Company: BCDRF
Filing Date: 2025-10-29
Form Type: 6-K
Source: 0000891478-25-000132
Chunk: 49

Company: Banco Santander, S.A.
Filing Date: 2025-10-29
Form: 6-K
Chunk 49
---
       |     |      +12 |     |  2,352 |       |     | +3 |       |     |       +3 |
| LLPs                                        |     |  -307 |       |     |  +8 |       |     |       +8 |     |   -926 |       |     | +7 |       |     |       +7 |
| PBT                                         |     |   485 |       |     | +31 |       |     |      +31 |     |  1,212 |       |     | +5 |       |     |       +5 |
| Detailed financial information in appendix. |     |       |       |     |     |       |     |          |     |        |       |     |    |       |     |          |

|            |     | DCB US |     | Profit before tax |
| EUR 669 mn |     |        |     |                   |

Commercial activity and business performance Almost one year after its launch, Openbank has welcomed around 160,000 new customers and captured USD 5.8 billion in deposit balances. Our partnership with Verizon also continued to deliver strong results, with more than 21,000 accounts opened and approximately USD 520 million in balances gathered since its launch in April. Gross loans and advances to customers, excluding reverse repos and in constant euros, posted a 5% drop year-on-year, mainly impacted by our asset rotation initiatives (in line with our capital light strategy), reduced new business volumes in a market with lower activity and our continued focus on profitability. Customer deposits, excluding repos and in constant euros, rose 10% year-on-year, backed by the aforementioned growth in Openbank. Mutual funds also grew, contributing to an 11% increase in customer funds. Results In 9M 2025 , profit before tax increased 52% year-on-year, reaching EUR 669 million. In constant euros, it grew 56%, as follows: • Total income rose 1%, as stronger net interest income (higher auto loan yields) and net fee income (auto servicing fees), compensated a decline in leasing income, particularly due to lower volumes and residual values. • Costs increased slightly (+2%), as savings from our transformation initiatives partially compensated our investments in Openbank. • Net loan-loss provisions improved 12%, driven by resilient customer behaviour, used car prices stable at high levels and capital relief measures. As a result, cost of risk improved 42 bps to 4