Slides
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3Q25 Results November 13, 2025
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Index 1 A successful journey with ongoing momentum 2 3Q25 highlights 3 Financial results 4 Balance sheet 5 Closing remarks
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1 A successful journey with ongoing momentum
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4 2020 2021 2022 2023 2024 2027E 0.0% 5.1% 7.8% 11.5% 14.0% 16.0% 2025E 14.5% Sabadell is on a journey which has not reached its full potential yet Transformation and financial turnaround Execution: growth and shareholder remuneration May ’24 to Oct ’25 hostile takeover bid Jul ’25 Strategic Plan Aug ’25 TSB sale approval Recurrent RoTE
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5 5 Execution Shareholder remuneration Four key elements underpin Sabadell’s investment case Growth Spain • Domestic bank in Spain, one of the fastest growing economies in Europe • Solid track record of beating targets since 2021 • Orientation to growth while preserving asset quality. Current size leaves headroom for prudent market-share gains • Transformation well underway, with the full impact gradually flowing through to P&L and balance sheet • Strong capacity to generate capital (while growing), enabling attractive shareholder remuneration
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6 19 A plan focused on growth, profitability and shareholder remuneration Cumulative shareholder remuneration of €6.3bn in 2025-27e Net interest income ~€3.9bn 2027e Fees & Commissions Mid-Single Digit 2024-27e CAGR Total costs ~3% 2024-27e CAGR Total Cost of Risk ~40bps 2027e 16% RoTE 13% CET1 FL
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Raising shareholder remuneration further to distribute a total of €6.45bn in 2025-27 71 Shareholder remuneration via dividends and share buybacks in respect of relevant fiscal year. 2 Subject to delivering on the business plan. A portion of that amount may also be subject to shareholder and supervisory approval. 3 Closing price as of November 11th of €3.377. 4 Fully-loaded, applying the regulatory output floor calendar. 1,450 2,500 6,450 2025e (Recurrent) Extraordinary dividend from TSB sale 2026e (Recurrent) 2027e (Recurrent) Total shareholder distributions 2025-27e Shareholder remuneration 2025-27e1 €M Improved in September Improved in September 2 2 2 €6.45 bn2 2025 -27e Total cumulative shareholder remuneration Dividend payout 60% 2 interim Excess capital distribution >13% CET14 Through cash dividends or share buybacks Dividend policy 2025-2027e August December After AGM 1 final dividend+ ~40% Market cap 3 Cash dividend per share in 2025, 2026 and 2027 expected to be higher than 2024 3,950 2,500
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2 3Q25 Highlights
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15.0% RoTE reported 3Q25 results … 9 Commercial activity accelerating Performing loans: +8.1% YoY Customer funds: +7.8% YoY 14.1% Recurrent RoTE1 13.7% CET1 FL +18bps QoQ Note (1): Commercial activity, core revenues and asset quality relate to the ex-TSB perimeter. Note (2): RoTE assumes three-month accrual of bank levy paid in 2024 and the bank tax accrued in 9M25. 1 Excludes €115M one-offs (net of taxes) in 4Q24. Asset quality keeps improving Total cost of risk: 37bps (-18bps YoY) Core revenues aligned with guidance NII to achieve €3.6bn year-end guidance Fees: +3.7% YoY 2025 shareholder distribution improved to €1,450M Second interim cash dividend of €7cts/share (December 29th, 2025) … on track to meet 2025 guidance
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Loan volumes keep improving in Spain and off-balance sheet products expand Performing loans across geographies €M Total customer funds €M Sep-25 QoQ YoY Spain 104,264 +0.9% +7.6% Other international Constant FX 15,839 +3.2% +3.2% +11.0% +14.4% Total ex-TSB Constant FX 120,103 +1.2% +1.2% +8.1% +8.5% TSB Constant FX 40,967 -2.7% -0.6% -5.2% -0.9% Total Constant FX 161,070 +0.2% +0.7% +4.3% +5.9% Sep-25 QoQ YoY On-balance sheet ex-TSB 127,660 +0.2% +5.0% Off-balance sheet 51,670 +4.8% +15.4% Total ex-TSB Constant FX 179,330 +1.5% +1.4% +7.8% +7.9% TSB Constant FX 40,119 -1.7% +0.3% -4.2% +0.1% Total Constant FX 219,450 +0.9% +1.2% +5.4% +6.4% 10
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1,618 1,817 1,600 3Q24 2Q25 3Q25 662 750 768 3Q24 2Q25 3Q25 3,568 5,884 3,508 3Q24 2Q25 3Q25 8,566 8,938 8,828 3Q24 2Q25 3Q25 11 Current levels of new lending allow for growth of the loan book Mortgages €M, quarterly new lending in Spain Consumer loans €M, quarterly new lending in Spain -1% Var. YoY -12 % Var. QoQ SMEs & Corporates Loans and credit facilities €M, quarterly new lending in Spain SMEs & Corporates Working capital1 €M, quarterly new lending in Spain 1 Working capital includes trade discounting, factoring, reverse factoring, forfaiting and import/export finance. -2% Var. YoY -40 % Var. QoQ +16 % Var. YoY +2 % Var. QoQ +3 % Var. YoY -1% Var. QoQ +26% 9M25/9M24 +19% 9M25/9M24 -1% 9M25/9M24 +0.2% 9M25/9M24
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6,552 6,662 6,853 3Q24 2Q25 3Q25 15,909 14,976 15,664 3Q24 2Q25 3Q25 -€2.0bn +€6.8bn Payment services remain strong. Savings & investment growth driven by off-balance sheet products Cards Quarterly turnover in Spain (in €M) Retailer payment services (PoS) Quarterly turnover in Spain (in €M) 12 Savings & investment products Customer funds in Spain (in €bn) Off-balance sheet On-balance sheet savingsOn-balance sheet (term deposits, structured deposits and commercial paper) Off-balance sheet (mutual funds, pension funds, savings insurance and managed accounts) -2% Var. YoY +5 % Var. QoQ +5 % Var. YoY +3 % Var. QoQ +€4.8bn Var. YoY +6% 9M25/9M24 +2% 9M25/9M24 63.2 66.3 68.0 Sep24 Jun25 Sep25Sep25 Of which: Net inflows: +€5.3bn Mark-to-Market: +€1.6bn
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Positive loan growth across segments and geographies in the year 13 Performing loans by segment, ex-TSB €bn Sep-25 QoQ YoY Mortgages 39.3 +1.2% +5.6% Consumer loans 5.2 +4.5% +19.0% SMEs & Corporates 46.4 +1.9% +6.2% Public sector 11.0 -1.7% +15.5% Other lending 2.2 -18.3% +13.5% Total Spain 104.3 +0.9% +7.6% Sep-25 QoQ YoY Mexico Constant FX 4.6 +6.7% +5.3% +10.8% +12.7% Miami Constant FX 6.7 +2.4% +2.6% +7.5% +12.8% Foreign branches Constant FX 4.5 +1.1% +2.0% +16.8% +18.9% Total international Constant FX 15.8 +3.2% +3.2% +11.0% +14.4% Total ex-TSB Constant FX 120.1 +1.2% +1.2% +8.1% +8.5%
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14 Strategic shift in new lending 1 Probability of Default of new lending in 9M25 (average) vs 2023 (average) of total Spain, Miami and foreign branches. 2 Capital generation pre dividend accrual. Growing with lower risk to deliver healthy capital generation Loan growth ex-TSB YoY Probability of Default Reduction (9M25 vs 2023)1 Mortgages +5.6% >50% Consumer loans +19.0% >60% SMEs & Corporates +6.2% >50% Growth strategy in lower risk segments is delivering: 176bps Capital generation YtD2 Lower loan yield Lower Cost of Risk = Higher capital generation More resilient franchise
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3Q25 3Q25/2Q25 9M25 9M25/9M24 NII 263 +2.2% 781 +7.0% Fees & commissions 20 +2.1% 59 -15.9% Total costs -186 +0.6% -550 -5.3% Total provisions -14 n.m. -32 -12.0% Net profit 59 -9.6% 198 +43.9% Contribution to Sabadell (€M) 70 -8.1% 242 +43.9% TSB will continue to contribute to Group results until the sale is completed 15 TSB standalone P&L and its contribution to Sabadell £M 11Q25 includes a one-off item within Other Operating Income of £22M (net of taxes) due to a negotiated recovery under indemnities from a third party related to Financial Services Support. Solvency 16.3% CET1 FL Fully-loaded Profitability 13.8% RoTE Stand-alone 1 1 £104M TNAV accretion Apr 1st – Sep 30th TNAV accretion will be reflected in the final TSB sale price TSB performing loans and customer deposits £bn Sep-25 QoQ YoY Performing loans 35.8 -0.6% -0.9% Customer deposits 35.2 +0.3% +0.0% TSB performing loans and customer deposits remained broadly stable both in the quarter and year-on-year
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15.0% RoTE reported Group RoTE in line with expectations, increasing lending volumes with a strong capital generation 16Note: RoTE assumes three-month accrual of bank levy paid in 2024 and the bank tax accrued in 9M25. 1 Excludes €115M one-offs (net of taxes) in 4Q24. 2 Capital generation pre dividend accrual. P&L Ex-TSB 3Q25 (€M) 3Q25/2Q25 9M25 (€M) 9M25/9M24 NII 899 -0.8% 2,709 -6.2% Fees 314 -4.0% 962 +3.7% Total costs -561 +4.7% -1,646 +0.5% Provisions -126 +10.4% -367 -29.3% Net profit (Ex-TSB) 344 -16.1% 1,148 +1.9% Net profit (Group) 414 -14.8% 1,390 +7.3% 14.1% Recurrent RoTE1 176bps Capital generation YtD2
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3 Financial results
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Performance aligned with YE targets 18 €M 3Q25 9M25 3Q25/2Q25 9M25/9M24 3Q25 9M25 3Q25/2Q25 9M25/9M24 Net interest income 899 2,709 -0.8% -6.2% 1,203 3,628 -0.5% -3.2% Fees & commissions 314 962 -4.0% 3.7% 337 1,032 -3.7% 2.1% Core banking revenue 1,213 3,672 -1.6% -3.8% 1,540 4,659 -1.3% -2.0% Trading income & forex -31 -15 n.m. n.m. -26 2 n.m. -96.0% Other income & expenses 22 82 -19.7% n.m. 12 79 -29.1% n.m. Gross operating income 1,204 3,738 -3.8% -0.8% 1,526 4,740 -3.0% 0.3% Total costs -561 -1,646 4.7% 0.5% -772 -2,282 2.7% -1.1% Pre-provisions income 643 2,092 -10.2% -1.8% 754 2,458 -8.1% 1.7% Total provisions & impairments -126 -367 10.4% -29.3% -143 -404 25.3% -28.0% Gains on sale of assets and other results -4 -17 n.m. n.m. -4 -16 n.m. 37.0% Profit before taxes 513 1,708 -14.7% 6.4% 607 2,038 -14.0% 10.5% Taxes -169 -559 -11.2% 16.8% -193 -647 -11.9% 17.8% Minority interest 0 -1 n.m. 46.2% 0 -1 n.m. 46.2% Attributable net profit 344 1,148 -16.1% 1.9% 414 1,390 -14.8% 7.3% Sabadell ex-TSB Sabadell Group 1 Includes -€8M related to liability management and c.-€15M related to FX hedge on the proceeds from the sale of TSB (quarterly run rate going forward until the end of the closing process). 1
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906 899 1,203 -5 -19 +14 +3 303 2Q25 ex-TSB Customer NII ALCO, liquidity and others Wholesale funding cost Calendar days 3Q25 ex-TSB TSB 3Q25 957 906 899 296 303 303 1,253 1,209 1,203 3Q24 2Q25 3Q25 3Q25 Ex-TSB 19 Group NII €M 3Q25/2Q25 -0.5 % 9M25/9M24 -3.2 % -9bps Var. QoQ -6bps Var. QoQ Going forward, NII to be supported mainly by loan growth Ex-TSB TSB Volumes partially offset customer margin pressure Better wholesale funding costs mitigated the effect of lower liquidity contribution TSB impacted by negative GBP evolution Customer margin -24 Loan volumes +8 Deposit volumes +12 FX impact -1 2Q25 Ex-TSB Customer NII Liquidity and others Calendar days Group NII QoQ evolution €M Wholesale funding cost 3Q25/2Q25 -0.8 % 9M25/9M24 -6.2 % Group Ex-TSB 3Q25 TSB 3Q25 Group Customer margin, ex-TSB Net interest margin, ex-TSB 3.30% 3.00% 2.91% 2.01% 1.85% 1.79% 3Q24 2Q25 3Q25 On track to meet our 2025 NII guidance ex-TSB of €3.6bn
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Fees aligned with guidance, despite negative seasonality in the quarter 20 Group fees & commissions €M 3Q25/2Q25 -3.7 % 9M25/9M24 +2.1 % Asset Management and insurance1 Services Credit and contingent risk TSB 1 Includes mutual funds, pension funds, insurance brokerage and managed account fees. The usual negative seasonality in the quarter driven by credit and contingent risk fees as well as service fees In the year, ex-TSB commissions grew at c.4% underpinned by asset management and insurance fees 3Q25/2Q25 -4.0 % 9M25/9M24 +3.7 % Group Ex-TSB 72 79 82 166 177 166 69 71 65 28 24 24 336 350 337 3Q24 2Q25 3Q25 On track to meet our 2025 fees guidance ex-TSB of mid-single digit growth
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Total costs remained contained 21 Group costs €M 9M25/9M241 -1.1 % Ex-TSB expenses TSB recurrent expenses Amortisation & depreciation In the quarter, costs excluding TSB increased due to higher general expenses. At the TSB level, costs improved, supported by currency depreciation. In the year, costs were contained at ex-TSB level. At TSB, costs continued to decline in line with guidance. Amortisation & depreciation at the current run rate. 3Q25/2Q25 +4.7 % 9M25/9M24 +0.5 % Group Ex-TSB 476 446 470 175 188 182 126 118 121 14 792 752 772 3Q24 2Q25 3Q25 3Q25/2Q25 +2.7 % TSB extraordinary expenses 1 Includes €1M, €6M and €14M of non-recurrent costs related to the efficiency plan in the UK in 1Q24, 2Q24 and 3Q24, respectively. On track to meet our 2025 total costs guidance ex-TSB of low-single digit growth
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103 64 88 18 2 16 121 66 104 3Q24 2Q25 3Q25 CoR evolution in line with year-end target 22 Group total provisions 3Q25 breakdown €M Group credit provisions €M Ex-TSB TSB Group credit CoR Group total CoR 19bps 31bps Credit cost of risk remained contained Foreclosed asset provision releases underpinned by capital gains on real estate asset sales NPA management costs and other provisions in line with the run rate Ex-TSB credit CoR Ex-TSB total CoR 21bps 37bps 3Q25/2Q25 +57.1 % 9M25/9M24 -37.6 % 3Q25/2Q25 +37.4 % 9M25/9M24 -41.2 % Group Ex-TSB 88 143 -5 34 10 16 Credit provisions for NPLs ex -TSB Foreclosed asset provisions NPA management costs Other provisions TSB provisions Total provisions On track to meet our 2025 total CoR guidance ex-TSB of ~40bps
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4 Balance sheet
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3.71% TSBEx-TSB NPL and coverage ratios continue to improve 24 NPLs and coverage ratios €M, % Exposure by stage and coverage ratio €M Stage 2 Stage 3 Sept-25 YoY Sept-25 YoY Exposure (€M) 8,997 -2,983 4,267 -1,017 % of total loan book 5.2% -194bps 2.5% -69bps Coverage, Group 4.0% +13bps 47.7% +293bps Exposure ex-TSB (€M) 6,099 -1,793 3,634 -978 % of total loan book, ex TSB 4.6% -173bps 2.8% -96bps Coverage, ex-TSB 4.8% 0bps 53.3% +408bps Group Total provisions / stage 3 Group NPL ratio 61% 64% 64% 3.14% 2.47% 2.45% Stage 2 loans ex-TSB declined by c.€1.8bn in the last 12 months NPL ratio ex-TSB declined slightly, despite the typical seasonality in recovery activity Stage 3 coverage ratio with total provisions ex-TSB stood at 69%, increasing by +57bps QoQ and +507bps YoY 64% 69% 69% Ex-TSB Total provisions / stage 3 Ex-TSB NPL ratio 2.81% 2.75% 4,612 3,674 3,634 672 618 633 5,283 4,292 4,267 Sep-24 Jun-25 Sep-25
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5,484 4,447 4,363 672 618 633 Sep-24 Jun-25 Sep-25 872 773 729 Sep-24 Jun-25 Sep-25 Group Coverage ratio Ex-TSB Coverage ratio 60% 64% 64% Total NPAs kept up double digit reduction YoY 25 Group foreclosed assets €M NPAs €M Note: Includes contingent risk. NPA coverage ratio calculated as (total provisions for credit + total provisions for foreclosed assets) / (stage 3 + foreclosed assets). 1 NPAs / (gross loans + foreclosed assets). Coverage ratio 40% 40% 37% -16% YoY 58% 60% 60% -19% YoY Group key ratios Sep-24 Jun-25 Sep-25 Gross NPA ratio1 3.6% 2.9% 2.9% Net NPA ratio 1.5% 1.2% 1.1% Net NPAs / total assets 1.1% 0.8% 0.8% 20% Stock sold L12M +11% Average premium 93% Finished properties Ex-TSB key ratios Sep-24 Jun-25 Sep-25 Gross NPA ratio1 4.4% 3.4% 3.3% Net NPA ratio 1.7% 1.2% 1.2% Net NPAs / total assets 1.1% 0.8% 0.8% TSBEx-TSB 6,155 5,065 4,996
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Liquidity buffers remain strong amid improving credit ratings 26 Liquidity metrics Group Long-term ratings Quarterly changes highlighted in blue Total liquid assets €bn Sept-25 Long-term b credit rating Outlook Standard & Poors A- Stable Moody’s Baa1 from Baa2 Stable from positive Fitch Ratings BBB+ Stable from rating watch positive DBRS A (low) Stable 96% Loan-to-deposit 140% NSFR 168% LCR HQLAs Ex-TSB HQLAs TSB Other liquid assets €40bn HQLA 94% Loan-to-deposit 135% NSFR 184% LCR Ex-TSB NEW NEW 38 36 32 9 7 8 16 18 19 62 61 59 Sep-24 Jun-25 Sep-25 NEW
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4.51% 1.13% 0.74% 1.76% 1.37% Sep-25 % LRE Reported 13.80% 3.45% 2.26% 5.38% 4.18% Sep-25 % RWA Reported Ample MREL management buffers 27 MREL position, Sabadell Group % Risk Weighted Assets (RWAs phase-in), % Leverage Ratio Exposure (LRE) CET1 AT1 Tier 21 Senior non-preferred Senior preferred Note 1: September 2025 capital ratios include 80bps CET1 surplus above 13% (fully-loaded, applying the regulatory output floor calendar), the level at which a commitment to distribute excess capital is triggered. Note 2: Ratios include the Combined Buffer Requirement (at 3.18% in Sep-25). 25.31% 2025 Requirement 19.01% 2025 Subordinated requirement 29.07% Subordinated 6.39% 2025 Requirement 6.39% 2025 Subordinated requirement Subordinated 9.50% YTD new issuances 2025 funding plan • AT1/Tier 2: buckets completed • Senior preferred/non-preferred: no issuances expected in 4Q25 • Covered bonds: opportunistic issuer in EUR • Significant Risk Transfer (SRT) transactions to optimise capital management 24.88% 8.13% + 2 securitisations (SRTs) Instrument Date Size (€M) Maturity (Years) Coupon Covered bonds (TSB) Feb 18th 600 5 2.70% Senior non preferred Feb 18th 500 8NC7 3.38% Covered bonds Mar 28th 500 8 2.79% AT1 May 20th 1,000 Perpetual 6.50% Senior non preferred Sep 20th 500 6.5NC5.5 3.38% Total YTD 3,100
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€0.83bn €3.7bn -€0.35bn €0.58bn €2.65bn 9M25 dividend accrued First interim dividend paid in Aug-25 Excess capital above 13% CET1 Capital generation from TSB sale Shareholder value creation €3.7bn 13.80% 13.56% 13.56% 13.74% Sep-24 CET1 FL Jun-25 CET1 FL Organic CET1 generation post AT1 coupons Fair value reserve adjustment RWAs growth Dividend accrual Sep-25 CET1 FL Generating capital while growing loan book at mid-single digits 28 Evolution of capital ratios CET1 FL Total Capital Note: September 2025 capital ratios include 74bps CET1 surplus above 13% (fully-loaded, applying the regulatory output floor calendar), the level at which a commitment to distribute excess capital is triggered. 18.84% 19.29% +60bps +0bps 19.42% -11bps MDA buffer 486bps -31bps 49bps of capital generation pre dividend accrual Accrued and non-paid dividends + excess capital As of September 2025, proforma of TSB sale 60% ordinary pay-out +18bps
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€3.6bn shareholder remuneration to be distributed in less than 6 months time 29 1 Subject to shareholders approval, and regulatory approval, if required. 2 CET1 fully-loaded, applying the regulatory output floor calendar. 3 Closing price as of November 11th of €3.377. €1,450M 2025 shareholder distribution1 Recurrent shareholder remuneration (60% pay-out + excess capital >13% CET12) 29 December In less than 6 months 2025 29 August Second Quarter 20262025 €350M ~€350M 2nd interim dividend1st interim dividend Final dividend + Excess capital1 ~€750M Extraordinary cash dividend (from sale of TSB) €2,500M Cash dividend >20% Market cap3 €3.6bn shareholder remuneration in the next 6 months €2,500M Extraordinary remuneration from sale of TSB The nature of the payment will be determined by the Board of Directors €3.7bn of capital already available as of Sep-25 proforma of TSB sale
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30 Shareholder value creation 2027e Sabadell P/E calculation requires market cap to be adjusted for extraordinary dividend from TSB disposal >10x3 P/E peers average Impact of TSB sale on Sabadell’s valuation (€bn) 1 Shareholder value creation includes variation of TBV per share + distributed dividends in Oct’24, Mar’25 and Aug’25 (8, 12.44 and 7 euro cents cash per share respectively). 2 Calculated as adjusted market cap as of 11th November 2025 (€14.5bn) divided by 2027e Consensus Net Profit (€1.6bn). 3 Spanish peers: CaixaBank, Bankinter, and Unicaja, based on 2027e estimates. Bloomberg. <9x2 2027e P/E Shareholder value creation1 TBV per share Dividend per share +17% 2.31 2.42 0.27 Sep-24 Sep-25 17.0 14.52.5 Current Market cap Extraordinary dividend related to TSB sale Market cap excluding TSB
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5 Closing remarks
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P&L targets 9M25 Guidance Net Interest Income €2.7bn €3.6bn Fees & Commissions (YoY) +3.7% MSD Total costs (YoY) +0.5% LSD Total Cost of Risk 37bps ~40bps On track to meet 2025 guidance 1 Recurrent RoTE. 32 Ex-TSB On track On track On track On track 14.1% RoTE1 as of Sep-25 14.5% 2025 RoTE Guidance €1,450M 2025 Total shareholder remuneration Improved On track
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1 NIM and customer margin 2 Debt maturities 3 ALCO portfolio 4 ESG milestones 5 TSB asset quality, solvency and liquidity position 6 RWAs breakdown 7 MDA buffer 8 Group’s accounting income statement Appendix
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Appendix 1 NIM and customer margin 34 Sabadell Group %, in euros Sabadell Ex-TSB %, in euros TSB %, in euros Customer margin NIM as % of average total assets NIM as % of average total assets, excluding extraordinary interest on arrears Customer margin, excluding extraordinary interest on arrears 3.11% 3.16% 3.05% 2.98% 2.92% 2.06% 2.06% 2.02% 1.97% 1.93% 3.07% 2.00% 3Q24 4Q24 1Q25 2Q25 3Q25 3.30% 3.31% 3.10% 3.00% 2.91% 2.01% 1.98% 1.89% 1.85% 1.79% 1.91% 3.18% 3Q24 4Q24 1Q25 2Q25 3Q25 2.58% 2.71% 2.86% 2.86% 2.91% 2.11% 2.18% 2.29% 2.26% 2.28% 3Q24 4Q24 1Q25 2Q25 3Q25
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3 1,457 2,763 3,666 4,788 3,100 4,910 2025 2026 2027 2028 2029 2030 >2030 Appendix 2 Debt maturities 35Note: Debt maturities excludes AT1 issuances. Covered bonds 0 1,390 2,245 2,416 2,022 1,850 1,700 Senior Preferred Debt 3 0 500 750 1,265 750 0 Senior Non-Preferred Debt 0 67 18 500 1,500 500 1,695 Subordinated debt 0 0 0 0 0 0 1,515 Total 3 1,457 2,763 3,666 4,788 3,100 4,910
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Appendix 2 Debt maturities 36 Main debt maturities and redemptions in last 6 months Instrument Date Nominal amount Senior non-preferred bonds 24/03/2025 (call) €750M Senior non-preferred bonds 27/03/2025 €500M Covered bonds 28/06/2025 €256M Covered bonds 21/07/2025 €500M Senior preferred bonds 22/07/2025 (call) €980M Tier 21 13/08/2025 (call) €500M Senior non-preferred bonds 08/09/2025 (call) €500M Total €3,986M Main debt maturities or calls in next 12 months Instrument Date Nominal amount Tier 22 15/01/2026 (call) €500M Senior preferred bonds 11/03/2026 (call) €500M AT12 15/03/2026 (call) €500M Covered bonds 28/08/2026 €1,000M Total €2,500M 1 A tender offer was conducted on July 3, 2025, followed by a regulatory call. 2 For AT1 and Tier2 instruments the Bank may redeem the notes at any time in the period commencing on that date and ending on the first reset date.
