Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 711

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 711
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 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 18,576EUR million that the Group had assigned to operating leases at 31 December 2024 ( 19,518EUR and 19,555EUR at 31 December 2023 and 2022, respectively), EUR 11,336million (EUR 12,525and EUR 13,389at 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 Analysis |     |       | 2024 |
| 2025              |     | 3,524 |      |
| 2026              |     | 5,246 |      |
| 2027              |     | 4,481 |      |
| 2028              |     |   351 |      |

d) Tangible assets - Investment property The fair value of investment property at 31 December 2024, 2023, 2022 amounted to EUR 1,041, 1,163and 1,153million, 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, 207and 124million, respectively, attributed completely to the group.

Annual report 2024 655

| Contents |     | Auditor's report |     | Consolidated financial statements |     | Notes to the consolidated financial statements |     | Appendix |

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,