Core Insights - Banco Santander achieved record results in 2024, driven by its technology platforms [1][2] - The bank reported record levels in net interest income, net fee income, total income, and profit [2] - The bank added 8 million new customers, bringing its total to 173 million across 10 core markets [3] Technology and Strategy - Santander's scale allows it to build its own technology platforms, enhancing customer service while reducing costs [2] - The launch of Openbank in the U.S. and partnerships with Amazon and Apple reflect the bank's strategy to improve customer solutions and transform its operating model [3][4] - Zinia, Santander's consumer finance platform, partnered with Amazon to launch a new Amazon Visa card in Germany [4] Future Outlook - Santander aims to have a full-service digital bank in the U.S. by the end of 2025 [4] - The bank's global platforms are enhancing its wealth business and payments connectivity [5] - The Executive Chair expressed confidence in the bank's potential for increased profitability in 2025, citing a new era of value creation [5]

Financial Data and Key Metrics Changes - The company achieved a record profit of €12.6 billion, supported by strong revenue growth and an increase of 8 million customers [9][11] - Revenue growth was reported at 10% in constant euros, with fee income up 11% [12][10] - The return on tangible equity (RoTE) increased to 16.3%, and the capital ratio reached an all-time high of 12.8% [10][11][26] Business Line Data and Key Metrics Changes - Retail and Consumer businesses showed double-digit growth, contributing significantly to net interest income (NII) [41][50] - Corporate and Investment Banking (CIB) revenues grew by 14%, while Wealth revenues increased by 15% [41][24] - Payments volume rose by 11%, with a target EBITDA margin close to 30% for 2025 [25][26] Market Data and Key Metrics Changes - The U.S. market is expected to be a major contributor to earnings growth in 2025, with corporate banking fees increasing by 21% [24][100] - The company noted that higher interest rates benefit the retail franchise in Europe, while other markets may perform better with lower rates [16][41] Company Strategy and Development Direction - The company is focused on becoming the best open financial services platform, leveraging its global scale and local leadership [29][30] - The ONE Transformation initiative aims to simplify operations and improve efficiency, with expectations of continued cost reductions and revenue growth [10][46] - The company plans to distribute €10 billion in share buybacks to shareholders for 2025 and 2026, reflecting strong capital generation [64][66] Management's Comments on Operating Environment and Future Outlook - Management anticipates a challenging macro environment in 2025, including lower euro rates and potential volatility [61][62] - The outlook for 2025 includes stable revenue expectations around €62 billion, with a focus on reducing costs in absolute terms [62][63] - The company remains confident in achieving or exceeding its financial targets set in 2023 [59][60] Other Important Information - The cost-to-income ratio improved to 41.8%, the best in 15 years, with expectations for further improvements [48][49] - The non-performing loan (NPL) ratio improved to 3.05%, reflecting stable credit quality across the footprint [50][51] Q&A Session Summary Question: Trade-offs between organic and inorganic growth - Management prioritizes profitable organic growth, followed by ordinary dividends and share buybacks, with inorganic growth being complementary to strategic aims [71][75] Question: Cost-to-income improvement potential - The ONE Transformation initiative has significant upside potential, especially in retail and consumer areas, which represent 70% of costs [77][78] Question: UK market sustainability - The UK retail business is expected to perform well, with asset quality remaining resilient and improvements from the ONE Transformation [94][96] Question: U.S. market contribution to earnings growth - The U.S. is expected to be a significant contributor to earnings growth, with a focus on consumer banking and corporate investment banking [100][102] Question: Capital distribution and CET1 target - The CET1 target for 2025 is set at 13%, with excess capital being returned to shareholders through buybacks and dividends [113][117]

5 February 2025 FY'24 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-IF ...

Core Viewpoint - Banco Santander reported record profits for the fourth quarter and announced a share buyback plan of 10 billion euros ($10.4 billion) for 2025 and 2026, reflecting strong financial performance and anticipated excess capital [1]. Financial Performance - The bank's net profit increased by 11% year-on-year to 3.265 billion euros in Q4 and by 14% annually to 12.574 billion euros for the full year, driven by increased customer activity and robust margin management [2]. - The return on tangible equity (RoTE) rose to 16.3% in 2024 from 15.1% the previous year, indicating improved profitability [3]. Customer Growth and Market Position - Santander added eight million new customers in 2024, bringing the total to 173 million, showcasing its growth in the core retail business [2]. - The bank has benefited from the high interest rate environment post-Covid-19, although it may face challenges as the European Central Bank eases monetary policy [4]. Future Guidance - For 2025, Santander targets approximately 62 billion euros in revenue, mid-high single-digit growth in net income, a RoTE above 17%, and a CET1 ratio of 13%, up from 12.8% in 2024 [4]. - The Executive Chair emphasized the bank's ability to grow revenue, profitability, and returns, highlighting its technological capabilities to reduce costs and improve operating leverage [5][6].

