Annual report 2025869
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
Appendix I
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| 2 & 3 Triton Limited (d) | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Real estate | |
|---|
| A & L CF (Guernsey) Limited (d) (g) | Guernsey | 0.00% | 100.00% | 100.00% | 100.00% | Leasing | |
|---|
| Abbey Covered Bonds (Holdings) Limited | United Kingdom | —(a) | | — | | — | Securitization |
|---|
| Abbey Covered Bonds (LM) Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Securitization | |
|---|
| Abbey Covered Bonds LLP | United Kingdom | —(a) | | — | | — | Securitization |
|---|
| Abbey National Business Office Equipment Leasing Limited (d) | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Abbey National Nominees Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Abbey National PLP (UK) Limited (d) | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Abbey National Property Investments | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Abbey Stockbrokers (Nominees) Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Abbey Stockbrokers Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Abent 3T, S.A.P.I de C.V. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | Electricity production | |
|---|
| Ablasa Participaciones, S.L. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Holding company | |
|---|
| Aduro S.A. | Uruguay | 0.00% | 100.00% | 100.00% | 100.00% | Payments and collection services | |
|---|
| Aevis Europa, S.L. | Spain | 96.34% | 0.00% | 96.34% | 96.34% | Cards | |
|---|
| AFB SAM Holdings, S.L. | Spain | 1.00% | 99.00% | 100.00% | 100.00% | Holding company | |
|---|
| Afisa S.A. | Chile | 0.00% | 100.00% | 100.00% | 100.00% | Fund management company | |
|---|
| Agro Flex Fundo de Investimento em Direitos Creditórios | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| Allane Leasing GmbH | Austria | 0.00% | 46.95% | 100.00% | 100.00% | Renting | |
|---|
| Allane Location Longue Durée S.a.r.l. | France | 0.00% | 46.95% | 100.00% | 100.00% | Renting | |
|---|
| Allane Mobility Consulting AG | Switzerland | 0.00% | 46.95% | 100.00% | 100.00% | Consulting services | |
|---|
| Allane Mobility Consulting B.V. | Netherlands | 0.00% | 46.95% | 100.00% | 100.00% | Consulting services | |
|---|
| Allane Mobility Consulting GmbH | Germany | 0.00% | 46.95% | 100.00% | 100.00% | Consulting services | |
|---|
| Allane Mobility Consulting Österreich GmbH | Austria | 0.00% | 46.95% | 100.00% | 100.00% | Consulting services | |
|---|
| Allane Mobility Consulting S.a.r.l | France | 0.00% | 46.95% | 100.00% | 100.00% | Consulting services | |
|---|
| Allane Schweiz AG | Switzerland | 0.00% | 46.95% | 100.00% | 100.00% | Renting | |
|---|
| Allane SE | Germany | 0.00% | 46.95% | 92.07% | 92.07% | Renting | |
|---|
| Allane Services GmbH & co. KG | Germany | 0.00% | 46.95% | 100.00% | 100.00% | Services | |
|---|
| Allane Services Verwaltungs GmbH | Germany | 0.00% | 46.95% | 100.00% | 100.00% | Management of portfolios | |
|---|
| Alliance & Leicester Investments (No.2) Limited (d) | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Alliance & Leicester Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Alliance & Leicester Personal Finance Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Altamira Santander Real Estate, S.A. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Real estate | |
|---|
Annual report 2025870
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Alternative Leasing, FIL (Compartimento B) | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Investment fund | |
|---|
| Amazonia Trade Limited | United Kingdom | 100.00% | 0.00% | 100.00% | 100.00% | Inactive | |
|---|
| América Gestão Serviços em Energía S.A. | Brazil | 0.00% | 62.90% | 70.00% | 70.00% | Electricity production | |
|---|
| Amherst Pierpont Commercial Mortgage Securities LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Securitization | |
|---|
| Amherst Pierpont International Ltd. | Hong-Kong | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| AMS Auto Markt Am Schieferstein GmbH | Germany | 0.00% | 90.01% | 100.00% | 100.00% | Vehicle sales | |
|---|
| AN (123) Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Andromeda Principal Investments, S.L. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | — | | Holding company | |
|---|
| ANITCO Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| AP Acquisition Trust I | United States | 0.00% | 100.00% | 100.00% | 100.00% | Trust company | |
|---|
| AP Acquisition Trust II | United States | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| AP Asset Acquisition LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Financial services | |
|---|
| APSG GP LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Aquanima Brasil Ltda. | Brazil | 0.00% | 100.00% | 100.00% | 100.00% | E-commerce | |
|---|
| Aquanima Chile S.A. | Chile | 0.00% | 100.00% | 100.00% | 100.00% | Services | |
|---|
| Aquanima México S. de R.L. de C.V. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | E-commerce | |
|---|
| Aquanima S.A. | Argentine | 0.00% | 100.00% | 100.00% | 100.00% | Services | |
|---|
| Ararinha Renda Fixa Crédito Privado - Fundo de Investimento Financeiro | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| Artarien S.A. | Uruguay | 100.00% | 0.00% | 100.00% | 100.00% | Insurance mediation | |
|---|
| Atempo Growth I - Sub-Fund 4 | Luxembourg | 100.00% | 0.00% | 100.00% | 100.00% | Investment fund | |
|---|
| Atempo Growth II - Sub Fund 3 | Luxembourg | 100.00% | 0.00% | 100.00% | — | | Investment fund | |
|---|
| Atlantes Mortgage No. 3 | Portugal | —(a) | | — | | — | | Securitization |
|---|
| Atual - Fundo de Invest Multimercado Crédito Privado Investimento no Exterior | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| Auto ABS DFP Master Compartment France 2013 | France | —(a) | | — | | — | | Securitization |
|---|
| Auto ABS French Leases 2023 | France | —(a) | | — | | — | | Securitization |
|---|
| Auto ABS French Leases 2025 | France | —(a) | | — | | — | | Securitization |
|---|
| Auto ABS French Leases Master Compartment 2016 | France | —(a) | | — | | — | | Securitization |
|---|
| Auto ABS French Loans 2024 | France | —(a) | | — | | — | | Securitization |
|---|
| Auto ABS French Loans Master | France | —(a) | | — | | — | | Securitization |
|---|
| Auto ABS Italian Balloon 2019-1 S.r.l. | Italy | —(a) | | — | | — | | Securitization |
|---|
| Auto ABS Italian Rainbow Loans S.r.l. (d) | Italy | —(a) | | — | | — | | Securitization |
|---|
| Auto ABS Italian Stella Loans 2023-1 S.r.l. | Italy | —(a) | | — | | — | | Securitization |
|---|
| Auto ABS Italian Stella Loans S.r.l. (series 2024-1) | Italy | —(a) | | — | | — | | Securitization |
|---|
| Auto ABS Italian Stella Loans S.r.l. (series 2024-2) | Italy | —(a) | | — | | — | | Securitization |
|---|
| Auto ABS Italian Stella Loans S.r.l. (series 2025-1) | Italy | —(a) | | — | | — | | Securitization |
|---|
| Auto ABS Italian Stella Loans S.r.l. (series 2025-2) | Italy | —(a) | | — | | — | | Securitization |
|---|
| Auto ABS Spanish Loans 2022-1, Fondo de Titulización | Spain | —(a) | | — | | — | | Securitization |
|---|
Annual report 2025871
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Auto ABS Spanish Loans 2024-1, Fondo de Titulización | Spain | —(a) | | — | | — | | Securitization | |
|---|
| Autodescuento, S.L. | Spain | 0.00% | 100.00% | | 100.00% | | 100.00% | | Vehicles purchased by internet |
|---|
| Autohaus24 GmbH | Germany | 0.00% | 46.95% | | 100.00% | | 100.00% | | Internet |
|---|
| Auto-Interleasing AG | Switzerland | 0.00% | 100.00% | | 100.00% | | 100.00% | | Renting |
|---|
| Auttar HUT Processamento de Dados Ltda. | Brazil | 0.00% | 100.00% | | 100.00% | | 100.00% | | IT services |
|---|
| Aviación Antares, A.I.E. | Spain | 99.99% | 0.01% | | 100.00% | | 100.00% | | Renting |
|---|
| Aviación Británica, A.I.E. | Spain | 99.99% | 0.01% | | 100.00% | | 100.00% | | Renting |
|---|
| Aviación Comillas, S.L. Unipersonal | Spain | 100.00% | 0.00% | | 100.00% | | 100.00% | | Renting |
|---|
| Aviación Laredo, S.L. | Spain | 99.00% | 1.00% | | 100.00% | | 100.00% | | Air transport |
|---|
| Aviación Oyambre, S.L. Unipersonal | Spain | 100.00% | 0.00% | | 100.00% | | 100.00% | | Renting |
|---|
| Aviación Santillana, S.L. | Spain | 99.00% | 1.00% | | 100.00% | | 100.00% | | Renting |
|---|
| Aviación Suances, S.L. | Spain | 99.00% | 1.00% | | 100.00% | | 100.00% | | Air transport |
|---|
| Banco Bandepe S.A. | Brazil | 0.00% | 89.86% | | 100.00% | | 100.00% | | Banking |
|---|
| Banco de Albacete, S.A. Unipersonal | Spain | 100.00% | 0.00% | | 100.00% | | 100.00% | | Banking |
|---|
| Banco Hyundai Capital Brasil S.A. | Brazil | 0.00% | 44.93% | | 50.00% | | 50.00% | | Banking |
|---|
| Banco Santander - Chile | Chile | 0.00% | 67.13% | | 67.18% | | 67.18% | | Banking |
|---|
| Banco Santander (Brasil) S.A. | Brazil | 0.04% | 89.82% | | 90.45% | | 90.60% | | Banking |
|---|
| Banco Santander (México), S.A., Institución de Banca Múltiple, Grupo Financiero Santander México como Fiduciaria del Fideicomiso 100740 | Mexico | 0.00% | 99.98% | | 100.00% | | 100.00% | | Finance company |
|---|
| Banco Santander (México), S.A., Institución de Banca Múltiple, Grupo Financiero Santander México como Fiduciaria del Fideicomiso 2002114 | Mexico | 0.00% | 99.98% | | 100.00% | | 100.00% | | Finance company |
|---|
| Banco Santander (México), S.A., Institución de Banca Múltiple, Grupo Financiero Santander México como Fiduciaria del Fideicomiso GFSSLPT | Mexico | 0.00% | 99.98% | | 100.00% | | 100.00% | | Finance company |
|---|
| Banco Santander Argentina S.A. | Argentine | 0.00% | 99.82% | | 99.77% | | 99.77% | | Banking |
|---|
| Banco Santander Colombia S.A. | Colombia | 92.95% | 7.05% | | 100.00% | | 100.00% | | Banking |
|---|
| Banco Santander International | United States | 0.00% | 100.00% | | 100.00% | | 100.00% | | Banking |
|---|
| Banco Santander International SA | Switzerland | 34.70% | 65.30% | | 100.00% | | 100.00% | | Banking |
|---|
| Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México | Mexico | 24.93% | 75.05% | | 99.98% | | 99.98% | | Banking |
|---|
| Banco Santander Perú S.A. | Peru | 99.90% | 0.10% | | 100.00% | | 100.00% | | Banking |
|---|
| Banco Santander S.A. | Uruguay | 97.75% | 2.25% | | 100.00% | | 100.00% | | Banking |
|---|
| Banco Santander Totta, S.A. | Portugal | 99.42% | 0.45% | | 99.87% | | 99.96% | | Banking |
|---|
| Banque Stellantis France | France | 0.00% | 50.00% | | 50.00% | | 50.00% | | Banking |
|---|
| Bansa Santander S.A. | Chile | 0.00% | 100.00% | | 100.00% | | 100.00% | | Real estate |
|---|
| Beyond Wealth, S.A. | Spain | 99.99% | 0.01% | | 100.00% | | 100.00% | | Consulting services |
|---|
| Bilkreditt 7 Designated Activity Company (d) | Ireland | —(a) | | — | | — | | Securitization | |
|---|
| Blecno Investments, S.L. Unipersonal (b) | Spain | — | — | | — | | 100.00% | | Real estate |
|---|
| Blue Ocean SBT, S.L. Unipersonal | Spain | 100.00% | 0.00% | | 100.00% | | 100.00% | | Holding company |
|---|
| BRS Investments S.A. | Argentine | 5.10% | 94.90% | | 100.00% | | 100.00% | | Finance company |
|---|
| Cántabro Catalana de Inversiones, S.A. | Spain | 100.00% | 0.00% | | 100.00% | | 100.00% | | Holding company |
|---|
| Capital Street Delaware LP | United States | 0.00% | 100.00% | | 100.00% | | 100.00% | | Holding company |
|---|
| Capital Street Holdings, LLC | United States | 0.00% | 100.00% | | 100.00% | | 100.00% | | Holding company |
|---|
Annual report 2025872
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Capital Street REIT Holdings, LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Capital Street S.A. | Luxembourg | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Carmine D - Services, Unipessoal Lda. | Portugal | 0.00% | 100.00% | 100.00% | 100.00% | Software | |
|---|
| Cartasur Cards S.A. | Argentine | 0.00% | 99.82% | 100.00% | 100.00% | Finance company | |
|---|
| Casa de Bolsa Santander, S.A. de C.V., Grupo Financiero Santander México | Mexico | 0.00% | 99.97% | 99.97% | 99.97% | Securities company | |
|---|
| Cater Allen Holdings Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Cater Allen International Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Cater Allen Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Banking | |
|---|
| Cater Allen Syndicate Management Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| CCAP Auto Lease Ltd. | United States | 0.00% | 100.00% | 100.00% | 100.00% | Leasing | |
|---|
| Centro de Capacitación Santander, A.C. | Mexico | 0.00% | 99.98% | 100.00% | 100.00% | Non-profit institute | |
|---|
| Certidesa, S.L. Unipersonal | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Aircraft rental | |
|---|
| Charlotte 2023 Funding Plc | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Securitization | |
|---|
| Charlotte 2023 Holdings Limited | United Kingdom | —(a) | | — | | — | Securitization |
|---|
| Cianite New Energy, S.r.l. | Italy | 0.00% | 49.00% | 70.00% | 70.00% | Renewable energies | |
|---|
| CIMA Commodities 2025-4 | Ireland | —(a) | | — | | — | Securitization |
|---|
| CIMA Finance DAC Series 2022-1 | Ireland | —(a) | | — | | — | Securitization |
|---|
| CIMA Finance DAC Series 2023-1 | Ireland | —(a) | | — | | — | Securitization |
|---|
| CIMA Luxembourg S.à r.l. 2025-1 | Luxembourg | —(a) | | — | | — | Securitization |
|---|
| CLM Fleet Management Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Vehicle rental | |
|---|
| Cobranza Amigable, S.A.P.I. de C.V. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | Collection services | |
|---|
| Community Development and Affordable Housing Fund LLC | United States | 0.00% | 96.00% | 96.00% | 96.00% | Asset management | |
|---|
| Compagnie Generale de Credit Aux Particuliers - Credipar S.A. | France | 0.00% | 50.00% | 100.00% | 100.00% | Banking | |
|---|
| Compagnie Pour la Location de Vehicules - CLV | France | 0.00% | 50.00% | 100.00% | 100.00% | Banking | |
|---|
| Comparanet, S.A. de C.V. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | Insurance mediation | |
|---|
| Consumer Totta 1 | Portugal | —(a) | | — | | — | Securitization |
|---|
| Consumer Totta 2 | Portugal | —(a) | | — | | — | Securitization |
|---|
| Consumer Totta 3 2025 | Portugal | —(a) | | — | | — | Securitization |
|---|
| Contrato de Fideicomiso Irrevocable de Administración INV/6206 | Mexico | —(a) | | — | | — | Trust company |
|---|
| Contrato de Fideicomiso Irrevocable de Administración Nro. 6168 | Mexico | —(a) | | — | | — | Trust company |
|---|
| Contrato de Fideicomiso Irrevocable Nro. F/6236 | Mexico | —(a) | | — | | — | Trust company |
|---|
| Credileads S.A. | Uruguay | 0.00% | 100.00% | 100.00% | 100.00% | Advertising | |
|---|
| D365 Fundo de Investimento em Direitos Creditórios | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| Darep Designated Activity Company | Ireland | 100.00% | 0.00% | 100.00% | 100.00% | Reinsurances | |
|---|
| Decarome, S.A.P.I. de C.V. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Decarope S.A.C. | Peru | 0.00% | 100.00% | 100.00% | 100.00% | Investment company | |
|---|
Annual report 2025873
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Deva Capital Advisory Company, S.L. Unipersonal | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Advisory services | |
|---|
| Deva Capital Holding Company, S.L. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Holding company | |
|---|
| Deva Capital Investment Company, S.L. Unipersonal | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Deva Capital Management Company, S.L. Unipersonal | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Advisory services | |
|---|
| Deva Capital Servicer Company, S.L. Unipersonal | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Diamante New Energy S.r.l. | Italy | 0.00% | 80.00% | 80.00% | — | | Renewable energies | |
|---|
| Diglo Servicer Company 2021, S.L. Unipersonal | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Real estate management | |
|---|
| Diners Club Spain, S.A. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Cards | |
|---|
| Dirección Estratega, S.C. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | Services | |
|---|
| Drive Auto Receivables Trust 2024-1 | United States | —(a) | | — | | — | | Securitization |
|---|
| Drive Auto Receivables Trust 2024-2 | United States | —(a) | | — | | — | | Securitization |
|---|
| Drive Auto Receivables Trust 2025-1 | United States | —(a) | | — | | — | | Securitization |
|---|
| Drive Auto Receivables Trust 2025-2 | United States | —(a) | | — | | — | | Securitization |
|---|
| Drive S.r.l. | Italy | 0.00% | 100.00% | 100.00% | 75.00% | Renting | |
|---|
| Ductor Real Estate, S.L. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Real estate | |
|---|
| Ebury Agent UK Limited | United Kingdom | 0.00% | 66.43% | 100.00% | — | | Financial services | |
|---|
| Ebury Banco de Cambio S.A. | Brazil | 0.00% | 66.43% | 100.00% | 100.00% | Payment services | |
|---|
| Ebury Banco Holding Participações Ltda. | Brazil | 0.00% | 66.43% | 100.00% | 100.00% | Holding company | |
|---|
| Ebury Brasil Consultoria S.A. | Brazil | 0.00% | 66.43% | 100.00% | 100.00% | Consulting services | |
|---|
| Ebury Brasil Holding Ltda. | Brazil | 0.00% | 66.43% | 100.00% | 100.00% | Holding company | |
|---|
| Ebury Brasil Participações S.A. | Brazil | 0.00% | 66.43% | 100.00% | 100.00% | Holding company | |
|---|
| Ebury Facilitadora De Pagamentos Ltda. | Brazil | 0.00% | 66.43% | 100.00% | 100.00% | Software | |
|---|
| Ebury Global Services, S.L. | Spain | 0.00% | 66.43% | 100.00% | — | | Advisory services | |
|---|
| Ebury Mass Payments Holdco Limited | United Kingdom | 0.00% | 66.43% | 100.00% | 100.00% | Holding company | |
|---|
| Ebury Mass Payments Limited | United Kingdom | 0.00% | 66.43% | 100.00% | 100.00% | Payment services | |
|---|
| Ebury Partners (DIFC) Limited | Arab United Emirates | 0.00% | 66.43% | 100.00% | 100.00% | Finance company | |
|---|
| Ebury Partners Australia Pty Ltd. | Australia | 0.00% | 66.43% | 100.00% | 100.00% | Finance company | |
|---|
| Ebury Partners Belgium NV /SA | Belgium | 0.00% | 66.43% | 100.00% | 100.00% | Payment services | |
|---|
| Ebury Partners Canada Limited | Canada | 0.00% | 66.43% | 100.00% | 100.00% | Finance company | |
|---|
| Ebury Partners Chile SpA | Chile | 0.00% | 66.43% | 100.00% | 100.00% | Finance company | |
|---|
| Ebury Partners China Limited | China | 0.00% | 66.43% | 100.00% | 100.00% | Marketing | |
|---|
| Ebury Partners Finance Limited | United Kingdom | 0.00% | 66.43% | 100.00% | 100.00% | Finance company | |
|---|
| Ebury Partners Hong Kong Limited | Hong-Kong | 0.00% | 66.43% | 100.00% | 100.00% | Finance company | |
|---|
| Ebury Partners Limited | United Kingdom | 0.00% | 66.43% | 66.43% | 66.43% | Holding company | |
|---|
Annual report 2025874
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Ebury Partners Lithuania UAB | Lithuania | 0.00% | 66.43% | | 100.00% | | — | | Payment services |
|---|
| Ebury Partners Markets Cyprus Limited | Cyprus | 0.00% | 66.43% | | 100.00% | | 100.00% | | Finance company |
|---|
| Ebury Partners Markets Limited | United Kingdom | 0.00% | 66.43% | | 100.00% | | 100.00% | | Finance company |
|---|
| Ebury Partners México, S.A. de C.V. | Mexico | 0.00% | 66.43% | | 100.00% | | 100.00% | | Payment services |
|---|
| Ebury Partners Payment Solutions Uganda Limited | Uganda | 0.00% | 66.43% | | 100.00% | | — | | Finance company |
|---|
| Ebury Partners Payments - L.L.C. | Arab United Emirates | 0.00% | 66.43% | | 100.00% | | — | | Payment services |
|---|
| Ebury Partners Payments Solutions Limited | Kenya | 0.00% | 66.43% | | 100.00% | | — | | Payment services |
|---|
| Ebury Partners South Africa (Pty) Ltd | Republic of South Africa | 0.00% | 66.43% | | 100.00% | | 100.00% | | Finance company |
|---|
| Ebury Partners Switzerland AG | Switzerland | 0.00% | 66.43% | | 100.00% | | 100.00% | | Finance company |
|---|
| Ebury Partners Tanzania Limited | Tanzania | 0.00% | 66.43% | | 100.00% | | — | | Payment services |
|---|
| Ebury Partners UK Limited | United Kingdom | 0.00% | 66.43% | | 100.00% | | 100.00% | | Electronic money |
|---|
| Ebury Payments PTE Ltd. | Singapore | 0.00% | 66.43% | | 100.00% | | 100.00% | | Payment services |
|---|
| Ebury Soluções de Pagamentos Ltda. | Brazil | 0.00% | 66.43% | | 100.00% | | 100.00% | | Financial services |
|---|
| Ebury Technology Limited | United Kingdom | 0.00% | 66.43% | | 100.00% | | 100.00% | | Software |
|---|
| Ebury Technology Spain, S.L. | Spain | 0.00% | 66.43% | | 100.00% | | — | | IT consulting |
|---|
| EDT FTPYME Pastor 3, Fondo de Titulización de Activos | Spain | —(a) | | — | | — | | Securitization | |
|---|
| Elcano Renovables, S.L. | Spain | 0.00% | 70.00% | | 70.00% | | 70.00% | | Holding company |
|---|
| Electrolyser, S.A. de C.V. | Mexico | 0.00% | 99.98% | | 100.00% | | 100.00% | | Services |
|---|
| Elevate Tech Platforms, S.L. Unipersonal (b) | Spain | — | — | | — | | 100.00% | | Holding company |
|---|
| Emdia Serviços Especializados em Cobranças Ltda. | Brazil | 0.00% | 89.86% | | 100.00% | | 100.00% | | Collection services |
|---|
| Empresa de Créditos Santander Consumo Perú S.A. | Peru | 100.00% | 0.00% | | 100.00% | | 100.00% | | Finance company |
|---|
| Energias Renovables de Ormonde 30, S.L. Unipersonal | Spain | 0.00% | 100.00% | | 100.00% | | 100.00% | | Renewable energies |
|---|
| Energias Renovables de Titania, S.L. Unipersonal | Spain | 0.00% | 100.00% | | 100.00% | | 100.00% | | Renewable energies |
|---|
| Energias Renovables Gladiateur 45, S.L. Unipersonal | Spain | 0.00% | 100.00% | | 100.00% | | 100.00% | | Renewable energies |
|---|
| Energias Renovables Prometeo, S.L. Unipersonal | Spain | 0.00% | 100.00% | | 100.00% | | 100.00% | | Renewable energies |
|---|
| Esfera Fidelidade S.A. | Brazil | 0.00% | 89.86% | | 100.00% | | 100.00% | | Services |
|---|
| Evidence Previdência S.A. | Brazil | 0.00% | 89.86% | | 100.00% | | 100.00% | | Insurance |
|---|
| Eyemobile Tecnologia Ltda. | Brazil | 0.00% | 100.00% | | 100.00% | | 100.00% | | IT services |
|---|
| F1rst Tecnologia e Inovação Ltda. | Brazil | 0.00% | 89.86% | | 100.00% | | 100.00% | | IT services |
|---|
| Factum Identity Solutions, S.L. | Spain | 0.00% | 67.20% | | 84.00% | | — | | IT consulting |
|---|
| Factum Information Technologies, S.L. | Spain | 0.00% | 80.00% | | 80.00% | | — | | IT consulting |
|---|
| Factum IT Limited | United Kingdom | 0.00% | 80.00% | | 100.00% | | — | | IT consulting |
|---|
| Factum Navarra, S.L. Unipersonal | Spain | 0.00% | 80.00% | | 100.00% | | — | | IT consulting |
|---|
| FIDC Santander Auto Loans I Segmento Financeiro - Responsabilidade Limitada | Brazil | —(a) | | — | | — | | Securitization | |
|---|
| Fideicomiso Empresarial Irrevocable de Administración y Garantía F/3443 | Mexico | —(a) | | — | | — | | Trust company | |
|---|
Annual report 2025875
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Financeira El Corte Inglés, Portugal, S.F.C., S.A. | Portugal | 0.00% | 51.00% | 100.00% | 100.00% | Finance company | |
|---|
| Financiera El Corte Inglés, E.F.C., S.A. | Spain | 0.00% | 51.00% | 51.00% | 51.00% | Finance company | |
|---|
| Finsantusa, S.L. Unipersonal | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| First National Motor plc | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| First National Tricity Finance Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| FIT Economia de Energia S.A. | Brazil | 0.00% | 58.41% | 65.00% | 65.00% | Electricity production | |
