Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 8

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 8
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 responsibly and earning the lasting loyalty of our people, customers, shareholders and communities |     | Everything we do should be 
 Simple, Personal and Fair  |

Annual report 2024 8

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

#### OUR BUSINESS MODEL
Generating value for our stakeholders

| CUSTOMER FOCUS |     | Building a digital bank with branches |

→ Customer focus is the essence of our strategy. Our multichannel offering enables us to fulfil all our customers' financial needs, making us their global, trusted and responsive partner. → Our customer growth investments are centred around three basic things: provide great products at competitive prices, a frictionless digital experience and being a trusted financial partner. → We are building a digital bank with branches to make our customers' lives easier. By merging technology with human touch, we offer fully-digital products while ensuring our branches provide support and advice. This blend of innovation and personalization ensures our customers get the best of both worlds.

|                       |     | 2023 |     | 2024 |
| Total customers (mn)  |     |  165 |     |  173 |
| Active customers (mn) |     |  100 |     |  103 |

| SCALE |     | Global & in-market scale |

→ Santander has a unique combination of global scale and local leadership (top 3 in lending, deposits and mutual funds in most of our markets). → Our activities are organized under five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking, Wealth Management & Insurance and Payments . → These five global businesses support value creation based on the profitable growth and operational leverage that ONE Santander provides. → Our global approach to technology and development of global platforms is helping us to provide our customers with cost competitive products and the best digital experience.

|                   |     |        |     |                                |     |                             |     |   |     |   |     | ONE       
 Santander |
| Global businesses |     | Retail |     |                                |     | Retail & Commercial Banking |     |   |     | } |     |           |
| Consumer          |     |        |     | Digital Consumer Bank          |     |                             |     | } |     |   |     |           |
| CIB               |     |        |     | Corporate & Investment Banking |     |                             |