Banco Santander, S.A.

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2025 · Filed Feb 27, 2026

SAN$11.74-2.2%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

5.4 Appendix

In this appendix, results are presented on an underlying basis and the balance sheet figures, ratios and other metrics include Poland, as they did in previous disclosures, i.e. maintaining the same perimeter as prior to the announcement of the Poland disposal. However, if we were to exclude Poland, the Group's main management ratios would not be materially affected. For further information, see sections 2. 'Significant events in 2025' and 6. 'Alternative performance measures' of this chapter.

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 section 6. 'Alternative performance measures' of this chapter.

RETAIL & COMMERCIAL BANKING
EUR million
Underlying income statement	2025	2024%	% excl. FX
Net interest income	26,409		27,937	(5.5)	(2.2)
Net fee income	4,784		4,707	1.6	6.1
Gains (losses) on financial transactions ᴬ	617		738	(16.4)	(15.0)
Other operating income	(594)		(1,008)	(41.1)	(39.8)
Total income	31,216		32,374	(3.6)	(0.1)
Administrative expenses and amortizations	(12,314)		(12,796)	(3.8)	0.0
Net operating income	18,902		19,578	(3.4)	(0.2)
Net loan-loss provisions	(5,416)		(5,846)	(7.3)	(2.2)
Other gains (losses) and provisions	(2,320)		(2,875)	(19.3)	(17.5)
Profit before tax	11,167		10,857	2.9	5.4
Tax on profit	(2,812)		(3,088)	(8.9)	(7.0)
Profit from continuing operations	8,354		7,769	7.5	10.3
Net profit from discontinued operations	—		—	—	—
Consolidated profit	8,354		7,769	7.5	10.3
Non-controlling interests	(689)		(522)	32.0	33.8
Underlying profit attributable to the parent	7,666		7,247	5.8	8.6
Balance sheet and activity metrics
Loans and advances to customers	604,870		608,828	(0.7)	1.9
Customer deposits	674,133		660,748	2.0	4.0
Memorandum items:
Gross loans and advances to customers ᴮ	600,686		609,372	(1.4)	1.0
Customer funds	777,742		748,855	3.9	5.6
Customer deposits C	662,388		649,214	2.0	4.0
Mutual funds	115,354		99,641	15.8	16.2
Risk-weighted assets	294,948		288,782	2.1
Ratios (%), operating means and customers
RoTE	18.5		18.9	(0.5)
RoTE (post-AT1)	17.7		18.2	(0.4)
Efficiency ratio	39.4		39.5	(0.1)
NPL ratio	2.97		3.18	(0.21)
NPL coverage ratio	61		58	2
Number of employees	123,836		131,653	(5.9)
Number of total customers (thousands)	153,134		147,140	4.1
Number of active customers (thousands)	81,045		79,079	2.5
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.

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Contents

Business model and strategyl

Sustainability statementl

Corporate governancel

Economic and financial reviewl

Risk management and compliancel

Retail Spain
EUR million
Underlying income statement	2025	2024%
Net interest income	5,796		5,869	(1.2)
Net fee income	1,076		1,074	0.2
Total income	7,007		7,071	(0.9)
Administrative expenses and amortizations	(2,268)		(2,288)	(0.9)
Net operating income	4,739		4,783	(0.9)
Net loan-loss provisions	(996)		(1,092)	(8.8)
Profit before tax	3,250		2,797	16.2
Balance sheet and activity metrics
Loans and advances to customers	152,013		151,105	0.6
Customer deposits	230,850		222,092	3.9
Memorandum items:
Gross loans and advances to customers ᴬ	154,764		154,580	0.1
Customer funds	281,486		266,230	5.7
Customer deposits ᴮ	230,850		222,089	3.9
Mutual funds	50,636		44,141	14.7
A. Excluding reverse repos.
B. Excluding repos.

Retail UK
EUR million
Underlying income statement	2025	2024%	% excl. FX
Net interest income	4,728		4,672	1.2	2.4
Net fee income	50		(33)	—	—
Total income	4,681		4,618	1.4	2.6
Administrative expenses and amortizations	(2,463)		(2,601)	(5.3)	(4.2)
Net operating income	2,218		2,017	10.0	11.3
Net loan-loss provisions	(122)		(14)	789.4	800.1
Profit before tax	1,603		1,600	0.2	1.4
Balance sheet and activity metrics
Loans and advances to customers	235,994		239,787	(1.6)	3.6
Customer deposits	215,695		219,293	(1.6)	3.5
Memorandum items:
Gross loans and advances to customers ᴬ	221,464		229,645	(3.6)	1.5
Customer funds	215,472		217,765	(1.1)	4.1
Customer deposits ᴮ	209,427		211,720	(1.1)	4.1
Mutual funds	6,046		6,045	0.0	5.3
A. Excluding reverse repos.
B. Excluding repos.

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Contents

Business model and strategyl

Sustainability statementl

Corporate governancel

Economic and financial reviewl

Risk management and compliancel

Retail Mexico
EUR million
Underlying income statement	2025	2024%	% excl. FX
Net interest income	3,041		3,134	(3.0)	6.5
Net fee income	723		699	3.4	13.5
Total income	3,719		3,769	(1.3)	8.4
Administrative expenses and amortizations	(1,669)		(1,757)	(5.0)	4.3
Net operating income	2,049		2,011	1.9	11.9
Net loan-loss provisions	(626)		(654)	(4.4)	5.1
Profit before tax	1,354		1,318	2.7	12.8
Balance sheet and activity metrics
Loans and advances to customers	32,588		30,981	5.2	3.1
Customer deposits	42,799		38,042	12.5	10.2
Memorandum items:
Gross loans and advances to customers ᴬ	33,375		31,724	5.2	3.1
Customer funds	54,278		48,220	12.6	10.3
Customer deposits ᴮ	38,864		35,245	10.3	8.1
Mutual funds	15,414		12,975	18.8	16.4
A. Excluding reverse repos.
B. Excluding repos.

Retail Brazil
EUR million
Underlying income statement	2025	2024%	% excl. FX
Net interest income	5,957		6,795	(12.3)	(4.9)
Net fee income	1,364		1,531	(10.9)	(3.3)
Total income	7,146		8,220	(13.1)	(5.7)
Administrative expenses and amortizations	(2,938)		(3,152)	(6.8)	1.1
Net operating income	4,209		5,068	(17.0)	(9.9)
Net loan-loss provisions	(2,653)		(2,973)	(10.8)	(3.2)
Profit before tax	813		1,352	(39.9)	(34.7)
Balance sheet and activity metrics
Loans and advances to customers	50,883		53,227	(4.4)	(4.0)
Customer deposits	58,286		54,658	6.6	7.1
Memorandum items:
Gross loans and advances to customers ᴬ	54,571		56,663	(3.7)	(3.2)
Customer funds	80,749		72,993	10.6	11.1
Customer deposits ᴮ	58,241		53,865	8.1	8.6
Mutual funds	22,508		19,128	17.7	18.2
A. Excluding reverse repos.
B. Excluding repos.

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Contents

Business model and strategyl

Sustainability statementl

Corporate governancel

Economic and financial reviewl

Risk management and compliancel

DIGITAL CONSUMER BANK
EUR million
Underlying income statement	2025	2024%	% excl. FX
Net interest income	11,036		10,777	2.4	5.4
Net fee income	1,479		1,508	(2.0)	0.4
Gains (losses) on financial transactions ᴬ	(11)		(4)	168.4	126.4
Other operating income	511		631	(19.0)	(17.0)
Total income	13,015		12,912	0.8	3.6
Administrative expenses and amortizations	(5,287)		(5,183)	2.0	4.4
Net operating income	7,728		7,729	0.0	3.1
Net loan-loss provisions	(4,457)		(4,562)	(2.3)	1.4
Other gains (losses) and provisions	(704)		(939)	(25.0)	(23.8)
Profit before tax	2,566		2,228	15.2	18.2
Tax on profit	(489)		(294)	66.2	69.4
Profit from continuing operations	2,077		1,934	7.4	10.4
Net profit from discontinued operations	—		—	—	—
Consolidated profit	2,077		1,934	7.4	10.4
Non-controlling interests	(336)		(275)	22.1	23.5
Underlying profit attributable to the parent	1,741		1,659	4.9	8.2
Balance sheet and activity metrics
Loans and advances to customers	203,857		207,107	(1.6)	1.7
Customer deposits	129,946		128,975	0.8	5.3
Memorandum items:
Gross loans and advances to customers ᴮ	211,894		215,164	(1.5)	1.9
Customer funds	138,999		137,122	1.4	6.0
Customer deposits C	129,909		128,933	0.8	5.3
Mutual funds	9,089		8,189	11.0	17.1
Risk-weighted assets	155,664		151,102	3.0
Ratios (%), operating means and customers
RoTE	9.4		9.8	(0.4)
RoTE (post-AT1)	8.6		8.9	(0.3)
Efficiency ratio	40.6		40.1	0.5
NPL ratio	5.32		5.07	0.24
NPL coverage ratio	71		74	(2)
Number of employees	30,751		29,903	2.8
Number of total customers (thousands)	26,709		25,041	6.7
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.

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Contents

Business model and strategyl

Sustainability statementl

Corporate governancel

Economic and financial reviewl

Risk management and compliancel

DCB Europe
EUR million
Underlying income statement	2025	2024%	% excl. FX
Net interest income	4,685		4,361	7.4	7.5
Net fee income	804		902	(10.9)	(10.8)
Total income	5,925		5,679	4.3	4.4
Administrative expenses and amortizations	(2,611)		(2,604)	0.3	0.4
Net operating income	3,314		3,075	7.8	7.9
Net loan-loss provisions	(1,363)		(1,209)	12.7	12.9
Profit before tax	1,398		1,131	23.6	23.4
Balance sheet and activity metrics
Loans and advances to customers	139,322		137,038	1.7	2.1
Customer deposits	82,359		81,376	1.2	1.3
Memorandum items:
Gross loans and advances to customers ᴬ	142,477		139,927	1.8	2.3
Customer funds	87,559		85,876	2.0	2.0
Customer deposits ᴮ	82,359		81,376	1.2	1.3
Mutual funds	5,200		4,500	15.6	15.6
A. Excluding reverse repos.
B. Excluding repos.

DCB US
EUR million
Underlying income statement	2025	2024%	% excl. FX
Net interest income	4,581		4,651	(1.5)	2.8
Net fee income	339		303	11.8	16.6
Total income	5,072		5,297	(4.2)	(0.1)
Administrative expenses and amortizations	(2,141)		(2,159)	(0.8)	3.5
Net operating income	2,931		3,138	(6.6)	(2.6)
Net loan-loss provisions	(2,140)		(2,466)	(13.2)	(9.5)
Profit before tax	699		551	26.9	32.4
Balance sheet and activity metrics
Loans and advances to customers	43,887		52,256	(16.0)	(5.0)
Customer deposits	46,481		47,583	(2.3)	10.5
Memorandum items:
Gross loans and advances to customers ᴬ	47,402		56,266	(15.8)	(4.7)
Customer funds	50,333		51,230	(1.8)	11.2
Customer deposits ᴮ	46,444		47,541	(2.3)	10.5
Mutual funds	3,889		3,689	5.4	19.3
A. Excluding reverse repos.
B. Excluding repos.

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Business model and strategyl

Sustainability statementl

Corporate governancel

Economic and financial reviewl

Risk management and compliancel

CORPORATE & INVESTMENT BANKING
EUR million
Underlying income statement	2025	2024%	% excl. FX
Net interest income	4,047		3,988	1.5	5.7
Net fee income	2,713		2,548	6.4	9.3
Gains (losses) on financial transactions ᴬ	1,358		1,629	(16.7)	(14.3)
Other operating income	370		172	114.9	111.6
Total income	8,488		8,338	1.8	5.2
Administrative expenses and amortizations	(3,866)		(3,794)	1.9	5.1
Net operating income	4,622		4,544	1.7	5.3
Net loan-loss provisions	(291)		(171)	70.3	70.9
Other gains (losses) and provisions	(121)		(354)	(65.8)	(65.2)
Profit before tax	4,210		4,019	4.7	8.7
Tax on profit	(1,171)		(1,068)	9.6	14.0
Profit from continuing operations	3,039		2,951	3.0	6.8
Net profit from discontinued operations	—		—	—	—
Consolidated profit	3,039		2,951	3.0	6.8
Non-controlling interests	(205)		(204)	0.2	4.9
Underlying profit attributable to the parent	2,834		2,747	3.2	6.9
Balance sheet and activity metrics
Loans and advances to customers	210,245		184,834	13.7	18.3
Customer deposits	224,981		202,360	11.2	15.2
Memorandum items:
Gross loans and advances to customers ᴮ	151,894		136,697	11.1	15.0
Customer funds	152,903		150,736	1.4	3.8
Customer deposits C	140,438		136,677	2.8	5.4
Mutual funds	12,465		14,059	(11.3)	(10.8)
Risk-weighted assets	109,153		122,697	(11.0)
Ratios (%) and operating means
RoTE	19.8		18.0	1.8
RoTE (post-AT1)	19.1		17.3	1.8
Efficiency ratio	45.5		45.5	0.0
NPL ratio	0.69		0.83	(0.14)
NPL coverage ratio	48		39	9
Number of employees	14,009		13,385	4.7
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.

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Business model and strategyl

Sustainability statementl

Corporate governancel

Economic and financial reviewl

Risk management and compliancel

WEALTH MANAGEMENT & INSURANCE
EUR million
Underlying income statement	2025	2024%	% excl. FX
Net interest income	1,445		1,706	(15.3)	(13.7)
Net fee income	1,703		1,497	13.8	16.8
Gains (losses) on financial transactions ᴬ	512		257	99.6	104.5
Other operating income	579		343	68.6	78.8
Total income	4,239		3,803	11.4	14.3
Administrative expenses and amortizations	(1,497)		(1,452)	3.1	6.0
Net operating income	2,742		2,351	16.6	19.5
Net loan-loss provisions	(22)		(44)	(49.8)	(49.7)
Other gains (losses) and provisions	(7)		(23)	(69.2)	(68.9)
Profit before tax	2,713		2,284	18.8	21.7
Tax on profit	(555)		(534)	4.0	5.9
Profit from continuing operations	2,158		1,750	23.3	26.6
Net profit from discontinued operations	—		—	—	—
Consolidated profit	2,158		1,750	23.3	26.6
Non-controlling interests	(95)		(79)	20.3	23.2
Underlying profit attributable to the parent	2,063		1,671	23.4	26.7
Balance sheet and activity metrics
Loans and advances to customers	26,585		24,526	8.4	13.4
Customer deposits	63,964		61,337	4.3	6.8
Memorandum items:
Gross loans and advances to customers ᴮ	26,749		24,691	8.3	13.3
Customer funds	189,870		172,243	10.2	12.4
Customer deposits C	62,888		60,409	4.1	6.7
Mutual funds	126,982		111,833	13.5	15.4
Risk-weighted assets	19,027		12,123	56.9
Assets under management	558,403		497,188	12.3	14.1
Gross written premiums	10,745		10,880	(1.2)	4.3
Ratios (%), operating means and customers
RoTE	69.2		77.6	(8.4)
RoTE (post-AT1)	68.5		76.8	(8.4)
Efficiency ratio	35.3		38.2	(2.9)
NPL ratio	0.86		0.93	(0.08)
NPL coverage ratio	71		71	0
Number of employees	7,531		7,707	(2.3)
Number of Private Banking customers (thousands)	314		299	5.1
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.

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Business model and strategyl

Sustainability statementl

Corporate governancel

Economic and financial reviewl

Risk management and compliancel

PAYMENTS
EUR million
Underlying income statement	2025	2024%	% excl. FX
Net interest income	2,907		2,567	13.2	21.4
Net fee income	3,008		2,759	9.0	14.8
Gains (losses) on financial transactions ᴬ	44		61	(28.1)	(21.8)
Other operating income	55		72	(24.2)	(27.6)
Total income	6,013		5,459	10.1	16.9
Administrative expenses and amortizations	(2,360)		(2,430)	(2.9)	0.6
Net operating income	3,654		3,030	20.6	30.5
Net loan-loss provisions	(2,027)		(1,714)	18.3	27.7
Other gains (losses) and provisions	(140)		(360)	(61.1)	(60.7)
Profit before tax	1,486		955	55.6	73.6
Tax on profit	(503)		(462)	8.9	18.1
Profit from continuing operations	984		493	99.3	128.5
Net profit from discontinued operations	—		—	—	—
Consolidated profit	984		493	99.3	128.5
Non-controlling interests	(101)		(90)	12.0	18.8
Underlying profit attributable to the parent	883		404	118.8	155.5
Balance sheet and activity metrics
Loans and advances to customers	24,469		22,995	6.4	7.2
Customer deposits	1,415		1,086	30.3	30.3
Memorandum items:
Gross loans and advances to customers ᴮ	26,618		24,768	7.5	8.3
Customer funds	1,415		1,086	30.3	30.3
Customer deposits C	1,415		1,086	30.3	30.3
Mutual funds	—		—	—	—
Risk-weighted assets	22,883		22,795	0.4
Ratios (%) and operating means
RoTE	28.8		14.1	14.7
RoTE (post-AT1)	28.0		13.3	14.7
NPL ratio	87.60		97.50	(9.90)
NPL coverage ratio	127		137	(11)
Number of employees	20,375		22,280	(8.6)
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.

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Business model and strategyl

Sustainability statementl

Corporate governancel

Economic and financial reviewl

Risk management and compliancel

PAGONXT
EUR million
Underlying income statement	2025	2024%	% excl. FX
Net interest income	167		132	27.0	35.7
Net fee income	1,059		958	10.5	16.4
Gains (losses) on financial transactions ᴬ	(24)		0	—	—
Other operating income	171		150	14.3	14.9
Total income	1,373		1,240	10.8	16.2
Administrative expenses and amortizations	(1,138)		(1,160)	(1.9)	0.8
Net operating income	235		80	194.6	345.7
Net loan-loss provisions	(24)		(16)	48.5	55.1
Other gains (losses) and provisions	(77)		(296)	(74.0)	(73.8)
Profit before tax	134		(233)	—	0.0
Tax on profit	(19)		(57)	(65.9)	(60.1)
Profit from continuing operations	115		(290)	0.0	0.0
Net profit from discontinued operations	—		—	—	—
Consolidated profit	115		(290)	0.0	0.0
Non-controlling interests	(19)		(9)	101.1	120.7
Underlying profit attributable to the parent	96		(299)	0.0	0.0
Balance sheet and activity metrics
Loans and advances to customers	977		1,066	(8.3)	(8.4)
Customer deposits	1,392		1,038	34.2	34.2
Memorandum items:
Gross loans and advances to customers ᴮ	1,002		1,087	(7.8)	(7.9)
Customer funds	1,392		1,038	34.2	34.2
Customer deposits C	1,392		1,038	34.2	34.2
Mutual funds	—		—	—	—
Risk-weighted assets	4,421		4,898	(9.7)
Total transactions (Getnet, million)	10,549		9,837	7.2
Total payments volume (Getnet)	237,912		221,787	7.3	13.6
Ratios (%)
EBITDA margin	34.5		27.5	7.0
Efficiency ratio	82.9		93.6	(10.7)
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.

Annual report 2025491

Contents

Business model and strategyl

Sustainability statementl

Corporate governancel

Economic and financial reviewl

Risk management and compliancel

CARDS
EUR million
Underlying income statement	2025	2024%	% excl. FX
Net interest income	2,740		2,436	12.5	20.7
Net fee income	1,949		1,801	8.2	13.9
Gains (losses) on financial transactions ᴬ	68		61	11.5	21.3
Other operating income	(117)		(78)	50.0	58.7
Total income	4,640		4,220	10.0	17.1
Administrative expenses and amortizations	(1,221)		(1,270)	(3.8)	0.5
Net operating income	3,419		2,950	15.9	24.4
Net loan-loss provisions	(2,003)		(1,698)	18.0	27.4
Other gains (losses) and provisions	(63)		(64)	(0.8)	0.8
Profit before tax	1,353		1,188	13.8	21.5
Tax on profit	(484)		(405)	19.4	28.1
Profit from continuing operations	869		783	10.9	18.1
Net profit from discontinued operations	—		—	—	—
Consolidated profit	869		783	10.9	18.1
Non-controlling interests	(82)		(81)	1.6	7.3
Underlying profit attributable to the parent	787		703	12.0	19.3
Balance sheet and activity metrics
Loans and advances to customers	23,491		21,929	7.1	8.0
Customer deposits	23		49	—	(53.3)
Memorandum items:
Gross loans and advances to customers ᴮ	25,616		23,681	8.2	9.0
Customer funds	23		49	—	(53.3)
Customer deposits C	23		49	—	(53.3)
Mutual funds	—		—	—	—
Risk-weighted assets	18,462		17,897	3.2
Number of total cards (millions)	108		106	2.3
Ratios (%)
RoTE	30.7		29.2	1.5
RoTE (post-AT1)	30.1		28.5	1.5
Efficiency ratio	26.3		30.1	(3.8)
NPL ratio	6.43		5.31	1.12
NPL coverage ratio	129		139	(11)
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.

Annual report 2025492

Contents

Business model and strategyl

Sustainability statementl

Corporate governancel

Economic and financial reviewl

Risk management and compliancel

Secondary segments
EUR million
Spain · UK
Underlying income statement	2025	2024%			2025	2024%	% excl. FX
Net interest income	7,305		7,256	0.7			5,008	4,950	1.2	2.4
Net fee income	3,022		2,867	5.4			369	283	30.3	31.8
Gains (losses) on financial transactions A	841		1,100	(23.6)			(100)	(18)	445.8	452.4
Other operating income	823		751	9.6			3	2	81.6	83.8
Total income	11,990		11,974	0.1			5,280	5,216	1.2	2.4
Administrative expenses and amortizations	(4,284)		(4,271)	0.3			(2,771)	(2,918)	(5.0)	(3.9)
Net operating income	7,706		7,703	0.0			2,509	2,299	9.1	10.5
Net loan-loss provisions	(1,142)		(1,259)	(9.3)			(177)	(64)	177.4	180.7
Other gains (losses) and provisions	(482)		(1,003)	(52.0)			(539)	(441)	22.1	23.5
Profit before tax	6,083		5,440	11.8			1,794	1,794	0.0	1.2
Tax on profit	(1,811)		(1,678)	7.9			(486)	(488)	(0.3)	0.9
Profit from continuing operations	4,272		3,763	13.5			1,307	1,306	0.1	1.3
Net profit from discontinued operations	—		—	—			—	—	—	—
Consolidated profit	4,272		3,763	13.5			1,307	1,306	0.1	1.3
Non-controlling interests	0		0	(2.5)			—	—	—	—
Profit attributable to the parent	4,272		3,762	13.5			1,307	1,306	0.1	1.3
Balance sheet
Loans and advances to customers	264,950		246,897	7.3			242,624	246,453	(1.6)	3.6
Cash, central banks and credit institutions	90,438		99,657	(9.3)			55,335	54,787	1.0	6.3
Debt instruments	120,671		94,519	27.7			10,570	15,120	(30.1)	(26.4)
Other financial assets	51,675		48,132	7.4			270	390	(30.8)	(27.2)
Other asset accounts	14,773		17,521	(15.7)			4,048	3,382	19.7	26.0
Total assets	542,507		506,725	7.1			312,846	320,132	(2.3)	2.9
Customer deposits	354,943		323,425	9.7			225,708	230,408	(2.0)	3.1
Central banks and credit institutions	54,996		57,218	(3.9)			18,326	25,665	(28.6)	(24.8)
Marketable debt securities	29,957		27,385	9.4			51,231	47,933	6.9	12.5
Other financial liabilities	63,188		59,976	5.4			2,441	2,500	(2.4)	2.8
Other liabilities accounts	22,268		21,163	5.2			2,277	1,733	31.4	38.3
Total liabilities	525,352		489,168	7.4			299,984	308,239	(2.7)	2.4
Total equity	17,155		17,557	(2.3)			12,863	11,893	8.2	13.8
Memorandum items:
Gross loans and advances to customers B	237,385		225,759	5.1			228,273	236,496	(3.5)	1.6
Customer funds	429,464		399,999	7.4			227,160	230,479	(1.4)	3.7
Customer deposits C	322,070		306,389	5.1			219,440	222,835	(1.5)	3.7
Mutual funds	107,394		93,609	14.7			7,719	7,643	1.0	6.3
Ratios (%), operating means and customers
RoTE	25.1		21.7	3.4			10.7	11.1	(0.4)
RoTE (post-AT1)	24.3		20.9	3.4			10.2	10.6	(0.4)
Efficiency ratio	35.7		35.7	0.1			52.5	55.9	(3.5)
NPL ratio	1.96		2.68	(0.73)			1.08	1.33	(0.25)
NPL coverage ratio	55		53	2			33	29	3
Number of branches	1,630		1,827	(10.8)			363	444	(18.2)
Number of total customers (thousands)	15,362		15,307	0.4			22,720	22,541	0.8
Number of active customers (thousands)	9,242		8,842	4.5			13,547	13,646	(0.7)
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.

Annual report 2025493

Contents

Business model and strategyl

Sustainability statementl

Corporate governancel

Economic and financial reviewl

Risk management and compliancel

EUR million
Portugal · Poland
Underlying income statement	2025	2024%			2025	2024%	% excl. FX
Net interest income	1,346		1,548	(13.0)			2,953	2,844	3.8	2.2
Net fee income	506		467	8.2			733	674	8.8	7.1
Gains (losses) on financial transactions A	70		45	56.9			82	57	43.3	41.1
Other operating income	36		40	(9.0)			(44)	(20)	121.4	118.0
Total income	1,959		2,100	(6.7)			3,724	3,555	4.7	3.1
Administrative expenses and amortizations	(548)		(548)	0.1			(1,036)	(965)	7.4	5.8
Net operating income	1,411		1,553	(9.2)			2,687	2,591	3.7	2.1
Net loan-loss provisions	8		(11)	—			(283)	(511)	(44.5)	(45.4)
Other gains (losses) and provisions	(2)		(61)	(97.2)			(473)	(429)	10.3	8.6
Profit before tax	1,417		1,481	(4.3)			1,930	1,650	17.0	15.2
Tax on profit	(405)		(478)	(15.2)			(402)	(431)	(6.7)	(8.2)
Profit from continuing operations	1,011		1,003	0.8			1,528	1,219	25.4	23.4
Net profit from discontinued operations	—		—	—			—	—	—	—
Consolidated profit	1,011		1,003	0.8			1,528	1,219	25.4	23.4
Non-controlling interests	(2)		(2)	(18.9)			(580)	(419)	38.4	36.3
Profit attributable to the parent	1,010		1,001	0.9			949	800	18.5	16.7
Balance sheet
Loans and advances to customers	41,260		38,410	7.4			40,203	38,042	5.7	4.3
Cash, central banks and credit institutions	2,744		3,873	(29.2)			13,002	10,283	26.4	24.8
Debt instruments	15,998		15,010	6.6			21,610	17,489	23.6	22.0
Other financial assets	1,243		1,129	10.1			635	493	28.7	27.0
Other asset accounts	1,090		1,109	(1.7)			2,736	1,961	39.6	37.8
Total assets	62,334		59,530	4.7			78,186	68,269	14.5	13.1
Customer deposits	40,576		38,304	5.9			54,627	50,331	8.5	7.1
Central banks and credit institutions	9,357		8,813	6.2			7,974	5,020	58.8	56.8
Marketable debt securities	5,809		4,973	16.8			3,819	2,744	39.1	37.4
Other financial liabilities	304		339	(10.3)			1,509	1,656	(8.9)	(10.0)
Other liabilities accounts	2,916		3,056	(4.6)			2,451	1,688	45.3	43.4
Total liabilities	58,961		55,485	6.3			70,380	61,439	14.6	13.1
Total equity	3,373		4,046	(16.6)			7,806	6,830	14.3	12.8
Memorandum items:
Gross loans and advances to customers B	41,980		39,143	7.2			40,913	38,729	5.6	4.3
Customer funds	46,201		43,186	7.0			62,518	56,581	10.5	9.1
Customer deposits C	40,576		38,304	5.9			54,017	50,086	7.8	6.5
Mutual funds	5,625		4,882	15.2			8,501	6,495	30.9	29.2
Ratios (%), operating means and customers
RoTE	30.8		25.4	5.4			23.8	20.2	3.6
RoTE (post-AT1)	30.3		25.0	5.3			23.1	19.6	3.5
Efficiency ratio	28.0		26.1	1.9			27.8	27.1	0.7
NPL ratio	2.08		2.40	(0.32)			3.34	3.66	(0.32)
NPL coverage ratio	83		79	3			65	62	3
Number of branches	308		374	(17.6)			359	368	(2.4)
Number of total customers (thousands)	2,971		2,989	(0.6)			6,024	5,979	0.8
Number of active customers (thousands)	1,945		1,905	2.1			4,759	4,632	2.8
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.

Annual report 2025494

Contents

Business model and strategyl

Sustainability statementl

Corporate governancel

Economic and financial reviewl

Risk management and compliancel

EUR million
	DCB Europe
Underlying income statement	2025	2024%	% excl. FX
Net interest income	4,685		4,361	7.4	7.5
Net fee income	804		902	(10.9)	(10.8)
Gains (losses) on financial transactions A	(39)		(24)	60.8	61.9
Other operating income	474		440	7.7	8.1
Total income	5,925		5,679	4.3	4.4
Administrative expenses and amortizations	(2,611)		(2,604)	0.3	0.4
Net operating income	3,314		3,075	7.8	7.9
Net loan-loss provisions	(1,363)		(1,209)	12.7	12.9
Other gains (losses) and provisions	(554)		(735)	(24.6)	(24.4)
Profit before tax	1,398		1,131	23.6	23.4
Tax on profit	(322)		(255)	25.9	25.2
Profit from continuing operations	1,076		876	22.9	22.9
Net profit from discontinued operations	—		—	—	—
Consolidated profit	1,076		876	22.9	22.9
Non-controlling interests	(304)		(234)	30.3	30.3
Profit attributable to the parent	772		642	20.2	20.2
Balance sheet
Loans and advances to customers	139,322		137,038	1.7	2.1
Cash, central banks and credit institutions	16,078		19,185	(16.2)	(15.6)
Debt instruments	8,510		6,310	34.9	34.6
Other financial assets	126		128	(1.3)	(1.3)
Other asset accounts	12,088		11,115	8.8	9.6
Total assets	176,125		173,775	1.4	1.8
Customer deposits	82,359		81,376	1.2	1.3
Central banks and credit institutions	26,820		28,120	(4.6)	(2.5)
Marketable debt securities	45,494		43,137	5.5	5.6
Other financial liabilities	2,014		1,918	5.0	5.2
Other liabilities accounts	6,208		5,714	8.7	9.0
Total liabilities	162,896		160,264	1.6	2.1
Total equity	13,229		13,512	(2.1)	(1.6)
Memorandum items:
Gross loans and advances to customers B	142,477		139,927	1.8	2.3
Customer funds	87,559		85,876	2.0	2.0
Customer deposits C	82,359		81,376	1.2	1.3
Mutual funds	5,200		4,500	15.6	15.6
Ratios (%), operating means and customers
RoTE	7.6		6.4	1.2
RoTE (post-AT1)	6.7		5.5	1.2
Efficiency ratio	44.1		45.9	(1.8)
NPL ratio	2.53		2.50	0.03
NPL coverage ratio	87		83	5
Number of branches	298		326	(8.6)
Number of total customers (thousands)	19,893		19,550	1.8
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.

Annual report 2025495

Contents

Business model and strategyl

Sustainability statementl

Corporate governancel

Economic and financial reviewl

Risk management and compliancel

EUR million
US · Mexico
Underlying income statement	2025	2024%		% excl. FX		2025	2024%	% excl. FX
Net interest income	5,888		5,693		3.4	7.9			4,554		4,631		(1.7)	8.0
Net fee income	1,328		1,152		15.3	20.3			1,454		1,385		5.0	15.3
Gains (losses) on financial transactions A	547		371		47.7	54.1			427		396		7.7	18.3
Other operating income	165		365		(54.7)	(52.7)			(130)		(133)		(2.5)	7.1
Total income	7,929		7,580		4.6	9.1			6,305		6,278		0.4	10.3
Administrative expenses and amortizations	(3,812)		(3,830)		(0.5)	3.8			(2,620)		(2,665)		(1.7)	8.0
Net operating income	4,116		3,750		9.8	14.5			3,685		3,613		2.0	12.0
Net loan-loss provisions	(2,244)		(2,507)		(10.5)	(6.6)			(1,239)		(1,277)		(3.0)	6.5
Other gains (losses) and provisions	(124)		(190)		(34.5)	(31.6)			(110)		(62)		78.1	95.6
Profit before tax	1,748		1,053		66.0	73.2			2,336		2,274		2.7	12.8
Tax on profit	(207)		56		—	—			(627)		(598)		4.9	15.2
Profit from continuing operations	1,541		1,109		39.0	45.0			1,709		1,676		2.0	12.0
Net profit from discontinued operations	—		—		—	—			—		—		—	—
Consolidated profit	1,541		1,109		39.0	45.0			1,709		1,676		2.0	12.0
Non-controlling interests	0		—		—	—			(4)		(5)		(9)	—
Profit attributable to the parent	1,541		1,109		39.0	45.0			1,705		1,671		2.0	12.0
Balance sheet
Loans and advances to customers	132,659		134,856		(1.6)	11.3			48,083		45,054		6.7	4.6
Cash, central banks and credit institutions	21,318		28,200		(24.4)	(14.5)			11,569		10,945		5.7	3.6
Debt instruments	38,411		27,042		42.0	60.7			32,066		30,092		6.6	4.4
Other financial assets	3,159		2,821		12.0	26.7			4,731		5,785		(18.2)	(19.9)
Other asset accounts	11,171		16,058		(30.4)	(21.3)			5,778		5,745		0.6	(1.5)
Total assets	206,718		208,978		(1.1)	11.9			102,227		97,621		4.7	2.6
Customer deposits	122,000		125,403		(2.7)	10.1			55,595		49,836		11.6	9.3
Central banks and credit institutions	34,934		26,794		30.4	47.5			17,984		17,260		4.2	2.1
Marketable debt securities	26,433		31,783		(16.8)	(5.9)			9,316		9,632		(3.3)	(5.2)
Other financial liabilities	6,255		5,223		19.8	35.5			7,586		9,640		(21.3)	(22.9)
Other liabilities accounts	3,085		3,683		(16.2)	(5.2)			3,258		3,115		4.6	2.5
Total liabilities	192,707		192,886		(0.1)	13.0			93,740		89,483		4.8	2.7
Total equity	14,011		16,091		(12.9)	(1.5)			8,487		8,138		4.3	2.2
Memorandum items:
Gross loans and advances to customers B	108,950		117,511		(7.3)	4.9			49,442		44,715		10.6	8.4
Customer funds	103,178		108,246		(4.7)	7.9			68,201		61,160		11.5	9.3
Customer deposits C	87,686		93,545		(6.3)	6.1			45,498		41,528		9.6	7.4
Mutual funds	15,492		14,702		5.4	19.2			22,703		19,632		15.6	13.3
Ratios (%), operating means and customers
RoTE	10.8		7.5		3.2			22.4		20.0		2.3
RoTE (post-AT1)	10.2		6.9		3.2			22.0		19.6		2.3
Efficiency ratio	48.1		50.5		(2.4)			41.6		42.5		(0.9)
NPL ratio	4.85		4.72		0.14			2.65		2.71		(0.05)
NPL coverage ratio	55		64		(9)			105		100		4
Number of branches	376		405		(7.2)			1,314		1,356		(3.1)
Number of total customers (thousands)	4,369		4,474		(2.4)			22,577		21,289		6.1
Number of active customers (thousands)	4,169		4,308		(3.2)			11,976		10,871		10.2
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.

Annual report 2025496

Contents

Business model and strategyl

Sustainability statementl

Corporate governancel

Economic and financial reviewl

Risk management and compliancel

EUR million
Brazil · Chile
Underlying income statement	2025	2024%		% excl. FX		2025	2024%	% excl. FX
Net interest income	9,380		10,121		(7.3)	0.6			1,917		1,822		5.2	10.7
Net fee income	3,193		3,414		(6.5)	1.5			582		551		5.8	11.2
Gains (losses) on financial transactions A	(64)		(37)		71.7	86.3			230		238		(3.4)	1.6
Other operating income	93		39		139.5	160.0			(15)		(18)		(16.4)	(12.1)
Total income	12,602		13,536		(6.9)	1.0			2,714		2,592		4.7	10.1
Administrative expenses and amortizations	(4,109)		(4,352)		(5.6)	2.5			(912)		(933)		(2.3)	2.7
Net operating income	8,493		9,184		(7.5)	0.4			1,802		1,659		8.7	14.3
Net loan-loss provisions	(4,409)		(4,487)		(1.7)	6.6			(531)		(497)		6.9	12.4
Other gains (losses) and provisions	(859)		(867)		(0.9)	7.5			(39)		(51)		(23.8)	(19.8)
Profit before tax	3,224		3,830		(15.8)	(8.6)			1,232		1,111		11.0	16.7
Tax on profit	(836)		(1,165)		(28.2)	(22.1)			(189)		(211)		(10.5)	(5.9)
Profit from continuing operations	2,388		2,665		(10.4)	(2.8)			1,043		899		16.0	22.0
Net profit from discontinued operations	—		—		—	—			—		—		—	—
Consolidated profit	2,388		2,665		(10.4)	(2.8)			1,043		899		16.0	22.0
Non-controlling interests	(220)		(243)		(9.3)	(1.6)			(314)		(271)		16.0	22.0
Profit attributable to the parent	2,168		2,422		(10.5)	(2.9)			729		629		16.0	22.0
Balance sheet
Loans and advances to customers	87,653		88,620		(1.1)	(0.6)			39,924		40,332		(1.0)	1.6
Cash, central banks and credit institutions	49,450		46,745		5.8	6.3			5,218		5,759		(9.4)	(7.0)
Debt instruments	46,658		45,670		2.2	2.6			9,385		7,993		17.4	20.5
Other financial assets	11,772		10,632		10.7	11.2			11,489		13,554		(15.2)	(13.0)
Other asset accounts	13,919		13,844		0.5	1.0			2,189		2,796		(21.7)	(19.7)
Total assets	209,453		205,510		1.9	2.4			68,205		70,434		(3.2)	(0.6)
Customer deposits	92,256		93,994		(1.8)	(1.4)			29,503		30,181		(2.2)	0.3
Central banks and credit institutions	32,377		30,878		4.9	5.3			8,778		8,133		7.9	10.8
Marketable debt securities	29,161		25,351		15.0	15.6			9,703		10,403		(6.7)	(4.3)
Other financial liabilities	33,757		34,215		(1.3)	(0.9)			12,322		14,323		(14.0)	(11.7)
Other liabilities accounts	5,829		5,582		4.4	4.9			2,299		1,942		18.4	21.5
Total liabilities	193,380		190,020		1.8	2.2			62,604		64,983		(3.7)	(1.1)
Total equity	16,073		15,490		3.8	4.2			5,601		5,451		2.8	5.5
Memorandum items:
Gross loans and advances to customers B	93,030		93,785		(0.8)	(0.3)			40,986		41,405		(1.0)	1.6
Customer funds	132,580		129,881		2.1	2.6			42,256		43,383		(2.6)	0.0
Customer deposits C	80,449		81,378		(1.1)	(0.7)			28,293		30,060		(5.9)	(3.4)
Mutual funds	52,132		48,503		7.5	8.0			13,963		13,324		4.8	7.6
Ratios (%), operating means and customers
RoTE	16.0		17.5		(1.5)			20.5		17.0		3.4
RoTE (post-AT1)	15.3		16.8		(1.5)			19.7		16.3		3.4
Efficiency ratio	32.6		32.1		0.5			33.6		36.0		(2.4)
NPL ratio	6.82		6.14		0.68			5.73		5.37		0.36
NPL coverage ratio	83		83		1			48		50		(2)
Number of branches	1,618		2,202		(26.5)			228		237		(3.8)
Number of total customers (thousands)	73,948		69,455		6.5			4,608		4,311		6.9
Number of active customers (thousands)	33,966		33,123		2.5			2,693		2,556		5.4
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.

Annual report 2025497

Contents

Business model and strategyl

Sustainability statementl

Corporate governancel

Economic and financial reviewl

Risk management and compliancel

EUR million
Argentina · Rest of the Group
Underlying income statement	2025	2024%			2025	2024%	% excl. FX
Net interest income	1,727		2,919	(40.8)			1,080	832	29.8	36.1
Net fee income	788		602	30.9			908	723	25.6	28.8
Gains (losses) on financial transactions A	229		229	0.1			296	326	(9.0)	(6.1)
Other operating income	(510)		(1,263)	(59.6)			25	8	218.6	173.0
Total income	2,235		2,487	(10.2)			2,309	1,888	22.3	26.6
Administrative expenses and amortizations	(964)		(1,022)	(5.7)			(1,656)	(1,547)	7.0	9.3
Net operating income	1,271		1,465	(13.3)			654	341	91.6	112.3
Net loan-loss provisions	(574)		(284)	101.8			(260)	(230)	13.0	17.7
Other gains (losses) and provisions	(46)		(353)	(86.9)			(65)	(359)	(81.9)	(81.8)
Profit before tax	650		827	(21.4)			329	(248)	0.0	0.0
Tax on profit	(216)		(161)	34.6			(29)	(36)	(20.6)	(9.4)
Profit from continuing operations	434		666	(34.9)			300	(284)	0.0	0.0
Net profit from discontinued operations	—		—	—			—	—	—	—
Consolidated profit	434		666	(34.9)			300	(284)	0.0	0.0
Non-controlling interests	(1)		(1)	(39.8)			0	4	(98.4)	(98.6)
Profit attributable to the parent	433		665	(34.9)			300	(280)	0.0	0.0
Balance sheet
Loans and advances to customers	8,032		7,684	4.5			25,315	24,905	1.6	8.2
Cash, central banks and credit institutions	3,724		4,901	(24.0)			12,912	8,178	57.9	64.7
Debt instruments	2,230		2,654	(16.0)			4,452	10,677	(58.3)	(57.8)
Other financial assets	16		23	(28.5)			2,387	3,041	(21.5)	(16.9)
Other asset accounts	1,078		978	10.2			3,157	2,930	7.7	8.1
Total assets	15,080		16,240	(7.1)			48,222	49,732	(3.0)	1.3
Customer deposits	9,959		11,293	(11.8)			26,913	19,955	34.9	42.5
Central banks and credit institutions	685		852	(19.5)			8,249	19,309	(57.3)	(55.8)
Marketable debt securities	258		158	63.4			4,508	898	401.8	408.3
Other financial liabilities	1,060		968	9.5			2,402	2,694	(10.9)	(4.5)
Other liabilities accounts	547		476	14.9			1,543	1,514	1.9	2.3
Total liabilities	12,510		13,746	(9.0)			43,614	44,371	(1.7)	2.7
Total equity	2,570		2,494	3.1			4,608	5,360	(14.0)	(10.3)
Memorandum items:
Gross loans and advances to customers B	8,611		7,938	8.5			25,796	25,285	2.0	8.5
Customer funds	15,894		17,047	(6.8)			45,916	34,204	34.2	40.8
Customer deposits C	9,959		11,293	(11.8)			26,691	19,527	36.7	44.6
Mutual funds	5,934		5,754	3.1			19,225	14,677	31.0	35.9
Ratios (%), operating means and customers
RoTE	20.9		34.8	(13.9)
RoTE (post-AT1)	20.2		34.5	(14.3)
Efficiency ratio	43.1		41.1	2.0
NPL ratio	7.68		2.06	5.62
NPL coverage ratio	90		177	(87)
Number of branches D	391		409	(4.4)
Number of total customers (thousands)	5,412		5,117	5.8
Number of active customers (thousands)	3,772		3,674	2.7
A. Includes exchange differences.
B. Excluding reverse repos.
C. Excluding repos.
D. In Argentina, we have included the CartaSur points of sale and the banking service points in 2025 and 2024 figures.

Annual report 2025498

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.