# EDGAR Filing Document

**Accession Number:** 0000891478
**File Stem:** 0000950103-26-001892
**Filing Date:** 2026-2
**Character Count:** 56039
**Document Hash:** c8ada7f3df9a9e2424fc915f255a882f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-26-001892.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0000950103-26-001892

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20260210

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**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:** 26614614

**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 X Form 40-F  

**Banco Santander, S.A.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Item** |  |
| 1 | Report of Other Relevant Information dated February 10, 2026 |

---

**Item 1**

Banco Santander, S.A. ("**Banco Santande**r" or the "**Bank**"), in compliance with the Securities Market legislation, hereby announces the following:

**<u>OTHER RELEVANT INFORMATION</u>**

Banco Santander, S.A. reports that, in the context of its upcoming Investor Day, it will introduce changes to the presentation of the Group's financial information, effective from the first quarter of 2026.

This update enhances the transparency and comparability of financial information without affecting attributable profit or the financial targets for the coming years, which were presented on 3 February 2026.

For further information, please refer to the attached presentation or contact the Investor Relations team at <u>investor@gruposantander.com</u>.

Boadilla del Monte (Madrid), 10 February 2026

![](item1_001.jpg)

Changes to Group reporting 10 February 2026

![](item1_002.jpg)

Important information Non - IFRS and alternative performance measures Banco Santander, S . A . ("Santander") cautions that this presentation 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 Banco Santander, S . A . (Santander) Q 4 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 presentation 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 NFI . 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 presentation), 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; 2

![](item1_003.jpg)

• 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. 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 presentation 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 . 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 presentation should be taken as a profit and loss forecast . Not a securities offer This presentation and the information it contains does not constitute an offer to sell nor the solicitation of an offer to buy any securities . 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 presentation, 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 t o customers, customer funds and other metrics are presented on an underlying basis and 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 t o 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 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). 3 Important information

![](item1_004.jpg)

4 Executive summary Following completion of the Poland disposal in January 2026 and ahead of the upcoming Investor Day on 25 February, we will adjust our reporting effective from and including Q1 2026, as follows: Changes affecting underlying results and management metrics at the Group level, related to activity affected by the Poland disposal and to the classification of certain costs Reporting of Cards in Retail: we are positioning Payments, renamed Payment Solutions, as the Group's payments platform business. As such, the Cards business will be reported in Retail, while Plard, our cards processing platform, remains in Payment Solutions Enhanced CoR, NPL ratio, NPL coverage ratio and Spain RoTE definitions, providing a more accurate reflection of the ratios, and impacts from the aforementioned adjustments to primary and secondary segment ratios 1 2 3 Primary segment definitions: in addition to the aforementioned changes, we are rebranding Consumer as Openbank and presenting a new business line structure within Wealth 4 These adjustments do not change the Group's attributable profit, nor do they affect the Group's targets announced in the Q4 2025 results presentation but rather enhance transparency, comparability and alignment with the way we manage the business Note: these adjustments will be applied to the financial information corresponding to 2024 and 2025 to enable comparisons across periods.

![](item1_005.jpg)

5 1 Changes affecting underlying results and management metrics at the Group level UNDERLYING P&L 2025, € mn (1) Change to the classification of certain costs which, until 2025, were reported in the 'other results and provisions' line. Bank levies were reported in other results as they were originally conceived as temporary charges, but attending to their structural nature linked to our activity, we are recording them in 'other income'. (2) Loans and deposits excluding reverse repos and repos, respectively. 58,308 - 358 - 3,724 62,390 Total revenue - 26,410 - 1,721 +1,036 - 25,725 Total costs - 12,128 0 +283 - 12,411 LLPs - 834 +2,080 +473 - 3,387 Other results 13,152 0 - 949 14,101 Underlying profit 949 0 +949 0 Non - recurring items 14,101 0 0 14,101 Attributable profit Differences from… Published… … Poland … Costs …New …New Published… …New CHANGES RELATED TO POLAND DISPOSAL • The results associated with the activity affected by the Poland disposal will be reported in the 'non - recurring items' line in the underlying P&L – Global businesses are reported on an underlying basis only and will therefore exclude the results from Poland • Likewise, loans, deposits, RWAs and the management metrics no longer include Poland balances REPORTING OF CERTAIN COSTS 1 • Certain charges, mainly relating to bank levies and taxes applicable to the banking sector will now be recorded under 'other operating income' 1 • Other recurring operating costs , mainly relating to labour and legal processes, will be reclassified to the 'total costs' line BALANCE SHEET 2 Dec - 25, € bn MAIN FINANCIAL KPIs 2025 Differences from… Published… … Poland … Costs 45.3% 41.2% Efficiency ratio 984 0 - 41 1,024 Loans 15.2% 16.3% Underlying RoTE (post - AT1) 944 0 - 54 998 Deposits 16.3% 16.3% Statutory RoTE (post - AT1) 600 0 - 30 629 RWAs

![](item1_006.jpg)

6 • Given that our payments platform strategy is now largely established , we are positioning Payments, renamed Payment Solutions, as the Group's payments platform business: - Results for our cards business and the related loan balances will be reclassified to Retail from Payments where it was previously recorded - Plard , our card processing platform, will remain in Payment Solutions , and will charge market - based fees to global businesses for card processing Note: figures after applying the adjustments described in slide 5 (changes related to Poland disposal and to the classification of certain costs). (1) Loans excluding reverse repos. 2 Reporting of our cards business in Retail From Payments… …To Retail From Payments… …To Retail Loans - 25.2 +25.2 RWAs +18.1 - 18.1 Total revenue - 4,532 +4,532 Total costs LLPs Other results +1,220 +1,999 0 - 1,220 - 1,999 0 Underlying profit - 767 +767 IMPACTS ON THE P&L 2025, € mn Dec - 25, € bn IMPACTS ON THE BALANCE SHEET 1

![](item1_007.jpg)

7 • As Santander Spain doesn't have its own accounting tangible equity 3 , we are updating the way we allocate a theoretical tangible equity to Spain to increase accuracy, based on: i) the amount required to reach a CET1 ratio of 13% and ii) the allocation of capital deductions and add - ons • Group and primary segment underlying RoTEs are affected by the Poland disposal adjustments and the reporting of Cards in Retail. Secondary segment underlying RoTEs are not affected, except for Spain 3 Impacts on primary and secondary segments' underlying RoTEs (1) Digital Consumer Bank (Consumer) has been renamed Openbank. Subject to regulatory approvals. (2) This metric is not provided for Payment Solutions ('Payments') because, with Cards reported in Retail from 2026, we do not consider this to be a relevant metric for a payment platform business. (3) Santander Spain doesn't have its own accounting tangible equity since it is booked under Banco Santander, S.A. with other units such as the Corporate Centre among others. Therefore, it is assigned a theoretical tangible equity. …New 20.4% 24.3% Spain 10.2% 10.2% UK 30.3% 30.3% Portugal 10.2% 10.2% US 22.0% 22.0% Mexico 15.3% 15.3% Brazil 19.7% 19.7% Chile 20.2% 20.2% Argentina Published… …New Published… Underlying RoTE (post - AT1), 2025 CHANGES TO GLOBAL BUSINESSES CHANGES TO COUNTRIES Underlying RoTE (post - AT1), 2025 17.1% 17.7% Retail 8.5% 8.6% Openbank 1 17.8% 19.1% CIB 61.5% 68.5% Wealth N/A 28.0% Payments 2 Underlying RoTE GROUP Statutory RoTE 16.3% 16.3% 15.2% 16.3% GROUP 15.2% 16.3% Underlying RoTE 16.3% 16.3% Statutory RoTE

![](item1_008.jpg)

8 3 Cost of risk definition and impacts from reporting changes (1) Digital Consumer Bank (Consumer) has been renamed Openbank. Subject to regulatory approvals. (2) This metric is not provided for Payment Solutions ('Payments') because, with Cards reported in Retail from 2026, we do not consider this to be a relevant metric for a payment platform business. 1.15% 1.14% 0.43% 0.44% Spain 0.07% 0.07% UK - 0.02% - 0.02% Portugal 1.62% 1.63% US 2.69% 2.69% Mexico 4.17% 4.73% Brazil 1.32% 1.32% Chile 7.34% 7.34% Argentina 1.14% 1.15% TOTAL GROUP TOTAL GROUP …New CHANGES TO GLOBAL BUSINESSES CHANGES TO COUNTRIES 12m CoR, Dec - 25 12m CoR, Dec - 25 Published… …New Published… 1.15% 0.88% Retail 2.10% 2.10% Openbank 1 0.14% 0.15% CIB 0.08% 0.09% Wealth N/A 7.91% Payments 2 • The CoR definition has been enhanced to include corporate exposures originated through private fixed income products, providing a more accurate view of credit quality • Additionally, CoR at the Group, primary and secondary segment levels are affected by the aforementioned Poland disposal adjustments and the reporting of Cards in Retail

![](item1_009.jpg)

9 1.94% 1.96% Spain 1.08% 1.08% UK 1.99% 2.08% Portugal 4.82% 4.85% US 2.65% 2.65% Mexico 6.76% 6.82% Brazil 5.73% 5.73% Chile 7.68% 7.68% Argentina 3 NPL ratio definition and impacts from reporting changes 2.91% 2.91% 2.91% 2.91% …New TOTAL GROUP TOTAL GROUP CHANGES TO GLOBAL BUSINESSES CHANGES TO COUNTRIES NPL ratio, Dec - 25 NPL ratio, Dec - 25 Published… …New Published… 3.09% 2.97% Retail 5.32% 5.32% Openbank 1 0.72% 0.69% CIB 0.86% 0.86% Wealth N/A 6.35% Payments 2 • The NPL ratio definition has been enhanced to include corporate exposures originated through private fixed income products, providing a more accurate view of credit quality • Additionally, NPL ratios at the Group, as well as at the primary and secondary segment levels are affected by the Poland disposal adjustments and the reporting of Cards in Retail (1) Digital Consumer Bank (Consumer) has been renamed Openbank. Subject to regulatory approvals. (2) This metric is not provided for Payment Solutions ('Payments') because, with Cards reported in Retail from 2026, we do not consider this to be a relevant metric for a payment platform business. Note: the NPL coverage ratio is impacted by the changes mentioned above: inclusion of private fixed income products, the Poland disposal and the reporting of Cards in Retail. The impacts are not material at the Group and country levels but are more evident in Retail. For more information, please see appendix.

![](item1_010.jpg)

10 4 Summary of changes to primary segment definitions From 2025… …To 2026 Retail Retail & Commercial Banking Retail & Commercial Banking including Cards results Openbank Digital Consumer Bank Renamed Openbank 1 (perimeter unchanged) CIB Global Banking Unchanged Global Transaction Banking Global Markets P W a e y m al t e h n t s Private Banking Asset Management Insurance Portfolio Investments Private Banking Insurance and Asset Management Solutions (Wealth's global perimeter unchanged) Payments PagoNxt Cards Renamed Payment Solutions The changes to the primary segment definitions do not affect Group results or the secondary segments (1) Subject to regulatory approvals. Similarly, DCB Europe and DCB US are renamed Openbank Europe and Openbank US, respectively.

![](item1_011.jpg)

11 Appendix Total Group Detail by global business Detail by country CoR Brazil

![](item1_012.jpg)

Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 10,802 10,362 10,603 10,634 11,253 10,497 10,777 11,297 Net interest income 3,466 3,151 3,132 3,179 3,177 3,020 3,074 3,064 Net fee income 707 621 360 666 766 517 315 618 Gains (losses) on financial transactions \* 90 143 318 74 (199) 125 543 (860) Other operating income 15,065 14,277 14,413 14,553 14,997 14,159 14,709 14,119 Total income (6,787) (6,372) (6,591) (6,660) (7,111) (6,768) (6,605) (6,870) Total costs 8,278 7,905 7,822 7,893 7,886 7,391 8,104 7,249 Net operating income (3,220) (2,850) (2,975) (3,083) (3,002) (2,873) (2,952) (2,995) Net loan - loss provisions (132) (383) (195) (124) (650) (105) (593) (83) Other gains (losses) and provisions 4,926 4,672 4,652 4,686 4,234 4,413 4,559 4,171 Profit before tax (1,164) (1,198) (1,254) (1,323) (927) (1,217) (1,340) (1,369) Tax on profit 3,762 3,474 3,398 3,363 3,307 3,196 3,219 2,802 Profit from continuing operations — — — — — — — — Net profit from discontinued operations 3,762 3,474 3,398 3,363 3,307 3,196 3,219 2,802 Consolidated profit (234) (227) (186) (198) (199) (203) (185) (163) Non - controlling interests 3,528 3,247 3,212 3,165 3,108 2,993 3,034 2,639 Underlying profit attributable to the parent 236 257 219 237 157 257 173 213 Non - recurring items 3,764 3,504 3,431 3,402 3,265 3,250 3,207 2,852 Profit attributable to the parent Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Business volumes 984,466 968,194 963,310 980,532 978,961 976,207 991,334 985,563 Gross loans and advances to customers \*\* 1,199,798 1,171,151 1,148,440 1,159,992 1,154,759 1,121,349 1,119,074 1,132,712 Customer funds 944,409 921,858 910,874 923,343 927,533 902,966 906,763 919,924 Customer deposits \*\*\* 255,389 249,293 237,566 236,649 227,226 218,383 212,311 212,788 Mutual funds Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Ratios (%) 16.3 16.1 16.0 15.8 15.5 15.4 15.1 14.1 RoTE (post - AT1, year - to - date) 15.2 14.9 14.9 14.6 14.4 14.3 14.0 13.0 Underlying RoTE (post - AT1, year - to - date) 45.3 45.4 45.7 45.8 47.2 47.1 46.7 48.7 Efficiency (year - to - date) 2.91 2.91 2.90 2.98 3.03 3.03 3.01 3.09 NPL ratio 66 67 67 65 64 63 66 65 NPL coverage ratio 1.14 1.13 1.13 1.12 1.12 1.14 1.17 1.15 Cost of risk 12 \* Includes exchange differences. \*\* Excluding reverse repos. \*\*\* Excluding repos. Total Group EUR million

![](item1_013.jpg)

13 Appendix Total Group Detail by global business Detail by country CoR Brazil

![](item1_014.jpg)

Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 6,732 6,439 6,648 6,709 7,125 6,709 6,851 7,168 Net interest income 1,645 1,521 1,527 1,530 1,507 1,478 1,513 1,525 Net fee income 191 186 123 180 264 125 260 155 Gains (losses) on financial transactions \* (299) (170) (242) (273) (453) (220) (173) (771) Other operating income 8,268 7,977 8,057 8,146 8,444 8,092 8,451 8,077 Total income (3,552) (3,326) (3,500) (3,535) (3,845) (3,485) (3,548) (3,826) Total costs 4,716 4,651 4,556 4,610 4,598 4,607 4,902 4,252 Net operating income (1,768) (1,707) (1,838) (1,837) (1,722) (1,699) (1,832) (1,811) Net loan - loss provisions (46) (131) (102) (107) (182) (71) (226) (67) Other gains (losses) and provisions 2,902 2,813 2,616 2,667 2,694 2,838 2,845 2,374 Profit before tax (739) (755) (727) (753) (639) (817) (875) (800) Tax on profit 2,163 2,058 1,889 1,914 2,055 2,021 1,969 1,574 Profit from continuing operations — — — — — — — — Net profit from discontinued operations 2,163 2,058 1,889 1,914 2,055 2,021 1,969 1,574 Consolidated profit (84) (79) (75) (75) (77) (79) (80) (38) Non - controlling interests 2,079 1,979 1,814 1,839 1,978 1,942 1,889 1,536 Underlying profit attributable to the parent Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Business volumes 591,287 586,957 589,205 598,187 600,230 603,617 609,372 612,987 Gross loans and advances to customers \*\* 726,779 711,477 700,719 701,586 706,505 693,970 690,760 695,898 Customer funds 616,402 604,076 599,530 601,231 607,094 598,499 598,116 604,008 Customer deposits \*\*\* 110,377 107,401 101,188 100,356 99,411 95,471 92,644 91,890 Mutual funds Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Ratios (%) 17.1 16.7 16.3 16.3 17.6 17.2 16.5 14.6 RoTE (post - AT1, year - to - date) \*\*\*\* 42.9 42.9 43.4 43.4 44.5 44.1 44.6 47.4 Efficiency (year - to - date) 3.09 3.08 3.11 3.19 3.21 3.30 3.14 3.19 NPL ratio 66 67 64 63 63 61 66 65 NPL coverage ratio 1.15 1.14 1.13 1.12 1.11 1.14 1.18 1.17 Cost of risk 14 \* Includes exchange differences. \*\* Excluding reverse repos. \*\*\* Excluding repos. \*\*\*\* Denominator allocated according to RWA consumption. Retail & Commercial Banking EUR million

![](item1_015.jpg)

15 Openbank EUR million Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 2,769 2,763 2,747 2,756 2,797 2,614 2,655 2,710 Underlying income statement Net interest income 418 380 341 339 394 373 387 354 Net fee income 31 (19) (18) (6) (24) 3 9 7 Gains (losses) on financial transactions \* 129 118 120 144 162 143 213 77 Other operating income 3,348 3,242 3,191 3,234 3,330 3,133 3,265 3,149 Total income (1,472) (1,348) (1,435) (1,425) (1,419) (1,359) (1,414) (1,383) Total costs 1,876 1,894 1,756 1,809 1,911 1,774 1,851 1,766 Net operating income (1,313) (1,069) (956) (1,119) (1,248) (1,121) (1,056) (1,137) Net loan - loss provisions (249) (29) (19) (16) (398) (31) (72) (11) Other gains (losses) and provisions 314 796 781 674 265 622 723 618 Profit before tax (35) (176) (162) (116) (43) (115) (54) (82) Tax on profit 279 620 620 558 222 507 668 536 Profit from continuing operations — — — — — — — — Net profit from discontinued operations 279 620 620 558 222 507 668 536 Consolidated profit (99) (101) (69) (66) (69) (71) (63) (73) Non - controlling interests 180 518 551 492 153 436 606 463 Underlying profit attributable to the parent Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Business volumes 211,894 211,130 211,115 213,573 215,164 210,070 213,212 Gross loans and advances to customers \*\* 207,570 138,999 136,078 138,322 141,314 137,122 130,652 129,509 Customer funds 125,708 129,909 127,123 129,967 133,070 128,933 122,840 122,014 Customer deposits \*\*\* 118,595 9,089 8,955 8,356 8,244 8,189 7,812 7,495 Mutual funds 7,113 Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Ratios (%) Mar - 24 8.5 10.3 10.3 9.6 8.8 10.9 11.7 RoTE (post - AT1, year - to - date) \*\*\*\* 10.1 43.6 43.5 44.5 44.1 43.3 43.5 43.6 Efficiency (year - to - date) 43.9 5.32 5.29 4.97 5.09 5.07 4.89 4.81 NPL ratio 4.86 71 73 76 75 74 74 76 NPL coverage ratio 76 2.10 2.06 2.09 2.14 2.16 2.12 2.17 Cost of risk 2.12 \* Includes exchange differences. \*\* Excluding reverse repos. \*\*\* Excluding repos. \*\*\*\* Denominator allocated according to RWA consumption.

![](item1_016.jpg)

16 Corporate & Investment Banking EUR million Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 1,040 927 960 897 1,027 844 908 999 Underlying income statement Net interest income 695 589 597 671 624 581 598 611 Net fee income 203 342 228 508 396 507 106 559 Gains (losses) on financial transactions \* 50 50 228 30 (76) 54 340 (183) Other operating income 1,989 1,908 2,013 2,106 1,972 1,986 1,952 1,986 Total income (956) (957) (915) (925) (1,097) (1,015) (918) (892) Total costs 1,033 951 1,098 1,181 875 971 1,035 1,094 Net operating income (122) (75) (65) (16) (15) (43) (47) (37) Net loan - loss provisions (14) (12) (11) 0 (8) (0) (8) (2) Other gains (losses) and provisions 898 864 1,023 1,165 853 928 980 1,054 Profit before tax (238) (229) (294) (352) (143) (261) (287) (332) Tax on profit 659 634 728 813 710 667 693 722 Profit from continuing operations — — — — — — — — Net profit from discontinued operations 659 634 728 813 710 667 693 722 Consolidated profit (31) (27) (30) (39) (42) (39) (33) (40) Non - controlling interests 628 607 699 774 668 628 660 682 Underlying profit attributable to the parent Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Business volumes 146,065 136,187 129,209 135,550 130,840 131,243 138,043 Gross loans and advances to customers \*\* 134,148 149,731 145,413 137,701 147,065 147,492 136,436 140,355 Customer funds 154,486 137,267 130,646 121,978 129,714 133,433 123,578 127,580 Customer deposits \*\*\* 140,255 12,464 14,767 15,723 17,351 14,059 12,858 12,775 Mutual funds 14,231 Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Ratios (%) Mar - 24 17.8 18.5 19.5 20.3 16.3 16.5 17.0 RoTE (post - AT1, year - to - date) \*\*\*\* 17.4 46.8 46.4 44.7 43.9 49.7 47.7 46.0 Efficiency (year - to - date) 44.9 0.72 0.74 0.77 0.81 0.86 0.92 1.22 NPL ratio 1.41 47 45 44 39 39 35 35 NPL coverage ratio 41 0.14 0.09 0.07 0.06 0.08 0.18 0.13 Cost of risk 0.12 \* Includes exchange differences. \*\* Excluding reverse repos. \*\*\* Excluding repos. \*\*\*\* Denominator allocated according to RWA consumption.

![](item1_017.jpg)

17 Wealth Management & Insurance EUR million Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 341 323 325 346 381 391 400 419 Underlying income statement Net interest income 430 399 409 404 394 355 342 351 Net fee income 229 101 100 82 108 28 60 60 Gains (losses) on financial transactions \* 146 141 129 137 96 119 79 4 Other operating income 1,146 965 962 968 978 893 881 835 Total income (381) (362) (338) (363) (384) (349) (332) (339) Total costs 766 603 623 606 595 544 549 496 Net operating income (10) 10 (13) (7) (17) (8) (12) (3) Net loan - loss provisions 0 (0) (13) (0) (7) (1) (0) (0) Other gains (losses) and provisions 755 612 597 599 570 535 536 492 Profit before tax (136) (131) (129) (135) (136) (113) (132) (129) Tax on profit 619 481 468 464 435 422 404 364 Profit from continuing operations — — — — — — — — Net profit from discontinued operations 619 481 468 464 435 422 404 364 Consolidated profit (13) (11) (12) (13) (11) (10) (9) (10) Non - controlling interests 606 470 456 450 424 411 395 354 Underlying profit attributable to the parent Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Business volumes 26,680 25,717 25,168 24,699 24,643 23,309 23,097 Gross loans and advances to customers \*\* 22,929 181,509 175,771 168,860 167,597 161,304 157,833 155,863 Customer funds 154,403 58,051 57,601 56,560 56,898 55,736 55,591 56,465 Customer deposits \*\*\* 54,850 123,458 118,170 112,300 110,698 105,568 102,242 99,397 Mutual funds 99,553 Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Ratios (%) Mar - 24 61.5 58.8 59.9 60.7 68.2 67.4 65.8 RoTE (post - AT1, year - to - date) \*\*\*\* 61.8 35.7 36.7 36.3 37.5 39.1 39.1 39.1 Efficiency (year - to - date) 40.6 0.86 0.91 0.96 0.97 0.98 1.06 1.06 NPL ratio 0.91 71 68 70 66 68 60 59 NPL coverage ratio 56 0.08 0.11 0.19 0.19 0.18 0.08 0.05 Cost of risk (0.07) \* Includes exchange differences. \*\* Excluding reverse repos. \*\*\* Excluding repos. \*\*\*\* Denominator allocated according to RWA consumption.

![](item1_018.jpg)

18 Payment Solutions EUR million Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 45 41 42 38 35 35 31 31 Net interest income 282 267 265 245 261 241 233 224 Net fee income 1 3 (21) (7) 0 (1) 2 (2) Gains (losses) on financial transactions \* 51 41 38 41 49 36 34 30 Other operating income 379 353 325 317 346 311 300 283 Total income (294) (309) (304) (297) (290) (303) (310) (307) Total costs 85 44 21 20 56 8 (10) (24) Net operating income (5) (8) (5) (6) (4) (3) (5) (4) Net loan - loss provisions (3) (0) (7) (1) (4) (0) (243) — Other gains (losses) and provisions 77 35 9 13 48 4 (258) (27) Profit before tax (9) (9) 3 (4) (20) (21) (6) (10) Tax on profit 68 27 11 9 28 (17) (265) (37) Profit from continuing operations — — — — — — — — Net profit from discontinued operations 68 27 11 9 28 (17) (265) (37) Consolidated profit (7) (7) (0) (4) (2) (5) (0) (2) Non - controlling interests 61 19 11 4 26 (21) (265) (39) Underlying profit attributable to the parent Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Business volumes 1,002 976 1,249 1,337 1,087 955 755 Gross loans and advances to customers \*\* 1,443 1,392 1,145 999 1,090 1,038 982 994 Customer funds 790 1,392 1,145 999 1,090 1,038 982 994 Customer deposits \*\*\* 790 — — — — — — — Mutual funds — Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Ratios (%) 34.5 31.6 28.8 28.6 27.5 22.7 20.1 17.0 EBITDA margin (year - to - date) 87.6 91.5 93.6 93.7 97.5 102.8 105.7 108.3 Efficiency (year - to - date) \* Includes exchange differences. \*\* Excluding reverse repos. \*\*\* Excluding repos.

![](item1_019.jpg)

19 Corporate Centre EUR million Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 (126) (132) (120) (112) (113) (95) (69) (31) Underlying income statement Net interest income (5) (6) (7) (9) (3) (8) 2 (1) Net fee income 52 8 (53) (91) 22 (145) (122) (162) Gains (losses) on financial transactions \* 13 (37) 44 (5) 22 (6) 48 (17) Other operating income (66) (167) (136) (217) (73) (254) (141) (211) Total income (132) (71) (98) (115) (76) (259) (82) (123) Total costs (198) (238) (234) (332) (149) (513) (223) (335) Net operating income (1) 0 (98) (99) 3 1 (0) (2) Net loan - loss provisions 178 (210) (43) (0) (51) (1) (43) (3) Other gains (losses) and provisions (21) (447) (375) (431) (197) (514) (266) (340) Profit before tax (6) 102 56 37 55 110 15 (18) Tax on profit (26) (346) (319) (394) (142) (403) (252) (357) Profit from continuing operations — — — — — — — — Net profit from discontinued operations (26) (346) (319) (394) (142) (403) (252) (357) Consolidated profit 0 (0) (0) 0 0 0 0 (0) Non - controlling interests (26) (346) (319) (394) (142) (403) (252) (357) Underlying profit attributable to the parent \* Includes exchange differences.

![](item1_020.jpg)

20 Appendix Total Group Detail by global business Detail by country CoR Brazil

![](item1_021.jpg)

Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 1,890 1,829 1,806 1,779 1,802 1,799 1,840 1,816 Net interest income 810 710 735 767 676 707 738 746 Net fee income 63 205 124 448 302 330 107 362 Gains (losses) on financial transactions \* 142 119 348 110 122 125 342 (231) Other operating income 2,906 2,864 3,013 3,105 2,902 2,961 3,026 2,692 Total income (1,131) (1,131) (1,090) (1,113) (1,215) (1,155) (1,027) (1,112) Total costs 1,774 1,733 1,923 1,992 1,687 1,806 1,999 1,580 Net operating income (301) (242) (295) (304) (322) (279) (327) (331) Net loan - loss provisions (29) (85) (40) (44) (118) (14) (228) (13) Other gains (losses) and provisions 1,444 1,406 1,588 1,645 1,247 1,512 1,445 1,236 Profit before tax (406) (431) (476) (498) (322) (431) (461) (464) Tax on profit 1,038 976 1,111 1,147 925 1,081 984 772 Profit from continuing operations — — — — — — — — Net profit from discontinued operations 1,038 976 1,111 1,147 925 1,081 984 772 Consolidated profit 0 (0) (0) (0) (0) (0) (0) (0) Non - controlling interests 1,038 975 1,111 1,147 925 1,081 984 772 Underlying profit attributable to the parent Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Business volumes 237,385 233,236 232,478 229,140 225,759 229,728 234,321 228,489 Gross loans and advances to customers \*\* 429,464 416,402 404,967 395,842 399,999 385,316 382,346 381,244 Customer funds 322,070 313,534 306,005 299,063 306,389 296,087 296,568 298,662 Customer deposits \*\*\* 107,394 102,868 98,961 96,779 93,609 89,230 85,777 82,582 Mutual funds Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Ratios (%) 20.4 20.5 21.4 21.9 18.3 18.6 17.4 15.2 Underlying RoTE (post - AT1, year - to - date) 37.6 37.1 36.0 35.8 38.9 38.0 37.4 41.3 Efficiency (year - to - date) 1.94 2.06 2.13 2.53 2.66 2.79 2.89 2.98 NPL ratio 55 54 53 53 53 50 50 50 NPL coverage ratio 0.43 0.45 0.47 0.48 0.50 0.51 0.56 0.58 Cost of risk 21 \* Includes exchange differences. \*\* Excluding reverse repos. \*\*\* Excluding repos. Spain EUR million

![](item1_022.jpg)

Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 1,245 1,220 1,244 1,298 1,313 1,256 1,196 1,185 Net interest income 111 92 84 82 61 80 64 79 Net fee income (16) (16) (27) (41) (18) 7 (0) (7) Gains (losses) on financial transactions \* (69) (28) (76) (73) (82) (28) (26) (67) Other operating income 1,271 1,268 1,225 1,267 1,274 1,315 1,233 1,190 Total income (732) (686) (747) (772) (808) (741) (750) (751) Total costs 539 582 479 496 466 574 484 438 Net operating income (58) (6) (60) (52) 34 (37) (44) (17) Net loan - loss provisions 6 (31) (38) (61) (44) (48) (5) (6) Other gains (losses) and provisions 487 544 380 382 456 489 434 415 Profit before tax (138) (146) (105) (97) (125) (144) (110) (109) Tax on profit 349 398 276 285 331 346 325 305 Profit from continuing operations — — — — — — — — Net profit from discontinued operations 349 398 276 285 331 346 325 305 Consolidated profit — — — — — — — — Non - controlling interests 349 398 276 285 331 346 325 305 Underlying profit attributable to the parent Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Business volumes 228,273 226,671 229,393 234,462 236,496 238,292 235,979 236,512 Gross loans and advances to customers \*\* 227,160 223,539 223,958 227,841 230,479 232,352 230,481 235,125 Customer funds 219,440 215,984 216,443 220,353 222,835 224,632 222,887 227,633 Customer deposits \*\*\* 7,719 7,555 7,516 7,488 7,643 7,720 7,594 7,492 Mutual funds Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Ratios (%) 10.2 10.1 8.9 9.2 10.6 10.6 10.3 9.9 Underlying RoTE (post - AT1, year - to - date) 58.4 58.6 60.9 60.9 60.9 60.0 62.0 63.2 Efficiency (year - to - date) 1.08 1.09 1.25 1.25 1.33 1.44 1.46 1.48 NPL ratio 33 34 31 31 29 28 28 28 NPL coverage ratio 0.07 0.03 0.05 0.04 0.03 0.05 0.08 0.08 Cost of risk 22 \* Includes exchange differences. \*\* Excluding reverse repos. \*\*\* Excluding repos. UK EUR million

![](item1_023.jpg)

23 Portugal EUR million Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 334 328 336 348 332 373 413 431 Underlying income statement Net interest income 128 123 129 126 110 115 115 127 Net fee income 11 20 19 20 7 3 18 17 Gains (losses) on financial transactions \* 13 10 1 9 9 10 (23) 9 Other operating income 485 481 486 503 458 500 523 584 Total income (143) (134) (131) (137) (161) (142) (134) (137) Total costs 342 348 356 366 298 358 389 447 Net operating income 6 (7) (5) 14 (1) (7) 5 (7) Net loan - loss provisions (3) — — — — — — — Other gains (losses) and provisions 346 341 350 380 296 351 394 440 Profit before tax (101) (100) (103) (101) (86) (121) (133) (137) Tax on profit 245 241 247 279 210 230 260 303 Profit from continuing operations — — — — — — — — Net profit from discontinued operations 245 241 247 279 210 230 260 303 Consolidated profit (0) (0) (1) (1) (0) (1) (1) (1) Non - controlling interests 245 240 247 278 209 229 260 303 Underlying profit attributable to the parent Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Business volumes 41,980 40,916 40,427 39,631 39,143 38,771 38,412 Gross loans and advances to customers \*\* 38,116 46,201 45,657 44,878 44,040 43,186 42,707 42,235 Customer funds 40,869 40,576 40,199 39,676 39,034 38,304 38,033 37,732 Customer deposits \*\*\* 36,509 5,625 5,458 5,202 5,005 4,882 4,674 4,504 Mutual funds 4,360 Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Ratios (%) Mar - 24 30.3 30.5 31.1 30.6 25.0 26.4 28.4 Underlying RoTE (post - AT1, year - to - date) 30.7 27.8 27.3 27.0 27.2 27.8 25.7 24.5 Efficiency (year - to - date) 23.4 1.99 1.99 2.13 2.12 2.27 2.27 2.24 NPL ratio 2.44 81 85 81 81 78 78 80 NPL coverage ratio 81 (0.02) 0.00 (0.00) (0.02) 0.03 0.07 0.11 Cost of risk 0.17 \* Includes exchange differences. \*\* Excluding reverse repos. \*\*\* Excluding repos.

![](item1_024.jpg)

Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 1,212 1,207 1,155 1,112 1,105 1,069 1,092 1,095 Net interest income 234 198 185 188 222 229 231 220 Net fee income 7 (25) (16) (4) (32) (3) 6 4 Gains (losses) on financial transactions \* 142 124 101 107 132 103 114 56 Other operating income 1,595 1,504 1,424 1,402 1,427 1,398 1,444 1,375 Total income (729) (698) (762) (709) (723) (696) (734) (695) Total costs 866 805 662 693 705 703 710 679 Net operating income (436) (307) (284) (336) (345) (279) (308) (276) Net loan - loss provisions (244) (13) (8) (1) (387) (22) (45) (3) Other gains (losses) and provisions 185 485 371 357 (28) 402 356 401 Profit before tax (8) (104) (108) (100) 25 (100) (78) (103) Tax on profit 177 380 262 256 (2) 302 279 297 Profit from continuing operations — — — — — — — — Net profit from discontinued operations 177 380 262 256 (2) 302 279 297 Consolidated profit (90) (92) (60) (63) (51) (59) (55) (69) Non - controlling interests 87 289 203 193 (54) 243 224 229 Underlying profit attributable to the parent Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Business volumes 142,477 141,162 142,351 139,511 139,927 138,253 138,296 134,749 Gross loans and advances to customers \*\* 87,559 86,657 88,774 88,729 85,876 84,389 81,052 77,146 Customer funds 82,359 81,558 84,005 84,067 81,376 79,995 76,901 73,265 Customer deposits \*\*\* 5,200 5,099 4,769 4,662 4,500 4,395 4,151 3,882 Mutual funds Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Ratios (%) 6.7 8.0 6.9 6.7 5.5 8.4 8.1 8.0 Underlying RoTE (post - AT1, year - to - date) 48.9 50.1 52.0 50.6 50.5 50.4 50.7 50.6 Efficiency (year - to - date) 2.53 2.70 2.62 2.62 2.50 2.44 2.31 2.27 NPL ratio 87 82 82 82 83 83 85 86 NPL coverage ratio 0.97 0.91 0.89 0.92 0.88 0.75 0.72 0.67 Cost of risk 24 \* Includes exchange differences. \*\* Excluding reverse repos. \*\*\* Excluding repos. Openbank Europe EUR million

![](item1_025.jpg)

Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 1,476 1,463 1,450 1,499 1,458 1,411 1,428 1,396 Net interest income 314 335 323 355 317 296 272 267 Net fee income 264 111 76 96 80 93 97 101 Gains (losses) on financial transactions \* 17 20 64 64 86 70 104 104 Other operating income 2,072 1,930 1,913 2,014 1,941 1,870 1,900 1,869 Total income (1,001) (921) (951) (1,017) (1,021) (993) (979) (972) Total costs 1,071 1,009 962 997 920 877 922 896 Net operating income (647) (569) (493) (535) (686) (650) (556) (615) Net loan - loss provisions (4) (16) (13) (15) (11) (9) (27) (8) Other gains (losses) and provisions 420 425 457 447 223 217 339 274 Profit before tax (72) (70) (35) (30) 6 (2) 46 6 Tax on profit 347 355 422 417 229 216 385 279 Profit from continuing operations — — — — — — — — Net profit from discontinued operations 347 355 422 417 229 216 385 279 Consolidated profit (0) — — — — — — — Non - controlling interests 347 355 422 417 229 216 385 279 Underlying profit attributable to the parent Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Business volumes 108,950 106,850 105,970 117,108 117,511 113,054 117,955 115,076 Gross loans and advances to customers \*\* 103,178 98,087 96,993 105,476 108,246 98,517 101,898 107,185 Customer funds 87,686 82,874 82,828 91,034 93,545 84,827 88,551 94,048 Customer deposits \*\*\* 15,492 15,213 14,165 14,442 14,702 13,690 13,347 13,137 Mutual funds Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Ratios (%) 10.2 10.5 11.0 10.7 6.9 7.5 8.7 7.3 Underlying RoTE (post - AT1, year - to - date) 49.1 49.3 50.1 50.5 52.3 52.2 51.8 52.0 Efficiency (year - to - date) 4.82 4.67 4.61 4.41 4.68 4.40 4.33 4.60 NPL ratio 55 58 63 64 64 65 68 68 NPL coverage ratio 1.62 1.63 1.68 1.72 1.82 1.94 2.06 1.98 Cost of risk 25 \* Includes exchange differences. \*\* Excluding reverse repos. \*\*\* Excluding repos. US EUR million

![](item1_026.jpg)

Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 1,190 1,126 1,109 1,129 1,097 1,113 1,207 1,214 Net interest income 423 341 339 350 322 329 374 359 Net fee income 172 118 73 64 177 75 74 70 Gains (losses) on financial transactions \* (46) (30) (16) (38) (38) (41) (19) (35) Other operating income 1,739 1,556 1,504 1,506 1,558 1,476 1,636 1,608 Total income (762) (658) (651) (659) (705) (647) (695) (680) Total costs 977 898 853 847 852 829 942 928 Net operating income (308) (324) (302) (304) (263) (293) (351) (370) Net loan - loss provisions — — — — — — — — Other gains (losses) and provisions 669 574 551 542 589 536 590 558 Profit before tax (174) (157) (150) (147) (150) (141) (161) (146) Tax on profit 495 417 401 395 439 395 430 412 Profit from continuing operations — — — — — — — — Net profit from discontinued operations 495 417 401 395 439 395 430 412 Consolidated profit (1) (1) (1) (1) (1) (1) (1) (1) Non - controlling interests 494 416 400 394 438 394 429 411 Underlying profit attributable to the parent Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Business volumes 49,442 45,997 44,313 44,517 44,715 43,396 47,325 51,479 Gross loans and advances to customers \*\* 68,201 64,610 62,330 61,373 61,160 57,791 64,360 68,569 Customer funds 45,498 42,135 41,261 41,145 41,528 39,194 44,825 49,313 Customer deposits \*\*\* 22,703 22,475 21,070 20,228 19,632 18,597 19,534 19,256 Mutual funds Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Ratios (%) 22.0 21.2 21.0 20.6 19.6 18.9 18.7 18.3 Underlying RoTE (post - AT1, year - to - date) 43.3 43.1 43.5 43.8 43.4 42.8 42.4 42.3 Efficiency (year - to - date) 2.65 2.95 2.93 2.79 2.71 2.70 2.78 2.74 NPL ratio 105 101 99 102 100 104 102 101 NPL coverage ratio 2.69 2.62 2.53 2.55 2.64 2.69 2.71 2.63 Cost of risk 26 \* Includes exchange differences. \*\* Excluding reverse repos. \*\*\* Excluding repos. Mexico EUR million

![](item1_027.jpg)

Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 2,331 2,309 2,338 2,402 2,413 2,474 2,605 2,630 Net interest income 843 801 757 793 846 833 888 846 Net fee income (17) (34) (36) 23 (0) (31) (42) 36 Gains (losses) on financial transactions \* 39 20 27 6 11 7 27 (5) Other operating income 3,197 3,096 3,085 3,223 3,270 3,282 3,477 3,507 Total income (1,286) (1,203) (1,215) (1,253) (1,266) (1,225) (1,360) (1,367) Total costs 1,910 1,894 1,871 1,971 2,003 2,057 2,117 2,140 Net operating income (1,084) (1,035) (1,124) (1,166) (1,077) (1,088) (1,158) (1,163) Net loan - loss provisions (4) (7) — — (0) (0) (0) — Other gains (losses) and provisions 822 851 747 805 926 969 958 977 Profit before tax (183) (198) (210) (246) (214) (273) (318) (359) Tax on profit 639 654 537 559 712 696 640 618 Profit from continuing operations — — — — — — — — Net profit from discontinued operations 639 654 537 559 712 696 640 618 Consolidated profit (60) (61) (50) (49) (60) (66) (60) (57) Non - controlling interests 579 593 487 509 652 630 580 561 Underlying profit attributable to the parent Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Business volumes 93,030 93,616 89,320 93,607 93,785 96,070 98,724 104,084 Gross loans and advances to customers \*\* 132,580 137,559 130,531 138,313 129,881 134,597 135,611 144,496 Customer funds 80,449 82,967 79,271 84,267 81,378 83,342 85,548 89,207 Customer deposits \*\*\* 52,132 54,592 51,260 54,045 48,503 51,254 50,063 55,289 Mutual funds Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Ratios (%) 15.3 15.1 14.2 14.4 16.8 16.1 15.1 14.6 Underlying RoTE (post - AT1, year - to - date) 39.3 39.0 39.1 38.9 38.6 38.5 39.0 39.0 Efficiency (year - to - date) 6.76 6.54 6.55 6.30 6.10 6.21 5.95 6.04 NPL ratio 81 83 82 79 79 79 87 83 NPL coverage ratio 4.17 4.17 4.19 4.11 4.03 4.27 4.26 4.27 Cost of risk 27 \* Includes exchange differences. \*\* Excluding reverse repos. \*\*\* Excluding repos. Brazil EUR million

![](item1_028.jpg)

Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 479 436 490 512 516 482 472 352 Net interest income 151 135 145 151 140 146 137 129 Net fee income 45 64 57 63 65 66 54 53 Gains (losses) on financial transactions \* (2) (4) (5) (4) (6) (2) (4) (6) Other operating income 674 630 688 722 714 691 659 527 Total income (220) (210) (237) (251) (236) (238) (243) (226) Total costs 454 420 451 470 478 453 417 302 Net operating income (115) (122) (138) (156) (118) (127) (126) (125) Net loan - loss provisions (14) (13) (5) (0) (17) (9) (0) (17) Other gains (losses) and provisions 325 285 308 315 343 317 290 160 Profit before tax (47) (50) (45) (46) (59) (60) (58) (34) Tax on profit 278 234 263 268 285 257 232 126 Profit from continuing operations — — — — — — — — Net profit from discontinued operations 278 234 263 268 285 257 232 126 Consolidated profit (82) (70) (78) (84) (89) (77) (70) (35) Non - controlling interests 196 165 184 185 196 180 162 90 Underlying profit attributable to the parent Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Business volumes 40,986 38,438 38,954 41,579 41,405 41,850 41,782 40,301 Gross loans and advances to customers \*\* 42,256 38,221 39,058 42,115 43,383 40,989 39,591 38,035 Customer funds 28,293 25,530 26,614 29,507 30,060 28,948 28,321 27,768 Customer deposits \*\*\* 13,963 12,691 12,444 12,608 13,324 12,041 11,270 10,267 Mutual funds Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Ratios (%) 19.7 19.3 19.5 18.2 16.3 14.9 13.0 9.0 Underlying RoTE (post - AT1, year - to - date) 33.9 34.3 34.7 34.8 36.4 37.6 39.5 42.8 Efficiency (year - to - date) 5.73 5.54 5.43 5.60 5.37 5.33 5.12 4.95 NPL ratio 48 49 50 50 50 52 53 54 NPL coverage ratio 1.32 1.32 1.31 1.26 1.19 1.09 0.97 0.85 Cost of risk 28 \* Includes exchange differences. \*\* Excluding reverse repos. \*\*\* Excluding repos. Chile EUR million

![](item1_029.jpg)

Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Underlying income statement 471 318 523 416 1,107 390 397 1,025 Net interest income 207 192 217 172 287 111 73 131 Net fee income 52 55 83 38 101 34 18 76 Gains (losses) on financial transactions \* (149) (56) (183) (122) (448) (115) (23) (677) Other operating income 581 509 641 504 1,047 421 465 555 Total income (243) (215) (290) (230) (527) (214) (212) (384) Total costs 338 295 351 274 519 207 253 171 Net operating income (193) (172) (133) (76) (156) (63) (31) (35) Net loan - loss provisions (2) (7) (22) (1) (12) (1) 6 (32) Other gains (losses) and provisions 143 115 195 197 352 143 228 104 Profit before tax (58) (29) (61) (69) (68) (27) (63) (3) Tax on profit 85 86 134 129 284 116 165 102 Profit from continuing operations — — — — — — — — Net profit from discontinued operations 85 86 134 129 284 116 165 102 Consolidated profit (0) (0) (0) (0) (1) (0) (0) (0) Non - controlling interests 85 86 134 129 283 116 164 101 Underlying profit attributable to the parent Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Business volumes 8,611 9,424 8,989 8,642 7,938 5,550 5,368 5,357 Gross loans and advances to customers \*\* 15,894 16,205 17,761 17,006 17,047 12,368 8,676 10,392 Customer funds 9,959 10,190 11,476 10,978 11,293 8,843 5,553 6,346 Customer deposits \*\*\* 5,934 6,015 6,285 6,028 5,754 3,525 3,123 4,046 Mutual funds Dec - 25 Sep - 25 Jun - 25 Mar - 25 Dec - 24 Sep - 24 Jun - 24 Mar - 24 Ratios (%) 20.2 21.4 21.8 22.0 34.5 37.0 38.7 20.1 Underlying RoTE (post - AT1, year - to - date) 43.8 44.4 45.5 45.7 53.8 56.2 58.4 69.2 Efficiency (year - to - date) 7.68 4.95 3.76 2.32 2.06 1.79 1.51 1.84 NPL ratio 90 109 121 155 177 161 145 147 NPL coverage ratio 7.34 6.24 5.09 4.58 4.59 4.88 4.80 5.43 Cost of risk 29 \* Includes exchange differences. \*\* Excluding reverse repos. \*\*\* Excluding repos. Argentina EUR million

![](item1_030.jpg)

30 Appendix Total Group Detail by global business Detail by country CoR Brazil

![](item1_031.jpg)

31 CoR calculation: Brazil • CoR numerator (12m rolling LLPs) currently includes provisions arising from private fixed income products. However, the denominator (12m average net loans including reverse repos) does not include the exposure to these fixed income products, creating an imbalance between the numerator and the denominator • As a result, the CoR definition has been enhanced to include corporate exposures originated through private fixed income products in the denominator, providing a more accurate view of credit quality - 56bps vs. current criteria BRL mn, FY'25 … New Published… 27,798 27,798 Loan - loss provisions 1,131 1,131 o/w private fixed income 666,152 587,546 Average loans 78,607 0 o/w private fixed income CoR 4.73% 4.17% Note: with this change to the CoR calculation, we are aligning its definition to market standards in Brazil.

![](item1_032.jpg)

Thank You. Our purpose is to help people and businesses prosper. Our culture is based on believing that everything we do should be:

**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.** | **Banco Santander, S.A.** |
| Date: | February 10, 2026 | By: | /s/ Pedro de Mingo Kaminouchi | /s/ Pedro de Mingo Kaminouchi |
|  |  |  | Name: | Pedro de Mingo Kaminouchi |
|  |  |  | Title: | Head of Corporate Compliance |

---