Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 47

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 47
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 for this exercise, including heatmaps, sectoral climate and environmental classification, historical information, idiosyncratic scenarios and forward-looking scenario projection to aid continuous monitoring. |     | Analysis of the transmission channels:we analyse how the factors identified in the previous stage can materialize and impact on the risk types included in our risk management framework. They can be macroeconomic (e.g. socioeconomic, productive) and microeconomic (e.g. affecting household wealth and/or income) in nature.                 |
| Assessment of the materiality of the potential impact on the main risks:in this stage, we analyse the potential impacts that could arise from the materialization of the risk factors previously identified through the transmission channels described, based on qualitative and/or quantitative approaches.                                                                                                                                            |     | Overview of a consolidated materiality: for internal and external disclosure of the materiality of ESG factors analysed, we aggregate the results of the impacts for each risk type in a consolidated report (detailed on the following pages), based on a five-point RAGEstatus (from Low to Very High) across the short, medium, and long term. |

A. Task Force on Climate-related Financial Disclosures.

B. A materiality database of dependencies between production processes and ecosystem services.

C. Science Based Targets Network.

D. Network for Greening the Financial System.

E. Red, amber and green.

Annual report 2024 45

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

The following table shows the consolidated results of the materiality assessment by risk type and time horizon as of year-end 2024:

|                                                                         |     | Transition Risk |     |    |     |   |     |    |     | Physical Risk |     |    |     |   |
| ST                                                                      |     | MT              |     | LT |     |   |     | ST |     | MT            |     | LT |     |   |
| Credit riskA                                                            |     |                 |     |    |     |   |     |    |     |               |     |    |     |   |
| CIB                                                                     |     | l               |     | l  |     | l |     |    |     | l             |     | l  |     | l |
| Corporate & SME                                                         |     | l               |     | l  |     | l |     |    |     | l