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23.6 27.4 28.0 6.4 6.3 6.430.0 33.7 34.4 Sep-24 Jun-25 Sep-25 Appendix 3 ALCO portfolio 37 Note: Fixed income portfolio excludes trading portfolio. 1 Duration includes the impact of hedges. Evolution of fixed income portfolio Sabadell Group. €bn Composition of fixed income portfolio Sabadell Group. €bn. Sep-25. Sep-25 Yield Total duration1 Avg. Maturity FV OCI 3.6% 1.7 years 4.6 years Total 3.0% 2.7 years 6.3 years Fair Value OCI Held to collect As % of total assets Spain Italy UK Other EU Government Other non-EU Government & agencies Corporates & Financials • As of Sep-25, TSB’s ALCO portfolio size was €2.8bn • The sensitivity of our capital position to bond spread volatility remains low as Fair Value OCI composition accounts for only a small proportion and is short duration • Option to further reinvest during 2025 • Unrealised capital gains/losses (after tax): - Fair value OCI: -0.1pp of CET1 (already deducted) - Held to collect: -0.3pp of CET1 14.1% 12.2% 13.3% 18.8 4.4 1.8 2.0 5.3 2.0
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38 Appendix 4 Main milestones in Sustainability Women in management team 34.7% 33% 2025 target 11 23 39 58 65 2021 2022 2023 2024 3Q25 2021-2025 target 2021-25 Sustainable finance solutions €bn in cumulative terms since 2021 Target achieved ahead of plan 1 Excluding guaranteed funds. Corporate Sustainability Assessment by 86 /100 Score as of Sep-25 ESG Training 97.9% Employees People’s recognitions: AuM invested in sustainable funds1 84% >71.5
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84%5% 9% 2% 39 Asset quality Sep-24 Jun-25 Sep-25 NPL ratio 1.5% 1.4% 1.5% Coverage ratio 37% 33% 32% Cost of risk1 (YTD) 0.13% 0.10% 0.12% Note: NPL coverage ratio calculated as (total provisions for credit) / (stage 3). 1 Calculated as P&L impairment charge divided by period-end gross spot balances. 2 Calculated using EBA standards and on a transitional basis. Solvency Sep-24 Jun-25 Sep-25 CET1 ratio 16.6% 16.3% 16.3% Leverage ratio2 4.1% 4.7% 4.7% Liquidity Sep-24 Jun-25 Sep-25 LCR 201% 181% 190% Appendix 5 TSB asset quality, solvency and liquidity position TSB core mortgage portfolio overview % • Average loan balance: £142k • Average LTV: 57%1 • 79% of mortgages have LTV <75% • 32% fixed rate for another 2 years or more • Average seasoning: >4 years Mortgages >90 % Total loan book Residential repayment Buy to let interest only Residential interest only Buy to let repayment 9% £33.4bn
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Appendix 6 RWAs breakdown 40 By type: By geography:Sep-25 RWAs €79,989M Credit risk €67.6bn Market risk €0.5bn Operational risk €11.8bn Others €0.1bn Spain €62.8bn UK €13.0bn Mexico €4.2bn
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41 Group capital requirements Group capital position (phase-in) Pillar 1 CET1 4.50% Pillar 2 CET1 Requirement (P2R) 1.27%1 Capital Conservation Buffer 2.50% Countercyclical Buffer 0.42% Other Systemically Important Institutions 0.25% CET1 8.94% 13.80% AT1 1.92%1 3.45% Tier 2 2.56%1 2.26% Total Capital 13.42% 19.51% MDA buffer 486bps 1 Applying Article 104a CRD which assumes the bank can use excess Tier 2 and AT1 to meet P2R (in total 98bps of excess hybrid capital, of which 42bps would be AT1 and 56bps Tier 2). 2 New SREP pro forma includes the impact of the sale of TSB in the countercyclical buffer and the increase of countercyclical buffer in Spain to 0.5% from October 2025, as well as the reduction of 15bps in the P2R SREP. Leverage ratio phase-in 5.6% • MDA stands at 486bps, above 8.94% requirement • 0.5% countercyclical buffer in Spain will represent c.30bps for Sabadell Group from October 2025 • Leverage ratio phase-in increased +33bps YoY Appendix 7 MDA buffer Note: September 2025 capital ratios include 80bps CET1 surplus above 13% (fully-loaded, applying the regulatory output floor calendar), the level at which a commitment to distribute excess capital is triggered. New SREP pro forma2 8.91 %
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42 Appendix 8 Group’s accounting income statement €M 9M24 9M25 9M25/9M24 Net interest income 2,813 2,656 -5.6% Fees & commissions 928 962 3.7% Core banking revenue 3,741 3,619 -3.3% Trading income & forex 31 -3 n.m. Other income & expenses -75 82 n.m. Gross operating income 3,697 3,698 0.0% Total costs -1,353 -1,381 2.1% Depreciation & amortisation -314 -294 -6.4% Pre-provisions income 2,030 2,023 -0.4% Total provisions & impairments -519 -367 -29.3% Gains on sale of assets and other results -5 -17 n.m. Profit before taxes 1,506 1,639 8.8% Taxes -457 -534 16.8% Net profit from ordinary activities 1,049 1,105 5.4% Net profit from discontinued operations 247 286 15.8% Consolidated net profit 1,295 1,391 7.4% Minority interest 1 1 46.2% Attributable net profit 1,295 1,390 7.3%
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43 Glossary AuM Asset under Management CET1 FL Common Equity Tier 1 Fully Loaded CoR Cost of Risk CRR2 Capital Requirements Regulation 2 FV OCI Fair Value through Other Comprehensive Income HQLA High Quality Liquid Asset LCR Liquidity Coverage Ratio: short-term liquidity ratio LRE Leverage Ratio Exposure denominator is equivalent to total assets and a variety of off-balance sheet items including derivatives and repurchase agreements, among others LTV Loan to Value MDA Maximum Distributable Amount MREL Minimum Requirement of Eligible Liabilities NII Net Interest Income NIM Net Interest Margin NPA Non-Performing Asset NPL Non-Performing Loan NSFR Net Stable Funding Ratio: medium-term liquidity ratio P2R Pillar 2 Requirement RoTE Return on Tangible Equity RWA Risk Weighted Assets SREP Supervisory Review and Evaluation Process TNAV Tangible net asset value Ytd Year-to-date
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44 This presentation (the "Presentation") has been prepared and is issued by, and is the sole responsibility of, Banco de Sabadell, S.A. ("Banco Sabadell" or "the Company"). For the purposes hereof, the Presentation shall mean and include the slides comprised in this document, any prospective oral presentations of such slides by the Company or its Representatives (as defined below), as well as any question-and-answer session that may follow such oral presentation and any document or informative materials distributed at, or in connection with, any of the above. The information contained in the Presentation does not purport to be comprehensive and has not been independently verified and some of the information is in summary form. No representation or warranty, express or implied, is made by Banco Sabadell or any of its affiliates (Banco Sabadell Group), nor by their directors, officers, employees, representatives or agents (the “Representatives”) as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions expressed herein. None of Banco Sabadell nor any of its affiliates, nor their respective Representatives shall have any liability whatsoever (in negligence or otherwise) for any direct or indirect loss, damages, costs or prejudices whatsoever (including, but not limited to, consequential, reputational, loss of profits, punitive or moral) arising from the use of the Presentation or its contents or otherwise arising in connection with the Presentation, save with respect to any liability for fraud, and expressly disclaim any and all liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in connection with the accuracy or completeness of the information or for any of the opinions contained herein or for any errors, omissions or inaccuracies that may be contained in the Presentation. Banco Sabadell cautions that this Presentation may contain forward-looking statements and estimates, forecasts, targets or projections with respect to the business, financial condition, results of operations, strategy, plans and objectives of the Banco Sabadell Group. While these forward-looking statements and estimates, forecasts, targets or projections represent Banco Sabadell Group’s current judgment on future expectations concerning the development of its business, a certain number of risks, uncertainties and other important factors could cause actual results to differ materially from Banco Sabadell Group expectations. These factors include, but are not limited to, (1) market situation, macroeconomic factors, governmental, political and regulatory trends; (2) movements in local and international securities markets, currency exchange rates and interest rates; (3) competitive pressures; (4) technical developments; (5) changes in the financial position or credit worthiness of Banco Sabadell Group’s customers, obligors and counterparts; (6) the potential economic impact from the crisis related to Covid-19 and (7) developments related to the military conflict between Russia and Ukraine. These and other risk factors published in Banco Sabadell Group past and future reports and documents, including those filed with the Spanish Securities and Exchange Commission (“CNMV”) and available to the public both in Banco Sabadell´s website (www.grupbancsabadell.com) and in the CNMV’s website (www.cnmv.es), as well as other risk factors currently unknown or not foreseeable, which may be beyond Banco Sabadell's control, could adversely affect our business and financial performance and cause actual results to differ materially from those underlying the forward-looking statements and estimates, forecasts, targets or projections. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this Presentation. The information contained in the Presentation, including but not limited to forward-looking statements and estimates or projections, is provided as of the date hereof (unless they are referred to a specific date) and does not claim to give any assurance as to future results. No person is under any obligation to update, complete, revise or keep current the information contained in the Presentation, whether as a result of new information, future events or results or otherwise. The information contained in the Presentation may be subject to change without notice and must not be relied upon for any purpose. This Presentation contains financial information derived from Banco Sabadell Group’s unaudited financial statements for the third quarter of 2025. Financial information by business areas is presented according to International Financial Reporting Standards (IFRS) as well as internal Banco Sabadell Group´s criteria as a result of which each division reflects the true nature of its business. These criteria do not follow any particular regulation and could include estimates and subjective valuations which could represent substantial differences in the information presented, should a different methodology be applied. In addition to the financial information prepared in accordance with the IFRS, this Presentation includes certain Alternative Performance Measures (“APMs”) as defined in the Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es). The APMs are performance measures that have been calculated using the financial information from Banco Sabadell Group but that are not defined or detailed in the applicable financial information framework and therefore have neither been audited nor are capable of being completely audited. These APMs are been used to allow for a better understanding of the financial performance of the Banco Sabadell Group but should be considered only as additional information and in no case as a replacement of the financial information prepared under IFRS. Moreover, the way the Banco Sabadell Group defines and calculates these APMs may differ to the way these are calculated by other companies that use similar measures, and therefore they may not be comparable. Please refer to the quarterly financial Report (https://www.grupbancsabadell.com/corp/en/shareholders-and- investors/economic-and-financial-information.html) for further details of the APMs used, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS. Market and competitive position data in the Presentation have generally been obtained from industry publications and surveys or studies conducted by third-party sources. Peer firm information presented herein has been taken from peer firm public reports. There are limitations with respect to the availability, accuracy, completeness and comparability of such data. Banco Sabadell has not independently verified such data and can provide no assurance of its accuracy or completeness. Certain statements in the Presentation regarding the market and competitive position data of Banco Sabadell are based on the internal analyses of Banco Sabadell, which involve certain assumptions and estimates. These internal analyses have not been verified by any independent source and there can be no assurance that the assumptions or estimates are accurate. Accordingly, undue reliance should not be placed on any of the industry, market or Banco Sabadell’s competitive position data contained in the Presentation. The distribution of this Presentation in certain jurisdictions may be restricted by law. Recipients of this Presentation should inform themselves about and observe such restrictions. Banco Sabadell Group and their Representatives disclaim any liability for the distribution of this Presentation by any of its recipients. Banco Sabadell Group and their Representatives are not nor can they be held responsible for the use, valuations, opinions, expectations or decisions which might be adopted by third parties pursuant to the publication of this Presentation. No one should acquire or subscribe for any securities or financial instruments in the Company on the basis of this Presentation. This Presentation does not constitute or form part of, and should not be construed as, (i) an offer, solicitation or invitation to subscribe for, acquire, sell, issue, underwrite or otherwise acquire any securities or financial instruments, nor shall it, or the fact of its communication, form the basis of, or be relied upon in connection with, or act as any inducement to enter into any contract or commitment whatsoever with respect to any securities; or financial instruments or (ii) any form of financial opinion, recommendation or investment or financial advice with respect to any securities or financial instruments. 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