Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 725

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 725
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 Annual salary increase rate                  |     | 1.25%A                |      |                          | 1.25%A |      |                          | 1.25%A |      |                          |     |                           |      |                      N/A |     |      |                      N/A |     |      |                      N/A |
| Annual social security pension increase rate |     |                       | 2.12 |                        % |        | 2.12 |                        % |        | 2.00 |                        % |     |                           |      |                      N/A |     |      |                      N/A |     |      |                      N/A |
| Annual benefit increase rate                 |     |                       |      |                      N/A |        |      |                      N/A |        |      |                      N/A |     |                           |    0 |                        % |     |    0 |                        % |     |    0 |                        % |

A. Corresponds to the group’s defined-benefit obligations. The discount rate used for the flows was determined by reference to high-quality corporate bonds (at least AA in euros) matching the durations of the commitments. From the bond portfolio considered, callable, putable and sinkable bonds, which could distort the rates, are excluded. Any changes in the main assumptions could affect the calculation of the obligations. At 31 December 2024, if the discount rate used had been decreased or increased by 50basis points (bp), there would have been an increase or decrease in the present value of the post-employment obligations of 4.18% (-50 bp) to - 3.88% (+50 bp),respectively, and an increase or decrease in the present value of the long-term obligations of 1.11% (-50 bp) to - 1.08% (+50 bp), respectively.

Annual report 2024 672

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

These changes would be offset in part by increases or decreases in the fair value of the assets and insurance contracts linked to pensions. 3. The estimated retirement age of each employee is the first at which the employee is entitled to retire or the agreed-upon age, as appropriate. The fair value of insurance contracts was determined as the present value of the related payment obligations, taking into account the following assumptions:

|                                                 |     | Post-employment plans |      |      |