Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 998

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 998
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 |     |           |    21,308 |     |                   |  13,899 |     |                   |  15,152 |     |           |  42,729 |     |       |    93,088 |
| Total                                                   |     |           | 1,152,706 |     |                   | 168,798 |     |                   | 102,548 |     |           | 147,573 |     |       | 1,571,625 |

(A) Financial liabilities at amortized cost.

(B) Includes life insurance contracts in which the investment risk is borne by the policy holder and insurance savings contracts.

(C) Other long-term liabilities relate to pensions and similar obligations and include the estimated benefit payable for the next ten years.

(D) Calculated for the amortized cost portfolios of Deposits from credit institutions, Customer deposits and Marketable debt securities based on average interest rates at 31 December 2024, for all maturities, and assuming that obligations with maturities of more than five years have an average life of ten years.

The table above excludes the 'fixed payments' of our derivatives since derivatives contracts executed by the Group apply close-out netting across all outstanding transactions, that is, these agreements provide for settlements to be made on a maturity or settlement date for the differences that arise, and as such, the obligation to be settled in the future is not fixed at the present date and is not determined by the fixed payments.

For a description of our trading and hedging derivatives, which are not reflected in the above table, see note 36 to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F.

For more information on our marketable debt securities and subordinated debt, see notes 22 and 23 to our 'Consolidated financial statements' included in Part 1 of this annual report on Form 20-F.

| 934 |

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

8. Employees As of 31 December 2024, we had 206,753 employees (as compared to 212,764 in 2023 and 206,462 in 2022) of which 34,940 were employed in Spain (as compared to 35,266 in 2023 and 34,153 in 2022) and 171,813 were