FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of October, 2026
Commission File Number: 001-12518
 
 
Banco Santander, S.A.
(Exact name of registrant as specified in its charter)
 
 
Ciudad Grupo Santander
28660 Boadilla del Monte (Madrid) Spain
(Address of principal executive office)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F  ☒            Form 40-F  ☐









BANCO SANTANDER, S.A.
________________________

TABLE OF CONTENTS










































Item 1. January - September 2026 Financial Report




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January - September
2026

Index
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This report was approved by the board of directors on 27 October 2026, following a favourable report from the audit committee. Important information regarding this report can be found on pages 88 and 89.






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Significant events in the period
Completion of the Webster acquisition
•On 3 February 2026, Santander announced that it had reached an agreement to acquire 100% of Webster Financial Corporation’s (Webster) share capital, a US retail and commercial bank, highly complementary to the activities and services Santander provides in the US.
•The acquisition was completed on 20 August 2026, following the receipt of the corresponding regulatory authorizations and approval from both Webster's and Santander's shareholders, on the terms previously announced. The total consideration amounted to USD 12,509 million (EUR 10,724 million). The consideration mix represented 65% cash and 35% by means of newly issued Banco Santander shares, executed via a capital increase on 20 August 2026, through non-cash contributions with a total nominal value of EUR 165 million through the issuance of 329,846,438 new ordinary shares. This transaction had a -1.47 pp impact on the September 2026 CET1 ratio.
•Webster's balance sheet and results were incorporated almost entirely within the Retail & Commercial Banking and Openbank global businesses. Therefore, from 20 August 2026, figures for Grupo Santander, mainly Retail & Commercial Banking, Openbank US within Openbank, and the US secondary segment include Webster. As a result, unless otherwise stated, all metrics corresponding to periods from 20 August 2026 onwards include Webster’s business.
•As of 30 September 2026, Webster had a gross loan book of approximately EUR 50 billion and around EUR 62 billion of customer deposits. Webster has approximately 4,500 employees, around 190 branches and 4.2 million customers in the US.
Exchange offer to acquire the outstanding shares of Santander Brasil
•On 30 July 2026, Banco Santander announced its intention to launch a voluntary exchange offer to acquire all outstanding shares of Banco Santander Brasil that it does not already own, representing approximately 10% of its share capital. The exchange offer consideration will consist of newly issued Banco Santander shares.
•Shareholders of Santander Brasil who accept the offer will receive: i) 0.4056 newly issued Banco Santander shares for each unit or ADS of Santander Brasil; and ii) 0.2028 newly issued Banco Santander shares for each common share or preferred share of Santander Brasil.
•The transaction will have a maximum value of approximately EUR 1,908 million, calculated based on Banco Santander's ordinary share price of EUR 12.248 as at 30 July 2026.
•Commencement of the offer and the offer itself remain subject to customary conditions for transactions of this nature, including the receipt of the relevant regulatory approvals, the approval by Banco Santander’s General Shareholders’ Meeting of the corresponding capital increase and the absence of any material adverse change.
Completion of the TSB acquisition
•On 30 April 2026, Santander completed the acquisition of TSB Banking Group plc (TSB), the UK subsidiary of Banco de Sabadell, S.A. (Sabadell), having received the required regulatory approvals and fulfilled the conditions required for closing, for a cash consideration of GBP 2,867 million (EUR 3,318 million), with a -55 bp impact on the June 2026 CET1 capital ratio.
•TSB's balance sheet and results are fully incorporated within the Retail & Commercial Banking global business. Therefore, from 1 May 2026, figures for Grupo Santander, Retail & Commercial Banking (within Retail UK) and the UK secondary segment include TSB. As a result, unless otherwise stated, all metrics corresponding to periods from May 2026 onwards include TSB’s business.
•As of 30 June 2026, when we began to report TSB as part of Santander, TSB had approximately EUR 53 billion of total assets, a gross loan book of EUR 42 billion, more than 90% of which was residential mortgage lending, and around EUR 42 billion of customer funds, fully comprising customer deposits, of which over 80% were demand deposits. TSB had approximately 4,700 employees, around 180 branches and over 4 million customers in the UK.

January - September 2026
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Changes to Group reporting in 2026
•On 10 February 2026, the Group announced a series of changes to its reporting structure, effective from Q1 2026. They do not change the Group’s reported profit attributable to the parent nor do they affect the Group's targets announced to the market in the Q4 2025 results presentation and at the Investor Day on 25 February 2026.
•These changes, which affect the income statements and certain management metrics, have been applied to the information reported from Q1 2026 onwards, as well as to prior periods presented in this report to facilitate comparisons. These changes do not affect the Group’s consolidated balance sheet. For further information on these changes, see the 'Significant events in the period' section of the Q1 2026 Quarterly financial report.
•In addition, other minor changes affecting the primary and secondary segments were disclosed, which are detailed in the 'Financial information by segment' section of this report.
Completion of the Poland disposal
•On 9 January 2026, Banco Santander and Erste Group Bank AG (Erste) announced the completion of the sale of Santander Bank Polska (Santander Poland), which had been disclosed in May 2025, after obtaining all required regulatory approvals and fulfilling the conditions for closing. The abovementioned transaction will hereinafter be referred to as the 'Poland disposal'.
•Erste acquired approximately 49% of the share capital of Santander Poland and the 50% of the asset management company (TFI) which was not integrated within Santander Poland, for a total cash consideration of EUR 7,035 million. The all-cash transaction at 584 zlotys per share valued the bank at 2.2 times Q1 2025 tangible book value per share and represents a premium of 7.5% versus Santander Poland's closing price on 2 May 2025, excluding the dividend paid in May 2025.
•The transaction generated a net capital gain of EUR 1,895 million for Santander, increasing its CET1 ratio by 95 basis points, equivalent to around EUR 6 billion. The financial impacts on both results and capital from this transaction were recorded in Q1 2026. For further information, see the 'Alternative performance measures' section in this report.
Note: to facilitate the analysis of business performance, this document presents certain underlying income statement line items and balance sheet metrics excluding TSB and Webster. In this report, we will refer to the volumes and results related to TSB and Webster interchangeably as acquisitions or M&A.
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January - September 2026
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Key consolidated data
BALANCE SHEET (EUR million) 1
Sep-26Jun-26%Sep-26Sep-25%Dec-25
Total assets2,102,334 1,954,465 7.6 2,102,334 1,840,668 14.2 1,867,515 
Loans and advances to customers1,206,887 1,149,162 5.0 1,206,887 1,027,209 17.5 1,037,288 
Customer deposits1,222,263 1,133,762 7.8 1,222,263 1,026,130 19.1 1,041,200 
Total funds1,583,574 1,489,431 6.3 1,583,574 1,339,096 18.3 1,363,160 
Total equity118,400 115,898 2.2 118,400 109,914 7.7 112,748 
Note: total funds includes customer deposits, mutual funds, pension funds and managed portfolios.
INCOME STATEMENT (EUR million) 2
Q3'26Q2'26%9M'269M'25%2025
Net interest income11,834 11,692 1.2 34,545 31,559 9.5 42,348 
Total income15,891 15,682 1.3 46,713 43,248 8.0 58,311 
Net operating income9,454 9,277 1.9 27,741 24,818 11.8 33,532 
Profit before tax4,828 4,932 (2.1)14,789 13,761 7.5 18,681 
Profit attributable to the parent3,432 3,518 (2.4)12,405 10,337 20.0 14,101 
Note: net operating income is defined as total income minus operating expenses.
EPS AND PROFITABILITY (%) 2 3
Q3'26Q2'26%9M'269M'25%2025
EPS (euros)0.23 0.23 (3.3)0.83 0.66 24.9 0.91 
RoE13.5 13.7 14.8 13.6 13.9 
RoTE16.3 15.8 17.4 16.1 16.3 
RoA0.77 0.82 0.88 0.83 0.84 
RoRWA2.43 2.56 2.72 2.39 2.44 
UNDERLYING INCOME STATEMENT
(EUR million) 4 5
Q3'26Q2'26%9M'269M'25%2025
Net interest income11,903 11,692 1.8 34,614 31,599 9.5 42,401 
Total income15,960 15,707 1.6 46,807 43,243 8.2 58,308 
Net operating income9,246 8,980 3.0 26,882 23,620 13.8 31,898 
Profit before tax5,424 5,318 2.0 15,771 14,010 12.6 18,936 
Underlying profit attributable to the parent3,848 3,768 2.1 11,176 9,624 16.1 13,152 
Changes in constant euros:
Q3'26 / Q2'26: NII: +1.5%; Total income: +1.3%; Net operating income: +2.7%; Profit before tax: +1.7%; Underlying attributable profit: +1.7%.
9M'26 / 9M'25: NII: +7.9%; Total income: +6.6%; Net operating income: +11.7%; Profit before tax: +10.8%; Underlying attributable profit: +14.4%.
UNDERLYING EPS, PROFITABILITY AND EFFICIENCY (%) 3 4 5
Q3'26Q2'26%9M'269M'25%2025
Underlying EPS (euros)0.26 0.25 1.7 0.74 0.61 20.7 0.84 
Underlying RoE13.8 13.9 13.7 12.7 13.0 
Underlying RoTE16.8 16.0 16.0 14.9 15.2 
Underlying RoA0.79 0.84 0.82 0.77 0.79 
Underlying RoRWA2.49 2.60 2.53 2.25 2.31 
Efficiency ratio42.1 42.8 42.6 45.4 45.3 
SOLVENCY (%)Sep-26Jun-26Sep-26Sep-25Dec-25
Phased-in CET1 ratio12.7 14.0 12.7 13.1 13.5 
Phased-in total capital ratio17.0 18.8 17.0 17.4 17.8 
January - September 2026
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CREDIT QUALITY (%) 3
Sep-26Jun-26Sep-26Sep-25Dec-25
Cost of risk 5 6
1.16 1.15 1.16 1.13 1.14 
NPL ratio2.90 2.93 2.90 2.91 2.91 
NPL coverage ratio64 64 64 67 66 
MARKET CAPITALIZATION AND SHARESSep-26Jun-26%Sep-26Sep-25%Dec-25
Shares (millions)14,556 14,689 (0.9)14,556 14,885 (2.2)14,689 
Number of shareholders3,559,819 3,508,619 1.5 3,559,819 3,520,788 1.13,518,729 
Share price (euros)12.328 12.084 2.0 12.328 8.874 38.9 10.070 
Market capitalization (EUR million)179,452 177,506 1.1 179,452 132,092 35.9 147,921 
Tangible book value per share (euros)5.92 6.32 5.92 5.56 5.76 
Price / Tangible book value per share (X)2.08 1.91 2.08 1.60 1.75 
CUSTOMERS (thousands)Sep-26Jun-26%Sep-26Sep-25%Dec-25
Total customers188,804 182,488 3.5 188,804 172,298 9.6174,197 
Active customers110,576 105,684 4.6 110,576 100,797 9.7 101,651 
Digital customers64,215 61,998 3.6 64,215 58,351 10.159,040 
Note: customer data in 2025 exclude Poland. Including Poland: in December 2025, total customers: 180,221; active customers: 106,410; digital customers: 62,982. In September 2025, total customers: 178,374; active customers: 105,528; digital customers: 62,258.
OTHER DATA Sep-26Jun-26%Sep-26Sep-25%Dec-25
Number of employees186,151 185,279 0.5 186,151 190,646 (2.4)187,539 
Number of branches6,548 6,496 0.8 6,548 7,029 (6.8)6,765 
Note: employees and branches data in 2025 exclude Poland. Including Poland: in December 2025, number of employees 198,403; number of branches 7,124. In September 2025, number of employees 201,304; number of branches 7,389.
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.In the Group's consolidated balance sheet, balances include TSB from 1 May 2026 and include Webster from 20 August 2026, affecting comparisons with prior periods. The assets associated with the Poland disposal were 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' from the announcement of disposal until its completion.
2.In the statutory income statement, results associated with the business subject to the Poland disposal in all periods in 2025 and the resulting capital gain in Q1 2026 are reported under a single line item in the consolidated income statement — 'profit/(loss) after tax from discontinued operations'. Consequently, the results from the Poland disposal perimeter are excluded line by line from the breakdown of continuing operations, though they are included in the profit attributable to the parent and, therefore, in the metrics calculated based on said profit.
3.For further information, see the 'Alternative performance measures' section in this report.
4.In the underlying income statement, results associated with the business subject to the Poland disposal in all periods in 2025 and the resulting capital gain in Q1 2026 are recorded in 'non-recurring items'. This line item also includes some charges for intangible asset impairments and integration costs associated with the M&A transactions recorded in Q2 2026 and Q3 2026. These items grouped under ‘non-recurring items’ are excluded from underlying profit and underlying metrics, and explain the difference between underlying attributable profit and profit attributable to the parent.
5.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 financial 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 in 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 2025 Annual financial report, published in the CNMV on 25 February 2026, our 20-F report for the year ending 31 December 2025 filed with the SEC in the United States on 27 February 2026, as updated by the Form 6-K filed with the SEC on 1 April 2026 in order to reflect our new reporting structure as well as the 'Alternative performance measures' section in this report.
6.Underlying allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers and debt securities issued by non-financial institutions over the last 12 months.
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January - September 2026





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Our business model
CUSTOMER FOCUSBuilding a digital bank with branches
→ We continue to build a digital bank with branches, with a multichannel proposition designed to meet all our customers' financial needs.
189 mn
111 mn
total customersactive customers
SCALEGlobal and in-market scale
→ Our global and in-market scale helps us to improve our local banks' profitability, adding value and network benefits.
→ Our activity is organized under five global businesses: Retail & Commercial Banking (Retail), Openbank, Corporate & Investment Banking (CIB), Wealth Management & Insurance (Wealth) and Payment Solutions (Payments).
→ Our five global businesses support value creation based on the profitable growth and operational leverage that ONE Santander provides.
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DIVERSIFICATIONBusiness, 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
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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
January - September 2026
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•General background
Group financial information
General background
Grupo Santander's operating environment in Q3 2026 continued to be characterized by some volatility, particularly due to geopolitical tensions in the Middle East. However, at the end of the quarter, economic growth indicators were solid across our footprint and unemployment rates generally remained relatively low. Uncertainty regarding the global economic outlook persists. We therefore expect a moderate economic slowdown compared to our initial estimates, as well as a pickup in global inflation, driven by a negative supply shock resulting from the conflict in the Middle East together with higher long-term funding costs in several countries.
Country
GDP Change1
Economic performance
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Eurozone
+1.2%Economic growth was stronger than expected, supported by strong household consumption as consumers used part of their accumulated savings to offset the impact of higher energy prices. Inflation rose above 3%, with inflationary pressures increasing. In response, the ECB raised its deposit facility rate to 2.5% in September.
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Spain
+2.6%
Indicators in Q3 2026 point to solid growth, albeit more moderate than in the previous quarter. Household consumption remained the main activity driver, despite higher inflation and interest rates. Inflation increased to 4.9% in September, driven by higher energy prices, while the rise in core inflation to 3.1% confirms that the energy shock is starting to feed through, especially to services prices, though the pass-through currently remains moderate.
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UK
+1.2%Economic growth in the first nine months of the year was stronger than expected, and the latest data continue to point to resilient activity, supported by household consumption. The labour market continued to weaken, with private wage growth slowing (2.9% in July), though the unemployment rate remained at 4.9%. Headline inflation increased to 3.5% in September, driven by higher energy prices. In September, the Bank of England held interest rates at 3.75%.
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Portugal
+2.5%At the beginning of H2 2026, Portugal's growth remained above the eurozone's, though risks remain from weaker investment, external demand, inflation (3.6% in September) and housing market pressures. The labour market remained strong, with employment growth, the unemployment rate (5.7%) below the natural rate and positive real wage growth. The fiscal surplus remained stable.
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US
+2.2%Q3 2026 indicators point to solid growth, supported by strong private investment and resilient household consumption. The labour market remained stable. Inflation remained elevated at 3.7% in September, driven by higher energy prices. In this context, the Federal Reserve raised the target range for interest rates by 25 bps in September to 3.75-4.00%, signalling the possibility of further rate hikes if there are no clear signs of moderating inflation.
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Mexico
+2.1%After a weak Q1 2026, the economy showed signs of a significant recovery in Q2 2026 and at the beginning of Q3 2026, supported by strong consumption, investment and external demand. Exports continued to grow solidly and the labour market remained resilient, with a very low unemployment rate (2.7%, seasonally adjusted, in August). Inflation picked up to 3.5% in September and core inflation declined to 3.7%. The central bank has held interest rates at 6.5% since May and removed explicit references to the future direction of monetary policy in its latest statement.
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Brazil
+2.0%After GDP accelerated to 2.0% year-on-year in Q2 2026, the economy subsequently began to show signs of moderation, particularly in private consumption. The labour market remained solid, with the unemployment rate close to historical lows (5.3% in August). Inflation remained above the tolerance interval (4.6% in September), pressured by food prices and high inflation in services. The central bank continued its gradual easing cycle, lowering the policy rate by 25 bps in August and again in September to 13.75%, while remaining open to the possibility of further rate cuts depending on inflation trends and expectations.
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Chile-0.2%The economy remained weak, reflecting the downturn in the natural resources sector and the impact of higher fuel prices, which weighed on households’ real income and private consumption. Inflation eased to 4.1% in September, though energy and food prices continued to increase at a high rate. Nevertheless, inflation expectations remain anchored at the 3% target from 2027 onwards. The central bank held interest rates at 4.5%, and indicated that it would continue to assess its monetary policy decisions based on developments in economic activity and inflation.
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Argentina+2.0%During 2026, the economy has shown mixed signals, with weak domestic demand, while exports remained solid. Since Q2 2026, inflation has fallen back following the uptick at the beginning of the year, with a monthly average inflation of 1.9% in Q3 2026 (2.2% in Q2 2026). The central bank maintained a restrictive stance, though with some signs of easing, while fiscal policy remained contractionary, meeting surplus targets.
1.Year-on-year changes for Q2 2026.
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January - September 2026
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•Highlights of the period
Highlights of the period: main figures
ATTRIBUTABLE PROFIT
Q3'26
EUR 3,432 mn
-2% in euros / Q2'26
9M'26
EUR 12,405 mn
+20% in euros / 9M'25
UNDERLYING ATT. PROFIT
Q3'26
EUR 3,848 mn
+2% in euros/ Q2'26
+2% in constant euros
9M'26
EUR 11,176 mn
+16% in euros/ 9M'25
+14% in constant euros
RoTE
RoTE (underlying)
17.4%16.0%
+1.3 pp+1.1 pp
/ 9M'25
VOLUMES AND REVENUE
Loans and advances to customersCustomer
funds
+16%+16%
Net interest incomeNet fee
income
+8%+7%
Note: YoY changes in constant euros and Argentina in current euros.
EFFICIENCY
42.6%
-3 pp / 9M'25
COST OF RISK
1.16%
+3 bps / Sep-25
CET1 RATIO1
12.7%
uIn Q3 2026, profit attributable to the parent was EUR 3,432 million, which included Webster's results from 20 August 2026. Quarter-on-quarter, attributable profit declined 2%, impacted by some charges for intangible asset impairments and integration costs associated with the M&A transactions (EUR 416 million in Q3 2026 compared to EUR 250 million in Q2 2026).
Excluding these non-recurring impacts, underlying attributable profit was EUR 3,848 million, up 2% compared to Q2 2026. In constant euros, underlying profit also increased 2% quarter-on-quarter, supported by our good cost management, in addition to being favoured by the integration of Webster and a full quarter’s contribution from TSB, which more than offset the impact from seasonality on revenue.
uYear-on-year, profit attributable to the parent increased 20% to EUR 12,405 million in 9M 2026, achieving another record, supported by the capital gain from the Poland disposal in Q1 2026.
In underlying terms, profit rose 16% year-on-year to EUR 11,176 million. In constant euros, underlying attributable profit rose 14%, driven by good performances in revenue and costs, with the cost of risk practically stable, and a small positive impact from the incorporation of TSB and Webster.
uUnderlying attributable profit grew strongly year-on-year across most of our global businesses, supported by revenue and good cost management.
uThese excellent results put us in a good position to meet our 2026 targets.
uProfitability improved significantly year-on-year, with RoTE increasing to 17.4% in 9M 2026. Underlying RoTE increased to 16.0%, advancing towards our goal of achieving a RoTE above 20% in 2028.
uWe continued to record strong earnings per share growth, increasing to EUR 83 cents in 9M 2026, favoured by the capital gain from the Poland disposal. Underlying earnings per share improved by 21% year-on-year to EUR 74 cents, boosted by positive profit trends and the share buybacks executed over the last 12 months.
uIn terms of business volumes, both loans and advances to customers and customer funds grew at a solid pace, supported by our focus on active and disciplined capital allocation and management as well as profitable growth. They were also favoured by the incorporation of TSB and Webster.
Gross loans and advances to customers (excluding reverse repos) rose 16% year-on-year in constant euros. Excluding M&A, they increased 6% in constant euros, boosted by widespread growth across businesses.
Customer funds (customer deposits excluding repos plus mutual funds) grew 16% year-on-year in constant euros. Excluding M&A, they rose 8% in constant euros, rising across all global businesses, with a 6% increase in customer deposits in constant euros, mainly driven by time deposits, and double-digit growth in mutual funds.
uIn a somewhat volatile environment, total income grew 8% year-on-year. In constant euros, it rose 7% (+5% excluding M&A, in line with our 2026 target), underpinned by solid performances in net interest income (+8%), driven by higher volumes and our active balance sheet management, and net fee income (+7%), boosted by higher activity and transactionality.
uTotal costs increased 2% year-on-year. In constant euros, they were flat, -2% excluding M&A, in line with our 2026 target. These solid performances in revenue and costs continue to reflect the progress in our ONE Transformation strategy. As a result, the efficiency ratio improved year-on-year to 42.6%, supported by all global businesses.
uCredit quality remained robust, supported by our good risk management and low unemployment levels across our footprint. The Group's cost of risk was virtually unchanged year-on-year at 1.16%, even after the impact from a weaker performance in Argentina in the year, reflecting sector-wide trends in the country. In Retail and Openbank, which accounted for more than 90% of the Group's net loan-loss provisions, cost of risk was 1.20% and 2.10%, respectively.
uThe NPL ratio remained at low levels (2.90%), broadly in line with September 2025 (-1 bp year-on-year). The NPL coverage ratio stood at 64%. Total loan-loss reserves ended the quarter at EUR 25,124 million.
uThe CET1 ratio ended September 2026 at 12.7% including a -1.47 pp impact from the Webster acquisition in the period. Excluding it, the CET1 ratio increased 0.14 pp in quarter, mainly due to 0.19 pp of net organic capital generation in the quarter, the result of +0.59 pp from profit generation, -0.33 pp from capital distributions2 and -0.07 pp from net RWA growth. We remain on track to meet our aim to end the year with a CET1 ratio in the range of 12.8-13%, at the top end of our 12-13% operating range.

Note: in this section, unless indicated otherwise, results are presented on an underlying basis and management metrics exclude Poland in all periods of 2025. For further information, see the 'Significant events in the period' and 'Alternative performance measures' sections in this report.
1.CET1 ratio on a phased-in basis, calculated in accordance with the transitory treatment of the CRR.
2.Capital distribution includes deduction for the accrual of ordinary shareholder remuneration and AT1 costs. For further information on our shareholder remuneration policy, see the 'Santander share' section in this report.
January - September 2026
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•Highlights of the period
Think Value
ORDINARY SHAREHOLDER REMUNERATION*
EUR million
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+10%higher than 2025 interim cash dividend
*Remuneration based on the full-year results of each period
TNAVps + CASH DPS
n Cash DPS: EUR 25.20 cents
+11%
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/ Sep-25
uIn application of the current shareholder remuneration policy charged against 2026 results:
i)On 29 September 2026, the board of directors approved an interim cash dividend of EUR 12.70 cents per share, 10% higher than its 2025 equivalent, which will be paid from 2 November.
Including the EUR 12.50 cent cash dividend per share paid in May, the cash dividends per share paid during 2026 will be 12% higher than that paid in 2025.
ii)On 10 August 2026, once the applicable regulatory approval had been obtained, we announced the first 2026 buyback programme of up to EUR 1,825 million, which commenced on 24 August.
This new programme puts us on track to achieve our goal of distributing at least EUR 10 billion through share buybacks charged against 2025 and 2026 results and against expected capital excess1. Considering this new programme, we will have carried out approximately 90% of this goal.
uTotal shareholder remuneration charged against H1 2026 results will be approximately EUR 3,660 million, 8% higher than the remuneration charged against H1 2025 results. The amount is approximately 50% of H1 2026 underlying attributable profit, split broadly equally between cash dividend payments and share buybacks.
uAt the end of the quarter, TNAV per share was EUR 5.92. Including the final cash dividend charged against 2025 results and the interim dividend charged against 2026 results approved in September, TNAV per share increased 11% year-on-year.
Think Customer
CUSTOMER GROWTH
(vs. Sep-25)
Total customers:+17mn
Active customers:+10mn
uWe continued to make progress in the implementation of our global platforms, which represent a clear competitive advantage, as the capability to build platforms once and deploy them across multiple markets enables us to improve time-to-market, cost to serve and customer satisfaction.
uThese developments, alongside other initiatives focused on delivering the best experience to our customers and improving service quality, enable us to continue to attract more customers to the Group.
uAs a result, total customers increased 17 million year-on-year and active customers grew 10 million year-on-year, both also favoured by the incorporation of TSB and Webster.
Think Global
Contribution to Group revenue 2
Retail
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55%
Openbank
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21%
CIB
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15%
Wealth
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7%
Payments
payments.jpg
2%
9M 2026 data. Year-on-year changes in constant euros.
uIn Retail, underlying attributable profit grew 12% to EUR 6,445 million, boosted by solid revenue and cost performances, reflecting our transformation efforts. It also benefitted from the incorporation of TSB from 1 May 2026 and Webster from 20 August 2026.
uThe efficiency ratio improved to 39.9% and cost of risk stood at 1.20%. RoTE rose to 17.7%.
uIn Openbank, profit before tax excluding provisions for potential claims in the UK increased 13%, driven by revenue and cost improvements and the incorporation of Webster. This growth was not reflected in underlying attributable profit due to the impact from the end of tax incentives for electric vehicles in the US in 2025.
uThe efficiency ratio improved to 40.4% and cost of risk was 2.10%, with RoTE at 9.0%.
uIn CIB, underlying attributable profit rose 15% to EUR 2,433 million, driven by higher revenue across all business lines, while costs grew 8 pp less than revenue.
uThe efficiency ratio improved to 42.6% and RoTE to 19.2%.
uIn Wealth, underlying attributable profit rose 19% to EUR 1,651 million, boosted by solid commercial activity and a favourable market performance, with double-digit growth in both net fee income and gains on financial transactions.
uThe efficiency ratio improved to 34.6% and RoTE was 58.2%.
uIn Payments, underlying attributable profit increased significantly to EUR 105 million, with revenue growing 15%, much faster than costs, boosted by higher activity.
uEBITDA margin reached 34.0% (+2.4 pp year-on-year).
1.As previously announced, Santander intends to allocate at least 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 is subject to corporate and regulatory decisions and approvals.
2.As % of total operating areas, excluding the Corporate Centre.
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January - September 2026
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•Statutory income statement

Grupo Santander results
As a result of the announcement of the Poland disposal and in accordance with IFRS 5 requirements, in the statutory income statement, results associated with the business subject to the Poland disposal are reported under a single line item in the consolidated income statement — 'profit/(loss) after tax from discontinued operations' — for results corresponding to 2025. Additionally, in Q1 2026, the capital gain from the closing of the Poland disposal was recorded in the same 'profit/(loss) after tax from discontinued operations' line item. For further information, see the 'Alternative performance measures' section in this report. Furthermore, as mentioned in the 'Significant events in the period' section, Q2 2026 results include TSB from 1 May 2026 and Q3 2026 results include Webster from 20 August 2026.
Grupo Santander. Summarized income statement
EUR million
ChangeChange
Q3'26Q2'26%9M'269M'25%
Net interest income11,834 11,692 1.2 34,545 31,559 9.5 
Net fee income 1
3,498 3,494 0.1 10,349 9,501 8.9 
Gains or losses on financial assets and liabilities and exchange differences 2
347 81 328.4 1,079 1,653 (34.7)
Dividend income135 534 (74.7)759 559 35.8 
Share of results of entities accounted for using the equity method246 163 50.9 722 480 50.4 
Other operating income/expenses (net) 3
(169)(282)(40.1)(741)(504)47.1 
Total income15,891 15,682 1.3 46,713 43,248 8.0 
Operating expenses(6,437)(6,405)0.5 (18,972)(18,430)2.9 
   Administrative expenses(5,650)(5,566)1.5 (16,518)(16,008)3.2 
       Staff costs (3,586)(3,551)1.0 (10,516)(10,063)4.5 
       Other general administrative expenses (2,064)(2,015)2.4 (6,002)(5,945)1.0 
   Depreciation and amortization(787)(839)(6.2)(2,454)(2,422)1.3 
Provisions or reversal of provisions(672)(985)(31.8)(2,422)(1,709)41.7 
Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)(3,476)(3,373)3.1 (10,047)(9,372)7.2 
Impairment on other assets (net)(497)(8)— (527)(188)180.3 
Gains or losses on non-financial assets and investments, net26 3 766.7 42 (22)— 
Negative goodwill recognized in results(2)5 — 3 22 (86.4)
Gains or losses on non-current assets held for sale not classified as discontinued operations(5)13 — (1)212 — 
Profit or loss before tax from continuing operations4,828 4,932 (2.1)14,789 13,761 7.5 
Tax expense or income from continuing operations(1,192)(1,192)— (3,634)(3,560)2.1 
Profit from the period from continuing operations3,636 3,740 (2.8)11,155 10,201 9.4 
Profit or loss after tax from discontinued operations— — — 1,895 1,152 64.5 
Profit for the period3,636 3,740 (2.8)13,050 11,353 14.9 
Profit attributable to non-controlling interests(204)(222)(8.1)(645)(1,016)(36.5)
Profit attributable to the parent3,432 3,518 (2.4)12,405 10,337 20.0 
EPS (euros)0.23 0.23 (3.3)0.83 0.66 24.9 
Diluted EPS (euros)0.23 0.23 (3.4)0.82 0.66 24.8 
Memorandum items:
   Average total assets2,040,997 1,923,462 6.1 1,937,275 1,834,698 5.6 
   Average stockholders' equity111,229 108,548 2.5 108,975 101,001 7.9 
Note: the summarized income statement groups some lines of the consolidated statutory income statement on page 86 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’.
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•Statutory income statement
Statutory income statement
9M 2026 results compared to 9M 2025
In 9M 2026, profit attributable to the parent totalled EUR 12,405 million, including the capital gain of EUR 1,895 million from the closing of the Poland disposal in Q1 2026, TSB's results from 1 May 2026 and Webster's results from 20 August 2026. As a result, profit increased 20% year-on-year, also supported by solid performances across businesses and good activity levels.
Total income
Total income in 9M 2026 amounted to EUR 46,713 million, up 8% year-on-year. By line:
•Net interest income totalled EUR 34,545 million, 9% higher than in 9M 2025, supported by good performances in Retail, CIB and Openbank.
Net interest income
EUR million
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•Net fee income amounted to EUR 10,349 million, up 9% compared to 9M 2025, underpinned by growth across businesses. Of note were Retail, where we saw solid trends across most countries, and CIB and Wealth, both driven by commercial activity.
Net fee income
EUR million
chart-f21ffa3ace544dbdb95.jpg
•Gains or losses on financial assets and liabilities and exchange differences stood at EUR 1,079 million (EUR 1,653 million in 9M 2025) affected by lower results in the Corporate Centre, due to a greater impact from foreign currency hedges, and, to a lesser extent, due to lower results in Global Markets in CIB.

•Dividend income was EUR 759 million (EUR 559 million in 9M 2025). The increase was mainly driven by dividends from our stake in Poland recorded in the Corporate Centre.
•Income from companies accounted for by the equity method reached EUR 722 million, compared to EUR 480 million in 9M 2025, mainly due to higher results from certain stakes recorded in the Corporate Centre.
•Other operating income recorded a loss of EUR 741 million, compared to a EUR 504 million loss in 9M 2025, mainly due to a more negative impact from the hyperinflation adjustment in Argentina.
In summary, we had a solid performance in total income, reflecting the benefits of our diversification and global scale, our sound margin management and higher volumes.
Total income
EUR million
chart-75ece70cef494cbdb03.jpg
Operating expenses
Operating expenses in 9M 2026 amounted to EUR 18,972 million, increasing 3% year-on-year, rising at a much slower pace than revenue.
Our cost management continued to focus on further structurally improving efficiency. We continued to drive our business model transformation plan, ONE Transformation, which, together with the benefits from the rollout of our global platforms, the use of AI and network effects across our footprint, is resulting in greater operational leverage and better commercial dynamics.
Operating expenses
EUR million
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•Statutory income statement
Provisions or reversal of provisions
Provisions (net of provision reversals) amounted to EUR 2,422 million in 9M 2026 and included additional provisions for potential complaints related to motor finance dealer commissions in the UK, mainly in Q1 2026, and M&A-related integration costs totalling EUR 337 million (EUR 250 million net of tax) in Q2 2026 and EUR 128 million (EUR 94 million net of tax) in Q3 2026. In 9M 2025, this line totalled EUR 1,709 million.
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 10,047 million, heavily impacted by Argentina, reflecting sector-wide trends in the country. In 9M 2025, it was EUR 9,372 million and included provisions which strengthened the balance sheet after having updated macroeconomic parameters in Brazil’s credit provisioning models.
Impairment on other assets (net)
The impairment on other assets (net) was EUR 527 million and included impairment on assets totalling EUR 469 million (EUR 322 million net of tax and non-controlling interests), mainly in the US and the UK, as part of the M&A-related integration process. In 9M 2025, the impairment on other assets totalled EUR 188 million.
Gains or losses on non-financial assets and investments (net)
This line recorded a net gain of EUR 42 million in 9M 2026. In the same period in 2025, this line recorded a EUR 22 million loss.
Negative goodwill recognized in results
In 9M 2026, there was EUR 3 million of negative goodwill. In 9M 2025, we recorded EUR 22 million relating to the acquisition of CrediScotia Financiera from Scotiabank, which expanded our presence in the consumer business in Peru.
Gains or losses on non-current assets held for sale not classified as discontinued operations
This item, which mainly includes the sale and impairments of foreclosed assets, recorded a EUR 1 million loss in 9M 2026. In 9M 2025, this line recorded a EUR 212 million gain, which included a capital gain of EUR 231 million in Q2 2025 from the sale of Santander’s remaining 30.5% stake in CACEIS.
Profit or loss before tax from continuing operations
Profit before tax was EUR 14,789 million in 9M 2026, up 7% year-on-year, supported by solid performances in net interest income and net fee income, together with good cost management.
Tax expense or income from continuing operations
Total tax expense in 9M 2026 amounted to EUR 3,634 million. In 9M 2025, tax expense was EUR 3,560 million. In both periods, this line included a charge related to the accrual of the tax on expected income obtained in Spain for the year, for similar amounts.
Profit or loss after tax from discontinued operations
Profit from discontinued operations totalled EUR 1,895 million in 9M 2026, corresponding to the capital gain generated from the completion of the Poland disposal in Q1 2026, compared to EUR 1,152 million in 9M 2025, which reflects the results associated with the business subject to the Poland disposal.
Profit attributable to non-controlling interests
Profit attributable to non-controlling interests amounted to EUR 645 million in 9M 2026, compared to EUR 1,016 million in 9M 2025.
Profit attributable to the parent
Profit attributable to the parent rose to a new record of EUR 12,405 million in 9M 2026, compared to EUR 10,337 million in 9M 2025. This 20% increase year-on-year was driven by our solid revenue performance and good cost control, and was also supported by the aforementioned capital gain.

January - September 2026
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•Underlying income statement
Underlying income statement
→ We delivered another strong quarter and achieved a new record underlying profit in 9M 2026.
→ We continued to drive profitable growth and efficiency improvements, while maintaining sound credit quality.
→ Results include TSB from 1 May 2026 and Webster from 20 August 2026, with impacts of around 1-3 pp across the main P&L lines.
Underlying attributable profit
EfficiencyUnderlying RoTE
EUR 11,176 million+16% in euros42.6%16.0%
+14% in constant euros-3 pp+1.1 pp
Note: changes vs. 9M 2025.
9M 2026 results compared to 9M 2025
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, the impact of exchange rates during the period was not significant, with a favourable year-on-year impact of 1.7 pp on total income and an unfavourable impact of 1.2 pp on total costs.
In addition, to better understand the business trends, the underlying income statement includes the reclassification of certain items.
These reclassifications between the underlying income statement and the statutory income statement in both periods mainly include certain charges that are presented in the underlying income statement under 'total costs' and are recorded under the 'other gains (losses) and provisions' line item in the statutory income statement. These recurring operating charges are primarily related to labour and legal processes.
On the other hand, regarding results that fall outside the ordinary course of our business and are therefore excluded from the underlying income statement:
In 9M 2026:
•The total amount recorded under the 'non-recurring items' line item was EUR 1,229 million. This line includes the EUR 1,895 million capital gain from the completion of the Poland disposal in Q1 2026. It also includes some charges for intangible asset impairments and integration costs associated with the M&A transactions totalling EUR 250 million (net of tax) in Q2 2026 and EUR 416 million (net of tax and non-controlling interests) in Q3 2026.
In 9M 2025:
•The total amount in 'non-recurring items' was EUR 713 million corresponding to the results related to the business subject to the Poland disposal.
•Additionally, in Q2 2025 this line included the following two events of the same value but opposite signs:
•A capital gain of EUR 231 million from the sale of Santander’s remaining 30.5% stake in CACEIS.
•A one-off charge of EUR 467 million (EUR 231 million, net of tax and non-controlling interests), which strengthened the balance sheet after having updated macroeconomic parameters in Brazil’s credit provisioning models.
Summarized underlying income statement
EUR million
Ex. M&A
ChangeChange
9M'269M'25%% excl. FX%% excl. FX
Net interest income34,614 31,599 9.57.96.95.3
Net fee income10,349 9,462 9.47.38.66.6
Gains (losses) on financial transactions 1
1,079 1,647 (34.5)(35.2)(35.3)(36.0)
Other operating income765 535 43.045.345.748.1
Total income46,807 43,243 8.26.66.24.5
Total costs(19,925)(19,623)1.50.3(0.8)(2.0)
Net operating income26,882 23,620 13.811.712.09.9
Net loan-loss provisions(10,060)(8,908)12.910.312.19.5
Other gains (losses) and provisions(1,051)(702)49.750.342.142.7
Profit before tax15,771 14,010 12.610.810.48.6
Tax on profit(3,916)(3,775)3.71.91.5(0.4)
Profit from continuing operations11,855 10,235 15.814.113.611.9
Net profit from discontinued operations— — ————
Consolidated profit11,855 10,235 15.814.113.611.9
Non-controlling interests(679)(611)11.18.811.18.8
Underlying profit attributable to the parent 2
11,176 9,624 16.114.413.812.1
Non-recurring items1,229 713 72.472.4
Profit attributable to the parent12,405 10,337 20.018.3
Underlying EPS (euros)0.74 0.61 20.7 
Underlying diluted EPS (euros)0.74 0.61 20.7 
1. Includes exchange differences.
2. Excludes non-recurring items.
Note: all underlying management metrics have been calculated excluding Poland. For further information, see the 'Alternative performance measures' section in this report.
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January - September 2026
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•Underlying income statement
For further information on the reconciliation between the statutory and underlying income statements, see the 'Alternative performance measures' section in this report.
As a result, profit attributable to the parent and underlying profit attributable to the parent were not the same in either period.
•Profit attributable to the parent in 9M 2026 was EUR 12,405 million, compared to EUR 10,337 million in 9M 2025, representing a 20% year-on-year increase in euros, +18% in constant euros.
•Underlying profit attributable to the parent reached EUR 11,176 million in 9M 2026, compared to EUR 9,624 million in 9M 2025. This represents a 16% increase year-on-year in euros, +14% in constant euros.
This underlying profit year-on-year comparison reflects solid trends in both total income and total costs and was also slightly favoured by the TSB and Webster acquisitions, with impacts of around 1-3 pp across the main P&L lines. Excluding them, underlying attributable profit rose 14%, +12% in constant euros.
Total income amounted to EUR 46,807 million in 9M 2026, an 8% increase year-on-year. In constant euros, it increased by 7% year-on-year, with the following detail by line:
•Net interest income (NII) performed well, increasing 8% year-on-year. By business:
•In Retail, it grew by 7%, with positive performances in most countries, supported by higher volumes and our active balance sheet management, in addition to being favoured by the incorporation of TSB and Webster. Excluding M&A, net interest income rose 3%.
•In Openbank, NII rose 5% driven by Openbank Europe and our business in South America, supported by higher volumes and disciplined margin management. It was also driven by the US, favoured by the Webster acquisition.
•In CIB, NII increased strongly (+32%), mainly due to higher financing volumes in less capital-intensive products in Global Markets.
•In Wealth, NII was flat as loan growth offset a higher cost of deposits.
•In Payments, NII decreased 3% affected by declines in Getnet in Brazil and Argentina.
Net interest income
EUR million
leyendaconstantesa14.gif constant euros
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•Net fee income rose 7% year-on-year, driven by widespread growth across all businesses, reflecting the network effect benefits and higher transactionality. By business:
•In Retail, it grew by 8% (excluding M&A, +7%) particularly in transactional, FX, insurance and mutual fund fees and with good trends across most countries.
•In Openbank, net fee income rose 1%, boosted by positive performances in South America, due to portfolio expansion and higher insurance activity, and by the Webster acquisition, which more than offset lower servicing fees in the US.
•In CIB, it grew 7%, underpinned by Global Banking, with strong growth in Corporate Finance, especially in the US, and positive dynamics in Global Transaction Banking, due to Export & Agency Finance in Europe and Trade Finance in the US and Europe.
•In Wealth, net fee income rose 11%, with solid performances in both business lines; in Private Banking, driven by mutual funds and securities fees, and in Insurance & Asset Management Solutions, due to higher assets under management.
•In Payments, it increased 6% mainly in Getnet and Ebury, driven by higher activity.
Excluding M&A, net fee income also rose 7%, outpacing net interest income growth (+5%), in line with our target.
Net fee income
EUR million
leyendaconstantesa14.gif constant euros
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•Gains on financial transactions decreased 35%, mainly in the Corporate Centre, due to higher impacts from foreign exchange hedges and, to a lesser extent, to lower results in Global Markets in CIB, partially offset by a solid performance in Wealth.
•Other operating income increased 45% compared to the same period in 2025, as dividends from our stake in Poland and higher results from other stakes, both recorded in the Corporate Centre, more than offset a greater negative impact from the hyperinflation adjustment in Argentina.
This total income performance keeps us on track to achieve our mid-single-digit revenue growth target for 2026.
January - September 2026
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•Underlying income statement
Total income
EUR million
leyendaconstantesa14.gif constant euros

chart-9eefc723f071496d9a8.jpg
Total costs in 9M 2026 amounted to EUR 19,925 million, up 2% compared to 9M 2025 and stable in constant euros. In real terms (i.e. excluding the impact of average inflation and perimeter effects and in constant euros), they were 5% lower.
This positive performance reflects our transformation efforts and lower charges related to asset impairments and operational risk, mainly in Retail and in Openbank Europe.
By business and in constant euros, total costs performed as follows:
•In Retail, total costs decreased 1%, even with the incorporation of TSB and Webster. In real terms, they fell 8%, reflecting our transformation efforts and lower operational risk charges. The efficiency ratio improved to 39.9% from 42.9% in 9M 2025.
•In Openbank, total costs decreased 3%. In real terms, they declined 8%, supported by our efficiency efforts and our focus on transformation, primarily in Europe and the US, as well as by lower operational risk and asset impairment charges. The efficiency ratio improved to 40.4% from 43.5% in 9M 2025.
•In CIB, total costs rose 5%, +2% in real terms, reflecting higher activity levels, but they increased 8 pp less than revenue growth. We maintained a leading position among peers in terms of efficiency, with the efficiency ratio improving to 42.6% from 46.4% in 9M 2025.
•In Wealth, total costs grew 4%, at a much slower pace than revenue (+10%), reflecting our investments to strengthen our teams and develop new capabilities to address increasing commercial activity. The efficiency ratio improved to 34.6% from 36.7% in 9M 2025.
•In Payments, total costs rose 8%, reflecting investments in the development of our global platforms. However, costs grew at a much slower pace than revenue, which increased 15% in constant euros.
Total costs
EUR million
leyendaconstantesa14.gif constant euros
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Net operating income in 9M 2026 amounted to EUR 26,882 million, up 14% compared to 9M 2025. In constant euros, it rose 12%, underpinned by the good performances in net interest income and net fee income, while also reflecting the positive impacts from our transformation efforts on costs.
The efficiency ratio stood at 42.6%, improving by 3 pp year-on-year, supported by positive dynamics in both revenue and costs, with efficiency improvements across all global businesses.
Our operating management remained focused on structurally improving our efficiency through revenue growth and cost reductions excluding M&A, with the aim of achieving an efficiency ratio close to 36% by the end of 2028. With that aim, we continued to make progress in our transformation plan, ONE Transformation, which increases operational leverage, improving business dynamics, simplifying processes and promoting leaner and more agile structures.
Net operating income
EUR million
leyendaconstantesa14.gif constant euros
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January - September 2026
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•Underlying income statement
Net loan-loss provisions amounted to EUR 10,060 million in 9M 2026, a 13% increase year-on-year.
In constant euros, they grew 10%, mainly due to higher provisions in Retail Argentina, reflecting sector-wide trends in the country. Excluding Argentina, net loan-loss provisions rose 6%, in line with our organic loan portfolio growth. Additionally, they increased in CIB, due to some single names, and in Openbank in Brazil and Europe, driven by model updates and volumes growth. These increases were partially offset by good performances in Retail Spain, Openbank US and the Corporate Centre, the latter having recorded provisions in H1 2025 which improved the Group's credit quality.
All in all, the cost of risk was broadly stable at 1.16%, in line with the Group’s year-end target.
Net loan-loss provisions
EUR million
leyendaconstantesa14.gif constant euros
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Other gains (losses) and provisions recorded a EUR 1,051 million loss in 9M 2026, compared to a EUR 702 million loss in 9M 2025. The year-on-year comparison was mainly affected by the EUR 245 million additional provisions for potential complaints related to motor finance dealer commissions in the UK (EUR 194 million, net of tax and non-controlling interests) and higher charges related to our transformation, especially in the Corporate Centre, Retail and Openbank Europe.
Tax on profit amounted to EUR 3,916 million, a 4% increase year-on-year, +2% in constant euros. In both 9M 2026 and 9M 2025, this line included a charge related to the accrual of the tax on expected income obtained in Spain for the year, for similar amounts.
Underlying profit attributable to the parent in 9M 2026 reached EUR 11,176 million, 16% higher than in 9M 2025. In constant euros, it increased by 14% year-on-year. This keeps us on track to achieve our 2026 underlying attributable profit target of more than EUR 14.1 billion excluding M&A.
Underlying profit attributable to the parent
EUR million
leyendaconstantesa14.gif constant euros
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Underlying RoTE for 9M 2026 reached 16.0% compared to 14.9% in 9M 2025. Underlying RoRWA stood at 2.53% (2.25% in 9M 2025) and underlying earnings per share stood at EUR 0.74 (EUR 0.61 in 9M 2025).
The non-recurring items line item recorded:
•In 9M 2026, a EUR 1,229 million positive result, corresponding to the EUR 1,895 million capital gain from the completion of the Poland disposal in Q1 2026, partially offset by some charges for intangible asset impairments and integration costs associated with the M&A transactions totalling EUR 250 million (net of tax) in Q2 2026 and EUR 416 million (net of tax and non-controlling interests) in Q3 2026.
•In 9M 2025, a EUR 713 million positive result related to the business subject to the Poland disposal.
Considering these non-recurring items, profit attributable to the parent in 9M 2026 was EUR 12,405 million, +20% year-on-year, +18% in constant euros.
RoTE for 9M 2026 reached 17.4% compared to 16.1% in 9M 2025. RoRWA was 2.72% (2.39% in 9M 2025) and earnings per share stood at EUR 0.83 (EUR 0.66 in 9M 2025).


January - September 2026
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•Underlying income statement
Q3 2026 results compared to Q2 2026
As described above, there were some results that did not form part of our underlying business that were included under 'non-recurring items' in both Q3 2026 and Q2 2026. This line item includes some charges for intangible asset impairments and integration costs associated with the M&A transactions totalling EUR 250 million (net of tax) in Q2 2026 and EUR 416 million (net of tax and non-controlling interests) in Q3 2026.
As a result, profit attributable to the parent and underlying profit attributable to the parent were not the same in either period.
•Profit attributable to the parent in Q3 2026 was EUR 3,432 million, compared to EUR 3,518 million in Q2 2026, impacted by the aforementioned charges.
•Underlying profit attributable to the parent in Q3 2026 stood at EUR 3,848 million, compared to EUR 3,768 million in Q2 2026.
Underlying profit increased 2% quarter-on-quarter. In constant euros, it also rose 2%, supported by a good cost performance and favoured by the incorporation of Webster from 20 August 2026 and a full quarter’s contribution from TSB. Excluding M&A, underlying profit was impacted by the seasonal effects typically associated with the quarter.
In constant euros:
•Total income rose 1%, by line as follows:
•Net interest income increased 2%, boosted by M&A, a good performance in Openbank, driven by higher volumes, and improvements in Retail in the UK (higher yield on loans and volumes), Spain (balance sheet management) and the US (volumes). These positive dynamics more than offset drops in Retail in Brazil (seasonality and a changing mix towards lower-
risk products) and in Chile (following a strong Q2 2026 due to higher inflation) and a decline in CIB, largely driven by Global Markets, which is seasonally higher in the first half of the year.
•Net fee income was flat, as the positive impacts from M&A, solid performances across most countries in Retail and growth in both business lines in Wealth offset seasonality in net fee income in CIB and a slight decline in Openbank Europe, impacted by a weaker new business performance in the quarter.
•Other income reflected seasonality between dividends and gains on financial transactions, as well as an increase from higher results from stakes recorded in the Corporate Centre and the impact of regulatory charges in Q2.
•Total costs decreased 1%, even with the M&A impact. Excluding it, the improvement was mainly driven by a strong reduction in Retail, supported by transformation-related cost reductions especially in Brazil and the UK, and good performances in Openbank across our main markets.
•Net loan-loss provisions rose 4%. Excluding M&A, they rose broadly in line with loan growth, as lower provisions in CIB from single names and positive performances across most of Retail's footprint partially offset an increase mainly in Openbank US which is seasonally higher in the second half of the year.
•The other gains (losses) and provisions line item recorded a EUR 336 million loss compared to a EUR 313 million loss in Q2 2026. The year-on-year comparison was mainly impacted by higher transformation charges in the Corporate Centre, partly offset by the provisions for potential complaints related to motor finance dealer commissions in the UK recorded in Q2 2026 (EUR 39 million).
Summarized underlying income statement
EUR million
ChangeEx. M&A
Change
Q3'26Q2'26%% excl. FX%% excl. FX
Net interest income11,903 11,692 1.81.5(1.6)(1.9)
Net fee income3,498 3,494 0.1(0.1)(1.1)(1.3)
Gains (losses) on financial transactions 1
347 81 328.4314.6334.8320.4
Other operating income212 440 (51.8)(51.6)(50.2)(49.9)
Total income15,960 15,707 1.61.3(1.2)(1.5)
Total costs(6,714)(6,727)(0.2)(0.6)(3.2)(3.6)
Net operating income9,246 8,980 3.02.70.30.0
Net loan-loss provisions(3,486)(3,349)4.14.02.92.8
Other gains (losses) and provisions(336)(313)7.36.7(9.8)(10.4)
Profit before tax5,424 5,318 2.01.7(0.8)(1.1)
Tax on profit(1,367)(1,299)5.24.92.82.5
Profit from continuing operations4,057 4,019 0.90.7(2.0)(2.2)
Net profit from discontinued operations— — ————
Consolidated profit4,057 4,019 0.90.7(2.0)(2.2)
Non-controlling interests(209)(251)(16.7)(15.1)(16.7)(15.1)
Underlying profit attributable to the parent 2
3,848 3,768 2.11.7(1.0)(1.4)
Non-recurring items(416)(250)66.466.4
Profit attributable to the parent3,432 3,518 (2.4)(2.8)
Underlying EPS (euros)0.26 0.25 1.7 
Underlying diluted EPS (euros)0.25 0.25 1.6 
1. Includes exchange differences.
2. Excludes non-recurring items.
18
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January - September 2026
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•Balance sheet
Grupo Santander's balance sheet
As a result of the Poland disposal and in accordance with IFRS 5 requirements, the assets associated with the Poland disposal were classified under the 'non-current assets held for sale' line item in the Group’s consolidated balance sheet and the related liabilities under 'liabilities associated with non-current assets held for sale' from the announcement of disposal until its completion. As previously explained in the 'Significant events in the period' section, the balance sheet includes TSB from 1 May 2026 and Webster from 20 August 2026.
Grupo Santander. Condensed balance sheet
EUR million
Change
AssetsSep-26Sep-25Absolute%Dec-25
Cash, cash balances at central banks and other demand deposits162,336 161,899 437 0.3 152,281 
Financial assets held for trading 317,169 248,856 68,313 27.5 252,318 
   Debt securities115,471 91,891 23,580 25.7 98,568 
   Equity instruments23,622 17,998 5,624 31.2 22,030 
   Loans and advances to customers48,803 35,988 12,815 35.6 32,766 
   Loans and advances to central banks and credit institutions59,471 44,151 15,320 34.7 40,599 
   Derivatives69,802 58,828 10,974 18.7 58,355 
Financial assets designated at fair value through profit or loss1
16,717 15,585 1,132 7.3 15,807 
   Loans and advances to customers5,715 6,550 (835)(12.7)6,440 
   Loans and advances to central banks and credit institutions393 457 (64)(14.0)413 
   Other (debt securities and equity instruments)10,609 8,578 2,031 23.7 8,954 
Financial assets at fair value through other comprehensive income79,584 74,037 5,547 7.5 74,612 
   Debt securities60,712 59,903 809 1.4 58,305 
   Equity instruments4,071 2,185 1,886 86.3 2,281 
   Loans and advances to customers14,392 11,635 2,757 23.7 12,906 
   Loans and advances to central banks and credit institutions409 314 95 30.3 1,120 
Financial assets measured at amortized cost1,414,627 1,175,701 238,926 20.3 1,202,689 
   Debt securities181,427 128,115 53,312 41.6 140,014 
   Loans and advances to customers1,137,977 973,036 164,941 17.0 985,176 
   Loans and advances to central banks and credit institutions95,223 74,550 20,673 27.7 77,499 
Investments in joint ventures and associated entities7,980 7,352 628 8.5 7,052 
Tangible assets26,477 28,408 (1,931)(6.8)27,438 
Intangible assets26,135 17,287 8,848 51.2 17,308 
    Goodwill18,923 12,025 6,898 57.4 11,958 
    Other intangible assets7,212 5,262 1,950 37.1 5,350 
Non-current assets held for sale2,831 69,369 (66,538)(95.9)75,011 
Other assets2
48,478 42,174 6,304 14.9 42,999 
Total assets2,102,334 1,840,668 261,666 14.2 1,867,515 
Liabilities and shareholders' equity
Financial liabilities held for trading 218,458 164,608 53,850 32.7 171,546 
   Customer deposits51,075 42,926 8,149 19.0 36,120 
   Debt securities issued— — — — — 
   Deposits by central banks and credit institutions58,400 31,415 26,985 85.9 39,443 
   Derivatives62,767 51,712 11,055 21.4 51,968 
   Other46,216 38,555 7,661 19.9 44,015 
Financial liabilities designated at fair value through profit or loss44,042 37,079 6,963 18.8 42,148 
   Customer deposits25,424 23,938 1,486 6.2 25,930 
   Debt securities issued15,505 10,608 4,897 46.2 11,686 
   Deposits by central banks and credit institutions3,088 2,508 580 23.1 4,510 
   Other25 25 — — 22 
Financial liabilities measured at amortized cost1,657,662 1,414,964 242,698 17.2 1,421,184 
   Customer deposits1,145,764 959,266 186,498 19.4 979,150 
   Debt securities issued338,820 306,015 32,805 10.7 312,704 
   Deposits by central banks and credit institutions122,387 106,617 15,770 14.8 93,234 
   Other50,691 43,066 7,625 17.7 36,096 
Liabilities under insurance contracts22,466 18,620 3,846 20.7 18,737 
Provisions8,712 7,744 968 12.5 8,355 
Liabilities associated with non-current assets held for sale— 59,058 (59,058)(100.0)62,995 
Other liabilities3
32,594 28,681 3,913 13.6 29,802 
Total liabilities1,983,934 1,730,754 253,180 14.61,754,767 
Shareholders' equity145,931 139,081 6,850 4.9 141,144 
   Capital stock7,278 7,443 (165)(2.2)7,345 
   Reserves4
128,081 123,005 5,076 4.1 121,396 
   Profit attributable to the Group 12,405 10,337 2,068 20.0 14,101 
   Less: dividends(1,833)(1,704)(129)7.6 (1,698)
Other comprehensive income(34,419)(38,004)3,585 (9.4)(37,974)
Minority interests6,888 8,837 (1,949)(22.1)9,578 
Total equity118,400 109,914 8,486 7.7 112,748 
Total liabilities and equity2,102,334 1,840,668 261,666 14.2 1,867,515 

