Banco Santander, S.a. · BME:SAN
Banco Santander — H1 2026 Earnings Presentation
66 slides from Banco Santander's earnings presentation, Jul 22, 2026
Slide 1: Form 6-K
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, 2026 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 2026 Earnings presentation
Slide 3: H1'26 Earnings Presentation
H1’26 Earnings Presentation 22 July 2026
Slide 4: Important information
2 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, a
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; • reputational risk and potential adverse reactions of stakeholders, including adverse effects on
Slide 6: Important information
4 Important information Forward looking statements are based on current expectations and future estimates about Santander’s and third-parties’ operations and businesses and address matters that are uncertain to varying degrees, including, but not limited to developing standards that may change in th
Slide 7: Index
Index 1 H1’26 Highlights Progress on our strategy 2 Group review 3 Final remarks 4 Appendix
Slide 8: Another record quarterly profit, backed by new customers and good activity levels
6 Another record quarterly profit, backed by 12 million new customers YoY and good activity levels Accelerating operating performance and profitability fuelled by ONE Transformation Solid balance sheet with robust credit quality and organic capital build Disciplined capital allocation driving profit
Slide 9: Higher revenue and lower costs driving double-digit profit growth
7 Higher revenue and lower costs are driving double-digit net operating income and profit growth Note: YoY changes. All references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from a hyperinflationary economy. For further informat
Slide 10: Business model, capital allocation and ONE Transformation driving profitable growth
8 Our unique business model, disciplined capital allocation, ONE Transformation and network businesses are driving profitable growth and value creation (1) In constant euros and like for like (i.e. excluding Poland in 2025 and TSB/Webster perimeter effects). (2) Value creation measured as TNAVps + c
Slide 11: More active customers, deeper relationships and structural cost efficiencies
9 +6mn 106mn +12mn 182mn -2%+5% Active customers c.125mn in 2028 Fees per active customer € constant2 c.135 in 2028Customers >210mn in 2028 Cost per active customer € constant2 c.220 in 2028 Revenue Costs Up MSD every year1 Down every year1 on the back of ONE Transformation 130 253 +3% -5% Note: YoY
Slide 12: ONE Transformation efficiency progress
10Note: Webster transaction pending completion and subject to customary conditions including regulatory approval. 2025 H1’26 Announced bolt-ons 45.3% c.36% ONE Transformation AI -0.8pp Network businesses Global TechEfficiency ratio -1.2pp -0.2pp -0.4pp • CX for customer growth • Simplification & aut
Slide 13: Double-digit profit growth supported by our 5 global businesses
11 1.7 +15% Underlying profit (€ bn) EfficiencyH1’26 Underlying RoTE FY’28 underlying RoTE target Revenue (€ bn) Retail Group Openbank CIB Wealth Payments EBITDA marginN et w or k b us in es se s >21% c.16% >20% >60% c.45% >20% 40.5% -2.9pp 41.6% -2.9pp 40.8% -3.9pp 35.0% -1.3pp 85.3% -8.3pp 4.1 +12
Slide 14: Retail H1'26 performance
12 Loans €655bn +9% Deposits €687bn +13% CoR 1.19% +6bps Efficiency 40.5% -2.9pp Profit €4,124mn +12% RoTE 17.1% +0.8pp Note: data and YoY changes in constant euros. (1) Not including TSB. Retail H1’26 performance Cost per active customer (€) Non-commercial FTEs per mn customers1 H1’26 execution Fee
Slide 15: TSB integration and Retail UK
13 Note: data and YoY changes in constant euros. (1) Expected pre-tax run-rate synergies in 2028. TSB accelerates execution of our strategy in the UK, adding scale, high-quality deposits and low-risk mortgages, with at least £400mn of cost synergies Retail UK RoTEimprovement pathTSB integration TSB
Slide 16: Openbank
14 w/ Motor Finance w/ Motor Finance €1,405mn -2% 14.5% -1.2pp Openbank Note: data and YoY changes in constant euros. PBT excluding Motor Finance. Operating profitability calculated as PBT excluding Motor Finance / Tangible Equity. (1) The merger of Santander Consumer Finance, S.A. and Open Bank, S.
Slide 17: CIB: better efficiency and profitability driving 17% profit growth
15 Better efficiency and profitability driving 17% profit growth on the back of client activity CIB Note: data and YoY changes in constant euros. Gross collaboration revenue (€ mn) Total revenue / avg. RWAs (%) Fees (€ mn) Costs (€ mn)Operating targets Recurrency performance Solid execution of our s
Slide 18: Wealth
16 Distribution fees (€ mn) Wealth High-teen profit growth, with fees up 11% backed by strong client inflows and our focus on value-added activities Note: data and YoY changes in constant euros. Private Banking CAL (Customer Assets and Liabilities) measured as Private Banking AuMs + loans and deposi
Slide 19: Payments
17 Payments Note: data and YoY changes in constant euros. Getnet Platforms transactions include processed A2A and card transactions. (1) % open market revenue vs. Payments total revenue, excluding revenue from our cards platform. (2) # transactions includes Acquiring (Getnet) plus A2A and card trans
Slide 20: Strong organic capital build and value creation
18 Strong organic capital build while accelerating profitability and value creation, with TNAV per share + cash DPS up 19% With the buybacks against 2025 results and c.50% of the capital resulting from the Poland disposal, as well as the one expected against H1’26 results that has the ECB’s approval
Slide 21: Index
Index 1 H1’26 Highlights Progress on our strategy 2 Group review 3 Final remarks 4 Appendix
Slide 22: Underlying profit and Group P&L
20 3,165 3,212 3,247 3,528 3,560 3,768 Q1'25 Q2 Q3 Q4 Q1'26 Q2 3,139 3,270 3,333 3,594 3,578 3,750 Underlying profit € mn Underlying profit Constant € mn +15% Higher revenue and lower costs are driving double-digit net operating income and profit growth Note: YoY changes. Group underlying profit exc
Slide 23: Revenue growth underpinned by more customers and deeper relationships
21 14,437 14,710 14,646 15,333 15,237 15,610 Q1'25 Q2 Q3 Q4 Q1'26 Q2 Revenue growth underpinned by more customers and deeper relationships across our businesses Note: data and YoY changes in constant euros. Detail by business • In Retail, positive performances across most countries, driven by NII an
Slide 24: Solid NII performance across most global businesses
22 2.65% 2.71% 2.61% 2.68% 2.67% 2.71% 10,541 10,818 10,634 10,997 11,092 11,619 Q1'25 Q2 Q3 Q4 Q1'26 Q2 Solid NII performance across most global businesses driven by higher activity levels and our active balance sheet management Note: data and YoY changes in constant euros. NIM = NII / Average earn
Slide 25: Strong net fee income
23 3,170 3,209 3,237 3,532 3,379 3,472 Q1'25 Q2 Q3 Q4 Q1'26 Q2 Strong net fee income fuelled by structural value added from our global businesses Note: data and YoY changes in constant euros. +6% +6% +7% +11% +8% 6,851 6,379 +198 +40 +94 +91 +39 +10 H1'25 Retail Openbank CIB Wealth Payments CC H1'26
Slide 26: ONE Transformation delivered 1% cost decline and 11% NOI growth
24 46.5% 46.7% 45.9% 45.3% 44.5% 43.8% ONE Transformation delivered 1% cost decline and 11% net operating income growth Note: data and YoY changes in constant euros. Contribution to Group costs as a percentage of total operating areas, excluding the Corporate Centre. Total cost growth in real terms
Slide 27: Group asset quality improving excluding Argentina
25 Group asset quality improving excluding Argentina Note: data and YoY changes in constant euros. CoR, NPL ratio, Coverage ratio and Stages in current euros. CoR – underlying provisions to cover losses due to impairment of loans in the last 12 months / average loans and advances to customers and de
Slide 28: Solid capital generation with profitable front-book growth at 21% RoTE
26 Solid capital generation, with profitable front-book growth at 21% RoTE Front book pricing RoTE of new book Asset rotation and risk transfer activities Capital generated Value creation % RWAs with RoRWA > CoE Maximize capital productivity Note: phased-in ratio calculated in accordance with the tr
Slide 29: Index
Index 1 H1’26 Highlights Progress on our strategy 2 Group review 3 Final remarks 4 Appendix
Slide 30: Record H1 profit and on track to meet all 2026 targets
28 Mid-single digit in constant eurosex. TSB Record H1 profit and on track to meet all our 2026 targets Note: YoY changes in constant euros. Targets market dependent. Based on macro assumptions aligned with international economic institutions. P&L targets excluding Poland, TSB and Webster in 2025-26
Slide 31: Our Financial North Star
29 Our Financial North Star Note: the board of directors intends to: i) apply an ordinary shareholder remuneration policy for 2026 to 2028 results that entails allocating approximately 50% of the Group’s underlying profit (excluding non-cash, non-capital ratios impact items), split approximately eve
Slide 32: Index
Index 1 H1’26 Highlights Progress on our strategy 2 Group review 3 Final remarks 4 Appendix
Slide 33: Appendix: 2028 Investor Day targets summary
2028 Investor Day targets summary Group P&L QoQ variations including and excluding TSB Detail by global business Detail by country Balance sheet and capital management Reconciliation of underlying results to statutory results Glossary and additional notes Appendix
Slide 34: Well positioned to deliver on 2028 Investor Day targets
32 We are well positioned to deliver on our 2028 Investor Day targets (1) The board of directors intends to: i) to apply an ordinary shareholder remuneration policy for 2026 to 2028 results that entails allocating approximately 50% of the Group’s underlying profit (excluding non-cash, non- capital r
Slide 35: Appendix: Group P&L QoQ variations
2028 Investor Day targets summary Group P&L QoQ variations including and excluding TSB Detail by global business Detail by country Balance sheet and capital management Reconciliation of underlying results to statutory results Glossary and additional notes Appendix
Slide 36: Group P&L QoQ variations including and excluding TSB
34 Group P&L QoQ variations including and excluding TSB Group quarterly performance excluding TSB Constant € mn 3,069 3,071 2,948 3,285 3,256 3,302 Q1'25 Q2 Q3 Q4 Q1'26 Q2 6,584 6,700 6,520 6,898 6,523 6,556 NII Fees Revenue Costs LLPs +2% +1% 1% 1% 14,437 14,710 14,646 15,333 15,237 15,383 3,170 3,
Slide 37: Appendix: Detail by global business
2028 Investor Day targets summary Group P&L QoQ variations including and excluding TSB Detail by global business Detail by country Balance sheet and capital management Reconciliation of underlying results to statutory results Glossary and additional notes Appendix
Slide 38: Retail & Commercial Banking
36 Loans €655bn +9% Deposits €687bn +13% CoR 1.19% +6bps Efficiency 40.5% -2.9pp RoTE 17.1% +0.8pp Mutual funds €124bn +18% Retail & Commercial Banking Note: Jun-26 data and YoY changes in constant euros. (1) % change in current euros. HIGHLIGHTSKEY DATA • ONE Transformation continued to deliver tan
Slide 39: Retail UK and Retail Spain
37 RETAIL UK • Loans up YoY, mainly mortgages and personal loans (Select). Depositsrose 6%, boosted by Select, and mutual funds +17% • Strong performance across the P&L (PBT +33%) with higher NII (balance sheet management and CoD) and fees (FX and insurance), costs down and lower LLPs, driven by bal
Slide 40: Retail Brazil and Retail Mexico
38 RETAIL BRAZIL • Loans up YoY especially in mortgages and personal loans. Depositgrowth reflects our focus on becoming our customers’ primary bank • PBT +4% YoY, driven by fees (transactional and insurance), GFT (FX activity) and costs (simplification and automation), partially offset by higher LL
Slide 41: Openbank
39 Openbank Note: Jun-26 data and YoY changes in constant euros. (1) % change in current euros. (2) The additional provisions in H1’26 in UK auto finance (Motor Finance) were €245mn gross, €194mn net of tax and non-controlling interest, mostly booked in Q1’26. HIGHLIGHTS • We aim to become a leading
Slide 42: Openbank US and Openbank Europe
40 OPENBANK US Note: Jun-26 data and YoY changes in constant euros. (1) % change in current euros. (2) The additional provisions in H1’26 in UK auto finance (Motor Finance) were €245mn gross, €194mn net of tax and non-controlling interest, mostly booked in Q1’26. OPENBANK EUROPE Underlying P&L (€ mn
Slide 43: Corporate & Investment Banking
41 Corporate & Investment Banking Note: Jun-26 data and YoY changes in constant euros. (1) % change in current euros. HIGHLIGHTSKEY DATA P&L Underlying P&L (€ mn) Q2'26 % Q1'26 H1'26 % H1'25 % H1'25¹ NII 1,331 8.3 2,543 35.6 36.9 Net fee income 725 14.2 1,353 7.5 6.8 Total revenue 2,395 -0.6 4,779 1
Slide 44: Wealth Management & Insurance
42 Wealth Management & Insurance Note: Jun-26 data and YoY changes in constant euros. (1) Annualized YTD net new money as a % of PB’s 2025 customer assets and liabilities (CAL). Annualized YTD net sales as a % of AM’s 2025 AuMs. (2) % change in current euros. (3) Includes all fees generated by Insur
Slide 45: Payment Solutions
43 Payment Solutions Note: Jun-26 data and YoY changes in constant euros. (1) % change in current euros. HIGHLIGHTSKEY DATA P&L Underlying P&L (€ mn) Q2'26 % Q1'26 H1'26 % H1'25 % H1'25¹ NII 37 -23.1 82 -1.7 2.3 Net fee income 290 4.2 563 7.5 10.4 Total revenue 387 -0.7 771 17.1 20.2 Total costs -33
Slide 46: Corporate Centre
44 • NII affected by lower interest rates • Greater loss on financial transactions due to a higher impact from foreign currency hedges • Other operating incomeimproved on the back of higher results from certain stakes and dividends from our stake in Poland • Total costs declined, reflecting simplifi
Slide 47: Appendix: Detail by country
2028 Investor Day targets summary Group P&L QoQ variations including and excluding TSB Detail by global business Detail by country Balance sheet and capital management Reconciliation of underlying results to statutory results Glossary and additional notes Appendix
Slide 48: Spain and UK
46 Underlying P&L (€ mn) Q2'26 % Q1'26 H1'26 % H1'25 NII 2,000 7.5 3,860 7.7 Net fee income 824 7.8 1,588 5.7 Total revenue 3,227 2.4 6,380 4.3 Total costs -1,063 -1.6 -2,142 -2.7 Net operating income 2,164 4.4 4,238 8.2 LLPs -331 26.7 -592 -1.2 Underlying profit 1,248 -2.9 2,534 12.2 Loans €251bn +
Slide 49: Portugal and US
47 Note: Jun-26 data and YoY changes in constant euros. (1) % change in current euros. PORTUGAL Loans €43bn +7% Deposits €42bn +6% Mutual funds €6bn +12% Efficiency 28.3% +1.3pp CoR 0.05% +5bps RoTE 29.7% -1.4pp Underlying P&L (€ mn) Q2'26 % Q1'26 H1'26 % H1'25 NII 333 -1.7 672 -1.7 Net fee income 1
Slide 50: Mexico and Brazil
48 Note: Jun-26 data and YoY changes in constant euros. (1) % change in current euros. MEXICO Underlying P&L (€ mn) Q2'26 % Q1'26 H1'26 % H1'25 % H1'25¹ NII 1,295 5.5 2,502 4.5 11.8 Net fee income 405 0.0 804 9.0 16.7 Total revenue 1,756 4.3 3,412 5.9 13.4 Total costs -707 2.2 -1,388 -1.0 5.9 Net op
Slide 51: Chile and Argentina
49 CHILE Note: Jun-26 data and YoY changes in constant euros. Argentina in current euros. (1) % change in current euros. ARGENTINA Loans €42bn +5% Deposits €30bn +10% Mutual funds €14bn +12% Efficiency 29.7% -4.9pp CoR 1.28% -3bps RoTE 22.0% +2.5pp Underlying P&L (€ mn) Q2'26 % Q1'26 H1'26 % H1'25 %
Slide 52: Appendix: Balance sheet and capital management
2028 Investor Day targets summary Group P&L QoQ variations including and excluding TSB Detail by global business Detail by country Balance sheet and capital management Reconciliation of underlying results to statutory results Glossary and additional notes Appendix
Slide 53: Capital levels amply exceed minimum regulatory requirements
51 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-26. (2) Estimated systemic risk buffer as of Jun-26. (3) Taking into account the expecte
Slide 54: Bond portfolio represents 8% of total assets
52 Bond portfolio represents 8% of total assets HTC&S duration: 1.9 years Mark to market impact of the HTC portfolio equivalent to <1% of total CET1 (€86.4bn) %, Dec-25 Spain 46% UK 6% Portugal 6% Openbank Europe 5% US 10% Mexico 9% Brazil 9% Chile 6% Rest of the Group 3% €165bn o/w HTC €130bn (79%)
Slide 55: Conservative and decentralized liquidity and funding model
53 3.0 8.1 5.4 1.0 3.1 0.2 1.7 0.7 2.7 0.6 0.4 0.7 1.6 6.8 14.0 7.2 0.7 1.4 Covered bonds Senior Senior non- preferred AT1 Tier 2 Other Conservative and decentralized liquidity and funding model € bn, Jun-26 2026 2027 2028 2029 >20302030 €30.0bn1issued in public markets in H1’26 Very manageable matu
Slide 56: 2026 issuances against funding plan
54 2026 issuances against funding plan Plan Issued Plan Issued Plan Issued Plan Issued Banco Santander, S.A. 1 - 2.5 1.7 13 - 15 12.4 0.5 - 2 3.0 14.5 - 19.5 17.1 UK - - 3 - 5.5 2.0 3 - 4 3.1 6 - 9.5 5.1 SHUSA - - 1 - 3 2.7 - - 1 - 3 2.7 TOTAL 1 - 2.5 1.7 17 - 23.5 17.1 3.5 - 6 6.1 21.5 - 32 24.8 AT
Slide 57: TLAC/MREL for the Resolution Group
55 €39.1bn 334bps €28.4bn 678bps €17.0bn 155bps €23.6bn 781bps 90.1 10.0 12.4 1.2 36.5 27.8 177.9 MREL instruments 31.2% 11.9% 4.5% 6.8% 3.3% 42.4% 15.2% % RWAs % LE 18.0% 6.8% 4.5% 7.8% 1.5% 30.3% 8.3% % RWAs % LE TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. % and € bn, Jun-26
Slide 58: Liquidity ratios and liquidity balance sheet
56 Jun-26 Mar-26 Mar-26 Spain 2 154% 150% 119% UK 2 163% 158% 136% Portugal 142% 131% 113% OB Europe 200% 210% 116% US 165% 166% 124% Mexico 144% 152% 122% Brazil 184% 183% 119% Chile 165% 148% 110% Argentina 149% 148% 147% Group 155% 151% 122% € bn, Jun-26 Net Stable Funding Ratio (NSFR) 1 Liquidit
Slide 59: Appendix: Reconciliation of underlying results
2028 Investor Day targets summary Group P&L QoQ variations including and excluding TSB Detail by global business Detail by country Balance sheet and capital management Reconciliation of underlying results to statutory results Glossary and additional notes Appendix
Slide 60: Reconciliation of underlying results to statutory results
58 Reconciliation of underlying results to statutory results EUR mn (1) Includes exchange differences. Explanation of 2026 adjustments: • Certain charges recorded in the statutory account under the line items that comprise 'other gains (losses) and provisions' are presented in the underlying income
Slide 61: Appendix: Glossary and additional notes
2028 Investor Day targets summary Group P&L QoQ variations including and excluding TSB Detail by global business Detail by country Balance sheet and capital management Reconciliation of underlying results to statutory results Glossary and additional notes Appendix
Slide 62: Glossary - Acronyms
60 Glossary - Acronyms • AI: Artificial Intelligence • A2A: Account-to-account • AM: Asset Management • AT1: Additional Tier 1 • AuMs: Assets under management • bn: Billion • bps: Basis points • c.: Circa • CAL: Customer assets and liabilities • CET1: Common equity tier 1 • CHF: Swiss franc • CIB: C
Slide 63: Glossary - Definitions
61 Glossary - Definitions Note: the averages for the RoTE and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from using daily balances. The risk-weighted assets included in the denominator of the RoRWA metric are calculated
Slide 64: Additional notes
62 Additional notes (1) Phased-in ratio calculated in accordance with the transitory treatment of the CRR. • Capital distribution includes deductions for accrual of ordinary shareholder remuneration and AT1 costs. The board of directors intends to: i) apply an ordinary shareholder remuneration polic
Slide 65: Thank you
( Thank you o>
Slide 66: 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: 22 July 2026 By: /s/ José García Cantera Name: José García Cantera Title: Ch