Company: BCDRF
Filing Date: 2025-10-29
Form Type: 6-K
Source: 0000891478-25-000132
Chunk: 16

Company: Banco Santander, S.A.
Filing Date: 2025-10-29
Form: 6-K
Chunk 16
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 our mid- to high-single digit growth target for 2025.

| Net fee income |     |                |
| EUR million    |     |                |
|                |     | constant euros |

• Gains on financial transactions rose 18%, boosted by an increase in the Corporate Centre due to lower impacts from foreign exchange hedges, and better results from the performance of the stakes managed by our Portfolio Investments business line.

| 14 |     | January- September2025 |

| Significant events    
 Key consolidated data 
 Business model        |     | Group financial information |     | Financial information by segment |     | Sustainability       
 Corporate governance |     | Appendix |     | Index |
|                       |     | Underlying income statement |     |                                  |     |                      |     |          |     |       |

• Other operating income in 9M 2025 improved compared to the same period in 2024, mainly driven by a less negative impact from the hyperinflation adjustment in Argentina. This positive revenue performance keeps us on track to achieve our 2025 target of reaching a revenue level of around EUR 62 billion in the year, similar to the revenue recorded in 2024.

| Total income |     |                |
| EUR million  |     |                |
|              |     | constant euros |

Administrative expenses and amortizations in 9M 2025 amounted to EUR 19,133 million, down 1% compared to 9M 2024 (+3% in constant euros). In real terms (excluding the impact of average inflation and in constant euros), they were flat year-on-year. As a result, the efficiency ratio stood at 41.3%, improving 36 bps year-on-year. Our cost management remained focused on structurally improving our efficiency and maintaining our position as one of the most efficient global banks. We continued to make progress in our business model transformation plan, ONE Transformation, which provides greater operational leverage, improving business dynamics and promoting leaner and more agile structures. Costs by business and in constant euros were as follows: • In Retail , costs rose 1%. In real terms, they fell 2%, reflecting our transformation efforts through the simplification and the implementation of our global platform. The efficiency ratio stood at 39.2%. • In Consumer , costs increased 3% year-on-year. In real terms, they rose just 1% as our transformation savings largely offset our investments in leasing and check-out lending platforms, as well as in Openbank, and C