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 October, 2024 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 - September 2024 Earnings presentation
Earnings Presentation 9M’24 29 October 2024
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) Q3 2024 Financial Report, published on 29 October 2024 (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 9M’24 Highlights Progress on our strategy Group review 2 Final remarks 3 Appendix 4
5 FL CET1 Another record quarterly profit driving double-digit profit growth in 9M’24 with revenue up high-single digits Strong operating performance and profitable growth, with efficiency at record levels and RoTE above our 2024 target Delivering double-digit value creation and higher shareholder remuneration Note: YoY changes. In constant euros: Q3’24 attributable profit +16% and 9M’24 attributable profit +15%. 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 approved in September 2024 that will be paid from November 2024. TNAVps + DPS Cash DPS Q3’24 attributable profit 9M’24 attributable profit RoTEEfficiency +12% €3.3bn +14% €9.3bn 41.7% -229bps 12.5% +0.2pp +14% YoY +39% Solid balance sheet with sound credit quality metrics and capital ratio Record 9M’24 results with all our global businesses contributing to our 2024 targets +133bps CoR 1.2% 16.2% vs. Q3’23
6 Double-digit profit and net operating income growth YoY, supported by customer revenue and efficiency improvements Excellent business and commercial dynamics continued in 9M’24 • Record NII, fees, total revenue, net operating income and profit • C/I and RoTE improvement • Outstanding EPS growth: +19% 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. Additionally, from Q2 2024 onwards, we have begun to apply a new inflation-adjusted exchange rate for the Argentine peso. For further information, please see the ‘Alternative Performance Measures’ section of the Quarterly Financial Report. P&L Current Constant € million 9M'24 9M'23 % % NII 34,682 32,139 8 9 Net fee income 9,666 9,222 5 6 Other income 1,837 1,734 6 9 Total revenue 46,185 43,095 7 8 Operating expenses -19,262 -18,961 2 2 Net operating income 26,923 24,134 12 13 LLPs -9,219 -9,037 2 4 Other results -3,277 -2,321 41 42 Attributable profit 9,309 8,143 14 15
7 On track to deliver on our full-year 2024 targets, which we upgraded last quarter … (1) YoY change in constant euros, except Argentina in current euros. Revenue1 Efficiency CoR FL CET1 RoTE 9M’24 2024 targets +8% 41.7% c.42% 1.2% c.1.2% 12.5% >12.0% 16.2% >16% High-single digit growth after FL Basel III implementation
8 … backed by our execution of ONE Transformation, improving both revenue and costs… • Multi-Nationals: +3% YoY revenue growth • Wealth: collaboration fees with CIB and Corporates reached €3.0bn (+13% vs. 9M’23) • Consumer: expansion of OEM agreements • Product simplification: 16% fewer products in Q3'24 (-36% vs. Dec-22) • 60% products / services digitally available (59% Jun-24; 56% Dec-23) • US: $230mn efficiencies captured in Consumer and Commercial since 2022 ONE Transformation Global & Network businesses Global Tech capabilities & others 9M’24FY’22 Note: 9M’24 or latest available data. Efficiency execution 2022-9M’24 • Global approach to technology: €64mn efficiencies in Q3'24 (€378mn since 2022) - Gravity (back-end) efficiencies - Process optimization - Global vendor agreements - IT&Ops shared-services -259bps -82bps -72bps 41.7%45.8% Reminder from Investor Day Efficiency 2022-2025 200-250bps c. 42% 100-150bps 50-75bps FY’22 2025 target 45.8%
9 39.3% 18.5% -4.2pp +3.6pp 40.7% 11.9% -1.9pp +0.3pp 44.4% 18.1% +3.6pp -2.3pp 34.2% 81.1% -2.1pp +3.9pp 46.3% 22.7% +1.3pp +3.1pp 41.7% 16.2% -2.3pp +1.3pp … and by our five global businesses, leveraging our global scale to accelerate profitable growth 52% 20% 13% 6% 9% Revenue (€bn) Contribution to Group revenue C/I RoTE 9M’24 2025 RoTE target c.17% >14% >20% c.60% >30% 15-17% Note: YoY changes and revenue 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. Retail Consumer CIB Wealth Payments Group PagoNxt EBITDA margin 24.2 +9% 9.6 +5% 6.3 +9% 2.7 +13% 4.0 +3% 46.2 +8%
10 2,941 3,024 3,102 3,064 3,040 3,021 3,060 Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3 Retail: global platform deployment driving 9% revenue growth while holding costs flat # of products1 (k) # of non-commercial FTEs1 per mn total customers Active customers (mn) Execution of the strategy Key drivers Driving growth and efficiency on the back of our new model and proprietary technology Note: data and YoY changes in constant euros. (1) Metrics cover all products and employees in the branch network in our 10 main countries. Operational leverage – Revenue vs. Costs (€ mn, excl. Argentina) Revenue Costs 9M’24 financials Profit +5% -36% -11% Digital onboarding and simpler customer journeys driving customer growth and an increase in digital sales Customer experience Common operating model leveraging processes automation and digitalization in branches resulting in non-commercial FTEs reduction First integration of Gravity-ODS completed in the US In the UK, we launched a new app successfully Operational leverage Global platform Loans Deposits CoR RoTEC/I €614bn -1% €638bn +1% 0.98% +3bps 39.3% -4.2pp €5,332mn +29% 18.5% +3.6pp 6,681 7,085 7,531 7,271 7,553 7,918 7,932 Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3 74.6 78.1 Dec-22 Sep-24 10.1 6.5 Dec-22 Sep-24 657 583 Jun-23 Sep-24
11 +6%+5%+5% Consumer: strong improvement in operational leverage and deposit cost-to-serve Fully-digital financing experience available for our auto partners Expanding and consolidating partnerships across regions Customer experience Expanding Openbank to new markets to fuel asset growth Double-digit deposit growth supported by our digital solutions Auto leasing platform operative in three European markets New Zinia initiatives with Amazon and Apple in Germany Operational leverage Global platform Transforming into a best-in-class, global business and operating model Key drivers Operating performance (€ mn) Non-autoAuto Retail deposits cost-to-serve (%) Total customers (mn) Operating expenses / ANEAs (%) Note: data and YoY changes in constant euros. ANEAs: average net earning assets, including renting. CostsRevenue RevenueOperational leverage Execution of the strategy -0% -0.21pp -0.27pp +0% Profit Loans Deposits CoR RoTEC/I 9M’24 financials €210bn +5% €123bn +12% 2.12% +11bps 40.7% -1.9pp €1,507mn +5% 11.9% +0.3pp 25.2 25.1 Dec-22 Sep-24 1.18 0.97 2022 9M'24 2.69 2.42 2022 9M'24 9,095 9,584 9M'23 9M'24 3,879 3,896 9M'23 9M'24 6,443 6,765 9M'23 9M'24 2,652 2,819 9M'23 9M'24
