Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000084
Chunk: 10

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 10
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 assets held for sale, investments in subsidiaries, joint ventures and associates, tangible assets and intangible assets;

• The assumptions used in the calculation of the post-employment benefit liabilities and commitments and other obligations;

• The useful life of the tangible and intangible assets;

• The measurement of goodwill impairment arising on consolidation;

• The calculation of provisions and the consideration of contingent liabilities;

• The fair value of certain unquoted assets and liabilities;

• The recoverability of deferred tax assets; and

• The fair value of the identifiable assets acquired and the liabilities assumed in business combinations in accordance with IFRS 3.

To update the previous estimates, the Group's management has taken into account the current macroeconomic scenario resulting from the complex geopolitical situation and the changes in inflation levels and interest rates.

The Group's management has evaluated in particular the uncertainties caused by the current environment in relation to credit, liquidity and market risks, taking into account the best available information, to estimate the impact on the credit portfolio's impairment provision, and in the debt instruments' interest rates and valuation.

| January - March 2025 |     | 13 |

In addition, the Group has applied in the interim financial statements an alternative exchange rate for the conversion of its businesses in Argentina (1,426 pesos on 31 March 2025 ). This decision is due to the divergence observed between the official exchange rate and certain macroeconomic variables, mainly inflation, together with the fact that for certain operations, such as the repatriation of dividends, the exchange rate implicit in orderly transactions between market participants did not correspond to the official exchange rate. As of 31 March 2025, the alternative exchange rate used takes as a reference the CCL dollar (' contado con liquidación' ), which is the exchange rate that results from the sale in US dollars of local bonds denominated in Argentine pesos (bonds with dual peso denomination /dollar), which as of this date does not differ significantly with other market rates.

During the three-month period ended 31 March 2025, there have been no additional significant changes in the estimates made at the end of 2024, other than those indicated in these interim financial statements.

#### d) Contingent assets and liabilities
Note 25 to Grupo Santander's consolidated annual accounts for the year ended 31 December 2024 includes information on the contingent assets and liabilities at that date. There were no significant changes in Grupo Santander's contingent assets and liabilities from 31 December 2024 to the date of formal preparation of