Company: BCDRF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000891478-25-000113
Chunk: 161

Company: Banco Santander, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 161
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 the US and 12% from Mexico) and 5% from the Digital Consumer Bank Europe segment. As of 31 December 2024, our total assets stood at 55% in Europe (29% in Spain and 18% in the UK), 18% in South America (12% in Brazil), 17% in North America (12% in the US and 5% in Mexico) and 10% in the Digital Consumer Bank Europe segment.

| January - June 2025 |     | 173 |

In particular, the main regions where we operate are subject to the following macroeconomic and political conditions, which could have a material adverse effect on our business, results of operations, financial condition and prospects:

• After a period of persistent high inflation throughout the world, particularly in Europe and the US, during 2023 and 2024 inflation slowly converged towards central banks' objectives allowing interest rates cuts during the second half of 2024 and the first half of 2025. Additionally, markets have focused on the timing and amount of policy interest rate cuts by central banks around the world, given their implications for the economic environment and growth. A return to periods of high inflation could result in higher operating costs, a decrease in the purchasing power of families with the consequent increase in delinquencies in our credit portfolios, and lower economic growth derived from the tightening of monetary and fiscal policies aimed at containing inflation, among other risks, any of which could have a material adverse effect on our operations, financial condition and prospects.

• Scenarios of political tensions and instability throughout the world stemming from a variety of factors, such as heightened polarization and political fragmentation and scandals, may lead to shifting and unpredictable outcomes in political elections, legislative and policy-making efforts, social conditions, government stability and the global economy and to the progressive erosion of the rule of law in certain long-standing democracies. Furthermore, increasing public debt levels together with high interest costs may not be sustainable and could lead certain countries to have higher sovereign risk premia and sovereign debt crises. A deterioration of the global economic, political, social and financial environment, particularly in Europe and the Americas, could have a material adverse impact on the financial sector, affecting our operating results, financial position and prospects.

In particular, the risk of returning in Europe to a fragile and volatile environment, heightened political tensions or recession could be aggravated if, among others, (i) the German economy falls into recession due to reduced competitiveness of its industrial sector, (ii) the policies implemented by