Banco Santander, S.a. · BME:SAN
Banco Santander — Q1 2026 Earnings Presentation
62 slides from Banco Santander's earnings presentation, Apr 29, 2026
Slide 1: Form 6-K cover page
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 April, 2026 Commission File Number: 001-12518 Banco Santander, S.A. (Exact name of registrant as specified in its char
Slide 2: Table of contents
BANCO SANTANDER, S.A. ________________________ TABLE OF CONTENTS Item 1. January - March 2026 Earnings presentation
Slide 3: Q1'26 Earnings Presentation
Q1’26 Earnings Presentation 29 April 2026
Slide 4: Non-IFRS and alternative performance measures
2 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 well as alternative
Slide 5: Important information
3 Important information • our own decisions and actions, including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; and • changes affecting our access to liquidity and funding on acceptable terms, especially due to credit spread shifts or credit
Slide 6: Important information: acquisition of Webster
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, AS WELL AS ANY OTHER
Slide 7: Index
Index 1 Q1’26 Highlights Progress on our strategy 2 Group review 3 Final remarks 4 Appendix
Slide 8: Q1'26 highlights: record quarterly profit
6 Revenue €15.1bn +4% Continued growth, backed by 8 million new customers YoY and good activity levels A strong start to 2026 with another record quarterly profit Note: YoY changes. In constant euros: Q1’26 revenue +6% and Q1’26 underlying profit +14%. TNAVps + Cash DPS includes the €11.00 cent cash
Slide 9: Business and commercial dynamics with cost discipline
7 Excellent business and commercial dynamics with cost discipline Revenue up 6%, with strong NII and fee growth Costs down 1% Strong C/I improvement CoR stable: 1.14% CET1: 14.4% and underlying RoTE: 15.2% Higher revenue and lower costs are driving double-digit growth in underlying profit Note: YoY
Slide 10: Business model, ONE Transformation and network businesses driving growth
8 Our unique business model, ONE Transformation and network businesses are driving profitable growth and value creation (1) In constant euros and like for like (excluding Poland in 2025 and announced bolt-ons). (2) Value creation measured as TNAVps + cash DPS. Scale Customer focus Diversification ON
Slide 11: Customer growth and economics per active customer
9 +3mn 102mn +8mn 176mn -1%+6% Note: YoY changes. Customers projections include TSB and Webster. TSB and Webster transactions pending completion and subject to customary conditions including regulatory and, for Webster, shareholder approvals. (1) In constant euros and like for like (excluding Poland
Slide 12: ONE Transformation, AI and efficiency ratio
10Note: TSB and Webster transactions pending completion and subject to customary conditions including regulatory and, for Webster also shareholder approval. 2025 Q1’26 Announced bolt-ons 45.3% c.36% ONE Transformation AI -1pp Network businesses Global TechEfficiency ratio -1pp -0.1pp -0.4pp • CX for
Slide 13: Double-digit profit growth across 5 global businesses
11 Underlying profit (€ bn) EfficiencyQ1’26 Profitability Q1’26 FY’28 profitability target Revenue (€ bn) … and double-digit profit growth, supported by our 5 global businesses Retail Group Openbank CIB Wealth Payments Underlying RoTE EBITDA marginN et w or k b u si n es se s >21% c.16% >20% >60% c.
Slide 14: Retail Q1'26 performance
12 Note: data and YoY changes in constant euros. (1) Non-commercial FTEs per mn customers considers employees in the branch network in our 9 main countries. 189 175 Q1'25 Q1'26 536 430 Mar-25 Mar-26 8,129 8,284 Q1'25 Q1'26 1,532 1,632 Q1'25 Q1'26 ONE Transformation driving operational leverage and p
Slide 15: Openbank
13 Openbank Note: data and YoY changes in constant euros. Operating profitability calculated as PBT / Tangible Equity. (1) The additional provision in UK auto finance (Motor Finance) was €207mn gross, €155mn net of tax. Q1’26 performance Total customers (mn) Cost per active customer (€) Loan-to-depo
Slide 16: CIB
14 Efficiency 39.6% -4.3pp Efficiency and profitability improvements driving 16% profit growth on the back of client flows CIB Note: data and YoY changes in constant euros. Q1’26 performance Gross collaboration revenue (€ mn) Total revenue / avg. RWAs (%) Fees (€ mn) Costs (€ mn)Operating targets Re
Slide 17: Wealth
15 Distribution fees (€ mn) 599 640 Q1'25 Q1'26 +7% +18% Wealth Double-digit profit growth, with revenue up on the back of 10% AuM increase Note: data and YoY changes in constant euros. Private Banking CAL (Customer Assets and Liabilities) measured as Private Banking AuMs + loans. Q1’26 performance
Slide 18: Payments
16 6.2 8.0 Q1'25 Q1'26 Payments Note: data and YoY changes in constant euros. Getnet Platforms transactions include processed A2A and card transactions. (1) # transactions includes Acquiring (Getnet) plus A2A and card transactions managed (Getnet Platforms). Q1’26 performance # transactions1 (bn) Q1
Slide 19: Profitability improvement and value creation
17 23.4 19.9 Q1'26Q1'25 Strong profitability improvement and value creation with EPS +17% and TNAV per share + cash DPS up 19% 5.46 6.13 6.48 Mar-25 Mar-26 15.2% 14.6% Q1'26Q1'25 Underlying RoTE Underlying EPS € cents TNAVps + cash DPS € per share Cash DPS: €35.0 cents We have delivered c.€7bn of ou
Slide 20: Index
Index 1 Q1’26 Highlights Progress on our strategy 2 Group review 3 Final remarks 4 Appendix
Slide 21: Group P&L and underlying profit
19 Higher revenue and lower costs are driving double-digit growth in underlying profit 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 information, see t
Slide 22: Revenue growth across businesses
20 14,342 14,615 14,550 15,234 15,140 Q1'25 Q2 Q3 Q4 Q1'26 Revenue growth underpinned by customer activity across our businesses Note: data and YoY changes in constant euros. YoY growth 15,140 14,342 +155 +163 +319 +49 +65 +46 Q1'25 Retail Openbank CIB Wealth Payments CC Q1'26 +2% +5% +15% +5% +20%
Slide 23: Net interest income and margins
21 Margins • NIM slightly up YoY: – Slight decrease in Retail in a less favourable interest rate environment. Of note, improvements in Argentina and Mexico – Strong performances in Openbank (+25bps YoY), both in Europe and the US, as well as in CIB (+20bps YoY) Solid NII performance across most glob
Slide 24: Net fee income by business
22 Detail by business • Retail: – Good commercial dynamics and customer growth (+6mn YoY), supporting generalized growth across our footprint – Of note, strong performances in Mexico, Spain, the UK and Argentina • Openbank: – Double-digit growth, mainly driven by portfolio expansion and higher insur
Slide 25: Costs, efficiency and net operating income
23 46.5% 46.7% 45.9% 45.3% 44.5% 7,797 7,954 8,069 8,378 8,656 Q1'25 Q2 Q3 Q4 Q1'26 6,545 6,661 6,482 6,856 6,484 ONE Transformation drove 11% growth in net operating income Note: data and YoY changes in constant euros. Contribution to Group costs as a percentage of total operating areas, excluding
Slide 26: Credit quality and LLPs
24 3,038 3,040 2,919 3,254 3,225 Q1'25 Q2 Q3 Q4 Q1'26 Credit quality • LLPs, CoR and NPL ratio impacted by Argentina performance, reflecting sector-wide trends in the country. Excluding Argentina: – LLPs down 2% YoY and CoR improved 2bps to 1.08%, on the back of our active risk management, as well a
Slide 27: Organic capital generation and CET1
25 Strong organic capital generation, with profitable front-book growth at 21% RoTE 14.4 -0.31 c.-0.60 c.-1.50 13.5 +0.58 +0.02 +0.20 +0.42 Dec-25 Att. profit Ordinary capital distribution Net organic RWAs Regulatory & models Markets, others & one-offs Mar-26 TSB in Q2'26 Webster in H2'26 Estimated
Slide 28: Index
Index 1 Q1’26 Highlights Progress on our strategy 2 Group review 3 Final remarks 4 Appendix
Slide 29: On track to meet 2026 targets
27 Mid-single digit in constant euros Strong start to the year that puts us on track to meet our 2026 targets Note: YoY changes in constant euros. Targets market dependent. Based on macro assumptions aligned with international economic institutions. Excluding Poland, TSB and Webster in 2025-26. TNAV
Slide 30: Our Financial North Star
28 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 31: Index
Index 1 Q1’26 Highlights Progress on our strategy 2 Group review 3 Final remarks 4 Appendix
Slide 32: Appendix
2028 Investor Day targets summary 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 33: Well positioned to deliver 2028 Investor Day targets
31 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 34: Appendix
2028 Investor Day targets summary 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 35: Retail & Commercial Banking
33 Retail & Commercial Banking Note: Mar-26 data and YoY changes in constant euros. HIGHLIGHTSKEY DATA P&L Loans €603bn +2% Deposits €624bn +5% CoR 1.17% +5bps Efficiency 40.5% -2.9pp RoTE 16.7% +0.4pp • ONE Transformation continues to deliver tangible results: fees +7%, cost per active customer -7%
Slide 36: Retail UK and Spain
34 RETAIL UK • Loans increased YoY, driven by mortgages and personal loans (Select). Depositsrose 6% YoY and mutual funds up double digits • PBT +41% YoY, with strong revenue, mainly fees and GFT (valuation of stakes), and significant improvements in costs (transformation) and LLPs, driven by solid
Slide 37: Retail Brazil and Mexico
35 RETAIL BRAZIL • Loans up YoY especially in mortgages and personal loans. Deposit growth reflects our focus on becoming our customers’ primary bank • PBT +9% YoY, boosted by fees (transactional, insurance and mutual funds) and lower costs (simplification and automation initiatives), partially offs
Slide 38: Openbank
36 Openbank Note: Mar-26 data and YoY changes in constant euros. (1) An additional provision in UK auto finance (Motor Finance). HIGHLIGHTSKEY DATA P&L • We aim to become a leading digital bank that combines advanced technology with a personal and human touch, placing customers at the heart of our m
Slide 39: Openbank US and Europe
37 OPENBANK US Note: Mar-26 data and YoY changes in constant euros. (1) An additional provision in UK auto finance (Motor Finance). • Loans grew YoY, primarily driven by auto. Deposit performancereflects our focus on profitability in a highly competitive environment • PBT heavily impacted YoY by the
Slide 40: Corporate & Investment Banking
38 Corporate & Investment Banking Note: Mar-26 data and YoY changes in constant euros. HIGHLIGHTSKEY DATA P&L • Solid execution of our strategy focused on advisory and capital-light business, driving RoTE up to 21%, while we maintain a leading position in efficiency • Good activity levels reflecting
Slide 41: Wealth Management & Insurance
39 Wealth Management & Insurance Note: Mar-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) Includes all fees generated by Insurance & Asset Management Solutio
Slide 42: Payment Solutions
40 Getnet Platforms – # transactions Getnet Platforms # t ansactions 4bn 10x Payment Solutions Note: Mar-26 data and YoY changes in constant euros. HIGHLIGHTSKEY DATA P&L • Payment Solutions is positioned as our payments platform business, structured around three business lines: – Getnet, our acquir
Slide 43: Corporate Centre
41 Corporate Centre HIGHLIGHTSP&L • NII affected by negative sensitivity to lower interest rates • Gains / losses on financial transactions worsened due to a higher impact from foreign currency hedges • Other operating incomeincreased due to the valuation of certain stakes recorded in the Corporate
Slide 44: Appendix
2028 Investor Day targets summary 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 45: UK and Spain
43 UK Note: Mar-26 data and YoY changes in constant euros. • Loansincreased YoY, mainly in CIB. Depositsgrew across global businesses and products. Mutual funds up 14% • Profit +12% YoYwith NII up 5%, driven by volumes in a context of lower interest rates, costs down (transformation) and strong unde
Slide 46: Portugal
44Note: Mar-26 data and YoY changes in constant euros. • Loansrose YoY across most businesses. Deposits up mainly in Retail, with mutual funds growing double digits • Profit affected YoYby NII and LLP normalization following releases in Q1’25, partially offset by positive performances in fees (advis
Slide 47: Brazil
45 • Loans +2% YoY, mainly driven by Openbankand Retail. Deposits flat and reflect our focus on changing mix from corporates to individuals • Profit up 6% YoY boosted by revenue growth (mainly Openbank) and lower tax burden, with costs growing below inflation • In the quarter, NOI +1% supported by h
Slide 48: Chile
46 CHILE • Customers increased 10% YoY, supporting loan growth across businesses. Deposits up, driven by demand deposits. Mutual fundsgrew double digits • Profit up 16% YoY, boosted by revenue, mainly CIB advisory fees and GFT (market-making activity), and by lower IT costs and LLPs (mortgages in Re
Slide 49: Appendix
2028 Investor Day targets summary 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 50: Capital levels exceed minimum regulatory requirements
48 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 Mar-26. (2) Estimated systemic risk buffer as of Mar-26. (3) Taking into account the expecte
Slide 51: Diversified bond portfolio
49 Diversified bond portfolio represents just 8% of total assets Bond portfolio represents 8% of total assets HTC&S duration: 1.9 years Mark to market impact of the HTC portfolio equivalent to c.1% of total CET1 (€86.3bn) %, Dec-25 Spain 44% UK 7% Portugal 6% SCF 5% US 11% Mexico 9% Brazil 9% Chile
Slide 52: Conservative and decentralized liquidity and funding model
50 Conservative and decentralized liquidity and funding model (1) Data includes public issuances from all units with period-average exchange rates. Excludes securitizations. (2) Includes AT1 / Preferred shares and Tier 2 / Subordinated. (3) Other includes issuances in the year-to-date in Chile and M
Slide 53: 2026 issuances against funding plan
51 2026 issuances against funding plan Note: Issuance plan is subject to, amongst other considerations, market conditions and regulatory requirements. Other secured issuances (for example ABS, RMBS, etc.) are not considered in the table above. (1) Includes €2.6bn Senior Non-Preferred and €0.6bn Seni
Slide 54: TLAC/MREL for the Resolution Group
52 TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. (1) TLAC RWAs are €306bn and leverage exposure (LE) is €1,054bn. MREL RWAs are €420bn and leverage exposure is €1,122bn. (2) MREL Requirement based on RWAs from Jun-25: 31.92% + Combined Buffer Requirement (CBR). 89.3 9.3 11.5 1.0
Slide 55: Liquidity balance sheet and ratios
53 Well-funded, diversified, prudently managed and highly liquid balance sheet with a large contribution from customer deposits, reflected in solid liquidity ratios Note: liquidity balance sheet for management purposes (net of trading derivatives and interbank balances). (1) Provisional data. HQLAs
Slide 56: Appendix
2028 Investor Day targets summary 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 57: Reconciliation of underlying results to statutory results
55 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 58: Appendix
2028 Investor Day targets summary 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 59: Glossary - Acronyms
57 Glossary - Acronyms • A2A: Account-to-account • AM: Asset Management • 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: Corporate & Investment Banking • CoE: Cost of equity • C
Slide 60: Glossary - Definitions
58 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 61: Thank you
( Thank you o>
Slide 62: 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 April 2026 By: /s/ José García Cantera Name: José García Cantera Title: C