Banco Santander, S.a. · BME:SAN
Banco Santander — Corporate Update (February 2026)
32 slides from Banco Santander's corporate update, Feb 10, 2026
Slide 1: Changes to Group reporting
Changes to Group reporting 10 February 2026
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
Slide 3: Forward-looking statements (continued)
• 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 regulati
Slide 4: Executive summary
4 Executive summary Following completion of the Poland disposal in January 2026 and ahead of the upcoming Investor Day on 25 February, we will adjust our reporting effective from and including Q1 2026, as follows: Changes affecting underlying results and management metrics at the Group level, relate
Slide 5: Changes affecting underlying results and management metrics at Group level
5 1 Changes affecting underlying results and management metrics at the Group level UNDERLYING P&L 2025, € mn (1) Change to the classification of certain costs which, until 2025, were reported in the ‘other results and provisions’ line. Bank levies were reported in other results as they were original
Slide 6: Reporting of our cards business in Retail
6 • Given that our payments platform strategy is now largely established , we are positioning Payments, renamed Payment Solutions, as the Group’s payments platform business: - Results for our cards business and the related loan balances will be reclassified to Retail from Payments where it was previ
Slide 7: Spain RoTE definition and impacts from reporting changes
7 • As Santander Spain doesn’t have its own accounting tangible equity 3 , we are updating the way we allocate a theoretical tangible equity to Spain to increase accuracy, based on: i) the amount required to reach a CET1 ratio of 13% and ii) the allocation of capital deductions and add - ons • Group
Slide 8: CoR definition and impacts from reporting changes
8 3 Cost of risk definition and impacts from reporting changes (1) Digital Consumer Bank (Consumer) has been renamed Openbank. Subject to regulatory approvals. (2) This metric is not provided for Payment Solutions (‘Payments’) because, with Cards reported in Retail from 2026, we do not consider this
Slide 9: NPL ratio definition and impacts from reporting changes
9 1.94% 1.96% Spain 1.08% 1.08% UK 1.99% 2.08% Portugal 4.82% 4.85% US 2.65% 2.65% Mexico 6.76% 6.82% Brazil 5.73% 5.73% Chile 7.68% 7.68% Argentina 3 NPL ratio definition and impacts from reporting changes 2.91% 2.91% 2.91% 2.91% …New TOTAL GROUP TOTAL GROUP CHANGES TO GLOBAL BUSINESSES CHANGES TO
Slide 10: Summary of changes to primary segment definitions
10 4 Summary of changes to primary segment definitions From 2025… …To 2026 Retail Retail & Commercial Banking Retail & Commercial Banking including Cards results Openbank Digital Consumer Bank Renamed Openbank 1 (perimeter unchanged) CIB Global Banking Unchanged Global Transaction Banking Global Mar
Slide 11: Appendix
11 Appendix Total Group Detail by global business Detail by country CoR Brazil
Slide 12: Total Group quarterly P&L
Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 10,802 10,362 10,603 10,634 11,253 10,497 10,777 11,297 Net interest income 3,466 3,151 3,132 3,179 3,177 3,020 3,074 3,064 Net fee income 707 621 360 666 766 517 315 618 Gains (losses) on financial transactions * 90 143 318
Slide 13: Appendix: Detail by global business
13 Appendix Total Group Detail by global business Detail by country CoR Brazil
Slide 14: Retail & Commercial Banking
Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 6,732 6,439 6,648 6,709 7,125 6,709 6,851 7,168 Net interest income 1,645 1,521 1,527 1,530 1,507 1,478 1,513 1,525 Net fee income 191 186 123 180 264 125 260 155 Gains (losses) on financial transactions * (299) (170) (242)
Slide 15: Openbank
15 Openbank EUR million Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 2,769 2,763 2,747 2,756 2,797 2,614 2,655 2,710 Underlying income statement Net interest income 418 380 341 339 394 373 387 354 Net fee income 31 (19) (18) (6) (24) 3 9 7 Gains (losses) on financial transactions * 129 118 120 14
Slide 16: Corporate & Investment Banking
16 Corporate & Investment Banking EUR million Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 1,040 927 960 897 1,027 844 908 999 Underlying income statement Net interest income 695 589 597 671 624 581 598 611 Net fee income 203 342 228 508 396 507 106 559 Gains (losses) on financial transactions *
Slide 17: Wealth Management & Insurance
17 Wealth Management & Insurance EUR million Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 341 323 325 346 381 391 400 419 Underlying income statement Net interest income 430 399 409 404 394 355 342 351 Net fee income 229 101 100 82 108 28 60 60 Gains (losses) on financial transactions * 146 141 1
Slide 18: Payment Solutions
18 Payment Solutions EUR million Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 45 41 42 38 35 35 31 31 Net interest income 282 267 265 245 261 241 233 224 Net fee income 1 3 (21) (7) 0 (1) 2 (2) Gains (losses) on financial transactions * 51 41 38 41 49 36 34 30 Other op
Slide 19: Corporate Centre
19 Corporate Centre EUR million Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 (126) (132) (120) (112) (113) (95) (69) (31) Underlying income statement Net interest income (5) (6) (7) (9) (3) (8) 2 (1) Net fee income 52 8 (53) (91) 22 (145) (122) (162) Gains (losses) on financial transactions * 13
Slide 20: Appendix: Detail by country
20 Appendix Total Group Detail by global business Detail by country CoR Brazil
Slide 21: Spain
Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 1,890 1,829 1,806 1,779 1,802 1,799 1,840 1,816 Net interest income 810 710 735 767 676 707 738 746 Net fee income 63 205 124 448 302 330 107 362 Gains (losses) on financial transactions * 142 119 348 110 122 125 342 (231) O
Slide 22: UK
Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 1,245 1,220 1,244 1,298 1,313 1,256 1,196 1,185 Net interest income 111 92 84 82 61 80 64 79 Net fee income (16) (16) (27) (41) (18) 7 (0) (7) Gains (losses) on financial transactions * (69) (28) (76) (73) (82) (28) (26) (67
Slide 23: Portugal
23 Portugal EUR million Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 334 328 336 348 332 373 413 431 Underlying income statement Net interest income 128 123 129 126 110 115 115 127 Net fee income 11 20 19 20 7 3 18 17 Gains (losses) on financial transactions * 13 10 1 9 9 10 (23) 9 Other operatin
Slide 24: Poland and other country detail
Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 1,212 1,207 1,155 1,112 1,105 1,069 1,092 1,095 Net interest income 234 198 185 188 222 229 231 220 Net fee income 7 (25) (16) (4) (32) (3) 6 4 Gains (losses) on financial transactions * 142 124 101 107 132 103 114 56 Other
Slide 25: US
Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 1,476 1,463 1,450 1,499 1,458 1,411 1,428 1,396 Net interest income 314 335 323 355 317 296 272 267 Net fee income 264 111 76 96 80 93 97 101 Gains (losses) on financial transactions * 17 20 64 64 86 70 104 104 Other operati
Slide 26: Mexico
Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 1,190 1,126 1,109 1,129 1,097 1,113 1,207 1,214 Net interest income 423 341 339 350 322 329 374 359 Net fee income 172 118 73 64 177 75 74 70 Gains (losses) on financial transactions * (46) (30) (16) (38) (38) (41) (19) (35)
Slide 27: Brazil
Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 2,331 2,309 2,338 2,402 2,413 2,474 2,605 2,630 Net interest income 843 801 757 793 846 833 888 846 Net fee income (17) (34) (36) 23 (0) (31) (42) 36 Gains (losses) on financial transactions * 39 20 27 6 11 7 27 (5) Other op
Slide 28: Chile
Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 479 436 490 512 516 482 472 352 Net interest income 151 135 145 151 140 146 137 129 Net fee income 45 64 57 63 65 66 54 53 Gains (losses) on financial transactions * (2) (4) (5) (4) (6) (2) (4) (6) Other operating income 674
Slide 29: Argentina
Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 471 318 523 416 1,107 390 397 1,025 Net interest income 207 192 217 172 287 111 73 131 Net fee income 52 55 83 38 101 34 18 76 Gains (losses) on financial transactions * (149) (56) (183) (122) (448) (115) (23) (677) Other op
Slide 30: Appendix: CoR Brazil
30 Appendix Total Group Detail by global business Detail by country CoR Brazil
Slide 31: CoR calculation: Brazil
31 CoR calculation: Brazil • CoR numerator (12m rolling LLPs) currently includes provisions arising from private fixed income products. However, the denominator (12m average net loans including reverse repos) does not include the exposure to these fixed income products, creating an imbalance between
Slide 32: 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: SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,