Banco Santander, S.a. · BME:SAN
Banco Santander — Q1 2025 Earnings Presentation
91 slides from Banco Santander's earnings presentation, Apr 30, 2025
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 April, 2025 Commission File Number: 001-12518 Banco Santander, S.A. (Exact name of registrant as specified in its char
Slide 2: Table of Contents
BANCO SANTANDER, S.A. ________________________ TABLE OF CONTENTS Item 1. January - March 2025 Earnings presentation (Supplementary information)
Slide 3: Supplementary information Q1 2025
000 Supplementary information Q1 2025 30 April 2025
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 • potential losses from early loan repayment, collateral depreciation or counterparty risk; • political instability in Spain, the UK, other European countries, Latin America and the US; • legislative, regulatory or tax changes (including regulatory capital and liquidity requi
Slide 6: Additional notes
4 From Q2 2024 onwards for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods). For further information, see the 'Alternative performance measures' section in the appendix
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: Santander's capital levels amply exceed minimum regulatory requirements
6 Santander’s capital levels amply exceed minimum regulatory requirements 4.50% 12.86% 12-13% (operating range) 0.98% 2.50% 1.25% SyRB, 0.03% CCyB, 0.39% 1.83% 1.57% 1.50%2.44% 2.82% 2.40% 13.91% 17.24% >15% Regulatory Requirement 2025 Group ratios Mar-25 2025 target ratios CET1CCoB Pillar 1 AT1 G-S
Slide 9: Diversified bond portfolio represents just 8% of total assets
7 Diversified bond portfolio represents just 8% of total assets %, Mar-25 Spain 31% Poland 13% UK 7% Portugal 5% SCF 5% Mexico 10% US 10% Brazil 9% Chile 6% Rest of the Group 3% €152bn o/w HTC €96bn (63%) ALCO IRRBB €116bn Liquidity portfolio €35bn BOND PORTFOLIO • Bond portfolio represents 8% of to
Slide 10: Conservative and decentralized liquidity and funding model
8 Conservative and decentralized liquidity and funding model (1) Data includes public issuances from all units with period-average exchange rates. Excludes securitizations. (2) Includes AT1 / Preferred shares and Tier 2 / Subordinated. 1.8 4.1 2.0 2.3 1.2 0.7 1.9 1.8 0.9 0.3 2.9 8.7 5.3 0.0 0.4 Cove
Slide 11: 2025 issuances against funding plan
9 Plan Issued Plan Issued Plan Issued Plan Issued Banco Santander, S.A. 0 - 0.5 0.4 20 - 21 12.5 0.5 - 2 - 20.5 - 23.5 12.9 UK - - 7 - 8 3.5 4 - 5 3.0 11 - 13 6.5 SHUSA - - 3 - 4 1.9 - - 3 - 4 1.9 TOTAL 0 - 0.5 0.4 30 - 33 17.9 4.5 - 7 3.0 34.5 - 40.5 21.2 AT1 + Tier 2 SNP + Senior Covered Bonds TOT
Slide 12: TLAC/MREL for the Resolution Group
10 TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. 32.4% 12.2% 4.2% 4.4% 3.9% 41.0% 16.1% % RWAs % LE 18.0% 6.8% 4.2% 7.7% 2.8% 29.9% 9.5% % RWAs % LE % and € bn Req. 36.6% SNP T2 CET1 Senior AT1 Sub debt % Req. 22.2% Distance to M-MDA €24.6bn 775bps €27.8bn 279bps €18.5bn 445bps
Slide 13: Well-funded, diversified, prudent and highly liquid balance sheet
11 Well-funded, diversified, prudent and highly liquid balance sheet (large % contribution from customer deposits), reflected in solid liquidity ratios € bn, Mar-25 Net Stable Funding Ratio (NSFR) Mar-25 Dec-24 Dec-24 Spain 2 148% 162% 122% UK 2 153% 154% 137% Portugal 143% 142% 120% Poland 213% 220
Slide 14: Supplementary information
12 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 15: NIM (%)
13 NIM (%) NII / Average earning assets Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Retail & Commercial Banking 3.19 3.18 3.14 3.26 3.12 Spain 2.55 2.75 2.66 2.48 2.57 United Kingdom 1.41 1.46 1.53 1.58 1.59 Mexico 5.78 5.80 5.98 6.23 6.14 Brazil 7.87 7.91 8.06 7.67 8.35 Digital Consumer Bank 4.48 4.34 4.28 4.43
Slide 16: Yield on loans (%)
14 Yield on loans (%) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Retail & Commercial Banking 6.49 6.48 6.39 6.50 6.39 Spain 4.10 4.09 4.06 3.89 3.78 United Kingdom 3.79 3.93 4.07 4.13 4.14 Mexico 13.82 13.73 13.78 13.67 13.33 Brazil 16.24 16.46 16.57 16.70 16.54 Digital Consumer Bank 8.38 8.29 8.23 8.56 8.58 DCB
Slide 17: Cost of deposits (%)
15 Cost of deposits (%) * Payments’s cost of deposits is not provided as we do not consider it a relevant metric for this type of business. Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Retail & Commercial Banking 2.38 2.20 2.15 2.13 2.04 Spain 0.65 0.69 0.73 0.75 0.57 United Kingdom 2.16 2.15 2.07 2.00 1.93 Mexico
Slide 18: Supplementary information
16 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 19: Efficiency ratio (%)
17 Efficiency ratio (%) Q1'24 H1'24 9M'24 2024 Q1'25 Retail & Commercial Banking 40.7 39.2 39.1 39.5 39.4 Digital Consumer Bank 41.2 40.6 40.7 40.1 41.9 Corporate & Investment Banking 41.6 43.3 44.3 45.5 42.9 Wealth Management & Insurance 37.9 37.2 37.3 38.2 36.5 Payments 48.4 46.8 46.1 44.5 43.9 Pa
Slide 20: Supplementary information
18 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 21: Stage coverage
19 Stage coverage Exposure subject to impairment (EUR billion)* Coverage Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Stage 1 1,007 1,008 1,008 1,002 1,012 0.4% 0.4% 0.4% 0.4% 0.4% Stage 2 83 94 87 88 87 6.3% 5.6% 5.7% 5.6% 5.6% Stage 3 36 35 36 35 35 40.5% 41.2% 40.1% 40.6%
Slide 22: NPL ratio (%)
20 NPL ratio (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Retail & Commercial Banking 3.21 3.14 3.27 3.18 3.12 Digital Consumer Bank 4.86 4.81 4.89 5.07 5.09 Corporate & Investment Banking 1.19 1.03 0.86 0.83 0.75 Wealth Management & Insurance 0.93 1.08 1.01 0.93 0.98 Payments 4.99 5.16 5.70 5.20 5.88 Pag
Slide 23: NPL coverage ratio (%)
21 NPL coverage ratio (%) Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Retail & Commercial Banking 60.7 61.6 57.9 58.5 59.0 Digital Consumer Bank 76.1 75.9 74.4 73.6 75.0 Corporate & Investment Banking 43.0 36.0 35.5 39.0 39.3 Wealth Management & Insurance 56.2 59.1 63.5 71.2 66.4 Payments 139.8 144.3 128.3 1
Slide 24: Credit impaired loans and loan-loss allowances
22 Loan-loss allowancesCredit impaired loans Credit impaired loans and loan-loss allowances Note: Percentages of total operating areas, excluding Corporate Centre. Retail, 58.1% Consumer, 31.5% CIB, 5.4% Wealth, 0.7% Payments, 4.3% Retail, 52.1%Consumer, 35.8% CIB, 3.2% Wealth, 0.7% Payments, 8.2% S
Slide 25: Cost of risk (%)
23 Cost of risk (%) Note: Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months. * PagoNxt’s cost of risk is not provided as we do not consider it a relevant metric for this type of business. Mar-24 Jun-24 Sep-24 Dec-2
Slide 26: Supplementary information
24 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 27: Grupo Santander (EUR mn)
25 GRUPO SANTANDER (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 11,983 11,474 11,225 11,986 11,378 -5.1% 11,983 11,378 -5.0% Net fee income 3,240 3,237 3,189 3,344 3,369 +0.7% 3,240 3,369 +4.0% Gains (los
Slide 28: Grupo Santander (Constant EUR mn)
26 GRUPO SANTANDER (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 11,573 11,145 11,263 12,053 11,378 -5.6% 11,573 11,378 -1.7% Net fee income 3,100 3,115 3,189 3,360 3,369 +0.3% 3,100 3,369 +8.7% G
Slide 29: Supplementary information
27 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 30: Retail & Commercial Banking (EUR mn)
28 Retail & Commercial Banking (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 7,139 6,857 6,807 7,134 6,721 -5.8% 7,139 6,721 -5.9% Net fee income 1,205 1,184 1,153 1,164 1,210 +3.9% 1,205 1,210 +0.4% Gains
Slide 31: Retail & Commercial Banking (Constant EUR mn)
29 Retail & Commercial Banking (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 6,849 6,626 6,794 7,166 6,721 -6.2% 6,849 6,721 -1.9% Net fee income 1,134 1,122 1,147 1,174 1,210 +3.1% 1,134 1,210 +6
Slide 32: Retail & Commercial Banking Spain (EUR mn)
30 Retail & Commercial Banking Spain (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,472 1,471 1,495 1,430 1,467 +2.6% 1,472 1,467 -0.4% Net fee income 283 276 270 245 291 +19.0% 283 291 +2.9% Total revenu
Slide 33: Retail & Commercial Banking UK (EUR mn)
31 Retail & Commercial Banking UK (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,119 1,128 1,189 1,236 1,224 -1.0% 1,119 1,224 +9.4% Net fee income 1 (16) (2) (15) 5 — 1 5 +699.3% Total revenue 1,112 1,11
Slide 34: Retail & Commercial Banking UK (Constant EUR mn)
32 Retail & Commercial Banking UK (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,147 1,152 1,202 1,232 1,224 -0.6% 1,147 1,224 +6.8% Net fee income 1 (16) (2) (16) 5 — 1 5 +680.2% Total revenue 1
Slide 35: Retail & Commercial Banking UK (GBP mn)
33 Retail & Commercial Banking UK (GBP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 958 963 1,004 1,029 1,023 -0.6% 958 1,023 +6.8% Net fee income 1 (13) (2) (13) 4 — 1 4 +680.2% Total revenue 952 948 1,008 99
Slide 36: Retail & Commercial Banking Mexico (EUR mn)
34 Retail & Commercial Banking Mexico (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 819 804 747 765 756 -1.1% 819 756 -7.6% Net fee income 175 197 171 156 171 +10.2% 175 171 -2.2% Total revenue 969 1,009 8
Slide 37: Retail & Commercial Banking Mexico (Constant EUR mn)
35 Retail & Commercial Banking Mexico (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 703 694 722 759 756 -0.4% 703 756 +7.6% Net fee income 150 170 166 156 171 +10.0% 150 171 +13.9% Total revenue 8
Slide 38: Retail & Commercial Banking Mexico (MXN mn)
36 Retail & Commercial Banking Mexico (MXN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 15,100 14,901 15,512 16,307 16,244 -0.4% 15,100 16,244 +7.6% Net fee income 3,233 3,654 3,557 3,350 3,683 +10.0% 3,233 3,
Slide 39: Retail & Commercial Banking Brazil (EUR mn)
37 Retail & Commercial Banking Brazil (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,759 1,740 1,695 1,600 1,534 -4.2% 1,759 1,534 -12.8% Net fee income 397 409 376 348 359 +3.1% 397 359 -9.6% Total reven
Slide 40: Retail & Commercial Banking Brazil (Constant EUR mn)
38 Retail & Commercial Banking Brazil (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,537 1,586 1,674 1,619 1,534 -5.2% 1,537 1,534 -0.2% Net fee income 347 373 372 353 359 +1.6% 347 359 +3.5% Tot
Slide 41: Retail & Commercial Banking Brazil (BRL mn)
39 Retail & Commercial Banking Brazil (BRL mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 9,456 9,756 10,300 9,959 9,436 -5.2% 9,456 9,436 -0.2% Net fee income 2,135 2,294 2,290 2,174 2,209 +1.6% 2,135 2,209 +3.
