Banco Santander, S.a. · BME:SAN
Banco Santander — Q1 2025 Earnings Presentation
88 slides from Banco Santander's earnings presentation, Apr 30, 2025
Slide 1: Supplementary information Q1 2025
Supplementary information 30 April 2025 Q1 2025000
Slide 2: Important information
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
Slide 3: Important information
Important information • potential losses from early loan repayment, collateral depreciation or counterparty risk; • political instability in Spain, the UK, other European countries, Latin America and the US; • legislative, regulatory or tax changes (including regulatory capital and liquidity require
Slide 4: Additional notes
Additional notes From Q2 2024 onwards for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods). For further information, see the 'Alternative performance measures' section
Slide 5: Supplementary information
Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 5
Slide 6: Santander's capital levels amply exceed minimum regulatory requirements
Santander’s capital levels amply exceed minimum regulatory requirements SREP CAPITAL REQUIREMENTS AND MDA* Mar-25 • CET1 ratio of 12.9%, at the top end of our 12-13% operating 17.24% range for 2025 >15% +333bps 2.82% T2 • The minimum CET1 to be 13.91% 2.40% +295bps 1.57% AT1 1.50% maintained by the
Slide 7: Diversified bond portfolio represents just 8% of total assets
Diversified bond portfolio represents just 8% of total assets BOND PORTFOLIO %, Mar-25 Rest of the €152bn Chile Group 3% 6% Liquidity Brazil portfolio 9% €35bn Spain 31% • Bond portfolio represents 8% of total assets US 10% €152bn o/w HTC €96bn (63%) • HTC&S duration: 2.4 years ALCO IRRBB Mexico €11
Slide 8: Conservative and decentralized liquidity and funding model
Conservative and decentralized liquidity and funding model €17.3bn1 ISSUED IN PUBLIC MARKETS IN Q1’25 VERY MANAGEABLE MATURITY PROFILE € bn, Mar-25 € bn, Mar-25 13.1 Covered 11.3 12.0 6.3 5.7 Bonds 2.2 8.7 0.3 1.8 23.5 Senior 12.3 14.2 5.3 4.9 10.1 6.4 1.9 1.2 2.9 0.7 2.3 0.9 4.1 19.8 15.2 2.0 1.8 0
Slide 9: 2025 issuances against funding plan
2025 issuances against funding plan EXECUTION OF 2025 FUNDING PLAN € bn, Mar-25 AT1 + Tier 2 SNP + Senior Covered Bonds TOTAL Plan Issued Plan Issued Plan Issued Plan Issued 1 1 Banco Santander, S.A. 0 - 0.5 0.4 20 - 21 12.5 0.5 - 2 - 20.5 - 23.5 12.9 2 2 UK - - 7-8 3.5 4-5 3.0 11 - 13 6.5 SHUSA - -
Slide 10: TLAC/MREL for the Resolution Group headed by Banco Santander, S.A.
TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. TLAC Mar-25(e) MREL Mar-25(e) % % and € bn Requirement Requirement CBR 41.0% CBR 170.3 29.9% Buffer 4.4% Buffer 27.1 Senior 7.7% 4.2% 34.9 SNP 4.2% 2.1 Sub debt 13.2 T2 9.6 AT1 2 16.1% Req. Req. 9.5% 36.6% 32.4% 3.9% 22.2% 18.0% 2.8%
Slide 11: Well-funded, diversified, prudent and highly liquid balance sheet
