Company: BCDRF
Filing Date: 2025-07-30
Form Type: 6-K
Source: 0000950103-25-009476
Chunk: 3

Company: Banco Santander, S.A.
Filing Date: 2025-07-30
Form: 6-K
Chunk 3
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, Latin America and the US;

• changes in monetary, fiscal and immigration
policies and trade tensions, including the imposition of tariffs and retaliatory responses;

• legislative, regulatory or tax changes (including
regulatory capital and liquidity requirements) and greater regulation prompted by financial crises;

• acquisitions, integrations, divestitures
and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters;

• climate-related conditions, regulations,
targets and weather events;

• uncertainty over the scope of actions that
may be required by us, governments and other to achieve goals relating to climate, environmental and social matters, as well as the evolving
nature of underlying science and potential conflicts and inconsistencies among governmental standards and regulations. Important factors
affecting sustainability information may materially differ from those applicable to financial information. Sustainability information
is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties.
Sustainability information is thus subject to significant measurement uncertainties, may not be comparable to sustainability information
of other companies or over time or across periods and its inclusion is not meant to imply that the information is fit for any particular
purpose or that it is material to us under mandatory reporting standards. The sustainability information is for informational purposes
only, without any liability being accepted in connection with it except where such liability cannot be limited under overriding provisions
of applicable law;

• our own decisions and actions, including
those affecting or changing our practices, operations, priorities, strategies, policies or procedures;

• changes affecting our access to liquidity
and funding on acceptable terms, especially due to credit spread shifts or credit rating downgrade for the entire group or core subsidiaries;

• our exposure to operational losses; and

• potential losses associated with cyberattacks,
data breaches, data losses and other security incidents.

Forward looking statements are based on current
expectations and future estimates about Santander’s and third-parties’ operations and businesses and address matters that
are uncertain to varying degrees, including, but not limited to developing standards that may change in the future; plans, projections,
expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including
expectations regarding future

4

execution of Santander’s and third parties’
energy and climate strategies, and the underlying assumptions and estimated impacts on Santander’s and third-parties’ businesses
related thereto; Santander’s and third-parties’ approach, plans and expectations in relation to carbon use and targeted