Slides
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3 February 2026 FY’25 Earnings Presentation Acquisition of Webster
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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) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic- information#quarterly-results). 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 non-financial information. 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 presentation), 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, the uncertainties following the ceasefire agreement in the Middle East or the outbreak of public health emergencies in the global economy) in areas where we have significant operations or investments; • exposure to operational risks, including cyberattacks, data breaches, data losses and other security incidents; • 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; • changes in monetary, fiscal and immigration policies and trade tensions, including the imposition of tariffs and retaliatory responses; • legislative, regulatory or tax changes (including regulatory capital and liquidity requirements) and greater regulation prompted by financial crises; • acquisitions, integrations, divestitures and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters; • climate-related conditions, regulations, targets and weather events; • 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 potential conflicts and inconsistencies among governmental standards and regulations. Important factors affecting sustainability information may materially differ from those applicable to financial information. 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 inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. 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;
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3 Important information • 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 r ating downgrade for the entire group or core subsidiaries. Additionally, Webster Financial Corporation’s (“Webster”) and Santander’s actual results, financial condition and achievements may differ materially from those indicated in these forward-looking statements. Important factors that could cause Webster’s and Santander’s actual results, financial condition and achievements to differ materially from those indicated in such forward-looking statements include, in addition to those set forth in Webster’s and Santander’s filings with the SEC: (1) the risk that the cost savings, synergies and other benefits from the acquisition of Webster by Santander (the “Transaction”) may not be fully realized or may take longer than anticipated to be realized, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Webster and Santander operate; (2) the failure of the closing conditions in the Transaction agreement by and among Webster, Santander and a wholly owned subsidiary of Webster providing for the Transaction to be satisfied, or any unexpected delay in closing the Transaction or the occurrence of any event, change or other circumstances that could delay the Transaction or could give rise to the termination of the Transaction agreement; (3) the outcome of any legal or regulatory proceedings or governmental inquiries or investigations that may be currently pending or later instituted against Webster, Santander or the combined company; (4) the possibility that the Transaction does not close when expected or at all because required regulatory, stockholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed Transaction); (5) disruption to the parties’ businesses as a result of the announcement and pendency of the Transaction; (6) the costs associated with the anticipated length of time of the pendency of the Transaction, including the restrictions contained in the definitive Transaction agreement on the ability of Webster to operate its business outside the ordinary course during the pendency of the Transaction; (7) risks related to management and oversight of the expanded business and operations of the combined company following the closing of the proposed Transaction; (8) the risk that the integration of Webster’s operations with Santander’s will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate each party’s businesses into the other’s businesses; (9) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (10) reputational risk and potential adverse reactions of Webster’s or Santander’s customers, employees, vendors, contractors or other business partners, including those resulting from the announcement or completion of the Transaction; (11) the dilution caused by Santander’s issuance of additional ordinary shares and corresponding American depositary shares, each representing the right to receive one of its ordinary shares (“ADSs”), in connection with the Transaction; (12) the possibility that any announcements relating to the Transaction could have adverse effects on the market price of Webster’s common stock and Santander’s ordinary shares and ADSs; (13) a material adverse change in the condition of Webster or Santander; (14) the extent to which Webster’s or Santander’s businesses perform consistent with management’s expectations; (15) Webster’s and Santander’s ability to take advantage of growth opportunities and implement targeted initiatives in the timeframe and on the terms currently expected; (16) the inability to sustain revenue and earnings growth; (17) the execution and efficacy of recent strategic investments; (18) the impact of macroeconomic factors, such as changes in general economic conditions and monetary and fiscal policy, particularly on interest rates; (19) changes in customer behavior; (20) unfavorable developments concerning credit quality; (21) declines in the businesses or industries of Webster’s or Santander’s customers; (22) the possibility that the combined company is subject to additional regulatory requirements as a result of the proposed Transaction or expansion of the combined company’s business operations following the proposed Transaction; (23) general competitive, political and market conditions and other factors that may affect future returns of Webster and Santander, including changes in asset quality and credit risk; (24) security risks, including cybersecurity and data privacy risks, and capital markets; (25) inflation; (26) the impact, extent and timing of technological changes; (27) capital management activities; (28) competitive product and pricing pressures; (29) the outcomes of legal and regulatory proceedings and related financial services industry matters; and (30) compliance with regulatory requirements. Any forward-looking statement made in this communication is based solely on information currently available to us and speaks only as of the date on which it is made. 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.
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4 Important information ADDITIONAL INFORMATION ABOUT THE ACQUISITION OF WEBSTER AND WHERE TO FIND IT INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM F-4 AND THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM F-4 WHEN THEY BECOME AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT ON FORM F-4 AND THE PROXY STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING WEBSTER, SANTANDER, THE TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by Webster or Santander through the website maintained by the SEC at http://www.sec.gov. No offer or solicitation This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”). No investment activity should be undertaken on the basis of the information contained in this communication. By making this communication available, no advice or recommendation is being given to buy, sell or otherwise deal in any securities or investments whatsoever. Participants in the solicitation Webster, Santander and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Webster in connection with the Transaction under the rules of the SEC. Information regarding the directors and executive officers of Webster and Santander is set forth in (i) Webster’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, including under the headings entitled “Director Nominees”, “Director Independence”, “Non-Employee Director Compensation and Stock Ownership Guidelines”, “Compensation and Human Resources Committee Interlocks and Insider Participation”, “Executive Compensation”, “2024 Pay Versus Performance” and “Security Ownership of Certain Beneficial Owners and Management”, which was filed with the SEC on April 11, 2025 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000801337/000080133725000015/wbs-20250411.htm, and (ii) Santander’s Annual Report on Form 20-F for the year ending December 31, 2024, including under the headings entitled “Directors and Senior Management”, “Compensation”, “Share Ownership” and “Majority Shareholders and Related Party Transactions”, which was filed with the SEC on February 28, 2025 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000891478/000089147825000054/san-20241231.htm. To the extent holdings of each of Webster’s or Santander’s securities by its directors or executive officers have changed since the amounts set forth in Webster’s definitive proxy statement for its 2025 Annual Meeting of Stockholders and in Santander’s Annual Report on Form 20-F for the year ending December 31, 2024, such changes have been or will be reflected on Webster’s Statements of Change of Ownership on Form 4 filed with the SEC and on Santander’s Annual Report on Form 20-F for the year ending December 31, 2025. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the definitive joint proxy statement/prospectus of Webster and Santander and other relevant materials to be filed with the SEC when they become available. You may obtain free copies of these documents through the website maintained by the SEC at https://www.sec.gov. 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. 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. Sale of 49% stake in Santander Bank Polska to Erste Group All figures, including P&L, loans and advances to customers, customer funds and other metrics are presented on an underlying basis and include Santander Bank Polska, in line with previously published quarterly information, i.e. maintaining the same perimeter that existed at the time of the announcement of the sale of 49% stake in Santander Bank Polska to Erste Group (https://www.santander.com/content/dam/santander- com/en/documentos/informacion-privilegiada/2025/05/hr-2025-05-05-santander-announces-the-sale-of-49-per-cent-of-santander-polska-to-erste-group-bank-and-agrees-strategic-cooperation-across-cib-and-payments- en.pdf). For further information, see the 'Alternative performance measures' section of Banco Santander, S.A. (Santander) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders- and-investors/financial-and-economic-information#quarterly-results)
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5 Index Summary of FY’25 Results 1 Acquisition of Webster 2 2026-28 outlook 3 Appendix 4
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6 Efficiency TNAVps + Cash DPS Record results for the fourth consecutive year , delivering on all our financial targets driven by growth of 8 million new customers and ONE Transformation FY'25 att. profitQ4’25 att. profit post-AT1 CoR CET1 Another record quarter resulting in double-digit profit growth in 2025 Strong operating performance and profitability on the back of ONE Transformation and customer growth Stronger balance sheet with robust credit quality and very strong organic capital generation Together with capital productivity and disciplined capital allocation are driving double-digit value creation YoY Note: YoY changes. In constant euros: Q4’25 attributable profit +18% and FY'25 attributable profit +16%. CET1 ratio on phased-in basis, i.e. in accordance with the transitory treatment of the CRR. YoY comparison based on published De c-24 ratio, which was calculated on a fully-loaded basis. TNAVps + Cash DPS includes the €11.00 cent cash dividend per share paid in May 2025 and the €11.50 cent cash dividend per share paid in November 2025, both forming part of our shareholder remuneration policy. +14% 41.2% 1.15% 16.3% 13.5% -0bps +0.8pp +0.7pp +12% €14.1bn EPS YoY +17% -0.6pp €3.8bn +15% pre-AT1 17.1% RoTE +0.8pp
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7 Delivering on our 2025 Group targets All-time high profit, driven by our revenue performance and structural efficiency improvement from ONE Transformation • Revenue €62.4bn, with record fees • Costs down 1% in euros • Best efficiency in more than 15 years • CoR: 1.15% • CET1: 13.5% and RoTE: 16.3%1 Note: FY'25 ‘attributable profit' and 'underlying attributable profit’ were the same, as the ‘net capital gains and provisions’ lin e was zero since it includes two events, registered in Q2’25, that fall outside the ordinary course of our business, with equal value but opposite signs. For more information, see slide 59. All references to variations in constant euros across the presentation include Argentina in current euros to mitigate distort ions from a hyperinflationary economy. For further information, see the ‘Alternative Performance Measures’ section of the Quarterly Financial Report. (1) RoTE 16.4% with CET1 capped at 13%. Current Constant Current Constant € million 2025 2024 % % % % NII 45,354 46,668 -3 1 -0 3 Net fee income 13,661 13,010 5 9 4 8 Other income 3,375 2,533 33 37 2 5 Total revenue 62,390 62,211 0 4 1 4 Operating expenses -25,725 -26,034 -1 2 -1 2 Net operating income 36,665 36,177 1 5 2 6 LLPs -12,411 -12,333 1 6 -2 3 Other results -3,387 -4,817 -30 -28 -25 -24 Attributable profit 14,101 12,574 12 16 15 19 Group P&L Group excl. ArgentinaGroup ✓ ✓ ✓ ✓ ✓
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8 31.2 39.4% 7.7 -0% -0.1pp +9% 13.0 40.6% 1.7 +4% +0.5pp +8% 8.5 45.5% 2.8 +5% +0.0pp +7% 4.2 35.3% 2.1 +14% -2.9pp +27% 6.0 39.2% 0.9 +17% -5.3pp +50%* 62.4 41.2% 14.1 +4% -0.6pp +16% 16.3% +0.8pp 68.5% -8.4pp 34.5% +7.0pp +1.8pp 17.7% -0.4pp 8.6% -0.3pp 19.1% Double-digit profit growth with all global businesses delivering strong results Note: YoY changes in constant euros. (*) Payments YoY variation excluding the PagoNxt write-downs in Q2’24 related to our merchant platform in Germany and Superdigital in Latin America (€243mn, net of tax and minority interests). 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. See original pre-AT1 RoTE targets in the appendix of this presentation. GROUP CONSUMER CIB WEALTH PAYMENTS RETAIL Revenue (€ bn) EfficiencyFY'25 Profit (€ bn) c.17% c.12% c.20% c.60% >30% c.16.5% RoTE post-AT1 PagoNxt EBITDA margin RoTE post-AT1 Contribution to Group revenue 21% 13% 7% 9% 50% ✓ ✓ ✓ ✓ ✓ FY’25 profitability targets Profitability FY'25 c.10% excl. Motor Finance
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9 Consistent execution of ONE Transformation drove sustained efficiency improvements ahead of Investor Day target Note: FY'25 or latest available data. YoY changes in constant euros. (1) As defined at the 2023 Investor Day. • Wealth: collaboration fees with CIB and Corporates reached €4.3bn (+9% vs. FY’24) • Consumer: expansion of OEM agreements • Multi-Nationals: +2% YoY revenue growth • Product simplification: 24% fewer products vs. Dec-24 (-61% vs. Dec-22) • 70% products / services digitally available (62% Dec-24; 51% Dec-22) • US: c.$300mn efficiencies captured in Consumer and Commercial since 2022 • Global approach to technology: €90mn efficiencies in FY'25 (€542mn since Dec-22) - Gravity (back-end) efficiencies - Process optimization - Global vendor agreements - IT&Ops shared-services -265bps -108bps -87bps ONE Transformation Global & Network businesses1 Global Tech capabilities & others 20252022 Efficiency execution 2022-2025 Reminder from Investor Day Efficiency 2022-2025 200-250bps c. 42% 100-150bps 50-75bps 2022 2025 ID target 45.8% 41.2% 45.8%
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10 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: driving operational leverage through ONE Transformation, while delivering a differential customer experience through our digital bank with branches Key drivers Operational leverage Customer experience Digital sales +15% YoY Operational leverage Cost per active customer -4% YoY 2025 efficiency vs. ID target <42% ID target 44.7 39.5 39.4 2022 2024 2025 (%) Global platform Live in 2026 Gravity OneApp (€ bn) 10.1 5.2 3.9 Dec-22 Dec-24 Dec-25 657 562 466 Dec-22 Dec-24 Dec-25 74.6 79.1 81.0 Dec-22 Dec-24 Dec-25 +2% -24% -17% # of products1 (k) # of non-commercial FTEs1 per mn total customers Active customers (mn) 12.3 12.3 2024 2025 Revenue 31.3 31.2 2024 2025 Costs In real terms -4% -0% -0%
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11 Note: data and YoY changes in constant euros. ANEAs: average net earning assets, including renting. Consumer: scaling our digital bank and global platforms while optimizing the funding structure +4% In real terms +2% 2.97 2.65 Dec-24 Dec-25 Loan-to-deposit ratio (%) -4pp Optimized funding structure Operational leverage (€ bn) Funding costs (%) 161 157 Dec-24 Dec-25 Key drivers 12.6 13.0 2024 2025 5.1 5.3 2024 2025 +4% Revenue Costs Customer experience Operational leverage Global platform Single brand to drive customer engagement €28.2bn (+37% YoY) Total Openbank deposits Single entity Merger of Santander Consumer Finance (SCF) and Openbank in Europe Roll-out of our digital bank 25.2 25.0 26.7 Dec-22 Dec-24 Dec-25 Retail deposit cost-to-serve (%) Operating expenses / ANEAs (%) Total customers (mn) 1.18 0.95 0.86 2022 2024 2025 2.69 2.39 2.44 2022 2024 2025 +7% -0.1pp +0.1pp -32bps
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12 3.9 4.3 2024 2025 Note: data and YoY changes in constant euros. Assets under management includes deposits and off-balance sheet assets. Revenue including ceded fees includes all fees generated by Santander Asset Management and Insurance, even those ceded to the commercial network, which are reflected in Retail’s P&L. # transactions include merchant payments, cards and electronic A2A payments. Payments volume includes Total Payments Volume ( TPV) in Getnet and Cards spending. Like-for-like excludes perimeter effects, mainly the decision to discontinue the merchant platform in Germany and Superdigital in Q2 2024. Network businesses are capturing fee growth through connectivity and global platforms 753 1,421 1,884 2022 2024 2025 2.6 3.7 4.2 2022 2024 2025 877 1,182 1,373 2022 2024 2025 CIB Leveraging our strengths to better serve our corporate customers and institutions Wealth Accelerating our customers’ connectivity with our global product platforms Payments Seizing a growing opportunity by capturing scale through global platforms Key strategic drivers 2025 vs. ID targets US CIB revenue ($ mn) Total revenue (€ mn, PagoNxt) EBITDA margin (%, PagoNxt) % customer related revenue Fee growth (€ bn) % Total revenue / RWAs 2.5 2.7 2024 2025 6.9 7.8 2024 2025 83 82 2024 2025 +9% +1.0pp Assets under management (€ bn) Collaboration fees (€ bn) Revenue including ceded fees (€ bn) 489 558 Dec-24 Dec-25 6.0 6.8 2024 2025 # transactions (bn) Cost per transaction (€ cents, PagoNxt) Payments volume (€ bn) 40.5 45.2 2024 2025 3.5 2.0 2024 2025 530 576 2024 2025 +11% -43% +14% +13% 9.1 27.5 34.5 2022 2024 2025 CAGR 22-25 c.30% ID target >30% ID target Total revenue (€ bn) CAGR 22-25 c.10% ID target +16% +18% CAGR 22-25 >25% ID target +13% +19% Like for like +9% +36% +9%
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13 5.24 5.76 5.98 Dec-24 Dec-25 15.5% 16.3% 2024 2025 Note: TNAVps + Cash DPS includes the €11.00 cent cash dividend per share paid in May 2025 and the €11.50 cent cash dividend per share paid in November 2025, both forming part of our shareholder remuneration policy. Improving profitability and value creation with EPS +17% and TNAVps + Cash DPS increasing 14% Since 2021, and including the full buyback of €5bn that we announce today, Santander will have returned €16.2bn to shareholders via share buybacks, and repurchased c.18% of its outstanding shares EPS TNAVps + Cash DPS € per share Cash DPS: €22.50 cents€ cents 77.1 90.5 2024 2025 RoTE post-AT1 RoTE pre-AT1 17.1% +0.8pp ( YoY) +0.8pp +17% +14%
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14 CET1 % CET1 PERFORMANCE AND CAPITAL PRODUCTIVITY 13.5 13.4 -1.21 -0.25 -0.16 c.-0.55 c.-0.5012.8 +2.23 +0.09 c.+0.95 Dec-24 Att. Profit Capital distribution Net organic RWAs Regulatory & Models Markets & others Dec-25 Poland disposal Additional SBB TSB acquisition Dec-25 pro-forma21 Dec-25 or estimates Front book pricing RoRWA of new book Asset rotation and risk transfer activities RWAs mobilized vs. credit RWAs Value creation % RWAs with RoRWA > CoE MAXIMIZE CAPITAL PRODUCTIVITY 2.8% 21% 89% 3 Strong organic capital generation, supporting accretive capital redeployment, consistent with our capital hierarchy TSB bolt-on acquisition at 1.45x TBV Poland disposal at 2.2x TBV Note: Dec-24 ratio on a fully-loaded basis (as published in the Q4 2024 Financial Report), excluding the transitory treatment of IFRS 9 and of CRR. Dec-25 on a phased-in basis, calculated in accordance with the transitory treatment of the CRR and it does not include any expected impacts from the recently announced inorganic transactions. (1) Cap ital distribution including deduction for accrual of shareholder remuneration and AT1 costs. (2) Business RWA change net of risk transfer initiatives. (3) Dec-25 pro forma CET1 ratio considering the inorganic transactions announced during 2025 and the additional share buyback : i) c.+95bps from the Poland disposal, already completed on 9 January 2026, ii) c.-55bps related to €3.2bn additional share buyback to distribute approx. 50% of CET1 capital generated following the completion of the Poland di sposal, and iii) c.-50bps expected following the completion of the TSB acquisition. For more information, see additional note 1 on slide 65.
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15 In summary, delivering on all our 2025 and key Investor Day targets Note: data and YoY changes in constant euros, unless otherwise indicated. TNAVps + Cash DPS includes the €11.00 cent cash dividend per share paid in May 2025 and the €11.50 cent cash dividend per share paid in November 2025, both forming part of our shareholder remuneration policy. (1) CET1 ratio is phased-in, calculated in accordance with the transitory treatment of the CRR. RoTE Revenue Fees Cost base TNAVps + Cash DPS Efficiency CET11 CoR 2025 2025 2023-25 pre-AT1 | in 2025 CAGR 22-25 CAGR 22-25 CAGR 22-25 CAGR 22-25 in 2025 in 2025 in 2025 2023-25 €62.4bn +9% -1% in euros 1.15% 13.5% post-AT1 16.3% +14% +8% +7% +4% 1.15% 13.5% 17.1% 41.2% +14% Targets c.16.5% post-AT1 c.€62bn Mid-high single digit growth Down vs. 2024 in euros Double-digit growth through-the-cycle 13% operating range: 12-13% c.1.15% ✓ ✓ ✓ ✓ ✓ ✓ ✓ ID targets 15-17% pre-AT1 c.7-8% CAGR 22-25 c.8-9% CAGR 22-25 c.4-5% CAGR 22-25 Double-digit growth through-the-cycle c.42% in 2025 >12% post-Basel III c.1.0-1.1% ✓ ✓ ✓ ✓ ✓ ✓
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16 Index Summary of FY’25 Results 1 Acquisition of Webster 2 2026-28 outlook 3 Appendix 4
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17 Santander US is delivering consistent and sustainable earnings improvements, reaching 15% RoTE1 in 2025 SANTANDER US PAT ($bn) 1.0 1.2 1.7 2023 2024 2025 Growth of capital light businesses Improved funding profile Cost reduction Prudent risk management Capital discipline CIB fee growth 33% 2024-25 1 2 3 4 5 DRIVERS OF IMPROVED US PERFORMANCE Increase in auto lending volumes funded by retail deposits +12pp 2022-25 Reduction in retail deposit cost-to-serve from simplification and delayering -19% 2022-25 Cost of risk target achieved <2% 2025 RWAs deployed above cost of equity >90% 2025 +31% CAGR 2023-25 (1) US RoTE pre-AT1 adjusted based on Group’s deployed capital calculated as contribution of RWAs at 12%, as guided in 2023 Investor Day.
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18 Webster: a bolt-on, representing only 4% of Group assets, is a highly-attractive deposit franchise with substantial cost synergies Note: return on invested capital in three years. (1) Cost synergies are pre-tax, annual and full run-rate expected at the end of 2028. % of 2025 combined expenses of Webster with Sa ntander US ex. CIB, pro forma for savings from Santander US standalone 2025-28 transformation. (2) Assuming: i) Jan-26 consensus for 2028 earnings and ii) full transaction cost synergies. (3) Closing expected in H2’26. CET1 ratio estimated based on transaction closing in Q4’26. Price $12.2bn c.6.8x P/E post synergies2 COST SYNERGIES c.$800mn c.19% of the combined US business’s cost base1 ($) RETURN ON INVESTED CAPITAL c.15% PRO FORMA CET1 INC. WEBSTER AT CLOSING3 12.8% No changes to announced SBB plan SANTANDER US RoTE post-AT1 18% 2028E post-integration GROUP EPS ACCRETION c.7-8% 2028E
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19 • Bolt-on acquisition that significantly enhances the Santander US franchise – Combined franchise will be top 3 best efficiency among the top 25 US banks and top 5 highest profitability by 2028, based on analyst forecasts1 • The transaction will help drive incremental returns and organic growth above our current strategic plan A transaction consistent with our strategy: overview Overview • $48.75 payable in cash 65% • $26.25 payable in Santander shares 35% – Based on a fixed exchange ratio of 2.0548 Santander shares per Webster share2 Consideration mix • $75 price per Webster share, implied equity valuation of $12.2 billion • 10x P/E based on Webster’s consensus 2028 earnings • c.6.8x P/E post identified cost synergies • 2.0x Q4’25 tangible book value Transaction multiples Synergies and integration • Joint team to deliver integration lead by John Ciulla as Webster CEO and Luis Massiani as head of integration, with incentivization to enhance financial performance and deliver long-term shareholder value • c.$800mn in annual pre-tax cost synergies with estimated merger and integration costs of c.1x cost synergies • Anticipated closing in H2 2026, subject to customary closing conditions, including applicable regulatory consents and the approval of shareholders of both Webster and Santander (1) Based on Visible Alpha consensus RoATCE 2028 for listed US retail and commercial banks with >$50bn total assets; CFR, COLB, VLY and FCNCA based on 2027E RoTE given lack of available estimates for 2028E. (2) Based on the volume-weighted average price of €10.79 per Santander share for the three -day period ended on 2 February 2026, and a EUR/USD exchange rate of 1.1840 as of 2 February 2026.
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20 Loans | Deposits | CoR → US efficiency ratio 2028 <40% ONE Transformation and Openbank integrated with Webster will improve Santander’s profitable growth trajectory across the US Significant cost synergies underpinned by proven integration track record and experienced management team High quality and complementary franchise with strong cultural fit that enhances diversification and improves funding mix Establishes Santander top 3 best bank by efficiency and top 5 highest profitability1 as well as top 5 by deposits in the US Northeast Compelling strategic and financial rationale, delivering c.15% RoIC, 6pp above SBB Delivers attractive financial returns with no impact on committed distributions Top 5 deposit market share in the Northeast2 8% Loans to deposits3 → Cost synergies c.$800mn US RoTE post-AT1 2028 18% ($) RoIC c.15% EPS accretion 2028 c.7-8% 2 1 4 3 5 Note: Pro forma figures for combined entity as of FY’25. Data under IFRS. Gross loans and advances to customers (excl. revers e repos). Customer deposits excluding repos. SBB RoIC calculated as of 30 January 2026. (1) Combined franchise will be top 3 best efficiency among the top 25 US banks and top 5 highest profitability by 2028, based on Visible Alpha consensus RoATCE 2028 for listed US retail and commercial banks with >$50bn total assets; CFR, COLB, VLY and FCNCA based on 2027E RoTE given lack of available estimates for 2028E. (2) Market share reflects weighted average deposit market share at the MSA level. FDIC deposit data as of 30 June 2025 and capped at $1bn per branch. For more information, see note 1 on slide 65. (3) Loan-to-deposit ratio: net loans including reverse repos / deposits including repos. Santander US Combined $185bn $172bn 1.6%Santander US Combined 109% 100% Cost of deposits → Santander US Combined 2.7% 2.4% Combined 1.3% Combined Combined
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21 Expenses / assets High-quality lending and deposit franchise Assets Deposits RoTE post-AT1 Loans to deposits2 Loans Efficiency Leverage ratio WEBSTER’S KEY FINANCIALS (US GAAP) Note: Reported figures for FY’25. Gross loans and advances to customers (excl. reverse repos). Customer deposits excluding repos. (1) Banks with more than $50bn in total assets, excluding CIB balances. (2) Loan-to-deposit ratio: net loans including reverse repos / deposits including repos. • Founded in 1935 and headquartered in Stamford, Connecticut, Webster is a diversified US bank serving individuals, families and businesses • Following the 2022 merger of equals with Sterling Bancorp, Webster doubled its scale to c.$65bn in assets • Webster operates across Consumer, Commercial and Healthcare Financial Services • Strong positioning in affluent markets and middle- market lending, and a leading Health Savings Accounts (HSA) franchise that provides stable funding • Quality, high-performing franchise with efficiency ratio and expenses / assets ratio among top 5% of banks >$50bn1 • The bank delivers resilient earnings and superior profitability versus larger Northeast peers CoR 1 STRENGTH PROFITABILITY SCALE $84bn $57bn $69bn 17.2% 46% 1.76% 8.3% 0.4% 81%
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22 Note: Figures under IFRS. Gross loans and advances to customers (excl. reverse repos). Customer deposits excluding repos. Top 10 national retail and commercial bank by assets, excluding Credit Unions, based on US regulatory financial reports as of 30 September 2025. (1) Reflects weighted average deposit market share at the MSA level. FDIC deposit data as of 30 June 2025 and capped at $1bn per branch. For more information, see note 1 on slide 65. 1 Significantly enhanced scale: top 10 national retail and commercial bank by assets in the US and top 5 Northeast deposit player Santander US Combined+ Webster NORTHEAST DEPOSITS1 COMBINED US FRANCHISE Total assets Loans Deposits As of FY’25 Santander US Combined Top 5 Northeast player 8% 4%Market share +$84bn +$57bn +$69bn $185bn $103bn $172bn $128bn $243bn $327bn
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23 11% 15% 12% 13% 5% 45% 34% 40% 11% 10% 11% 11% 16% 13% 22% 12% 19% Time deposits Now accounts Savings Money market deposits Health savings Non-interest bearing Santander US Cost of deposits (avg. balances) 13% 41% 22% 14% 39% 21% 36% 1% 25% 4% 19% 9% 33% 23% CIB Mortgages Consumer CRE C&I Combined Yield on loans (avg. balances) Webster contributes a complementary loan mix that results in a more balanced loan portfolio Webster contributes a high-quality and low-cost deposit base mainly from commercial banking and consumer customers LOANS ($bn) DEPOSITS ($bn) WebsterSantander US1 Notes: Data based on reported figures as of FY’25. Some break downs use estimates from latest available data. Figures under IFRS. Gross loans and advances to customers (excl. reverse repos). Customer deposits excluding repos. (1) Santander US also has c.$8.5bn in leasing assets not included in the loan breakdown. (2) Loan-to-deposit ratio: net loans including reverse repos / deposits including repos. CombinedWebster CombinedWebsterSantander US 2 CoR CombinedWebsterSantander US 128.1 56.6 184.7 103.1 68.8 171.8 Loan-to-deposit ratio2 (%) 100% 81% 109% 2.7% 2.0% 2.4% 1.6% 0.4% 1.3% 9.1% 5.9% Creates a balanced entity that brings together Webster’s deposit franchise with Santander’s strength in US consumer credit origination 8.0%
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24 Efficiency ratio FY’25 Significant integration experience across the Webster and Santander management teams with a focus on future growth 3 Note: Figures under US GAAP. Peer set based on FY’25 reported figures of US regional banks including PNC, TFC, USB, MTB, FITB, HBAN, KEY, RF, CFG, FLG, ZION, FHN, WAL, BPOP, EWBC, VLY. The combination of both entities is expected to be integrated into Santander Bank NA (SBNA). THE RIGHT TEAM AND ORGANIZATION TO SUCCEED WEBSTER vs. REGIONAL BANK PEERS RoTE FY’25 Christiana Riley CEO and President of Santander US John Ciulla CEO SBNA, currently Chairman and CEO of Webster Reporting to SHUSA board Luis Massiani COO, SHUSA and SBNA Reporting to J. Ciulla and C. Riley Tim Ryan Non-Executive Chairman of Santander US #2 #4 46% 17%
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25 3,073 c.4,250 c.3,5001,378 c.-200 c.-480 c.-280 c.-35 4,451 San US + Webster excl. CIB 2025 San US transformation 2025-28 San US + Webster 2025 pro forma HQ & Overhead Technology & Operations Other San US + Webster 2028 At least • HQ efficiencies • IT & other vendor re-negotiations • Systems decommissioning • Corporate properties CIB efficiency improvement as we consolidate our growth initiatives Restructuring costs of c.1x cost synergies3 $100mn identified opportunity from balance sheet optimization, with additional upside potential not quantified from joint revenue opportunities c.$800mn ESTIMATED COST SYNERGIES1… Costs excl. CIB $mn NY MA NJ RI CT NHVT PA D E ME MD FL Webster and Santander US footprint Webster branches Santander US branches Branch overlap: 1 mile: 30% 2 mile: 40% 5 mile: 57% … TO DRIVE SAN US EFFICIENCY RATIO DOWN PHASING OF COST SYNERGIES 2028 Efficiency ratio (Santander US incl. CIB) % c.$800mn estimated cost synergies mainly from IT&Ops efficiencies and organization overlap Note: Figures under IFRS. Cost synergies pre-tax and not considering potential revenue synergies. (1) Cost synergies do not include restructuring costs, for c.1x cost synergies, or amortization of CDI. (2) 2028 pro forma fully synergized. Full run-rate synergies expected to be achieved by the end of 2028. (3) Restructuring charges that have an impact on capital. 3 -19% Webster San US excl. CIB 2 <40 -5pp -3pp 48 San US + Webster 2025 Standalone improvement 2025-28 Cost synergies San US + Webster 2028
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26 With this transaction Santander US achieves the scale needed to deliver 18% RoTE and become one of the most profitable banks in the US 4 10% Full integration of auto and consumer banking Doubling down on fee-based businesses 18% LEVERS FOR US RoTE IMPROVEMENT 2025-2028 Reinforced commercial banking franchise c.$800mn cost synergies Strengthened funding structure Cost & funding benefits from full integration of auto and consumer banking Continue building capital-light business while enhancing CIB capabilities, supporting access to US capital markets across Santander The transaction will help drive incremental returns and organic growth above our current strategic plans Note: RoTE post-AT1. +3pp +2pp +3pp 2025 Webster 2028 combined post-synergies
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27 $ RoIC c.15% Self-funded transaction, which improves our future capital generation capacity5 12-13% op. range >13% c.-140bps CET1 PATH % (Expected at the end of 2026) 12.8-13% c.+70bps Capital generation1 14.213.5 CET1 Dec-25 Capital generation CET1 Dec-26 pro forma Webster CET1 Dec-26 CET1 Dec-27 (1) Net of shareholder remuneration in line with our policy and additional share buyback to distribute approx. 50% of the CET1 capital generated following the completion of the sale of 49% of Santander Bank Polska to Erste Group on 9 January 2026, as announced today, for which the regulatory approval has been received. 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 dividends and 50% in share buybacks . Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.