Core Insights - Santander's American digital banking platform, Openbank, has achieved over $2 billion in deposits just four months post-launch, marking a significant milestone in its U.S. business strategy [1] - The bank aims to evolve Openbank into a full-service digital bank by the end of the year, expanding its offerings to include certificates of deposit, payments, and checking accounts, alongside a growing branch network [2] - Santander's leadership emphasizes its unique position to combine the digital banking experience of a FinTech with the stability of a global bank, reflecting a commitment to customer-centric innovation [3] Industry Context - The digital banking landscape presents challenges for financial institutions, including regulatory hurdles and the need to attract new customers and deposits [3][4] - Despite 70% of consumer lending occurring digitally, only a third of this lending is directed towards small business customers through online channels, indicating a gap in service provision [5] - Smaller lenders face heightened challenges due to limited budgets, making the implementation of new digital platforms and processes both time-consuming and costly [5]

Core Viewpoint - Sanofi has announced the acquisition of 2.3% of its shares from L'Oréal as part of its share buyback program, emphasizing its commitment to sustainable value creation for shareholders [1][2]. Group 1: Transaction Details - The acquisition involves 29,556,650 shares at a price of €101.50 per share, totaling €3 billion, which reflects a 2.8% discount to the closing price on January 31, 2025 [2]. - The shares acquired from L'Oréal will be cancelled by April 29, 2025, and the transaction is expected to be accretive to Sanofi's earnings per share [2][3]. - After the cancellation, L'Oréal will own 7.2% of Sanofi, with 13.1% of voting rights [3]. Group 2: Governance and Compliance - The acquisition is structured as an off-market block trade and complies with French Commercial Code regulations, having been approved by Sanofi's Board of Directors [2][4]. - An independent expert, Finexsi, confirmed that the price of the repurchased shares is fair and that the transaction will not adversely affect Sanofi's financial balances [4]. Group 3: Strategic Importance - François Roger, CFO of Sanofi, highlighted the long-standing partnership with L'Oréal and the importance of this transaction in maintaining strategic priorities while enhancing shareholder value [2]. - The transaction underscores Sanofi's focus on sustainable value creation and the preservation of key partnerships [2].

Banking giant Santander has reportedly chosen a new U.S. CEO amid a larger reshuffle.Christiana Riley will succeed Tim Wennes as the bank’s lead in the U.S., Executive Chair Ana Botin announced Friday (Jan. 31), per a report by Reuters.Sources told the news outlet that — as part of the changes associated with this restructuring — Santander plans to eliminate the three regional divisions in Europe, North America and South America that it opened in 2019 while proceeding with the implementation of its five glo ...

Sarclisa is the first anti-CD38 treatment approved in China for patients with newly diagnosed multiple myeloma ineligible for transplant Approval based on positive results from the IMROZ phase 3 study that demonstrated Sarclisa in combination with bortezomib, lenalidomide, and dexamethasone (VRd) significantly improved progression-free survival, compared to VRd alone in transplant-ineligible newly diagnosed multiple myeloma Second approval in China in three weeks following the R/R MM indication announced o ...

Financial Performance - Q4 2024 sales growth of 10.3% at CER, with business EPS of €1.31 [1] - FY 2024 sales growth of 11.3% at CER, totaling €41.1 billion, exceeding sales targets [4] - Business EPS for FY 2024 reached €7.12, a 4.1% increase at CER, surpassing guidance [4] - IFRS net income for FY 2024 was €41,081 million, an 8.6% increase [3] - Free cash flow for FY 2024 was €5,955 million, a 19.6% decrease [6] Pipeline and R&D - Increased R&D investment to €7.4 billion, up 14.6% in 2024 [4] - Significant pipeline progress, including positive phase 3 results for rilzabrutinib and tolebrutinib [3] - 14 regulatory approvals for medicines and vaccines in 2024, with 21 regulatory submission acceptances [4] - Dupixent expected to reach sales of around €22 billion by 2030 [3] Strategic Initiatives - Intention to sell a controlling stake in Opella consumer health, expected to close in Q2 2025 [2] - Plan to execute a €5 billion share buyback program in 2025 [5] - Focus on becoming a science-driven biopharma company, supported by ongoing launches and pipeline developments [3] Product Performance - Dupixent sales increased by 16.0% to €3.5 billion in 2024 [4] - Beyfortus achieved blockbuster status with €1.7 billion in sales in its first full year [4] - Pharma launches contributed 11% of total sales, with ALTUVIIIO leading the growth [4] - Vaccines sales grew by 10.8% to €2.2 billion, driven by Beyfortus in Europe [4] Future Outlook - Anticipated mid-to-high single-digit percentage sales growth at CER in 2025 [5] - Expected strong rebound in business EPS with low double-digit percentage growth at CER in 2025 [5] - Confidence in mid-to-long-term growth prospects, supported by ongoing launches and pipeline developments [3] Dividend and Shareholder Returns - Proposed dividend of €3.92 for 2024, marking the 30th consecutive year of dividend increases [4]

Information concerning the total number of voting rights and shares, provided pursuant to article L. 233-8 II of the Code de commerce (the French Commercial Code) and article 223-16 of the Règlement général de l’Autorité des Marchés Financiers (Regulation of the French stock market authority) Sanofia French société anonyme with a registered share capital of 2,526,245,442 €Registered office : 46, avenue de la Grande Armée - 75017 Paris - FranceRegistered at the Paris Commercial and Companies Registry under n ...