Banco Santander, S.a. · BME:SAN
Banco Santander — FY2024 Earnings Presentation
101 slides from Banco Santander's earnings presentation, Feb 5, 2025
Slide 1: Form 6-K cover page
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 c
Slide 2: Table of contents
BANCO SANTANDER, S.A. ________________________ TABLE OF CONTENTS Item 1. January - December 2024 Earnings presentation (Supplementary information)
Slide 3: Supplementary information 2024
5 February 2025 Supplementary information 2024
Slide 4: Important information: Non-IFRS and alternative performance measures
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
Slide 5: Important information: forward-looking statements
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 stat
Slide 6: Supplementary information
4 Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 7: Capital levels exceed minimum regulatory requirements
5 Santander’s capital levels, both phased-in and fully loaded, exceed minimum regulatory requirements 4.50% 12.76% >12% 0.98% 2.50% 1.25% CCyB, 0.40% 1.83% 1.66% 1.50% 2.44% 2.73% 2.40% 13.92% 17.15% >15% SyRB, 0.03% Assumed regulatory requirement 2024 Group ratios Dec-24 2024 target ratios Assumed
Slide 8: Bond portfolio
6 Bond portfolio Diversified bond portfolio represents just 8% of total assets %, Dec-24 Spain 29% Poland 12% UK 7% Portugal 6% SCF 4% Mexico 12% US 11% Brazil 10% Chile 5% Other South America 3% €144bn o/w HTC €92bn (64%) • Bond portfolio represents 8% of total assets • HTC&S duration: 2.0 years •
Slide 9: Conservative and decentralized liquidity and funding model
7 Conservative and decentralized liquidity and funding model Very manageable maturity profile€51.3bn1 issued in public markets in 2024 (1) Data includes public issuances from all units with period-average exchange rates. Excludes securitizations. (2) Includes €10.8bn of Banco Santander, S.A., €2.9bn
Slide 10: 2024 issuances against funding plan
8 2024 issuances against funding plan Execution of 2024 funding plan € bn, Dec-24 Note: Issuance plan subject to, amongst other considerations, market conditions and regulatory requirements. Other secured issuances (for example ABS, RMBS, etc.) are not considered in the table above. (1) Includes €2.
Slide 11: 2025 funding plan and issuances YtD
9 Plan Issued Plan Issued Plan Issued Plan Issued Banco Santander, S.A. 0 - 0.5 - 20 - 21 10.9 0.5 - 2 - 20.5 - 23.5 10.9 UK - - 7 - 8 1.2 4 - 5 3.0 11 - 13 4.2 SHUSA - - 3 - 4 - - - 3 - 4 - TOTAL 0 - 0.5 - 30 - 33 12.1 4.5 - 7 3.0 34.5 - 40.5 15.1 Hybrids SNP + Senior Covered Bonds TOTAL 2025 fundi
Slide 12: TLAC/MREL for the Resolution Group
10 TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. 29.7% 11.5% 4.2% 8.3% 4.9% 42.1% 16.4% % RWAs % LE 18.0% 6.8% 4.2% 8.8% 3.0% 31.0% 9.7% % RWAs % LE MREL Dec-24(e)TLAC Dec-24(e) % and € bn Req. 33.9% Requirement CBR Buffer SNP T2 CET1 Senior AT1 Sub debt % Req. 22.2% Distance to
Slide 13: Well-funded, diversified and highly liquid balance sheet
11 Well-funded, diversified, prudent and highly liquid balance sheet (large % contribution from customer deposits), reflected in solid liquidity ratios Note: Liquidity balance sheet for management purposes (net of trading derivatives and interbank balances). (1) Provisional data. (2) UK: Ring-fenced
Slide 14: Supplementary information
12 Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 15: NIM (%)
13 NIM (%) NII / Average earning assets Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Retail & Commercial Banking 2.52 2.74 2.85 2.71 3.12 3.12 3.08 3.17 Spain 1.68 2.10 2.22 2.22 2.58 2.78 2.68 2.49 United Kingdom 1.52 1.54 1.61 1.48 1.41 1.46 1.53 1.58 Mexico 5.53 5.96 6.07 5.67 5.74 5.76 5.93 6
Slide 16: Yield on loans (%)
14 Yield on loans (%) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Retail & Commercial Banking 5.45 5.88 6.00 6.26 6.49 6.48 6.40 6.49 Spain 2.74 3.21 3.67 3.95 4.10 4.09 4.06 3.89 United Kingdom 2.94 3.18 3.41 3.64 3.81 3.94 4.07 4.13 Mexico 13.43 13.85 13.99 14.00 13.82 13.73 13.78 13.46 Brazil
Slide 17: Cost of deposits (%)
15 Cost of deposits (%) (*).- Payments’s cost of deposits is not provided as we do not consider it a relevant metric for this type of business. Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Retail & Commercial Banking 1.89 2.15 2.31 2.00 2.40 2.19 2.15 2.13 Spain 0.22 0.39 0.53 0.63 0.65 0.69 0.73
Slide 18: Supplementary information
16 Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 19: Efficiency ratio (%)
17 Efficiency ratio (%) Q1'23 H1'23 9M'23 2023 Q1'24 H1'24 9M'24 2024 Retail & Commercial Banking 45.0 44.3 43.5 43.1 41.1 39.5 39.3 39.7 Digital Consumer Bank 43.0 43.3 42.6 42.8 41.2 40.6 40.7 40.1 Corporate & Investment Banking 37.0 38.2 40.8 45.0 42.0 43.4 44.4 45.6 Wealth Management & Insurance
Slide 20: Supplementary information
18 Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 21: Stage coverage
19 Stage coverage 1) Exposure subject to impairment in EUR bn. Additionally, customer loans not subject to impairment recorded at mark to market with changes through P&L (EUR 17 bn in March 2023, EUR 18 bn in June 2023, EUR 20 bn in September 2023, EUR 19 bn in December 2023, EUR 25 bn in March 2024
Slide 22: NPL ratio (%)
20 NPL ratio (%) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Retail & Commercial Banking 3.19 3.22 3.18 3.21 3.24 3.15 3.28 3.18 Digital Consumer Bank 4.04 4.18 4.65 4.75 4.86 4.81 4.87 5.07 Corporate & Investment Banking 1.42 1.38 1.37 1.36 1.14 1.05 0.88 0.86 Wealth Management & Insura
Slide 23: NPL coverage ratio (%)
21 NPL coverage ratio (%) Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Retail & Commercial Banking 62.7 63.2 63.5 61.4 60.0 60.4 57.7 58.4 Digital Consumer Bank 91.2 87.9 79.4 76.5 76.1 75.9 74.7 73.6 Corporate & Investment Banking 35.3 36.8 35.4 41.2 46.2 45.0 36.0 39.3 Wealth Management
Slide 24: Credit impaired loans and loan-loss allowances
22 Loan-loss allowancesCredit impaired loans Credit impaired loans and loan-loss allowances. Retail, 58.5%DCB, 31.4% CIB, 5.9% Wealth, 0.5% Payments, 3.6% Retail, 52.5% DCB, 35.5% CIB, 3.6% Wealth, 0.6% Payments, 7.8% Spain, 17.7% United Kingdom, 4.3% Portugal, 3.5% Poland, 4.5% Other Europe, 0.4% D
Slide 25: Cost of risk (%)
23 Cost of risk (%) Note: Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months. (*).- PagoNxt’s cost of risk is not provided as we do not consider it a relevant metric for this type of business. Mar-23 Jun-23 Sep-23 D
Slide 26: Supplementary information
24 Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 27: Grupo Santander (EUR mn)
25 GRUPO SANTANDER (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 10,185 10,735 11,219 11,122 11,983 11,474 11,225 11,986 +6.8% 43,261 46,668 +7.9% Net fee income 3,043 3,060 3,119 2,835 3,240
Slide 28: Grupo Santander (Constant EUR mn)
