Company: BCDRF
Filing Date: 2025-07-30
Form Type: 6-K
Source: 0000950103-25-009476
Chunk: 2

Company: Banco Santander, S.A.
Filing Date: 2025-07-30
Form: 6-K
Chunk 2
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Alternative performance measures” of this Banco Santander, S.A. (Santander) Q2 2025 Financial Report,
published on 30 July 2025 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results).
Underlying measures, which are included in this document, are non-IFRS measures.

The businesses included in each of our geographic
segments and the accounting principles under which their results are presented here may differ from the businesses included and local
applicable accounting principles of our public subsidiaries in such geographies. Accordingly, the results of operations and trends shown
for our geographic segments may differ materially from those of such subsidiaries.

Forward-looking statements

Santander hereby warns that this document may contain
'forward-looking statements', as defined by the US 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

3

development and results and could lead to outcomes
materially different from what our forward-looking statements anticipate, expect, project or assume:

• 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;

• exposure to market risks (e.g., risks from
interest rates, foreign exchange rates, equity prices and new benchmark indices);

• potential losses from early loan repayment,
collateral depreciation or counterparty risk;

• political instability in Spain, the UK,
other European countries