Company: BCDRF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000891478-25-000113
Chunk: 12

Company: Banco Santander, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 12
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342 million, up 3% compared to H1 2024, with solid performances across all global businesses except Consumer, where DCB Europe's net fee income was impacted by new insurance regulation in Germany and the drop in new car registrations in the EU. Of note were the increases in CIB, mainly driven by Global Transaction Banking, in Wealth, due to strong performance in Private Banking and Santander Asset Management (SAM), and in Payments, due to higher activity levels.

| Net fee income |
| EUR million    |

• Gains or losses on financial assets and liabilities and exchange differences reached EUR 1,032 million (EUR 931 million in H1 2024) mainly driven by higher results in Global Markets in CIB and the Corporate Centre. • Dividend income was EUR 471 million (EUR 490 million in H1 2024). • Income from companies accounted for by the equity method reached EUR 332 million, compared to EUR 291 million in H1 2024, driven by strong results in Insurance and the Portfolio Investments business in Wealth. • Other operating income recorded a loss of EUR 206 million, compared to a EUR 895 million loss in H1 2024, which was affected by the larger hyperinflation adjustment in Argentina and the temporary levy on revenue earned in Spain, which was recorded in full in Q1 2024 (EUR 335 million), whereas in H1 2025 the expected tax on income obtained in Spain for the year accrued under 'Tax expense or income from continuing operations'. In summary, a resilient performance in total income reflecting our diversification and global scale, even in the current interest rate environment.

| Total income |
| EUR million  |

#### January - June202511
| Significant events    
 Key consolidated data 
 Business model        |     | Group financial information |     | Financial information by segment |     | Sustainability       
 Corporate governance |     | Appendix |     | Index |
|                       |     | Statutory income statement  |     |                                  |     |                      |     |          |     |       |

Operating expenses Operating expenses in H1 2025 amounted to EUR 12,364 million, 1% lower year-on-year, reflecting our progress in transformation. Our cost management continued to focus on structurally improving our efficiency and, as a result, we remain one of the most efficient banks in the world. We continued to drive our business transformation plan, ONE Transformation, across our footprint, reflected in greater operational leverage and better commercial dynamics.

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