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BANCO SANTANDER, S.A. COVERED BONDS INVESTORS PRESENTATION FY’25 Cédulas hipotecarias (Mortgage CB) Cédulas de internacionalización (ECA CB) Cédulas territoriales (Public Sector CB)
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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 others 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 financial report. Additional notes
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5 Key highlights (1) Source: IMF – January 2026 WEO Update. (2) 2025 Contribution to Group revenue, as % of total operating areas, excluding the Corporate Centre. (3) Group LCR. Consolidated LCR was 145%. See definitions in the appendix. (4) Sep-25. (5) Moody’s upgraded Banco Santander, S.A.'s covered bond rating from Aa1 to Aaa in Q4 2025. Liquidity ratios – Dec-25 Diversification2 In general, the world’s major economies maintained good economic growth rates in 2025 in a context of monetary policy loosening in response to declining inflation. The IMF’s updated 2026 GDP estimates point to 3.3% global growth (in line with 2025) but with mixed performances expected across our footprint. Expected annual GDP Growth in 20261 +1.3% +1.3% +2.4% +2.2% • Our common operating model supports value creation based on the profitable growth and operational leverage that our global platforms provide. • Well-balanced diversification across businesses and markets with a solid and simple balance sheet that gives us recurrent net operating income with low volatility and more predictable results. The Group’s balance sheet is well-funded, diversified, prudently managed and highly liquid with a large contribution from our customer deposits, reflected in solid liquidity ratios. Mortgage Covered Bonds ECA Covered Bonds Public Sector Covered Bonds • Mortgages are a key commercial product. Mortgage CB account for 30% of Banco Santander, S.A.’s funding sources as of Dec-25. • Santander was the global leader in the ECA business in 2025 for the fourth year in a row. • Bonds are “European Covered Bond (Premium)” label and ECB and LCR eligible. • Santander is a relevant player in the Spanish public sector business. 50% 21% 13% 7% 9% HQLAs Level 1 €325bn Group LCR3 155% NSFR4 125% Ratings by Moody’s5 Mortgage CBs Aaa AaaECA CBs Aaa MACROECONOMIC ENVIRONMENT BUSINESS MODEL & STRATEGY GRUPO SANTANDER FUNDING AND LIQUIDITY Public Sector CBs
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6 Macroeconomic environment Macroeconomic environment 2 2 Grupo Santander- Business Model Strategy- Santander España Grupo Santander - Business Model & Strategy - Santander España 3 3 Grupo Santander funding and liquidity Grupo Santander funding and liquidity 4 4 Mortgage Covered Bonds“Cédulas hipotecarias” Mortgage Covered Bonds “Cédulas hipotecarias” 5 5 Public Sector Covered Bonds “Cédulas territoriales” Public Sector Covered Bonds “Cédulas territoriales” 6 6 Appendix Appendix 7 7 1 1 ECA Covered Bonds“Cédulas de internacionalización” ECA Covered Bonds “Cédulas de internacionalización” Index
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7 Updated GDP growth forecasts for 2026 point to similar growth rates to 2025 across most of our footprint though the outlook remains uncertain due to geographical and trade tensions Macroeconomic environment EMU UK US LatAm Source: IMF – January 2026 WEO. +1.3+1.4+0.9+0.6 +3.7 +6.4 202620252024202320222021 +2.2+2.4+2.4+2.4 +4.3 +7.4 202620252024202320222021 +2.4+2.1+2.8+2.9+2.5 +6.2 202620252024202320222021 +1.3+1.4+1.1+0.4 +4.8 +8.6 202620252024202320222021 ESTIMATED ANNUAL GDP GROWTH (real, %)
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8 Domestic demand will continue to drive the Spanish economy, which is expected to grow more moderately Macroeconomic environment ANNUAL GDP GROWTH (real, %) Source: INE. (1) End of period. +2.6+3.7 +2.2 +4.7 +6.7 -9.0 202520242023202220212020 2.0 3.0 4.0 2.0 -0.5-0.5 202520242023202220212020 +3.0+2.4 +3.3 +6.6 +5.8 -0.7 202520242023202220212020 9.910.611.813.013.4 16.1 202520242023202220212020 ANNUAL GDP GROWTH (real, %) INTEREST RATES1 (ECB deposit facility rate, %) ANNUAL INFLATION RATE1 (%) UNEMPLOYMENT RATE1 (%)
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9 Credit to the private sector is recovering due to the strong economic performance and lower interest rates Macroeconomic environment Source: Banco de España. Loans to Other Resident sectors. YoY (%) YoY (%) • Loans to the private sector continue to accelerate, with outstanding loans increasing 3.1% year-on-year in Nov-25 from +0.5% in the same period previous year. This reflects greater dynamism in demand, driven by interest rate cuts and the positive performance of the economy and employment. • In 2025, household mortgages increased further, driven by strong growth in new business volumes (+25% year-on-year) and lower early repayments (-1%) • Year-on-year, deposit growth remained stable, supported by the solid performance of demand deposits (+6.4%) while time deposits decreased (-2.0%), intensifying the shift in deposit mix from time to demand deposits • Overall, deposits increased by 5.0% year-on-year, driven by households (+4.8%) as well as non-financial corporations (+5.6%) 1,193 1,192 1,220 1,211 1,229 0.5% 1.6% 2.3% 2.6% 3.1% Nov-24 Mar-25 Jun-25 Sep-25 Nov-25 1,398 1,392 1,423 1,425 1,468 4.9% 4.6% 3.9% 5.1% 5.0% Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 TOTAL DEPOSITS (€ bn) TOTAL LOANS (€ bn)
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10 NPLs continue to trend downwards due to resilient economic performance and labour markets, decreasing debt service and banks’ proactive NPL portfolio management Macroeconomic environment Source: Banco de España Source: EBA Risk Dashboard 1.9% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% SPAIN MORTGAGE NPL RATIO (%) EUROPEAN BANKS TOTAL NPL RATIO BY COUNTRY (%) – Q3’25
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11 Despite moderating demand pressures, the increasing stock deficit continues to put pressure on prices Macroeconomic environment Finished houses: 2018: 41 2019: 57 2020: 65 2021: 70 2022: 69 2023: 69 2024: 79 Nov-25*: 70 (thousands) * Accumulated 12 months. (1) Source: Ministry of Development. (2) Source: Ministry of Development and Banco de España (appraisal methodology). (3) Source: ECB. Q3’25: 72.9 Base 100: Q3’07 “peak” Nov-25 vs. Nov-24: +7.7% 78 44 34 35 50 64 81 101 106 86 108 109 109 128 137 301 366 402 458 532 583 570 487 674 718 639 716 751 50 55 60 65 70 75 80 85 90 95 100 -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% Spain (INE) Spain (Ministry of Development) Eurozone Q3’25 / Q3’24: +9% (real terms) HOUSING STARTS (thousand units)1 TOTAL HOUSING SALES (thousand units)1 HOUSING PRICES (price index per m2 in real terms)2 RESIDENTIAL PROPERTY PRICES 1 (% YoY)3
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12 Macroeconomic environment Macroeconomic environment 2 2 Grupo Santander- Business Model Strategy- Santander España Grupo Santander - Business Model & Strategy - Santander España 3 3 Grupo Santander funding and liquidity Grupo Santander funding and liquidity 4 4 Mortgage Covered Bonds“Cédulas hipotecarias” Mortgage Covered Bonds “Cédulas hipotecarias” 5 5 Public Sector Covered Bonds “Cédulas territoriales” Public Sector Covered Bonds “Cédulas territoriales” 6 6 Appendix Appendix 7 7 1 1 ECA Covered Bonds“Cédulas de internacionalización” ECA Covered Bonds “Cédulas de internacionalización” Index
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13 Our business model continues to deliver for all our stakeholders Grupo Santander: Business Model & Strategy Our business model continues to deliver for all our stakeholders (1) As % of total operating areas, excluding the Corporate Centre. Contribution to Group revenue1 1. Customer focus Building a digital bank with branches We continue to build a digital bank with branches, with a multichannel offer to fulfil all our customers' financial needs. 180 mn total customers 2. Scale Global and in-market scale Our global and in-market scale helps us to improve our local banks' profitability, adding value and network benefits. Our activities are organized under five global businesses: Retail & Commercial Banking (Retail), Digital Consumer Bank (Consumer), Corporate & Investment Banking (CIB), Wealth Management & Insurance (Wealth) and Payments. 3. Diversification Business, geographical and balance sheet Well-balanced diversification between businesses and markets, with a solid and simple balance sheet that gives us recurrent net operating income, with low volatility and more predictable results. 106 mn active customers Retail 50% Consumer 21% CIB 13% Wealth 7% Payments 9% 2025 DCBE
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14 Grupo Santander: Business Model & Strategy All-time high profit, driven by our revenue performance and structural efficiency improvement from ONE Transformation… Delivering on our 2025 Group targets • 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. 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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15 Grupo Santander: Business Model & Strategy … while maintaining solid credit quality at the Group, global businesses and country levels % (1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months. % Dec-24 Sep-25 Dec-25 Retail 3.18 3.00 2.97 Consumer 5.07 5.29 5.32 CIB 0.83 0.70 0.69 Wealth 0.93 0.91 0.86 Payments 5.20 5.54 6.35 Spain 2.68 2.08 1.96 UK 1.33 1.09 1.08 Portugal 2.40 2.09 2.08 Poland 3.66 3.51 3.34 DCB Europe 2.50 2.70 2.53 US 4.72 4.71 4.85 Mexico 2.71 2.95 2.65 Brazil 6.14 6.58 6.82 Chile 5.37 5.54 5.73 Argentina 2.06 4.95 7.68 Dec-24 Sep-25 Dec-25 Retail 0.92 0.89 0.88 Consumer 2.16 2.06 2.10 CIB 0.09 0.10 0.15 Wealth 0.19 0.12 0.09 Payments 7.36 7.73 7.91 Spain 0.50 0.45 0.44 UK 0.03 0.03 0.07 Portugal 0.03 0.00 -0.02 Poland 1.38 0.79 0.71 DCB Europe 0.88 0.91 0.97 US 1.82 1.65 1.63 Mexico 2.64 2.62 2.69 Brazil 4.51 4.71 4.73 Chile 1.19 1.32 1.32 Argentina 4.59 6.24 7.34 NPL RATIOS COST OF RISK1
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16 SPAIN • Loans increased YoY (mainly CIB). Deposits grew across global businesses and products. Mutual funds up 15% • Profit +14% YoY with 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 • Continue to grow and develop our customer base, providing personalized answers to our customers' needs and the best experience, to become their main bank • Evolve our operating model towards a digital bank with branches, moving forward in the simplification of products and services, digitalization and the elimination of operational processes to focus on value creation 2025 results summary Grupo Santander: Santander España STRATEGIC PRIORITIES 2025 HIGHLIGHTS 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 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. Note: Dec-25 data and YoY changes Gross loans and advances to customers (excl. reverse repos). Customer deposits excluding repos.
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17For more information on the Group’s ratings see https://www.santander.com/en/shareholders-and-investors/fixed-income/ratings. Grupo Santander: Santander España Banco Santander , S.A. ratings Rating Date last change Direction last change Rating Date last change Direction last change Rating Date last change Direction last change Covered Bonds Aaa 03/10/2025 ↑ - - - AAAu 16/11/2023 ↑ Senior Debt A1 03/10/2025 ↑ A+ 16/12/2021 ↑ A+ 11/02/2025 ↑ Senior Non-preferred Baa1 27/09/2017 ↑ A- 06/04/2018 ↑ A 11/02/2025 ↑ Subordinated Baa2 26/06/2017 ↑ BBB+ 06/04/2018 ↑ BBB+ 11/02/2025 ↑ AT1 Ba1 11/05/2021 - BBB- 30/04/2024 - - - - Short Term Debt P-1 17/04/2018 ↑ A-1 06/04/2018 ↑ F1 17/07/2018 ↑ Moody's S&P Fitch
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18 Macroeconomic environment Macroeconomic environment 2 2 Grupo Santander- Business Model Strategy- Santander España Grupo Santander - Business Model & Strategy - Santander España 3 3 Grupo Santander funding and liquidity Grupo Santander funding and liquidity 4 4 Mortgage Covered Bonds“Cédulas hipotecarias” Mortgage Covered Bonds “Cédulas hipotecarias” 5 5 Public Sector Covered Bonds “Cédulas territoriales” Public Sector Covered Bonds “Cédulas territoriales” 6 6 Appendix Appendix 7 7 1 1 ECA Covered Bonds“Cédulas de internacionalización” ECA Covered Bonds “Cédulas de internacionalización” Index
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19 Well-funded, diversified, prudently managed and highly liquid balance sheet with large contribution from customer deposits, reflected in solid liquidity ratios Grupo Santander: Funding and Liquidity LIQUIDITY BALANCE SHEET o/w cash €151bn € 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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20 Conservative and decentralized liquidity and funding model Grupo Santander: Funding and Liquidity 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 in Chile, Portugal, Argentina, Poland, Mexico, Peru and Colombia. 3
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21 2025 issuances against funding plan Grupo Santander: Funding and Liquidity 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
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22 2026 issuances against funding plan Grupo Santander: Funding and Liquidity 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 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 1
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23 Stock of issuances is diversified across instruments and entities Grupo Santander: Funding and Liquidity €211.4bn Mortgage CB, €22.4bn , 20% Public Sector CB, €0.0bn , 0% ECA CB, €1.7bn , 2% Senior, €29.3bn , 26% Senior non- preferred, €37.7bn , 33% Tier 2 / Subordinated, €11.6bn , 10% AT1 / Preferred shares, €10.2bn , 9% €112.8bn GROUP OUTSTANDING DEBT BY TYPE Dec-25 BANCO SANTANDER, S.A. OUTSTANDING DEBT BY TYPE Dec-25 Senior; €70.7bn; 33% SNP; €60.3bn; 29% Covered Bond; €52.2bn; 25% Tier 2/Sub; €16.5bn; 8% AT1/Pref.; €11.5bn; 5%
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24 Macroeconomic environment Macroeconomic environment 2 2 Grupo Santander- Business Model Strategy- Santander España Grupo Santander - Business Model & Strategy - Santander España 3 3 Grupo Santander funding and liquidity Grupo Santander funding and liquidity 4 4 Mortgage Covered Bonds“Cédulas hipotecarias” Mortgage Covered Bonds “Cédulas hipotecarias” 5 5 Public Sector Covered Bonds “Cédulas territoriales” Public Sector Covered Bonds “Cédulas territoriales” 6 6 Appendix Appendix 7 7 1 1 ECA Covered Bonds“Cédulas de internacionalización” ECA Covered Bonds “Cédulas de internacionalización” Index
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25 Mortgage Covered Bonds are direct obligations of Banco Santander , S.A. collateralized by a segregated mortgage portfolio Banco Santander, S.A.’s mortgage portfolio has a low risk profile, focused on residential and first home financing… … and is well diversified by region and maturity with an adequate LTV Mortgage covered bonds show a high level of over-collateralization and are rated four notches above Banco Santander, S.A.: rated Aaa by Moody’s Both Banco Santander, S.A.’s segregated cover pool and mortgage covered bonds are 100% in EUR Mortgage CB represents 30% of Banco Santander, S.A.’s funding sources as of Dec-25 Mortgage covered bonds “Cédulas Hipotecarias” Santander is a relevant player in the Spanish mortgage business; a key commercial product in our customer-focused business model
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26 Retained In the market Collateralization rate Minimum required l Average loan size (€ k) 97.3 l Number of loans (thousand) 638 l Loan seasoning (years) 6.7 l Remaining loan maturity (years) 17.9 l Average cover pool LTV (%) 51 l Segregated portfolio >90 days due (%) 0.00 l Interest rate type: 52% fixed 48% floating € mn € mn Note: data as of Dec-25. Cover pool refers to primary assets. Deloitte is the appointed cover pool monitor. All assets and collateral are valued at amortized cost. 147% 105% Primary Assets, 62,017 Substitute Assets, 0 Liquid Assets, 4,342 €66,359mn Cover pool and issuance description under Royal Decree-Law 24/2021 22,638 22,366 45,004 Outstanding CH issuances Mortgage covered bonds “Cédulas Hipotecarias” SEGREGATED COVER POOL DESCRIPTION OUTSTANDING MORTGAGE COVERED BONDS DESCRIPTION
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27 High quality, low risk cover pool: low LTVs, focused on residential and first home financing … Note: data as of Dec-25. Cover pool refers to primary assets. (1) Finished and under construction buildings for residential purposes. (2) Includes other residential (0.3%). Cumulative (%)Outstanding by LTV Interval (%) 99% of household loans are for first homes2Weighted average LTV 51% 90% 89.4% 10% 0.4% 5.6% 1.8%2.7% Residential1 Commercial Land + other com. Retail Second homes First homes 6 21 37 36 0 27 64 100 100 0-20% 20-40% 40-60% 60-80% >80% Industrial Mortgage covered bonds “Cédulas Hipotecarias” SEGREGATED COVER POOL BY LTV SEGREGATED COVER POOL PROPERTY TYPE 2
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28 Madrid Catalonia GaliciaBalearic Islands Castile and Leon Basque Country Aragon, Navarre, La Rioja Cantabria Asturias Andalusia Valencian Community Canary Islands Castile-La Mancha, Extremadura Murcia ... concentrated in urban areas with lower unemployment rates Regions with unemployment rates < Spain’s average Regions with unemployment rates > Spain’s average % Back-bookRegions Note: data as of Dec-25. Cover pool refers to primary assets. (1) Andalusia includes Ceuta and Melilla. 66% 34% Madrid 26.8 Catalonia 18.3 Andalusia 16.6 Valencian Community 7.3 Canary Islands 4.7 Galicia 4.4 Balearic Islands 4.0 Castile and Leon 3.5 Basque Country 3.2 Castile La Mancha 2.6 Aragon 2.0 Cantabria 1.7 Murcia 1.5 Extremadura 1.4 Asturias 1.1 Navarre 0.7 La Rioja 0.3 1 1 Mortgage covered bonds “Cédulas Hipotecarias”
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29 0.1 0.03 17.0 5.50.4 5.0 0.8 3.8 5.4 27.6 55.4 8.7 4.9 3.7 10.6 3.2 2026 2027 2028-32 >=2033 Segregated cover pool CH - retained CH - market Manageable maturity profile % total outstanding Average tenor 6 years 2028-2032 11% 9% 61% 19% 2026≥2033 100% of the cover pool and issuances are in euros € bn 2027 Note: data as of Dec-25. Cover pool refers to primary assets. Mortgage covered bonds “Cédulas Hipotecarias” DISTRIBUTION OF MORTGAGE CB BY MATURITY MATURITY PROFILE OF SEGREGATED COVER POOL AND MORTGAGE CB ISSUANCES
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30 Liquidity buffer (under Royal Decree-Law 24/2021) Royal Decree-Law 24/2021 establishes that the cover pool shall at all times include a liquidity buffer composed of HQLAs available to cover the maximum net cumulative outflow from the covered bond programme over a 180-day horizon. Mortgage covered bonds “Cédulas Hipotecarias” CASH FLOW PROJECTION Liquidity buffer 180 days €4,342mn Level 1 Liquidity buffer composition (€mn) 4,342 4,342 HQLAs Note: The liquidity buffer covered a net accumulated outflow due on 06 February 2026 due to a bond redemption.
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31 Macroeconomic environment Macroeconomic environment 2 2 Grupo Santander- Business Model Strategy- Santander España Grupo Santander - Business Model & Strategy - Santander España 3 3 Grupo Santander funding and liquidity Grupo Santander funding and liquidity 4 4 Mortgage Covered Bonds“Cédulas hipotecarias” Mortgage Covered Bonds “Cédulas hipotecarias” 5 5 Public Sector Covered Bonds “Cédulas territoriales” Public Sector Covered Bonds “Cédulas territoriales” 6 6 Appendix Appendix 7 7 1 1 ECA Covered Bonds“Cédulas de internacionalización” ECA Covered Bonds “Cédulas de internacionalización” Index
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32 ECA covered Bonds are direct obligations of Banco Santander , S.A. collateralized by ECA Loans1 Banco Santander, S.A.’s ECA loan portfolio has a very low risk profile, as all loans are guaranteed by ECAs who act on behalf of their respective sovereigns or directly by a sovereign or multilateral institution, … … and is well diversified by borrowers, guarantors, country and maturity ECA covered bonds show a high level of over-collateralization… …and are rated four notches above Banco Santander, S.A. - rated Aaa by Moody’s ECA covered bonds “Cédulas de Internacionalización” Santander was the global leader in the ECA business in 20253 and in 2025 Santander issued €0.7bn in ECA covered bonds placed in market under Spanish legislation (1) ECA = Export Credit Agencies, acting on behalf of the respective governments, offer guarantees and other services to facilita te domestic companies' international exports. (2) ECA Loans are Public Sector Assets eligible under article 25 of Spanish Royal Decree -law 24/2021 on covered bonds, in connection with a) or b) of art 129.1 of CRR. (3) Dealogic: Global ECA Financing Volume by MLA FY 2025. “European Covered Bond (Premium)” label. ECB Eligible Marketable Assets. LCR eligible HQLA Level 1 (if issuance ≥€500mn) and Covered Bond Label Compliant under eligible Public Sector Assets2
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33 € mn Collateralization rate Retained Minimum required € mn In the market ECA covered bonds “Cédulas de Internacionalización” Primary Assets, 14,673 Substitute Assets, 0 Liquid Assets, 0 l Average loan size (€ mn) 28.2 l Number of loans 521 l Loan seasoning (years) 1.5 l Remaining loan maturity (years) 9.8 l Loans > 90 days past due (%) 0.0 l Interest rate type: 16% fixed 84% floating 7,674 1,698 9,372 Outstanding ECA issuances €14,673mn 105% 157% Cover pool and issuance description under Royal Decree-Law 24/2021 2 Note: data as of Dec-25. Cover pool refers to primary assets. (1) Deloitte is the appointed cover pool monitor. All assets and collateral are valued at amortized cost. (2) Primary Assets are informed using the guaranteed value by the ECA, sovereign or Multilateral Institution. COVER POOL DESCRIPTION1 ECA COVERED BONDS DESCRIPTION
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34 17.0% 8.5% 8.3% 6.5% 4.0% 2.2% 2.0% 1.7% 0.9% 0.2% 0.2% 0.1% 1.4% 1.8% 0.1% 2.0% 26.8% 4.7% 8.7% 2.9% Italy Spain France Denmark Germany Poland Sweden Finland Netherlands Belgium Austria Croatia Mult. Inst., 0% RW Norway, AAA Switzerland, AAA US, AA+ Republic of Korea, AA UK, AA Qatar, AA China, A+ 100% of eligible cover pool primary assets guaranteed by an ECA, a sovereign or Multilateral Institution Note: data as of Dec-25. Cover pool refers to primary assets. (1) ECA: Export credit agency; Mult. Inst.: Multilateral Institution. EU sovereigns and EU ECAs are directly eligible. Non-EU ECAs and Multilateral Institutions are eligible if Step 1 (unlimited) or Step 2 (max 20%). ECA covered bonds “Cédulas de Internacionalización” EU ECA, 51.6% Aaa*, 3.3% AA+, 2.0% AA, 40.2% A+, 2.9% Step 1 Step 2EU ECA * Aaa or equivalent ECA1 COUNTRY DISTRIBUTION BY RATING COVER POOL DISTRIBUTION BY ECA RATING
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35 Highly diversified borrower base in terms of country and concentration ECA covered bonds “Cédulas de Internacionalización” 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 20 40 60 80 100 120 140 160 180 200 Cover Pool Number of Borrowers 14.2% 12.9% 12.7% 5.5% 4.6% 4.5% 3.9% 3.8% 3.6% 3.3% 2.8% 2.7% 2.2% 1.9% 1.8% 1.5% 1.4% 1.2% 1.1% 1.0% 13.4% Poland Qatar UK United States United Arab Emirates Spain Panama Liberia Netherlands France Brazil Mexico Saudi Arabia Chile Indonesia Malaysia Angola Oman Colombia Bermuda Others Note: data as of Dec-25. Cover pool refers to primary assets. BORROWER COUNTRY DISTRIBUTION BORROWER CONCENTRATION DISTRIBUTION
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36 Low risk and balanced composition in terms of maturity profile, … € mn% total outstanding ECA covered bonds “Cédulas de Internacionalización” 47% 53% 245 491 5,183 8,753 0 4,432 3,241 0 1,698 4,939 2026 2027 2028-32 >=2033 Cover pool ECA CB - retained ECA CB - market 2027 Average tenor 3 years Note: data as of Dec-25. Cover pool refers to primary assets. 2028-32 DISTRIBUTION OF ECA CBS BY MATURITY MATURITY PROFILE OF COVER POOL AND ECA COVERED BONDS
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37 … currency distribution … ECA covered bonds “Cédulas de Internacionalización” 6,817 5,572 6,102 3,800 1,310 0 444 0 Cover pool ECA covered bonds € mn Note: data as of Dec-25. Cover pool refers to primary assets. (1) Includes: AUD, CHF, COP, MXN, NOK, and PLN. COVER POOL AND ECA COVERED BOND CURRENCY DISTRIBUTION
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38 … and interest rate profile with a high-quality book ECA covered bonds “Cédulas de Internacionalización” 84% 84% 16% 16% Assets (Cover pool) Liabilities (ECA CBs) Floating Fixed 554 563 590 579 603 588 599 610 574 557 533 546 573 579 579 646 640 621 593 572 550 521 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total >90 days past due % balance sheet, Dec-25 # of loans Note: cover pool assets refers to primary assets. INTEREST RATE PROFILE ECA LOAN ASSET QUALITY
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39 Liquidity buffer (under Royal Decree-Law 24/2021) ECA covered bonds “Cédulas de Internacionalización” Royal Decree-Law 24/2021 establishes that the cover pool shall at all times include a liquidity buffer composed of HQLAs available to cover the maximum net cumulative outflow from the covered bond programme over a 180-day horizon. CASH FLOW PROJECTION Liquidity buffer 180 days €0mn As of 31 December 2025, no liquidity buffer was required to be set up for the ECA covered bonds programme, since there was no net accumulated outflow on the relevant 180 days period
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40 Macroeconomic environment Macroeconomic environment 2 2 Grupo Santander- Business Model Strategy- Santander España Grupo Santander - Business Model & Strategy - Santander España 3 3 Grupo Santander funding and liquidity Grupo Santander funding and liquidity 4 4 Mortgage Covered Bonds“Cédulas hipotecarias” Mortgage Covered Bonds “Cédulas hipotecarias” 5 5 Public Sector Covered Bonds “Cédulas territoriales” Public Sector Covered Bonds “Cédulas territoriales” 6 6 Appendix Appendix 7 7 1 1 ECA Covered Bonds“Cédulas de internacionalización” ECA Covered Bonds “Cédulas de internacionalización” Index
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41 Cédulas territoriales are direct obligations of Banco Santander , S.A. collateralized by its public sector portfolio Banco Santander, S.A.’s public sector portfolio is focused on autonomous regions and local governments… … and is well diversified by region and maturity with a low risk profile Santander’s public sector covered bonds have a higher rating (Aaa by Moody’s) than Santander’s long-term senior unsecured (A2 by Moody’s) Recent issuances have been retained for use as collateral Public sector covered bonds “Cédulas Territoriales” Santander is a relevant player in the Spanish public sector business
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42 Retained In the market Collateralization rate Minimum required € mn € mn Note: data as of Dec-25. Cover pool refers to primary assets. Deloitte is the appointed cover pool monitor. All assets and collateral are valued at amortized cost. 1,500 0 1,500 Outstanding CT issuances 105% 492% Cover pool and issuance description under Royal Decree-Law 24/2021 Primary Assets, 7,382 Substitute Assets, 0 Liquid Assets, 0 €7,382mn l Average loan size (€ mn) 18.9 l Number of loans 390 l Loan seasoning (years) 3.2 l Remaining loan maturity (years) 8.0 l NPL ratio (%) 0.00 l Interest rate type: 77% fixed 23% floating Public sector covered bonds “Cédulas Territoriales” COVER POOL DESCRIPTION PUBLIC SECTOR COVERED BONDS DESCRIPTION
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43 Madrid Castile and Leon Galicia, Asturias Catalonia Canary Islands Extremadura Basque Country Andalusia Castile-La Mancha Cantabria Aragon, Navarre, La Rioja Balearic Islands Valencian Community, Murcia Regional distribution of cover pool % Back BookRegions Madrid 17.2% Castile and Leon 17.1% Galicia, Asturias 13.1% Catalonia 12.5% Canary Islands 10.7% Extremadura 6.8% Basque Country 5.4% Andalusia 5.0% Castile-La Mancha 4.6% Cantabria 2.7% Aragon, Navarre, La Rioja 2.7% Balearic Islands 1.6% Valencian Community, Murcia 0.7% Note: data as of Dec-25. Cover pool refers to primary assets. (1) Andalusia includes Ceuta and Melilla. 1 1 Public sector covered bonds “Cédulas Territoriales”
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44 Type of exposure and borrower concentration of cover pool Spain Central Government 0.6% Regional/federal state1 Government 91.4% Local Government 8.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 10 20 30 40 50 60 70 80 90 100 Cover Pool Number of Borrowers Note: data as of Dec-25. Cover pool refers to primary assets. (1) Administraciones regionales or autonómicas. Public sector covered bonds “Cédulas Territoriales” TYPE OF EXPOSURE BORROWER CONCENTRATION
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45 Comfortable maturity profile % total outstanding Average tenor 273 288 500 2,390 1,000 4,430 2026 2027 2028-32 >=2033 Cover pool CT - retained CT - market 33% 67% 2028-2032 4 years 100% of the cover pool and issuances are in euros € mn 2027 Note: data as of Dec-25. Cover pool refers to primary assets. Public sector covered bonds “Cédulas Territoriales” DISTRIBUTION OF PUBLIC SECTOR CB BY MATURITY MATURITY PROFILE OF COVER POOL AND PUBLIC SECTOR CB ISSUANCES
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46 Liquidity buffer (under Royal Decree-Law 24/2021) Liquidity buffer 180 days €0mn Public sector covered bonds “Cédulas Territoriales” Royal Decree-Law 24/2021 establishes that the cover pool shall at all times include a liquidity buffer composed of HQLAs available to cover the maximum net cumulative outflow from the covered bond programme over a 180-day horizon. CASH FLOW PROJECTION As of 31 December 2025, no liquidity buffer was required to be set up for the Public Sector Covered Bonds programme, since there was no net accumulated outflow on the relevant 180 days period
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47 Macroeconomic environment Macroeconomic environment 2 2 Grupo Santander- Business Model Strategy- Santander España Grupo Santander - Business Model & Strategy - Santander España 3 3 Grupo Santander funding and liquidity Grupo Santander funding and liquidity 4 4 Mortgage Covered Bonds“Cédulas hipotecarias” Mortgage Covered Bonds “Cédulas hipotecarias” 5 5 Public Sector Covered Bonds “Cédulas territoriales” Public Sector Covered Bonds “Cédulas territoriales” 6 6 Appendix Appendix 7 7 1 1 ECA Covered Bonds“Cédulas de internacionalización” ECA Covered Bonds “Cédulas de internacionalización” Index
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48 Mortgage Covered Bonds - outstanding issuances Appendix – Banco Santander, S.A. issuances by ISIN ISIN Currency Outstanding Amount Issuance Date Expected Maturity Extended Maturity Interest Rate Type Coupon Type of Structure Retained / Market ES0413900129 EUR 1,500,000,000 06/02/2006 06/02/2026 N/A Fixed 3.88% Hard bullet Market ES0413900160 EUR 1,500,000,000 04/05/2007 04/05/2027 N/A Fixed 4.63% Hard bullet Market ES0413790264 EUR 14,700,000 03/07/2013 28/06/2029 N/A Fixed 5.28% Hard bullet Market ES0413900376 EUR 1,250,000,000 27/11/2014 27/11/2034 N/A Fixed 2.00% Hard bullet Market ES0413900392 EUR 1,000,000,000 25/01/2016 25/01/2026 N/A Fixed 1.50% Hard bullet Market ES0413900400 EUR 393,000,000 29/02/2016 29/02/2036 N/A Fixed 2.04% Hard bullet Market ES0413900418 EUR 100,000,000 22/03/2016 22/03/2028 N/A Fixed 1.52% Hard bullet Market ES0413900400 EUR 107,000,000 18/04/2016 29/02/2036 N/A Fixed 2.04% Hard bullet Market ES0413900400 EUR 165,000,000 28/04/2016 29/02/2036 N/A Fixed 2.04% Hard bullet Market ES0413900400 EUR 142,000,000 05/05/2016 29/02/2036 N/A Fixed 2.04% Hard bullet Market ES0413900400 EUR 100,000,000 24/05/2016 29/02/2036 N/A Fixed 2.04% Hard bullet Market ES0413900509 EUR 12,500,000 29/11/2017 29/11/2029 N/A Floating 6m Euribor +0.16% Hard bullet Retained ES0413900533 EUR 1,000,000,000 25/10/2018 25/10/2028 N/A Fixed 1.13% Hard bullet Market ES0413900558 EUR 1,500,000,000 09/05/2019 09/05/2031 N/A Fixed 0.88% Hard bullet Market ES0413900566 EUR 1,500,000,000 10/07/2019 10/07/2029 N/A Fixed 0.25% Hard bullet Market ES0413900574 EUR 1,750,000,000 04/12/2019 04/06/2030 N/A Fixed 0.125% Hard bullet Market ES0413900582 EUR 250,000,000 19/02/2020 19/02/2030 N/A Fixed 0.050% Hard bullet Retained ES0413900608 EUR 1,250,000,000 27/02/2020 27/02/2032 N/A Fixed 0.100% Hard bullet Market ES0413900699 EUR 500,000,000 01/10/2020 01/10/2032 N/A Fixed 0.010% Hard bullet Retained ES0413900723 EUR 4,000,000,000 22/06/2021 22/06/2031 N/A Fixed 0.180% Hard bullet Retained ES0413900731 EUR 2,000,000,000 29/06/2021 29/06/2031 N/A Fixed 0.190% Hard bullet Retained ES0413900749 EUR 4,000,000,000 06/07/2021 06/07/2031 N/A Fixed 0.180% Hard bullet Retained ES0413900756 EUR 220,000,000 08/07/2021 08/07/2031 N/A Fixed 0.180% Hard bullet Retained ES0413900764 EUR 750,000,000 23/07/2021 23/07/2031 N/A Fixed 0.020% Hard bullet Retained ES0413900780 EUR 750,000,000 21/12/2021 21/12/2031 N/A Floating 6m Euribor+0.05% Hard bullet Retained ES0413900806 EUR 1,000,000,000 10/02/2022 10/02/2032 N/A Floating 6m Euribor+0.06% Hard bullet Retained ES0413900814 EUR 1,500,000,000 07/03/2022 07/03/2032 N/A Floating 6m Euribor+0.09% Hard bullet Retained ES0413900848 EUR 2,250,000,000 08/09/2022 08/09/2027 08/09/2028 Fixed 2.375% Soft bullet Market ES0413900855 EUR 1,250,000,000 08/09/2022 08/09/2032 08/09/2033 Fixed 2.750% Soft bullet Market ES0413900863 EUR 1,000,000,000 20/09/2022 20/09/2030 20/09/2031 Floating 6m Euribor+0.36% Soft bullet Retained ES0413900871 EUR 1,000,000,000 20/09/2022 20/09/2032 20/09/2033 Floating 6m Euribor+0.41% Soft bullet Retained ES0413900889 EUR 500,000,000 20/09/2022 20/09/2033 20/09/2034 Floating 6m Euribor+0.44% Soft bullet Retained ES0413900905 EUR 2,500,000,000 11/01/2023 11/01/2026 11/01/2027 Fixed 3.375% Soft bullet Market ES0413900913 EUR 1,000,000,000 11/01/2023 11/01/2030 11/01/2031 Fixed 3.375% Soft bullet Market ES0413900962 EUR 1,500,000,000 06/03/2025 06/03/2034 06/03/2035 Floating Euribor6M+0.51% Soft bullet Retained ES0413900970 EUR 1,500,000,000 03/04/2025 03/04/2037 03/04/2038 Floating Euribor6M+0.60% Soft bullet Retained ES0413900996 EUR 2,000,000,000 21/05/2025 21/05/2040 21/05/2041 Floating Euribor6M+0.64% Soft bullet Retained ES04139000A7 EUR 1,250,000,000 14/07/2025 14/07/2029 14/07/2030 Fixed 2.375% Soft bullet Market ES04139000B5 EUR 1,000,000,000 14/07/2025 14/07/2033 14/07/2034 Fixed 2.875% Soft bullet Market
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49 Public Sector Covered Bonds - outstanding issuances Appendix – Banco Santander, S.A. issuances by ISIN ISIN Currency Outstanding Amount Issuance Date Expected Maturity Extended Maturity Interest Rate Type Coupon Type of Structure Retained / Market ES0413900673 EUR 500,000,000 08/06/2020 08/06/2027 N/A Fixed 0.07% Hard Bullet Retained ES0413900798 EUR 500,000,000 26/01/2022 26/01/2032 N/A Floating 6m Euribor+0.09% Hard Bullet Retained ES0413900897 EUR 500,000,000 20/09/2022 20/09/2031 20/09/2032 Floating 6m Euribor+0.39% Soft Bullet Retained
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50 ECA Covered Bonds - outstanding issuances Appendix – Banco Santander, S.A. issuances by ISIN ISIN Currency Outstanding Amount Issuance Date Expected Maturity Extended Maturity Interest Rate Type Coupon Type of Structure Retained / Market ES0413900640 EUR 1,200,000,000 17/04/2020 17/04/2027 N/A Floating 6m Euribor+0.35% Hard Bullet Retained ES0413900657 USD 3,800,000,000 17/04/2020 17/04/2027 N/A Floating SOFR CMP 6M + 0.92826% Hard Bullet Retained ES0413900707 USD 1,000,000,000 04/03/2021 04/09/2030 N/A Floating SOFR CMP 6M + 0.55942% Hard Bullet Retained ES0413900921 USD 1,500,000,000 23/01/2023 23/01/2030 23/01/2031 Floating SOFR+0.98% Soft Bullet Retained ES0413900939 EUR 500,000,000 14/02/2023 14/02/2028 14/02/2029 Fixed 3.250% Soft Bullet Market ES0413900947 EUR 500,000,000 28/05/2024 28/05/2029 28/05/2030 Fixed 3.125% Soft Bullet Market ES0413900954 EUR 1,100,000,000 17/10/2024 17/10/2029 17/10/2030 Floating 6m Euribor+0.38% Soft Bullet Retained ES0413900988 EUR 500,000,000 13/05/2025 13/05/2030 13/05/2031 Fixed 2.500% Soft Bullet Market ES04139000C3 USD 250,000,000 20/11/2025 20/11/2030 20/11/2031 Floating SOFR CMP 6M+0,53% Soft Bullet Market
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51 Spanish system – outstanding covered bonds Appendix – System volumes and issuances Source: ECBC Fact Book 2025 (AIAF, Bloomberg, Reuters, Moody’s, Fitch, S&P, ECBC) Note: Please note that the breakdown public vs private placements is an estimation made by the ECBC. Please also note that the methodology used for counting the number of issuers has changed. Until 2011, the number of "new issuers" included the new financial institutions established as part of the restructuring of the Spanish banking sector whose inaugural issue occurred during the year of reporting. The number of issuers also included all the former financial institutions with outstanding covered bonds at the end of each year - even if, as a consequence of the aforementioned restructuring, they were integrated into a new one - along with the new institutions. From 2012 onwards, however, only the new entities are reported as active issuers. Outstanding (in EUR million) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total Covered Bonds Outstanding Public Sector 28,505 26,887 25,362 18,362 20,763 18,262 17,544 12,585 13,040 8,290 Mortgage 252,383 232,456 216,498 213,253 220,689 231,143 216,808 188,958 191,825 188,626 Ships - - - - - - - - - - Others - - - - 1,500 7,397 8,522 7,300 10,009 11,586 Total Outstanding 280,888 259,344 241,860 231,615 242,952 256,802 242,874 208,843 214,875 208,502 Of which, total Sustainable CB n.a. n.a. n.a. n.a. 2,000 2,100 2,800 3,300 3,300 3,300 Public Placements Benchmark (1bn and above) 156,845 129,777 107,096 96,706 89,506 83,910 72,246 63,346 62,196 57,446 Benchmark (500mn - below 1bn) 11,690 12,190 10,190 9,850 4,410 3,510 3,460 2,800 2,850 8,400 Others (below 500mn) - - - - 5,000 6,282 4,000 4,000 3,500 85 Private Placements 112,352 117,376 124,574 125,059 144,036 163,100 163,169 138,697 146,329 142,572 Total 280,888 259,344 241,860 231,615 242,952 256,802 242,874 208,843 214,875 208,502 Denominated in Euro 279,969 258,395 241,860 231,615 242,319 252,946 237,833 203,469 208,356 200,819 Denominated in domestic currency - - - - - - - - - Denominated in other currencies 919 949 - - 633 3,856 5,041 5,374 6,518 7,683 Total 280,888 259,344 241,860 231,615 242,952 256,802 242,874 208,843 214,874 208,502 Hard Bullet 280,888 259,344 241,860 231,615 242,952 256,802 242,874 199,993 183,195 162,441 Soft Bullet - - - - - - - 8,850 31,680 46,061 Conditional Pass Through - - - - - - - - - - Total 280,888 259,344 241,860 231,615 242,952 256,802 242,874 208,843 214,875 208,502 Outstanding fixed coupon 181,033 160,646 138,141 126,806 127,707 135,264 116,481 94,122 95,610 92,266 Outstanding floating coupon 99,855 98,698 103,299 104,450 115,245 121,538 126,394 114,721 119,265 116,236 Outstanding other - - 421 359 - - - - - - Total 280,888 259,344 241,860 231,615 242,952 256,802 242,874 208,843 214,875 208,502
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52 Spanish system – covered bond issuance Appendix – System volumes and issuances Source: ECBC Fact Book 2025 (AIAF, Bloomberg, Reuters, Moody’s, Fitch, S&P, ECBC) Note: Please note that the breakdown public vs private placements is an estimation made by the ECBC. Please also note that the methodology used for counting the number of issuers has changed. Until 2011, the number of "new issuers" included the new financial institutions established as part of the restructuring of the Spanish banking sector whose inaugural issue occurred during the year of reporting. The number of issuers also included all the former financial institutions with outstanding covered bonds at the end of each year - even if, as a consequence of the aforementioned restructuring, they were integrated into a new one - along with the new institutions. From 2012 onwards, however, only the new entities are reported as active issuers. Issuance (in EUR million) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total Covered Bonds Issuance Public Sector 10,400 7,250 350 800 800 2,900 1,000 2,000 750 - Mortgage 31,375 31,393 30,000 19,935 19,435 14,560 12,720 22,350 22,550 17,500 Ships - - - - - - - - - - Others - - - - 1,500 5,897 880 - 3,380 2,322 Total Issuance 41,775 38,643 30,350 20,735 21,735 23,357 14,600 24,350 26,680 19,822 Of which, Sustainable CB Issuance n.a. n.a. n.a. n.a. - 100 700 500 500 - Public Placements Benchmark (1bn and above) 15,000 11,536 2,600 3,625 5,750 3,500 - 4,500 6,000 1,000 Benchmark (500mn - below 1bn) 4,750 2,000 - 1,500 750 - 700 750 750 1,850 Others (below 500mn) - - - - 500 - - 500 1,500 - Private Placements 22,025 25,107 27,750 15,610 14,735 19,857 13,900 18,600 18,430 16,972 Total 41,775 38,643 30,350 20,735 21,735 23,357 14,600 24,350 26,680 19,822 Denominated in Euro 41,775 38,643 30,350 20,735 21,735 20,260 13,720 24,350 25,300 19,100 Denominated in domestic currency - - - - - - - - - - Denominated in other currencies - - - - - 3,097 880 - 1,380 722 Total 41,775 38,643 30,350 20,735 21,735 23,357 14,600 24,350 26,680 19,822 Hard Bullet 41,775 38,643 30,350 20,735 21,735 23,357 14,600 17,100 850 7,250 Soft Bullet - - - - - - - 7,250 25,830 12,572 Conditional Pass Through - - - - - - - - - - Total 41,775 38,643 30,350 20,735 21,735 23,357 14,600 24,350 26,680 19,822 Issuance fixed coupon 23,837 25,043 10,198 5,821 7,760 9,060 12,970 6,750 10,850 4,450 Issuance floating coupon 17,938 13,600 20,152 14,914 13,975 14,297 1,630 17,600 15,830 15,372 Issuance other - - - - - - - - - - Total 41,775 38,643 30,350 20,735 21,735 23,357 14,600 24,350 26,680 19,822
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53 Glossary • AT1: Additional tier 1 debt • bn: Billion • bps: Basis points • CB: Covered bond • CET1: Common equity tier 1 • CH: Cédula hipotecaria (mortgage covered bond) • CIB: Corporate & Investment Banking • Consumer: Digital Consumer Bank • CoR: Cost of risk* • CT: Cédula territorial (public sector covered bond) • DCB Europe: Digital Consumer Bank Europe • ECA: Export credit Agency • ECB: European Central Bank • EMU: European Monetary Union • EU: European Union • FL: Fully-loaded • FY: Full year • GDP: Gross domestic product • HQLA: High quality liquid assets • IMF: International Monetary Fund • LCR: Liquidity coverage ratio* • LLP: loan-loss provision • LTV: loan-to-value ratio • mn: million • MREL: Minimum requirement for own funds and eligible liabilities • NII: Net interest income • NPL: Non-performing loans • NSFR: Net stable funding ratio • Payments: PagoNxt and Cards • P&L: Profit and loss • PBT: Profit before tax • pp: percentage points • QoQ: Quarter-on-quarter • Retail: Retail & Commercial Banking • RoTE: Return on tangible equity* • RWA: Risk-weighted asset • SCF: Santander Consumer Finance • SHUSA: Santander Holding USA • SME: Small and Medium Enterprises • SNP: Senior non-preferred • T2: Tier 2 debt • TLAC: Total loss-absorbing capacity • YoY: Year-on-year • Wealth: Wealth Management & Insurance Appendix – Glossary * See definitions on the next slide.
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54 Glossary - Definitions PROFITABILITY AND EFFICIENCY • RoTE (Return on tangible equity): Profit attributable to the parent (annualized)1/ Average stockholders' equity2 (excl. minority interests) - intangible assets • RoTE (post-AT1): Profit attributable to the parent minus AT1 costs (annualized)1 / Average stockholders' equity2 (excl. minority interests) - intangible assets • RoRWA (Return on risk-weighted assets): Consolidated profit (annualized) / Average risk-weighted assets • Efficiency: Underlying operating expenses / Underlying total income. Operating expenses defined as administrative expenses + amortization s 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 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. Note: the averages for the RoTE, RoTE post-AT1 and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from using daily balances. The risk-weighted assets included in the denominator of the RoRWA metric are calculated in line with the criteria laid out in th e CRR (Capital Requirements Regulation) (1) Excluding the adjustment to the valuation of goodwill. (2) Stockholders’ equity = Capital and Reserves + Accumulated other comprehensive income + Profit attributable to the parent + Di vidends. For the financial Sustainability indicators, please see ‘Alternative Performance Measures’ section of the Quarterly Financial Report. Appendix – Glossary
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