Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000078
Chunk: 3

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 3
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 and earning the lasting loyalty of our people, customers, shareholders and communities |
| Our how                                                                                                                                                       |
| Everything we do should beSimple, Personal and Fair                                                                                                           |

| January - March2025 |     | 5 |

| Key consolidated data 
 Business model        |     | Group financial information |     | Financial information by segment |     | Sustainability       
 Corporate governance |     | Appendix |     | Index |
|                       |     | General background          |     |                                  |     |                      |     |          |     |       |

### GROUP FINANCIAL INFORMATION

### General background
Grupo Santander's operating environment in Q1 2025 was characterized by a moderate global economic slowdown, with falling interest rates and a decline in inflation across most of our footprint. Labour markets continued to have relatively low unemployment rates across most of our countries. Geopolitical and commercial tensions have increased and there has been greater volatility in global financial markets. Looking ahead, and with the information available to date on the events that have occurred in the second quarter (trade tensions and market volatility), these trends could intensify.

| Country |     |                |     | GDP Change1 |     | Economic performance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|         |     | Eurozone       |     | +1.2%       |     | Economic activity was weak in Q1 2025, reflected in confidence indicators which remained at low levels. Inflation fell to 2.2% in March. Although it seemed in March that the ECB would pause interest rate cuts, in April it reduced rates again to 2.25% due to the greater uncertainty regarding global trade and concerns over economic growth.                                                                                                                                                                                               |
|         |     | Spain          |     | +3.4%       |     | The Spanish economy has begun 2025 positively, albeit less so than in previous quarters. This points to solid growth, though more contained in the year as a whole, driven by internal demand. The labour market remains strong, with the number of people enrolled in social security at record levels. Inflation fell to 2.3% in March, with a moderation in services prices.                                                                                                                                                                   |
|         |     | United Kingdom |     | +1.5%       |     | Economic indicators up to March suggest a generalized improvement in activity before the change in US trade policy and the impact of the new taxes in early April. The labour market cooled, although the unemployment rate remains at very low levels (4.4% in January), and