12 82 83 2022 9M'24 Key drivers Playing to our strengths to better serve our corporate customers and institutions Fee growth (€ bn) % Total revenue / RWAs % customer related revenue 80% CIB: US investments drove 15% fee growth and strong RoTE of 18% Note: data and YoY changes in constant euros. Revenue (€ mn) Global Transaction Banking Global Markets Execution of the strategy +1pp +1.0pp+15% +3% +12% Upgraded product offering in US driving growth with global clients In Markets, delivering end-to-end solutions for financial institutions Customer experience Enhanced global centres of expertise, with new and strengthened industry and product teams Holistic product offering for global clients and increased collaboration to drive cross-border revenue Operational leverage Global platform Profit Loans Deposits CoR RoTEC/I 9M’24 financials €137bn +6% €127bn -13% 0.21% +6bps 44.4% +3.6pp €2,039mn -3% 18.1% -2.3pp 1.6 1.9 9M'23 9M'24 5.9 6.9 2022 9M'24 2,009 2,071 9M'23 9M'24 1,447 1,666 9M'23 9M'24 2,133 2,399 9M'23 9M'24 +15% Global Banking
13 335 364 1,279 1,408 1,614 1,772 9M'23 9M'24 403 478 498 569 901 1,047 9M'23 9M'24 +16% Private Banking Revenue (including ceded fees, € mn) Wealth: strong activity, collaboration fees up 13% and 81% RoTE Key drivers Accelerating our customers’ connectivity with our global product platforms Santander Asset Management Insurance Note: data and YoY changes in constant euros. Including all fees generated by Santander Asset Management and Insurance, even those ceded to the commercial network, which are reflected in Retail’s P&L, PAT + fees of €2,601mn (+13% YoY). (1) Includes deposits and off-balance sheet assets. (2) Annualized net new money as % of total PB customer assets and liabilities (CAL). Annualized net sales as % of SAM AuMs. (3) 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. Collaboration fees (€ bn) Revenue growth including ceded fees3 (€ bn) Assets under management1 (€ bn) Execution of the strategy +25% +13% Fees ceded to the commercial network Enhanced customer experience with improved digital insurance servicing and claims capabilities Customer experience Boosted collaboration fees by fostering the network effect with Retail and CIB, and by connecting PB across countries Single operating platform for alternative products across countries in SAM, automating the full product investment cycle Operational leverage Global platform Profit Net new money (PB) Net sales (SAM) Gross written premiums RoTEC/I of volumes2 of volumes2 9M’24 financials €13.2bn 5% €12.5bn 7% 0% €9.0bn 34.2% -2.1pp €1,266mn +15% 81.1% +3.9pp 394 493 Dec-22 Sep-24 2.67 3.03 9M'23 9M'24 4.2 4.7 9M'23 9M'24 1,670 1,876 9M'23 9M'24 +12% +10%+12%
14 % growth exc. Q1’23 impact1 Key drivers Seizing a growing opportunity by capturing scale through global platforms Revenue (€ mn) PagoNxt Cards Note: data and YoY changes in constant euros. Transactions include merchant payments, cards and electronic A2A payments. (1) Excluding a one-time positive fee recorded in Q1 2023 from commercial agreements in Brazil. (2) Profit and YoY change including the write-downs of our investments related to our merchant platform in Germany and Superdigital in Latin America. Cost per transaction (€ cents, PagoNxt) % open market revenue (PagoNxt) # transactions (bn per month) Payments: solid revenue increase and profitability, with PagoNxt EBITDA margin of 23% Execution of the strategy +26% -13% +9.9pp +12% +1% Click to Pay improved with new functionalities in Brazil Contactless payments in Mexico City’s underground network Customer experience Capex optimization, operational efficiencies and more transactions in PagoNxt, driving down the cost per transaction Great strides in the implementation of our Global Cards platform Payments Hub already processing all types of payments globally Operational leverage Global platform Profit Payments Loans TPV Getnet Turnover Cards EBITDA margin PagoNxt C/I Payments with one-offs2 9M’24 financials €241bn +6% 46.3% +1.3pp 22.7% +3.1pp €421mn +10% -53% 2.6 3.3 2022 9M'24 4.1 3.6 2022 9M'24 13.6 23.5 2022 9M'24 797 894 9M'23 9M'24 3,092 3,113 9M'23 9M'24 €178mn +3% €163bn +12% €23bn +5%
15 Note: our shareholder remuneration policy is 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. Implementation of shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. The amount of the current share buyback programme, announced on 27 August, is equivalent to c.25% of the Group’s underlying profit in H1 2024. (1) Gross organic generation net of market and other charges. (2) 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 approved in September 2024, to be paid from November 2024. Building capital organically and delivering double-digit value creation with higher shareholder remuneration Shareholder remuneration € per share Cash DPS: €19.5 cents TNAVps + Cash DPSFL CET1 % Since 2021 and including the full current share buyback, Santander will have returned €7.9bn to shareholders via share buybacks, and will have repurchased c.12.5% of its outstanding shares +14% Cash dividend in 2024 +39% YoY Current share buyback programme €1,525mn 12.5 -0.74 -0.42 12.3 +1.36 Dec-23 Net organic generation Shareholder remuneration Regulatory & models Sep-24 1 +0.2pp 4.61 5.04 5.23 Sep-23 Sep-24 2
16 Index 1 9M’24 Highlights Progress on our strategy Group review 2 Final remarks 3 Appendix 4
17 2,571 2,670 2,902 2,933 2,852 3,207 3,250 Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3 Double-digit profit and net operating income growth YoY, supported by customer revenue and efficiency improvements Attributable profit (Constant € mn) +12% Attributable profit Note: underlying P&L. € mn 2,582 2,642 2,862 2,890 2,808 3,177 3,324 P&L Current Constant € million 9M'24 9M'23 % % NII 34,682 32,139 8 9 Net fee income 9,666 9,222 5 6 Other income 1,837 1,734 6 9 Total revenue 46,185 43,095 7 8 Operating expenses -19,262 -18,961 2 2 Net operating income 26,923 24,134 12 13 LLPs -9,219 -9,037 2 4 Other results -3,277 -2,321 41 42 Attributable profit 9,309 8,143 14 15 +5% +1%
18 46,185 42,683 +2,009 +489 +530 +309 +118 +46 9M'23 Retail Consumer CIB Wealth Payments CC 9M'24 13,942 14,131 14,610 14,306 15,137 15,536 15,512 Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3 High-single digit revenue growth underpinned by customer activity across our businesses • >95% of total revenue is customer related which drove the vast majority of total revenue growth • Strong revenue increase YoY reflecting the benefits of our model, with all businesses and regions growing • In the quarter, customer revenue increased. Total revenue impacted by the hyperinflation adjustment in Argentina • Retail had a positive performance across regions YoY. Of note, South America (higher volumes and negative sensitivity in a lower rate environment) and Retail Europe (margin management) • Consumer revenue growth, supported by Brazil (higher activity and lower interest rates) and DCB Europe (volumes and active asset repricing) • CIB reported a record 9M, on the back of all-time high NII and fees, backed by all three businesses • Wealth up double-digits, driven by strong commercial activity across businesses and good margin management in PB • Payments up 3%, +5% excluding a one-time positive fee in Cards in Q1’23 from commercial agreements. Of note, PagoNxt +12% Total revenue Group Detail by business Note: data and YoY % changes in constant euros. YoY growth Total revenue +8% +6% Constant € mn +9% +5% +9% +13% +3%
19 2.63% 2.73% 2.82% 2.76% 2.97% 2.89% 2.79% NII and NIM up YoY supported by volumes and margin management Note: NIM = NII / Average earning assets. Data and YoY % changes in constant euros. NIM Quarterly NII NIM 2.88% -0.16 -0.07 2.73% +0.27 +0.11 9M'23 Asset yields Asset volumes Liability costs Liability volumes 9M'24 Net interest income and NIM • >80% of Group NII is from our Retail and Consumer businesses • Solid 9M NII increase YoY (+9%) across all businesses and regions − Retail continued growing in all three regions. In Europe, driven by active price management; North America by volumes − Retail in South America and Consumer up supported by negative sensitivity to interest rates and volume growth − Strong growth in CIB boosted by Global Banking and good performance in Global Markets • Resilient NII in Q3 (+1%), in a new context of interest rates − Retail (+2%) with all regions growing. Of note, Brazil (margins), Poland (volumes) and the UK (mortgage profitability) − Consumer slightly up with good performance in South America (mainly Brazil) − CIB affected by lower volumes (seasonality and focus on profitability) • NIM up YoY driven by asset repricing and controlled cost of deposits • Quarterly trend affected by currency depreciation and, to a lesser extent, new interest rate cycle • Proactive management of interest rate sensitivity to adapt our balance sheet to mitigate potential monetary policy impacts Net interest income Margins Constant € mn +9% 10,217 10,641 11,057 10,949 11,802 11,377 11,503 Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3
20 9,666 9,083 +93 +219 +246 +147 -121 -2 9M'23 Retail Consumer CIB Wealth Payments CC 9M'24 3,034 3,004 3,045 2,772 3,181 3,205 3,279 Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3 Net fee income growth shows value added from our global businesses Note: data and YoY % changes in constant euros. +3% +25% +15% +16% -6% +6% +8% Net fee income Constant € mn • Payments affected by the one-time positive fee in Cards in Q1’23 from commercial agreements • In PagoNxt, strong growth of total payments volume (+12% YoY) and Getnet transactions (+5% YoY), mainly in Europe and Mexico Payments • Strong growth (+16%) on the back of more recurrent activity in PB, with record AuM levels both in PB and SAM • Outstanding increases in Europe and North America Wealth • Record fee income in 9M, supported by all CIB businesses. Of note, Global Banking (+25%) • The US was the top contributor to CIB’s fee growth, reflecting our US Banking Build-Out initiative CIB • Double-digit growth across its core markets, driven by insurance in DCBE, volumes in Brazil and auto in the US • Expanding and consolidating partnerships across regions Consumer • Good commercial dynamics and customer growth (+4% YoY), resulting in generalized fee growth across our footprint • Fees boosted by higher activity in funds, insurance and FX, especially in Brazil, the US, Mexico and Poland Retail YoY growth
21 ( in real terms1)-1% 19,262 -100 -8 18,793 +17 +424 +56 +81 9M'23 Retail Consumer CIB Wealth Payments CC 9M'24 6,143 6,271 6,379 6,376 6,463 6,314 6,485 Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3 ONE Transformation is driving structural efficiency gains and positive jaws Note: data and YoY % changes in constant euros. (1) Costs in real terms exclude the impact from weighted average inflation. Costs YoY growth in real terms Efficiency Quarterly +2% Efficiency and costs Constant € mn 44.1% 44.3% 43.6% 44.4% 42.6% 40.6% 41.9% • 9M’24 efficiency ratio improved by more than 2pp YoY to 41.7%, while we continued investing in our transformation • Transformation investments (technology) in 9M’24 totalled €1.7bn (€4.1bn since 2022) • Most businesses reflecting strong operational leverage from our initiatives towards a simpler and more integrated model • Costs down 1% YoY in real terms, with efficiency gains in most businesses: - Retail: strong decline in costs, reflecting our transformation efforts - Consumer: costs down even as we invest and grow - CIB: costs impacted by our initiative to develop new products and capabilities - Wealth: costs rose responding to a higher commercial activity - Payments: costs contained despite investments in global platforms - Corporate Centre: down driven by ongoing simplification measures • In the quarter, costs reflected the usual seasonal effects in H2 (salary agreements, compensation accrual and others) Efficiency Costs -5% -2% +15% +3% +1% -6%
22 Cost of risk improvement keeps us on track to meet our 2024 target Note: CoR - provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months. Stages in current euros. CoR 12 month LLPs Other credit quality metrics Sep-23 Jun-24 Sep-24 NPL ratio 3.13% 3.02% 3.06% Coverage ratio 68% 66% 64% Stage 1 €1,002bn €1,008bn €1,008bn Stage 2 €77bn €94bn €87bn Stage 3 €36bn €35bn €36bn Constant € mn 1.05% 1.08% 1.13% 1.18% 1.20% 1.21% 1.18% 2,855 2,847 3,182 3,327 3,048 3,083 3,088 Q1'23 Q2 Q3 Q4 Q1'24 Q2 Q3 LLPs and credit quality • YTD CoR stood at 1.14%, even with the increase in CHF mortgage portfolio coverage in Q2 • Better credit quality, backed by overall good economic performance, record low unemployment rates in most countries and easing monetary policies • NPL ratio of 3.06%, improving YoY. Stages relatively stable Credit quality • In Retail, which represents c.50% of Group LLPs, CoR improved QoQ to 0.98%, with good performances across our main countries − Spain’s and Brazil’s CoR improved − The UK’s CoR dropped and remained at very low levels − In Mexico, CoR normalizing YoY in line with expectations, affected by change of mix. CoR fell QoQ • In Consumer, which represents c.40% of Group LLPs, CoR normalized YoY to 2.12%, due to both DCB Europe and the US, in line with expectations, and improved QoQ Detail by business
