Banco Santander, S.a. · BME:SAN
Banco Santander — Investor Day (February 2026)
35 slides from Banco Santander's investor day presentation, Feb 25, 2026
Slide 1: Ana Botín | Executive Chair
Ana Botín | Executive Chair 25 February | London 1
Slide 2: Important information
Important information Non-IFRS and alternative performance measures Banco Santander, S.A. (“Santander”) cautions that this webcast 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 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 res
Slide 4: Important information
Important information ADDITIONAL INFORMATION ABOUT THE ACQUISITION OF WEBSTER AND WHERE TO FIND IT INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM F-4 AND THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM F-4 WHEN THEY BECOME AVAILA
Slide 5: Agenda
Agenda 12:00 – Registration and lunch 13:00 – Ana Botín 13:45 – Héctor Grisi 14:30 – Coffee break 14:45 – Jose García Cantera 15:30 – Q&A session 16:15 – Closing remarks UK times. 5
Slide 6: Santander, an open global financial services platform
Santander, an open global financial services platform Our Aim Our Purpose Our How To be the best open To help people and Everything we do should be financial services platform businesses prosper Simple, Personal and Fair Our Scale Customer Focus Digital bank with branches approach In-market and Glob
Slide 7: We have always delivered and consistently exceeded all of our strategic plans
We have always delivered and consistently exceeded all of our strategic plans Building global platforms Laying the & path towards A new phase foundations ONE Santander of value creation 2015 – 2018 2019 – 2022 2023 – 2025 Plan 2018 Plan 2022 Plan 2025 CET1 FL >11% 11.3% 11-12% 12.0% >12% 13.5% RoTE
Slide 8: We deliver growth that compounds with low volatility and a high degree of predictability
We deliver growth that compounds with low volatility and a high degree of predictability 3.36% 3.38% 2.90% 2.83% 2.97% 2.89% 3.03% 2.80% 2.70% 2.49% 2.57% Robust asset c.3x 1.25% 1.18% 1.07% 1.28% 1.18% 1.15% 1.15% 1.00% 1.00% 0.99% 0.77% quality 1.90% 1.89% 1.85% 2.21% 2.23% Pre-provision profit 1.
Slide 9: Over the last three years, we have grown our customer base by 13% and revenue by 20%
Over the last three years, we have grown our customer base by 13% and revenue by 20%... +13% 180mn +20% €62bn Customers 160mn €6.0bn Total revenue1 €52bn +58% +23% €4.2bn Payments +5% +27% €4.9bn €2.7bn +16% €8.5bn Network businesses Wealth CIB €6.7bn €13.0bn Openbank €12.4bn Retail & €27.0bn €31.2b
Slide 10: Improving efficiency and growing customers by changing the model: ONE Transformation
… improving efficiency and growing customers by CHANGING THE MODEL: ONE TRANSFORMATION Efficiency ratio c. 2.5% 45.8% ONE Transformation c. 1% c. 1% Global & Network 41.2% businesses Global Tech • Product simplification capabilities & others -61% vs. 2022 • 70% products / services • Wealth: collabor
Slide 11: The Santander of tomorrow is underway…
The Santander of tomorrow is underway… 11
Slide 12: Financial North Star: 2026–2028 targets
FINANCIAL North Star 2026 – 2028 targets Strength Profitable growth CET1 Profit RoTE c.13% 12-13% operating range >€20bn >20% TNAVps+DPS by 2028 Excess >13% to be returned at the end of the plan Accelerating to High teens by 2028 & Shareholder remuneration Double-digit Reinvesting Payout Cash DPS EP
Slide 13: Key operational targets
Key OPERATIONAL targets 2028 targets Active customers Fees per active customer € constant c.125mn c.135 from 106mn in 2025 from 130 in 2025 Customers >210mn Revenue up MSD and from 180mn in 2025 Cost per active customer € constant total costs down every year1 on the back of c.220 from 264 in 2025 ON
Slide 14: Our unique business model and ONE Transformation will drive a new paradigm of growth
Our unique business model and ONE Transformation, powered by our network businesses, will drive a new paradigm of growth and capital allocation Customer growth Revenue Increasing Scale up RoTE Customer focus ONE Transformation & Diversification Costs Higher Network businesses down Value Creation eve
Slide 15: Customer growth, ONE Transformation, Network businesses, Tech & AI
Customer ONE Network Leveraging growth Transformation businesses Tech & AI 1 2 3 4 15
Slide 16: Driving sustainable customer growth through a connected and diversified franchise
1 Driving sustainable customer growth through a connected and diversified franchise Customers >210mn 180mn Customer Network Announced 172mn experience flywheel bolt-ons • ONE Transformation • Global scale and • TSB platforms • Omnichannel customer • Webster experience through AI- • Leading local fra
Slide 17: Benefits from ONE Transformation will increase exponentially
2 Benefits from ONE Transformation will increase exponentially… Cost base € constant €28.5bn <€27bn Inflation & investments1 ONE Transformation efficiencies1 Cost synergies2 €3.5 - 4.5bn TSB >£400mn €4 - 5bn Webster c.$800mn 2025 pro-forma 2025-2028 2028 target Note: TSB and Webster transactions pen
Slide 18: Leveraging AI, network businesses and M&A to structurally reduce our efficiency ratio
2 … by leveraging AI, our network businesses and M&A to structurally reduce our efficiency ratio Efficiency ratio ONE Transformation 45.3% c. 3% c. 1% c.2% • CX for customer c.1% c.2% c.36% growth • Leverage AI to • Simplification & gain primacy with Automation customers • Build once and deploy • Di
Slide 19: Our Global Platforms with ONE Transformation delivering operating leverage
2 With ONE Transformation delivering unmatched operating leverage through global platform-driven models plus bolt-on acquisitions Efficiency ratio 51% <34% c.30-38% Our Global Platforms will position us to operate with fintech-like efficiency by 2028 with further upside beyond Global Peers R&C and D
Slide 20: Retail & Commercial and Openbank RoTE improvement is mostly under our control
2 ONE Transformation: Our Retail & Commercial and Openbank RoTE improvement is mostly under our control Retail & Commercial and Openbank combined RoTE waterfall >+1pp >20% >+1pp >+1pp >+1pp Webster TSB 14.8%1 2025 Announced Efficiencies Growth Capital 2028 bolt-ons allocation target Note: RoTE perce
Slide 21: Network businesses will power our next phase of growth
3 Network businesses will power our next phase of growth CIB Wealth Payments From processing to commerce Combine global reach with platform Deepen customer primacy local execution Strategic Use technology and data to aims Strengthen protection and compound returns Remain below 20% retirement solutio
Slide 22: Gravity 2.0: From country deployment to global scale monetization
4 Gravity 2.0: From country and business deployment to global scale monetization Gravity 2022-2025 Gravity 2.0 2026-2028 Payments Hub - an Program in countries and businesses example of a Full New operating model Platform Model 70% Brazil planned for 2026 Global platforms at scale IT resource implem
Slide 23: Our domain and tech expertise and scale advantage enable us to play defense and offense
4 AI. Our domain and tech expertise and scale advantage enable us to play defense and offense Why we are Proprietary data Primary AI companies build tools. Trust Embedded in Financial structurally & Brand at scale the business strength customer We integrate AI into a advantaged 180mn customers relat
Slide 24: Scaling AI through building blocks: Ebury example
4 Scaling AI through building blocks: Ebury example with AI to “turbo charge” cross-border payments Today Our agent Factory Ambition SMEs x-border leading solution Ebury IP in 30 markets 50% Asset factoring Over 31,000 customers Data by 2025 (+35% YoY) Transactions, Orchestration monitoring, Governa
Slide 25: The roadmap to >€20bn profit
The roadmap to >€20bn profit Underlying profit >€2bn >€20bn >€2bn >€3bn €13.1bn1 2025 Hard Soft Announced 2028 target currency currency bolt-ons Note: Data in €. Soft currencies: MXN, BRL, CLP, ARS, PLN and rest of LatAm currencies. Hard currencies: EUR, USD, GBP and rest of European currencies. TSB
Slide 26: The roadmap to >20% RoTE
The roadmap to >20% RoTE RoTE waterfall >60% c.45%2 >20% >21% c.16% >20% 35%2 61% Further upside 18% from 16.3% revenue and 8% cost synergies 17% 2025 RoTE 15.2% Ex-Poland Efficiency ratio1 <34% 2025 Retail & Openbank CIB Wealth Payments 2028 target Beyond 2028 Commercial Note: Targets by 2028, unle
Slide 27: Capital discipline powers our ambition
Capital discipline powers our ambition 27
Slide 28: Step-up in organic capital generation, driving sustainable and profitable growth
Step-up in organic capital generation, driving sustainable and profitable growth Capital allocation framework CET1 ratio 1 Organic growth >€50bn 2 13.5% of capital to fund >13% 2 Ordinary 2025 2028 growth & distributions target distributions 2026-2028 3 Bolt-on acquisitions1 Increasing Group’s Exces
Slide 29: Our M&A execution is aligned with our capital hierarchy
Our M&A execution is aligned with our capital hierarchy and is expected to deliver 9% profit growth post synergies Sold 1 Together, these transactions are expected to drive a 9% profit growth post synergies (2-3 years) Poland 2 Accelerating the transformation of the UK and the US into top tier profi
Slide 30: Bolt-on acquisitions expected to bring hard currency loans to 80%
Our bolt-on acquisitions are expected to bring the share of hard currency loans to 80% Loan book Santander 2025 Santander 2025 pro-forma Geographical diversification Excl. Poland, incl. Webster + TSB acquisitions 21% 20% 40% 11% 15% 22% 22% 46% 22% 25% Europe Soft currency Hard currency Soft currenc
Slide 31: Our next chapter
Our next chapter 31
Slide 32: Our investment case
Our investment case >20% RoTE by 2028 EPS TNAVps + Cash DPS € € per share Cash Accelerating to Double-digit High teens by 2028 10.0 DPS >x2 annual growth 9.0 2026-2028 8.0 7.0 6.0 5.76 0.91 5.0 4.0 by 20281 3.0 2.0 1.0 0.0 2025 2028 target 2025 2028 target 1. vs. 2025. 32
Slide 33: Improved capital structure and lower weight of soft currencies
Improved capital structure and lower weight of soft currencies, accelerating shareholder value creation c.+14% RoTE2 DPS €0.56 2022–2025 c.16% avg. c.-2pp TNAVps avg. value creation1 €4.26 €5.76 TNAVps (Dec-22) (BoP) Organic FX & others Avg. generation Value creation Accelerating to 16.00 RoTE High
Slide 34: Financial North Star: 2026–2028 targets
FINANCIAL North Star 2026 – 2028 targets Strength Profitable growth CET1 Profit RoTE c.13% 12-13% operating range >€20bn >20% TNAVps+DPS by 2028 Excess >13% to be returned at the end of the plan Accelerating to High teens by 2028 & Shareholder remuneration Double-digit Reinvesting Payout Cash DPS EP
Slide 35: Thank you
Thank you >