Company: BCDRF
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0000950103-25-012515
Chunk: 2

Company: Banco Santander, S.A.
Filing Date: 2025-09-30
Form: 6-K
Chunk 2
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 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 mentioned in this document),
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: (1) 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; (2) exposure to market risks (e.g., risks from interest
rates, foreign exchange rates, equity prices and new benchmark indices); (3) potential losses from early loan repayment, collateral depreciation
or counterparty risk; (4) political instability in Spain, the UK, other European countries, Latin America and the US; (5) changes in monetary,
fiscal and immigration policies and trade tensions, including the imposition of tariffs and retaliatory responses; (6) legislative, regulatory
or tax changes (including regulatory capital and liquidity requirements) and greater regulation prompted by financial crises; (7)•
acquisitions, integrations, divestitures and challenges arising from deviating management’s resources and attention from other strategic
opportunities and operational matters; (8) climate-related conditions, regulations, targets and weather events; (9) 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 potential conflicts and inconsistencies among governmental standards and regulations.
Important factors