Company: BCDRF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000891478-25-000113
Chunk: 150

Company: Banco Santander, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 150
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 and regulations;

• exposure to various market risks, principally including interest rate risk, foreign exchange rate risk, equity price risk, inflation, deflation and risks associated with new or modified benchmark indices;

• the effects of a decline in real estate prices, particularly in Spain and the UK;

• the effects of UK political developments, including the UK’s exit from the European Union;

• monetary and interest rate policies of the ECB and various central banks;

• the effects of market behaviour not captured by our statistical models, such as the VaR model we use;

• the inability to hedge some risks economically;

• changes in demographics, consumer spending, investment or saving habits;

• changes in energy prices;

• potential losses from early repayments on our loan and investment portfolio, declines in value of collateral securing our loan portfolio, and counterparty risk; and

• changes in competition and pricing environments, including as a result of the progressive adoption of the internet for conducting financial services and/or other factors.

#### Political, Geopolitical and Governmental Factors
• political instability in Spain, the UK, other European countries, the US, Brazil, other Latin American countries and the other areas where we have significant operations or investments;

• changes in monetary, fiscal and immigration policies and trade tensions, including the imposition of tariffs and retaliatory responses;

• effects of wars and conflicts (including the wars in Ukraine and the Middle East) or the outbreak of public health emergencies on the global economy;

• changes in Spanish, UK, EU, US, Latin American, or other jurisdictions’ legislation, regulations or taxes, including changes in regulatory capital and liquidity requirements; and

• increased regulation in response to financial crises.

#### Transaction and Commercial Factors
• damage to our reputation;

• acquisitions, divestitures or restructurings of businesses that may not perform in accordance with our expectations and our ability to integrate successfully our acquisitions and related challenges that result from the diversion of management’s focus and resources from other strategic opportunities and operational matters; and

• the outcome of our negotiations with business partners and governments.

#### Operating Factors
• the adequacy of loss reserves;

• potential losses associated with an increase in the level of impairment by counterparties to other types of financial instruments;

• the adequacy of provisions for tax, legal and other contingencies;

• technical difficulties and/or failure to adequately 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