2023 Highlights Digital Consumer Bank Europe
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 2022 Annual
Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 1 March 2023
(https://www.santander.com/content/dam/santander-com/en/documentos/informacion-sobre-resultados-
semestrales-y-anuales-suministrada-a-la-sec/2023/sec-2022-annual-20-f-2022-en.pdf), as well as the section
"Alternative performance measures" of Banco Santander, S.A. (Santander) Q4 2023 Financial Report, published
on 31 January 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 included to comply with Spanish Act 11/2018 on non-financial information and diversity and to provide a
broader view of our impact. 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.
Santander
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