOCIMI, S.A. (consolidado) Spain20.04 %4.68 %24.90 %24.66 %Real estate investmentAssociated
Merlion Aviation One Designated Activity CompanyIreland— (g)— — Renting—
Metrovacesa, S.A. (consolidado) Spain31.94 %17.48 %49.47 %49.49 %Real estate promotionAssociated
Ocyener 2008, S.L.Spain0.00 %45.00 %45.00 %45.00 %Holding companyAssociated
Operadora de Activos Beta, S.A. de C.V.Mexico49.99 %0.00 %49.99 %49.99 %Finance companyAssociated
Payever GmbHGermany0.00 %10.00 %10.00 %10.00 %SoftwareAssociated
Phoenix C1 Aviation Designated Activity CompanyIreland— (g)— — Renting—
Play Digital S.A.Argentine0.00 %14.18 %14.21 %14.71 %Payment platformAssociated
Pluxee Beneficios Brasil S.A.Brazil0.00 %18.00 %20.00 %— ServicesAssociated
POLFUND - Fundusz Poręczeń Kredytowych S.A.Poland0.00 %31.10 %50.00 %50.00 %Investment managementAssociated
Portland SPV S.r.l.Italy— (d)— — SecuritizationJoint ventures
Power Forest Aranda, S.L. UnipersonalSpain0.00 %55.00 %55.00 %— Renewable energiesJoint ventures
Promontoria Manzana, S.A. (consolidado) Spain20.00 %0.00 %20.00 %20.00 %Holding companyAssociated
Redbanc S.A.Chile0.00 %22.44 %33.43 %33.43 %ServicesAssociated
Redsys Servicios de Procesamiento, S.L. (consolidado)Spain24.90 %0.06 %24.96 %24.96 %CardsAssociated
Retama Real Estate, S.A. UnipersonalSpain0.00 %50.00 %50.00 %50.00 %Real estateJoint ventures
Rías Redbanc S.A.Uruguay0.00 %25.00 %25.00 %25.00 %Services—
RMBS Belém No.2Portugal— (d)— — SecuritizationJoint ventures
RMBS Green Belém No.1Portugal— (d)— — SecuritizationJoint ventures
Roc Aviation One Designated Activity CompanyIreland— (g)— — Renting—
Roc Shipping One Designated Activity CompanyIreland— (g)— — Renting—
S3 Caceis Brasil Distribuidora de Títulos e Valores Mobiliários S.A.Brazil0.00 %50.00 %50.00 %50.00 %Securities companyJoint ventures
S3 Caceis Brasil Participações S.A.Brazil0.00 %50.00 %50.00 %50.00 %Holding companyJoint ventures
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Societies of which Grupo Santander owns more than 5% (c) , entities associated with Grupo Santander and jointly controlled entities
% of ownership held by Banco SantanderPercentage of voting power (b)
CompanyLocationDirectIndirect
Year 2024
Year 2023
ActivityType of company
S3 CACEIS Colombia S.A. Sociedad FiduciariaColombia0.00 %50.00 %50.00 %50.00 %Finance companyJoint ventures
San Preca Federal I Fundo de Investimento em Direitos Creditórios Não-PadronizadosBrazil0.00 %45.00 %50.00 %50.00 %Investment fundJoint ventures
Sancus Green Investments II, S.C.R., S.A. Spain0.00 %33.02 %33.02 %32.95 %Venture capital company—
Santander Allianz Towarzystwo Ubezpieczeń na Życie S.A.Poland0.00 %30.48 %49.00 %49.00 %InsuranceAssociated
Santander Allianz Towarzystwo Ubezpieczeń S.A.Poland0.00 %30.48 %49.00 %49.00 %InsuranceAssociated
Santander Assurance Solutions, S.A.Spain0.00 %66.67 %66.67 %66.67 %Insurance mediationJoint ventures
Santander Auto S.A.Brazil0.00 %45.00 %50.00 %50.00 %InsuranceAssociated
Santander Caceis Latam Holding 1, S.L.Spain0.00 %50.00 %50.00 %50.00 %Holding companyJoint ventures
Santander Caceis Latam Holding 2, S.L.Spain0.00 %50.00 %50.00 %50.00 %Holding companyJoint ventures
Santander Generales Seguros y Reaseguros, S.A.Spain0.00 %49.00 %49.00 %49.00 %InsuranceJoint ventures
Santander Mapfre Hipoteca Inversa, E.F.C., S.A.Spain0.00 %50.00 %50.00 %50.00 %Finance companyJoint ventures
Santander Mapfre Seguros y Reaseguros, S.A.Spain0.00 %49.99 %49.99 %49.99 %InsuranceAssociated
Santander Renovables, S.C.R., S.A. en liquidación (a)Spain0.00 %100.00 %100.00 %— Venture capital company—
Santander Vida Seguros y Reaseguros, S.A.Spain0.00 %49.00 %49.00 %49.00 %InsuranceJoint ventures
Seaya Holdco, S.L. (consolidado)Spain24.99 %0.00 %24.99 %— Holding companyAssociated
Servicios de Infraestructura de Mercado OTC S.AChile0.00 %8.38 %12.48 %12.48 %ServicesAssociated
SIBS-SGPS, S.A. (consolidado) Portugal0.00 %15.54 %15.56 %15.56 %Management of portfolios—
SIG RCRS A/B MF 2023 Venture LLCUnited States0.00 %20.00 %20.00 %20.00 %Finance company—
Siguler Guff SBIC Fund LP United States0.00 %20.00 %20.00 %20.00 %Investment Company—
Sistema de Tarjetas y Medios de Pago, S.A. Spain20.61 %0.00 %20.61 %20.61 %Payment methodsAssociated
Sociedad Conjunta para la Emisión y Gestión de Medios de Pago, E.F.C., S.A.Spain45.70 %0.00 %45.70 %45.70 %Payment servicesJoint ventures
Sociedad de Garantía Recíproca de Santander, S.G.R. Spain24.95 %0.22 %25.17 %25.16 %Financial services—
Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria, S.A. Spain22.21 %0.00 %22.21 %22.21 %Financial services—
Sociedad Interbancaria de Depósitos de Valores S.A.Chile0.00 %19.66 %29.29 %29.29 %Securities depositoryAssociated
Solar Maritime Designated Activity Company Ireland— (d)— — LeasingJoint ventures
STELLANTIS Insurance Europe LimitedMalta0.00 %50.00 %50.00 %50.00 %InsuranceJoint ventures
STELLANTIS Life Insurance Europe LimitedMalta0.00 %50.00 %50.00 %50.00 %InsuranceJoint ventures
Stephens Ranch Wind Energy Holdco LLC (consolidado) United States0.00 %15.80 %15.80 %17.00 %Renewable energies—
Tecnologia Bancária S.A.Brazil0.00 %17.08 %18.98 %19.81 %ATMsAssociated
Tonopah Solar Energy Holdings I, LLC United States0.00 %26.80 %26.80 %26.80 %Holding companyJoint ventures
Transbank S.A.Chile0.00 %16.78 %25.00 %25.00 %CardsAssociated
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Societies of which Grupo Santander owns more than 5% (c) , entities associated with Grupo Santander and jointly controlled entities
% of ownership held by Banco SantanderPercentage of voting power (b)
CompanyLocationDirectIndirect
Year 2024
Year 2023
ActivityType of company
Tresmares Growth Fund II, S.C.R., S.A.Spain40.00 %0.00 %40.00 %40.00 %Holding company—
Tresmares Growth Fund III, S.C.R., S.A.Spain40.00 %0.00 %40.00 %40.00 %Holding company—
Tresmares Growth Fund Santander, S.C.R., S.A. (e)Spain100.00 %0.00 %100.00 %100.00 %Holding company—
U.C.I., S.A.Spain50.00 %0.00 %50.00 %50.00 %Holding companyJoint ventures
UCI Greece Credit and Loan Receivables Servicing Company Single Member Societe AnonymeGreece0.00 %50.00 %50.00 %50.00 %Financial servicesJoint ventures
UCI Holding Brasil Ltda.Brazil0.00 %50.00 %50.00 %50.00 %Holding companyJoint ventures
UCI Mediação de Seguros, Unipessoal Lda.Portugal0.00 %50.00 %50.00 %50.00 %Insurance mediationJoint ventures
UCI Servicios para Profesionales Inmobiliarios, S.A. UnipersonalSpain0.00 %50.00 %50.00 %50.00 %Real estate servicesJoint ventures
Unicre-Instituição Financeira de Crédito, S.A.Portugal0.00 %21.83 %21.86 %21.86 %Finance company—
Unión de Créditos Inmobiliarios, S.A. Unipersonal, EFCSpain0.00 %50.00 %50.00 %50.00 %Mortgage companyJoint ventures
VCFS Germany GmbHGermany0.00 %50.00 %50.00 %50.00 %MarketingJoint ventures
Venda de Veículos Fundo de Investimento em Direitos CreditóriosBrazil0.00 %35.90 %39.89 %39.77 %SecuritizationJoint ventures
Volvo Car Financial Services UK LimitedUnited Kingdom0.00 %50.01 %50.01 %50.01 %LeasingJoint ventures
Webmotors S.A.Brazil0.00 %27.00 %30.00 %30.00 %ServicesAssociated
Zurich Santander Brasil Seguros e Previdência S.A.Brazil0.00 %48.79 %48.79 %48.79 %InsuranceAssociated
Zurich Santander Holding (Spain), S.L. UnipersonalSpain0.00 %49.00 %49.00 %49.00 %Holding companyAssociated
Zurich Santander Holding Dos (Spain), S.L. UnipersonalSpain0.00 %49.00 %49.00 %49.00 %Holding companyAssociated
Zurich Santander Insurance América, S.L.Spain0.00 %49.00 %49.00 %49.00 %Holding companyAssociated
Zurich Santander Seguros Argentina S.A. Argentine0.00 %49.00 %49.00 %49.00 %InsuranceAssociated
Zurich Santander Seguros de Vida Chile S.A.Chile0.00 %49.00 %49.00 %49.00 %InsuranceAssociated
Zurich Santander Seguros Generales Chile S.A.Chile0.00 %49.00 %49.00 %49.00 %InsuranceAssociated
Zurich Santander Seguros México, S.A.Mexico0.00 %49.00 %49.00 %49.00 %InsuranceAssociated
Zurich Santander Seguros Uruguay S.A.Uruguay0.00 %49.00 %49.00 %49.00 %InsuranceAssociated

a.Company in liquidation as at 31 December 2024.
b.Pursuant to Article 3 of Royal Decree 1159/ 2010, of 17 September, approving the rules for the preparation of consolidated annual accounts, in order to determine the voting rights, voting rights held directly by the parent company have been added to those held by companies controlled by the parent company or by other persons acting in their own name but on behalf of a group company. For these purposes, the number of votes corresponding to the parent company, in relation to the companies indirectly dependent on it, is that corresponding to the dependent company that directly participates in the share capital of the latter.
c.Excluding the Group companies listed in Appendix I, as well as those which are of negligible interest with respect to the true and fair view that the consolidated financial statements must give (in accordance with articles 48 of the Commercial Code and 260 of the Spanish Companies Act).
d.Companies over which joint control is maintained.
e.Investment managed discretionally by a manager outside the Santander Group, the voting rights not being, in this case, decisive in determining control of the entity.
f.Recently created company, without financial information available.
g.Company over which effective control has been lost.


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Appendix III
Issuing subsidiaries of shares and preference shares
% of ownership held by Banco Santander
CompanyLocationDirectIndirectActivity
Emisora Santander España, S.A. UnipersonalSpain100.00 %0.00 %Finance company
Santander Global Issuances B.V. (a)Netherlands100.00 %0.00 %Finance company
Santander UK (Structured Solutions) LimitedUnited Kingdom0.00 %100.00 %Finance company
Sovereign Real Estate Investment TrustUnited States0.00 %100.00 %Finance company

a. Company with tax residence in Spain.
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Appendix IV
Notifications of acquisitions and disposals of investments in 2024
(Art. 155 of the Corporate Enterprises Act and Art. 105 of the Securities Market Law).
Details of the notifications of acquisitions and disposals of participations for 2024 in accordance with Article 105 of the Securities Market Law may be found below:
On September 24, 2024, Banco Santander, S.A. disclosed to the CNMV the increase of its stake in SACYR, S.A. exceeding the 3% threshold, keeping a stake of 3.078% as of September 18, 2024.
On October 18, 2024, Banco Santander, S.A. disclosed to the CNMV the decrease of its stake in SACYR, S.A. below the 3% threshold, keeping a stake of 2.548%, as of October 14, 2024.
In relation to the information required by 155 of the Corporate Enterprises Act, on the shareholdings in which Grupo Santander owns more than 10% of the capital of another company, and the successive acquisitions of more than 5% of the share capital, see appendices I, II and III.

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Appendix V
Other information on the Group’s banks
Following is certain information on the share capital of the Group’s main banks based on their total assets.
1. Santander UK plc
a)Number of financial equity instruments held by the Group.
At 31 December 2024, the Company was a subsidiary of Banco Santander, S.A. and Santusa Holding, S.L.
On 12 November 2004 Banco Santander, S.A. acquired the then entire issued ordinary share capital of 1,485,893,636 Ordinary shares of 10p. each. On 12 October 2008 a further 10 billion Ordinary shares of 10p. each were issued to Banco Santander, S.A. and an additional 12,631,375,230 Ordinary shares of 10p. each were issued to Banco Santander, S.A. on 9 January on 2009. On 3 August 2010, 6,934,500,000 Ordinary shares of 10p. each were issued to Santusa Holding, S.L.. With effect from 10 January 2014, Santander UK Group Holdings Limited, a subsidiary of Banco Santander, S.A. and Santusa Holding, S.L., became the beneficial owner of 31,051,768,866 Ordinary shares of 10p. each, being the entire issued ordinary share capital of the Company, by virtue of a share exchange agreement between Santander UK Group Holdings Limited, Banco Santander, S.A. and Santusa Holding, S.L.. Santander UK Group Holdings Limited became the legal owner of the entire issued Ordinary share capital of the Company on 1 April 2014 and on 25 March 2015 became a public limited company and changed its name from Santander UK Group Holdings Limited to Santander UK Group Holdings plc. In addition to this, there are 325,000,000 Non-Cumulative Non-Redeemable 10.375% and 8.625% Sterling Preference Shares of GBP 1.00 each. In addition to this there were 13,780 Series A Fixed (6.222%)/Floating Rate Non-Cumulative Callable Preference Shares of GBP 1.00 each which were redeemed and cancelled in their entirety on 24 May 2019. The legal and beneficial title to the entire issued Preference share capital is held by third parties and is not held by Banco Santander, S.A.
b)Capital increases in progress
At 31 December 2024, there were no approved capital increases.
c)Share capital authorised by the shareholders at the general meeting
The shareholders resolved at the Annual General Meeting held on 8 April 2024, to authorise unconditionally, the company to carry out the following repurchases of the share capital:
(1) To buy back its own 8.625% Sterling Preference shares on the following terms:
(a)The Company may buy back up to 125,000,000 8.625% Sterling Preference shares;
(b)The lowest price which the Company can pay for 8.625% Sterling Preference shares is 75% of the average of the market values of the preference shares for five business days before the purchase is made; and
(c)The highest price (not including expenses) which the Company can pay for each 8.625% Sterling Preference share is 125% of the average of the market values of the preference shares for five business days before the purchase is made.
This authority shall begin on the date of the passing of this resolution and end on the conclusion of the next Annual General Meeting of the Company. The Company may agree, before this authorisation ends, to buy back its own 8.625% preference shares even though the purchase may be completed after this authorisation ends.
(2) To buy back its own 10.375% Sterling Preference shares on the following terms:
(a)The Company may buy up to 200,000,000 10.375% Sterling Preference shares;
(b)The lowest price which the Company can pay for 10.375% Sterling Preference shares is 75% of the average of the market values of the preference shares for five business days before the purchase is made; and
(c)The highest price (not including expenses) which the Company can pay for each 10.375% Sterling Preference share is 125% of the average of the market values of the preference shares for five business days before the purchase is made.
This authority shall begin on the date of the passing of this resolution and end on the conclusion of the next Annual General Meeting of the Company. The Company may agree, before this authorisation ends, to buy back its own 10.375% preference shares even though the purchase may be completed after this authorisation ends.
d) Rights on founder’s shares, “rights” bonds, convertible debentures and similar securities or rights
Not applicable.
e) Specific circumstances that restrict the availability of reserves
Not applicable.
f) Non-Group entities which hold, directly or through subsidiaries, 10% or more of equity
Not applicable.
g) Quoted equity instruments
The preference share capital of Santander UK plc is traded on the London Stock Exchange under the following details:
•10.375% Sterling Preference - ISIN: GB0000064393
•8.625% Sterling Preference - ISIN: GB0000044221
2. Santander Financial Services plc
a)Number of financial equity instruments held by the Group
The Group holds ordinary shares amounting to GBP 249,998,000 through Santander UK Group Holdings plc (249,998,000 ordinary shares with a par value of GBP 1 each).
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The Group also holds 1,000 tracker shares (shares without voting rights but with preferential dividend rights) amounting to GBP 1,000 and 1,000 B tracker shares amounting to GBP 1,000 through Santander UK Group Holdings plc, both with a par value of GBP 1 each.
Additionally, the company issued GBP 50 million additional tier 1 (AT ) capital securities to Santander UK Group Holdings plc on 19 December 2022.
b)Capital increases in progress
No approved capital increases are in progress.
c)Capital authorised by the shareholders at the general meeting
Not applicable.
d)Rights on founder’s shares, “rights” bonds, convertible debentures and similar securities or rights
Not applicable.
e)Specific circumstances that restrict the availability of reserves
Not applicable.
f)Non-Group entities which hold, directly or through subsidiaries, 10% or more of equity
Not applicable.
g)Quoted equity instruments
Not applicable.
3. Banco Santander (Brasil) S.A.
a) Number of financial equity instruments held by the Group
The Group holds 3,440,170,512 ordinary shares and 3,273,507,089 preference shares through Banco Santander, S.A. and its subsidiaries Sterrebeeck B.V. and Grupo Empresarial Santander, S.L.
The shares composing the share capital of Banco Santander (Brasil) S.A. have no par value and there are no pending payments. At 2024 year-end, the bank’s treasury shares consisted of 19,451,562 ordinary shares and 19,451,562 preferred shares, with a total of 38,903,124 shares.
In accordance with current bylaws (Article 5.7), the preference shares do not confer voting rights on their holders, except under the following circumstances:
a)In the event of transformation, merger, consolidation or spin-off of the company.
b)In the event of approval of agreements between the company and the shareholders, either directly, through third parties or other companies in which the shareholders hold a stake, provided that, due to legal or bylaw provisions, they are submitted to a general meeting.
c)In the event of an assessment of the assets used to increase the company’s share capital.
The General Assembly may, at any moment decide to convert the preference shares into ordinary shares, establishing a reason for the conversion.
However, the preference shares do have the following advantages (Article 5.6):
a)Their dividends are 10% higher than those distributed to ordinary shares.
b)Priority in the dividends distribution.
c)Participation, on the same terms as ordinary shares, in capital increases resulting from the reserves and profits capitalization and in the distribution of bonus shares arising from the capitalization of retained earnings, reserves or any other funds.
d)Priority in the reimbursement of capital in the event company’s dissolution.
e)In the event of a public offering due to a change in control of the company, the holders of preferred shares are guaranteed the right to sell the shares at the same price paid for the block of shares transferred as part of the change of control, i.e. they are treated the same as shareholders with voting rights.
b) Capital increases in progress
No approved capital increases are in progress.
c) Capital authorised by the shareholders at the general meeting
The company is authorised to increase share capital, subject to approval by the Board of Directors, up to a limit of 9,090,909,090 ordinary shares or preferred shares, and without need to maintain any ratio between any of the different classes of shares, provided they remain within the limits of the maximum number of preferred shares provided in Law.
As of 31 December 2024, the share capital consists of 7,498,531,051 shares (3,818,695,031 ordinary shares and 3,679,836,020 preferred shares).
d) Rights on founder’s shares, “rights” bonds, convertible debentures and similar securities or rights
At the general meeting held on 21 December 2016 the shareholders approved the rules relating to the deferred remuneration plans for the directors, management and other employees of the company and of companies under its control. Shares delivery is linked to achievement of certain targets.
e) Specific circumstances that restrict reserves availability
The only restriction on the availability of Banco Santander (Brasil) S.A.’s reserves is connected to the requirement for the legal reserve formation (restricted reserves), which can only be used to offset losses or to increase capital.
The legal reserve requirement is set-forth in Article 193 of the Brazilian Corporations Law, which establishes that before allocating profits to any other purpose, 5% of profits must be transferred to the legal reserve, which must not exceed 20% of the company’s share capital.
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f) Non-Group entities which hold, directly or through subsidiaries, 10% or more of equity
Not applicable.
g) Listed capital instruments
All the shares are listed on the São Paulo Stock Exchange ( B3 - Brasil, Bolsa, Balcão) and the shares deposit certificates (American Depositary Receipts - ADR) are listed on the New York Stock Exchange (NYSE).
4. Santander Bank, National Association
a) Number of financial equity instruments held by the Group
At 31 December 2024, the Group held 530,391,043 ordinary shares that carry the same voting and dividend acquisition rights over Santander Holdings USA, Inc. (SHUSA). This holding company and Independence Community Bank Corp. (ICBC) hold 1,237 ordinary shares with a par value of USD 1 each, which carry the same voting rights. These shares constitute all the share capital of Santander Bank, National Association (SBNA). SHUSA holds an 80.84% ownership interest in SBNA, and the remaining 19.16% belongs to ICBC. ICBC is wholly owned by SHUSA. There is no shareholders’ meeting for the ordinary shares of SBNA.
b) Capital increases in progress
At 31 December 2024 there were no approved capital increases.
c) Capital authorised by the shareholders at the general meeting
Not applicable.
d) Rights on founder’s shares, “rights” bonds, convertible debentures and similar securities or rights
Not applicable.
e) Specific circumstances that restrict the availability of reserves
Not applicable.
f) Non-Group entities which hold, directly or through subsidiaries, 10% or more of equity
Not applicable.
g) Quoted equity instruments
Not applicable.
5. Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México
a) Number of financial instruments of capital held by the group.
Grupo Financiero Santander México, S.A. de C.V. ('Grupo Financiero') and Gesban México Servicios Administrativos Globales, S.A. de C.V. (México), hold 5,087,973,719 shares which represent the 74.97% of the capital stock of Banco Santander México and Banco Santander, S.A. holds 1,691,806,903 shares which represent the 24.92% of such capital stock.
On November 30, 2022, an Extraordinary Shareholders' Meeting of Banco Santander México, was held at which it was approved (a) to cancel the registration of all of the shares representing the capital stock of the Company in the National Securities Registry (RNV) maintained by the National Banking and Securities Commission and to delist them from the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.), and (b) delist the American Depositary Shares (each representing five series "B" shares of the Company) from the New York Stock Exchange and delist the Company's series "B" shares and such American Depositary Shares from registration with the US Securities and Exchange Commission; and (c) to conduct certain tender offers for the series "B" shares representing the capital stock of the Company and the American Depositary Shares.

Tender offers for the acquisition of shares were carried out from February 7 to April 10, 2023, where Banco Santander, S.A. acquired a total of 244,306,313 Series “B” shares.

Once the offers were finalized and in accordance with the Mexican regulation, on May 8, 2023, a trust was established for a period of 6 months, to carry out the acquisition of shares of Banco Santander México, including those represented by American Depositary Shares listed on the New York Stock Exchange (which were not owned at that time by Banco Santander, S.A. or its subsidiaries) owned by shareholders who did not participate in the tender offers made by Banco Santander, S.A.

On May 4 and 12, 2023, respectively, the Bank was delisted from the New York Stock Exchange, LLC and the RNV .

On November 8, 2023, the trust ended; as a result, Banco Santander, S.A. repurchased 9,243,880 Series “B” shares from shareholders who did not participate in the tender offers, leaving a total of 1,714,399 shares of the Series “B” in the hands of minority shareholders.

On February 13, 2024, an Extraordinary Shareholders' Meeting of Banco Santander México, S.A. was held, at which it was approved to amend the Bylaws of the Institution to remove the obligations established by the Securities Market Law as a public company.
b) Ongoing capital stock increases.
To this date there are not ongoing capital stock increases.
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c) Authorized Capital by the Shareholders Meeting.
On April 20, 2021, the Company held an Extraordinary General Shareholders' Meeting, at which, among other items, it was approved an increase in the authorized capital stock of the Company to 6,825,447,481.00 Mexican pesos represented by 1,805,300,000 unsubscribed and unpaid shares, which are held in treasury so that the Company may issue Capital Instruments representing non-preferred subordinated debt, This increase was approved by the National Banking and Securities Commission (CNBV) through official communication number 312-3/10039041/2021 dated November 8, 2021.
As a result of said agreement, the Company requested the update of the registration of the shares representing the capital stock of Banco Santander Mexico, S.A. in the RNV, which was authorized by the CNBV through official communication number 153/2800/2022 dated May 20, 2022.In the aforementioned official communication, it was requested that the Company adjusted the amounts in pesos corresponding to the capital stock to include cents, and therefore, through an Extraordinary General Stockholders' Meeting held on July 19, 2022, the corresponding adjustment was made, which was authorized by the CNBV through official communication number 312-3/93573/2023 dated January 3, 2023.

The capital stock of the Bank is 32,485,600,109.44 Mexican pesos represented by a total of 8,592,294,357 shares with a nominal value of 3.780782962 Mexican pesos each one; divided in 4,385,824,012 stocks “F” Series and 4,206,470,345 shares “B” Series. The capital stock is constituted as follows:
• Paid-in and subscribed capital of the Bank is 25,660,152,628.14 Mexican pesos represented by a total of 6,786,994,357 shares with a nominal value of 3.780782962 Mexican pesos each one; divided in 3,464,309,145 shares “F” Series and 3,322,685,212 shares Series.
•The authorized capital stock for the conversion of obligations into shares of the Company is 6,825,447,481.30 Mexican pesos, represented by a total of 1,805 ,300,000 shares with a nominal value of 3,780782962 Mexican pesos each; divided into 921,514,867 Series “F” shares and 883,785,133 Series “B shares ". which are kept in the treasury of the Bank.

d) Rights incorporated into parts of founder, bonds or debt, convertible obligations and securities or similar rights.
(i)The Board of Directors on its meeting held on October 22, 2015, was updated regarding the situation of the debt issuance of Banco Santander Mexico, S.A. , which had been previously ratified in the meeting held on October 17, 2013, in order to issue debt for the amount of 6,500 million dollars in local or international markets, for a maximum period of 15 years, senior or subordinated debt including debt instruments qualifying for purposes of capital in accordance with the legislation in force, which can be implemented individually or through several issuance programs.
The approved debt issuance of Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México is currently composed as follows:
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InstrumentTypeTermAmountAvailable
Issuance Program of unsecured bonds and unsecured certificates of depositRevolving04-Mar-202655,000 million Mexican pesos, or its equivalent in UDIs, dollars or any other foreign currency$10,060 million Mexican pesos
Private banking structured bonds Act with subsequent placements (JBSANPRIV 21-1)
No revolvingA
28-Jan-202620,000 million Mexican pesos$0 million Mexican pesos
Private structured bonds Act with subsequent placements (JBSANPRIV 23-1)
No revolvingA
14-Sept-202820,000 million Mexican pesos$0 million Mexican pesos
Private structured bonds Act with subsequent placements (JBSANPRIV 23-2)
No revolvingA
08-Dic-202820,000 million Mexican pesos$0 million Mexican pesos
Public banking structured bonds Act with subsequent placements (JBSANPRIV 24-1)
No revolvingA
10-Oct-2029100,000 million Mexican pesos$84,253 million Mexican pesos
Public banking structured bonds Act with subsequent placements (JBSANPRIV 22-1)
No revolvingA
16-Dic-202710,000 million Mexican pesos$10,000 million Mexican pesos
Capital Notes (Tier 2 Capital)
No revolvingA
1-Oct-20281,300 million American dollarsN/A
Senior notes 144.ª/RegS
No revolvingA
17-Apr-20251,750 million American dollarsN/A
Subordinated Notes, perpetual and convertible (Tier 1)
No revolvingA
perpetual700 million American dollarsN/A
Subordinated Preferred Notes (2024)
No revolvingA
21-Mar-2030900 million American dollarsN/A
Senior Notes 144.ª/RegS (2024)
No revolvingA
10-Dic-2029700 million American dollarsN/A
A.The issuance of the structured private banking bonds isn’t revolving. Once placed the amount laid down in the corresponding brochure a new certificate will be issued on the authorized amount.

(ii)The Board of Directors on its meeting held on January 27, 2011 approved the general conditions for the senior debt issue among international markets up to 1,500 million American dollars. On October 18, 2012 such senior debt issuance under 144ª Rules was approved on the amount of up to 1,000 million American dollars, for a term of 5 to 10 years. The issuance was approved with the purpose of obtaining resources to finance the increase in business assets and the liquidity of the Bank.
(iii) On September 20, 2018, Banco Santander México, issued and placed equity instruments, subordinated, preferential, and not convertible into shares, governed by foreign law, representative of the complementary part of the net capital of Banco Santander Mexico (Tier 2 subordinated preferred capital notes), for the amount of 1,300 million American dollars (the “Instruments”), whose resources were used mainly for the acquisition of the 94.07% of the Subordinated Notes 2013.
The amount issued of 1,300 million American dollars covers in full the sum of the repurchase of the Subordinated Notes 2013, for 1,222,907,000 American dollars.
Regarding the acquisition of the Subordinated Notes 2013: (a) the acquired total amount was 1,222,907,000 American dollars (nominal value), at a price of 1,010.50 American dollars and (b) the amount acquired by Banco Santander, S.A., was a nominal 1,078,094,000 American dollars.
In connection with the issuance of the Instruments, the total amount distributed with Banco Santander, S.A. (Spain), was 75% of such issuance; that is, the placed amount was 975 million.
Therefore, the Bank’s General Extraordinary Shareholder´s Meeting held on September 10, 2018, among other subjects, approved to ratify the issuance limit for up to 6,500 million and a term of 15 years, senior or subordinate, in local and/or international markets, instrumented individually or through issuance programs, which was previously authorized by the Board of Directors on its meeting held on April 26, 2018. Likewise, such meeting approved the issuance of Tier 2 preferred subordinated debt for an amount of 1,300 million American dollars.

On January 30, 2019, Banco Santander México paid off the total remaining due amount of the Subordinated Notes 2013.
On April 17th., 2020, Banco Santander Mexico issued an international Senior Note, due on five years in the global market, on the amount of 1,750 million dollars, with a rate of 5.375 per cent, whereas the demand exceeded three times the placed amount. The due date of such notes will be April 17th, 2025.
On June 15th., 2020, the Bank’s Shareholders' Meeting was held, which approved to increase the debt securities issuance in order to be settled in the amount of 10,000 million American dollars, to be used considering the following, among others: i) issuance of debt securities in local and international markets; ii) senior or subordinated debt, including in both cases preferred and not preferred securities, and debt securities classified as capital on a regulatory point of view. The Board of Directors on its meeting held on June 18th., 2020, ratified the 10,000 million American dollars limit approved by the above mentioned Shareholders Meeting.

On April 20, 2021, a General Extraordinary Shareholders' Meeting of Banco Santander México was held, where among other issues, it was approved that the Bank may issue subordinated non preferential perpetual and convertible capital notes, to be placed abroad, in accordance with the Banco de Mexico authorization.

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On September 15, 2021, Banco Santander Mexico issued abroad the “Perpetual Subordinated Non-Preferred Contingent Convertible Additional Tier 1 Notes”, up to an amount of 700 million American dollars. On the same date, the Bank paid the “2016 Obligations” issued by the Bank, on a fixed initial rate of 4.625% up to an amount of 700 million American dollars.
On January 25, 2024, the Bank’s Board of Directors approved, among others, the issuance of preferred subordinated Notes Tier 2 abroad, up to 1,500 million American dollars. Subsequently, the General Shareholders Meeting dated February 27, 2024, approved the issuance of capital instruments as part of the complementary capital (TIER 2), to be placed abroad, up to an amount of 1,030 million American dollars (900 million American dollars were effectively placed).

On October 17, 2024, the Bank’s Board of Directors approved, among others, the issuance of a Senior Note abroad up to an amount of 700 million American dollars.
e) Specific circumstances restricting the availability of reserves.
According to the Law of Financial Institutions, general dispositions applicable to financial institutions, General Corporations law and the bylaws, the Bank has to constitute or increase its capital reserves to ensure the solvency to protect the payments system and the public savings.
The Bank increases its legal reserve annually accordingly to the results obtained in the fiscal year (benefits).
The Bank must constitute the different reserves established in the legal provisions applicable to financial institutions, which are determined accordingly to the qualification granted to credits and they are released when the credit rating improves, or when it is settled.
f) Entities outside the Group which own, directly or through subsidiaries, a stake equal to or greater than 10% of the equity.
Not applicable.
g) Equity instruments admitted to trading.
Not applicable.
6. Banco Santander Totta, S.A
a) Number of equity instruments held by the Group
The Group holds 1,391,248,074 ordinary shares through its subsidiaries: Santander Totta, SGPS, S.A. with 1,376,219,267 shares, Taxagest Sociedade Gestora de Participações Sociais, S.A. with 14,593,315 shares, and Banco Santander Totta, S.A. with 435,492 treasury shares, all of which have a par value of EUR 1 each and identical voting and dividend rights and are subscribed and paid in full.
b) Capital increases in progress
At 31 December 2024, there were no equity increases in progress.
c) Capital authorised by the shareholders at the general meeting
Not applicable.
d) Rights on founder’s shares, “rights” bonds, convertible debentures and similar securities or rights
Not applicable.
e) Specific circumstances that restrict the availability of reserves
Under Article 296 of the Portuguese Companies’ Code, the legal and merger reserves can only be used to offset losses or to increase capital.
Non-current asset revaluation reserves are regulated by Decree- Law 31/98, under which losses can be offset or capital increased by the amounts for which the underlying asset is depreciated, amortised or sold.
f) Non-Group entities which hold, directly or through subsidiaries, 10% or more of equity
Not applicable.
g) Equity instruments
Not applicable.
7. Santander Consumer Bank AG
a) Number of financial equity instruments held by the Group
At 31 December 2024, through Santander Consumer Holding GmbH, the Group held 30,002 ordinary shares with a par value of EUR 1,000 each, all of which carry the same voting rights.
b) Capital increases in progress
Not applicable.
c) Capital authorised by the shareholders at the general meeting
Not applicable.
d) Rights on founder’s shares, “rights” bonds, convertible debentures and similar securities or rights
Not applicable.
e) Specific circumstances that restrict the availability of reserves
Not applicable.
f) Non-Group entities which hold, directly or through subsidiaries, 10% or more of equity
Not applicable.
g) Quoted equity instruments
Not applicable.
8. Banco Santander - Chile
a) Number of equity instruments held by the Group
The Group holds a 67.18% ownership interest in its subsidiary in Chile corresponding to 126,593,017,845 ordinary shares of Banco Santander - Chile through its subsidiaries: Santander Chile Holding S.A. with 66,822,519,695 ordinary shares, Teatinos Siglo XXI Inversiones S.A., with 59,770,481,573 ordinary shares and Santander Inversiones S.A. with 16,577 fully subscribed and paid ordinary shares that carry the same voting and dividend rights.
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b) Capital increases in progress
At 31 December 2024, there were no approved capital increases.
c) Capital authorised by the shareholders at the general meeting
Share capital at 31 December 2024 amounted to CLP 891,302,881,691.
d) Rights on founder’s shares, “rights” bonds, convertible debentures and similar securities or rights
Not applicable.
e) Specific circumstances that restrict the availability of reserves
Remittances to foreign investors in relation to investments made under the Statute of Foreign Investment (Decree-Law 600/1974) and the amendments thereto require the prior authorisation of the foreign investment promotion agency.
f) Non-Group entities which hold, directly or through subsidiaries, 10% or more of equity
Not applicable.
g) Quoted equity instruments
All the shares are listed on the Chilean stock exchanges and, through American Depositary Receipts (ADRs), on the New York Stock Exchange (NYSE).
9. Santander Bank Polska S.A.
a) Number of financial equity instruments held by the Group
At 31 December, 2024, Banco Santander, S.A. held 63,560,774 ordinary shares with a par value of PLN 10 each, all of which carry the same voting rights.
On 13 September 2024, Banco Santander sold 5,320,000 shares held in Santander Bank Polska S.A. (ca. 5.2% of the in share capital).
b) Capital increases in progress
At 31 December, 2024, there were no equity increases in progress.
c) Capital authorised by the shareholders at the general meeting
There was no share capital increase in 2024.
d) Rights on founder’s shares, “rights” bonds, convertible debentures and similar securities or rights
Not applicable.
e) Specific circumstances that restrict the availability of reserves
Not applicable.
f) Non-Group entities, which hold, directly or through subsidiaries, 10% or more of equity
Not applicable.
g) Quoted equity instruments
All the shares of Santander Bank Polska S.A. are listed on the Warsaw Stock Exchange.

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Appendix VI
Annual banking report
Grupo Santander’s total tax contribution (taxes incurred directly and by third parties, generated in the course of business) is around EUR 22.5 billion, including more than EUR 10.9 billion in taxes incurred directly (corporate income tax, non-recoverable value added tax (VAT) and other indirect taxes, employer Social Security contributions, payroll taxes and other taxes and levies).
This report complies with Article 89 of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, and its transposition into Spanish law pursuant to Article 87 of Act 10/2014 of 26 June on the regulation, supervision and capital adequacy of credit institutions.
The criteria used to prepare this report were:
a) Name(s), activities and location
Appendices I to III to the consolidated financial statements contain details of the companies operating in each jurisdiction, including their name(s), location and activities.
Santander main activity in the jurisdictions where operate is commercial banking. The Group primarily operates in ten markets through subsidiaries that are autonomous in capital and liquidity. This has clear strategic and regulatory advantages, since it limits the risk of contagion between units, imposes a double layer of global and local oversight, and facilitates crisis management and resolution.
b) Turnover and profit or loss before tax
Turnover in this report is Total income, and profit or loss before tax, Operating profit/(loss) before tax, both as defined and presented in the consolidated income statement that forms part of the consolidated financial statements.
c) Number of full-time equivalent employees
The data on full-time equivalent employees stem from the average headcount of each jurisdiction.
d) Tax on profit or loss
In the absence of specific criteria, we have included the amount effectively paid (EUR 5,880 million in 2024, with an effective tax rate of 30.9%) in respect of taxes whose effect is recognized under Income tax in the consolidated income statement.
Taxes effectively paid by the companies in each jurisdiction include:
•Supplementary payments relating to income tax returns, usually for prior years.
•Advances, prepayments, withholdings made or borne in respect of tax on profit or loss for the year. We included taxes borne abroad in the jurisdiction of the company that bore them.
•Refunds received with respect to prior years’ returns.
•Where appropriate, the amount payable from assessments and litigation relating to these taxes.
The foregoing form part of the cash flow statement and differ from the corporate income tax expense recognized in the consolidated income statement (EUR 5,283 million in 2024, representing an effective rate of 27.8%, see note 27). This is because each country’s tax regulations establish:
•when taxes must be paid. There is often a mismatch between the payment dates and the generation of the income bearing the tax.
•their own calculation criteria to define temporary or permanent restrictions on expense deduction, exemptions and relief or deferrals of certain income, generating the differences between the accounting profit (or loss) and taxable profit (or tax loss) which is ultimately taxed; tax loss carry forwards from prior years, tax credits and/or relief, etc., must also be added. In certain cases, special regimes such as the tax consolidation of companies in the same jurisdiction are established.
e) Public subsidies
In the context of the legally-required disclosures, this was interpreted as any aid or subsidy in line with the European Commission’s Guidance on the notion of State aid. Grupo Santander did not receive significant public subsidies in 2024.

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The breakdown of information is as follows:
2024
Jurisdiction
Turnover (EUR million)Full-time equivalent employeesGross profit or loss before tax (EUR million)Tax on profit or loss (EUR million)
Germany1,643 5,268 126 238 
Argentina 2,465 8,217 823 258 
Australia8 58 2 — 
Austria224 318 84 20 
Bahamas43 26 36 — 
Belgium108 249 49 7 
Brazil112,725 57,191 3,016 1,213 
Canada76 296 (12)1 
Chile 2,552 9,306 1,107 326 
China36 114 4 — 
Colombia128 1,190 23 24 
United Arab Emirates7 132 (15)— 
Spain211,915 35,457 3,954 533 
United States7,423 11,671 838 242 
Denmark163 242 65 18 
Finland96 163 37 11 
France806 1,003 395 149 
Greece13 48 2 — 
Hong Kong87 237 17 7 
India— 78 — — 
Ireland6 11 1 2 
Isle of Man50 93 32 3 
Italy658 1,305 221 51 
Jersey20 67 11 1 
Luxembourg630 32 616 221 
Mexico6,154 30,269 2,203 875 
Norway219 573 95 6 
Netherlands175 348 114 123 
Peru213 919 92 31 
Poland3,966 12,843 1,689 503 
Portugal 2,188 5,300 1,526 590 
United Kingdom6,017 21,039 1,525 347 
Romania7 25 5 — 
Singapore41 36 21 1 
Sweden157 343 39 21 
Switzerland206 409 31 5 
Uruguay651 1,541 255 53 
Consolidated Group Total61,876 206,417 19,027 5,880 

1.Including the information relating to a branch in the Cayman Islands, the profits of which are taxed in full in Brazil. The contribution of this branch profit before tax from continuing operations is EUR 443 million.
2.Includes the Corporate Centre.

At 31 December 2024, the Group’s return on assets (ROA) was 0.76%.
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GENERAL INFORMATION
Corporate information
Banco Santander, S.A. is a Spanish bank, incorporated as sociedad anónima in Spain and is the parent company of Grupo Santander. Banco Santander, S.A. operates under the commercial name Santander.
The Bank’s Legal Entity Identifier (LEI) is 5493006QMFDDMYWIAM13 and its Spanish tax identification number is A-39000013. The Bank is registered with the Companies Registry of Cantabria, and its Bylaws have been adapted to the Spanish Companies Act by means of the notarial deed instrument executed in Santander on 29 July 2011 before the notary Juan de Dios Valenzuela García, under number 1209 of his book and filed with the Companies Registry of Cantabria in volume 1006 of the archive, folio 28, page number S-1960, entry 2038.
The Bank is also registered in the Official registry of entities of Bank of Spain with code number 0049.
The Bank’s registered office is at:
Paseo de Pereda, 9-12
39004 Santander
Spain
The Bank’s principal executive offices are located at:
Santander Group City
Avda. de Cantabria s/n
28660 Boadilla del Monte
Madrid
Spain
Telephone: (+34) 91 259 65 20
Corporate history
The Bank was established in the city of Santander by public deed before the notary José Dou Martínez on 3 March 1856, which was later ratified and amended in part by a second public deed dated 21 March 1857 executed before the notary José María Olarán. The Bank commenced operations upon incorporation on 20 August 1857 and, according to article 4 of the Bylaws, its duration shall be for an indefinite period. It was transformed into a credit corporation (sociedad anónima de crédito) by public deed, executed before notary Ignacio Pérez, on 14 January 1875 and registered in the Companies Registry Book of the Government’s Trade Promotion Section in the province of Santander. The Bank amended its Bylaws to conform to the Spanish public companies act of 1989 by means of a public deed executed in Santander on 8 June 1992 before the notary José María de Prada Díez and recorded in his notarial record book under number 1316.
On 15 January 1999, the boards of directors of Santander and Banco Central Hispanoamericano, S.A. agreed to merge Banco Central Hispanoamericano, S.A. into Santander, and to change Banco Santander’s name to Banco Santander Central Hispano, S.A. The shareholders of Santander and Banco Central Hispanoamericano, S.A. approved the merger on 6 March 1999, at their respective general meetings and the merger became effective in April 1999.
The Bank’s general shareholders’ meeting held on 23 June 2007 approved the proposal to change back the name of the Bank to Banco Santander, S.A.
As indicated above, the Bank brought its Bylaws into line with the Spanish Companies Act by means of a public deed executed in Santander on 29 July 2011.
The Bank’s general shareholders’ meeting held on 22 March 2013 approved the merger by absorption of Banco Español de Crédito, S.A.
On 7 June 2017, Santander acquired the entire share capital of Banco Popular Español, S.A. in an auction in connection with a resolution plan adopted by the European Single Resolution Board (the European banking resolution authority) and executed by the FROB (the Spanish banking resolution authority) following a determination by the European Central Bank that Banco Popular was failing or likely to fail, in accordance with Regulation (EU) 806/2014 establishing a framework for the recovery and resolution of credit institutions and investment firms. On 24 April 2018, the Bank announced that the boards of directors of Banco Santander, S.A. and Banco Popular Español, S.A.U. had agreed to an absorption of Banco Popular by Banco Santander. The legal absorption was effective on 28 September 2018.
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Shareholder and investor relations
Santander Group City
Pereda, 2ª planta
Avda. de Cantabria, s/n
28660 Boadilla del Monte
Madrid
Spain
Telephone: (+34) 91 276 92 90
accionistas@santander.com
investor@gruposantander.com
Hard copies of the Bank’s annual report can be requested by shareholders free of charge at the address and phone number indicated above.

Customer service department
Apartado de Correos 35.250
28080 Madrid
santander_reclamaciones@gruposantander.es
Media enquiries
Santander Group City
Arrecife, 2ª planta
Avda. de Cantabria, s/n
28660 Boadilla del Monte
Madrid
Spain
Telephone: (+34) 91 289 52 11
comunicacion@gruposantander.com

Banking Ombudsman in Spain
(Defensor del cliente en España)
Mr José Luis Gómez-Dégano
Calle Raimundo Fernández Villaverde, 61
28003 Madrid
Telephone: (+34) 91 429 56 61
oficina@defensorcliente.es
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Part 2.


Supplemental information
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Supplemental information
Table of contents:
1.    Presentation of financial and other information
2.    Cautionary statement regarding forward-looking statements
3.    Selected financial data
4.    Risk factors
5.    Information on the company
Average balance sheets and interest rates
Other statistical disclosure requirements
6.    Supplement to the operating and financial review disclosure in the directors’ report
7.    Tabular disclosure of contractual obligations
8.    Employees
9.    Competition
10.    Supervision and regulation
11.    Shareholders remuneration
12.    The offer and listing
13.    Additional information
Memorandum and articles of association
Material contracts
Exchange controls
Taxation
Documents on display and other
Cybersecurity risk management
Insider trading policies
14.    Recent events
15.    Controls and procedures
16.    Corporate governance
17.    Exhibits
18.    Signature


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Supplemental information
1. Presentation of financial and other information
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. This Circular 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 2024, 31 December 2023 and 31 December 2022 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 annual report on Form 20-F complies with IFRS-IASB.
Our auditors, PricewaterhouseCoopers Auditores, S.L., an independent registered public accounting firm, have audited our consolidated financial statements in respect of the years ended 31 December 2024, 2023 and 2022, which were prepared in accordance with IFRS-IASB. See the audit report issued by PricewaterhouseCoopers Auditores, S.L., in Part 1 of this annual report on Form 20-F.
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 Part 1 of this annual report on Form 20-F are in Euros, which are denoted 'euro', 'euros', 'EUR' or '€' throughout this annual report. Also, throughout this annual report, 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 annual report refer to LTV ratios 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, customer guarantees and customer commitments granted divided by total risk (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, 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).








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Supplemental information
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 Part 1 of this annual report on Form 20-F. In addition, throughout this annual report on Form 20-F we make use of other alternative performance measures. See more information in sections '8. '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 this annual report on Form 20-F.

2. Cautionary statement regarding forward-looking statements
Banco Santander advises that this annual report on Form 20-F 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 'expect', 'project', 'anticipate', 'should', 'intend', 'probability', 'risk', 'VaR', 'RoRAC', 'RoRWA', 'TNAV', 'target', 'goal', 'objective', 'estimate', 'future', 'commitment', 'commit', 'focus', 'pledge' and similar expressions which are found throughout this annual report on Form 20-F. We include forward-looking statements throughout this annual report on Form 20-F, including but not limited to, the 'Operating and Financial Review and Prospects' and 'Quantitative Analysis About Market Risk' sections and the emissions and other climate-related performance data, statistics, metrics and/or targets. 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, 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', 'Consolidated directors’ report -Economic and financial review' in Part 1 of this annual report on Form 20-F, section 6.'Supplement to the operating and financial review disclosure in the directors’ report' and elsewhere in this annual report on Form 20-F, 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 the other areas where we have significant operations or investments;
•effects of wars and conflicts (including the wars in Ukraine and the Middle East) or the outbreak of public health emergencies on the global economy;
•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 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;
•a worsening of the economic environment in Spain, the UK, other European countries, the US, Brazil, other Latin American countries and the other areas where we have significant
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876
Supplemental information
operations or investments, and an increase in the volatility in the capital markets;
•the effects of a decline in real estate prices, particularly in Spain and the UK;
•the effects of results of UK political developments, including continued effects from 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;
•changes in competition and pricing environments;
•the inability to hedge some risks economically;
•changes in demographics, consumer spending, investment or saving habits;
•changes in energy prices;
•potential losses from early repayments on our loan and investment portfolios, declines in value of collateral securing our loan portfolio, and counterparty risk; and
•changes in competition and pricing environments as a result of the progressive adoption of the internet for conducting financial services and/or other factors.
Political and Governmental Factors
•political instability in Spain, the UK, other European countries, the US, Brazil, other Latin American countries and the other areas where we have significant operations or investments;
•changes in Spanish, UK, EU, US, Latin American, or other jurisdictions’ legislation, regulations or taxes, including changes in regulatory capital and liquidity requirements, especially in view of the UK exit from the EU; and
•increased regulation in response to financial crises.
Transaction and Commercial Factors
•damage to our reputation;
•acquisitions or restructurings of businesses that may not perform in accordance with our expectations and our ability to integrate successfully our acquisitions and related challenges that result from the inherent diversion of management’s focus and resources from other strategic opportunities and operational matters; 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 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 losses (e.g., failed internal or external processes, people and systems or liabilities derived from utilizing artificial intelligence);
•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, 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 annual report on Form 20-F speak only as of the date of this annual report. We do not undertake to update any forward-looking statement to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events.
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3. Selected financial data
Selected consolidated financial information
We have selected the following financial information from our consolidated financial statements. You should read this information in connection with, and it is qualified in its entirety by reference to, our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F.
From 1 January 2023, we apply retrospectively IFRS 17 'Insurance Contracts and amendments to IFRS 17' which did not have material impacts on our consolidated financial statements except for a balance sheet reclassification for an amount of approximately EUR 16 billion as of 31 December 2022 from a portfolio of products registered in 'Customer deposits' to 'Liabilities covered by insurance or reinsurance contracts'. See note 1.d to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F.
In the consolidated financial statements included in Part 1 of this annual report on Form 20-F we present our audited financial statements for the years 2024, 2023 and 2022.
Year ended 31 December,
BALANCE SHEET (EUR million)202420232022
Total assets1,837,081 1,797,062 1,734,659 
Loans and advances to customers1,054,069 1,036,349 1,036,004 
Customer deposits1,055,936 1,047,169 1,009,722 
Total customer funds (A)1,348,422 1,306,942 1,239,981 
Total equity107,327 104,241 97,585 
CAPITALIZATION (EUR million)
Shareholders' equity135,196 130,443 124,732 
Other comprehensive income(36,595)(35,020)(35,628)
Stockholders' equity (B)98,601 95,423 89,104 
Non-controlling interest (including net income of the period)8,726 8,818 8,481 
Total equity107,327 104,241 97,585 
Subordinated debt issued by Banco Santander, S.A. or issued by subsidiaries and guaranteed by Banco Santander, S.A., excluding preferred securities and preferred shares13,411 15,070 11,900 
Other Subordinated debt (C)12,370 6,559 5,930 
Preferred securities (D)9,821 9,081 7,898 
Preferred shares (D)211 202 198 
Total subordinated debt35,813 30,912 25,926 
Total capitalization and Indebtedness143,140 135,153 123,511 
Stockholders’ Equity per average share (B)6.36 5.90 5.29 
Stockholders’ Equity per share at period end (B)6.51 6.01 5.38 
INCOME STATEMENT (EUR million)
Interest income / (charges)46,668 43,261 38,619 
Total income61,876 57,423 52,117 
Net operating income (E)35,842 31,998 28,214 
Operating profit/(loss) before tax19,027 16,459 15,250 
Profit from continuing operations13,744 12,183 10,764 
Profit attributable to the Parent12,574 11,076 9,605 
PERFORMANCE
ROE (F)13.00 %11.91 %10.67 %
RoTE (G)16.27 %15.06 %13.37 %
ROA0.76 %0.69 %0.63 %
SOLVENCY RATIOS
Fully loaded CET1 (H)12.8 %12.3 %12.0 %
Phased-in CET1 (H)12.8 %12.3 %12.2 %
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CREDIT QUALITY DATA202420232022
Loans and advances to customers
Allowances for total balances as a percentage of total gross loans2.06 %2.15 %2.14 %
Credit impaired balances as a percentage of total gross loans (I)3.14 %3.22 %3.11 %
Allowances for total balances as a percentage of credit impaired balances (I)66 %67 %69 %
Net loan charge-offs as a percentage of total gross loans1.08 %1.16 %1.02 %
Ratios adding contingent liabilities to loans and advances to customers (J)
Allowances for total balances as a percentage of total loans and contingent liabilities1.97 %2.07 %2.08 %
Credit impaired balances as a percentage of total loans and contingent liabilities (K) (I)3.05 %3.14 %3.08 %
Allowances for total balances as a percentage of credit impaired balances (K) (I)65 %66 %68 %
Net loan and contingent liabilities charge-offs as a percentage of total loans and contingent liabilities1.00 %1.08 %0.96 %
MARKET CAPITALIZATION AND SHARES
Number of shareholders3,485,134 3,662,377 3,915,388 
Shares (millions)15,152 16,184 16,794 
Share price (EUR)4.465 — 2.803 
Market capitalization (EUR million)67,648 61,168 47,066 
Payout ratio (L)25 %25 %20 %
PER SHARE INFORMATION
Average number of shares (EUR thousands) (M)15,497,607 16,172,085 16,848,345 
Basic earnings per share (EUR)0.771 0.654 0.539 
Basic earnings per share continuing operation (EUR)0.771 0.654 0.539 
Diluted earnings per share (EUR)0.768 0.651 0.537 
Diluted earnings per share continuing operation (EUR)0.768 0.651 0.537 
Remuneration (EUR) (N)0.2100 0.1760 0.12 
Remuneration (US$) (N)0.2182 0.1945 0.13 
OPERATING DATA
Number of employees206,753 212,764 206,462 
Number of branches8,011 8,518 9,019 
(A)Total customer funds includes customer deposits, mutual funds, pension funds and managed portfolios. See notes 21 and 35 to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F.
(B)Equals the sum of the amounts included at the end of each year as 'Shareholders’ Equity' and 'Other comprehensive income' as stated in our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F. We have deducted the book value of treasury stock from stockholders’ equity.
(C)Other Subordinated debt includes issuances by subsidiaries not guaranteed by Banco Santander, S.A. excluding preferred securities and preferred shares.
(D)In our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F, preferred securities and preferred shares are included under 'Subordinated liabilities'.
(E)Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement. Net operating income equals the sum of 'Total income', 'Administrative expenses' and 'Depreciation and amortization' as stated in our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F.
(F)The Return on average stockholders’ equity ratio is calculated as profit attributable to the Parent divided by average stockholders’ equity.
(G)The Return on average tangible equity ratio (ROTE) is calculated as profit attributable to the Parent excluding goodwill impairment divided by the monthly average of: capital + reserves + retained earnings + other comprehensive income (excluding non-controlling interests) - goodwill - other intangible assets. We provide this non-GAAP financial measure as an additional measure to return on equity to provide a way to look at our performance which is closely aligned to our capital position.
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(EUR million, except percentages)
202420232022
Profit attributable to the parent12,574 11,076 9,605 
Profit attributable to the parent excluding goodwill impairment12,578 11,096 9,605 
Average equity96,744 93,035 89,986 
Effect of goodwill and other intangible assets(19,428)(19,361)(18,164)
Average tangible equity77,316 73,675 71,822 
Return on equity (ROE)13.00 %11.91 %10.67 %
Return on tangible equity (ROTE)16.27 %15.06 %13.37 %


(H)Fully-loaded CET1 ratios are calculated without application of the transitory IFRS 9 provisions nor the subsequent amendments introduced by Regulation 2020/873 of the European Union. The phased-in CET1 ratios reflect the application of the transitory provisions and subsequent amendments introduced by Regulation 2020/873 of the European Union.
(I)Reflects Bank of Spain classifications. These classifications differ from the classifications applied by US banks in reporting loans as non-accrual, past due, restructured and potential problem loans. See note 2 to our 'Consolidated financial statement' included in Part 1 of this annual report on Form 20-F.
(J)We disclose these ratios because our credit risk exposure comprises loans and advances to customers as well as contingent liabilities, all of which are subject to impairment and, therefore, allowances are taken in respect thereof.
(K)Credit impaired balances include credit impaired loans and advances, customer guarantees and customer commitments granted.
(L)The pay-out ratio is calculated as cash dividends paid plus cash dividends payable on account of the net attributable income of the period (i.e., in 2024, we include the 10 euro cent interim dividend paid in November 2024 and the 11 euro cent final dividend payable in May 2025) divided by profit attributable to the Parent. Therefore, it does not include in the numerator the amounts paid as scrip dividends or share buybacks. See note 4 to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F. The 50% underlying pay-out goal for 2024 indicated by the Group is calculated as total dividends charged to the net attributable income of the period (including around 50% of the total through share buybacks) divided by underlying attributable profit, and is subject to approval of the final dividend at the 2025 annual general shareholders' meeting (AGM) and completion of the Second 2024 Buyback Programme under the terms agreed by the board.
(M)Average number of shares is calculated on a monthly basis as the weighted average number of shares outstanding in the relevant year, net of treasury stock.
(N)
With regard to the remuneration policy against the 2022 earnings, the board continued the policy of allocating approximately 40% of the Group's underlying profit to shareholder remuneration, split in approximately equal parts in cash dividends and share buybacks.
Interim remuneration. On 27 September 2022, the board authorized the payment of an interim cash dividend against 2022 results of 5.83 euro cents per share (equivalent to approximately 20% of the Group's underlying profit in the first half 2022). The interim dividend was paid on 2 November 2022. The board also agreed to implement the First 2022 Buyback Programme worth approximately 979 million euros (approximately 20% of the Group's underlying profit in first half 2022) following the ECB approval on 17 November 2022. The First 2022 Buyback Programme was completed on 31 January 2023, and resulted in the acquisition of a total of 340,406,572 shares.
Final remuneration. On 27 February 2023, per the 2022 shareholder remuneration policy, the board of directors voted to: (i) submit a resolution at the 31 March 2023 AGM to approve a final cash dividend in the gross amount of 5.95 euro cents per share entitled to receive dividends (following the approval at the AGM, the dividend was paid on 2 May 2023); and (ii) implement a Second 2022 Buyback Programme worth 921 million euros, that commenced on 1 March 2023 and was completed on 21 April 2023, resulting in the acquisition of a total of 269,848,953 shares. After the above-mentioned actions, the shareholders' remuneration for 2022 amounted to 3,842 million euros (approximately 40% of the underlying profit in 2022) split in approximately equal parts in cash dividends (1,942 million euros) and share buybacks (1,900 million euros).
With regard to the remuneration policy against the 2023 earnings, the board followed a policy of allocating 50% of the Group’s reported profit, excluding non-cash, non-capital ratios impact items, to shareholder remuneration, distributed in approximately 50% in cash dividend and 50% in share buybacks.
Interim remuneration. On 26 September 2023, the board resolved to pay an interim cash dividend against the 2023 results of 8.10 euro cents per share entitled to the dividend (equivalent to approximately 25% of the Group's reported profit in the first half of 2023). The interim dividend was paid on 2 November 2023. The board also agreed to implement the First 2023 Buyback Programme worth approximately EUR 1,310 million (equivalent to approximately 25% of the Group's reported profit in the first half of 2023). The First 2023 Buyback Programme was completed on 25 January 2024, and resulted in the acquisition of a total of 358,567,487 shares.
Final remuneration. Under the 2023 shareholder remuneration policy, on 19 February 2024, the board of directors resolved to submit a resolution at the 22 March 2024 AGM to approve a final cash dividend in the gross amount of 9.50 euro cents per share entitled to dividends. Following the approval at the AGM, the dividend was paid from 2 May 2024. The board of directors also resolved to implement the Second 2023 Buyback Programme worth 1,459 million euros, which commenced on 20 February 2024 and was completed on 17 June 2024 resulting in the acquisition of a total of 331,305,000 shares. Once the above-mentioned actions were completed, total shareholder remuneration for 2023 amounted to 5,538 million euros (approximately 50% of the Group's reported profit in 2023), distributed in approximately 50% in cash dividend and 50% in share buybacks.
With regard to the remuneration policy against the 2024 earnings, the board continued the policy of allocating approximately 50% of the Group's underlying profit to shareholder remuneration, split in approximately equal parts in cash dividends and share buybacks.
Interim remuneration. On 24 September, the Board approved the payment of an interim cash dividend against the 2024 results of 10 euro cents per share (equivalent to approximately 25% of the Group's underlying profit in the first half of 2024). The interim dividend was paid on 2 November 2024. The board also approved the implementation of a share repurchase programme (the First 2024 Buyback Programme) worth approximately 1,525 million euros (equivalent to approximately 25% of the Group's underlying profit in the first half of 2024), which was completed on 4 December 2024, and resulted in the acquisition of a total of 341,781,250 shares.
Final remuneration. Under the 2024 shareholder remuneration policy, on 25 February 2025 the board resolved to implement the Second 2024 Buyback Programme worth approximately 1,587 million euros (equivalent to approximately 25% of the Group´s underlying profit in the second half of 2024), which will be completed on 27 June 2025. In addition, on 25 February 2025, the board of directors resolved to submit a resolution at the 2025 AGM to approve a final cash dividend in the gross amount of 11 euro cents per share entitled to dividends. If approved at the 2025 AGM, the dividend would be payable from 2 May 2025. Once the above-mentioned actions are completed, total shareholder remuneration for 2024 will total 6,293 million euros (approximately 50% of the Group underlying profit in 2024), distributed as approximately 50% in cash dividends (3,181 million euros) and 50% in share buybacks (3,112 million euros). These amounts have been estimated assuming that, as a consequence of the partial execution of the Second 2024 Buyback Programme, the number of outstanding shares entitled to a final cash dividend will be 14,988,884,075. Therefore, that amount may be higher if fewer shares than planned are acquired in the Second 2024 Buyback Programme; otherwise, it will be lower.
For more information see section 3.3.'Dividends and shareholder remuneration' in the 'Corporate governance' chapter included in Part 1 of this annual report on Form 20-F.


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Set forth below is a table showing our allowances for credit impaired balances broken down by various categories as disclosed and discussed throughout this annual report on Form 20-F:
EUR million
202420232022
Allowances refers to:
Allowances for total balances (A)22,835 23,490 23,418 
Allowances for contingent liabilities and commitments710 702 734 
Allowances for total balances (excluding contingent liabilities and commitments):22,125 22,788 22,684 
Other allowances (B)354 295 232 
Allowances for total balances (excluding contingent liabilities and commitments)22,479 23,083 22,916 
Of which:
Allowances for customers22,125 22,788 22,684 
Allowances for credit institutions and other financial assets5 9 6 
Allowances for Debt instruments349 286 226 
Allowances for Financial assets at amortised cost22,327 22,950 22,888 
Allowances for Financial assets at fair value through other comprehensive income152 133 28 
(A) Allowances for credit impaired loans and advances to customers, customer guarantees and customer commitments granted.
(B) Includes mainly allowances for debt instruments.
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4. Risk factors
Risk factor summary
1. Macro-economic and political risks
1.1 Our growth, asset quality and profitability, among others, may be adversely affected by a slowdown in one or more of the economies in which we operate and volatile macroeconomic and political conditions.
1.2 The continuance or escalation of the wars in Ukraine and the Middle East could materially affect our financial position and increase our operational risk.
1.3 The outbreak of highly contagious diseases or other public health emergencies, could materially and adversely impact our business, financial condition, liquidity and results of operations.
1.4 The UK’s withdrawal from the European Union has had and could continue to have a material adverse effect on our UK-based operations, financial condition and prospects.
2. Risks relating to our business
2.1 Legal, regulatory and compliance risks for our business model
2.1.1 We are exposed to risk of loss from legal and regulatory proceedings.
2.1.2 We are subject to extensive regulation and regulatory and governmental oversight which could adversely affect our business, operations and financial condition.
2.1.3 We are subject to potential action by any of our regulators or supervisors, particularly in response to customer complaints.
2.1.4 We are subject to review by tax authorities, and an incorrect interpretation by us of tax laws and regulations may have a material adverse effect on us.
2.1.5 We may not be able to detect or prevent money laundering and other financial crime activities fully or on a timely basis, which could expose us to additional liability and could have a material adverse effect on us.
2.1.6 Changes in taxes and other assessments may adversely affect us.
2.2 Credit risks
2.2.1 The credit quality of our loan portfolio may deteriorate, and our loan loss reserves could be insufficient to cover our loan losses, which could have a material adverse effect on us.
2.2.2 The value of the collateral securing our loans may decline and not be sufficient, and we may be unable to realize the full value of the collateral securing our loan portfolio.
2.2.3 We are subject to counterparty risk in our banking business.
2.3 Operational and technology risks
2.3.1 Any failure to improve or upgrade our information technology infrastructure and information management systems in an effective, timely and cost-effective manner, including in response to new or modified privacy, data protection and cybersecurity laws, rules and regulations, could have a material adverse effect on us.
2.3.2 Any failure or disruption of our operational processes or systems, or cyberattacks, data breaches, data losses and other security incidents with respect to our or our third-party vendors’ systems could adversely affect our business or reputation, and create significant legal, regulatory or financial exposure.
2.3.3 We rely on third parties and affiliates for important products and services.
2.3.4 We utilize artificial intelligence, which could expose us to liability or adversely affect our business.
2.4 Liquidity and funding risks
2.4.1 Liquidity and funding risks are inherent in our business and could have a material adverse effect on us.
2.4.2 Credit, market and liquidity risk may have an adverse effect on our credit ratings and our cost of funds. Any downgrade in our credit rating would likely increase our cost of funding, require us to post additional collateral or take other actions under some of our derivative and other contracts and adversely affect our interest margins and results of operations.
2.5 Market risks
2.5.1 Our financial results are constantly exposed to market risk. We are subject to fluctuations in interest rates and other market variables, which may materially and adversely affect us and our profitability.
2.5.2 We are subject to market, operational and other related risks associated with our derivative transactions that could have a material adverse effect on us.
2.5.3 Market conditions have resulted and could result in material changes to the estimated fair values of our financial assets. Negative fair value adjustments could have a material adverse effect on our operating results, financial condition and prospects.
2.6 Risks related to our industry
2.6.1 Goodwill impairments may be required in relation to acquired businesses.
2.6.2 Changes in our pension liabilities and obligations could have a material adverse effect on us.
2.6.3 We depend in part on dividends and other funds from subsidiaries.
2.6.4 Increased competition, including from non-traditional providers of banking services such as financial technology providers, and industry consolidation may adversely affect our results of operations.
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2.6.5 If we are unable to manage the growth of our operations, to integrate successfully our inorganic growth, or to execute successfully any of our strategic actions, this could have an adverse impact on our profitability.
2.7 Risk management
2.7.1 Failure to successfully implement and continue to improve our risk management policies, procedures and methods, including our credit risk management systems, could materially and adversely affect us, and we may be exposed to unidentified or unanticipated risks.
2.8 Model risk
2.8.1 We rely on models for many of our decisions. Their inaccurate or incorrect use could have a material adverse effect on us.
3. General risks
3.1 Risks related to our industry
3.1.1 Climate change can create transition risks, physical risks, and other risks that could adversely affect us.
3.1.2 The financial problems faced by our customers could adversely affect us.
3.1.3 Our ability to maintain our competitive position depends, in part, on the success of new products and services we offer our customers and on our ability to offer products and services that meet the customers’ needs during the whole life cycle of the products or services. Our failure to manage various risks we face as we develop new products and services could have a material adverse effect on us.
3.1.4 We rely on recruiting, retaining and developing appropriate senior management and skilled personnel.
3.1.5 Damage to our reputation could cause harm to our business prospects.
3.1.6 We engage in transactions with our subsidiaries or affiliates that others may not consider to be on an arm’s-length basis.
3.2 Reporting and control risks
3.2.1 Changes in accounting standards could impact reported earnings.
3.2.2 Our financial statements are based in part on assumptions and estimates which, if inaccurate, could cause material misstatement of the results of our operations and financial position.
3.2.3 Disclosure controls and procedures over financial and non-financial reporting may not prevent or detect all errors or acts of fraud.
3.3 Foreign private issuer and other risks
3.3.1 Our corporate disclosure may differ from disclosure regularly published by issuers of securities in other countries, including the United States (US).
3.3.2 Investors may find it difficult to enforce civil liabilities against us or our directors and officers.
3.3.3 As a holder of ADSs you will have different shareholders’ rights than do shareholders of companies incorporated in the US and certain other jurisdictions.
3.3.4 ADS holders may be subject to additional risks related to holding ADSs rather than shares.
1. Macro-economic and political risks
1.1 Our growth, asset quality and profitability, among others, may be adversely affected by a slowdown in one or more of the economies in which we operate and volatile macroeconomic and political conditions.
A slowdown or recession of one or more of the economies in which we operate could lead major financial institutions, including some of the world’s largest global commercial banks, investment banks, mortgage lenders, mortgage guarantors and insurance companies to experience significant difficulties, including runs on deposits, the need for government aid or assistance or the need to reduce or cease providing funding to borrowers (including to other financial institutions).
Volatile conditions in the global financial markets could also have a material adverse effect on us, including on our ability to access capital and liquidity on financial terms acceptable to us, if at all. If capital markets financing ceases to become available, or becomes excessively expensive, we may be forced to raise the rates we pay on deposits to attract more customers and become unable to maintain certain liability maturities. Any such increase in capital markets funding availability or costs or in deposit rates could have a material adverse effect on our interest margins and liquidity.
In particular, we face, among others, the following risks related to the economic downturn and volatile conditions:
•Reduced demand for our products and services.
•Increased regulation of our industry. Compliance with such regulation would likely continue to increase our costs and may affect the pricing for our products and services, increase our conduct and regulatory risks related to non-compliance and limit our ability to pursue business opportunities.
•Inability of our borrowers to timely or fully comply with their existing obligations. Macroeconomic shocks may negatively impact the income of our customers, both retail and corporate, and may adversely affect the recoverability of our loans, resulting in increased loan losses. 
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•The process we use to estimate losses inherent in our credit exposure requires complex judgements, including forecasts of economic conditions and how these economic conditions might impair the ability of our borrowers to repay their loans. The degree of uncertainty concerning economic conditions may adversely affect the accuracy of our estimates, which may, in turn, impact the reliability of the process and the sufficiency of our loan loss allowances.
•The value and liquidity of the portfolio of investment securities that we hold may be adversely affected.
The recoverability of our loan portfolios and our ability to increase the amount of loans outstanding and our results of operations and financial condition in general, are dependent to a significant extent on the level of economic activity in Europe (in particular, Spain and the United Kingdom (UK)), North America (in particular, Mexico and the US) and South America (in particular, Brazil). The credit quality of our loan portfolio may deteriorate as a result of these risks and our loan loss reserves could be insufficient to cover our loan losses, which could have a material adverse effect on us. See risk factor '2.2.1 The credit quality of our loan portfolio may deteriorate and our loan loss reserves could be insufficient to cover our loan losses, which could have a material adverse effect on us'.
In addition, we are exposed to sovereign debt in these regions. Our net exposure to sovereign debt at 31 December 2024 amounted to EUR 198,627 million (10.81% of our total assets at that date) of which the main exposures in the eurozone relate to Spain and Portugal with net exposure of EUR 56,293 million and EUR 7,652 million, respectively. In North America, the main exposures relate to Mexico and the US (EUR 21,642 million and EUR 24,926 million, respectively) and in South America to Brazil (EUR 26,641 million). For more information on our exposure to sovereign debt, see note 54.b) 4.4 to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F. Recessionary conditions in the economies of Europe, North America or some of the South American countries in which we operate, would likely have a significant adverse impact on our loan portfolio and sovereign debt holdings and, as a result, on our financial condition, cash flows and results of operations.
Our revenues are also subject to risk of deterioration from unfavourable political and diplomatic developments, social instability, international conflicts, and changes in governmental policies, including expropriation, nationalization, international ownership legislation, sanctions, interest-rate caps, fiscal and monetary policies globally.
For the year ending 31 December 2024, 48% of the underlying profit attributable to the Parent came from Europe (of which 27% was from Spain and 10% from the UK), 28% from South America (18% from Brazil), 20% from North America (8% from the US and 12% from Mexico) and 5% from the Digital Consumer Bank Europe segment. As of 31 December 2024, our total assets stood at 55% in Europe (29% in Spain and 18% in
the UK), 18% in South America (12% in Brazil), 17% in North America (12% in the US and 5% in Mexico) and 10% in the Digital Consumer Bank Europe segment.1
In particular, the main regions where we operate are subject to the following macroeconomic and political conditions, which could have a material adverse effect on our business, results of operations, financial condition and prospects:
•After a period of persistent high inflation throughout the world, particularly in Europe and the US, during 2023 and 2024 inflation slowly converged towards central banks' objectives allowing interest rates cuts during the second half of 2024. A return to periods of high inflation could result in higher operating costs, a decrease in the purchasing power of families with the consequent increase in delinquencies in our credit portfolios, and lower economic growth derived from the tightening of monetary and fiscal policies aimed at containing inflation, among other risks, any of which could have a material adverse effect on our operations, financial condition and prospects.
Among the risks that could negatively affect the economies and financial markets of the regions where we operate and lead to a slowdown of the global economy, recession, inflationary pressures and/or stagflation are (i) the continuance or escalation of the wars in Ukraine and the Middle East; (ii) increases in the prices of energy and other commodities; (iii) the breakdown of global supply chains; and (iv) the return to tight monetary and fiscal policies, including by rising interest costs.
•Scenarios of political tensions and instability throughout the world stemming from a variety of factors, such as heightened polarization and political fragmentation, may lead to shifting and unpredictable outcomes in political elections, legislative and policy-making efforts, social conditions and the global economy and to the progressive erosion of the rule of law in certain long-standing democracies. Furthermore, increasing public debt levels together with high interest costs may not be sustainable and could lead certain countries to have higher sovereign risk premia and sovereign debt crises. A deterioration of the global economic, political, social and financial environment, particularly in Europe and the Americas, could have a material adverse impact on the financial sector, affecting our operating results, financial position and prospects.
In particular, the risk of returning in Europe to a fragile and volatile environment, heightened political tensions or recession could be aggravated if, among others, (i) the German economy falls into recession due to reduced competitiveness of its industrial sector, (ii) the policies implemented to provide emergency assistance and support to Ukraine, to alleviate the consequences of the war in the European Union (EU) countries and to contain inflation do not succeed, (iii) the reforms aimed at improving the labour
1 Percentages calculated using as denominators the underlying profit of total operating areas (i.e., without considering the EUR (1,154) million underlying losses accounted for in the Corporate Center resulting from centralized management of the areas) and the total assets of total operating areas (i.e., without considering EUR 240,948 million total assets accounted for in the Corporate Center and without intra-group eliminations).
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market, productivity and competitiveness fail, (iv) the banking union and other measures of European integration do not take hold, or (v) anti-European groups become more widespread.
•The new presidential administration in the US has increased and is expected to continue increasing trade tariffs that could significantly reshape international trade relations and supply chains, potentially resulting in lower growth globally. Growing protectionism and trade tensions, such as the tensions between the US and China in recent years, could intensify, which could have a negative impact on the economies of the countries where we operate, and impact our operating results, financial condition and prospects.
•The shift of the global economy’s centre of gravity from the Atlantic to the Pacific and, more particularly, China's increasing relevance as a key trading partner and source of financing for Latin American economies, could negatively impact US and European banks, particularly those like us with limited presence in Asia, reducing our global market share and customer base and affecting our business, operating results, financial condition and prospects.
•Uncertain economic outlook for China could negatively affect the world economy and impact our operating results, financial condition and prospects.
•The economies of some of the countries where we operate, particularly in Latin America, face long-standing structural problems, including weaknesses in infrastructure, economic competitiveness and education, high levels of social inequality, rising inflation and increasing public debt levels and have experienced significant volatility in recent decades. This volatility resulted in fluctuations in the levels of deposits and in the relative economic strength of various segments of the economies to which we lend. In addition, some of the countries where we operate are particularly affected by commodities price fluctuations, which in turn may affect financial market conditions through exchange rate fluctuations, interest rate volatility and deposits volatility. In addition, we are exposed to variations in our net interest income or in the fair value of our assets and liabilities resulting from exchange rate fluctuations. Fiscal instability, political tensions and financial volatility, particularly in Brazil, Mexico, Chile and Argentina, could have a negative impact on the economy of these countries and may have a material adverse effect on us.
1.2 The continuance or escalation of the wars in Ukraine and the Middle East could materially affect our financial position and increase our operational risk.
On 24 February 2022, Russia launched a large-scale military action against Ukraine. The war in Ukraine has caused an ongoing humanitarian crisis in Europe as well as volatility in financial markets globally, heightened inflation, shortages and increases in the prices of energy, oil, gas and other commodities. The continuance or escalation of the war, including its extension to other countries in the region, has led to, and could continue to lead to further increases in energy, oil and gas prices (particularly if supplies to Europe are interrupted) and
inflationary pressures, which in turn could lead to increases in interest rates and market volatility. In addition, the war has exacerbated supply chain problems, particularly to those businesses most sensitive to rising energy prices. The war and its effects has exacerbated and could continue to exacerbate the slowdown in the global economy and could negatively affect the payment capacity of some of our customers, especially those with more exposure to the Russian or Ukrainian markets.
In response to the Russian military action against Ukraine, several countries, including the US, the EU member states, the UK and other UN member states, have imposed severe sanctions on Russia and Belarus, including freezing/blocking assets, targeting major Russian banks, the Russian Central Bank, and certain Russian companies and individuals, imposing trade restrictions against Russia and Russian interests, as well as the disconnection of certain Russian banks from the SWIFT system (Society for Worldwide Interbank Financial Telecommunication). In addition, the sanctions imposed also include a ban on trading in sovereign debt and other securities. The scale of sanctions is unprecedented, complex and rapidly evolving, and poses continuously increasing operational risk to the Group. Our corporate framework and policies are designed to ensure compliance with applicable laws, regulations and economic sanctions in the countries in which we operate, including US, UK, EU and UN economic sanctions. We cannot predict whether any of the countries in which we operate will enact additional economic sanctions or trade restrictions in response to the Russian military action against Ukraine. While we do not knowingly engage in direct or indirect dealings with sanctioned parties according to applicable sanctions, or in direct dealings with the sanctioned countries/territories, we may on occasion have indirect dealings within the sanctioned countries/territories, but aim to operate in line with applicable US, EU, UK and UN blocking and sectoral sanctions regulations.
Furthermore, the risk of cyberattacks on companies and institutions has increased and could increase even further as a result of the wars. Although we actively monitor for cyberattacks, there can be no assurance that our cybersecurity and data protection measures and defences will be effective at identifying, preventing, mitigating or remediating any such cyberattacks.
On 7 October 2023, Hamas launched an attack on Israel targeting Israeli civilians. In response, Israel declared war against Hamas, attacking Hamas targets in Gaza and the region. In 2024, in response to attacks from Lebanon and Iran, Israel attacked Lebanon targeting Hezbollah infrastructure and leaders and carried out airstrikes against Iranian military sites. The war, a further escalation of the conflict and any resulting conflicts in the region could exacerbate the ongoing humanitarian crisis and could lead to higher oil and gas prices, the imposition of sanctions, travel and import/export restrictions, further disruptions in supply chains, inflationary pressures and market volatility, among other potential consequences.
We do not have a physical presence in Russia and Ukraine and our physical presence in the Middle East is very limited. Further,
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our direct exposure to Russian, Ukrainian or Middle Eastern markets is not material. However, the impact of the wars and sanctions on global markets, macroeconomic conditions globally, and other potential future geopolitical tensions and consequences remain uncertain and may exacerbate our operational risk. Episodes of economic and market volatility and pressure on supply chains and inflation may continue to occur and could worsen if the wars persist or increase in severity. As a result, our businesses, results of operations and financial position could be adversely affected by any of these factors directly or indirectly arising from the wars in Ukraine and the Middle East.
1.3 The outbreak of highly contagious diseases or other public health emergencies, could materially and adversely impact our business, financial condition, liquidity and results of operations.
Although the World Health Organization declared an end to covid-19 as a public health emergency, the emergence of new covid-19 waves, of variants or strains resistant to existing or new vaccines, or of any other highly contagious diseases or other public health emergencies may force countries to re-adopt measures that restrict economic activity, may deteriorate the macroeconomic environment and may adversely impact our business and results of operations, which could include, but is not limited to (i) a continued decreased demand for our products and services; (ii) further material impairment of our loans and other assets including goodwill; (iii) decline in the value of collateral; (iv) constraints on our liquidity due to market conditions, exchange rates and customer withdrawal of deposits and continued draws on lines of credit; and (v) downgrades of our credit ratings. See risk factor '2.4.2 Credit, market and liquidity risk may have an adverse effect on our credit ratings and our cost of funds. Any downgrade in our credit rating would likely increase our cost of funding, require us to post additional collateral or take other actions under some of our derivative and other contracts and adversely affect our interest margins and results of operations'.
Moreover, our operations could be impacted by risks from remote work or bans on non-essential activities. If, as a result of any future public health emergencies, we become unable to successfully operate our business from remote locations including, for example, due to failures of our technology infrastructure, increased cybersecurity risks, or governmental restrictions that affect our operations, this could result in business disruptions that could have a material and adverse effect on our business.
The resurgence of covid-19 or other variants or strains, or any future outbreak of any other highly contagious diseases, or other public health emergencies may have adverse effects on our business, financial condition, liquidity and results of operations or cause other risks to us.
1.4 The UK’s withdrawal from the European Union could continue to have a material adverse effect on our UK-based operations, financial condition and prospects.
The UK ceased to be a member of the EU in 2020 and a limited trade deal was agreed between the UK and the EU with the
relevant new regulations coming into force on 1 January 2021. The trade deal, however, did not include agreements on certain areas such as financial services and data adequacy.
The Financial Services and Markets Act 2023 (FSMA 2023) established a framework for HM Treasury to revoke EU-derived financial services legislation and for it to be replaced by Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) rules. This process of revoking and replacing retained EU law may result in material changes to the UK regulatory regime and the impact of these regulatory developments and changes on Santander UK is difficult to predict.
In 2021, the EU Commission adopted an adequacy decision for the UK, allowing for the continued flow of personal data between the EU and the UK without additional safeguards or permissions. However, this decision came with an expiry date of 27 June 2025, if not renewed. If the EU Commission’s adequacy decision for the UK is not renewed, this could impact personal data flows from entities in the EU to Santander UK in the UK. In the event this occurs, it may result in additional costs to Santander UK in order to facilitate those data flows, to the extent those data flows are impacted, with the UK being subject to EU transfer rules as a non-adequate jurisdiction. For more information on cross-border transfers of personal data, see risk factor ‘2.1.2 We are subject to extensive regulation and regulatory and governmental oversight which could adversely affect our business, operations and financial conditions. – Privacy, data protection and cybersecurity’.
The continuing impact of Brexit on the wider UK economy could have a material adverse effect on Santander UK’s customers and counterparties and, consequently, on our operations, financial condition and prospects.
We considered these circumstances in our assessment of the recoverability of the cash-generating unit that supports Santander UK's goodwill, which was impaired in 2019 and 2020. There has been no impairment of Santander UK's goodwill since then. See note 17 to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F.
2. Risks relating to our business
2.1 Legal, regulatory and compliance risks for our business model
2.1.1 We are exposed to risk of loss from legal and regulatory proceedings.
We face risk of loss from legal and regulatory proceedings, including tax proceedings, that could subject us to monetary judgements, regulatory enforcement actions, fines and penalties. The current regulatory and tax enforcement environment in the jurisdictions in which we operate reflects an increased supervisory focus on enforcement, combined with uncertainty about the evolution of the regulatory regime, and may lead to material operational and compliance costs.
We are from time to time subject to regulatory investigations and civil and tax claims, and party to certain legal proceedings
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incidental to the normal course of our business, including, among others, in connection with conflicts of interest, lending and derivatives activities, relationships with our employees and other commercial, privacy, data protection, cybersecurity, tax or climate related matters. In view of the inherent difficulty of predicting the outcome of legal matters, particularly where the claimants seek very large or indeterminate damages, or where the cases present novel legal theories, involve a large number of parties, are in the early stages of investigation or discovery, or have common elements but require assessment of circumstances on a case-by-case basis, we cannot state with certainty what the eventual outcome of these pending matters will be or what the eventual loss, fines or penalties related to each pending matter may be, such as, for instance, in relation to the recent judgments rendered by the Spanish Supreme Court concerning revolving credit cards.
The amount of our reserves in respect of these matters, which considers the likelihood of future cash outflows associated with each of such claims, is substantially less than the total amount of the claims asserted against us, and, in light of the uncertainties involved in such claims and proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves currently accrued by us. As a result, the outcome of a particular matter may be material to our operating results for a particular period. As of 31 December 2024, we had provisions for taxes, other legal contingencies and other provisions for EUR 5,051 million. See more information in note 25.d) to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F.
For example, in Poland we are exposed to significant litigation in connection with CHF indexed and CHF denominated loans in which we are facing claims that those loans or clauses included in them are abusive. After the 15 June 2023 judgement rendered on this matter by the Court of Justice of the EU (CJEU), on 25 April 2024, the Polish Supreme Court issued a resolution regarding the CHF indexed and CHF denominated loans, in which it considered contract invalidation to be the primary consequence of finding abusive contractual clauses. At the same time, nine judges of the Polish Supreme Court declined to participate in the resolution raising questions of a constitutional nature and six judges submitted dissenting opinions mainly on issues related to the maintenance of the agreement after the elimination of abusive clauses.
Santander Bank Polska and Santander Consumer Bank Poland estimate legal risk using a model which considers different possible outcomes and regularly monitor court rulings on foreign currency loans to verify changes in case law practice, including the impact of the aforementioned Polish Supreme Court resolution on this case law. The Bank is reaching settlements with customers who have taken legal action as well as with those who have not yet decided to file a lawsuit. The settlement scenario is reflected in the model used to calculate provisions for legal risks.
As of 31 December 2024, Santander Bank Polska S.A. and Santander Consumer Bank S.A. maintained a portfolio of mortgages denominated in or indexed to CHF for an
approximate gross amount of PLN 5,173.7 million (EUR 1,210.1 million) and the total value of the adjustments to gross carrying amount in accordance with IFRS9 as well as the provisions recorded under IAS37, amount to PLN 6,592.0 million (EUR 1,541.9 million). The provisions and adjustments recorded are deemed sufficient to cover the risks associated with the legal claims against us. However, in the event that we are required to make higher payments than estimated, either with respect to existing or new claims, there could be a significant adverse effect on our results and financial situation.
As another example, 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 a number 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'). As indicated by the FCA, currently the deadline for finalising the FCA Review is May 2025. As a consequence of such FCA Review, the handling of these complaints has been currently paused until 4 December 2025. A claim has also been issued against SCUK, Santander UK plc and others in the Competition Appeal Tribunal (CAT), alleging that SCUK’s historical DCAs in respect of used car financing operated in breach of the Competition Act 1998. This is currently paused until the end of July 2025 connected to the outcome of the FCA Review.
On 25 October 2024, in a judicial proceeding brought against other financial entities, the Court of Appeal issued a judgment establishing certain criteria which, after the corresponding assessment by SCUK, has led it to recognise a provision of GBP 293 million (EUR 353.3 million) as of 31 December 2024, although the referred judgment has been appealed before the Supreme Court of the United Kingdom. This includes estimates for operational and legal costs (including litigation costs) reached after considering various scenarios which consider the differences and similarities between the cases in the referred judgment and SCUK’s situation, as well as the outcome of the Supreme Court appeal, the scope, nature and timeframe of any redress scheme, applicable time periods, claims, rates and compensatory interest rates.
The outcome of the FCA’s Review may be informed (i) by the judgment of the Court of Appeal handed down on 25 October 2024, as well as the anticipated judgment of the Supreme Court on appeal; and (ii) by the outcome of a judicial review of a final decision by the Financial Ombudsman Service (FOS) against another lender that was heard in October 2024. Judgment in this case was handed down in December 2024 and permission for leave to appeal to the Court of Appeal has been granted.
See note 25.e) to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F.
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2.1.2 We are subject to extensive regulation and regulatory and governmental oversight which could adversely affect our business, operations and financial condition.
As a financial institution, we are subject to extensive regulation, which materially affects our businesses. In Spain and the other jurisdictions where we operate, there is continuing political, competitive and regulatory scrutiny of the banking industry, including banking practices, products, services and pricing policies. Political involvement in the regulatory process, in the behaviour and governance of the banking sector and in the major financial institutions in which the local governments have a direct financial interest, and in their products and services and the prices and other terms they apply to them, is likely to continue. Accordingly, the statutes, regulations and policies to which we are subject may be changed at any time. In addition, the interpretation and the application by regulators of the laws and regulations to which we are subject may also change from time to time. Extensive legislation and regulation affecting the financial services industry has been adopted in regions that directly or indirectly affect our business, including Spain, the US, the EU, the UK, Latin America and other jurisdictions, and further regulations are in the process of being implemented. The manner in which those laws and related regulations are applied to the operations of financial institutions is continuously evolving. Moreover, to the extent these regulations are implemented inconsistently in the various jurisdictions in which we operate, we may face higher compliance costs. Any legislative or regulatory actions and any required changes to our business operations resulting from such legislation and regulations, as well as any deficiencies in our compliance with such legislation and regulation, could result in fines, significant loss of revenue, limit our ability to pursue business opportunities in which we might otherwise consider engaging, limit our ability to provide certain products and services, affect the value of assets that we hold, require us to increase our prices and therefore reduce demand for our products, impose additional compliance and other costs on us or otherwise adversely affect our businesses. In particular, legislative or regulatory actions resulting in enhanced prudential standards, in particular with respect to capital and liquidity, could impose a significant regulatory burden on us or on our subsidiaries and could limit the bank subsidiaries’ ability to distribute capital and liquidity to us, thereby negatively impacting us. Future liquidity standards could require us to maintain a greater proportion of assets in highly-liquid but lower-yielding financial instruments, which would negatively affect our net interest margin. Moreover, regulatory and supervisory authorities periodically review our allowance for loan losses. Such regulators and supervisors may recommend that we increase our allowance for loan losses or to recognize further losses. Any such additional provisions for loan losses, as recommended by these regulatory and supervisory agencies, whose views may differ from those of our management, could have an adverse effect on our earnings and financial condition. Accordingly, there can be no assurance that future changes in regulations or in their interpretation or application will not adversely affect us.
The wide range of regulations, actions and proposals which most significantly affect us, or which could most significantly
affect us in the future, relate to capital requirements, funding and liquidity and development of a fiscal and banking union in the EU, which are discussed in further detail below. Moreover, there is uncertainty regarding the future of financial reforms in the US and the impact that potential financial reform changes to the US banking system may have on ongoing international regulatory proposals. In general, regulatory reforms adopted or proposed in the wake of the financial crisis have increased and may continue to materially increase the Group's operating costs and negatively impact the Group's business model. Furthermore, regulatory authorities have substantial discretion in how to regulate banks, and this discretion, and the means available to the regulators, have been increasing during recent years. Regulation may be imposed on an ad hoc basis by governments and regulators in response to a crisis, and these may especially affect financial institutions such as us that are deemed to be a global systemically important institution (G-SII). The main regulations and regulatory and governmental oversight that can adversely impact us include but are not limited to the items below. See more details in section 10.'Supervision and regulation'.
Capital requirements, liquidity, funding and structural reform
Increasingly onerous capital requirements constitute one of our main regulatory challenges. Increasing capital requirements may adversely affect our profitability and create regulatory risk associated with the possibility of failure to maintain required capital levels. As a Spanish financial institution, we are subject to the Capital Requirements Regulation (Regulation (EU) No 575/2013) (CRR) and the Capital Requirements Directive (Directive 2013/36/EU) (CRD IV), through which the EU began implementing the Basel III capital reforms from 1 January 2014. While the CRD IV required national transposition, the CRR was directly applicable in all the EU member states. This regulation is complemented by several binding technical standards and guidelines issued by the European Banking Authority (EBA), directly applicable in all EU member states, without the need for national implementation measures. The implementation of the CRD IV into Spanish law took place through Royal Decree Law 14/2013 and Law 10/2014, Royal Decree 84/2015, of 13 February, implementing Law 10/2014 (Royal Decree 84/2015), Bank of Spain Circular 2/2014 and Bank of Spain Circular 2/2016.
On 27 October 2021, the European Commission published legislative proposals to amend CRR and the CRD IV, as well as a separate legislative proposal to amend CRR and BRRD in the area of resolution. In particular, the main objectives of the European Commission’s legislative proposals are to strengthen the risk-based capital framework, enhance the focus on environmental, social and governance (ESG) risks in the prudential framework, further harmonise supervisory powers and tools and reduce institutions´ administrative costs related to public disclosures and to improve access to institutions´ prudential data. Moreover, these legislative proposals include the following: (i) a directive of the European Parliament and of the Council amending CRD IV with respect to supervisory powers, sanctions, third-country branches, and environmental, social and governance risks, and amending BRRD; (ii) a
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regulation of the European Parliament and of the Council and its annex amending CRR with respect to requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor; and (iii) a regulation of the European Parliament and of the Council amending CRR and BRRD with respect to the prudential treatment of global systemically important institutions (G-SIIs) with a multiple point of entry resolution strategy and a methodology for the indirect subscription of instruments eligible for meeting the minimum requirement for own funds and eligible liabilities (the so-called 'daisy chains' proposal) (the CRR III Banking Package).
The European Parliament and the Council adopted on 19 October 2022 Regulation (EU) 2022/2036 amending CRR and BRRD, which partially started to apply on 14 November 2022. On 24 April 2024, the European Parliament voted to approve the amendments to the CRR and CRD IV proposed within the CRR III Banking Package. On 19 June 2024, Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending the CRR as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor (the CRR III) and Directive (EU) 2024/1619 of the European Parliament and of the Council of 31 May 2024 amending Directive 2013/36/EU as regards supervisory powers, sanctions, third-country branches, and environmental, social and governance risks (the CRD VI) were published in the Official Journal of the European Union. The CRR III is generally applicable from 1 January 2025 (with some exceptions). The CRD VI must be transposed into national law by member states by 10 January 2026, and the way it will be implemented may vary depending on the relevant member state.
In addition, on 18 April 2023, the European Commission adopted a legislative package proposal to adjust and strengthen the EU’s existing bank crisis management and deposit insurance framework (CMDI Proposal), which had been under development for some time and was accelerated in light of recent bank failures. The package contains further amendments to the BRRD, the SRM Regulation and Directive 2014/49/EU of the European Parliament and of the Council on deposit guarantee schemes, which aim at further preserving financial stability, protecting taxpayers and depositors, and supporting the real economy and its competitiveness. As of the date of this annual report there is a high degree of uncertainty with regards to the adjustments to the CMDI Proposal and when they will be finally implemented in the EU.
Capital requirements
Credit institutions, such as the Bank, are required, on a standalone and consolidated basis, to hold a minimum amount of regulatory capital of 8% of risk weighted assets (of which at least 4.5% must be Common Equity Tier 1 (CET1) capital and at least 6% must be Tier 1 capital). In addition to the minimum regulatory capital requirements, the CRD IV also introduced five capital buffer requirements that must be met with CET1 capital: (1) the capital conservation buffer for unexpected losses, requiring additional CET1 of up to 2.5% of total risk weighted assets; (2) the institution-specific counter-cyclical capital buffer (consisting of the weighted average of the counter-cyclical
capital buffer rates that apply in the jurisdictions where the relevant credit exposures are located), which may require as much as additional CET1 capital of 2.5% of total risk weighted assets or higher pursuant to the requirements set by the competent authority; (3) the G-SIIs buffer requiring additional CET1 which shall be not less than 1% of risk weighted assets; (4) the other systemically important institutions (O-SIIs) buffer, which may be as much as 2% of risk weighted assets; and (5) the CET1 systemic risk buffer to prevent systemic or macroprudential risks of at least 1% of risk weighted assets (to be set by the competent authority). Entities are required to comply with the 'combined buffer requirement' (broadly, the combination of the capital conservation buffer, the institution-specific counter-cyclical buffer and the higher of (depending on the institution) the systemic risk buffer, the G-SIIs buffer and the O-SII buffer, in each case as applicable to the institution). Under the CRD V, where an institution is subject to a systemic risk buffer, that buffer will be cumulative with the applicable G-SIIs buffer or the other systemically important institution buffer.
While the capital conservation buffer and the G-SII buffer are mandatory, the Bank of Spain has greater discretion in relation to the counter-cyclical capital buffer, the O-SII buffer and the systemic risks buffer. The European Central Bank (ECB) also has the ability to provide certain recommendations in this respect.
As of the date of this annual report, we are required to maintain a capital conservation buffer of additional CET1 capital of 2.5% of risk weighted assets, a G-SII / O-SII buffer of additional CET1 capital of 1.25% of risk weighted assets and a counter-cyclical capital buffer of additional CET1 capital of 0.3693% of risk weighted assets. Bank of Spain agreed on 1 October 2024 to raise the counter-cyclical buffer applicable to credit exposures in Spain to 0.5% for the fourth quarter of 2024.
Moreover, article 104 of the CRD IV, as implemented by Article 68 of Law 10/2014, and similarly Article 16 of Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions (the SSM Regulation), also contemplate that in addition to the minimum Pillar 1 capital requirements and any applicable capital buffer, supervisory authorities may impose further Pillar 2 capital requirements to cover other risks, including those risks incurred by the individual institutions due to their activities not considered to be fully captured by the minimum capital requirements under the CRD IV and CRR which should be set according to the specific situation of an institution excluding macroprudential or systemic risks, but including the risks incurred by individual institutions due to their activities (including those reflecting the impact of certain economic and market developments on the risk profile of an individual institution). This may result in the imposition of additional binding capital requirements on us and/or the Group pursuant to this Pillar 2 framework. Any failure by us and/or the Group to maintain its Pillar 1 minimum regulatory capital ratios and any Pillar 2 additional capital requirements or TLAC/MREL Requirements (as defined below) could result in administrative actions or sanctions (including restrictions on discretionary
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payments), which, in turn, may have a material adverse impact on our results of operations.
Additionally, in accordance with articles 104a and b of the CRD V, as implemented in Spain by article 69 and 69bis of Law 10/2014, the institutions specific Pillar 2 capital shall consist of two parts: the above mentioned Pillar 2 requirements and a Pillar 2 guidance. Pillar 2 guidance is not directly binding and a failure to meet Pillar 2 guidance does not automatically trigger legal action, even though the ECB expects banks to meet Pillar 2 guidance. Failure to comply with the Pillar 2 guidance is not relevant for the purposes of triggering the automatic restriction of the distribution and calculation of the 'Maximum Distributable Amount' but, in addition to certain other measures, competent authorities are entitled to impose further Pillar 2 capital requirements where an institution repeatedly fails to follow the Pillar 2 capital guidance previously imposed.
The ECB is required to carry out assessments under the CRD IV of the additional Pillar 2 capital requirements at least on an annual basis that may be imposed for each of the European banking institutions subject to the Single Supervisory Mechanism (the SSM) and accordingly requirements may change from year to year. Any additional capital requirement that may be imposed on us and/or the Group by the ECB pursuant to these assessments may require us and/or the Group to hold capital levels similar to, or higher than, those required under the full application of the CRD IV. There can be no assurance that the Group will be able to continue to maintain such capital ratios.
In addition to the above, the EBA published on 19 December 2014 its final guidelines for common procedures and methodologies in respect of its supervisory review and evaluation process, as revised on 18 March 2022 with the aim of implementing the amendments to the CRD V Directive and CRR II and promoting convergence towards best supervisory practices (SREP and the SREP EBA Guidelines). Included in this were the EBA's proposed guidelines for a common approach to determining the amount and composition of additional Pillar 2 capital requirements implemented on 1 January 2016. Under these guidelines, national supervisors must set a composition requirement for the Pillar 2 additional capital requirements to cover certain specified risks of at least 56% CET1 capital and at least 75% Tier 1 capital. Under Article 104(a) of CRD V (implemented into Spanish law by Article 94.6 of Royal Decree 84/2015), EU banks are now allowed to meet Pillar 2 requirements with these minimum proportions of CET1 capital and tier 1 capital.
The SREP EBA Guidelines also contemplate that national supervisors should not set additional capital requirements in respect of risks which are already covered by capital buffer requirements and/or additional macroprudential requirements; and, accordingly, the above 'combined buffer requirement' is in addition to the Pillar 1 and Pillar 2 capital requirements. Therefore, capital buffers would be the first layer of capital to be eroded pursuant to the applicable stacking order, as set out in the 'Opinion of the EBA on the interaction of Pillar 1, Pillar 2 and combined buffer requirements and restrictions on distributions' published on 16 December 2015. In this regard, under Article
141 of the CRD IV, member states of the EU must require that an institution that fails to meet the 'combined buffer requirement', be prohibited from paying any 'discretionary payments' (which are defined broadly by the CRD IV as payments relating to CET1, variable remuneration and discretionary pension benefits and distributions relating to Additional Tier 1 capital instruments), until it calculates its applicable restrictions and communicates them to the regulator. Thereafter, any such discretionary payments shall be subject to such restrictions. The restrictions shall be scaled according to the extent of the breach of the 'combined buffer requirement' and calculated as a percentage of the profits of the institution since the last distribution of profits or 'discretionary payment'. Such calculation shall result in a Maximum Distributable Amount in each relevant period. As an example, the scaling is such that in the bottom quartile of the 'combined buffer requirement', no 'discretionary distributions' will be permitted to be paid. Articles 43 to 49 of Law 10/2014 and Chapter II of Title II of Royal Decree 84/2015 implement the above provisions in Spain. In particular, Article 48 of Law 10/2014 and Articles 73 and 74 of Royal Decree 84/2014 deal with restrictions on distributions. Furthermore, pursuant to article 16bis of Law 11/2015 and article 48ter of Law 10/2014, the calculation of the Maximum Distributable Amount, as well as consequences of, and pending, such calculation could also take place as a result of the breach of MREL and a breach of the leverage ratio buffer requirement.
CRD V further clarifies that Pillar 2 requirements should be positioned in the relevant stacking order of own funds requirements above the Pillar 1 capital requirements and below the 'combined buffer requirement' or the leverage ratio buffer requirement, as applicable.
We announced on 11 December 2024 that we received the ECB's decision regarding prudential minimum capital requirements effective as of 1 January 2025, following the results of SREP. The ECB's decision maintains an unchanged Pillar 2 requirement (P2R) of 1.74% at a consolidated level of which at least 0.98% must be covered with CET1. Accordingly, the minimum CET1 and capital requirements as of 1 January 2025 are 9.67% and 13.93% on a consolidated basis, respectively. As of 31 December 2024, on a consolidated basis, our total capital ratio was 17.39% while our CET1 ratio was 12.78%. If we had not applied the transitory IFRS 9 provisions, nor the subsequent amendments introduced by Regulation 2020/873 of the EU, the fully-loaded CET1 ratio would have been 12.76%.
Although CRR and CRD V do not require disclosure of the Pillar 2 guidance, the Market Abuse Regulation (MAR) ESMA Guidelines on delay in the disclosure of inside information and interaction with prudential supervision, as amended on 5 January 2022, provide that Pillar 2 guidance may be inside information if, for example, the difference between the Pillar 2 guidance and the institution’s level of capital is not minor and is likely to involve a major reaction by the institution, such as a capital increase; or if the institution’s Pillar 2 guidance is not in line with market expectations. To the extent that Pillar 2 guidance constitutes inside information, it will need to be disclosed pursuant to the
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obligations applicable to the Bank contained in Regulation (EU) No 596/2014 of 16 April 2014, on market abuse.
In addition to the above, the CRR also contains a binding 3% Tier 1 leverage ratio (LR) requirement, and which institutions must meet in addition and separately to their risk-based requirements.
Moreover, article 92.1a of CRR includes a LR buffer for G-SIIs to be met with Tier 1 capital and set at 50% of the applicable risk weighted G-SIIs buffer and that is in force since 1 January 2023. Pursuant to Article 141b of the CRD IV and Article 48ter of Law 10/2014, G-SIIs are also obliged to determine their Maximum Distributable Amount and restrict discretionary payments where they do not meet the leverage ratio buffer requirement under Article 92.1a of CRR.
TLAC/MREL Requirements
Under article 92a of CRR, institutions such as the Bank that are identified as resolution entities and are G-SII shall satisfy the following requirements for own funds and eligible liabilities: (a) 18 per cent of risk weighted assets, and (b) 6.75 per cent of its leverage ratio exposure (the Pillar 1 TLAC/MREL Requirements for G-SIIs). On top of that, Article 45 of the BRRD provides that EU member states shall ensure that institutions meet, at all times, a MREL requirement (together, the TLAC/MREL Requirements). Therefore, institutions such as the Bank could be subject to an institution-specific MREL requirement, which may be higher than the Pillar 1 TLAC/MREL Requirements for G-SIIs.
According to new article 16.a) of the BRRD, any failure by an institution to meet the 'combined buffer requirement' when considered in addition to the applicable minimum TLAC/MREL Requirements is intended to be treated in a similar manner as a failure to meet the 'combined buffer requirement' on top of its minimum regulatory capital requirements (i.e. a resolution authority will have the power to impose restrictions or prohibitions on discretionary payments by the Bank). The referred article 16.a) of BRRD includes a potential nine-month grace period, whereby the resolution authority will assess on a monthly basis whether to exercise its powers, after such nine-month period the resolution authority is compelled to exercise its power to restrict discretionary payments (subject to certain limited exceptions). These restrictions were implemented in Spain by means of article 16bis of Law 11/2015.
On 24 June 2024 we announced that we received a formal notification from the Bank of Spain with our binding minimum MREL requirement, both total and subordinated, for the resolution group of Banco Santander at a sub-consolidated level, as determined by the SRB. The total MREL requirement, currently in effect, was set at 29.69% of the resolution group’s total risk weighted assets. The subordination requirement was set at 10.27%. The total MREL requirement that is in effect from 1 January 2025 is 32.39% (and 33.59% as from 24 June 2025) of the resolution group’s total risk weighted assets. The subordination requirement that is in effect from 1 January 2025 was set at 11.30% (and will be maintained as of 24 June 2025). Future requirements are subject to ongoing review by the resolution authority.
Additionally, the Basel Committee is currently in the process of reviewing and issuing recommendations in relation to risk asset weightings which may lead to increased regulatory scrutiny of risk asset weightings in the jurisdictions that are members of the Basel Committee.
Liquidity Requirements
In addition to the above, the Group shall also comply with the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR) requirements provided in CRR. As of 31 December 2024, the Group’s LCR was 153%, above the 100% minimum requirement. In relation to the NSFR, the institutions shall maintain from 28 June 2021 an NSFR (calculated in accordance with Title IV of the CRR) of at least 100%. As of 31 December 2024, the Group's NSFR was 126%, above the 100% minimum requirement.
In this regard, there can be no assurance that the application of the existing regulatory requirements, standards or recommendations will not require us to issue additional securities that qualify as own funds or eligible liabilities, to maintain a greater proportion of its assets in highly-liquid but lower-yielding financial instruments, to liquidate assets, to curtail business or to take any other actions, any of which may have a material adverse effect on the Group's business, results of operations and/or financial position.
EU fiscal and banking union
The project of achieving a European banking union was launched in the summer of 2012. Its main goal is to resume progress towards the European single market for financial services by restoring confidence in the European banking sector and ensuring the proper functioning of monetary policy in the eurozone.
The banking union is expected to be achieved through new harmonized banking rules (the single rulebook) and a new institutional framework with stronger systems for both banking supervision and resolution that will be managed at the European level. Its two main pillars are the SSM and the Single Resolution Mechanism (SRM).
The SSM (comprised by both the ECB and the national competent authorities) is designed to assist in making the banking sector more transparent, unified and safer. In accordance with the SSM Regulation, the ECB fully assumed its new supervisory responsibilities within the SSM, in particular direct supervision of the largest European banks (including us), on 4 November 2014.
The SSM represented a significant change in the approach to bank supervision at a European and global level, and resulted in the direct supervision by the ECB of the largest financial institutions, including us, and indirect supervision of around 3,500 financial institutions and is now one of the largest in the world in terms of assets under supervision. In the coming years, the SSM is expected to continue working on the establishment of a new supervisory culture importing best practices from the 19 national competent authorities that are part of the SSM and promoting a level playing field across participating EU member
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states. Several steps have already been taken in this regard such as the publication of the Supervisory Guidelines; the approval of the Regulation (EU) No 468/2014 of the ECB of 16 April 2014, establishing the framework for cooperation within the SSM between the ECB and national competent authorities and with national designated authorities (the SSM Framework Regulation); the approval of a Regulation (Regulation (EU) 2016/445 of the ECB of 14 March 2016 on the exercise of options and discretions available in Union law) and a set of guidelines on the application of CRR's national options and discretions, etc. In addition, the SSM is an extra cost for the financial institutions that are required to fund its operations through payment of supervisory fees.
The other main pillar of the EU banking union is the SRM, the main purpose of which is to ensure a prompt and coherent resolution of failing banks in Europe at minimum cost for the taxpayers and the real economy. The SRM Regulation establishes uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of the SRM and a Single Resolution Fund (SRF). Under the intergovernmental agreement (IGA) signed by 26 EU member states on 21 May 2014, contributions by banks raised at national level were transferred to the SRF. The new Single Resolution Board (SRB), which is the central decision-making body of the SRM, started operating on 1 January 2015 and has fully assumed its resolution powers on 1 January 2016. The SRB is responsible for managing the SRF and its mission is to ensure that credit institutions and other entities under its oversight, which face serious difficulties, are resolved effectively with minimal costs to taxpayers and the real economy. From that date onwards, the SRF is also in place, funded by contributions from European banks in accordance with the methodology approved by the Council of the EU. The Single Resolution Board communicated on 10 February 2025 that the SRF target level remains reached at the end of 2024 in a total amount of EUR 80 billion as of 31 December 2024, and would be used as a separate backstop only after an 8% bail-in of a bank's liabilities has been applied to cover capital shortfalls (in line with the BRRD).
In order to complete such banking union, a single deposit guarantee scheme is still needed, which may require a change to the existing European treaties. This is the subject of continued negotiation by European leaders to ensure further progress is made in European fiscal, economic and political integration.
Regulations adopted towards achieving a banking and/or fiscal union in the EU and decisions adopted by the ECB in its capacity as our main supervisory authority may have a material impact on our business, financial condition and results of operations.
Moreover, regulations adopted on structural measures to improve the resilience of EU credit institutions may have a material impact on our business, financial condition, results of operations and prospects. These regulations, if adopted, may
also cause us to invest significant management attention and resources to make any necessary changes.
Global Minimum Tax
On 22 December 2022, the European Commission approved Directive 2022/2523 ensuring a minimum effective tax rate for multinational enterprise groups and large domestic groups in the EU. The Directive follows closely the Pillar Two rules of the OECD Inclusive Framework on Base Erosion and Profit Shifting which apply to multinational groups with a turnover of more than EUR 750 million and entails a minimum tax of 15% calculated on adjusted accounting profit on a jurisdiction-by-jurisdiction basis. On 21 December 2024, the Spanish Official Gazette published Law 7/2024 that transposes the Directive and approves a domestic top-up tax from 2024. In other relevant countries where the Group is present, the regulation is enacted or substantially enacted (mainly in the UK and in EU countries). The impact of this new regulation in 2024 was not relevant to the Group, since the effective tax rates calculated under Pillar Two rules in most jurisdictions in which the Group operates are above 15%. However, the new regulations introduce significant administrative burdens.
Banking Reform in the UK
In accordance with the provisions of the Financial Services (Banking Reform) Act 2013, UK banking groups that hold significant retail deposits (more than £25 billion of 'core deposits'), including Santander UK, were required to separate or ‘ring-fence’ their retail banking activities from their wholesale banking activities by 1 January 2019.
Santander UK completed its ring-fencing plans in advance of the legislative deadline of 1 January 2019. However, given the complexity of the ring-fencing regulatory regime and the material impact on the way Santander UK conducts its business operations in the UK, there is a risk that Santander UK may be found to be in breach of one or more ring-fencing requirements. This might occur, for example, if prohibited business activities are found to be taking place within the ring-fence, mandated retail banking activities are found being carried on in a UK entity outside the ring-fenced part of the group or Santander UK breached a PRA ring-fencing rule. If Santander UK were found to be in breach of any of the ring-fencing requirements placed upon it under the ring-fencing regime, it could be subject to supervisory or enforcement action by the PRA, the consequences of which might include substantial financial penalties, imposition of a suspension or restriction on Santander UK’s activities in the UK or, in the most serious of cases, forced restructuring of the UK group, entitling the PRA (subject to the consent of the UK government) to require the sale of a Santander ring-fenced bank or other parts of the UK group. Following the publication of the final report of the Independent Panel on Ring-Fencing and Proprietary Trading on 15 March 2022, HM Treasury announced its intention to implement certain limited reforms to the ring-fencing regime, including (i) increasing the ring-fencing core deposit threshold from £25 billion to £35 billion, (ii) adding a new secondary 'trading assets' condition (exempting from the regime banks with trading assets which do not exceed 10% of Tier 1 capital), (iii) introducing a de-minimis threshold to allow ring-fenced banks to incur an
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exposure to relevant financial institutions (RFIs) of up to £100,000 per RFI at any one time, and allowing ring-fenced banks to establish operations outside of the UK or the EEA, have exposure to RFIs that qualify as small and medium-sized enterprises (SMEs), and (iv) undertaking a wider range of activities such as market standard trade finance activities or inflation swaps. These reforms entered into force on 4 February 2025 and may lead to further review or amendment of Santander UK’s operational and compliance arrangements in relation to the regime.
US significant regulation
The financial services industry continues to experience significant financial regulatory reform in the US, including from capital, leverage, funding, liquidity, and tax regulation, fiscal and monetary policies established by central banks and financial regulators, changes to global trade policies, and other legal and regulatory actions. Many of these reforms significantly affected and continue to affect our revenues, costs and organizational structure in the US and the scope of our permitted activities. We continue to monitor the changing political, tax and regulatory environment in the US. We believe that it is likely that there will be further material changes in the way major financial institutions like us are regulated in the US. Although it remains difficult to predict the exact impact these changes will have on our business, financial condition, results of operations and cash flows for a particular future period, further reforms could result in fines, loss of revenue, higher compliance costs, additional limits on our activities, constraints on our ability to enter into new businesses and other adverse effects on our businesses.
The full spectrum of risks that result from pending or future US financial services legislation or regulations cannot be fully known; however, such risks could be material and we could be materially and adversely affected by them. See section 10.'Supervision and regulation' for a summary of certain significant US financial regulations applicable to our business.
Enhanced prudential standards
As a large foreign banking organization ('FBO') with significant US operations, we are subject to enhanced prudential standards that require Banco Santander to, among other things, establish or designate a US intermediate holding company (an 'IHC') and to hold its entire ownership interest in substantially all of its US subsidiaries under such IHC. The Bank designated its wholly-owned subsidiary, Santander Holdings USA, as its US IHC. As a US IHC, Santander Holdings USA is subject to an enhanced supervision framework that includes enhanced risk-based and leverage capital requirements, liquidity requirements, risk management and governance requirements, stress-testing and capital planning requirements, and resolution planning requirements. Collectively, the enhanced prudential standards impose a significant regulatory burden on Santander Holdings USA, in particular with respect to capital and liquidity, which could limit its ability to distribute capital and liquidity to the Bank, thereby negatively affecting the Bank.
Banco Santander is classified as a Category IV FBO, and Santander Holdings USA is classified as a Category IV IHC, though this categorization may change depending on the scope
and composition of our activities. Category IV institutions are subject to the least exacting level of enhanced prudential standards. Both Banco Santander and Santander Holdings USA are now generally subject to less restrictive enhanced prudential standards and capital and liquidity requirements than under previously applicable regulations, as described in more detail in the relevant sections below. If the categorization for either firm changes, it would be subject to enhanced prudential standards tailored to its risk profile.
Resolution planning
We are required to prepare and submit periodically to the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) a plan, commonly called a living will (the 165(d) plan), for the orderly resolution of our subsidiaries and operations that are domiciled in the US in the event of future material financial distress or failure. We, on behalf of our insured depository institution (IDI) subsidiary, Santander Bank, N.A. (Santander Bank), must also submit a separate IDI resolution plan (IDI plan) to the FDIC. The 165(d) plan and the IDI plan require substantial effort, time and cost to prepare and are subject to review by the Federal Reserve Board and the FDIC, in the case of the 165(d) plan, and by the FDIC only, in the case of the IDI plan. If, after reviewing our 165(d) plan and any related re-submissions, the Federal Reserve Board and the FDIC jointly determine that we failed to cure identified deficiencies, they may jointly impose on our US operations more stringent capital, leverage or liquidity requirements, or restrictions on our growth, activities or operations, or even divestitures, which could have an adverse effect on our business. Banco Santander filed its most recent 165(d) plan on 30 June 2022, and its most recent IDI plan on 28 June 2018. As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act and following changes to applicable regulations, Banco Santander is now a triennial reduced filer that is required to submit its next 165(d) plan in the form of a reduced resolution plan by 1 July 2025. With respect to our IDI plan, the FDIC revised the IDI rule in June 2024. Under the final IDI rule, IDIs with USD 100 billion or more in assets that are not affiliates of U.S. global systemically important banking organizations, such as Santander Bank, are required to submit a full IDI plan every three years and, in years when the IDI does not submit a full IDI plan, it is required to submit a limited interim supplement. IDIs with more than USD 50 billion, but less than USD 100 billion, are not required to submit an IDI plan but instead, they are required to submit an informational filing intended to support the development of strategic options for resolution of the IDI by the FDIC. Santander Bank is required to submit a full IDI plan by 1 July 2025.
OTC derivatives regulation
Title VII of the Dodd-Frank Act amended the US Commodity Exchange Act and the Exchange Act, among other statutes, to establish an extensive framework for the regulation of over-the-counter (OTC) derivatives, including mandatory clearing of certain standardized OTC derivatives and the trading of such instruments through regulated trading venues, subject to exceptions, and transaction reporting. In addition, Title VII requires the registration of swap dealers and major swap participants with the Commodity Futures Trading Commission
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(CFTC) and of security-based swap dealers and major security-based swap participants with the SEC, and requires the CFTC and SEC to adopt regulations imposing capital, margin, business conduct, record keeping and other requirements on such entities. Banco Santander is registered as a non-US swap dealer with the CFTC and registered as a non-US security-based swap dealer with the SEC.
These rules, and similar rules being considered by regulators in other jurisdictions that may also apply to us, and the potential conflicts and inconsistencies between them, increase our costs for engaging in swaps and other derivatives activities and present compliance challenges.
Volcker Rule
Section 13 of Bank Holding Company Act and its implementing rules (collectively, the 'Volcker Rule') prohibits 'banking entities' from engaging in certain forms of proprietary trading or from sponsoring, or investing in 'covered funds,' in each case subject to certain exceptions. The Volcker Rule also limits the ability of banking entities and their affiliates to enter into certain transactions with covered funds with which they or their affiliates have certain relationships. Banking entities such as Banco Santander were required to bring their activities and investments into compliance with the requirements of the Volcker Rule by the end of the conformance period applicable to each requirement. Banco Santander has assessed how the Volcker Rule affects its businesses and subsidiaries, and has brought its activities into compliance. Banco Santander has adopted processes to establish, maintain, enforce, review and test the compliance program designed to achieve and maintain compliance with the Volcker Rule. The Volcker Rule contains exclusions and certain exemptions for market-making, hedging, underwriting, trading in US government and agency obligations and certain foreign government obligations, and trading solely outside the US, and also permits certain ownership interests in certain types of funds to be retained.
Banco Santander will continue to monitor Volcker Rule-related developments and assess their impact on its operations, as necessary.
US Capital, Liquidity and Related Requirements and Supervisory Actions
As a US IHC and bank holding company, Santander Holdings USA is subject to the US Basel III capital rules, which implement in the US the capital components of the Basel Committee’s international capital and liquidity standards known as Basel III. Under the Tailoring Rules, Santander Holdings USA is not subject to the liquidity coverage ratio (LCR) or the net stable funding ratio (NSFR) requirements, since it is a Category IV IHC with less than USD 50 billion in weighted short-term wholesale funding.
In July 2023, the US federal banking agencies proposed significant amendments to the Basel III capital rules (Basel III Endgame) that would apply to Santander Holdings USA and Santander Bank. Basel III Endgame generally would require Category I-IV banking organizations, including Santander Holdings USA and Santander, to calculate risk-weighted assets under both the current standardized approach and a new, more
risk sensitive, approach referred to as the 'Expanded Risk-Based Approach.' Total risk-weighted assets under the Expanded Risk-Based Approach would include standardized approaches for credit risk, operational risk and credit evaluation adjustment risk, as well as a new approach for market risk that would be based on internal models and standardized supervisory models. Under Basel III Endgame, Santander Holdings USA and Santander Bank would be subject to the lower of the two resulting capital ratios from the current standardized approach and the Expanded Risk-Based Approach. Due to the changing political environment in the US, it remains uncertain if or when the US federal banking agencies will finalize Basel III Endgame or any similar amendments to the US Basel III capital rules.
Banco Santander will continue to monitor developments related to Basel III Endgame and will assess the impacts of the proposal on its operations.
Total Loss-Absorbing Capacity and Long-Term Debt requirements
In addition to the above-mentioned capital and liquidity requirements, Santander Holdings USA is subject to the Federal Reserve Board’s final rule implementing the FSB’s international Total Loss Absorbing Capital (TLAC) standard, which establishes certain TLAC, long-term debt (LTD) and clean holding company requirements for US IHCs of non-US G-SIIs, including Santander Holdings USA. Santander Holdings USA is compliant with all applicable requirements. Compliance with the final TLAC rule has resulted in increased funding expenses for Santander Holdings USA and, indirectly, the Bank.
In August 2023, the US federal banking agencies released a proposal that would require certain US and foreign banking organizations to issue and maintain long-term debt and clean holding company requirements to improve resolvability (the Proposed LTD rule). The Proposed LTD rule would apply these requirements to IDIs with USD 100 billion or more in total consolidated assets (excluding IDIs of U.S. G-SIIs). Santander Bank's total consolidated assets have fluctuated above and below USD 100 billion and therefore Santander Bank may become subject to the Proposed LTD rule if the rule becomes final. Although Santander Holdings USA is already subject to TLAC, LTD and clean holding company requirements as an IHC of a non-US G-SII, the Proposed LTD rule may still affect Santander Holdings USA by, for example, reducing the amount of LTD with remaining maturities of less than two years that counts toward Santander Holdings USA’s TLAC requirement. Due to the changing political environment in the US, it remains uncertain if or when the US federal banking agencies will finalize the proposed LTD rule.
Banco Santander will continue to monitor developments related to the Proposed LTD Rule and will assess the impacts of the proposal on its operations.
Stress testing and capital planning
Certain of our US subsidiaries, including Santander Holdings USA, are subject to supervisory stress testing and capital planning requirements in the US. The Federal Reserve Board expects companies subject to stress testing and capital planning
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processes, such as Santander Holdings USA, to have sufficient capital to withstand a highly adverse operating environment and to be able to continue operations, maintain ready access to funding, meet obligations to creditors and counterparties, and serve as credit intermediaries. In addition, the Federal Reserve Board evaluates the planned capital actions of these bank holding companies, including planned capital distributions such as dividend payments or stock repurchases.
As a Category IV IHC under the Tailoring Rules, Santander Holdings USA is required to submit a capital plan to the Federal Reserve on an annual basis. Santander Holdings USA is also subject to supervisory stress testing on a two-year cycle. Banco Santander continues to evaluate planned capital actions in its annual capital plan and on an ongoing basis.
Under the Federal Reserve Board's Stress Capital Buffer ('SCB') rule, the Federal Reserve Board uses the results of its supervisory stress test and a firm's planned common dividends to establish the size of a firm’s SCB requirement, subject to a floor of 2.5 percent. Santander Holdings USA must maintain capital ratios above the sum of the minimum capital requirements and any applicable capital buffers, including the SCB, in order to avoid restrictions on the distribution of capital, including in the form of dividends or share repurchases. Santander Holdings USA’s SCB for the period between 1 October 2024 and 30 September 2025 is 3.5%, resulting in a total CET1 capital requirement of 8.0%. This amount could increase or decrease in future years based on the results of the Federal Reserve Board’s periodic supervisory stress tests and capital planning requirements applicable to Santander Holdings USA.
Single counterparty credit limits
The US operations of the Bank are subject to single counterparty credit limits, which impose percentage limitations on net credit exposures to individual counterparties (aggregated based on affiliation), generally as a percentage of tier 1 capital. Under the amendments to the US single counterparty credit limits rule made by the Tailoring Rules, Santander Holdings USA is not subject to the single counterparty credit limits rule at the IHC level. In addition, although the Bank remains subject to the US single counterparty credit limit rules with respect to its US operations, it has elected to use substituted compliance by certifying that it complies with its home-country single counterparty credit limits, instead of separately complying with the Federal Reserve Board's implementation of these requirements.
Other supervisory actions and restrictions on US activities
In addition to the foregoing, US bank regulatory agencies from time to time take supervisory actions under certain circumstances that restrict or limit a financial institution’s activities. In some instances, we are subject to significant legal restrictions on our ability to publicly disclose these actions or the full details of these actions. Furthermore, as part of the regular examination process, US banking regulators may advise our US banking subsidiaries to operate under various restrictions as a prudential matter. Currently, under the US Bank Holding Company Act, we and our US banking and bank holding
company subsidiaries may not be able to engage in certain categories of new activities in the US or acquire shares or control of other companies in the US. Any such actions or restrictions, if and in whatever manner imposed, could adversely affect our costs and revenues. Moreover, efforts to comply with non-public supervisory actions or restrictions could require material investments in additional resources and systems, as well as a significant commitment of managerial time and attention. As a result, such supervisory actions or restrictions could have a material adverse effect on our business and results of operations; and we may be subject to significant legal restrictions on our ability to publicly disclose these matters or the full details of these actions.
In addition to such confidential actions and restrictions, we may from time to time be subject to public supervisory actions in the US.
Anti-Money Laundering and economic sanctions
A major focus of US, UK and EU governmental policy relating to financial institutions is aimed at preventing money laundering and terrorist financing. In the US, the Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001 and the Anti-Money Laundering Act of 2021, contains provisions intended to detect and prevent the use of the US financial system for money laundering and terrorist financing activities. Under the Bank Secrecy Act, US financial institutions, including US branches and subsidiaries of non-US banks, are required to, among other things, maintain an anti-money laundering (AML) program, verify the identity of clients, identify and verify the beneficial owners of certain legal entity clients, conduct ongoing customer due diligence, monitor for and report suspicious transactions, report on cash transactions exceeding specified thresholds, and respond to requests for information by regulatory authorities and law enforcement agencies. The Financial Crimes Enforcement Network of the US Department of the Treasury and US federal and state bank regulatory agencies, as well as the US Department of Justice, have the authority to impose significant civil money penalties for violations of those requirements. Similar approaches to preventing money laundering exist in the UK and the EU through their own respective competent authorities on anti-money laundering/countering the financing of terrorism (AML/CFT).
There is also scrutiny of compliance with applicable US, UK and EU economic sanctions against certain foreign countries, governments, individuals and entities to counter threats to respective US, UK or EU national security, foreign policy, or the economy. In the US, economic sanctions are administered by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury. OFAC-administered sanctions take many different forms. For example, sanctions may include: (1) restrictions on US persons’ trade with or investment in a sanctioned country, including prohibitions against direct or indirect imports from and exports to a sanctioned country and prohibitions on US persons engaging in financial transactions relating to, making investments in, or providing investment-related advice or assistance to, a sanctioned country; and (2) blocking of assets of targeted governments or 'specially designated nationals,' by prohibiting transfers of property subject to US jurisdiction,
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including property in the possession or control of US persons. Blocked assets, such as property and bank deposits, cannot be paid out, withdrawn, set off or transferred in any manner without a license from OFAC. In addition, non-US persons can be liable for 'causing' a sanctions violation by a US person or can violate US sanctions by exporting services from the US to a sanctions target, for example by engaging in transactions with targets of US sanctions denominated in US dollars that clear through US financial institutions (including through US branches or subsidiaries of non-US banks). In addition, the US government has imposed various sanctions that prevent non-US persons, including non-US financial institutions, from engaging in certain activities undertaken outside the US and without the involvement of any US persons (secondary sanctions). If a non-US financial institution were determined to have engaged in activities targeted by certain US secondary sanctions, it could lose its ability to open or maintain correspondent or similar accounts with US financial institutions, among other potential consequences.
Failures to comply with applicable US, UK or EU AML laws or regulations or economic sanctions could have severe legal and reputational consequences, including significant civil and criminal penalties, and certain AML violations could result in a termination of banking licenses. The lack of certainty on possible requirements arising from any new AML laws or sanctions could pose risks given the possible penalties for financial crime compliance failings. If such penalties are incurred, then they could have a material adverse effect on our operations, financial condition and prospects. In addition, US regulators have taken actions against non-US bank holding companies requiring them to improve their oversight of their US subsidiaries’ Bank Secrecy Act programs and compliance. Further, US federal banking agencies are required, when reviewing bank and bank holding company acquisition or merger applications, to take into account the effectiveness of the AML compliance record of the applicant. See also section 10.'Supervision and Regulation'.
Privacy, data protection and cybersecurity
We receive, maintain, transmit, store and otherwise process proprietary, sensitive and confidential data, including public and non-public personal information of our customers, employees, counterparties and other third parties, including, but not limited to, personally identifiable information and personal financial information. The collection, sharing, use, retention, disclosure, protection, transfer and other processing of this information is governed by stringent federal, state, local and foreign laws, rules, regulations and standards, and the legal and regulatory framework for privacy, data protection and cybersecurity is in considerable flux and evolving rapidly. As privacy, data protection and cybersecurity risks for banking organizations and the broader financial system have significantly increased in recent years, privacy, data protection and cybersecurity issues have become the subject of increasing legislative and regulatory focus. Internationally, virtually every jurisdiction in which we operate has established its own privacy, data protection and cybersecurity legal and regulatory framework with which we must comply. For example, on 25 May 2018, the Regulation (EU) 2016/279 of the European Parliament and of the Council of 27 April 2016, on the protection of natural persons with regard to
the processing of personal data and on the free movement of such data (the General Data Protection Regulation or GDPR) became directly applicable in all member states of the EU. To align the Spanish legal regime with the GDPR, Spain enacted the Organic Law 3/2018, of 5 December, on Data Protection and the safeguarding of digital rights which repealed the Spanish Organic Law 15/1999, of 13 December, on Data Protection. Additionally, following the UK’s withdrawal from the EU, we also are subject to the UK General Data Protection Regulation (UK GDPR) (i.e., a version of the GDPR as implemented into UK law). Although a number of basic existing principles have remained the same, the GDPR and UK GDPR introduced extensive new obligations on both data controllers and processors, as well as rights for data subjects. The GDPR and UK GDPR, together with national legislation, regulations and guidelines of the EU member states governing the processing of personal data, impose strict obligations and restrictions on the ability to collect, use, retain, protect, disclose, transfer and otherwise process personal data. In particular, the GDPR and UK GDPR include obligations and restrictions concerning the security and confidentiality of personal data, such as obtaining consent from the individuals to whom the personal data relates for certain processing activities, using safeguards on transfers of personal data out of the EEA and the UK, respectively, and making notifications with respect to certain security breaches, among others. The GDPR and UK GDPR also impose significant fines and penalties for non-compliance of up to the higher of 4% of annual worldwide turnover or EUR 20 million (or GBP 17.5 million under the UK GDPR) and, for other specified infringements, fines and penalties of up to the higher of 2% of annual worldwide turnover or EUR 10 million (or GBP 8.7 million under UK GDPR). European data protection authorities have already imposed fines for GDPR violations up to, in some cases, hundreds of millions of euros. While the UK GDPR currently imposes substantially the same obligations as the GDPR, the UK GDPR will not automatically incorporate changes to the GDPR going forward (which would need to be specifically incorporated by the UK government). Moreover, the UK government has publicly announced plans to reform the UK GDPR in ways that, if formalized, are likely to deviate from the GDPR, all of which creates a risk of divergent parallel regimes and related uncertainty, along with the potential for increased compliance costs and risks for affected businesses.
The implementation of the GDPR, UK GDPR and other data protection regimes has required substantial amendments to our procedures and policies. The changes have impacted, and could further adversely impact, our business by increasing our operational and compliance costs. We expect the number of jurisdictions adopting their own privacy, data protection and cybersecurity laws to increase, which will likely require us to devote additional significant operational resources for our compliance efforts and incur additional significant expenses. This legal environment is also likely to increase our exposure to risk of claims alleging non-compliance with all applicable privacy, data protection and cybersecurity laws, rules, regulations and standards.
Recent legal developments in the EEA, including recent rulings from the Court of Justice of the European Union and from
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various EU member state data protection authorities, have created complexity and uncertainty regarding transfers of personal data from the EEA to the US and other so-called third countries outside the EEA. While we have taken steps to mitigate the impact on us, such as implementing the SCCs, the efficacy and longevity of these mechanisms remain uncertain. Although the UK currently has an adequacy decision from the European Commission, such that SCCs are not required for the transfer of personal data from the EEA to the UK, that decision will sunset on 27 June 2025 unless extended and it may be revoked in the future by the European Commission if the UK data protection regime is reformed in ways that deviate substantially from the GDPR. Adding further complexity for international data transfers, in March 2022, the UK adopted its own International Data Transfer Agreement for transfers of personal data out of the UK to so-called third countries, as well as an international data transfer addendum that can be used with the SCCs for the same purpose. Moreover, on 10 July 2023, the European Commission adopted an adequacy decision concluding that the US ensures an adequate level of protection for personal data transferred from the EEA to the US under the EU-U.S. Data Privacy Framework (followed on 12 October 2023, with the adoption of an adequacy decision in the UK for the UK-US Data Bridge). However, the adequacy decision does not foreclose, and is likely to face, future legal challenges and the ongoing legal uncertainty may increase our costs and our ability to efficiently process personal data from the EEA or the UK. In addition to the ongoing legal uncertainty with respect to data transfers from the EEA or the UK, additional costs may need to be incurred in order to implement necessary safeguards to comply with the GDPR and the UK GDPR and potential new rules and restrictions on the flow of data across borders could increase the cost and complexity of conducting business in some markets. If our policies and practices or those of our vendors are, or are perceived to be, insufficient, or if our users have concerns regarding the transfer of data from the EEA or the UK to the US, we could be subject to enforcement actions or investigations by individual EU or UK data protection authorities or lawsuits by private parties.
