Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 708

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 708
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 in 2024.

Annual report 2024 649

| Contents |     | Auditor's report |     | Consolidated financial statements |     | Notes to the consolidated financial statements |     | Appendix |

Of the entities included above, at 31 December 2024, the entities Merlin Properties, SOCIMI, S.A, and Metrovacesa, S.A. and Compañía Española de Viviendas en Alquiler, S.A., are the only listed companies.

Below is a breakdown of the Goodwill of the main investments in joint ventures and associates included in the balance of this heading:

| EUR million                                             |     |       |      |     |       |      |     |       |      |
|                                                         |     |       | 2024 |     |       | 2023 |     |       | 2022 |
| Goodwill                                                |     | 1,238 |      |     | 1,460 |      |     | 1,508 |      |
| Of which:                                               |     |       |      |     |       |      |     |       |      |
| Zurich Santander Insurance America, S.L. - Consolidated |     |   526 |      |     |   526 |      |     |   526 |      |
| Pluxee Beneficios Brasil, s.a.A                         |     |   122 |      |     |     — |      |     |     — |      |
| Caceis (Notes 3 and 12)                                 |     |     — |      |     |   337 |      |     |   337 |      |

A. Acquisition of 20% of Pluxee Beneficios Brasil, S.A. in 2024.

b) Changes

The changes in the investments were as follows:

| EUR million                                                               |     |        |      |     |       |      |     |       |      |
|                                                                           |     |        | 2024 |     |       | 2023 |     |       | 2022 |
| Balance at beginning of year                                              |     |  7,646 |      |     | 7,615 |      |     | 7,525 |      |
| Acquisitions (disposals) of companies and capital increases (reductions)A |     |  1,011 |      |     |    52 |      |     |   142 |      |
|