Banco Santander, S.a. · BME:SAN
Banco Santander — Debt Investor Presentation (February 2026)
71 slides from Banco Santander's debt investor presentation, Feb 4, 2026
Slide 1: Fixed income investors presentation FY'25
Fixed income investors presentation FY’25
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, as
Slide 3: 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 4: Important information: 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 5: 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 6: Index
Index 1 2 3 4 5 6 7 8 2025 Results Summary and Webster Acquisition Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 2025 Results Santander Capital Asset Liquidity & Sustainability Concluding Links, Summa
Slide 7: All-time high profit, driven by revenue and efficiency
2025 Summary 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
Slide 8: Consistent execution of ONE Transformation drove efficiency improvements
2025 Summary Consistent execution of ONE Transformation drove sustained efficiency improvements ahead of our 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
Slide 9: Sound credit quality and stable cost of risk
2025 Summary Sound credit quality and stable cost of risk year-on-year LLPs AND CREDIT QUALITY CoR 12 month 1.20% 1.21% 1.18% 1.15% 1.14% 1.14% 1.13% 1.15% OTHER CREDIT QUALITY METRICS Dec-24 Sep-25 Dec-25 NPL ratio 3.05% 2.92% 2.91% LLPs Constant € mn Coverage ratio 65% 67% 66% % vs. FY’24 +6% 3,31
Slide 10: Improving profitability and value creation with EPS and TNAVps growth
2025 Summary 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 D
Slide 11: Strong organic capital generation, supporting accretive capital redeployment
2025 Summary Strong organic capital generation, supporting accretive capital redeployment, consistent with our capital hierarchy DEC-25 CET1 RATIO PERFORMANCE CET1 Poland disposal at 2.2x TBV % TSB bolt-on acquisition at 1.45x TBV +2.23 CAPITAL RATIOS c.+0.95 +0.09 13.5 13.4 -1.21 c.-0.55 12.8 -0.25
Slide 12: Delivering on all our 2025 and key Investor Day targets
2025 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
Slide 13: Webster Acquisition
Webster Acquisition 13
Slide 14: Webster: a bolt-on with attractive deposit franchise and cost synergies
Webster acquisition Webster: a bolt-on, representing only 4% of Group assets, is a highly-attractive deposit franchise with substantial cost synergies COST SYNERGIES SANTANDER US RoTE post-AT1 c.$800mn 18% c.19% of the combined US business’s cost base1 2028E post-integration Price ($) RETURN ON INVE
Slide 15: Compelling strategic and financial rationale, c.15% RoIC
Webster acquisition Compelling strategic and financial rationale, delivering c.15% RoIC, 6pp above SBB 1 Loans | Deposits Top 5 deposit market Establishes Santander top 3 best bank by efficiency and top 5 highest share in the Northeast2 profitability1 as well as top 5 by deposits in the US Northeast
Slide 16: Santander US achieves scale to deliver 18% RoTE
Webster acquisition With this transaction, Santander US achieves the scale needed to deliver 18% RoTE and become one of the most profitable banks in the US LEVERS FOR US RoTE IMPROVEMENT 2025-2028 +3pp 18% +2pp +3pp Reinforced commercial banking franchise 10% Continue building capital-light business
Slide 17: Self-funded transaction improving future capital generation
Webster acquisition Self-funded transaction, which improves our future capital generation capacity CET1 PATH % Capital $ RoIC generation1 c.15% 12.8-13% 14.2 13.5 c.+70bps 12-13% op. range >13% c.-140bps (Expected at the end of 2026) CET1 Dec-25 Capital generation CET1 Dec-26 Webster CET1 Dec-26 CET
Slide 18: In summary, c.7-8% EPS accretive bolt-on acquisition
Webster acquisition In summary, c.7-8% EPS accretive bolt-on acquisition with c.15% RoIC, fully aligned with our capital hierarchy and strengthening our position in the US… • The combined group will be top 3 best efficiency among the top 25 US banks and top 5 highest Improves strategic profitability
Slide 19: Together with TSB, underpins our diversified business model
Webster acquisition … which, together with the TSB acquisition, underpins our diversified business model GRUPO SANTANDER 2025 GRUPO SANTANDER 2025 PRO FORMA reported perimeter incl. Poland, excl. Webster + TSB excl. Poland, incl. Webster + TSB Soft currencies: 25% Soft currencies: 20% 20% 21% 46% 40
Slide 20: Index
Index 1 2 3 4 5 6 7 8 2025 Results Summary and Webster Acquisition Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 2025 Results Santander Capital Asset Liquidity & Sustainability Concluding Links, Summa
Slide 21: Group structure in 2025
Santander Business Model & Strategy Santander is managed according to primary and secondary segments PRIMARY SEGMENTS (GLOBAL BUSINESSES) Group Retail Consumer CIB Wealth Payments structure in 2025 SECONDARY SEGMENTS Spain Portugal US Brazil Argentina UK Poland Mexico Chile DCB Europe Group function
Slide 22: Our business model continues to deliver for all stakeholders
Santander Business Model & Strategy Our business model continues to deliver for all our stakeholders 1. Customer focus 2. Scale 3. Diversification Building a digital bank Global and in-market Business, geographical and with branches scale balance sheet Contribution to Group revenue1 180 mn 2025 Weal
Slide 23: Geographic and business diversification in assets and liabilities
Santander Business Model & Strategy We maintain our geographic and business diversification both in assets and liabilities … LOANS AND ADVANCES TO CUSTOMERS CUSTOMER DEPOSITS (excluding reverse repos, Dec-25) (excluding repos, Dec-25) By product/business1 By product/business1 Other Product breakdown
Slide 24: Loans remained steady despite changing interest rate dynamics
Santander Business Model & Strategy … with loans that remained steady despite changing interest rate dynamics… CUSTOMER LOANS CUSTOMER LOANS BY COUNTRY Dec-25, € bn and % change YoY in constant € Dec-25, € bn and % change YoY in constant € €1,024bn +4% Others 60 GROUP 1,024 +4% +10% CIB 152 +15% 237
Slide 25: A strong and diversified deposit base
Santander Business Model & Strategy … and a strong and diversified deposit base CUSTOMER DEPOSITS CUSTOMER DEPOSITS BY COUNTRY Dec-25, € bn and % change YoY in constant € Dec-25, € bn and % change YoY in constant € €998bn +5% GROUP 998 +5% Others 66 +7% 140 322 +5% CIB +5% 219 +4% Consumer 130 +5% 4
Slide 26: Index
Index 1 2 3 4 5 6 7 8 2025 Results Summary and Webster Acquisition Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 2025 Results Santander Capital Asset Liquidity & Sustainability Concluding Links, Summa
Slide 27: Enhanced capital strength: profitable organic generation
Capital Enhanced capital strength: profitable organic generation, with profitable front-book growth MAXIMIZE CAPITAL VALUE CREATION AND PRODUCTIVITY BY: PROFITABILITY Increase RWAs with EVA>0 Asset rotation Front book pricing and risk transfer EVA <0 portfolios EVA >0 portfolios activities 13% 11% 1
Slide 28: Global Asset Desk drives balance sheet mobilization
Capital Santander’s Global Asset Desk coordinates and drives balance sheet mobilization efforts across the Group, delivering significant risk transfer growth GLOBAL ASSET DESK We have established a distinctive origination capacity (i.e. identifying Unique origination new mobilization opportunities)
Slide 29: Capital levels amply exceed minimum regulatory requirements
Capital Santander’s capital levels amply exceed minimum regulatory requirements SREP CAPITAL REQUIREMENTS AND MDA* Dec-25 • CET1 ratio of 13.5%, well above the top end of our 12-13% 17.77% operating range for 2025 >15% 2.77% T2 14.09% +368bps • The minimum CET1 to be AT1 2.40% 1.53% 2.44% +334bps 1.
Slide 30: Strong fundamentals for AT1 bond holders
Capital Strong fundamentals for AT1 bond holders • Santander Group’s CET1 levels are well above the minimum loss absorption trigger of 5.125%: €52.5bn Distance to • The Group’s strong pre-provision profit is our first line of defence, which provides a high capacity to absorb provisions trigger1 duri
Slide 31: EBA Stress Test: highest PAT in baseline scenario
Capital In the EBA Stress Test, Santander had the highest PAT in the baseline scenario and the second highest under the adverse scenario PROFIT AFTER TAX - BASELINE SCENARIO PROFIT AFTER TAX - ADVERSE SCENARIO (€mn) 1 (€mn) 1 Santander 54,173 P2 11,810 P1 39,461 Santander 10,769 P2 28,692 P4 9,439 P
Slide 32: Improved relative capital position in adverse scenario
Capital Santander improved its relative capital position in the adverse scenario, ending above peer average FL CET1: adverse FL CET1: adverse FL CET1: 2024 (%) scenario 2027 (%) scenario 2027 (bps) P3 14.3 P4 11.8 P4 -62 P2 13.9 P2 11.7 Santander -173 P5 12.9 P5 11.0 P5 -186 P4 12.4 Santander 10.5 P
Slide 33: AT1 issuances distributed by call date
Capital AT1 issuances distributed by call date BANCO SANTANDER, S.A. AT1 ISSUANCES OUTSTANDING AT DEC-25 Call date (€mn) Nominal Next call Reset EUR mn Currency € mn Coupon Structure date Spread 2,500 1 Banco Santander S.A. EUR 1,033 4.38% PNC6 14-Jan-26 453.4 bps 1,884 Banco Santander S.A. USD 851
Slide 34: FX hedging policy on capital ratio and P&L
Capital FX hedging policy on capital ratio and P&L STABLE CAPITAL RATIO HEDGE OUR P&L POLICY Illustrative example: Strategic management of exposure to Hedged Group exchange rates in equity and dynamic Exposure CET1 management of the FX hedges related to the 13.5%1 units’ next 12 months results in eu
Slide 35: Diversified bond portfolio represents 9% of total assets
Capital Diversified bond portfolio represents just 9% of total assets BOND PORTFOLIO %, Dec-25 Rest of the Group €167bn Chile 6% 2% Brazil Liquidity 9% portfolio • Bond portfolio represents 9% €38bn Spain of total assets Mexico 35% 9% €167bn • HTC&S duration: 1.6 years o/w HTC €124bn (74%) ALCO IRRB
Slide 36: Index
Index 1 2 3 4 5 6 7 8 2025 Results Summary and Webster Acquisition Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 2025 Results Santander Capital Asset Liquidity & Sustainability Concluding Links, Summa
Slide 37: Credit quality remains solid
Asset Quality Credit quality remains solid… CREDIT QUALITY RATIOS Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 Cost of NPL ratio 3.05% 2.92% 2.91% 1.15% 1.13% 1.15% risk1 3.73% 3.32% 3.21% 3.16% 3.08% 3.14% 3.10% 3.02% 3.06% 3.05% 2.99% 2.91% 2.92% 2.91% 1.28% 1.18% 1.20% 1.21% 1.18% 1.15% 1.14% 1.14%
Slide 38: Credit quality at global business and country level
Asset Quality … at the global business and country level NPL RATIOS COST OF RISK1 % % Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 Retail 3.18 3.00 2.97 Retail 0.92 0.89 0.88 Consumer 5.07 5.29 5.32 Consumer 2.16 2.06 2.10 CIB 0.83 0.70 0.69 CIB 0.09 0.10 0.15 Wealth 0.93 0.91 0.86 Wealth 0.19 0.12 0.0
Slide 39: Distribution of credit impaired loans in line with total portfolio
Asset Quality Distribution of credit impaired loans in line with total portfolio CREDIT IMPAIRED LOANS LOAN-LOSS ALLOWANCES Dec-25, % of operating areas Dec-25, % of operating areas 39
Slide 40: Strong portfolio diversification with c.60% exposure to individuals
Asset Quality Strong portfolio diversification with a c.60% exposure to individuals and stable sector distribution CREDIT QUALITY SECTOR DISTRIBUTION 1 Wholesale and retail trade 23% Manufacturing 15% Dec-24 Sep-25 Dec-25 Real estate activities 13% Construction 6% NPL ratio 3.05% 2.92% 2.91% Profess
Slide 41: Index
Index 1 2 3 4 5 6 7 8 2025 Results Summary and Webster Acquisition Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 2025 Results Santander Capital Asset Liquidity & Sustainability Concluding Links, Summa
Slide 42: Legally, financially and operationally autonomous subsidiaries
Liquidity and Funding The Group’s business model combines local knowledge with global best practices through legally, financially and operationally autonomous subsidiaries… LEGAL AUTONOMY STRUCTURE Sep-25 Banco Santander S.A.1 Santander Banco Consumer Santander Santander Banco Finance Totta SGPS, SA
Slide 43: Resolution groups with multiple point of entry strategy
Liquidity and Funding … divided into different resolution groups that can be resolved separately though multiple entry points MPE RESOLUTION STRATEGY Banking Union European Union 3rd Countries Spain1 Poland US Brazil UK Resolution Group PE PE PE PE PE PE Point of Entry Chile Mexico Argentina PE PE P
Slide 44: Santander's liquidity management principles
Liquidity and Funding Santander’s liquidity management is based on the following principles Decentralized liquidity model Needs derived from medium- and long-term activity must be funded by medium- and long-term instruments High contribution from customer deposits, due to the retail nature of
Slide 45: Stock of issuances shows diversification across instruments and entities
Liquidity and Funding Stock of issuances shows diversification across instruments and entities DEBT OUTSTANDING BY TYPE AND CURRENCY Dec-25 AT1/Pref.; Tier 2/Sub; €11.5bn; 5% Includes the issuance of Green, Social and Sustainable Bonds in €16.5bn; 8% line with the Group’s Sustainability strategy: Ty
Slide 46: Conservative and decentralized liquidity and funding model
Liquidity and Funding Conservative and decentralized liquidity and funding model €40.2bn1 ISSUED IN PUBLIC MARKETS IN 2025 VERY MANAGEABLE MATURITY PROFILE € bn, Dec-25 € bn, Dec-25 11.1 Covered 11.8 7.4 6.9 4.9 10.1 18.8 Bonds 3.3 19.7 3.5 12.5 10.7 11.6 15.9 7.2 Senior 5.7 0.2 0.5 1.3 1.8 2.5 7.1
Slide 47: 2025 issuances against funding plan
Liquidity and Funding 2025 issuances against funding plan EXECUTION OF 2025 FUNDING PLAN € bn, Dec-25 AT1 + Tier 2 SNP + Senior Covered Bonds TOTAL Plan Issued Plan Issued Plan Issued Plan Issued 1 2 1-2 Banco Santander, S.A. 0 - 0.5 1.4 13 - 14 14.1 3-5 3.0 16 - 19.5 18.4 UK - - 4.5 - 6.5 6.0 4-5 4
Slide 48: 2026 issuances against funding plan
Liquidity and Funding 2026 issuances against funding plan EXECUTION OF 2026 FUNDING PLAN € bn, Jan-26 AT1 + Tier 2 SNP + Senior Covered Bonds TOTAL Plan Issued Plan Issued Plan Issued Plan Issued 1 1 Banco Santander, S.A. 1 - 2.5 - 13 - 15 6.2 0.5 - 2 - 14.5 - 19.5 6.2 UK - - 3 - 5.5 - 3-4 - 6 - 9.5
Slide 49: TLAC/MREL for Resolution Group headed by Banco Santander
Liquidity and Funding TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. TLAC MREL %, Dec-25(e) % and € bn, Dec-25(e) Requirement Requirement 39.6% CBR CBR 169.1 3.3% Buffer Buffer 27.1% 4.4% 24.2 Senior 4.7% 35.4 SNP 4.4% 0.8 Sub debt 11.4 T2 9.2 AT1 2 15.3% Req. 31.9% Req. 2.6% 22.
Slide 50: Well-funded, highly liquid balance sheet with solid liquidity ratios
Liquidity and Funding Well-funded, diversified, prudently managed and highly liquid balance sheet with a large contribution from customer deposits, reflected in solid liquidity ratios LIQUIDITY BALANCE SHEET € bn, Dec-25 Liquidity Coverage Net Stable Funding Ratio (LCR) Ratio (NSFR) 1,589 1,589 1 De
Slide 51: Main metrics show strength of liquidity position
Liquidity and Funding The main metrics show the strength and stability of the Group’s liquidity position LTD AND MLT FUNDING METRICS EVOLUTION OF KEY LIQUIDITY METRICS BY UNITS Dec-25 (Deposits + M/LT LTD Ratio funding) / Loans 1 2021 2022 2023 2024 Dec-25 1 Spain 3 75% 145% Loans / net assets 75% 7
Slide 52: Banco Santander, S.A. ratings
Liquidity and Funding Banco Santander, S.A. ratings Moody's S&P Fitch Date last Direction Direction Date last Direction Rating Rating Date last change Rating change last change last change change last change Covered Bonds Aaa 03/10/2025 ↑ - - - AAAu 16/11/2023 ↑ Senior Debt A1 03/10/2025 ↑ A+ 16/12/
Slide 53: Parent & Subsidiaries' Senior Debt Ratings
Liquidity and Funding Santander Parent & Subsidiaries’ Senior Debt Ratings Moody's S&P Fitch Date last Direction Date last Direction Date last Direction Rating Outlook Rating Outlook Rating Outlook change last change change last change change last change Group A1 03/10/2025 ↑ STABLE A+ 16/12/2021 ↑
Slide 54: Index
Index 1 2 3 4 5 6 7 8 2025 Results Summary and Webster Acquisition Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 2025 Results Santander Capital Asset Liquidity & Sustainability Concluding Links, Summa
Slide 55: Sustainability | Our strategy
Sustainability Sustainability | Our strategy Help our customers in meeting their goals in their transition to a low-carbon economy while also managing climate-related risks and impacts. Help our employees develop by promoting an inclusive culture and learning and providing fair working conditions. C
Slide 56: Progress on our Sustainability agenda
Sustainability We continue to make progress on our Sustainability agenda Dec-25 Targets Green Finance €120bn 2025 ✓ raised and facilitated €174.0bn (since 2019) €220bn 2030 Socially Responsible Investments (SRI) AuMs €129.9bn €100bn 2025 ✓ Financial inclusion (# People)1 6.3mn 5mn 2025 ✓ Note: targe
Slide 57: ESG Ratings/Indices
Sustainability ESG Ratings/Indices 2024 2023 ESG ratings agencies: the aim is to convey our developments access our progress and spot areas for improvement CCC B BB BBB A AA AAA AA Laggard Average Leader D- D C- C B- B A- A A- Leadership Disclosure Awareness Management Leadership >40 40-30 30-20 20-
Slide 58: Index
Index 1 2 3 4 5 6 7 8 2025 Results Summary and Webster Acquisition Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 2025 Santander Capital Asset Liquidity & Sustainability Concluding Links, Results Busin
Slide 59: Concluding Remarks
Concluding Remarks Concluding Remarks The Group’s strong and stable capital generation has been supported by strong pre-provision profits providing Santander with a high capacity to absorb provisions. Strong capital levels in line with Santander’s business model based on geographic diversificati
Slide 60: Index
Index 1 2 3 4 5 6 7 8 2025 Results Summary and Webster Acquisition Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 2025 Results Santander Capital Asset Liquidity & Sustainability Concluding Links, Summa
Slide 61: Links to Grupo Santander public materials
Links, Appendix and Glossary 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 2024 Digital annual review Una caricatu
Slide 62: Retail & Commercial Banking
Links, Appendix and Glossary 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 • Continue the transfor
Slide 63: Digital Consumer Bank
Links, Appendix and Glossary Digital Consumer Bank ‘Global leader in auto financing and digital consumer activities’ Delivering the best solutions to customers (B2B and B2C), while being the most cost competitive player in the market FY'25 Highlights Strategic priorities Customer loans (€ bn) 212 •
Slide 64: Corporate & Investment Banking
Links, Appendix and Glossary Corporate & Investment Banking ‘Santander CIB supports corporate and institutional clients, delivering tailored services and high value-added wholesale products suited to their complexity and sophistication’ FY'25 Highlights Strategic priorities Customer loans (€ bn) 152
Slide 65: Wealth Management & Insurance
Links, Appendix and Glossary 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 leveragi
Slide 66: Payments
Links, Appendix and Glossary Payments - ’One-of-a-kind paytech business that offers innovative payment solutions’ FY'25 Highlights Strategic priorities • We are a one-of-a-kind paytech business backed by Santander EBITDA margin 34.5% • Helping our customers prosper and accelerate their growth throug
Slide 67: Payments - Cards
Links, Appendix and Glossary Payments - Cards ‘Provide an exceptional payments experience, fostering customer loyalty and leveraging transactional data to enhance profitability’ FY'25 Highlights Strategic priorities # cards1 (mn) 108 • Deploy our global card processing technology platform (Plard) ac
Slide 68: Glossary and Acronyms
Links, Appendix and Glossary Glossary and Acronyms • A2A: Account to account • FL: Fully-loaded • pp: Percentage points • ALCO: Assets and Liabilities Committee • FX: Foreign exchange • Ps: Per share • AM: Asset management • FY: Full year • QoQ: Quarter-on-Quarter • AuMs: Assets under Management • I
Slide 69: Glossary - Definitions
Links, Appendix and Glossary Glossary - Definitions PROFITABILITY AND EFFICIENCY • RoTE (Return on tangible equity): Profit attributable to the parent (annualized)1/ Average stockholders' equity2 (excl. minority interests) - intangible assets • RoTE (post-AT1): Profit attributable to the parent minu
Slide 70: Additional notes
Additional notes 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 th
Slide 71: 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 — Debt Investor Presentation (February 2026) on 6ix