Santander Holdings USA Inc · NYSE:SNUS/PH

Santander Holdings USA — Debt Investor Presentation (March 2026)

36 slides from Santander Holdings USA's debt investor presentation, Mar 6, 2026

  1. Slide 1: Santander Holdings USA, Inc. Fourth Quarter 2025 Fixed Income Investor Presentation

    Confidential March 6, 2026 SANTANDER HOLDINGS USA, INC. Fourth Quarter 2025 Fixed Income Investor Presentation 1

  2. Slide 2: Important Information

    Confidential Important Information This presentation of Santander Holdings USA, Inc. (“SHUSA”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performa

  3. Slide 3: Index

    Confidential Index 1 2 3 4 At a glance Results Core Appendix Business Activities 3

  4. Slide 4: SHUSA

    Confidential SHUSA Our business model focuses on four core segments as we continue to leverage Santander’s connectivity SHUSA is a wholly-owned subsidiary of Santander, one of the most Core Segments and 2025 Assets ($B) Santander respected banking groups in the world with approximately 180 million c

  5. Slide 5: SHUSA 2025 Results at a Glance

    Confidential SHUSA 2025 Results at a Glance Improved Financial Metrics Stable Credit Strong Capital & Liquidity $6.0B 14.2% 1 12.6% NET INTEREST INCOME (“NII”) 30-89 DAYS AUTO DELINQUENCY COMMON EQUITY TIER 1 (“CET1”) Up 6.7% YoY Up 215bps YoY $1.6B 2.5% 24.7% 2 NET INCOME NCO RATE TOTAL LOSS-ABSORB

  6. Slide 6: Index

    Confidential Index 1 2 3 4 At a glance Results Core Appendix Business Activities 6

  7. Slide 7: Annual Profitability

    Confidential Annual Profitability SHUSA NII ($M) +9%  Sustainable NII growth driven by funding efficiency and benefits associated with Revenue1 growth in Openbank deposits $8,121 $7,415 $7,474  Ongoing growth in capital-light fee income supported by performance in Consumer, Commercial, and Wealth

  8. Slide 8: Net Interest Income & Net Interest Margin

    Confidential Net Interest Income & Net Interest Margin SHUSA NII ($M) NII & NIM Drivers +7% Positive YoY performance of NII and NIM NII $5,875 $5,578 $5,953 sustained by: $13,466  Disciplined Auto pricing strategy underpinning $12,354 1,189 $12,437 portfolio margin expansion Securities 895 1,481 FF

  9. Slide 9: Non-Interest Income

    Confidential Non-Interest Income Non-Interest Income ($M) Non-Interest Income Drivers +14% Non-interest income increased YoY driven by:  Growth in capital-light fee income driven by $2,168 servicing for others in Auto, Multi-family 155 servicing, and Wealth Management fees $1,896 224  Increased ca

  10. Slide 10: General, Administrative, & Other Expenses

    Confidential General, Administrative, & Other Expenses1 Expenses ($M) Expense Drivers +1% G&A and other expenses (excluding lease expense) up modestly YoY driven by: $4,566 $4,624 $4,402 537  Targeted investments in growth initiatives Other expense 584 637 including the build-out of our Openbank 35

  11. Slide 11: Credit Loss Expense

    Confidential Credit Loss Expense Total Allowance for Credit Losses ($M) Expense Drivers 2023 2024 2025 Strong credit performance YoY driven by: ALLL1, beginning of period ("BOP") $ 6,8352 $ 6,932 $ 6,562 Credit loss expense 2,251 1,950 1,651  Improved NCOs supported by: Net charge-offs (2,154) (2,3

  12. Slide 12: Balance Sheet Trends | Assets

    Confidential Balance Sheet Trends | Assets Loans & Leases ($B) 2025 Recap ($B) LHFS1 $100 Other 1 $93 1  Loans and leases down 7.0% YoY, driven by lower auto Residential 7 Leases 12 2 6 1 originations, off-balance sheet securitizations, and portfolio 8 C&I and Other 16 16 sales Commercial CRE and M

  13. Slide 13: Balance Sheet Trends | Liabilities

    Confidential Balance Sheet Trends | Liabilities Liabilities & Equity ($B) Deposits by Business $165 $165 Wealth Management 7% Other4 2% NIBD1 15 14 18 18 CIB 4% Equity Other Liabilities2 25 31 Commercial 18% Borrowed Funds 44 37 IB3 Deposits 63 65 Consumer 69% 2024 2025 Deposits ($B) Cost of Deposit

  14. Slide 14: Liquidity & Wholesale Funding

    Confidential Liquidity & Wholesale Funding Borrowed Funds Profile | Balance ($B) SBNA Contingent Liquidity ($B) 2025 Ratio: 162% 2024 2025 YoY Cash and Immediately Available SHUSA Unsecured Debt 1 $ 13.7 $ 13.5 1% Sources of Liquidity 44.2 3 FHLB 4.7 0.7 (85%) Liquidity from released govt. deposit c

  15. Slide 15: Debt & TLAC

    Confidential Debt & TLAC  SHUSA is SEC-registered and issues under the ticker symbol “SANUSA”, with ratings for SHUSA of A-(Fitch)/Baa2(Moody’s)/BBB+(S&P)  SHUSA meets the Federal Reserve’s TLAC and long-term debt (“LTD”) requirements1, with 24.7% TLAC, 9.2% eligible LTD and a CET1 ratio of 12.6%

  16. Slide 16: Capital Ratios

    Confidential Capital Ratios On June 27, 2025, the Federal Reserve informed SHUSA of its updated stress capital buffer (“SCB”) requirement, which became effective on October 1, 2025. SHUSA’s updated SCB is 3.4% of its CET1, resulting in an overall CET1 capital requirement of 7.9%. Tier 1 Risk-Based C

  17. Slide 17: Index

    Confidential Index 1 2 3 4 At a glance Results Core Appendix Business Activities 17

  18. Slide 18: Business Activities Overview

    Confidential Business Activities Overview Consumer Commercial  In addition to branch-based deposits, CBB attracts  CRE: Consists primarily of customers nationwide through its digital banking multifamily loans, and Other 5% platform, Openbank robust servicing fee Industrial 5% income from FDIC join

  19. Slide 19: Consumer Activities | Auto & CBB

    Confidential Consumer Activities | Auto & CBB Income Statement Data Auto Distribution by FICO® Segment2 20241 2025 Total Consumer ($M) Auto CBB Auto CBB >=640 14% 15% 21% Activities YoY 34% 38% 39% 38% 17% 41% 42% 42% Interest income $ 6,414 $ 2,936 $ 6,478 $ 2,947 0.8% 600-639 17% 18% Interest expe

  20. Slide 20: Commercial Activities | CRE, Multifamily, and C&I

    Confidential Commercial Activities | CRE, Multifamily, and C&I Income Statement Data CRE Portfolio and Geographic Diversification 20241 2025 Total Commercial Other 5% Activities YoY Industrial 5% ($M) C&I CRE C&I CRE Retail 4% Other Interest income $ 988 $ 1,535 $ 878 $ 1,442 (8.0%) NY 28% Office 9%

  21. Slide 21: CIB & Wealth Management

    Confidential CIB & Wealth Management CIB Income Statement Data Wealth Income Statement Data ($M) 20241 2025 YoY ($M) 20241 2025 YoY Interest income $ 3,886 $ 2,879 (25.9%) Interest income $ 369 $ 338 (8.4%) Interest expense 3,767 2,611 (30.7%) Interest expense 157 158 0.6% Fees and other income 662

  22. Slide 22: Index

    Confidential Index 1 2 3 4 At a glance Results Core Appendix Business Activities 22

  23. Slide 23: Quarterly | Net Interest Income & Net Interest Margin

    Confidential Quarterly | Net Interest Income & Net Interest Margin SHUSA NII ($M) +6% NII $1,414 $1,519 -1% $1,495 $3,281 $3,133 Securities 307 $2,985 395 577 396 FF sold & repos 414 366 261 231 Interest-earning $1,867 175 deposits $1,614 $1,490 620 549 516 40 2,048 Borrowings Loans 2,136 2,093 36 6

  24. Slide 24: Quarterly | Non-Interest Income

    Confidential Quarterly | Non-Interest Income Non-Interest Income ($M) +17% +7% $576 $538 40 $492 53 Securities gains, net 40 144 235 Miscellaneous income, net 113 Capital market revenue 92 154 109 Net lease income1 122 59 69 Consumer and commercial fees 125 128 123 Q4 2024 Q3 2025 Q4 2025 1 | Includ

  25. Slide 25: Quarterly | General, Administrative, & Other Expenses

    Confidential Quarterly | General, Administrative, & Other Expenses1 Expenses ($M) +1% +5% $1193 $1205 $1143 Other expense 168 134 136 Loan 92 79 102 Technology2 222 247 203 Occupancy and equipment 179 168 201 Compensation and benefits 545 534 531 Q4 2024 Q3 2025 Q4 2025 1 | Excludes lease expense. P

  26. Slide 26: Credit Loss Expense

    Confidential Credit Loss Expense Total Allowance for Credit Loss (“ACL”) ($M) Q4 2024 Q3 2025 Q4 2025 ALLL, BOP $ 6,561 $ 6,357 $ 6,148 Credit loss expense 618 371 487 Net charge-offs (617) (580) (636) ALLL, EOP 6,562 6,148 5,999 Reserve for unfunded lending commitments, BOP 46 54 51 Credit loss (be

  27. Slide 27: Balance Sheet Trends | Assets & Liabilities

    Confidential Balance Sheet Trends | Assets & Liabilities Loans & Leases ($B) Liabilities & Equity ($B) $100 $100 1 $97 $96 $93 $172 $172 $168 LHFS 1 1 2 1 $165 $165 Other 7 2 6 2 6 6 1 14 14 2 6 1 15 13 14 Residential 12 11 10 10 NIBD 18 18 Leases 8 18 19 18 Equity C&I and Other 16 16 16 16 $16 30 3

  28. Slide 28: Loan Delinquency by Portfolio Class

    Confidential Loan Delinquency by Portfolio Class Consumer | 30-89 Days Past Due1 Commercial | 30-89 Days Past Due1 15.0% 1.6% 10.0% 1.1% 5.0% 0.6% 0.0% 0.1% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Residential Mortgage Home Equity Auto Loans -0.4% Personal Unsecured Other Consumer ² CRE C&I

  29. Slide 29: Charge-offs and Recoveries by Portfolio Segment

    Confidential Charge-offs and Recoveries by Portfolio Segment 2025 Recap Charge-offs1,2 2.5%  Consumer NCOs were slightly lower YoY, primarily driven by 2.0% resilient consumer behavior and recovery tailwinds from a 1.5% favorable used vehicle market. 1.0% 0.5% 0.0% 2021 2022 2023 2024 2025 Commerci

  30. Slide 30: Rating Agencies

    Confidential Rating Agencies  In May 2025, Fitch affirmed SHUSA’s senior unsecured debt ratings at ‘A-’ rating  S&P and Moody’s affirmed SHUSA’s senior unsecured debt ratings in July 2025 and February 2026, respectively  In October 2025, Moody's upgraded Santander’s1 senior preferred debt rating

  31. Slide 31: Quarterly Trended Statement Of Operations

    Confidential SHUSA | Quarterly Trended Statement Of Operations ($M) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Interest income $ 3,281 $ 3,137 $ 3,182 $ 3,133 $ 2,985 Interest expense (1,867) (1,679) (1,701) (1,614) (1,490) Net interest income 1,414 1,458 1,481 1,519 1,495 Fees & other income 826 838 8

  32. Slide 32: Annual Trended Statement Of Operations

    Confidential SHUSA | Annual Trended Statement Of Operations ($M) 2023 2024 2025 Interest income $ 12,355 $ 13,466 $ 12,437 Interest expense (6,480) (7,889) (6,484) Net interest income 5,875 5,577 5,953 Fees & other income 3,320 3,380 3,326 Other non-interest income 145 224 155 Net revenue 9,340 9,18

  33. Slide 33: Non-GAAP Reconciliations – Income Statement Metrics

    Confidential SHUSA | Non-GAAP Reconciliations – Income Statement Metrics ($M) 2023 2024 2025 SHUSA Revenue Net interest income1 $ 5,875 $ 5,578 $ 5,953 Total non-interest income1 3,465 3,605 3,481 Lease expense1 (1,925) (1,708) (1,313) Total revenue2 7,415 7,474 8,121 SHUSA Non-Interest Income Total

  34. Slide 34: Quarterly Non-GAAP Reconciliations – Income Statement Metrics

    Confidential SHUSA | Quarterly Non-GAAP Reconciliations – Income Statement Metrics ($M) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 SHUSA Revenue Net interest income1 $ 1,414 $ 1,458 $ 1,481 $ 1,519 $ 1,495 Total non-interest income1 866 878 871 874 858 Lease expense1 (374) (355) (340) (336) (282) Total

  35. Slide 35: Non-GAAP Reconciliations – Capital Metrics

    Confidential SHUSA | Non-GAAP Reconciliations – Capital Metrics ($M) 2024 2025 CET1 to risk-weighted assets CET1 capital $ 13,724 $ 13,500 Risk-weighted assets 108,006 107,408 Ratio 12.7% 12.6% Tier 1 leverage Tier 1 capital $ 15,839 $ 15,500 Avg total assets, leverage capital purposes 170,835 168,7

  36. Slide 36: 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:

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