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Q1’25 Earnings Presentation 30 April 2025
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2 Important information Non-IFRS and alternative performance measures Banco Santander, S.A. (“Santander”) cautions that this presentation may contain 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 the 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 accounting periods. Nonetheless, the APMs and non-IFRS measures are supplemental information; their purpose is not to substitute the 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 environmental, social and governance labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR. For more details on APMs and non-IFRS measures, please see the 2024 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 28 February 2025 (https://www.santander.com/content/dam/santander-com/en/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2025/sec-2024-annual-20-f-2024-en.pdf), as well as the section “Alternative performance measures” of Banco Santander, S.A. (Santander) Q1 2025 Financial Report, published on 30 April 2025 (https://www.santander.com/en/shareholders-and-investors/financial-and- economic-information#quarterly-results). Sustainability information This presentation may contain, in addition to financial information, sustainability-related information, including environmental, social and governance-related metrics, statements, goals, targets, commitments and opinions. Sustainability information is not audited nor, save as expressly indicated under section ‘Auditors’ reviews’ of the 2024 Annual Financial Report, reviewed by an external auditor. Sustainability information is prepared following various external and internal frameworks, reporting guidelines and measurement, collection and verification methods and practices, which may materially differ from those applicable to financial information and are in many cases emerging and evolving. Sustainability information is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. Sustainability information is thus subject to significant measurement uncertainties, may not be comparable to sustainability information of other companies or over time or across periods and its use 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. The sustainability information is for informational purposes only, 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 may contain 'forward-looking statements', as defined by the US 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', 'ambition', 'aspiration', 'commitment', 'commit', 'focus', 'pledge' and similar expressions. They include (but are not limited to) statements on future business development, shareholder remuneration policy and NFI. However, risks, uncertainties and other important factors may lead to developments and results that differ materially from those anticipated, expected, projected or assumed in forward-looking statements. The important factors below (and others mentioned in this report), as well as other unknown or unpredictable factors, could affect our future development and results and could lead to outcomes materially different from what our forward-looking statements anticipate, expect, project or assume: • general economic or industry conditions (e.g., an economic downturn; higher volatility in the capital markets; inflation; deflation; changes in demographics, consumer spending, investment or saving habits; and the effects of the wars in Ukraine and the Middle East or the outbreak of public health emergencies in the global economy) in areas where we have significant operations or investments; • climate-related conditions, regulations, targets and weather events;
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3 Important information • exposure to market risks (e.g., risks from interest rates, foreign exchange rates, equity prices and new benchmark indices); • potential losses from early loan repayment, collateral depreciation or counterparty risk; • political instability in Spain, the UK, other European countries, Latin America and the US; • legislative, regulatory or tax changes (including regulatory capital and liquidity requirements), especially in view of the UK's exit from the European Union and greater regulation prompted by financial crises; • acquisition integration and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters; • uncertainty over the scope of actions that may be required by us, governments and other to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and governmental standards and regulations; • our own decisions and actions, including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; and • changes affecting our access to liquidity and funding on acceptable terms, especially due to credit spread shifts or credit rating downgrade for the entire group or core subsidiaries. Forward looking statements are based on current expectations and future estimates about Santander’s and third-parties’ operations and businesses and address matters that are uncertain to varying degrees, including, but not limited to developing standards that may change in the future; plans, projections, expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including expectations regarding future execution of Santander’s and third parties’ energy and climate strategies, and the underlying assumptions and estimated impacts on Santander’s and third-parties’ businesses related thereto; Santander’s and third-parties’ approach, plans and expectations in relation to carbon use and targeted reductions of emissions; changes in operations or investments under existing or future environmental laws and regulations; and changes in government regulations and regulatory requirements, including those related to climate-related initiatives. Forward-looking statements are aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this presentation and are informed by the knowledge, information and views available on such date and are subject to change without notice. Banco Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law. Past performance does not indicate future outcomes Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or earnings (including earnings per share) will necessarily be the same or higher than in a previous period. Nothing mentioned in this presentation should be taken as a profit and loss forecast. Not a securities offer This presentation and the information it contains does not constitute an offer to sell nor the solicitation of an offer to buy any securities. Third Party Information In particular, regarding the data provided by third parties, neither Santander, nor any of its directors, managers or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in by any means, Santander may introduce any changes it deems suitable, and may omit, partially or completely, any of the elements of this presentation, and in case of any deviation, Santander assumes no liability for any discrepancy.
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4 Index Q1'25 Highlights Progress on our strategy 1 Group review 2 Final remarks 3 Appendix 4
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5 We have entered the last year of our third strategic cycle well ahead in all our key Investor Day targets for 2025, that we improved alongside our Q4’24 results RoTE post-AT1Payout RWAs with RoRWA > CoECET1 Note: our current ordinary shareholder remuneration policy is to distribute approximately 50% of Group reported profit (excluding non-cash, non-capital ratios impact items), distributed approximately 50% in cash dividend and 50% in share buybacks. Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. (1) After fully-loaded Basel III implementation. (2) Share buyback target against 2025-26 results including: i) the buybacks resulting from application of our existing shareholder remuneration policy plus ii) additional buybacks to distribute excesses of our CET1. Q1’25 vs. ID targets for 2025 and 2025 targets upgraded in Q4’24 STRENGTH >12% ID target1 2025 target: 13% | operating range: 12-13% DISCIPLINED CAPITAL ALLOCATION c.85% ID target SHAREHOLDER REMUNERATION Cash dividend + SBB 50% annually ID target PROFITABILITY 12.9% 87% 50% 15-17% (pre-AT1) ID target 2025 target: c.16.5% (post-AT1) 15.8% Up to €10bn Total SBB 2025-262 TNAVps + DPS Double-digit growth average through-the-cycle ID target +14.5%
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6 Strong start to the year , with all global businesses growing revenue and profit Q1’25 att. profitQ1’25 revenue Efficiency RoTE post-AT1 CoR CET1 TNAVps + Cash DPS YoY €3.4bn €15.5bn 41.8% 1.14% 15.8% 12.9% +14.5% +19% -6bps Another record profit in Q1, with 9 million new customers YoY and good activity levels Strong operating performance and profitability on the back of ONE Transformation Solid balance sheet with sound credit quality and capital ratios Capital productivity and disciplined capital allocation driving profitability and double-digit shareholder value creation +1.7pp -0.8pp +60bps Note: YoY changes. In constant euros: Q1’25 revenue +5% and Q1’25 attributable profit +24%. P&L accounts are all presented on an underlying basis. CET1 ratio is phased-in, calculated in accordance with the transitory treatment of the CRR. YoY comparison based on published Q1’24 ratio (calculated on a fully -loaded basis). TNAVps + Cash DPS includes the €10.00 cent cash dividend per share paid in November 2024, executed as part of our shareholder remuneration policy. +1%
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7 Continuing strong operational performance driving profit growth Note: underlying P&L. All references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from a hyperinflationary economy. From Q2 2024 onwards for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of infl ation (we continue to apply the official ARS exchange rate to all prior periods). For further information, please see the ‘Alternative Performance Measures’ section of the Quarterly Financial Report. (1) YoY attributable profit growth if we accrue the 2024 temporary levy on revenue earned in Spain, in line with the criteria used for the banking tax in Spain in 2025. • 2025 has started with excellent business and commercial dynamics • Revenue growth backed by record net fee income • C/I and CoR improvement • Higher RoTE SANTANDER (*) Revenue profile is significantly affected by Argentina (non-material in total revenue): -€609mn in NII YoY compensated by +€554mn from lower inflation in other income. Current Constant € million Q1'25 Q1'24 % % NII 11,378 11,983 -5 -2 Net fee income 3,369 3,240 4 9 Other income 790 157 n.m. n.m. Total revenue 15,537 15,380 1 5 Operating expenses -6,489 -6,547 -1 2 Net operating income 9,048 8,833 2 7 LLPs -3,161 -3,125 1 7 Other results -700 -1,125 -38 -36 Attributable profit 3,402 2,852 19 24 10 13 Group P&L Att. profit like-for-like Spanish banking tax1 * NII excluding Argentina: +0% in current +4% in constant Total revenue excluding Argentina: +1% in current +5% in constant
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8 Consistent execution of ONE Transformation is driving both revenue and costs ahead of plan … • Wealth: collaboration fees with CIB and Corporates reached €1.1bn (+10% vs. Q1’24) • Consumer: expansion of OEM agreements • Multi-Nationals: +2% YoY revenue growth • Product simplification: 40% fewer products vs. Q1’24 (-51% vs. Dec-22) • 63% products / services digitally available (62% Dec-24; 56% Dec-23) • US: $260mn efficiencies captured in Consumer and Commercial since 2022 • Global approach to technology: €40mn efficiencies in Q1’25 (€492mn since Dec-22) - Gravity (back-end) efficiencies - Process optimization - Global vendor agreements - IT&Ops shared-services -253bps -75bps -79bps ONE Transformation Global & Network businesses1 Global Tech capabilities & others Q1’25FY’22 Note: Q1’25 or latest available data. (1) As defined at the 2023 Investor Day. Efficiency execution 2022-Q1’25 Reminder from Investor Day Efficiency 2022-2025 200-250bps c. 42% 100-150bps 50-75bps FY’22 2025 ID target 41.8% 45.8% 45.8%
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9 … supporting value creation across our 5 global businesses Note: YoY changes in constant euros. The 2024 global business series have been slightly modified. T hese adjustments do not affect Group results. For more information, see the Appendix and the Quarterly financial report. Contribution to Group revenue as a percentage of total operating areas, excluding the Corporate Centre. Global businesses’ RoTEs are adjusted based on Group’s deployed capital; targets have been adjusted for AT1 costs. GROUP CONSUMER CIB WEALTH PAYMENTS RETAIL Revenue (€ bn) Contribution to Group revenue EfficiencyQ1’25 Profit (€ bn) c.17% c.12% c.20% c.60% >30% c.16.5% RoTE post-AT1 PagoNxt EBITDA margin RoTE post-AT1 Profitability 2025 targets Profitability Q1’25 7.9 39.4% 1.9 +2% -1.3pp +28% 3.2 41.9% 0.5 +2% +0.8pp +6% 2.2 42.9% 0.8 +8% +1.3pp +18% 1.0 36.5% 0.5 +14% -1.4pp +28% 1.4 43.9% 0.1 +15% -4.5pp +30% 15.5 41.8% 3.4 +5% -0.8pp +24% +3.1pp 17.6% +2.3pp 9.7% -0.6pp 21.6% 15.8% +1.7pp 68.0% -2.1pp 28.6% +11.6pp 50% 21% 14% 6% 9%
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10 3,141 2,983 3,077 3,337 3,113 Q1'24 Q2 Q3 Q4 Q1'25 8.2 5.0 Mar-24 Mar-25 Q1’25 FINANCIALS Note: data and YoY changes in constant euros. (1) Metrics cover all products and employees in the branch network in our 10 main countries. Retail: another quarter of strong YoY profit growth on the back of efficiency gains and reduced CoR # of products1 (k) # of non-commercial FTEs1 per mn total customers Active customers (mn) • Our transformation is delivering solid results, as reflected in fee growth (+7%), efficiency improvement (-1pp to 39.4%) and higher RoTE (+2pp to 17.6%) • Loan performance in line with our strategic focus on profitability. Generalized increases in deposits and mutual funds as we strengthen our customer relationships • Strong profit increase, driven by revenue across most countries (NII excl. Argentina and fees), lower costs and better credit quality 76.0 79.5 Mar-24 Mar-25 -13% Deposits €644bn +2% CoR 0.91% -12bps Efficiency 39.4% -1.3pp Profit €1,902mn +28% RoTE post-AT1 17.6% +2.3pp Loans €608bn -1% KEY DRIVERS -40% +5%Operational leverage (€ mn) CostsRevenue +2% -1% 7,706 7,918 7,930 8,199 7,895 Q1'24 Q2 Q3 Q4 Q1'25
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11 • Openbank launched in Mexico and Germany. In the US, new partnership with Verizon announced to boost growth • Loans up, driven by auto. Strong deposit growth, both in DCBE and DCB US, in line with our strategy to lower funding costs • Profit increased supported by good performance in DCB US (RoTE of 14.4%1) on the back of NII growth and LLP improvement (favourable payment rates, used car prices and lower unemployment) Q1’25 FINANCIALS Note: data and YoY changes in constant euros. ANEAs: average net earning assets, including renting. (1) DCB US RoTE post-AT1 adjusted based on Group’s deployed capital calculated as contribution of RWAs at 12%. Consumer: higher loans and successful deposit gathering are driving profit growth Retail deposits cost-to-serve (%) Operating expenses / ANEAs (%) Loans €214bn +4% Deposits €133bn +12% Efficiency 41.9% +0.8pp Profit €492mn +6% RoTE post-AT1 9.7% -0.6pp 1.00 0.96 Q1'24 Q1'25 2.53 2.46 Q1'24 Q1'25 KEY DRIVERS CoR 2.14% +1bps -4% -3%Operational leverage (€ mn) CostsRevenue +2% +3% 1.3 1.4 Q1'24 Q1'25 Loan-to-deposit ratio (%) Optimized funding structure 169 154 Mar-24 Mar-25 -14pp Total customers (mn) 25.0 25.7 Mar-24 Mar-25 +3% 3.2 3.2 Q1'24 Q1'25
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12 870 916 974 1,027 952 Q1'24 Q2 Q3 Q4 Q1'25Note: data and YoY changes in constant euros. Q1’25 FINANCIALS KEY DRIVERS % customer related revenue Fee growth (€ bn) % Total revenue / RWAs Loans €142bn +4% Deposits €134bn -4% CoR 0.08% -6bps Efficiency 42.9% +1.3pp Profit €806mn +18% RoTE post-AT1 21.6% +3.1pp 0.6 0.7 Q1'24 Q1'25 7.1 8.1 Q1'24 Q1'25 CIB: improvement in profitability driven by 11% fee growth year on year +1.0pp +11% • Further improvement in our key drivers as we execute our strategy focused on fee and capital-light business, driving RoTE above 21%, while we maintain a leading position in efficiency • Strong activity YoY, driven by our growth initiatives in Global Markets, with good performances in all regions, and Corporate Finance, mainly in the US • Double-digit profit increase with all-time high revenue on the back of record fees Recurrency performance (€ mn) CostsFees 644 616 618 660 716 Q1'24 Q2 Q3 Q4 Q1'25 +11% +9% 81 78 Q1'24 Q1'25
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13 Q1’25 FINANCIALS Net sales (SAM) Net new money (PB) Gross written premiums Note: data and YoY changes in constant euros. (1) Annualized YTD net new money as a % of PB’s 2024 customer assets and liabilities (CAL). Annualized YTD net sales as a % of SAM’s 2024 AuMs. (2) Includes deposits and off-balance sheet assets. (3) Includes all fees generated by Santander Asset Management and Insurance, even those ceded to the commercial network, which are recorded in Retail’s P&L. Private Banking Santander Asset Management Insurance Assets under management2 (€ bn) Collaboration fees (€ bn) Revenue including ceded fees3 (€ bn) of volumes1 Efficiency 36.5% -1.4pp Profit €471mn +28% RoTE post-AT1 68.0% -2.1pp 127 147 Q1'24 Q1'25 104 135 Q1'24 Q1'25 of volumes1 649 665 Q1'24 Q1'25 461 511 Mar-24 Mar-25 KEY DRIVERS 1.5 1.6 Q1'24 Q1'25Revenue (€ mn) +2% +15% +30% +11% +12% • Increased focus on higher-margin investment solutions and services, improving recurrency levels • Volumes reached new record levels, backed by sound commercial dynamics, both in PB (+9% customers) and SAM (+14% AuMs), and positive market performance • Strong profit growth supported by solid revenue performance across businesses, reflecting our focus on fee generating activities €2.7bn +4% +10% €5.7bn 7% €4.8bn 8% 0.9 1.1 Q1'24 Q1'25 Wealth: strong profit growth, with revenue growth across business lines and collaboration fees up double-digits
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14 Note: data and YoY changes in constant euros. (1) Transactions include merchant payments, cards and electronic A2A payments. (2) Payments volume includes PagoNxt Total Payments Volume (TPV) in Getnet and Cards spending. Payments: driving revenue growth and scale through global platforms PagoNxt EBITDA margin Q1’25 FINANCIALS # transactions1 (bn per month) Cost per transaction (€ cents, PagoNxt) Payments volume2 (€ bn)PagoNxt Cards Loans €25bn +15% Getnet TPV €56bn +14% Cards Spending €81bn +7% Efficiency 43.9% -4.5pp Profit €126mn +30% 3.2 3.5 Q1'24 Q1'25 3.5 3.3 Q1'24 Q1'25 262 317 Q1'24 Q1'25 943 1,067 Q1'24 Q1'25 28.6% +11.6pp 125 137 Q1'24 Q1'25 KEY DRIVERS +10% +10%Revenue (€ mn) -6% +21% +13% • On track with our key strategic priorities to capture scale though global platforms, driving cost per transaction improvements • Increased activity both in PagoNxt (Getnet’s TPV +14%) and Cards (spending +7%) • Profit up strongly driven by double-digit revenue growth (NII and fees), both in PagoNxt and Cards, while costs were flat
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15 14.1% 15.8% Q1'24 Q1'25 Note: TNAVps + Cash DPS includes the €10.00 cent cash dividend per share paid in November, executed as part of our shareholder remu neration policy. Improving profitability with EPS up 26% and 14.5% value creation Since 2021, including the second buyback against 2024 results, Santander will have returned €9.5bn to shareholders via share buybacks and repurchased 14% of its outstanding shares RoTE post-AT1 EPS TNAVps + Cash DPS 4.86 5.46 5.56 Mar-24 Mar-25 € per share Cash DPS: €10.0 cents 17.0 21.5 Q1'24 Q1'25 € cents +1.7pp +26% +14.5%
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16 Index Q1'25 Highlights Progress on our strategy 1 Group review 2 Final remarks 3 Appendix 4
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17 2,852 3,207 3,250 3,265 3,402 Q1'24 Q2 Q3 Q4 Q1'25 +4% Continuing strong operational performance driving profit growth Attributable profit (Constant € mn) € mn +19% +4% Profit Note: underlying P&L. All references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from a hyperinflationary economy. From Q2 2024 onwards for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of infl ation (we continue to apply the official ARS exchange rate to all prior periods). For further information, please see the ‘Alternative Performance Measures’ section of the Quarterly Financial Report. (1) YoY attributable profit growth if we accrue the 2024 temporary levy on revenue earned in Spain, in line with the criteria used for the banking tax in Spain in 2025. Current Constant € million Q1'25 Q1'24 % % NII 11,378 11,983 -5 -2 Net fee income 3,369 3,240 4 9 Other income 790 157 n.m. n.m. Total revenue 15,537 15,380 1 5 Operating expenses -6,489 -6,547 -1 2 Net operating income 9,048 8,833 2 7 LLPs -3,161 -3,125 1 7 Other results -700 -1,125 -38 -36 Attributable profit 3,402 2,852 19 24 10 13 Group P&L Att. profit like-for-like Spanish banking tax1 NII excluding Argentina: +0% in current +4% in constant Total revenue excluding Argentina: +1% in current +5% in constant 2,746 3,111 3,248 3,265 3,402 * (*) Revenue profile is significantly affected by Argentina (non-material in total revenue): -€609mn in NII YoY compensated by +€554mn from lower inflation in other income.
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18 14,828 15,216 15,186 16,106 15,537 Q1'24 Q2 Q3 Q4 Q1'25 15,53714,828 +188 +55 +163 +129 +178 -5 Q1'24 Retail Consumer CIB Wealth Payments CC Q1'25 Revenue growth underpinned by stronger customer activity across our businesses Note: data and YoY % changes in constant euros. YoY growth TOTAL REVENUE +2% +2% +8% +14% +15% +5% +5% • >95% of total revenue is customer related • Strong revenue increase YoY reflecting the benefits of our model, with all businesses growing • Revenue QoQ affected by the exchange rate accounting in Argentina in Q4’24. Of note, strong growth in CIB GROUP • Retail: positive performance driven by strong fee income across most countries and gains on financial transactions (mainly Brazil and Spain) • Consumer: revenue increase on the back of NII growth, both in DCBE and DCB US • CIB again achieved record revenue, supported by a strong performance in Global Markets. Of note, strong growth in the US in NII and fees • Wealth up double-digits, driven by all business lines backed by strong commercial activity • Payments boosted by double-digit growth in NII and fees, in both PagoNxt and Cards, driven by activity improvement DETAIL BY BUSINESS Constant € mn
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19 2.97% 2.89% 2.79% 2.92% 2.73% 11,573 11,145 11,263 12,053 11,378 Q1'24 Q2 Q3 Q4 Q1'25 Resilient NII performance, growing in most businesses excluding Argentina NIM Performance NII NET INTEREST INCOME AND NIM • >80% of Group NII is from our Retail and Consumer businesses • NII +4% YoY excluding Argentina with most businesses growing: − Retail +4% supported by Chile and the UK (good margin management), Mexico (volumes and lower costs of deposits) and Poland (volumes) − Consumer grew 3% supported by higher volumes in Europe and active spread management both in DCBE and DCB US − CIB (+12%) boosted by Brazil and the US (higher yields on new business) − Payments (+20%) supported by PagoNxt (Getnet Brazil) and Cards (higher volumes across our footprint) • Resilient NII QoQ excluding Argentina, even with a lower day count: − Retail up in Spain (margin management and volumes) and Portugal (volumes); Brazil impacted by change of mix and interest rate sensitivity and Chile by high levels in Q4 − Consumer up in both DCB US and DCB Europe − Strong growth in CIB and Payments driven by solid activity levels NET INTEREST INCOME • NIM trends affected by distortions from ARS exchange rates. Excluding Argentina, NIM -7bps YoY and flat QoQ • Decline YoY due to a less favourable interest rate environment across our footprint coupled with continued volumes growth • Proactive balance sheet management to reduce sensitivity to interest rates MARGINS Note: NIM = NII / Average earning assets. Data and YoY % changes in constant euros. 2.73% -1.21 -0.14 2.97% +0.30 +0.81 Q1'24 Asset yields Asset volumes Liability costs Liability volumes Q1'25 -2% NIM Quarterly Excl. Argentina +0% QoQ Excl. Argentina +4% YoY Constant € mn
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20 3,100 3,115 3,189 3,360 3,369 Q1'24 Q2 Q3 Q4 Q1'25 • Retail: − Good commercial dynamics and customer growth (+6% YoY), resulting in generalized fee growth across our footprint − Of note, Mexico and Brazil (insurance and mutual funds) and Argentina (mutual funds, insurance and transactional) • Consumer: − Strong growth in DCB US (auto). Net fee income affected by new insurance regulation in Germany • CIB: − Double-digit growth, supported mainly by GB in the US (Banking Build-Out) and GTB across countries • Wealth: − 16% growth driven mainly by PB and SAM, in line with our focus on fee businesses, with positive commercial activity and favourable market performance • Payments: − Double-digit growth, boosted by sound activity both in PagoNxt (Getnet TPV up 14% YoY) and Cards (spending +7% YoY) DETAIL BY BUSINESS 3,369 3,100 +76 -9 +72 +59 +79 -8 Q1'24 Retail Consumer CIB Wealth Payments CC Q1'25 Record net fee income driven by value added from our global businesses Note: data and YoY % changes in constant euros. NET FEE INCOME YoY growth +7% -3% +11% +16% +13% +9% +9% Constant € mn
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21 6,363 6,214 6,381 6,796 6,489 CIB, WEALTH AND PAYMENTS ONE Transformation is driving further structural efficiency improvements Efficiency 12M rolling Costs Net operating income Revenue 8,465 9,003 8,805 9,310 9,048 Q1'24 Q2 Q3 Q4 Q1'25 14,828 15,216 15,186 16,106 15,537 Retail Consumer Retail and Consumer represent 70% of the Group’s total costs CIB Wealth CIB, Wealth and Payments represent 30% of the Group’s total costs Efficiency Total revenue Constant € mn Recurrency (% fees / costs) Note: data and YoY % changes in constant euros. Contribution to Group costs as a percentage of total operating areas, excluding the Corporate Centre. Costs in real terms are calculated in constant euros and excluding the impact from weighted average inflation. GROUP RETAIL AND CONSUMER 43.7% 42.8% 42.4% 41.8% 41.6% 10,885 11,129 Q1'24 Q1'25 4,460 4,469 Q1'24 Q1'25 1,618 1,828 Q1'24 Q1'25 1,816 1,932 Q1'24 Q1'25 +2% +0% +13% +6% 40.9% 40.2% Payments 90.2% 94.6% +7% Costs Constant € mn Net fee income Constant € mn Costs Constant € mn -1% YoY in real terms YoY in current euros -1% Constant € mn Constant € mn Constant € mn
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22 2,949 2,984 2,989 3,142 3,161 Q1'24 Q2 Q3 Q4 Q1'25 Solid credit quality with improvement across most of our businesses Note: CoR - provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months. Data in constant euros. Stages in current euros. CoR 12 month LLPs • CoR improved YoY, improving in most of our businesses • Better credit quality YoY,backed by record low unemployment rates in most countries and easing monetary policies • NPL ratio of 2.99%, improving YoY and QoQ. NPL coverage and stages stable CREDIT QUALITY • In Retail, which represents c.45% of Group LLPs, CoR improved YoY to0.91%, with good performances across our main countries, and stable QoQ − In Spain, CoR improved YoY, with good underlying trends and favoured by portfolio sales − The UK’s CoR dropped YoY, remaining at very low levels − Brazil improved YoY. Slight deterioration QoQ in a context of higher interest rates and inflation − Mexico’s CoR improved significantly YoY and QoQ with better credit quality in mortgages and corporates • In Consumer, which represents c.35% of Group LLPs,CoR was stable YoY at 2.14% and better QoQ. Of note, DCB US improvement both YoY and QoQ DETAIL BY BUSINESS Mar-24 Dec-24 Mar-25 NPL ratio 3.10% 3.05% 2.99% Coverage ratio 66% 65% 66% Stage 1 €1,007bn €1,002bn €1,012bn Stage 2 €83bn €88bn €87bn Stage 3 €36bn €35bn €35bn LLPs AND CREDIT QUALITY 1.20% 1.21% 1.18% 1.15% 1.14% +7% Constant € mn OTHER CREDIT QUALITY METRICS
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23 12.9 -0.27 -0.08 12.8 +0.33 +0.12 Dec-24 Organic generation Shareholder remuneration Regulatory & Models Markets & others Mar-25 2 Strong organic capital generation, with profitable front-book growth at 22% RoTE CET1 % Mar-25 or estimates Front book pricing RoRWA of new book Asset rotation and risk transfer activities RWAs mobilized vs. credit RWAs % RWAs with RoRWA > CoE Note: Mar-25 ratio on a phased-in ratio are calculated in accordance with the transitory treatment of the CRR. (1) Dec-24 ratio on a fully-loaded basis (as published in the Q4 2024 Financial Report), excluding the transitory treatment of IFRS 9 and the CRR2. (2) Our current ordinary shareholder remuneration policy is to distribute approximately 50% of Group reported profit (excluding non-cash, non-capital ratios impact items), divided approximately equally between cash dividends and share buybacks. The implementation of the shareholder remuneration policy is subject to future corporate and regulatory d ecisions and approvals. CET1 PERFORMANCE AND CAPITAL PRODUCTIVITY MAXIMIZE CAPITAL PRODUCTIVITY 2.8% 20% 87% 1
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24 Index Q1'25 Highlights Progress on our strategy 1 Group review 2 Final remarks 3 Appendix 4
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25 Another record quarter that puts us on track to meet our 2025 targets Fees Cost base CoR CET11 RoTE post-AT1 TNAVps + Cash DPS 2025 targets Mid-high single digit growth Down vs. 2024 in euros c.1.15% 13% operating range: 12-13% c.16.5% Double-digit growth through-the-cycle c.€62bnRevenue Note: targets market dependent. Based on macro assumptions aligned with international economic institutions. TNAVps + Cash DP S includes the €10.00 cent cash dividend per share paid in November 2024, executed as part of our shareholder remuneration policy. (1) CET1 ratio phased-in CRR. Q1’25 ✓ ✓ ✓ ✓ ✓ ✓ €15.5bn ✓YoY in euros +1% +9% -1% 1.14% 12.9% 15.8% +14.5% +1.7pp Revenue and costs on track on the back of our consistent execution of ONE Transformation Solid balance sheet, with sound credit quality and capital ratios Higher profitability and double-digit shareholder value creation driven by capital productivity and disciplined capital allocation in constant euros, YoY in euros, YoY YoY
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26 Index Q1'25 Highlights Progress on our strategy 1 Group review 2 Final remarks 3 Appendix 4
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27 Appendix Aligning financial reporting to recent changes in our management structure 2025 Investor Day targets summary Group P&L and excluding Argentina Detail by global business and country Reconciliation of underlying results to statutory results Glossary For more details, refer to the document entitled "Supplementary Information", published together with this presentation on the Group's corporate website
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28 Modifications to global business perimeters1 Aligning financial reporting to recent changes in our management structure Dissolution of regional management structures 2 1 • Following the board of directors’ approval of the dissolution of the regional management structures, which took effect on 3rd February 2025: - We will stop reporting financial information by region - Our 5 global businesses plus the Corporate Centre remain our primary segments - The secondary segments (previously the 3 regions plus DCB Europe plus Corporate Centre) now become the 9 main countries that were provided within the regions and DCB Europe, the Corporate Centre plus a new ‘Rest of the Group’ • We are aligning financial reporting to recent changes in the management of Wealth Management & Insurance: - The Investment Platforms Unit (IPU) and certain stakes in companies, mainly in the real estate sector, that were previously recorded in Retail & Commercial Banking or Corporate & Investment Banking have been incorporated into Wealth Management & Insurance - As a result, a fourth vertical, ‘Portfolio Investments’ , has been created within Wealth Management & Insurance, incorporating the aforementioned IPU and stakes in companies a • Some profit-sharing criteria between Retail & Commercial Banking and Cards have been improved, aligning criteria across the Group b • Additionally, we completed the usual annual adjustment of the perimeter of the Global Customer Relationship Model between Retail & Commercial Banking and Corporate & Investment Banking and between Retail & Commercial Banking and Wealth Management & Insurance c The Group’s previously reported global figures in the consolidated financial statements, as well as that of the countries and the Corporate Centre, remain unchanged (1) The impact of these changes does not represent a material impact on global businesses’ profit and does not affect results at the Group or country level.
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29 Changes to secondary segments - dissolution of regional reporting 1 Spain United Kingdom Portugal Poland US Mexico Brazil Chile Argentina DCB Europe Corporate Centre Rest of the Group TOTAL GROUP EUROPE Spain United Kingdom Portugal Poland Other Europe NORTH AMERICA US Mexico Other North America SOUTH AMERICA Brazil Chile Argentina Other South America DCB EUROPE CORPORATE CENTRE TOTAL GROUP From… …To • We will stop reporting financial information by region (Europe, North America and South America) • The new ‘Rest of the Group’ brings together the previously reported Other Europe, Other North America and Other South America
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30 2 Impact of modifications to global business perimeters in 2024 From… …To 2024, €mn Group Retail Consumer CIB Wealth Payments Group NII 46,668 -5 0 -32 +79 -42 46,668 Fees 13,010 +26 0 0 +8 -34 13,010 Other income 2,533 -108 -4 +27 +55 +31 2,533 Total income 62,211 -87 -4 -5 +142 -45 62,211 Costs -26,034 +81 0 +13 -139 +45 -26,034 Net operating income 36,177 -6 -4 +7 +3 0 36,177 LLPs -12,333 -1 0 +3 -3 0 -12,333 Other results and provisions -4,817 -10 0 -1 +25 -14 -4,817 Profit before tax 19,027 -17 -4 +10 +25 -14 19,027 Attributable profit 12,574 -16 -4 +7 +22 -9 12,574 Impact as % of Global business's profit 0% 0% 0% +1% -2%
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31 Appendix Aligning financial reporting to recent changes in our management structure 2025 Investor Day targets summary Group P&L and excluding Argentina Detail by global business and country Reconciliation of underlying results to statutory results Glossary
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32 (1) Our current ordinary shareholder remuneration policy is to distribute c.50% of Group reported profit (excluding non-cash, non-capital ratios impact items), distributed approximately 50% in cash dividend and 50% in share buybacks. Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. (2) Those customers who meet transactional threshold in the past 90 days. (3) Total transactions annual growth include merchant payments, cards and electronic A2A payments. Target c.+8% CAGR 2022 -25. (4) 2022-2024 ratios on a fully-loaded basis (as published in the Q4 2024 Financial Report), excluding the transitory treatment of I FRS 9 and the CRR2. Mar-25 ratio on phased-in basis, calculated in accordance with the transitory treatment of the CRR. (5) Green finance raised & facilitated (€bn): since 2019. Financial inclusion (# people, mn): since 2023. Targets were set in 2019 and 2021, before the publication of the European taxonomy in Q2 2023. Therefore, target definitions are not fully aligned with the taxonomy. For further information, see the 'Alternative performance measures' section of the Quart erly Financial Report. ONE Transformation is driving double-digit growth in value creation TNAVps+DPS (Growth YoY) Double-digit growth average through-the-cycle +6% RoTE pre-AT1(%) Payout (Cash + SBB)1 (%) EPS growth (%) Total customers (mn) Active customers (mn)2 Simplification & automation Efficiency ratio (%) Customer activity Transactions volume per active customer (% growth)3 CET1 (%)4 RWA with RoRWA > CoE (%) Green financed raised & facilitated (€bn) Socially Responsible Investments (AuM) (€bn) Financial inclusion (# People, mn) Profitability Customer centric Capital Sustainability5 New 2025 targets +15% +14% CET1: 13% Operating range: 12-13% c.16.5% post-AT1 >17% pre-AT1 +14.5% RoTE post-AT1(%) 2022 2023 2024 Q1'25 2025 ID targets - - 15.5 15.8 - 13.4 15.1 16.3 16.6 15-17% 40 50 50 50 50 23 21.5 17.9 26.1 Double-digit 160 165 173 175 c.200 99 100 103 104 c.125 45.8 44.1 41.8 41.8 c.42 - 10 9 6 c.+8 12.0 12.3 12.8 12.9 >12 80 84 87 87 c.85 94.5 115.3 139.4 144.9 120 53 67.7 88.8 108.0 100 - 1.8 4.3 4.8 5
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33 Appendix Aligning financial reporting to recent changes in our management structure 2025 Investor Day targets summary Group P&L and excluding Argentina Detail by global business and country Reconciliation of underlying results to statutory results Glossary
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34 Group P&L and excluding Argentina (YoY) Group P&L Current Constant Current Constant € million Q1'25 Q1'24 % % % % NII 11,378 11,983 -5 -2 0 4 Net fee income 3,369 3,240 4 9 3 8 Other income 790 157 n.m. n.m. 15 16 Total revenue 15,537 15,380 1 5 1 5 Operating expenses -6,489 -6,547 -1 2 0 3 Net operating income 9,048 8,833 2 7 2 7 LLPs -3,161 -3,125 1 7 -0 6 Other results -700 -1,125 -38 -36 -30 -29 Attributable profit 3,402 2,852 19 24 19 24 10 13 9 13 Group excl. ArgentinaGroup Att. profit like-for-like Spanish banking tax1 Note: underlying P&L. (1) YoY attributable profit growth if we accrue the 2024 temporary levy on revenue earned in Spain, in line with the criteria used for the banking tax in Spain in 2025.
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35 Group P&L QoQ variations and excluding Argentina Fees NII 2,968 3,073 3,197 Costs LLPs Revenue 2,914 2,986 3,085 Q1'24 Q2 Q3 Q4 Q1'25 14,273 15,059 15,033 10,548 10,946 10,962 -0% +0% +4% Constant €mn 6,078 6,380 6,266 -2% Group excl. ArgentinaGroup Q1’25 vs. Q4’24 Group quarterly performance excluding Argentina +3% Note: underlying P&L. P&L Current Constant Current Constant € million % % % % NII -5 -6 1 0 Net fee income 1 0 5 4 Other income 14 14 -16 -16 Total revenue -3 -4 0 -0 Operating expenses -4 -5 -1 -2 Net operating income -2 -3 2 1 LLPs 2 1 4 3 Other results -55 -55 -51 -52 Attributable profit 4 4 10 10
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36 Appendix Aligning financial reporting to recent changes in our management structure 2025 Investor Day targets summary Group P&L and excluding Argentina Detail by global business and country Reconciliation of underlying results to statutory results Glossary
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37 Detail by global business
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38 KEY DATA Retail & Commercial Banking Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). (2) YoY attributable profit growth if we accrue the 2024 temporary levy on revenue earned in Spain, in line with the criteria used for the banking tax in Spain in 2025. P&L HIGHLIGHTS Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 6,721 -6.2 -1.9 -5.9 Net fee income 1,210 3.1 6.7 0.4 Total revenue 7,895 -3.7 2.4 -2.1 Operating expenses -3,113 -6.7 -0.9 -5.2 Net operating income 4,782 -1.6 4.7 0.1 LLPs -1,431 2.0 1.9 -6.1 Attributable profit 1,902 1.9 27.5 23.6 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €608bn -1% Mutual funds €101bn +15% Efficiency 39.4% -1.3pp CoR 0.91% -12bps RoTE post-AT1 17.6% +2.3pp • ONE Transformation continued to deliver strong results reflected in the expansion of fees and customer funds (+4% YoY), the improvement in the cost to serve (-5% YoY) and higher profitability • Loans still affected by prepayments in Spainand focus on profitability in the UK. Increases in deposits and mutual funds in most of the countries • Strong profit increase YoY (+28%) driven by a solid revenue performance across most of our footprint and benefitting from the full charge in Q1’24 of the temporary levy in Spain, vs. the accrual of the banking tax in 2025 Like-for-like2, profit +13%. By line: − NII rose 4% excl. Argentina, supported by Chile and the UK (good margin management), Mexico (volumes and lower costs of deposits) and Poland (volumes) − Fees up, mainly mutual funds and insurance − Costs down reflecting our transformation efforts − LLPs showed a solid performance across most countries. Up in Brazil (individuals), normalization in the UK (at low levels) and Chile • Profit up QoQ, driven by fees and strong cost decline, which more than offset the impact of interest rates on NII and higher LLPs Deposits €644bn +2%
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39 RETAIL SPAIN Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). RETAIL UK Underlying P&L* Q1'25 % Q4'24 % Q1'24 NII 1,467 2.6 -0.4 Net fee income 291 19.0 2.9 Total revenue 1,794 7.2 0.8 Operating expenses -571 -5.0 0.7 Net operating income 1,223 14.1 0.8 LLPs -291 -0.2 2.8 Profit before tax 810 41.3 39.7 (*) € mn and % change. Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,224 -0.6 6.8 9.4 Net fee income 5 — 680.2 699.3 Total revenue 1,190 -0.5 4.4 7.0 Operating expenses -638 -5.0 -4.3 -1.9 Net operating income 552 5.3 16.7 19.6 LLPs -36 — 300.4 310.2 Profit before tax 348 -8.4 -7.7 -5.4 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €156bn -2% Deposits €218bn +4% Mutual funds €46bn +14% Yield on loans 3.78% -32bps Cost of deposits 0.57% -8bps Efficiency 31.8% -0.0pp Loans €228bn -3% Deposits €209bn -5% Mutual funds €6bn -4% Yield on loans 4.14% +35bps Cost of deposits 1.93% -23bps Efficiency 53.6% -4.9pp • Loans down YoY in line with our focus on profitability. Deposits and mutual funds impacted by a more competitive environment • NOI +17% YoY driven by strong revenue growth, both NII (margin management) and fees, and lower costs. PBT affected by LLP normalization, still at very low levels,and restructuring provisions • Strong net operating income performance QoQ (+5%) driven by cost reduction (transformation and seasonality), not reflected in PBT due to the aforementioned provisions • Loans still impacted by prepayments. Deposits up 4% YoY (demand and time) and mutual funds up double digits • PBT increased YoY with higher fees (mutual funds), resilient NII and good cost control (transformation). YoY growth favoured by the temporary levy in Q1’24 • Strong performance QoQ across the P&L: NII (volumes and margin management), fees (funds and insurance) and lower costs and LLPs
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40Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). RETAIL MEXICO RETAIL BRAZIL Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 756 -0.4 7.6 -7.6 Net fee income 171 10.0 13.9 -2.2 Total revenue 896 0.9 7.7 -7.5 Operating expenses -397 -13.6 7.1 -8.1 Net operating income 499 16.3 8.2 -7.1 LLPs -135 32.7 -23.5 -34.3 Profit before tax 343 8.0 23.5 6.0 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €31bn +8% Deposits €35bn +2% Mutual funds €13bn +37% Yield on loans 13.33% -49bps Cost of deposits 4.07% -114bps Efficiency 44.3% -0.3pp Loans €56bn -2% Deposits €56bn +9% Mutual funds €21bn +16% Yield on loans 16.54% +30bps Cost of deposits 8.24% +102bps Efficiency 40.5% +0.7pp Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,534 -5.2 -0.2 -12.8 Net fee income 359 1.6 3.5 -9.6 Total revenue 1,878 -4.6 1.6 -11.3 Operating expenses -761 -1.2 3.3 -9.8 Net operating income 1,117 -6.8 0.4 -12.3 LLPs -718 -2.4 9.1 -4.7 Profit before tax 233 -20.9 -20.8 -30.8 (*) € mn and % change in constant euros. (1) % change in current euros. • Loans down YoY, mainly in personal loans and corporates. Deposits up YoY (especially time deposits) and mutual funds rose double digits • Net operating income flat YoY as higher revenue (mainly insurance and mutual fund fees) was offset by costs growing below inflation. PBT affected by LLPs (individuals) • PBT QoQ affected by impact of negative interest rate sensitivity on NII, partially offset by higher fees, lower costs and better LLPs • Loans increased YoY across products, notably mortgages. Deposits rose (especially demand deposits) and mutual funds up double digits • PBT +23% YoY driven by NII (volumes and lower deposit costs), fees (insurance and mutual funds) and lower LLPs (better credit quality) • PBT up 8% QoQ due to strong fee growth (mutual funds) and lower costs, which more than offset LLP increase from low levels
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41 KEY DATA Digital Consumer Bank Note: Mar-25 data and YoY changes (new lending, loans and deposits in constant euros). P&L HIGHLIGHTS Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 2,756 -2.2 1.8 1.7 Net fee income 339 -14.3 -2.7 -4.2 Total revenue 3,234 -3.6 1.7 1.6 Operating expenses -1,357 4.6 2.8 3.5 Net operating income 1,878 -8.8 1.0 0.2 LLPs -1,119 -11.3 -0.9 -1.6 Attributable profit 492 229.7 6.3 6.1 (*) € mn and % change in constant euros. (1) % change in current euros. New lending €21bn -6% Loans €214bn +4% Efficiency 41.9% +0.8pp CoR 2.14% +1bps RoTE post-AT1 9.7% -0.6pp Deposits €133bn +12% • Progressing in our priority to become the preferred choice of our partners and customers while being the most cost competitive player in the industry • Loans up 4%, driven by growth across our footprint in auto lending (+6%), in a market that picked up in Q1’25 from a weak start in January 2025 • Deposits rose 12%, up both in Europe and the US, supported by Openbank, reflecting our focus on lowering funding costs and reducing NII volatility across the cycle • Profit +6% YoY. By line: − NII rose 2%, on the back of active spread management and volumes growth in DCB Europe and higher yield on loans in the US − Fees affected by the new insurance regulation in Germany. Of note, strong growth in the US (auto) − Costs flat in real terms, even after our investments in global platforms (Openbank, check-out lending, leasing…) − LLP improvement in the US (favorable customer payment rates, higher used car prices and lower unemployment rate) • Strong profit increase QoQ, with LLP improvement driven by the US and lower CHF provisions in Poland. QoQ comparison benefitted from the UK motor finance provision in Q4’24
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42Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). DCB Europe DCB US Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,221 1.1 3.6 6.8 Net fee income 84 -14.0 27.2 31.2 Total revenue 1,362 -1.3 1.2 4.4 Operating expenses -574 4.5 2.1 5.3 Net operating income 788 -5.2 0.6 3.8 LLPs -524 -23.7 -16.8 -14.2 Profit before tax 236 111.4 89.4 95.3 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €140bn +3% Deposits €84bn +14% Mutual funds €5bn +20% Yield on loans 5.82% +18bps Cost of deposits 2.14% -10bps Efficiency 47.5% +0.4pp Loans €54bn -2% Deposits €49bn +7% Mutual funds €4bn +11% Yield on loans 12.08% +74bps Cost of deposits 2.14% +14bps Efficiency 42.1% +0.4pp • Loans down YoY on the back of non-auto asset rotation. Deposits +7%, supported by solid performance in our branch-based deposits and the successful launch of Openbank in Q4’24 • Strong growth in PBT YoY, driven by NII (auto loan yields), fees (servicing) and lower LLPs, which more than offset lower leasing income and investments in Openbank • Significant increase in PBT QoQ, supported by better LLP underlying performance and seasonality • Loans up 3% YoY, mainly driven by auto. Deposits rose 14%, in line with our customer deposit gathering strategy • PBT affected YoY by higher LLPs (macro and corporates in Germany) and lower fees (regulation in Germany), with good NII performance (margin management) and costs down 2% in real terms • PBT up QoQ with lower LLPs (CHF provisions) and resilient NII. QoQ comparison benefitted from the UK motor finance provision in Q4’24 Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,112 0.3 1.5 1.6 Net fee income 188 -15.6 -14.7 -14.6 Total revenue 1,402 -2.0 -0.6 -0.5 Operating expenses -667 5.8 0.3 0.3 Net operating income 736 -8.2 -1.3 -1.3 LLPs -336 -2.9 21.8 21.7 Profit before tax 357 — -11.0 -11.0 (*) € mn and % change in constant euros. (1) % change in current euros.
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43 KEY DATA Corporate & Investment Banking Note: Mar-25 data and YoY changes (loans, deposits in constant euros). P&L HIGHLIGHTS Loans €142bn +4% Deposits €134bn -4% CoR 0.08% -6bps Efficiency 42.9% +1.3pp RoTE post-AT1 21.6% +3.1pp • Good progress in our strategy focused on fee and capital-light business through our GM and GB initiatives, supporting an enhanced value proposition and higher profitability, while maintaining a leading position in efficiency • Good activity levels: - Global Transaction Banking (GTB), driven by Trade & Working Capital Solutions, boosted by our expansion into new segments - Global Banking (GB): activity growth in Corporate Finance and DCM, with lower credit activity levels (Syndicated Loans and Structured Finance) - Global Markets (GM): excellent quarter across most of our countries, on the back of higher volatility • Deposit performance in line with our strategy in 2024 to reduce excess corporate deposits • Profit grew double digits YoY, backed by strong revenue increase, supported by fees from GTB and GB. Strong NII growth excluding Argentina (+12% YoY) • Profit up QoQ on the back of solid revenue performance and lower costs. Of note, outstanding fee growth across business lines. NII strongly affected by the Argentine FX accounting, excluding it +8% Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 953 -12.6 -5.2 -9.5 Net fee income 716 8.5 11.2 9.4 Total revenue 2,220 6.3 7.9 4.6 Operating expenses -952 -7.3 9.4 7.8 Net operating income 1,268 19.6 6.8 2.3 LLPs -13 -26.9 -67.0 -68.0 Attributable profit 806 15.5 17.7 12.6 (*) € mn and % change in constant euros. (1) % change in current euros.
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44 Wealth Management & Insurance P&L HIGHLIGHTS Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 375 -8.5 -16.1 -16.3 Net fee income 419 2.5 16.5 14.8 Total revenue 1,019 -1.1 14.5 12.6 Operating expenses -372 -11.0 9.9 8.5 Net operating income 647 5.7 17.3 15.2 LLPs -8 -58.4 97.3 99.7 Attributable profit 471 5.7 28.0 25.2 Contribution to profit 897 7.2 18.7 18.7 (*) € mn and % change in constant euros. (1) % change in current euros. Note: Mar-25 data (AuMs); YTD data (net new money, net sales and GWPs). YoY changes in constant euros. (1) Annualized YTD net new money as a % of PB’s 2024 customer assets and liabilities (CAL). Annualized YTD net sales as a % of SAM’s 2024 AuMs. (2) Includes all fees generated by Santander Asset Management and Insurance, even those ceded to the commercial network. • We continue to build the best wealth and insurance manager in Europe and the Americas, leveraging our leading global private banking platform and our best-in-class funds and insurance product factories • AuMs reached new record levels of €511bn (+11% YoY), backed by sound commercial dynamics, both in Private Banking and SAM, and positive market performance • Profit rose double digits YoY, supported by solid revenue performance across businesses (fees and revenue from Insurance joint ventures), reflecting our focus on fee generating activities • Double-digit growth in total fee contribution2 and total contribution to Group profit2 (+12% and +19% YoY, respectively) • Efficiency improved 1.4pp to 36.5% and our RoTE was 68% • Profit rose 6% QoQ driven by higher volumes and fees, lower costs and the good start to the year of the Insurance joint ventures Net new money (PB) €5.7bn KEY DATA GWPs AuMs €511bn +11% €2.7bn +4% Efficiency 36.5% -1.4pp RoTE post-AT1 68.0% -2.1pp of volumes1 of volumes17% 8% Net sales €4.8bn
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45 • 106 million cards managed across the Group, with solid customer activity (spending +7% and average balance +15%) • NOI +19% YoY, driven by double-digit revenue growth YoYand cost control. Profit affected by LLPs, due to volumes, and model updates in Brazil (macro and regulatory changes) and Mexico (macro) • Profit QoQ affected by the usual seasonality in revenue the last quarter of the year and the Argentine FX accounting in Q4. Excluding Argentina, NII +6% Payments Note: Mar-25 data and YoY changes in constant euros. Spending 17.0% 28.6% Q1'24 Q1'25 EBITDA margin Cards Getnet TPV €56bn +14% Getnet number of transactions +4% Average balance €23bn +15% +11.6pp Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 647 0.2 13.8 2.4 Net fee income 449 -3.5 9.9 2.4 Total revenue 1,067 -8.2 13.1 3.1 Operating expenses -322 -5.9 2.2 -3.7 Net operating income 745 -9.2 18.6 6.4 LLPs -486 9.7 32.6 17.3 Attributable profit 121 -45.5 -14.2 -21.6 (*) € mn and % change in constant euros. (1) % change in current euros. • TPV up 14% and number of transactions +4% YoY in Getnet, driven by Mexico, Chile and Europe • Solid revenue growth, +21% boosted by a generalized increase in business activity, with cost improvements. As a result, EBITDA margin rose to 28.6% • Positive profit for second consecutive quarter €81bn +7% Underlying P&L* Q1'25 Q1'24 % Q4'24 % Q1'24 % Q1'24¹ NII 38 31 9.8 39.3 23.9 Net fee income 245 224 -6.1 18.8 9.3 Total revenue 317 283 -8.2 21.0 11.8 Operating expenses -286 -304 5.3 -2.1 -6.1 LLPs -6 -4 55.6 69.4 50.1 Attributable profit 4 -39 -82.4 — — (*) € mn and % change in constant euros. (1) % change in current euros.
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46 Corporate Centre • NII affected by the lower interest rates which has positive sensitivity to rate hikes • Losses on financial transactions improved, due to a lower impact from foreign currency hedges • Costs remained flat compared to Q1 2024, driven by ongoing simplification measures • Higher LLPs to accelerate NPL reduction that is improving Group’s credit quality • The sum of the rest of the lines improved year-on-year; with lower tax pressure • As a result, slightly higher attributable loss YoY HIGHLIGHTSP&L Underlying P&L* Q1'25 Q1'24 NII -112 -31 Gains / losses on financial transactions -91 -162 Operating expenses -87 -87 LLPs and other provisions -129 -42 Tax and minority interests 37 -18 Attributable profit -394 -357 (*) € mn.
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47 Detail by country
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48 Spain and UK Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). (1) YoY attributable profit growth if we accrue the 2024 temporary levy on revenue earned in Spain, in line with the criteria used for the banking tax in Spain in 2025. SPAIN UK Underlying P&L* Q1'25 % Q4'24 % Q1'24 NII 1,779 -1.2 -2.0 Net fee income 767 13.4 2.9 Total revenue 3,130 7.0 3.8 Operating expenses -1,049 -7.5 1.6 Net operating income 2,081 16.1 4.9 LLPs -304 -5.6 -8.3 Attributable profit 1,147 23.9 48.6 (*) € mn and % change. Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,298 -0.8 6.9 9.5 Net fee income 82 35.5 2.0 4.5 Total revenue 1,341 -0.8 4.1 6.7 Operating expenses -720 -4.4 -4.3 -1.9 Net operating income 621 3.8 15.9 18.7 LLPs -52 — 195.2 202.4 Attributable profit 285 -13.6 -9.0 -6.7 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €229bn 0% Deposits €299bn 0% Mutual funds €97bn +17% Efficiency 33.5% -0.7pp CoR 0.49% -10bps RoTE post-AT1 25.5% +8.3pp Loans €234bn -3% Deposits €220bn -5% Mutual funds €7bn -2% Efficiency 53.7% -4.7pp CoR 0.04% -4bps RoTE post-AT1 9.2% -0.7pp • Loans declined in line with our focus on profitability and deposits impacted by a more competitive environment • Net operating income +16% YoY, on the back of strong NII growth (margin management) and lower costs (transformation), not reflected in profit due to LLP normalization and restructuring provisions • In the quarter, 4% net operating income growth, backed by lower costs (transformation and seasonality), was more than offset by aforementioned provisions • Loans flat, as CIB rise was offset by SME amortizations. Deposit migration to demand. Mutual funds up double digits • Profit +49% YoY (+15% like-for-like temporary bank levy1), due to strong fee performance (mutual funds), gains on financial transactions (CIB) and lower LLPs (active risk management) • Profit +24% QoQ driven by strong fee performance, lower costs (seasonality in Q4) and better LLPs
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49Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). Negative CoR indicates net releases. PORTUGAL POLAND Underlying P&L* Q1'25 % Q4'24 % Q1'24 NII 348 4.8 -19.2 Net fee income 126 13.9 -1.2 Total revenue 503 9.7 -13.9 Operating expenses -136 -5.2 1.4 Net operating income 367 16.5 -18.4 LLPs 14 — — Attributable profit 278 33.0 -8.2 (*) € mn and % change. Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 744 -1.0 5.2 8.5 Net fee income 189 11.4 4.5 7.8 Total revenue 883 -6.5 2.7 5.9 Operating expenses -256 1.4 8.3 11.7 Net operating income 627 -9.4 0.6 3.8 LLPs -78 -32.4 -42.3 -40.5 Attributable profit 237 46.9 8.0 11.4 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €40bn +4% Deposits €39bn +7% Mutual funds €5bn +15% Efficiency 27.0% +4.1pp CoR -0.03% -21bps RoTE post-AT1 30.6% -0.1pp Loans €40bn +9% Deposits €52bn +12% Mutual funds €7bn +21% Efficiency 29.0% +1.5pp CoR 1.20% -75bps RoTE post-AT1 22.1% +2.6pp • Customer growth is driving a strong increase in loans, mainly in Retail and CIB. Deposit growth (time) and outstanding rise in mutual funds • Profit up 8% YoY, driven by excellent NIIperformance (volumes and ALCO), fees (FX and mutual funds) and improved LLPs, which more than offset higher costs (competitive labour market) • Profit up QoQ on the back of fee performancein CIB and lower CHF provisions. NII affected by high levels in Q4 and other income by deposit guarantee fund contribution (BFG) • Loans up with solid new business performance. Increases in deposits and mutual funds • Profit down YoY, mainly affected by the impact of interest rates on NII, partially offset by LLP releases • Profit up double digits QoQ driven by all P&L lines: NII (volumes), fees (transactional), lower costs and LLP releases
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50Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). US RoTE post-AT1 adjusted based on Group’s deployed capital calculated as contribution of RWAs at 12%, is 14.5%. US MEXICO Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,129 3.5 8.4 -7.0 Net fee income 350 8.9 13.6 -2.5 Total revenue 1,506 -2.4 9.1 -6.3 Operating expenses -628 -7.6 10.0 -5.6 Net operating income 878 1.6 8.5 -6.9 LLPs -304 14.5 -4.1 -17.7 Attributable profit 394 -8.7 11.6 -4.2 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €117bn +2% Deposits €91bn -3% Mutual funds €14bn +10% Efficiency 50.0% -0.3pp CoR 1.73% -25bps RoTE post-AT1 10.7% +3.4pp Loans €45bn +7% Deposits €41bn +3% Mutual funds €20bn +29% Efficiency 41.7% +0.3pp CoR 2.55% -8bps RoTE post-AT1 20.6% +2.3pp • Loans up 2%, driven by CIB on the back of higher market activity. Deposits fell, as strong growth in Consumer was offset by a drop in CIB in line with our strategy in 2024 to reduce excess corporate deposits • Profit +45% YoY, as revenue growth (especially fees) and lower LLPs (resilient consumer behaviour and used car prices) amply offset higher costs (investments in CIB and successful Openbank launch) • Profit +80% QoQ with similar trends: revenue up (CIB fees) with lower LLPs and contained costs (investments for growth) • New digital features, enhanced and value-added offers as well as commercial alliances are driving loan and deposit growth • Profit +12% YoY, driven by NII (volumes and margin management), fees (insurance and funds) and lower LLPs (better asset quality) • Profit down QoQ, as good NII, fee and cost performances did not offset lower gains on financial transactions (non-recurring gain in Q4’24) and higher LLPs (increasing from low levels in Q4 2024) Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,499 1.4 4.1 7.3 Net fee income 355 10.4 29.0 33.0 Total revenue 2,014 2.3 4.5 7.8 Operating expenses -1,007 0.6 3.9 7.2 Net operating income 1,006 4.1 5.1 8.4 LLPs -535 -23.2 -15.7 -13.0 Attributable profit 417 80.4 44.6 49.1 (*) € mn and % change in constant euros. (1) % change in current euros.
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51Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). BRAZIL CHILE Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 2,402 -1.5 4.5 -8.7 Net fee income 793 -7.0 7.2 -6.3 Total revenue 3,223 -2.3 5.2 -8.1 Operating expenses -1,059 -1.2 4.8 -8.4 Net operating income 2,165 -2.9 5.4 -7.9 LLPs -1,166 7.2 14.8 0.2 Attributable profit 509 -21.9 3.8 -9.3 (*) € mn and % change in constant euros. (1) % change in current euros. Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 512 -2.0 43.5 45.6 Net fee income 151 6.9 16.0 17.6 Total revenue 722 -0.3 35.0 36.9 Operating expenses -249 5.8 9.5 11.0 Net operating income 473 -3.2 53.9 56.1 LLPs -156 30.0 22.7 24.5 Attributable profit 185 -6.9 101.3 104.1 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €94bn +3% Deposits €84bn +8% Mutual funds €54bn +12% Efficiency 32.8% -0.1pp CoR 4.61% -18bps RoTE post-AT1 14.4% -0.3pp Loans €42bn 0% Deposits €30bn +3% Mutual funds €13bn +19% Efficiency 34.5% -8.0pp CoR 1.26% +41bps RoTE post-AT1 18.2% +9.2pp • Loans rose across global businesses except in CIB. Deposits up (migration to time) and mutual funds grew double digits • Strong profit growth YoY boosted by NII (UF and lower deposit costs), fees (transactional and funds) and gains on financial transactions, with higher costs (Gravity roll-out) and LLP normalization • Profit QoQ affected by high NII levels in Q4, costs and LLPs normalization, partially offset by fees (transactional and advisory) • Loan rose YoY driven by Consumer and Cards. Strong deposit growth (both time and demand) and mutual funds • Profit up YoY, driven by NII (activity in Cards and CIB) and fees (transactional and insurance), with LLPs affected by macro environment and higher volumes. Costs grew in line with inflation • Profit QoQ affected by impact of negative interest rate sensitivity on NII, seasonality in fees and higher LLPs while costs improved
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52Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in current euros). (1) The exchange rate resulting from the sale of local bonds denominated in Argentine pesos in US dollars (dual denomination peso/dollar bonds). ARGENTINA • In Q2 2024, given a significant divergence between the official exchange rate and inflation, we decided to start using an alternative exchange rate – This exchange rate was modelled by our Economic Research Team primarily taking into account the inflation differential of Argentina with respect to the US • Given the improved macroeconomic outlook in the country, from Q4 2024 we take the Dollar Contado con Liquidación (CCL)1 rate as a reference for this alternative exchange rate: – At the end of the year, the value of this exchange rate did not significantly differ from other market rates or the official exchange rate • As a result, in Q3 2024 we used an FX rate of 1,618 ARS/EUR while in Q4 2024 we used 1,232 ARS/EUR, resulting in a higher quarter than previous ones – To give an idea of the sensitivity to the FX rate, applying September 2024 rate of 1,618 ARS/EUR, 2024 NII would have been negatively impacted by c.€700mn, c.40% of which would have been offset in other income, while costs would have been c.€250mn lower . • In Q1 2025 we are using 1,426 ARS/EUR (FX corresponding to Dollar CCL) ARGENTINA PESO Underlying P&L* Q1'25 Q4'24 % Q4'24 % Q1'24 NII 416 1,107 -62.4 -59.4 Net fee income 172 287 -39.9 31.4 Total revenue 504 1,047 -51.9 -9.3 Operating expenses -223 -416 -46.3 -21.9 Net operating income 281 631 -55.5 4.1 LLPs -76 -156 -51.4 117.4 Attributable profit 129 283 -54.6 26.7 (*) € mn and % change in current euros. Loans €9bn +61% Deposits €11bn +73% Mutual funds €6bn +49% Efficiency 44.3% -7.2pp CoR 4.58% -84bps RoTE post-AT1 22.0% +1.9pp • In an environment with higher activity, customers grew 8% YoY, resulting in strong volume growth across most businesses and products • Profit up YoY backed by fees (transactional, funds and insurance), costs and lower hyperinflation adjustment. NII affected by lower interest rates and LLPs by volumes • Quarterly results affected by FX rate accounting in Q4
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53 Appendix Aligning financial reporting to recent changes in our management structure 2025 Investor Day targets summary Group P&L and excluding Argentina Detail by global business and country Reconciliation of underlying results to statutory results Glossary
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54 Reconciliation of underlying results to statutory results EUR mn (1) Includes exchange differences. Explanation of 2024 adjustments: • Temporary levy on revenue in Spain in Q1 2024, totalling EUR 335 million, which was reclassified from total income to other g ains (losses) and provisions. Statutory results Adjustments Underlying results Statutory results Adjustments Underlying results Net interest income 11,378 — 11,378 11,983 — 11,983 Net fee income 3,369 — 3,369 3,240 — 3,240 Gains (losses) on financial transactions 1 678 — 678 623 — 623 Other operating income 112 — 112 (801) 335 (466) Total income 15,537 — 15,537 15,045 335 15,380 Administrative expenses and amortizations (6,489) — (6,489) (6,547) — (6,547) Net operating income 9,048 — 9,048 8,498 335 8,833 Net loan-loss provisions (3,161) — (3,161) (3,125) — (3,125) Other gains (losses) and provisions (700) — (700) (790) (335) (1,125) Profit before tax 5,187 — 5,187 4,583 — 4,583 Tax on profit (1,446) — (1,446) (1,468) — (1,468) Profit from continuing operations 3,741 — 3,741 3,115 — 3,115 Net profit from discontinued operations — — — — — — Consolidated profit 3,741 — 3,741 3,115 — 3,115 Non-controlling interests (339) — (339) (263) — (263) Profit attributable to the parent 3,402 — 3,402 2,852 — 2,852 January-March 2024January-March 2025
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55 Appendix Aligning financial reporting to recent changes in our management structure 2025 Investor Day targets summary Group P&L and excluding Argentina Detail by global business and country Reconciliation of underlying results to statutory results Glossary
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56 Glossary - Acronyms • A2A: account to account • AM: Asset management • AuMs: Assets under Management • bn: Billion • bps: Basis points • c.: Circa • CET1: Common equity tier 1 • CHF: Swiss franc • CF: Corporate Finance • CIB: Corporate & Investment Banking • CoE: Cost of equity • Consumer: Digital Consumer Bank • CoR: Cost of risk • DCB Europe: Digital Consumer Bank Europe • DCM: Debt Capital Markets • DPS: Dividend per share • EPS: Earnings per share • ESG: Environmental, social and governance • FX: Foreign exchange • FY: Full year • ID: Investor Day • IFRS 9: International Financial Reporting Standard 9, regarding financial instruments • k: Thousands • LLPs: Loan-loss provisions • mn: Million • NII: Net interest income • NIM: Net interest margin • n.m.: Not meaningful • NPL: Non-performing loans • OEM: Original equipment manufacturer • Payments: PagoNxt and Cards • PB: Private Banking • PBT: Profit before tax • P&L: Profit and loss • pp: Percentage points • Ps: Per share • QoQ: Quarter-on-Quarter • Repos: Repurchase agreements • Retail: Retail & Commercial Banking • RoE: Return on equity • RoRWA: Return on risk-weighted assets • RoTE: Return on tangible equity • RWA: Risk-weighted assets • SAM: Santander Asset Management • SBB: share buybacks • SME: Small and Medium Enterprises • US BBO: US Banking Build-Out • TNAV: Tangible net asset value • TPV: Total Payments Volume • YoY: Year-on-Year • YTD: Year to date • Wealth: Wealth Management & Insurance • #: Number
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57 Glossary - Definitions PROFITABILITY AND EFFICIENCY • RoTE (Return on tangible equity): Profit attributable to the parent (annualized)1/ Average stockholders' equity2 (excl. minority interests) - intangible assets • RoTE (post-AT1): Profit attributable to the parent minus AT1 costs (annualized)1 / Average stockholders' equity2 (excl. minority interests) - intangible assets • RoRWA (Return on risk-weighted assets): Consolidated profit (annualized) / Average risk-weighted assets • Efficiency: Underlying operating expenses / Underlying total income. Operating expenses defined as administrative expenses + amortizations VOLUMES • Loans: Gross loans and advances to customers (excl. reverse repos) • Customer funds: Customer deposits excluding repos + marketed mutual funds CREDIT RISK • NPL ratio: Credit impaired customer loans and advances, guarantees and undrawn balances / Total risk. Total risk is defined as: Non-impaired and impaired customer loans and advances and guarantees + impaired undrawn customer balances • NPL coverage ratio: Total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances / Credit impaired customer loans and advances, guarantees and undrawn balances • Cost of risk: Underlying allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers over the last 12 months CAPITALIZATION • TNAV per share (Tangible net asset value per share): Tangible book value / Number of shares excluding treasury stock. Tangible book value calculated as Stockholders' equity (excl. minority interests) - intangible assets Note: the averages for the RoTE, RoTE post-AT1 and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from using daily balances. The risk-weighted assets included in the denominator of the RoRWA metric are calculated in line with the criteria laid out in th e CRR (Capital Requirements Regulation) (1) Excluding the adjustment to the valuation of goodwill. (2) Stockholders’ equity = Capital and Reserves + Accumulated other comprehensive income + Profit attributable to the parent + Di vidends. For the financial Sustainability indicators, please see ‘Alternative Performance Measures’ section of the Quarterly Financial Report.
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Thank You. Our purpose is to help people and businesses prosper . Our culture is based on believing that everything we do should be:
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000 Supplementary information Q1 2025 30 April 2025
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2 Important information Non-IFRS and alternative performance measures Banco Santander, S.A. (“Santander”) cautions that this presentation may contain 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 the 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 accounting periods. Nonetheless, the APMs and non-IFRS measures are supplemental information; their purpose is not to substitute the 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 environmental, social and governance labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR. For more details on APMs and non-IFRS measures, please see the 2024 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 28 February 2025 (https://www.santander.com/content/dam/santander-com/en/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2025/sec-2024-annual-20-f-2024-en.pdf), as well as the section “Alternative performance measures” of Banco Santander, S.A. (Santander) Q1 2025 Financial Report, published on 30 April 2025 (https://www.santander.com/en/shareholders-and-investors/financial-and- economic-information#quarterly-results). Sustainability information This presentation may contain, in addition to financial information, sustainability-related information, including environmental, social and governance-related metrics, statements, goals, targets, commitments and opinions. Sustainability information is not audited nor, save as expressly indicated under section ‘Auditors’ reviews’ of the 2024 Annual Financial Report, reviewed by an external auditor. Sustainability information is prepared following various external and internal frameworks, reporting guidelines and measurement, collection and verification methods and practices, which may materially differ from those applicable to financial information and are in many cases emerging and evolving. Sustainability information is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. Sustainability information is thus subject to significant measurement uncertainties, may not be comparable to sustainability information of other companies or over time or across periods and its use 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. The sustainability information is for informational purposes only, 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 may contain 'forward-looking statements', as defined by the US 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', 'ambition', 'aspiration', 'commitment', 'commit', 'focus', 'pledge' and similar expressions. They include (but are not limited to) statements on future business development, shareholder remuneration policy and NFI. However, risks, uncertainties and other important factors may lead to developments and results that differ materially from those anticipated, expected, projected or assumed in forward-looking statements. The important factors below (and others mentioned in this report), as well as other unknown or unpredictable factors, could affect our future development and results and could lead to outcomes materially different from what our forward-looking statements anticipate, expect, project or assume: • general economic or industry conditions (e.g., an economic downturn; higher volatility in the capital markets; inflation; deflation; changes in demographics, consumer spending, investment or saving habits; and the effects of the wars in Ukraine and the Middle East or the outbreak of public health emergencies in the global economy) in areas where we have significant operations or investments; • climate-related conditions, regulations, targets and weather events; • exposure to market risks (e.g., risks from interest rates, foreign exchange rates, equity prices and new benchmark indices);
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3 Important information • potential losses from early loan repayment, collateral depreciation or counterparty risk; • political instability in Spain, the UK, other European countries, Latin America and the US; • legislative, regulatory or tax changes (including regulatory capital and liquidity requirements), especially in view of the UK's exit from the European Union and greater regulation prompted by financial crises; • acquisition integration and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters; • uncertainty over the scope of actions that may be required by us, governments and other to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and governmental standards and regulations; • our own decisions and actions, including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; and • changes affecting our access to liquidity and funding on acceptable terms, especially due to credit spread shifts or credit rating downgrade for the entire group or core subsidiaries. Forward looking statements are based on current expectations and future estimates about Santander’s and third-parties’ operations and businesses and address matters that are uncertain to varying degrees, including, but not limited to developing standards that may change in the future; plans, projections, expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including expectations regarding future execution of Santander’s and third parties’ energy and climate strategies, and the underlying assumptions and estimated impacts on Santander’s and third-parties’ businesses related thereto; Santander’s and third-parties’ approach, plans and expectations in relation to carbon use and targeted reductions of emissions; changes in operations or investments under existing or future environmental laws and regulations; and changes in government regulations and regulatory requirements, including those related to climate-related initiatives. Forward-looking statements are aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this presentation and are informed by the knowledge, information and views available on such date and are subject to change without notice. Banco Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law. Past performance does not indicate future outcomes Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or earnings (including earnings per share) will necessarily be the same or higher than in a previous period. Nothing mentioned in this presentation should be taken as a profit and loss forecast. Not a securities offer This presentation and the information it contains does not constitute an offer to sell nor the solicitation of an offer to buy any securities. Third Party Information In particular, regarding the data provided by third parties, neither Santander, nor any of its directors, managers or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in by any means, Santander may introduce any changes it deems suitable, and may omit, partially or completely, any of the elements of this presentation, and in case of any deviation, Santander assumes no liability for any discrepancy.
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4 From Q2 2024 onwards for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods). For further information, see the 'Alternative performance measures' section in the appendix to the quarterly report. Variations in constant euros include Argentina in current euros to mitigate distortions from a hyperinflationary economy. Quarterly series include minor adjustments related to i) aligning the reporting with changes to the management structure in Wealth; ii) improvements in certain profit sharing criteria between Retail & Commercial Banking and Cards; and iii) the usual annual adjustment perimeter of the Global Relationship Model. These adjustments do not affect Group results. For more information, see the quarterly financial report. Additional notes
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5 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
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6 Santander’s capital levels amply exceed minimum regulatory requirements 4.50% 12.86% 12-13% (operating range) 0.98% 2.50% 1.25% SyRB, 0.03% CCyB, 0.39% 1.83% 1.57% 1.50%2.44% 2.82% 2.40%13.91% 17.24% >15% Regulatory Requirement 2025 Group ratios Mar-25 2025 target ratios CET1CCoB Pillar 1 AT1 G-SIB buffer2 T2 T2 AT1 Pillar 2 R Mar-25 +333bps +295bps 1 2 +321bps SREP CAPITAL REQUIREMENTS AND MDA* • CET1 ratio of 12.9%, at the top end of our 12-13% operating range for 2025 • The minimum CET1 to be maintained by the Group is 9.65% • As of Mar-25, the distance to the MDA is 295bps3 and the CET1 management buffer is 321bps • Our current estimate for the fully- loaded CET1 ratio is comfortably above our >12% Investor Day target for 2025 year end * Phased-in ratios are calculated in accordance with the transitory treatment of the CRR. (1) Estimated countercyclical buffer as of Mar-25. (2) Estimated systemic risk buffer as of Mar-25. (3) MDA trigger = 3.21% - 0.26% = 2.95% (26bps of AT1 shortfall is covered with CET1). Santander Parent Bank has €72.8bn in Availabl e Distributable Items, c.110 times the full Parent AT1 budgeted for 2025.
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7 Diversified bond portfolio represents just 8% of total assets %, Mar-25 Spain 31% Poland 13% UK 7% Portugal 5% SCF 5% Mexico 10% US 10% Brazil 9% Chile 6% Rest of the Group 3% €152bn o/w HTC €96bn (63%) ALCO IRRBB €116bn Liquidity portfolio €35bn BOND PORTFOLIO • Bond portfolio represents 8% of total assets • HTC&S duration: 2.4 years • Mark to market impact of the HTC portfolio equivalent to just 1% of total CET1 (€82.2bn) €152bn
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8 Conservative and decentralized liquidity and funding model (1) Data includes public issuances from all units with period-average exchange rates. Excludes securitizations. (2) Includes AT1 / Preferred shares and Tier 2 / Subordinated. 1.8 4.1 2.0 2.3 1.20.7 1.9 1.8 0.9 0.3 2.9 8.7 5.3 0.0 0.4 Covered bonds Senior Senior non- preferred AT1 Tier 2 € bn, Mar-25 Covered Bonds Senior Non- Preferred Senior Other 2025 2026 2027 2028 >2029 2.2 11.3 12.0 6.3 5.7 13.1 3.3 6.7 15.2 8.5 9.8 19.8 4.9 12.3 10.1 14.2 6.4 23.5 1.8 2.0 0.7 1.9 0.2 25.2 2029 Spain UK SCF Brazil US Other 2 3 €17.3bn1 ISSUED IN PUBLIC MARKETS IN Q1’25 VERY MANAGEABLE MATURITY PROFILE € bn, Mar-25 • Other includes issuances in Chile, Portugal, Argentina, Poland and Mexico
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9 Plan Issued Plan Issued Plan Issued Plan Issued Banco Santander, S.A. 0 - 0.5 0.4 20 - 21 12.5 0.5 - 2 - 20.5 - 23.5 12.9 UK - - 7 - 8 3.5 4 - 5 3.0 11 - 13 6.5 SHUSA - - 3 - 4 1.9 - - 3 - 4 1.9 TOTAL 0 - 0.5 0.4 30 - 33 17.9 4.5 - 7 3.0 34.5 - 40.5 21.2 AT1 + Tier 2 SNP + Senior Covered Bonds TOTAL 2025 issuances against funding plan € bn, Mar-25 1 Note: Issuance plan subject to, amongst other considerations, market conditions and regulatory requirements. Other secured issuances (for example ABS, RMBS, etc.) are not considered in the table above. (1) Includes €5.3bn Senior Non-Preferred and €2.5bn Senior Preferred issued in 2024, as pre -funding for the 2025 funding plan. (2) Includes €1bn Covered Bond issued in 2024, as pre-funding for the 2025 funding plan. • Continue fulfilling the 1.5% AT1 and 2.4% T2 buffers subject to RWA growth • MREL & TLAC ratios above regulatory requirements • Maintain a solid liquidity position, with LCR and NFSR above minimum requirements and ample liquidity buffers 2 1 EXECUTION OF 2025 FUNDING PLAN Banco Santander, S.A.’s 2025 funding plan contemplates the following: 2
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10 TLAC/MREL for the Resolution Group headed by Banco Santander , S.A. 32.4% 12.2% 4.2% 4.4% 3.9% 41.0% 16.1% % RWAs % LE 18.0% 6.8% 4.2% 7.7% 2.8% 29.9% 9.5% % RWAs % LE % and € bn Req. 36.6% SNP T2 CET1 Senior AT1 Sub debt % Req. 22.2% Distance to M-MDA €24.6bn 775bps €27.8bn 279bps €18.5bn 445bps €41.1bn 389bps 83.3 9.6 13.2 2.1 34.9 27.1 170.3 MREL instruments 1 1 1 1 2 Requirement CBR Buffer (1) TLAC RWAs are €318bn and leverage exposure (LE) is €997bn. MREL RWAs are €415bn and leverage exposure is €1,057bn. (2) MREL Requirement based on RWAs from Jan-25: 32.39% + Combined Buffer Requirement (CBR). TLAC Mar-25(e) MREL Mar-25(e) Requirement CBR Buffer
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11 Well-funded, diversified, prudent and highly liquid balance sheet (large % contribution from customer deposits), reflected in solid liquidity ratios € bn, Mar-25 Net Stable Funding Ratio (NSFR) Mar-25 Dec-24 Dec-24 Spain 2 148% 162% 122% UK 2 153% 154% 137% Portugal 143% 142% 120% Poland 213% 220% 156% SCF 269% 263% 116% US 203% 179% 120% Mexico 153% 212% 128% Brazil 156% 168% 114% Chile 215% 181% 112% Argentina 158% 226% 181% Group 157% 168% 126% 1 Liquidity Coverage Ratio (LCR) ST Funding Securitizations and others Loans and advances to customers Fixed assets & other Customer deposits M/LT debt issuances Equity and other liabilitiesFinancial assets 423 36 84 170 1,064 217 66 1,082 1,571 1,571 Assets Liabilities HQLAs1 Note: Liquidity balance sheet for management purposes (net of trading derivatives and interbank balances). (1) Provisional data. HQLAs used in the consolidated LCR numerator: EUR 291 billion. See Glossary for definitions. (2) UK: Ring-fenced bank; Spain: Banco Santander, S.A. standalone. (3) Group LCR. Consolidated LCR 145% in Mar-25 and 153% in Dec-24. See Glossary for definitions. 3 LIQUIDITY BALANCE SHEET €329bn o/w cash €165bn HQLA Level 1 314.9 HQLA Level 2 14.5 o/w Level 2A 7.2 o/w Level 2B 7.3
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12 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
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13 NIM (%) NII / Average earning assets Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Retail & Commercial Banking 3.19 3.18 3.14 3.26 3.12 Spain 2.55 2.75 2.66 2.48 2.57 United Kingdom 1.41 1.46 1.53 1.58 1.59 Mexico 5.78 5.80 5.98 6.23 6.14 Brazil 7.87 7.91 8.06 7.67 8.35 Digital Consumer Bank 4.48 4.34 4.28 4.43 4.26 DCB Europe 2.74 2.72 2.64 2.71 2.75 DCB US 6.97 7.06 6.94 6.76 6.32 Corporate & Investment Banking 1.16 1.03 0.92 1.09 0.90 Wealth Management & Insurance 3.43 3.25 3.11 3.00 2.59 Payments 7.70 7.77 7.25 7.84 7.51 TOTAL GROUP 2.97 2.89 2.79 2.92 2.73 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Spain 1.77 1.84 1.70 1.65 1.59 United Kingdom 1.46 1.52 1.58 1.64 1.65 Portugal 3.03 2.91 2.58 2.31 2.40 Poland 4.67 4.67 4.77 4.60 4.41 DCB Europe 2.74 2.72 2.64 2.71 2.75 US 3.16 3.10 3.02 3.03 3.02 Mexico 5.19 5.31 5.24 5.09 5.29 Brazil 5.36 5.36 5.21 5.14 5.11 Chile 2.38 3.33 3.60 3.80 3.73 Argentina 38.69 35.65 19.30 13.52 11.71
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14 Yield on loans (%) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Retail & Commercial Banking 6.49 6.48 6.39 6.50 6.39 Spain 4.10 4.09 4.06 3.89 3.78 United Kingdom 3.79 3.93 4.07 4.13 4.14 Mexico 13.82 13.73 13.78 13.67 13.33 Brazil 16.24 16.46 16.57 16.70 16.54 Digital Consumer Bank 8.38 8.29 8.23 8.56 8.58 DCB Europe 5.65 5.76 5.73 5.80 5.82 DCB US 11.35 11.56 11.42 11.64 12.08 Corporate & Investment Banking 7.25 6.65 6.56 6.54 6.31 Wealth Management & Insurance 4.90 4.82 4.73 4.55 4.18 Payments 15.71 14.74 14.44 14.96 13.98 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Spain 4.56 4.48 4.44 4.25 4.07 United Kingdom 3.83 3.97 4.11 4.18 4.19 Portugal 5.05 4.90 4.72 4.34 4.29 Poland 8.00 7.88 7.95 7.85 7.81 DCB Europe 5.65 5.76 5.73 5.80 5.82 US 9.06 9.17 9.01 9.01 9.27 Mexico 14.50 14.43 14.47 14.25 13.47 Brazil 14.80 14.86 14.90 14.92 15.04 Chile 8.65 9.64 8.81 9.57 9.36 Argentina 54.85 38.08 28.35 28.33 28.23
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15 Cost of deposits (%) * Payments’s cost of deposits is not provided as we do not consider it a relevant metric for this type of business. Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Retail & Commercial Banking 2.38 2.20 2.15 2.13 2.04 Spain 0.65 0.69 0.73 0.75 0.57 United Kingdom 2.16 2.15 2.07 2.00 1.93 Mexico 5.21 5.17 4.88 4.44 4.07 Brazil 7.22 7.12 7.26 7.33 8.24 Digital Consumer Bank 2.15 2.25 2.27 2.23 2.14 DCB Europe 2.25 2.32 2.34 2.28 2.14 DCB US 2.00 2.13 2.13 2.15 2.14 Corporate & Investment Banking 4.86 5.00 5.08 4.41 3.93 Wealth Management & Insurance 2.61 2.52 2.52 2.45 2.16 Payments* N/A N/A N/A N/A N/A Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Spain 0.99 0.96 0.90 0.96 0.75 United Kingdom 2.23 2.24 2.15 2.07 1.99 Portugal 0.86 0.98 1.16 0.98 0.85 Poland 1.51 1.52 1.48 1.48 1.52 DCB Europe 2.25 2.32 2.34 2.28 2.14 US 2.90 3.03 3.07 2.93 2.72 Mexico 5.55 5.51 5.23 4.80 4.36 Brazil 7.04 6.96 7.11 7.14 7.94 Chile 4.61 4.24 3.80 3.41 3.10 Argentina 21.49 10.84 6.17 4.54 4.11
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16 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
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17 Efficiency ratio (%) Q1'24 H1'24 9M'24 2024 Q1'25 Retail & Commercial Banking 40.7 39.2 39.1 39.5 39.4 Digital Consumer Bank 41.2 40.6 40.7 40.1 41.9 Corporate & Investment Banking 41.6 43.3 44.3 45.5 42.9 Wealth Management & Insurance 37.9 37.2 37.3 38.2 36.5 Payments 48.4 46.8 46.1 44.5 43.9 PagoNxt 107.5 103.0 99.4 93.6 90.3 Cards 32.3 31.0 30.4 30.1 30.2 TOTAL GROUP 42.6 41.6 41.7 41.8 41.8 Q1'24 H1'24 9M'24 2024 Q1'25 Spain 34.2 34.1 34.7 35.7 33.5 United Kingdom 58.4 57.7 56.0 55.9 53.7 Portugal 22.9 23.4 24.6 26.1 27.0 Poland 27.5 27.2 27.3 27.1 29.0 DCB Europe 47.1 46.2 46.5 45.9 47.5 US 50.3 50.5 50.4 50.5 50.0 Mexico 41.4 41.4 41.9 42.5 41.7 Brazil 33.0 32.4 32.0 32.1 32.8 Chile 42.5 39.2 37.4 36.0 34.5 Argentina 51.4 40.6 42.1 41.1 44.3
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18 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
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19 Stage coverage Exposure subject to impairment (EUR billion)* Coverage Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Stage 1 1,007 1,008 1,008 1,002 1,012 0.4% 0.4% 0.4% 0.4% 0.4% Stage 2 83 94 87 88 87 6.3% 5.6% 5.7% 5.6% 5.6% Stage 3 36 35 36 35 35 40.5% 41.2% 40.1% 40.6% 41.3% * Additionally, customer loans not subject to impairment recorded at mark to market with changes through P&L (EUR 25 bn in March 2024, EUR 26 bn in June 2024, EUR 39 bn in September 2024, EUR 32 bn in December 2024 and EUR 34 bn in March 2025).
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20 NPL ratio (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Retail & Commercial Banking 3.21 3.14 3.27 3.18 3.12 Digital Consumer Bank 4.86 4.81 4.89 5.07 5.09 Corporate & Investment Banking 1.19 1.03 0.86 0.83 0.75 Wealth Management & Insurance 0.93 1.08 1.01 0.93 0.98 Payments 4.99 5.16 5.70 5.20 5.88 PagoNxt * N/A N/A N/A N/A N/A Cards 5.13 5.20 5.80 5.31 6.11 TOTAL GROUP 3.10 3.02 3.06 3.05 2.99 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Spain 3.00 2.91 2.80 2.68 2.56 United Kingdom 1.48 1.46 1.44 1.33 1.25 Portugal 2.63 2.42 2.47 2.40 2.25 Poland 3.57 3.40 3.91 3.66 3.52 DCB Europe 2.27 2.31 2.44 2.50 2.62 US 4.60 4.33 4.40 4.72 4.45 Mexico 2.74 2.78 2.70 2.71 2.79 Brazil 6.06 5.96 6.25 6.14 6.33 Chile 4.95 5.12 5.33 5.37 5.60 Argentina 1.84 1.51 1.79 2.06 2.32 * PagoNxt's NPL ratio is not provided as we do not consider it a relevant metric for this type of business.
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21 NPL coverage ratio (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Retail & Commercial Banking 60.7 61.6 57.9 58.5 59.0 Digital Consumer Bank 76.1 75.9 74.4 73.6 75.0 Corporate & Investment Banking 43.0 36.0 35.5 39.0 39.3 Wealth Management & Insurance 56.2 59.1 63.5 71.2 66.4 Payments 139.8 144.3 128.3 137.5 126.0 PagoNxt * N/A N/A N/A N/A N/A Cards 142.2 146.2 129.6 139.2 126.7 TOTAL GROUP 66.1 66.5 63.6 64.8 65.7 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Spain 49.8 50.1 50.0 52.6 52.8 United Kingdom 28.3 28.5 28.4 29.3 30.8 Portugal 80.9 79.9 78.1 79.4 81.7 Poland 74.9 75.1 66.3 61.9 63.7 DCB Europe 86.1 85.4 83.3 82.5 82.3 US 67.8 67.9 64.5 63.8 63.8 Mexico 100.7 102.5 104.0 100.4 101.8 Brazil 86.8 90.4 82.1 82.7 82.0 Chile 54.2 53.1 51.8 49.9 49.6 Argentina 147.3 145.2 161.0 177.1 155.4 * PagoNxt’s coverage ratio is not provided as we do not consider it a relevant metric for this type of business.
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22 Loan-loss allowancesCredit impaired loans Credit impaired loans and loan-loss allowances Note: Percentages of total operating areas, excluding Corporate Centre. Retail, 58.1%Consumer, 31.5% CIB, 5.4% Wealth, 0.7% Payments, 4.3% Retail, 52.1%Consumer, 35.8% CIB, 3.2% Wealth, 0.7% Payments, 8.2% Spain, 21% United Kingdom, 9% Portugal, 3% Poland, 5% DCB Europe, 11% US, 19% Mexico, 4% Brazil, 19% Chile, 7% Argentina, 1% Rest of the Group, 2% Spain, 18% United Kingdom, 4% Portugal, 3% Poland, 5% DCB Europe, 13%US, 19% Mexico, 6% Brazil, 24% Chile, 6% Argentina, 1% Rest of the Group, 1%
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23 Cost of risk (%) Note: Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months. * PagoNxt’s cost of risk is not provided as we do not consider it a relevant metric for this type of business. Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Retail & Commercial Banking 1.03 1.03 0.98 0.92 0.91 Digital Consumer Bank 2.12 2.17 2.12 2.16 2.14 Corporate & Investment Banking 0.14 0.15 0.21 0.09 0.08 Wealth Management & Insurance (0.06) 0.07 0.09 0.19 0.20 Payments 6.88 7.02 6.99 7.36 7.52 PagoNxt * N/A N/A N/A N/A N/A Cards 7.10 7.23 7.22 7.60 7.79 TOTAL GROUP 1.20 1.21 1.18 1.15 1.14 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Spain 0.59 0.56 0.52 0.50 0.49 United Kingdom 0.08 0.08 0.05 0.03 0.04 Portugal 0.19 0.12 0.07 0.03 (0.03) Poland 1.95 1.81 1.67 1.38 1.20 DCB Europe 0.67 0.72 0.75 0.88 0.92 US 1.98 2.06 1.94 1.82 1.73 Mexico 2.63 2.71 2.69 2.64 2.55 Brazil 4.79 4.77 4.78 4.51 4.61 Chile 0.85 0.97 1.09 1.19 1.26 Argentina 5.43 4.80 4.88 4.59 4.58
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24 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
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25 GRUPO SANTANDER (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 11,983 11,474 11,225 11,986 11,378 -5.1% 11,983 11,378 -5.0% Net fee income 3,240 3,237 3,189 3,344 3,369 +0.7% 3,240 3,369 +4.0% Gains (losses) on financial transactions and other 157 959 721 696 790 +13.5% 157 790 +403.2% Total revenue 15,380 15,670 15,135 16,026 15,537 -3.1% 15,380 15,537 +1.0% Operating expenses (6,547) (6,366) (6,349) (6,772) (6,489) -4.2% (6,547) (6,489) -0.9% Net operating income 8,833 9,304 8,786 9,254 9,048 -2.2% 8,833 9,048 +2.4% Net loan-loss provisions (3,125) (3,118) (2,976) (3,114) (3,161) +1.5% (3,125) (3,161) +1.2% Other gains (losses) and provisions (1,125) (1,261) (891) (1,540) (700) -54.5% (1,125) (700) -37.8% Profit before tax 4,583 4,925 4,919 4,600 5,187 +12.8% 4,583 5,187 +13.2% Consolidated profit 3,115 3,477 3,589 3,563 3,741 +5.0% 3,115 3,741 +20.1% Attributable profit 2,852 3,207 3,250 3,265 3,402 +4.2% 2,852 3,402 +19.3%
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26 GRUPO SANTANDER (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 11,573 11,145 11,263 12,053 11,378 -5.6% 11,573 11,378 -1.7% Net fee income 3,100 3,115 3,189 3,360 3,369 +0.3% 3,100 3,369 +8.7% Gains (losses) on financial transactions and other 155 957 734 693 790 +14.0% 155 790 +409.6% Total revenue 14,828 15,216 15,186 16,106 15,537 -3.5% 14,828 15,537 +4.8% Operating expenses (6,363) (6,214) (6,381) (6,796) (6,489) -4.5% (6,363) (6,489) +2.0% Net operating income 8,465 9,003 8,805 9,310 9,048 -2.8% 8,465 9,048 +6.9% Net loan-loss provisions (2,949) (2,984) (2,989) (3,142) (3,161) +0.6% (2,949) (3,161) +7.2% Other gains (losses) and provisions (1,102) (1,241) (896) (1,554) (700) -55.0% (1,102) (700) -36.5% Profit before tax 4,413 4,778 4,920 4,614 5,187 +12.4% 4,413 5,187 +17.5% Consolidated profit 3,006 3,377 3,589 3,566 3,741 +4.9% 3,006 3,741 +24.5% Attributable profit 2,746 3,111 3,248 3,265 3,402 +4.2% 2,746 3,402 +23.9%
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27 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
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28 Retail & Commercial Banking (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 7,139 6,857 6,807 7,134 6,721 -5.8% 7,139 6,721 -5.9% Net fee income 1,205 1,184 1,153 1,164 1,210 +3.9% 1,205 1,210 +0.4% Gains (losses) on financial transactions and other (284) 176 (21) (140) (36) -74.3% (284) (36) -87.3% Total revenue 8,061 8,217 7,939 8,158 7,895 -3.2% 8,061 7,895 -2.1% Operating expenses (3,285) (3,098) (3,082) (3,331) (3,113) -6.6% (3,285) (3,113) -5.2% Net operating income 4,776 5,118 4,856 4,827 4,782 -0.9% 4,776 4,782 +0.1% Net loan-loss provisions (1,523) (1,563) (1,371) (1,387) (1,431) +3.1% (1,523) (1,431) -6.1% Other gains (losses) and provisions (838) (727) (478) (832) (528) -36.5% (838) (528) -37.0% Profit before tax 2,414 2,828 3,007 2,608 2,823 +8.2% 2,414 2,823 +16.9% Consolidated profit 1,634 1,957 2,185 1,993 2,065 +3.6% 1,634 2,065 +26.4% Attributable profit 1,539 1,835 2,012 1,862 1,902 +2.1% 1,539 1,902 +23.6%
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29 Retail & Commercial Banking (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 6,849 6,626 6,794 7,166 6,721 -6.2% 6,849 6,721 -1.9% Net fee income 1,134 1,122 1,147 1,174 1,210 +3.1% 1,134 1,210 +6.7% Gains (losses) on financial transactions and other (277) 170 (12) (141) (36) -74.5% (277) (36) -87.0% Total revenue 7,706 7,918 7,930 8,199 7,895 -3.7% 7,706 7,895 +2.4% Operating expenses (3,141) (2,983) (3,077) (3,337) (3,113) -6.7% (3,141) (3,113) -0.9% Net operating income 4,565 4,935 4,853 4,862 4,782 -1.6% 4,565 4,782 +4.7% Net loan-loss provisions (1,405) (1,471) (1,363) (1,402) (1,431) +2.0% (1,405) (1,431) +1.9% Other gains (losses) and provisions (818) (708) (480) (840) (528) -37.1% (818) (528) -35.4% Profit before tax 2,342 2,756 3,010 2,620 2,823 +7.8% 2,342 2,823 +20.5% Consolidated profit 1,586 1,903 2,185 2,000 2,065 +3.2% 1,586 2,065 +30.2% Attributable profit 1,491 1,783 2,009 1,866 1,902 +1.9% 1,491 1,902 +27.5%
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30 Retail & Commercial Banking Spain (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,472 1,471 1,495 1,430 1,467 +2.6% 1,472 1,467 -0.4% Net fee income 283 276 270 245 291 +19.0% 283 291 +2.9% Total revenue 1,780 1,818 1,800 1,673 1,794 +7.2% 1,780 1,794 +0.8% Operating expenses (567) (558) (562) (600) (571) -5.0% (567) (571) +0.7% Net loan-loss provisions (284) (287) (230) (292) (291) -0.2% (284) (291) +2.8% Profit before tax 580 739 905 573 810 +41.3% 580 810 +39.7%
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31 Retail & Commercial Banking UK (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,119 1,128 1,189 1,236 1,224 -1.0% 1,119 1,224 +9.4% Net fee income 1 (16) (2) (15) 5 — 1 5 +699.3% Total revenue 1,112 1,112 1,193 1,200 1,190 -0.9% 1,112 1,190 +7.0% Operating expenses (651) (643) (632) (675) (638) -5.4% (651) (638) -1.9% Net loan-loss provisions (9) (11) (17) 23 (36) — (9) (36) +310.2% Profit before tax 368 400 451 382 348 -8.9% 368 348 -5.4%
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32 Retail & Commercial Banking UK (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,147 1,152 1,202 1,232 1,224 -0.6% 1,147 1,224 +6.8% Net fee income 1 (16) (2) (16) 5 — 1 5 +680.2% Total revenue 1,139 1,135 1,207 1,196 1,190 -0.5% 1,139 1,190 +4.4% Operating expenses (667) (656) (639) (672) (638) -5.0% (667) (638) -4.3% Net loan-loss provisions (9) (11) (17) 23 (36) — (9) (36) +300.4% Profit before tax 377 408 456 380 348 -8.4% 377 348 -7.7%
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33 Retail & Commercial Banking UK (GBP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 958 963 1,004 1,029 1,023 -0.6% 958 1,023 +6.8% Net fee income 1 (13) (2) (13) 4 — 1 4 +680.2% Total revenue 952 948 1,008 999 994 -0.5% 952 994 +4.4% Operating expenses (557) (549) (534) (562) (533) -5.0% (557) (533) -4.3% Net loan-loss provisions (8) (9) (14) 20 (30) — (8) (30) +300.4% Profit before tax 315 341 381 317 291 -8.4% 315 291 -7.7%
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34 Retail & Commercial Banking Mexico (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 819 804 747 765 756 -1.1% 819 756 -7.6% Net fee income 175 197 171 156 171 +10.2% 175 171 -2.2% Total revenue 969 1,009 899 893 896 +0.4% 969 896 -7.5% Operating expenses (432) (440) (418) (467) (397) -14.9% (432) (397) -8.1% Net loan-loss provisions (205) (211) (143) (96) (135) +40.4% (205) (135) -34.3% Profit before tax 323 346 328 320 343 +7.2% 323 343 +6.0%
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35 Retail & Commercial Banking Mexico (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 703 694 722 759 756 -0.4% 703 756 +7.6% Net fee income 150 170 166 156 171 +10.0% 150 171 +13.9% Total revenue 832 870 870 888 896 +0.9% 832 896 +7.7% Operating expenses (371) (380) (403) (460) (397) -13.6% (371) (397) +7.1% Net loan-loss provisions (176) (182) (142) (101) (135) +32.7% (176) (135) -23.5% Profit before tax 278 299 316 317 343 +8.0% 278 343 +23.5%
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36 Retail & Commercial Banking Mexico (MXN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 15,100 14,901 15,512 16,307 16,244 -0.4% 15,100 16,244 +7.6% Net fee income 3,233 3,654 3,557 3,350 3,683 +10.0% 3,233 3,683 +13.9% Total revenue 17,874 18,698 18,679 19,085 19,252 +0.9% 17,874 19,252 +7.7% Operating expenses (7,970) (8,162) (8,661) (9,870) (8,533) -13.6% (7,970) (8,533) +7.1% Net loan-loss provisions (3,781) (3,903) (3,044) (2,179) (2,892) +32.7% (3,781) (2,892) -23.5% Profit before tax 5,962 6,419 6,789 6,818 7,360 +8.0% 5,962 7,360 +23.5%
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37 Retail & Commercial Banking Brazil (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,759 1,740 1,695 1,600 1,534 -4.2% 1,759 1,534 -12.8% Net fee income 397 409 376 348 359 +3.1% 397 359 -9.6% Total revenue 2,117 2,180 1,975 1,948 1,878 -3.6% 2,117 1,878 -11.3% Operating expenses (843) (799) (746) (763) (761) -0.3% (843) (761) -9.8% Net loan-loss provisions (753) (751) (740) (730) (718) -1.6% (753) (718) -4.7% Profit before tax 337 408 319 288 233 -19.2% 337 233 -30.8%
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38 Retail & Commercial Banking Brazil (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,537 1,586 1,674 1,619 1,534 -5.2% 1,537 1,534 -0.2% Net fee income 347 373 372 353 359 +1.6% 347 359 +3.5% Total revenue 1,849 1,985 1,958 1,969 1,878 -4.6% 1,849 1,878 +1.6% Operating expenses (737) (729) (740) (770) (761) -1.2% (737) (761) +3.3% Net loan-loss provisions (658) (684) (730) (736) (718) -2.4% (658) (718) +9.1% Profit before tax 294 371 318 294 233 -20.9% 294 233 -20.8%
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39 Retail & Commercial Banking Brazil (BRL mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 9,456 9,756 10,300 9,959 9,436 -5.2% 9,456 9,436 -0.2% Net fee income 2,135 2,294 2,290 2,174 2,209 +1.6% 2,135 2,209 +3.5% Total revenue 11,377 12,214 12,044 12,115 11,555 -4.6% 11,377 11,555 +1.6% Operating expenses (4,532) (4,485) (4,555) (4,737) (4,681) -1.2% (4,532) (4,681) +3.3% Net loan-loss provisions (4,049) (4,208) (4,490) (4,526) (4,419) -2.4% (4,049) (4,419) +9.1% Profit before tax 1,809 2,281 1,954 1,811 1,433 -20.9% 1,809 1,433 -20.8%
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40 Digital Consumer Bank (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 2,710 2,655 2,614 2,797 2,756 -1.5% 2,710 2,756 +1.7% Net fee income 354 387 373 394 339 -13.8% 354 339 -4.2% Gains (losses) on financial transactions and other 119 222 146 139 138 -0.4% 119 138 +16.1% Total revenue 3,184 3,265 3,133 3,330 3,234 -2.9% 3,184 3,234 +1.6% Operating expenses (1,311) (1,307) (1,278) (1,287) (1,357) +5.4% (1,311) (1,357) +3.5% Net operating income 1,873 1,958 1,855 2,043 1,878 -8.1% 1,873 1,878 +0.2% Net loan-loss provisions (1,137) (1,056) (1,121) (1,248) (1,119) -10.3% (1,137) (1,119) -1.6% Other gains (losses) and provisions (118) (180) (112) (530) (84) -84.1% (118) (84) -28.4% Profit before tax 618 723 622 265 674 +154.6% 618 674 +9.1% Consolidated profit 536 668 507 222 558 +151.1% 536 558 +4.1% Attributable profit 463 606 436 153 492 +220.8% 463 492 +6.1%
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41 Digital Consumer Bank (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 2,707 2,656 2,663 2,819 2,756 -2.2% 2,707 2,756 +1.8% Net fee income 349 381 376 396 339 -14.3% 349 339 -2.7% Gains (losses) on financial transactions and other 123 226 150 139 138 -0.2% 123 138 +12.4% Total revenue 3,179 3,263 3,189 3,354 3,234 -3.6% 3,179 3,234 +1.7% Operating expenses (1,319) (1,312) (1,303) (1,296) (1,357) +4.6% (1,319) (1,357) +2.8% Net operating income 1,860 1,951 1,886 2,058 1,878 -8.8% 1,860 1,878 +1.0% Net loan-loss provisions (1,129) (1,053) (1,148) (1,261) (1,119) -11.3% (1,129) (1,119) -0.9% Other gains (losses) and provisions (117) (180) (113) (536) (84) -84.3% (117) (84) -27.9% Profit before tax 613 717 625 260 674 +158.9% 613 674 +9.9% Consolidated profit 535 669 512 218 558 +156.4% 535 558 +4.3% Attributable profit 463 608 441 149 492 +229.7% 463 492 +6.3%
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42 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,095 1,092 1,069 1,105 1,112 +0.6% 1,095 1,112 +1.6% Net fee income 220 231 229 222 188 -15.6% 220 188 -14.6% Total revenue 1,410 1,444 1,398 1,427 1,402 -1.7% 1,410 1,402 -0.5% Operating expenses (665) (655) (656) (629) (667) +6.0% (665) (667) +0.3% Net loan-loss provisions (276) (308) (279) (345) (336) -2.8% (276) (336) +21.7% Profit before tax 401 356 402 (28) 357 — 401 357 -11.0%
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43 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,095 1,094 1,073 1,109 1,112 +0.3% 1,095 1,112 +1.5% Net fee income 220 231 229 222 188 -15.6% 220 188 -14.7% Total revenue 1,411 1,447 1,403 1,431 1,402 -2.0% 1,411 1,402 -0.6% Operating expenses (665) (655) (658) (630) (667) +5.8% (665) (667) +0.3% Net loan-loss provisions (275) (311) (280) (346) (336) -2.9% (275) (336) +21.8% Profit before tax 401 355 404 (31) 357 — 401 357 -11.0%
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44 Digital Consumer Bank US (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,143 1,179 1,138 1,191 1,221 +2.5% 1,143 1,221 +6.8% Net fee income 64 67 75 97 84 -12.5% 64 84 +31.2% Total revenue 1,304 1,352 1,279 1,361 1,362 +0.0% 1,304 1,362 +4.4% Operating expenses (545) (547) (525) (542) (574) +5.9% (545) (574) +5.3% Net loan-loss provisions (610) (537) (641) (677) (524) -22.6% (610) (524) -14.2% Profit before tax 121 235 85 111 236 +113.2% 121 236 +95.3%
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45 Digital Consumer Bank US (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,179 1,207 1,188 1,207 1,221 +1.1% 1,179 1,221 +3.6% Net fee income 66 69 78 98 84 -14.0% 66 84 +27.2% Total revenue 1,345 1,383 1,336 1,380 1,362 -1.3% 1,345 1,362 +1.2% Operating expenses (562) (560) (549) (549) (574) +4.5% (562) (574) +2.1% Net loan-loss provisions (629) (549) (669) (687) (524) -23.7% (629) (524) -16.8% Profit before tax 125 241 90 112 236 +111.4% 125 236 +89.4%
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46 Digital Consumer Bank US (USD mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,240 1,270 1,250 1,271 1,285 +1.1% 1,240 1,285 +3.6% Net fee income 70 72 82 103 89 -14.0% 70 89 +27.2% Total revenue 1,415 1,456 1,406 1,452 1,433 -1.3% 1,415 1,433 +1.2% Operating expenses (591) (589) (577) (578) (604) +4.5% (591) (604) +2.1% Net loan-loss provisions (662) (578) (704) (723) (551) -23.7% (662) (551) -16.8% Profit before tax 131 253 94 117 248 +111.4% 131 248 +89.4%
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47 Corporate & Investment Banking (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,053 962 895 1,079 953 -11.7% 1,053 953 -9.5% Net fee income 654 626 612 656 716 +9.1% 654 716 +9.4% Gains (losses) on financial transactions and other 415 469 581 337 552 +63.8% 415 552 +33.0% Total revenue 2,123 2,056 2,088 2,072 2,220 +7.2% 2,123 2,220 +4.6% Operating expenses (883) (928) (962) (1,021) (952) -6.7% (883) (952) +7.8% Net operating income 1,240 1,128 1,126 1,051 1,268 +20.7% 1,240 1,268 +2.3% Net loan-loss provisions (40) (52) (62) (16) (13) -21.3% (40) (13) -68.0% Other gains (losses) and provisions (78) (46) (100) (130) (22) -83.3% (78) (22) -72.2% Profit before tax 1,121 1,029 964 904 1,234 +36.4% 1,121 1,234 +10.0% Consolidated profit 770 736 695 750 865 +15.4% 770 865 +12.3% Attributable profit 716 689 647 695 806 +16.0% 716 806 +12.6%
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48 Corporate & Investment Banking (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,005 919 901 1,090 953 -12.6% 1,005 953 -5.2% Net fee income 644 616 618 660 716 +8.5% 644 716 +11.2% Gains (losses) on financial transactions and other 408 475 582 338 552 +63.1% 408 552 +35.3% Total revenue 2,057 2,010 2,101 2,088 2,220 +6.3% 2,057 2,220 +7.9% Operating expenses (870) (916) (974) (1,027) (952) -7.3% (870) (952) +9.4% Net operating income 1,187 1,094 1,127 1,061 1,268 +19.6% 1,187 1,268 +6.8% Net loan-loss provisions (39) (51) (63) (18) (13) -26.9% (39) (13) -67.0% Other gains (losses) and provisions (77) (46) (102) (130) (22) -83.3% (77) (22) -72.1% Profit before tax 1,071 997 962 913 1,234 +35.1% 1,071 1,234 +15.2% Consolidated profit 737 715 692 753 865 +14.9% 737 865 +17.4% Attributable profit 685 669 643 698 806 +15.5% 685 806 +17.7%
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49 Wealth Management & Insurance (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 449 430 419 408 375 -8.2% 449 375 -16.3% Net fee income 365 356 369 408 419 +2.9% 365 419 +14.8% Gains (losses) on financial transactions and other 91 146 152 211 225 +6.9% 91 225 +146.5% Total revenue 905 932 940 1,027 1,019 -0.7% 905 1,019 +12.6% Operating expenses (343) (341) (351) (417) (372) -10.8% (343) (372) +8.5% Net operating income 562 591 589 610 647 +6.2% 562 647 +15.2% Net loan-loss provisions (4) (13) (9) (18) (8) -57.7% (4) (8) +99.7% Other gains (losses) and provisions (27) (2) (8) 15 (1) — (27) (1) -97.3% Profit before tax 531 575 572 606 639 +5.4% 531 639 +20.3% Consolidated profit 396 437 452 465 497 +6.8% 396 497 +25.4% Attributable profit 376 418 433 445 471 +6.0% 376 471 +25.2%
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50 Wealth Management & Insurance (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 447 428 422 410 375 -8.5% 447 375 -16.1% Net fee income 360 350 371 409 419 +2.5% 360 419 +16.5% Gains (losses) on financial transactions and other 84 138 150 212 225 +6.4% 84 225 +169.3% Total revenue 891 916 943 1,031 1,019 -1.1% 891 1,019 +14.5% Operating expenses (339) (337) (354) (418) (372) -11.0% (339) (372) +9.9% Net operating income 552 580 589 612 647 +5.7% 552 647 +17.3% Net loan-loss provisions (4) (13) (9) (18) (8) -58.4% (4) (8) +97.3% Other gains (losses) and provisions (27) (2) (8) 15 (1) — (27) (1) -97.3% Profit before tax 521 564 572 609 639 +5.0% 521 639 +22.7% Consolidated profit 388 428 452 466 497 +6.5% 388 497 +28.1% Attributable profit 368 409 432 446 471 +5.7% 368 471 +28.0%
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51 Payments (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 662 639 586 680 685 +0.7% 662 685 +3.4% Net fee income 662 682 691 725 693 -4.4% 662 693 +4.7% Gains (losses) on financial transactions and other (6) 19 13 107 5 -95.3% (6) 5 — Total revenue 1,318 1,341 1,289 1,512 1,383 -8.5% 1,318 1,383 +5.0% Operating expenses (639) (606) (574) (611) (608) -0.6% (639) (608) -4.8% Net operating income 679 735 715 901 776 -13.9% 679 776 +14.2% Net loan-loss provisions (418) (434) (414) (448) (492) +9.7% (418) (492) +17.6% Other gains (losses) and provisions (23) (265) (33) (39) (36) -7.3% (23) (36) +58.2% Profit before tax 238 36 267 414 248 -40.1% 238 248 +4.0% Consolidated profit 136 (70) 152 275 150 -45.4% 136 150 +10.3% Attributable profit 115 (90) 126 252 126 -50.1% 115 126 +9.0%
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52 Payments (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 596 584 577 681 685 +0.7% 596 685 +15.0% Net fee income 614 644 685 725 693 -4.4% 614 693 +12.9% Gains (losses) on financial transactions and other (5) 21 13 101 5 -95.0% (5) 5 — Total revenue 1,205 1,249 1,276 1,507 1,383 -8.2% 1,205 1,383 +14.8% Operating expenses (607) (579) (572) (613) (608) -0.9% (607) (608) +0.1% Net operating income 598 670 704 894 776 -13.2% 598 776 +29.7% Net loan-loss provisions (370) (396) (406) (446) (492) +10.1% (370) (492) +32.9% Other gains (losses) and provisions (22) (265) (33) (38) (36) -6.4% (22) (36) +62.4% Profit before tax 206 10 264 409 248 -39.3% 206 248 +20.5% Consolidated profit 116 (87) 151 271 150 -44.6% 116 150 +29.3% Attributable profit 97 (106) 124 248 126 -49.3% 97 126 +30.3%
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53 PagoNxt (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 31 31 35 35 38 +9.7% 31 38 +23.9% Net fee income 224 233 241 261 245 -6.3% 224 245 +9.3% Gains (losses) on financial transactions and other 29 36 35 50 34 -31.6% 29 34 +17.8% Total revenue 283 300 311 346 317 -8.4% 283 317 +11.8% Operating expenses (304) (297) (288) (271) (286) +5.6% (304) (286) -6.1% Net operating income (21) 4 23 75 31 -59.0% (21) 31 — Net loan-loss provisions (4) (5) (3) (4) (6) +58.7% (4) (6) +50.1% Other gains (losses) and provisions (2) (256) (15) (23) (12) -47.4% (2) (12) +403.5% Profit before tax (27) (258) 4 48 13 -73.5% (27) 13 — Consolidated profit (37) (265) (17) 28 9 -68.8% (37) 9 — Attributable profit (39) (265) (21) 26 4 -83.1% (39) 4 —
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54 PagoNxt (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 27 29 34 35 38 +9.8% 27 38 +39.3% Net fee income 206 218 239 260 245 -6.1% 206 245 +18.8% Gains (losses) on financial transactions and other 29 36 35 50 34 -31.8% 29 34 +19.1% Total revenue 262 283 308 345 317 -8.2% 262 317 +21.0% Operating expenses (292) (287) (287) (272) (286) +5.3% (292) (286) -2.1% Net operating income (30) (4) 22 73 31 -58.1% (30) 31 — Net loan-loss provisions (3) (5) (3) (4) (6) +55.6% (3) (6) +69.4% Other gains (losses) and provisions (2) (256) (15) (22) (12) -46.4% (2) (12) +488.0% Profit before tax (36) (265) 4 47 13 -72.8% (36) 13 — Consolidated profit (43) (269) (17) 28 9 -67.8% (43) 9 — Attributable profit (45) (270) (21) 25 4 -82.4% (45) 4 —
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55 Cards (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 632 608 551 645 647 +0.3% 632 647 +2.4% Net fee income 438 449 450 464 449 -3.2% 438 449 +2.4% Gains (losses) on financial transactions and other (35) (17) (22) 57 (29) — (35) (29) -17.6% Total revenue 1,035 1,040 978 1,166 1,067 -8.5% 1,035 1,067 +3.1% Operating expenses (334) (309) (286) (340) (322) -5.5% (334) (322) -3.7% Net operating income 701 731 692 826 745 -9.8% 701 745 +6.4% Net loan-loss provisions (414) (429) (410) (444) (486) +9.3% (414) (486) +17.3% Other gains (losses) and provisions (20) (9) (19) (16) (24) +50.4% (20) (24) +17.7% Profit before tax 266 294 263 366 235 -35.6% 266 235 -11.5% Consolidated profit 173 194 169 247 141 -42.7% 173 141 -18.4% Attributable profit 155 175 147 226 121 -46.3% 155 121 -21.6%
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56 Cards (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 568 555 543 646 647 +0.2% 568 647 +13.8% Net fee income 408 426 446 465 449 -3.5% 408 449 +9.9% Gains (losses) on financial transactions and other (33) (14) (22) 51 (29) — (33) (29) -13.2% Total revenue 943 966 968 1,162 1,067 -8.2% 943 1,067 +13.1% Operating expenses (315) (292) (285) (342) (322) -5.9% (315) (322) +2.2% Net operating income 628 674 682 820 745 -9.2% 628 745 +18.6% Net loan-loss provisions (366) (391) (403) (443) (486) +9.7% (366) (486) +32.6% Other gains (losses) and provisions (20) (9) (19) (16) (24) +49.8% (20) (24) +19.1% Profit before tax 242 275 261 362 235 -35.0% 242 235 -2.7% Consolidated profit 159 183 167 244 141 -42.0% 159 141 -11.0% Attributable profit 141 164 145 223 121 -45.5% 141 121 -14.2%
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57 Corporate Centre (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income (31) (69) (95) (113) (112) -1.4% (31) (112) +262.3% Net fee income (1) 2 (8) (3) (9) +199.4% (1) (9) +540.6% Gains (losses) on financial transactions and other (178) (74) (150) 44 (95) — (178) (95) -46.7% Total revenue (210) (140) (254) (72) (215) +199.7% (210) (215) +2.6% Operating expenses (87) (86) (101) (104) (87) -15.8% (87) (87) -0.1% Net operating income (297) (227) (355) (176) (303) +72.3% (297) (303) +1.8% Net loan-loss provisions (2) (0) 1 3 (99) — (2) (99) — Other gains (losses) and provisions (41) (40) (160) (25) (30) +21.1% (41) (30) -26.8% Profit before tax (340) (266) (514) (197) (431) +119.2% (340) (431) +26.9% Consolidated profit (357) (252) (403) (142) (394) +177.1% (357) (394) +10.3% Attributable profit (357) (252) (403) (142) (394) +177.5% (357) (394) +10.2%
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58 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
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59 Spain (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,816 1,840 1,799 1,802 1,779 -1.2% 1,816 1,779 -2.0% Net fee income 746 738 707 676 767 +13.4% 746 767 +2.9% Gains (losses) on financial transactions and other 455 471 477 448 584 +30.4% 455 584 +28.4% Total revenue 3,016 3,048 2,983 2,926 3,130 +7.0% 3,016 3,130 +3.8% Operating expenses (1,032) (1,033) (1,073) (1,133) (1,049) -7.5% (1,032) (1,049) +1.6% Net operating income 1,984 2,015 1,911 1,793 2,081 +16.1% 1,984 2,081 +4.9% Net loan-loss provisions (331) (327) (279) (322) (304) -5.6% (331) (304) -8.3% Other gains (losses) and provisions (417) (244) (119) (224) (133) -40.5% (417) (133) -68.1% Profit before tax 1,236 1,445 1,512 1,247 1,645 +31.9% 1,236 1,645 +33.1% Consolidated profit 772 984 1,081 925 1,147 +24.0% 772 1,147 +48.6% Attributable profit 772 984 1,081 925 1,147 +23.9% 772 1,147 +48.6%
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60 United Kingdom (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,185 1,196 1,256 1,313 1,298 -1.1% 1,185 1,298 +9.5% Net fee income 79 64 80 61 82 +34.4% 79 82 +4.5% Gains (losses) on financial transactions and other (7) 0 8 (17) (40) +131.1% (7) (40) +454.2% Total revenue 1,257 1,260 1,344 1,356 1,341 -1.2% 1,257 1,341 +6.7% Operating expenses (734) (717) (710) (756) (720) -4.8% (734) (720) -1.9% Net operating income 523 542 634 600 621 +3.4% 523 621 +18.7% Net loan-loss provisions (17) (44) (37) 34 (52) — (17) (52) +202.4% Other gains (losses) and provisions (91) (64) (108) (179) (186) +4.5% (91) (186) +105.3% Profit before tax 415 434 489 456 382 -16.3% 415 382 -7.9% Consolidated profit 305 325 346 331 285 -13.9% 305 285 -6.7% Attributable profit 305 325 346 331 285 -13.9% 305 285 -6.7%
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61 United Kingdom (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,214 1,221 1,270 1,308 1,298 -0.8% 1,214 1,298 +6.9% Net fee income 81 65 81 61 82 +35.5% 81 82 +2.0% Gains (losses) on financial transactions and other (7) 0 8 (17) (40) +128.1% (7) (40) +441.0% Total revenue 1,288 1,286 1,359 1,351 1,341 -0.8% 1,288 1,341 +4.1% Operating expenses (752) (732) (717) (753) (720) -4.4% (752) (720) -4.3% Net operating income 535 554 641 598 621 +3.8% 535 621 +15.9% Net loan-loss provisions (18) (45) (37) 35 (52) — (18) (52) +195.2% Other gains (losses) and provisions (93) (65) (109) (179) (186) +4.0% (93) (186) +100.4% Profit before tax 425 444 495 454 382 -15.9% 425 382 -10.1% Consolidated profit 313 332 350 329 285 -13.6% 313 285 -9.0% Attributable profit 313 332 350 329 285 -13.6% 313 285 -9.0%
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62 United Kingdom (GBP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,015 1,020 1,061 1,093 1,085 -0.8% 1,015 1,085 +6.9% Net fee income 67 54 68 51 69 +35.5% 67 69 +2.0% Gains (losses) on financial transactions and other (6) 0 7 (15) (33) +128.1% (6) (33) +441.0% Total revenue 1,076 1,075 1,135 1,129 1,120 -0.8% 1,076 1,120 +4.1% Operating expenses (629) (612) (599) (630) (602) -4.4% (629) (602) -4.3% Net operating income 447 463 536 500 519 +3.8% 447 519 +15.9% Net loan-loss provisions (15) (38) (31) 29 (44) — (15) (44) +195.2% Other gains (losses) and provisions (78) (54) (91) (150) (156) +4.0% (78) (156) +100.4% Profit before tax 355 371 414 379 319 -15.9% 355 319 -10.1% Consolidated profit 261 277 292 275 238 -13.6% 261 238 -9.0% Attributable profit 261 277 292 275 238 -13.6% 261 238 -9.0%
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63 Portugal (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 431 413 373 332 348 +4.8% 431 348 -19.2% Net fee income 127 115 115 110 126 +13.9% 127 126 -1.2% Gains (losses) on financial transactions and other 26 30 13 16 29 +85.4% 26 29 +12.4% Total revenue 584 558 500 458 503 +9.7% 584 503 -13.9% Operating expenses (134) (134) (137) (143) (136) -5.2% (134) (136) +1.4% Net operating income 450 425 363 315 367 +16.5% 450 367 -18.4% Net loan-loss provisions (7) 5 (7) (1) 14 — (7) 14 — Other gains (losses) and provisions (3) (36) (5) (18) (1) -95.0% (3) (1) -67.6% Profit before tax 440 394 351 296 380 +28.4% 440 380 -13.6% Consolidated profit 303 260 230 210 279 +32.9% 303 279 -8.2% Attributable profit 303 260 229 209 278 +33.0% 303 278 -8.2%
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64 Poland (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 686 697 727 733 744 +1.5% 686 744 +8.5% Net fee income 176 163 170 166 189 +14.2% 176 189 +7.8% Gains (losses) on financial transactions and other (28) 17 25 22 (50) — (28) (50) +79.1% Total revenue 834 878 923 921 883 -4.2% 834 883 +5.9% Operating expenses (229) (237) (252) (246) (256) +3.9% (229) (256) +11.7% Net operating income 605 640 670 675 627 -7.1% 605 627 +3.8% Net loan-loss provisions (130) (166) (103) (112) (78) -30.7% (130) (78) -40.5% Other gains (losses) and provisions (62) (108) (63) (197) (49) -75.0% (62) (49) -20.6% Profit before tax 412 366 505 366 500 +36.6% 412 500 +21.4% Consolidated profit 314 258 392 255 378 +48.2% 314 378 +20.6% Attributable profit 213 173 256 158 237 +50.6% 213 237 +11.4%
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65 Poland (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 708 714 742 752 744 -1.0% 708 744 +5.2% Net fee income 181 167 173 170 189 +11.4% 181 189 +4.5% Gains (losses) on financial transactions and other (29) 18 26 23 (50) — (29) (50) +73.6% Total revenue 860 899 941 945 883 -6.5% 860 883 +2.7% Operating expenses (236) (243) (257) (252) (256) +1.4% (236) (256) +8.3% Net operating income 624 656 684 692 627 -9.4% 624 627 +0.6% Net loan-loss provisions (134) (170) (104) (115) (78) -32.4% (134) (78) -42.3% Other gains (losses) and provisions (64) (110) (64) (202) (49) -75.6% (64) (49) -23.0% Profit before tax 425 375 515 376 500 +33.2% 425 500 +17.7% Consolidated profit 323 264 401 262 378 +44.6% 323 378 +16.9% Attributable profit 220 177 262 162 237 +46.9% 220 237 +8.0%
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66 Poland (PLN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 2,973 2,999 3,115 3,158 3,126 -1.0% 2,973 3,126 +5.2% Net fee income 761 700 727 714 795 +11.4% 761 795 +4.5% Gains (losses) on financial transactions and other (122) 75 110 96 (212) — (122) (212) +73.6% Total revenue 3,611 3,775 3,952 3,968 3,709 -6.5% 3,611 3,709 +2.7% Operating expenses (992) (1,021) (1,081) (1,060) (1,074) +1.4% (992) (1,074) +8.3% Net operating income 2,619 2,754 2,871 2,908 2,635 -9.4% 2,619 2,635 +0.6% Net loan-loss provisions (565) (716) (439) (482) (326) -32.4% (565) (326) -42.3% Other gains (losses) and provisions (268) (464) (268) (848) (207) -75.6% (268) (207) -23.0% Profit before tax 1,786 1,575 2,165 1,578 2,102 +33.2% 1,786 2,102 +17.7% Consolidated profit 1,359 1,108 1,683 1,099 1,589 +44.6% 1,359 1,589 +16.9% Attributable profit 924 744 1,099 679 998 +46.9% 924 998 +8.0%
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67 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,095 1,092 1,069 1,105 1,112 +0.6% 1,095 1,112 +1.6% Net fee income 220 231 229 222 188 -15.6% 220 188 -14.6% Gains (losses) on financial transactions and other 95 120 100 100 103 +2.9% 95 103 +7.9% Total revenue 1,410 1,444 1,398 1,427 1,402 -1.7% 1,410 1,402 -0.5% Operating expenses (665) (655) (656) (629) (667) +6.0% (665) (667) +0.3% Net operating income 745 789 742 799 736 -7.9% 745 736 -1.3% Net loan-loss provisions (276) (308) (279) (345) (336) -2.8% (276) (336) +21.7% Other gains (losses) and provisions (69) (124) (61) (481) (43) -91.0% (69) (43) -36.8% Profit before tax 401 356 402 (28) 357 — 401 357 -11.0% Consolidated profit 297 279 302 (2) 256 — 297 256 -13.9% Attributable profit 229 224 243 (54) 193 — 229 193 -15.5%
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68 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,095 1,094 1,073 1,109 1,112 +0.3% 1,095 1,112 +1.5% Net fee income 220 231 229 222 188 -15.6% 220 188 -14.7% Gains (losses) on financial transactions and other 96 121 101 100 103 +2.7% 96 103 +7.7% Total revenue 1,411 1,447 1,403 1,431 1,402 -2.0% 1,411 1,402 -0.6% Operating expenses (665) (655) (658) (630) (667) +5.8% (665) (667) +0.3% Net operating income 746 791 745 801 736 -8.2% 746 736 -1.3% Net loan-loss provisions (275) (311) (280) (346) (336) -2.9% (275) (336) +21.8% Other gains (losses) and provisions (69) (126) (61) (487) (43) -91.1% (69) (43) -37.4% Profit before tax 401 355 404 (31) 357 — 401 357 -11.0% Consolidated profit 298 278 303 (5) 256 — 298 256 -13.9% Attributable profit 229 223 244 (57) 193 — 229 193 -15.5%