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28 We reiterate our commitment to remunerate our shareholders with 50% ordinary payout and at least €10bn SBB for 2025-26 earnings 5 EXECUTION IN H2’26-H1’27 1.7 1.8 3.2 3.3 Ordinary against H1'25 results Ordinary against H2'25 results Poland disposal execution in H1'26 Ordinary + excess capital SBB guidance TIMETABLE FOR THE AT LEAST €10bn SHARE BUYBACK COMMITMENT 10bn €6.7bn SBB €bn DELIVERED ANNOUNCED TODAY ON TRACKANNOUNCED TODAY 1 Note: share buybacks already executed or launched in 2025 and 2026 to date, against the “at least €10bn Total SBB 2025 -26” target. The €6.7bn amount includes i) €1.7bn share buyback against H1’25 results, already completed on 23 December 2025, ii) €1.8bn share buyback against H2’25 results, as announced today, for which the regulatory approval ha s been received, and iii) €3.2bn additional share buyback to distribute approx. 50% of the CET1 capital generated following the completion of the sale of 49% of Santander Bank Polska to Erste Group on 9 January 2026, as a nnounced today, for which the regulatory approval has been received. Additionally, €3.3bn against future results and excess capital are expected to be executed, subject to future corporate and regulatory decisions and appro vals. For more information, see additional note 2 on slide 65. (1) Subject to future corporate and regulatory decisions and approvals.
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29 Improves strategic positioning of Santander US In summary, c.7-8% EPS accretive bolt-on acquisition with c.15% RoIC, fully aligned with our capital hierarchy and strengthening our position in the US… (1) Combined franchise will be top 3 best efficiency among the Top 25 US banks and Top 5 highest profitability by 2028, based on Visible Alpha consensus RoATCE 2028 for listed US retail and commercial banks with >$50bn total assets; CFR, COLB, VLY and FCNCA based on 2027E RoTE given lack of available estimates for 2028E. Deposit market share reflects deposits weighted average at the MSA level (FDIC d eposit data as of 30 June 2025 and capped at $1bn per branch. For more information, see note 1 on slide 65). (2) For more information, see note 2 on slide 65. • The combined group will be top 3 best efficiency among the top 25 US banks and top 5 highest profitability by 2028, as well as top 5 by deposits in the Northeast with 8% market share1 – Significant US RoTE post-AT1 uplift to 18% by 2028 • Brings together Webster’s deposit franchise and Santander US consumer credit origination capabilities Attractive financial rationale consistent with the Group’s capital hierarchy • c.7-8% EPS accretive to Grupo Santander for 2028 with c.15% RoIC • c.$800mn synergies identified (pre-tax) leading to an efficiency improvement from 48% in 2025 to <40% in 2028 • Reiterated commitment of at least €10bn SBB for 2025-26 earnings2 Strong track record on integration • Significant integration experience across the Webster and Santander management teams with a focus on future growth
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30 41% 11%12% 36% 49% 9%7% 35% 46% 22% 11% 21% Europe UK US LatAm … which, together with the TSB acquisition, underpins our diversified business model GRUPO SANTANDER 2025 reported perimeter incl. Poland, excl. Webster + TSB Loan book Note: loan book and operating PBT distributions based on the operating areas excluding the Corporate Centre. Operating PBT= net operating income – LLPs. LatAm including Rest of the Group. Soft currencies: MXN, BRL, CLP, ARS, PLN (soft currency shaded within Europe in the pie charts) and rest of LatAm currencies. Hard currencies: EUR, USD, GBP and rest of European currencies. With the acquisitions of TSB and Webster, all markets are expected to be operating above a 15% RoTE, reflecting the consistently high return profile across the Group, in line with our strategy 40% 25% 15% 20% Europe UK US LatAm Operating PBT Loan book Operating PBT GRUPO SANTANDER 2025 PRO FORMA excl. Poland, incl. Webster+ TSB Hard currencies: 64% Soft currencies: 36% Hard currencies: 80% Soft currencies: 20% Hard currencies: 56% Soft currencies: 44% Hard currencies: 75% Soft currencies: 25%
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31 Index Summary of FY’25 Results 1 Acquisition of Webster 2 2026-28 outlook 3 Appendix 4
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32 RoTE2 >20% With Webster, Santander is now AT SCALE IN ALL OUR CORE MARKETS which will accelerate our value creation in the next strategic cycle Note: targets market dependent. Based on macro assumptions aligned with international economic institutions. CET1 targets including all the impacts from inorganic transactions. (1) Excluding the capital gain resulting from the sale of Santander Bank Polska to Erste Group in 2026, as well as TSB and Webster integration and restructuring charges. (2) 2028 RoTE is post-AT1. Revenue growth Costs Profit CET1 Mid-single digit in constant euros Down in constant euros Up vs. €14.1bn in 2025 12.8-13%2026 Excluding Poland, TSB and Webster in 2025-26 2027 Including TSB and Webster With fees growing more than NII Resulting in positive operational leverage operating range 12-13% Double digit in constant euros Up mid teens1 in constant euros >13% operating range: 12-13% 2028 At least double-digit TNAVps + DPS growth through the cycle Assuming CoR stable Positive operational leverage Targets market dependent
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34 Index Summary of FY’25 Results 1 Acquisition of Webster 2 2026-28 outlook 3 Appendix 4
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35 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina 2025 profitability: RoTE pre- and post-AT1 Detail by global business and country Reconciliation of underlying results to statutory results Webster: a diversified deposit base Glossary and additional notes
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36 TNAVps+DPS (Growth YoY) 2022 2023 2024 2025 2025 ID targets RoTE post-AT1 (%) - - 15.5 16.3 - RoTE pre-AT1 (%) 13.4 15.1 16.3 17.1 15-17% Payout (Cash + SBB)¹ (%) 40 50 50 50 50 EPS growth (%) 23 21.5 17.9 17.3 Double-digit Total customers (mn) 160 165 173 180 c.200 Active customers (mn)² 99 100 103 106 c.125 Simplification & automation Efficiency ratio (%) 45.8 44.1 41.8 41.2 c.42 Customer activity Transactions volume per active customer (% growth)³ - 10 9 8 c.+8 CET1 (%)⁴ 12.0 12.3 12.8 13.5 >12 RWA with RoRWA>CoE (%) 80 84 87 89 c.85 Green finance raised & facilitated (€bn) 94.5 115.3 139.4 174.0 120 Socially Responsible Investments (AuM) (€bn) 53 67.7 88.8 129.9 100 Financial inclusion (# People, mn) - 1.8 4.3 6.3 5 +6% +15% +14% +14% Profitability Customer centric Sustainability⁵ Capital We have delivered on all our key Investor Day targets for 2025 New 2025 targets c.16.5% post-AT1 >17% pre-AT1 Double-digit growth average through-the-cycle CET1: 13% Operating range: 12-13% (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 approv als. (2) Those customers who meet transactional threshold in the past 90 days. (3) Total transactions annual growth includes 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 IFRS 9 and of CRR. Dec-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, targ et definitions are not fully aligned with the taxonomy. For further information, see the 'Alternative performance measures' section of the 9 M’25 Quarterly Financial Report. +10% CAGR 2022-25 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
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37 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina 2025 profitability: RoTE pre- and post-AT1 Detail by global business and country Reconciliation of underlying results to statutory results Webster: a diversified deposit base Glossary and additional notes
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38 +11% Group P&L QoQ variations and excluding Argentina Note: underlying P&L. Fees NII 3,044 3,059 3,130 3,299 3,305 3,341 3,360 3,656 Costs LLPs 2,868 2,905 2,904 3,057 3,081 3,050 2,970 3,311 Q1'24 Q2 Q3 Q4 Q1'25 Q2 Q3 Q4 11,345 10,906 11,019 11,806 11,130 11,408 11,229 11,587 Constant €mn 6,226 6,075 6,241 6,652 6,345 6,411 6,343 6,625 Group quarterly performance P&L Current Constant Current Constant % % % % NII 4 3 3 2 Net fee income 10 9 10 9 Other income 10 9 22 21 Total revenue 6 5 5 4 Operating expenses 5 4 5 4 Net operating income 6 5 6 5 LLPs 13 11 13 11 Other results -2 -3 1 0 Attributable profit 7 7 8 7 Group Group excl. Argentina Q4’25 vs. Q3’25 Revenue 14,523 14,901 14,864 15,778 15,207 15,573 15,439 16,171 +3% +9% +5% +4%
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39 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina 2025 profitability: RoTE pre- and post-AT1 Detail by global business and country Reconciliation of underlying results to statutory results Webster: a diversified deposit base Glossary and additional notes
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40 2025 profitability: RoTE pre- and post-AT1 GROUP CONSUMER CIB WEALTH PAYMENTS RETAIL c.17% >14% >20% c.60% >30% 15-17% RoTE pre-AT1 PagoNxt EBITDA margin RoTE pre-AT1 ✓ ✓ ✓ ✓ ✓ 2025 targets FY'25 18.5% -0.5pp 9.4% -0.4pp 19.8% +1.8pp 69.2% -8.4pp 34.5% +7.0pp 17.1% +0.8pp c.17% c.12% c.20% c.60% >30% c.16.5% RoTE post-AT1 PagoNxt EBITDA margin RoTE post-AT1 ✓ ✓ ✓ ✓ ✓ 2025 targets FY'25 16.3% +0.8pp 68.5% -8.4pp 34.5% +7.0pp +1.8pp 17.7% -0.4pp 8.6% -0.3pp 19.1% Profitability metrics (RoTE pre-AT1) Profitability metrics (RoTE post-AT1) Note: YoY changes. Global businesses’ RoTEs are adjusted based on Group’s deployed capital; targets have been adjusted for AT1 costs
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41 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina 2025 profitability: RoTE pre- and post-AT1 Detail by global business and country Reconciliation of underlying results to statutory results Webster: a diversified deposit base Glossary and additional notes
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42 Detail by global business
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43 Retail & Commercial Banking Note: Dec-25 data and YoY changes (loans, deposits and mutual funds in constant euros). HIGHLIGHTSKEY DATA P&L Loans €601bn +1% Mutual funds €115bn +16% Efficiency 39.4% -0.1pp CoR 0.88% -5bps RoTE post-AT1 17.7% -0.4pp Deposits €662bn +4% Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 6,639 2.5 26,409 -2.2 -5.5 Net fee income 1,255 9.6 4,784 6.1 1.6 Total revenue 7,879 2.5 31,216 -0.1 -3.6 Operating expenses -3,154 5.4 -12,314 0.0 -3.8 Net operating income 4,725 0.7 18,902 -0.2 -3.4 LLPs -1,311 1.3 -5,416 -2.2 -7.3 Attributable profit 1,995 0.1 7,666 8.6 5.8 (*) € mn and % change in constant euros. (1) % change in current euros. • ONETransformation continues to deliver tangible progress: fees (+6%), cost per active customer (-4%) and high profitability levels • Loans rose YoY supported by mortgages, mainly in Europe, Brazil and Mexico. Deposits (+4%) and mutual funds (+16%) up in most countries, on the back of higher transactionality • Strong profit growth YoY (+9%), on the back of higher fees and effective risk management, with costs under control. By line: − NII flat excluding Argentina, supported by Mexico (volumes and lower cost of deposits), Chile (lower cost of deposits) and the UK (good margin management) − Fees up 6%, mainly in insurance, mutual funds and FX − Costs improved 4% in real terms, reflecting our transformation efforts − LLPs declined 2%, with notable performances in Poland, Spain and Brazil • Profit stable QoQ, as strong NII and fee performances were offset by seasonality in costs
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44 RETAIL SPAIN Note: Dec-25 data and YoY changes (loans, deposits and mutual funds in constant euros). RETAIL UK Underlying P&L* Q4'25 % Q3'25 2025 % 2024 NII 1,439 -0.3 5,796 -1.2 Net fee income 257 -0.6 1,076 0.2 Total revenue 1,708 -1.8 7,007 -0.9 Operating expenses -572 2.6 -2,268 -0.9 Net operating income 1,136 -3.8 4,739 -0.9 LLPs -231 0.3 -996 -8.8 Profit before tax 803 0.3 3,250 16.2 (*) € mn and % change. Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 1,178 3.1 4,728 2.4 1.2 Net fee income 34 275.8 50 — — Total revenue 1,197 5.3 4,681 2.6 1.4 Operating expenses -603 2.6 -2,463 -4.2 -5.3 Net operating income 593 8.2 2,218 11.3 10.0 LLPs -46 — -122 800.1 789.4 Profit before tax 437 -9.5 1,603 1.4 0.2 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €155bn 0% Deposits €231bn +4% Mutual funds €51bn +15% Yield on loans 3.53% -51bps Cost of deposits 0.46% -24bps Efficiency 32.4% +0.0pp Loans €221bn +2% Deposits €209bn +4% Mutual funds €6bn +5% Yield on loans 4.13% +15bps Cost of deposits 1.93% -17bps Efficiency 52.6% -3.7pp • Loans up YoY, with positive new business trends in 2025. Deposits +4%, driven by time deposits • PBT increased YoY, boosted by NII (loan pricing and lower cost of deposits), fees and lower costs, which more than offset LLP normalization and higher transformation charges • NOI +8% QoQ, on the back of strong revenue growth (volumes). PBT affected by LLP charges versus releases in Q3 and the bank levy in Q4 • Loans flat YoY reflecting our focus on active risk management and balance sheet optimization. Deposits rose 4% YoY, mainly supported by demand deposits. Mutual funds up double digits • PBT up 16% YoY, supported by solid underlying LLP trends, our active risk management that improves credit quality and lower costs. Also favoured by the banking tax charged through the tax line in 2025 • PBT flat QoQ, as lower transformation charges compensated the impact of capital management initiatives on revenue and seasonality in costs
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45Note: Dec-25 data and YoY changes (loans, deposits and mutual funds in constant euros). RETAIL MEXICO RETAIL BRAZIL Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 787 1.2 3,041 6.5 -3.0 Net fee income 196 7.7 723 13.5 3.4 Total revenue 1,000 5.0 3,719 8.4 -1.3 Operating expenses -478 15.9 -1,669 4.3 -5.0 Net operating income 522 -3.3 2,049 11.9 1.9 LLPs -165 -8.0 -626 5.1 -4.4 Profit before tax 338 -2.5 1,354 12.8 2.7 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €33bn +3% Deposits €39bn +8% Mutual funds €15bn +16% Yield on loans 12.46% -129bps Cost of deposits 3.59% -134bps Efficiency 44.9% -1.7pp Loans €55bn -3% Deposits €58bn +9% Mutual funds €23bn +18% Yield on loans 17.07% +58bps Cost of deposits 9.17% +194bps Efficiency 41.1% +2.8pp Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 1,468 -0.4 5,957 -4.9 -12.3 Net fee income 358 12.1 1,364 -3.3 -10.9 Total revenue 1,770 1.4 7,146 -5.7 -13.1 Operating expenses -744 3.5 -2,938 1.1 -6.8 Net operating income 1,025 -0.1 4,209 -9.9 -17.0 LLPs -619 1.0 -2,653 -3.2 -10.8 Profit before tax 180 -27.1 813 -34.7 -39.9 (*) € mn and % change in constant euros. (1) % change in current euros. • Loans up YoY, mainly in mortgages. Deposit growth reflects our focus on becoming our customers’ primary bank • PBT +13% YoY, boosted by solid performances in NII (higher activity and lower cost of deposits) and fees (mainly mutual funds) • PBT impacted QoQ by seasonality in costs, which more than offset solid performances in NII (higher volumes and lower cost of deposits), fees (insurance) and GFT (gains from the sale of a stake) • Loans down YoY, mainly personal loans, reflecting our focus on active risk management and balance sheet optimization. Deposits increased, driven by time. Mutual funds up double digits • PBT affected YoY by impacts from the macro environment, with lower activity and higher rates affecting revenue. Costs down in real terms. LLPs dropped in line with loans • NOI flat QoQ, as strong fees(mutual funds) and resilient NII were offset by cost seasonality. PBT affected by higher legal provisions
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46 Digital Consumer Bank Note: Dec-25 data and YoY changes (new lending, loans and deposits in constant euros). HIGHLIGHTSKEY DATA P&L New lending €82bn -8% Loans €212bn +2% Efficiency 40.6% +0.5pp CoR 2.10% -7bps RoTE post-AT1 8.6% -0.3pp Deposits €130bn +5% Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 2,769 -0.3 11,036 5.4 2.4 Net fee income 418 9.6 1,479 0.4 -2.0 Total revenue 3,348 2.7 13,015 3.6 0.8 Operating expenses -1,338 3.5 -5,287 4.4 2.0 Net operating income 2,010 2.2 7,728 3.1 0.0 LLPs -1,313 21.9 -4,457 1.4 -2.3 Attributable profit 180 -64.6 1,741 8.2 4.9 (*) € mn and % change in constant euros. (1) % change in current euros. • Progressing in our priority to become the preferred choice of our partners and end customers, while being the most cost competitive player • Loans rose 2% YoY, underpinned by auto lending, especially in Europe, in a market that picked up after a weak start to the year, and in Latin America • Deposits grew 5%, up across our footprint, supported by Openbank, in line with our deposit gathering strategy to reducefunding costs and lower NII volatility across the cycle • Profit +8% YoY, even after lower fiscal benefits linked to EVs, mainly backed by solid revenue growth, lower Motor Finance and CHF provisions, the temporary levy in Spain in 2024 and the CrediScotia integration. By line: − NII up in most of our footprint, due to volumes and margin management − Fees flat, despite the impact of the new insurance regulation in Germany − Costs +2% in real terms, supported by savings from our transformation efforts, as we continued to invest in our platforms and Openbank − LLPs slightly up, with an excellent performance in auto in the US nearly offsetting increases mainly in DCBE (corporates and macro in Germany) • NOI up 2% QoQ driven by 10% fee growth (DCBE) and GFT (balance sheet management). Profit affected by higher LLPs (US seasonality and corporates and models in Germany), as well as by Motor Finance and CHF provisions
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47Note: Dec-25 data and YoY changes (loans, deposits and mutual funds in constant euros). DCB Europe DCB US Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 1,100 -3.2 4,581 2.8 -1.5 Net fee income 78 -9.7 339 16.6 11.8 Total revenue 1,209 -2.4 5,072 -0.1 -4.2 Operating expenses -543 6.8 -2,141 3.5 -0.8 Net operating income 666 -8.8 2,931 -2.6 -6.6 LLPs -609 12.1 -2,140 -9.5 -13.2 Profit before tax 30 -79.0 699 32.4 26.9 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €142bn +2% Deposits €82bn +1% Mutual funds €5bn +16% Yield on loans 5.75% +2bps Cost of deposits 1.84% -46bps Efficiency 44.1% -1.8pp Loans €47bn -5% Deposits €46bn +11% Mutual funds €4bn +19% Yield on loans 12.02% +53bps Cost of deposits 2.13% +3bps Efficiency 42.2% +1.5pp Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 1,212 0.4 4,685 7.5 7.4 Net fee income 234 17.8 804 -10.8 -10.9 Total revenue 1,595 6.0 5,925 4.4 4.3 Operating expenses -633 -2.9 -2,611 0.4 0.3 Net operating income 962 12.9 3,314 7.9 7.8 LLPs -436 41.9 -1,363 12.9 12.7 Profit before tax 185 -61.7 1,398 23.4 23.6 (*) € mn and % change in constant euros. (1) % change in current euros. • Loans grew YoY, driven by auto. Deposits up, mainly demand, in line with our strategy to increase retail funding • PBT +23% YoY, backed by strong NII (margins and volumes), flat costs and lower Motor Finance provisions, which more than offset lower fees (insurance regulation) and higher LLPs in Germany • NOI up 13% QoQ, with a strong fee performance (higher activity) and lower costs. PBT mainly impacted by higher LLPs (corporates and models in Germany) and Motor Finance provisions • Loans reflect our focus on profitability and asset rotation initiatives. Deposits +11%, supported by strong growth in Openbank • PBT +32% YoY, mainly driven by better NII (auto loan margin), fees (auto servicing) and LLPs (resilient customer behaviour, used car prices stable at high levels and capital optimization initiatives) • In the quarter, PBT mainly affected by LLP seasonality, higher costs and weaker NII (lower yield on loans and reduced volumes due to balance sheet optimization initiatives)
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48 Corporate & Investment Banking Note: Dec-25 data and YoY changes (loans, deposits in constant euros). HIGHLIGHTSKEY DATA P&L Loans €152bn +15% Deposits €140bn +5% CoR 0.15% +5bps Efficiency 45.5% +0.0pp RoTE post-AT1 19.1% +1.8pp Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 1,099 10.8 4,047 5.7 1.5 Net fee income 736 17.1 2,713 9.3 6.4 Total revenue 2,114 3.8 8,488 5.2 1.8 Operating expenses -1,006 4.3 -3,866 5.1 1.9 Net operating income 1,108 3.3 4,622 5.3 1.7 LLPs -124 52.9 -291 70.9 70.3 Attributable profit 666 4.0 2,834 6.9 3.2 (*) € mn and % change in constant euros. (1) % change in current euros. • Good progress in our strategy focused on fees and capital-light business through our GM and GB initiatives, supporting enhanced value proposition and higher profitability while we maintain a leading position in efficiency • Good activity levels in 2025: - Global Transaction Banking (GTB): driven by Trade & Working Capital Solutions, boosted by new initiatives and expansion into new segments and partnerships. Export Finance maintaining global leadership - Global Banking (GB): especially Corporate Finance, mainly in the US, Structured Finance and DCM - Global Markets (GM): in all countries with robust institutional customer activity (mainly US and Europe), particularly fixed income and FX products • Loans up YoY across businesses. Deposits grew mainly driven by Cash Management • Profit rose 7% YoY, backed by fees (+9%), up across business lines but particularly in GB in the US, and NII on the back of solid GM financing activity • Profit up 4% QoQ driven by strong revenue performance, mainly feesacross business lines, particularly GB, which more than offset seasonality in costs and LLP growth in a context of higher activity
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49 Wealth Management & Insurance HIGHLIGHTS Note: Dec-25 data and YoY changes in constant euros. (1) Net new money as a % of PB’s 2024 customer assets and liabilities (CAL). 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. P&L KEY DATA GWPs AuMs €558bn +14% €10.7bn +4% Efficiency 35.3% -2.9pp RoTE post-AT1 68.5% -8.4pp Net new money (PB) €20.0bn 6% of volumes¹ Net sales (SAM) €3.7bn 2% of volumes¹ Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 366 3.9 1,445 -13.7 -15.3 Net fee income 446 6.8 1,703 16.8 13.8 Total revenue 1,193 16.8 4,239 14.3 11.4 Operating expenses -402 8.6 -1,497 6.0 3.1 Net operating income 790 21.5 2,742 19.5 16.6 LLPs -11 — -22 -49.7 -49.8 Attributable profit 624 26.2 2,063 26.7 23.4 Contribution to profit 1,101 19.7 3,796 18.8 18.8 (*) € mn and % change in constant euros. (1) % change in current euros. • 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 a new record of €558bn (+14% YoY), on the back of solid commercial activity and a positive market performance. GWPs rose 4% YoY, with a strong performance in the life savings business • Profit increased double digits YoY, supported by strong revenue growth across businesses (fees and revenue from Insurance JVs and from Portfolio Investments), reflecting our focus on fee generating activities • Double-digit rise in total fee contribution2 and total contribution to Group profit2 (+13% and +19% YoY, respectively) • Efficiency improved YoY to 35.3% and profitability (RoTE post-AT1) remained solid at 68.5% • Profit up 26% QoQ driven by solid growth across revenue lines on the back of strong activity in PB and SAM, as well as capital gains on Portfolio Investments. Costs reflect usual seasonality in Q4
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50 Underlying P&L* Q4'25 % Q3'25 2025 2024 % 2024 % 2024¹ NII 45 8.6 167 132 35.7 27.0 Net fee income 282 4.4 1,059 958 16.4 10.5 Total revenue 379 6.6 1,373 1,240 16.2 10.8 Operating expenses -282 0.2 -1,138 -1,160 0.8 -1.9 LLPs -5 -36.0 -24 -16 55.1 48.5 Attributable profit 61 203.3 96 -299 — — (*) € mn and % change in constant euros. (1) % change in current euros. (2) 2024 PagoNxt profit including the write-downs in Q2’24 of our investments related to our merchant platform in Germany and Superdigital in Latin America (€243mn net of tax and minority interests). 2 Payments Note: Dec-25 data and YoY changes in constant euros. Cards 27.5% 34.5% 2024 2025 Spending Getnet TPV €238bn +14% Getnet number of transactions +7% Average balance €23bn +13% €338bn +6% Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 746 10.8 2,740 20.7 12.5 Net fee income 517 -0.2 1,949 13.9 8.2 Total revenue 1,264 6.0 4,640 17.1 10.0 Operating expenses -292 -5.0 -1,221 0.5 -3.8 Net operating income 971 9.9 3,419 24.4 15.9 LLPs -537 4.6 -2,003 27.4 18.0 Attributable profit 264 28.0 787 19.3 12.0 (*) € mn and % change in constant euros. (1) % change in current euros. EBITDA margin +7.0pp • 108 million cards managed across the Group, with solid customer activity (spending +6% and average balance +13%) • Profit up 19% YoY, with NOI +24%, boosted by double-digit revenue growth (credit card activity). LLPs impacted by loan growth and a less favourable macro environments in some of our countries • Profit +28% QoQ, boosted by revenue at record levels, driven by NII, higher spending (seasonality) and lower costs • In Getnet, TPV up 14% and the number of transactions rose 7% YoY, mainly driven by Mexico, Europe and Chile • Profit up €152mn YoY (excluding write-downs in Q2’24) driven by strong revenue (+16%, higher activity). EBITDA margin rose to 34.5% (+7.0pp) • Positive profit every quarter since Q4’24, consolidating the breakeven year, with growing profitability quarter after quarter
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51 • NII affected by lower interest rates • Gain / losses on financial transactions improved with a lower impact from foreign currency hedges • Costs up due to higher IT expenses • LLPs and other provisions increased particularly in H1’25 impacted by our NPL ratio reduction plan, which improves the Group's credit quality • Tax and minority interests improved YoY • Attributable loss improved 6% YoY Corporate Centre HIGHLIGHTSP&L Underlying P&L* 2025 2024 NII -490 -308 Gains / losses on financial transactions -82 -408 Operating expenses -402 -379 LLPs and other provisions -292 -262 Tax and minority interests 190 163 Attributable profit -1,085 -1,154 (*) € mn.
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52 Detail by country
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53Note: Dec-25 data and YoY changes (loans, deposits and mutual funds in constant euros). SPAIN UK Underlying P&L* Q4'25 % Q3'25 2025 % 2024 NII 1,890 3.3 7,305 0.7 Net fee income 810 14.1 3,022 5.4 Total revenue 2,934 1.5 11,990 0.1 Operating expenses -1,114 4.1 -4,284 0.3 Net operating income 1,820 0.1 7,706 0.0 LLPs -301 24.7 -1,142 -9.3 Attributable profit 1,038 6.4 4,272 13.5 (*) € mn and % change. Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 1,245 2.9 5,008 2.4 1.2 Net fee income 111 20.6 369 31.8 30.3 Total revenue 1,341 4.3 5,280 2.4 1.2 Operating expenses -676 2.2 -2,771 -3.9 -5.0 Net operating income 665 6.5 2,509 10.5 9.1 LLPs -58 706.8 -177 180.7 177.4 Attributable profit 349 -11.1 1,307 1.3 0.1 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €237bn +5% Deposits €322bn +5% Mutual funds €107bn +15% Efficiency 35.7% +0.1pp CoR 0.44% -7bps RoTE post-AT1 24.3% +3.4pp Loans €228bn +2% Deposits €219bn +4% Mutual funds €8bn +6% Efficiency 52.5% -3.5pp CoR 0.07% +5bps RoTE post-AT1 10.2% -0.4pp • Loans increased YoY, with positive new business trends in 2025. Deposits up, mainly time deposits from individuals • Profit rose YoY, on the back of solid NII (loan pricing and lower cost of deposits), fees (transactional and FX) and lower costs, partially offset by LLP normalization and transformation charges • NOI +7% QoQ, driven by strong performances in NII (volumes and lower cost of deposits) and fees (transactional). Profit affected by the impact of LLP releases in Q3 and the bank levy in Q4 • Loans increased YoY (mainly CIB). Deposits grew across global businesses and products. Mutual funds up 15% • Profit +14% YoYwith positive NII in a context of lower interest rates, higher fees (securities and mutual funds) and strong underlying LLP trends backed by our active risk management that improves credit quality • Profit +6% QoQ, driven by strong performances in NII (volumes) and fees (across most products), as well as lower transformation charges. LLPs affected by a single name
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54Note: Dec-25 data and YoY changes (loans, deposits and mutual funds in constant euros). PORTUGAL POLAND Underlying P&L* Q4'25 % Q3'25 2025 % 2024 NII 334 1.6 1,346 -13.0 Net fee income 128 3.7 506 8.2 Total revenue 485 0.7 1,959 -6.7 Operating expenses -144 7.6 -548 0.1 Net operating income 341 -1.9 1,411 -9.2 LLPs 6 — 8 — Attributable profit 245 1.9 1,010 0.9 (*) € mn and % change. Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 736 -0.7 2,953 2.2 3.8 Net fee income 184 4.3 733 7.1 8.8 Total revenue 948 0.9 3,724 3.1 4.7 Operating expenses -266 1.9 -1,036 5.8 7.4 Net operating income 682 0.5 2,687 2.1 3.7 LLPs -83 2.0 -283 -45.4 -44.5 Attributable profit 236 -8.7 949 16.7 18.5 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €42bn +7% Deposits €41bn +6% Mutual funds €6bn +15% Efficiency 28.0% +1.9pp CoR -0.02% -5bps RoTE post-AT1 30.3% +5.3pp Loans €41bn +4% Deposits €54bn +6% Mutual funds €9bn +29% Efficiency 27.8% +0.7pp CoR 0.71% -67bps RoTE post-AT1 23.1% +3.5pp • Customer growth driving increase in loans, mainly in Retail. Deposits up, mainly demand, and double-digit growth in mutual funds • Profit rose YoY, driven by NII (volumes and lower cost of deposits), fees (transactional, mutual funds and securities) and lower LLPs. Costs impacted by a competitive labour market • Profit in the quarter impacted by CHF mortgage charges, with a strong fee performance (transactional) • Loans up across businesses. Increases in deposits, mainly demand. Mutual funds grew double digits • Profit +1% YoY with solid fee growth (transactional), cost control, lower regulatory and legal provisions and favourable tax rate. Excellent RoTE (30%) • Profit up 2% QoQ, driven by NII (volumes and lower cost of deposits), fees (advisory and mutual funds) and LLP releases
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55Note: Dec-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 13.7%. US MEXICO Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 1,476 0.5 5,888 7.9 3.4 Net fee income 314 -6.5 1,328 20.3 15.3 Total revenue 2,072 6.7 7,929 9.1 4.6 Operating expenses -960 5.0 -3,812 3.8 -0.5 Net operating income 1,112 8.2 4,116 14.5 9.8 LLPs -647 13.2 -2,244 -6.6 -10.5 Attributable profit 347 -2.8 1,541 45.0 39.0 (*) € mn and % change in constant euros. (1) % change in current euros. Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 1,190 3.4 4,554 8.0 -1.7 Net fee income 423 21.6 1,454 15.3 5.0 Total revenue 1,739 9.5 6,305 10.3 0.4 Operating expenses -736 12.9 -2,620 8.0 -1.7 Net operating income 1,003 7.2 3,685 12.0 2.0 LLPs -308 -7.3 -1,239 6.5 -3.0 Attributable profit 494 16.4 1,705 12.0 2.0 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €109bn +5% Deposits €88bn +6% Mutual funds €15bn +19% Efficiency 48.1% -2.4pp CoR 1.63% -19bps RoTE post-AT1 10.2% +3.2pp Loans €49bn +8% Deposits €45bn +7% Mutual funds €23bn +13% Efficiency 41.6% -0.9pp CoR 2.69% +5bps RoTE post-AT1 22.0% +2.3pp • Loans up 5%, mainly in CIB and Wealth. Deposits +6%, with growth in Consumer (Openbank) and CIB • Profit up 45% YoY, driven by revenue growth (both NII and fees) and better LLPs in Consumer (resilient customer behaviour, used car prices stable at high levels and capital optimization initiatives) • In the quarter, profit affected by LLP seasonality and restructuring charges • New digital solutions, streamlined processes and personalized services are improving customer experience, driving loan and deposit growth • Profit +12% YoY, with revenue growing above costs, driven especially by NII (lower cost of deposits and higher volumes) and fees (transactional and mutual funds) across businesses • Profit up 16% QoQ, driven by revenue, mainly fees, and lower LLPs, particularly in Retail and Payments, after a high Q3 (model updates)
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56 • Customersrose 7% YoY , supporting loan growth in all global businesses. Deposits affected by a decline in time deposits in CIB and Retail • Profit up 22% YoY, boosted by NII (volumes and lower cost of deposits), and fees (payments and mutual funds) with costs down in real terms. LLPs increased in Retail and Cards (macro) • Profit +15% QoQ, with good performances across P&L lines. Of note, higher revenue, both in NII (lower cost of deposits) and fees (payments) Note: Dec-25 data and YoY changes (loans, deposits and mutual funds in constant euros). BRAZIL CHILE Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 2,331 -0.5 9,380 0.6 -7.3 Net fee income 843 3.9 3,193 1.5 -6.5 Total revenue 3,197 1.8 12,602 1.0 -6.9 Operating expenses -1,046 2.9 -4,109 2.5 -5.6 Net operating income 2,150 1.2 8,493 0.4 -7.5 LLPs -1,084 3.1 -4,409 6.6 -1.7 Attributable profit 579 -3.7 2,168 -2.9 -10.5 (*) € mn and % change in constant euros. (1) % change in current euros. Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 479 6.0 1,917 10.7 5.2 Net fee income 151 8.3 582 11.2 5.8 Total revenue 674 3.2 2,714 10.1 4.7 Operating expenses -216 -1.8 -912 2.7 -2.3 Net operating income 458 5.7 1,802 14.3 8.7 LLPs -115 -9.5 -531 12.4 6.9 Attributable profit 196 14.6 729 22.0 16.0 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €93bn 0% Deposits €80bn -1% Mutual funds €52bn +8% Efficiency 32.6% +0.5pp CoR 4.73% +22bps RoTE post-AT1 15.3% -1.5pp Loans €41bn +2% Deposits €28bn -3% Mutual funds €14bn +8% Efficiency 33.6% -2.4pp CoR 1.32% +13bps RoTE post-AT1 19.7% +3.4pp • Loans flat, reflecting our focus on active risk management and balance sheet optimization. Deposits slightly down due to demand deposits • NOI flat YoY with revenue growth across main income lines and costs down 3% in real terms. Profit affected by higher LLPs, impacted by a challenging macro environment, despite lower tax burden • In the quarter, NOI up mainly driven by fees (payments and funds). Profit affected by LLPs (macro), legal provisions and impairments in CIB
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57Note: Dec-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 Loans €9bn +8% Deposits €10bn -12% Mutual funds €6bn +3% Efficiency 43.1% +2.0pp CoR 7.34% +274bps RoTE post-AT1 20.2% -14.3pp • In a market with higher activity, customers rose 6% YoY, supporting solid loan growth, mainly in Retail and Payments. Deposits impacted by our funding cost optimization strategy in a competitive environment • Profit affected YoYby the impact of narrower margins on NII and systemic deterioration in creditquality, mainly in individuals • NOI up 8% QoQ, driven by double-digit revenue growth. Profit affected by higher LLPs and higher tax burden • In Q2 2024, given a significant divergence between the official exchange rate and inflation, we decided to start using an alternative exchange rate, 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 took the Dollar Contado con Liquidación (CCL)1 rate as a reference for this alternative exchange rate – At the end of 2024, the value of this exchange rate did not significantly differ from other market rates or the official exchange rate • In Q2 2025, once again we started to apply the official exchange rate, given that the value of the dollar CCL exchange rate did not significantly differ from other market rates or from the official exchange rate following the lifting of currency controls and the removal of restrictions on the purchase of foreign currency by individuals in Argentina – In Q2 2025 we used 1,401 ARS/EUR (FX corresponding the official exchange rate) – In Q3 2025 we used 1,610 ARS/EUR (FX corresponding the official exchange rate) – In Q4 2025 we used 1,706 ARS/EUR (FX corresponding the official exchange rate) ARGENTINA PESO Underlying P&L* Q4'25 % Q3'25 2025 % 2024 NII 471 48.0 1,727 -40.8 Net fee income 207 8.2 788 30.9 Total revenue 581 14.1 2,235 -10.2 Operating expenses -257 23.1 -964 -5.7 Net operating income 324 7.8 1,271 -13.3 LLPs -193 11.7 -574 101.8 Attributable profit 85 -1.3 433 -34.9 (*) € mn and % change in current euros.
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58 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina 2025 profitability: RoTE pre- and post-AT1 Detail by global business and country Reconciliation of underlying results to statutory results Webster: a diversified deposit base Glossary and additional notes
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59 Reconciliation of underlying results to statutory results EUR mn Statutory results Adjustments related to the Poland disposal Other adjustments Underlying results Statutory results Adjustments related to the Poland disposal Other adjustments Underlying results Net interest income 42,348 3,006 — 45,354 43,787 2,881 — 46,668 Net fee income 12,976 685 — 13,661 12,376 634 — 13,010 Gains (losses) on financial transactions 1 2,362 74 — 2,436 2,211 62 — 2,273 Other operating income 984 (45) — 939 6 (81) 335 260 Total income 58,670 3,720 — 62,390 58,380 3,496 335 62,211 Administrative expenses and amortizations (24,711) (1,014) — (25,725) (25,149) (885) — (26,034) Net operating income 33,959 2,706 — 36,665 33,231 2,611 335 36,177 Net loan-loss provisions (12,545) (333) 467 (12,411) (12,177) (508) 352 (12,333) Other gains (losses) and provisions (2,733) (423) (231) (3,387) (3,707) (423) (687) (4,817) Profit before tax 18,681 1,950 236 20,867 17,347 1,680 — 19,027 Tax on profit (4,723) (408) (210) (5,341) (4,844) (439) — (5,283) Profit from continuing operations 13,958 1,542 26 15,526 12,503 1,241 — 13,744 Net profit from discontinued operations 1,542 (1,542) — — 1,241 (1,241) — — Consolidated profit 15,500 — 26 15,526 13,744 — — 13,744 Non-controlling interests 2 (1,399) — (26) (1,425) (1,170) — — (1,170) Profit attributable to the parent 14,101 — — 14,101 12,574 — — 12,574 January-December 2024January-December 2025 (1) Includes exchange differences. (2) Non-controlling interests in the statutory results column reflect all non-controlling interests, including those from Poland. Non-controlling interest related to Poland: €580mn in 2025, €419mn in 2024. Explanation of 2025 adjustments: • In accordance with IFRS 5 requirements, in the statutory income statement in 2025, results subject to the Poland disposal have been reported under 'discontinued operations’. However, in the underlying income statement the results from Poland have been reclassified so that they are reported line by line and disaggregated in each of the corresponding line items. • Additionally, regarding results that fall outside the ordinary course of our business and are therefore excluded from underlying income statement: - A capital gain in Q2 2025 of €231mn from the sale of Santander’s remaining 30.5% stake in CACEIS. - A one-off charge of €467mn in Q2 2025 (€231mn net of tax and minority interests), which strengthens the balance sheet after having updated macroeconomic parameters in Brazil’s credit provisioning models. Explanation of 2024 adjustments: • In accordance with IFRS 5 requirements, in the statutory income statement in 2024, results subject to the Poland disposal have been reported under 'discontinued operations'. However, in the underlying income statement the results from Poland have been reclassified so that they are reported line by line and disaggregated in each of the corresponding line items. • Temporary levy on revenue in Spain in Q1 2024, totalling €335mn, which was reclassified from total income to other gains (losses) and provisions. • Provisions which strengthen the balance sheet in Brazil of €352mn in Q2 2024 (€174mn net of tax and minority interests). NOTE THIS IS NOT A PRO FORMA ACCOUNT EXCLUDING POLAND, RATHER A RECONCILIATION BETWEEN STATUTORY AND UNDERLYING ACCOUNTS • Statutory results: in accordance with IFRS 5 requirements, results related to the business subject to the Poland disposal are reported under ‘net profit from discontinued operations’ • Underlying results: the results related to the business subject to the Poland disposal are reported line by line and disaggregated in each of thecorresponding line items
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60 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina 2025 profitability: RoTE pre- and post-AT1 Detail by global business and country Reconciliation of underlying results to statutory results Webster: a diversified deposit base Glossary and additional notes
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61 Webster: a diversified deposit base Note: Figures under US GAAP. Customer deposits excluding repos. (1) Healthcare Services includes HSA and Ametros. Consumer bank • 195 financial centres and a digital channel • Serving consumers and small businesses in the Northeast corridor and Long Island $27.7bn 40% of total Description Deposits Commercial bank • Sophisticated treasury services • Full credit and deposit relationships with targeted deposit gathering in select verticals Healthcare Services1 • Longstanding national player, with strong growth characteristics • Consumer-directed healthcare solution interSYNC • Tech-enabled insured cash sweep programme administrator for broker-dealers Corporate • Specialized treasury activities $17.3bn 25% of total $10.4bn 15% of total $9.3bn 14% of total $4.1bn 6% of total
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62 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina 2025 profitability: RoTE pre- and post-AT1 Detail by global business and country Reconciliation of underlying results to statutory results Webster: a diversified deposit base Glossary and additional notes
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63 Glossary - Acronyms • A2A: Account-to-account • AuMs: Assets under Management • bn: Billion • bps: Basis points • c.: Circa • CAGR: Compound annual growth rate • CAL: Customer assets and liabilities • CDI: Core deposit intangible • 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 • CRE: Commercial real estate • C&I: Commercial & Industrial • DCB Europe: Digital Consumer Bank Europe • DCM: Debt Capital Markets • DPS: Dividend per share • EPS: Earnings per share • FL: Fully loaded • FX: Foreign exchange • FY: Full year • GWP: Gross written premium • GFT: Gains on financial transactions • ID: Investor Day • IFRS 5: International Financial Reporting Standard 5, on non-current assets held for sale and discontinued operations • IFRS 9: International Financial Reporting Standard 9, regarding financial instruments • k: Thousands • LLPs: Loan-loss provisions • mn: Million • MSA: Metropolitan statistical area • NII: Net interest income • NIM: Net interest margin • n.m.: Not meaningful • NOW accounts: Negotiable order of withdrawal • 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 • P/E: Price earning ratio • QoQ: Quarter-on-quarter • Repos: Repurchase agreements • Retail: Retail & Commercial Banking • RoE: Return on equity • RoIC: Return on invested capital • RoRWA: Return on risk-weighted assets • RoTE: Return on tangible equity • RWA: Risk-weighted assets • SAM: Santander Asset Management • SBB: Share buybacks • SMEs: Small and medium enterprises • US BBO: US Banking Build-Out • TNAV: Tangible net asset value • TPV: Total payments volume • TTC: Through the cyle • YoY: Year-on-Year • YTD: Year to date • Wealth: Wealth Management & Insurance • #: Number
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64 Glossary - Definitions PROFITABILITY AND EFFICIENCY • RoTE: 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: 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 9M’25 Quarterly Fin ancial Report.
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65 Additional notes (1) Market share and deposits based on the following Northeast MSAs: New York-Newark-Jersey City, NY-NJ, Hartford-West Hartford-East Hartford, CT, Waterbury-Shelton, CT, Providence-Warwick, RI-MA, Boston-Cambridge-Newton, MA-NH, Bridgeport-Stamford-Danbury, CT, New Haven, CT, Kiryas Joel-Poughkeepsie-Newburgh, NY, Torrington, CT, Monticello, NY, Kingston, NY. (2) As announced on 5 February 2025, the shareholder remuneration policy that the board intends to apply for the 2025 results consists of a total shareholder remuneration of approximately 50% of the Group reported profit (excluding non-cash, non-capital ratios impact items), to be distributed in approximately equal parts between cash dividends and share buybacks. Additionally, on the same date, the board announced its objective to allocate EUR 10 billion to shareholder remuneration in the form of share buybacks charged against 2025 and 2026 results, as well as anticipated capital excess. This target includes i) the buybacks that form part of the aforementioned shareholder remuneration policy, and ii) additional buybacks following the publication of the full year results, to distribute end-of-year CET1 excess capital. On 5 May 2025, Santander announced its intention to distribute approximately 50% of the capital released once the sale of its 49% stake in Santander Bank Polska S.A. is completed, through a share buyback of approximately EUR 3.2 billion in early 2026, as part of an additional buyback to distribute excess capital and, as a result, it could exceed the EUR 10 billion target. Upon announcing the agreement to acquire TSB Banking Group plc on 1 July 2025, the bank confirmed its goal to distribute at least EUR 10 billion in share buybacks charged against 2025 and 2026 results and excess capital. The execution of the shareholder remuneration policy and the aforementioned share buybacks are subject to the corresponding i nternal and regulatory decisions and approvals.
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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 FY’25 3 February 2026
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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) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and- economic-information#quarterly-results). 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 presentation), 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, the uncertainties following the ceasefire agreement in the Middle East or the outbreak of public health emergencies in the global economy) in areas where we have significant operations or investments; • exposure to operational risks, including cyberattacks, data breaches, data losses and other security incidents; • 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; • changes in monetary, fiscal and immigration policies and trade tensions, including the imposition of tariffs and retaliatory responses; • legislative, regulatory or tax changes (including regulatory capital and liquidity requirements) and greater regulation prompted by financial crises; • acquisitions, integrations, divestitures and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters; • climate-related conditions, regulations, targets and weather events;
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3 Important information • 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 potential conflicts and inconsistencies among governmental standards and regulations. Important factors affecting sustainability information may materially differ from those applicable to financial information. 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 inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. 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; • 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. Sale of 49% stake in Santander Bank Polska to Erste Group All figures, including P&L, loans and advances to customers, customer funds and other metrics are presented on an underlying basis and include Santander Bank Polska, in line with previously published quarterly information, i.e. maintaining the same perimeter that existed at the time of the announcement of the sale of 49% stake in Santander Bank Polska to Erste Group (https://www.santander.com/content/dam/santander- com/en/documentos/informacion-privilegiada/2025/05/hr-2025-05-05-santander-announces-the-sale-of-49-per-cent-of-santander-polska-to-erste-group-bank-and-agrees-strategic-cooperation-across-cib-and- payments-en.pdf). For further information, see the 'Alternative performance measures' section of Banco Santander, S.A. (Santander) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results).
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4 Variations in constant euros include Argentina in current euros to mitigate distortions from a hyperinflationary economy. We apply the official ARS exchange rate except in the periods between Q2 2024 and Q1 2025, when we applied an alternative exchange rate for the Argentine peso that better reflected the evolution of inflation. For further information, see the 'Alternative performance measures' section in the appendix to the quarterly 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 * Phased-in ratios are calculated in accordance with the transitory treatment of the CRR. (1) Estimated countercyclical buffer as of Dec-25. (2) Estimated systemic risk buffer as of Dec-25. (3) According to a resolution from Banco de España in October 2024, a countercyclical buffer of 0.50% over the exposures located in Spain was activated on 1 October 2025. The impact at the Group level was +12bps to the countercyclical buffer requirement. (4) MDA trigger = 3.63% - 0.29% = 3.34% (29bps of AT1 shortfall is covered with CET1). Santander Parent Bank has €74.1bn in Available Distributable Items, >110 times the full Parent AT1 budgeted for 2025. 4.50% 13.46% 12-13% (operating range) 0.98% 2.50% 1.25% SyRB, 0.06% CCyB, 0.55% 1.83% 1.53% 1.50%2.44% 2.77% 2.40% 14.09% 17.77% >15% Regulatory Requirements 2025 Group ratios Dec-25 2025 target ratios CET1CCoB Pillar 1 AT1 G-SIB/O-SII buffer T2 T2 AT1 Pillar 2 R Dec-25 +368bps +334bps 1 2 +363bps SREP CAPITAL REQUIREMENTS AND MDA* • CET1 ratio of 13.5%, well above the top end of our 12-13% operating range for 2025 • The minimum CET1 to be maintained by the Group is 9.83% • As of Dec-25, the distance to the MDA is 334bps4 and the CET1 management buffer is 363bps • Our estimate for the fully-loaded CET1 ratio is comfortably above our >12% Investor Day target for 2025 year end 3 Santander’s capital levels amply exceed minimum regulatory requirements
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7 %, Dec-25 €167bn o/w HTC €124bn (74%) ALCO IRRBB €130bn Liquidity portfolio €38bn BOND PORTFOLIO • Bond portfolio represents 9% of total assets • HTC&S duration: 1.6 years • Mark to market impact of the HTC portfolio equivalent to less than 1% of total CET1 (€84.7bn) €167bn Diversified bond portfolio represents just 9% of total assets Spain 35% Poland 12%UK 6% Portugal 6% SCF 5% US 10% Mexico 9% Brazil 9% Chile 6% Rest of the Group 2%
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8 3.0 8.1 6.7 0.3 3.2 2.5 3.5 1.3 0.2 1.8 0.1 3.5 0.4 0.9 3.3 0.5 7.1 18.8 12.5 1.0 0.7 Covered bonds Senior Senior non- preferred AT1 Tier 2 € bn, Dec-25 Covered Bonds Senior Non- Preferred Senior Other 2026 2027 2028 2029 >2030 11.1 11.8 7.4 6.9 4.9 10.1 3.6 13.2 7.9 12.1 8.3 15.2 10.7 11.6 15.9 5.7 7.2 19.7 1.2 0.2 1.9 0.2 2.2 22.3 2030 Spain UK SCF Brazil US Other5 4 2 €40.2bn1 ISSUED IN PUBLIC MARKETS IN 2025 VERY MANAGEABLE MATURITY PROFILE € bn, Dec-25 (1) Data includes public issuances from all units with period-average exchange rates. Excludes securitizations. (2) Includes issuances of Banco Santander, S.A., Santander International Products PLC and Santander Global Issuances B.V. (3) Includes €1.033bn AT1 (net between €1.500bn issuance, ISIN XS3100756637, and €0.467bn repurchased following the tender offer exercise on ISIN XS2102912966, both executed in Jul-25). (4) Includes AT1 / Preferred shares and Tier 2 / Subordinated. (5) Other includes issuances in the year-to-date in Chile, Portugal, Argentina, Poland, Mexico, Peru and Colombia. 3 Conservative and decentralized liquidity and funding model
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9 Plan Issued Plan Issued Plan Issued Plan Issued Banco Santander, S.A. 0 - 0.5 1.4 13 - 14 14.1 3 - 5 3.0 16 - 19.5 18.4 UK - - 4.5 - 6.5 6.0 4 - 5 4.2 8.5 - 11.5 10.2 SHUSA - - 3 - 4 2.0 - - 3 - 4 2.0 TOTAL 0 - 0.5 1.4 20.5 - 24.5 22.0 7 - 10 7.1 27.5 - 35 30.5 AT1 + Tier 2 SNP + Senior Covered Bonds TOTAL € bn, Dec-25 2 • 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 3 1-2 EXECUTION OF 2025 FUNDING PLAN Banco Santander, S.A.’s 2025 funding plan contemplates the following: 3 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 €1.033bn AT1 (net between €1.500bn issuance, ISIN XS3100756637, and €0.467bn repurchased following the tender offer exercise on ISIN XS2102912966, both executed in Jul-25). (2) Includes €5.3bn Senior Non-Preferred and €2.5bn Senior Preferred issued in 2024, as pre-funding for the 2025 funding plan. Does not include €2.6bn Senior Non-Preferred and €0.6bn Senior Preferred issued in 2025, as pre-funding for the 2026 funding plan. (3) Includes €1bn Covered Bond issued in 2024, as pre-funding for the 2025 funding plan. 1 2025 issuances against funding plan
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10 Plan Issued Plan Issued Plan Issued Plan Issued Banco Santander, S.A. 1 - 2.5 - 13 - 15 6.2 0.5 - 2 - 14.5 - 19.5 6.2 UK - - 3 - 5.5 - 3 - 4 - 6 - 9.5 - SHUSA - - 1 - 3 - - - 1 - 3 - TOTAL 1 - 2.5 - 17 - 23.5 6.2 3.5 - 6 - 21.5 - 32 6.2 TOTALCovered BondsAT1 + Tier 2 SNP + Senior € bn, Jan-26 • 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 EXECUTION OF 2026 FUNDING PLAN Banco Santander, S.A.’s 2026 funding plan contemplates the following: Note: Issuance plan is pre-Webster acquisition and is 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 €2.6bn Senior Non-Preferred and €0.6bn Senior Preferred issued in 2025, as pre-funding for the 2026 funding plan. 1 2026 issuances against funding plan 1
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11 88.0 9.2 11.40.8 35.4 24.2 169.1 MREL instruments 31.9% 12.8% 4.4% 3.3% 2.6% 39.6% 15.3% % RWAs % LE 18.0% 6.8% 4.4% 4.7% 1.4% 27.1% 8.2% % RWAs % LE % and € bn, Dec-25(e) Req. 36.3% SNP T2 CET1 Senior AT1 Sub debt %, Dec-25(e) Req. 22.4% Distance to M-MDA €14.6bn 470bps €14.5bn 140bps €13.9bn 326bps €28.3bn 257bps 1 1 1 1 2 Requirement CBR Buffer TLAC MREL Requirement CBR Buffer (1) TLAC RWAs are €310bn and leverage exposure (LE) is €1,033bn. MREL RWAs are €427bn and leverage exposure is €1,104bn. (2) MREL Requirement based on RWAs from Jun-25: 31.92% + Combined Buffer Requirement (CBR). TLAC/MREL for the Resolution Group headed by Banco Santander , S.A.
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12 Well-funded, diversified, prudently managed and highly liquid balance sheet with a large contribution from customer deposits, reflected in solid liquidity ratios € bn, Dec-25 Net Stable Funding Ratio (NSFR) Dec-25 Sep-25 Sep-25 Spain 2 144% 151% 125% UK 2 162% 165% 134% Portugal 133% 126% 122% Poland 201% 211% 151% SCF 212% 383% 117% US 157% 166% 120% Mexico 157% 161% 125% Brazil 180% 163% 115% Chile 185% 161% 112% Argentina 186% 156% 145% Group 155% 158% 125% 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 434 43 79 169 1,076 211 70 1,096 1,589 1,589 Assets Liabilities HQLAs1 3 LIQUIDITY BALANCE SHEET €338bn o/w cash €151bn HQLA Level 1 324.7 HQLA Level 2 13.3 o/w Level 2A 5.7 o/w Level 2B 7.6 Note: Liquidity balance sheet for management purposes (net of trading derivatives and interbank balances). (1) Provisional data. HQLAs used in the consolidated LCR numerator: €302bn. See Glossary for definitions. (2) UK: Ring-fenced bank; Spain: Banco Santander, S.A. standalone. (3) Group LCR. Consolidated LCR 145% in Dec-25 and 147% in Sep-25. See Glossary for definitions.
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13 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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14 NIM (%) NII / Average earning assets Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Retail & Commercial Banking 3.19 3.18 3.14 3.26 3.12 3.05 2.92 3.02 Spain 2.55 2.75 2.66 2.48 2.57 2.38 2.33 2.40 United Kingdom 1.41 1.46 1.53 1.58 1.59 1.53 1.52 1.56 Mexico 5.78 5.80 5.98 6.23 6.14 6.22 6.30 6.19 Brazil 7.87 7.91 8.06 7.67 8.35 8.62 7.16 7.02 Digital Consumer Bank 4.48 4.34 4.28 4.43 4.26 4.46 4.50 4.48 DCB Europe 2.74 2.72 2.64 2.71 2.75 2.84 2.94 2.94 DCB US 6.97 7.06 6.94 6.76 6.32 6.98 7.51 7.29 Corporate & Investment Banking 1.16 1.03 0.92 1.09 0.90 0.99 0.95 1.00 Wealth Management & Insurance 3.43 3.25 3.11 3.00 2.59 2.45 2.38 2.40 Payments 7.70 7.77 7.25 7.84 7.51 8.03 7.54 8.13 TOTAL GROUP 2.97 2.89 2.79 2.92 2.73 2.78 2.69 2.75 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Spain 1.77 1.84 1.70 1.65 1.59 1.59 1.58 1.60 United Kingdom 1.46 1.52 1.58 1.64 1.65 1.59 1.57 1.61 Portugal 3.03 2.91 2.58 2.31 2.40 2.28 2.24 2.24 Poland 4.67 4.67 4.77 4.60 4.41 4.30 4.35 4.10 DCB Europe 2.74 2.72 2.64 2.71 2.75 2.84 2.94 2.94 US 3.16 3.10 3.02 3.03 3.02 2.98 3.03 3.02 Mexico 5.19 5.31 5.24 5.09 5.29 5.39 5.28 5.24 Brazil 5.36 5.36 5.21 5.14 5.11 5.14 5.00 4.89 Chile 2.38 3.33 3.60 3.80 3.73 3.71 3.43 3.55 Argentina 38.69 35.65 19.30 13.52 11.71 13.53 12.24 15.64
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15 Yield on loans (%) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Retail & Commercial Banking 6.49 6.48 6.39 6.50 6.39 6.26 6.07 6.10 Spain 4.10 4.09 4.06 3.89 3.78 3.59 3.39 3.36 United Kingdom 3.79 3.93 4.07 4.13 4.14 4.12 4.12 4.12 Mexico 13.82 13.73 13.78 13.67 13.33 12.38 12.21 11.96 Brazil 16.24 16.46 16.57 16.70 16.54 17.23 17.26 17.25 Digital Consumer Bank 8.38 8.29 8.23 8.56 8.58 8.52 8.48 8.39 DCB Europe 5.65 5.76 5.73 5.80 5.82 5.75 5.75 5.69 DCB US 11.35 11.56 11.42 11.64 12.08 11.91 12.11 11.97 Corporate & Investment Banking 7.25 6.65 6.56 6.54 6.31 6.21 6.03 5.93 Wealth Management & Insurance 4.90 4.82 4.73 4.55 4.18 4.09 3.91 3.82 Payments 15.71 14.74 14.44 14.96 13.98 16.44 15.13 15.15 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Spain 4.56 4.48 4.44 4.25 4.07 3.91 3.65 3.66 United Kingdom 3.83 3.97 4.11 4.18 4.19 4.16 4.16 4.16 Portugal 5.05 4.90 4.72 4.34 4.29 3.96 3.69 3.61 Poland 8.00 7.88 7.95 7.85 7.81 7.56 7.21 6.84 DCB Europe 5.65 5.76 5.73 5.80 5.82 5.75 5.75 5.69 US 9.06 9.17 9.01 9.01 9.27 9.04 9.14 8.99 Mexico 14.50 14.43 14.47 14.25 13.47 13.86 12.94 12.75 Brazil 14.80 14.86 14.90 14.92 15.04 15.88 15.89 15.83 Chile 8.65 9.64 8.81 9.57 9.36 8.70 7.73 7.69 Argentina 54.85 38.08 28.35 28.33 28.23 28.90 29.37 29.51
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16 Cost of deposits (%) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Retail & Commercial Banking 2.38 2.20 2.15 2.13 2.04 2.04 2.08 2.04 Spain 0.65 0.69 0.73 0.75 0.57 0.45 0.42 0.43 United Kingdom 2.16 2.15 2.07 2.00 1.93 1.92 1.93 1.92 Mexico 5.21 5.17 4.88 4.44 4.07 3.73 3.49 3.09 Brazil 7.22 7.12 7.26 7.33 8.24 9.00 9.75 9.62 Digital Consumer Bank 2.15 2.25 2.27 2.23 2.14 2.01 1.87 1.85 DCB Europe 2.25 2.32 2.34 2.28 2.14 1.92 1.69 1.61 DCB US 2.00 2.13 2.13 2.15 2.14 2.15 2.10 2.12 Corporate & Investment Banking 4.86 5.00 5.08 4.41 3.93 3.80 3.45 2.92 Wealth Management & Insurance 2.61 2.52 2.52 2.45 2.16 2.08 2.08 2.07 Payments* N/A N/A N/A N/A N/A N/A N/A N/A Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Spain 0.99 0.96 0.90 0.96 0.75 0.59 0.56 0.58 United Kingdom 2.23 2.24 2.15 2.07 1.99 1.98 1.98 1.97 Portugal 0.86 0.98 1.16 0.98 0.85 0.71 0.58 0.54 Poland 1.51 1.52 1.48 1.48 1.52 1.52 1.29 1.16 DCB Europe 2.25 2.32 2.34 2.28 2.14 1.92 1.69 1.61 US 2.90 3.03 3.07 2.93 2.72 2.80 2.70 2.54 Mexico 5.55 5.51 5.23 4.80 4.36 4.08 3.82 3.44 Brazil 7.04 6.96 7.11 7.14 7.94 8.68 9.42 9.29 Chile 4.61 4.24 3.80 3.41 3.10 2.64 2.22 1.78 Argentina 21.49 10.84 6.17 4.54 4.11 5.24 6.37 5.75 * Payments’s cost of deposits is not provided as we do not consider it a relevant metric for this type of business.
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17 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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18 Efficiency ratio (%) Q1'24 H1'24 9M'24 2024 Q1'25 H1'25 9M'25 2025 Retail & Commercial Banking 40.7 39.2 39.1 39.5 39.4 39.4 39.2 39.4 Digital Consumer Bank 41.2 40.6 40.7 40.1 41.9 41.5 40.9 40.6 Corporate & Investment Banking 41.6 43.3 44.3 45.5 42.9 43.7 44.9 45.5 Wealth Management & Insurance 37.9 37.2 37.3 38.2 36.5 35.7 35.9 35.3 Payments 48.4 46.8 46.1 44.5 43.9 42.2 40.8 39.2 PagoNxt 107.5 103.0 99.4 93.6 90.3 89.8 86.1 82.9 Cards 32.3 31.0 30.4 30.1 30.2 28.4 27.5 26.3 TOTAL GROUP 42.6 41.6 41.7 41.8 41.8 41.5 41.3 41.2 Q1'24 H1'24 9M'24 2024 Q1'25 H1'25 9M'25 2025 Spain 34.2 34.1 34.7 35.7 33.5 34.0 35.0 35.7 United Kingdom 58.4 57.7 56.0 55.9 53.7 54.0 53.2 52.5 Portugal 22.9 23.4 24.6 26.1 27.0 27.1 27.4 28.0 Poland 27.5 27.2 27.3 27.1 29.0 27.8 27.8 27.8 DCB Europe 47.1 46.2 46.5 45.9 47.5 46.9 45.7 44.1 US 50.3 50.5 50.4 50.5 50.0 49.5 48.7 48.1 Mexico 41.4 41.4 41.9 42.5 41.7 41.4 41.3 41.6 Brazil 33.0 32.4 32.0 32.1 32.8 32.7 32.6 32.6 Chile 42.5 39.2 37.4 36.0 34.5 34.3 34.1 33.6 Argentina 51.4 40.6 42.1 41.1 44.3 43.5 42.7 43.1
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19 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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20 Stage coverage Exposure subject to impairment (EUR billion)* Coverage Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Stage 1 1,007 1,008 1,008 1,002 1,012 989 1,005 1,018 0.4% 0.4% 0.4% 0.4% 0.4% 0.3% 0.3% 0.3% Stage 2 83 94 87 88 87 85 86 90 6.3% 5.6% 5.7% 5.6% 5.6% 5.7% 4.9% 5.6% Stage 3 36 35 36 35 35 33 34 34 40.5% 41.2% 40.1% 40.6% 41.3% 42.7% 42.4% 41.9% * 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, EUR 34 bn in March 2025, EUR 41 bn in June 2025, EUR 43 bn in September 2025 and EUR 39 bn in December 2025).
