Company: BCDRF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0000950103-25-009669
Chunk: 1

Company: Banco Santander, S.A.
Filing Date: 2025-08-01
Form: 6-K
Chunk 1
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 and scenarios considered. A comparison of these projected ratios with the
Fully-loaded CET1 ratio (12.19%, according to the clarifications included in footnote 3) and the Phased-in CET1 ratio (12.78%)
as of 31 December 2024 is also included in brackets below:

|            | ADVERSE SCENARIO        |                 | BASELINE SCENARIO       |                      |
|            | Fully-loaded CET1 ratio | Phased-in       
 CET1 ratio      | Fully-loaded CET1 ratio | Phased-in CET1 ratio |
| 31/12/2025 | 10.46% (-1.73%)         | 10.94% (-1.84%) | 13.58% (+1.40%)         | 14.22% (+1.44%)      |
| 31/12/2026 | 11.12% (-1.06%)         | 11.63% (-1.15%) | 14.56% (+2.38%)         | 15.23% (+2.45%)      |
| 31/12/2027 | 10.46% (-1.73%)         | 10.91% (-1.87%) | 14.65% (+2.46%)         | 15.31% (+2.53%)      |

Boadilla del Monte (Madrid), 1 August 2025

1 The main change for this exercise is that both Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019 (“ CRR2”, in force until 31 January 2024) and Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 (“ CRR3”, in force from 1 January 2025), both modifying the Capital Requirements Regulation, have been applied for the estimate.

2 The published Fully-loaded ratio is an estimate, calculated according to the European Banking Authority (“EBA”) methodology, due to the complexity of the current transitional implementation schedule.

3 In accordance with CRR3, and following the adjustments made by the EBA methodology, the following items are applied over the 12.76% original Fully-loaded CET1 ratio calculated according to CRR2 as of 31 December 2024:

| (i) | the                                                                                               
 transitional provisions of CRR3 are applied as if they had already been fully implemented