Interim report
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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.
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SIGNIFICANT EVENTS IN THE PERIOD In Q2 2025, Santander announced the entry into an agreement with Erste Group Bank AG (Erste) to sell approximatel y 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index January - June 2025 3
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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%. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 4 January - June 2025
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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 DATA 4 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 branches 5 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 last working 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index January - June 2025 5
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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 Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 6 January - June 2025
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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 Change 1 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index General background January - June 2025 7
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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 CET1 1 . 3 13.0% +0.1 pp /Mar-25 u In Q2 2025, profit attributable to the parent was EUR 3,431 million, 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. u Attributable 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. u Profit increased double digit year-on-year in most global businesses. u These results reflect a strong performance in H1 2025 and put us on track to meet our 2025 targets. u Profitability 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. u Sustained 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. u In 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. u In a less favourable environment than initially expected, shaped by g eopolitical 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. u The 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. u Credit 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%. u The 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. u As 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 target 2 , 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Highlights of the period 8 January - June 2025
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Think Value SHAREHOLDER REMUNERATION EUR million +19% higher than cash dividends against 2023 results TNAVps + CASH DPS n Cash DPS: €21.0 cents +16% / Jun-24 u On 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. u Additionally, 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. u Including 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. u On 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 billion 1 . We reiterated this objective on 1 July 2025 following the announcement of having reached an agreement to buy TSB. u At 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 u We 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. u All 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 NPS ² in most of our markets and to continue growing the Group’s customer base. u As 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. u In 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. u The efficiency ratio stood at 39.4% and cost of risk improved to 0.89%. RoTE (post-AT1) increased t o 17.2%. u In 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. u The efficiency ratio stood at 41.5%, cost of risk improved to 2.09% and RoTE (post-AT1) was 10.4%. u In 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. u The efficiency ratio stood at 43.7%. RoTE (post-AT1) improved 2.7 pp to 20.8%. u In 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. u The efficiency ratio improved 1.5 pp to 35.7% and RoTE (post-AT1) was 67.3%. u In 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. u Cost 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Highlights of the period January - June 2025 9
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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 income 1 3,143 3,199 (1.8) 6,342 6,162 2.9 Gains or losses on financial assets and liabilities and exchange differences 2 364 668 (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’. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Statutory income statement 10 January - June 2025
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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 11,287 10,769 10,487 11,244 10,621 10,590 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 • 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 3,082 3,080 3,029 3,185 3,199 3,143 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 • 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 income was 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 14,233 14,802 14,224 15,121 14,679 14,503 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Statutory income statement January - June 2025 11
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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 6,337 6,146 6,117 6,549 6,256 6,108 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Statutory income statement 12 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Underlying income statement January - June 2025 13
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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 11,983 11,474 11,225 11,986 11,378 11,338 11,425 10,991 11,106 11,894 11,219 11,497 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 • 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 3,240 3,237 3,189 3,344 3,369 3,315 3,060 3,074 3,147 3,317 3,324 3,360 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 • 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Underlying income statement 14 January - June 2025
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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 15,380 15,670 15,135 16,026 15,537 15,473 14,629 15,010 14,976 15,891 15,322 15,688 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 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 term s, 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, e ven 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 6,547 6,366 6,349 6,772 6,489 6,376 6,278 6,128 6,294 6,706 6,399 6,466 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 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 8,833 9,304 8,786 9,254 9,048 9,097 8,350 8,882 8,682 9,185 8,923 9,222 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Underlying income statement January - June 2025 15
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Net loan-loss provisions EUR million constant euros 3,125 3,118 2,976 3,114 3,161 3,017 2,893 2,930 2,931 3,084 3,105 3,073 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 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 2,852 3,207 3,250 3,265 3,402 3,431 2,710 3,069 3,209 3,226 3,357 3,476 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 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 Q 1 2025. This comparison was partly impacted by higher provisions related to the CHF mortgage portfolio in Poland in Q2 2025. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Underlying income statement 16 January - June 2025
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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 loss 1 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 assets 2 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 liabilities 3 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 (-)’. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Balance sheet January - June 2025 17
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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 1,0201,0271,0131,0171,0191,002 Mar-24 Jun-24 Sep-24 Dec-24Mar-25 Jun-25 -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% a s 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 Retail: 60%Consumer: 21% CIB: 14% Wealth: 3%Payments: 2% Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Balance sheet 18 January - June 2025
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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 965 953 950 978 976 962 218 218 225 234 244 245 1,1841,1711,1741,2111,2191,207 Mar-24Jun-24 Sep-24Dec-24Mar-25Jun-25 +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 Retail: 62%Consumer: 11% CIB: 12% Wealth: 15% Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Balance sheet January - June 2025 19
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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 distribution 1 -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 target 1 , 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 % 12.9 +0.54 -0.29 +0.01 -0.06 -0.08 13.0 Mar-25 Attributable profit Capital distribution Net organic RWAs² Regulatory & Models Markets & others Jun-25 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Solvency ratios 20 January - June 2025
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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 risk 2 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Risk management January - June 2025 21
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• 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 Exposure 1 NPL coverage 2 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-quarter to 45%. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Risk management 22 January - June 2025
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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 portfolios 1 . 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 portfolios 1 . 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 portfolios 1 . VaR performance EUR million 2/1/2025 1/4/2025 30/6/2025 10 15 20 25 30 1. Activity in Santander Corporate & Investment Banking markets. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Risk management January - June 2025 23
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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 (LCR 1 ) 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Risk management 24 January - June 2025
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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 DJ Stoxx Banks MSCI World Banks SAN 31/12/2024 1/4/2025 30/6/2025 80 100 120 140 160 Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Santander share January - June 2025 25
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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 21 st 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. 1 st 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Santander share 26 January - June 2025
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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). Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 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 las t 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 28 January - June 2025
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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 distribution 1 H1 2025 Retail: 49% Consumer: 14% CIB: 20% Wealth: 13% Payments: 4% 1. As a % of operating areas. Excluding the Corporate Centre. Underlying attributable profit to the parent. H1 2025 EUR million. % change YoY 3,687 1,042 1,534 948 335 Var Var 2 +9 % +14 % -3 % -1 % +9 % +15 % +19 % +24 % — — 2. Changes in constant euros. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 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 Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 30 January - June 2025
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RETAIL Underlying attributable profit EUR 3,687 mn → We continued to drive our ONE Transformation programme to 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 . Deposits rose 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% Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index January - June 2025 31
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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 -2% -2% +5% -6% +4% Others +6% -1% +8% +8% +12% 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 3,560 2,339 1,787 3,657 4,367 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 32 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 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% 25.0 25.9 Jun-24 Jun-25 Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 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 +3% -7% DCB Europe DCB US +10% +11% 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% 39% 61% DCB Europe DCB US 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 2,827 2,631 967 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 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 our centres 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 Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 38 January - June 2025
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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 1,320 1,344 1,076 1,091 1,539 1,925 4,008 4,354 TOTAL: +9% Global Markets: +25% GB: +1% GTB: +2% H1'24 H1'25 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index January - June 2025 39
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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 global private 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. Thousands Private Banking clients +8% 283 305 Jun-24 Jun-25 • 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 40 January - June 2025
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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 514 306 246 106 137 71 24 5.6 / 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 289 276 429 788 1,304 718 1,064 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 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. In Cards, 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 42 January - June 2025
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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% 97.9 113.0 H1'24 H1'25 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% 152.9 166.1 H1'24 H1'25 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index January - June 2025 43
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 44 January - June 2025
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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 ü Target: EUR 100 bn 2025 ü Target: 5 mn 2025 ü 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 17 th 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index January - June 2025 45
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index 46 January - June 2025
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APPENDIX Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index January - June 2025 47
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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 las t 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) Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Group information 48 January - June 2025
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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) Argentina 1 405 406 (1) Rest of the Group 1 249 138 111 Total Group 1 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 Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Group information January - June 2025 49
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Group information 50 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment January - June 2025 51
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment 52 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment January - June 2025 53
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment 54 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment January - June 2025 55
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment 56 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment January - June 2025 57
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment 58 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment January - June 2025 59
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment 60 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment January - June 2025 61
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment 62 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment January - June 2025 63
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment 64 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment January - June 2025 65
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment 66 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment January - June 2025 67
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment 68 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment January - June 2025 69
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment 70 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment January - June 2025 71
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment 72 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment January - June 2025 73
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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 branches 4 405 (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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment 74 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Information by segment January - June 2025 75
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index APMs 76 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index APMs January - June 2025 77
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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. 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 Ratio Formula Relevance of the metric 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index APMs 78 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index APMs January - June 2025 79
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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 costs 2 (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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index APMs 80 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index APMs January - June 2025 81
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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 Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index APMs 82 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index APMs January - June 2025 83
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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 ratio 2 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index APMs 84 January - June 2025
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index APMs January - June 2025 85
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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 peso 1 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index APMs 86 January - June 2025
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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 Banking 1 3.5 Digital Consumer Bank 1 2.5 Corporate & Investment Banking 1 3.0 Wealth Management & Insurance 1 2.9 Payments 1 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 Group 1 3.2 1. Excluding the impact of inflation in Argentina. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index APMs January - June 2025 87
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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 Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Condensed consolidated financial statements 88 January - June 2025
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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 Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Condensed consolidated financial statements January - June 2025 89
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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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Condensed consolidated financial statements 90 January - June 2025
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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 • Financial inclusion: 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 Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Glossary January - June 2025 91
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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; Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Important information 92 January - June 2025
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• 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. Significant events Key consolidated data Business model Group financial information Financial information by segment Sustainability Corporate governance Appendix Index Important information January - June 2025 93