Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 182

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 182
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 data is limited. In Latin America and even in European countries such as Poland (key markets for the Group), energy efficiency certificates are either non-existent or very limited, which makes it impossible to account for aligned mortgages in the ratio. There are also significant gaps in companies’ alignment information. • DNSH (do no significant harm) and MSS (minimum social safeguards) implementation criteria are complex and in no way reflect the reality of a bank. These criteria compel financial institutions to collect evidence that shows the counterparty meets certain standards for each transaction. This results in an inability to include specific aligned financing (e.g. project finance) in the numerator. Based on a voluntary approach and to mitigate the first limitation mentioned above, we complement disclosure, we complement the GAR with an additional ratio (European and symmetric): • The numerator follows the same criteria than the previous ratio but only covers European exposures aligned with the Taxonomy. • The denominator is symmetric and only includes portfolios where we can currently label exposures as environmentally sustainable: European financial and non-financial corporations subject to the CSRD, households, and local governments. We excluded (non-exhaustive list): Non-CSRD companies (since they do not have reporting obligations), cash & interbank loans, derivatives, goodwill and others.

| (EUR million)               |     |      |      2024 |     |      |      2023 |
| GAR stockA                  |     | 3.04 |         % |     | 2.42 |         % |
| Taxonomy aligned activities |     |      |    39,656 |     |      |    31,142 |
| Total GAR denominator       |     |      | 1,306,542 |     |      | 1,288,300 |
| European & Symmetric - GARA |     | 7.90 |         % |     | 6.09 |         % |
| Taxonomy aligned activities |     |      |    39,287 |     |      |    30,037 |
| Total GAR denominator       |     |      |   497,604 |     |      |   493,167 |
| ATurnover-based ratio       |     |      |           |     |      |           |

→ Other businesses’ GAR (asset management, insurance and investment services): In addition to the credit institutions GAR that has already been published, we included the GAR for asset management, insurance 94 and investment services businesses according to the European Commission's requirements 95 →