Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 12

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 12
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 | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

#### Payments
Seizing a growing opportunity by capturing scale through global platforms

Note: data and YoY changes in constant euros.
Transactions include merchant payments, cards and electronic A2A payments. Payments volume includes PagoNxt Total Payments Volume (TPV) in Getnet (PagoNxt) and Cards turnover.

Network effects and global tech approach: unlocking our Group's potential

We are managing technology globally, implementing the best and most innovative common platforms across the Group, so that we develop the best technology once and operate it centrally

→ We are leveraging Artificial Intelligence (AI) to enhance efficiency, customer experience and agility. We aim to place AI at the core of every process and customer interaction.

Annual report 2024 16

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

#### LOOKING AHEAD
Our consistent track record and the implementation of ONE Santander gives us the confidence to aim higher for 2025

| 2025 Group targets                                                                                                                                                                                                                                                                                                                                                                                         |     |                              |     |           |     |         |     |                          |     |                  |
| Revenue                                                                                                                                                                                                                                                                                                                                                                                                    |     | Fees                         |     | Cost base |     | CoR     |     | CET 1                    |     | RoTE             |
| c.€62bn                                                                                                                                                                                                                                                                                                                                                                                                    |     | Mid-high single digit growth |     | Down vs.  
 2024      
 in euros  |     | c.1.15% |     | 13%                      
 operating range: 12%-13% |     | c.16.5%post-AT1A 
 >17% pre-AT1     |
| Return up to €10bn to our shareholders through share buybacks cumulative for 2025-26                                                                                                                                                                                                                                                                                                                       
 Our existing c.50% payout ratio (half cash dividend) will be supplemented with exceptional SBBs using excess capitalB                                                                                                                                                                                                                                                                                      |     |                              |     |           |     |         |     |                          |     |                  |
| Double-digit growth ofTNAV per share + dividend per sharethrough-the-cycle                                                                                                                                                                                                                                                                                                                                 |     |                              |     |           |     |         |     |                          |     |                  |
| Note: Targets presented in this chapter are market dependent and do not represent guidance. Actual results may