Banco Santander, S.a. · BME:SAN
Banco Santander — FY2025 Earnings Presentation
92 slides from Banco Santander's earnings presentation, Feb 3, 2026
Slide 1: Form 6-K Report of Foreign Issuer
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 February, 2026 Commission File Number: 001-12518 Banco Santander, S.A. (Exact name of registrant as specified in its c
Slide 2: Table of Contents
BANCO SANTANDER, S.A. ________________________ TABLE OF CONTENTS Item 1. January - December 2025 Earnings presentation (Supplementary information)
Slide 3: Supplementary information FY'25
000 Supplementary information FY’25 3 February 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 • uncertainty over the scope of actions that may be required by us, governments and other to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and potential conflicts and inconsistencies among governmenta
Slide 6: Additional notes
4 Variations in constant euros include Argentina in current euros to mitigate distortions from a hyperinflationary economy. We apply the official ARS exchange rate except in the periods between Q2 2024 and Q1 2025, when we applied an alternative exchange rate for the Argentine peso that better refle
Slide 7: Supplementary information
5 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 8: Regulatory capital requirements and ratios
6 * Phased-in ratios are calculated in accordance with the transitory treatment of the CRR. (1) Estimated countercyclical buffer as of Dec-25. (2) Estimated systemic risk buffer as of Dec-25. (3) According to a resolution from Banco de España in October 2024, a countercyclical buffer of 0.50% over t
Slide 9: Diversified bond portfolio
7 %, Dec-25 €167bn o/w HTC €124bn (74%) ALCO IRRBB €130bn Liquidity portfolio €38bn BOND PORTFOLIO • Bond portfolio represents 9% of total assets • HTC&S duration: 1.6 years • Mark to market impact of the HTC portfolio equivalent to less than 1% of total CET1 (€84.7bn) €167bn Diversified bond portfo
Slide 10: Debt issuance and maturity profile
8 3.0 8.1 6.7 0.3 3.2 2.5 3.5 1.3 0.2 1.8 0.1 3.5 0.4 0.9 3.3 0.5 7.1 18.8 12.5 1.0 0.7 Covered bonds Senior Senior non- preferred AT1 Tier 2 € bn, Dec-25 Covered Bonds Senior Non- Preferred Senior Other 2026 2027 2028 2029 >2030 11.1 11.8 7.4 6.9 4.9 10.1 3.6 13.2 7.9 12.1 8.3 15.2 10.7 11.6 15.9 5
Slide 11: Execution of 2025 funding plan
9 Plan Issued Plan Issued Plan Issued Plan Issued Banco Santander, S.A. 0 - 0.5 1.4 13 - 14 14.1 3 - 5 3.0 16 - 19.5 18.4 UK - - 4.5 - 6.5 6.0 4 - 5 4.2 8.5 - 11.5 10.2 SHUSA - - 3 - 4 2.0 - - 3 - 4 2.0 TOTAL 0 - 0.5 1.4 20.5 - 24.5 22.0 7 - 10 7.1 27.5 - 35 30.5 AT1 + Tier 2 SNP + Senior Covered Bo
Slide 12: Execution of 2026 funding plan
10 Plan Issued Plan Issued Plan Issued Plan Issued Banco Santander, S.A. 1 - 2.5 - 13 - 15 6.2 0.5 - 2 - 14.5 - 19.5 6.2 UK - - 3 - 5.5 - 3 - 4 - 6 - 9.5 - SHUSA - - 1 - 3 - - - 1 - 3 - TOTAL 1 - 2.5 - 17 - 23.5 6.2 3.5 - 6 - 21.5 - 32 6.2 TOTALCovered BondsAT1 + Tier 2 SNP + Senior € bn, Jan-26 • C
Slide 13: TLAC and MREL ratios
11 88.0 9.2 11.4 0.8 35.4 24.2 169.1 MREL instruments 31.9% 12.8% 4.4% 3.3% 2.6% 39.6% 15.3% % RWAs % LE 18.0% 6.8% 4.4% 4.7% 1.4% 27.1% 8.2% % RWAs % LE % and € bn, Dec-25(e) Req. 36.3% SNP T2 CET1 Senior AT1 Sub debt %, Dec-25(e) Req. 22.4% Distance to M-MDA €14.6bn 470bps €14.5bn 140bps €13.9bn 3
Slide 14: Liquidity balance sheet and ratios
12 Well-funded, diversified, prudently managed and highly liquid balance sheet with a large contribution from customer deposits, reflected in solid liquidity ratios € bn, Dec-25 Net Stable Funding Ratio (NSFR) Dec-25 Sep-25 Sep-25 Spain 2 144% 151% 125% UK 2 162% 165% 134% Portugal 133% 126% 122% Po
Slide 15: Supplementary information
13 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 16: NIM (%)
14 NIM (%) NII / Average earning assets Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Retail & Commercial Banking 3.19 3.18 3.14 3.26 3.12 3.05 2.92 3.02 Spain 2.55 2.75 2.66 2.48 2.57 2.38 2.33 2.40 United Kingdom 1.41 1.46 1.53 1.58 1.59 1.53 1.52 1.56 Mexico 5.78 5.80 5.98 6.23 6.14 6.22 6.30 6
Slide 17: Yield on loans (%)
15 Yield on loans (%) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Retail & Commercial Banking 6.49 6.48 6.39 6.50 6.39 6.26 6.07 6.10 Spain 4.10 4.09 4.06 3.89 3.78 3.59 3.39 3.36 United Kingdom 3.79 3.93 4.07 4.13 4.14 4.12 4.12 4.12 Mexico 13.82 13.73 13.78 13.67 13.33 12.38 12.21 11.96 Brazil
Slide 18: Cost of deposits (%)
16 Cost of deposits (%) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Retail & Commercial Banking 2.38 2.20 2.15 2.13 2.04 2.04 2.08 2.04 Spain 0.65 0.69 0.73 0.75 0.57 0.45 0.42 0.43 United Kingdom 2.16 2.15 2.07 2.00 1.93 1.92 1.93 1.92 Mexico 5.21 5.17 4.88 4.44 4.07 3.73 3.49 3.09 Brazil 7.22
Slide 19: Supplementary information
17 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 20: Efficiency ratio (%)
18 Efficiency ratio (%) Q1'24 H1'24 9M'24 2024 Q1'25 H1'25 9M'25 2025 Retail & Commercial Banking 40.7 39.2 39.1 39.5 39.4 39.4 39.2 39.4 Digital Consumer Bank 41.2 40.6 40.7 40.1 41.9 41.5 40.9 40.6 Corporate & Investment Banking 41.6 43.3 44.3 45.5 42.9 43.7 44.9 45.5 Wealth Management & Insurance
Slide 21: Supplementary information
19 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 22: Stage coverage
20 Stage coverage Exposure subject to impairment (EUR billion)* Coverage Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Stage 1 1,007 1,008 1,008 1,002 1,012 989 1,005 1,018 0.4% 0.4% 0.4% 0.4% 0.4% 0.3% 0.3% 0.3% Stage 2 83 94 87 88 8
Slide 23: NPL ratio (%)
21 NPL ratio (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Retail & Commercial Banking 3.21 3.14 3.27 3.18 3.12 3.06 3.00 2.97 Digital Consumer Bank 4.86 4.81 4.89 5.07 5.09 4.97 5.29 5.32 Corporate & Investment Banking 1.19 1.03 0.86 0.83 0.75 0.71 0.70 0.69 Wealth Management & Insura
Slide 24: NPL coverage ratio (%)
22 NPL coverage ratio (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Retail & Commercial Banking 61 62 58 58 59 60 62 61 Digital Consumer Bank 76 76 74 74 75 76 73 71 Corporate & Investment Banking 43 36 36 39 39 45 45 48 Wealth Management & Insurance 56 59 64 71 66 70 68 71 Payments 14
Slide 25: Credit impaired loans and loan-loss allowances
23 Loan-loss allowancesCredit impaired loans Credit impaired loans and loan-loss allowances Retail, 56%Consumer, 33% CIB, 5% Wealth, 1% Payments, 5% Retail, 51% Consumer, 35% CIB, 4% Wealth, 1% Payments, 9% Spain, 17% United Kingdom, 8% Portugal, 3% Poland, 5% DCB Europe, 11% US, 21% Mexico, 4% Braz
Slide 26: Cost of risk (%)
24 Cost of risk (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Retail & Commercial Banking 1.03 1.03 0.98 0.92 0.91 0.89 0.89 0.88 Digital Consumer Bank 2.12 2.17 2.12 2.16 2.14 2.09 2.06 2.10 Corporate & Investment Banking 0.14 0.15 0.21 0.09 0.08 0.09 0.10 0.15 Wealth Management & Ins
Slide 27: Supplementary information
25 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 28: Grupo Santander (EUR mn)
26 Grupo Santander (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 11,983 11,474 11,225 11,986 11,378 11,338 11,100 11,538 +3.9% 46,668 45,354 -2.8% Net fee income 3,240 3,237 3,189 3,344 3,369
Slide 29: Grupo Santander (Constant EUR mn)
27 Grupo Santander (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 11,345 10,906 11,019 11,806 11,130 11,408 11,229 11,587 +3.2% 45,076 45,354 +0.6% Net fee income 3,044 3,059 3,130 3,
Slide 30: Supplementary information
28 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 31: Retail & Commercial Banking (EUR mn)
29 Retail & Commercial Banking (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 7,139 6,857 6,807 7,134 6,721 6,618 6,431 6,639 +3.2% 27,937 26,409 -5.5% Net fee income 1,205 1,184 1,153 1,164 1
Slide 32: Retail & Commercial Banking (Constant EUR mn)
30 Retail & Commercial Banking (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 6,751 6,522 6,684 7,055 6,612 6,657 6,489 6,651 +2.5% 27,012 26,409 -2.2% Net fee income 1,118 1,105 1,13
Slide 33: Retail & Commercial Banking Spain (EUR mn)
31 Retail & Commercial Banking Spain (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,472 1,471 1,495 1,430 1,467 1,448 1,443 1,439 -0.3% 5,869 5,796 -1.2% Net fee income 283 276 270 245 291 2
Slide 34: Retail & Commercial Banking UK (EUR mn)
32 Retail & Commercial Banking UK (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,119 1,128 1,189 1,236 1,224 1,174 1,152 1,178 +2.3% 4,672 4,728 +1.2% Net fee income 1 (16) (2) (15) 5 2 9 34
Slide 35: Retail & Commercial Banking UK (Constant EUR mn)
33 Retail & Commercial Banking UK (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,119 1,124 1,172 1,202 1,194 1,164 1,167 1,203 +3.1% 4,616 4,728 +2.4% Net fee income 1 (16) (2) (15)
Slide 36: Retail & Commercial Banking UK (GBP mn)
34 Retail & Commercial Banking UK (GBP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 958 963 1,004 1,029 1,023 997 999 1,031 +3.1% 3,955 4,050 +2.4% Net fee income 1 (13) (2) (13) 4 2 8 29 +275.8%
Slide 37: Retail & Commercial Banking Mexico (EUR mn)
35 Retail & Commercial Banking Mexico (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 819 804 747 765 756 735 762 787 +3.4% 3,134 3,041 -3.0% Net fee income 175 197 171 156 171 177 179 196 +9.9
Slide 38: Retail & Commercial Banking Mexico (Constant EUR mn)
36 Retail & Commercial Banking Mexico (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 697 688 716 753 750 751 766 774 +1.2% 2,854 3,041 +6.5% Net fee income 149 169 164 155 170 180 179
Slide 39: Retail & Commercial Banking Mexico (MXN mn)
37 Retail & Commercial Banking Mexico (MXN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 15,100 14,901 15,512 16,307 16,244 16,262 16,584 16,775 +1.2% 61,820 65,865 +6.5% Net fee income 3,233 3,65
Slide 40: Retail & Commercial Banking Brazil (EUR mn)
38 Retail & Commercial Banking Brazil (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,759 1,740 1,695 1,600 1,534 1,503 1,452 1,468 +1.1% 6,795 5,957 -12.3% Net fee income 397 409 376 348 359
Slide 41: Retail & Commercial Banking Brazil (Constant EUR mn)
39 Retail & Commercial Banking Brazil (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,500 1,547 1,634 1,580 1,497 1,531 1,468 1,462 -0.4% 6,261 5,957 -4.9% Net fee income 339 364 363
Slide 42: Retail & Commercial Banking Brazil (BRL mn)
40 Retail & Commercial Banking Brazil (BRL mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 9,456 9,756 10,300 9,959 9,436 9,650 9,252 9,216 -0.4% 39,470 37,554 -4.9% Net fee income 2,135 2,294 2,290
Slide 43: Digital Consumer Bank (EUR mn)
41 Digital Consumer Bank (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 2,710 2,655 2,614 2,797 2,756 2,747 2,763 2,769 +0.2% 10,777 11,036 +2.4% Net fee income 354 387 373 394 339 341 380 418
Slide 44: Digital Consumer Bank (Constant EUR mn)
42 Digital Consumer Bank (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 2,616 2,563 2,571 2,725 2,661 2,759 2,812 2,804 -0.3% 10,474 11,036 +5.4% Net fee income 343 374 369 387 332 34
Slide 45: Digital Consumer Bank Europe (EUR mn)
43 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,095 1,092 1,069 1,105 1,112 1,155 1,207 1,212 +0.5% 4,361 4,685 +7.4% Net fee income 220 231 229 222 188 185 19
Slide 46: Digital Consumer Bank Europe (Constant EUR mn)
44 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,092 1,091 1,069 1,105 1,109 1,154 1,209 1,214 +0.4% 4,356 4,685 +7.5% Net fee income 220 231 229 222 1
Slide 47: Digital Consumer Bank US (EUR mn)
45 Digital Consumer Bank US (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,143 1,179 1,138 1,191 1,221 1,129 1,132 1,100 -2.8% 4,651 4,581 -1.5% Net fee income 64 67 75 97 84 90 86 78 -9.6%
Slide 48: Digital Consumer Bank US (Constant EUR mn)
46 Digital Consumer Bank US (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,099 1,125 1,108 1,126 1,138 1,135 1,173 1,135 -3.2% 4,458 4,581 +2.8% Net fee income 62 64 73 92 79 90 89
Slide 49: Digital Consumer Bank US (USD mn)
47 Digital Consumer Bank US (USD mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,240 1,270 1,250 1,271 1,285 1,281 1,323 1,281 -3.2% 5,031 5,170 +2.8% Net fee income 70 72 82 103 89 102 101 91 -9.
Slide 50: Corporate & Investment Banking (EUR mn)
48 Corporate & Investment Banking (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,053 962 895 1,079 953 1,013 982 1,099 +11.8% 3,988 4,047 +1.5% Net fee income 654 626 612 656 716 637 624 736
Slide 51: Corporate & Investment Banking (Constant EUR mn)
49 Corporate & Investment Banking (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 985 898 879 1,068 930 1,021 995 1,102 +10.8% 3,829 4,047 +5.7% Net fee income 630 603 604 644 699 641
Slide 52: Wealth Management & Insurance (EUR mn)
50 Wealth Management & Insurance (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 449 430 419 408 375 354 350 366 +4.3% 1,706 1,445 -15.3% Net fee income 365 356 369 408 419 423 415 446 +7.5% 1,
Slide 53: Wealth Management & Insurance (Constant EUR mn)
51 Wealth Management & Insurance (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 439 420 414 403 367 355 354 368 +3.9% 1,675 1,445 -13.7% Net fee income 352 343 363 401 410 425 420 448
Slide 54: Payments (EUR mn)
52 Payments (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 662 639 586 680 685 726 705 791 +12.3% 2,567 2,907 +13.2% Net fee income 662 682 691 725 693 734 781 799 +2.3% 2,759 3,008 +9.0% Gain
Slide 55: Payments (Constant EUR mn)
53 Payments (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 585 573 567 669 672 736 711 787 +10.7% 2,394 2,907 +21.4% Net fee income 603 633 673 712 681 741 788 799 +1.4% 2,621 3,008 +
Slide 56: PagoNxt (EUR mn)
54 PagoNxt (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 31 31 35 35 38 42 41 45 +10.0% 132 167 +27.0% Net fee income 224 233 241 261 245 265 267 282 +5.5% 958 1,059 +10.5% Gains (losses) on
Slide 57: PagoNxt (Constant EUR mn)
55 PagoNxt (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 27 28 34 34 37 43 42 45 +8.6% 123 167 +35.7% Net fee income 203 215 235 256 241 268 269 281 +4.4% 910 1,059 +16.4% Gains (los
Slide 58: Cards (EUR mn)
56 Cards (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 632 608 551 645 647 683 663 746 +12.4% 2,436 2,740 +12.5% Net fee income 438 449 450 464 449 469 514 517 +0.7% 1,801 1,949 +8.2% Gains (
Slide 59: Cards (Constant EUR mn)
57 Cards (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 558 545 533 635 635 693 670 742 +10.8% 2,271 2,740 +20.7% Net fee income 401 417 437 456 440 473 518 517 -0.2% 1,711 1,949 +13.
Slide 60: Corporate Centre (EUR mn)
58 Corporate Centre (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income (31) (69) (95) (113) (112) (120) (132) (126) -4.2% (308) (490) +59.1% Net fee income (1) 2 (8) (3) (9) (7) (6) (5) -18.5% (11
Slide 61: Supplementary information
59 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 62: Spain (EUR mn)
60 Spain (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,816 1,840 1,799 1,802 1,779 1,806 1,829 1,890 +3.3% 7,256 7,305 +0.7% Net fee income 746 738 707 676 767 735 710 810 +14.1% 2,867 3,02
Slide 63: United Kingdom (EUR mn)
61 United Kingdom (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,185 1,196 1,256 1,313 1,298 1,244 1,220 1,245 +2.0% 4,950 5,008 +1.2% Net fee income 79 64 80 61 82 84 92 111 +19.9% 283 369
Slide 64: United Kingdom (Constant EUR mn)
62 United Kingdom (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,185 1,191 1,239 1,276 1,266 1,234 1,236 1,272 +2.9% 4,890 5,008 +2.4% Net fee income 79 63 79 59 80 83 93 113 +20.6%
Slide 65: United Kingdom (GBP mn)
63 United Kingdom (GBP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,015 1,020 1,061 1,093 1,085 1,057 1,059 1,090 +2.9% 4,189 4,290 +2.4% Net fee income 67 54 68 51 69 71 80 96 +20.6% 240 316 +
Slide 66: Portugal (EUR mn)
64 Portugal (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 431 413 373 332 348 336 328 334 +1.6% 1,548 1,346 -13.0% Net fee income 127 115 115 110 126 129 123 128 +3.7% 467 506 +8.2% Gains (lo
Slide 67: Poland (EUR mn)
65 Poland (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 686 697 727 733 744 736 737 736 -0.2% 2,844 2,953 +3.8% Net fee income 176 163 170 166 189 184 176 184 +4.9% 674 733 +8.8% Gains (losse
Slide 68: Poland (Constant EUR mn)
66 Poland (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 701 707 735 745 737 739 741 736 -0.7% 2,889 2,953 +2.2% Net fee income 180 165 171 168 188 185 177 184 +4.3% 685 733 +7.1% Gai
Slide 69: Poland (PLN mn)
67 Poland (PLN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 2,973 2,999 3,115 3,158 3,126 3,134 3,140 3,118 -0.7% 12,245 12,519 +2.2% Net fee income 761 700 727 714 795 783 749 781 +4.3% 2,902 3,
Slide 70: Digital Consumer Bank Europe (EUR mn)
68 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,095 1,092 1,069 1,105 1,112 1,155 1,207 1,212 +0.5% 4,361 4,685 +7.4% Net fee income 220 231 229 222 188 185 19
Slide 71: Digital Consumer Bank Europe (Constant EUR mn)
69 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,092 1,091 1,069 1,105 1,109 1,154 1,209 1,214 +0.4% 4,356 4,685 +7.5% Net fee income 220 231 229 222 1
Slide 72: United States (EUR mn)
70 United States (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,396 1,428 1,411 1,458 1,499 1,450 1,463 1,476 +0.9% 5,693 5,888 +3.4% Net fee income 267 272 296 317 355 323 335 314 -6.3% 1,1
Slide 73: United States (Constant EUR mn)
71 United States (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,343 1,362 1,374 1,378 1,398 1,455 1,514 1,521 +0.5% 5,456 5,888 +7.9% Net fee income 257 260 288 300 331 325 347 325
Slide 74: United States (USD mn)
72 United States (USD mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,516 1,537 1,550 1,555 1,577 1,642 1,709 1,717 +0.5% 6,158 6,645 +7.9% Net fee income 290 293 325 338 373 367 392 366 -6.5% 1,2
Slide 75: Mexico (EUR mn)
73 Mexico (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,214 1,207 1,113 1,097 1,129 1,109 1,126 1,190 +5.6% 4,631 4,554 -1.7% Net fee income 359 374 329 322 350 339 341 423 +23.9% 1,385 1,4
Slide 76: Mexico (Constant EUR mn)
74 Mexico (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,034 1,033 1,067 1,082 1,120 1,132 1,132 1,170 +3.4% 4,216 4,554 +8.0% Net fee income 306 320 316 319 347 346 343 417 +21.6%
Slide 77: Mexico (MXN mn)
75 Mexico (MXN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 22,390 22,383 23,112 23,448 24,260 24,518 24,518 25,353 +3.4% 91,333 98,649 +8.0% Net fee income 6,621 6,937 6,850 6,903 7,520 7,504 7,
Slide 78: Brazil (EUR mn)
76 Brazil (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 2,630 2,605 2,474 2,413 2,402 2,338 2,309 2,331 +1.0% 10,121 9,380 -7.3% Net fee income 846 888 833 846 793 757 801 843 +5.3% 3,414 3,1
Slide 79: Brazil (Constant EUR mn)
77 Brazil (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 2,242 2,316 2,389 2,379 2,344 2,382 2,333 2,321 -0.5% 9,326 9,380 +0.6% Net fee income 722 789 803 832 774 771 809 840 +3.9% 3
Slide 80: Brazil (BRL mn)
78 Brazil (BRL mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 14,135 14,604 15,058 14,998 14,776 15,019 14,708 14,633 -0.5% 58,795 59,136 +0.6% Net fee income 4,549 4,973 5,065 5,243 4,877 4,862 5,
Slide 81: Chile (EUR mn)
79 Chile (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 352 472 482 516 512 490 436 479 +9.9% 1,822 1,917 +5.2% Net fee income 129 137 146 140 151 145 135 151 +12.1% 551 582 +5.8% Gains (losse
Slide 82: Chile (Constant EUR mn)
80 Chile (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 337 443 458 494 484 490 458 485 +6.0% 1,732 1,917 +10.7% Net fee income 123 128 139 134 143 145 141 153 +8.3% 524 582 +11.2% Ga
Slide 83: Chile (CLP mn)
81 Chile (CLP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 361,759 475,476 491,886 529,884 519,215 525,944 491,506 520,756 +6.0% 1,859,004 2,057,420 +10.7% Net fee income 132,221 137,526 148,628
Slide 84: Argentina (EUR mn)
82 Argentina (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 1,025 397 390 1,107 416 523 318 471 +48.0% 2,919 1,727 -40.8% Net fee income 131 73 111 287 172 217 192 207 +8.2% 602 788 +30.9% Gai
Slide 85: Argentina (Argentine peso mn)
83 Argentina (Argentine peso mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 949,444 1,183,149 799,603 665,292 593,186 722,372 707,821 924,321 +30.6% 3,597,488 2,947,700 -18.1% Net fee income 121,57
Slide 86: Rest of the Group (EUR mn)
84 Rest of the Group (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 183 196 228 225 250 272 258 300 +16.4% 832 1,080 +29.8% Net fee income 162 180 181 199 205 224 230 250 +8.8% 723 908 +25.6%
Slide 87: Rest of the Group (Constant EUR mn)
85 Rest of the Group (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 / Q3'25 2024 2025 2025 / 2024 Net interest income 170 181 223 219 241 277 263 299 +13.8% 794 1,080 +36.1% Net fee income 157 174 179 195 199 226 232 251 +7.9% 705 90
Slide 88: Supplementary information
86 Supplementary information Balance sheet and capital management NIM, yield on loans and cost of deposits Efficiency ratio Asset quality Quarterly income statements Primary segments Secondary segments Glossary
Slide 89: Glossary - Acronyms
87 Glossary - Acronyms • ALCO: Assets and Liabilities Committee • AT1: Additional Tier 1 • bn: Billion • bps: Basis points • CBR: Combined buffer requirement • CET1: Common equity tier 1 • CIB: Corporate & Investment Banking • HQLA: High quality liquid assets • FY: Full year • HTC: Held to collect •
Slide 90: Glossary - Definitions
88 Glossary - Definitions EFFICIENCY • Efficiency: Underlying operating expenses / Underlying total income. Operating expenses are defined as: administrative expenses + amortizations CREDIT RISK • NPL ratio: Credit impaired customer loans and advances, guarantees and undrawn balances / Total risk. T
Slide 91: 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 92: 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: 3 February 2026 By: /s/ José García Cantera Name: José García Cantera Title: