Banco Santander, S.a. · BME:SAN
Banco Santander — 9M 2025 Earnings Presentation
94 slides from Banco Santander's earnings presentation, Oct 29, 2025
Slide 1: Form 6-K Report of Foreign Issuer
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 October, 2025 Commission File Number: 001-12518 Banco Santander, S.A. (Exact name of registrant as specified in its ch
Slide 2: Table of Contents
BANCO SANTANDER, S.A. ________________________ TABLE OF CONTENTS Item 1. January - September 2025 Earnings presentation (Supplementary information)
Slide 3: Supplementary information 9M 2025
000 Supplementary information 9M 2025 29 October 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: Santander's 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 Sep-25. (2) Estimated systemic risk buffer as of Sep-25. (3) According to a resolution from B
Slide 9: In the EBA Stress Test, Santander had the highest PAT in the baseline scenario
7 In the EBA Stress Test, Santander had the highest PAT in the baseline scenario and the second highest under the adverse scenario (1) Accumulated profit after tax (3 years) in €mn. FX impact is only applied in the adverse scenario. PROFIT AFTER TAX - BASELINE SCENARIO (€mn) 1 PROFIT AFTER TAX - ADV
Slide 10: Santander improved its relative capital position in the adverse scenario
8 Santander improved its relative capital position in the adverse scenario, ending above peer average FL CET1: 2024 (%) FL CET1: adverse scenario 2027 (%) FL CET1: adverse scenario 2027 (bps) -62 -173 -186 -188 -213 -215 -227 -336 -478 Santander P2 P5 P4 P6 P3 P7 P1 P8 14.3 13.9 12.9 12.4 12.3 12.2
Slide 11: Diversified bond portfolio represents just 8% of total assets
9 Diversified bond portfolio represents just 8% of total assets %, Sep-25 Spain 33% Poland 12% UK 7% Portugal 5% SCF 5% US 11% Mexico 10% Brazil 9% Chile 6% Rest of the Group 2% €152bn o/w HTC €110bn (73%) ALCO IRRBB €116bn Liquidity portfolio €36bn BOND PORTFOLIO • Bond portfolio represents 8% of t
Slide 12: Conservative and decentralized liquidity and funding model
10 Conservative and decentralized liquidity and funding model 2.7 5.8 4.0 3.1 2.3 3.6 1.0 1.8 0.1 3.2 0.9 1.4 6.8 13.8 9.4 1.0 0.3 Covered bonds Senior Senior non- preferred AT1 Tier 2 € bn, Sep-25 Covered Bonds Senior Non- Preferred Senior Other 2025 2026 2027 2028 >2029 0.4 11.1 11.8 7.4 6.9 14.7
Slide 13: 2025 issuances against funding plan
11 2025 issuances against funding plan Plan Issued Plan Issued Plan Issued Plan Issued Banco Santander, S.A. 0 - 0.5 1.4 13 - 14 13.6 3 - 5 2.7 16 - 19.5 17.7 UK - - 4.5 - 6.5 5.9 4 - 5 4.1 8.5 - 11.5 10.0 SHUSA - - 3 - 4 1.8 - - 3 - 4 1.8 TOTAL 0 - 0.5 1.4 20.5 - 24.5 21.3 7 - 10 6.8 27.5 - 35 29.5
Slide 14: Update of the 2025 issuances funding plan - Banco Santander, S.A.
12 Update of the 2025 issuances funding plan - Banco Santander, S.A. Original Funding Plan Adjusted Funding Plan 2025 2025 AT1 + Tier 2 0 - 0.5 0 - 0.5 0.0 1.4 1.4 SNP + SP 20 - 21 13 - 14 7.8 5.8 13.6 Covered Bonds 0.5 - 2 3 - 5 0.0 2.7 2.7 TOTAL 20.5 - 23.5 16 - 19.5 7.8 9.9 17.7 MREL/TLAC 20 - 21
Slide 15: TLAC/MREL for the Resolution Group headed by Banco Santander, S.A.
13 TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. 31.9% 12.8% 4.1% 2.8% 2.7% 38.9% 15.4% % RWAs % LE 18.0% 6.8% 4.1% 3.9% 1.3% 26.0% 8.1% % RWAs % LE % and € bn, Sep-25(e) Req. 36.0% SNP T2 CET1 Senior AT1 Sub debt %, Sep-25(e) Req. 22.1% Distance to M-MDA €12.1bn 392bps €13.1bn
Slide 16: Well-funded, diversified, prudent and highly liquid balance sheet
14 Well-funded, diversified, prudent and highly liquid balance sheet (large % contribution from customer deposits), reflected in solid liquidity ratios € bn, Sep-25 Net Stable Funding Ratio (NSFR) Sep-25 Jun-25 Jun-25 Spain 2 150% 154% 123% UK 2 165% 159% 136% Portugal 138% 138% 123% Poland 211% 202
Slide 17: Supplementary information
15 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 18: NIM (%)
16 NIM (%) NII / Average earning assets Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Retail & Commercial Banking 3.19 3.18 3.14 3.26 3.12 3.05 2.92 Spain 2.55 2.75 2.66 2.48 2.57 2.38 2.33 United Kingdom 1.41 1.46 1.53 1.58 1.59 1.53 1.52 Mexico 5.78 5.80 5.98 6.23 6.14 6.22 6.30 Brazil 7.87 7.91 8.06
Slide 19: Yield on loans (%)
17 Yield on loans (%) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Retail & Commercial Banking 6.49 6.48 6.39 6.50 6.39 6.26 6.07 Spain 4.10 4.09 4.06 3.89 3.78 3.59 3.39 United Kingdom 3.79 3.93 4.07 4.13 4.14 4.12 4.12 Mexico 13.82 13.73 13.78 13.67 13.33 12.38 12.21 Brazil 16.24 16.46 16.57 16.70 16
Slide 20: Cost of deposits (%)
18 Cost of deposits (%) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Retail & Commercial Banking 2.38 2.20 2.15 2.13 2.04 2.04 2.08 Spain 0.65 0.69 0.73 0.75 0.57 0.45 0.42 United Kingdom 2.16 2.15 2.07 2.00 1.93 1.92 1.93 Mexico 5.21 5.17 4.88 4.44 4.07 3.73 3.49 Brazil 7.22 7.12 7.26 7.33 8.24 9.00 9
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: Efficiency ratio (%)
20 Efficiency ratio (%) Q1'24 H1'24 9M'24 2024 Q1'25 H1'25 9M'25 Retail & Commercial Banking 40.7 39.2 39.1 39.5 39.4 39.4 39.2 Digital Consumer Bank 41.2 40.6 40.7 40.1 41.9 41.5 40.9 Corporate & Investment Banking 41.6 43.3 44.3 45.5 42.9 43.7 44.9 Wealth Management & Insurance 37.9 37.2 37.3 38.2
Slide 23: Supplementary information
21 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 24: Stage coverage
22 Stage coverage Exposure subject to impairment (EUR billion)* Coverage Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Stage 1 1,007 1,008 1,008 1,002 1,012 989 1,005 0.4% 0.4% 0.4% 0.4% 0.4% 0.3% 0.3% Stage 2 83 94 87 88 87 85 86 6.3% 5.6% 5.7% 5.
Slide 25: NPL ratio (%)
23 NPL ratio (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Retail & Commercial Banking 3.21 3.14 3.27 3.18 3.12 3.06 3.00 Digital Consumer Bank 4.86 4.81 4.89 5.07 5.09 4.97 5.29 Corporate & Investment Banking 1.19 1.03 0.86 0.83 0.75 0.71 0.70 Wealth Management & Insurance 0.93 1.08 1.01 0.9
Slide 26: NPL coverage ratio (%)
24 NPL coverage ratio (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Retail & Commercial Banking 60.7 61.6 57.9 58.5 59.0 59.8 61.6 Digital Consumer Bank 76.1 75.9 74.4 73.6 75.0 76.4 72.5 Corporate & Investment Banking 43.0 36.0 35.5 39.0 39.3 45.1 45.5 Wealth Management & Insurance 56.2 59.1
Slide 27: Credit impaired loans and loan-loss allowances
25 Loan-loss allowancesCredit impaired loans Credit impaired loans and loan-loss allowances Retail, 57%Consumer, 33% CIB, 5% Wealth, 1% Payments, 4% Retail, 51% Consumer, 36% CIB, 4% Wealth, 1% Payments, 8% Spain, 19% United Kingdom, 8% Portugal, 3% Poland, 5% DCB Europe, 11%US, 20% Mexico, 4% Brazi
Slide 28: Cost of risk (%)
26 Cost of risk (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Retail & Commercial Banking 1.03 1.03 0.98 0.92 0.91 0.89 0.89 Digital Consumer Bank 2.12 2.17 2.12 2.16 2.14 2.09 2.06 Corporate & Investment Banking 0.14 0.15 0.21 0.09 0.08 0.09 0.10 Wealth Management & Insurance (0.06) 0.07 0.0
Slide 29: Supplementary information
27 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 30: Grupo Santander (EUR mn)
28 Grupo Santander (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 11,983 11,474 11,225 11,986 11,378 11,338 11,100 -2.1% 34,682 33,816 -2.5% Net fee income 3,240 3,237 3,189 3,344 3,369 3,315 3,
Slide 31: Grupo Santander (Constant EUR mn)
29 Grupo Santander (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 11,360 10,922 11,035 11,822 11,146 11,424 11,245 -1.6% 33,316 33,816 +1.5% Net fee income 3,046 3,059 3,131 3,300 3,307
Slide 32: Supplementary information
30 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 33: Retail & Commercial Banking (EUR mn)
31 Retail & Commercial Banking (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 7,139 6,857 6,807 7,134 6,721 6,618 6,431 -2.8% 20,803 19,770 -5.0% Net fee income 1,205 1,184 1,153 1,164 1,210 1,1
Slide 34: Retail & Commercial Banking (Constant EUR mn)
32 Retail & Commercial Banking (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 6,755 6,525 6,688 7,059 6,616 6,661 6,493 -2.5% 19,968 19,770 -1.0% Net fee income 1,117 1,104 1,129 1,156
Slide 35: Retail & Commercial Banking Spain (EUR mn)
33 Retail & Commercial Banking Spain (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,472 1,471 1,495 1,430 1,467 1,448 1,443 -0.4% 4,439 4,357 -1.8% Net fee income 283 276 270 245 291 269 259 -
Slide 36: Retail & Commercial Banking UK (EUR mn)
34 Retail & Commercial Banking UK (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,119 1,128 1,189 1,236 1,224 1,174 1,152 -1.9% 3,436 3,550 +3.3% Net fee income 1 (16) (2) (15) 5 2 9 +293.1% (1
Slide 37: Retail & Commercial Banking UK (Constant EUR mn)
35 Retail & Commercial Banking UK (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,127 1,132 1,181 1,210 1,203 1,172 1,175 +0.2% 3,439 3,550 +3.2% Net fee income 1 (16) (2) (15) 5 2 9 +
Slide 38: Retail & Commercial Banking UK (GBP mn)
36 Retail & Commercial Banking UK (GBP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 958 963 1,004 1,029 1,023 997 999 +0.2% 2,925 3,020 +3.2% Net fee income 1 (13) (2) (13) 4 2 8 +293.1% (15) 14 —
Slide 39: Retail & Commercial Banking Mexico (EUR mn)
37 Retail & Commercial Banking Mexico (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 819 804 747 765 756 735 762 +3.6% 2,369 2,253 -4.9% Net fee income 175 197 171 156 171 177 179 +1.1% 544 527
Slide 40: Retail & Commercial Banking Mexico (Constant EUR mn)
38 Retail & Commercial Banking Mexico (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 693 684 712 748 746 746 761 +2.0% 2,089 2,253 +7.9% Net fee income 148 168 163 154 169 179 178 -0.4%
Slide 41: Retail & Commercial Banking Mexico (MXN mn)
39 Retail & Commercial Banking Mexico (MXN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 15,100 14,901 15,512 16,307 16,244 16,262 16,584 +2.0% 45,512 49,090 +7.9% Net fee income 3,233 3,654 3,557 3
Slide 42: Retail & Commercial Banking Brazil (EUR mn)
40 Retail & Commercial Banking Brazil (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,759 1,740 1,695 1,600 1,534 1,503 1,452 -3.3% 5,194 4,489 -13.6% Net fee income 397 409 376 348 359 333 314
Slide 43: Retail & Commercial Banking Brazil (Constant EUR mn)
41 Retail & Commercial Banking Brazil (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,498 1,545 1,631 1,577 1,495 1,529 1,465 -4.1% 4,674 4,489 -4.0% Net fee income 338 363 363 344 350
Slide 44: Retail & Commercial Banking Brazil (BRL mn)
42 Retail & Commercial Banking Brazil (BRL mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 9,456 9,756 10,300 9,959 9,436 9,650 9,252 -4.1% 29,511 28,338 -4.0% Net fee income 2,135 2,294 2,290 2,174 2
Slide 45: Digital Consumer Bank (EUR mn)
43 Digital Consumer Bank (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 2,710 2,655 2,614 2,797 2,756 2,747 2,763 +0.6% 7,980 8,267 +3.6% Net fee income 354 387 373 394 339 341 380 +11.3% 1,115
Slide 46: Digital Consumer Bank (Constant EUR mn)
44 Digital Consumer Bank (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 2,627 2,574 2,582 2,736 2,673 2,771 2,823 +1.9% 7,783 8,267 +6.2% Net fee income 343 374 369 388 333 343 384 +12.
Slide 47: Digital Consumer Bank Europe (EUR mn)
45 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,095 1,092 1,069 1,105 1,112 1,155 1,207 +4.5% 3,256 3,473 +6.7% Net fee income 220 231 229 222 188 185 198 +7.3%
Slide 48: Digital Consumer Bank Europe (Constant EUR mn)
46 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,092 1,091 1,070 1,106 1,109 1,155 1,209 +4.7% 3,253 3,473 +6.8% Net fee income 220 231 229 222 187 185 1
Slide 49: Digital Consumer Bank US (EUR mn)
47 Digital Consumer Bank US (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,143 1,179 1,138 1,191 1,221 1,129 1,132 +0.2% 3,460 3,482 +0.6% Net fee income 64 67 75 97 84 90 86 -4.3% 206 261 +26
Slide 50: Digital Consumer Bank US (Constant EUR mn)
48 Digital Consumer Bank US (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,110 1,137 1,119 1,137 1,150 1,147 1,185 +3.3% 3,367 3,482 +3.4% Net fee income 63 65 74 93 80 91 90 -1.0% 20
Slide 51: Digital Consumer Bank US (USD mn)
49 Digital Consumer Bank US (USD mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,240 1,270 1,250 1,271 1,285 1,281 1,323 +3.3% 3,761 3,889 +3.4% Net fee income 70 72 82 103 89 102 101 -1.0% 224 291
Slide 52: Corporate & Investment Banking (EUR mn)
50 Corporate & Investment Banking (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,053 962 895 1,079 953 1,013 982 -3.1% 2,909 2,948 +1.3% Net fee income 654 626 612 656 716 637 624 -2.0% 1,892
Slide 53: Corporate & Investment Banking (Constant EUR mn)
51 Corporate & Investment Banking (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 985 898 879 1,069 930 1,022 996 -2.6% 2,763 2,948 +6.7% Net fee income 631 604 605 646 700 643 634 -1.4%
Slide 54: Wealth Management & Insurance (EUR mn)
52 Wealth Management & Insurance (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 449 430 419 408 375 354 350 -0.9% 1,298 1,079 -16.9% Net fee income 365 356 369 408 419 423 415 -2.0% 1,090 1,257
Slide 55: Wealth Management & Insurance (Constant EUR mn)
53 Wealth Management & Insurance (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 440 421 415 403 368 356 355 -0.1% 1,275 1,079 -15.4% Net fee income 353 343 364 402 411 426 421 -1.2% 1,0
Slide 56: Payments (EUR mn)
54 Payments (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 662 639 586 680 685 726 705 -2.9% 1,887 2,116 +12.1% Net fee income 662 682 691 725 693 734 781 +6.4% 2,035 2,209 +8.6% Gains (losses)
Slide 57: Payments (Constant EUR mn)
55 Payments (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 584 572 565 668 671 734 710 -3.3% 1,722 2,116 +22.9% Net fee income 603 632 672 712 681 741 787 +6.3% 1,908 2,209 +15.8% Gains
Slide 58: PagoNxt (EUR mn)
56 PagoNxt (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 31 31 35 35 38 42 41 -2.4% 97 122 +25.7% Net fee income 224 233 241 261 245 265 267 +0.8% 697 777 +11.4% Gains (losses) on financial tra
Slide 59: PagoNxt (Constant EUR mn)
57 PagoNxt (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 27 28 34 34 37 43 42 -2.8% 89 122 +36.9% Net fee income 202 215 235 256 241 267 269 +0.7% 653 777 +19.1% Gains (losses) on fina
Slide 60: Cards (EUR mn)
58 Cards (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 632 608 551 645 647 683 663 -2.9% 1,790 1,994 +11.4% Net fee income 438 449 450 464 449 469 514 +9.5% 1,337 1,432 +7.1% Gains (losses) on
Slide 61: Cards (Constant EUR mn)
59 Cards (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 557 544 532 634 634 691 669 -3.3% 1,633 1,994 +22.1% Net fee income 401 417 437 456 440 473 518 +9.5% 1,255 1,432 +14.1% Gains (l
Slide 62: Corporate Centre (EUR mn)
60 Corporate Centre (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income (31) (69) (95) (113) (112) (120) (132) +9.6% (195) (364) +86.7% Net fee income (1) 2 (8) (3) (9) (7) (6) -17.3% (7) (22) +195.4
Slide 63: Supplementary information
61 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 64: Spain (EUR mn)
62 Spain (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,816 1,840 1,799 1,802 1,779 1,806 1,829 +1.3% 5,454 5,414 -0.7% Net fee income 746 738 707 676 767 735 710 -3.5% 2,191 2,212 +1.0% Gains
Slide 65: United Kingdom (EUR mn)
63 United Kingdom (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,185 1,196 1,256 1,313 1,298 1,244 1,220 -1.9% 3,637 3,763 +3.5% Net fee income 79 64 80 61 82 84 92 +10.0% 222 259 +16.3% Gains
Slide 66: United Kingdom (Constant EUR mn)
64 United Kingdom (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,193 1,200 1,247 1,285 1,276 1,243 1,245 +0.2% 3,640 3,763 +3.4% Net fee income 79 64 80 60 81 84 94 +12.1% 222 259 +16
Slide 67: United Kingdom (GBP mn)
65 United Kingdom (GBP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,015 1,020 1,061 1,093 1,085 1,057 1,059 +0.2% 3,096 3,201 +3.4% Net fee income 67 54 68 51 69 71 80 +12.1% 189 220 +16.2% Gains
Slide 68: Portugal (EUR mn)
66 Portugal (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 431 413 373 332 348 336 328 -2.4% 1,216 1,013 -16.7% Net fee income 127 115 115 110 126 129 123 -4.4% 357 378 +5.9% Gains (losses) on f
Slide 69: Poland (EUR mn)
67 Poland (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 686 697 727 733 744 736 737 +0.2% 2,111 2,217 +5.0% Net fee income 176 163 170 166 189 184 176 -4.2% 508 549 +8.0% Gains (losses) on fina
Slide 70: Poland (Constant EUR mn)
68 Poland (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 701 707 735 745 737 739 741 +0.2% 2,143 2,217 +3.5% Net fee income 179 165 171 168 188 185 177 -4.3% 516 549 +6.3% Gains (losses
Slide 71: Poland (PLN mn)
69 Poland (PLN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 2,973 2,999 3,115 3,158 3,126 3,134 3,140 +0.2% 9,087 9,400 +3.5% Net fee income 761 700 727 714 795 783 749 -4.3% 2,188 2,327 +6.3% Gain
Slide 72: Digital Consumer Bank Europe (EUR mn)
70 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,095 1,092 1,069 1,105 1,112 1,155 1,207 +4.5% 3,256 3,473 +6.7% Net fee income 220 231 229 222 188 185 198 +7.3%
Slide 73: Digital Consumer Bank Europe (Constant EUR mn)
71 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,092 1,091 1,070 1,106 1,109 1,155 1,209 +4.7% 3,253 3,473 +6.8% Net fee income 220 231 229 222 187 185 1
Slide 74: United States (EUR mn)
72 United States (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,396 1,428 1,411 1,458 1,499 1,450 1,463 +0.9% 4,235 4,412 +4.2% Net fee income 267 272 296 317 355 323 335 +3.7% 835 1,014 +21.4
Slide 75: United States (Constant EUR mn)
73 United States (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,357 1,376 1,388 1,392 1,412 1,470 1,530 +4.1% 4,121 4,412 +7.1% Net fee income 259 262 291 303 334 329 351 +6.7% 813 1,
Slide 76: United States (USD mn)
74 United States (USD mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,516 1,537 1,550 1,555 1,577 1,642 1,709 +4.1% 4,603 4,928 +7.1% Net fee income 290 293 325 338 373 367 392 +6.7% 908 1,132 +24.7
Slide 77: Mexico (EUR mn)
75 Mexico (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,214 1,207 1,113 1,097 1,129 1,109 1,126 +1.6% 3,534 3,364 -4.8% Net fee income 359 374 329 322 350 339 341 +0.6% 1,062 1,031 -3.0% Gain
Slide 78: Mexico (Constant EUR mn)
76 Mexico (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,028 1,027 1,061 1,076 1,114 1,125 1,125 +0.0% 3,116 3,364 +8.0% Net fee income 304 318 314 317 345 344 341 -1.0% 937 1,031 +10
Slide 79: Mexico (MXN mn)
77 Mexico (MXN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 22,390 22,383 23,112 23,448 24,260 24,518 24,518 +0.0% 67,885 73,296 +8.0% Net fee income 6,621 6,937 6,850 6,903 7,520 7,504 7,433 -1.0%
Slide 80: Brazil (EUR mn)
78 Brazil (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 2,630 2,605 2,474 2,413 2,402 2,338 2,309 -1.2% 7,709 7,049 -8.6% Net fee income 846 888 833 846 793 757 801 +5.8% 2,567 2,350 -8.5% Gain
Slide 81: Brazil (Constant EUR mn)
79 Brazil (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 2,239 2,313 2,385 2,376 2,340 2,379 2,330 -2.1% 6,937 7,049 +1.6% Net fee income 720 788 802 831 773 770 807 +4.9% 2,310 2,350 +
Slide 82: Brazil (BRL mn)
80 Brazil (BRL mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 14,135 14,604 15,058 14,998 14,776 15,019 14,708 -2.1% 43,797 44,503 +1.6% Net fee income 4,549 4,973 5,065 5,243 4,877 4,862 5,098 +4.9%
Slide 83: Chile (EUR mn)
81 Chile (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 352 472 482 516 512 490 436 -11.1% 1,306 1,438 +10.2% Net fee income 129 137 146 140 151 145 135 -7.4% 411 431 +4.9% Gains (losses) on fin
Slide 84: Chile (Constant EUR mn)
82 Chile (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 339 445 460 496 486 492 460 -6.5% 1,244 1,438 +15.6% Net fee income 124 129 139 134 144 146 142 -2.8% 392 431 +10.1% Gains (losse
Slide 85: Chile (CLP mn)
83 Chile (CLP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 361,759 475,476 491,886 529,884 519,215 525,944 491,506 -6.5% 1,329,120 1,536,664 +15.6% Net fee income 132,221 137,526 148,628 143,434 15
Slide 86: Argentina (EUR mn)
84 Argentina (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 1,025 397 390 1,107 416 523 318 -39.2% 1,812 1,257 -30.7% Net fee income 131 73 111 287 172 217 192 -11.8% 315 581 +84.2% Gains (losse
Slide 87: Argentina (Argentine peso mn)
85 Argentina (Argentine peso mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 949,444 1,183,149 799,603 665,292 593,186 722,372 707,821 -2.0% 2,932,197 2,023,379 -31.0% Net fee income 121,575 184,297 2
Slide 88: Rest of the Group (EUR mn)
86 Rest of the Group (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 183 196 228 225 250 272 258 -5.1% 607 780 +28.5% Net fee income 162 180 181 199 205 224 230 +2.7% 523 658 +25.7% Gains (losses
Slide 89: Rest of the Group (Constant EUR mn)
87 Rest of the Group (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 / Q2'25 9M'24 9M'25 9M'25 / 9M'24 Net interest income 170 181 223 219 241 276 262 -5.1% 574 780 +35.8% Net fee income 157 174 179 195 199 226 233 +3.0% 510 658 +28.9% Gain
Slide 90: Supplementary information
88 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 91: Glossary - Acronyms
89 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 92: Glossary - Definitions
90 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 93: 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 94: 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: 29 October 2025 By: /s/ José García Cantera Name: José García Cantera Title: