Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 617

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 617
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 this date does not differ significantly with other market rates. Inflation during 2024, to the national consumer price index published by the National Statistics and Census Institute, wa s 117.8% for the year ( 211.2% at 31 December 2023). The official exchange rate at 31 December 2024 has been of 1,071.16Argentine pesos per euro ( 893.63Argentine pesos per euro at 31 December 2023). The exchange rate applied by the Group as of 31 December 2024 was 1,232.39Argentine pesos per euro. At 31 December 2024, no other country in which the consolidated and associated entities of Grupo Santander are located is considered to have a hyperinflati onary economy in accordance with the criteria establ ished in this regard by the International Financial Reporting Standards adopted by the European Union.

Annual report 2024 595

| Contents |     | Auditor's report |     | Consolidated financial statements |     | Notes to the consolidated financial statements |     | Appendix |

v. Exposure to foreign currency risk Grupo Santander hedges a portion of its long-term foreign currency positions using foreign exchange derivative financial instruments (see note 36). Also, the Group manages foreign exchange risk dynamically by hedging its short-term position (with a potential impact on profit or loss) in order to limit the impact of currency depreciations while optimising the cost of financing the hedges. The following tables show the sensitivity of the consolidated income statement and consolidated equity to percentage changes of ± 1% in the foreign exchange rate positions arising from investments in Grupo Santander companies with currencies other than the euro (with its hedges) and in their results (with its hedges), in which the Group maintains significant balances.

The estimated effect on the consolidated equity attributable to Grupo Santander and on consolidated profit and loss account of a 1% appreciation of the euro against the corresponding currency is as follows:

| EUR million    |     |                     |        |      |     |        |      |     |        |      |     |                     |      |      |     |      |      |     |      |      |
|                |     | Effect on           
 consolidated equity |        |      |     |        |      |     |        |      |     | Effect on           
 consolidated profit |      |      |     |      |      |     |      |      |
| Currency       |     |                     |