Banco Santander, S.a. · BME:SAN
Banco Santander — Debt Investor Presentation (October 2025)
64 slides from Banco Santander's debt investor presentation, Oct 29, 2025
Slide 1: Fixed income investors presentation 9M'25
Fixed income investors presentation 9M’25
Slide 2: Important information
Important information Non-IFRS and alternative performance measures Banco Santander, S.A. (“Santander”) cautions that this document may contain financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well
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; • climate-related conditions, regulations, targets and weather events; • uncertainty over the scope
Slide 4: Additional notes
Additional notes 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 th
Slide 5: Santander, a leading financial group
9M'25 Highlights Santander, Total assets (€ bn) 1,841 a leading Customer loans (€ bn excluding reverse repos) 1,007 financial group Customer deposits + mutual funds (€ bn excluding repos) 1,230 Branches 7,389 9M'25 Net operating income (pre-provision profit) (€ mn) 27,144 9M'25 Attributable profit (
Slide 6: Index
Index 1 2 3 4 5 6 7 8 9M'25 Summary Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 9M'25 Santander Capital Asset Liquidity & Sustainability Concluding Links, Summary Business Quality Funding. Remarks A
Slide 7: Strong revenue performance supporting net operating income and double-digit profit growth
9M'25 Summary Strong revenue performance supporting net operating income and double-digit profit growth Group Group excl. Argentina Group P&L Current Constant Current Constant € million 9M'25 9M'24 % % % % Excellent business and NII 33,816 34,682 -2 2 -1 3 commercial dynamics Net fee income 10,011 9
Slide 8: ONE Transformation is driving 5% growth in net operating income
9M'25 Summary ONE Transformation is driving 5% growth in net operating income GROUP RETAIL AND CONSUMER Retail and Consumer represent 39.5% 39.7% Revenue Efficiency Constant € mn 15,797 70% of the Group’s total costs 15,227 15,592 15,459 14,541 14,919 14,883 33,004 32,552 Total revenue +1% Constant
Slide 9: Consistent execution of ONE Transformation is driving higher revenue and lower costs
9M'25 Summary Consistent execution of ONE Transformation is driving higher revenue and lower costs Global & Network Global Tech FY’22 ONE Transformation businesses1 capabilities & others 9M’25 45.8% -259bps -101bps -88bps 41.3% • Product simplification: 35% fewer • Wealth: collaboration fees with •
Slide 10: Sound credit quality with improvement across most of our businesses
9M'25 Summary Sound credit quality with improvement across most of our businesses LLPs AND CREDIT QUALITY CREDIT QUALITY CoR 1.20% 1.21% 1.18% 1.15% 1.14% 1.14% 1.13% 12 month • Credit quality improvement YoY, on the back of our active risk management, low unemployment rates and easing monetary poli
Slide 11: Strong organic capital generation, CET1 exceeding top end of 12-13% range
9M'25 Summary Strong organic capital generation, CET1exceeding the top end of our12-13% operating range SEP-25 CET1 RATIO PERFORMANCE CET1 % Capital ratios Sep-24 Sep-25 Diff. Phased-in CET1 ratio 12.5% 13.1% +61bps Phased-in Total capital ratio 17.1% 17.4% +37bps Phased-in Leverage ratio 4.76% 4.92
Slide 12: 9M'25 Summary: Improving profitability and value creation
9M'25 Summary Improving profitability and value creation with EPS up 16% and TNAVps + Cash DPS increasing 15% RoTE post-AT1 EPS TNAVps + Cash DPS € cents € per share Cash DPS: €22.50 cents +0.7pp +16% +15% 16.1% 66.1 15.4% 56.8 5.79 5.56 5.04 9M'24 9M'25 9M'24 9M'25 Sep-24 Sep-25 Since 2021 and incl
Slide 13: Another record quarter that makes us confident we will achieve our 2025 targets
9M'25 Summary Another record quarter that makes us confident that we will achieve our 2025 targets 2025 targets 9M’25 Revenue c.€62bn €46.3bn ✓ Revenue and costs on track Mid-high single +8% on the back of our consistent execution Fees digit growth in constant euros, YoY ✓ of ONE Transformation Down
Slide 14: Index
Index 1 2 3 4 5 6 7 8 9M'25 Summary Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 9M'25 Santander Capital Asset Liquidity & Sustainability Concluding Links, Summary Business Quality Funding. Remarks A
Slide 15: Group structure in 2025
Santander Business Model & Strategy Santander is managed according to primary and secondary segments PRIMARY SEGMENTS (GLOBAL BUSINESSES) Group Retail Consumer CIB Wealth Payments structure in 2025 SECONDARY SEGMENTS Spain Portugal US Brazil Argentina UK Poland Mexico Chile DCB Europe Group function
Slide 16: Our business model continues to deliver for all our stakeholders
Santander Business Model & Strategy Our business model continues to deliver for all our stakeholders 1. Customer focus 2. Scale 3. Diversification Building a digital bank Global and in-market Business, geographical and with branches scale balance sheet Contribution to Group revenue1 178 mn 9M'25 Wea
Slide 17: We maintain our geographic and business diversification in assets and liabilities
Santander Business Model & Strategy We maintain our geographic and business diversification both in assets and liabilities … LOANS AND ADVANCES TO CUSTOMERS CUSTOMER DEPOSITS (excluding reverse repos, Sep-25) (excluding repos, Sep-25) By product/business1 By product/business1 Other Product breakdown
Slide 18: Loans that remained steady despite changing interest rate dynamics
Santander Business Model & Strategy … with loans that remained steady despite changing interest rate dynamics… CUSTOMER LOANS CUSTOMER LOANS BY COUNTRY Sep-25, € bn and % change YoY in constant € Sep-25, € bn and % change YoY in constant € €1,007bn +2% GROUP 1,007 +2% Others 57 +12% 233 +2% CIB 142
Slide 19: A strong and diversified deposit base
Santander Business Model & Strategy … and a strong and diversified deposit base CUSTOMER DEPOSITS CUSTOMER DEPOSITS BY COUNTRY Sep-25, € bn and % change YoY in constant € Sep-25, € bn and % change YoY in constant € €973bn +5% GROUP 973 +5% Others 65 +6% 314 +6% CIB 134 +8% 216 +1% Consumer 127 +5% 4
Slide 20: Index
Index 1 2 3 4 5 6 7 8 9M'25 Summary Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 9M'25 Santander Capital Asset Liquidity & Sustainability Concluding Links, Summary Business Quality Funding. Remarks A
Slide 21: Enhanced capital strength: profitable organic generation, front-book growth at 22% RoTE
Capital Enhanced capital strength: profitable organic generation, with profitable front-book growth at 22% RoTE MAXIMIZE CAPITAL VALUE CREATION AND PRODUCTIVITY BY: PROFITABILITY Increase RWAs with EVA>0 Asset rotation Front book pricing and risk transfer EVA <0 portfolios EVA >0 portfolios activiti
Slide 22: Global Asset Desk coordinates balance sheet mobilization across the Group
Capital Santander’s Global Asset Desk coordinates and drives balance sheet mobilization efforts across the Group, delivering significant risk transfer growth GLOBAL ASSET DESK We have established a distinctive origination capacity (i.e. identifying Unique origination new mobilization opportunities)
Slide 23: Santander's capital levels amply exceed minimum regulatory requirements
Capital Santander’s capital levels amply exceed minimum regulatory requirements SREP CAPITAL REQUIREMENTS AND MDA* Sep-25 • CET1 ratio of 13.1%, above the top end of our 12-13% operating 17.43% range for 2025 >15% +345bps 2.65% T2 • The minimum CET1 to be 13.98% 2.40% +324bps 1.69% AT1 maintained by
Slide 24: Strong fundamentals for AT1 bond holders
Capital Strong fundamentals for AT1 bond holders • Santander Group’s CET1 levels are well above the minimum loss absorption trigger of 5.125%: €50.3bn Distance to • The first line of defence is the Group’s strong pre-provision profitability providing a high capacity to absorb provisions trigger1 dur
Slide 25: In the EBA Stress Test, Santander had the highest PAT in the baseline scenario
Capital In the EBA Stress Test, Santander had the highest PAT in the baseline scenario and the second highest under the adverse scenario PROFIT AFTER TAX - BASELINE SCENARIO PROFIT AFTER TAX - ADVERSE SCENARIO (€mn) 1 (€mn) 1 Santander 54,173 P2 11,810 P1 39,461 Santander 10,769 P2 28,692 P4 9,439 P
Slide 26: Santander improved its relative capital position in the adverse scenario
Capital Santander improved its relative capital position in the adverse scenario, ending above peer average FL CET1: adverse FL CET1: adverse FL CET1: 2024 (%) scenario 2027 (%) scenario 2027 (bps) P3 14.3 P4 11.8 P4 -62 P2 13.9 P2 11.7 Santander -173 P5 12.9 P5 11.0 P5 -186 P4 12.4 Santander 10.5 P
Slide 27: AT1 issuances distributed by call date
Capital AT1 issuances distributed by call date BANCO SANTANDER, S.A. AT1 ISSUANCES OUTSTANDING AT SEP-25 Call date (€mn) Nominal Next call Reset EUR mn Currency € mn Coupon Structure date Spread 2,500 1 Banco Santander S.A. EUR 1,033 4.38% PNC6 14-Jan-26 453.4 bps 1,886 Banco Santander S.A. USD 852
Slide 28: FX hedging policy on capital ratio and P&L
Capital FX hedging policy on capital ratio and P&L STABLE CAPITAL RATIO HEDGE OUR P&L POLICY Illustrative example: Strategic management of exposure to Hedged Group exchange rates in equity and dynamic Exposure CET1 management of the FX hedges related to the 13.1%1 units’ next 12 months results in eu
Slide 29: Diversified bond portfolio represents just 8% of total assets
Capital Diversified bond portfolio represents just 8% of total assets BOND PORTFOLIO %, Sep-25 Rest of the €152bn Chile Group 2% 6% Liquidity Brazil portfolio 9% €36bn Spain 33% • Bond portfolio represents 8% Mexico of total assets 10% €152bn o/w HTC €110bn (73%) • HTC&S duration: 1.8 years ALCO IRR
Slide 30: Index
Index 1 2 3 4 5 6 7 8 9M'25 Summary Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 9M'25 Santander Capital Asset Liquidity & Sustainability Concluding Links, Summary Business Quality Funding. Remarks A
Slide 31: Credit quality remains solid
Asset Quality Credit quality remains solid… CREDIT QUALITY RATIOS Q3'24 Q2'25 Q3'25 Q3'24 Q2'25 Q3'25 Cost of NPL ratio 3.06% 2.91% 2.92% 1.18% 1.14% 1.13% risk1 3.73% 3.32% 3.21% 3.16% 3.08% 3.14% 3.10% 3.02% 3.06% 3.05% 2.99% 2.91% 2.92% 1.28% 1.18% 1.20% 1.21% 1.18% 1.15% 1.14% 1.14% 1.13% 1.00%
Slide 32: At the Group and country level
Asset Quality … at the Group and country level NPL RATIOS COST OF RISK1 % % Q3'24 Q2'25 Q3'25 Q3'24 Q2'25 Q3'25 Retail 3.27 3.06 3.00 Retail 0.98 0.89 0.89 Consumer 4.89 4.97 5.29 Consumer 2.12 2.09 2.06 CIB 0.86 0.71 0.70 CIB 0.21 0.09 0.10 Wealth 1.01 0.96 0.91 Wealth 0.09 0.20 0.12 Payments 5.70
Slide 33: Distribution of credit impaired loans in line with total portfolio
Asset Quality Distribution of credit impaired loans in line with total portfolio CREDIT IMPAIRED LOANS LOAN-LOSS ALLOWANCES Sep-25, % of operating areas Sep-25, % of operating areas Payments, Payments, Wealth, 1% 4% 8% Wealth, 1% CIB, 5% CIB, 4% Retail, Retail, Consumer, 57% 51% 33% Consumer, 36% Ar
Slide 34: Strong portfolio diversification with c.60% exposure to individuals
Asset Quality Strong portfolio diversification with a c.60% exposure to individuals and stable sector distribution CREDIT QUALITY SECTOR DISTRIBUTION 1 Wholesale and retail trade 23% Manufacturing Sep-24 Jun-25 Sep-25 15% Real estate activities 13% Construction 6% NPL ratio 3.06% 2.91% 2.92% Profess
Slide 35: Index
Index 1 2 3 4 5 6 7 8 9M'25 Summary Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 9M'25 Santander Capital Asset Liquidity & Sustainability Concluding Links, Summary Business Quality Funding. Remarks A
Slide 36: Business model combines local knowledge with global best practices through autonomous subsidiaries
Liquidity and Funding The Group’s business model combines local knowledge with global best practices through legally, financially and operationally autonomous subsidiaries… LEGAL AUTONOMY STRUCTURE Dec-24 Banco Santander S.A.1 Banco Santander Santander Consumer Santander Totta SGPS, Banco Finance UK
Slide 37: Resolution groups that can be resolved separately through multiple entry points
Liquidity and Funding … divided into different resolution groups that can be resolved separately though multiple entry points MPE RESOLUTION STRATEGY Banking Union European Union 3rd Countries Spain1 Poland US Brazil UK Resolution Group PE PE PE PE PE PE Point of Entry Chile Mexico Argentina PE PE P
Slide 38: Santander's liquidity management is based on the following principles
Liquidity and Funding Santander’s liquidity management is based on the following principles Decentralized liquidity model Needs derived from medium- and long-term activity must be financed by medium- and long-term instruments High contribution from customer deposits, due to the retail nature o
Slide 39: Stock of issuances shows diversification across instruments and entities
Liquidity and Funding Stock of issuances shows diversification across instruments and entities DEBT OUTSTANDING BY TYPE AND CURRENCY Sep-25 AT1/Pref., €11.6bn, 6% Includes the issuance of Green, Social and Sustainable Bonds Tier 2/Sub, €17.6bn, 8% in line with the Group’s Sustainability strategy: Se
Slide 40: Conservative and decentralized liquidity and funding model
Liquidity and Funding Conservative and decentralized liquidity and funding model €31.3bn1 ISSUED IN PUBLIC MARKETS IN 9M'25 VERY MANAGEABLE MATURITY PROFILE € bn, Sep-25 € bn, Sep-25 14.7 Covered 11.1 11.8 7.4 6.9 Bonds 0.4 13.8 1.4 24.8 3.2 9.4 Senior 14.8 11.1 11.2 1.0 1.8 5.4 6.8 1.2 2.3 0.1 0.9
Slide 41: 2025 issuances against funding plan
Liquidity and Funding 2025 issuances against funding plan EXECUTION OF 2025 FUNDING PLAN € bn, Sep-25 AT1 + Tier 2 SNP + Senior Covered Bonds TOTAL Plan Issued Plan Issued Plan Issued Plan Issued 1 3 3 Banco Santander, S.A. 0 - 0.5 1.4 2 13 - 14 13.6 3-5 2.7 16 - 19.5 17.7 4 4 UK - - 4.5 - 6.5 5.9 4
Slide 42: Update of the 2025 funding plan - Banco Santander, S.A.
Liquidity and Funding Update of the 2025 funding plan - Banco Santander, S.A. 2025 FUNDING PLAN - BANCO SANTANDER, S.A. € bn, Sep-25 Original Adjusted Pre-funding Executed in Total Funding Plan Funding Plan in 2024 2025 executed 2025 2025 AT1 + Tier 2 0 - 0.5 0 - 0.5 0.0 1.4 1.4 1 SNP + SP 20 - 21 1
Slide 43: TLAC/MREL for the Resolution Group headed by Banco Santander
Liquidity and Funding TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. TLAC MREL %, Sep-25(e) % and € bn, Sep-25(e) Requirement Requirement CBR 38.9% CBR 164.3 Buffer 2.8% Buffer 26.0% 4.1% 24.6 Senior 3.9% 32.9 SNP 4.1% 0.7 Sub debt 11.5 T2 10.2 AT1 2 15.4% Req. 31.9% Req. 2.7% 22
Slide 44: Well-funded, diversified, prudent and highly liquid balance sheet
Liquidity and Funding Well-funded, diversified, prudent and highly liquid balance sheet (large % contribution from customer deposits), reflected in solid liquidity ratios LIQUIDITY BALANCE SHEET € bn, Sep-25 Liquidity Coverage Net Stable Funding Ratio (LCR) Ratio (NSFR) 1,567 1,567 1 Sep-25 Jun-25 J
Slide 45: Main metrics show strength and stability of liquidity position
Liquidity and Funding The main metrics show the strength and stability of the Group’s liquidity position LTD AND MLT FUNDING METRICS EVOLUTION OF KEY LIQUIDITY METRICS BY GEOGRAPHY Sep-25 (Deposits + M/LT LTD Ratio funding) / Loans 1 2021 2022 2023 2024 Sep-25 1 Spain 3 75% 146% Loans / net assets 7
Slide 46: Banco Santander, S.A. ratings
Liquidity and Funding Banco Santander, S.A. ratings Moody's S&P Fitch Date last Direction Direction Date last Direction Rating Rating Date last change Rating change last change last change change last change Covered Bonds Aaa 03/10/2025 ↑ - - - AAAu 16/11/2023 ↑ Senior Debt A1 03/10/2025 ↑ A+ 16/12/
Slide 47: Santander Parent & Subsidiaries' Senior Debt Ratings
Liquidity and Funding Santander Parent & Subsidiaries’ Senior Debt Ratings Moody's S&P Fitch Date last Direction Date last Direction Date last Direction Rating Outlook Rating Outlook Rating Outlook change last change change last change change last change Group A1 03/10/2025 ↑ STABLE A+ 16/12/2021 ↑
Slide 48: Index
Index 1 2 3 4 5 6 7 8 9M'25 Summary Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 9M'25 Santander Capital Asset Liquidity & Sustainability Concluding Links, Summary Business Quality Funding. Remarks A
Slide 49: Sustainability | Our strategy
Sustainability Sustainability | Our strategy Help our customers in meeting their goals in their transition to a low-carbon economy while also managing climate-related risks and impacts. Help our employees develop by promoting an inclusive culture and learning and providing fair working conditions. C
Slide 50: We continue to make progress on our Sustainability agenda
Sustainability We continue to make progress on our Sustainability agenda Sep-25 Targets Green Finance €120bn 2025 ✓ raised and facilitated €165.4bn (since 2019) €220bn 2030 Socially Responsible Investments (SRI) AuMs €118.8bn €100bn 2025 ✓ Financial inclusion (# People)1 5.7mn 5mn 2025 ✓ Note: targe
Slide 51: ESG Ratings/Indices
Sustainability ESG Ratings/Indices 2024 2023 ESG ratings agencies: the aim is to convey our developments access our progress and spot areas for improvement CCC B BB BBB A AA AAA AA Laggard Average Leader D- D C- C B- B A- A A Disclosure Awareness Management Leadership >40 40-30 30-20 20-10 <10 17.1
Slide 52: Index
Index 1 2 3 4 5 6 7 8 9M'25 Summary Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 9M'25 Santander Capital Asset Liquidity & Sustainability Concluding Links, Summary Business Quality Funding. Remarks A
Slide 53: Concluding Remarks
Concluding Remarks Concluding Remarks The Group’s stable capital generation has been supported by strong pre-provision profits providing Santander with a high capacity to absorb provisions. Strong capital levels in line with Santander’s business model based on geographic diversification, solid m
Slide 54: Index
Index 1 2 3 4 5 6 7 8 9M'25 Summary Santander Business Model Strategy Capital Asset Quality Liquidity Funding. Ratings Sustainability Concluding Remarks Links, Appendix and Glossary 9M'25 Santander Capital Asset Liquidity & Sustainability Concluding Links, Summary Business Quality Funding. Remarks A
Slide 55: Links to Grupo Santander public materials
Links, Appendix and Glossary Links to Grupo Santander public materials For additional information on the Group, please click on the images or icons below 9M’25 financial results Other information Financial report Earnings presentation Series Shareholders report 2024 Digital annual review Global busi
Slide 56: Retail & Commercial Banking
Links, Appendix and Glossary Retail & Commercial Banking ‘A global business integrating all our retail and commercial banking activities to better serve our customers, improve efficiency and drive value creation’ 9M'25 Highlights Strategic priorities Customer loans (€ bn) 597 • Continue the transfor
Slide 57: Digital Consumer Bank
Links, Appendix and Glossary Digital Consumer Bank ‘Global leader in auto financing and digital consumer activities’ Delivering the best solutions to customers (B2B and B2C), while being the most cost competitive player in the market 9M'25 Highlights Strategic priorities Customer loans (€ bn) 211 •
Slide 58: Corporate & Investment Banking
Links, Appendix and Glossary Corporate & Investment Banking ‘Santander CIB supports corporate and institutional clients, delivering tailored services and high value-added wholesale products suited to their complexity and sophistication’ 9M'25 Highlights Strategic priorities Customer loans (€ bn) 142
Slide 59: Wealth Management & Insurance
Links, Appendix and Glossary Wealth Management & Insurance ‘We want to become the best wealth and insurance manager in Europe and the Americas’ 9M'25 Highlights Strategic priorities Total assets under management 1 (€ bn) 536 • Continue building our global platform, accessing new markets and leveragi
Slide 60: Payments
Links, Appendix and Glossary Payments - ‘One-of-a-kind paytech business that offers innovative payment solutions’ 9M'25 Highlights Strategic priorities • We are a one-of-a-kind paytech business backed by Santander EBITDA margin 31.6% • Helping our customers prosper and accelerate their growth throug
Slide 61: Payments - Cards
Links, Appendix and Glossary Payments - Cards ‘Provide an exceptional payments experience, fostering customer loyalty and leveraging transactional data to enhance profitability’ 9M'25 Highlights Strategic priorities # cards1 (mn) 107 • Profitably expand our credit business through the use of data an
Slide 62: Glossary and Acronyms
Links, Appendix and Glossary Glossary and Acronyms • A2A: account to account • FX: Foreign exchange • Ps: Per share • ALCO: Assets and Liabilities Committee • FY: Full year • QoQ: Quarter-on-Quarter • AM: Asset management • IFRS 5: International Financial Reporting Standard 5, • Repos: Repurchase ag
Slide 63: Glossary - Definitions
Links, Appendix and Glossary Glossary - Definitions PROFITABILITY AND EFFICIENCY • RoTE (Return on tangible equity): Profit attributable to the parent (annualized)1/ Average stockholders' equity2 (excl. minority interests) - intangible assets • RoTE (post-AT1): Profit attributable to the parent minu
Slide 64: 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:
Banco Santander — Debt Investor Presentation (October 2025) on 6ix