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Item 5 — Management's Discussion and Analysis
Banco Santander, S.a. · 20-F · FY 2025 · Period ended Dec 31, 2025
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A. Operating results Directors' report. Economic and financial review. Sections 4 and 5 420
Supplemental information. Section 6 977
B. Liquidity and capital resources Directors' report. Economic and financial review. Section 4.4 and 4.5 441
Supplemental information. Section 7 978
Note 35 to our consolidated financial statements 749
C. Research and development, patents and licenses, etc. Note 18 to our consolidated financial statements 705
Directors' report. Economic and financial review. Section 7 509
Contents Cross-reference to Form 20-F Consolidated director's report Consolidated financial statements Supplemental information
Form 20-F item number and caption Location Page
D. Trend information Directors' report. Economic and financial review. Section 10 537
E. Critical accounting estimates Note 1c) to our consolidated financial statements 638
Note 2 to our consolidated financial statements 641
Note 17 to our consolidated financial statements 703
Note 18 to our consolidated financial statements 705