Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 489

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 489
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 |      |     |         +7 |
| Net operating income               |     |  2,950 |     | 2,905 |        |     | +2 |      |     |         +7 |
| LLPs                               |     | -1,698 |     |       | -1,642 |     | +3 |      |     |         +9 |
| PBT                                |     |  1,202 |     |       |  1,222 |     | -2 |      |     |         +4 |
| Attributable profit                |     |    712 |     |       |    684 |     | +4 |      |     |        +10 |

Detailed financial information in section 4.5 'Appendix' .

Annual report 2024 450

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |     | Corporate Centre |     | Underlying attributable profit |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |     | -EUR 1,154 mn    |     |                                |
| 2024 highlights:                                                                                                                                                                                                                                                                                                                                                                                                                                                              |     |                  |     |                                |
| The Corporate Centre continued tosupport the Group and add value, defining, developing and coordinating the Group's strategy, as well asaiding the operating units.                                                                                                                                                                                                                                                                                                           
 It carries out thecorporate oversight and control functions, coordinates interactions with the Group's supervisors and regulatorsand also carries out functions relatedto financial and capital management.                                                                                                                                                                                                                                                                   
 Attributable loss of EUR 1,154 million in 2024,compared to a EUR 998 million loss in 2023, due to a weaker performance in net interest income, affected by greater interest expenses related to higher TLAC/MREL issuances and increased losses on financial transactions driven by the impact from foreign currency hedges and risk transfer initiatives, which were partially offset by an improvement in the sum of the rest of the lines (costs, net fee income and tax). |     |                  |     |                                |

Strategy and functions

The Corporate Centre contributes value to the Group, through the following functions, among others:

• Implementing global control frameworks and supervision.

• Fostering the exchange of best practices in cost management, which enables us to be one of the most efficient banks.

• Collaborating in the definition and execution of the global strategy,