Company: BCDRF
Filing Date: 2025-10-29
Form Type: 6-K
Source: 0000891478-25-000132
Chunk: 4

Company: Banco Santander, S.A.
Filing Date: 2025-10-29
Form: 6-K
Chunk 4
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     | Index |
|                       |     | General background          |     |                                  |     |                      |     |          |     |       |

### GROUP FINANCIAL INFORMATION

### General background
Grupo Santander's operating environment in Q3 2025 was characterized by a moderate global economic slowdown, with falling interest rates and a decline in inflation across most of our footprint. Labour markets continued to have relatively low unemployment rates across most of our countries. Geopolitical and commercial tensions remained, however though easing slightly compared to previous quarters. We expect the main macroeconomic trends to continue during the rest of the year.

| Country |     |                |     | GDP Change1 |     | Economic performance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|         |     | Eurozone       |     | +1.5%       |     | GDP growth slowed in Q2 2025, due to the decline in exports to the US. The labour market was resilient, with unemployment rate at historic lows (6.2% in July). Inflation is close to the 2% target. Since cutting interest rates to 2% in June, the ECB has since held rates, signalling that is comfortable with the current degree of monetary policy easing.                                                                                                                                                                                                |
|         |     | Spain          |     | +3.1%       |     | Indicators in Q3 2025 point to solid growth, albeit more moderate in the year as a whole, mainly driven by domestic demand. The labour market remained strong, with the number of people enrolled in social security at record levels, though growth decelerated slightly in Q3 2025. Inflation rebounded year-on-year to 3% in September, driven by energy prices, but we expect a decline over the rest of the year. We expect core inflation (2.4% in September) to fall more gradually due to the stickiness of services prices.                            |
|         |     | United Kingdom |     | +1.2%       |     | The economy was more resilient than expected in Q2 2025, with growth driven by public spending and inventories. The labour market is stabilizing following the corporate tax hike and minimum wage increase in April, with the unemployment rate at 4.8% in July and stable wage growth, Though it remained elevated at +5% year-on-year. In August, headline inflation stabilized (3.8% in September) and core inflation eased to 3.5%, but both remain elevated. In this context