Banco Santander, S.a. · BME:SAN
Banco Santander — Q3 2026 Earnings Presentation
64 slides from Banco Santander's earnings presentation, Oct 28, 2026
Slide 1: 9M'26 Earnings Presentation
9M’26 Earnings Presentation 28 October 2026
Slide 2: Important information
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, as
Slide 3: Important information
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 th
Slide 4: Index
Index 1 2 3 4 9M’26 Highlights Group review Final remarks Appendix Progress on our strategy
Slide 5: Another strong set of results, on track to deliver targets
Another strong set of results, comfortably on track to deliver our targets, with all global businesses contributing to mid-teens profit growth Q3'26 Und. profit 9M'26 Und. profit Strong quarterly profit, resulting in double-digit profit growth in 9M, with 17 million new customers YoY and high activi
Slide 6: Higher revenue and lower costs driving double-digit profit growth
Higher revenue and lower costs are driving double-digit net operating income and profit growth Ex. TSB & Webster Group P&L Current Constant Current Constant € million 9M'26 9M'25 % % % % NII 34,614 31,599 10 8 7 5 Net fee income 10,349 9,462 9 7 9 7 Other income 1,844 2,182 -15 -16 -15 -16 Total rev
Slide 7: Business model driving operational leverage and profitable growth
Our unique business model, disciplined capital allocation, ONE Transformation and network businesses are driving operational leverage and profitable growth Customer growth +5% Increasing underlying+1.1pp Revenue Scale up YoY RoTE YoY Every year1 Customer focus ONE Transformation Diversification Cost
Slide 8: More active customers and deeper relationships make profitability sustainable
More active customers, deeper relationships and structural cost efficiencies make profitability improvements sustainable over time Active customers Fees per active customer € constant2 111mn 129 +10mn +2% c.125mn in 2028 Customers c.135 in 2028 189mn Revenue Costs +17mn Cost per active customer € co
Slide 9: ONE Transformation, AI and network businesses delivering efficiency improvements
Consistent execution of ONE Transformation, targeted deployment of AI at scale and our three network businesses are delivering structural efficiency improvements Efficiency ratio ONE AI Global Tech Network Announced Transformation businesses bolt-ons 45.3% c.-3pp c.-1pp c.-2pp c.-1pp c.-2pp c.36% 20
Slide 10: Double-digit profit increase across all 5 global businesses
Double-digit profit increase supported by revenue growth and efficiency gains across all 5 global businesses Underlying FY’28 Revenue Underlying 9M’26 (€ bn) Efficiency profit RoTE underlying (€ bn) RoTE target 26.3 39.9% 6.4 17.7% Retail >21% +6% -2.9pp +12% +1.0pp PBT ex. Motor Finance1 Operating
Slide 11: Retail
Retail Double-digit profit growth on the back of deeper customer relationships and the rollout of our global platforms 9M’26 execution 9M’26 performance ONE Transformation progressing at speed: customer interaction platform deployed in Spain and global app Loans Deposits CoR launched in Uruguay, now
Slide 12: Openbank
Improved value proposition, strong customer momentum and disciplined Openbank execution, leading to +8pp operating jaws and +13% underlying PBT 9M’26 execution 9M’26 performance More integrated, scalable and efficient business, while accelerating cross-selling and AI-led transformation Loans Deposit
Slide 13: San US
San US Our US franchise delivered 13% RoTE before Webster, which will further accelerate our path to top-tier profitability Webster’s contribution 9M’26 Santander US performance Enhances our scale, adding a complementary branch footprint, creating a leading Northeast deposit franchise Loans Deposits
Slide 14: CIB
CIB Better efficiency and profitability driving profit up 15% on the back of our growth initiatives 9M’26 execution 9M’26 performance Solid execution of our strategy focused on disciplined capital allocation, driving RoTE up to 19%, while Loans Deposits CoR maintaining a leading position in efficien
Slide 15: Wealth
Wealth High-teen profit growth, with fees up 11% backed by strong client inflows and our focus on value-added solutions and services 9M’26 execution 9M’26 performance Enhanced global advisory model with improved connectivity across countries and global businesses AuMs CAL (PB) Gross written premiums
Slide 16: Payments
PaymentsGlobal platforms generating value in scope and scale, driving revenue growth and profitability improvements 9M’26 execution 9M’26 performance Key strategic priorities driving lower cost per transaction and improved merchant value proposition, with a single- entry platform for cross-border Eu
Slide 17: Strong organic capital build while accelerating profitability and value creation
Strong organic capital build while accelerating profitability and value creation CET1 Underlying RoTE TNAVps + cash DPS % € per share Cash DPS: €25.2 cents +0.9pp +1.1pp +11% 16.0% 6.17 13.5 +0.75 +0.20 12.7 14.9% 5.56 11.8 -0.09 -1.63 5.92 Dec-25 M&A Pro forma Net Regulatory Markets, Sep-26 9M'25 9
Slide 18: Index
Index 1 2 3 4 9M’26 Highlights Group review Final remarks Appendix Progress on our strategy
Slide 19: Higher revenue and lower costs driving profit growth
Higher revenue and lower costs are driving double-digit net operating income and profit growth Group P&L Current Constant € million 9M'26 9M'25 % % Underlying profit € mn NII 34,614 31,599 10 8 Net fee income 10,349 9,462 9 7 +19% +2% Other income 1,844 2,182 -15 -16 3,768 3,848 Total revenue 46,807
Slide 20: Revenue growth underpinned by more customers
Revenue growth is underpinned by more customers and deeper relationships across our businesses Total revenue Constant € mn +8% Group 15,382 15,658 15,866 • c.95% of total revenue is customer related 14,754 14,692 15,283 14,481 • Solid revenue growth YoY, both in NII and fees, with all global busines
Slide 21: Solid NII performances across most global businesses
Solid NII performances across most global businesses driven by higher activity levels and our active balance sheet management 2.71% 2.68% NIM 2.65% 2.61% 2.67% 2.71% 2.60% Margins Quarterly • 9M’26 NIM flat YoY: – Retail up 4bps, improving especially in Argentina, Spain and Mexico NII +11% – Strong
Slide 22: Strong net fee income
Strong net fee income fuelled by structural value added from our global businesses Net fee income Constant € mn Detail by business +7% • Retail: – Good commercial dynamics and customer growth (+10mn YoY), supporting 3,543 3,482 3,478 widespread increases across our footprint, particularly in transac
Slide 23: ONE Transformation delivering lower costs
ONE Transformation is delivering lower costs and 12% net operating income growth GROUP Revenue +7% Costs Constant € mn 15,382 15,283 15,658 15,866 • Costs down 5% YoY in real terms, with efficiency improving 3pp 14,481 14,754 14,692 – Retail down 5% ex. M&A, with outstanding performances in the UK a
Slide 24: Robust asset quality
Robust asset quality CoR 1.12% 1.13% 1.13% 1.14% 1.14% 1.15% 1.16% Credit quality • LLPs and CoR affected YoY by sector-wide trends in Argentina. Excluding Argentina: – LLPs rose 6%, in line with loan growth ex. M&A, and CoR was broadly stable at LLPs 1.09%, reflecting our active risk management and
Slide 25: Strong organic capital generation keeps us on track for CET1 target
Strong organic capital generation keeps us on track to deliver on our year-end CET1 target CET1 ratio % Maximize capital productivity 9M’26 or latest estimates +75bps net organic Front book pricing 21% generation in 9M’26 14.0 RoTE of new book +19bps net organic generation +0.59 2026 12.5 12.7 targe
Slide 26: Index
Index 1 2 3 4 9M’26 Highlights Group review Final remarks Appendix Progress on our strategy
Slide 27: Record 9M profit and on track to meet all 2026 targets
Record 9M profit and comfortably on track to meet all our 2026 targets 9M’26 delivery2026argets t Revenue Mid-single Revenue and costs on track growth +5% digit ex. TSB & Webster on the back of our consistent execution of in constant euros ONE Transformation Costs -2% Down in constant euros ex. TSB
Slide 28: Our Financial North Star
Our Financial North Star 2026 – 28 targets Strength Profitable growth CET1 Profit RoTE c.13% >€20bn >20% 12-13% operating range TNAVps+DPS by 2028 Excess >13% to be returned Accelerating to at the end of the plan High teens by 2028 & Shareholder remuneration EPS Reinvesting annual growth Payout Cash
Slide 29: Index
Index 1 2 3 4 9M’26 Highlights Group review Final remarks Appendix Progress on our strategy
Slide 30: Appendix
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
Slide 31: Well positioned to deliver 2028 Investor Day targets
We are well positioned to deliver on our 2028 Investor Day targets 2025 9M'26 2028 ID targets Underlying profit (€ bn) 13.2 11.2 >€20bn Underlying RoTE (%) 15.2 16.0 >20% Profitability 17 21 DD annual growth Underlying EPS (%) Payout (Cash + SBB)¹ (%) 50 50 50 Total customers (mn) 174 189 >210mn Act
Slide 32: Appendix
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
Slide 33: Group quarterly performance excluding TSB & Webster
Quarterly trends impacted by seasonal effects Group quarterly performance excluding TSB & Webster Constant € mn -2% 11,439 11,127 11,220 11,031 10,852 Q3'26 vs. Q2'26 Ex. TSB & Webster NII 10,574 10,668 Current Constant Current Constant -1% Group P&L % % % % NII 2 2 -2 -2 3,179 3,218 3,246 3,543 3,3
Slide 34: Appendix
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
Slide 35: Loans by global business
Loans by global business ex. M&A €1,143bn +16% +6% Loans Wealth 3% +13% +11% ex. Webster • >80% of Group loan portfolio is from our Retail and Openbank CIB 16% businesses +28% • Loans rose 16% YoY, favoured by the incorporation of TSB and Webster. Openbank 20% +7% +3% Excluding M&A, they increased 6
Slide 36: Appendix
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
Slide 37: Retail & Commercial Banking
Retail & Commercial Banking KEY DATA HIGHLIGHTS • ONE Transformation continued to deliver tangible results, reflected in Loans Deposits Mutual funds fee growth, a double-digit increase in customer funds, cost to serve €697bn €711bn €125bn improvement (-5%) and higher profitability +16% +3% +16% +6%
Slide 38: Retail Spain and Retail UK
RETAIL SPAIN RETAIL UK Loans Deposits Mutual funds Loans Deposits Mutual funds €159bn €240bn €55bn €277bn €263bn €8bn +3% +5% +2% +5% +13% +22% ex. TSB +25% ex. TSB +30% Yield on loans Cost of deposits Efficiency Yield on loans Cost of deposits Efficiency 3.47% 0.47% 31.2% 4.21% 1.92% 51.0% -15bps -
Slide 39: Retail Mexico and Retail Brazil