Note: the condensed balance sheet groups some lines of the consolidated balance sheet on pages 84 and 85 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 rate risk’; 'Assets under reinsurance contracts'; ‘Tax assets’; and ‘Other assets’.
3.‘Hedging derivatives’; ‘Changes in the fair value of hedged items in portfolio hedges of interest rate risk’; ‘Tax liabilities’; and ‘Other liabilities‘.
4.‘Share premium’; ‘Equity instruments issued other than capital’; ‘Other equity’; ‘Accumulated retained earnings’; ‘Revaluation reserves’; ‘Other reserves’; and ‘Own shares’.
January - September 2026
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19
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•Balance sheet
Gross loans and advances to customers (excl. reverse repos)
Customer funds (deposits excl. repos + mutual funds)
Good loan portfolio performance, boosted in part by the incorporation of TSB and Webster.
Customer funds increased both quarter-on-quarter and year-on-year, supported by the incorporation of TSB and Webster.
EUR 1,143 billion+7% QoQ+2% QoQ ex. M&AEUR 1,387 billion+7% QoQ+2% QoQ ex. M&A
+16% YoY+6% YoY ex. M&A+16% YoY+8% YoY ex. M&A
By business:
By product:
Year-on-year growth across all businesses. Notable increases in Retail mortgages, auto in Openbank and a double-digit rise in CIB.
Compared to September 2025, higher deposits, both demand and time deposits, and strong growth in mutual funds, with widespread increases across countries.
Retailex. M&AOpenbankex. M&ACIBDemandex. M&ATimeex. M&AMutual funds
+16%+3%+7%+3%+28%+17%+3%+18%+13%+13%
Note: changes in constant euros.
Loans and advances to customers
As at 30 September 2026, loans and advances to customers stood at EUR 1,206,887 million, a 5% increase quarter-on-quarter, and a 17% rise year-on-year. The quarter-on-quarter comparison was favoured by the incorporation of Webster from 20 August 2026 and the year-on-year comparison was favoured by both Webster and the incorporation of TSB from 1 May 2026.
For the purpose of analysing traditional banking loans, the Group uses gross loans and advances to customers excluding reverse repos. As at 30 September 2026, gross loans and advances to customers, excluding reverse repos, totalled EUR 1,142,609 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 June 2026, gross loans and advances to customers excluding reverse repos increased 7% in constant euros. Excluding M&A, they rose 2%, with the following detail:
•In Retail, they were flat, as the increase in mortgages and corporates in most countries offset lower balances in SMEs and personal loans.
•In Openbank, they were flat, as higher auto balances in Europe offset lower loans in the US and Brazil.
•In CIB, loans rose 10%, driven by growth across all three business lines.
•In Wealth, loans rose 7%, particularly in Chile, boosted by the Principal Vida Chile acquisition, and the US.
Gross loans and advances to customers (excl. reverse repos)
EUR billion
chart-0d57ccaf8b7e43059d3.jpg
+18 
%
1
Sep-26 / Sep-25
1. In constant euros: +16%.
•In Payments, loan balances are not material as they represent only 0.1% of the Group total.
Compared to September 2025, gross loans and advances to customers (excluding reverse repos) grew 16% in constant euros. Excluding M&A, they rose 6%, as follows:
•In Retail, they rose 3%, with increases across all products except SMEs and personal loans. SMEs were affected by declines in Spain (ICO loan maturities and our focus on active risk management and balance sheet optimization) and personal loans were impacted by Brazil, reflecting our capital optimization strategy in the country and a change in mix towards lower-risk products. Mortgages performed strongly overall, while personal loans and cards grew in most countries and corporates rose mainly in Brazil and Europe.
•In Openbank, they were up 3%, boosted by good performances in auto in Europe and Latin America.
•In CIB, they increased 28%, driven by growth across business lines, especially in less capital-intensive products, such as Export Finance (ECAs) and Trade Finance in Global Transaction Banking as well as other products that are also capital-light in Global Markets.
•In Wealth, they increased 11%, particularly in Spain, Chile, boosted by the Principal Vida Chile acquisition, and the US.
As at 30 September 2026, gross loans and advances to customers, excluding reverse repos, maintained a diversified mix across our footprint, with presence in different countries in Europe, Latin America and the US.
Gross loans and advances to customers (excl. reverse repos)
% operating areas. September 2026
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20
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January - September 2026
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•Balance sheet
Customer funds
Customer deposits amounted to EUR 1,222,263 million as at 30 September 2026, up 8% quarter-on-quarter and +19% year-on-year. The quarterly comparison benefitted from the incorporation of Webster from 20 August 2026 and the year-on-year comparison additionally benefitted from the incorporation of TSB from 1 May 2026.
The Group uses customer funds (customer deposits excluding repos, plus mutual funds) for the purpose of analysing traditional retail banking funds. As at 30 September 2026, they amounted to EUR 1,387,345 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 June 2026, customer funds increased 7% in constant euros. Excluding M&A, they rose 2%, as follows:
•By product, customer deposits excluding repos increased 2%, driven by time deposits, and mutual funds continued to grow (+2%).
•By business, customer funds grew in CIB (+14%), Wealth (+2%) and Retail (+1%). In Openbank, they decreased 3%.
Compared to September 2025, customer funds were 16% higher in constant euros. Excluding M&A, they were up 8%, with the following detail:
•By product, deposits excluding repos rose 6%, with growth in time deposits (+13%) and, to a lesser extent, in demand deposits. Mutual funds increased 13%, with solid performances across countries.
•By business, they rose 7% in Retail, driven by double-digit growth in time deposits and mutual funds, with growth also in demand deposits. They grew 2% in Openbank, supported by deposits, as part of our funding cost optimization strategy, and by mutual funds. In CIB, they increased 10%, driven by a sharp pickup in deposits. In Wealth, they were 10% higher, driven by mutual funds (+16%) and, to a lesser extent, time deposits.
•By country, customer funds grew across our footprint, underpinned by both deposits and mutual funds.
As at 30 September 2026, customer funds maintained a diversified mix across our footprint, with presence in Europe, Latin America and the US. The weight of demand deposits as a percentage of total customer funds was 54%, while time deposits accounted for 25% of the total and mutual funds for 21%.
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
Customer funds
EUR billion
chart-cf67eda9a8524781bf9.jpg
+18% ¹1
+16%
+19%
•Total
•Mutual funds
•Deposits excl. repos
Sep-26 / Sep-25
1. In constant euros: +16%.
and volume of its market operations to the structural liquidity needs of each unit, as well as to the receptiveness of each market. The Group's issuances for 9M 2026 were as follows:
•Medium- and long-term senior debt totalling EUR 17,445 million and covered bonds placed in the market for EUR 11,240 million.
•TLAC-eligible instruments issued amounted to EUR 14,113 million, of which EUR 11,355 million was senior non-preferred, EUR 1,472 million was subordinated debt and EUR 1,285 million was contingently convertible AT1s (CoCos).
•Maturities of medium- and long-term debt totalled EUR 31,156 million.
The net loan-to-deposit ratio was 99% (100% in September 2025), and the ratio of deposits plus medium- and long-term funding to the Group’s loans was 126%, showing a comfortable funding structure. The Group liquidity coverage ratio (LCR) was an estimated 145% in September 2026 (see the 'Risk management' section of this report).
The Group's access to wholesale funding markets and cost of issuances are reflected, in part, in the ratings granted by the rating agencies.
Rating agencies
Long termShort termOutlook
Fitch RatingsA+F1Stable
Moody'sA1P-1Stable
S&P Global RatingsA+A-1Stable
DBRSA (High)R-1 (Middle)Stable
Following the upgrade of the Kingdom of Spain's rating in September 2025, Moody's improved Santander's long-term rating to A1 and maintained the short-term rating at P-1 in October 2025.
Following an update to its bank rating methodology in Q2 2026, Fitch maintained Santander's long-term debt rating and senior debt rating at A+ and its short-term debt rating at F1.
S&P Global Ratings maintains Santander's credit rating at A+ for long-term and A-1 for short-term debt. S&P has maintained its investment-grade (BBB-) rating for our AT1 instruments since Q2 2024.
All four agencies view the outlook as stable, in line with their respective ratings for 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 in long-term senior debt by Moody's and Fitch, and rated at the same level by S&P and DBRS. These ratings above the sovereign demonstrate our financial strength and the benefits derived from our diversification.
Customer funds
% operating areas. September 2026
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January - September 2026
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21
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•Solvency ratios
Solvency ratios
Phased-in capital ratio
CET1 ratio
The phased-in CET1 ratio stood at 12.7%, keeping us on track to end the year within our target range of 12.8-13%.
The CET1 ratio increased 0.14 pp in the quarter excluding the impact of the Webster acquisition.
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Profit generation+59 bps
Ordinary capital distribution1
-33 bps
Value creation
TNAVps
€5.92
TNAVps + Cash DPS
+11% YoY
Note: Phased-in ratios are calculated in accordance with the transitory treatment of the CRR.
As at 30 September 2026, the total phased-in capital ratio (applying the CRR transitional arrangements) stood at 17.0% and the phased-in CET1 ratio at 12.7%.
We comfortably meet the levels required by the ECB on a consolidated basis, estimated at 14.1% for the total capital ratio and at 9.9% for the CET1 ratio2. This resulted in a distance to the maximum distributable amount (MDA) of 254 bps and a CET1 management buffer of 282 bps.
The CET1 ratio ended the quarter at 12.7% including the -1.47 pp impact from the Webster acquisition in the period. Excluding it, the CET1 ratio increased 0.14 pp in the quarter, due to 0.19 pp of net organic capital generation in the quarter, the result of +0.59 pp from profit generation, -0.33 pp from capital distributions1 and -0.07 pp from RWA growth, net of the positive impact from balance sheet mobilization and risk transfer initiatives. Additionally, there was a -0.04 pp impact in 'Regulatory & models' and -0.01 pp in 'Markets & others'.
We remain on track to meet our aim to end the year with a CET1 ratio in the range of 12.8-13%, at the top end of our 12-13% operating range.
TNAV per share ended the quarter at EUR 5.92. Including the final cash dividend charged against 2025 results paid in May 2026 (EUR 12.50 cents per share) and the interim cash dividend charged against 2026 results approved in September 2026 payable from 2 November 2026 (EUR 12.70 cents per share), TNAV plus cash dividend per share increased 11% year-on-year (-4% in the quarter, reflecting the impact from the Webster acquisition).
Lastly, the leverage ratio was 4.38%.
Eligible capital. September 2026
EUR million
Phased-in
CET184,145 
Basic capital94,395 
Eligible capital112,837 
Risk-weighted assets663,324 
%
CET1 capital ratio12.7 
Tier 1 capital ratio14.2 
Total capital ratio17.0 
CET1 ratio performance
%
chart-dac3e42cc0824d67be8.jpg
2026 target 12.8-13%
Note: Phased-in ratios are calculated in accordance with the transitory treatment of the CRR.
1.Capital distribution includes deductions for the accrual of ordinary shareholder remuneration and AT1 costs. For further information on our shareholder remuneration policy, see the 'Santander share' section in this report.
2.From 1 October 2026, Banco de España will increase its required countercyclical buffer over the exposures located in Spain from 0.5% to 1.0%, with an estimated impact of +11 bps on the Group's countercyclical buffer requirement.
3.Business RWA change net of risk transfer initiatives.
22
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January - September 2026
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•Risk management
Risk management
Credit risk
Market risk
Credit quality indicators remained contained, within expected levels.Average VaR decreased in Q3 2026, reflecting lower market volatility, despite persistent geopolitical tensions.
Cost of riskNPL ratioNPL coverage ratioAverage VaR
1.16%2.90%64%Q3'26EUR 14 million-EUR 4 mn vs. Q2'26
+1 bp vs. Jun-26-3 bps vs. Jun-260 pp vs. Jun-26
Structural and liquidity risk
Operational risk
Robust and diversified liquidity buffer, with ratios well above regulatory requirements.In Q3 2026, our operational risk profile remained stable, focused on operational resilience and risks associated with transformation and the use of new technologies. Operational losses declined compared to the previous quarter.
Liquidity Coverage Ratio (LCR)
145%1
-9 pp vs. Jun-26
Credit risk2
In Q3 2026, the global economy remained relatively resilient in an environment marked by persistent inflationary pressures, geopolitical tensions and diverging fiscal policies, as well as growing AI adoption. Some major central banks raised interest rates, while tensions in energy and sovereign debt markets led to bouts of volatility.
In this still uncertain macroeconomic and geopolitical environment, our global and diversified business model, together with our strong local presence and prudent risk management, enabled us to maintain a medium-low risk profile.
In terms of credit quality:
•The NPL ratio was favoured by the incorporation of TSB and Webster, though it remained at low levels excluding M&A. The NPL ratio in September 2026 was 2.90%, improving 3 bps in the quarter. Gross credit risk with customers (total risk) grew 5% in the quarter to EUR 1,349 billion, driven by CIB, Retail and Openbank, which more than offset an increase in credit impaired loans (+4% to EUR 39,084 million), partly due to dynamics in certain portfolios, primarily in CIB and Openbank.
Year-on-year, the NPL ratio declined 1 bp. Total risk growth, especially in Retail and CIB, offset the increase in credit impaired loans, mainly impacted by exchange rate movements, portfolio trends in Retail (mostly in Brazil and Argentina) and some single names in CIB. TSB and Webster account for around 8% of the Group's credit portfolio and mainly comprise mortgages, corporate loans and commercial real estate.
•In Q3 2026, net loan-loss provisions totalled EUR 3,486 million, up 4% in constant euros compared to the previous quarter, as seasonally higher provisions in Openbank US in H2 were partly offset by better performances in CIB and across most of Retail's footprint.
In 9M 2026, provisions rose 10% year-on-year in constant euros to EUR 10,060 million, largely due to higher provisions in Retail in Argentina, reflecting sector-wide trends in the country. Excluding Argentina, the Group's net loan-loss provisions increased 6%, in line with organic loan portfolio growth. Provisions rose in CIB due to some single names and Openbank in Brazil and Europe. These increases were partially offset by the good performances in Retail in Spain and Openbank US, and by lower provisions in the Corporate Centre.
Key risk metrics
Net loan-loss provisions 3
Cost of risk (%) 4
NPL ratio (%)NPL coverage ratio (%)
Q3'269M'26Chg (%)
/ 9M'25		Chg (%)
/ Q2'26		Sep-26Chg (bps)
/ Sep-25		Chg (bps)
/ Jun-26		Sep-26Chg (bps)
/ Sep-25		Chg (bps)
/ Jun-26		Sep-26Chg (pp)
/ Sep-25		Chg (pp)
/ Jun-26
Retail2,0976,119+8.9+1.01.20+6+22.92-16-13660+1
Openbank1,1793,263+4.6+14.12.10+4+25.59+30-269-30
CIB194638+303.8-18.50.32+24+31.11+37+937-80
Wealth1319+92.7—0.110+81.05+13-1364-5+14
TOTAL GROUP3,48610,060+10.3+4.01.16+3+12.90-1-364-30
Note: Payment Solutions' detail is not disclosed, as credit risk metrics are not relevant for this type of business.
All management metrics included in this section have been calculated excluding Poland.
1.Group LCR. See 'Structural and liquidity risk' in this section. Provisional data.
2.Changes in current euros, unless otherwise indicated.
3.EUR million. % change in constant euros.
4.Calculated as underlying allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers and debt securities issued by non-financial institutions over the last 12 months.
For more detailed information, please see the 'Alternative performance measures' section.
January - September 2026
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•Risk management
•Cost of risk stood at 1.16%, 1 bp above June 2026 and 3 bps above September 2025. Excluding Argentina, cost of risk was stable year-on-year.
•The NPL coverage ratio was stable at 64% in Q3 2026, with loan-loss allowances of EUR 25,124 million. The coverage ratio remained at comfortable levels, especially considering that more than 65% of the Group’s portfolio is backed by high-quality collateral.
Regarding the IFRS 9 stages, the distribution of the portfolio was stable in Q3 2026 in percentage terms.
NPL coverage ratio by stage
EUR billion
Exposure1
NPL coverage2
Sep-26Jun-26Sep-25Sep-26Jun-26Sep-25
Stage 11,1551,0909820.4%0.3%0.3%
Stage 29593835.4%5.4%4.9%
Stage 339383341.0%41.7%42.0%
1. Exposure subject to impairment. Additionally, in September 2026 there were EUR 60 billion in loans and advances to customers not subject to impairment recorded at mark to market with changes through P&L (EUR 60 billion in June 2026 and EUR 47 billion in September 2025).
Stage 1: financial instruments for which no significant increase in credit risk has been identified since their 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 classified 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 (%)
Q3'26QoQYoY
Balance at beginning of period37,560 4.6 15.1 
   Net additions4,647 12.8 33.9 
   Increase in scope of consolidation371 (26.1)— 
   Exchange rate differences and other(28)— — 
   Write-offs(3,466)6.3 19.1 
Balance at period-end39,084 4.1 17.3 
Loan-loss allowances25,124 3.8 12.7 
   For impaired assets16,013 2.3 13.7 
   For other assets9,111 6.6 10.9 
Our Retail, Openbank and CIB businesses accounted for around 97% of the Group's total credit portfolio as at 30 September 2026, while Payment Solutions and Wealth have limited balance sheet exposures. Therefore, the following explanations are focused on the most relevant businesses from a credit risk management point of view:
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Retail & Commercial Banking
Credit risk exposure
55% of total Group
Retail's portfolio mainly comprises high-quality mortgage loans, where around 90% of loans have a loan-to-value ratios below 80%, and a corporate portfolio in which more than 50% has property collateral or other collateral.
The NPL ratio improved 13 bps in Q3 2026 to 2.92%, driven by total risk growth (+6%), which, boosted by Webster's contribution, more than offset a slight increase in credit impaired loans (+1%), in part due to the addition of Webster's volumes, a methodological adjustment in the UK and card portfolio trends in Brazil.
The cost of risk rose 6 bps compared to September 2025 to 1.20%, with higher provisions primarily in Argentina (reflecting sector-wide trends in the country), the UK (due to model updates and balance sheet optimization measures) and Mexico (due to model updates, some single names in corporates and higher lending activity). This was partially offset by solid trends in Spain, supported by the good performance of the portfolio and our balance sheet optimization strategy. Compared to Q2 2026, cost of risk was up 2 bps, with higher provisions, mainly in Brazil, the UK and Argentina.
The NPL coverage ratio increased 1 pp in Q3 2026 to 66%, a level we consider appropriate as the Retail portfolio includes the mortgage portfolios in Spain and the UK, which have high-quality collateral.
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Openbank
Credit risk exposure
17% of total Group
Openbank comprises business originated by consumer finance companies, including our digital bank, Open Digital Services (ODS) and our retail business in the US.
The NPL ratio stood at 5.59%, 2 bps below June 2026, as total risk growth (+5%), driven by higher volumes in Openbank Europe and the US (boosted by Webster's contribution), more than offset an increase in credit impaired loans, primarily in Openbank Europe, due to some corporate single names in Germany.
The cost of risk was 4 bps higher than September 2025, standing at 2.10%. A good performance in provisions in the US, driven by the implementation of capital optimization measures and resilient consumer behaviour, was more than offset by higher provisions in other units, primarily in Openbank Europe (partly reflecting business growth, as well as model updates and credit quality deterioration in corporates, particularly in Germany) and, to a lesser extent, in Brazil. Compared to Q2 2026, cost of risk was up 2 bps, with increased provisions, especially in Brazil (partly due to a model update) and Openbank Europe, partly offset by solid trends in the US.
The NPL coverage ratio was stable in the quarter, standing at 69%, a level we are comfortable with considering more than 80% of the portfolio consists of auto loans.

24
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January - September 2026
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•Risk management
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Corporate & Investment Banking
Credit risk exposure
25% of total Group
CIB comprises the Global Transaction Banking, Global Banking (Global Debt Financing and Corporate Finance) and Global Markets business lines. It offers products and services on a global scale to corporate and institutional clients, and collaborates with other global businesses to better serve our broad customer base.
The NPL ratio rose 9 bps quarter-on-quarter to 1.11%, as total risk, which grew 4%, supported by generalized increases primarily in Europe, was more than offset by higher credit impaired loans from some single names.
The cost of risk was 24 bps higher than September 2025 at 0.32%, with higher provisions due to portfolio growth, some single names (especially in Europe, Brazil and the US) and a particularly low base last year, as virtually no provisions were recorded in Q4 2024 and Q1 2025. Compared to June 2026, the ratio rose 3 bps.
The NPL coverage ratio stood at 37%, stable quarter-on-quarter.
Market risk
In Q3 2026, market risk was mainly shaped by volatility stemming from the geopolitical tensions in the Middle East and their impact on energy prices. In a context of persistent inflationary pressures, the Federal Reserve and the European Central Bank maintained a restrictive monetary policy, raising interest rates. Economic activity showed resilience, especially in the US, but uncertainty remained regarding the outlook on inflation, global growth and the persistence of geopolitical tensions.
Trading activity in CIB is focused on meeting our clients' needs. Its risk is measured in terms of daily VaR at 99% and originates mainly from possible movements in interest rates.

In Q3 2026, average VaR reached EUR 14 million, lower than in Q2 2026, amid moderating market volatility, despite the persistence of geopolitical uncertainty.
VaR figures remained low compared to the size of the balance sheet and the Group's activity and continued to be primarily driven by interest rate risk.
Trading portfolios1. VaR by region
EUR million
20262025
Q3AverageLastAverage
Total14.2 13.6 15.0 
Europe12.2 9.8 12.9 
North America6.7 5.7 4.8 
South America8.8 13.0 6.7 

Trading portfolios1. VaR by market factor
EUR million
Q3 2026Min.Avg.Max.Last
VaR total11.3 14.2 18.5 13.6 
Diversification effect(14.0)(20.0)(31.2)(21.4)
Interest rate VaR11.0 13.6 19.0 14.4 
Equity VaR5.5 8.3 13.3 8.3 
FX VaR3.1 4.9 7.8 5.5 
Credit spreads VaR3.4 4.6 6.1 4.3 
Commodities VaR2.3 2.8 3.5 2.5 
Note: in the North America, South America and Asia portfolios, VaR corresponding to the credit spreads factor other than sovereign risk is not relevant and is included in the interest rate factor.
Trading portfolios1. VaR performance
 
EUR million
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1. Activity in Santander Corporate & Investment Banking markets.
January - September 2026
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25
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•Risk management
Structural and liquidity risk
Structural exchange rate risk
Grupo Santander's structural exchange rate risk mainly arises from foreign currency transactions related to permanent financial investments, their results and associated hedges.
During Q3 2026, the main currencies in which the Group operates posted mixed performances against the euro, in an environment marked by geopolitical uncertainty and expectations of higher-for-longer interest rates. Against this backdrop, the Mexican peso and the Brazilian real proved resilient against the euro.
Our dynamic management of this risk aims to limit the impact on the CET1 capital ratio from exchange rate movements. In Q3 2026, the coverage of the main currencies affecting this ratio remained close to 100%.
Regarding financial results, the exchange rate hedging strategy is tactical and dynamic, depending on our expectations of the movements 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.
Our structural interest rate risk remained at comfortable levels during the period. Our structural debt portfolios posted negative trends amid uncertainty regarding the conflict in the Middle East. The market was also focused on persistent inflationary pressures and the maintenance of restrictive monetary policies among some of the major central banks.
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 Q3 2026, 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 (Group LCR1) ended September 2026 at 145%, 9 pp lower than June 2026.
Operational risk
The operational risk profile remained stable in Q3 2026. However, the Group closely monitors the evolution of operational risks, focusing on operational resilience (technology, cyberrisk, suppliers and business continuity), data management and risks linked to transformation plans and the use of new technologies. The Group continues to monitor external fraud, the most significant legal proceedings and the impact of geopolitical risks.
In Q3 2026, operational risk losses2 decreased around 20% quarter-on-quarter, mainly due to the lower contribution from losses associated with legal proceedings, although these continued to be the main driver of these losses.



1.The Consolidated LCR ratio as at end September 2026 was 140%, comfortably exceeding internal and regulatory requirements. All LCR figures are provisional. 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 2025 published on 25 February 2026.
2.Operational risk losses are provisional.
26
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•Santander share
The Santander share
Dividends and shareholder remuneration
In accordance with the shareholder remuneration policy, between February and August we executed a EUR 5,030 million share buyback programme. A total of 462,683,139 shares were acquired, representing approximately 3.08% of the share capital. Of the total amount:
•EUR 1,830 million corresponds to the ordinary shareholder remuneration policy charged against H2 2025 results.
•The remaining EUR 3,200 million corresponds to an extraordinary buyback, equivalent to approximately 50% of the CET1 capital generated following completion of the sale of 49% of Santander Bank Polska.
In execution of the resolution adopted at the general shareholders’ meeting held on 27 March 2026, the executive committee carried out the amortization of the repurchased shares and the corresponding share capital reduction on 1 September 2026, as described in the 'Corporate governance' section.
As a result, the total shareholder remuneration charged against 2025 results stood at EUR 7,030 million, comprising:
•The interim cash dividend of EUR 11.50 cents per share (paid in November 2025) and the final cash dividend of EUR 12.50 cents per share (paid in May 2026).
•The two share buybacks carried out as part of our ordinary shareholder remuneration policy worth EUR 1,700 million and EUR 1,830 million, completed in December 2025 and August 2026, respectively.
This is equivalent to approximately 50% of the Group's 2025 net reported profit, excluding non-cash, non-capital ratios impact items, split approximately 50% in cash dividends and 50% in share buybacks.
The board of directors intends to apply an ordinary shareholder remuneration policy for 2026 to 2028 results that entails distributing approximately 50% of the Group’s underlying profit (excluding non-cash, non-capital ratios impact items), split approximately evenly between cash dividends and share buybacks for 2026 results. In addition, the Group intends to distribute any excess capital to shareholders at the end of the 2026-2028 period.
From 2027 results, the ordinary shareholder remuneration policy is expected to comprise around 35% of the Group's underlying profit (on the same basis) in cash dividends and around 15% in share buybacks. The implementation of this policy remains subject to future corporate and regulatory decisions and approvals.
In application of the shareholder remuneration policy charged against 2026 results:
•On 10 August, Santander announced the first 2026 buyback programme for up to EUR 1,825 million, once the applicable regulatory approval was obtained. The programme commenced on 24 August, carried out by the team which, in accordance with the Bank’s treasury share policy, is responsible for executing transactions involving the Bank’s own shares.
•On 29 September 2026, the board of directors approved, in accordance with the ordinary shareholder remuneration policy, an interim cash dividend of EUR 12.70 cents per share charged against 2026 results, to be paid from 2 November 2026, 10% higher than the equivalent cash dividend payment in 2025.
The last trading day of the share with entitlement to the interim cash dividend will be 28 October 2026, the share will trade ex-dividend on 29 October and the record date will be 30 October.
As a result, the total remuneration of this interim distribution charged against 2026 results will be approximately EUR 3,660 million (+8% compared to its equivalent of 2025) and represents approximately 50% of the H1 2026 underlying attributable profit, split approximately between cash dividends and share buybacks.
Shareholder base
The total number of Santander shareholders as at 30 September 2026 was 3,559,819, of which 2,792,816 were European (70.01% of the capital stock) and 755,647 from the Americas (28.60% of the capital stock).
Excluding the board, which holds 1.35% of the bank’s capital stock, retail shareholders accounted for 32.45% and institutional shareholders accounted for 66.20%.
Share capital distribution by geographic area
30 September 2026
The AmericasEuropeOther
28.60%70.01%1.39%
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Source: data obtained from the shareholder registers of Banco Santander.
Share capital distribution by type of shareholder
30 September 2026
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Institutions
66.20%
Board *
1.35%
Retail
32.45%
* Shares owned or represented by directors.

January - September 2026
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27
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•Santander share
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 ADRs), in the UK (as a CDI), in Mexico (Sistema Internacional de Cotizaciones) and in Poland.
Grupo Santander's operating environment in Q3 2026 continued to be characterized by some volatility, particularly due to geopolitical tensions in the Middle East. However, at the end of the quarter, economic growth indicators were solid across our footprint and unemployment rates generally remained relatively low.
Equities continued to perform well during the period, despite a moderately adverse environment, with widespread increases across the main indices. At the end of September, Santander’s share price had risen by 22.4% year-to-date, outperforming both the banking sector as a whole and the broader European market.

In the banking sector, the Euro Stoxx Banks, the eurozone's main index, rose 18.0% year-to-date, while the DJ Stoxx Banks was up 18.9% and the MSCI World Banks rose 12.7%. The other main indices also closed higher (Ibex 35 +12.2% and DJ Stoxx 50 +8.2%).

Share price
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START 31/12/2025
END 30/09/2026
€10.070€12.328
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MAXIMUM 13/08/2026
MINIMUM 23/03/2026
€13.120€8.938
Comparative share performance
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Market capitalization and trading
As at 30 September 2026, Santander’s market capitalization of EUR 179,452 million was the largest in the eurozone and the 14th largest in the world among financial institutions.
The share’s weighting in the Stoxx Europe 600 Banks index was 8.7% and 14.0% in the Euro Stoxx Banks. In the domestic market, its weighting in the Ibex 35 was 18.2% as at 30 September 2026.
A total of 5,025 million shares were traded up to 30 September 2026 for an effective value of EUR 55,058 million and an annualized liquidity ratio of 46%.
The average daily trading volume was 26.3 million shares with an average effective value of EUR 288 million.


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#1
Bank in the eurozone by market capitalization
EUR179,452million
The Santander share
30 September 2026
Shares and trading data
Shares (number)14,556,482,801 
Average daily turnover (number of shares)26,310,466 
Share liquidity (%)46 
(Annualized number of shares traded during the period / number of shares)
Stock market indicators
Price / Tangible book value per share (X)2.08 
Free float (%)99.13
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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 from 2026
On 10 February 2026, the Group announced a series of changes to its reporting structure, effective from Q1 2026. These changes did not affect the Group’s reported profit attributable to the parent, nor the targets we communicated to the market during the Q4 2025 results presentation. For further information about these changes, see ‘Significant events in the period’ section of the Q1 2026 Financial report.
In addition to these changes, a number of modifications to the reporting structure were also communicated that only affect the Group’s primary and secondary segments, as follows:
Reporting of the Cards business within Retail & Commercial Banking (Retail)
Given that our payments platform strategy is now largely established, we are positioning Payments, renamed Payment Solutions, as the Group’s payments platform business.
In this context, from 1 January 2026, the income statement and balance sheet items relating to the Cards business have been reclassified to Retail (previously recorded in Payments), to better align reporting with the management structure in these businesses in 2026.
The Group’s card processing platform remains in Payment Solutions and charges market-based fees to the global businesses for card processing, valued at market prices.
RoTE Spain
The Santander Spain secondary segment does not have its own accounting tangible equity since it is booked under Banco Santander,
S.A. with other units such as the Corporate Centre. For this reason, a theoretical tangible equity is allocated to the segment.
In this context, the methodology for allocating such tangible equity to Spain has been updated to increase accuracy, taking into account: i) the amount required to reach a 13% CET1 ratio; and ii) the allocation of deductions and other capital adjustments (add-ons).
Other changes within the primary segments
In addition to the change in the Payments business previously described, two minor adjustments have been introduced to the primary segments: i) the Digital Consumer Bank (Consumer) business has been renamed Openbank; and ii) Wealth Management & Insurance has been reorganized into two business lines: Private Banking, which comprises the corporate private banking unit and International Private Banking in the US, Switzerland and the UAE; and Insurance & Asset Management Solutions, which brings together the insurance business and liquid and illiquid asset management activities, and includes the investment platforms and holdings that complement the traditional Wealth business. These changes do not have any impact on the reported figures at the Group or primary segment levels.
Composition of Santander's segments
Taking into account all of the changes detailed above, from 2026 the primary and secondary segments are structured as follows:
Primary segments
This primary level of segmentation, comprises six reportable segments: five global businesses plus the Corporate Centre.
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 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.
Openbank, previously known as Digital Consumer Bank (Consumer): comprises business originated by consumer finance companies, including our digital bank, Open Digital Services (ODS) and our retail business in the US. Detailed financial information is provided on Europe (Openbank Europe) and the US (Openbank US).
Corporate & Investment Banking (CIB): business which includes the Global Transaction Banking, Global Banking (Global Debt Financing and Corporate Finance) and Global Markets business lines. It offers products and services on a global scale to corporate and institutional clients and collaborates with other global businesses to better serve our broad customer base.
Wealth Management & Insurance (Wealth): comprises two business lines: i) Private Banking, which includes the corporate private banking unit and international private banking in the US, Switzerland and the UAE; and ii) Insurance & Asset Management Solutions, which brings together the insurance business and liquid and illiquid asset management activities and includes the investment platforms and holdings that complement the traditional Wealth business.
Payment Solutions (Payments): brings together the Group’s digital payment solutions and provides global technological solutions to
January - September 2026
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29
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Group entities and new customers in the open market. It comprises Getnet, Getnet Platforms and Ebury.
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 asset and liability 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 allocation of capital and liquidity to the other businesses. It also incorporates goodwill impairments 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.
Secondary segments
This secondary level includes our main geographical units and the Corporate Centre, as described in the primary segments.
Detailed financial information is provided on Spain, the UK, Portugal, Openbank Europe (previously referred to as DCB Europe, which includes all consumer business, our digital bank in Europe and ODS), the US, Mexico, Brazil, Chile and Argentina.
Information is also provided for the 'Rest of the Group', the grouping which brings together everything that is not included in the aforementioned geographical units or the Corporate Centre.






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 and trends shown for our business areas in this document may differ materially from those of such subsidiaries.
The Group's underlying income statement records the results related to the business subject to the Poland disposal for all periods in 2025, the capital gain from the completion of the Poland disposal in Q1 2026 and some charges for intangible asset impairments and integration costs associated with the M&A transactions in Q2 2026 and Q3 2026 under a single line item, 'non-recurring items'. The impacts recorded in this line are therefore excluded from the Group's underlying profit. Consequently, the global businesses, which are reported only on an underlying basis in accordance with IFRS 8, also exclude these non-recurring items. Likewise, the underlying ratios, management metrics and business volumes do not include the activity affected by the Poland disposal.
Additionally, the balance sheets and income statements of the Retail global business, Retail UK and the UK secondary segment include TSB from 1 May 2026 and, from 20 August 2026, balance sheets and income statements include Webster, mainly in the Retail global business and Openbank US within Openbank, and the US secondary segment.
On the other hand, the results of our segments presented below include the impact of foreign exchange rate fluctuations. However, for a better understanding of the changes in the performance of our primary and secondary segments, we also provide and discuss the year-on-year changes to our results excluding such exchange rate impacts (i.e. in constant euros), except for Argentina, and any grouping which includes it, where the variations in constant euros have been calculated considering the Argentine peso exchange rate on the last working day for each of the periods presented. For further information, see methodology in the 'Alternative performance measures' section in this report.
Lastly, 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.

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January-September 2026
Main items of the underlying income statement
EUR million
Primary segmentsNet interest
income		Net fee
income		Total
income		Net operating
income		Profit
before tax		Underlying profit attributable to the parent
Retail & Commercial Banking21,687 5,084 26,277 15,780 9,144 6,445 
Openbank8,625 1,073 10,062 5,997 2,299 1,407 
Corporate & Investment Banking3,732 1,995 6,936 3,980 3,334 2,433 
Wealth Management & Insurance990 1,354 3,198 2,090 2,067 1,651 
Payment Solutions124 853 1,175 175 151 105 
Corporate Centre(544)(10)(841)(1,139)(1,225)(865)
TOTAL GROUP34,614 10,349 46,807 26,882 15,771 11,176 
Secondary segmentsNet interest
income		Net fee
income		Total
income		Net operating
income		Profit
before tax		Underlying profit attributable to the parent
Spain5,827 2,363 9,512 6,271 5,166 3,695 
UK4,347 342 4,450 2,198 1,774 1,282 
Portugal1,008 393 1,419 1,021 959 712 
Openbank Europe3,645 568 4,543 2,523 1,090 516 
US4,717 1,158 6,371 3,520 1,952 1,514 
Mexico3,789 1,236 5,221 3,116 1,990 1,402 
Brazil7,530 2,425 9,786 5,864 2,087 1,596 
Chile1,579 434 2,212 1,524 1,082 648 
Argentina1,691 702 2,047 1,260 424 341 
Corporate Centre(544)(10)(841)(1,139)(1,225)(865)
Rest of the Group1,025 738 2,087 724 472 335 
TOTAL GROUP34,614 10,349 46,807 26,882 15,771 11,176 
Underlying profit attributable to the parent distribution1
9M 2026

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1. As a % of operating areas. Excluding the Corporate Centre.
Underlying profit attributable to the parent. 9M 2026
EUR million. % change YoY
Retail
Openbank
CIB
Wealth
Payments
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Var
Var2
+14 %+12 %
-10 %-9 %
+17 %+15 %
+20 %+19 %
+201 %+147 %
2. Changes in constant euros.
January - September 2026
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31
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January-September 2025
Main items of the underlying income statement
EUR million
Primary segmentsNet interest
income		Net fee
income		Total
income		Net operating
income		Profit
before tax		Underlying profit attributable to the parent
Retail & Commercial Banking19,796 4,578 24,179 13,818 8,096 5,631 
Openbank8,267 1,060 9,667 5,459 2,251 1,561 
Corporate & Investment Banking2,784 1,857 6,027 3,231 3,051 2,080 
Wealth Management & Insurance994 1,212 2,895 1,832 1,809 1,376 
Payment Solutions122 777 994 85 57 35 
Corporate Centre(364)(22)(520)(805)(1,254)(1,059)
TOTAL GROUP31,599 9,462 43,243 23,620 14,010 9,624 
Secondary segmentsNet interest
income		Net fee
income		Total
income		Net operating
income		Profit
before tax		Underlying profit attributable to the parent
Spain5,414 2,212 8,982 5,648 4,639 3,233 
UK3,763 259 3,760 1,556 1,306 958 
Portugal1,013 378 1,471 1,070 1,071 765 
Openbank Europe3,473 571 4,330 2,161 1,212 685 
US4,412 1,014 5,856 2,968 1,328 1,194 
Mexico3,364 1,031 4,566 2,598 1,667 1,211 
Brazil7,049 2,350 9,405 5,735 2,403 1,589 
Chile1,438 431 2,040 1,341 907 534 
Argentina1,257 581 1,654 919 507 348 
Corporate Centre(364)(22)(520)(805)(1,254)(1,059)
Rest of the Group780 658 1,698 429 223 167 
TOTAL GROUP31,599 9,462 43,243 23,620 14,010 9,624 


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RetailUnderlying attributable profit
EUR 6,445 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 technology platform.
→ Loans increased 16% in constant euros year-on-year (+3% ex. M&A), mainly driven by mortgages to individuals. In constant euros, deposits rose 16% (+6% ex. M&A), with positive dynamics in all countries, and mutual funds grew 14%.
→ Underlying attributable profit reached EUR 6,445 million, up 14% year-on-year, +12% in constant euros (+9% ex. M&A), driven by total income (net interest income as well as net fee income) and a strong cost reduction, as a result of the implementation of our common operating model.

Strategy
Our Retail and Commercial Banking (Retail) global business continued to accelerate its transformation towards a common operating and business model, in line with our vision of being a digital bank with branches, which combine leading technology with close, expert advice for our customers. To achieve this, we continue to successfully execute on our strategic priorities:
•Transformation of our operating model based on three pillars:
•End-to-end digitalization. We continued to drive product digitalization and optimize customer journeys, improving the share of products and services that are available digitally by 5 pp year-on-year to 73%, resulting in a 19% increase year-on-year in digital sales. The launch of the global app has enabled us to deliver a more consistent and higher-quality experience.
•Automation and simplification. We continued to simplify and automate processes at scale while promoting leaner and more agile structures. This enabled us to reduce the number of non-commercial FTEs per million customers by 17% year-on-year, freeing up capacity for commercial activities and higher value-added customer service, thereby improving customer experience and lowering the cost per active customer by 5% year-on-year.
•Global Technology Platform. We remain focused on the rollout of common technology platforms. Gravity, our back-end technology, has been fully implemented in Spain, Mexico and Chile, enabling us to reduce transaction costs and improve response times. The new global app is available in Spain, Mexico, Brazil and Chile, and also, since July, in Uruguay. Additionally, we rolled out AI tools across our contact centres in Spain and the UK, driving productivity gains and boosting sales. We rolled out our new customer interaction platform in Spain, which was already available in Brazil, the UK, Argentina, Chile and Mexico. This platform enables effective hyper-personalization, increasing the sales conversion ratio.
•Transformation of the business model by remaining focused on value creation and positioning the customer at the centre of our management through:
•Customer relationships. We are enhancing our commercial approach and delivering a simpler offering tailored to our key segments:
–In individuals, we rolled out a new digital investment platform in Spain, improving user experience and nearly doubling the number of customer interactions. In Brazil, Santander Rewards is a new customer loyalty programme designed to reward customers based on their level of engagement with the bank.
–In corporates, we strengthened our commercial offering through our partnership with Ebury in Spain, giving our customers access to a broader, more international range of products. In Institutions, enhancements to our service model are driving stronger customer engagement and solid business dynamics. Additionally in Spain, Santander Growth continues to deliver strong results by connecting high-potential companies with higher value-added financial solutions.
•Customer experience. We continue to integrate the best digital products with a new branch model redefined as community hubs, and we are using advanced hyper-personalization tools. In addition, we continued to roll out this new branch model and Work Cafés, with new openings in Brazil, the UK and Portugal in the quarter.
•Structural efficiency and profitability improvement. The transformation of our operating and business model continues to drive structural efficiency improvements and commercial capacity, which, together with prudent risk management and strict capital allocation, supports our profitable growth. Following the TSB acquisition in the UK in Q2, we completed the Webster acquisition in Q3, a transformational transaction for our Commercial segment, that also significantly strengthens our US franchise, providing a unique combination of scale, diversification and synergies that will accelerate the structural improvement of the Group’s efficiency and profitability.
Retail. Customers. September 2026
Thousands and year-on-year change
Total Retail
spain.jpg
uk.jpg
mexico.jpg
brazil.jpg
Total customers156,15315,23627,06122,50376,560
+7%0%+20%+4%+6%
Active customers80,2929,38416,00111,67933,999
+6%+5%+18%+4%+3%
January - September 2026
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Business performance
Gross loans and advances to customers, excluding reverse repos, increased 19% year-on-year, +16% in constant euros. These comparisons were favoured by the TSB and Webster acquisitions. Excluding them, loans increased 3% in constant euros, mainly driven by growth in mortgages to individuals, with the following breakdown by segment:
•In individuals, the mortgage portfolio grew in all countries, but particularly in Europe and Brazil. Personal loans also increased across our footprint, except in Brazil, which reflects our capital optimization strategy and macro environment in the country. Card volumes increased in general, especially in Select customers in Brazil.
•SME loans were affected by lower volumes in Spain, the UK and Brazil, with positive dynamics across the rest of our footprint. Corporate loans increased mainly driven by Brazil and Europe.
Customer funds year-on-year were also favoured by the incorporation of TSB and Webster. Deposits, excluding repos, rose 18% year-on-year, +16% in constant euros. Excluding M&A and in constant euros:
•Customer deposits, excluding repos, grew 6%, largely due to good performances in Spain, the UK and Brazil. There was a 17% increase in time deposits with positive performances across the board, while demand deposits rose 3%, increasing in most countries.
•Mutual funds grew 14% year-on-year, rising across most of our footprint. Overall, customer funds increased 7%.
Retail. Business performance. September 2026
EUR billion and YoY % change in constant euros
imagen1.jpg
Gross loans and advances to customers excl. reverse reposCustomer deposits excl.
repos + mutual funds
Note: M&A includes the TSB and Webster acquisitions in the UK and the US, respectively.
Results
Underlying attributable profit in 9M 2026 was EUR 6,445 million, 14% higher year-on-year. This comparison was slightly favoured by the TSB and Webster acquisitions, with more material impacts on net interest income and costs. In constant euros, profit increased 12%, as follows:
•Total income rose 6% driven mainly by positive performances in net interest income and net fee income.
Net interest income increased 7% year-on-year favoured by the TSB and Webster acquisitions (excluding them, NII grew 3%), with positive performances across most countries, driven by higher volumes and our active balance sheet management.
Our more targeted products and high value-added services offering, especially to Select customers, contributed to 8% net fee income growth year-on-year, particularly in transactional, insurance, mutual fund and FX fees. By country, there were notable increases in Mexico, Argentina, the UK and Spain.
Retail. Total income. 9M 2026
EUR million and YoY % change in constant euros
spain.jpg
uk.jpg
mexico.jpg
brazil.jpg
Other countries
chart-1d70b94649a447c9843.jpg
VarEx. M&A
+7%
+22%+6%
+4%
-2%
+6%+3%
    
  Retail
EUR 26,277 mn
+6%
+3%
Note: M&A includes the TSB and Webster acquisitions in the UK and the US, respectively.
•Total costs declined 1% year-on-year, -8% in real terms, reflecting our transformation efforts through organizational simplification and lower operational risk charges. As a result, the efficiency ratio improved to 39.9%.
•Net loan-loss provisions grew 9% year-on-year, mainly in Argentina, reflecting sector-wide trends in the country. Excluding Argentina, provisions increased 2%, as positive performances, especially in Spain, partially offset the increase in the UK (model updates and balance sheet optimization initiatives) and Mexico (model updates, single names in corporates and volumes growth). Cost of risk was 1.20% (+6 bps year-on-year) and the NPL ratio improved to 2.92%, the latter favoured by M&A.
Overall, RoTE in 9M 2026 was 17.7%.
Compared to Q2 2026, excluding M&A, underlying attributable profit grew by 7% in constant euros, supported by transactional fees and lower regulatory charges and costs, which more than offset the impact of seasonality and a changing product mix in Brazil and lower inflation in Chile on net interest income.
Retail. Underlying income statement
EUR million and % change
/ Q2'26/ 9M'25
Q3'26%excl. FX9M'26%excl. FX
Ex. M&AEx. M&A
Total income9,141 +3+3026,277 +9+6+3
Total costs-3,549-1-2-5-10,497+1-1-5
Net operating income5,592+6+6+315,780+14+11+9
LLPs-2,097+1+1-1-6,119+14+9+8
PBT3,283+10+10+79,144+13+11+8
Underlying attrib. profit2,321+10+9+76,445+14+12+9
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January - September 2026
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Retail Spain
Profit before tax
EUR 3,220 mn
Commercial activity and business performance
Commercial activity remained strong in the quarter as we continued to gain market share in payrolls, pensions, cards and active Bizum users.
Gross loans and advances to customers, excluding reverse repos, increased 2% year-on-year mainly due to higher mortgages, personal loans in Select and corporate lending, which more than offset a decrease in SMEs as a result of our active risk management, balance sheet optimization initiatives and ICO loan maturities.
Customer deposits, excluding repos, grew 5% year-on-year, driven by demand deposits, driven by our value proposition for Select customers which supports deposit growth and improves our funding mix, as well as by time deposits. Mutual funds improved 13%. As a result, customer funds rose 7%.
Results
Profit before tax in 9M 2026 reached EUR 3,220 million, 29% higher than in 9M 2025. By line:
•Total income was 7% higher, with increases in net interest income, driven by higher activity and balance sheet management, net fee income, driven by strong momentum in FX and insurance fees, and gains on financial transactions (valuation of stakes).
•Total costs decreased 7%, benefitting from transformation initiatives and a lower impact from charges related to operational risk and other assets. The efficiency ratio improved 4.9 pp to 31.2%.
•Net loan-loss provisions declined 28%, driven by balance sheet optimization initiatives and credit quality improvement.
In the quarter, profit was affected by LLP normalization after balance sheet optimization measures implemented in Q2, which more than offset positive net interest income driven by active balance sheet management and lower charges related to transformation.
Retail Spain. Underlying income statement
EUR million and % change
Q3'26/ Q2'269M'26/ 9M'25
Total income1,924 -15,781 +7
Total costs-599 0-1,806 -7
Net operating income1,325 -23,975 +15
LLPs-269 +44-573 -28
PBT991-73,220+29
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Retail UK
Profit before tax
EUR 1,699 mn
Commercial activity and business performance
Following the completion of the TSB acquisition in Q2, we became the fourth-largest bank in the country in terms of loans.
Gross loans and advances to customers, excluding reverse repos, increased 24% year-on-year. In constant euros, they increased 22%. This comparison was impacted by the incorporation of TSB in May 2026. Excluding these volumes, loans increased 3% in constant euros driven by positive trends in mortgage originations since H2 2025, as well as a pickup in new business volumes in corporates.
Customer deposits, excluding repos, increased 28% year-on-year. In constant euros, they grew 25%, similarly favoured by the incorporation of TSB's deposits. Excluding them, deposits increased 5% in constant euros, driven by growth in time deposits from individuals and demand deposits from Select customers. Mutual funds rose 30% in constant euros. As a result, customer funds excluding TSB improved 6% in constant euros.
Results
Profit before tax in 9M 2026 reached EUR 1,699 million, 41% higher than in 9M 2025. In constant euros, it increased 43%. Excluding TSB, profit before tax was 27% higher in constant euros, by line:
•Total income rose 6%, with increases in net interest income, driven by volumes and mortgage yields, fees and gains on financial transactions, following weaker hedging results in 9M 2025.
•Total costs fell 10%, boosted by lower costs reflecting transformation and simplification. As a result, net operating income grew 31%, with a significant improvement in the efficiency ratio.
•Net loan-loss provisions increased as a result of model updates and balance sheet optimization initiatives, but remained at very low levels.
Compared to Q2 2026, excluding TSB, profit before tax increased 45% in constant euros, driven by net interest income (higher yields and volumes), lower costs related to transformation savings and a decline in provisions due to balance sheet optimization measures.
Retail UK. Underlying income statement
EUR million and % change
/ Q2'26/ 9M'25
Q3'26%excl. FX9M'26%excl. FX
Ex. TSBEx. TSB
Total income1,699 +17+16+94,335 +21+22+6
Total costs-795+4+3-6-2,211+3+5-10
Net operating income904+31+30+252,123+46+49+31
LLPs-71-38-39-49-262+120+124+95
PBT761+46+44+451,699+41+43+27
January - September 2026
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Retail Mexico
Profit before tax
EUR 1,318 mn
Commercial activity and business performance
In the quarter, we continued to make great strides in the transformation of our operating model, driving digital adoption, with 75% of our active customers now using digital channels, and strengthening our value proposition for individuals, entrepreneurs and SMEs.
Gross loans and advances to customers, excluding reverse repos, increased 9% year-on-year. In constant euros, they grew 3%, driven by higher mortgages, personal loans and corporates, reflecting our enhanced commercial offering.
Customer deposits, excluding repos, rose 11% year-on-year. In constant euros, they grew 6% driven by demand deposits, especially from individuals, as well as in time deposits. We are targeting mutual fund growth, resulting in a 4% increase in constant euros. As a result, customer funds rose 5% in constant euros.
Results
Profit before tax in 9M 2026 reached EUR 1,318 million, 15% higher than in 9M 2025. In constant euros, it increased 6%, as follows:
•Total income rose 4%, driven by net interest income, supported by a lower cost of deposits, volumes and our active balance sheet management, income from transactional and insurance fees, as well as higher gains on financial transactions from FX operations.
•Total costs decreased 3%, driven by savings from our simplification and automation initiatives. As a result, net operating income grew 9% and the efficiency ratio improved 2.8 pp to 39.6%.
•Net loan-loss provisions increased 11%, due to model updates, single names in corporates and higher lending activity.
Compared to Q2 2026, profit before tax grew 12% in constant euros, with a positive performance in net fee income, especially transactional fees, higher income from the sale of a stake, an improvement in costs and lower provisions in cards related to model updates.
Retail Mexico. Underlying income statement
EUR million and % change
/ Q2'26/ 9M'25
Q3'26%excl. FX9M'26%excl. FX
Total income1,361+5+33,912+12+4
Total costs-529+1-1-1,551+5-3
Net operating income832+7+62,361+18+9
LLPs-346+1-1-1,025+20+11
PBT485+14+121,318+15+6

brazil.jpg
Retail Brazil
Profit before tax
EUR 961 mn
Commercial activity and business performance
In Q3 2026, our business strategy remained focused on expanding the affluent and corporate segments by offering a personalized and global experience. We are also further developing our integrated multi-channel experience and simplified product offering to the mass market to boost engagement and customer satisfaction.
Gross loans and advances to customers, excluding reverse repos, increased 6% year-on-year. In constant euros, they were flat, as higher corporate loans, mortgages and cards (Select) offset a decrease in personal loans in the mass market segment, in line with our strategy focused on profitable growth and prudent risk management.
Customer deposits, excluding repos, increased 17% year-on-year. In constant euros, they grew 10%, mainly on the back of growth in time deposits in Select, reflecting the increased engagement in the affluent segments. Mutual funds were 18% higher year-on-year in constant euros. As a result, customer funds rose 12% in constant euros.
Results
Profit before tax in 9M 2026 was EUR 961 million, 12% lower than in 9M 2025. In constant euros, it decreased 17%, by line:
•Total income was impacted by lower net interest income, with higher loan volumes with affluent customers partially offsetting the weaker performance of the mass market segment, in line with our capital optimization strategy. Net fee income was largely affected by a reduction in insurance fees, down from especially high levels in 9M 2025, and gains on financial transactions due to lower activity related to corporate capital markets.
•Total costs were flat, but down 5% in real terms, reflecting our efforts in simplification, automation and digitalization.
•Net loan-loss provisions were also flat, reflecting the changing portfolio mix, in line with our prudent risk management.
Compared to Q2 2026, profit before tax increased 16% in constant euros, driven by net fee income, gains on financial transactions due to higher income from FX hedges, lower legal and transformation expenses and a slight reduction in provisions.
Retail Brazil. Underlying income statement
EUR million and % change
/ Q2'26/ 9M'25
Q3'26%excl. FX9M'26%excl. FX
Total income2,356-3-27,093+3-2
Total costs-974-10-9-3,060+50
Net operating income1,381+3+44,033+2-3
LLPs-1,013-2-1-3,001+50
PBT327+15+16961-12-17
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January - September 2026
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OpenbankUnderlying attributable profit
EUR 1,407 mn
→ Our priority is to become a leading digital bank that combines advanced technology with a personal and human touch, placing customers at the centre of everything we do and maximizing profitability and long-term shareholder value.
→ Volumes reflected the Webster acquisition. Loans increased 7% year-on-year in constant euros (+3% ex. M&A), with good performances in auto. Deposits rose 37% in constant euros (+2% ex. M&A), supported by our digital bank, in line with our strategy to optimize funding costs.
→ Underlying attributable profit was EUR 1,407 million in 9M 2026, heavily impacted by additional provisions for potential complaints related to motor finance dealer commissions in the UK recorded this year. Excluding them, profit before tax rose to EUR 2,544 million, +13% year-on-year in constant euros (+11% ex. M&A), backed by improvements in net interest income and total costs.

Strategy
Openbank brings together Santander's mobility finance and consumer banking operations under a single global business, supported by our global digital banking platform, which is live in the US, Spain, Mexico and Germany. The business has a strong foundation for growth, operating in 26 countries in Europe and the Americas and serving 32 million customers.

Our vision is to evolve the business from a primarily monoline lending model to a leading, digital banking model that combines advanced technology with a personal, human touch, placing customers at the heart of our management.

To navigate an increasingly competitive environment and meet evolving customer needs while delivering on our vision, we are transforming Openbank into a more global, integrated, scalable and efficient business by advancing our strategic priorities:

•Consolidate our leadership in mobility finance. We are optimizing the business to maximize profitability and capital efficiency, while continuing to deepen and expand strategic relationships with global OEMs and key industry players. In the quarter, we secured 12 agreements with mobility partners in seven countries, supporting new business volumes. We are also expanding beyond traditional auto lending into segments such as operational leasing to better serve our customers and partners.
In the quarter, we continued to develop our leasing platform in Europe by i) broadening our distribution reach by leveraging Santander Spain's branch network; ii) further enhancing customer experience through improved customer lifecycle processes, such as automated contract termination, and iii) expanding cross-border vehicle remarketing capabilities into France.
In the US, we strengthened our capabilities across the full credit spectrum, while maintaining a disciplined approach to portfolio management. In the quarter, we completed the rollout of an enhanced pricing model, continued to expand strategic partnerships and deployed our new customer service portal, improving digital servicing and broadening customer self-service capabilities. In Latin America, we maintained our leadership in new and used vehicle financing across our footprint, backed by strong commercial momentum.
•Grow our digital banking business. We are building scale in our core markets, strengthening our value proposition to become our customers’ primary bank, driving engagement and loyalty, while laying the foundations to expand into new markets.
We further enhanced our high-yield savings offering in the US, leveraging targeted initiatives, such as a campaign with improved conditions for new customers and our partnership with Verizon.
In Mexico, we maintained strong growth, reaching 1.6 million customers (4 times more than a year ago). We also reinforced our offering with the launch of our co-branded credit card in partnership with Cinépolis, supporting customer and credit card growth.
In Europe, we further strengthened our offering with initiatives such as a more competitive investment proposition across several markets, particularly in brokerage and custody services. In Germany, we launched a renewed digital banking experience and we are working on a simplified onboarding journey including immediate activation, and enhanced features such as crypto.
In parallel, we continue to develop Openbank Pay, our checkout lending and embedded finance engine, reaching 3 million customers. In the quarter, we expanded our strategic collaboration with Amazon into Poland, offering flexible financing solutions seamlessly integrated into the checkout experience.
•Leverage AI and automation to accelerate our transformation and growth. In the quarter, we completed the development of our AI-powered financial assistant designed to strengthen our digital customer experience and started internal testing ahead of its launch in Spain.
•Focus on profitable growth. We continue to optimize deposit gathering and manage interest rate sensitivity through hedging and repricing. We maintain a disciplined approach to balance sheet management, balancing risk and capital with sustainable growth. In the quarter, as part of our capital optimization strategy, we completed Brazil's second and largest asset rotation transaction.
We are increasingly leveraging these capabilities to unlock opportunities, deepen customer relationships and drive further value. The strength of our model is already being recognized, as Openbank was named World's Best for Consumer Lending at the Euromoney Awards for Excellence 2026.
Openbank. Total customers
Millions
+23%
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January - September 2026
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Business performance
New lending was 9% higher year-on-year in constant euros, on the back of good performances across most of our footprint. We maintained our focus on balancing profitability and prudent risk management in an environment marked by geopolitical uncertainty.
Gross loans and advances to customers, excluding reverse repos, rose 9% year-on-year, +7% in constant euros, favoured by the Webster integration. Excluding it, loans grew 3% in constant euros, supported by auto, which saw sustained growth in Europe despite a soft start to the year for the market, and double-digit increases across most of our countries in Latin America.
Our EUR 11.9 billion leasing portfolio contracted 18% year-on-year in constant euros, as positive trends in Europe were more than offset by a weaker performance in the US, following the discontinuation of our partnership with Stellantis and lower demand for electric vehicles after the end of fiscal incentives in 2025.
Our access to wholesale funding markets remained strong and diversified. Customer deposits, excluding repos, were up 39% year-on-year, +37% in constant euros, boosted by the Webster integration. Excluding it, they rose 2% in constant euros, supported by our digital bank. Including mutual funds, customer funds grew 35% in constant euros (+2% excluding Webster).
Openbank. Business. September 2026
EUR billion and YoY % change in constant euros
imagen2.jpg
Gross loans and advances to customers excl. reverse reposCustomer deposits excl.
repos + mutual funds

Openbank. Leasing portfolio. September 2026
EUR billion and YoY % change in constant euros
Total leasing
12
-18%
chart-b445b995ebbe489f9b9.jpg
Results
In 9M 2026, underlying attributable profit stood at EUR 1,407 million, 10% lower year-on-year, reflecting the impact of the aforementioned provisions in the UK and a normalized tax rate in the US, partially offset by the Webster integration. In constant euros, profit decreased 9%, as follows:
•Total income rose 5%, boosted by positive dynamics across all revenue lines, particularly in net interest income.
Net interest income grew 5%, favoured slightly by the Webster integration (excluding it, +3%), with good performances across most of our footprint, especially in South America and Europe, driven by higher volumes and disciplined margin management.
Net fee income increased 1%, as positive trends in South America, backed by portfolio expansion and higher insurance activity, and the Webster integration more than offset lower servicing fees in the US.
Other income grew as higher gains on financial transactions and stronger leasing results in Europe amply offset weaker leasing dynamics in the US.
Openbank. Total income. 9M 2026
EUR million and YoY % change in constant euros
OBE
OB US
Other countries
chart-edb70c918738480697d.jpg
VarEx. M&A
+5%
+3%-2%
+11%
    
•Total costs fell 3% (-8% in real terms), supported by our efficiency and transformation efforts, primarily in the US and Europe, as well as lower charges related to operational risk (including those linked to the CHF portfolio) and asset impairments. As a result, net operating income grew 10% and the efficiency ratio improved 3.1 pp to 40.4%.
•Net loan-loss provisions rose 5%, with a good performance in the US that partly offset increases in Europe and Brazil. Credit quality remained under control, with the NPL ratio at 5.59% and cost of risk at 2.10%.
•The other gains (losses) and provisions line recorded a higher loss, mainly due to the provisions for potential complaints related to motor finance dealer commissions in the UK and higher transformation charges in Europe.
•Excluding the provisions in the UK, profit before tax increased 13% year-on-year (+11% excluding Webster).
•The effective tax rate increased following the end of fiscal benefits for electric vehicles in the US in 2025.
RoTE stood at 9.0% in 9M 2026, 10.4% excluding the impact of the additional provisions in the UK.
Compared to Q2 2026 and excluding Webster, net operating income grew 7% in constant euros, mainly driven by net interest income growth, leasing in Europe and lower costs. This was not reflected in underlying attributable profit, largely due to higher LLPs in the US.
Openbank. Underlying income statement
EUR million and % change
/ Q2'26/ 9M'25
Q3'26%excl. FX9M'26%excl. FX
Ex. M&AEx. M&A
Total income3,527 +8+7+210,062 +4+5+3
Total costs-1,347+2+1-6-4,066-3-3-5
Net operating income2,180+12+11+75,997+10+10+9
LLPs-1,179+15+14+14-3,263+4+5+5
PBT894+3+3-42,299+2+20
Underlying attrib. profit580+8+8-21,407-10-9-13
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OBE
Openbank Europe
Profit before tax
EUR 1,090 mn
Commercial activity and business performance
In a market that saw a softer start to the year in new car registrations, we grew new business volumes 8% year-on-year in constant euros, while maintaining our focus on profitability.
The stock of gross loans and advances to customers, excluding reverse repos, was 4% higher year-on-year. In constant euros, it increased 3%, on the back of higher auto balances.
Customer deposits, excluding repos, contracted 2% year-on-year. They declined 3% in constant euros, as we continued to prioritize profitability in a competitive environment. Mutual funds expanded 15% in constant euros, from low levels.
Results
In 9M 2026, profit before tax stood at EUR 1,090 million, 10% lower year-on-year, heavily impacted by the additional provisions in the UK this year. In constant euros, profit before tax fell 11%, as follows:
•Total income increased 5%, driven by net interest income (+4%), underpinned by good margin management and higher volumes, gains on financial transactions (impacted by our hedging strategy in 2025) and leasing results (improvements in the portfolio mix and new business dynamics), while net fee income was stable.
•Total costs improved 7%, primarily backed by savings from our efficiency and transformation efforts, as well as lower operational risk charges, including those linked to the CHF portfolio.
•Net loan-loss provisions were up 12%, in part due to higher volumes, a model update and business growth in Openbank Pay. Cost of risk was close to 1%.
•The other gains (losses) and provisions line posted a greater loss, mainly due to the additional provisions in the UK and higher transformation charges.
•Excluding the additional provisions in the UK this year, profit before tax grew 9% year-on-year.
Compared to Q2 2026, profit before tax rose 10% in constant euros, with positive revenue trends, in part driven by higher volumes and improved leasing results, and lower costs.
Openbank Europe. Underlying income statement
EUR million and % change
/ Q2'26/ 9M'25
Q3'26%excl. FX9M'26%excl. FX
Total income1,554+4+44,543+5+5
Total costs-650-2-2-2,020-7-7
Net operating income904+8+82,523+17+16
LLPs-349+1+1-1,038+12+12
PBT474+9+101,090-10-11
us.jpg
Openbank US
Profit before tax
EUR 923 mn
Commercial activity and business performance
Our digital bank has maintained a solid performance since its launch, now serving more than 237,000 customers, with USD 11.1 billion in deposits gathered (+91% year-on-year). This quarter, we completed the Webster acquisition, advancing towards a more balanced franchise, with a stronger funding profile and greater diversification and scale, by combining Webster's high-quality, low-cost deposit base with our strength in consumer finance.
Gross loans and advances to customers, excluding reverse repos, were 23% higher year-on-year, +19% in constant euros, favoured by Webster. Excluding it, they fell 1% in constant euros, due to the impact of our asset rotation initiatives and more moderate trends in auto. The leasing portfolio contracted 38% in constant euros, following the discontinuation of our partnership with Stellantis and weaker demand for electric vehicles.
Customer deposits, excluding repos, rose 113% year-on-year, +107% in constant euros, benefitting from Webster. Excluding it, they grew 9% in constant euros, supported by momentum from our digital bank, in line with our strategy to optimize funding costs. Mutual funds also posted a solid performance. Customer funds increased 98% in constant euros (+9% excluding Webster).
Results
In 9M 2026, profit before tax grew 38% year-on-year to EUR 923 million, including Webster's results since 20 August 2026. In constant euros, profit before tax rose 44%, as follows:
•Total income increased 3%, favoured by the Webster integration and with resilient net interest income, which offset weaker trends in net fee income, particularly in terms of servicing fees, and in leasing results, affected by lower volumes and residual values.
•Total costs declined 2%, even after including Webster, underpinned by our cost discipline and lower charges related to asset impairments.
•Net loan-loss provisions improved 9%, reflecting capital relief measures and resilient customer repayment behaviour, supported by persistently high used car prices and favourable recoveries. Cost of risk fell year-on-year to 3.87%.
Compared to Q2 2026 and excluding Webster, net operating income increased 12% in constant euros, with positive trends in net interest income and lower costs. This improvement did not fully translate into profit before tax due to LLPs, which are seasonally higher in the second half of the year.
Openbank US. Underlying income statement
EUR million and % change
/ Q2'26/ 9M'25
Q3'26%excl. FX9M'26%excl. FX
Ex. M&AEx. M&A
Total income1,413+17+16+23,819-1+3-2
Total costs-522+7+6-13-1,530-6-2-8
Net operating income891+24+23+122,289+2+6+2
LLPs-511+33+32+32-1,338-13-9-9
PBT355+5+4-13923+38+44+35
January - September 2026
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CIBUnderlying attributable profit
EUR 2,433 mn
→ Our diversification across business lines, client types and global footprint, enhanced by the investments made in recent years, makes us more resilient in challenging environments and reinforces our long-term strategy focused on sustainable growth.
→ Good activity levels year-on-year across all business lines, especially Global Banking (GB) and Global Markets (GM), reflecting the benefits of the growth initiatives we have launched.
→ Underlying attributable profit reached EUR 2,433 million, a 17% increase year-on-year (+15% in constant euros), supported by strong revenue performances across business lines that far outpaced cost growth. We maintain a leading position in efficiency and profitability, with RoTE at 19.2%.
Strategy
Our Corporate & Investment Banking (CIB) business is a global franchise, well diversified by business line, country and client type. We continue to demonstrate the strength of our global platform, delivering solid performances and supporting sustainable growth despite geopolitical uncertainty.
In Q3 2026, we continued to make progress on our strategic priorities, scaling the capabilities built in recent years to support growth across the Group, while maintaining capital discipline, profitability and shareholder value creation, in line with our ambition to:
•Deepen strategic relationships with clients, putting them first, supported by a business model that combines in-depth industry knowledge, expert advice and proven financing capabilities. During the quarter, we continued to strengthen our global centres of expertise, further enhancing capabilities in Metals & Mining, among other strategic sectors.
Clients increasingly seek faster, safer and more integrated solutions across products, sectors and markets, and our ability to bring together capabilities from across the Group is a key differentiator. A strong example this quarter was our role as debt and M&A advisor, lender and provider of deal-contingent hedging for the largest offshore wind project in the German Baltic Sea, alongside our participation in the parallel sale of a 25% stake in the project.
•Accelerate ONE Santander and strengthen collaboration across the Group, launching the Network Distribution function to further embed CIB capabilities across the Group’s global businesses, with GM solutions, and GB and Global Transaction Banking (GTB) capabilities acting as product factories to better serve Commercial Banking clients.
Our global platforms, particularly FX and Trade, remain important levers to further integrate CIB's capabilities across the Group. This
was demonstrated in the financing of Guyana’s main international airport, where our specialized Export Finance capabilities supported a Commercial Banking client involved in the construction project.
The US's contribution to CIB's results continued to increase, particularly on the back of growth in Corporate Finance. The Webster acquisition represents an additional opportunity to expand our client access and benefit from greater scale through collaboration and leveraging Santander’s US platform more broadly.
•Transform our operating model through simplification, globalization and technology and AI to drive productivity, efficiency and stronger risk and control management. Our focus on common platforms, together with organizational and vendor optimization, is generating meaningful efficiencies across support functions. AI adoption also continues to advance, with a focus on scaling and reusing use cases and expanding agent-based capabilities across the organization.
This quarter, we reached an important milestone in our tokenized financial markets strategy, receiving authorization from Banco de España to participate in the initial wave of Pontes, the Eurosystem’s new infrastructure for settling wholesale transactions in tokenized assets in central bank money. This places us among the early participants in this innovative solution.
Regarding AI, our portfolio is increasingly translating into tangible outcomes, including advanced Risk & Compliance tools and business solutions that enhance pricing and model client and balance sheet behaviour, thereby increasing bankers’ productivity.
•We continue to actively manage capital through our Originate-to-Share (OtS) model and to support the growth of fee-intensive and capital-light businesses. As a result, our total revenue to risk-weighted assets ratio improved by 0.6 pp year-on-year to 8.4%.
Recent awards
Ranking in League Tables 9M 2026
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EuromoneyGlobal CapitalStructured FinanceDebt Capital Markets
Latin America's Best FX Bank
Americas Derivatives Risk Solutions House of the Year
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Latin FinanceSRPEquity Capital MarketsM&AECAs*
Infrastructure Bank of the Year: Latin America
Best Structured Retail Products House in Brazil
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Source: Dealogic, Infralogic, Bloomberg; specific filters apply. (*). ECAs as of June 2026.
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Business performance
Global Transaction Banking delivered solid growth in 9M 2026 across products, supported by continued client engagement and franchise expansion:
•Trade & Working Capital Solutions maintained its good momentum, driven by growth in strategic markets such as the US. In Q3, we closed several important transactions, including a USD 4.5 billion stock financing for General Motors, with Santander serving as joint arranger and underwriter.
•Export Finance maintained its leading position in the global market, leveraging our global platform, sector expertise and longstanding relationships with Export Credit Agencies and other key market participants, notably in Europe and Latin America. Of note was a USD 500 million sustainable financing for the Republic of Ecuador backed by the Inter-American Development Bank (IDB).
•Cash Management activity performed well despite the uneven interest rate environment, supported by strong momentum in the US, Asia and Latin America. Key transactions in the quarter included a depositary agent mandate for project finance activities with a leading US alternatives asset manager. We also continued to expand real-time payment solutions, treasury connectivity and product capabilities.
Global Banking also registered solid activity levels, mainly in the Americas, supported by our cross-border coverage, advisory and financing platform strategy:
•Corporate Finance (CF) registered strong growth in activity across products and markets. M&A showed good momentum, driven by strong activity volumes in strategic sectors such as Tech & AI and balance sheet optimization, particularly in large-scale transactions. ECM delivered another record quarter, participating in a broad range of notable transactions in Europe such as DIGI's IPO in Spain. Leveraged Finance benefitted from refinancing, M&A and event-driven activity such as the cross-border financing of a joint venture between a private equity fund and Nestlé.
•Structured Finance showed good activity levels, supported by sustained demand across Tech & AI-related infrastructure and energy transition (top ranked globally) sectors, alongside Fund Finance, particularly in the US.
•Investment Grade & Emerging Markets Debt (IG&EM Debt) continued to deliver strong activity levels, supported by resilient capital markets activity in the US and Europe and issuances across Latin America.
Global Markets delivered solid performances across markets and both FICC and Equity products, underpinned by sustained client demand for hedging, financing and structured solutions. Activity remained broad-based across markets and client segments, with a focus on delivering tailored solutions to clients’ financing and risk management needs.
Gross customer loans and advances, excluding reverse repos, were up 30% year-on-year. In constant euros, they grew 28% boosted by growth across the three business lines, especially in less capital-intensive products such as Export Finance (ECAs) and Trade Finance in GTB, and other products that are also low capital consumption in GM. Our portfolio distribution strategy additionally supported loan growth.
Customer deposits, excluding repos, increased 15% year-on-year. In constant euros, they increased 12%, mainly driven by Cash Management.
Results
Underlying attributable profit in 9M 2026 rose 17% year-on-year to EUR 2,433 million. In constant euros, it grew 15%, as follows:
•Total income rose 14%, on the back of strong net interest income and net fee income growth.
Net interest income increased 32%, mainly due to higher volumes in financing activities through less capital-intensive products in GM. GB also grew, supported by strong activity in IG&EM Debt, while GTB remained broadly stable.
Net fee income rose 7%, driven by GB, with strong growth in CF, mainly in the US, as well as in Export Finance in Europe and Trade Finance in both the US and Europe.
Other income decreased, reflecting lower gains on financial transactions in GM amid lower market volatility and spread compression in core markets.
By business line, revenue grew at double-digit rates in GB and GM, while GTB increased 6% year-on-year. We recorded double-digit increases in several markets, most notably in the US, Mexico and Argentina.
CIB. Total income by business. 9M 2026
EUR million and % change in constant euros
chart-dcbe6a9bc4ba4ddbb8b.jpg
Note: total income includes revenue from other activities which are less material (EUR 70 million in 9M'25 and EUR 96 million in 9M'26).
•Total costs increased 5%, reflecting our investments to drive growth, rising at a much slower pace than revenue. The efficiency ratio improved 3.8 pp to 42.6%, one of the best in the sector.
•Net loan-loss provisions increased in 9M 2026, driven by credit portfolio growth and some single names in Europe, the US and Brazil. Despite this, the overall portfolio risk profile remained contained.
As a result, RoTE reached 19.2% in 9M 2026, 0.7 pp higher year-on-year, reflecting our focus on active capital management, efficiency and profitability.
Compared to Q2 2026, underlying attributable profit reflected the usual Q3 revenue seasonality, partly compensated by lower provisions and cost control.
CIB. Underlying income statement
EUR million and % change
/ Q2'26/ 9M'25
Q3'26%excl. FX9M'26%excl. FX
Total income2,157 -10-106,936 +15+14
Total costs-1,008 +10-2,956 +6+5
Net operating income1,149 -17-183,980 +23+21
LLPs-194 -18-19-638 +308+304
PBT955 -17-173,334 +9+7
Underlying attrib. profit691 -19-192,433 +17+15
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Wealth
Underlying attributable profit
EUR 1,651 mn
→ We continue to build the best wealth and insurance manager in Europe and the Americas, supported by our leading global private banking platform and our fund and insurance factories that leverage our scale and global capabilities to offer the best value proposition to our customers.
→ Record total assets under management of EUR 588 billion, +11% year-on-year in constant euros, on the back of excellent commercial dynamics. In the insurance business, gross written premiums increased 20% year-on-year.
→ Underlying attributable profit amounted to EUR 1,651 million, 20% higher year-on-year (+19% in constant euros), with revenue increasing across both business lines.
Strategy
Our aim is to continue developing our Wealth Management & Insurance service model and value proposition through a common global platform that leverages the Group's scale and capabilities.
From 2026, our business lines are organized into two verticals: Private Banking and Insurance & Asset Management Solutions. This new structure enables us to capture more synergies and strengthen collaboration across businesses.
In Q3 2026, we focused on the following strategic initiatives:
•In Private Banking (PB), we continued to advance in our transformation into a more integrated global wealth platform, a shared value proposition and increasing connectivity across countries. We further strengthened our global positioning through greater specialization, enhanced client experience and continued expansion of higher value-added solutions.
During the quarter, we continued to roll out our global advisory model, product architecture and client proposition across markets, while enhancing AI-enabled capabilities to improve banker productivity, advisory effectiveness and client experience.
We improved our value proposition through expanded access to private markets, strategic solutions, lending, real estate advisory and open architecture, enabling clients to access a consistent range of sophisticated solutions across markets.
International collaboration remains a core pillar of our value proposition. We strengthened our links with CIB, Commercial Banking and institutions teams across our markets, creating new opportunities to serve entrepreneurs, business owners and institutional clients through a more integrated coverage model. This included further progress in joint PB and corporate banking coverage in Spain, as well as strong cross-border connectivity along strategic corridors, including Mexico-US.
At the same time, we enhanced our Ultra High Net Worth (UHNW) and Family Office services through Beyond Wealth, while expanding value-added services to provide more holistic advice to clients with complex wealth needs.
Private Banking clients
Thousands
+6%
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•Insurance & Asset Management Solutions (Ins. & AM Solutions) is now an established business line that offers a value proposition that brings together liquid, illiquid and insurance products into a unified model, as a result of the integration of our asset management and insurance businesses.
•In liquid products, we continued to strengthen our global investment platform and operating model, supporting solid commercial activity and client engagement. The Group’s global capabilities and client-focused product offering are supporting solid commercial performances.
During the quarter, we further simplified and globalized our operating model, while advancing digital platforms and automation across countries. These developments are underpinned by our global data platform, which consolidates information across all countries into a single data source. The platform supports business intelligence initiatives and digital solutions such as SAM Conecta (global platform that centralizes commercial and product information), now deployed in nine countries. We also expanded automation and AI, enhancing commercial effectiveness and operational efficiency.
•In illiquid products, we are scaling up the alternatives business, strengthening distribution and investment capabilities, while broadening our product offering, which is attracting institutional investors, family offices and private investors.
In Q3 2026, we executed the first closing of our Real Estate Retail Opportunities Fund, which targets value creation through the acquisition and active management of retail real estate assets across Spain and Portugal.
•In insurance, we are building a global operating model to become an integrated insurance platform, bringing together Life & Pensions, Health and Protection under a single model:
–In Life & Pensions, stronger coordination between insurance and the teams serving customer segments (from joint product development to aligned commercial incentives) is delivering tangible results in Spain, where Life Savings sales rose 43% year-on-year. In Chile, following the acquisition of Principal Vida Chile, we launched Santander Seguros de Rentas Vitalicias, marking a new stage for this business under the Santander brand, combining savings, protection and investment capabilities and extending customer relationships during their retirement.
–In Protection, our specialized insurance sales model in Brazil is driving higher productivity, conversion and sales quality through expert advice. In Chile, we launched a fully digital, assisted insurance journey embedded in Getnet POS, enabling customers to purchase insurance services in less than two minutes and turning the POS into a simple and scalable new distribution channel.
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Business performance
Solid commercial activity and market performance in Q3 2026 enabled us to reach record total assets under management (AuMs) of EUR 588 billion, an 11% increase year-on-year in constant euros.
By business and in constant euros, activity performed as follows:
•In PB, business momentum remained positive during the period, supported by client activity, sustained demand for advisory-led solutions and continued growth in fee-generating products. We remained focused on increasing the penetration of discretionary portfolio management, alternatives and other higher value-added investment solutions, supporting a more recurrent and diversified revenue profile.
Customer assets and liabilities reached EUR 388 billion, up 13% year-on-year. Growth was broad-based across products, reflecting both solid commercial dynamics and market performance. Our focus on delivering differentiated advice, global capabilities and value-added solutions continued to support business growth and client engagement across the franchise. Net new money totalled EUR 17.2 billion and our Private Banking customer base stood at nearly 310,000.
•In Insurance & Asset Management Solutions, total AuMs reached EUR 297.3 billion, +9% year-on-year:
–Liquid products: total AuMs rose 9% year-on-year to EUR 294.7 billion, supported by solid commercial activity, demonstrating strong client engagement and an attractive product offering. Net sales totalled EUR 7.9 billion in 9M 2026.
–Illiquid products: total AuMs reached EUR 2.6 billion, reflecting our expansion across countries.
–Insurance: gross written premiums reached EUR 10 billion in 9M 2026, +20% year-on-year, with both Life & Pensions and Protection growing at double-digit rates.
Wealth. Business performance. September 2026
EUR billion and % change in constant euros
Total AuMs
Funds and investment
Custody
Customer deposits
Customer loans
GWPs
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/ Jun-26/ Sep-25
+1%+11%
+1%+10%
+2%+19%
+1%0%
+4%+9%
+10%+20%
Note: total products marketed, advised, under custody and/or managed.
Results
Underlying attributable profit in 9M 2026 amounted to EUR 1,651 million, 20% higher year-on-year. In constant euros, it grew 19%, with the following performance by line:
•Total income increased 10% as a result of our focus on value-added solutions which improved revenue recurrency.
Net interest income was flat, as the increase in loan volumes offset a higher cost of deposits.
Net fee income rose 11% year-on-year, with strong performances across both business lines: Private Banking was mainly driven by mutual funds and securities and Insurance & Asset Management Solutions was underpinned by AuM growth.
Other income increased, boosted by the good performances in insurance and illiquid asset management products.
•Total costs increased 4% year-on-year, well below revenue due to our investments to strengthen our teams and develop new capabilities in response to higher commercial activity.
Including distributed fees, which are recorded in other global businesses, total income reached EUR 5,176 million, up 9% on the back of higher customer activity in Private Banking and higher volumes in Insurance & Asset Management Solutions.
Wealth. Total income. 9M 2026
EUR million and YoY % change in constant euros
PB
Ins&AM Solutions
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Total incomeTotal income + distr. fees
+4%+4%
+26%+15%
Total incomeDistributed fees
Note: additionally, Wealth's total income included EUR 113 million in 9M'25 and EUR 55 million in 9M'26 corresponding to Other Investments. Information excludes overlaps between Wealth businesses and insurance fees recorded in Openbank.
When considering these distributed fees with our PAT, the total contribution to Group profit (PAT+Fees) reached EUR 2,968 million, up 14% year-on-year in constant euros.
As a result, our RoTE in 9M 2026 was 58.2%.
Compared to Q2 2026, the business delivered solid performances in net fee income, particularly in mutual funds, and in gains on financial transactions, due to illiquid products. However, this solid performance was not reflected in underlying attributable profit, mainly due to dividend seasonality, provision releases in Q2 (following a change in methodology) and higher transformation-related costs in Q3.
Wealth. Underlying income statement
EUR million and % change
/ Q2'26/ 9M'25
Q3'26%excl. FX9M'26%excl. FX
Total income1,105 +1+13,198 +10+10
Total costs-375 +2+2-1,107 +4+4
Net operating income730 +102,090 +14+13
LLPs-13 ——-19 +98+93
PBT710 -3-32,067 +14+13
Underlying attrib. profit568 -4-41,651 +20+19
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Payments
Underlying attributable profit
EUR 105 mn
→ Santander holds a unique position in the payments industry, driven by its payments platform business, offering best-in-class products across the entire value chain: issuing, acquiring, account-to-account (A2A) payments and international payments.
→ Activity increased across all business lines, underpinned by the development of our global platforms, which enabled us to continue to gain scale. Total payment volume (TPV) in Getnet rose 9% year-on-year in constant euros, the number of transactions processed in Getnet Platforms was three times higher and Ebury's customer base grew 25% year-on-year.
→ Underlying attributable profit was EUR 105 million, doubling 9M 2025 levels in constant euros, driven by revenue growth and operational leverage. EBITDA margin improved 2.4 pp year-on-year to 34.0%.
Strategy
In Payment Solutions (Payments), the Group's payments platform business, we continued to execute our priorities and strengthening our strategic positioning:
•In Getnet, our acquiring business, we strengthened our leadership in the payments ecosystem across Latin America and the Caribbean, ranking as the region's largest acquirer by total payment volume according to the latest Nilson Report (2026), while delivering stronger growth than most of our main regional competitors.
During the quarter, we continued to drive product innovation, including the launch of Pix by Biometrics in Brazil. This solution simplifies the payment process by enabling customers to authorize online Pix payments using biometric authentication.
In addition, we broadened our AI-powered value-added services offering for merchants with the launch of Getnet Engage, enabling the creation and management of loyalty programmes embedded within the payment experience. We also introduced generative AI capabilities into Smart POS terminals, including voice-activated payments and conversational assistance.
We continued to drive organizational transformation by enhancing AI-assisted software development, building the capabilities required to deliver merchant solutions and support the next generation of agentic payments.
Additionally, we continued to expand our open-market ecosystem, strengthening relationships with PSP, PayFacs, aggregators and other strategic partners, including a new agreement with Weixin Pay (WeChat Pay). These initiatives enable us to broaden our payment proposition and commercial reach across Latin America and Europe.
•In Getnet Platforms, we continued to deploy our technology platform for A2A payment processing, FX, fraud detection and other value-added services. The platform now processes around 1.2 billion payments per month across our markets.
At the same time, we continue to roll out our global card platform which is now processing more than 500 million transactions per month across Brazil, Mexico, Chile, Spain and the UK.
•Ebury, our global platform offering cross-border payments and FX solutions for corporates and SMEs, continued to accelerate new product development, international expansion and AI capabilities. Ebury's business in Brazil was named the Best International Services Bank in Brazil 2026 by the Global Banking & Finance Awards.
Business performance
In 9M 2026, activity continued to increase year-on-year, with widespread growth across all business lines.
•Getnet’s total payment volume reached EUR 197.6 billion, representing a 9% year-on-year increase in constant euros, driven mainly by higher commercial activity in Mexico, Brazil and Europe.
•In Getnet Platforms, the number of processed transactions was three times higher than the same period last year, driven by Brazil.
•At Ebury, the number of active customers grew by 25% year-on-year, to 29,500.
Loans and deposits are not material in Payments, as they represent just 0.1% and 0.2% of the total Group, respectively.
Results
In 9M 2026, underlying attributable profit was EUR 105 million, compared to a profit of EUR 35 million in 9M 2025. In constant euros, performances across lines were as follows:
•Total income grew 15%, driven by net fee income in Getnet and Ebury, as well as increased activity in our payments (A2A) and card processing platforms.
•Total costs rose 8%, impacted by inflation and reflecting the investments in the development of global platforms.
•Net loan-loss provisions increased, impacted by operational incidents in Getnet Brazil in Q1 2026, though they are not material given the nature of the business.
Overall, the EBITDA margin reached 34.0% (+2.4 pp year-on-year).
Compared to Q2 2026, profit before tax rose by 38% in constant euros, driven by total income growth from higher activity in Getnet Platforms. This growth was not reflected in underlying attributable profit due to the normalization of the tax burden in Brazil.
Payments. Underlying income statement
EUR million and % change
/ Q2'26/ 9M'25
Q3'26%excl. FX9M'26%excl. FX
Total income404 +4+41,175 +18+15
Total costs-343 +2+2-1,000 +10+8
Net operating income62 +21+22175 +107+80
LLPs-4 -37-37-24 +26+22
PBT59 +37+38151 +166+119
Underlying attrib. profit27 -54-55105 +201+147
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Corporate Centre
Underlying attributable profit
-EUR 865 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 financial and capital management functions as well as corporate oversight and control functions and coordinates interactions with the Group's supervisors and regulators.
→ Underlying attributable loss in 9M 2026 of EUR 865 million, compared with a loss of EUR 1,059 million in 9M 2025, mainly driven by positive results related to certain stakes and dividends from our stake in Poland and lower LLPs.
Strategy and functions
The Corporate Centre contributes value to the Group through the following functions, among others:
•Implementing 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, corporate development operations and projects to 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 process efficiency and customer service quality.
It also coordinates relationships 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 September 2026, the liquidity buffer was EUR 346 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 use high credit quality, very liquid and low capital consumption derivatives to actively manage interest rate risk to dampen the impact of interest rate changes on net interest income.
•Strategic management of exposure to exchange rates in equity and dynamic management of the FX hedges related to the units’ results for the next 12 months in euros. The net investments in equity currently hedged totalled EUR 18,968 million (mainly in
the UK, Mexico and Chile) with different FX instruments (spots and forwards).
•Management of total capital and reserves: Group capital planning and management, aimed at optimizing capital use and efficient allocation across business units and opportunities by: i) coordinating with subsidiaries; ii) setting solvency targets and monitoring capital ratios; and iii) utilizing asset mobilization and risk transfer through the Global Asset Desk to maximize capital and shareholder returns.
Results
In 9M 2026, the underlying attributable loss was EUR 865 million, compared with a loss of EUR 1,059 million recorded in 9M 2025. By line:
•Net interest income declined by EUR 180 million, impacted by lower interest rates and higher funding costs.
•Losses on financial transactions increased by EUR 569 million, due to a higher impact from foreign currency hedges.
•Additionally, 'other operating income' improved due to higher results from certain stakes and the dividends from our stake in Poland.
•Total costs increased by EUR 13 million in the period.
•Net loan-loss provisions improved significantly, as we recorded provisions in 9M 2025 which improved the Group's credit quality.
•In addition, the underlying attributable loss improved due to higher operational charges recorded in Q3 2025 and a more favourable tax burden.
Corporate Centre. Underlying income statement
EUR million and % change
Q3'26Q2'26% chg.9M'269M'25% chg.
Total income-375 -295+27-841 -520+62
Net operating income-466 -399+17-1,139 -805+42
PBT-478 -450+6-1,225 -1,254-2
Underlying attrib. profit-340 -385-12-865 -1,059-18

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Sustainability
Strategy
1Support our customers in meeting their goals in their transition to a low-carbon economy, while also managing climate-related risks and impacts.
2Encourage employee growth, fostering an inclusive culture and promoting skill development, while providing fair working conditions.
3Contribute to the economic, financial and social development of our communities, with a special focus on education, employability and entrepreneurship.
4Be a trusted partner to our customers, with products and services adapted to their needs, while applying responsible practices, supporting their financial inclusion and protecting their information.
5Act responsibly through a strong culture, governance and conduct.
Key highlights
In Q3 2026, we made progress on the following initiatives:
→ In Retail & Commercial Banking:
–Green and transition financing solutions: in Spain, we strengthened our sustainable finance offering for SMEs and corporates with Energy Savings Certificates and sustainable mobility solutions. In Uruguay, we launched Impulso Verde, a USD 100 million green finance programme aimed at supporting companies in their energy transformation. In Argentina, we participated in the reopening of MSU Green Energy’s green bond for USD 130 million, bringing the total outstanding amount to USD 530 million.
–Advisory, partnerships and customer support: we launched CLIMINVEST in Spain, a collaborative initiative under the Horizon Europe programme developed together with the technology platform WeGrant to facilitate access to public grants and support sustainable investments. In the UK, we supported the Octopus Zero Bills new build initiative to promote the financing of newly built homes equipped with green technology and zero energy bills for several years, becoming one of the first UK lenders to do so.
–Financial inclusion: more than 7.2 million people continued to benefit from financial inclusion products and services, of which 2.1 million were new beneficiaries this year.
–Education, employability and entrepreneurship: we allocated EUR 18.8 million in the quarter to promote education, employability and entrepreneurship, and helped 1.5 million people and organizations. In total, we have allocated EUR 369.8 million since 2023, progressing towards the EUR 400 million target we set for 2023-2026.
→ In Openbank Europe, we had financed more than 313,000 electric vehicles as of 9M 2026 (+73% year-on-year), with a market share above 12% as of August.
→ In CIB:
–Green financing and mobilization: we allocated EUR 7.1 billion to green financing and mobilization during the quarter, achieving EUR 195.1 billion since 2019, and we remain on track to meet our EUR 220 billion target by 2030.1
–In DCM, we reinforced our position in sustainable debt capital markets through initiatives such as our role as coordinator for Spain's Green Bond Framework update and our support for the issuance of a EUR 4 billion Spanish sovereign green bond. Other notable sustainable transactions included the World Bank’s GBP 1.25 billion Sustainable Development Bond and TenneT Germany’s first EUR 2.6 billion hybrid European Green Bond (EuGB).
–In Structured Finance, we participated in the largest renewable energy portfolio refinancing completed in Spain so far this year, playing multiple financing roles across the transaction. In addition, we supported the financing of the largest offshore wind project under development in the German Baltic Sea, amounting to EUR 2.1 billion.
→ In Wealth, our Socially Responsible Investments reached 24% of total assets under management, including asset management funds, third-party funds, portfolios and directly held assets under advisory in Private Banking.
1.Target was set before the publication of the European taxonomy in Q2 2023. Therefore, the target definition is not fully aligned with the taxonomy. For further information, see the 'Alternative performance measures' section in this report.
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Corporate governance
Share capital increase for the acquisition of Webster
In the context of the acquisition of Webster Financial Corporation, and pursuant to the resolution passed by the general shareholders’ meeting on 27 March 2026, on 20 August 2026 Banco Santander executed the share capital increase to issue the shares delivered as consideration to the shareholders of Webster Financial Corporation.
As a result, Banco Santander’s share capital increased by a nominal amount of EUR 164,923,219 through the issuance of 329,846,438 ordinary shares with a nominal value of EUR 0.50 each, representing approximately 2.25% of its share capital. The share capital increase was registered with the Commercial Registry of Cantabria on 1 September 2026 and, consequently, article 5 of the Bylaws was amended to reflect that Banco Santander’s share capital was set at EUR 7,509,582,970, represented by 15,019,165,940 shares with a nominal value of EUR 0.50 each.
Share capital reduction of 3.08% as part of shareholder remuneration
On 1 September 2026, the executive committee executed a reduction of Banco Santander’s share capital for the amount of EUR 231,341,569.50 through the cancellation of 462,683,139 own shares, representing approximately 3.08% of its share capital. These shares were acquired under the 2025 share buyback programme carried out between 4 February and 21 August 2026 as part of shareholder remuneration charged against 2025 earnings and the excess capital generated upon completion of the sale of the 49% stake in Santander Bank Polska. The share capital reduction, which had been approved by the general shareholders’ meeting on 27 March 2026, was registered with the Commercial Registry of Cantabria on 9 September 2026 and, consequently, article 5 of the Bylaws was amended to reflect that Banco Santander’s share capital was set at EUR 7,278,241,400.50, represented by 14,556,482,801 shares with a nominal value of EUR 0.50 each. The cumulative reduction of Banco Santander’s share capital resulting from the share buyback programmes and the corresponding share capital reductions carried out since 2021 amounts to EUR 1,557,002,469.50. During this period, the Bank has repurchased and cancelled 3,114,004,939 shares, representing approximately 18% of its shares outstanding at the beginning of the period.
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Appendix
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•Group information
Financial information
Group information
In this appendix, results are presented on an underlying basis and the balance sheet figures, ratios and other metrics exclude Poland for all periods in 2025. However, if we were to include Poland, the Group's main management ratios would not be materially affected. For further information, see the 'Alternative performance measures' section in this report.
Additionally, the balance sheets and income statements of the Retail global business, Retail UK and the UK secondary segment include TSB from 1 May 2026 and, from 20 August 2026, balance sheets and income statements include Webster, mainly the Retail global business and Openbank US within Openbank, and the US secondary segment. For further information, see the 'Significant events in the period' section in this report.
For Argentina and any grouping which includes it, the variations in constant euros have been calculated considering the Argentine peso exchange rate on the last working day for each of the periods presented. For more information, see the calculation method detailed in the ‘Alternative performance measures’ section in this appendix.
Underlying net fee income. Consolidated
EUR million
Q3'26Q2'26Change (%)9M'269M'25Change (%)
Fees from services1,942 1,907 1.85,672 5,291 7.2
Wealth management and marketing of customer funds1,196 1,154 3.63,467 3,196 8.5
Securities and custody360 433 (16.9)1,210 975 24.1
Net fee income3,498 3,494 0.110,349 9,462 9.4
Underlying total costs. Consolidated
EUR million
Q3'26Q2'26Change (%)9M'269M'25Change (%)
Staff costs3,586 3,551 1.010,516 10,063 4.5
Other general administrative expenses2,064 2,015 2.46,002 5,928 1.2
   Information technology677 652 3.81,956 1,783 9.7
   Communications90 97 (7.2)275 267 3.0
   Advertising125 125 0.0371 382 (2.9)
   Buildings and premises161 165 (2.4)488 514 (5.1)
   Printed and office material22 14 57.153 58 (8.6)
   Taxes (other than tax on profits)151 119 26.9410 407 0.7
   Other expenses838 843 (0.6)2,449 2,517 (2.7)
Administrative expenses5,650 5,566 1.516,518 15,991 3.3
Depreciation and amortization734 839 (12.5)2,401 2,422 (0.9)
Operating expenses6,384 6,405 (0.3)18,919 18,413 2.7
Other operating costs330 322 2.51,006 1,210 (16.9)
Total costs6,714 6,727 (0.2)19,925 19,623 1.5
January - September 2026
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•Group information
Employees and branches. Consolidated
EmployeesBranches
Sep-26Sep-25ChangeSep-26Sep-25Change
Retail & Commercial Banking123,546128,936(5,390)Spain1,460 1,684 (224)
Openbank32,08031,463617UK483 368 115 
Corporate & Investment Banking13,48512,986499Portugal277 373 (96)
Wealth Management & Insurance7,4287,33494Openbank Europe242 299 (57)
Payment Solutions7,7438,035(292)US562 384 178 
Corporate Centre1,8691,892(23)Mexico1,237 1,329 (92)
Total Group186,151190,646(4,495)Brazil1,474 1,724 (250)
Chile218 231 (13)
Argentina353 396 (43)
Rest of the Group242 241 1 
Total Group6,5487,029(481)

Underlying net loan-loss provisions. Consolidated
EUR million
Q3'26Q2'26Change (%)9M'269M'25Change (%)
Non-performing loans3,934 3,769 4.411,351 10,210 11.2
Recovery of written-off assets(448)(420)6.7(1,291)(1,302)(0.8)
Net loan-loss provisions3,486 3,349 4.110,060 8,908 12.9
Loans and advances to customers. Consolidated
EUR million
Change
Sep-26Sep-25Absolute%Dec-25
Commercial bills52,372 46,943 5,429 11.651,110 
Secured loans624,992 528,692 96,300 18.2530,749 
Other term loans349,651 287,067 62,584 21.8295,998 
Finance leases40,462 38,360 2,102 5.538,540 
Receivable on demand11,443 11,164 279 2.510,313 
Credit cards receivable27,641 24,946 2,695 10.826,179 
Impaired assets36,048 31,022 5,026 16.231,577 
Gross loans and advances to customers (excl. reverse repos)1,142,609 968,194 174,415 18.0984,466 
Reverse repos87,875 80,205 7,670 9.673,980 
Gross loans and advances to customers1,230,484 1,048,399 182,085 17.41,058,446 
Loan-loss allowances23,597 21,190 2,407 11.421,158 
Loans and advances to customers1,206,887 1,027,209 179,678 17.51,037,288 
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•Group information
Total funds. Consolidated
EUR million
Change
Sep-26Sep-25Absolute%Dec-25
Demand deposits746,497 629,494 117,003 18.6646,125 
Time deposits352,406 292,364 60,042 20.5298,284 
Mutual funds288,442 249,293 39,149 15.7255,389 
Customer funds1,387,345 1,171,151 216,194 18.51,199,798 
Pension funds16,466 15,927 539 3.416,112 
Managed portfolios56,403 47,746 8,657 18.150,459 
Repos123,360 104,272 19,088 18.396,791 
Total funds1,583,574 1,339,096 244,478 18.31,363,160 
Eligible capital (phased-in)1. Consolidated
EUR million
Change
Sep-26Sep-25Absolute%Dec-25
Capital stock and reserves136,873 130,941 5,932 4.5128,798 
Attributable profit12,405 10,337 2,067 20.014,101 
Dividends(2,794)(2,584)(210)8.1(3,525)
Other retained earnings(35,482)(40,386)4,903 (12.1)(40,445)
Minority interests7,340 8,588 (1,248)(14.5)9,037 
Goodwill and intangible assets(22,469)(15,526)(6,943)44.7(15,037)
Other deductions(11,728)(8,778)(2,950)33.6(8,190)
CET184,145 82,593 1,552 1.984,739 
Preferred shares and other eligible tier 110,251 10,630 (379)(3.6)9,645 
Tier 194,395 93,222 1,173 1.394,385 
Generic funds and eligible tier 2 instruments18,441 16,719 1,723 10.317,460 
Eligible capital112,837 109,941 2,896 2.6111,845 
Risk-weighted assets663,324 630,753 32,571 5.2629,430 
CET1 capital ratio12.713.1(0.4)13.5
Tier 1 capital ratio14.214.8(0.5)15.0
Total capital ratio17.017.4(0.4)17.8
Note: includes Poland.
1. Phased-in ratios are calculated in accordance with the transitory treatment of the CRR.

January - September 2026
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•Information by segment

Segment information
Primary segments
Retail & Commercial Banking
EUR million
Ex. M&AEx. M&A
/ Q2'26/ Q2'26/ 9M'25/ 9M'25
Underlying income statementQ3'26%% excl. FX%% excl. FX9M'26%% excl. FX%% excl. FX
Net interest income7,528 2.1 1.9 (1.5)(1.7)21,687 9.6 6.9 6.1 3.5 
Net fee income1,756 3.5 3.4 2.5 2.4 5,084 11.1 7.7 10.0 6.7 
Gains (losses) on financial transactions 1
142 (6.2)(6.4)0.3 0.0 470 (3.9)(4.9)(3.3)(4.3)
Other operating income(284)(22.7)(23.3)(23.5)(24.1)(965)41.0 38.5 39.3 36.8 
Total income9,141 3.3 3.1 0.2 0.1 26,277 8.7 5.9 5.7 3.0 
Total costs(3,549)(1.2)(1.5)(4.4)(4.7)(10,497)1.3 (1.1)(2.3)(4.6)
Net operating income5,592 6.4 6.3 3.3 3.2 15,780 14.2 11.2 11.6 8.7 
Net loan-loss provisions(2,097)1.0 1.0 (1.1)(1.0)(6,119)13.7 8.9 12.3 7.6 
Other gains (losses) and provisions(211)3.7 3.3 (10.4)(10.8)(517)52.1 52.6 43.7 44.2 
Profit before tax3,283 10.3 10.1 7.4 7.3 9,144 12.9 11.0 9.8 7.9 
Tax on profit(886)17.0 16.7 14.0 13.7 (2,436)9.0 7.2 5.5 3.8 
Profit from continuing operations2,398 8.0 7.9 5.2 5.1 6,708 14.5 12.4 11.5 9.5 
Net profit from discontinued operations— — — — — — — — — — 
Consolidated profit2,398 8.0 7.9 5.2 5.1 6,708 14.5 12.4 11.5 9.5 
Non-controlling interests(77)(26.2)(24.5)(26.2)(24.5)(263)14.5 11.2 14.5 11.2 
Underlying attributable profit to the parent2,321 9.7 9.5 6.8 6.6 6,445 14.4 12.5 11.4 9.5 
Activity metrics
Gross loans and advances to customers ²697,462 6.5 6.5 0.4 0.5 697,462 18.8 16.4 4.9 2.8 
Customer funds836,312 3.2 3.2 1.3 1.3 836,312 17.5 15.4 9.4 7.4 
    Customer deposits ³711,386 3.6 3.6 1.3 1.3 711,386 17.8 15.7 8.2 6.2 
    Mutual funds124,926 1.0 1.5 1.0 1.5 124,926 16.3 13.6 16.3 13.6 
Risk-weighted assets335,428 13.5 335,428 15.2 
Ratios (%), employees and customers
RoTE18.9 1.5 17.7 1.0 
Efficiency ratio38.8 (1.8)39.9 (2.9)
NPL ratio2.92 (0.13)2.92 (0.16)
NPL coverage ratio66 1 66 0 
Number of employees123,546 (1.2)123,546 (4.2)
Number of total customers (thousands)156,153 1.1 156,153 7.1 
Number of active customers (thousands)80,292 0.8 80,292 5.8 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
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•Information by segment
Retail Spain
EUR million
/ Q2'26
/ 9M'25
Underlying income statementQ3'26%9M'26%
Net interest income1,579 2.0 4,604 4.3 
Net fee income326 (1.6)1,001 8.4 
Total income1,924 (1.3)5,781 7.1 
Total costs(599)0.1 (1,806)(7.5)
Net operating income1,325 (1.9)3,975 15.4 
Net loan-loss provisions(269)44.1 (573)(27.6)
Profit before tax991 (7.2)3,220 29.1 
Activity metrics
Gross loans and advances to customers ¹159,353 (1.1)159,353 1.6 
Customer funds295,383 0.9 295,383 6.7 
    Customer deposits ²240,362 1.0 240,362 5.4 
    Mutual funds55,021 0.6 55,021 12.9 
1. Excluding reverse repos.
2. Excluding repos.

Retail UK
EUR million
Ex. TSBEx. TSB
/ Q2'26/ Q2'26
/ 9M'25/ 9M'25
Underlying income statementQ3'26%% excl. FX%% excl. FX9M'26%% excl. FX%% excl. FX
Net interest income1,636 14.6 13.4 7.4 6.1 4,272 17.4 19.2 2.4 4.0 
Net fee income119 16.4 15.2 10.6 9.3 302 39.9 42.0 22.8 24.7 
Total income1,699 17.0 15.8 10.7 9.5 4,335 20.7 22.5 4.8 6.4 
Total costs(795)4.2 3.0 (4.3)(5.5)(2,211)3.3 4.9 (11.8)(10.4)
Net operating income904 31.3 30.0 26.7 25.4 2,123 46.3 48.5 29.3 31.2 
Net loan-loss provisions(71)(38.3)(39.3)(47.7)(48.7)(262)120.3 123.6 91.7 94.5 
Profit before tax761 45.8 44.5 45.9 44.5 1,699 41.3 43.5 25.0 26.9 
Activity metrics
Gross loans and advances to customers ¹277,368 0.8 0.1 0.8 0.2 277,368 24.1 21.7 5.3 3.2 
Customer funds270,648 1.5 0.8 1.7 1.0 270,648 27.8 25.3 8.0 5.9 
    Customer deposits ²262,801 1.5 0.8 1.7 1.0 262,801 27.7 25.1 7.3 5.2 
    Mutual funds7,848 2.2 1.6 2.2 1.6 7,848 32.6 29.9 32.6 29.9 
1. Excluding reverse repos.
2. Excluding repos.
January - September 2026
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•Information by segment
Retail Mexico
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26%% excl. FX9M'26%% excl. FX
Net interest income1,072 0.9 (0.9)3,142 8.8 0.9 
Net fee income293 7.1 5.3 822 24.9 15.7 
Total income1,361 4.8 3.0 3,912 12.4 4.1 
Total costs(529)1.0 (0.7)(1,551)5.0 (2.6)
Net operating income832 7.3 5.5 2,361 17.8 9.1 
Net loan-loss provisions(346)1.2 (0.6)(1,025)19.7 11.0 
Profit before tax485 14.1 12.3 1,318 14.6 6.2 
Activity metrics
Gross loans and advances to customers ¹39,588 0.6 3.1 39,588 8.9 3.5 
Customer funds56,680 (2.5)(0.2)56,680 10.8 5.3 
    Customer deposits ²40,001 (2.2)0.2 40,001 11.4 5.9 
    Mutual funds16,679 (3.4)(1.0)16,679 9.5 4.0 
1. Excluding reverse repos.
2. Excluding repos.

Retail Brazil
EUR million
/ Q2'26
/ 9M'25
Underlying income statementQ3'26%% excl. FX9M'26%% excl. FX
Net interest income1,838 (6.5)(6.0)5,632 4.6 (1.0)
Net fee income584 2.9 3.5 1,683 4.2 (1.4)
Total income2,356 (2.8)(2.2)7,093 3.4 (2.1)
Total costs(974)(9.8)(9.4)(3,060)5.4 (0.3)
Net operating income1,381 2.9 3.6 4,033 2.0 (3.5)
Net loan-loss provisions(1,013)(1.8)(1.3)(3,001)5.2 (0.5)
Profit before tax327 14.7 16.2 961 (12.2)(16.9)
Activity metrics
Gross loans and advances to customers ¹70,4180.0 (0.6)70,4186.2 (0.2)
Customer funds96,594 2.6 2.0 96,594 19.5 12.3 
    Customer deposits ²67,998 1.5 0.9 67,998 17.2 10.2 
    Mutual funds28,596 5.4 4.7 28,596 25.3 17.7 
1. Excluding reverse repos.
2. Excluding repos.
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•Information by segment
Openbank
EUR million
ex. Websterex. Webster
/ Q2'26/ Q2'26/ 9M'25/ 9M'25
Underlying income statementQ3'26%% excl. FX%% excl. FX9M'26%% excl. FX%% excl. FX
Net interest income3,015 7.1 6.7 2.3 1.9 8,625 4.3 5.1 2.7 3.5 
Net fee income359 4.9 4.4 (1.9)(2.4)1,073 1.2 1.0 (1.0)(1.2)
Gains (losses) on financial transactions 1
(7)(36.7)(37.0)100.3 99.1 (22)(49.1)(48.8)(11.3)(10.7)
Other operating income161 23.3 22.7 25.5 24.9 386 0.9 2.9 1.7 3.7 
Total income3,527 7.7 7.2 2.5 2.0 10,062 4.1 4.8 2.3 3.0 
Total costs(1,347)1.8 1.3 (5.0)(5.5)(4,066)(3.4)(2.5)(5.5)(4.7)
Net operating income2,180 11.7 11.3 7.6 7.2 5,997 9.8 10.4 8.4 8.9 
Net loan-loss provisions(1,179)14.6 14.1 14.8 14.3 (3,263)3.8 4.6 3.8 4.6 
Other gains (losses) and provisions(107)87.1 85.6 43.4 41.9 (435)585.2 599.1 546.0 559.1 
Profit before tax894 3.2 3.1 (3.4)(3.6)2,299 2.1 2.2 (0.4)(0.4)
Tax on profit(227)(6.5)(6.5)(9.0)(9.0)(636)40.1 38.0 38.8 36.7 
Profit from continuing operations667 7.0 6.8 (1.2)(1.4)1,663 (7.5)(7.0)(10.3)(9.9)
Net profit from discontinued operations— — — — — — — — — — 
Consolidated profit667 7.0 6.8 (1.2)(1.4)1,663 (7.5)(7.0)(10.3)(9.9)
Non-controlling interests(87)0.8 1.1 0.8 1.1 (256)8.2 7.8 8.2 7.8 
Underlying attributable profit to the parent580 8.0 7.7 (1.6)(1.8)1,407 (9.9)(9.3)(13.1)(12.6)
Activity metrics
Gross loans and advances to customers ²230,583 4.7 4.3 0.1 (0.2)230,583 9.2 7.2 4.5 2.5 
Customer funds186,836 28.5 27.9 (2.7)(3.1)186,836 37.3 35.1 4.0 2.3 
    Customer deposits ³176,843 30.4 29.8 (3.0)(3.4)176,843 39.1 36.8 3.5 1.8 
    Mutual funds9,993 2.0 1.7 2.0 1.7 9,993 11.6 10.0 11.6 10.0 
Risk-weighted assets165,613 3.1 165,613 5.8 
Ratios (%), employees and customers
RoTE12.0 1.8 9.0 (1.3)
Efficiency ratio38.2 (2.2)40.4 (3.1)
NPL ratio5.59 (0.02)5.59 0.30
NPL coverage ratio69 — 69 (3)
Number of employees32,080 8.6 32,080 2.0
Number of total customers (thousands)32,236 16.7 32,236 23.1
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - September 2026
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•Information by segment
Openbank Europe
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26%% excl. FX9M'26%% excl. FX
Net interest income1,230 1.6 1.7 3,645 5.0 4.4 
Net fee income183 (6.2)(6.2)568 (0.5)(0.5)
Total income1,554 3.5 3.6 4,543 4.9 4.5 
Total costs(650)(2.1)(2.0)(2,020)(6.9)(7.1)
Net operating income904 7.9 8.0 2,523 16.7 16.2 
Net loan-loss provisions(349)0.8 0.8 (1,038)12.1 11.9 
Profit before tax474 9.4 9.7 1,090 (10.1)(10.8)
Activity metrics
Gross loans and advances to customers ¹146,631 0.6 0.3 146,631 3.9 3.0 
Customer funds85,368 (3.7)(4.0)85,368 (1.5)(2.2)
    Customer deposits ²79,526 (4.1)(4.4)79,526 (2.5)(3.2)
    Mutual funds5,841 2.1 2.1 5,841 14.6 14.6 
1. Excluding reverse repos.
2. Excluding repos.
Openbank US
EUR million
ex. Websterex. Webster
/ Q2'26/ Q2'26
/ 9M'25/ 9M'25
Underlying income statementQ3'26%% excl. FX%% excl. FX9M'26%% excl. FX%% excl. FX
Net interest income1,273 16.1 15.0 3.9 2.8 3,462 (0.6)3.4 (4.4)(0.6)
Net fee income94 44.9 43.7 8.9 7.8 242 (7.3)(3.7)(16.3)(13.0)
Total income1,413 17.1 16.0 3.0 1.8 3,819 (1.2)2.7 (5.6)(1.9)
Total costs(522)6.7 5.6 (11.7)(12.8)(1,530)(5.8)(2.1)(11.3)(7.9)
Net operating income891 24.1 23.0 12.9 11.8 2,289 2.2 6.2 (1.4)2.5 
Net loan-loss provisions(511)33.0 31.9 33.5 32.3 (1,338)(12.6)(9.1)(12.4)(9.0)
Profit before tax355 5.0 3.9 (12.0)(13.0)923 38.1 43.529.6 34.6 
Activity metrics
Gross loans and advances to customers ¹59,798 20.3 19.5 0.1 (0.6)59,798 22.9 18.9 2.2 (1.1)
Customer funds99,943 80.7 79.6 (1.2)(1.8)99,943 105.0 98.4 12.1 8.5 
    Customer deposits ²95,792 87.0 85.8 (1.4)(2.0)95,792 113.4 106.5 12.5 8.9 
    Mutual funds4,152 1.8 1.2 1.8 1.2 4,152 7.7 4.2 7.7 4.2 
1. Excluding reverse repos.
2. Excluding repos.

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•Information by segment
Corporate & Investment Banking
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26%% excl. FX9M'26%% excl. FX
Net interest income1,189 (10.6)(10.9)3,732 34.1 31.5 
Net fee income641 (11.5)(12.0)1,995 7.4 7.1 
Gains (losses) on financial transactions 1
303 358.4 343.7 916 (15.0)(15.9)
Other operating income24 (91.4)(91.3)294 (4.7)(4.6)
Total income2,157 (9.9)(10.4)6,936 15.1 13.8 
Total costs(1,008)0.5 0.0 (2,956)5.7 5.4 
Net operating income1,149 (17.5)(17.9)3,980 23.2 20.9 
Net loan-loss provisions(194)(18.4)(18.5)(638)308.4 303.8 
Other gains (losses) and provisions0 — — (8)(66.8)(66.7)
Profit before tax955 (17.0)(17.5)3,334 9.3 7.2 
Tax on profit(235)(10.3)(11.2)(797)(8.9)(10.9)
Profit from continuing operations721 (18.9)(19.4)2,537 16.6 14.5 
Net profit from discontinued operations— — — — — — 
Consolidated profit721 (18.9)(19.4)2,537 16.6 14.5 
Non-controlling interests(29)(18.9)(17.2)(104)8.5 4.6 
Underlying attributable profit to the parent691 (18.9)(19.4)2,433 17.0 15.0 
Activity metrics
Gross loans and advances to customers ²177,609 9.9 9.8 177,609 30.4 27.7 
Customer funds164,160 13.6 13.6 164,160 12.9 10.0 
    Customer deposits ³150,039 15.0 15.1 150,039 14.8 12.2 
    Mutual funds14,121 0.0 (0.3)14,121 (4.4)(9.3)
Risk-weighted assets110,495 3.3 110,495 8.0 
Ratios (%) and employees
RoTE16.9 (2.8)19.2 0.7 
Efficiency ratio46.7 4.9 42.6 (3.8)
NPL ratio1.11 0.09 1.11 0.37 
NPL coverage ratio37 0 37 (8)
Number of employees13,485 1.3 13,485 3.8 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - September 2026
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•Information by segment
Wealth Management & Insurance
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26%% excl. FX9M'26%% excl. FX
Net interest income335 (1.5)(1.7)990 (0.4)(0.4)
Net fee income456 3.2 2.9 1,354 11.7 11.4 
Gains (losses) on financial transactions 1
164 22.0 21.4 419 48.2 47.4 
Other operating income150 (15.3)(15.5)434 6.9 3.8 
Total income1,105 1.1 0.8 3,198 10.4 9.8 
Total costs(375)2.2 1.8 (1,107)4.2 4.2 
Net operating income730 0.6 0.3 2,090 14.1 13.0 
Net loan-loss provisions(13)— — (19)97.8 92.7 
Other gains (losses) and provisions(7)— — (4)(68.4)(68.5)
Profit before tax710 (2.9)(3.1)2,067 14.3 13.2 
Tax on profit(131)3.0 2.9 (377)(4.9)(5.4)
Profit from continuing operations580 (4.1)(4.4)1,690 19.6 18.4 
Net profit from discontinued operations— — — — — — 
Consolidated profit580 (4.1)(4.4)1,690 19.6 18.4 
Non-controlling interests(12)(18.8)(17.4)(39)6.9 3.3 
Underlying attributable profit to the parent568 (3.8)(4.1)1,651 19.9 18.8 
Activity metrics
Gross loans and advances to customers ²29,540 9.1 9.1 29,540 14.9 12.8 
Customer funds196,953 1.7 1.8 196,953 12.1 10.2 
    Customer deposits ³57,552 1.7 1.8 57,552 (0.1)(1.4)
    Mutual funds139,402 1.7 1.8 139,402 18.0 15.8 
Risk-weighted assets19,597 8.8 19,597 13.4 
Assets under management588,440 1.3 1.4 588,440 13.4 11.3 
Gross written premiums3,763 10.7 10.3 9,967 21.5 20.3 
Ratios (%), employees and customers
RoTE60.8 (1.6)58.2 (0.6)
Efficiency ratio33.9 0.4 34.6 (2.1)
NPL ratio1.05 (0.13)1.05 0.13 
NPL coverage ratio64 14 64 (5)
Number of employees7,428 1.6 7,428 1.3 
Number of Private Banking customers (thousands)310 2.5 310 5.8 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
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•Information by segment
Payment Solutions
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26%% excl. FX9M'26%% excl. FX
Net interest income42 14.6 15.6 124 2.1 (2.7)
Net fee income290 0.1 0.1 853 9.7 6.3 
Gains (losses) on financial transactions 1
(1)281.8 297.1 (1)(96.0)(96.0)
Other operating income73 19.6 19.5 199 65.0 64.7 
Total income404 4.4 4.5 1,175 18.2 14.6 
Total costs(343)1.8 1.8 (1,000)10.0 7.7 
Net operating income62 21.3 22.2 175 106.8 79.6 
Net loan-loss provisions(4)(37.5)(37.0)(24)26.0 22.2 
Other gains (losses) and provisions1 — — 0 — — 
Profit before tax59 36.7 37.7 151 165.7 118.7 
Tax on profit(27)— — (29)190.7 102.9 
Profit from continuing operations32 (53.0)(53.7)123 160.4 122.8 
Net profit from discontinued operations— — — — — — 
Consolidated profit32 (53.0)(53.7)123 160.4 122.8 
Non-controlling interests(5)(46.9)(46.6)(17)43.6 39.3 
Underlying attributable profit to the parent27 (53.9)(54.8)105 200.9 147.4 
Activity metrics
Gross loans and advances to customers ²1,102 (0.4)(0.1)1,102 12.9 7.4 
Customer funds1,735 (7.5)(7.5)1,735 51.5 51.5 
    Customer deposits ³1,735 (7.5)(7.5)1,735 51.5 51.5 
    Mutual funds— — — — — — 
Risk-weighted assets5,6470.5 5,647(8.3)
Ratios (%) and employees
EBITDA margin36.8 5.1 34.0 2.4 
NPL ratio5.02 0.31 5.02 0.65 
NPL coverage ratio47(10)47(9)
Number of employees7,743(5.7)7,743(3.6)
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - September 2026
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•Information by segment
Corporate Centre
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26Q2'26%9M'269M'25%
Net interest income(206)(200)2.8 (544)(364)49.6 
Net fee income(4)(1)437.2 (10)(22)(53.7)
Gains (losses) on financial transactions 1
(254)(259)(2.0)(704)(135)422.1 
Other operating income89 165 (46.3)417 1 — 
Total income(375)(295)27.1 (841)(520)61.9 
Total costs(91)(104)(12.5)(298)(285)4.6 
Net operating income(466)(399)16.7 (1,139)(805)41.6 
Net loan-loss provisions0 0 (61.9)2 (197)— 
Other gains (losses) and provisions(12)(51)(75.8)(88)(253)(65.4)
Profit before tax(478)(450)6.3 (1,225)(1,254)(2.4)
Tax on profit138 65 111.7 359 195 83.6 
Profit from continuing operations(340)(385)(11.6)(866)(1,059)(18.2)
Net profit from discontinued operations— — — — — — 
Consolidated profit(340)(385)(11.6)(866)(1,059)(18.2)
Non-controlling interests0 0 8.3 1 0 — 
Underlying attributable profit to the parent(340)(385)(11.6)(865)(1,059)(18.3)
Balance sheet
Loans and advances to customers6,273 6,379 (1.7)6,273 7,140 (12.1)
Cash, central banks and credit institutions92,888 122,570 (24.2)92,888 100,172 (7.3)
Debt instruments24,477 17,962 36.3 24,477 10,191 140.2 
Other financial assets3,328 2,994 11.2 3,328 1,504 121.2 
Other asset accounts130,655 121,433 7.6 130,655 178,506 (26.8)
Total assets257,620 271,337 (5.1)257,620 297,514 (13.4)
Customer deposits1,347 1,501 (10.3)1,347 1,267 6.3 
Central banks and credit institutions14,600 30,909 (52.8)14,600 25,497 (42.7)
Marketable debt securities126,106 125,556 0.4 126,106 106,122 18.8 
Other financial liabilities2,498 934 167.6 2,498 2,299 8.7 
Other liabilities accounts8,291 6,618 25.3 8,291 65,577 (87.4)
Total liabilities152,842 165,517 (7.7)152,842 200,762 (23.9)
Total equity104,778 105,820 (1.0)104,778 96,752 8.3 
Memorandum items:
Gross loans and advances to customers 2
6,313 6,429 (1.8)6,313 7,228 (12.7)
Customer funds1,347 1,501 (10.3)1,347 1,267 6.3 
    Customer deposits ³1,347 1,501 (10.3)1,347 1,267 6.3 
    Mutual funds— — — — — — 
Resources
Number of employees1,869 1,867 0.1 1,869 1,892 (1.2)
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
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•Information by segment
Secondary segments
Spain
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26%9M'26%
Net interest income1,967 (1.7)5,827 7.6 
Net fee income774 (6.0)2,363 6.8 
Gains (losses) on financial transactions 1
275 — 715 (8.0)
Other operating income116 (70.1)607 5.1 
Total income3,132 (3.0)9,512 5.9 
Total costs(1,099)3.4 (3,242)(2.7)
Net operating income2,033 (6.1)6,271 11.0 
Net loan-loss provisions(326)(1.5)(917)9.1 
Other gains (losses) and provisions(71)(26.3)(188)11.0 
Profit before tax1,636 (5.8)5,166 11.4 
Tax on profit(475)(2.9)(1,470)4.6 
Profit from continuing operations1,161 (7.0)3,696 14.3 
Net profit from discontinued operations— — — — 
Consolidated profit1,161 (7.0)3,696 14.3 
Non-controlling interests0 (59.7)(1)118.0 
Underlying attributable profit to the parent1,161 (7.0)3,695 14.3 
Balance sheet
Loans and advances to customers299,279 1.3 299,279 13.1 
Cash, central banks and credit institutions82,624 30.9 82,624 (13.8)
Debt instruments136,332 1.0 136,332 29.4 
Other financial assets63,013 11.9 63,013 28.8 
Other asset accounts16,797 0.9 16,797 (19.4)
Total assets598,046 5.6 598,046 11.7 
Customer deposits376,256 4.4 376,256 5.9 
Central banks and credit institutions76,470 13.0 76,470 55.3 
Marketable debt securities31,967 10.6 31,967 7.6 
Other financial liabilities72,042 5.2 72,042 22.3 
Other liabilities accounts22,498 2.0 22,498 2.2 
Total liabilities579,234 5.7 579,234 12.4 
Total equity18,812 0.3 18,812 (8.1)
Memorandum items:
Gross loans and advances to customers 2
256,361 2.1 256,361 9.9 
Customer funds447,524 2.2 447,524 7.5 
    Customer deposits ³330,957 3.0 330,957 5.6 
    Mutual funds116,567 0.0 116,567 13.3 
Ratios (%), branches and customers
RoTE24.5 (1.8)25.6 5.1 
Efficiency ratio35.1 2.2 34.1 (3.0)
NPL ratio1.84 (0.03)1.84 (0.22)
NPL coverage ratio55 2 55 1 
Number of branches1,460 0.1 1,460 (13.3)
Number of total customers (thousands)15,448 0.0 15,448 0.3 
Number of active customers (thousands)9,579 1.5 9,579 5.0 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - September 2026
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•Information by segment
UK
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26%% excl. FX9M'26%% excl. FX
Net interest income1,660 14.3 13.0 4,347 15.5 17.3 
Net fee income133 13.7 12.5 342 32.2 34.1 
Gains (losses) on financial transactions 1
(21)89.2 87.4 (58)(31.1)(30.0)
Other operating income(34)(48.8)(49.9)(181)2.3 3.8 
Total income1,738 16.5 15.3 4,450 18.3 20.1 
Total costs(808)3.9 2.7 (2,252)2.1 3.7 
Net operating income930 30.2 28.9 2,198 41.3 43.4 
Net loan-loss provisions(71)(38.3)(39.3)(262)120.3 123.6 
Other gains (losses) and provisions(72)40.0 38.7 (163)24.6 26.5 
Profit before tax786 43.7 42.4 1,774 35.8 37.8 
Tax on profit(230)62.5 61.1 (492)41.2 43.3 
Profit from continuing operations557 37.2 35.9 1,282 33.8 35.8 
Net profit from discontinued operations— — — — — — 
Consolidated profit557 37.2 35.9 1,282 33.8 35.8 
Non-controlling interests— — — — — — 
Underlying attributable profit to the parent557 37.2 35.9 1,282 33.8 35.8 
Balance sheet
Loans and advances to customers286,842 0.0 (0.7)286,842 18.9 16.5 
Cash, central banks and credit institutions73,201 16.5 15.8 73,201 30.6 28.0 
Debt instruments13,457 2.3 1.6 13,457 8.2 6.1 
Other financial assets814 7.2 6.5 814 219.4 213.1 
Other asset accounts6,270 (11.0)(11.6)6,270 65.8 62.5 
Total assets380,585 2.7 2.0 380,585 21.3 18.9 
Customer deposits275,072 1.4 0.7 275,072 24.4 21.9 
Central banks and credit institutions23,416 16.1 15.3 23,416 13.3 11.0 
Marketable debt securities62,224 6.0 5.3 62,224 14.4 12.2 
Other financial liabilities4,137 20.1 19.3 4,137 58.2 55.1 
Other liabilities accounts1,792 (31.0)(31.5)1,792 8.4 6.2 
Total liabilities366,641 2.9 2.2 366,641 22.0 19.6 
Total equity13,943 (2.4)(3.1)13,943 5.1 3.0 
Memorandum items:
Gross loans and advances to customers 2
279,131 0.8 0.1 279,131 23.1 20.7 
Customer funds278,630 1.5 0.8 278,630 24.6 22.2 
    Customer deposits ³270,470 1.5 0.8 270,470 25.2 22.7 
    Mutual funds8,160 2.7 2.0 8,160 8.0 5.9 
Ratios (%), branches and customers
RoTE17.4 5.7 12.8 2.8 
Efficiency ratio46.5 (5.6)50.6 (8.0)
NPL ratio1.03 0.05 1.03 (0.06)
NPL coverage ratio33 (2)33 (1)
Number of branches483 (0.2)483 31.3 
Number of total customers (thousands)27,087 0.5 27,087 19.6 
Number of active customers (thousands)16,019 0.6 16,019 18.2 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
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•Information by segment
Portugal
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26%9M'26%
Net interest income335 0.6 1,008 (0.5)
Net fee income127 (4.7)393 4.0 
Gains (losses) on financial transactions 1
10 40.1 31 (48.5)
Other operating income10 — (12)— 
Total income482 8.8 1,419 (3.5)
Total costs(133)0.5 (399)(0.6)
Net operating income349 12.3 1,021 (4.6)
Net loan-loss provisions(10)5.6 (32)— 
Other gains (losses) and provisions(11)14.5 (30)— 
Profit before tax328 12.5 959 (10.5)
Tax on profit(87)23.1 (246)(19.3)
Profit from continuing operations241 9.1 713 (7.0)
Net profit from discontinued operations— — — — 
Consolidated profit241 9.1 713 (7.0)
Non-controlling interests0 866.0 (1)(54.0)
Underlying attributable profit to the parent241 9.0 712 (6.9)
Balance sheet
Loans and advances to customers42,459 (0.4)42,459 5.7 
Cash, central banks and credit institutions4,042 53.2 4,042 26.7 
Debt instruments16,342 0.1 16,342 7.3 
Other financial assets1,350 (1.6)1,350 11.4 
Other asset accounts986 3.7 986 (1.7)
Total assets65,178 1.9 65,178 7.2 
Customer deposits42,792 2.0 42,792 6.4 
Central banks and credit institutions9,673 14.7 9,673 14.1 
Marketable debt securities6,109 (8.9)6,109 10.8 
Other financial liabilities306 7.2 306 1.5 
Other liabilities accounts3,224 (5.2)3,224 1.5 
Total liabilities62,103 2.2 62,103 7.7 
Total equity3,075 (2.9)3,075 (2.3)
Memorandum items:
Gross loans and advances to customers 2
43,125 (0.4)43,125 5.4 
Customer funds48,606 1.7 48,606 6.5 
    Customer deposits ³42,792 2.0 42,792 6.4 
    Mutual funds5,814 (0.6)5,814 6.5 
Ratios (%), branches and customers
RoTE30.2 1.5 29.8 (0.7)
Efficiency ratio27.5 (2.3)28.1 0.8 
NPL ratio1.77 0.01 1.77 (0.21)
NPL coverage ratio83 1 83 (2)
Number of branches277 (1.4)277 (25.7)
Number of total customers (thousands)2,966 0.1 2,966 (0.1)
Number of active customers (thousands)1,967 0.5 1,967 1.6 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - September 2026
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•Information by segment
Openbank Europe
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26%% excl. FX9M'26%% excl. FX
Net interest income1,230 1.6 1.7 3,645 5.0 4.4 
Net fee income183 (6.2)(6.2)568 (0.5)(0.5)
Gains (losses) on financial transactions 1
2 — — (28)(37.2)(37.1)
Other operating income139 21.8 21.4 358 7.8 8.2 
Total income1,554 3.5 3.6 4,543 4.9 4.5 
Total costs(650)(2.1)(2.0)(2,020)(6.9)(7.1)
Net operating income904 7.9 8.0 2,523 16.7 16.2 
Net loan-loss provisions(349)0.8 0.8 (1,038)12.1 11.9 
Other gains (losses) and provisions(81)39.9 38.4 (394)— — 
Profit before tax474 9.4 9.7 1,090 (10.1)(10.8)
Tax on profit(129)(12.9)(12.6)(344)9.7 9.1 
Profit from continuing operations345 21.0 21.3 746 (17.0)(17.7)
Net profit from discontinued operations— — — — — — 
Consolidated profit345 21.0 21.3 746 (17.0)(17.7)
Non-controlling interests(81)4.9 5.0 (230)7.2 7.3 
Underlying attributable profit to the parent264 26.9 27.4 516 (24.6)(25.4)
Balance sheet
Loans and advances to customers143,248 0.6 0.2 143,248 3.8 3.0 
Cash, central banks and credit institutions13,743 (11.8)(12.0)13,743 (21.8)(22.5)
Debt instruments7,318 (1.2)(1.3)7,318 (11.6)(11.8)
Other financial assets81 10.1 9.9 81 (22.9)(23.0)
Other asset accounts12,626 (0.7)(0.9)12,626 6.3 5.5 
Total assets177,016 (0.7)(1.0)177,016 0.7 (0.1)
Customer deposits79,526 (4.1)(4.4)79,526 (2.5)(3.2)
Central banks and credit institutions30,748 5.2 4.6 30,748 3.7 2.0 
Marketable debt securities45,038 1.2 1.0 45,038 5.7 5.4 
Other financial liabilities2,074 (16.0)(16.0)2,074 (4.9)(5.1)
Other liabilities accounts6,812 7.4 7.0 6,812 18.1 17.2 
Total liabilities164,199 (0.8)(1.1)164,199 1.5 0.7 
Total equity12,818 0.6 0.1 12,818 (8.9)(9.9)
Memorandum items:
Gross loans and advances to customers 2
146,631 0.6 0.3 146,631 3.9 3.0 
Customer funds85,368 (3.7)(4.0)85,368 (1.5)(2.2)
    Customer deposits ³79,526 (4.1)(4.4)79,526 (2.5)(3.2)
    Mutual funds5,841 2.1 2.1 5,841 14.6 14.6 
Ratios (%), branches and customers
RoTE10.5 2.6 6.3 (1.7)
Efficiency ratio41.8 (2.4)44.5 (5.6)
NPL ratio2.72 0.15 2.72 0.02 
NPL coverage ratio85 (2)85 3 
Number of branches242 (17.4)242 (19.1)
Number of total customers (thousands)20,457 1.0 20,457 4.2 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
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•Information by segment
US
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26%% excl. FX9M'26%% excl. FX
Net interest income1,808 22.6 21.5 4,717 6.9 11.1 
Net fee income403 4.4 3.3 1,158 14.2 18.7 
Gains (losses) on financial transactions 1
116 (0.6)(1.8)380 34.1 39.4 
Other operating income39 (20.3)(21.3)117 (21.3)(18.2)
Total income2,367 16.8 15.6 6,371 8.8 13.1 
Total costs(1,018)13.6 12.5 (2,851)(1.3)2.6 
Net operating income1,349 19.3 18.1 3,520 18.6 23.3 
Net loan-loss provisions(635)48.8 47.6 (1,528)(4.3)(0.6)
Other gains (losses) and provisions(36)— — (41)(5.1)(1.3)
Profit before tax678 (4.3)(5.3)1,952 46.9 52.7 
Tax on profit(153)3.4 2.3 (438)225.4 238.2 
Profit from continuing operations525 (6.3)(7.3)1,514 26.8 31.8 
Net profit from discontinued operations— — — — — — 
Consolidated profit525 (6.3)(7.3)1,514 26.8 31.8 
Non-controlling interests0 (2.4)(3.4)0 — — 
Underlying attributable profit to the parent525 (6.3)(7.3)1,514 26.8 31.8 
Balance sheet
Loans and advances to customers203,182 32.7 31.9 203,182 53.3 48.3 
Cash, central banks and credit institutions32,108 51.7 50.7 32,108 38.0 33.5 
Debt instruments45,343 30.9 30.1 45,343 16.7 12.9 
Other financial assets5,827 45.8 44.9 5,827 102.5 96.0 
Other asset accounts12,577 23.7 23.0 12,577 3.7 0.4 
Total assets299,036 34.1 33.2 299,036 42.6 38.0 
Customer deposits203,342 52.3 51.4 203,342 73.0 67.4 
Central banks and credit institutions34,859 (7.8)(8.4)34,859 (13.0)(15.8)
Marketable debt securities24,201 (6.0)(6.6)24,201 (11.7)(14.5)
Other financial liabilities11,436 53.2 52.2 11,436 65.9 60.5 
Other liabilities accounts3,680 18.8 18.0 3,680 22.6 18.6 
Total liabilities277,519 33.7 32.8 277,519 42.4 37.8 
Total equity21,518 39.2 38.3 21,518 45.7 41.0 
Memorandum items:
Gross loans and advances to customers 2
175,015 51.350.3175,015 63.858.5
Customer funds175,907 70.369.3175,907 79.373.6
    Customer deposits ³157,926 83.382.2157,926 90.684.4
    Mutual funds17,980 5.04.417,980 18.214.4
Ratios (%), branches and customers
RoTE11.6 (3.2)12.6 2.1 
Efficiency ratio43.0 (1.2)44.7 (4.6)
NPL ratio3.75 (0.68)3.75 (0.92)
NPL coverage ratio57 4 57 (1)
Number of branches562 51.1 562 46.4 
Number of total customers (thousands)8,470 97.5 8,470 91.4 
Number of active customers (thousands)8,030 95.4 8,030 90.2 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - September 2026
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•Information by segment
Mexico
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26%% excl. FX9M'26%% excl. FX
Net interest income1,287 (0.6)(2.4)3,789 12.6 4.4 
Net fee income432 6.5 4.7 1,236 19.9 11.1 
Gains (losses) on financial transactions 1
102 (5.2)(6.9)283 11.3 3.2 
Other operating income(11)(78.5)(79.9)(87)4.6 (3.1)
Total income1,809 3.1 1.3 5,221 14.4 6.0 
Total costs(717)1.3 (0.5)(2,105)7.0 (0.9)
Net operating income1,092 4.2 2.4 3,116 20.0 11.2 
Net loan-loss provisions(382)4.3 2.5 (1,106)18.8 10.1 
Other gains (losses) and provisions(1)(89.1)(91.1)(20)— — 
Profit before tax710 5.3 3.5 1,990 19.4 10.6 
Tax on profit(205)3.2 1.4 (588)29.6 20.1 
Profit from continuing operations505 6.2 4.4 1,403 15.6 7.1 
Net profit from discontinued operations— — — — — — 
Consolidated profit505 6.2 4.4 1,403 15.6 7.1 
Non-controlling interests0 14.0 12.5 (1)(77.5)(79.2)
Underlying attributable profit to the parent505 6.2 4.4 1,402 15.8 7.3 
Balance sheet
Loans and advances to customers51,906 0.7 3.2 51,906 16.4 10.6 
Cash, central banks and credit institutions15,245 (3.1)(0.7)15,245 6.5 1.2 
Debt instruments33,272 (0.7)1.7 33,272 14.6 8.9 
Other financial assets4,940 3.3 5.9 4,940 10.5 5.0 
Other asset accounts5,538 (2.4)0.0 5,538 7.1 1.8 
Total assets110,901 (0.3)2.2 110,901 13.7 8.0 
Customer deposits59,568 (2.1)0.3 59,568 17.2 11.3 
Central banks and credit institutions17,361 1.7 4.2 17,361 3.7 (1.5)
Marketable debt securities9,334 (13.0)(10.8)9,334 (1.5)(6.4)
Other financial liabilities11,813 15.9 18.7 11,813 30.1 23.6 
Other liabilities accounts3,299 6.4 9.0 3,299 13.6 7.9 
Total liabilities101,374 (0.5)1.9 101,374 13.8 8.2 
Total equity9,527 2.3 4.8 9,527 11.9 6.3 
Memorandum items:
Gross loans and advances to customers 2
53,491 0.7 3.1 53,491 16.3 10.5 
Customer funds72,525 (1.0)1.4 72,525 12.3 6.7 
    Customer deposits ³47,820 0.0 2.5 47,820 13.5 7.8 
    Mutual funds24,704 (2.9)(0.5)24,704 9.9 4.5 
Ratios (%), branches and customers
RoTE22.1 0.6 21.2 0.0 
Efficiency ratio39.6 (0.7)40.3 (2.8)
NPL ratio2.90 (0.07)2.90 (0.04)
NPL coverage ratio100 0 100 0 
Number of branches1,237 (2.1)1,237 (6.9)
Number of total customers (thousands)24,122 2.5 24,122 9.0 
Number of active customers (thousands)13,298 3.2 13,298 14.2 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
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•Information by segment
Brazil
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26%% excl. FX9M'26%% excl. FX
Net interest income2,462 (5.7)(5.2)7,530 6.8 1.0 
Net fee income809 (1.2)(0.5)2,425 3.2 (2.4)
Gains (losses) on financial transactions 1
(89)(3.2)(4.1)(193)308.0 286.0 
Other operating income8 — — 25 (54.2)(56.6)
Total income3,191 (4.4)(3.8)9,786 4.0 (1.6)
Total costs(1,252)(9.6)(9.2)(3,921)6.8 1.1 
Net operating income1,939 (0.7)0.0 5,864 2.3 (3.3)
Net loan-loss provisions(1,271)0.3 0.9 (3,707)11.5 5.5 
Other gains (losses) and provisions(38)31.8 30.9 (71)867.9 815.6 
Profit before tax630 (4.1)(3.1)2,087 (13.1)(17.8)
Tax on profit(75)50.1 61.9 (326)(50.1)(52.8)
Profit from continuing operations555 (8.6)(8.0)1,761 0.7 (4.8)
Net profit from discontinued operations— — — — — — 
Consolidated profit555 (8.6)(8.0)1,761 0.7 (4.8)
Non-controlling interests(51)(8.9)(8.3)(165)2.9 (2.7)
Underlying attributable profit to the parent504 (8.6)(8.0)1,596 0.4 (5.0)
Balance sheet
Loans and advances to customers93,545 (0.6)(1.3)93,545 6.0 (0.3)
Cash, central banks and credit institutions67,791 13.3 12.5 67,791 25.4 17.9 
Debt instruments54,595 0.1 (0.5)54,595 14.8 7.9 
Other financial assets7,477 (4.2)(4.8)7,477 (36.8)(40.6)
Other asset accounts17,117 2.5 1.8 17,117 17.4 10.3 
Total assets240,525 3.2 2.5 240,525 11.2 4.5 
Customer deposits110,691 2.4 1.7 110,691 15.4 8.5 
Central banks and credit institutions37,392 4.8 4.1 37,392 11.0 4.3 
Marketable debt securities32,713 2.3 1.6 32,713 14.9 8.0 
Other financial liabilities35,269 5.5 4.8 35,269 (0.9)(6.8)
Other liabilities accounts6,719 4.2 3.6 6,719 6.9 0.4 
Total liabilities222,785 3.3 2.6 222,785 11.4 4.7 
Total equity17,740 2.1 1.4 17,740 8.7 2.1 
Memorandum items:
Gross loans and advances to customers 2
99,955 0.0 (0.7)99,955 6.8 0.4 
Customer funds157,566 3.5 2.8 157,566 14.5 7.7 
    Customer deposits ³95,346 3.0 2.3 95,346 14.9 8.0 
    Mutual funds62,219 4.4 3.7 62,219 14.0 7.1 
Ratios (%), branches and customers
RoTE12.8 (1.5)13.9 (1.2)
Efficiency ratio39.2 (2.3)40.1 1.0 
NPL ratio8.02 0.13 8.02 1.48 
NPL coverage ratio71 (1)71 (12)
Number of branches1,474 (2.7)1,474 (14.5)
Number of total customers (thousands)77,133 1.2 77,133 6.0 
Number of active customers (thousands)34,570 0.6 34,570 2.5 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
January - September 2026
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•Information by segment
Chile
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26%% excl. FX9M'26%% excl. FX
Net interest income487 (19.9)(17.5)1,579 9.8 8.1 
Net fee income128 (12.0)(9.4)434 0.7 (0.8)
Gains (losses) on financial transactions 1
59 2.2 5.1 199 8.0 6.4 
Other operating income0 (83.9)(83.4)(1)(93.8)(93.9)
Total income674 (16.8)(14.3)2,212 8.4 6.8 
Total costs(230)(2.4)0.2 (688)(1.7)(3.2)
Net operating income444 (22.6)(20.2)1,524 13.6 11.9 
Net loan-loss provisions(137)(6.5)(3.9)(421)1.2 (0.3)
Other gains (losses) and provisions(5)(17.7)(14.8)(21)15.5 13.7 
Profit before tax301 (28.4)(26.0)1,082 19.3 17.5 
Tax on profit(50)(6.0)(3.3)(165)16.8 15.0 
Profit from continuing operations251 (31.6)(29.2)917 19.8 18.0 
Net profit from discontinued operations— — — — — — 
Consolidated profit251 (31.6)(29.2)917 19.8 18.0 
Non-controlling interests(73)(32.5)(30.1)(269)16.1 14.4 
Underlying attributable profit to the parent178 (31.2)(28.9)648 21.4 19.5 
Balance sheet
Loans and advances to customers41,881 1.8 6.9 41,881 11.9 9.8 
Cash, central banks and credit institutions8,109 25.2 31.5 8,109 48.9 46.1 
Debt instruments12,763 21.5 27.5 12,763 49.6 46.7 
Other financial assets14,707 34.6 41.4 14,707 35.9 33.4 
Other asset accounts2,568 12.2 17.8 2,568 27.0 24.6 
Total assets80,028 12.2 17.8 80,028 24.6 22.2 
Customer deposits31,873 1.2 6.3 31,873 20.6 18.3 
Central banks and credit institutions12,881 23.8 30.0 12,881 36.1 33.6 
Marketable debt securities8,730 (6.9)(2.2)8,730 (5.9)(7.7)
Other financial liabilities14,932 23.3 29.5 14,932 24.6 22.3 
Other liabilities accounts5,614 165.8 179.1 5,614 175.6 170.4 
Total liabilities74,031 13.0 18.7 74,031 25.0 22.7 
Total equity5,997 2.2 7.4 5,997 19.1 16.9 
Memorandum items:
Gross loans and advances to customers 2
43,000 1.5 6.6 43,000 11.9 9.8 
Customer funds45,443 1.4 6.4 45,443 18.9 16.7 
    Customer deposits ³31,153 2.7 7.8 31,153 22.0 19.7 
    Mutual funds14,290 (1.4)3.5 14,290 12.6 10.5 
Ratios (%), branches and customers
RoTE16.9 (8.0)20.3 0.9 
Efficiency ratio34.2 5.0 31.1 (3.2)
NPL ratio5.48 (0.30)5.48 (0.06)
NPL coverage ratio48 0 48 (1)
Number of branches218 (2.2)218 (5.6)
Number of total customers (thousands)4,924 2.0 4,924 7.5 
Number of active customers (thousands)2,728 1.3 2,728 1.8 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
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•Information by segment
Argentina
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26%9M'26%
Net interest income529 (5.9)1,691 34.5 
Net fee income251 8.0 702 20.9 
Gains (losses) on financial transactions 1
59 (15.5)176 (0.6)
Other operating income(146)(6.3)(521)44.6 
Total income692 (2.2)2,047 23.8 
Total costs(269)5.7 (787)7.1 
Net operating income423 (6.7)1,260 37.1 
Net loan-loss provisions(217)(18.1)(809)112.1 
Other gains (losses) and provisions(3)(61.0)(27)(12.3)
Profit before tax203 12.5 424 (16.4)
Tax on profit(56)45.9 (83)(47.8)
Profit from continuing operations147 3.5 342 (2.1)
Net profit from discontinued operations— — — — 
Consolidated profit147 3.5 342 (2.1)
Non-controlling interests0 (7.2)0 (15.8)
Underlying attributable profit to the parent147 3.5 341 (2.1)
Balance sheet
Loans and advances to customers10,093 12.0 10,093 12.8 
Cash, central banks and credit institutions3,484 (7.1)3,484 (1.1)
Debt instruments4,464 4.2 4,464 86.9 
Other financial assets65 19.2 65 (9.1)
Other asset accounts1,203 (9.4)1,203 21.9 
Total assets19,309 4.8 19,309 21.3 
Customer deposits12,011 0.0 12,011 17.9 
Central banks and credit institutions1,916 94.9 1,916 45.6 
Marketable debt securities310 (1.8)310 10.9 
Other financial liabilities1,487 (7.3)1,487 21.1 
Other liabilities accounts358 (29.0)358 (23.0)
Total liabilities16,082 4.3 16,082 19.3 
Total equity3,227 7.1 3,227 32.5 
Memorandum items:
Gross loans and advances to customers 2
10,919 10.3 10,919 15.9 
Customer funds20,501 (0.1)20,501 26.5 
    Customer deposits ³12,011 — 12,011 17.9 
    Mutual funds8,490 (0.2)8,490 41.2 
Ratios (%), branches and customers
RoTE19.8 (0.6)16.1(5.4)
Efficiency ratio38.9 2.938.5(6.0)
NPL ratio8.55 (1.38)8.553.60
NPL coverage ratio90 190(19)
Number of branches353 (3.6)353(10.9)
Number of total customers (thousands)5,727 2.65,7275.9
Number of active customers (thousands)3,787 1.83,7870.9
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
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•Information by segment
Rest of the Group
EUR million
/ Q2'26/ 9M'25
Underlying income statementQ3'26%% excl. FX9M'26%% excl. FX
Net interest income343 (0.3)(2.4)1,025 31.4 30.1 
Net fee income262 10.4 8.2 738 12.2 11.9 
Gains (losses) on financial transactions 1
89 0.3 (5.9)279 24.9 21.2 
Other operating income3 (91.9)(91.0)45 22.4 24.9 
Total income696 (0.8)(3.3)2,087 22.9 21.8 
Total costs(447)(12.1)(13.5)(1,363)7.4 7.1 
Net operating income250 28.8 23.2 724 68.9 64.2 
Net loan-loss provisions(88)15.1 12.8 (242)37.2 32.7 
Other gains (losses) and provisions(6)— — (9)(67.1)(66.6)
Profit before tax156 31.6 24.3 472 111.5 105.2 
Tax on profit(47)67.7 58.1 (124)115.3 104.8 
Profit from continuing operations109 20.4 13.9 348 110.1 105.3 
Net profit from discontinued operations— — — — — — 
Consolidated profit109 20.4 13.9 348 110.1 105.3 
Non-controlling interests(3)(64.1)(52.4)(13)— — 
Underlying attributable profit to the parent106 29.3 20.0 335 101.1 96.6 
Balance sheet
Loans and advances to customers28,179 6.2 5.1 28,179 16.4 10.4 
Cash, central banks and credit institutions15,700 37.7 36.8 15,700 65.6 59.6 
Debt instruments12,653 (11.7)(12.1)12,653 140.2 131.1 
Other financial assets3,096 (1.4)(2.5)3,096 33.5 25.2 
Other asset accounts3,416 (5.9)(6.1)3,416 21.4 19.6 
Total assets63,044 6.8 6.0 63,044 43.0 36.6 
Customer deposits29,784 0.9 0.2 29,784 15.7 11.0 
Central banks and credit institutions15,665 12.3 11.3 15,665 116.7 99.2 
Marketable debt securities7,594 37.3 37.1 7,594 126.4 124.5 
Other financial liabilities3,704 3.6 2.1 3,704 61.5 54.2 
Other liabilities accounts1,483 (11.9)(12.2)1,483 21.7 18.3 
Total liabilities58,229 7.4 6.5 58,229 46.1 39.5 
Total equity4,815 0.2 (0.5)4,815 13.4 8.8 
Memorandum items:
Gross loans and advances to customers 2
28,670 6.0 4.9 28,670 16.3 10.3 
Customer funds53,928 2.2 1.7 53,928 25.6 22.0 
    Customer deposits ³29,553 0.9 0.2 29,553 15.3 10.7 
    Mutual funds24,375 3.9 3.7 24,375 40.7 39.2 
1. Includes exchange differences.
2. Excluding reverse repos.
3. Excluding repos.
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•Alternative performance measures
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 announcement of the Poland disposal on 5 May 2025 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 2025. Consequently, the results affected by the Poland disposal perimeter are excluded line by line from the breakdown of continuing operations. In Q1 2026, this line 'profit/(loss) after tax from discontinued operations' recorded the capital gain from the completion of the Poland disposal.
The Group's underlying income statement records the results related to the business subject to the Poland disposal for all periods in 2025 and the capital gain from the completion of the Poland disposal in Q1 2026 in a single line item, 'non-recurring items'. The impacts recorded in this line are therefore excluded from the Group's underlying profit, thereby enabling a consistent comparison.
From Q2 2026, there no additional impacts from the Poland disposal.
Following the completion of the TSB acquisition, TSB's results have been included line by line in both the statutory and underlying income statements from 1 May 2026. Likewise, Webster's results have been included line by line in both the statutory and underlying income statements from 20 August 2026.
However, in the underlying income statement, some charges for intangible asset impairments and integration costs associated with the M&A transactions were recorded under ‘non-recurring items’, as they are charges associated with M&A activity and, therefore, are excluded from the Group’s underlying attributable profit.



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•Alternative performance measures
Reconciliation of underlying results to statutory results
EUR million
January-September 2026
Statutory resultsAdjustmentsUnderlying results
Net interest income34,545 69 34,614 
Net fee income10,349 — 10,349 
Gains (losses) on financial transactions 1
1,079 — 1,079 
Other operating income740 25 765 
Total income46,713 94 46,807 
Total costs(18,972)(953)(19,925)
Net operating income27,741 (859)26,882 
Net loan-loss provisions(10,060)— (10,060)
Other gains (losses) and provisions(2,892)1,841 (1,051)
Profit before tax14,789 982 15,771 
Tax on profit(3,634)(282)(3,916)
Profit from continuing operations11,155 700 11,855 
Net profit from discontinued operations1,895 (1,895)— 
Consolidated profit13,050 (1,195)11,855 
Non-controlling interests(645)(34)(679)
Profit attributable to the parent12,405 (1,229)11,176 
1. Includes exchange differences.

Explanation of adjustments corresponding to 9M 2026 results.
Regarding the reclassification of items within the underlying income statement:
•In all quarters, certain charges recorded in the statutory account under the line items that comprise 'other gains (losses) and provisions' are presented in the underlying income statement under the 'total costs' line item. These are mainly related to recurring operating charges, primarily related to labour and legal processes, amounting to EUR 1,006 million.
•In Q2 2026, an additional provision totalling EUR 39 million, net of tax and non-controlling interests, was recorded for potential complaints related to motor finance dealer commissions in the UK associated with our joint ventures. In the underlying income statement, this provision has been reclassified from a line item that is aggregated within ‘other operating income’, from 'tax on profit' and from 'non-controlling interests' to 'other gains (losses) and provisions', thereby recording the full amount in aggregate in a single line item.
•In Q3 2026, we recorded:
•A EUR 69 million charge in Openbank Europe related to the Court of Justice of the European Union (CJEU) ruling regarding charging interest on costs associated with consumer credit. We reclassified this charge from 'net interest income' to 'other gains (losses) and provisions'.
•EUR 53 million of amortizations related to customer deposit intangibles arising from the Webster and TSB acquisitions, included within ‘total costs’. However, in the underlying income statement, this amortization was recorded under 'other gains (losses) and provisions'.
Additionally, in the underlying income statement, the following items, totalling EUR 1,229 million, included in the statutory income statement have been excluded from underlying profit:
•The capital gain resulting from the completion of the Poland disposal in Q1 2026 totalling EUR 1,895 million recorded in the statutory income statement in the 'profit/(loss) after tax from discontinued operations' line item.
•Some charges for intangible asset impairments and integration costs associated with the M&A transactions totalling EUR 666 million (net of tax and non-controlling interests) recorded in the statutory income statement in the 'provisions or reversal of provisions' and 'impairment on other assets (net)' line items, aggregated in 'other gains (losses) and provisions'.
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•Alternative performance measures
Reconciliation of underlying results to statutory results
EUR million
January-September 2025
Statutory resultsAdjustmentsUnderlying results
Net interest income31,559 40 31,599 
Net fee income9,501 (39)9,462 
Gains (losses) on financial transactions 1
1,653 (6)1,647 
Other operating income535 — 535 
Total income43,248 (5)43,243 
Total costs(18,430)(1,193)(19,623)
Net operating income24,818 (1,198)23,620 
Net loan-loss provisions(9,377)469 (8,908)
Other gains (losses) and provisions(1,680)978 (702)
Profit before tax13,761 249 14,010 
Tax on profit(3,560)(215)(3,775)
Profit from continuing operations10,201 34 10,235 
Net profit from discontinued operations1,152 (1,152)— 
Consolidated profit11,353 (1,118)10,235 
Non-controlling interests(1,016)405 (611)
Profit attributable to the parent10,337 (713)9,624 
1. Includes exchange differences.
Explanation of adjustments corresponding to 9M 2025 results.
Regarding the reclassification of items within the underlying income statement:
•In all quarters, certain charges recorded in the statutory account under the line items that comprise 'other gains (losses) and provisions' are presented in the underlying income statement under the 'total costs' line item. These are mainly related to recurring operating charges, primarily related to labour and legal processes, amounting to EUR 1,210 million.
Additionally, in the underlying income statement, the following items, totalling EUR 713 million, included in the statutory income statement have been excluded from underlying profit:
•The results associated with the business subject to the Poland disposal across all periods are reported in the 'profit/(loss) after tax from discontinued operations' line item.
•In Q2 2025, two events of the same value but opposite signs:
•A capital gain, that falls outside the ordinary course of our business, of EUR 231 million from the sale of Santander’s remaining 30.5% stake in CACEIS.
•A one-off charge of EUR 467 million (EUR 231 million, net of tax and minority interests), which strengthened the balance sheet after having updated macroeconomic parameters in Brazil’s credit provisioning models.

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•Alternative performance measures
Ratios
All underlying profitability, efficiency, credit quality and other metrics included in this 'Alternative performance measures' section have been calculated in all the periods in 2025 excluding business affected by the Poland disposal, in line with the underlying income statement, unless indicated otherwise.
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 the amount of costs needed to generate revenue. The results related to activity in Poland affected by the Poland disposal are recorded in the 'non-recurring items' line within the underlying income statement. Profitability ratios are therefore also presented on an underlying basis.

RatioFormulaRelevance of the metric
RoEProfit 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 bank’s ability to pay shareholders.
(Return on Equity)
   Average stockholders’ equity 1 (excl. minority interests)
Underlying RoEUnderlying profit attributable to the parent (annualized)This ratio measures the return that shareholders obtain on the funds invested in the bank excluding results from operations outside the ordinary course of business.
   Average stockholders’ equity 1 (excl. minority interests)
RoTE
Profit attributable to the parent minus AT1
costs (annualized) 2
This indicator is used to assess the profitability of a company as a percentage of its tangible equity, deducting AT1 issuance costs from the numerator. It is measured as the return that shareholders receive as a percentage of the funds invested in the bank less intangible assets.
(Return on Tangible Equity)
Average stockholders' equity 1 (excl. minority interests) - intangible assets
Underlying RoTE
Underlying profit attributable to the parent minus AT1 costs (annualized) 2
As with RoTE, this indicator is used to assess the profitability of the tangible equity of a company, deducting AT1 issuance costs from the numerator, but excluding results from operations outside the ordinary course of business.
Average stockholders' equity 1 (excl. minority interests) - intangible assets
RoAConsolidated 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
Underlying RoAUnderlying consolidated profit (annualized)This metric measures the profitability of a company as a percentage of its total assets excluding results from operations outside the ordinary course of business. It is an indicator that reflects the efficiency of the bank’s total assets in generating underlying profit over a given period.
Average total assets
RoRWAConsolidated 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
Underlying RoRWAUnderlying consolidated profit (annualized)This relates the underlying consolidated profit (excluding results from operations outside the ordinary course of business) to the Group’s risk-weighted assets.
Average risk-weighted assets
Efficiency
Total costs 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.
(Cost-to-income)Total income
1.Stockholders’ equity = Capital and Reserves + Accumulated other comprehensive income + Profit attributable to the parent + Dividends.
2.Excluding the adjustment to the valuation of goodwill, since they are not considered in the denominator, we believe this calculation is more correct.
3.Total costs = Administrative expenses + Amortizations + Other operating costs.
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•Alternative performance measures
Profitability and efficiency 1 2 3 (EUR million and %)
Q3'26Q2'269M'269M'25
RoE13.5%13.7%14.8%13.6%
Profit attributable to the parent (annualized)14,97114,82616,13013,783
Average stockholders' equity (excluding minority interests)111,229108,548108,975101,001
Underlying RoE13.8%13.9%13.7%12.7%
Profit attributable to the parent (annualized)14,97114,82616,13013,783
(-) Non-recurring items(416)(250)1,229951
Underlying profit attributable to the parent (annualized)15,38715,07614,90112,832
Average stockholders' equity (excluding minority interests)111,229108,548108,975101,001
RoTE16.3%15.8%17.4%16.1%
Profit attributable to the parent (annualized)14,97114,82616,13013,783
(-) AT1 costs (annualized)685620653609
(-) Goodwill impairment———(4)
Profit attributable to the parent minus AT1 costs (annualized, excluding goodwill impairment)14,28614,20615,47713,178
Average stockholders' equity (excluding minority interests)111,229108,548108,975101,001
(-) Average intangible assets23,72418,37519,85918,896
Average stockholders' equity (excl. minority interests) - intangible assets87,50590,17389,11682,105
Underlying RoTE16.8%16.0%16.0%14.9%
Profit attributable to the parent (annualized)14,97114,82616,13013,783
(-) AT1 costs (annualized)685620653609
(-) Goodwill impairment———(4)
(-) Non-recurring items(416)(250)1,229951
Underlying profit attributable to the parent minus AT1 costs (annualized, excluding goodwill impairment)14,70214,45614,24812,227
Average stockholders' equity (excluding minority interests)111,229108,548108,975101,001
(-) Average intangible assets23,72418,37519,85918,896
Average stockholders' equity (excl. minority interests) - intangible assets87,50590,17389,11682,105
RoA0.77%0.82%0.88%0.83%
Consolidated profit (annualized)15,80415,79817,00115,146
Average total assets2,040,9971,923,4621,937,2751,834,698
Underlying RoA0.79%0.84%0.82%0.77%
Consolidated profit (annualized)15,80415,79817,00115,146
(-) Adjustments to consolidated profit for activity outside the ordinary course of business(421)(279)1,1951,500
Underlying consolidated profit (annualized)16,22516,07715,80613,647
Average total assets ⁴2,040,9971,923,4621,937,2751,763,950
RoRWA2.43%2.56%2.72%2.39%
Consolidated profit (annualized)15,80415,79817,00115,146
Average risk-weighted assets ⁵650,650617,486625,094634,201
Underlying RoRWA2.49%2.60%2.53%2.25%
Consolidated profit (annualized)15,80415,79817,00115,146
(-) Adjustments to consolidated profit for activity outside the ordinary course of business(421)(279)1,1951,500
Underlying consolidated profit (annualized)16,22516,07715,80613,647
Average risk-weighted assets ⁴ ⁵650,650617,486625,094605,972
Efficiency ratio42.1%42.8%42.6%45.4%
Operating expenses6,4376,40518,97218,430
Adjustments to operating expenses in the underlying income statement2773229531,193
Underlying total costs6,7146,72719,92519,623
Total income15,89115,68246,71343,248
Adjustments to total income in the underlying income statement692594(5)
Underlying total income15,96015,70746,80743,243
1.Averages included in the RoE, RoTE, 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.For periods less than one year, and if there are results outside the ordinary course of our business, the profit used to calculate RoE and RoTE is the annualized underlying profit, to which said results are added without annualizing. However, in 2025 figures, results relating to the Poland disposal have been annualized.
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 and RoRWA is the annualized underlying consolidated profit, to which said results are added without annualizing. However, in 2025 figures, results relating to the Poland disposal have been annualized.
4.2025 figures exclude balances related to the Poland disposal.
5.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).
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•Alternative performance measures
Ratio Formula Relevance of the metric
Global business and country underlying RoTE
Underlying profit attributable to the parent minus AT1 costs1 (annualized, excluding goodwill impairment)
This indicator is used to assess the profitability of the tangible equity of a company arising from underlying activities, i.e. excluding results from operations outside the ordinary course of business, deducting AT1 issuance costs from the numerator.
Average stockholders' equity (excl. minority interests) - intangible assets2
1.For both global businesses and countries, AT1 costs are allocated according to RWA consumption.
2.For global businesses, tangible equity is allocated according to RWA consumption.

Underlying RoTE (EUR million and %)
9M'269M'25
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking17.7 8,279 46,787 16.7 7,215 43,090 
Openbank9.0 1,706 18,884 10.3 1,921 18,612 
Corporate & Investment Banking19.2 3,130 16,306 18.4 2,670 14,474 
Wealth Management & Insurance58.2 2,177 3,740 58.8 1,814 3,086 
Spain25.6 4,791 18,686 20.5 4,175 20,362 
UK12.8 1,640 12,779 10.1 1,219 12,105 
Portugal29.8 933 3,129 30.5 1,004 3,290 
Openbank Europe6.3 594 9,414 8.0 828 10,294 
US12.6 1,916 15,259 10.5 1,507 14,410 
Mexico21.2 1,833 8,645 21.2 1,584 7,489 
Brazil13.9 2,023 14,523 15.1 2,026 13,421 
Chile20.3 834 4,114 19.3 686 3,544 
Argentina16.1 439 2,733 21.4 450 2,101 
Numerator: underlying profit attributable to the parent minus AT1 costs (annualized, excluding goodwill impairment).
Denominator: average stockholders' equity (excluding minority interests) - intangible assets.
Payment Solutions' underlying RoTE is not provided as we do not consider it a relevant metric to measure performance in this type of business.



Efficiency ratio (EUR million and %)
9M'269M'25
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking39.9 10,497 26,277 42.9 10,361 24,179 
Openbank40.4 4,066 10,062 43.5 4,208 9,667 
Corporate & Investment Banking42.6 2,956 6,936 46.4 2,796 6,027 
Wealth Management & Insurance34.6 1,107 3,198 36.7 1,063 2,895 
Spain34.1 3,242 9,512 37.1 3,333 8,982 
UK50.6 2,252 4,450 58.6 2,205 3,760 
Portugal28.1 399 1,419 27.3 401 1,471 
Openbank Europe44.5 2,020 4,543 50.1 2,169 4,330 
US44.7 2,851 6,371 49.3 2,888 5,856 
Mexico40.3 2,105 5,221 43.1 1,968 4,566 
Brazil40.1 3,921 9,786 39.0 3,670 9,405 
Chile31.1 688 2,212 34.3 699 2,040 
Argentina38.5 787 2,047 44.4 735 1,654 
Numerator: underlying total costs.
Denominator: underlying total income.


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•Alternative performance measures
Credit risk indicators
The credit risk indicators measure the quality of the credit portfolio and the percentage of non-performing loans covered by provisions. These metrics have been enhanced to include corporate exposures originated through private fixed income products. Additionally, they exclude the balances affected by the Poland disposal from all periods presented.
RatioFormulaRelevance of the metric
NPL ratio
(Non-performing loans ratio)
Credit impaired customer loans and advances, guarantees and undrawn balances and debt securities issued by non-financial institutionsThe NPL ratio is an important variable regarding financial institutions' activity since it gives an indication of the level of credit 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 and debt securities issued by non-financial institutions.
Total risk 1
NPL coverage ratioTotal allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances and debt securities issued by non-financial institutionsThe 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 and debt securities issued by non-financial institutions
Cost of riskAllowances for loan-loss provisions over the last 12 monthsThis ratio quantifies loan-loss provisions arising from credit risk over a defined period of time for a given loan and debt securities issued by non-financial institutions portfolio. As such, it acts as an indicator of credit quality.
Average loans and advances to customers and debt securities issued by non-financial institutions over the last 12 months
1. Total risk = non-impaired and impaired customer loans and advances and guarantees + impaired undrawn customer balances + debt securities issued by non-financial institutions.




Credit risk (EUR million and %)
Sep-26Jun-26Sep-25
NPL ratio2.90%2.93%2.91%
Credit impaired balances39,08437,56033,326
Gross loans and advances to customers registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through other comprehensive income' classified in stage 3, excluding POCI (Purchased or Originated Credit Impaired)35,20634,11830,986
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired or acquired in business combinations84960336
Customer guarantees and undrawn balances classified in stage 31,3231,3141,468
Doubtful exposure of portfolios at fair value through profit or loss383020
Gross debt securities issued by non-financial institutions registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through other comprehensive income' classified in stage 31,6681,495816
Total risk1,349,0571,280,7551,145,693
Impaired and non-impaired gross loans and advances to customers1,230,4841,171,9651,048,398
Impaired and non-impaired customer guarantees and impaired undrawn customer balances95,52786,54576,934
Impaired and non-impaired gross debt securities issued by non-financial institutions23,04622,24520,361
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•Alternative performance measures
Sep-26Jun-26Sep-25
NPL coverage ratio64%64%67%
Total allowances to cover impairment losses25,12424,20722,302
Total allowances to cover impairment losses on loans and advances to customers measured at amortized cost and designated at fair value through other comprehensive income23,59722,80321,190
Total allowances to cover impairment losses on customer guarantees and undrawn balances784748653
Total allowances to cover impairment losses on debt securities issued by non-financial institutions measured at amortized cost and designated at fair value through other comprehensive income743656459
Credit impaired balances39,08437,56033,326
Gross loans and advances to customers registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through other comprehensive income' classified in stage 3, excluding POCI (Purchased or Originated Credit Impaired)35,20634,11830,986
POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired or acquired in business combinations84960336
Customer guarantees and undrawn balances classified in stage 31,3231,3141,468
Doubtful exposure of portfolios at fair value through profit or loss383020
Gross debt securities issued by non-financial institutions registered under the headings 'financial assets measured at amortized cost' and 'financial assets designated at fair value through other comprehensive income' classified in stage 31,6681,495816
Cost of risk1.16%1.15%1.13%
Underlying allowances for loan-loss provisions over the last 12 months13,28012,64211,910
Allowances for loan-loss provisions over the last 12 months13,27912,64312,380
Adjustments to loan-loss provisions for items outside ordinary course of business1(1)(470)
Average loans and advances to customers and debt securities issued by non-financial institutions over the last 12 months1,141,3271,099,1681,058,672


NPL ratio (EUR million and %)
Sep-26Sep-25
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking2.92 21,815 747,481 3.08 19,560 636,041 
Openbank5.59 12,950 231,683 5.29 11,232 212,493 
Corporate & Investment Banking1.11 3,673 331,952 0.74 1,921 260,461 
Wealth Management & Insurance1.05 319 30,518 0.91 241 26,421 
Spain1.84 6,352 344,613 2.06 6,299 305,080 
UK1.03 2,969 288,792 1.09 2,638 242,934 
Portugal1.77 863 48,631 1.99 924 46,489 
Openbank Europe2.72 3,998 146,955 2.70 3,843 142,511 
US3.75 8,428 224,891 4.67 6,842 146,420 
Mexico2.90 1,678 57,828 2.95 1,476 50,086 
Brazil8.02 10,390 129,514 6.54 7,772 118,803 
Chile5.48 2,553 46,555 5.54 2,282 41,160 
Argentina8.55 961 11,238 4.95 478 9,657 
Numerator: credit impaired customer loans and advances, guarantees and undrawn balances + debt securities issued by non-financial institutions.
Denominator: total risk.
Payment Solutions' NPL ratio is not provided as we do not consider it a relevant metric for this type of business.


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•Alternative performance measures
NPL coverage ratio (EUR million and %)
Sep-26Sep-25
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking66 14,505 21,815 67 13,028 19,560 
Openbank69 8,998 12,950 73 8,147 11,232 
Corporate & Investment Banking37 1,354 3,673 45 865 1,921 
Wealth Management & Insurance64 204 319 68 165 241 
Spain55 3,486 6,352 54 3,408 6,299 
UK33 983 2,969 34 903 2,638 
Portugal83 713 863 85 783 924 
Openbank Europe85 3,415 3,998 82 3,164 3,843 
US57 4,822 8,428 58 3,957 6,842 
Mexico100 1,681 1,678 101 1,485 1,476 
Brazil71 7,365 10,390 83 6,418 7,772 
Chile48 1,222 2,553 49 1,125 2,282 
Argentina90 861 961 109 522 478 
Numerator: total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances + debt securities issued by non-financial institutions.
Denominator: credit impaired customer loans and advances, guarantees and undrawn balances + debt securities issued by non-financial institutions.
Payment Solutions' coverage ratio is not provided as we do not consider it a relevant metric for this type of business.
Cost of risk (EUR million and %)
Sep-26Sep-25
%NumeratorDenominator%NumeratorDenominator
Retail & Commercial Banking1.20 7,887 654,740 1.14 7,104 622,764 
Openbank2.10 4,576 217,592 2.06 4,392 212,804 
Corporate & Investment Banking0.32 759 233,732 0.09 171 190,425 
Wealth Management & Insurance0.11 30 26,923 0.11 27 25,001 
Spain0.43 1,218 284,311 0.45 1,162 259,307 
UK0.12 320 263,239 0.03 85 246,340 
Portugal0.06 26 45,657 0.00 0 42,957 
Openbank Europe1.03 1,474 143,729 0.91 1,272 139,887 
US1.39 2,175 155,972 1.63 2,283 139,659 
Mexico2.73 1,414 51,706 2.62 1,194 45,520 
Brazil4.25 4,791 112,742 4.17 4,402 105,484 
Chile1.28 536 41,944 1.32 534 40,473 
Argentina10.80 1,002 9,275 6.24 537 8,600 
Numerator: underlying allowances for loan-loss provisions over the last 12 months.
Denominator: average loans and advances to customers + debt securities issued by non-financial institutions over the last 12 months.
Payment Solutions' cost of risk is not provided as we do not consider it a relevant metric for this type of business.


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•Alternative performance measures
Other indicators
The Group has a series of additional financial metrics which facilitate analysis of the underlying business trends and performance.
RatioFormulaRelevance 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 priceThis 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 ratioNet loans and advances to customersThis 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)Gross loans and advances to customers excluding reverse reposIn order to aid analysis of the commercial banking activity, reverse repos are excluded as they are highly volatile treasury products.
Deposits (excl. repos)Customer deposits excluding reposIn 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 Insurance & Asset Management Solutions to the branch network, net of taxes, excluding Private Banking customersMetric to assess Wealth Management & Insurance’s total contribution to the Group’s profit.
Payments' EBITDA margin
EBITDA 2
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is a financial metric whose purpose is to measure the operating performance of the business before interest, taxes and amortization, in relation to total revenue. It is used to assess the business’s operating profitability and its capacity to generate results from its core activities, isolating the impact of financial, tax and accounting factors.
Total income
1.Tangible book value = Stockholders' equity (excl. minority interests) - intangible assets.
2.EBITDA = net operating income - amortizations - impairment of other assets + net loan-loss provisions.



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•Alternative performance measures
Others (EUR million and %)
Sep-26Jun-26Sep-25
TNAV (tangible book value) per share5.926.325.56
Tangible book value85,37790,57482,422
Number of shares excl. treasury stock (million)14,42914,32114,818
Price / Tangible book value per share (X)2.081.911.60
Share price (euros)12.32812.0848.874
TNAV (tangible book value) per share5.926.325.56
Loan-to-deposit ratio99%101%100%
Net loans and advances to customers1,206,8871,149,1621,027,209
Customer deposits1,222,2631,133,7621,026,130
Q3'26Q2'269M'269M'25
PAT + fees (in Wealth) (Constant EUR million)1,0181,0242,9682,603
Profit after tax5776041,6901,427
Net fee income net of tax4404201,2781,176
Payments' EBITDA margin36.831.734.031.6
EBITDA149123400314
Net operating income6251175138
(-) Amortizations(72)(75)(222)(195)
(-) Impairment of other assets(20)(3)(27)—
Net loan-loss provisions(4)(6)(24)(19)
Total income4043871,175994
1.For TNAVs corresponding to periods in 2025, we have taken into account intangible assets related to the Poland disposal, even though they were recorded in ‘non-current assets held for sale’ from Q2 2025, in accordance with IFRS 5 requirements.
2.For 2026 data, the definition of EBITDA margin has been aligned with the new Group reporting, without changing prior periods. Therefore, the net operating income used for periods in 2025 does not include the ‘other operating costs’ line item.


Sustainability indicators
MetricDefinitionSep-26
Green finance raised and facilitated accumulated from 2019-2026 (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 2019.195.1
Socially responsible investment assets under management (SRI AuMs) as a percentage of total assets under management in Wealth Management & InsuranceValue 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 Asset Management 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) divided by total assets under management in Wealth Management & Insurance.24%
Note: targets were set before the publication of the European taxonomy in Q2 2023. Therefore, target definitions are not fully aligned with the taxonomy.

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•Alternative performance measures
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 9M 2026 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 customer 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 September 2026 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 Q1 2025, due to the significant divergence between the official exchange rate and other macroeconomic magnitudes in Argentina, mainly inflation, we applied an alternative exchange rate for the Argentine peso taking the dollar contado con liquidación rate (CCL) as a reference, 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 did 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)
9M'269M'25Sep-26Jun-26Sep-25
US dollar1.161 1.117 1.136 1.143 1.173 
Pound sterling0.863 0.851 0.855 0.861 0.873 
Brazilian real5.972 6.313 5.876 5.915 6.252 
Mexican peso20.193 21.787 20.452 19.962 21.523 
Chilean peso1,052.319 1,068.408 1,105.912 1,053.147 1,127.108 
Argentine peso1
1,731.600 1,692.910 1,609.836 
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 for Q1 2025 when we applied an alternative exchange rate for the Argentine peso that better reflected the evolution of inflation.
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•Alternative performance measures
Impact of inflation rate on the variations of total costs
Santander presents, for both the Group and the business units included in the primary and secondary segments: i) the changes in total costs 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 and significant M&A impacts (i.e. in 9M 2026, it excludes TSB and Webster) minus the effect of average inflation over the last twelve months (i.e. in 'real terms'), except for Argentina as Argentina's 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 12 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 total costs. For the Group and the global businesses, to mitigate the impact from hyperinflation in the country, we exclude the impact of inflation in Argentina from the calculation as Argentina's 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 Banking3.5
Openbank2.9
Corporate & Investment Banking3.3
Wealth Management & Insurance3.2
Payment Solutions3.5
Spain3.3
UK3.1
Portugal2.8
Openbank Europe2.6
US3.2
Mexico3.8
Brazil4.4
Chile3.5
Total Group3.3
Note: the Total Group's and the global businesses' average inflations are calculated excluding the impact of inflation in Argentina.

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•Condensed consolidated financial statements
Interim condensed consolidated financial statements
Condensed consolidated balance sheet
Condensed consolidated income statement
Note:
The following financial information for the first nine months of 2026 and 2025 (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
ASSETSSep-26Dec-25Sep-25
Cash, cash balances at central banks and other deposits on demand162,336 152,281 161,899 
Financial assets held for trading317,169 252,318 248,856 
Non-trading financial assets mandatorily at fair value through profit or loss8,907 7,761 7,499 
Financial assets designated at fair value through profit or loss7,810 8,046 8,086 
Financial assets at fair value through other comprehensive income79,584 74,612 74,037 
Financial assets at amortised cost1,414,627 1,202,689 1,175,701 
Hedging derivatives5,965 3,931 4,246 
Changes in the fair value of hedged items in portfolio hedges of interest rate risk(1,325)50 (156)
Investments7,980 7,052 7,352 
Joint ventures entities2,249 1,956 1,993 
Associated entities5,731 5,096 5,359 
Assets under reinsurance contracts221 223 227 
Tangible assets26,477 27,438 28,408 
Property, plant and equipment25,588 26,416 27,608 
For own-use12,442 11,663 11,953 
Leased out under an operating lease13,146 14,753 15,655 
Investment property889 1,022 800 
Of which : Leased out under an operating lease695 860 640 
Intangible assets26,135 17,308 17,287 
Goodwill18,923 11,958 12,025 
Other intangible assets7,212 5,350 5,262 
Tax assets32,380 30,076 28,812 
Current tax assets11,439 11,132 9,897 
Deferred tax assets20,941 18,944 18,915 
Other assets11,237 8,719 9,045 
Insurance contracts linked to pensions61 67 71 
Inventories4 7 5 
Other11,172 8,645 8,969 
Non-current assets held for sale2,831 75,011 69,369 
TOTAL ASSETS2,102,334 1,867,515 1,840,668 
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•Condensed consolidated financial statements
Interim condensed consolidated balance sheet
EUR million
LIABILITIESSep-26Dec-25Sep-25
Financial liabilities held for trading 218,458171,546164,608
Financial liabilities designated at fair value through profit or loss44,04242,14837,079
Financial liabilities at amortized cost1,657,6621,421,1841,414,964
Hedging derivatives6,2724,2484,188
Changes in the fair value of hedged items in portfolio hedges of interest rate risk (121)4928
Liabilities under insurance contracts22,46618,73718,620
Provisions8,7128,3557,744
Pensions and other post-retirement obligations1,6021,6561,663
Other long term employee benefits985993918
Taxes and other legal contingencies3,0282,9892,786
Contingent liabilities and commitments784713653
Other provisions2,3132,0041,724
Tax liabilities 9,7399,5689,457
Current tax liabilities4,0893,6643,537
Deferred tax liabilities5,6505,9045,920
Other liabilities 16,70415,93715,008
Liabilities associated with non-current assets held for sale—62,99559,058
TOTAL LIABILITIES1,983,9341,754,7671,730,754
EQUITY
Shareholders' equity145,931141,144139,081
Capital 7,2787,3457,443
Called up paid capital7,2787,3457,443
Unpaid capital which has been called up———
Share premium 35,15636,79238,492
Equity instruments issued other than capital———
Equity component of the compound financial instrument———
Other equity instruments issued———
Other equity456273271
Accumulated retained earnings102,45391,95991,954
Revaluation reserves———
Other reserves(8,451)(7,532)(7,180)
(-) Own shares(1,533)(96)(532)
Profit attributable to shareholders of the parent12,40514,10110,337
(-) Interim dividends(1,833)(1,698)(1,704)
Other comprehensive income (loss)(34,419)(37,974)(38,004)
Items not reclassified to profit or loss (2,709)(4,121)(4,248)
Items that may be reclassified to profit or loss(31,710)(33,853)(33,756)
Non-controlling interest6,8889,5788,837
Other comprehensive income(1,995)(1,947)(2,048)
Other items8,88311,52510,885
TOTAL EQUITY118,400112,748109,914
TOTAL LIABILITIES AND EQUITY2,102,3341,867,5151,840,668
MEMORANDUM ITEMS: OFF BALANCE SHEET AMOUNTS
Loan commitments granted342,782321,234310,866
Financial guarantees granted19,12217,44916,819
Other commitments granted180,388148,118158,744


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•Condensed consolidated financial statements
Interim condensed consolidated income statement
EUR million9M'269M'25
Interest income80,425 76,325 
   Financial assets at fair value through other comprehensive income5,011 4,140 
   Financial assets at amortized cost60,795 58,116 
   Other interest income14,619 14,069 
Interest expense(45,880)(44,766)
Interest income/ (charges)34,545 31,559 
Dividend income759 559 
Income from companies accounted for using the equity method722 480 
Commission income14,136 12,790 
Commission expense(3,787)(3,289)
Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net(124)162 
   Financial assets at amortized cost(100)(26)
   Other financial assets and liabilities(24)188 
Gain or losses on financial assets and liabilities held for trading, net301 1,040 
   Reclassification of financial assets at fair value through other comprehensive income— — 
   Reclassification of financial assets from amortized cost— — 
   Other gains (losses)301 1,040 
Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss355 672 
   Reclassification of financial assets at fair value through other comprehensive income— — 
   Reclassification of financial assets from amortized cost— — 
   Other gains (losses)355 672 
Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net757 (419)
Gain or losses from hedge accounting, net29 (6)
Exchange differences, net(239)204 
Other operating income (*)1,088 1,221 
Other operating expenses(1,901)(1,790)
Income from insurance and reinsurance contracts359 351 
Expenses from insurance and reinsurance contracts(287)(286)
Total income46,713 43,248 
Administrative expenses(16,518)(16,008)
   Staff costs(10,516)(10,063)
   Other general and administrative expenses(6,002)(5,945)
Depreciation and amortization(2,454)(2,422)
Provisions or reversal of provisions, net(2,422)(1,709)
Impairment or reversal of impairment of financial assets not measured at fair value
through profit or loss and net gains and losses from modifications		(10,047)(9,372)
   Financial assets at fair value through other comprehensive income(93)(52)
   Financial assets at amortized cost(9,954)(9,320)
Impairment of investments in subsidiaries, joint ventures and associates, net— — 
Impairment on non-financial assets, net(527)(188)
   Tangible assets(13)(128)
   Intangible assets(496)(53)
   Others(18)(7)
Gain or losses on non-financial assets and investments, net42 (22)
Negative goodwill recognized in results3 22 
Gains or losses on non-current assets held for sale not classified as discontinued operations(1)212 
Operating profit/(loss) before tax14,789 13,761 
Tax expense or income from continuing operations(3,634)(3,560)
Profit/(loss) for the period from continuing operations11,155 10,201 
Profit/( loss) after tax from discontinued operations1,895 1,152 
Profit/(loss) for the period13,050 11,353 
Profit attributable to non-controlling interests645 1,016 
Profit/(loss) attributable to the parent12,405 10,337 
Earnings/(losses) per share
Basic 0.83 0.66 
Diluted0.82 0.66 
(*) Includes -EUR 503 million at 30 September 2026 (-EUR 348 million at 30 September 2025) derived from the net monetary loss generated in Argentina as a result of the application of IAS 29 Financial reporting in hyperinflationary economies.
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•Glossary
Glossary
•A2A: Account-to-account
•Active customer: Those customers who comply with the minimum balance, income and/or transactionality requirements as defined according to the business area
•ADR: American Depositary Receipt
•AI: Artificial intelligence
•APM: Alternative Performance Measures
•AuMs: Assets under management
•bn: Billion
•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)
•CRR: Capital Requirements Regulation
•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 agency, government-backed financial institutions that support domestic companies' international trade
•ECB: European Central Bank
•EPS: Earnings per share
•ESMA: European Securities and Markets Authority
•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. 
•Free float: total number of shares in circulation minus treasury shares as a % the total number of shares in circulation
•FX: Foreign Exchange
•GB: Global Banking
•GBP:
•GDP: Gross Domestic Product
•GM: Global Markets
•GTB: Global Transaction Banking
•ICO: Official Credit Institute in Spain (Instituto de Crédito Oficial)
•IDB: Inter-American Development Bank
•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
•IPO: Initial Public Offering
•LCR: Liquidity Coverage Ratio
•LLPs: Loan-loss provisions
•MDA: Maximum Distributable Amount
•mn: Million
•MREL: Minimum Requirement for own funds and eligible liabilities
•M&A: Mergers and acquisitions
•NII: Net interest income
•NPS: Net promoter score
•OBE: Openbank Europe
•OB US: Openbank US
•ODS: Open Digital Services
•Payments: Payment Solutions (Getnet, Getnet Platforms and Ebury)
•PB: Private Banking
•PBT: Profit before tax
•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 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.
•SEC: Securities and Exchanges Commission
•SMEs: Small and medium enterprises
•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
•TPV: Total payment volume
•VaR: Value at Risk
•Wealth: Wealth Management & Insurance
•YoY: Year-on-year
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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, other companies, including some in our industry, 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 2025 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 27 February 2026 (https://www.santander.com/content/dam/santander-com/es/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2026/sec-2025-annual-20-f-2025-disponible-solo-en-ingles-es.pdf), except with respect to the information and the audited financial statements included therein and superseded by the information and the audited financial statements included in our Report on Form 6-K furnished to the SEC on 1 April 2026 relating to certain recast financial information as a result of certain changes to the presentation of the Group’s financial information (https://www.santander.com/content/dam/santander-com/en/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2026/sec-recast-of-certain-financial-information-and-related-disclosure-for-the-three-years-ended-31-december-2025-en.pdf), as well as the section “Alternative performance measures” of this third quarter financial report, which was published on 28 October 2026 (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. The sustainability information can be found throughout this report. The sustainability information is provided in accordance with Directive 2022/2464 on corporate sustainability reporting (CSRD) and Law 11/2018 on non-financial and diversity reporting. Sustainability information is not audited nor 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 report 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 non-financial information. However, risks, uncertainties and other important factors may lead to developments and results that differ materially from those anticipated, expected, projected or assumed in forward-looking statements. The important factors below (and others mentioned in this report, as well as other unknown or unpredictable factors, could affect our future development and results and could lead to outcomes materially different from what our forward-looking statements anticipate, expect, project or assume:
•general economic or industry conditions (e.g., an economic downturn; higher volatility in the capital markets; inflation; deflation; changes in demographics, consumer spending, investment or saving habits; and the effects of the armed conflicts 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 operational risks, including cyberattacks, data breaches, data losses and other security incidents;
•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;
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•acquisitions, integrations, divestitures and challenges arising from deviating management’s resources and attention from other strategic opportunities and operational matters;
•reputational risk and potential adverse reactions of stakeholders, including adverse effects on the market price of our securities
•climate-related conditions, regulations, targets and weather events;
•uncertainty over the scope of actions that may be required by us, governments and others to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and potential conflicts and inconsistencies among governmental standards and regulations. Important factors affecting sustainability information may materially differ from those applicable to financial information. 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 inclusion 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;
•our own decisions and actions, including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; and
•changes affecting our access to liquidity and funding on acceptable terms, especially due to credit spread shifts or credit rating downgrade for the entire group or core subsidiaries.
Forward looking statements are based on current expectations and future estimates about Santander’s and third-parties’ operations and businesses and address matters that are uncertain to varying degrees, including, but not limited to developing standards that may change in the future; plans, projections, expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including expectations regarding future execution of Santander’s and third parties’ energy and climate strategies, and the underlying assumptions and estimated impacts on Santander’s and third-parties’ businesses related thereto; Santander’s and third-parties’ approach, plans and expectations in relation to carbon use and targeted reductions of emissions; changes in operations or investments under existing or future environmental laws and regulations; and changes in government regulations and regulatory requirements, including those related to climate-related initiatives.
Forward-looking statements are aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this 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.
No offer or solicitation
This report does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”). No investment activity should be undertaken on the basis of the information contained in this report. By making this report available, no advice or recommendation is being given to buy, sell or otherwise deal in any securities or investments whatsoever.
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 previous periods. Nothing mentioned in this report should be taken as a profit and loss forecast.
Third Party Information
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.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Banco Santander, S.A.
Date:   28 October 2026By:/s/ José García Cantera
Name:José García Cantera
Title:Chief Financial Officer