Well-funded, diversified, prudent and highly liquid balance sheet (large % contribution from customer deposits), reflected in solid liquidity ratios LIQUIDITY BALANCE SHEET € bn, Mar-25 Liquidity Coverage Net Stable Funding 1,571 1,571 Ratio (LCR) Ratio (NSFR) 1 Mar-25 Dec-24 Dec-24 Loans and Spain
Slide 12: Supplementary information
Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 12
Slide 13: NIM (%)
NIM (%) NII / Average earning assets Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Retail & Commercial Banking 3.19 3.18 3.14 3.26 3.12 Spain 2.55 2.75 2.66 2.48 2.57 United Kingdom 1.41 1.46 1.53 1.58 1.59 Mexico 5.78 5.80 5.98 6.23 6.14 Brazil 7.87 7.91 8.06 7.67 8.35 Digital Consumer Bank 4.48 4.34 4.28 4.43 4.2
Slide 14: Yield on loans (%)
Yield on loans (%) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Retail & Commercial Banking 6.49 6.48 6.39 6.50 6.39 Spain 4.10 4.09 4.06 3.89 3.78 United Kingdom 3.79 3.93 4.07 4.13 4.14 Mexico 13.82 13.73 13.78 13.67 13.33 Brazil 16.24 16.46 16.57 16.70 16.54 Digital Consumer Bank 8.38 8.29 8.23 8.56 8.58 DCB Eu
Slide 15: Cost of deposits (%)
Cost of deposits (%) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Retail & Commercial Banking 2.38 2.20 2.15 2.13 2.04 Spain 0.65 0.69 0.73 0.75 0.57 United Kingdom 2.16 2.15 2.07 2.00 1.93 Mexico 5.21 5.17 4.88 4.44 4.07 Brazil 7.22 7.12 7.26 7.33 8.24 Digital Consumer Bank 2.15 2.25 2.27 2.23 2.14 DCB Europe 2.2
Slide 16: Supplementary information
Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 16
Slide 17: Efficiency ratio (%)
Efficiency ratio (%) Q1'24 H1'24 9M'24 2024 Q1'25 Retail & Commercial Banking 40.7 39.2 39.1 39.5 39.4 Digital Consumer Bank 41.2 40.6 40.7 40.1 41.9 Corporate & Investment Banking 41.6 43.3 44.3 45.5 42.9 Wealth Management & Insurance 37.9 37.2 37.3 38.2 36.5 Payments 48.4 46.8 46.1 44.5 43.9 PagoN
Slide 18: Supplementary information
Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 18
Slide 19: Stage coverage
Stage coverage Exposure subject to impairment (EUR billion)* Coverage Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Stage 1 1,007 1,008 1,008 1,002 1,012 0.4% 0.4% 0.4% 0.4% 0.4% Stage 2 83 94 87 88 87 6.3% 5.6% 5.7% 5.6% 5.6% Stage 3 36 35 36 35 35 40.5% 41.2% 40.1% 40.6% 41
Slide 20: NPL ratio (%)
NPL ratio (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Retail & Commercial Banking 3.21 3.14 3.27 3.18 3.12 Digital Consumer Bank 4.86 4.81 4.89 5.07 5.09 Corporate & Investment Banking 1.19 1.03 0.86 0.83 0.75 Wealth Management & Insurance 0.93 1.08 1.01 0.93 0.98 Payments 4.99 5.16 5.70 5.20 5.88 PagoNx
Slide 21: NPL coverage ratio (%)
NPL coverage ratio (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Retail & Commercial Banking 60.7 61.6 57.9 58.5 59.0 Digital Consumer Bank 76.1 75.9 74.4 73.6 75.0 Corporate & Investment Banking 43.0 36.0 35.5 39.0 39.3 Wealth Management & Insurance 56.2 59.1 63.5 71.2 66.4 Payments 139.8 144.3 128.3 137.
Slide 22: Credit impaired loans and loan-loss allowances
Credit impaired loans and loan-loss allowances Credit impaired loans Loan-loss allowances Payments, Payments, Wealth, 0.7% 4.3% 8.2% Wealth, 0.7% CIB, 5.4% CIB, 3.2% Retail, Consumer, Retail, 58.1% 31.5% Consumer, 52.1% 35.8% Argentina, 1% Rest of the Argentina, 1% Rest of the Group, 2% Chile, 6% Gr
Slide 23: Cost of risk (%)
Cost of risk (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Retail & Commercial Banking 1.03 1.03 0.98 0.92 0.91 Digital Consumer Bank 2.12 2.17 2.12 2.16 2.14 Corporate & Investment Banking 0.14 0.15 0.21 0.09 0.08 Wealth Management & Insurance (0.06) 0.07 0.09 0.19 0.20 Payments 6.88 7.02 6.99 7.36 7.52 P
Slide 24: Supplementary information
Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 24
Slide 25: Grupo Santander (EUR mn)
GRUPO SANTANDER (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 11,983 11,474 11,225 11,986 11,378 -5.1% 11,983 11,378 -5.0% Net fee income 3,240 3,237 3,189 3,344 3,369 +0.7% 3,240 3,369 +4.0% Gains (losses
Slide 26: Grupo Santander (Constant EUR mn)
GRUPO SANTANDER (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 11,573 11,145 11,263 12,053 11,378 -5.6% 11,573 11,378 -1.7% Net fee income 3,100 3,115 3,189 3,360 3,369 +0.3% 3,100 3,369 +8.7% Gain
Slide 27: Supplementary information
Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 27
Slide 28: Retail & Commercial Banking (EUR mn)
Retail & Commercial Banking (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 7,139 6,857 6,807 7,134 6,721 -5.8% 7,139 6,721 -5.9% Net fee income 1,205 1,184 1,153 1,164 1,210 +3.9% 1,205 1,210 +0.4% Gains (l
Slide 29: Retail & Commercial Banking (Constant EUR mn)
Retail & Commercial Banking (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 6,849 6,626 6,794 7,166 6,721 -6.2% 6,849 6,721 -1.9% Net fee income 1,134 1,122 1,147 1,174 1,210 +3.1% 1,134 1,210 +6.7%
Slide 30: Retail & Commercial Banking Spain (EUR mn)
Retail & Commercial Banking Spain (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,472 1,471 1,495 1,430 1,467 +2.6% 1,472 1,467 -0.4% Net fee income 283 276 270 245 291 +19.0% 283 291 +2.9% Total revenue 1
Slide 31: Retail & Commercial Banking UK (EUR mn)
Retail & Commercial Banking UK (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,119 1,128 1,189 1,236 1,224 -1.0% 1,119 1,224 +9.4% Net fee income 1 (16) (2) (15) 5 — 1 5 +699.3% Total revenue 1,112 1,112 1
Slide 32: Retail & Commercial Banking UK (Constant EUR mn)
Retail & Commercial Banking UK (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,147 1,152 1,202 1,232 1,224 -0.6% 1,147 1,224 +6.8% Net fee income 1 (16) (2) (16) 5 — 1 5 +680.2% Total revenue 1,13
Slide 33: Retail & Commercial Banking UK (GBP mn)
Retail & Commercial Banking UK (GBP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 958 963 1,004 1,029 1,023 -0.6% 958 1,023 +6.8% Net fee income 1 (13) (2) (13) 4 — 1 4 +680.2% Total revenue 952 948 1,008 999 9
Slide 34: Retail & Commercial Banking Mexico (EUR mn)
Retail & Commercial Banking Mexico (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 819 804 747 765 756 -1.1% 819 756 -7.6% Net fee income 175 197 171 156 171 +10.2% 175 171 -2.2% Total revenue 969 1,009 899
Slide 35: Retail & Commercial Banking Mexico (Constant EUR mn)
Retail & Commercial Banking Mexico (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 703 694 722 759 756 -0.4% 703 756 +7.6% Net fee income 150 170 166 156 171 +10.0% 150 171 +13.9% Total revenue 832
Slide 36: Retail & Commercial Banking Mexico (MXN mn)
Retail & Commercial Banking Mexico (MXN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 15,100 14,901 15,512 16,307 16,244 -0.4% 15,100 16,244 +7.6% Net fee income 3,233 3,654 3,557 3,350 3,683 +10.0% 3,233 3,683
Slide 37: Retail & Commercial Banking Brazil (EUR mn)
Retail & Commercial Banking Brazil (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,759 1,740 1,695 1,600 1,534 -4.2% 1,759 1,534 -12.8% Net fee income 397 409 376 348 359 +3.1% 397 359 -9.6% Total revenue
Slide 38: Retail & Commercial Banking Brazil (Constant EUR mn)
