Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 444

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 444
---
 Brazil                                |     |                              |  94 | % |                                  | 131 | % |
| Chile                                 |     |                              | 134 | % |                                  |  97 | % |
| Argentina                             |     |                              |  68 | % |                                  | 147 | % |
| Group                                 |     |                              | 100 | % |                                  | 128 | % |

A. Net loans and advances to customers. In 2024, the key drivers of Santander's and its subsidiaries' liquidity were: • Commercial activity has provided liquidity during the year. • Issuance activity continued to be intense, to finance issuance maturities and repayment of central bank funding, even exceeding the funding plan proposed at the beginning of the year, taking advantage of favourable market conditions, to pre-fund part of the 2025 maturities. In 2024, Santander issued EUR 79,127 million in M/LT funding (at year-average exchange rates). By instrument (in constant euros, i.e., excluding exchange rate impact), issuances of M/LT fixed income debt (i.e., covered bonds, senior debt, subordinated debt and capital hybrid instruments) increased by around 18% to EUR 52,575 million in the year. Activity in senior debt issuances (mainly TLAC eligible) increased significantly compared to 2023. The volume of covered bond issuances in 2024 was similar to the previous year. Securitizations and structured finance totalled EUR 26,552 million in 2024, a 33% increase year-on-year. Spain issued the most M/LT fixed income debt (excluding securitizations), followed by the UK. The UK and Spain registered the highest absolute increases in the year. The main year-on-year decrease occurred in Santander Consumer Finance. The US and Santander Consumer Finance were the main issuers of securitizations.

Annual report 2024 418

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

The charts below show issuances in the year by instrument and region:

| Distribution by instrument and region |
| %. December 2024                      |

The issuance of eligible hybrid instruments, such as AT1 or subordinated debt, depends on risk-weighted asset growth. In 2024, they reduced their weight versus 2023, to the benefit of senior debt.