Slide 1: January - December 2024
January - December 2024 Index Key consolidated data Business model Group financial information Highlights of the period Income statement Balance sheet Solvency ratios Risk management The Santander share Financial information by segment Primary segments Secondary segments Appendix Financial informati
Slide 2: Report approved by the board of directors
This report was approved by the board of directors on 4 February 2025, following a favourable report from the audit committee. Important information regarding this report can be found on pages 62 and 63. Key consolidated data Business model Group financial information Financial information by segmen
Slide 3: Diversification
Diversification Business, geographical and balance sheet → Well-balanced diversification between businesses and markets with a solid and simple balance sheet that gives us recurrent net operating income with low volatility and more predictable results. Our corporate culture The Santander Way remains
Slide 4: Our aim
Our aim To be the best open financial services platform , by acting responsibly and earning the lasting loyalty of our people, customers, shareholders and communities. Our how Everything we do should be Simple, Personal and Fair. January - December 2024
Slide 5: Profit attributable to the parent in Q4 2024 and full year
u In Q4 2024, profit attributable to the parent was EUR 3,265 million, a new record for the third consecutive quarter, with a slight increase quarter-on-quarter (+0.5%). In constant euros, profit rose 1% , due to positive trends across the main revenue lines, which offset higher costs, impacted by s
Slide 6: Profitability and earnings per share
u Profitability improved strongly year-on-year. RoTE in 2024 stood at 16.3%, compared to 15.1% in 2023. u Sustained earnings per share growth, increasing 18% year-on-year to EUR 77.1 cents in 2024, supported by the good performance in profit and the share buybacks executed in the last 12 months.
Slide 7: Loans and customer funds
ustomer deposits excluding repurchase agree u In terms of business volumes, growth of customer funds continued to outpace loans and advances to customers while we continued to focus on active capital management and disciplined capital allocation. Gross loans and advances to customers (excluding reve
Slide 8: ONE Transformation and efficiency
u The structural changes we have implemented to move towards a simpler and more integrated model through ONE Transformation continued to contribute to efficiency gains and profitable growth. The efficiency ratio improved 2.3 pp year-on-year to 41.8% driven mainly by Retail, Consumer and Wealth.
Slide 9: Credit quality and cost of risk
u Credit quality remains robust , supported by the positive overall macroeconomic environment and employment across our footprint. The NPL ratio improved 9 bps year-on-year to 3.05%. Total loan-loss reserves reached EUR 22,835 million, resulting in an NPL coverage ratio of 65%. u The Group's cost of
Slide 10: CET1 ratio
u As at end December 2024, the fully-loaded CET1 ratio stood at 12.8%, having increased 0.3 pp quarter-on-quarter, supported by 82 bps of organic generation, mainly resulting from gross profit generation, risk transfer and RWA mobilization, which amply offset RWA growth. The ratio was also impacted
Slide 11: Shareholder remuneration
u In November, in accordance with the 2024 shareholder remuneration policy, the bank paid an interim cash dividend against 2024 results of EUR 10.00 cents per share, 23% higher than its 2023 equivalent. Including the EUR 9.50 cent dividend paid in May 2024, the total cash dividend per share during 2
Slide 12: TNAV per share
u As at end December 2024, TNAV per share was EUR 5.24. Including the EUR 9.50 cent dividend per share paid in May 2024 and the EUR 10.00 cent dividend per share paid in November 2024, the TNAV per share + cash dividend per share increased 14% year-on-year.
Slide 13: Customers and service quality
u Our efforts to simplify and improve our product offering and service quality are reflected in an increase of 8 million customers year-on-year, bringing our total customers to 173 million. We have 103 million active customers , up 4 million year-on-year. u The volume of transactions per active cust
Slide 14: Retail results
u In Retail, attributable profit was EUR 7,263 million (+29%) driven by 11% growth in total income, structural improvements in costs due to our transformation efforts and lower provisions. u Efficiency improved 3.4 pp to 39.7%, cost of risk decreased year-on-year to 0.92%. RoTE increased to 18.9%.
Slide 15: Consumer results
u In Consumer, net operating income grew 11%, backed by positive trends in total income (+6%) and costs (-1%), which were not reflected in attributable profit's performance (-12% to EUR 1,663 million), due to cost of risk normalization and higher provisions (CHF mortgages in Poland and the aforement
Slide 16: CIB results
u In CIB, record attributable profit of EUR 2,740 million, up 16%, driven by all-time high revenue, supported by double-digit growth in both net interest income and net fee income. u The efficiency ratio stood at 45.6%. RoTE was 18.1%.
