Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 899

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 899
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 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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| Contents |     | Cross-reference to Form 20-F |     | Consolidated director's report |     | Consolidated financial statements |     | Supplemental information |

### 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