Slides
Page 1
FY2025 Results February 6, 2026 B6F0FD 00D7FF 00B9FF 006FFF 2928CC 000000 424242 5E5E5E 797979 929292 C0C0C0 D6D6D6 En series con valores TSB el color TSB (001887) sustituye al color 04 (2928CB) como en el siguiente ejemplo: Gráficos de más de 2 series 001887 Color TSB B6F0FD 00B9FF 000000 001887 B6F0FD 000000 Gráficos de 2 series B6F0FD 00B9FF 000000 2323C3 00D7FF B6F0FD 424242 5E5E5E 797979 929292 C0C0C0 D6D6D6
Page 2
Index 1 2025 highlights 2 Financial results 3 Balance sheet 4 Closing remarks
Page 3
1 2025 Highlights
Page 4
2025 key messages 4 Volumes grew at mid-single digit Performing loans: +5.4% YoY Customer funds: +6.4% YoY 14.3% RoTE 13.1% CET1 FL B6F0FD 00D7FF 00B9FF 006FFF 2928CC 000000 424242 5E5E5E 797979 929292 C0C0C0 D6D6D6 196bps Capital generation in 20251 Note: Volumes, core revenues and asset quality data relate to the ex-TSB perimeter. 1 Capital generation pre dividend accrual. Asset quality continues its positive trend Total cost of risk: 37bps (-16bps YoY) Total NPAs -17% YoY NPA coverage ratio at 64% (+2pp YoY) Core revenues performed in line with expectations NII at €3.6bn in 2025 Fees: +3.6% YoY and +5.9% QoQ €1,500M of total shareholder remuneration €700M cash dividend already paid €800M in a new share buyback program (Already authorised by ECB and to start on February 9th) Net profit of €1.78bn at Group level and €1.46bn excluding TSB
Page 5
Sabadell is well positioned to keep improving its profitability Results are aligned with our strategy: profitable growth and capital generation Structural shift: The ongoing transformation focuses on growth with improved asset quality Lending spreads Cost of Risk Growth focused on better credit ratings with marginally lower yield Transformation of risk models and processes across all credit portfolios reducing CoR December shows an improved performance after temporary and limited impacts following the tender offer period Our strategy supports profitable growth: marginally lower loan yields are more than offset by lower Cost of Risk We have already regained positive commercial momentum after the tender offer 5 On-balance sheet customer funds - exTSB New lending in SMEs & Corporates - Spain Customer acquisition has reached double digit growth in Dec25 vs Dec24 Dec24 MoM Dec25 MoM €2.5bn €4.7bn Dec24 Dec25 €5.7bn €5.9bn ~50% 2025 vs 2023 new lending Probability of Default Reduction
Page 6
Temporary impacts from the takeover bid moderated YoY growth Performing loans across geographies €M Total customer funds €M Dec-25 QoQ YoY Spain 103,323 -0.9% +5.2% Other international Constant FX 16,292 +2.9% +2.6% +6.2% +14.7% Total ex-TSB Constant FX 119,615 -0.4% -0.4% +5.4% +6.4% TSB Constant FX 41,093 +0.3% +0.2% -5.3% -0.3% Total Constant FX 160,708 -0.2% -0.3% +2.4% +4.6% Dec-25 QoQ YoY On-balance sheet ex-TSB 132,037 +3.4% +3.6% Off-balance sheet 52,656 +1.9% +14.0% Total ex-TSB Constant FX 184,692 +3.0% +3.0% +6.4% +6.6% TSB Constant FX 40,229 +0.3% +0.2% -4.5% +0.5% Total Constant FX 224,921 +2.5% +2.5% +4.3% +5.5% 6
Page 7