Additionally, the EU adopted Regulation (EU) 2022/2554, or the Digital Operational Resilience Act (DORA), in November 2022, which became effective from 17 January 2025. DORA, which applies as lex specialis for the financial sector regarding cybersecurity, aims to achieve a common level of digital operational resilience as well as consolidate and upgrade existing Information Communication Technologies (ICT) risk requirements that had been addressed separately in different regulations and directives, such as Directive (EU) 2022/2555 (otherwise known as the NIS 2 Directive). DORA establishes a set of uniform requirements for network and information systems security structured in five pillars: (i) ICT risk management and governance, (ii) ICT-related incident management, classification and reporting, (iii) digital operational resilience testing, (iv) management of third-party ICT risk, and (v) information and intelligence sharing.
In the US, there are numerous federal, state and local privacy, data protection and cybersecurity laws, rules, regulations and standards governing the collection, sharing, use, retention,
disclosure, protection, transfer and other processing of personal information, including federal and state data privacy laws, data breach notification laws and data disposal laws. For example, at the federal level, among other laws, rules, regulations and standards, we are subject to the Gramm-Leach-Bliley Act (GLBA), which requires financial institutions to, among other things, periodically disclose their privacy policies and practices relating to sharing non-public personal information and enables retail customers to opt out of our ability to share such personal information with unaffiliated third parties under certain circumstances. The GLBA also requires financial institutions to implement a comprehensive information security program that includes administrative, technical and physical safeguards to ensure the security and confidentiality of customer records and information.
Like other lenders, Santander Bank and other of our US subsidiaries also use credit bureau data in their underwriting activities, and the use of such data is regulated under the Fair Credit Reporting Act (FCRA). Santander Bank and our US subsidiaries are also subject to the rules and regulations promulgated under the authority of the Federal Trade Commission, which regulates unfair or deceptive acts or practices, including with respect to privacy, data protection and cybersecurity. Further, in the spring of 2022, federal banking regulators imposed a new cybersecurity-related notification rule that requires banking organizations to notify their primary federal regulator as soon as possible and within 36 hours of incidents that, among other things, have materially disrupted or degraded, or are reasonably likely to materially disrupt or degrade, the banking organization’s ability to deliver services to a material portion of its customer base, jeopardize the key viability of key operations of the banking organization, or impact the stability of the financial sector. The rule also imposes requirements on bank service providers to notify their affected banking organization customers of certain computer-security incidents. Moreover, the US Congress has recently considered, and is currently considering, various proposals for more comprehensive privacy, data protection and cybersecurity legislation, to which we and our US subsidiaries may be subject if passed. There has also been increasing regulatory scrutiny from the SEC with respect to adequately disclosing risks concerning privacy, data protection and cybersecurity, which increases the risk of investigations into the cybersecurity practices, and related disclosures, of companies within its jurisdiction, which at a minimum can result in distraction of management and diversion of resources for targeted businesses.
Privacy, data protection and cybersecurity are also areas of increasing state legislative focus, and states are increasingly proposing or enacting legislation that relates to privacy, data protection and cybersecurity. For example, the California Consumer Privacy Act, as amended by the California Privacy Rights Act (collectively, CCPA), gives California residents the right to, among other things, request disclosure of personal information collected about them, and whether that information has been sold or shared with others, the right to request deletion of personal information (subject to certain exceptions), the right to opt out of the sale of their personal information, and
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the right not to be discriminated against for exercising their rights. Other states where we do business, or may in the future do business, or from which we otherwise collect, or may in the future otherwise collect, personal information of residents have enacted, or are considering enacting, comprehensive privacy, data protection and cybersecurity laws that share similarities with the CCPA. These state statutes, and other similar state or federal laws that may be enacted in the future, may require us to modify our data processing practices and policies, incur substantial compliance-related costs and expenses, and otherwise suffer adverse impacts on our business. In addition, laws in all 50 US states generally require businesses to provide notice under certain circumstances to consumers whose personal information has been disclosed as a result of a data breach, and we may be required to report events related to privacy, data protection or cybersecurity issues, events where customer information may be compromised, unauthorized access to our systems and other security breaches, to affected individuals or the relevant regulatory authorities. These laws are not consistent, and compliance in the event of a widespread data breach is difficult and may be costly.
Additionally, our New York branch is supervised by the New York State Department of Financial Services (NYDFS). The NYDFS issued Cybersecurity Requirements for Financial Services Companies, which took effect in 2017 and was amended in November 2023, and which require banks, insurance companies and other financial services institutions regulated by the NYDFS to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New York State’s financial services industry. The cybersecurity regulation includes specific requirements for these institutions’ cybersecurity compliance programs and imposes an obligation to conduct ongoing, comprehensive risk assessments. Further, on an annual basis, each institution is required to submit a certification of compliance with these requirements.
Privacy, data protection and cybersecurity laws, rules, regulations and standards continue to evolve and may result in ever-increasing public scrutiny and escalating levels of enforcement and sanctions. We may become subject to new laws, rules, regulations or standards concerning privacy, data protection or cybersecurity, which could require us to incur significant additional costs and expenses in order to comply. While we have taken steps designed to mitigate the impact of risks and uncertainties in connection with applicable privacy, data protection and cybersecurity laws, rules, regulations and standards by implementing supplementary measures designed in accordance therewith, the efficacy and longevity of any steps we may take to mitigate their impact remain uncertain due to the fast-moving legal and regulatory environment. We could also be adversely affected if such new laws, rules, regulations or standards are adopted or if existing laws, rules, regulations or standards are modified or interpreted such that we are required to alter our systems, business practices, processes or privacy policies. If privacy, data protection or cybersecurity laws, rules, regulations or standards are implemented, interpreted or applied in a manner inconsistent with our current practices or policies, or if we fail to comply (or are perceived to have failed to comply) with applicable laws, rules, regulations and standards
relating to privacy, data protection and cybersecurity, we may be subject to substantial fines, civil or criminal penalties, costly litigation (including class actions), claims, proceedings, judgments, awards, penalties, sanctions, regulatory enforcement actions, government investigations or inquiries, or other adverse impacts, or be ordered to change our business practices, policies or systems in a manner that adversely impacts our operating results, any of which could have a material adverse effect on our operating results, financial condition and prospects.
For more information on privacy, data protection and cybersecurity laws, rules, regulations and standards, see section 10.'Supervision and regulation'.
Artificial intelligence (AI)
We utilize, and are continuing to explore further uses of, AI in connection with our business, products and services, including AI designed to enhance transaction monitoring and sanctions screening, improve customer experience and reduce operational risk. However, regulation of AI is rapidly evolving worldwide as legislators and regulators are increasingly focused on these powerful emerging technologies. The technologies underlying AI and its uses are subject to a variety of laws and regulations, including intellectual property, privacy, data protection, cybersecurity, consumer protection, competition, and equal opportunity laws, and are expected to be subject to increased regulation and new laws or new applications of existing laws and regulations. AI is the subject of ongoing review by various US governmental and regulatory agencies, and various US states and other foreign jurisdictions are applying, or are considering applying, their platform moderation, cybersecurity, and data protection laws and regulations to AI or are considering legal and regulatory frameworks for AI.
For example, in Europe, the EU’s Artificial Intelligence Act (AI Act) entered into force on August 1, 2024. The AI Act establishes, among other things, a risk-based governance framework for regulating AI systems operating in the EU market. This framework categorizes AI systems based on the risks associated with such AI systems’ intended purposes as creating “unacceptable”, “high”, “limited” or “minimal” risks. There is a risk that that our current or future AI-powered software or applications may be categorized as certain risk categories that may obligate us to comply with the applicable requirements of the AI Act, which may impose additional costs on us, increase our risk of liability, or adversely affect our business. For example, “high” risk AI systems are required, among other things, to implement and maintain certain risk and quality management systems, conduct certain conformity and risk assessments, use appropriate data governance and management practices, including in development and training, and meet certain standards related to testing, technical robustness, transparency, human oversight, and cybersecurity. Even if our current AI-powered software or applications are not categorized as “high” risk AI systems, we may be subject to additional transparency and other obligations for “limited” or “minimal” risk AI systems. The AI Act sets forth certain penalties, including fines of up to the greater of EUR 35 million or 7% of worldwide annual turnover for the prior year for violations
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related to offering prohibited AI systems or data governance, fines of up to the greater of EUR 15 million or 3% of worldwide annual turnover for the prior year for violations related to the requirements for “high” risk AI systems, and fines of up to the greater of EUR 7.5 million or 1.5% of worldwide annual turnover for the prior year for violations related to supplying incorrect, incomplete or misleading information to EU and member state authorities. This regulatory framework is expected to have a material impact on the way AI is regulated in the EU (and, potentially, globally), together with developing guidance and decisions in this area.
We may not be able to anticipate how to respond to these rapidly evolving laws and regulations, and we may need to expend resources to adjust our offerings in certain jurisdictions if the legal and regulatory frameworks are inconsistent across jurisdictions. Furthermore, because AI technology itself is highly complex and rapidly developing, it is not possible to predict all of the legal or regulatory risks that may arise relating to the use of AI. If laws and regulations relating to AI are implemented, interpreted or applied in a manner inconsistent with our current practices or policies, such laws and regulations may adversely affect our use of AI and our ability to provide and to improve our services, require additional compliance measures and changes to our operations and processes, result in increased compliance costs and potential increases in civil claims against us, any of which could adversely affect our operating results, financial condition and prospects.
2.1.3 We are subject to potential action by any of our regulators or supervisors, particularly in response to customer complaints.
As noted above, our business and operations are subject to increasingly significant rules and regulations that are required to conduct banking and financial services business. These apply to business operations, affect financial returns, include reserve and reporting requirements, and prudential and conduct of business regulations. These requirements are set by the relevant central banks and regulatory authorities that authorize, regulate and supervise us in the jurisdictions in which we operate.
In their supervisory roles, the regulators seek to maintain the safety and soundness of financial institutions with the aim of strengthening the protection of customers and the financial system. The supervisors’ continuing supervision of financial institutions is conducted through a variety of regulatory tools, including the collection of information by way of prudential returns, reports obtained from skilled persons, visits to firms and regular meetings with management to discuss issues such as performance, risk management and strategy. In general, these regulators have a more outcome-focused regulatory approach that involves more proactive enforcement and more punitive penalties for infringement. As a result, we face increased supervisory scrutiny (resulting in increasing internal compliance costs and supervision fees), and in the event of a breach of our regulatory obligations we are likely to face more stringent regulatory fines. Some of the regulators have been focusing intently on consumer protection and on conduct risk and could continue to do so. This has included a focus on the design and operation of products, the behaviour of customers
and the operation of markets. Such a focus could result, for example, in pricing regulations that could restrict our ability to charge certain levels of interest in credit transactions or in regulation that would prevent us from bundling products that we offer to our customers. Some of the laws in the relevant jurisdictions in which we operate, give the regulators the power to make temporary product intervention rules either to improve a firm’s systems and controls in relation to product design, product management and implementation, or to address problems identified with financial products. These problems may potentially cause significant detriment to consumers because of certain product features or governance flaws or distribution strategies. Such rules may prevent institutions from entering into product agreements with customers until such problems have been solved. Some of the regulatory regimes in the relevant jurisdictions in which we operate, require us to be in compliance across all aspects of our business, including the training, authorization and supervision of personnel, systems, processes and documentation. If we fail to comply with the relevant regulations, there would be a risk of an adverse impact on our business from sanctions, fines or other actions imposed by the regulatory authorities. Customers of financial services institutions, including our customers, may seek redress if they consider that they have suffered loss as a result of the mis-selling of a particular product, or through incorrect application of the terms and conditions of a particular product. Given the inherent unpredictability of litigation and the evolution of judgements by the relevant authorities, it is possible that an adverse outcome in some matters could harm our reputation or have a material adverse effect on our operating results, financial condition and prospects arising from any penalties imposed or compensation awarded, together with the costs of defending such an action, thereby reducing our profitability.
2.1.4 We are subject to review by tax authorities, and an incorrect interpretation by us of tax laws and regulations may have a material adverse effect on us.
The preparation of our tax returns requires the use of estimates and interpretations of complex tax laws and regulations and is subject to review by tax authorities. We are subject to the income tax laws of Spain and the other jurisdictions in which we operate. These tax laws are complex and subject to different interpretations by the taxpayer and relevant governmental tax authorities, which are sometimes subject to prolonged evaluation periods until a final resolution is reached. In establishing a provision for income tax expense and filing returns, we must make judgements and interpretations about the application of these inherently complex tax laws. If the judgement, estimates and assumptions we use in preparing our tax returns are subsequently found to be incorrect, there could be a material adverse effect on our results of operations. In some jurisdictions, the interpretations of the tax authorities are unpredictable and frequently involve litigation, which introduces further uncertainty and risk as to tax expense.
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2.1.5 We may not be able to detect or prevent money laundering and other financial crime activities fully or on a timely basis, which could expose us to additional liability and could have a material adverse effect on us.
We are required to comply with applicable AML/CFT, anti-bribery and corruption, sanctions and other laws and regulations (collectively, financial crime compliance (FCC) regulations). These laws and regulations require us, among other things, to conduct full customer due diligence (including sanctions and politically exposed person screening), keep our customer, account and transaction information up to date and have FCC policies and procedures in place detailing what is required from those responsible. We are also required to conduct FCC training for our employees and to report suspicious transactions and activity to appropriate law enforcement following full investigation by our local FCC team.
Financial crime continues to be the subject of enhanced regulatory scrutiny and supervision by regulators globally. AML/CFT, anti-bribery and corruption and sanctions laws and regulations are increasingly complex and detailed. Key standard-setting and regulatory bodies continue to provide guidelines to strengthen the interaction and cooperation between prudential and AML/CFT supervisors. Compliance with these laws and regulations requires automated systems, sophisticated monitoring and skilled compliance personnel.
We maintain updated policies and procedures aimed at detecting and preventing the use of our banking network for money laundering and other financial crime related activities. However, emerging technologies, such as cryptocurrencies and innovative payment methods, could limit our ability to track the movement of funds. Our ability to comply with the legal requirements depends on our ability to improve detection and reporting capabilities and reduce variation in control processes and oversight accountability. These require implementation and embedding within our business effective controls and monitoring, which in turn requires on-going changes to systems and operational activities. Financial crime is continually evolving and, as noted, is subject to increasingly stringent regulatory oversight and focus. This requires proactive and adaptable responses from us so that we are able to deter threats and criminality effectively. As a global bank, we are particularly exposed to this risk. Even known threats can never be fully eliminated, and there have been, and may in the future be, instances where we may be used by other parties to engage in money laundering and other illegal or improper activities. In addition, we rely heavily on our employees to assist us by spotting such activities and reporting them, and our employees have varying degrees of experience in recognizing criminal tactics and understanding the level of sophistication of criminal organizations. Where we outsource any of our customer due diligence, customer screening or anti financial crime operations, we remain responsible and accountable for full compliance and any breaches. If we are unable to apply the necessary scrutiny and oversight of third parties to whom we outsource certain tasks and processes, there remains a risk of regulatory breach.
If we are unable to comply fully with applicable laws, regulations and expectations, our regulators and relevant law
enforcement agencies have the ability and authority to impose significant fines and other penalties on us, including requiring a complete review of our business systems, day-to-day supervision by external consultants and ultimately the revocation of our banking license.
We have been, and may in the future be, subject to negative coverage in the media about us or our clients, including with respect to alleged conduct such as failure to detect and/or prevent any financial crime activities or comply with FCC regulations. Negative media coverage of this type about us, whether it has merit or not, could materially and adversely affect our reputation and perception among current and potential clients, investors, vendors, partners, regulators and other third parties, which in turn could have a material adverse effect on our operating results, financial condition and prospects as well as damage our customers’ and investors’ confidence and the market price of our securities.
The reputational damage to our business and global brand could be severe if we were found to have breached AML/CFT, anti-bribery and corruption or sanctions requirements. Our reputation could also suffer if we are unable to protect our customers’ bank products and services from being used by criminals for illegal or improper purposes.
In addition, while we review our relevant counterparties’ internal policies and procedures with respect to such matters, we expect our relevant counterparties to maintain and properly apply their own appropriate compliance procedures and internal policies. Such measures, procedures and internal policies may not be completely effective in preventing third parties from using our (and our relevant counterparties’) services as a conduit for illicit purposes (including illegal cash transactions) without our (and our relevant counterparties’) knowledge. If we are associated with, or even accused of being associated with, breaches of AML/CFT, anti-bribery and corruption or sanctions requirements, our reputation could suffer and/or we could become subject to fines, sanctions and/or legal enforcement (including being added to ‘watch lists' that would prohibit certain parties from engaging in transactions with us), any one of which could have a material adverse effect on our operating results, financial condition and prospects.
Any such risks could have a material adverse effect on our operating results, financial condition and prospects.
See also risk factor '2.1.2 We are subject to extensive regulation and regulatory and governmental oversight which could adversely affect our business, operations and financial condition - US Significant Regulation - Anti-Money Laundering and economic sanctions'.
2.1.6 Changes in taxes and other assessments may adversely affect us.
The legislatures and tax authorities in the tax jurisdictions in which we operate regularly enact reforms to the tax and other assessment regimes to which we and our customers are subject. Such reforms include changes in tax rates and, occasionally,
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enactment of temporary taxes, the proceeds of which are earmarked for designated governmental purposes.
The effects of these changes and any other changes that result from enactment of additional tax reforms cannot be quantified and there can be no assurance that any such reforms would not have an adverse effect upon our business.
For example, Law 38/2022, of 27 December, established a temporary levy on financial credit institutions in Spain to be accrued in 2023 and 2024. The levy was calculated as 4.8% of the sum of interest income/charges and commission income/expenses derived from the business activities carried out in Spain. In 2024, Law 7/2024, of 20 December, established a new tax on interests and commissions to be accrued in 2025, 2026 and 2027. For more information see '10. Supervision and regulation - Spanish tax legislation'.
2.2 Credit risks
2.2.1 The credit quality of our loan portfolio may deteriorate, and our loan loss reserves could be insufficient to cover our loan losses, which could have a material adverse effect on us.
Risks arising from changes in credit quality and the recoverability of loans and amounts due from counterparties are inherent to a wide range of our businesses. Non-performing or low credit quality loans have in the past negatively impacted our results of operations and could do so in the future. In particular, the amount of our reported credit impaired loans may increase in the future as a result of growth in our total loan portfolio, including as a result of loan portfolios that we may acquire in the future (the credit quality of which may turn out to be worse than we had anticipated), or factors beyond our control, such as adverse changes in the credit quality of our borrowers and counterparties or a general deterioration in economic conditions in the regions where we operate or in global economic and political conditions, including as a result of the continuance or escalation of the wars in Ukraine and the Middle East. In certain markets, the combined pressure of economic downturn, high inflation and high interest rates may impact the ability of our customers to repay their debt. If we were unable to control the level of our credit impaired or poor credit quality loans, this could have a material adverse effect on us.
Our loan loss reserves are based on our current assessment and expectations concerning various factors affecting the quality of our loan portfolio. These factors include, among other things, our borrowers’ financial condition, repayment abilities and repayment intentions, the realizable value of any collateral, the prospects for support from any guarantor, government macroeconomic policies, interest rates and the legal and regulatory environment. Because many of these factors are beyond our control and there is no infallible method for predicting loan and credit losses, we cannot assure that our current or future loan loss reserves will be sufficient to cover actual losses. If our assessment of and expectations concerning the above-mentioned factors differ from actual developments, if the quality of our total loan portfolio deteriorates, for any reason, or if the future actual losses exceed our estimates of
expected losses, we may be required to increase our loan loss reserves, which may adversely affect us. Additionally, in calculating our loan loss reserves, we employ qualitative and quantitative criteria and statistical models which may not be reliable in all circumstances and which are dependent upon data that may not be complete. For further details regarding our risk management policies, see risk factor '2.7.1 Failure to successfully implement and continue to improve our risk management policies, procedures and methods, including our credit risk management system, could materially and adversely affect us, and we may be exposed to unidentified or unanticipated risks'.
On 31 December 2024, our net loans and advances to customers amounted to EUR 1,054,069 million (compared to EUR 1,036,349 million as of 31 December 2023).
Our loan portfolio is mainly located in Europe (in particular, Spain and the UK), North America (in particular the US) and South America (in particular Brazil). At 31 December 2024, Europe accounted for 55% of our total loan portfolio (Spain accounted for 23% of our total loan portfolio and the UK, where the loan portfolio consists primarily of residential mortgages, accounted for 23%), North America accounted for 17% (of which the US represents 13% of our total loan portfolio), South America accounted for 14% (of which Brazil represents 8% of our total loan portfolio) and the Digital Consumer Bank Europe segment accounted for 13%.
Mortgage loans are one of our principal assets, comprising 42% of our net loans and advances as of 31 December 2024, mainly located in Spain and the UK. 81% of such mortgage loans are residential. If Spain or the UK experience situations of economic stagnation, persistent housing oversupply, decreased housing demand, rising unemployment levels, increasing interest rates, subdued earnings growth, greater pressure on disposable income, a decline in the availability of mortgage finance or continued global markets volatility, for instance, home prices could decline, while mortgage delinquencies, forbearances and our NPL ratio could increase, which in turn could have a material adverse effect on our business, financial condition and results of operations. At 31 December 2024, the NPL ratio of residential mortgage loans for the Group in Spain and the UK was 1.32% and 1.07%, respectively.
At 31 December 2024, our total Group NPL ratio stood at 3.05% as compared to 3.14% at 31 December 2023. Coverage as of 31 December 2024 was 65% as compared to 66% a year earlier.
Impairment on financial assets not measured at fair value through profit or loss (net) in 2024 was EUR 12,644 million (mainly related to loans and advances to customers), a 2.4% decrease as compared to EUR 12,956 million in 2023.
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At 31 December 2024, the gross amount of our refinancing and restructuring operations was EUR 27,144 million (3% of total gross loans and credits), of which EUR 8,254 million have real estate collateral. At the same date, the net amount of non-current assets held for sale totalled EUR 4,002 million, of which EUR 2,621 million were foreclosed assets.
2.2.2 The value of the collateral securing our loans may decline and not be sufficient, and we may be unable to realize the full value of the collateral securing our loan portfolio.
The value of the collateral securing our loan portfolio may fluctuate or decline due to factors beyond our control, including as a result of macroeconomic factors, especially those affecting Europe, North America and South America or the continuance or escalation of the wars in Ukraine and the Middle East. The value of the collateral securing our loan portfolio may be adversely affected by force majeure events, such as natural disasters (including as a result of climate change), particularly in locations where a significant portion of our loan portfolio is composed of real estate loans. We may also not have sufficiently recent information on the value of collateral, which may result in an inaccurate assessment for impairment losses of our loans secured by such collateral. If any of the above were to occur, we may need to make additional provisions to cover actual impairment losses of our loans, which may materially and adversely affect our results of operations and financial condition.
In addition, technological changes in the auto industry, accelerated by environmental rules, could affect our auto consumer business in the EU and the US, particularly residual values of leased vehicles. This transformation could affect our auto finance business in view of (i) a transition from fuel to electric engines, environmental aspects related to emissions and transition risks derived from political and regulatory decisions (e.g., traffic restrictions in city centres); (ii) growing customer preferences for car leasing, subscription, car sharing and other services instead of vehicle ownership; (iii) greater market concentration in certain manufacturers, distributors and other agents; and (iv) more online sales channels. In addition, the auto industry could also suffer from supply chain disruption and shortages of batteries, semi-conductors and others in the wake of the wars, geopolitical and macroeconomic tensions, conflicts and other events, affecting guarantees, residual used car value and loan delinquencies. Although we monitor the auto portfolios and dealers and we have launched specific plans to tackle particular issues, the auto industry changes and disruptions described above could have a material adverse effect on our operating results, financial condition and prospects.
At 31 December 2024, 42% of our loans and advances to customers have property collateral while 24% have other types of collateral (securities, pledges and others).
2.2.3 We are subject to counterparty risk in our banking business.
We are exposed to counterparty risk in addition to credit risks associated with lending activities. Counterparty risk may arise from, for example, investing in securities of third parties,
entering into derivative contracts under which counterparties have obligations to make payments to us or executing securities, futures, currency or commodity trades from proprietary trading activities that fail to settle at the required time due to non-delivery by the counterparty or systems failure by clearing agents, clearing houses or other financial intermediaries.
We routinely transact with counterparties in the financial services industry, including brokers and dealers, commercial banks, investment banks, mutual funds, hedge funds and other institutional clients. Defaults by, and even rumours or questions about the solvency of, certain financial institutions and the financial services industry generally have led to market-wide liquidity problems and could lead to losses or defaults by other institutions. Many of the routine transactions we enter into expose us to significant credit risk in the event of default by one of our significant counterparties.
2.3 Operational and technology risks
2.3.1 Any failure to improve or upgrade our information technology infrastructure and information management systems in an effective, timely and cost-effective manner, including in response to new or modified privacy, data protection and cybersecurity laws, rules and regulations, could have a material adverse effect on us.
Our ability to remain competitive depends in part on our ability to upgrade our information technology in an effective, timely and cost-effective manner. We must continually make significant investments in, and improvements to, our information technology infrastructure and information management systems in order to meet the needs of our customers. We cannot guarantee that in the future we will be able to maintain the level of capital expenditures necessary to support the continuous improvement and upgrading of our information technology infrastructure and information management systems and networks. To the extent we are dependent on any particular technology or technological solution, we may be harmed if such technology or technological solution becomes non-compliant with existing industry standards or applicable laws, rules or regulations, fails to meet or exceed the capabilities of our competitors’ equivalent technologies or technological solutions, becomes increasingly expensive to service, retain and update, becomes subject to third-party claims of intellectual property infringement, misappropriation or other violation, or malfunctions or functions in a way we did not anticipate. Additionally, new technologies and technological solutions, such as AI, are continually being released. As such, it is difficult to predict the problems we may encounter in improving our technologies’ functionality. There is no assurance that we will be able to successfully adopt new technology as critical systems and applications become obsolete and better ones become available. Any failure to effectively improve or upgrade our information technology infrastructure and information management systems and networks in an effective, timely and cost-efficient manner could have a material adverse effect on us.
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2.3.2 Any failure or disruption of our operational processes or systems, or cyberattacks, data breaches, data losses and other security incidents with respect to our or our third-party vendors’ systems could adversely affect our business or reputation, and create significant legal, regulatory or financial exposure.
Like other financial institutions, in conducting our banking operations, we receive, manage, hold, transmit and otherwise process certain proprietary, sensitive or confidential information, including personal information of customers and employees, as well as a large number of assets. Accordingly, our business relies on our ability to process a large number of transactions efficiently and accurately, and on our ability to rely on our digital technologies, computer and email services, software and networks, as well as on the secure storage, transmission and other processing of proprietary confidential, sensitive and personal data and other information using our computer systems and networks or those of our third-party vendors. Our operations must also comply with complex and evolving laws and regulations in the countries in which we operate. The proper and secure functioning of our financial controls, accounting and other data collection and processing systems is critical to our business and to our ability to compete effectively. Cyberattacks, data breaches, data losses and other security incidents, including fraudulent withdrawal of money, can result from, among other things, inadequate personnel, inadequate or failed internal control processes and systems, or external events or actors that interrupt normal business operations and may include disruptions, failures, service outages, unauthorized access or misuse, software bugs, server malfunctions, software and hardware failure, defective software or hardware updates, malware and ransomware, social engineering and phishing attacks, denial-of-service attacks, misconduct, fraud, and other events that could have a serious impact on us. We also face the risk that the design of our or our third-party vendors’ cybersecurity controls and procedures prove to be inadequate or are circumvented such that our data or client records are incomplete, not recoverable or not securely stored. Moreover, it is not always possible to deter or prevent employee errors or misconduct, and the precautions we take to detect and prevent this activity may not always be effective. Any material disruption or slowdown of our systems could cause information, including data related to customer requests, to be lost or to be delivered to our clients with delays or errors, which could reduce demand for our services and products, produce customer claims and materially and adversely affect us.
We prioritize early identification, monitoring and mitigation of risks (including those resulting from our interactions with third parties) in our goal to provide a resilient and secure operational environment. In this regard, although (i) we have policies, procedures and controls in place designed to safeguard proprietary, sensitive and confidential information, including personal information, (ii) we take protective technical measures and monitor and develop our systems and networks to protect our technology infrastructure, data and information from misappropriation or corruption, and (iii) we work with our clients, vendors, service providers, counterparties and other third parties to develop secure data and information processing, collection, authentication, management, usage, storage and
transmission capabilities and to ensure the eventual destruction of proprietary, sensitive and confidential information, including personal information, we, our third-party vendors or other third parties with which we do business have been and may continue to be subject to cyberattacks, data breaches, data losses and other security incidents. For example, on 14 May 2024, we announced that we had become aware of an unauthorized access to a Santander database that included certain customer and employee information hosted by a third-party provider (the 2024 Unauthorized Access). For more information on the legal and regulatory risks arising from the privacy, data protection and cybersecurity laws and regulations we are subject to, which, among other things, impose certain obligations with respect to cyberattacks, data breaches, data losses, and other security incidents, see risk factor ‘2.1.2 We are subject to extensive regulation and regulatory and governmental oversight which could adversely affect our business, operations and financial condition – Privacy, data protection and cybersecurity’).
The implementation of our cybersecurity policies, procedures, controls and technical measures is designed to reduce the risk of such cyberattacks, data breaches, data losses and other security incidents but does not guarantee full protection or a risk-free environment. This is especially applicable in the current global environment, with the wars in Ukraine and the Middle East resulting in an increased risk of cyberattacks, data breaches, data losses and other security incidents, and other disruptions in response to, or retaliation for, the sanctions and costs imposed on Russia and certain other countries directly or indirectly involved in the wars. Additionally, the shift to remote work policies for a significant portion of our workforce, as they access our secure systems and networks remotely, and our customers’ increased reliance on digital banking products and other digital services, including mobile payment products, has also increased the risk of cyberattacks, data breaches, data losses and other security incidents (see risk factor '1.3 The outbreak of highly contagious diseases or other public health emergencies, could materially and adversely impact our business, financial condition, liquidity and results of operations').
While we generally perform cybersecurity due diligence on our key vendors, because we do not control our vendors and our ability to monitor their cybersecurity is limited, we cannot ensure the cybersecurity measures they take will be sufficient to protect any information we share with them. Due to applicable laws and regulations or contractual obligations, we may be held responsible for cyberattacks, data breaches, data losses and other security incidents attributed to our vendors as they relate to the information we share with them.
In addition, we may also be impacted by cyberattacks against national critical infrastructures of the countries where we operate, such as telecommunications networks. Our information technology systems are dependent on such critical infrastructure and any cyberattack against such critical infrastructure could negatively affect our ability to service our customers. As we do not operate such critical infrastructure, we have limited ability to protect our information technology systems from the adverse effects of a cyberattack. For further
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information see the 'Risk management and compliance' chapter in Part 1 of this annual report on Form 20-F.
We have seen in recent years the information technology systems and networks of companies and organizations being increasingly targeted, and the techniques used to obtain unauthorized, improper or illegal access to such information technology systems and networks have become increasingly complex and sophisticated, including through the use of AI. Furthermore, such techniques change frequently and are often not recognized or detected until after they have been launched and can originate from a wide variety of sources, including organized crime, hackers, activists, terrorists, nation-states, nation-state supported actors and others, any of which may see their effectiveness enhanced by the use of AI. As attempted attacks continue to evolve in scope and sophistication, we may incur significant costs in order to modify or enhance our protective measures against such attacks, or to investigate or remediate any vulnerability or resulting breach, or in communicating cyberattacks data breaches, data losses or other security incidents to our customers, affected individuals or regulators, as applicable.
If we cannot maintain effective and secure proprietary, confidential, sensitive and personal data, or if we or our third-party vendors fall victim to successful cyberattacks, penetrations, compromises, breaches or circumventions of our information technology systems or networks, such as the 2024 Unauthorized Access, or experience other data breaches, data losses or other security incidents in the future, we may incur substantial costs and suffer other negative consequences, such as disruption to our operations, misappropriation of personal, proprietary, confidential or sensitive information, remediation costs (including liabilities for stolen assets or information, repairs of system damage, among others), increased cybersecurity protection costs, lost revenues arising from the unauthorized use of personal, proprietary, confidential or sensitive information or the failure to retain or attract our customers following an operational or security incident, litigation and legal risks (including claims from customers, employees or other third parties, regulatory action, reporting obligations, investigation, fines and penalties), increased insurance premiums, reputational damage affecting our customers’ and the investors’ confidence, as well as damages to our competitiveness, stock price and long-term shareholder value. In addition, our remediation efforts may not be successful, and we may not have adequate insurance to cover these losses. While we maintain insurance coverage, we cannot assure you that such coverage will be adequate or otherwise protect us from liabilities or damages with respect to claims alleging compromises of proprietary, confidential, sensitive or personal data or otherwise relating to privacy, data protection and cybersecurity matters. In addition, we cannot be sure that our existing insurance coverage will continue to be available on acceptable terms or at all, or that our insurers will not deny coverage to any future claim. Moreover, even when a failure of or interruption in our or our third-party vendors’ systems or facilities is resolved in a timely manner or an attempted cyberattack, data breach, data loss or other security incident is successfully avoided or thwarted, substantial resources and
management attention are expended in doing so, and to successfully avoid or resolve any such incidents, we may be required to take actions that could adversely affect customer satisfaction or retention, as well as harm our reputation.
Any of the cyberattacks, data breaches, data losses and other security incidents described above could have a material adverse effect on our business, financial condition and results of operations.
2.3.3 We rely on third parties and affiliates for important products and services.
Third-party vendors and certain affiliated companies provide key components of our business infrastructure such as loan and deposit servicing systems, back office and business process support and software, information technology production and support, internet connections and network access, including cloud-based services, as well as those of our service providers. Relying on these third parties and affiliated companies can be a source of operational and regulatory risk to us, including with respect to security breaches, service outages and other disruptions or failures affecting such parties. We are also subject to risk with respect to security breaches, service outages and other disruptions or failures affecting the vendors and other parties that interact with these service providers. As our interconnectivity with these third parties and affiliated companies increases, we increasingly face the risk of operational failure with respect to their systems. We may be required to take steps to protect the integrity of our operational systems, thereby increasing our operational costs and potentially decreasing customer satisfaction.
In addition, any problems caused by these third parties or affiliated companies, including as a result of them not providing us their services for any reason, or performing their services poorly, could adversely affect our ability to deliver products and services to customers and otherwise conduct our business, which could lead to reputational damage and regulatory investigations and intervention. While we have diversified providers for the main services and keep strict and close monitoring on them, in some instances, replacing these third-party vendors could also entail significant delays and expense. Further, the operational and regulatory risk we face as a result of these arrangements may be increased to the extent that we restructure such arrangements. Any restructuring could involve significant expense to us and entail significant delivery and execution risk which could have a material adverse effect on our business, operations and financial condition.
2.3.4 We utilize artificial intelligence, which could expose us to liability or adversely affect our business.
We utilize, and are continuing to explore further uses of, AI in connection with our business, products and services, including AI designed to enhance transaction monitoring and sanctions screening, improve customer experience and reduce operational risk. However, there are significant risks involved in utilizing AI and no assurance can be provided that our use will enhance our products or services or produce the intended results. For example, AI algorithms may be flawed, insufficient, of poor quality, reflect unwanted forms of bias or contain other errors or
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inadequacies, any of which may not be easily detectable; AI has been known to produce false inferences or outputs; AI may subject us to new or heightened legal, regulatory, ethical or other challenges; AI may involve inappropriate or controversial data practices by developers and end-users, or other factors adversely affecting public opinion of AI, any of which could impair the acceptance of AI solutions, including those incorporated into our products and services. If the AI solutions that we create or use are deficient, inaccurate or controversial, we could incur operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on our business and financial results. Further, there can be no assurance that our use of AI will be successful in reducing our operational risk or increasing our operational efficiencies or otherwise result in our intended outcomes. Additionally, if any of our employees, contractors, vendors or service providers use any third-party AI-powered solutions in connection with our business, it may lead to the inadvertent disclosure or incorporation of our proprietary, confidential, sensitive or personal information into publicly available or third-party training sets which may impact our ability to realize the benefit of our intellectual property or proprietary, confidential, sensitive or personal information, harming our competitive position and business. If we do not have sufficient rights to use the data or other material or content on which our AI solutions or other AI tools we use rely, we also may incur liability through the violation of applicable laws and regulations, third-party intellectual property, privacy or other rights, or contracts to which we are a party. See risk factor '2.1 Legal, Regulatory and Compliance Risks for our Business Model—2.1.2 We are subject to extensive regulation and regulatory and governmental oversight which could adversely affect our business, operations and financial condition—Artificial intelligence (AI)'.
2.4 Liquidity and funding risks
2.4.1 Liquidity and funding risks are inherent in our business and could have a material adverse effect on us.
Liquidity risk is the risk that we either do not have sufficient financial resources available to meet our obligations as they are due, or we can only secure them at excessive cost. This risk is inherent in any banking business and can be heightened by a number of enterprise-specific factors, including over-reliance on a particular source of funding, changes in credit ratings or market-wide phenomena such as market dislocation, including as a result of the continuance or escalation of the wars in Ukraine and the Middle East. While we have in place liquidity management processes to mitigate and control these risks, as well as an organizational model based on autonomous subsidiaries in terms of capital and liquidity which limits the possibility of contagion between them, systemic market factors make it difficult to eliminate these risks completely. Constraints in the supply of liquidity, including in inter-bank lending, could materially and adversely affect the cost of funding of our business, and extreme liquidity constraints may affect our current operations and our ability to fulfil regulatory liquidity requirements, as well as limit growth possibilities.
Our cost of obtaining funding is directly related to prevailing interest rates and to our credit spreads. Increases in interest
rates and/or in our credit spreads could significantly increase the cost of our funding. For example, throughout 2022 and 2023 the ECB, the Bank of England, the Federal Reserve and other central banks increased interest rates to contain inflation and it was not until mid-2024 that they started to decrease rates. Credit spreads variations are market-driven and may be influenced by market perceptions of our creditworthiness. Changes to interest rates and our credit spreads may occur frequently and could be unpredictable and highly volatile.
We rely, and will continue to rely, primarily on retail deposits to fund lending activities. The ongoing availability of this type of funding is directly related to our solvency and to the success of our policies, and it is also sensitive to a variety of factors beyond our control, such as general economic conditions and the confidence of retail depositors in the economy and in the financial services industry, and the availability and extent of deposit guarantees, as well as competition for deposits with other banks and neobanks or with other products, such as mutual funds. Any of these factors could increase the amount of retail deposit withdrawals in a short period of time, thereby reducing our ability to access retail deposit funding on appropriate terms, or at all, in the future. If these circumstances were to arise, this could have a material adverse effect on our operating results, financial condition and prospects.
Difficulties or liquidity issues faced by certain financial entities could cause withdrawals of deposits from these entities and volatility in international markets. The spread or potential spread of these or other issues to the broader financial sector could have a material adverse effect on our operating results, financial condition and prospects.
Central banks took extraordinary measures to increase liquidity in the financial markets as a response to the financial crisis and the covid-19 pandemic. In Europe, the ECB's pandemic emergency purchase programme (PEPP) finalized at the end of March 2022, although maturing principal payments have been repurchased until December 2024. The progressive removal of these facilities could have an adverse effect on our ability to access liquidity and on our funding costs.
Additionally, our activities could be adversely impacted by liquidity tensions arising from generalized drawdowns of committed credit lines to our customers.
We cannot assure that in the event of a sudden or unexpected shortage of funds in the banking system, we will be able to maintain levels of funding without incurring high funding costs, a reduction in the term of funding instruments or the liquidation of certain assets. If this were to happen, we could be materially adversely affected.
Finally, the implementation of internationally accepted liquidity ratios might require changes in business practices that affect our profitability. The LCR is a liquidity standard that measures if banks have sufficient high-quality liquid assets to cover expected net cash outflows over a 30-day liquidity stress period. At 31 December 2024, our LCR ratio including liquidity transfer restrictions was 153%, above the 100% minimum requirement. The NSFR provides a sustainable maturity structure of assets
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and liabilities such that banks maintain a stable funding profile in relation to their activities. At the end of 2024, this ratio stood at 126% for the Group and over 100% for all our main subsidiaries.
2.4.2 Credit, market and liquidity risk may have an adverse effect on our credit ratings and our cost of funds. Any downgrade in our credit rating would likely increase our cost of funding, require us to post additional collateral or take other actions under some of our derivative and other contracts and adversely affect our interest margins and results of operations.
Credit ratings affect the cost and other terms upon which we are able to obtain funding. Rating agencies regularly evaluate us, and their ratings of our debt are based on internal methodologies dependant on a number of factors, including our financial strength and conditions affecting the financial services industry. In addition, due to the methodology of the main rating agencies, our credit rating is affected by the rating of Spanish sovereign debt. Our credit rating is in most cases above Spain's sovereign debt rating; however, if Spain’s rating is downgraded our credit rating would also likely be downgraded.
Any downgrade in our debt credit ratings would likely increase our borrowing costs and require us to post additional collateral or take other actions under some of our derivative and other contracts, and could limit our access to capital markets and adversely affect our commercial business. For example, a ratings downgrade could adversely affect our ability to sell or market some of our products, engage in certain longer-term and derivatives transactions and retain our customers, particularly customers who need a minimum rating threshold in order to invest. In addition, under the terms of certain of our derivative contracts and other financial commitments, we may be required to maintain a minimum credit rating or terminate such contracts or require the posting of collateral. Any of these results of a ratings downgrade could reduce our liquidity and have an adverse effect on us, including our operating results and financial condition.
We have the following ratings by the major rating agencies as of the report dates indicated below:
Banco Santander, S.A.
Rating agencyLong termShort termLast report dateOutlook
Fitch Ratings
A
(Senior A+)
F1
(Senior F1)
Feb 2025
Stable
Moody'sA2P-1
Oct 2024
Positive
Standard & Poor'sA+A-1
Sep 2024
Stable
DBRSA (High)R-1 (Middle)
Sep 2023
Stable
Santander UK, plc
Rating agencyLong termShort termLast report dateOutlook
Fitch Ratings
A+
F1
May 2024
Stable
Moody'sA1P-1
Feb 2024
Stable
Standard & Poor'sA
A-1
Oct 2024
Stable
Banco Santander (Brasil)(Foreign currency)
Rating agencyLong termShort termLast report updateOutlook
Moody's
Baa3
-
Oct 2024
Positive
Standard & Poor's
BB
B
Sep 2024
Stable
We conduct substantially all of our material derivative activities through Banco Santander and Santander UK. We estimate that as of 31 December 2024, if all the rating agencies were to downgrade Banco Santander’s long-term senior debt ratings by one notch, we would be required to post up to EUR 227 million in additional collateral pursuant to derivative and other financial contracts. A hypothetical two-notch downgrade would result in a further requirement to post up to EUR 237 million in additional collateral. We estimate that as of 31 December 2024, if all the rating agencies were to downgrade Santander UK’s long-term credit ratings by one notch, and thereby trigger a short-term credit rating downgrade, this could result in contractual outflows from Santander UK’s total liquid assets of £2.4 billion (equivalent to EUR 2.9 billion) of cash and additional collateral that Santander UK would be required to post under the terms of secured funding and derivatives contracts. A hypothetical two-notch downgrade would result in a further outflow of £0.7 billion (equivalent to EUR 0.8 billion) of cash and collateral under secured funding and derivatives contracts.
While certain potential impacts of these downgrades are contractual and quantifiable, the full consequences of a credit rating downgrade are inherently uncertain, as they depend on numerous dynamic, complex and inter-related factors and assumptions, including market conditions at the time of any downgrade, whether any downgrade of our long-term credit rating precipitates downgrades to our short-term credit rating, and assumptions about the potential behaviours of various customers, investors and counterparties. Actual outflows could be higher or lower than the preceding hypothetical examples, depending upon certain factors including which credit rating agency downgrades our credit rating, any management or restructuring actions that could be taken to reduce cash outflows and the potential liquidity impact from loss of unsecured funding (such as from money market funds) or loss of secured funding capacity. Although unsecured and secured funding stresses are included in our stress testing scenarios and a portion of our total liquid assets is held against these risks, a credit rating downgrade could still have a material adverse effect on us.
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In addition, if we were required to cancel our derivatives contracts with certain counterparties and were unable to replace such contracts, our market risk profile could be altered.
There can be no assurance that the rating agencies will maintain the current ratings or outlooks. In general, the future evolution of Santander's ratings is linked, to a large extent, to the impact of the general macroeconomic outlook (including as a result of the continuance or escalation of the wars in Ukraine and the Middle East) on our asset quality, profitability and capital. Failure to maintain favourable ratings and outlooks could increase our cost of funding and adversely affect interest margins, which could have a material adverse effect on us.
2.5 Market risks
2.5.1 Our financial results are constantly exposed to market risk. We are subject to fluctuations in interest rates and other market variables, which may materially and adversely affect us and our profitability.
Our financial results are constantly exposed to market risk. In 2022, 2023 and 2024, inflationary pressures, increases in the prices of energy, oil, gas and other commodities and the continuance or escalation of the wars in Ukraine and the Middle East caused and could continue to cause high market volatility, which could materially and adversely affect us and our trading and banking book.
Economic activities exposed to market risk include (i) transactions where risk is assumed as a consequence of potential changes in interest rates, inflation rates, exchange rates, stock prices, credit spreads, commodity prices, volatility and other market factors; (ii) the liquidity risk from our products and markets; and (iii) the balance sheet liquidity risk.
Interest rate risk arises from movements in interest rates that reduce the value of a financial instrument, a portfolio or the Group. It can affect loans, deposits, debt securities, most assets and liabilities held for trading, and derivatives.
Interest rates are sensitive to many factors beyond our control, including increased regulation of the financial sector, monetary policies and domestic and international economic and political conditions. Variations in interest rates could affect the interest earned on our assets and the interest paid on our borrowings, thereby affecting our interest income / (charges), which comprises the majority of our revenue, reducing our growth rate and potentially resulting in losses. In addition, costs we incur as we implement strategies to reduce interest rate exposure could increase in the future (which, in turn, will impact our results).
A low interest rate environment, such as that experienced in the eurozone, in the UK and in the US from 2013 to 2022, could result in rates on many of our interest-bearing deposit products being priced at or near zero or negative, limiting our ability to further reduce rates and could negatively impact our margins and our results of operations.
Throughout 2022 and 2023, central banks, including the ECB, the Bank of England and the Federal Reserve, increased interest rates to contain inflation. During 2023 and 2024 inflation slowly converged towards central banks objectives allowing rate cuts during the second half of 2024.
Increases in interest rates may reduce the volume of loans we originate. Sustained high interest rates have historically discouraged customers from borrowing and have resulted in increased delinquencies in outstanding loans and deterioration in the quality of assets. Increases in interest rates may reduce the value of our financial assets and may reduce gains or require us to record losses on sales of our loans or securities. Additionally, a shrinking yield premium between short-term and long-term market interest rates coupled with inflation, could adversely affect our business and results of operations.
Exchange rate risk is the possibility of loss because the currency of a long or open position will depreciate against the base currency. It can affect debt in subsidiaries whose local currency is not the euro, as well as loans denominated in a foreign currency.
Equity risk is the possibility of loss from open positions in securities if their market price or expected future dividends fall. It affects shares, stock market indices, convertible bonds and derivatives with shares as the underlying asset (put, call, equity swaps, etc.).
The performance of financial markets may cause changes in the value of our investment and trading portfolios. The volatility of world equity markets due to the continued economic uncertainty and sovereign debt crisis has had a particularly strong impact on the financial sector. Continued volatility may affect the value of our investments in equity securities and, depending on their fair value and future recovery expectations, could become a permanent impairment which would be subject to write-offs against our results.
Other market risks include inflation rate risk, credit spread risk, commodity price risk and volatility risk. See more information in note 54 c to 'our consolidated financial statements'.
Additionally, other more complex coverage market risks are considered, such as correlation risk, market liquidity risk, prepayment or cancellation risk and subscription risk. In addition, balance sheet liquidity risk (unlike market liquidity risk) is the possibility of loss caused by forced disposal of assets or cash flow imbalance if the bank meets its payment obligations late or at excessive cost. It can cause losses by forced asset sales or impacts on margins due to the mismatch between expected cash inflows and outflows.
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Market risk affects (i) our interest income / (charges); (ii) the market value of our assets and liabilities, in particular of our securities holdings, loans and deposits and derivatives transactions; and (iii) other areas of our business such as the volume of loans originated or credit spreads.
Market risk could include unexpected or unpredictable risks related to periods in which the market does not calculate prices efficiently (for example, during market interruptions or shocks).
If any of these risks were to materialize, our net interest income or the market value of our assets and liabilities could suffer a material adverse impact.
2.5.2 We are subject to market, operational and other related risks associated with our derivative transactions that could have a material adverse effect on us.
We enter into derivative transactions for trading purposes as well as for hedging purposes. We are subject to market, credit and operational risks associated with these transactions, including basis risk (the risk of loss associated with variations in the spread between the asset yield and the funding and/or hedge cost) and credit or default risk (the risk of insolvency or other inability of the counterparty to a particular transaction to perform its obligations thereunder, including providing sufficient collateral).
Market practices and documentation for derivative transactions differ by country. In addition, the execution and performance of these transactions depend on our ability to maintain adequate control and administration systems. Moreover, our ability to adequately monitor, analyse and report derivative transactions continues to depend, largely, on our information technology systems. These factors further increase the risks associated with these transactions and could have a material adverse effect on us.
At 31 December 2024, the notional value of the trading derivatives in our books amounted to EUR 9,978,141 million (with a market value of EUR 64,100 million of debit balance and EUR 57,753 million of credit balance).
At 31 December 2024, the nominal value of the hedging derivatives in our books within our financial risk management strategy and with the aim of reducing asymmetries in the accounting treatment of our operations amounted to EUR 511,727 million (with market value of EUR 5,672 million in assets and EUR 4,752 million in liabilities).
2.5.3 Market conditions have resulted and could result in material changes to the estimated fair values of our financial assets. Negative fair value adjustments could have a material adverse effect on our operating results, financial condition and prospects.
In the past, financial markets have been subject to significant stress resulting in steep falls in perceived or actual financial asset values, particularly due to volatility in global financial markets and the resulting widening of credit spreads, including as a result of the wars in Ukraine and the Middle East. We have material exposures to securities, loans and other investments that are recorded at fair value and are therefore exposed to
potential negative fair value adjustments. Asset valuations in future periods, reflecting then-prevailing market conditions, may result in negative changes in the fair values of our financial assets and these may also translate into increased impairments, including as a result of more stringent climate change or reputational requirements. In addition, the value ultimately realized by us on disposal may be lower than the current fair value. Any of these factors could require us to record negative fair value adjustments, which may have a material adverse effect on our operating results, financial condition or prospects.
In addition, to the extent that fair values are determined using financial valuation models, such values may be inaccurate or subject to change, as the data used by such models may not be available or may become unavailable due to changes in market conditions, particularly for illiquid assets, and particularly in times of economic instability. In such circumstances, our valuation methodologies require us to make assumptions, judgements and estimates in order to establish fair value, and reliable assumptions are difficult to make and are inherently uncertain and valuation models are complex, making them inherently imperfect predictors of actual results. Any consequential impairments or write-downs could have a material adverse effect on our operating results, financial condition and prospects.
2.6 Risks related to our industry
2.6.1 Goodwill impairments may be required in relation to acquired businesses.
We have made business acquisitions in recent years and may make further acquisitions in the future. It is possible that the goodwill which has been attributed, or may be attributed, to these businesses may have to be written-down if our valuation assumptions are required to be reassessed as a result of any deterioration in their underlying profitability, asset quality and other relevant matters. Impairment testing in respect to goodwill is performed annually, or more frequently if there are impairment indicators present, and comprises a comparison of the carrying amount of the cash-generating unit with its recoverable amount. Goodwill impairment does not, however, affect our regulatory capital. No impairment was recognized in 2022, while in 2023 and 2024 we recognized 20 million euros and 4 million euros, respectively. See note 17 to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F. There can be no assurances that we will not have to write down the value attributed to goodwill in the future, which would adversely affect our results and net assets.
2.6.2 Changes in our pension liabilities and obligations could have a material adverse effect on us.
We provide retirement benefits for many of our former and current employees through a number of defined benefit pension plans. We calculate the amount of our defined benefit obligations using actuarial techniques and assumptions, including mortality rates, the rate of increase of salaries, discount rates, inflation, the expected rate of return on plan assets, and others. The accounting and disclosures are based on IFRS-IASB and on those other requirements defined by the local
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supervisors. Given the nature of these obligations, changes in the assumptions that support valuations, including market conditions, can result in actuarial losses which would in turn impact the financial condition of our pension funds. Because pension obligations are generally long term obligations, fluctuations in interest rates have a material impact on the projected costs of our defined benefit obligations and therefore on the amount of pension expense that we accrue.
Any increase in the current size of the funding deficit in our defined benefit pension plans could result in our having to make increased contributions to reduce or satisfy the deficits, which would divert resources from use in other areas of our business. Any such increase may be due to certain factors over which we have no or limited control. Increases in our pension liabilities and obligations could have a material adverse effect on our business, financial condition and results of operations.
At 31 December 2024, our provision for pensions and other obligations amounted to EUR 2,646 million. See more information in note 25.c) to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F.
2.6.3 We depend in part on dividends and other funds from subsidiaries.
Some of our operations are conducted through our financial services subsidiaries. As a result, our ability to pay dividends, to the extent we decide to do so, depends in part on the ability of our subsidiaries to generate earnings and to pay dividends to us. Payment of dividends, distributions and advances by our subsidiaries will be contingent upon their earnings and business considerations and is or may be limited by legal, regulatory and contractual restrictions. For instance, the repatriation of dividends from our Argentine subsidiaries have been subject to certain restrictions. Additionally, our right to receive any assets of any of our subsidiaries as an equity holder of such subsidiaries upon their liquidation or reorganization will be effectively subordinated to the claims of our subsidiaries’ creditors, including trade creditors.
We also have to comply with increased capital requirements, which could result in the imposition of restrictions or prohibitions on discretionary payments including the payment of dividends and other distributions to us by our subsidiaries. In 2020, given the uncertainties about the economic impact of the covid-19 pandemic, the ECB, the Prudential Regulation Authority of the UK and the Federal Reserve of the US, imposed limitations on the distribution of dividends which were in force until the third quarter of 2021. Since then, supervisors assess the capital and dividend distribution plans for each entity as part of their regular supervisory process and may make individualized recommendations.
To the extent that these recommendations, or other similar measures that may be taken by supervisory authorities from other regions, are applied by some of our subsidiaries, it could
have a material adverse effect on our business, financial condition and results of operations.
At 31 December 2024, dividend income for Banco Santander, S.A. represented 44% of its total income.
2.6.4 Increased competition, including from non-traditional providers of banking services such as financial technology providers, and industry consolidation may adversely affect our results of operations.
We face substantial competition in all parts of our business, including in payments, in originating loans and in attracting deposits. The competition in originating loans comes principally from other domestic and foreign banks, mortgage banking companies, consumer finance companies, insurance companies and other lenders and purchasers of loans.
In addition, there has been a trend towards consolidation in the banking industry, which has created larger banks with which we must now compete. There can be no assurance that this increased competition will not adversely affect our growth prospects, and therefore our operations. We also face competition from non-bank competitors, such as brokerage companies, department stores (for some credit products), leasing and factoring companies, mutual fund and pension fund management companies and insurance companies.
Non-traditional providers of banking services, such as internet based e-commerce providers, mobile telephone companies and internet search engines may offer and/or increase their offerings of financial products and services directly to customers. These non-traditional providers of banking services currently have an advantage over traditional providers because they are not subject to banking regulation. Several of these competitors may have long operating histories, large customer bases, strong brand recognition and significant financial, marketing and other resources. They may adopt more aggressive pricing and rates and devote more resources to technology, infrastructure and marketing.
New competitors may enter the market or existing competitors may adjust their services with unique product or service offerings or approaches to providing banking services. If we are unable to successfully compete with current and new competitors, or if we are unable to anticipate and adapt our offerings to changing banking industry trends, including technological changes, our business may be adversely affected. In addition, our failure to effectively anticipate or adapt to emerging technologies or changes in customer behaviour, including among younger customers, could delay or prevent our access to new digital-based markets, which would in turn have an adverse effect on our competitive position and business. Furthermore, the widespread adoption of new technologies, including distributed ledger, AI and/or biometrics, to provide services such as digital currencies, cryptocurrencies and payments, could require substantial expenditures to modify or adapt our existing products and services as we continue to grow our internet and mobile banking capabilities and could entail new direct risks (including financial and non-financial risks) and indirect risks related to loss of business opportunities. Our
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customers may choose to conduct business or offer products in areas that may be considered speculative or risky. Further growth of such new technologies and mobile banking platforms could negatively impact the value of our investments in bank premises, equipment and personnel for our branch network. The persistence or acceleration of this shift in demand towards internet and mobile banking may necessitate further changes to our retail distribution strategy, which may include closing, restructuring and/or selling certain branches (as we have been doing in recent years). These actions could lead to losses on these assets and may lead to increased expenditures to renovate, reconfigure or close a number of our remaining branches or to otherwise reform our retail distribution channel. Furthermore, our failure to implement such changes to our distribution strategy swiftly and effectively could have an adverse effect our competitive position.
In particular, we face the challenge to compete in an ecosystem where the relationship with the consumer is based on access to digital data and interactions. This access is increasingly dominated by digital platforms who are already eroding our results in very relevant markets such as payments. This privileged access to data can be used as a leverage to compete with us in other adjacent markets and may reduce our operations and margins in core businesses such as lending or wealth management. The alliances that our competitors are starting to build with large technology firms can make it more difficult for us to successfully compete with them and could adversely affect us.
Increasing competition could also require that we increase our rates offered on deposits or lower the rates we charge on loans, which could also have a material adverse effect on us, including our profitability. It may also negatively affect our business results and prospects by, among other things, limiting our ability to increase our customer base and expand our operations and increasing competition for investment opportunities.
If our customer service levels were perceived by the market to be materially below those of our competitor financial institutions, we could lose existing and potential business. If we are not successful in retaining and strengthening customer relationships, we may lose market share, incur losses on some or all of our activities or fail to attract new deposits or retain existing deposits, which could have a material adverse effect on our operating results, financial condition and prospects.
2.6.5 If we are unable to manage the growth of our operations, to integrate successfully our inorganic growth, or to execute successfully any of our strategic actions, this could have an adverse impact on our profitability.
We allocate management and planning resources to develop strategic plans, priorities, policies and targets, including for organic growth, and to identify potential acquisitions, divestitures and areas for restructuring our businesses. The execution of these initiatives is subject not only to external factors but also to our own decisions, including those that alter or redefine our business practices, operational frameworks, strategic objectives, corporate priorities, internal policies, and procedural guidelines.
We cannot provide assurance that we will, in all cases, be able to deliver our strategic plans, priorities, policies and targets. Furthermore, in order to grow and remain competitive, we will need to adapt to changes to meet the demands and expectations of regulators, our clients, shareholders and other stakeholders, including in relation to matters of public policy, regardless of whether there is a legal requirement to do so. We cannot guarantee that we will be able to implement changes to any of our strategic plans, priorities, policies and targets, in a timely and appropriate manner, or that we will be able to accurately predict trends, initiatives and business practices of financial institutions. It is also possible that regulators, our clients, shareholders and other stakeholders might not be satisfied or even disagree with our strategic plans, priorities, policies and targets, or the speed of their adoption, implementation, evolution and consequences.
From time to time, we evaluate acquisition and partnership opportunities that we believe offer additional value to our shareholders and are consistent with our business strategy. However, we may not be able to identify suitable acquisition or partnership candidates, and our ability to benefit from any such acquisitions and partnerships will depend in part on our successful integration of those businesses. Any such integration entails significant risks such as unforeseen difficulties in integrating operations and systems, unexpected liabilities or contingencies relating to the acquired businesses, including legal claims and delivery and execution risks. We can give no assurances that our expectations with regards to integration and synergies will materialize. In addition, any acquisition or venture could result in inconsistencies in standards, controls, procedures and policies. Moreover, the success of any acquisition or venture will, at least in part, be subject to a number of political, economic and other factors that are beyond our control. Any of these factors, individually or collectively, could have a material adverse effect on us.
The challenges that may arise from our decisions include:
•managing efficiently the operations and employees of expanding businesses;
•maintaining or growing our existing customer base;
•assessing the value, strengths and weaknesses of investment or acquisition candidates, including local regulation that can reduce or eliminate expected synergies;
•financing strategic investments or acquisitions;
•aligning our current information technology systems adequately with those of an enlarged group;
•applying our risk management policy effectively to an enlarged group;
•managing a growing number of entities without over-committing management or losing key personnel; and
•meeting the expectations of regulators and our clients, shareholders and other stakeholders.
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Furthermore, there is no assurance that the changes to our operating model that became effective on 1 January 2024, which included the reorganization of our primary and secondary segments, will yield all of the expected benefits in the timeframes that we expect.
Any failure to manage growth effectively, an inability to successfully adapt to changing conditions or to execute successfully any of our strategic actions, or any changes in our business practices, operational framework, strategic objectives, corporate priorities, internal policies and procedural guidelines could have a material adverse effect on our operating results, financial condition and prospects.
2.7 Risk management
2.7.1 Failure to successfully implement and continue to improve our risk management policies, procedures and methods, including our credit risk management systems, could materially and adversely affect us, and we may be exposed to unidentified or unanticipated risks.
Risk management is a central part of our activities. We seek to manage and control our risk exposure through a forward-looking management model, based on robust governance and advanced risk management tools, supported by a risk culture that permeates the organization. While our management model uses a broad and diversified set of risk monitoring, control and mitigation techniques, such management model may not be fully effective at mitigating our risk exposure in all economic market environments or against all types of risk, including risks that we may fail to identify or anticipate.
Some of our tools and metrics for managing risk are based on our use of observed historical market behaviour. We apply statistical and other tools to these observations to arrive at quantifications of our risk exposures. These tools and metrics may fail to predict future risk exposures. These risk exposures could, for example, arise from factors we did not anticipate or correctly evaluate in our statistical models. This would limit our ability to manage our risks. Thus, our losses could be significantly higher than the historical measures indicate. In addition, our statistical models may not take all risks into account or measure emerging risks correctly.
Our approach to managing risks could prove insufficient, exposing us to material unanticipated losses. We could face adverse consequences as a result of decisions, which may lead to actions by management, based on models that are poorly developed, implemented or used, or as a result of the modelled outcome being misunderstood or the use of such information for purposes for which it was not designed or if the data and inputs of the models were incorrect or insufficient. If existing or potential customers or counterparties believe our risk management is inadequate, they could take their business elsewhere or seek to limit their transactions with us. Any of these factors could have a material adverse effect on our reputation, operating results, financial condition and prospects.
As a retail bank, one of the main types of risks inherent in our business is credit risk. For example, an important feature of our
credit risk management system is to employ an internal credit rating to assess the particular risk profile of individual customers and SMEs. As this process involves detailed analyses of the customer, taking into account both quantitative and qualitative factors, it is subject to human or information technology systems errors. In exercising their judgement on our customers' current or future credit risk behaviour, our management models may not always be able to assign an accurate credit rating, which may result in a higher exposure to credit risks than indicated by our risk rating system.
Some of the models and other analytical and judgement-based estimations we use in managing risks are subject to review by, and require the approval of, our regulators. If models do not comply with all their expectations, our regulators may require us to make changes to such models, may approve them with additional capital requirements or we may be precluded from using them. Any of these possible situations could limit our ability to expand our businesses or have a material impact on our financial results.
We set concentration limits according to risk appetite, we develop risk policies and reviews to manage credit risk concentration and we are subject to regulatory limits on large exposures. However, if we fail to anticipate deteriorating sectors or regions, we fail to comply with internal or regulatory concentration limits, or if one or more of our largest borrowers fail to service their loans, our operating results, financial condition and prospects could be adversely affected.
Failure to effectively implement, consistently monitor or continuously improve our credit risk management system may result in an increase in the level of non-performing loans and a higher risk exposure for us, which could have a material adverse effect on us.
In addition, failure to successfully execute any of our decisions and actions affecting or changing our practices, operations, priorities, strategies, policies, procedures, or frameworks, could have a material adverse effect on us.
Our board of directors is responsible for the approval of the Group’s general policies and strategies, in particular for the corporate risk framework, and for defining the risk appetite. In addition to the executive committee, which maintains a special focus on risk, the board has a specific risk supervision, regulation and compliance committee. See more information in section 2.3 ‘Risk and Compliance governance’ in the 'Risk management and compliance' chapter and in section 4 'Board of directors' in the 'Corporate governance' chapter in Part 1 of this annual report on Form 20-F.
2.8 Model risk
2.8.1 We rely on models for many of our decisions. Their inaccurate or incorrect use could have a material adverse effect on us.
We use models for admission (scoring and rating) and behavioural credit processes, for the definition of credit limits, for the calculation of capital, provisions, market and structural risk, operational, compliance and liquidity risk. A model is a
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system, approach or quantitative method that applies statistical, economic, financial or mathematical theories, techniques or hypotheses to transform input data into quantitative estimates and forecasts. It involves simplified representations of real world relationships between characteristics, values and observed assumptions that allows us to focus on specific aspects.
Model risk is the negative consequence of decisions based on inaccurate, improper or incorrect use of models. Sources of model risk include (i) incorrect or incomplete data in the model itself or the modelling method used in systems; and (ii) incorrect use or implementation of the model.
Model risk can cause financial loss, erroneous commercial and strategic decision-making or damage to our transactions any of which could have a material adverse effect on our operating results, financial condition and prospects. In addition, our regulatory models and the underlying methodologies are subject to scrutiny from our supervisors, who could identify potential weaknesses or deficiencies that may result in enforcement actions, including sanctions, fines and/or the imposition of stricter capital requirements, as well as mandates and recommendations with respect to the methodologies underlying our models, which could also lead us to more onerous or inefficient capital consumptions.
Unprecedented movement in economic and market drivers related to external events such as the wars in Ukraine and the Middle East and the covid-19 pandemic, required monitoring and adjustment of financial models (including credit loss and provisions models, capital models, traded risk models and models used in the asset/liability management process) to comply with the guidance and recommendations of standard setters, regulators and supervisors, particularly for credit loss models. It also resulted in the use of mitigants for model limitations, such as adjustments to model outputs to reflect consideration of management judgment. The performance and usage of models was and may continue to be impacted by the consequences of external events. In addition, data obtained during these external events may not be representative and may distort the calibration of the models in the future, which could have a material adverse effect on us.
In addition, the fair value of our financial assets, determined using financial valuation models, may be inaccurate or subject to change and, as a consequence, we may have to register impairments or write-downs that could have a material adverse effect on our operating results, financial condition and prospects. See more information in risk factor '2.5.3 Market conditions have resulted and could result in material changes to the estimated fair values of our financial assets. Negative fair value adjustments could have a material adverse effect on our operating results, financial condition and prospects'.
3. General risks
3.1 Risks related to our industry
3.1.1 Climate change can create transition risks, physical risks, and other risks that could adversely affect us.
There is an increasing focus over the risks of climate change and related environmental sustainability matters. Climate change may imply two primary drivers of financial risk that could adversely affect us:

•Transition risks associated with the move to a low-carbon economy, both at idiosyncratic and systemic levels, such as through policy, regulatory and technological changes and business and consumer preferences, which could increase our expenses and impact our strategies.
•Physical risks related to discrete events, such as flooding and wildfires, and extreme weather impacts and longer-term shifts in climate patters, such as extreme heat, sea level rise and more frequent and prolonged drought, which could result in financial losses that could impair asset values and the creditworthiness of our customers. Such events could disrupt our operations or those of our customers or third parties on which we rely and do business with, including through direct damage to assets and indirect impacts from supply chain disruption and market volatility.
These primary drivers could materialize, among others, in the following financial risks:

•Credit risks: Physical climate change could lower corporate revenues, increase operating costs and lead to increased credit exposure. Severe weather could also affect collateral value. Additionally, companies with business models not aligned with the transition to a low-carbon economy may face a higher risk of reduced corporate earnings and business disruption due to new regulations or market shifts.
•Market risks: Market changes in the most carbon-intensive sectors could affect energy and commodity prices, corporate bonds, equities and certain derivatives contracts. Increasing frequency of severe weather events could affect macroeconomic conditions, weakening fundamental factors such as economic growth, employment and inflation and lead to higher volatility.
•Liquidity risks: Companies could face liquidity risks derived from cash outflows to improve their reputation in the market or solve climate-related problems. Extreme weather events could also affect the value of our high-quality liquid assets or cause sovereign debt to rise limiting our access to capital markets.
•Operational risks: Severe weather events could directly damage assets and impact business continuity, both our customers' and ours. Climate-related financial risks could also cause operational risk losses from litigation if, for example, we are perceived to misrepresent sustainability-related practices, achievements, metrics goals or targets.
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•Regulatory compliance risks: Increased regulatory compliance risk may result from the increasing focus, pace, breadth and depth of regulatory expectations requiring implementation in short timeframes across multiple jurisdictions and from changes in public policy, laws and regulations in connection with climate change and related environmental sustainability matters.
•Reputational risks: Our reputation and client relationships may be damaged as a result of our practices, disclosures and decisions related to climate change and the environment, or to the practices or involvement of our clients, vendors or suppliers in certain industries or projects being associated with causing or exacerbating climate change. Furthermore, parties who may suffer losses from the effects of climate change may seek compensation from those they hold responsible such as state entities, regulators, investors and lenders. We could face conduct risks derived from misrepresentations in our sustainability-related disclosures, including our practices, achievements, metrics, goals and targets or the sustainability characteristics of our products or of our customers, investors or other stakeholders (greenwashing).
•Strategic risks: Our strategy could be affected if we fail to achieve our net-zero or other targets, including those related to the activities that we finance and those concerning our own operations.
As climate risk is interconnected with all key risk types, we have developed and continue to enhance processes to embed climate risk considerations into our core processes and risk management cycle; however, because the timing and severity of climate change may not be predictable and is rapidly evolving, our risk management strategies may not be effective in mitigating climate risk exposure. Additionally, we may become subject to new or heightened regulatory requirements relating to climate change, which may result in increased regulatory, compliance or other costs. As the risks, perspective and focus of regulators, shareholders, employees, and other stakeholders regarding climate change are evolving rapidly, it can be difficult to assess the ultimate impact on us of climate change-related risks, compliance risks, and uncertainties.
We periodically disclose information such as emissions and other climate-related performance data, statistics, metrics and/or targets. If we lack robust and high-quality climate-related procedures, controls and data, we may not be able to disclose reliable climate-related information. In addition, because the climate-related information is based on current expectations and future estimates about Santander's and third-parties' operations and businesses and addresses matters that are uncertain to varying degrees, we may not be able to meet our estimates and targets or we may not be able to achieve them within the timelines we announce. Actual or perceived shortcomings with respect to these emissions and other climate-related initiatives and reporting could result in litigation or regulatory enforcement and impact our ability to hire and retain employees, increase our customer base, and attract and retain certain types of investors.
The exposures in the sectors potentially most affected by climate factors - in accordance with market consensus and the execution of the materiality analysis carried out by the Group - mainly correspond to corporate & investment banking portfolios. The management of these clients, in these sectors, includes, where appropriate and permissible, the consideration of climate aspects in their initial analysis, in the granting of credit, and in the preparation and review of their credit ratings. These ratings influence the parameters that are used to calculate their credit losses (typically via probability of default, PD). Accordingly, when climate factors are relevant, they have an impact, together with other elements of analysis, on the calculations of credit losses that support capital and provisions. We have recently participated in climate stress regulatory exercises according to which the current overall coverage of potential losses would be adequate in the time horizons of the maturities of our portfolios.
According to the materiality assessment that we carried out in September 2024, sectors with very high climate risk (oil and gas and mining and metals), mainly due to transition risk, accounted for 14% of the total corporate & investment banking credit portfolio. For these and other sectors we have alignment metrics and action plans. For more information about the materiality assessment, see section 2.3 'Embedding ESG in risk management' in the 'Sustainability statement' chapter in Part 1 of this annual report.
Initiatives and business practices of financial institutions with respect to climate matters and other matters of public policy, including environmental, social and governance (ESG) matters, have recently become the subject of significant scrutiny by regulatory agencies and government officials. Views on sustainability or ESG practices, particularly those related to climate issues, have become ideological issues and both opponents and proponents of various ESG-related matters have increasingly engaged in a range of activism to advocate their positions. In particular, there are a growing number of initiatives in certain jurisdictions aimed at discouraging or limiting the consideration of ESG factors by financial institutions that may conflict with certain regulatory requirements to which we are subject or the expectations of our clients, shareholders and other stakeholders. Such differing, sometimes conflicting, views and regulations on sustainability and ESG-related matters increase the risk that certain of our actions, or lack of action, on such matters will be perceived negatively. Additionally, the overall expectations of regulators and our clients, shareholders and other stakeholders in certain jurisdictions, particularly in Europe, with respect to certain of these issues may differ significantly from those in other jurisdictions, such as the United States.
Furthermore, our relationships or ability to transact with clients and customers, and with governmental or regulatory bodies in certain jurisdictions could be adversely affected if our decisions with respect to doing business with companies in certain sensitive industries are perceived to harm those companies, result in violations of law and breaches of fiduciary duty or to align with particular ideological, political or social views. We are also exposed to associated risks of non-compliance with
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relevant legal requirements, including fines, penalties, litigation, regulatory sanctions, difficulties in obtaining governmental approvals, restrictions on our business activities or reputational damage, any of which could be material. Additionally, our participation in, or association with, certain groups or initiatives and our business practices or positions with respect to matters of public policy, including ESG matters, could be criticized by activists, governmental authorities and our clients, shareholders and other stakeholders.
Any of the conditions described above, or our failure to identify other climate-related risks, could have a material adverse effect on our business, financial condition and results of operations.
3.1.2 The financial problems faced by our customers could adversely affect us.
Potential market turmoil and economic recession could materially and adversely affect the liquidity, credit ratings, businesses and/or financial conditions of our customers, which could in turn increase our non-performing loan ratios, impair our loan and other financial assets and result in decreased demand for borrowings and deposits in general. In addition, our customers may further significantly decrease their risk tolerance to non-deposit investments such as stocks, bonds and mutual funds, which would adversely affect our fee and commission income. Any of the conditions described above could have a material adverse effect on our business, financial condition and results of operations.
3.1.3 Our ability to maintain our competitive position depends, in part, on the success of new products and services we offer our customers and on our ability to offer products and services that meet the customers’ needs during the whole life cycle of the products or services. Our failure to manage various risks we face as we develop new products and services could have a material adverse effect on us.
The success of our operations and our profitability depends, in part, on the success of new products and services we offer our customers and our ability to offer products and services that meet their needs during their entire life cycle. However, our customers’ needs or desires may change over time, and such changes may render our products and services obsolete, outdated or unattractive, and we may not be able to develop new products that meet our customers’ changing needs. Our success is also dependent on our ability to anticipate and leverage new and existing technologies that may have an impact on products and services in the banking industry. Technological changes may further intensify and complicate the competitive landscape and influence customer behaviour. If we cannot respond in a timely fashion to the changing needs of our customers, including as a result of ageing population, we may lose existing or potential customers, which could in turn materially and adversely affect us. In addition, the cost of developing products is likely to affect our results of operations.
We face the challenge of simplifying the range of our products and services and, at the same time, being able to satisfy the needs of our clients by offering new products and services. The development of these new products and services exposes us to new and potentially increasingly complex risks, such as the
conduct risk in the relationship with customers, and development expenses. Our employees and risk management systems, as well as our experience and that of our partners may not be sufficient to enable us to properly manage such risks. Any or all of these factors, individually or collectively, could have a material adverse effect on us.
While we have successfully increased our customer service levels in recent years, should these levels ever be perceived by the market to be materially below those of our competitor financial institutions, we could lose existing and potential new business. If we are not successful in retaining and strengthening customer relationships, we may lose market share, incur losses on some or all of our activities or fail to attract new deposits or retain existing deposits, which could have a material adverse effect on our operating results, financial condition and prospects.
3.1.4 We rely on recruiting, retaining and developing appropriate senior management and skilled personnel.
Our continued success depends in part on the continued service of key members of our senior executive team and other key employees. The ability to continue to attract, train, motivate and retain highly qualified and talented professionals is a key element of our strategy. The successful implementation of our strategy and culture depends on the availability of skilled and appropriate management, both at our head office and in each of our business units. If we or one of our business units or other functions fails to staff its operations appropriately or loses one or more of its key senior executives or other key employees and fails to replace them in a satisfactory and timely manner, our business, financial condition and results of operations, including control and operational risks, may be adversely affected.
Our ability to attract and retain qualified employees is affected by perceptions of our culture, social and corporate governance policies and management, our profile in the markets in which we operate and the professional opportunities we offer.
In addition, the financial industry has and may continue to experience more stringent regulation of employee compensation, which could have an adverse effect on our ability to hire or retain the most qualified employees. If we fail or are unable to attract and appropriately train, motivate and retain qualified professionals, our business may also be adversely affected.
3.1.5 Damage to our reputation could cause harm to our business prospects.
Maintaining a robust risk management framework based on robust ethical principles and corporate values is critical to protect our reputation and our brand, attract and retain customers, investors and employees and conduct business transactions with counterparties. Damage to our reputation could materially and adversely affect our perception among current and potential clients, investors, vendors, partners, regulators and other third parties, which in turn could have a material adverse effect on our operating results, financial condition, and prospects as well as damage our customers' and investors' confidence and the market price of our securities.
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Harm to our reputation could arise from numerous sources, including, among others, employee misconduct, including the possibility of fraud perpetrated by our employees, litigation or regulatory enforcement, failure to deliver minimum standards of service and quality, negative perceptions regarding our ability to maintain the security of our technology systems and protect customer data (including as a result of a cyberattack, data breach, data loss or other security incident), dealing with sectors that are not well perceived by the public (weapons industries or embargoed countries, for example), dealing with customers in sanctions lists, rating downgrades, significant variations in our share price throughout the year, compliance failures, unethical behaviour, actual or alleged conduct in any number of activities, including lending practice, sales and marketing, corporate governance and corporate culture, and the activities of customers and counterparties, including activities that negatively affect the environment. Our reputation could also suffer if we are the subject of negative coverage in the media, whether it has merit or not.
Actions by the financial services industry generally or by certain members of, or individuals in, the industry can also affect our reputation. For example, the role played by financial services firms in the financial crisis and the seeming shift toward increasing regulatory supervision and enforcement has caused public perception of us and others in the financial services industry to decline.
Additionally, we could suffer significant reputational harm that could affect our business, results of operations and prospects from any negative perceptions regarding topics related to environmental, social and corporate governance policies. There has been increased focus by customers, shareholders, investor advocacy groups, employees, regulators and other stakeholders on these topics, and our policies, practices and disclosures in these areas could come under scrutiny. Governments may implement new or additional regulations and standards or investors, customers and other stakeholders may impose new expectations or focus investments in ways that cause significant shifts in disclosure, consumption and behaviours that may have negative impacts on our reputation and business. If regulators or stakeholders consider our efforts to be ineffective, inadequate or unsatisfactory, whether real or perceived, it could harm our reputation, business and prospects and we could be subject to enforcement, other supervisory actions or other harm.
We could also suffer significant reputational harm if we fail to identify and manage potential conflicts of interest properly. The failure, or perceived failure, to adequately address conflicts of interest could affect the willingness of clients to deal with us, or give rise to litigation or enforcement actions against us, which could have an adverse effect on our operating results, financial condition and prospects.
We may be the subject of misinformation and misrepresentations deliberately propagated in media or social media to harm our reputation or for other deceitful purposes, or by profiteering short sellers seeking to gain an illegal market advantage by spreading false information about us. There can be no assurance that we will effectively neutralize and contain a
false information that may be propagated regarding the Group, which could have an adverse effect on our operating results, financial condition and prospects.
3.1.6 We engage in transactions with our subsidiaries or affiliates that others may not consider to be on an arm’s-length basis.
We and our affiliates have entered into a number of services agreements pursuant to which we render services, such as administrative, accounting, finance, treasury, legal services and others.
Spanish and US law provide for several procedures designed to ensure that the transactions entered into with or among our financial subsidiaries and/or affiliates do not deviate from prevailing market conditions for those types of transactions.
We are likely to continue to engage in transactions with our affiliates. Future conflicts of interests may arise between us and any of our affiliates, or among our affiliates, which may not be resolved in our favour.
3.2 Reporting and control risks
3.2.1 Changes in accounting standards could impact reported earnings.
The accounting standard setters and other regulatory bodies periodically change the financial accounting and reporting standards that govern the preparation of our consolidated financial statements. These changes can materially impact how we record and report our financial condition and results of operations, as well as affect the calculation of our capital ratios. In some cases, we could be required to apply a new or revised standard retroactively, resulting in the restatement of prior period financial statements. For further information about developments in financial accounting and reporting standards, see note 1 to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F.
3.2.2 Our financial statements are based in part on assumptions and estimates which, if inaccurate, could cause material misstatement of the results of our operations and financial position.
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Due to the inherent uncertainty in making estimates, actual results reported in future periods may be based upon amounts which differ from those estimates. Estimates, judgements and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. The accounting policies deemed critical to our results and financial position, based upon materiality and significant judgements and estimates, include impairment of loans and advances, goodwill impairment, valuation of financial instruments, deferred tax assets provision and pension obligation for liabilities.
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If the judgement, estimates and assumptions we use in preparing our consolidated financial statements are subsequently found to be incorrect, there could be a material effect on our results of operations and a corresponding effect on our funding requirements and capital ratios.
3.2.3 Disclosure controls and procedures over financial and non-financial reporting may not prevent or detect all errors or acts of fraud.
Disclosure controls and procedures, including internal controls over financial and non-financial reporting (including climate-related reporting), are designed to provide reasonable assurance that information required to be disclosed by the company in reports filed or submitted under the Exchange Act is accumulated and communicated to management, and recorded, processed, summarized and reported within the time periods specified in the US Securities and Exchange Commission’s rules and forms. These disclosure controls and procedures have inherent limitations which include the possibility that judgements in decision-making can be faulty and that breakdowns occur because of errors or mistakes. Additionally, controls can be circumvented by any unauthorized override of the controls. Consequently, our businesses are exposed to risk from potential non-compliance with policies, employee misconduct or negligence and fraud, which could result in regulatory sanctions, civil claims and serious reputational or financial harm. In recent years, a number of multinational financial institutions have suffered material losses due to the actions of ‘rogue traders’ or other employees. It is not always possible to deter employee misconduct and the precautions we take to prevent and detect this activity may not always be effective. Accordingly, because of the inherent limitations in the control system, misstatements due to error or fraud may occur and not be detected.
3.3 Foreign private issuer and other risks
3.3.1 Our corporate disclosure may differ from disclosure regularly published by issuers of securities in other countries, including the US.
Issuers of securities in Spain are required to make public disclosures that are different from, and that may be reported under presentations that are not consistent with, disclosures required in other countries, including the US. In particular, for regulatory purposes, we currently prepare and will continue to prepare and make available to our shareholders statutory financial statements in accordance with IFRS-IASB, which differs from US Generally Accepted Accounting Principles in a number of respects. In addition, as a foreign private issuer, we are not subject to the same disclosure requirements in the US as a domestic US registrant under the Exchange Act, including the requirements to prepare and issue quarterly reports, the proxy rules applicable to domestic US registrants under Section 14 of the Exchange Act or the insider reporting and short-swing profit rules under Section 16 of the Exchange Act. Accordingly, the information about us available to you will not be the same as the information available to shareholders of a US company and may be reported in a manner that you are not familiar with.
3.3.2 Investors may find it difficult to enforce civil liabilities against us or our directors and officers.
The majority of our directors and officers reside outside of the US. In addition, a substantial portion of our assets and the assets of our directors and officers are located outside of the US. Although we have appointed an agent for service of process in any action against us in the US, none of our directors or officers has consented to service of process in the US or to the jurisdiction of any US court. As a result, it may be difficult for investors to effect service of process within the US on such persons.
Additionally, investors may experience difficulty in Spain enforcing foreign judgements obtained against us and our executive officers and directors, including in any action based on civil liabilities under the US federal securities laws. Based on the opinion of Spanish counsel, there is doubt as to the enforceability against such persons in Spain, whether in original actions or in actions to enforce judgements of US courts, of liabilities based solely on the US federal securities laws.
3.3.3 As a holder of ADSs you will have different shareholders’ rights than do shareholders of companies incorporated in the US and certain other jurisdictions.
Our corporate affairs are governed by our Bylaws and by Spanish corporate law, which may differ from the legal principles that would apply if we were incorporated in a jurisdiction in the US or in certain other jurisdictions outside Spain. Under Spanish corporate law, you may have fewer and less well-defined rights to protect your interests than under the laws of other jurisdictions outside Spain.
Although Spanish corporate law imposes restrictions on insider trading and price manipulation, the form of these regulations and the manner of their enforcement may differ from that in the US securities markets or markets in certain other jurisdictions. In addition, in Spain, self-dealing and the preservation of shareholder interests may be regulated differently, which could potentially disadvantage you as a holder of the shares underlying ADSs.
3.3.4 ADS holders may be subject to additional risks related to holding ADSs rather than shares.
Because ADS holders do not hold their shares directly, they are subject to the following additional risks, among others:
•as an ADS holder, you may not be able to exercise the same shareholder rights as a direct holder of ordinary shares;
•we and the depositary may amend or terminate the deposit agreement without the ADS holders’ consent in a manner that could prejudice ADS holders or that could affect the ability of ADS holders to transfer ADSs; and
•the depositary may take or be required to take actions under the Deposit Agreement that may have adverse consequences for some ADS holders in their particular circumstances.

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916
Supplemental information
5. Information on the company
5.1. Average balance sheets and interest rates
The following tables include, by domicile of the Group entity at which the relevant asset or liability is accounted for, our average balances and interest rates for the past three years. Domestic balances are those of Group entities domiciled in Spain, which reflect our domestic activities, and international balances are those of Group entities domiciled outside of Spain, which reflect our foreign activities.
To better understand the behaviour of average balance sheets and interest rates, we have split our foreign activities into 'International - Mature markets’ which include Europe (except for Spain and Poland) and the United States and ‘International - Developing markets’ which include South America, Mexico and Poland.
You should read the following tables and the tables included under '-Changes in Interest Income / (charges) -Volume and Rate Analysis' and '-Assets-Earning Assets-Yield Spread' in conjunction with the following:
•We have included in interest income loan arrangement fees and other similar items;
•We have not recalculated tax-exempt income on a tax-equivalent basis because the effect of doing so would not be significant;
•We have included income and expenses from interest-rate hedging transactions as a separate line item under interest income and expenses if these transactions qualify for hedge accounting under IFRS-IASB. If these transactions did not qualify for such treatment, we have included income and expenses on these transactions elsewhere in our income statement. See note 2 to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F for a discussion of our accounting policies for hedging activities;
•We have stated average loan balances on a net basis, netting our allowances for credit losses; and
•All average data have been calculated as the simple average of month-end balances over the relevant date range, which is not significantly different from having used daily averages.
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917
Supplemental information
Year ended 31 December,
202420232022
ASSETSAverage BalanceInterestAverage RateAverage BalanceInterestAverage RateAverage BalanceInterestAverage Rate
(EUR million, except percentages)
Cash balances at central banks and other deposits on demand, and loans and advances to central banks and credit institutions (A)290,409 16,399 5.65 %310,887 16,467 5.30 %304,935 7,139 2.34 %
Domestic108,705 4,701 4.32 %117,332 4,694 4.00 %111,697 1,166 1.04 %
International - Mature markets114,350 5,700 4.98 %124,570 5,611 4.50 %139,105 1,971 1.42 %
International - Developing markets67,354 5,998 8.91 %68,985 6,162 8.93 %54,133 4,002 7.39 %
     Of which
          Reverse repurchase agreements65,939 5,644 8.56 %55,570 4,745 8.54 %39,572 1,862 4.71 %
Domestic32,739 1,901 5.81 %24,292 1,336 5.50 %19,072 146 0.77 %
International - Mature markets8,085 492 6.09 %4,845 278 5.74 %4,713 55 1.17 %
International - Developing markets25,115 3,251 12.94 %26,433 3,131 11.85 %15,787 1,661 10.52 %
Loans and advances to customers1,053,394 77,781 7.38 %1,036,547 70,619 6.81 %1,031,226 54,110 5.25 %
Domestic265,043 12,272 4.63 %265,322 10,581 3.99 %272,826 5,929 2.17 %
International - Mature markets562,488 33,884 6.02 %546,641 28,771 5.26 %552,674 19,821 3.59 %
International - Developing markets225,863 31,625 14.00 %224,584 31,267 13.92 %205,726 28,360 13.79 %
     Of which
           Reverse repurchase agreements61,793 5,922 9.58 %46,382 4,202 9.06 %43,505 1,183 2.72 %
Domestic12,410 468 3.77 %8,725 261 2.99 %9,509 42 0.44 %
International - Mature markets48,161 5,310 11.03 %36,546 3,809 10.42 %33,068 1,076 3.25 %
International - Developing markets1,222 144 11.78 %1,111 132 11.88 %928 65 7.00 %
Debt securities262,338 16,120 6.14 %224,304 14,501 6.46 %183,013 10,416 5.69 %
Domestic94,607 3,478 3.68 %71,507 2,503 3.50 %45,932 809 1.76 %
International - Mature markets64,140 2,174 3.39 %51,327 1,444 2.81 %43,877 803 1.83 %
International - Developing markets103,591 10,468 10.11 %101,470 10,554 10.40 %93,204 8,804 9.45 %
Income from hedging operations2,456 3,561 (236)
Domestic152 (45)16 
International - Mature markets2,001 2,955 480 
International - Developing markets303 651 (732)
Other interest(21)104 1 
Domestic(71)(47)(121)
International - Mature markets42 63 40 
International - Developing markets8 88 82 
Total Interest earning assets1,606,141 112,735 7.02 %1,571,738 105,252 6.70 %1,519,174 71,430 4.70 %
Domestic468,355 20,532 4.38 %454,161 17,686 3.89 %430,455 7,799 1.81 %
International - Mature markets740,978 43,801 5.91 %722,538 38,844 5.38 %735,656 23,115 3.14 %
International - Developing markets396,808 48,402 12.20 %395,039 48,722 12.33 %353,063 40,516 11.48 %
Other non-interest earning assets197,131 201,365 201,099 
Assets from discontinued operations— — — 
Total Average Assets1,803,272 112,735 1,773,103 105,252 1,720,273 71,430 
Note: As of 31 December 2024, 2023 and 2022, Total average assets attributed to international activities accounted for 70%, 69% and 70%, respectively, of the Group’s Total average assets. (International - Mature markets accounted for 45%, 44% and 46% and International - Developing markets accounted for 25%, 25% and 24%, respectively).

