Banco Santander, S.a. · BME:SAN
Banco Santander — 9M 2025 Earnings Presentation
60 slides from Banco Santander's earnings presentation, Oct 29, 2025
Slide 1: Form 6-K Banco Santander, S.A.
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 October, 2025 Commission File Number: 001-12518 Banco Santander, S.A. (Exact name of registrant as specified in its ch
Slide 2: Table of Contents
BANCO SANTANDER, S.A. ________________________ TABLE OF CONTENTS Item 1. January - September 2025 Earnings presentation
Slide 3: 9M'25 Earnings Presentation
9M’25 Earnings Presentation 29 October 2025
Slide 4: Important information
2 Important information Non-IFRS and alternative performance measures Banco Santander, S.A. (“Santander”) cautions that this document may contain financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as we
Slide 5: Important information
3 Important information • acquisitions, integrations, divestitures and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters; • climate-related conditions, regulations, targets and weather events; • uncertainty over the scop
Slide 6: Index
4 Index 9M'25 Highlights Progress on our strategy 1 Group review 2 Final remarks 3 Appendix 4
Slide 7: Record 9M profit, with all global businesses contributing to our 2025 targets
5 TNAVps + Cash DPS Record 9M profit, with all global businesses contributing to our 2025 targets 9M’25 att. profitQ3’25 att. profit Efficiency RoTE post-AT1 CoR CET1 Another record quarter resulting in double-digit profit growth in 9M, with 7 million new customers YoY and high activity levels Stron
Slide 8: On track to beat our updated Investor Day 2025 targets
6 On track to beat our updated Investor Day 2025 targets RoTE post-AT1Payout RWAs with RoRWA > CoECET1 Note: our current ordinary shareholder remuneration policy is to distribute approximately 50% of Group reported profit (excluding non-cash, non-capital ratios impact items), distributed approximate
Slide 9: Excellent business and commercial dynamics
7 Excellent business and commercial dynamics Strong revenue performance supporting net operating income and double-digit profit growth • Solid NII and record fees • Strong net operating income growth • CoR and RoTE improvement Note: 9M’25 ‘attributable profit' and 'underlying attributable profit’ we
Slide 10: Consistent execution of ONE Transformation is driving higher revenue and lower costs
8 Consistent execution of ONE Transformation is driving higher revenue and lower costs … • Wealth: collaboration fees with CIB and Corporates reached €3.2bn (+7% vs. 9M’24) • Consumer: expansion of OEM agreements • Multi-Nationals: +3% YoY revenue growth • Product simplification: 35% fewer products
Slide 11: Double-digit profit growth, supported by our global businesses
9 … and double-digit profit growth, supported by our 5 global businesses Note: YoY changes in constant euros. (*) Payments YoY variation excluding the PagoNxt write-downs in Q2’24 of our investments related to our merchant platform in Germany and Superdigital in Latin America (€243mn, net of tax and
Slide 12: Retail: strong YoY profit growth
10 10.1 6.5 4.2 Dec-22 Sep-24 Sep-25 657 583 486 Dec-22 Sep-24 Sep-25 74.6 78.1 80.6 Dec-22 Sep-24 Sep-25 9M’25 FINANCIALS Note: data and YoY changes in constant euros. (1) Metrics cover all products and employees in the branch network in our 10 main countries. Retail: strong YoY profit growth backe
Slide 13: Consumer: solid profit performance and deposit growth
11 25.2 25.1 26.2 Dec-22 Sep-24 Sep-25 9M’25 FINANCIALS Note: data and YoY changes in constant euros. ANEAs: average net earning assets, including renting. Retail deposit cost-to-serve (%) Operating expenses / ANEAs (%) KEY DRIVERS CostsRevenue Loan-to-deposit ratio (%) Optimized funding structure T
Slide 14: CIB: investments drove 7% fee growth and a RoTE of 20%
12Note: data and YoY changes in constant euros. 9M’25 FINANCIALS KEY DRIVERS % customer related revenue Fee growth (€ bn) % Total revenue / RWAs CIB: investments drove 7% fee growth and a RoTE of 20% • Solid execution of our strategy focused on fees and capital-light business, driving RoTE up to 20%
Slide 15: Wealth
13 3.0 3.2 9M'24 9M'25 9M’25 FINANCIALS Note: data and YoY changes in constant euros. (1) Annualized YTD net new money as a % of PB’s 2024 customer assets and liabilities (CAL). Annualized YTD net sales as a % of SAM’s 2024 AuMs. (2) Includes deposits and off-balance sheet assets. (3) Includes all f
Slide 16: Payments
14 Note: data and YoY changes in constant euros. (*) YoY variation excluding the PagoNxt write-downs in Q2’24 of our investments related to our merchant platform in Germany and Superdigital in Latin America (€243mn, net of tax and minority interests). (1) Transactions include merchant payments, card
Slide 17: Improving profitability and value creation with EPS up 16%
15 Note: TNAVps + Cash DPS includes the €11.00 cent cash per share paid in May 2025 and €11.50 cent cash per share approved in September 2025 that will be paid from 3 November 2025, both forming part of our shareholder remuneration policy. Improving profitability and value creation with EPS up 16% a
Slide 18: Index
16 Index 9M'25 Highlights Progress on our strategy 1 Group review 2 Final remarks 3 Appendix 4
Slide 19: Strong revenue performance supporting net operating income
17 Strong revenue performance supporting net operating income and double-digit profit growth Note: 9M’25 ‘attributable profit' and 'underlying attributable profit’ were the same, as the ‘net capital gains and provisions’ line was zero since it includes two events, registered in Q2’25, that fall outs
Slide 20: Total revenue
18 14,541 14,919 14,883 15,797 15,227 15,592 15,459 Q1'24 Q2 Q3 Q4 Q1'25 Q2 Q3 • >95% of total revenue is customer related • Solid revenue increase YoY across lines, with all businesses growing in a more challenging environment, reflecting the benefits of our model • In the quarter, revenue flat exc
Slide 21: Net interest income
19 • >80% of Group NII is from our Retail and Consumer businesses • Excluding Argentina, NII up 3% YoY, in a less favourable environment, with most businesses growing: − Retail +1%, on the back of active balance sheet management, particularly in Chile, Mexico and the UK − Consumer rose 6%, with grow
Slide 22: Record net fee income in 9M driven by global businesses
20 • Retail: − Growth on the back of a more targeted product offering and customer increase (+6mn) − Of note, strong performances in Mexico, Argentina and the UK • Consumer: − Fees affected by new insurance regulation in Germany and car registrations in Europe. DCB US +30% driven by auto servicing f
Slide 23: ONE Transformation is driving 5% growth in net operating income
21 8,304 8,833 8,630 9,133 8,870 9,169 9,105 Q1'24 Q2 Q3 Q4 Q1'25 Q2 Q3 6,237 6,086 6,253 6,663 6,357 6,423 6,354 CIB, WEALTH AND PAYMENTS ONE Transformation is driving 5% growth in net operating income Efficiency 12M rolling Costs Net operating income Revenue 14,541 14,919 14,883 15,797 15,227 15,5
Slide 24: Credit quality improvement YoY
22 • Credit quality improvement YoY, on the back of our active risk management, low unemployment rates and easing monetary policies in most countries • CoR down 5bps YoY, supported by most of our businesses • NPL ratio of 2.92%, better YoY as we execute our NPL reduction strategy. NPL coverage and s
Slide 25: Strong organic capital generation, with profitable front-book growth
23 13.1 -0.30 -0.08 -0.02 -0.05 13.0 +0.56 Jun-25 Att. Profit Capital distribution Net organic RWAs Regulatory & Models Markets & others Sep-25 Strong organic capital generation, with profitable front-book growth at 22% RoTE CET1 % Sep-25 or estimates Front book pricing RoRWA of new book Asset rotat
Slide 26: Index
24 Index 9M'25 Highlights Progress on our strategy 1 Group review 2 Final remarks 3 Appendix 4
Slide 27: Another record quarter makes us confident we will achieve our 2025 targets
25 Another record quarter that makes us confident that we will achieve our 2025 targets Fees Cost base CoR CET11 RoTE post-AT1 TNAVps + Cash DPS 2025 targets Mid-high single digit growth Down vs. 2024 in euros c.1.15% 13% operating range: 12-13% c.16.5% Double-digit growth through-the-cycle c.€62bnR
Slide 28: February | London
25 February | London
Slide 29: Index
27 Index 9M'25 Highlights Progress on our strategy 1 Group review 2 Final remarks 3 Appendix 4
Slide 30: Appendix
28 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina CET1 performance YTD Detail by global business and country Reconciliation of underlying results to statutory results Glossary and additional notes
Slide 31: 2025 Investor Day targets summary
29 TNAVps+DPS (Growth YoY) ONE Transformation is driving double-digit growth in value creation New 2025 targets Double-digit growth average through-the-cycle (1) Our current ordinary shareholder remuneration policy is to distribute c.50% of Group reported profit (excluding non-cash, non-capital rati
Slide 32: Appendix
30 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina CET1 performance YTD Detail by global business and country Reconciliation of underlying results to statutory results Glossary and additional notes
Slide 33: Group P&L QoQ variations and excluding Argentina
31 -0% Group P&L QoQ variations and excluding Argentina Note: underlying P&L. Fees NII 2,914 2,987 3,020 3,013 3,134 3,125 3,170 Costs LLPs Revenue 2,836 2,878 2,845 2,905 3,008 2,919 2,801 Q1'24 Q2 Q3 Q4 Q1'25 Q2 Q3 13,986 14,455 14,462 14,750 14,723 14,951 14,949 10,334 10,524 10,645 10,715 10,730
Slide 34: Appendix
32 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina CET1 performance YTD Detail by global business and country Reconciliation of underlying results to statutory results Glossary and additional notes
Slide 35: CET1 performance YTD
33 CET1 performance YTD CET1 % 2 Note: Dec-24 ratio on a fully-loaded basis (as published in the Q4 2024 Financial Report), excluding the transitory treatment of IFRS 9 and the CRR. Sep-25 on a phased-in basis, calculated in accordance with the transitory treatment of the CRR. Does not include any e
Slide 36: Appendix
34 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina CET1 performance YTD Detail by global business and country Reconciliation of underlying results to statutory results Glossary and additional notes
Slide 37: Detail by global business
35 Detail by global business
Slide 38: Retail & Commercial Banking
36 Retail & Commercial Banking Note: Sep-25 data and YoY changes (loans, deposits and mutual funds in constant euros). HIGHLIGHTSKEY DATA P&L Loans €597bn -0% Mutual funds €112bn +19% Efficiency 39.2% +0.2pp CoR 0.89% -9bps Deposits €647bn +4% Underlying P&L* Q3'25 % Q2'25 9M'25 % 9M'24 % 9M'24¹ NII
Slide 39: Retail Spain and Retail UK
37 RETAIL SPAIN Note: Sep-25 data and YoY changes (loans, deposits and mutual funds in constant euros). RETAIL UK Underlying P&L* Q3'25 % Q2'25 9M'25 % 9M'24 NII 1,443 -0.4 4,357 -1.8 Net fee income 259 -3.8 819 -1.3 Total revenue 1,739 -1.6 5,299 -1.8 Operating expenses -558 -1.6 -1,696 0.5 Net ope
Slide 40: Retail Mexico and Retail Brazil
38Note: Sep-25 data and YoY changes (loans, deposits and mutual funds in constant euros). RETAIL MEXICO RETAIL BRAZIL Underlying P&L* Q3'25 % Q2'25 9M'25 % 9M'24 % 9M'24¹ NII 762 2.0 2,253 7.9 -4.9 Net fee income 179 -0.4 527 9.9 -3.1 Total revenue 932 3.0 2,719 7.2 -5.5 Operating expenses -405 2.3
Slide 41: Digital Consumer Bank
39 Digital Consumer Bank Note: Sep-25 data and YoY changes (new lending, loans and deposits in constant euros). HIGHLIGHTSKEY DATA P&L Loans €211bn +2% Efficiency 40.9% +0.2pp CoR 2.06% -6bps Deposits €127bn +5% Underlying P&L* Q3'25 % Q2'25 9M'25 % 9M'24 % 9M'24¹ NII 2,763 1.9 8,267 6.2 3.6 Net fee
Slide 42: DCB Europe and DCB US
40Note: Sep-25 data and YoY changes (loans, deposits and mutual funds in constant euros). DCB Europe DCB US Underlying P&L* Q3'25 % Q2'25 9M'25 % 9M'24 % 9M'24¹ NII 1,132 3.3 3,482 3.4 0.6 Net fee income 86 -1.0 261 29.8 26.3 Total revenue 1,232 0.2 3,864 0.9 -1.8 Operating expenses -504 0.0 -1,598
Slide 43: Corporate & Investment Banking
41 Corporate & Investment Banking Note: Sep-25 data and YoY changes (loans, deposits in constant euros). HIGHLIGHTSKEY DATA P&L Loans €142bn +5% Deposits €134bn +8% CoR 0.10% -11bps Efficiency 44.9% +0.6pp Underlying P&L* Q3'25 % Q2'25 9M'25 % 9M'24 % 9M'24¹ NII 982 -2.6 2,948 6.7 1.3 Net fee income
Slide 44: Wealth Management & Insurance
42 AuMs €536bn +11% Wealth Management & Insurance HIGHLIGHTS Note: Sep-25 data (AuMs); YTD data (net new money, net sales and GWPs). YoY changes in constant euros. (1) Annualized YTD net new money as a % of PB’s 2024 customer assets and liabilities (CAL). Annualized YTD net sales as a % of SAM’s 202
Slide 45: Payments: PagoNxt and Cards
43 Underlying P&L* Q3'25 % Q2'25 9M'25 9M'24 % 9M'24 % 9M'24¹ NII 41 -2.8 122 97 36.9 25.7 Net fee income 267 0.7 777 697 19.1 11.4 Total revenue 353 8.3 994 894 18.3 11.2 Operating expenses -280 -3.6 -856 -889 -0.3 -3.7 LLPs -8 67.6 -19 -13 59.4 50.1 Attributable profit 19 69.4 35 -326 — — (*) € mn
Slide 46: Corporate Centre
44 • NII affected by lower interest rates • Gain / losses on financial transactions improved with a lower impact from foreign currency hedges • Costs up due to higher IT expenses • LLPs and other provisions increased particularly in H1’25 impacted by our NPL ratio reduction plan, which improves the
Slide 47: Detail by country
45 Detail by country
Slide 48: Spain and UK
46 Note: Sep-25 data and YoY changes (loans, deposits and mutual funds in constant euros). SPAIN UK Underlying P&L* Q3'25 % Q2'25 9M'25 % 9M'24 NII 1,829 1.3 5,414 -0.7 Net fee income 710 -3.5 2,212 1.0 Total revenue 2,889 -4.8 9,056 0.1 Operating expenses -1,070 1.9 -3,170 1.0 Net operating income
Slide 49: Portugal and Poland
47Note: Sep-25 data and YoY changes (loans, deposits and mutual funds in constant euros). PORTUGAL POLAND Underlying P&L* Q3'25 % Q2'25 9M'25 % 9M'24 % 9M'24¹ NII 737 0.2 2,217 3.5 5.0 Net fee income 176 -4.3 549 6.3 8.0 Total revenue 934 -2.5 2,776 3.8 5.4 Operating expenses -259 1.2 -771 5.7 7.3 N
Slide 50: US and Mexico highlights
48 • Loans slightly down reflecting our focus on profitability and asset rotation initiatives. Deposits +3%, with strong growth in Consumer, supported by Openbank • Profit up 39% YoY, driven by revenue growth (both NII and fees) and better LLPs in Consumer (resilient auto customer behaviour) • NOI +
Slide 51: Brazil, Chile and Argentina
49Note: Sep-25 data and YoY changes (loans, deposits and mutual funds in constant euros). BRAZIL • Loans flat YoY, reflecting our focus on active risk management and balance sheet optimization. Deposits up 2%, mainly driven by Retail • NOI up YoY with growth across all revenue lines and costs down 2
Slide 52: Argentina exchange rate note
50 • In Q2 2024, given a significant divergence between the official exchange rate and inflation, we decided to start using an alternative exchange rate, modelled by our Economic Research Team primarily taking into account the inflation differential of Argentina with respect to the US • Given the im
Slide 53: Appendix
51 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina CET1 performance YTD Detail by global business and country Reconciliation of underlying results to statutory results Glossary and additional notes
Slide 54: Reconciliation of underlying results to statutory results
52 Reconciliation of underlying results to statutory results EUR mn (1) Includes exchange differences. (2) Non-controlling interests in the statutory results column reflect all non-controlling interests, including those from Poland. Non-controlling interest related to Poland: €431mn in 9M’25, €321mn
Slide 55: Appendix
53 Appendix 2025 Investor Day targets summary Group P&L QoQ and excluding Argentina CET1 performance YTD Detail by global business and country Reconciliation of underlying results to statutory results Glossary and additional notes
Slide 56: Glossary - Acronyms
54 Glossary - Acronyms • A2A: Account-to-account • AM: Asset management • AuMs: Assets under Management • bn: Billion • bps: Basis points • c.: Circa • CET1: Common equity tier 1 • CHF: Swiss franc • CF: Corporate Finance • CIB: Corporate & Investment Banking • CoE: Cost of equity • Consumer: Digita
Slide 57: Glossary - Definitions
55 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' equi
Slide 58: Additional notes
56 Additional notes (1) As announced on 5 February 2025, the shareholder remuneration policy that the board intends to apply for the 2025 results consists of a total shareholder remuneration of approximately 50% of the Group reported profit (excluding non-cash, non-capital ratios impact items), to b
Slide 59: 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:
Slide 60: 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 October 2025 By: /s/ José García Cantera Name: José García Cantera Title: