Company: BCDRF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000891478-25-000111
Chunk: 26

Company: Banco Santander, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 26
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), Latin America (22%) and the US (8%). The weight of demand deposits as a percentage of total customer funds was 56%, while time deposits accounted for 24% of the total and mutual funds for 20%.

| Customer funds                |
| EUR billion. Including Poland |

| +3% ¹                 |
| +12%                  |
| +1%                   |
| •Total                |
| •Mutual funds         |
| •Deposits excl. repos |
| Jun-25 / Jun-24       |

1. In constant euros: +6%.

In addition to capturing customer deposits, the Group, for strategic reasons, maintains a selective policy of issuing securities in the international fixed income markets and strives to adapt the frequency and volume of its market operations to the structural liquidity needs of each unit, as well as to the receptiveness of each market. In H1 2025, the Group's issuances were as follows : • Medium- and long-term senior debt totalling EUR 11,600 million and covered bonds placed in the market for EUR 4,631 million. • TLAC eligible instruments issued amounted to EUR 7,407 million, of which EUR 7,058 million was senior non-preferred and EUR 349 million was subordinated debt. • Maturities of medium- and long-term debt totalled EUR 20,14 million. The net loan-to-deposit ratio was 99% (103% in June 2024), and the ratio of deposits plus medium- and long-term funding to the Group’s loans was 127%, showing a comfortable funding structure. The Group liquidity coverage ratio (LCR) was an estimated 159% in June 2025 (see the ' Risk management ' chapter of this report). The Group's access to wholesale funding markets, as well as the cost of issuances depends, in part, on the ratings granted by the rating agencies .

| Rating agencies    |     |           |     |               |            |     |                |         |     |          |
|                    |     | Long term |     |               | Short term |     |                | Outlook |     |          |
| Fitch Ratings      |     |           |     | A (Senior A+) |            |     | F1 (Senior F1) |         |     | Stable   |
| Moody's            |     |           |     | A2            |            |     | P-1            |         |     | Positive |
| S&P