Slide 1: 9M'25 Institutional Presentation
Strategic and Financial Analysis. Financial Division 9M’25 Institutional Presentation
Slide 2: Index
INDEX Our business Group Links to 9M’25 results Final model and structure and public & activity remarks strategy businesses materials Logotipo El contenido generado por IA puede ser incorrecto.
Slide 3: Our business model and strategy
Our business model and strategy
Slide 4: Santander, a leading financial group
9M'25 Highlights Santander, Total assets (€ bn) 1,841 a leading Customer loans (€ bn excluding reverse repos) 1,007 financial group Customer deposits + mutual funds (€ bn excluding repos) 1,230 Branches 7,389 9M'25 Net operating income (pre-provision profit) (€ mn) 27,144 9M'25 Attributable profit (
Slide 5: The Santander Way
OUR PURPOSE The Santander Way To help people and businesses prosper OUR AIM Who we are and what guides us To be the best open financial services platform, by acting responsibly and earning the lasting loyalty of our people, customers, shareholders and communities OUR HOW Everything we do should be S
Slide 6: Santander business model
Santander business CUSTOMER FOCUS SCALE DIVERSIFICATION model Business Digital bank Global & Our business model Geographical with branches in-market based on unique Balance sheet competitive advantages is the foundation for generating value for Leveraging our unique business model and network effect
Slide 7: Customer focus
01 Customer focus TOTAL CUSTOMERS DIGITAL CUSTOMERS 178mn 62mn +7mn +4mn Customer focus is the essence of our strategy ACTIVE CUSTOMERS 106mn +7% 67% +3mn Transactions per active customer Products/services digitally available Note: Data as of Sep-25 and YoY changes. Total transactions include mercha
Slide 8: Customer focus
01 Traditional Digital Customer focus banking banking (branches, ATMs, (mobiles, tablets, retail agents, PCs, laptops, collaborative spaces…) smartwatches…) To bring all our customers to a common operating OUR CUSTOMER GROWTH INVESTMENTS ARE CENTRED AROUND THREE BASIC THINGS model, while Branches: 7
Slide 9: Scale
02 Scale Retail Retail & Commercial Banking Consumer Digital Consumer Bank Our activities are Corporate & Investment Banking organized under CIB ONE Santander five global businesses Wealth Management & Insurance Payments Wealth Payments Payments 9
Slide 10: Scale
GLOBAL SCALE | FIVE GLOBAL BUSINESSES 02 Retail & Digital Corporate & Wealth Commercial Consumer Bank Investment Management Payments Scale Banking Banking & Insurance IN-MARKET SCALE Market shares 9% #5 Loans Auto lending 7% 2% DCB Santander has a Deposits Deposits 12% Europe unique combination 17%
Slide 11: Diversification
03 CUSTOMER LOANS CUSTOMER DEPOSITS By product/business1 By product/business1 Diversification Other 5% Other 6% CIB CIB 14% Retail: 14% Individuals 32% home 31% demand mortgages deposits Consumer 13% Consumer 21% 6% Retail: 10% 3% Individuals time other individuals Geographical 20% 6% 19% Retail: de
Slide 12: Diversification
03 SIMPLE, TRANSPARENT AND EASY TO ANALYSE BALANCE SHEET Diversification Medium-low risk profile Strong liquidity ratios Strong solvency ratios well above requirements Focus on capital efficiency Rock-solid and and asset rotation diversified balance sheet with Highly collateralized and Stable and di
Slide 13: In summary
LOWER VOLATILITY RELIABLE RISK-RETURN PROFILE OF RESULTS In summary Pre-provision profit / loans EPS volatility2 3.36% 3.36% SAN 11% 2.90% 2.83% 2.97% 2.89% 2.80% 2.49% 2.70% 3.03% 2.57% NL 38% Cost of risk1 US 41% Our results show that 1.25% 1.18% 1.07% 1.00% 1.00% 1.28% 0.99% 1.18% 1.15% 1.13% 0.7
Slide 14: Our three tenets
Our three tenets Delivering double-digit value creation, on average Think Value through-the-cycle We are in a phase of value creation, driven Think Customer Building a digital bank with branches with well-targeted products and services to grow our customer base by higher profitability underpinned by
Slide 15: Sustainability
Sustainability 9M’25 2025 targets Green finance raised and facilitated €165.4bn €120bn We continue to make progress on our Sustainability Socially responsible €118.8bn €100bn investments (AuMs) agenda Financial inclusion (# People) 5.7mn 5mn More information available at www.santander.com/en/our-app
Slide 16: Group structure and businesses
Group structure and businesses
Slide 17: Group structure in 2025
PRIMARY SEGMENTS (GLOBAL BUSINESSES) Group Retail Consumer CIB Wealth Payments structure in 2025 SECONDARY SEGMENTS Spain Portugal US Brazil Argentina UK Poland Mexico Chile DCB Europe Group functions and Corporate Centre activities Internal Technology Audit Corporate People & Culture Financial Regu
Slide 18: Global businesses
Global businesses 18
Slide 19: Retail & Commercial Banking
Retail & Commercial Banking ‘A global business integrating all our retail and commercial banking activities to better serve our customers, improve efficiency and drive value creation’ 9M'25 Highlights Strategic priorities Customer loans (€ bn) 597 • Continue the transformation of our operating model
Slide 20: Digital Consumer Bank
Digital Consumer Bank ‘Global leader in auto financing and digital consumer activities’ Delivering the best solutions to customers (B2B and B2C), while being the most cost competitive player in the market 9M'25 Highlights Strategic priorities Customer loans (€ bn) 211 • Converge towards global platf
Slide 21: Corporate & Investment Banking
Corporate & Investment Banking ‘Santander CIB supports corporate and institutional clients, delivering tailored services and high value-added wholesale products suited to their complexity and sophistication’ 9M'25 Highlights Strategic priorities Customer loans (€ bn) 142 • Our aim is to become a foc
Slide 22: Wealth Management & Insurance
Wealth Management & Insurance ‘We want to become the best wealth and insurance manager in Europe and the Americas’ 9M'25 Highlights Strategic priorities Total assets under management 1 (€ bn) 536 • Continue building our global platform, accessing new markets and leveraging the connectivity of our te
Slide 23: Payments
Payments - ’One-of-a-kind paytech business that offers innovative payment solutions’ 9M'25 Highlights Strategic priorities • We are a one-of-a-kind paytech business backed by Santander EBITDA margin 31.6% • Helping our customers prosper and accelerate their growth through a one-stop shop, providing
Slide 24: Payments - Cards
Payments - Cards ‘Provide an exceptional payments experience, fostering customer loyalty and leveraging transactional data to enhance profitability’ 9M'25 Highlights Strategic priorities # cards1 (mn) 107 • Profitably expand our credit business through the use of data and models (Cards Data Lab), ex
Slide 25: Group functions and Corporate Centre activities
Group functions and Corporate Centre activities • Global T&O strategy • People & Culture strategy • Risk and compliance • Corporate governance • Our brand 25
Slide 26: Technology and Operations (T&O)
Technology and Operations (T&O) ‘The T&O mission is to help Santander’s global businesses in their digital transformation, providing them a state-of-the-art global platforms, with innovative capabilities and zero back office’ Global T&O capabilities are key for our digital transformation Contributin
Slide 27: People & Culture
People & Culture Our people are fit for purpose, work in great teams with great leaders delivering our strategy and supported by SPF experience. All while providing purpose, autonomy and mastery, the drivers of motivation Lead in AI Deliver One Global adoption to Agile P&C that drive provides transf
Slide 28: Risk management and Compliance
Risk management and Compliance Our risk management and compliance model is an essential pillar for maintaining a solid, secure and sustainable bank and for supporting the progress of people and businesses Our risk management and compliance model is based on: We also have advanced tools for effective
Slide 29: Corporate Governance
Corporate Governance ‘As a responsible bank, we have clear and robust governance to ensure a long-term sustainable business model’ Composition of the board of directors, Sep-25 Board committees Executive Diversified and well-balanced shareholder base 20.0% Non-executive directors (independent) Audit
Slide 30: Corporate Governance
Corporate Governance 'Best practices on robust governance are channelled to all subsidiaries' Group-subsidiary governance model Group Subsidiary B The Group-subsidiary governance model enhances control and oversight through: Board of Directors Subsidiary A A Presence of the Group in the subsidiaries
Slide 31: Santander brand
Santander brand 'We help people make choices today that will define their tomorrow’ Ana Botín, Executive Chair Santander is one of the most valued brands in the world 3 rd Best Global Retail Bank Brand Best Global Brands Ranking Interbrand, 2025 As one of our most important strategic assets, our bra
Slide 32: 9M'25 results & activity
9M’25 results & activity
Slide 33: Record 9M profit, with all global businesses contributing to our 2025 targets
Record 9M profit, with all global businesses contributing to our 2025 targets Q3’25 att. profit 9M’25 att. profit Another record quarter resulting in double-digit profit growth in 9M, with 7 million new customers YoY and high activity levels €3.5bn €10.3bn +8% +11% Efficiency RoTE post-AT1 Strong op
Slide 34: On track to beat our updated Investor Day 2025 targets
On track to beat our updated Investor Day 2025 targets 9M’25 vs. 2025 ID targets (incl. upgrades in Q4’24) STRENGTH DISCIPLINED CAPITAL ALLOCATION CET1 RWAs with RoRWA > CoE 13.1% TNAVps + DPS 88% 13% | operating range: 12-13% c.85% SHAREHOLDER REMUNERATION +15% PROFITABILITY Double-digit growth ave
Slide 35: Strong revenue performance supporting net operating income and double-digit profit growth
Strong revenue performance supporting net operating income and double-digit profit growth Group Group excl. Argentina Group P&L Current Constant Current Constant € million 9M'25 9M'24 % % % % Excellent business and NII 33,816 34,682 -2 2 -1 3 commercial dynamics Net fee income 10,011 9,666 4 8 1 6 O
Slide 36: Consistent execution of ONE Transformation driving higher revenue and lower costs
Consistent execution of ONE Transformation is driving higher revenue and lower costs … Global & Network Global Tech FY’22 ONE Transformation businesses1 capabilities & others 9M’25 45.8% -259bps -101bps -88bps 41.3% • Product simplification: 35% fewer • Wealth: collaboration fees with • Global appro
Slide 37: Double-digit profit growth supported by our global businesses
… and double-digit profit growth, supported by our 5 global businesses Revenue Contribution to Profit Profitability Profitability 9M’25 Efficiency (€ bn) Group revenue (€ bn) 9M’25 2025 targets RoTE post-AT1 23.3 50% 39.2% 5.7 17.6% c.17% RETAIL +1% +0.2pp +9% -0.5pp 9.7 40.9% 1.6 10.4% CONSUMER 21%
Slide 38: Retail: strong YoY profit growth
Retail: strong YoY profit growth backed by better credit quality and the benefits from ONE Transformation, as we become a digital bank with branches 9M’25 FINANCIALS Loans Deposits CoR • ONE Transformation delivering tangible progress: fees (+5%), digital €597bn €647bn 0.89% sales (+13%), cost-to-se
Slide 39: Consumer: solid profit performance and deposit growth
Consumer: solid profit performance and deposit growth as we increase our customer base 9M’25 FINANCIALS Loans Deposits CoR • We continue to expand Openbank’s offering with the recent launch €211bn €127bn 2.06% of an AI-powered trading service, and fostering Zinia, e.g. providing instalment payments
Slide 40: CIB: investments drove 7% fee growth and RoTE of 20%
CIB: investments drove 7% fee growth and a RoTE of 20% 9M’25 FINANCIALS Loans Deposits CoR • Solid execution of our strategy focused on fees and capital-light business, driving RoTE up to 20%, while maintaining a leading €142bn €134bn 0.10% position in efficiency +5% +8% -11bps • Strong activity, wi
Slide 41: Wealth: excellent profit growth YoY
Wealth: excellent profit growth YoY, with revenue increases across business lines and collaboration fees up strongly 9M’25 FINANCIALS Net new money Net sales Gross written • Increased focus on value-added investment solutions and services (PB) (SAM) premiums (e.g. Beyond Wealth in Spain and the US),
Slide 42: Payments: enhanced scale through global platforms
Payments: enhanced scale through global platforms driving strong profit and profitability 9M’25 FINANCIALS Loans Getnet TPV Cards Spending • On track with our key strategic priorities to capture scale through €25bn €174bn €250bn global platforms, driving cost per transaction improvements +14% +15% +
Slide 43: Improving profitability and value creation with EPS up 16%
Improving profitability and value creation with EPS up 16% and TNAVps + Cash DPS increasing 15% RoTE post-AT1 EPS TNAVps + Cash DPS € cents € per share Cash DPS: €22.50 cents +0.7pp +16% +15% 16.1% 66.1 15.4% 56.8 5.79 5.56 5.04 9M'24 9M'25 9M'24 9M'25 Sep-24 Sep-25 Since 2021 and including the full
Slide 44: Final remarks
Final remarks
Slide 45: Another record quarter; confident we will achieve our 2025 targets
Another record quarter that makes us confident that we will achieve our 2025 targets 2025 targets 9M’25 Revenue c.€62bn €46.3bn ✓ Revenue and costs on track Mid-high single +8% on the back of our consistent execution Fees digit growth in constant euros, YoY ✓ of ONE Transformation Down vs. 2024 -1%
Slide 46: Links to public materials
Links to public materials
Slide 47: Links to Grupo Santander public materials
Links to Grupo Santander public materials For additional information on the Group, please click on the images or icons below 9M’25 financial results Other information Financial report Earnings presentation Series Shareholders report 2024 Digital annual review Global business Press release Fixed inco
Slide 48: Glossary
Glossary
Slide 49: Glossary - Acronyms
Glossary - Acronyms • A2A: Account to account • ID: Investor Day • Ps: Per share • AM: Asset management • IFRS 5: International Financial Reporting • QoQ: Quarter-on-Quarter • AuMs: Assets under Management Standard 5, on non-current assets held for • Repos: Repurchase agreements sale and discontinue
Slide 50: Glossary - Definitions
Glossary - Definitions PROFITABILITY AND EFFICIENCY • RoTE: Profit attributable to the parent (annualized)1/ Average stockholders' equity2 (excl. minority interests) - intangible assets • RoTE (post-AT1): Profit attributable to the parent minus AT1 costs (annualized)1 / Average stockholders' equity2
Slide 51: Important information
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 well
Slide 52: Important information
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 scope
Slide 53: Additional notes
Additional notes (1) As announced on 5 February 2025, the shareholder remuneration policy that the board intends to apply for the 2025 results consists of a total shareholder remuneration of approximately 50% of the Group reported profit (excluding non-cash, non-capital ratios impact items), to be d
Slide 54: 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: