Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000078
Chunk: 31

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 31
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 below, and ii) additional buybacks following the publication of annual results to distribute year-end excesses of CET1 capital. The ordinary remuneration policy for 2025 results which the board intends to apply will remain the same as for the 2024 results, consisting of a total shareholder remuneration of approximately 50% of the Group's reported profit (excluding non-cash and non-capital ratios impact items), distributed in approximately equal parts between cash dividends and share buybacks. The execution of the shareholder remuneration policy and share buybacks to distribute the excess CET1 capital is subject to future corporate and regulatory approvals.

Share price performance Santander's shares are listed on five markets: on four exchanges in Spain (Madrid, Barcelona, Bilbao and Valencia), in the US (as an ADR), in the UK (as a CDI), in Mexico (Sistema Internacional de Cotizaciones) and in Poland. During Q1 2025, markets showed volatility, driven by geopolitical tensions and growing uncertainty regarding US trade policy, particularly in the implementation of tariffs in various regions. On the monetary side, major central banks took different paths: the ECB and the Bank of England cut interest rates during the quarter (50 bps and 25 bps, respectively), while the Federal Reserve held rates. In Latin America, Brazil's central bank raised rates by 200 bps during the period (100 bps at each of its meetings), while the Mexico's central bank made two rate cuts of 50 bps each. In this environment, equity markets performed well, showing widespread growth. Santander's share ended March 2025 with a positive return of 38.8%, above both the sector and the European market. In the banking sector, the Eurostoxx Banks, the eurozone's main index, increased 27.5%, while the DJ Stoxx Banks rose 21.5% and the MSCI World Banks increased 6.6%. The other main indices also closed up in the quarter, but rose by slightly less (Ibex 35 +13.3% and DJ Stoxx 50 +5.5%).

| Share price       |     |                   |
| START31/12/2024   |     | END31/03/2025     |
| €4.465            |     | €6.196            |
| Maximum26/03/2025 |     | Minimum02/01/2025 |
| €6.661            |     | €