Banco Santander, S.a. · BME:SAN
Banco Santander — Investor Presentation (February 2026)
57 slides from Banco Santander's investor presentation, February 2026
Slide 1: FY'25 Institutional Presentation
Strategic and Financial Analysis. Financial Division FY’25 Institutional Presentation
Slide 2: Index
INDEX Our business Group Links to FY’25 results Final model and structure and public & activity remarks strategy businesses materials Note: unless otherwise stated, figures across the presentation are shown prior to the reporting changes announced on 10 February 2026. Logotipo El contenido generado
Slide 3: Our business model and strategy
Our business model and strategy
Slide 4: Santander, a leading financial group
FY'25 Highlights Santander, Total assets (€ bn) 1,868 a leading Customer loans (€ bn excluding reverse repos) 1,024 financial group Customer deposits + mutual funds (€ bn excluding repos) 1,262 Branches 7,124 2025 Net operating income (pre-provision profit) (€ mn) 36,665 2025 Attributable profit (€
Slide 5: The Santander Way
OUR PURPOSE The Santander Way To help people and businesses prosper OUR AIM Who we are and what guides us To be the best open financial services platform, by acting responsibly and earning the lasting loyalty of our people, customers, shareholders and communities OUR HOW Everything we do should be S
Slide 6: Santander business model
Santander business CUSTOMER FOCUS SCALE DIVERSIFICATION model Business Digital bank Global & Our business model Geographical with branches in-market based on unique Balance sheet competitive advantages is the foundation for generating value for Leveraging our global businesses and network effects ou
Slide 7: Customer focus
01 TOTAL CUSTOMERS DIGITAL CUSTOMERS Customer focus 180mn 63mn +8mn +4mn Customer focus is the ACTIVE CUSTOMERS essence of our strategy 106mn +8% 70% +3mn Transactions per active customer Products/services digitally available Our customer base grows as we become the primary bank for our customers No
Slide 8: Customer focus
01 Customer focus Traditional banking Digital banking (branches, ATMs, (mobiles, tablets, retail agents, PCs, laptops, collaborative spaces…) smartwatches…) To bring all our customers to a common operating OUR CUSTOMER GROWTH INVESTMENTS ARE FOCUSED ON THE FOLLOWING CONCEPTS model, while Branches: 7
Slide 9: Scale
02 Scale Retail Retail & Commercial Banking Openbank Openbank Our activities are Corporate & Investment Banking organized under CIB ONE Santander five global businesses Network Wealth Management & Insurance Payments Wealth businesses Payments Payment Solutions Note: Group structure from January 2026
Slide 10: Scale
GLOBAL SCALE | FIVE GLOBAL BUSINESSES 02 Retail & Openbank Corporate & Wealth Payment Commercial Investment Management Solutions Scale Banking Banking & Insurance IN-MARKET SCALE Market shares 9% #4 Loans Auto lending 7% 2% DCB Santander has a Deposits Deposits Europe unique combination 17% 12% Loan
Slide 11: Diversification
03 CUSTOMER LOANS CUSTOMER DEPOSITS By product/business1 By product/business1 Diversification Other 5% Other 6% CIB CIB 15% Retail: 14% Individuals 32% home 31% demand mortgages deposits Openbank 13% Openbank 21% 5% Retail: 10% 3% Individuals time other individuals Geographical 20% 6% 19% Retail: de
Slide 12: Diversification
03 SIMPLE, TRANSPARENT AND EASY TO ANALYSE BALANCE SHEET Diversification Medium-low risk profile Strong liquidity ratios Strong solvency ratios well above requirements Focus on capital efficiency Rock-solid and and asset rotation diversified balance sheet and Highly collateralized and Stable and div
Slide 13: In summary
PREDICTABLE AND ROBUST ASSET QUALITY GROWING EPS Pre-provision profit / loans In summary 2.90% 2.83% 2.97% 2.89% 2.80% 2.49% 2.57% 2.70% 3.03% 3.36% 3.38% EPS volatility2 1.1x US 608% Cost of risk1 7.5x IT 292% 1.25% 1.18% 1.07% 1.00% 1.00% 1.28% 0.99% 1.18% 1.15% 1.15% 0.77% 7.8x US 141% Profit inc
Slide 14: Our three core pillars
Our three core pillars Customer growth Increasing Scale RoTE A new paradigm of growth and capital Customer focus ONE Transformation allocation based on our unique business Diversification Higher model combined with Network businesses Value Creatio customer growth and network businesses Leveraging Te
Slide 15: Sustainability
Sustainability FY’25 2025 targets Green finance raised and facilitated €174.0bn €120bn We have successfully closed our strategic cycle, Socially responsible €129.9bn €100bn investments (AuMs) delivering on our key sustainability Financial inclusion targets 6.3mn 5mn (# People) More information avail
Slide 16: Group structure and businesses
Group structure and businesses
Slide 17: Group structure from January 2026
PRIMARY SEGMENTS (GLOBAL BUSINESSES) Payment Group Retail Openbank CIB Wealth Solutions structure from January SECONDARY SEGMENTS 2026 Spain Portugal US Brazil Argentina UK DCB Europe Mexico Chile Group functions and Corporate Centre activities Internal Technology Audit Corporate People & Culture Fi
Slide 18: Global businesses
Global businesses 18
Slide 19: Retail & Commercial Banking
Retail & Commercial Banking ‘A global business integrating all our retail and commercial banking activities to better serve our customers, improve efficiency and drive value creation’ FY'25 Highlights Strategic priorities Customer loans (€ bn) 601 Customer deposits (€ bn) 662 • Continue transforming
Slide 20: Openbank
Openbank ‘A digital bank that combines state-of-the-art technology with a personal and human touch’ FY'25 Highlights Strategic priorities Customer loans (€ bn) 212 • Maintain our auto leadership (#1 in Europe and South America, and #3 in the US) by New business volumes (€ bn) 82 strengthening and ex
Slide 21: Corporate & Investment Banking
Corporate & Investment Banking ‘A digital bank that combines state-of-the-art technology with a personal and human touch’ FY'25 Highlights Strategic priorities Customer loans (€ bn) 152 • Our aim is to become larger, high-returning, world class Corporate & Investment Bank, positioning ourselves as a
Slide 22: Wealth Management & Insurance
Wealth Management & Insurance ‘We want to become the best wealth and insurance manager in Europe and the Americas’ FY'25 Highlights Strategic priorities Total assets under management 1 (€ bn) 558 • Continue building our global platform, accessing new markets and leveraging the connectivity of our te
Slide 23: Payments
Payments ‘Single infrastructures for payment solutions’ FY'25 Highlights Strategic priorities Attributable profit (€ mn) 883 • Accelerate our growth in total payment volumes through the development of new products and international expansion to generate new revenue for the Group • Continue the migra
Slide 24: Group functions and Corporate Centre activities
Group functions and Corporate Centre activities • Global T&O strategy • People & Culture strategy • Risk and compliance • Corporate governance • Our brand 24
Slide 25: Technology and Operations (T&O)
Technology and Operations (T&O) ‘The T&O mission is enabling Santander to operate on truly global, business-embedded platforms, achieving low-cost production with simple products, best-in-class user experience and with zero back office’ Global T&O capabilities are key for our digital transformation
Slide 26: People & Culture
People & Culture ‘Our people are fit for purposed, and work in great teams with great leaders that are delivering on our strategy and are supported by the SPF experience. All while providing purpose, autonomy and mastery, the drivers of motivation’ Lead in AI Deliver One Global adoption to Agile P&C
Slide 27: Risk management and Compliance
Risk management and Compliance ‘Our risk management and compliance model is key to making us a solid, safe and sustainable bank that supports the progress of people and businesses’ Our risk management and compliance model is based on: We also have advanced tools to support effective risk management
