Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 4

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 4
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 RISK                            |     | 549 |
| 8. STRATEGIC RISK                        |     | 551 |

### Auditor's report and consolidated financial statements
| AUDITOR'S REPORT                  |     | 562 |
| CONSOLIDATED FINANCIAL STATEMENTS |     | 572 |

| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |     | 588 |
| APPENDIX                                       |     | 829 |

| GENERAL INFORMATION |     | 870 |

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

2024 consolidated
directors’ report

This report was approved unanimously by our board of directors on 25 February 2025

#### Our approach to this document
We changed the layout of our consolidated directors’ report in 2018 to include the contents previously provided in these documents, which we no longer prepare separately:

• Annual report

• Consolidated directors’ report

• Annual corporate governance report (CNMV format document)

• Board committee reports

• Sustainability report

• Annual report on our directors’ remuneration (CNMV format document)

The consolidated directors’ report also includes all information required by Spanish Act 11/2018 on non-financial information and diversity and the information on sustainability prepared by the Group in accordance with the European Standards of Sustainability Reporting (ESRS). It can be found in the 'Sustainability statement' chapter, which constitutes the consolidated non-financial information statement and sustainability information.

#### Non-IFRS and alternative performance measures
This report contains financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as alternative performance measures (APMs) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non-IFRS measures. The APMs and non-IFRS measures were calculated with information from Grupo Santander; however, they are neither defined or detailed in the applicable financial reporting framework nor audited or reviewed by our auditors.

We use the APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider them to be useful metrics for our management and investors to compare operating performance between accounting periods.

Nonetheless, the APMs and non-IFRS measures are supplemental information; their purpose is not to substitute the IFRS measures.