Slide 17: Wealth results
u In Wealth , attributable profit amounted to EUR 1,650 million (+14%) underpinned by increased activity, good margin management and higher fees, boosted especially by Private Banking. u Efficiency improved 2.0 pp to 35.9% and RoTE was 78.7%.
Slide 18: Payments results
u In Payments , attributable profit reached EUR 413 million, impacted by write-downs in PagoNxt related to the discontinuation of our merchant platform in Germany and Superdigital in Latin America in Q2 2024. Excluding them, profit increased 18% year-on-year, supported by revenue growth. u Cost of r
Slide 19: Gross loans and advances to customers
0 % 1 Dec-24 / Dec-23 1. In constant euros: +1%. Customer funds EUR billion
Slide 20: Customer funds
a +3 % +12 % +1 % • Total • Mutual funds • Deposits exc. repos Dec-24 / Dec-23 1. In constant euros: +4%. Gross loans and advances to customers (excl. reverse repos) % operating areas. December 2024
Slide 21: Customer funds by operating area
Customer funds % operating areas. December 2024
Slide 22: Business mix: Retail, Consumer, CIB, Wealth
Wealth: 14% CIB: 13% f Consumer: 11% XV Retail: 62%
Slide 23: TNAV per share and eligible capital
TNAV per share TNAV per share was EUR 5.24 , increasing 14% year-on-year including the cash dividends. Eligible capital (phased-in) 1 . Consolidated EUR million Change Dec-24 Dec-23 Absolute % Dec-22 Capital stock and reserves 124,263 121,185 3,078 2.5 116,956 Attributable profit 12,574 11,076 1,498
Slide 24: Capital ratio notes
1. The phased-in ratio includes the transitory treatment of IFRS 9, calculated in accordance with article 473 bis of the Capital Requirements Regulation (CRR) and subsequent modifications introduced by Regulation 2020/873 of the European Union. Total phased-in capital ratios include the transitory t
Slide 25: Activity in Santander CIB markets
1. Activity in Santander Corporate & Investment Banking markets.
Slide 26: The Santander share
2 nd Bank in the eurozone by market capitalization EUR 67,648 million The Santander share 31 December 2024 Shares and trading data Shares (number) 15,152,492,322 Average daily turnover (number of shares) 30,127,309 Share liquidity (%) 49 (Annualized number of shares traded during the period / number
Slide 27: Comparative share performance
135 + 130 125 120 115 110 105 100 95 90 2/1/2024 29/3/2024 28/6/2024 30/9/2024 31/12/2024 DJ Stoxx Banks MSCI World Banks ees SAN
Slide 28: Share capital distribution by type of shareholder
Source: Banco Santander, Shareholder Register. . Share capital distribution by type of shareholder 31 December 2024
Slide 29: Institutions, Board, Retail shareholders
Institutions 58.70% Board* 1.29% Retail 40.01% * Shares owned or represented by directors.
Slide 30: Profit attributable to the parent by segment
1. As a % of operating areas. Excluding the Corporate Centre. Profit attributable to the parent. 2024 EUR million. % change YoY
Slide 31: Retail
Slide 32: Consumer
Slide 33: CIB
Slide 34: Wealth
Slide 35: Payments
: «> Payments
Slide 36: Europe
Slide 37: DCBE
Slide 38: North America
Slide 39: South America
Slide 40: Corporate Centre underlying attributable profit
Corporate Centre Underlying attributable profit -EUR 1,154 mn EUR million / Q3'24 / 2023 Underlying income statement Q4'24 Q3'24 % 2024 2023 % Net interest income (113) (95) 19.0 (308) (41) 660.3 Net fee income (3) (8) (62.6) (11) (13) (20.6) Gains (losses) on financial transactions 1 22 (145) — (40
Slide 41: Europe underlying attributable profit
Europe Underlying attributable profit EUR 6,644 mn EUR million / Q3'24 / 2023 Underlying income statement Q4'24 % % excl. FX 2024 % % excl. FX Net interest income 4,227 0.5 0.2 16,720 5.1 3.3 Net fee income 1,123 (3.9) (4.0) 4,659 5.9 4.9 Gains (losses) on financial transactions 1 339 (16.3) (16.5)
Slide 42: North America underlying attributable profit
North America Underlying attributable profit EUR 2,579 mn EUR million / Q3'24 / 2023 Underlying income statement Q4'24 % % excl. FX 2024 % % excl. FX Net interest income 2,556 1.2 0.8 10,330 1.7 3.0 Net fee income 654 2.0 2.1 2,594 18.3 20.5 Gains (losses) on financial transactions 1 248 47.6 46.1 7
Slide 43: Financial Information
Financial Information Alternative Performance Measures Condensed consolidated financial statements Glossary Important information
Slide 44: 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: