Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 514

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 514
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. • Wealth: accelerate growth through initiatives to expand cross-border client relationships, while enhancing local private banking.

| Mexico |

• Strengthen our Retail transformation and enhance our model by focusing on digital offerings and channels, new service models, continued product simplification and customer primacy. • Roll-out new digital capabilities, particularly through the launch of Openbank, to challenge the rise of neobanks with a superior and fully-digital value proposition. • Grow selectively, rebalancing our asset mix towards more profitable and capital-light businesses. • Reinforce our low-cost producer positioning, offering the best products at the best price while improving our deposit mix.

| South America |

| Brazil |

• Focus on being the primary bank for our customers. Sustain value creation and continue to personalize our offering and improve customer experience, through intensive use of technology. • Continue with our sustainable growth strategy, focusing on disciplined capital management, process optimization and cost reduction to improve profitability. • Further diversify our asset portfolio and boost our liabilities business and transactional revenue.

| Chile |

• Continue to digitally transform the bank, capturing new customers, maintaining our NPS leadership and consolidating our position in the mass segment through new product offerings. • Strengthen our corporate and private banking franchise, with specialized value propositions and a leadership position in transactional foreign exchange and Wealth Management products. • Continue to transform our operating model, boosting global initiatives, converging our platforms, further simplifying our offering and reducing cost per active customer.

| Argentina |

• Further develop our financial platform, promoting synergies between businesses and within value chains, and consolidating recent inorganic acquisitions. • Continue to pursue our profitable growth and value creation strategy. Increase productivity and reduce cost to serve by streamlining products and processes. Focus on operational excellence and market leadership in customer experience.

Annual report 2024 491

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

#### 8. ALTERNATIVE PERFORMANCE MEASURES (APMs)
In addition to the financial information prepared under IFRS, this consolidated directors’ report contains financial measures that constitute alternative performance measures (APMs) to comply with the guidelines on alternative performance measures issued by the European Securities and Markets Authority on 5 October 2015 and non-IFRS measures.

The financial measures contained in this consolidated directors’ report that qualify as APMs and non-IFRS measures have been calculated using our financial information but are