Company: BCDRF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000891478-25-000113
Chunk: 181

Company: Banco Santander, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 181
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 2025 was primarily driven by the potential adverse effect on global economic growth resulting from the new trade policies in the US and by geopolitical tensions stemming from the ongoing wars in Ukraine and the Middle East. In this challenging and uncertain environment, Santander’s trading risk profile remained low, in line with previous years, due to the fact that risks of trading activities arise mainly from activities with customers in non-complex instruments, concentrated in hedging of interest rate and exchange rate risks.

#### Value at Risk (VaR) analysis
During the first half of 2025, Santander continued its strategy of focusing its trading activity on customer business, minimising where possible, exposure to directional risk in net terms and maintaining its diversification by geography and risk factor.

#### Evolution of VaR for the first half of 2025.
EUR million. VaR at 99% over a one day horizon.

VaR during the first half of 2025 fluctuated between EUR 15.0 million and EUR 29.2 million, with an average VaR for the period of EUR 19.6 million and ending in June at EUR 15.6 million. Most of the time, daily VaR was above the average of the last three years, mainly due to the high volatility in markets this year.

The following histogram shows the distribution of risk in terms of VaR in the first six months of 2025. The accumulation of days with levels up to EUR 25.5 million (97%) is shown. Values higher than EUR 25.5 million (3%) largely occur in periods affected by temporary spikes in volatility or punctual increases of exposure, mainly in interest rates and exchange rates.

#### VaR Histogram
VaR at 99%, over a one-day horizon. Number of days (%) in each range for the first half of 2025.

| 192 |     | January - June 2025 |

#### Risk by factor
The minimum, average, maximum and final values in VaR terms at 99% for the first six months of 2025 are displayed in the following table:

#### VaR statistics by risk factor
EUR million. VaR at 99%, with one day time horizon

|                        |     | VaR (99%) |     |       |     |         |     |       |     |         |     |       |     |        |     |       |
|                        |     | Minimum   |     |       |     | Average |     |       |     | Maximum