Banco Santander S.A. — Earnings Release 2025

Apr 30, 2025

Q1'25 Earnings Presentation

30 April 2025

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) Q1 2025 Financial Report, published on 30 April 2025 (https://www.santander.com/en/shareholders-and-investors/financial-andeconomic-information#quarterly-results).

Sustainability information

This presentation may contain, in addition to financial information, sustainability-related information, including environmental, social and governance-related metrics, statements, goals, targets, commitments and opinions. Sustainability information is not audited nor, save as expressly indicated under section 'Auditors' reviews' of the 2024 Annual Financial Report, reviewed by an external auditor. Sustainability information is prepared following various external and internal frameworks, reporting guidelines and measurement, collection and verification methods and practices, which may materially differ from those applicable to financial information and are in many cases emerging and evolving. Sustainability information is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. Sustainability information is thus subject to significant measurement uncertainties, may not be comparable to sustainability information of other companies or over time or across periods and its use is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. The sustainability information is for informational purposes only, without any liability being accepted in connection with it except where such liability cannot be limited under overriding provisions of applicable law.

Forward-looking statements

Santander hereby warns that this 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 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 and the Middle East or the outbreak of public health emergencies in the global economy) in areas where we have significant operations or investments;

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

Important information

• 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;

• legislative, regulatory or tax changes (including regulatory capital and liquidity requirements), especially in view of the UK's exit from the European Union and greater regulation prompted by financial crises;

• acquisition integration and challenges arising from deviating management's resources and attention from other strategic opportunities and operational matters;

• 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 industry and governmental standards and regulations;

• 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.

Index

We have entered the last year of our third strategic cycle well ahead in all our key Investor Day targets for 2025, that we improved alongside our Q4'24 results

Q1'25 vs. ID targets for 2025 and 2025 targets upgraded in Q4'24

Note: 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.

(1) After fully-loaded Basel III implementation.

Strong start to the year, with all global businesses growing revenue and profit

Another record profit in Q1, with 9 million new customers YoY and good activity levels	Q1'25 revenue €15 5b n +1%	Q1'25 att. profit €3.4bn +19%
Strong operating performance and profitability on the back of ONE Transformation	Efficiency 41 8% 0 8pp -	RoTE post-AT1 15 8% +1 7pp
Solid balance sheet with sound credit quality and capital ratios	CoR 1 14% 6bps -	CET1 12.9% +60bps
Capital productivity and disciplined capital allocation driving profitability and double-digit shareholder value creation	TNAVps + Cash DPS	14 5% + YoY

Note: YoY changes. In constant euros: Q1'25 revenue +5% and Q1'25 attributable profit +24%. P&L accounts are all presented on an underlying basis. CET1 ratio is phased-in, calculated in accordance with the transitory treatment of the CRR. YoY comparison based on published Q1'24 ratio (calculated on a fully-loaded basis). TNAVps + Cash DPS includes the €10.00 cent cash dividend per share paid in November 2024, executed as part of our shareholder remuneration policy.

Continuing strong operational performance driving profit growth

Group P&L			Current	Constant
€ million	Q1'25	Q1'24	%	%
NII	11 378 ,	11 983 ,	5 -	2 -	NII excluding Argentina: +0% in current +4% in constant
fee income Net	3 369 ,	3 240 ,	4	9
Other income	790	157	n m	n m	Total revenue excluding Argentina:
* Total revenue	15 537 ,	15 380 ,	1	5	+1% in current +5% in constant
Operating expenses	6 489 - ,	6 547 - ,	1 -	2
operating income Net	9 048 ,	8 833 ,	2	7
LLPs	3 161 - ,	3 125 - ,	1	7
Other results	700 -	1 125 - ,	38 -	36 -
Attributable profit	3 402 ,	2 852 ,	1 9	2 4
Att. profit like-for-like Spanish banking tax1	1 0	1 3

(*) Revenue profile is significantly affected by Argentina (non-material in total revenue): -€609mn in NII YoY compensated by +€554mn from lower inflation in other income.

SANTANDER

• 2025 has started with excellent business and commercial dynamics
• Revenue growth backed by record net fee income
• C/I and CoR improvement

• Higher RoTE

Note: underlying P&L. All references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from a hyperinflationary economy. From Q2 2024 onwards for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods). For further information, please see the 'Alternative Performance Measures' section of the Quarterly Financial Report.

Consistent execution of ONE Transformation is driving both revenue and costs ahead of plan …

… supporting value creation across our 5 global businesses

Q1'25	Revenue (€ bn)	Contribution to Group revenue	Efficiency	Profit (€ bn)	Profitability Q1'25	Profitability 2025 targets
					RoTE	post-AT1
RETAIL	7 9	50%	39 4%	1 9	17 6%	c.17%
	+2%		-1 3pp	+28%	+2 3pp
	3 2	21%	41 9%	0 5	9 7%	c.12%
CONSUMER	+2%		+0 8pp	+6%	-0 6pp
CIB	2 2	14%	42 9%	0 8	21 6%	c.20%
	+8%		+1 3pp	+18%	+3 1pp
	1 0		36 5%	0 5	68 0%
WEALTH	+14%	6%	-1 4pp	+28%	-2 1pp	c.60%
					PagoNxt	EBITDA margin
PAYMENTS	1 4	9%	43 9%	0 1	28 6%	>30%
	+15%		-4 5pp	+30%	+11 6pp
					RoTE post-AT1
GROUP	15 5		41 8%	3 4	15 8%	c.16.5%
	+5%		-0 8pp	+24%	+1 7pp

Note: YoY changes in constant euros. The 2024 global business series have been slightly modified. These adjustments do not affect Group results. For more information, see the Appendix and the Quarterly financial report. Contribution to Group revenue as a percentage of total operating areas, excluding the Corporate Centre. Global businesses' RoTEs are adjusted based on Group's deployed capital; targets have been adjusted for AT1 costs.

Retail: another quarter of strong YoY profit growth on the back of efficiency gains and reduced CoR

Q1'25 FINANCIALS

Operational leverage

(€ mn)

• Our transformation is delivering solid results, as reflected in fee growth (+7%), efficiency improvement (-1pp to 39.4%) and higher RoTE (+2pp to 17.6%)
• Loan performance in line with our strategic focus on profitability. Generalized increases in deposits and mutual funds as we strengthen our customer relationships
• Strong profit increase, driven by revenue across most countries (NII excl. Argentina and fees), lower costs and better credit quality

Note: data and YoY changes in constant euros.

(1) Metrics cover all products and employees in the branch network in our 10 main countries.

Consumer: higher loans and successful deposit gathering are driving profit growth

Q1'25 FINANCIALS

• Openbank launched in Mexico and Germany. In the US, new partnership with Verizon announced to boost growth
• Loans up, driven by auto. Strong deposit growth, both in DCBE and DCB US, in line with our strategy to lower funding costs
• Profit increased supported by good performance in DCB US (RoTE of 14.4%¹ ) on the back of NII growth and LLP improvement (favourable payment rates, used car prices and lower unemployment)

3.2 3.2

Q1'24 Q1'25

(€ mn)

Note: data and YoY changes in constant euros.

ANEAs: average net earning assets, including renting. (1) DCB US RoTE post-AT1 adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%.

Operating expenses / ANEAs (%)

2.46

Q1'25

2.53

Q1'24

CIB: improvement in profitability driven by 11% fee growth year on year

Wealth: strong profit growth, with revenue growth across business lines and collaboration fees up double-digits

Q1'25 FINANCIALS

• Increased focus on higher-margin investment solutions and services, improving recurrency levels
• Volumes reached new record levels, backed by sound commercial dynamics, both in PB (+9% customers) and SAM (+14% AuMs), and positive market performance
• Strong profit growth supported by solid revenue performance across businesses, reflecting our focus on fee generating activities

Note: data and YoY changes in constant euros.

(1) Annualized YTD net new money as a % of PB's 2024 customer assets and liabilities (CAL). Annualized YTD net sales as a % of SAM's 2024 AuMs. (2) Includes deposits and off-balance sheet assets. (3) Includes all fees generated by Santander Asset Management and Insurance, even those ceded to the commercial network, which are recorded in Retail's P&L.

Payments: driving revenue growth and scale through global platforms

Q1'25 FINANCIALS

• On track with our key strategic priorities to capture scale though global platforms, driving cost per transaction improvements
• Increased activity both in PagoNxt (Getnet's TPV +14%) and Cards (spending +7%)
• Profit up strongly driven by double-digit revenue growth (NII and fees), both in PagoNxt and Cards, while costs were flat

(€ mn)

Note: data and YoY changes in constant euros.

(1) Transactions include merchant payments, cards and electronic A2A payments.

(2) Payments volume includes PagoNxt Total Payments Volume (TPV) in Getnet and Cards spending.

Improving profitability with EPS up 26% and 14.5% value creation

Since 2021, including the second buyback against 2024 results, Santander will have returned €9.5bn to shareholders via share buybacks and repurchased 14% of its outstanding shares

Index

16

Continuing strong operational performance driving profit growth

(*) Revenue profile is significantly affected by Argentina (non-material in total revenue): -€609mn in NII YoY compensated by +€554mn from lower inflation in other income.

Note: underlying P&L. All references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from a hyperinflationary economy. From Q2 2024 onwards for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods). For further information, please see the 'Alternative Performance Measures' section of the Quarterly Financial Report.

(1) YoY attributable profit growth if we accrue the 2024 temporary levy on revenue earned in Spain, in line with the criteria used for the banking tax in Spain in 2025.

Revenue growth underpinned by stronger customer activity across our businesses

14,828 15,216 15,186 16,106 15,537 Q1'24 Q 2 Q 3 Q 4 Q1'25 15,537 14,828 +188 +55 +163 +129 +178 -5 Q1'24 Retail Consumer CIB Wealth Payments CC Q1'25 YoY growth +2% +2% +8% +14% +15% +5%+5% Constant € mn

GROUP

• >95% of total revenue is customer related
• Strong revenue increase YoY reflecting the benefits of our model, with all businesses growing
• Revenue QoQ affected by the exchange rate accounting in Argentina in Q4'24. Of note, strong growth in CIB

DETAIL BY BUSINESS

• Retail: positive performance driven by strong fee income across most countries and gains on financial transactions (mainly Brazil and Spain)
• Consumer: revenue increase on the back of NII growth, both in DCBE and DCB US
• CIB again achieved record revenue, supported by a strong performance in Global Markets. Of note, strong growth in the US in NII and fees
• Wealth up double-digits, driven by all business lines backed by strong commercial activity
• Payments boosted by double-digit growth in NII and fees, in both PagoNxt and Cards, driven by activity improvement

TOTAL REVENUE

Resilient NII performance, growing in most businesses excluding Argentina

-0.14

Liability volumes Q1'25

NET INTEREST INCOME

• >80% of Group NII is from our Retail and Consumer businesses
• NII +4% YoY excluding Argentina with most businesses growing:
  • − Retail +4% supported by Chile and the UK (good margin management), Mexico (volumes and lower costs of deposits) and Poland (volumes)
  • − Consumer grew 3% supported by higher volumes in Europe and active spread management both in DCBE and DCB US
  • − CIB (+12%) boosted by Brazil and the US (higher yields on new business)
  • − Payments (+20%) supported by PagoNxt(Getnet Brazil) and Cards (higher volumes across our footprint)
• Resilient NII QoQ excluding Argentina, even with a lower day count:
  • − Retail up in Spain (margin management and volumes) and Portugal (volumes); Brazil impacted by change of mix and interest rate sensitivity and Chile by high levels in Q4
  • − Consumer up in both DCB US and DCB Europe
  • − Strong growth in CIB and Payments driven by solid activity levels

MARGINS

• NIM trends affected by distortions from ARS exchange rates. Excluding Argentina, NIM -7bps YoY and flat QoQ
• Decline YoY due to a less favourable interest rate environment across our footprint coupled with continued volumes growth
• Proactive balance sheet management to reduce sensitivity to interest rates

Performance

Q1'24 Asset

-1.21

yields

Asset volumes Liability costs

NET INTEREST INCOME AND NIM

Record net fee income driven by value added from our global businesses

3,100 3,115 3,189 3,360 3,369 Q1'24 Q 2 Q 3 Q 4 Q1'25 3,369 3,100 +76 -9 +72 +59 +79 -8 Q1'24 Retail Consumer CIB Wealth Payments CC Q1'25 YoY growth+7% -3% +11% +16% +13% +9% +9% Constant € mn

DETAIL BY BUSINESS

• Retail:
  • − Good commercial dynamics and customer growth (+6% YoY), resulting in generalized fee growth across our footprint
  • − Of note, Mexico and Brazil (insurance and mutual funds) and Argentina (mutual funds, insurance and transactional)
• Consumer:
  • − Strong growth in DCB US (auto). Net fee income affected by new insurance regulation in Germany
• CIB:
  • − Double-digit growth, supported mainly by GB in the US (Banking Build-Out) and GTB across countries
• Wealth:
  • − 16% growth driven mainly by PB and SAM, in line with our focus on fee businesses, with positive commercial activity and favourable market performance
• Payments:
  • − Double-digit growth, boosted by sound activity both in PagoNxt (Getnet TPV up 14% YoY) and Cards (spending +7% YoY)

NET FEE INCOME

ONE Transformation is driving further structural efficiency improvements

Note: data and YoY % changes in constant euros. Contribution to Group costs as a percentage of total operating areas, excluding the Corporate Centre. Costs in real terms are calculated in constant euros and excluding the impact from weighted average inflation.

Solid credit quality with improvement across most of our businesses

LLPs AND CREDIT QUALITY

CREDIT QUALITY

• CoR improved YoY, improving in most of our businesses
• Better credit quality YoY, backed by record low unemployment rates in most countries and easing monetary policies
• NPL ratio of 2.99%, improving YoY and QoQ. NPL coverage and stages stable

DETAIL BY BUSINESS

• In Retail, which represents c.45% of Group LLPs, CoR improved YoY to 0.91%, with good performances across our main countries, and stable QoQ
  • − In Spain, CoR improved YoY, with good underlying trends and favoured by portfolio sales
  • − The UK's CoR dropped YoY, remaining at very low levels
  • − Brazil improved YoY. Slight deterioration QoQ in a context of higher interest rates and inflation
  • − Mexico's CoR improved significantly YoY and QoQ with better credit quality in mortgages and corporates
• In Consumer, which represents c.35% of Group LLPs, CoR was stable YoY at 2.14% and better QoQ. Of note, DCB US improvement both YoY and QoQ

Strong organic capital generation, with profitable front-book growth at 22% RoTE

Note: Mar-25 ratio on a phased-in ratio are calculated in accordance with the transitory treatment of the CRR.

(1) Dec-24 ratio on a fully-loaded basis (as published in the Q4 2024 Financial Report), excluding the transitory treatment of IFRS 9 and the CRR2.

(2) Our current ordinary shareholder remuneration policy is to distribute approximately 50% of Group 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.

Index

Another record quarter that puts us on track to meet our 2025 targets

Fees Cost base CoR CET1¹ RoTE post-AT1 TNAVps + Cash DPS 2025 targets Mid-high single digit growth Down vs. 2024 in euros c.1.15% 13% operating range: 12-13% c.16.5% Double-digit growth through-the-cycle Revenue c.€62bn Q1'25 ✓ ✓ ✓ ✓ ✓ ✓ +1%€15.5bn YoY in euros ✓ +9% -1% 1.14% 12.9% 15.8% +14.5% +1.7pp Revenue and costs on track on the back of our consistent execution of ONE Transformation Solid balance sheet, with sound credit quality and capital ratios Higher profitability and double-digit shareholder value creation driven by capital productivity and disciplined capital allocation in constant euros, YoY in euros, YoY YoY

Note: targets market dependent. Based on macro assumptions aligned with international economic institutions. TNAVps + Cash DPS includes the €10.00 cent cash dividend per share paid in November 2024, executed as part of our shareholder remuneration policy. (1) CET1 ratio phased-in CRR.

Index

Appendix

Aligning financial reporting to recent changes in our management structure

2025 Investor Day targets summary

Group P&L and excluding Argentina

Detail by global business and country

Reconciliation of underlying results to statutory results

Glossary

For more details, refer to the document entitled "Supplementary Information", published together with this presentation on the Group's corporate website

Aligning financial reporting to recent changes in our management structure

1
	Dissolution of regional management structures	• Following the board of directors' approval of the dissolution of the regional management structures, which took effect on 3rd February 2025: - We will stop reporting financial information by region - Our 5 global businesses plus the Corporate Centre remain our primary segments - The secondary segments (previously the 3 regions plus DCB Europe plus Corporate Centre) now become the 9 main countries that were provided within the regions and DCB Europe, the Corporate Centre plus a new 'Rest of the Group'
2
	Modifications to global business perimeters1	We are aligning financial reporting to recent changes in the management of Wealth Management & Insurance: • a - The Investment Platforms Unit (IPU) 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 - As a result, a fourth vertical, 'Portfolio Investments', has been created within Wealth Management & Insurance, incorporating the aforementioned IPU and stakes in companies
		b • Some profit-sharing criteria between Retail & Commercial Banking and Cards have been improved, aligning criteria across the Group
		c • 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
		The Group's previously reported global figures in the consolidated financial statements,

as well as that of the countries and the Corporate Centre, remain unchanged

1 Changes to secondary segments - dissolution of regional reporting

• We will stop reporting financial information by region (Europe, North America and South America)

• The new 'Rest of the Group' brings together the previously reported Other Europe, Other North America and Other South America

2 Impact of modifications to global business perimeters in 2024

	From…	…To
2024 €mn ,	Group	Retail	Consumer	CIB	Wealth	Payments	Group
NII	46 668 ,	- 5	0	-32	+79	-42	46 668 ,
Fees	13 010 ,	+26	0	0	+8	-34	13 010 ,
Other income	2 533 ,	-108	- 4	+27	+55	+31	2 533 ,
income Total	62 211 ,	-87	- 4	- 5	+142	-45	62 211 ,
Costs	-26 034 ,	+81	0	+13	-139	+45	-26 034 ,
operating income Net	36 177 ,	- 6	- 4	+7	+3	0	36 177 ,
LLPs	-12 333 ,	- 1	0	+3	- 3	0	-12 333 ,
Other results and provisions	-4 817 ,	-10	0	- 1	+25	-14	-4 817 ,
Profit before tax	19 027 ,	-17	- 4	+10	+25	-14	19 027 ,
Attributable profit	12 574 ,	-16	- 4	+7	+22	- 9	12 574 ,
Impact % of Global business's as	profit	0%	0%	0%	+1%	-2%

Appendix

Aligning financial reporting to recent changes in our management structure

2025 Investor Day targets summary

Group P&L and excluding Argentina

Detail by global business and country

Reconciliation of underlying results to statutory results

Glossary

ONE Transformation is driving double-digit growth in value creation

		2022	2023	2024	Q1'25	2025 ID targets	New 2025 targets
	RoTE post-AT1(%)	-	-	15.5	15.8	-	c.16.5%
Profitability	RoTE pre-AT1(%)	13.4	15.1	16.3	16.6	15-17%	post-AT1 >17% pre-AT1
	Payout (Cash + SBB)1 (%)	40	50	50	50	50
	EPS growth (%)	23	21.5	17.9	26.1	Double-digit
	Total customers (mn)	160	165	173	175	c.200
Customer centric	Active customers (mn) 2	99	100	103	104	c.125
Simplification & automation Efficiency ratio (%)		45.8	44.1	41.8	41.8	c.42
Customer activity	Transactions volume per active customer (% growth)3	-	10	9	6	c.+8	CET1: 13%
Capital	CET1 (%)4	12.0	12.3	12.8	12.9	>12	Operating range: 12-13%
	RWA with RoRWA > CoE (%)	80	84	87	87	c.85
Sustainability5	Green financed raised & facilitated (€bn)	94.5	115.3	139.4	144.9	120
	Socially Responsible Investments (AuM) (€bn)	53	67.7	88.8	108.0	100
	Financial inclusion (# People, mn)	-	1.8	4.3	4.8	5
TNAVps+DPS (Growth YoY)		+6%	+15%	+14%	+14.5%	Double-digit growth average through-the-cycle

(1) Our current ordinary shareholder remuneration policy is to distribute c.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.

(2) Those customers who meet transactional threshold in the past 90 days.

(3) Total transactions annual growth include merchant payments, cards and electronic A2A payments. Target c.+8% CAGR 2022-25.

(4) 2022-2024 ratios on a fully-loaded basis (as published in the Q4 2024 Financial Report), excluding the transitory treatment of IFRS 9 and the CRR2. Mar-25 ratio on phased-in basis, calculated in accordance with the transitory treatment of the CRR.

32 (5) Green finance raised & facilitated (€bn): since 2019. Financial inclusion (# people, mn): since 2023. Targets were set in 2019 and 2021, before the publication of the European taxonomy in Q2 2023. Therefore, target definitions are not fully aligned with the taxonomy. For further information, see the 'Alternative performance measures' section of the Quarterly Financial Report.

Appendix

Aligning financial reporting to recent changes in our management structure

2025 Investor Day targets summary

Group P&L and excluding Argentina

Detail by global business and country

Reconciliation of underlying results to statutory results

Glossary

Group P&L and excluding Argentina (YoY)

			Group		Group excl. Argentina
Group P&L			Current	Constant	Current	Constant
€ million	Q1'25	Q1'24	%	%	%	%
NII	11 378 ,	11 983 ,	5 -	2 -	0	4
income Net fee	369 3 ,	3 240 ,	4	9	3	8
Other income	790	157	n m	n m	1 5	1 6
Total revenue	15 537 ,	15 380 ,	1	5	1	5
Operating expenses	6 489 - ,	6 547 - ,	1 -	2	0	3
operating income Net	9 048 ,	8 833 ,	2	7	2	7
LLPs	3 161 - ,	3 125 - ,	1	7	0 -	6
Other results	700 -	1 125 - ,	38 -	36 -	30 -	29 -
Attributable profit	3 402 ,	2 852 ,	1 9	2 4	1 9	2 4
Att. profit like-for-like Spanish banking tax1	1 0	1 3	9	1 3

Note: underlying P&L.

(1) YoY attributable profit growth if we accrue the 2024 temporary levy on revenue earned in Spain, in line with the criteria used for the banking tax in Spain in 2025.

Group P&L QoQ variations and excluding Argentina

Q1'25 vs. Q4'24		Group	Group excl. Argentina
P&L	Current Constant		Current	Constant
million €	%	%	%	%
NII	-5	-6	1	0
Net fee income	1	0	5	4
Other income	1 4	1 4	-16	-16
Total revenue	-3	-4	0	-0
Operating expenses	-4	-5	-1	-2
operating income Net	-2	-3	2	1
LLPs	2	1	4	3
Other results	-55	-55	-51	-52
Attributable profit	4	4	1 0	1 0

Fees NII 2,968 3,073 3,197 Costs LLPs Revenue 2,914 2,986 3,085 Q1'24 Q2 Q3 Q4 Q1'25 14,273 15,059 15,033 10,548 10,946 10,962 -0% +0% +4% Constant €mn 6,078 6,380 6,266 -2% +3%

Appendix

Aligning financial reporting to recent changes in our management structure

2025 Investor Day targets summary

Group P&L and excluding Argentina

Detail by global business and country

Reconciliation of underlying results to statutory results

Glossary

Detail by global business

Retail & Commercial Banking

P&L

€608bn -1%	Loans Deposits €644bn +2%		Mutual funds €101bn +15%		the cost to serve (-5% YoY) and higher profitability
Efficiency 39 4% -1 3pp	CoR 0 91% -12bps		RoTE post-AT1 17 6% +2 3pp
					Like-for-like2 , profit +13%. By line:
Underlying P&L*	Q1'25	% Q4'24	% Q1'24	Q1'24¹ %	− NII rose 4% excl. Argentina, supported by Chile and the UK (good
NII	6 721 ,	-6 2	-1 9	-5 9
income Net fee	1 210 ,	3 1	6 7	0 4	and Poland (volumes)
Total revenue	895 7 ,	-3 7	2 4	-2 1	− Fees up, mainly mutual funds and insurance
Operating expenses	-3 113 ,	-6 7	-0 9	2 -5
Net operating income	4 782 ,	-1 6	4 7	0 1	− Costs down reflecting our transformation efforts
LLPs	-1 431 ,	2 0	1 9	-6 1
Attributable profit	1 902 ,	1 9	27 5	23 6	(individuals), normalization in the UK (at low levels) and Chile
(*) € % in mn and change constant euros.
(1) % change in current euros.					offset the impact of interest rates on NII and higher LLPs

HIGHLIGHTS

• ONE Transformation continued to deliver strong results reflected in the expansion of fees and customer funds (+4% YoY), the improvement in the cost to serve (-5% YoY) and higher profitability
• Loans still affected by prepayments in Spain and focus on profitability in the UK. Increases in deposits and mutual funds in most of the countries
• Strong profit increase YoY (+28%) driven by a solid revenue performance across most of our footprint and benefitting from the full charge in Q1'24 of the temporary levy in Spain, vs. the accrual of the banking tax in 2025

Like-for-like² , profit +13%. By line:

• − NII rose 4% excl. Argentina, supported by Chile and the UK (good margin management), Mexico (volumes and lower costs of deposits) and Poland (volumes)
• − Fees up, mainly mutual funds and insurance
• − Costs down reflecting our transformation efforts
• − LLPs showed a solid performance across most countries. Up in Brazil (individuals), normalization in the UK (at low levels) and Chile
• Profit up QoQ, driven by fees and strong cost decline, which more than offset the impact of interest rates on NII and higher LLPs

Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros).

(2) YoY attributable profit growth if we accrue the 2024 temporary levy on revenue earned in Spain, in line with the criteria used for the banking tax in Spain in 2025.

RETAIL SPAIN
Loans	Deposits		Mutual	funds
€156bn	€218bn		€46bn
-2%	+4%	+14%
Yield loans on	Cost of deposits	Efficiency
3 78%	0 57%	31.8%
-32bps	-8bps	-0.0pp
Underlying P&L*	Q1'25	% Q4'24	% Q1'24
NII	1 467 ,	2 6	-0 4
Net fee income	291	19 0	2 9
Total revenue	1 794 ,	7 2	0 8
Operating expenses	-571	0 -5	0 7
operating income Net	1 223 ,	14 1	0 8
LLPs	-291	-0 2	2 8
Profit before tax	810	41 3	39 7

(*) € mn and % change.

• Loans still impacted by prepayments. Deposits up 4% YoY (demand and time) and mutual funds up double digits
• PBT increased YoY with higher fees (mutual funds), resilient NII and good cost control (transformation). YoY growth favoured by the temporary levy in Q1'24
• Strong performance QoQ across the P&L: NII (volumes and margin management), fees (funds and insurance) and lower costs and LLPs

RETAIL UK
Loans	Deposits		Mutual funds
€228bn	€209bn			€6bn
-3%	-5%			-4%
Yield loans on	Cost of deposits			Efficiency
4 14%	1.93%			53 6%
+35bps	-23bps		-4 9pp
Underlying P&L*	Q1'25	% Q4'24	% Q1'24	Q1'24¹ %
NII	1 224 ,	-0 6	6 8	9 4
Net fee income	5	—	680 2	699 3
Total revenue	1 190 ,	-0 5	4 4	7 0
Operating expenses	-638	0 -5	3 -4	-1 9
Net operating income	552	3 5	16 7	19 6
LLPs	-36	—	300 4	310 2
Profit before tax	348	-8 4	-7 7	-5 4
(*) € mn and % change in constant euros. (1) % change in current euros.

• Loans down YoY in line with our focus on profitability. Deposits and mutual funds impacted by a more competitive environment
• NOI +17% YoY driven by strong revenue growth, both NII (margin management) and fees, and lower costs. PBT affected by LLP normalization, still at very low levels, and restructuring provisions
• Strong net operating income performance QoQ (+5%) driven by cost reduction (transformation and seasonality), not reflected in PBT due to the aforementioned provisions

RETAIL MEXICO					RETAIL BRAZIL
Loans	Deposits			Mutual funds	Loans
€31bn	€35bn			€13bn	€56bn
+8%	+2%			+37%	-2%
Yield loans on	Cost of	deposits		Efficiency	Yield loans on
13 33%	4 07%			44 3%	16 54%
-49bps	-114bps			-0 3pp	+30bps
Underlying P&L*	Q1'25	% Q4'24	% Q1'24	Q1'24¹ %	Underlying P&L*
NII	756	-0 4	7 6	-7 6	NII
Net fee income	171	10 0	13 9	-2 2	Net fee income
Total revenue	896	0 9	7 7	-7 5	Total revenue
Operating expenses	-397	-13 6	1 7	-8 1	Operating expenses
Net operating income	499	16 3	8 2	1 -7
LLPs	-135	32 7	-23 5	-34 3	LLPs
Profit before tax	343	8 0	23 5	6 0	Profit before tax
(*) € mn and % change in constant euros.

• Loans increased YoY across products, notably mortgages. Deposits rose (especially demand deposits) and mutual funds up double digits
• PBT +23% YoY driven by NII (volumes and lower deposit costs), fees (insurance and mutual funds) and lower LLPs (better credit quality)
• PBT up 8% QoQ due to strong fee growth (mutual funds) and lower costs, which more than offset LLP increase from low levels

Loans	Deposits		Mutual funds
€56bn	€56bn		€21bn
-2%	+9%		+16%
Yield loans on	Cost of deposits Efficiency
16 54%	8	24%		40	5%
+30bps	+102bps		+0 7pp
Underlying P&L*	Q1'25	% Q4'24	% Q1'24	Q1'24¹ %
NII	1 534 ,	-5 2	-0 2	-12 8
fee income Net	359	1 6	3 5	-9 6
Total revenue	1 878 ,	-4 6	1 6	-11 3
Operating expenses	-761	-1 2	3 3	-9 8
operating income Net	1 117 ,	-6 8	0 4	-12 3
LLPs	-718	-2 4	9 1	-4 7
Profit before tax	233	-20 9	-20 8	-30 8
(*) € mn and % change in constant euros.
(1) % change in current euros.

• Loans down YoY, mainly in personal loans and corporates. Deposits up YoY (especially time deposits) and mutual funds rose double digits
• Net operating income flat YoY as higher revenue (mainly insurance and mutual fund fees) was offset by costs growing below inflation. PBT affected by LLPs (individuals)
• PBT QoQ affected by impact of negative interest rate sensitivity on NII, partially offset by higher fees, lower costs and better LLPs

Digital Consumer Bank

KEY DATA
lending New	Loans	Deposits
€21bn	€214bn	€133bn
-6%	+4%	+12%
Efficiency	CoR	RoTE post-AT1
41 9%	2 14%	9 7%
+0 8pp	+1bps	-0 6pp

P&L

Underlying	Q1'25	%	%	Q1'24¹
P&L*		Q4'24	Q1'24	%
NII	2	-2	1	1
	756	2	8	7
	,
Net	339	-14	-2	-4
fee		3	7	2
income
Total revenue	3 234 ,	-3 6	1 7	1 6
Operating expenses	-1 357 ,	4 6	2 8	3 5
operating	1	-8	1	0
income	878	8	0	2
Net	,
LLPs	-1	-11	-0	-1
	119	3	9	6
	,
Attributable profit	492	229 7	6 3	6 1

(*) € mn and % change in constant euros.

(1) % change in current euros.

HIGHLIGHTS

• Progressing in our priority to become the preferred choice of our partners and customers while being the most cost competitive player in the industry
• Loans up 4%, driven by growth across our footprint in auto lending (+6%), in a market that picked up in Q1'25 from a weak start in January 2025
• Deposits rose 12%, up both in Europe and the US, supported by Openbank, reflecting our focus on lowering funding costs and reducing NII volatility across the cycle
• Profit +6% YoY. By line:
  • − NII rose 2%, on the back of active spread management and volumes growth in DCB Europe and higher yield on loans in the US
  • − Fees affected by the new insurance regulation in Germany. Of note, strong growth in the US (auto)
  • − Costs flat in real terms, even after our investments in global platforms (Openbank, check-out lending, leasing…)
  • − LLP improvement in the US (favorable customer payment rates, higher used car prices and lower unemployment rate)
• Strong profit increase QoQ, with LLP improvement driven by the US and lower CHF provisions in Poland. QoQ comparison benefitted from the UK motor finance provision in Q4'24

DCB Europe							DCB US
Loans €140bn		Deposits €84bn		Mutual €5bn	funds
+3%		+14%		+20%
Yield loans on	Cost of	deposits		Efficiency
82% 5	2	14%		47.5%
+18bps		-10bps		+0.4pp
Underlying P&L*	Q1'25	% Q4'24	% Q1'24	Q1'24¹ %
NII	1 112 ,	0 3	1 5	1 6
Net fee income	188	-15 6	-14 7	-14 6
Total revenue	1 402 ,	-2 0	-0 6	-0 5
Operating expenses	-667	5 8	0 3	0 3
operating income Net	736	-8 2	-1 3	-1 3
LLPs	-336	-2 9	21 8	21 7
Profit before tax	357	—	-11 0	-11 0
(*) € mn and % change in constant euros. (1) % change in current euros.
Loans up 3% YoY, mainly driven by auto. Deposits rose 14%, in line with our customer deposit gathering strategy
PBT affected YoY by higher LLPs (macro and corporates in Germany) and lower fees (regulation in Germany), with good NII performance (margin management) and costs down 2% in real terms
PBT up QoQ with comparison benefitted from the UK motor finance provision in Q4'24	lower LLPs (CHF provisions) and resilient NII. QoQ

• Loans up 3% YoY, mainly driven by auto. Deposits rose 14%, in line with our customer deposit gathering strategy
• PBT affected YoY by higher LLPs (macro and corporates in Germany) and lower fees (regulation in Germany), with good NII performance (margin management) and costs down 2% in real terms
• PBT up QoQ with lower LLPs (CHF provisions) and resilient NII. QoQ comparison benefitted from the UK motor finance provision in Q4'24

Loans	Deposits			Mutual funds
€54bn	€49bn			€4bn
-2%	+7%			+11%
Yield loans on	Cost of deposits			Efficiency
12 08%	2 14%			42	1%
+74bps	+14bps			+0	4pp
Underlying P&L*	Q1'25	% Q4'24	% Q1'24	% Q1'24¹
NII	1,221	1.1	3.6	6.8
Net fee income	84	-14.0	27.2	31.2
Total revenue	1,362	-1.3	1.2	4.4
Operating expenses	-574	4.5	2.1	5.3
Net operating income	788	-5.2	0.6	3.8
LLPs	-524	-23.7	-16.8	-14.2
Profit before tax	236	111.4	89.4	95.3

• Loans down YoY on the back of non-auto asset rotation. Deposits +7%, supported by solid performance in our branch-based deposits and the successful launch of Openbank in Q4'24
• Strong growth in PBT YoY, driven by NII (auto loan yields), fees (servicing) and lower LLPs, which more than offset lower leasing income and investments in Openbank
• Significant increase in PBT QoQ, supported by better LLP underlying performance and seasonality

Corporate & Investment Banking

P&L

Underlying P&L*	Q1'25	% Q4'24	% Q1'24	% Q1'24¹
NII	953	-12.6	-5.2	-9.5	the back of higher volatility
Net fee income	716	8.5	11.2	9.4	• Deposit performance in line with our strategy in 2024 to reduce excess
Total revenue	2,220	6.3	7.9	4.6	corporate deposits
Operating expenses	-952	-7.3	9.4	7.8	Profit grew double digits YoY, backed by strong revenue increase, •
Net operating income	1,268	19.6	6.8	2.3	supported by fees from GTB and GB. Strong NII growth excluding
LLPs	-13	-26.9	-67.0	-68.0	Argentina (+12% YoY)
Attributable profit	806	15.5	17.7	12.6
(*) € mn and % change in constant euros.
(1) % change in current euros.					Of note, outstanding fee growth across business lines. NII strongly affected by the Argentine FX accounting, excluding it +8%

HIGHLIGHTS

• Good progress in our strategy focused on fee and capital-light business through our GM and GB initiatives, supporting an enhanced value proposition and higher profitability, while maintaining a leading position in efficiency

• Good activity levels:

• Global Transaction Banking (GTB), driven by Trade & Working Capital Solutions, boosted by our expansion into new segments
• Global Banking (GB): activity growth in Corporate Finance and DCM, with lower credit activity levels (Syndicated Loans and Structured Finance)
• Global Markets (GM): excellent quarter across most of our countries, on the back of higher volatility
• Deposit performance in line with our strategy in 2024 to reduce excess corporate deposits
• Profit grew double digits YoY, backed by strong revenue increase, supported by fees from GTB and GB. Strong NII growth excluding Argentina (+12% YoY)
• Profit up QoQ on the back of solid revenue performance and lower costs. Of note, outstanding fee growth across business lines. NII strongly

Wealth Management & Insurance

P&L

Underlying P&L*	Q1'25	% Q4'24	% Q1'24	Q1'24¹ %
NII	375	-8 5	-16 1	-16 3
Net fee income	419	2 5	16 5	14 8
Total revenue	1 019 ,	-1 1	14 5	12 6
Operating expenses	-372	-11 0	9 9	8 5
operating income Net	647	5 7	17 3	15 2
LLPs	-8	-58 4	97 3	99 7
Attributable profit	471	5 7	28 0	25 2
Contribution profit to	897	7 2	18 7	18 7

(*) € mn and % change in constant euros.

(1) % change in current euros.

HIGHLIGHTS

• We continue to build the best wealth and insurance manager in Europe and the Americas, leveraging our leading global private banking platform and our best-in-class funds and insurance product factories
• AuMs reached new record levels of €511bn (+11% YoY), backed by sound commercial dynamics, both in Private Banking and SAM, and positive market performance
• Profit rose double digits YoY, supported by solid revenue performance across businesses (fees and revenue from Insurance joint ventures), reflecting our focus on fee generating activities
• Double-digit growth in total fee contribution² and total contribution to Group profit² (+12% and +19% YoY, respectively)
• Efficiency improved 1.4pp to 36.5% and our RoTE was 68%
• Profit rose 6% QoQ driven by higher volumes and fees, lower costs and the good start to the year of the Insurance joint ventures

Note: Mar-25 data (AuMs); YTD data (net new money, net sales and GWPs). YoY changes in constant euros.

(1) Annualized YTD net new money as a % of PB's 2024 customer assets and liabilities (CAL). Annualized YTD net sales as a % of SAM's 2024 AuMs.

(2) Includes all fees generated by Santander Asset Management and Insurance, even those ceded to the commercial network.

Payments

Getnet TPV €56bn +14%				Getnet number of transactions +4%
Underlying P&L*	Q1'25	Q1'24	% Q4'24	% Q1'24	Q1'24¹ %	EBITDA margin
NII	38	31	9 8	39 3	23 9
Net fee income	245	224	-6 1	18 8	9 3	+11.6pp
Total revenue	317	283	-8 2	21 0	11 8	28.6%
Operating expenses	-286	-304	3 5	-2 1	-6 1	17.0%
	-6	-4	55 6	69 4	50 1
LLPs

(1) % change in current euros.

• TPV up 14% and number of transactions +4% YoY in Getnet, driven by Mexico, Chile and Europe
• Solid revenue growth, +21% boosted by a generalized increase in business activity, with cost improvements. As a result, EBITDA margin rose to 28.6%
• Positive profit for second consecutive quarter

Cards
Spending	Average balance
€81bn	€23bn
+7%	+15%

Underlying P&L*	Q1'25	% Q4'24	% Q1'24	% Q1'24¹
NII	647	0.2	13.8	2.4
Net fee income	449	-3.5	9.9	2.4
Total revenue	1,067	-8.2	13.1	3.1
Operating expenses	-322	-5.9	2.2	-3.7
Net operating income	745	-9.2	18.6	6.4
LLPs	-486	9.7	32.6	17.3
Attributable profit	121	-45.5	-14.2	-21.6
(*) € mn and % change in constant euros.

• 106 million cards managed across the Group, with solid customer activity (spending +7% and average balance +15%)
• NOI +19% YoY, driven by double-digit revenue growth YoY and cost control. Profit affected by LLPs, due to volumes, and model updates in Brazil (macro and regulatory changes) and Mexico (macro)
• Profit QoQ affected by the usual seasonality in revenue the last quarter of the year and the Argentine FX accounting in Q4. Excluding Argentina, NII +6%

Corporate Centre

P&L			HIGHLIGHTS
Underlying P&L*	Q1'25	Q1'24
NII	-112	-31	to rate hikes
Gains / losses on financial transactions	-91	-162
Operating expenses	-87	-87
LLPs and other provisions	-129	-42	credit quality
Tax and minority interests	37	-18
Attributable profit	-394	-357	tax pressure
(*) € mn.

• NII affected by the lower interest rates which has positive sensitivity to rate hikes
• Losses on financial transactions improved, due to a lower impact from foreign currency hedges
• Costs remained flat compared to Q1 2024, driven by ongoing simplification measures
• Higher LLPs to accelerate NPL reduction that is improving Group's credit quality
• The sum of the rest of the lines improved year-on-year; with lower tax pressure
• As a result, slightly higher attributable loss YoY

Detail by country

SPAIN			UK
Loans	Deposits	Mutual funds
€229bn	€299bn	€97bn
0%	0%	+17%
Efficiency	CoR	RoTE post-AT1
33 5%	0 49%	25 5%
-0 7pp	-10bps	+8 3pp

Underlying P&L*	Q1'25	% Q4'24	% Q1'24
NII	1 779 ,	-1 2	-2 0
income Net fee	767	13 4	2 9
Total revenue	3 130 ,	7 0	3 8
Operating expenses	-1 049 ,	-7 5	1 6
operating income Net	2 081 ,	16 1	9 4
LLPs	-304	-5 6	-8 3
Attributable profit	1 147 ,	23 9	48 6
(*) € mn and % change.

• Loans flat, as CIB rise was offset by SME amortizations. Deposit migration to demand. Mutual funds up double digits

• Profit +49% YoY (+15% like-for-like temporary bank levy¹ ), due to strong fee performance (mutual funds), gains on financial transactions (CIB) and lower LLPs (active risk management)
• Profit +24% QoQ driven by strong fee performance, lower costs (seasonality in Q4) and better LLPs

Underlying P&L*	Q1'25	% Q4'24	% Q1'24	% Q1'24¹
NII	1,298	-0.8	6.9	9.5
Net fee income	82	35.5	2.0	4.5
Total revenue	1,341	-0.8	4.1	6.7
Operating expenses	-720	-4.4	-4.3	-1.9
Net operating income	621	3.8	15.9	18.7
LLPs	-52	—	195.2	202.4
Attributable profit	285	-13.6	-9.0	-6.7
(*) € mn and % change in constant euros.

(1) % change in current euros.

• Loans declined in line with our focus on profitability and deposits impacted by a more competitive environment
• Net operating income +16% YoY, on the back of strong NII growth (margin management) and lower costs (transformation), not reflected in profit due to LLP normalization and restructuring provisions
• In the quarter, 4% net operating income growth, backed by lower costs (transformation and seasonality), was more than offset by aforementioned provisions

Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros).

(1) YoY attributable profit growth if we accrue the 2024 temporary levy on revenue earned in Spain, in line with the criteria used for the banking tax in Spain in 2025.

Spain and UK

PORTUGAL			POLAND
Loans	Deposits	Mutual funds	Loans
€40bn	€39bn	€5bn	€40bn
+4%	+7%	+15%	+9%
Efficiency	CoR	RoTE post-AT1	Efficiency
27 0%	0 03% -	30 6%	29 0%
1pp +4	-21bps	-0 1pp	+1 5pp

Underlying P&L*	Q1'25	% Q4'24	% Q1'24
NII	348	8 4	-19 2
Net fee income	126	13 9	-1 2
Total revenue	503	9 7	-13 9
Operating expenses	-136	-5 2	1 4
Net operating income	367	16 5	-18 4
LLPs	14	—	—
Attributable profit	278	33 0	-8 2
(*) € mn and % change.

• Loans up with solid new business performance. Increases in deposits and mutual funds
• Profit down YoY, mainly affected by the impact of interest rates on NII, partially offset by LLP releases
• Profit up double digits QoQ driven by all P&L lines: NII (volumes), fees (transactional), lower costs and LLP releases

Loans	Deposits	Mutual funds
€40bn	€52bn	€7bn
+9%	+12%	+21%
Efficiency	CoR	RoTE post-AT1
29 0%	1 20%	22 1%
+1 5pp	-75bps	+2 6pp

Underlying P&L*	Q1'25	% Q4'24	% Q1'24	Q1'24¹ %
NII	744	-1 0	5 2	8 5
Net fee income	189	11 4	4 5	7 8
Total revenue	883	-6 5	2 7	9 5
Operating expenses	-256	1 4	8 3	11 7
Net operating income	627	-9 4	0 6	3 8
LLPs	-78	-32 4	-42 3	-40 5
Attributable profit	237	46 9	8 0	11 4
(*) € mn and % change in constant euros.

• Customer growth is driving a strong increase in loans, mainly in Retail and CIB. Deposit growth (time) and outstanding rise in mutual funds
• Profit up 8% YoY, driven by excellent NII performance (volumes and ALCO), fees (FX and mutual funds) and improved LLPs, which more than offset higher costs (competitive labour market)
• Profit up QoQ on the back of fee performance in CIB and lower CHF provisions. NII affected by high levels in Q4 and other income by deposit guarantee fund contribution (BFG)

US			MEXICO
Loans	Deposits	funds Mutual	Loans
€117bn	€91bn	€14bn	€45bn
+2%	-3%	+10%	+7%
Efficiency	CoR	RoTE post-AT1	Efficiency
50 0%	1 73%	10.7%	41 7%
-0 3pp	-25bps	+3.4pp	+0 3pp

Underlying P&L*	Q1'25	% Q4'24	% Q1'24	Q1'24¹ %
NII	1 499 ,	1 4	1 4	3 7
Net fee income	355	10 4	29 0	33 0
Total revenue	2 014 ,	2 3	4 5	8 7
Operating expenses	-1 007 ,	0 6	3 9	7 2
Net operating income	1 006 ,	4 1	5 1	8 4
LLPs	-535	-23 2	-15 7	-13 0
Attributable profit	417	80 4	44 6	49 1

(*) € mn and % change in constant euros.

(1) % change in current euros.

• Loans up 2%, driven by CIB on the back of higher market activity. Deposits fell, as strong growth in Consumer was offset by a drop in CIB in line with our strategy in 2024 to reduce excess corporate deposits
• Profit +45% YoY, as revenue growth (especially fees) and lower LLPs (resilient consumer behaviour and used car prices) amply offset higher costs (investments in CIB and successful Openbank launch)
• Profit +80% QoQ with similar trends: revenue up (CIB fees) with lower LLPs and contained costs (investments for growth)

Loans	Deposits	Mutual funds
€45bn	€41bn	€20bn
+7%	+3%	+29%
Efficiency	CoR	RoTE post-AT1
41 7%	2 55%	20 6%
+0 3pp	-8bps	+2 3pp

Underlying P&L*	Q1'25	% Q4'24	% Q1'24	Q1'24¹ %
NII	1 129 ,	3 5	8 4	0 -7
Net fee income	350	8 9	13 6	-2 5
Total revenue	1 506 ,	-2 4	9 1	-6 3
Operating expenses	-628	-7 6	10 0	-5 6
operating income Net	878	1 6	8 5	-6 9
LLPs	-304	14 5	1 -4	-17 7
Attributable profit	394	-8 7	11 6	-4 2
(*) € mn and % change in constant euros.

• New digital features, enhanced and value-added offers as well as commercial alliances are driving loan and deposit growth
• Profit +12% YoY, driven by NII (volumes and margin management), fees (insurance and funds) and lower LLPs (better asset quality)
• Profit down QoQ, as good NII, fee and cost performances did not offset lower gains on financial transactions (non-recurring gain in Q4'24) and higher LLPs (increasing from low levels in Q4 2024)

BRAZIL			CHILE
Loans	Deposits	Mutual funds	Loans
€94bn	€84bn	€54bn	€42bn
+3%	+8%	+12%	0%
Efficiency	CoR	RoTE post-AT1	Efficiency
32 8%	4 61%	14 4%	34 5%
-0 1pp	-18bps	-0 3pp	-8 0pp

Underlying	Q1'25	%	%	Q1'24¹
P&L*		Q4'24	Q1'24	%
NII	2	-1	4	-8
	402	5	5	7
	,
Net	793	0	2	-6
fee		-7	7	3
income
Total revenue	3 223 ,	-2 3	5 2	-8 1
Operating expenses	-1 059 ,	-1 2	4 8	-8 4
operating	2	-2	5	9
income	165	9	4	-7
Net	,
LLPs	-1	7	14	0
	166	2	8	2
	,
Attributable profit	509	-21 9	3 8	-9 3

(*) € mn and % change in constant euros.

(1) % change in current euros.

• Loan rose YoY driven by Consumer and Cards. Strong deposit growth (both time and demand) and mutual funds
• Profit up YoY, driven by NII (activity in Cards and CIB) and fees (transactional and insurance), with LLPs affected by macro environment and higher volumes. Costs grew in line with inflation
• Profit QoQ affected by impact of negative interest rate sensitivity on NII, seasonality in fees and higher LLPs while costs improved

Loans	Deposits	Mutual funds
€42bn	€30bn	€13bn
0%	+3%	+19%
Efficiency	CoR	RoTE post-AT1
34 5%	1 26%	18 2%
-8 0pp	+41bps	+9 2pp

Underlying P&L*	Q1'25	% Q4'24	% Q1'24	Q1'24¹ %
NII	512	-2 0	43 5	45 6
fee income Net	151	6 9	16 0	17 6
Total revenue	722	-0 3	35 0	36 9
Operating expenses	-249	8 5	9 5	11 0
operating income Net	473	-3 2	53 9	56 1
LLPs	-156	30 0	22 7	24 5
Attributable profit	185	-6 9	101 3	104 1
(*) € mn and % change in constant euros.

• Loans rose across global businesses except in CIB. Deposits up (migration to time) and mutual funds grew double digits
• Strong profit growth YoY boosted by NII (UF and lower deposit costs), fees (transactional and funds) and gains on financial transactions, with higher costs (Gravity roll-out) and LLP normalization
• Profit QoQ affected by high NII levels in Q4, costs and LLPs normalization, partially offset by fees (transactional and advisory)

ARGENTINA

Loans	Deposits	Mutual funds
€9bn	€11bn	€6bn
+61%	+73%	+49%
Efficiency	CoR	RoTE post-AT1
44 3%	4 58%	22 0%
2pp -7	-84bps	+1 9pp

Underlying P&L*	Q1'25	Q4'24	% Q4'24	% Q1'24
NII	416	1 107 ,	-62 4	-59 4
Net fee income	172	287	-39 9	31 4
Total revenue	504	1 047 ,	-51 9	-9 3
Operating expenses	-223	-416	-46 3	-21 9
operating income Net	281	631	-55 5	1 4
LLPs	-76	-156	-51 4	117 4
Attributable profit	129	283	-54 6	26 7
(*) € mn and % change in current euros.

• In an environment with higher activity, customers grew 8% YoY, resulting in strong volume growth across most businesses and products

• Profit up YoY backed by fees (transactional, funds and insurance), costs and lower hyperinflation adjustment. NII affected by lower interest rates and LLPs by volumes
• Quarterly results affected by FX rate accounting in Q4

ARGENTINA PESO

• In Q2 2024, given a significant divergence between the official exchange rate and inflation, we decided to start using an alternative exchange rate
  • This exchange rate was modelled by our Economic Research Team primarily taking into account the inflation differential of Argentina with respect to the US
• Given the improved macroeconomic outlook in the country, from Q4 2024 we take the Dollar Contado con Liquidación (CCL)¹ rate as a reference for this alternative exchange rate:
  • At the end of the year, the value of this exchange rate did not significantly differ from other market rates or the official exchange rate
• As a result, in Q3 2024 we used an FX rate of 1,618 ARS/EUR while in Q4 2024 we used 1,232 ARS/EUR, resulting in a higher quarter than previous ones
  • To give an idea of the sensitivity to the FX rate, applying September 2024 rate of 1,618 ARS/EUR, 2024 NII would have been negatively impacted by c.€700mn, c.40% of which would have been offset in other income, while costs would have been c.€250mn lower.
• In Q1 2025 we are using 1,426 ARS/EUR (FX corresponding to Dollar CCL)

52 Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in current euros). (1) The exchange rate resulting from the sale of local bonds denominated in Argentine pesos in US dollars (dual denomination peso/dollar bonds).

Appendix

Aligning financial reporting to recent changes in our management structure

2025 Investor Day targets summary

Group P&L and excluding Argentina

Detail by global business and country

Reconciliation of underlying results to statutory results

Glossary

Reconciliation of underlying results to statutory results EUR mn

	January-March 2025			January-March 2024
	Statutory results	Adjustments	Underlying results	Statutory results	Adjustments	Underlying results
Net interest income	11 378 ,	—	11 378 ,	11 983 ,	—	11 983 ,
fee income Net	3 369 ,	—	3 369 ,	3 240 ,	—	3 240 ,
(losses) 1 Gains on financial transactions	678	—	678	623	—	623
Other operating income	112	—	112	(801)	335	(466)
income Total	15 537 ,	—	15 537 ,	15 045 ,	335	15 380 ,
Administrative expenses and amortizations	(6 489) ,	—	(6 489) ,	(6 547) ,	—	(6 547) ,
Net operating income	9 048 ,	—	9 048 ,	8 498 ,	335	8 833 ,
loan-loss provisions Net	(3 161) ,	—	(3 161) ,	(3 125) ,	—	(3 125) ,
(losses) gains provisions Other and	(700)	—	(700)	(790)	(335)	(1 125) ,
Profit before tax	5 187 ,	—	5 187 ,	4 583 ,	—	4 583 ,
Tax on profit	(1 446) ,	—	(1 446) ,	(1 468) ,	—	(1 468) ,
Profit continuing operations from	3 741 ,	—	3 741 ,	3 115 ,	—	3 115 ,
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	3 741 ,	—	3 741 ,	3 115 ,	—	3 115 ,
Non-controlling interests	(339)	—	(339)	(263)	—	(263)
Profit attributable the to parent	3 402 ,	—	3 402 ,	2 852 ,	—	2 852 ,

(1) Includes exchange differences.

Explanation of 2024 adjustments:

• 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.

Appendix

Aligning financial reporting to recent changes in our management structure

2025 Investor Day targets summary

Group P&L and excluding Argentina

Detail by global business and country

Reconciliation of underlying results to statutory results

Glossary

Glossary - Acronyms

• A2A: account to account
• AM: Asset management
• AuMs: Assets under Management
• bn: Billion
• bps: Basis points
• c.: Circa
• CET1: Common equity tier 1
• CHF: Swiss franc
• CF: Corporate Finance
• CIB: Corporate & Investment Banking
• CoE: Cost of equity
• Consumer: Digital Consumer Bank
• CoR: Cost of risk
• DCB Europe: Digital Consumer Bank Europe
• DCM: Debt Capital Markets
• DPS: Dividend per share
• EPS: Earnings per share
• ESG: Environmental, social and governance
• FX: Foreign exchange
• FY: Full year
• ID: Investor Day
• IFRS 9: International Financial Reporting Standard 9, regarding financial instruments
• k: Thousands
• LLPs: Loan-loss provisions
• mn: Million
• NII: Net interest income
• NIM: Net interest margin
• n.m.: Not meaningful
• NPL: Non-performing loans
• OEM: Original equipment manufacturer
• Payments: PagoNxt and Cards
• PB: Private Banking
• PBT: Profit before tax
• P&L: Profit and loss
• pp: Percentage points
• Ps: Per share
• QoQ: Quarter-on-Quarter
• Repos: Repurchase agreements
• Retail: Retail & Commercial Banking
• RoE: Return on equity
• RoRWA: Return on risk-weighted assets
• RoTE: Return on tangible equity
• RWA: Risk-weighted assets
• SAM: Santander Asset Management
• SBB: share buybacks
• SME: Small and Medium Enterprises
• US BBO: US Banking Build-Out
• TNAV: Tangible net asset value
• TPV: Total Payments Volume
• YoY: Year-on-Year
• YTD: Year to date
• Wealth: Wealth Management & Insurance
• #: Number

Glossary - Definitions

PROFITABILITY AND EFFICIENCY

• RoTE (Return on tangible equity): Profit attributable to the parent (annualized)¹ / Average stockholders' equity² (excl. minority interests) - intangible assets
• RoTE (post-AT1): Profit attributable to the parent minus AT1 costs (annualized)¹ / Average stockholders' equity² (excl. minority interests) - intangible assets
• RoRWA (Return on risk-weighted assets): Consolidated profit (annualized) / Average risk-weighted assets
• Efficiency: Underlying operating expenses / Underlying total income. Operating expenses defined as administrative expenses + amortizations

VOLUMES

• Loans: Gross loans and advances to customers (excl. reverse repos)
• Customer funds: Customer deposits excluding repos + marketed mutual funds

CREDIT RISK

• NPL ratio: Credit impaired customer loans and advances, guarantees and undrawn balances / Total risk. Total risk is defined as: Non-impaired and impaired customer loans and advances and guarantees + impaired undrawn customer balances
• NPL coverage ratio: Total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances / Credit impaired customer loans and advances, guarantees and undrawn balances
• Cost of risk: Underlying allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers over the last 12 months

CAPITALIZATION

• TNAV per share (Tangible net asset value per share): Tangible book value / Number of shares excluding treasury stock. Tangible book value calculated as Stockholders' equity (excl. minority interests) - intangible assets

Note: the averages for the RoTE, RoTE post-AT1 and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from using daily balances.

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)

• (1) Excluding the adjustment to the valuation of goodwill.
• (2) Stockholders' equity = Capital and Reserves + Accumulated other comprehensive income + Profit attributable to the parent + Dividends.

For the financial Sustainability indicators, please see 'Alternative Performance Measures' section of the Quarterly Financial Report.

Our purpose is to help people and businesses prosper.

Our culture is based on believing that everything we do should be: