Webster Financial Corporation · NYSE:WBS
Webster Financial — Investor Day (February 2026)
35 slides from Webster Financial's investor day presentation, Feb 25, 2026
Slide 1: Ana Botín, Executive Chair
1 Ana Botín | Executive Chair 25 February | London
Slide 2: Important information: Non-IFRS measures and forward-looking statements
2 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, a
Slide 3: Important information
3 3 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 act
Slide 4: Additional information about the acquisition of Webster and where to find it
4 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 WHEN THEY BECOM
Slide 5: Agenda
5 Agenda UK times . 12:00 – Registration and lunch 13:00 – Ana Botín 13:45 – Héctor Grisi 14:30 – Coffee break 14:45 – Jose García Cantera 15:30 – Q&A session 16:15 – Closing remarks
Slide 6: Santander, an open global financial services platform
6 Our Aim To be the best open financial services platform Everything we do should be Simple, Personal and Fair Our Purpose To he l p p e op l e and busin e ss e s p r o s p e r Our How Our approac h Digital bank with branches In - market and Global 180 mn Customers 1.3 tr n / year Total transactions
Slide 7: A new phase of value creation
7 13.5% >12% 17.1% 15 - 17% 50% 2 50% 2 +14% DD growth through - the - cycle 2023 – 2025 12.0% 11 - 12% 13.4% 13 - 15% 40% 2 40 - 50% 2 2019 – 2022 11.3% >11% 11.7% >11% 41% 1 30 - 40% 1 2015 – 2018 CET1 FL RoTE Payout TNAVps +DPS Plan 2018 Plan 2022 Plan 2025 Laying the foundation s Building global
Slide 8: We deliver growth that compounds with low volatility and predictability
8 Robust asset quality Predictable and growing EPS P rofit c.3x since 2013 P re - provision profit / Cost of Risk c.3 x among peers 1 (1999 - 2025) Lowest EP S volatilit y 2.90% 2.83% 2.97% 2.89% 2.80% 2.49% 2.57% 2.70% 3.03% 3.36% 3.38% 1.25% 1.18% 1.07% 1.00% 1.00% 1.28% 0.77% 0.99% 1.18% 1.15% 1.
Slide 9: Customer base grown 13% and revenue 20% over three years
9 Over the last three years, we have grown our customer base by 13% and revenue by 20%... 1. Figures reported as of Dec’ 25 in € . €52bn Customers 160 mn 180m n Retail & Commercial Openbank CIB Wealth Payments €27.0bn €12.4bn € 6.7 bn €2.7bn €4.9bn 2022 2025 €62bn €31.2bn €13.0bn €8.5bn €4.2bn €6.0b
Slide 10: ONE Transformation and disciplined capital hierarchy
10 ONE Transformation Global & Network businesses Global Tech capabilities & others c. 2.5% c. 1% c. 1% 2022 - 2025 2022 2025 Efficiency ratio • Product simplification - 61% vs. 2022 • 70% products / services digitally available (51% in 2022) • US: c.$300mn efficiencies captured in Consumer and Comm
Slide 11: The Santander of tomorrow is underway
11 is underway… The Santander of tomorrow
Slide 12: 2026-2028 targets: Financial North Star
12 12 2026 – 2028 targets FINANCIAL North Star Note : The board of directors intends ( 1 ) 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 ratios impact item
Slide 13: Key operational targets
13 13 Key OPERATIONAL targets 2028 targets Active customers c.125mn from 106mn in 2025 Fees per active customer € constant c.135 from 130 in 2025 Customers >210mn from 180mn in 2025 Revenue up MSD and total costs down every year 1 on the back of ONE Transformation Cost per active customer € constant
Slide 14: Disciplined capital allocation driving best-in-class profitability
14 Note : TSB and Webster transactions pending completion and subject to customary conditions including regulatory and, for Webster also shareholder approvals . 1. € constant at constant perimeter (excluding Poland in 2025 and announced bolt - ons) . Revenue u p Increasing RoTE & Scale Customer focu
Slide 15: Four growth drivers
15 15 Customer growth ONE Transformation Network businesses Leveraging Tech & AI 2 3 1 4
Slide 16: Driving sustainable customer growth through a connected franchise
16 Customer experience Network flywheel • Global scale and platforms • Leading local franchises built on trust • ONE Transformation • Omnichannel customer experience through AI - driven personalization • Deepen primacy • Insurance 2024 172 mn 180m n >210 mn 2025 2028 target 2025 - 2028 Announced bol
Slide 17: Benefits from ONE Transformation will increase exponentially
17 2 Benefits from ONE Transformation will increase exponentially… Note : TSB and Webster transactions pending completion and subject to customary conditions including regulatory and, for Webster also shareholder approvals . 1. Net impact in Cost base by 2028 . 2. Cost synergies are pre - tax, annua
Slide 18: Leveraging AI, network businesses and M&A to reduce efficiency ratio
18 2 … by leveraging AI, our network businesses and M&A to structurally reduce our efficiency ratio Note : Efficiency ratio adjusted to new criteria . Pro - forma efficiency ratio at 45 . 9 % . TSB and Webster transactions pending completion and subject to customary conditions including regulatory a
Slide 19: Global platforms to deliver fintech-like efficiency by 2028
19 Global Peers Average 1 51% R&C and O penbank 2 c.30 - 38% Digital players with Global Platforms 3 <34% Efficiency ratio Our Global Platforms will position us to operate with fintech - like efficiency by 2028 with further upside beyond 2 With ONE Transformation delivering unmatched operating lever
Slide 20: ONE Transformation: RoTE improvement mostly under our control
20 Growth Efficiencies Announced bolt - ons 2025 14.8 % 1 2028 target >20 % R etail & Commercial and Openbank combined RoTE waterfall Capital allocation Webster TSB >+1pp >+1pp >+1pp >+ 1pp 2 ONE Transformation: Our Retail & Commercial and Openbank RoTE improvement is mostly under our control Note :
Slide 21: Network businesses will power our next phase of growth
21 CIB Strategic aims 2028 targets <43% Efficiency ratio by 2028 HSD Fee income growth 2025 - 28 CAGR >2 0 % RoTE by 2028 Combine global reach with local execution Remain below 20% of allocated capital Deepen customer primacy Strengthen protection and retirement solutions From processing to commerce
Slide 22: Gravity 2.0: from country deployment to global scale monetization
22 Brazil planned for 2026 70% implemented already Gravity 2022 - 2025 Program in countries and businesses 1.3trn transactions /yr With real - time data access 80% of global transactions To run on Gravity’s new back - end by mid 2026 Gravity 2.0 2026 - 2028 New operating model Global platforms at sc
Slide 23: How we scale AI
23 How we scale A I. Why we are structurally advantaged Combination of revenue growth & cost reductions c. - 1pp Group’s C/I improvement enabled by Data & AI > €1bn Defensive Offensive Structural productivity AI embedded in the core: • Software development • Contact centers • Redesign processes Plat
Slide 24: Scaling AI through building blocks: Ebury example
24 Today Our agent Factory Ebury IP reduction of cross - border payments’ costs Out of the 100’s of processes analysed, 10 processes represented over 60% of the costs 50 % SMEs x - border leading solution in 30 markets Over 31,000 customers by 2025 (+35% YoY) c.2mn outgoing payments in 2025 (+28% Yo
Slide 25: The roadmap to >€20bn profit
25 2025 2028 target Hard currency Announced bolt - ons Soft currency Underlying profit >€3 bn >€2 bn >€2 bn € 13.1 b n 1 >€20b n Note : Data in € . Soft currencies : MXN, BRL, CLP, ARS, PLN and rest of LatAm currencies . Hard currencies : EUR, USD, GBP and rest of European currencies . TSB and Webst
Slide 26: The roadmap to >20% RoTE
26 2025 2028 target RoTE waterfall 16.3 % >20 % Beyond 2028 15.2% Ex - Poland >21% c. 16% >20% >6 0 % c. 45% 2 Further upside from revenue and cost synergies Retail & Commercial Openbank CIB Wealth Payments Note : Targets by 2028 , unless otherwise stated . 1. Retail & Commercial and Openbank combin
Slide 27: Capital discipline powers our ambition
27 powers our ambition Capital discipline
Slide 28: Capital allocation framework
28 2026 - 2028 1 2 4 Special distributions Organic growth Ordinary distributions Bolt - on acquisitions 1 Capital allocation framework 3 2025 2028 target > 13 % 13.5 % CET1 ratio >€50b n 2 o f capital to fund growth & distributions Increasing Group’s capacity to generate free capital Excess capital
Slide 29: M&A execution aligned with capital hierarchy: TSB and Webster
29 Polan d Sold RoIC for both acquisitions +6pp above SBBs Together, these transactions are expected to drive a 9% profit growth post synergies ( 2 - 3 years) 1 Mix shift to lower CoE businesses in hard currency 3 Accelerating the transformation of the UK and the US into top tier profitability by 20
Slide 30: Geographical diversification post TSB and Webster
30 Loan book Post TSB and Webster, all geographies are expected to deliver >15% RoTE , with c.65% of our operating PBT generated in hard currency markets Excl. Poland , incl. Webster + TSB acquisitions 22% Soft currency Hard currency Santander 2025 pro - forma 7 5% 20% 2 5% 80 % 40% 25% 15% 20% 22%
Slide 31: Our next chapter
31 next chapter Our
Slide 32: Our investment case
32 32 Our investment case >20% RoTE by 2028 EPS € 0.91 Double - digit annual growth 2026 - 2028 2025 2028 target 5.76 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 TNAVps + Cash D PS € per share Accelerating to High teens by 2028 2025 2028 target Cash DPS >x2 by 2028 1 1. vs . 2025 .
Slide 33: Improved capital structure accelerating shareholder value creation
33 Improved capital structure and lower weight of soft currencies, accelerating shareholder value creation 1. High level analysis of TNAVps main components’ evolution over the 3 years, using a simple average calculation . Organic generation as average RoTE, FX & Others include intangibles and other
Slide 34: 2026-2028 targets: Financial North Star
34 34 2026 – 2028 targets FINANCIAL North Star Note : The board of directors intends ( 1 ) 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 ratios impact item
Slide 35: Thank you
Thank you 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: February 25, 2026 By: /s/ Pedro de Mingo Kaminouchi Name: Pedro de