Slide 28: Corporate Governance
Corporate Governance ‘As a responsible bank, we have clear and robust governance to ensure a long-term sustainable business model’ Board committees Composition of the board of directors as at 31 December 2025 Executive Broad and well-balanced shareholder structure 20.0% Audit Non-executive directors
Slide 29: Corporate Governance
Corporate Governance 'Best practices on robust governance are channelled to all subsidiaries' Group-subsidiary governance model Group Subsidiary B The Group-subsidiary governance model enhances control and oversight through: Board of Directors Subsidiary A A Presence of the Group in the subsidiaries
Slide 30: Santander brand
Santander brand 'We help people make choices today that will define their tomorrow’ Ana Botín, Executive Chair Santander is one of the most valued brands in the world 3 rd Best Global Retail Bank Brand Best Global Brands Ranking Interbrand, 2025 As one of our most important strategic assets, our bra
Slide 31: FY'25 results & activity
FY’25 results & activity
Slide 32: Record results for the fourth consecutive year
Record results for the fourth consecutive year, delivering on all our financial targets driven by growth of 8 million new customers and ONE Transformation Q4’25 att. profit FY'25 att. profit Another record quarter resulting in double-digit profit growth in 2025 €3.8bn €14.1bn +15% +12% Efficiency Ro
Slide 33: All-time high profit, driven by revenue and efficiency
All-time high profit, driven by our revenue performance and structural efficiency improvement from ONE Transformation Group Group excl. Argentina Group P&L Current Constant Current Constant € million 2025 2024 % % % % Delivering on our NII 45,354 46,668 -3 1 -0 3 2025 Group targets Net fee income 13
Slide 34: Double-digit profit growth across all global businesses
Double-digit profit growth with all global businesses delivering strong results Revenue Contribution to Profit Profitability FY’25 profitability FY'25 Efficiency (€ bn) Group revenue (€ bn) FY'25 targets RoTE post-AT1 31.2 39.4% 7.7 17.7% RETAIL -0% 50% -0.1pp +9% -0.4pp c.17% ✓ 13.0 40.6% 1.7 8.6%
Slide 35: Consistent execution of ONE Transformation drove efficiency improvements
Consistent execution of ONE Transformation drove sustained efficiency improvements ahead of Investor Day target Global & Network Global Tech 2022 ONE Transformation businesses1 capabilities & others 2025 45.8% -265bps -108bps -87bps 41.2% • Product simplification: 24% fewer • Wealth: collaboration f
Slide 36: Retail: driving operational leverage through ONE Transformation
Retail: driving operational leverage through ONE Transformation, while delivering a differential customer experience through our digital bank with branches Operational leverage Customer experience Operational leverage Global platform (€ bn) Cost per active Gravity Revenue Costs -4% Digital sales In
Slide 37: Consumer: scaling digital bank and global platforms
Consumer: scaling our digital bank and global platforms while optimizing the funding structure Operational leverage Customer experience Operational leverage Global platform (€ bn) Single brand Roll-out of our Revenue Costs +2% to drive customer Single entity +4% +4% In real terms engagement digital
Slide 38: Network businesses capturing fee growth
Network businesses are capturing fee growth through connectivity and global platforms Key strategic drivers 2025 vs. ID targets % customer related Fee growth % Total revenue / US CIB revenue ($ mn) revenue (€ bn) RWAs >25% CIB +36% +9% +1.0pp CAGR 22-25 ID target 82 1,884 Leveraging our strengths to
Slide 39: Improving profitability and value creation
Improving profitability and value creation with EPS +17% and TNAVps + Cash DPS increasing 14% RoTE post-AT1 EPS TNAVps + Cash DPS € cents € per share Cash DPS: €22.50 cents +0.8pp +17% +14% 16.3% 90.5 15.5% 5.98 77.1 5.76 5.24 2024 2025 RoTE pre-AT1 17.1% (+0.8pp YoY) 2024 2025 Dec-24 Dec-25 Since 2
Slide 40: Strong organic capital generation
Strong organic capital generation, supporting accretive capital redeployment, consistent with our capital hierarchy… CET1 PERFORMANCE AND CAPITAL PRODUCTIVITY Poland disposal at 2.2x TBV MAXIMIZE CAPITAL PRODUCTIVITY CET1 Dec-25 or estimates % TSB bolt-on acquisition at 1.45x TBV +2.23 Front book pr
Slide 41: Self-funding the acquisition of Webster in the US
… enables us to self-fund the acquisition of Webster in the US, which improves our future capital generation capacity TRANSACTION OVERVIEW CET1 PATH % Bolt-on acquisition fully aligned with our capital hierarchy and strengthening our position in the US Capital generation1 $ RoIC c.15% 12,8-13% RoIC
Slide 42: Final remarks
Final remarks
Slide 43: Delivering on all our 2025 and key Investor Day targets
In summary, delivering on all our 2025 and key Investor Day targets 2025 2023-25 2025 Targets 2023-25 ID targets Revenue €62.4bn c.€62bn ✓ +8% c.7-8% ✓ CAGR 22-25 CAGR 22-25 Mid-high single +7% c.8-9% Fees +9% digit growth ✓ CAGR 22-25 CAGR 22-25 Cost base -1% Down vs. 2024 ✓ +4% c.4-5% ✓ in euros i
Slide 44: Above our key 2023-25 targets
Above of our key 2023–25 targets, with a stronger bank ready for the next strategic cycle FY'25 vs. 2025 ID targets (incl. upgrades in Q4’24) STRENGTH DISCIPLINED CAPITAL ALLOCATION CET1 RWAs with RoRWA > CoE 13.5% TNAVps + DPS 89% +14% 13% | operating range: 12-13% c.85% CAGR 2022-25 SHAREHOLDER RE
Slide 45: Now at scale in all core markets
With the recent inorganic transactions, we are now at scale in all our core markets which will accelerate our value creation in the next strategic cycle Targets market dependent Revenue growth Costs Profit CET1 Mid-single Down 2026 digit Up 12.8-13% Excluding Poland, TSB in constant euros in constan
Slide 46: Financial North Star: 2026-2028 targets
FINANCIAL North Star 2026 – 2028 targets Strength Profitable growth CET1 Profit RoTE c.13% >€20bn >20% 12-13% operating range TNAVps+DPS by 2028 Excess >13% to be returned Accelerating to at the end of the plan High teens by 2028 & Shareholder remuneration EPS Reinvesting annual growth Payout Cash D
Slide 47: 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 48: Links to public materials
Links to public materials
Slide 49: Links to Grupo Santander public materials
Links to Grupo Santander public materials For additional information on the Group, please click on the images or icons below 2025 financial results Other information Financial report Earnings presentation Series Shareholders report 2025 Digital annual review Una caricatura de una persona El contenid
Slide 50: Glossary
Glossary
Slide 51: Glossary - Acronyms
Glossary - Acronyms • A2A: Account to account • ID: Investor Day • Ps: Per share • AM: Asset management • IFRS 5: International Financial Reporting • QoQ: Quarter-on-Quarter • AuMs: Assets under Management Standard 5, on non-current assets held for • Repos: Repurchase agreements sale and discontinue
Slide 52: 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 53: 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 54: Important information
Important information • 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 ra
Slide 55: Additional information about the acquisition of Webster
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 56: Additional notes
Additional notes (1) Market share and deposits based on the following Northeast MSAs: New York-Newark-Jersey City, NY-NJ, Hartford-West Hartford-East Hartford, CT, Waterbury-Shelton, CT, Providence-Warwick, RI-MA, Boston-Cambridge-Newton, MA-NH, Bridgeport-Stamford-Danbury, CT, New Haven, CT, Kiryas
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:
Banco Santander — Investor Presentation (February 2026) on 6ix