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21 NPL ratio (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Retail & Commercial Banking 3.21 3.14 3.27 3.18 3.12 3.06 3.00 2.97 Digital Consumer Bank 4.86 4.81 4.89 5.07 5.09 4.97 5.29 5.32 Corporate & Investment Banking 1.19 1.03 0.86 0.83 0.75 0.71 0.70 0.69 Wealth Management & Insurance 0.93 1.08 1.01 0.93 0.98 0.96 0.91 0.86 Payments 4.99 5.16 5.70 5.20 5.88 5.11 5.54 6.35 PagoNxt * N/A N/A N/A N/A N/A N/A N/A N/A Cards 5.13 5.20 5.80 5.31 6.11 5.22 5.59 6.43 TOTAL GROUP 3.10 3.02 3.06 3.05 2.99 2.91 2.92 2.91 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Spain 3.00 2.91 2.80 2.68 2.56 2.15 2.08 1.96 United Kingdom 1.48 1.46 1.44 1.33 1.25 1.25 1.09 1.08 Portugal 2.63 2.42 2.47 2.40 2.25 2.25 2.09 2.08 Poland 3.57 3.40 3.91 3.66 3.52 3.38 3.51 3.34 DCB Europe 2.27 2.31 2.44 2.50 2.62 2.62 2.70 2.53 US 4.60 4.33 4.40 4.72 4.45 4.65 4.71 4.85 Mexico 2.74 2.78 2.70 2.71 2.79 2.93 2.95 2.65 Brazil 6.06 5.96 6.25 6.14 6.33 6.61 6.58 6.82 Chile 4.95 5.12 5.33 5.37 5.60 5.43 5.54 5.73 Argentina 1.84 1.51 1.79 2.06 2.32 3.76 4.95 7.68 * 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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22 NPL coverage ratio (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Retail & Commercial Banking 61 62 58 58 59 60 62 61 Digital Consumer Bank 76 76 74 74 75 76 73 71 Corporate & Investment Banking 43 36 36 39 39 45 45 48 Wealth Management & Insurance 56 59 64 71 66 70 68 71 Payments 140 144 128 137 126 131 136 127 PagoNxt * N/A N/A N/A N/A N/A N/A N/A N/A Cards 142 146 130 139 127 134 138 129 TOTAL GROUP 66 66 64 65 66 67 67 66 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Spain 50 50 50 53 53 53 54 55 United Kingdom 28 28 28 29 31 31 34 33 Portugal 81 80 78 79 82 82 86 83 Poland 75 75 66 62 64 64 64 65 DCB Europe 86 85 83 83 82 82 82 87 US 68 68 65 64 64 63 58 55 Mexico 101 102 104 100 102 99 101 105 Brazil 87 90 82 83 82 85 86 83 Chile 54 53 52 50 50 50 49 48 Argentina 147 145 161 177 155 121 109 90 * PagoNxt’s NPL coverage ratio is not provided as we do not consider it a relevant metric for this type of business.
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23 Loan-loss allowancesCredit impaired loans Credit impaired loans and loan-loss allowances Retail, 56%Consumer, 33% CIB, 5% Wealth, 1% Payments, 5% Retail, 51% Consumer, 35% CIB, 4% Wealth, 1% Payments, 9% Spain, 17% United Kingdom, 8% Portugal, 3% Poland, 5% DCB Europe, 11%US, 21% Mexico, 4% Brazil, 21% Chile, 7% Argentina, 2% Rest of the Group, 1% Spain, 14% United Kingdom , 4% Portugal, 3% Poland, 5% DCB Europe, 14% US, 17% Mexico, 7% Brazil, 26% Chile, 5% Argentina, 3% Rest of the Group, 2% Note: Percentages of total operating areas, excluding Corporate Centre.
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24 Cost of risk (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Retail & Commercial Banking 1.03 1.03 0.98 0.92 0.91 0.89 0.89 0.88 Digital Consumer Bank 2.12 2.17 2.12 2.16 2.14 2.09 2.06 2.10 Corporate & Investment Banking 0.14 0.15 0.21 0.09 0.08 0.09 0.10 0.15 Wealth Management & Insurance (0.06) 0.07 0.09 0.19 0.20 0.20 0.12 0.09 Payments 6.88 7.02 6.99 7.36 7.52 7.54 7.73 7.91 PagoNxt * N/A N/A N/A N/A N/A N/A N/A N/A Cards 7.10 7.23 7.22 7.60 7.79 7.84 8.04 8.22 TOTAL GROUP 1.20 1.21 1.18 1.15 1.14 1.14 1.13 1.15 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Spain 0.59 0.56 0.52 0.50 0.49 0.47 0.45 0.44 United Kingdom 0.08 0.08 0.05 0.03 0.04 0.05 0.03 0.07 Portugal 0.19 0.12 0.07 0.03 (0.03) (0.00) 0.00 (0.02) Poland 1.95 1.81 1.67 1.38 1.20 0.86 0.79 0.71 DCB Europe 0.67 0.72 0.75 0.88 0.92 0.89 0.91 0.97 US 1.98 2.06 1.94 1.82 1.73 1.69 1.65 1.63 Mexico 2.63 2.71 2.69 2.64 2.55 2.53 2.62 2.69 Brazil 4.79 4.77 4.78 4.51 4.61 4.71 4.71 4.73 Chile 0.85 0.97 1.09 1.19 1.26 1.31 1.32 1.32 Argentina 5.43 4.80 4.88 4.59 4.58 5.09 6.24 7.34 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.
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25 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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26 Grupo Santander (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 11,983 11,474 11,225 11,986 11,378 11,338 11,100 11,538 +3.9% 46,668 45,354 -2.8% Net fee income 3,240 3,237 3,189 3,344 3,369 3,315 3,327 3,650 +9.7% 13,010 13,661 +5.0% Gains (losses) on financial transactions and other 157 959 721 696 790 820 840 925 +10.1% 2,533 3,375 +33.2% Total revenue 15,380 15,670 15,135 16,026 15,537 15,473 15,267 16,113 +5.5% 62,211 62,390 +0.3% Operating expenses (6,547) (6,366) (6,349) (6,772) (6,489) (6,376) (6,268) (6,592) +5.2% (26,034) (25,725) -1.2% Net operating income 8,833 9,304 8,786 9,254 9,048 9,097 8,999 9,521 +5.8% 36,177 36,665 +1.3% Net loan-loss provisions (3,125) (3,118) (2,976) (3,114) (3,161) (3,017) (2,931) (3,302) +12.7% (12,333) (12,411) +0.6% Other gains (losses) and provisions (1,125) (1,261) (891) (1,540) (700) (964) (871) (852) -2.2% (4,817) (3,387) -29.7% Profit before tax 4,583 4,925 4,919 4,600 5,187 5,116 5,197 5,367 +3.3% 19,027 20,867 +9.7% Consolidated profit 3,115 3,477 3,589 3,563 3,741 3,748 3,890 4,147 +6.6% 13,744 15,526 +13.0% Underlying attributable profit 2,852 3,207 3,250 3,265 3,402 3,431 3,504 3,764 +7.4% 12,574 14,101 +12.1%
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27 Grupo Santander (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 11,345 10,906 11,019 11,806 11,130 11,408 11,229 11,587 +3.2% 45,076 45,354 +0.6% Net fee income 3,044 3,059 3,130 3,299 3,305 3,341 3,360 3,656 +8.8% 12,532 13,661 +9.0% Gains (losses) on financial transactions and other 134 936 715 673 772 824 851 929 +9.2% 2,458 3,375 +37.3% Total revenue 14,523 14,901 14,864 15,778 15,207 15,573 15,439 16,171 +4.7% 60,066 62,390 +3.9% Operating expenses (6,226) (6,075) (6,241) (6,652) (6,345) (6,411) (6,343) (6,625) +4.4% (25,195) (25,725) +2.1% Net operating income 8,297 8,826 8,622 9,126 8,862 9,161 9,096 9,546 +4.9% 34,871 36,665 +5.1% Net loan-loss provisions (2,868) (2,905) (2,904) (3,057) (3,081) (3,050) (2,970) (3,311) +11.5% (11,734) (12,411) +5.8% Other gains (losses) and provisions (1,091) (1,229) (881) (1,529) (689) (967) (877) (855) -2.5% (4,729) (3,387) -28.4% Profit before tax 4,339 4,692 4,838 4,540 5,093 5,145 5,249 5,380 +2.5% 18,408 20,867 +13.4% Consolidated profit 2,946 3,305 3,524 3,506 3,665 3,767 3,934 4,160 +5.7% 13,281 15,526 +16.9% Underlying attributable profit 2,691 3,045 3,190 3,212 3,333 3,449 3,543 3,776 +6.6% 12,137 14,101 +16.2%
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28 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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29 Retail & Commercial Banking (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 7,139 6,857 6,807 7,134 6,721 6,618 6,431 6,639 +3.2% 27,937 26,409 -5.5% Net fee income 1,205 1,184 1,153 1,164 1,210 1,187 1,133 1,255 +10.8% 4,707 4,784 +1.6% Gains (losses) on financial transactions and other (284) 176 (21) (140) (36) 10 63 (15) — (270) 23 — Total revenue 8,061 8,217 7,939 8,158 7,895 7,816 7,627 7,879 +3.3% 32,374 31,216 -3.6% Operating expenses (3,285) (3,098) (3,082) (3,331) (3,113) (3,075) (2,971) (3,154) +6.2% (12,796) (12,314) -3.8% Net operating income 4,776 5,118 4,856 4,827 4,782 4,740 4,655 4,725 +1.5% 19,578 18,902 -3.4% Net loan-loss provisions (1,523) (1,563) (1,371) (1,387) (1,431) (1,399) (1,275) (1,311) +2.8% (5,846) (5,416) -7.3% Other gains (losses) and provisions (838) (727) (478) (832) (528) (697) (492) (603) +22.6% (2,875) (2,320) -19.3% Profit before tax 2,414 2,828 3,007 2,608 2,823 2,645 2,888 2,811 -2.7% 10,857 11,167 +2.9% Consolidated profit 1,634 1,957 2,185 1,993 2,065 1,941 2,171 2,178 +0.4% 7,769 8,354 +7.5% Underlying attributable profit 1,539 1,835 2,012 1,862 1,902 1,785 1,984 1,995 +0.6% 7,247 7,666 +5.8%
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30 Retail & Commercial Banking (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 6,751 6,522 6,684 7,055 6,612 6,657 6,489 6,651 +2.5% 27,012 26,409 -2.2% Net fee income 1,118 1,105 1,130 1,157 1,192 1,198 1,142 1,252 +9.6% 4,509 4,784 +6.1% Gains (losses) on financial transactions and other (277) 169 (11) (142) (34) 9 63 (15) — (260) 23 — Total revenue 7,593 7,795 7,804 8,070 7,770 7,865 7,693 7,888 +2.5% 31,261 31,216 -0.1% Operating expenses (3,086) (2,928) (3,021) (3,279) (3,056) (3,094) (3,001) (3,162) +5.4% (12,314) (12,314) -0.0% Net operating income 4,507 4,867 4,782 4,790 4,713 4,771 4,692 4,727 +0.7% 18,947 18,902 -0.2% Net loan-loss provisions (1,379) (1,444) (1,337) (1,377) (1,403) (1,416) (1,290) (1,307) +1.3% (5,538) (5,416) -2.2% Other gains (losses) and provisions (810) (701) (472) (829) (519) (698) (497) (605) +21.6% (2,812) (2,320) -17.5% Profit before tax 2,318 2,722 2,973 2,584 2,791 2,656 2,905 2,815 -3.1% 10,598 11,167 +5.4% Consolidated profit 1,569 1,878 2,156 1,970 2,038 1,949 2,185 2,182 -0.2% 7,573 8,354 +10.3% Underlying attributable profit 1,475 1,760 1,984 1,839 1,879 1,793 1,996 1,998 +0.1% 7,058 7,666 +8.6%
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31 Retail & Commercial Banking Spain (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,472 1,471 1,495 1,430 1,467 1,448 1,443 1,439 -0.3% 5,869 5,796 -1.2% Net fee income 283 276 270 245 291 269 259 257 -0.6% 1,074 1,076 +0.2% Gains (losses) on financial transactions and other 25 70 35 (3) 35 50 37 12 -67.9% 127 134 +5.4% Total revenue 1,780 1,818 1,800 1,673 1,794 1,766 1,739 1,708 -1.8% 7,071 7,007 -0.9% Operating expenses (567) (558) (562) (600) (571) (567) (558) (572) +2.6% (2,288) (2,268) -0.9% Net loan-loss provisions (284) (287) (230) (292) (291) (244) (230) (231) +0.3% (1,092) (996) -8.8% Other gains (losses) and provisions (350) (233) (103) (207) (122) (119) (150) (102) -32.1% (893) (492) -44.9% Profit before tax 580 739 905 573 810 837 801 803 +0.3% 2,797 3,250 +16.2%
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32 Retail & Commercial Banking UK (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,119 1,128 1,189 1,236 1,224 1,174 1,152 1,178 +2.3% 4,672 4,728 +1.2% Net fee income 1 (16) (2) (15) 5 2 9 34 +274.8% (33) 50 — Gains (losses) on financial transactions and other (8) (1) 7 (20) (39) (27) (15) (15) +0.2% (22) (97) +341.7% Total revenue 1,112 1,112 1,193 1,200 1,190 1,149 1,146 1,197 +4.4% 4,618 4,681 +1.4% Operating expenses (651) (643) (632) (675) (638) (628) (593) (603) +1.7% (2,601) (2,463) -5.3% Net loan-loss provisions (9) (11) (17) 23 (36) (44) 5 (46) — (14) (122) +789.4% Other gains (losses) and provisions (85) (58) (94) (167) (168) (147) (69) (110) +60.2% (403) (494) +22.4% Profit before tax 368 400 451 382 348 330 488 437 -10.6% 1,600 1,603 +0.2%
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33 Retail & Commercial Banking UK (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,119 1,124 1,172 1,202 1,194 1,164 1,167 1,203 +3.1% 4,616 4,728 +2.4% Net fee income 1 (16) (2) (15) 5 2 9 34 +275.8% (32) 50 — Gains (losses) on financial transactions and other (8) (1) 7 (20) (38) (27) (16) (16) +0.5% (22) (97) +347.0% Total revenue 1,111 1,107 1,177 1,167 1,161 1,139 1,160 1,222 +5.3% 4,562 4,681 +2.6% Operating expenses (650) (640) (623) (656) (623) (623) (601) (617) +2.6% (2,570) (2,463) -4.2% Net loan-loss provisions (9) (11) (17) 23 (35) (44) 4 (47) — (14) (122) +800.1% Other gains (losses) and provisions (84) (58) (93) (163) (163) (145) (71) (113) +58.3% (398) (494) +23.9% Profit before tax 368 398 445 370 339 327 491 445 -9.5% 1,581 1,603 +1.4%
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34 Retail & Commercial Banking UK (GBP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 958 963 1,004 1,029 1,023 997 999 1,031 +3.1% 3,955 4,050 +2.4% Net fee income 1 (13) (2) (13) 4 2 8 29 +275.8% (28) 43 — Gains (losses) on financial transactions and other (7) (1) 6 (17) (33) (23) (13) (13) +0.5% (19) (83) +347.0% Total revenue 952 948 1,008 999 994 976 994 1,046 +5.3% 3,908 4,010 +2.6% Operating expenses (557) (549) (534) (562) (533) (533) (515) (528) +2.6% (2,201) (2,110) -4.2% Net loan-loss provisions (8) (9) (14) 20 (30) (38) 3 (40) — (12) (104) +800.1% Other gains (losses) and provisions (72) (49) (80) (140) (140) (125) (61) (97) +58.3% (341) (423) +23.9% Profit before tax 315 341 381 317 291 280 421 381 -9.5% 1,354 1,373 +1.4%
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35 Retail & Commercial Banking Mexico (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 819 804 747 765 756 735 762 787 +3.4% 3,134 3,041 -3.0% Net fee income 175 197 171 156 171 177 179 196 +9.9% 699 723 +3.4% Gains (losses) on financial transactions and other (25) 8 (20) (28) (31) (21) (8) 16 — (65) (45) -31.2% Total revenue 969 1,009 899 893 896 891 932 1,000 +7.2% 3,769 3,719 -1.3% Operating expenses (432) (440) (418) (467) (397) (390) (405) (478) +18.1% (1,757) (1,669) -5.0% Net loan-loss provisions (205) (211) (143) (96) (135) (150) (176) (165) -6.0% (654) (626) -4.4% Other gains (losses) and provisions (9) (12) (9) (10) (22) (16) (13) (19) +41.2% (39) (70) +77.4% Profit before tax 323 346 328 320 343 335 338 338 -0.3% 1,318 1,354 +2.7%
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36 Retail & Commercial Banking Mexico (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 697 688 716 753 750 751 766 774 +1.2% 2,854 3,041 +6.5% Net fee income 149 169 164 155 170 180 179 193 +7.7% 637 723 +13.5% Gains (losses) on financial transactions and other (21) 7 (18) (26) (31) (21) (8) 16 — (59) (45) -24.5% Total revenue 825 863 862 881 889 909 937 984 +5.0% 3,432 3,719 +8.4% Operating expenses (368) (377) (400) (456) (394) (398) (407) (471) +15.9% (1,600) (1,669) +4.3% Net loan-loss provisions (175) (180) (141) (101) (134) (153) (177) (163) -8.0% (596) (626) +5.1% Other gains (losses) and provisions (7) (10) (9) (10) (22) (17) (13) (18) +38.3% (36) (70) +94.8% Profit before tax 275 296 313 315 340 342 340 332 -2.5% 1,200 1,354 +12.8%
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37 Retail & Commercial Banking Mexico (MXN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 15,100 14,901 15,512 16,307 16,244 16,262 16,584 16,775 +1.2% 61,820 65,865 +6.5% Net fee income 3,233 3,654 3,557 3,350 3,683 3,903 3,887 4,185 +7.7% 13,793 15,659 +13.5% Gains (losses) on financial transactions and other (458) 143 (390) (572) (675) (466) (177) 353 — (1,276) (964) -24.5% Total revenue 17,874 18,698 18,679 19,085 19,252 19,700 20,295 21,313 +5.0% 74,337 80,560 +8.4% Operating expenses (7,970) (8,162) (8,661) (9,870) (8,533) (8,615) (8,810) (10,207) +15.9% (34,663) (36,164) +4.3% Net loan-loss provisions (3,781) (3,903) (3,044) (2,179) (2,892) (3,318) (3,828) (3,520) -8.0% (12,906) (13,558) +5.1% Other gains (losses) and provisions (162) (215) (185) (217) (467) (362) (289) (400) +38.3% (779) (1,518) +94.8% Profit before tax 5,962 6,419 6,789 6,818 7,360 7,405 7,368 7,186 -2.5% 25,988 29,320 +12.8%
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38 Retail & Commercial Banking Brazil (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,759 1,740 1,695 1,600 1,534 1,503 1,452 1,468 +1.1% 6,795 5,957 -12.3% Net fee income 397 409 376 348 359 333 314 358 +13.8% 1,531 1,364 -10.9% Gains (losses) on financial transactions and other (40) 31 (96) (1) (15) (57) (47) (56) +18.6% (105) (174) +65.5% Total revenue 2,117 2,180 1,975 1,948 1,878 1,779 1,719 1,770 +2.9% 8,220 7,146 -13.1% Operating expenses (843) (799) (746) (763) (761) (724) (709) (744) +5.1% (3,152) (2,938) -6.8% Net loan-loss provisions (753) (751) (740) (730) (718) (713) (603) (619) +2.7% (2,973) (2,653) -10.8% Other gains (losses) and provisions (184) (222) (170) (167) (166) (187) (163) (226) +38.1% (742) (742) -0.0% Profit before tax 337 408 319 288 233 156 244 180 -26.2% 1,352 813 -39.9%
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39 Retail & Commercial Banking Brazil (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,500 1,547 1,634 1,580 1,497 1,531 1,468 1,462 -0.4% 6,261 5,957 -4.9% Net fee income 339 364 363 345 350 340 318 356 +12.1% 1,411 1,364 -3.3% Gains (losses) on financial transactions and other (34) 26 (87) (3) (14) (57) (48) (56) +17.3% (97) (174) +79.6% Total revenue 1,805 1,937 1,910 1,922 1,833 1,813 1,738 1,762 +1.4% 7,574 7,146 -5.7% Operating expenses (719) (711) (723) (751) (742) (738) (716) (741) +3.5% (2,904) (2,938) +1.1% Net loan-loss provisions (642) (668) (712) (718) (701) (726) (610) (616) +1.0% (2,740) (2,653) -3.2% Other gains (losses) and provisions (157) (197) (166) (165) (162) (190) (165) (225) +36.2% (684) (742) +8.5% Profit before tax 287 362 310 287 227 160 246 180 -27.1% 1,246 813 -34.7%
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40 Retail & Commercial Banking Brazil (BRL mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 9,456 9,756 10,300 9,959 9,436 9,650 9,252 9,216 -0.4% 39,470 37,554 -4.9% Net fee income 2,135 2,294 2,290 2,174 2,209 2,140 2,003 2,246 +12.1% 8,893 8,598 -3.3% Gains (losses) on financial transactions and other (213) 164 (546) (17) (90) (358) (300) (352) +17.3% (613) (1,100) +79.6% Total revenue 11,377 12,214 12,044 12,115 11,555 11,433 10,955 11,109 +1.4% 47,751 45,052 -5.7% Operating expenses (4,532) (4,485) (4,555) (4,737) (4,681) (4,652) (4,514) (4,673) +3.5% (18,309) (18,519) +1.1% Net loan-loss provisions (4,049) (4,208) (4,490) (4,526) (4,419) (4,576) (3,846) (3,886) +1.0% (17,273) (16,726) -3.2% Other gains (losses) and provisions (988) (1,240) (1,045) (1,041) (1,022) (1,197) (1,041) (1,419) +36.2% (4,313) (4,679) +8.5% Profit before tax 1,809 2,281 1,954 1,811 1,433 1,009 1,553 1,132 -27.1% 7,856 5,127 -34.7%
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41 Digital Consumer Bank (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 2,710 2,655 2,614 2,797 2,756 2,747 2,763 2,769 +0.2% 10,777 11,036 +2.4% Net fee income 354 387 373 394 339 341 380 418 +10.2% 1,508 1,479 -2.0% Gains (losses) on financial transactions and other 119 222 146 139 138 102 99 160 +62.3% 627 500 -20.2% Total revenue 3,184 3,265 3,133 3,330 3,234 3,191 3,242 3,348 +3.3% 12,912 13,015 +0.8% Operating expenses (1,311) (1,307) (1,278) (1,287) (1,357) (1,308) (1,285) (1,338) +4.1% (5,183) (5,287) +2.0% Net operating income 1,873 1,958 1,855 2,043 1,878 1,883 1,957 2,010 +2.8% 7,729 7,728 -0.0% Net loan-loss provisions (1,137) (1,056) (1,121) (1,248) (1,119) (956) (1,069) (1,313) +22.8% (4,562) (4,457) -2.3% Other gains (losses) and provisions (118) (180) (112) (530) (84) (146) (91) (383) +318.9% (939) (704) -25.0% Profit before tax 618 723 622 265 674 781 796 314 -60.5% 2,228 2,566 +15.2% Consolidated profit 536 668 507 222 558 620 620 279 -54.9% 1,934 2,077 +7.4% Underlying attributable profit 463 606 436 153 492 551 518 180 -65.2% 1,659 1,741 +4.9%
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42 Digital Consumer Bank (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 2,616 2,563 2,571 2,725 2,661 2,759 2,812 2,804 -0.3% 10,474 11,036 +5.4% Net fee income 343 374 369 387 332 342 384 421 +9.6% 1,472 1,479 +0.4% Gains (losses) on financial transactions and other 116 218 145 133 134 102 101 162 +60.1% 611 500 -18.2% Total revenue 3,074 3,155 3,084 3,245 3,127 3,204 3,297 3,387 +2.7% 12,557 13,015 +3.6% Operating expenses (1,277) (1,270) (1,262) (1,255) (1,314) (1,313) (1,307) (1,354) +3.5% (5,065) (5,287) +4.4% Net operating income 1,797 1,884 1,822 1,989 1,814 1,891 1,989 2,033 +2.2% 7,492 7,728 +3.1% Net loan-loss provisions (1,081) (1,010) (1,098) (1,209) (1,077) (964) (1,089) (1,328) +21.9% (4,397) (4,457) +1.4% Other gains (losses) and provisions (114) (176) (110) (524) (82) (146) (93) (384) +314.5% (925) (704) -23.8% Profit before tax 602 698 614 257 655 781 808 322 -60.2% 2,170 2,566 +18.2% Consolidated profit 521 646 500 214 539 620 632 287 -54.6% 1,882 2,077 +10.4% Underlying attributable profit 449 584 430 146 473 551 530 188 -64.6% 1,610 1,741 +8.2%
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43 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,095 1,092 1,069 1,105 1,112 1,155 1,207 1,212 +0.5% 4,361 4,685 +7.4% Net fee income 220 231 229 222 188 185 198 234 +17.8% 902 804 -10.9% Gains (losses) on financial transactions and other 95 120 100 100 103 85 99 149 +51.0% 416 436 +4.7% Total revenue 1,410 1,444 1,398 1,427 1,402 1,424 1,504 1,595 +6.1% 5,679 5,925 +4.3% Operating expenses (665) (655) (656) (629) (667) (660) (652) (633) -2.9% (2,604) (2,611) +0.3% Net loan-loss provisions (276) (308) (279) (345) (336) (284) (307) (436) +42.0% (1,209) (1,363) +12.7% Other gains (losses) and provisions (69) (124) (61) (481) (43) (111) (59) (340) +472.5% (735) (554) -24.6% Profit before tax 401 356 402 (28) 357 371 485 185 -61.8% 1,131 1,398 +23.6%
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44 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,092 1,091 1,069 1,105 1,109 1,154 1,209 1,214 +0.4% 4,356 4,685 +7.5% Net fee income 220 231 229 222 187 185 198 234 +17.8% 902 804 -10.8% Gains (losses) on financial transactions and other 95 120 100 99 102 85 99 150 +51.1% 415 436 +5.1% Total revenue 1,406 1,442 1,398 1,427 1,398 1,424 1,506 1,597 +6.0% 5,673 5,925 +4.4% Operating expenses (663) (654) (656) (629) (665) (659) (653) (634) -2.9% (2,602) (2,611) +0.4% Net loan-loss provisions (274) (309) (279) (344) (334) (284) (308) (437) +41.9% (1,207) (1,363) +12.9% Other gains (losses) and provisions (69) (125) (61) (477) (43) (111) (60) (341) +470.9% (732) (554) -24.4% Profit before tax 400 354 402 (23) 356 370 486 186 -61.7% 1,133 1,398 +23.4%
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45 Digital Consumer Bank US (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,143 1,179 1,138 1,191 1,221 1,129 1,132 1,100 -2.8% 4,651 4,581 -1.5% Net fee income 64 67 75 97 84 90 86 78 -9.6% 303 339 +11.8% Gains (losses) on financial transactions and other 97 106 66 74 57 50 14 31 +116.7% 343 152 -55.6% Total revenue 1,304 1,352 1,279 1,361 1,362 1,270 1,232 1,209 -1.9% 5,297 5,072 -4.2% Operating expenses (545) (547) (525) (542) (574) (520) (504) (543) +7.7% (2,159) (2,141) -0.8% Net loan-loss provisions (610) (537) (641) (677) (524) (466) (541) (609) +12.6% (2,466) (2,140) -13.2% Other gains (losses) and provisions (28) (33) (28) (32) (28) (19) (19) (26) +35.0% (121) (92) -24.4% Profit before tax 121 235 85 111 236 265 168 30 -81.8% 551 699 +26.9%
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46 Digital Consumer Bank US (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,099 1,125 1,108 1,126 1,138 1,135 1,173 1,135 -3.2% 4,458 4,581 +2.8% Net fee income 62 64 73 92 79 90 89 81 -9.7% 290 339 +16.6% Gains (losses) on financial transactions and other 93 101 65 70 53 51 17 32 +94.7% 328 152 -53.7% Total revenue 1,254 1,290 1,246 1,287 1,270 1,276 1,278 1,248 -2.4% 5,077 5,072 -0.1% Operating expenses (524) (522) (512) (512) (535) (523) (524) (559) +6.8% (2,069) (2,141) +3.5% Net loan-loss provisions (587) (512) (624) (641) (489) (469) (558) (625) +12.1% (2,363) (2,140) -9.5% Other gains (losses) and provisions (27) (32) (27) (30) (26) (19) (20) (26) +32.6% (116) (92) -21.1% Profit before tax 116 224 83 104 220 265 177 37 -79.0% 528 699 +32.4%
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47 Digital Consumer Bank US (USD mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,240 1,270 1,250 1,271 1,285 1,281 1,323 1,281 -3.2% 5,031 5,170 +2.8% Net fee income 70 72 82 103 89 102 101 91 -9.7% 328 382 +16.6% Gains (losses) on financial transactions and other 105 114 73 78 60 57 19 36 +94.7% 371 172 -53.7% Total revenue 1,415 1,456 1,406 1,452 1,433 1,440 1,443 1,408 -2.4% 5,730 5,724 -0.1% Operating expenses (591) (589) (577) (578) (604) (591) (591) (631) +6.8% (2,335) (2,417) +3.5% Net loan-loss provisions (662) (578) (704) (723) (551) (529) (629) (705) +12.1% (2,667) (2,415) -9.5% Other gains (losses) and provisions (31) (36) (31) (34) (30) (21) (22) (30) +32.6% (131) (104) -21.1% Profit before tax 131 253 94 117 248 299 200 42 -79.0% 596 789 +32.4%
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48 Corporate & Investment Banking (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,053 962 895 1,079 953 1,013 982 1,099 +11.8% 3,988 4,047 +1.5% Net fee income 654 626 612 656 716 637 624 736 +17.9% 2,548 2,713 +6.4% Gains (losses) on financial transactions and other 415 469 581 337 552 484 413 279 -32.4% 1,802 1,728 -4.1% Total revenue 2,123 2,056 2,088 2,072 2,220 2,134 2,020 2,114 +4.7% 8,338 8,488 +1.8% Operating expenses (883) (928) (962) (1,021) (952) (950) (957) (1,006) +5.1% (3,794) (3,866) +1.9% Net operating income 1,240 1,128 1,126 1,051 1,268 1,183 1,062 1,108 +4.3% 4,544 4,622 +1.7% Net loan-loss provisions (40) (52) (62) (16) (13) (72) (81) (124) +52.9% (171) (291) +70.3% Other gains (losses) and provisions (78) (46) (100) (130) (22) (27) (62) (11) -82.4% (354) (121) -65.8% Profit before tax 1,121 1,029 964 904 1,234 1,084 919 973 +5.8% 4,019 4,210 +4.7% Consolidated profit 770 736 695 750 865 776 678 720 +6.2% 2,951 3,039 +3.0% Underlying attributable profit 716 689 647 695 806 728 634 666 +5.1% 2,747 2,834 +3.2%
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49 Corporate & Investment Banking (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 985 898 879 1,068 930 1,021 995 1,102 +10.8% 3,829 4,047 +5.7% Net fee income 630 603 604 644 699 641 632 740 +17.1% 2,481 2,713 +9.3% Gains (losses) on financial transactions and other 395 466 570 329 540 487 420 282 -32.9% 1,760 1,728 -1.8% Total revenue 2,011 1,966 2,053 2,041 2,168 2,150 2,047 2,124 +3.8% 8,071 8,488 +5.2% Operating expenses (845) (889) (946) (999) (924) (956) (972) (1,014) +4.3% (3,680) (3,866) +5.1% Net operating income 1,166 1,077 1,106 1,042 1,244 1,194 1,075 1,110 +3.3% 4,391 4,622 +5.3% Net loan-loss provisions (40) (50) (63) (18) (13) (72) (82) (125) +52.9% (170) (291) +70.9% Other gains (losses) and provisions (77) (45) (98) (129) (22) (27) (62) (11) -82.7% (348) (121) -65.2% Profit before tax 1,049 981 945 896 1,209 1,095 931 974 +4.6% 3,872 4,210 +8.7% Consolidated profit 723 704 681 738 848 783 687 721 +5.1% 2,845 3,039 +6.8% Underlying attributable profit 672 660 634 684 790 735 642 668 +4.0% 2,650 2,834 +6.9%
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50 Wealth Management & Insurance (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 449 430 419 408 375 354 350 366 +4.3% 1,706 1,445 -15.3% Net fee income 365 356 369 408 419 423 415 446 +7.5% 1,497 1,703 +13.8% Gains (losses) on financial transactions and other 91 146 152 211 225 235 249 381 +53.0% 600 1,091 +81.8% Total revenue 905 932 940 1,027 1,019 1,012 1,014 1,193 +17.6% 3,803 4,239 +11.4% Operating expenses (343) (341) (351) (417) (372) (354) (369) (402) +9.2% (1,452) (1,497) +3.1% Net operating income 562 591 589 610 647 659 646 790 +22.3% 2,351 2,742 +16.6% Net loan-loss provisions (4) (13) (9) (18) (8) (13) 10 (11) — (44) (22) -49.8% Other gains (losses) and provisions (27) (2) (8) 15 (1) (10) (5) 9 — (23) (7) -69.2% Profit before tax 531 575 572 606 639 635 651 788 +21.0% 2,284 2,713 +18.8% Consolidated profit 396 437 452 465 497 500 514 647 +25.9% 1,750 2,158 +23.3% Underlying attributable profit 376 418 433 445 471 477 491 624 +27.0% 1,671 2,063 +23.4%
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51 Wealth Management & Insurance (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 439 420 414 403 367 355 354 368 +3.9% 1,675 1,445 -13.7% Net fee income 352 343 363 401 410 425 420 448 +6.8% 1,459 1,703 +16.8% Gains (losses) on financial transactions and other 82 136 147 209 222 237 251 381 +52.0% 574 1,091 +90.0% Total revenue 872 898 924 1,013 1,000 1,016 1,025 1,198 +16.8% 3,707 4,239 +14.3% Operating expenses (330) (329) (345) (408) (363) (355) (373) (405) +8.6% (1,412) (1,497) +6.0% Net operating income 542 570 579 605 637 661 652 792 +21.5% 2,295 2,742 +19.5% Net loan-loss provisions (4) (13) (9) (18) (8) (13) 10 (11) — (44) (22) -49.7% Other gains (losses) and provisions (27) (2) (8) 15 (1) (11) (4) 9 — (23) (7) -68.9% Profit before tax 511 554 563 601 628 638 657 790 +20.2% 2,229 2,713 +21.7% Consolidated profit 379 420 445 461 488 502 519 648 +25.0% 1,705 2,158 +26.6% Underlying attributable profit 360 401 425 441 463 479 495 625 +26.2% 1,627 2,063 +26.7%
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52 Payments (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 662 639 586 680 685 726 705 791 +12.3% 2,567 2,907 +13.2% Net fee income 662 682 691 725 693 734 781 799 +2.3% 2,759 3,008 +9.0% Gains (losses) on financial transactions and other (6) 19 13 107 5 (3) 44 52 +18.0% 133 98 -26.0% Total revenue 1,318 1,341 1,289 1,512 1,383 1,457 1,530 1,643 +7.4% 5,459 6,013 +10.1% Operating expenses (639) (606) (574) (611) (608) (592) (585) (575) -1.8% (2,430) (2,360) -2.9% Net operating income 679 735 715 901 776 865 945 1,068 +13.0% 3,030 3,654 +20.6% Net loan-loss provisions (418) (434) (414) (448) (492) (479) (514) (542) +5.5% (1,714) (2,027) +18.3% Other gains (losses) and provisions (23) (265) (33) (39) (36) (40) (39) (25) -37.0% (360) (140) -61.1% Profit before tax 238 36 267 414 248 346 391 501 +28.0% 955 1,486 +55.6% Consolidated profit 136 (70) 152 275 150 230 255 349 +37.0% 493 984 +99.3% Underlying attributable profit 115 (90) 126 252 126 209 223 325 +45.3% 404 883 +118.8%
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53 Payments (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 585 573 567 669 672 736 711 787 +10.7% 2,394 2,907 +21.4% Net fee income 603 633 673 712 681 741 788 799 +1.4% 2,621 3,008 +14.8% Gains (losses) on financial transactions and other (5) 22 14 101 5 (4) 44 52 +18.1% 131 98 -25.2% Total revenue 1,184 1,227 1,253 1,482 1,359 1,473 1,544 1,638 +6.1% 5,146 6,013 +16.9% Operating expenses (600) (572) (565) (607) (601) (596) (589) (574) -2.5% (2,345) (2,360) +0.6% Net operating income 584 655 687 875 758 877 955 1,064 +11.5% 2,801 3,654 +30.5% Net loan-loss provisions (363) (388) (399) (439) (482) (486) (519) (540) +3.9% (1,588) (2,027) +27.7% Other gains (losses) and provisions (22) (265) (33) (38) (35) (41) (40) (25) -37.0% (357) (140) -60.7% Profit before tax 199 2 256 399 241 350 396 500 +26.2% 856 1,486 +73.6% Consolidated profit 112 (92) 145 265 146 232 258 348 +35.1% 430 984 +128.5% Underlying attributable profit 93 (110) 120 243 122 211 226 324 +43.4% 346 883 +155.5%
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54 PagoNxt (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 31 31 35 35 38 42 41 45 +10.0% 132 167 +27.0% Net fee income 224 233 241 261 245 265 267 282 +5.5% 958 1,059 +10.5% Gains (losses) on financial transactions and other 29 36 35 50 34 17 44 52 +18.0% 150 147 -1.7% Total revenue 283 300 311 346 317 325 353 379 +7.6% 1,240 1,373 +10.8% Operating expenses (304) (297) (288) (271) (286) (290) (280) (282) +0.8% (1,160) (1,138) -1.9% Net operating income (21) 4 23 75 31 35 73 97 +33.7% 80 235 +194.6% Net loan-loss provisions (4) (5) (3) (4) (6) (5) (8) (5) -35.5% (16) (24) +48.5% Other gains (losses) and provisions (2) (256) (15) (23) (12) (21) (29) (15) -48.7% (296) (77) -74.0% Profit before tax (27) (258) 4 48 13 9 35 77 +117.6% (233) 134 — Consolidated profit (37) (265) (17) 28 9 11 27 68 +151.9% (290) 115 — Underlying attributable profit (39) (265) (21) 26 4 11 19 61 +213.7% (299) 96 —
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55 PagoNxt (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 27 28 34 34 37 43 42 45 +8.6% 123 167 +35.7% Net fee income 203 215 235 256 241 268 269 281 +4.4% 910 1,059 +16.4% Gains (losses) on financial transactions and other 28 35 35 50 34 17 44 52 +18.0% 149 147 -1.2% Total revenue 258 279 304 340 312 328 355 378 +6.6% 1,182 1,373 +16.2% Operating expenses (290) (285) (285) (270) (284) (292) (281) (282) +0.2% (1,129) (1,138) +0.8% Net operating income (32) (6) 19 71 29 36 74 97 +31.0% 53 235 +345.7% Net loan-loss provisions (3) (5) (3) (4) (6) (5) (8) (5) -36.0% (16) (24) +55.1% Other gains (losses) and provisions (2) (256) (14) (22) (12) (21) (29) (15) -49.1% (294) (77) -73.8% Profit before tax (37) (267) 2 45 11 10 36 77 +110.3% (257) 134 — Consolidated profit (44) (270) (18) 26 8 12 28 67 +144.4% (306) 115 — Underlying attributable profit (46) (271) (22) 24 4 12 20 60 +203.3% (314) 96 —
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56 Cards (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 632 608 551 645 647 683 663 746 +12.4% 2,436 2,740 +12.5% Net fee income 438 449 450 464 449 469 514 517 +0.7% 1,801 1,949 +8.2% Gains (losses) on financial transactions and other (35) (17) (22) 57 (29) (21) 0 0 +10.2% (17) (49) +187.4% Total revenue 1,035 1,040 978 1,166 1,067 1,132 1,178 1,264 +7.3% 4,220 4,640 +10.0% Operating expenses (334) (309) (286) (340) (322) (302) (305) (292) -4.2% (1,270) (1,221) -3.8% Net operating income 701 731 692 826 745 830 872 971 +11.3% 2,950 3,419 +15.9% Net loan-loss provisions (414) (429) (410) (444) (486) (474) (506) (537) +6.1% (1,698) (2,003) +18.0% Other gains (losses) and provisions (20) (9) (19) (16) (24) (19) (10) (10) -3.8% (64) (63) -0.8% Profit before tax 266 294 263 366 235 337 356 424 +19.1% 1,188 1,353 +13.8% Consolidated profit 173 194 169 247 141 219 228 281 +23.5% 783 869 +10.9% Underlying attributable profit 155 175 147 226 121 198 204 264 +29.3% 703 787 +12.0%
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57 Cards (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 558 545 533 635 635 693 670 742 +10.8% 2,271 2,740 +20.7% Net fee income 401 417 437 456 440 473 518 517 -0.2% 1,711 1,949 +13.9% Gains (losses) on financial transactions and other (33) (14) (21) 51 (29) (21) 0 0 +19.6% (18) (49) +177.6% Total revenue 926 948 949 1,142 1,046 1,145 1,189 1,260 +6.0% 3,964 4,640 +17.1% Operating expenses (310) (288) (281) (337) (317) (305) (308) (292) -5.0% (1,216) (1,221) +0.5% Net operating income 616 660 668 804 729 841 881 968 +9.9% 2,748 3,419 +24.4% Net loan-loss provisions (359) (383) (395) (435) (476) (481) (511) (534) +4.6% (1,572) (2,003) +27.4% Other gains (losses) and provisions (20) (9) (18) (16) (23) (19) (10) (10) -3.4% (63) (63) +0.8% Profit before tax 236 269 254 354 230 340 360 423 +17.7% 1,113 1,353 +21.5% Consolidated profit 155 179 163 239 138 220 230 281 +22.1% 736 869 +18.1% Underlying attributable profit 138 161 142 218 118 199 206 264 +28.0% 660 787 +19.3%
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58 Corporate Centre (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income (31) (69) (95) (113) (112) (120) (132) (126) -4.2% (308) (490) +59.1% Net fee income (1) 2 (8) (3) (9) (7) (6) (5) -18.5% (11) (27) +156.5% Gains (losses) on financial transactions and other (178) (74) (150) 44 (95) (8) (28) 67 — (357) (64) -82.1% Total revenue (210) (140) (254) (72) (215) (135) (166) (64) -61.4% (676) (581) -14.0% Operating expenses (87) (86) (101) (104) (87) (97) (101) (117) +15.4% (379) (402) +6.2% Net operating income (297) (227) (355) (176) (303) (232) (267) (181) -32.3% (1,055) (983) -6.8% Net loan-loss provisions (2) (0) 1 3 (99) (98) 0 (1) — 3 (198) — Other gains (losses) and provisions (41) (40) (160) (25) (30) (45) (181) 161 — (265) (94) -64.5% Profit before tax (340) (266) (514) (197) (431) (375) (447) (21) -95.4% (1,317) (1,275) -3.2% Consolidated profit (357) (252) (403) (142) (394) (319) (346) (26) -92.4% (1,155) (1,085) -6.0% Underlying attributable profit (357) (252) (403) (142) (394) (319) (346) (26) -92.4% (1,154) (1,085) -6.0%
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59 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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60 Spain (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,816 1,840 1,799 1,802 1,779 1,806 1,829 1,890 +3.3% 7,256 7,305 +0.7% Net fee income 746 738 707 676 767 735 710 810 +14.1% 2,867 3,022 +5.4% Gains (losses) on financial transactions and other 455 471 477 448 584 495 350 234 -33.2% 1,850 1,663 -10.1% Total revenue 3,016 3,048 2,983 2,926 3,130 3,036 2,889 2,934 +1.5% 11,974 11,990 +0.1% Operating expenses (1,032) (1,033) (1,073) (1,133) (1,049) (1,051) (1,070) (1,114) +4.1% (4,271) (4,284) +0.3% Net operating income 1,984 2,015 1,911 1,793 2,081 1,986 1,819 1,820 +0.1% 7,703 7,706 +0.0% Net loan-loss provisions (331) (327) (279) (322) (304) (295) (242) (301) +24.7% (1,259) (1,142) -9.3% Other gains (losses) and provisions (417) (244) (119) (224) (133) (103) (171) (75) -56.2% (1,003) (482) -52.0% Profit before tax 1,236 1,445 1,512 1,247 1,645 1,588 1,406 1,444 +2.7% 5,440 6,083 +11.8% Consolidated profit 772 984 1,081 925 1,147 1,111 976 1,038 +6.4% 3,763 4,272 +13.5% Underlying attributable profit 772 984 1,081 925 1,147 1,111 975 1,038 +6.4% 3,762 4,272 +13.5%
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61 United Kingdom (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,185 1,196 1,256 1,313 1,298 1,244 1,220 1,245 +2.0% 4,950 5,008 +1.2% Net fee income 79 64 80 61 82 84 92 111 +19.9% 283 369 +30.3% Gains (losses) on financial transactions and other (7) 0 8 (17) (40) (27) (16) (15) -8.3% (17) (97) +483.8% Total revenue 1,257 1,260 1,344 1,356 1,341 1,302 1,297 1,341 +3.4% 5,216 5,280 +1.2% Operating expenses (734) (717) (710) (756) (720) (707) (667) (676) +1.3% (2,918) (2,771) -5.0% Net operating income 523 542 634 600 621 594 629 665 +5.7% 2,299 2,509 +9.1% Net loan-loss provisions (17) (44) (37) 34 (52) (60) (6) (58) +826.3% (64) (177) +177.4% Other gains (losses) and provisions (91) (64) (108) (179) (186) (154) (79) (120) +51.7% (441) (539) +22.1% Profit before tax 415 434 489 456 382 380 544 487 -10.5% 1,794 1,794 -0.0% Consolidated profit 305 325 346 331 285 276 398 349 -12.2% 1,306 1,307 +0.1% Underlying attributable profit 305 325 346 331 285 276 398 349 -12.2% 1,306 1,307 +0.1%
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62 United Kingdom (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,185 1,191 1,239 1,276 1,266 1,234 1,236 1,272 +2.9% 4,890 5,008 +2.4% Net fee income 79 63 79 59 80 83 93 113 +20.6% 280 369 +31.8% Gains (losses) on financial transactions and other (7) 0 8 (17) (39) (27) (16) (15) -7.6% (16) (97) +490.9% Total revenue 1,256 1,254 1,325 1,318 1,308 1,290 1,313 1,369 +4.3% 5,154 5,280 +2.4% Operating expenses (734) (714) (700) (735) (702) (701) (676) (691) +2.2% (2,883) (2,771) -3.9% Net operating income 522 540 626 583 605 589 637 678 +6.5% 2,271 2,509 +10.5% Net loan-loss provisions (17) (44) (36) 34 (51) (60) (7) (59) +706.8% (63) (177) +180.7% Other gains (losses) and provisions (91) (64) (107) (175) (182) (153) (82) (123) +50.4% (436) (539) +23.5% Profit before tax 414 433 483 443 372 377 548 497 -9.3% 1,773 1,794 +1.2% Consolidated profit 305 323 341 321 278 273 401 356 -11.1% 1,290 1,307 +1.3% Underlying attributable profit 305 323 341 321 278 273 401 356 -11.1% 1,290 1,307 +1.3%
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63 United Kingdom (GBP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,015 1,020 1,061 1,093 1,085 1,057 1,059 1,090 +2.9% 4,189 4,290 +2.4% Net fee income 67 54 68 51 69 71 80 96 +20.6% 240 316 +31.8% Gains (losses) on financial transactions and other (6) 0 7 (15) (33) (23) (14) (13) -7.6% (14) (83) +490.9% Total revenue 1,076 1,075 1,135 1,129 1,120 1,105 1,125 1,173 +4.3% 4,415 4,523 +2.4% Operating expenses (629) (612) (599) (630) (602) (601) (579) (592) +2.2% (2,469) (2,374) -3.9% Net operating income 447 463 536 500 519 505 545 581 +6.5% 1,946 2,150 +10.5% Net loan-loss provisions (15) (38) (31) 29 (44) (51) (6) (50) +706.8% (54) (152) +180.7% Other gains (losses) and provisions (78) (54) (91) (150) (156) (131) (70) (105) +50.4% (373) (461) +23.5% Profit before tax 355 371 414 379 319 323 469 425 -9.3% 1,518 1,537 +1.2% Consolidated profit 261 277 292 275 238 234 343 305 -11.1% 1,105 1,120 +1.3% Underlying attributable profit 261 277 292 275 238 234 343 305 -11.1% 1,105 1,120 +1.3%
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64 Portugal (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 431 413 373 332 348 336 328 334 +1.6% 1,548 1,346 -13.0% Net fee income 127 115 115 110 126 129 123 128 +3.7% 467 506 +8.2% Gains (losses) on financial transactions and other 26 30 13 16 29 24 30 23 -21.0% 85 106 +25.7% Total revenue 584 558 500 458 503 489 481 485 +0.7% 2,100 1,959 -6.7% Operating expenses (134) (134) (137) (143) (136) (134) (134) (144) +7.6% (548) (548) +0.1% Net operating income 450 425 363 315 367 356 347 341 -1.9% 1,553 1,411 -9.2% Net loan-loss provisions (7) 5 (7) (1) 14 (5) (7) 6 — (11) 8 — Other gains (losses) and provisions (3) (36) (5) (18) (1) (0) 1 (1) — (61) (2) -97.2% Profit before tax 440 394 351 296 380 350 341 346 +1.5% 1,481 1,417 -4.3% Consolidated profit 303 260 230 210 279 247 241 245 +1.8% 1,003 1,011 +0.8% Underlying attributable profit 303 260 229 209 278 247 240 245 +1.9% 1,001 1,010 +0.9%
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65 Poland (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 686 697 727 733 744 736 737 736 -0.2% 2,844 2,953 +3.8% Net fee income 176 163 170 166 189 184 176 184 +4.9% 674 733 +8.8% Gains (losses) on financial transactions and other (28) 17 25 22 (50) 39 21 27 +28.0% 37 37 +1.0% Total revenue 834 878 923 921 883 959 934 948 +1.4% 3,555 3,724 +4.7% Operating expenses (229) (237) (252) (246) (256) (256) (259) (266) +2.5% (965) (1,036) +7.4% Net operating income 605 640 670 675 627 703 675 682 +1.0% 2,591 2,687 +3.7% Net loan-loss provisions (130) (166) (103) (112) (78) (43) (81) (83) +2.4% (511) (283) -44.5% Other gains (losses) and provisions (62) (108) (63) (197) (49) (195) (69) (159) +129.5% (429) (473) +10.3% Profit before tax 412 366 505 366 500 465 525 440 -16.2% 1,650 1,930 +17.0% Consolidated profit 314 258 392 255 378 350 416 384 -7.7% 1,219 1,528 +25.4% Underlying attributable profit 213 173 256 158 237 219 257 236 -8.3% 800 949 +18.5%
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66 Poland (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 701 707 735 745 737 739 741 736 -0.7% 2,889 2,953 +2.2% Net fee income 180 165 171 168 188 185 177 184 +4.3% 685 733 +7.1% Gains (losses) on financial transactions and other (29) 18 26 23 (50) 39 21 27 +28.1% 37 37 -0.6% Total revenue 852 890 932 936 875 963 939 947 +0.9% 3,611 3,724 +3.1% Operating expenses (234) (241) (255) (250) (253) (257) (260) (265) +1.9% (980) (1,036) +5.8% Net operating income 618 650 677 686 622 706 678 682 +0.5% 2,631 2,687 +2.1% Net loan-loss provisions (133) (169) (103) (114) (77) (43) (81) (83) +2.0% (519) (283) -45.4% Other gains (losses) and provisions (63) (109) (63) (200) (49) (195) (70) (159) +127.6% (436) (473) +8.6% Profit before tax 421 371 511 372 496 467 527 440 -16.6% 1,676 1,930 +15.2% Consolidated profit 321 261 397 259 375 352 418 384 -8.1% 1,238 1,528 +23.4% Underlying attributable profit 218 175 259 160 235 220 258 235 -8.7% 813 949 +16.7%
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67 Poland (PLN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 2,973 2,999 3,115 3,158 3,126 3,134 3,140 3,118 -0.7% 12,245 12,519 +2.2% Net fee income 761 700 727 714 795 783 749 781 +4.3% 2,902 3,108 +7.1% Gains (losses) on financial transactions and other (122) 75 110 96 (212) 166 90 115 +28.1% 159 158 -0.6% Total revenue 3,611 3,775 3,952 3,968 3,709 4,082 3,979 4,014 +0.9% 15,306 15,785 +3.1% Operating expenses (992) (1,021) (1,081) (1,060) (1,074) (1,090) (1,104) (1,125) +1.9% (4,153) (4,393) +5.8% Net operating income 2,619 2,754 2,871 2,908 2,635 2,992 2,876 2,889 +0.5% 11,153 11,391 +2.1% Net loan-loss provisions (565) (716) (439) (482) (326) (182) (343) (350) +2.0% (2,201) (1,202) -45.4% Other gains (losses) and provisions (268) (464) (268) (848) (207) (828) (297) (675) +127.6% (1,848) (2,006) +8.6% Profit before tax 1,786 1,575 2,165 1,578 2,102 1,981 2,236 1,864 -16.6% 7,104 8,183 +15.2% Consolidated profit 1,359 1,108 1,683 1,099 1,589 1,491 1,771 1,628 -8.1% 5,249 6,479 +23.4% Underlying attributable profit 924 744 1,099 679 998 934 1,093 998 -8.7% 3,446 4,022 +16.7%
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68 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,095 1,092 1,069 1,105 1,112 1,155 1,207 1,212 +0.5% 4,361 4,685 +7.4% Net fee income 220 231 229 222 188 185 198 234 +17.8% 902 804 -10.9% Gains (losses) on financial transactions and other 95 120 100 100 103 85 99 149 +51.0% 416 436 +4.7% Total revenue 1,410 1,444 1,398 1,427 1,402 1,424 1,504 1,595 +6.1% 5,679 5,925 +4.3% Operating expenses (665) (655) (656) (629) (667) (660) (652) (633) -2.9% (2,604) (2,611) +0.3% Net operating income 745 789 742 799 736 765 852 962 +12.9% 3,075 3,314 +7.8% Net loan-loss provisions (276) (308) (279) (345) (336) (284) (307) (436) +42.0% (1,209) (1,363) +12.7% Other gains (losses) and provisions (69) (124) (61) (481) (43) (111) (59) (340) +472.5% (735) (554) -24.6% Profit before tax 401 356 402 (28) 357 371 485 185 -61.8% 1,131 1,398 +23.6% Consolidated profit 297 279 302 (2) 256 262 380 177 -53.4% 876 1,076 +22.9% Underlying attributable profit 229 224 243 (54) 193 203 289 87 -69.8% 642 772 +20.2%
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69 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,092 1,091 1,069 1,105 1,109 1,154 1,209 1,214 +0.4% 4,356 4,685 +7.5% Net fee income 220 231 229 222 187 185 198 234 +17.8% 902 804 -10.8% Gains (losses) on financial transactions and other 95 120 100 99 102 85 99 150 +51.1% 415 436 +5.1% Total revenue 1,406 1,442 1,398 1,427 1,398 1,424 1,506 1,597 +6.0% 5,673 5,925 +4.4% Operating expenses (663) (654) (656) (629) (665) (659) (653) (634) -2.9% (2,602) (2,611) +0.4% Net operating income 743 788 742 798 733 764 853 963 +12.9% 3,071 3,314 +7.9% Net loan-loss provisions (274) (309) (279) (344) (334) (284) (308) (437) +41.9% (1,207) (1,363) +12.9% Other gains (losses) and provisions (69) (125) (61) (477) (43) (111) (60) (341) +470.9% (732) (554) -24.4% Profit before tax 400 354 402 (23) 356 370 486 186 -61.7% 1,133 1,398 +23.4% Consolidated profit 296 277 302 0 255 262 381 178 -53.3% 876 1,076 +22.9% Underlying attributable profit 228 222 243 (51) 192 202 289 88 -69.6% 642 772 +20.2%
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70 United States (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,396 1,428 1,411 1,458 1,499 1,450 1,463 1,476 +0.9% 5,693 5,888 +3.4% Net fee income 267 272 296 317 355 323 335 314 -6.3% 1,152 1,328 +15.3% Gains (losses) on financial transactions and other 205 201 163 167 160 140 131 282 +114.6% 735 713 -3.1% Total revenue 1,869 1,900 1,870 1,941 2,014 1,913 1,930 2,072 +7.4% 7,580 7,929 +4.6% Operating expenses (940) (963) (940) (987) (1,007) (937) (908) (960) +5.7% (3,830) (3,812) -0.5% Net operating income 929 938 929 954 1,006 976 1,022 1,112 +8.8% 3,750 4,116 +9.8% Net loan-loss provisions (615) (556) (650) (686) (535) (493) (569) (647) +13.7% (2,507) (2,244) -10.5% Other gains (losses) and provisions (40) (43) (62) (45) (25) (26) (28) (45) +59.9% (190) (124) -34.5% Profit before tax 274 339 217 223 447 457 425 420 -1.1% 1,053 1,748 +66.0% Consolidated profit 279 385 216 229 417 422 355 347 -2.1% 1,109 1,541 +39.0% Underlying attributable profit 279 385 216 229 417 422 355 347 -2.1% 1,109 1,541 +39.0%
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71 United States (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,343 1,362 1,374 1,378 1,398 1,455 1,514 1,521 +0.5% 5,456 5,888 +7.9% Net fee income 257 260 288 300 331 325 347 325 -6.5% 1,104 1,328 +20.3% Gains (losses) on financial transactions and other 198 191 159 157 149 141 137 286 +109.4% 705 713 +1.1% Total revenue 1,797 1,813 1,820 1,835 1,878 1,921 1,998 2,132 +6.7% 7,266 7,929 +9.1% Operating expenses (904) (919) (916) (933) (939) (942) (942) (989) +5.0% (3,671) (3,812) +3.8% Net operating income 893 895 905 902 939 979 1,056 1,143 +8.2% 3,594 4,116 +14.5% Net loan-loss provisions (592) (530) (632) (649) (499) (496) (586) (663) +13.2% (2,403) (2,244) -6.6% Other gains (losses) and provisions (39) (41) (60) (42) (23) (26) (29) (46) +58.0% (182) (124) -31.6% Profit before tax 263 323 212 210 417 457 441 433 -1.6% 1,010 1,748 +73.2% Consolidated profit 269 368 211 215 389 423 370 360 -2.8% 1,063 1,541 +45.0% Underlying attributable profit 269 368 211 215 389 423 370 360 -2.8% 1,063 1,541 +45.0%
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72 United States (USD mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,516 1,537 1,550 1,555 1,577 1,642 1,709 1,717 +0.5% 6,158 6,645 +7.9% Net fee income 290 293 325 338 373 367 392 366 -6.5% 1,246 1,498 +20.3% Gains (losses) on financial transactions and other 223 216 179 177 168 159 154 323 +109.4% 796 804 +1.1% Total revenue 2,028 2,046 2,054 2,071 2,119 2,168 2,255 2,406 +6.7% 8,199 8,948 +9.1% Operating expenses (1,020) (1,037) (1,033) (1,053) (1,060) (1,063) (1,063) (1,116) +5.0% (4,143) (4,302) +3.8% Net operating income 1,008 1,009 1,021 1,018 1,059 1,105 1,191 1,289 +8.2% 4,056 4,645 +14.5% Net loan-loss provisions (668) (598) (713) (733) (563) (560) (661) (748) +13.2% (2,712) (2,532) -6.6% Other gains (losses) and provisions (43) (46) (68) (47) (26) (30) (33) (52) +58.0% (205) (140) -31.6% Profit before tax 297 365 240 237 470 516 497 489 -1.6% 1,139 1,973 +73.2% Consolidated profit 303 415 238 243 438 477 418 406 -2.8% 1,199 1,739 +45.0% Underlying attributable profit 303 415 238 243 438 477 418 406 -2.8% 1,199 1,739 +45.0%
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73 Mexico (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,214 1,207 1,113 1,097 1,129 1,109 1,126 1,190 +5.6% 4,631 4,554 -1.7% Net fee income 359 374 329 322 350 339 341 423 +23.9% 1,385 1,454 +5.0% Gains (losses) on financial transactions and other 35 55 34 139 26 57 88 126 +42.5% 263 297 +12.9% Total revenue 1,608 1,636 1,476 1,558 1,506 1,504 1,556 1,739 +11.7% 6,278 6,305 +0.4% Operating expenses (665) (677) (634) (689) (628) (617) (639) (736) +15.1% (2,665) (2,620) -1.7% Net operating income 943 959 843 869 878 887 917 1,003 +9.4% 3,613 3,685 +2.0% Net loan-loss provisions (370) (351) (293) (263) (304) (302) (324) (308) -5.2% (1,277) (1,239) -3.0% Other gains (losses) and provisions (15) (17) (13) (17) (31) (34) (19) (26) +40.2% (62) (110) +78.1% Profit before tax 558 590 536 589 542 551 574 669 +16.6% 2,274 2,336 +2.7% Consolidated profit 412 430 395 439 395 401 417 495 +18.7% 1,676 1,709 +2.0% Underlying attributable profit 411 429 394 438 394 400 416 494 +18.7% 1,671 1,705 +2.0%
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74 Mexico (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,034 1,033 1,067 1,082 1,120 1,132 1,132 1,170 +3.4% 4,216 4,554 +8.0% Net fee income 306 320 316 319 347 346 343 417 +21.6% 1,261 1,454 +15.3% Gains (losses) on financial transactions and other 29 47 33 129 26 57 89 125 +40.7% 239 297 +24.0% Total revenue 1,369 1,400 1,417 1,531 1,493 1,535 1,564 1,712 +9.5% 5,716 6,305 +10.3% Operating expenses (566) (580) (606) (674) (623) (630) (642) (725) +12.9% (2,427) (2,620) +8.0% Net operating income 802 821 810 856 870 905 922 988 +7.2% 3,290 3,685 +12.0% Net loan-loss provisions (315) (301) (284) (264) (302) (309) (326) (302) -7.3% (1,163) (1,239) +6.5% Other gains (losses) and provisions (12) (15) (13) (16) (31) (35) (19) (26) +37.0% (56) (110) +95.6% Profit before tax 475 505 513 577 538 562 577 659 +14.4% 2,071 2,336 +12.8% Consolidated profit 351 368 378 429 392 409 419 488 +16.5% 1,526 1,709 +12.0% Underlying attributable profit 350 367 377 428 391 408 418 487 +16.4% 1,522 1,705 +12.0%
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75 Mexico (MXN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 22,390 22,383 23,112 23,448 24,260 24,518 24,518 25,353 +3.4% 91,333 98,649 +8.0% Net fee income 6,621 6,937 6,850 6,903 7,520 7,504 7,433 9,037 +21.6% 27,312 31,494 +15.3% Gains (losses) on financial transactions and other 639 1,017 724 2,804 564 1,240 1,921 2,702 +40.7% 5,184 6,427 +24.0% Total revenue 29,650 30,337 30,686 33,155 32,344 33,262 33,872 37,092 +9.5% 123,828 136,570 +10.3% Operating expenses (12,267) (12,559) (13,136) (14,603) (13,488) (13,652) (13,909) (15,699) +12.9% (52,565) (56,748) +8.0% Net operating income 17,383 17,778 17,550 18,552 18,856 19,610 19,963 21,393 +7.2% 71,263 79,822 +12.0% Net loan-loss provisions (6,816) (6,515) (6,151) (5,708) (6,535) (6,685) (7,064) (6,550) -7.3% (25,191) (26,834) +6.5% Other gains (losses) and provisions (269) (319) (277) (352) (667) (749) (408) (558) +37.0% (1,218) (2,382) +95.6% Profit before tax 10,298 10,943 11,122 12,492 11,653 12,177 12,492 14,285 +14.4% 44,854 50,606 +12.8% Consolidated profit 7,606 7,966 8,191 9,297 8,487 8,868 9,083 10,581 +16.5% 33,059 37,020 +12.0% Underlying attributable profit 7,585 7,946 8,169 9,268 8,463 8,847 9,064 10,554 +16.4% 32,967 36,928 +12.0%
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76 Brazil (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 2,630 2,605 2,474 2,413 2,402 2,338 2,309 2,331 +1.0% 10,121 9,380 -7.3% Net fee income 846 888 833 846 793 757 801 843 +5.3% 3,414 3,193 -6.5% Gains (losses) on financial transactions and other 30 (16) (24) 11 29 (9) (13) 22 — 1 28 — Total revenue 3,507 3,477 3,282 3,270 3,223 3,085 3,096 3,197 +3.2% 13,536 12,602 -6.9% Operating expenses (1,156) (1,109) (1,024) (1,063) (1,059) (1,002) (1,002) (1,046) +4.5% (4,352) (4,109) -5.6% Net operating income 2,351 2,368 2,258 2,207 2,165 2,083 2,095 2,150 +2.7% 9,184 8,493 -7.5% Net loan-loss provisions (1,163) (1,158) (1,088) (1,077) (1,166) (1,124) (1,035) (1,084) +4.8% (4,487) (4,409) -1.7% Other gains (losses) and provisions (211) (251) (201) (204) (194) (213) (208) (244) +17.1% (867) (859) -0.9% Profit before tax 977 958 969 926 805 747 851 822 -3.4% 3,830 3,224 -15.8% Consolidated profit 618 640 696 712 559 537 654 639 -2.3% 2,665 2,388 -10.4% Underlying attributable profit 561 580 630 652 509 487 593 579 -2.4% 2,422 2,168 -10.5%
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77 Brazil (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 2,242 2,316 2,389 2,379 2,344 2,382 2,333 2,321 -0.5% 9,326 9,380 +0.6% Net fee income 722 789 803 832 774 771 809 840 +3.9% 3,145 3,193 +1.5% Gains (losses) on financial transactions and other 26 (13) (22) 10 28 (9) (13) 22 — 1 28 — Total revenue 2,990 3,092 3,170 3,220 3,146 3,145 3,128 3,183 +1.8% 12,473 12,602 +1.0% Operating expenses (986) (987) (992) (1,046) (1,033) (1,022) (1,012) (1,042) +2.9% (4,010) (4,109) +2.5% Net operating income 2,004 2,105 2,179 2,175 2,112 2,123 2,116 2,141 +1.2% 8,463 8,493 +0.4% Net loan-loss provisions (992) (1,030) (1,051) (1,062) (1,138) (1,145) (1,047) (1,080) +3.1% (4,134) (4,409) +6.6% Other gains (losses) and provisions (180) (223) (195) (201) (189) (216) (210) (243) +15.5% (799) (859) +7.5% Profit before tax 833 853 932 912 785 762 859 819 -4.7% 3,529 3,224 -8.6% Consolidated profit 527 569 665 696 545 548 659 636 -3.5% 2,456 2,388 -2.8% Underlying attributable profit 478 515 602 636 497 497 598 576 -3.7% 2,232 2,168 -2.9%
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78 Brazil (BRL mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 14,135 14,604 15,058 14,998 14,776 15,019 14,708 14,633 -0.5% 58,795 59,136 +0.6% Net fee income 4,549 4,973 5,065 5,243 4,877 4,862 5,098 5,295 +3.9% 19,829 20,132 +1.5% Gains (losses) on financial transactions and other 164 (82) (136) 61 177 (55) (83) 139 — 7 179 — Total revenue 18,847 19,495 19,987 20,303 19,830 19,826 19,722 20,068 +1.8% 78,632 79,446 +1.0% Operating expenses (6,213) (6,222) (6,253) (6,592) (6,513) (6,440) (6,381) (6,569) +2.9% (25,280) (25,903) +2.5% Net operating income 12,634 13,273 13,734 13,710 13,317 13,385 13,341 13,499 +1.2% 53,352 53,543 +0.4% Net loan-loss provisions (6,251) (6,494) (6,626) (6,694) (7,174) (7,220) (6,598) (6,806) +3.1% (26,065) (27,798) +6.6% Other gains (losses) and provisions (1,134) (1,404) (1,232) (1,267) (1,194) (1,364) (1,327) (1,532) +15.5% (5,037) (5,417) +7.5% Profit before tax 5,249 5,375 5,876 5,750 4,950 4,802 5,416 5,160 -4.7% 22,250 20,328 -8.6% Consolidated profit 3,321 3,585 4,193 4,385 3,436 3,452 4,157 4,012 -3.5% 15,484 15,056 -2.8% Underlying attributable profit 3,016 3,248 3,797 4,011 3,132 3,130 3,771 3,633 -3.7% 14,072 13,667 -2.9%
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79 Chile (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 352 472 482 516 512 490 436 479 +9.9% 1,822 1,917 +5.2% Net fee income 129 137 146 140 151 145 135 151 +12.1% 551 582 +5.8% Gains (losses) on financial transactions and other 47 51 64 59 58 53 60 44 -26.8% 220 215 -2.3% Total revenue 527 659 691 714 722 688 630 674 +6.9% 2,592 2,714 +4.7% Operating expenses (224) (241) (236) (232) (249) (235) (212) (216) +1.7% (933) (912) -2.3% Net operating income 303 418 455 482 473 453 418 458 +9.5% 1,659 1,802 +8.7% Net loan-loss provisions (125) (126) (127) (118) (156) (138) (122) (115) -6.1% (497) (531) +6.9% Other gains (losses) and provisions (18) (2) (11) (21) (3) (7) (11) (18) +57.5% (51) (39) -23.8% Profit before tax 160 290 317 343 315 308 285 325 +14.3% 1,111 1,232 +11.0% Consolidated profit 126 232 257 285 268 263 234 278 +18.5% 899 1,043 +16.0% Underlying attributable profit 90 162 180 196 185 184 165 196 +18.8% 629 729 +16.0%
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80 Chile (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 337 443 458 494 484 490 458 485 +6.0% 1,732 1,917 +10.7% Net fee income 123 128 139 134 143 145 141 153 +8.3% 524 582 +11.2% Gains (losses) on financial transactions and other 45 47 61 56 55 53 62 45 -28.4% 209 215 +2.7% Total revenue 505 619 658 684 682 688 662 683 +3.2% 2,465 2,714 +10.1% Operating expenses (215) (226) (225) (222) (235) (235) (223) (219) -1.8% (888) (912) +2.7% Net operating income 290 393 433 461 447 453 439 464 +5.7% 1,577 1,802 +14.3% Net loan-loss provisions (120) (118) (121) (113) (147) (138) (129) (117) -9.5% (472) (531) +12.4% Other gains (losses) and provisions (17) (1) (10) (20) (2) (7) (12) (18) +55.8% (49) (39) -19.8% Profit before tax 153 273 302 328 297 308 298 329 +10.4% 1,056 1,232 +16.7% Consolidated profit 120 218 244 272 254 263 246 281 +14.2% 855 1,043 +22.0% Underlying attributable profit 87 153 171 187 174 184 173 198 +14.6% 598 729 +22.0%
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81 Chile (CLP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 361,759 475,476 491,886 529,884 519,215 525,944 491,506 520,756 +6.0% 1,859,004 2,057,420 +10.7% Net fee income 132,221 137,526 148,628 143,434 153,370 155,955 151,512 164,045 +8.3% 561,810 624,883 +11.2% Gains (losses) on financial transactions and other 47,914 50,822 65,168 60,347 59,022 56,540 66,907 47,907 -28.4% 224,252 230,375 +2.7% Total revenue 541,894 663,825 705,682 733,665 731,607 738,439 709,925 732,707 +3.2% 2,645,066 2,912,678 +10.1% Operating expenses (230,419) (242,392) (241,154) (238,447) (252,205) (252,292) (239,115) (234,867) -1.8% (952,411) (978,479) +2.7% Net operating income 311,474 421,433 464,529 495,219 479,401 486,147 470,810 497,840 +5.7% 1,692,655 1,934,199 +14.3% Net loan-loss provisions (128,553) (126,876) (129,978) (121,321) (157,775) (148,308) (138,291) (125,186) -9.5% (506,728) (569,561) +12.4% Other gains (losses) and provisions (18,723) (1,490) (10,793) (21,524) (2,621) (7,569) (12,476) (19,440) +55.8% (52,530) (42,106) -19.8% Profit before tax 164,199 293,067 323,757 352,373 319,006 330,270 320,042 353,214 +10.4% 1,133,396 1,322,532 +16.7% Consolidated profit 129,060 234,352 262,298 292,044 272,075 281,751 264,140 301,589 +14.2% 917,754 1,119,555 +22.0% Underlying attributable profit 92,983 163,683 183,935 201,084 187,149 197,461 185,550 212,636 +14.6% 641,685 782,797 +22.0%
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82 Argentina (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,025 397 390 1,107 416 523 318 471 +48.0% 2,919 1,727 -40.8% Net fee income 131 73 111 287 172 217 192 207 +8.2% 602 788 +30.9% Gains (losses) on financial transactions and other (601) (6) (81) (347) (84) (99) (0) (97) — (1,034) (281) -72.8% Total revenue 555 465 421 1,047 504 641 509 581 +14.1% 2,487 2,235 -10.2% Operating expenses (286) (129) (192) (416) (223) (275) (209) (257) +23.1% (1,022) (964) -5.7% Net operating income 270 336 228 631 281 366 300 324 +7.8% 1,465 1,271 -13.3% Net loan-loss provisions (35) (31) (63) (156) (76) (133) (172) (193) +11.7% (284) (574) +101.8% Other gains (losses) and provisions (131) (77) (22) (123) (8) (37) (13) 12 — (353) (46) -86.9% Profit before tax 104 228 143 352 197 195 115 143 +24.5% 827 650 -21.4% Consolidated profit 102 165 116 284 129 134 86 85 -1.2% 666 434 -34.9% Underlying attributable profit 101 164 116 283 129 134 86 85 -1.3% 665 433 -34.9%
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83 Argentina (Argentine peso mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 949,444 1,183,149 799,603 665,292 593,186 722,372 707,821 924,321 +30.6% 3,597,488 2,947,700 -18.1% Net fee income 121,575 184,297 204,428 232,193 246,000 299,934 389,627 409,676 +5.1% 742,493 1,345,238 +81.2% Gains (losses) on financial transactions and other (556,696) (352,838) (202,443) (162,607) (120,328) (137,021) (38,926) (183,208) +370.7% (1,274,584) (479,483) -62.4% Total revenue 514,323 1,014,608 801,588 734,878 718,858 885,285 1,058,522 1,150,789 +8.7% 3,065,397 3,813,454 +24.4% Operating expenses (264,501) (356,735) (360,405) (278,460) (318,131) (379,737) (440,339) (507,265) +15.2% (1,260,101) (1,645,472) +30.6% Net operating income 249,823 657,872 441,183 456,418 400,727 505,548 618,183 643,524 +4.1% 1,805,296 2,167,982 +20.1% Net loan-loss provisions (32,243) (66,079) (109,905) (142,215) (107,970) (184,880) (321,073) (365,308) +13.8% (350,441) (979,232) +179.4% Other gains (losses) and provisions (121,080) (190,573) (60,700) (63,207) (11,302) (52,111) (30,324) 14,757 — (435,561) (78,979) -81.9% Profit before tax 96,499 401,221 270,578 250,996 281,455 268,557 266,786 292,973 +9.8% 1,019,294 1,109,771 +8.9% Consolidated profit 94,174 305,308 219,057 202,550 183,690 184,270 193,523 178,985 -7.5% 821,089 740,469 -9.8% Underlying attributable profit 93,937 304,665 218,682 202,229 183,358 183,927 193,251 178,619 -7.6% 819,512 739,154 -9.8%
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84 Rest of the Group (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 183 196 228 225 250 272 258 300 +16.4% 832 1,080 +29.8% Net fee income 162 180 181 199 205 224 230 250 +8.8% 723 908 +25.6% Gains (losses) on financial transactions and other 78 109 92 55 70 71 118 62 -47.3% 334 322 -3.6% Total revenue 424 485 501 479 525 566 606 612 +1.1% 1,888 2,309 +22.3% Operating expenses (395) (385) (393) (375) (409) (405) (414) (427) +3.1% (1,547) (1,656) +7.0% Net operating income 29 100 107 104 116 161 192 185 -3.4% 341 654 +91.6% Net loan-loss provisions (54) (55) (50) (71) (70) (41) (65) (83) +26.9% (230) (260) +13.0% Other gains (losses) and provisions (29) (256) (66) (8) 3 (39) (32) 3 — (359) (65) -81.9% Profit before tax (54) (210) (9) 25 49 80 94 106 +12.5% (248) 329 — Consolidated profit (56) (229) (37) 38 23 64 78 135 +72.2% (284) 300 — Underlying attributable profit (56) (227) (37) 40 23 68 75 134 +77.8% (280) 300 —
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85 Rest of the Group (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 170 181 223 219 241 277 263 299 +13.8% 794 1,080 +36.1% Net fee income 157 174 179 195 199 226 232 251 +7.9% 705 908 +28.8% Gains (losses) on financial transactions and other 76 104 90 55 66 72 121 62 -48.7% 325 322 -1.0% Total revenue 403 459 493 469 507 575 616 612 -0.7% 1,823 2,309 +26.6% Operating expenses (385) (373) (389) (368) (400) (409) (420) (428) +1.9% (1,515) (1,656) +9.3% Net operating income 18 86 104 101 107 166 196 184 -6.4% 308 654 +112.3% Net loan-loss provisions (50) (51) (49) (70) (68) (43) (65) (82) +25.9% (221) (260) +17.7% Other gains (losses) and provisions (28) (255) (66) (8) 2 (39) (32) 4 — (357) (65) -81.8% Profit before tax (61) (220) (10) 22 41 84 99 105 +5.7% (270) 329 — Consolidated profit (62) (237) (38) 36 18 65 82 134 +63.3% (301) 300 — Underlying attributable profit (62) (235) (38) 38 18 70 79 134 +68.5% (297) 300 —
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86 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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87 Glossary - Acronyms • ALCO: Assets and Liabilities Committee • AT1: Additional Tier 1 • bn: Billion • bps: Basis points • CBR: Combined buffer requirement • CET1: Common equity tier 1 • CIB: Corporate & Investment Banking • HQLA: High quality liquid assets • FY: Full year • HTC: Held to collect • HTC&S: Held to collect and sell • IFRS 9: International Financial Reporting Standard 9, regarding Financial instruments • IFRS 5: International Financial Reporting Standard 5, regarding Non-current assets held for sale and discontinued operations • LCR: Liquidity coverage ratio • 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 • P&L: Profit and loss • Pp: Percentage points • RWA: Risk-weighted assets • ST: Short term • T1/T2: Tier 1 / Tier 2 • TLAC: Total loss-absorbing capacity • YTD: Year to date
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88 Glossary - Definitions EFFICIENCY • Efficiency: Underlying operating expenses / Underlying total income. Operating expenses are 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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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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2025 Retail & Commercial Banking 3 February 2026
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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) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and- economic-information#quarterly-results). 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 presentation), 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, the uncertainties following the ceasefire agreement in the Middle East or the outbreak of public health emergencies in the global economy) in areas where we have significant operations or investments; • exposure to operational risks, including cyberattacks, data breaches, data losses and other security incidents; • 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; • changes in monetary, fiscal and immigration policies and trade tensions, including the imposition of tariffs and retaliatory responses; • legislative, regulatory or tax changes (including regulatory capital and liquidity requirements) and greater regulation prompted by financial crises; • acquisitions, integrations, divestitures and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters; • climate-related conditions, regulations, targets and weather events;
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3 Important information • 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 potential conflicts and inconsistencies among governmental standards and regulations. Important factors affecting sustainability information may materially differ from those applicable to financial information. 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 inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. 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; • 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. Sale of 49% stake in Santander Bank Polska to Erste Group All figures, including P&L, loans and advances to customers, customer funds and other metrics are presented on an underlying basis and include Santander Bank Polska, in line with previously published quarterly information, i.e. maintaining the same perimeter that existed at the time of the announcement of the sale of 49% stake in Santander Bank Polska to Erste Group (https://www.santander.com/content/dam/santander- com/en/documentos/informacion-privilegiada/2025/05/hr-2025-05-05-santander-announces-the-sale-of-49-per-cent-of-santander-polska-to-erste-group-bank-and-agrees-strategic-cooperation-across-cib-and- payments-en.pdf). For further information, see the 'Alternative performance measures' section of Banco Santander, S.A. (Santander) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results).
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4 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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5 KEY DATA 2025 YoY Var. Customer loans €601bn +1.0% Customer deposits €662bn +4.0% Customer funds €778bn +5.6% Attributable profit €7,666mn +8.6% Efficiency ratio 39.4% -0.1pp RoTE (post-AT1)1 17.7% -0.4pp RWAs €295bn +2.1% Cost of risk 0.88% -0.0pp Total customers 153mn +4.1% Active customers 81mn +2.5% A global business integrating our retail and commercial banking businesses, leveraging the scale of the Group and our local presence Notes: all references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from a hyperinflationary economy. For further information, see the ‘Alternative Performance Measures’ section of the Quarterly Financial Report. C/I, CoR, RWAs and RoTE and their YoY changes are calculated in current euros. (1) RoTE post AT1 costs and adjusted based on the Group’s deployed capital. One global business with local presence in 12 countries Poland Spain US Mexico Brazil Argentina Peru Colombia Portugal UK Uruguay Chile
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6 EfficiencyRoTE post-AT1 KEY DRIVERS 2025 2025 target 17.7% c.17% 39.4% <42% 5.2 3.9 Dec-24 Dec-25 # of products1 (k) # of non-commercial FTEs1 per mn total customers Active customers (mn) 79.1 81.0 Dec-24 Dec-25 562 466 Dec-24 Dec-25 Note: RoTE target has been adjusted for AT1 costs. (1) Metrics cover all products and employees in the branch network in our 10 main countries. 2025 targets and key drivers +2% -24% -17%
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7 Loans rose 1% YoY supported by mortgages, mainly in Europe, Brazil and Mexico 595 595 598 598 601 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 LOANS (Constant € bn)1 More information regarding Retail & Commercial Banking by main country in the Appendix. (1) Excluding reverse repos. End period exchange rates as at Dec-25. Dec-25 Dec-24 YoY (%) QoQ (%) Total customer loans 601 595 1.0 0.4 o/w Individuals 384 378 1.8 0.8 o/w Mortgages 322 315 2.2 0.9 o/w SMEs 30 34 -9.6 -5.3 o/w Corporates & Institutions 189 187 1.0 0.5 Note: Including larger SMEs, recorded in Corporates & Institutions due to their turnover and specialized attention model, total loans with SMEs is €79bn
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8 Customer funds rose 6% YoY driven by good performances in most countries, on the back of higher transactionality. Mutual funds up double digits 736 732 747 760 778 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 CUSTOMER FUNDS (Constant € bn)1 (1) Excluding repos. End period exchange rates as at Dec-25. More information regarding Retail & Commercial Banking by main country in the Appendix. Dec-25 Dec-24 YoY (%) QoQ (%) Demand 501 493 1.7 2.6 Time 162 144 12.0 1.3 Total deposits 662 637 4.0 2.3 Mutual Funds 115 99 16.2 2.9 Total customer funds 778 736 5.6 2.4
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9 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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10 NII flat YoY excluding Argentina, supported by volumes and lower cost of deposits in Mexico, lower cost of deposits in Chile and good margin management in the UK NET INTEREST INCOME (Constant € mn)1 7,055 6,612 6,657 6,489 6,651 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 NII / Average total earning assets 3.26% 3.12% 3.05% 2.92% 3.02% YIELDS AND COSTS (%) 2.13% 2.04% 2.04% 2.08% 2.04% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 6.50% 6.39% 6.26% 6.07% 6.10% Yield on loans Cost of deposits Differential 4.4pp 4.3pp 4.2pp 4.0pp 4.1pp (1) Average exchange rates as of 2025. More information regarding Retail & Commercial Banking by main country in the Appendix.
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11 2025 2024 YoY (%) QoQ (%) Net interest income 26,409 27,012 -2.2 2.5 Net fee income 4,784 4,509 6.1 9.6 Other income 23 (260) - - Total income 31,216 31,261 -0.1 2.5 Of which 2025 2024 YoY (%) QoQ (%) Spain 7,007 7,071 -0.9 -1.8 UK 4,681 4,562 2.6 5.3 Mexico 3,719 3,432 8.4 5.0 Brazil 7,146 7,574 -5.7 1.4 2 Total income flat YoY , with positive performances across most countries 8,070 7,770 7,865 7,693 7,888 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 TOTAL INCOME (Constant € mn)1 (1) Average exchange rates as of 2025. (2) Other includes Gains (losses) on financial transactions and Other operating income. More information regarding Retail & Commercial Banking by main country in the Appendix.
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12 Net fee income increased 6% YoY driven by insurance, mutual funds and FX 1,157 1,192 1,198 1,142 1,252 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 NET FEE INCOME (Constant € mn)1 2025 2024 YoY (%) QoQ (%) Total Retail net fee income 4,784 4,509 6.1 9.6 Cards 1,949 1,711 13.9 -0.2 Total including Cards 6,733 6,220 8.2 6.6 o/w Transactional 3,735 3,367 10.9 7.0 o/w Insurance 1,484 1,374 8.0 4.4 (1) Average exchange rates as of 2025.
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13 Costs improved 4% in real terms, reflecting our transformation efforts through organizational simplification, process automation and the roll-out of our global platform OPERATING EXPENSES (Constant € mn)1 3,279 3,056 3,094 3,001 3,162 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) Total income 31,216 31,261 -0.1 2.5 Operating expenses (12,314) (12,314) 0.0 5.4 Net operating income 18,902 18,947 -0.2 0.7 Efficiency ratio 39.4% 39.5% -8 bps (1) Average exchange rates as of 2025.
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14 LLPs continued to perform well, decreasing 2% YoY with notable performances in Poland, Spain and Brazil. CoR improved 5bps YoY NET LLPs (Constant € mn)1 1,377 1,403 1,416 1,290 1,307 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) Net operating income 18,902 18,947 -0.2 0.7 Loan-loss provisions (5,416) (5,538) -2.2 1.3 Net op. income after LLPs 13,487 13,409 0.6 0.5 Cost of risk2 0.88% 0.92% -5bps -1bp NPL ratio 2.97% 3.18% -21bps -3bps Coverage ratio 61% 58% 2.2pp -0.9pp (1) Average exchange rates as of 2025. (2) Cost of risk based on allowances for loan-loss provisions over the last 12 months / average loans and advances to customers over the last 12 months.
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15 Strong profit growth YoY , supported by positive fees due to good commercial dynamics, with a solid cost performance and prudent credit risk management ATTRIBUTABLE PROFIT (Constant € mn)1 1,839 1,879 1,793 1,996 1,998 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) PBT 11,167 10,598 5.4 -3.1 Tax on profit (2,812) (3,024) -7.0 -12.0 Consolidated profit 8,354 7,573 10.3 -0.2 Minority interests (689) (515) 33.8 -3.2 Attributable profit 7,666 7,058 8.6 0.1 Effective tax rate 25.2% 28.4% -3.3pp (1) Average exchange rates as of 2025.
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16 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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17 Final remarks About us Strategy and Business Results • NII flat YoY excluding Argentina, supported by volumes and lower cost of deposits in Mexico, lower cost of deposits in Chile and good margin management in the UK • Net fee income increased 6% YoY driven by insurance, mutual funds and FX • Costs improved 4% in real terms, reflecting our transformation efforts through organizational simplification, process automation and the roll-out of our global platform • LLPs continued to perform well, decreasing 2% YoY with notable performances in Poland, Spain and Brazil. CoR improved 5bps YoY • Strong profit growth YoY, supported by positive fees due to good commercial dynamics, with a solid cost performance and prudent credit risk management • A global business integrating our retail and commercial banking businesses, leveraging the scale of the Group and our local presence • We continued to drive our ONE Transformation programme to support our vision of becoming a digital bank with branches, through the implementation of a common operating model and the rollout of our global technological platform • Loans rose 1% YoY supported by mortgages, mainly in Europe, Brazil and Mexico • Customer funds rose 6% YoY driven by good performances in most countries, on the back of higher transactionality. Mutual funds up double digits
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18 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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19 Underlying income statement Constant € million1 2025 2024 Amount % Net interest income 26,409 27,012 (603) (2.2) Net fee income 4,784 4,509 275 6.1 Gains (losses) on financial transactions 617 726 (109) (15.0) Other operating income (594) (987) 393 (39.8) Total income 31,216 31,261 (45) (0.1) Operating expenses (12,314) (12,314) 1 (0.0) Net operating income 18,902 18,947 (44) (0.2) Net loan-loss provisions (5,416) (5,538) 122 (2.2) Other gains (losses) and provisions (2,320) (2,812) 492 (17.5) Profit before tax 11,167 10,598 569 5.4 Tax on profit (2,812) (3,024) 212 (7.0) Profit from continuing operations 8,354 7,573 781 10.3 Net profit from discontinued operations — — — — Consolidated profit 8,354 7,573 781 10.3 Non-controlling interests (689) (515) (174) 33.8 Profit attributable to the parent 7,666 7,058 607 8.6 Variation (1) Average exchange rates as of 2025.
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20 Quarterly underlying income statement Constant € million1 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net interest income 6,751 6,522 6,684 7,055 6,612 6,657 6,489 6,651 Net fee income 1,118 1,105 1,130 1,157 1,192 1,198 1,142 1,252 Gains (losses) on financial transactions 138 252 137 200 172 129 172 144 Other operating income (415) (83) (148) (341) (207) (119) (109) (159) Total income 7,593 7,795 7,804 8,070 7,770 7,865 7,693 7,888 Operating expenses (3,086) (2,928) (3,021) (3,279) (3,056) (3,094) (3,001) (3,162) Net operating income 4,507 4,867 4,782 4,790 4,713 4,771 4,692 4,727 Net loan-loss provisions (1,379) (1,444) (1,337) (1,377) (1,403) (1,416) (1,290) (1,307) Other gains (losses) and provisions (810) (701) (472) (829) (519) (698) (497) (605) Profit before tax 2,318 2,722 2,973 2,584 2,791 2,656 2,905 2,815 Tax on profit (749) (844) (817) (614) (752) (707) (720) (633) Profit from continuing operations 1,569 1,878 2,156 1,970 2,038 1,949 2,185 2,182 Net profit from discontinued operations — — — — — — — — Consolidated profit 1,569 1,878 2,156 1,970 2,038 1,949 2,185 2,182 Non-controlling interests (94) (117) (173) (131) (160) (156) (190) (183) Profit attributable to the parent 1,475 1,760 1,984 1,839 1,879 1,793 1,996 1,998 (1) Average exchange rates as of 2025.
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21 Retail & Commercial Banking - Spain EUR bn1 Dec-25 Dec-24 YoY (%) QoQ (%) Total customer loans 155 155 0.1 -0.3 o/w Individuals 67 66 2.1 0.6 o/w Mortgages 53 53 0.0 -0.2 o/w SMEs 15 18 -14.0 -3.9 o/w Corps & institutions 73 72 1.1 -0.4 Total customer funds 281 266 5.7 1.7 o/w Total deposits 231 222 3.9 1.2 EUR mn 2025 2024 YoY (%) QoQ (%) Net interest income 5,796 5,869 -1.2 -0.3 Net fee income 1,076 1,074 0.2 -0.6 Gains (losses) on financial transactions and other 134 127 5.4 -67.9 Total income 7,007 7,071 -0.9 -1.8 Operating expenses (2,268) (2,288) -0.9 2.6 Net loan-loss provisions (996) (1,092) -8.8 0.3 Other gains (losses) and provisions (492) (893) -44.9 -32.1 Profit before tax 3,250 2,797 16.2 0.3 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net interest margin 2.55% 2.75% 2.66% 2.48% 2.57% 2.38% 2.33% 2.40% Cost of deposits 0.65% 0.69% 0.73% 0.75% 0.57% 0.45% 0.42% 0.43% Yield on loans 4.10% 4.09% 4.06% 3.89% 3.78% 3.59% 3.39% 3.36% Note: underlying P&L. (1) Loans refer to gross loans and advances to customers (excl. reverse repos) and customer funds refer to deposits (excl. repos) and mutual funds. Note: Including larger SMEs, recorded in Corporates & Institutions due to their turnover and specialized attention model, total loans with SMEs is €50bn
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22 Note: underlying P&L. Retail & Commercial Banking - UK Constant EUR mn2 2025 2024 YoY (%) QoQ (%) Net interest income 4,728 4,616 2.4 3.1 Net fee income 50 (32) - 275.8 Gains (losses) on financial transactions and other (97) (22) 347.0 0.5 Total income 4,681 4,562 2.6 5.3 Operating expenses (2,463) (2,570) -4.2 2.6 Net loan-loss provisions (122) (14) 800.1 - Other gains (losses) and provisions (494) (398) 23.9 58.3 Profit before tax 1,603 1,581 1.4 -9.5 Constant EUR bn1 Dec-25 Dec-24 YoY (%) QoQ (%) Total customer loans 221 218 1.5 0.7 o/w Individuals 199 196 1.3 0.9 o/w Mortgages 190 188 1.4 0.9 o/w SMEs 1 1 -41.4 -14.2 o/w Corps & Institutions 22 21 5.9 0.3 Total customer funds 215 207 4.1 1.8 o/w Total deposits 209 201 4.1 1.8 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net interest margin 1.41% 1.46% 1.53% 1.58% 1.59% 1.53% 1.52% 1.56% Cost of deposits 2.16% 2.15% 2.07% 2.00% 1.93% 1.92% 1.93% 1.92% Yield on loans 3.79% 3.93% 4.07% 4.13% 4.14% 4.12% 4.12% 4.12% (1) Loans refer to gross loans and advances to customers (excl. reverse repos) and customer funds refer to deposits (excl. repos) and mutual funds. End period exchange rates as at Dec-25. (2) Average exchange rates as of 2025. Note: Including larger SMEs, recorded in Corporates & Institutions due to their turnover and specialized attention model, total loans with SMEs is €1bn
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23 Retail & Commercial Banking - Mexico Constant EUR mn2 2025 2024 YoY (%) QoQ (%) Net interest income 3,041 2,854 6.5 1.2 Net fee income 723 637 13.5 7.7 Gains (losses) on financial transactions and other (45) (59) -24.5 - Total income 3,719 3,432 8.4 5.0 Operating expenses (1,669) (1,600) 4.3 15.9 Net loan-loss provisions (626) (596) 5.1 -8.0 Other gains (losses) and provisions (70) (36) 94.8 38.3 Profit before tax 1,354 1,200 12.8 -2.5 Constant EUR bn1 Dec-25 Dec-24 YoY (%) QoQ (%) Total customer loans 33 32 3.1 0.6 o/w Individuals 16 16 6.0 0.7 o/w Mortgages 11 10 8.4 2.8 o/w SMEs 2 2 3.6 0.2 o/w Corps & Institutions 15 15 -1.4 -0.6 Total customer funds 54 49 10.3 4.2 o/w Total deposits 39 36 8.1 6.2 Note: underlying P&L. Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net interest margin 5.78% 5.80% 5.98% 6.23% 6.14% 6.22% 6.30% 6.19% Cost of deposits 5.21% 5.17% 4.88% 4.44% 4.07% 3.73% 3.49% 3.09% Yield on loans 13.82% 13.73% 13.78% 13.67% 13.33% 12.38% 12.21% 11.96% (1) Loans refer to gross loans and advances to customers (excl. reverse repos) and customer funds refer to deposits (excl. repos) and mutual funds. End period exchange rates as at Dec-25. (2) Average exchange rates as of 2025. Note: Including larger SMEs, recorded in Corporates & Institutions due to their turnover and specialized attention model, total loans with SMEs is €3bn
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24 Retail & Commercial Banking - Brazil Constant EUR mn2 2025 2024 YoY (%) QoQ (%) Net interest income 5,957 6,261 -4.9 -0.4 Net fee income 1,364 1,411 -3.3 12.1 Gains (losses) on financial transactions and other (174) (97) 79.6 17.3 Total income 7,146 7,574 -5.7 1.4 Operating expenses (2,938) (2,904) 1.1 3.5 Net loan-loss provisions (2,653) (2,740) -3.2 1.0 Other gains (losses) and provisions (742) (684) 8.5 36.2 Profit before tax 813 1,246 -34.7 -27.1 Constant EUR bn1 Dec-25 Dec-24 YoY (%) QoQ (%) Total customer loans 55 56 -3.2 0.9 o/w Individuals 31 33 -5.4 0.0 o/w Mortgages 11 10 9.8 2.5 o/w SMEs 2 2 5.6 0.0 o/w Corps & Institutions 22 22 0.1 3.0 Total customer funds 81 73 11.1 3.2 o/w Total deposits 58 54 8.6 3.7 Note: underlying P&L. Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net interest margin 7.87% 7.91% 8.06% 7.67% 8.35% 8.62% 7.16% 7.02% Cost of deposits 7.22% 7.12% 7.26% 7.33% 8.24% 9.00% 9.75% 9.62% Yield on loans 16.24% 16.46% 16.57% 16.70% 16.54% 17.23% 17.26% 17.25% (1) Loans refer to gross loans and advances to customers (excl. reverse repos) and customer funds refer to deposits (excl. repos) and mutual funds. End period exchange rates as at Dec-25. (2) Average exchange rates as of 2025. Note: Including larger SMEs, recorded in Corporates & Institutions due to their turnover and specialized attention model, total loans with SMEs is €11bn
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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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2025 Digital Consumer Bank 3 February 2026
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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) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and- economic-information#quarterly-results). 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 presentation), 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, the uncertainties following the ceasefire agreement in the Middle East or the outbreak of public health emergencies in the global economy) in areas where we have significant operations or investments; • exposure to operational risks, including cyberattacks, data breaches, data losses and other security incidents; • 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; • changes in monetary, fiscal and immigration policies and trade tensions, including the imposition of tariffs and retaliatory responses; • legislative, regulatory or tax changes (including regulatory capital and liquidity requirements) and greater regulation prompted by financial crises; • acquisitions, integrations, divestitures and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters; • climate-related conditions, regulations, targets and weather events;
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3 Important information • 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 potential conflicts and inconsistencies among governmental standards and regulations. Important factors affecting sustainability information may materially differ from those applicable to financial information. 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 inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. 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; • 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. Sale of 49% stake in Santander Bank Polska to Erste Group All figures, including P&L, loans and advances to customers, customer funds and other metrics are presented on an underlying basis and include Santander Bank Polska, in line with previously published quarterly information, i.e. maintaining the same perimeter that existed at the time of the announcement of the sale of 49% stake in Santander Bank Polska to Erste Group (https://www.santander.com/content/dam/santander- com/en/documentos/informacion-privilegiada/2025/05/hr-2025-05-05-santander-announces-the-sale-of-49-per-cent-of-santander-polska-to-erste-group-bank-and-agrees-strategic-cooperation-across-cib-and- payments-en.pdf). For further information, see the 'Alternative performance measures' section of Banco Santander, S.A. (Santander) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results).
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4 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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5 KEY DATA 2025 YoY Var. Total customers 26.7mn +7% Customer loans €212bn +1.9% New business volumes €82bn -7.6% Leasing €13bn -14.6% Customer funds €139bn +6.0% Attributable profit €1,741mn +8.2% Efficiency ratio 40.6% +0.5pp RoTE post-AT11 8.6% -0.3pp RWAs €156bn +3.0% A single model across our markets as a full-service digital consumer bank A unique combination of global scale and local leadership We are leaders in consumer finance in Europe, LatAm and auto non-prime in the US Notes: all references to variations in constant euros across the presentation include Argentina in current euros to mitigate distorti ons from a hyperinflationary economy. For further information, see the ‘Alternative Performance Measures’ section of the Quarterly Financial Report. C/I, CoR, RWAs and RoTE and their YoY changes are calculated in current euros. (1) RoTE post AT1 costs and adjusted based on the Group’s deployed capital.
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6 EfficiencyRoTE post-AT1 2025 targets and key drivers ANEAs = Average net earning assets, including renting. KEY DRIVERS Note: RoTE target has been adjusted for AT1 costs. 8.6% 40.6% c.12% c.40% 2025 2025 target 25.2 25.0 26.7 Dec-22 Dec-24 Dec-25 Total customers (mn) +7% Retail deposit cost-to-serve (%) 1.18 0.95 0.86 2022 2024 2025 -0.1pp Operating expenses / ANEAs (%) 2.69 2.39 2.44 2022 2024 2025 +0.1pp
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7 Progress on the execution of our strategy • Announced the merger of SCF and Openbank in Europe into a single legal entity under the Openbank brand, simplifying our structure and supporting an enhanced customer experience • Tight cost management as we transform our operating model, simplifying and centralizing processes by leveraging new technologies • Management of deposit remuneration to lower funding costs and reduce NII volatility across the cycle • Focus on delivering the best solution to both B2B and B2C customers to continue to drive cost-to-serve efficiencies • Further enhanced our global leasing platform across Spain, Italy and Germany • Openbank: - Maintained solid trends in the US, reaching over 200,000 new customers and more than $7bn in deposits since its launch in Q4’24 - Delivered outstanding results in Mexico, welcoming >700,000 new customers since its launch in Q1’25 - Continued to expand our product offering in Europe with the launch of our AI-powered trading service in Germany and Spain • Continued to reinforce our existing partnerships and engaged with new OEMs across Europe, the US and LatAm • Multi-year partnership with Verizon to offer high-yield savings accounts has been delivering strong results since April • Expanded our reach in embedded finance through Zinia (soon to be rebranded as Openbank Pay), offering instalment payments for Amazon customers in Spain, adding to our collaborations with Amazon in Austria and Germany and Vodafone and Apple in Germany, among others Moving all units to Group best practices From country-specific to global platforms Global solutions & global relationship management Customer experience Operational leverage Global platform
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8 Loans +2% YoY , driven by auto, which saw growth in Europe, in a market that picked up following a weak start to the year , and double-digit growth across most of Latin America 224 223 226 225 225 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Leasing Dec-25 Dec-24 YoY (%) QoQ (%) Auto 174 168 3.9 1.2 Non-auto 37 40 -6.7 -2.3 o/w mortgages 9 10 -8.5 -2.3 Total customer loans 212 208 1.9 0.5 o/w DCB Europe 142 139 2.3 1.0 o/w DCB US 47 50 -4.7 -2.4 o/w Brazil 13 12 9.9 4.3 Leasing 13 16 -14.6 -6.0 Total customer loans + leasing 225 224 0.7 0.1 o/w DCB Europe 149 145 2.5 1.0 o/w DCB US 55 60 -8.5 -3.8 (1) Excluding reverse repos. End period exchange rates as at Dec-25. More information regarding Digital Consumer Bank (DCBE and DCB US) in the Appendix. LOANS + LEASING (Constant € bn)1
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9 Deposits rose 5% YoY , up across our footprint, supported by Openbank, in line with our strategy to lower funding costs and reduce NII volatility across the cycle Dec-25 Dec-24 YoY (%) QoQ (%) Demand 93 85 9.2 2.0 Time 37 39 -3.2 3.1 Total customer deposits 130 123 5.3 2.3 Mutual Funds 9 8 17.1 1.6 Total customer funds 139 131 6.0 2.2 (1) Excluding repos. End period exchange rates as at Dec-25. More information regarding Digital Consumer Bank (DCBE and DCB US) in the Appendix. CUSTOMER FUNDS (Constant € bn)1 131 137 138 136 139 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25
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10 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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11 2.23% 2.14% 2.01% 1.87% 1.85% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2,725 2,661 2,759 2,812 2,804 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 NII / Average total earning assets 4.43% 4.26% 4.46% 4.50% 4.48% NII +5% YoY , growing across most of our footprint, driven by our active margin management and higher volumes, as well as the CrediScotia integration in Peru (1) Average exchange rates as of 2025. More information regarding Digital Consumer Bank (DCBE and DCB US) in the Appendix. Yield on loans Cost of deposits 8.56% 8.58% 8.52% 8.48% 8.39% NET INTEREST INCOME (Constant € mn)1 YIELDS AND COSTS (%)
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12 Fees flat YoY , as strong growth in the US and LatAm offset the impact of new insurance regulation in Germany and weaker car registrations in the EU, especially in H1’25 387 332 342 384 421 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) Insurance 972 1,002 -3.0 12.7 Other 507 471 7.7 3.6 Total net fee income 1,479 1,472 0.4 9.6 Of which 2025 2024 YoY (%) QoQ (%) DCB Europe 804 902 -10.8 17.8 DCB US 339 290 16.6 -9.7 (1) Average exchange rates as of 2025. More information regarding Digital Consumer Bank (DCBE and DCB US) in the Appendix. NET FEE INCOME (Constant € mn)1
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13 Total income rose 4% YoY , underpinned by NII growth across most of our footprint and resilient fees 3,245 3,127 3,204 3,297 3,387 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) Net interest income 11,036 10,474 5.4 -0.3 Net fee income 1,479 1,472 0.4 9.6 Gains on financial transactions (11) (5) 126.4 - Other operating income 511 616 -17.0 8.6 Total income 13,015 12,557 3.6 2.7 Of which 2025 2024 YoY (%) QoQ (%) DCB Europe 5,925 5,673 4.4 6.0 DCB US 5,072 5,077 -0.1 -2.4 More information regarding Digital Consumer Bank (DCBE and DCB US) in the Appendix. TOTAL INCOME (Constant € mn)1 (1) Average exchange rates as of 2025.
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14 Costs up 2% YoY in real terms, backed by savings from our efficiency and transformation efforts, as we continued to invest in platforms, Openbank and the integration of CrediScotia 1,255 1,314 1,313 1,307 1,354 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) Total income 13,015 12,557 3.6 2.7 Operating expenses (5,287) (5,065) 4.4 3.5 Net operating income 7,728 7,492 3.1 2.2 Efficiency ratio 40.6% 40.1% 48 bps (1) Average exchange rates as of 2025. More information regarding Digital Consumer Bank (DCBE and DCB US) in the Appendix. OPERATING EXPENSES (Constant € mn)1
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15 LLPs +1% YoY , as an excellent performance in auto in the US was offset by growth in other countries, mainly DCB Europe, and by the impact of the CrediScotia integration 1,209 1,077 964 1,089 1,328 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 (1) Average exchange rates as of 2025. (2) Cost of risk based on allowances for loan-loss provisions over the last 12 months / average loans and advances to customers over the last 12 months. More information regarding Digital Consumer Bank (DCBE and DCB US) in the Appendix. NET LLPs (Constant € mn)1 2025 2024 YoY (%) QoQ (%) Net operating income 7,728 7,492 3.1 2.2 Loan-loss provisions (4,457) (4,397) 1.4 21.9 Net op. income after LLPs 3,270 3,095 5.7 -21.7 Cost of risk2 2.10% 2.16% -7bps 3bps NPL ratio 5.32% 5.07% 24bps 3bps Coverage ratio 71% 74% -2.4pp -1.4pp
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16 Profit +8% YoY , driven by higher NII and better other results and provisions, mainly due to lower Motor Finance charges2, and despite lower fiscal benefits from EV leasing in the US 146 473 551 530 188 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) PBT 2,566 2,170 18.2 -60.2 Tax on profit (489) (289) 69.4 -80.2 Consolidated profit 2,077 1,882 10.4 -54.6 Minority interests (336) (272) 23.5 -2.5 Attributable profit 1,741 1,610 8.2 -64.6 Effective tax rate 19.1% 13.2% 5.9pp ATTRIBUTABLE PROFIT (Constant € mn)1 2 Note: YoY comparison positively impacted by temporary levy in Spain in 2024. (1) Average exchange rates as of 2025. (2) Net of tax, the provision for potential complaints related to motor finance dealer commissions in the UK was EUR 157 million in Q4 2025, compared EUR 260 million in Q4 2024. 2
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17 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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18 Final remarks About us Strategy and Business Results • NII +5% YoY, growing across most of our footprint, driven by our active margin management and higher volumes, as well as the CrediScotia integration in Peru • Fees flat YoY, as strong growth in the US and LatAm offset the impact of new insurance regulation in Germany and weaker car registrations in the EU, especially in H1’25 • Total income rose 4% YoY, underpinned by NII growth across most of our footprint and resilient fees • Costs up 2% YoY in real terms, backed by savings from our efficiency and transformation efforts, as we continued to invest in platforms, Openbank and the integration of CrediScotia • LLPs +1% YoY, as an excellent performance in auto in the US was offset by growth in other countries, mainly DCB Europe, and by the impact of the CrediScotia integration • Profit +8% YoY, driven by higher NII and better other results and provisions, mainly due to lower Motor Finance charges, and despite lower fiscal benefits from EV leasing in the US • Digital Consumer Bank (Consumer) is a leading consumer finance company globally, with operations spanning auto financing, consumer lending and digital banking services (Openbank). It operates in 26 countries in Europe and the Americas and serves the financing needs at the point of sale of 27 million customers • Our vision is to become the preferred choice of our partners and end customers and offer greater profitability and value creation to our shareholders, while being the most cost-efficient player in the industry • In Q4 2025, we announced the merger of Santander Consumer Finance and Openbank in Europe into a single legal entity under the Openbank brand. This is a significant step towards simplifying our business structure and enhancing our value proposition for partners and customers • We are transforming our operating model from a primarily monoline lending-based model to a full-service digital consumer banking model by focusing on our strategic priorities: i) converge towards global platforms; ii) grow and consolidate partnerships and acquisitions; and iii) promote the network effect • Loans +2% YoY, driven by auto, which saw growth in Europe, in a market that picked up following a weak start to the year, and double-digit growth across most of Latin America • Deposits rose 5% YoY, up across our footprint, supported by Openbank, in line with our strategy to lower funding costs and reduce NII volatility across the cycle
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19 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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20 Underlying income statement Constant € million1 2025 2024 Amount % Net interest income 11,036 10,474 562 5.4 Net fee income 1,479 1,472 6 0.4 Gains (losses) on financial transactions (11) (5) (6) 126.4 Other operating income 511 616 (105) (17.0) Total income 13,015 12,557 457 3.6 Operating expenses (5,287) (5,065) (222) 4.4 Net operating income 7,728 7,492 235 3.1 Net loan-loss provisions (4,457) (4,397) (60) 1.4 Other gains (losses) and provisions (704) (925) 220 (23.8) Profit before tax 2,566 2,170 396 18.2 Tax on profit (489) (289) (200) 69.4 Profit from continuing operations 2,077 1,882 195 10.4 Net profit from discontinued operations — — — — Consolidated profit 2,077 1,882 195 10.4 Non-controlling interests (336) (272) (64) 23.5 Profit attributable to the parent 1,741 1,610 131 8.2 Variation (1) Average exchange rates as of 2025.
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21 Quarterly underlying income statement Constant € million1 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net interest income 2,616 2,563 2,571 2,725 2,661 2,759 2,812 2,804 Net fee income 343 374 369 387 332 342 384 421 Gains (losses) on financial transactions 7 9 3 (24) (5) (18) (19) 31 Other operating income 109 209 142 157 139 120 121 131 Total income 3,074 3,155 3,084 3,245 3,127 3,204 3,297 3,387 Operating expenses (1,277) (1,270) (1,262) (1,255) (1,314) (1,313) (1,307) (1,354) Net operating income 1,797 1,884 1,822 1,989 1,814 1,891 1,989 2,033 Net loan-loss provisions (1,081) (1,010) (1,098) (1,209) (1,077) (964) (1,089) (1,328) Other gains (losses) and provisions (114) (176) (110) (524) (82) (146) (93) (384) Profit before tax 602 698 614 257 655 781 808 322 Tax on profit (80) (52) (114) (42) (116) (161) (176) (35) Profit from continuing operations 521 646 500 214 539 620 632 287 Net profit from discontinued operations — — — — — — — — Consolidated profit 521 646 500 214 539 620 632 287 Non-controlling interests (72) (62) (70) (68) (66) (69) (102) (99) Profit attributable to the parent 449 584 430 146 473 551 530 188 (1) Average exchange rates as of 2025.
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22 DCB Europe Constant EUR bn1 Dec-25 Dec-24 YoY (%) QoQ (%) Total customer loans 142 139 2.3 1.0 o/w Auto 113 108 4.6 1.2 o/w Non-auto 30 32 -5.7 0.2 Total customer funds 88 86 2.0 1.1 o/w Total deposits 82 81 1.3 1.0 Constant EUR mn2 2025 2024 YoY (%) QoQ (%) Net interest income 4,685 4,356 7.5 0.4 Net fee income 804 902 -10.8 17.8 Gains (losses) on financial transactions and other 436 415 5.1 51.1 Total income 5,925 5,673 4.4 6.0 Operating expenses (2,611) (2,602) 0.4 -2.9 Loan-loss provisions (1,363) (1,207) 12.9 41.9 Other gains (losses) and provisions (554) (732) -24.4 470.9 Profit before tax 1,398 1,133 23.4 -61.7 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net interest margin 2.7% 2.7% 2.6% 2.7% 2.7% 2.8% 2.9% 2.9% Cost of deposits 2.2% 2.3% 2.3% 2.3% 2.1% 1.9% 1.7% 1.6% Yield on Loans 5.6% 5.8% 5.7% 5.8% 5.8% 5.8% 5.7% 5.7% Note: underlying P&L. (1) Loans refer to gross loans and advances to customers (excl. reverse repos) and customer funds refer to deposits (excl. re pos) and mutual funds. End period exchange rates as at Dec -25. (2) Average exchange rates as of 2025.
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23 DCB US Constant EUR bn1 Dec-25 Dec-24 YoY (%) QoQ (%) Total customer loans 47 50 -4.7 -2.4 o/w Auto 42 42 -1.6 -0.4 o/w Non-auto 6 7 -22.2 -14.6 Total customer funds 50 45 11.2 3.5 o/w Total deposits 46 42 10.5 3.7 Constant EUR mn2 2025 2024 YoY (%) QoQ (%) Net interest income 4,581 4,458 2.8 -3.2 Net fee income 339 290 16.6 -9.7 Gains (losses) on financial transactions and other 152 328 -53.7 94.7 Total income 5,072 5,077 -0.1 -2.4 Operating expenses (2,141) (2,069) 3.5 6.8 Loan-loss provisions (2,140) (2,363) -9.5 12.1 Other gains (losses) and provisions (92) (116) -21.1 32.6 Profit before tax 699 528 32.4 -79.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25Net Net Net Net Net Net Net Net interest margin 7.0% 7.1% 6.9% 6.8% 6.3% 7.0% 7.5% 7.3% Cost of deposits 2.0% 2.1% 2.1% 2.1% 2.1% 2.2% 2.1% 2.1% Yield on Loans 11.3% 11.6% 11.4% 11.6% 12.1% 11.9% 12.1% 12.0% Note: underlying P&L. (1) Loans refer to gross loans and advances to customers (excl. reverse repos) and customer funds refer to deposits (excl. re pos) and mutual funds. End period exchange rates as at Dec-25. (2) Average exchange rates as of 2025.
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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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2025 Corporate & Investment Banking 3 February 2026
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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) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and- economic-information#quarterly-results). 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 presentation), 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, the uncertainties following the ceasefire agreement in the Middle East or the outbreak of public health emergencies in the global economy) in areas where we have significant operations or investments; • exposure to operational risks, including cyberattacks, data breaches, data losses and other security incidents; • 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; • changes in monetary, fiscal and immigration policies and trade tensions, including the imposition of tariffs and retaliatory responses; • legislative, regulatory or tax changes (including regulatory capital and liquidity requirements) and greater regulation prompted by financial crises; • acquisitions, integrations, divestitures and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters; • climate-related conditions, regulations, targets and weather events;
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3 Important information • 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 potential conflicts and inconsistencies among governmental standards and regulations. Important factors affecting sustainability information may materially differ from those applicable to financial information. 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 inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. 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; • 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. Sale of 49% stake in Santander Bank Polska to Erste Group All figures, including P&L, loans and advances to customers, customer funds and other metrics are presented on an underlying basis and include Santander Bank Polska, in line with previously published quarterly information, i.e. maintaining the same perimeter that existed at the time of the announcement of the sale of 49% stake in Santander Bank Polska to Erste Group (https://www.santander.com/content/dam/santander- com/en/documentos/informacion-privilegiada/2025/05/hr-2025-05-05-santander-announces-the-sale-of-49-per-cent-of-santander-polska-to-erste-group-bank-and-agrees-strategic-cooperation-across-cib-and- payments-en.pdf). For further information, see the 'Alternative performance measures' section of Banco Santander, S.A. (Santander) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results).
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4 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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5 KEY DATA 2025 YoY Var. Customer loans €152bn +15.0% Customer deposits €140bn +5.4% Attributable profit €2,834mn +6.9% Revenue €8,488mn +5.2% Total NII €4,047mn +5.7% Total non-NII revenue1 €4,440mn +4.7% RoTE (post-AT1)2 19.1% +1.8pp RWAs €109bn -11.0% Efficiency ratio 45.5% +0.0pp Cost of Risk 0.15% +0.1pp Notes: all references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from a hyperinflationary economy. For further information, see the ‘Alternative Performance Measures’ section of the Quarterly Financial Report. C/I, CoR, RWAs and RoTE and their YoY changes are calculated in current euros. (1) Non-NII= Net Non-Financial Fees & Commissions + Net Trading Income & Other. (2) RoTE post AT1 costs and adjusted based on the Group’s deployed capital. Continue building a highly-profitable and growth-focused CIB franchise Global reach combined with local expertise
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6 EfficiencyRoTE post-AT1 KEY DRIVERS 2025 2025 target 19.1% 45.5% c.20% <45% 2025 key drivers continue to reflect our best-in-class profitability and efficiency (1) Average exchange rates as of 2025. Note: data and YoY changes in constant euros. RoTE target has been adjusted for AT1 costs.
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7* For more information visit https://www.santandercib.com/solutions Regions / Countries Santander’s network effect - Global coverage combined with local expertise and market insight - Leading efficiency ratio - Cross-collaboration with other global businesses Clients Diversified business model - Geographical: LatAm, Europe, growing in the US, focused business in Asia - Clients: Corporates, Financial Institutions, Financial Sponsors - Business lines*: Global Banking, Global Transaction Banking, Global Markets Global platforms / centres of expertise - Knowledge driven: advisory and value- added solutions - Technology driven: FX, Rates, Credit... - Product factory for Santander’s client base - Specialized global support functions Corporate & Investment Banking (CIB) is one of the Group’s five global businesses focusing on supporting corporate and institutional clients and financial sponsors, offering tailored services and value-added wholesale products suited to their complexity and sophistication Global Banking (GB) Global Transaction Banking (GTB) Global Markets (GM) North America South America Europe & Asia Business lines* Fully-integrated coverage across our footprint Cross-border capabilities Local expertise Tailor-made solutions Single point of entry CIB coverage model • Holistic client view • Global reach with local strength (cross-border execution) • Sound risk model and integrated risk / portfolio management • Shared infrastructure with local banks Key principles Active capital management Originate-to-share model – rotating assets to increase origination capacity and continue growing while maintaining profitability levels Building long-term relationships to become the trusted advisor of our clients Top 3 Awards recognitions • World’s Best Transaction Banking Partnership (Invensa) • Latin America’s Best FX Bank • Best Bank – Corporate Trade Finance in Europe • Financial Institutions Deal of the Year • Loan of the Year: Vaca Muerta Oil Sur Euromoney Crisil Latin Finance 2025 Leading positions in several product rankings Source: latest available data on Dealogic, Infralogic and Bloomberg. • Project Finance leader in LatAm, Green Global and Spain; #2 in Europe, the US, Brazil and Mexico; #3 Global and in theUK • DCM leader in LatAm, Spain and Chile; #2 in Mexico; #3 in Argentina • ECM leader in Poland and Mexico • M&A leader in LatAm and Argentina; #2 in Mexico; #3 in Spain • ECAs leader Global, in Europe, LatAm and Spain; #2 in the US (as of H1’25)
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8 CIB loans increased YoY with growth across business lines 132 138 136 142 152 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 133 131 126 134 140 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Dec-25 Dec-24 YoY (%) QoQ (%) Total customer loans 152 132 15.0 7.2 o/w Spain 70 60 16.9 5.9 o/w US 36 27 32.7 11.3 LOANS (Constant € bn)1 DEPOSITS (Constant € bn)1 Dec-25 Dec-24 YoY (%) QoQ (%) Total customer deposits 140 133 5.4 5.1 o/w Demand 55 49 12.5 6.2 o/w Time 86 85 1.3 4.4 (1) Gross loans and advances to customers (excluding reverse repos) and deposits excluding repos. End period exchange rates as at Dec-25.
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9 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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10 Cost of deposits NET INTEREST INCOME (Constant € mn)1 YIELDS AND COSTS (%) NII / Average total earning assets 1.09% 0.90% 0.99% 0.95% 1.00% Differential 2.1pp 2.4pp 2.4pp 2.6pp 3.0pp 4.41% 3.93% 3.80% 3.45% 2.92% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 6.54% 6.31% 6.21% 6.03% 5.93% Yield on loans 1,068 930 1,021 995 1,102 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 (1) Average exchange rates as of 2025. NII rose 6% YoY , supported by higher activity and margin management
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11 Net fee income increased 9% YoY , growing across all business lines. Of note, Global Banking, especially Corporate Finance, on the back of our US BBO initiative NET FEE INCOME (Constant € mn)1 644 699 641 632 740 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) Total net fee income 2,713 2,481 9.3 17.1 Of which² 2025 2024 YoY (%) QoQ (%) Global Transaction Banking 778 717 8.4 14.4 Global Banking 1,318 1,195 10.3 24.4 Global Markets 605 574 5.5 2.1 (1) Average exchange rates as of 2025. (2) Total net fee income includes less material amounts from other activities. US BBO: US Banking Build-Out. Recurrency ratio 70.2% 67.2% 3.0pp
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12 Total income reached record levels in 2025, boosted by a strong start to the year in Global Markets and supported by the execution of our growth initiatives TOTAL INCOME (Constant € mn)1 2,041 2,168 2,150 2,047 2,124 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) Net interest income 4,047 3,829 5.7 10.8 Net fee income 2,713 2,481 9.3 17.1 Gains on financial transactions 1,358 1,585 -14.3 -38.1 Other operating income 370 175 111.6 1.6 Total income 8,488 8,071 5.2 3.8 Of which² 2025 2024 YoY (%) QoQ (%) Global Transaction Banking 2,609 2,654 -1.7 6.9 Global Banking 2,277 2,131 6.9 12.7 Global Markets 3,478 3,123 11.4 -7.5 (1) Average exchange rates as of 2025. (2) Total income includes revenue from other activities which are less material (€163mn in 2024 and €123mn in 2025).
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13 Costs up YoY due to our investments for growth and in new products and capabilities, with an efficiency ratio of 45.5%, among the best in the sector OPERATING EXPENSES (Constant € mn)1 999 924 956 972 1,014 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) Total income 8,488 8,071 5.2 3.8 Operating expenses (3,866) (3,680) 5.1 4.3 Net operating income 4,622 4,391 5.3 3.3 Efficiency ratio 45.5% 45.5% 0.0pp (1) Average exchange rates as of 2025.
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14 Despite growing credit volumes, CIB continues with a limited LLP impact and low risk profile, reflecting the high quality of our portfolio NET LLPs (Constant € mn)1 18 13 72 82 125 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 (1) Average exchange rates as of 2025. (2) Cost of risk based on allowances for loan-loss provisions over the last 12 months / average loans and advances to customers over the last 12 months. 2025 2024 YoY (%) QoQ (%) Net operating income 4,622 4,391 5.3 3.3 Loan-loss provisions (291) (170) 70.9 52.9 Net op. income after LLPs 4,331 4,220 2.6 -0.8 Cost of risk2 0.15% 0.09% 5bps 5bps NPL ratio 0.69% 0.83% -14bps -1bp Coverage ratio 48% 39% 8.8pp 2.3pp
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15 ATTRIBUTABLE PROFIT (Constant € mn)1 684 790 735 642 668 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 (1) Average exchange rates as of 2025. 2025 2024 YoY (%) QoQ (%) PBT 4,210 3,872 8.7 4.6 Tax on profit (1,171) (1,027) 14.0 3.4 Consolidated profit 3,039 2,845 6.8 5.1 Minority interests (205) (195) 4.9 20.2 Attributable profit 2,834 2,650 6.9 4.0 Effective tax rate 27.8% 26.6% 1.2pp Profit growth in 2025 backed by higher revenue, contained efficiency and low CoR. Strong RoTE (post-AT1) of 19.1% reflecting the results of our capital management
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16 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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17 Final remarks About us Strategy and Business Results • CIB is one of the Group’s five global businesses focusing supporting corporate & institutional clients and financial sponsors, offering tailored services and value-added wholesale products suited to their complexity and sophistication, as well as to the responsible banking standards that contribute to the progress of society • CIB’s aim is to become a larger, high-returning, world class Corporate & Investment Bank, positioning ourselves as a strategic advisor to our clients while delivering profitable growth. Our strategy in centered on the following levers: − Customer experience: further deepen our role as strategic partner to our clients through our enhanced offering − Operational Leverage: leverage our global centres of expertise and tech investments, embedding AI to unlock productivity and growth − Global platform: strengthen collaboration with Santander’s global divisions to evolve our global operating model and maintain our competitive advantages • NII rose 6% YoY, supported by higher activity and margin management • Net fee income increased 9% YoY, growing across all business lines. Of note, Global Banking, especially Corporate Finance, on the back of our US BBO initiative • Total income reached record levels in 2025, boosted by a strong start to the year in Global Markets and supported by the execution of our growth initiatives • Costs up YoY due to our investments for growth and in new products and capabilities, with an efficiency ratio of 45.5%, among the best in the sector • Despite growing credit volumes, CIB continues with a limited LLP impact and low risk profile, reflecting the high quality of our portfolio • Profit growth in 2025 backed by higher revenue, contained efficiency and low CoR. Strong RoTE (post-AT1) of 19.1% reflecting the results of our capital management
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18 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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19 Underlying income statement Constant € million1 2025 2024 Amount % Net interest income 4,047 3,829 218 5.7 Net fee income 2,713 2,481 231 9.3 Gains (losses) on financial transactions 1,358 1,585 (227) (14.3) Other operating income 370 175 195 112 Total income 8,488 8,071 417 5.2 Operating expenses (3,866) (3,680) (186) 5.1 Net operating income 4,622 4,391 231 5.3 Net loan-loss provisions (291) (170) (121) 70.9 Other gains (losses) and provisions (121) (348) 227 (65.2) Profit before tax 4,210 3,872 338 8.7 Tax on profit (1,171) (1,027) (144) 14.0 Profit from continuing operations 3,039 2,845 194 6.8 Net profit from discontinued operations — — — - Consolidated profit 3,039 2,845 194 6.8 Non-controlling interests (205) (195) (9) 4.9 Profit attributable to the parent 2,834 2,650 184 6.9 Variation (1) Average exchange rates as of 2025.
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20 Quarterly underlying income statement (1) Average exchange rates as of 2025. Constant € million1 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net interest income 985 898 879 1,068 930 1,021 995 1,102 Net fee income 630 603 604 644 699 641 632 740 Gains (losses) on financial transactions 555 119 511 401 513 256 364 225 Other operating income (159) 347 59 (72) 27 231 56 57 Total income 2,011 1,966 2,053 2,041 2,168 2,150 2,047 2,124 Operating expenses (845) (889) (946) (999) (924) (956) (972) (1,014) Net operating income 1,166 1,077 1,106 1,042 1,244 1,194 1,075 1,110 Net loan-loss provisions (40) (50) (63) (18) (13) (72) (82) (125) Other gains (losses) and provisions (77) (45) (98) (129) (22) (27) (62) (11) Profit before tax 1,049 981 945 896 1,209 1,095 931 974 Tax on profit (327) (277) (265) (158) (361) (312) (245) (253) Profit from continuing operations 723 704 681 738 848 783 687 721 Net profit from discontinued operations — — — — — — — — Consolidated profit 723 704 681 738 848 783 687 721 Non-controlling interests (51) (44) (46) (53) (58) (48) (45) (54) Profit attributable to the parent 672 660 634 684 790 735 642 668
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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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Restricted-confidential 2025 Wealth Management & Insurance 3 February 2026
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Restricted-confidential 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) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and- economic-information#quarterly-results). 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 presentation), 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, the uncertainties following the ceasefire agreement in the Middle East or the outbreak of public health emergencies in the global economy) in areas where we have significant operations or investments; • exposure to operational risks, including cyberattacks, data breaches, data losses and other security incidents; • 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; • changes in monetary, fiscal and immigration policies and trade tensions, including the imposition of tariffs and retaliatory responses; • legislative, regulatory or tax changes (including regulatory capital and liquidity requirements) and greater regulation prompted by financial crises; • acquisitions, integrations, divestitures and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters; • climate-related conditions, regulations, targets and weather events;
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Restricted-confidential 3 Important information • 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 potential conflicts and inconsistencies among governmental standards and regulations. Important factors affecting sustainability information may materially differ from those applicable to financial information. 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 inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. 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; • 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. Sale of 49% stake in Santander Bank Polska to Erste Group All figures, including P&L, loans and advances to customers, customer funds and other metrics are presented on an underlying basis and include Santander Bank Polska, in line with previously published quarterly information, i.e. maintaining the same perimeter that existed at the time of the announcement of the sale of 49% stake in Santander Bank Polska to Erste Group (https://www.santander.com/content/dam/santander- com/en/documentos/informacion-privilegiada/2025/05/hr-2025-05-05-santander-announces-the-sale-of-49-per-cent-of-santander-polska-to-erste-group-bank-and-agrees-strategic-cooperation-across-cib-and- payments-en.pdf). For further information, see the 'Alternative performance measures' section of Banco Santander, S.A. (Santander) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results).
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Restricted-confidential 4 About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4 Index
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Restricted-confidential 5 KEY DATA 2025 YoY Var. Total assets under management 1 €558bn +14.1% Gross written premiums €10.7bn +4.3% Total gross fees 2 €4,240mn +12.6% Total revenue 2 €6,775mn +12.6% Attributable profit €2,063mn +26.7% Profit contribution 2 €3,796mn +18.8% Efficiency ratio 35.3% -2.9pp RoTE (post-AT1) 3 68.5% -8.4pp RWAs €19bn +56.9% Cost of risk 0.09% -0.10pp Private Banking customers (k) 314 +5% We continue building the best wealth and insurance manager in Europe and the Americas Notes: all references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from a hyperinflationary economy. For further information, see the ‘Alternative Performance Measures’ section of the Quarterly Financial Report. C/I, CoR, RWAs and RoTE and their YoY changes are calculated in current euros. (1) Total assets marketed, advised, under custody and/or managed in Private Banking + SAM excluding AuMs of Private Banking customers managed by SAM. (2) 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. (3) RoTE post AT1 costs and adjusted based on the Group’s deployed capital. Accelerating our customers’ connectivity with our global product platforms ✓ Global approach, leading investment flows between our markets, coupled with local leadership positions ✓ Our scale enables us to offer better products and more capacity to invest in common technology platforms
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Restricted-confidential 6 Wealth Management & Insurance integrates complementary businesses with significant synergies Portfolio Investments Life & Pensions Protection Real Estate advisory Investment solutions Wealth solutions General banking Multi Assets Fixed Income Alternatives Equity Leading global platform serving private banking customers by combining the benefits of being part of a strong financial group with an excellent service model Global Asset Manager manufacturing Retail and Institutional funds for our clients, combining local client knowledge and global investment capabilities Insurance solutions provider across the Group through partnerships with leading insurers, fully organized within a holding company to reinforce governance and oversight and offer the best value proposition to our clients Incorporated a fourth vertical, integrating the investment platforms unit, as well as other corporate investments
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Restricted-confidential 7 2025 as a pivotal year to double down on Insurance as a key growth driver 2025 as a pivotal year to double down on Insurance as a key growth driver Penetrate Protection growth verticals (life risk + Property & Casualty) Boost Life & Pensions business • Develop an integrated value proposition for retirement products to capitalize on Santander’s financial knowledge while capturing long-term funding opportunities • Expand services into high-potential countries and segments, offering tailored value propositions Strategic pillars to accelerate growth across Insurance perimeter • Leverage Santander’s global distribution network, advanced data- driven insights and digital channels to drive synergies between Private Banking and Insurance Enhance our distribution model and digital capabilities • Evolve Santander’s management model for Insurance as a global unit to improve readiness to grow Strengthen global approach Working to reach our full potential All our insurance companies are grouped under a single holding company providing an integrated management and approach and enabling common governance and processes across the business Created Santander Insurance Holding Reinforced governance Key changes and additions to the board of directors of the company, bringing extensive and solid experience in the sector and ensuring strategic focus and expert oversight 180mn customers Leverage Santander’s customer base and extensive data from customers to address their needs Develop new businesses with significant growth upside Consolidate and build a common approach across other Group businesses Life savings Health Strategic business reorganization We are accelerating the execution of our strategy and transformation plans around two verticals, Life & Pensions and Property & Casualty, to deliver more value to our customers
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Restricted-confidential 8 Revenue growthRoTE post-AT1 KEY DRIVERS 2025 2025 target 68.5% 14.3% c.60% c.10% Note: data and YoY changes in constant euros. RoTE target has been adjusted for AT1 costs. Revenue CAGR 22-25 target. (1) Includes deposits and off-balance sheet assets. (2) 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. YoY 2025 targets and key drivers Collaboration fees (€ bn) Revenue including ceded fees2 (€ bn) Assets under management1 (€ bn)
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Restricted-confidential 9 Net new money (PB) Net sales (SAM) of total CAL3 of SAM’s AuMs3 AuMs (Constant € bn)1 GWPs (Constant € bn)1 489 503 515 535 558 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 2.4 2.6 3.0 2.7 2.5 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Dec-25 Dec-24 YoY (%) QoQ (%) Protection 4.3 4.2 4.3 -15.4 Savings 6.4 6.1 4.3 -4.3 Total GWPs 10.7 10.3 4.3 -9.2 € bn Dec-25 Dec-24 YoY (%) QoQ (%) Fund & Investments 2 323 290 11.5 1.8 Custody 163 132 23.9 11.6 Deposits 72 68 6.1 0.7 Total AuMs 558 489 14.1 4.4 Loans 25 22 12.6 3.1 €20.0bn €3.7bn 6% 2% Note: AuMs = Assets under Management; GWPs = Gross Written Premiums; CAL = Customer Assets and Liabilities. (1) End period exchange rates as at Dec-25. (2) Excluding overlaps of PB investment funds managed by SAM. (3) 2025 net new money as a % of PB’s 2024 customer assets and liabilities (CAL). 2025 net sales as a % of SAM’s 2024 AuMs. AuMs reached new record levels, rising to €558bn (+14% YoY), backed by sound commercial dynamics and positive market performance
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Restricted-confidential 10 About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4 Index
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Restricted-confidential 11 NII decreased, affected by some inelasticity in deposit costs to interest rate declines, despite higher volumes in PB Cost of deposits NET INTEREST INCOME (Constant € mn)1 YIELDS AND COSTS2 (%) 403 367 355 354 368 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2.45% 2.16% 2.08% 2.08% 2.07% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 4.55% 4.18% 4.09% 3.91% 3.82% Yield on loans (1) Average exchange rates as of 2025. (2) Yields and costs only include Private Banking.
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Restricted-confidential 12 Total including ceded fees 2 WEALTH FEES (Constant € mn)1 401 410 425 420 448 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net fee income 2025 2024 YoY (%) QoQ (%) PB 1,119 963 16.2 2.0 SAM 559 472 18.4 19.7 Insurance 32 31 3.4 -20.9 Wealth net fee income 1,703 1,459 16.8 6.8 Total fee contribution 2025 2024 YoY (%) QoQ (%) PB 1,119 963 16.2 2.0 SAM 1,440 1,260 14.3 23.8 Insurance 1,687 1,550 8.9 5.9 Total Wealth fee contribution 4,240 3,766 12.6 10.4 Ceded fees 2025 2024 YoY (%) QoQ (%) PB - - - - SAM 882 789 11.8 26.5 Insurance 1,655 1,519 9.0 6.3 Fees ceded to other segments 2,536 2,307 9.9 12.8 967 1,022 1,027 1,041 1,150 Note: Wealth information excluding overlaps between businesses. (1) Average exchange rates as of 2025. (2) Including fees ceded to other segments. (3) Additionally, Wealth's net fee income and Wealth's fee contribution included -EUR 7 million in 2024 and -EUR 7 million in 2025 corresponding to Portfolio Investments. 3 3 Net fee income rose 17% YoY , with good performances across businesses. Total fee contribution, including ceded fees, increased by 13% to €4.2bn, with Insurance representing c.40% of Wealth’s total fees
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Restricted-confidential 13 Total income rose 14% YoY , reflecting our focus on fee generating activities through higher-value added products and solutions WEALTH TOTAL INCOME (Constant € mn)1 Total including ceded fees 2 1,579 1,612 1,618 1,646 1,899 1,013 1,000 1,016 1,025 1,198 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) NII 1,445 1,675 -13.7 3.9 Net fee income 1,703 1,459 16.8 6.8 Other Income 1,091 574 90.0 52.0 Total income 4,239 3,707 14.3 16.8 Ceded fees 2,536 2,307 9.9 12.8 Revenue + ceded fees 6,775 6,015 12.6 15.3 Revenue + ceded fees PB 2,566 2,523 1.7 -1.4 SAM 1,510 1,317 14.7 24.3 Insurance 2,214 1,982 11.7 -1.1 3 3 Note: Wealth information excluding overlaps between businesses. (1) Average exchange rates as of 2025. (2) Including fees ceded to other segments. (3) Additionally, Wealth's revenue + ceded fees included EUR 195 million in 2024 and EUR 485 million in 2025 corresponding to Portfolio Investments. Information excludes overlaps between Wealth businesses and also Insurance fees recorded in Consumer (EUR 972 million).
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Restricted-confidential 14 Costs rose below total income YoY , even after investing in key initiatives and cost growth related to higher commercial activity. Efficiency improved 2.9pp to 35.3% OPERATING EXPENSES (Constant € mn)1 Note: Wealth information excluding overlaps between businesses. (1) Average exchange rates as of 2025. 408 363 355 373 405 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) Total income 4,239 3,707 14.3 16.8 Operating Expenses (1,497) (1,412) 6.0 8.6 Net operating income 2,742 2,295 19.5 21.5 Efficiency ratio 35.3% 38.2% -287 bps
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Restricted-confidential 15 Profit grew 27% YoY . Including fees ceded to the commercial network along with PAT, the total contribution to Group profit rose 19% YoY . RoTE stood at 68.5% Note: Wealth information excluding overlaps between businesses. (1) Average exchange rates as of 2025. (2) Including fees ceded to other segments. ATTRIBUTABLE PROFIT (Constant € mn)1 PAT + ceded fees net of tax2 827 884 891 920 1,101 441 463 479 495 625 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) PBT 2,713 2,229 21.7 20.2 Tax on profit (555) (524) 5.9 2.2 PAT 2,158 1,705 26.6 25.0 Minority interests (95) (77) 23.2 -0.5 Attributable profit 2,063 1,627 26.7 26.2 2025 2024 YoY (%) QoQ (%) PAT 2,158 1,705 26.6 25.0 Ceded fees net of tax 1,639 1,490 9.9 12.8 PAT + fees 3,796 3,195 18.8 19.7
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Restricted-confidential 16 About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4 Index
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Restricted-confidential 17 Final remarks About us Strategy and Business Results • We continue building the best wealth and insurance manager in Europe and the Americas supported by our leading global Private Banking platform and our best-in-class funds and insurance product factories that leverage our scale and global capabilities to offer the best value proposition to our customers. Particularly, Insurance now operates under a single holding company, allowing to unify management, governance, risk and control across all insurance entities, and improving the integration of the Insurance Business into the Group’s model. • Our Wealth Management & Insurance business aims to enhance its service model and value proposition as part of a common platform that leverages Santander's scale and capabilities. Wealth is an important driver for the Group, delivering consistent double-digit growth in profits and generating around one third of total Group fees, including those ceded to the commercial network. We currently manage c.€560bn of AuMs through our four complementary businesses. • AuMs reached new record levels rising to €558bn (+14% YoY), backed by sound commercial dynamics and positive market performance. • NII decreased, affected by some inelasticity in deposit costs to interest rate declines, despite higher volumes in PB. • Net fee income rose 17% YoY, with good performances across businesses. Total fee contribution, including ceded fees, increased by 13% to €4.2bn, with Insurance representing c.40% of Wealth’s total fees • Total income rose 14% YoY, reflecting our focus on fee generating activities through higher-value added products and solutions. • Costs rose below total income YoY, even after investing in key initiatives and cost growth related to higher commercial activity. Efficiency improved 2.9pp to 35.3%. • Profit grew 27% YoY. Including fees ceded to the commercial network along with PAT, the total contribution to Group profit rose 19% YoY. RoTE stood at 68.5%.
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Restricted-confidential 18 About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4 Index
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Restricted-confidential 19 Underlying income statement (1) Average exchange rates as of 2025. Constant € million1 2025 2024 Amount % Net interest income 1,445 1,675 (230) (13.7) Net fee income 1,703 1,459 245 16.8 Gains (losses) on financial transactions 512 250 262 104.5 Other operating income 579 324 255 78.8 Total income 4,239 3,707 531 14.3 Operating expenses (1,497) (1,412) (85) 6.0 Net operating income 2,742 2,295 447 19.5 Net loan-loss provisions (22) (44) 22 (49.7) Other gains (losses) and provisions (7) (23) 16 (68.9) Profit before tax 2,713 2,229 484 21.7 Tax on profit (555) (524) (31) 5.9 Profit from continuing operations 2,158 1,705 453 26.6 Net profit from discontinued operations — — — — Consolidated profit 2,158 1,705 453 26.6 Non-controlling interests (95) (77) (18) 23.2 Profit attributable to the parent 2,063 1,627 435 26.7 Contribution to profit 3,796 3,195 601 18.8 Variation
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Restricted-confidential 20 Quarterly underlying income statement (1) Average exchange rates as of 2025. Constant € million1 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net interest income 439 420 414 403 367 355 354 368 Net fee income 352 343 363 401 410 425 420 448 Gains (losses) on financial transactions 58 58 27 107 80 100 102 230 Other operating income 23 78 121 102 142 137 148 151 Total income 872 898 924 1,013 1,000 1,016 1,025 1,198 Operating expenses (330) (329) (345) (408) (363) (355) (373) (405) Net operating income 542 570 579 605 637 661 652 792 Net loan-loss provisions (4) (13) (9) (18) (8) (13) 10 (11) Other gains (losses) and provisions (27) (2) (8) 15 (1) (11) (4) 9 Profit before tax 511 554 563 601 628 638 657 790 Tax on profit (131) (135) (118) (140) (140) (136) (138) (141) Profit from continuing operations 379 420 445 461 488 502 519 648 Net profit from discontinued operations — — — — — — — — Consolidated profit 379 420 445 461 488 502 519 648 Non-controlling interests (19) (18) (20) (20) (25) (23) (23) (23) Profit attributable to the parent 360 401 425 441 463 479 495 625 Contribution to profit 742 801 825 827 884 891 920 1,101
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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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2025 Payments 3 February 2026
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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) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and- economic-information#quarterly-results). 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 presentation), 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, the uncertainties following the ceasefire agreement in the Middle East or the outbreak of public health emergencies in the global economy) in areas where we have significant operations or investments; • exposure to operational risks, including cyberattacks, data breaches, data losses and other security incidents; • 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; • changes in monetary, fiscal and immigration policies and trade tensions, including the imposition of tariffs and retaliatory responses; • legislative, regulatory or tax changes (including regulatory capital and liquidity requirements) and greater regulation prompted by financial crises; • acquisitions, integrations, divestitures and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters; • climate-related conditions, regulations, targets and weather events;
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3 Important information • 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 potential conflicts and inconsistencies among governmental standards and regulations. Important factors affecting sustainability information may materially differ from those applicable to financial information. 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 inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. 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; • 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. Sale of 49% stake in Santander Bank Polska to Erste Group All figures, including P&L, loans and advances to customers, customer funds and other metrics are presented on an underlying basis and include Santander Bank Polska, in line with previously published quarterly information, i.e. maintaining the same perimeter that existed at the time of the announcement of the sale of 49% stake in Santander Bank Polska to Erste Group (https://www.santander.com/content/dam/santander- com/en/documentos/informacion-privilegiada/2025/05/hr-2025-05-05-santander-announces-the-sale-of-49-per-cent-of-santander-polska-to-erste-group-bank-and-agrees-strategic-cooperation-across-cib-and- payments-en.pdf). For further information, see the 'Alternative performance measures' section of Banco Santander, S.A. (Santander) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results).
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4 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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5 Cards Single infrastructures for payments solutions: PagoNxt and Cards • Scale up our global platform of innovative payments and integrated value-added solutions • Roll out our global payments platform to all our regions and to the open market • Expand our cards business while improving customer experience STRATEGIC PRIORITIES
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6 Revenue growthEBITDA margin 2025 targets and key drivers KEY DRIVERS 2025 2025 target PagoNxt 34.5% +16% >30% c.30% # transactions1 (bn per month) 3.4 3.8 2024 2025 Cost per transaction (€ cents, PagoNxt) 3.5 2.0 2024 2025 Payments volume2 (€ bn) 530 576 2024 2025 (1) Transactions include merchant payments, cards and electronic A2A payments. (2) Payments volumes include PagoNxt Total Payments Volume (TPV) in Getnet and Cards spending. Notes: all references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from a hyperinflationary economy. For further information, see the ‘Alternative Performance Measures’ section of the Quarterly Financial Report. Data and YoY changes in constant euros. Revenue CAGR 22-25 target. YoY +11% -43% +9%
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7 PagoNxt Decisively pursuing the open market Accelerating commercial growth Strategy pillars Scaling up our global platform Note: underlying P&L. KEY DATA 2025 YoY Var. EBITDA margin 34.5% +7.0pp Cost per transaction (€cents / trx) 2.0 -42.9% # transactions (Getnet) (bn) 10.5 +7.2% Total Payments Volume (Getnet) €237.9bn +13.6% Total revenue €1,373mn +16.2% Open market revenue €344mn +25.7% % open market revenue 25.0% +1.9pp
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8 Cards Expand cards business profitability Scale tech & data cards capabilities Strategy pillars Digitalize cards payment experience Note: underlying P&L. (1) RoTE post AT1 costs and adjusted based on the Group’s deployed capital. Cards includes the cards businesses across our footprint and our global card platform KEY DATA 2025 YoY Var. # Cards (mn) 108 +2% Spending €338.5bn +5.7% # Transactions (bn) 15.5 +6.2% Average balance €23bn +13% Efficiency ratio 26.3% -3.8pp Attributable profit €787mn +19.3% RoTE post-AT11 30.1% +1.5pp
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9 • We are a one-of-a-kind paytech business backed by Santander • Helping our customers prosper and accelerate their growth through a one-stop shop, providing solutions beyond payments to merchants, SMEs and corporates • Strategic priorities: scaling up our global technology platform, accelerating commercial growth across the Santander network and pursuing the open market opportunity PagoNxt: one-of-a-kind paytech business that offers innovative payments solutions Global cloud-native platform to process and connect account-to-account payments across our markets, enabling innovative customer solutions with operational efficiency Global cross-border payments platform for SMEs Global and integrated acquiring, processing and value-added solutions for physical and e-commerce merchants ▼Getnet ▼ PagoNxt Payments Ebury▼ BUSINESS VERTICALS
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10 Cards: we are focusing on our customers’ needs to grow our business 108 million cards Group wide Payments experience Digital wallets >490 transactions per second Control: Payment flexibility and spending management Rewards: Cashback and discounts Cards Data Lab 1.7mn new customers pre-approved €23bn Average balance Expanding our joint value proposition with Getnet Security: Fraud controls and disputes handling ‘PAY SMARTER’ CREDIT VALUE PROPOSITION IMPROVING CUSTOMER EXPERIENCE Focusing on customer satisfaction c.€1bn spending per day 7 countries at Top3 NPS CX Benchmark
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11(1) Gross loans and advances to customers (excluding reverse repos) and in constant euros. End period exchange rates as at Dec-25. 24.6 24.7 25.2 25.2 26.6 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Loans increased 8% YoY , driven by higher volumes in Cards, especially in Brazil LOANS (Constant € bn)1 Dec-25 Dec-24 YoY (%) QoQ (%) Cards 25.6 23.5 9.0 5.9 o/w Brazil 11.0 9.7 13.6 8.6 o/w Mexico 3.9 4.1 -4.2 0.7 o/w UK 3.6 3.2 11.2 1.7 PagoNxt 1.0 1.1 -7.9 4.3 Total customer loans 26.6 24.6 8.3 5.8
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12 GETNET TOTAL PAYMENTS VOLUME (TPV) (Constant € bn)1 58.0 54.9 58.0 61.4 63.6 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 CARDS TOTAL SPENDING (Constant € bn)1 88.0 79.9 85.0 84.7 88.9 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Millions 2025 2024 YoY (%) QoQ (%) # transactions 10,549 9,837 7.2 3.8 Millions 2025 2024 YoY (%) QoQ (%) # transactions 15,451 14,553 6.2 8.4 Getnet TPV was €238bn in 2025 and increased 14% YoY . Cards spending and the number of cards rose YoY , especially in credit cards, in line with our strategy (1) Average exchange rates as of 2025.
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13 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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14 NII was up 21% YoY , backed by double-digit growth in PagoNxt and Cards, driven by higher activity o/w Cards NET INTEREST INCOME (Constant € mn)1 CARDS – YIELD ON LOANS (%) 669 672 736 711 787 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 635 635 693 670 742 14.96% 13.98% 16.44% 15.13% 15.15% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 (1) Average exchange rates as of 2025.
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15 Strong net fee income growth YoY across our footprint, particularly in LatAm NET FEE INCOME (Constant € mn)1 712 681 741 788 799 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) PagoNxt 1,059 910 16.4 4.4 Cards 1,949 1,711 13.9 -0.2 Total net fee income 3,008 2,621 14.8 1.4 (1) Average exchange rates as of 2025.
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16 Total income grew 17%, boosted by solid NII and fee performances in both PagoNxt and Cards TOTAL INCOME (Constant € mn)1 1,482 1,359 1,473 1,544 1,638 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) Net interest income 2,907 2,394 21.4 10.7 Net fee income 3,008 2,621 14.8 1.4 Other operating income² 55 76 -27.6 -79.5 Total income 6,013 5,146 16.9 6.1 o/w PagoNxt 1,373 1,182 16.2 6.6 o/w Cards 4,640 3,964 17.1 6.0 (1) Average exchange rates as of 2025. (2) Other operating income includes Gains (losses) on financial transactions and Other income.
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17 Costs rose 1%, -3% in real terms, even after our investments in platforms both in PagoNxt and Cards OPERATING EXPENSES (Constant € mn)1 607 601 596 589 574 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) Total income 6,013 5,146 16.9 6.1 Operating Expenses (2,360) (2,345) 0.6 -2.5 o/w PagoNxt (1,138) (1,129) 0.8 0.2 o/w Cards (1,221) (1,216) 0.5 -5.0 Net operating income 3,654 2,801 30.5 11.5 Efficiency ratio 39.2% 44.5% -526 bps (1) Average exchange rates as of 2025.
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18 LLPs, mainly related to Cards, increased YoY driven by widespread volumes growth, in a less favourable macro environment in some of our countries NET LLPs (Constant € mn)1 439 482 486 519 540 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) Net operating income 3,654 2,801 30.5 11.5 Loan-loss provisions (2,027) (1,588) 27.7 3.9 Net op. income after LLPs 1,627 1,213 34.1 20.5 Cost of risk2 7.91% 7.36% 55bps 19bps NPL ratio 6.35% 5.20% 115bps 81bps Coverage ratio 127% 137% -10.7pp -8.9pp (1) Average exchange rates as of 2025. (2) Cost of risk based on allowances for loan-loss provisions over the last 12 months / average loans and advances to customers over the last 12 months.
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19 Profit rose 50% YoY excluding the write-downs1 in Q2’24. PagoNxt’s EBITDA margin improved 7.0pp YoY to 34.5% and RoTE (post-AT1) in Cards was 30.1% ATTRIBUTABLE PROFIT (Constant € mn)2 243 122 211 226 324 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 2024 YoY (%) QoQ (%) PBT 1,486 856 73.6 26.2 Tax on profit (503) (426) 18.1 9.7 Consolidated profit 984 430 128.5 35.1 Minority interests (101) (85) 18.8 -23.6 Attributable profit 883 346 155.5 43.4 PagoNxt 96 (314) - 203.3 Cards 787 660 19.3 28.0 Effective tax rate 33.8% 48.3% -14.5pp (1) Write-downs related to the discontinuation of our merchant platform in Germany and Superdigital in LatAm (€243mn, net of tax and minority interests). (2) Average exchange rate as of 2025.
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20 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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21 Final remarks About us Strategy and Business Results • NII was up 21% YoY, backed by double-digit growth in PagoNxt and Cards, driven by higher activity • Strong net fee income growth YoY across our footprint, particularly in LatAm • Total income grew 17%, boosted by solid NII and fee performances in both PagoNxt and Cards • Costs rose 1%, -3% in real terms, even after our investments in platforms both in PagoNxt and Cards • LLPs, mainly related to Cards, increased YoY driven by widespread volumes growth, in a less favourable macro environment in some of our countries • Profit rose 50% YoY excluding the write-downs1 in Q2’24. PagoNxt’s EBITDA margin improved 7.0pp YoY to 34.5% and RoTE (post-AT1) in Cards was 30.1% • Single infrastructures for payments solutions: PagoNxt and Cards • PagoNxt: one-of-a-kind paytech business that offers innovative payments solutions • Cards: provide exceptional payments experience, fostering customer loyalty and leveraging transactional data to enhance profitability • Scale up our global platform of innovative payments and integrated value-added solutions • Roll out our global payments platform to all our regions and to the open market • Expand our cards business while improving customer experience (1) Write-downs related to the discontinuation of our merchant platform in Germany and Superdigital in LatAm (€243mn, net of tax and minority interests).
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22 Index About us, Strategy and Business 1 Results 2 Final remarks 3 Appendix 4
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23 Underlying income statement - Payments Constant € million1 2025 2024 Amount % Net interest income 2,907 2,394 513 21.4 Net fee income 3,008 2,621 388 14.8 Gains (losses) on financial transactions 44 56 (12) (21.8) Other operating income 55 76 (21) (28) Total income 6,013 5,146 868 16.9 Operating expenses (2,360) (2,345) (15) 0.6 Net operating income 3,654 2,801 853 30.5 Net loan-loss provisions (2,027) (1,588) (439) 27.7 Other gains (losses) and provisions (140) (357) 217 (60.7) Profit before tax 1,486 856 630 73.6 Tax on profit (503) (426) (77) 18.1 Profit from continuing operations 984 430 553 128.5 Net profit from discontinued operations — — — - Consolidated profit 984 430 553 128.5 Non-controlling interests (101) (85) (16) 18.8 Profit attributable to the parent 883 346 537 155.5 Variation (1) Average exchange rates as of 2025.
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24 Quarterly underlying income statement - Payments (1) Average exchange rates as of 2025. Constant € million1 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net interest income 585 573 567 669 672 736 711 787 Net fee income 603 633 673 712 681 741 788 799 Gains (losses) on financial transactions 1 3 (4) 55 (5) (18) 19 47 Other operating income (6) 19 17 46 10 14 25 5 Total income 1,184 1,227 1,253 1,482 1,359 1,473 1,544 1,638 Operating expenses (600) (572) (565) (607) (601) (596) (589) (574) Net operating income 584 655 687 875 758 877 955 1,064 Net loan-loss provisions (363) (388) (399) (439) (482) (486) (519) (540) Other gains (losses) and provisions (22) (265) (33) (38) (35) (41) (40) (25) Profit before tax 199 2 256 399 241 350 396 500 Tax on profit (87) (94) (111) (134) (95) (118) (138) (152) Profit from continuing operations 112 (92) 145 265 146 232 258 348 Net profit from discontinued operations — — — — — — — — Consolidated profit 112 (92) 145 265 146 232 258 348 Non-controlling interests (19) (18) (26) (22) (24) (21) (32) (24) Profit attributable to the parent 93 (110) 120 243 122 211 226 324
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25 Underlying income statement - PagoNxt (1) Average exchange rates as of 2025. Constant € million1 2025 2024 Amount % Net interest income 167 123 44 35.7 Net fee income 1,059 910 149 16.4 Gains (losses) on financial transactions (24) (0) (24) — Other operating income 171 149 22 14.9 Total income 1,373 1,182 192 16.2 Operating expenses (1,138) (1,129) (9) 0.8 Net operating income 235 53 182 345.7 Net loan-loss provisions (24) (16) (9) 55.1 Other gains (losses) and provisions (77) (294) 217 (73.8) Profit before tax 134 (257) 391 — Tax on profit (19) (49) 29 (60.1) Profit from continuing operations 115 (306) 420 — Net profit from discontinued operations — — — — Consolidated profit 115 (306) 420 — Non-controlling interests (19) (9) (10) 120.7 Profit attributable to the parent 96 (314) 410 — Variation
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26 Quarterly underlying income statement - PagoNxt (1) Average exchange rates as of 2025. Constant € million1 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net interest income 27 28 34 34 37 43 42 45 Net fee income 203 215 235 256 241 268 269 281 Gains (losses) on financial transactions (2) 2 (1) 1 (7) (21) 3 1 Other operating income 30 34 36 49 41 38 41 51 Total income 258 279 304 340 312 328 355 378 Operating expenses (290) (285) (285) (270) (284) (292) (281) (282) Net operating income (32) (6) 19 71 29 36 74 97 Net loan-loss provisions (3) (5) (3) (4) (6) (5) (8) (5) Other gains (losses) and provisions (2) (256) (14) (22) (12) (21) (29) (15) Profit before tax (37) (267) 2 45 11 10 36 77 Tax on profit (6) (4) (20) (19) (3) 2 (9) (9) Profit from continuing operations (44) (270) (18) 26 8 12 28 67 Net profit from discontinued operations — — — — — — — — Consolidated profit (44) (270) (18) 26 8 12 28 67 Non-controlling interests (2) (0) (4) (2) (4) (0) (8) (7) Profit attributable to the parent (46) (271) (22) 24 4 12 20 60
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27 Underlying income statement - Cards (1) Average exchange rates as of 2025. Constant € million1 2025 2024 Amount % Net interest income 2,740 2,271 469 20.7 Net fee income 1,949 1,711 238 13.9 Gains (losses) on financial transactions 68 56 12 21.3 Other operating income (117) (73) (43) 58.7 Total income 4,640 3,964 676 17.1 Operating expenses (1,221) (1,216) (5) 0.5 Net operating income 3,419 2,748 671 24.4 Net loan-loss provisions (2,003) (1,572) (431) 27.4 Other gains (losses) and provisions (63) (63) (1) 0.8 Profit before tax 1,353 1,113 239 21.5 Tax on profit (484) (377) (106) 28.1 Profit from continuing operations 869 736 133 18.1 Net profit from discontinued operations — — — — Consolidated profit 869 736 133 18.1 Non-controlling interests (82) (76) (6) 7.3 Profit attributable to the parent 787 660 127 19.3 Variation
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28 Quarterly underlying income statement - Cards (1) Average exchange rates as of 2025. Constant € million1 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net interest income 558 545 533 635 635 693 670 742 Net fee income 401 417 437 456 440 473 518 517 Gains (losses) on financial transactions 3 1 (2) 55 2 3 16 46 Other operating income (36) (15) (19) (4) (31) (24) (16) (45) Total income 926 948 949 1,142 1,046 1,145 1,189 1,260 Operating expenses (310) (288) (281) (337) (317) (305) (308) (292) Net operating income 616 660 668 804 729 841 881 968 Net loan-loss provisions (359) (383) (395) (435) (476) (481) (511) (534) Other gains (losses) and provisions (20) (9) (18) (16) (23) (19) (10) (10) Profit before tax 236 269 254 354 230 340 360 423 Tax on profit (81) (90) (91) (115) (92) (120) (130) (143) Profit from continuing operations 155 179 163 239 138 220 230 281 Net profit from discontinued operations — — — — — — — — Consolidated profit 155 179 163 239 138 220 230 281 Non-controlling interests (17) (18) (21) (20) (19) (21) (24) (17) Profit attributable to the parent 138 161 142 218 118 199 206 264
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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: