Company: BCDRF
Filing Date: 2025-07-30
Form Type: 6-K
Source: 0000891478-25-000103
Chunk: 5

Company: Banco Santander, S.A.
Filing Date: 2025-07-30
Form: 6-K
Chunk 5
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 June. The central bank continued to cut the official interest rate in its two latest meetings, -100 bps in total to 8% in June, and suggested further cuts in the future, but potentially at a more gradual pace. |
|         |     | Brazil         |     | +2.9%       |     | The economy slowed at the beginning of Q2 2025, though it maintained strong momentum in the services sector and a very low unemployment rate (below 7%). The annual inflation rate moderated, but remained high (5.4% in June) and medium-term expectations remained above target. The central bank continued its cycle of interest rate hikes with two increases in Q2 2025, +75 bps in total to 15%, and suggested that it will now hold rates steady for an extended period.                                                                                                                      |
|         |     | Chile          |     | +2.3%       |     | The economy showed signs of a moderate slowdown in Q2 2025, after the pick up in exports in Q1 2025. Inflation, though still high, is clearly easing (4.1% in June) and is expected to converge towards the central bank of Chile's 3% target in early 2026. The central bank kept interest rates unchanged but suggested that it may resume the rate-cutting cycle that it paused at the end of 2024.                                                                                                                                                                                               |
|         |     | Argentina      |     | +5.8%       |     | The economy consolidated its recovery in Q2 2025. Inflation, though elevated, fell further with the monthly rate below 2% in May, unaffected by the sharper pace of ARS depreciation in mid-April after the fixed exchange rate regime was lifted, allowing the exchange rate to float freely between 1,000-1,400 ARS/USD. The agreement signed with the IMF in April, which included the disbursement of additional funds, together with a sound fiscal position, supported the continued decline in inflation expectations.                                                                        |

1. Year-on-year changes for Q1 2025.

| January - June2025 |     | 7 |

| Significant events    
 Key consolidated data 
 Business model        |     | Group financial information |     | Financial information by segment |     | Sustainability       
 Corporate governance |     | Appendix |     | Index |
|                       |     | Highlights of the period    |     |                                  |     |                      |     |          |     |       |

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