Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 137

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 137
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 operate.

70 Approved in November 2023

Annual report 2024 94

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

Our ambition is for our financial inclusion initiatives to reach five million people between 2023 and 2025. This is consistent with our penetration rate in the markets where we operate and with the gap identified in our latest assessment. Our processes pinpoint the needs of customers facing financial difficulty; develop products and services; and train our teams 71 . These processes align with our customer conduct model, vulnerable customer policy, and responsible banking and sustainability policy. We set out the accounting standards for initiatives and financially included individuals in our Financially included people guide, which applies to the entire Group. The guide includes these definitions: • Unbanked: People who do not have a bank account or access to any banking services. • Underbanked: People who, despite having a bank account, have difficulty accessing basic services (e.g. making deposits and withdrawals) or source financing informally.

• People in financial distress: People who earn less than their country’s legal minimum wage or who are unable to cover basic living expenses. This guide also enables us to use common metrics to monitor and manage access and financing initiatives (listed below) that contribute to our financial inclusion target:

| People subject to inclusion measuresA |     |        |        |     |      | Target |     |      |
| +5 mnB                                |     |        |        |     |      |        |     |      |
|                                       |     | 1.8 mn | 4.3 mn |     |      |        |     |      |
|                                       |     |   2023 |        |     | 2024 |        |     | 2025 |

In 2024, we financially included nearly 1 million people through access initiatives; and 1.6 million people through finance initiatives. A. Based on internal financial inclusion methodology. Includes the principles, definitions and standards we use consistently across our footprint to count the number of people we include financially through initiatives, products and services for access and finance. B. Cumulative figure since 2023.

#### Access

#### 1 million
New people subject to financial inclusion measures related to access

We want to help unbanked and underbanked people enter the financial system and gain access to basic financial services, encouraging them to use financial services