Retail & Commercial Banking Brazil (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,537 1,586 1,674 1,619 1,534 -5.2% 1,537 1,534 -0.2% Net fee income 347 373 372 353 359 +1.6% 347 359 +3.5% Total
Slide 39: Retail & Commercial Banking Brazil (BRL mn)
Retail & Commercial Banking Brazil (BRL mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 9,456 9,756 10,300 9,959 9,436 -5.2% 9,456 9,436 -0.2% Net fee income 2,135 2,294 2,290 2,174 2,209 +1.6% 2,135 2,209 +3.5%
Slide 40: Digital Consumer Bank (EUR mn)
Digital Consumer Bank (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 2,710 2,655 2,614 2,797 2,756 -1.5% 2,710 2,756 +1.7% Net fee income 354 387 373 394 339 -13.8% 354 339 -4.2% Gains (losses) on financial
Slide 41: Digital Consumer Bank (Constant EUR mn)
Digital Consumer Bank (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 2,707 2,656 2,663 2,819 2,756 -2.2% 2,707 2,756 +1.8% Net fee income 349 381 376 396 339 -14.3% 349 339 -2.7% Gains (losses) on
Slide 42: Digital Consumer Bank Europe (EUR mn)
Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,095 1,092 1,069 1,105 1,112 +0.6% 1,095 1,112 +1.6% Net fee income 220 231 229 222 188 -15.6% 220 188 -14.6% Total revenue 1,410
Slide 43: Digital Consumer Bank Europe (Constant EUR mn)
Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,095 1,094 1,073 1,109 1,112 +0.3% 1,095 1,112 +1.5% Net fee income 220 231 229 222 188 -15.6% 220 188 -14.7% Total reve
Slide 44: Digital Consumer Bank US (EUR mn)
Digital Consumer Bank US (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,143 1,179 1,138 1,191 1,221 +2.5% 1,143 1,221 +6.8% Net fee income 64 67 75 97 84 -12.5% 64 84 +31.2% Total revenue 1,304 1,352 1,27
Slide 45: Digital Consumer Bank US (Constant EUR mn)
Digital Consumer Bank US (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,179 1,207 1,188 1,207 1,221 +1.1% 1,179 1,221 +3.6% Net fee income 66 69 78 98 84 -14.0% 66 84 +27.2% Total revenue 1,345 1
Slide 46: Digital Consumer Bank US (USD mn)
Digital Consumer Bank US (USD mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,240 1,270 1,250 1,271 1,285 +1.1% 1,240 1,285 +3.6% Net fee income 70 72 82 103 89 -14.0% 70 89 +27.2% Total revenue 1,415 1,456 1,4
Slide 47: Corporate & Investment Banking (EUR mn)
Corporate & Investment Banking (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,053 962 895 1,079 953 -11.7% 1,053 953 -9.5% Net fee income 654 626 612 656 716 +9.1% 654 716 +9.4% Gains (losses) on financia
Slide 48: Corporate & Investment Banking (Constant EUR mn)
Corporate & Investment Banking (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,005 919 901 1,090 953 -12.6% 1,005 953 -5.2% Net fee income 644 616 618 660 716 +8.5% 644 716 +11.2% Gains (losses) o
Slide 49: Wealth Management & Insurance (EUR mn)
Wealth Management & Insurance (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 449 430 419 408 375 -8.2% 449 375 -16.3% Net fee income 365 356 369 408 419 +2.9% 365 419 +14.8% Gains (losses) on financial tran
Slide 50: Wealth Management & Insurance (Constant EUR mn)
Wealth Management & Insurance (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 447 428 422 410 375 -8.5% 447 375 -16.1% Net fee income 360 350 371 409 419 +2.5% 360 419 +16.5% Gains (losses) on finan
Slide 51: Payments (EUR mn)
Payments (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 662 639 586 680 685 +0.7% 662 685 +3.4% Net fee income 662 682 691 725 693 -4.4% 662 693 +4.7% Gains (losses) on financial transactions and other (6)
Slide 52: Payments (Constant EUR mn)
Payments (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 596 584 577 681 685 +0.7% 596 685 +15.0% Net fee income 614 644 685 725 693 -4.4% 614 693 +12.9% Gains (losses) on financial transactions and
Slide 53: PagoNxt (EUR mn)
PagoNxt (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 31 31 35 35 38 +9.7% 31 38 +23.9% Net fee income 224 233 241 261 245 -6.3% 224 245 +9.3% Gains (losses) on financial transactions and other 29 36 35 50
Slide 54: PagoNxt (Constant EUR mn)
PagoNxt (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 27 29 34 35 38 +9.8% 27 38 +39.3% Net fee income 206 218 239 260 245 -6.1% 206 245 +18.8% Gains (losses) on financial transactions and other 2
Slide 55: Cards (EUR mn)
Cards (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 632 608 551 645 647 +0.3% 632 647 +2.4% Net fee income 438 449 450 464 449 -3.2% 438 449 +2.4% Gains (losses) on financial transactions and other (35) (1
Slide 56: Cards (Constant EUR mn)
Cards (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 568 555 543 646 647 +0.2% 568 647 +13.8% Net fee income 408 426 446 465 449 -3.5% 408 449 +9.9% Gains (losses) on financial transactions and oth
Slide 57: Corporate Centre (EUR mn)
Corporate Centre (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income (31) (69) (95) (113) (112) -1.4% (31) (112) +262.3% Net fee income (1) 2 (8) (3) (9) +199.4% (1) (9) +540.6% Gains (losses) on financial trans
Slide 58: Supplementary information
Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 58
Slide 59: Spain (EUR mn)
Spain (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,816 1,840 1,799 1,802 1,779 -1.2% 1,816 1,779 -2.0% Net fee income 746 738 707 676 767 +13.4% 746 767 +2.9% Gains (losses) on financial transactions an
Slide 60: United Kingdom (EUR mn)
United Kingdom (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,185 1,196 1,256 1,313 1,298 -1.1% 1,185 1,298 +9.5% Net fee income 79 64 80 61 82 +34.4% 79 82 +4.5% Gains (losses) on financial transactions
Slide 61: United Kingdom (Constant EUR mn)
United Kingdom (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,214 1,221 1,270 1,308 1,298 -0.8% 1,214 1,298 +6.9% Net fee income 81 65 81 61 82 +35.5% 81 82 +2.0% Gains (losses) on financial tran
Slide 62: United Kingdom (GBP mn)
United Kingdom (GBP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,015 1,020 1,061 1,093 1,085 -0.8% 1,015 1,085 +6.9% Net fee income 67 54 68 51 69 +35.5% 67 69 +2.0% Gains (losses) on financial transactions
Slide 63: Portugal (EUR mn)
Portugal (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 431 413 373 332 348 +4.8% 431 348 -19.2% Net fee income 127 115 115 110 126 +13.9% 127 126 -1.2% Gains (losses) on financial transactions and other 26
Slide 64: Poland (EUR mn)
Poland (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 686 697 727 733 744 +1.5% 686 744 +8.5% Net fee income 176 163 170 166 189 +14.2% 176 189 +7.8% Gains (losses) on financial transactions and other (28)
Slide 65: Poland (Constant EUR mn)
Poland (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 708 714 742 752 744 -1.0% 708 744 +5.2% Net fee income 181 167 173 170 189 +11.4% 181 189 +4.5% Gains (losses) on financial transactions and ot
Slide 66: Poland (PLN mn)
Poland (PLN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 2,973 2,999 3,115 3,158 3,126 -1.0% 2,973 3,126 +5.2% Net fee income 761 700 727 714 795 +11.4% 761 795 +4.5% Gains (losses) on financial transactions a
Slide 67: Digital Consumer Bank Europe (EUR mn)
Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,095 1,092 1,069 1,105 1,112 +0.6% 1,095 1,112 +1.6% Net fee income 220 231 229 222 188 -15.6% 220 188 -14.6% Gains (losses) on f
Slide 68: Digital Consumer Bank Europe (Constant EUR mn)
Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,095 1,094 1,073 1,109 1,112 +0.3% 1,095 1,112 +1.5% Net fee income 220 231 229 222 188 -15.6% 220 188 -14.7% Gains (los
Slide 69: United States (EUR mn)
United States (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,396 1,428 1,411 1,458 1,499 +2.8% 1,396 1,499 +7.3% Net fee income 267 272 296 317 355 +12.0% 267 355 +33.0% Gains (losses) on financial transa
Slide 70: United States (Constant EUR mn)
United States (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,440 1,461 1,473 1,478 1,499 +1.4% 1,440 1,499 +4.1% Net fee income 275 279 309 322 355 +10.4% 275 355 +29.0% Gains (losses) on financi
Slide 71: United States (USD mn)
United States (USD mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,516 1,537 1,550 1,555 1,577 +1.4% 1,516 1,577 +4.1% Net fee income 290 293 325 338 373 +10.4% 290 373 +29.0% Gains (losses) on financial transa
Slide 72: Mexico (EUR mn)
Mexico (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,214 1,207 1,113 1,097 1,129 +3.0% 1,214 1,129 -7.0% Net fee income 359 374 329 322 350 +8.6% 359 350 -2.5% Gains (losses) on financial transactions an
Slide 73: Mexico (Constant EUR mn)
Mexico (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,042 1,042 1,076 1,092 1,129 +3.5% 1,042 1,129 +8.4% Net fee income 308 323 319 321 350 +8.9% 308 350 +13.6% Gains (losses) on financial trans
Slide 74: Mexico (MXN mn)
Mexico (MXN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 22,390 22,383 23,112 23,448 24,260 +3.5% 22,390 24,260 +8.4% Net fee income 6,621 6,937 6,850 6,903 7,520 +8.9% 6,621 7,520 +13.6% Gains (losses) on fin
Slide 75: Brazil (EUR mn)
Brazil (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 2,630 2,605 2,474 2,413 2,402 -0.4% 2,630 2,402 -8.7% Net fee income 846 888 833 846 793 -6.3% 846 793 -6.3% Gains (losses) on financial transactions an
Slide 76: Brazil (Constant EUR mn)
Brazil (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 2,298 2,374 2,448 2,438 2,402 -1.5% 2,298 2,402 +4.5% Net fee income 739 808 823 852 793 -7.0% 739 793 +7.2% Gains (losses) on financial transa
Slide 77: Brazil (BRL mn)
Brazil (BRL mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 14,135 14,604 15,058 14,998 14,776 -1.5% 14,135 14,776 +4.5% Net fee income 4,549 4,973 5,065 5,243 4,877 -7.0% 4,549 4,877 +7.2% Gains (losses) on fina
Slide 78: Chile (EUR mn)
Chile (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 352 472 482 516 512 -0.7% 352 512 +45.6% Net fee income 129 137 146 140 151 +8.5% 129 151 +17.6% Gains (losses) on financial transactions and other 47 51
Slide 79: Chile (Constant EUR mn)
Chile (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 357 469 485 523 512 -2.0% 357 512 +43.5% Net fee income 130 136 147 142 151 +6.9% 130 151 +16.0% Gains (losses) on financial transactions and ot
Slide 80: Chile (CLP mn)
Chile (CLP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 361,759 475,476 491,886 529,884 519,215 -2.0% 361,759 519,215 +43.5% Net fee income 132,221 137,526 148,628 143,434 153,370 +6.9% 132,221 153,370 +16.0%
Slide 81: Argentina (EUR mn)
Argentina (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,025 397 390 1,107 416 -62.4% 1,025 416 -59.4% Net fee income 131 73 111 287 172 -39.9% 131 172 +31.4% Gains (losses) on financial transactions and
Slide 82: Argentina (Argentine peso mn)
Argentina (Argentine peso mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 949,444 1,183,149 799,603 665,292 593,186 -10.8% 949,444 593,186 -37.5% Net fee income 121,575 184,297 204,428 232,193 246,000 +5.9% 121,5
Slide 83: Rest of the Group (EUR mn)
Rest of the Group (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 183 196 228 225 250 +11.1% 183 250 +36.3% Net fee income 162 180 181 199 205 +2.6% 162 205 +26.2% Gains (losses) on financial transactions an
Slide 84: Rest of the Group (Constant EUR mn)
Rest of the Group (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 178 189 231 227 250 +10.1% 178 250 +40.2% Net fee income 162 178 183 200 205 +2.3% 162 205 +26.7% Gains (losses) on financial transa
Slide 85: Supplementary information
Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary 85
Slide 86: Glossary - Acronyms
Glossary - Acronyms ❑ ALCO: Assets and Liabilities Committee ❑ MREL: Minimum requirement for own funds and eligible liabilities ❑ AT1: Additional Tier 1 ❑ NII: Net interest income ❑ bn: Billion ❑ NPL: Non-performing loans ❑ Bps: basis points ❑ PBT: Profit before tax ❑ CET1: Common equity tier 1 ❑ P&
Slide 87: Glossary - Definitions
Glossary - Definitions EFFICIENCY • Efficiency: Underlying operating expenses / Underlying total income. Operating expenses defined as administrative expenses + amortizations CREDIT RISK • NPL ratio: Credit impaired customer loans and advances, guarantees and undrawn balances / Total risk. Total ris
Slide 88: Thank You.
Thank You. Our purpose is to help people and businesses prosper. Our culture is based on believing that everything we do should be: