Company: BCDRF
Filing Date: 2025-10-29
Form Type: 6-K
Source: 0000891478-25-000132
Chunk: 53

Company: Banco Santander, S.A.
Filing Date: 2025-10-29
Form: 6-K
Chunk 53
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 Air France, among others. In Latin America, we led the primary market as active bookrunner, in sovereign and corporate transactions. In the US, we continue to grow in the corporate hybrid capital market. • In Structured Finance, activity was better year-on-year, supported by a better quarter, mainly in the US in the telecommunications and power sectors. We maintained a leading position globally in energy transition, renewables and infrastructure and debt advisory. In Global Markets , positive activity year-on-year, albeit with some normalization in Q3 2025 after a strong start to the year in H1 2025, which benefitted from high volatility, mainly in Europe and South America. We continue to deliver solid performances across most products, especially Securities Financing and Securitized Products, particularly in the US as a result of our strategic focus on institutional clients and effective risk management across countries and asset classes.

Results Attributable profit in 9M 2025 rose 6% year-on-year to EUR 2,168 million. In constant euros, it grew 10%, with the following detail: • Total income rose 6%, supported by net interest income, which rose 7%, mainly due to GM boosted by lower cost of funding, and higher activity in Europe and the US, and by n et fee income (+7%), which grew in all businesses. Other income was relatively stable year-on-year. By country, of note were double-digit increases in the US, Mexico, Brazil and in our branches in Asia and the UK. By business, we saw double-digit revenue growth in GM, in fixed income, currencies & commodities (FICC) and equity products. In GB, there was double-digit growth in CF, particularly in the US, and a strong quarter in Structured Finance. GTB decreased slightly, as growth in Trade & Working Capital Solutions was offset by lower results in Cash Management and Export Finance.

| CIB. Total income by business.9M 2025      |
| EUR million and % change in constant euros |

| Note: total income includes revenue from other activities which are less material (EUR 141 million in 9M'24 and EUR 47 million in 9M'25). |

• Costs increased 6% due to the investments made in new products and capabilities to drive growth. The efficiency ratio was 44.9%, one of the best in the sector. • Net loan-loss provisions have a limited impact on CIB results due to the nature of the business and to the high quality of