Company: BCDRF
Filing Date: 2025-02-05
Form Type: 6-K
Source: 0000891478-25-000035
Chunk: 36

Company: Banco Santander, S.A.
Filing Date: 2025-02-05
Form: 6-K
Chunk 36
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 modelled by our Economic Research Team primarily taking into account the inflation differential of Argentina with respect to the US • Given the improved macroeconomic outlook in the country, from Q4 2024 we take the Dollar Contado con Liquidación (CCL)1 rate as a reference for this alternative exchange rate: – At the end of the year, the value of this exchange rate did not significantly differ from other market rates or the official exchange rate • As a result, in Q3 2024 we used an FX rate of 1,618 ARS/EUR and in Q4 2024 we are using 1,232 ARS/EUR – To give an idea of the sensitivity to the FX rate, applying September 2024 rate of 1,618 ARS/EUR, 2024 NII would be negatively impacted by c.€700mn, c.40% of which would be offset in other income, while costs would be c.€250mn lower

56 Appendix Investor Day Targets summary Group P&L and excluding Argentina Foreign currency risk Detail by global business, region and country Reconciliation of underlying results to statutory results Glossary

57 Reconciliation of underlying results to statutory results EUR mn (1) Includes exchange differences. Explanation of 2024 adjustments: 1. Temporary levy on revenue in Spain in Q1 2024, totalling EUR 335 million, which was reclassified from total income to other gains (losses) and provisions. 2. Provisions which strengthen the balance sheet in Brazil of EUR 352 million in Q2 2024 (EUR 174 million net of tax and minority interests). Explanation of 2023 adjustments: 1. Temporary levy on revenue in Spain in Q1 2023, totalling EUR 224 million, which was reclassified from total income to other gains (losses) and provisions. 2. Provisions to strengthen the balance sheet in Brazil in Q1 2023, totalling EUR 235 million, net of tax and non-controlling interests (EUR 474 million recorded in net loan-loss provisions, EUR 213 million positive impact in tax and EUR 26 million in non-controlling interests). Statutory results Adjustments Underlying results Statutory results Adjustments Underlying results Net interest income 46,668 — 46,668 43,261 — 43,261 Net fee income 13,010 — 13,010 12,057 — 12,057 Gains (losses)