Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 676

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 676
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In addition, the 2024 remuneration policy also includes expected shareholder remuneration through the implementation of share buyback programs to which an amount equivalent to 25% of the Group's ordinary profit will be allocated. The first of these programs based on the results of 2024, for an approximate amount of EUR 1,525million, was completed between August 2024 and January 2025. On 6 February 2025 a second buyback program on account of the 2024 results was started for a maximum amount of EUR 1,587million. It also submits to the general meeting of shareholders an agreement for reduction of capital that will allow the amortization of own shares acquired in this second repurchase program, subject to the relevant regulatory authorization.

The accounting statement, prepared by the Bank pursuant to legal requirements, evidencing the existence of sufficient liquidity for the payment of the interim dividend on the date and for the amount mentioned above, was as follows:

| EUR million                  |     |        |                |
|                              |     |        | 31 August 2024 |
| Profit before taxes          |     |  6,549 |                |
| Tax expense                  |     |    373 |                |
| Dividends paid in cash       |     |      — |                |
| Distributable maximum amount |     |  6,176 |                |
| Available liquidity          |     | 87,847 |                |

Finally, and although it is not part of the remuneration charged to the 2024 financial year, it should be noted that pursuant to the resolution of the Bank's General Meeting of Shareholders held on 22 March 2024, on 2 May 2024 the Bank paid a complementary cash dividend of EUR 9.5cents per share charged to the results of the 2023 financial year. Finally, also charged to the results of 2023, the Bank implemented tworepurchase programs. The first of them for a maximum amount of EUR 1,310million, which ended on January 2024 and the second one, for a maximum amount of EUR 1,459million, which ended in June 2024.

Annual report 2024 624

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

b) Earnings/loss per share from continuing and discontinued operations i. Basic earnings / loss per share Basic earnings/loss