Secucor Finance 2025-1 DAC: 02 October 2025

The issuer will make payments on the Notes from the cash-flow generated by a portfolio of consumer loans originated by Financiera El Corte Inglés EFC SA, whose business lines are: granting consumer loans and credits, mortgages and financing for commercial transactions; factoring with or without recourse and the ancillary activities thereto, such as research and classification of customers, accounting of receivables and generally any other activity that may assist in administrating, evaluating, securing and financing the credits transferred to it in its domestic or international mercantile activity; issuing and administering credit cards; granting bonds and guarantees and underwriting similar commitments.

The Seller was previously a wholly-owned subsidiary of the El Corte Inglés Group, whose parent company, El Corte Inglés SA, held, directly and indirectly, all of the Seller´s share capital. However, on 7 October 2013, the Seller's shareholders agreed to sell 13,923,000 shares in the Seller, representing 51% of its share capital, to Santander Consumer Finance SA.

Eligibility criteria (includes): is payable in Euro; is fully owned by the seller and is free and clear of any Adverse Claim other than those created by operation of law; constitutes the legal, valid and binding obligation of one or more Eligible Obligors; is not a Restructured Loan; is not a Delinquent Receivable; is not a Defaulted Receivable; it is governed by and subject to the laws of Spain; it provides for the payment of the Receivables due thereunder by direct debit.

The following statistical information sets out certain characteristics of the Receivables Portfolio as at the Initial Receivables Portfolio Reference Date (31 May 2025). Total number of loans – 922,630, Average Loan Outstanding Balance – Eur867, Weighted average account age 56.05, Weighted Average Original Term (months) 28.13.

EU Risk Retention: Financiera El Corte Inglés E.F.C., S.A., as retention holder will retain, as originator for the purposes of the EU Securitisation Regulation, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of the EU Securitisation Regulation and Article 6 of the Delegated Regulation 2023/2175. As at the Closing Date, such interest will be the retention of not less than 100 randomly selected exposures, equivalent to not less than 5 % of the nominal value of the securitised exposures.
Compare/contrast: Secucor Finance 2021-1, BBVA Consumo 13 FTA, AZUL Master Credit Cards (MTN Programme).