Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 906

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 906
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3 Market conditions have resulted and could result in material changes to the estimated fair values of our financial assets. Negative fair value adjustments could have a material adverse effect on our operating results, financial condition and prospects.

2.6 Risks related to our industry

2.6.1 Goodwill impairments may be required in relation to acquired businesses.

2.6.2 Changes in our pension liabilities and obligations could have a material adverse effect on us.

2.6.3 We depend in part on dividends and other funds from subsidiaries.

2.6.4 Increased competition, including from non-traditional providers of banking services such as financial technology providers, and industry consolidation may adversely affect our results of operations.

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| Contents |     | Cross-reference to Form 20-F |     | Consolidated director's report |     | Consolidated financial statements |     | Supplemental information |

2.6.5 If we are unable to manage the growth of our operations, to integrate successfully our inorganic growth, or to execute successfully any of our strategic actions, this could have an adverse impact on our profitability.

2.7 Risk management

2.7.1 Failure to successfully implement and continue to improve our risk management policies, procedures and methods, including our credit risk management systems, could materially and adversely affect us, and we may be exposed to unidentified or unanticipated risks.

2.8 Model risk

2.8.1 We rely on models for many of our decisions. Their inaccurate or incorrect use could have a material adverse effect on us.

3. General risks

3.1 Risks related to our industry

3.1.1 Climate change can create transition risks, physical risks, and other risks that could adversely affect us.

3.1.2 The financial problems faced by our customers could adversely affect us.

3.1.3 Our ability to maintain our competitive position depends, in part, on the success of new products and services we offer our customers and on our ability to offer products and services that meet the customers’ needs during the whole life cycle of the products or services. Our failure to manage various risks we face as we develop new products and services could have a material adverse effect on us.

3.1.4 We rely on recruiting, retaining and developing appropriate senior management and skilled personnel.

3.1.5 Damage to our reputation could cause harm to our business prospects.

3.1.6 We engage in transactions with our subsidiaries or affiliates that others may not consider to be on an arm’s-length