Company: BCDRF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000891478-25-000113
Chunk: 191

Company: Banco Santander, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 191
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 Group’s liquidity needs.

Diversification of markets and instruments to obtain liquidity. We have an active presence in several wholesale markets, across the different countries where the Group operates. This strategy limits our dependence on specific markets and allows us to maintain a comfortable capacity of recourse to the markets.

• As of 30 June 2025, the balance sheet of the Group was solid, as befits the Group’s retail nature. Lending, which accounted for around 68% of net assets, was fully financed by customer deposits and medium and long-term funding. The Group has an adequate structure of medium and long-term issuances, well diversified by products (including, senior debt, senior non-preferred debt, covered bond, subordinated debt and additional Tier 1) with a moderately conservative maturity (4.3 years as of 30 June 2025). All of this results in moderate needs of recourse to short term wholesale funding at the Group level.

Excluding securitizations, most medium- and long-term issuance activity has been concentrated on the Eurozone and the UK, with a moderate contribution from US and Brazil.

On 30 June 2025, the Group's structural liquidity surplus stood at EUR 376.2 billion on a consolidated basis. This surplus is based mainly on fixed income securities (EUR 281.1 billion), equities (EUR 23.4 billion) short positions on fixed income securities and equities (-EUR 34.7 billion) and net lent deposits to central banks and credit entities (EUR 143.8 billion), partially offset by short term funding balance (EUR 37.4 billion).

• High capacity to obtain liquidity on the balance sheet. The reserve includes deposits in central banks and cash, unencumbered sovereign debt, undrawn credit lines granted by central banks, as well as other assets eligible as collateral and other undrawn credit lines in official institutions (FHLB, etc.), all of which reinforce the solid liquidity position of the Group and its subsidiaries. As a proof of this sound and ample liquidity position, the Group as a whole exhibits both a Liquidity Coverage Ratio (LCR) well above the 100% regulatory limit and a Net

| January - June 2025 |     | 201 |

Stable Funding Ratio (NSFR), also well above 100%. Compared with 2024 year-end, both LCR Consolidated and LCR Group have slightly diminished and NSFR has remained fairly stable during the first half of 2025.

• Access to