Banco De Sabadell Sa · BME:SAB

Banco De Sabadell Sa — Banco De Sabadell Sa Ord — FY2025 Earnings Presentation

43 slides from Banco De Sabadell Sa's earnings presentation, Feb 6, 2026

1. Slide 1: FY2025 Results

   FY2025 Results February 6, 2026

2. Slide 2: Index

   Index 1 2025 highlights 2 Financial results 3 Balance sheet 4 Closing remarks

3. Slide 3: 2025 Highlights

   Sabadell 2025 Highlights

4. Slide 4: 2025 key messages

   2025 key messages Volumes grew at Asset quality continues its mid-single digit positive trend Performing loans: +5.4% YoY 14.3% Total cost of risk: 37bps (-16bps YoY) Customer funds: +6.4% YoY RoTE Total NPAs -17% YoY NPA coverage ratio at 64% (+2pp YoY) Core revenues performed €1,500M of total in l

5. Slide 5: Sabadell is well positioned to keep improving its profitability

   Sabadell is well positioned to keep improving its profitability Our strategy supports profitable growth: We have already regained positive commercial marginally lower loan yields are more than momentum after the tender offer offset by lower Cost of Risk Structural shift: The ongoing transformation O

6. Slide 6: Temporary impacts from the takeover bid moderated YoY growth

   Temporary impacts from the takeover bid moderated YoY growth Performing loans across geographies Total customer funds €M €M Dec-25 QoQ YoY Dec-25 QoQ YoY Spain 103,323 -0.9% +5.2% On-balance sheet 132,037 +3.4% +3.6% ex-TSB Other international +2.9% +6.2% 16,292 Off-balance sheet 52,656 +1.9% +14.0%

7. Slide 7: Mid-teens growth in household lending with corporates poised for an acceleration

   Mid-teens growth in household lending with corporates poised for an acceleration Mortgages Consumer loans €M. Quarterly new lending in Spain €M. Quarterly new lending in Spain 1,728 1,600 1,670 -3 % 692 768 745 +8 % Var. YoY Var. YoY +17% +16% +4 % 2025/2024 -3 % 2025/2024 Var. QoQ Var. QoQ 4Q24 3Q2

8. Slide 8: Customer funds growth driven by off-balance sheet products

   Customer funds growth driven by off-balance sheet products Merchant acquiring business to remain within Sabadell’s perimeter Cards Retailer payment services (PoS) €M. Quarterly turnover in Spain €M. Quarterly turnover in Spain 6,623 6,853 7,036 +6 % 14,259 15,664 14,264 +0 % Var. YoY Var. YoY +6% +2

9. Slide 9: Positive loan growth across segments and geographies in the year

   Positive loan growth across segments and geographies in the year Performing loans by segment, ex-TSB €bn Dec-25 QoQ YoY Dec-25 QoQ YoY Mexico +7.5% +16.6% Mortgages 39.8 +1.0% +5.2% 4.9 Constant FX +6.3% +23.5% Consumer loans 5.4 +3.4% +17.8% Miami +2.3% -2.4% 6.9 Constant FX +2.4% +10.4% SMEs & Cor

10. Slide 10: TSB continues to improve its profitability and contribution to Sabadell

    TSB continues to improve its profitability and contribution to Sabadell TSB performing loans and customer deposits TSB standalone P&L and its contribution to Sabadell £bn £M 4Q25 4Q25/3Q25 2025 2025/2024 NII 275 +4.6% 1,056 +7.2% Dec-25 QoQ YoY Fees & commissions 18 -12.7% 77 -15.5% Performing loans

11. Slide 11: 14.3% profitability with c.200bps of capital generation in the year

    14.3% profitability with c.200bps of capital generation in the year P&L ex-TSB 4Q25 (€M) 4Q25/3Q25 2025 (€M) 2025/2024 NII 895 -0.5% 3,604 -6.6% 14.3% RoTE Fees 332 +5.9% 1,295 +3.6% Total costs -605 +7.9% -2,251 +2.5% Provisions -124 -1.4% -491 -27.4% 196bps Net profit (ex-TSB) 310 -10.0% 1,458 -7.

12. Slide 12: Total 2025 remuneration improved to €1,500M (9% market cap)

    Total 2025 remuneration improved to €1,500M (9% market cap) Total shareholder remuneration 2025-27 €M 2,500 €6,450 Cash Share Buyback Total remuneration 2026-27 To start on +€50M Already paid improved February 9th €50cts Per share €1,500 435 365 350 800 350 700 1st Interim 2nd Interim Final Excess T

13. Slide 13: Financial results

    Sabadell Financial results

14. Slide 14: Performance aligned with YE targets

    Performance aligned with YE targets Sabadell ex-TSB Sabadell Group €M 4Q25 2025 4Q25/3Q25 2025/2024 4Q25 2025 4Q25/3Q25 2025/2024 Net interest income 895 3,604 -0.5% -6.6% 1,209 4,837 0.5% -3.7% Fees & commissions 332 1,295 5.9% 3.6% 352 1,384 4.5% 2.0% Core banking revenue 1,227 4,899 1.2% -4.1% 1,

15. Slide 15: €3.6bn of NII ex-TSB in 2025 as expected

    €3.6bn of NII ex-TSB in 2025 as expected Group NII Group NII QoQ evolution €M Group ex-TSB €M 1,209 1,275 4Q25/3Q25 4Q25/3Q25 899 314 1,203 1,209 +2 +3 895 306 + 0.5 % - 0.5 % 303 314 Customer -9 +€11M margin ALCO QoQ -7 -1 Interest rate Loan volumes Liquidity hedges-6 2025/20241 2025/20241 +5 -2 96

16. Slide 16: NII to increase >1% in 2026

    NII to increase >1% in 2026 … NII ex-TSB expected quarterly evolution 4Q26 vs 4Q25 Mid-single digit growth NII ex-TSB in 1Q26 will be the trough due to seasonality and headwind from repricing of variable rate loans 4Q26 NII ex-TSB is expected to grow mid-single digits versus 4Q25 assuming: • Euribor

17. Slide 17: Fees grew in the year by c.4%, excluding TSB

    Fees grew in the year by c.4%, excluding TSB Group fees & commissions Group Ex-TSB Commissions increased QoQ driven €M by higher asset management fees 4Q25/3Q25 4Q25/3Q25 stemming from success fees 347 352 + 4.5 % + 5.9 % 337 Ex-TSB commissions rose by c.4% 25 20 24 72 over the year, driven by asset

18. Slide 18: Costs met our low-single digit growth guidance

    Costs met our low-single digit growth guidance Group costs €M Group ex-TSB In the quarter, total costs ex-TSB 818 4Q25/3Q25 4Q25/3Q25 increased by €44M, mainly driven by: 776 772 + 5.9 % + 7.9 % 148 • €23M of a reclassification (in 126 121 amortisation & depreciation) related 185 182 184 to the end

19. Slide 19: Total CoR ex-TSB better than guidance of ~40bps

    Total CoR ex-TSB better than guidance of ~40bps Group credit provisions Group ex-TSB Group total provisions 4Q25 breakdown €M €M 4Q25/3Q25 4Q25/3Q25 142 18 + 19.1 % + 22.3 % 29 107 -4 124 -8 104 17 52 16 2025/2024 2025/2024 -5 107 - 17.2 % - 23.4 % 88 Credit Foreclosed NPA Other TSB Total 57 provisi

20. Slide 20: Balance sheet

    Sabadell Balance sheet

21. Slide 21: Asset quality kept improving during the year

    Asset quality kept improving during the year NPLs and coverage ratios Exposure by stage and coverage ratio €M, % €M Stage 2 Stage 3 ex-TSB Total provisions / Dec-25 YoY Dec-25 YoY 69% 69% stage 3 Exposure (€M) 9,222 -1,432 4,119 -725 66% Group % of total loan book 5.3% -94bps 2.4% -47bps Total provi

22. Slide 22: Net NPAs to total asset ratio well below 1%

    Net NPAs to total asset ratio well below 1% Group foreclosed assets NPAs Group key ratios €M €M Dec-24 Sep-25 Dec-25 23% 93% Finished Gross NPA ratio1 3.3% 2.9% 2.8% Stock sold 64% 64% ex-TSB 62% L12M +10% properties Coverage Net NPA ratio 1.4% 1.1% 1.1% (stock) ratio Average premium 60% 60% Group N

23. Slide 23: Consistent de-risking with declining NPL ratio and total CoR

    Consistent de-risking with declining NPL ratio and total CoR along with coverage ratio improvement Dec-25 vs Dec-23 69% 60% Total provisions over stage 3, ex-TSB +9.2pp 4.22% 68 2.65% NPL ratio, -157bps 61 ex-TSB 57 55 53 40 37 37 37 Total Cost of Risk, -31bps ex-TSB (in bps) Dec-23 Mar-24 Jun-24 Se

24. Slide 24: Solid liquidity buffers with upgraded credit ratings

    Solid liquidity buffers with upgraded credit ratings Liquidity metrics Total liquid assets Long-term ratings €bn Yearly changes highlighted in blue Group ex-TSB Dec-24 Dec-25 Annual changes 93% 91% 65 17 59 63 Standard & Poor’s BBB+ Positive A- Positive ▪ One notch up and outlook remains positive Lo

25. Slide 25: Strong MREL management buffers

    Strong MREL management buffers MREL position, Sabadell Group 2025 public issuances by instrument % Risk Weighted Assets (RWAs phase-in), % Leverage Ratio Exposure (LRE) Instrument Size (€Bn) AT1 1.0 25.64% 27.62% 6.39% 8.99% Senior non preferred 1.0 2025 Requirement 2025 Covered bonds 0.5 4.13% Requ

26. Slide 26: Generating capital while growing loan book at mid-single digits

    Generating capital while growing loan book at mid-single digits Evolution of capital ratios Shareholder value creation1 391bps 196bps Capital MDA buffer generation 20252 20bps of capital generation pre dividend accrual +11% 19.42% 18.70% +1bps 18.16% 17.60% +25bps -6bps -29bps 0.26 60% -54bps pay-ou

27. Slide 27: Closing remarks

    Sabadell 4. Closing remarks

28. Slide 28: Achievement of 2025 guidance, new 2026 guidance and confirmation of CMD 2027 targets

    Achievement of 2025 guidance, new 2026 guidance and confirmation of CMD 2027 targets P&L targets New On track ex-TSB FY2025 2025 guidance 2026 guidance 2027e Net Interest Income €3.6bn €3.6bn >1% ~€3.9bn Fees & Commissions +3.6% MSD ̴ MSD MSD 2024-27e CAGR (YoY) Total costs ~3% (YoY) +2.5% LSD ~3% 2

29. Slide 29: Sabadell's investment case has become even more attractive

    Sabadell’s investment case has become even more attractive Growth while improving • Regaining commercial momentum after the tender offer asset quality • Headroom for prudent market-share gains in a growing market • A model with strong capacity to generate capital (196bps in High capital generation 2

30. Slide 30: Appendix

    Appendix 1 NIM and customer margin 2 Debt maturities 3 ALCO portfolio 4 ESG milestones 5 TSB asset quality, solvency and liquidity position 6 RWAs breakdown 7 MDA buffer 8 Group accounting income statement

31. Slide 31: NIM and customer margin

    Appendix 1 NIM and customer margin Sabadell Group Sabadell ex-TSB TSB %, in euros %, in euros %, in euros 3.16% 3.05% 2.98% 2.92% 2.93% 3.07% 3.31% 3.10% 3.00% 2.91% 2.91% 2.98% 2.88% 2.86% 2.86% 3.18% 2.71% 2.06% 2.02% 1.98% 1.98% 1.97% 1.93% 1.89% 1.85% 1.79% 1.83% 2.00% 1.91% 2.38% 2.29% 2.26% 2.

32. Slide 32: Debt maturities

    Appendix 2 Debt maturities 4,789 3,668 3,710 3,100 2,457 2,264 700 2026 2027 2028 2029 2030 2031 >2031 Covered bonds 1,390 2,246 2,418 2,023 1,850 200 1,500 1 Senior Preferred Debt 500 0 750 1,266 750 0 0 Senior Non-Preferred Debt 67 18 500 1,500 500 500 1,195 1 Subordinated debt 500 0 0 0 0 0 1,015

33. Slide 33: Debt maturities

    Appendix 2 Debt maturities Main debt maturities and redemptions Main debt maturities or calls in next 12 in last 6 months months Instrument Date Nominal amount Instrument Date Nominal amount Covered bonds 21/07/2025 €500M Tier 22 15/01/2026 (call) €500M Senior preferred bonds 22/07/2025 €1,000M Seni

34. Slide 34: ALCO portfolio

    Appendix 3 ALCO portfolio Evolution of fixed income portfolio Composition of fixed income portfolio Sabadell Group. €bn Sabadell Group. €bn. Dec-25. 14.1% 14.4% 12.6% 34.4 35.4 18.6 4.8 1.9 2.7 6.0 1.4 31.0 6.1 6.4 6.1 Spain Italy UK Other EU Government 28.0 29.3 Other non-EU Government & agencies C

35. Slide 35: Sustainability plan exceeded the 2021–2025 targets

    Appendix 4 Sustainability plan exceeded the 2021–2025 targets INSTITUTION CUSTOMERS INVESTORS SOCIETY Progress as a Sustainable Support customers in the Offer investment Work together for a Institution transition to a sustainable opportunities that contribute sustainable and cohesive economy to sust

36. Slide 36: ESG certifications and awards

    Appendix 4 ESG certifications and awards 2025 ESG Certifications and Awards Awarded World’s Best Companies in Certified Top Employer 2025 Sustainable Growth 2026 by TIME and in Spain by TE Institute Statista (#28), which reflects the bank’s corporate commitment to addressing the climate crisis 2025

37. Slide 37: TSB asset quality, solvency and liquidity position

    Appendix 5 TSB asset quality, solvency and liquidity position Asset quality TSB core mortgage portfolio overview % Dec-24 Sep-25 Dec-25 9% 2% Mortgages NPL ratio 1.5% 1.5% 1.5% 5% 84% > 90 % Coverage ratio 34% 32% 32% 9% Total loan 1 (YTD) book Cost of risk 0.08% 0.12% 0.13% Liquidity £33.6bn Reside

38. Slide 38: RWAs breakdown

    Appendix 6 RWAs breakdown Dec-25 phase-in RWAs By type: By geography: €80,111M Credit risk Spain €66.8bn €62.1bn Market risk €0.4bn UK €13.7bn Operational risk €12.7bn Mexico Others €4.3bn €0.2bn 38

39. Slide 39: MDA buffer

    Appendix 7 MDA buffer Leverage MDA buffer ratio phase-in Group capital requirements Group capital position (phase-in) 391bps 5.4% Pillar 1 CET1 4.50% Pillar 2 CET1 Requirement (P2R) 1.27%1 • MDA stands at 391bps, above 9.25% Capital Conservation Buffer 2.50% requirement • 0.5% countercyclical buffer

40. Slide 40: Group accounting income statement

    Appendix 8 Group accounting income statement €M 2024 2025 2025/2024 Net interest income 3,761 3,537 -6.0% Fees & commissions 1,249 1,295 3.6% Core banking revenue 5,011 4,831 -3.6% Trading income & forex 52 -6 n.m. Other income & expenses -105 71 n.m. Gross operating income 4,958 4,896 -1.3% Operati

41. Slide 41: Glossary

    Glossary AuM Asset under Management MoM Month over month variation AI Artificial intelligence MREL Minimum Requirement of Eligible Liabilities bps Basis points NII Net Interest Income CET1 FL Common Equity Tier 1 Fully Loaded NIM Net Interest Margin CoR Cost of Risk NPA Non-Performing Asset CRR2 Cap

42. Slide 42: Disclaimer

    Disclaimer This presentation (the "Presentation") has been prepared and is issued by, those filed with the Spanish Securities and Exchange Commission (“CNMV”) (https://www.grupbancsabadell.com/corp/en/shareholders-and- and is the sole responsibility of, Banco de Sabadell, S.A. ("Banco Sabadell" and

43. Slide 43: ©Sabadell

    ©Sabadell

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