Company: BCDRF
Filing Date: 2025-10-29
Form Type: 6-K
Source: 0000891478-25-000132
Chunk: 23

Company: Banco Santander, S.A.
Filing Date: 2025-10-29
Form: 6-K
Chunk 23
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 2025, the Group's issuances were as follows : • Medium- and long-term senior debt totalling EUR 14,116 million and covered bonds placed in the market for EUR 6,801 million. • TLAC eligible instruments issued amounted to EUR 11,208 million, of which EUR 9,364 million was senior non-preferred, EUR 344 million was subordinated debt and EUR 1,500 million was contingent convertible AT1 debt. • Maturities of medium- and long-term debt totalled EUR 29,974 million. The net loan-to-deposit ratio was 99% (102% in September 2024), and the ratio of deposits plus medium- and long-term funding to the Group’s loans was 127%, showing a comfortable funding structure. The Group liquidity coverage ratio (LCR) was an estimated 160% in September 2025 (see the ' Risk management ' chapter of this report). The Group's access to wholesale funding markets, as well as the cost of issuances depends, in part, on the ratings granted by the rating agencies .

| Rating agencies    |     |               |     |                |     |         |
|                    |     | Long term     |     | Short term     |     | Outlook |
| Fitch Ratings      |     | A (Senior A+) |     | F1 (Senior F1) |     | Stable  |
| Moody's            |     | A1            |     | P-1            |     | Stable  |
| S&P Global Ratings |     | A+            |     | A-1            |     | Stable  |
| DBRS               |     | A (High)      |     | R-1 (Middle)   |     | Stable  |

Following the upgrade of the Kingdom of Spain's rating in September 2025, Moody's raised Santander's long-term rating to A1 and maintained the short-term rating at P-1 in October. Fitch upgraded Santander's long-term senior rating to A+ in Q1 2025. In Q3 2024, S&P Global Ratings confirmed Santander's credit rating at A+ for long-term and A-1 for short-term debt. Since Q2 2024, S&P has maintained our BBB- (investment grade) rating for AT1 instruments. Lastly, all four agencies view the outlook as stable, in line with their respective ratings for the sovereign. Sometimes the methodology applied by the rating agencies limits