RETAIL MEXICO RETAIL BRAZIL Loans Deposits Mutual funds Loans Deposits Mutual funds €40bn €40bn €17bn €70bn €68bn €29bn +3% +6% +4% -0% +10% +18% Yield on loans Cost of deposits Efficiency Yield on loans Cost of deposits Efficiency 13.16% 2.87% 39.6% 15.99% 9.41% 43.1% -126bps -89bps -2.8pp -36bps +
Slide 40: Openbank
Openbank KEY DATA HIGHLIGHTS Loans Deposits New lending • We aim to become a leading digital bank that combines advanced technology with a personal and human touch, placing customers at the heart of our €231bn €177bn €67bn management and maximizing profitability and shareholder value +7% +3% +2% +37
Slide 41: Openbank Europe and Openbank US
OPENBANK EUROPE OPENBANK US Loans Deposits Mutual funds Loans Deposits Mutual funds €147bn €80bn €6bn €60bn €96bn €4bn +3% -3% +15% -1% +19% ex. Webster +9% +107% ex. Webster +4% Yield on loans Cost of deposits Efficiency Yield on loans Cost of deposits Efficiency 5.75% 1.64% 44.5% 11.79% 2.14% 40.1
Slide 42: Corporate & Investment Banking
Corporate & Investment Banking KEY DATA HIGHLIGHTS Loans Deposits • Solid execution of our strategy, driving RoTEup to 19.2% and maintaining a leading position in efficiency €178bn €150bn +28% +12% • Good activity levels reflect the benefits of our growth initiatives and the resilience of our divers
Slide 43: Wealth Management & Insurance
Wealth Management & Insurance KEY DATA HIGHLIGHTS Gross written Net new money (PB) Net sales (AM) premiums • We continue to build the best wealth and insurance manager in Europe €17.2bn €7.9bn €10.0bn and the Americas, supported by our leading global private banking platform 6% of volumes¹ 4% of vol
Slide 44: Payment Solutions
Payment Solutions KEY DATA HIGHLIGHTS Getnet – TPV Getnet Platforms – # transactions • Payment Solutions is positioned as our payments platform business, structured around three business lines: €198bn 14bn – Getnet, our acquiring business +9% 3x – Getnet Platforms, consisting of our A2A platform and
Slide 45: Corporate Centre
Corporate Centre P&L HIGHLIGHTS • NII impacted by higher funding costs and lower interest rates Underlying P&L (€ mn) 9M'26 9M'25 • Greater loss on financial transactions, affected by FX hedges NII -544 -364 • Other operating incomeimproved on the back of higher results from some Gains / losses on f
Slide 46: Appendix
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
Slide 47: Spain and UK
SPAIN UK Loans Deposits Mutual funds Loans Deposits Mutual funds €256bn €331bn €117bn €279bn €270bn €8bn +10% +6% +13% +21% +3% +23% +4% +6% ex. TSB ex. TSB Efficiency CoR RoTE Efficiency CoR RoTE 34.1% 0.43% 25.6% 50.6% 0.12% 12.8% -3.0pp -2bps +5.1pp -8.0pp +9bps +2.8pp Ex. TSB Ex. TSB Underlying
Slide 48: Portugal and US
PORTUGAL US Loans Deposits Mutual funds Loans Deposits Mutual funds €43bn €43bn €6bn €175bn €158bn €18bn +13% +59% ex. Webster +12% +84% ex. Webster +14% +5% +6% +7% Efficiency CoR RoTE Efficiency CoR RoTE 28.1% 0.06% 29.8% 44.7% 1.39% 12.6% +0.8pp +6bps -0.7pp -4.6pp -24bps +2.1pp Ex. Webster Ex. W
Slide 49: Mexico and Brazil
MEXICO BRAZIL Loans Deposits Mutual funds Loans Deposits Mutual funds €53bn €48bn €25bn €100bn €95bn €62bn +11% +8% +4% +0% +8% +7% Efficiency CoR RoTE Efficiency CoR RoTE 40.3% 2.73% 21.2% 40.1% 4.25% 13.9% -2.8pp +11bps +0.0pp +1.0pp +8bps -1.2pp Underlying P&L (€ mn) Q3'26 % Q2'26 9M'26 % 9M'25 %
Slide 50: Chile and Argentina
CHILE ARGENTINA Loans Deposits Mutual funds Loans Deposits Mutual funds €43bn €31bn €14bn €11bn €12bn €8bn +10% +20% +10% +16% +18% +41% Efficiency CoR RoTE Efficiency CoR RoTE 31.1% 1.28% 20.3% 38.5% 10.80% 16.1% -3.2pp -4bps +0.9pp -6.0pp +455bps -5.4pp Underlying P&L (€ mn) Q3'26 % Q2'26 9M'26 %
Slide 51: Appendix
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
Slide 52: Capital levels amply exceed minimum regulatory requirements
Santander’s capital levels amply exceed minimum regulatory requirements SREP capital requirements(Sep-26) and MDA* CET1 ratio of 12.7%, on track to meet our 17.01% >16% 12.8-13%target for the year, at the top end 14.12% +290bps 2.78% Tier 2 2.44% of our 12-13% operating range 1.55% AT1 1.50% +254bps
Slide 53: Diversified bond portfolio represents 9% of total assets
Diversified bond portfolio represents just 9% of total assets Bond portfolios (Sep-26 ) Rest of the Group €182bn Chile 3% 6% Bond portfolio represents 9% of Liquidity Brazil total assets portfolio 8% €50bn Mexico Spain 8% 44% €182bn HTC&S duration: 1.8 years o/w HTC €143bn (79%) ALCO IRRBB €132bn US
Slide 54: Conservative and decentralized liquidity and funding model
Conservative and decentralized liquidity and funding model 1issued in public markets(€ in €42.8bn 9M'26 bn, Sep-26) Very manageable maturity profile (€ bn, Sep-26) 17.0 Covered 12.9 9.0 12.3 5.5 17.4 Bonds 0.3 1.9 0.9 28.1 3.2 Senior 12.7 16.6 7.9 9.7 11.2 11.4 2.9 1.2 0.9 0.4 3.9 22.1 4.8 Senior no
Slide 55: Execution of 2026 funding plan
2026 issuances against funding plan Execution of 2026 funding plan (€ bn, Sep-26) AT1 + Tier 2 SNP + Senior Covered Bonds TOTAL Plan Issued Plan Issued Plan Issued Plan Issued 1 2 3 2 2 13 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 SH
Slide 56: TLAC/MREL for the Resolution Group
TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. TLAC (%, Sep-26(e)) MREL (% and € bn, Sep-26(e)) Buffer Buffer CBR CBR 40.3% Requirement Requirement 4.6% 180.1 26.1% 4.5% 27.8 Senior 3.6% 34.2 SNP 4.5% Sub debt 1.3 11.8 T2 Req.2 10.1 AT1 Req. 35.7% 14.7% 31.2% 22.5% 2.9% 18.0% 7.1
Slide 57: Well-funded, highly liquid balance sheet
Well-funded, diversified, prudently managed and highly liquid balance sheet with a large contribution from customer deposits, reflected in solid liquidity ratios Liquidity balance(€sheet bn, Sep-26) 1,763 1,763 Net Stable Funding Liquidity 1Coverage Ratio (LCR) Ratio (NSFR) Loans and Sep-26 1 Jun-26
Slide 58: Appendix
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
Slide 59: Reconciliation of underlying results to statutory results
Reconciliation of underlying results to statutory results EUR mn January-September 2026 January-September 2025 Underlying Statutory results Adjustments Statutory results Adjustments Underlying results results Net interest income 34,545 69 34,614 31,559 40 31,599 Net fee income 10,349 — 10,349 9,501
Slide 60: Appendix
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
Slide 61: Glossary - Acronyms
Glossary - Acronyms • AI: Artificial Intelligence • FTE: Full-time equivalent • Payments: Payment Solutions • A2A: Account-to-account • FX: Foreign exchange • PB: Private Banking • AM: Asset Management • GB: Global Banking • PBT: Profit before tax • AT1: Additional Tier 1 • GFT: Gains on financial t
Slide 62: Glossary - Definitions
Glossary - Definitions PROFITABILITY AND EFFICIENCY • Underlying RoTE: Underlying profit attributable to the parent minus AT1 costs (annualized)1 / Average stockholders' equity2 (excl. minority interests) - intangible assets • RoRWA: Consolidated profit (annualized) / Average risk-weighted assets •
Slide 63: Additional notes
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 policy f
Slide 64: Thank you
Thank you ANS