Company: BCDRF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000891478-25-000111
Chunk: 54

Company: Banco Santander, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 54
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 portfolios, partnering with major private equity and credit funds, as well as asset managers, such as Pemberton and Apollo, and iii) good business performances in key markets, such as the US. In Export Finance, activity was lower compared to a particularly strong H1 2024. During Q2 2025, we continued to leverage our robust capabilities in the coordination of important financing operations, closing the biggest ever advisory deal for Santander, a EUR 6.3 billion ECA-covered project finance in Poland. In Cash Management, there were good activity levels, mainly in Mexico and Brazil, partially affected by the lower interest rate environment, especially in Spain and Argentina. • In Global Banking, activity in H1 2025 was slightly better, albeit with a mixed performance across products: In Debt Finance, there was a slight decline year-on-year, but performed well taking into account the volatile environment and geopolitical uncertainty. Syndicated Loans and Acquisition Finance stood out in Europe and South America, supported by the recovery of international DCM transactions in Argentina. In Corporate Finance (CF), good trends continued with strong activity growth despite a less favourable environment, especially in ECM, where we successfully executed, either as global coordinator or bookrunner, 29 initial public offerings (IPOs) and 5 SPACs acting as sole bookrunner and we are top 10 globally and top 3 in Europe and the US in IPOs. In M&A, of note was our role as financial advisor to Stonepeak it the acquisition of a USD 5.7 billion stake in Louisiana LNG Infrastructure LLC. Additionally, our global leveraged finance franchise continued to gain scale in the US. In Structured Finance, activity was weaker than at the beginning of the year and than this time last year, but we outperformed the market. We participated in several transactions, with leading roles (global mandated lead arranger) and leadership positions in Project Finance (renewables). Fund Finance business was affected by limited fundraising activity, but we are starting to see early signs of recovery. • In Global Markets , record activity in the first half of the year, albeit with some normalization in Q2 compared to the strong start to the year, which benefited from high volatility. There were excellent performances across our footprint and products, and we are expanding our institutional franchise, in line with our strategy.

Results Attributable profit in H1 2025 rose 9% year-on-year to EUR 1,534 million. In constant euros, it grew 15%, with