Banco Santander, S.a. · BME:SAN
Banco Santander — 9M 2025 Earnings Presentation
57 slides from Banco Santander's earnings presentation, Oct 29, 2025
Slide 1: 9M'25 Earnings Presentation
9M’25 Earnings Presentation 29 October 2025
Slide 2: Important information
Important information Non-IFRS and alternative performance measures Banco Santander, S.A. (“Santander”) cautions that this document may contain financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well
Slide 3: Important information
Important information • acquisitions, integrations, divestitures and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters; • climate-related conditions, regulations, targets and weather events; • uncertainty over the scope
Slide 4: Index: 9M'25 Highlights
Index 1 2 3 4 9M'25 Highlights Group review Final remarks Appendix Progress on our strategy 4
Slide 5: Record 9M profit, with all global businesses contributing
Record 9M profit, with all global businesses contributing to our 2025 targets Q3’25 att. profit 9M’25 att. profit Another record quarter resulting in double-digit profit growth in 9M, with 7 million new customers YoY and high activity levels €3.5bn €10.3bn +8% +11% Efficiency RoTE post-AT1 Strong op
Slide 6: On track to beat our updated Investor Day 2025 targets
On track to beat our updated Investor Day 2025 targets 9M’25 vs. 2025 ID targets (incl. upgrades in Q4’24) STRENGTH DISCIPLINED CAPITAL ALLOCATION CET1 RWAs with RoRWA > CoE 13.1% TNAVps + DPS 88% 13% | operating range: 12-13% c.85% SHAREHOLDER REMUNERATION +15% PROFITABILITY Double-digit growth ave
Slide 7: Strong revenue performance supporting net operating income and double-digit profit growth
Strong revenue performance supporting net operating income and double-digit profit growth Group Group excl. Argentina Group P&L Current Constant Current Constant € million 9M'25 9M'24 % % % % Excellent business and NII 33,816 34,682 -2 2 -1 3 commercial dynamics Net fee income 10,011 9,666 4 8 1 6 O
Slide 8: Consistent execution of ONE Transformation is driving higher revenue and lower costs
Consistent execution of ONE Transformation is driving higher revenue and lower costs … Global & Network Global Tech FY’22 ONE Transformation businesses1 capabilities & others 9M’25 45.8% -259bps -101bps -88bps 41.3% • Product simplification: 35% fewer • Wealth: collaboration fees with • Global appro
Slide 9: Double-digit profit growth, supported by our global businesses
… and double-digit profit growth, supported by our 5 global businesses Revenue Contribution to Profit Profitability Profitability 9M’25 Efficiency (€ bn) Group revenue (€ bn) 9M’25 2025 targets RoTE post-AT1 23.3 50% 39.2% 5.7 17.6% c.17% RETAIL +1% +0.2pp +9% -0.5pp 9.7 40.9% 1.6 10.4% CONSUMER 21%
Slide 10: Retail: ONE Transformation, a digital bank with branches
Retail: strong YoY profit growth backed by better credit quality and the benefits from ONE Transformation, as we become a digital bank with branches 9M’25 FINANCIALS Loans Deposits CoR • ONE Transformation delivering tangible progress: fees (+5%), digital €597bn €647bn 0.89% sales (+13%), cost-to-se
Slide 11: Consumer: solid profit performance and deposit growth
Consumer: solid profit performance and deposit growth as we increase our customer base 9M’25 FINANCIALS Loans Deposits CoR • We continue to expand Openbank’s offering with the recent launch €211bn €127bn 2.06% of an AI-powered trading service, and fostering Zinia, e.g. providing instalment payments
Slide 12: CIB: investments drove 7% fee growth and a RoTE of 20%
CIB: investments drove 7% fee growth and a RoTE of 20% 9M’25 FINANCIALS Loans Deposits CoR • Solid execution of our strategy focused on fees and capital-light business, driving RoTE up to 20%, while maintaining a leading €142bn €134bn 0.10% position in efficiency +5% +8% -11bps • Strong activity, wi
Slide 13: Wealth: excellent profit growth YoY
Wealth: excellent profit growth YoY, with revenue increases across business lines and collaboration fees up strongly 9M’25 FINANCIALS Net new money Net sales Gross written • Increased focus on value-added investment solutions and services (PB) (SAM) premiums (e.g. Beyond Wealth in Spain and the US),
Slide 14: Payments: enhanced scale through global platforms
Payments: enhanced scale through global platforms driving strong profit and profitability 9M’25 FINANCIALS Loans Getnet TPV Cards Spending • On track with our key strategic priorities to capture scale through €25bn €174bn €250bn global platforms, driving cost per transaction improvements +14% +15% +
Slide 15: Improving profitability and value creation with EPS up 16%
Improving profitability and value creation with EPS up 16% and TNAVps + Cash DPS increasing 15% RoTE post-AT1 EPS TNAVps + Cash DPS € cents € per share Cash DPS: €22.50 cents +0.7pp +16% +15% 16.1% 66.1 15.4% 56.8 5.79 5.56 5.04 9M'24 9M'25 9M'24 9M'25 Sep-24 Sep-25 Since 2021 and including the full
Slide 16: Index: Group review
Index 1 2 3 4 9M'25 Highlights Group review Final remarks Appendix Progress on our strategy 16
Slide 17: Strong revenue performance supporting net operating income
Strong revenue performance supporting net operating income and double-digit profit growth Profit (€ mn) Group Group excl. Argentina +8% Group P&L Current Constant Current Constant € million 9M'25 9M'24 % % % % +2% NII 33,816 34,682 -2 2 -1 3 3,265 3,402 3,431 3,504 Net fee income 10,011 9,666 4 8 1
Slide 18: Revenue growth underpinned by customer activity
Revenue growth underpinned by customer activity across our businesses TOTAL REVENUE Constant € mn GROUP +4% • >95% of total revenue is customer related 15,797 15,592 15,227 15,459 • Solid revenue increase YoY across lines, with all businesses growing in 14,919 14,883 14,541 a more challenging enviro
Slide 19: Solid NII performance YoY across most global businesses
Solid NII performance YoY across most global businesses on the back of effective balance sheet management NET INTEREST INCOME AND NIM 2.97% NET INTEREST INCOME 2.89% 2.79% 2.92% 2.78% NIM 2.73% 2.69% • >80% of Group NII is from our Retail and Consumer businesses Quarterly • Excluding Argentina, NII
Slide 20: Record net fee income in 9M driven by value added
Record net fee income in 9M driven by value added from our global businesses NET FEE INCOME Constant € mn +7% DETAIL BY BUSINESS • Retail: 3,307 3,343 3,362 3,300 − Growth on the back of a more targeted product offering and 3,131 customer increase (+6mn) 3,046 3,059 − Of note, strong performances in
Slide 21: ONE Transformation is driving 5% growth in net operating income
ONE Transformation is driving 5% growth in net operating income GROUP RETAIL AND CONSUMER Retail and Consumer represent 39.5% 39.7% Revenue Efficiency Constant € mn 15,797 70% of the Group’s total costs 15,227 15,592 15,459 14,541 14,919 14,883 33,004 32,552 Total revenue +1% Constant € mn Costs 9M'
Slide 22: Sound credit quality with improvement across most of our businesses
Sound credit quality with improvement across most of our businesses LLPs AND CREDIT QUALITY CREDIT QUALITY CoR 1.20% 1.21% 1.18% 1.15% 1.14% 1.14% 1.13% 12 month • Credit quality improvement YoY, on the back of our active risk management, low unemployment rates and easing monetary policies in most c
Slide 23: Strong organic capital generation at 22% RoTE
Strong organic capital generation, with profitable front-book growth at 22% RoTE CET1 PERFORMANCE AND CAPITAL PRODUCTIVITY MAXIMIZE CAPITAL PRODUCTIVITY CET1 Sep-25 or estimates % +0.56 Front book pricing 13.0 13.1 RoRWA of new book 2.8% -0.30 -0.08 -0.02 -0.05 Asset rotation and risk transfer activ
Slide 24: Index: Final remarks
Index 1 2 3 4 9M'25 Highlights Group review Final remarks Appendix Progress on our strategy 24
Slide 25: Revenue and costs on track on the back of consistent execution
Another record quarter that makes us confident that we will achieve our 2025 targets 2025 targets 9M’25 Revenue c.€62bn €46.3bn ✓ Revenue and costs on track Mid-high single +8% on the back of our consistent execution Fees digit growth in constant euros, YoY ✓ of ONE Transformation Down vs. 2024 -1%
Slide 26: February | London
25 February | London
Slide 27: Index: Appendix
Index 1 2 3 4 9M'25 Highlights Group review Final remarks Appendix Progress on our strategy 27
Slide 28: 2025 Investor Day targets summary
Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina CET1 performance YTD Detail by global business and country Reconciliation of underlying results to statutory results Glossary and additional notes 28
Slide 29: ONE Transformation is driving double-digit growth in value creation
ONE Transformation is driving double-digit growth in value creation 2022 2023 2024 9M'25 2025 ID targets New 2025 targets RoTE post-AT1 (%) - - 15.5 16.1 - c.16.5% RoTE pre-AT1 (%) 13.4 15.1 16.3 16.8 15-17% post-AT1 Profitability >17% pre-AT1 Payout (Cash + SBB)¹ (%) 40 50 50 50 50 EPS growth (%) 2
Slide 30: Group P&L QoQ and excluding Argentina
Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina CET1 performance YTD Detail by global business and country Reconciliation of underlying results to statutory results Glossary and additional notes 30
Slide 31: Group P&L QoQ variations and excluding Argentina
Group P&L QoQ variations and excluding Argentina Group quarterly performance excluding Argentina Constant €mn -0% 14,455 14,462 14,750 14,723 14,951 14,949 13,986 Revenue +0% 10,334 10,524 10,645 10,715 10,730 10,901 10,927 NII +1% 3,020 3,013 3,134 3,125 3,170 2,987 Fees 2,914 -0% 5,952 5,958 6,060
Slide 32: CET1 performance YTD
Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina CET1 performance YTD Detail by global business and country Reconciliation of underlying results to statutory results Glossary and additional notes 32
Slide 33: CET1 performance YTD
CET1 performance YTD CET1 % +1.63 -0.89 +0.03 13.1 12.8 -0.28 -0.16 Dec-24 Att. Profit Capital Net organic Regulatory & Markets & Sep-25 distribution 1 RWAs2 Models others Note: Dec-24 ratio on a fully-loaded basis (as published in the Q4 2024 Financial Report), excluding the transitory treatment of
Slide 34: Detail by global business and country
Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina CET1 performance YTD Detail by global business and country Reconciliation of underlying results to statutory results Glossary and additional notes 34
Slide 35: Detail by global business
Detail by global business 35
Slide 36: Retail & Commercial Banking
Retail & Commercial Banking KEY DATA HIGHLIGHTS Loans Deposits Mutual funds • ONE Transformation delivering tangible progress: fees (+5%), digital sales €597bn €647bn €112bn (+13%), cost-to-serve (-3%) and high profitability levels -0% +4% +19% • Loans stable YoY, reflecting our focus on active risk
Slide 37: Retail Spain and UK
RETAIL SPAIN RETAIL UK Loans Deposits Mutual funds Loans Deposits Mutual funds €155bn €228bn €49bn €220bn €206bn €6bn -2% +5% +14% -0% +1% +1% Yield on loans Cost of deposits Efficiency Yield on loans Cost of deposits Efficiency 3.59% 0.48% 32.0% 4.13% 1.93% 53.4% -50bps -22bps +0.7pp +20bps -20bps
Slide 38: Retail Mexico and Brazil
RETAIL MEXICO RETAIL BRAZIL Loans Deposits Mutual funds Loans Deposits Mutual funds €33bn €36bn €15bn €56bn €58bn €23bn +4% +5% +20% -3% +9% +15% Yield on loans Cost of deposits Efficiency Yield on loans Cost of deposits Efficiency 12.63% 3.76% 43.8% 17.01% 9.02% 40.8% -115bps -133bps -1.1pp +59bps
Slide 39: Digital Consumer Bank
Digital Consumer Bank KEY DATA HIGHLIGHTS New lending Loans Deposits • Progressing in our priority to become the preferred choice of our partners and end customers, while being the most cost competitive player €61bn €211bn €127bn • Loans grew 2%, supported by auto lending, especially in Europe, in a
Slide 40: DCB Europe and DCB US
DCB Europe DCB US Loans Deposits Mutual funds Loans Deposits Mutual funds €141bn €82bn €5bn €49bn €45bn €4bn +3% +2% +16% -5% +10% +19% Yield on loans Cost of deposits Efficiency Yield on loans Cost of deposits Efficiency 5.77% 1.91% 45.7% 12.04% 2.13% 41.4% +6bps -39bps -0.8pp +59bps +5bps +0.3pp U
Slide 41: Corporate & Investment Banking
Corporate & Investment Banking KEY DATA HIGHLIGHTS Loans Deposits • Good progress in our strategy focused on fees and capital-light business through our GM and US BBO initiatives, supporting an enhanced value €142bn €134bn proposition and higher profitability while we maintain a leading position +5%
Slide 42: Wealth Management & Insurance
Wealth Management & Insurance KEY DATA HIGHLIGHTS AuMs Net new money (PB) Net sales (SAM) • We continue to build the best wealth and insurance manager in Europe €536bn €16.7bn €7.0bn and the Americas, leveraging our leading global private banking platform +11% 7% of volumes¹ 4% of volumes¹ and our b
Slide 43: Payments: PagoNxt and Cards
Payments Cards Getnet TPV Getnet number of transactions Spending Average balance €174bn €250bn €23bn +15% +8% +8% +15% Underlying P&L* Q3'25 % Q2'25 9M'25 9M'24 % 9M'24 % 9M'24¹ EBITDA margin Underlying P&L* Q3'25 % Q2'25 9M'25 % 9M'24 % 9M'24¹ NII 41 -2.8 122 97 36.9 25.7 NII 663 -3.3 1,994 22.1 11
Slide 44: Corporate Centre
Corporate Centre P&L HIGHLIGHTS Underlying P&L* 9M'25 9M'24 • NII affected by lower interest rates NII -364 -195 • Gain / losses on financial transactions improved with a lower impact from foreign currency hedges Gains / losses on financial transactions -135 -429 • Costs up due to higher IT expenses
Slide 45: Detail by country
Detail by country 45
Slide 46: Spain and UK
SPAIN UK Loans Deposits Mutual funds Loans Deposits Mutual funds €233bn €314bn €103bn €227bn €216bn €8bn +2% +6% +15% 0% +1% +3% Efficiency CoR RoTE post-AT1 Efficiency CoR RoTE post-AT1 35.0% 0.45% 24.4% 53.2% 0.03% 10.1% +0.3pp -6bps +3.3pp -2.8pp -1bp -0.5pp Underlying P&L* Q3'25 % Q2'25 9M'25 %
Slide 47: Portugal and Poland
PORTUGAL POLAND Loans Deposits Mutual funds Loans Deposits Mutual funds €41bn €40bn €5bn €40bn €51bn €8bn +6% +6% +17% +4% +10% +24% Efficiency CoR RoTE post-AT1 Efficiency CoR RoTE post-AT1 27.4% 0.00% 30.5% 27.8% 0.79% 23.6% +2.8pp -7bps +4.1pp +0.5pp -88bps +2.6pp Underlying P&L* Q3'25 % Q2'25 9M
Slide 48: US and Mexico
US MEXICO Loans Deposits Mutual funds Loans Deposits Mutual funds €107bn €83bn €15bn €46bn €42bn €22bn -1% +3% +17% +4% +6% +19% Efficiency CoR RoTE post-AT1 Efficiency CoR RoTE post-AT1 48.7% 1.65% 10.5% 41.3% 2.62% 21.2% -1.7pp -30bps +2.9pp -0.6pp -6bps +2.2pp Underlying P&L* Q3'25 % Q2'25 9M'25
Slide 49: Brazil and Chile
BRAZIL CHILE Loans Deposits Mutual funds Loans Deposits Mutual funds €94bn €83bn €55bn €38bn €26bn €13bn 0% +2% +10% +3% -1% +19% Efficiency CoR RoTE post-AT1 Efficiency CoR RoTE post-AT1 32.6% 4.71% 15.1% 34.1% 1.32% 19.3% +0.5pp -6bps -1.0pp -3.2pp +23bps +4.4pp Underlying P&L* Q3'25 % Q2'25 9M'25
Slide 50: Argentina and Argentina peso
ARGENTINA ARGENTINA PESO Loans Deposits Mutual funds €9bn €10bn €6bn • In Q2 2024, given a significant divergence between the official +70% +15% +71% exchange rate and inflation, we decided to start using an alternative exchange rate, modelled by our Economic Research Team primarily Efficiency CoR R
Slide 51: Reconciliation of underlying results to statutory results
Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina CET1 performance YTD Detail by global business and country Reconciliation of underlying results to statutory results Glossary and additional notes 51
Slide 52: Reconciliation of underlying results to statutory results
Reconciliation of underlying results to statutory results EUR mn NOTE THIS IS NOT A PRO FORMA ACCOUNT EXCLUDING POLAND, RATHER A RECONCILIATION BETWEEN STATUTORY AND UNDERLYING ACCOUNTS • Statutory results: in accordance with IFRS 5 requirements, results related to the business subject to the Poland
Slide 53: Glossary and additional notes
Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina CET1 performance YTD Detail by global business and country Reconciliation of underlying results to statutory results Glossary and additional notes 53
Slide 54: Glossary - Acronyms
Glossary - Acronyms • A2A: Account-to-account • GFT: Gains on financial transactions • pp: Percentage points • AM: Asset management • ID: Investor Day • ps: Per share • AuMs: Assets under Management • IFRS 5: International Financial Reporting • QoQ: Quarter-on-quarter • bn: Billion Standard 5, on no
Slide 55: Glossary - Definitions
Glossary - Definitions PROFITABILITY AND EFFICIENCY • RoTE: Profit attributable to the parent (annualized)1/ Average stockholders' equity2 (excl. minority interests) - intangible assets • RoTE (post-AT1): Profit attributable to the parent minus AT1 costs (annualized)1 / Average stockholders' equity2
Slide 56: Additional notes
Additional notes (1) As announced on 5 February 2025, the shareholder remuneration policy that the board intends to apply for the 2025 results consists of a total shareholder remuneration of approximately 50% of the Group reported profit (excluding non-cash, non-capital ratios impact items), to be d
Slide 57: 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: