FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of February, 2025 Commission File Number: 001-12518 Banco Santander, S.A. (Exact name of registrant as specified in its charter) Ciudad Grupo Santander 28660 Boadilla del Monte (Madrid) Spain (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ☒ Form 40-F ☐
BANCO SANTANDER, S.A. ________________________ TABLE OF CONTENTS Item 1. January - December 2024 Earnings presentation
Earnings Presentation FY’24 5 February 2025
2 Important information Non-IFRS and alternative performance measures This presentation contains financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as alternative performance measures (APMs) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non-IFRS measures. The APMs and non-IFRS measures were calculated with information from Grupo Santander; however, they are neither defined or detailed in the applicable financial reporting framework nor audited or reviewed by our auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider them to be useful metrics for our management and investors to compare operating performance between periods. APMs we use are presented unless otherwise specified on a constant FX basis, which is computed by adjusting comparative period reported data for the effects of foreign currency translation differences, which distort period-on-period comparisons. Nonetheless, the APMs and non-IFRS measures are supplemental information; their purpose is not to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. APMs using ESG labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR. For further details on APMs and Non-IFRS Measures, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the 2023 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 21 February 2024 (https://www.santander.com/content/dam/santander- com/en/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2024/sec-2023-annual-20-f-2023-en.pdf), as well as the section “Alternative performance measures” of Banco Santander, S.A. (Santander) Q4 2024 Financial Report, published on 5 February 2025 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly- results). Underlying measures, which are included in this document, are non-IFRS measures. The businesses included in each of our geographic segments and the accounting principles under which their results are presented here may differ from the businesses included and local applicable accounting principles of our public subsidiaries in such geographies. Accordingly, the results of operations and trends shown for our geographic segments may differ materially from those of such subsidiaries. Non-financial information This presentation contains, in addition to financial information, non-financial information (NFI), including environmental, social and governance-related metrics, statements, goals, commitments and opinions. NFI is not audited nor reviewed by an external auditor. NFI is prepared following various external and internal frameworks, reporting guidelines and measurement, collection and verification methods and practices, which are materially different from those applicable to financial information and are in many cases emerging and evolving. NFI is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. NFI is thus subject to significant measurement uncertainties, may not be comparable to NFI of other companies or over time or across periods and its inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. NFI is for informational purposes only and without any liability being accepted in connection with it except where such liability cannot be limited under overriding provisions of applicable law. Forward-looking statements Santander hereby warns that this presentation contains “forward-looking statements” as per the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements can be understood through words and expressions like “expect”, “project”, “anticipate”, “should”, “intend”, “probability”, “risk”, “VaR”, “RoRAC”, “RoRWA”, “TNAV”, “target”, “goal”, “objective”, “estimate”, “future”, “commitment”, “commit”, “focus”, “pledge” and similar expressions. They include (but are not limited to) statements on future business development, shareholder remuneration policy and NFI.
3 Important information While these forward-looking statements represent our judgement and future expectations concerning our business developments, results may differ materially from those anticipated, expected, projected or assumed in forward-looking statements. In particular, forward looking statements are based on current expectations and future estimates about Santander’s and third-parties’ operations and businesses and address matters that are uncertain to varying degrees and may change, including, but not limited to (a) expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including expectations regarding future execution of Santander’s and third-parties’ (including governments and other public actors) energy and climate strategies, and the underlying assumptions and estimated impacts on Santander’s and third-parties’ businesses related thereto; (b) Santander’s and third-parties’ approach, plans and expectations in relation to carbon use and targeted reductions of emissions, which may be affected by conflicting interests such as energy security; (c) changes in operations or investments under existing or future environmental laws and regulations; (d) changes in rules and regulations, regulatory requirements and internal policies, including those related to climate-related initiatives; (e) our own decisions and actions including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; (f) events that lead to damage to our reputation and brand; (g) exposure to operational losses, including as a result of cyberattacks, data breaches or other security incidents; and (h) the uncertainty over the scope of actions that may be required by us, governments and others to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and governmental standards and regulations. In addition, the important factors described in this presentation and other risk factors, uncertainties or contingencies detailed in our most recent Form 20-F and subsequent 6-Ks filed with, or furnished to, the SEC, as well as other unknown or unpredictable factors, could affect our future development and results and could lead to outcomes materially different from what our forward-looking statements anticipate, expect, project or assume. Forward-looking statements are therefore aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this presentation, are informed by the knowledge, information and views available on such date and are subject to change without notice. Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law. Santander does not accept any liability in connection with forward-looking statements except where such liability cannot be limited under overriding provisions of applicable law. Not a securities offer This presentation and the information it contains does not constitute an offer to sell nor the solicitation of an offer to buy any securities. Past performance does not indicate future outcomes Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or results (including earnings per share) will necessarily be the same or higher than in a previous period. Nothing in this presentation should be taken as a profit and loss forecast. Third Party Information In this presentation, Santander relies on and refers to certain information and statistics obtained from publicly-available information and third-party sources, which it believes to be reliable. Neither Santander nor its directors, officers and employees have independently verified the accuracy or completeness of any such publicly-available and third-party information, make any representation or warranty as to the quality, fitness for a particular purpose, non-infringement, accuracy or completeness of such information or undertake any obligation to update such information after the date of this presentation. In no event shall Santander be liable for any use by any party of, for any decision made or action taken by any party in reliance upon, or for inaccuracies or errors in, or omission from, such publicly-available and third-party information contained herein. Any sources of publicly-available information and third-party information referred or contained herein retain all rights with respect to such information and use of such information herein shall not be deemed to grant a license to any third party.
4 Index 1 FY'24 Highlights Progress on our strategy Group review 2 Final remarks 3 Appendix 4
5 Record profit on the back of 8mn new customers YoY and strong revenue growth A groundbreaking year in our transformation driving strong operating performance and profitable growth Delivering double-digit value creation and higher shareholder remuneration Note: YoY changes. In constant euros: FY'24 attributable profit +15% vs. FY’23 and Q4’24 attributable profit +16% vs. Q4’23. P&L accounts are all presented on an underlying basis. TNAVps + Cash DPS includes the €9.50 cent cash dividend per share paid in May 2024 and the €10.00 cent interim cash dividend per share paid in November 2024. Solid balance sheet with sound credit quality and capital ratio reflecting all-time high organic generation Record results for the third consecutive year, creating value for shareholders FL CET1 TNAVps + DPS Cash DPS Q4’24 attributable profit FY’24 attributable profit RoTEEfficiency +14% €12.6bn 41.8% -226bps 12.8% +51bps +14% YoY +39% +121bps CoR 1.15% 16.3% €3.3bn +11% -3bps YoY
6 All-time high profit boosted by customer revenue and efficiency improvements from our transformation Note: underlying P&L. All references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from a hyperinflationary economy. From Q2 2024 onwards for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods). For further information, please see the ‘Alternative Performance Measures’ section of the Quarterly Financial Report. Exceeding our upgraded 2024 Group targets • Double-digit revenue growth • Best efficiency in 15 years • Record net operating income • CoR: 1.15% • FL CET1:12.8% and RoTE: 16.3% P&L Current Constant € million 2024 2023 % % NII 46,668 43,261 8 10 Net fee income 13,010 12,057 8 11 Other income 2,533 2,329 9 12 Total revenue 62,211 57,647 8 10 Operating expenses -26,034 -25,425 2 4 Net operating income 36,177 32,222 12 15 LLPs -12,333 -12,458 -1 2 Other results -4,817 -3,066 57 59 Attributable profit 12,574 11,076 14 15
7 We are a global Retail and Consumer powerhouse with 173mn customers Revenue (€bn) Contribution to Group revenue Efficiency RoTE FY'24 2025 RoTE ID target c.17% >14% >20% c.60% >30% 15-17% Note: YoY changes in constant euros. Contribution to Group revenue as a percentage of total operating areas, excluding the Corporate Centre. Global businesses’ RoTEs are adjusted based on Group’s deployed capital. (1) Payments profit and YoY profit growth exclude the write-downs of our investments related to our merchant platform in Germany and Superdigital in Latin America. Retail Consumer CIB Wealth Payments Group PagoNxt EBITDA margin 32.5 +11% 12.9 +6% 8.3 +14% 3.7 +15% 5.5 +9% 62.2 +10% 52% 20% 13% 6% 9% Profit (€bn) 1 Strong results underpinned by growth across our 5 global businesses excl. CHF and Motor Finance 12.0% 39.7% -3.4pp 40.1% -2.7pp 45.6% +0.6pp 35.9% -2.0pp 45.0% +0.7pp 41.8% -2.3pp 7.3 +29% 1.7 -12% 2.7 +16% 1.6 +14% 0.7 +18% 12.6 +15% 18.9% +3.7pp 9.8% -1.8pp 18.1% +0.5pp 78.7% +6.5pp 27.5% +2.7pp 16.3% +1.2pp
8 Customer experience Operational leverage Global platform Success from our transformation Products & services digitally available 62% Retail delivering operational leverage with a groundbreaking year in our transformation Note: data and YoY changes in constant euros. (1) Metrics cover all products and employees in the branch network in our 10 main countries. Global platform roll-out 30% Gravity # of products1 (k) # of non-commercial FTEs1 per mn total customers Active customers (mn) +5% -39% -13% 75.1 79.1 Dec-23 Dec-24 8.4 5.2 Dec-23 Dec-24 647 562 Dec-23 Dec-24 2,918 2,999 3,077 3,035 3,015 2,996 3,034 3,180 Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3 Q4 Revenue (€mn) Costs (€mn) 6,628 7,028 7,472 7,211 7,491 7,850 7,866 7,899 Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3 Q4 Revenue and costs excluding Argentina. Operational leverage FY’24 vs. FY’23 +10% Key strategic drivers +2% Digital sales +16% YoY
9 5.2 5.2 2023 2024 12.2 12.9 2023 2024 Customer experience Operational leverage Global platform Success from our transformation Key strategic drivers 1.10 0.95 2023 2024 Retail deposits cost-to-serve (%) Operating expenses / ANEAs (%) Total customers (mn) -1% -0.15pp -0.21pp Note: data and YoY changes in constant euros. ANEAs: average net earning assets, including renting. Costs (€bn) Consumer: Openbank roll out demonstrates the benefits of our strategy to deliver the best solutions to customers and transform our operating model launched in the USAmazon and Apple Loan-to-deposit ratio (%) Optimized funding structure +6% -1% 173 161 Dec-23 Dec-24 -12pp $2bn deposits gathered Operational leverage Moving all units to Group best practices with c.60k customers in the US since launch in Q4 25.4 25.0 Dec-23 Dec-24 Revenue (€bn) 2.60 2.39 2023 2024
10 499 552 2023 2024 1.1 1.2 2023 2024 +11% CIB, Wealth and Payments: driving fee growth and scale through global platforms CIB Leveraging our strengths to better serve our corporate customers and institutions Wealth Accelerating our customers’ connectivity with our global product platforms Payments Seizing a growing opportunity by capturing scale through global platforms Key strategic drivers Fee growth (€bn) % Total revenue / RWAs % customer related revenue +0.2pp+21% 84 84 2023 2024 80% 2.1 2.5 2023 2024 6.7 6.9 2023 2024 442 498 Dec-23 Dec-24 3.5 4.0 2023 2024 +12% +13% Collaboration fees (€bn) Revenue growth including ceded fees (€bn) Assets under management (€bn) +12% 3.0 3.4 2023 2024 Cost per transaction (€cents, Payments) # transactions (bn per month) Payments volume (€bn) 2.9 2.8 2023 2024 -1% Success from our transformation Recurrency ratio (% fees / costs) 62.9 67.0 2023 2024 +4.0pp +9.6pp 103.8 113.4 2023 2024 Total revenue (€bn, PagoNxt) Recurrency ratio (% fees / costs) 24.8 27.5 2023 2024 EBITDA margin (%, PagoNxt) +2.7pp+14% +20% +5.1pp 5.5 6.2 2023 2024 Like for like Like for like Note: data and YoY changes in constant euros. Assets under management includes deposits and off-balance sheet assets. Revenue including ceded fees includes all fees generated by Santander Asset Management and Insurance, even those ceded to the commercial network, which are reflected in Retail’s P&L. Transactions include merchant payments, cards and electronic A2A payments. Payments volume include PagoNxt Total Payments Volume (TPV) in Getnet and Cards turnover. Like-for-like excludes perimeter effects such as the decision of discontinuing the merchant platform in Germany and Superdigital in June 2024, among others. +13%
11 +51bps EPS +18% YoYZero day-one impact from Basel III 12.8-1.00 -0.5912.3 +2.09 Dec-23 Net organic generation Shareholder remuneration Regulatory & models Dec-24 4.76 5.24 5.44 Dec-23 Dec-243 Note: zero day-one impact from Basel III under the final texts published in June 2024 of Regulation 2024/1623 (CRR3) and Directive 2024/1619 (CRD6). However, during 2025 the publication of ECB guides on options and discretions and EBA mandates could result in additional impacts on CET1 ratios across the industry. (1) Gross organic generation net of markets and other charges. (2) Deduction for expected shareholder remuneration. Our target payout is approximately 50% of Group reported profit (excluding non-cash, non-capital ratios impact items), divided approximately equally between cash dividends and share buybacks. The implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. (3) TNAVps + Cash DPS includes the €9.50 cent cash dividend per share paid in May 2024 and the €10.00 cent interim cash dividend per share paid in November 2024. Strong performance drove higher organic capital generation and shareholder returns Shareholder remuneration in 2024 € per share Cash DPS: €19.5 cents TNAVps + Cash DPSFL CET1 % Since 2021, including the second buyback against 2024 results announced today, Santander will have returned €9.5bn to shareholders via share buybacks and repurchased c.15% of its outstanding shares Cash dividend per share paid in 2024 +39% YoY Total shareholder remuneration paid in 2024 +34% YoY +14% 1 2
12 We are building the Santander of tomorrow Scale Customer Diversification Our Aim To be the best open financial services platform
13 Cards Our global approach to technology drives innovation in a dynamic and fast-changing environment Santander’s open financial services platforms Channel Financing Insurance Payments Risk & Control Back-end Gravity
14 2x Profit (€bn) Customers (mn) +56 Our business model and transformation over the last 10 years have provided sustained earnings, a stronger balance sheet and enabled us to accelerate profitable growth Growth FL CET1 1.5x (1) Total shareholder remuneration charged against the results corresponding to the calendar year: cash dividend + share buybacks, excluding scrip dividends. 2024 remuneration estimated using 50% payout ratio, in line with shareholder remuneration policy. Implementation of said 2024 shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. 47.0% 41.8% 2014 2024 11.0% 16.3% 2014 2024 8.3% 12.8% 2014 2024 <30% 87% 2014 2024 1.1 6.3 2014 2024 48 77 2014 2024 5.8 12.6 2014 2024 117 173 2014 2024 Profit (€bn) Customers (mn) RWA with RoRWA > CoE 3x Capital discipline Profitability Shareholder remuneration Efficiency ratio RoTE Cash dividends & Buybacks1 (€bn) EPS (€ cents) -5pp +5pp 6x 2x
15Note: target payout defined as c.50% of Group reported profit (excluding non-cash, non-capital ratios impact items), distributed approximately 50% in cash dividend and 50% in share buybacks. Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. We enter the last year of our third strategic cycle well ahead in all our key Investor Day targets for 2025 RoTE Profitability FL CET1 Strength RWAs with RoRWA > CoE Disciplined capital allocation Payout 50% Shareholder remuneration >12% c.85% 15-17% 2024 vs. ID targets for 2025 Cash dividend + SBB 50% annually 87%TNAVps + DPS Double-digit growth average through-the-cycle 12.8% 16.3% +14%
16 Index 1 FY'24 Highlights Progress on our strategy Group review 2 Final remarks 3 Appendix 4
17 Revenue up 10% YoY, above our target, underpinned by customer activity across businesses Note: data and YoY % changes in constant euros. Total revenue 62,211 -237 56,614 +3,217 +697 +997 +489 +434 2023 Retail Consumer CIB Wealth Payments CC 2024 13,854 14,039 14,516 14,205 15,036 15,432 15,405 16,338 Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3 Q4 +10%+15% Constant €mn YoY growth +11% +6% +14% +15% +9%
18 10,157 10,580 10,992 10,878 11,727 11,301 11,425 12,215 Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3 Q4 NIM Quarterly 2.89% -0.12 -0.062.74% +0.22 +0.11 2023 Asset yields Asset volumes Liability costs Liability volumes 2024 YoY performance More than 80% of the Group’s NII comes from our Retail and Consumer businesses Note: NIM = NII / Average earning assets. Data and YoY % changes in constant euros. Constant €mn 46,668 -268 42,607 +2,768 +624 +517 +123 +297 2023 Retail Consumer CIB Wealth Payments CC 2024 YoY growth Net interest income 2.63% 2.73% 2.82% 2.76% 2.97% 2.89% 2.79% 2.92% Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3 Q4 +10% +12% +11% +6% +15% +8% +13%
19 13,010 -42 11,749 +320 +290 +449 +240 +3 2023 Retail Consumer CIB Wealth Payments CC 2024 Excellent fee performance as we execute our strategy to capture network effects across the Group Note: data and YoY % changes in constant euros. Net fee income Constant €mn 3,008 2,978 3,018 2,745 3,156 3,177 3,252 3,425 Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3 Q4 +11%+25% YoY growth +7% +24% +21% +19% -1%
20 Group ONE Transformation is driving structural efficiency gains and positive jaws Efficiency 12M rolling Costs Net operating income 6,112 6,238 6,346 6,340 6,429 6,281 6,450 6,874 Revenue 7,743 7,801 8,171 7,866 8,607 9,151 8,955 9,464 Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3 Q4 13,854 14,039 14,516 14,205 15,036 15,432 15,405 16,338 45.6% 45.1% 44.6% 44.1% 43.7% 42.8% 42.4% 41.8% Constant €mn Constant €mn Constant €mn +20% Retail Consumer Retail and Consumer represent 70% of the Group’s total costs CIB Wealth CIB and Wealth represent 20% of the Group’s total costs 41,464 45,377 2023 2024 17,804 18,061 2023 2024 Retail and Consumer businesses CIB and Wealth businesses Constant €mn Costs Efficiency Constant €mn Total revenue Constant €mn Costs Constant €mn Net fee income +1% +9% 3,348 4,037 2023 2024 4,548 5,120 2023 2024 +21% +13% Payments operating performance reflects our strategic investments Recurrency (% fees / costs) 73.7% 78.9% 43.0% 39.8% Note: data and YoY % changes in constant euros. Contribution to Group costs as a percentage of total operating areas, excluding the Corporate Centre.
21 Consistent execution of ONE Transformation, leveraging Santander’s network and scale, is improving both revenue and costs ahead of our plan • Wealth: collaboration fees with CIB and Corporates reached €4.0bn (+12% vs. FY'23) • Consumer: expansion of OEM agreements • Multi-Nationals: +5% YoY revenue growth • Product simplification: 39% fewer products in FY'24 (-48% vs. Dec-22) • 62% products / services digitally available (60% Sep-24; 56% Dec-23) • US: $250mn efficiencies captured in Consumer and Commercial since 2022 ONE Transformation Global & Network businesses1 Global Tech capabilities & others FY'24FY’22 Note: FY'24 or latest available data. (1) As defined at the 2023 Investor Day. Efficiency execution 2022-2024 • Global approach to technology: €265mn efficiencies in FY'24 (€452mn since Dec-22) - Gravity (back-end) efficiencies - Process optimization - Global vendor agreements - IT&Ops shared-services -260bps -66bps -73bps Reminder from Investor Day Efficiency 2022-2025 200-250bps c. 42% 100-150bps 50-75bps FY’22 2025 ID target 41.8%45.8% 45.8%
22 Cost of risk improvement and sound credit quality Note: data and YoY % changes in constant euros. Credit quality metrics and LLPs CoR 12 month LLPs Constant €mn 1.05% 1.08% 1.13% 1.18% 1.20% 1.21% 1.18% 1.15% 2,829 2,818 3,154 3,293 3,016 3,051 3,057 3,209 Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3 Q4 Dec-23 Sep-24 Dec-24 NPL ratio 3.14% 3.06% 3.05% Coverage ratio 66% 64% 65% Stage 1 €1,000bn €1,008bn €1,002bn Stage 2 €80bn €87bn €88bn Stage 3 €36bn €36bn €35bn Other credit quality metrics
23 1 12.8 -0.26 -0.17 -0.09 12.5 +0.82 Sep-24 Organic generation Shareholder remuneration Regulatory & Models Markets & others Dec-24 Strong organic capital generation, with profitable front-book growth of 23% RoTE and significant RWA mobilization CET1 performance and capital productivity FL CET1 % Maximize capital productivity Dec-24 or estimates Front book pricing RoRWA of new book 2.9% Asset rotation and risk transfer activities RWAs mobilized vs. credit RWAs 19% % RWAs with RoRWA > CoE 87% Zero day-one impact from Basel III Note: zero day-one impact from Basel III under the final texts published in June 2024 of Regulation 2024/1623 (CRR3) and Directive 2024/1619 (CRD6). However, during 2025 the publication of ECB guides on options and discretions and EBA mandates could result in additional impacts on CET1 ratios across the industry. (1) Deduction for expected shareholder remuneration against profit earned in Q4 2024. Our target payout is approximately 50% of Group reported profit (excluding non-cash, non-capital ratios impact items), divided approximately equally between cash dividends and share buybacks. The implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.
24 A new phase of value creation driven by strong profitability 2023-2024 New phase of value creation 2016-2022 Value creation USD as a natural hedge for LatAm currencies 2016-2022 average 2023-2024 average Foreign currency sensitivity2 EUR million Currency 1% appreciation 1% depreciation US dollar -168.4 171.8 Brazilian real -144.1 147.0 Mexican peso -33.9 34.6 Effect on 2024 consolidated equity Note: high level analysis of TNAVps main components’ evolution using a simple average calculation. Average profit 2016-2022 adjusted by 2019-2020 exceptional items that do not affect TNAV (goodwill…). (1) Others include hyperinflation accounting adjustments, interest rates, intangibles and other minor items. (2) Sensitivity of consolidated equity to ± 1% (appreciation/depreciation) of the euro against the foreign exchange rate. More information about FX sensitivity in the appendix. 3.00 3.50 4.00 4.50 5.00 5.50 TNAVps (BoP) RoTE post-AT1s FX and others Avg. TNAVps +DPS 3.00 3.20 3.40 3.60 3.80 4.00 4.20 4.40 TNAVps (BoP) RoTE post-AT1s FX and others Avg. TNAVps +DPS 11 Value creation 2016-2022 +5% Value creation 2023-2024 +15% +15% -1% -5% +9%
25 Index 1 FY'24 Highlights Progress on our strategy Group review 2 Final remarks 3 Appendix 4
26 We are only scratching the surface of our potential as a group with our strong performance in 2024 (1) YoY change in constant euros, except Argentina in current euros. (2) Fully-loaded definition as of 1 January 2025. Revenue1 Efficiency CoR FL CET1 RoTE 2024 initial targets 2024 achievements Record profit supported by an outstanding P&L from top to bottom ONE Transformation and global scale keep accelerating operational leverage and profitable growth Sound credit quality performance Robust balance sheet with strong capital levels Capital productivity and disciplined capital allocation driving profitability and shareholder value creation 2024 targets upgraded in H1 Mid-single digit growth <43% 16% c.1.2% >12.0% after FL2 Basel III implementation +10% 41.8% 1.15% 12.8% 16.3% High-single digit growth c.42% >16% ✓ ✓ ✓ ✓ ✓
27 Note: targets market dependent. Based on macro assumptions aligned with international economic institutions. CET1 ratio phased-in CRR3. (1) Share buyback target against 2025-26 results including: i) the buybacks resulting from application of our existing shareholder remuneration policy plus ii) additional buybacks to distribute excesses of our CET1. Existing shareholder remuneration policy defined as c.50% of Group reported profit (excluding non-cash, non-capital ratios impact items), distributed approximately 50% in cash dividends and 50% in share buybacks. The implementation of the shareholder remuneration policy and any share buybacks to distribute CET1 surpluses are subject to future corporate and regulatory decisions and approvals. Our consistent track record and the implementation of One Santander gives us the confidence to aim higher for 2025 and beyond Double-digit growth of TNAVps+DPS through-the-cycle Fees Mid-high single digit growth Cost base Down vs. 2024 in euros CoR c.1.15% CET1 13% operating range: 12-13% RoTE c.16.5% post-AT1 >17% pre-AT1 Return €10bn to our shareholders through share buybacks cumulative for 2025-26 Our existing 50% payout ratio (half cash dividend) will be supplemented with exceptional SBBs using excess capital1 Revenue c.€62bn
28 Index 1 FY'24 Highlights Progress on our strategy Group review 2 Final remarks 3 Appendix 4
29 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 For more details, refer to the document entitled "Supplementary Information", published together with this presentation on the Group's corporate website
30 2019 – 2022 plan We have consistently overdelivered on all our strategic plans throughout the economic cycle 2023 – 2025 plan 2015 – 2018 plan On track to exceed our targets Laying the foundations Building global platforms and preparing the path towards ONE Santander A new phase of value creation ONE Santander ✓ ✓ Excellent profitable growth and value creation
31 2022 2023 2024 2025 ID targets 13.4 15.1 16.3 15-17 40 50 50 50 23 21.5 17.9 Double-digit 160 165 173 c.200 99 100 103 c.125 45.8 44.1 41.8 c.42 - 10 9 c.+8 12.0 12.3 12.8 >12 80 84 87 c.85 94.5 114.6 139.4 120 53 67.7 88.8 100 - 1.8 4.3 5 c.29 31.4 31.3 35 c.1 c.0 c.0 c.0 (1) Target payout defined as c.50% of Group reported profit (excluding non-cash, non-capital ratios impact items), distributed approximately 50% in cash dividend and 50% in share buybacks. Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. (2) Those customers who meet transactionality threshold in the past 90 days. (3) Total transactions annual growth includes merchant payments, cards and electronic A2A payments. Target c.+8% CAGR 2022-25. (4) Information is audited on a limited assurance basis. Green finance raised & facilitated (€bn): since 2019 (not EU taxonomy aligned). Financial inclusion (# people, mn): since 2023. Definitions in the Glossary section in this document. Equal pay gap is calculated annually. ONE Transformation driving double-digit growth in value creation TNAVps+DPS (Growth YoY) Double-digit growth average through-the-cycle+6% RoTE (%) Payout (Cash + SBB)1 (%) EPS Growth (%) Total customers (mn) Active customers (mn)2 Simplification & automation Efficiency ratio (%) Customer activity Transactions volume per active customer (# per month, % growth)3 FL CET1 (%) RWA with RoRWA > CoE (%) Green financed raised & facilitated (€bn) Socially responsible investments (AuM) (€bn) Financial inclusion (# People, mn) Women in leadership positions (%) Equal pay gap (%) Profitability Customer centric Capital ESG4 +14%+15% CET1: 13% Operating range: 12-13% c.16.5% post-AT1 >17% pre-AT1 New 2025 guidance
32 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
33 Group P&L and excluding Argentina ex. Argentina Note: underlying P&L. P&L Current Constant Current Constant € million 2024 2023 % % % % NII 46,668 43,261 8 10 6 7 Net fee income 13,010 12,057 8 11 6 9 Other income 2,533 2,329 9 12 17 19 Total revenue 62,211 57,647 8 10 6 8 Operating expenses -26,034 -25,425 2 4 1 3 Net operating income 36,177 32,222 12 15 10 13 LLPs -12,333 -12,458 -1 2 -2 1 Other results -4,817 -3,066 57 59 51 53 Attributable profit 12,574 11,076 14 15 11 13
34 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
35 Foreign currency risk EUR million Currency 1% appreciation 1% depreciation 1% appreciation 1% depreciation US dollar -3.9 4.0 -168.4 171.8 Pound sterling -4.4 4.5 -96.5 98.4 Brazilian real -4.3 4.3 -144.1 147.0 Mexican peso -0.5 0.5 -33.9 34.6 Chilean peso -2.1 2.2 -15.3 15.6 Polish zloty -0.4 0.4 -25.1 25.6 Argentine peso -6.6 6.7 -18.3 18.7 Effect on 2024 consolidated profit Effect on 2024 consolidated equity • The following table shows the sensitivity of the consolidated income statement profit and consolidated equity to percentage changes of ± 1% (appreciation/depreciation) of the euro against the foreign exchange rate positions arising from investments in Grupo Santander companies with currencies other than the euro (with their hedges) and from their results (with their hedges), in which the Group maintains significant balances. • In 2024, TNAVps grew by 10%, despite a negative c.€1.6bn impact from FX. The overall impact was lower than implied by soft currencies as BRL and MXN depreciation (-€3.3bn) was partly offset by our exposure to the stronger USD and GBP (+€1.5bn) in the year. • In Q4, TNAV improved by €1.8bn, including +€0.9bn from FX, partly due to the impact of FX on our USD exposure (+€1.2bn QoQ).
36 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
37 Detail by global business
38 Key data Retail & Commercial Banking Highlights Note: Dec-24 data and YoY changes (loans, deposits and mutual funds in constant euros). • Transformation efforts are reflected in the growth of our total customers (+8mn YoY), efficiency improvement (-3pp to 39.7%) and higher profitability (RoTE +4pp to 18.9%) • Loans down YoY, affected by mortgage and SME prepayments in Europe, partially offset by growth in South America and Mexico. Generalized increases in deposits and mutual funds • Strong profit increase YoY (+29%), with a solid revenue performance across regions, growing well above costs, and lower LLPs: - NII rose across regions, but especially in South America (volumes and lower cost of deposits), Spain and Poland (margin management) - Fees increased, driven by enhanced commercial activity and a larger customer base. Notably, Brazil, the US, Mexico and Poland - LLPs and CoR improved driven by Europe, which more than offset the impact from higher volumes in South America and normalization in Mexico and Chile • Profit down QoQ, with resilient NII and fees, due to impacts from floods in Spain and cost seasonality Loans Deposits Mutual Funds Efficiency CoR RoTE P&L Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 7,125 5.3 27,942 11.0 9.4 Net fee income 1,166 2.6 4,681 7.3 4.1 Total revenue 8,242 4.3 32,461 11.0 9.1 Operating expenses -3,352 8.5 -12,877 2.5 0.4 Net operating income 4,890 1.6 19,584 17.4 15.7 LLPs -1,388 2.8 -5,845 -7.3 -10.6 Attributable profit 1,932 -3.2 7,263 28.8 28.3 (*) € mn and % change in constant euros. (1) % change in current euros. €609bn -1% €650bn +3% €98bn +19% 39.7% -3.4pp 0.92% -10bps 18.9% +3.7pp
39 Retail Spain Retail UK Note: Dec-24 data and YoY changes (loans, deposits and mutual funds in constant euros). • Loans down YoY as a result of our focus on profitability. Deposits and mutual funds impacted by a competitive environment • PBT affected YoY by higher cost of deposits and lower volumes, as well as higher costs (competitive labour market), partially offset by excellent LLP performance (macro outlook) • PBT affected QoQ by the bank levy and higher costs (seasonality), partially offset by NII growth (lower cost of deposits) and LLP releases Loans Deposits Mutual Funds Yield on loans Cost of deposits Efficiency Loans Deposits Mutual Funds Yield on loans Cost of deposits Efficiency €155bn -3% €222bn +4% €44bn +15% 4.03% +65bps 0.71% +27bps 32.8% -6.3pp €230bn -4% €212bn -5% €6bn -1% 3.99% +70bps 2.11% +56bps 56.4% +6.8pp Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 1,236 2.5 4,672 -7.0 -4.4 Net fee income -12 — -21 — — Total revenue 1,204 -0.9 4,630 -8.8 -6.3 Operating expenses -678 5.1 -2,612 3.8 6.6 Net operating income 526 -7.8 2,017 -21.2 -19.0 LLPs 23 — -14 -92.8 -92.6 Profit before tax 382 -16.6 1,601 -18.5 -16.3 (*) € mn and % change in constant euros. (1) % change in current euros. • Sustained customer growth YoY. Loans impacted by prepayments. Deposits up 4% YoY, both demand and time, mainly from commercial. Mutual funds rose double-digits • Strong PBT growth YoY, driven by NII (spread management despite lower volumes), good cost management and lower LLPs • PBT QoQ affected by volumes and pressure on margins, the impact of risk transfer initiatives on fees, seasonality in costs and non- recurring LLPs (floods) Underlying P&L* Q4'24 % Q3'24 2024 % 2023 NII 1,435 -4.5 5,916 14.0 Net fee income 244 -9.3 1,071 -2.3 Total revenue 1,739 -4.7 7,190 17.0 Operating expenses -617 6.4 -2,356 -1.9 Net operating income 1,123 -9.8 4,834 29.3 LLPs -292 27.1 -1,092 -24.0 Profit before tax 652 -28.1 2,858 107.1 (*) € mn and % change.
40 Retail Mexico Retail Brazil Note: Dec-24 data and YoY changes (loans, deposits and mutual funds in constant euros). • Loans increased YoY across business lines. Deposits also increased, especially demand deposits. Mutual funds rose double-digits • PBT up 11% YoY supported by higher revenue, both NII (volumes) and fees, and cost control • PBT up 10% QoQ on the back of higher NII (volumes and lower cost of deposits) and improved LLPs (model update), which more than offset a rise in costs • Loans and deposits increased YoY across segments and mutual funds rose, on the back of customer growth • Strong PBT performance YoY, driven by solid revenue, both NII (volumes and cost of deposits) and fees, with costs growing below inflation and LLPs increasing less than loans • PBT QoQ mainly affected by lower NII, fees and seasonality in costs Loans Deposits Mutual Funds Yield on loans Cost of deposits Efficiency Loans Deposits Mutual Funds Yield on loans Cost of deposits Efficiency €57bn +5% €54bn +10% €19bn +2% 16.31% +28bps 7.23% -96bps 38.4% -4.9pp €32bn +6% €35bn +2% €13bn +42% 13.70% -13bps 4.92% -5bps 47.2% -1.9pp Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 763 5.6 3,116 3.4 0.4 Net fee income 147 -4.1 643 8.9 5.8 Total revenue 910 6.1 3,728 7.3 4.2 Operating expenses -468 14.3 -1,758 3.1 0.1 Net operating income 442 -1.3 1,970 11.3 8.1 LLPs -97 -26.9 -653 12.6 9.4 Profit before tax 335 10.0 1,277 10.9 7.7 (*) € mn and % change in constant euros. (1) % change in current euros. Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 1,590 -3.4 6,762 16.4 8.2 Net fee income 357 -4.0 1,553 10.4 2.6 Total revenue 1,946 0.8 8,205 15.7 7.5 Operating expenses -763 4.0 -3,152 2.5 -4.7 Net operating income 1,183 -1.2 5,053 25.8 16.9 LLPs -730 0.8 -2,973 3.7 -3.7 Profit before tax 287 -6.4 1,337 194.8 173.9 (*) € mn and % change in constant euros. (1) % change in current euros.
41 Highlights Digital Consumer Bank Note: Dec-24 data and YoY changes (new lending, loans and deposits in constant euros). P&L Key data Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 2,798 5.9 10,777 6.1 5.4 Net fee income 394 5.3 1,508 23.8 22.7 Total revenue 3,332 5.2 12,916 5.7 5.0 Operating expenses -1,287 -0.5 -5,183 -1.2 -1.5 Net operating income 2,045 9.1 7,733 10.9 10.0 LLPs -1,248 9.8 -4,562 12.4 11.1 Attributable profit 155 -64.7 1,663 -12.3 -12.5 (*) € mn and % change in constant euros. (1) % change in current euros. New lending Loans Deposits Efficiency CoR RoTE €91.1bn +4% €215bn +4% €129bn +10% 40.1% -2.7pp 2.16% +13bps 9.8% -1.8pp • We continue expanding our leadership in consumer finance across our footprint, converging towards a more digital and global operating model to become the most cost competitive player • Loans up 4%, driven by new business volumes (+4%), mainly Brazil, and growth across our footprint in auto lending • Deposits rose 10%, mainly in Europe, in line with our deposit gathering strategy to lower funding costs and reduce NII volatility across the cycle. Openbank launched in the US, enabling us to capture deposits nationwide • Double-digit net operating income growth YoY, supported by a solid revenue performance, both NII (+6%) and fees (+24%), and good cost control (-4% in real terms), resulting in a 2.7pp efficiency improvement to 40.1% • Nevertheless, profit and RoTE decreased YoY mainly due to CHF provisions in Poland and the provision for potential complaints related to motor finance dealer commissions in the UK. CoR normalizing as expected • In the quarter, excellent net operating income, driven by growth in both NII and fees, and lower costs. Profit also impacted by the aforementioned provisions in Poland and in the UK
42 DCB Europe Consumer US Note: Dec-24 data and YoY changes (loans, deposits and mutual funds in constant euros). Loans Deposits Mutual Funds Yield on loans Cost of deposits Efficiency Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 1,191 1.6 4,651 1.2 1.1 Net fee income 97 25.7 303 28.1 28.1 Total revenue 1,361 3.3 5,297 -1.2 -1.3 Operating expenses -542 0.1 -2,159 -5.6 -5.7 Net operating income 820 5.5 3,138 2.0 2.0 LLPs -677 2.7 -2,466 -0.9 -1.0 Profit before tax 111 24.6 551 5.0 4.9 (*) € mn and % change in constant euros. (1) % change in current euros. Loans Deposits Mutual Funds Yield on loans Cost of deposits Efficiency Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 1,105 3.4 4,361 3.8 4.0 Net fee income 222 -3.1 902 13.1 13.4 Total revenue 1,427 2.0 5,679 2.9 3.2 Operating expenses -629 -4.3 -2,604 -0.7 -0.5 Net operating income 799 7.6 3,075 6.2 6.6 LLPs -345 23.6 -1,209 51.9 52.6 Profit before tax -28 — 1,131 -44.1 -44.0 (*) € mn and % change in constant euros. (1) % change in current euros. €56bn -4% €48bn +2% €4bn +14% 11.49% +82bps 2.10% +89bps 40.8% -1.9pp €140bn +4% €81bn +18% €5bn +24% 5.74% +63bps 2.30% +74bps 45.9% -1.7pp • Loans up 4% YoY, supported by new business growth, mainly new auto. Deposits up 18%, in line with our deposit gathering strategy • Net operating income grew 6% YoY, supported by NII and double- digit fee growth, with lower costs. PBT impacted by CHF provisions in Poland and the motor finance provision in the UK • QoQ, revenue growth and cost savings (NOI +8%) not reflected in PBT due to the aforementioned provisions in Poland and the UK • Loans down 4% YoY as we continue to run-off our non-core portfolio. Deposits up 2%, supported by Openbank launch in Q4 • PBT +5% YoY, supported by outstanding fee growth, cost improvements from our transformation and lower provisions, which more than offset lower leasing income • PBT up QoQ, driven by NII performance, strong fees and a pickup in leasing income, with costs under control and contained credit quality
43 Corporate & Investment Banking Highlights Loans Deposits Efficiency CoR RoTE €137bn 0% €137bn -10% 45.6% +0.6pp 0.10% -0bps 18.1% +0.5pp Key data Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 1,088 20.5 4,020 14.8 11.9 Net fee income 657 6.8 2,548 21.4 19.6 Total revenue 2,083 0.6 8,343 13.6 10.8 Operating expenses -1,024 5.5 -3,807 13.8 12.4 Net operating income 1,059 -3.6 4,537 13.4 9.6 LLPs -17 -72.7 -174 7.3 5.7 Attributable profit 701 11.5 2,740 15.8 12.3 (*) € mn and % change in constant euros. (1) % change in current euros. P&L • We continue to make our centres of expertise more sophisticated, deepening client relationships, on the back of our Global Markets and US BBO initiatives, and actively managing capital • Strong activity YoY, especially in Global Banking and Global Markets: - Global Transaction Banking (GTB): strong activity in Export Finance and, to a lesser extent, in Trade & Working Capital Solutions. Cash Management impacted by lower interest rates - Global Banking (GB): significant growth in Corporate Finance and DCM, with market share gains across regions - Global Markets (GM): strong activity levels in Europe and the US, while LatAm markets were more challenging, though improved in H2 • Deposit performance in line with our strategy to reduce excess corporate deposits • Record revenue and profit, growing double-digits YoY, backed by all business lines. We maintained a leading position in efficiency and profitability even after our investments for growth • Profit up QoQ supported by strong GB activity in NII and fees as well as lower tax burden, which more than offset seasonality in costs and in revenue in Markets. Results affected by updated Argentina FX rate Note: Dec-24 data and YoY changes (loans and deposits in constant euros).
44 Wealth Management & Insurance Note: Dec-24 data (AuMs); FY'24 data (net new money, net sales and GWPs). YoY changes in constant euros. (2) Considering annualized net new money as a % of total CAL and net sales as a % of SAM’s AuMs. (3) Including fees generated by asset management and insurance ceded to the commercial network. Highlights P&L Key data of volumes2 of volumes2• We continue to build the best Wealth and Insurance manager in Europe and the Americas, leveraging our leading global private banking platform and our best-in-class funds and insurance product factories • AuMs reached new record levels of c.€500bn (+13% YoY), backed by excellent commercial dynamics, both in Private Banking and SAM • Profit increased double-digits YoY, supported by strong revenue growth, with positive interest margin management in PB and double-digit fee growth across business lines. Total contribution to Group profit3 increased 12% YoY • As a result, efficiency improved 2pp to 35.9% and RoTE rose 7pp to 79% • QoQ profit impacted by lower interest rates and higher costs, due to investments in growth initiatives and seasonality, partially offset by good fee performance €498bn +13% €18.6bn 6% €15.8bn 7% €11.5bn -9% 35.9% -2.0pp 78.7% +6.5pp AuMs Net new money (PB) Net sales (SAM) Gross written premiums Efficiency RoTE Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023 ¹ NII 394 -3.4 1,627 8.2 7.6 Net fee income 405 10.5 1,489 19.2 18.0 Total revenue 944 1.5 3,661 15.4 14.0 Operating expenses -383 20.7 -1,313 9.2 8.0 Net operating income 561 -8.3 2,348 19.3 17.7 LLPs -17 57.4 -41 — — Attributable profit 384 -13.8 1,650 13.9 12.5 Contribution to profit3 821 -9.1 3,399 11.9 9.1 (*) € mn and % change in constant euros. (1) % change in current euros.
45 Payments Note: Dec-24 data and YoY changes in constant euros. In PagoNxt, a negative growth rate in profit indicates a lower loss. Number of cards managed by Cards is 102 million, as it excludes those managed by Digital Consumer Bank including Openbank (3 million cards). (2) Excluding a one-time positive fee recorded in Q1 2023 from commercial agreements in Brazil. Cards • TPV up 13% and number of transactions +5% YoY in Getnet, driven by Europe, Mexico and Chile • Revenue rose 14% with a widespread increase in business activity across countries, supporting EBITDA margin improvement to 27.5% • Profit improved YoY excluding write-downs of our investments in Q2’24 • 105 million cards managed across the Group • Solid growth YoY in customer activity, driving an 11% increase in the average balance with turnover up 9%, boosted by a larger card pool and greater use of cards by our customers • Revenue +9% YoY, excluding positive one-off2 in Q1’23. High profitability with RoTE at 32.6% 24.8% 27.5% 2023 2024 Getnet Total Payments Volume (TPV) Number of transactions EBITDA margin Cards Average balanceTurnover €22bn +11% +2.7pp €222bn +13% +5% €330bn +9% P&LP&L and EBITDA margin Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 35 2.0 132 48.3 41.0 Net fee income 261 9.4 958 5.2 0.5 Total revenue 346 12.1 1,240 13.6 8.7 Operating expenses -271 -5.2 -1,160 8.8 6.3 Net operating income 75 207.6 80 210.4 62.7 LLPs -4 9.4 -16 -30.9 -32.5 Attributable profit 26 — -299 228.8 287.1 Att. profit excl. write-downs 26 — -56 -38.3 -27.3 (*) € mn and % change in constant euros. (1) % change in current euros. Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 659 18.6 2,478 11.4 6.3 Net fee income 464 2.6 1,835 -4.7 -8.2 Total revenue 1,152 16.7 4,265 7.2 2.6 Operating expenses -350 17.2 -1,315 7.3 5.0 Net operating income 802 16.5 2,950 7.1 1.5 LLPs -444 10.0 -1,698 8.8 3.4 Attributable profit 209 39.3 712 10.1 4.1 (*) € mn and % change in constant euros. (1) % change in current euros.
46 Corporate Centre Highlights P&L Underlying P&L* 2024 2023 NII -308 -41 Gains / losses on financial transactions -408 -302 Operating expenses -379 -391 LLPs and other provisions -262 -132 Tax and minority interests 163 -36 Attributable profit -1,154 -998 (*) € mn. • NII down as higher liquidity buffer remuneration was more than offset by higher interest expense related to TLAC/MREL issuances • Higher losses on financial transactions with impact from foreign currency hedges and risk transfer initiatives • Cost reduction driven by ongoing simplification measures • The sum of the rest of the lines improved year-on-year • As a result, higher attributable loss YoY
47 Detail by region and country Note: DCB Europe is officially reported as a secondary segment. Nevertheless, its detail is included in the ‘Detail by global business’ appendix within the Digital Consumer Bank explanation and in the Supplementary Information.
48 Highlights Note: Dec-24 data and YoY changes (loans, deposits and mutual funds in constant euros). Europe • We continue to accelerate our business transformation to achieve higher growth and a more efficient operating model • Customers increased across the region (+527k YoY), mainly driven by Spain • New business volumes continued to rise, however loans declined YoY still affected by prepayments. Customer funds up on the back of a strong increase in mutual funds (+19%) • Strong profit growth YoY, supported by NII, especially Retail across most countries on the back of good margin management, and fee growth (mainly mutual funds in Spain). Efficiency gains and active risk management • QoQ profit affected by impacts on fees from CIB performance in Spain (Markets and Corporate Finance) and campaigns in the UK, seasonality in costs and CHF provisions in Poland Key data and P&L Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 4,227 0.2 16,720 3.3 5.1 Net fee income 1,123 -4.0 4,659 4.9 5.9 Total revenue 5,846 -2.0 23,510 8.0 9.7 Operating expenses -2,450 3.5 -9,407 2.8 4.2 Net operating income 3,397 -5.6 14,102 11.8 13.6 LLPs -418 -2.0 -1,862 -27.7 -26.5 Attributable profit 1,615 -12.6 6,644 19.5 21.2 (*) € mn and % change in constant euros. (1) % change in current euros. Loans Deposits Mutual Funds Efficiency CoR RoTE €554bn -2% €627bn -1% €126bn +19% 40.0% -2.1pp 0.32% -12bps 16.9% +2.4pp
49 Spain UK Note: Dec-24 data and YoY changes (loans, deposits and mutual funds in constant euros). • Sustained customer growth YoY. Loans affected by SME amortizations. Deposit performance in line with our strategy to reduce excess corporate deposits. Mutual funds up double-digits • Profit +59% YoY, due to strong growth in NII (good spread management in Retail and Wealth), higher fees (mutual funds and CIB) and lower LLPs • QoQ profit affected by CIB fee performance (Markets and CF), impact of labour agreements and seasonality on costs and LLPs (floods) • Loans and deposits declined as a result of our focus on profitability. Mutual funds flat year-on-year • Profit down YoY, mainly affected by lower volumes and higher cost of deposits. CoR improving from already very low levels • QoQ profit affected by the impact of campaigns on fees, seasonality in costs and the bank levy, partially offset by higher NII (good margin management) and LLP releases Loans Deposits Mutual Funds Efficiency CoR RoTE €226bn -2% €306bn -1% €94bn +20% 35.7% -6.0pp 0.50% -11bps 21.7% +7.5pp Loans Deposits Mutual Funds Efficiency CoR RoTE €236bn -4% €223bn -5% €8bn 0% 55.9% +6.2pp 0.03% -7bps 11.1% -1.9pp Underlying P&L* Q4'24 % Q3'24 2024 % 2023 NII 1,802 0.2 7,256 9.3 Net fee income 676 -4.4 2,867 6.2 Total revenue 2,926 -1.9 11,974 18.2 Operating expenses -1,133 5.6 -4,271 1.0 Net operating income 1,793 -6.2 7,703 30.4 LLPs -322 15.2 -1,259 -17.3 Attributable profit 925 -14.4 3,762 58.7 (*) € mn and % change. Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 1,313 3.0 4,950 -6.5 -3.9 Net fee income 61 -25.1 283 -18.4 -16.2 Total revenue 1,356 -0.5 5,216 -8.1 -5.6 Operating expenses -756 5.0 -2,918 3.4 6.3 Net operating income 600 -6.7 2,299 -19.5 -17.3 LLPs 34 — -64 -74.9 -74.2 Attributable profit 331 -5.8 1,306 -17.7 -15.4 (*) € mn and % change in constant euros. (1) % change in current euros.
