Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 726

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 726
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 made in 2024.

The main categories of plan assets as a percentage of total plan assets are as follows:

|                    |     |    | 2024 |     |    | 2023 |     |    | 2022 |
| Equity instruments |     |  — |      |     |    |    — |     |    |    — |
| Debt instruments   |     | 66 |    % |     | 62 |    % |     | 51 |    % |
| Properties         |     | 14 |    % |     | 12 |    % |     | 13 |    % |
| Other              |     | 20 |    % |     | 26 |    % |     | 36 |    % |

The following table shows the estimated benefits payable at 31 December 2024 for the next ten years:

| EUR million  |     |       |
| 2025         |     |   577 |
| 2026         |     |   489 |
| 2027         |     |   511 |
| 2028         |     |   535 |
| 2029         |     |   558 |
| 2030 to 2034 |     | 2,939 |

iii. Other foreign subsidiaries Certain of the consolidated foreign entities have acquired commitments to their employees similar to post-employment benefits. At 31 December 2024, 2023 and 2022, these entities had defined-contribution and defined-benefit post-employment benefit obligations. The expenses incurred in respect of contributions to defined contribution plans amounted to EUR 133million in 2024 (EUR 107million at 31 December 2023 and EUR 118million at 31 December 2022). The actuarial assumptions used by these entities (discount rates, mortality tables and cumulative annual CPI growth) are consistent with the economic and social conditions prevailing in the countries in which they are located.

Specifically, the discount rate used for the flows was determined by reference to high-quality corporate bonds, except in the case of Brazil where there is no extensive corporate bond market and, accordingly the discount rate was determined by reference to the series B bonds issued by the Brazilian National Treasury Secretariat for a term coinciding with that of the obligations. In Brazil the discount rate used was between 10.50% and 10.58%, the CPI 3.00% and the mortality table the AT-2000, AT