Company: BCDRF
Filing Date: 2025-10-29
Form Type: 6-K
Source: 0000891478-25-000134
Chunk: 36

Company: Banco Santander, S.A.
Filing Date: 2025-10-29
Form: 6-K
Chunk 36
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0.3 -10.3 (*) € mn and % change in constant euros. (1) % change in current euros. Underlying P&L* Q3'25 % Q2'25 9M'25 % 9M'24 % 9M'24¹ NII 436 -6.5 1,438 15.6 10.2 Net fee income 135 -2.8 431 10.1 4.9 Total revenue 630 -3.9 2,040 14.1 8.7 Operating expenses -212 -5.2 -696 4.2 -0.8 Net operating income 418 -3.2 1,344 20.0 14.3 LLPs -122 -6.8 -416 15.3 9.9 Attributable profit 165 -6.0 534 29.4 23.3 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €94bn 0% Deposits €83bn +2% Mutual funds €55bn +10% Efficiency 32.6% +0.5pp CoR 4.71% -6bps Loans €38bn +3% Deposits €26bn -1% Mutual funds €13bn +19% Efficiency 34.1% -3.2pp CoR 1.32% +23bps RoTE post-AT1 15.1% -1.0pp RoTE post-AT1 19.3% +4.4pp

50 • In Q2 2024, given a significant divergence between the official exchange rate and inflation, we decided to start using an alternative exchange rate, modelled by our Economic Research Team primarily taking into account the inflation differential of Argentina with respect to the US • Given the improved macroeconomic outlook in the country, from Q4 2024 we took the Dollar Contado con Liquidación (CCL)1 rate as a reference for this alternative exchange rate – At the end of 2024, the value of this exchange rate did not significantly differ from other market rates or the official exchange rate • In Q2 2025, we once again began to apply the official exchange rate given that the value of the dollar CCL exchange rate did not significantly differ from other market rates or the official exchange rate following the lifting of currency controls and the removal of restrictions on the purchase of