Banco Santander, S.a. · BME:SAN
Banco Santander — Debt Investor Presentation (July 2026)
59 slides from Banco Santander's debt investor presentation, Jul 22, 2026
Slide 1: H1'26 Fixed income investors presentation
H1’26 Fixed income investors presentation
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 • 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 th
Slide 4: Important information
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 the
Slide 5: H1'26 Highlights
H1'26 Highlights Santander Sant ander,, Customers (mn) 182 a leleaadin ingg Customer loans (€ bn excluding reverse repos) 1,072 fifina nanc nciial gr grooup Customer deposits + mutual funds (€ bn excluding repos) 1,297 Total assets (€ bn) 1,954 Branches 6,496 People (headcount) 185,279 H1'26 Net ope
Slide 6: Index
Index 1 2 3 4 5 6 7 8 H1 2026 Santander Capital Asset Liquidity & Sustainability Concluding Links, Results Business Quality Funding. Remarks Appendix Model & Ratings and Strategy Glossary
Slide 7: Higher revenue and lower costs are driving double-digit net operating income and profit growth
H1 2026 Summary Higher revenue and lower costs are driving double-digit net operating income and profit growth Ex. TSB Group P&L Current Constant Current Constant € million H1'26 H1'25 % % % % NII 22,711 21,237 7 6 6 5 Net fee income 6,851 6,311 9 7 8 7 Other income 1,285 1,418 -9 -9 -9 -9 Total rev
Slide 8: ONE Transformation delivered 1% cost decline and 11% net operating income growth
H1 2026 Summary ONE Transformation delivered 1% cost decline and 11% net operating income growth GROUP Revenue +6% Costs Constant € mn 15,333 15,237 15,610 • Costs declined YoY, -5% in real terms, with efficiency improving 3pp 14,437 14,710 14,646 – Retail down 5% ex. TSB, with outstanding performan
Slide 9: Consistent execution of ONE Transformation, AI at scale and network businesses
H1 2026 Summary Consistent execution of ONE Transformation, targeted deployment of AI at scale and our three network businesses are delivering structural efficiency improvements Efficiency ratio ONE AI Global Tech Network Announced Transformation businesses bolt-ons 45.3% c.-3pp c.-1pp c.-2pp c.-1pp
Slide 10: Strong profitability and value creation improvement, with TNAV per share + cash DPS up 19%
H1 2026 Summary Strong profitability and value creation improvement, with TNAV per share + cash DPS up 19% Underlying RoTE TNAVps + cash DPS € per share Cash DPS: €24.0 cents +0.7pp +19% 15.6% 6.56 14.9% 5.50 6.32 H1'25 H1'26 Underlying RoTE at 13% CET1 16.8% Jun-25 Jun-26 With the buybacks against
Slide 11: Strong organic capital generation
H1 2026 Summary Strong organic capital generation +56bps net organic CET1 ratio generation in H1’26 % +27bps net organic generation 14.6% +0.61 +0.04 ex. TSB 14.4 -0.33 -0.01 14.0 -0.55 -0.11 Target CAPITAL RATIOS 12.8-13% c.-1.50 Jun-25 Jun-26 Diff. Phased-in CET1 ratio 13.0% 14.0% +103bps Phased-i
Slide 12: Record H1 profit and on track to meet all our 2026 targets
H1 2026 Summary Record H1 profit and on track to meet all our 2026 targets H1’26 delivery 2026 targets Revenue Mid-single Revenue and costs on track growth +5% digit ex. TSB on the back of our consistent execution of in constant euros ONE Transformation Down Costs -2% in constant euros ex. TSB Recor
Slide 13: Index
Index 1 2 3 4 5 6 7 8 H1 2026 Santander Capital Asset Liquidity & Sustainability Concluding Links, Results Business Quality Funding. Remarks Appendix Model & Ratings and Strategy Glossary
Slide 14: Group structure in 2026
Santander Business Model & Strategy Santander is managed according to primary and secondary segments PRIMARY SEGMENTS (GLOBAL BUSINESSES) Group Retail Openbank CIB Wealth Payments structure SECONDARY SEGMENTS in 2026 Spain Portugal US Brazil Argentina UK OB Europe Mexico Chile Group functions and Co
Slide 15: Our business model continues to deliver for all our 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 with branches Global and in-market scale Business, geographical and balance sheet Contribution to Group revenue1 H1’26 182 mn Wea
Slide 16: We maintain our geographic and business diversification both 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 repos, Jun-26) (excluding reverse repos, Jun-26) By product/business1 By product/business1 Other Other Product bre
Slide 17: Loans continued to grow despite changing interest rate dynamics
Santander Business Model & Strategy … with loans that continued to grow despite changing interest rate dynamics… Customer loans Customer loans by country - € bn and % change in YoY in constant € Jun-26, Jun-26, - € bn and % change in YoY in constant € Ex. TSB €1,072bn +9% +5% Ex. TSB Others 35 +1% G
Slide 18: A strong and diversified deposit base
Santander Business Model & Strategy … and a strong and diversified deposit base Customer deposits Customer deposits by country Jun-26, - € bn and % change in YoY in constant € - Jun-26, € bn and % change in YoY in constant € Ex. TSB €1,013bn +9% +5% Ex. TSB Others 60 -0% GROUP 1,013 +9% +5% CIB 130
Slide 19: Index
Index 1 2 3 4 5 6 7 8 H1 2026 Santander Capital Asset Liquidity & Sustainability Concluding Links, Results Business Quality Funding. Remarks Appendix Model & Ratings and Strategy Glossary
Slide 20: Enhanced capital position: strong organic generation, with profitable front-book growth
Capital Enhanced capital position: strong organic generation, with profitable front-book growth Maximize ca cappital ppro rodduct ctiivi vitty by: Value ccrreatio ionn and pprrofititaabilit ilityy Increase RWAs with EVA>0 Asset rotation Front book pricing and risk transfer EVA <0 portfolios EVA >0 p
Slide 21: Global Asset Desk coordinates balance sheet mobilization across the Group
Capital Santander’s Global Asset Desk coordinates and drives balance sheet mobilization efforts across the Group, delivering significant risk transfer growth Glooba Gl ball Asset De Dessk We have established a distinctive origination capacity (i.e. identifying Unique origination new mobilization opp
Slide 22: Santander's capital levels amply exceed minimum regulatory requirements
Capital Santander’s capital levels amply exceed minimum regulatory requirements SREP capi pita tall requ quiirements and MDA MDA** Jun-26 CET1 ratio of 14.0%, on track to meet 18.77% our 12.8-13%3 target for the year, at >16% the top end of our 12-13% operating Tier 2 range 3.09% +468bps 2.44% 14.09
Slide 23: Strong fundamentals for AT1 bond holders
Capital Strong fundamentals for AT1 bond holders • Santander’s CET1 levels are well above the minimum loss absorption trigger of 5.125%: >€54.8bn Distance to trigger1 • The Group’s strong pre-provision profit is our first line of defence, which provides a high capacity to absorb provisions during th
Slide 24: AT1 issuances distributed by call date
Capital AT1 issuances distributed by call date Banco Santander, S.A. AT1 issuances outstanding at Jun-26 Call date (€mn) Nominal Next call Reset EUR mn Currency € mn Coupon Structure date Spread 2,500 Banco Santander S.A. USD 261 4.75% PNC6 12-Nov-26 375.3 bps Banco Santander S.A. EUR 750 4.13% PNC7
Slide 25: FX hedging policy on capital ratio and P&L
Capital FX hedging policy on capital ratio and P&L Sta tabl blee ccaapi pita tall rraatitioo hheedge OurP&L Our P&Lpolicy 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 14.0%1
Slide 26: Diversified bond portfolio represents just 8% of total assets
Capital Diversified bond portfolio represents just 8% of total assets Bon ondd port ortfol oliios %, Dec-25 Jun-26 €165bn Rest of the Group 3% Chile 6% Liquidity portfolio Brazil €43bn 9% Bond portfolio represents 8% of total assets Mexico Spain 9% €165bn 46% HTC&S duration: 1.9 years o/w HTC €130bn
Slide 27: Index
Index 1 2 3 4 5 6 7 8 H1 2026 Santander Capital Asset Liquidity & Sustainability Concluding Links, Results Business Quality Funding. Remarks Appendix Model & Ratings and Strategy Glossary
Slide 28: Group asset quality improving excluding Argentina
Asset Quality Group asset quality improving excluding Argentina… Creddit quality rati Cre ratioos Jun-25 Mar-26 Jun-26 Jun-25 Mar-26 Jun-26 Cost of NPL ratio 2.90% 3.00% 2.93% 1.13% 1.14% 1.15% risk1 NPL ratio 3.32% 3.21% 3.16% 3.08% 3.11% 3.03% 2.98% 2.91% 2.91% 3.00% 2.93% 2.90% NPL coverage ratio
Slide 29: Remaining robust at the global business and country level
Asset Quality … remaining robust at the global business and country level NPL ratios Cost of risk1 % % Jun-25 Mar-26 Jun-26 Jun-25 Mar-26 Jun-26 Retail 3.11 3.18 3.05 Retail 1.13 1.17 1.19 Openbank 4.97 5.51 5.61 Openbank 2.09 2.07 2.09 CIB 0.77 0.85 1.02 CIB 0.07 0.23 0.29 Wealth 0.96 1.20 1.17 Wea
Slide 30: Distribution of credit impaired loans in line with total portfolio
Asset Quality Distribution of credit impaired loans in line with total portfolio Credit imp impaairireed lo loaans Jun-26, % of operating areas Loan Lo an--lo losss allo llowwanc ncees Jun-26, % of operating areas Wealth, 1% Payments, 0% Wealth, 1% Payments, 0% CIB, 9% CIB, 5% €38bn Openbank, 36% €2
Slide 31: 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 Jun-25 Mar-26 Jun-26 Wholesale and retail trade 21% Manufacturing 14% NPL ratio 2.90% 3.00% 2.93% Real estate activities 14% Professional, scientifi
Slide 32: Index
Index 1 2 3 4 5 6 7 8 H1 2026 Santander Capital Asset Liquidity & Sustainability Concluding Links, Results Business Quality Funding. Remarks Appendix Model & Ratings and Strategy Glossary
Slide 33: Business model combines local knowledge with global best practices through 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 st stru ruct ctuure Mar-26 Banco Santander S.A.1 Santander Banco Santander Consumer Santander Finance Totta SGPS
Slide 34: Resolution groups that can be resolved separately through multiple entry points
Liquidity and Funding … divided into different resolution groups that can be resolved separately though multiple entry points MPE re ressolution stra trattegy Banking Union 3rd Countries Spain1 Brazil US UK Mexico Resolution Group PE PE PE PE PE PE Point of Entry Chile Argentina Uruguay Peru Colombi
Slide 35: Santander's liquidity management is based on the following 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 the ba
Slide 36: Stock of issuances shows diversification across instruments and entities
Liquidity and Funding Stock of issuances shows diversification across instruments and entities Debt outstanding bbyy typ typee aannd cu curre rrenncy Jun-26 Includes the issuance of Green, Social and Sustainable Bonds in line with the Group’s Sustainability strategy: AT1/Pref., €10.2bn, 4% Tier 2/Su
Slide 37: Conservative and decentralized liquidity and funding model
Liquidity and Funding Conservative and decentralized liquidity and funding model €30.0bn1 issued in public markets in H1’26 Very manageable maturity profile € bn, Jun-26 € bn, Jun-26 Covered 13.0 15.6 Bonds 1.5 9.0 9.3 5.5 14.0 1.6 0.6 2.7 Senior 16.2 26.7 12.8 9.9 0.7 7.2 4.5 7.4 6.8 0.2 0.7 1.7 3.
Slide 38: 2026 issuances against funding plan
Liquidity and Funding 2026 issuances against funding plan Execut utio ionn ooff 20 2026 26 fund unding ing ppla lann € bn, Jun-26 AT1 + Tier 2 SNP + Senior Covered Bonds TOTAL Plan Issued Plan Issued Plan Issued Plan Issued 1 2 1 2 Banco Santander, S.A. 1 - 2.5 1.7 13 - 15 12.4 0.5 - 2 3.0 14.5 - 19
Slide 39: TLAC/MREL for the Resolution Group headed by Banco Santander, S.A.
