Company: BCDRF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000891478-25-000113
Chunk: 190

Company: Banco Santander, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 190
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 risk of loss if an adverse deviation in expected expenses changes the value of liabilities.

• Catastrophe risk: losses if catastrophic events increase pension liabilities.

Non-life liability risk is the risk of losses from changes in the value of Santander's non-life benefit liabilities with employees, caused by fluctuations in related risk factors:

• Premium risk: loss from insufficient premiums to pay for claims that might be made in the future.

• Reserve risk: loss from insufficient reserves for unsettled claims, including related costs.

• Catastrophe risk: losses if catastrophic events increase non-life liabilities.

#### G. Management of structural liquidity
Structural liquidity management aims to finance the Group’s recurring activity in optimum conditions of maturity and cost and avoid assuming undesired liquidity risks.

Given the retail nature of the Group, commercial branches have continued taking deposits following the selective financing strategy of the Group considering their costs.

Notwithstanding the aforementioned, the different Group companies have maintained frequent issuance activity in the different wholesale funding markets during the year in order to continue strengthening their liquidity position and presence in the markets, taking advantage of favourable market conditions. The Group issued in the first half of 2025 EUR 23,638 million of medium- and long-term issues, of which EUR 11,600 million was senior debt, EUR 4,631 million was covered bonds and EUR 7,407 million were TLAC (Total Loss Absorbing Capacity) eligible instruments of which EUR 7,058 million was senior non-preferred and EUR 349 million was subordinated debt. Maturities of medium- and long-term debt amounted to EUR 20,142 million in the first half of 2025, of which EUR 11,187 million was senior debt, EUR 3,571 million was covered bonds, EUR 3,722 million was senior non-preferred, EUR 1,475 million was subordinated debt and EUR 187 million was additional Tier 1. Additionally, securitizations placed in the market amounted to EUR 12,200 million while maturities followed a similar pattern.

In short, all these actions have contributed to strengthen the Group’s balance sheet and capital base and helped to maintain an appropriate liquidity position.

The main aspects in relation to structural management of liquidity during the first half of 2025 were:

• Adequate position of structural liquidity. We are essentially a retail bank. Therefore, customer deposits are the main source of funds in our financing structure. These deposits, together with capital and similar instruments, enable us to address most of the