Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 679

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 679
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 amounts are the 22% of the 30% of the last threeassigned bonus' average. 2024 was a groundbreaking year in our transformation. We delivered solid operating performance and profitable growth, with record attributable profit of EUR 12,574million on the back of a strong increase in revenue that grew far above costs, and all this progress with an improvement in cost of risk. These excellent results enabled us to achieve the targets we set for the year: a CET1 ratio of 12.8% (far exceeding forecasts and driven by strong net organic capital generation of over 200basis points) and shareholder value creation (TNAV per share plus cash DPS up 14% year on year and cash dividend per share of up 39% year on year). All this, coupled with our business model and robust balance sheet, enabled us to achieve an initial bonus pool of 172.30%. However, to make this pool more consistent with shareholder returns, the board approved a negative adjustment of 27.30%. Moreover, the ratio of executive directors’ total remuneration to underlying attributable profit fell to 0.18% from 0.19% in 2023.

Annual report 2024 627

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

iii. Detail by director

The detail, by bank director, of the short-term (immediate) and deferred (not subject to long-term goals) remuneration for 2024 and 2023 is provided below:

| EUR thousand                |     |      |       |                     |                 |       |     |                       |     |     |     |                        |                                                                  |     |     |                                                            |     |     |                                      |     |     |     |                                 |     |       |
|                             |     | 2024 |       |                     |                 |       |     |                       |     |     |     |                        |                                                                  |     |     |                                                            |     |     |                                      |     |     |     |                                 |     |       |
| Bylaw-stipulated emoluments |     |      |       |                     |                 |       |     |                       |     |     |     |                        |                                                                  |     |     |                                                            |     |     |                                      |     |     |     |                                 |     |       |
| Annual emolument            |     |      |       |                     |                 |       |