Liquidity and Funding TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. TLACC TLA MREL % and € bn, Jun-26(e) %, Jun-26(e) Requirement 42.4% Requirement CBR CBR 30.3% Buffer 6.8% Buffer 177.9 4.5% 27.8 Senior 7.8% 36.5 SNP 4.5% 1.2 Sub debt Req. 2 12.4 T2 15.2% 10.0 AT1 35.7% 31.2% R
Slide 40: Well-funded, diversified, highly liquid balance sheet
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 Liq iquid uiditityy bala lanc ncee she heeet € bn, Jun-26 Liquidity Coverage Ratio Net Stable Funding 1,659 1,659 (L
Slide 41: Main metrics show strength and stability of liquidity position
Liquidity and Funding The main metrics show the strength and stability of the Group’s liquidity position Key liquid liquiditityy met metricicss LTD and MLT funding metrics by unit Jun-26 (Deposits + M/LT LTD Ratio 1 funding) / Loans 2022 2023 2024 2025 Jun-26 1 Spain 3 82% 132% Loans / net assets 72
Slide 42: 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 43: Santander 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 44: Index
Index 1 2 3 4 5 6 7 8 H1 2026 Santander Capital Asset Liquidity & Sustainability Concluding Links, Results Business Quality Funding. Remarks Appendix Model & Ratings and Strategy Glossary
Slide 45: Sustainability | Our strategy
Sustainability Sustainability | Our strategy Help our employees develop by promoting an inclusive culture and learning and providing fair working conditions. Be a trusted partner to our customers, with products and services that adapt to their needs, while applying responsible practices, supporting
Slide 46: ESG Ratings/Indices
Sustainability ESG Ratings/Indices Latest available 2024 ESG ratings agencies: the aim is to convey our developments, assess 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
Slide 47: Index
Index 1 2 3 4 5 6 7 8 H1 2026 Santander Capital Asset Liquidity & Sustainability Concluding Links, Results Business Quality Funding. Remarks Appendix Model & Ratings and Strategy Glossary
Slide 48: Concluding Remarks
Concluding Remarks Concluding Remarks The Group’s strong and stable capital generation is supported by strong pre-provision profits which provides Santander with a high capacity to absorb provisions. Strong capital levels in line with Santander’s business model based on geographic diversification, s
Slide 49: Index
Index 1 2 3 4 5 6 7 8 H1 2026 Santander Capital Asset Liquidity & Sustainability Concluding Links, Results Business Quality Funding. Remarks Appendix Model & Ratings and Strategy Glossary
Slide 50: 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 H1 2026 financial results Other information Financial report Earnings presentation Series Shareholders report 2025 Digital annual review Global bu
Slide 51: Retail
Links, Appendix and Glossary Retail ‘A global business integrating all our retail and commercial banking activities to better serve our customers, improve efficiency and drive value creation’ H1'26 Highlights Strategic priorities Customer loans (€ bn) 655 Customer deposits (€ bn) 687 • Continue tran
Slide 52: Openbank
Links, Appendix and Glossary Openbank ‘A digital bank that combines state-of-the-art technology with a personal and human touch’ H1'26 Highlights Strategic priorities Customer loans (€ bn) 220 • Maintain our auto leadership (#1 in Europe and LatAm, top 5 non-captive auto lender in New business volum
Slide 53: CIB
Links, Appendix and Glossary CIB ‘Santander CIB supports corporate and institutional clients, delivering tailored services and high value-added wholesale products suited to their complexity and sophistication’ H1'26 Highlights Strategic priorities Customer loans (€ bn) 162 Our aim is to become a lar
Slide 54: Wealth
Links, Appendix and Glossary Wealth ‘Building the best wealth and insurance manager in Europe and the Americas’ H1'26 Highlights Strategic priorities Total assets under management¹ (€ bn) 581 • Continue building our global platform, accessing new markets and leveraging the connectivity of our teams
Slide 55: Payments
Links, Appendix and Glossary Payments ‘High-growth interconnected payments businesses. World-class platforms with global scale for our customers supported by Santander‘ H1'26 Highlights Strategic priorities Total income (€ mn) 771 • Combine revenue growth with platform scalability and migrate volume
Slide 56: Glossary and Acronyms
Links, Appendix and Glossary Glossary and Acronyms • A2A: Account to account • G-SIB: Global systemically important bank • Ps: Per share • ALCO: Assets and Liabilities Committee • HQLAs: High quality liquid assets • QoQ: Quarter-on-Quarter • AM: Asset management • HTC: Hold to collect • Repos: Repur
Slide 57: Glossary - Definitions
Links, Appendix and Glossary Glossary - Definitions PROFITABILITY AND EFFICIENCY • Underlying RoTE: Underlying profit attributable to the parent minus AT1 costs (annualized)1 / Average stockholders' equity2 (excl. minority interests) - intangible assets • RoRWA: Consolidated profit (annualized) / Av
Slide 58: Additional notes
Links, Appendix and Glossary 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 shar
Slide 59: Thank you
Thank you ®
Banco Santander — Debt Investor Presentation (July 2026) on 6ix