Webster Financial Corporation · NYSE:WBS
Webster Financial — Investor Day (February 2026)
34 slides from Webster Financial's investor day presentation, Feb 25, 2026
Slide 1: Héctor Grisi, Chief Executive Officer
1 ID 26 HG_v20 Héctor Grisi | Chief Executive Officer 25 February | London
Slide 2: Important information
2 2 Important information Non - IFRS and alternative performance measures Banco Santander, S . A . (“Santander”) cautions that this webcast may contain financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements,
Slide 3: Important information
3 3 Important information Additionally, Webster Financial Corporation’s (“Webster”) and Santander’s actual results, financial condition and achievements may differ materially from those indicated in these forward - looking statements . Important factors that could cause Webster’s and Santander’s act
Slide 4: Important information: additional information about the acquisition of Webster
4 4 Important information ADDITIONAL INFORMATION ABOUT THE ACQUISITION OF WEBSTER AND WHERE TO FIND IT INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM F - 4 AND THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM F - 4 WHEN THEY BECOM
Slide 5: ONE Transformation driving higher value creation
5 Note : TSB and Webster transactions pending completion and subject to customary conditions including regulatory and, for Webster also shareholder approvals . 1. € constant at constant perimeter (excluding Poland in 2025 and announced bolt - ons . Revenue u p Increasing RoTE & Scale Customer focus
Slide 6: 2026-2028 targets: Financial North Star
6 6 2026 – 2028 targets FINANCIAL North Star Note : The board of directors intends ( 1 ) to 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)
Slide 7: Key operational targets 2028
7 7 Key OPERATIONAL targets 2028 targets Active customers c.125mn from 106mn in 2025 Fees per active customer € constant c.135 from 130 in 2025 Customers >210mn from 180mn in 2025 Revenue up MSD and total costs down every year 1 on the back of ONE Transformation Cost per active customer € constant c
Slide 8: Three Years of Delivery
8 8 ID 26 HG_v19 8 Of Delivery Three Years
Slide 9: 2023 marked the acceleration of our plan
9 9 2023 marked the acceleration of our plan Customer - first focus ONE T ransformation Higher value creation
Slide 10: All key Investor Day targets achieved
10 +14% +8% 41.2 % 1.15 % 13.5 % 16.3 % TNAVps+DPS growth Efficiency ratio CoR CET1 RoTE Revenue growth +4% Cost base DD growth 7 - 8% c. 42% c. 1.0 - 1.1% >12% 15 - 17% 4 - 5% 2025 Delivery 1 2023 ID Targets CAGR 22 - 25 CAGR 22 - 25 2025 2025 2025 2025 CAGR 22 - 25 Note : Figures pre - reporting c
Slide 11: Growing customers and gaining primacy of our customers
11 Growing customers and gaining the primacy of our customers We have delivered because we have transformed Capital intensive A sum of banks Product based From a fragmented , product - led model … … to a global financial services platform ONE - STOP SHOP ONE Transformation + Network businesses … to
Slide 12: Robust capital and balance sheet
12 Robust Capital & Balance Sheet CET1 Stable NPL coverage Lower NPL ratio Steady CoR 13.5% 66% 2.91% 1.15% FY 2025 Note : Figures pre - reporting changes 1 . Estimated deposit market share including TSB 2 . Market share reflects weighted average deposit market share at the MSA level . FDIC deposit
Slide 13: Reducing our NII dependence through the cycle
13 Reducing our NII dependence through the cycle Fees (constant €bn) 2025 Ex - Santander Poland 2022 2025 Pro - forma 1 2028 target Target CAGR 25 - 28 H SD growth - 4pp lower weight NII as % of revenue 1. Pro - forma figures have been elaborated by aggregating Group and TSB and Webster reported fig
Slide 14: Costs: ONE Transformation delivers efficiencies
14 Costs (€bn) 2025 pro - forma 2 2025 2025 - 2028 2028 target c.26 28.5 Inflation & investments 3 €3.5 - 4.5 bn Cost synergies 4 TSB > £4 00 mn Webster c. $8 00 mn Cost per active customer (€) Efficiency ratio 2022 ONE Transformation Inflation - adjusted 1 45.8% c.23 ONE Transformation efficiencies
Slide 15: Delivering the model
15 15 ID 26 HG_v19 15 the model Delivering
Slide 16: Building RoTE across our global businesses
16 15.2 % RoTE 2025 Retail Openbank CIB Wealth Payments 2 - 2.5pp 1 – 1.5pp 0.5 – 1pp 0.4 – 0.6pp 0.1 – 0.3pp Building RoTE across our global businesses Post - changes & ex - Poland RoTE waterfall 2025 2028 target RoTE 2028 target >20 % Further upside from revenue and cost synergies Beyond 2028 16.3
Slide 17: Retail: how ONE Transformation drives RoTE
17 17 % RoTE 2025 > 21 % RoTE 2028 target Radical process simplification and automation Roll out of global platforms at scale Full digital availability across products and services Embrace AI and agile ways of working Customer centric model with best omnichannel experience and a powerful CRM Custome
Slide 18: Retail: #1 bank for our customers
