Banco Santander, S.A. ("Santander"
) cautions that this document may contain financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as alternative performance measures (APMs) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non-IFRS measures. The APMs and non-IFRS measures were calculated with information from Grupo Santander; however, they are neither defined or detailed in the applicable financial reporting framework nor audited or reviewed by our auditors. We use the APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider them to be useful metrics for our management and investors to compare operating performance between accounting periods.
Nonetheless, the APMs and non-IFRS measures are supplemental information; their purpose is not to substitute the IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. APMs using environmental, social and governance labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR.
This webcast may contain, in addition to financial information, sustainability-related
information, including environmental, social and governance-related metrics, statements,
goals, targets, commitments and opinions. Sustainability information is not audited nor, save
as expressly indicated under section 'Auditors' reviews' of the 2024 Annual Financial Report,
reviewed by an external auditor. Sustainability information is prepared following various
external and internal frameworks, reporting guidelines and measurement, collection and
verification methods and practices, which may materially differ from those applicable to
financial information and are in many cases emerging and evolving. Sustainability information
is based on various materiality thresholds, estimates, assumptions, judgments and underlying
data derived internally and from third parties. Sustainability information is thus subject to
significant measurement uncertainties, may not be comparable to sustainability information of
other companies or over time or across periods and its use is not meant to imply that the
information is fit for any particular purpose or that it is material to us under mandatory
reporting standards. The sustainability information is for informational purposes only, without
any liability being accepted in connection with it except where such liability cannot be limited
under overriding provisions of applicable law.
Forward-looking statements
Santander hereby warns that this webcast could contains "forward-looking statements" as per the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements can be understood through words and expressions like "expect", "project", "anticipate", "should", "intend", "probability", "risk", "VaR", "RoRAC", "RoRWA", "TNAV", "target", "goal", "objective", "estimate", "future", "commitment", "commit", "focus", "pledge" and similar expressions. They include (but are not limited to) statements on future business development, shareholder remuneration policy and NFI. However, risks, uncertainties and
other important factors may lead to developments and results that differ materially from
those anticipated, expected, projected or assumed in forward-looking statements. The
important factors below (and others mentioned in this document), as well as other unknown
or unpredictable factors, could affect our future development and results and could lead to
outcomes materially different from what our forward-looking statements anticipate, expect,
project or assume:
general economic or industry conditions (e.g., an economic downturn; higher volatility in the
capital markets; inflation; deflation; changes in demographics, consumer spending, investment
or saving habits; and the effects of the wars in Ukraine and the Middle East or the outbreak of
public health emergencies in the global economy) in areas where we have significant
operations or investments;
climate-related conditions, regulations, targets and weather events;
exposure to market
risks (e.g., risks from interest rates, foreign exchange rates, equity prices and new benchmark
indices);
potential losses from early loan repayment, collateral depreciation or counterparty risk;
political instability in Spain, the UK, other European countries, Latin America and the US;
changes in monetary, fiscal and immigration policies and trade tensions, including the imposition of tariffs and retaliatory responses and legislative, regulatory or tax changes (including regulatory capital and liquidity requirements), especially in connection with greater regulation prompted by financial crises;
acquisition integration and challenges arising from deviating management's resources and
attention from other strategic opportunities and operational matters;
uncertainty over the scope of actions that may be required by us, governments and other to
achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and potential conflicts and inconsistencies among industry and governmental standards and regulations;
our own decisions and actions, including those affecting or changing our practices,
operations, priorities, strategies, policies or procedures; and
changes affecting our access to liquidity and funding on acceptable terms, especially due to
credit spread shifts or credit rating downgrade for the entire group or core subsidiaries.
Forward looking statements are based on current expectations and future estimates about
Santander's and third-parties' operations and businesses and address matters that are
uncertain to varying degrees, including, but not limited to developing standards that may
change in the future; plans, projections, expectations, targets, objectives, strategies and goals
relating to environmental, social, safety and governance performance, including expectations
regarding future execution of Santander's and third parties' energy and climate strategies, and
the underlying assumptions and estimated impacts on Santander's and third-parties'
businesses related thereto; Santander's and third-parties' approach, plans and expectations in
relation to carbon use and targeted reductions of emissions; changes in operations or
investments under existing or future environmental laws and regulations; and changes in
government regulations and regulatory requirements, including those related to climate-
related initiatives.
Forward-looking statements are aspirational, should be regarded as indicative, preliminary and
for illustrative purposes only, speak only as of the date of this document and are informed by
the knowledge, information and views available on such date and are subject to change
without notice. Banco Santander is not required to update or revise any forward-looking
statements, regardless of new information, future events or otherwise, except as required by
applicable law.
Past performance does not indicate future outcomes
Statements about historical performance or growth rates must not be construed as suggesting
that future performance, share price or earnings (including earnings per share) will necessarily
be the same or higher than in a previous period. Nothing mentioned in this document should
be taken as a profit and loss forecast.
Not a securities offer
This document and the information it contains does not constitute an offer to sell nor the
solicitation of an offer to buy any securities.
Third Party Information
In particular, regarding the data provided by third parties, neither Santander, nor any of its directors, managers or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in by any means, Santander may introduce any changes it deems suitable, and may omit, partially or completely, any of the elements of this webcast, and in case of any deviation, Santander assumes no liability for any discrepancy.
