Company: BCDRF
Filing Date: 2025-07-30
Form Type: 6-K
Source: 0000891478-25-000103
Chunk: 43

Company: Banco Santander, S.A.
Filing Date: 2025-07-30
Form: 6-K
Chunk 43
---
ZIL |     | Profit before tax |
| EUR 389 mn |     |               |     |                   |

Commercial activity and business performance Our business strategy remains focused on: i) expanding the high-net worth and corporate segments by offering a personalized and global experience, and ii) providing a more integrated multi-channel experience and a more simplified product offering to the mass segment. Additionally, we are working to build a closer relationship with our corporate customers, with tailored offerings and enhanced the multi-channel approach. Gross loans and advances to customers, excluding reverse repos and in constant euros, fell 6% year-on-year as increases in mortgages and SMEs did not offset declines in personal loans, in line with our strategy to focus on profitable growth and capital optimization, and in corporates due to the macro environment. Customer deposits, excluding repos and in constant euros, increased 7% year-on-year, mainly due to time deposits, with double-digit growth, in line with the market, and especially in individuals. Mutual funds grew 10% year-on-year in constant euros. As a result, customer funds rose 8% in constant euros. Results Profit before tax in H1 2025 reached EUR 389 million, 48% less than in H1 2024. In constant euros, it fell 40%, by line: • Total income decreased 3%, impacted by negative sensitivity of the balance sheet to higher interest rates, lower net fee income and gains on financial transactions, in a macroeconomic environment with lower demand. • Costs increased 3%, rising below inflation, reflecting our transformation efforts in simplification, automation and digitalization. • Net loan-loss provisions rose 9% (though remaining at controlled levels) mainly in corporates, impacted by the macro deterioration. In the quarter, profit before tax fell 30% in constant euros, despite a resilient net interest income and strict cost control, due to lower gains on financial transactions and higher provisions, impacted by the macro deterioration.

| Retail Brazil. Underlying income statement  |     |       |       |     |     |       |     |          |     |        |       |     |     |       |     |          |
| EUR million and % change                    |     |       |       |     |     |       |     |          |     |        |       |     |     |       |     |          |
|                                             |     |       |       |     |   / | Q1'25 |     |          |     |        |       |     |