50 Portugal and Polonia Portugal Poland Note: Dec-24 data and YoY changes (loans, deposits and mutual funds in constant euros). • Loans up supported by sound new business levels. Solid increases in deposits and mutual funds, in line with sustained customer growth in high value-added segments • Profit +12% YoY, boosted by NII (better loan yields and higher volumes), cost control, LLP decrease and solid asset quality • QoQ profit impacted mainly by new interest rate environment and cost seasonality • Customer growth driving a strong increase in loans, mainly in Retail and CIB. Deposit growth and outstanding rise in mutual funds • Profit up 13% YoY, supported by NII and fees (FX and mutual funds) and improved LLPs, which more than offset higher costs (competitive labour market) • Net operating income rose 1% QoQ, backed by NII (volumes) and cost improvements. Profit impacted by CHF provisions Loans Deposits Mutual Funds Efficiency CoR RoTE Loans Deposits Mutual Funds Efficiency CoR RoTE €39bn +4% €38bn +5% €5bn +15% 26.1% -1.3pp 0.03% -17bps 25.4% -0.6pp €39bn +10% €50bn +11% €6bn +30% 27.1% +0.0pp 1.38% -70bps 20.2% +2.5pp Underlying P&L* Q4'24 % Q3'24 2024 % 2023 NII 332 -10.8 1,548 5.7 Net fee income 110 -3.7 467 0.8 Total revenue 458 -8.4 2,100 6.0 Operating expenses -143 4.5 -548 1.0 Net operating income 315 -13.3 1,553 7.8 LLPs -1 -79.8 -11 -85.7 Attributable profit 209 -8.7 1,001 11.7 (*) € mn and % change. Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 733 1.4 2,844 6.1 11.8 Net fee income 166 -1.8 674 8.5 14.4 Total revenue 921 0.4 3,555 6.0 11.7 Operating expenses -246 -1.9 -965 6.1 11.9 Net operating income 675 1.3 2,591 5.9 11.7 LLPs -112 9.9 -511 -28.0 -24.2 Attributable profit 158 -38.2 800 12.7 18.8 (*) € mn and % change in constant euros. (1) % change in current euros.
51Note: Dec-24 data and YoY changes (loans, deposits and mutual funds in constant euros). North America Highlights Key data and P&L Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 2,556 0.8 10,330 3.0 1.7 Net fee income 654 2.1 2,594 20.5 18.3 Total revenue 3,509 3.7 13,915 7.0 5.6 Operating expenses -1,724 5.5 -6,701 4.9 3.6 Net operating income 1,785 2.1 7,214 9.1 7.5 LLPs -950 -0.4 -3,786 2.4 1.4 Attributable profit 648 10.9 2,579 11.7 9.6 (*) € mn and % change in constant euros. (1) % change in current euros. Loans Deposits Mutual Funds Efficiency CoR RoTE €162bn 0% €135bn -5% €34bn +23% 48.2% -0.9pp 2.04% -1bps 11.2% +1.4pp • Focus on transformation across the region, leveraging the strengths of our global businesses in the US and Mexico • Loans were flat YoY, as growth in Mexico was offset by decrease in the US, in line with our strategy focused on capital optimization and efficient allocation and value creation • Deposits down YoY in line with our strategy to reduce excess corporate deposits in the US, partially offset by growth in Retail and Consumer (supported by Openbank launch). Strong growth in mutual funds • Revenue up 7%, driven by positive performances across most global businesses in the region, but especially CIB in the US and Retail in Mexico • Costs up 1% in real terms, even with investments in CIB in the US and digitalization across the region. Continued efficiency gains • Profit +12% YoY as top line performance more than offset slightly higher LLPs driven by volumes growth and expected CoR normalization in Mexico • Quarterly revenue growth supported by strong net fee income in the US and gains on financial transactions in Mexico, together with falling LLPs and lower effective tax rate drove 11% profit growth QoQ
52Note: Dec-24 data and YoY changes (loans, deposits and mutual funds in constant euros). (2) Adjusted RoTE: adjusted based on Group’s deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, RoTE is 7.5%. MexicoUS Loans Deposits Mutual Funds Efficiency CoR RoTE2 Loans Deposits Mutual Funds Efficiency CoR RoTE €45bn +6% €42bn +5% €20bn +33% 42.5% -1.4pp 2.64% +21bps 20.0% +2.3pp Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 1,458 0.3 5,693 -0.8 -0.9 Net fee income 317 4.2 1,152 50.4 50.3 Total revenue 1,941 0.8 7,580 5.2 5.1 Operating expenses -987 1.9 -3,830 4.2 4.1 Net operating income 954 -0.3 3,750 6.3 6.2 LLPs -686 2.7 -2,507 -3.3 -3.3 Attributable profit 229 2.0 1,109 19.0 19.0 (*) € mn and % change in constant euros. (1) % change in current euros. Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 1,097 1.5 4,631 8.1 5.0 Net fee income 322 0.8 1,385 3.8 0.8 Total revenue 1,558 8.0 6,278 9.6 6.4 Operating expenses -689 11.2 -2,665 6.0 3.0 Net operating income 869 5.7 3,613 12.3 9.1 LLPs -263 -7.2 -1,277 15.8 12.5 Attributable profit 438 13.4 1,671 10.3 7.2 (*) € mn and % change in constant euros. (1) % change in current euros. • Successful customer acquisition campaigns and new commercial agreements are boosting loans and deposits in most of our businesses • Profit rose YoY, with positive jaws as strong revenue (fees and lower funding costs) outpaced cost growth. LLPs normalizing as expected • Profit grew double-digits QoQ, backed by good top line performance (volumes) and lower LLPs, more than offsetting cost growth • Loans down 2%, as higher CIB activity and auto originations were offset by capital-accretive transactions. Deposits fell in line with our CIB funding optimization strategy • Profit up c.20% YoY, as 5% revenue growth combined with lower LLPs amply offset higher costs relating to investments in CIB • In the quarter, profit up supported by fees and lower tax burden, while impacted by seasonality in auto provisions €118bn -2% €94bn -8% €15bn +12% 50.5% -0.5pp 1.82% -10bps 10.7% +1.6pp
53 South America Note: Dec-24 data and YoY changes (loans, deposits and mutual funds in constant euros). Highlights Key data and P&L Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 4,210 20.5 15,566 27.3 19.4 Net fee income 1,348 17.3 4,864 11.2 3.9 Total revenue 5,316 14.7 19,783 17.9 10.1 Operating expenses -1,865 16.5 -6,943 7.1 0.3 Net operating income 3,450 13.7 12,841 24.8 16.2 LLPs -1,404 7.3 -5,478 9.0 1.4 Attributable profit 1,198 22.9 3,863 36.4 27.1 (*) € mn and % change in constant euros. (1) % change in current euros. Loans Deposits Mutual Funds Efficiency CoR RoTE €154bn +9% €132bn +12% €69bn +14% 35.1% -3.4pp 3.50% +14bps 18.7% +4.3pp • We are focused on becoming the primary bank for our 80 million customers (+7mn YoY) and the most profitable in each of our countries, supported by our focus on service quality • Loans grew 9% YoY, with growth across all global businesses, especially in Retail and Consumer. Deposits and mutual funds grew double-digits, with overall increases across global businesses and countries • Profit rose double-digits YoY, backed by strong NII (higher activity and lower cost of deposits in general), along with solid fee growth across the board • Significant efficiency gains YoY (-3pp) driving up profitability (RoTE +4pp) • Profit up QoQ, with growth across businesses and countries, supported by all revenue lines and lower tax burden. Results affected by updated Argentina FX rate
54Note: Dec-24 data and YoY changes (loans, deposits and mutual funds in constant euros). Brazil Chile Loans Deposits Mutual Funds Efficiency CoR RoTE Loans Deposits Mutual Funds Efficiency CoR RoTE €94bn +10% €81bn +8% €49bn +6% 32.1% -2.4pp 4.51% -26bps 17.5% +3.8pp €41bn +1% €30bn +10% €13bn +32% 36.0% -8.6pp 1.19% +39bps 17.0% +2.2pp Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 2,413 -0.4 10,121 19.5 11.0 Net fee income 846 3.5 3,414 6.1 -1.4 Total revenue 3,270 1.6 13,536 11.2 3.3 Operating expenses -1,063 5.4 -4,352 3.4 -3.9 Net operating income 2,207 -0.2 9,184 15.3 7.1 LLPs -1,077 1.0 -4,487 2.7 -4.5 Attributable profit 652 5.6 2,422 35.8 26.1 (*) € mn and % change in constant euros. (1) % change in current euros. Underlying P&L* Q4'24 % Q3'24 2024 % 2023 % 2023¹ NII 516 7.7 1,822 48.3 31.8 Net fee income 140 -3.5 551 8.4 -3.7 Total revenue 714 4.0 2,592 27.7 13.4 Operating expenses -232 -1.1 -933 3.0 -8.5 Net operating income 482 6.6 1,659 47.6 31.1 LLPs -118 -6.7 -497 53.2 36.1 Attributable profit 196 9.3 629 21.7 8.1 (*) € mn and % change in constant euros. (1) % change in current euros. • Strong YoY growth in loans, time deposits and mutual funds, with increases across all businesses, mainly Retail and Consumer • Greater profit and profitability YoY, driven by NII (volumes and cost of deposits), fees and efficiency gains, which more than offset lower gains on financial transactions and higher LLPs (below volume growth) • Profit up 6% QoQ as revenue growth (fees and gains on financial transactions) and lower tax burden more than offset cost seasonality • Customer growth (+6% YoY). Loans rose across most global businesses. Double-digit growth in deposits and mutual funds • Profit rose YoY, boosted by strong NII and fees, with cost control and higher LLPs, up from very low levels in previous years • Solid profit growth QoQ on the back of favourable NII performance, lower costs and better LLPs, which more than offset a drop in fees (transactional and advisory)
55Note: Dec-24 data and YoY changes (profit, loans, deposits and mutual funds in current euros). (1) The exchange rate resulting from the sale of local bonds denominated in Argentine pesos in US dollars (dual denomination peso/dollar bonds). Argentina • We continue to focus on enhancing customer service, cost to serve and our operating model • Profit up YoY and QoQ, backed by NII and fee growth in a context of increased activity • Positive jaws drove a 9pp efficiency improvement YoY • Quarterly results affected by updated FX rate Loans Deposits Mutual Funds Efficiency CoR RoTE €8bn +105% €11bn +74% €6bn +51% 41.1% -9.1pp 4.59% -204bps 34.8% -20.8pp Underlying P&L* Q4'24 Q3'24 2024 % Q3'24 % 2023 NII 1,107 390 2,919 184.0 55.3 Net fee income 287 111 602 157.8 52.2 Total revenue 1,047 421 2,487 149.0 61.1 Operating expenses -416 -192 -1,022 116.2 31.9 Net operating income 631 228 1,465 176.6 90.4 LLPs -156 -63 -284 146.6 89.5 Attributable profit 283 116 665 145.1 72.2 (*) € mn and % change in current euros. Argentina peso exchange rate considerations • In Q2 2024, given a significant divergence between the official exchange rate and inflation, we decided to start using an alternative exchange rate – This exchange rate was 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) on financial transactions 1 2,273 — 2,273 2,633 — 2,633 Other operating income (75) 335 260 (528) 224 (304) Total income 61,876 335 62,211 57,423 224 57,647 Administrative expenses and amortizations (26,034) — (26,034) (25,425) — (25,425) Net operating income 35,842 335 36,177 31,998 224 32,222 Net loan-loss provisions (12,685) 352 (12,333) (12,932) 474 (12,458) Other gains (losses) and provisions (4,130) (687) (4,817) (2,607) (459) (3,066) Profit before tax 19,027 — 19,027 16,459 239 16,698 Tax on profit (5,283) — (5,283) (4,276) (213) (4,489) Profit from continuing operations 13,744 — 13,744 12,183 26 12,209 Net profit from discontinued operations — — — — — — Consolidated profit 13,744 — 13,744 12,183 26 12,209 Non-controlling interests (1,170) — (1,170) (1,107) (26) (1,133) Profit attributable to the parent 12,574 — 12,574 11,076 — 11,076 January-December 2023January-December 2024
58 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
59 Glossary - Acronyms • A2A: account to account • AM: Asset management • AuMs: Assets under Management • bn: Billion • bps: Basis points • c.: Circa • CET1: Common equity tier 1 • CHF: Swiss franc • CF: Corporate Finance • CIB: Corporate & Investment Banking • CoE: Cost of equity • Consumer: Digital Consumer Bank • CoR: Cost of risk • DCB Europe: Digital Consumer Bank Europe • DCM: Debt Capital Markets • DPS: Dividend per share • EPS: Earning per share • ESG: Environmental, social and governance • FL: Fully-loaded • FX: Foreign exchange • FY: Full year • ID: Investor day • IFRS 9: International Financial Reporting Standard 9, regarding financial instruments • k: thousands • LLPs: Loan-loss provisions • mn: million • NII: Net interest income • NIM: Net interest margin • NPL: Non-performing loans • OEM: Original equipment manufacturer • Payments: PagoNxt and Cards • PB: Private Banking • PBT: Profit before tax • P&L: Profit and loss • pp: Percentage points • Ps: Per share • QoQ: Quarter-on-Quarter • Repos: Repurchase agreements • Retail: Retail & Commercial Banking • RoE: Return on equity • RoRWA: Return on risk-weighted assets • RoTE: Return on tangible equity • RWA: Risk-weighted assets • SAM: Santander Asset Management • SBB: share buybacks • SME: Small and Medium Enterprises • US BBO: US Banking Building-Out • TNAV: Tangible net asset value • TPV: Total Payments Volume • YoY: Year-on-Year • YTD: Year to date • Wealth: Wealth Management & Insurance • #: number
60 Glossary - Definitions PROFITABILITY AND EFFICIENCY • RoTE: Return on tangible capital: Group attributable profit / average of: net equity (excluding minority interests) – intangible assets (including goodwill) • RoTE post-AT1: Return on tangible capital: Group attributable profit – cost of AT1s / average of: net equity (excluding minority interests) – intangible assets (including goodwill) • RoRWA: Return on risk-weighted assets: consolidated profit / average risk-weighted assets • Efficiency: Operating expenses / total income. Operating expenses defined as general administrative expenses + amortizations VOLUMES • Loans: Gross loans and advances to customers (excl. reverse repos) • Customer funds: Customer deposits excluding repos + marketed mutual funds CREDIT RISK • NPL ratio: Credit impaired customer loans and advances, guarantees and undrawn balances / Total risk. Total risk is defined as: Non-impaired and impaired customer loans and advances and guarantees + impaired undrawn customer balances • NPL coverage ratio: Total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances / Credit impaired customer loans and advances, guarantees and undrawn balances • Cost of risk: underlying allowances for loan-loss provisions / average loans and advances to customers over the last 12 months CAPITALIZATION • Tangible net asset value per share – TNAVps: Tangible stockholders' equity / number of shares (excluding treasury shares). Tangible stockholders' equity calculated as stockholders' equity (excl. minority interests) - intangible assets ESG METRICS • Women in leadership positions = Percentage of women in senior executive positions over total headcount. This segment corresponds to less than 1% of the total workforce • Equal pay gap = The equal pay gap measures differences in remuneration between women and men in the same job at the same level • For financial ESG metrics, please see ‘Alternative Performance Measures’ section of the 9M’24 Quarterly Financial Report Note: the averages for the RoTE, RoTE post-AT1 and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from using daily balances. The risk-weighted assets included in the denominator of the RoRWA metric are calculated in line with the criteria laid out in the CRR (Capital Requirements Regulation).
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SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Banco Santander, S.A. Date: 5 February 2025 By: /s/ José García Cantera Name: José García Cantera Title: Chief Financial Officer