Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000078
Chunk: 28

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 28
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     |  18.9 |      |     |  22.6 |      |     |  18.4 |      |
| Equity VaR                                |     |   5.1 |      |     |   7.4 |      |     |  10.8 |      |     |   7.6 |      |
| FX VaR                                    |     |   5.7 |      |     |   9.4 |      |     |  37.5 |      |     |  12.9 |      |
| Credit spreads VaR                        |     |   3.2 |      |     |   4.4 |      |     |   6.3 |      |     |   4.5 |      |
| Commodities VaR                           |     |   2.5 |      |     |   4.2 |      |     |   6.2 |      |     |   3.8 |      |

1. Activity in Santander Corporate & Investment Banking markets. Note: in the North America, South America and Asia portfolios, VaR corresponding to the credit spreads factor other than sovereign risk is not relevant and is included in the interest rate factor.

| Trading portfolios1. VaR performance |
| EUR million                          |

1. Activity in Santander Corporate & Investment Banking markets.

| 22 |     | January- March2025 |

| Key consolidated data 
 Business model        |     | Group financial information |     | Financial information by segment |     | Sustainability       
 Corporate governance |     | Appendix |     | Index |
|                       |     | Risk management             |     |                                  |     |                      |     |          |     |       |

Structural and liquidity risk

Structural exchange rate risk

Grupo Santander's structural exchange rate risk mainly arises from foreign currency transactions related to permanent financial investments, their results and associated hedges.

During Q1 2025, the performance against the euro of the main currencies in which the Group operates was mixed. Of note were the Brazilian real, which appreciated 4% supported by the official interest rate hikes by the central bank (+200 bps), and the 4% depreciation of the US dollar, due to the potential negative impact on its economy from tariff policies.

Our dynamic management of this risk aims to limit the impact on the CET1 capital ratio from exchange rate movements. In the quarter, the coverage of the different currencies