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69 United States (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,396 1,428 1,411 1,458 1,499 +2.8% 1,396 1,499 +7.3% Net fee income 267 272 296 317 355 +12.0% 267 355 +33.0% Gains (losses) on financial transactions and other 205 201 163 167 160 -4.0% 205 160 -22.2% Total revenue 1,869 1,900 1,870 1,941 2,014 +3.7% 1,869 2,014 +7.8% Operating expenses (940) (963) (940) (987) (1,007) +2.0% (940) (1,007) +7.2% Net operating income 929 938 929 954 1,006 +5.5% 929 1,006 +8.4% Net loan-loss provisions (615) (556) (650) (686) (535) -22.0% (615) (535) -13.0% Other gains (losses) and provisions (40) (43) (62) (45) (25) -44.8% (40) (25) -38.6% Profit before tax 274 339 217 223 447 +100.1% 274 447 +63.3% Consolidated profit 279 385 216 229 417 +82.0% 279 417 +49.1% Attributable profit 279 385 216 229 417 +82.0% 279 417 +49.1%
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70 United States (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,440 1,461 1,473 1,478 1,499 +1.4% 1,440 1,499 +4.1% Net fee income 275 279 309 322 355 +10.4% 275 355 +29.0% Gains (losses) on financial transactions and other 212 205 170 168 160 -5.0% 212 160 -24.5% Total revenue 1,927 1,944 1,952 1,968 2,014 +2.3% 1,927 2,014 +4.5% Operating expenses (969) (985) (982) (1,001) (1,007) +0.6% (969) (1,007) +3.9% Net operating income 958 959 970 967 1,006 +4.1% 958 1,006 +5.1% Net loan-loss provisions (634) (568) (678) (696) (535) -23.2% (634) (535) -15.7% Other gains (losses) and provisions (41) (44) (64) (45) (25) -45.5% (41) (25) -40.5% Profit before tax 282 347 228 226 447 +98.2% 282 447 +58.3% Consolidated profit 288 394 226 231 417 +80.4% 288 417 +44.6% Attributable profit 288 394 226 231 417 +80.4% 288 417 +44.6%
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71 United States (USD mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,516 1,537 1,550 1,555 1,577 +1.4% 1,516 1,577 +4.1% Net fee income 290 293 325 338 373 +10.4% 290 373 +29.0% Gains (losses) on financial transactions and other 223 216 179 177 168 -5.0% 223 168 -24.5% Total revenue 2,028 2,046 2,054 2,071 2,119 +2.3% 2,028 2,119 +4.5% Operating expenses (1,020) (1,037) (1,033) (1,053) (1,060) +0.6% (1,020) (1,060) +3.9% Net operating income 1,008 1,009 1,021 1,018 1,059 +4.1% 1,008 1,059 +5.1% Net loan-loss provisions (668) (598) (713) (733) (563) -23.2% (668) (563) -15.7% Other gains (losses) and provisions (43) (46) (68) (47) (26) -45.5% (43) (26) -40.5% Profit before tax 297 365 240 237 470 +98.2% 297 470 +58.3% Consolidated profit 303 415 238 243 438 +80.4% 303 438 +44.6% Attributable profit 303 415 238 243 438 +80.4% 303 438 +44.6%
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72 Mexico (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,214 1,207 1,113 1,097 1,129 +3.0% 1,214 1,129 -7.0% Net fee income 359 374 329 322 350 +8.6% 359 350 -2.5% Gains (losses) on financial transactions and other 35 55 34 139 26 -81.1% 35 26 -24.1% Total revenue 1,608 1,636 1,476 1,558 1,506 -3.3% 1,608 1,506 -6.3% Operating expenses (665) (677) (634) (689) (628) -8.8% (665) (628) -5.6% Net operating income 943 959 843 869 878 +1.0% 943 878 -6.9% Net loan-loss provisions (370) (351) (293) (263) (304) +15.7% (370) (304) -17.7% Other gains (losses) and provisions (15) (17) (13) (17) (31) +86.2% (15) (31) +112.8% Profit before tax 558 590 536 589 542 -7.9% 558 542 -2.8% Consolidated profit 412 430 395 439 395 -10.0% 412 395 -4.2% Attributable profit 411 429 394 438 394 -10.0% 411 394 -4.2%
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73 Mexico (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,042 1,042 1,076 1,092 1,129 +3.5% 1,042 1,129 +8.4% Net fee income 308 323 319 321 350 +8.9% 308 350 +13.6% Gains (losses) on financial transactions and other 30 47 34 131 26 -79.9% 30 26 -11.6% Total revenue 1,380 1,412 1,429 1,544 1,506 -2.4% 1,380 1,506 +9.1% Operating expenses (571) (585) (612) (680) (628) -7.6% (571) (628) +10.0% Net operating income 809 828 817 864 878 +1.6% 809 878 +8.5% Net loan-loss provisions (317) (303) (286) (266) (304) +14.5% (317) (304) -4.1% Other gains (losses) and provisions (13) (15) (13) (16) (31) +89.4% (13) (31) +147.8% Profit before tax 479 509 518 582 542 -6.7% 479 542 +13.2% Consolidated profit 354 371 381 433 395 -8.7% 354 395 +11.6% Attributable profit 353 370 380 431 394 -8.7% 353 394 +11.6%
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74 Mexico (MXN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 22,390 22,383 23,112 23,448 24,260 +3.5% 22,390 24,260 +8.4% Net fee income 6,621 6,937 6,850 6,903 7,520 +8.9% 6,621 7,520 +13.6% Gains (losses) on financial transactions and other 639 1,017 724 2,804 564 -79.9% 639 564 -11.6% Total revenue 29,650 30,337 30,686 33,155 32,344 -2.4% 29,650 32,344 +9.1% Operating expenses (12,267) (12,559) (13,136) (14,603) (13,488) -7.6% (12,267) (13,488) +10.0% Net operating income 17,383 17,778 17,550 18,552 18,856 +1.6% 17,383 18,856 +8.5% Net loan-loss provisions (6,816) (6,515) (6,151) (5,708) (6,535) +14.5% (6,816) (6,535) -4.1% Other gains (losses) and provisions (269) (319) (277) (352) (667) +89.4% (269) (667) +147.8% Profit before tax 10,298 10,943 11,122 12,492 11,653 -6.7% 10,298 11,653 +13.2% Consolidated profit 7,606 7,966 8,191 9,297 8,487 -8.7% 7,606 8,487 +11.6% Attributable profit 7,585 7,946 8,169 9,268 8,463 -8.7% 7,585 8,463 +11.6%
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75 Brazil (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 2,630 2,605 2,474 2,413 2,402 -0.4% 2,630 2,402 -8.7% Net fee income 846 888 833 846 793 -6.3% 846 793 -6.3% Gains (losses) on financial transactions and other 30 (16) (24) 11 29 +168.4% 30 29 -5.6% Total revenue 3,507 3,477 3,282 3,270 3,223 -1.4% 3,507 3,223 -8.1% Operating expenses (1,156) (1,109) (1,024) (1,063) (1,059) -0.4% (1,156) (1,059) -8.4% Net operating income 2,351 2,368 2,258 2,207 2,165 -1.9% 2,351 2,165 -7.9% Net loan-loss provisions (1,163) (1,158) (1,088) (1,077) (1,166) +8.2% (1,163) (1,166) +0.2% Other gains (losses) and provisions (211) (251) (201) (204) (194) -4.7% (211) (194) -8.0% Profit before tax 977 958 969 926 805 -13.1% 977 805 -17.6% Consolidated profit 618 640 696 712 559 -21.6% 618 559 -9.6% Attributable profit 561 580 630 652 509 -21.9% 561 509 -9.3%
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76 Brazil (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 2,298 2,374 2,448 2,438 2,402 -1.5% 2,298 2,402 +4.5% Net fee income 739 808 823 852 793 -7.0% 739 793 +7.2% Gains (losses) on financial transactions and other 27 (13) (22) 10 29 +189.9% 27 29 +8.1% Total revenue 3,064 3,169 3,249 3,300 3,223 -2.3% 3,064 3,223 +5.2% Operating expenses (1,010) (1,011) (1,016) (1,072) (1,059) -1.2% (1,010) (1,059) +4.8% Net operating income 2,054 2,158 2,233 2,229 2,165 -2.9% 2,054 2,165 +5.4% Net loan-loss provisions (1,016) (1,056) (1,077) (1,088) (1,166) +7.2% (1,016) (1,166) +14.8% Other gains (losses) and provisions (184) (228) (200) (206) (194) -5.8% (184) (194) +5.3% Profit before tax 853 874 955 935 805 -13.9% 853 805 -5.7% Consolidated profit 540 583 682 713 559 -21.6% 540 559 +3.5% Attributable profit 490 528 617 652 509 -21.9% 490 509 +3.8%
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77 Brazil (BRL mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 14,135 14,604 15,058 14,998 14,776 -1.5% 14,135 14,776 +4.5% Net fee income 4,549 4,973 5,065 5,243 4,877 -7.0% 4,549 4,877 +7.2% Gains (losses) on financial transactions and other 164 (82) (136) 61 177 +189.9% 164 177 +8.1% Total revenue 18,847 19,495 19,987 20,303 19,830 -2.3% 18,847 19,830 +5.2% Operating expenses (6,213) (6,222) (6,253) (6,592) (6,513) -1.2% (6,213) (6,513) +4.8% Net operating income 12,634 13,273 13,734 13,710 13,317 -2.9% 12,634 13,317 +5.4% Net loan-loss provisions (6,251) (6,494) (6,626) (6,694) (7,174) +7.2% (6,251) (7,174) +14.8% Other gains (losses) and provisions (1,134) (1,404) (1,232) (1,267) (1,194) -5.8% (1,134) (1,194) +5.3% Profit before tax 5,249 5,375 5,876 5,750 4,950 -13.9% 5,249 4,950 -5.7% Consolidated profit 3,321 3,585 4,193 4,385 3,436 -21.6% 3,321 3,436 +3.5% Attributable profit 3,016 3,248 3,797 4,011 3,132 -21.9% 3,016 3,132 +3.8%
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78 Chile (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 352 472 482 516 512 -0.7% 352 512 +45.6% Net fee income 129 137 146 140 151 +8.5% 129 151 +17.6% Gains (losses) on financial transactions and other 47 51 64 59 58 -0.8% 47 58 +24.9% Total revenue 527 659 691 714 722 +1.1% 527 722 +36.9% Operating expenses (224) (241) (236) (232) (249) +7.3% (224) (249) +11.0% Net operating income 303 418 455 482 473 -1.9% 303 473 +56.1% Net loan-loss provisions (125) (126) (127) (118) (156) +32.0% (125) (156) +24.5% Other gains (losses) and provisions (18) (2) (11) (21) (3) -87.7% (18) (3) -85.8% Profit before tax 160 290 317 343 315 -8.3% 160 315 +97.0% Consolidated profit 126 232 257 285 268 -5.7% 126 268 +113.8% Attributable profit 90 162 180 196 185 -5.8% 90 185 +104.1%
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79 Chile (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 357 469 485 523 512 -2.0% 357 512 +43.5% Net fee income 130 136 147 142 151 +6.9% 130 151 +16.0% Gains (losses) on financial transactions and other 47 50 64 60 58 -2.2% 47 58 +23.2% Total revenue 535 655 696 724 722 -0.3% 535 722 +35.0% Operating expenses (227) (239) (238) (235) (249) +5.8% (227) (249) +9.5% Net operating income 307 416 458 489 473 -3.2% 307 473 +53.9% Net loan-loss provisions (127) (125) (128) (120) (156) +30.0% (127) (156) +22.7% Other gains (losses) and provisions (18) (1) (11) (21) (3) -87.8% (18) (3) -86.0% Profit before tax 162 289 319 348 315 -9.5% 162 315 +94.3% Consolidated profit 127 231 259 288 268 -6.8% 127 268 +110.8% Attributable profit 92 162 181 198 185 -6.9% 92 185 +101.3%
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80 Chile (CLP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 361,759 475,476 491,886 529,884 519,215 -2.0% 361,759 519,215 +43.5% Net fee income 132,221 137,526 148,628 143,434 153,370 +6.9% 132,221 153,370 +16.0% Gains (losses) on financial transactions and other 47,914 50,822 65,168 60,347 59,022 -2.2% 47,914 59,022 +23.2% Total revenue 541,894 663,825 705,682 733,665 731,607 -0.3% 541,894 731,607 +35.0% Operating expenses (230,419) (242,392) (241,154) (238,447) (252,205) +5.8% (230,419) (252,205) +9.5% Net operating income 311,474 421,433 464,529 495,219 479,401 -3.2% 311,474 479,401 +53.9% Net loan-loss provisions (128,553) (126,876) (129,978) (121,321) (157,775) +30.0% (128,553) (157,775) +22.7% Other gains (losses) and provisions (18,723) (1,490) (10,793) (21,524) (2,621) -87.8% (18,723) (2,621) -86.0% Profit before tax 164,199 293,067 323,757 352,373 319,006 -9.5% 164,199 319,006 +94.3% Consolidated profit 129,060 234,352 262,298 292,044 272,075 -6.8% 129,060 272,075 +110.8% Attributable profit 92,983 163,683 183,935 201,084 187,149 -6.9% 92,983 187,149 +101.3%
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81 Argentina (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,025 397 390 1,107 416 -62.4% 1,025 416 -59.4% Net fee income 131 73 111 287 172 -39.9% 131 172 +31.4% Gains (losses) on financial transactions and other (601) (6) (81) (347) (84) -75.7% (601) (84) -86.0% Total revenue 555 465 421 1,047 504 -51.9% 555 504 -9.3% Operating expenses (286) (129) (192) (416) (223) -46.3% (286) (223) -21.9% Net operating income 270 336 228 631 281 -55.5% 270 281 +4.1% Net loan-loss provisions (35) (31) (63) (156) (76) -51.4% (35) (76) +117.4% Other gains (losses) and provisions (131) (77) (22) (123) (8) -93.6% (131) (8) -93.9% Profit before tax 104 228 143 352 197 -44.0% 104 197 +89.4% Consolidated profit 102 165 116 284 129 -54.6% 102 129 +26.6% Attributable profit 101 164 116 283 129 -54.6% 101 129 +26.7%
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82 Argentina (Argentine peso mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 949,444 1,183,149 799,603 665,292 593,186 -10.8% 949,444 593,186 -37.5% Net fee income 121,575 184,297 204,428 232,193 246,000 +5.9% 121,575 246,000 +102.3% Gains (losses) on financial transactions and other (556,696) (352,838) (202,443) (162,607) (120,328) -26.0% (556,696) (120,328) -78.4% Total revenue 514,323 1,014,608 801,588 734,878 718,858 -2.2% 514,323 718,858 +39.8% Operating expenses (264,501) (356,735) (360,405) (278,460) (318,131) +14.2% (264,501) (318,131) +20.3% Net operating income 249,823 657,872 441,183 456,418 400,727 -12.2% 249,823 400,727 +60.4% Net loan-loss provisions (32,243) (66,079) (109,905) (142,215) (107,970) -24.1% (32,243) (107,970) +234.9% Other gains (losses) and provisions (121,080) (190,573) (60,700) (63,207) (11,302) -82.1% (121,080) (11,302) -90.7% Profit before tax 96,499 401,221 270,578 250,996 281,455 +12.1% 96,499 281,455 +191.7% Consolidated profit 94,174 305,308 219,057 202,550 183,690 -9.3% 94,174 183,690 +95.1% Attributable profit 93,937 304,665 218,682 202,229 183,358 -9.3% 93,937 183,358 +95.2%
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83 Rest of the Group (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 183 196 228 225 250 +11.1% 183 250 +36.3% Net fee income 162 180 181 199 205 +2.6% 162 205 +26.2% Gains (losses) on financial transactions and other 78 109 92 55 70 +27.9% 78 70 -10.3% Total revenue 424 485 501 479 525 +9.5% 424 525 +23.8% Operating expenses (395) (385) (393) (375) (409) +9.1% (395) (409) +3.6% Net operating income 29 100 107 104 116 +10.8% 29 116 +298.8% Net loan-loss provisions (54) (55) (50) (71) (70) -1.3% (54) (70) +30.6% Other gains (losses) and provisions (29) (256) (66) (8) 3 — (29) 3 — Profit before tax (54) (210) (9) 25 49 +96.1% (54) 49 — Consolidated profit (56) (229) (37) 38 23 -40.2% (56) 23 — Attributable profit (56) (227) (37) 40 23 -43.6% (56) 23 —
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84 Rest of the Group (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 178 189 231 227 250 +10.1% 178 250 +40.2% Net fee income 162 178 183 200 205 +2.3% 162 205 +26.7% Gains (losses) on financial transactions and other 79 107 93 58 70 +21.5% 79 70 -11.0% Total revenue 419 474 507 485 525 +8.2% 419 525 +25.3% Operating expenses (393) (381) (397) (377) (409) +8.5% (393) (409) +4.0% Net operating income 25 93 110 108 116 +7.5% 25 116 +354.9% Net loan-loss provisions (52) (53) (50) (72) (70) -1.9% (52) (70) +35.5% Other gains (losses) and provisions (28) (255) (67) (9) 3 — (28) 3 — Profit before tax (55) (215) (7) 27 49 +76.5% (55) 49 — Consolidated profit (57) (233) (36) 39 23 -42.1% (57) 23 — Attributable profit (57) (231) (36) 42 23 -45.8% (57) 23 —
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85 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
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86 Glossary - Acronyms ❑ ALCO: Assets and Liabilities Committee ❑ AT1: Additional Tier 1 ❑ bn: Billion ❑ Bps: basis points ❑ CET1: Common equity tier 1 ❑ CIB: Corporate & Investment Banking ❑ CoR: Cost of risk ❑ HQLA: High quality liquid asset ❑ FL: Fully-loaded ❑ FY: Full year ❑ HTC&S: Held to collect and sell ❑ IFRS 9: International Financial Reporting Standard 9, regarding financial instruments ❑ LLPs: Loan-loss provisions ❑ M/LT: Medium- and long-term ❑ mn: million ❑ MREL: Minimum requirement for own funds and eligible liabilities ❑ NII: Net interest income ❑ NPL: Non-performing loans ❑ PBT: Profit before tax ❑ P&L: Profit and loss ❑ Pp: percentage points ❑ QoQ: Quarter-on-Quarter ❑ RoRWA: Return on risk-weighted assets ❑ RoTE: Return on tangible equity ❑ RWA: Risk-weighted assets ❑ ST: Short term ❑ T1/T2: Tier 1 / Tier 2 ❑ TLAC: Total loss-absorbing capacity ❑ TNAV: Tangible net asset value ❑ YoY: Year-on-Year ❑ YTD: Year to date
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87 Glossary - Definitions EFFICIENCY • Efficiency: Underlying operating expenses / Underlying total income. Operating expenses defined as administrative expenses + amortizations CREDIT RISK • NPL ratio: Credit impaired customer loans and advances, guarantees and undrawn balances / Total risk. Total risk is defined as: Non-impaired and impaired customer loans and advances and guarantees + impaired undrawn customer balances • NPL coverage ratio: Total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances / Credit impaired customer loans and advances, guarantees and undrawn balances • Cost of risk: Underlying allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers over the last 12 months LIQUIDITY • Group LCR: This ratio is calculated using an internal methodology that determines the common minimum percentage of simultaneous coverage in all Group jurisdictions, taking into account all existing restrictions on the transfer of liquidity in third countries. This methodology reflects more accurately the Group’s resilience to liquidity risk. • Consolidated LCR: This ratio is calculated, at the request of the ECB, using a consolidation methodology that does not take into account any excess liquidity in excess of 100% of the LCR outflows and that is subject to transferability restrictions (legal or operational) in third countries, even if such excess liquidity can be used to cover additional outflows within the country itself, which is not subject to any restrictions.
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