STOCK TITAN
  1. Home
  2. Sec-filings
  3. BSBR
  4. [6-K] Banco Santander (Brasil) S.A. Current Report (Foreign Issuer)

Santander Brasil posts R$6.24B profit, R$14B loan losses

Banco Santander (Brasil) S.A.

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Banco Santander (Brasil) S.A. (BSBR) reported solid balance sheet growth with total assets of R$ 1.29 trillion as of June 30, 2026, up from R$ 1.27 trillion at year-end 2025, and total stockholders’ equity of R$ 129.1 billion.

For the first half of 2026, recurring managerial net profit was R$ 6.8 billion, down 9.6% versus the same period of 2025, in a context of higher household indebtedness and elevated interest rates. Under IFRS, net profit reached R$ 6.24 billion versus R$ 5.14 billion a year earlier. Total revenues were R$ 41.9 billion, up 0.6%, supported by client net interest income of R$ 32.6 billion (up 2.2%) and fee income of R$ 10.8 billion (up 4.1%).

The loan portfolio grew 5.8%, led by consumer finance (up 15.3%) and SMEs (up 11.4%). Credit costs remained high: loan loss charges totaled R$ 14.0 billion in the half, up 5.6% year over year, and the allowance for impairment on financial assets at amortized cost reached R$ 41.9 billion. Operating expenses were R$ 13.2 billion, up 1.7% and below inflation, while net cash from operating activities rose to R$ 57.3 billion. The independent auditor reviewed the interim financial statements and reported no material modifications were required under IAS 34.

Positive

  • IFRS net profit for 1H26 rose to R$ 6.24 billion from R$ 5.14 billion in 1H25, showing strong bottom-line performance despite a challenging macroeconomic environment.
  • Impairment losses on financial assets for 1H26 were R$ 14.46 billion, down from R$ 17.39 billion in 1H25, a reduction of more than 15%, easing pressure from credit costs.
  • Net cash from operating activities jumped to R$ 57.3 billion in 1H26 from R$ 21.6 billion in 1H25, significantly strengthening liquidity.
  • The sustainable credit portfolio reached R$ 57.8 billion, with 43% year-over-year growth, highlighting rapid expansion in ESG-related business.

Negative

  • Recurring managerial net profit for 1H26 was R$ 6.8 billion, down 9.6% versus 1H25, reflecting pressure from high household indebtedness and interest rates.
  • The result from loan losses increased to R$ 14.0 billion in 1H26, up 5.6% year over year, indicating persistently elevated credit costs in a challenging macro environment.

Filing Explained

The parent bank’s share capital did not increase in the Esfera merger; two proposed acquisitions remain conditional.

Form 6-K is an interim report used by a foreign private issuer to furnish material home-market information; this filing includes the bank’s June 30, 2026 interim statements and corporate-structure updates. On June 22, 2026, Santander Financiamento signed an agreement to acquire 49% of Loop Gestão de Pátios, but the direct interest would arise only after definitive agreements and regulatory approvals.

The bank also reports an agreement to acquire 100% of three companies owning the Campus JK properties for its planned headquarters. That transaction remains conditional on definitive agreements, customary conditions, completion of construction works, and issuance of the occupancy permit.

Two internal reorganizations were completed on June 30, 2026: Santander DTVM absorbed Santander CTVM and issued shares to the bank totaling R$191,370,905.89; Esfera Fidelidade was merged into the bank without increasing the bank’s share capital.

Total Assets R$ 1,290,558,915 thousand Consolidated assets as of June 30, 2026
Net Profit 1H26 (IFRS) R$ 6,244,233 thousand Consolidated net profit for the six months ended June 30, 2026
Total Revenues 1H26 R$ 41,900,000 thousand Performance commentary for the first half of 2026
Result from loan losses 1H26 R$ 14,000,000 thousand Loan loss charges for the first half of 2026
Net cash from operating activities 1H26 R$ 57,328,353 thousand Consolidated cash flow from operating activities for 1H26
Customer deposits R$ 621,378,788 thousand Customer deposits balance as of June 30, 2026
Sustainable credit portfolio R$ 57,800,000 thousand Sustainable credit portfolio at end of 2Q26, 43% YoY growth
Other Comprehensive Income financial
"Other Comprehensive Income that will be subsequently reclassified for profit or loss"
Other comprehensive income is a section of a company’s financial statements that records gains and losses not shown in the regular profit-and-loss line, such as paper gains or losses on certain investments, pension plan adjustments, and changes from converting foreign operations. These items don’t represent cash earned or spent today but change a company’s reported net worth, like value swings in things stored in a closet rather than money in your wallet, and help investors spot hidden strengths or risks to long-term financial health.
Financial assets measured at amortized cost financial
"Financial Assets Measured At Amortized Cost - Loans, Other Amounts with Credit Institutions"
ALCO portfolio financial
"part of its portfolio of pre-and post-fixed government securities, financial instruments that are part of its portfolio called ALCO"
Defined benefit plans financial
"Defined benefit plans are recorded based on an actuarial study, carried out annually"
A defined benefit plan is a retirement program that promises employees a specific, often lifetime, payment in retirement based on salary and years of service — like a guaranteed pension check rather than a personal savings pot. It matters to investors because the employer must fund and report the long-term obligation; shortfalls, higher funding costs or rising pension liabilities can reduce cash available for business use, earnings and credit strength.
Cash flow hedges financial
"Cash flow hedges | 106,496 | | (315,345) | | 286,438"
A cash flow hedge is an accounting label companies use when they enter financial contracts—like currency or interest-rate agreements—to protect expected future cash payments or receipts from unpredictable moves. For investors, it signals that the company is trying to smooth out future cash variability (think of locking in a price to avoid surprises), which can reduce reported profit swings but also means the company has exposure to derivative instruments and their associated risks.

FAQ

How did BSBR's profitability perform in the first half of 2026?
In 1H26, recurring managerial net profit was R$ 6.8 billion, a 9.6% decline versus 1H25. On an IFRS basis, net profit was R$ 6.24 billion, up from R$ 5.14 billion a year earlier.

What were Banco Santander (Brasil) S.A. (BSBR)'s total revenues in 1H26?
Total revenues in 1H26 were R$ 41.9 billion, an increase of 0.6% compared with the first half of 2025, supported by client net interest income of R$ 32.6 billion and fee income of R$ 10.8 billion.

How did BSBR's loan portfolio evolve in the first half of 2026?
The loan portfolio grew 5.8% in 1H26. Consumer finance operations expanded 15.3%, and operations with SMEs increased 11.4%, supporting growth in client net interest income.

What credit loss levels did BSBR report for 1H26?
The result from loan losses totaled R$ 14.0 billion in 1H26, up 5.6% year over year. The allowance for impairment on financial assets at amortized cost reached R$ 41.9 billion at June 30, 2026.

How strong was BSBR's operating cash flow in the first half of 2026?
Net cash from operating activities was R$ 57.3 billion in 1H26, compared with R$ 21.6 billion in 1H25, reflecting stronger operating cash generation across the banking business.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →
See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of September, 2026
_____________________________________________
Commission File Number: 001-34476
BANCO SANTANDER (BRASIL) S.A.
(Exact name of registrant as specified in its charter)
Avenida Presidente Juscelino Kubitschek, 2041 and 2235
Bloco A – Vila Olimpia
São Paulo, SP 04543-011
Federative Republic of Brazil
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ___X___ Form 40-F _______
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): 
Yes _______ No ___X____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): 
Yes _______ No ___X____
Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: 
Yes _______ No ___X____
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  N/A




Banco Santander (Brasil) S.A.
 Condensed Consolidated Financial Statements

INDEX
Pag

Consolidated Condensed Balance Sheet
9
Consolidated Condensed Statements of Income
11
Consolidated Condensed Statements of Comprehensive Income
12
Consolidated Condensed Statements of Changes in Stockholders' Equity
13
Consolidated Condensed Statement of Cash Flows
15
1.    Operating context, presentation of consolidated condensed financial statements and other information
16
2.    Basis for consolidation
19
3.    Financial assets
22
4.    Non-current assets held for sale
24
5.    Interests in associates and joint ventures
24
6.    Fixed Assets (tangible)
27
7.    Intangible assets - Goodwill
27
8.    Intangible assets - Other intangible assets
29
9.    Financial liabilities
29
10.    Provision for judicial and administrative proceedings, commitments and other provisions
32
11.    Stockholders’ equity
35
12.    Income Tax
37
13.    Detailing of income accounts
38
14.    Employee Benefit Plan
39
15.    Operating segments
42
16.    Related party transactions
43
17.    Value of financial assets and liabilities
46
18.    Other disclosures
50
19.    Subsequent Events
59
APPENDIX I – Consolidated Condensed Statement of Value Added
60
Composition of Management Bodies as of June 30, 2026
61
Audit Committee Report
63






















Dear Shareholders:
We present the Performance Commentary on the Condensed Consolidated Financial Statements of Banco Santander (Brasil) S.A. (Banco Santander or the Bank) for the period ended June 30, 2026, the Condensed Consolidated Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting.

The Condensed Consolidated Financial Statements prepared in accordance with the international accounting standard issued by the International Accounting Standards Board (IASB) relating to the semester that ended in June 30, 2026, will be published on July 29, 2026, at www.santander.com.br/ri.


Economic Situation

The economic performance was highlighted by the following themes:


v Surprising Resilience of the U.S. Economy
The U.S. economy once again delivered a positive surprise, demonstrating resilience even amid higher oil prices and rising energy costs. The labor market remains the main highlight, with average job creation exceeding 100,000 positions in recent months, above the 75,000 recorded in Q1 2026 and well above the average of 25,000 observed in 2025. The combination of solid economic activity and persistent inflationary pressures has led the Federal Reserve to adopt a more cautious stance. Committee projections remain divided between further interest rate hikes and some degree of monetary easing, reflecting the high level of uncertainty surrounding the outlook, now further reinforced by Kevin Warsh’s appointment as Chair of the institution..

v Oil Remains at the Center of Global Macroeconomic Dynamics

The main driver of the second quarter of 2026 continued to be the strong volatility in oil prices. After reaching approximately USD 120 per barrel between late April and early May, Brent crude declined significantly, ending June at around USD 73 per barrel, essentially returning to the levels observed before the escalation of the conflict in the Middle East. This movement was driven primarily by developments in geopolitical tensions and the flow of oil through the Strait of Hormuz. As prices normalized, concerns about additional short-term inflationary impacts stemming from energy costs eased. Nevertheless, the outlook remains surrounded by uncertainty. Although the conflict has lost momentum compared to previous months and there has been some progress in negotiations toward a peace agreement, substantial differences between the parties remain. As a result, the risk of further disruptions to oil supply continues to be present, keeping price volatility elevated and maintaining uncertainty regarding its potential effects on inflation and global economic growth..

v Central Banks Respond Cautiously.
In terms of monetary policy, the quarter was marked by increased caution among major central banks. The Federal Reserve kept its policy rate unchanged at its January and March meetings, maintaining a data-dependent stance in an environment where inflation remained above target. Throughout the quarter, the Fed began signaling a less favorable inflation outlook, with higher inflation projections and less conviction regarding a potential resumption of the rate-cutting cycle, particularly following the energy shock, which added further upside risks to the scenario. The European Central Bank also left interest rates unchanged and explicitly acknowledged that the escalation of the conflict in the Middle East is expected to put upward pressure on inflation in the short term through energy prices. Overall, the global environment remained in a wait-and-see mode, as the interest rate outlook became subject to greater uncertainty in the face of an adverse supply shock.


v Activity Remains Resilient, but Signs of Moderation Are Becoming More Visible.

The Brazilian economy continued to perform better than expected throughout Q2 2026, supported by household consumption, a still-dynamic labor market, and the lingering impact of income-support measures implemented at the beginning of the year. At the same time, more consistent evidence of a slowdown began to emerge in segments that are more sensitive to monetary policy, particularly in credit markets and in some leading economic activity indicators. The quarter’s overall performance reinforced the assessment that the economy is moving toward a gradual deceleration. In this context, our GDP growth forecast remains at 1.8% for 2026, and we now expect growth of 1.3% in 2027, still consistent with a healthy moderation of domestic demand over the relevant forecast horizon.

v Inflation Shows Improvement Again, but Expectations Remain Unanchored.

Q2 2026 began under the lingering effects of the oil price shock, which continued to put pressure on production costs. This impact, however, was partially offset by the appreciation of the Brazilian real, which helped limit the pass-through to domestic prices. Throughout the quarter, the gradual normalization of international oil prices reduced pressures on fuel, freight, and industrial goods, allowing for an improvement in current inflation dynamics. Despite this relief, inflation remained above target and expectations continued to be unanchored, reflecting the resilience of economic activity and uncertainties surrounding the fiscal environment. In this context, we maintain our assessment that convergence toward the target will remain gradual and will depend on restrictive monetary conditions being maintained for an extended period. Our IPCA inflation forecast stands at 5.0% for 2026 and 4.0% for 2027

v Copom Reinforces a Cautious Stance.

Throughout the quarter, the Central Bank maintained the monetary easing process but reinforced the message that room for additional rate cuts has become more limited. The combination of persistently elevated inflation expectations, still-expansionary fiscal policy, and tighter global financial conditions led Copom to adopt a more conservative communication regarding the Selic rate path. The prevailing assessment became that the cost of bringing inflation back to target has increased, requiring interest rates to remain elevated for longer. In our baseline scenario, we project the Selic rate to end 2026 at 13.75% and 2027 at 12.75%, within a more gradual easing cycle conditioned on the evolution of inflation and expectations, as well as the fiscal stance and the degree of spare capacity in the economy going forward.







The first half of 2026 was marked by the continued execution of our strategy, maintaining customer centricity as a fundamental element of value creation. We continued to strengthen our relationships with customers, expand revenue diversification, and make progress in building an increasingly solid, efficient and resilient operation. In terms of results, we closed the first half with recurring managerial net profit of R$ 6.8 billion in the period, down 9.6% compared to the same period of 2025, reflecting a macroeconomic environment characterized by higher household indebtedness and the persistence of elevated interest rates.
Total revenues reached R$ 41.9 billion in the period, up 0.6% compared to the first half of 2025. Results performance was mainly supported by the performance of customer-related businesses and the growth in service revenues, reinforcing the consistency of our business model and the quality of our business.
Client NII increased 2.2% in the first half, totaling R$ 32.6 billion, reflecting the 5.8% growth in our loan portfolio, especially consumer finance operations, which grew 15.3%, as well as operations with SMEs, which increased 11.4%. Market NII, in turn, recorded a negative result, mainly due to the negative sensitivity to rising interest rates and lower treasury results.
Fees increased 4.1% in the first half, reaching R$ 10.8 billion, with highlights including cards, up 8.1% YoY, insurance, up 9.3% YoY, and capital markets, up 17.4% YoY. The result demonstrates the growing contribution of service businesses to recurring revenue generation and reinforces our diversification strategy.
In terms of asset quality, the result from loan losses totaled R$ 14.0 billion in the first half of 2026, up 5.6% compared to the same period of the previous year. This performance reflects the persistence of a challenging macroeconomic environment, marked by elevated interest rates, requiring higher levels of provisioning in the period.
In expenses, we continued to make progress in productivity and operational efficiency, totaling R$ 13.2 billion in the first half, an increase of 1.7% compared to the same period in 2025. This growth remained below inflation in the period, demonstrating disciplined cost management and a continued focus on the efficient allocation of resources.
We remain committed to delivering sustainable long-term results, supported by a more diversified operation, disciplined capital and risk management, and a continuous focus on offering the best solutions and experiences to our customers.

Strategy and Rating Agencies



For information regarding the Bank's strategy and ratings with rating agencies, please see the Earnings Report available at www.santander.com.br/ri.

Corporate Governance

The corporate governance structure of Banco Santander (Brasil) S.A. is based on an integrated model of decision-making, supervision, and risk management, aligned with the best national and international governance practices. This structure is composed of the Executive Board and the Executive Committee, which includes the CEO, Senior Executive Vice Presidents, and Executive Vice Presidents, as well as the Board of Directors and its Advisory Committees, responsible for supporting the Board in the performance of its duties. The Advisory Committees are: Audit, Risk and Compliance, Sustainability, Compensation and Nomination, and Governance.

The Bank continuously seeks to strengthen the diversity, independence, and qualification of its management bodies. Currently, the Board of Directors has five women among its members and 45% independent directors, reflecting the Institution's commitment to plural, transparent corporate governance aligned with best market practices. In 2026, Banco Santander (Brasil) S.A. joined the CONFIA Program – the Brazilian Federal Revenue's Cooperative Tax Compliance Program, an initiative that promotes a relationship based on transparency, mutual trust, and continuous dialogue between the Tax Administration and large taxpayers. Admission to the program recognizes the maturity of the Institution's tax governance, fiscal risk management, and internal controls, reinforcing its commitment to high standards of compliance, ethics, transparency, and legal certainty. (Services and Information from Brazil)
The additional information required by Law No. 15,177/2025 will be disclosed in the Management Report, to be made available to shareholders on the date of the Ordinary General Meeting, pursuant to Article 133 of Law No. 6,404/1976.
Additional information regarding the corporate governance practices adopted by Banco Santander, as well as the composition, operation, and main decisions of the Board of Directors and its Advisory Committees, is available on the Investor Relations portal at www.santander.com.br/ri.

Internal Audit

Internal Audit reports directly to the Board of Directors and is overseen by the Audit Committee, acting permanently, independently, and objectively in relation to the other functions and units of the Organization. Its mission is to provide the Board of Directors and Senior Management with independent assurance on the quality and effectiveness of governance, risk management, and internal control processes, contributing to the protection of the Organization's value, solvency, sustainability, and reputation.
The Internal Audit function has a quality certification issued by the Institute of Internal Auditors (IIA), in recognition of its adherence to international standards and best practices of the profession.
To fulfill its duties and ensure adequate coverage of the risks inherent in Banco Santander's activities, Internal Audit uses methodologies and tools developed internally. Of particular note is the risk matrix, used in the planning process to prioritize the auditable universe based on criteria such as inherent risk, results of previous assessments, level of implementation of audit recommendations, and relevance of processes to the Organization. Work programs are reviewed periodically to reflect the evolving risk environment, regulatory changes, and transformations in the business environment.
In line with its oversight role, the Audit Committee recommended approval of the 2026 Annual Audit Plan and Annual Internal Audit Report, which were subsequently approved by the Board of Directors.

People

Banco Santander continues to strengthen its organizational culture, which seeks to contribute to the prosperity of people and businesses. Autonomy, proactivity, and innovation gain space, accelerate digital transformation, and enhance the personalized offering for the most diverse segments of society.

There are 47,327 employees, considering the entire Group, committed to the ambition of generating unique and personalized customer experiences, so that we are the main bank for each of our clients.


To this end, the bank continuously invests in creating an environment where leadership is a benchmark in the organization's values, an inclusive culture ensures that each professional feels recognized and engaged in building their career, health and well-being are central, and continuous learning serves the constant improvement of the customer journey and the evolution of each employee. Growth opportunities are democratized and within everyone's reach.

Sustainability

Sustainability has been integrated into Santander's business strategy for over 20 years and guides our actions in risk management, the development of financial solutions, and the generation of positive impact for clients, communities, and society.

During the semester, we maintained our focus on the areas where we have the greatest capacity to contribute: assessment and mitigation of social, environmental, and climate risks in credit granting; support for clients in the transition to a low-carbon economy; and promotion of initiatives in education, employability, entrepreneurship, and financial inclusion.

Our actions are concentrated on the most relevant issues for the business, considering impacts, risks, and opportunities, and are accompanied by global goals in priority areas such as decarbonization, financial inclusion, and inclusive culture. This agenda is supported by robust policies, controls, and governance structures, with the support of senior leadership.

At the end of 2Q26, we highlight the following results:


Sustainable business

v We facilitated R$ 24.7 billion in sustainable business, including green bond issuances, clean energy financing, and dedicated products such as CDC Solar and CDC Electric and Hybrid Vehicles, reaching R$ 57.8 billion in the sustainable credit portfolio¹, with 43% growth (YoY).

¹ Considers operations that fall within our Sustainable Finance and Investment Classification System (SFICS).

v We maintained market leadership in CBIOS (decarbonization credits) with a 38% market share.

v Prospera Santander Microfinance, which provides financial solutions to entrepreneurs, achieved a microcredit origination volume of R$ 2.4 billion. Its total portfolio grew 3.1% year over year (YoY), reaching R$ 3.3 billion, supported by a total customer base of 1.1 million clients.

In addition, Prospera launched Credit Life Insurance for microloan operations. The product ensures the full repayment of the outstanding loan balance in the event of the death of the borrower or members of a solidarity lending group, preventing the debt from being transferred to the remaining members and strengthening protection for microentrepreneurs.

v Four operations were disbursed by Santander under the Eco Invest Brasil program, a Federal Government initiative within the Ecological Transformation Plan aimed at mobilizing private investment for long-term sustainable projects in the country, focusing on attracting national and foreign capital, totaling R$ 1.6 billion. The resources support initiatives aimed at our clients' transition to a low-carbon economy and sustainable development, including projects such as the construction of a new corn ethanol plant, the replacement of fossil fuel boilers with industrial steam generation using biomass, the construction of a new pharmaceutical industrial unit with LEED certification (a global sustainability seal for buildings), and the modernization of the electrical grid, with the implementation of smart grids, loss reduction, and increased resilience of the electrical infrastructure;


v Santander maintained its leadership in financing electrified vehicles, with a market share of 53% in electric vehicles and 31% in hybrids

.

Social

During the last quarter, Social Integrado Santander strengthened its presence across 30 municipalities in the states of Pernambuco and Maranhão through initiatives focused on education, culture, entrepreneurship, and sports. These actions benefited more than 26,000 children and adolescents and provided training to over 1,500 educators.

Through the Pensar program, we carried out financial education initiatives in public high schools, engaging 52 volunteers and benefiting 207 students.
In Gravatá (PE), we hosted the National Meeting of Amigo de Valor and Parceiro do Idoso, our social technologies aimed at safeguarding the rights of vulnerable children, adolescents, and older adults. The event brought together more than 350 participants, including council members and teams from supported projects, for training focused on strengthening public policies and protection networks.

Education, employability and entrepreneurship

We held Santander Top España 2026, an international academic mobility program that this year received 138,000 applications and awarded 100 scholarships to students and faculty members from partner Brazilian universities for an educational experience at the University of Salamanca, Spain.

We also promoted Santander Financial Certifications 2026 – First Semester, a free training program aimed at individuals aged 18 and over seeking to enter or advance in the financial sector, offering preparation for the ANBIMA CPA, C-Pro I, and C-Pro R certifications. By June, the program had registered 114,000 applicants, awarded 6,000 training slots, and provided 600 vouchers for the ANBIMA certification exam.

In addition, we developed Santander X Training for Business – AI for SMEs, a program conducted in partnership with IE University and Google, offering free training in Artificial Intelligence applied to business. In this edition, 388 scholarships were awarded.

We also carried out Acelera Tech AWS – Training for SMEs and Startups, a program developed in partnership with Amazon Web Services (AWS), which provided free training in technology, cloud computing, and digital transformation, supporting companies at different stages of maturity in adopting innovative business solutions. In this edition, 329 scholarships were awarded to SMEs and 135 scholarships to startups, totaling 464 training scholarships.






Independent Audit

Banco Santander’s policy, including its controlled companies, regarding the engagement of services unrelated to the audit of the Financial Statements by its independent auditors, PricewaterhouseCoopers, is based on Brazilian and international auditing standards that preserve auditor independence. This framework establishes that: (i) the auditor must not audit its own work; (ii) the auditor must not perform management functions for its client; (iii) the auditor must not advocate for its client’s interests; and (iv) any services must be approved by the Bank’s Audit Committee.

In compliance with Brazilian Securities and Exchange Commission (CVM) Instruction No. 162/2022, Banco Santander informs that, during the six-month period ended June 30, 2026, PricewaterhouseCoopers did not provide any services unrelated to the independent audit of the Financial Statements of Banco Santander and its relevant controlled companies that could create a conflict of interest, impair independence, or affect the objectivity of its independent auditors. PricewaterhouseCoopers maintains procedures, policies, and controls designed to ensure its independence, including an assessment of all services provided, encompassing any engagement other than the independent audit of Banco Santander’s Financial Statements and those of its controlled companies. Such assessment is based on applicable regulations and accepted principles that safeguard auditor independence.

Acknowledgments

We thank our customers, shareholders, and employees for the trust and support that have driven us to this point, and which have enabled the continuation of our history of evolution and transformation, on the path to building the Best Consumer Company in Brazil.

(Approved at the Board of Directors Meeting of July 28, 2026).


Report on review of consolidated condensed
interim financial statements


To the Board of Directors and Stockholders
Banco Santander (Brasil) S.A.




Introduction

We have reviewed the accompanying consolidated condensed balance sheet of the Banco Santander (Brasil) S.A. (the "Bank") and its subsidiaries, at June 30, 2026 and the related consolidated condensed statements of income and comprehensive income for the quarter and six-month period then ended, and the consolidated condensed statements of changes in equity and cash flows for the six-month period then ended, and explanatory notes.

Management is responsible for the preparation and presentation of the consolidated condensed interim financial statements in accordance with the International Accounting Standard (IAS) 34 - Interim Financial Reporting, of the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently did not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated condensed financial statements referred to above are not prepared, in all material respects, in accordance with the International Accounting Standard (IAS) 34 - Interim Financial Reporting, of the International Accounting Standards Board (IASB).


Other matters - Consolidated Condensed statement of value added

The condensed financial statements referred to above include the consolidated condensed statement of value added for the six-month period ended June 30, 2026. This statement is the responsibility of the Bank's management and presented as supplementary information. This statement was subjected to review procedures performed together with the review of the condensed financial statements for the purpose of concluding whether it is reconciled with the condensed financial statements and accounting records, as applicable, and if its form and content are in accordance with the criteria defined in the accounting standard
CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that this consolidated condensed statements of value added has not been prepared, in all material respects, in accordance with the criteria established in this accounting standard, and that it is consistent with the consolidated condensed financial statements taken as a whole.

São Paulo, July 29, 2026

image.jpg


Consolidated Condensed Balance Sheet
ASSETSNote06/30/202612/31/2025
Cash 28,089,594 20,232,729 
Financial Assets Measured At Fair Value Through Profit Or Loss3.a245,076,847 262,407,149 
Debt instruments105,623,829 95,546,026 
Equity instruments5,447,165 4,862,393 
Derivatives1827,134,022 65,590,206 
Loans and advances to customers5,290,448 6,413,587 
Balances with the Brazilian Central Bank101,581,383 89,994,937 
Financial Assets Measured At Fair Value Through Other Comprehensive Income3.a62,079,150 69,446,583 
Debt instruments62,076,982 69,354,220 
Equity instruments2,168 92,363 
Financial Assets Measured At Amortized Cost3.a831,776,429 800,545,822 
Loans and amounts due from credit institutions61,588,546 35,947,923 
Loans and advances to customers552,895,747 558,134,969 
Debt instruments126,307,680 114,708,615 
Reserves at the Central Bank of Brazil90,984,456 91,754,315 
Derivatives Used as Hedge Accounting1841,989 217,492 
Non-Current Assets Held For Sale41,590,525 1,413,215 
Investments in Associates and Joint Ventures5.a3,514,293 3,517,094 
Tax Assets68,147,732 65,060,517 
Current14,623,116 14,205,687 
Deferred53,524,616 50,854,830 
Other Assets11,343,354 8,915,748 
Fixed Assets (tangible)6.a5,737,064 5,046,133 
Intangible Assets33,161,938 33,226,983 
Goodwill727,769,947 27,844,674 
Other intangible assets85,391,991 5,382,309 
Total Assets1,290,558,915 1,270,029,465 
The accompanying notes from Management are an integral part of the Consolidated Condensed Financial Statements.



LIABILITIES AND STOCKHOLDERS' EQUITY
Note06/30/202612/31/2025
Financial Liabilities Measured At Fair Value Through Profit Or Loss  Held For Trading
9.a73,202,005 112,471,311 
Trading derivatives1822,495,692 59,827,986 
Short positions50,252,044 49,380,059 
Marketable debt securities454,269 3,263,266 
Financial Liabilities Measured at Amortized Cost9.a1,051,789,698 992,386,546 
Deposits from Brazilian Central Bank and deposits from credit institutions160,962,783 146,867,521 
Customer deposits621,378,788 593,328,796 
Marketable debt securities156,704,844 156,662,290 
Debt instruments eligible to compose capital31,657,370 28,113,937 
Other financial liabilities81,085,913 67,414,002 
Derivatives Used as Hedge Accounting1814,753 184,005 
Provisions10.a13,035,819 11,804,482 
 Provisions for pension funds and similar obligations1,013,324 1,357,203 
 Provisions for judicial and administrative proceedings, commitments and other provisions12,022,495 10,447,279 
Tax Liabilities8,884,920 9,388,832 
Current4,226,035 4,799,733 
Deferred4,658,885 4,589,099 
Other Liabilities 14,538,655 17,241,145 
Total Liabilities1,161,465,850 1,143,476,321 
Stockholders' Equity132,393,721 130,281,588 
Share Capital11.a65,000,000 65,000,000 
Reserves11.c534,537 630,238 
Treasury shares11.d(491,140)(719,560)
Profit Reserve11.c67,350,324 65,370,910 
Other Comprehensive Income(5,119,055)(5,108,058)
Stockholders' Equity Attributable to the Parent127,274,666 125,173,530 
Non - Controlling Interests1,818,399 1,379,614 
Total Stockholders' Equity129,093,065 126,553,144 
Total Liabilities and Stockholders' Equity1,290,558,915 1,270,029,465 
The accompanying notes from Management are an integral part of the Consolidated Condensed Financial Statements.








Consolidated Condensed Statements of Income

Notes04/01 to04/01 to01/01 to01/01 to
06/30/202606/30/202506/30/202606/30/2025
Interest and similar income43,039,312 40,645,279 85,473,714 79,395,832 
Interest expense and similar charges(27,238,735)(25,710,424)(53,563,447)(49,635,245)
Net Interest Income 15,800,577 14,934,855 31,910,267 29,760,587 
Income from equity instruments18,145 19,381 30,843 46,388 
Income from companies accounted by the equity method5.a91,217 114,808 215,960 201,423 
Fee and commission income6,361,134 6,130,350 12,731,355 12,191,458 
Fee and commission expense(2,270,564)(1,936,699)(4,455,784)(3,785,543)
Gains (losses) on financial assets and liabilities (net)6,717,115 1,291,497 18,271,566 3,787,413 
Financial assets measured at fair value through profit or loss6,592,900 1,650,391 17,743,493 5,063,383 
Financial instruments not measured at fair value through profit or loss(532,811)(116,736)(1,574,778)(91,600)
Other657,026 (242,158)2,102,851 (1,184,370)
Exchange differences (net)(7,818,968)(1,458,213)(20,336,157)(3,736,831)
Other operating expense(301,630)(110,797)(489,128)(308,659)
Total Income18,597,026 18,985,182 37,878,922 38,156,236 
Administrative expenses(5,239,039)(5,233,431)(10,569,099)(10,478,536)
Personnel expenses13.a(2,780,306)(2,935,794)(5,662,182)(5,948,149)
Other administrative expenses13.b(2,458,733)(2,297,637)(4,906,917)(4,530,387)
Depreciation and amortization(659,756)(621,318)(1,323,037)(1,324,653)
Tangible assets6.a(240,513)(246,198)(481,449)(577,084)
Intangible assets8(419,243)(375,120)(841,588)(747,569)
Provisions (net)(2,200,719)(987,484)(3,468,397)(2,281,881)
Impairment losses on financial assets (net)(7,150,162)(10,123,547)(14,458,907)(17,388,158)
Financial assets measured at amortized cost and contingent commitments3.b.2(7,150,162)(10,123,547)(14,458,907)(17,388,158)
Impairment losses on other assets (net)14,327 (86,835)(21,223)(177,962)
Other intangible assets- (18,233)- (18,233)
Other assets14,327 (68,602)(21,223)(159,729)
Gains (losses) on disposal of assets not classified as non-current assets held for sale(31,093)28,913 (12,410)40,264 
Gains (losses) on non-current assets held for sale not classified as discontinued operations63,369 23,448 78,189 59,486 
Operating Income Before Tax3,393,953 1,984,928 8,104,038 6,604,796 
Income taxes12(431,270)3,004 (1,859,805)(1,465,280)
Net Profit for the Period2,962,683 1,987,932 6,244,233 5,139,516 
Profit attributable to the Parent2,893,754 1,928,066 6,111,748 5,036,867 
Profit attributable to non-controlling interests68,929 59,866 132,485 102,649 
The accompanying notes from Management are an integral part of the Consolidated Condensed Financial Statements.







Consolidated Condensed Statements of Comprehensive Income

04/01 to04/01 to01/01 to01/01 to
06/30/202606/30/202506/30/202606/30/2025
Profit for the Period2,962,683 1,987,932 6,244,233 5,139,516 
Other Comprehensive Income that will be subsequently reclassified for profit or loss when specific conditions are met:(93,280)1,113,811 (37,902)1,045,563 
Financial assets measured at fair value through other comprehensive income(199,776)1,429,156 (324,340)1,395,125 
Financial assets measured at fair value through other comprehensive income(333,140)2,493,668 (563,610)2,772,430 
Taxes133,364 (1,064,512)239,270 (1,377,305)
Cash flow hedges106,496 (315,345)286,438 (349,559)
Valuation adjustments203,072 (601,316)546,194 (666,555)
Taxes(96,576)285,971 (259,756)316,996 
Other Comprehensive Income that won't be reclassified for Net income:17,986 (247,096)26,905 904,057 
Defined benefits plan21,790 (276,529)21,790 894,329 
Defined benefits plan40,349 (497,805)40,349 1,666,973 
Taxes(18,559)221,276 (18,559)(772,644)
Others (3,804)29,433 5,115 9,728 
Pension Contracts(7,677)49,056 7,188 16,214 
Others802 - 802 - 
Taxes3,071 (19,623)(2,875)(6,486)
Total Comprehensive Income2,887,389 2,854,647 6,233,236 7,089,136 
Attributable to the parent2,818,460 2,794,781 6,100,751 6,986,487 
Attributable to non-controlling interests68,929 59,866 132,485 102,649 
Total2,887,389 2,854,647 6,233,236 7,089,136 
The accompanying notes from Management are an integral part of the Consolidated Condensed Financial Statements.
















Consolidated Condensed Statements of Changes in Stockholders' Equity

NoteShare
Capital		Capital ReserveProfit ReserveTreasury
Shares		Retained earningsFinancial Assets Measured At Fair Value Through Other Comprehensive IncomeDefined Benefits plan Translation adjustments investment abroadAdjustments IFRS 17Other Asset Valuation AdjustmentsGains and losses - Cash flow hedge and InvestmentTotalNon-controlling
Interests		Total Stockholders´
Equity
Balance on December 31, 202465,000,000 630,011 61,453,920 (884,707)— (2,401,289)(3,998,814)859,370 (11,291)(275,465)(880,050)119,491,685 335,447 119,827,132 
Total comprehensive income- - - - 3,850,238 1,395,125 894,329 - 9,728 - (349,559)5,799,861 102,649 5,902,510 
Net profit attributable to the Parent Company- - - - 5,036,867 - - - - - - 5,036,867 102,649 5,139,516 
Other comprehensive income- - - - (1,186,629)1,395,125 894,329 - 9,728 - (349,559)762,994 - 762,994 
Financial assets measured at fair value through other comprehensive income (1)- - - - — 1,395,125 - - - - - 1,395,125 - 1,395,125 
Employee Benefits Plan (2)18.b.2- - - - (1,186,629)- 894,329 - - - - (292,300)- (292,300)
Pension Contracts- - - - — - - - 9,728 - - 9,728 - 9,728 
Gain and loss - Cash flow and investment hedge- - - - — - - - - - (349,559)(349,559)- (349,559)
Dividends and Interest on Equity11.b- - - - (3,000,000)- - - - - - (3,000,000)- (3,000,000)
Share-based compensation- (129,686)- - — - - - - - - (129,686)- (129,686)
Treasury shares11.d- - - 161,885 — - - - - - - 161,885 - 161,885 
Prescribed Dividends11.d- - 25,513 - — - - - - - - 25,513 - 25,513 
Unrealized profit- - (66,546)- — - - - - - - (66,546)- (66,546)
Others- - (12,875)- 1,385 - - - - - - (11,490)555,922 544,432 
Sale / Incorporation / Acquisition- - - - — - - - - - - - 586,118 586,118 
Other- - (12,875)- 1,385 - - - - - - (11,490)(30,196)(41,686)
Destinations:
     Dividend equalization reserve
- - 851,623 - (851,623)- - - - - - - - - 
Balances on June 30, 202565,000,000 500,325 62,251,635 (722,822)- (1,006,164)(3,104,485)859,370 (1,563)(275,465)(1,229,609)122,271,222 994,018 123,265,240 
Changes in the Semester- (129,686)797,715 161,885 - 1,395,125 894,329 - 9,728 - (349,559)2,779,537 658,571 3,438,108 
(1) Includes the effects of the classification relating to the change in the business model (Note 1.C4)
(2) Permanent losses associated with Benefit Plans were transferred to Retained Earnings and Losses.
Reserves are distributed according to the corporate criteria of local legislation.
The accompanying notes from Management are an integral part of the Consolidated Condensed Financial Statements.

NoteShare
Capital		Capital ReserveProfit ReserveTreasury
Shares		Retained earningsFinancial Assets Measured At Fair Value Through Other Comprehensive IncomeDefined Benefits planTranslation adjustments investment abroadPersion Contracts IFRS 17Other Equity Valuation AdjustmentsGains and losses - Cash flow hedge and InvestmentTotalNon-controlling
Interests		Total Stockholders´
Equity
Balance on December 31, 202565,000,000 630,238 65,370,910 (719,560)- (1,256,323)(3,235,202)859,370 (12,450)(275,465)(1,187,988)125,173,530 1,379,614 126,553,144 
Total comprehensive income- - - - 6,098,620 (324,340)21,790 - 4,313 802 286,438 6,087,623 132,485 6,220,108 
Net profit attributable to the Parent Company- - - - 6,111,748 - - - - - - 6,111,748 132,485 6,244,233 
Other comprehensive income- - - - (13,128)(324,340)21,790 - 4,313 802 286,438 (24,125)- (24,125)
Financial assets measured at fair value through other comprehensive income- - - - - (324,340)- - - - - (324,340)- (324,340)
Employee Benefits Plan (2)- - - - (13,128)- 21,790 - - - - 8,662 - 8,662 
Pension Contracts- - - - - - - - 4,313 - - 4,313 - 4,313 
Gain and loss - Cash flow and investment hedge- - - - - - - - - - 286,438 286,438 - 286,438 
Other equity valuation adjustments – others- - - - - - - - - 802 - 802 - 802 
Dividends and interest on capital11.b- - - - (4,000,000)- - - - - - (4,000,000)- (4,000,000)
Share-based compensation 11.d- (95,701)- - - - - - - - - (95,701)- (95,701)
Treasury shares11.d- - - 228,420 - - - - - - - 228,420 - 228,420 
Prescribed dividends- - 15,242 - - - - - - - - 15,242 - 15,242 
Others- - (134,710)- 262 - - - - - - (134,448)306,300 171,852 
Others- - (134,710)- 262 - - - - - - (134,448)306,300 171,852 
Destinations:
     Dividend equalization reserve- - 2,098,882 - (2,098,882)- - - - - - - - - 
Balances on June 30, 2026
65,000,000 534,537 67,350,324 (491,140)- (1,580,663)(3,213,412)859,370 (8,137)(274,663)(901,550)127,274,666 1,818,399 129,093,065 
Changes in the Semester- (95,701)1,979,414 228,420 - (324,340)21,790 - 4,313 802 286,438 2,101,136 438,785 2,539,921 
The accompanying notes from Management are an integral part of the Consolidated Condensed Financial Statements.


Consolidated Condensed Statement of Cash Flows
Note01/01 to01/01 to
06/30/202606/30/2025
1. Cash Flows from Operating Activities
Net Income for the Period6,244,233 5,139,516 
Adjustments to Profit8,213,767 12,071,814 
Depreciation of Tangible Assets6.a481,449 577,084 
Amortization of Intangible Assets841,588 747,569 
Impairment Losses on Other Assets (Net)21,223 177,962 
Provisions (Net)3,468,397 2,281,881 
Losses on Financial Assets (Net)14,458,90717,388,158
Net Gains (losses) on Disposal of Tangible Assets, Investments and Non-Current Assets Held for Sale(65,779)(99,750)
Income from Companies Accounted by the Equity Method5.b(215,960)(201,423)
Deferred Taxes(2,663,700)(3,547,595)
Monetary Adjustment of Escrow Deposits(410,787)(373,746)
Recoverable Taxes(731,631)(216,826)
Effects of Changes in Foreign Exchange Rates on Cash and Cash Equivalents(138)(1,437)
Effects of Changes in Foreign Exchange Rates on Assets and Liabilities(6,771,560)(4,660,063)
Other (198,242)- 
Net (Increase) Decrease in Operating Assets(3,851,134)1,873,350 
Financial Assets Measured At Fair Value Through Profit Or Loss15,686,165 (11,265,179)
Financial Assets Measured at Fair Value through Other Comprehensive Income6,982,508 24,544,685 
Financial Assets Measured At Amortized Cost(8,258,291)(2,919,131)
Other Assets(18,261,516)(8,487,025)
Net Increase (Decrease) in Operating Liabilities50,151,273 6,352,383 
Financial Liabilities Measured At Fair Value Through Profit Or Loss Held For Trading(39,269,306)4,805,395 
Financial Liabilities at Amortized Cost83,354,558 (1,507,729)
Other Liabilities6,066,021 3,054,717 
Tax Paid12 (3,429,786)(3,845,626)
Total Net Cash Flows from Operating Activities (1)57,328,353 21,591,437 
2. Cash Flows from Investing Activities
Investments(2,627,174)(1,624,050)
Increase in Subsidiaries- (7,500)
Fixed Assets (tangible)(1,434,252)(505,844)
Intangible Assets(860,712)(883,643)
Non-Current Assets Held for Sale(332,210)(227,063)
Disposal700,307 395,738 
Tangible Assets261,370 236,338 
Intangible Assets85,795 92,401 
Non-Current Assets Held For Sale353,142 66,999 
Dividends and Interest on Capital Received168,462 1,736,997 
Total Net Cash Flows from Investing Activities (2)(1,758,405)508,685 
3. Cash Flows from Financing Activities
Acquisition (Disposal) of Own Shares11.d228,420 161,885 
Issuance of Equity-Eligible Debt Instruments2,137,200 - 
Issuance of Other Long-term Liabilities128,660,136 47,491,604 
Dividends and Interest on Capital Paid(3,822,762)(3,876,672)
Payments of Other Long-term Liabilities(131,582,471)(47,176,038)
Interest Payments of Equity-Eligible Debt Instruments(6,650,837)(471,727)
Net Increase/Decrease in Non-Controlling Interests- 586,118 
Total Net Cash Flows from Financing Activities (3)(11,030,314)(3,284,830)
Exchange variation on Cash and Cash Equivalents (4)138 1,437 
Net Increase in Cash and Cash Equivalents (1+2+3+4)44,539,772 18,816,729 
Cash and Cash Equivalents at the Beginning of the Period73,272,606 67,200,905 
Cash and Cash Equivalents at the End of the Period117,812,378 86,017,634 
The accompanying notes from Management are an integral part of the Consolidated Condensed Financial Statements.     


1.Operating context, presentation of consolidated condensed financial statements and other information

a)Operational Context

The Banco Santander (Brasil) S.A. (Banco Santander or Bank), controlled directly and indirectly by Banco Santander, S.A., with headquarters in Spain (Banco Santander Spain), is the leading institution of the Financial and Prudential Conglomerates before the Central Bank of Brazil (Bacen), constituted as a joint-stock company, with headquarters at Avenida Presidente Juscelino Kubitschek, 2041 e 2235 - Bloco A - Vila Olímpia - São Paulo - SP. Banco Santander operates as a multiple bank and carries out its operations through commercial, investment, credit, financing and investment, real estate credit, leasing and foreign exchange portfolios. Through controlled companies, it also operates in the payment institution, consortium management, securities brokerage, insurance brokerage, consumer financing, digital platforms, benefits management, management and recovery of non-performing credit, capitalization and private pension markets, and provision and administration of food, meal and other vouchers. Operations are conducted in the context of a group of institutions that operate integrated in the financial market. The benefits and costs corresponding to the services provided are absorbed between them and are realized in the normal course of business and under commutative conditions.

The Board of Directors has authorized the issuance of the consolidated condensed interim financial statements for the period ended June 30, 2026, at the meeting held on July 28, 2026.

The aforementioned Condensed Consolidated Financial Statements were recommended for approval by Santander Bank’s Audit Committee.

b)Presentation of Consolidated Condensed Interim Financial Statements (prepared in accordance with IAS 34)
The Condensed Consolidated Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting. All relevant information specifically relating to, and only to, Banco Santander's Financial Statements is disclosed and corresponds to the information used by Banco Santander in its management. There is no change in applicable practices and policies between the condensed consolidated financial statements and the statements published on the Investor Relations website, with a base date of December 31, 2025.
c.1)Adoption of new standards and interpretations
•IFRS 18 – Presentation and Disclosure in Financial Statements: Replaces IAS 1 – Presentation of Financial Statements. IFRS 18 introduces new subtotals and three categories for income and expenses (operating, investing, and financing) in the income statement structure. It also requires companies to disclose explanations of management-defined performance measures related to the income statement.

These changes are effective for fiscal years beginning January 1, 2027. Santander is assessing the impacts of this change.

•IFRS 19 – Subsidiaries without Public Liability: Disclosures: which allows a subsidiary to provide reduced disclosures when applying IFRS Accounting Standards to its financial statements. IFRS 19 is optional for eligible subsidiaries and sets out the disclosure requirements for subsidiaries that choose to apply it. The new standard is effective for reporting periods beginning on or after January 1, 2027, with prior application permitted. Santander is evaluating the impacts of this change.

•IFRS 20 – Regulatory Assets and Regulatory Liabilities: establishes requirements for the recognition, measurement, presentation, and disclosure of regulatory assets and liabilities arising from certain types of tariff regulation. The standard aims to provide more relevant and comparable information on the effects of tariff regulation on the financial statements of entities subject to this regulatory environment. Management does not expect material impacts from the adoption of this standard.

•Amendments to IAS 28 – Investments in Associates and Joint Ventures: clarifies the application of the fair value measurement option for certain investments in associates and joint ventures by eligible entities. The amendments aim to promote greater consistency in the application of the standard and reduce discrepancies observed in practice. Management does not expect material impacts from the adoption of this standard.
c.2)Estimates used
The consolidated results and the determination of consolidated equity are impacted by accounting policies, assumptions, estimates, and measurement methods used by the Bank's management in preparing the financial statements. The Bank makes estimates and assumptions that affect the reported values of assets and liabilities for future periods. All estimates and assumptions required under IFRS are management's best estimate under applicable standards.

In the consolidated financial statements, estimates are made by the Bank's management and the consolidated entities in order to quantify certain assets, liabilities, revenues, and expenses, and for explanatory note disclosures.
c.2.1) Critical estimates



The critical estimates and assumptions that have the most significant impact on the accounting balances of certain assets, liabilities, revenues, and expenses, and on the disclosures in the notes to the financial statements, are described below:

i. Fair Value Assessment of Certain Financial Instruments

Financial instruments are initially recognized at fair value, and those not measured at fair value in profit or loss are adjusted for transaction costs.

Financial assets and liabilities are subsequently measured at the end of each period using valuation techniques. This calculation is based on assumptions that take into account management's judgment based on information and market conditions existing at the balance sheet date.

Banco Santander classifies fair value measurements using a fair value hierarchy that reflects the model used in the measurement process, segregating financial instruments into Levels I, II, or III.

Note 18.c of the Consolidated Condensed Financial Statements as of June 30, 2026, presents the accounting practice and sensitivity analysis for the Financial Instruments, respectively.
ii. Provisions for losses on credits due to impairment
The carrying value of non-recoverable financial assets is adjusted by recording a provision for loss under “Losses on financial assets (net) – Financial Assets measured at amortized cost” in the consolidated income statement. The reversal of previously recorded losses is recognized in the consolidated income statement in the period in which the impairment decreases and can be objectively related to a recovery event.

To individually measure the loss due to impairment of loans assessed for impairment, the Bank considers the conditions of the counterparty, such as its economic and financial situation, level of indebtedness, income generating capacity, cash flow, administration, corporate governance and quality of internal controls, payment history, experience in the sector, contingencies and credit limits, as well as characteristics of assets, such as their nature and purpose, type, sufficiency and guarantees of liquidity level and total credit value , and also based on historical experience of impairment and other circumstances known at the time of the assessment.
To measure the loss due to impairment of loans assessed collectively for impairment, the Bank separates financial assets into groups taking into account the characteristics and similarities of credit risk, that is, according to the segment, type of assets, guarantees and other factors associated with historical experience of impairment and other circumstances known at the time of the assessment.
iii. Provisions for pension funds
Defined benefit plans are recorded based on an actuarial study, carried out annually by a specialized company, at the end of each year, effective for the subsequent period and are recognized in the consolidated income statement in the lines Interest and similar expenses and Provisions (liquids).
The present value of a defined benefit obligation is the present value, without deducting any plan assets, of the expected future payments necessary to settle the obligation resulting from the employee's service in the current and past periods.

iv. Obligations, contingent assets and liabilities
Provisions for judicial and administrative proceedings are set up when the risk of loss of the judicial or administrative action is assessed as probable and the amounts involved can be measured with sufficient certainty, based on the nature, complexity and history of the actions and the opinion of legal advisors. internal and external.
v. Goodwill
The recorded goodwill is subject to the recoverability test, at least once a year or in a shorter period, in the case of any indication of a reduction in the recoverable value of the asset.
The basis used for the recoverability test is the value in use and, for this purpose, the cash flow is estimated for a minimum period of 5 years. The cash flow was prepared considering several factors, such as: (i) macroeconomic projections of interest rates, inflation, exchange rates and others; (ii) behavior and growth estimates of the national financial system; (iii) increase in costs, returns, synergies and investment plan; (iv) client behavior; and (v) growth rate and adjustments applied to flows in perpetuity. The adoption of these estimates involves the probability of future events occurring and changing any of these factors could have a different result. The cash flow estimate is based on an assessment prepared by an independent specialized company, annually or whenever there is evidence of a reduction in its recovery value, which is reviewed and approved by Management.


vi. Expectation of realization of IR and CS tax credits
Deferred tax assets and liabilities include temporary differences, identified as the amounts expected to be recovered or paid on differences between the carrying amounts of assets and liabilities and their respective calculation bases, and accumulated tax loss credits and the negative basis of CSLL. These amounts are measured at the rates expected to apply in the period in which the asset is realized or the liability is settled. Deferred tax assets are only recognized for temporary differences to the extent that it is considered probable that the consolidated entities will have sufficient future taxable profits against which the deferred tax assets can be used.
Other deferred tax assets (accumulated tax loss credits) are only recognized if it is considered probable that the consolidated entities will have sufficient future taxable profits to allow them to be used. The recognized deferred tax assets and liabilities are reviewed at each balance sheet date, with the appropriate adjustments being made based on the findings of the analyses performed. The expectation of realization of the Bank's deferred tax assets is based on projections of future results and a technical study.

c.3) Change of business Strategy

In the first quarter of 2025, Banco Santander changed the way it manages part of its portfolio of pre-and post-fixed government securities, financial instruments that are part of its portfolio called ALCO (assets and liability management). The new strategy is based on a long-term investment profile, aiming to ensure greater financial stability, avoiding volatility in the Bank's equity (including for prudential purposes). In accordance with this strategy, Banco Santander has the intention and capacity to hold these securities until their respective maturities.

Management adopted the Amortized Cost (AC) accounting classification for part of the ALCO portfolio, which better reflects the objective of the business model strategy (note 3.a.).


2.Basis for consolidation
Below are highlighted the direct and indirect subsidiaries and investment funds included in the Consolidated Condensed Financial Statements of Banco Santander. Similar information on the companies accounted for by the equity method by the Bank is provided in Note 5.
InvestmentsActivityQuantity of Shares or Quotas Owned (in Thousands)Direct Participation06/30/2026
Common Shares and QuotasPreferred SharesConsolidated Participation
Controlled by Banco Santander 
Santander Sociedade de Crédito, Financiamento e Investimento S.A.Financial50,159 - 100.00 %100.00 %
Return Capital Gestão de Ativos e Participações S.A.Collections and Credit Recovery Management486,010 - 100.00 %100.00 %
Em Dia Serviços Especializados em Cobrança Ltda.Collections and Credit Recovery Management257,306 - 100.00 %100.00 %
Rojo Entretenimento S.A.Services7,417 - 94.60 %94.60 %
Sanb Promotora de Vendas e Cobrança Ltda.Digital Media Services71,181 - 100.00 %100.00 %
Sancap Investimentos e Participações S.A.Holding23,538,159 - 100.00 %100.00 %
Santander Brasil Administradora de Consórcio Ltda.Consortium372,186 - 100.00 %100.00 %
Santander Corretora de Câmbio e Valores Mobiliários S.A.Broker14,067,672 14,067,672 99.99 %100.00 %
Santander Corretora de Seguros, Investimentos e Serviços S.A.Holding7,184 - 100.00 %100.00 %
Santander Leasing S.A. Arrendamento MercantilLeasing164 - 100.00 %100.00 %
F1RST Tecnologia e Inovação Ltda.Technology Services241,941 - 100.00 %100.00 %
Pulse Client Expert Ltda. (nova denominação social da SX Negócios)Call Center Services75,050 - 100.00 %100.00 %
Tools Soluções e Serviços Compartilhados Ltda.Services545,236 - 100.00 %100.00 %
Controlled by Santander Sociedade de Crédito, Financiamento e Investimento S.A.
Banco Hyundai Capital Brasil S.A.Bank150,000 - 50.00 %50.00 %
Controlled by Santander Leasing S.A.
Banco Bandepe S.A.Bank3,589 - 100.00 %100.00 %
Santander Distribuidora de Títulos e Valores Mobiliários S.A. (Santander DTVM)Bank610 - 100.00 %100.00 %
Controlled by Sancap Investimentos e Participações S.A.
Santander Capitalização S.A.Capitalization64,615 - 100.00 %100.00 %
Evidence Previdência S.A.Private Pension42,819,564 - 100.00 %100.00 %
Controlled by Santander Distribuidora de Títulos e Valores Mobiliários S.A.
Santander Corretora de Títulos e de Valores Mobiliários Ltda.Securities Brokerage Firm43,044 — 100.00 %100.00 %
Santander Investimentos Sociedade Prestadora de Serviços de Ativos Virtuais S.A.Investments289,362 - 86.77 %86.77 %
Joint Venture of Sancap Investimentos e Participações S.A.
Santander Auto S.A.Insurance Company22,452 - 50.00 %50.00 %


Consolidated Investment Funds:

•Santander Fundo de Investimento Amazonas Multimercado Crédito Privado de Investimento no Exterior (Santander FI Amazonas);
•Santander Fundo de Investimento Diamantina Multimercado Crédito Privado de Investimento no Exterior (Santander FI Diamantina);
•Santander Fundo de Investimento Guarujá Multimercado Crédito Privado de Investimento no Exterior (Santander FI Guarujá);
•Santander SBAC II Renda Fixa Curto Prazo;     
•Venda de Veículos Fundo de Investimento em Direitos Creditórios (Venda de Veículos FIDC) (1);    
•Santander FI Hedge Strategies Fund (Santander FI Hedge Strategies);                     
•Fundo de Investimento em Direitos Creditórios Multisegmentos NPL Ipanema VI - Não Padronizado (Fundo Investimento Ipanema NPL VI) (2);                                     
•Santander Hermes Multimercado Crédito Privado Infraestrutura Fundo de Investimentos;
•Fundo de Investimentos em Direitos Creditórios Atacado – Não Padronizado (2);


•Atual - Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior;
•Getnet Fundo de Investimentos em Direitos Creditórios;
•Agro Flex Fundo de Investimento em Direitos Creditórios (2);
•Sainte Julie Fundo De Investimento em Direitos Creditórios Não-Padronizados Responsabilidade Limitada;
•D365 – Fundo De Investimento em Direitos Creditórios (2);
•Fundo de Investimento em Direitos Creditórios Tellus;
•Fundo de Investimento em Direitos Creditórios Precato IV (2);
•Santander Hera Renda Fixa Fundo Incentivado de Investimento em Infraestrutura Responsabilidade Limitada;
•San Preca Federal I Fundo De Investimento Em Direitos Creditórios - Responsabilidade Limitada;
•Fundo De Investimento Em Direitos Creditórios Conretorno - Responsabilidade Limitada;
•Ararinha Fundo de Investimento em Renda Fixa Longo Prazo;
•Hyundai Fundo de Investimento em Direitos Creditórios;
•Santander Módulo MX III Renda Fixa Referenciado DI CIC FIF RESP Limitada;
•Santander Módulo SINQIA Renda Fixa Referenciado DI - CIC FIF RESP Limitada;
•Santander Módulo SINQIA II Renda Fixa Referenciado DI - CIC FIF RESP Limitada;
•Santander Módulo SINQIA III Renda Fixa Referenciado DI - CIC FIF RESP Limitada;
•Terras Fundo de Investimento nas Cadelas Produtivas do Agronegocio - Fiagro - Resp Limitada; e
•Atena Fundo De Investimento Em Direitos Creditórios Segmento Infraestrutura De Responsabilidade Limitada.

(1) Renault Automóveis S.A. (an entity not belonging to the Santander Group) sells its trade receivables to the Fund. This Fund exclusively acquires trade receivables originated by Renault Automóveis S.A. In turn, Banco RCI Brasil S.A. holds 100% of the Fund’s quotas.
(2)    Fund controlled by Santander Sociedade de Crédito, Financiamento e Investimento S.A.

In addition, the entity Vert-11 Companhia Securitizadora de Créditos Financeiros was consolidated, as Banco Santander has full control over its assets.

a)Share Incorporation of Santander CTVM into Santander DTVM

On June 30, 2026, Extraordinary Shareholders’ Meetings of Santander Corretora de Títulos e Valores Mobiliários S.A. (“Santander CTVM”) and Santander Distribuidora de Títulos e Valores Mobiliários S.A. (“Santander DTVM”) were held and approved the incorporation by Santander DTVM of the shares issued by Santander CTVM and held by Banco Santander (Brasil) S.A. As a result, Santander DTVM’s share capital was increased, and new shares were issued to Banco Santander (Brasil) S.A., totaling R$ 191,370,905.89.

b)Merger of Esfera Fidelidade into Banco Santander (Brasil) S.A.

On June 30, 2026, Esfera Fidelidade S.A. (“Esfera”) was fully merged into its direct parent company, Banco Santander (Brasil) S.A. (“Santander Brasil”), with all of its assets and liabilities being absorbed by Santander Brasil. The merger did not result in an increase in Santander Brasil’s share capital, since all shares issued by Esfera were already held by Santander Brasil and their value was therefore already reflected as an equity-accounted investment.

c)Santander Financiamento Enters into Agreement to Acquire a 49% Equity Interest in Loop Gestão de Pátios S.A.

On June 22, 2026, Santander Sociedade de Crédito, Financiamento e Investimento S.A. ("Santander Financiamento"), on one side, and Loop AC Participações Ltda. and Allpark Empreendimentos, Participações e Serviços S.A., on the other, executed a share purchase agreement for the acquisition by Santander Financiamento of 49% of the total and voting share capital of Loop Gestão de Pátios S.A. ("Loop"). The Santander Group already held an indirect interest in Loop through Webmotors S.A. ("Webmotors"), and upon completion of the transaction will also hold a direct interest in the company. Completion of the transaction is subject to the execution of definitive agreements and the satisfaction of customary conditions precedent, including the receipt of applicable regulatory approvals.

d)Merger of Santander Holding Imobiliária and Solution 4Fleet

On April 30, 2026, the merger of Santander Holding Imobiliária S.A. ("SHI") and Solution 4Fleet Consultoria Empresarial S.A. ("S4F") into Tools Soluções e Serviços Compartilhados Ltda. ("Tools") was approved. The transaction was undertaken to simplify Santander Brasil’s corporate structure, consolidate accounting processes, and reduce operating costs.










e)Banco Santander Enters into Agreement to Acquire 100% Ownership Interest in New SPEs

On April 8, 2026, Banco Santander (Brasil) S.A. obtained approval from the Central Bank of Brazil to acquire 100% of the total and voting share capital of BREF III Empreendimentos Imobiliários 4 S.A., BREF III Empreendimentos Imobiliários 5 S.A., and BREF III Empreendimentos Imobiliários 6 S.A., pursuant to a share purchase agreement entered into with BREF III Fundo de Investimento em Participações Multiestratégia – Responsabilidade Limitada. These companies own the properties comprising the Campus JK complex, where the real estate development intended to house Santander’s new headquarters will be built. Completion of the transaction remains subject to the execution of definitive agreements and the fulfillment of customary conditions precedent, including completion of the construction works and issuance of the occupancy permit "Habite-se".

f)Disposal of the Entire Equity Interest in Galgo Sistemas de Informações S.A.

On March 20, 2025, Banco Santander (Brasil) S.A. and the other shareholders executed certain agreements establishing the terms and conditions for the sale of shares representing the entire issued and voting share capital of Galgo Sistemas de Informações S.A. to RTM – Rede de Telecomunicações para o Mercado Ltda. (the "Transaction"). Upon completion of the Transaction on May 7, 2025, Banco Santander (Brasil) S.A. ceased to hold any equity interest in Galgo Sistemas de Informações S.A.

g)Disposal of the Entire Equity Interest Held in Summer Empreendimentos Ltda.
    
On February 24, 2025, Santander Holding Imobiliária S.A. ("SHI") and Banco Santander (Brasil) S.A. executed certain agreements establishing the terms and conditions for the sale of quotas representing the entire share capital of Summer Empreendimentos Ltda. ("Summer") to RFM-E Ltda. (the "Transaction"). Upon completion of the Transaction on September 29, 2025, Banco Santander (Brasil) S.A. and SHI ceased to hold any ownership interest in Summer Empreendimentos Ltda.





3.Financial assets

a)Classification by nature and category

The classification by nature and category for the purposes of evaluating the Bank's assets, except balances related to “Cash and cash equivalents” and “Derivatives used as Hedge”, on June 30, 2026 and December 31, 2025 is shown below:    

06/30/2026
Financial Assets Measured At Fair Value Through Profit Or LossFinancial Assets Measured At Fair Value Through Other Comprehensive IncomeFinancial Assets Measured At Amortized CostTotal
Balances with the Brazilian Central Bank101,581,383—90,984,456192,565,839
Loans and other amounts with credit institutions, net——61,588,54661,588,546
 Of which:
Loans and other amounts with credit institutions, gross——61,589,30961,589,309
   Impairment losses (note 3-b.2)
——(763)(763)
Loans and advances to customers, net5,290,448—552,895,747558,186,195
 Of which:
Loans and advances to customers, gross (1)5,290,448—590,923,883596,214,331
   Impairment losses (note 3-b.2)
——(38,028,136)(38,028,136)
Debt instruments, net105,623,82962,076,982126,307,680294,008,491
 Of which:
Debt instruments, gross (2)105,623,82962,076,982130,166,474297,867,285
   Impairment losses (note 3-b.2)
——(3,858,794)(3,858,794)
Equity instruments5,447,1652,168—5,449,333
Trading derivatives27,134,022——27,134,022
Total245,076,84762,079,150831,776,4291,138,932,426
12/31/2025
Financial Assets Measured At Fair Value Through Profit Or LossFinancial Assets Measured At Fair Value Through Other Comprehensive IncomeFinancial Assets Measured At Amortized CostTotal
Balances With The Brazilian Central Bank89,994,937—91,754,315181,749,252
Loans and other amounts with credit institutions, net——35,947,92335,947,923
 Of which:
Loans and other amounts with credit institutions, gross——35,949,34435,949,344
   Impairment losses (Note 3-b.2)
——(1,421)(1,421)
Loans and advances to customers, net6,413,587—558,134,969564,548,556
 Of which:
Loans and advances to customers, gross (1)6,413,587—591,732,899598,146,486
   Impairment losses (Note 3-b.2)
——(33,597,930)(33,597,930)
Debt instruments, net95,546,02669,354,220114,708,615279,608,861
 Of which:
Debt instruments, gross95,546,02669,354,220116,778,171281,678,417
   Impairment losses (Note 3-b.2)
——(2,069,556)(2,069,556)
Equity instruments4,862,39392,363—4,954,756
Trading derivatives65,590,206——65,590,206
Total262,407,14969,446,583800,545,8221,132,399,554
(1) On June 30, 2026, the balance recorded in “Loans and advances to customers” referring to operations of the assigned credit portfolio is R$15,260 (12/31/2025 – R$16,768).
(2) In the 2nd quarter of 2025, a portion of securities in the ALCO portfolio, in the amount equivalent to R$ 23,190 million, was classified in the category of Financial Assets measured at amortized cost (note 1.c.4), generating a reversal of mark-to-market adjustments on the reclassified securities, positively impacting shareholders' equity by R$ 514 million, net of tax effects (R$ 934 million gross) at the time.




b)Valuation adjustments arising from loss of recoverable value of financial assets

b.1)Financial assets measured at fair value through Other Comprehensive Income

As indicated in explanatory note 2 to the Bank's consolidated Interim Financial Statements for the semester ended June 30, 2026, variations in the carrying value of financial assets and liabilities are recognized in the consolidated income statement and except in the case of financial assets measured at fair value through other comprehensive income, where changes in fair value are temporarily recognized in consolidated Net Equity, in “Other comprehensive income”.

Debits or credits in "Other Comprehensive Income" arising from changes in fair value remain in the Bank's consolidated Net Equity until the respective assets are written off, when they are then recognized in the consolidated income statement. As part of the fair value measurement process, when there is evidence of losses in the recoverable value of these instruments, the amounts are no longer recognized in Net Equity under the heading "Financial Assets Measured at Fair Value through Other Comprehensive Income” and are reclassified to the Consolidated Income Statement at the cumulative value on that date.

On June 30, 2026, the Bank analyzed the variations in the fair value of the various assets that make up this portfolio and concluded that, on that date, there were no significant differences whose origin could be considered as resulting from impairment losses. Consequently, all changes in the fair value of these assets are presented in “Other Comprehensive Income”, with movements occurring during the interim period recognized in the respective consolidated statement of Other Comprehensive Income.
b.2)Financial Assets Measured at Amortized Cost - Loans, other amounts with credit institutions, advances to customers and debt instrument

Changes in provisions for recoverable value losses of assets included in “Financial Assets Measured at Amortized Cost - Loans, Other Amounts with Credit Institutions, Advances to Customers and Debt Instrument” (1) in the semesters ended June 30, 2026 and 2025 were the following:

01/01 to01/01 to
06/30/202606/30/2025
Balance at beginning of the period  
40,694,18235,668,907
Constitution (Reversal) for losses on financial assets12,347,13116,660,974
Write-off of impaired balances against recorded impairment allowance(11,135,145)(13,956,309)
Exchange Variation(18,475)(25,389)
Balance at end of the period (Note 3.a)
41,887,69338,348,183
Provision for contingent liabilities841,534454,770
Total balance of allowance for impairment losses, including provisions for contingent liabilities42,729,22738,802,953
Loans written-off recovery376,207669,077
Discount granted(2,487,983)(1,396,261)

(1) Includes Provision for Losses on Financial Guarantee Contracts Provided.

Considering the amounts recognized in “Constitution (Reversal) for losses on financial assets”, “Recoveries of loans written off as losses” and “Discount Granted” total R$ 14,458,907 and R$ 17,388,158 in the semesters ended June 30, 2026 and 2025 , respectively.

Considering the plan to update the impairment provision calculation models, to be implemented during the second half of 2025, the recognized balance of supplementary provision (post model adjustment) is 1,389 million as of June 30, 2026, to meet the update of macroeconomic parameters and other relevant parameters of the Bank's impairment provision calculation models, in accordance with IFRS 9, which resulted in higher provisions, reflecting a more complex economic environment expected.

c)Non-recoverable assets

A financial asset is considered unrecoverable when there is objective evidence of the occurrence of events that: (i) cause an adverse impact on the estimated future cash flows at the date of the transaction, in the case of debt instruments (loans and debt securities); (ii) mean that its carrying amount cannot be fully recovered, in the case of equity instruments; (iii) arise from the breach of clauses or terms of loans, and (iv) at the time of bankruptcy proceedings.

Details of changes in the balance of financial assets classified as “Loans, advances to customers and Debt Instruments” considered as non-recoverable due to credit risk in the semesters ended June 30, 2026 and 2025 are as follows:





01/01 to01/01 to
06/30/202606/30/2025
Balance at beginning of the period  
48,899,708 42,242,354 
Net additions 17,505,609 12,521,015 
Write-off of impaired balances against recorded impairment allowance(11,699,626)(11,023,481)
Balance at end of the period 54,705,691 43,739,888 


d)Provisions for Losses of Financial Guarantee Contracts Provided

IFRS 9 requires that the provision for expected credit losses be recorded for financial guarantee contracts provided, that have not yet been honored. It should be measured and accounted for at the provision expense that reflects the credit risk in the event of honored guarantees and the endorsed customer does not comply with its contractual obligations. Below is the movement of these provisions for the semesters ended June 30, 2026 and 2025.

01/01 to01/01 to
06/30/202606/30/2025
Balances at the beginning of the period  
787,837 440,113 
Constitution (Reversal) of provision for losses on financial guarantee contracts provided53,697 14,657 
Balances at the end of period  
841,534 454,770 

4.Non-current assets held for sale

Non-current assets held for sale include assets not in use.

5.Interests in associates and joint ventures

Joint Control

Banco Santander and its subsidiaries consider investments classified as joint control when they have a shareholders' agreement which defines that strategic, financial and operational decisions require the unanimous consent of all investors.

Significant Influence

Affiliates are entities over which the Bank is able to exercise significant influence (significant influence is the power to participate in the financial and operational policy decisions of the investee) but does not control or have joint control.


























a)Composition

Participation %
ActivityCountry06/30/202612/31/2025
Jointly Controlled by Banco Santander
Banco RCI Brasil S.A.BankBrazil39.89 %39.89 %
Gestora de Inteligência de Crédito (1)Credit BureauBrazil15.56 %15.56 %
Jointly Controlled by Santander Corretora de Seguros
Hyundai Corretora de Seguros Insurance BrokerBrazil50.00 %50.00 %
Jointly Controlled by Webmotors S.A.
Loop Gestão de Pátios S.A. (Loop)Provision of ServicesBrazil51.00 %51.00 %
Car10 Tecnologia e Informação S.A.TechnologyBrazil66.67 %66.67 %
Jointly Controlled Car10 Tecnologia e Informação S.A
Pag10 Fomento Mercantil LtdaTechnologyBrazil100.00 %100.00 %
Jointly Controlled by Tecnologia Bancária S.A.
Tbnet Comércio, Locação e Administração Ltda. (Tbnet)Other ActivitiesBrazil100.00 %100.00 %
TecBan Serviços Integrados Ltda.Other ActivitiesBrazil100.00 %100.00 %
Jointly Controlled by Tbnet
Tbforte Segurança e Transporte de Valores Ltda. (Tbforte)Other ActivitiesBrazil100.00 %100.00 %
Significant Influence of Banco Santander
Núclea S.A.Other ActivitiesBrasil17.53 %17.53 %
Pluxee Beneficios Brasil S.A.BenefitsBrazil20.00 %20.00 %
Santander Auto S.AOther ActivitiesBrazil50.00 %50.00 %
Significant Influence of Santander Corretora de Seguros
Tecnologia Bancária S.A. - TECBANOther ActivitiesBrazil18.98 %18.98 %
Biomas - Serviços Ambientais, Restauração e Carbono S.A.Other ActivitiesBrazil16.66 %16.66 %
Webmotors S.A. Other ActivitiesBrazil30.00 %30.00 %

06/30/202612/31/2025
AssetsLiabilitiesProfit (Loss)AssetsLiabilitiesProfit
 (Loss) (3)
Jointly Controlled by Banco Santander17,551,562 17,427,482 124,080 15,619,966 15,299,248 321,664 
Banco RCI Brasil S.A.16,401,701 16,252,119 149,582 14,406,307 14,060,196 346,111 
Gestora de Inteligência de Crédito1,149,861 1,175,363 (25,502)1,213,660 1,239,052 (24,447)
Jointly Controlled by Santander Corretora de Seguros2,888,801 2,853,463 35,338 3,169,143 3,184,741 (45,238)
Tecnologia Bancária S.A. - TECBAN (1)2,834,672 2,788,607 46,065 2,836,231 2,797,987 8,603 
Hyundai Corretora de Seguros12,216 10,868 1,348 11,069 8,676 2,393 
Biomas - Serviços Ambientais, Restauração e Carbono S.A. (1)41,913 53,988 (12,075)42,093 83,032 (40,939)
CSD Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A (2)- - - 279,750 295,046 (15,295)
Significant Influence of Banco Santander11,308,797 10,763,049 545,748 11,271,921 9,932,267 1,260,785 
Núclea S.A.2,359,245 2,088,189 271,056 2,164,151 1,524,528 633,822 
Pluxee BenefÍcios Brasil S.A.8,332,666 8,122,331 210,335 8,419,988 7,792,935 553,985 
Santander Auto S.A.616,886 552,529 64,357 687,782 614,804 72,978 
Significant Influence of Santander Corretora de Seguros1,254,871 1,231,501 23,370 846,681 614,883 226,950 
Webmotors S.A.1,254,871 1,231,501 23,370 846,681 614,883 226,950 
Total33,004,031 32,275,495 728,536 30,907,711 29,031,139 1,764,161 
(1) Companies with a one-month lag for the calculation of equity method. For accounting purposes, the equity method result is used as of 06/30/2026, based on the position of 05/31/2026.
(2) As of June 30, 2026, Banco Santander ceased to exercise significant influence over CSD Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A.; accordingly, the investment is no longer accounted for under the equity method.
(3) The balances presented correspond to the amounts determined in the 2025 fiscal year.








InvestmentsResults
01/01 to01/01 to
06/30/202612/31/202506/30/202606/30/2025
Jointly Controlled by Banco Santander592,112 534,505 55,313 43,942 
Banco RCI Brasil S.A.548,210 485,793 59,670 45,124 
Estruturadora Brasileira de Projetos S.A. - EBP- 428 25 37 
Gestora de Inteligência de Crédito43,902 48,284 (4,382)(1,219)
Jointly Controlled by Santander Corretora de Seguros4,166 3,492 674 352 
Hyundai Corretora de Seguros4,166 3,492 674 352 
Significant Influence of Banco Santander2,363,569 2,370,206 145,066 126,776 
Núclea S.A.320,932 314,434 57,997 56,510 
Pluxee Benefícios Brasil S.A.1,911,135 1,933,758 54,877 56,735 
Santander Auto S.A.70,857 56,745 32,179 13,531 
FIDC Creditórios Multisegmentos NPL Ipanema X Responsabilidade Limitada60,645 65,269 13 - 
Significant Influence of Santander Corretora de Seguros554,446 608,891 14,907 30,353 
Tecnologia Bancária S.A. - TECBAN261,105 250,552 10,553 762 
CSD Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A- 47,321 (731)(2,639)
Biomas - Serviços Ambientais, Restauração e Carbono S.A.3,816 3,946 (2,631)(3,107)
Webmotors S.A.289,525 307,072 7,716 35,337 
Total3,514,293 3,517,094 215,960 201,423 


The Bank does not have guarantees provided to companies with shared control and significant influence.

The Bank does not have contingent liabilities with a significant risk of possible loss related to investments in companies with shared control and significant influence.

b)Variation

Below are the variations in the balance of this item in the periods ended June 30, 2026 and 2025:

01/01 to 06/30/202601/01 to 06/30/2025
Joint ControlSignificant InfluenceJoint ControlSignificant Influence
Balance at beginning of exercise537,997 2,979,097 975,731 2,664,444 
Adjustment to market value2,747 (40,502)(40,324)(60,747)
Write-off(452)(47,322)— — 
Equity in earnings of subsidiaries55,986 160,704 44,294 157,129 
Dividends proposed / received— (136,464)(7,114)(196,162)
Jointly Controlled Capital Increase— 2,502 (18,692)35,567 
Balance at end of period596,278 2,918,015 953,895 2,600,231 
Total Investments3,514,293 3,554,126 

c)Losses due to non-recovery

No impairment losses were recognized on investments in associates and joint ventures on June 30, 2026 and December 31, 2025.

d)Other information

Details of the principal jointly controlled company:

•Banco RCI Brasil S.A.: Company constituted as a joint stock company with headquarters in Paraná, its main objective is to carry out investment, leasing, credit, financing and investment operations, aiming to sustain the growth of the Renault and Nissan automotive brands in the Brazilian market, with operations aimed at, mainly, financing and leasing to the end consumer. It is a financial institution that is part of the RCI Banque Group and the Santander Conglomerate, and its operations are conducted within the context of a group of institutions that operate in an integrated manner in the financial market. In accordance with the Shareholders' Agreement, the main decisions that impact this company are taken jointly between Banco Santander and other controlling shareholders.



6.Fixed Assets (tangible)

The Bank's tangible assets refer to fixed assets for its own use. The Bank does not have tangible assets held as investment property or leased under operating leases. The Bank is also not a party to any financial lease agreement during the periods ending June 30, 2026 and 2025.

a)Composition

Details, by asset category, of tangible assets in the consolidated balance sheets are as follows:

Land and buildingsFurniture and equipment for use and vehiclesLease Fixed Assets
Facilities		Improvements to third party propertiesFixed Assets in ProgressTotal
Balance as of December 31, 2025
1,382,593 1,810,417 717,247 328,130 669,000 138,746 5,046,133 
Addition (1)91,400 308,656 97,119 12,079 44,569 880,429 1,434,252 
Write-off(490)(14,737)(102,447)(2,173)(23,161)(118,362)(261,370)
Depreciation of the period(50,779)(233,977)(81,580)(38,943)(71,954)(4,216)(481,449)
Transfers(358)60,910 - 40,323 19,360 (120,737)(502)
Balance as of June 30, 2026
1,422,366 1,931,269 630,339 339,416 637,814 775,860 5,737,064 
Balance as of December 31, 20241,515,947 2,124,656 1,059,363 371,584 844,995 105,355 6,021,900 
Addition723 231,845 185,964 11,360 44,459 31,493 505,844 
Write-off(5,984)(48,454)(100,131)(9,590)(71,650)(529)(236,338)
Depreciation of the period(32,303)(255,315)(164,366)(41,349)(82,544)(1,207)(577,084)
Transfers1,072 50,570 - 27,368 24,101 (105,712)(2,601)
Balance as of June 30, 20251,479,455 2,103,302 980,830 359,373 759,361 29,400 5,711,721 
(1) Includes payments made to the Campus JK project (Banco Santander's new headquarters), as described in Note 2.
Depreciation expenses were recorded under the heading “Depreciation and amortization” in the income statement.
For better presentation, the categories of the different asset classes have been relocated.
b) Losses due to non-recovery
In the semester ending June 30, 2026, there was an impact of an impairment expense of R$ 6.359 (12/31/2025 – R$20,001) and a loss due to obsolescence and discontinuation of fixed assets in the amount of R$ 11.610 (31/12/2025 - R$268,686).

c) Commitment to purchase tangible assets

As of June 30, 2026, the Bank has contractual commitments for the acquisition of tangible assets, as described in note 2"e", with a balance of R$ 0 as of December 31, 2025.
7.Intangible assets - Goodwill

The goodwill constitutes the excess between the acquisition cost and the Bank's share in the net fair value of the acquiree's assets, liabilities and contingent liabilities. When the excess is negative (discount), it is recognized immediately in profit or loss. In accordance with IFRS 3 Business Combinations, goodwill is carried at cost and is not amortized, but tested annually for impairment purposes or whenever there is evidence of impairment of the cash-generating unit to which it was allocated. Goodwill is recorded at its cost value less accumulated impairment losses. Impairment losses recognized on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying value of the goodwill related to the entity sold.
The recorded goodwill is subject to the recoverability test (note 1.c.3.1.v) and was allocated according to the operating segment (note 15).
During the period, no indications of impairment of goodwill were identified.









06/30/202612/31/2025
Breakdown
Banco ABN Amro Real S.A. (Banco Real)27,217,56627,217,566
Em Dia Serviços Especializados em Cobranças Ltda. (Nova denominação da Liderança Serviços Especializados em Cobranças LTDA.)184,447184,447
Toro Corretora de Títulos e Valores Mobiliários Ltda.160,769160,770
Olé Consignado (Atual Denominação Social do Banco Bonsucesso Consignado)62,80062,800
CSD Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A.-42,135
Return Capital Serviços de Recuperação de Créditos S.A. (atual denominação social da Ipanema Empreendimentos e Participações S.A.)21,30321,304
Monetus Investimentos S.A.39,91939,919
Mobills Labs Soluções em Tecnologia Ltda.35,48335,483
Solution 4Fleet Consultoria Empresarial S.A.-32,590
Santander Brasil Tecnologia S.A.16,38116,381
FIT Economia de Energia S.A.3,9923,992
Vora Gestão e Consultoria de Energia e Gás S.A.27,28727,287
Total27,769,94727,844,674
Commercial Bank
12/31/2025
Key assumptions:
Basis for determining the recoverable amountValue in use: cash flows
Period of the projections of cash flows (1)5 years
Perpetual growth (1)4.0 %
Pre-tax discount rate (2)18.5 %
Discount rate (2)12.2 %
Em DiaToro Corretora
12/31/2025
Main premises:
Bases for determining recoverable valueValue in use: cash flows
Cash flow projection period (1)5 years5 years
Perpetual Growth Rate3.6 %3.6 %
Discount rate13.8 %14.5 %
(1)   Cash flow projections are based on Management's internal budget and growth plans, considering historical data, expectations and market conditions such as industry growth, interest rates and inflation rates.
(2) The discount rate is calculated based on the capital asset pricing model (CAPM).

A quantitative goodwill recoverability test is performed annually.

For the goodwill recognized on the acquisition of Banco Real and Olé, as detailed in the tables above, an analysis is carried out at the end of each year as to whether there is any evidence of impairment. In the period ended June 30, 2026 and fiscal year 2025 there was no evidence of impairment. In the goodwill impairment test, discount rates and growth over perpetuity are the most sensitive assumptions for calculating the present value (value in use) of discounted future cash flows.















8.Intangible assets - Other intangible assets

The movement of other intangible assets in the semesters ended June 30, 2026 and 2025 was as follows:

Movement of:
12/31/2025 to 06/30/2026
12/31/2024 to 06/30/2025
Information Technology DevelopmentOther assetsTotalInformation Technology DevelopmentOther assetsTotal
Opening Balance5,277,548 104,761 5,382,309 4,828,519 105,400 4,933,919 
Addition853,084 7,628 860,712 804,157 79,486 883,643 
Write-off(7,154)(3,914)(11,068)(22,707)(25,595)(48,302)
Transfers1,627 (1)1,626 6,066 7,502 13,568 
Amortization(801,899)(39,689)(841,588)(703,381)(44,188)(747,569)
Impairment- - - - (18,233)(18,233)
Final balance5,323,206 68,785 5,391,991 4,912,654 104,372 5,017,026 
Estimated Useful Life5 yearsUntil 5 years5 yearsUntil 5 years

Amortization expenses were included in the item "Depreciation and amortization" in the income statement.

9.Financial liabilities

a)Classification by nature and category

The classification, by nature and category for evaluation purposes, of the Bank's financial liabilities other than those included in “Derivatives used as Hedge”, on June 30, 2026 and December 31, 2025:

06/30/2026
Financial Liabilities Measured at Fair Value Through Profit or LossFinancial Liabilities Measured at Amortized CostTotal
Deposits from Brazilian Central Bank and deposits from credit institutions- 160,962,783 160,962,783 
Customer deposits- 621,378,788 621,378,788 
Marketable debt securities454,269 156,704,844 157,159,113 
Trading derivatives22,495,692 - 22,495,692 
Short positions50,252,044 - 50,252,044 
Debt Instruments Eligible to Compose Capital- 31,657,370 31,657,370 
Other financial liabilities- 81,085,913 81,085,913 
Total73,202,005 1,051,789,698 1,124,991,703 
12/31/2025
Financial Liabilities Measured at Fair Value Through Profit or LossFinancial Liabilities Measured at Amortized CostTotal
Deposits from Brazilian Central Bank and deposits from credit institutions- 146,867,521 146,867,521 
Customer deposits- 593,328,796 593,328,796 
Marketable debt securities3,263,266 156,662,290 159,925,556 
Trading derivatives59,827,986 - 59,827,986 
Short positions49,380,059 - 49,380,059 
Debt Instruments Eligible to Compose Capital- 28,113,937 28,113,937 
Other financial liabilities- 67,414,002 67,414,002 
Total112,471,311 992,386,546 1,104,857,857 







b)Composition and details

b.1)Deposits from the Central Bank of Brazil and Deposits from credit institutions

06/30/202612/31/2025
Demand deposits (1)1,295,489 1,951,466 
Time deposits (2)134,362,948 119,636,099 
Repurchase agreements25,304,345 25,279,956 
Of which:
      Backed operations with Government Securities
25,304,345 25,279,956 
Total160,962,782 146,867,521 
(1) Unpaid accounts.
(2) Includes operations with credit institutions resulting from export and import financing lines, onlendings from the country (BNDES and Finame) and abroad, and other credit lines abroad.

b.2)Customer deposits

06/30/202612/31/2025
Demand deposits86,513,080 85,108,276 
Current accounts (1)35,295,265 31,906,984 
Savings accounts51,217,815 53,201,292 
Time deposits442,546,668 431,658,793 
Repurchase agreements92,319,040 76,561,727 
Of which:
      Backed operations with Private Securities
22,464,615 18,906,726 
      Backed operations with Government Securities
69,854,425 57,655,001 
Total621,378,788 593,328,796 
(1) Unpaid accounts.

b.3)Bonds and securities

06/30/202612/31/2025
Real Estate Credit Notes - LCI (1)53,857,031 53,374,694 
Eurobonds16,370,802 18,052,632 
Treasury Bills (2)42,128,363 38,233,834 
Agribusiness Credit Notes - LCA36,624,721 38,740,151 
Guaranteed Real Estate Bill - LIG (3)6,565,428 11,524,245 
Foreign Exchange Acceptance Resources1,612,768 - 
Total157,159,113 159,925,556 
(1) Real estate credit notes are fixed income securities backed by real estate credits and secured by a mortgage or fiduciary assignment of real estate. As of June 30, 2026, they have a maturity date between 2026 and 2034 (12/31/2025 – with a maturity date between 2025 and 2035).
(2) The main characteristics of financial bills are a minimum term of two years, a minimum nominal value of R$ 50 and permission for early redemption of only 5% of the amount issued. As of June 30, 2026, they have a maturity date between 2026 and 2036 12/31/2025 – with a maturity date between 2025 and 2035).
(3) Guaranteed Real Estate Letters are fixed income securities backed by real estate credits guaranteed by the issuer and by a pool of real estate credits separate from the issuer's other assets. As of June 30, 2026, they have a maturity date between 2026 and 2045 (12/31/ 2025 – with a maturity date between 2025 and 2035).

The changes in the balance of "Bonds and securities" in the semesters ended June 30, 2026 and 2025 were as follows:

01/01 to01/01 to
06/30/202606/30/2025
Balance at beginning of the semester159,925,556 139,678,128 
Issuances128,660,136 315,566 
Payments(131,582,471)— 
Interest1,975,908 6,471,879 
Exchange differences and other(1,820,016)(593,608)
Balance at end of the semester157,159,113 145,871,965 





The composition of "Eurobonds and other securities" is as follows:

IssuanceMaturity UntilInterest Rate (p.a.)20262025
20212031Until 15%2,453,757 2,608,545 
20222035Until 15%1,185,095 1,247,459 
20232031Until 15%318,498 2,022,920 
20242033Until 15%2,221,341 2,568,847 
20252040Until 15%4,483,212 9,604,861 
20262036Until 15%5,708,899 - 
Total16,370,802 18,052,632 
(1) Includes SOFR - Secured Overnight Finance Rate.

b.4)Equity Eligible Debt Instruments

The details of the balance of the item "Debt Instruments Eligible for Capital" referring to the issuance of capital instruments to compose level I and level II of reference equity, are as follows:

IssuanceMaturityValue in millionsInterest Rate (p.a.)06/30/202612/31/2025
Financial Bills - Tier II (1)Nov-21Nov-315,300 CDI+2%10,057,6379,321,771
Financial Bills - Tier II (1)Dec-21Dec-31200 CDI+2%379,212351,467
Financial Bills - Tier II (1)Oct-23Oct-336,000 CDI+1,6%8,690,3258,070,433
Financial Bills - Tier I (2)Sep-24No Maturity (Perpetual)7,600 CDI+1,4%7,964,9747,982,784
Financial Bills - Tier II (1)Dec-25Dec-352,363 CDI+0,65%2,385,2572,387,482
Financial Bills - Tier II (1)Mar-26Mar-36708 CDI+0,55%734,244- 
Financial Bills - Tier II (1)Mar 26Mar-3642 IPCA+ 8%44,751- 
Financial Bills - Tier II (1)Apr-26Apr-3620 CDI+0,55%20,573- 
Financial Bills - Tier II (1)May-26May-36706 CDI+0,6%714,499- 
Financial Bills - Tier II (1)Jun-26Jun-36660 CDI+0,6%665,898- 
Total31,657,37028,113,937
(1) Financial Notes issued from November 2021 through June 2026 include call and repurchase options.
(2) Perpetual Subordinated Financial Letters (without a maturity date) have a redemption and repurchase option and semi-annual interest payments.

The letters have the following common characteristics:

(a) The bills may be repurchased or redeemed by Banco Santander after the 5th (fifth) anniversary of the date of issuance of the bills, at the Bank's sole discretion or due to changes in the tax legislation applicable to the bills; or at any time, due to the occurrence of certain regulatory events.

The changes in the balance of "Equity Eligible Debt Instruments" in the semesters ended June 30, 2026 and 2025 were as follows:

01/01 to 01/01 to
06/30/202606/30/2025
Balance at beginning of the period28,113.937 23,137.784 
Emission2,137,200 - 
Interest payment Tier I (1)364.774 540.016 
Interest payment Tier II (1)7,692.296 1,121.582 
Interest Payment - Level I(6,650.837)(471.727)
Balance at end of the period31,657.370 24,327.655 
(1) The interest remuneration referring to the Debt Instrument Eligible for Tier I and II Capital was recorded as a contra entry to the result for the period as "Interest and Similar Expenses ".











10.Provision for judicial and administrative proceedings, commitments and other provisions

a)Composition

The composition of the balance of the item “Provisions” is as follows:

06/30/202612/31/2025
Pension fund obligations and similar requirements1,013,324 1,357,203 
Provisions for judicial and administrative proceedings, commitments and other provisions12,022,495 10,447,279 
 Judicial and administrative proceedings under the responsibility of former controlling stockholders496 496 
 Judicial and administrative proceedings 11,029,371 9,495,060 
 Of which:
Civil3,694,360 3,459,137 
Labor (1)4,780,748 3,835,099 
Tax and Social Security2,554,263 2,200,824 
Provision for contingent liabilities841,534 787,837 
Other provisions151,094 163,886 
Total13,035,819 11,804,482 
(1) During the second quarter, the Bank revised the methodology and assumptions used to measure mass labor contingencies. This reassessment, adopted prospectively, reflects Management’s best estimate as of the reporting date of the financial statements.

b) Tax, Social Security, Labor and Civil Provisions

Banco Santander and its subsidiaries are integral parties to judicial and administrative proceedings of a fiscal, social security, labor, and civil nature, arising from the normal course of their activities.

The provisions were established based on the nature, complexity, and history of the lawsuits and on the assessment of the loss of the companies' shares based on the opinions of internal and external legal advisors. Banco Santander's policy is to fully provision the value at risk of lawsuits whose assessment is of probable loss.

Management believes that the provisions established are sufficient to cover any potential losses arising from judicial and administrative proceedings as follows:

b.1)Judicial and Administrative Proceedings of a Tax and Social Security Nature

Main judicial and administrative proceedings with probable risk of loss

Banco Santander and its controlled companies are parties to legal and administrative proceedings related to tax and social security discussions, which are classified based on the opinion of legal advisors, as risk of probable loss.

National Social Security Institute (INSS) - R$ 172 million (31/12/2025 R$ 167 million in Consolidated): Banco Santander and its controlled companies are administratively and judicially disputing the collection of social security contributions and education salary on various payments that, according to legal advisors, are not considered salary.

Service Tax (ISS) - Financial Institutions - R$ 377 million (31/12/2025 R$ 335 million in Consolidated): The Bank and its controlled companies are administratively and judicially disputing the requirement, by several municipalities, to pay ISS on various revenues arising from operations that are not usually classified as the provision of services. In addition, other actions involving ISS, classified as a possible loss risk, are described in Note 10.b.4.

PIS and COFINS - Income on Mandatory Reserve Deposits - R$ 1,322 million (12/31/2025 - R$ 995) at the Bank and R$ 1,322 million (12/31/2025 - R$ 995 million) on a Consolidated basis, and is fully covered by a mass claim. The Company filed a lawsuit seeking to exempt the remuneration earned on compulsory deposits held with the Central Bank of Brazil (BACEN) from PIS and COFINS taxation. In 2024, a favorable court ruling was issued; however, the Brazilian National Treasury (Fazenda Nacional) subsequently appealed the decision.

b.2)Judicial and Administrative Proceedings of a Labor Nature

These are actions filed by Unions, Associations, the Public Ministry of Labor and former employees claiming labor rights that they believe are due, in particular the payment of “overtime” and other labor rights, including processes related to retirement benefits.



For lawsuits considered common and similar in nature, provisions are recorded based on the historical average of closed lawsuits. Actions that do not meet the previous criteria are provisioned in accordance with an individual assessment carried out, with provisions being constituted based on the probable risk of loss, the law and jurisprudence in accordance with the loss assessment carried out by legal advisors.

b.3)Judicial and Administrative Proceedings of a Civil Nature

These provisions generally arise from: (1) actions requesting a review of contractual terms and conditions or requests for monetary adjustments, including alleged effects of the implementation of various government economic plans, (2) actions arising from financing contracts, (3) enforcement actions; and (4) actions for compensation for losses and damages. For civil actions considered common and similar in nature, provisions are recorded based on the historical average of closed cases. Claims that do not meet the previous criteria are provisioned in accordance with an individual assessment carried out, with provisions being constituted based on the probable risk of loss, the law and jurisprudence in accordance with the loss assessment carried out by legal advisors.

Compensation Suits - Refer to compensation for material and/or moral damage, relating to the consumer relationship, mainly dealing with issues relating to credit cards, direct consumer credit, current accounts, billing and loans and other matters. In actions relating to causes considered similar and usual for the business, in the normal course of the Bank's activities, the provision is constituted based on the historical average of closed processes. Actions that do not meet the previous criteria are provisioned in accordance with an individual assessment carried out, with provisions being constituted based on the probable risk of loss, the law and jurisprudence in accordance with the loss assessment carried out by legal advisors.

Economic Plans - They refer to judicial discussions, which plead alleged inflationary purges resulting from Economic Plans (Bresser, Verão, Collor I and II), as they understand that such plans violated acquired rights related to the application of inflationary indices supposedly due to Savings Accounts, Judicial Deposits and Term Deposits (CDBs). The actions are provisioned based on the individual assessment of loss carried out by legal advisors.

Banco Santander is also a party to public civil actions on the same matter, filed by consumer protection entities, the Public Prosecutor's Office or Public Defenders' Offices. The constitution of a provision is only made for cases with probable risk, based on requests for individual executions. The issue is still under analysis by the STF. There is jurisprudence in the STF favorable to Banks in relation to an economic phenomenon similar to that of savings, as in the case of correction of time deposits (CDBs) and corrections applied to contracts (table).

On April 14, 2010, the Superior Court of Justice (STJ) decided that the deadline for filing public civil actions discussing the purges is 5 years from the date of the plans, but this decision has not yet become final. Therefore, with this decision, most of the actions, as proposed after the 5-year period, will probably be judged unfounded, reducing the amounts involved. The STJ also decided that the deadline for individual savers to qualify for Public Civil Actions is also 5 years, counting from the final judgment of the respective sentence. Banco Santander believes in the success of the theses defended before these courts due to their content and foundation.

At the end of 2017, the Federal Attorney General's Office (AGU), Bacen, the Consumer Protection Institute (Idec), the Brazilian Savers Front (Febrapo) and the Brazilian Federation of Banks (Febraban) signed an agreement that seeks to end the legal disputes over Economic Plans.

The discussions focused on defining the amount that would be paid to each author, according to the balance in the book on the date of the plan. The total value of payments will depend on the number of subscriptions, and also on the number of savers who have proven in court the existence of the account and the balance on the anniversary date of the index change. The agreement negotiated between the parties was approved by the STF.

In a decision handed down by the STF, there was a national suspension of all processes dealing with the issue for the period of validity of the agreement, with the exception of cases in definitive compliance with a sentence.
On March 11, 2020, the agreement was extended by means of an addendum, with the inclusion of actions that only involve the discussion of the Collor I Plan. This extension has a term of 5 years and the approval of the terms of the addendum occurred on the 3rd June 2020.

In May 2025, there was a trial of the Claim of Non-Compliance with Fundamental Precept (ADPF) number 165 recognizing the constitutionality of the Bresser, Verão, Collor I and II plans and guaranteeing savers the receipt of the amounts established in the collective agreement and setting a period of 24 months for new savers to join.

Management considers that the provisions constituted are sufficient to cover the risks involved with the economic plans, considering the approved agreement.

b.4)Contingent Tax, Social Security, Labor, and Civil Liabilities Classified as Possible Risk of Loss



These are judicial and administrative proceedings of a tax and social security, labor and civil nature classified, based on the opinion of legal advisors, as a possible risk of loss, and are therefore not provisioned.
Tax actions classified as possible loss totaled R$ 37,815 million in Consolidated (12/31/2025 - R$ 37,518 million in Consolidated), with the main processes being as follows:

PIS and COFINS - Legal actions brought by Banco Santander (Brasil) S.A. and other entities of the Group to rule out the application of Law No. 9.718/98, which changes the calculation basis of the Social Integration Program (PIS) and the Contribution for Social Security Financing (COFINS), extending it to all entities' revenues, and not just revenues arising from the provision of services. In relation to the Banco Santander (Brasil) S.A. case, in 2015 the Federal Supreme Court (STF) admitted the extraordinary appeal filed by the Federal Union in relation to PIS, and dismissed the extraordinary appeal filed by the Federal Public Ministry in relation to the contribution to COFINS, confirming the decision of the Federal Regional Court in favor of Banco Santander (Brasil) S.A. in August 2007. The STF decided, through General Repercussion, Topic 372 and partially accepted the Federal Union's appeal, establishing the thesis that it applies PIS/COFINS on operating revenues arising from typical activities of financial institutions. With the publication of the ruling, the Bank presented a new appeal in relation to PIS, and is awaiting analysis. Based on the assessment of the legal advisors, the risk prognosis was classified as possible loss, with an outflow of appeal not being likely. As of June 30, 2026, the amount involved is R$ 2,437 million. For other legal actions, the respective PIS and COFINS obligations were established.

INSS on Profit Sharing or Results (PLR) - The Bank and its controlled companies have legal and administrative proceedings arising from questions from the tax authorities, regarding the collection of social security contributions on payments made as a share in profits and results. On June 30, 2026, the value was approximately R$ 12,260 million.

Service Tax (ISS) - Financial Institutions - Banco Santander and its controlled companies are administratively and judicially discussing the requirement, by several municipalities, to pay ISS on various revenues arising from operations that are not usually classified as provision of services. On June 30, 2026, the value was approximately R$ 3,767 million.

Unapproved Compensation - The Bank and its affiliates discuss administratively and judicially with the Federal Revenue Service the non-approval of tax offsets with credits resulting from overpayment or undue payment. On June 30, 2026, the value was approximately R$ 6,502 million.

Losses in Credit Operations - the Bank and its controlled companies contested the tax assessments issued by the Brazilian Federal Revenue alleging the undue deduction of losses in credit operations from the IRPJ and CSLL calculation bases as they allegedly did not meet the requirements of applicable laws. On June 30, 2026, the value was approximately R$ 1,190 million.

Use of CSLL Tax Loss and Negative Base – Assessment notices drawn up by the Brazilian Federal Revenue Service in 2009 and 2019 for alleged undue compensation of tax losses and negative CSLL basis, as a consequence of tax assessments issued in previous periods. Judgment at the administrative level is awaited. On June 30, 2026, the value was approximately R$ 2,835 million.

Amortization of Goodwill from Banco Sudameris Acquisition - The tax authorities issued tax assessment notices to demand payment of IRPJ and CSLL, including late payment charges, related to the tax deduction of the amortization of the goodwill paid in the acquisition of Banco Sudameris, for the base period from 2007 to 2012. Banco Santander filed its respective administrative defenses. The first period assessed is awaiting analysis of an appeal at CARF. Regarding the period from 2009 to 2012, a lawsuit was filed to discuss the IRPJ portion, due to the unfavorable conclusion in the administrative proceeding. For the CSLL portion of this same period, we request the withdrawal of the Special Appeal filed, aiming to take advantage of the benefits established by Law No. 14,689/2023 (quality vote). Legal action was also taken for the remaining portion. On June 30, 2026, the amount was approximately R$ 860 million.

IRPJ and CSLL - Capital Gain - the Brazilian Federal Revenue Service issued a tax assessment notice against Santander Seguros (legal successor to ABN AMRO Brasil Dois Participações S.A. (AAB Dois Par) charging income tax and social contribution related to the 2005 fiscal year. The Brazilian Federal Revenue Service claims that the capital gain on the sale of shares in Real Seguros S.A. and Real Vida e Previdência S.A by AAB Dois Par should be taxed at a rate of 34.0% instead of 15.0%. The assessment was administratively challenged with. based on the understanding that the tax treatment adopted in the transaction was in accordance with current tax legislation and the capital gain was duly taxed. The Administrative process ended unfavorably to the Company. In July 2020, the Company filed a lawsuit seeking to cancel the debt. An unfavorable decision was made in the first instance, an appeal will be filed with the Court. Banco Santander is responsible for any adverse result in this process as former controller of Zurich Santander Brasil Seguros e Previdência S.A. On June 30, 2026, the amount was approximately R$ 740 million.

IRRF – Foreign Remittance – The Company filed a lawsuit seeking to eliminate the Withholding Income Tax – IRRF, on payments derived from the provision of technology services by companies based abroad, due to the existence of International Treaties signed between Brazil and Chile; Brazil-Mexico and Brazil-Spain, thus avoiding double taxation. A favorable sentence was given and there was an appeal by the National Treasury, to the Federal Regional Court of the 3rd Region, where it awaits judgment. On June 30, 2026, the value was approximately R$ 495 million.



Actions of a labor and civil nature classified as possible losses totaled R$ 1,518 million and R$ 2,108 million, respectively, on a Consolidated basis.


11.Stockholders’ equity

a)Capital Stock

According to the By-Laws, Santander Bank’s share capital may be increased up to the limit of the authorized capital, without requiring an amendment to the By-Laws, upon resolution of the Board of Directors and through the issuance of up to 9,090,909,090 (nine billion, ninety million, nine hundred and nine thousand, ninety) shares, subject to the legal limits established regarding the number of preferred shares. Any capital increase exceeding this limit requires shareholder approval.

The share capital, fully subscribed and paid in, is divided into registered book-entry shares with no par value.

In Thousands of Shares
06/30/202612/31/2025
Ordinary PreferredTotalOrdinary PreferredTotal
Country Residents 116,388 142,349 258,737 129,745 155,583 285,328 
Residents Abroad 3,702,307 3,537,487 7,239,794 3,688,950 3,524,253 7,213,203 
Total 3,818,695 3,679,836 7,498,531 3,818,695 3,679,836 7,498,531 
(-) Treasury Shares(5,502)(5,502)(11,004)(13,666)(13,665)(27,331)
Total in Circulation3,813,193 3,674,334 7,487,527 3,805,029 3,666,171 7,471,200 


b)Dividends and Interest on Equity

Statutorily, shareholders are guaranteed minimum dividends of 25% of the Net Profit for each year, adjusted in accordance with legislation. Preferred shares do not have voting rights and cannot be converted into common shares, but they have the same rights and advantages granted to common shares, in addition to priority in the distribution of dividends and an additional 10% on dividends paid to common shares, and in the reimbursement of capital, without premium, in the event of the Bank's dissolution.

Dividends were calculated and paid in accordance with the Brazilian Corporation Law.

Before the Annual Shareholders' Meeting, the Board of Directors may decide on the declaration and payment of dividends on profits earned, based on: (i) balance sheets or Profits Reserve existing in the last balance sheet or (ii) balance sheets issued in periods of less than six months, provided that the total dividends paid in each semester of the fiscal year do not exceed the value of the Capital Reserves. These dividends are fully allocated to the mandatory dividend.

Below, we present the distribution of Dividends and Interest on Equity made on June 30, 2026 and December 31, 2025:

06/30/2026
In Thousands Reais per Thousands of Shares/Units
of ReaisGrossNet
OrdinaryPreferredUnitOrdinaryPreferredUnit
Interest on Equity (1)(2)2,000,000 255.17 280.69 535.86 210.52 231.57 442.09 
Interest on Equity (2)(3)2,000,000 254.62 280.08 534.70 210.06 231.07 441.13 
Total 4,000,000 
(1) Approved by the Board of Directors on January 9, 2026, paid on February 5, 2026, without any remuneration for monetary adjustment.
(2) Approved by the Board of Directors on April 10, 2026, and paid on May 5, 2026, without any remuneration in respect of monetary adjustment.
(3) Fully offset against the mandatory minimum dividends distributed by the Bank in respect of the fiscal year ending December 31, 2026.


12/31/2025
In Thousands Reais per Thousands of Shares/Units
of Brazilian Real GrossNet
OrdinaryPreferredUnitOrdinaryPreferredUnit
Interest on Equity (1)(6)1,500,000 191.68210.84402.52162.92179.22342.14
Interest on Equity (2)(6)1,500,000 191.39210.53401.92162.68178.95341.63


Interest on Equity (3)(6)2,000,000 255.18280.70535.88216.90238.59455.49
Interest on Equity (4)(6)2,000,000 255.18280.70535.88216.90238.59455.49
Interim Dividends (5)(6)620,000 79.1087.01166.1167.2373.96141.19
Total 7,620,000 
(1) Approved by the Board of Directors on January 10, 2025, paid on February 12, 2025, without any remuneration for monetary adjustment.
(2) Approved by the Board of Directors on April 10, 2025, paid on May 8, 2025, without any remuneration for monetary adjustment.
(3) Resolved by the Board of Directors on July 10, 2025, paid on August 9, 2025, without any remuneration for monetary adjustment.
(4) Resolved by the Board of Directors on October 10, 2025, paid on November 8, 2025, without any remuneration for monetary adjustment.
(5) Approved by the Board of Directors on December 22, 2025, they will be paid on February 5, 2026, without any remuneration for monetary adjustment.
(6) They were fully allocated to the mandatory minimum dividends distributed by the Bank for the financial year ending December 31, 2025.

c)Profit Reserves

The Net Profit calculated, after deductions and legal provisions, will be allocated as follows:

Legal Reserve

In accordance with Brazilian corporate legislation, 5% for the constitution of the Legal Reserve, until it reaches 20% of the capital. This reserve is intended to ensure the integrity of the Capital Stock and can only be used to offset losses or increase capital.

Capital Reserves

The Bank's Capital Reserves are made up of: Goodwill reserve for subscription of shares and other Capital Reserves, and can only be used to absorb losses that exceed Accrued Profits and Profits Reserve; redemption, reimbursement or acquisition of shares issued by us; incorporation into Capital Stock; or payment of dividends to preferred shares in certain circumstances.

Reserve for Dividend Equalization

After the allocation of dividends, the balance, if any, may, upon proposal from the Executive Board and approved by the Board of Directors, be allocated to the formation of a reserve for dividend equalization, which will be limited to 50% of the value of the Capital Stock. This reserve is intended to guarantee resources for the payment of dividends, including in the form of Interest on Equity, or its anticipations, aiming to maintain the flow of Compensation to shareholders.

d)Treasury Shares
At a meeting held on September 25, 2025, the Board of Directors approved, continuing the Share Buyback Program that expired on August 6, 2025, a new Share Buyback Program for Units and ADRs issued by Banco Santander, directly or through its Cayman Islands branch, for treasury holding or subsequent sale.

The Share Buyback Program covers the acquisition of up to 37,463,447 Units, representing 37,463,447 common shares and 37,463,447 preferred shares, which, as of December 31, 2025, corresponded to approximately 1% of the Bank's share capital. On June 30, 2026, Banco Santander had 370,081,724 common shares and 397,886,134 preferred shares outstanding.

The purpose of the share buyback is (1) to maximize shareholder value creation through efficient management of the capital structure; and (2) to enable the payment of directors, management-level employees and other employees of the Bank and companies under its control, in accordance with the Long-Term Incentive Plans. The term of the Share Buyback Program is up to 18 months from September 26, 2025, ending on March 26, 2027.

Bank/Consolidated
In Thousands of Shares
06/30/202612/31/2025
QuantityQuantity
UnitsUnits
Treasury Shares at the Beginning of the Period13,66619,451
Disposals - Share-Based Compensation(8,164)(5,785)
Treasury Shares at End of the Period 5,502 13,666 
Sub-Total of Treasury Shares in Thousands of ReaisR$489,369 717,789 
Issuance Costs in Thousands of ReaisR$1,771 1,771 
Balance of Treasury Shares in Thousands of ReaisR$491,140 719,560 
Cost/Share PriceUnitsUnits
Minimum Cost (*)R$7.55 7.55 


Weighted Average Cost (*)R$27.18 27.33 
Maximum Cost (*)R$49.55 49.55 
Share PriceR$30.64 28.22 
(*) Considering since the beginning of operations on the stock exchange.

12.Income Tax

Total income taxes for the six-month period are reconciled with accounting profit as follows:

01/01 to 01/01 to
06/30/202606/30/2025
Operating Income before Tax8,104,039 6,604,796 
Tax (25% of Income Tax and 20% of Social Contribution)(3,646,818)(2,972,158)
PIS and COFINS (net of income tax and social contribution) (1)(2,387,020)(2,438,035)
Non - Taxable/Indeductible :
Companies accounted by the equity method97,182 90,640 
Net Indeductible Expenses of Non-Taxable Income (2)1,088,335 911,058 
Adjustments:
IR/CS Constitution on temporary differences(16,729)73,964 
Interest on equity1,800,000 1,350,000 
CSLL Tax rate differential effect (3)444,026 456,634 
Others Adjustments761,219 1,062,617 
Income tax and Social contribution(1,859,805)(1,465,280)
 Of which:
  Current taxes
(4,524,533)(4,460,617)
  Deferred taxes
2,664,728 2,995,337 
Taxes paid in the period(3,429,786)(3,845,626)
(1) PIS and COFINS are considered as components of the profit base (net base of certain income and expenses); therefore, and in accordance with IAS 12, they are accounted for as income taxes.
(2) Mainly includes the tax effect on revenues from updates of judicial deposits and other revenues and expenses that do not qualify as temporary differences.
(3) Effect of the difference in the rate for companies that are subject to the social contribution rate of 9%, 15% and 17.5%.


13.Detailing of income accounts

a)Personnel expenses

04/01 to04/01 to01/01 to01/01 to
06/30/202606/30/202506/30/202606/30/2025
Salary1,674,370 1,827,363 3,503,758 3,697,901 
Social security costs434,396 420,656 817,789 856,022 
Benefits431,339 451,145 845,566 885,037 
Defined benefit pension plans1,345 1,128 2,667 2,487 
Contributions to defined contribution pension funds49,088 42,305 158,846 155,200 
Share-based payment costs (1)
65,524 55,296 86,512 83,158 
Training16,122 11,482 31,365 32,522 
Other personnel expenses108,122 126,419 215,679 235,822 
Total2,780,306 2,935,794 5,662,182 5,948,149 
(1) It refers to the provision for the bonus referenced in shares.

b)Other Administrative Expenses

04/01 to04/01 to01/01 to 01/01 to
06/30/202606/30/202506/30/202606/30/2025
Property, fixtures and supplies186,998 235,517 356,342 412,107 
Technology and systems1,063,820 644,833 1,936,480 1,371,138 
Advertising113,641 114,202 227,084 233,459 
Communications62,102 67,320 128,520 143,886 
Subsistence allowance and travel expenses52,410 49,735 105,489 104,186 
Taxes other than income tax34,773 39,358 60,874 75,895 
Surveillance and cash courier services85,094 100,754 171,302 206,726 
Insurance premiums6,127 7,474 11,349 13,539 
Specialized and technical services366,376 685,117 868,588 1,210,377 
Other administrative expenses487,399 353,334 1,040,889 759,081 
Total2,458,740 2,297,644 4,906,917 4,530,394 


























14.Employee Benefit Plan

a)Share-Based Compensation

Banco Santander maintains long-term incentive programs linked to the performance of its instruments, both in Brazil (SANB11) and globally. The plans aim to align the interests of executives and shareholders, promoting a focus on the sustainability of market value and the creation of long-term value. Members of the Executive Board and other executives nominated by the Board of Directors may participate, considering criteria of seniority and strategic impact. Members of the Board of Directors participate only if they hold positions on the Executive Board.

ProgramType of Liquidation Vesting PeriodExercise / Liquidation Period01/01 to01/01 to
06/30/202606/30/2025
LocalSantander Brazil Bank Shares    01/2023 to 01/20272025 and 2026R$1,375,000(1)R$1,375,000 (1)
01/2024 to 12/20272026 to 2028R$200,000(1)R$350,000 (1)
01/2025 to 12/20282026 to 2029R$17,465,000(1)R$2,500,000 (1)
01/2022 to 12/20252025R$—(2)R$42,940 (2)
01/2023 to 12/20262026R$—(3)R$38,267 (3)
01/2025 to 12/20282027 to 2028R$171,522SANB11 (4)R$— SANB11 (4)
GlobalSantander Spain Shares and Options2023EUR 3,67—Global Actions (5)—Global Actions (5)
2023, with a limit for exercising options until 2030385,956Global Stock Options (5)420,394Global Stock Options (5)
02/2024EUR 2,685—Global Actions (5)—Global Actions (5)
02/2024, with a limit for exercising options until 02/2029105,534Global Stock Options (5)105,534Global Stock Options (5)
2025EUR 3,104—Global Actions (6)95,786Global Actions (6)
2025, with a limit for exercising options until 203022,989Global Stock Options (6)61,304Global Stock Options (6)
2026EUR 3,088175,476Global Actions (7)175,476Global Actions (7)
2026, with a limit for exercising options until 2033472,469Global Stock Options (7)472,469Global Stock Options (7)
2027EUR 63,955,512Global Actions (8)8,528Global Actions (8)
2027, with a limit for exercising options until 203255,210Global Stock Options (8)80,476Global Stock Options (8)
2028EUR 71,421,279Global Actions (8)1,866Global Actions (8)
2028, with a limit for exercising options until 20336,729Global Stock Options (8)9,007Global Stock Options (8)
2029EUR 54,145,340Global Actions (9)5,340Global Actions (9)
2030EUR 61,075,745Global Actions (9)—
12/2025, with payment in 2026R$28.92 52,037SANB1152,037SANB11
Balance of Plans on June 30, 2026
R$19,040,000(1)R$4,225,000(1)
223,559SANB11 (2) (3) (4)133,244SANB11 (2) (3) (4)
187,607Global Actions (5) (6) (7) (8) (9)286,996Global Actions (5) (6) (7) (8) (9)
1,048,887Global Stock Options (5) (6) (7) (8)1,149,184Opções sobre ações Globais (5) (6) (7) (8)
(1) Target amount of the plan in Brazilian Reais, to be settled in SANB11 shares based on the achievement of the plan’s performance indicators at the end of the vesting period, using the average closing price over the last 50 trading days of the month immediately preceding the payment date.
(2) Contracts completed, with the delivery of 42,940 gross shares during the period, in accordance with the conditions established in the plan agreement.
(3) Contracts completed, with the delivery of 29,824 gross shares during the period, in accordance with the conditions established in the plan agreement. A total of 8,443 shares were canceled.
(4) Long-Term Incentive Plans granted during the period, with a target denominated in SANB11 shares.
(5) Target amount of the plan in Global shares and stock options, to be settled in cash at the end of the vesting period, subject to the achievement of the plan’s performance indicators.
image53.jpg
Consolidated Condensed Financial Statements | June 30, 2026 | 39


(6) Target amount of the plan in Global shares and stock options, to be settled in cash at the end of the vesting period, subject to the achievement of the plan’s performance indicators.
Cash settlement corresponding to 95,786 shares under the plan was made in March 2026.
(7) Target amount of the plan in Global shares and stock options, to be settled in cash at the end of the vesting period, subject to the achievement of the plan’s performance indicators.
(8) Partial cash settlement of the plan corresponding to the value of the shares and stock options that became vested.
(9) Target amount of the plan in Global shares and stock options, to be settled in cash at the end of the vesting period, subject to the achievement of the plan’s performance indicators.

Global ILP (Long-Term Incentive) Plans

Currently, we have active global plans launched between 2019 and 2025, targeting global stocks and options, whose design includes:

•Clear definition of performance metrics (financial and non-financial);
•Multi-year deferral, ensuring focus on sustainable results;
•Settlement in assets or financial equivalents, in accordance with malus and clawback rules.

This structure aligns with international best practices in compensation governance, reinforcing transparency and capital discipline.

Pricing Model

The measurement of the plans is based on the Local Volatility (Dupire) model, adjusted to incorporate uncertainties in dividends, offering greater accuracy in the fair value estimate. The main parameters considered include:

•Weighted average share price;
•Exercise price;
•Implied and expected volatility;
•Risk-free interest rate;
•Dividend projection.

The options have expiration dates up to 2033, and the exercise price corresponds to the market value on the exercise date, conditional upon achieving the established targets.

Local ILP Plans (Long-Term Incentive)

Local long-term incentive plans may be granted in accordance with the strategy of new companies in the group or specific businesses, generally with a vesting period of 3 (three) years.

Each plan has a specific contract, and its calculation and payment must be approved by the established governance body, observing local and global regulatory resolutions.
Each participant's reference value will be converted into SANB11 shares, typically based on the price of the last 30 trading sessions of the month immediately preceding the plan payment.

At the end of the vesting period, payment, whether of the resulting shares in the case of local plans or of the value equivalent to the shares/options in the case of global plans, is made with a restriction of 1 (one) year, and this payment is still subject to the application of Malus/Clawback clauses, which may reduce or cancel the shares to be delivered in cases of non-compliance with internal rules and exposure to excessive risks, or in cases of material failure to comply with the requirements for financial reporting, in accordance with Section 10D of the Exchange Act (SEC), applicable to companies with shares listed on the NYSE.

image53.jpg
Consolidated Condensed Financial Statements | June 30, 2026 | 40


a.1)Impact on the Result
The impacts on the result are recognized linearly during the vesting period under Personnel Expenses, as follows:

Consolidated
01/01 to01/01 to
06/30/202606/30/2025
ProgramType of Liquidation 
LocalSantander Shares (Brazil)12,665 3,477 
GlobalGlobal Stocks and Options1,875 3,169 
a.2) Variable Remuneration Referenced to Shares

The long-term incentive plan (Deferral) determines the requirements for payment of future deferred installments of variable remuneration, considering the sustainable long-term financial bases, including the possibility of applying reductions or cancellations based on the risks assumed and fluctuations in the cost of capital.

Banco Santander's share-linked variable compensation plan is divided into 2 (two) programs: (i) Identified Group, which includes members of the Executive Committee, Statutory Directors, and other executives who assume significant and responsible risks in the control areas; and (ii) Other Employees, with variable compensation above the minimum amount established by policy. The deferral for both groups is 50% in cash indexed to 100% of the CDI rate and 50% in instruments. The impacts on the result are accounted for under Personnel Expenses, as follows:

ProgramParticipantLiquidity Type01/01 to01/01 to
06/30/202606/30/2025
Collective IdentifiedMembers of the Executive Committee, Statutory Officers and other executives who assume significant and responsible risks of control areas50% in cash indexed to 100% of CDI and 50% in shares (Units SANB11)129,455 134,521 
Unidentified CollectiveOther employees with variable remuneration above a minimum expected value50% in cash indexed to 100% of the CDI and 50% instruments97,445 102,797 
image53.jpg
Consolidated Condensed Financial Statements | June 30, 2026 | 41

15.Operating segments

According to IFRS 8, an operating segment is a component of an entity:
(a)That operates in activities from which it may obtain income and incur expenses (including income and expenses related to operations with other components of the same entity);
(b)Whose operating results are regularly reviewed by the entity's main person responsible for operational decisions related to the allocation of resources to the segment and the evaluation of its performance; It is
(c)For which distinct financial information is available.

Based on these guidelines, the Bank has identified the following reportable operating segments:

• Commercial Bank
• Global Wholesale Bank

The Bank has two segments, the commercial segment that includes individuals and legal entities (except for global corporate clients, which are treated in the Global Wholesale Banking segment) and the Global Wholesale Banking segment, which includes Investment Banking and Markets, including treasury and equity trading departments.

The Bank operates in Brazil and abroad, through the Cayman and Luxembourg branches, with Brazilian clients and, therefore, does not have geographic segmentation.

The Income Statements and other significant data are as follows:

01/01 to01/01 to
06/30/202606/30/2025
(Condensed) Income StatementCommercial bankGlobal Wholesale BankTotalCommercial bankGlobal Wholesale BankTotal
NET INCOME WITH INTEREST28,796,880 3,113,387 31,910,267 27,164,420 2,596,167 29,760,587 
Income from equity instruments2,948 27,895 30,843 4,734 41,654 46,388 
Equity equivalence result179,280 36,680 215,960 169,646 31,777 201,423 
Net revenue from fees and commissions7,214,865 1,060,706 8,275,571 7,404,938 1,000,977 8,405,915 
Gains/(losses) on financial assets and liabilities and exchange rate variations (1)(3,560,786)1,496,195 (2,064,591)(1,707,218)1,757,800 50,582 
Other operating income (expenses)(435,897)(53,231)(489,128)(255,213)(53,446)(308,659)
TOTAL REVENUES32,197,290 5,681,632 37,878,922 32,781,307 5,374,929 38,156,236 
Personnel expenses(5,047,101)(615,081)(5,662,182)(5,389,266)(558,883)(5,948,149)
Other administrative expenses(4,354,387)(552,530)(4,906,917)(4,015,445)(514,942)(4,530,387)
Depreciation and amortization(1,203,968)(119,069)(1,323,037)(1,248,698)(75,955)(1,324,653)
Provisions (net)(3,433,437)(34,960)(3,468,397)(2,335,371)53,490 (2,281,881)
Losses on financial assets (net)(13,825,351)(633,556)(14,458,907)(17,139,144)(249,014)(17,388,158)
Losses on other assets (net)(20,763)(460)(21,223)(177,958)(4)(177,962)
Other financial gains/(losses)65,779 - 65,779 99,750 - 99,750 
OPERATING RESULT BEFORE TAXATION (1)4,378,062 3,725,976 8,104,038 2,575,175 4,029,621 6,604,796 
Currency Hedge (1)(184,317)— (184,317)— — — 
ADJUSTED OPERATING RESULT BEFORE TAXATION (1)4,193,745 3,725,976 7,919,721 2,575,175 4,029,621 6,604,796 
(1) Includes, at Banco Comercial, the exchange rate hedge of the dollar investment (a strategy to mitigate the tax and exchange rate variation effects of offshore investments on net income), the result of which is recorded in “Gains (losses) on financial assets and liabilities” and fully offset in the Taxes line.

06/30/202612/31/2025
Other aggregates:Commercial BankingGlobal Wholesale
Banking		TotalCommercial BankingGlobal Wholesale
Banking		Total
Total assets1,204,486,157 86,072,758 1,290,558,915 1,180,389,914 89,639,551 1,270,029,465 
Loans and advances to customers485,318,875 72,867,320 558,186,195 484,676,332 79,872,224 564,548,556 
Customer deposits 504,478,352 116,900,436 621,378,788 475,642,024 117,686,772 593,328,796 







16.Related party transactions

The Bank's related parties include, in addition to its controlled, affiliated and jointly controlled companies, the key personnel of the Bank's Management and entities over which such key personnel may exercise significant influence or control.

Santander has a Related Party Transactions Policy approved by the Board of Directors, which aims to ensure that all transactions specified in the policy are carried out with the interests of Banco Santander and its shareholders in mind. The policy defines powers for approval of certain transactions by the Board of Directors. The established rules are also applied to all employees and administrators of Banco Santander and its subsidiaries.

Operations and remuneration for services with related parties are carried out in the normal course of business and under commutative conditions, including interest rates, terms and guarantees, and do not involve greater than normal collection risks or present other disadvantages.

a)Compensation

For the period from January to December 2026, the total compensation proposed by management for the company's officers and directors (Board of Directors and Executive Management) is up to R$ 600,000,000.00 (six hundred million Brazilian reais), encompassing fixed compensation, variable compensation, and share-based compensation. The proposal was approved at the Annual General Meeting (AGM) held on April 29, 2026.

i)Short and long-term benefits

The Bank, like Banco Santander Spain and other subsidiaries within the Santander Group, has long-term remuneration programs linked to the market price performance of its shares, based on the achievement of targets.

The following table shows the Salaries and Fees of the Board of Directors and Executive Board:

01/01 to01/01 to
06/30/202606/30/2025
Fixed Compensation77,74371,103
Variable Compensation - in cash80,36772,294
Variable Compensation - in shares68,12162,940
Others60,73755,973
Total Short-Term Benefits286,968262,310
Variable Compensation - in cash112,715103,952
Variable Compensation - in shares95,52092,048
Total Long-Term Benefits208,235196,000
Total 495,203458,310

Additionally, in the semester ending June 30, 2026, charges were collected on management remuneration in the amount of R$ 23,905 (June 30, 2025 - R$$22,377).

ii)Agreement termination

The termination of the employment relationship with administrators, in the event of non-compliance with obligations or by the contractor's own will, does not entitle them to any financial compensation and their benefits may be discontinued.

b)Credit Operations

The Bank and its subsidiaries may carry out transactions with related parties, in line with current legislation regarding articles 6 and 7 of CMN Resolution No. 4,693/18, article 34 of the “Corporations Law” and Santander's Policy for Transactions with Related Parties, published on the Investor Relations website, that is, carried out at values, terms and average rates usual in the market, in force on the respective dates, and under commutativity conditions, with the following being considered related parties:

(1) its controllers, natural or legal persons, under the terms of art. 116 of the Corporations Law;
(2) its directors and members of statutory or contractual bodies;


(3) in relation to the persons mentioned in items (i) and (ii), their spouse, partner and relatives, by blood or marriage, up to the second degree;
(4) natural persons with qualified equity interest in its capital;
(5) legal entities in whose capital, directly or indirectly, a Santander Financial Institution has a qualified equity interest;
(6) legal entities in which a Santander Financial Institution has effective operational control or preponderance in deliberations, regardless of the equity interest; and
(7) legal entities that have a director or member of the Board of Directors in common with a Santander Financial Institution.

c) Shareholding

The following table shows the direct shareholding (common and preferred shares) on June 30, 2026 and December 31, 2025:

Shares in Thousands
06/30/2026
Shareholder Ordinary SharesOrdinary Shares (%)Preferred SharesPreferred Shares (%)Total SharesTotal Shares (%)
Sterrebeeck B.V. (1)1,809,583 47.4 %1,733,644 47.1 %3,543,227 47.3 %
Grupo Empresarial Santander, S.L. (GES) (1)1,627,891 42.6 %1,539,863 41.9 %3,167,755 42.3 %
Banco Santander, S.A. (1)2,696 0.1 %- 0 %2,696 0 %
Directors (*)2,941 0.1 %2,941 0.1 %5,882 0.1 %
Others370,082 9.7 %397,886 10.8 %767,968 10.2 %
Total in Circulation3,813,193 99.9 %3,674,334 99.9 %7,487,528 99.9 %
Treasury Shares5,502 0.1 %5,502 0.2 %11,004 0.2 %
Total3,818,695 100.0 %3,679,836 100.0 %7,498,531 100.0 %
Free Float (2)370,082 9.7 %397,886 10.8 %767,968 10.2 %
Shares in Thousands
12/31/2025
ShareholderOrdinary SharesOrdinary Shares (%)Preferred SharesPreferred Shares (%)Total SharesTotal Shares (%)
Sterrebeeck B.V. (1)1,809,583 47.4 %1,733,644 47.1 %3,543,227 47.3 %
Grupo Empresarial Santander, S.L. (GES) (1)1,627,891 42.6 %1,539,863 41.9 %3,167,755 42.2 %
Banco Santander, S.A. (1)2,696 0.1 %- 0.0 %2,696 0.0 %
Directors (*)3,083 0.1 %3,083 0.1 %6,167 0.1 %
Others361,775 9.5 %389,579 10.6 %751,354 10.0 %
Total in Circulation3,805,028 99.6 %3,666,169 99.6 %7,471,199 99.6 %
Treasury Shares13,666 0.4 %13,666 0.4 %27,332 0.4 %
Total3,818,694 100.0 %3,679,837 100.0 %7,498,531 100.0 %
"Free Float" (2)361,775 9.5 %389,579 10.6 %751,354 10.0 %
(1)Companies of the Santander Spain Group.
(2)Composed of Employees and Others.
(*) None of the members of the Board of Directors and Executive Board holds 1.0% or more of any class of shares.



d)Transactions with related parties

The following table presents the transactions that occurred between the companies in the group:
Parent (1) Joint-controlled companies and Other Related Party (2) Key Management Personnel (3)Total
06/30/202612/31/202506/30/202612/31/202506/30/202612/31/202506/30/202612/31/2025
Assets20,607,609 14,794,190 30,230,770 29,515,608 123,666 129,098 50,962,045 44,438,896 
Derivatives Measured At Fair Value Through Profit Or Loss, Net 2,869,325 3,927,271 - - 45,338 6,711 2,914,663 3,933,982 
Loans and other amounts with credit institutions - Availability and Applications in Foreign Currency (Overnight Applications)17,548,980 10,865,422 142,097 156,837 - - 17,691,077 11,022,259 
Loans and other values with customers- - 29,439,483 28,767,276 52,641 94,320 29,492,124 28,861,596 
Other Assets 189,304 1,497 649,190 591,495 - - 838,494 592,992 
Warranties and Limits- - - - 25,687 28,067 25,687 28,067 
Liabilities(6,062,370)(3,932,658)(12,303,829)(12,442,585)(232,657)(332,401)(18,598,856)(16,707,644)
Deposits from credit institutions(6,053,498)(3,909,005)(1,035,585)(750,775)- - (7,089,083)(4,659,780)
Customer deposits - - (3,358,474)(2,623,152)(107,718)(72,459)(3,466,192)(2,695,611)
Other Liabilities - Dividends and Interest on Capital Payable - (181)(6,985,553)(8,276,298)- - (6,985,553)(8,276,479)
Other Liabilities(8,872)(23,472)(924,217)(792,360)(124,938)(259,942)(1,058,027)(1,075,774)
01/01 to
06/30/2026
01/01 to
06/30/2025
01/01 to
06/30/2026		01/01 to
06/30/2025		01/01 to
06/30/2026		01/01 to
06/30/2025		01/01 to
06/30/2026		01/01 to
06/30/2025
Income1,903,161 3,258,290 (195,388)199,313 (395)(259,596)1,707,378 3,198,007 
Interest and similar income - Loans and amounts due from credit institutions62,910 105,113 142,497 1,763 210 3,381 205,617 110,257 
Warranties and Limits- - - - 3 12 3 12 
Interest expense and similar charges (73,548)(30,113)(141,079)(138,798)(634)(263,188)(215,261)(432,099)
Fee and commission income (expense) (17,720)(441)669,519 612,254 - 198 651,799 612,011 
Gains (losses) on financial assets and liabilities and exchange differences (net)1,953,107 3,333,457 - 23,378 26 - 1,953,133 3,356,835 
Other operating income (expenses)- - 55,508 87,730 - - 55,508 87,730 
Administrative expenses and amortization(21,588)(149,726)(921,833)(387,014)- - (943,421)(536,740)
(1) Controller - Banco Santander is indirectly controlled by Banco Santander Spain (Note 1), through the subsidiaries GES and Sterrebeeck B.V.
(2) Companies listed in note 5.
(3) Refers to the registration in clearing accounts of Guarantees and Limits for credit operations with Key Management Personnel.


17.Value of financial assets and liabilities

According to IFRS 13, the measurement of fair value using a fair value hierarchy that reflects the model used in the measurement process must be in accordance with the following hierarchical levels:

Level 1: determined based on public price quotations (unadjusted) in active markets for identical assets and liabilities, including public debt securities, shares, listed derivatives.

Level 2: derived from data other than quoted prices included in Level 1 that are observable for the asset or liability, directly (as prices) or indirectly (derived from prices).

Level 3: are derived from valuation techniques that include data for assets or liabilities that are not based on observable market variables (unobservable data).    

Financial Assets and Liabilities measured at fair value in profit or loss or through Other Comprehensive Income

Level 1: highly liquid bonds and securities with observable prices in an active market are classified at level 1. Most Brazilian Government Securities were classified at this level (mainly LTN, LFT, NTN-B and NTN-F), shares on the stock exchange and other securities traded on the active market.

Level 2: When quoted market prices are not observable, Management uses its own internal models to make its best estimate of the price that would be established by the market. These models use data based on observable market parameters as an important reference. The best evidence of the fair value of a financial instrument at initial recognition is the transaction price, unless the fair value of the instrument can be obtained from other market transactions involving the same or similar instruments, or can be measured using a valuation technique whose inputs consist solely of observable market data, particularly interest rates. At Level 2, they are classified primarily by Central Bank of Brazil reserves (repurchase agreements).

Level 3: When information is not based on observable market data, Banco Santander uses internally developed models to appropriately measure the fair value of these instruments. At Level 3, they are classified primarily by government bonds (NTN-C).

Derivatives

Level 1: derivatives traded on stock exchanges are classified at level 1 of the hierarchy.

Level 2: for Derivatives traded over the counter, for the evaluation of financial instruments (basically swaps and options), observable market data is normally used, such as exchange rates, interest rates, volatility, correlation between indices and market liquidity.

When pricing the financial instruments mentioned, the Black-Scholes model methodology is used (exchange rate options, interest rate index options, caps and floors) and the present value method (discounting future values using curves market).

Level 3: The derivatives that are not traded on an exchange and for which observable information is not available in an active market are classified as Level 3 and some structured derivatives are composed of them.

The following table shows a summary of the fair values of financial assets and liabilities in the period ended June 30, 2026 and December 31, 2025, classified based on the various measurement methods adopted by the Bank to determine their fair value.















06/30/2026

Level 1		Level 2Level 3Total
Financial Assets Measured At Fair Value Through Profit Or Loss91,163,483 150,869,916 3,043,448 245,076,847 
Debt instruments86,090,169 18,601,470 932,190 105,623,829 
Equity instruments5,073,314 - 373,851 5,447,165 
Derivatives- 26,178,432 955,590 27,134,022 
Loans and advance to customers- 4,508,631 781,817 5,290,448 
Balances with The Brazilian Central Bank- 101,581,383 - 101,581,383 
Financial Assets Measured At Fair Value Through Other Comprehensive Income57,742,683 225,600 4,110,867 62,079,150 
Debt instruments57,742,667 225,600 4,108,715 62,076,982 
Equity instruments16 - 2,152 2,168 
Derivatives Used as Hedge Accounting (Asset)- 41,989 - 41,989 
Financial Liabilities Measured At Fair Value Through Profit Or Loss - 72,032,273 1,169,732 73,202,005 
Trading derivatives- 21,325,960 1,169,732 22,495,692 
Short positions- 50,252,044—50,252,044
Debt liabilities- 454,269—454,269
Derivatives Used as Hedge Accounting (Liability)- 14,753—14,753
12/31/2025

Level 1		Level 2Level 3Total
Financial Assets Measured At Fair Value Through Profit Or Loss84,368,028 174,725,164 3,313,957 262,407,149 
Debt instruments79,505,635 14,889,571 1,150,820 95,546,026 
Equity instruments4,862,393 - - 4,862,393 
Derivatives- 64,266,589 1,323,617 65,590,206 
Loans and advance to customers- 5,574,067 839,520 6,413,587 
Balances with The Brazilian Central Bank- 89,994,937 - 89,994,937 
Financial Assets Measured At Fair Value Through Other Comprehensive Income65,444,645 - 4,001,938 69,446,583 
Debt instruments65,444,625 - 3,909,595 69,354,220 
Equity instruments20 - 92,343 92,363 
Derivatives Used as Hedge Accounting (Asset)- 217,492 - 217,492 
Financial Liabilities Measured At Fair Value Through Profit Or Loss  Held For Trading
- 110,545,164 1,926,147 112,471,311 
Trading derivatives- 57,901,839 1,926,147 59,827,986 
Short positions- 49,380,059 - 49,380,059 
Debt liabilities- 3,263,266 - 3,263,266 
Derivatives Used as Hedge Accounting (Liability)- 184,005 - 184,005 

Level 3 Fair Value Movements

The following tables demonstrate the movements that occurred during the semesters from June 30, 2026 to 2025 for financial assets and liabilities classified as Level 3 in the fair value hierarchy:

Fair ValueGains/ losses (Realized/Not Realized) Transfers in and/or Out of Level 3Additions/ LowFair value
12/31/202506/30/2026
Financial assets measured at fair value through profit or loss3,313,957 (203,246)212,995 (280,258)3,043,448 
Financial assets measured at fair value through other comprehensive income4,001,938 108,929 - - 4,110,867 
Financial liabilities measured at fair value through profit or loss1,926,147 (255,506)(85,769)(415,140)1,169,732 


Fair ValueGains/ losses (Realized/Not Realized) Transfers in and/or Out of Level 3Additions/ LowFair value
12/31/202406/30/2025
Financial assets measured at fair value through profit or loss7,123,218 (284,717)(825,923)(3,868,243)2,144,335 
Financial assets measured at fair value through other comprehensive income3,438,024 (101,325)(108,237)(58,356)3,170,106 
Financial liabilities measured at fair value through profit or loss509,368 187,390 (305,806)(267,576)123,376 

Fair value movements linked to credit risk

Changes in fair value attributable to changes in credit risk are determined based on changes in the prices of credit default swaps compared to similar obligations of the same obligor when such prices are observable, as these credit default swaps better reflect the market's assessment of the credit risks for a specific financial asset. When such prices are not observable, changes in fair value attributable to changes in credit risk are determined as the total amount of changes in fair value not attributable to changes in the basic interest rate or other observed market rates. In the absence of specific observable data, this approach provides a reasonable approximation of the changes attributable to credit risk, as it estimates the margin change above the reference value that the market may require for the financial asset.

Financial assets and liabilities not measured at fair value

The Bank's financial assets are measured at fair value in the consolidated balance sheet, except financial assets measured at amortized cost.

In the same sense, the Bank's financial liabilities - except financial liabilities for trading and those measured at fair value - are valued at
amortized cost in the consolidated balance sheet.

i) Financial assets measured at other than fair value

Below we present a comparison between the carrying amounts of the Bank's financial liabilities at amortized cost measured at an amount other than fair value and their respective fair values on June 30, 2026 and December 31, 2025:
06/30/2026
AssetsAccounting ValueFair ValueLevel 1Level 2Level 3
Cash28,089,594 28,089,594 - 28,089,594 - 
Financial assets at amortized cost:
Loans and amounts due from credit institutions61,588,546 61,588,546 - 30,689,805 30,898,741 
Loans and advances to customers552,895,747 553,196,117 - - 553,196,117 
Financial assets measured at amortized cost - Debt instruments126,307,680 125,063,247 63,028,071 - 62,035,176 
Balances with The Brazilian Central Bank90,984,456 90,984,456 - 90,984,456 - 
Total859,866,023 858,921,960 63,028,071 149,763,855 646,130,034 
12/31/2025
AssetsAccounting ValueFair ValueLevel 1Level 2Level 3
Cash20,232,729 20,232,729 - 20,232,729 - 
Financial assets at amortized cost:
Loans and amounts due from credit institutions35,947,923 35,947,923 - 20,311,427 15,636,496 
Loans and advances to customers558,134,969 558,401,338 - - 558,401,338 
Financial assets measured at amortized cost - Debt instruments114,708,615 114,803,683 53,703,410 2,426 61,097,847 
Balances with The Brazilian Central Bank91,754,315 91,754,315 - 91,754,315 - 
Total820,778,551 821,139,988 53,703,410 132,300,897 635,135,681 











ii) Financial liabilities measured at other than fair value

Below we present a comparison between the carrying values of the Bank's financial liabilities measured at a value other than fair value and their respective fair values on June 30, 2026 and December 31, 2025:
06/30/2026
LiabilitiesAccounting ValueFair ValueLevel 1Level 2Level 3
Financial Liabilities at Measured Amortized Cost:
Deposits of Brazil's Central Bank and deposits of credit institutions160,962,783 160,962,783 - 25,304,346 135,658,437 
Customer deposits 621,378,788 621,378,788 — 92,319,040 529,059,748 
Marketable debt securities156,704,844 153,831,847 — — 153,831,847 
Debt instruments eligible capital31,657,370 31,657,370 — — 31,657,370 
Other financial liabilities81,085,913 81,085,913 — — 81,085,913 
Total1,051,789,698 1,048,916,701 — 117,623,386 931,293,315 
12/31/2025
LiabilitiesAccounting ValueFair ValueLevel 1Level 2Level 3
Financial Liabilities at Measured Amortized Cost:
Deposits of Brazil's Central Bank and deposits of credit institutions146,867,521 146,867,521 - 25,279,956 121,587,565 
Customer deposits 593,328,796 593,328,796 — 76,561,726 516,767,070 
Marketable debt securities156,662,290 159,163,562 — — 159,163,562 
Debt instruments eligible capital28,113,937 28,113,937 — — 28,113,937 
Other financial liabilities67,414,002 67,414,002 — — 67,414,002 
Total992,386,546 994,887,818 — 101,841,682 893,046,136 

The methods and assumptions used to estimate fair value are defined below:
Loans and other amounts with credit institutions and customers – The fair value is estimated by groups of similar credit operations. The fair value of the loans was determined by discounting the cash flows using the interest rates of the new contracts. That is, the future cash flow of the current credit portfolio is estimated based on contractual rates, and then spreads based on new loans are incorporated into the risk-free yield curve in order to calculate the value fairness of the credit portfolio. In terms of behavioral hypotheses, it is important to highlight that the prepayment rate is applied to the credit portfolio.

Deposits from the Central Bank of Brazil and deposits from credit institutions and customers – The fair value of deposits was calculated by discounting the difference between cash flows under contractual conditions and the rates currently practiced in the market for instruments with similar maturities. The fair value of variable rate term deposits was considered to be close to their book value.

Obligations for bonds and securities – The fair values of these items were estimated by calculating discounted cash flow using interest rates offered in the market for obligations with similar terms and maturities.

Debt Instruments Eligible for Capital – refer to the transaction fully agreed with a related party, in the context of the Capital Optimization Plan, whose book value is similar to the fair value.

Other financial liabilities – according to the explanatory note, substantially include amounts to be transferred arising from credit card operations, transactions pending settlement and dividends and interest on equity payable, whose book value is similar to its fair value.

The evaluation techniques used to estimate each level are defined in Note 1.c.3.1.i.





18.Other disclosures

a)Derivative Financial Instruments

The main risk factors of the Derivative instruments assumed are related to exchange rates, interest rates and variable income. In managing this and other market risk factors, practices are used that include measuring and monitoring the use of limits previously defined in internal committees, the value at risk of portfolios, sensitivities to fluctuations in interest rates, exposure exchange rate, liquidity gaps, among other practices that allow the control and monitoring of risks, which can affect Banco Santander's positions in the various markets where it operates. Based on this management model, the Bank has managed, with the use of operations involving Derivative instruments, to optimize the risk-benefit relationship even in situations of great volatility.

The fair value of Derivatives financial instruments is determined through market price quotations. The fair value of swaps is determined using discounted cash flow modeling techniques, reflecting appropriate risk factors. The fair value of forward and futures contracts is also determined based on market price quotations for exchange-traded Derivatives or using methodologies similar to those described for swaps. The fair value of options is determined based on mathematical models, such as Black & Scholes, implied volatilities and the fair value of the corresponding asset. Current market prices are used to price volatilities. For Derivatives that do not have prices directly published by exchanges, the fair price is obtained through pricing models that use market information, inferred from published prices of more liquid assets. From these prices, interest curves and market volatilities are extracted, which serve as input data for the models.

I) Summary of Derivative Financial Instruments

Below, composition of the portfolio of Derivative Financial Instruments (Assets and Liabilities) by type of instrument, demonstrated by its market value:

06/30/202612/31/2025
AssetsLiabilitiesAssetsLiabilities
Swap Differentials Receivable12,845,918 12,937,649 11,595,591 11,893,221 
Option Premiums to Exercise 5,202,599 5,682,469 6,312,487 5,970,844 
Forward Contracts and Other9,127,494 3,890,327 47,899,620 42,147,926 
Total27,176,011 22,510,445 65,807,698 60,011,991 


















II) Derivative Financial Instruments Registered in Clearing and Equity Accounts
06/30/202612/31/2025
TradingNotional (1)Curve ValueFair ValueNotional (1)Curve ValueFair Value
Swap981,046,973 (908,254)(91,731)1,091,352,145 (2,221,515)(297,630)
Asset476,637,303 8,064,957 12,845,918 544,480,673 9,298,735 11,595,591 
Fees342,165,398 3,278,986 5,607,187 424,253,131 6,039,353 6,846,017 
Foreign Currency132,041,478 4,785,971 7,229,911 118,489,312 3,257,875 4,746,233 
Others2,430,427 - 8,820 1,738,230 1,507 3,341 
Liabilities504,409,670 (8,973,211)(12,937,649)546,871,472 (11,520,250)(11,893,221)
Fees460,139,210 (7,690,162)(11,123,430)510,279,375 (10,369,508)(10,349,447)
Foreign Currency41,925,163 (1,280,323)(1,290,028)35,498,945 (1,150,742)(1,353,372)
Others2,345,297 (2,726)(524,191)1,093,152 - (190,402)
Options567,022,194 (2,772,958)(479,869)724,241,728 (2,364,529)341,643 
Purchased Position268,699,708 4,532,549 5,202,599 300,697,253 4,436,345 6,312,487 
Call Option - Foreign Currency35,729,501 2,739,946 2,768,810 20,042,978 2,152,833 2,066,252 
Put Option - Foreign Currency19,546,723 920,504 1,212,547 15,954,554 855,034 900,935 
Call Option - Other 35,568,725 526,495 1,152,197 12,400,038 887,741 3,216,466 
Interbank Market6,637,418 268,161 434,814 5,677,984 555,307 2,287,818 
Interest Rate Risk Options28,931,307 258,334 717,383 6,722,054 332,434 928,648 
Put Option - Other177,854,759 345,604 69,045 252,299,683 540,737 128,834 
Interbank Market516,255 58,764 62,788 204,462 113,366 74,030 
Interest Rate Risk Options177,338,504 286,840 6,257 252,095,221 427,371 54,804 
Sold Position298,322,486 (7,305,507)(5,682,469)423,544,475 (6,800,874)(5,970,844)
Call Option - US Dollar19,402,528 (950,669)(952,684)11,780,868 (629,651)(430,424)
Put Option - US Dollar10,903,345 (630,089)(790,967)12,130,582 (637,961)(681,040)
Call Option - Other 74,512,220 (4,824,498)(3,033,702)90,098,059 (4,452,630)(3,443,887)
Interbank Market29,768,868 (3,008,798)(2,022,055)25,152,891 (2,505,829)(1,845,726)
Interest Rate Risk Options44,743,352 (1,815,700)(1,011,647)64,945,168 (1,946,801)(1,598,161)
Put Option - Other 193,504,393 (900,251)(905,116)309,534,966 (1,080,632)(1,415,493)
Interbank Market1,159,455 (138,477)(16,673)2,860,119 (239,648)(507,171)
Interest Rate Risk Options192,344,938 (761,774)(888,443)306,674,847 (840,984)(908,322)
Futures Contracts713,134,270 - - 567,709,896 - - 
Purchased Position370,747,549 - - 283,663,279 - - 
Exchange Coupon (DDI)120,221,796 - - 95,881,997 - - 
Interest Rates (DI1 and DIA)150,104,875 - - 160,220,757 - - 
Foreign Currency94,436,501 - - 21,182,934 - - 
Indexes (3)1,889,718 - - 3,206,380 - - 


Treasury Bonds/Notes4,094,659 - - 3,171,211 - - 
Sold Position342,386,721 - - 284,046,617 - - 
Exchange Coupon (DDI)120,221,796 - - 95,902,371 - - 
Interest Rates (DI1 and DIA)150,104,875 - - 160,220,757 - - 
Foreign Currency67,231,738 - - 21,545,898 - - 
Indexes (3)1,889,718 - - 3,206,380 - - 
Treasury Bonds/Notes2,938,594 - - 3,171,211 - - 
Forward Contracts and Other539,368,882 (11,089,628)5,237,167 480,123,205 (37,395,965)5,751,694 
Purchased Position264,139,627 6,455,714 9,127,494 221,363,620 5,957,072 47,899,620 
Currencies200,937,273 5,963,316 7,913,913 154,265,360 5,618,233 8,490,694 
Other63,202,354 492,398 1,213,581 67,098,260 338,839 39,408,926 
Sold Position275,229,255 (17,545,342)(3,890,327)258,759,585 (43,353,037)(42,147,926)
Currencies212,031,417 (17,057,460)(3,602,292)191,491,609 (42,844,482)(2,513,427)
Other63,197,838 (487,882)(288,035)67,267,976 (508,555)(39,634,499)
(1) Nominal value of updated contracts.
(2) Includes index options, mainly options involving US Treasury, stocks and stock indices.
(3) Includes Bovespa and S&P indices.

III) Derivatives Financial Instruments by Counterparty, Opening by Maturity and Trading Market
Notional
By CounterpartyBy MaturityBy Market Trading
06/30/202612/31/202506/30/202606/30/2026
RelatedFinancialUp toFrom 3 toOverStock exchange (2)Over the counter (3)
CustomersPartiesInstitutions (1)TotalTotal3 Months12 Months12 Months
Swap277,268,513420,143,352283,635,108981,046,9731,091,352,14542,118,738184,711,554754,216,68192,235,489888,811,484
Options86,210,04214,594,185466,217,967567,022,194724,241,728203,965,879250,469,782112,586,533413,295,258153,726,936
Futures Contracts2,809,7721,232,031709,092,467713,134,270567,709,896264,104,774227,743,643221,285,853711,902,2391,232,031
Forward Contracts and Other108,279,310323,491,667107,597,905539,368,882480,123,205249,094,823166,876,210123,397,84940,821,414498,547,468
(1) Includes operations that have as counterparty B3 S.A. - Brasil, Bolsa, Balcão (B3) and other stock and commodity exchanges.
(2) Includes values traded on B3.
(3) It consists of operations that are included in registration chambers, in accordance with Bacen regulations.


IV) Accounting Hedge

The Bank, in the normal course of its operations, is exposed to market risks that generate accounting asymmetries or volatility in its accounting results. To eliminate these asymmetries or reduce volatility, the Bank uses Derivative financial instrument contracts (Swap and Futures) that are designated as fair value or cash flow Hedge Accounting structures.




IV.I) Fair Value Hedge
The Bank’s fair value hedging strategy aims to protect the fair value of assets and liabilities against fluctuations in benchmark interest rates (CDI, SELIC, SOFR) and fixed rates, currency fluctuations (foreign exchange risk), and/or price index fluctuations (IPCA). The Bank monitors each hedging structure by assessing its effectiveness in accordance with IFRS 9.
06/30/2026
StrategiesBook ValueNotionalAdjustment to Fair Value
Fair Value CoverageObjects (1)Instruments (1)Objects (1)Instruments (1)Objects (1)Instruments (1)
Swap Agreements1,618,549 1,673,960 1,533,450 1,533,450 85,099 140,510 
Hedge of Credit Operations1,104,343 1,158,611 1,035,320 1,035,320 69,023 123,291 
Hedge of Securities514,206 515,349 498,130 498,130 16,076 17,219 
Futures Contracts54,421,525 54,236,882 53,917,530 53,690,237 503,995 546,645 
Hedge of Credit Operations6,769,229 6,761,147 6,637,870 6,604,708 131,359 156,439 
Hedge of Securities42,273,160 42,564,550 42,225,802 42,498,951 47,358 65,599 
Funding Hedge 5,379,1364,911,1855,053,8584,586,578325,278324,607








12/31/2025
StrategiesBook ValueNotionalAdjustment to Fair Value
Fair Value CoverageObjects (1)Instruments (1)Objects (1)Instruments (1)Objects (1)Instruments (1)
Swap Agreements1,772,953 1,772,396 1,664,551 1,664,551 108,402 107,845 
Hedge of Credit Operations1,206,323 1,208,934 1,166,421 1,166,421 39,902 42,513 
Hedge of Securities566,630 563,462 498,130 498,130 68,500 65,332 
Futures Contracts62,479,883 58,971,531 61,963,365 58,383,294 516,518 588,237 
Hedge of Credit Operations1,734,576 1,580,811 1,565,217 1,384,510 169,359 196,301 
Hedge of Securities55,187,708 52,690,842 55,116,924 52,602,490 70,784 88,352 
Funding Hedge 5,557,599 4,699,878 5,281,224 4,396,294 276,375 303,584 
(1) Credit values refer to active operations and debit operations to passive operations.
06/30/202612/31/2025
Up toFrom 3 toAbove 
Strategies 3 Month 12 Months 12 MonthsTotalTotal
Fair Value Hedge
Swap Contracts1,035,320 - 498,130 1,533,450 1,664,551 
Credit Operations Hedge1,035,320 - - 1,035,320 1,166,421 
Hedge of Securities- - 498,130 498,130 498,130 
Futures Contracts5,341,443 17,180,425 31,168,369 53,690,237 58,383,294 
Credit Operations Hedge944,601 4,749,414 910,693 6,604,708 1,384,510 
Hedge of Securities3,015,605 12,205,899 27,277,447 42,498,951 52,602,490 
Hedge of Funding1,381,237 225,112 2,980,229 4,586,578 4,396,294 




IV.II) Cash Flow Hedge

The Bank's cash flow hedging strategies consist of hedging exposure to changes in cash flows, interest payments and exchange rate exposure, which are attributable to changes in interest rates relating to recognized assets and liabilities and changes of exchange rates of unrecognized assets and liabilities.

In cash flow hedges, the effective portion of the change in the value of the hedging instrument is temporarily recognized in equity under the caption “Other Comprehensive Income – cash flow hedges” until the expected transactions occur, when that portion is then recognized in the consolidated statements of income, except that, if the expected transactions result in the recognition of non-financial assets or liabilities, that portion will be included in the cost of the financial asset or liability.

06/30/202612/31/2025
Hedge StructureEffective Portion AccumulatedEffective Portion Accumulated
Cash Flow Hedge
CDB55,120 (367,808)
Total55,120 (367,808)

06/30/2026
StrategiesBook ValueNotionalAdjustment to Value Market
Cash Flow HedgeObjects (1)Instruments (1)Objects (1)Instruments (1)Objects (1)Instruments (1)
Futures Contracts85,254,442 85,190,475 85,317,560 85,270,900 (63,118)(80,425)
Hedge of Securities622,044 264,455 746,660 400,000 (124,616)(135,545)
Funding Hedge 84,632,398 84,926,020 84,570,900 84,870,900 61,498 55,120 
12/31/2025
StrategiesBook ValueNotionalAdjustment to Value Market
Cash Flow HedgeObjects (1)Instruments (1)Objects (1)Instruments (1)Objects (1)Instruments (1)
Futures Contracts75,691,789 76,698,781 76,258,560 76,698,781 (566,771)(626,619)
Hedge of Securities5,803,656 6,864,200 6,048,160 6,864,200 (244,504)(250,800)
Funding Hedge 69,888,133 69,834,581 70,210,400 69,834,581 (322,267)(375,819)
(*) The Bank has cash flow hedging strategies, the objects of which are assets in its portfolio, which is why we demonstrate the passive side of the respective instruments. For structures whose instruments are futures, we demonstrate the notional balance, recorded in a clearing account.
(1) Credit values refer to active operations and debt operations to passive operations.








06/30/202612/31/2025
Up toFrom 3 toAbove 
Strategies 3 Month 12 Months 12 MonthsTotalTotal
Futures Contracts8,325,000 28,034,600 48,911,300 85,270,900 77,325,400 
Securities Hedge--400,000400,0007,115,000
Hedge of Funding8,325,00028,034,60048,511,30084,870,90070,210,400

V) Credit Derivatives Information

Banco Santander uses credit derivatives with the aim of managing counterparty risk and meeting the demands of its customers, carrying out purchase and sale protection operations through credit default swaps and total return swaps, primarily related to securities with Brazilian sovereign risk.

Credit Default Swaps – CDS

These are credit derivatives where, upon the occurrence of a credit event, the protection buyer has the right to receive from the protection seller the equivalent of the difference between the face value of the CDS contract and the fair value (market value) of the reference obligation on the contract settlement date. In return, the seller receives remuneration for selling the protection.

Below, composition of the Credit Derivatives portfolio demonstrated by its reference value and effect on the calculation of Required Net Equity (PLE)

Notional
06/30/202612/31/2025
Transferred Risk - Credit SwapTransferred Risk - Credit Swap
Credit Swaps8,479,082 7,950,397 
Total8,479,082 7,950,397 
During the semester, there was no retained risk related to total return swaps.
During the semester, there was no credit event related to taxable events provided for in the contracts.

06/30/202612/31/2025
Gross ExposureOver 12 MonthsTotalOver 12 MonthsTotal
Per Instrument: CDS
8,479,082 8,479,082 7,950,397 7,950,397 
Per Risk Classification: Below Investment Grade
8,479,082 8,479,082 7,950,397 7,950,397 
Per Reference Entity: Brazilian Government
8,479,082 8,479,082 7,950,397 7,950,397 







VI) Derivative Financial Instruments - Margins Pledged as Guarantee

The margin provided as collateral for transactions traded on B3 (the current corporate name of BM&F Bovespa) with proprietary and third-party derivative financial instruments is composed mostly of federal government bonds.
06/30/202612/31/2025
Financial Treasury Bill - LFT13,513,379 18,735,636 
National Treasury Bill - LTN19,290,954 15,971,113 
National Treasury Notes - NTN2,203,563 7,063,913 
Total35,007,896 41,770,662 



b)Operational Limits

Bacen requires financial institutions to maintain a Reference Equity (PR), Level I PR and Principal Capital compatible with the risks of their activities, higher than the minimum requirement of the Required Reference Equity, represented by the sum of the credit risk, market risk and operational risk installments.
As established in CMN Resolution No. 4,958/2021, the PR requirement is 11.50%, including 8.00% of Minimum Reference Equity, plus 2.50% of Capital Conservation Additive and 1.00% of Systemic Additive. The PR Tier I is 9.50% and the Minimum Principal Capital is 8.00%. In continuity with the adoption of the rules established by CMN Resolution No. 4,955/2021, the calculation of capital ratios is calculated on a consolidated basis based on information from the Prudential Conglomerate, whose definition is established by CMN Resolution No. 4,950/2021. The absolute value of the negative adjustment recorded in equity, resulting from the application, on January 1, 2025, of the criteria for establishing a provision for expected losses provided for in CMN Resolution No. 4,966, should impact capital in a phased manner, following the instructions and calendar of CMN Resolution No. 5,199.

06/30/202612/31/2025
Level I Reference Assets94,594.4 94,548.4 
Main Capital86,474.8 86,426.5 
Additional Capital 8,119.6 8,121.9 
Level II Reference Equity 24,103.1 20,521.2 
Reference Heritage (Level I and II)118,697.6 115,069.5 
Credit Risk (1)640,241.1 627,239.5 
Market Risk (2)40,837.9 45,564.2 
Operational Risk92,832.0 74,911.2 
Total RWA (3)773,911.0 747,714.9 
Basel Index Level I12.22 12.64 
Basel Core Capital Index11.17 11.56 
Basel Reference Equity Index15.34 15.39 
(1) Credit risk exposures subject to calculation of the capital requirement using a standardized approach (RWACPAD) are based on the procedures established by BCB Resolution 229, of May 12, 2022.
(2) Exposures to market risk subject to calculation of the capital requirement using a standardized approach and an approach using internal models. The standardized approach includes portions for market risk exposures subject to changes in interest rates (RWAjur1), foreign currency coupons (RWAjur2), price indices (RWAjur3), and interest rate coupons (RWAjur4), the price of commodity goods (RWAcom), the price of shares classified in the trading portfolio (RWAacs), portions for exposure of gold, foreign currency and operations subject to exchange rate variation (RWAcam), and adjustment for derivatives arising from changes in the counterparty’s credit quality (RWAcva).
(3) Risk Weighted Assets or Risk-Weighted Assets.

Banco Santander publishes the Risk Management Report with information relating to risk management, a brief description of the Recovery Plan, capital management, PR and RWA. The report with greater detail on the premises, structure and methodologies can be found at the website www.santander.com.br/ri.

Financial institutions are obliged to maintain the investment of resources in Permanent Assets in accordance with the adjusted Reference Equity level. The resources invested in Permanent Assets, calculated on a consolidated basis, are limited to 50% of the value of the Reference Equity adjusted in accordance with CMN Resolution No. 4,957/2021. Banco Santander meets the established requirements.

c)Financial instruments - Sensitivity analysis

Risk management is focused on portfolios and risk factors, in accordance with Bacen regulations and good international practices.
Financial instruments are segregated into trading portfolios (Trading Book) and banking portfolio (Banking Book), as carried out in the management of market risk exposure, in accordance with the best market practices and the classification criteria for transactions and capital management established by the Central Bank of Brazil. The trading portfolio consists of all transactions with financial instruments and commodities, including Derivatives, held with the intention of trading. The banking portfolio consists of structural operations arising from Banco Santander's various business lines and their possible hedges. Therefore, according to the nature of Banco Santander's activities, the sensitivity analysis was divided between the trading and banking portfolios.

Banco Santander carries out sensitivity analysis of financial instruments in accordance with CVM Instruction No. 2/2020, considering market information and scenarios that would negatively affect the Bank's positions.

The summary tables presented below summarize sensitivity values generated by Banco Santander's corporate systems, referring to the trading portfolio and banking portfolio, for each of the portfolio scenarios on June 30, 2026.



Trading PortfolioConsolidated
Risk FactorDescriptionScenario 1Scenario 2Scenario 3
Interest Rate - RealExposures subject to variation in fixed interest rates(1,043)(35,671)(71,342)
Coupon Interest RateExposures subject to variation in interest rate coupon rates(39)(193)(385)
InflationExposures subject to variation in price index coupon rates(7,169)(22,225)(44,450)
Coupon - US DollarExhibitions subject to variation in the dollar coupon rate(3,009)(45,847)(91,694)
Coupon - Other CurrenciesExposures subject to variation in foreign currency coupon rates(1,967)(5,893)(11,786)
Foreign CurrencyExposures subject to Foreign Exchange(5,489)(137,221)(274,442)
Eurobond/Treasury/GlobalExposures subject to variation in the interest rate of securities traded on the international market(3,169)(30,959)(61,919)
Shares and IndexesExposures subject to Change in Shares Price(228)(5,705)(11,410)
CommoditiesExposures subject to Change in Commodity Price(428)(10,700)(21,399)
Total (1)(22,541)(294,414)(588,827)
(1) Amounts net of tax effects.

Scenario 1: shock of +10bps in interest curves and 1% for price changes (currencies);
Scenario 2: shock of +25% and -25% in all risk factors, considering the largest losses per risk factor.
Scenario 3: shock of +50% and -50% in all risk factors, considering the largest losses per risk factor.

Banking PortfolioConsolidated
Risk FactorDescriptionScenario 1Scenario 2Scenario 3
Interest Rate - RealExposures subject to Changes in Interest Fixed Rate(33,734)(1,258,184)(2,547,939)
TR and Long-Term Interest Rate - (TJLP)Exposures subject to Change in Exchange TR and TJLP(42,460)(1,564,954)(2,764,159)
InflationExposures subject to Change in Coupon Rates of Price Indexes(33,728)(625,236)(1,156,618)
Coupon - US DollarExposures subject to Changes in Coupon US Dollar Rate(21,332)(298,903)(572,475)
Coupon - Other Currencies
Exposures subject to Changes in Coupon Foreign Currency  Rate
(3,862)(41,444)(85,295)
Interest Rate Markets InternationalExposures subject to Changes in Interest Rate Negotiated Roles in International Market(3,476)(386,138)(894,840)
Foreign CurrencyExposures subject to Foreign Exchange1,169 29,224 58,447 
Total (1)(137,423)(4,145,635)(7,962,879)
(1) Values calculated based on the consolidated information of the institutions.

Scenario 1: shock of +10bps in interest curves and 1% for price changes (currencies);
Scenario 2: shock of +25% and -25% in all risk factors, considering the largest losses per risk factor.
Scenario 3: shock of +50% and -50% in all risk factors, considering the largest losses per risk factor.

d) Funds managed and administered not recorded on the balance sheet

The Santander Conglomerate has funds under management, in which it does not have a significant stake, does not act as "main" and does not hold shares in these Funds. Based on the contractual relationship that governs the management of such funds, the third parties who hold the shareholding are those who are exposed, or have rights, to variable returns and have the ability to affect these returns through decision-making power. Furthermore, the Bank, as manager of the funds, acts in the analysis of remuneration regimes, which are proportional to the service provided and, therefore, acts as "main".

The funds managed by the Santander Conglomerate not recorded on the balance sheet are as follows:
06/30/202612/31/2025
Managed funds267,598,148 227,012,763 
Total267,598,148 227,012,763 


e) Securities held by third parties in custody

As of June 30, 2026, and December 31, 2025, the Bank held in custody debt securities and securities of third parties totaling R$ 136.452.702 and R$ 146.156.911, respectively.






19.Subsequent Events

a)Distribution of Interest on Equity

The Board of Directors of Banco Santander, at a meeting held on July 10, 2026, approved the proposal of the Company's Executive Board, subject to ratification by the Ordinary General Meeting, for the distribution of Interest on Equity in the amount of R$ 2,000,000,000.00 (two billion reais), based on the balance of the Company's Dividend Equalization Reserve. Shareholders registered in the Bank's records at the end of the day on July 21, 2026 (inclusive) were entitled to the Interest on Equity. Therefore, from July 22, 2026 (inclusive), the Bank's shares were traded "Ex-Interest on Equity". The Interest on Equity will be paid starting August 6, 2026. The Interest on Equity was fully allocated to the minimum mandatory dividends distributed by the Bank for the fiscal year 2026, without any remuneration for monetary adjustment.

b) Merger of Santander Leasing by Banco Santander (Brasil) S.A.

On July 1, 2026, Banco Santander (Brasil) S.A. ("Santander Brasil") received approval from the Central Bank of Brazil regarding the merger of Santander Leasing S.A. – Arrendamento Mercantil ("Santander Leasing"), as approved by the General Meetings of both companies held on November 28, 2025.
With the approval by the Central Bank of Brazil, all the necessary conditions for the completion of the transaction were met, and it became effective from that date.
The merger did not result in an increase in the share capital of Santander Brasil, since all the shares issued by Santander Leasing were held by it. Therefore, the investment was already fully recognized in the financial statements of Santander Brasil using the equity method, and there was no equity impact resulting from the merger.









































APPENDIX I – Consolidated Condensed Statement of Value Added

01/01 to 06/30/202601/01 to 06/30/2025
Interest and similar income85,473,714 79,395,832 
Fee and commission income (net)8,275,571 8,405,915 
Impairment losses on financial assets (net)(14,458,907)(17,388,158)
Other income and expense(3,260,766)601,517 
Interest expense and similar charges(53,563,447)(49,635,245)
Third-party input(4,769,540)(4,516,181)
Materials, energy and other(356,342)(412,107)
Third-party services(3,331,974)(3,165,586)
Impairment of assets(21,223)(177,962)
Other(1,060,001)(760,526)
Gross added value17,696,625 16,863,680 
Retention
Depreciation and amortization(1,323,037)(1,324,653)
Added value produced16,373,588 15,539,027 
Investments in affiliates and subsidiaries215,960 201,423 
Added value to distribute16,589,548 15,740,450 
Added value distribution
Employee4,992,134 30.1 %5,258,492 33.4 %
Compensation3,590,270 3,781,059 
Benefits1,007,079 1,042,724 
FGTS299,765 281,671 
Other95,020 153,038 
Taxes, fees and contributions5,255,456 31.7 %5,226,169 33.2 %
Federal5,250,231 5,221,452 
Municipal5,225 4,717 
Compensation of third-party capital - rental97,725 0.6 %116,280 0.7 %
Remuneration of interest on capital6,244,233 37.6 %5,139,509 32.7 %
Dividends and interest on capital4,000,000 3,000,000 
Profit Reinvestment2,111,748 2,036,860 
Profit (loss) attributable to non-controlling interests132,485 102,649 
Total16,589,548 100.0 %15,740,450 100.0 %





























Composition of Management Bodies as of June 30, 2026

Administrative Board

Deborah Stern Vieitas – President (independent)
Javier Maldonado Trinchant – Vice-president
Antonio Carlos Quintella - Counselor (independent)
Cristiana Almeida Pipponzi – Counselor (independent)
Cristina San Jose Brosa - Counselor
Deborah Patricia Wright - Counselor (independent)
Ede Ilson Viani - Counselor
Mario Roberto Opice Leão - Counselor (1)
Nitin Prabhu - Counselor
Pedro Augusto de Melo Counselor (independent)
Vanessa de Souza Lobato Barbosa - Counselor


Audit Committee

Pedro Augusto de Melo – Coordinator
Luiz Carlos Nannini - Qualified Technical Member
Andrea Maria Ramos Leonel – Member
René Luiz Grande – Member

Risk and Compliance Committee

Antonio Carlos Quintella - Coordinator
Cristina San Jose Brosa - Member
Deborah Stern Vieitas – Member
Jaime Leôncio Singer – Member
José Mauricio Pereira Coelho - Member

Sustainability Committee

Cristiana Almeida Pipponzi – Coordinator
Deborah Stern Vieitas – Member
Vivianne Naigeborin - Member
Tasso Rezende de Azevedo – Member

Nominating and Governance Committee

Deborah Stern Vieitas – Coordinator
Deborah Patricia Wright – Member
Cristiana Almeida Pipponzi - Member
Javier Maldonado Trinchant – Member

Compensation Committee

Deborah Patricia Wright – Coordinator
Deborah Stern Vieitas - Member
Luiz Fernando Sanzogo Giorgi – Member
Vanessa de Souza Lobato Barbosa - Member

Innovation and Technology Committee
Nitin Prabhu - Coordinator
Deborah Stern Vieitas - Member
Ede Ilson Viani - Member
Eduardo Alvarez Garrido - Member
Gilberto Duarte de Abreu Filho - Member
Guilherme Horn - Member
Marco Jose Miguel Bressan - Member
















(1) At a meeting held on June 30, 2026, the Board of Directors resolved to dismiss Mr. Mario Roberto Opice Leão from the position of Chief Executive Officer and acknowledged his resignation from his positions as a member of the Board of Directors and the Company's Innovation and Technology Committee. At the same meeting, the appointment of Mr. Gilson Finkelsztain as Chief Executive Officer of the Company was confirmed, effective July 1, 2026.





Executive Board

Chief Executive Officer        

Mario Roberto Opice Leão (1)

Executive Vice President and Investor Relations Director    

Carlos Ignacio Muñiz Gonzalez Blanch

Executive Vice President Directors
    
Alessandro Tomao
André Juaçaba de Almeida
Carlos Díaz Álvarez
Carlos Ignacio Muñiz Gonzalez Blanch
Cezar Augusto Janikian
Ede Ilson Viani
Germanuela de Almeida de Abreu
Gilberto Duarte de Abreu Filho
Maria Elena Lanciego Perez

Directors without Specific Designation    

Alessandro Chagas Farias
Alexandre Guimarães Soares
Alexandre Teixeira de Araujo
Camila Stolf Toledo
Carlos Aguiar Neto    
Celso Mateus De Queiroz
Claudenice Lopes Duarte
Claudia Chaves Sampaio
Daniel Mendonça Pareto
Denis Ferro Junior
Eduardo Alvarez Garrido
Eduardo Luis Sasaki
Franco Luigi Fasoli
Geraldo José Rodrigues Alckmin Neto    
Gustavo de Sousa Santos
Izabella Ferreira Costa Belisario
Jean Paulo Kambourakis
Leonardo Augusto de Andrade Barbosa
Leonardo Mendes Cabral
Marcelo Aleixo

Marcos Jose Maia da Silva
Mariana Cahen Margulies
Mauricio Caliggiuri Inforçati
Michele Soares Ishii
Nicolás Vergara
Pablo Agote Alique
Paulo César Ferreira de Lima Alves
Paulo Fernando Alves Lima
Paulo Sérgio Duailibi
Rafael Abujamra Kappaz
Reginaldo Antonio Ribeiro
Ricardo Olivare de Magalhães
Richard Flavio Da Silva
Robson de Souza Rezende
Rudolf Gschliffner
Sandro Mazerino Sobral
Thomaz Antonio Licarião Rocha         
Vanessa Alessi Manzi
Vítor Ohtsuki


Accountant

Anna Paula Dorce Armonia – CRC Nº 1SP – 198352/9



(1) At a meeting held on June 30, 2026, the Board of Directors resolved to dismiss Mr. Mario Roberto Opice Leão from the position of Chief Executive Officer and acknowledged his resignation from his positions as a member of the Board of Directors and the Company's Innovation and Technology Committee. At the same meeting, the appointment of Mr. Gilson Finkelsztain as Chief Executive Officer of the Company was confirmed, effective July 1, 2026.













Audit Committee Report

The Audit Committee of Banco Santander (Brasil) S.A. (“Santander”), the leading institution of Santander’s Economic and Financial Conglomerate (the “Conglomerate”), operates as a single committee for all institutions and companies comprising the Conglomerate, including those entities supervised by the Brazilian Superintendence of Private Insurance (Susep).

Pursuant to its Internal Regulations, available on Santander’s Investor Relations website (www.ri.santander.com.br), the Audit Committee, among its responsibilities, assists the Board of Directors in assessing the adequacy of the financial statements, verifying compliance with legal and regulatory requirements, evaluating the effectiveness and independence of the work performed by internal and external auditors, and monitoring the effectiveness of internal control systems and operational risk management. Additionally, whenever deemed necessary and applicable, the Audit Committee recommends improvements and corrective actions to policies, practices, and procedures identified within the scope of its responsibilities.

The Audit Committee is composed of four independent members, re-elected pursuant to the resolution adopted at the Board of Directors’ meeting held on May 7, 2026. The Committee carries out its activities through meetings with executives, auditors (internal and external), and specialists (local and from the Conglomerate, when necessary), and conducts analyses based on documents and information submitted to it, taking any additional actions necessary to fulfill its duty of care. The Audit Committee’s assessments are based primarily on information received from Executive Management, the results of internal and external audits, and the areas responsible for monitoring internal controls, Compliance, and operational risks.

Reports on the Audit Committee’s activities and the content of its meetings are regularly presented to the Board of Directors through reports made by the Committee Chair during Board meetings.

Within the scope of its responsibilities, during the period from January 1 to July 31, 2026, the Audit Committee carried out the following activities:

Financial Statements

he Audit Committee analyzed the Individual and Consolidated Financial Statements of Banco Santander (Brasil) S.A. and its Subsidiaries that comprise the Economic and Financial Conglomerate for the first half of 2026, confirming their adequacy and recommending their approval by the Board of Directors.

In carrying out this analysis and recommendation, the Audit Committee met with the independent auditors, the Financial Vice Presidency, and the professionals responsible for Accounting and the preparation of the financial statements prior to recommending their approval to the Board of Directors and their disclosure to the market.

Internals Controls and Operational Risks Management

The Audit Committee regularly participated in Risk and Compliance Committee meetings, received information from, and held meetings with, the Executive Vice Presidency of Risk, the Compliance Department, Internal Controls, and the main bodies responsible for managing, implementing, and promoting the Conglomerate’s culture and infrastructure of internal controls, risk management, and Conduct controls. It also reviewed matters being monitored through the Open Channel (the whistleblowing channel), as well as cases handled by the Information Security and Fraud Prevention areas. These reviews were carried out in accordance with applicable regulations.

Internal Audit

The Audit Committee formally met with the officer responsible for Internal Audit and its representatives on several occasions during the first half of 2026. In addition to monitoring reports regarding the progress of the 2026 Internal Audit Plan and the work performed, the Committee reviewed issued reports, their conclusions, and recommendations, highlighting (i) the fulfillment of recommendations for improvements in areas which controls were considered "To be improved"; (ii) the results of the improvements applied to monitor and comply with the recommendations and their action plans for continuous progress; and (iii) meeting the demands of regulatory bodies. In several other occasions, Internal Audit professionals attended the meetings of the Audit Committee, providing expert information.

Independent Audit

Regarding the Independent Audit work performed by PricewaterhouseCoopers Auditores Independentes (“PwC”), the Audit Committee formally met with the firm on several occasions during the first quarter and second quarter of 2026. Key topics discussed included the financial statements for the first half of 2026, accounting practices, key audit matters (KAMs), and any deficiencies and recommendations for improvement contained in the internal controls report. In addition, the Committee met with the Independent Auditor in executive sessions to discuss matters of interest, such as digital assets and cryptocurrencies.



The Audit Committee evaluated proposals submitted by PwC for the provision of other services from the perspective of the absence of conflicts of interest or risks to auditor independence and approved them in accordance with the Audit Services Approval Policy.
The Committee also met with the independent auditors of Banco RCI Brasil S.A., a member of the Conglomerate, namely KPMG Auditores Independentes (“KPMG”), responsible for auditing the 2025 Financial Statements, and Forvis Mazars, responsible for auditing the Financial Statements for the audit cycle that began in 2026.

Ombudsman

In accordance with applicable regulations, the Audit Committee monitored the work performed by the Ombudsman function, which was presented to, discussed, and evaluated by the Committee. In addition to receiving reports on activities carried out in 2026, the Committee reviewed the Ombudsman’s semiannual report for the semester ended June 30, 2026, covering Banco Santander (Brasil) and its affiliated companies, as well as Conglomerate companies that maintain their own Ombudsman structures.

Regulatory Bodies

The Audit Committee monitors official communications received from regulatory authorities, follows ongoing inspections, and reviews the findings and observations of regulatory and self-regulatory bodies, related action plans, and the measures adopted by management to address such findings. The Committee also monitors new regulations and meets with regulators whenever requested. With respect to the Central Bank of Brazil, it maintains regular meetings with supervisors of the Department of Banking Supervision (Desup).

Related Parties

During the period covered by this report, the Audit Committee monitored and evaluated related-party transactions, deepening its understanding through internal meetings with counterparties and by obtaining independent opinions whenever necessary. In cases involving related-party transactions with global counterparties, the Committee also interacted with their respective global representatives.

Others Activities

In addition to the activities described above, and as part of its responsibilities, the Audit Committee met with executive officers and several areas of the Conglomerate to further deepen its analyses. Particular attention was given to monitoring the following topics: (i) regulatory capital; (ii) monitoring of cybersecurity; (iii) Sustainability themes, amongst with Sustainability Committee; (iv) conduct, PLD/CFT, KYC, policies and action plans for continuous improvements; (v) activities of the customer relations department, its action plans and results; (vi) tax, labor and civil litigation; (vii) review and approval of the Tax Credit Realization Technical Study; and (viii) provisions and topics related to PCLD.

During the period, members of the Audit Committee also participated in training sessions, lectures and programs on topics related to its activities, and on regulations of interest and impact to the Conglomerate.

Conclusion

Based on the work and assessments carried out, and considering the context and scope in which it carries out its activities, the Audit Committee concluded that the work carried out is appropriate and provides transparency and quality to the Financial Statements of Banco Santander (Brasil) S.A. and Controlled Companies consolidated in Economic and Financial Conglomerate for the semester ended in June 30, 2025, recommending their approvals by the Board of Directors of Santander.

São Paulo, July 28, 2026.

Audit Committee

Pedro Augusto de Melo – Coordinator
Luiz Carlos Nannini – Financial Expert
René Luiz Grande
Andrea Maria Ramos Leonel











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, thereto duly authorized.
Date: September 1, 2026

Banco Santander (Brasil) S.A.
By:/S/ Reginaldo Antonio Ribeiro
Reginaldo Antonio Ribeiro
Officer Without Specific Designation






By:/S/ Carlos Ignacio Muñiz Gonzalez Blanch
Carlos Ignacio Muñiz Gonzalez Blanch
Vice - President Executive Officer

Source: View Original Filing on SEC EDGAR