18 <35 % Efficiency DD % Non - commercial FTE per mn customer 2025 - 2028 Fee income Target CAGR 2025 - 2028 RoTE 2025 RoTE 2028 target ONE Transformatio n > 21 % 17 % Cost per active customer 1 1 . € constant at constant perimeter as of 2025 (excluding Poland) . HSD % HSD % #1 bank for our customer
Slide 19: TSB cost synergies
19 Note : announced acquisitions transactions pending completion and subject to customary conditions including regulatory and, for Webster also shareholder approvals . 1 . Cost synergies pre - tax and not considering potential revenue synergies . 2 . Cost synergies are pre - tax, annual, and full ru
Slide 20: Retail Brazil
20 1 . Country RoTE . Capital reallocation : to Select , SMEs & Corporates to improve portfolio quality and reduce exposure to low - return segments Global capabilities : leverage in our global businesses to improve the franchise Radical simplification : product simplification and process automation
Slide 21: Retail Commercial: leveraging data and daily activity
21 … leveraging data and daily activity Advanced data - driven segmentation focused on high - growth customers , with specialized teams and full high value product portfolio (CIB, Asset Management, etc.) Global coverage to support multinationals’ expansion and unlock out - of - footprint opportuniti
Slide 22: Openbank
22 c. 16 % RoTE 2028 target Build top - tier app journeys + embedded experiences Simplified operating model and unified global platform Drive AI adoption at scale to boost customer engagement, productivity and reduce cost - to - serve How ONE Transformatio n Grow th Diversify beyond traditional auto
Slide 23: Openbank 2028 targets
23 <32 % Efficiency c. 35 m n Total customers by 2028E 8 % RoTE 2025 RoTE 2028 target ONE Transformatio n c. 16 % Cost per active customer D D % Openbank 2028 E ↑ Grow th
Slide 24: CIB
24 18 % RoTE 2025 > 20 % RoTE 2028 target Fee - intensive business , strengthening global industry groups and product capabilities As a network business, deployment of global capabilities to commercial, SMEs and Private Banking Disciplined capital allocation Leverage global platforms, data and AI, e
Slide 25: CIB 2028 targets
25 18 % RoTE 2025 > 20 % RoTE 2028 target Value - added solutions Scalabi lity 1. Figures in constant euros . <43 % Efficiency HSD Fee income CAGR 1 2025 - 2028 Gross collaboration revenue CAGR 1 2025 - 2028 +7 % Total rev / avg RWAs >8 % CIB 2028 E ↑
Slide 26: Wealth
26 61 % RoTE 2025 How Fee - based growth Scalabili ty Focus on high - value added revenue pools Insurance (retirement solutions and protection) Alternatives: business verticals consolidation Discretionary portfolio offer Further develop Institutional and 3rd party investments in our investment platf
Slide 27: Wealth 2028 targets
27 > 60 % Wealth <30 % Efficiency Distribution fee growth AuM growth >20 % GWP growth >70 % +30 % 61 % RoTE 2025 RoTE 2028 target Fee - based growth Scalabili ty 2028 E ↑
Slide 28: Global integrated platform: Santander Retirement Solutions
28 Building a global, integrated platform for accumulation and decumulation solutions Santander Retirement Solutions (SRS) AuMs > 50% growth In - bank customer interactions to drive scalable, capital - light fee income Embedded protection businesses + 20% incremental fees To maximize lifetime custom
Slide 29: Payments
29 How Best product and tech expanding our offering with x - border & FX solutions, embedded finance and alternative payment methods One - stop shop and customizable AI offering for agentic commerce to access a new market of $17tr merchandise value Migration of account to account, acquiring and issu
Slide 30: Payments 2028 targets
30 1. Constant euros . c. 45 % Payments - 40 % Cost per payment trx 2025 - 2028 # Transactions BY 2028 >15 % ↑ x2 Revenue Growth 1 BY 2028 2028 E 35% EBITDA margin 2025 c. 45 % Fee - based growth Scalabili ty EBITDA margin 2028 target
Slide 31: 2026-2028 targets: Financial North Star
31 31 2026 – 2028 targets FINANCIAL North Star Reinvesting capital organically >20% RoTE Increase cash dividend payout to 35% from 2027 Shareholder remuneration 50% Payout >x2 by 2028 1 Cash DPS TNAVps+DPS Accelerating to High teens by 2028 Double - digit EPS annual growth 2026 - 2028 & Profitable g
Slide 32: Key operational targets 2028
32 32 Key OPERATIONAL targets 2028 targets Note : Customers projections include TSB and Webster . TSB and Webster transactions pending completion and subject to customary conditions including regulatory and, for Webster also shareholder approvals . 1. € constant at constant perimeter (excluding Pola
Slide 33: Santander is ready for the next phase
33 33 delivered We have Unique model We have a Value creation Santander is ready for the next phase of
Slide 34: Thank you
34 Thank you Thank you 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: February 25, 2026 By: /s/ Pedro de Mingo Kaminouchi N