Company: BCDRF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000891478-25-000111
Chunk: 129

Company: Banco Santander, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 129
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 Actuarial gains or losses on defined benefit pension plans, includes the actuarial gains or losses and the return on the assets assigned to the plan, less administration costs and plan's own taxes, and any change in the effects of the asset limit, excluding amounts included in net interest on net defined benefit liability (asset). Its variation is shown in the consolidated condensed statement of recognized income and expense.

During the first six months of 2025, the amount of actuarial losses (net of actuarial gains) has decreased by EUR 21 million. The main impacts are:

In first place, due to the higher addition against equity amounting to EUR 79 million, with the following breakdown:

• Increase of EUR 90 million in the accumulates actuarial losses relating to the Group´s entities in Brazil, mainly due to the evolution experienced by the discount rate -reduction from 10.58% to 10.52% in pension plans and from 10.50% to 10.42% in medical plans-, to the short term inflation and the evolution in the asset portfolio.

• Decrease of EUR 27 million in the accumulates actuarial losses relating to the Group´s entities in Spain, mainly due to the evolution experienced by the discount rate -increase from 3.00% to 3.60%-.

• Decrease of EUR 21 million in the accumulates actuarial losses relating to the Group´s entities in Germany, mainly due to the evolution experienced by the discount rate -increase from 3.56% to 3.94%-.

• Increase of EUR 20 million in the cumulative actuarial losses relating to the Group's businesses in Portugal, mainly due to the behaviour of the asset portfolio.

• Increase of EUR 17 million in the cumulative actuarial losses relating to the Group's businesses in other geographical areas.

In second place, due to the evolution of exchange rates, a EUR 100 million decrease, mainly due to the depreciation of the pound sterling.

#### e)
Other comprehensive income - Items not reclassified to profit or loss – Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income

Includes the net amount of unrealised fair value changes in equity instruments at fair value with changes in other comprehensive income.

Below is a breakdown of the composition of the balance as of 30 June 2025 and 31 December 2024 under 'Other comprehensive income - Items not reclassified to profit or loss - Changes in the