Company: BCDRF
Filing Date: 2025-01-02
Form Type: 6-K
Source: 0000891478-25-000002
Chunk: 46

Company: Banco Santander, S.A.
Filing Date: 2025-01-02
Form: 6-K
Chunk 46
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510 |         |
| Hedging derivatives (effective portion)                                                                           |     |             |     -81 |         |            |    -740 |         |
| Changes in the fair value of debt instruments measured at fair value with changes in other comprehensive income   |     |             |    -447 |         |            |    -555 |         |
| Hedging instruments (items not designated)                                                                        |     |             |       — |         |            |       — |         |
| Non-current assets held for sale                                                                                  |     |             |       — |         |            |       — |         |
| Share in other income and expenses recognised in investments, joint ventures and associates                       |     |             |    -423 |         |            |    -319 |         |

| 34 |     | January - September 2024 |

d) Other comprehensive income - Items not reclassified to profit or loss - Actuarial gains or losses on defined benefit pension plans

The balance of the heading Other accumulated comprehensive income - Items not reclassified to profit or loss - Actuarial gains or losses on defined benefit pension plans, includes the actuarial gains or losses and the return on the assets assigned to the plan, less administration costs and plan's own taxes, and any change in the effects of the asset limit, excluding amounts included in net interest on net defined benefit liability (asset). Its variation is shown in the consolidated condensed statement of recognized income and expense.

During the first nine months of 2024, the amount of actuarial losses (net of actuarial gains) has increased by EUR 613 million. The main impacts are:

• Increase of 365 million in the cumulative actuarial losses relating to the Group's businesses in Brasil, mainly due to the portfolio performance, short-term inflation and adjustments to pensions in certain groups with which agreements have been reached to review pensions above the expected amounts. These losses have been partially offset by the discount rate variation (increase from 8.65% to 9.66% in the main pension plans, from 8.70% to 9.56% in the main medical plan).

• Increase of EUR 324 million in the cumulative actuarial losses relating to the Group´s businesses in the UK, mainly due to the behaviour of the asset portfolio and the variation in inflation hypotheses (both short and long term). These effects have been partially offset by the variation in the discount rate (increase from 4.63% to 5.06%).

• Decre