Company: BCDRF
Filing Date: 2025-07-30
Form Type: 6-K
Source: 0000891478-25-000103
Chunk: 25

Company: Banco Santander, S.A.
Filing Date: 2025-07-30
Form: 6-K
Chunk 25
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     | TNAV per share                                                                                                  |     |         |     |                                                                                                     |     |         |
|                                                                                                                     |     | TNAV per share wasEUR 5.50, increasing 16% year-on-year including the cash dividends paid in Nov-24 and May-25. |     |         |     |                                                                                                     |     |         |
| Note: Phased-in ratios are calculated in accordance with the transitory treatment of the CRR.                       |     |                                                                                                                 |     |         |     |                                                                                                     |     |         |

As at end June 2025, the total phased-in capital ratio (applying the CRR transitional arrangements) stood at 17.2% and the phased-in CET1 ratio at 13.0%, in line with the 13% target for 2025 that we announced in Q4 2024. We comfortably meet the levels required by the ECB on a consolidated basis, estimated at 13.9% for the total capital ratio and at 9.6% for the CET1 ratio. This resulted in a distance to the maximum distributable amount (MDA) of 304 bps and a CET1 management buffer of 334 bps. In the quarter, the CET1 ratio increased 0.1 pp. We had 54 bps of capital through attributable profit generation and had a small uplift from net organic RWAs as risk transfer initiatives more than offset an increase in RWAs. There was a -29 bp impact related to capital distributions, including the deduction for the accrual of shareholder remuneration against profit earned in Q2 2025, in line with our 50% payout target 1 , and AT1 costs. Additionally, there were -6bps from regulatory headwinds (mostly relating to capital model changes) and -8bps in markets and others (mostly minority interests).

Although the CRR3 fully-loaded criteria are not yet fully defined, our current estimate for the fully-loaded CET1 ratio is comfortably above our >12% Investor Day target for 2025 year end. TNAV per share ended the quarter at EUR 5.50. Including the interim cash dividend paid in November 2024 (EUR 10.00 cents per share) and final cash dividend paid in May (EUR 11.00 cents per share), both charged against 2024 results, TNAV plus cash dividend per share increased 15.6% in the last twelve months (+2.7% in the quarter