Company: BCDRF
Filing Date: 2025-04-04
Form Type: 6-K
Source: 0000950103-25-004378
Chunk: 2

Company: Banco Santander, S.A.
Filing Date: 2025-04-04
Form: 6-K
Chunk 2
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Global scale and macro

In her speech today, Botín will also discuss
Santander’s continued growth and profitability driven by the bank’s transformation and solid labour markets across the group’s
footprint, and the macro environment:

| · | “ONE Transformation is our plan to harness                                                                                               
 the full potential of our global scale, by combining our local leadership with the platforms we are deploying across the Group. The idea 
 behind this plan is to foster collaboration between our five global businesses — what we call “network collaboration”                    
 — as well as to offer the best solutions and scale them in all our markets through our global technology platform. This way we enhance   
 customer experience while reducing the cost to serve, growing faster and continuing to increase profitability.                           |

| · | During the first months of 2025, we have seen                                                                                         
 increased geopolitical uncertainty and high volatility in the markets across the world. The current five-year growth forecast for the 
 global economy stands at 3.1%, which is the lowest for 16 years.                                                                      |

| · | The recent announcements in the US regarding                                                                                            
 tariffs reflect an escalation in trade tensions. As a bank our focus is on helping clients navigate the volatility and we are committed 
 to doing that. Our markets, however, remain resilient. The employment data — which is the cornerstone of asset quality — is             
 very good.                                                                                                                              |

| · | Spain is expected to grow 2.5% in 2025, above                                                                                               
 the European average, reaching record employment levels, with nearly 22 million people registered in the Social Security system. In Europe, 
 we have a great challenge, and also a great opportunity to play a very significant role at a global level. It is time to take action and    
 make the changes that lead to stronger and better growth, which will enable the European social model to be sustainable.”                   |

AGM resolutions

Today, shareholders will be asked to approve a
final cash dividend from 2024 results of 11 euro cents per share, payable from 2 May 2025. This means that the total cash dividend per
share charged to 2024 will be up 19% versus the previous year at 21 euro cents. This is complemented by two share buyback programmes,
which will total €3.1 billion from 2024 earnings. The first one is already completed and the second is 43% complete. Upon completion,
the bank will have bought back nearly c.15% of its outstanding shares since November