Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000080
Chunk: 5

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 5
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2024 onwards for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods). For further information, please see the ‘Alternative Performance Measures’ section of the Quarterly Financial Report. (1) YoY attributable profit growth if we accrue the 2024 temporary levy on revenue earned in Spain, in line with the criteria used for the banking tax in Spain in 2025. • 2025 has started with excellent business and commercial dynamics • Revenue growth backed by record net fee income • C/I and CoR improvement • Higher RoTE SANTANDER (*) Revenue profile is significantly affected by Argentina (non-material in total revenue): -€609mn in NII YoY compensated by +€554mn from lower inflation in other income. Current Constant € million Q1'25 Q1'24 % % NII 11,378 11,983 -5 -2 Net fee income 3,369 3,240 4 9 Other income 790 157 n.m. n.m. Total revenue 15,537 15,380 1 5 Operating expenses -6,489 -6,547 -1 2 Net operating income 9,048 8,833 2 7 LLPs -3,161 -3,125 1 7 Other results -700 -1,125 -38 -36 Attributable profit 3,402 2,852 19 24 10 13 Group P&L Att. profit like-for-like Spanish banking tax1 * NII excluding Argentina: +0% in current +4% in constant Total revenue excluding Argentina: +1% in current +5% in constant

8 Consistent execution of ONE Transformation is driving both revenue and costs ahead of plan … • Wealth: collaboration fees with CIB and Corporates reached €1.1bn (+10% vs. Q1’24) • Consumer: expansion of OEM agreements • Multi-Nationals: +2% YoY revenue growth • Product simplification: 40% fewer products vs. Q1’24 (-51% vs. Dec-22) • 63% products / services digitally available (62% Dec-24; 56% Dec-23) • US: $260mn efficiencies captured in Consumer and Commercial since 2022 • Global approach to technology: €40mn efficiencies in Q1’25 (€492mn since Dec-22)