23 Front book pricing RoRWA of new book Strong capital generation, with profitable front-book growth of 23% RoTE and significant RWA mobilization % (1) Shareholder remuneration accrued against profit earned in Q3 2024. 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. The implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. FL CET1 % RWAs with RoRWA > CoE Asset rotation and risk transfer activities RWAs mobilized vs. credit RWAs Maximize capital productivity Sep-24 or estimates 86% 17% 2.9% 1 12.5 -0.26 -0.18 12.5 +0.43 +0.01 Jun-24 Organic generation Shareholder remuneration Regulatory & Models Markets & others Sep-24 CET1 performance and capital productivity
24 Index 1 9M’24 Highlights Progress on our strategy Group review 2 Final remarks 3 Appendix 4
25 RoTE Profitability FL CET1 Strength RWAs with RoRWA > CoE Disciplined capital allocation Payout 50% Shareholder remuneration Note: 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. >12% c.85% 15-17% 9M’24 vs. 2025 ID targets Consistently delivering on our Investor Day targets, with double-digit value creation for our shareholders Cash dividend + SBB 50% annually 86%TNAVps + DPS Double-digit growth average through-the-cycle +14% 12.5% 16.2%
26 ONE Transformation and global scale keep accelerating operational leverage and profitable growth Efficiency at record levels, boosting RoTE to above our 2024 target Record quarterly and 9M profit. Well positioned to deliver sustained growth, increased profitability and shareholder value creation RoTE EPS 9M’24 TNAVps + DPS Cash DPS 16.2% +19% +14% +39% Record profit supported by an outstanding P&L from top to bottom Excellent business dynamics: record NII, fees, revenue and net operating income Robust balance sheet and strong capital base Strong foundations for growth, value creation and shareholder remuneration On track to meet our 2024 targets and deliver growth in line with our ambition of becoming the most profitable bank in every market where we operate Note: YoY changes. 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 approved in September 2024 that will be paid from November 2024. The cash dividend percentage growth is calculated based on the cash dividends paid in 2024 (€9.50 cent per share paid in May 2024, €10.00 cent per share approved in September 2024 and will be paid from November 2024) vs. cash dividends paid in 2023 (€5.95 cent per share paid in May 2023, €8.10 cent per share paid in November 2023).
27 Index 1 9M’24 Highlights Progress on our strategy Group review 2 Final remarks 3 Appendix 4
28 Appendix Investor Day Targets summary Group P&L and excluding Argentina Detail by global business, region and country Reconciliation of underlying results to statutory results Glossary The other information in the Appendix regularly provided each quarter can be found in the document entitled "Supplementary Information", published together with this presentation on the Group's corporate website
29 (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 include 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% +15% 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 (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 2022 2023 9M'24 2025 targets 13.4 15.1 16.2 15-17 40 50 50 50 23 21.5 18.6 Double-digit 160 165 171 c.200 99 100 102 c.125 45.8 44.1 41.7 c.42 - 10 8 c.+8 12.0 12.3 12.5 >12 80 84 86 c.85 94.5 114.6 129.7 120 53 67.7 85.0 100 - 1.8 3.5 5 c.29 31.4 30.8 35 c.1 c.0 - c.0 +14%
30 Appendix Investor Day Targets summary Group P&L and excluding Argentina Detail by global business, region and country Reconciliation of underlying results to statutory results Glossary
31 Group P&L and excluding Argentina ex. Argentina P&L Current Constant Current Constant € million 9M'24 9M'23 % % % % NII 34,682 32,139 8 9 8 9 Net fee income 9,666 9,222 5 6 7 8 Other income 1,837 1,734 6 9 6 8 Total revenue 46,185 43,095 7 8 8 9 Operating expenses -19,262 -18,961 2 2 3 4 Net operating income 26,923 24,134 12 13 12 13 LLPs -9,219 -9,037 2 4 2 4 Other results -3,277 -2,321 41 42 37 38 Attributable profit 9,309 8,143 14 15 15 16 Note: underlying P&L.
32 Appendix Investor Day Targets summary Group P&L and excluding Argentina Detail by global business, region and country Reconciliation of underlying results to statutory results Glossary
33 Detail by global business
34 Loans Deposits Mutual Funds Efficiency CoR RoTE P&L Retail & Commercial Banking Highlights Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 6,803 2.3 20,817 9.5 9.0 Net fee income 1,149 2.6 3,514 2.7 0.9 Total revenue 7,945 0.0 24,219 9.0 8.3 Operating expenses -3,102 3.1 -9,525 -1.0 -2.2 Net operating income 4,844 -1.9 14,694 16.8 16.3 LLPs -1,369 -7.1 -4,456 -5.5 -7.4 Attributable profit 2,005 12.6 5,332 28.6 29.2 (*) € mn and % change in constant euros. (1) % change in current euros. Key data €614bn -1% €638bn +1% €95bn +16% 39.3% -4.2pp 0.98% +3bps 18.5% +3.6pp Note: Sep-24 data and YoY changes (loans, deposits and mutual funds in constant euros). • Our transformation is reflected in a significant rise in total customers (+4% YoY), efficiency improvements (-4pp to 39.3%) and higher profitability (+4pp to 18.5%) • Loans slightly down YoY, still affected by mortgage and SME prepayments in Europe, mostly 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 and lower costs and LLPs: - NII rose across regions, but especially in South America (volumes and lower cost of deposits) and Spain and Portugal (margin management) - Solid fee performance. Of note, Brazil (insurance and FX), the US (servicing fees), Mexico (insurance and funds) and Poland (FX and funds) - LLPs improved and CoR was stable as good performance in Europe more than offset the impact from higher volumes in Brazil and normalization in Mexico and Chile • Profit +13% QoQ, driven by higher NII (Brazil, Poland, the UK and Mexico), lower LLPs (Spain and North America) and after having recorded CHF provisions in Q2
35 P&L Highlights Key data Digital Consumer Bank Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 2,614 0.4 7,978 5.2 4.7 Net fee income 373 -1.6 1,115 24.5 23.9 Total revenue 3,135 -2.1 9,584 5.4 4.8 Operating expenses -1,278 -0.7 -3,896 0.4 0.1 Net operating income 1,857 -3.0 5,688 9.1 8.4 LLPs -1,121 9.0 -3,314 12.2 11.2 Attributable profit 437 -26.3 1,507 4.6 4.4 (*) € mn and % change in constant euros. (1) % change in current euros. Note: Sep-24 data and YoY changes (new lending, loans and customer funds in constant euros). New lending Loans Deposits Efficiency CoR RoTE • We continue expanding our leadership in consumer finance across our footprint, converging towards a more digital global operating model and implementing the best solutions • Loans up 5%, driven by higher new business volumes (+5%) led by Brazil and supported by higher activity in the auto market • Deposits rose 12%, mainly in Europe, in line with our deposit gathering strategy to lower funding costs and reduce NII volatility across the cycle • Net operating income grew close to double-digits, supported by solid revenue performance, including a 25% rise in fees and good cost control (-2% in real terms), resulting in a 2pp efficiency improvement to 40.7% • Profit up 5% YoY and RoTE improved driven by net operating income increase, despite cost of risk normalization in line with expectations • In the quarter, NII up and costs under control. Profit impacted by the usual LLP seasonality in the US and lower leasing volumes and residual values €68.9bn +5% €210bn +5% €123bn +12% 40.7% -1.9pp 2.12% +11bps 11.9% +0.3pp
36 Loans Deposits Efficiency CoR RoTE €137bn +6% €127bn -13% 44.4% +3.6pp 0.21% +6bps 18.1% -2.3pp Key data Corporate & Investment Banking Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 901 -2.5 2,932 16.5 14.7 Net fee income 612 0.3 1,892 15.0 14.0 Total revenue 2,072 2.8 6,261 9.2 7.5 Operating expenses -965 6.5 -2,782 18.0 17.1 Net operating income 1,107 -0.1 3,478 3.1 0.9 LLPs -61 12.2 -158 — — Attributable profit 633 -6.3 2,039 -3.0 -4.9 (*) € mn and % change in constant euros. (1) % change in current euros. P&L Highlights Note: Sep-24 data (loans and deposits) and 9M’24 new lending; YoY changes in constant euros. • We continue to make our centres of expertise more sophisticated, deepening client relationships, with focus on our Global Markets Plan 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 - Global Banking (GB): significant growth in Corporate Finance and DCM market share gains across regions - Global Markets (GM): strong activity levels, mainly in Europe and the US. More challenging environment in Brazil, though improved in Q3 • Deposits performance in line with our strategy to reduce excess corporate deposits • Revenue up 9% from record levels in 9M’23, backed by all businesses. Profit down, as we invest for growth. Leading position in efficiency and profitability • Revenue up QoQ, backed by our strong position and higher market activity in Brazil and performance in the US. Profit impacted by lower volumes (focus on profitability) and transformation investments
37 Wealth Management & Insurance Note: Sep-24 data (AuMs); 9M’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. • We continue to build the best Wealth and Insurance manager in Europe and the Americas, supported by our leading global private banking platform and our best-in-class funds and insurance product factories • This quarter, we were named the Best Bank for Wealth Management in Latin America by Euromoney • AuMs continued to increase to new record levels, backed by excellent commercial dynamics, both in Private Banking and SAM • Profit grew +15% YoY, supported by strong revenue growth, with positive margin management and double-digit fee growth across businesses. Total contribution to Group profit3 up 13% YoY • As a result, efficiency improved 2pp to 34.2% and RoTE rose 4pp to 81% • Profit up double-digits QoQ, driven by positive performance across all the revenue lines. By business, mainly in SAM and Insurance Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 406 2.1 1,233 9.0 8.6 Net fee income 366 5.5 1,084 15.7 14.9 Total revenue 929 6.0 2,718 12.8 12.0 Operating expenses -315 4.5 -931 6.4 5.6 Net operating income 614 6.7 1,787 16.5 15.7 LLPs -11 13.0 -24 — — Attributable profit 448 9.8 1,266 15.0 14.2 Contribution to profit 912 5.3 2,601 13.1 11.4 (*) € mn and % change in constant euros. (1) % change in current euros. P&L Highlights Key data AuMs Net new money (PB) Net sales (SAM) Gross written premiums Efficiency RoTE €493bn +16% €13.2bn 5% €12.5bn 7% €9.0bn 0% 34.2% -2.1pp 81.1% +3.9pp of volumes2 of volumes2
38 Payments Note: Sep-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. 19.6% 22.7% 9M'23 9M'24 • TPV up 12% and number of transactions +5% YoY in Getnet, driven by Europe, Mexico and Chile • Revenue rose 12% with an overall increase in business activity across countries, supporting EBITDA margin improvement to 23% • Profit improved YoY excluding write-downs of our investments in Q2 Getnet Total Payments Volume (TPV) Number of transactions EBITDA margin Cards Cards Average balanceTurnover €21bn +7% +3.1pp €163bn +12% +5% €241bn +6% P&LPagoNxt P&L and EBITDA • 105 million cards managed across the Group • Solid YoY growth in customer activity, leading to a 7% increase in average balance with turnover up 6%, boosted by a larger card pool and greater use of cards by our customers • Revenue +3% YoY excluding positive one-off2 in Q1’23. High profitability with RoTE at 33.0% Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 35 17.4 97 80.0 74.5 Net fee income 241 9.0 697 2.3 -0.6 Total revenue 311 8.6 894 12.1 9.1 Operating expenses -288 -0.1 -889 9.7 8.0 Net operating income 23 — 5 — — LLPs -3 -33.1 -13 -43.9 -44.8 Attributable profit -21 -93.2 -326 207.9 224.4 Att. profit excl. one-offs -21 -21.0 -83 -21.9 -17.7 (*) € mn and % change in constant euros. (1) % change in current euros. Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 561 -1.0 1,819 4.4 1.8 Net fee income 457 4.0 1,371 -9.1 -11.1 Total revenue 996 1.6 3,113 0.7 -1.8 Operating expenses -300 -1.3 -965 0.3 -0.6 Net operating income 696 2.9 2,149 0.9 -2.3 LLPs -411 3.7 -1,253 0.8 -2.1 Attributable profit 150 -8.6 503 3.4 0.1 (*) € mn and % change in constant euros. (1) % change in current euros.
39 Corporate Centre • NII slightly down as higher liquidity buffer remuneration was more than offset by higher interest expense related to TLAC/MREL issuances • Lower losses on financial transactions due to a smaller impact from foreign currency hedges • Cost reduction, driven by ongoing simplification measures • As a result, lower attributable loss YoY Highlights P&L Underlying P&L* 9M'24 9M'23 NII -195 -124 Gains / losses on financial transactions -429 -473 Operating expenses -275 -283 LLPs and other provisions -241 -101 Tax and minority interests 108 -50 Attributable profit -1,012 -1,084 (*) € mn.
40 Detail by region and country
41 Highlights Note: Sep-24 data and YoY changes (loans, deposits and mutual funds in constant euros). Key data and P&L Europe Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 4,205 0.6 12,493 4.1 6.0 Net fee income 1,168 0.1 3,536 5.2 6.3 Total revenue 5,945 0.4 17,663 7.2 8.8 Operating expenses -2,356 2.3 -6,958 2.9 4.3 Net operating income 3,589 -0.8 10,705 10.2 12.0 LLPs -427 -20.0 -1,444 -27.3 -26.0 Attributable profit 1,842 11.7 5,029 18.7 20.4 (*) € mn and % change in constant euros. (1) % change in current euros. Loans Deposits Mutual Funds Efficiency CoR RoTE €558bn -1% €613bn -1% €120bn +18% 39.4% -1.7pp 0.35% -9bps 17.1% +2.3pp • We continue to accelerate our business transformation to achieve higher growth and a more efficient operating model • Customers increased across the region (+356k YoY), mainly driven by Spain • New business volumes continued to rise, however loans declined YoY, still affected by prepayments. Migration to time deposits and double- digit mutual funds increase • Strong profit growth YoY, supported by NII, especially Retail in Spain and Portugal, on the back of good margin management. Efficiency gains and active risk management • Profit up 12% QoQ, driven by revenue growth, credit quality improvement in Spain, and after having recorded CHF provisions in Q2
42 Spain UK España and UK Note: Sep-24 data and YoY changes (loans, deposits and mutual funds in constant euros). Loans Deposits Mutual Funds Efficiency CoR RoTE €230bn -1% €296bn -3% €89bn +19% 34.7% -5.5pp 0.52% -11bps 21.8% +7.1pp Loans Deposits Mutual Funds Efficiency CoR RoTE €238bn -4% €225bn -2% €8bn +5% 56.0% +7.8pp 0.05% -8bps 11.1% -2.9pp • Sustained customer growth YoY. Loans slightly affected by mortgage prepayments. Deposit performance in line with our strategy to reduce excess corporate deposits. Mutual funds up double-digits • Profit increased 53% YoY, supported by strong growth in NII (especially in Retail), higher fees (mutual funds) and lower LLPs • Record quarterly profit, up 10% supported by better credit quality which more than offset impacts of seasonality on revenue and costs • Loans and deposits impacted by strict pricing policy. Mutual funds increased • Profit down YoY, mainly affected by lower volumes and higher cost of deposits. CoR improving from already very low levels • Profit up QoQ, driven by higher revenue on the back of good margin management, cost discipline and better LLPs (macro improvement) Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 NII 1,799 -2.2 5,454 11.3 Net fee income 707 -4.1 2,191 7.0 Total revenue 2,983 -2.1 9,048 16.1 Operating expenses -1,073 3.8 -3,138 0.4 Net operating income 1,911 -5.2 5,910 26.7 LLPs -279 -14.6 -937 -20.6 Attributable profit 1,081 9.9 2,837 53.0 (*) € mn and % change. Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 1,256 4.0 3,637 -9.4 -7.4 Net fee income 80 24.6 222 -17.6 -15.7 Total revenue 1,344 5.7 3,860 -11.1 -9.1 Operating expenses -710 -2.0 -2,161 3.3 5.6 Net operating income 634 15.8 1,699 -24.4 -22.7 LLPs -37 -17.5 -98 -58.2 -57.3 Attributable profit 346 5.4 975 -23.3 -21.5 (*) € mn and % change in constant euros. (1) % change in current euros.
43 Portugal and Polonia Portugal Poland Note: Sep-24 data and YoY changes (loans, deposits and mutual funds in constant euros). Loans Deposits Mutual Funds Efficiency CoR RoTE Loans Deposits Mutual Funds Efficiency CoR RoTE €39bn +3% €38bn +7% €5bn +15% 24.6% -4.1pp 0.07% -10bps 26.8% +3.6pp €38bn +9% €47bn +2% €6bn +40% 27.3% +0.8pp 1.67% -31bps 21.6% +2.6pp • Loans up, supported by sound new business levels, across segments, and solid increases in deposits and mutual funds on the back of customer growth • Profit +31% YoY, boosted by NII (better loan yields and higher volumes), costs growing below inflation and LLPs at very low levels • Profit down QoQ, as we adjust business to new interest rate cycle, with higher costs • Customer growth driving strong increase in loans mainly in Retail (mortgages and personal loans) and CIB. Deposit growth (demand) and outstanding rise in mutual funds • Profit up 14% YoY, supported by strong NII and fees (FX and mutual funds) and improved LLPs, which offset higher costs • Profit up QoQ, driven by revenue growth, +4% in both NII and fees, and after having recorded CHF provisions in Q2 Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 NII 373 -9.8 1,216 20.0 Net fee income 115 -0.6 357 1.3 Total revenue 500 -10.4 1,642 17.4 Operating expenses -137 2.5 -404 0.8 Net operating income 363 -14.4 1,238 24.1 LLPs -7 — -10 -83.7 Attributable profit 229 -11.8 792 31.0 (*) € mn and % change. Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 727 3.9 2,111 6.0 12.8 Net fee income 170 3.8 508 9.4 16.4 Total revenue 923 4.7 2,634 5.6 12.4 Operating expenses -252 5.9 -719 8.6 15.6 Net operating income 670 4.2 1,915 4.5 11.2 LLPs -103 -38.7 -399 -20.9 -15.9 Attributable profit 256 47.8 643 14.2 21.5 (*) € mn and % change in constant euros. (1) % change in current euros.
