Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 407

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 407
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 been approved by the board of directors of the company, at its meeting on 25 February 2025.

State if any directors have voted against or abstained from approving this report.

Yes o No þ

Annual report 2024 382

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

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Annual report 2024 383

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

### ECONOMIC AND FINANCIAL REVIEW
Annual report 2024 384

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

#### 2024 Highlights
We delivered record profit for the third consecutive year, creating value for shareholders...

| →Record profiton the back of 8mn new customers YoY and strong revenue growth                               
 →A groundbreaking year in our transformationdriving strongoperating performance and profitable growth      
 →Solid balance sheetwith sound credit quality and capital ratio reflectingall-time high organic generation 
 →Delivering double-digitvalue creation and higher shareholder remuneration                                 |

| FY’24 Attributable Profit |     | FY’24 Revenue |
| €12.6bn                   
 +14%                      |     | €62bn         
 +8%           |
| Efficiency ratio          |     | RoTE          |
| 41.8%                     
 –226bps                   |     | 16.3%         
 +121bps       |
| CoR                       |     | FL CET1       |
| 1.15%                     
 -3bps                     |     | 12.8%         
 +51bps        |
| TNAVps + DPS              |     | Cash DPS      |
| +14%                      |     | +39%          |

### … and achieved all our 2024 financial targets
|                  |     | 2024 targets                      |     | 2024 achievements |     |   |
| RevenueA         |     | High-single digit growth          |     | +10%              |     | ü |
| Efficiency ratio |     | c.42%                             |     | 41.8%             |     | ü |
| Co