Banco Santander, S.a. · BME:SAN
Banco Santander — Investor Day (February 2026)
34 slides from Banco Santander's investor day presentation, Feb 25, 2026
Slide 1: Héctor Grisi, Chief Executive Officer
Héctor Grisi | Chief Executive Officer 25 February | London 1 ID 26 HG_v20
Slide 2: Important information
Important information Non-IFRS and alternative performance measures Banco Santander, S.A. (“Santander”) cautions that this webcast may contain financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well
Slide 3: Important information
Important information Additionally, Webster Financial Corporation’s (“Webster”) and Santander’s actual results, financial condition and achievements may differ materially from those indicated in these forward-looking statements. Important factors that could cause Webster’s and Santander’s actual res
Slide 4: Important information
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 AVAILA
Slide 5: Unique business model and ONE Transformation driving growth and capital allocation
Our unique business model and ONE Transformation, powered by our network businesses, will drive a new paradigm of growth and capital allocation Customer growth Revenue Increasing Scale up RoTE Customer focus ONE Transformation & Diversification Costs Higher Network businesses down Value Creation eve
Slide 6: Financial North Star: 2026-2028 targets
FINANCIAL North Star 2026 – 2028 targets Strength Profitable growth CET1 Profit RoTE c.13% 12-13% operating range >€20bn >20% TNAVps+DPS by 2028 Excess >13% to be returned at the end of the plan Accelerating to High teens by 2028 & Shareholder remuneration Double-digit Reinvesting Payout Cash DPS EP
Slide 7: Key operational targets
Key OPERATIONAL targets 2028 targets Active customers Fees per active customer € constant c.125mn c.135 from 106mn in 2025 from 130 in 2025 Customers >210mn Revenue up MSD and from 180mn in 2025 Cost per active customer € constant total costs down every year1 on the back of c.220 from 264 in 2025 ON
Slide 8: Three Years of Delivery
Three Years Of Delivery 88 ID 26 HG_v19
Slide 9: 2023 marked the acceleration of our plan
2023 marked the acceleration of our plan Customer-first ONE Higher focus Transformation value creation 9
Slide 10: All key Investor Day targets achieved
All key Investor Day targets achieved Revenue Efficiency TNAVps+DPS Cost base CoR CET1 RoTE growth ratio growth 2023 ID Targets 7-8% 4-5% c.42% c.1.0-1.1% >12% 15-17% Pre-AT1 DD growth through-the-cycle 2025 Delivery1 +8% CAGR 22-25 +4% 41.2% 1.15% 13.5% 16.3% +14% CAGR 22-25 2025 2025 2025 Post-AT1
Slide 11: We have delivered because we have transformed
We have delivered because we have transformed From a fragmented, … to a global customer …to a global financial product-led model… driven bank… services platform Simplification & scale Capital intensive Data & AI Strong Franchise ONE-STOP A sum of banks Customer Centric SHOP Product based Local 5 glo
Slide 12: Our unique business model combines global and in-market scale
Our unique business model combines global and in-market scale Global capabilities with local execution Strong 18.8% c.10%1 11.4% 9.6% TOP 3 5 Global Local for individuals Businesses NPS in 8/9 Presence 12.6% 10.9% 16.6% 8%2 18.1% countries Market share of deposits as of September 2025 Robust Capital
Slide 13: Our global businesses are driving higher value-added solutions
Our global businesses are driving higher value-added solutions Fees (constant €bn) Fee income drivers by Global business Target CAGR 25-28 Target CAGR 25-28 % Constant € Reducing our NII HSD growth dependence ↑ HSD • Best omnichannel CX: increase Retail through the cycle transactionality & active cu
Slide 14: ONE Transformation: our model delivers
ONE Transformation: our model delivers Costs (€bn) c.26 28.5 Inflation & ONE <27 investments3 Transformation Cost synergies4 c.26 Inflation- adjusted1 Simplification €3.5-4.5bn efficiencies3 TSB >£400mn €4-5bn Webster c.$800mn Network effect c.23 Global Tech 2022 ONE Transformation 2025 2025 2025-20
Slide 15: Delivering the model
Delivering the model 15 15 ID 26 HG_v19
Slide 16: Building RoTE across our global businesses
Building RoTE across our global businesses RoTE waterfall 0.4 – 0.6pp 0.1 – 0.3pp 0.5 – 1pp 2 - 2.5pp 1 – 1.5pp >20% RoTE 16.3% 2028 target RoTE 2025 15.2% RoTE 2025 Further upside from revenue and cost synergies 2025 2025 Retail Openbank CIB Wealth Payments 2028 target Beyond Post-changes & 2028 ex
Slide 17: Retail
Retail 17% RoTE 2025 ONE Transformation #1 bank for our customers >21% RoTE 2028 target How Radical process simplification and automation Customer centric model with best omnichannel experience and a powerful CRM Roll out of global platforms at scale Customer engagement with personalized retail valu
Slide 18: Retail
Retail 17% RoTE 2025 ONE Transformation #1 bank for our customers >21% RoTE 2028 target 2028E <35% HSD% HSD% DD% ↑ Efficiency Fee income Cost per active Non-commercial FTE Target CAGR 2025-2028 customer1 per mn customer 2025-2028 1. € constant at constant perimeter as of 2025 (excluding Poland). 18
Slide 19: Retail Bolt-ons
Retail Bolt-ons >£400mn Total run-rate of estimated cost synergies1 c.$800mn Total run-rate of estimated cost synergies2 >£160mn Efficiencies via de-duplication and productivity uplift c.$280mn Adopt best-in-class T&O stack; leverage Webster migration to de-risk >£90mn IT costs & systems: optimized
Slide 20: Retail Brazil
Retail Brazil Capital reallocation: Radical simplification: to Select, SMEs & Corporates to improve portfolio quality and reduce exposure to 15.3% RoTE1 2025 product simplification and process automation low-return segments c.20% RoTE1 2028E ONE Transformation Global capabilities: #1 bank for our cu
Slide 21: Retail Commercial
Retail Commercial Primacy through Advisory… …leveraging data and daily activity Advanced data-driven segmentation Set-up a robust commercial operating focused on high-growth customers, model leveraging CRM and analytics to >3.0% with specialized teams and full high revamp commercial conversations va
Slide 22: Openbank
Openbank 8% RoTE 2025 ONE Transformation Growth c.16% RoTE 2028 target How Build top-tier app journeys + embedded experiences Diversify beyond traditional auto lending (i.e., operational leasing, infrastructure), working with full mobility ecosystem (manufacturers, dealers, ride-hailing...) Simplifi
Slide 23: Openbank
Openbank 8% RoTE 2025 ONE Transformation Growth c.16% RoTE 2028 target 2028E <32% c.35mn DD% ↑ Efficiency Total customers Cost per active by 2028E customer 23
Slide 24: CIB
CIB 18% RoTE 2025 Value-added solutions Scalability >20%RoTE 2028 target How Fee-intensive business, strengthening global industry groups and product Leverage global platforms, data and AI, enhancing: capabilities Customer experience As a network business, deployment of Speed of execution global cap
Slide 25: CIB
CIB 18% RoTE 2025 Value-added solutions Scalability >20% RoTE 2028 target 2028E <43% HSD +7% >8% ↑ Efficiency Fee income Gross collaboration Total rev/ avg RWAs CAGR1 2025 - 2028 revenue CAGR1 2025 - 2028 1. Figures in constant euros. 25
Slide 26: Wealth
Wealth 61% RoTE 2025 Fee-based growth Scalability >60% RoTE 2028 target How Focus on high-value added revenue pools Integrated value chain leveraging combined Ins & AM solutions: global platform-based execution Insurance (retirement solutions and protection) Industrialized and scalable solutions, to
Slide 27: Wealth
Wealth 61% RoTE 2025 Fee-based growth Scalability >60% RoTE 2028 target 2028E <30% +30% >20% >70% ↑ Efficiency Distribution fee growth AuM growth GWP growth 27
Slide 28: Wealth Insurance
Wealth Insurance AuMs >50% growth +20% incremental fees Santander Retirement Solutions (SRS) Embedded protection businesses >€2bn 1 Building a global, integrated platform for In-bank customer interactions to drive accumulation and decumulation solutions scalable, capital-light fee income Total PAT +
Slide 29: Payments
Payments 35% EBITDA margin 2025 Fee-based growth Scalability c.45% EBITDA margin 2028 target How Best product and tech expanding our offering with x-border & FX solutions, embedded finance Grow customers across SMEs, partners and global accounts increasing the penetration of the bank and alternative
Slide 30: Payments
Payments 35% EBITDA margin 2025 Fee-based growth Scalability c.45% EBITDA margin 2028 target 2028E -40% x2 >15% ↑ Cost per payment trx # Transactions Revenue Growth1 2025 - 2028 BY 2028 BY 2028 1. Constant euros. 30
Slide 31: Financial North Star: 2026-2028 targets
FINANCIAL North Star 2026 – 2028 targets Strength Profitable growth CET1 Profit RoTE c.13% 12-13% operating range >€20bn >20% TNAVps+DPS by 2028 Excess >13% to be returned at the end of the plan Accelerating to High teens by 2028 & Shareholder remuneration Double-digit Reinvesting Payout Cash DPS EP
Slide 32: Key operational targets
Key OPERATIONAL targets 2028 targets Active customers Fees per active customer € constant c.125mn c.135 from 106mn in 2025 from 130 in 2025 Customers >210mn Revenue up MSD and from 180mn in 2025 Cost per active customer € constant total costs down every year1 on the back of c.220 from 264 in 2025 ON
Slide 33: Value creation
We have delivered We have a Unique model Santander is ready for the next phase of Value creation 33
Slide 34: Thank you
Thank you Thank you 34