26 GRUPO SANTANDER (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 10,157 10,580 10,992 10,878 11,727 11,301 11,425 12,215 +6.9% 42,607 46,668 +9.5% Net fee income 3,008 2,978 3,018 2,
Slide 29: Supplementary information
27 Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 30: Retail & Commercial Banking (EUR mn)
28 Retail & Commercial Banking (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 5,931 6,470 6,705 6,445 7,145 6,870 6,803 7,125 +4.7% 25,550 27,942 +9.4% Net fee income 1,074 1,212 1,196 1,015 1
Slide 31: Retail & Commercial Banking (Constant EUR mn)
29 Retail & Commercial Banking (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 5,945 6,370 6,558 6,301 6,977 6,763 6,918 7,284 +5.3% 25,174 27,942 +11.0% Net fee income 1,061 1,173 1,1
Slide 32: Retail & Commercial Banking Spain (EUR mn)
30 Retail & Commercial Banking Spain (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,078 1,305 1,395 1,412 1,489 1,489 1,503 1,435 -4.5% 5,190 5,916 +14.0% Net fee income 291 290 255 260 282
Slide 33: Retail & Commercial Banking UK (EUR mn)
31 Retail & Commercial Banking UK (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,219 1,232 1,275 1,164 1,119 1,128 1,189 1,236 +4.0% 4,889 4,672 -4.4% Net fee income 9 0 14 (4) 3 (13) 2 (12)
Slide 34: Retail & Commercial Banking UK (Constant EUR mn)
32 Retail & Commercial Banking UK (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,272 1,265 1,294 1,191 1,132 1,137 1,187 1,216 +2.5% 5,023 4,672 -7.0% Net fee income 9 0 15 (4) 3 (1
Slide 35: Retail & Commercial Banking UK (GBP mn)
33 Retail & Commercial Banking UK (GBP mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,077 1,071 1,096 1,008 958 963 1,004 1,029 +2.5% 4,252 3,955 -7.0% Net fee income 8 0 12 (3) 3 (11) 1 (10) — 1
Slide 36: Retail & Commercial Banking Mexico (EUR mn)
34 Retail & Commercial Banking Mexico (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 706 780 830 787 814 799 741 763 +2.9% 3,103 3,116 +0.4% Net fee income 135 164 165 145 156 181 159 147 -7.4
Slide 37: Retail & Commercial Banking Mexico (Constant EUR mn)
35 Retail & Commercial Banking Mexico (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 716 762 782 754 761 751 780 824 +5.6% 3,014 3,116 +3.4% Net fee income 137 160 155 139 146 170 167
Slide 38: Retail & Commercial Banking Mexico (MXN mn)
36 Retail & Commercial Banking Mexico (MXN mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 14,129 15,023 15,431 14,866 15,005 14,817 15,386 16,252 +5.6% 59,449 61,460 +3.4% Net fee income 2,694 3,15
Slide 39: Retail & Commercial Banking Brazil (EUR mn)
37 Retail & Commercial Banking Brazil (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,492 1,569 1,596 1,594 1,753 1,734 1,685 1,590 -5.6% 6,251 6,762 +8.2% Net fee income 298 394 417 404 401
Slide 40: Retail & Commercial Banking Brazil (Constant EUR mn)
38 Retail & Commercial Banking Brazil (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,432 1,456 1,459 1,462 1,621 1,673 1,763 1,704 -3.4% 5,808 6,762 +16.4% Net fee income 286 367 38
Slide 41: Retail & Commercial Banking Brazil (BRL mn)
39 Retail & Commercial Banking Brazil (BRL mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 8,316 8,455 8,473 8,494 9,419 9,720 10,242 9,898 -3.4% 33,739 39,278 +16.4% Net fee income 1,663 2,132 2,21
Slide 42: Digital Consumer Bank (EUR mn)
40 Digital Consumer Bank (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 2,546 2,477 2,600 2,598 2,710 2,655 2,614 2,798 +7.1% 10,221 10,777 +5.4% Net fee income 288 295 316 330 354 387 373 394
Slide 43: Digital Consumer Bank (Constant EUR mn)
41 Digital Consumer Bank (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 2,525 2,472 2,585 2,571 2,689 2,637 2,647 2,804 +5.9% 10,153 10,777 +6.1% Net fee income 287 294 313 325 350 38
Slide 44: Digital Consumer Bank Europe (EUR mn)
42 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,029 1,011 1,069 1,083 1,095 1,092 1,069 1,105 +3.4% 4,193 4,361 +4.0% Net fee income 191 203 210 192 220 231 22
Slide 45: Digital Consumer Bank Europe (Constant EUR mn)
43 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,030 1,016 1,070 1,087 1,093 1,092 1,070 1,106 +3.4% 4,203 4,361 +3.8% Net fee income 191 204 211 192 2
Slide 46: Digital Consumer Bank US (EUR mn)
44 Digital Consumer Bank US (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,173 1,145 1,140 1,142 1,143 1,179 1,138 1,191 +4.7% 4,599 4,651 +1.1% Net fee income 62 56 55 63 64 67 75 97 +28.8%
Slide 47: Digital Consumer Bank US (Constant EUR mn)
45 Digital Consumer Bank US (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,163 1,151 1,146 1,135 1,147 1,174 1,156 1,175 +1.6% 4,596 4,651 +1.2% Net fee income 61 57 56 63 65 67 76
Slide 48: Digital Consumer Bank US (USD mn)
46 Digital Consumer Bank US (USD mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,258 1,246 1,240 1,228 1,240 1,270 1,250 1,271 +1.6% 4,972 5,031 +1.2% Net fee income 66 61 60 68 70 72 82 103 +25.7
Slide 49: Corporate & Investment Banking (EUR mn)
47 Corporate & Investment Banking (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 844 826 888 1,037 1,062 969 901 1,088 +20.7% 3,594 4,020 +11.9% Net fee income 606 536 517 471 654 626 612 657
Slide 50: Corporate & Investment Banking (Constant EUR mn)
48 Corporate & Investment Banking (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 833 807 862 1,002 1,033 948 925 1,115 +20.5% 3,503 4,020 +14.8% Net fee income 603 527 507 461 645 619
Slide 51: Wealth Management & Insurance (EUR mn)
49 Wealth Management & Insurance (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 334 392 409 377 423 404 406 394 -3.1% 1,513 1,627 +7.6% Net fee income 308 317 318 319 364 355 366 405 +10.8% 1,
Slide 52: Wealth Management & Insurance (Constant EUR mn)
50 Wealth Management & Insurance (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 334 390 406 374 420 401 410 396 -3.4% 1,505 1,627 +8.2% Net fee income 307 314 313 315 360 351 370 409
Slide 53: Payments (EUR mn)
51 Payments (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 582 611 649 582 675 645 596 694 +16.4% 2,424 2,609 +7.6% Net fee income 770 703 772 708 676 695 698 725 +3.8% 2,952 2,793 -5.4% Gains
Slide 54: Payments (Constant EUR mn)
52 Payments (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 571 584 611 547 639 621 620 730 +17.7% 2,312 2,609 +12.9% Net fee income 753 673 733 676 649 677 716 752 +5.0% 2,835 2,793 -
Slide 55: PagoNxt (EUR mn)
53 PagoNxt (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 9 22 24 38 31 31 35 35 +0.5% 93 132 +41.0% Net fee income 218 228 255 253 224 233 241 261 +8.4% 954 958 +0.5% Gains (losses) on financ
Slide 56: PagoNxt (Constant EUR mn)
54 PagoNxt (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 9 21 23 36 29 30 36 37 +2.0% 89 132 +48.3% Net fee income 213 217 241 240 214 227 247 270 +9.4% 911 958 +5.2% Gains (losses)
Slide 57: Cards (EUR mn)
55 Cards (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 573 589 625 544 644 613 561 659 +17.4% 2,331 2,478 +6.3% Net fee income 551 475 517 456 452 462 457 464 +1.4% 1,998 1,835 -8.2% Gains (l
Slide 58: Cards (Constant EUR mn)
56 Cards (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 561 563 588 511 610 590 584 693 +18.6% 2,223 2,478 +11.4% Net fee income 540 456 492 436 435 451 469 481 +2.6% 1,925 1,835 -4.7
Slide 59: Corporate Centre (EUR mn)
57 Corporate Centre (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income (52) (42) (30) 83 (31) (69) (95) (113) +19.0% (41) (308) +660.3% Net fee income (3) (3) 1 (8) (1) 2 (8) (3) -62.6% (13) (11)
Slide 60: Supplementary information
58 Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 61: Europe (EUR mn)
59 Europe (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 3,597 3,968 4,222 4,123 4,123 4,165 4,205 4,227 +0.5% 15,910 16,720 +5.1% Net fee income 1,168 1,076 1,084 1,071 1,202 1,167 1,168 1,12
Slide 62: Europe (Constant EUR mn)
60 Europe (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 3,707 4,038 4,274 4,170 4,141 4,174 4,199 4,206 +0.2% 16,189 16,720 +3.3% Net fee income 1,185 1,086 1,092 1,076 1,204 1,167 1
Slide 63: Spain (EUR mn)
61 Spain (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,460 1,701 1,741 1,738 1,816 1,840 1,799 1,802 +0.2% 6,641 7,256 +9.3% Net fee income 752 661 635 652 746 738 707 676 -4.4% 2,699 2,867
Slide 64: United Kingdom (EUR mn)
62 United Kingdom (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,283 1,300 1,344 1,225 1,185 1,196 1,256 1,313 +4.5% 5,152 4,950 -3.9% Net fee income 83 84 97 74 79 64 80 61 -23.6% 338 283 -
Slide 65: United Kingdom (Constant EUR mn)
63 United Kingdom (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,338 1,335 1,365 1,254 1,199 1,205 1,254 1,292 +3.0% 5,293 4,950 -6.5% Net fee income 86 87 98 76 80 64 80 60 -25.1%
Slide 66: United Kingdom (GBP mn)
64 United Kingdom (GBP mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,133 1,130 1,156 1,061 1,015 1,020 1,061 1,093 +3.0% 4,480 4,189 -6.5% Net fee income 73 73 83 64 67 54 68 51 -25.1% 294 240 -
Slide 67: Portugal (EUR mn)
65 Portugal (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 261 314 439 451 431 413 373 332 -10.8% 1,465 1,548 +5.7% Net fee income 124 111 117 111 127 115 115 110 -3.7% 464 467 +0.8% Gains (lo
Slide 68: Poland (EUR mn)
66 Poland (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 586 623 662 673 686 697 727 733 +0.8% 2,543 2,844 +11.8% Net fee income 145 144 148 153 176 163 170 166 -2.3% 589 674 +14.4% Gains (los
Slide 69: Poland (Constant EUR mn)
67 Poland (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 641 657 692 690 690 697 724 734 +1.4% 2,681 2,844 +6.1% Net fee income 158 152 155 157 177 163 169 166 -1.8% 621 674 +8.5% Gai
Slide 70: Poland (PLN mn)
68 Poland (PLN mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 2,759 2,830 2,980 2,972 2,973 2,999 3,115 3,158 +1.4% 11,541 12,245 +6.1% Net fee income 682 653 665 675 761 700 727 714 -1.8% 2,675 2,
Slide 71: Other Europe (EUR mn)
69 Other Europe (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 7 30 36 36 5 19 50 48 -5.0% 109 121 +11.1% Net fee income 65 75 87 81 74 87 96 109 +13.5% 309 367 +19.0% Gains (losses) on financ
Slide 72: Other Europe (Constant EUR mn)
