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BANCO SANTANDER, S.A. COVERED BONDS INVESTORS PRESENTATION H1’26 Mortgage covered bonds “Cédulas Hipotecarias” Export Finance covered bonds “Cédulas de Internacionalización” Public sector covered bonds “Cédulas Territoriales”
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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, other companies, including some in our industry, 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 2025 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 27 February 2026 (https://www.santander.com/content/dam/santander-com/es/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2026/sec-2025- annual-20-f-2025-disponible-solo-en-ingles-es.pdf), except with respect to the information and the audited financial statements included therein and superseded by the information and the audited financial statements included in our Report on Form 6-K furnished to the SEC on 1 April 2026 relating to certain recast financial information as a result of certain changes to the presentation of the Group’s financial information (https://www.santander.com/content/dam/santander-com/en/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2026/sec-recast-of-certain-financial-information-and- related-disclosure-for-the-three-years-ended-31-december-2025-en.pdf), as well as the section “Alternative performance measures” of our second quarter financial report, which was published on 22 July 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 armed conflicts in Ukraine and the Middle East, or the outbreak of public health emergencies in the global economy) in areas where we have significant operations or investments; • 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;
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3 Important information • acquisitions, integrations, divestitures and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters; • reputational risk and potential adverse reactions of stakeholders, including adverse effects on the market price of our securities • 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; • 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. 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 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 presentation is based solely on information currently available to us and speaks only as of the date on which it is made.
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4 Important information 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. No offer or solicitation This presentation 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 presentation. By making this presentation available, no advice or recommendation is being given to buy, sell or otherwise deal in any securities or investments whatsoever. 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 previous periods. Nothing mentioned in this presentation should be taken as a profit and loss forecast. Third Party Information Regarding the data provided by third parties, neither Santander, nor any of its directors, managers or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in by any means, Santander may introduce any changes it deems suitable, and may omit, partially or completely, any of the elements of this presentation, and in case of any deviation, Santander assumes no liability for any discrepancy.
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5 Key highlights (1) Source: IMF – July 2026 WEO Update. (2) H1’26 contribution to Group revenue, as % of total operating areas, excluding the Corporate Centre. (3) Provisional data. Group LCR. Consolidated LCR was 146%. See definitions in the appendix. (4) Mar-26. In general, the world’s major economies are expected to post moderate growth in 2026. The IMF’s updated 2026 GDP estimate for global growth is slightly lower at 3.0% (3.5% in 2025), reflecting effects of the conflict in the Middle East. However, underlying trends are generally positive across our footprint as resilient demand, easing financial conditions and AI-related investment offset impacts from higher energy prices and uncertainty. Expected annual GDP Growth in 2026 1 +0.9% +1.0% +2.3% +2.4% MACROECONOMIC ENVIRONMENT Diversification 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. 55% 21% 15% 7% 2% BUSINESS MODEL & STRATEGY Openbank Retail CIB Wealth Payments Liquidity ratios – Jun - 26 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. HQLAs3 Level 1 €319bn Group LCR3 155% NSFR4 122% GRUPO SANTANDER FUNDING AND LIQUIDITY Mortgage Covered Bonds Export Finance Covered Bonds Public Sector Covered Bonds • Mortgages are a key commercial product. Mortgage CB account for 28% of Banco Santander, S.A.’s funding sources as of Jun-26. • Santander was the global leader in the Export Finance 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. Ratings by Moody’s Mortgage CBs Aaa AaaExport Finance CBs AaaPublic Sector CBs
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Index 2 2 3 3 Grupo Santander funding and liquidity Grupo Santander funding and liquidity 4 4 Mortgage Covered Bonds “Cédulas hipotecarias” Mortgage Covered Bonds “Cédulas hipotecarias” Public Sector Covered Bonds“Cédulas territoriales” Public Sector Covered Bonds “Cédulas territoriales” 6 6 Appendix Appendix 7 7 Macroeconomic environment Macroeconomic environment 1 1 5 5 Export Finance Covered Bonds“Cédulas de internacionalización” Export Finance Covered Bonds “Cédulas de internacionalización” Grupo Santander Business Model Strategy Santander España Grupo Santander - Business Model & Strategy - Santander España
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7 GDP growth remains resilient across our footprint in 2026 despite geopolitical headwinds Macroeconomic environment EMU UK US LatAm Source: IMF – July 2026 WEO Update. +0.9+1.4+1.0 +0.4 +3.6 +6.4 202620252024202320222021 +2.4+2.4+2.4+2.3 +4.3 +7.5 202620252024202320222021 +2.3+2.1 +2.8+2.9+2.5 +6.2 202620252024202320222021 +1.0+1.4+1.0 +0.3 +5.2 +8.5 202620252024202320222021 Estimated Annual GDP Growth (real, %)
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8 Robust growth in the Spanish economy, despite the external environment Macroeconomic environment Source: INE. Latest available. (1) End of period. +2.7+2.6 +3.7 +2.2 +4.7 +6.7 Q1'2620252024202320222021 2.32.0 3.0 4.0 2.0 -0.5 Q2'2620252024202320222021 +3.2+3.0 +2.4 +3.3 +6.6 +5.8 Q2'2620252024202320222021 9.99.910.6 11.8 13.013.4 Q2'2620252024202320222021 ANNUAL GDP GROWTH (real, %) ANNUAL INFLATION RATE 1 (%) INTEREST RATES 1 (ECB deposit facility rate, %) UNEMPLOYMENT RATE 1 (%)
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9 Credit to the private sector continues to grow, but passive deleveraging continues Macroeconomic environment • During Q2’26, deposits continued to grow at a steady pace, driven by overnight deposits (+4.9% YoY) and a recovery in time deposits (+5.6% YoY), suggesting a gradual rebalancing between liquidity and yield preferences. • In Jun-26, deposits increased by 5% year-on-year , led by non- financial corporations (+8.2%) and supported by solid growth in households (+4%). • Loans to the private sector moderated slightly in June (+2.8%) due to a methodological change in April, while household lending showed a mild deceleration. However , the main credit segments, especially credit to corporates, continue to improve. Higher interest rates have been offset by positive performances of the economy and employment. • In Q2’26, household mortgages increased further (+3.7%), with new business volumes stabilizing after strong growth in previous quarters. Source: Banco de España. Loans to Other Resident sectors. YoY (%) YoY (%) 1,269 1,258 1,273 1,285 1,304 2.6% 3.4% 4.2% 4.4% 2.8% Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 1,418 1,418 1,461 1,463 1,489 3.9% 4.9% 4.8% 5.5% 5.0% Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 TOTAL LOANS ( € bn) TOTAL DEPOSITS ( € bn)
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10 NPLs continue to trend downwards due to resilient economic performance, labour markets and banks’ proactive NPL portfolio management Macroeconomic environment Source: Banco de España Source: EBA Risk Dashboard 1.6% 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 (%) – Q1’26
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11 Despite worsening affordability, the increasing housing stock deficit continues to pressure house prices Macroeconomic environment Finished houses: 2019: 57 2020: 65 2021: 70 2022: 69 2023: 69 2024: 79 2025: 70 Feb-26*: 71 (thousands) * Accumulated 12 months. (1) Source: Ministry of Housing. (2) Source: Ministry of Development, Ministry of Housing and Banco de España (appraisal methodology). (3) Source: ECB. Q1’26: 77.5 Base 100: Q3’07 “peak” Feb-26 vs. Feb-25: +8.5% 78 44 34 35 50 64 81 101 106 86 108 109 109 128 139 141 366 402 458 532 583 570 487 674 718 639 716 752 731 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 50 60 70 80 90 100 -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% Spain (INE) Spain (Ministry of Development) Eurozone Q1’26 / Q1’25: +11% (real terms) HOUSING STARTS (thousand units) 1 TOTAL HOUSING SALES (thousand units) 1 HOUSING PRICES (price index per m 2 in real terms) 2 RESIDENTIAL PROPERTY PRICES 1 (% YoY) 3
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Index 2 2 3 3 Grupo Santander funding and liquidity Grupo Santander funding and liquidity 4 4 Mortgage Covered Bonds “Cédulas hipotecarias” Mortgage Covered Bonds “Cédulas hipotecarias” Public Sector Covered Bonds“Cédulas territoriales” Public Sector Covered Bonds “Cédulas territoriales” 6 6 Appendix Appendix 7 7 Macroeconomic environment Macroeconomic environment 1 1 5 5 Export Finance Covered Bonds“Cédulas de internacionalización” Export Finance Covered Bonds “Cédulas de internacionalización” Grupo Santander Business Model Strategy Santander España Grupo Santander - Business Model & Strategy - Santander España
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13 Grupo Santander: Business Model & Strategy Our business model continues to deliver for all our stakeholders 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. 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), Openbank, Corporate & Investment Banking (CIB), Wealth Management & Insurance (Wealth) and Payment Solutions (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 lower volatility and more predictable results. 182 mn total customers 106 mn active customers Retail 55% Openbank 21% CIB 15% Wealth 7% Payments 2% Contribution to Group revenue1 H1’26 (1) As % of total operating areas, excluding the Corporate Centre.
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14 Grupo Santander: Business Model & Strategy Higher revenue and lower costs are driving double - digit net operating income and profit growth… Note: YoY changes. 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. Group underlying profit excludes: i) integration costs related to TSB (-€250mn in Q2’26); ii) the capital gain resulting from the disposal of the Poland business in Q1’26 (€1,895mn); and iii) results related to the business subject to the Poland disposal in H1’25 (€456mn) Group P&L Current Constant Current Constant € million H1'26 H1'25 % % % % NII 22,711 21,237 7 6 6 5 Net fee income 6,851 6,311 9 7 8 7 Other income 1,285 1,418 -9 -9 -9 -9 Total revenue 30,847 28,966 6 6 6 5 Total costs -13,211 -13,251 -0 -1 -1 -2 Net operating income 17,636 15,715 12 11 12 11 LLPs -6,574 -6,058 9 7 8 7 Other results -715 -319 124 127 124 127 Underlying attributable profit 7,328 6,377 15 14 14 14 Non-recurring items 1,645 456 261 261 Attributable profit 8,973 6,833 31 31 Ex. TSB
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15 Grupo Santander: Business Model & Strategy … with Group credit quality improving excluding Argentina and remaining robust at the global business and country levels % Note: Payment Solutions detail is not disclosed, as credit risk metrics are not relevant for this type of business. 1) Underlying allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers and debt securi ties issued by non-financial institutions over the last 12 months. % NPL ratios Cost of risk 1 Jun-25 Mar-26 Jun-26 Retail 3.11 3.18 3.05 Openbank 4.97 5.51 5.61 CIB 0.77 0.85 1.02 Wealth 0.96 1.20 1.17 Spain 2.13 1.94 1.87 UK 1.25 1.05 0.97 Portugal 2.13 1.94 1.77 OB Europe 2.62 2.64 2.57 US 4.61 4.64 4.43 Mexico 2.93 2.77 2.97 Brazil 6.55 7.22 7.89 Chile 5.43 5.75 5.79 Argentina 3.76 10.05 9.93 Jun-25 Mar-26 Jun-26 Retail 1.13 1.17 1.19 Openbank 2.09 2.07 2.09 CIB 0.07 0.23 0.29 Wealth 0.19 0.08 0.03 Spain 0.47 0.41 0.41 UK 0.05 0.08 0.10 Portugal 0.00 0.04 0.05 OB Europe 0.89 0.97 1.01 US 1.68 1.57 1.47 Mexico 2.53 2.74 2.74 Brazil 4.19 4.14 4.14 Chile 1.31 1.27 1.28 Argentina 5.09 9.77 11.12
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16 • Continue to grow and develop our customer base, providing personalized solutions for our customers' needs and the best experience, to become their main bank • Evolve our operating modeltowards 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 • Loansincreased YoY, mainly in CIB. Deposits, both time and demand, grew across most global businesses. Mutual funds rose 18% • Profit +12%YoYdriven by higher NII (volumes and balance sheet management) and fees (transactional and advisory), lower costs and improving LLPs on the back of balance sheet optimization mainly in Q1 • Strong QoQ performances in NII and advisory fees. Profit growth affected by lower GFT following a strong Q1 in CIB Global Markets and by low LLPs in Q1 SPAIN H1’26 results summary Grupo Santander: Santander España STRATEGIC PRIORITIES H1’26 HIGHLIGHTS Note: Jun-26 data and YoY changes Gross loans and advances to customers (excl. reverse repos). Customer deposits excluding repos. Loans €251bn +8% Deposits €321bn +5% Mutual funds €117bn +18% Efficiency 33.6% -2.4pp CoR 0.41% -6bps RoTE 26.2% +4.8pp Underlying P&L (€ mn) Q2'26 % Q1'26 H1'26 % H1'25 NII 2,000 7.5 3,860 7.7 Net fee income 824 7.8 1,588 5.7 Total revenue 3,227 2.4 6,380 4.3 Total costs -1,063 -1.6 -2,142 -2.7 Net operating income 2,164 4.4 4,238 8.2 LLPs -331 26.7 -592 -1.2 Underlying profit 1,248 -2.9 2,534 12.2
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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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Index 2 2 3 3 Grupo Santander funding and liquidity Grupo Santander funding and liquidity 4 4 Mortgage Covered Bonds “Cédulas hipotecarias” Mortgage Covered Bonds “Cédulas hipotecarias” Public Sector Covered Bonds“Cédulas territoriales” Public Sector Covered Bonds “Cédulas territoriales” 6 6 Appendix Appendix 7 7 Macroeconomic environment Macroeconomic environment 1 1 5 5 Export Finance Covered Bonds“Cédulas de internacionalización” Export Finance Covered Bonds “Cédulas de internacionalización” Grupo Santander Business Model Strategy Santander España Grupo Santander - Business Model & Strategy - Santander España
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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 Note: Liquidity balance sheet for management purposes (net of trading derivatives and interbank balances). (1) Provisional data. HQLAs used in the consolidated LCR numerator: €301bn. See Glossary for definitions. (2) UK: Ring-fenced bank, local criteria; Spain: Banco Santander, S.A. standalone. (3) Group LCR. Consolidated LCR 146% in Jun-26 and 143% in Mar-26. See Glossary for definitions. Jun-26 Mar-26 Mar-26 Spain 2 154% 150% 119% UK 2 163% 158% 136% Portugal 142% 131% 113% OB Europe 200% 210% 116% US 165% 166% 124% Mexico 144% 152% 122% Brazil 184% 183% 119% Chile 165% 148% 110% Argentina 149% 148% 147% Group 155% 151% 122% € bn, Jun-26 Net Stable Funding Ratio (NSFR) 1 Liquidity Coverage Ratio (LCR) HQLAs1 3 Liquidity balance sheet HQLAs Level 1 319.3 HQLAs Level 2 9.7 o/w Level 2A 5.7 o/w Level 2B 4.0 1 €329bn o/w cash €136bn ST Funding Securitizations and others Loans and advances to customers Fixed assets & other Customer deposits M/LT debt issuances Equity and other liabilitiesFinancial assets 430 49 80 180 1,149 223 74 1,134 1,659 1,659 Assets Liabilities
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20 Conservative and decentralized liquidity and funding model Grupo Santander: Funding and Liquidity (1) Data includes public issuances from all units with period-average exchange rates. Excludes securitizations. (2) $0.8bn (€0.7bn) of AT1 (net between a $1.5bn issuance, ISIN US05971KAY55, and $0.7bn repurchased following the tender offer exercise on ISIN US05971KAH23, both executed in Jun-26). (3) Includes AT1 / Preferred shares and Tier 2 / Subordinated. (4) Other includes issuances in the year-to-date in Chile, Portugal, Mexico and Argentina. 3.0 8.1 5.4 1.0 3.1 0.2 1.7 0.7 2.7 0.6 0.4 0.7 1.6 6.8 14.0 7.2 0.7 1.4 Covered bonds Senior Senior non- preferred AT1 Tier 2 Other € bn, Jun-26 2026 2027 2028 2029 >20302030 €30.0bn 1 issued in public markets in H1’26 Very manageable maturity profile € bn, Jun-26 Covered Bonds Senior Senior Non - Preferred 3 1.5 13.0 9.0 9.3 5.5 15.6 4.5 12.8 16.2 7.4 9.9 26.7 0.9 10.2 8.1 13.5 9.5 20.0 0.2 0.1 1.6 0.2 2.3 25.0 2 Spain UK Openbank Europe Brazil US Other4
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21 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 1.7 13 - 15 12.4 0.5 - 2 3.0 14.5 - 19.5 17.1 UK - - 3 - 5.5 2.0 3 - 4 3.1 6 - 9.5 5.1 SHUSA - - 1 - 3 2.7 - - 1 - 3 2.7 TOTAL 1 - 2.5 1.7 17 - 23.5 17.1 3.5 - 6 6.1 21.5 - 32 24.8 AT1 + Tier 2 SNP + Senior Covered Bonds TOTAL € bn, Jun-26 • Continue fulfilling the 1.5% AT1 and 2.4% Tier 2 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 1 Execution of 2026 funding plan Banco Santander, S.A.’s 2026 funding plan contemplates the following: 2 21 Note: Issuance plan is subject to, amongst other considerations, market conditions and regulatory requirements. Other securedissuances (for example ABS, RMBS, etc.) are not considered in the table above. (1) Includes €1bn Tier 2 issued in Apr-26 and $0.8bn (€0.7bn) of AT1 (net between a $1.5bn issuance, ISIN US05971KAY55, and $0.7bn r epurchased following the tender offer exercise on ISIN US05971KAH23, both executed in Jun-26). (2) Includes €2.6bn Senior Non-Preferred (SNP) and €0.6bn Senior Preferred issued in 2025, as pre-funding for the 2026 funding plan.
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22 Jun-26 Group outstanding debt by type Banco Santander, S.A. outstanding debt by type Jun-26 Stock of issuances is diversified across instruments and entities Grupo Santander: Funding and Liquidity Mortgage CB, €20.0bn , 17% Public Sector CB, €0.0bn , 0% Export Finance CB, €2.2bn , 2% Senior, €32.0bn , 27%Senior non- preferred, €40.6bn , 35% Tier 2 / Subordinated, €12.8bn , 11% AT1 / Preferred shares, €10.0bn , 8% €117.5bn Senior, €77.6bn, 35% SNP, €62.2bn, 28% Covered Bond, €53.9bn, 24% Tier 2/Sub, €19.3bn, 9% AT1/Pref., €10.2bn, 4% €223.2bn Note: issuances placed in the market only, excluding retained issuances.
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Index 2 2 3 3 Grupo Santander funding and liquidity Grupo Santander funding and liquidity 4 4 Mortgage Covered Bonds “Cédulas hipotecarias” Mortgage Covered Bonds “Cédulas hipotecarias” Public Sector Covered Bonds“Cédulas territoriales” Public Sector Covered Bonds “Cédulas territoriales” 6 6 Appendix Appendix 7 7 Macroeconomic environment Macroeconomic environment 1 1 5 5 Export Finance Covered Bonds“Cédulas de internacionalización” Export Finance Covered Bonds “Cédulas de internacionalización” Grupo Santander Business Model Strategy Santander España Grupo Santander - Business Model & Strategy - Santander España
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24 Mortgage Covered Bonds are direct obligations of Banco Santander, S.A. collateralized by a segregated mortgage portfolio Mortgage covered bonds “Cédulas Hipotecarias” 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 28% of Banco Santander, S.A.’s funding sources as of Jun-26 Santander is a relevant player in the Spanish mortgage business; a key commercial product in our customer-focused business model
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25 Collateralization rate Minimum required Note: data as of Jun-26. Cover pool refers to primary assets. Deloitte is the appointed cover pool monitor. All assets and collateral are valued at amortized cost. 149% 105% Primary Assets, 63,505 Substitute Assets, 0 Liquid Assets, 0 €63,505mn Cover pool and issuance description under Royal Decree - Law 24/2021 22,529 19,976 42,504 Outstanding mortgage CB issuances Mortgage covered bonds “Cédulas Hipotecarias” € mn Segregated cover pool description Banco Santander, S.A. outstanding debt by type € mn l Average loan size (€ k) 99.7 l Number of loans (thousand) 637 l Loan seasoning (years) 6.5 l Remaining loan maturity (years) 18.4 l Average cover pool LTV (%) 51 l Segregated portfolio >90 days due (%) 0.00 l Interest rate type: 56% fixed 44% floating Retained In the market
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26 High quality, low risk cover pool: low LTVs, focused on residential and first home financing … Note: data as of Jun-26. Cover pool refers to primary assets. (1) Finished and under construction buildings for residential purposes. (2) Includes other residential (0.2% of residential loans). Cumulative (%)Outstanding by LTV Interval (%) >99% of household loans are for first homes2Weighted average LTV 51% 91% 90.7% 9% 0.4%4.9% 1.7%2.3% Residential1 Commercial Land + other com. Retail Second homes First homes 6 21 36 37 0 26 63 100 100 0-20% 20-40% 40-60% 60-80% >80% Industrial Mortgage covered bonds “Cédulas Hipotecarias” 2 Segregated cover pool by LTV Segregated cover pool property type
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27 ... concentrated in urban areas with lower unemployment rates Note: data as of Jun-26. Cover pool refers to primary assets. (1) Andalusia includes Ceuta and Melilla. Mortgage covered bonds “Cédulas Hipotecarias” Madrid Catalonia GaliciaBalearic Islands Castile and Leon Basque Country Aragon, Navarre, and La Rioja Cantabria Asturias Andalusia Valencian Community Canary Islands Castile-La Mancha and Extremadura Murcia Regions with unemployment rates < Spain’s average Regions with unemployment rates > Spain’s average % Back-bookRegions 66% 34% Madrid 26.5 Catalonia 18.5 Andalusia 16.7 Valencian Community 7.4 Canary Islands 4.7 Galicia 4.4 Balearic Islands 3.9 Castile and Leon 3.5 Basque Country 3.0 Castile La Mancha 2.6 Aragon 1.9 Cantabria 1.7 Murcia 1.6 Extremadura 1.5 Asturias 1.1 Navarre 0.7 La Rioja 0.3 1 1 % back-book
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28 Average tenor Manageable maturity profile 6 years 9% 3% 69% 19% 2027 ≥2034 2028 Note: data as of Jun-26. Cover pool refers to primary assets. Mortgage covered bonds “Cédulas Hipotecarias” 17.5 5.0 12.0 3.20.1 0.0 0.6 3.8 0.5 1.1 5.8 29.5 56.4 8.2 2026 2027 2028 2029-33 >=2034 Segregated cover pool Mortgage CBs - retained Mortgage CBs - market € bn Distribution of Mortgage CB by maturity Maturity profile of segregated cover pool and Mortgage CB issuances% total outstanding 100% of the cover pool and issuances are in euros 2029-2033
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29 Liquidity buffer ( under Royal Decree - Law 24/2021) Mortgage covered bonds “Cédulas Hipotecarias” 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 30 June 2026, no liquidity buffer was required to be set up for the Mortgage Covered Bonds programme, since there was no net accumulated outflow on the relevant 180 days period 180 days €0mn Liquidity buffer
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Index 2 2 3 3 Grupo Santander funding and liquidity Grupo Santander funding and liquidity 4 4 Mortgage Covered Bonds “Cédulas hipotecarias” Mortgage Covered Bonds “Cédulas hipotecarias” Public Sector Covered Bonds“Cédulas territoriales” Public Sector Covered Bonds “Cédulas territoriales” 6 6 Appendix Appendix 7 7 Macroeconomic environment Macroeconomic environment 1 1 5 5 Export Finance Covered Bonds“Cédulas de internacionalización” Export Finance Covered Bonds “Cédulas de internacionalización” Grupo Santander Business Model Strategy Santander España Grupo Santander - Business Model & Strategy - Santander España
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31 Export Finance Covered Bonds are direct obligations of Banco Santander, S.A. collateralized by Export Finance Loans Export Finance Covered Bonds “Cédulas de Internacionalización” Banco Santander, S.A.’s Export Finance 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 Export Finance Covered Bonds show a high level of over-collateralization… …and are rated four notches above Banco Santander, S.A. - rated Aaa by Moody’s “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 Assets1 Santander was the global leader in the Export Finance business in 20252 and in 2026 to date, Santander has issued €0.5bn in Export Finance Covered Bonds placed in market under Spanish legislation (1) Export Finance 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. (2) Dealogic: Global ECA Financing Volume by MLA FY 2025.
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32 Collateralization rate Minimum required Export Finance Covered Bonds “Cédulas de Internacionalización” Primary Assets, 15,394 Substitute Assets, 0 Liquid Assets, 0 l Average loan size (€ mn) 26.8 l Number of loans 574 l Loan seasoning (years) 1.6 l Remaining loan maturity (years) 10.2 l Loans > 90 days past due (%) 0 l Interest rate type: 15% fixed 85% floating 7,860 2,172 10,032 Outstanding Export Finance CB issuances €15,394mn 105% 153% Cover pool and issuance description under Royal Decree - Law 24/2021 2 Note: data as of Jun-26. 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. € mn Cover pool description 1 Export Finance Covered Bonds description € mn Retained In the market
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33 17.2% 8.9% 8.4% 6.2% 3.6% 2.2% 1.9% 1.4% 0.7% 0.2% 0.2% 0.1% 2.5% 1.6% 0.5% 4.0% 31.5% 5.6% 3.2% Italy Spain France Denmark Germany Poland Sweden Finland Netherlands Belgium Austria Croatia Mult. Inst., 0% RW Norway, AAA Switzerland, AAA US, AA+ South Korea, AA UK, AA China, A+ 100% of eligible cover pool primary assets guaranteed by an ECA, a sovereign or Multilateral Institution Note: data as of Jun-26. Cover pool refers to primary assets. (1) Regarding Guarantors: ECA refers to Export credit agency, Mult. Inst. refers to Multilateral Institutions. EU sovereigns and EU ECAs are directly eligible. Non-EU ECAs and Multilateral Institutions are eligible if they are classified as Step 1 (unlimited) or Step 2 (max 20%). Export Finance Covered Bonds “Cédulas de Internacionalización” EU*; 51.2% Aaa**; 4.6% AA+; 4.0% AA; 37.0% A+; 3.2% Step 1 Step 2EU* * EU sovereign or ECA Guarantor 1 country distribution by rating Cover pool distribution by rating ** Aaa or equivalent
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34 Highly diversified borrower base in terms of country and concentration 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 17.9% 11.7% 6.4% 5.4% 5.4% 4.6% 3.6% 3.5% 3.5% 3.5% 3.0% 2.8% 2.7% 2.5% 2.2% 1.6% 1.5% 1.5% 1.4% 1.2% 1.1% 1.1% 1.0% 10.9% Poland UK United States United Arab Emirates Spain Saudi Arabia France Panama Liberia Netherlands Indonesia Mexico Qatar Brazil Kazakhstan Colombia Chile Angola Malaysia Singapore Serbia Oman Germany Others Note: data as of Jun-26. Cover pool refers to primary assets. Borrower country distribution Borrower concentration distribution Export Finance Covered Bonds “Cédulas de Internacionalización”
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35 Low risk and balanced composition in terms of maturity profile, … Export Finance Covered Bonds “Cédulas de Internacionalización” 45% 5% 50% 134 3,791 0 12 3,322 00 488 1,685 0 437 4,525 651 500 5,007 10,380 2026 2027 2028 2029-33 >=2034 Cover pool Export Finance CBs - retained Export Finance CBs - market Note: data as of Jun-26. Cover pool refers to primary assets. € mn Distribution of Export Finance CBs by maturity Maturity profile of cover pool and Export Finance CB issuances% total outstanding Average tenor 2 years 2027 2029-33 2028
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36 … currency distribution … Export Finance Covered Bonds “Cédulas de Internacionalización” 6,214 5,732 6,992 4,300 1,352 0 836 0 Cover pool Export Finance CBs Note: data as of Jun-26. Cover pool refers to primary assets. (1) Includes: AUD, CHF, COP, NOK and PLN. Cover pool and Export Finance Covered Bond currency distribution € mn
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37 … and interest rate profile with a high - quality book Export Finance Covered Bonds “Cédulas de Internacionalización” 85% 80% 15% 20% Assets (Cover pool) Liabilities (Export Finance CBs) Floating Fixed 603 588 599 610 574 557 533 546 573 579 579 646 640 621 593 572 550 521 580 574 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 Note: cover pool assets refers to primary assets. # of loans Interest rate profile Export Finance loan asset quality % balance sheet, Jun-26
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38 Liquidity buffer ( under Royal Decree - Law 24/2021) Export Finance 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 As of 30 June 2026, no liquidity buffer was required to be set up for the Export Finance Covered Bonds programme, since there was no net accumulated outflow on the relevant 180 days period 180 days €0mn Liquidity buffer
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Index 2 2 3 3 Grupo Santander funding and liquidity Grupo Santander funding and liquidity 4 4 Mortgage Covered Bonds “Cédulas hipotecarias” Mortgage Covered Bonds “Cédulas hipotecarias” Public Sector Covered Bonds“Cédulas territoriales” Public Sector Covered Bonds “Cédulas territoriales” 6 6 Appendix Appendix 7 7 Macroeconomic environment Macroeconomic environment 1 1 5 5 Export Finance Covered Bonds“Cédulas de internacionalización” Export Finance Covered Bonds “Cédulas de internacionalización” Grupo Santander Business Model Strategy Santander España Grupo Santander - Business Model & Strategy - Santander España
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40 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 (A1 by Moody’s) Recent issuances have been retained for use as collateral Santander is a relevant player in the Spanish public sector business Public sector covered bonds “Cédulas Territoriales”
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41 Collateralization rate Minimum required Note: data as of Jun-26. 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 Public Sector CB issuances 105% 586% Cover pool and issuance description under Royal Decree - Law 24/2021 Primary Assets, 8,788 Substitute Assets, 0 Liquid Assets, 0 €8,788mn l Average loan size (€ mn) 23.5 l Number of loans 374 l Loan seasoning (years) 2.4 l Remaining loan maturity (years) 7.4 l NPL ratio (%) 0 l Interest rate type: 68% fixed 32% floating Public sector covered bonds “Cédulas Territoriales” € mn Cover pool description Public sector covered bonds description € mn Retained In the market
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42 % Back-bookRegions Catalonia Castile and Leon Galicia and Asturias Madrid Canary Islands Andalusia Valencian Community and Murcia Castile-La Mancha Extremadura Balearic Islands Aragon, Navarre and La Rioja Cantabria Basque Country Regional distribution of cover pool Catalonia 18.6% Castile and Leon 13.1% Galicia and Asturias 12.3% Madrid 11.9% Canary Islands 9.0% Andalusia 7.6% Valencian Community and Murcia 6.2% Castile-La Mancha 5.8% Extremadura 5.7% Balearic Islands 3.0% Aragon, Navarre and La Rioja 2.6% Cantabria 2.3% Basque Country 2.2% Note: data as of Jun-26. Cover pool refers to primary assets. (1) Andalusia includes Ceuta and Melilla. 1 1 Public sector covered bonds “Cédulas Territoriales” % back-book
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43 Type of exposure and borrower concentration of cover pool Spain Central Government 0.5% Regional/federal state1 Government 94.3% Local Government 5.2% 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 Jun-26. 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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44 Average tenor Comfortable maturity profile 633 0 385 500 80 0 2,751 1,000 4,939 0 2026 2027 2028 2029-33 >=2034 Cover pool Public Sector CBs - retained Public Sector CBs - market 33% 67% 3 years Note: data as of Jun-26. Cover pool refers to primary assets. Public sector covered bonds “Cédulas Territoriales” € mn Distribution of Public Sector CB by maturity Maturity profile of cover pool and Public Sector CB issuances% total outstanding 100% of the cover pool and issuances are in euros 2027 2029-33
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45 Liquidity buffer ( under Royal Decree - Law 24/2021) 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 30 June 2026, 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 180 days €0mn Liquidity buffer
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Index 2 2 3 3 Grupo Santander funding and liquidity Grupo Santander funding and liquidity 4 4 Mortgage Covered Bonds “Cédulas hipotecarias” Mortgage Covered Bonds “Cédulas hipotecarias” Public Sector Covered Bonds“Cédulas territoriales” Public Sector Covered Bonds “Cédulas territoriales” 6 6 Appendix Appendix 7 7 Macroeconomic environment Macroeconomic environment 1 1 5 5 Export Finance Covered Bonds“Cédulas de internacionalización” Export Finance Covered Bonds “Cédulas de internacionalización” Grupo Santander Business Model Strategy Santander España Grupo Santander - Business Model & Strategy - Santander España
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47 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 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 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 0.13% Hard bullet Market ES0413900582 EUR 250,000,000 19/02/2020 19/02/2030 N/A Fixed 0.05% 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 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 ES04139000D1 EUR 1,500,000,000 23/02/2026 23/02/2031 23/02/2032 Fixed 2.625% Soft bullet Market ES04139000E9 EUR 1,000,000,000 23/02/2026 23/02/2036 23/02/2037 Fixed 3.000% Soft bullet Market
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48 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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49 Export Finance 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 ES04139000F6 EUR 500,000,000 28/04/2026 28/04/2031 28/04/2032 Fixed 2.875% Soft Bullet Market
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50 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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51 Spanish system – covered bond issuance Appendix – System volumes and issuances 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 Source: ECBC Fact Book 2025 (AIAF, Bloomberg, Reuters, Moody’s, Fitch, S&P, ECBC)
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52 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 • CoR: Cost of risk* • CT: Cédula territorial (public sector covered bond) • 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 • GFT: Gains on financial transactions • 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: Payment Solutions • 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 • SHUSA: Santander Holdings USA, Inc. • 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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53 Glossary - Definitions Appendix – Glossary PROFITABILITY AND EFFICIENCY • Underlying RoTE: Underlying 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 total costs / Underlying total income. Total costs defined as administrative expenses + amortizations + other operating costs 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 and debt securities issued by non-financial institutions / Total risk. Total risk is defined as: non-impaired and impaired customer loans and advances and guarantees + impaired undrawn customer balances + debt securities issued by non-financial institutions • NPL coverage ratio: Total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances and debt securities issued by non-financial institutions / Credit impaired customer loans and advances, guarantees and undrawn balances and debt securities issued by non-financial institutions • Cost of risk: Underlying allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers and debt securities issued by non-financial institutions 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 coveragein 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 and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from usi ng daily balances. The risk-weighted assets included in the denominator of the RoRWA metric are calculated in line with the criteria laid out in the CRR (Capital Requirements Regulation). (1) Excluding the adjustment to the valuation of goodwill, since they are not considered in the denominator, we believe this calc ulation is more correct. (2) Stockholders’ equity = Capital and Reserves + Accumulated other comprehensive income + Profit attributable to the parent + Di vidends. For more information, please see ‘Alternative Performance Measures’ section of the Quarterly Financial Report.
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Thank you