Slide 1: FY'25 Earnings Presentation, Acquisition of Webster
3 February 2026 FY’25 Earnings Presentation Acquisition of Webster
Slide 2: 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 statemen
Slide 3: Important information
3 Important information • our own decisions and actions, including those affecting or changing our practices, operations, priorities, strategies, polic ies or procedures; and • changes affecting our access to liquidity and funding on acceptable terms, especially due to credit spread shifts or credit
Slide 4: Important information: Additional information about the acquisition
4 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
Slide 5: Index
5 Index Summary of FY’25 Results 1 Acquisition of Webster 2 2026 - 28 outlook 3 Appendix 4
Slide 6: Record results for the fourth consecutive year
6 Efficiency TNAVps + Cash DPS Record results for the fourth consecutive year, delivering on all our financial targets driven by growth of 8 million new customers and ONE Transformation FY'25 att. profit Q4’25 att. profit post - AT1 CoR CET1 Another record quarter resulting in double - digit profit
Slide 7: Delivering on our 2025 Group targets
7 Delivering on our 2025 Group targets All - time high profit, driven by our revenue performance and structural efficiency improvement from ONE Transformation • Revenue €62.4bn, with record fees • Costs down 1% in euros • Best efficiency in more than 15 years • CoR : 1.15% • CET1 : 13.5% and RoTE :
Slide 8: Double-digit profit growth across all global businesses
8 31.2 39.4% 7.7 -0% -0.1pp +9% 13.0 40.6% 1.7 +4% +0.5pp +8% 8.5 45.5% 2.8 +5% +0.0pp +7% 4.2 35.3% 2.1 +14% -2.9pp +27% 6.0 39.2% 0.9 +17% -5.3pp +50%* 62.4 41.2% 14.1 +4% -0.6pp +16% 16.3% +0.8pp 68.5% -8.4pp 34.5% +7.0pp +1.8pp 17.7% -0.4pp 8.6% -0.3pp 19.1% Double - digit profit growth with all
Slide 9: ONE Transformation drove sustained efficiency improvements
9 Consistent execution of ONE Transformation drove sustained efficiency improvements ahead of Investor Day target Note: FY'25 or latest available data. YoY changes in constant euros. (1) As defined at the 2023 Investor Day. • Wealth : collaboration fees with CIB and Corporates reached €4.3bn (+9% vs
Slide 10: Retail: driving operational leverage through ONE Transformation
10 Note : data and YoY changes in constant euros . (1) Metrics cover all products and employees in the branch network in our 10 main countries . Retail: driving operational leverage through ONE Transformation, while delivering a differential customer experience through our digital bank with branches
Slide 11: Consumer: scaling digital bank and global platforms
11 Note: data and YoY changes in constant euros. ANEAs: average net earning assets, including renting. Consumer : scaling our digital b ank and global platforms while optimizing the funding structure In real terms Loan - to - deposit ratio (%) Optimized funding structure Operational leverage (€ b n)
Slide 12: Network businesses capturing fee growth
12 Note: data and YoY changes in constant euros. Assets under management includes deposits and off - balance sheet assets. Revenue including ceded fees includes all fees generated by Santander Asset Management and Insurance, even those ceded to the co mmercial network, which are reflected in Retail’
Slide 13: Improving profitability and value creation
13 5.24 5.76 5.98 Dec-24 Dec-25 15.5% 16.3% 2024 2025 Note: TNAVps + Cash DPS includes the €11.00 cent cash dividend per share paid in May 2025 and the €11.50 cent cash dividend per share paid i n November 2025, both forming part of our shareholder remuneration policy. Improving profitability and va
Slide 14: CET1 performance and capital productivity
14 CET1 % CET1 PERFORMANCE AND CAPITAL PRODUCTIVITY 13.5 13.4 - 1.21 - 0.25 - 0.16 c. - 0.55 c. - 0.50 12.8 +2.23 +0.09 c.+0.95 Dec - 24 Att. Profit Capital distribution Net organic RWAs Regulatory & Models Markets & others Dec - 25 Poland disposal Additional SBB TSB acquisition Dec - 25 pro - forma
Slide 15: Delivering on all 2025 and key Investor Day targets
15 In summary, delivering on all our 2025 and key Investor Day targets Note: d ata and YoY changes in constant euros, unless otherwise indicated. TNAVps + Cash DPS includes the €11.00 cent cash dividend per share paid in May 2025 and the €11.50 cent cash dividend per share paid in November 2025, bot
Slide 16: Index
16 Index Summary of FY’25 Results 1 Acquisition of Webster 2 2026 - 28 outlook 3 Appendix 4
Slide 17: Santander US delivering consistent earnings improvements
17 Santander US is delivering consistent and sustainable earnings improvements, reaching 15% RoTE 1 in 2025 SANTANDER US PAT ($bn) 1.0 1.2 1.7 2023 2024 2025 Growth of capital light businesses Improved funding profile Cost reduction Prudent risk management Capital discipline CIB fee growth 33% 2024
Slide 18: Webster: a bolt-on with a highly attractive deposit franchise
18 Webster: a bolt - on, representing only 4% of Group assets, is a highly - attractive deposit franchise with substantial cost synergies Note: return on invested capital in three years. (1) Cost synergies are pre - tax, annual and full run - rate expected at the end of 2028. % of 2025 combined expe
Slide 19: A transaction consistent with our strategy: overview
19 • Bolt - on acquisition that significantly enhances the Santander US franchise – Combined franchise will be top 3 best efficiency among the top 25 US banks and top 5 highest profitability by 2028, based on analyst forecasts 1 • The transaction will help drive incremental returns and organic growt
Slide 20: Compelling strategic and financial rationale
20 Loans | Deposits | CoR → US efficiency ratio 2028 <40% ONE Transformation and Openbank integrated with Webster will improve Santander’s profitable growth trajectory across the US Significant cost synergies underpinned by proven integration track record and experienced management team High quality
Slide 21: Webster: high-quality lending and deposit franchise
21 Expenses / assets High - quality lending and deposit franchise Assets Deposits RoTE post - AT1 Loans to deposits 2 Loans Efficiency Leverage ratio WEBSTER’S KEY FINANCIALS (US GAAP) Note: Reported figures for FY’25. Gross loans and advances to customers (excl. reverse repos). Customer deposits ex
Slide 22: Significantly enhanced scale in the US
22 Note: Figures under IFRS. Gross loans and advances to customers (excl. reverse repos). Customer deposits excluding repos. Top 10 national retail and commercial bank by assets, excluding Credit Unions, based on US regulatory financial reports as of 30 September 2025. (1) Reflects weighted average
Slide 23: Complementary loan mix and low-cost deposit base
23 11% 15% 12% 13% 5% 45% 34% 40% 11% 10% 11% 11% 16% 13% 22% 12% 19% Time deposits Now accounts Savings Money market deposits Health savings Non-interest bearing Santander US Cost of deposits (avg. balances) 13% 41% 22% 14% 39% 21% 36% 1% 25% 4% 19% 9% 33% 23% CIB Mortgages Consumer CRE C&I Combine
Slide 24: Integration experience across management teams
24 Efficiency ratio FY’25 Significant integration experience across the Webster and Santander management teams with a focus on future growth 3 Note: Figures u nder US GAAP. Peer set based on FY’25 reported figures of US regional banks including PNC, TFC, USB, MTB, FITB, HBAN, KEY, RF, CFG, FLG, ZION
Slide 25: Estimated cost synergies of c.$800mn
25 3,073 c.4,250 c.3,500 1,378 c. - 200 c. - 480 c. - 280 c. - 35 4,451 San US + Webster excl. CIB 2025 San US transformation 2025 - 28 San US + Webster 2025 pro forma HQ & Overhead Technology & Operations Other San US + Webster 2028 At least • HQ efficiencies • IT & other vendor re - negotiations •
Slide 26: Scale to deliver 18% RoTE
26 With this transaction Santander US achieves the scale needed to deliver 18% RoTE and become one of the most profitable banks in the US 4 10% Full integration o f auto and consumer banking Doubling down on fee - based businesses 18% LEVERS FOR US R o TE IMPROVEMENT 2025 - 2028 Reinforced commercia
Slide 27: Self-funded transaction with CET1 path
27 $ RoIC c.15% Self - funded transaction, which improves our future capital generation capacity 5 12 - 13% op. range >13% c. - 140bps CET1 PATH % (Expected at the end of 2026) 12.8 - 13% c.+70bps Capital generation 1 14.2 13.5 CET1 Dec - 25 Capital generation CET1 Dec - 26 pro forma Webster CET1 De
Slide 28: Commitment to shareholder remuneration and share buyback
28 We reiterate our commitment to remunerate our shareholders with 50% ordinary payout and at least €10bn SBB for 2025 - 26 earnings 5 EXECUTION IN H2’26 - H1’27 1.7 1.8 3.2 3.3 Ordinary against H1'25 results Ordinary against H2'25 results Poland disposal execution in H1'26 Ordinary + excess capital
Slide 29: Accretive bolt-on strengthening position in the US
29 Improves strategic positioning of Santander US 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… (1) Combined franchise will be top 3 best efficiency among the Top 25 US banks and Top 5 hig
Slide 30: Diversified business model with TSB and Webster
30 41% 11% 12% 36% 49% 9% 7% 35% 46% 22% 11% 21% Europe UK US LatAm … which, together with the TSB acquisition, underpins our diversified business model GRUPO SANTANDER 2025 reported perimeter incl. Poland, excl. Webster + TSB Loan book Note : loan boo k and operating PBT distributions based on the
Slide 31: Index
31 Index Summary of FY’25 Results 1 Acquisition of Webster 2 2026 - 28 outlook 3 Appendix 4
Slide 32: 2026-28 outlook: at scale in all core markets
32 RoTE 2 >20% With Webster, Santander is now AT SCALE IN ALL OUR CORE MARKETS which will accelerate our value creation in the next strategic cycle Note: targets market dependent. Based on macro assumptions aligned with international economic institutions. CET1 targets including all the impacts from
Slide 33: February | London
25 February | London
Slide 34: Index
34 Index Summary of FY’25 Results 1 Acquisition of Webster 2 2026 - 28 outlook 3 Appendix 4
Slide 35: Appendix
35 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina 2025 profitability: RoTE pre - and post - AT1 Detail by global business and country Reconciliation of underlying results to statutory results Webster: a diversified deposit base Glossary and additional notes
Slide 36: We have delivered on all key Investor Day targets for 2025
36 TNAVps+DPS (Growth YoY) 2022 2023 2024 2025 2025 ID targets RoTE post-AT1 (%) - - 15.5 16.3 - RoTE pre-AT1 (%) 13.4 15.1 16.3 17.1 15-17% Payout (Cash + SBB)¹ (%) 40 50 50 50 50 EPS growth (%) 23 21.5 17.9 17.3 Double-digit Total customers (mn) 160 165 173 180 c.200 Active customers (mn)² 99 100
Slide 37: Appendix
37 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina 2025 profitability: RoTE pre - and post - AT1 Detail by global business and country Reconciliation of underlying results to statutory results Webster: a diversified deposit base Glossary and additional notes
Slide 38: Group P&L QoQ variations and excluding Argentina
38 Group P&L QoQ variations and excluding Argentina Note: underlying P&L. Fees NII 3,044 3,059 3,130 3,299 3,305 3,341 3,360 3,656 Costs LLPs 2,868 2,905 2,904 3,057 3,081 3,050 2,970 3,311 Q1'24 Q2 Q3 Q4 Q1'25 Q2 Q3 Q4 11,345 10,906 11,019 11,806 11,130 11,408 11,229 11,587 Constant €mn 6,226 6,075
Slide 39: Appendix
39 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina 2025 profitability: RoTE pre - and post - AT1 Detail by global business and country Reconciliation of underlying results to statutory results Webster: a diversified deposit base Glossary and additional notes
Slide 40: 2025 profitability: RoTE pre- and post-AT1
40 2025 profitability: RoTE pre - and post - AT1 GROUP CONSUMER CIB WEALTH PAYMENTS RETAIL c.17% >14% > 20% c.60% >30% 15 - 17 % RoTE pre - AT1 PagoNxt EBITDA margin RoTE pre - AT1 x x x x x 2025 targets FY'25 18.5% -0.5pp 9.4% -0.4pp 19.8% +1.8pp 69.2% -8.4pp 34.5% +7.0pp 17.1% +0.8pp c.17% c.12% c
Slide 41: Appendix
41 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina 2025 profitability: RoTE pre - and post - AT1 Detail by global business and country Reconciliation of underlying results to statutory results Webster: a diversified deposit base Glossary and additional notes
Slide 42: Detail by global business
42 Detail by global business
Slide 43: Retail & Commercial Banking
43 Retail & Commercial Banking Note: Dec - 25 data and YoY changes (loans, deposits and mutual funds in constant euros). HIGHLIGHTS KEY DATA P&L Loans €601bn +1% Mutual funds €115bn +16% Efficiency 39.4% -0.1pp CoR 0.88% -5bps RoTE post-AT1 17.7% -0.4pp Deposits €662bn +4% Underlying P&L* Q4'25 % Q3
Slide 44: Retail Spain and Retail UK
44 RETAIL SPAIN Note: Dec - 25 data and YoY changes (loans, deposits and mutual funds in constant euros). RETAIL UK Underlying P&L* Q4'25 % Q3'25 2025 % 2024 NII 1,439 -0.3 5,796 -1.2 Net fee income 257 -0.6 1,076 0.2 Total revenue 1,708 -1.8 7,007 -0.9 Operating expenses -572 2.6 -2,268 -0.9 Net op
Slide 45: Retail Mexico and Retail Brazil
45 Note: Dec - 25 data and YoY changes (loans, deposits and mutual funds in constant euros). RETAIL MEXICO RETAIL BRAZIL Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 787 1.2 3,041 6.5 -3.0 Net fee income 196 7.7 723 13.5 3.4 Total revenue 1,000 5.0 3,719 8.4 -1.3 Operating expenses -478 15.
Slide 46: Digital Consumer Bank
46 Digital Consumer Bank Note: Dec - 25 data and YoY changes (new lending, loans and deposits in constant euros). HIGHLIGHTS KEY DATA P&L New lending €82bn -8% Loans €212bn +2% Efficiency 40.6% +0.5pp CoR 2.10% -7bps RoTE post-AT1 8.6% -0.3pp Deposits €130bn +5% Underlying P&L* Q4'25 % Q3'25 2025 %
Slide 47: DCB Europe and DCB US
47 Note: Dec - 25 data and YoY changes (loans, deposits and mutual funds in constant euros). DCB Europe DCB US Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 1,100 -3.2 4,581 2.8 -1.5 Net fee income 78 -9.7 339 16.6 11.8 Total revenue 1,209 -2.4 5,072 -0.1 -4.2 Operating expenses -543 6.8 -2,
Slide 48: Corporate & Investment Banking
48 Corporate & Investment Banking Note: Dec - 25 data and YoY changes (loans, deposits in constant euros). HIGHLIGHTS KEY DATA P&L Loans €152bn +15% Deposits €140bn +5% CoR 0.15% +5bps Efficiency 45.5% +0.0pp RoTE post-AT1 19.1% +1.8pp Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 1,099 10.8
Slide 49: Wealth Management & Insurance
49 Wealth Management & Insurance HIGHLIGHTS Note : Dec - 25 data and YoY changes in constant euros. (1) Net new money as a % of PB’s 2024 customer assets and liabilities (CAL). Net sales as a % of SAM’s 2024 AuMs . (2) Includes all fees generated by Santander Asset Management and Insurance, even tho
Slide 50: Payments
50 Underlying P&L* Q4'25 % Q3'25 2025 2024 % 2024 % 2024¹ NII 45 8.6 167 132 35.7 27.0 Net fee income 282 4.4 1,059 958 16.4 10.5 Total revenue 379 6.6 1,373 1,240 16.2 10.8 Operating expenses -282 0.2 -1,138 -1,160 0.8 -1.9 LLPs -5 -36.0 -24 -16 55.1 48.5 Attributable profit 61 203.3 96 -299 — — (*
Slide 51: Corporate Centre
51 • NII affected by lower interest rates • Gain / losses on financial transactions improved with a lower impact from foreign currency hedges • Costs up due to higher IT expenses • LLPs and other provisions increased particularly in H1’25 impacted by our NPL ratio reduction plan, which improves the
Slide 52: Detail by country
52 Detail by country
Slide 53: Spain and UK
53 Note: Dec - 25 data and YoY changes (loans, deposits and mutual funds in constant euros). SPAIN UK Underlying P&L* Q4'25 % Q3'25 2025 % 2024 NII 1,890 3.3 7,305 0.7 Net fee income 810 14.1 3,022 5.4 Total revenue 2,934 1.5 11,990 0.1 Operating expenses -1,114 4.1 -4,284 0.3 Net operating income 1
Slide 54: Portugal and Poland
54 Note: Dec - 25 data and YoY changes (loans, deposits and mutual funds in constant euros). PORTUGAL POLAND Underlying P&L* Q4'25 % Q3'25 2025 % 2024 NII 334 1.6 1,346 -13.0 Net fee income 128 3.7 506 8.2 Total revenue 485 0.7 1,959 -6.7 Operating expenses -144 7.6 -548 0.1 Net operating income 341
Slide 55: US and Mexico
55 Note: Dec - 25 data and YoY changes (loans, deposits and mutual funds in constant euros). US RoTE post - AT1 adjusted based on Group’s deploy ed capital calculated as contribution of RWAs at 12%, is 13.7%. US MEXICO Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 1,476 0.5 5,888 7.9 3.4 Net
Slide 56: Brazil and Chile
56 • Customers rose 7 % YoY, supporting loan growth in all global businesses. Deposits affected by a decline in time deposits in CIB and Retail • Profit up 22% YoY, boosted by NII (volumes and lower cost of deposits), and fees (payments and mutual funds) with costs down in real terms . LLPs increase
Slide 57: Argentina
57 Note: Dec - 25 data and YoY changes (loans, deposits and mutual funds in current euros). (1) The exchange rate resulting from the sale of local bonds denominated in Argentine pesos in US dollars (dual denomination pes o/dollar bonds). ARGENTINA Loans €9bn +8% Deposits €10bn -12% Mutual funds €6bn
Slide 58: Appendix
58 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina 2025 profitability: RoTE pre - and post - AT1 Detail by global business and country Reconciliation of underlying results to statutory results Webster: a diversified deposit base Glossary and additional notes
Slide 59: Reconciliation of underlying results to statutory results
59 Reconciliation of underlying results to statutory results EUR mn Statutory results Adjustments related to the Poland disposal Other adjustments Underlying results Statutory results Adjustments related to the Poland disposal Other adjustments Underlying results Net interest income 42,348 3,006 — 4
Slide 60: Appendix
60 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina 2025 profitability: RoTE pre - and post - AT1 Detail by global business and country Reconciliation of underlying results to statutory results Webster: a diversified deposit base Glossary and additional notes
Slide 61: Webster: a diversified deposit base
61 Webster: a diversified deposit base Note: Figures under US GAAP. Customer deposits excluding repos. (1) Healthcare Services includes HSA and Ametros . Consumer bank • 195 financial centres and a digital channel • Serving consumers and small businesses in the Northeast corridor and Long Island $27
Slide 62: Appendix
62 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina 2025 profitability: RoTE pre - and post - AT1 Detail by global business and country Reconciliation of underlying results to statutory results Webster: a diversified deposit base Glossary and additional notes
Slide 63: Glossary - Acronyms
63 Glossary - Acronyms • A2A: Account - to - account • AuMs : Assets under Management • bn: Billion • bps : Basis points • c.: Circa • CAGR: Compound annual growth rate • CAL: Customer assets and liabilities • CDI: Core deposit intangible • CET1: Common equity tier 1 • CHF: Swiss franc • CF: Corpora
Slide 64: Glossary - Definitions
64 Glossary - Definitions PROFITABILITY AND EFFICIENCY • RoTE : Profit attributable to the parent (annualized) 1 / Average stockholders' equity 2 (excl. minority interests) - intangible assets • RoTE (post - AT1) : Profit attributable to the parent minus AT1 costs (annualized) 1 / Average stockholde
Slide 65: Additional notes
65 Additional notes (1) Market share and deposits based on the following Northeast MSAs: New York - Newark - Jersey City, NY - NJ, Hartford - West Hartford - East Hartford, CT, Waterbury - Shelton, CT, Providence - Warwick, RI - MA, Boston - Cambridge - Newton, MA - NH, Bridgeport - Stamford - Danbu
Slide 66: Thank You
Thank You . Our purpose is to help people and businesses prosper. Our culture is based on believing that everything we do should be: SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned