Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 10

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 10
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 corresponding to the calendar year: cash dividend + share buybacks excluding scrip dividends. Implementation
of 2024 shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.

We are in a phase of value creation, driven by higher profitability underpinned by three tenets:

| ThinkValue    |     | Deliveringdouble-digit value creation, on average through-the-cycle                                                    |
| ThinkCustomer |     | Building adigital bank with brancheswith well-targeted products and services to grow our customer base                 |
| ThinkGlobal   |     | Leveragingglobal and in-market scale, network and techto deliver world class-services and accelerate profitable growth |

Annual report 2024 11

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

#### Think

#### Value
Delivering double-digit value creation, on average through-the-cycle

→ We are entering the last year of our strategic cycle well ahead of all our key Investor Day targets for 2025

#### 2024

#### vs. ID targets for 2025
| Strength |
| FL CET1  
 12.8%    
 >12%     |

| Shareholder remuneration |
| Payout                   
 50%                      
 Cash dividend + SBB      
 50% annually             |

| Disciplined capital allocation |
| RWAs with RoRWA > CoE          
 87%                            
 c.85%                          |

| Profitability |
| RoTE          
 16.3%         
 15-17%        |

Note: target payout defined as c.50% of Group reported profit (excluding non-cash, non-capital ratios impact items), distributed approximately 50% in cash dividend and 50% in share buybacks. Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. For more details, see section 3.3 ‘Dividends and shareholder remuneration’ in the ‘Corporate governance’ chapter.

#### Think

#### Customer
Building a digital bank with branches with well-targeted products and services to grow our customer base

→ We are committed to delivering simple, lovable, life-centric products and experiences for customers

|                             |     |                       |     | 2023 |     | 2024 |
| Customer centric            |     | Total customers (mn)  |     |  165 |     |  173 |
|