5,148 3,508 4,353 4Q24 3Q25 4Q25 9,231 8,828 8,948 4Q24 3Q25 4Q25 692 768 745 4Q24 3Q25 4Q25 1,728 1,600 1,670 4Q24 3Q25 4Q25 7 Mid-teens growth in household lending with corporates poised for an acceleration Mortgages €M. Quarterly new lending in Spain Consumer loans €M. Quarterly new lending in Spain -3% Var. YoY +4 % 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. -15 % Var. YoY +24 % Var. QoQ +8 % Var. YoY -3% Var. QoQ -3% Var. YoY +1 % Var. QoQ +17% 2025/2024 +16% 2025/2024 -5% 2025/2024 -1% 2025/2024
Page 8
-€2.3bn +€6.5bn 66.4 68.1 70.6 Dec24 Sep25 Dec25Dec25 14,259 15,664 14,264 4Q24 3Q25 4Q25 6,623 6,853 7,036 4Q24 3Q25 4Q25 Customer funds growth driven by off-balance sheet products Cards €M. Quarterly turnover in Spain Retailer payment services (PoS) €M. Quarterly turnover in Spain 8 Savings & investment products €bn. Customer funds in Spain Off-balance sheet On-balance sheet savings On-balance sheet (term deposits, structured deposits and commercial paper) Off-balance sheet (mutual funds, pension funds, savings insurance and managed accounts) +0 % Var. YoY -9% Var. QoQ +6 % Var. YoY +3 % Var. QoQ +€4.2bn Var. YoY +6% 2025/2024 +2% 2025/2024 Of which: Net inflows: +€4.6bn Mark-to-Market: +€1.9bn Merchant acquiring business to remain within Sabadell’s perimeter
Page 9
Positive loan growth across segments and geographies in the year 9 Performing loans by segment, ex-TSB €bn Dec-25 QoQ YoY Mortgages 39.8 +1.0% +5.2% Consumer loans 5.4 +3.4% +17.8% SMEs & Corporates 44.8 -3.6% +2.4% Public sector 10.9 -1.4% +10.4% Other lending 2.5 +12.4% +11.2% Total Spain 103.3 -0.9% +5.2% Dec-25 QoQ YoY Mexico Constant FX 4.9 +7.5% +6.3% +16.6% +23.5% Miami Constant FX 6.9 +2.3% +2.4% -2.4% +10.4% Foreign branches Constant FX 4.5 -1.0% -1.0% +10.3% +12.6% Total international Constant FX 16.3 +2.9% +2.6% +6.2% +14.7% Total ex-TSB Constant FX 119.6 -0.4% -0.4% +5.4% +6.4%
Page 10
TSB continues to improve its profitability and contribution to Sabadell 10 TSB standalone P&L and its contribution to Sabadell £M Solvency 16.7% CET1 FL Fully-loaded Profitability 13.5% RoTE Stand-alone £154M TNAV accretion Apr 1st – Dec 31st The increase in TNAV since April-25 until closing date will be added to the £2.65bn sale price TSB performing loans and customer deposits £bn Dec-25 QoQ YoY Performing loans 35.9 +0.2% -0.3% Customer deposits 35.2 +0.1% +0.5% TSB performing loans and customer deposits remained broadly stable 4Q25 4Q25/3Q25 2025 2025/2024 NII 275 +4.6% 1,056 +7.2% Fees & commissions 18 -12.7% 77 -15.5% Total costs -194 +4.6% -744 -2.6% Total provisions -16 +8.4% -47 +49.5% Net profit 61 +3.0% 259 +24.7% Contribution to Sabadell (€M) 76 +8.1% 318 +25.6%
Page 11
14.3% profitability with c.200bps of capital generation in the year 11 1 Capital generation pre dividend accrual. 2 2024 included the recognition of €109 million of extraordinary items. P&L ex-TSB 4Q25 (€M) 4Q25/3Q25 2025 (€M) 2025/2024 NII 895 -0.5% 3,604 -6.6% Fees 332 +5.9% 1,295 +3.6% Total costs -605 +7.9% -2,251 +2.5% Provisions -124 -1.4% -491 -27.4% Net profit (ex-TSB) 310 -10.0% 1,458 -7.4% Net profit (Group) 386 -6.9% 1,775 -2.8% 14.3% RoTE 196bps Capital generation in 20251 Group net profit grows by +3.4% YoYwhen adjusting for 2024 one-off items2
Page 12
350 700 350 365 435 800 2,500 1st Interim dividend (Aug-25) 2nd Interim dividend (Dec-25) Final dividend Excess capital Total Remuneration 2025 Extraordinary dividend due to TSB sale (2026) Total Remuneration 2026-27 Total Remuneration 2025-27 Total 2025 remuneration improved to €1,500M (9% market cap) 12 From 2026, annual cash dividend per share will exceed the 2024 level (€20.44 cents) €1,500 Cash Share Buyback €6,450 To start on February 9thAlready paid Per share €50cts Total shareholder remuneration 2025-27 €M Total remuneration 2026-27 +€50M improved
Page 13
2 Financial results
Page 14
Performance aligned with YE targets 14 1 Includes -€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 €M 4Q25 2025 4Q25/3Q25 2025/2024 4Q25 2025 4Q25/3Q25 2025/2024 Net interest income 895 3,604 -0.5% -6.6% 1,209 4,837 0.5% -3.7% Fees & commissions 332 1,295 5.9% 3.6% 352 1,384 4.5% 2.0% Core banking revenue 1,227 4,899 1.2% -4.1% 1,561 6,221 1.4% -2.5% Trading income & forex -4 -20 -86.3% n.m. 2 4 n.m. -95.0% Other income & expenses -10 71 n.m. n.m. -20 59 n.m. n.m. Gross operating income 1,212 4,951 0.7% -2.0% 1,544 6,284 1.1% -0.8% Total costs -605 -2,251 7.9% 2.5% -818 -3,100 5.9% 0.5% Pre-provisions income 608 2,699 -5.5% -5.4% 726 3,184 -3.7% -2.1% Total provisions & impairments -124 -491 -1.4% -27.4% -142 -546 -0.4% -23.5% Gains on sale of assets and other results -20 -37 n.m. n.m. -20 -37 n.m. 40.7% Profit before taxes 463 2,171 -9.7% 0.5% 563 2,601 -7.2% 3.5% Taxes -153 -712 -9.6% 21.7% -177 -824 -8.3% 20.2% Minority interest -1 -2 n.m. -0.9% -1 -2 n.m. -0.9% Attributable net profit 310 1,458 -10.0% -7.4% 386 1,775 -6.9% -2.8% Sabadell ex-TSB Sabadell Group 2 2 Includes the reclassification of -€23M from other provisions to depreciation & amortisation, related to the end of the agreement to sell the merchant acquiring business (-€6M as quarterly run rate going forward), with neutral impact at bottom line. 2 3 Includes -€20M related to asset write offs.3
Page 15
899 895 1,209 +2 +3 -9 314 3Q25 ex-TSB Customer NII ALCO, liquidity and Wholesale funding cost Others 4Q25 ex-TSB TSB 4Q25 969 899 895 306 303 314 1,275 1,203 1,209 4Q24 3Q25 4Q25 4Q25 ex-TSB 15 Group NII €M 4Q25/3Q25 +0.5 % 2025/20241 -3.0 % -3bps Var. QoQ +4bps Var. QoQ €3.6bn of NII ex-TSB in 2025 as expected ex-TSB TSB Higher volumes more than offset customer margin compression Better wholesale funding costs partially offset interest rate hedges and others TSB improvement driven by higher structural hedge contribution Customer margin -7 Loan volumes +5 Deposit volumes +3 FX impact +1 ALCO -1 Liquidity -2 Wholesale funding cost +6 3Q25 ex-TSB Customer NII ALCO, liquidity and wholesale funding Group NII QoQ evolution €M Others 4Q25/3Q25 -0.5 % 2025/20241 -5.7 % Group ex-TSB 4Q25 TSB 4Q25 Group Customer margin, ex-TSB Net interest margin, ex-TSB 3.18% 2.91% 2.88% 1.91% 1.79% 1.83% 4Q24 3Q25 4Q25 1 Excludes c.€36M of extraordinary interests on arrears related to a debt recovery following a favourable court ruling after a legal dispute in 4Q24. If included, customer margin ex-TSB would stand at 3.31% and net interest margin at 1.98%. 1 1 +€11M QoQInterest rate hedges -6 Rest -3
Page 16
