Company: BCDRF
Filing Date: 2025-04-30
Form Type: 6-K
Source: 0000891478-25-000078
Chunk: 13

Company: Banco Santander, S.A.
Filing Date: 2025-04-30
Form: 6-K
Chunk 13
---
 a positive impact of 2.9 pp on administrative expenses and amortizations, mainly due to the depreciation of the Brazilian real and the Mexican peso.

To better understand the business trends, we reclassified certain items under some headings of the underlying income statement. These items explain the differences between the statutory and underlying income statements. There was only one reclassification in Q1 2024:

• The impact of the temporary levy on revenue earned in Spain totalling EUR 335 million in Q1 2024, which was reclassified from total income to other gains (losses) and provisions.

For more details, see the 'Alternative Performance Measures' section in the appendix of this report.

As profit was not affected by results that fell outside the ordinary course of our business, no amount was recorded in the net capital gains and provisions line in Q1 2025 or in Q1 2024 and so both profit attributable to the parent and underlying profit attributable to the parent were the same; EUR 3,402 million in Q1 2025 and EUR 2,852 million in Q1 2024. This represents a 19 % year-on-year increase,+ 24 % in constant euros.

This year-on-year comparison is favoured by the temporary levy on revenue earned in Spain (EUR 335 million) which was recorded in full in Q1 2024. This compares to EUR 87 million in Q1 2025, corresponding to the quarterly accrual of the tax on revenue expected in Spain for the year. If we accrue the 2024 temporary levy, distributing the charge equally between the four quarters of the year in line with the treatment of the tax in 2025, profit increases 10% year-on-year (+13% in constant euros). This growth was supported by the good performance in net fee income, and our effort to reduce administrative expenses and amortizations, with net loan-loss provisions and cost of risk at controlled levels.

| Summarized underlying income statement        |     |        |       |     |        |       |        |   |       |     |   |            |     |        |       |        |   |       |     |   |            |
| EUR million                                   |     |        |       |     |        |       |        |   |       |     |   |            |     |        |       |        |   |       |     |   |            |
|                                               |     |        |       |     |        |       | Change |