Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 496

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 496
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 Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

#### 4.5 Appendix
Note: In 2024 for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods). For further information, see section 8. 'Alternative performance measures' of this chapter.

Additionally, in line with the changes published in the Q1 2024 quarterly report, balance sheet series include adjustments to some of the 2023 metrics published in the Annual report 2023 in Retail & Commercial Banking, Digital Consumer Bank, CIB and Wealth Management & Insurance to better reflect our five global businesses’ perimeters according to our new operating model; these adjustments do not affect business volumes metrics at the Group level.

Primary segments

| RETAIL & COMMERCIAL BANKING                |     |         |      |     |         |      |     |       |   |     |       |            |
| EUR million                                |     |         |      |     |         |      |     |       |   |     |       |            |
| Underlying income statement                |     |         | 2024 |     |         | 2023 |     |       | % |     |       | % excl. FX |
| Net interest income                        |     |  27,942 |      |     |  25,550 |      |     |   9.4 |   |     |  11.0 |            |
| Net fee income                             |     |   4,681 |      |     |   4,497 |      |     |   4.1 |   |     |   7.3 |            |
| Gains (losses) on financial transactions ᴬ |     |     812 |      |     |     854 |      |     |  -4.9 |   |     |  -4.0 |            |
| Other operating income                     |     |    -974 |      |     |  -1,146 |      |     | -15.1 |   |     | -14.3 |            |
| Total income                               |     |  32,461 |      |     |  29,754 |      |     |   9.1 |   |     |