(A) As of 31 December 2022, interest includes income from liabilities reported in 'Deposits from central banks and credit institutions' related to funding from the ECB.
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918
Supplemental information

Year ended 31 December,
202420232022
LIABILITIES AND STOCKHOLDERS' EQUITYAverage BalanceInterestAverage RateAverage BalanceInterestAverage RateAverage BalanceInterestAverage Rate
(EUR million, except percentages)
Deposits from central banks and credit institutions (B)152,706 9,383 6.14 %175,164 9,350 5.34 %214,879 3,636 1.69 %
Domestic60,256 2,960 4.91 %62,366 2,723 4.37 %92,373 560 0.61 %
International - Mature markets44,633 2,447 5.48 %63,456 2,989 4.71 %78,230 972 1.24 %
International - Developing markets47,817 3,976 8.32 %49,342 3,638 7.37 %44,276 2,104 4.75 %
    Of which
      Repurchase agreements63,601 4,570 7.19 %55,619 3,737 6.72 %34,298 1,349 3.93 %
Domestic37,663 1,973 5.24 %34,123 1,686 4.94 %17,321 186 1.07 %
International - Mature markets8,773 579 6.60 %6,542 388 5.93 %2,743 50 1.82 %
International - Developing markets17,165 2,018 11.76 %14,954 1,663 11.12 %14,234 1,113 7.82 %
Customer deposits1,041,242 36,465 3.50 %1,011,471 33,238 3.29 %963,359 16,994 1.76 %
Domestic321,519 4,944 1.54 %302,379 3,269 1.08 %286,233 698 0.24 %
International - Mature markets472,750 16,283 3.44 %468,602 12,386 2.64 %460,386 3,279 0.71 %
International - Developing markets246,973 15,238 6.17 %240,490 17,583 7.31 %216,740 13,017 6.01 %
    Of which
      Repurchase agreements85,665 8,240 9.62 %73,193 7,084 9.68 %57,646 3,199 5.55 %
Domestic14,124 586 4.15 %4,602 263 5.71 %2,327 24 1.03 %
International - Mature markets48,115 5,278 10.97 %46,992 4,125 8.78 %37,380 1,099 2.94 %
International - Developing markets23,426 2,376 10.14 %21,599 2,696 12.48 %17,939 2,076 11.57 %
Marketable debt securities (A)310,226 14,774 4.76 %288,345 12,751 4.42 %255,721 8,464 3.31 %
Domestic147,606 5,330 3.61 %134,045 4,184 3.12 %111,682 2,262 2.03 %
International - Mature markets117,291 5,323 4.54 %108,912 4,219 3.87 %107,374 2,262 2.11 %
International - Developing markets45,329 4,121 9.09 %45,388 4,348 9.58 %36,665 3,940 10.75 %
    Of which
      Commercial paper25,809 1,244 4.82 %29,195 1,329 4.55 %17,907 375 2.09 %
Domestic17,046 727 4.26 %21,509 888 4.13 %12,377 222 1.79 %
International - Mature markets7,143 339 4.75 %5,641 243 4.31 %4,280 60 1.40 %
International - Developing markets1,620 178 10.99 %2,045 198 9.68 %1,250 93 7.44 %
Other interest-bearing liabilities (C)22,887 677 2.96 %23,139 638 2.76 %23,861 216 0.91 %
Domestic17,151 490 2.86 %16,109 469 2.91 %16,616 93 0.56 %
International - Mature markets3,707 17 0.46 %4,830 1 0.02 %5,416 1 0.02 %
International - Developing markets2,029 170 8.38 %2,200 168 7.64 %1,829 122 6.67 %
Expenses from hedging operations2,986 4,436 2,055 
Domestic1,159 1,045 218 
International - Mature markets1,325 1,756 207 
International - Developing markets502 1,635 1,630 
Other interest1,782 1,578 1,446 
Domestic741 567 435 
International - Mature markets282 304 186 
International - Developing markets759 707 825 
Total interest-bearing liabilities1,527,061 66,067 4.33 %1,498,119 61,991 4.14 %1,457,820 32,811 2.25 %
Domestic546,532 15,624 2.86 %514,899 12,257 2.38 %506,904 4,266 0.84 %
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919
Supplemental information
Year ended 31 December,
202420232022
LIABILITIES AND STOCKHOLDERS' EQUITYAverage BalanceInterestAverage RateAverage BalanceInterestAverage RateAverage BalanceInterestAverage Rate
(EUR million, except percentages)
International - Mature markets638,381 25,677 4.02 %645,800 21,655 3.35 %651,406 6,907 1.06 %
International - Developing markets342,148 24,766 7.24 %337,420 28,079 8.32 %299,510 21,638 7.22 %
Other non-interest bearing liabilities171,069 173,299 163,832 
Non-Controlling interest8,398 8,650 8,635 
Stockholders' Equity96,744 93,035 89,986 
Liabilities from discontinued operations— — — 
Total average liabilities and Stockholders' Equity1,803,272 66,067 1,773,103 61,991 1,720,273 32,811 
Note: As of 31 December 2024, 2023 and 2022, Total average liabilities attributed to international activities accounted for 64%, 65% and 65%, respectively, of the Group’s Total average liabilities. (International - Mature markets accounted for 40%, 41% and 43% and International - Developing markets accounted for 24%, 24% and 22%, respectively).
(A)Does not include contingently convertible preference shares and perpetual subordinated notes because they do not accrue interests. We include them under 'Other non-interest bearing liabilities'.
(B)As of 31 December 2022, interest includes expenses from assets reported in 'Cash and deposits on demand and loans and advances to central banks and credit institutions' related to liquidity placed in the ECB.
(C) Includes 'Liabilities under insurance or reinsurance contracts', reflecting the retrospective application of the new accounting standard IFRS 17 from 1 January 2023, which meant the reclassification of a portfolio of products for approximately EUR 16 billion registered as of 31 December 2022 in 'Customer deposits' to 'Liabilities under insurance or reinsurance contracts' (see note 1.d to our consolidated financial statements in Part 1 of this annual report). The 2022 average balance information has been updated for comparative purposes but not the Interest information, following the approach adopted by the Group in the financial statements.

Changes in Interest Income / (Charges)-Volume and Rate Analysis
The following tables include, by domicile of the Group entity at which the relevant asset or liability is accounted for, changes in our net interest income attributable to changes in average volume and changes in average rate for 2024 compared to 2023 and 2023 compared to 2022. We have calculated volume variances based on changes in average balances and rate variances based on changes in interest rates on average interest-earning assets and average interest-bearing liabilities, as applicable. You should read the following tables and the footnotes thereto in light of our observations noted in the preceding sub-section entitled ‘-Average Balance Sheets and Interest Rates'.
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920
Supplemental information
Year ended 31 December,
2024 / 2023
Increase (Decrease) due to changes in
INTEREST INCOME
Volume (1)
Rate (2)
Net Change
(EUR million)
Cash balances at central banks and other deposits on demand, and loans and advances to central banks and credit institutions(985)917 (68)
Domestic(358)365 7 
International - Mature markets(482)571 89 
International - Developing markets(145)(19)(164)
    Of which
Reverse repurchase agreements522 377 899 
Domestic487 78 565 
International - Mature markets196 18 214 
International - Developing markets(161)281 120 
Loans and advances to customers1,022 6,140 7,162 
Domestic(11)1,702 1,691 
International - Mature markets854 4,259 5,113 
International - Developing markets179 179 358 
    Of which
Reverse repurchase agreements1,411 309 1,720 
Domestic128 79 207 
International - Mature markets1,270 231 1,501 
International - Developing markets13 (1)12 
Debt securities1,463 156 1,619 
Domestic844 131 975 
International - Mature markets401 329 730 
International - Developing markets218 (304)(86)
Income from hedging operations(1,105)— (1,105)
Domestic197 — 197 
International - Mature markets(954)— (954)
International - Developing markets(348)— (348)
Other interest(125)— (125)
Domestic(24)— (24)
International - Mature markets(21)— (21)
International - Developing markets(80)— (80)
Total Interest earning assets270 7,213 7,483 
Year ended 31 December,
2024 / 2023
Increase (Decrease) due to changes in
INTEREST INCOME
Volume (1)
Rate (2)
Net Change
(EUR million)
Domestic648 2,198 2,846 
International - Mature markets(202)5,159 4,957 
International - Developing markets(176)(144)(320)
Year ended 31 December,
2023 / 2022
Increase (Decrease) due to changes in
INTEREST INCOME
Volume (1)
Rate (2)
Net Change
(EUR million)
Cash balances at central banks and other deposits on demand, and loans and advances to central banks and credit institutions1,064 8,264 9,328 
Domestic62 3,466 3,528 
International - Mature markets(226)3,866 3,640 
International - Developing markets1,228 932 2,160 
    Of which
Reverse repurchase agreements1,291 1,592 2,883 
Domestic50 1,140 1,190 
International - Mature markets2 221 223 
International - Developing markets1,239 231 1,470 
Loans and advances to customers2,237 14,272 16,509 
Domestic(167)4,819 4,652 
International - Mature markets(219)9,169 8,950 
International - Developing markets2,623 284 2,907 
    Of which
Reverse repurchase agreements136 2,883 3,019 
Domestic(4)223 219 
International - Mature markets125 2,608 2,733 
International - Developing markets15 52 67 
Debt securities1,583 2,502 4,085 
Domestic611 1,083 1,694 
International - Mature markets154 487 641 
International - Developing markets818 932 1,750 
Income from hedging operations3,797 — 3,797 
Domestic(61)— (61)
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921
Supplemental information
Year ended 31 December,
2023 / 2022
Increase (Decrease) due to changes in
INTEREST INCOME
Volume (1)
Rate (2)
Net Change
International - Mature markets2,475 — 2,475 
International - Developing markets1,383 — 1,383 
Other interest103 — 103 
Domestic74 — 74 
International - Mature markets23 — 23 
International - Developing markets6 — 6 
Total Interest earning assets8,784 25,038 33,822 
Domestic519 9,368 9,887 
International - Mature markets2,207 13,522 15,729 
International - Developing markets6,058 2,148 8,206 
Year ended 31 December,
2024 / 2023
Increase (Decrease) due to changes in
INTEREST CHARGES
Volume (1)
Rate (2)
Net Change
(EUR million)
Deposits from central banks and credit institutions(1,190)1,223 33 
Domestic(95)332 237 
International - Mature markets(980)438 (542)
International - Developing markets(115)453 338 
    Of which
Repurchase agreements582 251 833 
Domestic182 105 287 
International - Mature markets144 47 191 
International - Developing markets256 99 355 
Customer Deposits792 2,435 3,227 
Domestic218 1,457 1,675 
International - Mature markets111 3,786 3,897 
International - Developing markets463 (2,808)(2,345)
    Of which
Repurchase agreements729 427 1,156 
Domestic413 (90)323 
International - Mature markets101 1,052 1,153 
International - Developing markets215 (535)(320)
Marketable debt securities785 1,238 2,023 
Domestic449 697 1,146 
Year ended 31 December,
2024 / 2023
Increase (Decrease) due to changes in
INTEREST CHARGES
Volume (1)
Rate (2)
Net Change
(EUR million)
International - Mature markets342 762 1,104 
International - Developing markets(6)(221)(227)
    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 liabilities16 23 39 
Domestic30 (9)21 
International - Mature markets0 16 16 
International - Developing markets(14)16 2 
Expenses from hedging operations(1,450)— (1,450)
Domestic114 — 114 
International - Mature markets(431)— (431)
International - Developing markets(1,133)— (1,133)
Other interest204 — 204 
Domestic174 — 174 
International - Mature markets(22)— (22)
International - Developing markets52 — 52 
Total interest-bearing liabilities(843)4,919 4,076 
Domestic890 2,477 3,367 
International - Mature markets(980)5,002 4,022 
International - Developing markets(753)(2,560)(3,313)

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922
Supplemental information

Year ended 31 December,
2023 / 2022
Increase (Decrease) due to changes in
INTEREST CHARGES
Volume (1)
Rate (2)
Net Change
(EUR million)
Deposits from central banks and credit institutions(190)5,904 5,714 
Domestic(238)2,401 2,163 
International - Mature markets(216)2,233 2,017 
International - Developing markets264 1,270 1,534 
    Of which
Repurchase agreements506 1,882 2,388 
Domestic318 1,182 1,500 
International - Mature markets129 209 338 
International - Developing markets59 491 550 
Customer Deposits1,632 14,612 16,244 
Domestic42 2,529 2,571 
International - Mature markets60 9,047 9,107 
International - Developing markets1,530 3,036 4,566 
    Of which
Repurchase agreements837 3,048 3,885 
Domestic42 197 239 
International - Mature markets347 2,679 3,026 
International - Developing markets448 172 620 
Marketable debt securities1,420 2,867 4,287 
Domestic519 1,403 1,922 
International - Mature markets33 1,924 1,957 
International - Developing markets868 (460)408 
    Of which
Commercial paper336 618 954 
Domestic241 425 666 
International - Mature markets24 159 183 
International - Developing markets71 34 105 
Other interest-bearing liabilities (3)24 398 422 
Domestic(3)379 376 
International - Mature markets0 0 0 
International - Developing markets27 19 46 
Expenses from hedging operations2,381 — 2,381 
Domestic827 — 827 
Year ended 31 December,
2023 / 2022
Increase (Decrease) due to changes in
INTEREST CHARGES
Volume (1)
Rate (2)
Net Change
(EUR million)
International - Mature markets1,549 — 1,549 
International - Developing markets5 — 5 
Other interest132 — 132 
Domestic132 — 132 
International - Mature markets118 — 118 
International - Developing markets(118)— (118)
Total interest-bearing liabilities5,399 23,781 29,180 
Domestic1,279 6,712 7,991 
International - Mature markets1,544 13,204 14,748 
International - Developing markets2,576 3,865 6,441 
(1)We calculate the volume variance as the result of the average interest rate of the earlier period multiplied by the difference between the average balances of both periods.
(2)We calculate the rate variance as the result of the average balance of the earlier period multiplied by the difference between the average interest rates of both periods.
(3) The volume and rate analysis is affected by the retrospective application of the new accounting standard IFRS 17 from 1 January 2023, which meant the reclassification of a portfolio of products for approximately EUR 16 billion as of 31 December 2022 registered at that date in 'Customer deposits' to 'Liabilities under insurance or reinsurance contracts' (see note 1.d to our consolidated financial statements in Part 1 of this annual report). The 2022 average balance information has been updated for comparative purposes but not the Interest information, following the approach adopted by the Group in the financial statements.

Interest-earning assets-yield spread
The following table analyses our average interest-earning assets, interest and similar income and net interest income by domicile of the Group entity at which they are accounted for. Furthermore, it shows gross yields, net yields and yield spreads for each of the years indicated. You should read this table and the footnotes thereto in light of our observations noted in the
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923
Supplemental information
preceding sub-section entitled ‘-Average Balance Sheets and Interest Rates’, and the footnotes thereto.
Year ended 31 December,
202420232022
(EUR million, except percentages)
Average interest earning assets1,606,141 1,571,738 1,519,174 
Domestic468,355 454,161 430,455 
International - Mature markets740,978 722,538 735,656 
International - Developing markets396,808 395,039 353,063 
Interest and similar income112,735 105,252 71,430 
Domestic20,532 17,686 7,799 
International - Mature markets43,801 38,844 23,115 
International - Developing markets48,402 48,722 40,516 
Interest income / (charges) (A)46,668 43,261 38,619 
Domestic4,908 5,429 3,533 
International - Mature markets18,124 17,189 16,208 
International - Developing markets23,636 20,643 18,878 
Gross yield (B)7.02 %6.70 %4.70 %
Domestic4.38 %3.89 %1.81 %
International - Mature markets5.91 %5.38 %3.14 %
International - Developing markets12.20 %12.33 %11.48 %
Net yield (C)2.91 %2.75 %2.54 %
Domestic1.05 %1.20 %0.82 %
International - Mature markets2.45 %2.38 %2.20 %
International - Developing markets5.96 %5.23 %5.35 %
Yield spread (D)2.69 %2.56 %2.45 %
Domestic1.52 %1.51 %0.97 %
International - Mature markets1.89 %2.03 %2.08 %
International - Developing markets4.96 %4.01 %4.26 %
(A)Interest income / (charges) is the net amount of interest and similar income and interest expense and similar charges. See 'Income Statement' in the consolidated financial statements included in Part 1 of this annual report on Form 20-F.
(B)Gross yield is the quotient of interest income divided by average earning assets.
(C)Net yield is the quotient of interest income / (charges) divided by average earning assets.
(D)Yield spread is the difference between gross yield on earning assets and the average cost of interest-bearing liabilities. For a discussion of the changes in yield spread for 2024 and 2023, see section 3.2 'Results' in the 'Economic and financial review' chapter in Part 1 of this annual report on Form 20-F. For a discussion of the changes in yield spread for 2023 and 2022, see section 3.2 'Results' in the 'Economic and financial review' chapter in Part 1 of our annual report for the year ended 2023 on Form 20-F.

Interest-earning assets-composition
The following table shows, by domicile of the Group entity at which the relevant asset is accounted for, the percentage mix of our average interest-earning assets for the years indicated. You should read this table in light of our observations noted in the preceding sub-section entitled ‘-Average Balance Sheets and Interest Rates’, and the footnotes thereto.
Year ended 31 December,
202420232022
Cash balances at central banks and other deposits on demand, and loans and advances to central banks and credit institutions18.08 %19.78 %20.07 %
Domestic6.77 %7.47 %7.35 %
International - Mature markets7.12 %7.93 %9.16 %
International - Developing markets4.19 %4.38 %3.56 %
Loans and advances to customers65.59 %65.95 %67.88 %
Domestic16.50 %16.88 %17.96 %
International - Mature markets35.03 %34.78 %36.38 %
International - Developing markets14.06 %14.29 %13.54 %
Debt securities16.33 %14.27 %12.05 %
Domestic5.89 %4.55 %3.02 %
International - Mature markets3.99 %3.27 %2.89 %
International - Developing markets6.45 %6.45 %6.14 %

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5.2. Other statistical disclosure requirements
5.2.1. Assets
The following table shows as of 31 December 2024, the balances and weighted-average yields* for our debt securities
not held at fair value through earnings, for each range of maturities:
Year ended 31 December 2024
Maturing
Within
1 Year		Yield Within 1 YearMaturing Between 1 and 5 YearsYield 1 and 5 YearsMaturing Between 5 and 10 YearsYield 5 and 10 YearsMaturing After 10 YearsYield After 10 YearsTotal
Debt securities
(EUR million, except percentages)
Domestic:
Spanish Government2,159 2.29 %10,720 2.02 %25,186 2.67 %5,105 3.24 %43,170 
Issued by financial institutions894 5.65% **56 0.72 %16 3.07 %— — %966 
Other fixed-income securities145 3.03 %118 2.20 %163 3.71 %83 3.86 %509 
Total Domestic3,198 10,894 25,365 5,188 44,645 
International:
Mature
Foreign government19,388 1.56 %12,630 2.78 %8,356 2.70 %14,358 2.41 %54,732 
Issued by financial institutions1,866 3.12 %4,847 3.55 %1,683 3.41 %16 1.90 %8,412 
Other fixed-income securities3,605 2.43 %2,671 2.48 %5,557 3.15 %10,126 4.34 %21,959 
Total Mature24,859 20,148 15,596 24,500 85,103 
Developing
Foreign government10,812 4.66 %34,182 6.88 %8,325 6.57 %1,934 6.22 %55,253 
Issued by financial institutions506 1.43 %684 2.76 %514 2.35 %1 4.19 %1,705 
Other fixed-income securities3,508 8.41 %5,156 10.55 %1,773 9.64 %364 9.42 %10,801 
Total Developing14,826 40,022 10,612 2,299 67,759 
Total international39,685 60,170 26,208 26,799 152,862 
Total debt securities42,883 71,064 51,573 31,987 197,507 
(*) For each range of maturities, the weighted-average yield is calculated as the sum of the product of the balances of the debt securities maturing in that period multiplied by their respective interest rates, divided by the total balance of the debt securities maturing in that period..
(**) Includes 2 medium-term notes in BRL issued by the Instituto de Crédito Oficial (Spain).


Loan portfolio
At 31 December 2024, our total loans and advances to customers equalled EUR 1,076.2 billion (59% of our total assets). Net of allowances for credit losses, loans and advances to customers equalled EUR 1,054.1 billion at 31 December 2024 (57% of our total assets). In addition to loans, we had outstanding as of 31 December 2024, 2023 and 2022, EUR
302.9 billion, EUR 279.6 billion and EUR 274.1 billion, respectively, of undrawn balances available to third parties.
At 31 December 2024, our loans and advances to associated companies and jointly controlled entities amounted to EUR 9,750 million (see notes 5.f and 53 to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F).
Excluding government-related loans and advances, the largest outstanding exposure to a single counterparty at 31 December 2024 was EUR 1.7 billion (0.15% of total loans and advances, including government-related loans), and the five next largest exposures totalled EUR 5.8 billion (0.5% of total loans, including government-related loans).

Maturity
The following table sets forth an analysis by maturity of our loans, by type and status, as of 31 December 2024:
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Maturity
Less than
one year		One to five
years		Five to fifteen yearsOver fifteen
years		Total
Balance% of TotalBalance% of TotalBalance% of TotalBalance% of TotalBalance% of Total
(EUR million, except percentages)
Loans and advances to customers in Spain: (A)
Commercial credit12,485 3 %40 — %— — %— — %12,525 1 %
Secured loans7,633 2 %23,848 7 %23,304 12 %37,669 29 %92,454 9 %
Reverse repurchase agreements79 — %— — %— — %— — %79 — %
Other term loans33,426 8 %34,607 10 %9,900 5 %905 1 %78,838 7 %
Finance leases1,731 — %2,200 1 %529 — %1 — %4,461 — %
Receivable on demand180 — %9 — %1 — %— — %190 — %
Credit cards receivables2,622 1 %32 — %— — %— — %2,654 — %
Impaired assets2,381 1 %2,171 1 %1,174 1 %1,237 1 %6,963 1 %
Total loans and advances to customers in Spain60,537 15 %62,907 18 %34,908 18 %39,812 31 %198,164 18 %
Loans and advances to customers outside Spain: (A)
Commercial credit40,181 10 %477 — %26 — %— — %40,684 4 %
Secured loans84,677 21 %162,282 46 %133,242 68 %84,808 65 %465,009 43 %
Reverse repurchase agreements57,486 15 %934 — %180 — %969 1 %59,569 6 %
Other term loans94,192 24 %95,660 27 %24,157 12 %3,492 3 %217,501 20 %
Finance leases12,850 3 %22,306 6 %500 — %3 — %35,659 3 %
Receivable on demand9,725 2 %736 — %104 — %1 — %10,566 1 %
Credit cards receivables20,445 5 %1,730 — %99 — %— — %22,274 2 %
Impaired assets15,081 4 %7,512 2 %3,242 2 %933 1 %26,768 2 %
Total loans and advances to customers outside Spain334,637 85 %291,637 82 %161,550 82 %90,206 69 %878,030 82 %
Total loans and advances to customers, gross395,174 100 %354,544 100 %196,458 100 %130,018 100 %1,076,194 100 %
(A) Credit of any nature granted to credit institutions is included in the 'Loans and advances to credit institutions' caption of our balance sheet.





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Fixed and Variable Rate Loans
The following table sets forth a breakdown of our fixed and variable rate loans, by type and status, having a maturity of more than one year at 31 December 2024:

Fixed and variable rate loans
having a maturity of more than one year
DomesticInternationalTotal
(EUR million)
Fixed rate
Commercial credit31 97 128 
Secured loans32,632 274,629 307,261 
Reverse repurchase agreements— 2,083 2,083 
Other term loans34,246 65,371 99,617 
Finance leases1,544 18,709 20,253 
Receivable on demand3 559 562 
Credit cards receivables32 1,740 1,772 
Impaired assets1,678 7,892 9,570 
Total Fixed rate70,166 371,080 441,246 
Variable rate
Commercial credit9 406 415 
Secured loans52,189 105,703 157,892 
Reverse repurchase agreements— — — 
Other term loans11,166 57,938 69,104 
Finance leases1,186 4,100 5,286 
Receivable on demand7 282 289 
Credit cards receivables— 89 89 
Impaired assets2,904 3,795 6,699 
Total Variable rate67,461 172,313 239,774 
Total137,627 543,393 681,020 















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Credit Ratios
The following table sets out the impairment losses to total loans outstanding ratio and the net charge-offs to average loans outstanding ratios for the periods ended 31 December 2024, 2023 and 2022 (see note 10 to our 'Consolidated financial statements'):
31 December
202420232022
(EUR million, except percentages)
Impairment losses to total loans outstanding2.06 %2.15 %2.14 %
Allowances for credit losses22,12522,78822,684
Total loans outstanding1,076,1941,059,1371,058,688
Net Charge-offs during the period to average loans outstanding:
Commercial credit0.31 %0.28 %0.38 %
Net Charge-off during the period153141197
Average loans outstanding48,99649,67351,535
Secured loans0.60 %0.63 %0.85 %
Net Charge-off during the period3,4463,6524,990
Average loans outstanding576,086582,007583,899
Reverse repurchase agreementsn/an/an/a
Net Charge-off during the periodn/an/an/a
Average loans outstanding61,79346,38243,505
Other term loans2.04 %2.21 %1.43 %
Net Charge-off during the period6,3476,7304,308
Average loans outstanding311,238304,776301,252
Finance leases0.28 %0.11 %0.31 %
Net Charge-off during the period11144125
Average loans outstanding40,22438,76439,829
Receivable on demand0.75 %1.49 %1.73 %
Net Charge-off during the period93196207
Average loans outstanding12,39413,13211,964
Credit cards receivables5.81 %6.01 %4.12 %
Net Charge-off during the period1,4571,492949
Average loans outstanding25,09024,83223,039
Total Loans1.08 %1.16 %1.02 %
Net Charge-off during the period11,60712,25510,776
Average loans outstanding1,075,8211,059,5661,055,023
For the purpose of calculating the net charge-offs during the period to average loans outstanding ratio, net charge-offs consist of charge-offs against credit loss allowance less recoveries of loans previously charged-off and loans outstanding refer to gross loans and advances to customers. Reverse repurchase agreements are collateralized and therefore cannot be charged-off.


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Credit impaired balances ratios
The following table shows the total amount of our computable credit risk, our credit impaired loans and contingent liabilities, our allowances for credit impaired balances, our net loans and
contingent liabilities charged-off, the NPL ratio, the coverage ratio and the net charge-offs to computable credit risk ratio at the dates indicated:
At 31 December,
202420232022
(EUR million, except percentages)
Computable credit risk (A)1,157,274 1,133,898 1,124,121 
Credit impaired balances35,265 35,620 34,673 
Allowances for credit impaired balances22,835 23,490 23,418 
Net loans and contingent liabilities charged-off11,607 12,255 10,776 
Ratios:
NPL ratio (B)3.05 %3.14 %3.08 %
Coverage ratio (C)65 %66 %68 %
Net loan and contingent liabilities charged-off to computable credit risk1.00 %1.08 %0.96 %
(A)Computable credit risk is the sum of the face amounts of impaired and non-impaired loans and advances to customers and customer guarantees and impaired customer commitments granted.
(B)Credit impaired balances (credit impaired loans and advances to customers, customer guarantees and customer commitments granted) to computable credit risk.
(C)Allowances for credit impaired balances as a percentage of credit impaired balances.

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5.2.2. Liabilities

Deposits
The primary components of our customer deposits and our deposits from central banks and credit institutions are demand, time and notice deposits. Our retail customers are the primary source of our demand, time and notice deposits. For an analysis of average domestic and international deposits for 2024, 2023 and 2022, see section 5.1 'Average Balance Sheets and Interest Rates’.
We compete actively with other commercial banks and with savings banks for domestic deposits. Our share of customer deposits in the Spanish banking system was 26% at 30 September 2024 (most recent available data), according to figures published by the Spanish Banking Association (AEB) and the Confederación Española de Cajas de Ahorros (CECA). See section 9. 'Competition'.
The following table shows the amounts of insured and uninsured total customer deposits excluding repurchase agreements.
31 December 202431 December 202331 December 2022
(EUR million)
Insured deposits512,319 502,461 485,288 
Uninsured deposits 465,300 465,886 461,043 
Total deposits977,619 968,347 946,331 
Note: From 1 January 2023, we apply retrospectively IFRS 17 'Insurance Contracts and amendments to IFRS 17' which meant a reclassification for an amount of approximately EUR 16 billion as of 31 December 2022 from a portfolio of products registered in 'Customer deposits' to 'Liabilities covered by insurance or reinsurance contracts'. See note 1.d to our consolidated financial statements included in Part 1 of this annual report.

The table below shows, as of 31 December 2024, the amounts of insured and uninsured customer time deposits. In addition, the table shows the amounts of uninsured time deposits either because they exceed the deposit insurance regimes or other reasons.
31 December 2024
Time deposits(EUR million)
Insured time deposits101,758 
Uninsured time deposits 196,518 
   Excess over guaranteed limit117,136 
   Otherwise uninsured79,382 
Total time deposits298,276 


The following table shows the maturity of uninsured customer time deposits for the year ended 31 December 2024.

31 December 2024
DomesticInternationalTotal
(EUR million)
Under 3 months31,090 77,952 109,042 
3 to 6 months8,912 21,317 30,229 
6 to 12 months5,479 18,572 24,051 
Over 12 months12,575 20,621 33,196 
Total58,056 138,462 196,518 



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The following table contains information of the deposit insurance regimes in the main countries where we are present:

CountryGuarantee fundDefinition
SpainFondo de Garantía de Depósitos (FGD)The FGD guarantees deposits in cash and securities or other financial instruments held by credit institutions, up to the limit of EUR 100,000 for cash deposits or, in the case of deposits in other currencies, the equivalent sum at the applicable exchange rates. The FGD also guarantees the following deposits, irrespective of their amount, for three months from the moment the funds have been credited or these deposits have become legally transferable: (1) deposits from real estate transactions involving private residential properties; (2) deposits deriving from payments received by the depositor on a one-off basis in connection with marriage, divorce, retirement, dismissal, disability or death; and (3) deposits concerning insurance payments or indemnity payments for damages as a result of a criminal act or judicial error.
UKThe Financial Services Compensation Scheme (FSCS)The Financial Services Compensation Scheme (FSCS) protects UK authorised banks, building societies and credit unions up to £85,000 per depositor in the event of their insolvency. If deposits or savings are in a joint account the total of FSCS protection doubles to £170,000. The FSCS is fully funded by the financial services industry. Firms authorized by the FCA and the PRA pay an annual levy which is calculated based on the size of the firm.
PortugalFundo de Garantia de Depósitos
The Fundo de Garantía de Depósitos guarantees the reimbursement of the total value of the cash balances of each depositor, per participating credit institution, up to a limit of EUR 100,000. However, the following deposits will be fully guaranteed and, as such, potentially beyond the EUR 100,000 limit, for a period of one year from the date the amount has been credited to the relevant deposit account: deposits related to private urban residential real estate transactions; deposits with social purposes; and deposits resulting from insurance payments or compensation for damages.
GermanyEinlagensicherungsfondsIn the event of bank insolvency, legal deposit protection guarantees sums of up to EUR 100,000 per customer. Guaranteed deposits include basically demand, time and savings deposits and registered savings bonds. The liabilities of bearer and order bonds are not guaranteed. The Deposit Protection Fund protects deposits regardless of the currency in which they are held. However, the deposit protection fund has the right to make compensation in euros.
PolandBankowy Fundusz Gwarancyjny (BFG)
The deposit guarantee system covers accumulated funds: (1) in all domestic banks, i.e., with registered office in the territory of the Republic of Poland, (2) in cooperative credit unions, and (3) in branches of foreign banks (i.e., branches of banks with their head office abroad, in the territory of a non-EU country) to the extent that the deposit guarantee system of that country fails to provide guarantees at least in the amount provided by the BFG.
The level of coverage in all the countries of the European Union since 31 December 2010, is EUR 100,000 (or its equivalent in national currency).
USFederal Deposit Insurance Corporation (FDIC)The standard insurance amount is US$250,000 per depositor, per insured bank, for each account ownership category. A deposit account opened in an FDIC-insured bank is automatically covered.
MexicoInstituto para la Protección al Ahorro Bancario (IPAB)
The IPAB is the federal institution (decentralized of the Ministry of Finance and Public Credit of Mexico) responsible for protecting depositors. Deposit insurance coverage is limited to a maximum of 400,000 UDIs ('Unidades de Inversión’, which are inflation indexed currency units) per bank and depositor. The IPAB guarantees, among others, funds deposited in savings accounts, time deposits such as certificates of deposit and deposits associated to debit cards.
BrazilFundo Garantidor de Créditos (FGC)The FGC protects depositors and investors within the scope of the National Financial System, up to the limits established by the regulations. The maximum amount of guarantee per person against the same member institution, or against all member institutions of the same financial corporation, will be of R$ 250,000.00. The following credits are duly covered by the ordinary guarantee granted by the FGC: (1) demand deposits or deposits drawable upon prior notice; (2) savings deposits; (3) time deposits with or without the issuance of certificate; (4) deposits kept in accounts other than checking accounts used for registration and control of the flow of funds relative to the payment of salaries, compensation, retirement benefits, pension and the like; (5) bills of exchange; (6) real estate notes; (7) mortgage notes; (8) real estate credit notes; (9) agribusiness credit notes; and (10) repurchase agreements that have as object securities issued by an affiliated company after 8 March 2012.
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ChileComisión para el Mercado Financiero (CMF)- Ley General de Bancos
The ‘Ley General de Bancos’ protects depositors according to certain limits defined by articles 144 to 153 in paragraph 3 of title XV. The guarantee covers individually a maximum of 200 UFs ('Unidades de Fomento’, which are inflation indexed currency units) per credit institution and calendar year; and the maximum of the guarantee of all the obligations that the banking system has with the same individual will be of 400 UFs per calendar year. Exceptions: (i) the guarantee does not cover term deposits, savings accounts balances and notes where the depositor is an institution (including profit and non-profit institutions); and (ii) the guarantee covers 100% of demand deposits (both for institutions and individuals) in the event of forced liquidation of a bank .
ArgentinaSistema de Seguros de Depósitos
The Deposit Insurance System guarantees up to AR$ 25,000,000 per person, account and deposit. In the accounts in name of two or more persons, the guarantee shall not exceed the limit of AR$ 25,000,000, regardless the number of depositors; this amount will be proportionally distributed among the depositors. The following deposits, in AR$ and foreign currency, are covered by the system: check accounts, current accounts opened in cooperative credit institutions, savings accounts, fixed term deposits, payroll/social security and special accounts and term investments.

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6. Supplement to the operating and financial review disclosure in the directors’ report
This section supplements the 'Consolidated directors’ report -Economic and financial review' in Part 1 of this annual report on Form 20-F in order to give information on the variations of the results and financial condition for 2023 as compared to 2022. You should read this information in connection with, and it is qualified in its entirety by reference to, our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F.
Consolidated income statement. Variations 2023 compared to 2022 for the Group and by primary and secondary segments.
See Group variations in 'Part 1. Consolidated directors´ report-Economic and financial review. Section 3.2. Results' in our annual report on Form 20-F for the year ended 31 December 2023 filed with the Securities and Exchange Commission on 21 February 2024.
See primary and secondary segments variations in 'Part 1. Consolidated directors´ report-Economic and financial review. Section 4. Financial information by segments' in our annual report on Form 20-F for the year ended 31 December 2023 filed with the Securities and Exchange Commission on 21 February 2024.
Such sections are incorporated herein by reference.
Financial condition. Variations 2023 compared to 2022
See 'Part 1. Consolidated directors´ report-Economic and financial review. Section 3. Group financial performance' in our annual report on Form 20-F for the year ended 31 December 2023 filed with the Securities and Exchange Commission on 21 February 2024. Such section is incorporated herein by reference.

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7. Tabular disclosure of contractual obligations
The following table summarises our contractual obligations by remaining maturity at 31 December 2024:
EUR million
Contractual obligations
Less than
1 year		More than
1 year but
less than 3 years
More than
3 years but
less than 5 years
More than
5 years 		Total
Deposits from central banks and credit institutions (A)80,499 20,427 6,477 7,491 114,894 
Customer deposits (A)962,053 26,004 15,033 8,455 1,011,545 
Marketable debt securities (A)83,547 100,451 60,128 73,841 317,967 
Liabilities under insurance contracts (B)3,136 4,227 2,545 7,922 17,830 
Lease obligations526 867 405 403 2,201 
Other long-term liabilities (C)1,637 2,923 2,808 6,732 14,100 
Contractual interest payment (D)21,308 13,899 15,152 42,729 93,088 
Total1,152,706 168,798 102,548 147,573 1,571,625 
(A)Financial liabilities at amortized cost.
(B)Includes life insurance contracts in which the investment risk is borne by the policy holder and insurance savings contracts.
(C)Other long-term liabilities relate to pensions and similar obligations and include the estimated benefit payable for the next ten years.
(D)Calculated for the amortized cost portfolios of Deposits from credit institutions, Customer deposits and Marketable debt securities based on average interest rates at 31 December 2024, for all maturities, and assuming that obligations with maturities of more than five years have an average life of ten years.

The table above excludes the 'fixed payments' of our derivatives since derivatives contracts executed by the Group apply close-out netting across all outstanding transactions, that is, these agreements provide for settlements to be made on a maturity or settlement date for the differences that arise, and as such, the obligation to be settled in the future is not fixed at the present date and is not determined by the fixed payments.

For a description of our trading and hedging derivatives, which are not reflected in the above table, see note 36 to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F.
For more information on our marketable debt securities and subordinated debt, see notes 22 and 23 to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F.


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8. Employees
As of 31 December 2024, we had 206,753 employees (as compared to 212,764 in 2023 and 206,462 in 2022) of which 34,940 were employed in Spain (as compared to 35,266 in 2023 and 34,153 in 2022) and 171,813 were employed outside Spain (as compared to 177,498 in 2023 and 172,309 in 2022). The terms and conditions of employment in the non-government-owned banks in Spain are negotiated on an industry-wide basis with the trade unions. This process has historically produced collective agreements binding on all the non-government-owned banks and their employees. The 2024-2026 agreement was signed on 12 November 2024. Although the agreement's original expiration date will be 31 December 2026, it will be automatically extended until the relevant parties enter a new agreement replacing and superseding the terms of the current agreement. The terms and conditions of employment in many of our subsidiaries outside Spain (including in Argentina, Portugal, Italy, Uruguay, Chile, Mexico, Germany, the UK, Brazil and Poland) are negotiated either directly or indirectly (on an industry-wide basis) with the trade unions.
The table below shows our employees by geographic area:
Number of employees
31 December 202431 December 202331 December 2022
Spain34,940 35,266 34,153 
United Kingdom22,542 24,221 22,905 
Poland13,846 13,361 13,053 
Portugal5,316 5,303 5,251 
Brazil57,133 57,868 55,632 
Chile9,240 9,576 9,544 
Argentina8,100 8,365 8,228 
US11,341 12,579 13,971 
Mexico29,768 31,239 29,389 
Other14,527 14,986 14,336 
TOTAL206,753 212,764 206,462 
The employee data presented in the table above is prepared according to the criteria of the legal entity where the employee works for. Such criteria is not comparable to that of the employee data included in 'Consolidated directors’ report - Economic and financial review- Section 4' in Part 1 of this annual report on Form 20-F which are prepared according to the Group’s management’s criteria.
The table below shows our employees by type of business according to our primary reporting segments aligned with our new reporting structure from the first quarter 2024:
Number of
employees
31 December 2024
Retail & Commercial Banking131,628 
Digital Consumer Bank30,121 
Corporate & Investment Banking13,347 
Wealth Management & Insurance7,245 
Payments22,614 
Corporate Centre1,798 
Total206,753 



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9. Competition
Competition in Spain
We face strong competition in all of our principal areas of operation from other banks, savings banks, credit co-operatives, brokerage services, on-line banks, insurance companies and other financial services firms.
Banks
At the end of September 2024 (most recent available information), Banco Bilbao Vizcaya Argentaria, Caixabank and Santander accounted for approximately 68.4% of loans and 67.6% of deposits in the Spanish financial system, according to figures published by the AEB and the CECA.
Foreign banks also have a presence in the Spanish banking system as a result of liberalization measures adopted by the Bank of Spain in 1978. At 31 December 2024, there were 77 foreign banks (of which 73 were from European Union countries) with branches in Spain. In addition, there were 14 Spanish subsidiary banks of foreign banks (of which 4 were from European Union countries).
The ECB is responsible for authorizing and revoking the authorization of credit institutions, and authorizing the purchase of qualifying holdings, under the terms of the European regulations which establish the competences conferred on the ECB and the Single Supervisory Mechanism. In these cases, the Bank of Spain, as the national competent authority (NCA), will submit to the ECB plans for the granting of an authorization or the acquisition of a qualifying holding, and where applicable, proposals for the revocation of authorization.
Any financial institution organized and licensed in another Member State of the European Union may conduct business in Spain from an office outside Spain, without first having obtained prior authorization from the Spanish authorities to do so. The opening of a branch of any financial institution authorized in another Member State of the European Union does not need prior authorization or specific allocation of resources either.
Financial institutions which are not authorized in another Member State of the European Union do not benefit from the 'Community Passport', and are therefore required to obtain prior authorization from the Bank of Spain to operate in Spain with branches. The procedure to obtain such authorization from the Bank of Spain is similar to the one set up for the establishment of new Spanish banks in Law 10/2014 of 26 June 2014, on Organization, Supervision and Solvency of Credit Entities and the Royal Decree 84/2015, of 13 February 2015, which develops Law 10/2014. These branches of institutions from countries outside of the European Union must necessarily be ascribed to the Spanish Deposit Guarantee Fund, in case there is no system of coverage in their home country, or if the system guarantees less than €100,000 per depositor (in this case, for the difference up to such €100,000). These institutions may also be authorized to operate in Spain and to provide services (no branches), although, in this case, the institutions cannot raise funds from the public.
Spanish law requires prior approval by the Bank of Spain for a Spanish bank to acquire a significant interest in a bank organized
outside of the European Union, create a new bank outside the European Union or open a branch outside of the European Union. Spanish banks must provide prior notice to the Bank of Spain to conduct any other business outside of Spain.
The opening by a Spanish bank of branches outside of Spain requires prior application to the Bank of Spain, which includes providing information about the country where the branch will be located, the address, program of activities and names and resumes of the branch’s managers. The opening by a Spanish bank of representative offices requires prior notice to the Bank of Spain detailing the activities to be performed.
Brokerage services
We face competition in our brokerage activities in Spain from other brokerage houses, including those of other financial institutions.
Any investment services company authorized to operate in another Member State of the European Union may conduct business in Spain from an office outside of Spain, once the Spanish Securities Markets Commission ('CNMV') receives notice from the institution’s home country supervisory authority on the institution’s proposed activities in Spain.
Credit entities have access, as members, to the Spanish stock exchanges, in accordance with the provisions established by the European Union Investment Services Directive.
We also face strong competition in our mutual funds, pension funds and insurance activities from other banks, savings banks, insurance companies and other financial services firms.
On-line banks and insurance companies
The entry of on-line banks into the Spanish banking system has increased competition, mainly in customer funds businesses such as deposits. Insurance companies and other financial service firms also compete for customer funds.
Competition outside Spain
In addition, we face strong competition outside of Spain, particularly in Argentina, Brazil, Chile, Mexico, Portugal, the UK, Germany, Poland, and the US. In these corporate and institutional banking markets, we compete with the large domestic banks active in these markets and with the major international banks.
The global banking crisis resulted in the withdrawal or disappearance of a number of market participants and significant consolidation of competitors, particularly in the US and UK competition for retail deposits has intensified significantly reflecting the difficulties in the wholesale money markets.
In several of these markets there are barriers to entry or expansion, including regulatory barriers and the state ownership of banks. Competition is generally intensifying as more players enter markets that are perceived to be de-regulating and offer significant growth potential.
Competition for corporate and institutional customers in the UK is from UK banks and from large foreign financial institutions that are also active and offer combined investment and
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commercial banking capabilities. Santander UK’s main competitors are established UK banks, building societies and insurance companies and other financial services providers (such as supermarket chains and large retailers).
In the UK credit card market, large retailers and specialist card issuers, including major US operators, are active in addition to the UK banks. In addition to physical distribution channels, providers compete through direct marketing activity and the Internet.
In the United States, Santander Bank competes in the Northeastern, New England and New York retail and mid-corporate banking markets with local and regional banks and other financial institutions. Santander Bank also competes in the US in large corporate lending and specialized finance markets, and in fixed-income trading and sales. Competition is principally with the large US commercial and investment banks and international banks active in the US. Santander Consumer USA Inc., our full-service specialized consumer finance company focused on vehicle finance and third-party servicing based in Dallas, Texas, primarily competes against national and regional banks in the United States, as well as with automobile manufacturers’ captive finance businesses, to originate loans and leases to finance consumers’ purchases of new and used cars.
Competition by fintech providers
In recent years, the development of the internet, as well as advances in mobile and other technologies, have given way for significant changes and transformation of certain financial-related services which had historically been provided almost exclusively by financial (and thereby, regulated) institutions, such as commercial banks. Non-bank digital service providers (known as fintechs) have entered the financial services market and currently compete (and cooperate) among each other and with banks. Fintechs include startup firms specializing in specific services or niches of the financial services market, or large digital players (known as BigTechs), which include companies such as Amazon, Facebook and Apple.
Due to certain regulations, such as those related to financial stability, which are not always applicable to non-bank financial services providers, competition between banks and non-bank players is not entirely on a level playing field. Whereas banks are generally required to apply banking-level controls to all subsidiaries, regardless of their activities, and therefore are required to assume certain costs or carry out longer internal processes with respect to certain activities (i.e. corporate governance requirements), fintechs may only be subject to activity-specific regulations, if at all, and may be able to provide new services that are not yet subject to regulation without facing the same obstacles a bank could face in attempting to provide such new services.
See Item 4. Risk Factors. '2.6.4 Increased competition, including from non-traditional providers of banking services such as financial technology providers, and industry consolidation may adversely affect our results of operations'.
10. Supervision and regulation
Single Supervisory Mechanism and Single Resolution Mechanism
The project of achieving a European banking union was launched in the summer of 2012. Its main goal is to resume progress towards the European single market for financial services by restoring confidence in the European banking sector and ensuring the proper functioning of monetary policy in the eurozone. The banking union is expected to be achieved through new harmonised banking rules (the single rulebook) and a new institutional framework with stronger systems for both banking supervision and resolution that will be managed at the European level. Its two main pillars are the Single Supervisory Mechanism (the SSM) and the Single Resolution Mechanism (the SRM). As a further step to a fully-fledged banking union, in November 2015, the European Commission put forward a proposal for a European Deposit Insurance Scheme (EDIS), which intends to provide a stronger and more uniform degree of insurance cover for all retail depositors in the banking union.
Pursuant to Article 127(6) of the Treaty on the Functioning of the EU and the SSM Framework Regulation, the ECB is responsible for specific tasks concerning the prudential supervision of credit institutions established in participating Member States. Since 2014, it carries out these supervisory tasks within the SSM framework, composed of the ECB and the relevant national authorities. The ECB is responsible for the effective and consistent functioning of the SSM, with a view to carrying out effective banking supervision, contributing to the safety and soundness of the banking system and the stability of the financial system.
The ECB is responsible for the effective and consistent functioning of the SSM and exercises oversight over the functioning of the system. To ensure efficient supervision, credit institutions were categorized as 'significant' and 'less significant'. In accordance with the SSM Regulation, the ECB fully assumed its new supervisory responsibilities within the SSM on 4 November 2014.
The ECB supervises directly the significant banks, including us, through the Joint Supervisory Teams (JSTs), which are responsible for the day-to-day supervision of these institutions. These teams comprise staff from the ECB and the NCAs, whose work is coordinated by an ECB staff member, assisted by one or more NCA sub-coordinators. Among other duties, these teams are responsible for the ongoing assessment of institutions’ risk profiles, solvency and liquidity, and prepare the draft decisions to be presented to the Supervisory Board. All other less-significant institutions are directly supervised by NCAs, and indirectly supervised by the ECB.
In relation to significant institutions, the NCAs, including the Bank of Spain, must assist the ECB, contributing their experience and most of the supervisors making up the JSTs. Also, among other tasks, they provide support for on-site inspections (to be carried out by non-JST teams), gather and transmit any information required, participate in the preparation of supervisory decisions, and collaborate on sanction procedures.
In the case of less-significant institutions, the NCAs supervise them directly, while the ECB supervises them indirectly. In these
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cases, the ECB, which has ultimate responsibility for the functioning of the SSM, may issue guidelines to ensure consistent supervision in participating countries, request additional information, or even take over the direct supervision of an institution if it considers it necessary.
The participants in the SSM are all the countries that form part of the Eurosystem and all European Union countries which are not in the eurozone, but which want to establish a close cooperation with the ECB and therefore accept this new supervision system.
Article 6.4 of the Council Regulation (EU) 1024/2013 of 15 October 2013, conferring specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions (the 'SSM Regulation'), establishes the criteria under which an institution shall not be considered 'less significant'. In particular, if any of the following conditions is met :
•Size: Its consolidated total assets are worth over 30 billion euros.
•Cross border activities: Its assets are worth more than 20% of the GDP of the country in which it is established, unless the consolidated total assets are less than 5 billion euros, or it has subsidiaries in more than one participant country, with cross-border assets or liabilities representing a significant part of its total assets and liabilities.
•Economic importance: it is considered by its NCA an institution of significance with regard to the domestic economy. In any case, it will include the three most significant credit institutions in each member state (unless justified by particular circumstances).
Additionally, entities for which public financial assistance has been requested or received from the European Stability Mechanism or the European Financial Stability Facility shall not be considered 'less significant'.
Based on these criteria, as of 1 November 2024 the ECB directly supervised 114 'significant banks' in the euro area. In the case of Spain, as of the date of this annual report, 10 significant credit institutions and financial holding groups are directly supervised by the ECB. We have been categorized as a significant institution.
To directly supervise the significant banks, the ECB has created two directorate generals, DG Microprudential Supervision I and DG Microprudential II, which perform the continuous day-to-day monitoring of the 114 groups. The supervision of specific aspects or matters, what is known as on-site inspection, is carried out by different teams. The ECB has thus adopted a different model to that place at the Bank of Spain to date: functionally separating the continuous monitoring of banks and inspection visits.
With regard to significant Spanish banks, the Bank of Spain, in addition to providing its experience and most of the staff of the joint supervisory teams, will shoulder the weight of on-site inspections, it will participate in the preparation of all the decisions to be adopted by the ECB Supervisory Board and it will be active in the exercise of its sanctioning powers. As regards the sanctioning regime, the ECB is responsible for imposing sanctions, provided that three requirements are met: that the sanction is imposed on the credit institution, i.e. on the legal
person; that it stems from non-compliance with directly applicable European Union legal rules; and that the sanctions are of a pecuniary nature. In the remaining cases, power will continue to be exercised by the national supervisory authorities, without prejudice to the ECB being able to demand that the appropriate proceedings be initiated.
There are certain areas of banking activity whose supervision is not assumed by the SSM, but continue to be within the purview of the national authorities. The Bank of Spain thus continues to exercise supervisory powers in the areas of money laundering prevention, consumer protection and, partly, in the oversight of financial markets. It also retains the supervision of banking foundations associated with regional governments. In addition to this, the Bank of Spain, like the other national supervisory authorities participating in the SSM, fully retains its supervisory powers over non-bank financial institutions, other financial institutions and entities related to the financial sector such as payment institutions, electronic money institutions, credit financial intermediaries, mutual guarantee companies, currency-exchange bureau and appraisal companies.
Until 1 January 1999, the Bank of Spain was the entity responsible for implementing Spanish monetary policy. As of that date, the start of Stage III of the European Monetary Union, the European System of Central Banks and the ECB became jointly responsible for Spain’s monetary policy. The European System of Central Banks consists of the national central banks of the twenty-eight Member States belonging to the European Union, whether they have adopted the euro or not, and the ECB. The 'Eurosystem' is the term used to refer to the ECB and the national central banks of the Member States which have adopted the euro. The ECB is responsible for the monetary policy of the European Union. The Bank of Spain, as a member of the European System of Central Banks, takes part in the development of the European System of Central Banks’ powers including the design of the European Union’s monetary policy.
The ECB has delegated the authority to issue the euro to the central banks of each country participating in Stage III. These central banks are also in charge of executing the European Union’s monetary policy in their respective countries. The countries that have not adopted the euro will have a seat in the European System of Central Banks, but will not have a say in the monetary policy or instructions laid out by the governing council to the national central banks.
Since 1 January 1999, the Bank of Spain has performed the following basic functions attributed to the European System of Central Banks:
•defining and implementing the Eurosystem's monetary policy;
•conducting foreign exchange transaction consistent with the provisions of Article 111 of the Treaty on European Union, and holding and managing the States’ official currency reserves;
•promoting the sound working of payment systems in the eurozone; and
•issuing legal tender bank notes.
Notwithstanding the European Monetary Union, the Bank of Spain, as the Spanish national central bank, continues to be responsible for:
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•holding and managing the currency and precious metal reserves not transferred to the ECB;
•promoting the sound working and stability of the financial system and, without prejudice to the functions of the ECB, of national payment systems;
•supervising solvency and compliance with the specific rules of credit institutions, other entities and financial markets, for which it has been assigned supervisory responsibility;
•placing currency in circulation and the performance, on behalf of the State, of all such other related functions;
•preparing and publishing statistics relating to its functions, and assisting the ECB in the compilation of the necessary statistical information;
•rendering treasury services and acting as financial agent for government debt; and
•advising the Spanish Government and preparing the appropriate reports and studies.
The other main pillar of the EU banking union is the SRM, the main purpose of which is to ensure a prompt and coherent resolution of failing banks in Europe at minimum cost for the taxpayers and the real economy. The SRM Regulation establishes uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of the SRM and a Single Resolution Fund (SRF). The SRF became effective on 1 January 2016, and will be financed by bank contributions raised at national and at banking union level which will be pooled at Union level in accordance with an intergovernmental agreement on the transfer and progressive mutualization of those contributions, thus increasing financial stability and limiting the link between the perceived fiscal position of individual Member States and the funding costs of banks and undertakings operating in those Member States. At a national level, the Spanish Law 11/2015 of June 2018, on recovery and resolution of credit entities and investment firms, transposes the SRF regulation from Directive 2014/59/EU which sets the rules at European level, also creating National Resolution Funds to be financed by credit institutions and investment firms, and whose financial resources are intended to reach by 2024 a total amount of 1% of the covered deposits of all banks in participating Member States (i.e., around EUR 55 billion) and to be used as a separate backstop only after an 8% bail-in of a bank's liabilities has been applied to cover capital shortfalls (in line with BRRD). No contributions were required from Santander to the Single Resolution Fund in 2024.  
Deposit Guarantee Fund scheme
The Deposit Guarantee Scheme (Fondo de Garantía de Depósitos, or the FGD) operates under the rules of the European Union and the guidance of Bank of Spain, guarantees in the case of Santander and our Spanish banking subsidiaries: (i) bank deposits up to €100,000 per depositor; and (ii) securities and financial instruments which have been assigned to a credit institution for its deposit, register or for other such services, up to €100,000 per investor. Taking into account the principle of minimal capital impact, the FGD may participate in resolution proceedings by granting financial support in exceptional cases.
The FGD is funded by annual contributions from banks. The target level of Member States FGD contributions is to collect 0.8 per cent of the total amount of covered deposits by 3 July 2024.
As of 31 December 2024, the Bank and its domestic bank subsidiaries were members of the FGD. The contributions made by the Bank to the FGD amounted to EUR 16 million in 2024. Contributions made by the Group to the different local deposit guarantee funds amounted to EUR 536 million in 2024.
On 16 April 2014, the recast Deposit Guarantee Schemes Directive was published (Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014, on deposit guarantee schemes (recast)), which is aimed at eliminating certain differences between the laws of the European Union Member States as regards the rules on deposit guarantee schemes to which those credit institutions are subject. Law 11/2015, of 18 June, for the recovery and resolution of credit institutions and investment firms, Royal Decree 1012/2015, Circular 8/2015 and Circular 5/2016 transpose the Deposit Guarantee Schemes Directive to the Spanish legislation.
Investment Guarantee Fund
Royal Decree 948/2001, of 3 August, regulates investor guarantee schemes (sistemas de indemnización de los inversores) related to both investment firms and to credit institutions. These schemes are set up through an investment guarantee fund for securities broker and broker-dealer firms and the deposit guarantee funds already in place for credit institutions. A series of specific regulations have also been enacted, defining the system for contributing to the funds.
The General Investment Guarantee Fund Management Company was created in a relatively short period of time and is a business corporation with capital in which all the fund members hold an interest. Member firms must make a joint annual contribution to the fund equal to 0.06% over the 5% of the securities that they hold on their client’s behalf. However, it is foreseen that these contributions may be reduced if the fund reaches a level considered to be sufficient.
Liquidity requirements - Reserve ratio, liquidity coverage ratio and net stable funding ratio
Regulation (EU) 2021/378 of the ECB of 22 January 2021, on the application of minimum reserve requirements (recast), requires credit institutions in each Member State that participates in the European Monetary Union, including us, to place a specific percentage of their 'Reserve Base' liabilities with their respective National Central Banks (NCBs) in the form of interest bearing deposits as specified below (the 'Reserve Ratio').
'Reserve Base' liabilities are broadly defined as deposits and debt securities issued. Liabilities which (i) are owed to any other institution which is subject to minimum reserve requirements and which is not exempt from the ECB’s minimum reserve system and (ii) liabilities which are owed to the ECB or to a participating NCB are excluded from the Reserve Base. If an institution has liabilities owed to a branch of the same entity, or in relation to the head office or registered office of the same entity, which are located outside participating EU Member States it shall include such liabilities in the reserve base. Minimum reserves shall be calculated using the following reserve ratios:
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(a) 0% shall apply to (i) deposits with agreed maturity over two years; (ii) deposits redeemable at notice over two years; (iii) repos and (iv) debt securities issued with an agreed maturity over two years; and (b) 1.0 % shall apply to all other liabilities included in the reserve base.
Additionally, according to article 460.2 of CRR, a liquidity coverage ratio (LCR) has been progressively introduced since 2015 with the following phasing-in: (a) 60% of the LCR in 2015; (b) 70% as of 1 January 2016; (c) 80% as of 1 January 2017; and (d) 100% as of 1 January 2018. As of 31 December 2024, our LCR was 153%, comfortably exceeding the regulatory requirement. Additionally, further to the package of reforms published on June 2019, which amended CRR, among others, with respect to liquidity requirements, whereby institutions shall maintain a net stable funding ratio (NSFR) of at least 100% from June 2021. The NSFR aims to ensure that institutions' long term assets and off-balance-sheet items are adequately met with a diverse set of funding instruments that are stable both under normal and stressed conditions. As of 31 December 2024, the Group's NSFR was 126% above the 100% minimum requirement.
Investment ratio
In the past, the government used the investment ratio to allocate funds among specific sectors or investments. As part of the liberalization of the Spanish economy, it was gradually reduced to a rate of zero percent as of 31 December 1992. However, the law that established the ratio has not been abolished and the government could re-impose the ratio, subject to applicable EU requirements.
Concentration of risk
An institution’s exposure to a client or group of connected clients is considered a large exposure where its value is equal to or exceeds 10% of its eligible capital (article 392 of the Capital Requirements Regulation 575/2013 -CRR-).
In accordance with article 395 of CRR, an institution shall not incur an exposure, after taking into account the effect of the credit risk mitigation, to a client or group of connected clients the value of which exceeds 25% of its Tier 1 capital. Where that client is an institution or an investment firm or where a group of connected clients includes one or more institutions or investment firms, that value shall not exceed the greater of 25% of the institution’s Tier 1 capital and €150 million, provided that the sum of exposure values, after taking into account the effect of the credit risk mitigation in accordance with Articles 399 to 403 of the CRR, to all connected clients that are not institutions or investment firms does not exceed 25% of the institution’s Tier 1 capital. Where the amount of €150 million is higher than 25 % of the institution’s Tier 1 capital, the value of the exposure, after having taken into account the effect of credit risk mitigation in accordance with Articles 399 to 403 of CRR shall not exceed a reasonable limit in terms of the institution’s Tier 1 capital. That limit shall be determined by the institution in accordance with the policies and procedures referred to in Article 81 of Directive 2013/36 (CRD), in order to address and control concentration risk. That limit shall not exceed 100% of the institution’s Tier 1 capital. Additionally, a G-SII shall not incur an exposure to another G-SII or a non-EU G-SII, the value of which, after taking into account the effect of the credit risk mitigation in accordance with Articles 399 to 403 of the CRR, exceeds 15 % of its Tier 1 capital. A G-SII shall comply with such limit no later than 12
months from the date on which it came to be identified as a G-SII. Where the G-SII has an exposure to another institution or group which comes to be identified as a G-SII or as a non- EU G-SII, it shall comply with such limit no later than 12 months from the date on which that other institution or group came to be identified as a G-SII or as a non-EU G-SII.
See section 4. 'Risk Factor'. 2.1.2. Capital requirements, liquidity, funding and structural reform'.
Restrictions on dividends
We may only pay dividends (including interim dividends) if such payment is in compliance with the applicable capital requirement regulations (described under '-Capital Adequacy Requirements' herein) and other requirements. Credit institutions must comply at all times with the 'combined capital buffers' requirement established in articles 43 of Law 10/2014, article 58 of the Royal Decree 84/2015, and in article 6 of the Circular 2/2016. The 'combined capital buffers' requirement is defined as the total common equity tier 1 capital necessary to comply with the obligation to have a capital conservation buffer, and, where appropriate: a) institution-specific countercyclical capital buffer; b) a global systemically important institution (G-SII) buffer; c) a buffer for other systemically important institutions; and d) a systemic risk buffer.
Pursuant to article 48.2 of the Law 10/2014, credit institutions which do not fulfil the requirement of combined capital buffers, or those institutions for which a common equity tier 1 capital distribution results in their decline to a level where the combined buffer requirement is not fulfilled, shall calculate the maximum distributable amount (MDA), in accordance with article 73 of the Royal Decree 84/2015. Until the MDA has been calculated and such MDA has been immediately reported to the Bank of Spain none of the following actions can be performed by the credit institutions: a) make a distribution in connection with common equity tier 1 capital; b) create an obligation to pay variable remuneration or discretionary pension benefits or pay variable remuneration if the obligation to pay was created at a time when the institution failed to meet the combined buffer requirements; and c) make payments on additional tier 1 instruments. The restrictions shall only apply to payments that result in a reduction of common equity tier 1 or in a reduction of the profits reduced, provided that the suspension or cancellation of the payment does not constitute an event of default of the payment obligations or other circumstances that lead to the opening of an insolvency proceeding. In addition, according to Article 16.a) of the BRRD, any failure by an institution to meet the combined buffer requirement when considered in addition to the applicable minimum TLAC/MREL Requirements is intended to be treated in a similar manner as a failure to meet the combined buffer requirement on top of its minimum regulatory capital requirements, i.e. a resolution authority will have the power to impose restrictions or prohibitions on discretionary payments by a credit institution. The referred Article 16.a) of the BRRD includes a potential nine-month grace period whereby the resolution authority will assess on a monthly basis whether to exercise its powers, after such nine-month period the resolution authority is compelled to exercise its power to restrict discretionary payments (subject to certain limited exceptions). These restrictions have been implemented in Spain by means of Article 16bis of Law 11/2015.
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After the restrictions imposed in response to the effects of the covid-19 pandemic, the ECB on 23 July 2021, decided in Recommendation 2021/31 not to extend the restrictions beyond 30 September 2021, and it has reinstated the pre-pandemic supervisory practices by which it recommends that banks under its direct supervision exercise extreme prudence on dividends and share buy backs.
Privacy, data protection and cybersecurity
We are subject to a variety of increasingly stringent laws, regulations, rules and standards relating to privacy, data protection and cybersecurity, and the legal and regulatory framework for privacy, data protection and cybersecurity is in considerable flux and evolving rapidly. As privacy, data protection and cybersecurity risks for banking organizations and the broader financial system have significantly increased in recent years, privacy, data protection and cybersecurity issues have become the subject of increasing legislative and regulatory focus.
On 25 May 2018, the GDPR became directly applicable in all Member States of the EU. The GDPR creates additional requirements for the protection of natural persons with respect to the processing of personal data and on the free movement of such data. To align the Spanish legal regime with the GDPR, Spain enacted the Organic Law 3/2018, of 5 December, on Data Protection and the safeguarding of digital rights which repealed the Spanish Organic Law 15/1999, of 13 December, on Data Protection. The GDPR, together with national legislation, regulations and guidelines of the EU member states governing the processing of personal data, imposes strict obligations and restrictions on the ability to collect, use, retain, protect, disclose, transfer and otherwise process personal data. In particular, the GDPR includes obligations and restrictions concerning the security and confidentiality of personal data and the rights of individuals to whom the personal data relates, such as obtaining consent from such individuals, the transfer of personal data out of the EEA and security breach notifications. Additionally, following the UK’s withdrawal from the EU, Banco Santander is also subject to the UK GDPR, a version of the GDPR as implemented into UK law. While a number of basic existing principles have remained the same, the UK GDPR will not automatically incorporate changes made to the GDPR going forward (which would need to be specifically incorporated by the UK government). Moreover, the UK government has publicly announced plans to reform the UK GDPR in ways that, if formalized, are likely to deviate from the GDPR, all of which creates a risk of divergent parallel regimes and related uncertainty, along with the potential for increased compliance costs and risks for affected businesses. The GDPR and UK GDPR authorize significant fines and penalties for non-compliance of up to the higher of 4% of annual worldwide turnover or EUR 20 million (or GBP 17.5 million under the UK GDPR) and, for other specified infringements, fines and penalties of up to the higher of 2% of annual worldwide turnover of EUR 10 million (or GBP 8.7 million under the UK GDPR). European data protection authorities have already imposed fines for GDPR violations up to, in some cases, hundreds of millions of euros.
Recent legal developments in the EEA, including recent rulings from the CJEU and from various EU member state data protection authorities, have created complexity and uncertainty regarding transfers of personal data from the EEA to the US and other so-called third countries outside the EEA. While we have taken steps
to mitigate the impact on us, such as implementing SCCs, the efficacy and longevity of these mechanisms remain uncertain. Although the UK currently has an adequacy decision from the European Commission, such that SCCs are not required for the transfer of personal data from the EEA to the UK, that decision will sunset in June 2025 unless extended and it may be revoked in the future by the European Commission if the UK data protection regime is reformed in ways that deviate substantially from the GDPR. Adding further complexity for international data transfers, in March 2022, the UK adopted its own International Data Transfer Agreement for transfers of personal data out of the UK to so-called third countries, as well as an international data transfer addendum that can be used with the SCCs for the same purpose. Moreover, on 10 July 2023, the European Commission adopted an adequacy decision concluding that the US ensures an adequate level of protection for personal data transferred from the EEA to the US under the EU-U.S. Data Privacy Framework (followed on 12 October 2023, with the adoption of an adequacy decision in the UK for the UK-US Data Bridge). However, the adequacy decision does not foreclose, and is likely to face, future legal challenges and the ongoing legal uncertainty may increase our costs and our ability to efficiently process personal data from the EEA or the UK. The implementation of the GDPR, UK GDPR and other data protection regimes has required substantial amendments to Banco Santander’s procedures and policies, which have impacted, and could further adversely impact, Banco Santander’s business by increasing its operational and compliance costs.
Additionally, the EU adopted DORA, in November 2022, which will be effective from 17 January 2025. DORA, which will apply as lex specialis for the financial sector regarding cybersecurity, aims to achieve a common level of digital operational resilience as well as consolidate and upgrade existing ICT risk requirements that had been addressed separately in different regulations and directives, such as Directive (EU) 2022/2555 (otherwise known as the NIS 2 Directive). DORA establishes a set of uniform requirements for network and information systems security structured in five pillars: (i) ICT risk management and governance, (ii) ICT-related incident management, classification and reporting, (iii) digital operational resilience testing, (iv) management of third-party ICT risk, and (v) information and intelligence sharing. The financial sector faces risks and uncertainties regarding the implementation of DORA given that it has stringent compliance timelines. The final technical standards were released in July 2024.
We expect the number of jurisdictions adopting their own privacy, data protection and cybersecurity laws, regulations, rules and standards to increase, which will require us to devote additional significant operational resources and incur additional significant expenses and will also increase our exposure to risks of claims alleging non-compliance with all applicable privacy, data protection and cybersecurity laws, rules, regulations and standards. While we have taken steps to mitigate the impact of risks and uncertainties in connection with applicable privacy, data protection and cybersecurity laws, regulations, rules and standards by implementing supplementary measures designed in accordance therewith, the efficacy and longevity of any steps we may take to mitigate their impact remain uncertain due to the fast-moving legal and regulatory environment.
Internationally, virtually every jurisdiction in which we operate has established its own privacy, data protection and cybersecurity
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legal and regulatory framework with which we must comply. For more information on applicable U.S. privacy, data protection and cybersecurity laws, regulations, rules and standards, see ‘United States supervision and regulation – Privacy, data protection and cybersecurity’. For more information on risks related to compliance with applicable privacy, data protection and cybersecurity laws, regulations, rules and standards, see risk factor ‘2.1.2 We are subject to extensive regulation and regulatory and governmental oversight which could adversely affect our business, operations and financial conditions. – Privacy, data protection and cybersecurity’.
Artificial intelligence
We utilize, and are continuing to explore further uses of, AI in connection with our business, products and services, including AI designed to enhance transaction monitoring and sanctions screening, improve customer experience and reduce operational risk. However, regulation of AI is rapidly evolving worldwide as legislators and regulators are increasingly focused on these powerful emerging technologies. The technologies underlying AI and its uses are subject to a variety of laws and regulations, including intellectual property, privacy, data protection, cybersecurity, consumer protection, competition, and equal opportunity laws, and are expected to be subject to increased regulation and new laws or new applications of existing laws and regulations.
For example, in Europe, the AI Act entered into force on 1 August 2024. The AI Act establishes, among other things, a risk-based governance framework for regulating AI systems operating in the EU market. This framework categorizes AI systems based on the risks associated with such AI systems’ intended purposes as creating “unacceptable”, “high”, “limited” or “minimal” risks. There is a risk that our current or future AI-powered software or applications may be categorized as certain risk categories that may obligate us to comply with the applicable requirements of the AI Act, which may impose additional costs on us, increase our risk of liability, or adversely affect our business. For example, “high” risk AI systems are required, among other things, to implement and maintain certain risk and quality management systems, conduct certain conformity and risk assessments, use appropriate data governance and management practices, including in development and training, and meet certain standards related to testing, technical robustness, transparency, human oversight, and cybersecurity. Even if our current AI-powered software or applications are not categorized as “high” risk AI systems, we may be subject to additional transparency and other obligations for “limited” or “minimal” risk AI systems. The AI Act sets forth certain penalties, including fines of up to the greater of EUR 35 million or 7% of worldwide annual turnover for the prior year for violations related to offering prohibited AI systems or data governance, fines of up to the greater of EUR 15 million or 3% of worldwide annual turnover for the prior year for violations related to the requirements for “high” risk AI systems, and fines of up to the greater of EUR 7.5 million or 1.5% of worldwide annual turnover for the prior year for violations related to supplying incorrect, incomplete or misleading information to EU and member state authorities. This regulatory framework is expected to have a material impact on the way AI is regulated in the EU (and, potentially, globally), together with developing guidance and decisions in this area.
We may not be able to anticipate how to respond to these rapidly evolving laws and regulations, and we may need to expend resources to adjust our offerings in certain jurisdictions if the legal and regulatory frameworks are inconsistent across jurisdictions. Furthermore, because AI technology itself is highly complex and rapidly developing, it is not possible to predict all of the legal or regulatory risks that may arise relating to the use of AI. If laws and regulations relating to AI are implemented, interpreted or applied in a manner inconsistent with our current practices or policies, such laws and regulations may adversely affect our use of AI and our ability to provide and to improve our services, require additional compliance measures and changes to our operations and processes, result in increased compliance costs and potential increases in civil claims against us, any of which could adversely affect our operating results, financial condition and prospects. For more information on developing U.S. laws and regulations related to the use of AI, see ‘United States supervision and regulation – Artificial intelligence’. For more information on risks related to the use of AI, see risk factor ‘2.3.4 We utilize artificial intelligence, which could expose us to liability or adversely affect our business’.
Limitations on Types of Business
Spanish banks are subject to certain limitations on the types of businesses in which they may engage directly, but they are subject to few limitations on the types of businesses in which they may engage indirectly. Law 10/2014 and Royal Decree 84/2015 established the regulation for governance, authorization, supervision and solvency for credit institutions.
Mortgage legislation
Mortgages and mortgage loans in Spain are subject to extensive and scattered regulation. Several reform efforts in recent years have resulted in changes to mortgage regulation in Spain. Key aspects of such regulation are described below.
Royal Decree-Law 6/2012, of 9 March, on urgent measures to protect mortgage debtors without financial resources introduced measures to enable the restructuring of mortgage debt and easing of collateral foreclosure aimed to protect especially vulnerable debtors (as amended by Royal Decree-Law 5/2017).
Such measures include the following:
•the moderation of interest rates charged on mortgage arrears;
•the improvement of extrajudicial procedures as an alternative to legal foreclosure;
•the introduction of a voluntary code of conduct among lenders for regulated mortgage debt restructuring affecting especially vulnerable debtors; and
•where restructuring is not viable, lenders may, where appropriate and on an optional basis, offer the debtor partial debt forgiveness.
Law 1/2013, of 14 May, on measures to protect mortgagees, debt restructuring and social rents, introduced important modifications to mortgage law and civil procedure law (as amended by Royal Decree-Law 5/2017). The most relevant modifications are:
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•broadening the potential beneficiaries of the moratorium of Royal Decree 6/2012;
•limitation of the interest rates applied for delay or arrears;
•in the context of an auction, the base value of the property shall be the value set forth in the relevant mortgage deed and in no case shall it be less than 75% of the official appraisal value of the property;
•the possibility of suspension of enforcement proceedings when the loan or credit facility secured by the mortgage contains abusive clauses; and
•modification of the out-of-court notarial procedure.
Royal Decree-Law 11/2014, following the judgement of the EU Court of Justice of 17 July 2014, regarding Spanish foreclosure processes, allows debtors to appeal against a court’s resolution which rejects his or her opposition to the execution of a mortgage.
The Mortgage Credit Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property was adopted on 4 February 2014, and implemented in Spain through Law 5/2019, of March (which is described below) . This Directive aimed to create a Union-wide mortgage credit market with a high level of consumer protection. It applies to both secured credit and home loans.
Royal Decree-Law 1/2015 of 27 February on the 'second chance' mechanism is to regulate such mechanism. This allows an individual who has been declared bankrupt to be discharged of outstanding obligations as long as he or she fulfils certain requirements: (i) the bankruptcy proceedings must have concluded, (ii) the debtor must have acted in good faith, the Royal Decree being restrictive as to when a debtor is considered to have acted in good faith, and (iii) the bankruptcy judge has to approve the terms of the discharge (and may revoke his or her approval under certain circumstances upon request of any creditor in the following five years). Discharge from mortgage obligations would only apply to the outstanding debts after the foreclosure, as long as such debts are considered ordinary or subordinate according to the Spanish Insolvency Law. Co-debtors and guarantors, if any, would remain liable.
Law 25/2015, of 28 July, on the 'second chance' mechanism reducing the financial burden and other measures of a social nature, entered into force on 30 July 2015. It is the result of the passage through parliament of Royal Decree-Law 1/2015, which also allowed some new changes to be added, such as introduction of a fee protection account for insolvency managers, limits on the remuneration of insolvency managers and the introduction of greater flexibility to a number of elements of the second chance mechanism.
Royal Decree-Law 1/2017, of 20 January, on urgent consumer protection measures in respect of interest rate floor clauses, was published in the Official Gazette of the Spanish Rate on 21 January. The objective of the Royal Decree-Law is to regulate - with the incentive provided by the rules on costs, a simple and orderly avenue, voluntary for the consumer that facilitates reaching an agreement with the credit institution that allows them to settle their differences through the restitution of these amounts, thus averting the risk of overwhelming the courts. The
principle inspiring the mechanism that is set in motion is the willingness of agreeing to an out-of-court settlement procedure prior to filing a lawsuit, at no additional cost for the consumer and which credit institutions must heed.
On 16 March 2019, the Official Gazette of the Spanish State published the new Law 5/2019 of 15 March on Credit Agreements Relating to Real Estate Property, which partially transposed the Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014, on credit agreements for consumers relating to residential immovable property. The most relevant modifications included in the new law are:
•it covers credits and loans to individuals in connection with residential real estate properties (including land and the preservation of real estate properties), excluding reverse mortgages;
•establishes a seven-day period for consumers to evaluate the mortgage-related documents, supervised by a Notary Public (Notario Público);
•clarifies some controversial issues in which litigation has arisen in the past years (mainly, benchmark interest rates references, foreign currencies submission and default interests);
•establishes the possible fees that may be charged on borrowers;
•forbids linked sales; and
•settles rules regarding the early termination of mortgages based exclusively on the amount of defaulted payments by the borrower (in light of recent court decisions declaring null and void some early termination clauses for their abusive terms).
On 24 November 2021, Royal Decree-Law 24/2021 (RDL 24/2021) on covered bonds (implementing Directive 2019/2162) was approved in Spain and it entered into force on 8 July 2022 replacing Law 2/1981, of March 25, on the regulation of the mortgage market, article 13 of Law 14/2013, of September 27, on support for entrepreneurs and their internationalization, Article 13 of Law 44/2002, of November 22, on financial system reform measures and the fourth additional provision of Law 5/2015, of April 27, 2015, on the promotion of business financing which constituted, among others, the former regime of covered bonds. Covered bonds issued prior to 8 July 2022 pursuant to the former regulatory regime are, as from 8 July 2022, governed by RDL 24/2021 and its implementing measures.
New covered bonds regulation introduced by means of RDL 24/2021 provides for significant changes in relation to the issue and maintenance of these type of instruments, including, among others, the liquidity buffer, extendable maturity structures, requirements to provide periodic information to holders of covered bonds, supervision of covered bonds (cover pool monitor and public supervision) and insolvency or resolution of the issuer of the covered bonds.
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Alternative dispute resolution systems
Law 7/2017, of 2 November, seeks to ensure access for Spanish and European consumers to independent, impartial, transparent and effective alternative dispute resolution systems. For financial institutions, a specific law shall be passed and financial institutions will be forced to participate in those alternative dispute resolution mechanism.
Additionally, the recently enacted Organic Law 1/2025, of January 2, on measures for the efficiency of the Public Justice Service (which enters into force next 3 April 2025), establishes, among other issues, a framework for alternative dispute resolution systems aimed at streamlining conflict resolution outside the courts. While such mechanisms are not mandatory in enforcement proceedings, they are relevant in other cases, reinforcing the role of extrajudicial dispute resolution in the legal system.
Payment accounts
Royal Decree-Law 19/2017, of 24 November, on basic payment accounts, account switching and the comparability of payment account fees. The Royal Decree-Law transposes Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014, on the comparability of fees related to payment accounts, payment account switching and access to basic payment accounts. This Directive supplements Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007, on payment services in the internal market, which will be replaced by Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015, on payment services in the internal market, that will repeal the first one as of 13 January 2018. This RD-law establishes certain protections for clients and potential clients in connection with their relationships with credit institutions in the context of the opening of and general functioning of basic payment accounts, the switching of accounts and transparency in connection with fees related to payment accounts.
Payment Services
The second Payment Services Directive (EU) 2015/2366 ('PSD2') allows authorized third parties (with consent) to access customer information that was previously only accessible to banks. PSD2 applies to payments within the EEA and has been implemented in Spain through Royal Decree-Law 19/2018, of 23 November. This Royal Decree-Law expands the scope of the consumer protection provisions included in PSD2 (related to transparency and information sharing) to 'microenterprises' and prohibits merchants from requesting additional charges for using specific payment methods, including credit cards.
Royal Decree-Law 19/2018 was amended, among others, by Royal Decree-Law 8/2023 in order to limit the charged of commissions for cash withdrawals for vulnerable groups. Vulnerable group include persons over 65 years of age and certain persons with a recognized disability.
Mutual Fund Regulation
Law 22/2014 of 12 November introduced a new legal regime for private investment entities in order to implement (i) Directive 2011/61/EU of the European Parliament and of the Council of June 8 on Alternative Investment Fund Managers, and (ii)
Directive 2013/14/EU of the European Parliament and of the Council of 21 May.
Asset Management Activities
Asset management activities in the EU are expected to be significantly impacted by the following regulation referred to below:
(i) Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017, on money market funds ('MMFs'), which (with the exception of certain articles which have been in force since 20 July 2017) applied beginning on 21 July 2018. The Regulation introduces a broad set of new regulatory measures that apply to MMFs established, managed or marketed in the EU. In light of the perceived systemic risk presented by MMFs, the Regulation aims to make these investment products more resilient and resistant to contagion risks. It does this by imposing rules on eligible assets, portfolio diversification, portfolio maturity and valuation of assets and introduces new categories of MMFs that can offer a constant net asset value per share if they meet certain requirements. The Regulation is meant to be an important step in adopting a uniform set of rules that are designed to ensure that MMFs are, as far as possible, in a position to honour redemption requests from investors, especially during stressed market conditions, and therefore remain a reliable tool for investors’ cash management needs;
(ii) Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019, on a pan-European Personal Pension Product (PEPP). The PEPP constitutes one of the key measures towards the European Commission’s project to create a single market for capital in the EU. It aims to provide pension providers with the tools to offer PEPPs outside their national markets, thereby creating a large and competitive EU-level market for personal pensions which allows consumers to voluntarily complement their savings for retirement, while benefiting from solid consumer protection. PEPPs have the same standard features wherever they are sold in the EU and can be offered by a broad range of providers, such as insurance companies, banks, occupational pension funds, investment firms and asset managers. They complement existing state-based, occupational and national personal pensions, but not replace or harmonize national personal pension regimes. In accordance with the Proposal, PEPP providers need to be authorized by the European Insurance and Occupational Pensions Authority (EIOPA).
(iii) Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019, amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivatives contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories;
(iv) Royal Decree 62/2018, of 9 February, reduces the maximum fees which may be charged to investors in connection with pension funds and plans and allows them to withdraw their savings after ten years of having made them from 2025 onwards. This Royal Decree introduces other minor changes to the regulation of pension funds and plans in Spain, including (a) reducing fee limits; (b) making the regulation of investments in closed-end funds more flexible; (c) clarification of the net asset
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value reference date used to determine the value of payments; (d) eliminating restrictions on delegation and related-party transactions; and (e) modifying time limits for the receipt of vested rights, order of priority for garnishment orders, reporting regime for participants and the schedule for adapting documentation for pension plans;
(v) Royal Decree-Law 3/2020 and Royal Decree 738/2020 implementing Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016, on the activities and supervision of institutions for occupational retirement provisions. This Law (i)  clarifies the access cross-border pension plans activities, (ii) articulates a governance system to protect investors, (iii) adapts the Spanish legislation to the Directive and (iv) regulates the terms and scope of the prudential supervision to be carried out by the competent authority and the exchange of information with other competent authorities;
(vi) Law 11/2018 of 28 December modifying the Code of Commerce, Royal Decree-Law 1/2010 of 2 July and Law 22/2015 of 20 July in relation to non-financial information and diversity include the following amendments to Law 35/2003 on Collective Investment Schemes: (i) recognition of electronic communication with clients, and only requiring communication in paper when requested by a participant, (ii) extension of omnibus accounts to participants and preexistent positions, equalizing the distribution of national and foreign ICCs and (iii) inclusion of the sanctions system from UCITS (Undertakings for Collective Investments in Transferable Securities) V and reducing the penalties for serious and very serious infringements;
(vii)   Royal Decree-Law 19/2018 of 23 November on payment services and other urgent financial measures, also introduced a sanctions system for money market funds, modified the Stock Market Law to include some provisions applicable to asset management companies and introduced several European regulations into Spanish law (including regulations related to Benchmarks, MAR, PRIIPS and transparency in securities financing transactions);
(viii) Commission Delegated Regulation (EU) 2018/1619 of 12 July 2018, amending Delegated Regulation (EU) 2016/438 regarding the safe-keeping duties of depositaries; and
(ix) Directive and Regulation (EU) regarding the cross-border distribution of collective investment funds (UCITS, FIA, FECR and FESE) with the aim of reducing regulatory barriers for the cross-border distribution of funds, in relation to the European capital markets union.
Spanish capital companies act
The consolidated text of the Spanish Capital Companies Act adopted under Legislative Royal Decree 1/2010, of 2 July, repealed the former regulation, adopted under Legislative Royal Decree 1564/1989, of 22 December and Law 2/1995, of 23 March. This royal legislative decree consolidated the legislation for public limited companies (sociedades anónimas) and limited liability companies (sociedades de responsabilidad limitada) in a single text, bringing together the contents of the two aforementioned acts.
Law 25/2011 of 1 August, partially amended the Spanish Capital Companies Act and incorporated Directive 2007/36/EC, of 11
July, on the exercise of certain rights of shareholders in listed companies.
Also, an amendment on corporate governance was introduced by Law 31/2014 of 3 December. The main changes introduced by this law are related to the rights of shareholders (attendance, information and voting), the calling of a general shareholders’ meeting and the duties of the board of directors and the audit committee, appointments committee and remuneration committee.
Royal Decree-Law 18/2017, of 24 November, which modifies the Commercial Code, the revised text of the Spanish Capital Companies Act approved by Royal Decree Legislative 1/2010, of 2 July, and Law 22/2015, of 20 July, on Audit of Accounts, regarding non-financial information and diversity. By virtue of the amendment introduced, the affected texts require the inclusion in the management report of public limited companies, limited liability companies and limited partnerships for actions that, simultaneously, have the status of 'public interest' entities whose number average of workers employed during the year exceeds 500 and, additionally, are considered large companies, in the terms defined by Directive 2013/34, of non-financial information of a social and environmental nature. The inclusion of such information in the management report will affect the 'public interest' entities defined in Article 15 of the Auditing Regulations, which include banks, insurance companies, listed companies, investment fund managers and pension funds., as well as, in general, all the large companies.
Law 5/2021, of 12 April, which modified the revised text of the Companies Act and other financial regulations concerning the promotion of the long-term involvement of shareholders in listed companies incorporating in Spain Directive (EU) 2017/828.
Spanish auditing law
Law 22/2015, of 20 July, on Auditing, adapted Spain’s internal legislation to the changes incorporated in Directive 2014/56/EU of the European Parliament and of the Council, of 16 April, amending Directive 2006/43/EC of the European Parliament and of the Council of 17 May, on statutory audits of annual accounts and consolidated accounts, to the extent that they were inconsistent. Together with this Directive, approval was also given to Regulation (EU) 537/2014 of the European Parliament and of the Council, of 16 April, on specific requirements regarding statutory audit of public-interest entities. Such Directive and Regulation constitute the fundamental legal regime that should govern audit activity in the European Union. Law 22/2015 regulates general aspects of access to audit practice and the requirements to be followed in that practice, from objectivity and independence, to the organization of auditors and performance of their work, as well as the regime for their oversight and the sanctions available to ensure the efficacy of the regulations. Law 22/2015 was amended by virtue of the Law 5/2021, of 12 April, which also modified the revised text of the Companies Act and other financial regulations concerning the promotion of the long-term involvement of shareholders in listed companies with the objective of incorporating in Spain Directive (EU) 2017/828 and thus the provisions to, among other issues, include the annual report on directors’ remuneration among the information whose existence must be checked by the auditor when analysing the management report of listed companies, and adjust the
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requirement to establish an audit committee to public interest entities when they are dependent entities in group structures. In addition, Law 28/2022, of 21 December and Royal Decree-Law 20/2022, of 27 December recently included certain amendments to Law 22/2015 such as an amendment to the statutory audit of public-interest entities which now can be extended up to a maximum of fourteen years if a different audit firm is simultaneously engaged to act jointly in such additional period or for ten additional years if a public call for tenders for the statutory audit is made in accordance with Article 16(2) to (5) of Regulation (EU) 537/2014 of the European Parliament and of the Council, of 16 April.
Law 11/2015 of 18 June, on the recovery and resolution of credit institutions and investment firms
Law 11/2015 transposes a very important part of EU Law into Spanish law in respect of the recovery and resolution mechanisms for credit institutions and investment firms (the 'institutions'). It further assumes many of the provisions of Law 9/2012 of 14 November 2012, on the restructuring and resolution of credit institutions, which it partially repeals.
The regime set in place constitutes a special and full administrative procedure that seeks to ensure maximum speed in the intervention of an institution so as to provide for the continuity of its core functions, while minimising the impact of its non-viability on the economic system and on public resources. It regulates, among others, internal recapitalisation as a resolution instrument conceived as a 'bail-in' arrangement (the absorption of losses by the shareholders and by the creditors of an institution under resolution) and, further to Royal Decree-Law 7/2021, the minimum requirement for own funds and eligible liabilities (MREL).
In this respect, liabilities eligible for bail-in are all the institution’s liabilities that are not expressly excluded or have not been excluded further to a decision by the FROB. These liabilities shall be susceptible to amortization or conversion into capital for the internal recapitalisation of the institution concerned. Among the liabilities excluded are deposits guaranteed by the Deposit Guarantee Fund (up to €100,000) and liabilities incurred with employees, trade creditors and the tax or social security authorities.
Certain changes were made to the regime applicable in the event of the insolvency of an institution, in order to provide greater protection to the deposits of individuals and SMEs. In this respect, the following shall be considered as privileged credits: (i) deposits guaranteed by the Deposit Guarantee Fund (maximum of €100,000) and the rights to which they may have been subrogated should the guarantee have been made effective and (ii) the portion of the deposits of individuals and SMEs that exceeds the guaranteed level, and those deposits of those individuals and SMEs that would be guaranteed had they not been set up in branches located outside the EU. Additionally, further to the above-mentioned Royal Decree-Law 7/2021, changes have been implemented to ensure that all claims resulting from own funds items have, in national laws governing normal insolvency proceedings, a lower priority ranking than any claim that does not result from an own funds item.
Royal Decree 1012/2015 (as further amended by Royal Decree 1041/2021), which partially transposes the BRRD and develops Law 11/2015, includes a package of measures aimed at: (i) establishing the criteria for the application of the regulation for the resolution of credit entities, (ii) establishing the content of the recovery and resolution plans for credit entities, (iii) regulating the use of the resolution instruments set in Law 11/2015, and in particular, the actions to be carried out by the FROB, (iv) establishing the regime applicable to the FROB in connection with the managing of the funds addressed to finance the resolution procedures and to the contributions that credit entities must make to the National Resolution Fund and, (v) establishing the regime applicable to the resolution of cross border entities.
Markets in Financial Instruments (MiFID II)
Royal Decree-Law 14/2018, of September 28, modifies the Stock Markets Law to partially implement Directive 2014/65 relating to the markets of financial instruments (MiFID II), which process began under Royal Decree-Law 21/2017. This Royal Decree-Law aims to improve the soundness, transparency and regulation of the Spanish financial market’s trading activities, increase investor protection and harmonize Spanish financial markets regulations with those of other member states.
PRIIPs
Regulation (EU) 1286/2014 (The Packaged Retail and Insurance-Based Investment Products (PRIIPs) Regulation) was adopted on 29 December 2014 and came into force on 1 January 2018. The PRIIPs Regulation requires product manufacturers to create and maintain key information documents (KIDs) and persons advising or selling PRIIPs to provide retail investors based in the EEA with KIDs to enable investors to better understand and compare products.
A PRIIP is defined as any investment where the amount repayable to the investor is subject to fluctuations because of exposure to reference values. In addition to insurance products, some examples of PRIIPs are options, futures, CFDs and structured products.
The main objectives of the PRIIPs Regulation are to: (i) ensure understanding and comparability between similar products in order to help the investors make investment decisions, (ii) improve transparency and increase confidence in the retail investment market and (iii) promote a single European insurance market.
On 7 September 2021, the European Commission adopted a Delegated Regulation amending the regulatory technical standards laid down in Delegated Regulation (EU) 2017/653 as regards the underpinning methodology and presentation of performance scenarios, the presentation of costs and the methodology for the calculation of summary cost indicators, the presentation and content of information on past performance and the presentation of costs by PRIIPs offering a range of options for investment and alignment of the transitional arrangement for PRIIP manufacturers offering units of funds referred to in Article 32 of Regulation (EU) No 1286/2014 as underlying investment options with the prolonged transitional arrangement laid down in that Article. The date of application of that Delegated Regulation is 1 July 2022, but it is important to reflect the need to give management companies, investment
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companies and persons advising on, or selling, units of UCITS and non-UCITS sufficient time to prepare for the end of the transitional arrangement and thus for the obligation to draw up a KID.
In order to ensure that the need for sufficient time to prepare for the obligation to produce a KID is met, it was necessary to extend the transitional arrangement until 31 December 2022.
Regulation (EU) No 1286/2014 was therefore amended accordingly by Regulation (EU) 2021/2259 of the European Parliament and of the Council of 15 December 2021.
EMIR
As referred above, on May 28, 2019, Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivatives contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories was published in the Official Journal of the European Union. Such regulation introduced substantive amendments to the European Market Infrastructure Regulation (EMIR) relating to the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for uncleared OTC derivatives contracts, the registration and supervision of trade repositories, and the requirements for trade repositories. Many of the changes aim to reduce compliance costs for end-user counterparties that are non-financial counterparties (NFCs) and smaller financial counterparties (FCs). Some of these changes include (i) an exemption from the reporting of intragroup transactions; (ii) an exemption for small FCs from the clearing obligation, (iii) removal of the obligation and legal liability for reporting when an NFC transacts with an FC, and (iv) a determination of the NFC clearing obligation on an asset-class-by-asset-class basis.
Spanish tax legislation
Law 38/2022, of 27 December 2022, established a new temporary levy on credit institutions and financial credit institutions to be accrued in 2023 and 2024. The levy is calculated as 4.8% of net interest and fees earned in the business carried out in Spain in the precedent year and the payment obligation arises on the first day of each period. The recorded levy totalled EUR 224 million in 2023 and EUR 334 million in 2024.
On 21 December 2024, Law 7/2024 was published in the Spanish Official Gazette. This Law transposes the European Directive 2022/2523 of 14 December 2022 that established a global minimum taxation level of 15% for multinational corporations and large national groups, with a turnover exceeding 750 million euros in at least two of the last four fiscal years.
Additionally, Law 7/2024 established a new tax on net interest and commissions obtained in the Spanish territory by certain financial institutions that will be accrued on 1 January 2025, 2026, and 2027. The tax base, with some modifications as compared to the tax base of the temporary levy, is now calculated on an individual basis for each financial institution and
the tax liability is determined according to a scale of tax rates from 1% to 7%, with certain deductions. On 24 December 2024, Royal Decree-Law 9/2024 was published in the Spanish State Official Gazette modifying certain technical aspects of the tax and postponing its accrual to 31 January 2025. This Royal Decree-Law has been repealed on 22 January 2025. No expense for this new tax has been recorded in our consolidated financial statements for the year ended 31 December 2024 in accordance with the legislation in force.
For more information see notes 27.f and 27.g to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F.
US supervision and regulation
Our operations are subject to extensive federal and state banking and securities regulation and supervision in the US. We engage in US banking activities directly through our New York branch and Santander Holdings USA, our US top-tier IHC. Santander Holdings USA consolidates the majority of our US operations, including our subsidiary Edge Act corporation Banco Santander International in Miami, Santander Bank, a national bank that has branches throughout the Northeast US, and SCUSA, an auto financing company. We also engage in securities activities in the United States directly through our broker-dealer subsidiaries, Santander Securities LLC and Santander US Capital Markets LLC. On 3 February 2023, our broker dealer subsidiaries Santander Investment Securities Inc and Amherst Pierpont Securities LLC merged, the new entity being Santander US Capital Markets LLC.
Banking statutes and regulations are continually under review by Congress and state legislatures. In addition to laws and regulations, federal and state regulatory agencies may issue policy statements, interpretive letters and similar guidance applicable to our US operations. Any change in the statutes, regulations or regulatory policies applicable to our US operations, including changes in their interpretation or implementation, could have a material effect on our business or organization.
Both the scope of the laws and regulations, and the intensity of the supervision to which we are subject, continue to change in response to political, technological and market changes. Regulatory enforcement and fines have also increased across the banking and financial services sector. In 2018, the United States government enacted the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), applying enhanced prudential standards to FBOs with greater than USD100 billion in global total consolidated assets, such as Banco Santander.
In October 2019, the federal banking agencies issued final rules (the 'Tailoring Rules') that adjust the thresholds at which certain enhanced prudential standards and capital and liquidity requirements apply to certain banking organizations, including large FBOs such as Banco Santander, and the US IHCs of FBOs, such as Santander Holdings USA. The Tailoring Rules establish risk-based categories for FBOs and their US IHCs that determine whether and to what extent enhanced prudential standards and certain capital and liquidity requirements apply to FBOs and their US IHCs. Banco Santander is classified as a Category IV FBO, and Santander Holdings USA is classified as a Category IV IHC. Category IV institutions are subject to the least exacting level of
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enhanced prudential standards. Both Banco Santander and Santander Holdings USA are now generally subject to less restrictive enhanced prudential standards and capital and liquidity requirements than under previously applicable regulations. If the categorization for either firm changes, it would be subject to enhanced prudential standards tailored to its risk profile.
The following discussion describes certain elements of the comprehensive US regulatory framework applicable to us or our US operations. This discussion is not intended to describe all laws and regulations applicable to Santander Holdings USA and its subsidiaries or to our US operations in general.
Regulatory authorities
We are a financial holding company and a bank holding company under the Bank Holding Company Act, by virtue of our ownership of Santander Bank and other activities conducted by our US operations. As a result, we and our US operations are subject to regulation, supervision and examination by the Federal Reserve System, including both the Federal Reserve Board and Federal Reserve Banks, such as the Federal Reserve Bank of New York (the 'FRB New York') and the Federal Reserve Bank of Boston (‘FRB Boston’).
Santander Holdings USA is subject to primary supervision, regulation and examination by the Federal Reserve System, which serves as the consolidated supervisor of our US operations. The primary regulators of our US non-bank subsidiaries directly regulate the activities of those subsidiaries, with the Federal Reserve exercising a supervisory role. Such non-bank subsidiaries include, for example, broker-dealers registered with the SEC and investment advisers registered with the SEC.
Our IHC and Enhanced Prudential Standards
The Federal Reserve Board has imposed greater risk-based and leverage capital requirements, liquidity requirements, risk management and governance requirements, capital planning and stress testing requirements, risk management requirements and other enhanced prudential standards for bank holding companies that exceed certain asset thresholds. Santander Holdings USA is classified as a Category IV IHC and is subject to the enhanced prudential standards and capital and liquidity requirements applicable to these organizations.
Our US Depository Institution
Santander Bank is a national banking association chartered under the laws of the United States. As a national bank, the activities of Santander Bank are limited to those specifically authorized under the National Bank Act and related OCC regulations and interpretations. Santander Bank is subject to comprehensive primary supervision, regulation and examination by the OCC. As an insured depository institution, Santander Bank is also subject to regulation and examination by the FDIC.
The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) provides for extensive regulation of depository institutions (such as Santander Bank), including requiring federal banking regulators to take 'prompt corrective action' with respect to FDIC-insured depository institutions that do not meet minimum capital requirements. For this purpose, FDICIA establishes five capitalization categories: 'well capitalized,' 'adequately capitalized,' 'undercapitalized,' 'significantly
undercapitalized' and 'critically undercapitalized.' As an insured depository institution’s capital level declines, and the depository institution falls into lower categories (or if it is placed in a lower category by the discretionary action of its supervisor), greater limits are placed on its activities and federal banking regulators are authorized (and, in many cases, required) to take increasingly more stringent supervisory actions, which could ultimately include the appointment of a conservator or receiver for the depository institution. In addition, FDICIA generally prohibits an FDIC-insured bank from making any capital distribution (including payment of a dividend) or payment of a management fee to its holding company if the bank would thereafter be undercapitalized. If an insured depository institution becomes 'undercapitalized,' it is required to submit to federal regulators a capital restoration plan guaranteed by the depository institution’s holding company. If an undercapitalized depository institution fails to submit an acceptable plan, it is treated as if it were 'significantly undercapitalized.' Significantly undercapitalized depository institutions may be subject to a number of restrictions, including requirements to sell sufficient voting stock to become adequately capitalized, requirements to reduce total assets and restrictions on accepting deposits from correspondent banks. 'Critically undercapitalized' depository institutions are subject to appointment of a receiver or conservator.
Other supervised US operations
Our New York branch is licensed by the New York State Department of Financial Services (NYDFS) to conduct a commercial banking business. Its activity is mainly focused on wholesale banking, lending, markets activity on rates and currencies derivatives and transactional services to corporate and institutional investors. Our New York branch is supervised by the FRB New York and the NYDFS, but its deposits are not insured (or eligible to be insured) by the FDIC.
Banco Santander International is supervised by the Federal Reserve Bank of Atlanta. SCUSA is regulated and supervised by the FRB Boston and various state regulators.
Restrictions on activities
Federal and state banking laws and regulations impose certain requirements and restrict our ability to engage, directly or indirectly through subsidiaries, in activities or make investments, directly or indirectly, in companies in the United States.
As a financial holding company and a bank holding company under the Bank Holding Company Act, we are subject to regulation and supervision by the Federal Reserve Board. As a financial holding company, the scope of our permitted activities and investments in the United States is broader than that permitted for bank holding companies that are not also financial holding companies, although it is nevertheless subject to certain limitations and restrictions. Our US activities and investments are limited to those that are financial in nature or incidental or complementary to a financial activity, as determined by the Federal Reserve Board. To maintain our financial holding company status, we and all of our subsidiaries must be 'well capitalized' and 'well managed' as determined by the Federal Reserve Board. If at any time we fail to meet these capital and management requirements, the Federal Reserve Board may impose limitations or conditions on the conduct of our activities
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and we may not commence in the United States any new activities otherwise permissible for financial holding companies or acquire any shares in any US company under Section 4(k) of the Bank Holding Company Act, subject to certain narrow exceptions, without prior Federal Reserve Board approval.
We are required to obtain the prior approval of the Federal Reserve Board before directly or indirectly acquiring the ownership or control of more than 5% of any class of voting shares of a US bank or other depository institution, or a depository institution holding company. Under the Bank Holding Company Act and Federal Reserve Board regulations, our US banking operations (including our New York branch) are also restricted from engaging in certain 'tying' arrangements involving products and services.
Santander Bank is subject to requirements and restrictions under federal and state law, including requirements to maintain reserves against deposits, restrictions on the types and amounts of loans that may be made and the interest that may be charged thereon, and limitations on the types of investments that may be made and the types of services that may be offered. In addition, the OCC has issued a final rule implementing the Dodd-Frank Act’s provisions relating to lending limits. Various consumer laws and regulations also affect the operations of these subsidiaries.
Under US federal banking laws, state-licensed branches and agencies of foreign banks (such as our New York branch) may not, as a general matter, engage as a principal in any type of activity not permissible for their federally-chartered or licensed counterparts, unless the Federal Reserve Board determines that the additional activity is consistent with sound banking practices. United States federal banking laws also subject state branches and agencies to the single-borrower lending limits, which are substantially similar to the lending limits applicable to national banks. For our US branches, these single-borrower lending limits are based on the worldwide capital of the entire foreign bank (e.g., Santander, in the case of our New York branch).
Under the New York State Banking Law and regulations, our New York branch is required to maintain eligible high-quality assets with banks in the State of New York, as security for the protection of depositors and certain other creditors. The New York State Banking Law also empowers the Superintendent of Financial Services to establish asset maintenance requirements for branches of foreign banks, expressed as a percentage of each branch’s liabilities. The current designated percentage is 0%, although the Superintendent of Financial Services may impose additional asset maintenance requirements upon individual branches on a case-by-case basis.
The New York State Banking Law authorizes the Superintendent of Financial Services to take possession of the business and property of a New York branch of a foreign bank under certain circumstances, generally involving violation of law, conduct of business in an unsafe manner, impairment of capital, suspension of payment of obligations, or initiation of liquidation proceedings against the foreign bank at its domicile or elsewhere. In liquidating or dealing with a branch’s business after taking possession of a branch, only the claims of depositors and other creditors that arose out of transactions with a branch are to be accepted by the Superintendent of Financial Services for payment out of the business and property of the foreign bank in the State of New York, without prejudice to the rights of the
holders of such claims to be satisfied out of other assets of the foreign bank. After such claims are paid, the Superintendent of Financial Services will turn over the remaining assets, if any, to the foreign bank or its duly appointed liquidator or receiver.
Under the International Banking Act of 1978, as amended, the Federal Reserve Board may terminate the activities of any US office of a foreign bank if it determines (i) that the foreign bank is not subject to comprehensive supervision on a consolidated basis in its home country (unless the home country is making demonstrable progress toward establishing such supervision), (ii) that there is reasonable cause to believe that such foreign bank or its affiliate has violated the law or engaged in an unsafe or unsound banking practice in the United States and, as a result of such violation or practice, the continued operation of the US office would be inconsistent with the public interest or with the purposes of federal banking laws or, (iii) for a foreign bank that presents a risk to the stability of the US financial system, the home country of the foreign bank has not adopted, or made demonstrable progress toward adopting, an appropriate system of financial regulation to mitigate such risk.
There are various qualitative and quantitative restrictions on the extent to which we and our non-bank subsidiaries can borrow or otherwise obtain credit from our US banking subsidiaries or engage in certain other transactions involving those subsidiaries. In general, these transactions must be on terms that would ordinarily be offered to unaffiliated entities, must be secured by designated amounts of specified collateral and are subject to volume limitations. These restrictions also apply to certain transactions of our New York branch with certain of our US affiliates.
Supervision, examination and enforcement
The Federal Reserve Board, OCC and FDIC have broad supervisory and enforcement authority with regard to bank holding companies and banks, including the power to conduct examinations and investigations, impose non-public supervisory agreements, issue cease and desist orders, impose fines and other civil and criminal penalties, terminate deposit insurance and appoint a conservator or receiver. In addition, Santander Holdings USA, Santander Bank, SCUSA and other of our US subsidiaries are subject to supervision, regulation and examination by the Consumer Financial Protection Bureau (CFPB), which is the primary administrator of most federal consumer financial statutes and our primary US consumer financial regulator. Supervision and examinations are confidential, and the outcomes of these actions may not be made public.
Bank regulators have various remedies available if they determine that the financial condition, capital resources, asset quality, earnings prospects, management, liquidity or other aspects of a banking organization’s operations are unsatisfactory. The regulators may also take action if they determine that the banking organization or its management is violating or has violated any law or regulation. The regulators have the power to, among other things, enjoin unsafe or unsound practices, require affirmative actions to correct any violation or practice, issue administrative orders that can be judicially enforced, direct increases in capital, direct the sale of subsidiaries or other assets, limit dividends and distributions,
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restrict growth, assess civil monetary penalties, remove officers and directors, and terminate deposit insurance.
Engaging in unsafe or unsound practices or failing to comply with applicable laws, regulations and supervisory agreements could subject the Bank, its subsidiaries, including Santander Holdings USA, and their respective officers, directors and institution-affiliated parties to the remedies described above and other sanctions. In addition, the FDIC may terminate a bank’s depository insurance upon a finding that the bank’s financial condition is unsafe or unsound or that the bank has engaged in unsafe or unsound practices or has violated an applicable rule, regulation, order or condition enacted or imposed by the bank’s regulatory agency.
US bank regulatory agencies from time to time take supervisory actions under certain circumstances that restrict or limit a financial institution’s activities, including in connection with examinations, which take place on a continual basis. In some instances, we are subject to significant legal restrictions on our ability to publicly disclose these actions or the full details of these actions, including those in examination reports. In addition, as part of the regular examination process, our US banking and bank holding company subsidiaries’ regulators may advise our US banking subsidiaries to operate under various restrictions as a prudential matter. Currently, under the US Bank Holding Company Act, we and our US banking and bank holding company subsidiaries may not be able to engage in certain categories of new activities in the US or acquire shares or control of other companies in the US. Any such actions or restrictions, if and in whatever manner imposed, could adversely affect our costs and revenues. Moreover, efforts to comply with any non-public supervisory actions or restrictions may require material investments in additional resources and systems, as well as a significant commitment of managerial time and attention. As a result, such supervisory actions or restrictions, if and in whatever manner imposed, could have a material adverse effect on our business and results of operations and, in certain instances, we may be subject to significant legal restrictions on our ability to publicly disclose these matters or the full details of these actions.
US Capital Standards applicable to our US banking operations
Basel III regulatory capital framework
The US bank regulators have implemented the Basel III capital framework for US banks and bank holding companies, including Santander Holdings USA and Santander Bank. The US Basel III capital rules differ in certain respects from those Basel III rules implemented in the EU. The minimum capital ratios under the US Basel III capital rules include a total capital to risk-weighted assets of 8%, Tier 1 capital to risk-weighted assets of 6% and CET1 capital to risk-weighted assets of 4.5%. In addition, as of 1 January 2024, Santander Holdings USA, on a consolidated basis, must maintain a capital buffer of greater than 2.5% to avoid being subject to limitations on its ability to make capital distributions and certain discretionary bonus payments.
In July 2023, the US federal banking agencies proposed significant amendments to the US Basel III capital rules to implement the Basel Committee’s international capital standards (Basel III Endgame). Basel III Endgame generally
would require Category I-IV banking organizations, including Santander Holdings USA and Santander Bank, to calculate risk-weighted assets under both the current standardized approach and a new, more risk sensitive, approach referred to as the 'Expanded Risk-Based Approach.' Total risk-weighted assets under the Expanded Risk-Based Approach would include standardized approaches for credit risk, operational risk and credit valuation adjustment risk, as well as a new approach for market risk that would be based on internal models and standardized supervisory models. Under Basel III Endgame, Santander Holdings USA and Santander Bank would be subject to the lower of the two resulting capital ratios from the current standardized approach and the Expanded Risk-Based Approach. It remains uncertain if or when the US federal banking agencies will finalize Basel III Endgame or any similar amendments to the US Basel III capital rules.
Banco Santander will continue to monitor developments related to Basel III Endgame and will assess the impacts of the proposal on its operations.
Stress testing and capital planning
As our US IHC, Santander Holdings USA is subject to supervisory stress testing and capital planning requirements. Santander Holdings USA is required to submit a capital plan annually to the Federal Reserve Board for supervisory review. Santander Holdings USA is required to include within its capital plan an assessment of the expected uses and sources of capital and a description of all planned capital actions over the nine-quarter planning horizon, a detailed description of the process for assessing capital adequacy, its capital policy, and a discussion of any expected changes to its business plan that are likely to have a material impact on its capital adequacy.
The Federal Reserve Board expects companies subject to stress testing and capital planning processes, such as Santander Holdings USA, to have sufficient capital to withstand a highly adverse operating environment and to be able to continue operations, maintain ready access to funding, meet obligations to creditors and counterparties, and serve as credit intermediaries. In addition, the Federal Reserve Board evaluates the planned capital actions of these bank holding companies, including planned capital distributions such as dividend payments or stock repurchases. This involves a quantitative assessment of capital based on supervisor-run stress tests that assess the ability to maintain capital levels above certain minimum ratios, after taking all capital actions included in a bank holding company’s capital plan, under baseline and stressful conditions throughout the nine-quarter planning horizon. As part of the supervisory stress testing process, the Federal Reserve Board evaluates whether bank holding companies have sufficient capital to continue operations throughout times of economic and financial market stress and whether they have robust, forward-looking capital planning processes that account for their unique risks.
Stress capital buffer requirement
The Federal Reserve Board’s Stress Capital Buffer (SCB) rule applies to the consolidated operations of US IHCs, including Santander Holdings USA.
The SCB rule subjects covered banking organizations to a firm-specific and dynamic stress capital buffer, which is calculated
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during each applicable supervisory stress testing cycle. For Santander Holdings USA, the SCB is equal to the greater of (i) the maximum decline in its CET1 Risk-Based Capital Ratio under the severely adverse scenario over the supervisory stress test measurement period, plus the sum of the ratios of the dollar amount of our planned common stock dividends to our projected risk-weighted assets for each of the fourth through seventh quarters of the supervisory stress test projection period, and (ii) 2.5%.
Santander Holdings USA’s current SCB, calibrated based on the results of the 2024 supervisory stress tests, is 3.5%. Santander Holdings USA’s SCB is next subject to recalibration based on the results of the 2026 supervisory stress tests.
The SCB rule also implemented related changes to capital planning and stress testing processes for the consolidated operations of US IHCs subject to the stress buffer requirements, including Santander Holdings USA. In particular, the rule limits projected capital actions to planned common stock dividends in the fourth through seventh quarters of the supervisory stress test projection period and assumes that the consolidated operations of IHCs maintain a constant level of assets and risk-weighted assets throughout the supervisory stress test projection period.
Total loss-absorbing capacity and long-term debt requirements
Santander Holdings USA is required, pursuant to the final total loss-absorbing capacity rule of the Federal Reserve Board, to comply with certain Total Loss Absorbing Capital (TLAC) requirements, including minimum long-term debt requirements, applicable to US IHCs of non-US G-SIBs. The main purpose of the minimum TLAC and LTD requirements is to ensure that covered US IHCs, such as Santander Holdings USA, will have enough loss-absorbing resources at the point of failure to be recapitalized through the conversion of eligible LTD to equity or otherwise by imposing losses on eligible LTD or other forms of TLAC. The minimum TLAC and LTD requirements for a covered US IHC under the rule vary depending on the home country resolution authority’s preferred resolution strategy. Because the competent authorities informed Banco Santander, S.A. that Santander Holdings USA would enter Chapter 11 proceedings under the resolution strategy for the Group, Santander Holdings USA is a resolution covered IHC and is required to maintain external and internal TLAC that collectively amount to at least 18% of risk-weighted assets (plus a TLAC buffer of an additional 2.5% composed solely of common equity tier 1 capital) and at least 9% of average total consolidated assets, as well as external and internal LTD that collectively amount to at least 6% of risk-weighted assets and at least 3.5% of average total consolidated assets. The final rule also established a clean holding company framework that imposes certain restrictions on the types of liabilities or arrangements that may be incurred or entered into by a covered US IHC. It also imposes a cap on the aggregate amount of certain unrelated liabilities of the covered US IHC equal to 5% of the covered US IHC’s TLAC.
In August 2023, the US federal banking agencies released a proposal that would require certain US and foreign banking organizations to issue and maintain long-term debt and clean holding company requirements to improve resolvability (the LTD rule). The proposed LTD rule would apply these requirements to
insured depository institutions (IDIs) with USD100 billion or more in total consolidated assets (excluding IDIs of U.S. G-SIBs), such as Santander Bank. Although Santander Holdings USA is already subject to TLAC, LTD and clean holding company requirements as an IHC of a non-US G-SIB, the proposed LTD rule may still affect Santander Holdings USA by, for example, reducing the amount of LTD with remaining maturities of less than two years that counts toward Santander Holdings USA’s TLAC requirement. It remains uncertain if or when the US federal banking agencies will finalize the proposed LTD rule.
Banco Santander will continue to monitor developments related to the proposed LTD Rule and will assess the impacts of the proposal on its operations.
Liquidity requirements
Liquidity coverage ratio
Under the Tailoring Rules, Santander Holdings USA is not subject to the liquidity coverage ratio (LCR) requirement since it is a Category IV IHC with less than USD 50 billion in weighted short-term wholesale funding. The LCR is one of the liquidity components of the international Basel III framework, and requires firms to meet certain liquidity measures by holding an adequate amount of unencumbered high-quality liquid assets to cover its projected net cash outflows over a 30 day stress scenario window.
Net stable funding ratio
Under the Tailoring Rules, Santander Holdings USA is not subject to the net stable funding ratio (NSFR) requirement since it is a Category IV IHC with less than USD 50 billion in weighted short-term wholesale funding.
Volcker rule
Section 13 of Bank Holding Company Act and its implementing rules (collectively, the Volcker Rule) prohibits 'banking entities' from engaging in certain forms of proprietary trading or from sponsoring, or investing in 'covered funds,' in each case subject to certain exceptions. The Volcker Rule also limits the ability of banking entities and their affiliates to enter into certain transactions with covered funds with which they or their affiliates have certain relationships. Banking entities such as Banco Santander were required to bring their activities and investments into compliance with the requirements of the Volcker Rule by the end of the conformance period applicable to each requirement. Banco Santander has assessed how the Volcker Rule affects its businesses and subsidiaries, and has brought its activities into compliance. Banco Santander has adopted processes to establish, maintain, enforce, review and test the compliance program designed to achieve and maintain compliance with the Volcker Rule. The Volcker Rule contains exclusions and certain exemptions for market-making, hedging, underwriting, trading in US government and agency obligations and certain foreign government obligations, and trading solely outside the United States, and also permits certain ownership interests in certain types of funds to be retained.
Banco Santander will continue to monitor Volcker Rule-related developments and assess their impact on its operations, as necessary.
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OTC derivatives regulation
Title VII of the Dodd-Frank Act amended the US Commodity Exchange Act and the Exchange Act, among other statutes, to establish an extensive framework for the regulation of OTC derivatives by the CFTC and the SEC, including mandatory clearing of certain standardized OTC derivatives and the trading of such instruments through regulated trading venues, subject to exceptions, and transaction reporting. In addition, Title VII requires the registration of swap dealers and major swap participants with the CFTC and of security-based swap dealers and major security-based swap participants with the SEC. Banco Santander, S.A. is registered as a non-US swap dealer with the CFTC and is registered as a non-US security-based swap dealer with the SEC.
As a result of its registration as a swap dealer and its registration as a security-based swap dealer, Banco Santander, S.A. is subject to margin, segregation of counterparty collateral, business conduct, recordkeeping, clearing, execution, reporting and other requirements. In general, as a non-US swap dealer and a non-US security-based swap dealer, Banco Santander, S.A. is not subject to all CFTC and SEC requirements, including certain business conduct standards, when entering into swaps or security-based swaps with non-US counterparties without a sufficient nexus to the United States. In addition, subject to conditions, Banco Santander, S.A. may comply with EU OTC derivatives requirements in lieu of some CFTC requirements, including portfolio reconciliation, portfolio compression and trade confirmation requirements, pursuant to substituted compliance determinations issued by the CFTC. Similarly, subject to conditions, Banco Santander, S.A. may comply with EU and Spanish requirements in lieu of certain requirements of the Exchange Act, including risk control, internal supervision, chief compliance officer, antitrust, counterparty protection, recordkeeping, reporting, and notification, pursuant to substituted compliance determinations issued by the SEC.
In the EU, the implementation of the European Market Infrastructure Regulation ('EMIR') and the recast Markets in Financial Instruments Directive along with the related Markets in Financial Instruments Regulation (together, MiFID II) establish a comparable, but not identical, regulatory regime for OTC derivatives. For example, EMIR requires the mandatory clearing of certain standardized OTC derivatives and the posting of initial and variation margin by specified types of counterparties in relation to uncleared OTC derivatives. EMIR also requires counterparties to implement risk mitigation processes and procedures and mandates reporting of all derivative transactions to trade repositories. MiFID II specifies that a subset of derivatives that are subject to mandatory clearing under EMIR must be traded on regulated trading venues. The combined effect of the US and EU requirements, and the actual and potential conflicts and inconsistencies between them, presents challenges and risks to the Group’s OTC derivatives business. Substituted compliance rulings and equivalence determinations by the European Commission allow for some limited relief from these challenges, and the Group has established cross-border working groups to meet regulatory requirements where there may be some cross-border overlap.
The full impact of the various US and non-US regulatory developments in this area is difficult to assess as the rules are complex and constantly evolving.
QFC stay rules
The US banking agencies have adopted QFC stay rules that impose contractual requirements on covered QFCs to which covered entities are parties. Banco Santander’s US operations, including Santander Bank, are treated as covered entities under the QFC stay rules. Under the QFC stay rules, covered QFCs generally:
(1) must explicitly recognize the FDIC’s authority to stay the exercise of default rights under, and transfer the covered QFC under, the Federal Deposit Insurance Act and Title II of the Dodd-Frank Act, and their implementing regulations; and
(2) may not (a) permit the exercise of any cross-default right against a covered entity based on an affiliate’s entry into receivership, insolvency, liquidation, resolution or similar proceedings, subject to certain creditor protections, or (b) prohibit the transfer of any credit enhancement (including a guarantee) provided by an affiliate in the G-SIB group that is a covered entity upon any affiliate in the G-SIB group entering into receivership, insolvency, liquidation, resolution, or similar proceedings.
Single-counterparty credit limits
The US operations of Banco Santander are subject to single counterparty credit limits, which impose percentage limitations on net credit exposures to individual counterparties (aggregated based on affiliation), generally as a percentage of tier 1 capital. Under the amendments to the US single counterparty credit limits rule made by the Tailoring Rules, Santander Holdings USA is not subject to the single counterparty credit limits rule at the IHC level. In addition, although Banco Santander remains subject to the amended rules with respect to its US operations, it has elected to use substituted compliance by certifying that it complies with its home-country single counterparty credit limits, instead of complying with the Federal Reserve Board's implementation of these requirements.
Resolution planning
We are required to prepare and submit periodically to the Federal Reserve Board and the FDIC a plan, commonly called a living will (the '165(d) plan'), for the orderly resolution of our subsidiaries and operations that are domiciled in the United States in the event of future material financial distress or failure. We, on behalf of our IDI subsidiary, Santander Bank, must also submit a separate IDI resolution plan to the FDIC. The 165(d) plan and the IDI plan require substantial effort, time and cost to prepare and are subject to review by the Federal Reserve Board and the FDIC, in the case of the 165(d) plan, and by the FDIC only, in the case of the IDI plan. If, after reviewing our 165(d) plan and any related re-submissions, the Federal Reserve Board and the FDIC jointly determine that the 165(d) Plan is not credible and that deficiencies are not cured in a timely manner, they may jointly impose on our US operations more stringent capital, leverage or liquidity requirements or restrictions on our growth, activities or operations., or even divestitures, which could have an adverse effect on our business. Banco Santander filed its most recent 165(d) plan on 30 June 2022, and its most recent IDI plan on 28 June 2018. As a result of EGRRCPA and following changes to applicable regulations, Banco Santander is now a triennial reduced filer that is required to submit its next 165(d) plan in the form of a reduced resolution plan by 1 July
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2025. With respect to our IDI plan, the FDIC revised the IDI rule in June 2024. Under the final IDI rule, IDIs with USD 100 billion or more in assets that are not affiliates of US global systemically important banking organizations, such as Santander Bank, are required to submit a full IDI plan every 3 years and, in the years when the IDI is not required to submit a full IDI plan, it is required to submit a limited interim supplement. IDIs with more than USD 50 billion, but less than USD 100 billion, are not required to submit an IDI plan but instead are required to submit an informational filing intended to support the development of strategic options for resolution of the IDI by the FDIC. Santander Bank is required to submit a full IDI plan by 1 July 2025.
Federal Reserve Board proposed supervisory guidance and Large Financial Institution rating system
In August 2017, the Federal Reserve Board issued a proposal on corporate governance to enhance the effectiveness of boards of directors and refocus the Federal Reserve Board’s supervisory expectations for boards of directors on their core responsibilities. The corporate governance proposal consists of three parts. The first part, the board effectiveness guidance, is proposed supervisory guidance identifying the attributes of effective boards of directors and is applicable to certain bank and savings and loan holding companies with total consolidated assets of USD 50 billion or more (other than those that are US IHCs of foreign banking organizations), as well as to certain designated systemically important non-bank financial companies supervised by the Federal Reserve Board. This part would not apply to Santander Holdings USA, but the Federal Reserve Board solicited comments on how the guidance could be adapted to apply to US IHCs of FBOs, signalling that Santander Holdings USA could fall within the scope of a related future proposal. The second and third parts of the corporate governance proposal would revise certain supervisory expectations for boards and clarify expectations for communicating supervisory findings to an institution’s board of directors and senior management.
In January 2018, the Federal Reserve Board proposed supervisory guidance setting out core principles of effective senior management, the management of business lines, independent risk management and controls. This proposed supervisory guidance, which would apply to our combined US operations including Santander Holdings USA, and our New York branch, would be used in connection with the supervisory assessment of governance and controls under the LFI Rating System described below.
In November 2018, the Federal Reserve adopted a new rating system, the LFI Rating System, to align its supervisory rating system for large financial institutions, including Santander Holdings USA, with its current supervisory programs for these firms. As compared to the rating system it replaced, which will continue to be used for smaller BHCs, the LFI Rating System places a greater emphasis on capital and liquidity, including related planning and risk management practices. Santander Holdings USA received its first rating under the LFI Rating System in 2020.
Source of strength
Santander Holdings USA is required to serve as a source of financial and managerial strength to its US depository institution
subsidiaries, and, under appropriate conditions, to commit resources to support those subsidiaries. This support may be required by the Federal Reserve at times when we might otherwise determine not to provide it or when doing so is not otherwise in the interests of Santander Holdings USA or the Group’s stockholders or creditors. The Federal Reserve may require Santander Holdings USA to make capital injections into a troubled subsidiary bank and may charge Santander Holdings USA with engaging in unsafe and unsound practices if Santander Holdings USA fails to commit resources to such a subsidiary bank or if it undertakes actions that the Federal Reserve believes might jeopardize the bank holding company’s ability to commit resources to such subsidiary bank.
Under these requirements, Santander Holdings USA may in the future be required to provide financial assistance to its US depository institution subsidiaries should they experience financial distress. Capital loans by Santander Holdings USA to its US depository institution subsidiaries would be subordinate in right of payment to deposits and certain other debts of the US depository institution subsidiaries. In the event of Santander Holdings USA’s bankruptcy, any commitment by Santander Holdings USA to a federal bank regulatory agency to maintain the capital of its US depository institution subsidiaries would be assumed by the bankruptcy trustee and entitled to a priority of payment.
Consumer protection regulation and supervision
The operations of Santander Bank and SCUSA are subject to supervision and regulation by the CFPB with respect to federal consumer protection laws. Our US operations are also subject to certain state consumer protection laws, and under the Dodd-Frank Act, state attorneys general and other state officials are empowered to enforce certain federal consumer protection laws and regulations. State authorities have recently increased their focus on and enforcement of consumer protection rules. These federal and state consumer protection laws apply to a broad range of our activities and to various aspects of our business and include laws relating to interest rates, auto lending, fair lending, disclosures of credit terms and estimated transaction costs to consumer borrowers, debt collection practices, the use of and the provision of information to consumer reporting agencies, and the prohibition of unfair, deceptive or abusive acts or practices in connection with the offer, sale or provision of consumer financial products and services.
The CFPB has implemented many mortgage-related rules, including rules related to the ability to repay and qualified mortgage standards, mortgage servicing standards, loan originator compensation standards, high-cost mortgage requirements, HMDA requirements and appraisal and escrow standards for higher priced mortgages. In addition, several proposed revisions to mortgage-related rules are pending finalization. The mortgage-related rules implemented by the CFPB have materially restructured the origination, servicing and securitization of residential mortgages in the United States. For example, under the CFPB’s Ability to Repay and Qualified Mortgage rule, before making a mortgage loan, a lender must establish that a borrower has the ability to repay the mortgage. 'Qualified mortgages,' as defined in the rule, are presumed to comply with this requirement and, as a result, present less litigation risk to lenders. For a loan to qualify as a qualified
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mortgage, the loan must satisfy certain limits on terms and conditions, pricing and a maximum debt-to-income ratio. Loans eligible for purchase, guarantee or insurance by a government agency or government-sponsored enterprise are exempt from some of these requirements. Satisfying the qualified mortgage standards, ensuring correct calculations are made for individual loans, recordkeeping and monitoring, as well as understanding the effect of the qualified mortgage standards on CRA obligations, impose significant compliance obligations on, and involve compliance costs for, US mortgage lenders, including ours.
Federal and state regulators have also been increasingly focused on sales practices of branch personnel, including taking regulatory action against other financial institutions. We monitor and review our sales practices in light of evolving regulatory expectations. Any restrictions on our ability to offer our products could reduce earnings, increase compliance costs and expose us to litigation or regulatory actions.
Community Reinvestment Act
The CRA is intended to encourage banks to help meet the credit needs of their service areas, including low- and moderate-income neighbourhoods, consistent with safe and sound banking practices. The relevant federal bank regulatory agency, the OCC in Santander Bank’s case, examines each bank and assigns it a public CRA rating. A bank’s record of fair lending compliance is part of the resulting CRA examination report. Santander Bank is subject to the CRA. Santander Bank’s most recent public CRA report of examination rated Santander Bank as 'Outstanding' for the 1 January 2020 through 31 December 2022 evaluation period. The OCC takes into account Santander Bank’s CRA rating in considering certain regulatory applications Santander Bank makes, including applications related to establishing and relocating branches, and the Federal Reserve Board does the same with respect to certain regulatory applications Santander Holdings USA makes. In October 2023, the Federal Reserve Board, FDIC, and OCC finalized a rule that materially revises the current CRA framework, including new assessment area requirements, new methods of calculating credit for lending, investment, and service activities, and additional data collection and reporting requirements. The final CRA rule has been challenged in a court and a federal district court has granted a preliminary injunction, delaying implementation of the rule until the case is resolved.
Banco Santander will continue to monitor CRA-related developments and assess their impact on its operations, as necessary.
FDIC as receiver or conservator of Santander Bank
Upon the insolvency of an insured depository institution, such as Santander Bank, the FDIC may be appointed as the conservator or receiver of the institution. Under the Dodd-Frank Act’s Orderly Liquidation Authority, upon the insolvency of a bank holding company, such as Santander Holdings USA, the FDIC may be appointed as conservator or receiver of the bank holding company, if certain findings are made by the FDIC, the Federal Reserve Board and the Secretary of the Treasury, in consultation with the President. Acting as a conservator or receiver, the FDIC would have broad powers to transfer any assets or liabilities of the institution without the approval of the institution’s creditors.
Lending standards and guidance
The US bank regulatory agencies have adopted uniform regulations prescribing standards for extensions of credit that are secured by liens or interests in real estate or made for the purpose of financing permanent improvements to real estate. Under these regulations, all insured depository institutions, such as Santander Bank, must adopt and maintain written policies establishing appropriate limits and standards for extensions of credit that are secured by liens or interests in real estate or are made for the purpose of financing permanent improvements to real estate. These policies must establish loan portfolio diversification standards, prudent underwriting standards (including loan-to-value limits) that are clear and measurable, loan administration procedures, and documentation, approval and reporting requirements. The real estate lending policies must reflect consideration of the federal bank regulatory agencies’ Interagency Guidelines for Real Estate Lending Policies.
FDIC insurance
The Deposit Insurance Fund ('DIF') provides insurance coverage for certain deposits up to a standard maximum deposit insurance amount of USD 250,000 per depositor per insured depository institution and is funded through assessments on insured depository institutions, based on the risk each institution poses to the DIF. The FDIC requires large insured depository institutions, including Santander Bank, to maintain recordkeeping systems capable of facilitating prompt payment of insured deposits if such an institution were to fail. We reconfigured our information technology systems to be able to provide certain required information.
Privacy, data protection and cybersecurity
We are subject to a variety of increasingly stringent federal, state, local, and foreign laws, regulations, rules and standards relating to privacy, data protection and cybersecurity, and the legal and regulatory framework for privacy, data protection and cybersecurity is in considerable flux and evolving rapidly. As privacy, data protection and cybersecurity risks for banking organizations and the broader financial system have significantly increased in recent years, privacy, data protection and cybersecurity issues have become the subject of increasing legislative and regulatory focus.
At the federal level, the GLBA requires financial institutions to, among other things, periodically disclose their privacy policies and practices relating to sharing non-public personal information and enables retail customers to opt out of our ability to share such personal information with unaffiliated third parties under certain circumstances. The GLBA also requires financial institutions to implement a comprehensive information security program that includes administrative, technical and physical safeguards to ensure the security and confidentiality of customer records and information. These security and privacy policies and procedures for the protection of personal and confidential information are in effect across all businesses and geographic locations. An amendment to Regulation S-P, an implementing regulation under the GLBA, was adopted by the SEC on 16 May 2024, and requires registered investment advisers and broker/dealers to, among other things, adopt and implement an incident response program as part of their formal cybersecurity policies and procedures and report data breaches
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to affected individuals whose sensitive customer information was, or is, reasonably likely to have been, accessed or used without authorization within 30 days of becoming aware of such data breach. Federal law also makes it a criminal offence, except in limited circumstances, to obtain or attempt to obtain customer information of a financial nature by fraudulent or deceptive means.
Like other lenders, Santander Bank and other of our US subsidiaries also use credit bureau data in their underwriting activities. Use of such data is regulated under the FCRA, and the FCRA also regulates reporting information to credit bureaus, prescreening individuals for credit offers, sharing of information between affiliates, and using affiliate data for marketing purposes. Like other businesses in the US, our nonbanking US subsidiaries are also subject to the rules and regulations promulgated under the authority of the Federal Trade Commission, which regulates unfair or deceptive acts or practices, including with respect to privacy, data protection and cybersecurity. Moreover, the United States Congress has recently considered, and is currently considering, various proposals for more comprehensive privacy, data protection and cybersecurity legislation, to which we and our US subsidiaries may be subject if passed.
In addition, the enactment of the Cyber Incident Reporting for Critical Infrastructure Act (CIRCIA) in 2022, once rulemaking is complete, will require, among other things, certain companies to report significant cyber incidents to the Cybersecurity and Infrastructure Security Agency (CISA) within 72 hours from the time the company reasonably believes the incident occurred (and within 24 hours of making a ransom payment as a result of a ransomware attack). On 4 April 2024, the CISA proposed a rule under the CIRCIA that would clarify the scope of cyber incidents to be reported and would further define covered entities subject to the CIRCIA to expressly include companies in the financial services industry that are required to report cyber incidents to their primary federal regulators.
Federal banking regulators, as well as the SEC and related self-regulatory organizations, regularly issue guidance regarding cybersecurity that is intended to enhance cyber risk management among financial institutions. A financial institution is expected to establish a framework of internal control, first, second and third lines of defence, and risk management policies, procedures and processes that are designed to address the cyber risks that it faces in its business operations. A financial institution’s management is expected to maintain sufficient business continuity planning processes to ensure the rapid recovery, resumption and maintenance of the institution’s operations after a cyberattack. A financial institution is also expected to develop appropriate processes to enable recovery of data and business operations if the institution or its critical service providers fall victim to a cyberattack.
For example, in October 2016, federal banking regulators (namely, the Federal Reserve, FDIC and OCC) issued an advance notice of proposed rulemaking regarding enhanced cyber risk management standards, which would apply to a wide range of large financial institutions and their third-party service providers, including our US bank subsidiaries. The proposed standards would expand existing cybersecurity regulations and guidance to focus on cyber risk governance and management; management of internal and external dependencies; and incident response,
cyber resilience and situational awareness. In addition, the proposal contemplates more stringent standards for institutions with systems that are critical to the financial sector. Although in 2019 the FDIC and OCC each withdrew the advance notice of proposed rulemaking, the Federal Reserve has not withdrawn the advance notice and may still propose such a rule. Additionally, in September 2016, the Federal Financial Institutions Examination Council (FFIEC) issued an Information Security booklet, which includes guidelines for evaluating the adequacy of information security programs (including effective threat identification, assessment and monitoring, and incident identification assessment and response), assurance reports and testing of information security programs. The FFIEC also developed a Cybersecurity Assessment Tool in May 2017 to help financial institutions identify their risks and determine their preparedness for cybersecurity threats. In September 2022, the FFIEC also issued a Cybersecurity Resource Guide for Financial Institutions designed to help financial institutions meet their security control objectives and prepare to respond to cyber incidents, including ransomware incidents.
Further, in the spring of 2022, federal banking regulators imposed a new cybersecurity-related notification rule that requires banking organizations to notify their primary federal regulator as soon as possible and within 36 hours of incidents that, among other things, have materially disrupted or degraded, or are reasonably likely to materially disrupt or degrade, the banking organization’s ability to deliver services to a material portion of its customer base, jeopardize the viability of key operations of the banking organization, or impact the stability of the financial sector. The rule also imposes requirements on bank service providers to notify their affected banking organization customers of certain computer-security incidents.
Privacy, data protection and cybersecurity are also areas of increasing state legislative focus, and states are increasingly proposing or enacting legislation that relates to privacy, data protection and cybersecurity. Various state laws and regulations apply, or may apply in the future, to Santander Holdings USA’s and our subsidiaries’ operations, and may impose additional requirements on Santander Holdings USA and our subsidiaries or otherwise impact Santander Holdings USA’s or our subsidiaries’ ability to share certain personal information with affiliates or non-affiliates for marketing or other purposes, or to contact customers with marketing offers.
For example, the CCPA applies to for-profit businesses that conduct business in California and meet certain revenue or data collection thresholds. The CCPA gives California residents the right to, among other things, request disclosure of personal information collected about them, and whether that information has been sold or shared with others, the right to request deletion of personal information (subject to certain exceptions), the right to opt out of the sale of their personal information, and the right not to be discriminated against for exercising their rights. The CCPA contains a private right of action for California residents as well as enforcement capabilities for both the California Attorney General and a state agency created under the California Privacy Rights Act. The CCPA contains several exemptions, including an exemption applicable to personal information that is collected, processed, sold or disclosed subject to the GLBA. While the CCPA does not currently have, and is not expected to have, a material impact on Banco Santander’s US operations, the CCPA is
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indicative of a trend towards greater state-level regulation of privacy, data protection and cybersecurity in the United States. A number of other states have enacted, or are considering enacting, comprehensive data privacy laws that share similarities with the CCPA. In addition, laws in all 50 US states generally require businesses to provide notice under certain circumstances to consumers whose personal information has been disclosed as a result of a data breach. These laws are not consistent, and compliance in the event of a widespread data breach is difficult and may be costly. Banco Santander continues to assess the requirements of such laws and proposed legislation and their applicability to our operations.
Additionally, the NYDFS issued Cybersecurity Requirements for Financial Services Companies, which took effect in 2017 and was amended in November 2023, which require banks, insurance companies and other financial services institutions regulated by the NYDFS to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New York State’s financial services industry. The cybersecurity regulation includes specific requirements for these institutions’ cybersecurity compliance programs and imposes an obligation to conduct ongoing, comprehensive risk assessments. Further, on an annual basis, each institution is required to submit a certification of compliance with these requirements.
Internationally, virtually every jurisdiction in which we operate has established its own privacy, data protection and cybersecurity legal and regulatory framework with which we must comply. For more information on foreign laws, regulations, rules and standards relating to privacy, data protection and cybersecurity, see ‘Supervision and regulation – Privacy, data protection and cybersecurity’.
Artificial Intelligence
AI is the subject of ongoing review by various US governmental and regulatory agencies, and various US states and other foreign jurisdictions are applying, or are considering applying, their platform moderation, cybersecurity, and data protection laws and regulations to AI or are considering legal and regulatory frameworks for AI. For more information on developing foreign laws and regulations related to the use of AI, see ‘Supervision and regulation – Artificial intelligence’.
Compensation
The compensation practices of our US subsidiaries are subject to oversight by the Federal Reserve Board and, with respect to some of our subsidiaries and employees, by other financial regulatory bodies. The scope and content of compensation regulation in the financial industry are continuing to develop, and we expect that these regulations and resulting market practices will continue to evolve over a number of years.
Anti-Money Laundering
The Bank Secrecy Act, as amended by the USA PATRIOT Act and the Anti-Money Laundering Act of 2021, contains provisions intended to detect and prevent the use of the US financial system for money laundering and terrorist financing activities. Under the Bank Secrecy Act, US financial institutions, including US branches and subsidiaries of non-US banks, are required to, among other things, maintain an AML program, verify the identity of clients, identify and verify the beneficial owners of certain legal entity clients, conduct ongoing customer due
diligence, monitor for and report suspicious transactions, report on cash transactions exceeding specified thresholds, and respond to requests for information by regulatory authorities and law enforcement agencies. Santander Bank is subject to the Bank Secrecy Act and therefore is required to maintain a system of internal controls, provide its employees with AML training, designate an AML compliance officer and undergo an annual, independent audit to assess the effectiveness of its AML program. Santander Bank has implemented policies, procedures and internal controls that are designed to comply with its US AML requirements.
US bank regulators are focusing their examinations on AML compliance, and we will continue to monitor and augment, where necessary, our (including our US branches’ and subsidiaries’) AML compliance programs. Failures to comply with applicable US AML laws and regulations could have severe legal and reputational consequences, including significant civil monetary and criminal penalties and termination of US banking licenses. In addition, US regulators have taken actions against non-US bank holding companies requiring them to improve their oversight of their US subsidiaries’ Bank Secrecy Act programs and compliance. Further, US federal banking agencies are required, when reviewing bank and bank holding company acquisition or merger applications, to take into account the effectiveness of the AML compliance record of the applicant.
US sanctions
OFAC is responsible for administering economic sanctions imposed against designated foreign countries, governments, individuals and entities pursuant to various Executive Orders, statutes and regulations. OFAC-administered sanctions take many different forms. For example, sanctions may include: (1) restrictions on US persons’ trade with or investment in a sanctioned country, including prohibitions against direct or indirect imports from and exports to a sanctioned country and prohibitions on US persons engaging in financial transactions relating to, making investments in, or providing investment-related advice or assistance to, a sanctioned country; and (2) blocking of assets of targeted governments or 'specially designated nationals,' by prohibiting transfers of property subject to US jurisdiction, including property in the possession or control of US persons. Blocked assets, such as property and bank deposits, cannot be paid out, withdrawn, set off or transferred in any manner without a license from OFAC. In addition, non-US persons can be liable for 'causing' a sanctions violation by a US person or can violate US sanctions by exporting services from the United States to a sanctions target, for example by engaging in transactions with targets of US sanctions denominated in US dollars that clear through US financial institutions (including through US branches or subsidiaries of non-US banks).
Failure to comply with applicable US sanctions could have serious legal and reputational consequences, including significant civil monetary penalties and, in the most severe cases, criminal penalties.
In addition, the US government has imposed various sanctions that prevent non-US persons, including non-US financial institutions, from engaging in certain activities undertaken outside the United States and without the involvement of any US persons (secondary sanctions). If a non-US financial institution were determined to have engaged in activities targeted by
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certain US secondary sanctions, it could lose its ability to open or maintain correspondent or payable-through accounts with US financial institutions, among other potential consequences.
Disclosure pursuant to Section 219 of the Iran threat reduction and Syria human rights act
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) to the Securities Exchange Act of 1934, as amended (the 'Exchange Act'), an issuer is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or entities designated pursuant to certain Executive Orders. Disclosure is generally required even where the activities, transactions or dealings were conducted in compliance with applicable law.
The following activities are disclosed in response to Section 13(r) with respect to the Group and its affiliates. During the period covered by this annual report:
•Santander UK holds 10 blocked accounts for seven customers that are currently designated by the US under the Specially Designated Global Terrorist (SDGT) sanctions programme. Revenues and profits generated by Santander UK on these accounts in the year ended 31 December 2024 were negligible relative to the overall profits of Banco Santander, S.A.
•Santander Consumer Finance, S.A. holds through its Belgian branch seven blocked correspondent accounts for an Iranian bank that is currently designated by the US under the Specially Designated Global Terrorist (SDGT) sanctions programme. The accounts have been blocked since 2008. No revenues or profits were generated by the Belgian branch on these accounts in the year ended 31 December 2024.
•Santander Brasil holds three blocked accounts for three customers with domicile in Brazil designated by the US under the Specially Designated Global Terrorist (SDGT) sanctions programme. Revenues and profits generated by Santander Brasil on these accounts in the year ended 31 December 2024 were negligible relative to the overall profits of Banco Santander, S.A.
•The Group also has certain legacy performance guarantees for the benefit of an Iranian bank that is currently designated by the US under the Specially Designated Global Terrorist (SDGT) sanctions programme (stand-by letters of credit to guarantee the obligations – either under tender documents or under contracting agreements – of contractors who participated in public bids in Iran) that were in place prior to April 27, 2007.
In the aggregate, all of the transactions described above resulted in gross revenues and net profits in the year ended 31 December 2024 which were negligible relative to the overall revenues and profits of Banco Santander, S.A. The Group has undertaken significant steps to withdraw from the Iranian market such as closing its representative office in Iran and ceasing all banking activities therein, including correspondent relationships, deposit taking from Iranian entities and issuing export letters of credit, except for the legacy transactions described above. The Group is not contractually permitted to cancel these arrangements
without either (i) paying the guaranteed amount (in the case of the performance guarantees), or (ii) forfeiting the outstanding amounts due to it (in the case of the export credits). As such, the Group intends to continue to provide the guarantees and hold these assets in accordance with company policy and applicable laws.
Monetary policy and exchange controls
The decisions of the European System of Central Banks influence conditions in the money and credit markets, thereby affecting interest rates, the growth in lending, the distribution of lending among various industry sectors and the growth of deposits. Monetary policy has had a significant effect on the operations and profitability of Spanish banks in the past and this effect is expected to continue in the future. Similarly, the monetary policies of governments in other countries in which we have operations, particularly in Latin America, the United States and the United Kingdom, affect our operations and profitability in those countries. We cannot predict the effect which any changes in such policies may have upon our operations in the future, but we do not expect it to be material.
The European Monetary Union has had a significant effect upon foreign exchange and bond markets and has involved modification of the internal operations and systems of banks and of inter-bank payments systems. Since 1 January 1999, the start of Stage III, see '-Supervision and Regulation-Single Supervisory Mechanism, Bank of Spain and the European Central Bank,' Spanish monetary policy has been affected in several ways. The euro has become the national currency of the then fifteen participating countries and the exchange rates between the currencies of these countries were fixed to the euro. Additionally, the European System of Central Banks became the entity in charge of the European Union’s monetary policy.