70 Other Europe (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 6 30 36 36 5 19 51 47 -7.8% 109 121 +11.2% Net fee income 65 75 87 81 75 87 97 109 +12.2% 308 367 +19.0% Gains (losses)
Slide 73: Digital Consumer Bank Europe (EUR mn)
71 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,029 1,011 1,069 1,083 1,095 1,092 1,069 1,105 +3.4% 4,193 4,361 +4.0% Net fee income 191 203 210 192 220 231 22
Slide 74: Digital Consumer Bank Europe (Constant EUR mn)
72 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,030 1,016 1,070 1,087 1,093 1,092 1,070 1,106 +3.4% 4,203 4,361 +3.8% Net fee income 191 204 211 192 2
Slide 75: North America (EUR mn)
73 North America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 2,448 2,483 2,602 2,626 2,611 2,636 2,527 2,556 +1.2% 10,159 10,330 +1.7% Net fee income 521 555 560 555 638 662 641 654 +2.0% 2
Slide 76: North America (Constant EUR mn)
74 North America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 2,451 2,467 2,544 2,568 2,537 2,557 2,608 2,628 +0.8% 10,029 10,330 +3.0% Net fee income 525 548 540 539 616 638 663 67
Slide 77: United States (EUR mn)
75 United States (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,465 1,436 1,414 1,428 1,396 1,428 1,411 1,458 +3.3% 5,742 5,693 -0.9% Net fee income 190 200 189 187 267 272 296 317 +7.0% 766
Slide 78: United States (Constant EUR mn)
76 United States (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,453 1,444 1,422 1,420 1,401 1,421 1,433 1,438 +0.3% 5,739 5,693 -0.8% Net fee income 188 201 191 186 268 271 300 313
Slide 79: United States (USD mn)
77 United States (USD mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 1,572 1,562 1,538 1,536 1,516 1,537 1,550 1,555 +0.3% 6,208 6,158 -0.8% Net fee income 203 218 206 201 290 293 325 338 +4.2% 828
Slide 80: Mexico (EUR mn)
78 Mexico (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 983 1,045 1,186 1,195 1,214 1,207 1,113 1,097 -1.5% 4,408 4,631 +5.0% Net fee income 320 344 356 355 359 374 329 322 -2.1% 1,374 1,385
Slide 81: Mexico (Constant EUR mn)
79 Mexico (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 997 1,020 1,120 1,146 1,135 1,135 1,172 1,189 +1.5% 4,282 4,631 +8.1% Net fee income 324 336 335 340 336 352 347 350 +0.8% 1,3
Slide 82: Mexico (MXN mn)
80 Mexico (MXN mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 19,669 20,110 22,081 22,597 22,390 22,383 23,112 23,448 +1.5% 84,457 91,333 +8.1% Net fee income 6,400 6,619 6,599 6,700 6,621 6,937 6,
Slide 83: Other North America (EUR mn)
81 Other North America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 0 3 2 3 1 2 3 2 -33.4% 8 7 -16.7% Net fee income 12 11 15 13 12 15 16 14 -7.7% 52 57 +10.9% Gains (losses) on financial tr
Slide 84: Other North America (Constant EUR mn)
82 Other North America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 0 3 2 3 1 2 3 2 -32.9% 8 7 -16.7% Net fee income 12 11 15 13 12 15 16 14 -7.6% 52 57 +10.9% Gains (losses) on fin
Slide 85: South America (EUR mn)
83 South America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 3,163 3,314 3,356 3,206 4,185 3,649 3,520 4,210 +19.6% 13,040 15,566 +19.4% Net fee income 1,166 1,229 1,264 1,025 1,182 1,176 1
Slide 86: South America (Constant EUR mn)
84 South America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 3,021 3,102 3,134 2,970 3,988 3,547 3,643 4,388 +20.5% 12,227 15,566 +27.3% Net fee income 1,111 1,143 1,174 945 1,118
Slide 87: Brazil (EUR mn)
85 Brazil (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 2,105 2,180 2,327 2,504 2,630 2,605 2,474 2,413 -2.5% 9,116 10,121 +11.0% Net fee income 817 858 902 885 846 888 833 846 +1.6% 3,462 3,
Slide 88: Brazil (Constant EUR mn)
86 Brazil (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 2,019 2,022 2,128 2,300 2,433 2,514 2,592 2,582 -0.4% 8,470 10,121 +19.5% Net fee income 783 796 825 812 783 856 872 903 +3.5%
Slide 89: Brazil (BRL mn)
87 Brazil (BRL mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 11,731 11,745 12,364 13,359 14,135 14,604 15,058 14,998 -0.4% 49,200 58,795 +19.5% Net fee income 4,550 4,625 4,791 4,719 4,549 4,973 5
Slide 90: Chile (EUR mn)
88 Chile (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 371 356 241 415 352 472 482 516 +7.1% 1,383 1,822 +31.8% Net fee income 153 163 133 122 129 137 146 140 -4.1% 572 551 -3.7% Gains (losse
Slide 91: Chile (Constant EUR mn)
89 Chile (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 316 304 223 385 355 466 482 519 +7.7% 1,228 1,822 +48.3% Net fee income 131 139 122 116 130 135 146 141 -3.5% 508 551 +8.4% Gai
Slide 92: Chile (CLP mn)
90 Chile (CLP mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 322,790 310,631 227,113 392,690 361,759 475,476 491,886 529,884 +7.7% 1,253,223 1,859,004 +48.3% Net fee income 133,249 142,289 124,044
Slide 93: Argentina (EUR mn)
91 Argentina (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 532 606 629 112 1,025 397 390 1,107 +184.0% 1,879 2,919 +55.3% Net fee income 137 145 164 (50) 131 73 111 287 +157.8% 396 602 +52.2%
Slide 94: Argentina (Argentine peso mn)
92 Argentina (Argentine peso mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 120,749 197,821 335,842 1,024,801 949,444 1,183,149 799,603 665,292 -16.8% 1,679,213 3,597,488 +114.2% Net fee income 31,
Slide 95: Other South America (EUR mn)
93 Other South America (EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 154 172 160 176 178 175 175 175 -0.0% 662 703 +6.2% Net fee income 59 62 65 67 75 78 70 75 +7.4% 254 298 +17.3% Gains (los
Slide 96: Other South America (Constant EUR mn)
94 Other South America (Constant EUR mn) Change Change Underlying income statement Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 / Q3'24 2023 2024 2024 / 2023 Net interest income 153 170 154 173 174 170 179 180 +0.6% 650 703 +8.2% Net fee income 60 63 63 67 74 76 71 77 +8.3% 252 298 +18.0% G
Slide 97: Supplementary information
95 Supplementary information Balance sheet and capital management NIM, Yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 98: Glossary - Acronyms
96 Glossary - Acronyms ❑ ALCO: Assets and Liabilities Committee ❑ AT1: Additional Tier 1 ❑ bn: Billion ❑ Bps: basis points ❑ CET1: Common equity tier 1 ❑ CIB: Corporate & Investment Banking ❑ CoR: Cost of risk ❑ HQLA: High quality liquid asset ❑ FL: Fully-loaded ❑ FY: Full year ❑ HTC&S: Held to coll
Slide 99: Glossary - Definitions
97 Glossary - Definitions PROFITABILITY AND EFFICIENCY ✓ RoTE: Return on tangible capital: Group attributable profit / average of: net equity (excluding minority interests) – intangible assets (including goodwill) ✓ RoRWA: Return on risk-weighted assets: consolidated profit / average risk-weighted a
Slide 100: Thank You
Thank You. Our purpose is to help people and businesses prosper. Our culture is based on believing that everything we do should be:
Slide 101: Signature
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: