Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 766

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 766
---
      |     |    589 |      |     |    284 |      |
| Unrestricted reserves                                      |     | 24,186 |      |     | 16,033 |      |     |  7,701 |      |
| Voluntary reservesB                                        |     | 20,362 |      |     | 14,284 |      |     |  7,917 |      |
| Consolidation reserves attributable to the Bank            |     |  3,824 |      |     |  1,749 |      |     |   -216 |      |
| Reserves of subsidiaries                                   |     | 47,249 |      |     | 47,669 |      |     | 49,196 |      |
| Reserves of entities accounted for using the equity method |     |  1,831 |      |     |  1,762 |      |     |  1,553 |      |
|                                                            |     | 76,350 |      |     | 68,363 |      |     | 61,248 |      |

A. The board of directors has proposed to the general shareholders' meeting the reclassification of the excess that the amount of the balance of the legal reserve account shows over the figure that is equivalent to 20% of the resulting share capital after the executed capital reductions, to be included in the voluntary reserves account.

B. In accordance with the commercial regulations in force in Spain.

i. Legal reserve

Under the Consolidated Spanish Corporate Enterprises Act, 10% of net profit for each year must be transferred to the legal reserve. These transfers must be made until the balance of this reserve reaches 20% of the share capital. The legal reserve can be used to increase capital provided that the remaining reserve balance does not fall below 10% of the increased share capital amount.

Consequently, once again, after the capital increases described in note 31 had been carried out, the balance of the legal reserve met the percentage of 20% of the share capital, and at 31 December 2024 the Legal reserve was at the stipulated level.

Annual report 2024 704

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

ii. Reserve for treasury shares

According to the Corporate Enterprises Act, an unavailable reserve equivalent to the amount for which Banco Santander's shares owned by subsidiaries are recorded