Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000078
Chunk: 16

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 16
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 Corporate Centre, due to a lower impact from foreign currency hedges. This good performance more than offset lower results in CIB, despite higher activity in Global Markets, as this activity was concentrated in more NII and fee based products. • Other operating income in Q1 2025 registered a positive result compared to a negative result in Q1 2024, driven by a less negative impact from the hyperinflation adjustment in Argentina. This positive revenue performance keeps us on track to achieve our 2025 target of reaching a revenue level of EUR 62 billion in the year, similar to the revenue recorded in 2024.

| Total income |     |                |
| EUR million  |     |                |
|              |     | constant euros |

Administrative expenses and amortizations in Q1 2025 totalled EUR 6,489 million, down 1% year-on-year, reflecting our transformation progress and in line with our 2025 target to reduce costs in euro terms. In real terms (excluding the impact of average inflation, and in constant euros), they were also 1% lower year-on-year. Our cost management continued to focus on structurally improving our efficiency. As a result, we remain one of the most efficient banks in the world with an efficiency ratio of 41.8%, having improved 80 bps year-on-year. We continued to progress with our business transformation plan, ONE Transformation, reflected in greater operational leverage and better business dynamics. We continued to create simpler and leaner structures. As part of our simplification, in Q1 2025 we announced the

| January - March2025 |     | 13 |

| Key consolidated data 
 Business model        |     | Group financial information |     | Financial information by segment |     | Sustainability       
 Corporate governance |     | Appendix |     | Index |
|                       |     | Underlying income statement |     |                                  |     |                      |     |          |     |       |

dissolution of the regional structures, having fulfilled their mission to support the transition to the global operating model. By business and in constant euros: • In Retail , costs were down 1%, -4% in real terms (i.e. excluding inflation), reflecting our transformation efforts through the simplification and the implementation of our global platform. The efficiency ratio improved 1.3 pp year-on-year to 39.4%. • In Consumer , costs rose 3% year-on-year. In real terms, they were flat as our transformation savings offset