Company: BCDRF
Filing Date: 2025-10-29
Form Type: 6-K
Source: 0000891478-25-000132
Chunk: 17

Company: Banco Santander, S.A.
Filing Date: 2025-10-29
Form: 6-K
Chunk 17
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rediScotia's integration costs. The efficiency ratio stood at 40.9%. • In CIB , costs rose 6%, +3% in real terms, due to investments in new products and capabilities to drive growth. We maintained a leading position among peers with an efficiency ratio of 44.9 %. • In Wealth , costs grew 9%. In real terms, they increased 6%, reflecting our investments to reinforce Private Banking teams and new capabilities to address the increase in commercial activity. The efficiency ratio improved 1.3 pp year-on-year to 35.9%.

• In Payments , costs rose 3% but decreased 1% in real terms, due to the savings generated from the use of our platforms . The efficiency ratio stood at 40.8%, a 5.2 pp improvement year-on-year.

| Operating expenses |     |                |
| EUR million        |     |                |
|                    |     | constant euros |

Net operating income in 9M 2025 amounted to EUR 27,144 million, up 1% compared to 9M 2024. In constant euros, it rose 5%, underpinned by the good performance across all revenue lines and the positive impact on costs from our transformation efforts.

| Net operating income |     |                |
| EUR million          |     |                |
|                      |     | constant euros |

Net loan-loss provisions in 9M 2025 amounted to EUR 9,109 million, a 1% decrease year-on-year. In constant euros, they increased 5%, mainly due to: i) higher provisions in Payments, mainly in Cards, due to strong loan growth in general and by model changes and updates, in a less favourable macro environment in some of our countries; and ii) the increase in Corporate Centre due to provisions in H1 2025 related to our plan to accelerate NPL ratio reductions, improving the Group's credit quality. As a result, the cost of risk improved 5 bps year-on-year to 1.13%, in line with the Group’s 2025 target.

| January - September2025 |     | 15 |

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

| Net loan