Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 520

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 520
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 2023 |
| US dollar                              |     |                            |     1.082 |      |     |   1.081 |      |     |                            |     1.039 |      |     |   1.105 |      |
| Pound sterling                         |     |                            |     0.846 |      |     |   0.870 |      |     |                            |     0.829 |      |     |   0.868 |      |
| Brazilian real                         |     |                            |     5.809 |      |     |   5.397 |      |     |                            |     6.427 |      |     |   5.365 |      |
| Mexican peso                           |     |                            |    19.723 |      |     |  19.158 |      |     |                            |    21.554 |      |     |  18.691 |      |
| Chilean peso                           |     |                            | 1,020.473 |      |     | 906.417 |      |     |                            | 1,032.560 |      |     | 965.192 |      |
| Argentine pesoA                        |     |                            |           |      |     |         |      |     |                            | 1,232.389 |      |     | 893.635 |      |
| Polish zloty                           |     |                            |     4.305 |      |     |   4.538 |      |     |                            |     4.275 |      |     |   4.343 |      |

A. Average exchange rates for the Argentine peso are not included since we use the exchange rate on the last working day of each period presented given it is a hyperinflationary economy. For 2024 data, we apply an alternative exchange rate for the Argentine peso that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods).

Annual report 2024 500

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

Impact of inflation on operating expenses Santander presents, for both the Group and the business units included in the primary and secondary segments: i) the changes in operating expenses in euros; ii) the changes excluding the exchange rate effect with the exception of Argentina which