# EDGAR Filing Document

**Accession Number:** 0000891478
**File Stem:** 0000891478-26-000009
**Filing Date:** 2026-2
**Character Count:** 312034
**Document Hash:** b28bd3b2ae7db83ce9c313c4e6ac107c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000891478-26-000009.hdr.sgml**: 20260203

**ACCESSION NUMBER**: 0000891478-26-000009

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260203

**DATE AS OF CHANGE**: 20260203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Banco Santander, S.A.
- **CENTRAL INDEX KEY:** 0000891478
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132617929
- **STATE OF INCORPORATION:** U3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12518
- **FILM NUMBER:** 26592078

**BUSINESS ADDRESS:**
- **STREET 1:** CIUDAD GRUPO SANTANDER
- **STREET 2:** BOADILLA DEL MONTE
- **CITY:** MADRID
- **STATE:** U3
- **ZIP:** 28660
- **BUSINESS PHONE:** 34 91 289 32 80

**MAIL ADDRESS:**
- **STREET 1:** CIUDAD GRUPO SANTANDER
- **STREET 2:** BOADILLA DEL MONTE
- **CITY:** MADRID
- **STATE:** U3
- **ZIP:** 28660

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCO SANTANDER SA
- **DATE OF NAME CHANGE:** 20070925

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCO SANTANDER CENTRAL HISPANO SA
- **DATE OF NAME CHANGE:** 19990512

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCO SANTANDER S A
- **DATE OF NAME CHANGE:** 19931201

**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 ☒&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F ☐

------

**BANCO SANTANDER, S.A.**

**________________________**

**TABLE OF CONTENTS**

Item 1. January - December 2025 Financial Report<sub>1</sub>

------

![financial_reportxjanxdeca.jpg](financial_reportxjanxdeca.jpg)

------

---

| | |
|:---|:---|
| January - December | **2025** |

---

<u>Index</u> 

---

| | |
|:---|:---|
| **[3](#i4390bd8b871844f49146828fb44208b0_55)** | **[SIGNIFICANT EVENTS IN THE](#i4390bd8b871844f49146828fb44208b0_55)PERIOD** |
| **[4](#i4390bd8b871844f49146828fb44208b0_58)** | **[KEY CONSOLIDATED DATA](#i4390bd8b871844f49146828fb44208b0_58)** |
| **[6](#i4390bd8b871844f49146828fb44208b0_61)** | **[BUSINESS MODEL](#i4390bd8b871844f49146828fb44208b0_61)** |
| **[7](#i4390bd8b871844f49146828fb44208b0_70)** | **[GROUP FINANCIAL INFORMATION](#i4390bd8b871844f49146828fb44208b0_70)** |
| [7](#i4390bd8b871844f49146828fb44208b0_70) | &nbsp;&nbsp;&nbsp;&nbsp;[Highlights of the period](#i4390bd8b871844f49146828fb44208b0_70) |
| [9](#i4390bd8b871844f49146828fb44208b0_73) | &nbsp;&nbsp;&nbsp;&nbsp;[Income statement](#i4390bd8b871844f49146828fb44208b0_73) |
| [11](#i4390bd8b871844f49146828fb44208b0_289) | &nbsp;&nbsp;&nbsp;&nbsp;[Balance sheet](#i4390bd8b871844f49146828fb44208b0_289) |
| [13](#i4390bd8b871844f49146828fb44208b0_3298534887546) | &nbsp;&nbsp;&nbsp;&nbsp;[Solvency ratios](#i4390bd8b871844f49146828fb44208b0_3298534887546) |
| [14](#i4390bd8b871844f49146828fb44208b0_1099511632011) | &nbsp;&nbsp;&nbsp;&nbsp;[Risk management](#i4390bd8b871844f49146828fb44208b0_1099511632011) |
| [16](#i4390bd8b871844f49146828fb44208b0_1099511632027) | &nbsp;&nbsp;&nbsp;&nbsp;[The Santander share](#i4390bd8b871844f49146828fb44208b0_1099511632027) |
| **[17](#i4390bd8b871844f49146828fb44208b0_94)** | **[FINANCIAL INFORMATION BY SEGMENT](#i4390bd8b871844f49146828fb44208b0_94)** |
| **[43](#i4390bd8b871844f49146828fb44208b0_145)** | **[APPENDIX](#i4390bd8b871844f49146828fb44208b0_145)** |
| [44](#i4390bd8b871844f49146828fb44208b0_157) | &nbsp;&nbsp;&nbsp;&nbsp;[Financial information](#i4390bd8b871844f49146828fb44208b0_154) |
| [47](#i4390bd8b871844f49146828fb44208b0_238) | &nbsp;&nbsp;&nbsp;&nbsp;[Alternative](#i4390bd8b871844f49146828fb44208b0_238)[p](#i4390bd8b871844f49146828fb44208b0_238)[erformance](#i4390bd8b871844f49146828fb44208b0_238)[m](#i4390bd8b871844f49146828fb44208b0_238)[easures](#i4390bd8b871844f49146828fb44208b0_238) |
| [59](#i4390bd8b871844f49146828fb44208b0_1099511632112) | &nbsp;&nbsp;&nbsp;&nbsp;C[ondensed consolidated financial statement](#i4390bd8b871844f49146828fb44208b0_1099511632112)s |
| [62](#i4390bd8b871844f49146828fb44208b0_247) | &nbsp;&nbsp;&nbsp;&nbsp;[Glossary](#i4390bd8b871844f49146828fb44208b0_247) |
| [63](#i4390bd8b871844f49146828fb44208b0_253) | &nbsp;&nbsp;&nbsp;&nbsp;[Important information](#i4390bd8b871844f49146828fb44208b0_253) |

---

![indice2a.jpg](indice2a.jpg)

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.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)** <br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |

---

**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 '<u>[Alternative performance measures](#i4390bd8b871844f49146828fb44208b0_238)</u>' 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 | ![image6.jpg](image6.jpg)<sub>3</sub> |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |

---

**KEY CONSOLIDATED DATA**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **BALANCE SHEET (EUR million)** | **Dec-25** | **Sep-25** | **%** | **Dec-25** | **Dec-24** | **%** | **Dec-23** |
| Total assets | **1867515** | 1840668 | 1.5 | **1867515** | 1837081 | 1.7 | 1797062 |
| Loans and advances to customers | **1037288** | 1027209 | 1.0 | **1037288** | 1054069 | (1.6) | 1036349 |
| Customer deposits | **1041200** | 1026130 | 1.5 | **1041200** | 1055936 | (1.4) | 1047169 |
| Total funds | **1363160** | 1339096 | 1.8 | **1363160** | 1348422 | 1.1 | 1306942 |
| Total equity | **112748** | 109914 | 2.6 | **112748** | 107327 | 5.1 | 104241 |
| Note: total funds includes customer deposits, mutual funds, pension funds and managed portfolios.<br>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. <br>For further information, see the '<u>[Significant events in the period](#i4390bd8b871844f49146828fb44208b0_55)</u>', <u>['Alternative performance measures'](#i4390bd8b871844f49146828fb44208b0_238)</u> and '<u>[Financial information](#i4390bd8b871844f49146828fb44208b0_154)</u>' sections in this report. | Note: total funds includes customer deposits, mutual funds, pension funds and managed portfolios.<br>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. <br>For further information, see the '<u>[Significant events in the period](#i4390bd8b871844f49146828fb44208b0_55)</u>', <u>['Alternative performance measures'](#i4390bd8b871844f49146828fb44208b0_238)</u> and '<u>[Financial information](#i4390bd8b871844f49146828fb44208b0_154)</u>' sections in this report. | Note: total funds includes customer deposits, mutual funds, pension funds and managed portfolios.<br>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. <br>For further information, see the '<u>[Significant events in the period](#i4390bd8b871844f49146828fb44208b0_55)</u>', <u>['Alternative performance measures'](#i4390bd8b871844f49146828fb44208b0_238)</u> and '<u>[Financial information](#i4390bd8b871844f49146828fb44208b0_154)</u>' sections in this report. | Note: total funds includes customer deposits, mutual funds, pension funds and managed portfolios.<br>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. <br>For further information, see the '<u>[Significant events in the period](#i4390bd8b871844f49146828fb44208b0_55)</u>', <u>['Alternative performance measures'](#i4390bd8b871844f49146828fb44208b0_238)</u> and '<u>[Financial information](#i4390bd8b871844f49146828fb44208b0_154)</u>' sections in this report. | Note: total funds includes customer deposits, mutual funds, pension funds and managed portfolios.<br>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. <br>For further information, see the '<u>[Significant events in the period](#i4390bd8b871844f49146828fb44208b0_55)</u>', <u>['Alternative performance measures'](#i4390bd8b871844f49146828fb44208b0_238)</u> and '<u>[Financial information](#i4390bd8b871844f49146828fb44208b0_154)</u>' sections in this report. | Note: total funds includes customer deposits, mutual funds, pension funds and managed portfolios.<br>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. <br>For further information, see the '<u>[Significant events in the period](#i4390bd8b871844f49146828fb44208b0_55)</u>', <u>['Alternative performance measures'](#i4390bd8b871844f49146828fb44208b0_238)</u> and '<u>[Financial information](#i4390bd8b871844f49146828fb44208b0_154)</u>' sections in this report. | Note: total funds includes customer deposits, mutual funds, pension funds and managed portfolios.<br>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. <br>For further information, see the '<u>[Significant events in the period](#i4390bd8b871844f49146828fb44208b0_55)</u>', <u>['Alternative performance measures'](#i4390bd8b871844f49146828fb44208b0_238)</u> and '<u>[Financial information](#i4390bd8b871844f49146828fb44208b0_154)</u>' sections in this report. | Note: total funds includes customer deposits, mutual funds, pension funds and managed portfolios.<br>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. <br>For further information, see the '<u>[Significant events in the period](#i4390bd8b871844f49146828fb44208b0_55)</u>', <u>['Alternative performance measures'](#i4390bd8b871844f49146828fb44208b0_238)</u> and '<u>[Financial information](#i4390bd8b871844f49146828fb44208b0_154)</u>' sections in this report. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **INCOME STATEMENT (EUR million)** | **Q4'25** | **Q3'25** | **%** | **2025** | **2024** | **%** | **2023** |
| Net interest income | **10789** | 10348 | 4.3 | **42348** | 43787 | (3.3) | 40650 |
| Total income | **15163** | 14325 | 5.8 | **58670** | 58380 | 0.5 | 54251 |
| Net operating income | **8831** | 8310 | 6.3 | **33959** | 33231 | 2.2 | 29619 |
| Profit before tax | **4920** | 4657 | 5.6 | **18681** | 17347 | 7.7 | 15005 |
| Profit attributable to the parent | **3764** | 3504 | 7.4 | **14101** | 12574 | 12.1 | 11076 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **EPS, PROFITABILITY AND EFFICIENCY (%)** <sup>1</sup> | **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 <sup>2</sup> | **40.9** | 41.1 |  | **41.2** | 41.8 |  | 44.1 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **UNDERLYING INCOME STATEMENT** <sup>2</sup> **(EUR million)** | **Q4'25** | **Q3'25** | **%** | **2025** | **2024** | **%** | **2023** |
| Net interest income | **11538** | 11100 | 3.9 | **45354** | 46668 | (2.8) | 43261 |
| Total income | **16113** | 15267 | 5.5 | **62390** | 62211 | 0.3 | 57647 |
| Net operating income | **9521** | 8999 | 5.8 | **36665** | 36177 | 1.3 | 32222 |
| Profit before tax | **5367** | 5197 | 3.3 | **20867** | 19027 | 9.7 | 16698 |
| Underlying profit attributable to the parent | **3764** | 3504 | 7.4 | **14101** | 12574 | 12.1 | 11076 |
| Changes in constant euros: | Changes in constant euros: | 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%. | 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%. | 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%. | 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%. | 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%. | 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%. | 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%. | 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%. | 2025 / 2024: NII: +0.6%; Total income: +3.9%; Net operating income: +5.1%; Profit before tax: +13.4%; Attributable profit: +16.2%. | 2025 / 2024: NII: +0.6%; Total income: +3.9%; Net operating income: +5.1%; Profit before tax: +13.4%; Attributable profit: +16.2%. | 2025 / 2024: NII: +0.6%; Total income: +3.9%; Net operating income: +5.1%; Profit before tax: +13.4%; Attributable profit: +16.2%. | 2025 / 2024: NII: +0.6%; Total income: +3.9%; Net operating income: +5.1%; Profit before tax: +13.4%; Attributable profit: +16.2%. | 2025 / 2024: NII: +0.6%; Total income: +3.9%; Net operating income: +5.1%; Profit before tax: +13.4%; Attributable profit: +16.2%. | 2025 / 2024: NII: +0.6%; Total income: +3.9%; Net operating income: +5.1%; Profit before tax: +13.4%; Attributable profit: +16.2%. | 2025 / 2024: NII: +0.6%; Total income: +3.9%; Net operating income: +5.1%; Profit before tax: +13.4%; Attributable profit: +16.2%. |

---

---

| | | |
|:---|:---|:---|
| 4 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 (%)** <sup>1</sup> | **Dec-25** | **Sep-25** | **Dec-25** | **Dec-24** | **Dec-23** |
| Cost of risk <sup>2, 3</sup> | **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) | **14689** | 14885 | (1.3) | **14689** | 15152 | (3.1) | 16184 |
| Number of shareholders | **3518729** | 3520788 | (0.1) | **3518729** | 3485134 | 1.0 | 3662377 |
| Share price (euros) | **10.070** | 8.874 | 13.5 | **10.070** | 4.465 | 125.6 | 3.780 |
| Market capitalization (EUR million) | **147921** | 132092 | 12.0 | **147921** | 67648 | 118.7 | 61168 |
| 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)** <sup>4</sup> | **Dec-25** | **Sep-25** | **%** | **Dec-25** | **Dec-24** | **%** | **Dec-23** |
| Total customers | **180221** | 178374 | 1.0 | **180221** | 172537 | 4.5 | 164542 |
| Active customers | **106410** | 105528 | 0.8 | **106410** | 103262 | 3.0 | 99503 |
| Digital customers | **62982** | 62258 | 1.2 | **62982** | 59317 | 6.2 | 54161 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTHER DATA** <sup>4</sup> | **Dec-25** | **Sep-25** | **%** | **Dec-25** | **Dec-24** | **%** | **Dec-23** |
| Number of employees | **198403** | 201304 | (1.4) | **198403** | 206753 | (4.0) | 212764 |
| Number of branches | **7124** | 7389 | (3.6) | **7124** | 8086 | (11.9) | 8518 |

---

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 <u>['Alternative performance measures'](#i4390bd8b871844f49146828fb44208b0_238)</u> section in the appendix to this report. <br>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.<br>

1. For further information, see the '<u>[Alternative performance measures](#i4390bd8b871844f49146828fb44208b0_238)</u>' 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 '<u>[Alternative performance measures](#i4390bd8b871844f49146828fb44208b0_238)</u>' 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 '<u>[Alternative performance measures](#i4390bd8b871844f49146828fb44208b0_238)</u>' 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** | ![image6.jpg](image6.jpg)<sub>5</sub> |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |

---

**OUR BUSINESS MODEL**

---

| | | |
|:---|:---|:---|
| **CUSTOMER FOCUS** | **Building a digital bank with branches** | **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** |
| **→** We continue to build a digital bank with branches, with a multichannel offering to fulfil all our customers' financial needs. | total customers | active customers |
| **SCALE** | **Global and in-market 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.<br>**→** 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.<br>**→** Our five global businesses support value creation based on the profitable growth and operational leverage that ONE Santander provides.  | ![a5gb_modeloa.jpg](a5gb_modeloa.jpg) | ![a5gb_modeloa.jpg](a5gb_modeloa.jpg) |
| **→** Our global and in-market scale helps us to improve our local banks' profitability, adding value and network benefits.<br>**→** 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.<br>**→** Our five global businesses support value creation based on the profitable growth and operational leverage that ONE Santander provides.  | ![a5gb_modeloa.jpg](a5gb_modeloa.jpg) | ![a5gb_modeloa.jpg](a5gb_modeloa.jpg) |
| **DIVERSIFICATION** | **Business, geographical and balance sheet** | **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. | **→** 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. | **→** 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** | ![imagen1a.jpg](imagen1a.jpg) |
|  | ![imagen1a.jpg](imagen1a.jpg) |
| To help people and businesses prosper | ![imagen1a.jpg](imagen1a.jpg) |
|  | ![imagen1a.jpg](imagen1a.jpg) |
| **Our aim** | ![imagen1a.jpg](imagen1a.jpg) |
|  | ![imagen1a.jpg](imagen1a.jpg) |
| To be the best open financial services platform, by acting responsibly and earning the lasting loyalty of our people, customers, shareholders and communities | ![imagen1a.jpg](imagen1a.jpg) |
|  | ![imagen1a.jpg](imagen1a.jpg) |
| **Our how** | ![imagen1a.jpg](imagen1a.jpg) |
|  | ![imagen1a.jpg](imagen1a.jpg) |
| Everything we do should be Simple, Personal and Fair | ![imagen1a.jpg](imagen1a.jpg) |
|  | ![imagen1a.jpg](imagen1a.jpg) |

---

---

| | | |
|:---|:---|:---|
| 6 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | **Highlights of the period** | | | |

---

**GROUP FINANCIAL INFORMATION**

**Highlights of the period: Main figures**

---

| | | |
|:---|:---|:---|
| **Q4'25 ATTRIBUTABLE PROFIT** | **Q4'25 ATTRIBUTABLE PROFIT** | **Q4'25 ATTRIBUTABLE PROFIT** |
| **EUR 3,764 mn** | **EUR 3,764 mn** | **EUR 3,764 mn** |
| **+7% in euros** | **+7% in euros** | /Q3'25 |
| **+7% in constant euros** | **+7% in constant euros** | /Q3'25 |
| **2025 ATTRIBUTABLE PROFIT** | **2025 ATTRIBUTABLE PROFIT** | **2025 ATTRIBUTABLE PROFIT** |
| **EUR 14,101 mn** | **EUR 14,101 mn** | **EUR 14,101 mn** |
| **+12% in euros** | **+12% in euros** | /2024 |
| **+16% in constant euros** | **+16% in constant euros** | /2024 |
| **RoTE (post-AT1)** | **RoTE (post-AT1)** | **RoTE (post-AT1)** |
| **16.3%** | **16.3%** | **16.3%** |
| **+0.8 pp** | **/2024** | **/2024** |
| **VOLUMES AND REVENUE** | **VOLUMES AND REVENUE** | **VOLUMES AND REVENUE** |
| Loan and advances to customers | Customer<br>funds | Customer<br>funds |
| **+4%** | **+6%** | **+6%** |
| Net interest income | Net fee<br>income | Net fee<br>income |
| **+1%** | **+9%** | **+9%** |
| Note: YoY changes in constant euros and Argentina in current euros. | Note: YoY changes in constant euros and Argentina in current euros. | Note: YoY changes in constant euros and Argentina in current euros. |
| **EFFICIENCY** | **EFFICIENCY** | **EFFICIENCY** |
| **41.2%** | **41.2%** | **41.2%** |
| **-0.6 pp /2024** | **-0.6 pp /2024** | **-0.6 pp /2024** |
| **COST OF RISK** | **COST OF RISK** | **COST OF RISK** |
| **1.15%** | **1.15%** | **1.15%** |
| **0 bps /Dec-24** | **0 bps /Dec-24** | **0 bps /Dec-24** |
| **CET1**<sup>1</sup> | **CET1**<sup>1</sup> | **CET1**<sup>1</sup> |
| **13.5%** | **13.5%** | **13.5%** |
| **+0.4 pp /Sep-25** | **+0.4 pp /Sep-25** | **+0.4 pp /Sep-25** |

---

►**In 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.

►**In 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).

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

►With these excellent results, we **achieved all of our 2025 targets**.

►Profitability 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.

►We 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.

►In 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.

►In 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.

►The 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.

►Credit 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.

►The 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.

►The **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 distributions<sup>2</sup>.

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 '<u>[Significant events in the period](#i4390bd8b871844f49146828fb44208b0_55)</u>' and '<u>[Alternative performance measures](#i4390bd8b871844f49146828fb44208b0_238)</u>' sections in this report.

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

&nbsp;&nbsp;&nbsp;&nbsp;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** | ![image6.jpg](image6.jpg)<sub>7</sub> |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | **Highlights of the period** | | | |

---

**Think Value**

---

| | |
|:---|:---|
| **SHAREHOLDER REMUNERATION\*** | **SHAREHOLDER REMUNERATION\*** |
| EUR million | EUR million |
| ![remuneracin2025a.jpg](remuneracin2025a.jpg) | ![remuneracin2025a.jpg](remuneracin2025a.jpg) |
| ![remuneracin2025a.jpg](remuneracin2025a.jpg) | ![remuneracin2025a.jpg](remuneracin2025a.jpg) |
| **+15%** | higher than 2024 interim cash dividend |
| \*Remuneration based on the results of<br> the first half of each period | \*Remuneration based on the results of<br> the first half of each period |
| **TNAVps + CASH DPS** | **TNAVps + CASH DPS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Cash DPS: €22.5 cents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Cash DPS: €22.5 cents |
| **+14%** | ![engpnga.jpg](engpnga.jpg) |
| / Dec-24 | ![engpnga.jpg](engpnga.jpg) |

---

►In 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 excess<sup>1</sup>.

►**Total 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).

►The 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.

►At 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)** | **# OF CUSTOMERS (Dec-25)** | **# OF CUSTOMERS (Dec-25)** |
| Total customers: | **180** | mn |
| Active customers: | **106** | mn |

---

►We 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.

►These 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 NPS**<sup>2</sup> in nine of our markets and enable us to continue to attract more customers to the Group.

►As 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** <sup>3</sup> | **Contribution to Group revenue** <sup>3</sup> | **Contribution to Group revenue** <sup>3</sup> |
| **Retail** | ![roscoretaila.jpg](roscoretaila.jpg) | **50%** |
| **Consumer** | ![roscoconsumera.jpg](roscoconsumera.jpg) | **21%** |
| **CIB** | ![roscociba.jpg](roscociba.jpg) | **13%** |
| **Wealth** | ![roscowealtha.jpg](roscowealtha.jpg) | **7%** |
| **Payments** | ![roscopaymentsa.jpg](roscopaymentsa.jpg) | **9%** |

---

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

►In **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.

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

►In **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.

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

►In **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.

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

►In **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.

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

►In **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.

►Cost of risk was 7.91%. In PagoNxt, EBITDA margin reached 34.5% (+7.0 pp year-on-year).

   

&nbsp;&nbsp;&nbsp;&nbsp;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.

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

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

---

| | | |
|:---|:---|:---|
| 8 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | **Statutory income statement** | | | |

---

**Grupo Santander results**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**STATUTARY INCOME STATEMENT** |
| &nbsp;&nbsp;&nbsp;**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 <u>['](#i4390bd8b871844f49146828fb44208b0_58)[Significant events in the period](#i4390bd8b871844f49146828fb44208b0_55)['](#i4390bd8b871844f49146828fb44208b0_58)</u> section of this report.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Grupo Santander. Summarized income statement** | **Grupo Santander. Summarized income statement** | **Grupo Santander. Summarized income statement** | **Grupo Santander. Summarized income statement** | **Grupo Santander. Summarized income statement** | **Grupo Santander. Summarized income statement** | **Grupo Santander. Summarized income statement** |
| EUR million |  |  |  |  |  |  |
|  |  |  | **Change** |  |  | **Change** |
|  | **Q4'25** | **Q3'25** | **%** | **2025** | **2024** | **%** |
| Net interest income | 10789 | 10348 | 4.3 | 42348 | 43787 | (3.3) |
| Net fee income<sup>1</sup> | 3475 | 3159 | 10.0 | 12976 | 12376 | 4.8 |
| Gains or losses on financial assets and liabilities and exchange differences<sup>2</sup> | 709 | 621 | 14.2 | 2362 | 2211 | 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)<sup>3</sup> | (151) | (39) | 287.2 | (396) | (1391) | (71.5) |
| **Total income** | **15163** | **14325** | **5.8** | **58670** | **58380** | **0.5** |
| Operating expenses | (6332) | (6015) | 5.3 | (24711) | (25149) | (1.7) |
| &nbsp;&nbsp; Administrative expenses | (5576) | (5219) | 6.8 | (21533) | (21970) | (2.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp; Staff costs* | *(3588)* | *(3322)* | *8.0* | *(13633)* | *(13825)* | *(1.4)* |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp; Other general administrative expenses* | *(1988)* | *(1897)* | *4.8* | *(7900)* | *(8145)* | *(3.0)* |
| &nbsp;&nbsp; Depreciation and amortization | (756) | (796) | (5.0) | (3178) | (3179) |  |
| Provisions or reversal of provisions | (710) | (769) | (7.7) | (2729) | (3465) | (21.2) |
| Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net) | (3174) | (2848) | 11.4 | (12546) | (12136) | 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** | **4920** | **4657** | **5.6** | **18681** | **17347** | **7.7** |
| Tax expense or income from continuing operations | (1163) | (1193) | (2.5) | (4723) | (4844) | (2.5) |
| **Profit from the period from continuing operations** | **3757** | **3464** | **8.5** | **13958** | **12503** | **11.6** |
| Profit or loss after tax from discontinued operations | 390 | 426 | (8.5) | 1542 | 1241 | 24.3 |
| **Profit for the period** | **4147** | **3890** | **6.6** | **15500** | **13744** | **12.8** |
| Profit attributable to non-controlling interests | (383) | (386) | (0.8) | (1399) | (1170) | 19.6 |
| **Profit attributable to the parent** | **3764** | **3504** | **7.4** | **14101** | **12574** | **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: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average total assets | 1868353 | 1833163 | 1.9 | 1843112 | 1803272 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average stockholders' equity | 102984 | 101598 | 1.4 | 101497 | 96744 | 4.9 |

---

---

| |
|:---|
| Note: the summarized income statement groups some lines of the consolidated statutory income statement on page 61 as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp;1.'Commission income' and 'Commission expense'. |
| &nbsp;&nbsp;&nbsp;&nbsp;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'. |
| &nbsp;&nbsp;&nbsp;&nbsp;3.'Other operating income'; 'Other operating expenses'; 'Income from insurance and reinsurance contracts'; and 'Expenses from insurance and reinsurance contracts'. |

---

---

| | |
|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg)<sub>9</sub> |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | **Underlying income statement** | | | |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**UNDERLYING INCOME STATEMENT** | &nbsp;&nbsp;&nbsp;**UNDERLYING INCOME STATEMENT** | | |
| &nbsp;&nbsp;&nbsp;**UNDERLYING INCOME STATEMENT** | &nbsp;&nbsp;&nbsp;**UNDERLYING INCOME STATEMENT** | | |
| **Attributable profit** | **Attributable profit** | **RoTE (post-AT1)** | **RoRWA** |
| **EUR 14,101 million** | +12% in euros | **16.3%** | **2.44%** |
| **EUR 14,101 million** | +16% in constant euros | +0.8 pp | +0.3 pp |
| Note: changes vs. 2024. | Note: changes vs. 2024. |  |  |
| Note: changes vs. 2024. | 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 '<u>[Significant events in the period](#i4390bd8b871844f49146828fb44208b0_55)</u>' and ['](#i4390bd8b871844f49146828fb44208b0_238)<u>[Alternative performance measures](#i4390bd8b871844f49146828fb44208b0_238)</u>['](#i4390bd8b871844f49146828fb44208b0_238) 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 <u>['Alternative performance measures'](#i4390bd8b871844f49146828fb44208b0_238)</u> 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 <u>['Alternative performance measures'](#i4390bd8b871844f49146828fb44208b0_238)</u> section in this report.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summarized underlying income statement** (EUR million) | **Summarized underlying income statement** (EUR million) | **Summarized underlying income statement** (EUR million) | **Summarized underlying income statement** (EUR million) | **Summarized underlying income statement** (EUR million) | **Summarized underlying income statement** (EUR million) | **Summarized underlying income statement** (EUR million) | **Summarized underlying income statement** (EUR million) | **Summarized underlying income statement** (EUR million) |
| | | | **Change** | **Change** | | | **Change** | **Change** |
| | **Q4'25** | **Q3'25** | **%** | **% excl. FX** | **2025** | **2024** | **%** | **% excl. FX** |
| Net interest income | 11538 | 11100 | 3.9 | 3.2 | 45354 | 46668 | (2.8) | 0.6 |
| Net fee income | 3650 | 3327 | 9.7 | 8.8 | 13661 | 13010 | 5.0 | 9.0 |
| Gains (losses) on financial transactions <sup>1</sup> | 728 | 639 | 13.9 | 12.9 | 2436 | 2273 | 7.2 | 10.5 |
| Other operating income | 197 | 201 | (2.0) | (2.4) | 939 | 260 | 261.2 | 269.7 |
| **Total income** | **16113** | **15267** | **5.5** | **4.7** | **62390** | **62211** | **0.3** | **3.9** |
| Administrative expenses and amortizations | (6592) | (6268) | 5.2 | 4.4 | (25725) | (26034) | (1.2) | 2.1 |
| **Net operating income** | **9521** | **8999** | **5.8** | **4.9** | **36665** | **36177** | **1.3** | **5.1** |
| Net loan-loss provisions | (3302) | (2931) | 12.7 | 11.5 | (12411) | (12333) | 0.6 | 5.8 |
| Other gains (losses) and provisions | (852) | (871) | (2.2) | (2.5) | (3387) | (4817) | (29.7) | (28.4) |
| **Profit before tax** | **5367** | **5197** | **3.3** | **2.5** | **20867** | **19027** | **9.7** | **13.4** |
| Tax on profit | (1220) | (1307) | (6.7) | (7.2) | (5341) | (5283) | 1.1 | 4.2 |
| **Profit from continuing operations** | **4147** | **3890** | **6.6** | **5.7** | **15526** | **13744** | **13.0** | **16.9** |
| Net profit from discontinued operations |  |  |  |  |  |  |  |  |
| **Consolidated profit** | **4147** | **3890** | **6.6** | **5.7** | **15526** | **13744** | **13.0** | **16.9** |
| Non-controlling interests | (383) | (386) | (0.8) | (1.9) | (1425) | (1170) | 21.8 | 24.7 |
| Net capital gains and provisions |  |  |  |  |  |  |  |  |
| **Profit attributable to the parent** | **3764** | **3504** | **7.4** | **6.6** | **14101** | **12574** | **12.1** | **16.2** |
| **Underlying profit attributable to the parent** <sup>2</sup> | **3764** | **3504** | **7.4** | **6.6** | **14101** | **12574** | **12.1** | **16.2** |

---

1. Includes exchange differences.

2. Excludes net capital gains and provisions.

---

| | | |
|:---|:---|:---|
| 10 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | **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** | **Grupo Santander. Condensed balance sheet** | **Grupo Santander. Condensed balance sheet** | **Grupo Santander. Condensed balance sheet** | **Grupo Santander. Condensed balance sheet** | **Grupo Santander. Condensed balance sheet** |
| EUR million |  |  |  |  |  |
|  |  |  | **Change** | **Change** |  |
| **Assets** | **Dec-25** | **Dec-24** | **Absolute** | **%** | **Dec-23** |
| Cash, cash balances at central banks and other demand deposits | 152281 | 192208 | (39927) | (20.8) | 220342 |
| Financial assets held for trading | 252318 | 230253 | 22065 | 9.6 | 176921 |
| &nbsp;&nbsp; Debt securities | 98568 | 82646 | 15922 | 19.3 | 62124 |
| &nbsp;&nbsp; Equity instruments | 22030 | 16636 | 5394 | 32.4 | 15057 |
| &nbsp;&nbsp; Loans and advances to customers | 32766 | 26591 | 6175 | 23.2 | 11634 |
| &nbsp;&nbsp; Loans and advances to central banks and credit institutions | 40599 | 40280 | 319 | 0.8 | 31778 |
| &nbsp;&nbsp; Derivatives | 58355 | 64100 | (5745) | (9.0) | 56328 |
| Financial assets designated at fair value through profit or loss<sup>1</sup> | 15807 | 14045 | 1762 | 12.5 | 15683 |
| &nbsp;&nbsp; Loans and advances to customers | 6440 | 5652 | 788 | 13.9 | 7201 |
| &nbsp;&nbsp; Loans and advances to central banks and credit institutions | 413 | 408 | 5 | 1.2 | 459 |
| &nbsp;&nbsp; Other (debt securities an equity instruments) | 8954 | 7985 | 969 | 12.1 | 8023 |
| Financial assets at fair value through other comprehensive income | 74612 | 89898 | (15286) | (17.0) | 83308 |
| &nbsp;&nbsp; Debt securities | 58305 | 76558 | (18253) | (23.8) | 73565 |
| &nbsp;&nbsp; Equity instruments | 2281 | 2193 | 88 | 4.0 | 1761 |
| &nbsp;&nbsp; Loans and advances to customers | 12906 | 10784 | 2122 | 19.7 | 7669 |
| &nbsp;&nbsp; Loans and advances to central banks and credit institutions | 1120 | 363 | 757 | 208.5 | 313 |
| Financial assets measured at amortized cost | 1202689 | 1203707 | (1018) | (0.1) | 1191403 |
| &nbsp;&nbsp; Debt securities | 140014 | 120949 | 19065 | 15.8 | 103559 |
| &nbsp;&nbsp; Loans and advances to customers | 985176 | 1011042 | (25866) | (2.6) | 1009845 |
| &nbsp;&nbsp; Loans and advances to central banks and credit institutions | 77499 | 71716 | 5783 | 8.1 | 77999 |
| Investments in subsidiaries, joint ventures and associates | 7052 | 7277 | (225) | (3.1) | 7646 |
| Tangible assets | 27438 | 32087 | (4649) | (14.5) | 33882 |
| Intangible assets | 17308 | 19259 | (1951) | (10.1) | 19871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 11958 | 13438 | (1480) | (11.0) | 14017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets | 5350 | 5821 | (471) | (8.1) | 5854 |
| Non-current asset held for sale | 75011 | 4002 | 71009 |  | 3014 |
| Other assets<sup>2</sup> | 42999 | 44345 | (1346) | (3.0) | 44992 |
| **Total assets** | **1867515** | **1837081** | **30434** | **1.7** | **1797062** |
| **Liabilities and shareholders' equity** |  |  |  |  |  |
| Financial liabilities held for trading | 171546 | 152151 | 19395 | 12.7 | 122270 |
| &nbsp;&nbsp; Customer deposits | 36120 | 18984 | 17136 | 90.3 | 19837 |
| &nbsp;&nbsp; Debt securities issued |  |  |  |  |  |
| &nbsp;&nbsp; Deposits by central banks and credit institutions | 39443 | 39584 | (141) | (0.4) | 25670 |
| &nbsp;&nbsp; Derivatives | 51968 | 57753 | (5785) | (10.0) | 50589 |
| &nbsp;&nbsp; Other | 44015 | 35830 | 8185 | 22.8 | 26174 |
| Financial liabilities designated at fair value through profit or loss | 42148 | 36360 | 5788 | 15.9 | 40367 |
| &nbsp;&nbsp; Customer deposits | 25930 | 25407 | 523 | 2.1 | 32052 |
| &nbsp;&nbsp; Debt securities issued | 11686 | 7554 | 4132 | 54.7 | 5371 |
| &nbsp;&nbsp; Deposits by central banks and credit institutions | 4510 | 3399 | 1111 | 32.7 | 2944 |
| &nbsp;&nbsp; Other | 22 |  | 22 |  |  |
| Financial liabilities measured at amortized cost | 1421184 | 1484322 | (63138) | (4.3) | 1468703 |
| &nbsp;&nbsp; Customer deposits | 979150 | 1011545 | (32395) | (3.2) | 995280 |
| &nbsp;&nbsp; Debt securities issued | 312704 | 317967 | (5263) | (1.7) | 303208 |
| &nbsp;&nbsp; Deposits by central banks and credit institutions | 93234 | 114894 | (21660) | (18.9) | 130028 |
| &nbsp;&nbsp; Other | 36096 | 39916 | (3820) | (9.6) | 40187 |
| Liabilities under insurance contracts | 18737 | 17829 | 908 | 5.1 | 17799 |
| Provisions | 8355 | 8407 | (52) | (0.6) | 8441 |
| Liabilities associated with non-current assets held for sale | 62995 |  | 62995 |  |  |
| Other liabilities<sup>3</sup> | 29802 | 30685 | (883) | (2.9) | 35241 |
| **Total liabilities** | **1754767** | **1729754** | **25013** | **1.4** | **1692821** |
| Shareholders' equity | 141144 | 135196 | 5948 | 4.4 | 130443 |
| &nbsp;&nbsp;&nbsp; Capital stock | 7345 | 7576 | (231) | (3.0) | 8092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserves (including treasury stock)<sup>4</sup> | 121396 | 116578 | 4818 | 4.1 | 112573 |
| &nbsp;&nbsp;&nbsp; Profit attributable to the Group | 14101 | 12574 | 1527 | 12.1 | 11076 |
| &nbsp;&nbsp;&nbsp; Less: dividends | (1698) | (1532) | (166) | 10.8 | (1298) |
| Other comprehensive income | (37974) | (36595) | (1379) | 3.8 | (35020) |
| Minority interests | 9578 | 8726 | 852 | 9.8 | 8818 |
| **Total equity** | **112748** | **107327** | **5421** | **5.1** | **104241** |
| **Total liabilities and equity** | **1867515** | **1837081** | **30434** | **1.7** | **1797062** |

---

---

| |
|:---|
| Note: the condensed balance sheet groups some lines of the consolidated balance sheet on pages 59 and 60 as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp;1.'Non-trading financial assets mandatorily at fair value through profit or loss' and 'Financial assets designated at fair value through profit or loss'. |
| &nbsp;&nbsp;&nbsp;&nbsp;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'. |
| &nbsp;&nbsp;&nbsp;&nbsp;3.'Hedging derivatives'; 'Changes in the fair value of hedged items in portfolio hedges of interest rate risk'; 'Tax liabilities'; and 'Other liabilities'. |
| &nbsp;&nbsp;&nbsp;&nbsp;4.'Share premium'; 'Equity instruments issued other than capital'; 'Other equity'; 'Accumulated retained earnings'; 'Revaluation reserves'; 'Other reserves'; and 'Own shares (-)'. |

---

---

| | |
|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg)<sub>11</sub> |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | **Balance sheet** | | | |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Gross loans and advances to customers** (excl. reverse repos) | **Gross loans and advances to customers** (excl. reverse repos) | **Gross loans and advances to customers** (excl. reverse repos) | **Customer funds** (deposits excl. repos + mutual funds) | **Customer funds** (deposits excl. repos + mutual funds) | **Customer funds** (deposits excl. repos + mutual funds) |
| **EUR 1,024 billion** | **EUR 1,024 billion** | +2% QoQ | **EUR 1,262 billion** | **EUR 1,262 billion** | +3% QoQ |
| **EUR 1,024 billion** | **EUR 1,024 billion** | +4% YoY | **EUR 1,262 billion** | **EUR 1,262 billion** | +6% YoY |
| **<u>By business</u> (% YoY):** | **<u>By business</u> (% YoY):** | **<u>By business</u> (% YoY):** | **<u>By product</u> (% YoY):** | **<u>By product</u> (% YoY):** | **<u>By product</u> (% YoY):** |
| **Retail** | **Consumer** | **CIB** | **Demand** | **Time** | **Mutual funds** |
| **+1%** | **+2%** | **+15%** | **+4%** | **+7%** | **+14%** |
| Note: changes in constant euros. Includes Poland. | 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 |

---

![chart-ecf8c639d9ed4ce89faa.jpg](chart-ecf8c639d9ed4ce89faa.jpg)

---

| | | |
|:---|:---|:---|
| +1 | % | 1 |
| Dec-25 / Dec-24 | Dec-25 / Dec-24 | Dec-25 / Dec-24 |

---

1. In constant euros: +4%.

---

| |
|:---|
| **Customer funds** |
| EUR billion. Including Poland |

---

![chart-570a07b17dac4811a67a.jpg](chart-570a07b17dac4811a67a.jpg)

---

| | |
|:---|:---|
| **+4%** | <sup>1</sup><sup>a</sup> |
| **+13%** |  |
| **+2%** |  |
| **• Total** | **• Total** |
| **• Mutual funds** | **• Mutual funds** |
| **• Deposits excl. repos** | **• Deposits excl. repos** |
| Dec-25 / Dec-24 | Dec-25 / Dec-24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In constant euros: +6%.

---

| |
|:---|
| **Gross loans and advances to customers (excl. reverse repos)** |
| % operating areas. December 2025. Including Poland |

---

![chart-5f8db700e9bb434ca4ca.jpg](chart-5f8db700e9bb434ca4ca.jpg)

---

| |
|:---|
| **Customer funds** |
| % operating areas. December 2025. Including Poland |

---

![chart-3ae16097bc214b89aeba.jpg](chart-3ae16097bc214b89aeba.jpg)

---

| | | |
|:---|:---|:---|
| 12 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | **Solvency ratios** | | | |

---

**Solvency ratios**

---

| | | |
|:---|:---|:---|
| **Phased-in capital ratio**<sup>1</sup> | **CET1 ratio**<sup>1</sup> | **CET1 ratio**<sup>1</sup> |
| ![capitala.jpg](capitala.jpg) | **Attributable profit** | **+59 bps** |
| ![capitala.jpg](capitala.jpg) | **Capital distribution**<sup>2</sup> | **-32 bps** |
| ![capitala.jpg](capitala.jpg) |  |  |
| ![capitala.jpg](capitala.jpg) |  |  |
| ![capitala.jpg](capitala.jpg) | **Value creation** | **Value creation** |
| ![capitala.jpg](capitala.jpg) | **TNAVps** | **€5.76** |
| ![capitala.jpg](capitala.jpg) | **TNAVps + Cash DPS** | **+14% YoY** |
| ![capitala.jpg](capitala.jpg) | **TNAVps + Cash DPS** | **+14% YoY** |
| Note: Phased-in ratios are calculated in accordance with the transitory treatment of the CRR. | Note: Phased-in ratios are calculated in accordance with the transitory treatment of the CRR. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Eligible capital (phased-in)**<sup>1</sup>**.** Consolidated | **Eligible capital (phased-in)**<sup>1</sup>**.** Consolidated | **Eligible capital (phased-in)**<sup>1</sup>**.** Consolidated | **Eligible capital (phased-in)**<sup>1</sup>**.** Consolidated | **Eligible capital (phased-in)**<sup>1</sup>**.** Consolidated | **Eligible capital (phased-in)**<sup>1</sup>**.** Consolidated |
| EUR million |  |  |  |  |  |
|  |  |  | **Change** | **Change** |  |
|  | **Dec-25** | **Dec-24** | **Absolute** | **%** | **Dec-23** |
| Capital stock and reserves | 128798 | 124263 | 4535 | 3.6 | 121185 |
| Attributable profit | 14101 | 12574 | 1527 | 12.1 | 11076 |
| Dividends | (3525) | (3144) | (382) | 12.1 | (2769) |
| Other retained earnings | (40445) | (38323) | (2122) | 5.5 | (34484) |
| Minority interests | 9037 | 8479 | 558 | 6.6 | 6899 |
| Goodwill and intangible assets | (15037) | (15957) | 920 | (5.8) | (17220) |
| Other deductions | (8190) | (8092) | (97) | 1.2 | (7946) |
| **CET1** | **84739** | **79800** | **4940** | **6.2** | **76741** |
| Preferred shares and other eligible tier 1 | 9645 | 10371 | (725) | (7.0) | 9002 |
| **Tier 1** | **94385** | **90170** | **4214** | **4.7** | **85742** |
| Generic funds and eligible tier 2 instruments | 17460 | 18418 | (958) | (5.2) | 16497 |
| **Eligible capital** | **111845** | **108589** | **3256** | **3.0** | **102240** |
| Risk-weighted assets | 629430 | 624503 | 4927 | 0.8 | 623731 |
| **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** |
| % |

---

![chart-a61205e0cc4147dc9e4a.jpg](chart-a61205e0cc4147dc9e4a.jpg)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;3.Business RWA change net of risk transfer initiatives.

&nbsp;&nbsp;&nbsp;&nbsp;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 '<u>[Significant events in the period](#i4390bd8b871844f49146828fb44208b0_55)</u>' section in this report.

---

| | |
|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg)<sub>13</sub> |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | Financial information by segment | Appendix | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | **Risk management** | | | |

---

**Risk management**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Credit risk** | **Credit risk** | **Credit risk** | **Market risk** | **Market risk** | **Market risk** |
| **Cost of risk** | **NPL ratio** | **NPL coverage ratio** | **Average VaR** | **Average VaR** | **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 | Q4'25 | **EUR 16 million** | +EUR 1 mn vs. Q3'25 |

---

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** | **Key risk metrics** | **Key risk metrics** | **Key risk metrics** | **Key risk metrics** | **Key risk metrics** | **Key risk metrics** | **Key risk metrics** | **Key risk metrics** | **Key risk metrics** | **Key risk metrics** | **Key risk metrics** | **Key risk metrics** | **Key risk metrics** |
| | **Net loan-loss provisions** <sup>1</sup> | **Net loan-loss provisions** <sup>1</sup> | **Net loan-loss provisions** <sup>1</sup> | **Net loan-loss provisions** <sup>1</sup> | **Cost of risk (%)** <sup>2</sup> | **Cost of risk (%)** <sup>2</sup> | **Cost of risk (%)** <sup>2</sup> | **NPL ratio (%)** | **NPL ratio (%)** | **NPL ratio (%)** | **NPL coverage ratio (%)** | **NPL coverage ratio (%)** | **NPL coverage ratio (%)** |
| | **Q4'25** | **2025** | **Chg (%)<br>/ 2024** | **Chg (%)<br>/ Q3'25** | **Dec-25** | **Chg (bps)<br>/ Dec-24** | **Chg (bps)<br>/ Sep-25** | **Dec-25** | **Chg (bps)<br>/ Dec-24** | **Chg (bps)<br>/ Sep-25** | **Dec-25** | **Chg (pp)<br>/ Dec-24** | **Chg (pp)<br>/ Sep-25** |
| Retail | 1311 | 5416 | (2.2) | 1.3 | 0.88 | (5) | (1) | 2.97 | (21) | (3) | 61 | 2 | (1) |
| Consumer | 1313 | 4457 | 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 | 2027 | 27.7 | 3.9 | 7.91 | 55 | 19 | 6.35 | 115 | 81 | 127 | (11) | (9) |
| **TOTAL GROUP** | **3302** | **12411** | **5.8** | **11.5** | **1.15** | **0** | **2** | **2.91** | **(14)** | **(1)** | **66** | **2** | **(1)** |

---

For more information, please see the '<u>[Alternative performance measures](#i4390bd8b871844f49146828fb44208b0_238)</u>' section.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NPL coverage ratio by stage** | **NPL coverage ratio by stage** | **NPL coverage ratio by stage** | **NPL coverage ratio by stage** | **NPL coverage ratio by stage** | **NPL coverage ratio by stage** | |
| EUR billion | EUR billion | EUR billion | EUR billion | EUR billion | EUR billion | EUR billion |
|  | **Exposure**<sup>3</sup> | **Exposure**<sup>3</sup> | **Exposure**<sup>3</sup> | **NPL coverage**<sup>4</sup> | **NPL coverage**<sup>4</sup> | **NPL coverage**<sup>4</sup> |
|  | **Dec-25** | **Sep-25** | **Dec-24** | **Dec-25** | **Sep-25** | **Dec-24** |
| Stage 1 | 1018 | 1005 | 1002 | 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** | **Credit impaired loans and loan-loss allowances** | **Credit impaired loans and loan-loss allowances** | **Credit impaired loans and loan-loss allowances** |
| EUR million | EUR million |  |  |
|  |  | **Change (%)** | **Change (%)** |
|  | **Q4'25** | **QoQ** | **YoY** |
| Balance at beginning of period | 34048 | 2.0 | (4.7) |
| &nbsp;&nbsp;&nbsp; Net additions | 3961 | 12.0 | 40.5 |
| &nbsp;&nbsp;&nbsp; Increase in scope of consolidation |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange rate differences and other | (47) |  |  |
| &nbsp;&nbsp;&nbsp; Write-offs | (3569) | 19.4 | 5.2 |
| **Balance at period-end** | **34393** | **1.0** | **(2.5)** |
| **Loan-loss allowances** | **22869** | **0.1** | **0.1** |
| &nbsp;&nbsp; For impaired assets | 14398 | (0.2) | 0.7 |
| &nbsp;&nbsp; For other assets | 8471 | 0.6 | (0.7) |

---

&nbsp;&nbsp;&nbsp;&nbsp;1.Figures in EUR million and % change in constant euros.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

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

---

| | | |
|:---|:---|:---|
| 14 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | Financial information by segment | Appendix | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | **Risk management** | | | |

---

Market risk

---

| | | | |
|:---|:---|:---|:---|
| **Trading portfolios**<sup>1</sup>**. VaR by region**  | **Trading portfolios**<sup>1</sup>**. VaR by region**  | **Trading portfolios**<sup>1</sup>**. VaR by region**  | **Trading portfolios**<sup>1</sup>**. VaR by region**  |
| EUR million |  |  |  |
|  | **2025** | **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 portfolios**<sup>1</sup>**. VaR by market factor**  | **Trading portfolios**<sup>1</sup>**. VaR by market factor**  | **Trading portfolios**<sup>1</sup>**. VaR by market factor**  | **Trading portfolios**<sup>1</sup>**. VaR by market factor**  | **Trading portfolios**<sup>1</sup>**. 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 VaR<sup>2</sup> | 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 VaR<sup>2</sup> | 4.1 | 4.8 | 6.2 | 4.8 |
| Commodities VaR | 1.0 | 1.4 | 3.1 | 1.9 |

---

---

| |
|:---|
| **Trading portfolios**<sup>1</sup>**. VaR performance** |
| EUR million |

---

![chart-ec28a3ef722b478b872a.jpg](chart-ec28a3ef722b478b872a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;1.Activity in Santander Corporate & Investment Banking markets.

&nbsp;&nbsp;&nbsp;&nbsp;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** | ![image6.jpg](image6.jpg) | 15 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | Financial information by segment | Appendix | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | **Santander share** | | | |

---

**The Santander share**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **The Santander share** | **The Santander share** | ![globo-europa2a.gif](globo-europa2a.gif) | 1<sup>st</sup> | Bank in the eurozone by market capitalization | Bank in the eurozone by market capitalization |
| 31 December 2025 |  | ![globo-europa2a.gif](globo-europa2a.gif) | 1<sup>st</sup> | Bank in the eurozone by market capitalization | Bank in the eurozone by market capitalization |
|  |  | ![globo-europa2a.gif](globo-europa2a.gif) | EUR | 147921 |  |
| **Shares and trading data** |  | ![globo-europa2a.gif](globo-europa2a.gif) | EUR | 147921 | million <sup>1</sup> |
| Shares (number) | 14689319502 | &nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;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) | 29696669 | &nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;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. |
| Share liquidity (%) | 51 |  |  |  |  |
| (Annualized number of shares traded during the period / number of shares) | (Annualized number of shares traded during the period / number of shares) | **Share price** | **Share price** | **Share price** | **Share price** |
|  |  | **Share price** | **Share price** | **Share price** | **Share price** |
|  |  | ![accion4a.jpg](accion4a.jpg) |  | ![accin3a01a.jpg](accin3a01a.jpg) | ![accin3a01a.jpg](accin3a01a.jpg) |
|  |  | **START** 31/12/2024 |  | **END** 31/12/2025 | **END** 31/12/2025 |
|  |  | €4.465 |  | €10.070 | €10.070 |
| **Stock market indicators** | **Stock market indicators** |  |  |  |  |
| Price / Tangible book value (X) | 1.75 | ![accionmaxa.jpg](accionmaxa.jpg) |  | ![accionmina.jpg](accionmina.jpg) | ![accionmina.jpg](accionmina.jpg) |
| P/E ratio (X) | 11.12 | **Maximum** 30/12/2025 |  | **Minimum** 02/01/2025 | **Minimum** 02/01/2025 |
| Free float (%) | 99.92 | €10.156 |  | €4.255 | €4.255 |

---

**Comparative share performance**

![chart-5b5ce04fdc29488bb3fa.jpg](chart-5b5ce04fdc29488bb3fa.jpg)

---

| | | |
|:---|:---|:---|
| **Share capital distribution by geographic area** | **Share capital distribution by geographic area** | **Share capital distribution by geographic area** |
| 31 December 2025 | 31 December 2025 | 31 December 2025 |
| The Americas | Europe | Other |
| 28.29% | 70.38% | 1.33% |
| ![accionfinala01a.jpg](accionfinala01a.jpg) | ![accionfinala01a.jpg](accionfinala01a.jpg) | ![accionfinala01a.jpg](accionfinala01a.jpg) |

---

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

---

| |
|:---|
| **Share capital distribution by type of shareholder** |
| 31 December 2025 |

---

![chart-6a298e1aa7684195931a.jpg](chart-6a298e1aa7684195931a.jpg)

---

| |
|:---|
| Institutions |
| 64.52% |
| Board \* |
| 1.33% |
| Retail |
| 34.15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Shares owned or represented by directors.

---

| | | |
|:---|:---|:---|
| 16 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |

---

**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** | ![image6.jpg](image6.jpg) | 17 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |

---

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.

&nbsp;&nbsp;&nbsp;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.<br>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 '<u>[Significant events in the period](#i4390bd8b871844f49146828fb44208b0_55)</u>' and '<u>[Alternative performance measures](#i4390bd8b871844f49146828fb44208b0_238)</u>' sections in this report.<br>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 '<u>[Alternative performance measures](#i4390bd8b871844f49146828fb44208b0_238)</u>' section in the appendix to this report. <br>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.<br>

---

| | | |
|:---|:---|:---|
| 18 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| January-December 2025 | January-December 2025 | January-December 2025 | January-December 2025 | January-December 2025 | January-December 2025 | January-December 2025 |
| **Main items of the underlying income statement** | **Main items of the underlying income statement** | **Main items of the underlying income statement** | **Main items of the underlying income statement** | **Main items of the underlying income statement** | **Main items of the underlying income statement** | **Main items of the underlying income statement** |
| EUR million |  |  |  |  |  |  |
| **Primary segments** | **Net interest<br>income** | **Net fee<br>income** | **Total<br>income** | **Net operating<br>income** | **Profit<br>before tax** | **Underlying profit attributable to the parent** |
| Retail & Commercial Banking | 26409 | 4784 | 31216 | 18902 | 11167 | 7666 |
| Digital Consumer Bank | 11036 | 1479 | 13015 | 7728 | 2566 | 1741 |
| Corporate & Investment Banking | 4047 | 2713 | 8488 | 4622 | 4210 | 2834 |
| Wealth Management & Insurance | 1445 | 1703 | 4239 | 2742 | 2713 | 2063 |
| Payments | 2907 | 3008 | 6013 | 3654 | 1486 | 883 |
| &nbsp;&nbsp;*PagoNxt* | *167* | *1059* | *1373* | *235* | *134* | *96* |
| &nbsp;&nbsp;*Cards* | *2740* | *1949* | *4640* | *3419* | *1353* | *787* |
| Corporate Centre | (490) | (27) | (581) | (983) | (1275) | (1085) |
| **TOTAL GROUP** | **45354** | **13661** | **62390** | **36665** | **20867** | **14101** |
| **Secondary segments** |  |  |  |  |  |  |
| Spain | 7305 | 3022 | 11990 | 7706 | 6083 | 4272 |
| UK | 5008 | 369 | 5280 | 2509 | 1794 | 1307 |
| Portugal | 1346 | 506 | 1959 | 1411 | 1417 | 1010 |
| Poland | 2953 | 733 | 3724 | 2687 | 1930 | 949 |
| DCB Europe | 4685 | 804 | 5925 | 3314 | 1398 | 772 |
| US | 5888 | 1328 | 7929 | 4116 | 1748 | 1541 |
| Mexico | 4554 | 1454 | 6305 | 3685 | 2336 | 1705 |
| Brazil | 9380 | 3193 | 12602 | 8493 | 3224 | 2168 |
| Chile | 1917 | 582 | 2714 | 1802 | 1232 | 729 |
| Argentina | 1727 | 788 | 2235 | 1271 | 650 | 433 |
| Corporate Centre | (490) | (27) | (581) | (983) | (1275) | (1085) |
| Rest of the Group | 1080 | 908 | 2309 | 654 | 329 | 300 |
| **TOTAL GROUP** | **45354** | **13661** | **62390** | **36665** | **20867** | **14101** |

---

---

| |
|:---|
| **Underlying profit attributable to the parent distribution**<sup>1</sup> |
| 2025 |

---

![chart-647ba4bc71194053b61a.jpg](chart-647ba4bc71194053b61a.jpg)

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

---

| |
|:---|
| **Underlying profit attributable to the parent.** 2025 |
| EUR million. % change YoY |

---

---

| |
|:---|
| ![fa_sanxverticalxretailxfona.jpg](fa_sanxverticalxretailxfona.jpg) |
| ![fa_sanxverticalxconsumerxfa.jpg](fa_sanxverticalxconsumerxfa.jpg) |
| ![fa_sanxverticalxcibxfondoxa.jpg](fa_sanxverticalxcibxfondoxa.jpg) |
| ![fa_sanxverticalxwealthxfona.jpg](fa_sanxverticalxwealthxfona.jpg) |
| ![fa_sanxverticalxpaymentsxfa.jpg](fa_sanxverticalxpaymentsxfa.jpg) |

---

![chart-34a97b8bdf6b4df69f7a.jpg](chart-34a97b8bdf6b4df69f7a.jpg)

---

| | |
|:---|:---|
| **Var** | **Var**<sup>2</sup> |
| +6% | +9% |
| +5% | +8% |
| +3% | +7% |
| +23% | +27% |
| +119% | +155% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

2. Changes in constant euros.

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 19 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| January-December 2024 | January-December 2024 | January-December 2024 | January-December 2024 | January-December 2024 | January-December 2024 | January-December 2024 |
| **Main items of the underlying income statement** | **Main items of the underlying income statement** | **Main items of the underlying income statement** | **Main items of the underlying income statement** | **Main items of the underlying income statement** | **Main items of the underlying income statement** | **Main items of the underlying income statement** |
| EUR million |  |  |  |  |  |  |
| **Primary segments** | **Net interest<br>income** | **Net fee<br>income** | **Total<br>income** | **Net operating<br>income** | **Profit<br>before tax** | **Underlying profit attributable to the parent** |
| Retail & Commercial Banking | 27937 | 4707 | 32374 | 19578 | 10857 | 7247 |
| Digital Consumer Bank | 10777 | 1508 | 12912 | 7729 | 2228 | 1659 |
| Corporate & Investment Banking | 3988 | 2548 | 8338 | 4544 | 4019 | 2747 |
| Wealth Management & Insurance | 1706 | 1497 | 3803 | 2351 | 2284 | 1671 |
| Payments | 2567 | 2759 | 5459 | 3030 | 955 | 404 |
| &nbsp;&nbsp;*PagoNxt* | *132* | *958* | *1240* | *80* | *(233)* | *(299)* |
| &nbsp;&nbsp;*Cards* | *2436* | *1801* | *4220* | *2950* | *1188* | *703* |
| Corporate Centre | (308) | (11) | (676) | (1055) | (1317) | (1154) |
| **TOTAL GROUP** | **46668** | **13010** | **62211** | **36177** | **19027** | **12574** |
| **Secondary segments** |  |  |  |  |  |  |
| Spain | 7256 | 2867 | 11974 | 7703 | 5440 | 3762 |
| UK | 4950 | 283 | 5216 | 2299 | 1794 | 1306 |
| Portugal | 1548 | 467 | 2100 | 1553 | 1481 | 1001 |
| Poland | 2844 | 674 | 3555 | 2591 | 1650 | 800 |
| DCB Europe | 4361 | 902 | 5679 | 3075 | 1131 | 642 |
| US | 5693 | 1152 | 7580 | 3750 | 1053 | 1109 |
| Mexico | 4631 | 1385 | 6278 | 3613 | 2274 | 1671 |
| Brazil | 10121 | 3414 | 13536 | 9184 | 3830 | 2422 |
| Chile | 1822 | 551 | 2592 | 1659 | 1111 | 629 |
| Argentina | 2919 | 602 | 2487 | 1465 | 827 | 665 |
| Corporate Centre | (308) | (11) | (676) | (1055) | (1317) | (1154) |
| Rest of the Group | 832 | 723 | 1888 | 341 | (248) | (280) |
| **TOTAL GROUP** | **46668** | **13010** | **62211** | **36177** | **19027** | **12574** |

---

---

| | | |
|:---|:---|:---|
| 20 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Primary segments** | | |

---

Segments information

Primary segments

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **RETAIL & COMMERCIAL BANKING** | **RETAIL & COMMERCIAL BANKING** | **RETAIL & COMMERCIAL BANKING** | **RETAIL & COMMERCIAL BANKING** | **RETAIL & COMMERCIAL BANKING** | **RETAIL & COMMERCIAL BANKING** | ⭯ |
| EUR million |  |  |  |  |  | ⭯ |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 6639 | 3.2 | 2.5 | 26409 | (5.5) | (2.2) |
| Net fee income | 1255 | 10.8 | 9.6 | 4784 | 1.6 | 6.1 |
| Gains (losses) on financial transactions <sup>1</sup> | 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** | **7879** | **3.3** | **2.5** | **31216** | **(3.6)** | **(0.1)** |
| Administrative expenses and amortizations | (3154) | 6.2 | 5.4 | (12314) | (3.8) | 0.0 |
| **Net operating income** | **4725** | **1.5** | **0.7** | **18902** | **(3.4)** | **(0.2)** |
| Net loan-loss provisions | (1311) | 2.8 | 1.3 | (5416) | (7.3) | (2.2) |
| Other gains (losses) and provisions | (603) | 22.6 | 21.6 | (2320) | (19.3) | (17.5) |
| **Profit before tax** | **2811** | **(2.7)** | **(3.1)** | **11167** | **2.9** | **5.4** |
| Tax on profit | (633) | (11.8) | (12.0) | (2812) | (8.9) | (7.0) |
| **Profit from continuing operations** | **2178** | **0.4** | **(0.2)** | **8354** | **7.5** | **10.3** |
| Net profit from discontinued operations |  |  |  |  |  |  |
| **Consolidated profit** | **2178** | **0.4** | **(0.2)** | **8354** | **7.5** | **10.3** |
| Non-controlling interests | (183) | (2.1) | (3.2) | (689) | 32.0 | 33.8 |
| **Underlying attributable profit to the parent** | **1995** | **0.6** | **0.1** | **7666** | **5.8** | **8.6** |
| **Balance sheet and activity metrics** |  |  |  |  |  |  |
| Loans and advances to customers | 604870 | 0.6 | 0.4 | 604870 | (0.7) | 1.9 |
| Customer deposits | 674133 | 2.6 | 2.5 | 674133 | 2.0 | 4.0 |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers ² | 600686 | 0.6 | 0.4 | 600686 | (1.4) | 1.0 |
| Customer funds | 777742 | 2.4 | 2.4 | 777742 | 3.9 | 5.6 |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits ³* | *662388* | *2.3* | *2.3* | *662388* | *2.0* | *4.0* |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *115354* | *3.1* | *2.9* | *115354* | *15.8* | *16.2* |
| Risk-weighted assets | 294948 | (0.4) |  | 294948 | 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 | 123836 | (1.4) |  | 123836 | (5.9) |  |
| Number of total customers (thousands) | 153134 | 0.9 |  | 153134 | 4.1 |  |
| Number of active customers (thousands) | 81045 | 0.5 |  | 81045 | 2.5 |  |

---

---

| |
|:---|
| 1. Includes exchange differences. |
| 2. Excluding reverse repos. |
| 3. Excluding repos. |

---

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 21 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Primary segments** | | |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Retail Spain** |  |  |  | ⭯ |
| EUR million |  |  |  | ⭯ |
|  |  | **/ Q3'25** |  | **/ 2024** |
| **Underlying income statement** | **Q4'25** | **%** | **2025** | **%** |
| Net interest income | 1439 | (0.3) | 5796 | (1.2) |
| Net fee income | 257 | (0.6) | 1076 | 0.2 |
| **Total income** | **1708** | **(1.8)** | **7007** | **(0.9)** |
| Administrative expenses and amortizations | (572) | 2.6 | (2268) | (0.9) |
| **Net operating income** | **1136** | **(3.8)** | **4739** | **(0.9)** |
| Net loan-loss provisions | (231) | 0.3 | (996) | (8.8) |
| **Profit before tax** | **803** | **0.3** | **3250** | **16.2** |
| **Balance sheet and activity metrics** |  |  |  |  |
| Loans and advances to customers | 152013 | (0.3) | 152013 | 0.6 |
| Customer deposits | 230850 | 1.2 | 230850 | 3.9 |
| Memorandum items: |  |  |  |  |
| Gross loans and advances to customers <sup>1</sup> | 154764 | (0.3) | 154764 | 0.1 |
| Customer funds | 281486 | 1.7 | 281486 | 5.7 |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>2</sup> | *230850* | *1.2* | *230850* | *3.9* |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *50636* | *3.9* | *50636* | *14.7* |

---

---

| |
|:---|
| 1. Excluding reverse repos. |
| 2. Excluding repos. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retail UK** | **Retail UK** | **Retail UK** | **Retail UK** | **Retail UK** | **Retail UK** | ⭯ |
| EUR million |  |  |  |  |  | ⭯ |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 1178 | 2.3 | 3.1 | 4728 | 1.2 | 2.4 |
| Net fee income | 34 | 274.8 | 275.8 | 50 |  |  |
| **Total income** | **1197** | **4.4** | **5.3** | **4681** | **1.4** | **2.6** |
| Administrative expenses and amortizations | (603) | 1.7 | 2.6 | (2463) | (5.3) | (4.2) |
| **Net operating income** | **593** | **7.4** | **8.2** | **2218** | **10.0** | **11.3** |
| Net loan-loss provisions | (46) |  |  | (122) | 789.4 | 800.1 |
| **Profit before tax** | **437** | **(10.6)** | **(9.5)** | **1603** | **0.2** | **1.4** |
| **Balance sheet and activity metrics** |  |  |  |  |  |  |
| Loans and advances to customers | 235994 | 0.6 | 0.6 | 235994 | (1.6) | 3.6 |
| Customer deposits | 215695 | 2.2 | 2.2 | 215695 | (1.6) | 3.5 |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers <sup>1</sup> | 221464 | 0.7 | 0.7 | 221464 | (3.6) | 1.5 |
| Customer funds | 215472 | 1.7 | 1.8 | 215472 | (1.1) | 4.1 |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>2</sup> | *209427* | *1.7* | *1.8* | *209427* | *(1.1)* | *4.1* |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *6046* | *2.1* | *2.2* | *6046* | *0.0* | *5.3* |

---

---

| |
|:---|
| 1. Excluding reverse repos. |
| 2. Excluding repos. |

---

---

| | | |
|:---|:---|:---|
| 22 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Primary segments** | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retail Mexico** | **Retail Mexico** | **Retail Mexico** | **Retail Mexico** | **Retail Mexico** | **Retail Mexico** | ⭯ |
| EUR million |  |  |  |  |  | ⭯ |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 787 | 3.4 | 1.2 | 3041 | (3.0) | 6.5 |
| Net fee income | 196 | 9.9 | 7.7 | 723 | 3.4 | 13.5 |
| **Total income** | **1000** | **7.2** | **5.0** | **3719** | **(1.3)** | **8.4** |
| Administrative expenses and amortizations | (478) | 18.1 | 15.9 | (1669) | (5.0) | 4.3 |
| **Net operating income** | **522** | **(1.1)** | **(3.3)** | **2049** | **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)** | **1354** | **2.7** | **12.8** |
| **Balance sheet and activity metrics** |  |  |  |  |  |  |
| Loans and advances to customers | 32588 | 2.7 | 0.8 | 32588 | 5.2 | 3.1 |
| Customer deposits | 42799 | 12.2 | 10.2 | 42799 | 12.5 | 10.2 |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers <sup>1</sup> | 33375 | 2.5 | 0.6 | 33375 | 5.2 | 3.1 |
| Customer funds | 54278 | 6.1 | 4.2 | 54278 | 12.6 | 10.3 |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>2</sup> | *38864* | *8.2* | *6.2* | *38864* | *10.3* | *8.1* |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *15414* | *1.2* | *(0.7)* | *15414* | *18.8* | *16.4* |

---

---

| |
|:---|
| 1. Excluding reverse repos. |
| 2. Excluding repos. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Retail Brazil** | **Retail Brazil** | **Retail Brazil** | **Retail Brazil** | **Retail Brazil** | **Retail Brazil** | ⭯ |
| EUR million |  |  |  |  |  | ⭯ |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 1468 | 1.1 | (0.4) | 5957 | (12.3) | (4.9) |
| Net fee income | 358 | 13.8 | 12.1 | 1364 | (10.9) | (3.3) |
| **Total income** | **1770** | **2.9** | **1.4** | **7146** | **(13.1)** | **(5.7)** |
| Administrative expenses and amortizations | (744) | 5.1 | 3.5 | (2938) | (6.8) | 1.1 |
| **Net operating income** | **1025** | **1.5** | **(0.1)** | **4209** | **(17.0)** | **(9.9)** |
| Net loan-loss provisions | (619) | 2.7 | 1.0 | (2653) | (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 | 50883 | (2.1) | 1.1 | 50883 | (4.4) | (4.0) |
| Customer deposits | 58286 | (1.5) | 1.7 | 58286 | 6.6 | 7.1 |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers <sup>1</sup> | 54571 | (2.3) | 0.9 | 54571 | (3.7) | (3.2) |
| Customer funds | 80749 | (0.1) | 3.2 | 80749 | 10.6 | 11.1 |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>2</sup> | *58241* | *0.4* | *3.7* | *58241* | *8.1* | *8.6* |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *22508* | *(1.4)* | *1.8* | *22508* | *17.7* | *18.2* |

---

---

| |
|:---|
| 1. Excluding reverse repos. |
| 2. Excluding repos. |

---

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 23 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Primary segments** | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DIGITAL CONSUMER BANK** | **DIGITAL CONSUMER BANK** | **DIGITAL CONSUMER BANK** | **DIGITAL CONSUMER BANK** | **DIGITAL CONSUMER BANK** | **DIGITAL CONSUMER BANK** | ⭯ |
| EUR million |  |  |  |  |  | ⭯ |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 2769 | 0.2 | (0.3) | 11036 | 2.4 | 5.4 |
| Net fee income | 418 | 10.2 | 9.6 | 1479 | (2.0) | 0.4 |
| Gains (losses) on financial transactions <sup>1</sup> | 31 |  |  | (11) | 168.4 | 126.4 |
| Other operating income | 129 | 9.4 | 8.6 | 511 | (19.0) | (17.0) |
| **Total income** | **3348** | **3.3** | **2.7** | **13015** | **0.8** | **3.6** |
| Administrative expenses and amortizations | (1338) | 4.1 | 3.5 | (5287) | 2.0 | 4.4 |
| **Net operating income** | **2010** | **2.8** | **2.2** | **7728** | **0.0** | **3.1** |
| Net loan-loss provisions | (1313) | 22.8 | 21.9 | (4457) | (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)** | **2566** | **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)** | **2077** | **7.4** | **10.4** |
| Net profit from discontinued operations |  |  |  |  |  |  |
| **Consolidated profit** | **279** | **(54.9)** | **(54.6)** | **2077** | **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)** | **1741** | **4.9** | **8.2** |
| **Balance sheet and activity metrics** |  |  |  |  |  |  |
| Loans and advances to customers | 203857 | 0.4 | 0.6 | 203857 | (1.6) | 1.7 |
| Customer deposits | 129946 | 2.2 | 2.3 | 129946 | 0.8 | 5.3 |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers ² | 211894 | 0.4 | 0.5 | 211894 | (1.5) | 1.9 |
| Customer funds | 138999 | 2.1 | 2.2 | 138999 | 1.4 | 6.0 |
| *&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits ³* | *129909* | *2.2* | *2.3* | *129909* | *0.8* | *5.3* |
| *&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *9089* | *1.5* | *1.6* | *9089* | *11.0* | *17.1* |
| Risk-weighted assets | 155664 | (0.6) |  | 155664 | 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 | 30751 | (2.3) |  | 30751 | 2.8 |  |
| Number of total customers (thousands) | 26709 | 2.0 |  | 26709 | 6.7 |  |

---

---

| |
|:---|
| 1. Includes exchange differences. |
| 2. Excluding reverse repos. |
| 3. Excluding repos. |

---

---

| | | |
|:---|:---|:---|
| 24 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Primary segments** | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DCB Europe** | **DCB Europe** | **DCB Europe** | **DCB Europe** | **DCB Europe** | **DCB Europe** | ⭯ |
| EUR million |  |  |  |  |  | ⭯ |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 1212 | 0.5 | 0.4 | 4685 | 7.4 | 7.5 |
| Net fee income | 234 | 17.8 | 17.8 | 804 | (10.9) | (10.8) |
| **Total income** | **1595** | **6.1** | **6.0** | **5925** | **4.3** | **4.4** |
| Administrative expenses and amortizations | (633) | (2.9) | (2.9) | (2611) | 0.3 | 0.4 |
| **Net operating income** | **962** | **12.9** | **12.9** | **3314** | **7.8** | **7.9** |
| Net loan-loss provisions | (436) | 42.0 | 41.9 | (1363) | 12.7 | 12.9 |
| **Profit before tax** | **185** | **(61.8)** | **(61.7)** | **1398** | **23.6** | **23.4** |
| **Balance sheet and activity metrics** |  |  |  |  |  |  |
| Loans and advances to customers | 139322 | 0.9 | 1.0 | 139322 | 1.7 | 2.1 |
| Customer deposits | 82359 | 1.0 | 1.0 | 82359 | 1.2 | 1.3 |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers <sup>1</sup> | 142477 | 0.9 | 1.0 | 142477 | 1.8 | 2.3 |
| Customer funds | 87559 | 1.0 | 1.1 | 87559 | 2.0 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>2</sup> | *82359* | *1.0* | *1.0* | *82359* | *1.2* | *1.3* |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *5200* | *2.0* | *2.0* | *5200* | *15.6* | *15.6* |

---

1. Excluding reverse repos.

2. Excluding repos.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DCB US** | **DCB US** | **DCB US** | **DCB US** | **DCB US** | **DCB US** | ⭯ |
| EUR million |  |  |  |  |  | ⭯ |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 1100 | (2.8) | (3.2) | 4581 | (1.5) | 2.8 |
| Net fee income | 78 | (9.6) | (9.7) | 339 | 11.8 | 16.6 |
| **Total income** | **1209** | **(1.9)** | **(2.4)** | **5072** | **(4.2)** | **(0.1)** |
| Administrative expenses and amortizations | (543) | 7.7 | 6.8 | (2141) | (0.8) | 3.5 |
| **Net operating income** | **666** | **(8.6)** | **(8.8)** | **2931** | **(6.6)** | **(2.6)** |
| Net loan-loss provisions | (609) | 12.6 | 12.1 | (2140) | (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 | 43887 | (2.7) | (2.5) | 43887 | (16.0) | (5.0) |
| Customer deposits | 46481 | 3.5 | 3.7 | 46481 | (2.3) | 10.5 |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers <sup>1</sup> | 47402 | (2.6) | (2.4) | 47402 | (15.8) | (4.7) |
| Customer funds | 50333 | 3.3 | 3.5 | 50333 | (1.8) | 11.2 |
| *&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>2</sup> | *46444* | *3.5* | *3.7* | *46444* | *(2.3)* | *10.5* |
| *&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *3889* | *0.9* | *1.1* | *3889* | *5.4* | *19.3* |

---

---

| |
|:---|
| 1. Excluding reverse repos. |
| 2. Excluding repos. |

---

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 25 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Primary segments** | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CORPORATE & INVESTMENT BANKING** | **CORPORATE & INVESTMENT BANKING** | **CORPORATE & INVESTMENT BANKING** | **CORPORATE & INVESTMENT BANKING** | **CORPORATE & INVESTMENT BANKING** | **CORPORATE & INVESTMENT BANKING** | ⭯ |
| EUR million |  |  |  |  |  | ⭯ |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 1099 | 11.8 | 10.8 | 4047 | 1.5 | 5.7 |
| Net fee income | 736 | 17.9 | 17.1 | 2713 | 6.4 | 9.3 |
| Gains (losses) on financial transactions <sup>1</sup> | 223 | (37.7) | (38.1) | 1358 | (16.7) | (14.3) |
| Other operating income | 57 | 1.4 | 1.6 | 370 | 114.9 | 111.6 |
| **Total income** | **2114** | **4.7** | **3.8** | **8488** | **1.8** | **5.2** |
| Administrative expenses and amortizations | (1006) | 5.1 | 4.3 | (3866) | 1.9 | 5.1 |
| **Net operating income** | **1108** | **4.3** | **3.3** | **4622** | **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** | **4210** | **4.7** | **8.7** |
| Tax on profit | (253) | 4.7 | 3.4 | (1171) | 9.6 | 14.0 |
| **Profit from continuing operations** | **720** | **6.2** | **5.1** | **3039** | **3.0** | **6.8** |
| Net profit from discontinued operations |  |  |  |  |  |  |
| **Consolidated profit** | **720** | **6.2** | **5.1** | **3039** | **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** | **2834** | **3.2** | **6.9** |
| **Balance sheet and activity metrics** |  |  |  |  |  |  |
| Loans and advances to customers | 210245 | 2.0 | 2.0 | 210245 | 13.7 | 18.3 |
| Customer deposits | 224981 | (1.2) | (1.0) | 224981 | 11.2 | 15.2 |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers ² | 151894 | 7.2 | 7.2 | 151894 | 11.1 | 15.0 |
| Customer funds | 152903 | 2.9 | 3.3 | 152903 | 1.4 | 3.8 |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits ³* | *140438* | *5.0* | *5.1* | *140438* | *2.8* | *5.4* |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *12465* | *(15.6)* | *(13.5)* | *12465* | *(11.3)* | *(10.8)* |
| Risk-weighted assets | 109153 | 0.9 |  | 109153 | (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 | 14009 | 2.1 |  | 14009 | 4.7 |  |

---

---

| |
|:---|
| 1. Includes exchange differences. |
| 2. Excluding reverse repos. |
| 3. Excluding repos. |

---

---

| | | |
|:---|:---|:---|
| 26 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Primary segments** | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **WEALTH MANAGEMENT & INSURANCE** | **WEALTH MANAGEMENT & INSURANCE** | **WEALTH MANAGEMENT & INSURANCE** | **WEALTH MANAGEMENT & INSURANCE** | **WEALTH MANAGEMENT & INSURANCE** | **WEALTH MANAGEMENT & INSURANCE** | ⭯ |
| EUR million |  |  |  |  |  | ⭯ |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 366 | 4.3 | 3.9 | 1445 | (15.3) | (13.7) |
| Net fee income | 446 | 7.5 | 6.8 | 1703 | 13.8 | 16.8 |
| Gains (losses) on financial transactions <sup>1</sup> | 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** | **1193** | **17.6** | **16.8** | **4239** | **11.4** | **14.3** |
| Administrative expenses and amortizations | (402) | 9.2 | 8.6 | (1497) | 3.1 | 6.0 |
| **Net operating income** | **790** | **22.3** | **21.5** | **2742** | **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** | **2713** | **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** | **2158** | **23.3** | **26.6** |
| Net profit from discontinued operations |  |  |  |  |  |  |
| **Consolidated profit** | **647** | **25.9** | **25.0** | **2158** | **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** | **2063** | **23.4** | **26.7** |
| **Balance sheet and activity metrics** |  |  |  |  |  |  |
| Loans and advances to customers | 26585 | 3.8 | 3.7 | 26585 | 8.4 | 13.4 |
| Customer deposits | 63964 | 0.7 | 0.5 | 63964 | 4.3 | 6.8 |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers ² | 26749 | 3.8 | 3.7 | 26749 | 8.3 | 13.3 |
| Customer funds | 189870 | 3.2 | 3.3 | 189870 | 10.2 | 12.4 |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits ³* | *62888* | *0.6* | *0.3* | *62888* | *4.1* | *6.7* |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *126982* | *4.6* | *4.8* | *126982* | *13.5* | *15.4* |
| Risk-weighted assets | 19027 | 7.9 |  | 19027 | 56.9 |  |
| Assets under management | 558403 | 4.2 | 4.4 | 558403 | 12.3 | 14.1 |
| Gross written premiums | 2460 | (8.4) | (9.2) | 10745 | (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 | 7531 | (1.0) |  | 7531 | (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** | ![image6.jpg](image6.jpg) | 27 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Primary segments** | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PAYMENTS** | **PAYMENTS** | **PAYMENTS** | **PAYMENTS** | **PAYMENTS** | **PAYMENTS** | ⭯ |
| EUR million |  |  |  |  |  | ⭯ |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 791 | 12.3 | 10.7 | 2907 | 13.2 | 21.4 |
| Net fee income | 799 | 2.3 | 1.4 | 3008 | 9.0 | 14.8 |
| Gains (losses) on financial transactions <sup>1</sup> | 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** | **1643** | **7.4** | **6.1** | **6013** | **10.1** | **16.9** |
| Administrative expenses and amortizations | (575) | (1.8) | (2.5) | (2360) | (2.9) | 0.6 |
| **Net operating income** | **1068** | **13.0** | **11.5** | **3654** | **20.6** | **30.5** |
| Net loan-loss provisions | (542) | 5.5 | 3.9 | (2027) | 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** | **1486** | **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 | 24469 | 4.6 | 5.2 | 24469 | 6.4 | 7.2 |
| Customer deposits | 1415 | 21.8 | 21.8 | 1415 | 30.3 | 30.3 |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers ² | 26618 | 5.2 | 5.8 | 26618 | 7.5 | 8.3 |
| Customer funds | 1415 | 21.8 | 21.8 | 1415 | 30.3 | 30.3 |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits ³* | *1415* | *21.8* | *21.8* | *1415* | *30.3* | *30.3* |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *—* | *—* | *—* | *—* | *—* | *—* |
| Risk-weighted assets | 22883 | (3.0) |  | 22883 | 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 | 20375 | (3.0) |  | 20375 | (8.6) |  |

---

---

| |
|:---|
| 1. Includes exchange differences. |
| 2. Excluding reverse repos. |
| 3. Excluding repos. |

---

---

| | | |
|:---|:---|:---|
| 28 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Primary segments** | | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PagoNxt** | **PagoNxt** | **PagoNxt** | **PagoNxt** | **PagoNxt** | **PagoNxt** |  | ⭯ |
| 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 | 1059 | 958 | 10.5 | 16.4 |
| Gains (losses) on financial transactions <sup>1</sup> | 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** | **1373** | **1240** | **10.8** | **16.2** |
| Administrative expenses and amortizations | (282) | 0.8 | 0.2 | (1138) | (1160) | (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 | 1066 | (8.3) | (8.4) |
| Customer deposits | 1392 | 21.6 | 21.6 | 1392 | 1038 | 34.2 | 34.2 |
| Memorandum items: |  |  |  |  |  |  |  |
| Gross loans and advances to customers ² | 1002 | 2.7 | 4.3 | 1002 | 1087 | (7.8) | (7.9) |
| Customer funds | 1392 | 21.6 | 21.6 | 1392 | 1038 | 34.2 | 34.2 |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits ³* | 1392 | 21.6 | 21.6 | 1392 | 1038 | 34.2 | 34.2 |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* |  |  |  |  |  |  |  |
| Risk-weighted assets | 4421 | (28.2) |  | 4421 | 4898 | (9.7) |  |
| Total transactions (Getnet, million) | 2775 | 3.8 |  | 10549 | 9837 | 7.2 |  |
| Total payments volume (Getnet) | 63905 | 4.8 | 3.6 | 237912 | 221787 | 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** | ![image6.jpg](image6.jpg) | 29 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Primary segments** | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cards** |  |  |  |  |  | ⭯ |
| EUR million |  |  |  |  |  | ⭯ |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 746 | 12.4 | 10.8 | 2740 | 12.5 | 20.7 |
| Net fee income | 517 | 0.7 | (0.2) | 1949 | 8.2 | 13.9 |
| Gains (losses) on financial transactions <sup>1</sup> | 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** | **1264** | **7.3** | **6.0** | **4640** | **10.0** | **17.1** |
| Administrative expenses and amortizations | (292) | (4.2) | (5.0) | (1221) | (3.8) | 0.5 |
| **Net operating income** | **971** | **11.3** | **9.9** | **3419** | **15.9** | **24.4** |
| Net loan-loss provisions | (537) | 6.1 | 4.6 | (2003) | 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** | **1353** | **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 | 23491 | 4.6 | 5.2 | 23491 | 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 | 25616 | 5.3 | 5.9 | 25616 | 8.2 | 9.0 |
| Customer funds | 23 | 37.9 | 37.9 | 23 | (53.3) | (53.3) |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits ³* | *23* | 37.9 | 37.9 | 23 | (53.3) | (53.3) |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *—* | *—* | *—* | *—* | *—* | *—* |
| Risk-weighted assets | 18462 | 5.8 |  | 18462 | 3.2 |  |
| Number of cards (millions)<sup>4</sup> | 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 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Primary segments** | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CORPORATE CENTRE** |  |  |  |  |  | ⭯ |
| 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 <sup>1</sup> | 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)** | **(1055)** | **(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)** | **(1275)** | **(1317)** | **(3.2)** |
| Tax on profit | (6) | 102 |  | 190 | 162 | 16.9 |
| **Profit from continuing operations** | **(26)** | **(346)** | **(92.4)** | **(1085)** | **(1155)** | **(6.0)** |
| Net profit from discontinued operations |  |  |  |  |  |  |
| **Consolidated profit** | **(26)** | **(346)** | **(92.4)** | **(1085)** | **(1155)** | **(6.0)** |
| Non-controlling interests | 0 | 0 |  | 0 | 1 | (99.7) |
| **Underlying attributable profit to the parent** | **(26)** | **(346)** | **(92.4)** | **(1085)** | **(1154)** | **(6.0)** |
| **Balance sheet** |  |  |  |  |  |  |
| Loans and advances to customers | 6289 | 6123 | 2.7 | 6289 | 5778 | 8.8 |
| Cash, central banks and credit institutions | 101481 | 93831 | 8.2 | 101481 | 104379 | (2.8) |
| Debt instruments | 11076 | 10191 | 8.7 | 11076 | 10923 | 1.4 |
| Other financial assets | 1612 | 1504 | 7.2 | 1612 | 1444 | 11.6 |
| Other asset accounts | 113826 | 118021 | (3.6) | 113826 | 118425 | (3.9) |
| **Total assets** | **234284** | **229670** | **2.0** | **234284** | **240948** | **(2.8)** |
| Customer deposits | 1387 | 1267 | 9.5 | 1387 | 1430 | (3.0) |
| Central banks and credit institutions | 21640 | 20301 | 6.6 | 21640 | 21730 | (0.4) |
| Marketable debt securities | 112521 | 106123 | 6.0 | 112521 | 121122 | (7.1) |
| Other financial liabilities | 773 | 2298 | (66.3) | 773 | 48 |  |
| Other liabilities accounts | 6662 | 6519 | 2.2 | 6662 | 7256 | (8.2) |
| **Total liabilities** | **142983** | **136507** | **4.7** | **142983** | **151585** | **(5.7)** |
| **Total equity** | **91301** | **93163** | **(2.0)** | **91301** | **89363** | **2.2** |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers <sup>2</sup> | 6349 | 6198 | 2.4 | 6349 | 5853 | 8.5 |
| Customer funds | 1387 | 1267 | 9.5 | 1387 | 1299 | 6.7 |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>3</sup> | *1387* | *1267* | *9.5* | *1387* | *1299* | *6.7* |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *—* | *—* | *—* | *—* | *—* | *—* |
| **Resources** |  |  |  |  |  |  |
| Number of employees | 1901 | 1892 | 0.5 | 1901 | 1825 | 4.2 |

---

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 31 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Secondary segments** | | |

---

Secondary segments

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Spain** |  |  |  | ⭯ |
| EUR million |  |  |  |  |
|  |  | **/ Q3'25** |  | **/ 2024** |
| **Underlying income statement** | **Q4'25** | **%** | **2025** | **%** |
| Net interest income | 1890 | 3.3 | 7305 | 0.7 |
| Net fee income | 810 | 14.1 | 3022 | 5.4 |
| Gains (losses) on financial transactions <sup>1</sup> | 63 | (69.2) | 841 | (23.6) |
| Other operating income | 171 | 17.8 | 823 | 9.6 |
| **Total income** | **2934** | **1.5** | **11990** | **0.1** |
| Administrative expenses and amortizations | (1114) | 4.1 | (4284) | 0.3 |
| **Net operating income** | **1820** | **0.1** | **7706** | **0.0** |
| Net loan-loss provisions | (301) | 24.7 | (1142) | (9.3) |
| Other gains (losses) and provisions | (75) | (56.2) | (482) | (52.0) |
| **Profit before tax** | **1444** | **2.7** | **6083** | **11.8** |
| Tax on profit | (406) | (5.8) | (1811) | 7.9 |
| **Profit from continuing operations** | **1038** | **6.4** | **4272** | **13.5** |
| Net profit from discontinued operations |  |  |  |  |
| **Consolidated profit** | **1038** | **6.4** | **4272** | **13.5** |
| Non-controlling interests | 0 |  | 0 | (2.5) |
| **Underlying attributable profit to the parent** | **1038** | **6.4** | **4272** | **13.5** |
| **Balance sheet** |  |  |  |  |
| Loans and advances to customers | 264950 | 0.1 | 264950 | 7.3 |
| Cash, central banks and credit institutions | 90438 | (7.1) | 90438 | (9.3) |
| Debt instruments | 120671 | 14.6 | 120671 | 27.7 |
| Other financial assets | 51675 | 5.6 | 51675 | 7.4 |
| Other asset accounts | 14773 | (8.5) | 14773 | (15.7) |
| **Total assets** | **542507** | **1.9** | **542507** | **7.1** |
| Customer deposits | 354943 | (0.1) | 354943 | 9.7 |
| Central banks and credit institutions | 54996 | 11.7 | 54996 | (3.9) |
| Marketable debt securities | 29957 | 0.8 | 29957 | 9.4 |
| Other financial liabilities | 63188 | 7.3 | 63188 | 5.4 |
| Other liabilities accounts | 22268 | 1.2 | 22268 | 5.2 |
| **Total liabilities** | **525352** | **2.0** | **525352** | **7.4** |
| **Total equity** | **17155** | **(1.2)** | **17155** | **(2.3)** |
| Memorandum items: |  |  |  |  |
| Gross loans and advances to customers <sup>2</sup> | 237385 | 1.8 | 237385 | 5.1 |
| Customer funds | 429464 | 3.1 | 429464 | 7.4 |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>3</sup> | *322070* | *2.7* | *322070* | *5.1* |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *107394* | *4.4* | *107394* | *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 | 1630 | (3.2) | 1630 | (10.8) |
| Number of total customers (thousands) | 15362 | (0.3) | 15362 | 0.4 |
| Number of active customers (thousands) | 9242 | 1.3 | 9242 | 4.5 |

---

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

---

| | | |
|:---|:---|:---|
| 32 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Secondary segments** | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **United Kingdom** | **United Kingdom** | **United Kingdom** | **United Kingdom** | **United Kingdom** | **United Kingdom** | |
| EUR million |  |  |  |  |  |  |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 1245 | 2.0 | 2.9 | 5008 | 1.2 | 2.4 |
| Net fee income | 111 | 19.9 | 20.6 | 369 | 30.3 | 31.8 |
| Gains (losses) on financial transactions <sup>1</sup> | (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** | **1341** | **3.4** | **4.3** | **5280** | **1.2** | **2.4** |
| Administrative expenses and amortizations | (676) | 1.3 | 2.2 | (2771) | (5.0) | (3.9) |
| **Net operating income** | **665** | **5.7** | **6.5** | **2509** | **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)** | **1794** | **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)** | **1307** | **0.1** | **1.3** |
| Net profit from discontinued operations |  |  |  |  |  |  |
| **Consolidated profit** | **349** | **(12.2)** | **(11.1)** | **1307** | **0.1** | **1.3** |
| Non-controlling interests |  |  |  |  |  |  |
| **Underlying attributable profit to the parent** | **349** | **(12.2)** | **(11.1)** | **1307** | **0.1** | **1.3** |
| **Balance sheet** |  |  |  |  |  |  |
| Loans and advances to customers | 242624 | 0.6 | 0.6 | 242624 | (1.6) | 3.6 |
| Cash, central banks and credit institutions | 55335 | (1.3) | (1.3) | 55335 | 1.0 | 6.3 |
| Debt instruments | 10570 | (15.0) | (15.0) | 10570 | (30.1) | (26.4) |
| Other financial assets | 270 | 5.8 | 5.9 | 270 | (30.8) | (27.2) |
| Other asset accounts | 4048 | 7.0 | 7.1 | 4048 | 19.7 | 26.0 |
| **Total assets** | **312846** | **(0.3)** | **(0.3)** | **312846** | **(2.3)** | **2.9** |
| Customer deposits | 225708 | 2.1 | 2.1 | 225708 | (2.0) | 3.1 |
| Central banks and credit institutions | 18326 | (11.4) | (11.3) | 18326 | (28.6) | (24.8) |
| Marketable debt securities | 51231 | (5.8) | (5.7) | 51231 | 6.9 | 12.5 |
| Other financial liabilities | 2441 | (6.7) | (6.6) | 2441 | (2.4) | 2.8 |
| Other liabilities accounts | 2277 | 37.7 | 37.8 | 2277 | 31.4 | 38.3 |
| **Total liabilities** | **299984** | **(0.2)** | **(0.1)** | **299984** | **(2.7)** | **2.4** |
| **Total equity** | **12863** | **(3.1)** | **(3.0)** | **12863** | **8.2** | **13.8** |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers <sup>2</sup> | 228273 | 0.7 | 0.7 | 228273 | (3.5) | 1.6 |
| Customer funds | 227160 | 1.6 | 1.7 | 227160 | (1.4) | 3.7 |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>3</sup> | *219440* | *1.6* | *1.6* | *219440* | *(1.5)* | *3.7* |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *7719* | *2.2* | *2.2* | *7719* | *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) | 22720 | 0.3 |  | 22720 | 0.8 |  |
| Number of active customers (thousands) | 13547 | (0.1) |  | 13547 | (0.7) |  |

---

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 33 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Secondary segments** | | |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portugal** | | | | |
| EUR million |  |  |  |  |
|  |  | **/ Q3'25** |  | **/ 2024** |
| **Underlying income statement** | **Q4'25** | **%** | **2025** | **%** |
| Net interest income | 334 | 1.6 | 1346 | (13.0) |
| Net fee income | 128 | 3.7 | 506 | 8.2 |
| Gains (losses) on financial transactions <sup>1</sup> | 11 | (47.5) | 70 | 56.9 |
| Other operating income | 13 | 34.7 | 36 | (9.0) |
| **Total income** | **485** | **0.7** | **1959** | **(6.7)** |
| Administrative expenses and amortizations | (144) | 7.6 | (548) | 0.1 |
| **Net operating income** | **341** | **(1.9)** | **1411** | **(9.2)** |
| Net loan-loss provisions | 6 |  | 8 |  |
| Other gains (losses) and provisions | (1) |  | (2) | (97.2) |
| **Profit before tax** | **346** | **1.5** | **1417** | **(4.3)** |
| Tax on profit | (101) | 0.9 | (405) | (15.2) |
| **Profit from continuing operations** | **245** | **1.8** | **1011** | **0.8** |
| Net profit from discontinued operations |  |  |  |  |
| **Consolidated profit** | **245** | **1.8** | **1011** | **0.8** |
| Non-controlling interests | 0 | (51.2) | (2) | (18.9) |
| **Underlying attributable profit to the parent** | **245** | **1.9** | **1010** | **0.9** |
| **Balance sheet** |  |  |  |  |
| Loans and advances to customers | 41260 | 2.7 | 41260 | 7.4 |
| Cash, central banks and credit institutions | 2744 | (14.0) | 2744 | (29.2) |
| Debt instruments | 15998 | 5.1 | 15998 | 6.6 |
| Other financial assets | 1243 | 2.6 | 1243 | 10.1 |
| Other asset accounts | 1090 | 8.6 | 1090 | (1.7) |
| **Total assets** | **62334** | **2.5** | **62334** | **4.7** |
| Customer deposits | 40576 | 0.9 | 40576 | 5.9 |
| Central banks and credit institutions | 9357 | 10.4 | 9357 | 6.2 |
| Marketable debt securities | 5809 | 5.4 | 5809 | 16.8 |
| Other financial liabilities | 304 | 0.8 | 304 | (10.3) |
| Other liabilities accounts | 2916 | (8.2) | 2916 | (4.6) |
| **Total liabilities** | **58961** | **2.2** | **58961** | **6.3** |
| **Total equity** | **3373** | **7.1** | **3373** | **(16.6)** |
| Memorandum items: |  |  |  |  |
| Gross loans and advances to customers <sup>2</sup> | 41980 | 2.6 | 41980 | 7.2 |
| Customer funds | 46201 | 1.2 | 46201 | 7.0 |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>3</sup> | 40576 | 0.9 | 40576 | 5.9 |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | 5625 | 3.1 | 5625 | 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) | 2971 | 0.0 | 2971 | (0.6) |
| Number of active customers (thousands) | 1945 | 0.4 | 1945 | 2.1 |

---

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

---

| | | |
|:---|:---|:---|
| 34 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Secondary segments** | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Poland** | **Poland** | **Poland** | **Poland** | **Poland** | **Poland** | ⭯ |
| EUR million |  |  |  |  |  |  |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 736 | (0.2) | (0.7) | 2953 | 3.8 | 2.2 |
| Net fee income | 184 | 4.9 | 4.3 | 733 | 8.8 | 7.1 |
| Gains (losses) on financial transactions <sup>1</sup> | 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** | **3724** | **4.7** | **3.1** |
| Administrative expenses and amortizations | (266) | 2.5 | 1.9 | (1036) | 7.4 | 5.8 |
| **Net operating income** | **682** | **1.0** | **0.5** | **2687** | **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)** | **1930** | **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)** | **1528** | **25.4** | **23.4** |
| Net profit from discontinued operations |  |  |  |  |  |  |
| **Consolidated profit** | **384** | **(7.7)** | **(8.1)** | **1528** | **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 | 40203 | 2.8 | 1.7 | 40203 | 5.7 | 4.3 |
| Cash, central banks and credit institutions | 13002 | 21.4 | 20.1 | 13002 | 26.4 | 24.8 |
| Debt instruments | 21610 | 17.7 | 16.4 | 21610 | 23.6 | 22.0 |
| Other financial assets | 635 | (4.2) | (5.2) | 635 | 28.7 | 27.0 |
| Other asset accounts | 2736 | 19.1 | 17.9 | 2736 | 39.6 | 37.8 |
| **Total assets** | **78186** | **9.9** | **8.8** | **78186** | **14.5** | **13.1** |
| Customer deposits | 54627 | 5.5 | 4.4 | 54627 | 8.5 | 7.1 |
| Central banks and credit institutions | 7974 | 35.9 | 34.5 | 7974 | 58.8 | 56.8 |
| Marketable debt securities | 3819 | 24.6 | 23.3 | 3819 | 39.1 | 37.4 |
| Other financial liabilities | 1509 | (8.9) | (9.8) | 1509 | (8.9) | (10.0) |
| Other liabilities accounts | 2451 | 28.1 | 26.7 | 2451 | 45.3 | 43.4 |
| **Total liabilities** | **70380** | **9.5** | **8.4** | **70380** | **14.6** | **13.1** |
| **Total equity** | **7806** | **13.4** | **12.2** | **7806** | **14.3** | **12.8** |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers <sup>2</sup> | 40913 | 2.8 | 1.7 | 40913 | 5.6 | 4.3 |
| Customer funds | 62518 | 5.9 | 4.7 | 62518 | 10.5 | 9.1 |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>3</sup> | *54017* | *5.3* | *4.2* | *54017* | *7.8* | *6.5* |
| &nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *8501* | *9.4* | *8.3* | *8501* | *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) | 6024 | (0.9) |  | 6024 | 0.8 |  |
| Number of active customers (thousands) | 4759 | 0.6 |  | 4759 | 2.8 |  |

---

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 35 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Secondary segments** | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DCB Europe** | **DCB Europe** | **DCB Europe** | **DCB Europe** | **DCB Europe** | **DCB Europe** | |
| EUR million |  |  |  |  |  |  |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 1212 | 0.5 | 0.4 | 4685 | 7.4 | 7.5 |
| Net fee income | 234 | 17.8 | 17.8 | 804 | (10.9) | (10.8) |
| Gains (losses) on financial transactions <sup>1</sup> | 7 |  |  | (39) | 60.8 | 61.9 |
| Other operating income | 142 | 15.1 | 15.3 | 474 | 7.7 | 8.1 |
| **Total income** | **1595** | **6.1** | **6.0** | **5925** | **4.3** | **4.4** |
| Administrative expenses and amortizations | (633) | (2.9) | (2.9) | (2611) | 0.3 | 0.4 |
| **Net operating income** | **962** | **12.9** | **12.9** | **3314** | **7.8** | **7.9** |
| Net loan-loss provisions | (436) | 42.0 | 41.9 | (1363) | 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)** | **1398** | **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)** | **1076** | **22.9** | **22.9** |
| Net profit from discontinued operations |  |  |  |  |  |  |
| **Consolidated profit** | **177** | **(53.4)** | **(53.3)** | **1076** | **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 | 139322 | 0.9 | 1.0 | 139322 | 1.7 | 2.1 |
| Cash, central banks and credit institutions | 16078 | (8.5) | (8.4) | 16078 | (16.2) | (15.6) |
| Debt instruments | 8510 | 2.8 | 2.7 | 8510 | 34.9 | 34.6 |
| Other financial assets | 126 | 19.8 | 19.8 | 126 | (1.3) | (1.3) |
| Other asset accounts | 12088 | 1.8 | 1.8 | 12088 | 8.8 | 9.6 |
| **Total assets** | **176125** | **0.2** | **0.2** | **176125** | **1.4** | **1.8** |
| Customer deposits | 82359 | 1.0 | 1.0 | 82359 | 1.2 | 1.3 |
| Central banks and credit institutions | 26820 | (9.6) | (9.5) | 26820 | (4.6) | (2.5) |
| Marketable debt securities | 45494 | 6.7 | 6.8 | 45494 | 5.5 | 5.6 |
| Other financial liabilities | 2014 | (7.6) | (7.6) | 2014 | 5.0 | 5.2 |
| Other liabilities accounts | 6208 | 7.6 | 7.6 | 6208 | 8.7 | 9.0 |
| **Total liabilities** | **162896** | **0.7** | **0.7** | **162896** | **1.6** | **2.1** |
| **Total equity** | **13229** | **(5.9)** | **(5.9)** | **13229** | **(2.1)** | **(1.6)** |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers <sup>2</sup> | 142477 | 0.9 | 1.0 | 142477 | 1.8 | 2.3 |
| Customer funds | 87559 | 1.0 | 1.1 | 87559 | 2.0 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>3</sup> | *82359* | *1.0* | *1.0* | *82359* | *1.2* | *1.3* |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *5200* | *2.0* | *2.0* | *5200* | *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) | 19893 | 1.3 |  | 19893 | 1.8 |  |

---

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

---

| | | |
|:---|:---|:---|
| 36 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Secondary segments** | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **United States** | **United States** | **United States** | **United States** | **United States** | **United States** | |
| EUR million |  |  |  |  |  |  |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 1476 | 0.9 | 0.5 | 5888 | 3.4 | 7.9 |
| Net fee income | 314 | (6.3) | (6.5) | 1328 | 15.3 | 20.3 |
| Gains (losses) on financial transactions <sup>1</sup> | 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** | **2072** | **7.4** | **6.7** | **7929** | **4.6** | **9.1** |
| Administrative expenses and amortizations | (960) | 5.7 | 5.0 | (3812) | (0.5) | 3.8 |
| **Net operating income** | **1112** | **8.8** | **8.2** | **4116** | **9.8** | **14.5** |
| Net loan-loss provisions | (647) | 13.7 | 13.2 | (2244) | (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)** | **1748** | **66.0** | **73.2** |
| Tax on profit | (72) | 3.9 | 4.7 | (207) |  |  |
| **Profit from continuing operations** | **347** | **(2.1)** | **(2.8)** | **1541** | **39.0** | **45.0** |
| Net profit from discontinued operations |  |  |  |  |  |  |
| **Consolidated profit** | **347** | **(2.1)** | **(2.8)** | **1541** | **39.0** | **45.0** |
| Non-controlling interests |  |  |  |  |  |  |
| **Underlying attributable profit to the parent** | **347** | **(2.1)** | **(2.8)** | **1541** | **39.0** | **45.0** |
| **Balance sheet** |  |  |  |  |  |  |
| Loans and advances to customers | 132659 | 0.1 | 0.3 | 132659 | (1.6) | 11.3 |
| Cash, central banks and credit institutions | 21318 | (8.4) | (8.2) | 21318 | (24.4) | (14.5) |
| Debt instruments | 38411 | (1.1) | (1.0) | 38411 | 42.0 | 60.7 |
| Other financial assets | 3159 | 9.8 | 10.0 | 3159 | 12.0 | 26.7 |
| Other asset accounts | 11171 | (7.9) | (7.7) | 11171 | (30.4) | (21.3) |
| **Total assets** | **206718** | **(1.4)** | **(1.2)** | **206718** | **(1.1)** | **11.9** |
| Customer deposits | 122000 | 3.8 | 4.0 | 122000 | (2.7) | 10.1 |
| Central banks and credit institutions | 34934 | (12.8) | (12.7) | 34934 | 30.4 | 47.5 |
| Marketable debt securities | 26433 | (3.5) | (3.4) | 26433 | (16.8) | (5.9) |
| Other financial liabilities | 6255 | (9.3) | (9.1) | 6255 | 19.8 | 35.5 |
| Other liabilities accounts | 3085 | 2.8 | 3.0 | 3085 | (16.2) | (5.2) |
| **Total liabilities** | **192707** | **(1.1)** | **(0.9)** | **192707** | **(0.1)** | **13.0** |
| **Total equity** | **14011** | **(5.1)** | **(4.9)** | **14011** | **(12.9)** | **(1.5)** |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers <sup>2</sup> | 108950 | 2.0 | 2.2 | 108950 | (7.3) | 4.9 |
| Customer funds | 103178 | 5.2 | 5.4 | 103178 | (4.7) | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>3</sup> | *87686* | *5.8* | *6.0* | *87686* | *(6.3)* | *6.1* |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *15492* | *1.8* | *2.0* | *15492* | *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) | 4369 | (1.3) |  | 4369 | (2.4) |  |
| Number of active customers (thousands) | 4169 | (1.2) |  | 4169 | (3.2) |  |

---

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 37 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Secondary segments** | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Mexico** | **Mexico** | **Mexico** | **Mexico** | **Mexico** | **Mexico** | ⭯ |
| EUR million |  |  |  |  |  |  |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 1190 | 5.6 | 3.4 | 4554 | (1.7) | 8.0 |
| Net fee income | 423 | 23.9 | 21.6 | 1454 | 5.0 | 15.3 |
| Gains (losses) on financial transactions <sup>1</sup> | 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** | **1739** | **11.7** | **9.5** | **6305** | **0.4** | **10.3** |
| Administrative expenses and amortizations | (736) | 15.1 | 12.9 | (2620) | (1.7) | 8.0 |
| **Net operating income** | **1003** | **9.4** | **7.2** | **3685** | **2.0** | **12.0** |
| Net loan-loss provisions | (308) | (5.2) | (7.3) | (1239) | (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** | **2336** | **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** | **1709** | **2.0** | **12.0** |
| Net profit from discontinued operations |  |  |  |  |  |  |
| **Consolidated profit** | **495** | **18.7** | **16.5** | **1709** | **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** | **1705** | **2.0** | **12.0** |
| **Balance sheet** |  |  |  |  |  |  |
| Loans and advances to customers | 48083 | 7.8 | 5.8 | 48083 | 6.7 | 4.6 |
| Cash, central banks and credit institutions | 11569 | (19.2) | (20.7) | 11569 | 5.7 | 3.6 |
| Debt instruments | 32066 | 10.5 | 8.4 | 32066 | 6.6 | 4.4 |
| Other financial assets | 4731 | 5.9 | 3.9 | 4731 | (18.2) | (19.9) |
| Other asset accounts | 5778 | 11.7 | 9.6 | 5778 | 0.6 | (1.5) |
| **Total assets** | **102227** | **4.8** | **2.8** | **102227** | **4.7** | **2.6** |
| Customer deposits | 55595 | 9.4 | 7.3 | 55595 | 11.6 | 9.3 |
| Central banks and credit institutions | 17984 | 7.4 | 5.4 | 17984 | 4.2 | 2.1 |
| Marketable debt securities | 9316 | (1.7) | (3.6) | 9316 | (3.3) | (5.2) |
| Other financial liabilities | 7586 | (16.4) | (18.0) | 7586 | (21.3) | (22.9) |
| Other liabilities accounts | 3258 | 12.2 | 10.1 | 3258 | 4.6 | 2.5 |
| **Total liabilities** | **93740** | **5.3** | **3.3** | **93740** | **4.8** | **2.7** |
| **Total equity** | **8487** | **(0.3)** | **(2.2)** | **8487** | **4.3** | **2.2** |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers <sup>2</sup> | 49442 | 7.5 | 5.5 | 49442 | 10.6 | 8.4 |
| Customer funds | 68201 | 5.6 | 3.6 | 68201 | 11.5 | 9.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>3</sup> | *45498* | *8.0* | *6.0* | *45498* | *9.6* | *7.4* |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *22703* | *1.0* | *(0.9)* | *22703* | *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 | 1314 | (1.1) |  | 1314 | (3.1) |  |
| Number of total customers (thousands) | 22577 | 2.0 |  | 22577 | 6.1 |  |
| Number of active customers (thousands) | 11976 | 2.9 |  | 11976 | 10.2 |  |

---

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

---

| | | |
|:---|:---|:---|
| 38 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Secondary segments** | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Brazil** | **Brazil** | **Brazil** | **Brazil** | **Brazil** | **Brazil** | |
| EUR million |  |  |  |  |  |  |
|  |  | **/** | **Q3'25** |  | **/** | **2024** |
| **Underlying income statement** | **Q4'25** | **%** | **% excl. FX** | **2025** | **%** | **% excl. FX** |
| Net interest income | 2331 | 1.0 | (0.5) | 9380 | (7.3) | 0.6 |
| Net fee income | 843 | 5.3 | 3.9 | 3193 | (6.5) | 1.5 |
| Gains (losses) on financial transactions <sup>1</sup> | (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** | **3197** | **3.2** | **1.8** | **12602** | **(6.9)** | **1.0** |
| Administrative expenses and amortizations | (1046) | 4.5 | 2.9 | (4109) | (5.6) | 2.5 |
| **Net operating income** | **2150** | **2.7** | **1.2** | **8493** | **(7.5)** | **0.4** |
| Net loan-loss provisions | (1084) | 4.8 | 3.1 | (4409) | (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)** | **3224** | **(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)** | **2388** | **(10.4)** | **(2.8)** |
| Net profit from discontinued operations |  |  |  |  |  |  |
| **Consolidated profit** | **639** | **(2.3)** | **(3.5)** | **2388** | **(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)** | **2168** | **(10.5)** | **(2.9)** |
| **Balance sheet** |  |  |  |  |  |  |
| Loans and advances to customers | 87653 | (0.6) | 2.6 | 87653 | (1.1) | (0.6) |
| Cash, central banks and credit institutions | 49450 | (8.5) | (5.5) | 49450 | 5.8 | 6.3 |
| Debt instruments | 46658 | (1.9) | 1.4 | 46658 | 2.2 | 2.6 |
| Other financial assets | 11772 | (0.6) | 2.7 | 11772 | 10.7 | 11.2 |
| Other asset accounts | 13919 | (4.6) | (1.4) | 13919 | 0.5 | 1.0 |
| **Total assets** | **209453** | **(3.2)** | **0.0** | **209453** | **1.9** | **2.4** |
| Customer deposits | 92256 | (3.8) | (0.6) | 92256 | (1.8) | (1.4) |
| Central banks and credit institutions | 32377 | (3.9) | (0.7) | 32377 | 4.9 | 5.3 |
| Marketable debt securities | 29161 | 2.4 | 5.8 | 29161 | 15.0 | 15.6 |
| Other financial liabilities | 33757 | (5.1) | (2.0) | 33757 | (1.3) | (0.9) |
| Other liabilities accounts | 5829 | (7.3) | (4.2) | 5829 | 4.4 | 4.9 |
| **Total liabilities** | **193380** | **(3.3)** | **(0.1)** | **193380** | **1.8** | **2.2** |
| **Total equity** | **16073** | **(1.6)** | **1.7** | **16073** | **3.8** | **4.2** |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers <sup>2</sup> | 93030 | (0.6) | 2.7 | 93030 | (0.8) | (0.3) |
| Customer funds | 132580 | (3.6) | (0.4) | 132580 | 2.1 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>3</sup> | *80449* | *(3.0)* | *0.2* | *80449* | *(1.1)* | *(0.7)* |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *52132* | *(4.5)* | *(1.4)* | *52132* | *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 | 1618 | (6.1) |  | 1618 | (26.5) |  |
| Number of total customers (thousands) | 73948 | 1.6 |  | 73948 | 6.5 |  |
| Number of active customers (thousands) | 33966 | 0.7 |  | 33966 | 2.5 |  |

---

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 39 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **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 | 1917 | 5.2 | 10.7 |
| Net fee income | 151 | 12.1 | 8.3 | 582 | 5.8 | 11.2 |
| Gains (losses) on financial transactions <sup>1</sup> | 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** | **2714** | **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** | **1802** | **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** | **1232** | **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** | **1043** | **16.0** | **22.0** |
| Net profit from discontinued operations |  |  |  |  |  |  |
| **Consolidated profit** | **278** | **18.5** | **14.2** | **1043** | **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 | 39924 | 6.7 | 0.3 | 39924 | (1.0) | 1.6 |
| Cash, central banks and credit institutions | 5218 | (4.2) | (9.9) | 5218 | (9.4) | (7.0) |
| Debt instruments | 9385 | 10.0 | 3.4 | 9385 | 17.4 | 20.5 |
| Other financial assets | 11489 | 6.2 | (0.2) | 11489 | (15.2) | (13.0) |
| Other asset accounts | 2189 | 8.3 | 1.8 | 2189 | (21.7) | (19.7) |
| **Total assets** | **68205** | **6.2** | **(0.2)** | **68205** | **(3.2)** | **(0.6)** |
| Customer deposits | 29503 | 11.6 | 4.9 | 29503 | (2.2) | 0.3 |
| Central banks and credit institutions | 8778 | (7.2) | (12.8) | 8778 | 7.9 | 10.8 |
| Marketable debt securities | 9703 | 4.5 | (1.7) | 9703 | (6.7) | (4.3) |
| Other financial liabilities | 12322 | 2.8 | (3.3) | 12322 | (14.0) | (11.7) |
| Other liabilities accounts | 2299 | 12.9 | 6.1 | 2299 | 18.4 | 21.5 |
| **Total liabilities** | **62604** | **5.7** | **(0.6)** | **62604** | **(3.7)** | **(1.1)** |
| **Total equity** | **5601** | **11.3** | **4.6** | **5601** | **2.8** | **5.5** |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers <sup>2</sup> | 40986 | 6.6 | 0.3 | 40986 | (1.0) | 1.6 |
| Customer funds | 42256 | 10.6 | 4.0 | 42256 | (2.6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>3</sup> | *28293* | *10.8* | *4.2* | *28293* | *(5.9)* | *(3.4)* |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *13963* | *10.0* | *3.4* | *13963* | *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) | 4608 | 0.6 |  | 4608 | 6.9 |  |
| Number of active customers (thousands) | 2693 | 0.5 |  | 2693 | 5.4 |  |

---

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

---

| | | |
|:---|:---|:---|
| 40 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Secondary segments** | | |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Argentina** | **Argentina** | **Argentina** | **Argentina** | **Argentina** |
| EUR million |  |  |  |  |
|  |  | **/ Q3'25** |  | **/ 2024** |
| **Underlying income statement** | **Q4'25** | **%** | **2025** | **%** |
| Net interest income | 471 | 48.0 | 1727 | (40.8) |
| Net fee income | 207 | 8.2 | 788 | 30.9 |
| Gains (losses) on financial transactions <sup>1</sup> | 52 | (5.2) | 229 | 0.1 |
| Other operating income | (149) | 168.6 | (510) | (59.6) |
| **Total income** | **581** | **14.1** | **2235** | **(10.2)** |
| Administrative expenses and amortizations | (257) | 23.1 | (964) | (5.7) |
| **Net operating income** | **324** | **7.8** | **1271** | **(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 | 8032 | (10.2) | 8032 | 4.5 |
| Cash, central banks and credit institutions | 3724 | 5.7 | 3724 | (24.0) |
| Debt instruments | 2230 | (6.6) | 2230 | (16.0) |
| Other financial assets | 16 | (77.5) | 16 | (28.5) |
| Other asset accounts | 1078 | 9.2 | 1078 | 10.2 |
| **Total assets** | **15080** | **(5.2)** | **15080** | **(7.1)** |
| Customer deposits | 9959 | (2.3) | 9959 | (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 | 1060 | (13.6) | 1060 | 9.5 |
| Other liabilities accounts | 547 | 17.7 | 547 | 14.9 |
| **Total liabilities** | **12510** | **(7.2)** | **12510** | **(9.0)** |
| **Total equity** | **2570** | **5.5** | **2570** | **3.1** |
| Memorandum items: |  |  |  |  |
| Gross loans and advances to customers <sup>2</sup> | 8611 | (8.6) | 8611 | 8.5 |
| Customer funds | 15894 | (1.9) | 15894 | (6.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>3</sup> | *9959* | *(2.3)* | *9959* | *(11.8)* |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *5934* | *(1.3)* | *5934* | *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) | 5412 | 0.1 | 5412 | 5.8 |
| Number of active customers (thousands) | 3772 | 0.5 | 3772 | 2.7 |

---

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 41 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>**[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94)** | <br>[Appendix](#i4390bd8b871844f49146828fb44208b0_145) | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | **Secondary segments** | | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Rest of the Group** | **Rest of the Group** | **Rest of the Group** | **Rest of the Group** | **Rest of the Group** | **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 | 1080 | 29.8 | 36.1 |
| Net fee income | 250 | 8.8 | 7.9 | 908 | 25.6 | 28.8 |
| Gains (losses) on financial transactions <sup>1</sup> | 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)** | **2309** | **22.3** | **26.6** |
| Administrative expenses and amortizations | (427) | 3.1 | 1.9 | (1656) | 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 | 25315 | 4.6 | 3.4 | 25315 | 1.6 | 8.2 |
| Cash, central banks and credit institutions | 12912 | 36.2 | 35.4 | 12912 | 57.9 | 64.7 |
| Debt instruments | 4452 | (15.5) | (16.4) | 4452 | (58.3) | (57.8) |
| Other financial assets | 2387 | 2.9 | 2.0 | 2387 | (21.5) | (16.9) |
| Other asset accounts | 3157 | 12.2 | 11.5 | 3157 | 7.7 | 8.1 |
| **Total assets** | **48222** | **9.4** | **8.4** | **48222** | **(3.0)** | **1.3** |
| Customer deposits | 26913 | 4.5 | 3.7 | 26913 | 34.9 | 42.5 |
| Central banks and credit institutions | 8249 | 14.1 | 12.1 | 8249 | (57.3) | (55.8) |
| Marketable debt securities | 4508 | 34.4 | 33.7 | 4508 | 401.8 | 408.3 |
| Other financial liabilities | 2402 | 4.7 | 3.9 | 2402 | (10.9) | (4.5) |
| Other liabilities accounts | 1543 | 26.6 | 25.2 | 1543 | 1.9 | 2.3 |
| **Total liabilities** | **43614** | **9.5** | **8.5** | **43614** | **(1.7)** | **2.7** |
| **Total equity** | **4608** | **8.5** | **7.4** | **4608** | **(14.0)** | **(10.3)** |
| Memorandum items: |  |  |  |  |  |  |
| Gross loans and advances to customers <sup>2</sup> | 25796 | 4.6 | 3.5 | 25796 | 2.0 | 8.5 |
| Customer funds | 45916 | 6.9 | 6.4 | 45916 | 34.2 | 40.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits* <sup>3</sup> | *26691* | *4.2* | *3.4* | *26691* | *36.7* | *44.6* |
| &nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds* | *19225* | *11.0* | *10.9* | *19225* | *31.0* | *35.9* |

---

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

---

| | | |
|:---|:---|:---|
| 42 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |

---

**APPENDIX**

![anexoengpnga.jpg](anexoengpnga.jpg)

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 43 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **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 '<u>[Significant events in the period](#i4390bd8b871844f49146828fb44208b0_55)</u>' and '<u>[Alternative performance measures](#i4390bd8b871844f49146828fb44208b0_238)</u>' 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 '<u>[Alternative performance measures](#i4390bd8b871844f49146828fb44208b0_238)</u>' section in this appendix.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying net fee income.** Consolidated | **Underlying net fee income.** Consolidated | **Underlying net fee income.** Consolidated | **Underlying net fee income.** Consolidated | **Underlying net fee income.** Consolidated | **Underlying net fee income.** Consolidated | **Underlying net fee income.** Consolidated |
| EUR million |  |  |  |  |  |  |
|  | **Q4'25** | **Q3'25** | **Change (%)** | **2025** | **2024** | **Change (%)** |
| Fees from services | 1979 | 1914 | 3.4 | 7673 | 7347 | 4.4 |
| Wealth management and marketing of customer funds | 1221 | 1116 | 9.4 | 4527 | 4374 | 3.5 |
| Securities and custody | 450 | 297 | 51.5 | 1461 | 1289 | 13.3 |
| **Net fee income** | **3650** | **3327** | **9.7** | **13661** | **13010** | **5.0** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying operating expenses.** Consolidated | **Underlying operating expenses.** Consolidated | **Underlying operating expenses.** Consolidated | **Underlying operating expenses.** Consolidated | **Underlying operating expenses.** Consolidated | **Underlying operating expenses.** Consolidated | **Underlying operating expenses.** Consolidated |
| EUR million |  |  |  |  |  |  |
|  | **Q4'25** | **Q3'25** | **Change (%)** | **2025** | **2024** | **Change (%)** |
| Staff costs | 3735 | 3461 | 7.9 | 14177 | 14328 | (1.1) |
| Other general administrative expenses | 2065 | 1978 | 4.4 | 8236 | 8412 | (2.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Information technology | 576 | 675 | (14.7) | 2425 | 2622 | (7.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications | 104 | 96 | 8.3 | 384 | 404 | (5.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 140 | 123 | 13.8 | 544 | 540 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and premises | 198 | 138 | 43.5 | 747 | 757 | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Printed and office material | 43 | 18 | 138.9 | 104 | 89 | 16.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes (other than tax on profits) | 136 | 128 | 6.3 | 544 | 556 | (2.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 868 | 800 | 8.5 | 3488 | 3444 | 1.3 |
| **Administrative expenses** | **5800** | **5439** | **6.6** | **22413** | **22740** | **(1.4)** |
| Depreciation and amortization | 792 | 829 | (4.5) | 3312 | 3294 | 0.5 |
| **Operating expenses** | **6592** | **6268** | **5.2** | **25725** | **26034** | **(1.2)** |

---

---

| | | |
|:---|:---|:---|
| 44 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **Group information** | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Employees and branches.** Consolidated  | **Employees and branches.** Consolidated  | **Employees and branches.** Consolidated  | **Employees and branches.** Consolidated  | **Employees and branches.** Consolidated  | **Employees and branches.** Consolidated  | **Employees and branches.** Consolidated  | **Employees and branches.** Consolidated  |
| | **Employees** | **Employees** | **Employees** | | **Branches** | **Branches** | **Branches** |
| | **Dec-25** | **Dec-24** | **Change** | | **Dec-25** | **Dec-24** | **Change** |
| Retail & Commercial Banking | 123836 | 131653 | (7817) | Spain | 1630 | 1827 | (197) |
| Digital Consumer Bank | 30751 | 29903 | 848 | United Kingdom | 363 | 444 | (81) |
| Corporate & Investment Banking | 14009 | 13385 | 624 | Portugal | 308 | 374 | (66) |
| Wealth Management & Insurance | 7531 | 7707 | (176) | Poland | 359 | 368 | (9) |
| Payments | 20375 | 22280 | (1905) | DCB Europe | 298 | 326 | (28) |
| Corporate Centre | 1901 | 1825 | 76 | US | 376 | 405 | (29) |
| **Total Group** | **198403** | **206753** | **(8350)** | Mexico | 1314 | 1356 | (42) |
|  |  |  |  | Brazil | 1618 | 2202 | (584) |
|  |  |  |  | Chile | 228 | 237 | (9) |
|  |  |  |  | Argentina | 391 | 409 | (18) |
|  |  |  |  | Rest of the Group | 239 | 138 | 101 |
|  |  |  |  | **Total Group** | **7124** | **8086** | **(962)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying net loan-loss provisions.** Consolidated | **Underlying net loan-loss provisions.** Consolidated | **Underlying net loan-loss provisions.** Consolidated | **Underlying net loan-loss provisions.** Consolidated | **Underlying net loan-loss provisions.** Consolidated | **Underlying net loan-loss provisions.** Consolidated | **Underlying net loan-loss provisions.** Consolidated |
| EUR million |  |  |  |  |  |  |
|  | **Q4'25** | **Q3'25** | **Change (%)** | **2025** | **2024** | **Change (%)** |
| &nbsp;&nbsp;Non-performing loans | 207 | 3389 | (93.9) | 10623 | 13941 | (23.8) |
| &nbsp;&nbsp;Country-risk | (5) | 0 |  | (7) | (2) | 240.0 |
| &nbsp;&nbsp;Recovery of written-off assets | 3100 | (458) |  | 1795 | (1606) |  |
| **Net loan-loss provisions** | **3302** | **2931** | **12.7** | **12411** | **12333** | **0.6** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loans and advances to customers.** Consolidated | **Loans and advances to customers.** Consolidated | **Loans and advances to customers.** Consolidated | **Loans and advances to customers.** Consolidated | **Loans and advances to customers.** Consolidated | **Loans and advances to customers.** Consolidated |
| EUR million |  |  |  |  |  |
|  |  |  | **Change** | **Change** |  |
|  | **Dec-25** | **Dec-24** | **Absolute** | **%** | **Dec-23** |
| Commercial bills | 52901 | 53209 | (308) | (0.6) | 55628 |
| Secured loans | 551592 | 557463 | (5871) | (1.1) | 554375 |
| Other term loans | 308695 | 296339 | 12356 | 4.2 | 295485 |
| Finance leases | 41084 | 40120 | 964 | 2.4 | 38723 |
| Receivable on demand | 10333 | 10756 | (423) | (3.9) | 12277 |
| Credit cards receivable | 26555 | 24928 | 1627 | 6.5 | 24371 |
| Impaired assets | 33031 | 33731 | (700) | (2.1) | 34094 |
| **Gross loans and advances to customers (excl. reverse repos)** | **1024191** | **1016546** | **7645** | **0.8** | **1014953** |
| Reverse repos | 74262 | 59648 | 14614 | 24.5 | 44184 |
| **Gross loans and advances to customers** | **1098453** | **1076194** | **22259** | **2.1** | **1059137** |
| Loan-loss allowances | 22138 | 22125 | 13 | 0.1 | 22788 |
| **Loans and advances to customers** | **1076315** | **1054069** | **22246** | **2.1** | **1036349** |

---

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 45 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **Group information** | |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total funds.** Consolidated | **Total funds.** Consolidated | **Total funds.** Consolidated | **Total funds.** Consolidated | **Total funds.** Consolidated | **Total funds.** Consolidated |
| EUR million |  |  |  |  |  |
|  |  |  | **Change** | **Change** |  |
|  | **Dec-25** | **Dec-24** | **Absolute** | **%** | **Dec-23** |
| Demand deposits | 685961 | 677818 | 8143 | 1.2 | 661262 |
| Time deposits | 312465 | 299801 | 12664 | 4.2 | 307085 |
| Mutual funds | 263889 | 233722 | 30167 | 12.9 | 208528 |
| **Customer funds** | **1262315** | **1211341** | **50974** | **4.2** | **1176875** |
| Pension funds | 16112 | 15646 | 466 | 3.0 | 14831 |
| Managed portfolios | 50604 | 43118 | 7486 | 17.4 | 36414 |
| Repos | 97401 | 78317 | 19084 | 24.4 | 78822 |
| **Total funds** | **1426432** | **1348422** | **78010** | **5.8** | **1306942** |

---

---

| | | |
|:---|:---|:---|
| 46 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **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** | **Reconciliation of underlying results to statutory results. 2025** | **Reconciliation of underlying results to statutory results. 2025** | **Reconciliation of underlying results to statutory results. 2025** | **Reconciliation of underlying results to statutory results. 2025** |
| EUR million |  |  |  |  |
|  | **January-December 2025** | **January-December 2025** | **January-December 2025** | **January-December 2025** |
|  | **Statutory results** | **Adjustments related to the Poland disposal** | **Other adjustments** | **Underlying results** |
| Net interest income | 42348 | 3006 |  | 45354 |
| Net fee income | 12976 | 685 |  | 13661 |
| Gains (losses) on financial transactions <sup>1</sup> | 2362 | 74 |  | 2436 |
| Other operating income | 984 | (45) |  | 939 |
| **Total income** | **58670** | **3720** | **—** | **62390** |
| Administrative expenses and amortizations | (24711) | (1014) |  | (25725) |
| **Net operating income** | **33959** | **2706** | **—** | **36665** |
| Net loan-loss provisions | (12545) | (333) | 467 | (12411) |
| Other gains (losses) and provisions | (2733) | (423) | (231) | (3387) |
| **Profit before tax** | **18681** | **1950** | **236** | **20867** |
| Tax on profit | (4723) | (408) | (210) | (5341) |
| **Profit from continuing operations** | **13958** | **1542** | **26** | **15526** |
| Net profit from discontinued operations | 1542 | (1542) |  |  |
| **Consolidated profit** | **15500** | **—** | **26** | **15526** |
| Non-controlling interests | (1399) |  | (26) | (1425) |
| **Profit attributable to the parent** | **14101** | **—** | **—** | **14101** |

---

1. Includes exchange differences.

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 47 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **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** | **Reconciliation of underlying results to statutory results. 2024** | **Reconciliation of underlying results to statutory results. 2024** | **Reconciliation of underlying results to statutory results. 2024** | **Reconciliation of underlying results to statutory results. 2024** |
| EUR million |  |  |  |  |
|  | **January-December 2024** | **January-December 2024** | **January-December 2024** | **January-December 2024** |
|  | **Statutory results** | **Adjustments related to the Poland disposal** | **Other adjustments** | **Underlying results** |
| Net interest income | 43787 | 2881 |  | 46668 |
| Net fee income | 12376 | 634 |  | 13010 |
| Gains (losses) on financial transactions <sup>1</sup> | 2211 | 62 |  | 2273 |
| Other operating income | 6 | (81) | 335 | 260 |
| **Total income** | **58380** | **3496** | **335** | **62211** |
| Administrative expenses and amortizations | (25149) | (885) |  | (26034) |
| **Net operating income** | **33231** | **2611** | **335** | **36177** |
| Net loan-loss provisions | (12177) | (508) | 352 | (12333) |
| Other gains (losses) and provisions | (3707) | (423) | (687) | (4817) |
| **Profit before tax** | **17347** | **1680** | **—** | **19027** |
| Tax on profit | (4844) | (439) |  | (5283) |
| **Profit from continuing operations** | **12503** | **1241** | **—** | **13744** |
| Net profit from discontinued operations | 1241 | (1241) |  |  |
| **Consolidated profit** | **13744** | **—** | **—** | **13744** |
| Non-controlling interests | (1170) |  |  | (1170) |
| **Profit attributable to the parent** | **12574** | **—** | **—** | **12574** |

---

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.<br>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.<br>

---

| | | |
|:---|:---|:---|
| 48 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **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.<br>

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 <sup>1</sup> (excl. minority interests) | 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. |
| **RoTE** | Profit attributable to the parent (annualized)<sup>2</sup> | 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 <sup>1</sup> (excl. minority interests) - intangible assets | 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. |
| **RoTE (post-AT1)** | Profit attributable to the parent minus AT1 costs (annualized)<sup>2</sup> | 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 <sup>1</sup> (excl. minority interests) - intangible assets | 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. |
| **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 | 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. |
| **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 | 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. |
| **Efficiency ratio** | Operating expenses <sup>3</sup> | 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 | 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. |

---

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** | ![image6.jpg](image6.jpg) | 49 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **APMs** | |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Profitability and efficiency** <sup>1, 2 , 3</sup>(EUR million and %) | **Q4'25** | **Q3'25** | **2025** | **2024** |
| **RoE** | **14.6%** | **13.8%** | **13.9%** | **13.0%** |
| &nbsp;&nbsp; Profit attributable to the parent (annualized) | 15055 | 14019 | 14101 | 12574 |
| &nbsp;&nbsp; Average stockholders' equity (excluding minority interests) | 102984 | 101598 | 101497 | 96744 |
| **RoTE** | **17.9%** | **16.9%** | **17.1%** | **16.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit attributable to the parent (annualized) | 15055 | 14019 | 14101 | 12574 |
| &nbsp;&nbsp;&nbsp;&nbsp;(-) Goodwill impairment | 0 | (3) | (4) | (4) |
| Profit attributable to the parent excluding goodwill impairment (annualized) | 15055 | 14022 | 14105 | 12578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average stockholders' equity (excluding minority interests) | 102984 | 101598 | 101497 | 96744 |
| &nbsp;&nbsp;&nbsp;&nbsp;(-) Average intangible assets | 18774 | 18629 | 18865 | 19428 |
| Average stockholders' equity (excl. minority interests) - intangible assets | 84210 | 82969 | 82631 | 77316 |
| **RoTE post-AT1** | **17.1%** | **16.2%** | **16.3%** | **15.5%** |
| &nbsp;&nbsp;&nbsp;Profit attributable to the parent (annualized) | 15055 | 14019 | 14101 | 12574 |
| &nbsp;&nbsp;&nbsp;(-) AT1 costs (annualized) | 662 | 587 | 622 | 620 |
| &nbsp;&nbsp;&nbsp;Profit attributable to the parent excluding AT1 costs (annualized) | 14393 | 13432 | 13479 | 11955 |
| &nbsp;&nbsp;&nbsp;(-) Goodwill impairment | 0 | (3) | (4) | (4) |
| Profit attributable to the parent minus AT1 costs (annualized; excluding goodwill impairment) | 14393 | 13435 | 13483 | 11958 |
| &nbsp;&nbsp;&nbsp;Average stockholders' equity (excluding minority interests) | 102984 | 101598 | 101497 | 96744 |
| &nbsp;&nbsp;&nbsp;(-) Average intangible assets | 18774 | 18629 | 18865 | 19428 |
| Average stockholders' equity (excl. minority interests) - intangible assets | 84210 | 82969 | 82631 | 77316 |
| **RoA** | **0.89%** | **0.85%** | **0.84%** | **0.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated profit (annualized) | 16587 | 15564 | 15500 | 13744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average total assets | 1868353 | 1833163 | 1843112 | 1803272 |
| **RoRWA** | **2.62%** | **2.46%** | **2.44%** | **2.18%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated profit (annualized) | 16587 | 15564 | 15500 | 13744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average risk-weighted assets | 633476 | 631713 | 634020 | 630494 |
| **Efficiency ratio** | **40.9%** | **41.1%** | **41.2%** | **41.8%** |
| Underlying operating expenses | 6592 | 6268 | 25725 | 26034 |
| &nbsp;&nbsp;&nbsp;Operating expenses | 6332 | 6015 | 24711 | 25149 |
| &nbsp;&nbsp;&nbsp;Adjustments to operating expenses for items outside ordinary course of businesses | 260 | 253 | 1014 | 885 |
| Underlying total income | 16113 | 15267 | 62390 | 62211 |
| &nbsp;&nbsp;&nbsp;Total income | 15163 | 14325 | 58670 | 58380 |
| &nbsp;&nbsp;&nbsp;Adjustments to total income for items outside ordinary course of businesses | 950 | 942 | 3720 | 3831 |
| &nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;&nbsp;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). | &nbsp;&nbsp;&nbsp;&nbsp;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). | &nbsp;&nbsp;&nbsp;&nbsp;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). | &nbsp;&nbsp;&nbsp;&nbsp;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). | &nbsp;&nbsp;&nbsp;&nbsp;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). |
| &nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;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. | &nbsp;&nbsp;&nbsp;&nbsp;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 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **APMs** | |

---

---

| | | |
|:---|:---|:---|
| Ratio | Formula | Relevance of the metric |
| **Global business RoTE** | &nbsp;&nbsp;&nbsp;&nbsp;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. |
| **Global business RoTE** | Average stockholders' equity (excl. minority interests) - intangible assets <sup>1</sup> | 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. |
| **Global business and country RoTE (post-AT1)** | Profit attributable to the parent minus AT1 costs<sup>2</sup> (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. |
| **Global business and country RoTE (post-AT1)** | Average stockholders' equity (excl. minority interests) - intangible assets <sup>1</sup> | 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. |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **RoTE** (EUR million and %) | **RoTE** (EUR million and %) | | | | | |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **%** | **Numerator** | **Denominator** | **%** | **Numerator** | **Denominator** |
| Retail & Commercial Banking | 18.5 | 7670 | 41568 | 18.9 | 7249 | 38280 |
| Digital Consumer Bank | 9.4 | 1741 | 18532 | 9.8 | 1659 | 16931 |
| Corporate & Investment Banking | 19.8 | 2834 | 14297 | 18.0 | 2747 | 15224 |
| Wealth Management & Insurance | 69.2 | 2063 | 2980 | 77.6 | 1671 | 2153 |
| Payments | 28.8 | 883 | 3068 | 14.1 | 405 | 2883 |
| &nbsp;&nbsp;*PagoNxt* |  |  |  |  |  |  |
| &nbsp;&nbsp;*Cards* | *30.7* | *787* | *2562* | *29.2* | *703* | *2405* |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain | 25.1 | 4272 | 17009 | 21.7 | 3762 | 17347 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK | 10.7 | 1307 | 12200 | 11.1 | 1306 | 11781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portugal | 30.8 | 1010 | 3282 | 25.4 | 1001 | 3948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poland | 23.8 | 949 | 3984 | 20.2 | 800 | 3956 |
| &nbsp;&nbsp;&nbsp;&nbsp;DCB Europe | 7.6 | 772 | 10212 | 6.4 | 642 | 10055 |
| &nbsp;&nbsp;&nbsp;&nbsp;US | 10.8 | 1541 | 14311 | 7.5 | 1109 | 14742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 22.4 | 1705 | 7616 | 20.0 | 1671 | 8343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | 16.0 | 2169 | 13545 | 17.5 | 2424 | 13853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chile | 20.5 | 729 | 3567 | 17.0 | 629 | 3693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentina | 20.9 | 433 | 2072 | 34.8 | 665 | 1909 |

---

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.<br>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 %) | **RoTE (post-AT1)** (EUR million and %) | | | | | |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **%** | **Numerator** | **Denominator** | **%** | **Numerator** | **Denominator** |
| Retail & Commercial Banking | 17.7 | 7375 | 41568 | 18.2 | 6959 | 38280 |
| Digital Consumer Bank | 8.6 | 1585 | 18532 | 8.9 | 1506 | 16931 |
| Corporate & Investment Banking | 19.1 | 2728 | 14297 | 17.3 | 2627 | 15224 |
| Wealth Management & Insurance | 68.5 | 2041 | 2980 | 76.8 | 1654 | 2153 |
| Payments | 28.0 | 860 | 3068 | 13.3 | 385 | 2883 |
| &nbsp;&nbsp;*PagoNxt* |  |  |  |  |  |  |
| &nbsp;&nbsp;*Cards* | *30.1* | *770* | *2562* | *28.5* | *686* | *2405* |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain | 24.3 | 4133 | 17009 | 20.9 | 3620 | 17347 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK | 10.2 | 1248 | 12200 | 10.6 | 1247 | 11781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portugal | 30.3 | 994 | 3282 | 25.0 | 985 | 3948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poland | 23.1 | 921 | 3984 | 19.6 | 775 | 3956 |
| &nbsp;&nbsp;&nbsp;&nbsp;DCB Europe | 6.7 | 685 | 10212 | 5.5 | 556 | 10055 |
| &nbsp;&nbsp;&nbsp;&nbsp;US | 10.2 | 1454 | 14311 | 6.9 | 1024 | 14742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 22.0 | 1674 | 7616 | 19.6 | 1638 | 8343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | 15.3 | 2074 | 13545 | 16.8 | 2323 | 13853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chile | 19.7 | 703 | 3567 | 16.3 | 602 | 3693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentina | 20.2 | 419 | 2072 | 34.5 | 658 | 1909 |

---

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.<br>PagoNxt's RoTE is not provided as we do not consider it a relevant metric to measure performance in this type of business.

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 51 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **APMs** | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Efficiency ratio** (EUR million and %) | **Efficiency ratio** (EUR million and %) | | | | | |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **%** | **Numerator** | **Denominator** | **%** | **Numerator** | **Denominator** |
| Retail & Commercial Banking | 39.4 | 12314 | 31216 | 39.5 | 12796 | 32374 |
| Digital Consumer Bank | 40.6 | 5287 | 13015 | 40.1 | 5183 | 12912 |
| Corporate & Investment Banking | 45.5 | 3866 | 8488 | 45.5 | 3794 | 8338 |
| Wealth Management & Insurance | 35.3 | 1497 | 4239 | 38.2 | 1452 | 3803 |
| Payments | 39.2 | 2360 | 6013 | 44.5 | 2430 | 5459 |
| &nbsp;&nbsp;*PagoNxt* | *82.9* | *1138* | *1373* | *93.6* | *1160* | *1240* |
| &nbsp;&nbsp;*Cards* | *26.3* | *1221* | *4640* | *30.1* | *1270* | *4220* |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain | 35.7 | 4284 | 11990 | 35.7 | 4271 | 11974 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK | 52.5 | 2771 | 5280 | 55.9 | 2918 | 5216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portugal | 28.0 | 548 | 1959 | 26.1 | 548 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poland | 27.8 | 1036 | 3724 | 27.1 | 965 | 3555 |
| &nbsp;&nbsp;&nbsp;&nbsp;DCB Europe | 44.1 | 2611 | 5925 | 45.9 | 2604 | 5679 |
| &nbsp;&nbsp;&nbsp;&nbsp;US | 48.1 | 3812 | 7929 | 50.5 | 3830 | 7580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 41.6 | 2620 | 6305 | 42.5 | 2665 | 6278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | 32.6 | 4109 | 12602 | 32.1 | 4352 | 13536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chile | 33.6 | 912 | 2714 | 36.0 | 933 | 2592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentina | 43.1 | 964 | 2235 | 41.1 | 1022 | 2487 |

---

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<br>(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 <sup>1</sup> | 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. |
| **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 | 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. |
| **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 | 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. |

---

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

---

| | | |
|:---|:---|:---|
| 52 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **APMs** | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Dec-25** | **Dec-25** | **Sep-25** | **Sep-25** | **Dec-24** | **Dec-24** |
| **Credit risk** (EUR million and %)<br><br>**NPL ratio** | **2.91** | **%** | **2.92** | **%** | **3.05** | **%** |
| Credit impaired customer loans and advances, guarantees and undrawn balances | 34393 | 34393 | 34048 | 34048 | 35265 | 35265 |
| &nbsp;&nbsp;*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)* | *32887* | *32887* | *32378* | *32378* | *33568* | *33568* |
| &nbsp;&nbsp;*POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired* | *144* | *144* | *143* | *143* | *163* | *163* |
| &nbsp;&nbsp;*Customer guarantees and undrawn balances classified in stage 3* | *1345* | *1345* | *1507* | *1507* | *1521* | *1521* |
| &nbsp;&nbsp;*Doubtful exposure of loans and advances to customers at fair value through profit or loss* | *17* | *17* | *20* | *20* | *13* | *13* |
| Total risk | 1181945 | 1181945 | 1167714 | 1167714 | 1157274 | 1157274 |
| &nbsp;&nbsp;*Impaired and non-impaired gross loans and advances to customers* | *1098453* | *1098453* | *1087473* | *1087473* | *1076195* | *1076195* |
| &nbsp;&nbsp;*Impaired and non-impaired customer guarantees and impaired undrawn customer balances* | *83492* | *83492* | *80241* | *80241* | *81079* | *81079* |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Dec-25** | **Sep-25** | **Dec-24** |
|<br>**NPL coverage ratio** | **66%** | **67%** | **65%** |
| Total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances | 22869 | 22850 | 22835 |
| &nbsp;&nbsp;&nbsp;*Total allowances to cover impairment losses on loans and advances to customers measured at amortized cost and designated at fair value through OCI* | *22138* | *22179* | *22125* |
| &nbsp;&nbsp;&nbsp;*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 | 34393 | 34048 | 35265 |
| &nbsp;&nbsp;&nbsp;*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)* | *32887* | *32378* | *33568* |
| &nbsp;&nbsp;&nbsp;*POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired* | *144* | *143* | *163* |
| &nbsp;&nbsp;&nbsp;*Customer guarantees and undrawn balances classified in stage 3* | *1345* | *1507* | *1521* |
| &nbsp;&nbsp;&nbsp;*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 | 12411 | 12223 | 12333 |
| &nbsp;&nbsp;&nbsp;*Allowances for loan-loss provisions over the last 12 months* | *12545* | *12371* | *12177* |
| *&nbsp;&nbsp;&nbsp;&nbsp;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 | 1082829 | 1078288 | 1075821 |

---

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 53 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **APMs** | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NPL ratio** (EUR million and %) | **NPL ratio** (EUR million and %) | | | | | |
| | **Dec-25** | **Dec-25** | **Dec-25** | **Dec-24** | **Dec-24** | **Dec-24** |
| | **%** | **Numerator** | **Denominator** | **%** | **Numerator** | **Denominator** |
| Retail & Commercial Banking | 2.97 | 18998 | 640483 | 3.18 | 20441 | 643530 |
| Digital Consumer Bank | 5.32 | 11351 | 213525 | 5.07 | 10993 | 216616 |
| Corporate & Investment Banking | 0.69 | 1842 | 267492 | 0.83 | 2002 | 241061 |
| Wealth Management & Insurance | 0.86 | 235 | 27395 | 0.93 | 237 | 25303 |
| Payments | 6.35 | 1695 | 26695 | 5.20 | 1290 | 24804 |
| &nbsp;&nbsp;*PagoNxt* |  |  |  |  |  |  |
| &nbsp;&nbsp;*Cards* | *6.43* | *1652* | *25693* | *5.31* | *1259* | *23716* |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain | 1.96 | 5915 | 302271 | 2.68 | 7672 | 285883 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 1.08 | 2645 | 244303 | 1.33 | 3299 | 248061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portugal | 2.08 | 928 | 44674 | 2.40 | 993 | 41418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poland | 3.34 | 1549 | 46427 | 3.66 | 1636 | 44704 |
| &nbsp;&nbsp;&nbsp;DCB Europe | 2.53 | 3642 | 144039 | 2.50 | 3527 | 141312 |
| &nbsp;&nbsp;&nbsp;&nbsp;US | 4.85 | 7150 | 147303 | 4.72 | 7012 | 148643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 2.65 | 1420 | 53476 | 2.71 | 1352 | 49927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | 6.82 | 7192 | 105410 | 6.14 | 6418 | 104519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chile | 5.73 | 2528 | 44146 | 5.37 | 2394 | 44590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentina | 7.68 | 677 | 8813 | 2.06 | 173 | 8411 |

---

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

Denominator: total risk.<br>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 %) | **NPL coverage ratio** (EUR million and %) | | | | | |
| | **Dec-25** | **Dec-25** | **Dec-25** | **Dec-24** | **Dec-24** | **Dec-24** |
| | **%** | **Numerator** | **Denominator** | **%** | **Numerator** | **Denominator** |
| Retail & Commercial Banking | 61 | 11530 | 18998 | 58 | 11948 | 20441 |
| Digital Consumer Bank | 71 | 8075 | 11351 | 74 | 8088 | 10993 |
| Corporate & Investment Banking | 48 | 880 | 1842 | 39 | 780 | 2002 |
| Wealth Management & Insurance | 71 | 168 | 235 | 71 | 168 | 237 |
| Payments | 127 | 2150 | 1695 | 137 | 1774 | 1290 |
| &nbsp;&nbsp;*PagoNxt* |  |  |  |  |  |  |
| &nbsp;&nbsp;*Cards* | *129* | *2125* | *1652* | *139* | *1752* | *1259* |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain | 55 | 3252 | 5915 | 53 | 4039 | 7672 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 33 | 860 | 2645 | 29 | 967 | 3299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portugal | 83 | 766 | 928 | 79 | 789 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poland | 65 | 1011 | 1549 | 62 | 1013 | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp;DCB Europe | 87 | 3181 | 3642 | 83 | 2910 | 3527 |
| &nbsp;&nbsp;&nbsp;&nbsp;US | 55 | 3934 | 7150 | 64 | 4471 | 7012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 105 | 1488 | 1420 | 100 | 1358 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | 83 | 5996 | 7192 | 83 | 5311 | 6418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chile | 48 | 1211 | 2528 | 50 | 1196 | 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp;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.<br>PagoNxt's coverage ratio is not provided as we do not consider it a relevant metric for this type of business.

---

| | | |
|:---|:---|:---|
| 54 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **APMs** | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cost of risk** (EUR million and %) | **Cost of risk** (EUR million and %) | | | | | |
| | **Dec-25** | **Dec-25** | **Dec-25** | **Dec-24** | **Dec-24** | **Dec-24** |
| | **%** | **Numerator** | **Denominator** | **%** | **Numerator** | **Denominator** |
| Retail & Commercial Banking | 0.88 | 5416 | 617251 | 0.92 | 5846 | 632218 |
| Digital Consumer Bank | 2.10 | 4457 | 212551 | 2.16 | 4562 | 210748 |
| Corporate & Investment Banking | 0.15 | 291 | 195936 | 0.09 | 171 | 180462 |
| Wealth Management & Insurance | 0.09 | 22 | 25482 | 0.19 | 44 | 23342 |
| Payments | 7.91 | 2027 | 25623 | 7.36 | 1714 | 23288 |
| &nbsp;&nbsp;*PagoNxt* |  |  |  |  |  |  |
| &nbsp;&nbsp;*Cards* | *8.22* | *2003* | *24369* | *7.60* | *1698* | *22331* |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain | 0.44 | 1142 | 260878 | 0.50 | 1259 | 249759 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 0.07 | 177 | 244442 | 0.03 | 64 | 251348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portugal | (0.02) | -8 | 40351 | 0.03 | 11 | 38454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poland | 0.71 | 283 | 40152 | 1.38 | 511 | 37138 |
| &nbsp;&nbsp;&nbsp;&nbsp;DCB Europe | 0.97 | 1363 | 140504 | 0.88 | 1209 | 137165 |
| &nbsp;&nbsp;&nbsp;&nbsp;US | 1.63 | 2244 | 137603 | 1.82 | 2507 | 137581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 2.69 | 1239 | 46067 | 2.64 | 1277 | 48439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | 4.73 | 4409 | 93197 | 4.51 | 4487 | 99532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chile | 1.32 | 531 | 40181 | 1.19 | 497 | 41582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentina | 7.34 | 574 | 7820 | 4.59 | 284 | 6190 |

---

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

Denominator: average loans and advances to customers over the last 12 months.<br>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 <sup>1</sup> | 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 | 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. |
| **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 | 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. |
| **LTD ratio**<sup>2</sup>  | 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 | 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. |
| **Loans and advances (excl. reverse repos)**<sup>2</sup>  | 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)**<sup>2</sup>  | 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. |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;2.Includes Poland.

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 55 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **APMs** | |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Others** (EUR million and %) | | | | |
| |<br>**Dec-25** |<br>**Sep-25** | |<br>**Dec-24** |
| **TNAV (tangible book value) per share** | **5.76** | **5.56** |  | **5.24** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible book value | 84527 | 82422 |  | 79342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of shares excl. treasury stock (million) | 14678 | 14818 |  | 15137 |
| **Price / Tangible book value per share (X)** | **1.75** | **1.60** |  | **0.85** |
| &nbsp;&nbsp;&nbsp;&nbsp;Share price (euros) | 10.070 | 8.874 |  | 4.465 |
| &nbsp;&nbsp;&nbsp;&nbsp;TNAV (tangible book value) per share | 5.76 | 5.56 |  | 5.24 |
| **Loan-to-deposit ratio** | **98%** | **99%** |  | **100%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loans and advances to customers | 1076315 | 1065294 |  | 1054069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | 1095827 | 1077885 |  | 1055936 |
|  | **Q4'25** | **Q3'25** | **2025** | **2024** |
| **PAT + After tax fees paid to SAN (in Wealth) (Constant EUR million)** | **1101** | **920** | **3796** | **3195** |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit after tax | 648 | 519 | 2158 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net fee income net of tax | 453 | 401 | 1639 | 1490 |

---

---

| | | |
|:---|:---|:---|
| 56 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **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** | **Exchange rates: 1 euro / currency parity** | **Exchange rates: 1 euro / currency parity** | **Exchange rates: 1 euro / currency parity** | **Exchange rates: 1 euro / currency parity** | **Exchange rates: 1 euro / currency parity** |
| | **Average (income statement)** | **Average (income statement)** | **Period-end (balance sheet)** | **Period-end (balance sheet)** | **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 | 1073.108 | 1020.473 | 1059.750 | 1127.108 | 1032.560 |
| Argentine peso<sup>1</sup> |  |  | 1706.383 | 1609.836 | 1232.389 |
| 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.

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 57 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **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** |
| % | **Average inflation last 12 months** |
| Retail & Commercial Banking<sup>1</sup> | 3.6 |
| Digital Consumer Bank<sup>1</sup> | 2.5 |
| Corporate & Investment Banking<sup>1</sup> | 3.0 |
| Wealth Management & Insurance<sup>1</sup> | 3.0 |
| Payments<sup>1</sup> | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;UK | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portugal | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poland | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;DCB Europe | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;US | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chile | 4.2 |
| **Total Group**<sup>1</sup> | **3.2** |

---

&nbsp;&nbsp;&nbsp;&nbsp;1.Excluding the impact of inflation in Argentina.

---

| | | |
|:---|:---|:---|
| 58 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **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 | 152281 | 192208 |
| Financial assets held for trading | 252318 | 230253 |
| Non-trading financial assets mandatorily at fair value through profit or loss | 7761 | 6130 |
| Financial assets designated at fair value through profit or loss | 8046 | 7915 |
| Financial assets at fair value through other comprehensive income | 74612 | 89898 |
| Financial assets at amortised cost | 1202689 | 1203707 |
| Hedging derivatives | 3931 | 5672 |
| Changes in the fair value of hedged items in portfolio hedges of interest risk | 50 | (704) |
| Investments | 7052 | 7277 |
| &nbsp;&nbsp;&nbsp;Joint ventures entities | 1956 | 2061 |
| &nbsp;&nbsp;&nbsp;Associated entities | 5096 | 5216 |
| Assets under reinsurance contracts | 223 | 222 |
| Tangible assets | 27438 | 32087 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment | 26416 | 31212 |
| &nbsp;&nbsp;&nbsp;&nbsp;For own-use | 11663 | 12636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased out under an operating lease | 14753 | 18576 |
| &nbsp;&nbsp;&nbsp;Investment property | 1022 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Of which : Leased out under an operating lease | 860 | 749 |
| Intangible assets | 17308 | 19259 |
| &nbsp;&nbsp;&nbsp;Goodwill | 11958 | 13438 |
| &nbsp;&nbsp;&nbsp;Other intangible assets | 5350 | 5821 |
| Tax assets | 30076 | 30596 |
| &nbsp;&nbsp;&nbsp;Current tax assets | 11132 | 11426 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets | 18944 | 19170 |
| Other assets | 8719 | 8559 |
| &nbsp;&nbsp;&nbsp;Insurance contracts linked to pensions | 67 | 81 |
| &nbsp;&nbsp;&nbsp;Inventories | 7 | 6 |
| &nbsp;&nbsp;&nbsp;Other | 8645 | 8472 |
| Non-current assets held for sale | 75011 | 4002 |
| **TOTAL ASSETS** | **1867515** | **1837081** |

---

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 59 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **Condensed consolidated financial statements** | |

---

---

| | | |
|:---|:---|:---|
| **Condensed consolidated balance sheet** | **Condensed consolidated balance sheet** | **Condensed consolidated balance sheet** |
| EUR million |  |  |
| **LIABILITIES** | **Dec-25** | **Dec-24** |
| Financial liabilities held for trading | 171546 | 152151 |
| Financial liabilities designated at fair value through profit or loss | 42148 | 36360 |
| Financial liabilities at amortized cost | 1421184 | 1484322 |
| Hedging derivatives | 4248 | 4752 |
| Changes in the fair value of hedged items in portfolio hedges of interest rate risk | 49 | (9) |
| Liabilities under insurance contracts | 18737 | 17829 |
| Provisions | 8355 | 8407 |
| &nbsp;&nbsp;&nbsp;Pensions and other post-retirement obligations | 1656 | 1731 |
| &nbsp;&nbsp;&nbsp;Other long term employee benefits | 993 | 915 |
| &nbsp;&nbsp;&nbsp;Taxes and other legal contingencies | 2619 | 2717 |
| &nbsp;&nbsp;&nbsp;Contingent liabilities and commitments | 713 | 710 |
| &nbsp;&nbsp;&nbsp;Other provisions | 2374 | 2334 |
| Tax liabilities | 9568 | 9598 |
| &nbsp;&nbsp;&nbsp;Current tax liabilities | 3664 | 3322 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 5904 | 6276 |
| Other liabilities | 15937 | 16344 |
| Liabilities associated with non-current assets held for sale | 62995 |  |
| **TOTAL LIABILITIES** | **1754767** | **1729754** |
| **EQUITY** |  |  |
| Shareholders' equity | 141144 | 135196 |
| &nbsp;&nbsp;&nbsp;Capital | 7345 | 7576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Called up paid capital | 7345 | 7576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unpaid capital which has been called up |  |  |
| &nbsp;&nbsp;&nbsp;Share premium | 36792 | 40079 |
| &nbsp;&nbsp;&nbsp;Equity instruments issued other than capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity component of the compound financial instrument |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other equity instruments issued |  |  |
| &nbsp;&nbsp;&nbsp;Other equity | 273 | 217 |
| &nbsp;&nbsp;&nbsp;Accumulated retained earnings | 91959 | 82326 |
| &nbsp;&nbsp;&nbsp;Revaluation reserves |  |  |
| &nbsp;&nbsp;&nbsp;Other reserves | (7532) | (5976) |
| &nbsp;&nbsp;&nbsp;(-) Own shares | (96) | (68) |
| &nbsp;&nbsp;&nbsp;Profit attributable to shareholders of the parent | 14101 | 12574 |
| &nbsp;&nbsp;&nbsp;(-) Interim dividends | (1698) | (1532) |
| Other comprehensive income (loss) | (37974) | (36595) |
| &nbsp;&nbsp;&nbsp;Items not reclassified to profit or loss | (4121) | (4757) |
| &nbsp;&nbsp;&nbsp;Items that may be reclassified to profit or loss | (33853) | (31838) |
| Non-controlling interest | 9578 | 8726 |
| &nbsp;&nbsp;&nbsp;Other comprehensive income | (1947) | (2020) |
| &nbsp;&nbsp;&nbsp;Other items | 11525 | 10746 |
| **TOTAL EQUITY** | **112748** | **107327** |
| **TOTAL LIABILITIES AND EQUITY** | **1867515** | **1837081** |
| MEMORANDUM ITEMS: OFF BALANCE SHEET AMOUNTS |  |  |
| Loan commitments granted | 321234 | 302861 |
| Financial guarantees granted | 17449 | 16901 |
| Other commitments granted | 148118 | 134493 |

---

---

| | | |
|:---|:---|:---|
| 60 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **Condensed consolidated financial statements** | |

---

---

| | | |
|:---|:---|:---|
| **Condensed consolidated income statement** | **Condensed consolidated income statement** | **Condensed consolidated income statement** |
| EUR million | **2025** | **2024** |
| Interest income | 101710 | 109012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through other comprehensive income | 5713 | 6931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at amortized cost | 76248 | 80992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest income | 19749 | 21089 |
| Interest expense | (59362) | (65225) |
| **Interest income/ (charges)** | **42348** | **43787** |
| Dividend income | 715 | 710 |
| Income from companies accounted for using the equity method | 665 | 687 |
| Commission income | 17387 | 16834 |
| Commission expense | (4411) | (4458) |
| Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net | 127 | (117) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at amortized cost | (89) | (190) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets and liabilities | 216 | 73 |
| Gain or losses on financial assets and liabilities held for trading, net | 1017 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of financial assets at fair value through other comprehensive income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of financial assets from amortized cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other gains (losses) | 1017 | 1344 |
| Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss | 1106 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of financial assets at fair value through other comprehensive income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of financial assets from amortized cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other gains (losses) | 1106 | 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 (\*) | 1583 | 846 |
| Other operating expenses | (2070) | (2258) |
| Income from insurance and reinsurance contracts | 476 | 470 |
| Expenses from insurance and reinsurance contracts | (385) | (449) |
| **Total income** | **58670** | **58380** |
| Administrative expenses | (21533) | (21970) |
| &nbsp;&nbsp;&nbsp;&nbsp;Staff costs | (13633) | (13825) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | (7900) | (8145) |
| Depreciation and amortization | (3178) | (3179) |
| Provisions or reversal of provisions, net | (2729) | (3465) |
| Impairment or reversal of impairment of financial assets not measured at fair value<br>through profit or loss and net gains and losses from modifications | (12546) | (12136) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at fair value through other comprehensive income | (29) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial assets at amortized cost | (12517) | (12137) |
| Impairment of investments in subsidiaries, joint ventures and associates, net |  |  |
| Impairment on non-financial assets, net | (251) | (624) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible assets | (129) | (382) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | (112) | (231) |
| &nbsp;&nbsp;&nbsp;&nbsp;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** | **18681** | **17347** |
| Tax expense or income from continuing operations | (4723) | (4844) |
| **Profit/(loss) for the period from continuing operations** | **13958** | **12503** |
| Profit/(loss) after tax from discontinued operations | 1542 | 1241 |
| **Profit/(loss) for the period** | **15500** | **13744** |
| Profit attributable to non-controlling interests | 1399 | 1170 |
| **Profit/(loss) attributable to the parent** | **14101** | **12574** |
| **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.

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 61 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **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

---

| | | |
|:---|:---|:---|
| 62 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **Important information** | |

---

**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.

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 63 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **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.

---

| | | |
|:---|:---|:---|
| 64 | ![image6.jpg](image6.jpg) | January - December **2025** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**[Significant events](#i4390bd8b871844f49146828fb44208b0_55)**<br>**[Key consolidated data](#i4390bd8b871844f49146828fb44208b0_58)**<br>[Business model](#i4390bd8b871844f49146828fb44208b0_61) | <br>[Group financial information](#i4390bd8b871844f49146828fb44208b0_70) | <br>[Financial information by segment](#i4390bd8b871844f49146828fb44208b0_94) | <br>**[Appendix](#i4390bd8b871844f49146828fb44208b0_145)** | &nbsp;&nbsp;![homegrafitocabeceraa.gif](homegrafitocabeceraa.gif)<br>**[Index](#i4390bd8b871844f49146828fb44208b0_43)** |
| | | | **Important information** | |

---

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).

<u>*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.*</u>

---

| | | |
|:---|:---|:---|
| January - December **2025** | ![image6.jpg](image6.jpg) | 65 |

---

------

![contraportadaenga.jpg](contraportadaenga.jpg)

------

**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.** | **Banco Santander, S.A.** |
| Date: 03 February 2026 | By: | /s/ José García Cantera |
|  | Name: | José García Cantera |
|  | Title: | Chief Financial Officer |

---

<br>