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 April, 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 - March 2025 Earnings presentation
Q1’25 Earnings Presentation 30 April 2025
2 Important information Non-IFRS and alternative performance measures Banco Santander, S.A. (“Santander”) cautions that this presentation may contain financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as alternative performance measures (APMs) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non-IFRS measures. The APMs and non-IFRS measures were calculated with information from Grupo Santander; however, they are neither defined or detailed in the applicable financial reporting framework nor audited or reviewed by our auditors. We use the APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider them to be useful metrics for our management and investors to compare operating performance between accounting periods. Nonetheless, the APMs and non-IFRS measures are supplemental information; their purpose is not to substitute the IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. APMs using environmental, social and governance labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR. For more details on APMs and non-IFRS measures, please see the 2024 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 28 February 2025 (https://www.santander.com/content/dam/santander-com/en/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2025/sec-2024-annual-20-f-2024-en.pdf), as well as the section “Alternative performance measures” of Banco Santander, S.A. (Santander) Q1 2025 Financial Report, published on 30 April 2025 (https://www.santander.com/en/shareholders-and-investors/financial-and- economic-information#quarterly-results). Sustainability information This presentation may contain, in addition to financial information, sustainability-related information, including environmental, social and governance-related metrics, statements, goals, targets, commitments and opinions. Sustainability information is not audited nor, save as expressly indicated under section ‘Auditors’ reviews’ of the 2024 Annual Financial Report, reviewed by an external auditor. Sustainability information is prepared following various external and internal frameworks, reporting guidelines and measurement, collection and verification methods and practices, which may materially differ from those applicable to financial information and are in many cases emerging and evolving. Sustainability information is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. Sustainability information is thus subject to significant measurement uncertainties, may not be comparable to sustainability information of other companies or over time or across periods and its use is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. The sustainability information is for informational purposes only, without any liability being accepted in connection with it except where such liability cannot be limited under overriding provisions of applicable law. Forward-looking statements Santander hereby warns that this presentation may contain 'forward-looking statements', as defined by the US Private Securities Litigation Reform Act of 1995. Such statements can be understood through words and expressions like 'expect', 'project', 'anticipate', 'should', 'intend', 'probability', 'risk', 'VaR', 'RoRAC', 'RoRWA', 'TNAV', 'target', 'goal', 'objective', 'estimate', 'future', 'ambition', 'aspiration', 'commitment', 'commit', 'focus', 'pledge' and similar expressions. They include (but are not limited to) statements on future business development, shareholder remuneration policy and NFI. However, risks, uncertainties and other important factors may lead to developments and results that differ materially from those anticipated, expected, projected or assumed in forward-looking statements. The important factors below (and others mentioned in this report), as well as other unknown or unpredictable factors, could affect our future development and results and could lead to outcomes materially different from what our forward-looking statements anticipate, expect, project or assume: • general economic or industry conditions (e.g., an economic downturn; higher volatility in the capital markets; inflation; deflation; changes in demographics, consumer spending, investment or saving habits; and the effects of the wars in Ukraine and the Middle East or the outbreak of public health emergencies in the global economy) in areas where we have significant operations or investments; • climate-related conditions, regulations, targets and weather events;
3 Important information • exposure to market risks (e.g., risks from interest rates, foreign exchange rates, equity prices and new benchmark indices); • potential losses from early loan repayment, collateral depreciation or counterparty risk; • political instability in Spain, the UK, other European countries, Latin America and the US; • legislative, regulatory or tax changes (including regulatory capital and liquidity requirements), especially in view of the UK's exit from the European Union and greater regulation prompted by financial crises; • acquisition integration and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters; • uncertainty over the scope of actions that may be required by us, governments and other to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and governmental standards and regulations; • our own decisions and actions, including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; and • changes affecting our access to liquidity and funding on acceptable terms, especially due to credit spread shifts or credit rating downgrade for the entire group or core subsidiaries. Forward looking statements are based on current expectations and future estimates about Santander’s and third-parties’ operations and businesses and address matters that are uncertain to varying degrees, including, but not limited to developing standards that may change in the future; plans, projections, expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including expectations regarding future execution of Santander’s and third parties’ energy and climate strategies, and the underlying assumptions and estimated impacts on Santander’s and third-parties’ businesses related thereto; Santander’s and third-parties’ approach, plans and expectations in relation to carbon use and targeted reductions of emissions; changes in operations or investments under existing or future environmental laws and regulations; and changes in government regulations and regulatory requirements, including those related to climate-related initiatives. Forward-looking statements are aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this presentation and are informed by the knowledge, information and views available on such date and are subject to change without notice. Banco Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law. Past performance does not indicate future outcomes Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or earnings (including earnings per share) will necessarily be the same or higher than in a previous period. Nothing mentioned in this presentation should be taken as a profit and loss forecast. Not a securities offer This presentation and the information it contains does not constitute an offer to sell nor the solicitation of an offer to buy any securities. Third Party Information In particular, regarding the data provided by third parties, neither Santander, nor any of its directors, managers or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in by any means, Santander may introduce any changes it deems suitable, and may omit, partially or completely, any of the elements of this presentation, and in case of any deviation, Santander assumes no liability for any discrepancy.
4 Index Q1'25 Highlights Progress on our strategy 1 Group review 2 Final remarks 3 Appendix 4
5 We have entered the last year of our third strategic cycle well ahead in all our key Investor Day targets for 2025, that we improved alongside our Q4’24 results RoTE post-AT1Payout RWAs with RoRWA > CoECET1 Note: our current ordinary shareholder remuneration policy is to distribute approximately 50% of Group reported profit (excluding non-cash, non-capital ratios impact items), distributed approximately 50% in cash dividend and 50% in share buybacks. Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. (1) After fully-loaded Basel III implementation. (2) Share buyback target against 2025-26 results including: i) the buybacks resulting from application of our existing shareholder remuneration policy plus ii) additional buybacks to distribute excesses of our CET1. Q1’25 vs. ID targets for 2025 and 2025 targets upgraded in Q4’24 STRENGTH >12% ID target1 2025 target: 13% | operating range: 12-13% DISCIPLINED CAPITAL ALLOCATION c.85% ID target SHAREHOLDER REMUNERATION Cash dividend + SBB 50% annually ID target PROFITABILITY 12.9% 87% 50% 15-17% (pre-AT1) ID target 2025 target: c.16.5% (post-AT1) 15.8%Up to €10bn Total SBB 2025-262 TNAVps + DPS Double-digit growth average through-the-cycle ID target +14.5%
6 Strong start to the year, with all global businesses growing revenue and profit Q1’25 att. profitQ1’25 revenue Efficiency RoTE post-AT1 CoR CET1 TNAVps + Cash DPS YoY €3.4bn€15.5bn 41.8% 1.14% 15.8% 12.9% +14.5% +19% -6bps Another record profit in Q1, with 9 million new customers YoY and good activity levels Strong operating performance and profitability on the back of ONE Transformation Solid balance sheet with sound credit quality and capital ratios Capital productivity and disciplined capital allocation driving profitability and double-digit shareholder value creation +1.7pp-0.8pp +60bps Note: YoY changes. In constant euros: Q1’25 revenue +5% and Q1’25 attributable profit +24%. P&L accounts are all presented on an underlying basis. CET1 ratio is phased-in, calculated in accordance with the transitory treatment of the CRR. YoY comparison based on published Q1’24 ratio (calculated on a fully-loaded basis). TNAVps + Cash DPS includes the €10.00 cent cash dividend per share paid in November 2024, executed as part of our shareholder remuneration policy. +1%
7 Continuing strong operational performance driving profit growth Note: underlying P&L. All references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from a hyperinflationary economy. From Q2 2024 onwards for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods). For further information, please see the ‘Alternative Performance Measures’ section of the Quarterly Financial Report. (1) YoY attributable profit growth if we accrue the 2024 temporary levy on revenue earned in Spain, in line with the criteria used for the banking tax in Spain in 2025. • 2025 has started with excellent business and commercial dynamics • Revenue growth backed by record net fee income • C/I and CoR improvement • Higher RoTE SANTANDER (*) Revenue profile is significantly affected by Argentina (non-material in total revenue): -€609mn in NII YoY compensated by +€554mn from lower inflation in other income. Current Constant € million Q1'25 Q1'24 % % NII 11,378 11,983 -5 -2 Net fee income 3,369 3,240 4 9 Other income 790 157 n.m. n.m. Total revenue 15,537 15,380 1 5 Operating expenses -6,489 -6,547 -1 2 Net operating income 9,048 8,833 2 7 LLPs -3,161 -3,125 1 7 Other results -700 -1,125 -38 -36 Attributable profit 3,402 2,852 19 24 10 13 Group P&L Att. profit like-for-like Spanish banking tax1 * NII excluding Argentina: +0% in current +4% in constant Total revenue excluding Argentina: +1% in current +5% in constant
8 Consistent execution of ONE Transformation is driving both revenue and costs ahead of plan … • Wealth: collaboration fees with CIB and Corporates reached €1.1bn (+10% vs. Q1’24) • Consumer: expansion of OEM agreements • Multi-Nationals: +2% YoY revenue growth • Product simplification: 40% fewer products vs. Q1’24 (-51% vs. Dec-22) • 63% products / services digitally available (62% Dec-24; 56% Dec-23) • US: $260mn efficiencies captured in Consumer and Commercial since 2022 • Global approach to technology: €40mn efficiencies in Q1’25 (€492mn since Dec-22) - Gravity (back-end) efficiencies - Process optimization - Global vendor agreements - IT&Ops shared-services -253bps -75bps -79bps ONE Transformation Global & Network businesses1 Global Tech capabilities & others Q1’25FY’22 Note: Q1’25 or latest available data. (1) As defined at the 2023 Investor Day. Efficiency execution 2022-Q1’25 Reminder from Investor Day Efficiency 2022-2025 200-250bps c. 42% 100-150bps 50-75bps FY’22 2025 ID target 41.8%45.8% 45.8%
9 … supporting value creation across our 5 global businesses Note: YoY changes in constant euros. The 2024 global business series have been slightly modified. These adjustments do not affect Group results. For more information, see the Appendix and the Quarterly financial report. Contribution to Group revenue as a percentage of total operating areas, excluding the Corporate Centre. Global businesses’ RoTEs are adjusted based on Group’s deployed capital; targets have been adjusted for AT1 costs. GROUP CONSUMER CIB WEALTH PAYMENTS RETAIL Revenue (€ bn) Contribution to Group revenue EfficiencyQ1’25 Profit (€ bn) c.17% c.12% c.20% c.60% >30% c.16.5% RoTE post-AT1 PagoNxt EBITDA margin RoTE post-AT1 Profitability 2025 targets Profitability Q1’25 7.9 39.4% 1.9 +2% -1.3pp +28% 3.2 41.9% 0.5 +2% +0.8pp +6% 2.2 42.9% 0.8 +8% +1.3pp +18% 1.0 36.5% 0.5 +14% -1.4pp +28% 1.4 43.9% 0.1 +15% -4.5pp +30% 15.5 41.8% 3.4 +5% -0.8pp +24% +3.1pp 17.6% +2.3pp 9.7% -0.6pp 21.6% 15.8% +1.7pp 68.0% -2.1pp 28.6% +11.6pp 50% 21% 14% 6% 9%
10 3,141 2,983 3,077 3,337 3,113 Q1'24 Q2 Q3 Q4 Q1'25 8.2 5.0 Mar-24 Mar-25 Q1’25 FINANCIALS Note: data and YoY changes in constant euros. (1) Metrics cover all products and employees in the branch network in our 10 main countries. Retail: another quarter of strong YoY profit growth on the back of efficiency gains and reduced CoR # of products1 (k) # of non-commercial FTEs1 per mn total customers Active customers (mn) • Our transformation is delivering solid results, as reflected in fee growth (+7%), efficiency improvement (-1pp to 39.4%) and higher RoTE (+2pp to 17.6%) • Loan performance in line with our strategic focus on profitability. Generalized increases in deposits and mutual funds as we strengthen our customer relationships • Strong profit increase, driven by revenue across most countries (NII excl. Argentina and fees), lower costs and better credit quality 76.0 79.5 Mar-24 Mar-25 -13% Deposits €644bn +2% CoR 0.91% -12bps Efficiency 39.4% -1.3pp Profit €1,902mn +28% RoTE post-AT1 17.6% +2.3pp Loans €608bn -1% KEY DRIVERS -40%+5% Operational leverage (€ mn) CostsRevenue +2% -1% 7,706 7,918 7,930 8,199 7,895 Q1'24 Q2 Q3 Q4 Q1'25
11 • Openbank launched in Mexico and Germany. In the US, new partnership with Verizon announced to boost growth • Loans up, driven by auto. Strong deposit growth, both in DCBE and DCB US, in line with our strategy to lower funding costs • Profit increased supported by good performance in DCB US (RoTE of 14.4%1) on the back of NII growth and LLP improvement (favourable payment rates, used car prices and lower unemployment) Q1’25 FINANCIALS Note: data and YoY changes in constant euros. ANEAs: average net earning assets, including renting. (1) DCB US RoTE post-AT1 adjusted based on Group’s deployed capital calculated as contribution of RWAs at 12%. Consumer: higher loans and successful deposit gathering are driving profit growth Retail deposits cost-to-serve (%) Operating expenses / ANEAs (%) Loans €214bn +4% Deposits €133bn +12% Efficiency 41.9% +0.8pp Profit €492mn +6% RoTE post-AT1 9.7% -0.6pp 1.00 0.96 Q1'24 Q1'25 2.53 2.46 Q1'24 Q1'25 KEY DRIVERS CoR 2.14% +1bps -4% -3% Operational leverage (€ mn) CostsRevenue +2% +3% 1.3 1.4 Q1'24 Q1'25 Loan-to-deposit ratio (%) Optimized funding structure 169 154 Mar-24 Mar-25 -14pp Total customers (mn) 25.0 25.7 Mar-24 Mar-25 +3% 3.2 3.2 Q1'24 Q1'25
12 870 916 974 1,027 952 Q1'24 Q2 Q3 Q4 Q1'25 Note: data and YoY changes in constant euros. Q1’25 FINANCIALS KEY DRIVERS % customer related revenue Fee growth (€ bn) % Total revenue / RWAs Loans €142bn +4% Deposits €134bn -4% CoR 0.08% -6bps Efficiency 42.9% +1.3pp Profit €806mn +18% RoTE post-AT1 21.6% +3.1pp 0.6 0.7 Q1'24 Q1'25 7.1 8.1 Q1'24 Q1'25 CIB: improvement in profitability driven by 11% fee growth year on year +1.0pp+11% • Further improvement in our key drivers as we execute our strategy focused on fee and capital-light business, driving RoTE above 21%, while we maintain a leading position in efficiency • Strong activity YoY, driven by our growth initiatives in Global Markets, with good performances in all regions, and Corporate Finance, mainly in the US • Double-digit profit increase with all-time high revenue on the back of record fees Recurrency performance (€ mn) CostsFees 644 616 618 660 716 Q1'24 Q2 Q3 Q4 Q1'25 +11% +9% 81 78 Q1'24 Q1'25
13 Q1’25 FINANCIALS Net sales (SAM) Net new money (PB) Gross written premiums Note: data and YoY changes in constant euros. (1) Annualized YTD net new money as a % of PB’s 2024 customer assets and liabilities (CAL). Annualized YTD net sales as a % of SAM’s 2024 AuMs. (2) Includes deposits and off-balance sheet assets. (3) Includes all fees generated by Santander Asset Management and Insurance, even those ceded to the commercial network, which are recorded in Retail’s P&L. Private Banking Santander Asset Management Insurance Assets under management2 (€ bn) Collaboration fees (€ bn) Revenue including ceded fees3 (€ bn) of volumes1 Efficiency 36.5% -1.4pp Profit €471mn +28% RoTE post-AT1 68.0% -2.1pp 127 147 Q1'24 Q1'25 104 135 Q1'24 Q1'25 of volumes1 649 665 Q1'24 Q1'25 461 511 Mar-24 Mar-25 KEY DRIVERS 1.5 1.6 Q1'24 Q1'25 Revenue (€ mn) +2% +15% +30% +11% +12% • Increased focus on higher-margin investment solutions and services, improving recurrency levels • Volumes reached new record levels, backed by sound commercial dynamics, both in PB (+9% customers) and SAM (+14% AuMs), and positive market performance • Strong profit growth supported by solid revenue performance across businesses, reflecting our focus on fee generating activities €2.7bn +4% +10% €5.7bn 7% €4.8bn 8% 0.9 1.1 Q1'24 Q1'25 Wealth: strong profit growth, with revenue growth across business lines and collaboration fees up double-digits
14 Note: data and YoY changes in constant euros. (1) Transactions include merchant payments, cards and electronic A2A payments. (2) Payments volume includes PagoNxt Total Payments Volume (TPV) in Getnet and Cards spending. Payments: driving revenue growth and scale through global platforms PagoNxt EBITDA margin Q1’25 FINANCIALS # transactions1 (bn per month) Cost per transaction (€ cents, PagoNxt) Payments volume2 (€ bn) PagoNxt Cards Loans €25bn +15% Getnet TPV €56bn +14% Cards Spending €81bn +7% Efficiency 43.9% -4.5pp Profit €126mn +30% 3.2 3.5 Q1'24 Q1'25 3.5 3.3 Q1'24 Q1'25 262 317 Q1'24 Q1'25 943 1,067 Q1'24 Q1'25 28.6% +11.6pp 125 137 Q1'24 Q1'25 KEY DRIVERS +10%+10% Revenue (€ mn) -6%+21% +13% • On track with our key strategic priorities to capture scale though global platforms, driving cost per transaction improvements • Increased activity both in PagoNxt (Getnet’s TPV +14%) and Cards (spending +7%) • Profit up strongly driven by double-digit revenue growth (NII and fees), both in PagoNxt and Cards, while costs were flat
15 14.1% 15.8% Q1'24 Q1'25 Note: TNAVps + Cash DPS includes the €10.00 cent cash dividend per share paid in November, executed as part of our shareholder remuneration policy. Improving profitability with EPS up 26% and 14.5% value creation Since 2021, including the second buyback against 2024 results, Santander will have returned €9.5bn to shareholders via share buybacks and repurchased 14% of its outstanding shares RoTE post-AT1 EPS TNAVps + Cash DPS 4.86 5.46 5.56 Mar-24 Mar-25 € per share Cash DPS: €10.0 cents 17.0 21.5 Q1'24 Q1'25 € cents +1.7pp +26% +14.5%
16 Index Q1'25 Highlights Progress on our strategy 1 Group review 2 Final remarks 3 Appendix 4
17 2,852 3,207 3,250 3,265 3,402 Q1'24 Q2 Q3 Q4 Q1'25 +4% Continuing strong operational performance driving profit growth Attributable profit (Constant € mn) € mn +19% +4% Profit Note: underlying P&L. All references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from a hyperinflationary economy. From Q2 2024 onwards for the Argentine peso, we apply an alternative exchange rate that better reflects the evolution of inflation (we continue to apply the official ARS exchange rate to all prior periods). For further information, please see the ‘Alternative Performance Measures’ section of the Quarterly Financial Report. (1) YoY attributable profit growth if we accrue the 2024 temporary levy on revenue earned in Spain, in line with the criteria used for the banking tax in Spain in 2025. Current Constant € million Q1'25 Q1'24 % % NII 11,378 11,983 -5 -2 Net fee income 3,369 3,240 4 9 Other income 790 157 n.m. n.m. Total revenue 15,537 15,380 1 5 Operating expenses -6,489 -6,547 -1 2 Net operating income 9,048 8,833 2 7 LLPs -3,161 -3,125 1 7 Other results -700 -1,125 -38 -36 Attributable profit 3,402 2,852 19 24 10 13 Group P&L Att. profit like-for-like Spanish banking tax1 NII excluding Argentina: +0% in current +4% in constant Total revenue excluding Argentina: +1% in current +5% in constant 2,746 3,111 3,248 3,265 3,402 * (*) Revenue profile is significantly affected by Argentina (non-material in total revenue): -€609mn in NII YoY compensated by +€554mn from lower inflation in other income.
18 14,828 15,216 15,186 16,106 15,537 Q1'24 Q2 Q3 Q4 Q1'25 15,537 14,828 +188 +55 +163 +129 +178 -5 Q1'24 Retail Consumer CIB Wealth Payments CC Q1'25 Revenue growth underpinned by stronger customer activity across our businesses Note: data and YoY % changes in constant euros. YoY growth TOTAL REVENUE +2% +2% +8% +14% +15% +5% +5% • >95% of total revenue is customer related • Strong revenue increase YoY reflecting the benefits of our model, with all businesses growing • Revenue QoQ affected by the exchange rate accounting in Argentina in Q4’24. Of note, strong growth in CIB GROUP • Retail: positive performance driven by strong fee income across most countries and gains on financial transactions (mainly Brazil and Spain) • Consumer: revenue increase on the back of NII growth, both in DCBE and DCB US • CIB again achieved record revenue, supported by a strong performance in Global Markets. Of note, strong growth in the US in NII and fees • Wealth up double-digits, driven by all business lines backed by strong commercial activity • Payments boosted by double-digit growth in NII and fees, in both PagoNxt and Cards, driven by activity improvement DETAIL BY BUSINESS Constant € mn
19 2.97% 2.89% 2.79% 2.92% 2.73% 11,573 11,145 11,263 12,053 11,378 Q1'24 Q2 Q3 Q4 Q1'25 Resilient NII performance, growing in most businesses excluding Argentina NIM Performance NII NET INTEREST INCOME AND NIM • >80% of Group NII is from our Retail and Consumer businesses • NII +4% YoY excluding Argentina with most businesses growing: − Retail +4% supported by Chile and the UK (good margin management), Mexico (volumes and lower costs of deposits) and Poland (volumes) − Consumer grew 3% supported by higher volumes in Europe and active spread management both in DCBE and DCB US − CIB (+12%) boosted by Brazil and the US (higher yields on new business) − Payments (+20%) supported by PagoNxt (Getnet Brazil) and Cards (higher volumes across our footprint) • Resilient NII QoQ excluding Argentina, even with a lower day count: − Retail up in Spain (margin management and volumes) and Portugal (volumes); Brazil impacted by change of mix and interest rate sensitivity and Chile by high levels in Q4 − Consumer up in both DCB US and DCB Europe − Strong growth in CIB and Payments driven by solid activity levels NET INTEREST INCOME • NIM trends affected by distortions from ARS exchange rates. Excluding Argentina, NIM -7bps YoY and flat QoQ • Decline YoY due to a less favourable interest rate environment across our footprint coupled with continued volumes growth • Proactive balance sheet management to reduce sensitivity to interest rates MARGINS Note: NIM = NII / Average earning assets. Data and YoY % changes in constant euros. 2.73% -1.21 -0.14 2.97% +0.30 +0.81 Q1'24 Asset yields Asset volumes Liability costs Liability volumes Q1'25 -2% NIM Quarterly Excl. Argentina +0% QoQ Excl. Argentina +4% YoY Constant € mn
20 3,100 3,115 3,189 3,360 3,369 Q1'24 Q2 Q3 Q4 Q1'25 • Retail: − Good commercial dynamics and customer growth (+6% YoY), resulting in generalized fee growth across our footprint − Of note, Mexico and Brazil (insurance and mutual funds) and Argentina (mutual funds, insurance and transactional) • Consumer: − Strong growth in DCB US (auto). Net fee income affected by new insurance regulation in Germany • CIB: − Double-digit growth, supported mainly by GB in the US (Banking Build-Out) and GTB across countries • Wealth: − 16% growth driven mainly by PB and SAM, in line with our focus on fee businesses, with positive commercial activity and favourable market performance • Payments: − Double-digit growth, boosted by sound activity both in PagoNxt (Getnet TPV up 14% YoY) and Cards (spending +7% YoY) DETAIL BY BUSINESS 3,369 3,100 +76 -9 +72 +59 +79 -8 Q1'24 Retail Consumer CIB Wealth Payments CC Q1'25 Record net fee income driven by value added from our global businesses Note: data and YoY % changes in constant euros. NET FEE INCOME YoY growth +7% -3% +11% +16% +13% +9% +9% Constant € mn
21 6,363 6,214 6,381 6,796 6,489 CIB, WEALTH AND PAYMENTS ONE Transformation is driving further structural efficiency improvements Efficiency 12M rolling Costs Net operating income Revenue 8,465 9,003 8,805 9,310 9,048 Q1'24 Q2 Q3 Q4 Q1'25 14,828 15,216 15,186 16,106 15,537 Retail Consumer Retail and Consumer represent 70% of the Group’s total costs CIB Wealth CIB, Wealth and Payments represent 30% of the Group’s total costs Efficiency Total revenue Constant € mn Recurrency (% fees / costs) Note: data and YoY % changes in constant euros. Contribution to Group costs as a percentage of total operating areas, excluding the Corporate Centre. Costs in real terms are calculated in constant euros and excluding the impact from weighted average inflation. GROUP RETAIL AND CONSUMER 43.7% 42.8% 42.4% 41.8% 41.6% 10,885 11,129 Q1'24 Q1'25 4,460 4,469 Q1'24 Q1'25 1,618 1,828 Q1'24 Q1'25 1,816 1,932 Q1'24 Q1'25 +2% +0% +13% +6% 40.9% 40.2% Payments 90.2% 94.6% +7% Costs Constant € mn Net fee income Constant € mn Costs Constant € mn -1% YoY in real terms YoY in current euros-1% Constant € mn Constant € mn Constant € mn
22 2,949 2,984 2,989 3,142 3,161 Q1'24 Q2 Q3 Q4 Q1'25 Solid credit quality with improvement across most of our businesses Note: CoR - provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months. Data in constant euros. Stages in current euros. CoR 12 month LLPs • CoR improved YoY, improving in most of our businesses • Better credit quality YoY, backed by record low unemployment rates in most countries and easing monetary policies • NPL ratio of 2.99%, improving YoY and QoQ. NPL coverage and stages stable CREDIT QUALITY • In Retail, which represents c.45% of Group LLPs, CoR improved YoY to 0.91%, with good performances across our main countries, and stable QoQ − In Spain, CoR improved YoY, with good underlying trends and favoured by portfolio sales − The UK’s CoR dropped YoY, remaining at very low levels − Brazil improved YoY. Slight deterioration QoQ in a context of higher interest rates and inflation − Mexico’s CoR improved significantly YoY and QoQ with better credit quality in mortgages and corporates • In Consumer, which represents c.35% of Group LLPs, CoR was stable YoY at 2.14% and better QoQ. Of note, DCB US improvement both YoY and QoQ DETAIL BY BUSINESS Mar-24 Dec-24 Mar-25 NPL ratio 3.10% 3.05% 2.99% Coverage ratio 66% 65% 66% Stage 1 €1,007bn €1,002bn €1,012bn Stage 2 €83bn €88bn €87bn Stage 3 €36bn €35bn €35bn LLPs AND CREDIT QUALITY 1.20% 1.21% 1.18% 1.15% 1.14% +7% Constant € mn OTHER CREDIT QUALITY METRICS
23 12.9 -0.27 -0.08 12.8 +0.33 +0.12 Dec-24 Organic generation Shareholder remuneration Regulatory & Models Markets & others Mar-25 2 Strong organic capital generation, with profitable front-book growth at 22% RoTE CET1 % Mar-25 or estimates Front book pricing RoRWA of new book Asset rotation and risk transfer activities RWAs mobilized vs. credit RWAs % RWAs with RoRWA > CoE Note: Mar-25 ratio on a phased-in ratio are calculated in accordance with the transitory treatment of the CRR. (1) Dec-24 ratio on a fully-loaded basis (as published in the Q4 2024 Financial Report), excluding the transitory treatment of IFRS 9 and the CRR2. (2) Our current ordinary shareholder remuneration policy is to distribute approximately 50% of Group reported profit (excluding non-cash, non-capital ratios impact items), divided approximately equally between cash dividends and share buybacks. The implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. CET1 PERFORMANCE AND CAPITAL PRODUCTIVITY MAXIMIZE CAPITAL PRODUCTIVITY 2.8% 20% 87% 1
24 Index Q1'25 Highlights Progress on our strategy 1 Group review 2 Final remarks 3 Appendix 4
25 Another record quarter that puts us on track to meet our 2025 targets Fees Cost base CoR CET11 RoTE post-AT1 TNAVps + Cash DPS 2025 targets Mid-high single digit growth Down vs. 2024 in euros c.1.15% 13% operating range: 12-13% c.16.5% Double-digit growth through-the-cycle c.€62bnRevenue Note: targets market dependent. Based on macro assumptions aligned with international economic institutions. TNAVps + Cash DPS includes the €10.00 cent cash dividend per share paid in November 2024, executed as part of our shareholder remuneration policy. (1) CET1 ratio phased-in CRR. Q1’25 ✓ ✓ ✓ ✓ ✓ ✓ €15.5bn ✓YoY in euros+1% +9% -1% 1.14% 12.9% 15.8% +14.5% +1.7pp Revenue and costs on track on the back of our consistent execution of ONE Transformation Solid balance sheet, with sound credit quality and capital ratios Higher profitability and double-digit shareholder value creation driven by capital productivity and disciplined capital allocation in constant euros, YoY in euros, YoY YoY
26 Index Q1'25 Highlights Progress on our strategy 1 Group review 2 Final remarks 3 Appendix 4
27 Appendix Aligning financial reporting to recent changes in our management structure 2025 Investor Day targets summary Group P&L and excluding Argentina Detail by global business and country Reconciliation of underlying results to statutory results Glossary For more details, refer to the document entitled "Supplementary Information", published together with this presentation on the Group's corporate website
28 Modifications to global business perimeters1 Aligning financial reporting to recent changes in our management structure Dissolution of regional management structures 2 1 • Following the board of directors’ approval of the dissolution of the regional management structures, which took effect on 3rd February 2025: - We will stop reporting financial information by region - Our 5 global businesses plus the Corporate Centre remain our primary segments - The secondary segments (previously the 3 regions plus DCB Europe plus Corporate Centre) now become the 9 main countries that were provided within the regions and DCB Europe, the Corporate Centre plus a new ‘Rest of the Group’ • We are aligning financial reporting to recent changes in the management of Wealth Management & Insurance: - The Investment Platforms Unit (IPU) and certain stakes in companies, mainly in the real estate sector, that were previously recorded in Retail & Commercial Banking or Corporate & Investment Banking have been incorporated into Wealth Management & Insurance - As a result, a fourth vertical, ‘Portfolio Investments’, has been created within Wealth Management & Insurance, incorporating the aforementioned IPU and stakes in companies a • Some profit-sharing criteria between Retail & Commercial Banking and Cards have been improved, aligning criteria across the Group b • 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 c The Group’s previously reported global figures in the consolidated financial statements, as well as that of the countries and the Corporate Centre, remain unchanged (1) The impact of these changes does not represent a material impact on global businesses’ profit and does not affect results at the Group or country level.
29 Changes to secondary segments - dissolution of regional reporting1 Spain United Kingdom Portugal Poland US Mexico Brazil Chile Argentina DCB Europe Corporate Centre Rest of the Group TOTAL GROUP EUROPE Spain United Kingdom Portugal Poland Other Europe NORTH AMERICA US Mexico Other North America SOUTH AMERICA Brazil Chile Argentina Other South America DCB EUROPE CORPORATE CENTRE TOTAL GROUP From… …To • We will stop reporting financial information by region (Europe, North America and South America) • The new ‘Rest of the Group’ brings together the previously reported Other Europe, Other North America and Other South America
30 2 Impact of modifications to global business perimeters in 2024 From… …To 2024, €mn Group Retail Consumer CIB Wealth Payments Group NII 46,668 -5 0 -32 +79 -42 46,668 Fees 13,010 +26 0 0 +8 -34 13,010 Other income 2,533 -108 -4 +27 +55 +31 2,533 Total income 62,211 -87 -4 -5 +142 -45 62,211 Costs -26,034 +81 0 +13 -139 +45 -26,034 Net operating income 36,177 -6 -4 +7 +3 0 36,177 LLPs -12,333 -1 0 +3 -3 0 -12,333 Other results and provisions -4,817 -10 0 -1 +25 -14 -4,817 Profit before tax 19,027 -17 -4 +10 +25 -14 19,027 Attributable profit 12,574 -16 -4 +7 +22 -9 12,574 Impact as % of Global business's profit 0% 0% 0% +1% -2%
31 Appendix Aligning financial reporting to recent changes in our management structure 2025 Investor Day targets summary Group P&L and excluding Argentina Detail by global business and country Reconciliation of underlying results to statutory results Glossary
32 (1) Our current ordinary shareholder remuneration policy is to distribute c.50% of Group reported profit (excluding non-cash, non-capital ratios impact items), distributed approximately 50% in cash dividend and 50% in share buybacks. Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. (2) Those customers who meet transactional threshold in the past 90 days. (3) Total transactions annual growth include merchant payments, cards and electronic A2A payments. Target c.+8% CAGR 2022-25. (4) 2022-2024 ratios on a fully-loaded basis (as published in the Q4 2024 Financial Report), excluding the transitory treatment of IFRS 9 and the CRR2. Mar-25 ratio on phased-in basis, calculated in accordance with the transitory treatment of the CRR. (5) Green finance raised & facilitated (€bn): since 2019. Financial inclusion (# people, mn): since 2023. Targets were set in 2019 and 2021, before the publication of the European taxonomy in Q2 2023. Therefore, target definitions are not fully aligned with the taxonomy. For further information, see the 'Alternative performance measures' section of the Quarterly Financial Report. ONE Transformation is driving double-digit growth in value creation TNAVps+DPS (Growth YoY) Double-digit growth average through-the-cycle +6% RoTE pre-AT1(%) Payout (Cash + SBB)1 (%) EPS growth (%) Total customers (mn) Active customers (mn)2 Simplification & automation Efficiency ratio (%) Customer activity Transactions volume per active customer (% growth)3 CET1 (%)4 RWA with RoRWA > CoE (%) Green financed raised & facilitated (€bn) Socially Responsible Investments (AuM) (€bn) Financial inclusion (# People, mn) Profitability Customer centric Capital Sustainability5 New 2025 targets +15% +14% CET1: 13% Operating range: 12-13% c.16.5% post-AT1 >17% pre-AT1 +14.5% RoTE post-AT1(%) 2022 2023 2024 Q1'25 2025 ID targets - - 15.5 15.8 - 13.4 15.1 16.3 16.6 15-17% 40 50 50 50 50 23 21.5 17.9 26.1 Double-digit 160 165 173 175 c.200 99 100 103 104 c.125 45.8 44.1 41.8 41.8 c.42 - 10 9 6 c.+8 12.0 12.3 12.8 12.9 >12 80 84 87 87 c.85 94.5 115.3 139.4 144.9 120 53 67.7 88.8 108.0 100 - 1.8 4.3 4.8 5
33 Appendix Aligning financial reporting to recent changes in our management structure 2025 Investor Day targets summary Group P&L and excluding Argentina Detail by global business and country Reconciliation of underlying results to statutory results Glossary
34 Group P&L and excluding Argentina (YoY) Group P&L Current Constant Current Constant € million Q1'25 Q1'24 % % % % NII 11,378 11,983 -5 -2 0 4 Net fee income 3,369 3,240 4 9 3 8 Other income 790 157 n.m. n.m. 15 16 Total revenue 15,537 15,380 1 5 1 5 Operating expenses -6,489 -6,547 -1 2 0 3 Net operating income 9,048 8,833 2 7 2 7 LLPs -3,161 -3,125 1 7 -0 6 Other results -700 -1,125 -38 -36 -30 -29 Attributable profit 3,402 2,852 19 24 19 24 10 13 9 13 Group excl. ArgentinaGroup Att. profit like-for-like Spanish banking tax1 Note: underlying P&L. (1) YoY attributable profit growth if we accrue the 2024 temporary levy on revenue earned in Spain, in line with the criteria used for the banking tax in Spain in 2025.
35 Group P&L QoQ variations and excluding Argentina Fees NII 2,968 3,073 3,197 Costs LLPs Revenue 2,914 2,986 3,085 Q1'24 Q2 Q3 Q4 Q1'25 14,273 15,059 15,033 10,548 10,946 10,962 -0% +0% +4% Constant €mn 6,078 6,380 6,266 -2% Group excl. ArgentinaGroupQ1’25 vs. Q4’24 Group quarterly performance excluding Argentina +3% Note: underlying P&L. P&L Current Constant Current Constant € million % % % % NII -5 -6 1 0 Net fee income 1 0 5 4 Other income 14 14 -16 -16 Total revenue -3 -4 0 -0 Operating expenses -4 -5 -1 -2 Net operating income -2 -3 2 1 LLPs 2 1 4 3 Other results -55 -55 -51 -52 Attributable profit 4 4 10 10
36 Appendix Aligning financial reporting to recent changes in our management structure 2025 Investor Day targets summary Group P&L and excluding Argentina Detail by global business and country Reconciliation of underlying results to statutory results Glossary
37 Detail by global business
38 KEY DATA Retail & Commercial Banking Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). (2) YoY attributable profit growth if we accrue the 2024 temporary levy on revenue earned in Spain, in line with the criteria used for the banking tax in Spain in 2025. P&L HIGHLIGHTS Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 6,721 -6.2 -1.9 -5.9 Net fee income 1,210 3.1 6.7 0.4 Total revenue 7,895 -3.7 2.4 -2.1 Operating expenses -3,113 -6.7 -0.9 -5.2 Net operating income 4,782 -1.6 4.7 0.1 LLPs -1,431 2.0 1.9 -6.1 Attributable profit 1,902 1.9 27.5 23.6 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €608bn -1% Mutual funds €101bn +15% Efficiency 39.4% -1.3pp CoR 0.91% -12bps RoTE post-AT1 17.6% +2.3pp • ONE Transformation continued to deliver strong results reflected in the expansion of fees and customer funds (+4% YoY), the improvement in the cost to serve (-5% YoY) and higher profitability • Loans still affected by prepayments in Spain and focus on profitability in the UK. Increases in deposits and mutual funds in most of the countries • Strong profit increase YoY (+28%) driven by a solid revenue performance across most of our footprint and benefitting from the full charge in Q1’24 of the temporary levy in Spain, vs. the accrual of the banking tax in 2025 Like-for-like2, profit +13%. By line: − NII rose 4% excl. Argentina, supported by Chile and the UK (good margin management), Mexico (volumes and lower costs of deposits) and Poland (volumes) − Fees up, mainly mutual funds and insurance − Costs down reflecting our transformation efforts − LLPs showed a solid performance across most countries. Up in Brazil (individuals), normalization in the UK (at low levels) and Chile • Profit up QoQ, driven by fees and strong cost decline, which more than offset the impact of interest rates on NII and higher LLPs Deposits €644bn +2%
39 RETAIL SPAIN Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). RETAIL UK Underlying P&L* Q1'25 % Q4'24 % Q1'24 NII 1,467 2.6 -0.4 Net fee income 291 19.0 2.9 Total revenue 1,794 7.2 0.8 Operating expenses -571 -5.0 0.7 Net operating income 1,223 14.1 0.8 LLPs -291 -0.2 2.8 Profit before tax 810 41.3 39.7 (*) € mn and % change. Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,224 -0.6 6.8 9.4 Net fee income 5 — 680.2 699.3 Total revenue 1,190 -0.5 4.4 7.0 Operating expenses -638 -5.0 -4.3 -1.9 Net operating income 552 5.3 16.7 19.6 LLPs -36 — 300.4 310.2 Profit before tax 348 -8.4 -7.7 -5.4 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €156bn -2% Deposits €218bn +4% Mutual funds €46bn +14% Yield on loans 3.78% -32bps Cost of deposits 0.57% -8bps Efficiency 31.8% -0.0pp Loans €228bn -3% Deposits €209bn -5% Mutual funds €6bn -4% Yield on loans 4.14% +35bps Cost of deposits 1.93% -23bps Efficiency 53.6% -4.9pp • Loans down YoY in line with our focus on profitability. Deposits and mutual funds impacted by a more competitive environment • NOI +17% YoY driven by strong revenue growth, both NII (margin management) and fees, and lower costs. PBT affected by LLP normalization, still at very low levels, and restructuring provisions • Strong net operating income performance QoQ (+5%) driven by cost reduction (transformation and seasonality), not reflected in PBT due to the aforementioned provisions • Loans still impacted by prepayments. Deposits up 4% YoY (demand and time) and mutual funds up double digits • PBT increased YoY with higher fees (mutual funds), resilient NII and good cost control (transformation). YoY growth favoured by the temporary levy in Q1’24 • Strong performance QoQ across the P&L: NII (volumes and margin management), fees (funds and insurance) and lower costs and LLPs
40Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). RETAIL MEXICO RETAIL BRAZIL Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 756 -0.4 7.6 -7.6 Net fee income 171 10.0 13.9 -2.2 Total revenue 896 0.9 7.7 -7.5 Operating expenses -397 -13.6 7.1 -8.1 Net operating income 499 16.3 8.2 -7.1 LLPs -135 32.7 -23.5 -34.3 Profit before tax 343 8.0 23.5 6.0 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €31bn +8% Deposits €35bn +2% Mutual funds €13bn +37% Yield on loans 13.33% -49bps Cost of deposits 4.07% -114bps Efficiency 44.3% -0.3pp Loans €56bn -2% Deposits €56bn +9% Mutual funds €21bn +16% Yield on loans 16.54% +30bps Cost of deposits 8.24% +102bps Efficiency 40.5% +0.7pp Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,534 -5.2 -0.2 -12.8 Net fee income 359 1.6 3.5 -9.6 Total revenue 1,878 -4.6 1.6 -11.3 Operating expenses -761 -1.2 3.3 -9.8 Net operating income 1,117 -6.8 0.4 -12.3 LLPs -718 -2.4 9.1 -4.7 Profit before tax 233 -20.9 -20.8 -30.8 (*) € mn and % change in constant euros. (1) % change in current euros. • Loans down YoY, mainly in personal loans and corporates. Deposits up YoY (especially time deposits) and mutual funds rose double digits • Net operating income flat YoY as higher revenue (mainly insurance and mutual fund fees) was offset by costs growing below inflation. PBT affected by LLPs (individuals) • PBT QoQ affected by impact of negative interest rate sensitivity on NII, partially offset by higher fees, lower costs and better LLPs • Loans increased YoY across products, notably mortgages. Deposits rose (especially demand deposits) and mutual funds up double digits • PBT +23% YoY driven by NII (volumes and lower deposit costs), fees (insurance and mutual funds) and lower LLPs (better credit quality) • PBT up 8% QoQ due to strong fee growth (mutual funds) and lower costs, which more than offset LLP increase from low levels
41 KEY DATA Digital Consumer Bank Note: Mar-25 data and YoY changes (new lending, loans and deposits in constant euros). P&L HIGHLIGHTS Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 2,756 -2.2 1.8 1.7 Net fee income 339 -14.3 -2.7 -4.2 Total revenue 3,234 -3.6 1.7 1.6 Operating expenses -1,357 4.6 2.8 3.5 Net operating income 1,878 -8.8 1.0 0.2 LLPs -1,119 -11.3 -0.9 -1.6 Attributable profit 492 229.7 6.3 6.1 (*) € mn and % change in constant euros. (1) % change in current euros. New lending €21bn -6% Loans €214bn +4% Efficiency 41.9% +0.8pp CoR 2.14% +1bps RoTE post-AT1 9.7% -0.6pp Deposits €133bn +12% • Progressing in our priority to become the preferred choice of our partners and customers while being the most cost competitive player in the industry • Loans up 4%, driven by growth across our footprint in auto lending (+6%), in a market that picked up in Q1’25 from a weak start in January 2025 • Deposits rose 12%, up both in Europe and the US, supported by Openbank, reflecting our focus on lowering funding costs and reducing NII volatility across the cycle • Profit +6% YoY. By line: − NII rose 2%, on the back of active spread management and volumes growth in DCB Europe and higher yield on loans in the US − Fees affected by the new insurance regulation in Germany. Of note, strong growth in the US (auto) − Costs flat in real terms, even after our investments in global platforms (Openbank, check-out lending, leasing…) − LLP improvement in the US (favorable customer payment rates, higher used car prices and lower unemployment rate) • Strong profit increase QoQ, with LLP improvement driven by the US and lower CHF provisions in Poland. QoQ comparison benefitted from the UK motor finance provision in Q4’24
42Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). DCB Europe DCB US Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,221 1.1 3.6 6.8 Net fee income 84 -14.0 27.2 31.2 Total revenue 1,362 -1.3 1.2 4.4 Operating expenses -574 4.5 2.1 5.3 Net operating income 788 -5.2 0.6 3.8 LLPs -524 -23.7 -16.8 -14.2 Profit before tax 236 111.4 89.4 95.3 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €140bn +3% Deposits €84bn +14% Mutual funds €5bn +20% Yield on loans 5.82% +18bps Cost of deposits 2.14% -10bps Efficiency 47.5% +0.4pp Loans €54bn -2% Deposits €49bn +7% Mutual funds €4bn +11% Yield on loans 12.08% +74bps Cost of deposits 2.14% +14bps Efficiency 42.1% +0.4pp • Loans down YoY on the back of non-auto asset rotation. Deposits +7%, supported by solid performance in our branch-based deposits and the successful launch of Openbank in Q4’24 • Strong growth in PBT YoY, driven by NII (auto loan yields), fees (servicing) and lower LLPs, which more than offset lower leasing income and investments in Openbank • Significant increase in PBT QoQ, supported by better LLP underlying performance and seasonality • Loans up 3% YoY, mainly driven by auto. Deposits rose 14%, in line with our customer deposit gathering strategy • PBT affected YoY by higher LLPs (macro and corporates in Germany) and lower fees (regulation in Germany), with good NII performance (margin management) and costs down 2% in real terms • PBT up QoQ with lower LLPs (CHF provisions) and resilient NII. QoQ comparison benefitted from the UK motor finance provision in Q4’24 Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,112 0.3 1.5 1.6 Net fee income 188 -15.6 -14.7 -14.6 Total revenue 1,402 -2.0 -0.6 -0.5 Operating expenses -667 5.8 0.3 0.3 Net operating income 736 -8.2 -1.3 -1.3 LLPs -336 -2.9 21.8 21.7 Profit before tax 357 — -11.0 -11.0 (*) € mn and % change in constant euros. (1) % change in current euros.
43 KEY DATA Corporate & Investment Banking Note: Mar-25 data and YoY changes (loans, deposits in constant euros). P&L HIGHLIGHTS Loans €142bn +4% Deposits €134bn -4% CoR 0.08% -6bps Efficiency 42.9% +1.3pp RoTE post-AT1 21.6% +3.1pp • Good progress in our strategy focused on fee and capital-light business through our GM and GB initiatives, supporting an enhanced value proposition and higher profitability, while maintaining a leading position in efficiency • Good activity levels: - Global Transaction Banking (GTB), driven by Trade & Working Capital Solutions, boosted by our expansion into new segments - Global Banking (GB): activity growth in Corporate Finance and DCM, with lower credit activity levels (Syndicated Loans and Structured Finance) - Global Markets (GM): excellent quarter across most of our countries, on the back of higher volatility • Deposit performance in line with our strategy in 2024 to reduce excess corporate deposits • Profit grew double digits YoY, backed by strong revenue increase, supported by fees from GTB and GB. Strong NII growth excluding Argentina (+12% YoY) • Profit up QoQ on the back of solid revenue performance and lower costs. Of note, outstanding fee growth across business lines. NII strongly affected by the Argentine FX accounting, excluding it +8% Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 953 -12.6 -5.2 -9.5 Net fee income 716 8.5 11.2 9.4 Total revenue 2,220 6.3 7.9 4.6 Operating expenses -952 -7.3 9.4 7.8 Net operating income 1,268 19.6 6.8 2.3 LLPs -13 -26.9 -67.0 -68.0 Attributable profit 806 15.5 17.7 12.6 (*) € mn and % change in constant euros. (1) % change in current euros.
44 Wealth Management & Insurance P&L HIGHLIGHTS Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 375 -8.5 -16.1 -16.3 Net fee income 419 2.5 16.5 14.8 Total revenue 1,019 -1.1 14.5 12.6 Operating expenses -372 -11.0 9.9 8.5 Net operating income 647 5.7 17.3 15.2 LLPs -8 -58.4 97.3 99.7 Attributable profit 471 5.7 28.0 25.2 Contribution to profit 897 7.2 18.7 18.7 (*) € mn and % change in constant euros. (1) % change in current euros. Note: Mar-25 data (AuMs); YTD data (net new money, net sales and GWPs). YoY changes in constant euros. (1) Annualized YTD net new money as a % of PB’s 2024 customer assets and liabilities (CAL). Annualized YTD net sales as a % of SAM’s 2024 AuMs. (2) Includes all fees generated by Santander Asset Management and Insurance, even those ceded to the commercial network. • We continue to build the best wealth and insurance manager in Europe and the Americas, leveraging our leading global private banking platform and our best-in-class funds and insurance product factories • AuMs reached new record levels of €511bn (+11% YoY), backed by sound commercial dynamics, both in Private Banking and SAM, and positive market performance • Profit rose double digits YoY, supported by solid revenue performance across businesses (fees and revenue from Insurance joint ventures), reflecting our focus on fee generating activities • Double-digit growth in total fee contribution2 and total contribution to Group profit2 (+12% and +19% YoY, respectively) • Efficiency improved 1.4pp to 36.5% and our RoTE was 68% • Profit rose 6% QoQ driven by higher volumes and fees, lower costs and the good start to the year of the Insurance joint ventures Net new money (PB) €5.7bn KEY DATA GWPs AuMs €511bn +11% €2.7bn +4% Efficiency 36.5% -1.4pp RoTE post-AT1 68.0% -2.1pp of volumes1 of volumes17% 8% Net sales €4.8bn
45 • 106 million cards managed across the Group, with solid customer activity (spending +7% and average balance +15%) • NOI +19% YoY, driven by double-digit revenue growth YoY and cost control. Profit affected by LLPs, due to volumes, and model updates in Brazil (macro and regulatory changes) and Mexico (macro) • Profit QoQ affected by the usual seasonality in revenue the last quarter of the year and the Argentine FX accounting in Q4. Excluding Argentina, NII +6% Payments Note: Mar-25 data and YoY changes in constant euros. Spending 17.0% 28.6% Q1'24 Q1'25 EBITDA margin Cards Getnet TPV €56bn +14% Getnet number of transactions +4% Average balance €23bn +15% +11.6pp Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 647 0.2 13.8 2.4 Net fee income 449 -3.5 9.9 2.4 Total revenue 1,067 -8.2 13.1 3.1 Operating expenses -322 -5.9 2.2 -3.7 Net operating income 745 -9.2 18.6 6.4 LLPs -486 9.7 32.6 17.3 Attributable profit 121 -45.5 -14.2 -21.6 (*) € mn and % change in constant euros. (1) % change in current euros. • TPV up 14% and number of transactions +4% YoY in Getnet, driven by Mexico, Chile and Europe • Solid revenue growth, +21% boosted by a generalized increase in business activity, with cost improvements. As a result, EBITDA margin rose to 28.6% • Positive profit for second consecutive quarter €81bn +7% Underlying P&L* Q1'25 Q1'24 % Q4'24 % Q1'24 % Q1'24¹ NII 38 31 9.8 39.3 23.9 Net fee income 245 224 -6.1 18.8 9.3 Total revenue 317 283 -8.2 21.0 11.8 Operating expenses -286 -304 5.3 -2.1 -6.1 LLPs -6 -4 55.6 69.4 50.1 Attributable profit 4 -39 -82.4 — — (*) € mn and % change in constant euros. (1) % change in current euros.
46 Corporate Centre • NII affected by the lower interest rates which has positive sensitivity to rate hikes • Losses on financial transactions improved, due to a lower impact from foreign currency hedges • Costs remained flat compared to Q1 2024, driven by ongoing simplification measures • Higher LLPs to accelerate NPL reduction that is improving Group’s credit quality • The sum of the rest of the lines improved year-on-year; with lower tax pressure • As a result, slightly higher attributable loss YoY HIGHLIGHTSP&L Underlying P&L* Q1'25 Q1'24 NII -112 -31 Gains / losses on financial transactions -91 -162 Operating expenses -87 -87 LLPs and other provisions -129 -42 Tax and minority interests 37 -18 Attributable profit -394 -357 (*) € mn.
47 Detail by country
48 Spain and UK Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). (1) YoY attributable profit growth if we accrue the 2024 temporary levy on revenue earned in Spain, in line with the criteria used for the banking tax in Spain in 2025. SPAIN UK Underlying P&L* Q1'25 % Q4'24 % Q1'24 NII 1,779 -1.2 -2.0 Net fee income 767 13.4 2.9 Total revenue 3,130 7.0 3.8 Operating expenses -1,049 -7.5 1.6 Net operating income 2,081 16.1 4.9 LLPs -304 -5.6 -8.3 Attributable profit 1,147 23.9 48.6 (*) € mn and % change. Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,298 -0.8 6.9 9.5 Net fee income 82 35.5 2.0 4.5 Total revenue 1,341 -0.8 4.1 6.7 Operating expenses -720 -4.4 -4.3 -1.9 Net operating income 621 3.8 15.9 18.7 LLPs -52 — 195.2 202.4 Attributable profit 285 -13.6 -9.0 -6.7 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €229bn 0% Deposits €299bn 0% Mutual funds €97bn +17% Efficiency 33.5% -0.7pp CoR 0.49% -10bps RoTE post-AT1 25.5% +8.3pp Loans €234bn -3% Deposits €220bn -5% Mutual funds €7bn -2% Efficiency 53.7% -4.7pp CoR 0.04% -4bps RoTE post-AT1 9.2% -0.7pp • Loans declined in line with our focus on profitability and deposits impacted by a more competitive environment • Net operating income +16% YoY, on the back of strong NII growth (margin management) and lower costs (transformation), not reflected in profit due to LLP normalization and restructuring provisions • In the quarter, 4% net operating income growth, backed by lower costs (transformation and seasonality), was more than offset by aforementioned provisions • Loans flat, as CIB rise was offset by SME amortizations. Deposit migration to demand. Mutual funds up double digits • Profit +49% YoY (+15% like-for-like temporary bank levy1), due to strong fee performance (mutual funds), gains on financial transactions (CIB) and lower LLPs (active risk management) • Profit +24% QoQ driven by strong fee performance, lower costs (seasonality in Q4) and better LLPs
49Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). Negative CoR indicates net releases. PORTUGAL POLAND Underlying P&L* Q1'25 % Q4'24 % Q1'24 NII 348 4.8 -19.2 Net fee income 126 13.9 -1.2 Total revenue 503 9.7 -13.9 Operating expenses -136 -5.2 1.4 Net operating income 367 16.5 -18.4 LLPs 14 — — Attributable profit 278 33.0 -8.2 (*) € mn and % change. Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 744 -1.0 5.2 8.5 Net fee income 189 11.4 4.5 7.8 Total revenue 883 -6.5 2.7 5.9 Operating expenses -256 1.4 8.3 11.7 Net operating income 627 -9.4 0.6 3.8 LLPs -78 -32.4 -42.3 -40.5 Attributable profit 237 46.9 8.0 11.4 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €40bn +4% Deposits €39bn +7% Mutual funds €5bn +15% Efficiency 27.0% +4.1pp CoR -0.03% -21bps RoTE post-AT1 30.6% -0.1pp Loans €40bn +9% Deposits €52bn +12% Mutual funds €7bn +21% Efficiency 29.0% +1.5pp CoR 1.20% -75bps RoTE post-AT1 22.1% +2.6pp • Customer growth is driving a strong increase in loans, mainly in Retail and CIB. Deposit growth (time) and outstanding rise in mutual funds • Profit up 8% YoY, driven by excellent NII performance (volumes and ALCO), fees (FX and mutual funds) and improved LLPs, which more than offset higher costs (competitive labour market) • Profit up QoQ on the back of fee performance in CIB and lower CHF provisions. NII affected by high levels in Q4 and other income by deposit guarantee fund contribution (BFG) • Loans up with solid new business performance. Increases in deposits and mutual funds • Profit down YoY, mainly affected by the impact of interest rates on NII, partially offset by LLP releases • Profit up double digits QoQ driven by all P&L lines: NII (volumes), fees (transactional), lower costs and LLP releases
50Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). US RoTE post-AT1 adjusted based on Group’s deployed capital calculated as contribution of RWAs at 12%, is 14.5%. US MEXICO Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,129 3.5 8.4 -7.0 Net fee income 350 8.9 13.6 -2.5 Total revenue 1,506 -2.4 9.1 -6.3 Operating expenses -628 -7.6 10.0 -5.6 Net operating income 878 1.6 8.5 -6.9 LLPs -304 14.5 -4.1 -17.7 Attributable profit 394 -8.7 11.6 -4.2 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €117bn +2% Deposits €91bn -3% Mutual funds €14bn +10% Efficiency 50.0% -0.3pp CoR 1.73% -25bps RoTE post-AT1 10.7% +3.4pp Loans €45bn +7% Deposits €41bn +3% Mutual funds €20bn +29% Efficiency 41.7% +0.3pp CoR 2.55% -8bps RoTE post-AT1 20.6% +2.3pp • Loans up 2%, driven by CIB on the back of higher market activity. Deposits fell, as strong growth in Consumer was offset by a drop in CIB in line with our strategy in 2024 to reduce excess corporate deposits • Profit +45% YoY, as revenue growth (especially fees) and lower LLPs (resilient consumer behaviour and used car prices) amply offset higher costs (investments in CIB and successful Openbank launch) • Profit +80% QoQ with similar trends: revenue up (CIB fees) with lower LLPs and contained costs (investments for growth) • New digital features, enhanced and value-added offers as well as commercial alliances are driving loan and deposit growth • Profit +12% YoY, driven by NII (volumes and margin management), fees (insurance and funds) and lower LLPs (better asset quality) • Profit down QoQ, as good NII, fee and cost performances did not offset lower gains on financial transactions (non-recurring gain in Q4’24) and higher LLPs (increasing from low levels in Q4 2024) Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 1,499 1.4 4.1 7.3 Net fee income 355 10.4 29.0 33.0 Total revenue 2,014 2.3 4.5 7.8 Operating expenses -1,007 0.6 3.9 7.2 Net operating income 1,006 4.1 5.1 8.4 LLPs -535 -23.2 -15.7 -13.0 Attributable profit 417 80.4 44.6 49.1 (*) € mn and % change in constant euros. (1) % change in current euros.
51Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in constant euros). BRAZIL CHILE Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 2,402 -1.5 4.5 -8.7 Net fee income 793 -7.0 7.2 -6.3 Total revenue 3,223 -2.3 5.2 -8.1 Operating expenses -1,059 -1.2 4.8 -8.4 Net operating income 2,165 -2.9 5.4 -7.9 LLPs -1,166 7.2 14.8 0.2 Attributable profit 509 -21.9 3.8 -9.3 (*) € mn and % change in constant euros. (1) % change in current euros. Underlying P&L* Q1'25 % Q4'24 % Q1'24 % Q1'24¹ NII 512 -2.0 43.5 45.6 Net fee income 151 6.9 16.0 17.6 Total revenue 722 -0.3 35.0 36.9 Operating expenses -249 5.8 9.5 11.0 Net operating income 473 -3.2 53.9 56.1 LLPs -156 30.0 22.7 24.5 Attributable profit 185 -6.9 101.3 104.1 (*) € mn and % change in constant euros. (1) % change in current euros. Loans €94bn +3% Deposits €84bn +8% Mutual funds €54bn +12% Efficiency 32.8% -0.1pp CoR 4.61% -18bps RoTE post-AT1 14.4% -0.3pp Loans €42bn 0% Deposits €30bn +3% Mutual funds €13bn +19% Efficiency 34.5% -8.0pp CoR 1.26% +41bps RoTE post-AT1 18.2% +9.2pp • Loans rose across global businesses except in CIB. Deposits up (migration to time) and mutual funds grew double digits • Strong profit growth YoY boosted by NII (UF and lower deposit costs), fees (transactional and funds) and gains on financial transactions, with higher costs (Gravity roll-out) and LLP normalization • Profit QoQ affected by high NII levels in Q4, costs and LLPs normalization, partially offset by fees (transactional and advisory) • Loan rose YoY driven by Consumer and Cards. Strong deposit growth (both time and demand) and mutual funds • Profit up YoY, driven by NII (activity in Cards and CIB) and fees (transactional and insurance), with LLPs affected by macro environment and higher volumes. Costs grew in line with inflation • Profit QoQ affected by impact of negative interest rate sensitivity on NII, seasonality in fees and higher LLPs while costs improved
52 Note: Mar-25 data and YoY changes (loans, deposits and mutual funds in current euros). (1) The exchange rate resulting from the sale of local bonds denominated in Argentine pesos in US dollars (dual denomination peso/dollar bonds). ARGENTINA • In Q2 2024, given a significant divergence between the official exchange rate and inflation, we decided to start using an alternative exchange rate – This exchange rate was modelled by our Economic Research Team primarily taking into account the inflation differential of Argentina with respect to the US • Given the improved macroeconomic outlook in the country, from Q4 2024 we take the Dollar Contado con Liquidación (CCL)1 rate as a reference for this alternative exchange rate: – At the end of the year, the value of this exchange rate did not significantly differ from other market rates or the official exchange rate • As a result, in Q3 2024 we used an FX rate of 1,618 ARS/EUR while in Q4 2024 we used 1,232 ARS/EUR, resulting in a higher quarter than previous ones – To give an idea of the sensitivity to the FX rate, applying September 2024 rate of 1,618 ARS/EUR, 2024 NII would have been negatively impacted by c.€700mn, c.40% of which would have been offset in other income, while costs would have been c.€250mn lower. • In Q1 2025 we are using 1,426 ARS/EUR (FX corresponding to Dollar CCL) ARGENTINA PESO Underlying P&L* Q1'25 Q4'24 % Q4'24 % Q1'24 NII 416 1,107 -62.4 -59.4 Net fee income 172 287 -39.9 31.4 Total revenue 504 1,047 -51.9 -9.3 Operating expenses -223 -416 -46.3 -21.9 Net operating income 281 631 -55.5 4.1 LLPs -76 -156 -51.4 117.4 Attributable profit 129 283 -54.6 26.7 (*) € mn and % change in current euros. Loans €9bn +61% Deposits €11bn +73% Mutual funds €6bn +49% Efficiency 44.3% -7.2pp CoR 4.58% -84bps RoTE post-AT1 22.0% +1.9pp • In an environment with higher activity, customers grew 8% YoY, resulting in strong volume growth across most businesses and products • Profit up YoY backed by fees (transactional, funds and insurance), costs and lower hyperinflation adjustment. NII affected by lower interest rates and LLPs by volumes • Quarterly results affected by FX rate accounting in Q4
53 Appendix Aligning financial reporting to recent changes in our management structure 2025 Investor Day targets summary Group P&L and excluding Argentina Detail by global business and country Reconciliation of underlying results to statutory results Glossary
54 Reconciliation of underlying results to statutory results EUR mn (1) Includes exchange differences. Explanation of 2024 adjustments: • Temporary levy on revenue in Spain in Q1 2024, totalling EUR 335 million, which was reclassified from total income to other gains (losses) and provisions. Statutory results Adjustments Underlying results Statutory results Adjustments Underlying results Net interest income 11,378 — 11,378 11,983 — 11,983 Net fee income 3,369 — 3,369 3,240 — 3,240 Gains (losses) on financial transactions 1 678 — 678 623 — 623 Other operating income 112 — 112 (801) 335 (466) Total income 15,537 — 15,537 15,045 335 15,380 Administrative expenses and amortizations (6,489) — (6,489) (6,547) — (6,547) Net operating income 9,048 — 9,048 8,498 335 8,833 Net loan-loss provisions (3,161) — (3,161) (3,125) — (3,125) Other gains (losses) and provisions (700) — (700) (790) (335) (1,125) Profit before tax 5,187 — 5,187 4,583 — 4,583 Tax on profit (1,446) — (1,446) (1,468) — (1,468) Profit from continuing operations 3,741 — 3,741 3,115 — 3,115 Net profit from discontinued operations — — — — — — Consolidated profit 3,741 — 3,741 3,115 — 3,115 Non-controlling interests (339) — (339) (263) — (263) Profit attributable to the parent 3,402 — 3,402 2,852 — 2,852 January-March 2024January-March 2025
55 Appendix Aligning financial reporting to recent changes in our management structure 2025 Investor Day targets summary Group P&L and excluding Argentina Detail by global business and country Reconciliation of underlying results to statutory results Glossary
56 Glossary - Acronyms • A2A: account to account • AM: Asset management • AuMs: Assets under Management • bn: Billion • bps: Basis points • c.: Circa • CET1: Common equity tier 1 • CHF: Swiss franc • CF: Corporate Finance • CIB: Corporate & Investment Banking • CoE: Cost of equity • Consumer: Digital Consumer Bank • CoR: Cost of risk • DCB Europe: Digital Consumer Bank Europe • DCM: Debt Capital Markets • DPS: Dividend per share • EPS: Earnings per share • ESG: Environmental, social and governance • FX: Foreign exchange • FY: Full year • ID: Investor Day • IFRS 9: International Financial Reporting Standard 9, regarding financial instruments • k: Thousands • LLPs: Loan-loss provisions • mn: Million • NII: Net interest income • NIM: Net interest margin • n.m.: Not meaningful • NPL: Non-performing loans • OEM: Original equipment manufacturer • Payments: PagoNxt and Cards • PB: Private Banking • PBT: Profit before tax • P&L: Profit and loss • pp: Percentage points • Ps: Per share • QoQ: Quarter-on-Quarter • Repos: Repurchase agreements • Retail: Retail & Commercial Banking • RoE: Return on equity • RoRWA: Return on risk-weighted assets • RoTE: Return on tangible equity • RWA: Risk-weighted assets • SAM: Santander Asset Management • SBB: share buybacks • SME: Small and Medium Enterprises • US BBO: US Banking Build-Out • TNAV: Tangible net asset value • TPV: Total Payments Volume • YoY: Year-on-Year • YTD: Year to date • Wealth: Wealth Management & Insurance • #: Number
57 Glossary - Definitions PROFITABILITY AND EFFICIENCY • RoTE (Return on tangible equity): Profit attributable to the parent (annualized)1/ Average stockholders' equity2 (excl. minority interests) - intangible assets • RoTE (post-AT1): Profit attributable to the parent minus AT1 costs (annualized)1 / Average stockholders' equity2 (excl. minority interests) - intangible assets • RoRWA (Return on risk-weighted assets): Consolidated profit (annualized) / Average risk-weighted assets • Efficiency: Underlying operating expenses / Underlying total income. Operating expenses defined as administrative expenses + amortizations VOLUMES • Loans: Gross loans and advances to customers (excl. reverse repos) • Customer funds: Customer deposits excluding repos + marketed mutual funds CREDIT RISK • NPL ratio: Credit impaired customer loans and advances, guarantees and undrawn balances / Total risk. Total risk is defined as: Non-impaired and impaired customer loans and advances and guarantees + impaired undrawn customer balances • NPL coverage ratio: Total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances / Credit impaired customer loans and advances, guarantees and undrawn balances • Cost of risk: Underlying allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers over the last 12 months CAPITALIZATION • TNAV per share (Tangible net asset value per share): Tangible book value / Number of shares excluding treasury stock. Tangible book value calculated as Stockholders' equity (excl. minority interests) - intangible assets Note: the averages for the RoTE, RoTE post-AT1 and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from using daily balances. The risk-weighted assets included in the denominator of the RoRWA metric are calculated in line with the criteria laid out in the CRR (Capital Requirements Regulation) (1) Excluding the adjustment to the valuation of goodwill. (2) Stockholders’ equity = Capital and Reserves + Accumulated other comprehensive income + Profit attributable to the parent + Dividends. For the financial Sustainability indicators, please see ‘Alternative Performance Measures’ section of the Quarterly Financial Report.
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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 April 2025 By: /s/ José García Cantera Name: José García Cantera Title: Chief Financial Officer