44Note: Sep-24 data and YoY changes (new lending, loans and customer funds in constant euros). Digital Consumer Bank Europe Highlights Key data and P&L Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 1,069 -2.0 3,256 4.5 4.7 Net fee income 229 -0.8 680 12.3 12.6 Total revenue 1,398 -3.0 4,252 4.2 4.5 Operating expenses -656 0.4 -1,976 0.3 0.5 Net operating income 742 -5.9 2,276 7.9 8.2 LLPs -279 -9.4 -864 34.2 34.9 Attributable profit 243 8.9 696 -15.5 -15.5 (*) € mn and % change in constant euros. (1) % change in current euros. New lending Loans Customer Funds Efficiency CoR RoTE • We are focused on strengthening our leadership in auto and non-auto through strategic alliances and better service based on new operational leasing and non-auto (Zinia) platforms • Loans rose 5% YoY, on the back of new business growth, mainly in new auto • Deposits up 21%, in line with our deposit gathering strategy to increase retail funding through digital common platforms to reduce funding costs and NII volatility through the interest rate cycle • Net operating income grew 8%, supported by solid revenue performance, on the back of active loan repricing, captured customer deposits and a strong increase in fees, with costs well under control • CHF mortgage provisions affected profit growth YoY and supported quarterly performance €40bn +1% €138bn +5% €84bn +21% 46.5% -1.9pp 0.75% +15bps 9.2% -2.2pp
45Note: Sep-24 data and YoY changes (loans, deposits and mutual funds in constant euros). North America Highlights Key data and P&L Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 2,527 2.0 7,774 3.3 3.2 Net fee income 641 3.9 1,941 18.5 18.6 Total revenue 3,367 0.8 10,406 6.2 6.1 Operating expenses -1,624 1.6 -4,976 5.8 5.7 Net operating income 1,743 0.2 5,429 6.6 6.5 LLPs -944 9.7 -2,837 9.0 8.8 Attributable profit 585 -9.5 1,931 1.7 1.7 (*) € mn and % change in constant euros. (1) % change in current euros. Loans Deposits Mutual Funds Efficiency CoR RoTE €156bn +3% €124bn -5% €32bn +26% 47.8% -0.2pp 2.15% +24bps 11.2% +0.8pp • Focus on transformation, leveraging the strengths of our global businesses in the US and Mexico and continuing our digital transformation • Loans up 3%, particularly in Retail in Mexico and CIB in the US, supported by customer growth (+2% YoY) • Deposit performance in line with our strategy to reduce the costs of excess corporate deposits. Strong growth in mutual funds • Revenue up 6%, driven by a strong performance in CIB in the US and in all our global businesses in Mexico • Costs rose, impacted by inflation and higher investments in CIB in the US and in digitalization in Retail in Mexico. Continued efficiency gains, particularly in Consumer and Commercial in the US and CIB in Mexico • Profit increased 2% YoY on the back of sound net operating income performance (+7%), which more than offset higher LLPs affected by volumes and the expected CoR normalization • Quarterly revenue growth, mainly driven by volumes in Mexico and CIB’s performance in the US. Profit impacted by the usual LLP seasonality in the US and lower leasing volumes and residual values
46Note: Sep-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 8.1%. MexicoUS Loans Deposits Mutual Funds Efficiency CoR RoTE2 Loans Deposits Mutual Funds Efficiency CoR RoTE €43bn +6% €39bn +2% €19bn +32% 41.9% -0.9pp 2.69% +35bps 19.3% +1.7pp • Successful customer acquisition campaigns and new commercial agreements are boosting loans (most global business) and deposits • Profit up YoY, with positive jaws as a strong rise in revenue (mainly NII and fees) outpaced cost growth. LLP normalization as expected • Profit +3% QoQ, supported by good NII performance (volumes) and lower LLPs • Lending up 2%, driven by CIB activity and auto. Deposits declined, mainly in CIB, in line with our funding optimization strategy • Profit up YoY, as revenue rose 4%, partially offset by higher costs (investments in CIB) and expected LLP normalization • In the quarter, profit impacted by the usual LLP seasonality in the US and lower leasing volumes and residual values Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 1,411 0.8 4,235 -1.5 -1.8 Net fee income 296 10.8 835 44.7 44.1 Total revenue 1,870 0.4 5,639 4.0 3.6 Operating expenses -940 -0.3 -2,843 5.1 4.7 Net operating income 929 1.1 2,796 2.9 2.5 LLPs -650 19.3 -1,821 3.3 2.9 Attributable profit 216 -42.6 880 2.1 1.7 (*) € mn and % change in constant euros. (1) % change in current euros. Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 1,113 3.3 3,534 9.7 10.0 Net fee income 329 -1.3 1,062 4.0 4.3 Total revenue 1,476 1.2 4,721 9.1 9.3 Operating expenses -634 4.6 -1,976 6.9 7.1 Net operating income 843 -1.3 2,744 10.7 10.9 LLPs -293 -5.6 -1,014 21.3 21.6 Attributable profit 394 2.8 1,234 5.9 6.1 (*) € mn and % change in constant euros. (1) % change in current euros. €113bn +2% €85bn -8% €14bn +19% 50.4% +0.5pp 1.94% +18bps 11.3% +0.0pp
47 South America Note: Sep-24 data and YoY changes (loans, deposits and mutual funds in constant euros). Highlights Key data and P&L Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 3,520 2.7 11,355 20.8 15.5 Net fee income 1,159 5.2 3,517 0.9 -3.9 Total revenue 4,678 1.7 14,468 11.4 6.1 Operating expenses -1,612 4.7 -5,078 -0.1 -4.8 Net operating income 3,066 0.2 9,390 18.8 13.0 LLPs -1,326 4.1 -4,074 11.5 6.1 Attributable profit 984 17.4 2,665 20.6 14.4 (*) € mn and % change in constant euros. (1) % change in current euros. Loans Deposits Mutual Funds Efficiency CoR RoTE €154bn +6% €131bn +6% €68bn +8% 35.1% -4.0pp 3.55% +25bps 17.2% +2.4pp • We are focused on becoming the primary bank for our 79 million customers (+4mn YoY) and the most profitable bank in each of our countries, while enhancing service quality • Loans grew YoY in almost all global businesses, especially in Brazil. Deposits and mutual funds also up in most of our main countries • Profit rose YoY at double-digits, as strong NII growth across countries and businesses more than offset lower gains on financial transactions and higher provisions (volumes in Brazil and normalization in Chile) • Significant efficiency gains YoY (-4pp) driving up profitability (RoTE +2pp) • Profit rose QoQ, supported by positive revenue trends, lower legal provisions and tax burden
48Note: Sep-24 data and YoY changes (loans, deposits and mutual funds in constant euros). Brazil Chile Brasil and Chile Loans Deposits Mutual Funds Efficiency CoR RoTE Loans Deposits Mutual Funds Efficiency CoR RoTE €96bn +9% €83bn +7% €51bn +9% 32.0% -2.7pp 4.78% +11bps 16.8% +3.1pp €42bn +1% €29bn +7% €12bn +22% 37.4% -8.2pp 1.09% +22bps 15.6% +1.5pp • Strong YoY growth in loans, time deposits and mutual funds, with increases across global businesses, backed by a rise in 6% customers • Greater profit and profitability YoY, driven by NII (volumes and cost of deposits) and efficiency gains, more than offsetting lower gains on financial transactions and higher LLPs (in line with volume growth) • QoQ profit rose 17%, with higher revenue, cost discipline and lower legal provisions and tax burden • Customer growth (+8% YoY). Loans rose in all our global businesses except in CIB. Double-digit growth in time deposits and mutual funds • Profit rose YoY, boosted by a strong performance in NII (volumes and lower cost of deposits), fee growth, costs rising in line with inflation and a pick up in LLPs from low levels in previous years • Solid profit growth QoQ on the back of improvements in NII (lower cost of deposits), fees and costs Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 2,474 3.1 7,709 22.2 16.6 Net fee income 833 1.9 2,567 4.4 -0.4 Total revenue 3,282 2.5 10,266 11.9 6.8 Operating expenses -1,024 0.5 -3,289 3.1 -1.7 Net operating income 2,258 3.5 6,977 16.6 11.3 LLPs -1,088 2.0 -3,410 8.8 3.8 Attributable profit 630 16.9 1,771 30.1 24.2 (*) € mn and % change in constant euros. (1) % change in current euros. Underlying P&L* Q3'24 % Q2'24 9M'24 % 9M'23 % 9M'23¹ NII 482 3.5 1,306 54.5 34.9 Net fee income 146 8.1 411 4.7 -8.6 Total revenue 691 6.3 1,878 26.9 10.9 Operating expenses -236 -0.5 -701 4.1 -9.1 Net operating income 455 10.2 1,176 46.0 27.5 LLPs -127 2.4 -379 51.0 31.9 Attributable profit 180 12.4 433 18.9 3.9 (*) € mn and % change in constant euros. (1) % change in current euros.
49 157 9M'24 Note: Sep-24 data and YoY changes (profit, loans, deposits and mutual funds in constant euros). In Argentina, variations are in current euros. Argentina Argentina y Uruguay Uruguay, Peru and Colombia Uruguay Peru Colombia RoTEs € mn Attributable profit +24% +6%26 25.2% +1.7pp 25.1% +1.9pp 15.3% +0.1pp 76 9M'24 26 9M'24 +23% Loans Deposits Mutual Funds Efficiency CoR RoTE €6bn -13% €9bn -6% €4bn -28% 42.1% -7.6pp 4.88% +79bps 37.4% -2.1pp • We continue working to improve our customer service and adapt our value offer to customer needs in a dynamic environment • Profit, both YoY and QoQ, impacted by the use of the new inflation- adjusted exchange rate • Positive jaws, driving an 8pp efficiency improvement YoY • Strong loan growth in Uruguay (+21% YoY) mainly in Retail and Consumer. Joint initiatives between CIB and Corporates in Peru and Colombia • Profit up YoY on the back of double-digit revenue growth in all three countries • High profitability, with double-digit RoTEs Underlying P&L* Q3'24 Q2'24 9M'24 % Q2'24 % 9M'23 NII 390 397 1,812 -1.9 2.6 Net fee income 111 73 315 53.1 -29.3 Total revenue 421 465 1,441 -9.5 -8.4 Operating expenses -192 -129 -607 49.3 -22.3 Net operating income 228 336 834 -32.0 5.4 LLPs -63 -31 -129 105.1 -10.2 Attributable profit 116 164 382 -29.7 -6.1 (*) € mn and % change in current euros.
50 Appendix Investor Day Targets summary Group P&L and excluding Argentina Detail by global business, region and country Reconciliation of underlying results to statutory results Glossary
51 Reconciliation of underlying results to statutory results EUR mn (1) Includes exchange differences. Explanation of 9M’24 adjustments: • Temporary levy on revenue earned in Spain in the first quarter, totalling EUR 335 million, which was moved from total income to other gains (losses) and provisions. • 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 9M’23 adjustments: • Temporary levy on revenue earned in Spain in the first quarter, totalling EUR 224 million, which was moved from total income to other gains (losses) and provisions. • Provisions to strengthen the balance sheet in Brazil in the first quarter, 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 34,682 — 34,682 32,139 — 32,139 Net fee income 9,666 — 9,666 9,222 — 9,222 Gains (losses) on financial transactions 1 1,493 — 1,493 1,969 — 1,969 Other operating income 9 335 344 (459) 224 (235) Total income 45,850 335 46,185 42,871 224 43,095 Administrative expenses and amortizations (19,262) — (19,262) (18,961) — (18,961) Net operating income 26,588 335 26,923 23,910 224 24,134 Net loan-loss provisions (9,571) 352 (9,219) (9,511) 474 (9,037) Other gains (losses) and provisions (2,590) (687) (3,277) (1,862) (459) (2,321) Profit before tax 14,427 — 14,427 12,537 239 12,776 Tax on profit (4,246) — (4,246) (3,552) (213) (3,765) Profit from continuing operations 10,181 — 10,181 8,985 26 9,011 Net profit from discontinued operations — — — — — — Consolidated profit 10,181 — 10,181 8,985 26 9,011 Non-controlling interests (872) — (872) (842) (26) (868) Profit attributable to the parent 9,309 — 9,309 8,143 — 8,143 January-September 2023January-September 2024
52 Appendix Investor Day Targets summary and our last step towards ONE SANTANDER Group P&L and excluding Argentina Detail by global business, region and country Reconciliation of underlying results to statutory results Glossary
53 Glossary - Acronyms • A2A: account to account • ALCO: Assets and Liabilities Committee • AM: Asset management • AuMs: Assets under Management • bn: Billion • BNPL: Buy now, pay later • bps: Basis points • c.: Circa • CAL: Customer assets and liabilities • CET1: Common equity tier 1 • CHF: Swiss franc • CIB: Corporate & Investment Banking • CoE: Cost of equity • Consumer: Digital Consumer Bank • CoR: Cost of risk • DCB Europe: Digital Consumer Bank Europe • DPS: Dividend per share • EPS: Earning per share • ESG: Environmental, social and governance • EV: Electric Vehicle • FL: Fully-loaded • FTE: Full time employee • FX: Foreign exchange • FY: Full year • IFRS 9: International Financial Reporting Standard 9, regarding financial instruments • LLPs: Loan-loss provisions • mn: million • NII: Net interest income • NIM: Net interest margin • NPL: Non-performing loans • NPS: Net promoter score • 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
54 Glossary - Definitions Notes: The averages for the RoTE 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). 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 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 Quarterly Financial Report.
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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: 29 October 2024 By: /s/ José García Cantera Name: José García Cantera Title: Chief Financial Officer
