Banco Santander (NYSE: SAN) profit rises as Poland sale boosts capital and buybacks

Rhea-AI Filing Summary

Banco Santander delivered strong 2025 results while reshaping its portfolio. Attributable profit reached EUR 14,101 million, up 12% year-on-year, with Q4 profit of EUR 3,764 million. Total income was EUR 58,670 million and the efficiency ratio improved to 41.2%. Return on tangible equity (post-AT1) rose to 16.3%, and the phased-in CET1 capital ratio increased to 13.5%, with total capital at 17.8%. Credit quality remained solid, with a non-performing loan ratio of 2.91% and cost of risk of 1.15%.

The Group completed the Poland disposal on 9 January 2026, generating an estimated net capital gain of about EUR 1.9 billion and adding roughly 95 basis points to CET1, equivalent to around EUR 6 billion. Santander plans to devote about half of this CET1 uplift to accelerate extraordinary share buybacks. It also agreed to acquire TSB for GBP 2.65 billion and Webster Financial for USD 12.2 billion, and announced the merger of Openbank with Santander Consumer Finance to unify European consumer finance under the Openbank brand.

Positive

• Double-digit profit growth with strong returns: 2025 attributable profit rose to EUR 14,101 million (+12% year-on-year), with RoTE (post-AT1) at 16.3% and an improved efficiency ratio of 41.2%.
• Capital accretion and shareholder returns: The Poland disposal is expected to add about 95 bps to the CET1 ratio (to 13.5%) and Santander plans to allocate roughly 50% of that uplift to accelerated share buybacks.

Negative

• None.

Insights

Banking sector analyst

Santander posts higher profit, boosts capital and reshapes its portfolio with major deals.

Banco Santander increased 2025 attributable profit to EUR 14,101 million, up 12% year-on-year, while keeping total income broadly stable and improving its efficiency ratio to 41.2%. Profit growth came alongside a RoTE (post-AT1) of 16.3%, indicating strong profitability on tangible equity.

The completed Poland disposal generated an estimated net capital gain of about EUR 1.9 billion and lifted the phased-in CET1 ratio by roughly 95 basis points to 13.5%. Management plans to use around 50% of that CET1 uplift for extraordinary share buybacks, adding to previously announced plans to allocate at least EUR 10 billion to buybacks over 2025–2026, subject to corporate and regulatory decisions.

Strategically, Santander is exiting part of Poland while deepening exposure in the US and UK through the agreed acquisitions of TSB (valued at GBP 2.65 billion) and Webster Financial (valued at USD 12.2 billion). It is also merging Openbank and Santander Consumer Finance, aiming to run European consumer finance under the Openbank brand. Future disclosures in subsequent periods will show how these moves affect segment profitability, capital ratios and credit quality after completion and integration.

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 February, 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 - December 2025 Financial Report 1

January - December 2025

Index

3						SIGNIFICANT EVENTS IN THE PERIOD
4						KEY CONSOLIDATED DATA
6						BUSINESS MODEL
7						GROUP FINANCIAL INFORMATION
7						Highlights of the period
9						Income statement
11						Balance sheet
13						Solvency ratios
14						Risk management
16						The Santander share
17						FINANCIAL INFORMATION BY SEGMENT
43						APPENDIX
44						Financial information
47						Alternative performance measures
59						Condensed consolidated financial statements
62						Glossary
63						Important information

This report was approved by the board of directors on 3 February 2026, following a favourable report from the audit committee. Important information regarding this report can be found on pages 63, 64 and 65.

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

SIGNIFICANT EVENTS IN THE PERIOD

In Q2 2025, Santander announced the entry into an agreement with Erste Group Bank AG (Erste) to sell approximately 49% of its stake in Santander Bank Polska S.A. (Santander Poland) and the 50% of the asset management company (TFI) which was not integrated within Santander Polska to Erste, for a total cash amount of approximately EUR 7 billion. In addition, Santander announced its intention to acquire 100% of Santander Consumer Bank Polska by purchasing the 60% stake currently held by Santander Bank Polska S.A. (approximately EUR 0.7 billion), thereby bringing the business fully within the perimeter of Grupo Santander and excluding it from the scope of the sale. Santander and Erste also announced a strategic collaboration to leverage the strengths and international presence of both institutions in Corporate & Investment Banking (CIB) as well as the possibility for Erste to benefit from Santander’s global payments platforms. The abovementioned transaction will hereinafter be referred to as the 'Poland disposal'.

The transaction was completed as expected, closing the sale on 9 January 2026, after obtaining regulatory approvals and fulfilling the conditions for closing. The transaction resulted in a net capital gain of approximately EUR 1.9 billion for the Group, increasing its CET1 ratio by c.95 basis points, equivalent to around EUR 6 billion. The financial impacts on both results and capital from this transaction will be recorded in Q1 2026.

As previously announced, as of the publication date of this report, 3 February 2026, we confirm that the bank will devote approximately 50% of the CET1 capital generated from this transaction to accelerate the delivery of the extraordinary share buyback programmes.

In accordance with IFRS 5 requirements, from Q2 2025 the business subject to the Poland disposal has been classified as 'non-current assets/liabilities held for sale' and the related results have been reported under 'discontinued operations'. Accordingly:

•In the Group’s consolidated balance sheet, the assets associated with the Poland disposal are 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'. This classification applies solely to the balance sheets from 30 June 2025 onwards and does not affect balance sheets for prior periods.

•In the statutory income statement, the 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 both 2025 and 2024. Consequently, the results from the Poland disposal perimeter are excluded line by line from the breakdown of continuing operations in both periods.

However:

•In the underlying income statement, both at the Group and the primary and secondary segment levels (which are presented on an underlying basis only), the results from Poland continue to be reported line by line and disaggregated, as they were in previous quarterly disclosures given the fact that the management of Santander Poland remained unchanged until the Poland disposal was completed in January 2026. This reporting approach is consistent with the information used internally in management reporting, as well as with other public Group disclosures.

•For the same reason, all management metrics included in this report have been calculated including Poland, i.e. maintaining the same perimeter that existed at the time of the announcement of the Poland disposal. However, if we were to exclude Poland, the Group's main management ratios would not be materially affected.

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

Additionally, in Q3 2025, Santander announced it had reached an agreement to acquire 100% of TSB Banking Group plc's (TSB) share capital from Banco de Sabadell, S.A. (Sabadell) with a valuation of GBP 2.65 billion (approximately EUR 3.1 billion) in an all-cash transaction. This agreement does not impact the information presented to date nor is it expected to affect future publications until the transaction is completed. The transaction is subject to the corresponding regulatory approvals.

In Q4 2025, Santander announced the merger of Openbank and Santander Consumer Finance (SCF) into a single legal entity. This is expected to result in all our European consumer finance businesses progressively operating under the Openbank brand.

Finally, after the close of Q4 2025, on 3 February 2026, the publication date of this report, Santander announced it has reached an agreement to acquire 100% of Webster Financial Corporation’s (Webster) share capital, a US retail and commercial bank, complementary to our US business. This acquisition, valued at USD 12.2 billion (approximately EUR 10.3 billion), will enable us to improve our positioning and market share in the country. This agreement does not impact the information presented in this report, nor is it expected to affect future publications until the transaction is completed. The transaction is subject to customary closing conditions, including the corresponding regulatory approvals and approvals by Webster's and Santander's shareholders.

January - December 2025 3

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

KEY CONSOLIDATED DATA

BALANCE SHEET (EUR million)			Dec-25			Sep-25			%			Dec-25			Dec-24			%			Dec-23
Total assets			1,867,515			1,840,668			1.5			1,867,515			1,837,081			1.7			1,797,062
Loans and advances to customers			1,037,288			1,027,209			1.0			1,037,288			1,054,069			(1.6)			1,036,349
Customer deposits			1,041,200			1,026,130			1.5			1,041,200			1,055,936			(1.4)			1,047,169
Total funds			1,363,160			1,339,096			1.8			1,363,160			1,348,422			1.1			1,306,942
Total equity			112,748			109,914			2.6			112,748			107,327			5.1			104,241
Note: total funds includes customer deposits, mutual funds, pension funds and managed portfolios. If we include loans, deposits and funds associated with the Poland disposal, as at 31 December 2025 loans and advances to customers would have been EUR 1,076,315 million; customer deposits EUR 1,095,827 million and total funds EUR 1,426,432 million. For further information, see the 'Significant events in the period', 'Alternative performance measures' and 'Financial information' sections in this report.

INCOME STATEMENT (EUR million)			Q4'25			Q3'25			%			2025			2024			%			2023
Net interest income			10,789			10,348			4.3			42,348			43,787			(3.3)			40,650
Total income			15,163			14,325			5.8			58,670			58,380			0.5			54,251
Net operating income			8,831			8,310			6.3			33,959			33,231			2.2			29,619
Profit before tax			4,920			4,657			5.6			18,681			17,347			7.7			15,005
Profit attributable to the parent			3,764			3,504			7.4			14,101			12,574			12.1			11,076

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

EPS, PROFITABILITY AND EFFICIENCY (%) 1			Q4'25			Q3'25			%			2025			2024			%			2023
EPS (euros)			0.24			0.23			8.0			0.91			0.77			17.3			0.65
RoE			14.6			13.8						13.9			13.0						11.9
RoTE			17.9			16.9						17.1			16.3						15.1
RoTE (post-AT1)			17.1			16.2						16.3			15.5						14.4
RoA			0.89			0.85						0.84			0.76						0.69
RoRWA			2.62			2.46						2.44			2.18						1.96
Efficiency ratio 2			40.9			41.1						41.2			41.8						44.1

UNDERLYING INCOME STATEMENT 2 (EUR million)			Q4'25			Q3'25			%			2025			2024			%			2023
Net interest income			11,538			11,100			3.9			45,354			46,668			(2.8)			43,261
Total income			16,113			15,267			5.5			62,390			62,211			0.3			57,647
Net operating income			9,521			8,999			5.8			36,665			36,177			1.3			32,222
Profit before tax			5,367			5,197			3.3			20,867			19,027			9.7			16,698
Underlying profit attributable to the parent			3,764			3,504			7.4			14,101			12,574			12.1			11,076
Changes in constant euros:
Q4'25 / Q3'25: NII: +3.2%; Total income: +4.7%; Net operating income: +4.9%; Profit before tax: +2.5%; Attributable profit: +6.6%.
2025 / 2024: NII: +0.6%; Total income: +3.9%; Net operating income: +5.1%; Profit before tax: +13.4%; Attributable profit: +16.2%.

4 January - December 2025

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

SOLVENCY (%)			Dec-25			Sep-25						Dec-25			Dec-24						Dec-23
Phased-in CET1 ratio			13.5			13.1						13.5			12.8						12.3
Phased-in total capital ratio			17.8			17.4						17.8			17.4						16.4

CREDIT QUALITY (%) 1			Dec-25			Sep-25						Dec-25			Dec-24						Dec-23
Cost of risk 2, 3			1.15			1.13						1.15			1.15						1.18
NPL ratio			2.91			2.92						2.91			3.05						3.14
NPL coverage ratio			66			67						66			65						66

MARKET CAPITALIZATION AND SHARES			Dec-25			Sep-25			%			Dec-25			Dec-24			%			Dec-23
Shares (millions)			14,689			14,885			(1.3)			14,689			15,152			(3.1)			16,184
Number of shareholders			3,518,729			3,520,788			(0.1)			3,518,729			3,485,134			1.0			3,662,377
Share price (euros)			10.070			8.874			13.5			10.070			4.465			125.6			3.780
Market capitalization (EUR million)			147,921			132,092			12.0			147,921			67,648			118.7			61,168
Tangible book value per share (euros)			5.76			5.56						5.76			5.24						4.76
Price / Tangible book value per share (X)			1.75			1.60						1.75			0.85						0.79

CUSTOMERS (thousands) 4			Dec-25			Sep-25			%			Dec-25			Dec-24			%			Dec-23
Total customers			180,221			178,374			1.0			180,221			172,537			4.5			164,542
Active customers			106,410			105,528			0.8			106,410			103,262			3.0			99,503
Digital customers			62,982			62,258			1.2			62,982			59,317			6.2			54,161

OTHER DATA 4			Dec-25			Sep-25			%			Dec-25			Dec-24			%			Dec-23
Number of employees			198,403			201,304			(1.4)			198,403			206,753			(4.0)			212,764
Number of branches			7,124			7,389			(3.6)			7,124			8,086			(11.9)			8,518

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.			For further information, see the 'Alternative performance measures' section in the appendix to this report.
2.			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 of 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 2024 Annual Financial Report, published in the CNMV on 28 February 2025, our 20-F report for the year ending 31 December 2024 filed with the SEC in the United States on 28 February 2025 as well as the 'Alternative performance measures' section of the appendix to this report.
3.			Allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers over the last 12 months.
4.			Customers, employees and branches include Poland.

January - December 2025 5

Significant events Key consolidated data Business model Group financial information Financial information by segment 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 offering to fulfil all our customers' financial needs.

180 mn

106 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 activities are organized under five global businesses: Retail & Commercial Banking (Retail), Digital Consumer Bank (Consumer), Corporate & Investment Banking (CIB), Wealth Management & Insurance (Wealth) and 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

6 January - December 2025

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Highlights of the period

GROUP FINANCIAL INFORMATION

Highlights of the period: Main figures

Q4'25 ATTRIBUTABLE PROFIT

EUR 3,764 mn

+7% in euros

/Q3'25

+7% in constant euros

2025 ATTRIBUTABLE PROFIT

EUR 14,101 mn

+12% in euros

/2024

+16% in constant euros

RoTE (post-AT1)

16.3%

+0.8 pp

/2024

VOLUMES AND REVENUE

Loan and advances to customers

Customer funds

+4%

+6%

Net interest income

Net fee income

+1%

+9%

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

EFFICIENCY

41.2%

-0.6 pp /2024

COST OF RISK

1.15%

0 bps /Dec-24

CET11

13.5%

+0.4 pp /Sep-25

uIn Q4 2025, profit attributable to the parent was EUR 3,764 million, a seventh consecutive quarterly record, up 7% compared to Q3 2025. In constant euros, profit also grew 7% quarter-on-quarter, driven by a strong increase in revenue (+5%), mainly supported by net interest income, which rose 3% despite a less favourable interest rate environment and by net fee income (+9%), as well as a lower tax burden. These solid trends more than offset higher personnel expenses and the impact of seasonality on Consumer provisions in the quarter.

uIn 2025, attributable profit increased 12% year-on-year to EUR 14,101 million, also an all-time-high. In constant euros, profit rose 16%, with solid performances across all revenue lines, especially in net fee income, with costs down 1% in real terms and a stable cost of risk.

Additionally, the year-on-year comparison was favoured by the charges in Q2 2024 following the discontinuation of the merchant platform in Germany and Superdigital in Latin America, as well as by a lower charge from provisions for potential complaints related to motor finance dealer commissions in the UK in Q4 2025 compared with Q4 2024 (EUR 157 million versus EUR 260 million, respectively, net of tax).

uProfit grew year-on-year across our global businesses, most of them at double or high single digits, supported by good revenue performances.

uWith these excellent results, we achieved all of our 2025 targets.

uProfitability improved significantly year-on-year with RoTE (post-AT1) increasing 0.8 pp to 16.3% in 2025, compared to 15.5% in 2024, in line with our year-end target of c.16.5%, even with a CET1 ratio well above our 13% target.

uWe continued to record sustained earnings per share growth, increasing 17% year-on-year to EUR 90.5 cents, boosted by the positive profit trends and the share buybacks executed over the last 12 months.

uIn terms of business volumes, both customer funds and loans and advances to customers grew at a solid pace as we maintained our focus on active and disciplined capital management, and profitable growth.

Gross loans and advances to customers (excluding reverse repos) rose 4% year-on-year in constant euros, supported by increases across all businesses.

Customer funds (customer deposits excluding repos plus mutual funds) grew 6% year-on-year in constant euros, also increasing across all global businesses. Customer deposits rose 5%, with growth in both demand and time deposits, and mutual funds increased double digits.

uIn a less favourable environment than initially expected, shaped by geopolitical and trade tensions and lower interest rates, total income was flat year-on-year, achieving our 2025 target. In constant euros, it was up 4%, underpinned by a positive net fee income performance (+9%), boosted by higher customer activity, network benefits and greater collaboration between our global businesses, accompanied by a solid net interest income performance.

uThe structural changes we have implemented to move towards a simpler and more integrated model through ONE Transformation also contributed to better revenue in the year, as well as improved costs, efficiency gains and profitable growth. Costs decreased 1% in current euros, achieving our 2025 year-end target to reduce the cost base in euros. The efficiency ratio improved to 41.2%, the best efficiency ratio we have reported in more than 15 years, with notable improvements in Payments and Wealth.

uCredit quality remained robust, supported by our good risk management and low unemployment levels across our footprint. The NPL ratio improved 14 bps year-on-year to 2.91%, reaching the lowest recorded levels in 16 years. The NPL coverage ratio delivered a 2 pp increase year-on-year to 66%. Total loan-loss reserves ended the year at EUR 22,869 million.

uThe Group's cost of risk was stable year-on-year at 1.15%, in line with our target for 2025. In Retail and Consumer, which accounted for approximately 80% of the Group's net loan-loss provisions, cost of risk improved to 0.88% and 2.10%, respectively, compared to December 2024.

uThe CET1 ratio ended December 2025 at 13.5%, comfortably above the top end of our operating range of 12–13% and our 2025 target. In the quarter, the ratio increased 0.4 pp due to the solid contribution of attributable profit and risk transfer and mobilization measures, which more than offset profitable RWA growth and charges related to capital distributions2.

Note: in this section, results are presented on an underlying basis and loans and advances to customers, customer funds and other metrics include Poland, in line with previously published quarterly information, i.e. maintaining the same perimeter that existed at the time of the announcement of the Poland disposal. 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.In line with our current ordinary shareholder remuneration policy of approximately 50% of the Group's reported profit (excluding non-cash, non-capital ratios impact items), divided approximately equally between cash dividends and share buybacks. The implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.

January - December 2025 7

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Highlights of the period

Think Value

SHAREHOLDER REMUNERATION*

EUR million

+15%

higher than 2024 interim cash dividend

*Remuneration based on the results of the first half of each period

TNAVps + CASH DPS

n Cash DPS: €22.5 cents

+14%

/ Dec-24

uIn application of the current shareholder remuneration policy, the Group carried out the following against 2025 results:

i)a payment of an interim cash dividend of EUR 11.50 cents per share, paid in November 2025, equivalent to c.25% of the Group's underlying profit in H1 2025, 15% higher than its 2024 equivalent. Including the EUR 11.00 cent dividend per share paid in May 2025, the cash dividend per share paid during 2025 was also 15% higher than that paid in 2024.

ii)the first share buyback programme of EUR 1.7 billion, carried out between 31 July 2025 and 23 December 2025.

This programme puts us on track to reach our goal to distribute at least EUR 10 billion through share buybacks charged against 2025 and 2026 results and against expected capital excess1.

uTotal shareholder remuneration charged against H1 2025 results was EUR 3,399 million, 11% higher than the remuneration charged against H1 2024 results. The amount is approximately 50% of H1 2025 attributable profit (around 25% through cash dividend payments and around 25% through share buybacks).

uThe board of directors is expected to submit the approval of a final cash dividend, in accordance with the current shareholder remuneration policy, at the next general shareholders’ meeting. As a result, the total cash dividend per share charged against 2025 results is estimated to be approximately 15% higher than that charged against 2024 results.

uAt year end, TNAV per share was EUR 5.76. Including the final cash dividend against 2024 results and the interim cash dividend charged against 2025 results, TNAV per share increased 14% year-on-year.

Think Customer

# OF CUSTOMERS (Dec-25)

Total customers:

180

mn

Active customers:

106

mn

uWe continue to implement our global platforms. For example, Gravity, our technology which enhances customer experience through digital channels, reduces transaction costs and improves response times, is already fully implemented in Spain, the US, Chile, and Mexico.

uThese developments, along with other initiatives focused on delivering the best experience to our customers and improving service quality, support our position in the top 3 for NPS2 in nine of our markets and enable us to continue to attract more customers to the Group.

uAs a result, we had 180 million total customers, an 8 million increase year-on-year, and active customers grew more than 3 million, reaching 106 million.

Think Global

Contribution to Group revenue 3
									Retail						50%
									Consumer						21%
									CIB						13%
									Wealth						7%
									Payments						9%

2025 data. Year-on-year changes in constant euros.

uIn Retail, attributable profit grew 9% to EUR 7,666 million, backed by better net fee income, net loan-loss provisions, other results and provisions, and a lower tax burden, with a solid performance in net interest income and costs declining 4% in real terms.

uThe efficiency ratio improved to 39.4% and cost of risk to 0.88%. RoTE (post-AT1) was 17.7%.

uIn Consumer, attributable profit was EUR 1,741 million (+8%), driven by higher revenue, boosted by net interest income, and a lower provision recorded in Q4 2025 compared to Q4 2024 for potential complaints related to motor finance dealer commissions in the UK. This more than offset lower tax benefits following reduced electric vehicle demand.

uThe efficiency ratio stood at 40.6% and cost of risk improved to 2.10%, with RoTE (post-AT1) at 8.6%.

uIn CIB, attributable profit increased 7% to EUR 2,834 million, driven by higher revenue, supported by a rise in net interest income in Global Markets and a higher net fee income across business lines.

uThe efficiency ratio stood at 45.5%. RoTE (post-AT1) improved 1.8 pp to 19.1%.

uIn Wealth, attributable profit amounted to EUR 2,063 million, rising double digits, driven by net fee income, and the good performance of our joint ventures in Insurance and Portfolio Investments businesses.

uThe efficiency ratio improved 2.9 pp to 35.3% and RoTE (post-AT1) was 68.5%.

uIn Payments, attributable profit increased to EUR 883 million, with double-digit growth in both net interest income and net fee income and costs falling 3% in real terms, more than offsetting higher provisions due, in part, to higher activity.

uCost of risk was 7.91%. In PagoNxt, EBITDA margin reached 34.5% (+7.0 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 future corporate and regulatory decisions and approvals.

2.Net Promoter Score, internal benchmark of individual customers' satisfaction audited by Stiga/Deloitte in H2 2025.

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

8 January - December 2025

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Statutory income statement

Grupo Santander results

STATUTARY INCOME STATEMENT

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 in the consolidated income statement — 'profit/(loss) after tax from discontinued operations' — for results corresponding to both 2025 and 2024. Consequently, the results from the Poland disposal perimeter are excluded line by line from the breakdown of continuing operations in both periods. For further information, see the 'Significant events in the period' section of this report.

Grupo Santander. Summarized income statement
EUR million
									Change									Change
			Q4'25			Q3'25			%						2025			2024			%
Net interest income			10,789			10,348			4.3						42,348			43,787			(3.3)
Net fee income1			3,475			3,159			10.0						12,976			12,376			4.8
Gains or losses on financial assets and liabilities and exchange differences2			709			621			14.2						2,362			2,211			6.8
Dividend income			156			88			77.3						715			710			0.7
Share of results of entities accounted for using the equity method			185			148			25.0						665			687			(3.2)
Other operating income/expenses (net)3			(151)			(39)			287.2						(396)			(1,391)			(71.5)
Total income			15,163			14,325			5.8						58,670			58,380			0.5
Operating expenses			(6,332)			(6,015)			5.3						(24,711)			(25,149)			(1.7)
Administrative expenses			(5,576)			(5,219)			6.8						(21,533)			(21,970)			(2.0)
Staff costs			(3,588)			(3,322)			8.0						(13,633)			(13,825)			(1.4)
Other general administrative expenses			(1,988)			(1,897)			4.8						(7,900)			(8,145)			(3.0)
Depreciation and amortization			(756)			(796)			(5.0)						(3,178)			(3,179)			—
Provisions or reversal of provisions			(710)			(769)			(7.7)						(2,729)			(3,465)			(21.2)
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)			(3,174)			(2,848)			11.4						(12,546)			(12,136)			3.4
Impairment on other assets (net)			(63)			(41)			53.7						(251)			(624)			(59.8)
Gains or losses on non-financial assets and investments, net			22			10			120.0						—			368			(100.0)
Negative goodwill recognized in results			—			—			—						22			—			—
Gains or losses on non-current assets held for sale not classified as discontinued operations			14			(5)			—						226			(27)			—
Profit or loss before tax from continuing operations			4,920			4,657			5.6						18,681			17,347			7.7
Tax expense or income from continuing operations			(1,163)			(1,193)			(2.5)						(4,723)			(4,844)			(2.5)
Profit from the period from continuing operations			3,757			3,464			8.5						13,958			12,503			11.6
Profit or loss after tax from discontinued operations			390			426			(8.5)						1,542			1,241			24.3
Profit for the period			4,147			3,890			6.6						15,500			13,744			12.8
Profit attributable to non-controlling interests			(383)			(386)			(0.8)						(1,399)			(1,170)			19.6
Profit attributable to the parent			3,764			3,504			7.4						14,101			12,574			12.1
EPS (euros)			0.24			0.23			8.0						0.91			0.77			17.3
Diluted EPS (euros)			0.24			0.22			7.9						0.90			0.77			17.2
Memorandum items:
Average total assets			1,868,353			1,833,163			1.9						1,843,112			1,803,272			2.2
Average stockholders' equity			102,984			101,598			1.4						101,497			96,744			4.9

Note: the summarized income statement groups some lines of the consolidated statutory income statement on page 61 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 - December 2025 9

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Underlying income statement

UNDERLYING INCOME STATEMENT

Attributable profit

RoTE (post-AT1)

RoRWA

EUR 14,101 million

+12% in euros

16.3%

2.44%

+16% in constant euros

+0.8 pp

+0.3 pp

Note: changes vs. 2024.

Since Q2 2025, in contrast to the statutory income statement, in the underlying income statement, results obtained in Poland continue to be reported line by line and disaggregated, as they were in previous quarterly disclosures given that the management of Santander Polska remained unchanged until the Poland disposal was completed in January 2026.

For the same reason, all management metrics included in this report have been calculated including Poland, i.e. maintaining the same perimeter that existed at the time of the announcement of the Poland disposal. For further information, see the 'Significant events in the period' and 'Alternative performance measures' sections in this report.

Results performance compared to 2024

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, exchange rates had an unfavourable year-on-year impact of 3.6 pp on total income and a favourable impact of 3.3 pp on administrative expenses and amortizations, mainly due to the depreciation of the Brazilian real and the Mexican peso.

To better understand the business trends, we reclassified certain items under some headings of the underlying income statement. These reclassifications between the statutory and underlying income statements include:

In 2025:

•As previously explained, in the statutory income statement, the results associated with the business subject to the Poland disposal are reported in the 'profit/(loss) after tax from discontinued operations' line.

However, in the underlying income statement, the results from

Poland are disaggregated across the corresponding line items as they were in previous quarterly disclosures.

In 2024:

•In the statutory income statement, the results associated with the business subject to the Poland disposal are reported in the 'profit/(loss) after tax from discontinued operations' line.

However, in the underlying income statement, the results from Poland are disaggregated across the corresponding line items as they were in previous quarterly disclosures.

•The temporary levy on revenue earned in Spain amounted to EUR 335 million in Q1 2024, which was reclassified from total income to other gains (losses) and provisions.

•The recognition of provisions to strengthen the balance sheet in Brazil, amounted to EUR 352 million gross in Q2 2024 (EUR 174 million net of tax and non-controlling interests).

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

•In 2025, the ‘net capital gains and provisions’ line includes the following two events of the same value but opposite signs:

•A capital gain in Q2 2025 of EUR 231 million from the sale of Santander’s remaining 30.5% stake in CACEIS.

•A one-off charge of EUR 467 million in Q2 2025 (EUR 231 million, net of tax and minority interests), which strengthens the balance sheet after having updated macroeconomic parameters in Brazil’s credit provisioning models, in accordance with IFRS 9 regulations.

•In 2024, there were no impacts outside the ordinary course of our business and therefore no amount was recorded under the ‘net capital gains and provisions’ line.

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

Summarized underlying income statement (EUR million)
									Change												Change
			Q4'25			Q3'25			%			% excl. FX			2025			2024			%			% excl. FX
Net interest income			11,538			11,100			3.9			3.2			45,354			46,668			(2.8)			0.6
Net fee income			3,650			3,327			9.7			8.8			13,661			13,010			5.0			9.0
Gains (losses) on financial transactions 1			728			639			13.9			12.9			2,436			2,273			7.2			10.5
Other operating income			197			201			(2.0)			(2.4)			939			260			261.2			269.7
Total income			16,113			15,267			5.5			4.7			62,390			62,211			0.3			3.9
Administrative expenses and amortizations			(6,592)			(6,268)			5.2			4.4			(25,725)			(26,034)			(1.2)			2.1
Net operating income			9,521			8,999			5.8			4.9			36,665			36,177			1.3			5.1
Net loan-loss provisions			(3,302)			(2,931)			12.7			11.5			(12,411)			(12,333)			0.6			5.8
Other gains (losses) and provisions			(852)			(871)			(2.2)			(2.5)			(3,387)			(4,817)			(29.7)			(28.4)
Profit before tax			5,367			5,197			3.3			2.5			20,867			19,027			9.7			13.4
Tax on profit			(1,220)			(1,307)			(6.7)			(7.2)			(5,341)			(5,283)			1.1			4.2
Profit from continuing operations			4,147			3,890			6.6			5.7			15,526			13,744			13.0			16.9
Net profit from discontinued operations			—			—			—			—			—			—			—			—
Consolidated profit			4,147			3,890			6.6			5.7			15,526			13,744			13.0			16.9
Non-controlling interests			(383)			(386)			(0.8)			(1.9)			(1,425)			(1,170)			21.8			24.7
Net capital gains and provisions			—			—			—			—			—			—			—			—
Profit attributable to the parent			3,764			3,504			7.4			6.6			14,101			12,574			12.1			16.2
Underlying profit attributable to the parent 2			3,764			3,504			7.4			6.6			14,101			12,574			12.1			16.2

1. Includes exchange differences.

2. Excludes net capital gains and provisions.

10 January - December 2025

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Balance sheet

Grupo Santander's balance sheet

Since Q2 2025, as a result of the announcement of the Poland disposal and in accordance with IFRS 5 requirements, in the Group’s consolidated balance sheet the assets associated with the Poland disposal are 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'. This classification applies solely to balance sheets from 30 June 2025 onwards and does not affect prior periods, which therefore limits the comparability of the balance sheets presented below.

Grupo Santander. Condensed balance sheet
EUR million
									Change
Assets			Dec-25			Dec-24			Absolute			%			Dec-23
Cash, cash balances at central banks and other demand deposits			152,281			192,208			(39,927)			(20.8)			220,342
Financial assets held for trading			252,318			230,253			22,065			9.6			176,921
Debt securities			98,568			82,646			15,922			19.3			62,124
Equity instruments			22,030			16,636			5,394			32.4			15,057
Loans and advances to customers			32,766			26,591			6,175			23.2			11,634
Loans and advances to central banks and credit institutions			40,599			40,280			319			0.8			31,778
Derivatives			58,355			64,100			(5,745)			(9.0)			56,328
Financial assets designated at fair value through profit or loss1			15,807			14,045			1,762			12.5			15,683
Loans and advances to customers			6,440			5,652			788			13.9			7,201
Loans and advances to central banks and credit institutions			413			408			5			1.2			459
Other (debt securities an equity instruments)			8,954			7,985			969			12.1			8,023
Financial assets at fair value through other comprehensive income			74,612			89,898			(15,286)			(17.0)			83,308
Debt securities			58,305			76,558			(18,253)			(23.8)			73,565
Equity instruments			2,281			2,193			88			4.0			1,761
Loans and advances to customers			12,906			10,784			2,122			19.7			7,669
Loans and advances to central banks and credit institutions			1,120			363			757			208.5			313
Financial assets measured at amortized cost			1,202,689			1,203,707			(1,018)			(0.1)			1,191,403
Debt securities			140,014			120,949			19,065			15.8			103,559
Loans and advances to customers			985,176			1,011,042			(25,866)			(2.6)			1,009,845
Loans and advances to central banks and credit institutions			77,499			71,716			5,783			8.1			77,999
Investments in subsidiaries, joint ventures and associates			7,052			7,277			(225)			(3.1)			7,646
Tangible assets			27,438			32,087			(4,649)			(14.5)			33,882
Intangible assets			17,308			19,259			(1,951)			(10.1)			19,871
Goodwill			11,958			13,438			(1,480)			(11.0)			14,017
Other intangible assets			5,350			5,821			(471)			(8.1)			5,854
Non-current asset held for sale			75,011			4,002			71,009			—			3,014
Other assets2			42,999			44,345			(1,346)			(3.0)			44,992
Total assets			1,867,515			1,837,081			30,434			1.7			1,797,062
Liabilities and shareholders' equity
Financial liabilities held for trading			171,546			152,151			19,395			12.7			122,270
Customer deposits			36,120			18,984			17,136			90.3			19,837
Debt securities issued			—			—			—			—			—
Deposits by central banks and credit institutions			39,443			39,584			(141)			(0.4)			25,670
Derivatives			51,968			57,753			(5,785)			(10.0)			50,589
Other			44,015			35,830			8,185			22.8			26,174
Financial liabilities designated at fair value through profit or loss			42,148			36,360			5,788			15.9			40,367
Customer deposits			25,930			25,407			523			2.1			32,052
Debt securities issued			11,686			7,554			4,132			54.7			5,371
Deposits by central banks and credit institutions			4,510			3,399			1,111			32.7			2,944
Other			22			—			22			—			—
Financial liabilities measured at amortized cost			1,421,184			1,484,322			(63,138)			(4.3)			1,468,703
Customer deposits			979,150			1,011,545			(32,395)			(3.2)			995,280
Debt securities issued			312,704			317,967			(5,263)			(1.7)			303,208
Deposits by central banks and credit institutions			93,234			114,894			(21,660)			(18.9)			130,028
Other			36,096			39,916			(3,820)			(9.6)			40,187
Liabilities under insurance contracts			18,737			17,829			908			5.1			17,799
Provisions			8,355			8,407			(52)			(0.6)			8,441
Liabilities associated with non-current assets held for sale			62,995			—			62,995			—			—
Other liabilities3			29,802			30,685			(883)			(2.9)			35,241
Total liabilities			1,754,767			1,729,754			25,013			1.4			1,692,821
Shareholders' equity			141,144			135,196			5,948			4.4			130,443
Capital stock			7,345			7,576			(231)			(3.0)			8,092
Reserves (including treasury stock)4			121,396			116,578			4,818			4.1			112,573
Profit attributable to the Group			14,101			12,574			1,527			12.1			11,076
Less: dividends			(1,698)			(1,532)			(166)			10.8			(1,298)
Other comprehensive income			(37,974)			(36,595)			(1,379)			3.8			(35,020)
Minority interests			9,578			8,726			852			9.8			8,818
Total equity			112,748			107,327			5,421			5.1			104,241
Total liabilities and equity			1,867,515			1,837,081			30,434			1.7			1,797,062

Note: the condensed balance sheet groups some lines of the consolidated balance sheet on pages 59 and 60 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 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 - December 2025 11

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Group financial information

Financial information by segment

Appendix

Index

Balance sheet

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

Customer funds (deposits excl. repos + mutual funds)

EUR 1,024 billion

+2% QoQ

EUR 1,262 billion

+3% QoQ

+4% YoY

+6% YoY

By business (% YoY):

By product (% YoY):

Retail

Consumer

CIB

Demand

Time

Mutual funds

+1%

+2%

+15%

+4%

+7%

+14%

Note: changes in constant euros. Includes Poland.

Loans and advances to customers stood at EUR 1,037,288 million as at end December 2025, reflecting a 1% increase quarter-on-quarter and a 2% decrease year-on-year. The year-on-year comparison was affected by the Poland disposal as, in accordance with IFRS 5 requirements and only from 30 June 2025 onwards, the assets related to the Poland disposal are aggregated under the 'non-current assets held for sale' line, without affecting assets from previous periods.

For the purpose of analysing traditional banking loans, the Group uses gross loans and advances to customers excluding reverse repos. We continue to analyse gross loans and advances to customers excluding reverse repos including Poland, i.e. maintaining the same perimeter that existed at the time of the announcement of the Poland disposal. As at end December 2025, gross loans and advances to customers excluding reverse repos, including Poland, totalled EUR 1,024,191 million.

Customer deposits amounted to EUR 1,041,200 million as at end December 2025, up 1% quarter-on-quarter and down 1% year-on-year. This year-on-year comparison was also affected by the Poland disposal as, in accordance with IFRS 5 requirements and only from 30 June 2025 onwards, the liabilities related to the Poland disposal are aggregated under the 'liabilities associated with non-current assets held for sale' line, without affecting liabilities from previous periods.

The Group uses customer funds (customer deposits excluding repos, plus mutual funds) for the purpose of analysing traditional retail banking funds. We continue to analyse customer funds including Poland, i.e. maintaining the same perimeter that existed at the time of the announcement of the Poland disposal. As at end December 2025, they amounted to EUR 1,262,315 million.

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

EUR billion. Including Poland

+1		%	1
Dec-25 / Dec-24

1. In constant euros: +4%.

Customer funds

EUR billion. Including Poland

+4		%	1a
+13		%
+2		%
•Total
•Mutual funds
•Deposits excl. repos
Dec-25 / Dec-24

1. In constant euros: +6%.

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

% operating areas. December 2025. Including Poland

Customer funds

% operating areas. December 2025. Including Poland

12 January - December 2025

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Solvency ratios

Solvency ratios

Phased-in capital ratio1

CET1 ratio1

Attributable profit

+59 bps

Capital distribution2

-32 bps

Value creation

TNAVps

€5.76

TNAVps + Cash DPS

+14% YoY

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

Eligible capital (phased-in)1. Consolidated
EUR million
									Change
			Dec-25			Dec-24			Absolute			%			Dec-23
Capital stock and reserves			128,798			124,263			4,535			3.6			121,185
Attributable profit			14,101			12,574			1,527			12.1			11,076
Dividends			(3,525)			(3,144)			(382)			12.1			(2,769)
Other retained earnings			(40,445)			(38,323)			(2,122)			5.5			(34,484)
Minority interests			9,037			8,479			558			6.6			6,899
Goodwill and intangible assets			(15,037)			(15,957)			920			(5.8)			(17,220)
Other deductions			(8,190)			(8,092)			(97)			1.2			(7,946)
CET1			84,739			79,800			4,940			6.2			76,741
Preferred shares and other eligible tier 1			9,645			10,371			(725)			(7.0)			9,002
Tier 1			94,385			90,170			4,214			4.7			85,742
Generic funds and eligible tier 2 instruments			17,460			18,418			(958)			(5.2)			16,497
Eligible capital			111,845			108,589			3,256			3.0			102,240
Risk-weighted assets			629,430			624,503			4,927			0.8			623,731
CET1 capital ratio			13.5			12.8			0.7						12.3
Tier 1 capital ratio			15.0			14.4			0.6						13.7
Total capital ratio			17.8			17.4			0.4						16.4

CET1 ratio performance

%

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

1.They do not include any expected impacts from the recently announced inorganic transactions.

2.Capital distribution includes deduction for the accrual of shareholder remuneration and AT1 costs. Our current ordinary shareholder remuneration policy is to distribute approximately 50% of Group reported profit (excluding non-cash, non-capital ratios impact items), distributed approximately 50% in cash dividend and 50% in share buybacks. Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.

3.Business RWA change net of risk transfer initiatives.

4.Dec-25 pro forma CET1 ratio considering the impacts from inorganic transactions announced during 2025 and the additional share buyback: i) c.+95 bps from Poland disposal, already completed on 9 January 2026; ii) c.-55 bps related to €3.2bn additional share buyback to distribute approx. 50% of CET1 capital generated following the completion of the Poland disposal; and iii) c.-50 bps expected following the completion of the TSB acquisition. For more information, see the 'Significant events in the period' section in this report.

January - December 2025 13

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Risk management

Risk management

Credit risk

Market risk

Cost of risk

NPL ratio

NPL coverage ratio

Average VaR

1.15%

2.91%

66%

Q4'25

EUR 16 million

+EUR 1 mn vs. Q3'25

+2 bps vs. Sep-25

-1 bp vs. Sep-25

-1 pp vs. Sep-25

In accordance with IFRS 5 requirements, business subject to the Poland disposal has been classified as 'non-current assets/liabilities held for sale' and the results have been reported under 'discontinued operations' since June 2025.

However, given that until the Poland disposal was completed in January 2026, the management of Santander Polska remained unchanged, all management metrics included in this report have been calculated including Poland, i.e. maintaining the same perimeter that existed at the time of the announcement of the Poland disposal. This reporting approach is consistent with the information used internally in management reporting, as well as with other public Group disclosures.

Credit risk

			Key risk metrics
						Net loan-loss provisions 1															Cost of risk (%) 2												NPL ratio (%)												NPL coverage ratio (%)
						Q4'25			2025			Chg (%) / 2024			Chg (%) / Q3'25						Dec-25			Chg (bps) / Dec-24			Chg (bps) / Sep-25						Dec-25			Chg (bps) / Dec-24			Chg (bps) / Sep-25						Dec-25			Chg (pp) / Dec-24			Chg (pp) / Sep-25
			Retail			1,311			5,416			(2.2)			1.3						0.88			(5)			(1)						2.97			(21)			(3)						61			2			(1)
			Consumer			1,313			4,457			1.4			21.9						2.10			(7)			3						5.32			24			3						71			(2)			(1)
			CIB			124			291			70.9			52.9						0.15			5			5						0.69			(14)			(1)						48			9			2
			Wealth			11			22			(49.7)			—						0.09			(10)			(3)						0.86			(8)			(5)						71			0			3
			Payments			542			2,027			27.7			3.9						7.91			55			19						6.35			115			81						127			(11)			(9)
			TOTAL GROUP			3,302			12,411			5.8			11.5						1.15			0			2						2.91			(14)			(1)						66			2			(1)

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

NPL coverage ratio by stage
EUR billion
			Exposure3												NPL coverage4
			Dec-25			Sep-25			Dec-24						Dec-25			Sep-25			Dec-24
Stage 1			1,018			1,005			1,002						0.3		%	0.3		%	0.4		%
Stage 2			90			86			88						5.6		%	4.9		%	5.6		%
Stage 3			34			34			35						41.9		%	42.4		%	40.6		%

Credit impaired loans and loan-loss allowances
EUR million
						Change (%)
			Q4'25			QoQ			YoY
Balance at beginning of period			34,048			2.0			(4.7)
Net additions			3,961			12.0			40.5
Increase in scope of consolidation			—			—			—
Exchange rate differences and other			(47)			—			—
Write-offs			(3,569)			19.4			5.2
Balance at period-end			34,393			1.0			(2.5)
Loan-loss allowances			22,869			0.1			0.1
For impaired assets			14,398			(0.2)			0.7
For other assets			8,471			0.6			(0.7)

1.Figures in EUR million and % change in constant euros.

2.Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months.

3.Exposure subject to impairment. Additionally, in December 2025 there were EUR 39 billion in loans and advances to customers not subject to impairment recorded at mark to market with changes through P&L (EUR 43 billion in September 2025 and EUR 32 billion in December 2024).

Stage 1: financial instruments for which no significant increase in credit risk has been identified since its 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 catalogued 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.

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

14 January - December 2025

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Risk management

Market risk

Trading portfolios1. VaR by region
EUR million
			2025									2024
Q4			Average			Last						Average
Total			16.2			18.7						18.4
Europe			14.4			13.2						14.0
North America			5.6			5.5						6.2
South America			5.9			5.8						9.2

Trading portfolios1. VaR by market factor
EUR million
Q4 2025			Min.			Avg.			Max.			Last
VaR total			13.0			16.2			19.9			18.7
Diversification effect			(11.1)			(16.6)			(28.2)			(17.7)
Interest rate VaR2			11.2			14.0			18.4			15.3
Equity VaR			4.5			6.9			9.9			8.1
FX VaR			3.3			5.7			10.5			6.3
Credit spreads VaR2			4.1			4.8			6.2			4.8
Commodities VaR			1.0			1.4			3.1			1.9

Trading portfolios1. VaR performance

EUR million

1.Activity in Santander Corporate & Investment Banking markets.

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

January - December 2025 15

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Santander share

The Santander share

The Santander share

1st

Bank in the eurozone by market capitalization

31 December 2025

EUR

147,921

Shares and trading data

million 1

Shares (number)

14,689,319,502

1. After cancelling the shares carried out on 30 December 2025 from the first share buyback programme against 2025 results. Without taking into account the cancellation of these shares, market capitalization of EUR 149,895 million.

Average daily turnover (number of shares)

29,696,669

Share liquidity (%)

51

(Annualized number of shares traded during the period / number of shares)

Share price

START 31/12/2024

END 31/12/2025

€4.465

€10.070

Stock market indicators

Price / Tangible book value (X)

1.75

P/E ratio (X)

11.12

Maximum 30/12/2025

Minimum 02/01/2025

Free float (%)

99.92

€10.156

€4.255

Comparative share performance

Share capital distribution by geographic area
31 December 2025
The Americas			Europe			Other
28.29%			70.38%			1.33%

Source: data obtained from the aggregation of Banco Santander, S.A. Shareholder Register.

Share capital distribution by type of shareholder

31 December 2025

Institutions

64.52%

Board *

1.33%

Retail

34.15%

* Shares owned or represented by directors.

16 January - December 2025

Significant events Key consolidated data Business model Group financial information Financial information by segment 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 in 2025

The main changes, which we announced in the Q1 2025 results publications and that we are applying to the management information for all periods included in these consolidated financial statements, are as follows:

•To better align reporting with the changes to the management structure in Wealth Management & Insurance, investment platforms (Investment Platforms Unit) and certain stakes in companies, mainly in the real estate sector, that were previously recorded in Retail & Commercial Banking or Corporate & Investment Banking have been incorporated into Wealth Management & Insurance. We have therefore incorporated a new vertical, Portfolio Investments, focusing on the management of said investment platforms and stakes that complement Wealth's traditional business, enhancing the product and service offering for our clients.

•Some profit sharing criteria between Retail & Commercial Banking and Cards have been improved, aligning criteria across the Group.

•Additionally, we completed the usual annual adjustment of the perimeter of the Global Customer Relationship Model between Retail & Commercial Banking and Corporate & Investment Banking and between Retail & Commercial Banking and Wealth Management & Insurance.

•In secondary segments, as part of our transformation strategy and after a year with our five global businesses in full operation, the board of directors approved the dissolution of the regional structures, having fulfilled their mission to support the transition to the global operating model. As a result, we no longer report regional information and the secondary segments are structured into the 10 main units (nine countries and DCB Europe), the Corporate Centre and ‘Rest of the Group’, which includes everything that is not already included in the mentioned units.

None of the changes described above impact the Group's reported global figures in the consolidated financial statements.

Composition of Santander's segments

Primary segments

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

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 and the cards 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.

Digital Consumer Bank (Consumer): comprises all business originated in the consumer finance companies, plus Openbank, Open Digital Services (ODS) and SBNA Consumer. Detailed financial information is provided on Europe (DCB Europe) and the US (DCB US).

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

Wealth Management & Insurance (Wealth): includes the corporate unit of Private Banking and International Private Banking in Miami and Switzerland (Santander Private Banking), the asset management business (Santander Asset Management), the insurance business (Santander Insurance) and the unit that manages the investment platforms and stakes that complement Wealth's traditional business (the new vertical, Portfolio Investments).

Payments: comprises the Group's digital payments solutions, providing global technological solutions for our banks and new customers in the open market. It is structured in two businesses: PagoNxt (Getnet, Ebury and PagoNxt Payments) and Cards (cards platform and business in the countries where we operate).

January - December 2025 17

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Secondary segments

Following the dissolution of the regional management structures at the beginning of 2025, this secondary level includes our main geographical units. Detailed financial information is provided on Spain, the UK, Portugal, Poland, DCB Europe, which includes Santander Consumer Finance (the entire consumer finance business in Europe), Openbank in Europe and ODS, the US, which includes the holding company (SHUSA) and the businesses of Santander Bank (SBNA), Santander Consumer USA (SC USA), the specialized business unit Banco Santander International, the New York branch and Santander US Capital Markets (SanCap), Mexico, Brazil, Chile and Argentina. Information is also provided on the Corporate Centre and ‘Rest of the Group’, which brings together everything that is not included in the aforementioned geographical units or the Corporate Centre.

The 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 allocations of capital and liquidity with 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.

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 of operations and trends shown for our business areas in this document may differ materially from those of such subsidiaries.

The results of our segments included in this section are presented only on an underlying basis in accordance with IFRS 8. Therefore, the following information, at both the Group and the primary and secondary segment levels (which are only presented on an underlying basis), includes Poland's results reported line by line as they were in previous quarterly disclosures, given that the management of Santander Polska remained unchanged until the Poland disposal was completed in January 2026. This reporting approach is consistent with the information used internally in management reporting, as well as with other public Group disclosures. For the same reason, all management metrics included in this report have been calculated including Poland, i.e. maintaining the same perimeter that existed at the time of the announcement of the Poland disposal. For further information, see the 'Significant events in the period' and 'Alternative performance measures' sections in this report.

The results of our segments presented below are provided on the basis of underlying results only and include the impact of foreign exchange rate fluctuations. However, for a better understanding of the changes in the performance of our business areas, 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 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.

18 January - December 2025

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January-December 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			26,409			4,784			31,216			18,902			11,167			7,666
Digital Consumer Bank			11,036			1,479			13,015			7,728			2,566			1,741
Corporate & Investment Banking			4,047			2,713			8,488			4,622			4,210			2,834
Wealth Management & Insurance			1,445			1,703			4,239			2,742			2,713			2,063
Payments			2,907			3,008			6,013			3,654			1,486			883
PagoNxt			167			1,059			1,373			235			134			96
Cards			2,740			1,949			4,640			3,419			1,353			787
Corporate Centre			(490)			(27)			(581)			(983)			(1,275)			(1,085)
TOTAL GROUP			45,354			13,661			62,390			36,665			20,867			14,101
Secondary segments
Spain			7,305			3,022			11,990			7,706			6,083			4,272
UK			5,008			369			5,280			2,509			1,794			1,307
Portugal			1,346			506			1,959			1,411			1,417			1,010
Poland			2,953			733			3,724			2,687			1,930			949
DCB Europe			4,685			804			5,925			3,314			1,398			772
US			5,888			1,328			7,929			4,116			1,748			1,541
Mexico			4,554			1,454			6,305			3,685			2,336			1,705
Brazil			9,380			3,193			12,602			8,493			3,224			2,168
Chile			1,917			582			2,714			1,802			1,232			729
Argentina			1,727			788			2,235			1,271			650			433
Corporate Centre			(490)			(27)			(581)			(983)			(1,275)			(1,085)
Rest of the Group			1,080			908			2,309			654			329			300
TOTAL GROUP			45,354			13,661			62,390			36,665			20,867			14,101

Underlying profit attributable to the parent distribution1

2025

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

Underlying profit attributable to the parent. 2025

EUR million. % change YoY

Var			Var2
+6		%	+9		%
+5		%	+8		%
+3		%	+7		%
+23		%	+27		%
+119%			+155%

2. Changes in constant euros.

January - December 2025 19

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January-December 2024
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			27,937			4,707			32,374			19,578			10,857			7,247
Digital Consumer Bank			10,777			1,508			12,912			7,729			2,228			1,659
Corporate & Investment Banking			3,988			2,548			8,338			4,544			4,019			2,747
Wealth Management & Insurance			1,706			1,497			3,803			2,351			2,284			1,671
Payments			2,567			2,759			5,459			3,030			955			404
PagoNxt			132			958			1,240			80			(233)			(299)
Cards			2,436			1,801			4,220			2,950			1,188			703
Corporate Centre			(308)			(11)			(676)			(1,055)			(1,317)			(1,154)
TOTAL GROUP			46,668			13,010			62,211			36,177			19,027			12,574
Secondary segments
Spain			7,256			2,867			11,974			7,703			5,440			3,762
UK			4,950			283			5,216			2,299			1,794			1,306
Portugal			1,548			467			2,100			1,553			1,481			1,001
Poland			2,844			674			3,555			2,591			1,650			800
DCB Europe			4,361			902			5,679			3,075			1,131			642
US			5,693			1,152			7,580			3,750			1,053			1,109
Mexico			4,631			1,385			6,278			3,613			2,274			1,671
Brazil			10,121			3,414			13,536			9,184			3,830			2,422
Chile			1,822			551			2,592			1,659			1,111			629
Argentina			2,919			602			2,487			1,465			827			665
Corporate Centre			(308)			(11)			(676)			(1,055)			(1,317)			(1,154)
Rest of the Group			832			723			1,888			341			(248)			(280)
TOTAL GROUP			46,668			13,010			62,211			36,177			19,027			12,574

20 January - December 2025

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Group financial information

Financial information by segment

Appendix

Index

Primary segments

Segments information

Primary segments

RETAIL & COMMERCIAL BANKING																					Q
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			6,639			3.2			2.5						26,409			(5.5)			(2.2)
Net fee income			1,255			10.8			9.6						4,784			1.6			6.1
Gains (losses) on financial transactions 1			145			(15.4)			(16.0)						617			(16.4)			(15.0)
Other operating income			(160)			47.7			46.2						(594)			(41.1)			(39.8)
Total income			7,879			3.3			2.5						31,216			(3.6)			(0.1)
Administrative expenses and amortizations			(3,154)			6.2			5.4						(12,314)			(3.8)			0.0
Net operating income			4,725			1.5			0.7						18,902			(3.4)			(0.2)
Net loan-loss provisions			(1,311)			2.8			1.3						(5,416)			(7.3)			(2.2)
Other gains (losses) and provisions			(603)			22.6			21.6						(2,320)			(19.3)			(17.5)
Profit before tax			2,811			(2.7)			(3.1)						11,167			2.9			5.4
Tax on profit			(633)			(11.8)			(12.0)						(2,812)			(8.9)			(7.0)
Profit from continuing operations			2,178			0.4			(0.2)						8,354			7.5			10.3
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			2,178			0.4			(0.2)						8,354			7.5			10.3
Non-controlling interests			(183)			(2.1)			(3.2)						(689)			32.0			33.8
Underlying attributable profit to the parent			1,995			0.6			0.1						7,666			5.8			8.6
Balance sheet and activity metrics
Loans and advances to customers			604,870			0.6			0.4						604,870			(0.7)			1.9
Customer deposits			674,133			2.6			2.5						674,133			2.0			4.0
Memorandum items:
Gross loans and advances to customers ²			600,686			0.6			0.4						600,686			(1.4)			1.0
Customer funds			777,742			2.4			2.4						777,742			3.9			5.6
Customer deposits ³			662,388			2.3			2.3						662,388			2.0			4.0
Mutual funds			115,354			3.1			2.9						115,354			15.8			16.2
Risk-weighted assets			294,948			(0.4)									294,948			2.1
Ratios (%), employees and customers
RoTE			18.8			(0.3)									18.5			(0.5)
RoTE (post-AT1)			18.1			(0.3)									17.7			(0.4)
Efficiency ratio			40.0			1.1									39.4			(0.1)
NPL ratio			2.97			(0.03)									2.97			(0.21)
NPL coverage ratio			61			(1)									61			2
Number of employees			123,836			(1.4)									123,836			(5.9)
Number of total customers (thousands)			153,134			0.9									153,134			4.1
Number of active customers (thousands)			81,045			0.5									81,045			2.5

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - December 2025 21

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Financial information by segment

Appendix

Index

Primary segments

Retail Spain															Q
EUR million
						/ Q3'25									/ 2024
Underlying income statement			Q4'25			%						2025			%
Net interest income			1,439			(0.3)						5,796			(1.2)
Net fee income			257			(0.6)						1,076			0.2
Total income			1,708			(1.8)						7,007			(0.9)
Administrative expenses and amortizations			(572)			2.6						(2,268)			(0.9)
Net operating income			1,136			(3.8)						4,739			(0.9)
Net loan-loss provisions			(231)			0.3						(996)			(8.8)
Profit before tax			803			0.3						3,250			16.2
Balance sheet and activity metrics
Loans and advances to customers			152,013			(0.3)						152,013			0.6
Customer deposits			230,850			1.2						230,850			3.9
Memorandum items:
Gross loans and advances to customers 1			154,764			(0.3)						154,764			0.1
Customer funds			281,486			1.7						281,486			5.7
Customer deposits 2			230,850			1.2						230,850			3.9
Mutual funds			50,636			3.9						50,636			14.7

1. Excluding reverse repos.

2. Excluding repos.

Retail UK																					Q
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			1,178			2.3			3.1						4,728			1.2			2.4
Net fee income			34			274.8			275.8						50			—			—
Total income			1,197			4.4			5.3						4,681			1.4			2.6
Administrative expenses and amortizations			(603)			1.7			2.6						(2,463)			(5.3)			(4.2)
Net operating income			593			7.4			8.2						2,218			10.0			11.3
Net loan-loss provisions			(46)			—			—						(122)			789.4			800.1
Profit before tax			437			(10.6)			(9.5)						1,603			0.2			1.4
Balance sheet and activity metrics
Loans and advances to customers			235,994			0.6			0.6						235,994			(1.6)			3.6
Customer deposits			215,695			2.2			2.2						215,695			(1.6)			3.5
Memorandum items:
Gross loans and advances to customers 1			221,464			0.7			0.7						221,464			(3.6)			1.5
Customer funds			215,472			1.7			1.8						215,472			(1.1)			4.1
Customer deposits 2			209,427			1.7			1.8						209,427			(1.1)			4.1
Mutual funds			6,046			2.1			2.2						6,046			0.0			5.3

1. Excluding reverse repos.

2. Excluding repos.

22 January - December 2025

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Primary segments

Retail Mexico																					Q
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			787			3.4			1.2						3,041			(3.0)			6.5
Net fee income			196			9.9			7.7						723			3.4			13.5
Total income			1,000			7.2			5.0						3,719			(1.3)			8.4
Administrative expenses and amortizations			(478)			18.1			15.9						(1,669)			(5.0)			4.3
Net operating income			522			(1.1)			(3.3)						2,049			1.9			11.9
Net loan-loss provisions			(165)			(6.0)			(8.0)						(626)			(4.4)			5.1
Profit before tax			338			(0.3)			(2.5)						1,354			2.7			12.8
Balance sheet and activity metrics
Loans and advances to customers			32,588			2.7			0.8						32,588			5.2			3.1
Customer deposits			42,799			12.2			10.2						42,799			12.5			10.2
Memorandum items:
Gross loans and advances to customers 1			33,375			2.5			0.6						33,375			5.2			3.1
Customer funds			54,278			6.1			4.2						54,278			12.6			10.3
Customer deposits 2			38,864			8.2			6.2						38,864			10.3			8.1
Mutual funds			15,414			1.2			(0.7)						15,414			18.8			16.4

1. Excluding reverse repos.

2. Excluding repos.

Retail Brazil																					Q
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			1,468			1.1			(0.4)						5,957			(12.3)			(4.9)
Net fee income			358			13.8			12.1						1,364			(10.9)			(3.3)
Total income			1,770			2.9			1.4						7,146			(13.1)			(5.7)
Administrative expenses and amortizations			(744)			5.1			3.5						(2,938)			(6.8)			1.1
Net operating income			1,025			1.5			(0.1)						4,209			(17.0)			(9.9)
Net loan-loss provisions			(619)			2.7			1.0						(2,653)			(10.8)			(3.2)
Profit before tax			180			(26.2)			(27.1)						813			(39.9)			(34.7)
Balance sheet and activity metrics
Loans and advances to customers			50,883			(2.1)			1.1						50,883			(4.4)			(4.0)
Customer deposits			58,286			(1.5)			1.7						58,286			6.6			7.1
Memorandum items:
Gross loans and advances to customers 1			54,571			(2.3)			0.9						54,571			(3.7)			(3.2)
Customer funds			80,749			(0.1)			3.2						80,749			10.6			11.1
Customer deposits 2			58,241			0.4			3.7						58,241			8.1			8.6
Mutual funds			22,508			(1.4)			1.8						22,508			17.7			18.2

1. Excluding reverse repos.

2. Excluding repos.

January - December 2025 23

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Primary segments

DIGITAL CONSUMER BANK																					Q
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			2,769			0.2			(0.3)						11,036			2.4			5.4
Net fee income			418			10.2			9.6						1,479			(2.0)			0.4
Gains (losses) on financial transactions 1			31			—			—						(11)			168.4			126.4
Other operating income			129			9.4			8.6						511			(19.0)			(17.0)
Total income			3,348			3.3			2.7						13,015			0.8			3.6
Administrative expenses and amortizations			(1,338)			4.1			3.5						(5,287)			2.0			4.4
Net operating income			2,010			2.8			2.2						7,728			0.0			3.1
Net loan-loss provisions			(1,313)			22.8			21.9						(4,457)			(2.3)			1.4
Other gains (losses) and provisions			(383)			318.9			314.5						(704)			(25.0)			(23.8)
Profit before tax			314			(60.5)			(60.2)						2,566			15.2			18.2
Tax on profit			(35)			(80.2)			(80.2)						(489)			66.2			69.4
Profit from continuing operations			279			(54.9)			(54.6)						2,077			7.4			10.4
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			279			(54.9)			(54.6)						2,077			7.4			10.4
Non-controlling interests			(99)			(2.4)			(2.5)						(336)			22.1			23.5
Underlying attributable profit to the parent			180			(65.2)			(64.6)						1,741			4.9			8.2
Balance sheet and activity metrics
Loans and advances to customers			203,857			0.4			0.6						203,857			(1.6)			1.7
Customer deposits			129,946			2.2			2.3						129,946			0.8			5.3
Memorandum items:
Gross loans and advances to customers ²			211,894			0.4			0.5						211,894			(1.5)			1.9
Customer funds			138,999			2.1			2.2						138,999			1.4			6.0
Customer deposits ³			129,909			2.2			2.3						129,909			0.8			5.3
Mutual funds			9,089			1.5			1.6						9,089			11.0			17.1
Risk-weighted assets			155,664			(0.6)									155,664			3.0
Ratios (%), employees and customers
RoTE			4.0			(7.1)									9.4			(0.4)
RoTE (post-AT1)			3.0			(7.2)									8.6			(0.3)
Efficiency ratio			40.0			0.3									40.6			0.5
NPL ratio			5.32			0.03									5.32			0.24
NPL coverage ratio			71			(1)									71			(2)
Number of employees			30,751			(2.3)									30,751			2.8
Number of total customers (thousands)			26,709			2.0									26,709			6.7

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

24 January - December 2025

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Primary segments

DCB Europe																					Q
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			1,212			0.5			0.4						4,685			7.4			7.5
Net fee income			234			17.8			17.8						804			(10.9)			(10.8)
Total income			1,595			6.1			6.0						5,925			4.3			4.4
Administrative expenses and amortizations			(633)			(2.9)			(2.9)						(2,611)			0.3			0.4
Net operating income			962			12.9			12.9						3,314			7.8			7.9
Net loan-loss provisions			(436)			42.0			41.9						(1,363)			12.7			12.9
Profit before tax			185			(61.8)			(61.7)						1,398			23.6			23.4
Balance sheet and activity metrics
Loans and advances to customers			139,322			0.9			1.0						139,322			1.7			2.1
Customer deposits			82,359			1.0			1.0						82,359			1.2			1.3
Memorandum items:
Gross loans and advances to customers 1			142,477			0.9			1.0						142,477			1.8			2.3
Customer funds			87,559			1.0			1.1						87,559			2.0			2.0
Customer deposits 2			82,359			1.0			1.0						82,359			1.2			1.3
Mutual funds			5,200			2.0			2.0						5,200			15.6			15.6

1. Excluding reverse repos.

2. Excluding repos.

DCB US																					Q
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			1,100			(2.8)			(3.2)						4,581			(1.5)			2.8
Net fee income			78			(9.6)			(9.7)						339			11.8			16.6
Total income			1,209			(1.9)			(2.4)						5,072			(4.2)			(0.1)
Administrative expenses and amortizations			(543)			7.7			6.8						(2,141)			(0.8)			3.5
Net operating income			666			(8.6)			(8.8)						2,931			(6.6)			(2.6)
Net loan-loss provisions			(609)			12.6			12.1						(2,140)			(13.2)			(9.5)
Profit before tax			30			(81.8)			(79.0)						699			26.9			32.4
Balance sheet and activity metrics
Loans and advances to customers			43,887			(2.7)			(2.5)						43,887			(16.0)			(5.0)
Customer deposits			46,481			3.5			3.7						46,481			(2.3)			10.5
Memorandum items:
Gross loans and advances to customers 1			47,402			(2.6)			(2.4)						47,402			(15.8)			(4.7)
Customer funds			50,333			3.3			3.5						50,333			(1.8)			11.2
Customer deposits 2			46,444			3.5			3.7						46,444			(2.3)			10.5
Mutual funds			3,889			0.9			1.1						3,889			5.4			19.3

1. Excluding reverse repos.

2. Excluding repos.

January - December 2025 25

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Primary segments

CORPORATE & INVESTMENT BANKING																					Q
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			1,099			11.8			10.8						4,047			1.5			5.7
Net fee income			736			17.9			17.1						2,713			6.4			9.3
Gains (losses) on financial transactions 1			223			(37.7)			(38.1)						1,358			(16.7)			(14.3)
Other operating income			57			1.4			1.6						370			114.9			111.6
Total income			2,114			4.7			3.8						8,488			1.8			5.2
Administrative expenses and amortizations			(1,006)			5.1			4.3						(3,866)			1.9			5.1
Net operating income			1,108			4.3			3.3						4,622			1.7			5.3
Net loan-loss provisions			(124)			52.9			52.9						(291)			70.3			70.9
Other gains (losses) and provisions			(11)			(82.4)			(82.7)						(121)			(65.8)			(65.2)
Profit before tax			973			5.8			4.6						4,210			4.7			8.7
Tax on profit			(253)			4.7			3.4						(1,171)			9.6			14.0
Profit from continuing operations			720			6.2			5.1						3,039			3.0			6.8
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			720			6.2			5.1						3,039			3.0			6.8
Non-controlling interests			(54)			22.6			20.2						(205)			0.2			4.9
Underlying attributable profit to the parent			666			5.1			4.0						2,834			3.2			6.9
Balance sheet and activity metrics
Loans and advances to customers			210,245			2.0			2.0						210,245			13.7			18.3
Customer deposits			224,981			(1.2)			(1.0)						224,981			11.2			15.2
Memorandum items:
Gross loans and advances to customers ²			151,894			7.2			7.2						151,894			11.1			15.0
Customer funds			152,903			2.9			3.3						152,903			1.4			3.8
Customer deposits ³			140,438			5.0			5.1						140,438			2.8			5.4
Mutual funds			12,465			(15.6)			(13.5)						12,465			(11.3)			(10.8)
Risk-weighted assets			109,153			0.9									109,153			(11.0)
Ratios (%) and employees
RoTE			18.1			0.1									19.8			1.8
RoTE (post-AT1)			17.4			0.0									19.1			1.8
Efficiency ratio			47.6			0.2									45.5			0.0
NPL ratio			0.69			(0.01)									0.69			(0.14)
NPL coverage ratio			48			2									48			9
Number of employees			14,009			2.1									14,009			4.7

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

26 January - December 2025

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Primary segments

WEALTH MANAGEMENT & INSURANCE																					Q
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			366			4.3			3.9						1,445			(15.3)			(13.7)
Net fee income			446			7.5			6.8						1,703			13.8			16.8
Gains (losses) on financial transactions 1			229			125.9			124.6						512			99.6			104.5
Other operating income			152			2.8			1.9						579			68.6			78.8
Total income			1,193			17.6			16.8						4,239			11.4			14.3
Administrative expenses and amortizations			(402)			9.2			8.6						(1,497)			3.1			6.0
Net operating income			790			22.3			21.5						2,742			16.6			19.5
Net loan-loss provisions			(11)			—			—						(22)			(49.8)			(49.7)
Other gains (losses) and provisions			9			—			—						(7)			(69.2)			(68.9)
Profit before tax			788			21.0			20.2						2,713			18.8			21.7
Tax on profit			(141)			2.8			2.2						(555)			4.0			5.9
Profit from continuing operations			647			25.9			25.0						2,158			23.3			26.6
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			647			25.9			25.0						2,158			23.3			26.6
Non-controlling interests			(23)			1.0			(0.5)						(95)			20.3			23.2
Underlying attributable profit to the parent			624			27.0			26.2						2,063			23.4			26.7
Balance sheet and activity metrics
Loans and advances to customers			26,585			3.8			3.7						26,585			8.4			13.4
Customer deposits			63,964			0.7			0.5						63,964			4.3			6.8
Memorandum items:
Gross loans and advances to customers ²			26,749			3.8			3.7						26,749			8.3			13.3
Customer funds			189,870			3.2			3.3						189,870			10.2			12.4
Customer deposits ³			62,888			0.6			0.3						62,888			4.1			6.7
Mutual funds			126,982			4.6			4.8						126,982			13.5			15.4
Risk-weighted assets			19,027			7.9									19,027			56.9
Assets under management			558,403			4.2			4.4						558,403			12.3			14.1
Gross written premiums			2,460			(8.4)			(9.2)						10,745			(1.2)			4.3
Ratios (%), employees and customers
RoTE			75.8			11.6									69.2			(8.4)
RoTE (post-AT1)			75.1			11.5									68.5			(8.4)
Efficiency ratio			33.7			(2.6)									35.3			(2.9)
NPL ratio			0.86			(0.05)									0.86			(0.08)
NPL coverage ratio			71			3									71			0
Number of employees			7,531			(1.0)									7,531			(2.3)
Number of Private Banking customers (thousands)			314			1.4									314			5.1

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - December 2025 27

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Primary segments

PAYMENTS																					Q
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			791			12.3			10.7						2,907			13.2			21.4
Net fee income			799			2.3			1.4						3,008			9.0			14.8
Gains (losses) on financial transactions 1			47			150.0			147.2						44			(28.1)			(21.8)
Other operating income			5			(79.8)			(79.5)						55			(24.2)			(27.6)
Total income			1,643			7.4			6.1						6,013			10.1			16.9
Administrative expenses and amortizations			(575)			(1.8)			(2.5)						(2,360)			(2.9)			0.6
Net operating income			1,068			13.0			11.5						3,654			20.6			30.5
Net loan-loss provisions			(542)			5.5			3.9						(2,027)			18.3			27.7
Other gains (losses) and provisions			(25)			(37.0)			(37.0)						(140)			(61.1)			(60.7)
Profit before tax			501			28.0			26.2						1,486			55.6			73.6
Tax on profit			(152)			11.2			9.7						(503)			8.9			18.1
Profit from continuing operations			349			37.0			35.1						984			99.3			128.5
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			349			37.0			35.1						984			99.3			128.5
Non-controlling interests			(24)			(22.4)			(23.6)						(101)			12.0			18.8
Underlying attributable profit to the parent			325			45.3			43.4						883			118.8			155.5
Balance sheet and activity metrics
Loans and advances to customers			24,469			4.6			5.2						24,469			6.4			7.2
Customer deposits			1,415			21.8			21.8						1,415			30.3			30.3
Memorandum items:
Gross loans and advances to customers ²			26,618			5.2			5.8						26,618			7.5			8.3
Customer funds			1,415			21.8			21.8						1,415			30.3			30.3
Customer deposits ³			1,415			21.8			21.8						1,415			30.3			30.3
Mutual funds			—			—			—						—			—			—
Risk-weighted assets			22,883			(3.0)									22,883			0.4
Ratios (%) and employees
RoTE			39.1			10.9									28.8			14.7
RoTE (post-AT1)			38.3			10.9									28.0			14.7
NPL ratio			6.35			0.81									6.35			1.15
NPL coverage ratio			127			(9)									127			(11)
Number of employees			20,375			(3.0)									20,375			(8.6)

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

28 January - December 2025

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Primary segments

PagoNxt																								Q
EUR million
						/			Q3'25												/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			2024			%			% excl. FX
Net interest income			45			10.0			8.6						167			132			27.0			35.7
Net fee income			282			5.5			4.4						1,059			958			10.5			16.4
Gains (losses) on financial transactions 1			1			(54.1)			(53.7)						(24)			0			—			—
Other operating income			51			22.9			22.9						171			150			14.3			14.9
Total income			379			7.6			6.6						1,373			1,240			10.8			16.2
Administrative expenses and amortizations			(282)			0.8			0.2						(1,138)			(1,160)			(1.9)			0.8
Net operating income			97			33.7			31.0						235			80			194.6			345.7
Net loan-loss provisions			(5)			(35.5)			(36.0)						(24)			(16)			48.5			55.1
Other gains (losses) and provisions			(15)			(48.7)			(49.1)						(77)			(296)			(74.0)			(73.8)
Profit before tax			77			117.6			110.3						134			(233)			—			—
Tax on profit			(9)			10.1			4.6						(19)			(57)			(65.9)			(60.1)
Profit from continuing operations			68			151.9			144.4						115			(290)			—			—
Net profit from discontinued operations			—			—			—						—			—			—			—
Consolidated profit			68			151.9			144.4						115			(290)			—			—
Non-controlling interests			(7)			(7.7)			(9.1)						(19)			(9)			101.1			120.7
Underlying attributable profit to the parent			61			213.7			203.3						96			(299)			—			—
Balance sheet and activity metrics
Loans and advances to customers			977			2.7			4.3						977			1,066			(8.3)			(8.4)
Customer deposits			1,392			21.6			21.6						1,392			1,038			34.2			34.2
Memorandum items:
Gross loans and advances to customers ²			1,002			2.7			4.3						1,002			1,087			(7.8)			(7.9)
Customer funds			1,392			21.6			21.6						1,392			1,038			34.2			34.2
Customer deposits ³			1,392			21.6			21.6						1,392			1,038			34.2			34.2
Mutual funds			—			—			—						—			—			—			—
Risk-weighted assets			4,421			(28.2)									4,421			4,898			(9.7)
Total transactions (Getnet, million)			2,775			3.8									10,549			9,837			7.2
Total payments volume (Getnet)			63,905			4.8			3.6						237,912			221,787			7.3			13.6
Ratios (%)
EBITDA margin			42.1			5.3									34.5			27.5			7.0
Efficiency ratio			74.4			(5.0)									82.9			93.6			(10.7)

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - December 2025 29

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Primary segments

Cards																					Q
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			746			12.4			10.8						2,740			12.5			20.7
Net fee income			517			0.7			(0.2)						1,949			8.2			13.9
Gains (losses) on financial transactions 1			46			185.7			181.6						68			11.5			21.3
Other operating income			(45)			189.2			185.1						(117)			50.0			58.7
Total income			1,264			7.3			6.0						4,640			10.0			17.1
Administrative expenses and amortizations			(292)			(4.2)			(5.0)						(1,221)			(3.8)			0.5
Net operating income			971			11.3			9.9						3,419			15.9			24.4
Net loan-loss provisions			(537)			6.1			4.6						(2,003)			18.0			27.4
Other gains (losses) and provisions			(10)			(3.8)			(3.4)						(63)			(0.8)			0.8
Profit before tax			424			19.1			17.7						1,353			13.8			21.5
Tax on profit			(143)			11.3			10.0						(484)			19.4			28.1
Profit from continuing operations			281			23.5			22.1						869			10.9			18.1
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			281			23.5			22.1						869			10.9			18.1
Non-controlling interests			(17)			(27.1)			(28.2)						(82)			1.6			7.3
Underlying attributable profit to the parent			264			29.3			28.0						787			12.0			19.3
Balance sheet and activity metrics
Loans and advances to customers			23,491			4.6			5.2						23,491			7.1			8.0
Customer deposits			23			37.9			37.9						23			(53.3)			(53.3)
Memorandum items:
Gross loans and advances to customers ²			25,616			5.3			5.9						25,616			8.2			9.0
Customer funds			23			37.9			37.9						23			(53.3)			(53.3)
Customer deposits ³			23			37.9			37.9						23			(53.3)			(53.3)
Mutual funds			—			—			—						—			—			—
Risk-weighted assets			18,462			5.8									18,462			3.2
Number of cards (millions)4			108			0.9									108			2.3
Ratios (%)
RoTE			38.4			6.8									30.7			1.5
RoTE (post-AT1)			37.7			6.7									30.1			1.5
Efficiency ratio			23.1			(2.8)									26.3			(3.8)
NPL ratio			6.43			0.84									6.43			1.12
NPL coverage ratio			129			(10)									129			(11)

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

4. Total number of Cards in the Group, including those managed within Consumer's perimeter.

30 January - December 2025

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Primary segments

CORPORATE CENTRE																					Q
EUR million
									/ Q3'25												/ 2024
Underlying income statement			Q4'25			Q3'25			%						2025			2024			%
Net interest income			(126)			(132)			(4.2)						(490)			(308)			59.1
Net fee income			(5)			(6)			(18.5)						(27)			(11)			156.5
Gains (losses) on financial transactions 1			52			8			519.3						(82)			(408)			(79.8)
Other operating income			15			(37)			—						19			50			(63.0)
Total income			(64)			(166)			(61.4)						(581)			(676)			(14.0)
Administrative expenses and amortizations			(117)			(101)			15.4						(402)			(379)			6.2
Net operating income			(181)			(267)			(32.3)						(983)			(1,055)			(6.8)
Net loan-loss provisions			(1)			0			—						(198)			3			—
Other gains (losses) and provisions			161			(181)			—						(94)			(265)			(64.5)
Profit before tax			(21)			(447)			(95.4)						(1,275)			(1,317)			(3.2)
Tax on profit			(6)			102			—						190			162			16.9
Profit from continuing operations			(26)			(346)			(92.4)						(1,085)			(1,155)			(6.0)
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			(26)			(346)			(92.4)						(1,085)			(1,155)			(6.0)
Non-controlling interests			0			0			—						0			1			(99.7)
Underlying attributable profit to the parent			(26)			(346)			(92.4)						(1,085)			(1,154)			(6.0)
Balance sheet
Loans and advances to customers			6,289			6,123			2.7						6,289			5,778			8.8
Cash, central banks and credit institutions			101,481			93,831			8.2						101,481			104,379			(2.8)
Debt instruments			11,076			10,191			8.7						11,076			10,923			1.4
Other financial assets			1,612			1,504			7.2						1,612			1,444			11.6
Other asset accounts			113,826			118,021			(3.6)						113,826			118,425			(3.9)
Total assets			234,284			229,670			2.0						234,284			240,948			(2.8)
Customer deposits			1,387			1,267			9.5						1,387			1,430			(3.0)
Central banks and credit institutions			21,640			20,301			6.6						21,640			21,730			(0.4)
Marketable debt securities			112,521			106,123			6.0						112,521			121,122			(7.1)
Other financial liabilities			773			2,298			(66.3)						773			48			—
Other liabilities accounts			6,662			6,519			2.2						6,662			7,256			(8.2)
Total liabilities			142,983			136,507			4.7						142,983			151,585			(5.7)
Total equity			91,301			93,163			(2.0)						91,301			89,363			2.2
Memorandum items:
Gross loans and advances to customers 2			6,349			6,198			2.4						6,349			5,853			8.5
Customer funds			1,387			1,267			9.5						1,387			1,299			6.7
Customer deposits 3			1,387			1,267			9.5						1,387			1,299			6.7
Mutual funds			—			—			—						—			—			—
Resources
Number of employees			1,901			1,892			0.5						1,901			1,825			4.2

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - December 2025 31

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Financial information by segment

Appendix

Index

Secondary segments

Secondary segments

Spain															Q
EUR million
						/ Q3'25									/ 2024
Underlying income statement			Q4'25			%						2025			%
Net interest income			1,890			3.3						7,305			0.7
Net fee income			810			14.1						3,022			5.4
Gains (losses) on financial transactions 1			63			(69.2)						841			(23.6)
Other operating income			171			17.8						823			9.6
Total income			2,934			1.5						11,990			0.1
Administrative expenses and amortizations			(1,114)			4.1						(4,284)			0.3
Net operating income			1,820			0.1						7,706			0.0
Net loan-loss provisions			(301)			24.7						(1,142)			(9.3)
Other gains (losses) and provisions			(75)			(56.2)						(482)			(52.0)
Profit before tax			1,444			2.7						6,083			11.8
Tax on profit			(406)			(5.8)						(1,811)			7.9
Profit from continuing operations			1,038			6.4						4,272			13.5
Net profit from discontinued operations			—			—						—			—
Consolidated profit			1,038			6.4						4,272			13.5
Non-controlling interests			0			—						0			(2.5)
Underlying attributable profit to the parent			1,038			6.4						4,272			13.5
Balance sheet
Loans and advances to customers			264,950			0.1						264,950			7.3
Cash, central banks and credit institutions			90,438			(7.1)						90,438			(9.3)
Debt instruments			120,671			14.6						120,671			27.7
Other financial assets			51,675			5.6						51,675			7.4
Other asset accounts			14,773			(8.5)						14,773			(15.7)
Total assets			542,507			1.9						542,507			7.1
Customer deposits			354,943			(0.1)						354,943			9.7
Central banks and credit institutions			54,996			11.7						54,996			(3.9)
Marketable debt securities			29,957			0.8						29,957			9.4
Other financial liabilities			63,188			7.3						63,188			5.4
Other liabilities accounts			22,268			1.2						22,268			5.2
Total liabilities			525,352			2.0						525,352			7.4
Total equity			17,155			(1.2)						17,155			(2.3)
Memorandum items:
Gross loans and advances to customers 2			237,385			1.8						237,385			5.1
Customer funds			429,464			3.1						429,464			7.4
Customer deposits 3			322,070			2.7						322,070			5.1
Mutual funds			107,394			4.4						107,394			14.7
Ratios (%), operating means and customers
RoTE			24.9			1.7						25.1			3.4
RoTE (post-AT1)			24.0			1.6						24.3			3.4
Efficiency ratio			38.0			0.9						35.7			0.1
NPL ratio			1.96			(0.13)						1.96			(0.73)
NPL coverage ratio			55			1						55			2
Number of branches			1,630			(3.2)						1,630			(10.8)
Number of total customers (thousands)			15,362			(0.3)						15,362			0.4
Number of active customers (thousands)			9,242			1.3						9,242			4.5

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

32 January - December 2025

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Secondary segments

United Kingdom
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			1,245			2.0			2.9						5,008			1.2			2.4
Net fee income			111			19.9			20.6						369			30.3			31.8
Gains (losses) on financial transactions 1			(16)			(3.6)			(3.1)						(100)			445.8			452.4
Other operating income			1			108.2			108.2						3			81.6			83.8
Total income			1,341			3.4			4.3						5,280			1.2			2.4
Administrative expenses and amortizations			(676)			1.3			2.2						(2,771)			(5.0)			(3.9)
Net operating income			665			5.7			6.5						2,509			9.1			10.5
Net loan-loss provisions			(58)			826.3			706.8						(177)			177.4			180.7
Other gains (losses) and provisions			(120)			51.7			50.4						(539)			22.1			23.5
Profit before tax			487			(10.5)			(9.3)						1,794			0.0			1.2
Tax on profit			(138)			(5.7)			(4.5)						(486)			(0.3)			0.9
Profit from continuing operations			349			(12.2)			(11.1)						1,307			0.1			1.3
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			349			(12.2)			(11.1)						1,307			0.1			1.3
Non-controlling interests			—			—			—						—			—			—
Underlying attributable profit to the parent			349			(12.2)			(11.1)						1,307			0.1			1.3
Balance sheet
Loans and advances to customers			242,624			0.6			0.6						242,624			(1.6)			3.6
Cash, central banks and credit institutions			55,335			(1.3)			(1.3)						55,335			1.0			6.3
Debt instruments			10,570			(15.0)			(15.0)						10,570			(30.1)			(26.4)
Other financial assets			270			5.8			5.9						270			(30.8)			(27.2)
Other asset accounts			4,048			7.0			7.1						4,048			19.7			26.0
Total assets			312,846			(0.3)			(0.3)						312,846			(2.3)			2.9
Customer deposits			225,708			2.1			2.1						225,708			(2.0)			3.1
Central banks and credit institutions			18,326			(11.4)			(11.3)						18,326			(28.6)			(24.8)
Marketable debt securities			51,231			(5.8)			(5.7)						51,231			6.9			12.5
Other financial liabilities			2,441			(6.7)			(6.6)						2,441			(2.4)			2.8
Other liabilities accounts			2,277			37.7			37.8						2,277			31.4			38.3
Total liabilities			299,984			(0.2)			(0.1)						299,984			(2.7)			2.4
Total equity			12,863			(3.1)			(3.0)						12,863			8.2			13.8
Memorandum items:
Gross loans and advances to customers 2			228,273			0.7			0.7						228,273			(3.5)			1.6
Customer funds			227,160			1.6			1.7						227,160			(1.4)			3.7
Customer deposits 3			219,440			1.6			1.6						219,440			(1.5)			3.7
Mutual funds			7,719			2.2			2.2						7,719			1.0			6.3
Ratios (%), operating means and customers
RoTE			11.2			(1.6)									10.7			(0.4)
RoTE (post-AT1)			10.7			(1.6)									10.2			(0.4)
Efficiency ratio			50.4			(1.0)									52.5			(3.5)
NPL ratio			1.08			0.00									1.08			(0.25)
NPL coverage ratio			33			(2)									33			3
Number of branches			363			(1.4)									363			(18.2)
Number of total customers (thousands)			22,720			0.3									22,720			0.8
Number of active customers (thousands)			13,547			(0.1)									13,547			(0.7)

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - December 2025 33

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Secondary segments

Portugal
EUR million
						/ Q3'25									/ 2024
Underlying income statement			Q4'25			%						2025			%
Net interest income			334			1.6						1,346			(13.0)
Net fee income			128			3.7						506			8.2
Gains (losses) on financial transactions 1			11			(47.5)						70			56.9
Other operating income			13			34.7						36			(9.0)
Total income			485			0.7						1,959			(6.7)
Administrative expenses and amortizations			(144)			7.6						(548)			0.1
Net operating income			341			(1.9)						1,411			(9.2)
Net loan-loss provisions			6			—						8			—
Other gains (losses) and provisions			(1)			—						(2)			(97.2)
Profit before tax			346			1.5						1,417			(4.3)
Tax on profit			(101)			0.9						(405)			(15.2)
Profit from continuing operations			245			1.8						1,011			0.8
Net profit from discontinued operations			—			—						—			—
Consolidated profit			245			1.8						1,011			0.8
Non-controlling interests			0			(51.2)						(2)			(18.9)
Underlying attributable profit to the parent			245			1.9						1,010			0.9
Balance sheet
Loans and advances to customers			41,260			2.7						41,260			7.4
Cash, central banks and credit institutions			2,744			(14.0)						2,744			(29.2)
Debt instruments			15,998			5.1						15,998			6.6
Other financial assets			1,243			2.6						1,243			10.1
Other asset accounts			1,090			8.6						1,090			(1.7)
Total assets			62,334			2.5						62,334			4.7
Customer deposits			40,576			0.9						40,576			5.9
Central banks and credit institutions			9,357			10.4						9,357			6.2
Marketable debt securities			5,809			5.4						5,809			16.8
Other financial liabilities			304			0.8						304			(10.3)
Other liabilities accounts			2,916			(8.2)						2,916			(4.6)
Total liabilities			58,961			2.2						58,961			6.3
Total equity			3,373			7.1						3,373			(16.6)
Memorandum items:
Gross loans and advances to customers 2			41,980			2.6						41,980			7.2
Customer funds			46,201			1.2						46,201			7.0
Customer deposits 3			40,576			0.9						40,576			5.9
Mutual funds			5,625			3.1						5,625			15.2
Ratios (%), operating means and customers
RoTE			30.0			0.1						30.8			5.4
RoTE (post-AT1)			29.5			0.1						30.3			5.3
Efficiency ratio			29.8			1.9						28.0			1.9
NPL ratio			2.08			(0.02)						2.08			(0.32)
NPL coverage ratio			83			(3)						83			3
Number of branches			308			(17.4)						308			(17.6)
Number of total customers (thousands)			2,971			0.0						2,971			(0.6)
Number of active customers (thousands)			1,945			0.4						1,945			2.1

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

34 January - December 2025

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Secondary segments

Poland																					Q
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			736			(0.2)			(0.7)						2,953			3.8			2.2
Net fee income			184			4.9			4.3						733			8.8			7.1
Gains (losses) on financial transactions 1			20			13.8			13.0						82			43.3			41.1
Other operating income			7			95.6			102.7						(44)			121.4			118.0
Total income			948			1.4			0.9						3,724			4.7			3.1
Administrative expenses and amortizations			(266)			2.5			1.9						(1,036)			7.4			5.8
Net operating income			682			1.0			0.5						2,687			3.7			2.1
Net loan-loss provisions			(83)			2.4			2.0						(283)			(44.5)			(45.4)
Other gains (losses) and provisions			(159)			129.5			127.6						(473)			10.3			8.6
Profit before tax			440			(16.2)			(16.6)						1,930			17.0			15.2
Tax on profit			(56)			(48.7)			(49.0)						(402)			(6.7)			(8.2)
Profit from continuing operations			384			(7.7)			(8.1)						1,528			25.4			23.4
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			384			(7.7)			(8.1)						1,528			25.4			23.4
Non-controlling interests			(149)			(6.7)			(7.1)						(580)			38.4			36.3
Underlying attributable profit to the parent			236			(8.3)			(8.7)						949			18.5			16.7
Balance sheet
Loans and advances to customers			40,203			2.8			1.7						40,203			5.7			4.3
Cash, central banks and credit institutions			13,002			21.4			20.1						13,002			26.4			24.8
Debt instruments			21,610			17.7			16.4						21,610			23.6			22.0
Other financial assets			635			(4.2)			(5.2)						635			28.7			27.0
Other asset accounts			2,736			19.1			17.9						2,736			39.6			37.8
Total assets			78,186			9.9			8.8						78,186			14.5			13.1
Customer deposits			54,627			5.5			4.4						54,627			8.5			7.1
Central banks and credit institutions			7,974			35.9			34.5						7,974			58.8			56.8
Marketable debt securities			3,819			24.6			23.3						3,819			39.1			37.4
Other financial liabilities			1,509			(8.9)			(9.8)						1,509			(8.9)			(10.0)
Other liabilities accounts			2,451			28.1			26.7						2,451			45.3			43.4
Total liabilities			70,380			9.5			8.4						70,380			14.6			13.1
Total equity			7,806			13.4			12.2						7,806			14.3			12.8
Memorandum items:
Gross loans and advances to customers 2			40,913			2.8			1.7						40,913			5.6			4.3
Customer funds			62,518			5.9			4.7						62,518			10.5			9.1
Customer deposits 3			54,017			5.3			4.2						54,017			7.8			6.5
Mutual funds			8,501			9.4			8.3						8,501			30.9			29.2
Ratios (%), operating means and customers
RoTE			22.5			(4.0)									23.8			3.6
RoTE (post-AT1)			21.8			(4.1)									23.1			3.5
Efficiency ratio			28.0			0.3									27.8			0.7
NPL ratio			3.34			(0.17)									3.34			(0.32)
NPL coverage ratio			65			1									65			3
Number of branches			359			(0.3)									359			(2.4)
Number of total customers (thousands)			6,024			(0.9)									6,024			0.8
Number of active customers (thousands)			4,759			0.6									4,759			2.8

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - December 2025 35

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Secondary segments

DCB Europe
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			1,212			0.5			0.4						4,685			7.4			7.5
Net fee income			234			17.8			17.8						804			(10.9)			(10.8)
Gains (losses) on financial transactions 1			7			—			—						(39)			60.8			61.9
Other operating income			142			15.1			15.3						474			7.7			8.1
Total income			1,595			6.1			6.0						5,925			4.3			4.4
Administrative expenses and amortizations			(633)			(2.9)			(2.9)						(2,611)			0.3			0.4
Net operating income			962			12.9			12.9						3,314			7.8			7.9
Net loan-loss provisions			(436)			42.0			41.9						(1,363)			12.7			12.9
Other gains (losses) and provisions			(340)			472.5			470.9						(554)			(24.6)			(24.4)
Profit before tax			185			(61.8)			(61.7)						1,398			23.6			23.4
Tax on profit			(8)			(92.2)			(92.1)						(322)			25.9			25.2
Profit from continuing operations			177			(53.4)			(53.3)						1,076			22.9			22.9
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			177			(53.4)			(53.3)						1,076			22.9			22.9
Non-controlling interests			(90)			(2.0)			(2.1)						(304)			30.3			30.3
Underlying attributable profit to the parent			87			(69.8)			(69.6)						772			20.2			20.2
Balance sheet
Loans and advances to customers			139,322			0.9			1.0						139,322			1.7			2.1
Cash, central banks and credit institutions			16,078			(8.5)			(8.4)						16,078			(16.2)			(15.6)
Debt instruments			8,510			2.8			2.7						8,510			34.9			34.6
Other financial assets			126			19.8			19.8						126			(1.3)			(1.3)
Other asset accounts			12,088			1.8			1.8						12,088			8.8			9.6
Total assets			176,125			0.2			0.2						176,125			1.4			1.8
Customer deposits			82,359			1.0			1.0						82,359			1.2			1.3
Central banks and credit institutions			26,820			(9.6)			(9.5)						26,820			(4.6)			(2.5)
Marketable debt securities			45,494			6.7			6.8						45,494			5.5			5.6
Other financial liabilities			2,014			(7.6)			(7.6)						2,014			5.0			5.2
Other liabilities accounts			6,208			7.6			7.6						6,208			8.7			9.0
Total liabilities			162,896			0.7			0.7						162,896			1.6			2.1
Total equity			13,229			(5.9)			(5.9)						13,229			(2.1)			(1.6)
Memorandum items:
Gross loans and advances to customers 2			142,477			0.9			1.0						142,477			1.8			2.3
Customer funds			87,559			1.0			1.1						87,559			2.0			2.0
Customer deposits 3			82,359			1.0			1.0						82,359			1.2			1.3
Mutual funds			5,200			2.0			2.0						5,200			15.6			15.6
Ratios (%), operating means and customers
RoTE			3.5			(7.6)									7.6			1.2
RoTE (post-AT1)			2.6			(7.6)									6.7			1.2
Efficiency ratio			39.7			(3.7)									44.1			(1.8)
NPL ratio			2.53			(0.17)									2.53			0.03
NPL coverage ratio			87			5									87			5
Number of branches			298			(0.3)									298			(8.6)
Number of total customers (thousands)			19,893			1.3									19,893			1.8

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

36 January - December 2025

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Secondary segments

United States
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			1,476			0.9			0.5						5,888			3.4			7.9
Net fee income			314			(6.3)			(6.5)						1,328			15.3			20.3
Gains (losses) on financial transactions 1			264			138.1			135.0						547			47.7			54.1
Other operating income			17			(14.2)			(17.6)						165			(54.7)			(52.7)
Total income			2,072			7.4			6.7						7,929			4.6			9.1
Administrative expenses and amortizations			(960)			5.7			5.0						(3,812)			(0.5)			3.8
Net operating income			1,112			8.8			8.2						4,116			9.8			14.5
Net loan-loss provisions			(647)			13.7			13.2						(2,244)			(10.5)			(6.6)
Other gains (losses) and provisions			(45)			59.9			58.0						(124)			(34.5)			(31.6)
Profit before tax			420			(1.1)			(1.6)						1,748			66.0			73.2
Tax on profit			(72)			3.9			4.7						(207)			—			—
Profit from continuing operations			347			(2.1)			(2.8)						1,541			39.0			45.0
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			347			(2.1)			(2.8)						1,541			39.0			45.0
Non-controlling interests			—			—			—						—			—			—
Underlying attributable profit to the parent			347			(2.1)			(2.8)						1,541			39.0			45.0
Balance sheet
Loans and advances to customers			132,659			0.1			0.3						132,659			(1.6)			11.3
Cash, central banks and credit institutions			21,318			(8.4)			(8.2)						21,318			(24.4)			(14.5)
Debt instruments			38,411			(1.1)			(1.0)						38,411			42.0			60.7
Other financial assets			3,159			9.8			10.0						3,159			12.0			26.7
Other asset accounts			11,171			(7.9)			(7.7)						11,171			(30.4)			(21.3)
Total assets			206,718			(1.4)			(1.2)						206,718			(1.1)			11.9
Customer deposits			122,000			3.8			4.0						122,000			(2.7)			10.1
Central banks and credit institutions			34,934			(12.8)			(12.7)						34,934			30.4			47.5
Marketable debt securities			26,433			(3.5)			(3.4)						26,433			(16.8)			(5.9)
Other financial liabilities			6,255			(9.3)			(9.1)						6,255			19.8			35.5
Other liabilities accounts			3,085			2.8			3.0						3,085			(16.2)			(5.2)
Total liabilities			192,707			(1.1)			(0.9)						192,707			(0.1)			13.0
Total equity			14,011			(5.1)			(4.9)						14,011			(12.9)			(1.5)
Memorandum items:
Gross loans and advances to customers 2			108,950			2.0			2.2						108,950			(7.3)			4.9
Customer funds			103,178			5.2			5.4						103,178			(4.7)			7.9
Customer deposits 3			87,686			5.8			6.0						87,686			(6.3)			6.1
Mutual funds			15,492			1.8			2.0						15,492			5.4			19.2
Ratios (%), operating means and customers
RoTE			10.0			(0.1)									10.8			3.2
RoTE (post-AT1)			9.3			(0.2)									10.2			3.2
Efficiency ratio			46.3			(0.7)									48.1			(2.4)
NPL ratio			4.85			0.14									4.85			0.14
NPL coverage ratio			55			(3)									55			(9)
Number of branches			376			(2.1)									376			(7.2)
Number of total customers (thousands)			4,369			(1.3)									4,369			(2.4)
Number of active customers (thousands)			4,169			(1.2)									4,169			(3.2)

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - December 2025 37

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Secondary segments

Mexico																					Q
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			1,190			5.6			3.4						4,554			(1.7)			8.0
Net fee income			423			23.9			21.6						1,454			5.0			15.3
Gains (losses) on financial transactions 1			172			45.8			43.8						427			7.7			18.3
Other operating income			(46)			55.6			53.2						(130)			(2.5)			7.1
Total income			1,739			11.7			9.5						6,305			0.4			10.3
Administrative expenses and amortizations			(736)			15.1			12.9						(2,620)			(1.7)			8.0
Net operating income			1,003			9.4			7.2						3,685			2.0			12.0
Net loan-loss provisions			(308)			(5.2)			(7.3)						(1,239)			(3.0)			6.5
Other gains (losses) and provisions			(26)			40.2			37.0						(110)			78.1			95.6
Profit before tax			669			16.6			14.4						2,336			2.7			12.8
Tax on profit			(174)			10.9			8.7						(627)			4.9			15.2
Profit from continuing operations			495			18.7			16.5						1,709			2.0			12.0
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			495			18.7			16.5						1,709			2.0			12.0
Non-controlling interests			(1)			38.0			35.4						(4)			(9.0)			(0.1)
Underlying attributable profit to the parent			494			18.7			16.4						1,705			2.0			12.0
Balance sheet
Loans and advances to customers			48,083			7.8			5.8						48,083			6.7			4.6
Cash, central banks and credit institutions			11,569			(19.2)			(20.7)						11,569			5.7			3.6
Debt instruments			32,066			10.5			8.4						32,066			6.6			4.4
Other financial assets			4,731			5.9			3.9						4,731			(18.2)			(19.9)
Other asset accounts			5,778			11.7			9.6						5,778			0.6			(1.5)
Total assets			102,227			4.8			2.8						102,227			4.7			2.6
Customer deposits			55,595			9.4			7.3						55,595			11.6			9.3
Central banks and credit institutions			17,984			7.4			5.4						17,984			4.2			2.1
Marketable debt securities			9,316			(1.7)			(3.6)						9,316			(3.3)			(5.2)
Other financial liabilities			7,586			(16.4)			(18.0)						7,586			(21.3)			(22.9)
Other liabilities accounts			3,258			12.2			10.1						3,258			4.6			2.5
Total liabilities			93,740			5.3			3.3						93,740			4.8			2.7
Total equity			8,487			(0.3)			(2.2)						8,487			4.3			2.2
Memorandum items:
Gross loans and advances to customers 2			49,442			7.5			5.5						49,442			10.6			8.4
Customer funds			68,201			5.6			3.6						68,201			11.5			9.3
Customer deposits 3			45,498			8.0			6.0						45,498			9.6			7.4
Mutual funds			22,703			1.0			(0.9)						22,703			15.6			13.3
Ratios (%), operating means and customers
RoTE			24.8			2.9									22.4			2.3
RoTE (post-AT1)			24.4			2.9									22.0			2.3
Efficiency ratio			42.3			1.2									41.6			(0.9)
NPL ratio			2.65			(0.29)									2.65			(0.05)
NPL coverage ratio			105			4									105			4
Number of branches			1,314			(1.1)									1,314			(3.1)
Number of total customers (thousands)			22,577			2.0									22,577			6.1
Number of active customers (thousands)			11,976			2.9									11,976			10.2

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

38 January - December 2025

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Secondary segments

Brazil
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			2,331			1.0			(0.5)						9,380			(7.3)			0.6
Net fee income			843			5.3			3.9						3,193			(6.5)			1.5
Gains (losses) on financial transactions 1			(17)			(49.9)			(50.2)						(64)			71.7			86.3
Other operating income			39			91.7			89.7						93			139.5			160.0
Total income			3,197			3.2			1.8						12,602			(6.9)			1.0
Administrative expenses and amortizations			(1,046)			4.5			2.9						(4,109)			(5.6)			2.5
Net operating income			2,150			2.7			1.2						8,493			(7.5)			0.4
Net loan-loss provisions			(1,084)			4.8			3.1						(4,409)			(1.7)			6.6
Other gains (losses) and provisions			(244)			17.1			15.5						(859)			(0.9)			7.5
Profit before tax			822			(3.4)			(4.7)						3,224			(15.8)			(8.6)
Tax on profit			(183)			(7.3)			(8.8)						(836)			(28.2)			(22.1)
Profit from continuing operations			639			(2.3)			(3.5)						2,388			(10.4)			(2.8)
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			639			(2.3)			(3.5)						2,388			(10.4)			(2.8)
Non-controlling interests			(60)			(0.7)			(1.9)						(220)			(9.3)			(1.6)
Underlying attributable profit to the parent			579			(2.4)			(3.7)						2,168			(10.5)			(2.9)
Balance sheet
Loans and advances to customers			87,653			(0.6)			2.6						87,653			(1.1)			(0.6)
Cash, central banks and credit institutions			49,450			(8.5)			(5.5)						49,450			5.8			6.3
Debt instruments			46,658			(1.9)			1.4						46,658			2.2			2.6
Other financial assets			11,772			(0.6)			2.7						11,772			10.7			11.2
Other asset accounts			13,919			(4.6)			(1.4)						13,919			0.5			1.0
Total assets			209,453			(3.2)			0.0						209,453			1.9			2.4
Customer deposits			92,256			(3.8)			(0.6)						92,256			(1.8)			(1.4)
Central banks and credit institutions			32,377			(3.9)			(0.7)						32,377			4.9			5.3
Marketable debt securities			29,161			2.4			5.8						29,161			15.0			15.6
Other financial liabilities			33,757			(5.1)			(2.0)						33,757			(1.3)			(0.9)
Other liabilities accounts			5,829			(7.3)			(4.2)						5,829			4.4			4.9
Total liabilities			193,380			(3.3)			(0.1)						193,380			1.8			2.2
Total equity			16,073			(1.6)			1.7						16,073			3.8			4.2
Memorandum items:
Gross loans and advances to customers 2			93,030			(0.6)			2.7						93,030			(0.8)			(0.3)
Customer funds			132,580			(3.6)			(0.4)						132,580			2.1			2.6
Customer deposits 3			80,449			(3.0)			0.2						80,449			(1.1)			(0.7)
Mutual funds			52,132			(4.5)			(1.4)						52,132			7.5			8.0
Ratios (%), operating means and customers
RoTE			16.6			(0.8)									16.0			(1.5)
RoTE (post-AT1)			15.9			(0.9)									15.3			(1.5)
Efficiency ratio			32.7			0.4									32.6			0.5
NPL ratio			6.82			0.25									6.82			0.68
NPL coverage ratio			83			(2)									83			1
Number of branches			1,618			(6.1)									1,618			(26.5)
Number of total customers (thousands)			73,948			1.6									73,948			6.5
Number of active customers (thousands)			33,966			0.7									33,966			2.5

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - December 2025 39

Significant events Key consolidated data Business model

Group financial information

Financial information by segment

Appendix

Index

Secondary segments

Chile
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			479			9.9			6.0						1,917			5.2			10.7
Net fee income			151			12.1			8.3						582			5.8			11.2
Gains (losses) on financial transactions 1			45			(29.4)			(30.9)						230			(3.4)			1.6
Other operating income			(2)			(64.4)			(64.6)						(15)			(16.4)			(12.1)
Total income			674			6.9			3.2						2,714			4.7			10.1
Administrative expenses and amortizations			(216)			1.7			(1.8)						(912)			(2.3)			2.7
Net operating income			458			9.5			5.7						1,802			8.7			14.3
Net loan-loss provisions			(115)			(6.1)			(9.5)						(531)			6.9			12.4
Other gains (losses) and provisions			(18)			57.5			55.8						(39)			(23.8)			(19.8)
Profit before tax			325			14.3			10.4						1,232			11.0			16.7
Tax on profit			(47)			(5.2)			(7.7)						(189)			(10.5)			(5.9)
Profit from continuing operations			278			18.5			14.2						1,043			16.0			22.0
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			278			18.5			14.2						1,043			16.0			22.0
Non-controlling interests			(82)			17.6			13.2						(314)			16.0			22.0
Underlying attributable profit to the parent			196			18.8			14.6						729			16.0			22.0
Balance sheet
Loans and advances to customers			39,924			6.7			0.3						39,924			(1.0)			1.6
Cash, central banks and credit institutions			5,218			(4.2)			(9.9)						5,218			(9.4)			(7.0)
Debt instruments			9,385			10.0			3.4						9,385			17.4			20.5
Other financial assets			11,489			6.2			(0.2)						11,489			(15.2)			(13.0)
Other asset accounts			2,189			8.3			1.8						2,189			(21.7)			(19.7)
Total assets			68,205			6.2			(0.2)						68,205			(3.2)			(0.6)
Customer deposits			29,503			11.6			4.9						29,503			(2.2)			0.3
Central banks and credit institutions			8,778			(7.2)			(12.8)						8,778			7.9			10.8
Marketable debt securities			9,703			4.5			(1.7)						9,703			(6.7)			(4.3)
Other financial liabilities			12,322			2.8			(3.3)						12,322			(14.0)			(11.7)
Other liabilities accounts			2,299			12.9			6.1						2,299			18.4			21.5
Total liabilities			62,604			5.7			(0.6)						62,604			(3.7)			(1.1)
Total equity			5,601			11.3			4.6						5,601			2.8			5.5
Memorandum items:
Gross loans and advances to customers 2			40,986			6.6			0.3						40,986			(1.0)			1.6
Customer funds			42,256			10.6			4.0						42,256			(2.6)			—
Customer deposits 3			28,293			10.8			4.2						28,293			(5.9)			(3.4)
Mutual funds			13,963			10.0			3.4						13,963			4.8			7.6
Ratios (%), operating means and customers
RoTE			21.5			1.7									20.5			3.4
RoTE (post-AT1)			20.8			1.7									19.7			3.4
Efficiency ratio			32.0			(1.6)									33.6			(2.4)
NPL ratio			5.73			0.18									5.73			0.36
NPL coverage ratio			48			(1)									48			(2)
Number of branches			228			(1.3)									228			(3.8)
Number of total customers (thousands)			4,608			0.6									4,608			6.9
Number of active customers (thousands)			2,693			0.5									2,693			5.4

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

40 January - December 2025

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Group financial information

Financial information by segment

Appendix

Index

Secondary segments

Argentina
EUR million
									/ Q3'25									/ 2024
Underlying income statement			Q4'25						%						2025			%
Net interest income			471						48.0						1,727			(40.8)
Net fee income			207						8.2						788			30.9
Gains (losses) on financial transactions 1			52						(5.2)						229			0.1
Other operating income			(149)						168.6						(510)			(59.6)
Total income			581						14.1						2,235			(10.2)
Administrative expenses and amortizations			(257)						23.1						(964)			(5.7)
Net operating income			324						7.8						1,271			(13.3)
Net loan-loss provisions			(193)						11.7						(574)			101.8
Other gains (losses) and provisions			12						—						(46)			(86.9)
Profit before tax			143						24.5						650			(21.4)
Tax on profit			(58)						101.7						(216)			34.6
Profit from continuing operations			85						(1.2)						434			(34.9)
Net profit from discontinued operations			—						—						—			—
Consolidated profit			85						(1.2)						434			(34.9)
Non-controlling interests			0						70.7						(1)			(39.8)
Underlying attributable profit to the parent			85						(1.3)						433			(34.9)
Balance sheet
Loans and advances to customers			8,032						(10.2)						8,032			4.5
Cash, central banks and credit institutions			3,724						5.7						3,724			(24.0)
Debt instruments			2,230						(6.6)						2,230			(16.0)
Other financial assets			16						(77.5)						16			(28.5)
Other asset accounts			1,078						9.2						1,078			10.2
Total assets			15,080						(5.2)						15,080			(7.1)
Customer deposits			9,959						(2.3)						9,959			(11.8)
Central banks and credit institutions			685						(47.9)						685			(19.5)
Marketable debt securities			258						(7.8)						258			63.4
Other financial liabilities			1,060						(13.6)						1,060			9.5
Other liabilities accounts			547						17.7						547			14.9
Total liabilities			12,510						(7.2)						12,510			(9.0)
Total equity			2,570						5.5						2,570			3.1
Memorandum items:
Gross loans and advances to customers 2			8,611						(8.6)						8,611			8.5
Customer funds			15,894						(1.9)						15,894			(6.8)
Customer deposits 3			9,959						(2.3)						9,959			(11.8)
Mutual funds			5,934						(1.3)						5,934			3.1
Ratios (%), operating means and customers
RoTE			17.9						(3.6)						20.9			(13.9)
RoTE (post-AT1)			17.2						(3.6)						20.2			(14.3)
Efficiency ratio			44.3						3.3						43.1			2.0
NPL ratio			7.68						2.73						7.68			5.62
NPL coverage ratio			90						(19)						90			(87)
Number of branches			391						(1.3)						391			(4.4)
Number of total customers (thousands)			5,412						0.1						5,412			5.8
Number of active customers (thousands)			3,772						0.5						3,772			2.7

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - December 2025 41

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Financial information by segment

Appendix

Index

Secondary segments

Rest of the Group
EUR million
						/			Q3'25									/			2024
Underlying income statement			Q4'25			%			% excl. FX						2025			%			% excl. FX
Net interest income			300			16.4			13.8						1,080			29.8			36.1
Net fee income			250			8.8			7.9						908			25.6			28.8
Gains (losses) on financial transactions 1			74			(35.4)			(36.7)						296			(9.0)			(6.1)
Other operating income			(11)			—			—						25			218.6			173.0
Total income			612			1.1			(0.7)						2,309			22.3			26.6
Administrative expenses and amortizations			(427)			3.1			1.9						(1,656)			7.0			9.3
Net operating income			185			(3.4)			(6.4)						654			91.6			112.3
Net loan-loss provisions			(83)			26.9			25.9						(260)			13.0			17.7
Other gains (losses) and provisions			3			—			—						(65)			(81.9)			(81.8)
Profit before tax			106			12.5			5.7						329			—			—
Tax on profit			29			—			—						(29)			(20.6)			(9.4)
Profit from continuing operations			135			72.2			63.3						300			—			—
Net profit from discontinued operations			—			—			—						—			—			—
Consolidated profit			135			72.2			63.3						300			—			—
Non-controlling interests			(1)			(71.6)			(72.3)						0			(98.4)			(98.6)
Underlying attributable profit to the parent			134			77.8			68.5						300			—			—
Balance sheet
Loans and advances to customers			25,315			4.6			3.4						25,315			1.6			8.2
Cash, central banks and credit institutions			12,912			36.2			35.4						12,912			57.9			64.7
Debt instruments			4,452			(15.5)			(16.4)						4,452			(58.3)			(57.8)
Other financial assets			2,387			2.9			2.0						2,387			(21.5)			(16.9)
Other asset accounts			3,157			12.2			11.5						3,157			7.7			8.1
Total assets			48,222			9.4			8.4						48,222			(3.0)			1.3
Customer deposits			26,913			4.5			3.7						26,913			34.9			42.5
Central banks and credit institutions			8,249			14.1			12.1						8,249			(57.3)			(55.8)
Marketable debt securities			4,508			34.4			33.7						4,508			401.8			408.3
Other financial liabilities			2,402			4.7			3.9						2,402			(10.9)			(4.5)
Other liabilities accounts			1,543			26.6			25.2						1,543			1.9			2.3
Total liabilities			43,614			9.5			8.5						43,614			(1.7)			2.7
Total equity			4,608			8.5			7.4						4,608			(14.0)			(10.3)
Memorandum items:
Gross loans and advances to customers 2			25,796			4.6			3.5						25,796			2.0			8.5
Customer funds			45,916			6.9			6.4						45,916			34.2			40.8
Customer deposits 3			26,691			4.2			3.4						26,691			36.7			44.6
Mutual funds			19,225			11.0			10.9						19,225			31.0			35.9

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

42 January - December 2025

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

APPENDIX

January - December 2025 43

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Group financial information

Financial information by segment

Appendix

Index

Group information

Financial information

Group information

As a result of the Poland disposal and in accordance with IFRS 5 requirements, the business subject to the Poland disposal has been classified as 'non-current assets/liabilities held for sale' and the related results have been reported under 'discontinued operations'. Accordingly:

•In the Group’s consolidated balance sheet, the assets associated with the Poland disposal are 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'. This classification applies solely to balance sheets from 30 June 2025 onwards and does not affect balance sheets for prior periods. In the statutory income statement, the 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 both 2025 and 2024. Consequently, the results from the Poland disposal perimeter are excluded line by line from the breakdown of continuing operations in both periods.

•However, in the underlying income statement, both at the Group and the primary and secondary segment levels (which are presented on an underlying basis only), the results from Poland continue to be reported line by line and disaggregated, as they were in previous quarterly disclosures given the fact that the management of Santander Polska remained unchanged until the Poland disposal was completed in January 2026. This reporting approach is consistent with the information used internally in management reporting, as well as with other public Group disclosures. For the same reason, all management metrics included in this report have been calculated including Poland, i.e. maintaining the same perimeter that existed at the time of the announcement of the Poland disposal.

•In this appendix, results are presented on an underlying basis and the balance sheet figures, ratios and other metrics include Poland, as they were in previous quarterly disclosures, i.e. maintaining the same perimeter as prior to the announcement of the Poland disposal. However, if we were to exclude Poland, the Group's main management ratios would not be materially affected.

•For further information, see the 'Significant events in the period' and 'Alternative performance measures' sections 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
			Q4'25			Q3'25			Change (%)			2025			2024			Change (%)
Fees from services			1,979			1,914			3.4			7,673			7,347			4.4
Wealth management and marketing of customer funds			1,221			1,116			9.4			4,527			4,374			3.5
Securities and custody			450			297			51.5			1,461			1,289			13.3
Net fee income			3,650			3,327			9.7			13,661			13,010			5.0

Underlying operating expenses. Consolidated
EUR million
			Q4'25			Q3'25			Change (%)			2025			2024			Change (%)
Staff costs			3,735			3,461			7.9			14,177			14,328			(1.1)
Other general administrative expenses			2,065			1,978			4.4			8,236			8,412			(2.1)
Information technology			576			675			(14.7)			2,425			2,622			(7.5)
Communications			104			96			8.3			384			404			(5.0)
Advertising			140			123			13.8			544			540			0.7
Buildings and premises			198			138			43.5			747			757			(1.3)
Printed and office material			43			18			138.9			104			89			16.9
Taxes (other than tax on profits)			136			128			6.3			544			556			(2.2)
Other expenses			868			800			8.5			3,488			3,444			1.3
Administrative expenses			5,800			5,439			6.6			22,413			22,740			(1.4)
Depreciation and amortization			792			829			(4.5)			3,312			3,294			0.5
Operating expenses			6,592			6,268			5.2			25,725			26,034			(1.2)

44 January - December 2025

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Group financial information

Financial information by segment

Appendix

Index

Group information

Employees and branches. Consolidated
			Employees															Branches
			Dec-25			Dec-24			Change									Dec-25			Dec-24			Change
Retail & Commercial Banking			123,836			131,653			(7,817)						Spain			1,630			1,827			(197)
Digital Consumer Bank			30,751			29,903			848						United Kingdom			363			444			(81)
Corporate & Investment Banking			14,009			13,385			624						Portugal			308			374			(66)
Wealth Management & Insurance			7,531			7,707			(176)						Poland			359			368			(9)
Payments			20,375			22,280			(1,905)						DCB Europe			298			326			(28)
Corporate Centre			1,901			1,825			76						US			376			405			(29)
Total Group			198,403			206,753			(8,350)						Mexico			1,314			1,356			(42)
															Brazil			1,618			2,202			(584)
															Chile			228			237			(9)
															Argentina			391			409			(18)
															Rest of the Group			239			138			101
															Total Group			7,124			8,086			(962)

Underlying net loan-loss provisions. Consolidated
EUR million
			Q4'25			Q3'25			Change (%)			2025			2024			Change (%)
Non-performing loans			207			3,389			(93.9)			10,623			13,941			(23.8)
Country-risk			(5)			0			—			(7)			(2)			240.0
Recovery of written-off assets			3,100			(458)			—			1,795			(1,606)			—
Net loan-loss provisions			3,302			2,931			12.7			12,411			12,333			0.6

Loans and advances to customers. Consolidated
EUR million
									Change
			Dec-25			Dec-24			Absolute			%			Dec-23
Commercial bills			52,901			53,209			(308)			(0.6)			55,628
Secured loans			551,592			557,463			(5,871)			(1.1)			554,375
Other term loans			308,695			296,339			12,356			4.2			295,485
Finance leases			41,084			40,120			964			2.4			38,723
Receivable on demand			10,333			10,756			(423)			(3.9)			12,277
Credit cards receivable			26,555			24,928			1,627			6.5			24,371
Impaired assets			33,031			33,731			(700)			(2.1)			34,094
Gross loans and advances to customers (excl. reverse repos)			1,024,191			1,016,546			7,645			0.8			1,014,953
Reverse repos			74,262			59,648			14,614			24.5			44,184
Gross loans and advances to customers			1,098,453			1,076,194			22,259			2.1			1,059,137
Loan-loss allowances			22,138			22,125			13			0.1			22,788
Loans and advances to customers			1,076,315			1,054,069			22,246			2.1			1,036,349

January - December 2025 45

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Financial information by segment

Appendix

Index

Group information

Total funds. Consolidated
EUR million
									Change
			Dec-25			Dec-24			Absolute			%			Dec-23
Demand deposits			685,961			677,818			8,143			1.2			661,262
Time deposits			312,465			299,801			12,664			4.2			307,085
Mutual funds			263,889			233,722			30,167			12.9			208,528
Customer funds			1,262,315			1,211,341			50,974			4.2			1,176,875
Pension funds			16,112			15,646			466			3.0			14,831
Managed portfolios			50,604			43,118			7,486			17.4			36,414
Repos			97,401			78,317			19,084			24.4			78,822
Total funds			1,426,432			1,348,422			78,010			5.8			1,306,942

46 January - December 2025

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Group financial information

Financial information by segment

Appendix

Index

APMs

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 Poland disposal and in accordance with IFRS 5 requirements, in the statutory income statement, the 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 both 2025 and 2024.

However, in the underlying income statement, the results from Poland continue to be reported line by line and disaggregated, as they were in previous quarterly disclosures, given the management of Santander Polska remained unchanged until the Poland disposal was completed in January 2026. This reporting approach is consistent with the information used internally in management reporting, as well as with other public Group disclosures.

Reconciliation of underlying results to statutory results. 2025
EUR million
			January-December 2025
			Statutory results			Adjustments related to the Poland disposal			Other adjustments			Underlying results
Net interest income			42,348			3,006			—			45,354
Net fee income			12,976			685			—			13,661
Gains (losses) on financial transactions 1			2,362			74			—			2,436
Other operating income			984			(45)			—			939
Total income			58,670			3,720			—			62,390
Administrative expenses and amortizations			(24,711)			(1,014)			—			(25,725)
Net operating income			33,959			2,706			—			36,665
Net loan-loss provisions			(12,545)			(333)			467			(12,411)
Other gains (losses) and provisions			(2,733)			(423)			(231)			(3,387)
Profit before tax			18,681			1,950			236			20,867
Tax on profit			(4,723)			(408)			(210)			(5,341)
Profit from continuing operations			13,958			1,542			26			15,526
Net profit from discontinued operations			1,542			(1,542)			—			—
Consolidated profit			15,500			—			26			15,526
Non-controlling interests			(1,399)			—			(26)			(1,425)
Profit attributable to the parent			14,101			—			—			14,101

1. Includes exchange differences.

January - December 2025 47

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Group financial information

Financial information by segment

Appendix

Index

APMs

Explanation of adjustments corresponding to 2025 results:

•In accordance with IFRS 5 requirements, in the statutory income statement in 2025, results subject to the Poland disposal have been reported under 'discontinued operations'. However, in the underlying income statement the results from Poland have been reclassified so that they are reported line by line and disaggregated in each of the corresponding line items.

•A capital gain, that falls outside the ordinary course of our business, in Q2 2025 of EUR 231 million from the sale of Santander’s remaining 30.5% stake in CACEIS.

•A one-off charge of EUR 467 million in Q2 2025 (EUR 231 million net of tax and minority interests), which strengthens the balance sheet after having updated macroeconomic parameters in Brazil’s credit provisioning models.

Reconciliation of underlying results to statutory results. 2024
EUR million
			January-December 2024
			Statutory results			Adjustments related to the Poland disposal			Other adjustments			Underlying results
Net interest income			43,787			2,881			—			46,668
Net fee income			12,376			634			—			13,010
Gains (losses) on financial transactions 1			2,211			62			—			2,273
Other operating income			6			(81)			335			260
Total income			58,380			3,496			335			62,211
Administrative expenses and amortizations			(25,149)			(885)			—			(26,034)
Net operating income			33,231			2,611			335			36,177
Net loan-loss provisions			(12,177)			(508)			352			(12,333)
Other gains (losses) and provisions			(3,707)			(423)			(687)			(4,817)
Profit before tax			17,347			1,680			—			19,027
Tax on profit			(4,844)			(439)			—			(5,283)
Profit from continuing operations			12,503			1,241			—			13,744
Net profit from discontinued operations			1,241			(1,241)			—			—
Consolidated profit			13,744			—			—			13,744
Non-controlling interests			(1,170)			—			—			(1,170)
Profit attributable to the parent			12,574			—			—			12,574

1. Includes exchange differences.

Explanation of adjustments corresponding to 2024 results:

•In accordance with IFRS 5 requirements, in the statutory income statement in 2024, results subject to the Poland disposal have been reported under 'discontinued operations'. However, in the underlying income statement the results from Poland have been reclassified so that they are reported line by line and disaggregated in each of the corresponding line items.

•Temporary levy on revenue in Spain in Q1 2024, totalling EUR 335 million, which was reclassified from total income to other gains (losses) and provisions.

•Provisions which strengthen the balance sheet in Brazil of EUR 352 million in Q2 2024 (EUR 174 million net of tax and minority interests).

Note: regarding the Group’s consolidated balance sheet, in accordance with IFRS 5 requirements and solely in the balance sheets starting from 30 June 2025, the assets associated with the Poland disposal are classified under 'non-current assets held for sale'. This consolidates the following line items (data as of 31 December 2025): cash, cash balances at central banks and other deposits on demand: EUR 2,515 million; financial assets held for trading: EUR 1,956 million; financial assets designated at fair value through other comprehensive income: EUR 8,173 million; financial assets at amortized cost: EUR 55,642 million; intangible assets: EUR 1,335 million; tax assets: EUR 1,224 million; and other assets: EUR 1,303 million.

Likewise, the related liabilities are aggregated under 'liabilities associated with non-current assets held for sale'. This consolidates the following line items (data as of 31 December 2025): financial liabilities held for trading: EUR 842 million; financial liabilities at amortized cost: EUR 59,704 million; provisions: EUR 603 million; tax liabilities: EUR 1,335 million; and other liabilities: EUR 511 million.

48 January - December 2025

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Group financial information

Financial information by segment

Appendix

Index

APMs

Ratios

All profitability, efficiency, credit quality and other metrics included in this 'Alternative performance measures' section have been calculated including Poland, as they were in quarterly disclosures prior to the announcement of the operation given the management of Santander Polska remained unchanged until the Poland disposal was completed in January 2026. This reporting approach is consistent with the information used internally in management reporting, as well as with other public Group disclosures. However, if we were to exclude Poland, the Group's main management ratios would not be materially affected.

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 how much general administrative expenses (personnel and other) and amortization costs are needed to generate revenue.

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 company's ability to pay shareholders.

(Return on equity)

Average stockholders’ equity 1 (excl. minority interests)

RoTE

Profit attributable to the parent (annualized)2

This indicator is used to evaluate the profitability of the company as a percentage of its tangible equity. It's measured as the return that shareholders receive as a percentage of the funds invested in the entity less intangible assets.

(Return on tangible equity)

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

RoTE (post-AT1)

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

As with RoTE, this indicator is used to assess the profitability of a company as a percentage of its tangible equity, but the cost of AT1 issuances is deducted from the numerator. This is the definition of RoTE that is commonly used as a measure of profitability over tangible equity.

(Return on tangible equity)

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

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

Efficiency ratio

Operating expenses 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.

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 from the RoTE numerator as, since they are not considered in the denominator, we believe this calculation is more correct.

3. Operating expenses = Administrative expenses + amortizations.

January - December 2025 49

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Appendix

Index

APMs

Profitability and efficiency 1, 2 , 3(EUR million and %)			Q4'25			Q3'25			2025			2024
RoE			14.6		%	13.8		%	13.9		%	13.0		%
Profit attributable to the parent (annualized)			15,055			14,019			14,101			12,574
Average stockholders' equity (excluding minority interests)			102,984			101,598			101,497			96,744
RoTE			17.9		%	16.9		%	17.1		%	16.3		%
Profit attributable to the parent (annualized)			15,055			14,019			14,101			12,574
(-) Goodwill impairment			0			(3)			(4)			(4)
Profit attributable to the parent excluding goodwill impairment (annualized)			15,055			14,022			14,105			12,578
Average stockholders' equity (excluding minority interests)			102,984			101,598			101,497			96,744
(-) Average intangible assets			18,774			18,629			18,865			19,428
Average stockholders' equity (excl. minority interests) - intangible assets			84,210			82,969			82,631			77,316
RoTE post-AT1			17.1		%	16.2		%	16.3		%	15.5		%
Profit attributable to the parent (annualized)			15,055			14,019			14,101			12,574
(-) AT1 costs (annualized)			662			587			622			620
Profit attributable to the parent excluding AT1 costs (annualized)			14,393			13,432			13,479			11,955
(-) Goodwill impairment			0			(3)			(4)			(4)
Profit attributable to the parent minus AT1 costs (annualized; excluding goodwill impairment)			14,393			13,435			13,483			11,958
Average stockholders' equity (excluding minority interests)			102,984			101,598			101,497			96,744
(-) Average intangible assets			18,774			18,629			18,865			19,428
Average stockholders' equity (excl. minority interests) - intangible assets			84,210			82,969			82,631			77,316
RoA			0.89		%	0.85		%	0.84		%	0.76		%
Consolidated profit (annualized)			16,587			15,564			15,500			13,744
Average total assets			1,868,353			1,833,163			1,843,112			1,803,272
RoRWA			2.62		%	2.46		%	2.44		%	2.18		%
Consolidated profit (annualized)			16,587			15,564			15,500			13,744
Average risk-weighted assets			633,476			631,713			634,020			630,494
Efficiency ratio			40.9		%	41.1		%	41.2		%	41.8		%
Underlying operating expenses			6,592			6,268			25,725			26,034
Operating expenses			6,332			6,015			24,711			25,149
Adjustments to operating expenses for items outside ordinary course of businesses			260			253			1,014			885
Underlying total income			16,113			15,267			62,390			62,211
Total income			15,163			14,325			58,670			58,380
Adjustments to total income for items outside ordinary course of businesses			950			942			3,720			3,831
1.Averages included in the RoE, RoTE, RoTE (post-AT1), 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.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).
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.

50 January - December 2025

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Financial information by segment

Appendix

Index

APMs

Ratio

Formula

Relevance of the metric

Global business RoTE

Profit attributable to the parent excluding goodwill impairment (annualized)

This indicator is used to evaluate the profitability of the company as a percentage of its tangible equity. It's measured as the return that shareholders receive as a percentage of the funds invested in the entity less intangible assets.

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

Global business and country RoTE (post-AT1)

Profit attributable to the parent minus AT1 costs2 (annualized; excluding goodwill impairment)

As with RoTE, this indicator is used to assess the profitability of a company as a percentage of its tangible equity, but the cost of AT1 issuances is deducted from the numerator. This is the definition of RoTE that is commonly used as a measure of profitability over tangible equity.

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

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

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

RoTE (EUR million and %)
			2025												2024
			%			Numerator			Denominator						%			Numerator			Denominator
Retail & Commercial Banking			18.5			7,670			41,568						18.9			7,249			38,280
Digital Consumer Bank			9.4			1,741			18,532						9.8			1,659			16,931
Corporate & Investment Banking			19.8			2,834			14,297						18.0			2,747			15,224
Wealth Management & Insurance			69.2			2,063			2,980						77.6			1,671			2,153
Payments			28.8			883			3,068						14.1			405			2,883
PagoNxt
Cards			30.7			787			2,562						29.2			703			2,405
Spain			25.1			4,272			17,009						21.7			3,762			17,347
UK			10.7			1,307			12,200						11.1			1,306			11,781
Portugal			30.8			1,010			3,282						25.4			1,001			3,948
Poland			23.8			949			3,984						20.2			800			3,956
DCB Europe			7.6			772			10,212						6.4			642			10,055
US			10.8			1,541			14,311						7.5			1,109			14,742
Mexico			22.4			1,705			7,616						20.0			1,671			8,343
Brazil			16.0			2,169			13,545						17.5			2,424			13,853
Chile			20.5			729			3,567						17.0			629			3,693
Argentina			20.9			433			2,072						34.8			665			1,909

Numerator: profit attributable to the parent excluding goodwill impairment annualized (excluding the adjustment to the valuation of goodwill).

Denominator: average stockholders' equity (excluding minority interests) - intangible assets.
PagoNxt's RoTE is not provided as we do not consider it a relevant metric to measure performance in this type of business.

RoTE (post-AT1) (EUR million and %)
			2025												2024
			%			Numerator			Denominator						%			Numerator			Denominator
Retail & Commercial Banking			17.7			7,375			41,568						18.2			6,959			38,280
Digital Consumer Bank			8.6			1,585			18,532						8.9			1,506			16,931
Corporate & Investment Banking			19.1			2,728			14,297						17.3			2,627			15,224
Wealth Management & Insurance			68.5			2,041			2,980						76.8			1,654			2,153
Payments			28.0			860			3,068						13.3			385			2,883
PagoNxt
Cards			30.1			770			2,562						28.5			686			2,405
Spain			24.3			4,133			17,009						20.9			3,620			17,347
UK			10.2			1,248			12,200						10.6			1,247			11,781
Portugal			30.3			994			3,282						25.0			985			3,948
Poland			23.1			921			3,984						19.6			775			3,956
DCB Europe			6.7			685			10,212						5.5			556			10,055
US			10.2			1,454			14,311						6.9			1,024			14,742
Mexico			22.0			1,674			7,616						19.6			1,638			8,343
Brazil			15.3			2,074			13,545						16.8			2,323			13,853
Chile			19.7			703			3,567						16.3			602			3,693
Argentina			20.2			419			2,072						34.5			658			1,909

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

Denominator: average stockholders' equity (excluding minority interests) - intangible assets.
PagoNxt's RoTE is not provided as we do not consider it a relevant metric to measure performance in this type of business.

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Index

APMs

Efficiency ratio (EUR million and %)
			2025												2024
			%			Numerator			Denominator						%			Numerator			Denominator
Retail & Commercial Banking			39.4			12,314			31,216						39.5			12,796			32,374
Digital Consumer Bank			40.6			5,287			13,015						40.1			5,183			12,912
Corporate & Investment Banking			45.5			3,866			8,488						45.5			3,794			8,338
Wealth Management & Insurance			35.3			1,497			4,239						38.2			1,452			3,803
Payments			39.2			2,360			6,013						44.5			2,430			5,459
PagoNxt			82.9			1,138			1,373						93.6			1,160			1,240
Cards			26.3			1,221			4,640						30.1			1,270			4,220
Spain			35.7			4,284			11,990						35.7			4,271			11,974
UK			52.5			2,771			5,280						55.9			2,918			5,216
Portugal			28.0			548			1,959						26.1			548			2,100
Poland			27.8			1,036			3,724						27.1			965			3,555
DCB Europe			44.1			2,611			5,925						45.9			2,604			5,679
US			48.1			3,812			7,929						50.5			3,830			7,580
Mexico			41.6			2,620			6,305						42.5			2,665			6,278
Brazil			32.6			4,109			12,602						32.1			4,352			13,536
Chile			33.6			912			2,714						36.0			933			2,592
Argentina			43.1			964			2,235						41.1			1,022			2,487

Numerator: underlying operating expenses.

Denominator: underlying total income.

Credit risk indicators

The credit risk indicators measure the quality of the credit portfolio and the percentage of non-performing loans covered by provisions.

Ratio

Formula

Relevance of the metric

NPL ratio (Non-performing loans ratio)

Credit impaired customer loans and advances, guarantees and undrawn balances

The NPL ratio is an important variable regarding financial institutions' activity since it gives an indication of the level of 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.

Total Risk 1

NPL coverage ratio

Total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances

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

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 portfolio. As such, it acts as an indicator of credit quality.

Average loans and advances to customers over the last 12 months

1. Total risk = non-impaired and impaired customer loans and advances and guarantees + impaired undrawn customer balances.

52 January - December 2025

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Appendix

Index

APMs

Credit risk (EUR million and %)
			Dec-25			Sep-25						Dec-24
NPL ratio			2.91		%	2.92		%				3.05		%
Credit impaired customer loans and advances, guarantees and undrawn balances			34,393			34,048						35,265
Gross loans and advances to customers registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through profit or loss' classified in stage 3 (OCI), excluding POCI (Purchased or Originated Credit Impaired)			32,887			32,378						33,568
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired			144			143						163
Customer guarantees and undrawn balances classified in stage 3			1,345			1,507						1,521
Doubtful exposure of loans and advances to customers at fair value through profit or loss			17			20						13
Total risk			1,181,945			1,167,714						1,157,274
Impaired and non-impaired gross loans and advances to customers			1,098,453			1,087,473						1,076,195
Impaired and non-impaired customer guarantees and impaired undrawn customer balances			83,492			80,241						81,079

			Dec-25			Sep-25						Dec-24
NPL coverage ratio			66		%	67		%				65		%
Total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances			22,869			22,850						22,835
Total allowances to cover impairment losses on loans and advances to customers measured at amortized cost and designated at fair value through OCI			22,138			22,179						22,125
Total allowances to cover impairment losses on customer guarantees and undrawn balances			731			671						710
Credit impaired customer loans and advances, guarantees and undrawn balances			34,393			34,048						35,265
Gross loans and advances to customers registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through profit or loss' classified in stage 3 (OCI), excluding POCI (Purchased or Originated Credit Impaired)			32,887			32,378						33,568
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired			144			143						163
Customer guarantees and undrawn balances classified in stage 3			1,345			1,507						1,521
Doubtful exposure of loans and advances to customers at fair value through profit or loss			17			20						13
Cost of risk			1.15		%	1.13		%				1.15		%
Underlying allowances for loan-loss provisions over the last 12 months			12,411			12,223						12,333
Allowances for loan-loss provisions over the last 12 months			12,545			12,371						12,177
Adjustments to loan-loss provisions for items outside ordinary course of businesses			(134)			(148)						156
Average loans and advances to customers over the last 12 months			1,082,829			1,078,288						1,075,821

January - December 2025 53

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Index

APMs

NPL ratio (EUR million and %)
			Dec-25												Dec-24
			%			Numerator			Denominator						%			Numerator			Denominator
Retail & Commercial Banking			2.97			18,998			640,483						3.18			20,441			643,530
Digital Consumer Bank			5.32			11,351			213,525						5.07			10,993			216,616
Corporate & Investment Banking			0.69			1,842			267,492						0.83			2,002			241,061
Wealth Management & Insurance			0.86			235			27,395						0.93			237			25,303
Payments			6.35			1,695			26,695						5.20			1,290			24,804
PagoNxt
Cards			6.43			1,652			25,693						5.31			1,259			23,716
Spain			1.96			5,915			302,271						2.68			7,672			285,883
United Kingdom			1.08			2,645			244,303						1.33			3,299			248,061
Portugal			2.08			928			44,674						2.40			993			41,418
Poland			3.34			1,549			46,427						3.66			1,636			44,704
DCB Europe			2.53			3,642			144,039						2.50			3,527			141,312
US			4.85			7,150			147,303						4.72			7,012			148,643
Mexico			2.65			1,420			53,476						2.71			1,352			49,927
Brazil			6.82			7,192			105,410						6.14			6,418			104,519
Chile			5.73			2,528			44,146						5.37			2,394			44,590
Argentina			7.68			677			8,813						2.06			173			8,411

Numerator: credit impaired customer loans and advances, guarantees and undrawn balances.

Denominator: total risk.
PagoNxt's NPL ratio is not provided as we do not consider it a relevant metric for this type of business.

NPL coverage ratio (EUR million and %)
			Dec-25												Dec-24
			%			Numerator			Denominator						%			Numerator			Denominator
Retail & Commercial Banking			61			11,530			18,998						58			11,948			20,441
Digital Consumer Bank			71			8,075			11,351						74			8,088			10,993
Corporate & Investment Banking			48			880			1,842						39			780			2,002
Wealth Management & Insurance			71			168			235						71			168			237
Payments			127			2,150			1,695						137			1,774			1,290
PagoNxt
Cards			129			2,125			1,652						139			1,752			1,259
Spain			55			3,252			5,915						53			4,039			7,672
United Kingdom			33			860			2,645						29			967			3,299
Portugal			83			766			928						79			789			993
Poland			65			1,011			1,549						62			1,013			1,636
DCB Europe			87			3,181			3,642						83			2,910			3,527
US			55			3,934			7,150						64			4,471			7,012
Mexico			105			1,488			1,420						100			1,358			1,352
Brazil			83			5,996			7,192						83			5,311			6,418
Chile			48			1,211			2,528						50			1,196			2,394
Argentina			90			607			677						177			307			173

Numerator: total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances.

Denominator: credit impaired customer loans and advances, guarantees and undrawn balances.
PagoNxt's coverage ratio is not provided as we do not consider it a relevant metric for this type of business.

54 January - December 2025

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Group financial information

Financial information by segment

Appendix

Index

APMs

Cost of risk (EUR million and %)
			Dec-25												Dec-24
			%			Numerator			Denominator						%			Numerator			Denominator
Retail & Commercial Banking			0.88			5,416			617,251						0.92			5,846			632,218
Digital Consumer Bank			2.10			4,457			212,551						2.16			4,562			210,748
Corporate & Investment Banking			0.15			291			195,936						0.09			171			180,462
Wealth Management & Insurance			0.09			22			25,482						0.19			44			23,342
Payments			7.91			2,027			25,623						7.36			1,714			23,288
PagoNxt
Cards			8.22			2,003			24,369						7.60			1,698			22,331
Spain			0.44			1,142			260,878						0.50			1,259			249,759
United Kingdom			0.07			177			244,442						0.03			64			251,348
Portugal			(0.02)			-8			40,351						0.03			11			38,454
Poland			0.71			283			40,152						1.38			511			37,138
DCB Europe			0.97			1,363			140,504						0.88			1,209			137,165
US			1.63			2,244			137,603						1.82			2,507			137,581
Mexico			2.69			1,239			46,067						2.64			1,277			48,439
Brazil			4.73			4,409			93,197						4.51			4,487			99,532
Chile			1.32			531			40,181						1.19			497			41,582
Argentina			7.34			574			7,820						4.59			284			6,190

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

Denominator: average loans and advances to customers over the last 12 months.
PagoNxt's cost of risk is not provided as we do not consider it a relevant metric for this type of business.

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 ratio2

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)2

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)2

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 Asset Management and Santander Insurance 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.

1.Tangible book value = Stockholders' equity (excl. minority interests) - intangible assets.

2.Includes Poland.

January - December 2025 55

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Index

APMs

Others (EUR million and %)
			Dec-25			Sep-25						Dec-24
TNAV (tangible book value) per share			5.76			5.56						5.24
Tangible book value			84,527			82,422						79,342
Number of shares excl. treasury stock (million)			14,678			14,818						15,137
Price / Tangible book value per share (X)			1.75			1.60						0.85
Share price (euros)			10.070			8.874						4.465
TNAV (tangible book value) per share			5.76			5.56						5.24
Loan-to-deposit ratio			98		%	99		%				100		%
Net loans and advances to customers			1,076,315			1,065,294						1,054,069
Customer deposits			1,095,827			1,077,885						1,055,936
			Q4'25			Q3'25			2025			2024
PAT + After tax fees paid to SAN (in Wealth) (Constant EUR million)			1,101			920			3,796			3,195
Profit after tax			648			519			2,158			1,705
Net fee income net of tax			453			401			1,639			1,490

56 January - December 2025

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Appendix

Index

APMs

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 2025 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 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 December 2025 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 Q2 2024, due to the significant divergence between the official exchange rate and other macroeconomic magnitudes in Argentina, mainly inflation, we began to apply an alternative exchange rate for the Argentine peso which reflected the exchange rate observed in transactions ordered between market participants under the prevailing economic conditions, such as the repatriation of dividends from businesses in Argentina.

Given the stabilization and improved macroeconomic outlook in the country, in Q4 2024 and Q1 2025 we used the dollar contado con liquidación rate (CCL) as a reference for this alternative exchange rate, 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 began to 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)
			2025			2024						Dec-25			Sep-25			Dec-24
US dollar			1.129			1.082						1.176			1.173			1.039
Pound sterling			0.857			0.846						0.873			0.873			0.829
Brazilian real			6.304			5.809						6.458			6.252			6.427
Mexican peso			21.662			19.723						21.122			21.523			21.554
Chilean peso			1,073.108			1,020.473						1,059.750			1,127.108			1,032.560
Argentine peso1												1,706.383			1,609.836			1,232.389
Polish zloty			4.239			4.305						4.220			4.265			4.275

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 in the periods between Q2 2024 and Q1 2025 when we applied an alternative exchange rate for the Argentine peso that better reflects the evolution of inflation.

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APMs

Impact of inflation rate on the variations of operating expenses

Santander presents, for both the Group and the business units included in the primary and secondary segments: i) the changes in operating expenses 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 minus the effect of average inflation over the last twelve months except for Argentina as 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 operating expenses. For the Group and the global businesses, we exclude the impact of inflation in Argentina from the calculation as 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 Banking1						3.6
			Digital Consumer Bank1						2.5
			Corporate & Investment Banking1						3.0
			Wealth Management & Insurance1						3.0
			Payments1						3.2
			Spain						2.7
			UK						3.4
			Portugal						2.3
			Poland						3.6
			DCB Europe						2.1
			US						2.7
			Mexico						3.8
			Brazil						5.0
			Chile						4.2
			Total Group1						3.2

1.Excluding the impact of inflation in Argentina.

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Condensed consolidated financial statements

Condensed consolidated financial statements

Condensed consolidated balance sheet

Condensed consolidated income statement

NOTE: The following financial information for the 2025 and 2024 (attached herewith) corresponds to condensed consolidated financial statements prepared in accordance with the International Financial Reporting Standards.

Condensed consolidated balance sheet
EUR million
ASSETS			Dec-25			Dec-24
Cash, cash balances at central banks and other deposits on demand			152,281			192,208
Financial assets held for trading			252,318			230,253
Non-trading financial assets mandatorily at fair value through profit or loss			7,761			6,130
Financial assets designated at fair value through profit or loss			8,046			7,915
Financial assets at fair value through other comprehensive income			74,612			89,898
Financial assets at amortised cost			1,202,689			1,203,707
Hedging derivatives			3,931			5,672
Changes in the fair value of hedged items in portfolio hedges of interest risk			50			(704)
Investments			7,052			7,277
Joint ventures entities			1,956			2,061
Associated entities			5,096			5,216
Assets under reinsurance contracts			223			222
Tangible assets			27,438			32,087
Property, plant and equipment			26,416			31,212
For own-use			11,663			12,636
Leased out under an operating lease			14,753			18,576
Investment property			1,022			875
Of which : Leased out under an operating lease			860			749
Intangible assets			17,308			19,259
Goodwill			11,958			13,438
Other intangible assets			5,350			5,821
Tax assets			30,076			30,596
Current tax assets			11,132			11,426
Deferred tax assets			18,944			19,170
Other assets			8,719			8,559
Insurance contracts linked to pensions			67			81
Inventories			7			6
Other			8,645			8,472
Non-current assets held for sale			75,011			4,002
TOTAL ASSETS			1,867,515			1,837,081

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Condensed consolidated financial statements

Condensed consolidated balance sheet
EUR million
LIABILITIES			Dec-25			Dec-24
Financial liabilities held for trading			171,546			152,151
Financial liabilities designated at fair value through profit or loss			42,148			36,360
Financial liabilities at amortized cost			1,421,184			1,484,322
Hedging derivatives			4,248			4,752
Changes in the fair value of hedged items in portfolio hedges of interest rate risk			49			(9)
Liabilities under insurance contracts			18,737			17,829
Provisions			8,355			8,407
Pensions and other post-retirement obligations			1,656			1,731
Other long term employee benefits			993			915
Taxes and other legal contingencies			2,619			2,717
Contingent liabilities and commitments			713			710
Other provisions			2,374			2,334
Tax liabilities			9,568			9,598
Current tax liabilities			3,664			3,322
Deferred tax liabilities			5,904			6,276
Other liabilities			15,937			16,344
Liabilities associated with non-current assets held for sale			62,995			—
TOTAL LIABILITIES			1,754,767			1,729,754
EQUITY
Shareholders' equity			141,144			135,196
Capital			7,345			7,576
Called up paid capital			7,345			7,576
Unpaid capital which has been called up			—			—
Share premium			36,792			40,079
Equity instruments issued other than capital			—			—
Equity component of the compound financial instrument			—			—
Other equity instruments issued			—			—
Other equity			273			217
Accumulated retained earnings			91,959			82,326
Revaluation reserves			—			—
Other reserves			(7,532)			(5,976)
(-) Own shares			(96)			(68)
Profit attributable to shareholders of the parent			14,101			12,574
(-) Interim dividends			(1,698)			(1,532)
Other comprehensive income (loss)			(37,974)			(36,595)
Items not reclassified to profit or loss			(4,121)			(4,757)
Items that may be reclassified to profit or loss			(33,853)			(31,838)
Non-controlling interest			9,578			8,726
Other comprehensive income			(1,947)			(2,020)
Other items			11,525			10,746
TOTAL EQUITY			112,748			107,327
TOTAL LIABILITIES AND EQUITY			1,867,515			1,837,081
MEMORANDUM ITEMS: OFF BALANCE SHEET AMOUNTS
Loan commitments granted			321,234			302,861
Financial guarantees granted			17,449			16,901
Other commitments granted			148,118			134,493

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Condensed consolidated financial statements

Condensed consolidated income statement
EUR million			2025			2024
Interest income			101,710			109,012
Financial assets at fair value through other comprehensive income			5,713			6,931
Financial assets at amortized cost			76,248			80,992
Other interest income			19,749			21,089
Interest expense			(59,362)			(65,225)
Interest income/ (charges)			42,348			43,787
Dividend income			715			710
Income from companies accounted for using the equity method			665			687
Commission income			17,387			16,834
Commission expense			(4,411)			(4,458)
Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net			127			(117)
Financial assets at amortized cost			(89)			(190)
Other financial assets and liabilities			216			73
Gain or losses on financial assets and liabilities held for trading, net			1,017			1,344
Reclassification of financial assets at fair value through other comprehensive income			—			—
Reclassification of financial assets from amortized cost			—			—
Other gains (losses)			1,017			1,344
Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss			1,106			495
Reclassification of financial assets at fair value through other comprehensive income			—			—
Reclassification of financial assets from amortized cost			—			—
Other gains (losses)			1,106			495
Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net			(307)			691
Gain or losses from hedge accounting, net			12			14
Exchange differences, net			407			(216)
Other operating income (*)			1,583			846
Other operating expenses			(2,070)			(2,258)
Income from insurance and reinsurance contracts			476			470
Expenses from insurance and reinsurance contracts			(385)			(449)
Total income			58,670			58,380
Administrative expenses			(21,533)			(21,970)
Staff costs			(13,633)			(13,825)
Other general and administrative expenses			(7,900)			(8,145)
Depreciation and amortization			(3,178)			(3,179)
Provisions or reversal of provisions, net			(2,729)			(3,465)
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss and net gains and losses from modifications			(12,546)			(12,136)
Financial assets at fair value through other comprehensive income			(29)			1
Financial assets at amortized cost			(12,517)			(12,137)
Impairment of investments in subsidiaries, joint ventures and associates, net			—			—
Impairment on non-financial assets, net			(251)			(624)
Tangible assets			(129)			(382)
Intangible assets			(112)			(231)
Others			(10)			(11)
Gain or losses on non-financial assets and investments, net			—			368
Negative goodwill recognized in results			22			—
Gains or losses on non-current assets held for sale not classified as discontinued operations			226			(27)
Operating profit/(loss) before tax			18,681			17,347
Tax expense or income from continuing operations			(4,723)			(4,844)
Profit/(loss) for the period from continuing operations			13,958			12,503
Profit/( loss) after tax from discontinued operations			1,542			1,241
Profit/(loss) for the period			15,500			13,744
Profit attributable to non-controlling interests			1,399			1,170
Profit/(loss) attributable to the parent			14,101			12,574
Earnings/(losses) per share
Basic			0.91			0.77
Diluted			0.90			0.77

(*) Includes -EUR 486 million at 31 December 2025 (-EUR 1,225 million at 31 December 2024) 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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Glossary

Glossary

•Active customer: Those customers who comply with the minimum balance, income and/or transactionality requirements as defined according to the business area

•APM: Alternative Performance Measures

•AuMs: Assets under management

•bn: Billion

•bps: basis points

•CET1: Common Equity Tier 1

•CIB: Corporate & Investment Banking

•CNMV: Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores)

•Consumer: Digital Consumer Bank

•Costs in real terms: variations excluding the effect of average inflation over the last twelve months

•CRR: Capital Requirements Regulation

•DCBE: Digital Consumer Bank Europe

•DCB US: Digital Consumer Bank US

•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

•EPS: Earnings per share

•ESMA: European Securities and Markets Authority

•Free float: total number of shares in circulation minus treasury shares as a % the total number of shares in circulation

•FX: Foreign Exchange

•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

•LLPs: Loan-loss provisions

•NII: Net interest income

•NPS: Net promoter score

•ODS: Open Digital Services

•Payments: PagoNxt (Getnet, Ebury and PagoNxt) and Cards

•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

•RoTE (post-AT1): Return on tangible equity excluding the cost of AT1 issuances from the numerator.

•RWAs: Risk-weighted assets

•SBNA: Santander Bank N.A.

•SC USA: Santander Consumer USA

•SEC: Securities and Exchanges Commission

•SHUSA: Santander Holdings USA, Inc.

•SMEs: Small and medium enterprises

•TNAV: Tangible net asset value

•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, companies in our industry and others 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 2024 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 28 February 2025 (https://www.santander.com/content/dam/santander-com/en/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2025/sec-2024-annual-20-f-2024-en.pdf), as well as the section “Alternative performance measures” of this Banco Santander, S.A. (Santander) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results).

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 wars in Ukraine, the uncertainties following the ceasefire agreement in 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;

•acquisitions, integrations, divestitures and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters;

•climate-related conditions, regulations, targets and weather events;

•uncertainty over the scope of actions that may be required by us, governments and other 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.

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Important information

Additionally, Webster Financial Corporation’s (“Webster”) and Santander’s actual results, financial condition and achievements may differ materially from those indicated in these forward-looking statements. Important factors that could cause Webster’s and Santander’s actual results, financial condition and achievements to differ materially from those indicated in such forward-looking statements include, in addition to those set forth in Webster’s and Santander’s filings with the SEC: (1) the risk that the cost savings, synergies and other benefits from the acquisition of Webster by Santander (the “Transaction”) may not be fully realized or may take longer than anticipated to be realized, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Webster and Santander operate; (2) the failure of the closing conditions in the Transaction agreement by and among Webster, Santander and a wholly owned subsidiary of Webster providing for the Transaction to be satisfied, or any unexpected delay in closing the Transaction or the occurrence of any event, change or other circumstances that could delay the Transaction or could give rise to the termination of the Transaction agreement; (3) the outcome of any legal or regulatory proceedings or governmental inquiries or investigations that may be currently pending or later instituted against Webster, Santander or the combined company; (4) the possibility that the Transaction does not close when expected or at all because required regulatory, stockholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed Transaction); (5) disruption to the parties’ businesses as a result of the announcement and pendency of the Transaction; (6) the costs associated with the anticipated length of time of the pendency of the Transaction, including the restrictions contained in the definitive Transaction agreement on the ability of Webster to operate its business outside the ordinary course during the pendency of the Transaction; (7) risks related to management and oversight of the expanded business and operations of the combined company following the closing of the proposed Transaction; (8) the risk that the integration of Webster’s operations with Santander’s will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate each party’s businesses into the other’s businesses; (9) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (10) reputational risk and potential adverse reactions of Webster’s or Santander’s customers, employees, vendors, contractors or other business partners, including those resulting from the announcement or completion of the Transaction; (11) the dilution caused by Santander’s issuance of additional ordinary shares and corresponding American depositary shares, each representing the right to receive one of its ordinary shares (“ADSs”), in connection with the Transaction; (12) the possibility that any announcements relating to the Transaction could have adverse effects on the market price of Webster’s common stock and Santander’s ordinary shares and ADSs; (13) a material adverse change in the condition of Webster or Santander; (14) the extent to which Webster’s or Santander’s businesses perform consistent with management’s expectations; (15) Webster’s and Santander’s ability to take advantage of growth opportunities and implement targeted initiatives in the timeframe and on the terms currently expected; (16) the inability to sustain revenue and earnings growth; (17) the execution and efficacy of recent strategic investments; (18) the impact of macroeconomic factors, such as changes in general economic conditions and monetary and fiscal policy, particularly on interest rates; (19) changes in customer behavior; (20) unfavorable developments concerning credit quality; (21) declines in the businesses or industries of Webster’s or Santander’s customers; (22) the possibility that the combined company is subject to additional regulatory requirements as a result of the proposed Transaction or expansion of the combined company’s business operations following the proposed Transaction; (23) general competitive, political and market conditions and other factors that may affect future returns of Webster and Santander, including changes in asset quality and credit risk; (24) security risks, including cybersecurity and data privacy risks, and capital markets; (25) inflation; (26) the impact, extent and timing of technological changes; (27) capital management activities; (28) competitive product and pricing pressures; (29) the outcomes of legal and regulatory proceedings and related financial services industry matters; and (30) compliance with regulatory requirements. Any forward-looking statement made in this communication is based solely on information currently available to us and speaks only as of the date on which it is made.

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.

ADDITIONAL INFORMATION ABOUT THE ACQUISITION OF WEBSTER AND WHERE TO FIND IT

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM F-4 AND THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM F-4 WHEN THEY BECOME AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT ON FORM F-4 AND THE PROXY STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING WEBSTER, SANTANDER, THE TRANSACTION AND RELATED MATTERS.

Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by Webster or Santander through the website maintained by the SEC at http://www.sec.gov.

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No offer or solicitation

This communication 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 communication. By making this communication available, no advice or recommendation is being given to buy, sell or otherwise deal in any securities or investments whatsoever.

Participants in the solicitation

Webster, Santander and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Webster in connection with the Transaction under the rules of the SEC. Information regarding the directors and executive officers of Webster and Santander is set forth in (i) Webster’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, including under the headings entitled “Director Nominees”, “Director Independence”, “Non-Employee Director Compensation and Stock Ownership Guidelines”, “Compensation and Human Resources Committee Interlocks and Insider Participation”, “Executive Compensation”, “2024 Pay Versus Performance” and “Security Ownership of Certain Beneficial Owners and Management”, which was filed with the SEC on April 11, 2025 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000801337/000080133725000015/wbs-20250411.htm, and (ii) Santander’s Annual Report on Form 20-F for the year ending December 31, 2024, including under the headings entitled “Directors and Senior Management”, “Compensation”, “Share Ownership” and “Majority Shareholders and Related Party Transactions”, which was filed with the SEC on February 28, 2025 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000891478/000089147825000054/san-20241231.htm. To the extent holdings of each of Webster’s or Santander’s securities by its directors or executive officers have changed since the amounts set forth in Webster’s definitive proxy statement for its 2025 Annual Meeting of Stockholders and in Santander’s Annual Report on Form 20-F for the year ending December 31, 2024, such changes have been or will be reflected on Webster’s Statements of Change of Ownership on Form 4 filed with the SEC and on Santander’s Annual Report on Form 20-F for the year ending December 31, 2025. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the definitive joint proxy statement/prospectus of Webster and Santander and other relevant materials to be filed with the SEC when they become available. You may obtain free copies of these documents through the website maintained by the SEC at https://www.sec.gov.

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 a previous period. Nothing mentioned in this report should be taken as a profit and loss forecast.

Third Party Information

In particular, 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.

Sale of 49% stake in Santander Bank Polska to Erste Group

All figures (including P&L, loans and advances to customers, customer funds and other metrics) which are presented on an underlying basis include Santander Bank Polska, in line with previously published quarterly information, i.e. maintaining the same perimeter that existed at the time of the announcement of the sale of 49% stake in Santander Bank Polska to Erste Group (https://www.santander.com/content/dam/santander-com/en/documentos/informacion-privilegiada/2025/05/hr-2025-05-05-santander-announces-the-sale-of-49-per-cent-of-santander-polska-to-erste-group-bank-and-agrees-strategic-cooperation-across-cib-and-payments-en.pdf). For further information, see the 'Alternative performance measures' section of this Banco Santander, S.A. (Santander) Q4 2025 Financial Report, published on 3 February 2026 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results).

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 - December 2025 65

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:   03 February 2026			By:			/s/ José García Cantera
			Name:			José García Cantera
			Title:			Chief Financial Officer

FAQ

How did Banco Santander (SAN) perform financially in 2025?

Banco Santander’s 2025 attributable profit reached EUR 14,101 million, up 12% year-on-year. Total income was EUR 58,670 million, net operating income EUR 33,959 million, and profit before tax EUR 18,681 million. The efficiency ratio improved to 41.2%, reflecting tighter cost control.

What impact did the Poland disposal have on Santander’s capital and results?

The Poland disposal generated an estimated net capital gain of about EUR 1.9 billion. It is expected to increase the CET1 ratio by roughly 95 basis points, equivalent to around EUR 6 billion of capital, with financial impacts booked in Q1 2026.

How strong are Banco Santander’s capital ratios at year-end 2025?

At December 2025, Santander’s phased-in CET1 capital ratio stood at 13.5%. The phased-in total capital ratio was 17.8%, and Tier 1 capital ratio 15.0%, supported by eligible capital of EUR 111,845 million and risk-weighted assets of EUR 629,430 million.

What is Banco Santander’s credit quality and cost of risk in 2025?

Santander reported a non-performing loan (NPL) ratio of 2.91% at December 2025. The NPL coverage ratio was 66%, while cost of risk was 1.15%, broadly stable versus 2024, supported by EUR 22,869 million of loan-loss allowances.

What major acquisitions has Banco Santander announced recently?

Santander agreed to acquire 100% of TSB for GBP 2.65 billion and Webster Financial for USD 12.2 billion. Both are all-cash transactions, subject to regulatory and shareholder approvals, and are intended to strengthen its UK and US retail and commercial banking presence.

How does Santander plan to reward shareholders over 2025 and 2026?

Santander intends to allocate at least EUR 10 billion to shareholders through share buybacks over 2025 and 2026. This includes regular buybacks under its remuneration policy and additional buybacks using excess CET1 capital, subject to future corporate and regulatory approvals.

What are Santander’s key profitability ratios such as RoTE and RoRWA?

In 2025, Santander’s RoTE (post-AT1) was 16.3% and RoRWA 2.44%. Return on equity (RoE) reached 13.9% and return on assets 0.84%, showing solid profitability relative to its equity base and risk-weighted assets.