Company: BCDRF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000891478-25-000113
Chunk: 188

Company: Banco Santander, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 188
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 value of equity (EVE) sensitivity
% of the total

Others: Portugal, Poland and SCF.

#### South America
At the end of June, the EVE in our South American balance sheets was positioned for interest rate decreases. In the case of NII, Brazil was positioned for interest rate decreases whilst our other core South American balance sheets (Chile and Argentina) were positioned for interest rate increases. In the first half of 2025, exposure levels in all countries was moderate in relation to the annual budget and capital levels.

At the end of June, the most significant risk to NII was located in Brazil (EUR 90 million) and Chile (EUR 13 million).

#### Net interest income (NII) sensitivity
% of the total

Others: Argentina, Peru and Uruguay.

The most significant risk to the EVE, was also in Brazil (EUR 261 million) and Chile (EUR 243 million).

| 198 |     | January - June 2025 |

#### Economic value of equity (EVE) sensitivity
% of the total

Others: Argentina, Peru and Uruguay.

#### North America
At the end of June, the NII of our North American balance sheets showed positive sensitivity to interest rate increases in the case of the US and negative sensitivity to the same scenario in the case of Mexico. In the case of EVE, negative sensitivities to interest rate increases were shown in both balance sheets.

In the first half of 2025, exposure levels in all countries were moderate in relation to the annual budget and capital levels.

At the end of June, the most significant risk to NII was mainly in the US (EUR 94 million).

#### Net interest income (NII) sensitivity
% of the total

The most significant risk to the EVE was also in the US (EUR 678 million).

| January - June 2025 |     | 199 |

#### Economic value of equity (EVE) sensitivity
% of the total

Structural foreign exchange rate risk/hedging of results

Our structural exchange rate risk is driven by exposures in foreign currencies related to permanent financial investments, their results and related hedges.

Our dynamic management of this risk seeks to limit the impact on the core capital ratio from foreign exchange rate movements. At the end of June 2025, the largest exposures of permanent investments (with their potential impact on equity) were (in order), in US dollars, UK pounds sterling, Brazilian reais, Mexican pesos, Polish zlotys and Chilean