Banco Santander, S.a. · BME:SAN
Banco Santander — 9M 2026 Earnings Presentation
67 slides from Banco Santander's earnings presentation, Oct 28, 2026
Slide 1: Form 6-K cover page
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, 2026 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 2026 Earnings presentation
Slide 3: 9M'26 Earnings Presentation
9M’26 Earnings Presentation 28 October 2026
Slide 4: Important information
2 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, a
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; • reputational risk and potential adverse reactions of stakeholders, including adverse effects on
Slide 6: Index
Index 1 9M’26 Highlights Progress on our strategy 2 Group review 3 Final remarks 4 Appendix
Slide 7: 9M'26 highlights
5 €3.8bn +19% Q3'26 Und. profit Q3’26 Att. profit CET1 12.7% Efficiency 42.6% -2.8pp CoR 1.16% +3bps TNAVps + DPS +11% Strong quarterly profit, resulting in double-digit profit growth in 9M, with 17 million new customers YoY and high activity levels Continued efficiency gains and improved profitabil
Slide 8: Higher revenue and lower costs driving double-digit profit growth
6 Higher revenue and lower costs are driving double-digit net operating income and profit growth Note: YoY changes. All references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from a hyperinflationary economy. For further informat
Slide 9: Business model, capital allocation and ONE Transformation driving profitable growth
7 Our unique business model, disciplined capital allocation, ONE Transformation and network businesses are driving operational leverage and profitable growth (1) In constant euros and like for like (i.e. excluding Poland in 2025 and TSB/Webster perimeter effects). (2) Value creation measured as TNAV
Slide 10: More active customers and deeper relationships
8 Note: YoY changes. Customer projections include TSB and Webster. (1) In constant euros and like for like (i.e. excluding Poland in 2025 and TSB/Webster perimeter effects). (2) In constant euros based on 2025 FX. Annualized. More active customers, deeper relationships and structural cost efficienci
Slide 11: ONE Transformation execution
9 2025 9M’26 Announced bolt-ons ONE Transformation AI -0.6pp Network businesses Global TechEfficiency ratio -1.8pp -0.2pp -0.4pp • CX for customer growth • Simplification & automation • Digital availability • Contact centres via digital self service • Increase network collaboration revenue • Reduce
Slide 12: Double-digit profit increase across global businesses
10 N et w or k b us in es se s Double-digit profit increase supported by revenue growth and efficiency gains across all 5 global businesses Note: YoY changes in constant euros. Global businesses’ RoTEs are adjusted based on Group’s deployed capital. Openbank’s operating profitability calculated as P
Slide 13: Retail 9M'26 performance
11 ex. M&A ex. M&A ex. M&A Note: data and YoY changes in constant euros. (1) Excluding M&A. Retail 9M’26 performance Cost per active customer (€) Non-commercial FTEs per mn customers1 9M’26 execution Fees (€ mn)Operating targets Operational leverage Revenue (€ mn) Costs (€ mn) Double-digit profit gr
Slide 14: Openbank 9M'26 performance
12 ex. Webster ex. Webster ex. Webster 9M’26 performance ex. Webster +5% 9,603 10,062 9M'25 9M'26 Openbank Note: data and YoY changes in constant euros. PBT excluding Motor Finance. Operating profitability calculated as PBT / Tangible Equity. PBT including Motor Finance: +2%. (1) The additional prov
Slide 15: Santander US RoTE improvement path
13 15% c.18% 10% +5pp +3pp 2025 Santander US Santander US standalone improvement 2028 Santander US standalone Webster scale, funding optim. and synergies 2028 combined post synergies Santander US RoTEimprovement path Note: data and YoY changes in constant euros. (1) Full run-rate synergies expected
Slide 16: CIB: better efficiency and profitability
14 Better efficiency and profitability driving profit up 15% on the back of our growth initiatives CIB Note: data and YoY changes in constant euros. Gross collaboration revenue (€ mn) Total revenue / avg. RWAs (%) Fees (€ mn) Costs (€ mn)Operating targets Recurrency performance Solid execution of ou
Slide 17: Wealth
15 Distribution fees (€ mn) Wealth High-teen profit growth, with fees up 11% backed by strong client inflows and our focus on value-added solutions and services Note: data and YoY changes in constant euros. Private Banking CAL (customer assets and liabilities) measured as Private Banking AuMs + loan
Slide 18: Payments
16 Payments Note: data and YoY changes in constant euros. Getnet Platforms transactions include processed A2A and card transactions. (1) % open market revenue vs. Payments total revenue, excluding revenue from our cards platform. (2) # transactions includes Acquiring (Getnet) plus A2A and card trans
Slide 19: Strong organic capital build and value creation
17 Strong organic capital build while accelerating profitability and value creation With the buybacks against 2025 results and c.50% of the capital resulting from the Poland disposal, as well as the one against H1’26 results that is currently underway, we have delivered c.€9bn1 of our commitment of
Slide 20: Index
Index 1 9M’26 Highlights Progress on our strategy 2 Group review 3 Final remarks 4 Appendix
Slide 21: Underlying profit and Group P&L
19 Underlying profit € mn Underlying profit Constant € mn Higher revenue and lower costs are driving double-digit net operating income and profit growth Note: Group P&L changes are YoY. Group underlying profit excludes: i) integration charges related to M&A (-€666mn in Q2’26 and Q3’26); ii) the capi
Slide 22: Revenue growth underpinned by more customers
20 Revenue growth is underpinned by more customers and deeper relationships across our businesses Note: data and YoY changes in constant euros. Detail by business • In Retail, positive performances across most countries, driven by strong NII and fee growth • Openbank up, with a solid NII performance
Slide 23: Solid NII performance
21 Solid NII performances across most global businesses driven by higher activity levels and our active balance sheet management Note: data and YoY changes in constant euros. NIM = NII / Average earning assets in current euros. YoY growth Margins • 9M’26 NIM flat YoY: – Retail up 4bps, improving esp
Slide 24: Strong net fee income
22 10,349 9,644 +362 +133 +138 +50 +12 +10 9M'25 Retail Openbank CIB Wealth Payments CC 9M'26 Strong net fee income fuelled by structural value added from our global businesses Note: data and YoY changes in constant euros. Net fee income Constant € mn YoY growth Detail by business • Retail: – Good c
Slide 25: ONE Transformation delivering lower costs
23 ONE Transformation is delivering lower costs and 12% net operating income growth Note: data and YoY changes in constant euros. Contribution to Group costs as a percentage of total operating areas, excluding the Corporate Centre. Total cost growth in real terms defined as cost growth in constant e
Slide 26: Robust asset quality
24 Robust asset quality Note: data and YoY changes in constant euros. CoR, NPL ratio, Coverage ratio and Stages in current euros. CoR – underlying provisions to cover losses due to impairment of loans in the last 12 months / average loans and advances to customers and debt securities issued by non-f
Slide 27: Strong organic capital generation
25 Strong organic capital generation keeps us on track to deliver on our year-end CET1 target Front book pricing RoTE of new book Asset rotation and risk transfer activities Capital generated Value creation % RWAs with RoRWA > CoE Maximize capital productivity Note: phased-in ratio calculated in acc
Slide 28: Index
Index 1 9M’26 Highlights Progress on our strategy 2 Group review 3 Final remarks 4 Appendix
Slide 29: On track to meet 2026 targets
27 Record 9M profit and comfortably on track to meet all our 2026 targets Note: YoY changes in constant euros. Targets market dependent. Based on macro assumptions aligned with international economic institutions. P&L targets excluding Poland, TSB and Webster in 2025-26, as defined during the Invest
Slide 30: Our Financial North Star
28 Our Financial North Star Note: the board of directors intends to: i) 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 items), split approximately eve
Slide 31: Index
Index 1 9M’26 Highlights Progress on our strategy 2 Group review 3 Final remarks 4 Appendix
Slide 32: Appendix
2028 Investor Day targets summary Group P&L QoQ variations including and excluding M&A Loans by global business Detail by global business Detail by country Balance sheet and capital management Reconciliation of underlying results to statutory results Glossary and additional notes Appendix
Slide 33: Well positioned to deliver 2028 Investor Day targets
31 We are well positioned to deliver on our 2028 Investor Day targets (1) The board of directors intends to: i) 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 ratio
Slide 34: Appendix index
2028 Investor Day targets summary Group P&L QoQ variations including and excluding M&A Loans by global business Detail by global business Detail by country Balance sheet and capital management Reconciliation of underlying results to statutory results Glossary and additional notes Appendix
Slide 35: Quarterly trends impacted by seasonal effects
33 Quarterly trends impacted by seasonal effects Group quarterly performance excluding TSB & Webster Constant € mn 3,081 3,083 2,960 3,297 3,268 3,314 3,407 Q1'25 Q2 Q3 Q4 Q1'26 Q2 Q3 6,604 6,721 6,541 6,921 6,544 6,577 6,340 NII Fees Revenue Costs LLPs 14,481 14,754 14,692 15,382 15,283 15,430 15,1
Slide 36: Appendix index
2028 Investor Day targets summary Group P&L QoQ variations including and excluding M&A Loans by global business Detail by global business Detail by country Balance sheet and capital management Reconciliation of underlying results to statutory results Glossary and additional notes Appendix
Slide 37: Loans by global business
35 61% 20% 16% 3% €1,143bn Loans +16% +7% +28% Loans by global business Retail Openbank CIB Wealth +16% Note: data and YoY changes in constant euros. Total loans includes €1bn from Payments, not represented in the graph as it is not material, just 0.1% of the total Group. +3% ex. M&A ex. Webster +3%
Slide 38: Appendix index
2028 Investor Day targets summary Group P&L QoQ variations including and excluding M&A Loans by global business Detail by global business Detail by country Balance sheet and capital management Reconciliation of underlying results to statutory results Glossary and additional notes Appendix
Slide 39: Retail & Commercial Banking
37 Retail & Commercial Banking Note: Sep-26 data and YoY changes in constant euros. (1) % change in current euros. HIGHLIGHTS • ONE Transformation continued to deliver tangible results, reflected in fee growth, a double-digit increase in customer funds, cost to serve improvement (-5%) and higher pro
Slide 40: Retail: Spain and UK
38 • Loans up YoY, mainly mortgages, personal loans (Select) and corporates. Depositsrose 5%, boosted by Select, and mutual funds +13% • Strong performance across the P&L (PBT +29% YoY) with higher NII (activity and balance sheet management) and fees (FX and insurance), costs down and lower LLPs, dr
Slide 41: Retail: country highlights
39 • Loans up YoY in mortgages, personal loans and corporates. Depositgrowth reflects our focus on becoming our customers’ primary bank • PBT +6% YoY, driven by NII (cost of deposits, volumes and active balance sheet management), fees (transactional and insurance) and costs, partially offset by high
Slide 42: Openbank
40 Openbank Note: Sep-26 data and YoY changes in constant euros. (1) % change in current euros. (2) The additional provisions in 9M’26 in UK auto finance (Motor Finance) were €245mn gross, €194mn net of tax and non-controlling interest, booked in Q1’26 and Q2’26. HIGHLIGHTS • We aim to become a lead
Slide 43: Openbank: country highlights
41 Note: Sep-26 data and YoY changes in constant euros. (1) % change in current euros. (2) The additional provisions in 9M’26 in UK auto finance (Motor Finance) were €245mn gross, €194mn net of tax and non-controlling interest, booked in Q1’26 and Q2’26. • Loans increased YoY, underpinned by auto gr
Slide 44: Corporate & Investment Banking
42 Corporate & Investment Banking Note: Sep-26 data and YoY changes in constant euros. (1) % change in current euros. HIGHLIGHTS • Solid execution of our strategy, driving RoTEup to 19.2% and maintaining a leading position in efficiency • Good activity levels reflect the benefits of our growth initi
Slide 45: Wealth Management & Insurance
43 Wealth Management & Insurance Note: Sep-26 data and YoY changes in constant euros. (1) Annualized YTD net new money as a % of PB’s 2025 customer assets and liabilities (CAL). Annualized YTD net sales as a % of AM’s 2025 AuMs. (2) % change in current euros. (3) Includes all fees generated by Insur
Slide 46: Payment Solutions
44 Payment Solutions Note: Sep-26 data and YoY changes in constant euros. (1) % change in current euros. HIGHLIGHTS • Payment Solutions is positioned as our payments platform business, structured around three business lines: – Getnet, our acquiring business – Getnet Platforms, consisting of our A2A
Slide 47: Corporate Centre
45 • NII impactedby higher funding costs and lower interest rates • Greater loss on financial transactions, affected by FX hedges • Other operating incomeimproved on the back of higher results from some stakes and dividends from our stake in Poland • Total costs increased by €13mn in the period • St
Slide 48: Appendix index
2028 Investor Day targets summary Group P&L QoQ variations including and excluding M&A Loans by global business Detail by global business Detail by country Balance sheet and capital management Reconciliation of underlying results to statutory results Glossary and additional notes Appendix
Slide 49: Country detail: Spain and UK
47 Note: Sep-26 data and YoY changes in constant euros. (1) % change in current euros. • Loansincreased YoY, mainly in CIB. Deposits, both time and demand, grew across most global businesses. Mutual funds rose 13% • Profit +14% YoYon the back of 8% NII growth (volumes and balance sheet management),
Slide 50: Country detail: Portugal
48 Note: Sep-26 data and YoY changes in constant euros. (1) % change in current euros. • Loansrose YoY mainly in Retail and CIB. Deposits up, particularly in Retail, and mutual funds grew 7% • Profit YoY affected by strong performances in 9M’25 of revenue (regulatory charge reimbursement) and LLP (l
Slide 51: Country detail: Mexico and Brazil
49 Note: Sep-26 data and YoY changes in constant euros. (1) % change in current euros. MEXICO BRAZIL • In loans, solid growth in corporates, mortgages, cards (Select) and auto offset lower personal loans. Deposits up 8%, driven by time deposits. Mutual funds also performed well • Profit YoY impacted
Slide 52: Country detail: Chile and others
50 Note: Sep-26 data and YoY changes in constant euros. Argentina in current euros. (1) % change in current euros. • Customer increase of 8% YoY supported loan growth across businesses. Deposits up, driven by time deposits. Mutual fundsgrew double digits • Profit up 20% YoY, boosted by NII (volumes,
Slide 53: Appendix index
2028 Investor Day targets summary Group P&L QoQ variations including and excluding M&A Loans by global business Detail by global business Detail by country Balance sheet and capital management Reconciliation of underlying results to statutory results Glossary and additional notes Appendix
Slide 54: Capital levels exceed minimum regulatory requirements
52 Santander’s capital levels amply exceed minimum regulatory requirements * Phased-in ratios are calculated in accordance with the transitory treatment of the CRR. (1) Estimated countercyclical buffer as of Sep-26. From 1 October 2026, Banco de España will increase its required countercyclical buff
Slide 55: Bond portfolios
53 Bond portfolios(Sep-26 ) Spain 44% UK 6% Portugal 5% Openbank Europe 4% US 16% Mexico 8% Brazil 8% Chile 6% Rest of the Group 3% €182bn o/w HTC €143bn (79%) ALCO IRRBB €132bn Liquidity portfolio €50bn €182bn Diversified bond portfolio represents just 9% of total assets Note: ALCO IRRBB: portfolio
Slide 56: Conservative and decentralized liquidity and funding model
54 5.2 10.1 7.5 1.0 4.8 0.4 3.9 0.9 3.2 0.9 0.5 1.2 1.9 11.2 17.4 11.4 0.7 1.5 Covered bonds Senior Senior non- preferred AT1 Tier 2 Other3 Conservative and decentralized liquidity and funding model (1) Data includes public issuances from all units with period-average exchange rates. Excludes securi
Slide 57: 2026 issuances against funding plan
55 Plan Issued Plan Issued Plan Issued Plan Issued Banco Santander, S.A. 1 - 2.5 1.7 13 - 15 14.1 4 - 5 5.2 18 - 22.5 20.9 UK - - 3 - 5.5 4.2 3 - 4 4.8 6 - 9.5 9.1 SHUSA - - 1 - 3 3.2 - - 1 - 3 3.2 TOTAL 1 - 2.5 1.7 17 - 23.5 21.6 7 - 9 10.0 25 - 35 33.2 AT1 + Tier 2 SNP + Senior Covered Bonds TOTAL
Slide 58: TLAC/MREL
56 95.0 10.1 11.8 1.3 34.2 27.8 180.1 MREL instruments 31.2% 11.9% 4.5% 4.6% 2.9% 40.3% 14.7% % RWAs % LE 18.0% 6.8% 4.5% 3.6% 0.3% 26.1% 7.1% % RWAs % LE TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. (1) TLAC RWAs are €311bn and leverage exposure (LE) is €1,141bn. MREL RWAs are
Slide 59: Liquidity ratios: NSFR and LCR
57 Note: liquidity balance sheet for management purposes (net of trading derivatives and interbank balances). (1) Provisional data. HQLAs used in the consolidated LCR numerator: €323bn. See Glossary for definitions. (2) UK: Ring-fenced bank, local criteria; Spain: Banco Santander, S.A. standalone. (
Slide 60: Appendix index
2028 Investor Day targets summary Group P&L QoQ variations including and excluding M&A Loans by global business Detail by global business Detail by country Balance sheet and capital management Reconciliation of underlying results to statutory results Glossary and additional notes Appendix
Slide 61: Reconciliation of underlying to statutory results
59 Reconciliation of underlying results to statutory results EUR mn Note: for explanation of adjustments corresponding to 9M 2026 and 9M 2025 results, see additional note 2 on slide 63. (1) Includes exchange differences. Statutory results Adjustments Underlying results Statutory results Adjustments
Slide 62: Appendix index
2028 Investor Day targets summary Group P&L QoQ variations including and excluding M&A Loans by global business Detail by global business Detail by country Balance sheet and capital management Reconciliation of underlying results to statutory results Glossary and additional notes Appendix
Slide 63: Glossary - Acronyms
61 Glossary - Acronyms • AI: Artificial Intelligence • A2A: Account-to-account • AM: Asset Management • AT1: Additional Tier 1 • AuMs: Assets under management • bn: Billion • bps: Basis points • c.: Circa • CAL: Customer assets and liabilities • CET1: Common equity tier 1 • CHF: Swiss franc • CIB: C
Slide 64: Glossary - Definitions
62 Glossary - Definitions Note: the averages for the RoTE and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from using daily balances. The risk-weighted assets included in the denominator of the RoRWA metric are calculated
Slide 65: Additional notes
63 Additional notes (1) Phased-in ratio calculated in accordance with the transitory treatment of the CRR. • Capital distribution includes deductions for accrual of ordinary shareholder remuneration and AT1 costs. The board of directors intends to: i) apply an ordinary shareholder remuneration polic
Slide 66: Thank you
( Thank you o> )
Slide 67: 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: 28 October 2026 By: /s/ José García Cantera Name: José García Cantera Title: