Banco Santander-chile · BCS:BSANTANDER
Banco Santander-chile — FY 2025 Earnings Presentation
66 slides from Banco Santander-chile's earnings presentation, Feb 5, 2026
Slide 1: FY'25 Earnings Presentation, Acquisition of Webster
FY’25 Earnings Presentation Acquisition of Webster 3 February 2026
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 • 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 ra
Slide 4: Additional information about the acquisition of Webster
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: Index
Index 1 2 3 4 Summary of FY’25 Results Acquisition of Webster 2026-28 outlook Appendix 5
Slide 6: Record results for the fourth consecutive year
Record results for the fourth consecutive year, delivering on all our financial targets driven by growth of 8 million new customers and ONE Transformation Q4’25 att. profit FY'25 att. profit Another record quarter resulting in double-digit profit growth in 2025 €3.8bn €14.1bn +15% +12% Efficiency Ro
Slide 7: All-time high profit, driven by revenue performance and structural efficiency
All-time high profit, driven by our revenue performance and structural efficiency improvement from ONE Transformation Group Group excl. Argentina Group P&L Current Constant Current Constant € million 2025 2024 % % % % Delivering on our NII 45,354 46,668 -3 1 -0 3 2025 Group targets Net fee income 13
Slide 8: Double-digit profit growth with all global businesses delivering strong results
Double-digit profit growth with all global businesses delivering strong results Revenue Contribution to Profit Profitability FY’25 profitability FY'25 Efficiency (€ bn) Group revenue (€ bn) FY'25 targets RoTE post-AT1 31.2 39.4% 7.7 17.7% RETAIL -0% 50% -0.1pp +9% -0.4pp c.17% ✓ 13.0 40.6% 1.7 8.6%
Slide 9: Ahead of Investor Day target: ONE Transformation efficiency
Consistent execution of ONE Transformation drove sustained efficiency improvements ahead of Investor Day target Global & Network Global Tech 2022 ONE Transformation businesses1 capabilities & others 2025 45.8% -265bps -108bps -87bps 41.2% • Product simplification: 24% fewer • Wealth: collaboration f
Slide 10: Retail: driving operational leverage through ONE Transformation
Retail: driving operational leverage through ONE Transformation, while delivering a differential customer experience through our digital bank with branches Operational leverage Customer experience Operational leverage Global platform (€ bn) Cost per active Gravity Revenue Costs -4% Digital sales In
Slide 11: Consumer: scaling our digital bank and global platforms
Consumer: scaling our digital bank and global platforms while optimizing the funding structure Operational leverage Customer experience Operational leverage Global platform (€ bn) Single brand Roll-out of our Revenue Costs +2% to drive customer Single entity +4% +4% In real terms engagement digital
Slide 12: Network businesses capturing fee growth: CIB, Wealth, Payments
Network businesses are capturing fee growth through connectivity and global platforms Key strategic drivers 2025 vs. ID targets % customer related Fee growth % Total revenue / US CIB revenue ($ mn) revenue (€ bn) RWAs >25% CIB +36% +9% +1.0pp CAGR 22-25 ID target 82 1,884 Leveraging our strengths to
Slide 13: Improving profitability and value creation with EPS and TNAVps
Improving profitability and value creation with EPS +17% and TNAVps + Cash DPS increasing 14% RoTE post-AT1 EPS TNAVps + Cash DPS € cents € per share Cash DPS: €22.50 cents +0.8pp +17% +14% 16.3% 90.5 15.5% 5.98 77.1 5.76 5.24 2024 2025 RoTE pre-AT1 17.1% (+0.8pp YoY) 2024 2025 Dec-24 Dec-25 Since 2
Slide 14: Strong organic capital generation
Strong organic capital generation, supporting accretive capital redeployment, consistent with our capital hierarchy CET1 PERFORMANCE AND CAPITAL PRODUCTIVITY Poland disposal at 2.2x TBV MAXIMIZE CAPITAL PRODUCTIVITY CET1 Dec-25 or estimates % TSB bolt-on acquisition at 1.45x TBV +2.23 Front book pri
Slide 15: Delivering on all our 2025 and key Investor Day targets
In summary, delivering on all our 2025 and key Investor Day targets 2025 2023-25 2025 Targets 2023-25 ID targets Revenue €62.4bn c.€62bn ✓ +8% c.7-8% ✓ CAGR 22-25 CAGR 22-25 Mid-high single +7% c.8-9% Fees +9% digit growth ✓ CAGR 22-25 CAGR 22-25 Cost base -1% Down vs. 2024 ✓ +4% c.4-5% ✓ in euros i
Slide 16: Index
Index 1 2 3 4 Summary of FY’25 Results Acquisition of Webster 2026-28 outlook Appendix 16
Slide 17: Santander US delivering consistent and sustainable earnings improvements
Santander US is delivering consistent and sustainable earnings improvements, reaching 15% RoTE1 in 2025 DRIVERS OF IMPROVED US PERFORMANCE CIB fee growth SANTANDER US PAT ($bn) 1 Growth of capital light businesses 33% 1.7 2024-25 +31% CAGR 2023-25 Increase in auto lending volumes funded by retail de
Slide 18: Webster: a bolt-on representing only 4% of Group assets
Webster: a bolt-on, representing only 4% of Group assets, is a highly-attractive deposit franchise with substantial cost synergies COST SYNERGIES SANTANDER US RoTE post-AT1 c.$800mn 18% c.19% of the combined US business’s cost base1 2028E post-integration Price ($) RETURN ON INVESTED CAPITAL $12.2bn
Slide 19: A transaction consistent with our strategy: overview
A transaction consistent with our strategy: overview • 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 Overview profitability by 2028, based on analyst forecasts1 • The transacti
Slide 20: Compelling strategic and financial rationale
Compelling strategic and financial rationale, delivering c.15% RoIC, 6pp above SBB 1 Loans | Deposits Top 5 deposit market Establishes Santander top 3 best bank by efficiency and top 5 highest share in the Northeast2 profitability1 as well as top 5 by deposits in the US Northeast $185bn | $172bn Com
Slide 21: Webster's key financials
1 High-quality lending and deposit franchise WEBSTER’S KEY FINANCIALS (US GAAP) • Founded in 1935 and headquartered in Stamford, SCALE Connecticut, Webster is a diversified US bank serving Assets Loans Deposits individuals, families and businesses • Following the 2022 merger of equals with Sterling
Slide 22: Significantly enhanced scale
1 Significantly enhanced scale: top 10 national retail and commercial bank by assets in the US and top 5 Northeast deposit player NORTHEAST DEPOSITS1 COMBINED US FRANCHISE As of FY’25 Santander US + Webster Combined +$84bn Total assets $243bn $327bn Top 5 Northeast player +$57bn Loans $128bn $185bn
Slide 23: Santander's strength in US consumer credit origination
2 Creates a balanced entity that brings together Webster’s deposit franchise with Santander’s strength in US consumer credit origination LOANS ($bn) DEPOSITS ($bn) Webster contributes a complementary loan mix that results in a Webster contributes a high-quality and low-cost deposit base more balance
Slide 24: Significant integration experience across management teams
3 Significant integration experience across the Webster and Santander management teams with a focus on future growth THE RIGHT TEAM AND WEBSTER vs. REGIONAL BANK PEERS ORGANIZATION TO SUCCEED Non-Executive Chairman of #2 Santander US 46% Tim Ryan Efficiency ratio FY’25 CEO and President of Santander
Slide 25: Estimated cost synergies mainly from IT&Ops efficiencies
3 c.$800mn estimated cost synergies mainly from IT&Ops efficiencies and organization overlap c.$800mn ESTIMATED COST SYNERGIES1… …TO DRIVE SAN US EFFICIENCY RATIO DOWN Costs excl. CIB Efficiency ratio (Santander US incl. CIB) $mn % -19% 48 4,451 c.4,250 <40 Webster 1,378 c.-200 c.3,500 At least -3pp
Slide 26: Santander US achieves scale to deliver 18% RoTE
4 With this transaction Santander US achieves the scale needed to deliver 18% RoTE and become one of the most profitable banks in the US LEVERS FOR US RoTE IMPROVEMENT 2025-2028 +3pp 18% +2pp +3pp Reinforced commercial banking franchise 10% Continue building capital-light business while enhancing CI
Slide 27: CET1 path
5 Self-funded transaction, which improves our future capital generation capacity CET1 PATH % Capital $ RoIC generation1 c.15% 12.8-13% c.+70bps 14.2 13.5 12-13% op. range >13% c.-140bps (Expected at the end of 2026) CET1 Dec-25 Capital generation CET1 Dec-26 Webster CET1 Dec-26 CET1 Dec-27 pro forma
Slide 28: Commitment to remunerate shareholders: 50% payout and €10bn SBB
5 We reiterate our commitment to remunerate our shareholders with 50% ordinary payout and at least €10bn SBB for 2025-26 earnings TIMETABLE FOR THE AT LEAST €10bn SHARE BUYBACK COMMITMENT €bn 3.3 10bn €6.7bn SBB 3.2 1.8 1.7 Ordinary against Ordinary against Poland disposal Ordinary SBB guidance H1'2
Slide 29: In summary, c.7-8% EPS accretive bolt-on acquisition
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… • The combined group will be top 3 best efficiency among the top 25 US banks and top 5 highest Improves strategic profitability by 2028, as well as
Slide 30: Grupo Santander 2025 pro forma
… which, together with the TSB acquisition, underpins our diversified business model GRUPO SANTANDER 2025 GRUPO SANTANDER 2025 PRO FORMA reported perimeter incl. Poland, excl. Webster + TSB excl. Poland, incl. Webster + TSB Soft currencies: 25% Soft currencies: 20% 20% 21% 46% 40% Loan book Loan boo
Slide 31: Index
Index 1 2 3 4 Summary of FY’25 Results Acquisition of Webster 2026-28 outlook Appendix 31
Slide 32: With Webster, Santander at scale in all core markets
With Webster, Santander is now AT SCALE IN ALL OUR CORE MARKETS which will accelerate our value creation in the next strategic cycle Targets market dependent Revenue growth Costs Profit CET1 Mid-single Down 2026 digit Up 12.8-13% Excluding Poland, TSB in constant euros in constant euros and Webster
Slide 33: February | London
25 February | London
Slide 34: Index
Index 1 2 3 4 Summary of FY’25 Results Acquisition of Webster 2026-28 outlook Appendix 34
Slide 35: Appendix index
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 35
Slide 36: We have delivered on all our key Investor Day targets for 25
We have delivered on all our key Investor Day targets for 2025 2022 2023 2024 2025 2025 ID targets New 2025 targets RoTE post-AT1 (%) - - 15.5 16.3 ✓ - c.16.5% RoTE pre-AT1 (%) 13.4 15.1 16.3 17.1 ✓ 15-17% post-AT1 Profitability >17% pre-AT1 Payout (Cash + SBB)¹ (%) 40 50 50 50 ✓ 50 EPS growth (%) 2
Slide 37: Appendix index
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 37
Slide 38: Group quarterly performance
Group P&L QoQ variations and excluding Argentina Group quarterly performance Constant €mn +3% 11,806 Q4’25 vs. Q3’25 Group Group excl. Argentina 11,345 10,906 11,019 11,130 11,408 11,229 11,587 NII P&L Current Constant Current Constant +9% % % % % 3,299 3,305 3,341 3,360 3,656 NII 4 3 3 2 Fees 3,044
Slide 39: Appendix index
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 39
Slide 40: Profitability metrics: RoTE pre- and post-AT1
2025 profitability: RoTE pre- and post-AT1 Profitability metrics (RoTE pre-AT1) Profitability metrics (RoTE post-AT1) FY'25 2025 targets FY'25 2025 targets RoTE pre-AT1 RoTE post-AT1 RETAIL 18.5% -0.5pp c.17% ✓ 17.7% -0.4pp c.17% ✓ 9.4% 8.6% CONSUMER >14% c.12% -0.4pp -0.3pp 19.8% 19.1% CIB +1.8pp >
Slide 41: Appendix index
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 41
Slide 42: Detail by global business
Detail by global business 42
Slide 43: Retail & Commercial Banking
Retail & Commercial Banking KEY DATA HIGHLIGHTS Loans Deposits Mutual funds • ONE Transformation continues to deliver tangible progress: fees (+6%), €601bn €662bn €115bn cost per active customer (-4%) and high profitability levels +1% +4% +16% • Loans rose YoY supported by mortgages, mainly in Europ
Slide 44: Retail Spain, Retail UK
RETAIL SPAIN RETAIL UK Loans Deposits Mutual funds Loans Deposits Mutual funds €155bn €231bn €51bn €221bn €209bn €6bn 0% +4% +15% +2% +4% +5% Yield on loans Cost of deposits Efficiency Yield on loans Cost of deposits Efficiency 3.53% 0.46% 32.4% 4.13% 1.93% 52.6% -51bps -24bps +0.0pp +15bps -17bps -
Slide 45: Retail Mexico, Retail Brazil
RETAIL MEXICO RETAIL BRAZIL Loans Deposits Mutual funds Loans Deposits Mutual funds €33bn €39bn €15bn €55bn €58bn €23bn +3% +8% +16% -3% +9% +18% Yield on loans Cost of deposits Efficiency Yield on loans Cost of deposits Efficiency 12.46% 3.59% 44.9% 17.07% 9.17% 41.1% -129bps -134bps -1.7pp +58bps
Slide 46: Digital Consumer Bank
Digital Consumer Bank KEY DATA HIGHLIGHTS New lending Loans Deposits • Progressing in our priority to become the preferred choice of our partners €82bn €212bn €130bn and end customers, while being the most cost competitive player -8% +2% +5% • Loans rose 2% YoY, underpinned by auto lending, especial
Slide 47: DCB Europe, DCB US
DCB Europe DCB US Loans Deposits Mutual funds Loans Deposits Mutual funds €142bn €82bn €5bn €47bn €46bn €4bn +2% +1% +16% -5% +11% +19% Yield on loans Cost of deposits Efficiency Yield on loans Cost of deposits Efficiency 5.75% 1.84% 44.1% 12.02% 2.13% 42.2% +2bps -46bps -1.8pp +53bps +3bps +1.5pp U
Slide 48: Corporate & Investment Banking
Corporate & Investment Banking KEY DATA HIGHLIGHTS Loans Deposits • Good progress in our strategy focused on fees and capital-light business through our GM and GB initiatives, supporting enhanced value proposition €152bn €140bn and higher profitability while we maintain a leading position in efficie
Slide 49: Wealth Management & Insurance
Wealth Management & Insurance KEY DATA HIGHLIGHTS AuMs Net new money (PB) Net sales (SAM) • We continue to build the best wealth and insurance manager in Europe €558bn €20.0bn €3.7bn and the Americas, leveraging our leading global private banking platform +14% 6% of volumes¹ 2% of volumes¹ and our b
Slide 50: Payments: PagoNxt and Cards
Payments Cards Getnet TPV Getnet number of transactions Spending Average balance €238bn €338bn €23bn +14% +7% +6% +13% Underlying P&L* Q4'25 % Q3'25 2025 2024 % 2024 % 2024¹ EBITDA margin Underlying P&L* Q4'25 % Q3'25 2025 % 2024 % 2024¹ NII 45 8.6 167 132 35.7 27.0 NII 746 10.8 2,740 20.7 12.5 Net
Slide 51: Corporate Centre
Corporate Centre P&L HIGHLIGHTS Underlying P&L* 2025 2024 • NII affected by lower interest rates NII -490 -308 • Gain / losses on financial transactions improved with a lower impact from foreign currency hedges Gains / losses on financial transactions -82 -408 • Costs up due to higher IT expenses Op
Slide 52: Detail by country
Detail by country 52
Slide 53: Spain, UK
SPAIN UK Loans Deposits Mutual funds Loans Deposits Mutual funds €237bn €322bn €107bn €228bn €219bn €8bn +5% +5% +15% +2% +4% +6% Efficiency CoR RoTE post-AT1 Efficiency CoR RoTE post-AT1 35.7% 0.44% 24.3% 52.5% 0.07% 10.2% +0.1pp -7bps +3.4pp -3.5pp +5bps -0.4pp Underlying P&L* Q4'25 % Q3'25 2025 %
Slide 54: Portugal, Poland
PORTUGAL POLAND Loans Deposits Mutual funds Loans Deposits Mutual funds €42bn €41bn €6bn €41bn €54bn €9bn +7% +6% +15% +4% +6% +29% Efficiency CoR RoTE post-AT1 Efficiency CoR RoTE post-AT1 28.0% -0.02% 30.3% 27.8% 0.71% 23.1% +1.9pp -5bps +5.3pp +0.7pp -67bps +3.5pp Underlying P&L* Q4'25 % Q3'25 20
Slide 55: US, Mexico
US MEXICO Loans Deposits Mutual funds Loans Deposits Mutual funds €109bn €88bn €15bn €49bn €45bn €23bn +5% +6% +19% +8% +7% +13% Efficiency CoR RoTE post-AT1 Efficiency CoR RoTE post-AT1 48.1% 1.63% 10.2% 41.6% 2.69% 22.0% -2.4pp -19bps +3.2pp -0.9pp +5bps +2.3pp Underlying P&L* Q4'25 % Q3'25 2025 %
Slide 56: Brazil, Chile
BRAZIL CHILE Loans Deposits Mutual funds Loans Deposits Mutual funds €93bn €80bn €52bn €41bn €28bn €14bn 0% -1% +8% +2% -3% +8% Efficiency CoR RoTE post-AT1 Efficiency CoR RoTE post-AT1 32.6% 4.73% 15.3% 33.6% 1.32% 19.7% +0.5pp +22bps -1.5pp -2.4pp +13bps +3.4pp Underlying P&L* Q4'25 % Q3'25 2025 %
Slide 57: Argentina, Argentina peso
ARGENTINA ARGENTINA PESO Loans Deposits Mutual funds • In Q2 2024, given a significant divergence between the official exchange rate and inflation, we decided to start using an alternative €9bn €10bn €6bn exchange rate, modelled by our Economic Research Team primarily +8% -12% +3% taking into accoun
Slide 58: Appendix index
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 58
Slide 59: Reconciliation of underlying results to statutory results
Reconciliation of underlying results to statutory results EUR mn NOTE THIS IS NOT A PRO FORMA ACCOUNT EXCLUDING POLAND, RATHER A RECONCILIATION BETWEEN STATUTORY AND UNDERLYING ACCOUNTS • Statutory results: in accordance with IFRS 5 requirements, results related to the business subject to the Poland
Slide 60: Appendix index
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 60
Slide 61: Webster: a diversified deposit base
Webster: a diversified deposit base Description Deposits Consumer • 195 financial centres and a digital channel $27.7bn bank • Serving consumers and small businesses in the Northeast corridor and Long Island 40% of total Commercial • Sophisticated treasury services $17.3bn bank • Full credit and dep
Slide 62: Appendix index
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 62
Slide 63: Glossary - Acronyms
Glossary - Acronyms • A2A: Account-to-account • FY: Full year • pp: Percentage points • AuMs: Assets under Management • GWP: Gross written premium • ps: Per share • bn: Billion • GFT: Gains on financial transactions • P/E: Price earning ratio • bps: Basis points • ID: Investor Day • QoQ: Quarter-on-
Slide 64: 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 65: Additional notes
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-Danbury, CT, New Haven, CT, Kiryas
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:
Banco Santander-chile — FY 2025 Earnings Presentation on 6ix