Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 698

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 698
---
 income' is mainly due to the increase in exposure to European Union sovereign debt, as a result of greater activity in the markets business, both its own and for distribution to clients. Likewise, the increase in the debt securities portfolio under the heading 'Financial assets at amortized cost' is due to the continuation of the strategy started in year 2022 in which two new business models were created for the optimization of excess liquidity and the management of the maturity of the balance sheet credit and deposit portfolios. At 31 December 2024, 2023 and 2022 the gross exposure by impairment stage of the book assets amounted to EUR 196,514million, EUR 176,697million and EUR 148,384million in stage 1; EUR 597million, EUR 203million and EUR 75million in stage 2, and EUR 701million, EUR 461million and EUR 404million in stage 3, respectively. In addition, at 31 December 2024, the Group had EUR 44million of exposure in assets purchased with impairments, which correspond mainly to the business combinations carried out by the Group with any additional impairment signs.

Annual report 2024 640

| Contents |     | Auditor's report |     | Consolidated financial statements |     | Notes to the consolidated financial statements |     | Appendix |

b) Breakdown

The breakdown, by origin of the issuer, of debt securities at 31 December 2024, 2023 and 2022, net of impairment losses, is as follows:

| EUR million              |     |      |        |                      |     |         |                     |     |         |       |     |       |   |     |      |        |                      |     |         |                     |     |         |       |     |       |   |     |      |        |                      |     |         |                     |     |         |       |     |       |   |
|                          |     | 2024 |        |                      |     |         |                     |     |         |       |     |       |   |     | 2023 |        |                      |     |         |                     |     |         |       |     |       |   |     | 2022 |        |                      |     |         |                     |     |         |       |     |       |   |
|                          |     |      |        | Private fixed-income |     |         | Public fixed-income |     |         | Total