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 July, 2025

Commission File Number: 001-12518

Banco Santander, S.A.

(Exact name of registrant as specified in its charter)

Ciudad Grupo Santander

28660 Boadilla del Monte (Madrid) Spain

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  ☒            Form 40-F  ☐

BANCO SANTANDER, S.A.

________________________

TABLE OF CONTENTS

Item 1. January - June 2025 Financial Report 1

January - June 2025

Index

3	SIGNIFICANT EVENTS IN THE PERIOD
4	KEY CONSOLIDATED DATA
6	BUSINESS MODEL
7	GROUP FINANCIAL INFORMATION
7	General background
8	Highlights of the period
10	Income statement
17	Balance sheet
20	Solvency ratios
21	Risk management
25	The Santander share
27	FINANCIAL INFORMATION BY SEGMENT
45	SUSTAINABILITY
46	CORPORATE GOVERNANCE
47	APPENDIX
48	Financial information
76	Alternative performance measures
88	Interim condensed consolidated financial statements
91	Glossary
92	Important information

This report was approved by the board of directors on 29 July 2025, following a favourable report from the audit committee. Important information regarding this report can be found on pages 92 and 93.

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

SIGNIFICANT EVENTS IN THE PERIOD

In Q2 2025, Santander announced the entry into an agreement with Erste Group Bank AG (Erste) to sell approximately 49% of its stake in Santander Bank Polska S.A. and the 50% of the asset management company (TFI) which was not integrated within Santander Polska to Erste, for a total cash amount of approximately EUR 7 billion. In addition, Santander announced its intention to acquire 100% of Santander Consumer Bank Polska by purchasing the 60% stake currently held by Santander Bank Polska S.A. (approximately EUR 0.7 billion), thereby bringing the business fully within the perimeter of Grupo Santander and excluding it from the scope of the sale. Santander and Erste also announced a strategic collaboration to leverage the strengths and international presence of both institutions in Corporate & Investment Banking (CIB) and to enable Erste to benefit from Santander’s global payments platforms. The transaction is subject to customary closing conditions, including regulatory approvals, such as that of the Polish Financial Supervision Authority (KNF). Completion is expected around the end of 2025. The abovementioned transaction will hereinafter be referred to as the 'Poland disposal', based on the assumption that it will be completed under the terms described above.

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

•In the Group’s consolidated balance sheet, the assets associated with the Poland disposal are classified under the 'non-current assets held for sale' line item and the related liabilities under 'liabilities associated with non-current assets held for sale'. This classification applies solely to the balance sheet as at 30 June 2025 and does not affect balance sheets for prior periods.

•In the statutory income statement, the results associated with the business subject to the Poland disposal are reported under a single line in the consolidated income statement — 'profit/(loss) after tax from discontinued operations' — for results corresponding to both 2025 and 2024. Consequently, the results from the Poland disposal perimeter are excluded line by line from the breakdown of continuing operations in both periods.

However:

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

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

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

Additionally, after the close of Q2 2025, Santander announced it has reached an agreement to acquire 100% of TSB Banking Group plc's (TSB) share capital from Banco de Sabadell, S.A. (Sabadell) with a valuation of GBP 2.65 billion (approximately EUR 3.1 billion) in an all-cash transaction. This agreement does not impact the information presented is this report nor is it expected to affect future publications until the transaction is completed. The transaction is subject to Sabadell shareholder approval and the corresponding regulatory approvals.

January - June 2025 3

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

KEY CONSOLIDATED DATA

BALANCE SHEET (EUR million)	Jun-25	Mar-25	%	Jun-25	Jun-24	%	Dec-24
Total assets	1,815,888	1,845,177	(1.6)	1,815,888	1,786,261	1.7	1,837,081
Loans and advances to customers	1,010,727	1,064,416	(5.0)	1,010,727	1,065,596	(5.1)	1,054,069
Customer deposits	1,008,229	1,081,894	(6.8)	1,008,229	1,037,646	(2.8)	1,055,936
Total funds	1,307,359	1,386,326	(5.7)	1,307,359	1,309,903	(0.2)	1,348,422
Total equity	108,985	110,514	(1.4)	108,985	103,648	5.1	107,327
Note: total funds includes customer deposits, mutual funds, pension funds and managed portfolios. If we include loans, deposits and funds associated with the Poland disposal, as at 30 June 2025 loans and advances to customers would have been EUR 1,048,951 million; customer deposits EUR 1,060,208 million and total funds EUR 1,366,729 million. For further information, see the 'Significant events in the period', 'Alternative performance measures' and 'Financial information' sections in this report.

INCOME STATEMENT (EUR million)	Q2'25	Q1'25	%	H1'25	H1'24	%	2024
Net interest income	10,590	10,621	(0.3)	21,211	22,056	(3.8)	43,787
Total income	14,503	14,679	(1.2)	29,182	29,035	0.5	58,380
Net operating income	8,395	8,423	(0.3)	16,818	16,552	1.6	33,231
Profit before tax	4,415	4,689	(5.8)	9,104	8,724	4.4	17,347
Profit attributable to the parent	3,431	3,402	0.9	6,833	6,059	12.8	12,574

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

EPS, PROFITABILITY AND EFFICIENCY (%) 1	Q2'25	Q1'25	%	H1'25	H1'24	%	2024
EPS (euros)	0.22	0.21	2.4	0.43	0.37	18.5	0.77
RoE	13.7	13.4		13.6	12.6		13.0
RoTE	16.9	16.6		16.7	15.9		16.3
RoTE (post-AT1)	16.2	15.8		15.98	15.1		15.5
RoA	0.82	0.81		0.81	0.74		0.76
RoRWA	2.38	2.34		2.36	2.07		2.18
Efficiency ratio 2	41.2	41.8		41.5	41.6		41.8

UNDERLYING INCOME STATEMENT 2 (EUR million)	Q2'25	Q1'25	%	H1'25	H1'24	%	2024
Net interest income	11,338	11,378	(0.4)	22,716	23,457	(3.2)	46,668
Total income	15,473	15,537	(0.4)	31,010	31,050	(0.1)	62,211
Net operating income	9,097	9,048	0.5	18,145	18,137	0.0	36,177
Profit before tax	5,116	5,187	(1.4)	10,303	9,508	8.4	19,027
Underlying profit attributable to the parent	3,431	3,402	0.9	6,833	6,059	12.8	12,574
Changes in constant euros:
Q2'25 / Q1'25: NII: +2.5%; Total income: +2.4%; Net operating income: +3.4%; Profit before tax: +1.1%; Attributable profit: +3.5%.
H1'25 / H1'24: NII: +1.3%; Total income: +4.6%; Net operating income: +5.3%; Profit before tax: +13.4%; Attributable profit: +18.3%.

4 January - June 2025

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

SOLVENCY (%)	Jun-25	Mar-25	Jun-25	Jun-24	Dec-24
Phased-in CET1 ratio	13.0	12.9	13.0	12.5	12.8
Phased-in total capital ratio	17.2	17.2	17.2	16.7	17.4

CREDIT QUALITY (%)1	Jun-25	Mar-25	Jun-25	Jun-24	Dec-24
Cost of risk 2, 3	1.14	1.14	1.14	1.21	1.15
NPL ratio	2.91	2.99	2.91	3.02	3.05
NPL coverage ratio	67.2	65.7	67.2	66.5	64.8

MARKET CAPITALIZATION AND SHARES	Jun-25	Mar-25	%	Jun-25	Jun-24	%	Dec-24
Shares (millions)	14,885	15,152	(1.8)	14,885	15,494	(3.9)	15,152
Number of shareholders	3,508,261	3,435,876	2.1	3,508,261	3,526,649	(0.5)	3,485,134
Share price (euros)	7.027	6.196	13.4	7.027	4.331	62.3	4.465
Market capitalization (EUR million)	104,599	93,885	11.4	104,599	67,098	55.9	67,648
Tangible book value per share (euros)	5.50	5.46		5.50	4.94		5.24
Price / Tangible book value per share (X)	1.28	1.13		1.28	0.88		0.85

CUSTOMERS (thousands)4	Jun-25	Mar-25	%	Jun-25	Jun-24	%	Dec-24
Total customers	176,431	174,769	1.0	176,431	168,243	4.9	172,537
Active customers	104,733	104,179	0.5	104,733	101,277	3.4	103,262
Digital customers	61,100	60,651	0.7	61,100	57,000	7.2	59,317

OTHER DATA4	Jun-25	Mar-25	%	Jun-25	Jun-24	%	Dec-24
Number of employees	204,330	207,137	(1.4)	204,330	209,553	(2.5)	206,753
Number of branches5	7,683	7,985	(3.8)	7,683	8,348	(8.0)	8,086

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

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

1.	For further information, see the 'Alternative performance measures' section in the appendix to this report.
2.	In addition to financial information prepared in accordance with International Financial Reporting Standards (IFRS) and derived from our consolidated financial statements, this report contains certain financial measures that constitute alternative performance measures (APMs) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non-IFRS measures, including the figures related to “underlying” results, which do not include factors that are outside the ordinary course of our business, or have been reclassified within the underlying income statement. Further details are provided in the 'Alternative performance measures' section of the appendix to this report. For further details on the APMs and non-IFRS measures used, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the annual consolidated financial statements prepared under IFRS, please see our 2024 Annual Financial Report, published in the CNMV on 28 February 2025, our 20-F report for the year ending 31 December 2024 filed with the SEC in the United States on 28 February 2025 as well as the 'Alternative performance measures' section of the appendix to this report.
3.	Allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers over the last 12 months.
4.	Customers, employees and branches include Poland.
5.	For June 2025 data and all previous periods, we have included the CartaSur points of sale and the banking service points in Argentina, while we have excluded operational locations that do not provide customer service in Colombia.

January - June 2025 5

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

OUR BUSINESS MODEL

CUSTOMER FOCUS	Building a digital bank with branches
→ We continue to build a digital bank with branches, with a multichannel offering to fulfil all our customers' financial needs.		176 mn	105 mn
		total customers	active customers
SCALE	Global and in-market scale
→ Our global and in-market scale helps us to improve our local banks' profitability, adding value and network benefits. → Our activities are organized under five global businesses: Retail & Commercial Banking (Retail), Digital Consumer Bank (Consumer), Corporate & Investment Banking (CIB), Wealth Management & Insurance (Wealth) and Payments. → Our five global businesses support value creation based on the profitable growth and operational leverage that ONE Santander provides.
DIVERSIFICATION	Business, geographical and balance sheet
→ Well-balanced diversification between businesses and markets with a solid and simple balance sheet that gives us recurrent net operating income with low volatility and more predictable results.

Our corporate culture

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

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

6 January - June 2025

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

GROUP FINANCIAL INFORMATION

General background

Grupo Santander's operating environment in Q2 2025 was characterized by a moderate global economic slowdown, with falling interest rates and a decline in inflation across most of our footprint. Labour markets continued to have relatively low unemployment rates across most of our countries. Geopolitical and commercial tensions remained and there was increased volatility in global financial markets. In the second half of the year, we expect the main macroeconomic trends to continue and commercial and geopolitical uncertainty to persist.

Country		GDP Change1	Economic performance
	Eurozone	+1.5%	GDP growth in Q1 2025 surprised on the upside, driven by a pick up in goods exports to the US before tariff increases came into effect. As a result, part of this growth is expected to reverse in the coming quarters. Inflation stabilized at the ECB's target (2% in June), allowing for an additional cut in official interest rates to 2% in June. In the labour market, the unemployment rate remained at historic lows (6.3% in May).
	Spain	+2.8%	In Q2 2025, the Spanish economy maintained the positive signs seen of the beginning of the year, pointing to solid growth, albeit more contained in the year, as a whole driven by internal demand. The labour market remained strong, with the number of people enrolled in social security at record levels. Inflation rose year-on-year to 2.3% in June, driven by energy and food prices.
	United Kingdom	+1.3%	After an excellent Q1 2025 boosted by bringing forward exports in anticipation of US tariff increases, GDP contracted in April. The recent performance of economic indicators suggests a weaker second quarter. The labour market continued to cool, with the unemployment rate rising to 4.7% in April and wage growth moderating to 5.0% in May. In June, inflation grew slightly to 3.6% and core inflation increased to 3.7%. In this context, the Bank of England cut rates to 4.25% in May.
	Portugal	+1.6%	The economy shrank in Q1 2025 due to lower private consumption, gross capital formation and exports. National accounts show that household savings remained high (12.3% of disposable income) and household consumption remained low despite higher salaries. Employment growth accelerated and the unemployment rate fell to 6.3% in May. Headline inflation rose to 2.4% in June, showing some rigidity in certain components.
	Poland	+3.2%	The economy returned to growth above 3% in Q1 2025, a trend likely to continue in the coming quarters driven by the recovery in the investment cycle. The labour market remained strong, with the unemployment rate at low levels (5.1% in June). The slowdown in wage growth improved inflation expectations for 2025. In June, inflation eased to 4.1% year-on-year (4.9% in March), allowing the central bank to cut interest rates to 5.25% in May and to 5.0% in July.
	United States	+2.0%	The economy remained solid, with few signs of tariff-driven inflation so far. However, the increase in tariffs is expected to eventually push inflation higher and dampen economic activity. There are signs that consumption is moderating and that the front-loading of purchases to avoid tariff hikes is reversing. The labour market is cooling gradually, with the unemployment rate at 4.1% in June. The Fed held interest rates, waiting on more visibility regarding the final impact from tariffs.
	Mexico	+0.8%	The economy remained weak at the beginning of Q2 2025, after a brief rebound at the end of Q1 2025, related to early exports ahead of tariff increases. The labour market remained resilient, with low unemployment (2.7%), although job creation stalled. The annual inflation rate, both headline and core inflation, picked up in the quarter to 4.3% and 4.2%, respectively in June. The central bank continued to cut the official interest rate in its two latest meetings, -100 bps in total to 8% in June, and suggested further cuts in the future, but potentially at a more gradual pace.
	Brazil	+2.9%	The economy slowed at the beginning of Q2 2025, though it maintained strong momentum in the services sector and a very low unemployment rate (below 7%). The annual inflation rate moderated, but remained high (5.4% in June) and medium-term expectations remained above target. The central bank continued its cycle of interest rate hikes with two increases in Q2 2025, +75 bps in total to 15%, and suggested that it will now hold rates steady for an extended period.
	Chile	+2.3%	The economy showed signs of a moderate slowdown in Q2 2025, after the pick up in exports in Q1 2025. Inflation, though still high, is clearly easing (4.1% in June) and is expected to converge towards the central bank of Chile's 3% target in early 2026. The central bank kept interest rates unchanged but suggested that it may resume the rate-cutting cycle that it paused at the end of 2024.
	Argentina	+5.8%	The economy consolidated its recovery in Q2 2025. Inflation, though elevated, fell further with the monthly rate below 2% in May, unaffected by the sharper pace of ARS depreciation in mid-April after the fixed exchange rate regime was lifted, allowing the exchange rate to float freely between 1,000-1,400 ARS/USD. The agreement signed with the IMF in April, which included the disbursement of additional funds, together with a sound fiscal position, supported the continued decline in inflation expectations.

1.Year-on-year changes for Q1 2025.

January - June 2025 7

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	Highlights of the period

Highlights of the period: Main figures

	Q2'25 ATTRIBUTABLE PROFIT
	EUR 3,431 mn
	+1% in euros		/Q1'25
	+4% in constant euros
	H1'25 ATTRIBUTABLE PROFIT
	EUR 6,833 mn
	+13% in euros		/H1'24
	+18% in constant euros
	RoTE (post-AT1)
	16.0%
	+92 bps	/ H1'24
	VOLUMES AND REVENUE
	Loan and advances to customers	Customer funds
	+1%	+6%
	Net interest income	Net fee income
	+1%	+9%
	Note: YoY changes in constant euros and Argentina in current euros.
	EFFICIENCY
	41.5%
	-0.1 pp /H1'24
	COST OF RISK
	1.14%
	-7 bps /Jun-24
	CET11
+0.3pp	13.0%
	+0.1 pp /Mar-25

uIn Q2 2025, profit attributable to the parent was EUR 3,431million, a fifth consecutive quarterly record, rising 1% compared to Q1 2025. In constant euros, profit rose 4% quarter-on-quarter, with a solid performance in total income (+2%), driven by net interest income, even in a less favourable interest rate environment, and lower provisions, with controlled costs.

uAttributable profit increased 13% compared to H1 2024 to EUR 6,833 million in H1 2025. In constant euros, profit rose 18% boosted by higher total income, due to positive contributions from net interest income and net fee income, with costs flat in real terms and a cost of risk improvement.

Additionally, the year-on-year comparison was favoured by the temporary levy on revenue earned in Spain which was recorded in full in Q1 2024 compared to the quarterly accrual of the banking tax expected for H1 2025 and by the charges in H1 2024 following the discontinuation of the merchant platforms in Germany and Superdigital in Latin America.

uProfit increased double digit year-on-year in most global businesses.

uThese results reflect a strong performance in H1 2025 and put us on track to meet our 2025 targets.

uProfitability improved strongly year-on-year. RoTE (post-AT1) stood at 16.0% in H1 2025, compared to 15.1% in the same period of 2024.

uSustained earnings per share growth, increasing 19% year-on-year to EUR 43.5 cents, boosted by the positive trends in profit and the share buybacks executed in the last 12 months.

uIn terms of business volumes, growth of customer funds continued to outpace loans and advances to customers as we continued to focus on active capital management, disciplined capital allocation and profitable growth.

Gross loans and advances to customers (excluding reverse repos) rose 1% year-on-year in constant euros, supported by increases in Consumer, Payments and Wealth, while in Retail and CIB decreased.

Customer funds (customer deposits excluding repos plus mutual funds) rose 6% year-on-year in constant euros, increasing across global businesses, underpinned by double-digit growth in mutual funds and a rise in deposits in both demand and time deposits.

uIn a less favourable environment than initially expected, shaped by geopolitical and trade tensions,total income was EUR 31 billion, flat year-on-year (+5% in constant euros) and on track to meet our 2025 target. Of note was the positive net interest income performance (+1% in constant euros and +4% excluding Argentina), with most global businesses growing. Higher customer activity and network benefits were reflected in net fee income (+9% in constant euros), growing in most global businesses except Consumer, impacted by new regulation in Germany and the drop in new car registrations in the EU.

uThe structural changes we have implemented to move towards a simpler and more integrated model through ONE Transformation continued to contribute to better costs, efficiency gains and profitable growth. Costs decreased slightly in current euros, in line with our 2025 year-end target. The efficiency ratio improved to 41.5%, the best efficiency ratio in more than 15 years, with notable improvements in Payments and Wealth.

uCredit quality remains robust, supported by positive employment across our footprint. The NPL ratio improved 11 bps year-on-year to 2.91%. Total loan-loss reserves reached EUR 22,441 million, resulting in an NPL coverage ratio of 67%.

uThe Group's cost of risk improved 7 bps year-on-year to 1.14%, in line with our target for 2025. Cost of risk of Retail and Consumer, which accounted for approximately 80% of the Group's net loan-loss provisions, improved to 0.89% and 2.09%, respectively, compared to the same period in 2024.

uAs at end June 2025, the CET1 ratio stood at 13.0%, +0.1 pp quarter-on-quarter. We had 54 bps of capital through attributable profit generation which more than offset the -29 bp impact related to capital distributions (including the deduction for the accrual of shareholder remuneration against profit earned in Q2 2025, in line with our 50% payout target2, and AT1 costs), -6 bps from regulatory headwinds (mostly relating to capital model changes) and -8 bps from markets and others.

Note: in this section, results are presented on an underlying basis and loans and advances to customers, customer funds and other metrics include Poland, in line with previously published quarterly information, i.e. maintaining the same perimeter that existed at the time of the announcement of the Poland disposal. For further information, see the 'Significant events in the period' and 'Alternative performance measures' sections in this report.

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

2.In line with our current ordinary shareholder remuneration policy of approximately 50% of the Group's reported profit (excluding non-cash, non-capital ratios impact items), divided approximately equally between cash dividends and share buybacks. The implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.

8 January - June 2025

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

Think Value

SHAREHOLDER REMUNERATION
EUR million
+19%	higher than cash dividends against 2023 results
TNAVps + CASH DPS
nCash DPS: €21.0 cents
+16%
/ Jun-24

uOn 4 April 2025, the AGM approved a final cash dividend charged against 2024 results in the gross amount of EUR 11.00 cents per share paid on 2 May 2025. Including the interim cash dividend paid in November 2024 (EUR 10.00 cents), the total cash dividend per share paid against 2024 results was EUR 21.00 cents, around 19% more than the dividends paid against 2023 results.

uAdditionally, we completed two share buyback programmes for a total of EUR 3,112 million. The Group has now repurchased more than 14% of its outstanding shares since we began our buybacks in 2021.

uIncluding these cash dividends and share buybacks, total shareholder remuneration against 2024 results was EUR 6,287 million, 13% higher than the remuneration against 2023 results, distributed approximately equally between cash dividends and share buybacks.

uOn 5 May 2025, Santander announced its intention to distribute approximately 50% of the capital that is expected to be released from the Poland disposal, through a share buyback of approximately EUR 3.2 billion in early 2026, as part of additional buybacks to distribute excess capital and, as a result, share buybacks could exceed the intended distribution of up to EUR 10 billion1. We reiterated this objective on 1 July 2025 following the announcement of having reached an agreement to buy TSB.

uAt the end of the quarter, TNAV was EUR 5.50. Including the dividends charged against 2024 results, TNAV per share increased 16% year-on-year.

Think Customer

# OF CUSTOMERS (Jun-25)
Total customers:	176	mn
Active customers:	105	mn

uWe continue to implement our global platforms across our businesses, such as Gravity in Spain, which enhances customer experience through digital channels and reduces transaction costs.

uAll these developments, along with other initiatives focused on delivering a great customer experience and improving service quality, allow us to rank in the top 3 for NPS² in most of our markets and to continue growing the Group’s customer base.

uAs a result, total customers stood at 176 million, with a year-on-year increase of 8 million, and active customers grew 3 million, reaching 105 million.

Think Global

Contribution to Group revenue 3
	Retail		50%
	Consumer		20%
	CIB		14%
	Wealth		7%
	Payments		9%

H1 2025 data. Year-on-year changes in constant euros.

uIn Retail, double-digit attributable profit growth to EUR 3,687 million, driven by a rise in total income, supported by a strong net fee income performance and higher net interest income excluding Argentina, increasing in most units. Costs declined in real terms and provisions were stable.

uThe efficiency ratio stood at 39.4% and cost of risk improved to 0.89%. RoTE (post-AT1) increased to 17.2%.

uIn Consumer, attributable profit was EUR 1,042 million, with 11% growth in profit before tax driven by solid performances in net interest income and provisions. These strong results were offset by the impact of lower fiscal benefits following reduced electric vehicle demand.

uThe efficiency ratio stood at 41.5%, cost of risk improved to 2.09% and RoTE (post-AT1) was 10.4%.

uIn CIB, attributable profit increased double digits to EUR 1,534 million, driven by higher income, supported by a strong net fee income performance, especially in Global Transaction Banking, and higher gains on financial transactions in Q1 2025 in Global Markets.

uThe efficiency ratio stood at 43.7%. RoTE (post-AT1) improved 2.7 pp to 20.8%.

uIn Wealth, attributable profit amounted to EUR 948 million, also rising double-digits, driven by net fee income, the good performance of our joint ventures in Insurance and our Portfolio Investments business.

uThe efficiency ratio improved 1.5 pp to 35.7% and RoTE (post-AT1) was 67.3%.

uIn Payments, attributable profit reached EUR 335 million, boosted by double-digit growth in net interest income and net fee income, with costs falling 1% in real terms, more than offsetting higher provisions in Cards in Brazil and Mexico in part due to higher activity.

uCost of risk was 7.54%. In PagoNxt, EBITDA margin reached 28.8% (+8.7 pp year-on-year).

1.On 5 February 2025, the board announced its intention to distribute EUR 10 billion to shareholders through share buybacks charged against 2025 and 2026 results and against the expected capital excess. This share buyback target includes i) buybacks that are part of the existing shareholder remuneration policy, and ii) additional buybacks following the publication of annual results to distribute year-end excesses of CET1 capital. The implementation of the shareholder remuneration policy and additional buybacks are subject to future corporate and regulatory decisions and approvals.

2.Net Promoter Score, internal benchmark of individual customers' satisfaction audited by Stiga/Deloitte in H1 2025.

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

January - June 2025 9

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	Statutory income statement

Grupo Santander results

As a result of the announcement of the Poland disposal and in accordance with IFRS 5 requirements, in the statutory income statement, results associated with the business subject to the Poland disposal are reported under a single line in the consolidated income statement — 'profit/(loss) after tax from discontinued operations' — for results corresponding to both 2025 and 2024. Consequently, the results from the Poland disposal perimeter are excluded line by line from the breakdown of continuing operations in both periods. For further information, see the'Significant events in the period' section of this report.

Grupo Santander. Summarized income statement
EUR million
			Change			Change
	Q2'25	Q1'25	%	H1'25	H1'24	%
Net interest income	10,590	10,621	(0.3)	21,211	22,056	(3.8)
Net fee income1	3,143	3,199	(1.8)	6,342	6,162	2.9
Gains or losses on financial assets and liabilities and exchange differences2	364	668	(45.5)	1,032	931	10.8
Dividend income	383	88	335.2	471	490	(3.9)
Share of results of entities accounted for using the equity method	171	161	6.2	332	291	14.1
Other operating income/expenses(net)3	(148)	(58)	155.2	(206)	(895)	(77.0)
Total income	14,503	14,679	(1.2)	29,182	29,035	0.5
Operating expenses	(6,108)	(6,256)	(2.4)	(12,364)	(12,483)	(1.0)
Administrative expenses	(5,304)	(5,434)	(2.4)	(10,738)	(10,883)	(1.3)
Staff costs	(3,320)	(3,403)	(2.4)	(6,723)	(6,825)	(1.5)
Other general administrative expenses	(1,984)	(2,031)	(2.3)	(4,015)	(4,058)	(1.1)
Depreciation and amortization	(804)	(822)	(2.2)	(1,626)	(1,600)	1.6
Provisions or reversal of provisions	(677)	(573)	18.2	(1,250)	(1,598)	(21.8)
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)	(3,447)	(3,077)	12.0	(6,524)	(6,275)	4.0
Impairment on other assets (net)	(45)	(102)	(55.9)	(147)	(289)	(49.1)
Gains or losses on non-financial assets and investments, net	(34)	2	—	(32)	365	—
Negative goodwill recognized in results	(1)	23	—	22	—	—
Gains or losses on non-current assets held for sale not classified as discontinued operations	224	(7)	—	217	(31)	—
Profit or loss before tax from continuing operations	4,415	4,689	(5.8)	9,104	8,724	4.4
Tax expense or income from continuing operations	(1,043)	(1,324)	(21.2)	(2,367)	(2,707)	(12.6)
Profit from the period from continuing operations	3,372	3,365	0.2	6,737	6,017	12.0
Profit or loss after tax from discontinued operations	350	376	(6.9)	726	575	26.3
Profit for the period	3,722	3,741	(0.5)	7,463	6,592	13.2
Profit attributable to non-controlling interests	(291)	(339)	(14.2)	(630)	(533)	18.2
Profit attributable to the parent	3,431	3,402	0.9	6,833	6,059	12.8
EPS (euros)	0.22	0.21	2.4	0.43	0.37	18.5
Diluted EPS (euros)	0.22	0.21	2.4	0.43	0.37	18.4
Memorandum items:
Average total assets	1,815,203	1,855,729	(2.2)	1,835,466	1,792,428	2.4
Average stockholders' equity	99,904	101,501	(1.6)	100,703	96,151	4.7

Note: the summarized income statement groups some lines of the consolidated statutory income statement on page 90 as follows:

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

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

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

10 January - June 2025

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	Statutory income statement

STATUTORY INCOME STATEMENT

In accordance with IFRS 5 requirements, results associated with the business subject to the Poland disposal are reported under a single line in the consolidated income statement — 'profit/(loss) after tax from discontinued operations' — for results in both 2025 and 2024. For further information, see the 'Significant events in the period' section of this report.

Results performance compared to H1 2024

In H1 2025, profit attributable to the parent totalled EUR 6,833 million, after a record Q2 2025 for the fifth record quarter in a row, supported by the good performances of our global businesses.

Compared to the EUR 6,059 million recorded in H1 2024, profit attributable to the parent in H1 2025 was 13% higher year-on-year.

Total income

Total income amounted to EUR 29,182 million, 1% up year-on-year.

•Net interest income (NII) totalled EUR 21,211 million, 4% lower than H1 2024, mainly due to the impact from the sharp fall in interest rates in Argentina on our businesses, especially Retail and CIB, and the decrease in Wealth.

This decline was partially offset by the good performances in Consumer's businesses, driven by active margin management and higher volumes, and Payments, supported by increased activity levels.

Net interest income

EUR million

•Net fee income amounted to EUR 6,342 million, up 3% compared to H1 2024, with solid performances across all global businesses except Consumer, where DCB Europe's net fee income was impacted by new insurance regulation in Germany and the drop in new car registrations in the EU.

Of note were the increases in CIB, mainly driven by Global Transaction Banking, in Wealth, due to strong performance in Private Banking and Santander Asset Management (SAM), and in Payments, due to higher activity levels.

Net fee income

EUR million

•Gains or losses on financial assets and liabilities and exchange differences reached EUR 1,032 million (EUR 931 million in H1 2024) mainly driven by higher results in Global Markets in CIB and the Corporate Centre.

•Dividend incomewas EUR 471 million (EUR 490 million in H1 2024).

•Income from companies accounted for by the equity method reached EUR 332 million, compared to EUR 291 million in H1 2024, driven by strong results in Insurance and the Portfolio Investments business in Wealth.

•Other operating income recorded a loss of EUR 206 million, compared to a EUR 895 million loss in H1 2024, which was affected by the larger hyperinflation adjustment in Argentina and the temporary levy on revenue earned in Spain, which was recorded in full in Q1 2024 (EUR 335 million), whereas in H1 2025 the expected tax on income obtained in Spain for the year accrued under 'Tax expense or income from continuing operations'.

In summary, a resilient performance in total income reflecting our diversification and global scale, even in the current interest rate environment.

Total income

EUR million

January - June 2025 11

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	Statutory income statement

Operating expenses

Operating expenses in H1 2025 amounted to EUR 12,364 million, 1% lower year-on-year, reflecting our progress in transformation.

Our cost management continued to focus on structurally improving our efficiency and, as a result, we remain one of the most efficient banks in the world.

We continued to drive our business transformation plan, ONE Transformation, across our footprint, reflected in greater operational leverage and better commercial dynamics.

Operating expenses

EUR million

Provisions or reversal of provisions

Provisions (net of provisions reversals) amounted to EUR 1,250 million. In H1 2024, this line totalled EUR 1,598 million, affected by the charge in PagoNxt following the discontinuation of our Superdigital platform in Latin America.

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

Impairment of financial assets not measured at fair value through profit or loss (net) was EUR 6,524 million and included provisions which strengthen the balance sheet after having updated macroeconomic parameters in Brazil’s credit provisioning models. In H1 2024, the impairment was EUR 6,275 million.

Impairment on other assets (net)

The impairment on other assets (net) was EUR 147 million. In H1 2024, the impairment on other assets totalled EUR 289 million, including the charges in PagoNxt following the discontinuation of our merchant platform in Germany.

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

Net gains on non-financial assets and investments recorded a loss of EUR 32 million in H1 2025. In H1 2024, net gains were EUR 365 million, which included the capital gain of EUR 352 million generated upon closing the agreement with Sodexo in Brazil.

Negative goodwill recognized in results

In H1 2025, negative goodwill recognized in results was EUR 22 million relating to the acquisition of CrediScotia from Scotiabank which expands Consumer's presence in Peru. There was no negative goodwill recorded in H1 2024.

