Company: BCDRF
Filing Date: 2025-10-29
Form Type: 6-K
Source: 0000891478-25-000132
Chunk: 27

Company: Banco Santander, S.A.
Filing Date: 2025-10-29
Form: 6-K
Chunk 27
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 and the results have been reported under 'discontinued operations' since June 2025.

However, given that until the Poland disposal is completed, the management of Santander Polska remains unchanged, all management metrics included in this report have been calculated including Poland, i.e. maintaining the same perimeter that existed at the time of the announcement of the Poland disposal. This reporting approach is consistent with the information used internally in management reporting, as well as with other public Group disclosures.

Credit risk 2

During Q3 2025, US trade agreements helped to soften the impact of trade tensions and consequently mitigated uncertainty regarding global growth and limited inflationary pressures. However, geopolitical tensions continued to generate uncertainty regarding the outlook for the global economy.

In the eurozone, inflation was stable during the quarter, confirming an environment characterized by contained prices. In the UK, lower interest rates, stable housing price, and support measures from the Bank of England boosted activity. In the US, weak labour market data led the Federal Reserve to cut interest rates. In Latin America, after a good first half of the year, activity indicators and external demand performance showed signs of deceleration at the beginning of Q3 2025.

In this context, our global and diversified business model, with our strong local presence, provides us with a resilient structure which, together with our prudent risk management, enables us to maintain a medium-low risk profile, even in a more complex, macroeconomic and geopolitical environment.

In terms of credit quality:

• The

#### NPL ratio
was relatively stable quarter-on-quarter at 2.92%. Credit impaired loans rose 2% to EUR 34,048 million, mainly due to less favourable exchange rate movements and increases in Consumer and Payments. This trend was offset by a 2% increase in gross credit risk with customers (total risk), which reached EUR 1,168 billion, on the back of positive trends across all global businesses, especially in CIB.

Year-on-year, the NPL ratio improved 14 bps, underpinned by lower credit impaired loans, mainly in Retail (supported by the NPL reduction plan) and CIB, while total risk was flat.

•

#### Net loan-loss provisions
totalled EUR 9,109 million in 9M 2025, growing 5% year-on-year in constant euros, mainly in Payments and the Corporate Centre due to provisions related to our plan to accelerate NPL ratio reductions, improving the Group's credit quality.

| Key risk metrics |     |