Slide 42: Digital Consumer Bank (EUR mn)
40 Digital Consumer Bank (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 2,710 2,655 2,614 2,797 2,756 -1.5% 2,710 2,756 +1.7% Net fee income 354 387 373 394 339 -13.8% 354 339 -4.2% Gains (losses) on financ
Slide 43: Digital Consumer Bank (Constant EUR mn)
41 Digital Consumer Bank (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 2,707 2,656 2,663 2,819 2,756 -2.2% 2,707 2,756 +1.8% Net fee income 349 381 376 396 339 -14.3% 349 339 -2.7% Gains (losses)
Slide 44: Digital Consumer Bank Europe (EUR mn)
42 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,095 1,092 1,069 1,105 1,112 +0.6% 1,095 1,112 +1.6% Net fee income 220 231 229 222 188 -15.6% 220 188 -14.6% Total revenue 1,
Slide 45: Digital Consumer Bank Europe (Constant EUR mn)
43 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,095 1,094 1,073 1,109 1,112 +0.3% 1,095 1,112 +1.5% Net fee income 220 231 229 222 188 -15.6% 220 188 -14.7% Total r
Slide 46: Digital Consumer Bank US (EUR mn)
44 Digital Consumer Bank US (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,143 1,179 1,138 1,191 1,221 +2.5% 1,143 1,221 +6.8% Net fee income 64 67 75 97 84 -12.5% 64 84 +31.2% Total revenue 1,304 1,352 1
Slide 47: Digital Consumer Bank US (Constant EUR mn)
45 Digital Consumer Bank US (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,179 1,207 1,188 1,207 1,221 +1.1% 1,179 1,221 +3.6% Net fee income 66 69 78 98 84 -14.0% 66 84 +27.2% Total revenue 1,34
Slide 48: Digital Consumer Bank US (USD mn)
46 Digital Consumer Bank US (USD mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,240 1,270 1,250 1,271 1,285 +1.1% 1,240 1,285 +3.6% Net fee income 70 72 82 103 89 -14.0% 70 89 +27.2% Total revenue 1,415 1,456
Slide 49: Corporate & Investment Banking (EUR mn)
47 Corporate & Investment Banking (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,053 962 895 1,079 953 -11.7% 1,053 953 -9.5% Net fee income 654 626 612 656 716 +9.1% 654 716 +9.4% Gains (losses) on finan
Slide 50: Corporate & Investment Banking (Constant EUR mn)
48 Corporate & Investment Banking (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,005 919 901 1,090 953 -12.6% 1,005 953 -5.2% Net fee income 644 616 618 660 716 +8.5% 644 716 +11.2% Gains (losses
Slide 51: Wealth Management & Insurance (EUR mn)
49 Wealth Management & Insurance (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 449 430 419 408 375 -8.2% 449 375 -16.3% Net fee income 365 356 369 408 419 +2.9% 365 419 +14.8% Gains (losses) on financial t
Slide 52: Wealth Management & Insurance (Constant EUR mn)
50 Wealth Management & Insurance (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 447 428 422 410 375 -8.5% 447 375 -16.1% Net fee income 360 350 371 409 419 +2.5% 360 419 +16.5% Gains (losses) on fi
Slide 53: Payments (EUR mn)
51 Payments (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 662 639 586 680 685 +0.7% 662 685 +3.4% Net fee income 662 682 691 725 693 -4.4% 662 693 +4.7% Gains (losses) on financial transactions and other (
Slide 54: Payments (Constant EUR mn)
52 Payments (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 596 584 577 681 685 +0.7% 596 685 +15.0% Net fee income 614 644 685 725 693 -4.4% 614 693 +12.9% Gains (losses) on financial transactions
Slide 55: PagoNxt (EUR mn)
53 PagoNxt (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 31 31 35 35 38 +9.7% 31 38 +23.9% Net fee income 224 233 241 261 245 -6.3% 224 245 +9.3% Gains (losses) on financial transactions and other 29 36 35
Slide 56: PagoNxt (Constant EUR mn)
54 PagoNxt (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 27 29 34 35 38 +9.8% 27 38 +39.3% Net fee income 206 218 239 260 245 -6.1% 206 245 +18.8% Gains (losses) on financial transactions and othe
Slide 57: Cards (EUR mn)
55 Cards (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 632 608 551 645 647 +0.3% 632 647 +2.4% Net fee income 438 449 450 464 449 -3.2% 438 449 +2.4% Gains (losses) on financial transactions and other (35)
Slide 58: Cards (Constant EUR mn)
56 Cards (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 568 555 543 646 647 +0.2% 568 647 +13.8% Net fee income 408 426 446 465 449 -3.5% 408 449 +9.9% Gains (losses) on financial transactions and
Slide 59: Corporate Centre (EUR mn)
57 Corporate Centre (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income (31) (69) (95) (113) (112) -1.4% (31) (112) +262.3% Net fee income (1) 2 (8) (3) (9) +199.4% (1) (9) +540.6% Gains (losses) on financial tr
Slide 60: Supplementary information
58 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 61: Spain (EUR mn)
59 Spain (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,816 1,840 1,799 1,802 1,779 -1.2% 1,816 1,779 -2.0% Net fee income 746 738 707 676 767 +13.4% 746 767 +2.9% Gains (losses) on financial transactions
Slide 62: United Kingdom (EUR mn)
60 United Kingdom (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,185 1,196 1,256 1,313 1,298 -1.1% 1,185 1,298 +9.5% Net fee income 79 64 80 61 82 +34.4% 79 82 +4.5% Gains (losses) on financial transactio
Slide 63: United Kingdom (Constant EUR mn)
61 United Kingdom (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,214 1,221 1,270 1,308 1,298 -0.8% 1,214 1,298 +6.9% Net fee income 81 65 81 61 82 +35.5% 81 82 +2.0% Gains (losses) on financial t
Slide 64: United Kingdom (GBP mn)
62 United Kingdom (GBP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,015 1,020 1,061 1,093 1,085 -0.8% 1,015 1,085 +6.9% Net fee income 67 54 68 51 69 +35.5% 67 69 +2.0% Gains (losses) on financial transactio
Slide 65: Portugal (EUR mn)
63 Portugal (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 431 413 373 332 348 +4.8% 431 348 -19.2% Net fee income 127 115 115 110 126 +13.9% 127 126 -1.2% Gains (losses) on financial transactions and other
Slide 66: Poland (EUR mn)
64 Poland (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 686 697 727 733 744 +1.5% 686 744 +8.5% Net fee income 176 163 170 166 189 +14.2% 176 189 +7.8% Gains (losses) on financial transactions and other (2
Slide 67: Poland (Constant EUR mn)
65 Poland (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 708 714 742 752 744 -1.0% 708 744 +5.2% Net fee income 181 167 173 170 189 +11.4% 181 189 +4.5% Gains (losses) on financial transactions and
Slide 68: Poland (PLN mn)
66 Poland (PLN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 2,973 2,999 3,115 3,158 3,126 -1.0% 2,973 3,126 +5.2% Net fee income 761 700 727 714 795 +11.4% 761 795 +4.5% Gains (losses) on financial transaction
Slide 69: Digital Consumer Bank Europe (EUR mn)
67 Digital Consumer Bank Europe (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,095 1,092 1,069 1,105 1,112 +0.6% 1,095 1,112 +1.6% Net fee income 220 231 229 222 188 -15.6% 220 188 -14.6% Gains (losses) o
Slide 70: Digital Consumer Bank Europe (Constant EUR mn)
68 Digital Consumer Bank Europe (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,095 1,094 1,073 1,109 1,112 +0.3% 1,095 1,112 +1.5% Net fee income 220 231 229 222 188 -15.6% 220 188 -14.7% Gains (
Slide 71: United States (EUR mn)
69 United States (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,396 1,428 1,411 1,458 1,499 +2.8% 1,396 1,499 +7.3% Net fee income 267 272 296 317 355 +12.0% 267 355 +33.0% Gains (losses) on financial tra
Slide 72: United States (Constant EUR mn)
70 United States (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,440 1,461 1,473 1,478 1,499 +1.4% 1,440 1,499 +4.1% Net fee income 275 279 309 322 355 +10.4% 275 355 +29.0% Gains (losses) on fina
Slide 73: United States (USD mn)
71 United States (USD mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,516 1,537 1,550 1,555 1,577 +1.4% 1,516 1,577 +4.1% Net fee income 290 293 325 338 373 +10.4% 290 373 +29.0% Gains (losses) on financial tra
Slide 74: Mexico (EUR mn)
72 Mexico (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,214 1,207 1,113 1,097 1,129 +3.0% 1,214 1,129 -7.0% Net fee income 359 374 329 322 350 +8.6% 359 350 -2.5% Gains (losses) on financial transactions
Slide 75: Mexico (Constant EUR mn)
73 Mexico (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,042 1,042 1,076 1,092 1,129 +3.5% 1,042 1,129 +8.4% Net fee income 308 323 319 321 350 +8.9% 308 350 +13.6% Gains (losses) on financial tr
Slide 76: Mexico (MXN mn)
74 Mexico (MXN mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 22,390 22,383 23,112 23,448 24,260 +3.5% 22,390 24,260 +8.4% Net fee income 6,621 6,937 6,850 6,903 7,520 +8.9% 6,621 7,520 +13.6% Gains (losses) on
Slide 77: Brazil (EUR mn)
75 Brazil (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 2,630 2,605 2,474 2,413 2,402 -0.4% 2,630 2,402 -8.7% Net fee income 846 888 833 846 793 -6.3% 846 793 -6.3% Gains (losses) on financial transactions
Slide 78: Brazil (Constant EUR mn)
76 Brazil (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 2,298 2,374 2,448 2,438 2,402 -1.5% 2,298 2,402 +4.5% Net fee income 739 808 823 852 793 -7.0% 739 793 +7.2% Gains (losses) on financial tra
Slide 79: Brazil (BRL mn)
77 Brazil (BRL mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 14,135 14,604 15,058 14,998 14,776 -1.5% 14,135 14,776 +4.5% Net fee income 4,549 4,973 5,065 5,243 4,877 -7.0% 4,549 4,877 +7.2% Gains (losses) on f
Slide 80: Chile (EUR mn)
78 Chile (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 352 472 482 516 512 -0.7% 352 512 +45.6% Net fee income 129 137 146 140 151 +8.5% 129 151 +17.6% Gains (losses) on financial transactions and other 47
Slide 81: Chile (Constant EUR mn)
79 Chile (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 357 469 485 523 512 -2.0% 357 512 +43.5% Net fee income 130 136 147 142 151 +6.9% 130 151 +16.0% Gains (losses) on financial transactions and
Slide 82: Chile (CLP mn)
80 Chile (CLP mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 361,759 475,476 491,886 529,884 519,215 -2.0% 361,759 519,215 +43.5% Net fee income 132,221 137,526 148,628 143,434 153,370 +6.9% 132,221 153,370 +16.
Slide 83: Argentina (EUR mn)
81 Argentina (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 1,025 397 390 1,107 416 -62.4% 1,025 416 -59.4% Net fee income 131 73 111 287 172 -39.9% 131 172 +31.4% Gains (losses) on financial transactions a
Slide 84: Argentina (Argentine peso mn)
82 Argentina (Argentine peso mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 949,444 1,183,149 799,603 665,292 593,186 -10.8% 949,444 593,186 -37.5% Net fee income 121,575 184,297 204,428 232,193 246,000 +5.9% 12
Slide 85: Rest of the Group (EUR mn)
83 Rest of the Group (EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 183 196 228 225 250 +11.1% 183 250 +36.3% Net fee income 162 180 181 199 205 +2.6% 162 205 +26.2% Gains (losses) on financial transactions
Slide 86: Rest of the Group (Constant EUR mn)
84 Rest of the Group (Constant EUR mn) Change Change Underlying income statement Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q1'25 / Q4'24 Q1'24 Q1'25 Q1'25 / Q1'24 Net interest income 178 189 231 227 250 +10.1% 178 250 +40.2% Net fee income 162 178 183 200 205 +2.3% 162 205 +26.7% Gains (losses) on financial tra
Slide 87: Supplementary information
85 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 88: Glossary - Acronyms
86 Glossary - Acronyms ❑ ALCO: Assets and Liabilities Committee ❑ AT1: Additional Tier 1 ❑ bn: Billion ❑ Bps: basis points ❑ CET1: Common equity tier 1 ❑ CIB: Corporate & Investment Banking ❑ CoR: Cost of risk ❑ HQLA: High quality liquid asset ❑ FL: Fully-loaded ❑ FY: Full year ❑ HTC&S: Held to coll
Slide 89: Glossary - Definitions
87 Glossary - Definitions EFFICIENCY • Efficiency: Underlying operating expenses / Underlying total income. Operating expenses defined as administrative expenses + amortizations CREDIT RISK • NPL ratio: Credit impaired customer loans and advances, guarantees and undrawn balances / Total risk. Total
Slide 90: 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 91: 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: 30 April 2025 By: /s/ José García Cantera Name: José García Cantera Title: C