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

This item, which mainly includes impairment of foreclosed assets recorded a EUR 217 million gain in H1 2025 which included a capital gain of EUR 231 million from the sale of Santander’s remaining 30.5% stake in CACEIS. In H1 2024, this line recorded a loss of EUR 31 million.

Profit or loss before tax from continuing operations

Profit before tax was EUR 9,104 million in H1 2025, up 4% year-on-year, supported by the solid performance in net fee income, our cost discipline and the impact of the full recognition of the temporary levy on revenue earned in Spain in Q1 2024 (EUR 335 million) in the other operating income line and the charge in H1 2024 following the aforementioned discontinuation of platforms in PagoNxt.

Tax expense or income from continuing operations

Total income tax in H1 2025 amounted to EUR 2,367 million which includes EUR 174 million corresponding to the quarterly accrual of expected tax on income obtained in Spain for the year. In H1 2024, income tax was EUR 2,707 million.

Profit or loss after tax from discontinued operations

Profit from discontinued operations totalled EUR 726 million in H1 2025 and EUR 575 million in H1 2024. This line includes the results associated with the Poland disposal, which increased year-on-year driven by a strong revenue performance and lower provisions.

Profit attributable to non-controlling interests

Profit attributable to non-controlling interests amounted to EUR 630 million in H1 2025 compared to EUR 533 million in H1 2024.

Profit attributable to the parent

Profit attributable to the parent rose to a new record at EUR 6,833 million in H1 2025, compared to EUR 6,059 million in H1 2024. This 13% increase year-on-year, was driven by strong net fee income performances across most of our global businesses and lower costs.

Additionally, this year-on-year comparison was favoured by: i) the full charge in Q1 2024 of the temporary levy on income earned in Spain, compared to the accrual in 2025 of the expected tax on income obtained in Spain for the year, and ii) a EUR 243 million charged in H1 2024 in PagoNxt following the discontinuation of our merchant platforms in Germany and Superdigital in Latin America.

12 January - June 2025

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	Underlying income statement

UNDERLYING INCOME STATEMENT
	→ Fifth consecutive quarter of record profit, boosted by solid performances across our global businesses. → We continue to drive profitable growth and strong efficiency, supported by ONE Transformation. → Risk indicators were robust, supported by good risk management and low unemployment.
	Attributable profit		RoTE (post-AT1)	RoRWA
	EUR 6,833 million	+13% in euros	16.0%	2.36%
		+18% in constant euros	+0.9 pp	+0.3 pp
	Note: changes vs. H1 2024.

In contrast to the statutory income statement, in the underlying income statement, results obtained in Poland continue to be reported line by line and disaggregated, as they were in previous quarterly disclosures given that the management of Santander Polska remains unchanged until the Poland disposal is completed.

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

Results performance compared to H1 2024

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

At the Group level, exchange rates had a negative impact of 4.7 pp on total income and a positive impact of 4.1 pp on administrative expenses and amortizations, mainly due to the depreciation of the Brazilian real and the Mexican peso.

To better understand the business trends, we reclassified certain items under some headings of the underlying income statement.

These reclassifications between the statutory and underlying income statements include:

In H1 2025:

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

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

In H1 2024:

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

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

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

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

Summarized underlying income statement (EUR million)
			Change				Change
	Q2'25	Q1'25	%	% excl. FX	H1'25	H1'24	%	% excl. FX
Net interest income	11,338	11,378	(0.4)	2.5	22,716	23,457	(3.2)	1.3
Net fee income	3,315	3,369	(1.6)	1.1	6,684	6,477	3.2	9.0
Gains (losses) on financial transactions 1	391	678	(42.3)	(40.2)	1,069	957	11.7	15.5
Other operating income	429	112	283.0	291.5	541	159	240.3	232.9
Total income	15,473	15,537	(0.4)	2.4	31,010	31,050	(0.1)	4.6
Administrative expenses and amortizations	(6,376)	(6,489)	(1.7)	1.0	(12,865)	(12,913)	(0.4)	3.7
Net operating income	9,097	9,048	0.5	3.4	18,145	18,137	0.0	5.3
Net loan-loss provisions	(3,017)	(3,161)	(4.6)	(1.0)	(6,178)	(6,243)	(1.0)	6.1
Other gains (losses) and provisions	(964)	(700)	37.7	40.1	(1,664)	(2,386)	(30.3)	(28.5)
Profit before tax	5,116	5,187	(1.4)	1.1	10,303	9,508	8.4	13.4
Tax on profit	(1,368)	(1,446)	(5.4)	(3.6)	(2,814)	(2,916)	(3.5)	1.0
Profit from continuing operations	3,748	3,741	0.2	2.8	7,489	6,592	13.6	18.9
Net profit from discontinued operations	—	—	—	—	—	—	—	—
Consolidated profit	3,748	3,741	0.2	2.8	7,489	6,592	13.6	18.9
Non-controlling interests	(317)	(339)	(6.5)	(3.9)	(656)	(533)	23.1	26.5
Net capital gains and provisions	—	—	—	—	—	—	—	—
Profit attributable to the parent	3,431	3,402	0.9	3.5	6,833	6,059	12.8	18.3
Underlying profit attributable to the parent 2	3,431	3,402	0.9	3.5	6,833	6,059	12.8	18.3

1. Includes exchange differences.

2. Excludes net capital gains and provisions.

January - June 2025 13

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	Underlying income statement

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

In H1 2025:

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

•A capital gain in Q2 2025 of EUR 231 million from the sale of Santander’s remaining 30.5% stake in CACEIS, in line with the announcement made in Q4 2024.

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

In H1 2024:

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

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

All in all, profit attributable to the parent and underlying profit attributable to the parent were the same, EUR 6,833 million in H1 2025 and EUR 6,059 million in H1 2024. This represents a 13% year-on-year increase,+18% in constant euros.

This year-on-year comparison was favoured by the temporary levy on revenue earned in Spain which was recorded in full in Q1 2024 compared to accrual-based approach applied in 2025 and by the recognition in H1 2024 of the impacts in PagoNxt following the discontinuation of our merchant platforms in Germany and Superdigital in Latin America.

Total income amounted to EUR 31,010 million in H1 2025, flat compared to H1 2024. In constant euros, total income rose 5% year-on-year, as follows:

•Net interest income (NII) performed well, with a 1% year-on-year increase despite a lower interest rate environment and the strong impact of the sharp fall in interest rates in Argentina. Excluding Argentina, NII rose 4%. By business:

•In Retail, NII was flat. Excluding Argentina, it rose 3%, due to good performances in Chile (lower cost of deposits), the UK (driven by higher mortgage lending profitability and lower cost of deposits) and in Mexico and Poland due to higher activity.

•In Consumer, NII rose 5% supported by our good margin management across key markets and also by higher volumes in DCB Europe and South America and the CrediScotia acquisition in Peru.

•In CIB, NII increased 4%, even with a negative impact from Argentina. Excluding it, NII grew 13% driven by the strong increase in activity (Global Markets).

•In Wealth, NII declined 16%, mainly in Private Banking, impacted by the less favourable interest rate environment across most of our markets, despite higher volumes.

•In Payments, NII rose 22%, with growth in both PagoNxt and Cards, boosted by higher activity.

Net interest income
EUR million
	constant euros

•Net fee income grew 9% year-on-year driven by widespread growth across all businesses except Consumer. By business:

•In Retail, net fee income increased 8%, supported by mutual funds, foreign exchange and insurance fees.

•In Consumer, net fee income fell 6%, despite strong growth in the US (auto servicing fees), mainly due to DCB Europe, which was impacted by new insurance regulation in Germany and the drop in new car registrations in the EU.

•In CIB, it increased 9%, driven by the three main business lines, but especially Global Transaction Banking (GTB) and Global Banking (GB) in the US, boosted by our US Banking Build-Out (US BBO) initiative.

•In Wealth, net fee income rose 20%, with good growth in Private Banking and Asset Management due to good commercial dynamics in Spain, Latin America and the US.

•In Payments, net fee income rose 15% boosted by both PagoNxt and Cards driven by higher activity across countries.

This positive net fee income performance keeps us on track to achieve our mid-high single digit growth target for 2025.

Net fee income
EUR million
	constant euros

•Gains on financial transactions rose 16%, boosted by higher results in Global Markets in CIB, mainly in Brazil and Mexico.

•Other operating income in H1 2025 improved compared to the same period in 2024, driven by a less negative impact from the hyperinflation adjustment in Argentina.

14 January - June 2025

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	Underlying income statement

This positive revenue performance keeps us on track to achieve our 2025 target of reaching a revenue level of EUR 62 billion in the year, similar to the revenue recorded in 2024.

Total income
EUR million
	constant euros

Administrative expenses and amortizations in H1 2025 amounted to EUR 12,865 million, in line with H1 2024 (+4% in constant euros). In real terms (excluding the impact of average inflation and in constant euros), they were flat year-on-year. The efficiency ratio stood at 41.5%, improving 10 bps year-on-year.

Our cost management remained focused on structurally improving our efficiency and maintaining our position as one of the most efficient global banks. We continued to progress with our business model transformation plan, ONE Transformation, which provides greater operational leverage, improving business dynamics and promoting leaner and more agile structures.

By business and in constant euros as follows:

•In Retail, costs were up 2%. In real terms, they fell 1%, reflecting our transformation efforts through the simplification and the implementation of our global platform. The efficiency ratio stood at 39.4%.

•In Consumer, costs increased 3% year-on-year. In real terms, rose 1%as our transformation savings offset our investments in leasing and check-out lending platforms and in Openbank. The efficiency ratio stood at 41.5%.

•In CIB, costs rose 8%, +5% in real terms, due to the investment in new products and capabilities to drive growth. We maintained a leading position among peers with an efficiency ratio of 43.7%.

•In Wealth, costs rose 9%. In real terms, they increased 6%, reflecting our investments to reinforce Private Banking teams and new capabilities to address the increase in commercial activity. The efficiency ratio improved 1.5 pp year-on-year to 35.7%.

•In Payments, costs rose 2% but decreased 1% in real terms, even after investments in platforms in both Cards and PagoNxt. The efficiency ratio stood at 42.2%, a 4.6 pp improvement year-on-year.

Operating expenses
EUR million
	constant euros

Net operating income in H1 2025 amounted to EUR 18,145 million, in line with H1 2024. In constant euros, it rose 5%, underpinned by the good performances in NII, net fee income and gains on financial transactions and a lower impact from the hyperinflation adjustment.

Net operating income
EUR million
	constant euros

Net loan-loss provisions in H1 2025 amounted to EUR 6,178 million, a 1% decrease year-on-year.

In constant euros, they increased 6%, mainly due to: i) higher provisions in Payments, driven by the strong widespread growth in the Cards portfolio, especially in Brazil and Mexico, which were also impacted by model changes and, in Brazil, by a worse macroeconomic environment, and ii) the increase in provisions at the Corporate Centre to accelerate NPL ratio reductions, improving the Group's credit quality.

The cost of risk stood at 1.14%, in line with the Group’s 2025 target.

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	Underlying income statement

Net loan-loss provisions
EUR million
	constant euros

Other gains (losses) and provisions registered a of EUR 1,664 million loss, compared to EUR 2,386 million loss in H1 2024. This is mainly due to the charge in H1 2024 following the discontinuation of the aforementioned platforms in PagoNxt and the full recognition of the temporary levy on revenue earned in Spain in Q1 2024, compared to its quarterly accrual in 2025, now in the ‘Tax on profit' line.

Tax on profit amounted to EUR 2,814 million, 3% lower than in H1 2024 (+1% in constant euros) and includes a EUR 174 million charge in H1 2025 corresponding to the quarterly accrual of the tax on revenue expected in Spain for the year.

Profit attributable to the parent in H1 2025 was EUR 6,833 million, 13% more than in H1 2024 (+18% in constant euros).

Profit attributable to the parent
EUR million
	constant euros

RoTE (post-AT1) in H1 2025 stood at 16.0% (15.1% in H1 2024), on track to achieve our 2025 target of proximally 16.5%. RoRWA was 2.36% (2.07% in H1 2024) and earnings per share stood at EUR 0.43 (EUR 0.37 in H1 2024).

Underlying results performance compared to the previous quarter

Regarding results that fall outside the ordinary course of our business and are therefore excluded from underlying income statement, in Q2 2025 the ‘net capital gains and provisions’ line includes the two aforementioned events of the same value but opposite signs.

In contrast, in Q1 2025, no impacts outside our ordinary course of business occurred and, therefore, no amount was recorded under the line ‘net capital gains and provisions’.

As a result, underlying profit attributable to the parent and profit attributable to the parent were the same both in Q2 2025, at EUR 3,431 million, and in Q1 2025, at EUR 3,402 million.

Compared to Q1 2025, profit in Q2 2025 increased 1%. In constant euros it increased 4%, by line:

•Total income remained above EUR 15 billion, and increased 2%, with the following breakdown by line:

•Net interest income increased 2%, with solid performances across most businesses, particularly in CIB (+10%) due to double-digit growth in Global Banking (Structured Finance and Syndicated Loans), Consumer, where it rose 4%, mainly due to DCB Europe, though NII in Latin America also performed well, and Payments (+9%) mainly due to higher activity in Cards. Of note was the resilient NII in Retail (+1%), even in a less favourable interest rate environment.

•Net fee income increased 1% quarter-on-quarter as the positive performances across most businesses, particularly in Payments (driven by higher activity), offset weaker results in CIB following an exceptionally strong Q1 2025.

•Gains on financial transactions fell 40%, mainly affected by a weaker quarter in CIB after strong performance in Global Markets in Q1 2025 favoured by higher volatility.

•Operating expenses in Q2 2025 rose 1% quarter-on-quarter, mainly due to the increases in Retail and CIB.

•Net loan-loss provisions decreased 1% driven by good performance in Consumer across its main markets, which more than offset the increase in CIB, impacted by single names.

•Other gains (losses) and provisions recorded a EUR 964 million loss in Q2 2025, compared to a EUR 700 million loss in Q1 2025. This comparison was partly impacted by higher provisions related to the CHF mortgage portfolio in Poland in Q2 2025.

16 January - June 2025

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	Balance sheet

Grupo Santander's balance sheet

As a result of the announcement of the Poland disposal and in accordance with IFRS 5 requirements, in the Group’s consolidated balance sheet the assets associated with the Poland disposal are classified under the 'non-current assets held for sale' line item and the related liabilities under 'liabilities associated with non-current assets held for sale'. This classification applies solely to the balance sheet as at 30 June 2025 and does not affect prior periods, which therefore limits the comparability of the balance sheets presented below.

Grupo Santander. Condensed balance sheet
EUR million
			Change
Assets	Jun-25	Jun-24	Absolute	%	Dec-24
Cash, cash balances at central banks and other demand deposits	175,555	156,234	19,321	12.4	192,208
Financial assets held for trading	234,834	206,874	27,960	13.5	230,253
Debt securities	85,290	71,523	13,767	19.2	82,646
Equity instruments	16,278	16,764	(486)	(2.9)	16,636
Loans and advances to customers	35,715	19,899	15,816	79.5	26,591
Loans and advances to central banks and credit institutions	39,263	39,760	(497)	(1.3)	40,280
Derivatives	58,288	58,928	(640)	(1.1)	64,100
Financial assets designated at fair value through profit or loss1	14,515	15,335	(820)	(5.3)	14,045
Loans and advances to customers	5,597	6,601	(1,004)	(15.2)	5,652
Loans and advances to central banks and credit institutions	1,110	444	666	150.0	408
Other (debt securities an equity instruments)	7,808	8,290	(482)	(5.8)	7,985
Financial assets at fair value through other comprehensive income	75,801	82,270	(6,469)	(7.9)	89,898
Debt securities	60,929	71,160	(10,231)	(14.4)	76,558
Equity instruments	2,300	1,842	458	24.9	2,193
Loans and advances to customers	12,268	8,933	3,335	37.3	10,784
Loans and advances to central banks and credit institutions	304	335	(31)	(9.3)	363
Financial assets measured at amortized cost	1,148,957	1,217,341	(68,384)	(5.6)	1,203,707
Debt securities	119,661	114,347	5,314	4.6	120,949
Loans and advances to customers	957,147	1,030,163	(73,016)	(7.1)	1,011,042
Loans and advances to central banks and credit institutions	72,149	72,831	(682)	(0.9)	71,716
Investments in subsidiaries, joint ventures and associates	7,191	8,235	(1,044)	(12.7)	7,277
Tangible assets	28,997	33,709	(4,712)	(14.0)	32,087
Intangible assets	17,249	19,359	(2,110)	(10.9)	19,259
Goodwill	11,960	13,668	(1,708)	(12.5)	13,438
Other intangible assets	5,289	5,691	(402)	(7.1)	5,821
Non-current asset held for sale	68,710	2,915	65,795	—	4,002
Other assets2	44,079	43,989	90	0.2	44,345
Total assets	1,815,888	1,786,261	29,627	1.7	1,837,081
Liabilities and shareholders' equity
Financial liabilities held for trading	155,682	133,856	21,826	16.3	152,151
Customer deposits	39,997	23,729	16,268	68.6	18,984
Debt securities issued	—	—	—	—	—
Deposits by central banks and credit institutions	30,816	28,213	2,603	9.2	39,584
Derivatives	50,396	52,261	(1,865)	(3.6)	57,753
Other	34,473	29,653	4,820	16.3	35,830
Financial liabilities designated at fair value through profit or loss	35,513	34,493	1,020	3.0	36,360
Customer deposits	22,499	24,809	(2,310)	(9.3)	25,407
Debt securities issued	9,671	6,726	2,945	43.8	7,554
Deposits by central banks and credit institutions	3,343	2,942	401	13.6	3,399
Other	—	16	(16)	(100.0)	—
Financial liabilities measured at amortized cost	1,400,632	1,454,896	(54,264)	(3.7)	1,484,322
Customer deposits	945,733	989,108	(43,375)	(4.4)	1,011,545
Debt securities issued	302,292	305,136	(2,844)	(0.9)	317,967
Deposits by central banks and credit institutions	108,310	117,752	(9,442)	(8.0)	114,894
Other	44,297	42,900	1,397	3.3	39,916
Liabilities under insurance contracts	18,343	17,592	751	4.3	17,829
Provisions	8,098	8,401	(303)	(3.6)	8,407
Liabilities associated with non-current assets held for sale	59,361	—	59,361	—	—
Other liabilities3	29,274	33,375	(4,101)	(12.3)	30,685
Total liabilities	1,706,903	1,682,613	24,290	1.4	1,729,754
Shareholders' equity	138,066	132,836	5,230	3.9	135,196
Capital stock	7,443	7,747	(304)	(3.9)	7,576
Reserves (including treasury stock)4	123,790	119,030	4,760	4.0	116,578
Profit attributable to the Group	6,833	6,059	774	12.8	12,574
Less: dividends	—	—	—	—	(1,532)
Other comprehensive income	(37,565)	(36,963)	(602)	1.6	(36,595)
Minority interests	8,484	7,775	709	9.1	8,726
Total equity	108,985	103,648	5,337	5.1	107,327
Total liabilities and equity	1,815,888	1,786,261	29,627	1.7	1,837,081

Note: The condensed balance sheet groups some lines of the consolidated balance sheet on pages 88 and 89 as follows:

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

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

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

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

January - June 2025 17

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	Balance sheet

Gross loans and advances to customers (excl. reverse repos)			Customer funds (deposits excl. repos + mutual funds)
Loans rose 1% both year-on-year and quarter-on-quarter.			Customer funds continued to increase, +1% quarter-on-quarter and +6% year-on-year.
EUR 1,002 billion		+1% QoQ	EUR 1,207 billion		+1% QoQ
		+1% YoY			+6% YoY
By business:			By product:
Year-on-year growth in Consumer, Wealth and Payments businesses which offset lower balances in Retail and CIB.			Strong year-on-year increase in mutual funds, with widespread growth across businesses and countries, and higher deposits (both demand and time deposits).
Retail	Consumer	CIB	Demand	Time	Mutual funds
-1%	+2%	-2%	+4%	+3%	+17%
Note: changes in constant euros. Includes Poland.

Loans and advances to customers

Loans and advances to customers stood at EUR 1,010,727 million as at end June 2025, a 5% decrease both year-on-year and quarter-on-quarter. Both comparisons are affected by the Poland disposal as, in accordance with IFRS 5 requirements and only as at 30 June 2025, the assets related to the Poland disposal are aggregated under the 'non-current assets held for sale' line.

For the purpose of analysing traditional banking loans, the Group uses gross loans and advances to customers excluding reverse repos. We continue to analyse gross loans and advances to customers excluding reverse repos including Poland, i.e. maintaining the same perimeter that existed at the time of the announcement of the Poland disposal, thereby including Poland's balances. As at end June 2025, gross loans and advances to customers excluding reverse repos, including Poland, totalled EUR 1,002,133 million.

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

Compared to March 2025, gross loans and advances to customers (excluding reverse repos and including Poland), increased 1%in constant euros with the following detail:

•In Retail, they increased 1% boosted by individuals, both in mortgages (especially in Portugal and Brazil) and personal loans (mainly driven by strong growth in Spain).

•In Consumer, they increased 2% mainly in DCB Europe which more than offset the decrease in the US.

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

EUR billion. Including Poland

-2	%	1
Jun-25 / Jun-24

1. In constant euros: +1%.

•In CIB, loans fell 1%,mainly due to Brazil.

•Loans in Wealth and Payments increased 5% and 2% respectively.

Compared to June 2024, gross loans and advances to customers (excluding reverse repos and including Poland) grew 1% in constant euros, as follows:

•In Retail, they decreased 1%, affected by decreases in SMEs (lower volumes in Spain and the UK) and corporates (in line with our focus on profitability in Spain, the run-off of non-core portfolios in the US and macro impacts in Brazil).

•In Consumer, they rose 2% boosted by the good performance in auto in DCB Europe and double-digit loan growth across our Latin American countries.

•In CIB, they fell 2% as the increase in Global Markets could not compensate the decrease in Global Transaction Banking (mainly in South America).

•They increased 13% in Wealth, particularly in Spain and the US, and were up 18% in Payments, driven by strong volumes growth in Cards, especially in Brazil.

As of June 2025, gross loans and advances to customers excluding reverse repos and including Poland maintained a diversified mix across our footprint, with presence in different countries in Europe (70% of Group's total loans), Latin America (19%) and in the US (11%).

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

% operating areas. June 2025. Including Poland

18 January - June 2025

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

Customer funds

Customer deposits amounted to EUR 1,008,229 million as at end June 2025, down 7% quarter-on-quarter and 3% year-on-year. Both comparisons are affected by the Poland disposal as, in accordance with IFRS 5 requirements and only as at 30 June 2025, the liabilities related to the Poland disposal are aggregated under the 'liabilities associated with non-current assets held for sale' line.

The Group uses customer funds (customer deposits excluding repos, plus mutual funds) for the purpose of analysing traditional retail banking funds. We continue to analyse customer funds including Poland, i.e. maintaining the same perimeter that existed at the time of the announcement of the Poland disposal, thereby including Santander Poland's balances. As at end June 2025, they amounted to EUR 1,207,272 million.

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

Compared to March 2025, customer funds including Poland increased 1% in constant euros, with the following detail:

•By product, customer deposits excluding repos rose 1%, with demand deposits rising (+1%) and time deposits decreasing (-1%). Positive momentum continued in mutual funds (+2%).

•By business, customer funds grew in Retail (+2%), Consumer (+1%)and Wealth (+1%), which more than offset the decreases in CIB (-4%) and Payments (-8%).

Compared to June 2024, customer funds were 6% higher in constant euros:

•By product, deposits excluding repos rose 4%, with growth in both demand (+4%) and time deposits (+3%). Widespread growth in mutual funds, increasing 17%.

•By business, they rose 5% in Retail, driven by double-digit growth in time deposits and mutual funds. They grew strongly in Consumer (+11%) and in line with our deposit gathering strategy. They rose 3% in CIB. In Wealth, they were up 10% driven by mutual funds (+14%). By country, there were generalized increases except in the UK.

As at end June 2025, customer funds (including Poland) maintained a diversified mix across our footprint, with presence in different countries in Europe (70% of Group's total customer funds), Latin America (22%) and the US (8%). The weight of demand deposits as a percentage of total customer funds was 56%, while time deposits accounted for 24% of the total and mutual funds for 20%.

Customer funds

EUR billion. Including Poland

+3% ¹

+12%

+1%

•Total

•Mutual funds

•Deposits excl. repos

Jun-25 / Jun-24

1. In constant euros: +6%.

In addition to capturing customer deposits, the Group, for strategic reasons, maintains a selective policy of issuing securities in the international fixed income markets and strives to adapt the frequency and volume of its market operations to the structural liquidity needs of each unit, as well as to the receptiveness of each market.

In H1 2025, the Group's issuances were as follows:

•Medium- and long-term senior debt totalling EUR 11,600 million and covered bonds placed in the market for EUR 4,631 million.

•TLAC eligible instruments issued amounted to EUR 7,407 million, of which EUR 7,058 million was senior non-preferred and EUR 349 million was subordinated debt.

•Maturities of medium- and long-term debt totalled EUR 20,14 million.

The net loan-to-deposit ratio was 99% (103% in June 2024), and the ratio of deposits plus medium- and long-term funding to the Group’s loans was 127%, showing a comfortable funding structure. The Group liquidity coverage ratio (LCR) was an estimated 159% in June 2025 (see the 'Risk management' chapter of this report).

The Group's access to wholesale funding markets, as well as the cost of issuances depends, in part, on the ratings granted by the rating agencies.

Rating agencies
	Long term	Short term	Outlook
Fitch Ratings	A (Senior A+)	F1 (Senior F1)	Stable
Moody's	A2	P-1	Positive
S&P Global Ratings	A+	A-1	Stable
DBRS	A (High)	R-1 (Middle)	Stable

Moody's confirmed its A2 long-term and P-1 short-term ratings in Q4 2024 and maintained the positive outlook they had previously improved in Q2 2024, following the same movement in the rating of the Kingdom of Spain, and maintaining it two notches above the sovereign.

In Q3 2024, S&P Global confirmed Santander's credit rating at A+ for long-term and A1 for short-term debt. In Q2 2024, S&P rated our AT1 instruments as BBB- (investment grade). They maintained Santander's outlook as stable, in line with the sovereign.

Fitch upgraded Santander's long-term senior rating to A+ in Q1 2025. Fitch and DBRS maintained their stable outlooks, above the sovereign.

Sometimes the methodology applied by the rating agencies limits a bank's rating to the sovereign rating of the country where it is headquartered. Banco Santander, S.A. is still rated above the sovereign debt rating of the Kingdom of Spain by Moody’s, DBRS and S&P and rated at the same level by Fitch, which demonstrates our financial strength and the benefits from our diversification.

Customer funds

% operating areas. June 2025. Including Poland

January - June 2025 19

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	Solvency ratios

Solvency ratios

Phased-in capital ratio	CET1 ratio
The phased-in CET1 ratio reached 13.0% at the end of June, at the top end of the Group's operating range of 12-13%.	We continued to generate capital organically in the quarter, strongly backed by good profit growth.
c	Attributable profit	+54 bps
	Capital distribution1	-29 bps
	TNAV per share
	TNAV per share was EUR 5.50, increasing 16% year-on-year including the cash dividends paid in Nov-24 and May-25.
Note: Phased-in ratios are calculated in accordance with the transitory treatment of the CRR.

As at end June 2025, the total phased-in capital ratio (applying the CRR transitional arrangements) stood at 17.2% and the phased-in CET1 ratio at 13.0%, in line with the 13% target for 2025 that we announced in Q4 2024.

We comfortably meet the levels required by the ECB on a consolidated basis, estimated at 13.9% for the total capital ratio and at 9.6% for the CET1 ratio. This resulted in a distance to the maximum distributable amount (MDA) of 304 bps and a CET1 management buffer of 334 bps.

In the quarter, the CET1 ratio increased 0.1 pp. We had 54 bps of capital through attributable profit generation and had a small uplift from net organic RWAs as risk transfer initiatives more than offset an increase in RWAs. There was a -29 bp impact related to capital distributions, including the deduction for the accrual of shareholder remuneration against profit earned in Q2 2025, in line with our 50% payout target1, and AT1 costs. Additionally, there were -6bps from regulatory headwinds (mostly relating to capital model changes) and -8bps in markets and others (mostly minority interests).

Although the CRR3 fully-loaded criteria are not yet fully defined, our current estimate for the fully-loaded CET1 ratio is comfortably above our >12% Investor Day target for 2025 year end.

TNAV per share ended the quarter at EUR 5.50. Including the interim cash dividend paid in November 2024 (EUR 10.00 cents per share) and final cash dividend paid in May (EUR 11.00 cents per share), both charged against 2024 results, TNAV plus cash dividend per share increased 15.6% in the last twelve months (+2.7% in the quarter).

Lastly, the leverage ratio was 4.91%.

Eligible capital. June 2025
EUR million
	Phased-in
CET1	81,250
Basic capital	90,828
Eligible capital	107,733
Risk-weighted assets	625,750
	%
CET1 capital ratio	13.0
Tier 1 capital ratio	14.5
Total capital ratio	17.2

CET1 ratio performance

%

Note: Phased-in ratios are calculated in accordance with the transitory treatment of the CRR. Does not include any expected impacts from the recently announced inorganic transactions.

1.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.

2.Business RWA change net of risk transfer initiatives.

20 January - June 2025

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	Risk management

Risk management

Credit risk			Market risk
Credit quality indicators remained contained, within expected levels.			Average VaR decreased in a slightly less volatile environment, given the expectations of trade negotiations with the US.
Cost of risk	NPL ratio	NPL coverage ratio	Average VaR
1.14%	2.91%	67%	Q2'25	EUR 18 million	-EUR 2.8 mn vs. Q1'25
0 bp vs. Mar-25	-9 bps vs. Mar-25	+2 pp vs. Mar-25
Structural and liquidity risk			Operational risk
Robust and diversified liquidity buffer, with ratios well above regulatory requirements.			In Q2 2025, our operational risk profile remained stable, focusing on risks associated with suppliers, technology and cyber risk. Operational losses increased compared to the previous quarter.
Liquidity Coverage Ratio (LCR)
159%1		+3 pp vs. Mar-25

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

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

Credit risk2

During H1 2025, the environment was characterized by geopolitical tensions, such as the conflict in the Middle East and the development of tariff policies in the US.

The moratorium on new tariffs and the resumption of negotiations mitigated instability in trade, but weaker economic data in the US raised some doubts regarding the economic outlook and credit trends. In Latin America, economies remain resilient. In Europe, economic recovery is progressing at a moderate pace, with greater uncertainty stemming from international trade tensions, which policymakers aim to offset through increased spending in defense and the simplification of the regulatory agenda, to promote private sector investment. The ECB has adopted a neutral-expansionary tone in monetary policy, which is already being reflected in mortgage and consumer portfolios.

Our global and diversified business model, with our strong local presence, provides us with a resilient structure which, together with our prudent risk management, enables us to maintain a medium-low risk profile, even in a more complex environment.

In terms of credit quality, in Q2 2025:

•The NPL ratio improved 9 bps quarter-on-quarter to 2.91%. Credit impaired loans decreased 5% to EUR 33,395 million, driven by favourable exchange rate movements and positive trends across all global businesses. Gross credit risk with customers (total risk) decreased 2%, reaching EUR 1,148 billion, due lower volumes in Retail UK and DCB US.

Year-on-year, the NPL ratio improved 11 bps, backed by lower credit impaired loan volumes, mainly in Retail and CIB, which more than offset a decrease in total risk due to the impact of securitizations.

•Net loan-loss provisions totalled EUR 6,178 million in H1 2025, growing 6% year-on-year in constant euros, mainly due to the increase in Payments (especially in Brazil) and the Corporate Centre, reflecting our strategy to accelerate NPL ratio reductions, improving the Group's credit quality.

Quarter-on-quarter, provisions decreased 1% in constant euros, supported by a good performance in Consumer, mainly in Brazil, DCB Europe and DCB US.

Key risk metrics
	Net loan-loss provisions 3				Cost of risk (%) 4			NPL ratio (%)			NPL coverage ratio (%)
	Q2'25	H1'25	Chg (%) / Q2'24	Chg (%) / Q1'25	Jun-25	Chg (bps) / Jun-24	Chg (bps) / Mar-25	Jun-25	Chg (bps) / Jun-24	Chg (bps) / Mar-25	Jun-25	Chg (pp) / Jun-24	Chg (pp) / Mar-25
Retail	1,399	2,830	(0.1)	0.9	0.89	(13)	(2)	3.06	(8)	(6)	59.8	(1.7)	0.8
Consumer	956	2,075	(2.6)	(10.4)	2.09	(8)	(5)	4.97	16	(12)	76.4	0.6	1.4
CIB	72	85	(5.2)	468.4	0.09	(6)	1	0.71	(32)	(3)	45.1	9.1	5.8
Wealth	13	21	23.3	74.1	0.20	13	0	0.96	(12)	(1)	70.3	11.2	3.9
Payments	479	970	29.0	0.9	7.54	51	2	5.11	(5)	(77)	131.2	(13.1)	5.2
TOTAL GROUP	3,017	6,178	6.1	(1.0)	1.14	(7)	0	2.91	(11)	(9)	67.2	0.7	1.5

1.Group LCR. See the 'Structural and liquidity risk' section of this chapter. Provisional data.

2.Changes in constant euros, unless otherwise indicated.

3.EUR million and % change in constant euros.

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

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

January - June 2025 21

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	Risk management

•Cost of risk stood at 1.14%, improving compared to June 2024 and in line with March 2025.

•The NPL coverage ratio increased quarter-on-quarter reaching 67%, with loan-loss allowances of EUR 22,441 million. The coverage ratio remained at comfortable levels considering that 68% of the Group’s portfolio is backed by quality collateral.

Regarding the IFRS 9 stages, the distribution of the portfolio was stable in the quarter in percentage terms, although in absolute terms, stage 3 balances declined in line with the active risk management carried out in Retail Spain, which is improving credit quality.

NPL coverage ratio by stage
EUR billion
	Exposure1			NPL coverage2
	Jun-25	Mar-25	Jun-24	Jun-25		Mar-25		Jun-24
Stage 1	989	1,012	1,008	0.3	%	0.4	%	0.4	%
Stage 2	85	87	94	5.7	%	5.6	%	5.6	%
Stage 3	33	35	35	42.7	%	41.3	%	41.2	%

1. Exposure subject to impairment. Additionally, in June 2025 there were EUR 41 billion in loans and advances to customers not subject to impairment recorded at mark to market with changes through P&L (EUR 34 billion in March 2025 and EUR 26 billion in June 2024).

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

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

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

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

Credit impaired loans and loan-loss allowances
EUR million
		Change (%)
	Q2'25	QoQ	YoY
Balance at beginning of period	34,992	(0.8)	(1.8)
Net additions	2,973	(4.7)	(9.8)
Increase in scope of consolidation	—	—	(100.0)
Exchange rate differences and other	(1,014)	967.4	66.0
Write-offs	(3,556)	7.9	9.6
Balance at period-end	33,395	(4.6)	(4.8)
Loan-loss allowances	22,441	(2.3)	(3.8)
For impaired assets	14,258	(1.3)	(1.4)
For other assets	8,183	(4.1)	(7.7)

Our Retail, Consumer, CIB and Payments businesses account for around 97% of the Group's total credit portfolio. Our Wealth business focuses mainly on asset management, investment funds and insurance and has little credit risk exposure. Therefore, the following explanations are focused on the most relevant businesses from a credit risk management point of view:

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

Retail's portfolio mainly comprises high quality mortgage loans, where 90% of loans have an LTV lower than 80%, and a corporate portfolio in which more than 50% has property collateral or other collateral.

The NPL ratio fell 6 bps in the quarter to 3.06%, driven by lower credit impaired loans, mainly in Europe, with a notable improvement in Spain, supported by write-offs and portfolio sales within the NPL reduction plan. Total risk decreased 2%, mainly due to a decline in the UK.

The cost of risk improved 13 bps compared to June 2024 to 0.89%, mainly supported by lower provisions in European portfolios, particularly: i) in Spain, due to a good performance in mortgages, favoured by lower interest rates, reduced inflationary pressures and a robust labour market and, ii) in Poland, as our CHF mortgage portfolio required lower provisions than in the same period last year. In Mexico, both the mortgage and corporate loan portfolios performed positively year-on-year, due to model updates and single names last year. Compared to the previous quarter, cost of risk improved 2 bps due to lower provisions mainly in Poland and Spain.

The NPL coverage ratio increased slightly in the quarter, reaching 60%. Given the Retail portfolio includes the mortgage portfolios in Spain and the UK, which have high-quality collateral, we consider that coverage is at appropriate levels for the risk of the portfolio.

	Digital Consumer Bank	Credit risk exposure
		18% of total Group

The Consumer portfolio mainly comprises auto loans and leasing business, which together account for more than 80% of the portfolio.

The NPL ratio stood at 4.97%, improving 12 bps in the quarter, driven by a decrease in credit impaired loans, mainly supported by portfolio sales in the US and, to a lesser extent, by Brazil. Total risk decreased 2%, with a decline in the US, partially offset by growth in DCB Europe, Argentina and Mexico.

The cost of risk improved 8 bps compared to June 2024, standing at 2.09%, on the back of a good performance in terms of provisions in DCB US and, to a lesser extent, Brazil. Compared to the previous quarter, cost of risk improved 5 bps, supported by lower LLPs, driven by model updates in Brazil and portfolio sales.

The NPL coverage ratio improved 1 pp quarter-on-quarter, reaching 76%, a level we are comfortable with considering more than 80% of the portfolio is auto loans.

	Corporate & Investment Banking	Credit risk exposure
		21% of total Group

CIB's business consists of wholesale customers, around 85% of whom have a rating above investment grade. It is a business with a strong advisory component and high value-added solutions and is less intensive in terms of balance sheet activity.

The NPL ratio fell 3 bps in the quarter to 0.71%, with a decrease in credit impaired loans, supported by positive trends in Spain and Poland, which more than offset an increase in Brazil (impacted by a single name). Total risk posted a 2% decline quarter-on-quarter, mainly driven by the US and Brazil.

The cost of risk improved 6 bps compared to June 2024, to 0.09%, backed by almost inexistent provisions in Q4 2024 and Q1 2025. Cost of risk was relatively stable quarter-on-quarter (+1 bp).

The NPL coverage ratio improved 6 pp quarter-on-quarterto 45%.

22 January - June 2025

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	Risk management

	Payments	Credit risk exposure
		2% of total Group

The Payments portfolio encompasses both the exposure associated with payments and transfer processing activities (PagoNxt) as well as the Cards businesses, which are characterized by rapid turnover and returns in line with their level of risk.

The NPL ratio stood at 5.11%, 77 bps below March 2025, driven by a decline in credit impaired loans, especially in Brazil, due to write-offs. Total risk decreased slightly in the quarter, mainly due to Brazil, Chile and, to a lesser extent, Mexico.

The cost of risk rose 51 bps year-on-year, to 7.54%, due to higher provisions (mainly concentrated in Cards). The increase was primarily due to the macroeconomic environment and the impact from changes in provision models in Brazil and Mexico. In the quarter, CoR registered a 2 bp increase.

The NPL coverage ratio rose 5 pp in the quarter to 131%.

Market risk

Markets were mainly influenced by the potential negative impacts on global economic growth from trade policies in the US and geopolitical tensions, including the war in Ukraine, the conflict in Israel and the recent heightened tensions with Iran.

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

In Q2 2025, the average VaR was EUR 18 million, decreasing compared to Q1 2025 and remaining moderately stable during the quarter, in a slightly less volatile environment due to the expectations of trade negotiations that could reduce the potential impact of tariffs on international trade.

By market risk factor, VaR continued to be primarily driven by interest rate risk. The VaR figures remain low compared to the size of the balance sheet and the Group's activity.

Trading portfolios1. VaR by region
EUR million
	2025		2024
Q2	Average	Last	Average
Total	18.2	15.6	16.4
Europe	15.7	12.5	12.2
North America	5.8	4.4	7,7
South America	8.5	7.8	7,9

1. Activity in Santander Corporate & Investment Banking markets.

Trading portfolios1. VaR by market factor
EUR million
Q2 2025	Min.	Avg.	Max.	Last
VaR total	15.0	18.2	29.2	15.6
Diversification effect	(12.7)	(27.3)	(36.1)	(21.1)
Interest rate VaR	14.7	18.1	23.0	15.8
Equity VaR	3.3	7.6	10.8	3.3
FX VaR	4.7	8.9	14.3	7.5
Credit spreads VaR	4.8	8.1	10.2	8.4
Commodities VaR	0.2	2.8	7.0	1.7

1.Activity in Santander Corporate & Investment Banking markets.

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

Trading portfolios1. VaR performance

EUR million

1. Activity in Santander Corporate & Investment Banking markets.

January - June 2025 23

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

Structural and liquidity risk

Structural exchange rate risk

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

During Q2 2025, the Group's main currencies depreciated against the euro. The US dollar depreciated 8%, given the potential negative impact of tariff policies on its economy.

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

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

Structural interest rate risk

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

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

In Q2 2025, market interest rates continued to reflect volatility, driven by the expectations of potential progress in negotiations over the new tariff policies in the US and by the divergence in monetary policy adjustments among major central banks (with the US holding its policy rate, while Europe and some Latin American countries implemented cuts).

Despite this volatile environment, our structural debt portfolios continued to perform positively, and structural interest rate risk remained at comfortable levels during the period.

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

Liquidity risk

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

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

In Q2 2025, the Group maintained a comfortable position, with ratios well above regulatory limits, supported by a robust and diversified liquidity buffer.

The Group liquidity coverage ratio (LCR1) ended the quarter at 159%, 3 pp higher than the previous quarter.

Operational risk

Our operational risk profile was stable in Q2 2025 compared to the previous quarter, with a focus on risks associated with suppliers, technology and cyber risk, especially considering the potential impact of geopolitical risks on these areas. There was an increase in operational risk losses quarter-on-quarter. Legal processes continue to be the main cause of these losses, which are concentrated in the Group's Retail business.

The Group constantly monitors the evolution of operational risks in general and, particularly, those arising from transformation plans (including the use of new technologies), external fraud and the most significant legal processes.

1. The Consolidated LCR ratio as at end June 2025 was 147%, comfortably exceeding internal and regulatory requirements. For more information on the calculation of both the Group LCR and the Consolidated LCR, see the “Liquidity and funding management” section of the “Economic and financial review” chapter in the Annual report 2024 published on 28 February 2025.

24 January - June 2025

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

The Santander share

Dividends and shareholder remuneration

In accordance with the 2024 shareholder remuneration policy, the bank paid a final cash dividend in May charged against 2024 results, amounting to EUR 11.00 cents per share.

Additionally, in application of the shareholder remuneration charged against 2024 results, the second share buyback programme was executed between February and June, for a total amount of EUR 1,587 million. A total of 267,166,950 shares were acquired, representing 1.76% of the share capital. In execution of the resolution adopted at the general shareholders’ meeting held on 4 April 2025, the executive committee carried out the amortization of the repurchased shares and the corresponding share capital reduction on 2 June 2025, as described in the 'Corporate governance' section.

As a result, the total shareholder remuneration charged against 2024 results, including the interim cash dividend of EUR 10.00 cents per share (paid in November 2024) and the first share buyback programme (amounting to EUR 1,525 million, completed in December 2024), amounted to EUR 6,287 million. This is approximately equivalent to 50% of the Group reported profit (excluding non-cash, non-capital ratios impact items) in 2024, distributed approximately 50% in cash dividends and 50% in share buybacks.

As announced on 5 February 2025, the shareholder remuneration policy that the board intends to apply for the 2025 results consists of a total shareholder remuneration of approximately 50% of the Group reported profit (excluding non-cash, non-capital ratios impact items), to be distributed in approximately equal parts between cash dividends and share buybacks.

Additionally, on the same date, the board announced its objective to allocate EUR 10 billion to shareholder remuneration in the form of share buybacks charged against 2025 and 2026 results, as well as anticipated capital excess. This target includes i) the buybacks that form part of the aforementioned shareholder remuneration policy, and ii) additional buybacks following the publication of the full year results, to distribute end-of-year CET1 excess capital.

On 5 May 2025, Santander announced its intention to distribute 50% of the capital released from the disposal of its 49% stake in Santander Bank Polska S.A., through a share buyback of approximately EUR 3.2 billion in early 2026, as part of additional buybacks to distribute excess capital and, as a result, it could exceed the EUR 10 billion target. Upon announcing the agreement to acquire TSB Banking Group plc on 1 July 2025, the bank confirmed its goal to distribute at least EUR 10 billion in share buybacks charged against 2025 and 2026 results and excess capital.

The implementation of the shareholder remuneration policy and the aforementioned share buybacks are subject to future corporate and regulatory decisions and approvals.

Share price performance

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

Q2 2025 was marked by increased risk appetite and a recovery in the stock market. This rebound was supported by temporary pauses in tariffs with the UK and China, ongoing negotiations with the EU, and a recent US court ruling against certain tariffs. In commodities, gold continued its upward trajectory and reached all-time highs, consolidating its position as one of the strongest safe-haven assets.

In this context, in global financial markets, equity markets performed well with widespread gains. As of 30 June 2025, Santander’s share price had increased by 57.4%, significantly outperforming the performance of both the sector and the broader European market.

In the banking sector, the Eurostoxx Banks, the eurozone's main index, increased 37.6% year to date, while the DJ Stoxx Banks rose 29.1% and the MSCI World Banks increased 21.9%. The other main indices also closed up in the quarter, but rose less (Ibex 35 +20.7% and DJ Stoxx 50 +3.4%).

Share price
START 31/12/2024	END 30/06/2025
€4.465	€7.027
Maximum 23/05/2025	Minimum 02/01/2025
€7.195	€4.255

Comparative share performance

January - June 2025 25

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	Santander share

Market capitalization and trading

As at 30 June 2025, Santander’s market capitalization of EUR 104,599 million was the largest in the eurozone and the 21st largest in the world among financial institutions.

The share’s weighting in the Stoxx Europe 600 Banks index was 7.7% and 12.5% in the Euro Stoxx Banks. In the domestic market, its weight in the Ibex 35 was 14.7% as at 30 June 2025.

A total of 4,468 million shares were traded in the quarter for an effective value of EUR 26,910 million and an annualized liquidity ratio of 59%.

The average daily trading volume was 35.8 million shares with an effective value of EUR 215 million.

Shareholder base

The total number of Santander shareholders as at 30 June 2025 was 3,508,261, of which 3,004,525 were European (70.77% of the capital stock) and 491,384 from the Americas (27.48% of the capital stock).

Excluding the board, which holds 1.32% of the bank’s capital stock, retail shareholders accounted for 36.06% and institutional shareholders accounted for 62.62%.

Share capital distribution by geographic area
30 June 2025
The Americas	Europe	Other
27.48%	70.77%	1.75%

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

	1st	Bank in the eurozone by market capitalization
	EUR	104,599	million

The Santander share
30 June 2025
Shares and trading data
Shares (number)	14,885,325,372
Average daily turnover (number of shares)	35,750,808
Share liquidity (%)	59
(Annualized number of shares traded during the period / number of shares)
Stock market indicators
Price / Tangible book value (X)	1.28
Free float (%)	99.99

.

Share capital distribution by type of shareholder

30 June 2025

Institutions

62.62%

Board *

1.32%

Retail

36.06%

* Shares owned or represented by directors.

26 January - June 2025

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

FINANCIAL INFORMATION BY SEGMENT

Description of segments

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

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

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

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

Main changes to the composition of Santander's segments in 2025

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

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

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

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

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

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

Composition of Santander's segments

Primary segments

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

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

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

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

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

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

January - June 2025 27

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Secondary segments

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

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

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

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

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

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

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

28 January - June 2025

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

January-June 2025
Main items of the underlying income statement
EUR million
Primary segments	Net interest income	Net fee income	Total income	Net operating income	Profit before tax	Underlying attributable profit to the parent
Retail & Commercial Banking	13,339	2,397	15,710	9,522	5,468	3,687
Digital Consumer Bank	5,504	681	6,425	3,761	1,456	1,042
Corporate & Investment Banking	1,966	1,353	4,354	2,452	2,318	1,534
Wealth Management & Insurance	729	842	2,032	1,306	1,274	948
Payments	1,411	1,428	2,840	1,641	594	335
PagoNxt	80	510	641	65	22	16
Cards	1,330	918	2,199	1,575	572	319
Corporate Centre	(232)	(16)	(351)	(535)	(807)	(713)
TOTAL GROUP	22,716	6,684	31,010	18,145	10,303	6,833
Secondary segments
Spain	3,585	1,503	6,167	4,067	3,232	2,258
United Kingdom	2,543	166	2,642	1,215	762	560
Portugal	684	255	992	723	730	525
Poland	1,480	373	1,842	1,330	965	457
DCB Europe	2,266	372	2,827	1,500	727	396
US	2,949	678	3,927	1,983	904	839
Mexico	2,238	689	3,010	1,765	1,093	794
Brazil	4,740	1,549	6,309	4,248	1,551	996
Chile	1,002	297	1,410	926	623	369
Argentina	939	390	1,145	647	393	262
Corporate Centre	(232)	(16)	(351)	(535)	(807)	(713)
Rest of the Group	522	428	1,091	277	129	91
TOTAL GROUP	22,716	6,684	31,010	18,145	10,303	6,833

Underlying attributable profit to the parent distribution1

H1 2025

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

Underlying attributable profit to the parent. H1 2025

EUR million. % change YoY

Var		Var2
+9	%	+14	%
-3	%	-1	%
+9	%	+15	%
+19	%	+24	%
—		—

2. Changes in constant euros.

January - June 2025 29

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January-June 2024
Main items of the underlying income statement
EUR million
Primary segments	Net interest income	Net fee income	Total income	Net operating income	Profit before tax	Underlying attributable profit to the parent
Retail & Commercial Banking	13,996	2,390	16,277	9,894	5,243	3,374
Digital Consumer Bank	5,366	742	6,449	3,832	1,341	1,069
Corporate & Investment Banking	2,015	1,280	4,178	2,367	2,151	1,405
Wealth Management & Insurance	879	721	1,837	1,153	1,106	794
Payments	1,302	1,344	2,659	1,414	274	25
PagoNxt	62	456	583	(18)	(286)	(304)
Cards	1,239	888	2,075	1,432	560	330
Corporate Centre	(100)	1	(350)	(524)	(606)	(609)
TOTAL GROUP	23,457	6,477	31,050	18,137	9,508	6,059
Secondary segments
Spain	3,656	1,484	6,065	3,999	2,681	1,756
United Kingdom	2,381	142	2,516	1,065	849	630
Portugal	844	242	1,142	874	834	563
Poland	1,384	339	1,711	1,245	779	386
DCB Europe	2,187	451	2,854	1,534	757	453
US	2,824	539	3,769	1,866	612	664
Mexico	2,421	733	3,244	1,901	1,149	840
Brazil	5,235	1,734	6,984	4,719	1,935	1,141
Chile	824	265	1,187	721	450	253
Argentina	1,423	204	1,020	606	332	266
Corporate Centre	(100)	1	(350)	(524)	(606)	(609)
Rest of the Group	379	342	909	129	(264)	(283)
TOTAL GROUP	23,457	6,477	31,050	18,137	9,508	6,059

30 January - June 2025

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

RETAIL	Underlying attributable profit	EUR 3,687 mn
→ We continued to drive our ONE Transformation programmeto support our vision of becoming a digital bank with branches, through the implementation of a common operating model and the rollout of our global technological platform. → Loans decreased 1% year-on-year due to declines in SMEs and corporates.Depositsrose 3% in constant euros, with positive dynamics in most countries. → Attributable profit reached EUR 3,687 million, increasing 9% year-on-year and +14% in constant euros, driven by the good revenue performance while also favoured by the impact of recording the temporary levy on revenue earned in Spain in full in Q1 2024 (accrued quarterly in 2025).

Strategy

In Q2 2025, we continued to make progress in the execution of our strategic priorities, consolidating our vision of being a digital bank with branches, leveraging a common operating model and a global technology platform.

We are successfully executing our strategic business priorities:

•Transformation of our operating model, which leverages our unique combination of the Group's global scale and local presence, based on three pillars:

•Customer experience. We continued to drive product digitalization and optimize customer journeys, resulting in double-digit year-on-year growth in digital sales. In Brazil, for example, our new digital capabilities enable us to offer hyper-personalized solutions, improving sales conversion. In addition, we continued to implement the new branch and WorkCafé model.

•Operational leverage. We continued to simplify and digitalize processes while promoting leaner and more agile structures. This enabled us to reduce non-commercial FTEs per million customers by 14% year-on-year. Artificial intelligence (AI) is gaining prominence in automation, enabling more efficient processes and lower operational burden, supported by solutions such as Zenith, our proprietary AI-based tool.

•Global Technology Platform. All of our units continue to accelerate their convergence towards a common platform. The volume of transactions processed through Gravity, our back-end technology, continued to increase, while we enhanced digital experience through ODS, our cloud-based front-end solution, activated global products and significantly reduced time-to-market. In Spain, we completed the integration of Gravity bringing as closer to becoming the first major Western bank operating 100% in the cloud, improving digital channel response

times and reducing costs. With this milestone, together with the deployment of Gravity in Chile at the beginning of the year, 14% of our active customers already benefit from back-end technology. In addition, in Spain we finished the deployment of our global commercial tool in the branch network, improving agent productivity and product sales, which is already reflected in improved customer experience.

•Transformation of the business model. We are deepening value creation and positioning the customer at the centre of our management:

•We provide a better customer experience through a simpler and tailored offering and with hyper-personalization capabilities for our key segments, as well as a greater commercial focus. This enables us to build stronger relationships with our customers. In Spain, for example, we launched a new value proposition for Select customers, with exclusive advantages to improve their experience, which is also available for other customer segments through subscription.

•We differentiate ourselves by promoting the network effect to better serve our customers. By taking advantage of Group capabilities, we offer a complete value propositions to our Retail customers. A good example was the incorporation of Ebury and Tresmares products and services. Moreover, total income continued to increase in our business with multinationals and is another example of how our scale enables us to offer integrated and differentiated solutions.

•Structural efficiency improvement. The transformation of our operating and business model continued to drive structural efficiency improvements through greater commercial power, focusing on expanding value-added services, together with operational leverage and common technology.

Retail. Customers. June 2025

Thousands and year-on-year change

	Total Retail
Total customers	150,197	15,202	22,526	21,534	71,105
	+5%	+2%	0%	+3%	+8%
Active customers	80,006	8,877	13,514	11,056	32,976
	+4%	+5%	-1%	+5%	+5%

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Business performance

Gross loans and advances to customers, excluding reverse repos and in constant euros, decreased 1% year-on-year, affected by declines in SMEs and corporates.

In individuals, there were reductions in mortgage portfolios in the UK, in line with our focus on profitability and capital optimization, in Spain, still impacted by prepayments, and in Chile due to lower demand. These declines were offset by good performances in mortgages in the other countries and personal loans especially in Spain, Argentina and Poland.

SME loans were affected by lower volumes in Spain and the UK, with positive dynamics across the rest of our footprint. Corporate loans declined in Spain, in line with our focus on profitability, in the US, due to the run-off of non-core portfolios, and in Brazil, affected by the macro environment.

Customer deposits, excluding repos and in constant euros, grew 3% year-on-year, driven by good performances in most countries. By product, there was a 14% increase in time deposits with good performances in most countries in Europe and South America. Demand deposits were stable, increasing across the board except in the UK and Brazil. Mutual funds rose 18% year-on-year in constant euros, with positive performances in most countries. Overall, customer funds increased 5% year-on-year in constant euros.

Retail. Business performance. June 2025
EUR billion and YoY % change in constant euros
	599	-1%	748	+5%

Others

Others

Gross loans and advances to customers excl. reverse repos Customer deposits excl.
repos + mutual funds

Results

Attributable profit in H1 2025 was EUR 3,687 million, 9% higher year-on-year, in part favoured by the temporary levy on revenue earned in Spain recorded in full in Q1 2024 (accrued quarterly in 2025). In constant euros profit rose 14% year-on-year, by line:

•Total income increased 2%, mainly driven by positive performances in net fee income and a lower hyperinflation adjustment in Argentina.

Net interest income also performed well, improving in a complex environment across most countries. However, it was flat year-on-year due to Argentina, which was heavily impacted by the decline in interest rates in the last twelve months. If we exclude Argentina, net interest income increased 3%, driven by a lower cost of deposits in Chile, higher mortgage profitability and a lower cost of deposits in the UK, volumes and lower cost of deposits in Mexico and higher activity in Poland.

Our more targeted products and services offering contributed to 8% net fee income growth, mainly driven by insurance, mutual funds and FX. By country, net fee income increased particularly in Argentina, Mexico and the UK.

Retail. Total income. H1 2025

EUR million and YoY % change in constant euros

Others

Var

-1%

+4%

+7%

-3%

+5%

 Retail EUR 15,710 mn +2%

•Costs increased 2% year-on-year. In real terms, they decreased 1%, reflecting our transformation efforts through organizational simplification, process automation and the roll out of our global platform.

•Net loan-loss provisions continued to perform well, in line with last year as improvements, mainly in Poland and Mexico, offset the rises in Brazil, impacted by the macro environment, Argentina, due to higher volumes, and normalization in the UK.

Cost of risk was 0.89% (13 bps lower year-on-year) and the NPL ratio improved to 3.06% (3.14% in June 2024).

RoTE (post-AT1) in H1 2025 was 17.2%, a 0.2 pp improvement year-on-year.

Compared to Q1 2025, the good net operating income performance (+1% in constant euros, from already high levels in Q1 2025), driven by higher NII, was not reflected in profit, due to higher provisions related to the CHF mortgage portfolio in Poland.

Retail. Underlying income statement
EUR million and % change
		/	Q1'25		/	H1'24
	Q2'25	%	excl. FX	H1'25	%	excl. FX
Total income	7,816	-1	+1	15,710	-3	+2
Expenses	-3,075	-1	+1	-6,188	-3	+2
Net operating income	4,740	-1	+1	9,522	-4	+1
LLPs	-1,399	-2	+1	-2,830	-8	0
PBT	2,645	-6	-5	5,468	+4	+8
Underlying attrib. profit	1,785	-6	-5	3,687	+9	+14
Detailed financial information in appendix.

32 January - June 2025

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

	RETAIL SPAIN	Profit before tax
		EUR 1,647 mn

Commercial activity and business performance

In H1 2025, market share growth in payrolls and pension funds, together with the increase in customers using Bizum, supported the above-market increase in transactionality and reflects our progress in our business transformation.

Gross loans and advances to customers, excluding reverse repos, decreased 2% year-on-year affected by the decrease in SMEs and corporates, in line with our focus on active risk management and balance sheet optimization, partially offset by an improvement in personal loans.

Customer deposits, excluding repos, increased 4% year-on-year mainly due to demand deposits driven by our new value proposition for Select customers. Mutual funds increased 14%. As a result, customer funds rose 6%.

Results

Profit before tax in H1 2025 reached EUR 1,647 million, 25% higher than in H1 2024, partially driven by impact of the temporary levy on revenue earned in Spain, which was recorded in full in Q1 2024 (accrued quarterly in 2025). By line:

•Total income decreased 1%, mainly due to the decline in net interest income in a lower interest rate environment. Net fee income was flat, as the increase in fees from commercial activity, mainly mutual funds, offset a regulatory change affecting instant transfers.

•Costs increased slightly (+1%). In real terms, costs declined, benefitting from process automation and greater digital adoption. The efficiency ratio was 32.0%.

•Net loan-loss provisions decreased 6%, mainly due to the good portfolio performance and active risk management, which improved credit quality.

In the quarter, profit before tax increased 3%, as the good performance in net loan-loss provisions, driven by better credit quality and lower costs, more than offset net interest income pressure in a lower interest rate environment.

Retail Spain. Underlying income statement
EUR million and % change
	Q2'25	/ Q1'25	H1'25	/ H1'24
Total income	1,766	-2	3,560	-1
Expenses	-567	-1	-1,138	+1
Net operating income	1,200	-2	2,423	-2
LLPs	-244	-16	-535	-6
PBT	837	+3	1,647	+25
Detailed financial information in appendix.

	RETAIL UK	Profit before tax
		EUR 678 mn

Commercial activity and business performance

In H1 2025, we made progress in our transformation programme through digitalization and automation, which helped simplify the business and improve efficiency.

Gross loans and advances to customers, excluding reverse repos and in constant euros, decreased 2% year-on-year due to mortgages, in line with balance sheet optimization strategy. However, the trend has been positive since the beginning of the year, with a progressive recovery driven by new business volumes.

Customer deposits, excluding repos and in constant euros, fell 1%, mainly due to a drop in demand deposits, with a change of mix towards time deposits. Mutual funds decreased 2% year-on-year in constant euros. As a result, customer funds declined 1% in constant euros.

Results

Profit before tax in H1 2025 reached EUR 678 million, 12% lower than in H1 2024. In constant euros, profit before tax decreased 13%, by line:

•Total income increased 4%, mainly due to a good net interest income performance, driven by higher mortgage yields and a lower cost of deposits.

•Costs fell 4%, boosted by process automation and our efforts to simplify the operating model. Overall, net operating income grew 14% and the efficiency ratio improved 4.0 pp to 54.1%.

•Net loan-loss provisions increased but remained at low levels, due to LLP normalization.

•Other gains (losses) and provisions recorded more negative results, due to impacts related to transformation charges.

In the quarter, profit before tax decreased 4% in constant euros, due to the mentioned cost of risk normalization and the impact of lower interest rates on net interest income, with stable costs.

Retail United Kingdom. Underlying income statement
EUR million and % change
		/	Q1'25		/	H1'24
	Q2'25	%	excl. FX	H1'25	%	excl. FX
Total income	1,149	-3	-2	2,339	+5	+4
Expenses	-628	-2	0	-1,266	-2	-4
Net operating income	521	-6	-4	1,072	+15	+14
LLPs	-44	+23	+24	-80	+304	+299
PBT	330	-5	-4	678	-12	-13
Detailed financial information in appendix.

January - June 2025 33

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	RETAIL MEXICO	Profit before tax
		EUR 677 mn

Commercial activity and business performance

In H1 2025, we made great strides in the transformation of our operating model. 74% of our active customers use digital channels and, at the same time, the number of digital customers increased 9% year-on-year.

Gross loans and advances to customers, excluding reverse repos and in constant euros, increased 5% year-on-year, driven by generalized increases in most products, especially in the mortgage portfolio (+7%), where we have a market share of 17%, well above our total loan market share (12%).

Customer deposits, excluding repos and in constant euros, rose 2% year-on-year, in a lower interest rate environment. We are targeting mutual fund growth, resulting in a 25% increase in constant euros. As a result, customer funds rose 8% in constant euros.

Results

Profit before tax in H1 2025 reached EUR 677 million, 1% higher than in H1 2024. In constant euros, it increased 19%, as follows:

•Total income increased 7%, mainly driven by good performances in net interest income, supported by higher activity and a lower cost of deposits, and net fee income, particularly from mutual funds.

•Costs increased 6%, impacted by inflation and higher labour costs. Net operating income grew 7% and the efficiency ratio improved 9 bps to 44.0%.

•Net loan-loss provisions decreased 19% reflecting better credit quality, due to a more positive macro outlook.

In the quarter, profit before tax increased 1% in constant euros, driven by the good net fee income performance, mainly due to insurance, and cost discipline. This positive performance more than offset higher net loan-loss provisions, due to some single names in the corporate segment.

Retail Mexico. Underlying income statement
EUR million and % change
		/	Q1'25		/	H1'24
	Q2'25	%	excl. FX	H1'25	%	excl. FX
Total income	891	-1	+2	1,787	-10	+7
Expenses	-390	-2	+1	-787	-10	+6
Net operating income	501	0	+3	1,000	-10	+7
LLPs	-150	+12	+15	-285	-31	-19
PBT	335	-2	+1	677	+1	+19
Detailed financial information in appendix.

	RETAIL BRAZIL	Profit before tax
		EUR 389 mn

Commercial activity and business performance

Our business strategy remains focused on: i) expanding the high-net worth and corporate segments by offering a personalized and global experience, and ii) providing a more integrated multi-channel experience and a more simplified product offering to the mass segment. Additionally, we are working to build a closer relationship with our corporate customers, with tailored offerings and enhanced the multi-channel approach.

Gross loans and advances to customers, excluding reverse repos and in constant euros, fell 6% year-on-year as increases in mortgages and SMEs did not offset declines in personal loans, in line with our strategy to focus on profitable growth and capital optimization, and in corporates due to the macro environment.

Customer deposits, excluding repos and in constant euros, increased 7% year-on-year, mainly due to time deposits, with double-digit growth, in line with the market, and especially in individuals. Mutual funds grew 10% year-on-year in constant euros. As a result, customer funds rose 8% in constant euros.

Results

Profit before tax in H1 2025 reached EUR 389 million, 48% less than in H1 2024. In constant euros, it fell 40%, by line:

•Total income decreased 3%, impacted by negative sensitivity of the balance sheet to higher interest rates, lower net fee income and gains on financial transactions, in a macroeconomic environment with lower demand.

•Costs increased 3%, rising below inflation, reflecting our transformation efforts in simplification, automation and digitalization.

•Net loan-loss provisions rose 9% (though remaining at controlled levels) mainly in corporates, impacted by the macro deterioration.

In the quarter, profit before tax fell 30% in constant euros, despite a resilient net interest income and strict cost control, due to lower gains on financial transactions and higher provisions, impacted by the macro deterioration.

Retail Brazil. Underlying income statement
EUR million and % change
		/	Q1'25		/	H1'24
	Q2'25	%	excl. FX	H1'25	%	excl. FX
Total income	1,779	-5	-1	3,657	-15	-3
Expenses	-724	-5	-1	-1,485	-10	+3
Net operating income	1,055	-6	-1	2,172	-18	-6
LLPs	-713	-1	+4	-1,431	-5	+9
PBT	156	-33	-30	389	-48	-40
Detailed financial information in appendix.

34 January - June 2025

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CONSUMER	Underlying attributable profit	EUR 1,042 mn
→ We continue to advance in our priority to become the preferred choice of our partners and end customers, and maximize profitability, while being the most cost competitive player in the industry. → Loans rose 2% year-on-year in constant euros, +4% in auto,especially in Europe and Latin America.Deposits grew 10% in constant euros, with strong growth in both DCB Europe and the Americas,supported by Openbank, in line with our strategy to lower funding costs and reduce net interest income volatility across the cycle. → Attributable profit of EUR 1,042 million in H1 2025, down 3% year-on-year and -1% in constant euros, as an 11% increase in profit before tax, driven by higher net interest income, lower net loan-loss provisions and lower other results and provisions (temporary levy on revenue earned in Spain in 2024) was not fully reflected in profit, due to the impact of lower fiscal benefits following reduced electric vehicle demand.

Strategy

Digital Consumer Bank (Consumer) is a leading consumer finance company globally, with operations spanning auto financing, consumer lending and digital banking services (Openbank). It operates in 26 countries in Europe and the Americas and serves the financing needs at the point of sale (both physical and digital) of 26 million customers.

Our vision is to become the preferred choice of our partners and end customers and offer greater profitability and value creation to our shareholders, while being the most cost competitive player in the industry.

To respond to changing customer needs and the constantly evolving mobility and consumer finance ecosystem while delivering on our vision, we are transforming our operating model from a primarily monoline lending-based model to a full service digital consumer banking model by focusing on our strategic priorities:

•Converge towards global platforms. We continue to expand the functionalities of our auto leasing platform and foster growth in Zinia, our check-out lending technology, by pursuing new agreements and extending existing ones across regions. Additionally, in Europe, we have moved from one platform per country to three in total, progressing in our final goal of having one common platform and delivering consistent experiences across markets.

•Grow and consolidate partnerships and acquisitions. To retain and consolidate our leadership in mobility financing, we offer global and best-in-class solutions, integrated into our partners' (OEMs, importers and retailers) processes. We continue to work on improving cross-regional partnerships and consolidating new ones, by leveraging existing agreements across our consumer finance and auto businesses and in Openbank.

•Promote the network effect. We are aligning the business with the Group’s operating model and becoming more agile through the simplification and automation of processes to improve customer experience and increase scalability.

In Q2 2025, we made great progress in our strategic priorities, as we advanced in the following initiatives:

•In mobility finance, we continued to enhance our sales and post-sales digital capabilities, further developed our leasing platform, pursued commercial opportunities and continued to manage agreements globally, having recently signed partnerships with new entrants in Europe.

In the US, we remained focused on: i) our pricing discipline and capital stewardship to drive profitable growth across the full credit spectrum while balancing credit risk and, ii) diversifying origination channels.

In Latin America, we remained #1 in new vehicle financing across our footprint as we continued to focus on developing strategic alliances and new products to further consolidate our franchise.

•In consumer lending, Zinia continued to leverage strong partnerships. In Q2 2025, we delivered solid results supported by Amazon's spring promotions and the full launch of the co-branded card in Austria. We remained focused on the integration of CrediScotia in Peru (acquisition finalized in Q1 2025).

•As part of our profitable growth strategy we continued to: i) boost customer deposits, with more than EUR 7 billion captured year-to-date, on the back of targeted campaigns and the recent successful Openbank launches in the US, Mexico and Germany and, ii) actively manage our balance sheet to optimize capital.

In Openbank, we continued to upgrade our customer proposition, fund asset growth and capture synergies. As a result: i) in the US, we posted a solid performance both in terms of new customers and deposits captured, with our partnership with Verizon gaining traction, ii) in Mexico, we exceeded expectations, having acquired more than 130,000 new customers since its launch in Q1 2025, reflecting our focus on digital acquisition and attractive yield products and, iii) in Germany, we have been delivering a secure, seamless and mobile-first experience since going live in January, and are now expanding our product offering to continue to deliver even more value to our customers.

Consumer. Total customers

Millions

+4%

January - June 2025 35

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Business performance

Gross loans and advances to customers, excluding reverse repos and in constant euros, increased 2% year-on-year, driven by auto, with continued growth in DCBE, in a market that is picking up from a weak start in the beginning of the year, and double-digit increases across Latin America.

Trends in new lending (-10% year-on-year in constant euros) reflect our strategy to prioritize profitability over growth as we remain prudent in terms of originations in an environment marked by volatility and geopolitical uncertainty.

Our EUR 15 billion leasing portfolio decreased 10% year-on-year in constant euros, as growth in Europe was more than offset by a decline in the US, due to the wind down of business through our relationship with Stellantis, lower demand for electric vehicles and our strategy to prioritize profitability over volumes.

In terms of liabilities, our access to wholesale funding markets remained strong and diversified. Customer deposits, excluding repos and in constant euros, rose 10% year-on-year (increasing at a similar pace in both DCB Europe and the US), in line with our deposit gathering strategy, supported by Openbank. They now account for 62% of Consumer's total funding (4.5 pp more than a year ago). Including mutual funds, customer funds rose 11% in constant euros.

Consumer. Business. June 2025
EUR billion and YoY % change in constant euros
	211	+2%	138	+11%

DCB Europe

DCB US

DCB Europe

DCB US

Gross loans and advances to customers excl. reverse repos Customer deposits excl.
repos + mutual funds

Consumer. Leasing portfolio. June 2025
EUR billion and YoY % change in constant euros
Total leasing	15	-10%

Results

In H1 2025, attributable profit reached EUR 1,042 million, 3% lower than in H1 2024. In constant euros, profit declined 1%, as double-digit growth in profit before tax (+11%) was offset by a greater tax burden. By line and in constant euros:

•Total income grew 2%, driven by net interest income, which rose 5%, backed by notable increases across our footprint, with Europe and Latin America supported by our efforts in margin management, volumes growth and CrediScotia's integration in Peru. In the US, higher yields more than offset lower volumes.

Net fee income decreased 6%, even with strong growth in the US (auto servicing fees), mainly due to DCBE, which was impacted by new insurance regulation in Germany and the drop in new car registrations in the EU.

Gains on financial transactions declined, mainly driven by DCBE, while leasing income also fell, due to lower volumes, residual values and gains on sales, particularly in the US.

Consumer. Total income. H1 2025

EUR million and YoY % change in constant euros

DCB Europe

DCB US

Other

Var
-1	%
0	%
+15	%

•Costs increased 3% year-on-year. In real terms, they rose just 1%, supported by savings from our efficiency and transformation efforts, particularly in Europe and the US, as we continued to invest in our leasing and check-out lending platforms, Openbank and CrediScotia's integration in Peru.

•Net loan-loss provisions fell 3%, mainly driven by an excellent performance in auto in the US, which more than offset a pick up in Europe (mostly due to the macro environment and corporates in Germany), Mexico (volumes and model updates) and Peru (CrediScotia). Credit quality remained controlled with the cost of risk at 2.09% and the NPL ratio at 4.97%.

•Other gains (losses) and provisions registered a lower loss in H1 2025, compared to the same period in 2024, mainly due to the temporary levy on revenue earned in Spain recorded in Q1 2024.

•The effective tax rate normalized, as a decline in electric vehicle leasing volumes in the US this year resulted in lower benefits from fiscal incentives.

As a result of the aforementioned performance, RoTE (post-AT1) stood at 10.4% in H1 2025.

Compared to Q1 2025, attributable profit increased 16% in constant euros, on the back of continued strength in net interest income, in line with our focus on margin management, better net fee income, lower net loan-loss provisions (mainly supported by model updates in Brazil and portfolio sales) and stable costs.

Consumer. Underlying income statement
EUR million and % change
		/	Q1'25		/	H1'24
	Q2'25	%	excl. FX	H1'25	%	excl. FX
Total income	3,191	-1	+2	6,425	0	+2
Expenses	-1,308	-4	0	-2,664	+2	+3
Net operating income	1,883	0	+4	3,761	-2	+1
LLPs	-956	-15	-10	-2,075	-5	-3
PBT	781	+16	+19	1,456	+9	+11
Underlying attrib. profit	551	+12	+16	1,042	-3	-1
Detailed financial information in appendix.

36 January - June 2025

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DCBE	DCB EUROPE	Profit before tax
		EUR 727 mn

Commercial activity and business performance

The drop in new car registrations in the EU in H1 2025 and our focus on profitability over volumes are reflected in a 5% year-on-year drop in new business volumes in constant euros (mainly new auto).

However, the stock of gross loans and advances to customers, excluding reverse repos and in constant euros, continued to rise, +3% year-on-year, mainly driven by auto balances.

Customer deposits, excluding repos and in constant euros, grew 10%, particularly driven by demand deposits, in line with our strategy to increase retail funding. Mutual funds increased 15% in constant euros, albeit from low levels. Our access to wholesale funding markets remains strong and diversified.

Results

Profit before tax in H1 2025 declined 4% year-on-year to EUR 727 million. In constant euros, profit before tax also fell 4%, as follows:

•Total income remained resilient in a more complicated operating environment, as the strong performance in net interest income (+4%), backed by our active margin management and volumes growth, and better leasing income did not fully offset the impact on net fee income from new insurance regulation in Germany and the drop in new car registrations in the EU and a fall in gains on financial transactions (interest rate cuts driving weaker hedging results).

•Costs rose just 0.6%, less than inflation (-2% in real terms), supported by the benefits from the transformation, simplification and centralization of our operating model, which remains one of our key priorities.

•Net loan-loss provisions rose 6%, mainly in Germany, driven by the macro environment and worse credit quality in corporates.

•Other gains (losses) and provisions recorded a lower loss, due to the temporary levy on revenue earned in Spain recorded in Q1 2024.

Compared to Q1 2025, profit before tax increased 4% in constant euros, with a strong performance in net operating income after provisions (+21%), mainly backed by solid net interest income growth (+4%) and lower costs and net loan-loss provisions (supported by portfolio sales in the Nordic countries), partially offset by higher provisions related to the CHF mortgage portfolio in Poland.

DCB Europe. Underlying income statement
EUR million and % change
		/	Q1'25		/	H1'24
	Q2'25	%	excl. FX	H1'25	%	excl. FX
Total income	1,424	+2	+2	2,827	-1	-1
Expenses	-660	-1	-1	-1,326	+1	+1
Net operating income	765	+4	+4	1,500	-2	-2
LLPs	-284	-16	-15	-619	+6	+6
PBT	371	+4	+4	727	-4	-4
Detailed financial information in appendix.

	DCB US	Profit before tax
		EUR 501 mn

Commercial activity and business performance

During Q2 2025, Openbank continued to exceed expectations, maintaining the good trends seen in previous quarters, having welcomed 141,000 new customers and gathered approximately USD 5.1 billion in deposit balances since its launch. Our multi-year partnership with Verizon is also delivering strong results, with more than 12,000 active accounts and approximately USD 300 million in balances captured since its launch in April.

Gross loans and advances to customers, excluding reverse repos and in constant euros, declined 7% year-on-year, mainly impacted by our asset rotation initiatives, in line with our capital light strategy.

Customer deposits, excluding repos and in constant euros, rose 11% year-on-year, backed by the aforementioned growth in Openbank and solid retention rates in our branch based deposits. Mutual funds also grew, contributing to an 11% increase in customer funds.

Results

Profit before tax in H1 2025 was 41% higher year-on-year, reaching EUR 501 million. In constant euros, it rose 42%, as follows:

•Total income was flat, as stronger net interest income (higher auto loan yields) and net fee income (auto servicing fees), were offset by weaker leasing income, mainly due to lower volumes, residual values and gains on sales.

•Costs increased slightly (+1%) as savings from our transformation initiatives practically compensated our investments in Openbank.

•Net loan-loss provisions improved 13%, driven by resilient customer behaviour, improved used car prices and a stable labour market, and also supported by capital relief measures, which more than offset the NPL normalization. As a result, cost of risk improved 46 bps to 4.22%.

Compared to Q1 2025, profit before tax grew strongly (+20% in constant euros), mainly on the back of better net fee income, a decline in costs (lower Openbank campaign expenses and savings linked to our transformation efforts) and lower net loan-loss provisions.

DCB US. Underlying income statement
EUR million and % change
		/	Q1'25		/	H1'24
	Q2'25	%	excl. FX	H1'25	%	excl. FX
Total income	1,270	-7	0	2,631	-1	0
Expenses	-520	-9	-2	-1,094	0	+1
Net operating income	749	-5	+2	1,537	-2	-1
LLPs	-466	-11	-4	-990	-14	-13
PBT	265	+12	+20	501	+41	+42
Detailed financial information in appendix.

January - June 2025 37

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CIB	Underlying attributable profit	EUR 1,534 mn
→ Our enhanced centres of expertise and Global Markets and US Banking Build-Out (US BBO) initiatives are helping to improve client penetration, reflected in the types of deals we are participating in and the roles we are currently winning. → Strong activity year-on-year, even in a complex environment, with Global Markets driving growth on the back of market volatility and good performances across geographic areas. Corporate Finance continued to gain scale in the US. → Attributable profit reached EUR 1,534 million, a 9% increase year-on-year (+15% in constant euros). We had a good revenue performance, growing 9% in constant euros, and lower provisions, reflecting the high quality of our credit portfolio. We maintained a leading position in efficiency and profitability.

Strategy

Our Corporate & Investment Banking (CIB) business is well diversified by business line, geographically and by client type, which helps reduce the potential impacts from risks in any specific market or sector and better support our clients. This is especially important in the current environment characterized by geopolitical tensions and market volatility.

Our focus for 2025 is on continuing to develop our core initiatives in Global Markets (GM) and Global Banking (GB) to deliver an enhanced value proposition and drive profitable growth by:

•Fully leveraging ourcentres of expertise and expanded coverage to strengthen our positioning in our core markets, fostering collaboration between our businesses to increase connectivity.

Additionally, our enhanced capabilities are providing important opportunities between Global Banking, Global Transactional Banking (GTB) and Global Markets. This is driving significant growth, particularly in our Global Markets franchise, which is also supported by the investments we have made.

•Continuing to advance in the execution of our automation and digitalization initiatives, while exploring tangible opportunities afforded by AI, both for business and support functions. We are developing solutions in digital assets and tokenization to streamline processes, increase efficiency and enhance controls. This quarter, of note was the execution of Santander’s first programmable intraday physical repo through Digital Financing, demonstrating our strength, as only a small number of institutions have the capabilities to participate in the digital repo infrastructure.

•Deepening our client relationships by fostering and expanding our advisory and value-added businesses on the back of our transformation initiatives, with a particular focus on the US and fee businesses.

In the US, we are executing our growth plan, evolving our specialized investment banking footprint by selectively broadening coverage and our product platform. We increased core client penetration and ,as a result, we are gaining market share and more important roles in Investment Banking, in a weaker market.

•Maximizing the impact of our US BBO initiative on the global CIB franchise by leveraging the newly developed capabilities and coverage, which is providing new opportunities in other Group businesses and countries.

As a key driver of Santander’s growth, we continue to foster collaboration with other businesses to generate additional value for the Group. In CIB, for example, we provide FX solutions to Retail, a full suite of products to Commercial, product development and structuring to Wealth, and capital markets solutions and advisory to auto finance in Consumer, among others.

•Further evolving CIB's global operating model, in line with the Group’s initiatives to expand our global platforms and strengthen the support functions to foster business growth, team specialization and synergies.

We are improving our Originate-to-Share (OtS) model, with focus on capital efficiency, active management and profitability.

Recent awards		Ranking in League Tables H1 2025
Euromoney	Global Capital	Structured Finance	Debt Capital Markets
Best Investment Bank in Spain and Poland	SRT Bank of the Year in Europe and US / Emerging Force in SSA Bonds
IJGlobal	Global Finance	Equity Capital Markets	M&A	ECAs
Renewable Deal of the Year - Offshore Wind, North America Oil & Gas Deal of the Year - Africa	Best Bank for Transaction Banking in Latin America

38 January - June 2025

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

Business performance

We remain focused on capital-light activity and actively managing our balance sheet. As a result, our total revenue to risk-weighted assets ratio improved 1.1 pp year-on-year up to 8.0%.

Gross customer loans and advances (which are mainly concentrated in GB and GTB), excluding reverse repos and in constant euros, were down 2% year-on-year, as the increase in GM could not compensate the decrease in GTB (mainly South America). Customer deposits, excluding repos and in constant euros, were flat year-on-year, as the growth in Cash Management (GTB) was offset by the reduction in GM, in line with our strategy to optimize funding costs.

By business line, we had the following performance:

•Global Transaction Banking recorded good activity levels in a challenging business environment:

In Trade & Working Capital Solutions, activity continued to accelerate driven by: i) new value-added initiatives, such as the enhanced platform to centralize our clients' confirming needs, ii) the expansion into new segments and the diversification of client portfolios, partnering with major private equity and credit funds, as well as asset managers, such as Pemberton and Apollo, and iii) good business performances in key markets, such as the US.

In Export Finance, activity was lower compared to a particularly strong H1 2024. During Q2 2025, we continued to leverage our robust capabilities in the coordination of important financing operations, closing the biggest ever advisory deal for Santander, a EUR 6.3 billion ECA-covered project finance in Poland.

In Cash Management, there were good activity levels, mainly in Mexico and Brazil, partially affected by the lower interest rate environment, especially in Spain and Argentina.

•In Global Banking, activity in H1 2025 was slightly better, albeit with a mixed performance across products:

In Debt Finance, there was a slight decline year-on-year, but performed well taking into account the volatile environment and geopolitical uncertainty. Syndicated Loans and Acquisition Finance stood out in Europe and South America, supported by the recovery of international DCM transactions in Argentina.

In Corporate Finance (CF), good trends continued with strong activity growth despite a less favourable environment, especially in ECM, where we successfully executed, either as global coordinator or bookrunner, 29 initial public offerings (IPOs) and 5 SPACs acting as sole bookrunner and we are top 10 globally and top 3 in Europe and the US in IPOs. In M&A, of note was our role as financial advisor to Stonepeak it the acquisition of a USD 5.7 billion stake in Louisiana LNG Infrastructure LLC. Additionally, our global leveraged finance franchise continued to gain scale in the US.

In Structured Finance, activity was weaker than at the beginning of the year and than this time last year, but we outperformed the market. We participated in several transactions, with leading roles (global mandated lead arranger) and leadership positions in Project Finance (renewables). Fund Finance business was affected by limited fundraising activity, but we are starting to see early signs of recovery.

•In Global Markets, record activity in the first half of the year, albeit with some normalization in Q2 compared to the strong start to the year, which benefited from high volatility. There were excellent performances across our footprint and products, and we are expanding our institutional franchise, in line with our strategy.

Results

Attributable profit in H1 2025 rose 9% year-on-year to EUR 1,534 million. In constant euros, it grew 15%, with the following detail:

•Total income rose 9%, supported by solid gains on financial transactions, up 14%, mainly due to higher activity in GM, by net fee income performances in all businesses (+9%, favoured by the US BBO initiative), and by net interest income, which rose 4%, due to higher activity in GM.

By country, there were good revenue performances in the US, Brazil, Mexico and Argentina, with European units also continuing to grow, but at a slower pace.

By business, strong revenue growth in GM was well balanced between fixed income business and equity products, both up double digits. In GTB, revenue increased on the back of a strong performance in Trade & Working Capital Solutions. In GB, revenue also increased, as net fee income growth in CF products (ECM and M&A) more than compensated lower revenue from Debt Finance and Structured Finance, affected by subdued activity.

CIB. Total income by business. H1 2025

EUR million and % change in constant euros

Note: total income includes revenue from other activities which are less material (EUR 72 million in H1'24 and -EUR 5 million in H1'25).

•Costs increased 8% due to the investments made in new products and capabilities to drive growth. The efficiency ratio was 43.7%, one of the best in the sector.

•Due to the nature of the business and the high quality of our credit portfolio, net loan-loss provisions have a limited impact on results. In H1 2025, net loan-loss provisions declined, driven by a better performance in European countries.

As a result, this good business performance delivered a 20.8% RoTE (post-AT1) in H1 2025 compared to 18.1% in H1 2024, reflecting our focus on capital efficiency, active management and profitability.

Compared to a record Q1 2025, attributable profit decreased 7% in constant euros, in an environment characterized by geopolitical uncertainty. Revenue was affected by the usual seasonality in GM and by lower activity in GB and provisions were impacted by single names.

CIB. Underlying income statement
EUR million and % change
		/	Q1'25		/	H1'24
	Q2'25	%	excl. FX	H1'25	%	excl. FX
Total income	2,134	-4	-1	4,354	+4	+9
Expenses	-950	0	+3	-1,903	+5	+8
Net operating income	1,183	-7	-4	2,452	+4	+9
LLPs	-72	+462	+468	-85	-8	-5
PBT	1,084	-12	-9	2,318	+8	+14
Underlying attrib. profit	728	-10	-7	1,534	+9	+15
Detailed financial information in appendix.

January - June 2025 39

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

WEALTH	Underlying attributable profit	EUR 948 mn
→ We continue building the best wealth and insurance manager in Europe and the Americas, supported by our leading globalprivate banking platform and our best-in-class funds and insurance factories that leverage our scale and global capabilities to offer the best value proposition to our customers. → Total assets under management reached new record levels of EUR 514 billion, +11% year-on-year in constant euros, on the back of solid commercial dynamics in both Private Banking and Santander Asset Management and a good market performance. In Insurance, gross written premiums reached EUR 5.6 billion, +6% year-on-year in constant euros. → Attributable profit amounted to EUR 948 million, 19% higher year-on-year (+24% in constant euros), with revenue increasing across all business lines and an RoTE (post-AT1) of 67.3%.

Strategy

We aim to enhance our Wealth Management & Insurance service model and value proposition through a common global platform that leverages Santander's scale and capabilities. Wealth is an important driver for the Group, delivering consistent double-digit profit growth and generating around one third of the Group's total net fee income, including fees ceded to the commercial network.

In recent years, we have been working on building a leading global private banking platform with best-in-class funds and insurance product factories that leverage our global scale and capabilities.

We continue to focus on the following strategic initiatives:

•In Private Banking (PB), we continue to consolidate our global position across key markets by reinforcing our value proposition through increased specialization. During Q2 2025, we launched Beyond Wealth, our new Global Family Office service in Spain, addressing the needs of wealthy individuals and institutions, who seek professional and tailored management of their financial, corporate and personal assets.

We also continue to expand our global offering, through a dedicated business centre for non-resident clients in Madrid, leveraging our global capabilities.

We continue to focus on value-added solutions. Following the launch of our new private assets strategy, supported by a global team that will drive top-tier global and local opportunities tailored to our clients, we successfully completed the second edition of our Global Private Asset Programme, enhancing our teams’ ability to deliver sophisticated solutions in Private Equity, Private Debt and other non-traditional strategies.

Additionally, we are evolving our operating model towards a more agile and talent-driven approach while exploring the application of artificial intelligence use cases to enhance productivity and client engagement.

Private Banking clients

Thousands

•In Santander Asset Management (SAM), we operate as a global asset manager leveraging our scale, global investment capabilities and product distribution hubs. We continue progressing with our transformation, aiming to globalize and simplify our asset management business.

In terms of retail distribution, we continued to implement an advisory model across all countries, supported by a global investments platform that provides better customer experience.

We continue to consolidate our positioning in the alternatives business, across private markets, both through organic growth and strategic initiatives. We have further reinforced our real estate capabilities with the recent launch of the new Real Estate Coliving Opportunities fund.

This quarter, we were named the Best National Asset Manager in Spain by Expansion-Allfunds and we were the asset manager with most awards at the Salmon awards in Chile.

•In Insurance, our bancassurance operation is present in more than 20 countries across the Group's global businesses. In Wealth, we are accelerating the execution of our strategy and transformation plans around our two new verticals, Life & Pensions and Property & Casualty, to deliver more value to our customers:

•In Life & Pensions, we are developing a new retirement business line, offering an integrated value proposition, for which we are working on annuities in Spain as well as enhancing our unit-linked product offering in Mexico, with the launch of a new strategic plan focused on Private Banking customers.

•In terms of Property & Casualty, we are expanding in high growth verticals such as: i) Health, where we are developing targeted solutions for our clients, and ii) Motor, through Autocompara, our motor insurance comparison platform, where we have incorporated new insurers into the platform, such as Suhai in Brazil, and a 100% phygital model for unfinished purchase processes has been implemented in Brazil and Mexico.

We remain focused on increasing the use of data to deliver personalized solutions and embed our products into customer journeys. Additionally, we are working to further enhance our customers' global experience across the full life cycle of the value proposition, driving long-lasting relationships.

Since 2023, Insurance operates under a single holding company, which has enabled us to unify management, governance, risk and control across all insurance entities. This has improved the integration of the Insurance business within the Group’s model. During this quarter, we continued to enhance our corporate governance, by incorporating new profiles into key positions within Wealth’s structure, reflecting the importance of our Insurance business for the Group’s strategy.

•Portfolio Investments was incorporated as a fourth vertical that combines the investment platforms unit and stakes in other companies. We have integrated this business line into Wealth to capture synergies and enhance our value proposition and the service provided to our customers.

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Business performance

Total assets under management (AuMs) reached new record levels of EUR 514 billion, +11% year-on-year in constant euros, driven by solid commercial activity and a positive market performance.

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

•In PB, customer assets and liabilities reached record levels of EUR 338 billion (+11% year-on-year), with all product categories growing, especially funds as we are focusing on offering higher value-added products, such as alternative products and discretionary portfolio management. Net new money totalled EUR 10.6 billion, increasing year-on-year.

We remain focused on offering our customers the benefits of our scale and international presence. This resulted in 8% year-on-year growth in our customer base to 305,371.

•In SAM, total assets under management reached EUR 246 billion, +13% year-on-year, on the back of solid commercial activity in most countries. Net sales in H1 2025 totalled EUR 4.9 billion.

•In Insurance, gross written premiums reached EUR 5.6 billion in H1 2025, increasing 6% year-on-year, driven by life savings business.

Wealth. Business performance. June 2025

EUR billion and % change in constant euros

Total AuMs

Funds and investment*

- SAM

- Private Banking

Custody

Customer deposits

Customer loans

GWPs

/ Mar-25		/ Jun-24
+2	%	+11	%
+3	%	+15	%
+2	%	+13	%
+6	%	+19	%
+2	%	+9	%
+1	%	+3	%
+5	%	+13	%
+13	%	+6	%

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

*Excluding overlaps between PB and SAM (PB clients with investment funds managed by SAM).

Results

Attributable profit in H1 2025 amounted to EUR 948 million, 19% higher year-on-year. In constant euros, it grew 24%, with the following performance by line:

•Total income was EUR 2,032 million, 14% higher year-on-year as a result of our focus on value-added solutions to expand our fee businesses.

Net interest income decreased 16% in a lower interest rate environment in most of our main units, despite higher volumes in Private Banking.

Net fee income rose 20% year-on-year to EUR 842 million, with good overall performance across businesses. Of note were the performances in Private Banking and SAM, on the back of our increased focus on boosting fee generating activities and products, solid commercial activity and a positive market performance.

Other income increased, boosted by the good performances of our joint ventures in Insurance and the stakes managed by our Portfolio Investments business line.

•Costs increased 9% year-on-year (growing less than total income), reflecting our investments to strengthen PB teams and new capabilities to address the increase in commercial activity.

Including the fees ceded to our commercial network, total revenue reached EUR 3,249 million, up 11%, on the back of more recurrent activity in Private Banking, higher volumes in SAM and the good performance of insurance related businesses.

Wealth. Total income. H1 2025

EUR million and YoY % change in constant euros

PB

SAM

Insurance

Total income	Total income + ceded fees
+2%	+2%
+20%	+19%
+25%	+5%

Total income Fees ceded to the commercial network

Note: Additionally, Wealth's total income included EUR 45 million in H1'24 and EUR 162 million in H1'25 corresponding to Portfolio Investments. Information excludes overlaps between Wealth businesses and also Insurance fees recorded in Consumer (EUR 432 million).

When considering these ceded fees along with our PAT, the total contribution to Group profit (PAT+Fees) reached EUR 1,783 million, up 15% year-on-year both in euros and in constant euros.

Our RoTE (post-AT1) in H1 2025 was 67.3%.

Compared to Q1 2025, attributable profit increased 3% in constant euros driven by solid revenue growth (backed by higher volumes and net fee income across businesses and the good performance of our Portfolio Investment business) and lower costs.

Wealth. Underlying income statement
EUR million and % change
		/	Q1'25		/	H1'24
	Q2'25	%	excl. FX	H1'25	%	excl. FX
Total income	1,012	-1	+2	2,032	+11	+14
Expenses	-354	-5	-2	-726	+6	+9
Net operating income	659	+2	+4	1,306	+13	+17
LLPs	-13	+73	+74	-21	+22	+23
PBT	635	-1	+1	1,274	+15	+19
Underlying attrib. profit	477	+1	+3	948	+19	+24
Detailed financial information in appendix.

January - June 2025 41

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PAYMENTS	Underlying attributable profit	EUR 335 mn
→ PagoNxt and Cards bring a unique position in the payments industry to the Group, covering both sides of the value chain of card payments (issuing and acquiring businesses) and account-to-account (A2A) payments. → Activity increased in both businesses, supported by global platform development, which enables further scale gains. In PagoNxt, Getnet's Total Payments Volume (TPV) rose 15% year-on-year in constant euros and the number of transactions improved 7%. In Cards, spending increased 9% year-on-year in constant euros and transactions rose 6%. → Attributable profit was EUR 335 million, up 47% year-on-year in constant euros excluding the charges in Q2 2024 after discontinuing platforms, driven by a good revenue performance boosted by higher activity. PagoNxt's EBITDA margin in H1 2025 improved 8.7 pp year-on-year to 28.8%.

PagoNxt and Cards strategy

In PagoNxt,we made progress in our strategic priorities:

•In Getnet, we focused on driving business growth, investing in innovation and developing commercial channels to expand our presence.

We remain focused on positioning ourselves as a leading player in Latin America, Spain and Portugal, where we have been working to expand omnichannel capabilities of our regional API. Additionally, we have already integrated several partners into our API in Mexico, Argentina and Uruguay.

In Mexico, Getnet is pioneer in regional payment security by offering the first certified card Point-to-Point Encryption (P2PE) solution, enabling safer and simpler processes.

We continued to maximize synergies with distribution channels. For example, in Chile, we launched the Santander en tu barrio programme, which enables access to bank services through Getnet PoS terminals.

•In Ebury, we remained focused on: i) growing customers by expanding our product offering and online capabilities, ii) expanding geographically with a focus on developing markets, iii) introducing tailored products to capture verticals such as mass payments, and iv) increasing collaboration revenue with other global businesses.

•PagoNxt Payments, we continued to develop our world-class solution for A2A payments processing, foreign exchange, fraud detection and value-added services, leveraging the best technology to build tailored solutions for our customers.

InCards, we remained focused on the following priorities:

•Expand the business to continue growing and offering the best products to our customers.

We further implemented Cards Data Lab, which continued to expand its functionalities to improve credit card experience in the different phases of its life cycle.

We continued to expand our joint value proposition with Getnet (cards and PoS), available in Spain, Chile and Portugal, and we also launched it this quarter in Argentina.

As part of our strategy to promote the use of credit cards, we launched Pay Smarter in Spain, an initiative aimed at enhancing the security, control and benefits of our customers' credit card usage.

•Improve customer satisfaction, offering global solutions to facilitate the use of our cards, increase the security of our products and handle all transactions digitally, e.g. centralized management of tokenized payments, rolled out Click to Pay across some of our markets, incident management from digital channels and we launched enrolment in Google Pay from our app (introduced in Uruguay and Openbank Mexico this quarter).

•Implement our global card platform (Plard), which is managing more than 20 million debit cards in Brazil, and is already capturing new debit card sales to individuals in Chile. In Mexico, the new authorizer processed more than 170 million transactions per month and we are testing its implementation in Spain and the UK.

Business performance

Gross loans and advances to customers, excluding reverse repos and in constant euros, rose 18% driven mainly by higher volumes in Cards, with double-digit growth in most countries.

Payments has a very small amount of deposits, concentrated in PagoNxt. These deposits (excluding repos) amounted to EUR 1,043 million, +3% year-on-year in constant euros.

Results

Attributable profit was EUR 335 million in H1 2025, compared with a profit of EUR 25 million in H1 2024. This year-on-year comparison was favoured by having recorded charges in Q2 2024 related to the discontinuation of our merchant platform in Germany and Superdigital in Latin America. Excluding them, profit rose 47% year-on-year in constant euros, by line:

•Total income grew 17%, boosted by double-digit growth in net interest income and net fee income in both businesses driven by increased activity.

•Costs rose 2%, declining 1% in real terms, even after our investments in platforms in both Cards and PagoNxt.

•Net loan-loss provisions, mainly related to Cards, rose 29%, driven by strong loan growth, especially in South American countries, and the impact related to changes in models in Mexico and Brazil.

Compared to Q1 2025, profit grew 73% in constant euros due to a strong increase in revenue (Cards and PagoNxt), driven by NII growth and lower costs, with controlled provisions.

Payments. Underlying income statement
EUR million and % change
		/	Q1'25		/	H1'24
	Q2'25	%	excl. FX	H1'25	%	excl. FX
Total income	1,457	+5	+8	2,840	+7	+17
Expenses	-592	-3	-1	-1,200	-4	+2
Net operating income	865	+11	+16	1,641	+16	+32
LLPs	-479	-3	+1	-970	+14	+29
PBT	346	+39	+45	594	+117	+191
Underlying attrib. profit	209	+66	+73	335	—	—
Detailed financial information in appendix.

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PagoNxt

Business performance

In H1 2025, the total number of transactions in Getnet reached 5.1 billion, 7% higher year-on-year, mainly boosted by growth in Mexico, Chile and Europe, and the total payments volume (TPV) was EUR 113.0 billion, 15% more than in H1 2024 in constant euros.

In PagoNxt Payments, A2A payments activity on our Global Payments Hub platform continued ramping up. The migration of transactions from legacy systems to our new global platform is accelerating as planned. Of note was the migration of Pix transactions in Brazil.

PagoNxt. Activity

TPV (Getnet)

EUR billion and changes in constant euros

+15%

Results

In H1 2025, attributable profit reached EUR 16 million, compared to a EUR 304 million loss in the same period of 2024 (EUR 61 million loss if we exclude the charges related to the discontinuation of our merchant platform in Germany and Superdigital in Latin America). In constant euros:

•Total income rose 19% year-on-year, with double-digit growth in net interest income and net fee income, driven by higher activity. There were good performances across business lines, especially in Ebury, Getnet in Chile, Mexico and Brazil, and in Payments Hub.

•Costs were flat, as lower costs in Getnet offset the investments in our global platforms.

EBITDA margin increased to 28.8% (20.1% in H1 2024).

Compared to Q1 2025, attributable profit rose to EUR 11 million from EUR 4 million in Q1 2025, +224% in constant euros, driven by a good revenue performance (increased commercial activity, especially in Getnet in Brazil, Europe and Chile, and in PagoNxt Payments), and a positive tax contribution, which more than offset a weaker performance in other gains (losses) and provisions.

PagoNxt. Underlying income statement
EUR million and % change
		/	Q1'25			/	H1'24
	Q2'25	%	excl. FX	H1'25	H1'24	%	excl. FX
Total income	325	+3	+5	641	583	+10	+19
Expenses	-290	+1	+3	-576	-601	-4	0
Net operating income	35	+13	+25	65	-18	—	—
LLPs	-5	-17	-15	-11	-9	+16	+26
PBT	9	-31	-11	22	-286	—	—
Underlying attrib. profit	11	+150	+224	16	-304	—	—
Detailed financial information in appendix.

Cards

Business performance

Our customers' card activity continued to increase across all types of payments. The number of transactions grew 6% year-on-year, reaching EUR 7.4 billion, and card spending in H1 2025 reached EUR 166.1 billion, a 9% year-on-year increase in constant euros. Credit card spending rose 15% year-on-year in constant euros, above debit card growth and in line with our strategy and value proposition.

Gross loans and advances to customers, excluding reverse repos and in constant euros, rose 16%, with double-digit growth in most of our countries.

Cards. Activity

Spending

EUR billion and changes in constant euros

+9%

Results

In H1 2025, attributable profit amounted to EUR 319 million, 3% less than in the same period of 2024. In constant euros, profit rose 6%, by line:

•Total income increased 17% year-on-year, boosted by double-digit growth in net interest income (+20%) and net fee income (+12%), driven by higher credit card activity across all our countries.

•Costs rose 4%, well below revenue, despite our investment in platforms, as a result of our focus on structurally improving our operational efficiency.

•Net loan-loss provisions increased 29%, driven by strong portfolio growth, macro outlook and the impact from regulatory changes in models in Brazil and model updates in Mexico.

In H1 2025, RoTE (post-AT1) in Cards was 25.3%.

Compared to Q1 2025, attributable profit rose 68% in constant euros, driven by record levels in NII (mainly driven by higher yields in Brazil and lower funding costs in Mexico) and net fee income (particularly, Spain and Brazil) and lower costs in most of our countries, supported by platform-driven cost reductions.

Cards. Underlying income statement
EUR million and % change
		/	Q1'25		/	H1'24
	Q2'25	%	excl. FX	H1'25	%	excl. FX
Total income	1,132	+6	+9	2,199	+6	+17
Expenses	-302	-6	-4	-624	-3	+4
Net operating income	830	+11	+15	1,575	+10	+23
LLPs	-474	-3	+1	-960	+14	+29
PBT	337	+43	+48	572	+2	+13
Underlying attrib. profit	198	+63	+68	319	-3	+6
Detailed financial information in appendix.

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CORPORATE CENTRE	Underlying attributable profit	-EUR 713 mn
→ The Corporate Centre continued to support the Group, defining, developing and coordinating the Group's strategy, as well as aiding the operating units, adding value. → It carries out the corporate oversight and control function, coordinates interactions with the Group's supervisors and regulators and also carries out functions related to financial and capital management. → Attributable loss of EUR 713 million in H1 2025, a 17% greater loss year-on-year, impacted by lower interest rates and higher net loan-loss provisions as we accelerate the Group's NPL ratio reductions, partially offset by lower losses on financial transactions driven by a smaller impact from currency hedges.

Strategy and functions

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

•Global control frameworks and supervision.

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

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

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

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

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

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

•Financial Management functions:

•Structural management of liquidity risk associated with funding the Group’s recurring activity and stakes of a financial nature. At the end of June 2025, the liquidity buffer was EUR 331 billion (provisional data).

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

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

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

•Strategic management of exposure to exchange rates in equity and dynamic management of the FX hedges related to the units’ next twelve months results in euros. The net investments in equity currently hedged totalled EUR 17,158 million (mainly in the UK, Mexico and Chile) with different FX instruments (spots and forwards).

•Management of total capital and reserves: capital analysis, adequacy and management of the Group including: coordination with subsidiaries, monitoring profitability to maximize shareholder returns, setting solvency targets and capital contributions, and monitoring the capital ratio in both regulatory and economic terms, and efficient capital allocation to the units.

Results

In H1 2025, the attributable loss was EUR 713 million, a 17% greater loss than in H1 2024 (EUR 609 million loss), with the following performance by line:

•Net interest income declined EUR 132 million as lower interest rates impacted the balance sheet which has positive sensitivity to rate rises.

•Losses on financial transactions improved EUR 141 million, due to a lower impact from foreign currency hedges.

•Costs increased EUR 11 million due to higher IT expenses.

•Net loan-loss provisions increased year-on-year reflecting our strategy to accelerate NPL ratio reductions, improving the Group's credit quality.

•Other results and provisions were 7% lower year-on-year.

Corporate Centre. Underlying income statement
EUR million and % change
	Q2'25	Q1'25	% chg.	H1'25	H1'24	% chg.
Total income	-135	-215	-37	-351	-350	0
Net operating income	-232	-303	-23	-535	-524	+2
PBT	-375	-431	-13	-807	-606	+33
Underlying attrib. profit	-319	-394	-19	-713	-609	+17
Detailed financial information in appendix.

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SUSTAINABILITY

STRATEGY

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

Green finance	Socially Responsible Investments (SRI) AuMs	Financial inclusion
EUR 157.2 billion	EUR 111.1 billion	5.3 million people
Target 1: EUR 120 bn 2025	Target: EUR 100 bn 2025	Target: 5 mn 2025
Target 2: EUR 220 bn 2030
Note: 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 in the appendix to this report.

KEY HIGHLIGHTS

→ We have already achieved our three 2023 Investor Day targets earlier than expected:

–In 2024, we exceeded our target of EUR 120 billion in green finance raised or facilitated 18 months early.

–In Q1 2025, we achieved our target of EUR 100 billion in Socially Responsible Investments (SRI) AuMs nine months earlier than expected. In Q2 2025, our SRI assets were EUR 111.1 billion, of which EUR 65.8 billion were in SAM and EUR 44.9 billion from third party funds in PB.

–This quarter, we exceeded our target to financially include 5 million people between 2023 and 2025, reaching a total of 5.3 million.

→ In Q2 2025, Santander maintained an active role in ESG issuances in DCM markets. We acted as joint bookrunner for a EUR 500 million bond issued by the Community of Madrid, the first sub-sovereign bond under the European green bond standard. In Poland, we served as joint bookrunner and sustainability structuring agent for Żabka Group’s inaugural sustainable bond, amounting to PLN 1 billion. Additionally, we partnered with the European Investment Bank to support the green transition of SMEs, female entrepreneurship and agriculture in Spain with EUR 370 million in financing.

→ We support the Sustainable Trade Finance Principles promoted by the International Chamber of Commerce (ICC), a key initiative aimed at directing investment toward responsible trade finance solutions.

→ In Spain, we became the first bank in the IBEX 35 to receive AENOR’s 360º Commitment to Accessibility certification, which recognizes our commitment to an inclusive and accessible service model for everyone, with different measures across physical, digital and operational channels.

→ We celebrated the 17th edition of our solidarity initiative Euros de tu Nómina, which distributed over EUR 650,000 among 17 NGOs this year. Since its launch, we have distributed EUR 6.7 million to 170 projects, benefiting almost 700,000 people.

→ We presented the Skills for the future report in Brussels, together with Roberta Metsola, president of the European Parliament. The report highlights the i of the role of lifelong learning in response to the disruption caused by AI.

→ We transformed over 1.2 million expired or damaged bank cards into sustainable urban furniture. The two most recent deliveries were to the Valencian municipalities affected by the flooding and Astorga, as one of the initiatives in the context of World Environment Day and in support of rural areas of Spain.

→ Expansión named us the Best National ESG Asset Manager and Best Solidarity Fund.

→ Brazil, Chile, Argentina and Portugal published their sustainability progress reports.

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CORPORATE GOVERNANCE

Share capital reduction of 1.76% as part of the shareholder remuneration charged against the 2024 results

On 2 June 2025, the executive committee reduced Banco Santander's share capital by EUR 133,583,475, by cancelling 267,166,950 own shares, representing 1.76% of its share capital, acquired in the second 2024 buyback programme, that ran between 6 February and 2 June 2025, as part of the shareholder remuneration charged against 2024 results. The share capital reduction, which was approved at the general shareholders’ meeting on 4 April 2025, was registered with the Commercial Registry of Cantabria on 6 June 2025. Consequently, Article 5 of the Bylaws has been amended to reflect that the Bank’s share capital is set at EUR 7,442,662,686, represented through 14,885,325,372 shares with a nominal value of EUR 0.50 per share, all of the same class and affording the same rights.

The eight share buyback programmes against results since 2021 and the related share capital reductions have resulted in the repurchase of 2,455,315,930 shares since November 2021, representing approximately 14.16% of the outstanding shares as of that date.

Changes in the Group’s Senior Management

On 24 June 2025, the board of directors of Banco Santander resolved to appoint Manuel Preto as the new Group Chief Accounting Officer, to succeed José Doncel. This appointment shall be effective from 31 July 2025 and is subject to regulatory approval. Mr Preto joined the Group in 1996 and has held various leadership roles in Santander Portugal and in the Group. Since 2019, he has been deputy CEO, CFO & Head of Strategy of Santander Portugal.

46 January - June 2025

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APPENDIX

January - June 2025 47

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

Financial information

Group information

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

•In the Group’s consolidated balance sheet, the assets associated with the Poland disposal are classified under the 'non-current assets held for sale' line item and the related liabilities under 'liabilities associated with non-current assets held for sale'. This classification applies solely to the balance sheet as at 30 June 2025 and does not affect balance sheets for prior periods. In the statutory income statement, the results associated with the business subject to the Poland disposal are reported under a single line in the consolidated income statement — 'profit/(loss) after tax from discontinued operations' — for results corresponding to both 2025 and 2024. Consequently, the results from the Poland disposal perimeter are excluded line by line from the breakdown of continuing operations in both periods.

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

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

•For more information, see the ‘Alternative performance measures’ section in this appendix.

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

Underlying net fee income. Consolidated
EUR million
	Q2'25	Q1'25	Change (%)	H1'25	H1'24	Change (%)
Fees from services	1,908	1,872	1.9	3,780	3,610	4.7
Wealth management and marketing of customer funds	1,082	1,108	(2.3)	2,190	2,202	(0.5)
Securities and custody	325	389	(16.5)	714	665	7.4
Net fee income	3,315	3,369	(1.6)	6,684	6,477	3.2

Underlying operating expenses. Consolidated
EUR million
	Q2'25	Q1'25	Change (%)	H1'25	H1'24	Change (%)
Staff costs	3,449	3,532	(2.3)	6,981	7,061	(1.1)
Other general administrative expenses	2,090	2,103	(0.6)	4,193	4,196	(0.1)
Information technology	556	618	(10.0)	1,174	1,296	(9.4)
Communications	93	91	2.2	184	202	(8.9)
Advertising	145	136	6.6	281	276	1.8
Buildings and premises	232	179	29.6	411	371	10.8
Printed and office material	24	19	26.3	43	43	0.0
Taxes (other than tax on profits)	114	166	(31.3)	280	268	4.5
Other expenses	926	894	3.6	1,820	1,740	4.6
Administrative expenses	5,539	5,635	(1.7)	11,174	11,257	(0.7)
Depreciation and amortization	837	854	(2.0)	1,691	1,656	2.1
Operating expenses	6,376	6,489	(1.7)	12,865	12,913	(0.4)

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				Group information

Operating means. Consolidated
	Employees				Branches
	Jun-25	Dec-24	Change		Jun-25	Jun-24	Change
Retail & Commercial Banking	128,377	131,653	(3,276)	Spain	1,724	1,833	(109)
Digital Consumer Bank	31,344	29,903	1,441	United Kingdom	420	444	(24)
Corporate & Investment Banking	13,486	13,385	101	Portugal	373	374	(1)
Wealth Management & Insurance	7,668	7,707	(39)	Poland	361	373	(12)
Payments	21,643	22,280	(637)	DCB Europe	297	327	(30)
Corporate Centre	1,812	1,825	(13)	US	403	409	(6)
Total Group	204,330	206,753	(2,423)	Mexico	1,332	1,356	(24)
				Brazil	1,888	2,446	(558)
				Chile	231	242	(11)
				Argentina1	405	406	(1)
				Rest of the Group1	249	138	111
				Total Group1	7,683	8,348	(665)
				1. For June 2025 data and all previous periods, we have included the CartaSur points of sale and the banking service points in Argentina, while we have excluded operational locations that do not provide customer service in Colombia.

Underlying net loan-loss provisions. Consolidated
EUR million
	Q2'25	Q1'25	Change (%)	H1'25	H1'24	Change (%)
Non-performing loans	3,496	3,531	(1.0)	7,027	7,046	(0.3)
Country-risk	(1)	(1)	—	(2)	—	—
Recovery of written-off assets	(478)	(369)	29.5	(847)	(803)	5.5
Net loan-loss provisions	3,017	3,161	(4.6)	6,178	6,243	(1.0)

Loans and advances to customers. Consolidated
EUR million
			Change
	Jun-25	Jun-24	Absolute	%	Dec-24
Commercial bills	50,274	53,763	(3,489)	(6.5)	53,209
Secured loans	549,790	558,338	(8,548)	(1.5)	557,463
Other term loans	292,916	304,917	(12,001)	(3.9)	296,339
Finance leases	40,724	39,725	999	2.5	40,120
Receivable on demand	11,615	13,602	(1,987)	(14.6)	10,756
Credit cards receivable	24,955	23,387	1,568	6.7	24,928
Impaired assets	31,859	33,614	(1,755)	(5.2)	33,731
Gross loans and advances to customers (excl. reverse repos)	1,002,133	1,027,346	(25,213)	(2.5)	1,016,546
Reverse repos	68,589	60,875	7,714	12.7	59,648
Gross loans and advances to customers	1,070,722	1,088,221	(17,499)	(1.6)	1,076,194
Loan-loss allowances	21,771	22,625	(854)	(3.8)	22,125
Loans and advances to customers	1,048,951	1,065,596	(16,645)	(1.6)	1,054,069

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				Group information

Total funds. Consolidated
EUR million
			Change
	Jun-25	Jun-24	Absolute	%	Dec-24
Demand deposits	670,643	659,270	11,373	1.7	677,818
Time deposits	291,816	293,608	(1,792)	(0.6)	299,801
Mutual funds	244,813	218,207	26,606	12.2	233,722
Customer funds	1,207,272	1,171,085	36,187	3.1	1,211,341
Pension funds	15,631	15,091	540	3.6	15,646
Managed portfolios	46,077	38,959	7,118	18.3	43,118
Repos	97,749	84,768	12,981	15.3	78,317
Total funds	1,366,729	1,309,903	56,826	4.3	1,348,422

Eligible capital (phased-in) 1. Consolidated
EUR million
			Change
	Jun-25	Jun-24	Absolute	%	Dec-24
Capital stock and reserves	131,218	126,179	5,039	4.0	124,263
Attributable profit	6,833	6,059	774	12.8	12,574
Dividends	(1,708)	(1,515)	(193)	12.8	(3,144)
Other retained earnings	(39,970)	(37,938)	(2,033)	5.4	(38,323)
Minority interests	8,179	7,554	625	8.3	8,479
Goodwill and intangible assets	(15,297)	(16,719)	1,423	(8.5)	(15,957)
Other deductions	(8,004)	(5,646)	(2,358)	41.8	(8,092)
CET1	81,250	77,974	3,276	4.2	79,800
Preferred shares and other eligible tier 1	9,578	8,834	744	8.4	10,371
Tier 1	90,828	86,808	4,020	4.6	90,170
Generic funds and eligible tier 2 instruments	16,905	17,612	(707)	(4.0)	18,418
Eligible capital	107,733	104,419	3,313	3.2	108,589
Risk-weighted assets	625,750	624,831	919	0.1	624,503
CET1 capital ratio	13.0	12.5	0.5		12.8
Tier 1 capital ratio	14.5	13.9	0.6		14.4
Total capital ratio	17.2	16.7	0.5		17.4

1. Phased-in ratios are calculated in accordance with the transitory treatment of the CRR. For 2024 data, the transitional treatment of IFRS 9 also applies.

50 January - June 2025

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				Information by segment

Segments information

RETAIL & COMMERCIAL BANKING						Q
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	6,618	(1.5)	0.7	13,339	(4.7)	0.0
Net fee income	1,187	(1.9)	0.5	2,397	0.3	7.6
Gains (losses) on financial transactions 1	128	(25.8)	(25.2)	300	(25.5)	(23.1)
Other operating income	(117)	(43.6)	(42.3)	(326)	(36.3)	(34.5)
Total income	7,816	(1.0)	1.2	15,710	(3.5)	1.6
Administrative expenses and amortizations	(3,075)	(1.2)	1.2	(6,188)	(3.1)	2.3
Net operating income	4,740	(0.9)	1.2	9,522	(3.8)	1.2
Net loan-loss provisions	(1,399)	(2.2)	0.9	(2,830)	(8.3)	(0.1)
Other gains (losses) and provisions	(697)	31.9	34.4	(1,225)	(21.7)	(19.2)
Profit before tax	2,645	(6.3)	(4.8)	5,468	4.3	8.1
Tax on profit	(704)	(7.1)	(6.0)	(1,462)	(11.5)	(8.5)
Profit from continuing operations	1,941	(6.0)	(4.3)	4,006	11.6	15.8
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	1,941	(6.0)	(4.3)	4,006	11.6	15.8
Non-controlling interests	(156)	(4.7)	(2.0)	(319)	46.9	49.9
Underlying attributable profit to the parent	1,785	(6.1)	(4.5)	3,687	9.3	13.5
Balance sheet and activity metrics
Loans and advances to customers	600,069	(1.9)	0.1	600,069	(3.6)	(1.2)
Customer deposits	653,757	(0.3)	1.3	653,757	1.4	3.6
Memorandum items:
Gross loans and advances to customers ²	599,329	(1.4)	0.5	599,329	(3.2)	(0.6)
Customer funds	748,119	0.5	2.1	748,119	2.5	5.0
Customer deposits ³	642,784	(0.2)	1.4	642,784	0.9	3.2
Mutual funds	105,335	4.7	6.3	105,335	13.5	18.1
Risk-weighted assets	295,981	(3.1)		295,981	1.5
Ratios (%) and customers
RoTE	17.5	(0.8)		17.9	0.2
RoTE (post-AT1)	16.8	(0.8)		17.2	0.2
Efficiency ratio	39.3	(0.1)		39.4	0.2
NPL ratio	3.06	(0.06)		3.06	(0.08)
NPL coverage ratio	59.8	0.8		59.8	(1.7)
Number of employees	128,377	(1.9)		128,377
Number of total customers (thousands)	150,197	1.0		150,197	5.1
Number of active customers (thousands)	80,006	0.7		80,006	3.7

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - June 2025 51

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				Information by segment

Retail Spain				Q
EUR million
		/ Q1'25		/ H1'24
Underlying income statement	Q2'25	%	H1'25	%
Net interest income	1,448	(1.3)	2,915	(1.0)
Net fee income	269	(7.6)	560	0.1
Total income	1,766	(1.5)	3,560	(1.0)
Administrative expenses and amortizations	(567)	(0.7)	(1,138)	1.1
Net operating income	1,200	(1.9)	2,423	(2.0)
Net loan-loss provisions	(244)	(16.3)	(535)	(6.2)
Profit before tax	837	3.3	1,647	24.8
Balance sheet and activity metrics
Loans and advances to customers	155,769	2.2	155,769	(1.2)
Customer deposits	224,322	2.8	224,322	4.0
Memorandum items:
Gross loans and advances to customers 1	158,651	1.8	158,651	(1.6)
Customer funds	271,204	2.7	271,204	5.5
Customer deposits 2	224,322	2.8	224,322	4.0
Mutual funds	46,882	2.5	46,882	13.5

1. Excluding reverse repos.

2. Excluding repos.

52 January - June 2025

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				Information by segment

Retail UK						Q
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	1,174	(4.1)	(2.5)	2,398	6.7	5.2
Net fee income	2	(55.2)	(54.1)	7	—	—
Total income	1,149	(3.4)	(1.9)	2,339	5.2	3.7
Administrative expenses and amortizations	(628)	(1.6)	0.0	(1,266)	(2.1)	(3.5)
Net operating income	521	(5.6)	(4.0)	1,072	15.3	13.7
Net loan-loss provisions	(44)	22.6	24.4	(80)	304.4	298.6
Profit before tax	330	(5.1)	(3.6)	678	(11.7)	(12.9)
Balance sheet and activity metrics
Loans and advances to customers	233,337	(3.4)	(1.1)	233,337	(4.6)	(3.5)
Customer deposits	212,644	(1.6)	0.8	212,644	(2.8)	(1.6)
Memorandum items:
Gross loans and advances to customers 1	222,590	(2.2)	0.1	222,590	(3.0)	(1.9)
Customer funds	212,144	(1.5)	0.9	212,144	(2.5)	(1.4)
Customer deposits 2	206,255	(1.5)	0.9	206,255	(2.5)	(1.4)
Mutual funds	5,889	(0.4)	2.0	5,889	(3.1)	(2.0)

1. Excluding reverse repos.

2. Excluding repos.

January - June 2025 53

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				Information by segment

Retail Mexico						Q
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	735	(2.8)	0.1	1,491	(8.1)	8.4
Net fee income	177	3.0	6.0	348	(6.5)	10.2
Total income	891	(0.6)	2.3	1,787	(9.6)	6.5
Administrative expenses and amortizations	(390)	(1.9)	1.0	(787)	(9.8)	6.3
Net operating income	501	0.5	3.4	1,000	(9.5)	6.7
Net loan-loss provisions	(150)	11.6	14.7	(285)	(31.4)	(19.2)
Profit before tax	335	(2.3)	0.6	677	1.2	19.3
Balance sheet and activity metrics
Loans and advances to customers	30,426	(0.3)	(0.1)	30,426	(7.2)	5.2
Customer deposits	37,699	(2.2)	(2.0)	37,699	(4.2)	8.5
Memorandum items:
Gross loans and advances to customers 1	31,181	(0.2)	0.0	31,181	(7.4)	4.9
Customer funds	49,072	1.0	1.2	49,072	(4.9)	7.7
Customer deposits 2	35,018	(0.3)	(0.1)	35,018	(9.8)	2.1
Mutual funds	14,053	4.3	4.6	14,053	10.0	24.6

1. Excluding reverse repos.

2. Excluding repos.

54 January - June 2025

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				Information by segment

Retail Brazil						Q
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	1,503	(2.0)	2.3	3,036	(13.2)	(0.7)
Net fee income	333	(7.3)	(3.1)	692	(14.2)	(1.8)
Total income	1,779	(5.3)	(1.1)	3,657	(14.9)	(2.6)
Administrative expenses and amortizations	(724)	(4.9)	(0.6)	(1,485)	(9.6)	3.5
Net operating income	1,055	(5.6)	(1.4)	2,172	(18.2)	(6.3)
Net loan-loss provisions	(713)	(0.8)	3.6	(1,431)	(4.9)	8.9
Profit before tax	156	(33.3)	(29.6)	389	(47.9)	(40.3)
Balance sheet and activity metrics
Loans and advances to customers	49,480	(5.7)	(2.5)	49,480	(13.8)	(7.1)
Customer deposits	56,231	(0.8)	2.6	56,231	2.2	10.2
Memorandum items:
Gross loans and advances to customers 1	53,185	(4.7)	(1.5)	53,185	(12.7)	(6.0)
Customer funds	75,335	(2.3)	1.0	75,335	0.3	8.1
Customer deposits 2	55,255	(0.6)	2.8	55,255	(0.4)	7.3
Mutual funds	20,080	(6.6)	(3.4)	20,080	2.3	10.2

1. Excluding reverse repos.

2. Excluding repos.

January - June 2025 55

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				Information by segment

DIGITAL CONSUMER BANK						Q
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	2,747	(0.3)	3.6	5,504	2.6	4.6
Net fee income	341	0.5	3.3	681	(8.2)	(5.7)
Gains (losses) on financial transactions 1	(18)	209.2	217.6	(23)	—	—
Other operating income	120	(16.7)	(13.6)	264	(18.7)	(18.7)
Total income	3,191	(1.3)	2.4	6,425	(0.4)	1.6
Administrative expenses and amortizations	(1,308)	(3.6)	(0.1)	(2,664)	1.8	3.1
Net operating income	1,883	0.3	4.3	3,761	(1.9)	0.6
Net loan-loss provisions	(956)	(14.5)	(10.4)	(2,075)	(5.4)	(2.6)
Other gains (losses) and provisions	(146)	72.6	77.3	(230)	(22.7)	(21.6)
Profit before tax	781	15.8	19.2	1,456	8.6	10.8
Tax on profit	(162)	39.1	39.2	(278)	104.1	115.2
Profit from continuing operations	620	11.0	15.0	1,178	(2.2)	(0.6)
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	620	11.0	15.0	1,178	(2.2)	(0.6)
Non-controlling interests	(69)	3.9	4.3	(135)	0.1	1.0
Underlying attributable profit to the parent	551	11.9	16.5	1,042	(2.5)	(0.8)
Balance sheet and activity metrics
Loans and advances to customers	203,112	(1.1)	1.6	203,112	(1.1)	2.1
Customer deposits	130,007	(2.3)	1.0	130,007	6.5	10.4
Memorandum items:
Gross loans and advances to customers ²	211,115	(1.2)	1.6	211,115	(1.0)	2.4
Customer funds	138,322	(2.1)	1.2	138,322	6.8	10.7
Customer deposits ³	129,967	(2.3)	1.0	129,967	6.5	10.4
Mutual funds	8,356	1.4	5.0	8,356	11.5	16.1
Risk-weighted assets	155,767	(1.7)		155,767	0.3
Ratios (%) and customers
RoTE	11.9	1.3		11.2	(1.6)
RoTE (post-AT1)	11.1	1.4		10.4	(1.5)
Efficiency ratio	41.0	(1.0)		41.5	0.9
NPL ratio	4.97	(0.12)		4.97	0.16
NPL coverage ratio	76.4	1.4		76.4	0.6
Number of employees	31,344	(0.6)		31,344
Number of total customers (thousands)	25,871	0.6		25,871	3.5

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

56 January - June 2025

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				Information by segment

DCB EUROPE						Q
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	1,155	3.8	4.1	2,266	3.6	3.7
Net fee income	185	(1.5)	(1.3)	372	(17.4)	(17.4)
Total income	1,424	1.6	1.8	2,827	(0.9)	(0.9)
Administrative expenses and amortizations	(660)	(1.0)	(0.8)	(1,326)	0.5	0.6
Net operating income	765	3.9	4.2	1,500	(2.2)	(2.2)
Net loan-loss provisions	(284)	(15.5)	(15.2)	(619)	6.0	5.9
Profit before tax	371	3.9	4.2	727	(3.9)	(3.7)
Balance sheet and activity metrics
Loans and advances to customers	139,300	2.1	2.7	139,300	2.7	3.2
Customer deposits	84,005	(0.1)	0.5	84,005	9.2	9.7
Memorandum items:
Gross loans and advances to customers 1	142,351	2.0	2.7	142,351	2.9	3.4
Customer funds	88,774	0.1	0.6	88,774	9.5	9.9
Customer deposits 2	84,005	(0.1)	0.5	84,005	9.2	9.7
Mutual funds	4,769	2.3	2.3	4,769	14.9	14.9

1. Excluding reverse repos.

2. Excluding repos.

January - June 2025 57

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				Information by segment

DCB US						Q
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	1,129	(7.5)	(0.3)	2,350	1.2	2.2
Net fee income	90	6.7	14.4	175	32.8	34.1
Total income	1,270	(6.8)	0.5	2,631	(0.9)	0.1
Administrative expenses and amortizations	(520)	(9.3)	(2.1)	(1,094)	0.2	1.2
Net operating income	749	(4.9)	2.4	1,537	(1.7)	(0.7)
Net loan-loss provisions	(466)	(11.1)	(4.0)	(990)	(13.8)	(12.9)
Profit before tax	265	12.4	20.4	501	40.9	42.3
Balance sheet and activity metrics
Loans and advances to customers	44,830	(10.9)	(3.1)	44,830	(15.8)	(7.7)
Customer deposits	45,613	(6.3)	1.9	45,613	1.1	10.9
Memorandum items:
Gross loans and advances to customers 1	48,389	(10.6)	(2.8)	48,389	(15.4)	(7.2)
Customer funds	49,159	(5.8)	2.4	49,159	1.5	11.3
Customer deposits 2	45,572	(6.3)	1.9	45,572	1.1	10.8
Mutual funds	3,587	0.2	8.9	3,587	7.3	17.7

1. Excluding reverse repos.

2. Excluding repos.

58 January - June 2025

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				Information by segment

CORPORATE & INVESTMENT BANKING						Q
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	1,013	6.4	10.0	1,966	(2.4)	3.7
Net fee income	637	(11.1)	(8.2)	1,353	5.7	8.8
Gains (losses) on financial transactions 1	252	(52.0)	(49.8)	778	11.5	14.0
Other operating income	231	774.8	769.2	258	38.7	37.3
Total income	2,134	(3.9)	(0.8)	4,354	4.2	8.6
Administrative expenses and amortizations	(950)	(0.2)	3.4	(1,903)	5.1	8.4
Net operating income	1,183	(6.7)	(4.0)	2,452	3.6	8.8
Net loan-loss provisions	(72)	461.7	468.4	(85)	(8.1)	(5.2)
Other gains (losses) and provisions	(27)	22.8	22.8	(48)	(61.1)	(60.5)
Profit before tax	1,084	(12.1)	(9.4)	2,318	7.8	13.6
Tax on profit	(308)	(16.3)	(13.7)	(677)	5.0	11.6
Profit from continuing operations	776	(10.3)	(7.6)	1,641	9.0	14.5
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	776	(10.3)	(7.6)	1,641	9.0	14.5
Non-controlling interests	(48)	(19.4)	(15.9)	(107)	5.7	10.9
Underlying attributable profit to the parent	728	(9.7)	(7.0)	1,534	9.2	14.7
Balance sheet and activity metrics
Loans and advances to customers	191,313	(1.2)	2.0	191,313	1.8	6.3
Customer deposits	211,123	(7.4)	(4.6)	211,123	2.3	7.8
Memorandum items:
Gross loans and advances to customers ²	135,231	(4.5)	(1.5)	135,231	(5.9)	(1.9)
Customer funds	140,982	(6.9)	(4.2)	140,982	(1.6)	3.0
Customer deposits ³	125,259	(6.5)	(3.9)	125,259	(4.0)	0.2
Mutual funds	15,723	(9.4)	(6.7)	15,723	23.1	32.7
Risk-weighted assets	104,835	(2.8)		104,835	(14.3)
Ratios (%)
RoTE	20.7	(1.7)		21.6	2.7
RoTE (post-AT1)	20.0	(1.7)		20.8	2.7
Efficiency ratio	44.5	1.7		43.7	0.4
NPL ratio	0.71	(0.03)		0.71	(0.32)
NPL coverage ratio	45.1	5.8		45.1	9.1
Number of employees	13,486	(0.4)		13,486

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - June 2025 59

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				Information by segment

WEALTH MANAGEMENT & INSURANCE						Q
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	354	(5.8)	(3.4)	729	(17.1)	(15.8)
Net fee income	423	1.0	3.6	842	16.8	20.2
Gains (losses) on financial transactions 1	100	22.3	24.5	181	50.6	54.7
Other operating income	136	(5.5)	(3.8)	279	138.8	174.8
Total income	1,012	(0.7)	1.7	2,032	10.6	13.8
Administrative expenses and amortizations	(354)	(5.0)	(2.1)	(726)	6.1	9.0
Net operating income	659	1.7	3.8	1,306	13.2	16.7
Net loan-loss provisions	(13)	72.8	74.1	(21)	21.5	23.3
Other gains (losses) and provisions	(10)	—	—	(11)	(62.6)	(62.4)
Profit before tax	635	(0.6)	1.5	1,274	15.2	18.8
Tax on profit	(135)	(5.2)	(3.3)	(277)	1.4	3.7
Profit from continuing operations	500	0.7	2.8	997	19.7	23.8
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	500	0.7	2.8	997	19.7	23.8
Non-controlling interests	(23)	(9.0)	(5.9)	(49)	26.3	29.4
Underlying attributable profit to the parent	477	1.2	3.3	948	19.3	23.5
Balance sheet and activity metrics
Loans and advances to customers	25,048	1.8	5.3	25,048	8.9	13.4
Customer deposits	62,437	(0.7)	1.3	62,437	1.2	3.5
Memorandum items:
Gross loans and advances to customers ²	25,218	1.8	5.3	25,218	8.9	13.4
Customer funds	176,965	(1.4)	0.5	176,965	6.6	9.8
Customer deposits ³	61,566	(0.8)	1.3	61,566	1.2	3.4
Mutual funds	115,400	(1.7)	0.1	115,400	9.8	13.6
Risk-weighted assets	16,887	4.1		16,887	47.7
Assets under management	514,009	0.5	2.5	514,009	7.6	11.4
Gross written premiums	2,925	9.7	12.6	5,592	(2.1)	6.0
Ratios (%) and customers
RoTE	67.3	(1.5)		68.1	(7.1)
RoTE (post-AT1)	66.6	(1.4)		67.3	(7.0)
Efficiency ratio	34.9	(1.6)		35.7	(1.5)
NPL ratio	0.96	(0.01)		0.96	(0.12)
NPL coverage ratio	70.3	3.9		70.3	11.2
Number of employees	7,668	(0.3)		7,668
Number of Private Banking customers (thousands)	305	1.3		305	7.9

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

60 January - June 2025

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				Information by segment

PAYMENTS						Q
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	726	5.9	9.4	1,411	8.4	21.6
Net fee income	734	6.0	8.8	1,428	6.2	15.1
Gains (losses) on financial transactions 1	(18)	277.7	272.3	(22)	—	—
Other operating income	14	48.3	42.2	24	171.6	90.4
Total income	1,457	5.3	8.4	2,840	6.8	17.4
Administrative expenses and amortizations	(592)	(2.6)	(0.8)	(1,200)	(3.6)	2.1
Net operating income	865	11.5	15.6	1,641	16.0	32.0
Net loan-loss provisions	(479)	(2.7)	0.9	(970)	13.9	29.0
Other gains (losses) and provisions	(40)	12.3	14.9	(76)	(73.6)	(73.4)
Profit before tax	346	39.4	45.1	594	116.8	191.0
Tax on profit	(116)	18.6	23.5	(214)	2.8	17.4
Profit from continuing operations	230	52.9	59.1	380	475.6	—
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	230	52.9	59.1	380	475.6	—
Non-controlling interests	(21)	(13.9)	(9.7)	(46)	12.0	20.8
Underlying attributable profit to the parent	209	65.9	72.5	335	—	—
Balance sheet and activity metrics
Loans and advances to customers	23,358	0.2	2.6	23,358	11.5	18.8
Customer deposits	1,043	(7.6)	(7.6)	1,043	3.5	3.5
Memorandum items:
Gross loans and advances to customers ²	25,041	(0.6)	1.8	25,041	10.6	18.0
Customer funds	1,043	(7.6)	(7.6)	1,043	3.5	3.5
Customer deposits ³	1,043	(7.6)	(7.6)	1,043	3.5	3.5
Mutual funds	—	—	—	—	—	—
Risk-weighted assets	23,068	0.5		23,068	12.0
Ratios (%)
RoTE	28.9	11.5		23.2	21.3
RoTE (post-AT1)	28.2	11.5		22.4	21.3
NPL ratio	5.11	(0.77)		5.11	(0.05)
NPL coverage ratio	131.2	5.2		131.2	(13.1)
Number of employees	21,643	(0.3)		0.0

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - June 2025 61

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				Information by segment

PagoNxt							Q
EUR million
		/	Q1'25			/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	H1'24	%	% excl. FX
Net interest income	42	10.8	14.5	80	62	29.4	45.1
Net fee income	265	8.4	11.0	510	456	11.7	21.7
Gains (losses) on financial transactions 1	(21)	192.6	194.0	(28)	0	—	—
Other operating income	38	(6.8)	(6.8)	80	64	23.4	24.9
Total income	325	2.6	4.9	641	583	9.9	19.2
Administrative expenses and amortizations	(290)	1.4	2.8	(576)	(601)	(4.2)	0.1
Net operating income	35	13.4	25.2	65	(18)	—	—
Net loan-loss provisions	(5)	(16.7)	(15.3)	(11)	(9)	16.4	25.8
Other gains (losses) and provisions	(21)	75.2	80.1	(33)	(259)	(87.2)	(87.2)
Profit before tax	9	(30.8)	(10.8)	22	(286)	—	—
Tax on profit	3	—	—	(1)	(16)	(91.2)	(86.3)
Profit from continuing operations	11	28.0	53.2	20	(302)	—	—
Net profit from discontinued operations	—	—	—	—	—	—	—
Consolidated profit	11	28.0	53.2	20	(302)	—	—
Non-controlling interests	0	(95.3)	(92.8)	(5)	(3)	68.0	92.9
Underlying attributable profit to the parent	11	149.9	223.8	16	(304)	—	—
Balance sheet and activity metrics
Loans and advances to customers	1,229	(6.6)	(4.9)	1,229	733	67.7	78.7
Customer deposits	999	(8.4)	(8.4)	999	994	0.5	0.5
Memorandum items:
Gross loans and advances to customers ²	1,249	(6.6)	(5.0)	1,249	755	65.4	75.9
Customer funds	999	(8.4)	(8.4)	999	994	0.5	0.5
Customer deposits ³	999	(8.4)	(8.4)	999	994	0.5	0.5
Mutual funds	—	—	—	—	—	—	—
Risk-weighted assets	6,189	2.1		6,189	4,246	45.8
Total transactions (Getnet, million)	2,596	3.6		5,102	4,759	7.2
Total payments volume (Getnet)	57,261	2.7	5.5	113,037	107,647	5.0	15.5
Ratios (%)
EBITDA margin	29.0	0.3		28.8	20.1	8.7
Efficiency ratio	89.3	(1.0)		89.8	103.0	(13.2)

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

62 January - June 2025

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				Information by segment

Cards						Q
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	683	5.6	9.1	1,330	7.3	20.4
Net fee income	469	4.6	7.5	918	3.4	11.7
Gains (losses) on financial transactions 1	3	34.4	42.0	6	60.7	47.1
Other operating income	(24)	(23.8)	(22.4)	(55)	(0.3)	8.7
Total income	1,132	6.1	9.4	2,199	6.0	16.9
Administrative expenses and amortizations	(302)	(6.1)	(4.0)	(624)	(3.0)	3.9
Net operating income	830	11.4	15.3	1,575	10.0	23.1
Net loan-loss provisions	(474)	(2.5)	1.1	(960)	13.8	29.1
Other gains (losses) and provisions	(19)	(19.3)	(17.6)	(43)	47.3	49.2
Profit before tax	337	43.2	47.8	572	2.3	12.7
Tax on profit	(119)	26.3	30.4	(212)	10.6	23.6
Profit from continuing operations	219	54.5	59.4	360	(2.1)	7.2
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	219	54.5	59.4	360	(2.1)	7.2
Non-controlling interests	(21)	4.0	8.6	(41)	8.0	15.9
Underlying attributable profit to the parent	198	62.8	67.8	319	(3.3)	6.2
Balance sheet and activity metrics
Loans and advances to customers	22,129	0.6	3.0	22,129	9.5	16.6
Customer deposits	45	14.9	14.9	45	211.0	211.0
Memorandum items:
Gross loans and advances to customers ²	23,792	(0.2)	2.2	23,792	8.8	16.0
Customer funds	45	14.9	14.9	45	211.0	211.0
Customer deposits ³	45	14.9	14.9	45	211.0	211.0
Mutual funds	—	—	—	—	—	—
Risk-weighted assets	16,879	0.0		16,879	3.3
Number of cards (million)4	106	(0.2)		106	1.6
Ratios (%)
RoTE	32.0	12.1		26.0	(1.9)
RoTE (post-AT1)	31.3	12.1		25.3	(1.9)
Efficiency ratio	26.7	(3.5)		28.4	(2.6)
NPL ratio	5.22	(0.89)		5.22	0.02
NPL coverage ratio	133.6	6.9		133.6	(12.6)

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

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

January - June 2025 63

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				Information by segment

CORPORATE CENTRE						Q
EUR million
			/ Q1'25			/ H1'24
Underlying income statement	Q2'25	Q1'25	%	H1'25	H1'24	%
Net interest income	(120)	(112)	7.7	(232)	(100)	132.9
Net fee income	(7)	(9)	(20.8)	(16)	1	—
Gains (losses) on financial transactions 1	(53)	(91)	(42.1)	(143)	(284)	(49.6)
Other operating income	45	(4)	—	41	33	23.5
Total income	(135)	(215)	(37.2)	(351)	(350)	0.1
Administrative expenses and amortizations	(97)	(87)	11.1	(184)	(174)	6.2
Net operating income	(232)	(303)	(23.2)	(535)	(524)	2.1
Net loan-loss provisions	(98)	(99)	(0.6)	(197)	(2)	—
Other gains (losses) and provisions	(45)	(30)	50.3	(74)	(80)	(7.1)
Profit before tax	(375)	(431)	(13.0)	(807)	(606)	33.1
Tax on profit	56	37	51.1	93	(3)	—
Profit from continuing operations	(319)	(394)	(19.0)	(713)	(609)	17.1
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	(319)	(394)	(19.0)	(713)	(609)	17.1
Non-controlling interests	0	0	—	0	0	—
Underlying attributable profit to the parent	(319)	(394)	(19.0)	(713)	(609)	17.1
Balance sheet
Loans and advances to customers	6,052	5,845	3.5	6,052	5,629	7.5
Cash, central banks and credit institutions	94,853	105,926	(10.5)	94,853	96,925	(2.1)
Debt instruments	10,556	11,158	(5.4)	10,556	9,622	9.7
Other financial assets	1,784	1,609	10.8	1,784	934	91.0
Other asset accounts	118,888	124,957	(4.9)	118,888	124,659	(4.6)
Total assets	232,133	249,496	(7.0)	232,133	237,769	(2.4)
Customer deposits	1,841	1,341	37.3	1,841	1,729	6.4
Central banks and credit institutions	17,048	27,844	(38.8)	17,048	21,463	(20.6)
Marketable debt securities	109,719	111,631	(1.7)	109,719	110,786	(1.0)
Other financial liabilities	14	145	(90.4)	14	1,748	(99.2)
Other liabilities accounts	7,338	7,056	4.0	7,338	7,762	(5.5)
Total liabilities	135,960	148,017	(8.1)	135,960	143,488	(5.2)
Total equity	96,173	101,479	(5.2)	96,173	94,281	2.0
Memorandum items:
Gross loans and advances to customers 2	6,199	5,932	4.5	6,199	5,726	8.3
Customer funds	1,841	1,341	37.3	1,841	1,594	15.4
Customer deposits 3	1,841	1,341	37.3	1,841	1,594	15.4
Mutual funds	—	—	—	—	—	—
Resources
Number of employees	1,812	1,793	1.1	1,812

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

64 January - June 2025

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				Information by segment

Spain				Q
EUR million
		/ Q1'25		/ H1'24
Underlying income statement	Q2'25	%	H1'25	%
Net interest income	1,806	1.5	3,585	(1.9)
Net fee income	735	(4.1)	1,503	1.3
Gains (losses) on financial transactions 1	124	(72.4)	572	22.2
Other operating income	372	174.2	507	10.9
Total income	3,036	(3.0)	6,167	1.7
Administrative expenses and amortizations	(1,051)	0.2	(2,099)	1.7
Net operating income	1,986	(4.6)	4,067	1.7
Net loan-loss provisions	(295)	(2.6)	(599)	(9.0)
Other gains (losses) and provisions	(103)	(22.8)	(236)	(64.3)
Profit before tax	1,588	(3.5)	3,232	20.6
Tax on profit	(476)	(4.3)	(974)	5.3
Profit from continuing operations	1,111	(3.1)	2,258	28.6
Net profit from discontinued operations	—	—	—	—
Consolidated profit	1,111	(3.1)	2,258	28.6
Non-controlling interests	0	(55.5)	0	564.1
Underlying attributable profit to the parent	1,111	(3.1)	2,258	28.6
Balance sheet
Loans and advances to customers	264,034	3.9	264,034	4.9
Cash, central banks and credit institutions	99,076	4.0	99,076	19.6
Debt instruments	95,952	(8.8)	95,952	24.3
Other financial assets	48,665	7.2	48,665	6.0
Other asset accounts	16,435	(2.9)	16,435	(3.8)
Total assets	524,161	1.4	524,161	10.4
Customer deposits	346,323	0.7	346,323	9.9
Central banks and credit institutions	49,834	9.9	49,834	23.4
Marketable debt securities	26,379	0.1	26,379	(6.5)
Other financial liabilities	62,762	(0.1)	62,762	22.2
Other liabilities accounts	21,544	4.0	21,544	(1.5)
Total liabilities	506,842	1.6	506,842	10.9
Total equity	17,319	(3.2)	17,319	(2.5)
Memorandum items:
Gross loans and advances to customers 2	232,478	1.5	232,478	(0.8)
Customer funds	404,967	2.3	404,967	5.9
Customer deposits 3	306,005	2.3	306,005	3.2
Mutual funds	98,961	2.3	98,961	15.4
Ratios (%), operating means and customers
RoTE	26.0	(0.4)	26.1	5.7
RoTE (post-AT1)	25.2	(0.3)	25.3	5.7
Efficiency ratio	34.6	1.1	34.0	—
NPL ratio	2.15	(0.41)	2.15	(0.76)
NPL coverage ratio	53.2	0.4	53.2	3.1
Number of branches	1,724	(3.8)	1,724	(5.9)
Number of total customers (thousands)	15,380	0.5	15,380	1.7
Number of active customers (thousands)	9,040	1.1	9,040	4.8

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - June 2025 65

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				Information by segment

United Kingdom
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	1,244	(4.2)	(2.6)	2,543	6.8	5.2
Net fee income	84	2.2	3.8	166	16.8	15.1
Gains (losses) on financial transactions 1	(27)	(33.5)	(32.2)	(68)	785.7	773.0
Other operating income	0	(50.3)	(49.1)	1	108.8	105.8
Total income	1,302	(2.9)	(1.3)	2,642	5.0	3.5
Administrative expenses and amortizations	(707)	(1.7)	(0.2)	(1,427)	(1.7)	(3.1)
Net operating income	594	(4.2)	(2.7)	1,215	14.1	12.4
Net loan-loss provisions	(60)	14.6	16.3	(113)	83.6	81.0
Other gains (losses) and provisions	(154)	(17.6)	(16.1)	(340)	119.8	116.7
Profit before tax	380	(0.3)	1.3	762	(10.2)	(11.5)
Tax on profit	(105)	8.0	9.6	(202)	(7.8)	(9.1)
Profit from continuing operations	276	(3.1)	(1.6)	560	(11.1)	(12.3)
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	276	(3.1)	(1.6)	560	(11.1)	(12.3)
Non-controlling interests	—	—	—	—	—	—
Underlying attributable profit to the parent	276	(3.1)	(1.6)	560	(11.1)	(12.3)
Balance sheet
Loans and advances to customers	239,958	(3.4)	(1.0)	239,958	(4.3)	(3.2)
Cash, central banks and credit institutions	59,091	10.9	13.5	59,091	17.1	18.4
Debt instruments	13,048	(10.9)	(8.7)	13,048	4.7	5.8
Other financial assets	290	14.1	16.8	290	(5.0)	(3.9)
Other asset accounts	4,529	16.2	19.0	4,529	3.7	4.9
Total assets	316,916	(1.1)	1.3	316,916	(0.5)	0.7
Customer deposits	222,832	(1.8)	0.5	222,832	(3.1)	(2.0)
Central banks and credit institutions	23,551	0.2	2.6	23,551	(8.4)	(7.3)
Marketable debt securities	53,382	1.2	3.6	53,382	18.9	20.2
Other financial liabilities	2,743	(16.0)	(14.0)	2,743	(41.7)	(41.1)
Other liabilities accounts	1,961	20.9	23.8	1,961	36.7	38.2
Total liabilities	304,468	(1.2)	1.2	304,468	(0.7)	0.4
Total equity	12,448	1.7	4.1	12,448	6.5	7.7
Memorandum items:
Gross loans and advances to customers 2	229,393	(2.2)	0.2	229,393	(2.8)	(1.7)
Customer funds	223,958	(1.7)	0.7	223,958	(2.8)	(1.7)
Customer deposits 3	216,443	(1.8)	0.6	216,443	(2.9)	(1.8)
Mutual funds	7,516	0.4	2.8	7,516	(1.0)	0.1
Ratios (%), operating means and customers
RoTE	9.1	(0.6)		9.4	(1.5)
RoTE (post-AT1)	8.6	(0.5)		8.9	(1.4)
Efficiency ratio	54.3	0.6		54.0	(3.7)
NPL ratio	1.25	0.01		1.25	(0.21)
NPL coverage ratio	31.0	0.2		31.0	2.5
Number of branches	420	(5.4)		420	(5.4)
Number of total customers (thousands)	22,571	0.1		22,571	0.4
Number of active customers (thousands)	13,551	(0.2)		13,551	(1.5)

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

66 January - June 2025

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				Information by segment

Portugal
EUR million
		/ Q1'25		/ H1'24
Underlying income statement	Q2'25	%	H1'25	%
Net interest income	336	(3.3)	684	(18.9)
Net fee income	129	2.7	255	5.0
Gains (losses) on financial transactions 1	19	(1.6)	39	12.5
Other operating income	4	(52.3)	14	(33.7)
Total income	489	(2.7)	992	(13.1)
Administrative expenses and amortizations	(134)	(1.6)	(269)	0.7
Net operating income	356	(3.1)	723	(17.3)
Net loan-loss provisions	(5)	—	9	—
Other gains (losses) and provisions	—	(75.3)	(1)	(97.2)
Profit before tax	350	(7.8)	730	(12.4)
Tax on profit	(103)	1.8	(205)	(24.2)
Profit from continuing operations	247	(11.3)	526	(6.7)
Net profit from discontinued operations	—	—	—	—
Consolidated profit	247	(11.3)	526	(6.7)
Non-controlling interests	(1)	6.6	(1)	(7.9)
Underlying attributable profit to the parent	247	(11.3)	525	(6.7)
Balance sheet
Loans and advances to customers	39,684	2.0	39,684	5.3
Cash, central banks and credit institutions	4,003	(5.6)	4,003	(42.4)
Debt instruments	15,170	1.4	15,170	21.0
Other financial assets	1,175	7.6	1,175	5.1
Other asset accounts	1,042	6.8	1,042	(0.8)
Total assets	61,074	1.5	61,074	2.9
Customer deposits	39,676	1.6	39,676	5.2
Central banks and credit institutions	8,860	0.7	8,860	(0.8)
Marketable debt securities	5,583	(3.0)	5,583	17.5
Other financial liabilities	344	(0.7)	344	1.3
Other liabilities accounts	3,413	3.3	3,413	(4.7)
Total liabilities	57,876	1.1	57,876	4.6
Total equity	3,198	8.8	3,198	(20.0)
Memorandum items:
Gross loans and advances to customers 2	40,427	2.0	40,427	5.2
Customer funds	44,878	1.9	44,878	6.3
Customer deposits 3	39,676	1.6	39,676	5.2
Mutual funds	5,202	3.9	5,202	15.5
Ratios (%), operating means and customers
RoTE	32.1	1.0	31.5	2.7
RoTE (post-AT1)	31.6	1.0	31.1	2.6
Efficiency ratio	27.3	0.3	27.1	3.7
NPL ratio	2.25	0.00	2.25	(0.17)
NPL coverage ratio	82.4	0.7	82.4	2.5
Number of branches	373	0.0	373	(0.3)
Number of total customers (thousands)	2,964	(0.5)	2,964	0.6
Number of active customers (thousands)	1,920	0.4	1,920	3.2

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - June 2025 67

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				Information by segment

Poland						Q
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	736	(1.2)	0.2	1,480	7.0	4.8
Net fee income	184	(3.0)	(1.6)	373	10.1	7.9
Gains (losses) on financial transactions 1	32	176.0	178.7	44	83.6	80.0
Other operating income	7	—	—	(55)	58.0	54.8
Total income	959	8.6	10.0	1,842	7.6	5.5
Administrative expenses and amortizations	(256)	0.1	1.5	(512)	9.7	7.6
Net operating income	703	12.0	13.5	1,330	6.8	4.7
Net loan-loss provisions	(43)	(45.2)	(44.1)	(120)	(59.5)	(60.3)
Other gains (losses) and provisions	(195)	297.4	301.0	(245)	44.2	41.3
Profit before tax	465	(7.1)	(5.8)	965	23.9	21.5
Tax on profit	(115)	(6.1)	(4.7)	(237)	14.5	12.2
Profit from continuing operations	350	(7.5)	(6.1)	728	27.4	24.8
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	350	(7.5)	(6.1)	728	27.4	24.8
Non-controlling interests	(131)	(7.0)	(5.6)	(272)	46.6	43.7
Underlying attributable profit to the parent	219	(7.8)	(6.4)	457	18.2	15.8
Balance sheet
Loans and advances to customers	39,380	1.0	2.3	39,380	8.4	6.7
Cash, central banks and credit institutions	9,880	1.7	3.0	9,880	21.1	19.3
Debt instruments	18,689	(8.9)	(7.7)	18,689	19.2	17.4
Other financial assets	852	38.4	40.1	852	74.8	72.1
Other asset accounts	2,243	8.7	10.1	2,243	24.5	22.6
Total assets	71,044	(1.2)	0.1	71,044	13.7	12.0
Customer deposits	51,979	(2.3)	(1.1)	51,979	10.5	8.8
Central banks and credit institutions	6,050	13.5	14.9	6,050	41.4	39.3
Marketable debt securities	2,859	4.6	5.9	2,859	30.8	28.8
Other financial liabilities	1,735	1.0	2.3	1,735	5.3	3.7
Other liabilities accounts	1,953	25.7	27.3	1,953	52.4	50.0
Total liabilities	64,576	0.1	1.3	64,576	14.4	12.7
Total equity	6,468	(12.0)	(10.9)	6,468	7.4	5.8
Memorandum items:
Gross loans and advances to customers 2	39,989	0.5	1.7	39,989	7.7	6.0
Customer funds	58,832	(0.7)	0.5	58,832	13.1	11.4
Customer deposits 3	51,585	(1.5)	(0.2)	51,585	11.9	10.1
Mutual funds	7,247	4.8	6.1	7,247	22.9	21.0
Ratios (%), operating means and customers
RoTE	23.7	0.9		23.2	3.8
RoTE (post-AT1)	23.0	0.8		22.5	3.8
Efficiency ratio	26.7	(2.3)		27.8	0.5
NPL ratio	3.38	(0.14)		3.38	(0.01)
NPL coverage ratio	63.8	0.1		63.8	(11.3)
Number of branches	361	(0.3)		361	(3.2)
Number of total customers (thousands)	6,020	(0.4)		6,020	1.8
Number of active customers (thousands)	4,709	0.8		4,709	3.6

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

68 January - June 2025

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				Information by segment

DCB EUROPE
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	1,155	3.8	4.1	2,266	3.6	3.7
Net fee income	185	(1.5)	(1.3)	372	(17.4)	(17.4)
Gains (losses) on financial transactions 1	(16)	260.4	259.5	(20)	—	—
Other operating income	101	(6.0)	(5.5)	208	1.3	1.1
Total income	1,424	1.6	1.8	2,827	(0.9)	(0.9)
Administrative expenses and amortizations	(660)	(1.0)	(0.8)	(1,326)	0.5	0.6
Net operating income	765	3.9	4.2	1,500	(2.2)	(2.2)
Net loan-loss provisions	(284)	(15.5)	(15.2)	(619)	6.0	5.9
Other gains (losses) and provisions	(111)	154.3	156.1	(154)	(20.2)	(20.8)
Profit before tax	371	3.9	4.2	727	(3.9)	(3.7)
Tax on profit	(108)	7.9	8.0	(209)	15.4	15.6
Profit from continuing operations	262	2.3	2.6	518	(10.0)	(9.8)
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	262	2.3	2.6	518	(10.0)	(9.8)
Non-controlling interests	(60)	(5.6)	(5.5)	(123)	(0.8)	(0.7)
Underlying attributable profit to the parent	203	4.9	5.3	396	(12.5)	(12.3)
Balance sheet
Loans and advances to customers	139,300	2.1	2.7	139,300	2.7	3.2
Cash, central banks and credit institutions	17,694	3.8	4.6	17,694	(7.5)	(6.9)
Debt instruments	8,115	1.1	1.7	8,115	37.0	37.1
Other financial assets	105	4.3	4.4	105	6.8	6.9
Other asset accounts	11,752	3.1	3.8	11,752	11.2	11.8
Total assets	176,966	2.3	2.9	176,966	3.3	3.8
Customer deposits	84,005	(0.1)	0.5	84,005	9.2	9.7
Central banks and credit institutions	31,183	9.6	11.3	31,183	6.6	7.8
Marketable debt securities	39,781	1.7	1.9	39,781	(10.3)	(10.0)
Other financial liabilities	2,585	17.5	17.8	2,585	3.1	3.1
Other liabilities accounts	5,683	5.4	6.1	5,683	10.5	10.8
Total liabilities	163,237	2.5	3.2	163,237	3.2	3.7
Total equity	13,730	(0.7)	0.2	13,730	4.4	5.1
Memorandum items:
Gross loans and advances to customers 2	142,351	2.0	2.7	142,351	2.9	3.4
Customer funds	88,774	0.1	0.6	88,774	9.5	9.9
Customer deposits 3	84,005	(0.1)	0.5	84,005	9.2	9.7
Mutual funds	4,769	2.3	2.3	4,769	14.9	14.9
Ratios (%), operating means and customers
RoTE	7.9	0.3		7.7	(1.2)
RoTE (post-AT1)	7.0	0.3		6.9	(1.2)
Efficiency ratio	46.3	(1.2)		46.9	0.7
NPL ratio	2.62	0.00		2.62	0.30
NPL coverage ratio	82.3	0.1		82.3	(3.1)
Number of branches	297	(8.3)		297	(9.2)
Number of total customers (thousands)	19,579	(0.2)		19,579	0.3

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - June 2025 69

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				Information by segment

United States
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	1,450	(3.3)	4.1	2,949	4.4	5.5
Net fee income	323	(8.8)	(1.7)	678	25.8	27.1
Gains (losses) on financial transactions 1	76	(21.6)	(15.0)	172	(13.0)	(12.1)
Other operating income	64	1.1	8.6	128	(38.7)	(38.1)
Total income	1,913	(5.0)	2.3	3,927	4.2	5.2
Administrative expenses and amortizations	(937)	(7.0)	0.3	(1,944)	2.2	3.2
Net operating income	976	(3.0)	4.4	1,983	6.2	7.3
Net loan-loss provisions	(493)	(7.8)	(0.6)	(1,028)	(12.2)	(11.3)
Other gains (losses) and provisions	(26)	6.9	14.7	(51)	(38.9)	(38.2)
Profit before tax	457	2.1	9.7	904	47.5	49.0
Tax on profit	(35)	14.2	22.2	(65)	—	—
Profit from continuing operations	422	1.3	8.8	839	26.2	27.5
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	422	1.3	8.8	839	26.2	27.5
Non-controlling interests	—	—	—	—	—	—
Underlying attributable profit to the parent	422	1.3	8.8	839	26.2	27.5
Balance sheet
Loans and advances to customers	122,610	(10.2)	(2.4)	122,610	(10.0)	(1.3)
Cash, central banks and credit institutions	28,070	(1.4)	7.1	28,070	14.5	25.6
Debt instruments	38,151	25.7	36.6	38,151	43.6	57.6
Other financial assets	2,284	(0.6)	8.0	2,284	(5.1)	4.2
Other asset accounts	12,944	(14.2)	(6.8)	12,944	(21.8)	(14.2)
Total assets	204,059	(4.1)	4.3	204,059	(1.1)	8.5
Customer deposits	113,937	(7.1)	1.0	113,937	(7.9)	1.1
Central banks and credit institutions	37,731	21.2	31.7	37,731	38.9	52.3
Marketable debt securities	28,656	(15.2)	(7.8)	28,656	(7.0)	2.1
Other financial liabilities	5,825	(11.3)	(3.6)	5,825	(0.1)	9.6
Other liabilities accounts	3,074	(7.3)	0.8	3,074	1.8	11.7
Total liabilities	189,223	(4.2)	4.2	189,223	(0.7)	9.0
Total equity	14,835	(3.2)	5.3	14,835	(5.8)	3.3
Memorandum items:
Gross loans and advances to customers 2	105,970	(9.5)	(1.6)	105,970	(10.2)	(1.5)
Customer funds	96,993	(8.0)	0.0	96,993	(4.8)	4.4
Customer deposits 3	82,828	(9.0)	(1.1)	82,828	(6.5)	2.6
Mutual funds	14,165	(1.9)	6.6	14,165	6.1	16.4
Ratios (%), operating means and customers
RoTE	11.8	0.5		11.6	2.3
RoTE (post-AT1)	11.2	0.5		11.0	2.3
Efficiency ratio	49.0	(1.0)		49.5	(1.0)
NPL ratio	4.65	0.20		4.65	0.32
NPL coverage ratio	63.1	(0.7)		63.1	(4.8)
Number of branches	403	(0.2)		403	(1.5)
Number of total customers (thousands)	4,477	(0.4)		4,477	(0.6)
Number of active customers (thousands)	4,279	(0.6)		4,279	(1.6)

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

70 January - June 2025

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				Information by segment

Mexico						Q
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	1,109	(1.8)	1.1	2,238	(7.6)	8.9
Net fee income	339	(3.1)	(0.2)	689	(6.0)	10.8
Gains (losses) on financial transactions 1	73	13.9	17.0	136	(5.2)	11.7
Other operating income	(16)	(57.0)	(54.9)	(54)	(1.4)	16.3
Total income	1,504	(0.1)	2.8	3,010	(7.2)	9.4
Administrative expenses and amortizations	(617)	(1.7)	1.2	(1,245)	(7.3)	9.3
Net operating income	887	1.1	4.0	1,765	(7.2)	9.4
Net loan-loss provisions	(302)	(0.6)	2.3	(607)	(15.9)	(0.8)
Other gains (losses) and provisions	(34)	9.2	12.2	(65)	104.1	140.6
Profit before tax	551	1.5	4.5	1,093	(4.8)	12.2
Tax on profit	(150)	1.6	4.5	(297)	(3.1)	14.2
Profit from continuing operations	401	1.5	4.5	796	(5.4)	11.5
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	401	1.5	4.5	796	(5.4)	11.5
Non-controlling interests	(1)	(12.3)	(9.5)	(2)	(6.6)	10.1
Underlying attributable profit to the parent	400	1.6	4.5	794	(5.4)	11.5
Balance sheet
Loans and advances to customers	42,983	(0.8)	(0.6)	42,983	(8.2)	4.0
Cash, central banks and credit institutions	10,738	(2.1)	(1.9)	10,738	11.4	26.2
Debt instruments	26,686	(2.3)	(2.1)	26,686	(11.8)	(0.1)
Other financial assets	4,124	(6.5)	(6.3)	4,124	(33.0)	(24.1)
Other asset accounts	5,378	(0.1)	0.1	5,378	(14.7)	(3.4)
Total assets	89,908	(1.7)	(1.4)	89,908	(9.3)	2.7
Customer deposits	48,394	(1.1)	(0.9)	48,394	(10.3)	1.6
Central banks and credit institutions	14,280	(3.9)	(3.6)	14,280	(4.0)	8.7
Marketable debt securities	9,261	11.6	11.9	9,261	6.8	20.9
Other financial liabilities	7,355	(10.8)	(10.6)	7,355	(21.7)	(11.3)
Other liabilities accounts	2,737	(9.0)	(8.8)	2,737	(19.9)	(9.2)
Total liabilities	82,027	(1.6)	(1.3)	82,027	(9.2)	2.9
Total equity	7,881	(2.5)	(2.2)	7,881	(10.7)	1.1
Memorandum items:
Gross loans and advances to customers 2	44,313	(0.5)	(0.2)	44,313	(6.4)	6.1
Customer funds	62,330	1.6	1.8	62,330	(3.2)	9.7
Customer deposits 3	41,261	0.3	0.5	41,261	(8.0)	4.3
Mutual funds	21,070	4.2	4.4	21,070	7.9	22.2
Ratios (%), operating means and customers
RoTE	21.7	0.7		21.4	2.3
RoTE (post-AT1)	21.3	0.7		21.0	2.3
Efficiency ratio	41.0	(0.7)		41.4	—
NPL ratio	2.93	0.14		2.93	0.15
NPL coverage ratio	99.4	(2.5)		99.4	(3.1)
Number of branches	1,332	(0.7)		1,332	(1.8)
Number of total customers (thousands)	21,696	1.4		21,696	3.5
Number of active customers (thousands)	11,218	2.6		11,218	5.8

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

January - June 2025 71

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				Information by segment

Brazil
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	2,338	(2.7)	1.6	4,740	(9.5)	3.7
Net fee income	757	(4.6)	(0.3)	1,549	(10.7)	2.3
Gains (losses) on financial transactions 1	(36)	—	—	(14)	122.2	154.4
Other operating income	27	340.8	352.6	33	57.2	79.9
Total income	3,085	(4.3)	—	6,309	(9.7)	3.4
Administrative expenses and amortizations	(1,002)	(5.4)	(1.1)	(2,061)	(9.0)	4.2
Net operating income	2,083	(3.8)	0.5	4,248	(10.0)	3.1
Net loan-loss provisions	(1,124)	(3.6)	0.6	(2,290)	(1.4)	12.9
Other gains (losses) and provisions	(213)	9.6	14.2	(407)	(12.0)	0.8
Profit before tax	747	(7.2)	(3.0)	1,551	(19.8)	(8.2)
Tax on profit	(210)	(14.8)	(10.8)	(456)	(32.7)	(23.0)
Profit from continuing operations	537	(3.8)	0.5	1,096	(12.9)	(0.3)
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	537	(3.8)	0.5	1,096	(12.9)	(0.3)
Non-controlling interests	(50)	1.5	5.9	(99)	(14.8)	(2.5)
Underlying attributable profit to the parent	487	(4.3)	(0.1)	996	(12.7)	—
Balance sheet
Loans and advances to customers	84,691	(4.2)	(1.0)	84,691	(8.9)	(1.9)
Cash, central banks and credit institutions	51,655	(6.1)	(2.9)	51,655	4.0	12.1
Debt instruments	44,945	(4.6)	(1.4)	44,945	(3.5)	4.0
Other financial assets	9,226	1.2	4.6	9,226	18.9	28.1
Other asset accounts	14,933	0.6	4.0	14,933	9.7	18.2
Total assets	205,450	(4.2)	(1.0)	205,450	(2.5)	5.1
Customer deposits	90,771	(7.9)	(4.8)	90,771	(8.2)	(1.1)
Central banks and credit institutions	33,775	(2.7)	0.6	33,775	3.1	11.1
Marketable debt securities	26,593	—	3.4	26,593	4.8	13.0
Other financial liabilities	32,410	(0.7)	2.7	32,410	10.2	18.7
Other liabilities accounts	6,173	1.3	4.7	6,173	(23.7)	(17.7)
Total liabilities	189,722	(4.5)	(1.2)	189,722	(2.5)	5.1
Total equity	15,728	(1.0)	2.4	15,728	(2.0)	5.6
Memorandum items:
Gross loans and advances to customers 2	89,320	(4.6)	(1.4)	89,320	(9.5)	(2.5)
Customer funds	130,531	(5.6)	(2.4)	130,531	(3.7)	3.7
Customer deposits 3	79,271	(5.9)	(2.8)	79,271	(7.3)	(0.1)
Mutual funds	51,260	(5.2)	(2.0)	51,260	2.4	10.3
Ratios (%), operating means and customers
RoTE	14.8	(0.3)		14.9	(0.9)
RoTE (post-AT1)	14.1	(0.3)		14.2	(0.9)
Efficiency ratio	32.5	(0.4)		32.7	0.2
NPL ratio	6.61	0.28		6.61	0.65
NPL coverage ratio	85.1	3.1		85.1	(5.2)
Number of branches	1,888	(8.1)		1,888	(22.8)
Number of total customers (thousands)	71,707	1.4		71,707	8.1
Number of active customers (thousands)	33,576	0.6		33,576	5.3

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

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				Information by segment

Chile
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	490	(4.3)	1.3	1,002	21.7	24.8
Net fee income	145	(4.0)	1.7	297	11.8	14.7
Gains (losses) on financial transactions 1	57	(8.6)	(3.1)	120	11.8	14.8
Other operating income	(5)	5.5	11.4	(9)	(10.0)	(7.7)
Total income	688	(4.7)	0.9	1,410	18.8	21.9
Administrative expenses and amortizations	(235)	(5.6)	0.0	(484)	4.0	6.7
Net operating income	453	(4.2)	1.4	926	28.4	31.7
Net loan-loss provisions	(138)	(11.4)	(6.0)	(294)	16.8	19.8
Other gains (losses) and provisions	(7)	177.9	188.8	(10)	(50.9)	(49.6)
Profit before tax	308	(2.2)	3.5	623	38.4	42.0
Tax on profit	(45)	(2.3)	3.4	(92)	(0.9)	1.7
Profit from continuing operations	263	(2.1)	3.6	531	48.5	52.4
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	263	(2.1)	3.6	531	48.5	52.4
Non-controlling interests	(78)	(6.3)	(0.7)	(162)	54.5	58.5
Underlying attributable profit to the parent	184	(0.2)	5.5	369	46.0	49.8
Balance sheet
Loans and advances to customers	38,336	(5.3)	0.8	38,336	(5.6)	2.3
Cash, central banks and credit institutions	4,476	(12.2)	(6.6)	4,476	(15.4)	(8.3)
Debt instruments	8,289	(5.3)	0.8	8,289	(18.9)	(12.1)
Other financial assets	11,226	(8.5)	(2.6)	11,226	(13.4)	(6.1)
Other asset accounts	2,018	(18.2)	(12.9)	2,018	(21.3)	(14.7)
Total assets	64,346	(6.8)	(0.8)	64,346	(10.2)	(2.7)
Customer deposits	27,298	(7.8)	(1.9)	27,298	(3.8)	4.2
Central banks and credit institutions	8,626	1.1	7.6	8,626	(26.3)	(20.1)
Marketable debt securities	9,747	(2.0)	4.3	9,747	(10.2)	(2.7)
Other financial liabilities	11,724	(10.2)	(4.4)	11,724	(13.3)	(6.1)
Other liabilities accounts	2,014	(7.4)	(1.4)	2,014	6.3	15.2
Total liabilities	59,408	(6.2)	(0.2)	59,408	(10.5)	(3.0)
Total equity	4,937	(13.9)	(8.3)	4,937	(6.2)	1.6
Memorandum items:
Gross loans and advances to customers 2	38,954	(6.3)	(0.3)	38,954	(6.8)	1.0
Customer funds	39,058	(7.3)	(1.3)	39,058	(1.3)	6.9
Customer deposits 3	26,614	(9.8)	(4.0)	26,614	(6.0)	1.8
Mutual funds	12,444	(1.3)	5.0	12,444	10.4	19.7
Ratios (%), operating means and customers
RoTE	21.6	2.6		20.2	6.5
RoTE (post-AT1)	20.8	2.6		19.5	6.5
Efficiency ratio	34.2	(0.3)		34.3	(4.9)
NPL ratio	5.43	(0.17)		5.43	0.31
NPL coverage ratio	49.8	0.3		49.8	(3.3)
Number of branches	231	(2.9)		231	(4.5)
Number of total customers (thousands)	4,515	4.1		4,515	11.5
Number of active customers (thousands)	2,657	2.0		2,657	6.6

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

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				Information by segment

Argentina
EUR million
			/ Q1'25		/ H1'24
Underlying income statement	Q2'25	Q1'25	%	H1'25	%
Net interest income	523	416	25.7	939	(34.0)
Net fee income	217	172	25.9	390	90.9
Gains (losses) on financial transactions 1	83	38	119.2	121	30.0
Other operating income	(183)	(122)	49.3	(305)	(56.4)
Total income	641	504	27.1	1,145	12.2
Administrative expenses and amortizations	(275)	(223)	23.3	(498)	20.2
Net operating income	366	281	30.2	647	6.8
Net loan-loss provisions	(133)	(76)	76.1	(209)	218.6
Other gains (losses) and provisions	(37)	(8)	371.1	(45)	(78.2)
Profit before tax	195	197	(1.1)	393	18.2
Tax on profit	(61)	(69)	(10.5)	(130)	98.2
Profit from continuing operations	134	129	3.9	263	(1.5)
Net profit from discontinued operations	—	—	—	—	—
Consolidated profit	134	129	3.9	263	(1.5)
Non-controlling interests	0	0	6.8	0	(17.8)
Underlying attributable profit to the parent	134	129	3.9	262	(1.4)
Balance sheet
Loans and advances to customers	8,607	8,367	2.9	8,607	63.8
Cash, central banks and credit institutions	4,090	3,833	6.7	4,090	79.7
Debt instruments	2,821	2,815	0.2	2,821	53.2
Other financial assets	68	86	(21.3)	68	24.3
Other asset accounts	962	874	10.1	962	43.5
Total assets	16,548	15,976	3.6	16,548	63.9
Customer deposits	11,476	10,978	4.5	11,476	106.7
Central banks and credit institutions	595	842	(29.4)	595	(62.6)
Marketable debt securities	299	242	23.3	299	65.7
Other financial liabilities	1,087	1,007	8.0	1,087	18.1
Other liabilities accounts	513	422	21.7	513	79.8
Total liabilities	13,969	13,491	3.5	13,969	63.8
Total equity	2,579	2,485	3.8	2,579	64.2
Memorandum items:
Gross loans and advances to customers 2	8,989	8,642	4.0	8,989	67.5
Customer funds	17,761	17,006	4.4	17,761	104.7
Customer deposits 3	11,476	10,978	4.5	11,476	106.7
Mutual funds	6,285	6,028	4.3	6,285	101.2
Ratios (%), operating means and customers
RoTE	22.2		(0.5)	22.4	(16.7)
RoTE (post-AT1)	21.6		(0.5)	19.5	(16.9)
Efficiency ratio	42.9		(1.3)	43.5	2.9
NPL ratio	3.76		1.44	3.76	2.25
NPL coverage ratio	121.0		(34.4)	121.0	(24.2)
Number of branches4	405		(1.0)	405	(0.2)
Number of total customers (thousands)	5,321		2.1	5,321	7.8
Number of active customers (thousands)	3,666		0.6	3,666	2.1

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

4. In Argentina, we have included the CartaSur points of sale and the banking service points in June 2025 figures and all previous periods.

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				Information by segment

Rest of the Group
EUR million
		/	Q1'25		/	H1'24
Underlying income statement	Q2'25	%	% excl. FX	H1'25	%	% excl. FX
Net interest income	272	8.8	14.3	522	37.7	46.9
Net fee income	224	9.2	13.2	428	25.1	28.4
Gains (losses) on financial transactions 1	59	16.6	27.8	109	(38.0)	(35.8)
Other operating income	12	(38.8)	(36.1)	32	174.5	173.7
Total income	566	7.9	13.2	1,091	20.0	25.4
Administrative expenses and amortizations	(405)	(0.9)	2.3	(814)	4.5	6.6
Net operating income	161	39.3	53.3	277	113.7	159.7
Net loan-loss provisions	(41)	(41.0)	(37.2)	(112)	3.0	9.4
Other gains (losses) and provisions	(39)	—	—	(36)	(87.3)	(87.2)
Profit before tax	80	65.7	99.9	129	—	—
Tax on profit	(16)	(37.3)	(22.9)	(42)	96.7	134.6
Profit from continuing operations	64	181.4	249.3	87	0.0	—
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	64	181.4	249.3	87	0.0	—
Non-controlling interests	4	—	—	4	142.0	128.7
Underlying attributable profit to the parent	68	199.9	271.7	91	—	—
Balance sheet
Loans and advances to customers	23,316	(5.5)	0.4	23,316	(10.4)	(3.6)
Cash, central banks and credit institutions	6,764	3.9	8.0	6,764	11.0	17.6
Debt instruments	5,281	(58.3)	(57.6)	5,281	(56.2)	(55.0)
Other financial assets	2,595	5.1	10.7	2,595	(31.2)	(26.2)
Other asset accounts	3,149	8.3	9.8	3,149	(21.6)	(19.2)
Total assets	41,104	(16.5)	(12.8)	41,104	(20.9)	(16.2)
Customer deposits	21,677	(4.9)	0.6	21,677	15.9	25.2
Central banks and credit institutions	9,077	(48.5)	(47.0)	9,077	(60.8)	(59.3)
Marketable debt securities	2,564	163.4	172.7	2,564	219.2	248.5
Other financial liabilities	2,317	(1.6)	3.3	2,317	(32.1)	(26.9)
Other liabilities accounts	1,266	(15.0)	(13.1)	1,266	(20.7)	(17.8)
Total liabilities	36,900	(18.4)	(14.8)	36,900	(22.6)	(18.1)
Total equity	4,204	5.1	10.1	4,204	(2.4)	3.9
Memorandum items:
Gross loans and advances to customers 2	23,751	(5.6)	0.3	23,751	(9.8)	(2.8)
Customer funds	37,351	(1.5)	2.9	37,351	19.6	27.2
Customer deposits 3	21,455	(4.9)	0.6	21,455	17.4	27.0
Mutual funds	15,895	3.5	6.2	15,895	22.8	27.4

1. Includes exchange differences.

2. Excluding reverse repos.

3. Excluding repos.

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				APMs

Alternative performance measures (APMs)

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

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

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

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

Underlying results

In addition to IFRS results measures, we present some results measures which are non-IFRS and which we refer to as

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

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

As a result of the Poland disposal and in accordance with IFRS 5 requirements, in the statutory income statement, the results associated with the business subject to the Poland disposal are reported under a single line in the consolidated income statement — 'profit/(loss) after tax from discontinued operations' — for results corresponding to both 2025 and 2024.

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

Reconciliation of underlying results to statutory results
EUR million
	January-June 2025
	Statutory results	Adjustments related to the Poland disposal	Other adjustments	Underlying results
Net interest income	21,211	1,505	—	22,716
Net fee income	6,342	342	—	6,684
Gains (losses) on financial transactions 1	1,032	37	—	1,069
Other operating income	597	(56)	—	541
Total income	29,182	1,828	—	31,010
Administrative expenses and amortizations	(12,364)	(501)	—	(12,865)
Net operating income	16,818	1,327	—	18,145
Net loan-loss provisions	(6,524)	(121)	467	(6,178)
Other gains (losses) and provisions	(1,190)	(243)	(231)	(1,664)
Profit before tax	9,104	963	236	10,303
Tax on profit	(2,367)	(237)	(210)	(2,814)
Profit from continuing operations	6,737	726	26	7,489
Net profit from discontinued operations	726	(726)	—	—
Consolidated profit	7,463	—	26	7,489
Non-controlling interests	(630)	—	(26)	(656)
Profit attributable to the parent	6,833	—	—	6,833

1. Includes exchange differences.

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				APMs

Explanation of adjustments:

•In accordance with IFRS 5 requirements, in the statutory income statement in H1 2025, results subject to the Poland disposal have been reported under 'discontinued operations'. However, in the underlying income statement the results from Poland have been reclassified so that they are reported line by line and disaggregated in each of the corresponding line items.

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

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

Reconciliation of underlying results to statutory results
EUR million
	January-June 2024
	Statutory results	Adjustments related to the Poland disposal	Other adjustments	Underlying results
Net interest income	22,056	1,401	—	23,457
Net fee income	6,162	315	—	6,477
Gains (losses) on financial transactions 1	931	26	—	957
Other operating income	(114)	(62)	335	159
Total income	29,035	1,680	335	31,050
Administrative expenses and amortizations	(12,483)	(430)	—	(12,913)
Net operating income	16,552	1,250	335	18,137
Net loan-loss provisions	(6,293)	(302)	352	(6,243)
Other gains (losses) and provisions	(1,535)	(164)	(687)	(2,386)
Profit before tax	8,724	784	—	9,508
Tax on profit	(2,707)	(209)	—	(2,916)
Profit from continuing operations	6,017	575	—	6,592
Net profit from discontinued operations	575	(575)	—	—
Consolidated profit	6,592	—	—	6,592
Non-controlling interests	(533)	—	—	(533)
Profit attributable to the parent	6,059	—	—	6,059

1. Includes exchange differences.

Explanation of adjustments:

•In accordance with IFRS 5 requirements, in the statutory income statement in H1 2024, results subject to the Poland disposal have been reported under 'discontinued operations'. However, in the underlying income statement the results from Poland have been reclassified so that they are reported line by line and disaggregated in each of the corresponding line items.

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

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

Note: regarding the Group’s consolidated balance sheet, in accordance with IFRS 5 requirements and solely in the balance sheet as at 30 June 2025, the assets associated with the Poland disposal are classified under 'non-current assets held for sale'. This line item consolidates the following: cash, cash balances at central banks and other deposits on demand: EUR 2,451 million; financial assets held for trading: EUR 1,793 million; financial assets designated at fair value through other comprehensive income: EUR 6,798 million; financial assets at amortized cost: EUR 51,424 million; intangible assets: EUR 1,374 million; tax assets: EUR 900 million; and other assets: EUR 1,156 million.

Likewise, the related liabilities are aggregated under 'liabilities associated with non-current assets held for sale'. This line item consolidates the following: financial liabilities held for trading: EUR 989 million; financial liabilities at amortized cost: EUR 56,420 million; provisions: EUR 541 million; tax liabilities: EUR 940 million; and other liabilities: EUR 471 million.

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				APMs

Ratios

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

Profitability and efficiency ratios

The purpose of the profitability ratios is to measure the ratio of profit to equity, to tangible equity, to assets and to risk-weighted assets, while the efficiency ratio measures how much general administrative expenses (personnel and other) and amortization costs are needed to generate revenue.

Additionally, goodwill adjustments have been removed from the RoTE numerator as, since they are not considered in the denominator, we believe this calculation is more correct.

Ratio	Formula	Relevance of the metric
RoE	Profit attributable to the parent (annualized)	This ratio measures the return that shareholders obtain on the funds invested in the bank and as such measures the company's ability to pay shareholders.
(Return on equity)	Average stockholders’ equity 1 (excl. minority interests)
RoTE	Profit attributable to the parent (annualized)2	This indicator is used to evaluate the profitability of the company as a percentage of its tangible equity. It's measured as the return that shareholders receive as a percentage of the funds invested in the entity less intangible assets.
(Return on tangible equity)	Average stockholders' equity 1 (excl. minority interests) - intangible assets
RoTE (post-AT1)	Profit attributable to the parent minus AT1 costs (annualized)2	As with RoTE, this indicator is used to assess the profitability of a company as a percentage of its tangible equity, but the cost of AT1 issuances is deduced from the numerator. This is the definition of RoTE that is commonly used as a measure of profitability over tangible equity.
(Return on tangible equity)	Average stockholders' equity 1 (excl. minority interests) - intangible assets
RoA	Consolidated profit (annualized)	This metric measures the profitability of a company as a percentage of its total assets. It is an indicator that reflects the efficiency of the bank's total assets in generating profit over a given period.
(Return on assets)	Average total assets
RoRWA	Consolidated profit (annualized)	The return adjusted for risk is a derivative of the RoA metric. The difference is that RoRWA measures profit in relation to the bank's risk-weighted assets.
(Return on risk-weighted assets)	Average risk-weighted assets
Efficiency ratio	Operating expenses 3	One of the most commonly used indicators when comparing productivity of different financial entities. It measures the amount of resources used to generate the bank's total income.
	Total income

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

2. Excluding the adjustment to the valuation of goodwill.

3. Operating expenses = Administrative expenses + amortizations.

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				APMs

Profitability and efficiency 1, 2 , 3(EUR million and %)	Q2'25		Q1'25		H1'25		H1'24
RoE	13.7	%	13.4	%	13.6	%	12.6	%
Profit attributable to the parent (annualized)	13,720		13,610		13,665		12,118
Average stockholders' equity (excluding minority interests)	99,904		101,501		100,703		96,151
RoTE	16.9	%	16.6	%	16.7	%	15.9	%
Profit attributable to the parent (annualized)	13,720		13,610		13,665		12,118
(-) Goodwill impairment	-1		—		-1		-2
Profit attributable to the parent excluding goodwill impairment (annualized)	13,722		13,610		13,666		12,120
Average stockholders' equity (excluding minority interests)	99,904		101,501		100,703		96,151
(-) Average intangible assets	18,700		19,359		19,030		19,755
Average stockholders' equity (excl. minority interests) - intangible assets	81,204		82,142		81,673		76,396
RoTE post-AT1	16.2	%	15.8	%	16.0	%	15.1	%
Profit attributable to the parent (annualized)	13,720		13,610		13,665		12,118
(-) AT1 costs (annualized)	602		638		620		619
Profit attributable to the parent excluding AT1 costs (annualized)	13,118		12,971		13,045		11,499
(-) Goodwill impairment	-1		—		-1		-2
Profit attributable to the parent minus AT1 costs (annualized; excluding goodwill impairment)	13,120		12,971		13,046		11,501
Average stockholders' equity (excluding minority interests)	99,904		101,501		100,703		96,151
(-) Average intangible assets	18,700		19,359		19,030		19,755
Average stockholders' equity (excl. minority interests) - intangible assets	81,204		82,142		81,673		76,396
RoA	0.82	%	0.81	%	0.81	%	0.74	%
Consolidated profit (annualized)	14,962		14,966		14,951		13,184
Average total assets	1,815,203		1,855,729		1,835,466		1,792,428
RoRWA	2.38	%	2.34	%	2.36	%	2.07	%
Underlying consolidated profit (annualized)	14,988		14,966		14,977		13,184
Average risk-weighted assets	630,054		640,837		635,445		636,147
Efficiency ratio	41.2	%	41.8	%	41.5	%	41.6	%
Underlying operating expenses	6,376		6,489		12,865		12,913
Operating expenses	6,108		6,256		12,364		12,483
Adjustments to operating expenses for items outside ordinary course of businesses	268		233		501		430
Underlying total income	15,473		15,537		31,010		31,050
Total income	14,503		14,679		29,182		29,035
Adjustments to total income for items outside ordinary course of businesses	970		858		1,828		2,015
1.Averages included in the RoE, RoTE, RoTE (post-AT1), RoA and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from using daily balances.
2.The risk-weighted assets included in the denominator of the RoRWA metric are calculated in line with the criteria laid out in the CRR (Capital Requirements Regulation).
3.For periods less than one year, and if there are results outside the ordinary course of our business, the profit used to calculate RoA is the annualized underlying consolidated profit, to which said results are added without annualizing.

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Ratio	Formula	Relevance of the metric
Global business RoTE	Profit attributable to the parent excluding goodwill impairment (annualized)	This indicator is used to evaluate the profitability of the company as a percentage of its tangible equity. It's measured as the return that shareholders receive as a percentage of the funds invested in the entity less intangible assets.
	Average stockholders' equity(excl. minority interests) - intangible assets 1
Global business and country RoTE (post-AT1)	Profit attributable to the parent minus AT1 costs2 (annualized; excluding goodwill impairment)	As with RoTE, this indicator is used to assess the profitability of a company as a percentage of its tangible equity, but the cost of AT1 issuances is deduced from the numerator. This is the definition of RoTE that is commonly used as a measure of profitability over tangible equity.
	Average stockholders' equity(excl. minority interests) - intangible assets 1

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

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

RoTE (EUR million and %)
	H1'25			H1'24
	%	Numerator	Denominator	%	Numerator	Denominator
Retail & Commercial Banking	17.9	7,375	41,184	17.8	6,749	38,012
Digital Consumer Bank	11.2	2,085	18,577	12.9	2,139	16,645
Corporate & Investment Banking	21.6	3,069	14,229	18.9	2,810	14,875
Wealth Management & Insurance	68.1	1,896	2,785	75.1	1,589	2,115
Payments	23.2	669	2,886	1.9	51	2,727
PagoNxt
Cards	26.0	638	2,458	27.9	659	2,366
Spain	26.1	4,516	17,272	20.4	3,512	17,215
United Kingdom	9.4	1,120	11,947	10.8	1,260	11,633
Portugal	31.5	1,050	3,329	28.8	1,125	3,903
Poland	23.2	913	3,933	19.4	773	3,984
DCB Europe	7.7	792	10,230	8.9	905	10,170
US	11.6	1,677	14,490	9.2	1,329	14,370
Mexico	21.4	1,588	7,423	19.1	1,680	8,778
Brazil	14.9	1,994	13,343	15.9	2,284	14,404
Chile	20.2	738	3,651	13.7	505	3,685
Argentina	22.4	524	2,337	39.1	532	1,359

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

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

RoTE (post-AT1) (EUR million and %)
	H1'25			H1'24
	%	Numerator	Denominator	%	Numerator	Denominator
Retail & Commercial Banking	17.2	7,079	41,184	17.0	6,460	38,012
Digital Consumer Bank	10.4	1,930	18,577	11.9	1,986	16,645
Corporate & Investment Banking	20.8	2,962	14,229	18.1	2,693	14,875
Wealth Management & Insurance	67.3	1,875	2,785	74.3	1,572	2,115
Payments	22.4	647	2,886	1.1	30	2,727
PagoNxt
Cards	25.3	621	2,458	27.2	643	2,366
Spain	25.3	4,376	17,272	19.6	3,373	17,215
United Kingdom	8.9	1,060	11,947	10.3	1,201	11,633
Portugal	31.1	1,034	3,329	28.4	1,110	3,903
Poland	22.5	886	3,933	18.8	747	3,984
DCB Europe	6.9	706	10,230	8.1	820	10,170
US	11.0	1,591	14,490	8.7	1,244	14,370
Mexico	21.0	1,558	7,423	18.7	1,645	8,778
Brazil	14.2	1,899	13,343	15.1	2,181	14,404
Chile	19.5	711	3,651	13.0	479	3,685
Argentina	21.8	510	2,337	38.7	526	1,359

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

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

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Efficiency ratio (EUR million and %)
	H1'25			H1'24
	%	Numerator	Denominator	%	Numerator	Denominator
Retail & Commercial Banking	39.4	6,188	15,710	39.2	6,383	16,277
Digital Consumer Bank	41.5	2,664	6,425	40.6	2,617	6,449
Corporate & Investment Banking	43.7	1,903	4,354	43.3	1,811	4,178
Wealth Management & Insurance	35.7	726	2,032	37.2	684	1,837
Payments	42.2	1,200	2,840	46.8	1,244	2,659
PagoNxt	89.8	576	641	103.0	601	583
Cards	28.4	624	2,199	31.0	643	2,075
Spain	34.0	2,099	6,167	34.1	2,065	6,065
United Kingdom	54.0	1,427	2,642	57.7	1,451	2,516
Portugal	27.1	269	992	23.4	267	1,142
Poland	27.8	512	1,842	27.2	466	1,711
DCB Europe	46.9	1,326	2,827	46.2	1,319	2,854
US	49.5	1,944	3,927	50.5	1,903	3,769
Mexico	41.4	1,245	3,010	41.4	1,343	3,244
Brazil	32.7	2,061	6,309	32.4	2,265	6,984
Chile	34.3	484	1,410	39.2	465	1,187
Argentina	43.5	498	1,145	40.6	414	1,020

Numerator: underlying operating expenses.

Denominator: underlying total income.

Credit risk indicators

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

Ratio	Formula	Relevance of the metric
NPL ratio (Non-performing loans ratio)	Credit impaired customer loans and advances, guarantees and undrawn balances	The NPL ratio is an important variable regarding financial institutions' activity since it gives an indication of the level of risk the entities are exposed to. It calculates risks that are, in accounting terms, declared to be credit impaired as a percentage of the total outstanding amount of customer credit and contingent liabilities.
	Total Risk 1
NPL coverage ratio	Total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances	The NPL coverage ratio is a fundamental metric in the financial sector. It reflects the level of provisions as a percentage of the credit impaired assets. Therefore, it is a good indicator of the entity's solvency against customer defaults both present and future.
	Credit impaired customer loans and advances, guarantees and undrawn balances
Cost of risk	Allowances for loan-loss provisions over the last 12 months	This ratio quantifies loan-loss provisions arising from credit risk over a defined period of time for a given loan portfolio. As such, it acts as an indicator of credit quality.
	Average loans and advances to customers over the last 12 months

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

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Credit risk (I) (EUR million and %)
	Jun-25		Mar-25		Jun-24
NPL ratio	2.91	%	2.99	%	3.02	%
Credit impaired customer loans and advances, guarantees and undrawn balances	33,395		34,992		35,091
Gross loans and advances to customers registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through profit or loss' classified in stage 3 (OCI), excluding POCI (Purchased or Originated Credit Impaired)	31,681		33,400		33,362
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired	178		151		252
Customer guarantees and undrawn balances classified in stage 3	1,514		1,435		1,467
Doubtful exposure of loans and advances to customers at fair value through profit or loss	22		6		10
Total risk	1,148,243		1,168,468		1,163,654
Impaired and non-impaired gross loans and advances to customers	1,070,722		1,086,686		1,088,220
Impaired and non-impaired customer guarantees and impaired undrawn customer balances	77,521		81,782		75,434

Credit risk (II) (EUR million and %)
	Jun-25		Mar-25		Jun-24
NPL coverage ratio	67.2	%	65.7	%	66.5	%
Total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances	22,441		22,980		23,323
Total allowances to cover impairment losses on loans and advances to customers measured at amortized cost and designated at fair value through OCI	21,771		22,271		22,625
Total allowances to cover impairment losses on customer guarantees and undrawn balances	670		709		698
Credit impaired customer loans and advances, guarantees and undrawn balances	33,395		34,992		35,091
Gross loans and advances to customers registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through profit or loss' classified in stage 3 (OCI), excluding POCI (Purchased or Originated Credit Impaired)	31,681		33,400		33,362
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired	178		151		252
Customer guarantees and undrawn balances classified in stage 3	1,514		1,435		1,467
Doubtful exposure of loans and advances to customers at fair value through profit or loss	22		6		10
Cost of risk	1.14	%	1.14	%	1.21	%
Underlying allowances for loan-loss provisions over the last 12 months	12,268		12,369		12,930
Allowances for loan-loss provisions over the last 12 months	12,408		12,270		12,980
Adjustments to loan-loss provisions for items outside ordinary course of businesses	-140		99		-50
Average loans and advances to customers over the last 12 months	1,079,967		1,082,207		1,064,870

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NPL ratio (EUR million and %)
	Jun-25			Jun-24
	%	Numerator	Denominator	%	Numerator	Denominator
Retail & Commercial Banking	3.06	19,396	634,591	3.14	20,588	655,507
Digital Consumer Bank	4.97	10,521	211,670	4.81	10,281	213,668
Corporate & Investment Banking	0.71	1,750	244,773	1.03	2,495	242,147
Wealth Management & Insurance	0.96	248	25,817	1.08	256	23,757
Payments	5.11	1,284	25,114	5.16	1,170	22,676
PagoNxt
Cards	5.22	1,245	23,864	5.20	1,139	21,920
Spain	2.15	6,490	301,942	2.91	8,365	287,919
United Kingdom	1.25	3,028	241,761	1.46	3,688	252,420
Portugal	2.25	961	42,718	2.42	984	40,669
Poland	3.38	1,554	45,919	3.40	1,438	42,324
DCB Europe	2.62	3,739	142,860	2.31	3,210	138,698
US	4.65	6,245	134,416	4.33	6,435	148,724
Mexico	2.93	1,418	48,408	2.78	1,452	52,175
Brazil	6.61	6,664	100,814	5.96	6,502	109,033
Chile	5.43	2,288	42,140	5.12	2,275	44,429
Argentina	3.76	349	9,272	1.51	89	5,882

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

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

NPL coverage ratio (EUR million and %)
	Jun-25			Jun-24
	%	Numerator	Denominator	%	Numerator	Denominator
Retail & Commercial Banking	59.8	11,607	19,396	61.6	12,678	20,588
Digital Consumer Bank	76.4	8,041	10,521	75.9	7,798	10,281
Corporate & Investment Banking	45.1	789	1,750	36.0	898	2,495
Wealth Management & Insurance	70.3	175	248	59.1	151	256
Payments	131.2	1,684	1,284	144.3	1,689	1,170
PagoNxt
Cards	133.6	1,663	1,245	146.2	1,665	1,139
Spain	53.2	3,453	6,490	50.1	4,190	8,365
United Kingdom	31.0	939	3,028	28.5	1,050	3,688
Portugal	82.4	792	961	79.9	786	984
Poland	63.8	991	1,554	75.1	1,080	1,438
DCB Europe	82.3	3,078	3,739	85.4	2,741	3,210
US	63.1	3,942	6,245	67.9	4,369	6,435
Mexico	99.4	1,409	1,418	102.5	1,488	1,452
Brazil	85.1	5,673	6,664	90.4	5,875	6,502
Chile	49.8	1,141	2,288	53.1	1,208	2,275
Argentina	121.0	422	349	145.2	129	89

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

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

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Cost of risk (EUR million and %)
	Jun-25			Jun-24
	%	Numerator	Denominator	%	Numerator	Denominator
Retail & Commercial Banking	0.89	5,589	624,559	1.03	6,515	635,273
Digital Consumer Bank	2.09	4,444	212,852	2.17	4,496	207,326
Corporate & Investment Banking	0.09	163	188,207	0.15	250	170,044
Wealth Management & Insurance	0.20	47	24,303	0.07	15	22,773
Payments	7.54	1,832	24,313	7.02	1,650	23,498
PagoNxt
Cards	7.84	1,814	23,155	7.23	1,629	22,530
Spain	0.47	1,200	254,467	0.56	1,377	245,194
United Kingdom	0.05	115	250,146	0.08	205	249,276
Portugal	0.00	0	39,248	0.12	45	37,991
Poland	0.86	335	38,934	1.81	628	34,702
DCB Europe	0.89	1,244	139,184	0.72	961	133,804
US	1.69	2,365	140,020	2.06	2,758	133,863
Mexico	2.53	1,163	45,876	2.71	1,334	49,273
Brazil	4.71	4,455	94,496	4.77	4,859	101,828
Chile	1.31	539	41,171	0.97	413	42,551
Argentina	5.09	428	8,405	4.80	119	2,485

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

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

Other indicators

The Group has a series of additional financial metrics which facilitate analysis of the underlying business trends and performance. It also has another set of sustainability indicators which enables us to track the progress of our Sustainability objectives.

Ratio	Formula	Relevance of the metric
TNAV per share	Tangible book value 1	This is a very commonly used ratio used to measure the company's accounting value per share having deducted the intangible assets. It is useful in evaluating the amount each shareholder would receive if the company were to enter into liquidation and had to sell all the company's tangible assets.
(Tangible net asset value per share)	Number of shares excluding treasury stock
Price / tangible book value per share (X)	Share price	This is one of the most commonly used ratios by market participants for the valuation of listed companies both in absolute terms and relative to other entities. This ratio measures the relationship between the price paid for a company and its accounting equity value.
	TNAV per share
LTD ratio2	Net loans and advances to customers	This is an indicator of the bank's liquidity. It measures the total loans and advances to customers net of loan-loss provisions as a percentage of customer deposits.
(Loan-to-deposit)	Customer deposits
Loans and advances (excl. reverse repos)2	Gross loans and advances to customers excluding reverse repos	In order to aid analysis of the commercial banking activity, reverse repos are excluded as they are highly volatile treasury products.
Deposits (excl. repos)2	Customer deposits excluding repos	In order to aid analysis of the commercial banking activity, repos are excluded as they are highly volatile treasury products.
PAT + fees paid to SAN (in Wealth Management & Insurance)	Net profit + fees ceded by Santander Asset Management and Santander Insurance to the branch network, net of taxes, excluding Private Banking customers	Metric to assess Wealth Management & Insurance's total contribution to the Group's profit.

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

2.Includes Poland.

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Others(EUR million and %)
	Jun-25		Mar-25			Jun-24
TNAV (tangible book value) per share	5.50		5.46			4.94
Tangible book value	81,878		82,235			76,514
Number of shares excl. treasury stock (million)	14,884		15,052			15,492
Price / Tangible book value per share (X)	1.28		1.13			0.88
Share price (euros)	7.027		6.196			4.331
TNAV (tangible book value) per share	5.50		5.46			4.94
Loan-to-deposit ratio	99	%	98	%		103	%
Net loans and advances to customers	1,048,951		1,064,416			1,065,596
Customer deposits	1,060,208		1,081,894			1,037,646
	Q2'25		Q1'25		H1'25	H1'24
PAT + After tax fees paid to SAN (in Wealth) (Constant EUR million)	895		888		1,783	1,551
Profit after tax	505		491		997	805
Net fee income net of tax	390		396		786	746

Sustainability indicators
Metric	Definition	Jun-25
Green finance raised and facilitated accumulated from 2019-2025 (EUR billion)	Nominal amount of project finance, financial advisory, project bonds, green bonds (DCM), export finance (ECA), mergers and acquisitions (M&A), and equity capital markets (ECM) transactions ranked by the SCFS panel and reported in the League Tables of Dealogic, Inframation News, TXF and Mergermarket since 2019.	157.2
Socially responsible investment assets under management (SRI AuMs) (EUR billion)	Value corresponding to total volume of assets under management registered as article 8 - promoting ESG characteristics - and 9 - with explicit sustainability objectives - of the Sustainable Finance Disclosure Regulation (SFDR, EU Reg. 2019/2088) except for illiquid investments in Private Banking which are reported in terms of committed capital. It includes: i) assets managed or advised by Santander Asset Management (SAM) and other Group asset managers in the EU and, using equivalent criteria, in countries where SFDR does not apply; and ii) third party funds and assets advised deemed sustainable investments according to SFDR (Article 2.17) or using internal criteria as per SFICS (Sustainable Finance & Investment Classification System).	111.1

Note: targets were set before the publication of the European taxonomy in Q2 2023. Therefore, target definitions are not fully aligned with the taxonomy.

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Local currency measures

We make use of certain financial measures in local currency to help in the assessment of our ongoing operating performance. These non-IFRS financial measures include the results of operations of our subsidiary banks located outside the eurozone, excluding the impact of foreign exchange. Because changes in foreign currency exchange rates do not have an operating impact on the results, we believe that evaluating their performance on a local currency basis provides an additional and meaningful assessment of performance to both management and the company’s investors.

The Group presents, at both the Group level as well as the business unit level, the changes in the income statement as well as the changes excluding the exchange rate effect("excluding FX" or "constant euros"), as it considers the latter facilitates analysis, since it enables business movements to be identified without taking into account the impact of converting each local currency into euros.

Said variations, excluding the impact of exchange rate movements, are calculated by converting income statement lines for the different business units comprising the Group into our presentation currency, the euro, applying the average exchange rate for H1 2025 to all periods contemplated in the analysis. We use this method for all countries with the exception of Argentina, where we use the exchange rate on the last working day of each period presented, given it is a hyperinflationary economy, to mitigate the distortions caused by the hyperinflation.

We present, at both the Group level as well as the business unit level, the changes in euros as well as the changes excluding the exchange rate effect ("excluding FX" or "constant euros") for loans and advances to customers excluding reverse repurchase agreements (repos) and customer funds (which comprise deposits and mutual funds) excluding repos. Additionally, we present changes in the main balance sheet lines of the Group's countries both in euros as well as the changes excluding the exchange rate effect. As with the income statement, the reason is to facilitate

analysis by isolating the changes in the balance sheet that are not caused by converting each local currency into euros.

These changes excluding the impact of exchange rate movements are calculated by converting the balances, into our presentation currency, the euro, applying the closing exchange rate on the last working day of June 2025 to all periods contemplated in the analysis. We use this method to calculate the variations for all countries with the exception of Argentina, where we use the exchange rate on the last working day of each period presented, given it is a hyperinflationary economy, to mitigate the distortions caused by the hyperinflation.

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

Given the stabilization and improved macroeconomic outlook in the country, in Q4 2024 and Q1 2025 we used the dollar contado con liquidación rate (CCL) as a reference for this alternative exchange rate, which is the exchange rate resulting from the sale of local bonds denominated in Argentine pesos in US dollars (dual denomination peso/dollar bonds).

From Q2 2025, we once again apply the official exchange rate given that the value of the dollar CCL exchange rate does not significantly differ from other market rates or the official exchange rate following the lifting of currency controls and the removal of restrictions on the purchase of foreign currency for individuals in Argentina.

The average and period-end exchange rates for the main currencies in which the Group operates are set out in the table below.

Exchange rates: 1 euro / currency parity
	Average (income statement)		Period-end (balance sheet)
	H1'25	H1'24	Jun-25	Mar-25	Jun-24
US dollar	1.092	1.081	1.175	1.081	1.071
Pound sterling	0.842	0.855	0.857	0.837	0.848
Brazilian real	6.286	5.490	6.405	6.196	5.943
Mexican peso	21.796	18.492	22.158	22.105	19.561
Chilean peso	1,042.620	1,016.087	1,095.928	1,029.745	1,011.373
Argentine peso1			1,401.188	1,426.270	1,498.930
Polish zloty	4.230	4.316	4.242	4.189	4.308

1. Average exchange rates for the Argentine peso are not included since we use the exchange rate on the last working day of each period presented given it is a hyperinflationary economy. We apply the official ARS exchange rate except in the periods between Q2 2024 and Q1 2025, when we applied an alternative exchange rate for the Argentine peso that better reflected the evolution of inflation.

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Impact of inflation rate on the variations of operating expenses

Santander presents, for both the Group and the business units included in the primary and secondary segments: i) the changes in operating expenses in euros, ii) the changes excluding the exchange rate effect with the exception of Argentina which is calculated as described above in "Local currency measures", and iii) the changes excluding the exchange rate effect minus the effect of average inflation over the last twelve months except for Argentina as cost growth in euros should already largely reflect the effect of hyperinflation on exchange rates. The reason is that the two latter facilitate analysis for management purposes.

Inflation is calculated as the arithmetic average of the last twelve months for each country and, for the global businesses, as the weighted average the inflation rate of each country comprising the global business, weighted by each country's operating expenses. For the Group and the global businesses, we exclude the impact of inflation in Argentina from the calculation as cost growth in euros should already largely reflect the effect of hyperinflation on exchange rates.

The table below shows the average inflation rates calculated as indicated.

Average inflation
%	Average inflation last 12 months
Retail & Commercial Banking1	3.5
Digital Consumer Bank1	2.5
Corporate & Investment Banking1	3.0
Wealth Management & Insurance1	2.9
Payments1	3.3
Spain	2.3
United Kingdom	2.7
Portugal	2.3
Poland	4.6
DCB Europe	2.2
US	2.6
Mexico	4.4
Brazil	4.9
Chile	4.5
Total Group1	3.2

1.Excluding the impact of inflation in Argentina.

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				Condensed consolidated financial statements

Interim condensed consolidated financial statements

•Condensed consolidated balance sheet

•Condensed consolidated income statement

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

Interim condensed consolidated balance sheet
EUR million
ASSETS	Jun-25	Dec-24	Jun-24
Cash, cash balances at central banks and other deposits on demand	175,555	192,208	156,234
Financial assets held for trading	234,834	230,253	206,874
Non-trading financial assets mandatorily at fair value through profit or loss	5,724	6,130	6,166
Financial assets designated at fair value through profit or loss	8,791	7,915	9,169
Financial assets at fair value through other comprehensive income	75,801	89,898	82,270
Financial assets at amortised cost	1,148,957	1,203,707	1,217,341
Hedging derivatives	4,628	5,672	5,413
Changes in the fair value of hedged items in portfolio hedges of interest risk	53	(704)	(1,337)
Investments	7,191	7,277	8,235
Joint ventures entities	1,929	2,061	2,026
Associated entities	5,262	5,216	6,209
Assets under reinsurance contracts	228	222	214
Tangible assets	28,997	32,087	33,709
Property, plant and equipment	28,174	31,212	32,764
For own-use	11,967	12,636	12,808
Leased out under an operating lease	16,207	18,576	19,956
Investment property	823	875	945
Of which : Leased out under an operating lease	649	749	806
Intangible assets	17,249	19,259	19,359
Goodwill	11,960	13,438	13,668
Other intangible assets	5,289	5,821	5,691
Tax assets	28,003	30,596	29,992
Current tax assets	9,516	11,426	10,017
Deferred tax assets	18,487	19,170	19,975
Other assets	11,167	8,559	9,707
Insurance contracts linked to pensions	73	81	87
Inventories	6	6	6
Other	11,088	8,472	9,614
Non-current assets held for sale	68,710	4,002	2,915
TOTAL ASSETS	1,815,888	1,837,081	1,786,261

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				Condensed consolidated financial statements

Interim condensed consolidated balance sheet
EUR million
LIABILITIES	Jun-25	Dec-24	Jun-24
Financial liabilities held for trading	155,682	152,151	133,856
Financial liabilities designated at fair value through profit or loss	35,513	36,360	34,493
Financial liabilities at amortized cost	1,400,632	1,484,322	1,454,896
Hedging derivatives	4,431	4,752	5,535
Changes in the fair value of hedged items in portfolio hedges of interest rate risk	70	(9)	12
Liabilities under insurance contracts	18,343	17,829	17,592
Provisions	8,098	8,407	8,401
Pensions and other post-retirement obligations	1,652	1,731	1,936
Other long term employee benefits	984	915	894
Taxes and other legal contingencies	2,768	2,717	2,631
Contingent liabilities and commitments	653	710	698
Other provisions	2,041	2,334	2,242
Tax liabilities	8,911	9,598	9,802
Current tax liabilities	3,099	3,322	3,691
Deferred tax liabilities	5,812	6,276	6,111
Other liabilities	15,862	16,344	18,026
Liabilities associated with non-current assets held for sale	59,361	—	—
TOTAL LIABILITIES	1,706,903	1,729,754	1,682,613
EQUITY
Shareholders' equity	138,066	135,196	132,836
Capital	7,443	7,576	7,747
Called up paid capital	7,443	7,576	7,747
Unpaid capital which has been called up	—	—	—
Share premium	38,492	40,079	41,604
Equity instruments issued other than capital	—	—	735
Equity component of the compound financial instrument	—	—	—
Other equity instruments issued	—	—	735
Other equity	271	217	189
Accumulated retained earnings	91,954	82,326	82,324
Revaluation reserves	—	—	—
Other reserves	(6,922)	(5,976)	(5,816)
(-) Own shares	(5)	(68)	(6)
Profit attributable to shareholders of the parent	6,833	12,574	6,059
(-) Interim dividends	—	(1,532)	—
Other comprehensive income (loss)	(37,565)	(36,595)	(36,963)
Items not reclassified to profit or loss	(4,060)	(4,757)	(5,118)
Items that may be reclassified to profit or loss	(33,505)	(31,838)	(31,845)
Non-controlling interest	8,484	8,726	7,775
Other comprehensive income	(2,032)	(2,020)	(1,872)
Other items	10,516	10,746	9,647
TOTAL EQUITY	108,985	107,327	103,648
TOTAL LIABILITIES AND EQUITY	1,815,888	1,837,081	1,786,261
MEMORANDUM ITEMS: OFF BALANCE SHEET AMOUNTS
Loan commitments granted	302,446	302,861	290,151
Financial guarantees granted	18,251	16,901	15,598
Other commitments granted	143,921	134,493	127,420

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				Condensed consolidated financial statements

Interim condensed consolidated income statement
EUR million	H1'25	H1'24
Interest income	51,338	55,031
Financial assets at fair value through other comprehensive income	2,736	3,230
Financial assets at amortized cost	38,800	40,599
Other interest income	9,802	11,202
Interest expense	(30,127)	(32,975)
Interest income/ (charges)	21,211	22,056
Dividend income	471	490
Income from companies accounted for using the equity method	332	291
Commission income	8,553	8,361
Commission expense	(2,211)	(2,199)
Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net	8	19
Financial assets at amortized cost	(14)	(43)
Other financial assets and liabilities	22	62
Gain or losses on financial assets and liabilities held for trading, net	701	368
Reclassification of financial assets at fair value through other comprehensive income	—	—
Reclassification of financial assets from amortized cost	—	—
Other gains (losses)	701	368
Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss	523	314
Reclassification of financial assets at fair value through other comprehensive income	—	—
Reclassification of financial assets from amortized cost	—	—
Other gains (losses)	523	314
Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net	(301)	427
Gain or losses from hedge accounting, net	(13)	14
Exchange differences, net	114	(211)
Other operating income (*)	745	427
Other operating expenses	(992)	(1,332)
Income from insurance and reinsurance contracts	237	249
Expenses from insurance and reinsurance contracts	(196)	(239)
Total income	29,182	29,035
Administrative expenses	(10,738)	(10,883)
Staff costs	(6,723)	(6,825)
Other general and administrative expenses	(4,015)	(4,058)
Depreciation and amortization	(1,626)	(1,600)
Provisions or reversal of provisions, net	(1,250)	(1,598)
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss and net gains and losses from modifications	(6,524)	(6,275)
Financial assets at fair value through other comprehensive income	(55)	(4)
Financial assets at amortized cost	(6,469)	(6,271)
Impairment of investments in subsidiaries, joint ventures and associates, net	—	—
Impairment on non-financial assets, net	(147)	(289)
Tangible assets	(114)	(182)
Intangible assets	(28)	(105)
Others	(5)	(2)
Gain or losses on non-financial assets and investments, net	(32)	365
Negative goodwill recognized in results	22	—
Gains or losses on non-current assets held for sale not classified as discontinued operations	217	(31)
Operating profit/(loss) before tax	9,104	8,724
Tax expense or income from continuing operations	(2,367)	(2,707)
Profit/(loss) for the period from continuing operations	6,737	6,017
Profit/( loss) after tax from discontinued operations	726	575
Profit/(loss) for the period	7,463	6,592
Profit attributable to non-controlling interests	630	533
Profit/(loss) attributable to the parent	6,833	6,059
Earnings/(losses) per share
Basic	0.43	0.37
Diluted	0.43	0.37

(*) Includes -EUR 299 million at 30 June 2025 (-EUR 687 million at 30 June 2024) derived from the net monetary loss generated in Argentina as a result of the application of IAS 29 Financial reporting in hyperinflationary economies.

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				Glossary

Glossary

•A2A: account-to-account

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

•ADR: American Depositary Receipt

•APM: Alternative Performance Measures

•AuMs: Assets under management

•bn: Billion

•BNPL: Buy now, pay later

•bps: basis points

•CDI: CREST Depository Interest

•CET1: Common Equity Tier 1

•CF: Corporate Finance

•CHF: Swiss francs

•CIB: Corporate & Investment Banking

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

•Consumer: Digital Consumer Bank

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

•CRR: Capital Requirements Regulation

•DCBE: Digital Consumer Bank Europe

•DCB US: Digital Consumer Bank US

•Digital customers: Every consumer of a commercial bank’s services who has logged on to their personal online banking and/or mobile banking in the last 30 days

•ECAs: Export Credit Agencies, government-backed financial institutions that support domestic companies' international trade

•ECB: European Central Bank

•EPS: Earnings per share

•ESMA: European Securities and Markets Authority

•Fed: Federal Reserve

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

•Financialinclusion: Number of people who are unbanked, underbanked, in financial difficulty, with difficulties in accessing credit who, through the Group's products and services, are able to access the financial system or receive tailored finance. Financially underserved groups are defined as people who do not have a current account, or who have an account but obtained alternative (non-bank) financial services in the last 12 months. Beneficiaries of various programmes are included in the quantification process only once in the entire period. Only new empowered people are counted, taking as a base year those existing since 2019. 

•FX: Foreign Exchange

•GB: Global Banking

•GDP: Gross Domestic Product

•GM: Global Markets

•GTB: Global Transaction Banking

•IA: Artificial intelligence

•IFRS 5: International Financial Reporting Standard 5, regarding non-current Assets Held for Sale and Discontinued Operations

•IFRS 8: International Financial Reporting Standard 8, regarding operating segments

•IFRS 9: International Financial Reporting Standard 9, regarding financial instruments

•IT: Information technology

•LCR: Liquidity Coverage Ratio

•LLPs: Loan-loss provisions

•MDA: Maximum Distributable Amount

•mn: Million

•MREL: Minimum Requirement for own funds and eligible liabilities)

•NII: Net interest income

•NPS: Net promoter score

•ODS: Open Digital Services

•P2R: Pillar 2 requirement

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

•PB: Private Banking

•PBT: Profit before tax

•Phygital: The merging of the physical and digital worlds to create enhanced customer experiences

•PoS: Point of sale

•pp: percentage points

•QoQ: quarter-on-quarter

•Retail: Retail & Commercial Banking

•Repos: Repurchase agreements

•RoA: Return on assets

•RoE: Return on equity

•RoRWA: Return on risk-weighted assets

•RoTE: Return on tangible equity

•RoTE (post-AT1): Return on tangible equity excluding the cost of AT1issuances from the numerator.

•RWAs: Risk-weighted assets

•Sales conversion: Indicator that measures the effectiveness of a commercial process in converting opportunities into actual sales

•SAM: Santander Asset Management

•SBNA: Santander Bank N.A.

•SC USA: Santander Consumer USA

•SEC: Securities and Exchanges Commission

•SHUSA: Santander Holdings USA, Inc.

•SMEs: Small and medium enterprises

•SPAC: Special Purpose Acquisition Company

•Time-to-market: The length of time it takes for a product or service to being available for purchase

•TLAC: The total loss-absorbing capacity requirement which is required to be met under the CRD V package

•TNAV: Tangible net asset value

•Token: Digital unit that represents a value, right, or asset within a technological system, typically based on blockchain

•Tokenization: Process by which a tangible or intangible asset is digitally represented through a token on a blockchain network or other secure technological infrastructure

•TPV: Total payments volume

•VaR: Value at Risk

•Wealth: Wealth Management & Insurance

•YoY: year-on-year

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				Important information

Important information

Non-IFRS and alternative performance measures

Banco Santander, S.A. (“Santander”) cautions that this report may contain financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as alternative performance measures (APMs) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non-IFRS measures. The APMs and non-IFRS measures were calculated with information from Grupo Santander; however, they are neither defined or detailed in the applicable financial reporting framework nor audited or reviewed by our auditors. We use the APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider them to be useful metrics for our management and investors to compare operating performance between accounting periods.

Nonetheless, the APMs and non-IFRS measures are supplemental information; their purpose is not to substitute the IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. APMs using environmental, social and governance labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR.

For more details on APMs and non-IFRS measures, please see the 2024 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 28 February 2025 (https://www.santander.com/content/dam/santander-com/en/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2025/sec-2024-annual-20-f-2024-en.pdf), as well as the section “Alternative performance measures” of Banco Santander, S.A. (Santander) Q1 2025 Financial Report, published on 30 April 2025 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results).

Sustainability information

This report may contain, in addition to financial information, sustainability-related information, including environmental, social and governance-related metrics, statements, goals, targets, commitments and opinions. 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 document 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 document), 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;

•exposure to market risks (e.g., risks from interest rates, foreign exchange rates, equity prices and new benchmark indices);

•potential losses from early loan repayment, collateral depreciation or counterparty risk;

•political instability in Spain, the UK, other European countries, Latin America and the US;

•changes in monetary, fiscal and immigration policies and trade tensions, including the imposition of tariffs and retaliatory responses;

•legislative, regulatory or tax changes (including regulatory capital and liquidity requirements) and greater regulation prompted by financial crises;

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

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

•uncertainty over the scope of actions that may be required by us, governments and other to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and potential conflicts and inconsistencies among governmental standards and regulations;

•our own decisions and actions, including those affecting or changing our practices, operations, priorities, strategies, policies or procedures;

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				Important information

•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.

•our exposure to operational losses; and

•potential losses associated with cyberattacks, data breaches, data losses and other security incidents.

Forward looking statements are based on current expectations and future estimates about Santander’s and third-parties’ operations and businesses and address matters that are uncertain to varying degrees, including, but not limited to developing standards that may change in the future; plans, projections, expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including expectations regarding future execution of Santander’s and third parties’ energy and climate strategies, and the underlying assumptions and estimated impacts on Santander’s and third-parties’ businesses related thereto; Santander’s and third-parties’ approach, plans and expectations in relation to carbon use and targeted reductions of emissions; changes in operations or investments under existing or future environmental laws and regulations; and changes in government regulations and regulatory requirements, including those related to climate-related initiatives.

Forward-looking statements are aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this report and are informed by the knowledge, information and views available on such date and are subject to change without notice. Banco Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law.

Past performance does not indicate future outcomes

Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or earnings (including earnings per share) will necessarily be the same or higher than in a previous period. Nothing mentioned in this report should be taken as a profit and loss forecast.

Not a securities offer

This report 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 report, and in case of any deviation, Santander assumes no liability for any discrepancy.

This document is a translation of a document originally issued in Spanish. Should there be any discrepancies between the English and the Spanish versions, only the original Spanish version should be binding.

January - June 2025 93

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Banco Santander, S.A.
Date:   30 July 2025	By:	/s/ José García Cantera
	Name:	José García Cantera
	Title:	Chief Financial Officer