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11. Shareholders remuneration
The table below sets forth the historical per share and per ADS (each of which represents the right to receive one of our shares) amounts of interim and total remuneration payments in respect of each fiscal year indicated.
Euro per ShareDollars per ADS
FirstSecondThirdFourthTotalFirstSecondThirdFourthTotal
2020(A)0.0275 n.a.n.a.n.a.0.0275 0.034 n.a.n.a.n.a.0.034 
2021(A)0.0485 0.0515 n.a.n.a.0.10 0.0561 0.0541 n.a.n.a.0.1102 
2022(A)0.0583 0.0595n.a.n.a.0.1178 0.05750.0651 n.a.n.a.0.1227 
2023(A)0.0810 0.0950n.a.n.a.0.1760 0.08580.1024 n.a.n.a.0.1882 
2024(A)0.1000 0.1100n.a.n.a.0.2100 0.10850.1149 n.a.n.a.0.2234 
(A)With regard to the remuneration policy against the 2022 earnings, the board continued the policy of allocating approximately 40% of the Group's underlying profit to shareholder remuneration, split in approximately equal parts in cash dividends and share buybacks.
Interim remuneration. On 27 September 2022, the board authorized the payment of an interim cash dividend against 2022 results of 5.83 euro cents per share (equivalent to approximately 20% of the Group's underlying profit in the first half 2022). The interim dividend was paid on 2 November 2022. The board also agreed to implement the First 2022 Buyback Programme worth approximately 979 million euros (approximately 20% of the Group's underlying profit in first half 2022) following the ECB approval on 17 November 2022. The First 2022 Buyback Programme was completed on 31 January 2023, and resulted in the acquisition of a total of 340,406,572 shares.
Final remuneration. On 27 February 2023, per the 2022 shareholder remuneration policy, the board of directors voted to: (i) submit a resolution at the 31 March 2023 AGM to approve a final cash dividend in the gross amount of 5.95 euro cents per share entitled to receive dividends (following the approval at the AGM, the dividend was paid on 2 May 2023); and (ii) implement a Second 2022 Buyback Programme worth 921 million euros, that commenced on 1 March 2023 and was completed on 21 April 2023, resulting in the acquisition of a total of 269,848,953 shares. After the above-mentioned actions, the shareholders' remuneration for 2022 amounted to 3,842 million euros (approximately 40% of the underlying profit in 2022) split in approximately equal parts in cash dividends (1,942 million euros) and share buybacks (1,900 million euros).
With regard to the remuneration policy against the 2023 earnings, the board followed a policy of allocating 50% of the Group’s reported profit, excluding non-cash, non-capital ratios impact items, to shareholder remuneration, distributed in approximately 50% in cash dividend and 50% in share buybacks.
Interim remuneration. On 26 September 2023, the board resolved to pay an interim cash dividend against the 2023 results of 8.10 euro cents per share entitled to the dividend (equivalent to approximately 25% of the Group's reported profit in the first half of 2023). The interim dividend was paid on 2 November 2023. The board also agreed to implement the First 2023 Buyback Programme worth approximately EUR 1,310 million (equivalent to approximately 25% of the Group's reported profit in the first half of 2023). The First 2023 Buyback Programme was completed on 25 January 2024, and resulted in the acquisition of a total of 358,567,487 shares.
Final remuneration. Under the 2023 shareholder remuneration policy, on 19 February 2024, the board of directors resolved to submit a resolution at the 22 March 2024 AGM to approve a final cash dividend in the gross amount of 9.50 euro cents per share entitled to dividends. Following the approval at the AGM, the dividend was paid from 2 May 2024. The board of directors also resolved to implement the Second 2023 Buyback Programme worth 1,459 million euros, which commenced on 20 February 2024 and was completed on 17 June 2024 resulting in the acquisition of a total of 331,305,000 shares. Once the above-mentioned actions were completed, total shareholder remuneration for 2023 amounted to 5,538 million euros (approximately 50% of the Group's reported profit in 2023), distributed in approximately 50% in cash dividend and 50% in share buybacks.
With regard to the remuneration policy against the 2024 earnings, the board continued the policy of allocating approximately 50% of the Group's underlying profit to shareholder remuneration, split in approximately equal parts in cash dividends and share buybacks.
Interim remuneration. On 24 September, the Board approved the payment of an interim cash dividend against the 2024 results of 10 euro cents per share (equivalent to approximately 25% of the Group's underlying profit in the first half of 2024). The interim dividend was paid on 2 November 2024. The board also approved to implement a share repurchase programme (the First 2024 Buyback Programme) worth approximately 1,525 million euros (equivalent to approximately 25% of the Group's underlying profit in the first half of 2024), which was completed on 4 December 2024, and resulted in the acquisition of a total of 341,781,250 shares.
Final remuneration. Under the 2024 shareholder remuneration policy, on 25 February 2025 the board resolved to implement the Second 2024 Buyback Programme worth approximately 1,587 million euros (equivalent to approximately 25% of the Group´s underlying profit in the second half of 2024), which will be completed on 27 June 2025. In addition, on 25 February 2025, the board of directors resolved to submit a resolution at the 2025 AGM to approve a final cash dividend in the gross amount of 11 euro cents per share entitled to dividends. If approved at the 2025 AGM, the dividend would be payable from 2 May 2025. Once the above-mentioned actions are completed, total shareholder remuneration for 2024 will total 6,293 million euros (approximately 50% of the Group underlying profit in 2024), distributed as approximately 50% in cash dividends (3,181 million euros) and 50% in share buybacks (3,112 million euros). These amounts have been estimated assuming that, as a consequence of the partial execution of the Second 2024 Buyback Programme, the number of outstanding shares entitled to a final cash dividend will be 14,988,884,075. Therefore, that amount may be higher if fewer shares than planned are acquired in the Second 2024 Buyback Programme; otherwise, it will be lower.
For more information see section 3.3.'Dividends and shareholder remuneration' in the 'Corporate governance' chapter included in Part 1 of this annual report on Form 20-F.



12. The offer and listing
Santander’s shares
In 2024, Santander was the most actively traded stock on the Spanish stock exchange. At 31 December 2024, the stock had a 11.41% weighting in the IBEX 35 Index and was ranked third among all Spanish issuers represented in this index. In 2024, 7,713 million shares were traded, for a cash amount of EUR 33,410 million. Our market capitalization of EUR 67,648 million at 2024 year-end made us one of the largest banks in the eurozone by market capitalization.
At 31 December 2024, a total of 3,913,573,686 shares, or 25.83% of our share capital, were held by 1,328 depositary receipt registered holders in our American Depositary Share Program. Citibank, N.A. is the depositary of our American Depositary Share Program.
At 31 December 2024, 62.51% of our shares were held of record by non-residents of Spain.
American Depositary Shares
Our ADSs have been listed and traded on the New York Stock Exchange since 30 July 1987. Each ADS represents one of our shares and is evidenced by an American Depositary Receipt or 'ADR.' Under the deposit agreement, pursuant to which ADRs have been issued, Citibank, N.A. is the depositary and holder from time to time of ADRs. At 31 December 2024, we had outstanding a total of 592,570,881 ADRs of which 5,598,492 were held by 10,265 registered holders with Citibank, N.A. Since certain of such of our shares and our ADSs are held by nominees, the number of record holders is not representative of the number of beneficial owners. Our directors and executive
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officers owned 904,051 ADRs as of 31 December 2024, according to the information of the Spanish CNMV.
Our depositary is Citibank, N.A., with its principal office located at 388 Greenwich Street, New York, New York 10013, US.
Each ADS represents the right to receive one Common Stock of Santander, pay value EUR 0.50 each.

The following ADS fees are payable under the terms of the Deposit Agreement:
ServiceRateBy Whom Paid
(1) Issuance of ADSs (e.g., an issuance upon a deposit of Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described in paragraph (4) below.Up to USD 5.00 per 100 ADSs (or fraction thereof) issued.Person for whom ADSs are issued.
(2) Cancellation of ADSs (e.g., a cancellation of ADSs for Delivery of deposited Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason).Up to USD 5.00 per 100 ADSs (or fraction thereof) cancelled.Person for whom ADSs are being cancelled.
(3) Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements).Up to USD 5.00 per 100 ADSs (or fraction thereof) held.Person to whom the distribution is made.
(4) Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii) an exercise of rights to purchase additional ADSs.Up to USD 5.00 per 100 ADSs (or fraction thereof) held.Person to whom the distribution is made.
(5) Distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off shares).Up to USD 5.00 per 100 ADSs (or fraction thereof) held.Person to whom the distribution is made.
(6) ADS Services.Up to USD 5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the Depositary.Person holding ADSs on the applicable record date(s) established by the Depositary.
(7) Registration of ADS Transfers (e.g., upon a registration of the transfer of registered ownership of ADSs, upon a transfer of ADSs into DTC and vice versa, or for any other reason).Up to USD 5.00 per 100 ADSs (or fraction thereof) transferred.Person for whom or to whom ADSs are transferred.
(8) Conversion of ADSs of one series for ADSs of another series (e.g., upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion of Restricted ADSs into freely transferable ADSs, and vice versa).Up to USD 5.00 per 100 ADSs (or fraction thereof) converted.Person for whom ADSs are converted or to whom the converted ADSs are delivered.

In 2024, the Depositary made direct payments and reimbursements to us in the gross amount of USD 14,545,563 for expenses related to investor relations with no withholding for tax purposes in the US.
Trading by Santander’s subsidiaries in the shares
We and/or some of our subsidiaries, in accordance with market practice, as permitted under the relevant European regulations and according to our internal policy, have regularly purchased and sold our shares for our own account. We expect that we and/or our subsidiaries may continue to purchase and sell our shares from time to time.
Our trading activities in our shares are driven by orders, which are matched by the market’s computer system according to price and time entered. Santander’s broker (which is Banco Santander, S.A. after the absorption of Santander Investment Bolsa, S.V., S.A.U. and Popular Bolsa, S.V., S.A.U.) and the other brokers authorized to trade on the continuous market ('Member Firms') are not required to and do not serve as market makers maintaining independently established bid and ask prices. Rather, Member Firms place orders for their customers, or for their own account, into the market’s computer system. If an adequate counterparty order is not available on the continuous market at that time, the Member Firm may solicit counterparty orders from among its own clients and/or may accommodate the client by filling the client’s order as principal.
Under the Spanish Capital Companies Law, a company and its subsidiaries are prohibited from purchasing shares of the company in the primary market. However, purchase of the shares is permitted in the secondary market provided that: (1) the aggregate nominal value of the shares previously held by the company and its subsidiaries (referred to as 'treasury stock' or 'autocartera') does not exceed 10% of the total outstanding capital stock of the company, (2) the purchases are authorized at a meeting of the shareholders of the acquiring company and, if the acquisition relates to shares in the parent company, the acquiring company’s parent, and (3) such purchases, together with the shares previously held by the company and its subsidiaries, do not result in a net equity less than the company’s stock and the minimum reserves stipulated by law and our Bylaws. See more information in section 2.5. 'Treasury shares' in the 'Corporate governance' chapter in Part 1 of this annual report on Form 20-F.
Spanish Royal Decree 1362/2007, of October 19, requires that the CNMV be notified each time the acquisition of treasury stock made since the last notification reaches 1% of the voting rights of the company, regardless of any other preceding sales. Furthermore, the Spanish Capital Companies Law establishes, in relation to the treasury stock shares (held by us and our affiliates), that the exercise of the right to vote and other non-financial rights attached to them shall be suspended. Financial rights arising from treasury stock held directly by us, with the exception of the right to allotment of new bonus shares, shall be attributed proportionately to the rest of the shares.
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The portion of overall trading volume in Santander ordinary shares transacted by Group subsidiaries continues to vary from day to day and from month to month, and is expected to continue to do so in the future. In 2024, 22.8% of the total volume traded in Santander ordinary shares executed on the Primary Spanish Stock Exchange (Bolsas y Mercados Españoles) was transacted by Banco Santander, S.A. The portion of trading volume in shares allocable to purchases and sales as principal by our companies (treasury shares) was approximately 7.2% in the same period. The monthly average percentage of outstanding shares held by our subsidiaries ranged from 0.02% to 1.83% in
2024. At 31 December 2024, Banco Santander, S.A. and our subsidiaries held 15,529,459 shares (0.10% of our total capital stock as of that date).
Purchases of equity securities by the issuer and affiliated purchasers
The following table shows the purchases of shares made by the Bank or any of its affiliated purchasers during 2024:
2024Total number of
 shares -or units
purchased (A)		Average price
paid per share (or
 unit) in euros		Total number of shares (or
 units) purchased as part of
publicly announced plans or
 programs (B)		Euro value of the maximum number of shares
(or units) that may yet be purchased
under the plans or programs (B)
January76,348,721 3.78 71,725,171 — 
February86,304,285 3.76 36,600,000 1,319,433,276 
March79,513,484 4.02 71,200,000 1,034,154,094 
April102,438,974 4.50 88,800,000 629,044,877 
May78,180,558 4.72 69,700,000 299,704,073 
June86,859,914 4.56 65,005,000 — 
July17,831,906 4.55 — — 
August21,657,723 4.34 13,000,000 1,467,185,192 
September93,894,263 4.45 81,400,000 1,105,986,303 
October80,925,996 4.52 78,000,000 752,666,167 
November143,344,600 4.46 137,300,000 140,270,293 
December63,310,212 4.43 32,081,250 — 
Total930,610,636 744,811,421 
(A) The number of shares purchased includes securities lending and short positions.
(B) Purchases related to the First and Second Buyback Programmes 2023 and First Buyback Programme 2024. For more information see 2.5 'Treasury shares' in the 'Corporate governance' chapter in Part 1 of this annual report on Form 20-F and note 34.b) to our 'Consolidated financial statements' in Part 1 of this annual report on Form 20-F.

During 2024, all purchases and sales of equity securities were made in open-market transactions.

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13. Additional information
13.1. Memorandum and articles of association
Bylaws
The following summary of the material terms of our Bylaws is not meant to be complete and is qualified in its entirety by reference to our Bylaws. Because this is a summary, it may not contain all the information that is important to you. You should read our Bylaws carefully before you decide to invest. A copy of our Bylaws is incorporated by reference.
Banco Santander's most recent Bylaws was approved by our shareholders at the annual general shareholders’ meeting held on 21 June 2008 and registered with the Commercial Registry on 11 August 2008.
Since then, Article 5 of Banco Santander’s Bylaws has been updated several times, mostly to show the current share capital and the number of shares outstanding.
In 2024, the share capital was amended three times, reducing it on each occasion:
•Two times through the cancellation of the shares repurchased under the buyback programmes that formed part of the shareholder remuneration policy for 2023:
•on 30 January 2024 by EUR 179,283,744 (c. 2.22% of share capital) under the authorization of the 2023 AGM, and which was registered in the Commercial Registry on 5 February 2024; and
•on 25 June 2024 by EUR 165,652,500 (c. 2.09% of share capital) in the terms agreed at the 2024 AGM, and which was registered with the Commercial Registry on 1 July 2024.
•One time through the cancellation of the shares repurchased under the first buyback programme that formed part of the shareholder remuneration policy for 2024 (First 2024 Buyback Programme), by EUR 170,890,625 (c. 2.21% of share capital), under the authorization of the 2024 AGM and registered with the Companies Register on 20 December 2024.
The share capital is currently EUR 7,576,246,161 represented by 15,152,492,322 shares of EUR 0.50 nominal value each.
Our current Bylaws are included as Exhibit 1.1 to this annual report. The Bylaws are also available on our corporate website (www.santander.com), which does not form part of this annual report on Form 20-F, under the heading 'Shareholders and investors-Corporate Governance - Bylaws'.
Rules and regulations of the board and rules and regulations for the general shareholders' meeting
Aside from the Bylaws, the Rules and regulations of the board and the Rules and regulations for the general shareholders' meeting also form part of the internal governance rules of Banco Santander.
For further information, we refer to section 4.3 'Board functioning and effectiveness' in the 'Corporate governance' chapter in Part 1 of this annual report on Form 20-F.
The Rules and regulations of the board and the Rules and regulations of the general shareholders' meeting are available on our corporate website (www.santander.com), which does not form part of this annual report on Form 20-F, under the heading 'Shareholders and investors-Corporate Governance-Rules and Regulations of the Board of Directors' and 'Shareholders and investors-Corporate Governance-Rules and Regulations for the General Shareholders’ Meeting', respectively.
Corporate purpose
Article 2 of our Bylaws states that the corporate purpose of Banco Santander consists of carrying out all types of activities, operations and services specific to the banking business in general and which are permitted under current legislation, as well as the acquisition, holding and disposal of all types of securities.
Certain provisions regarding shareholder rights
As at the date of the filing of this annual report, Banco Santander’s share capital comprises one share class only (ordinary shares), which grant all shareholders the same rights. Banco Santander may issue non-voting shares for a nominal amount of no more than one-half of the paid-up share capital, and redeemable shares for a nominal amount of no more than one-fourth of its share capital.
Our Bylaws do not contain any provisions relating to sinking funds.
Our Bylaws do not specify what actions or quorums are required to change the rights of shareholders. Under Spanish law, the rights of shareholders may only be changed by an amendment to the Bylaws that complies with the requirements explained below under 'Meetings and Voting Rights'.
Meetings and voting rights
We hold our annual general shareholders’ meeting during the first six months of each fiscal year on a date set by the board of directors. Extraordinary meetings may be called from time to time by the board of directors whenever the board considers it advisable for corporate interests, and whenever so requested by shareholders representing at least 3% of the outstanding share capital of Banco Santander. Notices of all meetings have to be published at least one month prior to the date set for the meeting, except in those instances in which a different period is established by law, in the Official Gazette of the Commercial Registry or in one of the national newspapers with the largest circulation in Spain, on the website of the CNMV and on Banco Santander’s website (www.santander.com). In addition, under Spanish law, the agenda of the meeting must be sent to the CNMV and the Spanish Stock Exchanges and published on the company’s website. We held our annual general shareholder meeting on 22 March 2024. No extraordinary meeting was held.
In accordance with the Rules and regulations for the general shareholders' meeting, from the date when the call of the general shareholders' meeting is published, our corporate website includes the text of all resolutions proposed by the board of directors with respect to the agenda items and the details regarding the manner and procedures for shareholders to follow to confer representation on any individual or legal entity. The manner and procedures for proxy granting, voting prior to
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the meeting, remote attendance and the Electronic Shareholders' Forum are also indicated and published on the corporate website.
Only registered holders of Banco Santander shares on record at least five days prior to the day on which a meeting is scheduled may attend and vote at shareholders’ meetings. As a registered shareholder, the depositary will be entitled to vote the Banco Santander shares underlying the Santander ADSs. The deposit agreement requires the depositary to accept voting instructions from holders of Santander ADSs and to execute such instructions to the extent permitted by law.
In 2004, our shareholders could exercise their voting and representation rights prior to the general shareholder's meeting by electronic means (via the Internet). Since 2005, our shareholders were also able to attend via the Internet (besides attending and voting in person) and were also able to vote in real time on the Internet on the resolutions considered at the meeting.
Thus, shareholders can attend general meetings virtually through our 'General Shareholders' Meeting Platform'. They can follow them through real-time means of communication, vote, make remarks, propose resolutions and contact the notary public. Our Bylaws allow for general meetings to be virtual-only, without the physical attendance of shareholders or their proxies, provided that we can guarantee their identity and standing and that they can participate effectively in the meeting by remote means of communication, exercise their rights in real time and follow the presentations of other attendees, considering the state of the art and the Company’s circumstances, particularly the number of shareholders.
The 2025 AGM will be held as a virtual virtual-only meeting. For further information, we refer to 'Virtual AGM' in section 3.5 in the 'Corporate governance' chapter in Part 1 of this annual report on Form 20-F.
The electronic shareholders’ forum, available on the corporate website at the time the meeting is called up, allows shareholders to add to the agenda items included in the meeting notice, requests for support for their proposals, initiatives to reach the percentage required to legally exercise minority shareholder rights, and offers or requests to act as a voluntary proxy.
The quorum and majorities set out in our Bylaws and Rules and regulations for general meetings in order to hold a valid meeting and adopt corporate resolutions are those provided for under Spanish law.
In accordance with Spanish law, a quorum on first call for a duly constituted ordinary or extraordinary general meeting of shareholders requires the presence in person or by proxy of shareholders representing at least 25% of the subscribed voting capital. On the second call there is no quorum requirement.
Notwithstanding the above, a quorum of at least 50% of the subscribed voting capital is required on the first call for a duly constituted ordinary or extraordinary general meeting of shareholders voting any to adopt the following resolutions:
•the issuance of debentures;
•the increase or reduction of share capital;
•the exclusion or limitation of pre-emptive rights;
•the transformation, merger, split-off, or the overall assignment of assets and liabilities;
•the relocation of the registered office abroad; and
•any other amendment to our Bylaws.
A quorum of 25% of the subscribed voting capital is required for a duly constituted ordinary or extraordinary general meeting of shareholders voting on such actions on the second call.
For purposes of determining the quorum, those shareholders who vote by mail or via the Internet are counted as present at the meeting, as provided by the Rules and regulations of the general meeting. The quorum at the April 2020 AGM was 65.0% of Banco Santander’s share capital, and the quorum at the October 2020 AGM was 60.34% of Banco Santander’s share capital; the quorum at the March 2021 AGM was 67.67% of Banco Santander’s share capital; the quorum at the April 2022 AGM was 68.78% of Banco Santander’s share capital; the quorum at the March 2023 AGM was 67.56% of Banco Santander’s share capital; and the quorum at the March 2024 AGM was 66.65% of Banco Santander’s share capital.
Each Banco Santander share entitles the holder to one vote. Registered holders of any number of shares will be entitled to attend shareholders’ meetings, provided shares are fully paid-up. Our Bylaws do not contain provisions regarding cumulative voting.
Any Banco Santander share may be voted by proxy. Subject to the limitations imposed by Spanish law, proxies may be given to any individual or legal person, must be in writing or by remote means of communication and are valid only for a single meeting. According to Spanish law, if a director or another person acting on their behalf makes a public solicitation for proxies (thus obtaining more than three proxies), the director holding the proxies may not exercise the voting rights attached to the represented shares (unless specific instructions were given by the shareholder) in connection with any items in respect of which the director or such other person is subject to a conflict of interest and, in any event, in connection with decisions relating to:
•the director's appointment or ratification, removal, dismissal or withdrawal as director;
•the institution of a derivative action against the director; or
•the approval or ratification of transactions between Banco Santander and the director in question, companies controlled or represented by the director, or persons acting on the director's behalf.
In general, resolutions passed at a general meeting are binding on all shareholders. In certain circumstances, Spanish law gives dissenting or absent shareholders the right to have their Santander shares redeemed at prices determined in accordance with established formula or criteria. Treasury shares held by Banco Santander or its affiliates are counted for the purpose of
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determining quorums but may not be voted by Banco Santander or by its affiliates.
Resolutions at general meetings are passed provided that, regarding the voting capital present or represented at the meeting, the number of votes in favour is higher than the number of votes against, except for the foregoing cases in which the law and the Bylaws require a greater majority.
The valid approval of all the above listed actions requires the favourable vote of more than half of the votes corresponding to the shares represented in person or by proxy at the general shareholders’ meeting, except when on second call shareholders representing less than fifty percent of the subscribed share capital with the right to vote are in attendance - in which case the favourable vote of two-thirds of the share capital represented in person or by proxy at the general shareholders’ meeting shall be required.
Changes in capital
See sections 2.1.'Share capital', 2.2. 'Authority to increase capital', 2.5 'Treasury shares', 3.4. '2024 AGM' and 3.5. 'Our next AGM in 2025' in the 'Corporate governance' chapter in Part 1 of this annual report on Form 20-F.
Dividends
See section 3.3.'Dividends and shareholder remuneration' in the 'Corporate governance' chapter in Part 1 of this annual report on Form 20-F.
Preemptive rights
In the event of a capital increase, each shareholder has a preferential right by operation of law to subscribe shares in proportion to their shareholding in each new issue of Banco Santander shares. The same right is vested on shareholders upon the issuance of convertible debt. However, shareholders' preemptive rights may be excluded under certain circumstances by specific approval at the general meeting (or upon its delegation by the board of directors) and preemptive rights are deemed excluded by operation of law in the relevant capital increase when our shareholders approve:
•capital increases following conversion of convertible bonds into Banco Santander shares;
•capital increases due to the absorption of another company or of part of the spin-off assets of another company, when the new shares are issued in exchange for the new assets received; or
•capital increases due to Banco Santander’s tender offer for securities using Banco Santander’s shares as all or part of the consideration.
If capital is increased by the issuance of new shares in return for capital from certain reserves, the resulting new Banco Santander's shares will be distributed pro rata to existing shareholders.
Redemption
Our Bylaws do not contain any provisions relating to redemption of shares except as set forth in connection with capital
reductions. Nevertheless, pursuant to Spanish law, redemption rights may be created at a duly held general meeting. Such meeting will establish the specific terms of any redemption rights created.
Registration and transfers
Banco Santander shares are in book-entry form in the Iberclear system. We maintain a registry of shareholders. We do not recognize, at any given time, more than one person as the person entitled to vote each share in the shareholders meeting.
Under Spanish law and regulations, transfers of shares quoted on a stock exchange are normally made through a Sociedad o Agencia de Valores, credit entities and investment services companies that are members of the Spanish stock exchange.
Transfers executed through stock exchange systems are implemented pursuant to the stock exchange clearing and settlement procedures of Iberclear. Transfers executed 'over the counter' are implemented pursuant to the general legal regime for book-entry transfer, including registration by Iberclear.
New shares may not be transferred until the capital increase is registered with the Commercial Registry.
Liquidation rights
Upon a liquidation of Banco Santander, our shareholders would be entitled to receive pro-rata any assets remaining after the payment of our debts, taxes and expenses of the liquidation. Holders of non-voting shares, if any, would be entitled to receive reimbursement of the amount paid before any amount is distributed to the holders of voting shares.
Change of control
Our Bylaws do not contain any provision that would have an effect of delaying, deferring or preventing a change in control of the company and that would operate only with respect to a merger, acquisition or corporate restructuring involving Santander or any of our subsidiaries. Nonetheless, certain aspects of Spanish law described in the following section may delay, defer or prevent a change of control of Banco Santander or any of our financial subsidiaries in the event of a merger, acquisition or corporate restructuring.
Legal restrictions on acquisitions of our shares
See section 3.2.'Shareholder rights' in the 'Corporate governance' chapter in Part 1 of this annual report on Form 20-F.
Reporting requirements
Royal Decree 1362/2007 requires that any entity which acquires or transfers shares and as a consequence the number of voting rights held exceeds, reaches or falls below the threshold of 3%, 5%, 10%, 15%, 20%, 25%, 30%, 35%, 40%, 45%, 50%, 60%, 70%, 75%, 80% or 90%, of the voting rights of a company, for which Spain is the member state of origin, listed on a Spanish stock exchange or on any other regulated market in the European Union, must, within 4 trading days from the date on which the person becomes aware or should have become aware of the circumstance obliging him or her to notify, notify and report it to such company, and to the Spanish CNMV. From 27
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November 2015, notification must be given of financial instruments with a financial effect similar to that of holding shares, regardless of whether settlement is made through shares or in cash. For these purposes it should be considered as financial instruments negotiable securities, options, futures, swaps, forward rate agreements, contracts for difference and any other contract or agreement with similar financial effects that can be settled by delivering the underlying securities or in cash, and any others established by the Ministry of Economics and Competitiveness and, with its express authorization, the Spanish Securities and Exchange Market Commission. To calculate whether the thresholds for notification of major holdings have been met, the voting rights corresponding to holding shares (physical position) and financial instruments (derivative position) will be added together. The number of voting rights attributable to a financial instrument will be calculated by referring to the theoretical total amount of shares underlying the financial instrument. When the financial instrument is only settled in cash, the number of voting rights will be calculated by multiplying the number of underlying shares by the delta of the instrument (sensitivity of the price of the instrument to the price of the underlying value). To calculate the voting rights, only long positions, which cannot be netted with short positions relating to the same underlying issuer, will be considered. All these calculations will be made under the provisions of Commission Delegated Regulation (EU) 2015/761.
This duty to report the holding of a significant stake is applicable not only to the acquisitions and transfers in the terms described above, but also to those cases in which in the absence of an acquisition or transfer of shares, the percentage of an individual’s voting rights exceeds, reaches or falls below the thresholds that trigger the duty to report, as a consequence of an alteration in the total number of voting rights of an issuer. Similar disclosure obligations apply, among others, in the event of: (i) certain voting, deposit, temporary transfer or other agreements regarding the relevant shares; or (ii) custodians or proxy-holders who can exercise with discretion the voting rights attached to the relevant shares. The above-mentioned threshold percentage will be 1% or any multiple of 1% whenever the person who has the duty to notify is a resident of a non-cooperative jurisdictions or of a country or territory where there is no taxation or where there is no obligation to exchange tax information (in accordance with Spanish law).
In addition, any Spanish company listed on the Spanish stock exchanges must report any acquisition by such company (or a subsidiary) of the company’s own shares if the acquisition, together with any acquisitions since the date of the last report and without deducting sales of its own shares by the company or by its subsidiaries, causes the company’s ownership of its own shares to exceed 1% of its voting rights. See section 12. 'The Offer and Listing-Trading by Santander’s Subsidiaries in the Shares'.
Members of the board of directors and top managers of any listed company must report to the CNMV the acquisition or disposal of shares or other securities or financial instruments of the issuer which are linked to these shares.
Board of directors
See section 4.'Board of directors' in the 'Corporate governance' chapter in Part 1 of this annual report on Form 20-F.
Certain powers of the board of directors
The powers of the members of the board are limited by Spanish law and certain general provisions contained in our Bylaws. For instance, Article 57 of our Bylaws states that the directors will be liable to Banco Santander, to our shareholders and to our corporate creditors for any damages that they may cause by acts or omissions which are contrary to law or to the Bylaws or by acts or omissions contrary to the duties inherent in the exercise of their office, provided that there has been wilful misconduct or negligence.
According to Article 40 of our Bylaws, in line with Recommendation 12 of the Spanish Code of Good Governance of listed companies, the board of directors will be guided by corporate interest, understood as the achievement of a business that is profitable and sustainable over the long term and that promotes the continuity thereof and the maximization of the company's value.
The authority to approve any transaction between Banco Santander and a director or a significant shareholder (or their related parties) is reserved to the board of directors (unless the value of the transaction exceeds 10% of the total assets of Banco Santander, in which case the authority to approve such transaction corresponds to shareholders' at the general shareholders’ meeting). Prior to such approval, it is the audit committee's responsibility to report on transactions which entail or might entail any situation of conflict of interest, related-party transactions or transactions which entail the use of corporate assets.
See information on related-party transactions and conflicts of interest in section 4.12.'Related-party transactions and other conflicts of interest' in the 'Corporate governance' chapter in Part 1 of this annual report on Form 20-F.
See information on compensation in section 6.'Remuneration' in the 'Corporate governance' chapter in Part 1 of this annual report on Form 20-F.
Board of directors requirements
There are no mandatory retirement provisions due to age for board members in our Bylaws or in the Rules and regulations of our board of directors. These regulations contain provisions relating to the cessation of directorship for other reasons.
In addition, there are no share ownership requirements in our Bylaws or in the Rules and regulations of the board of directors.
Pursuant to Spanish law, directors appointed by the board but whose appointment remains subject to ratification by the shareholders may not necessarily be a shareholder of Banco Santander and, pursuant to the rules and regulations of the board, proprietary directors must submit their resignation proportionately when the shareholder that they represent parts with its shareholdings or reduces them in a significant manner. Our Bylaws and Rules and regulations of the board do not otherwise require ownership of Santander shares for a director’s qualification.
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13.2. Material contracts
The Bank is not a party to any contract outside its ordinary course of business that is material to the Group as a whole.
13.3. Exchange controls
Restrictions on foreign investments
On 4 July 2003, Law 19/2003 on the legal regime governing the movement of capital and financial transactions with foreign countries was approved which updated Spanish exchange control and money laundering prevention provisions, by recognizing the principle of freedom of the movement of capital between Spanish residents and non-residents. The law established procedures for the declaration of capital movements for purposes of administrative or statistical information and authorizes the Spanish Government to take measures which are justified on grounds of public policy or public security. It also provided the mechanism to take exceptional measures with regard to third countries if such measures have been approved by the European Union or by an international organization to which Spain is a party. Royal Decree 664/1999, on Foreign Investments (23 April 1999), established a new framework for the regulation of foreign investments in Spain which, on a general basis, should no longer require any prior consents or authorisations from authorities in Spain (without prejudice to specific regulations for several specific sectors, such as television, radio, mining, telecommunications, etc.). Likewise, Royal Decree 664/1999 requires notification of all foreign investments in Spain and liquidations of such investments upon completion of such investments to the Investments Registry of the Ministry of Economy and Finance, strictly for administrative statistical and economical purposes. Only investments from 'tax haven' countries (as they are defined in Royal Decree 1080/1991), shall require notice before and after performance of the investment, except that no prior notice shall be required for: (1) investments in securities or participations in collective investment schemes that are registered with the CNMV, and (2) investments that do not increase the foreign ownership of the capital stock of a Spanish company to over 50%. In specific instances, the Council of Ministers may agree to suspend, all or part of, Royal Decree 664/1999 following a proposal of the Minister of Economy and Competitiveness, or, in some cases, a proposal by the head of the government department with authority for such matters and a report of the Foreign Investment Body. These specific instances included a determination that the investments, due to their nature, form or condition, affect activities, or may potentially affect activities relating to the exercise of public powers, national security or public health. Royal Decree 664/1999 was suspended for investments relating to national defence. Whenever Royal Decree 664/1999 was suspended, the affected investor should obtain prior administrative authorization in order to carry out the investment.
Notwithstanding the above, Spanish Royal Decree-Law 8/2020, of 17 March, on urgent extraordinary measures to address the economic and social impact of covid-19 (as amended from time to time, 'RDL 8/2020'), suspended, effective as of 18 March 2020, the regime on the deregulation of foreign direct investment in Spain, indefinitely, until the Spanish Government decides otherwise. To that end, it added a new Article 7 bis and established new rules on sanctions in Articles 8 and 12 of Law 19/2003, of 4 July. The RDL 8/2020 was based in this regard on
Regulation EU 2019/452 of the European Parliament and of the Council of 19 March 2019 establishing a framework for the screening of foreign direct investments into the Union ('Regulation 2019/452'), some of the provisions of which it reproduces almost literally. As a result of RDL 8/2020, the need for authorisation for foreign investment has become the norm, when it had previously only been required exceptionally, for very specific sectors, when carried out by residents of countries outside the European Union ('EU') and the European Free Trade Association ('EFTA'). Later, Royal Decree-Law 34/2020, of 17 November, on urgent measures to support business solvency and the energy sector as well as on taxation ('RDL 34/2020'), further restricted the freedom to carry out foreign investments in Spain, with a transitional rule until 31 December 2024 (as extended by Royal Decree-Law 20/2022 of 27 December), which also required prior authorisation to be obtained for investments in companies listed in Spain or unlisted companies in Spain if the value of the investment made by residents of other EU and EFTA countries exceeds 500 million euros. For these purposes, companies listed in Spain will be considered those whose shares are, in whole or in part, admitted to trading in an official Spanish secondary market and have their registered office in Spain.

13.4. Taxation
The following is a discussion of the material Spanish and US federal income tax consequences to you of the ownership and disposition of ADSs or shares.
The description of Spanish tax consequences below is intended as a general guide and applies to you only if you are a non-resident of Spain and your ownership of ADSs or shares is not effectively connected with a permanent establishment or fiscal base in Spain and you are a US resident entitled to the benefits of the Convention Between the United States of America and the Kingdom of Spain for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, as amended by the protocol signed by the United States of America and the Kingdom of Spain that entered into force on 27 November 2019 (the 'Treaty').
This summary is for general information only and does not constitute tax advice. You should consult your own tax adviser as to the particular tax consequences to you of owning the shares or ADSs including your eligibility for the benefits of the Treaty, the applicability or effect of any special rules to which you may be subject, and the applicability and effect of state, local, foreign and other tax laws and possible changes in tax law.
Spanish tax considerations
The following is a summary of material Spanish tax matters and is not exhaustive of all the possible tax consequences to you of the acquisition, ownership and disposition of ADSs or shares. This discussion is based upon the tax laws of Spain and regulations thereunder, which are subject to change, possibly with retroactive effect.
Taxation of dividends
Under Spanish law, dividends paid by a Spanish resident company to a holder of ordinary shares or ADSs not residing in Spain for tax purposes and not operating through a permanent
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establishment in Spain are generally subject to Spanish Non-Resident Income Tax at a 19% rate.
We will withhold tax on the gross amount of dividends at the tax rates referred to above, following the procedures set forth by the Order of 13 April 2000. However, under the Treaty and subject to the fulfilment of certain requirements, you may be entitled to a general reduced rate of 15%.
To benefit from the Treaty’s general reduced rate of 15%, you must provide our depositary, Citibank, N.A., with a certificate from the US Internal Revenue Service (the 'IRS') stating that to the knowledge of the IRS, you are a resident of the United States within the meaning of the Treaty. The IRS certificate will be valid for one year from the date of issue, unless it includes a specific year for which a tax resident is considered, in which case the certificate will be deemed applicable during that year.
According to the Order of 13 April 2000, to get a direct application of the Treaty-reduced rate of 15%, the certificate referred to above must be provided to our depositary before the tenth day following the end of the month in which the dividends were distributable by us. If you fail timely to provide our depositary with the required documentation, you may obtain a refund of the amount withheld exceeding 15% that would result from the Spanish tax authorities in accordance with the procedures below. In the event of dividends distributed as a share premium distribution, the return is considered to reduce the acquisition value of the shares or equity held by the non-resident shareholders, and the excess over such acquisition value is taxed, as return on movable capital, at 19% unless a domestic exemption or a Double Tax Treaty sets forth otherwise. In this regard, under the Treaty and subject to the fulfilment of certain requirements, you may be entitled to a general reduced rate of 15%. No tax withholding applies in this case.
A scrip dividend will be treated as follows:
•If the holder of ordinary shares or ADSs elects to receive newly issued ordinary shares or ADSs it will be considered a delivery of fully paid-up shares free of charge and, hence, will not be considered income for purposes of the Spanish Non-Resident Income Tax. The acquisition value, both of the new ordinary shares or ADSs received in the scrip dividend and of the ordinary shares or ADSs from which they arise, will be the result of dividing the total original cost of the shareholder’s portfolio by the number of shares, both old and new. The acquisition date of the new shares will be that of the shares from which they arise.
•If the holder of ordinary shares or ADSs elects to sell the rights on the market, the full amount obtained from the sale of rights will be treated as a taxable capital gain for the holder at the time the transfer takes place (please refer to “-Taxation of capital gains” below).
•If the holder of ordinary shares or ADSs elects to receive the proceeds from the sale of rights back to us at a fixed price, the tax regime applicable to the amounts received will be that applicable to cash dividends described above.
Spanish refund procedure
According to Spanish Regulations on Non-Resident Income Tax, approved by Royal Decree 1776/2004, dated 30 July 2004, as
amended, and the Order EHA/3316 dated 17 December 2010, a refund of the amount withheld in excess of the rate provided by the Treaty can be obtained from the relevant Spanish tax authorities. To pursue the refund claim, if you are a US resident entitled to the benefits of the Treaty, you are required to file all of the following:
•the applicable Spanish Tax Form (currently, Form 210),
•the certificate of tax residence referred to in the preceding section, and
•evidence that Spanish Non-Resident Income Tax was withheld with respect to you.
For the purposes of the Spanish refund procedure, the holder must file Form 210 (together with the corresponding documentation) within the period from 1 February of the year following the year in which the Non-Resident Income Tax was withheld and ending four years after the end of the filing period in which we reported and paid such withholding taxes. The Spanish Revenue Office must make the refund within six months after the refund claim is filed. If such period lapses without receipt of the refund, the holder is entitled to receive interest for late payment on the amount of the refund claimed. For further details, prospective holders should consult their tax advisors.
You are urged to consult your own tax adviser regarding refund procedures and any US tax implications of receipt of a refund.
Taxation of capital gains
Under Spanish law, any capital gains derived from the transfer of securities issued by Spanish tax residents are deemed to be Spanish-source income and, therefore, are taxable in Spain. If you are a US resident, income from the sale of ADSs or shares will be treated as capital gains for Spanish tax purposes. Spanish Non-Resident Income Tax is levied at a 19% rate on capital gains realized by persons not residing in Spain for tax purposes who are not entitled to the benefit of any applicable treaty for the avoidance of double taxation. Capital gains and losses will be calculated separately for each transaction and losses may not be offset against capital gains.
Notwithstanding the above, capital gains derived from the transfer of shares on an official Spanish secondary stock market by any holder who is a resident of a country that has entered into a treaty for the avoidance of double taxation with Spain containing an 'exchange of information' clause will be exempt from taxation in Spain. In addition, under the Treaty, if you are a US resident, capital gains realized by you upon the disposition of ADSs or shares will not be taxed in Spain. You are required to establish that you are entitled to this exemption by providing to the relevant Spanish tax authorities an IRS certificate of residence in the United States, together with the appropriate Spanish 210 Form, between 1 January and 20 January of the calendar year following the year in which the transfer of ADSs or shares took place.
Spanish wealth tax
Individuals not resident in Spain for tax purposes who hold shares or ADSs located in Spain are subject to the Spanish wealth tax (Spanish Law 19/1991), which imposes a tax on property and rights located in Spain or that can be exercised within the
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Spanish territory on the last day of any year. The Spanish tax authorities might take the view that all shares of Spanish corporations and all ADSs representing such shares are located in Spain for Spanish tax purposes. If such a view were to prevail, non-residents of Spain who held shares or ADSs on the last day of any year would be subject to the Spanish wealth tax for such year on the average market value of such shares or ADSs during the last quarter of such year (this average price of listed shares is published in the Official State Gazette every year). Notwithstanding the above, the first EUR 700,000 of net wealth owned by an individual (resident or non-resident) will be exempt from taxation.
As a result of the above legislation, non-residents of Spain who hold or held shares, ADSs, or other assets or rights located in Spain according to Spanish wealth tax law, on the last day of the year, the combined value of which exceeds EUR 700,000 might be subject to the Spanish wealth tax on that excess amount at marginal rates varying between 0.2% and 3.5% (the highest bracket increased by 1% since 2021), and would be obliged to file the corresponding wealth tax return.
Solidarity Tax on large fortunes
On 28 December 2022, Law 38/2022 introduced a solidarity tax on large fortunes as a temporary measure that would be implemented in 2023 and 2024 for the 2022 and 2023 tax years. This is a complementary tax to Spanish Wealth Tax for high net-worth individuals, which is charged on net assets over EUR 3 million establishing a progressive tax rate from 0% up to EUR 3 million, 1.7% up to EUR 5.3 million, 2.1% up to EUR 10 million and to 3.5% for a net wealth of over EUR 10 million. The Royal Decree-Law of 28 December 2023 extended indefinitely its application and added the exemption from taxation for the first 700,000 euros for non-resident taxpayers.
Because of its complementary nature with the current Wealth Tax, the text provides that the amount an individual pays in wealth tax may be deducted from the solidarity tax in order to avoid double taxation between the solidarity tax and the wealth tax.
Spanish inheritance and gift taxes
Transfers of shares or ADSs upon death or by gift are subject to Spanish inheritance and gift taxes (Spanish Law 29/1987) if the transferee is a resident of Spain for tax purposes, or if the shares or ADSs are located in Spain at the time of gift or death, or the rights attached thereto could be exercised or have to be fulfilled in the Spanish territory, regardless of the residence of the beneficiary. In this regard, the Spanish tax authorities might determine that all shares of Spanish corporations and all ADSs representing such shares are located in Spain for Spanish tax purposes. The applicable tax rate, after applying all relevant factors, ranges between 0% and 81.6% for individuals. Non Spanish resident taxpayers (both EU and non-EU citizens) receiving assets located in Spain by way of inheritance or donation will be eligible to apply the same benefits or tax reductions that Spanish resident taxpayer of such region is entitled to recognize.
Gifts granted to corporations non-resident in Spain are subject to Spanish Non-Resident Income Tax at a 19% tax rate on the fair market value of the shares as a capital gain. If the donee is a
United States corporation, the exclusions available under the Treaty described in the section '-Taxation of capital gains' above will be applicable.
Transfer tax and VAT
The subscription, acquisition and transfer of ADSs or shares will be exempt from Spanish transfer tax and value-added tax. Additionally, no Spanish Stamp Duty or registration tax will be levied as a result of such subscription, acquisition and transfer.
Financial Transactions Tax
The acquisition of ADS or shares will be subject to the Spanish Financial Transaction Tax at a 0.2% tax rate from 16 January 2021 except for (i) the acquisition of shares exclusively aimed at the issuance of depositary receipts; (ii) the acquisition of depositary receipts in exchange for the supply of the Spanish shares that will be represented by the depositary receipts; and (iii) transactions to cancel depositary receipts via supply of the Spanish shares represented by them.
Compliance
In certain circumstances, the Spanish tax authorities can impose penalties for any failure to comply with any of the Spanish tax requirements referred to above. Such penalties may in certain cases be based on the amount of tax payable.
US Federal Income Tax considerations
The following summary describes the material US federal income tax consequences of the ownership and disposition of ADSs or shares, but it does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a particular person’s decision to hold such securities. The summary applies only to US Holders (as defined below) that hold ADSs or shares as capital assets for US federal income tax purposes. In addition, it does not describe all of the tax consequences that may be relevant in light of the US Holder’s particular circumstances, including the potential application of the provisions of the Internal Revenue Code of 1986, as amended (the 'Code') known as the Medicare contribution tax, state, local or non-United States tax laws, and tax consequences applicable to US Holders subject to special rules, such as:
•financial institutions;
•insurance companies;
•dealers and traders in securities that use a mark-to-market method of tax accounting;
•persons holding ADSs or shares as part of a 'straddle', conversion transaction or integrated transaction;
•persons whose 'functional currency' is not the US dollar;
•persons liable for the alternative minimum tax;
•tax exempt entities, 'individual retirement accounts' and 'Roth IRAs';
•partnerships or other entities classified as partnerships for US federal income tax purposes;
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•persons that own or are deemed to own 10% or more of our shares by vote or value;
•persons that acquired our ADSs or shares pursuant to the exercise of an employee stock option or otherwise as compensation; or
•persons holding ADSs or shares in connection with a trade or business outside the United States.
If an entity that is classified as a partnership for US federal income tax purposes holds shares or ADSs, the US federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding shares or ADSs and partners in such partnerships should consult their tax advisers as to the particular US federal income tax consequences of owning and disposing of the shares or ADSs.
This summary is based on the Code, administrative pronouncements, judicial decisions, final, temporary and proposed regulations released by the US Department of the Treasury ('Treasury Regulations'), and the Treaty, all as of the date hereof, changes to any of which may affect the tax consequences described herein, possibly with retroactive effect. In addition, this summary assumes that each obligation provided for in or otherwise contemplated by the deposit agreement or any other related document will be performed in accordance with its terms. US Holders are urged to consult their own tax advisers as to the US, Spanish and other tax consequences of the ownership and disposition of ADSs or shares in their particular circumstances.
As used herein, a 'US Holder' is, for US federal income tax purposes, a beneficial owner of ADSs or shares who is eligible for the benefits of the Treaty and is:
•a citizen or individual resident of the United States;
•a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state thereof or the District of Columbia; or
•an estate or trust the income of which is subject to US federal income taxation regardless of its source.
In general, for US federal income tax purposes, US Holders of ADSs will be treated as the owners of the underlying shares represented by those ADSs. Accordingly, no gain or loss will be recognized if a US Holder exchanges ADSs for the underlying shares represented by those ADSs.
Certain Treasury Regulations ('the Foreign Tax Credit Regulations') may in some circumstances prohibit a US person from claiming a foreign tax credit with respect to certain non-US taxes that are not creditable under applicable income tax treaties. The US Internal Revenue Service (the 'IRS') released a notice in 2023 which indicates that the Treasury Department and the IRS are considering amendments to the Foreign Tax Credit Regulations and provides temporary relief from certain provisions of these new regulations for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). Accordingly, US investors that are not eligible for Treaty benefits should consult
their tax advisers regarding the creditability or deductibility of any Spanish taxes imposed on dividends on, or dispositions of, ADS or shares. As noted above, the discussions below regarding the creditability of any Spanish taxes do not address the foreign tax credit consequences to holders of ADSs or shares that do not qualify for the benefits of the Treaty.
Except as specifically discussed under '-Passive Foreign Investment Company Rules' below, this discussion assumes that we were not, and will not become, a passive foreign investment company ('PFIC') for US federal income tax purposes.
Taxation of distributions
To the extent paid out of our current or accumulated earnings and profits (as determined in accordance with US federal income tax principles), distributions, including the amount of any Spanish withholding tax, made with respect to ADSs or shares (other than certain pro rata distributions of our capital stock or rights to subscribe for shares of our capital stock) will be includible in the income of a US Holder as foreign-source ordinary dividend income. Because we do not maintain calculations of our earnings and profits under US federal income tax principles, it is expected that distributions generally will be reported to US Holders as dividends. These dividends will be included in a US Holder’s income on the date of the US Holder’s (or in the case of ADSs, the depositary’s) receipt of the dividends, and will not be eligible for the 'dividends-received deduction' generally allowed to corporations receiving dividends from US corporations under the Code. The amount of the distribution will equal the US dollar value of the euros received, calculated by reference to the exchange rate in effect on the date that distribution is received (which, for US Holders of ADSs, will be the date that distribution is received by the depositary), whether or not the depositary or US Holder in fact converts any euros received into US dollars at that time. If the dividend is converted into US dollars on the date of receipt, a US Holder generally will not be required to recognize foreign currency gain or loss in respect thereof. A US Holder may have foreign currency gain or loss if the euros are converted into US dollars after the date of receipt. Any gain or loss resulting from the conversion of euros into US dollars will be treated as ordinary income or loss, as the case may be, and will be US-source.
A scrip dividend will be treated as a distribution of cash, even if a US Holder elects to receive the equivalent amount in shares. In that event, the US Holder will be treated as having received the US dollar fair market value of the shares on the date of receipt, and that amount will be the US Holder’s tax basis in those shares. The holding period for the shares will begin on the following day.
Subject to generally applicable limitations that may vary depending upon a US Holder’s individual circumstances, dividends paid to certain non-corporate US Holders may be taxable at rates applicable to long-term capital gains. A US Holder must satisfy minimum holding period requirements in order to be eligible to be taxed at these favourable rates. Non-corporate US Holders are urged to consult their own tax advisers regarding the availability of the reduced rate on dividends in their particular circumstances.
Subject to certain generally applicable limitations that may vary depending upon a US Holder’s circumstances, a US Holder
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electing to apply the benefits of the Treaty will be entitled to a credit against its US federal income tax liability for Spanish income taxes withheld at a rate not exceeding the rate provided by the Treaty. Spanish income taxes withheld in excess of the rate applicable under the Treaty will not be eligible for credit against such US Holder’s federal income tax liability. See '-Spanish tax considerations-Spanish refund procedure' for a discussion of how to obtain a refund of amounts withheld in excess of the applicable Treaty rate. The limitation on foreign taxes eligible for credit is calculated separately with regard to specific classes of income. Instead of claiming a credit, a US Holder electing to apply the benefits of the Treaty may, at its election, deduct such otherwise creditable Spanish taxes in computing taxable income, subject to generally applicable limitations. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all taxes paid or accrued in the taxable year to foreign countries and possessions of the United States.
The rules governing foreign tax credits are complex, and US Holders are urged to consult their own tax advisers to determine whether they are subject to any special rules that limit their ability to make effective use of foreign tax credits.
Sale or exchange of ADSs or shares
A US Holder will realize gain or loss on the sale or exchange of ADSs or shares in an amount equal to the difference between the US Holder’s tax basis in the ADSs or shares and the amount realized on the sale or exchange, in each case as determined in US dollars. Subject to the discussion of the passive foreign investment company rules below, the gain or loss will be capital gain or loss and will be long-term capital gain or loss if the US Holder held the ADSs or shares for more than one year. This gain or loss will generally be US-source gain or loss for foreign tax credit purposes.
However, US Holders that are eligible for benefits under the Treaty may be able to elect to treat the gain as foreign-source income under the Treaty and claim a foreign tax credit in respect of Spanish taxes on disposition gains. The Foreign Tax Credit Regulations generally preclude a US Holder from claiming a foreign tax credit with respect to Spanish income taxes on gains from dispositions of common shares if the US Holder does not elect to apply the benefits of the Treaty. However, in that case it is possible that any Spanish taxes on disposition gains may either be deductible or reduce the amount realized on the disposition. The rules governing foreign tax credits and the deductibility of foreign taxes are complex. US Holders are urged to consult their own tax advisers regarding the consequences of the imposition of any non-US tax on disposition gains and the creditability or deductibility of the non-US taxes in their particular circumstances (including any applicable limitations).
Passive Foreign Investment Company rules
We believe that we were not a PFIC for US federal income tax purposes for the 2024 taxable year. However, because our PFIC status depends upon the composition of our income and assets and the fair market value of our assets (including, among others, less than 25% owned equity investments) from time to time, and upon certain proposed Treasury Regulations that are not yet in effect but are proposed to become effective for taxable years after 31 December 1994, there can be no assurance that we were not or will not be a PFIC for any taxable year. In addition, if certain proposed Treasury Regulations are finalized in their current form, our PFIC status will also depend on the location of activities that produce active banking income and the location of our customers.
If we were a PFIC for any taxable year during which a US Holder owns ADSs or shares, any gain recognized by a US Holder on a sale or other disposition of ADSs or shares would be allocated ratably over the US Holder’s holding period for the ADSs or shares. The amounts allocated to the taxable year of the sale or other exchange and to any year before we became a PFIC would be taxed as ordinary income. The amounts allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would be imposed on the amount allocated to each of those taxable years. Further, any distribution in respect of ADSs or shares in excess of 125% of the average of the annual distributions on ADSs or shares received by the US Holder during the preceding three years or the US Holder’s holding period, whichever is shorter, would be subject to taxation as described above. Certain elections may be available that would result in alternative treatments (such as mark-to-market treatment) of the ADSs or shares.
In addition, if we were a PFIC in a taxable year in which we paid a dividend or the prior taxable year, the reduced rate on dividends discussed above with respect to certain non-corporate US Holders would not apply.
If we were a PFIC for any taxable year during which a US Holder owned the ADSs or shares, the US Holder would generally be required to file IRS Form 8621 with its annual US federal income tax return, subject to certain exceptions.
Information reporting and backup withholding
Payment of dividends and sales proceeds that are made within the United States or through certain US-related financial intermediaries generally are subject to information reporting, and may be subject to backup withholding, unless (i) the US Holder is an exempt recipient or (ii) in the case of backup withholding, the US Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding. The amount of any backup withholding from a payment to a US Holder will be allowed as a credit against the US Holder’s US federal income tax liability and may entitle the US Holder to a refund, provided that the required information is timely furnished to the IRS.
Certain US Holders who are individuals and specified entities that are formed or availed of for purposes of holding certain foreign financial assets may be required to report information relating to their ownership of an interest in certain foreign
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financial assets, including stock of a non-US entity, subject to certain exceptions (including an exception for interests held in custodial accounts maintained by a US financial institution). US Holders are urged to consult their tax advisers regarding the effect, if any, of this requirement on the ownership and disposition of ADSs or shares.

13.5. Documents on display
We are subject to the information requirements of the Exchange Act, except that as a foreign issuer, we are not subject to the proxy rules or the short-swing profit disclosure rules of the Exchange Act. In accordance with these statutory requirements, we file or furnish reports and other information with the SEC. Reports and other information filed or furnished by us with the SEC may be inspected and copied at the public reference facilities maintained by the SEC at Room 1580,100 F Street, N.E.,
Washington, D.C. 20549, and at the SEC’s regional offices at 200 Vesey Street, Suite 400, New York, New York 10281-1022 and 175 W. Jackson Boulevard, Suite 900, Chicago, Illinois 60604. Copies of such material may also be inspected at the offices of the New York Stock Exchange, 11 Wall Street, New York, New York 10005, on which our ADSs are listed. In addition, the SEC maintains a website that contains information filed electronically with the SEC, which can be accessed on the internet at http://www.sec.gov. The information contained on this website does not form part of this annual report on Form 20-F.
13.6. Share ownership of Directors and senior management
As of 26 February 2025, the direct, indirect and represented holdings of our current directors and senior managers were as follows:
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SharesOptions on Banco Santander shares
DirectorsDirect StakeIndirect StakeRepresented StakeTotal shares% of Capital StockDirectIndirect
Ana Botín-Sanz de Sautuola y O´Shea2,322,675 31,506,972 — 33,829,6470.223 %1,071,830— 
Héctor Grisi Checa2,542,234 — — 2,542,2340.017 %247,980—
Glenn Hogan Hutchins732,330 — — 732,3300.005 %— — 
José Antonio Álvarez Álvarez2,718,974 — — 2,718,9740.018 %723,421 — 
Homaira Akbari67,826 100,913 168,7390.001 %— — 
Juan Carlos Barrabés Cónsul100 — — 100— %— — 
Javier Botín-Sanz de Sautuola y O´Shea5,502,083 25,601,761 
157,733,816 (A)
188,837,6601.246 %— — 
Sol Daurella Comadrán149,483 476,837 — 626,3200.004 %— — 
Henrique de Castro2,982 — — 2,982— %— 
Germán de la Fuente Escamilla10,000 — — 10,000— %— — 
Gina Díez Barroso Azcárraga27,000 — — 27,000— %— — 
Luis Isasi Fernández de Bobadilla45,000 — — 45,000— %— — 
Belén Romana García208 — — 208— %— 
Pamela Ann Walkden82,608 — — 82,6080.001 %— — 
Antonio Francesco Weiss— — — —— %— — 
TOTAL14,203,50357,686,483157,733,816195,794,1551.292 %2,043,231—
(A)Includes shares owned by Fundación Botín (chaired by Javier Botín) and syndicated shares. It includes shares corresponding to Ana Botín that are also included within their direct or indirect shareholdings, but excludes Javier Botín's syndicated shares. See section 2.4 'Shareholders’ agreements' in the 'Corporate governance' chapter. In subsection A.3 of section 9.2 'Statistical information on corporate governance required by the CNMV', we adapted this information to the CNMV’s format and, therefore, added all the syndicated shares as Javier Botín’s shareholdings.

SharesOptions on Banco Santander shares
Senior ManagersDirect Stake
Indirect Stake (A)
Total shares% of Capital StockDirectIndirect
Mahesh Aditya311,410 — 311,4100.002 %— — 
Daniel Barriuso227,860 — 227,8600.002 %171,715 — 
Maria Julia Bayon172,239 — 172,2390.001 %— — 
Juan Manuel Cendoya
1,360,019 3 1,360,0220.009 %— — 
José Doncel1,043,490 1,825 1,045,3150.007 %— — 
José Antonio Garcia Cantera2,601,589 2 2,601,5910.017 %— — 
Francisco Javier Garcia-Carranza564,143 1 564,1440.004 %92,593 — 
David Arthur Hazell65,749 — 65,7490.000 %— — 
José María Linares805,706 — 805,7060.005 %1,128,198 — 
Mónica López-Monís492,297 818 493,1150.003 %— — 
Dirk Marzluf1,646,811 — 1,646,8110.011 %1,145,450 — 
José Luis de Mora833,618 — 833,6180.006 %405,068 — 
Jaime Pérez Renovales953,939 17,380 971,3190.006 %— — 
Nitin Prabhu— — —0.000 %— — 
Javier Roglá375,683 1,811 377,4940.002 %31,275 — 
TOTAL11,454,55321,84011,476,3930.076 %2,974,299
(A)Includes family shares.

13.7. Unresolved staff comments
None.
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13.8. Cybersecurity risk management
At Santander, cybersecurity risk management is an integral part of our operational risk management and control model. Our cybersecurity risk management is designed to align with international best practices and provide a framework to measure and monitor our cybersecurity risk profile and control environment, including threats and incidents associated with the use of third-party service providers through our supplier risk management model and internal control framework, and facilitate coordination across different departments of the Group.
Our operational risk model, where cybersecurity risk is embedded, establishes the items designed to manage and control operational risk properly according to legal and regulatory standards and best management practices. Its phases are: (i) strategic planning; (ii) identification and assessment of risks and internal controls; (iii) ongoing monitoring of the operational risk profile; and (iv) risk response decisions, including risk mitigation and risk transfer measures. Our model also covers reporting and escalation of relevant operational risk events, including cybersecurity risk, to senior risk executives in a timely manner. Operational risk control self-assessment (RCSA) is one of our main operational risk tools. It integrates specific reviews that allow for the identification of cybersecurity, technology, fraud, and third-party supplier risks as well as other risk drivers that could lead to operational risk or failure to meet legal or regulatory expectations. RCSA is implemented in Heracles, which is our management and reporting system for operational risk throughout the Group, supporting our operational risk programme and tools with a governance, risk and compliance (GRC) approach.
In 2024, in light of an increase in cybersecurity and environmental related risks, as well as legal and regulatory requirements (including DORA in particular), we have strengthened our third-party supplier risk management model and internal control framework and we also have developed various tools designed to assess, manage and control risks throughout the management cycle including the risks in outsourcing and third-party agreements.
Our security controls have been strengthened in an effort to mitigate the risks associated with the current environment, characterized by increasing geopolitical tensions and the accelerated adoption of emerging technologies such as AI. We also implemented new controls designed to address current risk areas and emerging attack methods. These include ransomware and Distributed Denial of Service (DDoS) preparedness and response, access management in virtual environments, supply chain protection, and the incorporation of measures designed to prevent digital fraud and identity theft, all of which are designed to provide a more secure customer experience. Internal policies and procedures have also been reviewed and adapted in an effort to ensure alignment with the cybersecurity requirements set out in DORA, with a focus on incident management and reporting, and advanced penetration testing. The Santander Fusion Center, which integrates the cybersecurity and IT monitoring teams, carries out the functions of detection, monitoring and response to operational failures and cybersecurity events for the Group's entities, 24 hours a day and seven days a week. In addition to regular testing and reviews performed by our cybersecurity team, independent third-party certification authorities review and certify our critical cybersecurity processes and controls. Certifications are periodically
reviewed and updated, and new processes and controls are certified on an annual basis.
For information on our overall risk management process and tools, and risk reporting structure, see sections 1.3 ‘Risk and compliance governance’ and 1.4 ‘Risk management processes and tools’ in the ‘Risk management and compliance’ chapter in Part 1 of this annual report on Form 20-F. For details on the measurement, monitoring and control of cybersecurity-related risks, and their respective mitigation plans, and cybersecurity initiatives, see 5. ‘ Research, development, and innovation (R&D&I) - Cybersecurity’ in the ‘Economic and financial review’ chapter and 5.2 ‘Operational risk management (including Cyber risk)’ in the ‘Risk management and compliance ’ chapter of this annual report on Form 20-F. For more details on the cybersecurity initiatives, including training and awareness we ran in 2024, see 3.3.3. ‘Privacy, data protection and cybersecurity’ in the ‘Sustainability statement’ chapter of this annual report on Form 20-F.
The board of directors and its delegated committees are the highest decision-making and monitoring bodies regarding management of cybersecurity risk. The innovation and technology committee of the board of directors is in charge of assisting the board with the supervision of cybersecurity risks in coordination with the risk supervision, regulation and compliance committee and the audit committee. The three committees are jointly responsible for monitoring the cybersecurity strategy of the Group and the internal audit coverage of cybersecurity risk and overseeing management's management and control of cybersecurity risks and monitoring of cybersecurity threats. For more information regarding these board committees see sections 4.5 'Audit committee activities in 2024', 4.8 'Risk supervision, regulation and compliance committee activities in 2024' and 4.10 'Innovation and technology committee activities in 2024' in the ‘Corporate governance’ chapter of this annual report on Form 20-F. For information regarding the experience of the members of these board committees, see section 4.1 'Our directors' in the ‘Corporate governance’ chapter of this annual report on Form 20-F.
Management is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation and remediation measures and maintaining cybersecurity programs. The Group Chief Operating & Technology Officer and dedicated personnel are certified and experienced information systems security professionals and information security managers. The Group Chief Operating & Technology Officer joined the Group in 2018 and has held senior management and IT-related positions within the Group and other companies such as AXA Group. Management, including the Group Chief Operating & Technology Officer and our Global Chief Information Security Officer (who reports to the Group Chief Operating & Technology Officer), regularly, as well as on an as-needed basis, update the board of directors, the innovation and technology, risk supervision, regulation and compliance and audit committees on the Group’s cybersecurity programs, material cybersecurity risks and mitigation and remediation strategies and provide cybersecurity reports that cover, among other topics, cybersecurity threats and incidents and updates of the Group’s cybersecurity programs and mitigation strategies.
In 2024, an increase in cybersecurity events has been observed, primarily related to DDoS attacks and events involving third-party
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service providers. For example, on 14 May 2024, we announced that we had become aware of the 2024 Unauthorized Access. We do not currently consider any of these events to have materially affected our operations and customer data. Our team remains vigilant and committed to maintaining and enhancing as needed our cybersecurity measures designed to protect against evolving cybersecurity threats.
Despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced an undetected cyberattack, data breach, data loss or other security incident. For more information about these risks, please see 4. 'Risk Factors – 2.3 Operational and technology risks' and ‘2.1.2 We are subject to extensive regulation and regulatory and governmental oversight which could adversely affect our business, operations and financial condition – Privacy, data protection and cybersecurity’).
13.9. Insider trading policies
We have adopted insider trading policies and procedures governing the purchase, sale and other dispositions of our securities by directors, senior management and employees that are reasonably designed to promote compliance with applicable insider trading laws. Our insider trading policy is included in exhibit 11.1 to this annual report on Form 20-F (see item 17. Exhibits).

14. Recent events
No significant events occurred from 1 January 2025 to the date of filing of this annual report on Form 20-F except for the following:
On 20 January 2025, Banco Santander, S.A. prepaid all the Tier 1 Contingently Convertible Preferred Securities with ISIN code XS179325004 and common code 179325004 in circulation, for a total nominal amount of EUR 187.6 million and which trade on the Irish Stock Market 'Global Exchange Market' (the 'PPCC').
Under the authorization of the 2023 annual general meeting and also according to the 2024 shareholder remuneration policy, on 4 February 2025 the board resolved to execute a new share buyback programme for a maximum amount of EUR 1,587 million. The appropriate regulatory authorization has already been obtained and the execution of which began on 6 February 2025.


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15. Controls and procedures
(a) Evaluation of Disclosure Controls and Procedures
As of 31 December 2024, Banco Santander, S.A., under the supervision and with the participation of its management, including its disclosure committee, its chief executive officer, chief financial officer, and chief accounting officer, performed an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15 (e) under the Exchange Act). There are, as described below, inherent limitations to the effectiveness of any control system, including disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures can provide only reasonable assurance of achieving their control objectives.
Based on such evaluation, Banco Santander, S.A.’s chief executive officer, chief financial officer and chief accounting officer concluded that Santander’s disclosure controls and procedures at 31 December 2024, were effective in ensuring that information Banco Santander, S.A. is required to disclose in the reports it files or submits under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (2) accumulated and communicated to Banco Santander, S.A.’s management, including its disclosure committee, chief executive officer, chief financial officer and the chief accounting officer, as appropriate to allow timely decisions regarding required disclosures.
(b) Management’s Report on Internal Control over Financial Reporting
The management of Banco Santander, S.A., is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15 (f) under the Exchange Act.
Our internal control over financial reporting is a process designed by, or under the supervision of, the Bank’s principal executive and principal financial officers and effected by the Bank’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes, in accordance with generally accepted accounting principles. For Banco Santander, S.A., generally accepted accounting principles refer to the International Financial Reporting Standards as issued by the International Accounting Standards Board ('IFRS-IASB').
Our internal control over financial reporting includes those policies and procedures that:
•Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;
•Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
•Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our 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.
We have adapted our internal control over financial reporting to the most rigorous international standards and comply with the guidelines set by the Committee of Sponsoring Organizations of the Treadway Commission in its Internal Control - integrated framework. These guidelines have been extended and installed in our Group companies, applying a common methodology and standardizing the procedures for identifying processes, risks and controls, based on the Internal Control - integrated framework.
The documentation, update and maintenance processes in the Group’s companies have been constantly directed and monitored by a global coordination team, which set the guidelines for its development and supervised its execution at the unit level.
The general framework is consistent, as it assigns to management specific responsibilities regarding the structure and effectiveness of the processes related directly and indirectly with the production of consolidated financial statements, as well as the controls needed to mitigate the risks inherent in these processes.
Under the supervision and with the participation of the management of the Group, including our chief executive officer, our chief financial officer and our chief accounting officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of 31 December 2024, based on the framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission ('COSO') in Internal Control - Integrated Framework (2013). Based on the assessment performed, management concluded that as of 31 December 2024, the Group´s internal control over financial reporting was effective.
PricewaterhouseCoopers Auditores, S.L. (PCAOB ID 1306) which has audited the consolidated financial statements of the Group for the year ended 31 December 2024, has also audited the effectiveness of the Group’s internal control over financial reporting under auditing standards of the Public Company Accounting Oversight Board (United States) as stated in their report on page 570 to our consolidated financial statements included in Part 1 of this annual report on Form 20-F.
(c) Changes in internal controls over financial reporting.
There was no change in our internal control over financial reporting that occurred during the period covered by this annual report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Principal accountant fees and services
The services commissioned from the Group’s auditors meet the independence requirements stipulated by the Audit Law, the US
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Securities and Exchange Commission (SEC) rules and the Public Company Accounting Oversight Board (PCAOB) and any other legislation in force in each of the countries relevant to the audit, and they did not involve the performance of any work that is incompatible with the audit function.
The Group Audit Committee is required to pre-approve the audit and non-audit services performed by the Group’s auditors in order to assure that the provision of such services do not impair the audit firm’s independence.
In the first months of each year, the Group Audit Committee proposes to the board the appointment of the independent auditor. At that time, the Group Audit Committee pre-approves the audit and audit related services that the appointed auditors will be required to carry out during the year to comply with the applicable regulation. These services will be included in the corresponding audit contracts of the Bank and of any other company of the Group with its principal auditing firm.
In addition, non-recurring audit or audit-related services and all non-audit services provided by the Group’s principal auditing firm are subject to case-by-case pre-approval by the Group Audit Committee.
During 2024, the Group Audit Committee reviewed the policies and procedures to manage the approval of services to be rendered by the auditor. A list of pre-approved audit related services and a list of non-audit services allowed to be provided by the auditor, including the most common non-prohibited services that may be required from the auditor, was adopted. Specific approval is required for the non-audit services and those not included in the list. The Chief Accounting Officer is in charge of managing the process and must report monthly to the Group Audit Committee detailing all services to be provided by auditors, including those pre-approved and others requiring individual approval.
All services provided by the Group’s principal auditing firm in 2024 detailed in note 47.b to our consolidated financial statements included in Part 1 of this annual report on Form 20-F were approved by the audit committee.
16. Corporate governance
The following is a summary of the main differences between our corporate governance practices and those applicable to domestic issuers under the NYSE listing standards.
Independence of the directors on the board of directors
Under the NYSE corporate governance rules, a majority of the board of directors of any US company listed on the NYSE must be composed of independent directors, whose independence is determined in accordance with highly detailed rules promulgated by the NYSE.
Under Spanish law, article 529 duodecies of the Spanish Companies Act, passed by Royal Decree-Law 1/2010 (2 July 2010), sets out the requirements to be considered an independent director in a listed company but not a required number of independent directors. There is a non-binding recommendation established in the Spanish Corporate Governance Code that the number of independent directors represent at least half of the total size of the board. Likewise,
Article 6.1 of the Rules and regulations of the board states that the board shall aim for the number of independent directors to account for at least half of all directors. Article 42.1 of our Bylaws sets that the shareholders at the general shareholders’ meeting shall endeavour to ensure that independent directors account for at least one-third of the total number of directors.
Banco Santander's board of directors currently has ten independent directors (out of fifteen directors total), as defined in Article 6.2.c) of the Rules and regulations of the board.
In accordance with article 529 duodecies of the Spanish Companies Act, Article 6.2.c) of the Rules and regulations of the board defines the concept of an independent director as follows:
'External or non-executive directors who have been appointed based on their personal or professional status and who perform duties not conditioned by relationships with the Company, or its Group or with the significant shareholders or management thereof shall be considered independent directors.
In no event may directors be classified as independent directors if they:
i)Have been employees or executive directors of companies within the Group, except after the passage of 3 or 5 years, respectively, since the end of such relationship.
ii)Receive from the Company or from another Group company any amount or benefit other than as director remuneration, unless it is immaterial for the director.
For purposes of the provisions of this subsection, neither dividends nor pension supplements that a director receives by reason of the director’s prior professional or employment relationship shall be taken into account, provided that such supplements are unconditional and therefore, the company paying them may not discretionarily suspend, modify or revoke the accrual thereof without breaching its obligations.
iii)Are, or have been during the preceding 3 years, a partner of the external auditor or the party responsible for auditing the Company or any other Group company during such period.
iv)Are executive directors or senior officers of another company in which an executive director or senior officer of the Company is an external director.
v)Maintain, or have maintained during the last year, a significant business relationship with the Company or with any Group company, whether in their own name or as a significant shareholder, director or senior officer of an entity that maintains or has maintained such relationship.
Business relationships shall be considered the relationship of a provider of goods or services, including financial services, and that of an adviser or consultant.
vi)Are significant shareholders, executive directors or senior officers of an entity that receives, or has received during the preceding 3 years, donations from the Company or the Group.
Those who are merely members of the board of a foundation that receives donations shall not be considered included in this item.
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vii)Are spouses, persons connected by a similar relationship of affection, or relatives to the second degree of an executive director or senior officer of the Company.
viii)Have not been proposed, whether for appointment or for renewal, by the appointments committee.
ix)Have been directors for a continuous period that exceeds 12 years.
x)Are, as regards a significant shareholder or shareholder represented on the board, in one of the circumstances set forth in items (i), (v), (vi) or (vii) of this subsection 2(c). In the event of a kinship relationship as set forth in item (vii), the limitation shall apply not only with respect to the shareholder, but also with respect to the proprietary directors thereof in the affiliated company.
Proprietary directors who lose such status as a result of the sale of its shareholding by the shareholder they represent may only be re-elected as independent directors if the shareholder they have represented until then has sold all its shares in the company.
A director who owns an equity interest in the Company may have the status of independent director provided that the director meets all the conditions set out in this paragraph 2 (c) and, in addition, the shareholding thereof is not significant.'
The independence standards set forth in the Rules and regulations of the board may not necessarily be consistent with, or as stringent as, the director independence standards established by the NYSE.
Under the NYSE rules, the members of our audit committee meet the independence criteria for foreign private issuers set forth in Rule 10A-3 under the Exchange Act.
Independence of the directors on the audit, nomination committee, remuneration committee and risk supervision, regulation and compliance committee
In accordance with the NYSE corporate governance rules, all US companies listed on the NYSE must have a compensation committee and a nominating and corporate governance committee and all members of such committees must be independent in accordance with highly detailed rules promulgated by the NYSE. As at the date of present document, every member of the Banco Santander nomination committee is an independent directors; the remuneration committee comprises five non-executive directors (three are independent and two, in the opinion of the board, are neither proprietary nor independent); and the risk supervision, regulation and compliance committee comprises five directors (four are independent and one, in the opinion of the board, is neither proprietary nor independent). The chair of those three committees is independent in accordance with the standards set forth in the previously mentioned Article 6.2. c) of the Rules and regulations of the board. These independence standards may not necessarily be consistent with, or as stringent as, the director independence standards established by the NYSE.
As at the date of present document, none of the members of the nomination committee, the remuneration committee or the risk supervision, regulation and compliance committee is an
executive director, member of senior management or employee of Banco Santander, and no executive director or member of senior management has held a position on the board (or the remuneration committee) of companies that employ members of the nomination committee, the remuneration committee and the risk supervision, regulation and compliance committee.
Separate meetings for non-executive directors
In accordance with the NYSE corporate governance rules, non-executive directors must meet periodically outside of the presence of management. Although this practice is not required under Spanish law, several meetings among non-executive directors held by the Lead Independent Director are organized during the year. During 2024, in order to facilitate discussion and open dialogue among the independent directors, the Lead Independent Director held six meetings with non-executive directors without executive directors present, where they were able to voice their views and opinions. The meetings were also a valuable opportunity to reflect on the overall board and committee cycle throughout the year, to discuss board training topics, strategy execution, executive director and top management performance and objectives (including the CEO performance assessment given his reporting line to the board), and reflections on areas for continuous improvement.
The audit committee; the nomination committee; the remuneration committee; and the risk supervision, regulation and compliance committee of Banco Santander are composed entirely of non-executive directors, according to articles 17, 18, 19 and 20 of our Rules and regulation of the board of directors, respectively. The first two committees are composed entirely of independent directors.
In 2024, the audit committee met 15 times; the nomination committee met 13 times; the remuneration committee met 14 times; and the risk supervision, regulation and compliance committee met 18 times.
Code of ethics
Under the NYSE corporate governance rules, all US companies listed on the NYSE must adopt a Code of Business Conduct and Ethics which contains certain required topics. In March 2000, Santander adopted a General Code of Conduct, as subsequently amended from time to time, that applies to members of the board and to all employees of Santander, notwithstanding the fact that certain persons are also subject to the Code of Conduct in Securities Markets (CCSM) or to other Codes of Conduct related specifically to the activity or lines of business in which they undertake their responsibilities.
The current General Code of Conduct set an open door policy by which any Santander employee who becomes aware not only of an allegedly unlawful act or an act in breach of the General Code of Conduct or of our internal regulations, but also of any action that is not aligned with Santander´s corporate behaviours or Simple, Personal and Fair (SPF) corporate culture, may report such act directly to compliance management through the appropriate whistleblowing channel (Canal Abierto).
As at 31 December 2024, no waivers with respect to the General Code of Conduct had been applied for or granted.
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In addition, we abide by a Code of Conduct in Securities Markets (CCSM), which was approved on 28 July 2003. The latest version of this Code, approved by the board of directors on 4 February 2025, sets out the principles applicable in the handling of inside information by employees and directors of Grupo Santander to comply with regulations related to market abuse, and also covers the guidelines applicable to their personal account dealing. This Code is included under exhibit 11.1 to this annual report on Form 20-F.
Both codes are available to the public on our corporate website, which does not form part of this annual report on Form 20-F, at santander.com under the heading 'Information for shareholders and investors-corporate governance-codes of conduct'.
Shareholder approval of new share issuances
As a company listed on the NYSE, we are subject to the NYSE corporate governance listing standards. Section 312.03(c) of the NYSE Listed Company Manual requires shareholder approval of new share issuances above the 20% threshold specified therein in certain circumstances. However, NYSE rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in Spain, which is our home country, differ significantly from the NYSE corporate governance listing standards. We have elected to follow the Spanish practices rather than Section 312.03(c) of the NYSE Listed Company Manual.
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17. Exhibits
Exhibit Number
Description
1.1
English translation of the Bylaws (Estatutos) of Banco Santander, S.A.
2.1
Form of Deposit Agreement among the Registrant, Citibank, N.A., as depositary, and the holders from time to time of American depositary receipts issued thereunder evidencing American depositary shares, including the form of American depositary receipts (incorporated by reference to Exhibit (1) to the Registration Statement on Form F-6 (File No. 333-259373) filed with the SEC on 22 September 2021).

2.2
Description of securities registered under Section 12 of the Securities Exchange Act of 1934.

8.1
List of Subsidiaries (incorporated as Appendices I, II and III of our Financial Statements filed with this Form 20-F).
11.1
Insider trading policy
12.1
Section 302 Certification by the chief executive officer.
12.2
Section 302 Certification by the chief financial officer.
12.3
Section 302 Certification by the chief accounting officer.
13.1
Section 906 Certification by the chief executive officer, the chief financial officer and the chief accounting officer.
15.1
Consent of PricewaterhouseCoopers Auditores, S.L.
97.1
Compensation recovery policy required by applicable listing standards adopted pursuant to 17 CFR 240.10D-1.
101.SCH
Inline XBRL Taxonomy Extension Schema Document
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
We will furnish to the SEC, upon request, copies of any unfiled instruments that define the rights of holders of long-term debt of Santander.

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18. Signature

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.
BANCO SANTANDER, S.A.
By:/s/ José G. Cantera
Name:José G. Cantera
Title:
Chief Financial Officer


Date: 28 February 2025



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