Banco Santander (SAN) investor relations material

Opening remarks and agenda

• The meeting was held exclusively online, leveraging a proven digital platform to ensure equal participation and sustainability, with the highest quorum in 30 years achieved.

• Legal and procedural details, including quorum and voting rules, were clarified, and the notary was introduced to oversee proceedings.

• Shareholders could submit questions and presentations in multiple formats, with responses provided during the meeting or in writing.

Financial performance review

• Attributable profit for 2025 reached a record EUR 14.1 billion, up 16% year-on-year, with EPS up 17%.

• RoTE post-AT1 was 16.3%, and CET1 capital ratio stood at 13.5%, above the operating range.

• Total income was EUR 62.4 billion, with an improved efficiency ratio of 41.2%.

• Cost of risk was 1.15%, NPL ratio improved to 2.91%, and coverage increased to 66%.

• Share price outperformed sector and market, with a 164% total return since 2015.

Board and executive committee updates

• Deborah Vieitas was proposed as a new Independent Director, replacing Homaira Akbari.

• Re-elections of several directors were proposed, and the Board's annual evaluation confirmed strong effectiveness and culture.

• The Board remains committed to annual refreshment and strong governance.