4Q25 1Q26e 2Q26e 3Q26e 4Q26e NII to increase >1% in 2026 … … with an accelerating trend that will reach mid-single digit growth from 2H26 NII ex-TSB in 1Q26 will be the trough due to seasonality and headwind from repricing of variable rate loans 4Q26 NII ex-TSB is expected to grow mid-single digits versus 4Q25 assuming: • Euribor 12 months and ECB base rate the same as Dec’25 • Loan volumes growing at c.6% • On-balance sheet customer funds growing 3-4% • Loan yield at similar levels • Marginal improvement of cost of customer funds • Sale of TSB bonds offset by savings in wholesale funding and the excess liquidity from the transaction. 4Q26 vs 4Q25 Mid-single digit growth NII ex-TSB expected quarterly evolution 16
Page 17
Fees grew in the year by c.4%, excluding TSB 17 Group fees & commissions €M 4Q25/3Q25 +4.5 % 2025/2024 +2.0 % Asset Management and insurance1 Services Credit and contingent risk TSB 1 Includes mutual funds, pension funds, insurance brokerage and managed account fees. Commissions increased QoQ driven by higher asset management fees stemming from success fees Ex-TSB commissions rose by c.4% over the year, driven by asset management and insurance fees, as well as cards fees Asset management and insurance fees grew by 15% YoY, driven by strong growth in off-balance sheet products, aligned with our Strategic Plan 4Q25/3Q25 +5.9 % 2025/2024 +3.6 % Group Ex-TSB 88 82 101 165 166 159 68 65 72 25 24 20 347 337 352 4Q24 3Q25 4Q25 Fees to grow by mid-single digit in 2026
Page 18
Costs met our low-single digit growth guidance 18 Group costs €M 2025/2024 +0.5 % ex-TSB expenses TSB expenses Amortisation & depreciation In the quarter, total costs ex-TSB increased by €44M, mainly driven by: • €23M of a reclassification (in amortisation & depreciation) related to the end of the agreement to sell the merchant acquiring business • €16M of higher personnel expenses driven by the extraordinary remuneration related to the end of the tender offer In the year, costs met our guidance of low single-digit growth, despite these unforeseen costs and reclassification 4Q25/3Q25 +7.9 % 2025/2024 +2.5 % Group ex-TSB 4Q25/3Q25 +5.9 % 465 470 486 185 182 184 126 121 148 776 772 818 4Q24 3Q25 4Q25 Total costs to grow at c.3% in 2026
Page 19
57 88 107-5 16 17 52 104 124 4Q24 3Q25 4Q25 107 142 -8 29 -4 18 Credit provisions for NPLs ex -TSB Foreclosed asset provisions NPA management costs Other provisions TSB provisions Total provisions Total CoR ex-TSB better than guidance of ~40bps 19 Group total provisions 4Q25 breakdown €M Group credit provisions €M ex-TSB TSB Credit cost of risk ex-TSB remained contained Foreclosed asset provision supported by the sale of real estate assets at double-digit premiums on average NPA management costs in line with the run rate Other provisions positively impacted in the quarter by a reclassification of €23M related to the end of the agreement to sell the merchant acquiring business ex-TSB credit CoR ex-TSB total CoR 24bps 37bps 4Q25/3Q25 +19.1 % 2025/2024 -17.2 % 4Q25/3Q25 +22.3 % 2025/2024 -23.4 % Group ex-TSB cc Total CoR to remain at c.40bps in 2026
Page 20
3 Balance sheet
Page 21
4,180 3,634 3,491 664 633 628 4,844 4,267 4,119 Dec-24 Sep-25 Dec-25 3.31% TSBex-TSB Asset quality kept improving during the year 21 NPLs and coverage ratios €M, % Exposure by stage and coverage ratio €M Stage 2 Stage 3 Dec-25 YoY Dec-25 YoY Exposure (€M) 9,222 -1,432 4,119 -725 % of total loan book 5.3% -94bps 2.4% -47bps Coverage, Group 3.9% +18bps 47.0% +66bps Exposure ex-TSB (€M) 6,020 -1,302 3,491 -689 % of total loan book, ex-TSB 4.6% -122bps 2.7% -66bps Coverage, ex-TSB 5.0% +52bps 52.5% +116bps Group Total provisions / stage 3 Group NPL ratio 62% 64% 64% 2.84% 2.45% 2.37% Stage 2 loans ex-TSB declined by c.€1.3bn in the year NPL ratio ex-TSB fell by -10bps in the quarter and by -66bps in the year Coverage ratio ex-TSB increased by more than +3pp in the year to 69% 66% 69% 69% ex-TSB Total provisions / stage 3 ex-TSB NPL ratio 2.75% 2.65%
Page 22
836 729 684 Dec-24 Sep-25 Dec-25 5,016 4,363 4,176 664 633 628 Dec-24 Sep-25 Dec-25 Group Coverage ratio ex-TSB Coverage ratio 62% 64% 64% Net NPAs to total asset ratio well below 1% 22 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% 37% 37% -18% YoY 59% 60% 60% -15% YoY Group key ratios Dec-24 Sep-25 Dec-25 Gross NPA ratio1 3.3% 2.9% 2.8% Net NPA ratio 1.4% 1.1% 1.1% Net NPAs / total assets 1.0% 0.8% 0.8% 23% Stock sold L12M +10% Average premium 93% Finished properties (stock) ex-TSB key ratios Dec-24 Sep-25 Dec-25 Gross NPA ratio1 3.9% 3.3% 3.2% Net NPA ratio 1.5% 1.2% 1.1% Net NPAs / total assets 1.0% 0.8% 0.8% TSBex-TSB 5,680 4,996 4,803
Page 23
-31bps -157bps +9.2pp Asset quality will continue to benefit in 2026 from our ongoing risk-management initiatives and a benign macro environment 4.22% 2.65% Total provisions over stage 3, ex-TSB NPL ratio, ex-TSB Total Cost of Risk, ex-TSB (in bps) Dec-25 vs Dec-23 60% 69% 68 61 57 55 53 40 37 37 37 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Consistent de-risking with declining NPL ratio and total CoR along with coverage ratio improvement 23
Page 24
Solid liquidity buffers with upgraded credit ratings 24 Liquidity metrics Group Long-term ratings Yearly changes highlighted in blue Total liquid assets €bn 93% Loan-to-deposit 139% NSFR 186% LCR HQLAs ex-TSB HQLAs TSB Other liquid assets €45bn HQLA 91% Loan-to-deposit 134% NSFR 203% LCR ex-TSB A (low) Stable BBB+ Stable A- Positive Baa1 StableMoody’s DBRS Fitch Ratings Standard & Poor’s ▪ One notch up and outlook remains positive ▪ Unchanged ▪ One notch up and stable outlook Dec-24 Dec-25 A (low) Stable BBB Stable BBB+ Positive Baa2 Positive Annual changes ▪ One notch up and stable outlook 40 32 37 8 8 7 17 19 18 65 59 63 Dec-24 Sep-25 Dec-25
Page 25
13.16% 3.43% 1.64% 5.26% 4.13% Dec-25 % RWA Reported 4.28% 1.12% 0.53% 1.71% 1.35% Dec-25 % LRE Reported Strong MREL management buffers 25 MREL position, Sabadell Group % Risk Weighted Assets (RWAs phase-in), % Leverage Ratio Exposure (LRE) CET1 AT1 Tier 2 Senior non-preferred Senior preferred Note 1: December 2025 capital ratios include 16bps CET1 surplus above 13%, the level at which a commitment to distribute excess capital is triggered. Note 2: Ratios include the Combined Buffer Requirement (at 3.50% in Dec-25). 25.64% 2025 Requirement 19.34% 2025 Subordinated requirement 27.62% Subordinated 6.39% 2025 Requirement 6.39% 2025 Subordinated requirement Subordinated 8.99% 2025 public issuances by instrument 2026 funding plan • AT1/Tier 2: buckets completed • Senior preferred/non-preferred: one issuance expected in 2H26 • Covered bonds: opportunistic issuer in EUR • Significant Risk Transfer (SRT) transactions to optimise capital management 23.49% 7.65% + 3 securitisations (SRTs) Instrument Size (€Bn) AT1 1.0 Senior non preferred 1.0 Covered bonds 0.5 Covered bonds (TSB) 0.6 Bond issuances 3.1 Lower MREL funding needs after the sale of TSB
Page 26
13.02% 13.74% 13.65% 13.11% Dec-24 CET1 FL Sep-25 CET1 FL Organic CET1 generation post AT1 coupons Fair value reserve adjustment RWAs growth Dividend accrual Dec-25 CET1 Pre- excess capital distribution Excess capital distribution (SBB) Dec-25 reported Generating capital while growing loan book at mid-single digits Evolution of capital ratios CET1 FL Total Capital Note: December 2025 capital ratios include 11bps CET1 surplus above 13% (fully-loaded, applying the regulatory output floor calendar), the level at which a commitment to distribute excess capital is triggered. 1 Shareholder value creation includes variation of TBV per share + distributed dividends in Mar’25, Aug’25 and Dec’25 (12.44, 7 and 7 euro cents cash per share respectively). 2 Capital generation pre dividend accrual. 18.70% 391bps MDA buffer -54bps60% pay-out -9bps Shareholder value creation1 TBV per share Dividend per share +11% 2.39 2.40 0.26 Dec-24 Dec-25 196bps Capital generation 20252 17.60% 19.42% +25bps +1bps 20bps of capital generation pre dividend accrual -6bps -29bps 18.16% 26
Page 27
4 Closing remarks
Page 28
P&L targets ex-TSB FY2025 Net Interest Income €3.6bn €3.6bn >1% ~€3.9bn Fees & Commissions (YoY) +3.6% MSD MSD MSD 2024-27e CAGR Total costs (YoY) +2.5% LSD ~3% ~3% 2024-27e CAGR Total Cost of Risk 37bps ~40bps ~40bps ~40bps ROTE 14.3% 14.5% 14.5%(1) 16% Total shareholder remuneration €1.45bn Achievement of 2025 guidance, new 2026 guidance and confirmation of CMD 2027 targets 28 ̴ ̴ €1.50bn 2027e2025 guidance 2026 guidance Note: LSD = Low-Single Digit; MSD = Mid-Single Digit. 1 Recurrent RoTE €2.50bn (2026-27e) On track New
Page 29
Sabadell’s investment case has become even more attractive High capital generation Execution Growth while improving asset quality • A model with strong capacity to generate capital (196bps in 2025) while growing, enabling attractive shareholder remuneration • Regaining commercial momentum after the tender offer • Headroom for prudent market-share gains in a growing market • Solid track record of delivery of guidance since 2021 • 2027 ROTE guidance of 16% >9% 2025-27 distribution yield1 5.5% Share buyback over market cap 5 <9x Sabadell’s 2027e P/E3 Trading at a discount vs Spanish peers: 29 >10 x Spanish peers4 <6% 2025 Spanish peers2 Sabadell believes in the upside potential of the stock All 2025 remaining distribution in share buyback 1 2025 distribution calculated versus market cap as of 5th February 2026. 2026 and 2027 distributions calculated versus market cap as of 5th February 2026, adjusted for the extraordinary dividend from the sale of TSB. 2 Spanish peers: CaixaBank, Bankinter and Unicaja. 2025 distributions calculated versus market cap as of 5th February 2026. 3 Market cap as of 5th February 2026, adjusted for the extraordinary dividend from the sale of TSB (€13.9bn) divided by 2027e Consensus Net Profit (€1.640M). 4 Spanish peers: CaixaBank, Bankinter and Unicaja. Market cap as of 5th February 2026 divided by the estimated 2027e net profit, Bloomberg. 5 Calculated versus market cap as of 5th February 2026.
Page 30
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 accounting income statement Appendix
Page 31
Appendix 1 NIM and customer margin 31 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 3.16% 3.05% 2.98% 2.92% 2.93% 2.06% 2.02% 1.97% 1.93% 1.98% 3.07% 2.00% 4Q24 1Q25 2Q25 3Q25 4Q25 3.31% 3.10% 3.00% 2.91% 2.88% 1.98% 1.89% 1.85% 1.79% 1.83% 1.91% 3.18% 4Q24 1Q25 2Q25 3Q25 4Q25 2.71% 2.86% 2.86% 2.91% 2.98% 2.18% 2.29% 2.26% 2.28% 2.38% 4Q24 1Q25 2Q25 3Q25 4Q25
Page 32
2,457 2,264 3,668 4,789 3,100 700 3,710 2026 2027 2028 2029 2030 2031 >2031 Appendix 2 Debt maturities 32Note: Debt maturities in euros and exclude AT1 issuances. 1 Considers the full early redemptions on their optional redemption date when these have already been announced. Covered bonds 1,390 2,246 2,418 2,023 1,850 200 1,500 Senior Preferred Debt 500 0 750 1,266 750 0 0 Senior Non-Preferred Debt 67 18 500 1,500 500 500 1,195 Subordinated debt 500 0 0 0 0 0 1,015 Total 2,457 2,264 3,668 4,789 3,100 700 3,710 1 1
Page 33
Appendix 2 Debt maturities 33 Main debt maturities and redemptions in last 6 months Instrument Date Nominal amount Covered bonds 21/07/2025 €500M Senior preferred bonds 22/07/2025 €1,000M Tier 21 13/08/2025 (call) €500M Senior non-preferred bonds 08/09/2025 (call) €500M Total €2,500M Main debt maturities or calls in next 12 months Instrument Date Nominal amount Tier 22 15/01/2026 (call) €500M Senior preferred bonds2 11/03/2026 (call) €500M AT12 15/03/2026 (call) €500M Covered bonds 28/08/2026 €1,000M Covered bonds 21/12/2026 €390M Total €2,890M 1 A tender offer was conducted on July 3, 2025, followed by a regulatory call. 2 Redemptions have already been announced for the following dates: for Tier2 instrument on 18th December 2025, for the Senior preferred bonds on 27th January 2026 and for AT1 instrument on 3rd February 2026.
Page 34
24.9 28.0 29.3 6.1 6.4 6.131.0 34.4 35.4 Dec-24 Sep-25 Dec-25 Appendix 3 ALCO portfolio 34 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. Dec-25. Dec-25 Yield Total duration1 Avg. Maturity FV OCI 3.5% 1.6 years 4.4 years Total 3.0% 3.0 years 6.2 years Fair Value OCI Held to collect As % of total assets B6F0FD 00B9FF 000000 2323C3 00D7FF B6F0FD 424242 5E5E5E 797979 929292 C0C0C0 D6D6D6 Spain Italy UK Other EU Government Other non-EU Government & agencies Corporates & Financials • As of Dec-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 2026 • Unrealised capital gains/losses (after tax): - Fair value OCI: -0.1pp of CET1 (already deducted) - Held to collect: -0.3pp of CET1 14.4% 12.6% 14.1% 18.6 4.8 1.9 2.7 6.0 1.4
Page 35
Women in management team 35.1% 33% 2025 target Reduction of carbon footprint140% 36% 2025 target AuM invested in sustainable funds2 83.2% 80% 2025 target Annual beneficiaries of financial education programmes 9,581 10,000 2025 target Sustainable finance solutions mobilised >76bn 65bn 2025 target Capital invested in renewable energy project €287M €200M 2025 target People in talent programmes 72,600 57,000 2025 target ESG training 98% 95% 2025 target Participants in corporate volunteering & charitable actions 3,137 2,000 2025 target Regular issues of sustainability bonds 8 Issuances since 2021 Women on the Board of Directors 43% 40% 2025 target The Bank’s new long-term objectives will be communicated during 2026 Decarbonisation pathways Target set for 11 CO2-intensive sectors 1Reduction relative to 2019 in Spain includes effects resulting from the impact of COVID-19 2 Funds sold under the SABAM brand and other Amundi asset manager brands. Considered sustainability funds as per Article 8 or 9 of the EU’s SFDR. Article 8: financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. Article 9: financial product that has sustainable investment as its objective. Excludes guaranteed funds since 2023. Progress as a Sustainable Institution INSTITUTION Support customers in the transition to a sustainable economy CUSTOMERS Offer investment opportunities that contribute to sustainability INVESTORS Work together for a sustainable and cohesive society SOCIETY Appendix 4 Sustainability plan exceeded the 2021–2025 targets 35
Page 36
36 2025 Dow Jones Sustainability Index 86/100 Certifications of transparency and fiscal responsibility with the highest distinction (three-star “t for transparent” seal granted by Fundación Haz) Awarded World’s Best Companies in Sustainable Growth 2026 by TIME and Statista (#28), which reflects the bank’s corporate commitment to addressing the climate crisis 2025 ESG Certifications and Awards Certified Top Employer 2025 in Spain by TE Institute Member of Dow Jones Best-in-Class World Index Sustainability will remain a key driver of our strategy going forward Appendix 4 ESG certifications and awards
Page 37
84%5% 9% 2% 37 Asset quality Dec-24 Sep-25 Dec-25 NPL ratio 1.5% 1.5% 1.5% Coverage ratio 34% 32% 32% Cost of risk1 (YTD) 0.08% 0.12% 0.13% 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. 3 Weighted balance. Solvency Dec-24 Sep-25 Dec-25 CET1 ratio 15.4% 16.3% 16.7% Leverage ratio2 4.4% 4.7% 4.9% Liquidity Dec-24 Sep-25 Dec-25 LCR 200% 190% 205% Appendix 5 TSB asset quality, solvency and liquidity position TSB core mortgage portfolio overview % • Average loan balance: £144k • Average LTV: 57%3 • 77% of mortgages have LTV <75% • 31% 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% £33.6bn
Page 38
Appendix 6 RWAs breakdown 38 By type: By geography:Dec-25 phase-in RWAs €80,111M Credit risk €66.8bn Market risk €0.4bn Operational risk €12.7bn Others €0.2bn Spain €62.1bn UK €13.7bn Mexico €4.3bn
Page 39
39 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 0.74% Other Systemically Important Institutions 0.25% CET1 9.25% 13.16% AT1 1.92%1 3.43% Tier 2 2.56%1 1.64% Total Capital 13.74% 18.23% MDA buffer 391bps 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 1% from October 2026, as well as the reduction of 15bps in the P2R SREP. Leverage ratio phase-in 5.4% • MDA stands at 391bps, above 9.25% requirement • 0.5% countercyclical buffer in Spain will represent c.30bps for Sabadell Group from October 2026 • Leverage ratio phase-in increased +21bps YoY Appendix 7 MDA buffer Note: December 2025 capital ratios include 16bps CET1 surplus above 13%, the level at which a commitment to distribute excess capital is triggered. New SREP pro forma2 9.31 %
Page 40
40 Appendix 8 Group accounting income statement €M 2024 2025 2025/2024 Net interest income 3,761 3,537 -6.0% Fees & commissions 1,249 1,295 3.6% Core banking revenue 5,011 4,831 -3.6% Trading income & forex 52 -6 n.m. Other income & expenses -105 71 n.m. Gross operating income 4,958 4,896 -1.3% Operating expenses -1,826 -1,867 2.3% Depreciation & amortisation -436 -421 -3.4% Pre-provisions income 2,696 2,608 -3.3% Total provisions & impairments -648 -491 -24.3% Gains on sale of assets and other results -18 -37 n.m. Profit before taxes 2,030 2,080 2.4% Taxes -559 -685 22.7% Net profit from ordinary activities 1,472 1,394 -5.3% Net profit from discontinued operations 357 383 7.3% Consolidated net profit 1,829 1,777 -2.8% Minority interest -2 -2 -0.9% Attributable net profit 1,827 1,775 -2.8%
Page 41
41 Glossary AuM Asset under Management AI Artificial intelligence bps Basis points CET1 FL Common Equity Tier 1 Fully Loaded CoR Cost of Risk CRR2 Capital Requirements Regulation 2 ECB European Central Bank ESG Environmental, Social and Governance 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 MoM Month over month variation 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 SBB Share buyback program SFDR Sustainable Finance Disclosure Regulation SREP Supervisory Review and Evaluation Process TNAV Tangible net asset value Ytd Year-to-date
Page 42
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; and (6) 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 fourth 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 may 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 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 from 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. By receiving or accessing to this Presentation you accept and agree to be bound by the foregoing terms, conditions and restrictions. Disclaimer 42