Banco Santander, S.a. · BME:SAN
Banco Santander — H1 2025 Earnings Presentation
92 slides from Banco Santander's earnings presentation, Jul 30, 2025
Slide 1: Form 6-K Banco Santander, S.A.
FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of July, 2025 Commission File Number: 001-12518 Banco Santander, S.A. (Exact name of registrant as specified in its chart
Slide 2: Table of Contents
BANCO SANTANDER, S.A. ________________________ TABLE OF CONTENTS Item 1. January - June 2025 Earnings presentation (Supplementary information)
Slide 3: Supplementary information H1 2025
000 Supplementary information H1 2025 30 July 2025
Slide 4: Important information
2 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 we
Slide 5: Important information
3 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 scop
Slide 6: Additional notes
4 Variations in constant euros include Argentina in current euros to mitigate distortions from a hyperinflationary economy. We apply the official ARS exchange rate except in the periods between Q2 2024 and Q1 2025, when we applied an alternative exchange rate for the Argentine peso that better refle
Slide 7: Supplementary information
5 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
Slide 8: Capital levels amply exceed minimum regulatory requirements
6 Santander’s capital levels amply exceed minimum regulatory requirements * Phased-in ratios are calculated in accordance with the transitory treatment of the CRR. (1) Estimated countercyclical buffer as of Jun-25. (2) Estimated systemic risk buffer as of Jun-25. (3) MDA trigger = 3.34% - 0.30% = 3.
Slide 9: Diversified bond portfolio represents just 8% of total assets
7 Diversified bond portfolio represents just 8% of total assets %, Jun-25 Spain 29% Poland 13% UK 7% Portugal 6% SCF 6% Mexico 10% US 10% Brazil 10% Chile 6% Rest of the Group 3% €142bn o/w HTC €96bn (68%) ALCO IRRBB €109bn Liquidity portfolio €33bn €142bn BOND PORTFOLIO • Bond portfolio represents
Slide 10: Conservative and decentralized liquidity and funding model
8 Conservative and decentralized liquidity and funding model € bn, Jun-25 Covered Bonds Senior Non- Preferred Senior Other 2025 2026 2027 2028 >2029 0.9 11.1 11.8 7.5 5.7 13.7 1.7 5.5 14.5 7.9 10.6 19.6 3.3 12.4 10.5 14.2 5.3 24.4 1.6 1.9 0.7 1.9 0.2 24.2 2029 Spain UK SCF Brazil US Other 3 €23.3bn1
Slide 11: Execution of 2025 funding plan
9 EXECUTION OF 2025 FUNDING PLAN • Continue fulfilling the 1.5% AT1 and 2.4% T2 buffers subject to RWA growth • MREL & TLAC ratios above regulatory requirements • Maintain a solid liquidity position, with LCR and NFSR above minimum requirements and ample liquidity buffers Banco Santander, S.A.’s 202
Slide 12: 2025 funding plan - Banco Santander, S.A.
10 EXECUTION OF 2025 FUNDING PLAN2025 FUNDING PLAN - BANCO SANTANDER, S.A. (1) MREL/TLAC needs reduced by c.€7bn in 2025 due to, amongst others: regulatory improvements (CRR3 lower impacts and FRTB delay); risk transfer; CACEIS sale; extra dividends from subsidiaries. (2) Reduction in MREL/TLAC need
Slide 13: MREL and TLAC requirements and instruments
11 31.9% 12.8% 4.1% 4.1% 3.4% 40.1% 16.2% % RWAs % LE 18.0% 6.8% 4.1% 4.7% 1.7% 26.8% 8.4% % RWAs % LE % and € bn, Jun-25(e) Req. 36.0% SNP T2 CET1 Senior AT1 Sub debt %, Jun-25(e) Req. 22.1% Distance to M-MDA €14.1bn 465bps €16.1bn 167bps €17.1bn 410bps €35.3bn 342bps 85.6 9.2 11.9 0.6 33.5 26.4 16
Slide 14: Liquidity balance sheet
12 € bn, Jun-25 ST Funding Securitizations and others Loans and advances to customers Fixed assets & other Customer deposits M/LT debt issuances Equity and other liabilitiesFinancial assets 414 37 81 169 1,049 211 66 1,060 1,544 1,544 Assets Liabilities HQLAs1 LIQUIDITY BALANCE SHEET €331bn o/w cash
Slide 15: Supplementary information
13 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
Slide 16: NIM (%)
14 NIM (%) NII / Average earning assets Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Retail & Commercial Banking 3.19 3.18 3.14 3.26 3.12 3.05 Spain 2.55 2.75 2.66 2.48 2.57 2.38 United Kingdom 1.41 1.46 1.53 1.58 1.59 1.53 Mexico 5.78 5.80 5.98 6.23 6.14 6.22 Brazil 7.87 7.91 8.06 7.67 8.35 8.62 Digital Con
Slide 17: Yield on loans (%)
15 Yield on loans (%) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Retail & Commercial Banking 6.49 6.48 6.39 6.50 6.39 6.26 Spain 4.10 4.09 4.06 3.89 3.78 3.59 United Kingdom 3.79 3.93 4.07 4.13 4.14 4.12 Mexico 13.82 13.73 13.78 13.67 13.33 12.38 Brazil 16.24 16.46 16.57 16.70 16.54 17.23 Digital Consumer
Slide 18: Cost of deposits (%)
16 Cost of deposits (%) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Retail & Commercial Banking 2.38 2.20 2.15 2.13 2.04 2.04 Spain 0.65 0.69 0.73 0.75 0.57 0.45 United Kingdom 2.16 2.15 2.07 2.00 1.93 1.92 Mexico 5.21 5.17 4.88 4.44 4.07 3.73 Brazil 7.22 7.12 7.26 7.33 8.24 9.00 Digital Consumer Bank 2.15
Slide 19: Supplementary information
17 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
Slide 20: Efficiency ratio (%)
18 Efficiency ratio (%) Q1'24 H1'24 9M'24 2024 Q1'25 H1'25 Retail & Commercial Banking 40.7 39.2 39.1 39.5 39.4 39.4 Digital Consumer Bank 41.2 40.6 40.7 40.1 41.9 41.5 Corporate & Investment Banking 41.6 43.3 44.3 45.5 42.9 43.7 Wealth Management & Insurance 37.9 37.2 37.3 38.2 36.5 35.7 Payments 4
Slide 21: Supplementary information
19 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
Slide 22: Stage coverage
20 Stage coverage Exposure subject to impairment (EUR billion)* Coverage Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Stage 1 1,007 1,008 1,008 1,002 1,012 989 0.4% 0.4% 0.4% 0.4% 0.4% 0.3% Stage 2 83 94 87 88 87 85 6.3% 5.6% 5.7% 5.6% 5.6% 5.7% Stage 3 36 35 3
Slide 23: NPL ratio (%)
21 NPL ratio (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Retail & Commercial Banking 3.21 3.14 3.27 3.18 3.12 3.06 Digital Consumer Bank 4.86 4.81 4.89 5.07 5.09 4.97 Corporate & Investment Banking 1.19 1.03 0.86 0.83 0.75 0.71 Wealth Management & Insurance 0.93 1.08 1.01 0.93 0.98 0.96 Payments 4
Slide 24: NPL coverage ratio (%)
22 NPL coverage ratio (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Retail & Commercial Banking 60.7 61.6 57.9 58.5 59.0 59.8 Digital Consumer Bank 76.1 75.9 74.4 73.6 75.0 76.4 Corporate & Investment Banking 43.0 36.0 35.5 39.0 39.3 45.1 Wealth Management & Insurance 56.2 59.1 63.5 71.2 66.4 70.3 P
Slide 25: Credit impaired loans and loan-loss allowances
23 Loan-loss allowancesCredit impaired loans Credit impaired loans and loan-loss allowances Retail, 58.4% Consumer, 31.7% CIB, 5.3% Wealth, 0.7% Payments, 3.9% Retail, 52.0%Consumer, 36.1% CIB, 3.5% Wealth, 0.8% Payments, 7.6% Spain, 20% United Kingdom, 9% Portugal, 3% Poland, 5% DCB Europe, 11% US,
Slide 26: Cost of risk (%)
24 Cost of risk (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Retail & Commercial Banking 1.03 1.03 0.98 0.92 0.91 0.89 Digital Consumer Bank 2.12 2.17 2.12 2.16 2.14 2.09 Corporate & Investment Banking 0.14 0.15 0.21 0.09 0.08 0.09 Wealth Management & Insurance (0.06) 0.07 0.09 0.19 0.20 0.20 Payme
Slide 27: Supplementary information
25 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
Slide 28: Grupo Santander (EUR mn)
26 Grupo Santander (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 11,983 11,474 11,225 11,986 11,378 11,338 -0.4% 23,457 22,716 -3.2% Net fee income 3,240 3,237 3,189 3,344 3,369 3,315 -1.6% 6,477 6,6
Slide 29: Grupo Santander (Constant EUR mn)
27 GRUPO SANTANDER (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 11,425 10,991 11,106 11,894 11,219 11,497 +2.5% 22,416 22,716 +1.3% Net fee income 3,060 3,074 3,147 3,317 3,324 3,360 +1.1%
Slide 30: Supplementary information
28 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
Slide 31: Retail & Commercial Banking (EUR mn)
29 Retail & Commercial Banking (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 7,139 6,857 6,807 7,134 6,721 6,618 -1.5% 13,996 13,339 -4.7% Net fee income 1,205 1,184 1,153 1,164 1,210 1,187 -1.9% 2,3
Slide 32: Retail & Commercial Banking (Constant EUR mn)
30 Retail & Commercial Banking (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 6,781 6,554 6,719 7,090 6,647 6,693 +0.7% 13,335 13,339 +0.0% Net fee income 1,121 1,107 1,133 1,160 1,195 1,201
Slide 33: Retail & Commercial Banking Spain (EUR mn)
31 Retail & Commercial Banking Spain (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,472 1,471 1,495 1,430 1,467 1,448 -1.3% 2,943 2,915 -1.0% Net fee income 283 276 270 245 291 269 -7.6% 560 560 +0.
Slide 34: Retail & Commercial Banking UK (EUR mn)
32 Retail & Commercial Banking UK (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,119 1,128 1,189 1,236 1,224 1,174 -4.1% 2,248 2,398 +6.7% Net fee income 1 (16) (2) (15) 5 2 -55.2% (15) 7 — Gains (l
Slide 35: Retail & Commercial Banking UK (Constant EUR mn)
33 Retail & Commercial Banking UK (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,138 1,143 1,192 1,222 1,214 1,184 -2.5% 2,280 2,398 +5.2% Net fee income 1 (16) (2) (15) 5 2 -54.1% (15) 7 —
Slide 36: Retail & Commercial Banking UK (GBP mn)
34 Retail & Commercial Banking UK (GBP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 958 963 1,004 1,029 1,023 997 -2.5% 1,921 2,020 +5.2% Net fee income 1 (13) (2) (13) 4 2 -54.1% (13) 6 — Gains (losses)
Slide 37: Retail & Commercial Banking Mexico (EUR mn)
35 Retail & Commercial Banking Mexico (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 819 804 747 765 756 735 -2.8% 1,622 1,491 -8.1% Net fee income 175 197 171 156 171 177 +3.0% 372 348 -6.5% Gains (l
Slide 38: Retail & Commercial Banking Mexico (Constant EUR mn)
36 Retail & Commercial Banking Mexico (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 693 684 712 748 745 746 +0.1% 1,376 1,491 +8.4% Net fee income 148 168 163 154 169 179 +6.0% 316 348 +10.2
Slide 39: Retail & Commercial Banking Mexico (MXN mn)
37 Retail & Commercial Banking Mexico (MXN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 15,100 14,901 15,512 16,307 16,244 16,262 +0.1% 30,000 32,506 +8.4% Net fee income 3,233 3,654 3,557 3,350 3,683 3,
Slide 40: Retail & Commercial Banking Brazil (EUR mn)
38 Retail & Commercial Banking Brazil (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,759 1,740 1,695 1,600 1,534 1,503 -2.0% 3,499 3,036 -13.2% Net fee income 397 409 376 348 359 333 -7.3% 807 692 -
Slide 41: Retail & Commercial Banking Brazil (Constant EUR mn)
39 Retail & Commercial Banking Brazil (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,504 1,552 1,639 1,584 1,501 1,535 +2.3% 3,056 3,036 -0.7% Net fee income 340 365 364 346 351 341 -3.1% 7
Slide 42: Retail & Commercial Banking Brazil (BRL mn)
40 Retail & Commercial Banking Brazil (BRL mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 9,456 9,756 10,300 9,959 9,436 9,650 +2.3% 19,211 19,086 -0.7% Net fee income 2,135 2,294 2,290 2,174 2,209 2,140 -
Slide 43: Digital Consumer Bank (EUR mn)
41 Digital Consumer Bank (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 2,710 2,655 2,614 2,797 2,756 2,747 -0.3% 5,366 5,504 +2.6% Net fee income 354 387 373 394 339 341 +0.5% 742 681 -8.2% Gains (lo
Slide 44: Digital Consumer Bank (Constant EUR mn)
42 Digital Consumer Bank (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 2,656 2,604 2,611 2,766 2,703 2,801 +3.6% 5,260 5,504 +4.6% Net fee income 345 376 371 391 335 346 +3.3% 721 681 -5.7%
Slide 45: Digital Consumer Bank Europe (EUR mn)
43 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,095 1,092 1,069 1,105 1,112 1,155 +3.8% 2,187 2,266 +3.6% Net fee income 220 231 229 222 188 185 -1.5% 451 372 -17.4% G
Slide 46: Digital Consumer Bank Europe (Constant EUR mn)
44 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,094 1,093 1,071 1,107 1,110 1,156 +4.1% 2,186 2,266 +3.7% Net fee income 220 231 229 222 187 185 -1.3% 451 372
Slide 47: Digital Consumer Bank US (EUR mn)
45 Digital Consumer Bank US (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,143 1,179 1,138 1,191 1,221 1,129 -7.5% 2,322 2,350 +1.2% Net fee income 64 67 75 97 84 90 +6.7% 131 175 +32.8% Gains (loss
Slide 48: Digital Consumer Bank US (Constant EUR mn)
46 Digital Consumer Bank US (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,136 1,163 1,145 1,164 1,177 1,173 -0.3% 2,299 2,350 +2.2% Net fee income 64 66 75 95 81 93 +14.4% 130 175 +34.1% G
Slide 49: Digital Consumer Bank US (USD mn)
47 Digital Consumer Bank US (USD mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,240 1,270 1,250 1,271 1,285 1,281 -0.3% 2,510 2,566 +2.2% Net fee income 70 72 82 103 89 102 +14.4% 142 191 +34.1% Gains (l
Slide 50: Corporate & Investment Banking (EUR mn)
48 Corporate & Investment Banking (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,053 962 895 1,079 953 1,013 +6.4% 2,015 1,966 -2.4% Net fee income 654 626 612 656 716 637 -11.1% 1,280 1,353 +5.7% G
Slide 51: Corporate & Investment Banking (Constant EUR mn)
49 Corporate & Investment Banking (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 991 904 885 1,075 936 1,030 +10.0% 1,895 1,966 +3.7% Net fee income 635 608 610 650 705 647 -8.2% 1,243 1,353
Slide 52: Wealth Management & Insurance (EUR mn)
50 Wealth Management & Insurance (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 449 430 419 408 375 354 -5.8% 879 729 -17.1% Net fee income 365 356 369 408 419 423 +1.0% 721 842 +16.8% Gains (losses)
Slide 53: Wealth Management & Insurance (Constant EUR mn)
51 Wealth Management & Insurance (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 442 423 418 406 371 358 -3.4% 866 729 -15.8% Net fee income 355 346 366 404 414 429 +3.6% 701 842 +20.2% Gains
Slide 54: Payments (EUR mn)
52 Payments (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 662 639 586 680 685 726 +5.9% 1,302 1,411 +8.4% Net fee income 662 682 691 725 693 734 +6.0% 1,344 1,428 +6.2% Gains (losses) on financial tr
Slide 55: Payments (Constant EUR mn)
53 Payments (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 586 574 568 670 674 737 +9.4% 1,161 1,411 +21.6% Net fee income 606 635 675 715 684 744 +8.8% 1,241 1,428 +15.1% Gains (losses) on f
Slide 56: PagoNxt (EUR mn)
54 PagoNxt (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 31 31 35 35 38 42 +10.8% 62 80 +29.4% Net fee income 224 233 241 261 245 265 +8.4% 456 510 +11.7% Gains (losses) on financial transactions and
Slide 57: PagoNxt (Constant EUR mn)
55 PagoNxt (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 27 29 34 34 38 43 +14.5% 55 80 +45.1% Net fee income 203 216 236 257 242 268 +11.0% 419 510 +21.7% Gains (losses) on financial transa
Slide 58: Cards (EUR mn)
56 Cards (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 632 608 551 645 647 683 +5.6% 1,239 1,330 +7.3% Net fee income 438 449 450 464 449 469 +4.6% 888 918 +3.4% Gains (losses) on financial transacti
Slide 59: Cards (Constant EUR mn)
57 Cards (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 559 546 534 636 636 694 +9.1% 1,105 1,330 +20.4% Net fee income 402 420 439 458 442 476 +7.5% 822 918 +11.7% Gains (losses) on financia
Slide 60: Corporate Centre (EUR mn)
58 Corporate Centre (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income (31) (69) (95) (113) (112) (120) +7.7% (100) (232) +132.9% Net fee income (1) 2 (8) (3) (9) (7) -20.8% 1 (16) — Gains (losses) on fin
Slide 61: Supplementary information
59 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
Slide 62: Spain (EUR mn)
60 Spain (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,816 1,840 1,799 1,802 1,779 1,806 +1.5% 3,656 3,585 -1.9% Net fee income 746 738 707 676 767 735 -4.1% 1,484 1,503 +1.3% Gains (losses) on fin
Slide 63: United Kingdom (EUR mn)
61 United Kingdom (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,185 1,196 1,256 1,313 1,298 1,244 -4.2% 2,381 2,543 +6.8% Net fee income 79 64 80 61 82 84 +2.2% 142 166 +16.8% Gains (losses) on fin
Slide 64: United Kingdom (Constant EUR mn)
62 United Kingdom (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,205 1,211 1,260 1,298 1,288 1,255 -2.6% 2,416 2,543 +5.2% Net fee income 80 64 80 60 82 85 +3.8% 144 166 +15.1% Gains (losse
Slide 65: United Kingdom (GBP mn)
63 United Kingdom (GBP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,015 1,020 1,061 1,093 1,085 1,057 -2.6% 2,035 2,142 +5.2% Net fee income 67 54 68 51 69 71 +3.8% 122 140 +15.1% Gains (losses) on fin
Slide 66: Portugal (EUR mn)
64 Portugal (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 431 413 373 332 348 336 -3.3% 844 684 -18.9% Net fee income 127 115 115 110 126 129 +2.7% 242 255 +5.0% Gains (losses) on financial transacti
Slide 67: Poland (EUR mn)
65 Poland (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 686 697 727 733 744 736 -1.2% 1,384 1,480 +7.0% Net fee income 176 163 170 166 189 184 -3.0% 339 373 +10.1% Gains (losses) on financial transac
Slide 68: Poland (Constant EUR mn)
66 Poland (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 703 709 736 747 739 741 +0.2% 1,412 1,480 +4.8% Net fee income 180 166 172 169 188 185 -1.6% 345 373 +7.9% Gains (losses) on financial
Slide 69: Poland (PLN mn)
67 Poland (PLN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 2,973 2,999 3,115 3,158 3,126 3,134 +0.2% 5,972 6,260 +4.8% Net fee income 761 700 727 714 795 783 -1.6% 1,461 1,578 +7.9% Gains (losses) on fi
Slide 70: Digital Consumer Bank Europe (EUR mn)
68 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,095 1,092 1,069 1,105 1,112 1,155 +3.8% 2,187 2,266 +3.6% Net fee income 220 231 229 222 188 185 -1.5% 451 372 -17.4% G
Slide 71: Digital Consumer Bank Europe (Constant EUR mn)
69 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,094 1,093 1,071 1,107 1,110 1,156 +4.1% 2,186 2,266 +3.7% Net fee income 220 231 229 222 187 185 -1.3% 451 372
Slide 72: United States (EUR mn)
70 United States (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,396 1,428 1,411 1,458 1,499 1,450 -3.3% 2,824 2,949 +4.4% Net fee income 267 272 296 317 355 323 -8.8% 539 678 +25.8% Gains (losses) o
Slide 73: United States (Constant EUR mn)
71 United States (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,388 1,408 1,420 1,424 1,445 1,504 +4.1% 2,796 2,949 +5.5% Net fee income 265 269 298 310 342 336 -1.7% 534 678 +27.1% Gains (
Slide 74: United States (USD mn)
72 United States (USD mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,516 1,537 1,550 1,555 1,577 1,642 +4.1% 3,053 3,219 +5.5% Net fee income 290 293 325 338 373 367 -1.7% 583 741 +27.1% Gains (losses) o
Slide 75: Mexico (EUR mn)
73 Mexico (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,214 1,207 1,113 1,097 1,129 1,109 -1.8% 2,421 2,238 -7.6% Net fee income 359 374 329 322 350 339 -3.1% 733 689 -6.0% Gains (losses) on financ
Slide 76: Mexico (Constant EUR mn)
74 Mexico (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,027 1,027 1,060 1,076 1,113 1,125 +1.1% 2,054 2,238 +8.9% Net fee income 304 318 314 317 345 344 -0.2% 622 689 +10.8% Gains (losses)
Slide 77: Mexico (MXN mn)
75 Mexico (MXN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 22,390 22,383 23,112 23,448 24,260 24,518 +1.1% 44,773 48,777 +8.9% Net fee income 6,621 6,937 6,850 6,903 7,520 7,504 -0.2% 13,559 15,024 +10.
Slide 78: Brazil (EUR mn)
76 Brazil (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 2,630 2,605 2,474 2,413 2,402 2,338 -2.7% 5,235 4,740 -9.5% Net fee income 846 888 833 846 793 757 -4.6% 1,734 1,549 -10.7% Gains (losses) on f
Slide 79: Brazil (Constant EUR mn)
77 Brazil (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 2,249 2,323 2,396 2,386 2,351 2,389 +1.6% 4,572 4,740 +3.7% Net fee income 724 791 806 834 776 773 -0.3% 1,515 1,549 +2.3% Gains (loss
Slide 80: Brazil (BRL mn)
78 Brazil (BRL mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 14,135 14,604 15,058 14,998 14,776 15,019 +1.6% 28,739 29,795 +3.7% Net fee income 4,549 4,973 5,065 5,243 4,877 4,862 -0.3% 9,521 9,739 +2.3%
Slide 81: Chile (EUR mn)
79 Chile (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 352 472 482 516 512 490 -4.3% 824 1,002 +21.7% Net fee income 129 137 146 140 151 145 -4.0% 265 297 +11.8% Gains (losses) on financial transacti
Slide 82: Chile (Constant EUR mn)
80 Chile (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 347 456 472 508 498 504 +1.3% 803 1,002 +24.8% Net fee income 127 132 143 138 147 150 +1.7% 259 297 +14.7% Gains (losses) on financial
Slide 83: Chile (CLP mn)
81 Chile (CLP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 361,759 475,476 491,886 529,884 519,215 525,944 +1.3% 837,235 1,045,159 +24.8% Net fee income 132,221 137,526 148,628 143,434 153,370 155,955 +1
Slide 84: Argentina (EUR mn)
82 Argentina (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 1,025 397 390 1,107 416 523 +25.7% 1,423 939 -34.0% Net fee income 131 73 111 287 172 217 +25.9% 204 390 +90.9% Gains (losses) on financial
Slide 85: Argentina (Argentine peso mn)
83 Argentina (Argentine peso mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 949,444 1,183,149 799,603 665,292 593,186 722,372 +21.8% 2,132,594 1,315,558 -38.3% Net fee income 121,575 184,297 204,428 232,19
Slide 86: Rest of the Group (EUR mn)
84 Rest of the Group (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 183 196 228 225 250 272 +8.8% 379 522 +37.7% Net fee income 162 180 181 199 205 224 +9.2% 342 428 +25.1% Gains (losses) on financial
Slide 87: Rest of the Group (Constant EUR mn)
85 Rest of the Group (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'25 / Q1'25 H1'24 H1'25 H1'25 / H1'24 Net interest income 172 183 225 221 243 278 +14.3% 355 522 +46.9% Net fee income 158 175 181 197 201 227 +13.2% 333 428 +28.4% Gains (losses) o
Slide 88: Supplementary information
86 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
Slide 89: Glossary - Acronyms
87 Glossary - Acronyms • ALCO: Assets and Liabilities Committee • AT1: Additional Tier 1 • bn: Billion • Bps: basis points • CBR: Combined Buffer Requirement • CET1: Common equity tier 1 • CIB: Corporate & Investment Banking • HQLA: High quality liquid assets • FY: Full year • HTC: Held to collect •
Slide 90: Glossary - Definitions
88 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
Slide 91: 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:
Slide 92: Signature
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, thereunto duly authorized. Banco Santander, S.A. Date: 30 July 2025 By: /s/ José García Cantera Name: José García Cantera Title: Ch