Santander Holdings USA Inc · NYSE:SNUS/PH
Santander Holdings USA — Debt Investor Presentation (November 2025)
30 slides from Santander Holdings USA's debt investor presentation, Nov 3, 2025
Slide 1: Third Quarter 2025 Fixed Income Investor Presentation
qe November 3, 2025 Third Quarter 2025 Fixed Income Investor Presentation
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
Slide 3: Index: At a Glance
Index At a glance Results Core Appendix Business Activities
Slide 4: Business model focuses on four core segments
Confidential 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 C egments and Q3 2025 Assets ($B) Santander Binary banking groups in the world with approximately 178 million Market-lead
Slide 5: SHUSA Q3 2025 Results at a Glance
Confidential SHUSA Q3 2025 Results at a Glance $1.5B | 13.7% 13.2% NET INTEREST INCOME ("NII") 30-89 DAYS AUTO! DELINQUENCY 76 70 Up 2.6% QoQ ' Up 110bps QoQ | COMMON EQUITY TIER 1 (“CET1") Up 9.8% YoY ' Up 197bps YoY ' 456M 0.7% 9, x INCOME NCO RATE” 25.9% own $42M Q00 ' Jp Isbos d00 ' TOTAL LOSS A
Slide 6: Index: Results
Index At a Glance Results Core Appendix Business Activities
Slide 7: Quarterly Profitability
Confidential Quarterly Profitability Per! ‘e Highlights by 89 ’ ‘ow ! * Solid NII performance, underpinned by funding optimization and benefits associated ! $1,981 $2,012 $2,057 2: with growth in Openbank deposits 1 §9745 $1,906 ' ’ i Qo | ' : Fa 1 ™ Continued strength in capital-light fee income le
Slide 8: Net Interest Income & Net Interest Margin
Confidential Net Interest Income & Net Interest Margin SHUSA Nil ($M) Nil & NIM Drivers $3,426 Securities $309 FFisold& $799 repos Interest-earning deposits Loans Int. Income Int. Expense Q3 2024 o Santander 11 | Federal funds ("FF") +10% Int. Income Int. Expense Q2 2025 $3,133 $395 $414 $1,614 $549
Slide 9: Non-Interest Income
Confidential Non-Interest Income ie (SM) Non-Interest Inc vers Non-Interest Inc % Variance Non-interest income increased YoY driven by: <> = Growth in capital-light fee income driven by servicing for others in Auto, Multi-family QoQ YoY afl - a $531 $538 servicing, and Wealth Management Fees 4141% (
Slide 10: General, Administrative, & Other Expenses
Confidential General, Administrative, & Other Expenses! Expenses -1% G&A and other expenses (excluding lease expense) % Variance flat YoY and driven by: QoQ YoY $1,153 $1,104 $1,143 = Investments in strategic initiatives including by, ee am) oth ' the build-out of our Openbank digital platform 6 (24
Slide 11: Credit Loss Expense
Confidential Credit Loss Expense Tot alow SSI ‘32024! Q22025 | _Q32025 H H \ Credit loss expenses flat QoQ, down YoY driven by: ALLL", beginning of period ("BOP") $ 6718 | $ 6,434! $ 6,357 Credit loss expense : 438 | 374 | 371 = Lower NCOs YoY due to: Net charge-offs (595) } (451) | (580) = Resilien
Slide 12: Q3 Balance Sheet Overview
Confidential Q3 Balance Sheet Overview F , o) Goodwill and Other Intangibles, 2% Trading Revolving Credit 2.109 Other Assets’, 10% Equity* 11% | Residential, 3% Other Consumer Loans, 1% Liabilities, 2% Facilities, 2% CRE, 5% | Savings, 6% Other Liabilities?, | Interest-Bearing \| 17% Auto Leases 1,
Slide 13: Balance Sheet Trends | Assets
Confidential Balance Sheet Trends | Assets a3 Reo Hi Loans HFS $104 1 $100 ; $100 1 $97 $96 = Loans and leases down 7.7% YoY driven by lower auto ‘dent 2 1 2 ae eee . a: Ea. Ee oe originations, off-balance sheet securitizations, and portfolio sales; 1 C&l and Oth Commercial Flat QoQ CRE and Multifam
Slide 14: Balance Sheet Trends | Liabilities
Confidential Balance Sheet Trends | Liabilities Liabilities & Equity ($B) Deposits by Business Wealth Management 8% Other? 3% CIB 3% Commercial 18% (BD 63 63 65 66 63 Consumer 68% 3Q24 4Q24 1Q25 2Q25 3Q25 ee = Cost of Deposits ($B) 2.8% 2.6% 27% 6 26% a 5% Savings 22% 24% 25% 1 3% misD mNIBD CDs 21
Slide 15: Liquidity & Wholesale Funding
Confidential Liquidity & Wholesale Funding Borrowed Funds Profile | Balance ($B) 3Q25 Ratio: 165% % Variance f A 1 ($B) 1 Q32025 Q22025 Q32024 1 Qoa YoY Cash and Immediately Available Hl Hl Sources of Liquidity SHUSA Unsecured Debt! '$ 138$ 142$ 1391 (3%) (1%) 43.6 | | Liquidity from released govt.
Slide 16: 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 Federal Reserve's TLAC and long-term debt (“LTD”) requirements’, with 25.9% TLAC, 9.4% eligible LTD anda CET1 ratio of 13.2% SHUS
Slide 17: Capital Ratios
Confidential Capital Ratios As of October 1st, 2024, SHUSA’s current stress capital buffer (“SCB") requirement is 3.5%, resulting in an overall CET1 capital requirement of 8%. On June 27, 2025, the Federal Reserve informed SHUSA of its updated SCB requirement, which became effective on October 1, 20
Slide 18: Index: Core Business Activities
Index At a Glance Results Core Appendix Business Activities
Slide 19: Business Activities Overview
Confidential Business Activities Overview Consumer Commercial = In addition to branch-based deposits, CBB attracts customers nationwide through its new digital Openbank® ; banking platform, Openbank By Santander = C&I: Provides services to a range of commercial Retail 5% customers Office 8% Q3 CRE p
Slide 20: Consumer Activities | Auto & CBB
Confidential Consumer Activities | Auto & CBB Income Statement Data @32025 | 32024? ! ! Total Consumer ($m) Auto CBB 1 _Auto CBB 1 _ Activities Yo Interest income $1,633 $752! $ 1,637 $ 730 ! 0.8% Interest expense 676 371 i 730 370 i (4.8%) Fees and other income 50 78 | Jo (39) $ 541.4% Lease income
Slide 21: Commercial Activities | CRE, Multifamily, and C&I
Confidential Commercial Activities | CRE, Multifamily, and C&I Q3 2025 H Q3 20247 1 Total Commercial Other 5% | —————_ Cor . (sm cal CRE! ~C&LcRE}~—«Cetities Yo Industrial 6% w ' ' Retail 5% Other ; Interest income $ 220 $ 3661 $ 255 $ 389! (9.0%) 42% 28% ' ' Office8% Interest expense 137, «243! = 1
Slide 22: CIB & Wealth Management
Confidential CIB & Wealth Management ($m) | Q32025 } Q320247 : YoY ($m) ' Q32025 + Q32024' + YoY f 1 1 t t f 1 1 1 f f f Interest income '$ 734! $ 1,011! (27.4%) Interest income 1 871 $ 981 (11.2%) Interest expense 667 985 (32.3%) Interest expense ' 39 ' 45 ' (13.3%) f 1 1 t t f Fees and other incom
Slide 23: Index: Appendix
Index At a Glance Results Core Appendix Business Activities
Slide 24: Loan Delinquency by Portfolio Class
Confidential Loan Delinquency by Portfolio Class Consumer | 30-89 Days Past Due’ 15% - 10% om-7N 7 — Residential Mortgage ---+++ Home Equity — — Auto Loans ——Personal Unsecured = === Other Consumer? Consumer | 90+ Days Past Due! 4% 2% “ eo> ee 0% aoe gs dh gh dh db dh oh o> DP PY PM PP LP? DPM OS KS
Slide 25: Charge-offs and Recoveries by Portfolio Segment
Confidential Charge-offs and Recoveries by Portfolio Segment Q3 Recap Charge-offs!2 2.5% . . 2.0% = Consumer NCOs increased QoQ due to seasonality, and 15% oo decreased YoY, primarily due resilient consumer behavior and 1.0% higher loan recoveries supported by robust used vehicle 9.5% 0.0% prices. “
Slide 26: Rating Agencies
Confidential Rating Agencies «> Santander Outlook remains “stable” for all ratings and entities “ hRaty Stable outlook FitchRatings, } (May 19, 2025) MOODY'S Stable outlook RATINGS (December 13, 2024) S&P Global } Stable outlook Ratings (July 23, 2025) 1 | Senior preferred debt / senior non-preferre
Slide 27: Quarterly Trended Statement Of Operations
Confidential SHUSA | Quarterly Trended Statement Of Operations ($m) Q3 2024 Q4.2024 Q1 2025 Q2 2025 Interest income | $ 3426! $ 3,281! $ 3,137! $ 3,182 Interest expense (2,043) | (1,867) | (1,679) | (1,701) Net interest income 1,383 | 1414 | 1,458 1,481 Fees & other income ' 750 826 838 849 Other no
Slide 28: Non-GAAP Reconciliations - Income Statement Metrics
Confidential SHUSA | Non-GAAP Reconciliations - Income Statement Metrics ($m) | 32024 | —_Q42024 12025 | Q22025 | Q32025 SHUSA Revenue Net interest income’ $ 1,383 $ 1,414 $ 1,458 $ 1,481 1,519 Total non-interest income! ' 805 | 866 878 | 871} 874 Lease expense! ' (443) (374) (355) | (340) | (336) T
Slide 29: Non-GAAP Reconciliations - Capital Metrics
Confidential SHUSA | Non-GAAP Reconciliations - Capital Metrics ($M) 32024 a42024 | —Q12025 22025 3 2025 CET1 to risk-weighted assets ; CET1 capital $ 14572 | $ 13,7241 $ 13,751 $ 14,173 | $ 14584 Risk-weighted assets ' 114,104 | 108,006 110,211 | 110,393 1 110,787 Ratio ' 12.7% | 12.7% 12.5% | 12.8
Slide 30: 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: Simple Personal Fair. Etna © justainability Indices «> Santander Stncmonaetaesure —— FISE4Good
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