Company: BCDRF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000891478-25-000111
Chunk: 20

Company: Banco Santander, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 20
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| EUR million  |     |                |
|              |     | constant euros |

Administrative expenses and amortizations in H1 2025 amounted to EUR 12,865 million, in line with H1 2024 (+4% in constant euros). In real terms (excluding the impact of average inflation and in constant euros), they were flat year-on-year. The efficiency ratio stood at 41.5%, improving 10 bps year-on-year. Our cost management remained focused on structurally improving our efficiency and maintaining our position as one of the most efficient global banks. We continued to progress with our business model transformation plan, ONE Transformation, which provides greater operational leverage, improving business dynamics and promoting leaner and more agile structures. By business and in constant euros as follows: • In Retail , costs were up 2%. In real terms, they fell 1%, reflecting our transformation efforts through the simplification and the implementation of our global platform. The efficiency ratio stood at 39.4%. • In Consumer , costs increased 3% year-on-year. In real terms, rose 1% as our transformation savings offset our investments in leasing and check-out lending platforms and in Openbank. The efficiency ratio stood at 41.5%. • In CIB , costs rose 8%, +5% in real terms, due to the investment in new products and capabilities to drive growth. We maintained a leading position among peers with an efficiency ratio of 43.7%. • In Wealth , costs rose 9%. In real terms, they increased 6%, reflecting our investments to reinforce Private Banking teams and new capabilities to address the increase in commercial activity. The efficiency ratio improved 1.5 pp year-on-year to 35.7%. • In Payments , costs rose 2% but decreased 1% in real terms, e ven after investments in platforms in both Cards and PagoNxt . The efficiency ratio stood at 42.2%, a 4.6 pp improvement year-on-year.

| Operating expenses |     |                |
| EUR million        |     |                |
|                    |     | constant euros |

Net operating income in H1 2025 amounted to EUR 18,145 million, in line with H1 2024. In constant euros, it rose 5%, underpinned by the good performances in NII, net fee income and gains on financial transactions and a lower impact from the hyperinflation adjustment.

| Net operating income |     |                |
| EUR