Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 24

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 24
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 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. |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

| For more details on climate-related initiatives and working groups in which we are participate, see section2.5.1 'Strategy for engagement with other key stakeholders'in the Transition Plan. |

Annual report 2024 26

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

#### 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.

|   |     |                                     |     | Impact |     |   |     | Financial |     |             |
|   |     | Sustainability matters (ESRS)       |     | +      |     | – |     | Risk      |     | Opportunity |
| ÿ |     | E1: Climate Change                  |     |        |     |   |     |           |     |             |
|   |     | E2: Pollution                       |     |        |     |   |     |           |     |             |
|   |     | E3: Water and marine resources      |     |        |     |   |     |           |     |             |
|   |     | E4: Biodiversity and ecosystems     |     |        |     |   |     |           |     |             |
|   |     | E5: