Banco Santander nine-month profit rises 20% in 2026

Nine-month results include TSB from May 1, 2026, and Webster from August 20, 2026, as well as the Poland disposal gain.

Rhea-AI Filing Summary

Banco Santander, S.A. reported nine-month 2026 profit attributable to the parent of EUR 12.405 billion, up 20% year over year, including a EUR 1.895 billion gain from the completed Poland disposal. Underlying attributable profit was EUR 11.176 billion, up 16%, and total income was EUR 46.713 billion, up 8%.

Santander completed its Webster acquisition on August 20, 2026, for USD 12.509 billion (EUR 10.724 billion; 65% cash and 35% newly issued shares), and its TSB acquisition on April 30, 2026, for GBP 2.867 billion (EUR 3.318 billion) in cash. Their CET1 impacts were -1.47 percentage points for Webster in September 2026 and -55 basis points for TSB in June 2026. The Poland disposal lifted CET1 by 95 basis points; the phased-in CET1 ratio was 12.7% at September 30, 2026.

A proposed exchange offer for outstanding Santander Brasil shares Banco Santander does not already own would use newly issued Santander shares and has a maximum value of approximately EUR 1.908 billion. The offer remains subject to regulatory approvals, approval by Banco Santander’s General Shareholders’ Meeting of a capital increase, and the absence of a material adverse change. An interim cash dividend of 12.70 euro cents per share was approved, 10% above its 2025 equivalent, payable from November 2, 2026.

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Positive

• Moderate pointNine-month attributable profit rose 20% to EUR 12.405 billion year over year.
• Moderate pointNine-month total income increased 8% to EUR 46.713 billion year over year.
• Moderate pointThe Poland disposal generated a EUR 1.895 billion gain and raised CET1 by 95 basis points.
• Moderate pointThe interim dividend per share was 10% higher than the equivalent 2025 cash payment.

Negative

• Moderate pointThe Webster acquisition reduced the September CET1 ratio by 1.47 percentage points.
• Moderate pointThe TSB acquisition reduced the June CET1 ratio by 55 basis points.

Filing Explained

Santander amortized 462,683,139 repurchased shares and reduced share capital; a separate 2026 buyback began with a ceiling of EUR 1.825 billion.

Banco Santander says it completed a buyback between February and August, acquiring 462,683,139 shares for EUR 5.030 billion. On September 1, 2026, it amortized those shares and reduced share capital.

Separately, the first 2026 buyback programme, capped at EUR 1.825 billion, began on August 24, 2026.

Key Figures

Profit attributable to the parent: EUR 12.405 billion; +20% year over year Underlying attributable profit: EUR 11.176 billion; +16% year over year Total income: EUR 46.713 billion; +8% year over year +5 more

8 metrics

Profit attributable to the parent EUR 12.405 billion; +20% year over year Nine months ended September 30, 2026

Underlying attributable profit EUR 11.176 billion; +16% year over year Nine months ended September 30, 2026

Total income EUR 46.713 billion; +8% year over year Nine months ended September 30, 2026

Phased-in CET1 ratio 12.7% September 30, 2026

Webster acquisition impact on CET1 ratio -1.47 percentage points September 2026

Poland disposal capital gain EUR 1.895 billion Recorded in Q1 2026

Interim cash dividend 12.70 euro cents per share Approved for payment from November 2, 2026; 10% above the equivalent 2025 payment

Maximum value of proposed Santander Brasil exchange offer Approximately EUR 1.908 billion Consideration consists of newly issued Banco Santander shares

Key Terms

phased-in CET1 ratio, underlying attributable profit, non-recurring items, net loan-to-deposit ratio, +1 more

5 terms

phased-in CET1 ratio financial

"The phased-in CET1 ratio stood at 12.7%"

underlying attributable profit financial

"Underlying attributable profit was EUR 11,176 million"

non-recurring items financial

"the non-recurring items line item recorded"

Non-recurring items are one-time gains or losses shown on a company’s financial statements that are not part of its regular business operations, such as a payout from selling a building, a large legal settlement, or a restructuring charge. Investors care because these events can make a single period look unusually good or bad, like a one-off bonus or repair bill in a household budget, so analysts often strip them out to judge the business’s ongoing performance.

net loan-to-deposit ratio financial

"The net loan-to-deposit ratio was 99%"

Net loan-to-deposit ratio measures how much of a bank’s customer deposits are tied up in loans after subtracting the reserves the bank holds to cover bad loans. Investors use it to gauge liquidity and lending intensity: a high ratio can signal strong earning activity but less cash available and higher funding risk, while a low ratio implies more conservative cash buffers but potentially lower interest income—like how much of your paycheck you've lent out versus kept in your wallet.

contingently convertible AT1s (CoCos) financial

"EUR 1,285 million was contingently convertible AT1s (CoCos)"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much profit did Banco Santander (SAN) report for the first nine months of 2026?

Banco Santander reported EUR 12.405 billion in profit attributable to the parent for the first nine months of 2026, up 20% year over year. Underlying attributable profit was EUR 11.176 billion, up 16%.

What are the terms of Banco Santander’s (SAN) exchange offer for Santander Brasil shares?

Accepting Santander Brasil shareholders would receive 0.4056 newly issued Banco Santander shares for each unit or ADS, or 0.2028 shares for each common or preferred share. The proposed offer has a maximum value of approximately EUR 1.908 billion and remains subject to regulatory approvals, shareholder approval of the capital increase, and the absence of a material adverse change.

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

Form 6-K: How Foreign Companies Report to the SEC →

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Available on EDGAR 10/28/2026 - 06:27 AM EDT Accepted by SEC EDGAR 10/28/2026 - 06:27 AM EDT Learn about SEC filing dates

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of October, 2026

Commission File Number: 001-12518

Banco Santander, S.A.

(Exact name of registrant as specified in its charter)

Ciudad Grupo Santander

28660 Boadilla del Monte (Madrid) Spain

(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  ☒            Form 40-F  ☐

BANCO SANTANDER, S.A.

________________________

TABLE OF CONTENTS

Item 1. January - September 2026 Financial Report 1

January - September 2026

Index

3						SIGNIFICANT EVENTS IN THE PERIOD
5						KEY CONSOLIDATED DATA
7						BUSINESS MODEL
8						GROUP FINANCIAL INFORMATION
8						General background
9						Highlights of the period
11						Income statement
19						Balance sheet
22						Solvency ratios
23						Risk management
27						The Santander share
29						FINANCIAL INFORMATION BY SEGMENT
46						SUSTAINABILITY
47						CORPORATE GOVERNANCE
48						APPENDIX
49						Financial information
71						Alternative performance measures
84						Interim condensed consolidated financial statements
87						Glossary
88						Important information

This report was approved by the board of directors on 27 October 2026, following a favourable report from the audit committee. Important information regarding this report can be found on pages 88 and 89.

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

Significant events in the period

Completion of the Webster acquisition

•On 3 February 2026, Santander announced that it had reached an agreement to acquire 100% of Webster Financial Corporation’s (Webster) share capital, a US retail and commercial bank, highly complementary to the activities and services Santander provides in the US.

•The acquisition was completed on 20 August 2026, following the receipt of the corresponding regulatory authorizations and approval from both Webster's and Santander's shareholders, on the terms previously announced. The total consideration amounted to USD 12,509 million (EUR 10,724 million). The consideration mix represented 65% cash and 35% by means of newly issued Banco Santander shares, executed via a capital increase on 20 August 2026, through non-cash contributions with a total nominal value of EUR 165 million through the issuance of 329,846,438 new ordinary shares. This transaction had a -1.47 pp impact on the September 2026 CET1 ratio.

•Webster's balance sheet and results were incorporated almost entirely within the Retail & Commercial Banking and Openbank global businesses. Therefore, from 20 August 2026, figures for Grupo Santander, mainly Retail & Commercial Banking, Openbank US within Openbank, and the US secondary segment include Webster. As a result, unless otherwise stated, all metrics corresponding to periods from 20 August 2026 onwards include Webster’s business.

•As of 30 September 2026, Webster had a gross loan book of approximately EUR 50 billion and around EUR 62 billion of customer deposits. Webster has approximately 4,500 employees, around 190 branches and 4.2 million customers in the US.

Exchange offer to acquire the outstanding shares of Santander Brasil

•On 30 July 2026, Banco Santander announced its intention to launch a voluntary exchange offer to acquire all outstanding shares of Banco Santander Brasil that it does not already own, representing approximately 10% of its share capital. The exchange offer consideration will consist of newly issued Banco Santander shares.

•Shareholders of Santander Brasil who accept the offer will receive: i) 0.4056 newly issued Banco Santander shares for each unit or ADS of Santander Brasil; and ii) 0.2028 newly issued Banco Santander shares for each common share or preferred share of Santander Brasil.

•The transaction will have a maximum value of approximately EUR 1,908 million, calculated based on Banco Santander's ordinary share price of EUR 12.248 as at 30 July 2026.

•Commencement of the offer and the offer itself remain subject to customary conditions for transactions of this nature, including the receipt of the relevant regulatory approvals, the approval by Banco Santander’s General Shareholders’ Meeting of the corresponding capital increase and the absence of any material adverse change.

Completion of the TSB acquisition

•On 30 April 2026, Santander completed the acquisition of TSB Banking Group plc (TSB), the UK subsidiary of Banco de Sabadell, S.A. (Sabadell), having received the required regulatory approvals and fulfilled the conditions required for closing, for a cash consideration of GBP 2,867 million (EUR 3,318 million), with a -55 bp impact on the June 2026 CET1 capital ratio.

•TSB's balance sheet and results are fully incorporated within the Retail & Commercial Banking global business. Therefore, from 1 May 2026, figures for Grupo Santander, Retail & Commercial Banking (within Retail UK) and the UK secondary segment include TSB. As a result, unless otherwise stated, all metrics corresponding to periods from May 2026 onwards include TSB’s business.

•As of 30 June 2026, when we began to report TSB as part of Santander, TSB had approximately EUR 53 billion of total assets, a gross loan book of EUR 42 billion, more than 90% of which was residential mortgage lending, and around EUR 42 billion of customer funds, fully comprising customer deposits, of which over 80% were demand deposits. TSB had approximately 4,700 employees, around 180 branches and over 4 million customers in the UK.

January - September 2026 3

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

Changes to Group reporting in 2026

•On 10 February 2026, the Group announced a series of changes to its reporting structure, effective from Q1 2026. They do not change the Group’s reported profit attributable to the parent nor do they affect the Group's targets announced to the market in the Q4 2025 results presentation and at the Investor Day on 25 February 2026.

•These changes, which affect the income statements and certain management metrics, have been applied to the information reported from Q1 2026 onwards, as well as to prior periods presented in this report to facilitate comparisons. These changes do not affect the Group’s consolidated balance sheet. For further information on these changes, see the 'Significant events in the period' section of the Q1 2026 Quarterly financial report.

•In addition, other minor changes affecting the primary and secondary segments were disclosed, which are detailed in the 'Financial information by segment' section of this report.

Completion of the Poland disposal

•On 9 January 2026, Banco Santander and Erste Group Bank AG (Erste) announced the completion of the sale of Santander Bank Polska (Santander Poland), which had been disclosed in May 2025, after obtaining all required regulatory approvals and fulfilling the conditions for closing. The abovementioned transaction will hereinafter be referred to as the 'Poland disposal'.

•Erste acquired approximately 49% of the share capital of Santander Poland and the 50% of the asset management company (TFI) which was not integrated within Santander Poland, for a total cash consideration of EUR 7,035 million. The all-cash transaction at 584 zlotys per share valued the bank at 2.2 times Q1 2025 tangible book value per share and represents a premium of 7.5% versus Santander Poland's closing price on 2 May 2025, excluding the dividend paid in May 2025.

•The transaction generated a net capital gain of EUR 1,895 million for Santander, increasing its CET1 ratio by 95 basis points, equivalent to around EUR 6 billion. The financial impacts on both results and capital from this transaction were recorded in Q1 2026. For further information, see the 'Alternative performance measures' section in this report.

Note: to facilitate the analysis of business performance, this document presents certain underlying income statement line items and balance sheet metrics excluding TSB and Webster. In this report, we will refer to the volumes and results related to TSB and Webster interchangeably as acquisitions or M&A.

4 January - September 2026

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

Key consolidated data

BALANCE SHEET (EUR million) 1			Sep-26			Jun-26			%			Sep-26			Sep-25			%			Dec-25
Total assets			2,102,334			1,954,465			7.6			2,102,334			1,840,668			14.2			1,867,515
Loans and advances to customers			1,206,887			1,149,162			5.0			1,206,887			1,027,209			17.5			1,037,288
Customer deposits			1,222,263			1,133,762			7.8			1,222,263			1,026,130			19.1			1,041,200
Total funds			1,583,574			1,489,431			6.3			1,583,574			1,339,096			18.3			1,363,160
Total equity			118,400			115,898			2.2			118,400			109,914			7.7			112,748
Note: total funds includes customer deposits, mutual funds, pension funds and managed portfolios.

INCOME STATEMENT (EUR million) 2			Q3'26			Q2'26			%			9M'26			9M'25			%			2025
Net interest income			11,834			11,692			1.2			34,545			31,559			9.5			42,348
Total income			15,891			15,682			1.3			46,713			43,248			8.0			58,311
Net operating income			9,454			9,277			1.9			27,741			24,818			11.8			33,532
Profit before tax			4,828			4,932			(2.1)			14,789			13,761			7.5			18,681
Profit attributable to the parent			3,432			3,518			(2.4)			12,405			10,337			20.0			14,101

Note: net operating income is defined as total income minus operating expenses.

EPS AND PROFITABILITY (%) 2 3			Q3'26			Q2'26			%			9M'26			9M'25			%			2025
EPS (euros)			0.23			0.23			(3.3)			0.83			0.66			24.9			0.91
RoE			13.5			13.7						14.8			13.6						13.9
RoTE			16.3			15.8						17.4			16.1						16.3
RoA			0.77			0.82						0.88			0.83						0.84
RoRWA			2.43			2.56						2.72			2.39						2.44

UNDERLYING INCOME STATEMENT (EUR million) 4 5			Q3'26			Q2'26			%			9M'26			9M'25			%			2025
Net interest income			11,903			11,692			1.8			34,614			31,599			9.5			42,401
Total income			15,960			15,707			1.6			46,807			43,243			8.2			58,308
Net operating income			9,246			8,980			3.0			26,882			23,620			13.8			31,898
Profit before tax			5,424			5,318			2.0			15,771			14,010			12.6			18,936
Underlying profit attributable to the parent			3,848			3,768			2.1			11,176			9,624			16.1			13,152
Changes in constant euros:
Q3'26 / Q2'26: NII: +1.5%; Total income: +1.3%; Net operating income: +2.7%; Profit before tax: +1.7%; Underlying attributable profit: +1.7%.
9M'26 / 9M'25: NII: +7.9%; Total income: +6.6%; Net operating income: +11.7%; Profit before tax: +10.8%; Underlying attributable profit: +14.4%.

UNDERLYING EPS, PROFITABILITY AND EFFICIENCY (%) 3 4 5			Q3'26			Q2'26			%			9M'26			9M'25			%			2025
Underlying EPS (euros)			0.26			0.25			1.7			0.74			0.61			20.7			0.84
Underlying RoE			13.8			13.9						13.7			12.7						13.0
Underlying RoTE			16.8			16.0						16.0			14.9						15.2
Underlying RoA			0.79			0.84						0.82			0.77						0.79
Underlying RoRWA			2.49			2.60						2.53			2.25						2.31
Efficiency ratio			42.1			42.8						42.6			45.4						45.3

SOLVENCY (%)			Sep-26			Jun-26						Sep-26			Sep-25						Dec-25
Phased-in CET1 ratio			12.7			14.0						12.7			13.1						13.5
Phased-in total capital ratio			17.0			18.8						17.0			17.4						17.8

January - September 2026 5

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

CREDIT QUALITY (%) 3			Sep-26			Jun-26						Sep-26			Sep-25						Dec-25
Cost of risk 5 6			1.16			1.15						1.16			1.13						1.14
NPL ratio			2.90			2.93						2.90			2.91						2.91
NPL coverage ratio			64			64						64			67						66

MARKET CAPITALIZATION AND SHARES			Sep-26			Jun-26			%			Sep-26			Sep-25			%			Dec-25
Shares (millions)			14,556			14,689			(0.9)			14,556			14,885			(2.2)			14,689
Number of shareholders			3,559,819			3,508,619			1.5			3,559,819			3,520,788			1.1			3,518,729
Share price (euros)			12.328			12.084			2.0			12.328			8.874			38.9			10.070
Market capitalization (EUR million)			179,452			177,506			1.1			179,452			132,092			35.9			147,921
Tangible book value per share (euros)			5.92			6.32						5.92			5.56						5.76
Price / Tangible book value per share (X)			2.08			1.91						2.08			1.60						1.75

CUSTOMERS (thousands)			Sep-26			Jun-26			%			Sep-26			Sep-25			%			Dec-25
Total customers			188,804			182,488			3.5			188,804			172,298			9.6			174,197
Active customers			110,576			105,684			4.6			110,576			100,797			9.7			101,651
Digital customers			64,215			61,998			3.6			64,215			58,351			10.1			59,040

Note: customer data in 2025 exclude Poland. Including Poland: in December 2025, total customers: 180,221; active customers: 106,410; digital customers: 62,982. In September 2025, total customers: 178,374; active customers: 105,528; digital customers: 62,258.

OTHER DATA			Sep-26			Jun-26			%			Sep-26			Sep-25			%			Dec-25
Number of employees			186,151			185,279			0.5			186,151			190,646			(2.4)			187,539
Number of branches			6,548			6,496			0.8			6,548			7,029			(6.8)			6,765

Note: employees and branches data in 2025 exclude Poland. Including Poland: in December 2025, number of employees 198,403; number of branches 7,124. In September 2025, number of employees 201,304; number of branches 7,389.

Note: for Argentina and any grouping which includes it, the variations in constant euros have been calculated considering the Argentine peso exchange rate on the last working day for each of the periods presented. For further information, see the 'Alternative performance measures' section in the appendix to this report.

Certain figures contained in this report have been subject to rounding to enhance their presentation. Accordingly, in certain instances, the sum of the numbers in a column or a row in tables contained in this report may not conform exactly to the total figure given for that column or row.

1.In the Group's consolidated balance sheet, balances include TSB from 1 May 2026 and include Webster from 20 August 2026, affecting comparisons with prior periods. The assets associated with the Poland disposal were classified under the 'non-current assets held for sale' line item and the related liabilities under 'liabilities associated with non-current assets held for sale' from the announcement of disposal until its completion.

2.In the statutory income statement, results associated with the business subject to the Poland disposal in all periods in 2025 and the resulting capital gain in Q1 2026 are reported under a single line item in the consolidated income statement — 'profit/(loss) after tax from discontinued operations'. Consequently, the results from the Poland disposal perimeter are excluded line by line from the breakdown of continuing operations, though they are included in the profit attributable to the parent and, therefore, in the metrics calculated based on said profit.

3.For further information, see the 'Alternative performance measures' section in this report.

4.In the underlying income statement, results associated with the business subject to the Poland disposal in all periods in 2025 and the resulting capital gain in Q1 2026 are recorded in 'non-recurring items'. This line item also includes some charges for intangible asset impairments and integration costs associated with the M&A transactions recorded in Q2 2026 and Q3 2026. These items grouped under ‘non-recurring items’ are excluded from underlying profit and underlying metrics, and explain the difference between underlying attributable profit and profit attributable to the parent.

5.In addition to financial information prepared in accordance with International Financial Reporting Standards (IFRS) and derived from our consolidated financial statements, this report contains certain financial measures that constitute alternative performance measures (APMs) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non-IFRS financial measures, including the figures related to 'underlying' results, which do not include factors that are outside the ordinary course of our business, or have been reclassified within the underlying income statement. Further details are provided in the 'Alternative performance measures' section in the appendix to this report. For further details on the APMs and non-IFRS measures used, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the annual consolidated financial statements prepared under IFRS, please see our 2025 Annual financial report, published in the CNMV on 25 February 2026, our 20-F report for the year ending 31 December 2025 filed with the SEC in the United States on 27 February 2026, as updated by the Form 6-K filed with the SEC on 1 April 2026 in order to reflect our new reporting structure as well as the 'Alternative performance measures' section in this report.

6.Underlying allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers and debt securities issued by non-financial institutions over the last 12 months.

6 January - September 2026

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

Our business model

CUSTOMER FOCUS

Building a digital bank with branches

→ We continue to build a digital bank with branches, with a multichannel proposition designed to meet all our customers' financial needs.

189 mn

111 mn

total customers

active customers

SCALE

Global and in-market scale

→ Our global and in-market scale helps us to improve our local banks' profitability, adding value and network benefits. → Our activity is organized under five global businesses: Retail & Commercial Banking (Retail), Openbank, Corporate & Investment Banking (CIB), Wealth Management & Insurance (Wealth) and Payment Solutions (Payments). → Our five global businesses support value creation based on the profitable growth and operational leverage that ONE Santander provides.

DIVERSIFICATION

Business, geographical and balance sheet

→ Well-balanced diversification between businesses and markets with a solid and simple balance sheet that gives us recurrent net operating income with low volatility and more predictable results.

Our corporate culture

The Santander Way remains unchanged to continue to deliver for all our stakeholders

			Our purpose
			To help people and businesses prosper
			Our aim
			To be the best open financial services platform, by acting responsibly and earning the lasting loyalty of our people, customers, shareholders and communities
			Our how
			Everything we do should be Simple, Personal and Fair

January - September 2026 7

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•General background

Group financial information

General background

Grupo Santander's operating environment in Q3 2026 continued to be characterized by some volatility, particularly due to geopolitical tensions in the Middle East. However, at the end of the quarter, economic growth indicators were solid across our footprint and unemployment rates generally remained relatively low. Uncertainty regarding the global economic outlook persists. We therefore expect a moderate economic slowdown compared to our initial estimates, as well as a pickup in global inflation, driven by a negative supply shock resulting from the conflict in the Middle East together with higher long-term funding costs in several countries.

Country						GDP Change1			Economic performance
			Eurozone			+1.2%			Economic growth was stronger than expected, supported by strong household consumption as consumers used part of their accumulated savings to offset the impact of higher energy prices. Inflation rose above 3%, with inflationary pressures increasing. In response, the ECB raised its deposit facility rate to 2.5% in September.
			Spain			+2.6%			Indicators in Q3 2026 point to solid growth, albeit more moderate than in the previous quarter. Household consumption remained the main activity driver, despite higher inflation and interest rates. Inflation increased to 4.9% in September, driven by higher energy prices, while the rise in core inflation to 3.1% confirms that the energy shock is starting to feed through, especially to services prices, though the pass-through currently remains moderate.
			UK			+1.2%			Economic growth in the first nine months of the year was stronger than expected, and the latest data continue to point to resilient activity, supported by household consumption. The labour market continued to weaken, with private wage growth slowing (2.9% in July), though the unemployment rate remained at 4.9%. Headline inflation increased to 3.5% in September, driven by higher energy prices. In September, the Bank of England held interest rates at 3.75%.
			Portugal			+2.5%			At the beginning of H2 2026, Portugal's growth remained above the eurozone's, though risks remain from weaker investment, external demand, inflation (3.6% in September) and housing market pressures. The labour market remained strong, with employment growth, the unemployment rate (5.7%) below the natural rate and positive real wage growth. The fiscal surplus remained stable.
			US			+2.2%			Q3 2026 indicators point to solid growth, supported by strong private investment and resilient household consumption. The labour market remained stable. Inflation remained elevated at 3.7% in September, driven by higher energy prices. In this context, the Federal Reserve raised the target range for interest rates by 25 bps in September to 3.75-4.00%, signalling the possibility of further rate hikes if there are no clear signs of moderating inflation.
			Mexico			+2.1%			After a weak Q1 2026, the economy showed signs of a significant recovery in Q2 2026 and at the beginning of Q3 2026, supported by strong consumption, investment and external demand. Exports continued to grow solidly and the labour market remained resilient, with a very low unemployment rate (2.7%, seasonally adjusted, in August). Inflation picked up to 3.5% in September and core inflation declined to 3.7%. The central bank has held interest rates at 6.5% since May and removed explicit references to the future direction of monetary policy in its latest statement.
			Brazil			+2.0%			After GDP accelerated to 2.0% year-on-year in Q2 2026, the economy subsequently began to show signs of moderation, particularly in private consumption. The labour market remained solid, with the unemployment rate close to historical lows (5.3% in August). Inflation remained above the tolerance interval (4.6% in September), pressured by food prices and high inflation in services. The central bank continued its gradual easing cycle, lowering the policy rate by 25 bps in August and again in September to 13.75%, while remaining open to the possibility of further rate cuts depending on inflation trends and expectations.
			Chile			-0.2%			The economy remained weak, reflecting the downturn in the natural resources sector and the impact of higher fuel prices, which weighed on households’ real income and private consumption. Inflation eased to 4.1% in September, though energy and food prices continued to increase at a high rate. Nevertheless, inflation expectations remain anchored at the 3% target from 2027 onwards. The central bank held interest rates at 4.5%, and indicated that it would continue to assess its monetary policy decisions based on developments in economic activity and inflation.
			Argentina			+2.0%			During 2026, the economy has shown mixed signals, with weak domestic demand, while exports remained solid. Since Q2 2026, inflation has fallen back following the uptick at the beginning of the year, with a monthly average inflation of 1.9% in Q3 2026 (2.2% in Q2 2026). The central bank maintained a restrictive stance, though with some signs of easing, while fiscal policy remained contractionary, meeting surplus targets.

1.Year-on-year changes for Q2 2026.

8 January - September 2026

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Highlights of the period

Highlights of the period: main figures

ATTRIBUTABLE PROFIT

Q3'26

EUR 3,432 mn

-2% in euros / Q2'26

9M'26

EUR 12,405 mn

+20% in euros / 9M'25

UNDERLYING ATT. PROFIT

Q3'26

EUR 3,848 mn

+2% in euros

/ Q2'26

+2% in constant euros

9M'26

EUR 11,176 mn

+16% in euros

/ 9M'25

+14% in constant euros

RoTE

RoTE (underlying)

17.4%

16.0%

+1.3 pp

+1.1 pp

/ 9M'25

VOLUMES AND REVENUE

Loans and advances to customers

Customer funds

+16%

+16%

Net interest income

Net fee income

+8%

+7%

Note: YoY changes in constant euros and Argentina in current euros.

EFFICIENCY

42.6%

-3 pp / 9M'25

COST OF RISK

1.16%

+3 bps / Sep-25

CET1 RATIO1

12.7%

uIn Q3 2026, profit attributable to the parent was EUR 3,432 million, which included Webster's results from 20 August 2026. Quarter-on-quarter, attributable profit declined 2%, impacted by some charges for intangible asset impairments and integration costs associated with the M&A transactions (EUR 416 million in Q3 2026 compared to EUR 250 million in Q2 2026).

Excluding these non-recurring impacts, underlying attributable profit was EUR 3,848 million, up 2% compared to Q2 2026. In constant euros, underlying profit also increased 2% quarter-on-quarter, supported by our good cost management, in addition to being favoured by the integration of Webster and a full quarter’s contribution from TSB, which more than offset the impact from seasonality on revenue.

uYear-on-year, profit attributable to the parent increased 20% to EUR 12,405 million in 9M 2026, achieving another record, supported by the capital gain from the Poland disposal in Q1 2026.

In underlying terms, profit rose 16% year-on-year to EUR 11,176 million. In constant euros, underlying attributable profit rose 14%, driven by good performances in revenue and costs, with the cost of risk practically stable, and a small positive impact from the incorporation of TSB and Webster.

uUnderlying attributable profit grew strongly year-on-year across most of our global businesses, supported by revenue and good cost management.

uThese excellent results put us in a good position to meet our 2026 targets.

uProfitability improved significantly year-on-year, with RoTE increasing to 17.4% in 9M 2026. Underlying RoTE increased to 16.0%, advancing towards our goal of achieving a RoTE above 20% in 2028.

uWe continued to record strong earnings per share growth, increasing to EUR 83 cents in 9M 2026, favoured by the capital gain from the Poland disposal. Underlying earnings per share improved by 21% year-on-year to EUR 74 cents, boosted by positive profit trends and the share buybacks executed over the last 12 months.

uIn terms of business volumes, both loans and advances to customers and customer funds grew at a solid pace, supported by our focus on active and disciplined capital allocation and management as well as profitable growth. They were also favoured by the incorporation of TSB and Webster.

Gross loans and advances to customers (excluding reverse repos) rose 16% year-on-year in constant euros. Excluding M&A, they increased 6% in constant euros, boosted by widespread growth across businesses.

Customer funds (customer deposits excluding repos plus mutual funds) grew 16% year-on-year in constant euros. Excluding M&A, they rose 8% in constant euros, rising across all global businesses, with a 6% increase in customer deposits in constant euros, mainly driven by time deposits, and double-digit growth in mutual funds.

uIn a somewhat volatile environment, total income grew 8% year-on-year. In constant euros, it rose 7% (+5% excluding M&A, in line with our 2026 target), underpinned by solid performances in net interest income (+8%), driven by higher volumes and our active balance sheet management, and net fee income (+7%), boosted by higher activity and transactionality.

uTotal costs increased 2% year-on-year. In constant euros, they were flat, -2% excluding M&A, in line with our 2026 target. These solid performances in revenue and costs continue to reflect the progress in our ONE Transformation strategy. As a result, the efficiency ratio improved year-on-year to 42.6%, supported by all global businesses.

uCredit quality remained robust, supported by our good risk management and low unemployment levels across our footprint. The Group's cost of risk was virtually unchanged year-on-year at 1.16%, even after the impact from a weaker performance in Argentina in the year, reflecting sector-wide trends in the country. In Retail and Openbank, which accounted for more than 90% of the Group's net loan-loss provisions, cost of risk was 1.20% and 2.10%, respectively.

uThe NPL ratio remained at low levels (2.90%), broadly in line with September 2025 (-1 bp year-on-year). The NPL coverage ratio stood at 64%. Total loan-loss reserves ended the quarter at EUR 25,124 million.

uThe CET1 ratio ended September 2026 at 12.7% including a -1.47 pp impact from the Webster acquisition in the period. Excluding it, the CET1 ratio increased 0.14 pp in quarter, mainly due to 0.19 pp of net organic capital generation in the quarter, the result of +0.59 pp from profit generation, -0.33 pp from capital distributions2 and -0.07 pp from net RWA growth. We remain on track to meet our aim to end the year with a CET1 ratio in the range of 12.8-13%, at the top end of our 12-13% operating range.

Note: in this section, unless indicated otherwise, results are presented on an underlying basis and management metrics exclude Poland in all periods of 2025. For further information, see the 'Significant events in the period' and 'Alternative performance measures' sections in this report.

1.CET1 ratio on a phased-in basis, calculated in accordance with the transitory treatment of the CRR.

2.Capital distribution includes deduction for the accrual of ordinary shareholder remuneration and AT1 costs. For further information on our shareholder remuneration policy, see the 'Santander share' section in this report.

January - September 2026 9

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Highlights of the period

Think Value

ORDINARY SHAREHOLDER REMUNERATION*

EUR million

+10%

higher than 2025 interim cash dividend

*Remuneration based on the full-year results of each period

TNAVps + CASH DPS

n Cash DPS: EUR 25.20 cents

+11%

/ Sep-25

uIn application of the current shareholder remuneration policy charged against 2026 results:

i)On 29 September 2026, the board of directors approved an interim cash dividend of EUR 12.70 cents per share, 10% higher than its 2025 equivalent, which will be paid from 2 November.

Including the EUR 12.50 cent cash dividend per share paid in May, the cash dividends per share paid during 2026 will be 12% higher than that paid in 2025.

ii)On 10 August 2026, once the applicable regulatory approval had been obtained, we announced the first 2026 buyback programme of up to EUR 1,825 million, which commenced on 24 August.

This new programme puts us on track to achieve our goal of distributing at least EUR 10 billion through share buybacks charged against 2025 and 2026 results and against expected capital excess1. Considering this new programme, we will have carried out approximately 90% of this goal.

uTotal shareholder remuneration charged against H1 2026 results will be approximately EUR 3,660 million, 8% higher than the remuneration charged against H1 2025 results. The amount is approximately 50% of H1 2026 underlying attributable profit, split broadly equally between cash dividend payments and share buybacks.

uAt the end of the quarter, TNAV per share was EUR 5.92. Including the final cash dividend charged against 2025 results and the interim dividend charged against 2026 results approved in September, TNAV per share increased 11% year-on-year.

Think Customer

CUSTOMER GROWTH (vs. Sep-25)

Total customers:

+17

mn

Active customers:

+10

mn

uWe continued to make progress in the implementation of our global platforms, which represent a clear competitive advantage, as the capability to build platforms once and deploy them across multiple markets enables us to improve time-to-market, cost to serve and customer satisfaction.

uThese developments, alongside other initiatives focused on delivering the best experience to our customers and improving service quality, enable us to continue to attract more customers to the Group.

uAs a result, total customers increased 17 million year-on-year and active customers grew 10 million year-on-year, both also favoured by the incorporation of TSB and Webster.

Think Global

Contribution to Group revenue 2
									Retail						55%
									Openbank						21%
									CIB						15%
									Wealth						7%
									Payments						2%

9M 2026 data. Year-on-year changes in constant euros.

uIn Retail, underlying attributable profit grew 12% to EUR 6,445 million, boosted by solid revenue and cost performances, reflecting our transformation efforts. It also benefitted from the incorporation of TSB from 1 May 2026 and Webster from 20 August 2026.

uThe efficiency ratio improved to 39.9% and cost of risk stood at 1.20%. RoTE rose to 17.7%.

uIn Openbank, profit before tax excluding provisions for potential claims in the UK increased 13%, driven by revenue and cost improvements and the incorporation of Webster. This growth was not reflected in underlying attributable profit due to the impact from the end of tax incentives for electric vehicles in the US in 2025.

uThe efficiency ratio improved to 40.4% and cost of risk was 2.10%, with RoTE at 9.0%.

uIn CIB, underlying attributable profit rose 15% to EUR 2,433 million, driven by higher revenue across all business lines, while costs grew 8 pp less than revenue.

uThe efficiency ratio improved to 42.6% and RoTE to 19.2%.

uIn Wealth, underlying attributable profit rose 19% to EUR 1,651 million, boosted by solid commercial activity and a favourable market performance, with double-digit growth in both net fee income and gains on financial transactions.

uThe efficiency ratio improved to 34.6% and RoTE was 58.2%.

uIn Payments, underlying attributable profit increased significantly to EUR 105 million, with revenue growing 15%, much faster than costs, boosted by higher activity.

uEBITDA margin reached 34.0% (+2.4 pp year-on-year).

1.As previously announced, Santander intends to allocate at least EUR 10 billion to shareholders through share buybacks charged against 2025 and 2026 results and against the expected capital excess. This share buyback target includes: i) buybacks that are part of the existing shareholder remuneration policy; and ii) additional buybacks following the publication of annual results to distribute year-end excesses of CET1 capital. The implementation of the shareholder remuneration policy and additional buybacks is subject to corporate and regulatory decisions and approvals.

2.As % of total operating areas, excluding the Corporate Centre.

10 January - September 2026

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Statutory income statement

Grupo Santander results

As a result of the announcement of the Poland disposal and in accordance with IFRS 5 requirements, in the statutory income statement, results associated with the business subject to the Poland disposal are reported under a single line item in the consolidated income statement — 'profit/(loss) after tax from discontinued operations' — for results corresponding to 2025. Additionally, in Q1 2026, the capital gain from the closing of the Poland disposal was recorded in the same 'profit/(loss) after tax from discontinued operations' line item. For further information, see the 'Alternative performance measures' section in this report. Furthermore, as mentioned in the 'Significant events in the period' section, Q2 2026 results include TSB from 1 May 2026 and Q3 2026 results include Webster from 20 August 2026.

Grupo Santander. Summarized income statement
EUR million
									Change									Change
			Q3'26			Q2'26			%						9M'26			9M'25			%
Net interest income			11,834			11,692			1.2						34,545			31,559			9.5
Net fee income 1			3,498			3,494			0.1						10,349			9,501			8.9
Gains or losses on financial assets and liabilities and exchange differences 2			347			81			328.4						1,079			1,653			(34.7)
Dividend income			135			534			(74.7)						759			559			35.8
Share of results of entities accounted for using the equity method			246			163			50.9						722			480			50.4
Other operating income/expenses (net) 3			(169)			(282)			(40.1)						(741)			(504)			47.1
Total income			15,891			15,682			1.3						46,713			43,248			8.0
Operating expenses			(6,437)			(6,405)			0.5						(18,972)			(18,430)			2.9
Administrative expenses			(5,650)			(5,566)			1.5						(16,518)			(16,008)			3.2
Staff costs			(3,586)			(3,551)			1.0						(10,516)			(10,063)			4.5
Other general administrative expenses			(2,064)			(2,015)			2.4						(6,002)			(5,945)			1.0
Depreciation and amortization			(787)			(839)			(6.2)						(2,454)			(2,422)			1.3
Provisions or reversal of provisions			(672)			(985)			(31.8)						(2,422)			(1,709)			41.7
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)			(3,476)			(3,373)			3.1						(10,047)			(9,372)			7.2
Impairment on other assets (net)			(497)			(8)			—						(527)			(188)			180.3
Gains or losses on non-financial assets and investments, net			26			3			766.7						42			(22)			—
Negative goodwill recognized in results			(2)			5			—						3			22			(86.4)
Gains or losses on non-current assets held for sale not classified as discontinued operations			(5)			13			—						(1)			212			—
Profit or loss before tax from continuing operations			4,828			4,932			(2.1)						14,789			13,761			7.5
Tax expense or income from continuing operations			(1,192)			(1,192)			—						(3,634)			(3,560)			2.1
Profit from the period from continuing operations			3,636			3,740			(2.8)						11,155			10,201			9.4
Profit or loss after tax from discontinued operations			—			—			—						1,895			1,152			64.5
Profit for the period			3,636			3,740			(2.8)						13,050			11,353			14.9
Profit attributable to non-controlling interests			(204)			(222)			(8.1)						(645)			(1,016)			(36.5)
Profit attributable to the parent			3,432			3,518			(2.4)						12,405			10,337			20.0
EPS (euros)			0.23			0.23			(3.3)						0.83			0.66			24.9
Diluted EPS (euros)			0.23			0.23			(3.4)						0.82			0.66			24.8
Memorandum items:
Average total assets			2,040,997			1,923,462			6.1						1,937,275			1,834,698			5.6
Average stockholders' equity			111,229			108,548			2.5						108,975			101,001			7.9

Note: the summarized income statement groups some lines of the consolidated statutory income statement on page 86 as follows:

1.‘Commission income’ and ‘Commission expense’.

2.‘Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net’; ‘Gain or losses on financial assets and liabilities held for trading, net’; ‘Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss’; ‘Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net’; ‘Gain or losses from hedge accounting, net’; and ‘Exchange differences, net’.

3.‘Other operating income’; ‘Other operating expenses’; ’Income from insurance and reinsurance contracts’; and ‘Expenses from insurance and reinsurance contracts’.

January - September 2026 11

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Statutory income statement

Statutory income statement

9M 2026 results compared to 9M 2025

In 9M 2026, profit attributable to the parent totalled EUR 12,405 million, including the capital gain of EUR 1,895 million from the closing of the Poland disposal in Q1 2026, TSB's results from 1 May 2026 and Webster's results from 20 August 2026. As a result, profit increased 20% year-on-year, also supported by solid performances across businesses and good activity levels.

Total income

Total income in 9M 2026 amounted to EUR 46,713 million, up 8% year-on-year. By line:

•Net interest income totalled EUR 34,545 million, 9% higher than in 9M 2025, supported by good performances in Retail, CIB and Openbank.

Net interest income

EUR million

•Net fee income amounted to EUR 10,349 million, up 9% compared to 9M 2025, underpinned by growth across businesses. Of note were Retail, where we saw solid trends across most countries, and CIB and Wealth, both driven by commercial activity.

Net fee income

EUR million

•Gains or losses on financial assets and liabilities and exchange differences stood at EUR 1,079 million (EUR 1,653 million in 9M 2025) affected by lower results in the Corporate Centre, due to a greater impact from foreign currency hedges, and, to a lesser extent, due to lower results in Global Markets in CIB.

•Dividend income was EUR 759 million (EUR 559 million in 9M 2025). The increase was mainly driven by dividends from our stake in Poland recorded in the Corporate Centre.

•Income from companies accounted for by the equity method reached EUR 722 million, compared to EUR 480 million in 9M 2025, mainly due to higher results from certain stakes recorded in the Corporate Centre.

•Other operating income recorded a loss of EUR 741 million, compared to a EUR 504 million loss in 9M 2025, mainly due to a more negative impact from the hyperinflation adjustment in Argentina.

In summary, we had a solid performance in total income, reflecting the benefits of our diversification and global scale, our sound margin management and higher volumes.

Total income

EUR million

Operating expenses

Operating expenses in 9M 2026 amounted to EUR 18,972 million, increasing 3% year-on-year, rising at a much slower pace than revenue.

Our cost management continued to focus on further structurally improving efficiency. We continued to drive our business model transformation plan, ONE Transformation, which, together with the benefits from the rollout of our global platforms, the use of AI and network effects across our footprint, is resulting in greater operational leverage and better commercial dynamics.

Operating expenses

EUR million

12 January - September 2026

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Statutory income statement

Provisions or reversal of provisions

Provisions (net of provision reversals) amounted to EUR 2,422 million in 9M 2026 and included additional provisions for potential complaints related to motor finance dealer commissions in the UK, mainly in Q1 2026, and M&A-related integration costs totalling EUR 337 million (EUR 250 million net of tax) in Q2 2026 and EUR 128 million (EUR 94 million net of tax) in Q3 2026. In 9M 2025, this line totalled EUR 1,709 million.

Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)

Impairment of financial assets not measured at fair value through profit or loss (net) was EUR 10,047 million, heavily impacted by Argentina, reflecting sector-wide trends in the country. In 9M 2025, it was EUR 9,372 million and included provisions which strengthened the balance sheet after having updated macroeconomic parameters in Brazil’s credit provisioning models.

Impairment on other assets (net)

The impairment on other assets (net) was EUR 527 million and included impairment on assets totalling EUR 469 million (EUR 322 million net of tax and non-controlling interests), mainly in the US and the UK, as part of the M&A-related integration process. In 9M 2025, the impairment on other assets totalled EUR 188 million.

Gains or losses on non-financial assets and investments (net)

This line recorded a net gain of EUR 42 million in 9M 2026. In the same period in 2025, this line recorded a EUR 22 million loss.

Negative goodwill recognized in results

In 9M 2026, there was EUR 3 million of negative goodwill. In 9M 2025, we recorded EUR 22 million relating to the acquisition of CrediScotia Financiera from Scotiabank, which expanded our presence in the consumer business in Peru.

Gains or losses on non-current assets held for sale not classified as discontinued operations

This item, which mainly includes the sale and impairments of foreclosed assets, recorded a EUR 1 million loss in 9M 2026. In 9M 2025, this line recorded a EUR 212 million gain, which included a capital gain of EUR 231 million in Q2 2025 from the sale of Santander’s remaining 30.5% stake in CACEIS.

Profit or loss before tax from continuing operations

Profit before tax was EUR 14,789 million in 9M 2026, up 7% year-on-year, supported by solid performances in net interest income and net fee income, together with good cost management.

Tax expense or income from continuing operations

Total tax expense in 9M 2026 amounted to EUR 3,634 million. In 9M 2025, tax expense was EUR 3,560 million. In both periods, this line included a charge related to the accrual of the tax on expected income obtained in Spain for the year, for similar amounts.

Profit or loss after tax from discontinued operations

Profit from discontinued operations totalled EUR 1,895 million in 9M 2026, corresponding to the capital gain generated from the completion of the Poland disposal in Q1 2026, compared to EUR 1,152 million in 9M 2025, which reflects the results associated with the business subject to the Poland disposal.

Profit attributable to non-controlling interests

Profit attributable to non-controlling interests amounted to EUR 645 million in 9M 2026, compared to EUR 1,016 million in 9M 2025.

Profit attributable to the parent

Profit attributable to the parent rose to a new record of EUR 12,405 million in 9M 2026, compared to EUR 10,337 million in 9M 2025. This 20% increase year-on-year was driven by our solid revenue performance and good cost control, and was also supported by the aforementioned capital gain.

January - September 2026 13

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Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Underlying income statement

Underlying income statement

→ We delivered another strong quarter and achieved a new record underlying profit in 9M 2026. → We continued to drive profitable growth and efficiency improvements, while maintaining sound credit quality. → Results include TSB from 1 May 2026 and Webster from 20 August 2026, with impacts of around 1-3 pp across the main P&L lines.

Underlying attributable profit

Efficiency

Underlying RoTE

EUR 11,176 million

+16% in euros

42.6%

16.0%

+14% in constant euros

-3 pp

+1.1 pp

Note: changes vs. 9M 2025.

9M 2026 results compared to 9M 2025

The Group presents, both at the total Group level and for each of the business units, the changes in euros registered in the income statement, as well as variations excluding the exchange rate effect (i.e. in constant euros, except for Argentina and any grouping which includes it), understanding that the latter provide a better analysis of the Group’s management. For further information, see the 'Alternative performance measures' section in this report.

At the Group level, the impact of exchange rates during the period was not significant, with a favourable year-on-year impact of 1.7 pp on total income and an unfavourable impact of 1.2 pp on total costs.

In addition, to better understand the business trends, the underlying income statement includes the reclassification of certain items.

These reclassifications between the underlying income statement and the statutory income statement in both periods mainly include certain charges that are presented in the underlying income statement under 'total costs' and are recorded under the 'other gains (losses) and provisions' line item in the statutory income statement. These recurring operating charges are primarily related to labour and legal processes.

On the other hand, regarding results that fall outside the ordinary course of our business and are therefore excluded from the underlying income statement:

In 9M 2026:

•The total amount recorded under the 'non-recurring items' line item was EUR 1,229 million. This line includes the EUR 1,895 million capital gain from the completion of the Poland disposal in Q1 2026. It also includes some charges for intangible asset impairments and integration costs associated with the M&A transactions totalling EUR 250 million (net of tax) in Q2 2026 and EUR 416 million (net of tax and non-controlling interests) in Q3 2026.

In 9M 2025:

•The total amount in 'non-recurring items' was EUR 713 million corresponding to the results related to the business subject to the Poland disposal.

•Additionally, in Q2 2025 this line included the following two events of the same value but opposite signs:

•A capital gain of EUR 231 million from the sale of Santander’s remaining 30.5% stake in CACEIS.

•A one-off charge of EUR 467 million (EUR 231 million, net of tax and non-controlling interests), which strengthened the balance sheet after having updated macroeconomic parameters in Brazil’s credit provisioning models.

Summarized underlying income statement
EUR million
																											Ex. M&A
																					Change									Change
															9M'26			9M'25			%			% excl. FX						%			% excl. FX
Net interest income															34,614			31,599			9.5			7.9						6.9			5.3
Net fee income															10,349			9,462			9.4			7.3						8.6			6.6
Gains (losses) on financial transactions 1															1,079			1,647			(34.5)			(35.2)						(35.3)			(36.0)
Other operating income															765			535			43.0			45.3						45.7			48.1
Total income															46,807			43,243			8.2			6.6						6.2			4.5
Total costs															(19,925)			(19,623)			1.5			0.3						(0.8)			(2.0)
Net operating income															26,882			23,620			13.8			11.7						12.0			9.9
Net loan-loss provisions															(10,060)			(8,908)			12.9			10.3						12.1			9.5
Other gains (losses) and provisions															(1,051)			(702)			49.7			50.3						42.1			42.7
Profit before tax															15,771			14,010			12.6			10.8						10.4			8.6
Tax on profit															(3,916)			(3,775)			3.7			1.9						1.5			(0.4)
Profit from continuing operations															11,855			10,235			15.8			14.1						13.6			11.9
Net profit from discontinued operations															—			—			—			—						—			—
Consolidated profit															11,855			10,235			15.8			14.1						13.6			11.9
Non-controlling interests															(679)			(611)			11.1			8.8						11.1			8.8
Underlying profit attributable to the parent 2															11,176			9,624			16.1			14.4						13.8			12.1
Non-recurring items															1,229			713			72.4			72.4
Profit attributable to the parent															12,405			10,337			20.0			18.3
Underlying EPS (euros)															0.74			0.61			20.7
Underlying diluted EPS (euros)															0.74			0.61			20.7

1. Includes exchange differences.

2. Excludes non-recurring items.

Note: all underlying management metrics have been calculated excluding Poland. For further information, see the 'Alternative performance measures' section in this report.

14 January - September 2026

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Underlying income statement

For further information on the reconciliation between the statutory and underlying income statements, see the 'Alternative performance measures' section in this report.

As a result, profit attributable to the parent and underlying profit attributable to the parent were not the same in either period.

•Profit attributable to the parent in 9M 2026 was EUR 12,405 million, compared to EUR 10,337 million in 9M 2025, representing a 20% year-on-year increase in euros, +18% in constant euros.

•Underlying profit attributable to the parent reached EUR 11,176 million in 9M 2026, compared to EUR 9,624 million in 9M 2025. This represents a 16% increase year-on-year in euros, +14% in constant euros.

This underlying profit year-on-year comparison reflects solid trends in both total income and total costs and was also slightly favoured by the TSB and Webster acquisitions, with impacts of around 1-3 pp across the main P&L lines. Excluding them, underlying attributable profit rose 14%, +12% in constant euros.

Total income amounted to EUR 46,807 million in 9M 2026, an 8% increase year-on-year. In constant euros, it increased by 7% year-on-year, with the following detail by line:

•Net interest income (NII) performed well, increasing 8% year-on-year. By business:

•In Retail, it grew by 7%, with positive performances in most countries, supported by higher volumes and our active balance sheet management, in addition to being favoured by the incorporation of TSB and Webster. Excluding M&A, net interest income rose 3%.

•In Openbank, NII rose 5% driven by Openbank Europe and our business in South America, supported by higher volumes and disciplined margin management. It was also driven by the US, favoured by the Webster acquisition.

•In CIB, NII increased strongly (+32%), mainly due to higher financing volumes in less capital-intensive products in Global Markets.

•In Wealth, NII was flat as loan growth offset a higher cost of deposits.

•In Payments, NII decreased 3% affected by declines in Getnet in Brazil and Argentina.

Net interest income

EUR million

constant euros

•Net fee income rose 7% year-on-year, driven by widespread growth across all businesses, reflecting the network effect benefits and higher transactionality. By business:

•In Retail, it grew by 8% (excluding M&A, +7%) particularly in transactional, FX, insurance and mutual fund fees and with good trends across most countries.

•In Openbank, net fee income rose 1%, boosted by positive performances in South America, due to portfolio expansion and higher insurance activity, and by the Webster acquisition, which more than offset lower servicing fees in the US.

•In CIB, it grew 7%, underpinned by Global Banking, with strong growth in Corporate Finance, especially in the US, and positive dynamics in Global Transaction Banking, due to Export & Agency Finance in Europe and Trade Finance in the US and Europe.

•In Wealth, net fee income rose 11%, with solid performances in both business lines; in Private Banking, driven by mutual funds and securities fees, and in Insurance & Asset Management Solutions, due to higher assets under management.

•In Payments, it increased 6% mainly in Getnet and Ebury, driven by higher activity.

Excluding M&A, net fee income also rose 7%, outpacing net interest income growth (+5%), in line with our target.

Net fee income

EUR million

constant euros

•Gains on financial transactions decreased 35%, mainly in the Corporate Centre, due to higher impacts from foreign exchange hedges and, to a lesser extent, to lower results in Global Markets in CIB, partially offset by a solid performance in Wealth.

•Other operating income increased 45% compared to the same period in 2025, as dividends from our stake in Poland and higher results from other stakes, both recorded in the Corporate Centre, more than offset a greater negative impact from the hyperinflation adjustment in Argentina.

This total income performance keeps us on track to achieve our mid-single-digit revenue growth target for 2026.

January - September 2026 15

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Underlying income statement

Total income

EUR million

constant euros

Total costs in 9M 2026 amounted to EUR 19,925 million, up 2% compared to 9M 2025 and stable in constant euros. In real terms (i.e. excluding the impact of average inflation and perimeter effects and in constant euros), they were 5% lower.

This positive performance reflects our transformation efforts and lower charges related to asset impairments and operational risk, mainly in Retail and in Openbank Europe.

By business and in constant euros, total costs performed as follows:

•In Retail, total costs decreased 1%, even with the incorporation of TSB and Webster. In real terms, they fell 8%, reflecting our transformation efforts and lower operational risk charges. The efficiency ratio improved to 39.9% from 42.9% in 9M 2025.

•In Openbank, total costs decreased 3%. In real terms, they declined 8%, supported by our efficiency efforts and our focus on transformation, primarily in Europe and the US, as well as by lower operational risk and asset impairment charges. The efficiency ratio improved to 40.4% from 43.5% in 9M 2025.

•In CIB, total costs rose 5%, +2% in real terms, reflecting higher activity levels, but they increased 8 pp less than revenue growth. We maintained a leading position among peers in terms of efficiency, with the efficiency ratio improving to 42.6% from 46.4% in 9M 2025.

•In Wealth, total costs grew 4%, at a much slower pace than revenue (+10%), reflecting our investments to strengthen our teams and develop new capabilities to address increasing commercial activity. The efficiency ratio improved to 34.6% from 36.7% in 9M 2025.

•In Payments, total costs rose 8%, reflecting investments in the development of our global platforms. However, costs grew at a much slower pace than revenue, which increased 15% in constant euros.

Total costs

EUR million

constant euros

Net operating income in 9M 2026 amounted to EUR 26,882 million, up 14% compared to 9M 2025. In constant euros, it rose 12%, underpinned by the good performances in net interest income and net fee income, while also reflecting the positive impacts from our transformation efforts on costs.

The efficiency ratio stood at 42.6%, improving by 3 pp year-on-year, supported by positive dynamics in both revenue and costs, with efficiency improvements across all global businesses.

Our operating management remained focused on structurally improving our efficiency through revenue growth and cost reductions excluding M&A, with the aim of achieving an efficiency ratio close to 36% by the end of 2028. With that aim, we continued to make progress in our transformation plan, ONE Transformation, which increases operational leverage, improving business dynamics, simplifying processes and promoting leaner and more agile structures.

Net operating income

EUR million

constant euros

16 January - September 2026

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Underlying income statement

Net loan-loss provisions amounted to EUR 10,060 million in 9M 2026, a 13% increase year-on-year.

In constant euros, they grew 10%, mainly due to higher provisions in Retail Argentina, reflecting sector-wide trends in the country. Excluding Argentina, net loan-loss provisions rose 6%, in line with our organic loan portfolio growth. Additionally, they increased in CIB, due to some single names, and in Openbank in Brazil and Europe, driven by model updates and volumes growth. These increases were partially offset by good performances in Retail Spain, Openbank US and the Corporate Centre, the latter having recorded provisions in H1 2025 which improved the Group's credit quality.

All in all, the cost of risk was broadly stable at 1.16%, in line with the Group’s year-end target.

Net loan-loss provisions

EUR million

constant euros

Other gains (losses) and provisions recorded a EUR 1,051 million loss in 9M 2026, compared to a EUR 702 million loss in 9M 2025. The year-on-year comparison was mainly affected by the EUR 245 million additional provisions for potential complaints related to motor finance dealer commissions in the UK (EUR 194 million, net of tax and non-controlling interests) and higher charges related to our transformation, especially in the Corporate Centre, Retail and Openbank Europe.

Tax on profit amounted to EUR 3,916 million, a 4% increase year-on-year, +2% in constant euros. In both 9M 2026 and 9M 2025, this line included a charge related to the accrual of the tax on expected income obtained in Spain for the year, for similar amounts.

Underlying profit attributable to the parent in 9M 2026 reached EUR 11,176 million, 16% higher than in 9M 2025. In constant euros, it increased by 14% year-on-year. This keeps us on track to achieve our 2026 underlying attributable profit target of more than EUR 14.1 billion excluding M&A.

Underlying profit attributable to the parent

EUR million

constant euros

Underlying RoTE for 9M 2026 reached 16.0% compared to 14.9% in 9M 2025. Underlying RoRWA stood at 2.53% (2.25% in 9M 2025) and underlying earnings per share stood at EUR 0.74 (EUR 0.61 in 9M 2025).

The non-recurring items line item recorded:

•In 9M 2026, a EUR 1,229 million positive result, corresponding to the EUR 1,895 million capital gain from the completion of the Poland disposal in Q1 2026, partially offset by some charges for intangible asset impairments and integration costs associated with the M&A transactions totalling EUR 250 million (net of tax) in Q2 2026 and EUR 416 million (net of tax and non-controlling interests) in Q3 2026.

•In 9M 2025, a EUR 713 million positive result related to the business subject to the Poland disposal.

Considering these non-recurring items, profit attributable to the parent in 9M 2026 was EUR 12,405 million, +20% year-on-year, +18% in constant euros.

RoTE for 9M 2026 reached 17.4% compared to 16.1% in 9M 2025. RoRWA was 2.72% (2.39% in 9M 2025) and earnings per share stood at EUR 0.83 (EUR 0.66 in 9M 2025).

January - September 2026 17

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Underlying income statement

Q3 2026 results compared to Q2 2026

As described above, there were some results that did not form part of our underlying business that were included under 'non-recurring items' in both Q3 2026 and Q2 2026. This line item includes some charges for intangible asset impairments and integration costs associated with the M&A transactions totalling EUR 250 million (net of tax) in Q2 2026 and EUR 416 million (net of tax and non-controlling interests) in Q3 2026.

As a result, profit attributable to the parent and underlying profit attributable to the parent were not the same in either period.

•Profit attributable to the parent in Q3 2026 was EUR 3,432 million, compared to EUR 3,518 million in Q2 2026, impacted by the aforementioned charges.

•Underlying profit attributable to the parent in Q3 2026 stood at EUR 3,848 million, compared to EUR 3,768 million in Q2 2026.

Underlying profit increased 2% quarter-on-quarter. In constant euros, it also rose 2%, supported by a good cost performance and favoured by the incorporation of Webster from 20 August 2026 and a full quarter’s contribution from TSB. Excluding M&A, underlying profit was impacted by the seasonal effects typically associated with the quarter.

In constant euros:

•Total income rose 1%, by line as follows:

•Net interest income increased 2%, boosted by M&A, a good performance in Openbank, driven by higher volumes, and improvements in Retail in the UK (higher yield on loans and volumes), Spain (balance sheet management) and the US (volumes). These positive dynamics more than offset drops in Retail in Brazil (seasonality and a changing mix towards lower-

risk products) and in Chile (following a strong Q2 2026 due to higher inflation) and a decline in CIB, largely driven by Global Markets, which is seasonally higher in the first half of the year.

•Net fee income was flat, as the positive impacts from M&A, solid performances across most countries in Retail and growth in both business lines in Wealth offset seasonality in net fee income in CIB and a slight decline in Openbank Europe, impacted by a weaker new business performance in the quarter.

•Other income reflected seasonality between dividends and gains on financial transactions, as well as an increase from higher results from stakes recorded in the Corporate Centre and the impact of regulatory charges in Q2.

•Total costs decreased 1%, even with the M&A impact. Excluding it, the improvement was mainly driven by a strong reduction in Retail, supported by transformation-related cost reductions especially in Brazil and the UK, and good performances in Openbank across our main markets.

•Net loan-loss provisions rose 4%. Excluding M&A, they rose broadly in line with loan growth, as lower provisions in CIB from single names and positive performances across most of Retail's footprint partially offset an increase mainly in Openbank US which is seasonally higher in the second half of the year.

•The other gains (losses) and provisions line item recorded a EUR 336 million loss compared to a EUR 313 million loss in Q2 2026. The year-on-year comparison was mainly impacted by higher transformation charges in the Corporate Centre, partly offset by the provisions for potential complaints related to motor finance dealer commissions in the UK recorded in Q2 2026 (EUR 39 million).

Summarized underlying income statement
EUR million
									Change																					Ex. M&A
																											Change
			Q3'26			Q2'26			%			% excl. FX																		%			% excl. FX
Net interest income			11,903			11,692			1.8			1.5																		(1.6)			(1.9)
Net fee income			3,498			3,494			0.1			(0.1)																		(1.1)			(1.3)
Gains (losses) on financial transactions 1			347			81			328.4			314.6																		334.8			320.4
Other operating income			212			440			(51.8)			(51.6)																		(50.2)			(49.9)
Total income			15,960			15,707			1.6			1.3																		(1.2)			(1.5)
Total costs			(6,714)			(6,727)			(0.2)			(0.6)																		(3.2)			(3.6)
Net operating income			9,246			8,980			3.0			2.7																		0.3			0.0
Net loan-loss provisions			(3,486)			(3,349)			4.1			4.0																		2.9			2.8
Other gains (losses) and provisions			(336)			(313)			7.3			6.7																		(9.8)			(10.4)
Profit before tax			5,424			5,318			2.0			1.7																		(0.8)			(1.1)
Tax on profit			(1,367)			(1,299)			5.2			4.9																		2.8			2.5
Profit from continuing operations			4,057			4,019			0.9			0.7																		(2.0)			(2.2)
Net profit from discontinued operations			—			—			—			—																		—			—
Consolidated profit			4,057			4,019			0.9			0.7																		(2.0)			(2.2)
Non-controlling interests			(209)			(251)			(16.7)			(15.1)																		(16.7)			(15.1)
Underlying profit attributable to the parent 2			3,848			3,768			2.1			1.7																		(1.0)			(1.4)
Non-recurring items			(416)			(250)			66.4			66.4
Profit attributable to the parent			3,432			3,518			(2.4)			(2.8)
Underlying EPS (euros)			0.26			0.25			1.7
Underlying diluted EPS (euros)			0.25			0.25			1.6

1. Includes exchange differences.

2. Excludes non-recurring items.

18 January - September 2026

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Balance sheet

Grupo Santander's balance sheet

As a result of the Poland disposal and in accordance with IFRS 5 requirements, the assets associated with the Poland disposal were classified under the 'non-current assets held for sale' line item in the Group’s consolidated balance sheet and the related liabilities under 'liabilities associated with non-current assets held for sale' from the announcement of disposal until its completion. As previously explained in the 'Significant events in the period' section, the balance sheet includes TSB from 1 May 2026 and Webster from 20 August 2026.

Grupo Santander. Condensed balance sheet
EUR million
									Change
Assets			Sep-26			Sep-25			Absolute			%			Dec-25
Cash, cash balances at central banks and other demand deposits			162,336			161,899			437			0.3			152,281
Financial assets held for trading			317,169			248,856			68,313			27.5			252,318
Debt securities			115,471			91,891			23,580			25.7			98,568
Equity instruments			23,622			17,998			5,624			31.2			22,030
Loans and advances to customers			48,803			35,988			12,815			35.6			32,766
Loans and advances to central banks and credit institutions			59,471			44,151			15,320			34.7			40,599
Derivatives			69,802			58,828			10,974			18.7			58,355
Financial assets designated at fair value through profit or loss1			16,717			15,585			1,132			7.3			15,807
Loans and advances to customers			5,715			6,550			(835)			(12.7)			6,440
Loans and advances to central banks and credit institutions			393			457			(64)			(14.0)			413
Other (debt securities and equity instruments)			10,609			8,578			2,031			23.7			8,954
Financial assets at fair value through other comprehensive income			79,584			74,037			5,547			7.5			74,612
Debt securities			60,712			59,903			809			1.4			58,305
Equity instruments			4,071			2,185			1,886			86.3			2,281
Loans and advances to customers			14,392			11,635			2,757			23.7			12,906
Loans and advances to central banks and credit institutions			409			314			95			30.3			1,120
Financial assets measured at amortized cost			1,414,627			1,175,701			238,926			20.3			1,202,689
Debt securities			181,427			128,115			53,312			41.6			140,014
Loans and advances to customers			1,137,977			973,036			164,941			17.0			985,176
Loans and advances to central banks and credit institutions			95,223			74,550			20,673			27.7			77,499
Investments in joint ventures and associated entities			7,980			7,352			628			8.5			7,052
Tangible assets			26,477			28,408			(1,931)			(6.8)			27,438
Intangible assets			26,135			17,287			8,848			51.2			17,308
Goodwill			18,923			12,025			6,898			57.4			11,958
Other intangible assets			7,212			5,262			1,950			37.1			5,350
Non-current assets held for sale			2,831			69,369			(66,538)			(95.9)			75,011
Other assets2			48,478			42,174			6,304			14.9			42,999
Total assets			2,102,334			1,840,668			261,666			14.2			1,867,515
Liabilities and shareholders' equity
Financial liabilities held for trading			218,458			164,608			53,850			32.7			171,546
Customer deposits			51,075			42,926			8,149			19.0			36,120
Debt securities issued			—			—			—			—			—
Deposits by central banks and credit institutions			58,400			31,415			26,985			85.9			39,443
Derivatives			62,767			51,712			11,055			21.4			51,968
Other			46,216			38,555			7,661			19.9			44,015
Financial liabilities designated at fair value through profit or loss			44,042			37,079			6,963			18.8			42,148
Customer deposits			25,424			23,938			1,486			6.2			25,930
Debt securities issued			15,505			10,608			4,897			46.2			11,686
Deposits by central banks and credit institutions			3,088			2,508			580			23.1			4,510
Other			25			25			—			—			22
Financial liabilities measured at amortized cost			1,657,662			1,414,964			242,698			17.2			1,421,184
Customer deposits			1,145,764			959,266			186,498			19.4			979,150
Debt securities issued			338,820			306,015			32,805			10.7			312,704
Deposits by central banks and credit institutions			122,387			106,617			15,770			14.8			93,234
Other			50,691			43,066			7,625			17.7			36,096
Liabilities under insurance contracts			22,466			18,620			3,846			20.7			18,737
Provisions			8,712			7,744			968			12.5			8,355
Liabilities associated with non-current assets held for sale			—			59,058			(59,058)			(100.0)			62,995
Other liabilities3			32,594			28,681			3,913			13.6			29,802
Total liabilities			1,983,934			1,730,754			253,180			14.6			1,754,767
Shareholders' equity			145,931			139,081			6,850			4.9			141,144
Capital stock			7,278			7,443			(165)			(2.2)			7,345
Reserves4			128,081			123,005			5,076			4.1			121,396
Profit attributable to the Group			12,405			10,337			2,068			20.0			14,101
Less: dividends			(1,833)			(1,704)			(129)			7.6			(1,698)
Other comprehensive income			(34,419)			(38,004)			3,585			(9.4)			(37,974)
Minority interests			6,888			8,837			(1,949)			(22.1)			9,578
Total equity			118,400			109,914			8,486			7.7			112,748
Total liabilities and equity			2,102,334			1,840,668			261,666			14.2			1,867,515

Note: the condensed balance sheet groups some lines of the consolidated balance sheet on pages 84 and 85 as follows:

1.'Non-trading financial assets mandatorily at fair value through profit or loss' and 'Financial assets designated at fair value through profit or loss'.

2.‘Hedging derivatives’; ‘Changes in the fair value of hedged items in portfolio hedges of interest rate risk’; 'Assets under reinsurance contracts'; ‘Tax assets’; and ‘Other assets’.

3.‘Hedging derivatives’; ‘Changes in the fair value of hedged items in portfolio hedges of interest rate risk’; ‘Tax liabilities’; and ‘Other liabilities‘.

4.‘Share premium’; ‘Equity instruments issued other than capital’; ‘Other equity’; ‘Accumulated retained earnings’; ‘Revaluation reserves’; ‘Other reserves’; and ‘Own shares’.

January - September 2026 19

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Balance sheet

Gross loans and advances to customers (excl. reverse repos)

Customer funds (deposits excl. repos + mutual funds)

Good loan portfolio performance, boosted in part by the incorporation of TSB and Webster.

Customer funds increased both quarter-on-quarter and year-on-year, supported by the incorporation of TSB and Webster.

EUR 1,143 billion

+7% QoQ

+2% QoQ ex. M&A

EUR 1,387 billion

+7% QoQ

+2% QoQ ex. M&A

+16% YoY

+6% YoY ex. M&A

+16% YoY

+8% YoY ex. M&A

By business:

By product:

Year-on-year growth across all businesses. Notable increases in Retail mortgages, auto in Openbank and a double-digit rise in CIB.

Compared to September 2025, higher deposits, both demand and time deposits, and strong growth in mutual funds, with widespread increases across countries.

Retail

ex. M&A

Openbank

ex. M&A

CIB

Demand

ex. M&A

Time

ex. M&A

Mutual funds

+16%

+3%

+7%

+3%

+28%

+17%

+3%

+18%

+13%

+13%

Note: changes in constant euros.

Loans and advances to customers

As at 30 September 2026, loans and advances to customers stood at EUR 1,206,887 million, a 5% increase quarter-on-quarter, and a 17% rise year-on-year. The quarter-on-quarter comparison was favoured by the incorporation of Webster from 20 August 2026 and the year-on-year comparison was favoured by both Webster and the incorporation of TSB from 1 May 2026.

For the purpose of analysing traditional banking loans, the Group uses gross loans and advances to customers excluding reverse repos. As at 30 September 2026, gross loans and advances to customers, excluding reverse repos, totalled EUR 1,142,609 million.

Additionally, the comments below do not include the exchange rate impact (i.e. in constant euros) except for Argentina and any grouping which includes it. For further information, see the 'Alternative performance measures' section in this report.

Compared to June 2026, gross loans and advances to customers excluding reverse repos increased 7% in constant euros. Excluding M&A, they rose 2%, with the following detail:

•In Retail, they were flat, as the increase in mortgages and corporates in most countries offset lower balances in SMEs and personal loans.

•In Openbank, they were flat, as higher auto balances in Europe offset lower loans in the US and Brazil.

•In CIB, loans rose 10%, driven by growth across all three business lines.

•In Wealth, loans rose 7%, particularly in Chile, boosted by the Principal Vida Chile acquisition, and the US.

Gross loans and advances to customers (excl. reverse repos)

EUR billion

+18		%	1
Sep-26 / Sep-25

1. In constant euros: +16%.

•In Payments, loan balances are not material as they represent only 0.1% of the Group total.

Compared to September 2025, gross loans and advances to customers (excluding reverse repos) grew 16% in constant euros. Excluding M&A, they rose 6%, as follows:

•In Retail, they rose 3%, with increases across all products except SMEs and personal loans. SMEs were affected by declines in Spain (ICO loan maturities and our focus on active risk management and balance sheet optimization) and personal loans were impacted by Brazil, reflecting our capital optimization strategy in the country and a change in mix towards lower-risk products. Mortgages performed strongly overall, while personal loans and cards grew in most countries and corporates rose mainly in Brazil and Europe.

•In Openbank, they were up 3%, boosted by good performances in auto in Europe and Latin America.

•In CIB, they increased 28%, driven by growth across business lines, especially in less capital-intensive products, such as Export Finance (ECAs) and Trade Finance in Global Transaction Banking as well as other products that are also capital-light in Global Markets.

•In Wealth, they increased 11%, particularly in Spain, Chile, boosted by the Principal Vida Chile acquisition, and the US.

As at 30 September 2026, gross loans and advances to customers, excluding reverse repos, maintained a diversified mix across our footprint, with presence in different countries in Europe, Latin America and the US.

Gross loans and advances to customers (excl. reverse repos)

% operating areas. September 2026

20 January - September 2026

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Balance sheet

Customer funds

Customer deposits amounted to EUR 1,222,263 million as at 30 September 2026, up 8% quarter-on-quarter and +19% year-on-year. The quarterly comparison benefitted from the incorporation of Webster from 20 August 2026 and the year-on-year comparison additionally benefitted from the incorporation of TSB from 1 May 2026.

The Group uses customer funds (customer deposits excluding repos, plus mutual funds) for the purpose of analysing traditional retail banking funds. As at 30 September 2026, they amounted to EUR 1,387,345 million.

The comments below do not include the exchange rate impact (i.e. in constant euros), except for Argentina and any grouping which includes it. For further information, see the 'Alternative performance measures' section in this report.

Compared to June 2026, customer funds increased 7% in constant euros. Excluding M&A, they rose 2%, as follows:

•By product, customer deposits excluding repos increased 2%, driven by time deposits, and mutual funds continued to grow (+2%).

•By business, customer funds grew in CIB (+14%), Wealth (+2%) and Retail (+1%). In Openbank, they decreased 3%.

Compared to September 2025, customer funds were 16% higher in constant euros. Excluding M&A, they were up 8%, with the following detail:

•By product, deposits excluding repos rose 6%, with growth in time deposits (+13%) and, to a lesser extent, in demand deposits. Mutual funds increased 13%, with solid performances across countries.

•By business, they rose 7% in Retail, driven by double-digit growth in time deposits and mutual funds, with growth also in demand deposits. They grew 2% in Openbank, supported by deposits, as part of our funding cost optimization strategy, and by mutual funds. In CIB, they increased 10%, driven by a sharp pickup in deposits. In Wealth, they were 10% higher, driven by mutual funds (+16%) and, to a lesser extent, time deposits.

•By country, customer funds grew across our footprint, underpinned by both deposits and mutual funds.

As at 30 September 2026, customer funds maintained a diversified mix across our footprint, with presence in Europe, Latin America and the US. The weight of demand deposits as a percentage of total customer funds was 54%, while time deposits accounted for 25% of the total and mutual funds for 21%.

In addition to capturing customer deposits, the Group, for strategic reasons, maintains a selective policy of issuing securities in the international fixed income markets and strives to adapt the frequency

Customer funds

EUR billion

+18		% ¹	1
			+16		%
+19		%
•Total
•Mutual funds
•Deposits excl. repos
Sep-26 / Sep-25

1. In constant euros: +16%.

and volume of its market operations to the structural liquidity needs of each unit, as well as to the receptiveness of each market. The Group's issuances for 9M 2026 were as follows:

•Medium- and long-term senior debt totalling EUR 17,445 million and covered bonds placed in the market for EUR 11,240 million.

•TLAC-eligible instruments issued amounted to EUR 14,113 million, of which EUR 11,355 million was senior non-preferred, EUR 1,472 million was subordinated debt and EUR 1,285 million was contingently convertible AT1s (CoCos).

•Maturities of medium- and long-term debt totalled EUR 31,156 million.

The net loan-to-deposit ratio was 99% (100% in September 2025), and the ratio of deposits plus medium- and long-term funding to the Group’s loans was 126%, showing a comfortable funding structure. The Group liquidity coverage ratio (LCR) was an estimated 145% in September 2026 (see the 'Risk management' section of this report).

The Group's access to wholesale funding markets and cost of issuances are reflected, in part, in the ratings granted by the rating agencies.

Rating agencies
			Long term			Short term			Outlook
Fitch Ratings			A+			F1			Stable
Moody's			A1			P-1			Stable
S&P Global Ratings			A+			A-1			Stable
DBRS			A (High)			R-1 (Middle)			Stable

Following the upgrade of the Kingdom of Spain's rating in September 2025, Moody's improved Santander's long-term rating to A1 and maintained the short-term rating at P-1 in October 2025.

Following an update to its bank rating methodology in Q2 2026, Fitch maintained Santander's long-term debt rating and senior debt rating at A+ and its short-term debt rating at F1.

S&P Global Ratings maintains Santander's credit rating at A+ for long-term and A-1 for short-term debt. S&P has maintained its investment-grade (BBB-) rating for our AT1 instruments since Q2 2024.

All four agencies view the outlook as stable, in line with their respective ratings for the sovereign.

Sometimes the methodology applied by the rating agencies limits a bank's rating to the sovereign rating of the country where it is headquartered. Banco Santander, S.A. is still rated above the sovereign debt rating of the Kingdom of Spain in long-term senior debt by Moody's and Fitch, and rated at the same level by S&P and DBRS. These ratings above the sovereign demonstrate our financial strength and the benefits derived from our diversification.

Customer funds

% operating areas. September 2026

January - September 2026 21

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Solvency ratios

Solvency ratios

Phased-in capital ratio

CET1 ratio

The phased-in CET1 ratio stood at 12.7%, keeping us on track to end the year within our target range of 12.8-13%.

The CET1 ratio increased 0.14 pp in the quarter excluding the impact of the Webster acquisition.

Profit generation

+59 bps

Ordinary capital distribution1

-33 bps

Value creation

TNAVps

€5.92

TNAVps + Cash DPS

+11% YoY

Note: Phased-in ratios are calculated in accordance with the transitory treatment of the CRR.

As at 30 September 2026, the total phased-in capital ratio (applying the CRR transitional arrangements) stood at 17.0% and the phased-in CET1 ratio at 12.7%.

We comfortably meet the levels required by the ECB on a consolidated basis, estimated at 14.1% for the total capital ratio and at 9.9% for the CET1 ratio2. This resulted in a distance to the maximum distributable amount (MDA) of 254 bps and a CET1 management buffer of 282 bps.

The CET1 ratio ended the quarter at 12.7% including the -1.47 pp impact from the Webster acquisition in the period. Excluding it, the CET1 ratio increased 0.14 pp in the quarter, due to 0.19 pp of net organic capital generation in the quarter, the result of +0.59 pp from profit generation, -0.33 pp from capital distributions1 and -0.07 pp from RWA growth, net of the positive impact from balance sheet mobilization and risk transfer initiatives. Additionally, there was a -0.04 pp impact in 'Regulatory & models' and -0.01 pp in 'Markets & others'.

We remain on track to meet our aim to end the year with a CET1 ratio in the range of 12.8-13%, at the top end of our 12-13% operating range.

TNAV per share ended the quarter at EUR 5.92. Including the final cash dividend charged against 2025 results paid in May 2026 (EUR 12.50 cents per share) and the interim cash dividend charged against 2026 results approved in September 2026 payable from 2 November 2026 (EUR 12.70 cents per share), TNAV plus cash dividend per share increased 11% year-on-year (-4% in the quarter, reflecting the impact from the Webster acquisition).

Lastly, the leverage ratio was 4.38%.

Eligible capital. September 2026
EUR million
						Phased-in
CET1						84,145
Basic capital						94,395
Eligible capital						112,837
Risk-weighted assets						663,324
						%
CET1 capital ratio						12.7
Tier 1 capital ratio						14.2
Total capital ratio						17.0

CET1 ratio performance

%

2026 target 12.8-13%

Note: Phased-in ratios are calculated in accordance with the transitory treatment of the CRR.

1.Capital distribution includes deductions for the accrual of ordinary shareholder remuneration and AT1 costs. For further information on our shareholder remuneration policy, see the 'Santander share' section in this report.

2.From 1 October 2026, Banco de España will increase its required countercyclical buffer over the exposures located in Spain from 0.5% to 1.0%, with an estimated impact of +11 bps on the Group's countercyclical buffer requirement.

3.Business RWA change net of risk transfer initiatives.

22 January - September 2026

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Risk management

Risk management

Credit risk

Market risk

Credit quality indicators remained contained, within expected levels.

Average VaR decreased in Q3 2026, reflecting lower market volatility, despite persistent geopolitical tensions.

Cost of risk

NPL ratio

NPL coverage ratio

Average VaR

1.16%

2.90%

64%

Q3'26

EUR 14 million

-EUR 4 mn vs. Q2'26

+1 bp vs. Jun-26

-3 bps vs. Jun-26

0 pp vs. Jun-26

Structural and liquidity risk

Operational risk

Robust and diversified liquidity buffer, with ratios well above regulatory requirements.

In Q3 2026, our operational risk profile remained stable, focused on operational resilience and risks associated with transformation and the use of new technologies. Operational losses declined compared to the previous quarter.

Liquidity Coverage Ratio (LCR)

145%1

-9 pp vs. Jun-26

Credit risk2

In Q3 2026, the global economy remained relatively resilient in an environment marked by persistent inflationary pressures, geopolitical tensions and diverging fiscal policies, as well as growing AI adoption. Some major central banks raised interest rates, while tensions in energy and sovereign debt markets led to bouts of volatility.

In this still uncertain macroeconomic and geopolitical environment, our global and diversified business model, together with our strong local presence and prudent risk management, enabled us to maintain a medium-low risk profile.

In terms of credit quality:

•The NPL ratio was favoured by the incorporation of TSB and Webster, though it remained at low levels excluding M&A. The NPL ratio in September 2026 was 2.90%, improving 3 bps in the quarter. Gross credit risk with customers (total risk) grew 5% in the quarter to EUR 1,349 billion, driven by CIB, Retail and Openbank, which more than offset an increase in credit impaired loans (+4% to EUR 39,084 million), partly due to dynamics in certain portfolios, primarily in CIB and Openbank.

Year-on-year, the NPL ratio declined 1 bp. Total risk growth, especially in Retail and CIB, offset the increase in credit impaired loans, mainly impacted by exchange rate movements, portfolio trends in Retail (mostly in Brazil and Argentina) and some single names in CIB. TSB and Webster account for around 8% of the Group's credit portfolio and mainly comprise mortgages, corporate loans and commercial real estate.

•In Q3 2026, net loan-loss provisions totalled EUR 3,486 million, up 4% in constant euros compared to the previous quarter, as seasonally higher provisions in Openbank US in H2 were partly offset by better performances in CIB and across most of Retail's footprint.

In 9M 2026, provisions rose 10% year-on-year in constant euros to EUR 10,060 million, largely due to higher provisions in Retail in Argentina, reflecting sector-wide trends in the country. Excluding Argentina, the Group's net loan-loss provisions increased 6%, in line with organic loan portfolio growth. Provisions rose in CIB due to some single names and Openbank in Brazil and Europe. These increases were partially offset by the good performances in Retail in Spain and Openbank US, and by lower provisions in the Corporate Centre.

			Key risk metrics
						Net loan-loss provisions 3															Cost of risk (%) 4												NPL ratio (%)												NPL coverage ratio (%)
						Q3'26			9M'26			Chg (%) / 9M'25			Chg (%) / Q2'26						Sep-26			Chg (bps) / Sep-25			Chg (bps) / Jun-26						Sep-26			Chg (bps) / Sep-25			Chg (bps) / Jun-26						Sep-26			Chg (pp) / Sep-25			Chg (pp) / Jun-26
			Retail			2,097			6,119			+8.9			+1.0						1.20			+6			+2						2.92			-16			-13						66			0			+1
			Openbank			1,179			3,263			+4.6			+14.1						2.10			+4			+2						5.59			+30			-2						69			-3			0
			CIB			194			638			+303.8			-18.5						0.32			+24			+3						1.11			+37			+9						37			-8			0
			Wealth			13			19			+92.7			—						0.11			0			+8						1.05			+13			-13						64			-5			+14
			TOTAL GROUP			3,486			10,060			+10.3			+4.0						1.16			+3			+1						2.90			-1			-3						64			-3			0

Note: Payment Solutions' detail is not disclosed, as credit risk metrics are not relevant for this type of business.

All management metrics included in this section have been calculated excluding Poland.

1.Group LCR. See 'Structural and liquidity risk' in this section. Provisional data.

2.Changes in current euros, unless otherwise indicated.

3.EUR million. % change in constant euros.

4.Calculated as underlying allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers and debt securities issued by non-financial institutions over the last 12 months.

For more detailed information, please see the 'Alternative performance measures' section.

January - September 2026 23

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Risk management

•Cost of risk stood at 1.16%, 1 bp above June 2026 and 3 bps above September 2025. Excluding Argentina, cost of risk was stable year-on-year.

•The NPL coverage ratio was stable at 64% in Q3 2026, with loan-loss allowances of EUR 25,124 million. The coverage ratio remained at comfortable levels, especially considering that more than 65% of the Group’s portfolio is backed by high-quality collateral.

Regarding the IFRS 9 stages, the distribution of the portfolio was stable in Q3 2026 in percentage terms.

NPL coverage ratio by stage
EUR billion
			Exposure1												NPL coverage2
			Sep-26			Jun-26			Sep-25						Sep-26			Jun-26			Sep-25
Stage 1			1,155			1,090			982						0.4		%	0.3		%	0.3		%
Stage 2			95			93			83						5.4		%	5.4		%	4.9		%
Stage 3			39			38			33						41.0		%	41.7		%	42.0		%

1. Exposure subject to impairment. Additionally, in September 2026 there were EUR 60 billion in loans and advances to customers not subject to impairment recorded at mark to market with changes through P&L (EUR 60 billion in June 2026 and EUR 47 billion in September 2025).

Stage 1: financial instruments for which no significant increase in credit risk has been identified since their initial recognition.

Stage 2: if there has been a significant increase in credit risk since the date of initial recognition but the impairment event has not materialized, the financial instrument is classified in Stage 2.

Stage 3: a financial instrument is classified in this stage when it shows effective signs of impairment as a result of one or more events that have already occurred, resulting in a loss.

2. Total loan-loss reserves in each stage / exposure subject to impairment in each stage.

Credit impaired loans and loan-loss allowances
EUR million
						Change (%)
			Q3'26			QoQ			YoY
Balance at beginning of period			37,560			4.6			15.1
Net additions			4,647			12.8			33.9
Increase in scope of consolidation			371			(26.1)			—
Exchange rate differences and other			(28)			—			—
Write-offs			(3,466)			6.3			19.1
Balance at period-end			39,084			4.1			17.3
Loan-loss allowances			25,124			3.8			12.7
For impaired assets			16,013			2.3			13.7
For other assets			9,111			6.6			10.9

Our Retail, Openbank and CIB businesses accounted for around 97% of the Group's total credit portfolio as at 30 September 2026, while Payment Solutions and Wealth have limited balance sheet exposures. Therefore, the following explanations are focused on the most relevant businesses from a credit risk management point of view:

						Retail & Commercial Banking			Credit risk exposure
									55% of total Group

Retail's portfolio mainly comprises high-quality mortgage loans, where around 90% of loans have a loan-to-value ratios below 80%, and a corporate portfolio in which more than 50% has property collateral or other collateral.

The NPL ratio improved 13 bps in Q3 2026 to 2.92%, driven by total risk growth (+6%), which, boosted by Webster's contribution, more than offset a slight increase in credit impaired loans (+1%), in part due to the addition of Webster's volumes, a methodological adjustment in the UK and card portfolio trends in Brazil.

The cost of risk rose 6 bps compared to September 2025 to 1.20%, with higher provisions primarily in Argentina (reflecting sector-wide trends in the country), the UK (due to model updates and balance sheet optimization measures) and Mexico (due to model updates, some single names in corporates and higher lending activity). This was partially offset by solid trends in Spain, supported by the good performance of the portfolio and our balance sheet optimization strategy. Compared to Q2 2026, cost of risk was up 2 bps, with higher provisions, mainly in Brazil, the UK and Argentina.

The NPL coverage ratio increased 1 pp in Q3 2026 to 66%, a level we consider appropriate as the Retail portfolio includes the mortgage portfolios in Spain and the UK, which have high-quality collateral.

						Openbank			Credit risk exposure
									17% of total Group

Openbank comprises business originated by consumer finance companies, including our digital bank, Open Digital Services (ODS) and our retail business in the US.

The NPL ratio stood at 5.59%, 2 bps below June 2026, as total risk growth (+5%), driven by higher volumes in Openbank Europe and the US (boosted by Webster's contribution), more than offset an increase in credit impaired loans, primarily in Openbank Europe, due to some corporate single names in Germany.

The cost of risk was 4 bps higher than September 2025, standing at 2.10%. A good performance in provisions in the US, driven by the implementation of capital optimization measures and resilient consumer behaviour, was more than offset by higher provisions in other units, primarily in Openbank Europe (partly reflecting business growth, as well as model updates and credit quality deterioration in corporates, particularly in Germany) and, to a lesser extent, in Brazil. Compared to Q2 2026, cost of risk was up 2 bps, with increased provisions, especially in Brazil (partly due to a model update) and Openbank Europe, partly offset by solid trends in the US.

The NPL coverage ratio was stable in the quarter, standing at 69%, a level we are comfortable with considering more than 80% of the portfolio consists of auto loans.

24 January - September 2026

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Risk management

						Corporate & Investment Banking			Credit risk exposure
									25% of total Group

CIB comprises the Global Transaction Banking, Global Banking (Global Debt Financing and Corporate Finance) and Global Markets business lines. It offers products and services on a global scale to corporate and institutional clients, and collaborates with other global businesses to better serve our broad customer base.

The NPL ratio rose 9 bps quarter-on-quarter to 1.11%, as total risk, which grew 4%, supported by generalized increases primarily in Europe, was more than offset by higher credit impaired loans from some single names.

The cost of risk was 24 bps higher than September 2025 at 0.32%, with higher provisions due to portfolio growth, some single names (especially in Europe, Brazil and the US) and a particularly low base last year, as virtually no provisions were recorded in Q4 2024 and Q1 2025. Compared to June 2026, the ratio rose 3 bps.

The NPL coverage ratio stood at 37%, stable quarter-on-quarter.

Market risk

In Q3 2026, market risk was mainly shaped by volatility stemming from the geopolitical tensions in the Middle East and their impact on energy prices. In a context of persistent inflationary pressures, the Federal Reserve and the European Central Bank maintained a restrictive monetary policy, raising interest rates. Economic activity showed resilience, especially in the US, but uncertainty remained regarding the outlook on inflation, global growth and the persistence of geopolitical tensions.

Trading activity in CIB is focused on meeting our clients' needs. Its risk is measured in terms of daily VaR at 99% and originates mainly from possible movements in interest rates.

In Q3 2026, average VaR reached EUR 14 million, lower than in Q2 2026, amid moderating market volatility, despite the persistence of geopolitical uncertainty.

VaR figures remained low compared to the size of the balance sheet and the Group's activity and continued to be primarily driven by interest rate risk.

Trading portfolios1. VaR by region
EUR million
			2026									2025
Q3			Average			Last						Average
Total			14.2			13.6						15.0
Europe			12.2			9.8						12.9
North America			6.7			5.7						4.8
South America			8.8			13.0						6.7

Trading portfolios1. VaR by market factor
EUR million
Q3 2026			Min.			Avg.			Max.			Last
VaR total			11.3			14.2			18.5			13.6
Diversification effect			(14.0)			(20.0)			(31.2)			(21.4)
Interest rate VaR			11.0			13.6			19.0			14.4
Equity VaR			5.5			8.3			13.3			8.3
FX VaR			3.1			4.9			7.8			5.5
Credit spreads VaR			3.4			4.6			6.1			4.3
Commodities VaR			2.3			2.8			3.5			2.5

Note: in the North America, South America and Asia portfolios, VaR corresponding to the credit spreads factor other than sovereign risk is not relevant and is included in the interest rate factor.

Trading portfolios1. VaR performance

EUR million

1. Activity in Santander Corporate & Investment Banking markets.

January - September 2026 25

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Risk management

Structural and liquidity risk

Structural exchange rate risk

Grupo Santander's structural exchange rate risk mainly arises from foreign currency transactions related to permanent financial investments, their results and associated hedges.

During Q3 2026, the main currencies in which the Group operates posted mixed performances against the euro, in an environment marked by geopolitical uncertainty and expectations of higher-for-longer interest rates. Against this backdrop, the Mexican peso and the Brazilian real proved resilient against the euro.

Our dynamic management of this risk aims to limit the impact on the CET1 capital ratio from exchange rate movements. In Q3 2026, the coverage of the main currencies affecting this ratio remained close to 100%.

Regarding financial results, the exchange rate hedging strategy is tactical and dynamic, depending on our expectations of the movements of the different currencies in the various countries where the Group operates.

Structural interest rate risk

Interest rate risk management aims to mitigate potential negative impacts on Santander, both in terms of net interest income and economic value of its equity, due to adverse fluctuations in interest rate curves in the various currencies in which the Group operates.

The Group measures interest rate risk through statistical models based on structural risk mitigation strategies using interest rate instruments, such as fixed-income bond portfolios and derivative instruments, to keep the risk profile within the risk appetite.

Our structural interest rate risk remained at comfortable levels during the period. Our structural debt portfolios posted negative trends amid uncertainty regarding the conflict in the Middle East. The market was also focused on persistent inflationary pressures and the maintenance of restrictive monetary policies among some of the major central banks.

At an aggregate level, Santander maintains positive net interest income sensitivity to interest rate hikes and negative sensitivity in the same scenario for the economic value of its equity.

Liquidity risk

Liquidity risk is the risk of not having the necessary liquid financial resources available to meet our obligations as they come due. Losses can be caused by forced asset sales or margin impacts due to the mismatch between expected cash inflows and outflows.

Our strong liquidity position is based on a decentralized model, where each subsidiary is managed autonomously.

In Q3 2026, the Group maintained a comfortable position, with ratios well above regulatory limits, supported by a robust and diversified liquidity buffer.

The Group liquidity coverage ratio (Group LCR1) ended September 2026 at 145%, 9 pp lower than June 2026.

Operational risk

The operational risk profile remained stable in Q3 2026. However, the Group closely monitors the evolution of operational risks, focusing on operational resilience (technology, cyberrisk, suppliers and business continuity), data management and risks linked to transformation plans and the use of new technologies. The Group continues to monitor external fraud, the most significant legal proceedings and the impact of geopolitical risks.

In Q3 2026, operational risk losses2 decreased around 20% quarter-on-quarter, mainly due to the lower contribution from losses associated with legal proceedings, although these continued to be the main driver of these losses.

1.The Consolidated LCR ratio as at end September 2026 was 140%, comfortably exceeding internal and regulatory requirements. All LCR figures are provisional. For more information on the calculation of both the Group LCR and the Consolidated LCR, see the 'Liquidity and funding management' section of the 'Economic and financial review' chapter in the Annual report 2025 published on 25 February 2026.

2.Operational risk losses are provisional.

26 January - September 2026

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Santander share

The Santander share

Dividends and shareholder remuneration

In accordance with the shareholder remuneration policy, between February and August we executed a EUR 5,030 million share buyback programme. A total of 462,683,139 shares were acquired, representing approximately 3.08% of the share capital. Of the total amount:

•EUR 1,830 million corresponds to the ordinary shareholder remuneration policy charged against H2 2025 results.

•The remaining EUR 3,200 million corresponds to an extraordinary buyback, equivalent to approximately 50% of the CET1 capital generated following completion of the sale of 49% of Santander Bank Polska.

In execution of the resolution adopted at the general shareholders’ meeting held on 27 March 2026, the executive committee carried out the amortization of the repurchased shares and the corresponding share capital reduction on 1 September 2026, as described in the 'Corporate governance' section.

As a result, the total shareholder remuneration charged against 2025 results stood at EUR 7,030 million, comprising:

•The interim cash dividend of EUR 11.50 cents per share (paid in November 2025) and the final cash dividend of EUR 12.50 cents per share (paid in May 2026).

•The two share buybacks carried out as part of our ordinary shareholder remuneration policy worth EUR 1,700 million and EUR 1,830 million, completed in December 2025 and August 2026, respectively.

This is equivalent to approximately 50% of the Group's 2025 net reported profit, excluding non-cash, non-capital ratios impact items, split approximately 50% in cash dividends and 50% in share buybacks.

The board of directors intends to apply an ordinary shareholder remuneration policy for 2026 to 2028 results that entails distributing approximately 50% of the Group’s underlying profit (excluding non-cash, non-capital ratios impact items), split approximately evenly between cash dividends and share buybacks for 2026 results. In addition, the Group intends to distribute any excess capital to shareholders at the end of the 2026-2028 period.

From 2027 results, the ordinary shareholder remuneration policy is expected to comprise around 35% of the Group's underlying profit (on the same basis) in cash dividends and around 15% in share buybacks. The implementation of this policy remains subject to future corporate and regulatory decisions and approvals.

In application of the shareholder remuneration policy charged against 2026 results:

•On 10 August, Santander announced the first 2026 buyback programme for up to EUR 1,825 million, once the applicable regulatory approval was obtained. The programme commenced on 24 August, carried out by the team which, in accordance with the Bank’s treasury share policy, is responsible for executing transactions involving the Bank’s own shares.

•On 29 September 2026, the board of directors approved, in accordance with the ordinary shareholder remuneration policy, an interim cash dividend of EUR 12.70 cents per share charged against 2026 results, to be paid from 2 November 2026, 10% higher than the equivalent cash dividend payment in 2025.

The last trading day of the share with entitlement to the interim cash dividend will be 28 October 2026, the share will trade ex-dividend on 29 October and the record date will be 30 October.

As a result, the total remuneration of this interim distribution charged against 2026 results will be approximately EUR 3,660 million (+8% compared to its equivalent of 2025) and represents approximately 50% of the H1 2026 underlying attributable profit, split approximately between cash dividends and share buybacks.

Shareholder base

The total number of Santander shareholders as at 30 September 2026 was 3,559,819, of which 2,792,816 were European (70.01% of the capital stock) and 755,647 from the Americas (28.60% of the capital stock).

Excluding the board, which holds 1.35% of the bank’s capital stock, retail shareholders accounted for 32.45% and institutional shareholders accounted for 66.20%.

Share capital distribution by geographic area
30 September 2026
The Americas			Europe			Other
28.60%			70.01%			1.39%
Source: data obtained from the shareholder registers of Banco Santander.

Share capital distribution by type of shareholder

30 September 2026

Institutions

66.20%

Board *

1.35%

Retail

32.45%

* Shares owned or represented by directors.

January - September 2026 27

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Santander share

Share price performance

Santander's shares are listed on five markets: on four exchanges in Spain (Madrid, Barcelona, Bilbao and Valencia), in the US (as ADRs), in the UK (as a CDI), in Mexico (Sistema Internacional de Cotizaciones) and in Poland.

Grupo Santander's operating environment in Q3 2026 continued to be characterized by some volatility, particularly due to geopolitical tensions in the Middle East. However, at the end of the quarter, economic growth indicators were solid across our footprint and unemployment rates generally remained relatively low.

Equities continued to perform well during the period, despite a moderately adverse environment, with widespread increases across the main indices. At the end of September, Santander’s share price had risen by 22.4% year-to-date, outperforming both the banking sector as a whole and the broader European market.

In the banking sector, the Euro Stoxx Banks, the eurozone's main index, rose 18.0% year-to-date, while the DJ Stoxx Banks was up 18.9% and the MSCI World Banks rose 12.7%. The other main indices also closed higher (Ibex 35 +12.2% and DJ Stoxx 50 +8.2%).

Share price
START 31/12/2025									END 30/09/2026
€10.070									€12.328
MAXIMUM 13/08/2026									MINIMUM 23/03/2026
€13.120									€8.938

Comparative share performance

Market capitalization and trading

As at 30 September 2026, Santander’s market capitalization of EUR 179,452 million was the largest in the eurozone and the 14th largest in the world among financial institutions.

The share’s weighting in the Stoxx Europe 600 Banks index was 8.7% and 14.0% in the Euro Stoxx Banks. In the domestic market, its weighting in the Ibex 35 was 18.2% as at 30 September 2026.

A total of 5,025 million shares were traded up to 30 September 2026 for an effective value of EUR 55,058 million and an annualized liquidity ratio of 46%.

The average daily trading volume was 26.3 million shares with an average effective value of EUR 288 million.

			#1			Bank in the eurozone by market capitalization
			EUR			179,452			million

The Santander share
30 September 2026
Shares and trading data
Shares (number)			14,556,482,801
Average daily turnover (number of shares)			26,310,466
Share liquidity (%)			46
(Annualized number of shares traded during the period / number of shares)
Stock market indicators
Price / Tangible book value per share (X)			2.08
Free float (%)			99.13

28 January - September 2026

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

Financial information by segment

Description of segments

We base segment reporting on financial information presented to the chief operating decision maker, which excludes certain statutory results items that distort year-on-year comparisons and are not considered for management reporting. This financial information (underlying basis) is computed by adjusting reported results for the effects of certain gains and losses (e.g. capital gains, write-downs, impairment of goodwill, etc.). These gains and losses are items that management and investors ordinarily identify and consider separately to better understand the underlying trends in the business.

The Group has aligned the information in this chapter with the underlying information used internally for management reporting and with that presented in the Group's other public documents.

Santander's executive committee has been selected to be its chief operating decision maker. The Group's operating segments reflect its organizational and managerial structures. The Group's executive committee reviews internal reporting based on these segments to assess performance and allocate resources.

The segments are split by global business and by country in which profits are earned. We prepare the financial information by aggregating the figures for Santander’s global businesses and countries, relating it to both the accounting data of the business units integrated in each segment and that provided by management information systems. The same general principles as those used in the Group are applied.

Main changes to the composition of Santander's segments from 2026

On 10 February 2026, the Group announced a series of changes to its reporting structure, effective from Q1 2026. These changes did not affect the Group’s reported profit attributable to the parent, nor the targets we communicated to the market during the Q4 2025 results presentation. For further information about these changes, see ‘Significant events in the period’ section of the Q1 2026 Financial report.

In addition to these changes, a number of modifications to the reporting structure were also communicated that only affect the Group’s primary and secondary segments, as follows:

Reporting of the Cards business within Retail & Commercial Banking (Retail)

Given that our payments platform strategy is now largely established, we are positioning Payments, renamed Payment Solutions, as the Group’s payments platform business.

In this context, from 1 January 2026, the income statement and balance sheet items relating to the Cards business have been reclassified to Retail (previously recorded in Payments), to better align reporting with the management structure in these businesses in 2026.

The Group’s card processing platform remains in Payment Solutions and charges market-based fees to the global businesses for card processing, valued at market prices.

RoTE Spain

The Santander Spain secondary segment does not have its own accounting tangible equity since it is booked under Banco Santander,

S.A. with other units such as the Corporate Centre. For this reason, a theoretical tangible equity is allocated to the segment.

In this context, the methodology for allocating such tangible equity to Spain has been updated to increase accuracy, taking into account: i) the amount required to reach a 13% CET1 ratio; and ii) the allocation of deductions and other capital adjustments (add-ons).

Other changes within the primary segments

In addition to the change in the Payments business previously described, two minor adjustments have been introduced to the primary segments: i) the Digital Consumer Bank (Consumer) business has been renamed Openbank; and ii) Wealth Management & Insurance has been reorganized into two business lines: Private Banking, which comprises the corporate private banking unit and International Private Banking in the US, Switzerland and the UAE; and Insurance & Asset Management Solutions, which brings together the insurance business and liquid and illiquid asset management activities, and includes the investment platforms and holdings that complement the traditional Wealth business. These changes do not have any impact on the reported figures at the Group or primary segment levels.

Composition of Santander's segments

Taking into account all of the changes detailed above, from 2026 the primary and secondary segments are structured as follows:

Primary segments

This primary level of segmentation, comprises six reportable segments: five global businesses plus the Corporate Centre.

Retail & Commercial Banking (Retail): area that integrates the retail banking and commercial banking businesses (individuals, SMEs and corporates), except private banking clients and business originated in the consumer finance businesses. Detailed financial information is provided on Spain (Retail Spain), the UK (Retail UK), Mexico (Retail Mexico) and Brazil (Retail Brazil), which represent most of the total Retail business.

Openbank, previously known as Digital Consumer Bank (Consumer): comprises business originated by consumer finance companies, including our digital bank, Open Digital Services (ODS) and our retail business in the US. Detailed financial information is provided on Europe (Openbank Europe) and the US (Openbank US).

Corporate & Investment Banking (CIB): business which includes the Global Transaction Banking, Global Banking (Global Debt Financing and Corporate Finance) and Global Markets business lines. It offers products and services on a global scale to corporate and institutional clients and collaborates with other global businesses to better serve our broad customer base.

Wealth Management & Insurance (Wealth): comprises two business lines: i) Private Banking, which includes the corporate private banking unit and international private banking in the US, Switzerland and the UAE; and ii) Insurance & Asset Management Solutions, which brings together the insurance business and liquid and illiquid asset management activities and includes the investment platforms and holdings that complement the traditional Wealth business.

Payment Solutions (Payments): brings together the Group’s digital payment solutions and provides global technological solutions to

January - September 2026 29

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

Group entities and new customers in the open market. It comprises Getnet, Getnet Platforms and Ebury.

Corporate Centre: includes the centralized activities relating to equity stakes in financial companies, financial management of the structural exchange rate position, assumed within the sphere of the Group’s asset and liability committee, as well as management of liquidity and of shareholders’ equity via issuances.

As the Group’s holding entity, this area manages all capital and reserves and allocation of capital and liquidity to the other businesses. It also incorporates goodwill impairments but not the costs related to the Group’s central services (charged to the areas), except for corporate and institutional expenses related to the Group’s functioning.

Secondary segments

This secondary level includes our main geographical units and the Corporate Centre, as described in the primary segments.

Detailed financial information is provided on Spain, the UK, Portugal, Openbank Europe (previously referred to as DCB Europe, which includes all consumer business, our digital bank in Europe and ODS), the US, Mexico, Brazil, Chile and Argentina.

Information is also provided for the 'Rest of the Group', the grouping which brings together everything that is not included in the aforementioned geographical units or the Corporate Centre.

The businesses included in each of the segments in this report and the accounting principles under which their results are presented here may differ from the businesses included and accounting principles applied in the financial information separately prepared and disclosed by our subsidiaries (some of which are publicly listed) which in name or geographical description may seem to correspond to the business areas covered in this report. Accordingly, the results and trends shown for our business areas in this document may differ materially from those of such subsidiaries.

The Group's underlying income statement records the results related to the business subject to the Poland disposal for all periods in 2025, the capital gain from the completion of the Poland disposal in Q1 2026 and some charges for intangible asset impairments and integration costs associated with the M&A transactions in Q2 2026 and Q3 2026 under a single line item, 'non-recurring items'. The impacts recorded in this line are therefore excluded from the Group's underlying profit. Consequently, the global businesses, which are reported only on an underlying basis in accordance with IFRS 8, also exclude these non-recurring items. Likewise, the underlying ratios, management metrics and business volumes do not include the activity affected by the Poland disposal.

Additionally, the balance sheets and income statements of the Retail global business, Retail UK and the UK secondary segment include TSB from 1 May 2026 and, from 20 August 2026, balance sheets and income statements include Webster, mainly in the Retail global business and Openbank US within Openbank, and the US secondary segment.

On the other hand, the results of our segments presented below include the impact of foreign exchange rate fluctuations. However, for a better understanding of the changes in the performance of our primary and secondary segments, we also provide and discuss the year-on-year changes to our results excluding such exchange rate impacts (i.e. in constant euros), except for Argentina, and any grouping which includes it, where the variations in constant euros have been calculated considering the Argentine peso exchange rate on the last working day for each of the periods presented. For further information, see methodology in the 'Alternative performance measures' section in this report.

Lastly, certain figures contained in this report, have been subject to rounding to enhance their presentation. Accordingly, in certain instances, the sum of the numbers in a column or a row in tables contained in this report may not conform exactly to the total figure given for that column or row.

30 January - September 2026

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

January-September 2026
Main items of the underlying income statement
EUR million
Primary segments			Net interest income			Net fee income			Total income			Net operating income			Profit before tax			Underlying profit attributable to the parent
Retail & Commercial Banking			21,687			5,084			26,277			15,780			9,144			6,445
Openbank			8,625			1,073			10,062			5,997			2,299			1,407
Corporate & Investment Banking			3,732			1,995			6,936			3,980			3,334			2,433
Wealth Management & Insurance			990			1,354			3,198			2,090			2,067			1,651
Payment Solutions			124			853			1,175			175			151			105
Corporate Centre			(544)			(10)			(841)			(1,139)			(1,225)			(865)
TOTAL GROUP			34,614			10,349			46,807			26,882			15,771			11,176
Secondary segments			Net interest income			Net fee income			Total income			Net operating income			Profit before tax			Underlying profit attributable to the parent
Spain			5,827			2,363			9,512			6,271			5,166			3,695
UK			4,347			342			4,450			2,198			1,774			1,282
Portugal			1,008			393			1,419			1,021			959			712
Openbank Europe			3,645			568			4,543			2,523			1,090			516
US			4,717			1,158			6,371			3,520			1,952			1,514
Mexico			3,789			1,236			5,221			3,116			1,990			1,402
Brazil			7,530			2,425			9,786			5,864			2,087			1,596
Chile			1,579			434			2,212			1,524			1,082			648
Argentina			1,691			702			2,047			1,260			424			341
Corporate Centre			(544)			(10)			(841)			(1,139)			(1,225)			(865)
Rest of the Group			1,025			738			2,087			724			472			335
TOTAL GROUP			34,614			10,349			46,807			26,882			15,771			11,176

Underlying profit attributable to the parent distribution1

9M 2026

1. As a % of operating areas. Excluding the Corporate Centre.

Underlying profit attributable to the parent. 9M 2026

EUR million. % change YoY

Retail

Openbank

CIB

Wealth

Payments

Var			Var2
+14		%	+12		%
-10		%	-9		%
+17		%	+15		%
+20		%	+19		%
+201		%	+147		%

2. Changes in constant euros.

January - September 2026 31

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January-September 2025
Main items of the underlying income statement
EUR million
Primary segments			Net interest income			Net fee income			Total income			Net operating income			Profit before tax			Underlying profit attributable to the parent
Retail & Commercial Banking			19,796			4,578			24,179			13,818			8,096			5,631
Openbank			8,267			1,060			9,667			5,459			2,251			1,561
Corporate & Investment Banking			2,784			1,857			6,027			3,231			3,051			2,080
Wealth Management & Insurance			994			1,212			2,895			1,832			1,809			1,376
Payment Solutions			122			777			994			85			57			35
Corporate Centre			(364)			(22)			(520)			(805)			(1,254)			(1,059)
TOTAL GROUP			31,599			9,462			43,243			23,620			14,010			9,624
Secondary segments			Net interest income			Net fee income			Total income			Net operating income			Profit before tax			Underlying profit attributable to the parent
Spain			5,414			2,212			8,982			5,648			4,639			3,233
UK			3,763			259			3,760			1,556			1,306			958
Portugal			1,013			378			1,471			1,070			1,071			765
Openbank Europe			3,473			571			4,330			2,161			1,212			685
US			4,412			1,014			5,856			2,968			1,328			1,194
Mexico			3,364			1,031			4,566			2,598			1,667			1,211
Brazil			7,049			2,350			9,405			5,735			2,403			1,589
Chile			1,438			431			2,040			1,341			907			534
Argentina			1,257			581			1,654			919			507			348
Corporate Centre			(364)			(22)			(520)			(805)			(1,254)			(1,059)
Rest of the Group			780			658			1,698			429			223			167
TOTAL GROUP			31,599			9,462			43,243			23,620			14,010			9,624

32 January - September 2026

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

Retail

Underlying attributable profit

EUR 6,445 mn

→ We continued to drive our ONE Transformation programme to support our vision of becoming a digital bank with branches, through the implementation of a common operating model and the rollout of our global technology platform. → Loans increased 16% in constant euros year-on-year (+3% ex. M&A), mainly driven by mortgages to individuals. In constant euros, deposits rose 16% (+6% ex. M&A), with positive dynamics in all countries, and mutual funds grew 14%. → Underlying attributable profit reached EUR 6,445 million, up 14% year-on-year, +12% in constant euros (+9% ex. M&A), driven by total income (net interest income as well as net fee income) and a strong cost reduction, as a result of the implementation of our common operating model.

Strategy

Our Retail and Commercial Banking (Retail) global business continued to accelerate its transformation towards a common operating and business model, in line with our vision of being a digital bank with branches, which combine leading technology with close, expert advice for our customers. To achieve this, we continue to successfully execute on our strategic priorities:

•Transformation of our operating model based on three pillars:

•End-to-end digitalization. We continued to drive product digitalization and optimize customer journeys, improving the share of products and services that are available digitally by 5 pp year-on-year to 73%, resulting in a 19% increase year-on-year in digital sales. The launch of the global app has enabled us to deliver a more consistent and higher-quality experience.

•Automation and simplification. We continued to simplify and automate processes at scale while promoting leaner and more agile structures. This enabled us to reduce the number of non-commercial FTEs per million customers by 17% year-on-year, freeing up capacity for commercial activities and higher value-added customer service, thereby improving customer experience and lowering the cost per active customer by 5% year-on-year.

•Global Technology Platform. We remain focused on the rollout of common technology platforms. Gravity, our back-end technology, has been fully implemented in Spain, Mexico and Chile, enabling us to reduce transaction costs and improve response times. The new global app is available in Spain, Mexico, Brazil and Chile, and also, since July, in Uruguay. Additionally, we rolled out AI tools across our contact centres in Spain and the UK, driving productivity gains and boosting sales. We rolled out our new customer interaction platform in Spain, which was already available in Brazil, the UK, Argentina, Chile and Mexico. This platform enables effective hyper-personalization, increasing the sales conversion ratio.

•Transformation of the business model by remaining focused on value creation and positioning the customer at the centre of our management through:

•Customer relationships. We are enhancing our commercial approach and delivering a simpler offering tailored to our key segments:

–In individuals, we rolled out a new digital investment platform in Spain, improving user experience and nearly doubling the number of customer interactions. In Brazil, Santander Rewards is a new customer loyalty programme designed to reward customers based on their level of engagement with the bank.

–In corporates, we strengthened our commercial offering through our partnership with Ebury in Spain, giving our customers access to a broader, more international range of products. In Institutions, enhancements to our service model are driving stronger customer engagement and solid business dynamics. Additionally in Spain, Santander Growth continues to deliver strong results by connecting high-potential companies with higher value-added financial solutions.

•Customer experience. We continue to integrate the best digital products with a new branch model redefined as community hubs, and we are using advanced hyper-personalization tools. In addition, we continued to roll out this new branch model and Work Cafés, with new openings in Brazil, the UK and Portugal in the quarter.

•Structural efficiency and profitability improvement. The transformation of our operating and business model continues to drive structural efficiency improvements and commercial capacity, which, together with prudent risk management and strict capital allocation, supports our profitable growth. Following the TSB acquisition in the UK in Q2, we completed the Webster acquisition in Q3, a transformational transaction for our Commercial segment, that also significantly strengthens our US franchise, providing a unique combination of scale, diversification and synergies that will accelerate the structural improvement of the Group’s efficiency and profitability.

Retail. Customers. September 2026

Thousands and year-on-year change

									Total Retail
Total customers									156,153						15,236			27,061						22,503						76,560
									+7%						0%			+20%						+4%						+6%
Active customers									80,292						9,384			16,001						11,679						33,999
									+6%						+5%			+18%						+4%						+3%

January - September 2026 33

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

Business performance

Gross loans and advances to customers, excluding reverse repos, increased 19% year-on-year, +16% in constant euros. These comparisons were favoured by the TSB and Webster acquisitions. Excluding them, loans increased 3% in constant euros, mainly driven by growth in mortgages to individuals, with the following breakdown by segment:

•In individuals, the mortgage portfolio grew in all countries, but particularly in Europe and Brazil. Personal loans also increased across our footprint, except in Brazil, which reflects our capital optimization strategy and macro environment in the country. Card volumes increased in general, especially in Select customers in Brazil.

•SME loans were affected by lower volumes in Spain, the UK and Brazil, with positive dynamics across the rest of our footprint. Corporate loans increased mainly driven by Brazil and Europe.

Customer funds year-on-year were also favoured by the incorporation of TSB and Webster. Deposits, excluding repos, rose 18% year-on-year, +16% in constant euros. Excluding M&A and in constant euros:

•Customer deposits, excluding repos, grew 6%, largely due to good performances in Spain, the UK and Brazil. There was a 17% increase in time deposits with positive performances across the board, while demand deposits rose 3%, increasing in most countries.

•Mutual funds grew 14% year-on-year, rising across most of our footprint. Overall, customer funds increased 7%.

Retail. Business performance. September 2026

EUR billion and YoY % change in constant euros

Gross loans and advances to customers excl. reverse repos

Customer deposits excl. repos + mutual funds

Note: M&A includes the TSB and Webster acquisitions in the UK and the US, respectively.

Results

Underlying attributable profit in 9M 2026 was EUR 6,445 million, 14% higher year-on-year. This comparison was slightly favoured by the TSB and Webster acquisitions, with more material impacts on net interest income and costs. In constant euros, profit increased 12%, as follows:

•Total income rose 6% driven mainly by positive performances in net interest income and net fee income.

Net interest income increased 7% year-on-year favoured by the TSB and Webster acquisitions (excluding them, NII grew 3%), with positive performances across most countries, driven by higher volumes and our active balance sheet management.

Our more targeted products and high value-added services offering, especially to Select customers, contributed to 8% net fee income growth year-on-year, particularly in transactional, insurance, mutual fund and FX fees. By country, there were notable increases in Mexico, Argentina, the UK and Spain.

Retail. Total income. 9M 2026

EUR million and YoY % change in constant euros

Other countries

Var			Ex. M&A
+7%
+22%			+6%
+4%
-2%
+6%			+3%

Retail

EUR 26,277 mn

+6%

+3%

Note: M&A includes the TSB and Webster acquisitions in the UK and the US, respectively.

•Total costs declined 1% year-on-year, -8% in real terms, reflecting our transformation efforts through organizational simplification and lower operational risk charges. As a result, the efficiency ratio improved to 39.9%.

•Net loan-loss provisions grew 9% year-on-year, mainly in Argentina, reflecting sector-wide trends in the country. Excluding Argentina, provisions increased 2%, as positive performances, especially in Spain, partially offset the increase in the UK (model updates and balance sheet optimization initiatives) and Mexico (model updates, single names in corporates and volumes growth). Cost of risk was 1.20% (+6 bps year-on-year) and the NPL ratio improved to 2.92%, the latter favoured by M&A.

Overall, RoTE in 9M 2026 was 17.7%.

Compared to Q2 2026, excluding M&A, underlying attributable profit grew by 7% in constant euros, supported by transactional fees and lower regulatory charges and costs, which more than offset the impact of seasonality and a changing product mix in Brazil and lower inflation in Chile on net interest income.

Retail. Underlying income statement

EUR million and % change

/

Q2'26

/

9M'25

Q3'26

%

excl. FX

9M'26

%

excl. FX

Ex. M&A

Ex. M&A

Total income

9,141

+3

+3

0

26,277

+9

+6

+3

Total costs

-3,549

-1

-2

-5

-10,497

+1

-1

-5

Net operating income

5,592

+6

+6

+3

15,780

+14

+11

+9

LLPs

-2,097

+1

+1

-1

-6,119

+14

+9

+8

PBT

3,283

+10

+10

+7

9,144

+13

+11

+8

Underlying attrib. profit

2,321

+10

+9

+7

6,445

+14

+12

+9

Detailed financial information in Appendix.

34 January - September 2026

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

			Retail Spain			Profit before tax
						EUR 3,220 mn

Commercial activity and business performance

Commercial activity remained strong in the quarter as we continued to gain market share in payrolls, pensions, cards and active Bizum users.

Gross loans and advances to customers, excluding reverse repos, increased 2% year-on-year mainly due to higher mortgages, personal loans in Select and corporate lending, which more than offset a decrease in SMEs as a result of our active risk management, balance sheet optimization initiatives and ICO loan maturities.

Customer deposits, excluding repos, grew 5% year-on-year, driven by demand deposits, driven by our value proposition for Select customers which supports deposit growth and improves our funding mix, as well as by time deposits. Mutual funds improved 13%. As a result, customer funds rose 7%.

Results

Profit before tax in 9M 2026 reached EUR 3,220 million, 29% higher than in 9M 2025. By line:

•Total income was 7% higher, with increases in net interest income, driven by higher activity and balance sheet management, net fee income, driven by strong momentum in FX and insurance fees, and gains on financial transactions (valuation of stakes).

•Total costs decreased 7%, benefitting from transformation initiatives and a lower impact from charges related to operational risk and other assets. The efficiency ratio improved 4.9 pp to 31.2%.

•Net loan-loss provisions declined 28%, driven by balance sheet optimization initiatives and credit quality improvement.

In the quarter, profit was affected by LLP normalization after balance sheet optimization measures implemented in Q2, which more than offset positive net interest income driven by active balance sheet management and lower charges related to transformation.

			Retail Spain. Underlying income statement
			EUR million and % change
						Q3'26			/ Q2'26						9M'26			/ 9M'25
			Total income			1,924			-1						5,781			+7
			Total costs			-599			0						-1,806			-7
			Net operating income			1,325			-2						3,975			+15
			LLPs			-269			+44						-573			-28
			PBT			991			-7						3,220			+29
			Detailed financial information in Appendix.

			Retail UK			Profit before tax
						EUR 1,699 mn

Commercial activity and business performance

Following the completion of the TSB acquisition in Q2, we became the fourth-largest bank in the country in terms of loans.

Gross loans and advances to customers, excluding reverse repos, increased 24% year-on-year. In constant euros, they increased 22%. This comparison was impacted by the incorporation of TSB in May 2026. Excluding these volumes, loans increased 3% in constant euros driven by positive trends in mortgage originations since H2 2025, as well as a pickup in new business volumes in corporates.

Customer deposits, excluding repos, increased 28% year-on-year. In constant euros, they grew 25%, similarly favoured by the incorporation of TSB's deposits. Excluding them, deposits increased 5% in constant euros, driven by growth in time deposits from individuals and demand deposits from Select customers. Mutual funds rose 30% in constant euros. As a result, customer funds excluding TSB improved 6% in constant euros.

Results

Profit before tax in 9M 2026 reached EUR 1,699 million, 41% higher than in 9M 2025. In constant euros, it increased 43%. Excluding TSB, profit before tax was 27% higher in constant euros, by line:

•Total income rose 6%, with increases in net interest income, driven by volumes and mortgage yields, fees and gains on financial transactions, following weaker hedging results in 9M 2025.

•Total costs fell 10%, boosted by lower costs reflecting transformation and simplification. As a result, net operating income grew 31%, with a significant improvement in the efficiency ratio.

•Net loan-loss provisions increased as a result of model updates and balance sheet optimization initiatives, but remained at very low levels.

Compared to Q2 2026, excluding TSB, profit before tax increased 45% in constant euros, driven by net interest income (higher yields and volumes), lower costs related to transformation savings and a decline in provisions due to balance sheet optimization measures.

Retail UK. Underlying income statement

EUR million and % change

/

Q2'26

/

9M'25

Q3'26

%

excl. FX

9M'26

%

excl. FX

Ex. TSB

Ex. TSB

Total income

1,699

+17

+16

+9

4,335

+21

+22

+6

Total costs

-795

+4

+3

-6

-2,211

+3

+5

-10

Net operating income

904

+31

+30

+25

2,123

+46

+49

+31

LLPs

-71

-38

-39

-49

-262

+120

+124

+95

PBT

761

+46

+44

+45

1,699

+41

+43

+27

Detailed financial information in Appendix.

January - September 2026 35

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

			Retail Mexico			Profit before tax
						EUR 1,318 mn

Commercial activity and business performance

In the quarter, we continued to make great strides in the transformation of our operating model, driving digital adoption, with 75% of our active customers now using digital channels, and strengthening our value proposition for individuals, entrepreneurs and SMEs.

Gross loans and advances to customers, excluding reverse repos, increased 9% year-on-year. In constant euros, they grew 3%, driven by higher mortgages, personal loans and corporates, reflecting our enhanced commercial offering.

Customer deposits, excluding repos, rose 11% year-on-year. In constant euros, they grew 6% driven by demand deposits, especially from individuals, as well as in time deposits. We are targeting mutual fund growth, resulting in a 4% increase in constant euros. As a result, customer funds rose 5% in constant euros.

Results

Profit before tax in 9M 2026 reached EUR 1,318 million, 15% higher than in 9M 2025. In constant euros, it increased 6%, as follows:

•Total income rose 4%, driven by net interest income, supported by a lower cost of deposits, volumes and our active balance sheet management, income from transactional and insurance fees, as well as higher gains on financial transactions from FX operations.

•Total costs decreased 3%, driven by savings from our simplification and automation initiatives. As a result, net operating income grew 9% and the efficiency ratio improved 2.8 pp to 39.6%.

•Net loan-loss provisions increased 11%, due to model updates, single names in corporates and higher lending activity.

Compared to Q2 2026, profit before tax grew 12% in constant euros, with a positive performance in net fee income, especially transactional fees, higher income from the sale of a stake, an improvement in costs and lower provisions in cards related to model updates.

Retail Mexico. Underlying income statement

EUR million and % change

/

Q2'26

/

9M'25

Q3'26

%

excl. FX

9M'26

%

excl. FX

Total income

1,361

+5

+3

3,912

+12

+4

Total costs

-529

+1

-1

-1,551

+5

-3

Net operating income

832

+7

+6

2,361

+18

+9

LLPs

-346

+1

-1

-1,025

+20

+11

PBT

485

+14

+12

1,318

+15

+6

Detailed financial information in Appendix.

			Retail Brazil			Profit before tax
						EUR 961 mn

Commercial activity and business performance

In Q3 2026, our business strategy remained focused on expanding the affluent and corporate segments by offering a personalized and global experience. We are also further developing our integrated multi-channel experience and simplified product offering to the mass market to boost engagement and customer satisfaction.

Gross loans and advances to customers, excluding reverse repos, increased 6% year-on-year. In constant euros, they were flat, as higher corporate loans, mortgages and cards (Select) offset a decrease in personal loans in the mass market segment, in line with our strategy focused on profitable growth and prudent risk management.

Customer deposits, excluding repos, increased 17% year-on-year. In constant euros, they grew 10%, mainly on the back of growth in time deposits in Select, reflecting the increased engagement in the affluent segments. Mutual funds were 18% higher year-on-year in constant euros. As a result, customer funds rose 12% in constant euros.

Results

Profit before tax in 9M 2026 was EUR 961 million, 12% lower than in 9M 2025. In constant euros, it decreased 17%, by line:

•Total income was impacted by lower net interest income, with higher loan volumes with affluent customers partially offsetting the weaker performance of the mass market segment, in line with our capital optimization strategy. Net fee income was largely affected by a reduction in insurance fees, down from especially high levels in 9M 2025, and gains on financial transactions due to lower activity related to corporate capital markets.

•Total costs were flat, but down 5% in real terms, reflecting our efforts in simplification, automation and digitalization.

•Net loan-loss provisions were also flat, reflecting the changing portfolio mix, in line with our prudent risk management.

Compared to Q2 2026, profit before tax increased 16% in constant euros, driven by net fee income, gains on financial transactions due to higher income from FX hedges, lower legal and transformation expenses and a slight reduction in provisions.

			Retail Brazil. Underlying income statement
			EUR million and % change
									/			Q2'26									/			9M'25
						Q3'26			%			excl. FX						9M'26			%			excl. FX
			Total income			2,356			-3			-2						7,093			+3			-2
			Total costs			-974			-10			-9						-3,060			+5			0
			Net operating income			1,381			+3			+4						4,033			+2			-3
			LLPs			-1,013			-2			-1						-3,001			+5			0
			PBT			327			+15			+16						961			-12			-17
			Detailed financial information in Appendix.

36 January - September 2026

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

Openbank

Underlying attributable profit

EUR 1,407 mn

→ Our priority is to become a leading digital bank that combines advanced technology with a personal and human touch, placing customers at the centre of everything we do and maximizing profitability and long-term shareholder value. → Volumes reflected the Webster acquisition. Loans increased 7% year-on-year in constant euros (+3% ex. M&A), with good performances in auto. Deposits rose 37% in constant euros (+2% ex. M&A), supported by our digital bank, in line with our strategy to optimize funding costs. → Underlying attributable profit was EUR 1,407 million in 9M 2026, heavily impacted by additional provisions for potential complaints related to motor finance dealer commissions in the UK recorded this year. Excluding them, profit before tax rose to EUR 2,544 million, +13% year-on-year in constant euros (+11% ex. M&A), backed by improvements in net interest income and total costs.

Strategy

Openbank brings together Santander's mobility finance and consumer banking operations under a single global business, supported by our global digital banking platform, which is live in the US, Spain, Mexico and Germany. The business has a strong foundation for growth, operating in 26 countries in Europe and the Americas and serving 32 million customers.

Our vision is to evolve the business from a primarily monoline lending model to a leading, digital banking model that combines advanced technology with a personal, human touch, placing customers at the heart of our management.

To navigate an increasingly competitive environment and meet evolving customer needs while delivering on our vision, we are transforming Openbank into a more global, integrated, scalable and efficient business by advancing our strategic priorities:

•Consolidate our leadership in mobility finance. We are optimizing the business to maximize profitability and capital efficiency, while continuing to deepen and expand strategic relationships with global OEMs and key industry players. In the quarter, we secured 12 agreements with mobility partners in seven countries, supporting new business volumes. We are also expanding beyond traditional auto lending into segments such as operational leasing to better serve our customers and partners.

In the quarter, we continued to develop our leasing platform in Europe by i) broadening our distribution reach by leveraging Santander Spain's branch network; ii) further enhancing customer experience through improved customer lifecycle processes, such as automated contract termination, and iii) expanding cross-border vehicle remarketing capabilities into France.

In the US, we strengthened our capabilities across the full credit spectrum, while maintaining a disciplined approach to portfolio management. In the quarter, we completed the rollout of an enhanced pricing model, continued to expand strategic partnerships and deployed our new customer service portal, improving digital servicing and broadening customer self-service capabilities. In Latin America, we maintained our leadership in new and used vehicle financing across our footprint, backed by strong commercial momentum.

•Grow our digital banking business. We are building scale in our core markets, strengthening our value proposition to become our customers’ primary bank, driving engagement and loyalty, while laying the foundations to expand into new markets.

We further enhanced our high-yield savings offering in the US, leveraging targeted initiatives, such as a campaign with improved conditions for new customers and our partnership with Verizon.

In Mexico, we maintained strong growth, reaching 1.6 million customers (4 times more than a year ago). We also reinforced our offering with the launch of our co-branded credit card in partnership with Cinépolis, supporting customer and credit card growth.

In Europe, we further strengthened our offering with initiatives such as a more competitive investment proposition across several markets, particularly in brokerage and custody services. In Germany, we launched a renewed digital banking experience and we are working on a simplified onboarding journey including immediate activation, and enhanced features such as crypto.

In parallel, we continue to develop Openbank Pay, our checkout lending and embedded finance engine, reaching 3 million customers. In the quarter, we expanded our strategic collaboration with Amazon into Poland, offering flexible financing solutions seamlessly integrated into the checkout experience.

•Leverage AI and automation to accelerate our transformation and growth. In the quarter, we completed the development of our AI-powered financial assistant designed to strengthen our digital customer experience and started internal testing ahead of its launch in Spain.

•Focus on profitable growth. We continue to optimize deposit gathering and manage interest rate sensitivity through hedging and repricing. We maintain a disciplined approach to balance sheet management, balancing risk and capital with sustainable growth. In the quarter, as part of our capital optimization strategy, we completed Brazil's second and largest asset rotation transaction.

We are increasingly leveraging these capabilities to unlock opportunities, deepen customer relationships and drive further value. The strength of our model is already being recognized, as Openbank was named World's Best for Consumer Lending at the Euromoney Awards for Excellence 2026.

Openbank. Total customers

Millions

+23%

January - September 2026 37

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

Business performance

New lending was 9% higher year-on-year in constant euros, on the back of good performances across most of our footprint. We maintained our focus on balancing profitability and prudent risk management in an environment marked by geopolitical uncertainty.

Gross loans and advances to customers, excluding reverse repos, rose 9% year-on-year, +7% in constant euros, favoured by the Webster integration. Excluding it, loans grew 3% in constant euros, supported by auto, which saw sustained growth in Europe despite a soft start to the year for the market, and double-digit increases across most of our countries in Latin America.

Our EUR 11.9 billion leasing portfolio contracted 18% year-on-year in constant euros, as positive trends in Europe were more than offset by a weaker performance in the US, following the discontinuation of our partnership with Stellantis and lower demand for electric vehicles after the end of fiscal incentives in 2025.

Our access to wholesale funding markets remained strong and diversified. Customer deposits, excluding repos, were up 39% year-on-year, +37% in constant euros, boosted by the Webster integration. Excluding it, they rose 2% in constant euros, supported by our digital bank. Including mutual funds, customer funds grew 35% in constant euros (+2% excluding Webster).

Openbank. Business. September 2026

EUR billion and YoY % change in constant euros

Gross loans and advances to customers excl. reverse repos

Customer deposits excl. repos + mutual funds

Openbank. Leasing portfolio. September 2026
EUR billion and YoY % change in constant euros
Total leasing			12			-18%

Results

In 9M 2026, underlying attributable profit stood at EUR 1,407 million, 10% lower year-on-year, reflecting the impact of the aforementioned provisions in the UK and a normalized tax rate in the US, partially offset by the Webster integration. In constant euros, profit decreased 9%, as follows:

•Total income rose 5%, boosted by positive dynamics across all revenue lines, particularly in net interest income.

Net interest income grew 5%, favoured slightly by the Webster integration (excluding it, +3%), with good performances across most of our footprint, especially in South America and Europe, driven by higher volumes and disciplined margin management.

Net fee income increased 1%, as positive trends in South America, backed by portfolio expansion and higher insurance activity, and the Webster integration more than offset lower servicing fees in the US.

Other income grew as higher gains on financial transactions and stronger leasing results in Europe amply offset weaker leasing dynamics in the US.

Openbank. Total income. 9M 2026

EUR million and YoY % change in constant euros

OBE

OB US

Other countries

Var			Ex. M&A
+5%
+3%			-2%
+11%

•Total costs fell 3% (-8% in real terms), supported by our efficiency and transformation efforts, primarily in the US and Europe, as well as lower charges related to operational risk (including those linked to the CHF portfolio) and asset impairments. As a result, net operating income grew 10% and the efficiency ratio improved 3.1 pp to 40.4%.

•Net loan-loss provisions rose 5%, with a good performance in the US that partly offset increases in Europe and Brazil. Credit quality remained under control, with the NPL ratio at 5.59% and cost of risk at 2.10%.

•The other gains (losses) and provisions line recorded a higher loss, mainly due to the provisions for potential complaints related to motor finance dealer commissions in the UK and higher transformation charges in Europe.

•Excluding the provisions in the UK, profit before tax increased 13% year-on-year (+11% excluding Webster).

•The effective tax rate increased following the end of fiscal benefits for electric vehicles in the US in 2025.

RoTE stood at 9.0% in 9M 2026, 10.4% excluding the impact of the additional provisions in the UK.

Compared to Q2 2026 and excluding Webster, net operating income grew 7% in constant euros, mainly driven by net interest income growth, leasing in Europe and lower costs. This was not reflected in underlying attributable profit, largely due to higher LLPs in the US.

Openbank. Underlying income statement

EUR million and % change

/

Q2'26

/

9M'25

Q3'26

%

excl. FX

9M'26

%

excl. FX

Ex. M&A

Ex. M&A

Total income

3,527

+8

+7

+2

10,062

+4

+5

+3

Total costs

-1,347

+2

+1

-6

-4,066

-3

-3

-5

Net operating income

2,180

+12

+11

+7

5,997

+10

+10

+9

LLPs

-1,179

+15

+14

+14

-3,263

+4

+5

+5

PBT

894

+3

+3

-4

2,299

+2

+2

0

Underlying attrib. profit

580

+8

+8

-2

1,407

-10

-9

-13

Detailed financial information in Appendix.

38 January - September 2026

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

OBE			Openbank Europe			Profit before tax
						EUR 1,090 mn

Commercial activity and business performance

In a market that saw a softer start to the year in new car registrations, we grew new business volumes 8% year-on-year in constant euros, while maintaining our focus on profitability.

The stock of gross loans and advances to customers, excluding reverse repos, was 4% higher year-on-year. In constant euros, it increased 3%, on the back of higher auto balances.

Customer deposits, excluding repos, contracted 2% year-on-year. They declined 3% in constant euros, as we continued to prioritize profitability in a competitive environment. Mutual funds expanded 15% in constant euros, from low levels.

Results

In 9M 2026, profit before tax stood at EUR 1,090 million, 10% lower year-on-year, heavily impacted by the additional provisions in the UK this year. In constant euros, profit before tax fell 11%, as follows:

•Total income increased 5%, driven by net interest income (+4%), underpinned by good margin management and higher volumes, gains on financial transactions (impacted by our hedging strategy in 2025) and leasing results (improvements in the portfolio mix and new business dynamics), while net fee income was stable.

•Total costs improved 7%, primarily backed by savings from our efficiency and transformation efforts, as well as lower operational risk charges, including those linked to the CHF portfolio.

•Net loan-loss provisions were up 12%, in part due to higher volumes, a model update and business growth in Openbank Pay. Cost of risk was close to 1%.

•The other gains (losses) and provisions line posted a greater loss, mainly due to the additional provisions in the UK and higher transformation charges.

•Excluding the additional provisions in the UK this year, profit before tax grew 9% year-on-year.

Compared to Q2 2026, profit before tax rose 10% in constant euros, with positive revenue trends, in part driven by higher volumes and improved leasing results, and lower costs.

Openbank Europe. Underlying income statement

EUR million and % change

/

Q2'26

/

9M'25

Q3'26

%

excl. FX

9M'26

%

excl. FX

Total income

1,554

+4

+4

4,543

+5

+5

Total costs

-650

-2

-2

-2,020

-7

-7

Net operating income

904

+8

+8

2,523

+17

+16

LLPs

-349

+1

+1

-1,038

+12

+12

PBT

474

+9

+10

1,090

-10

-11

Detailed financial information in Appendix.

			Openbank US			Profit before tax
						EUR 923 mn

Commercial activity and business performance

Our digital bank has maintained a solid performance since its launch, now serving more than 237,000 customers, with USD 11.1 billion in deposits gathered (+91% year-on-year). This quarter, we completed the Webster acquisition, advancing towards a more balanced franchise, with a stronger funding profile and greater diversification and scale, by combining Webster's high-quality, low-cost deposit base with our strength in consumer finance.

Gross loans and advances to customers, excluding reverse repos, were 23% higher year-on-year, +19% in constant euros, favoured by Webster. Excluding it, they fell 1% in constant euros, due to the impact of our asset rotation initiatives and more moderate trends in auto. The leasing portfolio contracted 38% in constant euros, following the discontinuation of our partnership with Stellantis and weaker demand for electric vehicles.

Customer deposits, excluding repos, rose 113% year-on-year, +107% in constant euros, benefitting from Webster. Excluding it, they grew 9% in constant euros, supported by momentum from our digital bank, in line with our strategy to optimize funding costs. Mutual funds also posted a solid performance. Customer funds increased 98% in constant euros (+9% excluding Webster).

Results

In 9M 2026, profit before tax grew 38% year-on-year to EUR 923 million, including Webster's results since 20 August 2026. In constant euros, profit before tax rose 44%, as follows:

•Total income increased 3%, favoured by the Webster integration and with resilient net interest income, which offset weaker trends in net fee income, particularly in terms of servicing fees, and in leasing results, affected by lower volumes and residual values.

•Total costs declined 2%, even after including Webster, underpinned by our cost discipline and lower charges related to asset impairments.

•Net loan-loss provisions improved 9%, reflecting capital relief measures and resilient customer repayment behaviour, supported by persistently high used car prices and favourable recoveries. Cost of risk fell year-on-year to 3.87%.

Compared to Q2 2026 and excluding Webster, net operating income increased 12% in constant euros, with positive trends in net interest income and lower costs. This improvement did not fully translate into profit before tax due to LLPs, which are seasonally higher in the second half of the year.

Openbank US. Underlying income statement

EUR million and % change

/

Q2'26

/

9M'25

Q3'26

%

excl. FX

9M'26

%

excl. FX

Ex. M&A

Ex. M&A

Total income

1,413

+17

+16

+2

3,819

-1

+3

-2

Total costs

-522

+7

+6

-13

-1,530

-6

-2

-8

Net operating income

891

+24

+23

+12

2,289

+2

+6

+2

LLPs

-511

+33

+32

+32

-1,338

-13

-9

-9

PBT

355

+5

+4

-13

923

+38

+44

+35

Detailed financial information in Appendix.

January - September 2026 39

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CIB

Underlying attributable profit

EUR 2,433 mn

→ Our diversification across business lines, client types and global footprint, enhanced by the investments made in recent years, makes us more resilient in challenging environments and reinforces our long-term strategy focused on sustainable growth. → Good activity levels year-on-year across all business lines, especially Global Banking (GB) and Global Markets (GM), reflecting the benefits of the growth initiatives we have launched. → Underlying attributable profit reached EUR 2,433 million, a 17% increase year-on-year (+15% in constant euros), supported by strong revenue performances across business lines that far outpaced cost growth. We maintain a leading position in efficiency and profitability, with RoTE at 19.2%.

Strategy

Our Corporate & Investment Banking (CIB) business is a global franchise, well diversified by business line, country and client type. We continue to demonstrate the strength of our global platform, delivering solid performances and supporting sustainable growth despite geopolitical uncertainty.

In Q3 2026, we continued to make progress on our strategic priorities, scaling the capabilities built in recent years to support growth across the Group, while maintaining capital discipline, profitability and shareholder value creation, in line with our ambition to:

•Deepen strategic relationships with clients, putting them first, supported by a business model that combines in-depth industry knowledge, expert advice and proven financing capabilities. During the quarter, we continued to strengthen our global centres of expertise, further enhancing capabilities in Metals & Mining, among other strategic sectors.

Clients increasingly seek faster, safer and more integrated solutions across products, sectors and markets, and our ability to bring together capabilities from across the Group is a key differentiator. A strong example this quarter was our role as debt and M&A advisor, lender and provider of deal-contingent hedging for the largest offshore wind project in the German Baltic Sea, alongside our participation in the parallel sale of a 25% stake in the project.

•Accelerate ONE Santander and strengthen collaboration across the Group, launching the Network Distribution function to further embed CIB capabilities across the Group’s global businesses, with GM solutions, and GB and Global Transaction Banking (GTB) capabilities acting as product factories to better serve Commercial Banking clients.

Our global platforms, particularly FX and Trade, remain important levers to further integrate CIB's capabilities across the Group. This

was demonstrated in the financing of Guyana’s main international airport, where our specialized Export Finance capabilities supported a Commercial Banking client involved in the construction project.

The US's contribution to CIB's results continued to increase, particularly on the back of growth in Corporate Finance. The Webster acquisition represents an additional opportunity to expand our client access and benefit from greater scale through collaboration and leveraging Santander’s US platform more broadly.

•Transform our operating model through simplification, globalization and technology and AI to drive productivity, efficiency and stronger risk and control management. Our focus on common platforms, together with organizational and vendor optimization, is generating meaningful efficiencies across support functions. AI adoption also continues to advance, with a focus on scaling and reusing use cases and expanding agent-based capabilities across the organization.

This quarter, we reached an important milestone in our tokenized financial markets strategy, receiving authorization from Banco de España to participate in the initial wave of Pontes, the Eurosystem’s new infrastructure for settling wholesale transactions in tokenized assets in central bank money. This places us among the early participants in this innovative solution.

Regarding AI, our portfolio is increasingly translating into tangible outcomes, including advanced Risk & Compliance tools and business solutions that enhance pricing and model client and balance sheet behaviour, thereby increasing bankers’ productivity.

•We continue to actively manage capital through our Originate-to-Share (OtS) model and to support the growth of fee-intensive and capital-light businesses. As a result, our total revenue to risk-weighted assets ratio improved by 0.6 pp year-on-year to 8.4%.

Recent awards

Ranking in League Tables 9M 2026

Euromoney

Global Capital

Structured Finance

Debt Capital Markets

Latin America's Best FX Bank

Americas Derivatives Risk Solutions House of the Year

Latin Finance

SRP

Equity Capital Markets

M&A

ECAs*

Infrastructure Bank of the Year: Latin America

Best Structured Retail Products House in Brazil

Source: Dealogic, Infralogic, Bloomberg; specific filters apply. (*). ECAs as of June 2026.

40 January - September 2026

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

Business performance

Global Transaction Banking delivered solid growth in 9M 2026 across products, supported by continued client engagement and franchise expansion:

•Trade & Working Capital Solutions maintained its good momentum, driven by growth in strategic markets such as the US. In Q3, we closed several important transactions, including a USD 4.5 billion stock financing for General Motors, with Santander serving as joint arranger and underwriter.

•Export Finance maintained its leading position in the global market, leveraging our global platform, sector expertise and longstanding relationships with Export Credit Agencies and other key market participants, notably in Europe and Latin America. Of note was a USD 500 million sustainable financing for the Republic of Ecuador backed by the Inter-American Development Bank (IDB).

•Cash Management activity performed well despite the uneven interest rate environment, supported by strong momentum in the US, Asia and Latin America. Key transactions in the quarter included a depositary agent mandate for project finance activities with a leading US alternatives asset manager. We also continued to expand real-time payment solutions, treasury connectivity and product capabilities.

Global Banking also registered solid activity levels, mainly in the Americas, supported by our cross-border coverage, advisory and financing platform strategy:

•Corporate Finance (CF) registered strong growth in activity across products and markets. M&A showed good momentum, driven by strong activity volumes in strategic sectors such as Tech & AI and balance sheet optimization, particularly in large-scale transactions. ECM delivered another record quarter, participating in a broad range of notable transactions in Europe such as DIGI's IPO in Spain. Leveraged Finance benefitted from refinancing, M&A and event-driven activity such as the cross-border financing of a joint venture between a private equity fund and Nestlé.

•Structured Finance showed good activity levels, supported by sustained demand across Tech & AI-related infrastructure and energy transition (top ranked globally) sectors, alongside Fund Finance, particularly in the US.

•Investment Grade & Emerging Markets Debt (IG&EM Debt) continued to deliver strong activity levels, supported by resilient capital markets activity in the US and Europe and issuances across Latin America.

Global Markets delivered solid performances across markets and both FICC and Equity products, underpinned by sustained client demand for hedging, financing and structured solutions. Activity remained broad-based across markets and client segments, with a focus on delivering tailored solutions to clients’ financing and risk management needs.

Gross customer loans and advances, excluding reverse repos, were up 30% year-on-year. In constant euros, they grew 28% boosted by growth across the three business lines, especially in less capital-intensive products such as Export Finance (ECAs) and Trade Finance in GTB, and other products that are also low capital consumption in GM. Our portfolio distribution strategy additionally supported loan growth.

Customer deposits, excluding repos, increased 15% year-on-year. In constant euros, they increased 12%, mainly driven by Cash Management.

Results

Underlying attributable profit in 9M 2026 rose 17% year-on-year to EUR 2,433 million. In constant euros, it grew 15%, as follows:

•Total income rose 14%, on the back of strong net interest income and net fee income growth.

Net interest income increased 32%, mainly due to higher volumes in financing activities through less capital-intensive products in GM. GB also grew, supported by strong activity in IG&EM Debt, while GTB remained broadly stable.

Net fee income rose 7%, driven by GB, with strong growth in CF, mainly in the US, as well as in Export Finance in Europe and Trade Finance in both the US and Europe.

Other income decreased, reflecting lower gains on financial transactions in GM amid lower market volatility and spread compression in core markets.

By business line, revenue grew at double-digit rates in GB and GM, while GTB increased 6% year-on-year. We recorded double-digit increases in several markets, most notably in the US, Mexico and Argentina.

CIB. Total income by business. 9M 2026

EUR million and % change in constant euros

Note: total income includes revenue from other activities which are less material (EUR 70 million in 9M'25 and EUR 96 million in 9M'26).

•Total costs increased 5%, reflecting our investments to drive growth, rising at a much slower pace than revenue. The efficiency ratio improved 3.8 pp to 42.6%, one of the best in the sector.

•Net loan-loss provisions increased in 9M 2026, driven by credit portfolio growth and some single names in Europe, the US and Brazil. Despite this, the overall portfolio risk profile remained contained.

As a result, RoTE reached 19.2% in 9M 2026, 0.7 pp higher year-on-year, reflecting our focus on active capital management, efficiency and profitability.

Compared to Q2 2026, underlying attributable profit reflected the usual Q3 revenue seasonality, partly compensated by lower provisions and cost control.

			CIB. Underlying income statement
			EUR million and % change
									/			Q2'26									/			9M'25
						Q3'26			%			excl. FX						9M'26			%			excl. FX
			Total income			2,157			-10			-10						6,936			+15			+14
			Total costs			-1,008			+1			0						-2,956			+6			+5
			Net operating income			1,149			-17			-18						3,980			+23			+21
			LLPs			-194			-18			-19						-638			+308			+304
			PBT			955			-17			-17						3,334			+9			+7
			Underlying attrib. profit			691			-19			-19						2,433			+17			+15
			Detailed financial information in Appendix.

January - September 2026 41

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

Wealth

Underlying attributable profit

EUR 1,651 mn

→ We continue to build the best wealth and insurance manager in Europe and the Americas, supported by our leading global private banking platform and our fund and insurance factories that leverage our scale and global capabilities to offer the best value proposition to our customers. → Record total assets under management of EUR 588 billion, +11% year-on-year in constant euros, on the back of excellent commercial dynamics. In the insurance business, gross written premiums increased 20% year-on-year. → Underlying attributable profit amounted to EUR 1,651 million, 20% higher year-on-year (+19% in constant euros), with revenue increasing across both business lines.

Strategy

Our aim is to continue developing our Wealth Management & Insurance service model and value proposition through a common global platform that leverages the Group's scale and capabilities.

From 2026, our business lines are organized into two verticals: Private Banking and Insurance & Asset Management Solutions. This new structure enables us to capture more synergies and strengthen collaboration across businesses.

In Q3 2026, we focused on the following strategic initiatives:

•In Private Banking (PB), we continued to advance in our transformation into a more integrated global wealth platform, a shared value proposition and increasing connectivity across countries. We further strengthened our global positioning through greater specialization, enhanced client experience and continued expansion of higher value-added solutions.

During the quarter, we continued to roll out our global advisory model, product architecture and client proposition across markets, while enhancing AI-enabled capabilities to improve banker productivity, advisory effectiveness and client experience.

We improved our value proposition through expanded access to private markets, strategic solutions, lending, real estate advisory and open architecture, enabling clients to access a consistent range of sophisticated solutions across markets.

International collaboration remains a core pillar of our value proposition. We strengthened our links with CIB, Commercial Banking and institutions teams across our markets, creating new opportunities to serve entrepreneurs, business owners and institutional clients through a more integrated coverage model. This included further progress in joint PB and corporate banking coverage in Spain, as well as strong cross-border connectivity along strategic corridors, including Mexico-US.

At the same time, we enhanced our Ultra High Net Worth (UHNW) and Family Office services through Beyond Wealth, while expanding value-added services to provide more holistic advice to clients with complex wealth needs.

Private Banking clients

Thousands

+6%

•Insurance & Asset Management Solutions (Ins. & AM Solutions) is now an established business line that offers a value proposition that brings together liquid, illiquid and insurance products into a unified model, as a result of the integration of our asset management and insurance businesses.

•In liquid products, we continued to strengthen our global investment platform and operating model, supporting solid commercial activity and client engagement. The Group’s global capabilities and client-focused product offering are supporting solid commercial performances.

During the quarter, we further simplified and globalized our operating model, while advancing digital platforms and automation across countries. These developments are underpinned by our global data platform, which consolidates information across all countries into a single data source. The platform supports business intelligence initiatives and digital solutions such as SAM Conecta (global platform that centralizes commercial and product information), now deployed in nine countries. We also expanded automation and AI, enhancing commercial effectiveness and operational efficiency.

•In illiquid products, we are scaling up the alternatives business, strengthening distribution and investment capabilities, while broadening our product offering, which is attracting institutional investors, family offices and private investors.

In Q3 2026, we executed the first closing of our Real Estate Retail Opportunities Fund, which targets value creation through the acquisition and active management of retail real estate assets across Spain and Portugal.

•In insurance, we are building a global operating model to become an integrated insurance platform, bringing together Life & Pensions, Health and Protection under a single model:

–In Life & Pensions, stronger coordination between insurance and the teams serving customer segments (from joint product development to aligned commercial incentives) is delivering tangible results in Spain, where Life Savings sales rose 43% year-on-year. In Chile, following the acquisition of Principal Vida Chile, we launched Santander Seguros de Rentas Vitalicias, marking a new stage for this business under the Santander brand, combining savings, protection and investment capabilities and extending customer relationships during their retirement.

–In Protection, our specialized insurance sales model in Brazil is driving higher productivity, conversion and sales quality through expert advice. In Chile, we launched a fully digital, assisted insurance journey embedded in Getnet POS, enabling customers to purchase insurance services in less than two minutes and turning the POS into a simple and scalable new distribution channel.

42 January - September 2026

Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index

Business performance

Solid commercial activity and market performance in Q3 2026 enabled us to reach record total assets under management (AuMs) of EUR 588 billion, an 11% increase year-on-year in constant euros.

By business and in constant euros, activity performed as follows:

•In PB, business momentum remained positive during the period, supported by client activity, sustained demand for advisory-led solutions and continued growth in fee-generating products. We remained focused on increasing the penetration of discretionary portfolio management, alternatives and other higher value-added investment solutions, supporting a more recurrent and diversified revenue profile.

Customer assets and liabilities reached EUR 388 billion, up 13% year-on-year. Growth was broad-based across products, reflecting both solid commercial dynamics and market performance. Our focus on delivering differentiated advice, global capabilities and value-added solutions continued to support business growth and client engagement across the franchise. Net new money totalled EUR 17.2 billion and our Private Banking customer base stood at nearly 310,000.

•In Insurance & Asset Management Solutions, total AuMs reached EUR 297.3 billion, +9% year-on-year:

–Liquid products: total AuMs rose 9% year-on-year to EUR 294.7 billion, supported by solid commercial activity, demonstrating strong client engagement and an attractive product offering. Net sales totalled EUR 7.9 billion in 9M 2026.

–Illiquid products: total AuMs reached EUR 2.6 billion, reflecting our expansion across countries.

–Insurance: gross written premiums reached EUR 10 billion in 9M 2026, +20% year-on-year, with both Life & Pensions and Protection growing at double-digit rates.

Wealth. Business performance. September 2026

EUR billion and % change in constant euros

Total AuMs

Funds and investment

Custody

Customer deposits

Customer loans

GWPs

/ Jun-26			/ Sep-25
+1		%	+11		%
+1		%	+10		%
+2		%	+19		%
+1		%	0		%
+4		%	+9		%
+10		%	+20		%

Note: total products marketed, advised, under custody and/or managed.

Results

Underlying attributable profit in 9M 2026 amounted to EUR 1,651 million, 20% higher year-on-year. In constant euros, it grew 19%, with the following performance by line:

•Total income increased 10% as a result of our focus on value-added solutions which improved revenue recurrency.

Net interest income was flat, as the increase in loan volumes offset a higher cost of deposits.

Net fee income rose 11% year-on-year, with strong performances across both business lines: Private Banking was mainly driven by mutual funds and securities and Insurance & Asset Management Solutions was underpinned by AuM growth.

Other income increased, boosted by the good performances in insurance and illiquid asset management products.

•Total costs increased 4% year-on-year, well below revenue due to our investments to strengthen our teams and develop new capabilities in response to higher commercial activity.

Including distributed fees, which are recorded in other global businesses, total income reached EUR 5,176 million, up 9% on the back of higher customer activity in Private Banking and higher volumes in Insurance & Asset Management Solutions.

Wealth. Total income. 9M 2026

EUR million and YoY % change in constant euros

PB

Ins&AM Solutions

Total income			Total income + distr. fees
+4%			+4%
+26%			+15%

Total income Distributed fees

Note: additionally, Wealth's total income included EUR 113 million in 9M'25 and EUR 55 million in 9M'26 corresponding to Other Investments. Information excludes overlaps between Wealth businesses and insurance fees recorded in Openbank.

When considering these distributed fees with our PAT, the total contribution to Group profit (PAT+Fees) reached EUR 2,968 million, up 14% year-on-year in constant euros.

As a result, our RoTE in 9M 2026 was 58.2%.

Compared to Q2 2026, the business delivered solid performances in net fee income, particularly in mutual funds, and in gains on financial transactions, due to illiquid products. However, this solid performance was not reflected in underlying attributable profit, mainly due to dividend seasonality, provision releases in Q2 (following a change in methodology) and higher transformation-related costs in Q3.

Wealth. Underlying income statement

EUR million and % change

/

Q2'26

/

9M'25

Q3'26

%

excl. FX

9M'26

%

excl. FX

Total income

1,105

+1

+1

3,198

+10

+10

Total costs

-375

+2

+2

-1,107

+4

+4

Net operating income

730

+1

0

2,090

+14

+13

LLPs

-13

—

—

-19

+98

+93

PBT

710

-3

-3

2,067

+14

+13

Underlying attrib. profit

568

-4

-4

1,651

+20

+19

Detailed financial information in Appendix.

January - September 2026 43

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Payments

Underlying attributable profit

EUR 105 mn

→ Santander holds a unique position in the payments industry, driven by its payments platform business, offering best-in-class products across the entire value chain: issuing, acquiring, account-to-account (A2A) payments and international payments. → Activity increased across all business lines, underpinned by the development of our global platforms, which enabled us to continue to gain scale. Total payment volume (TPV) in Getnet rose 9% year-on-year in constant euros, the number of transactions processed in Getnet Platforms was three times higher and Ebury's customer base grew 25% year-on-year. → Underlying attributable profit was EUR 105 million, doubling 9M 2025 levels in constant euros, driven by revenue growth and operational leverage. EBITDA margin improved 2.4 pp year-on-year to 34.0%.

Strategy

In Payment Solutions (Payments), the Group's payments platform business, we continued to execute our priorities and strengthening our strategic positioning:

•In Getnet, our acquiring business, we strengthened our leadership in the payments ecosystem across Latin America and the Caribbean, ranking as the region's largest acquirer by total payment volume according to the latest Nilson Report (2026), while delivering stronger growth than most of our main regional competitors.

During the quarter, we continued to drive product innovation, including the launch of Pix by Biometrics in Brazil. This solution simplifies the payment process by enabling customers to authorize online Pix payments using biometric authentication.

In addition, we broadened our AI-powered value-added services offering for merchants with the launch of Getnet Engage, enabling the creation and management of loyalty programmes embedded within the payment experience. We also introduced generative AI capabilities into Smart POS terminals, including voice-activated payments and conversational assistance.

We continued to drive organizational transformation by enhancing AI-assisted software development, building the capabilities required to deliver merchant solutions and support the next generation of agentic payments.

Additionally, we continued to expand our open-market ecosystem, strengthening relationships with PSP, PayFacs, aggregators and other strategic partners, including a new agreement with Weixin Pay (WeChat Pay). These initiatives enable us to broaden our payment proposition and commercial reach across Latin America and Europe.

•In Getnet Platforms, we continued to deploy our technology platform for A2A payment processing, FX, fraud detection and other value-added services. The platform now processes around 1.2 billion payments per month across our markets.

At the same time, we continue to roll out our global card platform which is now processing more than 500 million transactions per month across Brazil, Mexico, Chile, Spain and the UK.

•Ebury, our global platform offering cross-border payments and FX solutions for corporates and SMEs, continued to accelerate new product development, international expansion and AI capabilities. Ebury's business in Brazil was named the Best International Services Bank in Brazil 2026 by the Global Banking & Finance Awards.

Business performance

In 9M 2026, activity continued to increase year-on-year, with widespread growth across all business lines.

•Getnet’s total payment volume reached EUR 197.6 billion, representing a 9% year-on-year increase in constant euros, driven mainly by higher commercial activity in Mexico, Brazil and Europe.

•In Getnet Platforms, the number of processed transactions was three times higher than the same period last year, driven by Brazil.

•At Ebury, the number of active customers grew by 25% year-on-year, to 29,500.

Loans and deposits are not material in Payments, as they represent just 0.1% and 0.2% of the total Group, respectively.

Results

In 9M 2026, underlying attributable profit was EUR 105 million, compared to a profit of EUR 35 million in 9M 2025. In constant euros, performances across lines were as follows:

•Total income grew 15%, driven by net fee income in Getnet and Ebury, as well as increased activity in our payments (A2A) and card processing platforms.

•Total costs rose 8%, impacted by inflation and reflecting the investments in the development of global platforms.

•Net loan-loss provisions increased, impacted by operational incidents in Getnet Brazil in Q1 2026, though they are not material given the nature of the business.

Overall, the EBITDA margin reached 34.0% (+2.4 pp year-on-year).

Compared to Q2 2026, profit before tax rose by 38% in constant euros, driven by total income growth from higher activity in Getnet Platforms. This growth was not reflected in underlying attributable profit due to the normalization of the tax burden in Brazil.

Payments. Underlying income statement

EUR million and % change

/

Q2'26

/

9M'25

Q3'26

%

excl. FX

9M'26

%

excl. FX

Total income

404

+4

+4

1,175

+18

+15

Total costs

-343

+2

+2

-1,000

+10

+8

Net operating income

62

+21

+22

175

+107

+80

LLPs

-4

-37

-37

-24

+26

+22

PBT

59

+37

+38

151

+166

+119

Underlying attrib. profit

27

-54

-55

105

+201

+147

Detailed financial information in Appendix.

44 January - September 2026

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Corporate Centre

Underlying attributable profit

-EUR 865 mn

→ The Corporate Centre continued to support the Group, defining, developing and coordinating the Group's strategy, as well as aiding the operating units, adding value. → It carries out the financial and capital management functions as well as corporate oversight and control functions and coordinates interactions with the Group's supervisors and regulators. → Underlying attributable loss in 9M 2026 of EUR 865 million, compared with a loss of EUR 1,059 million in 9M 2025, mainly driven by positive results related to certain stakes and dividends from our stake in Poland and lower LLPs.

Strategy and functions

The Corporate Centre contributes value to the Group through the following functions, among others:

•Implementing global control frameworks and supervision.

•Fostering the exchange of best practices in cost management, which enables us to be one of the most efficient banks.

•Collaborating in the definition and execution of the global strategy, corporate development operations and projects to ensure we meet the business plan.

•Contributing to the launch of projects that will be developed by our global businesses, aimed at leveraging our worldwide presence to generate economies of scale.

•Ensuring open and constructive communication with shareholders, analysts, investors, bondholders, rating agencies and other market players.

•Adding value to our businesses, countries and divisions by encouraging the exchange of best practices, driving and managing innovative global initiatives and defining corporate policies to improve process efficiency and customer service quality.

It also coordinates relationships with European regulators and supervisors and carries out functions related to financial management and capital, as follows:

•Financial Management functions:

•Structural management of liquidity risk associated with funding the Group’s recurring activity and stakes of a financial nature. At the end of September 2026, the liquidity buffer was EUR 346 billion (provisional data).

This is done ensuring the diversification of funding sources (issuances and others), maintaining an adequate profile in volumes, maturities and costs.

The price of these transactions with other Group units is the market rate that includes all liquidity concepts (which the Group supports by immobilizing funds during the term of the transaction) and regulatory requirements (TLAC/MREL).

•We use high credit quality, very liquid and low capital consumption derivatives to actively manage interest rate risk to dampen the impact of interest rate changes on net interest income.

•Strategic management of exposure to exchange rates in equity and dynamic management of the FX hedges related to the units’ results for the next 12 months in euros. The net investments in equity currently hedged totalled EUR 18,968 million (mainly in

the UK, Mexico and Chile) with different FX instruments (spots and forwards).

•Management of total capital and reserves: Group capital planning and management, aimed at optimizing capital use and efficient allocation across business units and opportunities by: i) coordinating with subsidiaries; ii) setting solvency targets and monitoring capital ratios; and iii) utilizing asset mobilization and risk transfer through the Global Asset Desk to maximize capital and shareholder returns.

Results

In 9M 2026, the underlying attributable loss was EUR 865 million, compared with a loss of EUR 1,059 million recorded in 9M 2025. By line:

•Net interest income declined by EUR 180 million, impacted by lower interest rates and higher funding costs.

•Losses on financial transactions increased by EUR 569 million, due to a higher impact from foreign currency hedges.

•Additionally, 'other operating income' improved due to higher results from certain stakes and the dividends from our stake in Poland.

•Total costs increased by EUR 13 million in the period.

•Net loan-loss provisions improved significantly, as we recorded provisions in 9M 2025 which improved the Group's credit quality.

•In addition, the underlying attributable loss improved due to higher operational charges recorded in Q3 2025 and a more favourable tax burden.

			Corporate Centre. Underlying income statement
			EUR million and % change
						Q3'26			Q2'26			% chg.						9M'26			9M'25			% chg.
			Total income			-375			-295			+27						-841			-520			+62
			Net operating income			-466			-399			+17						-1,139			-805			+42
			PBT			-478			-450			+6						-1,225			-1,254			-2
			Underlying attrib. profit			-340			-385			-12						-865			-1,059			-18
			Detailed financial information in Appendix.

January - September 2026 45

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Sustainability

Strategy

1						Support our customers in meeting their goals in their transition to a low-carbon economy, while also managing climate-related risks and impacts.
2						Encourage employee growth, fostering an inclusive culture and promoting skill development, while providing fair working conditions.
3						Contribute to the economic, financial and social development of our communities, with a special focus on education, employability and entrepreneurship.
4						Be a trusted partner to our customers, with products and services adapted to their needs, while applying responsible practices, supporting their financial inclusion and protecting their information.
5						Act responsibly through a strong culture, governance and conduct.

Key highlights

In Q3 2026, we made progress on the following initiatives:

→ In Retail & Commercial Banking:

–Green and transition financing solutions: in Spain, we strengthened our sustainable finance offering for SMEs and corporates with Energy Savings Certificates and sustainable mobility solutions. In Uruguay, we launched Impulso Verde, a USD 100 million green finance programme aimed at supporting companies in their energy transformation. In Argentina, we participated in the reopening of MSU Green Energy’s green bond for USD 130 million, bringing the total outstanding amount to USD 530 million.

–Advisory, partnerships and customer support: we launched CLIMINVEST in Spain, a collaborative initiative under the Horizon Europe programme developed together with the technology platform WeGrant to facilitate access to public grants and support sustainable investments. In the UK, we supported the Octopus Zero Bills new build initiative to promote the financing of newly built homes equipped with green technology and zero energy bills for several years, becoming one of the first UK lenders to do so.

–Financial inclusion: more than 7.2 million people continued to benefit from financial inclusion products and services, of which 2.1 million were new beneficiaries this year.

–Education, employability and entrepreneurship: we allocated EUR 18.8 million in the quarter to promote education, employability and entrepreneurship, and helped 1.5 million people and organizations. In total, we have allocated EUR 369.8 million since 2023, progressing towards the EUR 400 million target we set for 2023-2026.

→ In Openbank Europe, we had financed more than 313,000 electric vehicles as of 9M 2026 (+73% year-on-year), with a market share above 12% as of August.

→ In CIB:

–Green financing and mobilization: we allocated EUR 7.1 billion to green financing and mobilization during the quarter, achieving EUR 195.1 billion since 2019, and we remain on track to meet our EUR 220 billion target by 2030.1

–In DCM, we reinforced our position in sustainable debt capital markets through initiatives such as our role as coordinator for Spain's Green Bond Framework update and our support for the issuance of a EUR 4 billion Spanish sovereign green bond. Other notable sustainable transactions included the World Bank’s GBP 1.25 billion Sustainable Development Bond and TenneT Germany’s first EUR 2.6 billion hybrid European Green Bond (EuGB).

–In Structured Finance, we participated in the largest renewable energy portfolio refinancing completed in Spain so far this year, playing multiple financing roles across the transaction. In addition, we supported the financing of the largest offshore wind project under development in the German Baltic Sea, amounting to EUR 2.1 billion.

→ In Wealth, our Socially Responsible Investments reached 24% of total assets under management, including asset management funds, third-party funds, portfolios and directly held assets under advisory in Private Banking.

1.Target was set before the publication of the European taxonomy in Q2 2023. Therefore, the target definition is not fully aligned with the taxonomy. For further information, see the 'Alternative performance measures' section in this report.

46 January - September 2026

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Corporate governance

Share capital increase for the acquisition of Webster

In the context of the acquisition of Webster Financial Corporation, and pursuant to the resolution passed by the general shareholders’ meeting on 27 March 2026, on 20 August 2026 Banco Santander executed the share capital increase to issue the shares delivered as consideration to the shareholders of Webster Financial Corporation.

As a result, Banco Santander’s share capital increased by a nominal amount of EUR 164,923,219 through the issuance of 329,846,438 ordinary shares with a nominal value of EUR 0.50 each, representing approximately 2.25% of its share capital. The share capital increase was registered with the Commercial Registry of Cantabria on 1 September 2026 and, consequently, article 5 of the Bylaws was amended to reflect that Banco Santander’s share capital was set at EUR 7,509,582,970, represented by 15,019,165,940 shares with a nominal value of EUR 0.50 each.

Share capital reduction of 3.08% as part of shareholder remuneration

On 1 September 2026, the executive committee executed a reduction of Banco Santander’s share capital for the amount of EUR 231,341,569.50 through the cancellation of 462,683,139 own shares, representing approximately 3.08% of its share capital. These shares were acquired under the 2025 share buyback programme carried out between 4 February and 21 August 2026 as part of shareholder remuneration charged against 2025 earnings and the excess capital generated upon completion of the sale of the 49% stake in Santander Bank Polska. The share capital reduction, which had been approved by the general shareholders’ meeting on 27 March 2026, was registered with the Commercial Registry of Cantabria on 9 September 2026 and, consequently, article 5 of the Bylaws was amended to reflect that Banco Santander’s share capital was set at EUR 7,278,241,400.50, represented by 14,556,482,801 shares with a nominal value of EUR 0.50 each. The cumulative reduction of Banco Santander’s share capital resulting from the share buyback programmes and the corresponding share capital reductions carried out since 2021 amounts to EUR 1,557,002,469.50. During this period, the Bank has repurchased and cancelled 3,114,004,939 shares, representing approximately 18% of its shares outstanding at the beginning of the period.

January - September 2026 47

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Appendix

48 January - September 2026

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Group information

Financial information

Group information

In this appendix, results are presented on an underlying basis and the balance sheet figures, ratios and other metrics exclude Poland for all periods in 2025. However, if we were to include Poland, the Group's main management ratios would not be materially affected. For further information, see the 'Alternative performance measures' section in this report.

Additionally, the balance sheets and income statements of the Retail global business, Retail UK and the UK secondary segment include TSB from 1 May 2026 and, from 20 August 2026, balance sheets and income statements include Webster, mainly the Retail global business and Openbank US within Openbank, and the US secondary segment. For further information, see the 'Significant events in the period' section in this report.

For Argentina and any grouping which includes it, the variations in constant euros have been calculated considering the Argentine peso exchange rate on the last working day for each of the periods presented. For more information, see the calculation method detailed in the ‘Alternative performance measures’ section in this appendix.

Underlying net fee income. Consolidated
EUR million
			Q3'26			Q2'26			Change (%)			9M'26			9M'25			Change (%)
Fees from services			1,942			1,907			1.8			5,672			5,291			7.2
Wealth management and marketing of customer funds			1,196			1,154			3.6			3,467			3,196			8.5
Securities and custody			360			433			(16.9)			1,210			975			24.1
Net fee income			3,498			3,494			0.1			10,349			9,462			9.4

Underlying total costs. Consolidated
EUR million
			Q3'26			Q2'26			Change (%)			9M'26			9M'25			Change (%)
Staff costs			3,586			3,551			1.0			10,516			10,063			4.5
Other general administrative expenses			2,064			2,015			2.4			6,002			5,928			1.2
Information technology			677			652			3.8			1,956			1,783			9.7
Communications			90			97			(7.2)			275			267			3.0
Advertising			125			125			0.0			371			382			(2.9)
Buildings and premises			161			165			(2.4)			488			514			(5.1)
Printed and office material			22			14			57.1			53			58			(8.6)
Taxes (other than tax on profits)			151			119			26.9			410			407			0.7
Other expenses			838			843			(0.6)			2,449			2,517			(2.7)
Administrative expenses			5,650			5,566			1.5			16,518			15,991			3.3
Depreciation and amortization			734			839			(12.5)			2,401			2,422			(0.9)
Operating expenses			6,384			6,405			(0.3)			18,919			18,413			2.7
Other operating costs			330			322			2.5			1,006			1,210			(16.9)
Total costs			6,714			6,727			(0.2)			19,925			19,623			1.5

January - September 2026 49

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Group information

Employees and branches. Consolidated
			Employees															Branches
			Sep-26			Sep-25			Change									Sep-26			Sep-25			Change
Retail & Commercial Banking			123,546			128,936			(5,390)						Spain			1,460			1,684			(224)
Openbank			32,080			31,463			617						UK			483			368			115
Corporate & Investment Banking			13,485			12,986			499						Portugal			277			373			(96)
Wealth Management & Insurance			7,428			7,334			94						Openbank Europe			242			299			(57)
Payment Solutions			7,743			8,035			(292)						US			562			384			178
Corporate Centre			1,869			1,892			(23)						Mexico			1,237			1,329			(92)
Total Group			186,151			190,646			(4,495)						Brazil			1,474			1,724			(250)
															Chile			218			231			(13)
															Argentina			353			396			(43)
															Rest of the Group			242			241			1
															Total Group			6,548			7,029			(481)

Underlying net loan-loss provisions. Consolidated
EUR million
			Q3'26			Q2'26			Change (%)			9M'26			9M'25			Change (%)
Non-performing loans			3,934			3,769			4.4			11,351			10,210			11.2
Recovery of written-off assets			(448)			(420)			6.7			(1,291)			(1,302)			(0.8)
Net loan-loss provisions			3,486			3,349			4.1			10,060			8,908			12.9

Loans and advances to customers. Consolidated
EUR million
									Change
			Sep-26			Sep-25			Absolute			%			Dec-25
Commercial bills			52,372			46,943			5,429			11.6			51,110
Secured loans			624,992			528,692			96,300			18.2			530,749
Other term loans			349,651			287,067			62,584			21.8			295,998
Finance leases			40,462			38,360			2,102			5.5			38,540
Receivable on demand			11,443			11,164			279			2.5			10,313
Credit cards receivable			27,641			24,946			2,695			10.8			26,179
Impaired assets			36,048			31,022			5,026			16.2			31,577
Gross loans and advances to customers (excl. reverse repos)			1,142,609			968,194			174,415			18.0			984,466
Reverse repos			87,875			80,205			7,670			9.6			73,980
Gross loans and advances to customers			1,230,484			1,048,399			182,085			17.4			1,058,446
Loan-loss allowances			23,597			21,190			2,407			11.4			21,158
Loans and advances to customers			1,206,887			1,027,209			179,678			17.5			1,037,288

50 January - September 2026

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Group information

Total funds. Consolidated
EUR million
									Change
			Sep-26			Sep-25			Absolute			%			Dec-25
Demand deposits			746,497			629,494			117,003			18.6			646,125
Time deposits			352,406			292,364			60,042			20.5			298,284
Mutual funds			288,442			249,293			39,149			15.7			255,389
Customer funds			1,387,345			1,171,151			216,194			18.5			1,199,798
Pension funds			16,466			15,927			539			3.4			16,112
Managed portfolios			56,403			47,746			8,657			18.1			50,459
Repos			123,360			104,272			19,088			18.3			96,791
Total funds			1,583,574			1,339,096			244,478			18.3			1,363,160

Eligible capital (phased-in)1. Consolidated
EUR million
									Change
			Sep-26			Sep-25			Absolute			%			Dec-25
Capital stock and reserves			136,873			130,941			5,932			4.5			128,798
Attributable profit			12,405			10,337			2,067			20.0			14,101
Dividends			(2,794)			(2,584)			(210)			8.1			(3,525)
Other retained earnings			(35,482)			(40,386)			4,903			(12.1)			(40,445)
Minority interests			7,340			8,588			(1,248)			(14.5)			9,037
Goodwill and intangible assets			(22,469)			(15,526)			(6,943)			44.7			(15,037)
Other deductions			(11,728)			(8,778)			(2,950)			33.6			(8,190)
CET1			84,145			82,593			1,552			1.9			84,739
Preferred shares and other eligible tier 1			10,251			10,630			(379)			(3.6)			9,645
Tier 1			94,395			93,222			1,173			1.3			94,385
Generic funds and eligible tier 2 instruments			18,441			16,719			1,723			10.3			17,460
Eligible capital			112,837			109,941			2,896			2.6			111,845
Risk-weighted assets			663,324			630,753			32,571			5.2			629,430
CET1 capital ratio			12.7			13.1			(0.4)						13.5
Tier 1 capital ratio			14.2			14.8			(0.5)						15.0
Total capital ratio			17.0			17.4			(0.4)						17.8
Note: includes Poland.
1. Phased-in ratios are calculated in accordance with the transitory treatment of the CRR.

January - September 2026 51

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Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Segment information

Primary segments

Retail & Commercial Banking																																	Q
EUR million
												Ex. M&A																		Ex. M&A
						/			Q2'26			/			Q2'26									/			9M'25			/			9M'25
Underlying income statement			Q3'26			%			% excl. FX			%			% excl. FX						9M'26			%			% excl. FX			%			% excl. FX
Net interest income			7,528			2.1			1.9			(1.5)			(1.7)						21,687			9.6			6.9			6.1			3.5
Net fee income			1,756			3.5			3.4			2.5			2.4						5,084			11.1			7.7			10.0			6.7
Gains (losses) on financial transactions 1			142			(6.2)			(6.4)			0.3			0.0						470			(3.9)			(4.9)			(3.3)			(4.3)
Other operating income			(284)			(22.7)			(23.3)			(23.5)			(24.1)						(965)			41.0			38.5			39.3			36.8
Total income			9,141			3.3			3.1			0.2			0.1						26,277			8.7			5.9			5.7			3.0
Total costs			(3,549)			(1.2)			(1.5)			(4.4)			(4.7)						(10,497)			1.3			(1.1)			(2.3)			(4.6)
Net operating income			5,592			6.4			6.3			3.3			3.2						15,780			14.2			11.2			11.6			8.7
Net loan-loss provisions			(2,097)			1.0			1.0			(1.1)			(1.0)						(6,119)			13.7			8.9			12.3			7.6
Other gains (losses) and provisions			(211)			3.7			3.3			(10.4)			(10.8)						(517)			52.1			52.6			43.7			44.2
Profit before tax			3,283			10.3			10.1			7.4			7.3						9,144			12.9			11.0			9.8			7.9
Tax on profit			(886)			17.0			16.7			14.0			13.7						(2,436)			9.0			7.2			5.5			3.8
Profit from continuing operations			2,398			8.0			7.9			5.2			5.1						6,708			14.5			12.4			11.5			9.5
Net profit from discontinued operations			—			—			—			—			—						—			—			—			—			—
Consolidated profit			2,398			8.0			7.9			5.2			5.1						6,708			14.5			12.4			11.5			9.5
Non-controlling interests			(77)			(26.2)			(24.5)			(26.2)			(24.5)						(263)			14.5			11.2			14.5			11.2
Underlying attributable profit to the parent			2,321			9.7			9.5			6.8			6.6						6,445			14.4			12.5			11.4			9.5
Activity metrics
Gross loans and advances to customers ²			697,462			6.5			6.5			0.4			0.5						697,462			18.8			16.4			4.9			2.8
Customer funds			836,312			3.2			3.2			1.3			1.3						836,312			17.5			15.4			9.4			7.4
Customer deposits ³			711,386			3.6			3.6			1.3			1.3						711,386			17.8			15.7			8.2			6.2
Mutual funds			124,926			1.0			1.5			1.0			1.5						124,926			16.3			13.6			16.3			13.6
Risk-weighted assets			335,428			13.5															335,428			15.2
Ratios (%), employees and customers
RoTE			18.9			1.5															17.7			1.0
Efficiency ratio			38.8			(1.8)															39.9			(2.9)
NPL ratio			2.92			(0.13)															2.92			(0.16)
NPL coverage ratio			66			1															66			0
Number of employees			123,546			(1.2)															123,546			(4.2)
Number of total customers (thousands)			156,153			1.1															156,153			7.1
Number of active customers (thousands)			80,292			0.8															80,292			5.8

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

52 January - September 2026

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Retail Spain															Q
EUR million
						/ Q2'26									/ 9M'25
Underlying income statement			Q3'26			%						9M'26			%
Net interest income			1,579			2.0						4,604			4.3
Net fee income			326			(1.6)						1,001			8.4
Total income			1,924			(1.3)						5,781			7.1
Total costs			(599)			0.1						(1,806)			(7.5)
Net operating income			1,325			(1.9)						3,975			15.4
Net loan-loss provisions			(269)			44.1						(573)			(27.6)
Profit before tax			991			(7.2)						3,220			29.1
Activity metrics
Gross loans and advances to customers ¹			159,353			(1.1)						159,353			1.6
Customer funds			295,383			0.9						295,383			6.7
Customer deposits ²			240,362			1.0						240,362			5.4
Mutual funds			55,021			0.6						55,021			12.9

1. Excluding reverse repos.

2. Excluding repos.

Retail UK																																	Q
EUR million
												Ex. TSB																		Ex. TSB
						/			Q2'26			/			Q2'26									/			9M'25			/			9M'25
Underlying income statement			Q3'26			%			% excl. FX			%			% excl. FX						9M'26			%			% excl. FX			%			% excl. FX
Net interest income			1,636			14.6			13.4			7.4			6.1						4,272			17.4			19.2			2.4			4.0
Net fee income			119			16.4			15.2			10.6			9.3						302			39.9			42.0			22.8			24.7
Total income			1,699			17.0			15.8			10.7			9.5						4,335			20.7			22.5			4.8			6.4
Total costs			(795)			4.2			3.0			(4.3)			(5.5)						(2,211)			3.3			4.9			(11.8)			(10.4)
Net operating income			904			31.3			30.0			26.7			25.4						2,123			46.3			48.5			29.3			31.2
Net loan-loss provisions			(71)			(38.3)			(39.3)			(47.7)			(48.7)						(262)			120.3			123.6			91.7			94.5
Profit before tax			761			45.8			44.5			45.9			44.5						1,699			41.3			43.5			25.0			26.9
Activity metrics
Gross loans and advances to customers ¹			277,368			0.8			0.1			0.8			0.2						277,368			24.1			21.7			5.3			3.2
Customer funds			270,648			1.5			0.8			1.7			1.0						270,648			27.8			25.3			8.0			5.9
Customer deposits ²			262,801			1.5			0.8			1.7			1.0						262,801			27.7			25.1			7.3			5.2
Mutual funds			7,848			2.2			1.6			2.2			1.6						7,848			32.6			29.9			32.6			29.9

1. Excluding reverse repos.

2. Excluding repos.

January - September 2026 53

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Retail Mexico																					Q
EUR million
						/			Q2'26									/			9M'25
Underlying income statement			Q3'26			%			% excl. FX						9M'26			%			% excl. FX
Net interest income			1,072			0.9			(0.9)						3,142			8.8			0.9
Net fee income			293			7.1			5.3						822			24.9			15.7
Total income			1,361			4.8			3.0						3,912			12.4			4.1
Total costs			(529)			1.0			(0.7)						(1,551)			5.0			(2.6)
Net operating income			832			7.3			5.5						2,361			17.8			9.1
Net loan-loss provisions			(346)			1.2			(0.6)						(1,025)			19.7			11.0
Profit before tax			485			14.1			12.3						1,318			14.6			6.2
Activity metrics
Gross loans and advances to customers ¹			39,588			0.6			3.1						39,588			8.9			3.5
Customer funds			56,680			(2.5)			(0.2)						56,680			10.8			5.3
Customer deposits ²			40,001			(2.2)			0.2						40,001			11.4			5.9
Mutual funds			16,679			(3.4)			(1.0)						16,679			9.5			4.0

1. Excluding reverse repos.

2. Excluding repos.

Retail Brazil																					Q
EUR million
						/			Q2'26									/			9M'25
Underlying income statement			Q3'26			%			% excl. FX						9M'26			%			% excl. FX
Net interest income			1,838			(6.5)			(6.0)						5,632			4.6			(1.0)
Net fee income			584			2.9			3.5						1,683			4.2			(1.4)
Total income			2,356			(2.8)			(2.2)						7,093			3.4			(2.1)
Total costs			(974)			(9.8)			(9.4)						(3,060)			5.4			(0.3)
Net operating income			1,381			2.9			3.6						4,033			2.0			(3.5)
Net loan-loss provisions			(1,013)			(1.8)			(1.3)						(3,001)			5.2			(0.5)
Profit before tax			327			14.7			16.2						961			(12.2)			(16.9)
Activity metrics
Gross loans and advances to customers ¹			70,418			0.0			(0.6)						70,418			6.2			(0.2)
Customer funds			96,594			2.6			2.0						96,594			19.5			12.3
Customer deposits ²			67,998			1.5			0.9						67,998			17.2			10.2
Mutual funds			28,596			5.4			4.7						28,596			25.3			17.7

1. Excluding reverse repos.

2. Excluding repos.

54 January - September 2026

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Openbank																																	Q
EUR million
												ex. Webster																		ex. Webster
						/			Q2'26			/			Q2'26									/			9M'25			/			9M'25
Underlying income statement			Q3'26			%			% excl. FX			%			% excl. FX						9M'26			%			% excl. FX			%			% excl. FX
Net interest income			3,015			7.1			6.7			2.3			1.9						8,625			4.3			5.1			2.7			3.5
Net fee income			359			4.9			4.4			(1.9)			(2.4)						1,073			1.2			1.0			(1.0)			(1.2)
Gains (losses) on financial transactions 1			(7)			(36.7)			(37.0)			100.3			99.1						(22)			(49.1)			(48.8)			(11.3)			(10.7)
Other operating income			161			23.3			22.7			25.5			24.9						386			0.9			2.9			1.7			3.7
Total income			3,527			7.7			7.2			2.5			2.0						10,062			4.1			4.8			2.3			3.0
Total costs			(1,347)			1.8			1.3			(5.0)			(5.5)						(4,066)			(3.4)			(2.5)			(5.5)			(4.7)
Net operating income			2,180			11.7			11.3			7.6			7.2						5,997			9.8			10.4			8.4			8.9
Net loan-loss provisions			(1,179)			14.6			14.1			14.8			14.3						(3,263)			3.8			4.6			3.8			4.6
Other gains (losses) and provisions			(107)			87.1			85.6			43.4			41.9						(435)			585.2			599.1			546.0			559.1
Profit before tax			894			3.2			3.1			(3.4)			(3.6)						2,299			2.1			2.2			(0.4)			(0.4)
Tax on profit			(227)			(6.5)			(6.5)			(9.0)			(9.0)						(636)			40.1			38.0			38.8			36.7
Profit from continuing operations			667			7.0			6.8			(1.2)			(1.4)						1,663			(7.5)			(7.0)			(10.3)			(9.9)
Net profit from discontinued operations			—			—			—			—			—						—			—			—			—			—
Consolidated profit			667			7.0			6.8			(1.2)			(1.4)						1,663			(7.5)			(7.0)			(10.3)			(9.9)
Non-controlling interests			(87)			0.8			1.1			0.8			1.1						(256)			8.2			7.8			8.2			7.8
Underlying attributable profit to the parent			580			8.0			7.7			(1.6)			(1.8)						1,407			(9.9)			(9.3)			(13.1)			(12.6)
Activity metrics
Gross loans and advances to customers ²			230,583			4.7			4.3			0.1			(0.2)						230,583			9.2			7.2			4.5			2.5
Customer funds			186,836			28.5			27.9			(2.7)			(3.1)						186,836			37.3			35.1			4.0			2.3
Customer deposits ³			176,843			30.4			29.8			(3.0)			(3.4)						176,843			39.1			36.8			3.5			1.8
Mutual funds			9,993			2.0			1.7			2.0			1.7						9,993			11.6			10.0			11.6			10.0
Risk-weighted assets			165,613			3.1															165,613			5.8
Ratios (%), employees and customers
RoTE			12.0			1.8															9.0			(1.3)
Efficiency ratio			38.2			(2.2)															40.4			(3.1)
NPL ratio			5.59			(0.02)															5.59			0.30
NPL coverage ratio			69			—															69			(3)
Number of employees			32,080			8.6															32,080			2.0
Number of total customers (thousands)			32,236			16.7															32,236			23.1

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - September 2026 55

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Openbank Europe																					Q
EUR million
						/			Q2'26									/			9M'25
Underlying income statement			Q3'26			%			% excl. FX						9M'26			%			% excl. FX
Net interest income			1,230			1.6			1.7						3,645			5.0			4.4
Net fee income			183			(6.2)			(6.2)						568			(0.5)			(0.5)
Total income			1,554			3.5			3.6						4,543			4.9			4.5
Total costs			(650)			(2.1)			(2.0)						(2,020)			(6.9)			(7.1)
Net operating income			904			7.9			8.0						2,523			16.7			16.2
Net loan-loss provisions			(349)			0.8			0.8						(1,038)			12.1			11.9
Profit before tax			474			9.4			9.7						1,090			(10.1)			(10.8)
Activity metrics
Gross loans and advances to customers ¹			146,631			0.6			0.3						146,631			3.9			3.0
Customer funds			85,368			(3.7)			(4.0)						85,368			(1.5)			(2.2)
Customer deposits ²			79,526			(4.1)			(4.4)						79,526			(2.5)			(3.2)
Mutual funds			5,841			2.1			2.1						5,841			14.6			14.6

1. Excluding reverse repos.

2. Excluding repos.

Openbank US																																	Q
EUR million
												ex. Webster																		ex. Webster
						/			Q2'26			/			Q2'26									/			9M'25			/			9M'25
Underlying income statement			Q3'26			%			% excl. FX			%			% excl. FX						9M'26			%			% excl. FX			%			% excl. FX
Net interest income			1,273			16.1			15.0			3.9			2.8						3,462			(0.6)			3.4			(4.4)			(0.6)
Net fee income			94			44.9			43.7			8.9			7.8						242			(7.3)			(3.7)			(16.3)			(13.0)
Total income			1,413			17.1			16.0			3.0			1.8						3,819			(1.2)			2.7			(5.6)			(1.9)
Total costs			(522)			6.7			5.6			(11.7)			(12.8)						(1,530)			(5.8)			(2.1)			(11.3)			(7.9)
Net operating income			891			24.1			23.0			12.9			11.8						2,289			2.2			6.2			(1.4)			2.5
Net loan-loss provisions			(511)			33.0			31.9			33.5			32.3						(1,338)			(12.6)			(9.1)			(12.4)			(9.0)
Profit before tax			355			5.0			3.9			(12.0)			(13.0)						923			38.1			43.5			29.6			34.6
Activity metrics
Gross loans and advances to customers ¹			59,798			20.3			19.5			0.1			(0.6)						59,798			22.9			18.9			2.2			(1.1)
Customer funds			99,943			80.7			79.6			(1.2)			(1.8)						99,943			105.0			98.4			12.1			8.5
Customer deposits ²			95,792			87.0			85.8			(1.4)			(2.0)						95,792			113.4			106.5			12.5			8.9
Mutual funds			4,152			1.8			1.2			1.8			1.2						4,152			7.7			4.2			7.7			4.2

1. Excluding reverse repos.

2. Excluding repos.

56 January - September 2026

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Corporate & Investment Banking																					Q
EUR million
						/			Q2'26									/			9M'25
Underlying income statement			Q3'26			%			% excl. FX						9M'26			%			% excl. FX
Net interest income			1,189			(10.6)			(10.9)						3,732			34.1			31.5
Net fee income			641			(11.5)			(12.0)						1,995			7.4			7.1
Gains (losses) on financial transactions 1			303			358.4			343.7						916			(15.0)			(15.9)
Other operating income			24			(91.4)			(91.3)						294			(4.7)			(4.6)
Total income			2,157			(9.9)			(10.4)						6,936			15.1			13.8
Total costs			(1,008)			0.5			0.0						(2,956)			5.7			5.4
Net operating income			1,149			(17.5)			(17.9)						3,980			23.2			20.9
Net loan-loss provisions			(194)			(18.4)			(18.5)						(638)			308.4			303.8
Other gains (losses) and provisions			0			—			—						(8)			(66.8)			(66.7)
Profit before tax			955			(17.0)			(17.5)						3,334			9.3			7.2
Tax on profit			(235)			(10.3)			(11.2)						(797)			(8.9)			(10.9)
Profit from continuing operations			721			(18.9)			(19.4)						2,537			16.6			14.5
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			721			(18.9)			(19.4)						2,537			16.6			14.5
Non-controlling interests			(29)			(18.9)			(17.2)						(104)			8.5			4.6
Underlying attributable profit to the parent			691			(18.9)			(19.4)						2,433			17.0			15.0
Activity metrics
Gross loans and advances to customers ²			177,609			9.9			9.8						177,609			30.4			27.7
Customer funds			164,160			13.6			13.6						164,160			12.9			10.0
Customer deposits ³			150,039			15.0			15.1						150,039			14.8			12.2
Mutual funds			14,121			0.0			(0.3)						14,121			(4.4)			(9.3)
Risk-weighted assets			110,495			3.3									110,495			8.0
Ratios (%) and employees
RoTE			16.9			(2.8)									19.2			0.7
Efficiency ratio			46.7			4.9									42.6			(3.8)
NPL ratio			1.11			0.09									1.11			0.37
NPL coverage ratio			37			0									37			(8)
Number of employees			13,485			1.3									13,485			3.8

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - September 2026 57

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Wealth Management & Insurance																					Q
EUR million
						/			Q2'26									/			9M'25
Underlying income statement			Q3'26			%			% excl. FX						9M'26			%			% excl. FX
Net interest income			335			(1.5)			(1.7)						990			(0.4)			(0.4)
Net fee income			456			3.2			2.9						1,354			11.7			11.4
Gains (losses) on financial transactions 1			164			22.0			21.4						419			48.2			47.4
Other operating income			150			(15.3)			(15.5)						434			6.9			3.8
Total income			1,105			1.1			0.8						3,198			10.4			9.8
Total costs			(375)			2.2			1.8						(1,107)			4.2			4.2
Net operating income			730			0.6			0.3						2,090			14.1			13.0
Net loan-loss provisions			(13)			—			—						(19)			97.8			92.7
Other gains (losses) and provisions			(7)			—			—						(4)			(68.4)			(68.5)
Profit before tax			710			(2.9)			(3.1)						2,067			14.3			13.2
Tax on profit			(131)			3.0			2.9						(377)			(4.9)			(5.4)
Profit from continuing operations			580			(4.1)			(4.4)						1,690			19.6			18.4
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			580			(4.1)			(4.4)						1,690			19.6			18.4
Non-controlling interests			(12)			(18.8)			(17.4)						(39)			6.9			3.3
Underlying attributable profit to the parent			568			(3.8)			(4.1)						1,651			19.9			18.8
Activity metrics
Gross loans and advances to customers ²			29,540			9.1			9.1						29,540			14.9			12.8
Customer funds			196,953			1.7			1.8						196,953			12.1			10.2
Customer deposits ³			57,552			1.7			1.8						57,552			(0.1)			(1.4)
Mutual funds			139,402			1.7			1.8						139,402			18.0			15.8
Risk-weighted assets			19,597			8.8									19,597			13.4
Assets under management			588,440			1.3			1.4						588,440			13.4			11.3
Gross written premiums			3,763			10.7			10.3						9,967			21.5			20.3
Ratios (%), employees and customers
RoTE			60.8			(1.6)									58.2			(0.6)
Efficiency ratio			33.9			0.4									34.6			(2.1)
NPL ratio			1.05			(0.13)									1.05			0.13
NPL coverage ratio			64			14									64			(5)
Number of employees			7,428			1.6									7,428			1.3
Number of Private Banking customers (thousands)			310			2.5									310			5.8

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

58 January - September 2026

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Payment Solutions																					Q
EUR million
						/			Q2'26									/			9M'25
Underlying income statement			Q3'26			%			% excl. FX						9M'26			%			% excl. FX
Net interest income			42			14.6			15.6						124			2.1			(2.7)
Net fee income			290			0.1			0.1						853			9.7			6.3
Gains (losses) on financial transactions 1			(1)			281.8			297.1						(1)			(96.0)			(96.0)
Other operating income			73			19.6			19.5						199			65.0			64.7
Total income			404			4.4			4.5						1,175			18.2			14.6
Total costs			(343)			1.8			1.8						(1,000)			10.0			7.7
Net operating income			62			21.3			22.2						175			106.8			79.6
Net loan-loss provisions			(4)			(37.5)			(37.0)						(24)			26.0			22.2
Other gains (losses) and provisions			1			—			—						0			—			—
Profit before tax			59			36.7			37.7						151			165.7			118.7
Tax on profit			(27)			—			—						(29)			190.7			102.9
Profit from continuing operations			32			(53.0)			(53.7)						123			160.4			122.8
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			32			(53.0)			(53.7)						123			160.4			122.8
Non-controlling interests			(5)			(46.9)			(46.6)						(17)			43.6			39.3
Underlying attributable profit to the parent			27			(53.9)			(54.8)						105			200.9			147.4
Activity metrics
Gross loans and advances to customers ²			1,102			(0.4)			(0.1)						1,102			12.9			7.4
Customer funds			1,735			(7.5)			(7.5)						1,735			51.5			51.5
Customer deposits ³			1,735			(7.5)			(7.5)						1,735			51.5			51.5
Mutual funds			—			—			—						—			—			—
Risk-weighted assets			5,647			0.5									5,647			(8.3)
Ratios (%) and employees
EBITDA margin			36.8			5.1									34.0			2.4
NPL ratio			5.02			0.31									5.02			0.65
NPL coverage ratio			47			(10)									47			(9)
Number of employees			7,743			(5.7)									7,743			(3.6)

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - September 2026 59

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Corporate Centre																					Q
EUR million
									/ Q2'26												/ 9M'25
Underlying income statement			Q3'26			Q2'26			%						9M'26			9M'25			%
Net interest income			(206)			(200)			2.8						(544)			(364)			49.6
Net fee income			(4)			(1)			437.2						(10)			(22)			(53.7)
Gains (losses) on financial transactions 1			(254)			(259)			(2.0)						(704)			(135)			422.1
Other operating income			89			165			(46.3)						417			1			—
Total income			(375)			(295)			27.1						(841)			(520)			61.9
Total costs			(91)			(104)			(12.5)						(298)			(285)			4.6
Net operating income			(466)			(399)			16.7						(1,139)			(805)			41.6
Net loan-loss provisions			0			0			(61.9)						2			(197)			—
Other gains (losses) and provisions			(12)			(51)			(75.8)						(88)			(253)			(65.4)
Profit before tax			(478)			(450)			6.3						(1,225)			(1,254)			(2.4)
Tax on profit			138			65			111.7						359			195			83.6
Profit from continuing operations			(340)			(385)			(11.6)						(866)			(1,059)			(18.2)
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			(340)			(385)			(11.6)						(866)			(1,059)			(18.2)
Non-controlling interests			0			0			8.3						1			0			—
Underlying attributable profit to the parent			(340)			(385)			(11.6)						(865)			(1,059)			(18.3)
Balance sheet
Loans and advances to customers			6,273			6,379			(1.7)						6,273			7,140			(12.1)
Cash, central banks and credit institutions			92,888			122,570			(24.2)						92,888			100,172			(7.3)
Debt instruments			24,477			17,962			36.3						24,477			10,191			140.2
Other financial assets			3,328			2,994			11.2						3,328			1,504			121.2
Other asset accounts			130,655			121,433			7.6						130,655			178,506			(26.8)
Total assets			257,620			271,337			(5.1)						257,620			297,514			(13.4)
Customer deposits			1,347			1,501			(10.3)						1,347			1,267			6.3
Central banks and credit institutions			14,600			30,909			(52.8)						14,600			25,497			(42.7)
Marketable debt securities			126,106			125,556			0.4						126,106			106,122			18.8
Other financial liabilities			2,498			934			167.6						2,498			2,299			8.7
Other liabilities accounts			8,291			6,618			25.3						8,291			65,577			(87.4)
Total liabilities			152,842			165,517			(7.7)						152,842			200,762			(23.9)
Total equity			104,778			105,820			(1.0)						104,778			96,752			8.3
Memorandum items:
Gross loans and advances to customers 2			6,313			6,429			(1.8)						6,313			7,228			(12.7)
Customer funds			1,347			1,501			(10.3)						1,347			1,267			6.3
Customer deposits ³			1,347			1,501			(10.3)						1,347			1,267			6.3
Mutual funds			—			—			—						—			—			—
Resources
Number of employees			1,869			1,867			0.1						1,869			1,892			(1.2)

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

60 January - September 2026

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Secondary segments

Spain
EUR million
						/ Q2'26									/ 9M'25
Underlying income statement			Q3'26			%						9M'26			%
Net interest income			1,967			(1.7)						5,827			7.6
Net fee income			774			(6.0)						2,363			6.8
Gains (losses) on financial transactions 1			275			—						715			(8.0)
Other operating income			116			(70.1)						607			5.1
Total income			3,132			(3.0)						9,512			5.9
Total costs			(1,099)			3.4						(3,242)			(2.7)
Net operating income			2,033			(6.1)						6,271			11.0
Net loan-loss provisions			(326)			(1.5)						(917)			9.1
Other gains (losses) and provisions			(71)			(26.3)						(188)			11.0
Profit before tax			1,636			(5.8)						5,166			11.4
Tax on profit			(475)			(2.9)						(1,470)			4.6
Profit from continuing operations			1,161			(7.0)						3,696			14.3
Net profit from discontinued operations			—			—						—			—
Consolidated profit			1,161			(7.0)						3,696			14.3
Non-controlling interests			0			(59.7)						(1)			118.0
Underlying attributable profit to the parent			1,161			(7.0)						3,695			14.3
Balance sheet
Loans and advances to customers			299,279			1.3						299,279			13.1
Cash, central banks and credit institutions			82,624			30.9						82,624			(13.8)
Debt instruments			136,332			1.0						136,332			29.4
Other financial assets			63,013			11.9						63,013			28.8
Other asset accounts			16,797			0.9						16,797			(19.4)
Total assets			598,046			5.6						598,046			11.7
Customer deposits			376,256			4.4						376,256			5.9
Central banks and credit institutions			76,470			13.0						76,470			55.3
Marketable debt securities			31,967			10.6						31,967			7.6
Other financial liabilities			72,042			5.2						72,042			22.3
Other liabilities accounts			22,498			2.0						22,498			2.2
Total liabilities			579,234			5.7						579,234			12.4
Total equity			18,812			0.3						18,812			(8.1)
Memorandum items:
Gross loans and advances to customers 2			256,361			2.1						256,361			9.9
Customer funds			447,524			2.2						447,524			7.5
Customer deposits ³			330,957			3.0						330,957			5.6
Mutual funds			116,567			0.0						116,567			13.3
Ratios (%), branches and customers
RoTE			24.5			(1.8)						25.6			5.1
Efficiency ratio			35.1			2.2						34.1			(3.0)
NPL ratio			1.84			(0.03)						1.84			(0.22)
NPL coverage ratio			55			2						55			1
Number of branches			1,460			0.1						1,460			(13.3)
Number of total customers (thousands)			15,448			0.0						15,448			0.3
Number of active customers (thousands)			9,579			1.5						9,579			5.0

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - September 2026 61

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

UK
EUR million
						/			Q2'26									/			9M'25
Underlying income statement			Q3'26			%			% excl. FX						9M'26			%			% excl. FX
Net interest income			1,660			14.3			13.0						4,347			15.5			17.3
Net fee income			133			13.7			12.5						342			32.2			34.1
Gains (losses) on financial transactions 1			(21)			89.2			87.4						(58)			(31.1)			(30.0)
Other operating income			(34)			(48.8)			(49.9)						(181)			2.3			3.8
Total income			1,738			16.5			15.3						4,450			18.3			20.1
Total costs			(808)			3.9			2.7						(2,252)			2.1			3.7
Net operating income			930			30.2			28.9						2,198			41.3			43.4
Net loan-loss provisions			(71)			(38.3)			(39.3)						(262)			120.3			123.6
Other gains (losses) and provisions			(72)			40.0			38.7						(163)			24.6			26.5
Profit before tax			786			43.7			42.4						1,774			35.8			37.8
Tax on profit			(230)			62.5			61.1						(492)			41.2			43.3
Profit from continuing operations			557			37.2			35.9						1,282			33.8			35.8
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			557			37.2			35.9						1,282			33.8			35.8
Non-controlling interests			—			—			—						—			—			—
Underlying attributable profit to the parent			557			37.2			35.9						1,282			33.8			35.8
Balance sheet
Loans and advances to customers			286,842			0.0			(0.7)						286,842			18.9			16.5
Cash, central banks and credit institutions			73,201			16.5			15.8						73,201			30.6			28.0
Debt instruments			13,457			2.3			1.6						13,457			8.2			6.1
Other financial assets			814			7.2			6.5						814			219.4			213.1
Other asset accounts			6,270			(11.0)			(11.6)						6,270			65.8			62.5
Total assets			380,585			2.7			2.0						380,585			21.3			18.9
Customer deposits			275,072			1.4			0.7						275,072			24.4			21.9
Central banks and credit institutions			23,416			16.1			15.3						23,416			13.3			11.0
Marketable debt securities			62,224			6.0			5.3						62,224			14.4			12.2
Other financial liabilities			4,137			20.1			19.3						4,137			58.2			55.1
Other liabilities accounts			1,792			(31.0)			(31.5)						1,792			8.4			6.2
Total liabilities			366,641			2.9			2.2						366,641			22.0			19.6
Total equity			13,943			(2.4)			(3.1)						13,943			5.1			3.0
Memorandum items:
Gross loans and advances to customers 2			279,131			0.8			0.1						279,131			23.1			20.7
Customer funds			278,630			1.5			0.8						278,630			24.6			22.2
Customer deposits ³			270,470			1.5			0.8						270,470			25.2			22.7
Mutual funds			8,160			2.7			2.0						8,160			8.0			5.9
Ratios (%), branches and customers
RoTE			17.4			5.7									12.8			2.8
Efficiency ratio			46.5			(5.6)									50.6			(8.0)
NPL ratio			1.03			0.05									1.03			(0.06)
NPL coverage ratio			33			(2)									33			(1)
Number of branches			483			(0.2)									483			31.3
Number of total customers (thousands)			27,087			0.5									27,087			19.6
Number of active customers (thousands)			16,019			0.6									16,019			18.2

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

62 January - September 2026

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Portugal
EUR million
						/ Q2'26									/ 9M'25
Underlying income statement			Q3'26			%						9M'26			%
Net interest income			335			0.6						1,008			(0.5)
Net fee income			127			(4.7)						393			4.0
Gains (losses) on financial transactions 1			10			40.1						31			(48.5)
Other operating income			10			—						(12)			—
Total income			482			8.8						1,419			(3.5)
Total costs			(133)			0.5						(399)			(0.6)
Net operating income			349			12.3						1,021			(4.6)
Net loan-loss provisions			(10)			5.6						(32)			—
Other gains (losses) and provisions			(11)			14.5						(30)			—
Profit before tax			328			12.5						959			(10.5)
Tax on profit			(87)			23.1						(246)			(19.3)
Profit from continuing operations			241			9.1						713			(7.0)
Net profit from discontinued operations			—			—						—			—
Consolidated profit			241			9.1						713			(7.0)
Non-controlling interests			0			866.0						(1)			(54.0)
Underlying attributable profit to the parent			241			9.0						712			(6.9)
Balance sheet
Loans and advances to customers			42,459			(0.4)						42,459			5.7
Cash, central banks and credit institutions			4,042			53.2						4,042			26.7
Debt instruments			16,342			0.1						16,342			7.3
Other financial assets			1,350			(1.6)						1,350			11.4
Other asset accounts			986			3.7						986			(1.7)
Total assets			65,178			1.9						65,178			7.2
Customer deposits			42,792			2.0						42,792			6.4
Central banks and credit institutions			9,673			14.7						9,673			14.1
Marketable debt securities			6,109			(8.9)						6,109			10.8
Other financial liabilities			306			7.2						306			1.5
Other liabilities accounts			3,224			(5.2)						3,224			1.5
Total liabilities			62,103			2.2						62,103			7.7
Total equity			3,075			(2.9)						3,075			(2.3)
Memorandum items:
Gross loans and advances to customers 2			43,125			(0.4)						43,125			5.4
Customer funds			48,606			1.7						48,606			6.5
Customer deposits ³			42,792			2.0						42,792			6.4
Mutual funds			5,814			(0.6)						5,814			6.5
Ratios (%), branches and customers
RoTE			30.2			1.5						29.8			(0.7)
Efficiency ratio			27.5			(2.3)						28.1			0.8
NPL ratio			1.77			0.01						1.77			(0.21)
NPL coverage ratio			83			1						83			(2)
Number of branches			277			(1.4)						277			(25.7)
Number of total customers (thousands)			2,966			0.1						2,966			(0.1)
Number of active customers (thousands)			1,967			0.5						1,967			1.6

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - September 2026 63

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Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Openbank Europe
EUR million
						/			Q2'26									/			9M'25
Underlying income statement			Q3'26			%			% excl. FX						9M'26			%			% excl. FX
Net interest income			1,230			1.6			1.7						3,645			5.0			4.4
Net fee income			183			(6.2)			(6.2)						568			(0.5)			(0.5)
Gains (losses) on financial transactions 1			2			—			—						(28)			(37.2)			(37.1)
Other operating income			139			21.8			21.4						358			7.8			8.2
Total income			1,554			3.5			3.6						4,543			4.9			4.5
Total costs			(650)			(2.1)			(2.0)						(2,020)			(6.9)			(7.1)
Net operating income			904			7.9			8.0						2,523			16.7			16.2
Net loan-loss provisions			(349)			0.8			0.8						(1,038)			12.1			11.9
Other gains (losses) and provisions			(81)			39.9			38.4						(394)			—			—
Profit before tax			474			9.4			9.7						1,090			(10.1)			(10.8)
Tax on profit			(129)			(12.9)			(12.6)						(344)			9.7			9.1
Profit from continuing operations			345			21.0			21.3						746			(17.0)			(17.7)
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			345			21.0			21.3						746			(17.0)			(17.7)
Non-controlling interests			(81)			4.9			5.0						(230)			7.2			7.3
Underlying attributable profit to the parent			264			26.9			27.4						516			(24.6)			(25.4)
Balance sheet
Loans and advances to customers			143,248			0.6			0.2						143,248			3.8			3.0
Cash, central banks and credit institutions			13,743			(11.8)			(12.0)						13,743			(21.8)			(22.5)
Debt instruments			7,318			(1.2)			(1.3)						7,318			(11.6)			(11.8)
Other financial assets			81			10.1			9.9						81			(22.9)			(23.0)
Other asset accounts			12,626			(0.7)			(0.9)						12,626			6.3			5.5
Total assets			177,016			(0.7)			(1.0)						177,016			0.7			(0.1)
Customer deposits			79,526			(4.1)			(4.4)						79,526			(2.5)			(3.2)
Central banks and credit institutions			30,748			5.2			4.6						30,748			3.7			2.0
Marketable debt securities			45,038			1.2			1.0						45,038			5.7			5.4
Other financial liabilities			2,074			(16.0)			(16.0)						2,074			(4.9)			(5.1)
Other liabilities accounts			6,812			7.4			7.0						6,812			18.1			17.2
Total liabilities			164,199			(0.8)			(1.1)						164,199			1.5			0.7
Total equity			12,818			0.6			0.1						12,818			(8.9)			(9.9)
Memorandum items:
Gross loans and advances to customers 2			146,631			0.6			0.3						146,631			3.9			3.0
Customer funds			85,368			(3.7)			(4.0)						85,368			(1.5)			(2.2)
Customer deposits ³			79,526			(4.1)			(4.4)						79,526			(2.5)			(3.2)
Mutual funds			5,841			2.1			2.1						5,841			14.6			14.6
Ratios (%), branches and customers
RoTE			10.5			2.6									6.3			(1.7)
Efficiency ratio			41.8			(2.4)									44.5			(5.6)
NPL ratio			2.72			0.15									2.72			0.02
NPL coverage ratio			85			(2)									85			3
Number of branches			242			(17.4)									242			(19.1)
Number of total customers (thousands)			20,457			1.0									20,457			4.2

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

64 January - September 2026

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

US
EUR million
						/			Q2'26									/			9M'25
Underlying income statement			Q3'26			%			% excl. FX						9M'26			%			% excl. FX
Net interest income			1,808			22.6			21.5						4,717			6.9			11.1
Net fee income			403			4.4			3.3						1,158			14.2			18.7
Gains (losses) on financial transactions 1			116			(0.6)			(1.8)						380			34.1			39.4
Other operating income			39			(20.3)			(21.3)						117			(21.3)			(18.2)
Total income			2,367			16.8			15.6						6,371			8.8			13.1
Total costs			(1,018)			13.6			12.5						(2,851)			(1.3)			2.6
Net operating income			1,349			19.3			18.1						3,520			18.6			23.3
Net loan-loss provisions			(635)			48.8			47.6						(1,528)			(4.3)			(0.6)
Other gains (losses) and provisions			(36)			—			—						(41)			(5.1)			(1.3)
Profit before tax			678			(4.3)			(5.3)						1,952			46.9			52.7
Tax on profit			(153)			3.4			2.3						(438)			225.4			238.2
Profit from continuing operations			525			(6.3)			(7.3)						1,514			26.8			31.8
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			525			(6.3)			(7.3)						1,514			26.8			31.8
Non-controlling interests			0			(2.4)			(3.4)						0			—			—
Underlying attributable profit to the parent			525			(6.3)			(7.3)						1,514			26.8			31.8
Balance sheet
Loans and advances to customers			203,182			32.7			31.9						203,182			53.3			48.3
Cash, central banks and credit institutions			32,108			51.7			50.7						32,108			38.0			33.5
Debt instruments			45,343			30.9			30.1						45,343			16.7			12.9
Other financial assets			5,827			45.8			44.9						5,827			102.5			96.0
Other asset accounts			12,577			23.7			23.0						12,577			3.7			0.4
Total assets			299,036			34.1			33.2						299,036			42.6			38.0
Customer deposits			203,342			52.3			51.4						203,342			73.0			67.4
Central banks and credit institutions			34,859			(7.8)			(8.4)						34,859			(13.0)			(15.8)
Marketable debt securities			24,201			(6.0)			(6.6)						24,201			(11.7)			(14.5)
Other financial liabilities			11,436			53.2			52.2						11,436			65.9			60.5
Other liabilities accounts			3,680			18.8			18.0						3,680			22.6			18.6
Total liabilities			277,519			33.7			32.8						277,519			42.4			37.8
Total equity			21,518			39.2			38.3						21,518			45.7			41.0
Memorandum items:
Gross loans and advances to customers 2			175,015			51.3			50.3						175,015			63.8			58.5
Customer funds			175,907			70.3			69.3						175,907			79.3			73.6
Customer deposits ³			157,926			83.3			82.2						157,926			90.6			84.4
Mutual funds			17,980			5.0			4.4						17,980			18.2			14.4
Ratios (%), branches and customers
RoTE			11.6			(3.2)									12.6			2.1
Efficiency ratio			43.0			(1.2)									44.7			(4.6)
NPL ratio			3.75			(0.68)									3.75			(0.92)
NPL coverage ratio			57			4									57			(1)
Number of branches			562			51.1									562			46.4
Number of total customers (thousands)			8,470			97.5									8,470			91.4
Number of active customers (thousands)			8,030			95.4									8,030			90.2

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - September 2026 65

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Mexico
EUR million
						/			Q2'26									/			9M'25
Underlying income statement			Q3'26			%			% excl. FX						9M'26			%			% excl. FX
Net interest income			1,287			(0.6)			(2.4)						3,789			12.6			4.4
Net fee income			432			6.5			4.7						1,236			19.9			11.1
Gains (losses) on financial transactions 1			102			(5.2)			(6.9)						283			11.3			3.2
Other operating income			(11)			(78.5)			(79.9)						(87)			4.6			(3.1)
Total income			1,809			3.1			1.3						5,221			14.4			6.0
Total costs			(717)			1.3			(0.5)						(2,105)			7.0			(0.9)
Net operating income			1,092			4.2			2.4						3,116			20.0			11.2
Net loan-loss provisions			(382)			4.3			2.5						(1,106)			18.8			10.1
Other gains (losses) and provisions			(1)			(89.1)			(91.1)						(20)			—			—
Profit before tax			710			5.3			3.5						1,990			19.4			10.6
Tax on profit			(205)			3.2			1.4						(588)			29.6			20.1
Profit from continuing operations			505			6.2			4.4						1,403			15.6			7.1
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			505			6.2			4.4						1,403			15.6			7.1
Non-controlling interests			0			14.0			12.5						(1)			(77.5)			(79.2)
Underlying attributable profit to the parent			505			6.2			4.4						1,402			15.8			7.3
Balance sheet
Loans and advances to customers			51,906			0.7			3.2						51,906			16.4			10.6
Cash, central banks and credit institutions			15,245			(3.1)			(0.7)						15,245			6.5			1.2
Debt instruments			33,272			(0.7)			1.7						33,272			14.6			8.9
Other financial assets			4,940			3.3			5.9						4,940			10.5			5.0
Other asset accounts			5,538			(2.4)			0.0						5,538			7.1			1.8
Total assets			110,901			(0.3)			2.2						110,901			13.7			8.0
Customer deposits			59,568			(2.1)			0.3						59,568			17.2			11.3
Central banks and credit institutions			17,361			1.7			4.2						17,361			3.7			(1.5)
Marketable debt securities			9,334			(13.0)			(10.8)						9,334			(1.5)			(6.4)
Other financial liabilities			11,813			15.9			18.7						11,813			30.1			23.6
Other liabilities accounts			3,299			6.4			9.0						3,299			13.6			7.9
Total liabilities			101,374			(0.5)			1.9						101,374			13.8			8.2
Total equity			9,527			2.3			4.8						9,527			11.9			6.3
Memorandum items:
Gross loans and advances to customers 2			53,491			0.7			3.1						53,491			16.3			10.5
Customer funds			72,525			(1.0)			1.4						72,525			12.3			6.7
Customer deposits ³			47,820			0.0			2.5						47,820			13.5			7.8
Mutual funds			24,704			(2.9)			(0.5)						24,704			9.9			4.5
Ratios (%), branches and customers
RoTE			22.1			0.6									21.2			0.0
Efficiency ratio			39.6			(0.7)									40.3			(2.8)
NPL ratio			2.90			(0.07)									2.90			(0.04)
NPL coverage ratio			100			0									100			0
Number of branches			1,237			(2.1)									1,237			(6.9)
Number of total customers (thousands)			24,122			2.5									24,122			9.0
Number of active customers (thousands)			13,298			3.2									13,298			14.2

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

66 January - September 2026

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Brazil
EUR million
						/			Q2'26									/			9M'25
Underlying income statement			Q3'26			%			% excl. FX						9M'26			%			% excl. FX
Net interest income			2,462			(5.7)			(5.2)						7,530			6.8			1.0
Net fee income			809			(1.2)			(0.5)						2,425			3.2			(2.4)
Gains (losses) on financial transactions 1			(89)			(3.2)			(4.1)						(193)			308.0			286.0
Other operating income			8			—			—						25			(54.2)			(56.6)
Total income			3,191			(4.4)			(3.8)						9,786			4.0			(1.6)
Total costs			(1,252)			(9.6)			(9.2)						(3,921)			6.8			1.1
Net operating income			1,939			(0.7)			0.0						5,864			2.3			(3.3)
Net loan-loss provisions			(1,271)			0.3			0.9						(3,707)			11.5			5.5
Other gains (losses) and provisions			(38)			31.8			30.9						(71)			867.9			815.6
Profit before tax			630			(4.1)			(3.1)						2,087			(13.1)			(17.8)
Tax on profit			(75)			50.1			61.9						(326)			(50.1)			(52.8)
Profit from continuing operations			555			(8.6)			(8.0)						1,761			0.7			(4.8)
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			555			(8.6)			(8.0)						1,761			0.7			(4.8)
Non-controlling interests			(51)			(8.9)			(8.3)						(165)			2.9			(2.7)
Underlying attributable profit to the parent			504			(8.6)			(8.0)						1,596			0.4			(5.0)
Balance sheet
Loans and advances to customers			93,545			(0.6)			(1.3)						93,545			6.0			(0.3)
Cash, central banks and credit institutions			67,791			13.3			12.5						67,791			25.4			17.9
Debt instruments			54,595			0.1			(0.5)						54,595			14.8			7.9
Other financial assets			7,477			(4.2)			(4.8)						7,477			(36.8)			(40.6)
Other asset accounts			17,117			2.5			1.8						17,117			17.4			10.3
Total assets			240,525			3.2			2.5						240,525			11.2			4.5
Customer deposits			110,691			2.4			1.7						110,691			15.4			8.5
Central banks and credit institutions			37,392			4.8			4.1						37,392			11.0			4.3
Marketable debt securities			32,713			2.3			1.6						32,713			14.9			8.0
Other financial liabilities			35,269			5.5			4.8						35,269			(0.9)			(6.8)
Other liabilities accounts			6,719			4.2			3.6						6,719			6.9			0.4
Total liabilities			222,785			3.3			2.6						222,785			11.4			4.7
Total equity			17,740			2.1			1.4						17,740			8.7			2.1
Memorandum items:
Gross loans and advances to customers 2			99,955			0.0			(0.7)						99,955			6.8			0.4
Customer funds			157,566			3.5			2.8						157,566			14.5			7.7
Customer deposits ³			95,346			3.0			2.3						95,346			14.9			8.0
Mutual funds			62,219			4.4			3.7						62,219			14.0			7.1
Ratios (%), branches and customers
RoTE			12.8			(1.5)									13.9			(1.2)
Efficiency ratio			39.2			(2.3)									40.1			1.0
NPL ratio			8.02			0.13									8.02			1.48
NPL coverage ratio			71			(1)									71			(12)
Number of branches			1,474			(2.7)									1,474			(14.5)
Number of total customers (thousands)			77,133			1.2									77,133			6.0
Number of active customers (thousands)			34,570			0.6									34,570			2.5

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - September 2026 67

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Chile
EUR million
						/			Q2'26									/			9M'25
Underlying income statement			Q3'26			%			% excl. FX						9M'26			%			% excl. FX
Net interest income			487			(19.9)			(17.5)						1,579			9.8			8.1
Net fee income			128			(12.0)			(9.4)						434			0.7			(0.8)
Gains (losses) on financial transactions 1			59			2.2			5.1						199			8.0			6.4
Other operating income			0			(83.9)			(83.4)						(1)			(93.8)			(93.9)
Total income			674			(16.8)			(14.3)						2,212			8.4			6.8
Total costs			(230)			(2.4)			0.2						(688)			(1.7)			(3.2)
Net operating income			444			(22.6)			(20.2)						1,524			13.6			11.9
Net loan-loss provisions			(137)			(6.5)			(3.9)						(421)			1.2			(0.3)
Other gains (losses) and provisions			(5)			(17.7)			(14.8)						(21)			15.5			13.7
Profit before tax			301			(28.4)			(26.0)						1,082			19.3			17.5
Tax on profit			(50)			(6.0)			(3.3)						(165)			16.8			15.0
Profit from continuing operations			251			(31.6)			(29.2)						917			19.8			18.0
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			251			(31.6)			(29.2)						917			19.8			18.0
Non-controlling interests			(73)			(32.5)			(30.1)						(269)			16.1			14.4
Underlying attributable profit to the parent			178			(31.2)			(28.9)						648			21.4			19.5
Balance sheet
Loans and advances to customers			41,881			1.8			6.9						41,881			11.9			9.8
Cash, central banks and credit institutions			8,109			25.2			31.5						8,109			48.9			46.1
Debt instruments			12,763			21.5			27.5						12,763			49.6			46.7
Other financial assets			14,707			34.6			41.4						14,707			35.9			33.4
Other asset accounts			2,568			12.2			17.8						2,568			27.0			24.6
Total assets			80,028			12.2			17.8						80,028			24.6			22.2
Customer deposits			31,873			1.2			6.3						31,873			20.6			18.3
Central banks and credit institutions			12,881			23.8			30.0						12,881			36.1			33.6
Marketable debt securities			8,730			(6.9)			(2.2)						8,730			(5.9)			(7.7)
Other financial liabilities			14,932			23.3			29.5						14,932			24.6			22.3
Other liabilities accounts			5,614			165.8			179.1						5,614			175.6			170.4
Total liabilities			74,031			13.0			18.7						74,031			25.0			22.7
Total equity			5,997			2.2			7.4						5,997			19.1			16.9
Memorandum items:
Gross loans and advances to customers 2			43,000			1.5			6.6						43,000			11.9			9.8
Customer funds			45,443			1.4			6.4						45,443			18.9			16.7
Customer deposits ³			31,153			2.7			7.8						31,153			22.0			19.7
Mutual funds			14,290			(1.4)			3.5						14,290			12.6			10.5
Ratios (%), branches and customers
RoTE			16.9			(8.0)									20.3			0.9
Efficiency ratio			34.2			5.0									31.1			(3.2)
NPL ratio			5.48			(0.30)									5.48			(0.06)
NPL coverage ratio			48			0									48			(1)
Number of branches			218			(2.2)									218			(5.6)
Number of total customers (thousands)			4,924			2.0									4,924			7.5
Number of active customers (thousands)			2,728			1.3									2,728			1.8

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

68 January - September 2026

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Sustainability Corporate governance

Appendix

Index

•Information by segment

Argentina
EUR million
									/ Q2'26									/ 9M'25
Underlying income statement			Q3'26						%						9M'26			%
Net interest income			529						(5.9)						1,691			34.5
Net fee income			251						8.0						702			20.9
Gains (losses) on financial transactions 1			59						(15.5)						176			(0.6)
Other operating income			(146)						(6.3)						(521)			44.6
Total income			692						(2.2)						2,047			23.8
Total costs			(269)						5.7						(787)			7.1
Net operating income			423						(6.7)						1,260			37.1
Net loan-loss provisions			(217)						(18.1)						(809)			112.1
Other gains (losses) and provisions			(3)						(61.0)						(27)			(12.3)
Profit before tax			203						12.5						424			(16.4)
Tax on profit			(56)						45.9						(83)			(47.8)
Profit from continuing operations			147						3.5						342			(2.1)
Net profit from discontinued operations			—						—						—			—
Consolidated profit			147						3.5						342			(2.1)
Non-controlling interests			0						(7.2)						0			(15.8)
Underlying attributable profit to the parent			147						3.5						341			(2.1)
Balance sheet
Loans and advances to customers			10,093						12.0						10,093			12.8
Cash, central banks and credit institutions			3,484						(7.1)						3,484			(1.1)
Debt instruments			4,464						4.2						4,464			86.9
Other financial assets			65						19.2						65			(9.1)
Other asset accounts			1,203						(9.4)						1,203			21.9
Total assets			19,309						4.8						19,309			21.3
Customer deposits			12,011						0.0						12,011			17.9
Central banks and credit institutions			1,916						94.9						1,916			45.6
Marketable debt securities			310						(1.8)						310			10.9
Other financial liabilities			1,487						(7.3)						1,487			21.1
Other liabilities accounts			358						(29.0)						358			(23.0)
Total liabilities			16,082						4.3						16,082			19.3
Total equity			3,227						7.1						3,227			32.5
Memorandum items:
Gross loans and advances to customers 2			10,919						10.3						10,919			15.9
Customer funds			20,501						(0.1)						20,501			26.5
Customer deposits ³			12,011						—						12,011			17.9
Mutual funds			8,490						(0.2)						8,490			41.2
Ratios (%), branches and customers
RoTE			19.8						(0.6)						16.1			(5.4)
Efficiency ratio			38.9						2.9						38.5			(6.0)
NPL ratio			8.55						(1.38)						8.55			3.60
NPL coverage ratio			90						1						90			(19)
Number of branches			353						(3.6)						353			(10.9)
Number of total customers (thousands)			5,727						2.6						5,727			5.9
Number of active customers (thousands)			3,787						1.8						3,787			0.9

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

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•Information by segment

Rest of the Group
EUR million
						/			Q2'26									/			9M'25
Underlying income statement			Q3'26			%			% excl. FX						9M'26			%			% excl. FX
Net interest income			343			(0.3)			(2.4)						1,025			31.4			30.1
Net fee income			262			10.4			8.2						738			12.2			11.9
Gains (losses) on financial transactions 1			89			0.3			(5.9)						279			24.9			21.2
Other operating income			3			(91.9)			(91.0)						45			22.4			24.9
Total income			696			(0.8)			(3.3)						2,087			22.9			21.8
Total costs			(447)			(12.1)			(13.5)						(1,363)			7.4			7.1
Net operating income			250			28.8			23.2						724			68.9			64.2
Net loan-loss provisions			(88)			15.1			12.8						(242)			37.2			32.7
Other gains (losses) and provisions			(6)			—			—						(9)			(67.1)			(66.6)
Profit before tax			156			31.6			24.3						472			111.5			105.2
Tax on profit			(47)			67.7			58.1						(124)			115.3			104.8
Profit from continuing operations			109			20.4			13.9						348			110.1			105.3
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			109			20.4			13.9						348			110.1			105.3
Non-controlling interests			(3)			(64.1)			(52.4)						(13)			—			—
Underlying attributable profit to the parent			106			29.3			20.0						335			101.1			96.6
Balance sheet
Loans and advances to customers			28,179			6.2			5.1						28,179			16.4			10.4
Cash, central banks and credit institutions			15,700			37.7			36.8						15,700			65.6			59.6
Debt instruments			12,653			(11.7)			(12.1)						12,653			140.2			131.1
Other financial assets			3,096			(1.4)			(2.5)						3,096			33.5			25.2
Other asset accounts			3,416			(5.9)			(6.1)						3,416			21.4			19.6
Total assets			63,044			6.8			6.0						63,044			43.0			36.6
Customer deposits			29,784			0.9			0.2						29,784			15.7			11.0
Central banks and credit institutions			15,665			12.3			11.3						15,665			116.7			99.2
Marketable debt securities			7,594			37.3			37.1						7,594			126.4			124.5
Other financial liabilities			3,704			3.6			2.1						3,704			61.5			54.2
Other liabilities accounts			1,483			(11.9)			(12.2)						1,483			21.7			18.3
Total liabilities			58,229			7.4			6.5						58,229			46.1			39.5
Total equity			4,815			0.2			(0.5)						4,815			13.4			8.8
Memorandum items:
Gross loans and advances to customers 2			28,670			6.0			4.9						28,670			16.3			10.3
Customer funds			53,928			2.2			1.7						53,928			25.6			22.0
Customer deposits ³			29,553			0.9			0.2						29,553			15.3			10.7
Mutual funds			24,375			3.9			3.7						24,375			40.7			39.2

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

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•Alternative performance measures

Alternative performance measures (APMs)

In addition to the financial information prepared under IFRS, this consolidated directors’ report contains financial measures that constitute alternative performance measures (APMs) to comply with the guidelines on alternative performance measures issued by the European Securities and Markets Authority on 5 October 2015 and non-IFRS measures.

The financial measures contained in this consolidated directors’ report that qualify as APMs and non-IFRS measures have been calculated using our financial information but are not defined or detailed in the applicable financial information framework or under IFRS and therefore have neither been audited nor are susceptible to being fully audited.

We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period. While we believe that these APMs and non-IFRS financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute of IFRS measures. In addition, the way in which Santander defines and calculates these APMs and non-IFRS measures may differ from the calculations used by other companies with similar measures and, therefore, may not be comparable.

The APMs and non-IFRS measures we use in this document can be categorized as follows:

Underlying results

In addition to IFRS results measures, we present some results measures which are non-IFRS and which we refer to as underlying measures. These measures allow in our view a better year-on-year comparability given that they exclude items outside the ordinary performance of our business (e.g. capital gains, write-downs, impairment of goodwill) or certain line items have been reclassified in the underlying ("adjusted") income statement, as their impact on profit is zero, to facilitate comparisons with prior quarters and better understand the trends in the business.

In addition, in the 'Financial information by segment' section, covering the primary and secondary segments, results are presented only on an underlying basis in accordance with IFRS 8, and reconciled on an aggregate basis to our IFRS consolidated results to the consolidated financial statements, which are set out below.

As a result of the announcement of the Poland disposal on 5 May 2025 and in accordance with IFRS 5 requirements, in the statutory income statement, results associated with the business subject to the Poland disposal are reported under a single line in the consolidated income statement — 'profit/(loss) after tax from discontinued operations' — for results corresponding to 2025. Consequently, the results affected by the Poland disposal perimeter are excluded line by line from the breakdown of continuing operations. In Q1 2026, this line 'profit/(loss) after tax from discontinued operations' recorded the capital gain from the completion of the Poland disposal.

The Group's underlying income statement records the results related to the business subject to the Poland disposal for all periods in 2025 and the capital gain from the completion of the Poland disposal in Q1 2026 in a single line item, 'non-recurring items'. The impacts recorded in this line are therefore excluded from the Group's underlying profit, thereby enabling a consistent comparison.

From Q2 2026, there no additional impacts from the Poland disposal.

Following the completion of the TSB acquisition, TSB's results have been included line by line in both the statutory and underlying income statements from 1 May 2026. Likewise, Webster's results have been included line by line in both the statutory and underlying income statements from 20 August 2026.

However, in the underlying income statement, some charges for intangible asset impairments and integration costs associated with the M&A transactions were recorded under ‘non-recurring items’, as they are charges associated with M&A activity and, therefore, are excluded from the Group’s underlying attributable profit.

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Reconciliation of underlying results to statutory results
EUR million
			January-September 2026
			Statutory results						Adjustments			Underlying results
Net interest income			34,545						69			34,614
Net fee income			10,349						—			10,349
Gains (losses) on financial transactions 1			1,079						—			1,079
Other operating income			740						25			765
Total income			46,713						94			46,807
Total costs			(18,972)						(953)			(19,925)
Net operating income			27,741						(859)			26,882
Net loan-loss provisions			(10,060)						—			(10,060)
Other gains (losses) and provisions			(2,892)						1,841			(1,051)
Profit before tax			14,789						982			15,771
Tax on profit			(3,634)						(282)			(3,916)
Profit from continuing operations			11,155						700			11,855
Net profit from discontinued operations			1,895						(1,895)			—
Consolidated profit			13,050						(1,195)			11,855
Non-controlling interests			(645)						(34)			(679)
Profit attributable to the parent			12,405						(1,229)			11,176

1. Includes exchange differences.

Explanation of adjustments corresponding to 9M 2026 results.

Regarding the reclassification of items within the underlying income statement:

•In all quarters, certain charges recorded in the statutory account under the line items that comprise 'other gains (losses) and provisions' are presented in the underlying income statement under the 'total costs' line item. These are mainly related to recurring operating charges, primarily related to labour and legal processes, amounting to EUR 1,006 million.

•In Q2 2026, an additional provision totalling EUR 39 million, net of tax and non-controlling interests, was recorded for potential complaints related to motor finance dealer commissions in the UK associated with our joint ventures. In the underlying income statement, this provision has been reclassified from a line item that is aggregated within ‘other operating income’, from 'tax on profit' and from 'non-controlling interests' to 'other gains (losses) and provisions', thereby recording the full amount in aggregate in a single line item.

•In Q3 2026, we recorded:

•A EUR 69 million charge in Openbank Europe related to the Court of Justice of the European Union (CJEU) ruling regarding charging interest on costs associated with consumer credit. We reclassified this charge from 'net interest income' to 'other gains (losses) and provisions'.

•EUR 53 million of amortizations related to customer deposit intangibles arising from the Webster and TSB acquisitions, included within ‘total costs’. However, in the underlying income statement, this amortization was recorded under 'other gains (losses) and provisions'.

Additionally, in the underlying income statement, the following items, totalling EUR 1,229 million, included in the statutory income statement have been excluded from underlying profit:

•The capital gain resulting from the completion of the Poland disposal in Q1 2026 totalling EUR 1,895 million recorded in the statutory income statement in the 'profit/(loss) after tax from discontinued operations' line item.

•Some charges for intangible asset impairments and integration costs associated with the M&A transactions totalling EUR 666 million (net of tax and non-controlling interests) recorded in the statutory income statement in the 'provisions or reversal of provisions' and 'impairment on other assets (net)' line items, aggregated in 'other gains (losses) and provisions'.

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Reconciliation of underlying results to statutory results
EUR million
			January-September 2025
			Statutory results						Adjustments			Underlying results
Net interest income			31,559						40			31,599
Net fee income			9,501						(39)			9,462
Gains (losses) on financial transactions 1			1,653						(6)			1,647
Other operating income			535						—			535
Total income			43,248						(5)			43,243
Total costs			(18,430)						(1,193)			(19,623)
Net operating income			24,818						(1,198)			23,620
Net loan-loss provisions			(9,377)						469			(8,908)
Other gains (losses) and provisions			(1,680)						978			(702)
Profit before tax			13,761						249			14,010
Tax on profit			(3,560)						(215)			(3,775)
Profit from continuing operations			10,201						34			10,235
Net profit from discontinued operations			1,152						(1,152)			—
Consolidated profit			11,353						(1,118)			10,235
Non-controlling interests			(1,016)						405			(611)
Profit attributable to the parent			10,337						(713)			9,624

1. Includes exchange differences.

Explanation of adjustments corresponding to 9M 2025 results.

Regarding the reclassification of items within the underlying income statement:

•In all quarters, certain charges recorded in the statutory account under the line items that comprise 'other gains (losses) and provisions' are presented in the underlying income statement under the 'total costs' line item. These are mainly related to recurring operating charges, primarily related to labour and legal processes, amounting to EUR 1,210 million.

Additionally, in the underlying income statement, the following items, totalling EUR 713 million, included in the statutory income statement have been excluded from underlying profit:

•The results associated with the business subject to the Poland disposal across all periods are reported in the 'profit/(loss) after tax from discontinued operations' line item.

•In Q2 2025, two events of the same value but opposite signs:

•A capital gain, that falls outside the ordinary course of our business, of EUR 231 million from the sale of Santander’s remaining 30.5% stake in CACEIS.

•A one-off charge of EUR 467 million (EUR 231 million, net of tax and minority interests), which strengthened the balance sheet after having updated macroeconomic parameters in Brazil’s credit provisioning models.

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Ratios

All underlying profitability, efficiency, credit quality and other metrics included in this 'Alternative performance measures' section have been calculated in all the periods in 2025 excluding business affected by the Poland disposal, in line with the underlying income statement, unless indicated otherwise.

Profitability and efficiency ratios

The purpose of the profitability ratios is to measure the ratio of profit to equity, to tangible equity, to assets and to risk-weighted assets, while the efficiency ratio measures the amount of costs needed to generate revenue. The results related to activity in Poland affected by the Poland disposal are recorded in the 'non-recurring items' line within the underlying income statement. Profitability ratios are therefore also presented on an underlying basis.

Ratio

Formula

Relevance of the metric

RoE

Profit attributable to the parent (annualized)

This ratio measures the return that shareholders obtain on the funds invested in the bank and as such measures the bank’s ability to pay shareholders.

(Return on Equity)

Average stockholders’ equity 1 (excl. minority interests)

Underlying RoE

Underlying profit attributable to the parent (annualized)

This ratio measures the return that shareholders obtain on the funds invested in the bank excluding results from operations outside the ordinary course of business.

Average stockholders’ equity 1 (excl. minority interests)

RoTE

Profit attributable to the parent minus AT1 costs (annualized) 2

This indicator is used to assess the profitability of a company as a percentage of its tangible equity, deducting AT1 issuance costs from the numerator. It is measured as the return that shareholders receive as a percentage of the funds invested in the bank less intangible assets.

(Return on Tangible Equity)

Average stockholders' equity 1 (excl. minority interests) - intangible assets

Underlying RoTE

Underlying profit attributable to the parent minus AT1 costs (annualized) 2

As with RoTE, this indicator is used to assess the profitability of the tangible equity of a company, deducting AT1 issuance costs from the numerator, but excluding results from operations outside the ordinary course of business.

Average stockholders' equity 1 (excl. minority interests) - intangible assets

RoA

Consolidated profit (annualized)

This metric measures the profitability of a company as a percentage of its total assets. It is an indicator that reflects the efficiency of the bank’s total assets in generating profit over a given period.

(Return on Assets)

Average total assets

Underlying RoA

Underlying consolidated profit (annualized)

This metric measures the profitability of a company as a percentage of its total assets excluding results from operations outside the ordinary course of business. It is an indicator that reflects the efficiency of the bank’s total assets in generating underlying profit over a given period.

Average total assets

RoRWA

Consolidated profit (annualized)

The return adjusted for risk is a derivative of the RoA metric. The difference is that RoRWA measures profit in relation to the bank’s risk-weighted assets.

(Return on Risk-Weighted Assets)

Average risk-weighted assets

Underlying RoRWA

Underlying consolidated profit (annualized)

This relates the underlying consolidated profit (excluding results from operations outside the ordinary course of business) to the Group’s risk-weighted assets.

Average risk-weighted assets

Efficiency

Total costs 3

One of the most commonly used indicators when comparing productivity of different financial entities. It measures the amount of resources used to generate the bank’s total income.

(Cost-to-income)

Total income

1.Stockholders’ equity = Capital and Reserves + Accumulated other comprehensive income + Profit attributable to the parent + Dividends.

2.Excluding the adjustment to the valuation of goodwill, since they are not considered in the denominator, we believe this calculation is more correct.

3.Total costs = Administrative expenses + Amortizations + Other operating costs.

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Profitability and efficiency 1 2 3 (EUR million and %)			Q3'26			Q2'26			9M'26			9M'25
RoE			13.5		%	13.7		%	14.8		%	13.6		%
Profit attributable to the parent (annualized)			14,971			14,826			16,130			13,783
Average stockholders' equity (excluding minority interests)			111,229			108,548			108,975			101,001
Underlying RoE			13.8		%	13.9		%	13.7		%	12.7		%
Profit attributable to the parent (annualized)			14,971			14,826			16,130			13,783
(-) Non-recurring items			(416)			(250)			1,229			951
Underlying profit attributable to the parent (annualized)			15,387			15,076			14,901			12,832
Average stockholders' equity (excluding minority interests)			111,229			108,548			108,975			101,001
RoTE			16.3		%	15.8		%	17.4		%	16.1		%
Profit attributable to the parent (annualized)			14,971			14,826			16,130			13,783
(-) AT1 costs (annualized)			685			620			653			609
(-) Goodwill impairment			—			—			—			(4)
Profit attributable to the parent minus AT1 costs (annualized, excluding goodwill impairment)			14,286			14,206			15,477			13,178
Average stockholders' equity (excluding minority interests)			111,229			108,548			108,975			101,001
(-) Average intangible assets			23,724			18,375			19,859			18,896
Average stockholders' equity (excl. minority interests) - intangible assets			87,505			90,173			89,116			82,105
Underlying RoTE			16.8		%	16.0		%	16.0		%	14.9		%
Profit attributable to the parent (annualized)			14,971			14,826			16,130			13,783
(-) AT1 costs (annualized)			685			620			653			609
(-) Goodwill impairment			—			—			—			(4)
(-) Non-recurring items			(416)			(250)			1,229			951
Underlying profit attributable to the parent minus AT1 costs (annualized, excluding goodwill impairment)			14,702			14,456			14,248			12,227
Average stockholders' equity (excluding minority interests)			111,229			108,548			108,975			101,001
(-) Average intangible assets			23,724			18,375			19,859			18,896
Average stockholders' equity (excl. minority interests) - intangible assets			87,505			90,173			89,116			82,105
RoA			0.77		%	0.82		%	0.88		%	0.83		%
Consolidated profit (annualized)			15,804			15,798			17,001			15,146
Average total assets			2,040,997			1,923,462			1,937,275			1,834,698
Underlying RoA			0.79		%	0.84		%	0.82		%	0.77		%
Consolidated profit (annualized)			15,804			15,798			17,001			15,146
(-) Adjustments to consolidated profit for activity outside the ordinary course of business			(421)			(279)			1,195			1,500
Underlying consolidated profit (annualized)			16,225			16,077			15,806			13,647
Average total assets ⁴			2,040,997			1,923,462			1,937,275			1,763,950
RoRWA			2.43		%	2.56		%	2.72		%	2.39		%
Consolidated profit (annualized)			15,804			15,798			17,001			15,146
Average risk-weighted assets ⁵			650,650			617,486			625,094			634,201
Underlying RoRWA			2.49		%	2.60		%	2.53		%	2.25		%
Consolidated profit (annualized)			15,804			15,798			17,001			15,146
(-) Adjustments to consolidated profit for activity outside the ordinary course of business			(421)			(279)			1,195			1,500
Underlying consolidated profit (annualized)			16,225			16,077			15,806			13,647
Average risk-weighted assets ⁴ ⁵			650,650			617,486			625,094			605,972
Efficiency ratio			42.1		%	42.8		%	42.6		%	45.4		%
Operating expenses			6,437			6,405			18,972			18,430
Adjustments to operating expenses in the underlying income statement			277			322			953			1,193
Underlying total costs			6,714			6,727			19,925			19,623
Total income			15,891			15,682			46,713			43,248
Adjustments to total income in the underlying income statement			69			25			94			(5)
Underlying total income			15,960			15,707			46,807			43,243
1.Averages included in the RoE, RoTE, RoA and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from using daily balances.
2.For periods less than one year, and if there are results outside the ordinary course of our business, the profit used to calculate RoE and RoTE is the annualized underlying profit, to which said results are added without annualizing. However, in 2025 figures, results relating to the Poland disposal have been annualized.
3.For periods less than one year, and if there are results outside the ordinary course of our business, the profit used to calculate RoA and RoRWA is the annualized underlying consolidated profit, to which said results are added without annualizing. However, in 2025 figures, results relating to the Poland disposal have been annualized.
4.2025 figures exclude balances related to the Poland disposal.
5.The risk-weighted assets included in the denominator of the RoRWA metric are calculated in line with the criteria laid out in the CRR (Capital Requirements Regulation).

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Ratio

Formula

Relevance of the metric

Global business and country underlying RoTE

Underlying profit attributable to the parent minus AT1 costs1 (annualized, excluding goodwill impairment)

This indicator is used to assess the profitability of the tangible equity of a company arising from underlying activities, i.e. excluding results from operations outside the ordinary course of business, deducting AT1 issuance costs from the numerator.

Average stockholders' equity (excl. minority interests) - intangible assets2

1.For both global businesses and countries, AT1 costs are allocated according to RWA consumption.

2.For global businesses, tangible equity is allocated according to RWA consumption.

Underlying RoTE (EUR million and %)
			9M'26												9M'25
			%			Numerator			Denominator						%			Numerator			Denominator
Retail & Commercial Banking			17.7			8,279			46,787						16.7			7,215			43,090
Openbank			9.0			1,706			18,884						10.3			1,921			18,612
Corporate & Investment Banking			19.2			3,130			16,306						18.4			2,670			14,474
Wealth Management & Insurance			58.2			2,177			3,740						58.8			1,814			3,086
Spain			25.6			4,791			18,686						20.5			4,175			20,362
UK			12.8			1,640			12,779						10.1			1,219			12,105
Portugal			29.8			933			3,129						30.5			1,004			3,290
Openbank Europe			6.3			594			9,414						8.0			828			10,294
US			12.6			1,916			15,259						10.5			1,507			14,410
Mexico			21.2			1,833			8,645						21.2			1,584			7,489
Brazil			13.9			2,023			14,523						15.1			2,026			13,421
Chile			20.3			834			4,114						19.3			686			3,544
Argentina			16.1			439			2,733						21.4			450			2,101

Numerator: underlying profit attributable to the parent minus AT1 costs (annualized, excluding goodwill impairment).

Denominator: average stockholders' equity (excluding minority interests) - intangible assets.

Payment Solutions' underlying RoTE is not provided as we do not consider it a relevant metric to measure performance in this type of business.

Efficiency ratio (EUR million and %)
			9M'26												9M'25
			%			Numerator			Denominator						%			Numerator			Denominator
Retail & Commercial Banking			39.9			10,497			26,277						42.9			10,361			24,179
Openbank			40.4			4,066			10,062						43.5			4,208			9,667
Corporate & Investment Banking			42.6			2,956			6,936						46.4			2,796			6,027
Wealth Management & Insurance			34.6			1,107			3,198						36.7			1,063			2,895
Spain			34.1			3,242			9,512						37.1			3,333			8,982
UK			50.6			2,252			4,450						58.6			2,205			3,760
Portugal			28.1			399			1,419						27.3			401			1,471
Openbank Europe			44.5			2,020			4,543						50.1			2,169			4,330
US			44.7			2,851			6,371						49.3			2,888			5,856
Mexico			40.3			2,105			5,221						43.1			1,968			4,566
Brazil			40.1			3,921			9,786						39.0			3,670			9,405
Chile			31.1			688			2,212						34.3			699			2,040
Argentina			38.5			787			2,047						44.4			735			1,654

Numerator: underlying total costs.

Denominator: underlying total income.

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•Alternative performance measures

Credit risk indicators

The credit risk indicators measure the quality of the credit portfolio and the percentage of non-performing loans covered by provisions. These metrics have been enhanced to include corporate exposures originated through private fixed income products. Additionally, they exclude the balances affected by the Poland disposal from all periods presented.

Ratio

Formula

Relevance of the metric

NPL ratio (Non-performing loans ratio)

Credit impaired customer loans and advances, guarantees and undrawn balances and debt securities issued by non-financial institutions

The NPL ratio is an important variable regarding financial institutions' activity since it gives an indication of the level of credit risk the entities are exposed to. It calculates risks that are, in accounting terms, declared to be credit impaired as a percentage of the total outstanding amount of customer credit and contingent liabilities and debt securities issued by non-financial institutions.

Total risk 1

NPL coverage ratio

Total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances and debt securities issued by non-financial institutions

The NPL coverage ratio is a fundamental metric in the financial sector. It reflects the level of provisions as a percentage of the credit impaired assets. Therefore, it is a good indicator of the entity's solvency against customer defaults both present and future.

Credit impaired customer loans and advances, guarantees and undrawn balances and debt securities issued by non-financial institutions

Cost of risk

Allowances for loan-loss provisions over the last 12 months

This ratio quantifies loan-loss provisions arising from credit risk over a defined period of time for a given loan and debt securities issued by non-financial institutions portfolio. As such, it acts as an indicator of credit quality.

Average loans and advances to customers and debt securities issued by non-financial institutions over the last 12 months

1. Total risk = non-impaired and impaired customer loans and advances and guarantees + impaired undrawn customer balances + debt securities issued by non-financial institutions.

Credit risk (EUR million and %)
			Sep-26			Jun-26						Sep-25
NPL ratio			2.90		%	2.93		%				2.91		%
Credit impaired balances			39,084			37,560						33,326
Gross loans and advances to customers registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through other comprehensive income' classified in stage 3, excluding POCI (Purchased or Originated Credit Impaired)			35,206			34,118						30,986
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired or acquired in business combinations			849			603						36
Customer guarantees and undrawn balances classified in stage 3			1,323			1,314						1,468
Doubtful exposure of portfolios at fair value through profit or loss			38			30						20
Gross debt securities issued by non-financial institutions registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through other comprehensive income' classified in stage 3			1,668			1,495						816
Total risk			1,349,057			1,280,755						1,145,693
Impaired and non-impaired gross loans and advances to customers			1,230,484			1,171,965						1,048,398
Impaired and non-impaired customer guarantees and impaired undrawn customer balances			95,527			86,545						76,934
Impaired and non-impaired gross debt securities issued by non-financial institutions			23,046			22,245						20,361

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			Sep-26			Jun-26						Sep-25
NPL coverage ratio			64		%	64		%				67		%
Total allowances to cover impairment losses			25,124			24,207						22,302
Total allowances to cover impairment losses on loans and advances to customers measured at amortized cost and designated at fair value through other comprehensive income			23,597			22,803						21,190
Total allowances to cover impairment losses on customer guarantees and undrawn balances			784			748						653
Total allowances to cover impairment losses on debt securities issued by non-financial institutions measured at amortized cost and designated at fair value through other comprehensive income			743			656						459
Credit impaired balances			39,084			37,560						33,326
Gross loans and advances to customers registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through other comprehensive income' classified in stage 3, excluding POCI (Purchased or Originated Credit Impaired)			35,206			34,118						30,986
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired or acquired in business combinations			849			603						36
Customer guarantees and undrawn balances classified in stage 3			1,323			1,314						1,468
Doubtful exposure of portfolios at fair value through profit or loss			38			30						20
Gross debt securities issued by non-financial institutions registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through other comprehensive income' classified in stage 3			1,668			1,495						816
Cost of risk			1.16		%	1.15		%				1.13		%
Underlying allowances for loan-loss provisions over the last 12 months			13,280			12,642						11,910
Allowances for loan-loss provisions over the last 12 months			13,279			12,643						12,380
Adjustments to loan-loss provisions for items outside ordinary course of business			1			(1)						(470)
Average loans and advances to customers and debt securities issued by non-financial institutions over the last 12 months			1,141,327			1,099,168						1,058,672

NPL ratio (EUR million and %)
			Sep-26												Sep-25
			%			Numerator			Denominator						%			Numerator			Denominator
Retail & Commercial Banking			2.92			21,815			747,481						3.08			19,560			636,041
Openbank			5.59			12,950			231,683						5.29			11,232			212,493
Corporate & Investment Banking			1.11			3,673			331,952						0.74			1,921			260,461
Wealth Management & Insurance			1.05			319			30,518						0.91			241			26,421
Spain			1.84			6,352			344,613						2.06			6,299			305,080
UK			1.03			2,969			288,792						1.09			2,638			242,934
Portugal			1.77			863			48,631						1.99			924			46,489
Openbank Europe			2.72			3,998			146,955						2.70			3,843			142,511
US			3.75			8,428			224,891						4.67			6,842			146,420
Mexico			2.90			1,678			57,828						2.95			1,476			50,086
Brazil			8.02			10,390			129,514						6.54			7,772			118,803
Chile			5.48			2,553			46,555						5.54			2,282			41,160
Argentina			8.55			961			11,238						4.95			478			9,657

Numerator: credit impaired customer loans and advances, guarantees and undrawn balances + debt securities issued by non-financial institutions.

Denominator: total risk.

Payment Solutions' NPL ratio is not provided as we do not consider it a relevant metric for this type of business.

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NPL coverage ratio (EUR million and %)
			Sep-26												Sep-25
			%			Numerator			Denominator						%			Numerator			Denominator
Retail & Commercial Banking			66			14,505			21,815						67			13,028			19,560
Openbank			69			8,998			12,950						73			8,147			11,232
Corporate & Investment Banking			37			1,354			3,673						45			865			1,921
Wealth Management & Insurance			64			204			319						68			165			241
Spain			55			3,486			6,352						54			3,408			6,299
UK			33			983			2,969						34			903			2,638
Portugal			83			713			863						85			783			924
Openbank Europe			85			3,415			3,998						82			3,164			3,843
US			57			4,822			8,428						58			3,957			6,842
Mexico			100			1,681			1,678						101			1,485			1,476
Brazil			71			7,365			10,390						83			6,418			7,772
Chile			48			1,222			2,553						49			1,125			2,282
Argentina			90			861			961						109			522			478

Numerator: total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances + debt securities issued by non-financial institutions.

Denominator: credit impaired customer loans and advances, guarantees and undrawn balances + debt securities issued by non-financial institutions.
Payment Solutions' coverage ratio is not provided as we do not consider it a relevant metric for this type of business.

Cost of risk (EUR million and %)
			Sep-26												Sep-25
			%			Numerator			Denominator						%			Numerator			Denominator
Retail & Commercial Banking			1.20			7,887			654,740						1.14			7,104			622,764
Openbank			2.10			4,576			217,592						2.06			4,392			212,804
Corporate & Investment Banking			0.32			759			233,732						0.09			171			190,425
Wealth Management & Insurance			0.11			30			26,923						0.11			27			25,001
Spain			0.43			1,218			284,311						0.45			1,162			259,307
UK			0.12			320			263,239						0.03			85			246,340
Portugal			0.06			26			45,657						0.00			0			42,957
Openbank Europe			1.03			1,474			143,729						0.91			1,272			139,887
US			1.39			2,175			155,972						1.63			2,283			139,659
Mexico			2.73			1,414			51,706						2.62			1,194			45,520
Brazil			4.25			4,791			112,742						4.17			4,402			105,484
Chile			1.28			536			41,944						1.32			534			40,473
Argentina			10.80			1,002			9,275						6.24			537			8,600

Numerator: underlying allowances for loan-loss provisions over the last 12 months.

Denominator: average loans and advances to customers + debt securities issued by non-financial institutions over the last 12 months.

Payment Solutions' cost of risk is not provided as we do not consider it a relevant metric for this type of business.

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Other indicators

The Group has a series of additional financial metrics which facilitate analysis of the underlying business trends and performance.

Ratio

Formula

Relevance of the metric

TNAV per share

Tangible book value 1

This is a very commonly used ratio used to measure the company’s accounting value per share having deducted the intangible assets. It is useful in evaluating the amount each shareholder would receive if the company were to enter into liquidation and had to sell all the company’s tangible assets.

(Tangible net asset value per share)

Number of shares excluding treasury stock

Price / tangible book value per share (X)

Share price

This is one of the most commonly used ratios by market participants for the valuation of listed companies both in absolute terms and relative to other entities. This ratio measures the relationship between the price paid for a company and its accounting equity value.

TNAV per share

LTD ratio

Net loans and advances to customers

This is an indicator of the bank's liquidity. It measures the total loans and advances to customers net of loan-loss provisions as a percentage of customer deposits.

(Loan-to-deposit)

Customer deposits

Loans and advances (excl. reverse repos)

Gross loans and advances to customers excluding reverse repos

In order to aid analysis of the commercial banking activity, reverse repos are excluded as they are highly volatile treasury products.

Deposits (excl. repos)

Customer deposits excluding repos

In order to aid analysis of the commercial banking activity, repos are excluded as they are highly volatile treasury products.

PAT + fees paid to SAN (in Wealth Management & Insurance)

Net profit + fees ceded by Santander Insurance & Asset Management Solutions to the branch network, net of taxes, excluding Private Banking customers

Metric to assess Wealth Management & Insurance’s total contribution to the Group’s profit.

Payments' EBITDA margin

EBITDA 2

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is a financial metric whose purpose is to measure the operating performance of the business before interest, taxes and amortization, in relation to total revenue. It is used to assess the business’s operating profitability and its capacity to generate results from its core activities, isolating the impact of financial, tax and accounting factors.

Total income

1.Tangible book value = Stockholders' equity (excl. minority interests) - intangible assets.

2.EBITDA = net operating income - amortizations - impairment of other assets + net loan-loss provisions.

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Others (EUR million and %)
			Sep-26			Jun-26						Sep-25
TNAV (tangible book value) per share			5.92			6.32						5.56
Tangible book value			85,377			90,574						82,422
Number of shares excl. treasury stock (million)			14,429			14,321						14,818
Price / Tangible book value per share (X)			2.08			1.91						1.60
Share price (euros)			12.328			12.084						8.874
TNAV (tangible book value) per share			5.92			6.32						5.56
Loan-to-deposit ratio			99		%	101		%				100		%
Net loans and advances to customers			1,206,887			1,149,162						1,027,209
Customer deposits			1,222,263			1,133,762						1,026,130
			Q3'26			Q2'26			9M'26			9M'25
PAT + fees (in Wealth) (Constant EUR million)			1,018			1,024			2,968			2,603
Profit after tax			577			604			1,690			1,427
Net fee income net of tax			440			420			1,278			1,176
Payments' EBITDA margin			36.8			31.7			34.0			31.6
EBITDA			149			123			400			314
Net operating income			62			51			175			138
(-) Amortizations			(72)			(75)			(222)			(195)
(-) Impairment of other assets			(20)			(3)			(27)			—
Net loan-loss provisions			(4)			(6)			(24)			(19)
Total income			404			387			1,175			994

1.For TNAVs corresponding to periods in 2025, we have taken into account intangible assets related to the Poland disposal, even though they were recorded in ‘non-current assets held for sale’ from Q2 2025, in accordance with IFRS 5 requirements.

2.For 2026 data, the definition of EBITDA margin has been aligned with the new Group reporting, without changing prior periods. Therefore, the net operating income used for periods in 2025 does not include the ‘other operating costs’ line item.

Sustainability indicators

Metric

Definition

Sep-26

Green finance raised and facilitated accumulated from 2019-2026 (EUR billion)

Nominal amount of project finance, financial advisory, project bonds, green bonds (DCM), export finance (ECA), mergers and acquisitions (M&A), and equity capital markets (ECM) transactions ranked by the SCFS panel and reported in the League Tables of Dealogic, Inframation News, TXF and Mergermarket since 2019.

195.1

Socially responsible investment assets under management (SRI AuMs) as a percentage of total assets under management in Wealth Management & Insurance

Value corresponding to total volume of assets under management registered as article 8 - promoting ESG characteristics - and 9 - with explicit sustainability objectives - of the Sustainable Finance Disclosure Regulation (SFDR, EU Reg. 2019/2088) except for illiquid investments in Private Banking which are reported in terms of committed capital. It includes: i) assets managed or advised by Asset Management and other Group asset managers in the EU and, using equivalent criteria, in countries where SFDR does not apply; and ii) third party funds and assets advised deemed sustainable investments according to SFDR (Article 2.17) or using internal criteria as per SFICS (Sustainable Finance & Investment Classification System) divided by total assets under management in Wealth Management & Insurance.

24

%

Note: targets were set before the publication of the European taxonomy in Q2 2023. Therefore, target definitions are not fully aligned with the taxonomy.

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Local currency measures

We make use of certain financial measures in local currency to help in the assessment of our ongoing operating performance. These non-IFRS financial measures include the results of operations of our subsidiary banks located outside the eurozone, excluding the impact of foreign exchange. Because changes in foreign currency exchange rates do not have an operating impact on the results, we believe that evaluating their performance on a local currency basis provides an additional and meaningful assessment of performance to both management and the company’s investors.

The Group presents, at both the Group level as well as the business unit level, the changes in the income statement as well as the changes excluding the exchange rate effect ('excluding FX' or 'constant euros'), as it considers the latter facilitates analysis, since it enables business movements to be identified without taking into account the impact of converting each local currency into euros.

Said variations, excluding the impact of exchange rate movements, are calculated by converting income statement lines for the different business units comprising the Group into our presentation currency, the euro, applying the average exchange rate for 9M 2026 to all periods contemplated in the analysis. We use this method for all countries with the exception of Argentina, where we use the exchange rate on the last working day of each period presented, given it is a hyperinflationary economy, to mitigate the distortions caused by the hyperinflation.

We present, at both the Group level as well as the business unit level, the changes in euros as well as the changes excluding the exchange rate effect ('excluding FX' or 'constant euros') for loans and advances to customers excluding reverse repurchase agreements (repos) and customer funds (which comprise customer deposits and mutual funds) excluding repos. Additionally, we

present changes in the main balance sheet lines of the Group's countries both in euros as well as the changes excluding the exchange rate effect. As with the income statement, the reason is to facilitate analysis by isolating the changes in the balance sheet that are not caused by converting each local currency into euros.

These changes excluding the impact of exchange rate movements are calculated by converting the balances into our presentation currency, the euro, applying the closing exchange rate on the last working day of September 2026 to all periods contemplated in the analysis. We use this method to calculate the variations for all countries with the exception of Argentina, where we use the exchange rate on the last working day of each period presented, given it is a hyperinflationary economy, to mitigate the distortions caused by the hyperinflation.

In Q1 2025, due to the significant divergence between the official exchange rate and other macroeconomic magnitudes in Argentina, mainly inflation, we applied an alternative exchange rate for the Argentine peso taking the dollar contado con liquidación rate (CCL) as a reference, which is the exchange rate resulting from the sale of local bonds denominated in Argentine pesos in US dollars (dual denomination peso/dollar bonds).

From Q2 2025, we once again apply the official exchange rate given that the value of the dollar CCL exchange rate did not significantly differ from other market rates or the official exchange rate following the lifting of currency controls and the removal of restrictions on the purchase of foreign currency for individuals in Argentina.

The average and period-end exchange rates for the main currencies in which the Group operates are set out in the table below.

Exchange rates: 1 euro / currency parity
			Average (income statement)									Period-end (balance sheet)
			9M'26			9M'25						Sep-26			Jun-26			Sep-25
US dollar			1.161			1.117						1.136			1.143			1.173
Pound sterling			0.863			0.851						0.855			0.861			0.873
Brazilian real			5.972			6.313						5.876			5.915			6.252
Mexican peso			20.193			21.787						20.452			19.962			21.523
Chilean peso			1,052.319			1,068.408						1,105.912			1,053.147			1,127.108
Argentine peso1												1,731.600			1,692.910			1,609.836

1. Average exchange rates for the Argentine peso are not included since we use the exchange rate on the last working day of each period presented given it is a hyperinflationary economy. We apply the official ARS exchange rate except for Q1 2025 when we applied an alternative exchange rate for the Argentine peso that better reflected the evolution of inflation.

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Impact of inflation rate on the variations of total costs

Santander presents, for both the Group and the business units included in the primary and secondary segments: i) the changes in total costs in euros; ii) the changes excluding the exchange rate effect with the exception of Argentina which is calculated as described above in 'Local currency measures'; and iii) the changes excluding the exchange rate effect and significant M&A impacts (i.e. in 9M 2026, it excludes TSB and Webster) minus the effect of average inflation over the last twelve months (i.e. in 'real terms'), except for Argentina as Argentina's cost growth in euros should already largely reflect the effect of hyperinflation on exchange rates. The reason is that the two latter facilitate analysis for management purposes.

Inflation is calculated as the arithmetic average of the last 12 months for each country and, for the global businesses, as the weighted average the inflation rate of each country comprising the global business, weighted by each country's total costs. For the Group and the global businesses, to mitigate the impact from hyperinflation in the country, we exclude the impact of inflation in Argentina from the calculation as Argentina's cost growth in euros should already largely reflect the effect of hyperinflation on exchange rates.

The table below shows the average inflation rates calculated as indicated.

			Average inflation
			%						Average inflation last 12 months
			Retail & Commercial Banking						3.5
			Openbank						2.9
			Corporate & Investment Banking						3.3
			Wealth Management & Insurance						3.2
			Payment Solutions						3.5
			Spain						3.3
			UK						3.1
			Portugal						2.8
			Openbank Europe						2.6
			US						3.2
			Mexico						3.8
			Brazil						4.4
			Chile						3.5
			Total Group						3.3

Note: the Total Group's and the global businesses' average inflations are calculated excluding the impact of inflation in Argentina.

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•Condensed consolidated financial statements

Interim condensed consolidated financial statements

Condensed consolidated balance sheet

Condensed consolidated income statement

Note: The following financial information for the first nine months of 2026 and 2025 (attached herewith) corresponds to the condensed consolidated financial statements prepared in accordance with the International Financial Reporting Standards.

Interim condensed consolidated balance sheet
EUR million
ASSETS			Sep-26			Dec-25			Sep-25
Cash, cash balances at central banks and other deposits on demand			162,336			152,281			161,899
Financial assets held for trading			317,169			252,318			248,856
Non-trading financial assets mandatorily at fair value through profit or loss			8,907			7,761			7,499
Financial assets designated at fair value through profit or loss			7,810			8,046			8,086
Financial assets at fair value through other comprehensive income			79,584			74,612			74,037
Financial assets at amortised cost			1,414,627			1,202,689			1,175,701
Hedging derivatives			5,965			3,931			4,246
Changes in the fair value of hedged items in portfolio hedges of interest rate risk			(1,325)			50			(156)
Investments			7,980			7,052			7,352
Joint ventures entities			2,249			1,956			1,993
Associated entities			5,731			5,096			5,359
Assets under reinsurance contracts			221			223			227
Tangible assets			26,477			27,438			28,408
Property, plant and equipment			25,588			26,416			27,608
For own-use			12,442			11,663			11,953
Leased out under an operating lease			13,146			14,753			15,655
Investment property			889			1,022			800
Of which : Leased out under an operating lease			695			860			640
Intangible assets			26,135			17,308			17,287
Goodwill			18,923			11,958			12,025
Other intangible assets			7,212			5,350			5,262
Tax assets			32,380			30,076			28,812
Current tax assets			11,439			11,132			9,897
Deferred tax assets			20,941			18,944			18,915
Other assets			11,237			8,719			9,045
Insurance contracts linked to pensions			61			67			71
Inventories			4			7			5
Other			11,172			8,645			8,969
Non-current assets held for sale			2,831			75,011			69,369
TOTAL ASSETS			2,102,334			1,867,515			1,840,668

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Interim condensed consolidated balance sheet
EUR million
LIABILITIES			Sep-26			Dec-25			Sep-25
Financial liabilities held for trading			218,458			171,546			164,608
Financial liabilities designated at fair value through profit or loss			44,042			42,148			37,079
Financial liabilities at amortized cost			1,657,662			1,421,184			1,414,964
Hedging derivatives			6,272			4,248			4,188
Changes in the fair value of hedged items in portfolio hedges of interest rate risk			(121)			49			28
Liabilities under insurance contracts			22,466			18,737			18,620
Provisions			8,712			8,355			7,744
Pensions and other post-retirement obligations			1,602			1,656			1,663
Other long term employee benefits			985			993			918
Taxes and other legal contingencies			3,028			2,989			2,786
Contingent liabilities and commitments			784			713			653
Other provisions			2,313			2,004			1,724
Tax liabilities			9,739			9,568			9,457
Current tax liabilities			4,089			3,664			3,537
Deferred tax liabilities			5,650			5,904			5,920
Other liabilities			16,704			15,937			15,008
Liabilities associated with non-current assets held for sale			—			62,995			59,058
TOTAL LIABILITIES			1,983,934			1,754,767			1,730,754
EQUITY
Shareholders' equity			145,931			141,144			139,081
Capital			7,278			7,345			7,443
Called up paid capital			7,278			7,345			7,443
Unpaid capital which has been called up			—			—			—
Share premium			35,156			36,792			38,492
Equity instruments issued other than capital			—			—			—
Equity component of the compound financial instrument			—			—			—
Other equity instruments issued			—			—			—
Other equity			456			273			271
Accumulated retained earnings			102,453			91,959			91,954
Revaluation reserves			—			—			—
Other reserves			(8,451)			(7,532)			(7,180)
(-) Own shares			(1,533)			(96)			(532)
Profit attributable to shareholders of the parent			12,405			14,101			10,337
(-) Interim dividends			(1,833)			(1,698)			(1,704)
Other comprehensive income (loss)			(34,419)			(37,974)			(38,004)
Items not reclassified to profit or loss			(2,709)			(4,121)			(4,248)
Items that may be reclassified to profit or loss			(31,710)			(33,853)			(33,756)
Non-controlling interest			6,888			9,578			8,837
Other comprehensive income			(1,995)			(1,947)			(2,048)
Other items			8,883			11,525			10,885
TOTAL EQUITY			118,400			112,748			109,914
TOTAL LIABILITIES AND EQUITY			2,102,334			1,867,515			1,840,668
MEMORANDUM ITEMS: OFF BALANCE SHEET AMOUNTS
Loan commitments granted			342,782			321,234			310,866
Financial guarantees granted			19,122			17,449			16,819
Other commitments granted			180,388			148,118			158,744

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Index

•Condensed consolidated financial statements

Interim condensed consolidated income statement
EUR million			9M'26			9M'25
Interest income			80,425			76,325
Financial assets at fair value through other comprehensive income			5,011			4,140
Financial assets at amortized cost			60,795			58,116
Other interest income			14,619			14,069
Interest expense			(45,880)			(44,766)
Interest income/ (charges)			34,545			31,559
Dividend income			759			559
Income from companies accounted for using the equity method			722			480
Commission income			14,136			12,790
Commission expense			(3,787)			(3,289)
Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net			(124)			162
Financial assets at amortized cost			(100)			(26)
Other financial assets and liabilities			(24)			188
Gain or losses on financial assets and liabilities held for trading, net			301			1,040
Reclassification of financial assets at fair value through other comprehensive income			—			—
Reclassification of financial assets from amortized cost			—			—
Other gains (losses)			301			1,040
Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss			355			672
Reclassification of financial assets at fair value through other comprehensive income			—			—
Reclassification of financial assets from amortized cost			—			—
Other gains (losses)			355			672
Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net			757			(419)
Gain or losses from hedge accounting, net			29			(6)
Exchange differences, net			(239)			204
Other operating income (*)			1,088			1,221
Other operating expenses			(1,901)			(1,790)
Income from insurance and reinsurance contracts			359			351
Expenses from insurance and reinsurance contracts			(287)			(286)
Total income			46,713			43,248
Administrative expenses			(16,518)			(16,008)
Staff costs			(10,516)			(10,063)
Other general and administrative expenses			(6,002)			(5,945)
Depreciation and amortization			(2,454)			(2,422)
Provisions or reversal of provisions, net			(2,422)			(1,709)
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss and net gains and losses from modifications			(10,047)			(9,372)
Financial assets at fair value through other comprehensive income			(93)			(52)
Financial assets at amortized cost			(9,954)			(9,320)
Impairment of investments in subsidiaries, joint ventures and associates, net			—			—
Impairment on non-financial assets, net			(527)			(188)
Tangible assets			(13)			(128)
Intangible assets			(496)			(53)
Others			(18)			(7)
Gain or losses on non-financial assets and investments, net			42			(22)
Negative goodwill recognized in results			3			22
Gains or losses on non-current assets held for sale not classified as discontinued operations			(1)			212
Operating profit/(loss) before tax			14,789			13,761
Tax expense or income from continuing operations			(3,634)			(3,560)
Profit/(loss) for the period from continuing operations			11,155			10,201
Profit/( loss) after tax from discontinued operations			1,895			1,152
Profit/(loss) for the period			13,050			11,353
Profit attributable to non-controlling interests			645			1,016
Profit/(loss) attributable to the parent			12,405			10,337
Earnings/(losses) per share
Basic			0.83			0.66
Diluted			0.82			0.66

(*) Includes -EUR 503 million at 30 September 2026 (-EUR 348 million at 30 September 2025) derived from the net monetary loss generated in Argentina as a result of the application of IAS 29 Financial reporting in hyperinflationary economies.

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Index

•Glossary

Glossary

•A2A: Account-to-account

•Active customer: Those customers who comply with the minimum balance, income and/or transactionality requirements as defined according to the business area

•ADR: American Depositary Receipt

•AI: Artificial intelligence

•APM: Alternative Performance Measures

•AuMs: Assets under management

•bn: Billion

•bps: basis points

•CDI: CREST Depository Interest

•CET1: Common Equity Tier 1

•CF: Corporate Finance

•CHF: Swiss francs

•CIB: Corporate & Investment Banking

•CNMV: Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores)

•CRR: Capital Requirements Regulation

•Digital customers: Every consumer of a commercial bank’s services who has logged on to their personal online banking and/or mobile banking in the last 30 days

•ECAs: Export credit agency, government-backed financial institutions that support domestic companies' international trade

•ECB: European Central Bank

•EPS: Earnings per share

•ESMA: European Securities and Markets Authority

•Financial inclusion: Number of people who are unbanked, underbanked, in financial difficulty, with difficulties in accessing credit who, through the Group's products and services, are able to access the financial system or receive tailored finance. Financially underserved groups are defined as people who do not have a current account, or who have an account but obtained alternative (non-bank) financial services in the last 12 months. Beneficiaries of various programmes are included in the quantification process only once in the entire period. Only new empowered people are counted, taking as a base year those existing since 2019. 

•Free float: total number of shares in circulation minus treasury shares as a % the total number of shares in circulation

•FX: Foreign Exchange

•GB: Global Banking

•GBP:

•GDP: Gross Domestic Product

•GM: Global Markets

•GTB: Global Transaction Banking

•ICO: Official Credit Institute in Spain (Instituto de Crédito Oficial)

•IDB: Inter-American Development Bank

•IFRS 5: International Financial Reporting Standard 5, regarding non-current Assets Held for Sale and Discontinued Operations

•IFRS 8: International Financial Reporting Standard 8, regarding operating segments

•IFRS 9: International Financial Reporting Standard 9, regarding financial instruments

•IPO: Initial Public Offering

•LCR: Liquidity Coverage Ratio

•LLPs: Loan-loss provisions

•MDA: Maximum Distributable Amount

•mn: Million

•MREL: Minimum Requirement for own funds and eligible liabilities

•M&A: Mergers and acquisitions

•NII: Net interest income

•NPS: Net promoter score

•OBE: Openbank Europe

•OB US: Openbank US

•ODS: Open Digital Services

•Payments: Payment Solutions (Getnet, Getnet Platforms and Ebury)

•PB: Private Banking

•PBT: Profit before tax

•pp: percentage points

•QoQ: quarter-on-quarter

•Retail: Retail & Commercial Banking

•Repos: Repurchase agreements

•RoA: Return on assets

•RoE: Return on equity

•RoRWA: Return on risk-weighted assets

•RoTE: Return on tangible equity excluding the cost of AT1issuances from the numerator

•RWAs: Risk-weighted assets

•Sales conversion: Indicator that measures the effectiveness of a commercial process in converting opportunities into actual sales

•SAM: Santander Asset Management

•SBNA: Santander Bank N.A.

•SEC: Securities and Exchanges Commission

•SMEs: Small and medium enterprises

•Time-to-market: The length of time it takes for a product or service to being available for purchase

•TLAC: The total loss-absorbing capacity requirement which is required to be met under the CRD V package

•TNAV: Tangible net asset value

•TPV: Total payment volume

•VaR: Value at Risk

•Wealth: Wealth Management & Insurance

•YoY: Year-on-year

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Important information

Non-IFRS and alternative performance measures

Banco Santander, S.A. (“Santander”) cautions that this report may contain financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as alternative performance measures (APMs) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non-IFRS measures. The APMs and non-IFRS measures were calculated with information from Grupo Santander; however, they are neither defined or detailed in the applicable financial reporting framework nor audited or reviewed by our auditors. We use the APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider them to be useful metrics for our management and investors to compare operating performance between accounting periods.

Nonetheless, the APMs and non-IFRS measures are supplemental information; their purpose is not to substitute the IFRS measures. Furthermore, other companies, including some in our industry, may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. APMs using environmental, social and governance labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR.

For more details on APMs and non-IFRS measures, please see the 2025 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 27 February 2026 (https://www.santander.com/content/dam/santander-com/es/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2026/sec-2025-annual-20-f-2025-disponible-solo-en-ingles-es.pdf), except with respect to the information and the audited financial statements included therein and superseded by the information and the audited financial statements included in our Report on Form 6-K furnished to the SEC on 1 April 2026 relating to certain recast financial information as a result of certain changes to the presentation of the Group’s financial information (https://www.santander.com/content/dam/santander-com/en/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2026/sec-recast-of-certain-financial-information-and-related-disclosure-for-the-three-years-ended-31-december-2025-en.pdf), as well as the section “Alternative performance measures” of this third quarter financial report, which was published on 28 October 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results).

Sustainability information

This report may contain, in addition to financial information, sustainability-related information, including environmental, social and governance-related metrics, statements, goals, targets, commitments and opinions. The sustainability information can be found throughout this report. The sustainability information is provided in accordance with Directive 2022/2464 on corporate sustainability reporting (CSRD) and Law 11/2018 on non-financial and diversity reporting. Sustainability information is not audited nor reviewed by an external auditor. Sustainability information is prepared following various external and internal frameworks, reporting guidelines and measurement, collection and verification methods and practices, which may materially differ from those applicable to financial information and are in many cases emerging and evolving.

Sustainability information is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. Sustainability information is thus subject to significant measurement uncertainties, may not be comparable to sustainability information of other companies or over time or across periods and its use is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. The sustainability information is for informational purposes only, without any liability being accepted in connection with it except where such liability cannot be limited under overriding provisions of applicable law.

Forward-looking statements

Santander hereby warns that this report may contain 'forward-looking statements', as defined by the US Private Securities Litigation Reform Act of 1995. Such statements can be understood through words and expressions like 'expect', 'project', 'anticipate', 'should', 'intend', 'probability', 'risk', 'VaR', 'RoRAC', 'RoRWA', 'TNAV', 'target', 'goal', 'objective', 'estimate', 'future', 'ambition', 'aspiration', 'commitment', 'commit', 'focus', 'pledge' and similar expressions. They include (but are not limited to) statements on future business development, shareholder remuneration policy and non-financial information. However, risks, uncertainties and other important factors may lead to developments and results that differ materially from those anticipated, expected, projected or assumed in forward-looking statements. The important factors below (and others mentioned in this report, as well as other unknown or unpredictable factors, could affect our future development and results and could lead to outcomes materially different from what our forward-looking statements anticipate, expect, project or assume:

•general economic or industry conditions (e.g., an economic downturn; higher volatility in the capital markets; inflation; deflation; changes in demographics, consumer spending, investment or saving habits; and the effects of the armed conflicts in Ukraine and the Middle East, or the outbreak of public health emergencies in the global economy) in areas where we have significant operations or investments;

•exposure to operational risks, including cyberattacks, data breaches, data losses and other security incidents;

•exposure to market risks (e.g., risks from interest rates, foreign exchange rates, equity prices and new benchmark indices);

•potential losses from early loan repayment, collateral depreciation or counterparty risk;

•political instability in Spain, the UK, other European countries, Latin America and the US;

•changes in monetary, fiscal and immigration policies and trade tensions, including the imposition of tariffs and retaliatory responses;

•legislative, regulatory or tax changes (including regulatory capital and liquidity requirements) and greater regulation prompted by financial crises;

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•acquisitions, integrations, divestitures and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters;

•reputational risk and potential adverse reactions of stakeholders, including adverse effects on the market price of our securities

•climate-related conditions, regulations, targets and weather events;

•uncertainty over the scope of actions that may be required by us, governments and others to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and potential conflicts and inconsistencies among governmental standards and regulations. Important factors affecting sustainability information may materially differ from those applicable to financial information. Sustainability information is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. Sustainability information is thus subject to significant measurement uncertainties, may not be comparable to sustainability information of other companies or over time or across periods and its inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. The sustainability information is for informational purposes only, without any liability being accepted in connection with it except where such liability cannot be limited under overriding provisions of applicable law;

•our own decisions and actions, including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; and

•changes affecting our access to liquidity and funding on acceptable terms, especially due to credit spread shifts or credit rating downgrade for the entire group or core subsidiaries.

Forward looking statements are based on current expectations and future estimates about Santander’s and third-parties’ operations and businesses and address matters that are uncertain to varying degrees, including, but not limited to developing standards that may change in the future; plans, projections, expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including expectations regarding future execution of Santander’s and third parties’ energy and climate strategies, and the underlying assumptions and estimated impacts on Santander’s and third-parties’ businesses related thereto; Santander’s and third-parties’ approach, plans and expectations in relation to carbon use and targeted reductions of emissions; changes in operations or investments under existing or future environmental laws and regulations; and changes in government regulations and regulatory requirements, including those related to climate-related initiatives.

Forward-looking statements are aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this report and are informed by the knowledge, information and views available on such date and are subject to change without notice. Banco Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law.

No offer or solicitation

This report does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”). No investment activity should be undertaken on the basis of the information contained in this report. By making this report available, no advice or recommendation is being given to buy, sell or otherwise deal in any securities or investments whatsoever.

Past performance does not indicate future outcomes

Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or earnings (including earnings per share) will necessarily be the same or higher than in previous periods. Nothing mentioned in this report should be taken as a profit and loss forecast.

Third Party Information

Regarding the data provided by third parties, neither Santander, nor any of its directors, managers or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in by any means, Santander may introduce any changes it deems suitable, and may omit, partially or completely, any of the elements of this report, and in case of any deviation, Santander assumes no liability for any discrepancy.

This document is a translation of a document originally issued in Spanish. Should there be any discrepancies between the English and the Spanish versions, only the original Spanish version should be binding.

January - September 2026 89

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			Banco Santander, S.A.
Date:   28 October 2026			By:			/s/ José García Cantera
			Name:			José García Cantera
			Title:			Chief Financial Officer