Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000080
Chunk: 31

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 31
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 Loans declined in line with our focus on profitability and deposits impacted by a more competitive environment • Net operating income +16% YoY, on the back of strong NII growth (margin management) and lower costs (transformation), not reflected in profit due to LLP normalization and restructuring provisions • In the quarter, 4% net operating income growth, backed by lower costs (transformation and seasonality), was more than offset by aforementioned provisions • Loans flat, as CIB rise was offset by SME amortizations. Deposit migration to demand. Mutual funds up double digits • Profit +49% YoY (+15% like-for-like temporary bank levy1), due to strong fee performance (mutual funds), gains on financial transactions (CIB) and lower LLPs (active risk management) • Profit +24% QoQ driven by strong fee performance, lower costs (seasonality in Q4) and better LLPs

49Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). Negative CoR indicates net releases. PORTUGAL POLAND Underlying P&L* Q1'25 % Q4'24 % Q1'24 NII 348 4.8 -19.2 Net fee income 126 13.9 -1.2 Total revenue 503 9.7 -13.9 Operating expenses -136 -5.2 1.4 Net operating income 367 16.5 -18.4 LLPs 14 — — Attributable profit 278 33.0 -8.2 (*) € mn and % change. Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 744 -1.0 5.2 8.5 Net fee income 189 11.4 4.5 7.8 Total revenue 883 -6.5 2.7 5.9 Operating expenses -256 1.4 8.3 11.7 Net operating income 627 -9.4 0.6 3.8 LLPs -78 -32.4 -42.3 -40.5 Attributable profit 237 46.9 8.0 11.4 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €40bn +4% Deposits €39bn +7% Mutual funds €5bn +