Company: BCDRF
Filing Date: 2025-10-29
Form Type: 6-K
Source: 0000891478-25-000132
Chunk: 31

Company: Banco Santander, S.A.
Filing Date: 2025-10-29
Form: 6-K
Chunk 31
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      |
| Interest rate VaR                         |     |  12.0 |      |     |  15.0 |      |     |  19.7 |      |     |  17.2 |      |
| Equity VaR                                |     |   2.4 |      |     |   4.1 |      |     |   5.3 |      |     |   5.0 |      |
| FX VaR                                    |     |   3.7 |      |     |   5.5 |      |     |   8.7 |      |     |   4.5 |      |
| Credit spreads VaR                        |     |   4.3 |      |     |   5.7 |      |     |   8.3 |      |     |   5.2 |      |
| Commodities VaR                           |     |   1.0 |      |     |   1.6 |      |     |   3.7 |      |     |   3.2 |      |

1. Activity in Santander Corporate & Investment Banking markets. Note: in the North America, South America and Asia portfolios, VaR corresponding to the credit spreads factor other than sovereign risk is not relevant and is included in the interest rate factor.

| Trading portfolios1. VaR performance |
| EUR million                          |

1. Activity in Santander Corporate & Investment Banking markets.

| 24 |     | January- September2025 |

| Significant events    
 Key consolidated data 
 Business model        |     | Group financial information |     | Financial information by segment |     | Sustainability       
 Corporate governance |     | Appendix |     | Index |
|                       |     | Risk management             |     |                                  |     |                      |     |          |     |       |

Structural and liquidity risk

Structural exchange rate risk

Grupo Santander's structural exchange rate risk mainly arises from foreign currency transactions related to permanent financial investments, their results and associated hedges.

During Q3 2025, the performance against the euro of the main currencies in which the Group operates was, in general, less volatile than during the first half of the year. Of note was the Argentine peso, which posted a significant depreciation, reflecting high market volatility following the results of the legislative elections in Buenos Aires.

Our dynamic management of this risk aims to limit the impact on the CET1 capital ratio from exchange rate movements