|---|
| Flexliving Valdemarín, S.L. | Spain | 0.00% | 27.57% | 27.57% | 90.00% | Real estate | |
|---|
| Fondo de Titulización PYMES Santander 15 | Spain | —(a) | | — | | — | | Securitization |
|---|
| Fondo de Titulización Santander Financiación 1 | Spain | —(a) | | — | | — | | Securitization |
|---|
| Fondo de Titulización, RMBS Santander 7 | Spain | —(a) | | — | | — | | Securitization |
|---|
| Fondo de Titulización, Santander Consumo 8 | Spain | —(a) | | — | | — | | Securitization |
|---|
| Fondo de Titulización, Santander Consumo 9 | Spain | —(a) | | — | | — | | Securitization |
|---|
| Fondos Santander, S.A. Administradora de Fondos de Inversión (en liquidación) (d) | Uruguay | 0.00% | 100.00% | 100.00% | 100.00% | Fund management company | |
|---|
| Fortensky Trading, Ltd. | Ireland | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Fosse (Master Issuer) Holdings Limited | United Kingdom | —(a) | | — | | — | | Securitization |
|---|
| Fosse Funding (No.1) Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Securitization | |
|---|
| Fosse Master Issuer PLC | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Securitization | |
|---|
| Fosse Trustee (UK) Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Securitization | |
|---|
| Freedom Depository Holdings, LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Freedom Depository, LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Securitization | |
|---|
| Fulvia SPV S.r.l. | Italy | —(a) | | — | | — | | Securitization |
|---|
| Fulvia SPV S.r.l. (2025-1) | Italy | —(a) | | — | | — | | Securitization |
|---|
| Fundo de Investimento em Direitos Creditórios Atacado - Não Padronizado | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| Fundo de Investimento em Direitos Creditórios Conretorno - Responsabilidade Limitada | Brazil | 0.00% | 89.86% | 100.00% | — | | Investment fund | |
|---|
| Fundo de Investimento em Direitos Creditórios Multisegmentos NPL Ipanema VI – Não padronizado | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| Fundo de Investimento em Direitos Creditórios Tellus | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| Gamma, Sociedade Financeira de Titularização de Créditos, S.A. | Portugal | 0.00% | 99.87% | 100.00% | 100.00% | Securitization | |
|---|
| GC FTPYME Pastor 4, Fondo de Titulización de Activos | Spain | —(a) | | — | | — | | Securitization |
|---|
| Generación de Energía Villahermosa, S.A.P.I. de C.V. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | Electricity production | |
|---|
| Gesban México Servicios Administrativos Globales, S.A. de C.V. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | Services | |
|---|
| Gesban Santander Servicios Profesionales Contables Limitada | Chile | 0.00% | 100.00% | 100.00% | 100.00% | Accounting services | |
|---|
| Gesban Servicios Administrativos Globales, S.L. | Spain | 99.99% | 0.01% | 100.00% | 100.00% | Services | |
|---|
Annual report 2025876
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Gesban UK Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Payments and collection services | |
|---|
| Gestión de Inversiones JILT, S.A. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Services | |
|---|
| Gestora de Procesos S.A. en liquidación (d) | Peru | 100.00% | 0.00% | 100.00% | 100.00% | Financial services | |
|---|
| Getnet Adquirência e Serviços para Meios de Pagamento S.A. - Instituição de Pagamento | Brazil | 0.00% | 100.00% | 100.00% | 100.00% | Payment services | |
|---|
| Getnet Argentina S.A.U. | Argentine | 0.00% | 100.00% | 100.00% | 100.00% | Payment methods | |
|---|
| Getnet Europe, Entidad de Pago, S.L. Unipersonal | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Payment services | |
|---|
| Getnet Fundo de Investimento em Direitos Creditórios | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| Getnet Merchant Solutions UK Ltd | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Financial services | |
|---|
| Getnet México Servicios de Adquirencia, S.A. de C.V. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | Payments and collection services | |
|---|
| Getnet Payments, S.L. | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Getnet Sociedade de Credito Direto S.A. | Brazil | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Getnet Technology and Operations Brasil Ltda. | Brazil | 0.00% | 100.00% | 100.00% | 100.00% | IT services | |
|---|
| Getnet Uruguay S.A. | Uruguay | 0.00% | 100.00% | 100.00% | 100.00% | Payment methods | |
|---|
| GNXT Serviços de Atendimento Ltda. | Brazil | 0.00% | 100.00% | 100.00% | 100.00% | Telemarketing | |
|---|
| Golden Bar (Securitisation) S.r.l. | Italy | —(a) | | — | | — | Securitization |
|---|
| Golden Bar Stand Alone 2021-1 | Italy | —(a) | | — | | — | Securitization |
|---|
| Golden Bar Stand Alone 2022-1 | Italy | —(a) | | — | | — | Securitization |
|---|
| Golden Bar Stand Alone 2023-2 | Italy | —(a) | | — | | — | Securitization |
|---|
| Golden Bar Stand Alone 2024-1 | Italy | —(a) | | — | | — | Securitization |
|---|
| Golden Bar Stand Alone 2025-1 | Italy | —(a) | | — | | — | Securitization |
|---|
| Golden Bar Stand Alone 2025-2 | Italy | —(a) | | — | | — | Securitization |
|---|
| Grafite New Energy, S.r.l. | Italy | 0.00% | 49.00% | 70.00% | 70.00% | Renewable energies | |
|---|
| Gravity Cloud Technology, S.L. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | IT services | |
|---|
| Grupo Empresarial Santander, S.L. | Spain | 99.62% | 0.38% | 100.00% | 100.00% | Holding company | |
|---|
| Grupo Financiero Santander México, S.A. de C.V. | Mexico | 100.00% | 0.00% | 100.00% | 100.00% | Holding company | |
|---|
| Hipototta No. 13 | Portugal | —(a) | | — | | — | Securitization |
|---|
| Hipototta No. 14 | Portugal | —(a) | | — | | — | Securitization |
|---|
| Hipototta No. 4 plc (d) | Ireland | —(a) | | — | | — | Securitization |
|---|
| Hipototta No. 5 plc (d) | Ireland | —(a) | | — | | — | Securitization |
|---|
| Holbah Santander, S.L. Unipersonal | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Holmes Funding Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Securitization | |
|---|
| Holmes Holdings Limited | United Kingdom | —(a) | | — | | — | Securitization |
|---|
| Holmes Master Issuer plc | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Securitization | |
|---|
| Holmes Trustees Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Securitization | |
|---|
| Hyundai Capital Bank Europe GmbH | Germany | 0.00% | 51.00% | 51.00% | 51.00% | Banking | |
|---|
Annual report 2025877
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Hyundai Fundo de Investimento em Direitos Creditórios | Brazil | 0.00% | 44.93% | 100.00% | 100.00% | Investment fund | |
|---|
| Ibérica de Compras Corporativas, S.L. | Spain | 97.17% | 2.82% | 100.00% | 100.00% | E-commerce | |
|---|
| Innohub, S.A.P.I. de C.V. (d) | Mexico | 0.00% | 62.01% | 69.54% | 69.54% | IT services | |
|---|
| Insurance Funding Solutions Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Inversiones Capital Global, S.A. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Holding company | |
|---|
| Inversiones Marítimas del Mediterráneo, S.A., en liquidación (d) | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Investment Holdings 1857, S.L. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Holding company | |
|---|
| Isar Valley S.A. | Luxembourg | —(a) | | — | | — | | Securitization |
|---|
| Isla de los Buques, S.A. | Spain | 99.98% | 0.02% | 100.00% | 100.00% | Finance company | |
|---|
| Klare Corredora de Seguros Limitada | Chile | 0.00% | 100.00% | 100.00% | 100.00% | Insurance mediation | |
|---|
| Landcompany 2020, S.L. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Real estate management | |
|---|
| Laparanza, S.A. | Spain | 61.59% | 0.00% | 61.59% | 61.59% | Agricultural holding | |
|---|
| Lerma Investments 2018, S.L. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Real estate | |
|---|
| Liquetine, S.L. Unipersonal | Spain | 0.00% | 70.00% | 100.00% | 100.00% | Renewable energies | |
|---|
| Lynx Financial Crime Tech, S.A. | Spain | 0.00% | 79.99% | 79.99% | 79.99% | IT services | |
|---|
| MAC No. 1 Limited | United Kingdom | —(a) | | — | | — | | Inactive |
|---|
| Macroscope S.L. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | — | | Consulting services | |
|---|
| Mascor SPV 2025, S.L. | Spain | 0.00% | 29.10% | 29.10% | — | | Real estate | |
|---|
| Master Red Europa, S.L. | Spain | 96.34% | 0.00% | 96.34% | 96.34% | Cards | |
|---|
| Mata Alta, S.L. Unipersonal | Spain | 0.00% | 61.59% | 100.00% | 100.00% | Agricultural holding | |
|---|
| MCE Bank GmbH | Germany | 0.00% | 90.01% | 90.01% | 90.01% | Banking | |
|---|
| MCE Verwaltung GmbH | Germany | 0.00% | 90.01% | 100.00% | 100.00% | Real estate rental | |
|---|
| Mercadotecnia, Ideas y Tecnología, S.A. de C.V. | Mexico | 0.00% | 70.00% | 70.00% | 70.00% | Payment methods | |
|---|
| Merciver, S.L. | Spain | 99.90% | 0.10% | 100.00% | 100.00% | Financial advisory | |
|---|
| Midata Service GmbH | Germany | 0.00% | 90.01% | 100.00% | 100.00% | IT services | |
|---|
| Moon GC&P Investments, S.L. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Holding company | |
|---|
| Mouro Capital I LP | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Investment fund | |
|---|
| Multiplica SpA | Chile | 0.00% | 100.00% | 100.00% | 100.00% | Payment services | |
|---|
| Murattabat International Business Services | Palestine | 0.00% | 66.43% | 100.00% | — | | IT consulting | |
|---|
| Navegante Américo Vespucio SpA | Chile | 0.00% | 100.00% | 100.00% | 100.00% | Real estate | |
|---|
| Naviera Mirambel, S.L. Unipersonal | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Naviera Trans Gas, A.I.E. | Spain | 99.99% | 0.01% | 100.00% | 100.00% | Renting | |
|---|
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company | Location | Direct | Indirect | Year 2025 | Year 2024 | Activity |
|---|
| Naviera Transcantábrica, S.L. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Leasing |
|---|
| Naviera Transchem, S.L. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Leasing |
|---|
Annual report 2025878
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Navigator Global Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Internet | |
|---|
| NeoAuto S.A.C. | Peru | 0.00% | 100.00% | 100.00% | 100.00% | Vehicles purchased by internet | |
|---|
| Newcomar, S.L., en liquidación (d) | Spain | 40.00% | 40.00% | 80.00% | 80.00% | Real estate | |
|---|
| Novimovest – Fundo de Investimento Imobiliário | Portugal | 0.00% | 78.76% | 78.86% | 78.74% | Investment fund | |
|---|
| NW Services CO. | United States | 0.00% | 100.00% | 100.00% | 100.00% | E-commerce | |
|---|
| One Mobility Management GmbH | Germany | 0.00% | 46.95% | 100.00% | 100.00% | Services | |
|---|
| Open Bank, S.A. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Banking | |
|---|
| Open Digital Market, S.L. | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Commerce | |
|---|
| Open Digital Services, S.L. | Spain | 99.97% | 0.03% | 100.00% | 100.00% | Services | |
|---|
| Openbank México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | Banking | |
|---|
| Operadora de Carteras Gamma, S.A.P.I. de C.V. | Mexico | 100.00% | 0.00% | 100.00% | 100.00% | Holding company | |
|---|
| Optimal Investment Services SA | Switzerland | 100.00% | 0.00% | 100.00% | 100.00% | Fund management company | |
|---|
| Optimal Multiadvisors Ireland Plc / Optimal Strategic US Equity Ireland Euro Fund (c) | Ireland | 0.00% | 0.00% | 0.00% | 0.00% | Fund management company | |
|---|
| Optimal Multiadvisors Ireland Plc / Optimal Strategic US Equity Ireland US Dollar Fund (c) | Ireland | 0.00% | 0.00% | 0.00% | 0.00% | Fund management company | |
|---|
| Paga Después, S.A. de C.V. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | Financial services | |
|---|
| PagoNxt Emoney, E.D.E., S.L. | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Financial services | |
|---|
| PagoNxt Ltd | United Kingdom | 100.00% | 0.00% | 100.00% | 100.00% | Holding company | |
|---|
| PagoNxt Merchant Solutions FZ-LLC (d) | Arab United Emirates | 0.00% | 100.00% | 100.00% | 100.00% | Financial services | |
|---|
| PagoNxt Merchant Solutions India Private Limited (d) | India | 0.00% | 100.00% | 100.00% | 100.00% | Financial services | |
|---|
| PagoNxt Payments Brasil Ltda. | Brazil | 0.00% | 100.00% | 100.00% | 100.00% | Financial services | |
|---|
| PagoNxt Payments Chile SpA | Chile | 0.00% | 100.00% | 100.00% | 100.00% | Services | |
|---|
| PagoNxt Payments México, S.A. de C.V. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | IT services | |
|---|
| PagoNxt Payments Services, S.L. | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Services | |
|---|
| PagoNxt Payments UK Ltd | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Payment services | |
|---|
| PagoNxt Payments, S.L. | Spain | 0.00% | 100.00% | 100.00% | 100.00% | IT services | |
|---|
| PagoNxt US, LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| PagoNxt, S.L. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Holding company | |
|---|
| Paytec Tecnologia em Pagamentos Ltda. | Brazil | 0.00% | 100.00% | 100.00% | 100.00% | Commerce | |
|---|
| PBE Companies, LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Real estate | |
|---|
| Pereda Gestión, S.A. | Spain | 99.99% | 0.01% | 100.00% | 100.00% | Securitiesbrokerage | |
|---|
| Phoenix S.A. | Uruguay | 0.00% | 100.00% | 100.00% | 100.00% | Payment methods | |
|---|
| Pinle SPV 2024, S.L. | Spain | 0.00% | 27.57% | 27.57% | — | | Real estate | |
|---|
| Pony S.A. | Luxembourg | —(a) | | — | | — | | Securitization |
|---|
| Pony S.A., Compartment German Auto Loans 2023-1 | Luxembourg | —(a) | | — | | — | | Securitization |
|---|
| Pony S.A., Compartment German Auto Loans 2024-1 | Luxembourg | —(a) | | — | | — | | Securitization |
|---|
| Pony S.A., Compartment German Auto Loans 2025-1 | Luxembourg | —(a) | | — | | — | | Securitization |
|---|
Annual report 2025879
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Portal Universia Argentina S.A. | Argentine | 0.00% | 75.75% | 75.75% | 75.75% | Internet | |
|---|
| Portal Universia Portugal, Prestação de Serviços de Informática, S.A. | Portugal | 0.00% | 100.00% | 100.00% | 100.00% | Internet | |
|---|
| Precato IV Fundo de Investimento em Direitos Creditórios - Não Padronizados | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| Prime 16 – Fundo de Investimentos Imobiliário | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| PT Trans Skills Employer Services | Indonesia | 0.00% | 66.43% | 100.00% | — | | Consulting services | |
|---|
| Pulse Client Experts Ltda. | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Telemarketing | |
|---|
| Punta Lima, LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Leasing | |
|---|
| Redoto SPV 2025, S.L. | Spain | 0.00% | 30.60% | 30.60% | — | | Real estate | |
|---|
| Repton 2023-1 Limited | United Kingdom | —(a) | | — | | — | | Securitization |
|---|
| Retailcompany 2021, S.L. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Real estate | |
|---|
| Retop S.A. | Uruguay | 100.00% | 0.00% | 100.00% | 100.00% | Finance company | |
|---|
| Return Capital Gestão de Ativos e Participações S.A. | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Collection services | |
|---|
| Rojo Entretenimento S.A. | Brazil | 0.00% | 85.01% | 94.60% | 94.60% | Real estate | |
|---|
| SAFO Alternative Lending, S.L. Unipersonal | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| SAI Alternative Investments México, S.A. de C.V. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | Consulting services | |
|---|
| SAI Lux Carry SCSp | Luxembourg | 0.00% | 100.00% | 100.00% | 100.00% | Fund management company | |
|---|
| Sainte Julie Fundo de Investimento em Direitos Creditórios Não-Padronizados Responsabilidade Limitada | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| SALCO, Servicios de Seguridad Santander, S.A. | Spain | 99.99% | 0.01% | 100.00% | 100.00% | Safety | |
|---|
| SAM Argentina Sociedad Gerente de Fondos Comunes de Inversión S.A. | Argentine | 0.00% | 100.00% | 100.00% | 100.00% | Investmentfundmanagement | |
|---|
| SAM Asset Management, S.A. de C.V., Sociedad Operadora de Fondos de Inversión | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | Fund management company | |
|---|
| SAM Inversiones Argentina S.A. | Argentine | 0.00% | 100.00% | 100.00% | 100.00% | Pension fundmanagementcompany | |
|---|
| SAM Investment Holdings, S.L. | Spain | 92.37% | 7.63% | 100.00% | 100.00% | Holding company | |
|---|
| San Pietro Solar PV, S.r.l. | Italy | 0.00% | 56.00% | 80.00% | 80.00% | Renewable energies | |
|---|
| San Preca Federal I Fundo de Investimento em Direitos Creditórios Não-Padronizados | Brazil | 0.00% | 86.59% | 96.36% | 50.00% | Investment fund | |
|---|
| SANB Promotora de Vendas e Cobrança S.A. | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Finance company | |
|---|
| Sancap Investimentos e Participações S.A. | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Holding company | |
|---|
| Santander (CF Trustee Property Nominee) Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Santander (CF Trustee) Limited | United Kingdom | —(a) | | — | | — | | Inactive |
|---|
| Santander (Luxembourg) Issuer S.à r.l. | Luxembourg | 100.00% | 0.00% | 100.00% | — | | Securitization | |
|---|
| Santander (UK) Group Pension Schemes Trustees Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Santander Alternative Investments, S.G.I.I.C., S.A. Unipersonal | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Fund management company | |
|---|
| Santander AM Global Working Capital Fund I | Luxembourg | 100.00% | 0.00% | 100.00% | 100.00% | Investment fund | |
|---|
Annual report 2025880
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company | Location | Direct | Indirect | Year 2025 | Year 2024 | Activity |
|---|
| Santander Asesorías Financieras Limitada | Chile | 0.00% | 67.45% | 100.00% | 100.00% | Financial advisory |
|---|
| Santander Asset Finance Opportunities | Luxembourg | 100.00% | 0.00% | 100.00% | 100.00% | Investment fund |
|---|
| Santander Asset Finance plc | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Leasing |
|---|
| Santander Asset Management - SGOIC, S.A. | Portugal | 0.00% | 100.00% | 100.00% | 100.00% | Fund management company |
|---|
| Santander Asset Management Chile S.A. | Chile | 0.00% | 100.00% | 100.00% | 100.00% | Securities investment |
|---|
| Santander Asset Management Gerente de Fondos Comunes de Inversión S.A. | Argentine | 0.00% | 100.00% | 100.00% | 100.00% | Fund management company |
|---|
| Santander Asset Management Luxembourg, S.A. | Luxembourg | 0.00% | 100.00% | 100.00% | 100.00% | Fund management company |
|---|
| Santander Asset Management S.A. Administradora General de Fondos | Chile | 0.00% | 100.00% | 100.00% | 100.00% | Fund management company |
|---|
| Santander Asset Management UK Holdings Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Holding company |
|---|
| Santander Asset Management UK Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Management of funds and portfolios |
|---|
| Santander Asset Management, S.A., SGIIC Unipersonal | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Fund management company |
|---|
| Santander Auto Lease Titling Ltd. | United States | 0.00% | 100.00% | 100.00% | 100.00% | Leasing |
|---|
| Santander Back-Offices Globales Mayoristas, S.A. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Services |
|---|
| Santander Banca de Inversión Colombia, S.A.S. | Colombia | 100.00% | 0.00% | 100.00% | 100.00% | Advisory services |
|---|
| Santander Bank Polska S.A. | Poland | 58.70% | 0.00% | 58.70% | 62.20% | Banking |
|---|
| Santander Bank, National Association | United States | 0.00% | 100.00% | 100.00% | 100.00% | Banking |
|---|
| Santander Brasil Administradora de Consórcio Ltda. | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Services |
|---|
| Santander Brasil Gestão de Recursos Ltda. | Brazil | 0.08% | 99.92% | 100.00% | 100.00% | Securities investment |
|---|
| Santander Capital Holdings LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Holding company |
|---|
| Santander Capital Structuring, S.A. de C.V. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | Holding company |
|---|
| Santander Capitalização S.A. | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Insurance |
|---|
| Santander Cards Ireland Limited (g) | Ireland | 0.00% | 100.00% | 100.00% | 100.00% | Cards |
|---|
| Santander Cards Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive |
|---|
| Santander Cards UK Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Finance company |
|---|
| Santander Chile Holding S.A. | Chile | 22.11% | 77.75% | 99.86% | 99.86% | Holding company |
|---|
| Santander Commercial Mortgage Securities LLC | United States | 0.00% | 100.00% | 100.00% | — | Finance company |
|---|
| Santander Compara Holding, S.L. | Spain | 99.97% | 0.03% | 100.00% | 100.00% | Holding company |
|---|
| Santander Consulting (Beijing) Co., Ltd. | China | 0.00% | 100.00% | 100.00% | 100.00% | Advisory services |
|---|
| Santander Consumer (UK) plc | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Finance company |
|---|
| Santander Consumer Auto Receivables Funding 2018-L3 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company |
|---|
| Santander Consumer Auto Receivables Funding 2022-B1 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company |
|---|
| Santander Consumer Auto Receivables Funding 2022-B2 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company |
|---|
Annual report 2025881
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company | Location | Direct | Indirect | Year 2025 | Year 2024 | Activity |
|---|
| Santander Consumer Auto Receivables Funding 2022-B3 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company |
|---|
| Santander Consumer Auto Receivables Funding 2022-B4 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company |
|---|
| Santander Consumer Auto Receivables Funding 2023-B1 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company |
|---|
| Santander Consumer Auto Receivables Funding 2023-B2 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company |
|---|
| Santander Consumer Auto Receivables Funding 2023-B3 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company |
|---|
| Santander Consumer Auto Receivables Funding 2023-B4 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company |
|---|
| Santander Consumer Auto Receivables Funding 2023-B5 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Inactive |
|---|
| Santander Consumer Auto Receivables Funding 2023-B6 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Inactive |
|---|
| Santander Consumer Auto Receivables Funding 2024-B2 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Inactive |
|---|
| Santander Consumer Auto Receivables Funding 2024-B3 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Inactive |
|---|
| Santander Consumer Auto Receivables Funding 2025-B1 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Inactive |
|---|
| Santander Consumer Auto Receivables Funding 2025-L1 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company |
|---|
| Santander Consumer Auto Receivables Funding 2025-L2 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Inactive |
|---|
| Santander Consumer Auto Receivables Funding 2025-L3 LLC | United States | 0.00% | 100.00% | 100.00% | — | Inactive |
|---|
| Santander Consumer Auto Receivables Funding 2025-L4 LLC | United States | 0.00% | 100.00% | 100.00% | — | Inactive |
|---|
| Santander Consumer Bank | Canada | 0.00% | 100.00% | 100.00% | — | Banking |
|---|
| Santander Consumer Bank AG | Germany | 0.00% | 100.00% | 100.00% | 100.00% | Banking |
|---|
| Santander Consumer Bank AS | Norway | 0.00% | 100.00% | 100.00% | 100.00% | Banking |
|---|
| Santander Consumer Bank GmbH | Austria | 0.00% | 100.00% | 100.00% | 100.00% | Banking |
|---|
| Santander Consumer Bank S.A. | Poland | 0.00% | 100.00% | 100.00% | 100.00% | Banking |
|---|
| Santander Consumer Bank S.A. | Peru | 100.00% | 0.00% | 100.00% | — | Banking |
|---|
| Santander Consumer Bank S.p.A. | Italy | 0.00% | 100.00% | 100.00% | 100.00% | Banking |
|---|
| Santander Consumer Credit Services Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Finance company |
|---|
| Santander Consumer Finance Global Services, S.L. | Spain | 0.00% | 100.00% | 100.00% | 100.00% | IT |
|---|
| Santander Consumer Finance Limitada | Chile | 49.00% | 34.24% | 100.00% | 100.00% | Finance company |
|---|
| Santander Consumer Finance México, S.A. de C.V., S.O.F.O.M., E.R., Grupo Financiero Santander México | Mexico | 0.00% | 99.98% | 100.00% | 100.00% | Inactive |
|---|
| Santander Consumer Finance Oy | Finland | 0.00% | 100.00% | 100.00% | 100.00% | Finance company |
|---|
| Santander Consumer Finance Schweiz AG | Switzerland | 0.00% | 100.00% | 100.00% | 100.00% | Leasing |
|---|
| Santander Consumer Finance, S.A. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Banking |
|---|
| Santander Consumer Financial Solutions Sp. z o.o. | Poland | 0.00% | 100.00% | 100.00% | 100.00% | Leasing |
|---|
| Santander Consumer Holding Austria GmbH | Austria | 0.00% | 100.00% | 100.00% | 100.00% | Holding company |
|---|
| Santander Consumer Holding GmbH | Germany | 0.00% | 100.00% | 100.00% | 100.00% | Holding company |
|---|
| Santander Consumer Lease Receivables 1 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company |
|---|
| Santander Consumer Leasing GmbH | Germany | 0.00% | 100.00% | 100.00% | 100.00% | Leasing |
|---|
| Santander Consumer Leasing S.A. | France | 0.00% | 100.00% | 100.00% | 100.00% | Renting |
|---|
Annual report 2025882
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Santander Consumer Mobility Services, S.A. | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Renting | |
|---|
| Santander Consumer Multirent Sp. z o.o. | Poland | 0.00% | 100.00% | 100.00% | 100.00% | Leasing | |
|---|
| Santander Consumer Operations Services GmbH | Germany | 0.00% | 100.00% | 100.00% | 100.00% | Services | |
|---|
| Santander Consumer Receivables 11 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Consumer Receivables 15 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Consumer Receivables 16 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Consumer Receivables 20 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Consumer Receivables 21 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Santander Consumer Receivables 7 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Consumer Receivables Funding LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Consumer Renting S.r.l. | Italy | 0.00% | 100.00% | 100.00% | 100.00% | Renting | |
|---|
| Santander Consumer Renting, S.L. | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Renting | |
|---|
| Santander Consumer S.A. | Argentine | 0.00% | 99.82% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Consumer Services GmbH | Austria | 0.00% | 100.00% | 100.00% | 100.00% | Services | |
|---|
| Santander Consumer Services, S.A. | Portugal | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Consumer Spain Auto 2019-1, Fondo de Titulización | Spain | —(a) | | — | | — | Securitization |
|---|
| Santander Consumer Spain Auto 2020-1, Fondo de Titulización | Spain | —(a) | | — | | — | Securitization |
|---|
| Santander Consumer Spain Auto 2021-1, Fondo de Titulización | Spain | —(a) | | — | | — | Securitization |
|---|
| Santander Consumer Spain Auto 2022-1, Fondo de Titulización | Spain | —(a) | | — | | — | Securitization |
|---|
| Santander Consumer Spain Auto 2023-1, Fondo de Titulización | Spain | —(a) | | — | | — | Securitization |
|---|
| Santander Consumer Spain Auto 2024-1, Fondo de Titulización | Spain | —(a) | | — | | — | Securitization |
|---|
| Santander Consumer Spain Auto 2025-1, Fondo de Titulización | Spain | —(a) | | — | | — | Securitization |
|---|
| Santander Consumer Technology Services GmbH | Germany | 0.00% | 100.00% | 100.00% | 100.00% | IT services | |
|---|
| Santander Consumer USA Holdings Inc. | United States | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Santander Consumer USA Inc. | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Consumo 4, F.T. | Spain | —(a) | | — | | — | Securitization |
|---|
| Santander Consumo 5, F.T. | Spain | —(a) | | — | | — | Securitization |
|---|
| Santander Consumo 6, F.T. | Spain | —(a) | | — | | — | Securitization |
|---|
| Santander Consumo 7, F.T. | Spain | —(a) | | — | | — | Securitization |
|---|
| Santander Corredora de Seguros Limitada | Chile | 0.00% | 67.21% | 100.00% | 100.00% | Insurance mediation | |
|---|
| Santander Corredores de Bolsa Limitada | Chile | 0.00% | 83.24% | 100.00% | 100.00% | Securities company | |
|---|
| Santander Corretora de Câmbio e Valores Mobiliários S.A. | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Securities company | |
|---|
| Santander Corretora de Seguros, Investimentos e Serviços S.A. | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Insurance mediation | |
|---|
| Santander Customer Voice, S.A. | Spain | 99.50% | 0.50% | 100.00% | 100.00% | Services | |
|---|
| Santander de Titulización, S.G.F.T., S.A. | Spain | 81.00% | 19.00% | 100.00% | 100.00% | Fund management company | |
|---|
Annual report 2025883
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Santander Distribuidora de Títulos e Valores Mobiliários S.A. | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Securities company | |
|---|
| Santander Drive Auto Receivables LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Drive Auto Receivables Trust 2022-2 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2022-3 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2022-4 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2022-5 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2022-6 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2022-7 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2023-1 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2023-2 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2023-3 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2023-4 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2023-5 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2023-6 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2024-1 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2024-2 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2024-3 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2024-4 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2024-5 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2025-1 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2025-2 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2025-3 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Drive Auto Receivables Trust 2025-4 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Empresa Administradora de Fondos Colectivos S.A. | Peru | 99.00% | 1.00% | 100.00% | 100.00% | Investment company | |
|---|
| Santander Equity Investments Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander España Servicios Legales, S.L. | Spain | 99.97% | 0.03% | 100.00% | 100.00% | Services | |
|---|
| Santander Estates Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Real estate | |
|---|
| Santander European Hospitality Opportunities | Luxembourg | 100.00% | 0.00% | 100.00% | 100.00% | Investment fund | |
|---|
| Santander F24 S.A. | Poland | 0.00% | 58.70% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Facility Management España, S.L. Unipersonal | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Real estate | |
|---|
| Santander Factoring S.A. | Chile | 0.00% | 99.86% | 100.00% | 100.00% | Factoring | |
|---|
| Santander Factoring Sp. z o.o. | Poland | 0.00% | 58.70% | 100.00% | 100.00% | Financial services | |
|---|
Annual report 2025884
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Santander Factoring y Confirming, S.A. Unipersonal, E.F.C. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Factoring | |
|---|
| Santander FI Hedge Strategies | Ireland | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| Santander Finance 2012-1 LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Financial services | |
|---|
| Santander Financial Exchanges Limited (d) | United Kingdom | 100.00% | 0.00% | 100.00% | 100.00% | Inactive | |
|---|
| Santander Financial Services plc | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Banking | |
|---|
| Santander Financiamientos S.A. | Peru | 100.00% | 0.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Financing S.A.S. | Colombia | 100.00% | 0.00% | 100.00% | 100.00% | Financial advisory | |
|---|
| Santander Finanse Sp. z o.o. | Poland | 0.00% | 58.70% | 100.00% | 100.00% | Financial services | |
|---|
| Santander Fundo de Investimento Amazonas Multimercado Crédito Privado Investimento no Exterior | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| Santander Fundo de Investimento Diamantina Multimercado Crédito Privado Investimento no Exterior | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| Santander Fundo de Investimento Guarujá Multimercado Crédito Privado Investimento no Exterior | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| Santander Gestión de Recaudación y Cobranzas Ltda. | Chile | 0.00% | 99.86% | 100.00% | 100.00% | Financial services | |
|---|
| Santander Global Cards & Digital Solutions Brasil S.A. | Brazil | 0.00% | 100.00% | 100.00% | 100.00% | IT consulting | |
|---|
| Santander Global Cards & Digital Solutions, S.L. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | IT services | |
|---|
| Santander Global Consumer Finance Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Global Facilities, S.A. de C.V. | Mexico | 100.00% | 0.00% | 100.00% | 100.00% | Services | |
|---|
| Santander Global Services S.A. (d) | Uruguay | 0.00% | 100.00% | 100.00% | 100.00% | Services | |
|---|
| Santander Global Services, S.L. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Real estate | |
|---|
| Santander Global Technology and Operations Brasil Ltda. | Brazil | 0.00% | 100.00% | 100.00% | 100.00% | IT services | |
|---|
| Santander Global Technology and Operations Chile Limitada | Chile | 0.00% | 100.00% | 100.00% | 100.00% | IT services | |
|---|
| Santander Global Technology and Operations, S.L. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | IT services | |
|---|
| Santander Green Investment, S.L. | Spain | 99.97% | 0.03% | 100.00% | 100.00% | Holding company | |
|---|
| Santander Group Properties, S.L. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Holding company | |
|---|
| Santander Guarantee Company (d) | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Santander Hera Renda Fixa Fundo Incentivado de Investimento em Infraestrutura Responsabilidade Limitada | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| Santander Hermes Multimercado Crédito Privado Infraestructura Fundo de Investimento | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Investment fund | |
|---|
| Santander Hipotecario 2 Fondo de Titulización de Activos | Spain | —(a) | | — | | — | Securitization |
|---|
| Santander Hipotecario 3 Fondo de Titulización de Activos | Spain | —(a) | | — | | — | Securitization |
|---|
| Santander Holding Imobiliária S.A. | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Real estate | |
|---|
| Santander Holding Internacional, S.A. | Spain | 99.95% | 0.05% | 100.00% | 100.00% | Holding company | |
|---|
| Santander Holdings USA, Inc. | United States | 100.00% | 0.00% | 100.00% | 100.00% | Holding company | |
|---|
Annual report 2025885
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Santander Inclusión Financiera, S.A. de C.V., S.O.F.O.M., E.R., Grupo Financiero Santander México | Mexico | 0.00% | 99.98% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Insurance Agency, U.S., LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Insurance mediation | |
|---|
| Santander Insurance Services UK Limited | United Kingdom | 100.00% | 0.00% | 100.00% | 100.00% | Wealth management | |
|---|
| Santander Insurance, S.L. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Holding company | |
|---|
| Santander Intermediación Correduría de Seguros, S.A. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Insurance mediation | |
|---|
| Santander International Products, Plc. (f) | Ireland | 99.99% | 0.01% | 100.00% | 100.00% | Finance company | |
|---|
| Santander International Wealth Management México, S. de R.L. de C.V. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | Advisory services | |
|---|
| Santander International Wealth Solutions LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Santander Inversiones S.A. | Chile | 5.12% | 94.88% | 100.00% | 100.00% | Holding company | |
|---|
| Santander Investment Chile Limitada | Chile | 16.12% | 83.88% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Investment, S.A. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Banking | |
|---|
| Santander Investments GP 1 S.à.r.l. | Luxembourg | 0.00% | 100.00% | 100.00% | 100.00% | Fund management company | |
|---|
| Santander Inwestycje Sp. z o.o. | Poland | 0.00% | 58.70% | 100.00% | 100.00% | Securities company | |
|---|
| Santander ISA Managers Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Management of funds and portfolios | |
|---|
| Santander Lease, S.A., E.F.C. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Leasing | |
|---|
| Santander Leasing AB | Sweden | 0.00% | 100.00% | 100.00% | 100.00% | Leasing and renting | |
|---|
| Santander Leasing B.V. | Netherlands | 0.00% | 100.00% | 100.00% | 100.00% | Renting | |
|---|
| Santander Leasing S.A. | Poland | 0.00% | 58.70% | 100.00% | 100.00% | Leasing | |
|---|
| Santander Leasing S.A. Arrendamento Mercantil | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Leasing | |
|---|
| Santander Leasing, LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Leasing | |
|---|
| Santander Lending Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Mortgagecreditcompany | |
|---|
| Santander Mediación Operador de Banca-Seguros Vinculado, S.A. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Insurance mediation | |
|---|
| Santander Merchant S.A. | Argentine | 5.10% | 94.90% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Mortgage Asset Depositor LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Mortgage Asset Receivable Trust 2025-CES1 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Mortgage Asset Receivable Trust 2025-NQM1 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Mortgage Asset Receivable Trust 2025-NQM2 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Mortgage Asset Receivable Trust 2025-NQM3 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Mortgage Asset Receivable Trust 2025-NQM4 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Mortgage Asset Receivable Trust 2025-NQM5 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Mortgage Asset Receivable Trust 2025-NQM6 | United States | —(a) | | — | | — | Securitization |
|---|
| Santander Mortgage Asset Receivable Trust 2026-NQM1 | United States | —(a) | | — | | — | Inactive |
|---|
Annual report 2025886
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Santander Mortgage Holdings Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Santander New Business, S.A. | Spain | 99.00% | 1.00% | 100.00% | 100.00% | Trade intermediary | |
|---|
| Santander Paraty Qif PLC | Ireland | 0.00% | 89.86% | 100.00% | 100.00% | Investment company | |
|---|
| Santander Pensiones, S.A., E.G.F.P. | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Pension fundmanagementcompany | |
|---|
| Santander Prime Auto Issuance Notes 2018-A Designated Activity Company (d) | Ireland | —(a) | | — | | — | | Inactive |
|---|
| Santander Prime Auto Issuance Notes 2018-B Designated Activity Company (d) | Ireland | —(a) | | — | | — | | Inactive |
|---|
| Santander Prime Auto Issuance Notes 2018-C Designated Activity Company (d) | Ireland | —(a) | | — | | — | | Inactive |
|---|
| Santander Prime Auto Issuance Notes 2018-D Designated Activity Company (d) | Ireland | —(a) | | — | | — | | Inactive |
|---|
| Santander Prime Auto Issuance Notes 2018-E Designated Activity Company (d) | Ireland | —(a) | | — | | — | | Inactive |
|---|
| Santander Private Banking S.p.A. in Liquidazione (d) | Italy | 100.00% | 0.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Private Banking UK Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Santander Private Real Estate Advisory, S.A. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Real estate | |
|---|
| Santander Real Estate Debt 1 sub-fund | Luxembourg | 100.00% | 0.00% | 100.00% | 100.00% | Investment fund | |
|---|
| Santander Real Estate Equity I, F.C.R. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Venture capital fund | |
|---|
| Santander Real Estate, S.A. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Inactive | |
|---|
| Santander Retail Auto Lease Funding LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander RMBS 6, Fondo de Titulización | Spain | —(a) | | — | | — | | Securitization |
|---|
| Santander S.A. Sociedad Securitizadora | Chile | 0.00% | 67.25% | 100.00% | 100.00% | Fund management company | |
|---|
| Santander SBAC II Renda Fixa Curto Prazo - Classe de Investimento em Cotas de Fundo de Investimento Financeiro Responsabilidade Limitada | Brazil | 0.00% | 89.86% | 100.00% | — | | Investment fund | |
|---|
| Santander Secretariat Services Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Santander Securities LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Securities company | |
|---|
| Santander Seguros y Reaseguros, Compañía Aseguradora, S.A. | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Insurance | |
|---|
| Santander Services Solutions, S.L. | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Payment services | |
|---|
| Santander Servicios Corporativos, S.A. de C.V. | Mexico | 0.00% | 99.98% | 100.00% | 100.00% | Services | |
|---|
| Santander Servicos Digitais Brasil Ltda. | Brazil | 0.00% | 100.00% | 100.00% | — | | IT services | |
|---|
| Santander Sociedade de Crédito, Financiamento e Investimento S.A. | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Finance company | |
|---|
| Santander Technology USA, LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | IT services | |
|---|
| Santander Tecnología Argentina S.A. | Argentine | 0.00% | 99.83% | 100.00% | 100.00% | IT services | |
|---|
| Santander Tecnología México, S.A. de C.V. | Mexico | 0.00% | 99.98% | 100.00% | 100.00% | IT services | |
|---|
| Santander Totta Seguros, Companhia de Seguros de Vida, S.A. | Portugal | 0.00% | 100.00% | 100.00% | 100.00% | Insurance | |
|---|
Annual report 2025887
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Santander Towarzystwo Funduszy Inwestycyjnych S.A. | Poland | 50.00% | 29.35% | 100.00% | 100.00% | Fund management company | |
|---|
| Santander Trade Services Limited | Hong-Kong | 0.00% | 100.00% | 100.00% | 100.00% | Inactive | |
|---|
| Santander Trust S.A. | Argentine | 0.00% | 100.00% | 100.00% | 100.00% | Services | |
|---|
| Santander UK Group Holdings plc | United Kingdom | 77.67% | 22.33% | 100.00% | 100.00% | Holding company | |
|---|
| Santander UK Investments | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander UK Operations Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| Santander UK plc | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | Banking | |
|---|
| Santander UK Technology Limited | United Kingdom | 0.00% | 100.00% | 100.00% | 100.00% | IT services | |
|---|
| Santander US Capital Markets LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Securities investment | |
|---|
| Santander Valores S.A. | Argentine | 5.10% | 94.73% | 100.00% | 100.00% | Securities company | |
|---|
| Santusa Holding, S.L. | Spain | 69.76% | 30.24% | 100.00% | 100.00% | Holding company | |
|---|
| SBNA Auto Lease Funding LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| SBNA Auto Lease Trust 2023-A | United States | —(a) | | — | | — | Securitization |
|---|
| SBNA Auto Lease Trust 2024-A | United States | —(a) | | — | | — | Securitization |
|---|
| SBNA Auto Lease Trust 2024-B | United States | —(a) | | — | | — | Securitization |
|---|
| SBNA Auto Lease Trust 2024-C | United States | —(a) | | — | | — | Securitization |
|---|
| SBNA Auto Lease Trust 2025-A | United States | —(a) | | — | | — | Securitization |
|---|
| SBNA Auto Lease Trust 2025-B | United States | —(a) | | — | | — | Inactive |
|---|
| SBNA Auto Receivables Funding LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Finance company | |
|---|
| SBNA Auto Receivables Grantor Trust 2025-SF1 | United States | —(a) | | — | | — | Inactive |
|---|
| SBNA Auto Receivables Trust 2025-SF1 | United States | —(a) | | — | | — | Inactive |
|---|
| SBNA Investor LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| SC Austria Auto Finance 2020-1 Designated Activity Company | Ireland | —(a) | | — | | — | Securitization |
|---|
| SC Austria Consumer Loan 2021 Designated Activity Company | Ireland | —(a) | | — | | — | Securitization |
|---|
| SC Austria S.à r.l. | Luxembourg | —(a) | | — | | — | Securitization |
|---|
| SC Austria S.à r.l., Compartment Consumer 2025-1 | Luxembourg | —(a) | | — | | — | Securitization |
|---|
| SC Canada Asset Securitization Trust | Canada | —(a) | | — | | — | Securitization |
|---|
| SC Germany Auto 2019-1 UG (haftungsbeschränkt) (d) | Germany | —(a) | | — | | — | Securitization |
|---|
| SC Germany S.A. | Luxembourg | —(a) | | — | | — | Securitization |
|---|
| SC Germany S.A., Compartment Consumer 2020-1 | Luxembourg | —(a) | | — | | — | Securitization |
|---|
| SC Germany S.A., Compartment Consumer 2021-1 | Luxembourg | —(a) | | — | | — | Securitization |
|---|
| SC Germany S.A., Compartment Consumer 2022-1 | Luxembourg | —(a) | | — | | — | Securitization |
|---|
| SC Germany S.A., Compartment Consumer 2023-1 | Luxembourg | —(a) | | — | | — | Securitization |
|---|
| SC Germany S.A., Compartment Consumer 2024-1 | Luxembourg | —(a) | | — | | — | Securitization |
|---|
| SC Germany S.A., Compartment Consumer 2024-2 | Luxembourg | —(a) | | — | | — | Securitization |
|---|
| SC Germany S.A., Compartment Consumer 2025-1 | Luxembourg | —(a) | | — | | — | Securitization |
|---|
Annual report 2025888
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| SC Germany S.A., Compartment Consumer 2025-2 | Luxembourg | —(a) | | — | | — | | Securitization | |
|---|
| SC Germany S.A., Compartment Consumer Private 2023-1 | Luxembourg | —(a) | | — | | — | | Securitization | |
|---|
| SC Germany S.A., Compartment Leasing 2023-1 | Luxembourg | —(a) | | — | | — | | Securitization | |
|---|
| SC Germany S.A., Compartment Leasing 2025-1 | Luxembourg | —(a) | | — | | — | | Securitization | |
|---|
| SC Germany S.A., Compartment Mobility 2020-1 | Luxembourg | —(a) | | — | | — | | Securitization | |
|---|
| SC Mobility AB | Sweden | 0.00% | 100.00% | | 100.00% | | 100.00% | | Renting |
|---|
| SC Mobility AS | Norway | 0.00% | 100.00% | | 100.00% | | 100.00% | | Renting |
|---|
| SC Nordics S.à r.l. | Luxembourg | —(a) | | — | | — | | Securitization | |
|---|
| SC Nordics S.à r.l. , Compartment Rahoituspalvelut 2025 | Luxembourg | —(a) | | — | | — | | Securitization | |
|---|
| SC Poland Consumer 23-1 Designated Activity Company | Ireland | —(a) | | — | | — | | Securitization | |
|---|
| SCF Ajoneuvohallinto IX Limited (d) | Ireland | —(a) | | — | | — | | Securitization | |
|---|
| SCF Ajoneuvohallinto X Limited | Ireland | —(a) | | — | | — | | Securitization | |
|---|
| SCF Ajoneuvohallinto XI Limited | Ireland | —(a) | | — | | — | | Securitization | |
|---|
| SCF Ajoneuvohallinto XII Limited | Ireland | —(a) | | — | | — | | — | | Securitization |
|---|
| SCF Ajoneuvohallinto XIII Limited | Ireland | —(a) | | — | | — | | Securitization | |
|---|
| SCF Eastside Locks GP Limited | United Kingdom | 0.00% | 100.00% | | 100.00% | | 100.00% | | Real estate management |
|---|
| SCF Rahoituspalvelut IX DAC (d) | Ireland | —(a) | | — | | — | | Securitization | |
|---|
| SCF Rahoituspalvelut X DAC | Ireland | —(a) | | — | | — | | Securitization | |
|---|
| SCF Rahoituspalvelut XI Designated Activity Company | Ireland | —(a) | | — | | — | | Securitization | |
|---|
| SCF Rahoituspalvelut XII DAC | Ireland | —(a) | | — | | — | | Securitization | |
|---|
| SCF Rahoituspalvelut XIII DAC | Ireland | —(a) | | — | | — | | Securitization | |
|---|
| SCM Poland Auto 2019-1 DAC | Ireland | —(a) | | — | | — | | Securitization | |
|---|
| SDMX Superdigital, S.A. de C.V., Institución de Fondos de Pago Electrónico | Mexico | 0.00% | 100.00% | | 100.00% | | 100.00% | | Payment platform |
|---|
| Secucor Finance 2021-1, DAC (d) | Ireland | —(a) | | — | | — | | Securitization | |
|---|
| Secucor Finance 2025-1 Designated Activity Company | Ireland | —(a) | | — | | — | | Securitization | |
|---|
| Services and Promotions Delaware Corporation | United States | 0.00% | 100.00% | | 100.00% | | 100.00% | | Holding company |
|---|
| Services and Promotions Miami LLC | United States | 0.00% | 100.00% | | 100.00% | | 100.00% | | Real estate |
|---|
| Servicios de Cobranza, Recuperación y Seguimiento, S.A. de C.V. | Mexico | 0.00% | 100.00% | | 100.00% | | 100.00% | | Finance company |
|---|
| Servicios Inmobiliarios Residencial en Venta JV2, S.L. | Spain | 0.00% | 27.57% | | 27.57% | | 90.00% | | Real estate |
|---|
| Sheppards Moneybrokers Limited | United Kingdom | 0.00% | 100.00% | | 100.00% | | 100.00% | | Inactive |
|---|
| Shiloh III Wind Project, LLC | United States | 0.00% | 100.00% | | 100.00% | | 100.00% | | Renewable energies |
|---|
| Silk Finance No. 5 | Portugal | —(a) | | — | | — | | Securitization | |
|---|
| Silk Finance No. 6 | Portugal | —(a) | | — | | — | | Securitization | |
|---|
| Sociedad Integral de Valoraciones Automatizadas, S.A. Unipersonal | Spain | 100.00% | 0.00% | | 100.00% | | 100.00% | | Appraisals |
|---|
| Sociedad Operadora de Tarjetas de Pago Santander Getnet Chile S.A. | Chile | 0.00% | 67.13% | | 100.00% | | 100.00% | | Payments and collection services |
|---|
| Socur S.A. | Uruguay | 100.00% | 0.00% | | 100.00% | | 100.00% | | Finance company |
|---|
| Solution 4Fleet Consultoria Empresarial S.A. | Brazil | 0.00% | 89.86% | | 100.00% | | 100.00% | | Vehicle rental |
|---|
| Sovereign Community Development Company | United States | 0.00% | 100.00% | | 100.00% | | 100.00% | | Holding company |
|---|
Annual report 2025889
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Sovereign Delaware Investment Corporation | United States | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Sovereign Lease Holdings, LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Financial services | |
|---|
| Sovereign REIT Holdings, Inc. | United States | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| SPIRE SA Compartment 2025-148 | Luxembourg | —(a) | | — | | — | | Securitization |
|---|
| SSA Swiss Advisors AG | Switzerland | 0.00% | 100.00% | 100.00% | 100.00% | Wealth management | |
|---|
| Stellantis Consumer Financial Services Polska Sp. z o.o. | Poland | 0.00% | 50.00% | 100.00% | 100.00% | Finance company | |
|---|
| Stellantis Financial Services Belux SA | Belgium | 0.00% | 50.00% | 100.00% | 100.00% | Finance company | |
|---|
| Stellantis Financial Services España, E.F.C., S.A. | Spain | 0.00% | 50.00% | 50.00% | 50.00% | Finance company | |
|---|
| Stellantis Financial Services Italia S.p.A. | Italy | 0.00% | 50.00% | 50.00% | 50.00% | Banking | |
|---|
| Stellantis Financial Services Nederland B.V. | Netherlands | 0.00% | 50.00% | 100.00% | 100.00% | Finance company | |
|---|
| Stellantis Financial Services Polska Sp. z o.o. | Poland | 0.00% | 50.00% | 50.00% | 50.00% | Finance company | |
|---|
| Stellantis Renting Italia S.p.A. | Italy | 0.00% | 50.00% | 100.00% | 100.00% | Renting | |
|---|
| Sterrebeeck B.V. | Netherlands | 100.00% | 0.00% | 100.00% | 100.00% | Holding company | |
|---|
| Suleyado 2003, S.L. Unipersonal | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Securities investment | |
|---|
| Superdigital Holding Company, S.L. | Spain | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Superdigital Logística S.A. | Brazil | 0.00% | 100.00% | 100.00% | 100.00% | Payment services | |
|---|
| Suzuki Servicios Financieros, S.L. | Spain | 0.00% | 51.00% | 51.00% | 51.00% | Intermediation | |
|---|
| Swesant SA | Switzerland | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Tabasco Energía España, S.L. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Holding company | |
|---|
| Taxos Luz, S.L. Unipersonal | Spain | 0.00% | 70.00% | 100.00% | 100.00% | Renewable energies | |
|---|
| Teatinos Siglo XXI Inversiones S.A. | Chile | 50.00% | 50.00% | 100.00% | 100.00% | Holding company | |
|---|
| Terras Fundo de Investimento nas Cadeias Produtivas do Agronegocio - Fiagro - Resp Limitada | Brazil | 0.00% | 89.86% | 100.00% | — | | Investment fund | |
|---|
| The Best Specialty Coffee, S.L. Unipersonal | Spain | 100.00% | 0.00% | 100.00% | 100.00% | Restaurant services | |
|---|
| TIMFin S.p.A. | Italy | 0.00% | 51.00% | 51.00% | 51.00% | Finance company | |
|---|
| Titularizadora Colombiana S.A. -Universalidad TIV V9 | Colombia | —(a) | | — | | — | | Securitization |
|---|
| Tonopah Solar I, LLC | United States | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Tools Soluções e Serviços Compartilhados Ltda. | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Services | |
|---|
| Tornquist Asesores de Seguros S.A. (j) | Argentine | 0.00% | 99.99% | 99.99% | 99.99% | Inactive | |
|---|
| Toro Corretora de Títulos e Valores Mobiliários S.A. | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Securities company | |
|---|
| Toro Investimentos S.A. | Brazil | 0.00% | 89.86% | 100.00% | 100.00% | Securities company | |
|---|
| Totta (Ireland), PLC | Ireland | 0.00% | 99.87% | 100.00% | 100.00% | Finance company | |
|---|
| Totta Urbe - Empresa de Administração e Construções, S.A. | Portugal | 0.00% | 99.87% | 100.00% | 100.00% | Real estate | |
|---|
| Trainera Venture Finance I, F.C.R.-PYME | Spain | 99.00% | 0.00% | 99.00% | 99.00% | Venture capital fund | |
|---|
Annual report 2025890
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| Trans Skills Employment Services - Sole Proprietorship LLC | Arab United Emirates | 0.00% | 66.43% | | 100.00% | 100.00% | Human resources services | |
|---|
| Trans Skills Employment Services Malaysia SDN. BHD. | Malaysia | 0.00% | 66.43% | | 100.00% | — | | Services | |
|---|
| Trans Skills Employment Services Vietnam Company Limited | Vietnam | 0.00% | 66.43% | | 100.00% | — | | Consulting services | |
|---|
| Trans Skills General Supplies Egypt LLC | Egypt | 0.00% | 66.43% | | 100.00% | — | | Consulting services | |
|---|
| Trans Skills Information Technology LLC | Saudi Arabia | 0.00% | 66.43% | | 100.00% | 100.00% | Inactive | |
|---|
| Trans Skills Investment in Commercial Enterprises & Management Co. LLC | Arab United Emirates | 0.00% | 66.43% | | 100.00% | 100.00% | Holding company | |
|---|
| Trans Skills Services SPC | Oman | 0.00% | 66.43% | | 100.00% | — | | Consulting | |
|---|
| Trans Skills South Africa (Pty) Limited | Republic of South Africa | 0.00% | 66.43% | | 100.00% | 100.00% | Inactive | |
|---|
| Trans Skills Technology Services LLC | Arab United Emirates | 0.00% | 66.43% | | 100.00% | 100.00% | IT services | |
|---|
| Transolver Finance EFC, S.A. | Spain | 0.00% | 51.00% | | 51.00% | 51.00% | Leasing | |
|---|
| Transskills Employer Services Private Limited | India | 0.00% | 66.43% | | 100.00% | 100.00% | Consulting services | |
|---|
| Tresmares Capital Corporate S.L. | Spain | 89.90% | 0.00% | | 89.90% | — | | Holding company | |
|---|
| Tresmares Capital Deutschland GmbH | Germany | 0.00% | 89.90% | | 100.00% | — | | Finance company | |
|---|
| Tresmares Capital UK Limited | United Kingdom | 0.00% | 89.90% | | 100.00% | — | | Fund management company | |
|---|
| Tresmares Direct Lending, S.G.E.I.C, S.A. | Spain | 0.00% | 89.90% | | 100.00% | — | | Fund management company | |
|---|
| Tresmares Growth Fund II, S.C.R., S.A. | Spain | 40.00% | 0.00% | 40.00% | 40.00% | 40.00% | Holding company | |
|---|
| Tresmares Growth Fund III, S.C.R., S.A. | Spain | 40.00% | 0.00% | 40.00% | 40.00% | 40.00% | Holding company | |
|---|
| Tresmares Growth Fund Santander, S.C.R., S.A. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Tresmares Private Equity, S.G.E.I.C, S.A. | Spain | 0.00% | 89.90% | 100.00% | 100.00% | — | | Fund management company | |
|---|
| Tresmares Santander Direct Lending, SICC, S.A. | Spain | 99.67% | 0.00% | 99.67% | 99.67% | 99.67% | Fund management company | |
|---|
| TS HR & Payroll Services Morocco SARL AU | Morocco | 0.00% | 66.43% | 100.00% | 100.00% | — | | Consulting services | |
|---|
| TVG-Trappgroup Versicherungsvermittlungs-GmbH | Germany | 0.00% | 90.01% | 100.00% | 100.00% | 100.00% | Insurance brokerage | |
|---|
| Universia Brasil S.A. | Brazil | 0.00% | 100.00% | 100.00% | 100.00% | 100.00% | Internet | |
|---|
| Universia Chile S.A. | Chile | 0.00% | 86.84% | 86.84% | 86.84% | 86.84% | Internet | |
|---|
| Universia Colombia S.A.S. | Colombia | 0.00% | 100.00% | 100.00% | 100.00% | 100.00% | Internet | |
|---|
| Universia España Red de Universidades, S.A. | Spain | 0.00% | 89.43% | 89.43% | 89.43% | 89.43% | Internet | |
|---|
| Universia Holding, S.L. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | 100.00% | Holding company | |
|---|
| Universia México, S.A. de C.V. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | 100.00% | Internet | |
|---|
| Universia Perú, S.A. | Peru | 0.00% | 99.73% | 99.73% | 99.73% | 99.64% | Internet | |
|---|
| Universia Uruguay, S.A. | Uruguay | 0.00% | 100.00% | 100.00% | 100.00% | 100.00% | Internet | |
|---|
| Uro Property Holdings, S.A. (b) | Spain | — | | — | | 0.00% | — | | 99.99% | Real estate investment |
|---|
| VERT-11 Companhia Securitizadora de Créditos Financeiros | Brazil | —(a) | | — | | — | | — | | Securitization |
|---|
| Wallcesa, S.A. | Spain | 100.00% | 0.00% | 100.00% | 100.00% | 100.00% | Financial services | |
|---|
Annual report 2025891
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Subsidiaries of Banco Santander, S.A. 1 |
|---|
| % of ownership held byBanco Santander · Percentage of voting power (e) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity |
|---|
| WIM Servicios Corporativos, S.A. de C.V. | Mexico | 0.00% | 100.00% | 100.00% | 100.00% | 100.00% | Advisory services |
|---|
| WTW Shipping Designated Activity Company | Ireland | 100.00% | 0.00% | 100.00% | 100.00% | 100.00% | Leasing |
|---|
a. Companies over which effective control is maintained.
b. Accounting merged company, Pending registration.
c. Companies in liquidation. Pending registration.
d. Company in liquidation as at 31 December 2025.
e. Pursuant to Article 3 of Royal Decree 1159/ 2010, of 17 September, approving the rules for the preparation of consolidated annual accounts, in order to determine the voting rights, voting rights held directly by the parent company have been added to those held by companies controlled by the parent company or by other persons acting in their own name but on behalf of a Group company. For these purposes, the number of votes corresponding to the parent company, in relation to the companies indirectly dependent on it, is that corresponding to the dependent company that directly participates in the share capital of the latter.
f. Company resident for tax purposes in Spain.
g. Company resident for tax purposes in the United Kingdom.
(1) Companies issuing preference shares are listed in Annex III, together with other relevant information.
Annual report 2025892
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
Appendix II
| Societies of which Grupo Santander owns more than 5% (c) , entities associated with Grupo Santander and jointly controlled entities |
|---|
| % of ownership held by Banco Santander · Percentage of voting power (b) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity · Type of company |
|---|
| Administrador Financiero de Transantiago S.A. | Chile | 0.00% | 13.43% | | 20.00% | 20.00% | Payments and collection services | Associated | |
|---|
| Adprotel Strand, S.L. (consolidado) | Spain | 0.00% | 38.20% | | 38.20% | 38.20% | Real estate development | Associated | |
|---|
| Aegon Santander Portugal Não Vida - Companhia de Seguros, S.A. | Portugal | 0.00% | 49.00% | | 49.00% | 49.00% | Insurance | Joint ventures | |
|---|
| Aegon Santander Portugal Vida - Companhia de Seguros Vida, S.A. | Portugal | 0.00% | 49.00% | | 49.00% | 49.00% | Insurance | Joint ventures | |
|---|
| Aeroplan - Sociedade Construtora de Aeroportos, Lda. (a) | Portugal | 0.00% | 19.97% | | 20.00% | 20.00% | Inactive | — | |
|---|
| Agri Tech Investments Argentina S.A.U. | Argentine | 0.00% | 50.00% | | 50.00% | — | | Financial services | — |
|---|
| Aguas de Fuensanta, S.A. (a) (e) | Spain | 36.78% | 0.00% | | 36.78% | 36.78% | Food | — | |
|---|
| AHLC - Promoção Imobiliária, Lda. | Portugal | 0.00% | 35.00% | | 35.00% | — | | Real estate development | Joint ventures |
|---|
| Alcoaxarquía, S.L. | Spain | 0.00% | 16.00% | | 40.00% | — | | Food | — |
|---|
| Alma UK Holdings Ltd (consolidado) | United Kingdom | 30.00% | 0.00% | | 30.00% | 30.00% | Holding company | Joint ventures | |
|---|
| Apolo Vault 1, S.L. | Spain | 0.00% | 25.00% | | 25.00% | 25.00% | Renewable energies | Joint ventures | |
|---|
| Aranguren Comercial de Embalaje, S.L. | Spain | 0.00% | 9.96% | | 24.90% | — | | Industrial products | — |
|---|
| Arneplant, S.L. | Spain | 0.00% | 11.36% | | 28.41% | — | | Footwear and textiles | — |
|---|
| Asesoría Informática Gallega, S.L. | Spain | 0.00% | 12.54% | | 31.34% | — | | IT services | — |
|---|
| Atitlan Agro I, S.C.R., S.A. (f) | Spain | 42.54% | 0.00% | | 0.00% | 0.00% | Venture capital company | — | |
|---|
| Attijariwafa Bank Société Anonyme (consolidado) | Morocco | 0.00% | 5.10% | | 5.10% | 5.10% | Banking | — | |
|---|
| AutoFi Inc. | United States | 9.50% | 9.40% | | 4.99% | 4.99% | E-commerce | — | |
|---|
| Autopistas del Sol S.A. | Argentine | 0.00% | 14.17% | | 14.17% | 14.17% | Highway concession | — | |
|---|
| Avanath Affordable Housing IV LLC | United States | 0.00% | 7.27% | | 7.27% | 7.27% | Investment company | — | |
|---|
| Avanzare Innovación Tecnológica, S.L. | Spain | 0.00% | 12.66% | | 31.64% | — | | Technology | — |
|---|
| Axle 2023-1 Ltd | United Kingdom | 0.00%(d) | | — | | — | | Securitization | Joint ventures |
|---|
| Banco RCI Brasil S.A. | Brazil | 0.00% | 35.85% | | 39.89% | 39.89% | Banking | Joint ventures | |
|---|
| Banco S3 Caceis México, S.A., Institución de Banca Múltiple | Mexico | 0.00% | 50.00% | | 50.00% | 50.00% | Banking | Joint ventures | |
|---|
| Bank of Beijing Consumer Finance Company | China | 0.00% | 20.00% | | 20.00% | 20.00% | Finance company | Associated | |
|---|
| Bank of Shanghai Co., Ltd. (consolidado) | China | 6.54% | 0.00% | | 6.54% | 6.54% | Banking | — | |
|---|
| Biomas – Serviços Ambientais, Restauração e Carbono S.A. | Brazil | 0.00% | 14.98% | | 16.67% | 16.67% | Consulting services | Associated | |
|---|
| Bizum, S.L. | Spain | 20.92% | 0.00% | | 20.92% | 20.92% | Payment services | Associated | |
|---|
| Campo Grande Empreendimentos Ltda. (e) (a) | Brazil | 0.00% | 22.75% | | 25.32% | 25.32% | Inactive | — | |
|---|
| CaptureNow Limited | United Kingdom | 0.00% | 22.22% | | 22.22% | — | | Software | — |
|---|
| CCPT - ComprarCasa, Rede Serviços Imobiliários, S.A. | Portugal | 0.00% | 49.98% | | 49.98% | 49.98% | Real estate services | Joint ventures | |
|---|
Annual report 2025893
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Societies of which Grupo Santander owns more than 5% (c) , entities associated with Grupo Santander and jointly controlled entities |
|---|
| % of ownership held by Banco Santander · Percentage of voting power (b) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity · Type of company |
|---|
| Centro de Compensación Automatizado S.A. | Chile | 0.00% | 22.38% | | 33.33% | | 33.33% | | Payments and collection services | Associated |
|---|
| Centro para el Desarrollo, Investigación y Aplicación de Nuevas Tecnologías, S.A. | Spain | 0.00% | 49.00% | | 49.00% | | 49.00% | | Technology | Associated |
|---|
| Cicrosa Hidraúlica, S.L. | Spain | 0.00% | 13.20% | | 33.00% | | — | | Industrial supplies | — |
|---|
| CIP S.A. | Brazil | 0.00% | 15.74% | | 17.52% | | 17.52% | | Financial services | Associated |
|---|
| CNP Santander Insurance Europe Designated Activity Company | Ireland | 0.00% | 49.00% | | 49.00% | | 49.00% | | Insurance | Associated |
|---|
| CNP Santander Insurance Life Designated Activity Company | Ireland | 0.00% | 49.00% | | 49.00% | | 49.00% | | Insurance | Associated |
|---|
| CNP Santander Insurance Services Ireland Limited | Ireland | 0.00% | 49.00% | | 49.00% | | 49.00% | | Services | Associated |
|---|
| Companhia Promotora UCI | Brazil | 0.00% | 25.00% | | 25.00% | | 25.00% | | Financial services | Joint ventures |
|---|
| Compañia Española de Financiación de Desarrollo, Cofides, S.A., SME | Spain | 20.18% | 0.00% | | 20.18% | | 20.17% | | Finance company | — |
|---|
| Compañía Española de Seguros de Crédito a la Exportación, S.A., Compañía de Seguros y Reaseguros (consolidado) | Spain | 23.33% | 0.55% | | 23.88% | | 23.88% | | Credit insurance | — |
|---|
| Compañía Española de Viviendas en Alquiler, S.A. (consolidado) | Spain | 24.07% | 0.00% | | 24.07% | | 24.07% | | Real estate | Associated |
|---|
| Compañía para los Desarrollos Inmobiliarios de la Ciudad de Hispalis, S.L., en liquidación (a) | Spain | 21.98% | 0.00% | | 21.98% | | 21.98% | | Real estate development | — |
|---|
| Connecting Visions Ecosystems, S.L. | Spain | 29.96% | 0.00% | | 29.96% | | 37.56% | | Consulting services | Joint ventures |
|---|
| Construtora Tenda S/A | Brazil | 4.92% | 4.05% | | 9.43% | | — | | Real estate | — |
|---|
| Corkfoc Cortiças, S.A. | Portugal | 0.00% | 27.54% | | 27.58% | | 27.58% | | Cork industry | — |
|---|
| CSD Central de Serviços de Registro e Depósito Aos Mercados Financeiro e de Capitais S.A. | Brazil | 0.00% | 16.12% | | 17.94% | | 20.00% | | Financial services | Associated |
|---|
| Decus Real Estate, S.L. | Spain | 0.00% | 30.00% | | 30.00% | | 30.00% | | Real estate | Joint ventures |
|---|
| Delos Financial Technologies, Inc. | United States | 0.00% | 22.84% | | 22.84% | | — | | Finance company | — |
|---|
| DoRes Securitisation S.r.l | Italy | —(d) | | — | | — | | Securitization | Joint ventures | |
|---|
| Ebora 220, S.L. | Spain | 0.00% | 44.00% | | 50.00% | | — | | Renewable energies | Joint ventures |
|---|
| Ebora Evacuación, S.L. | Spain | 0.00% | 50.00% | | 50.00% | | — | | Renewable energies | Joint ventures |
|---|
| Elaia Agro, S.L. | Spain | 49.99% | 0.00% | | 49.99% | | 49.99% | | Consulting services | Associated |
|---|
| Ethias Lease N.V. | Belgium | 0.00% | 50.00% | | 50.00% | | 50.00% | | Leasing | Associated |
|---|
| Euro Automatic Cash Entidad de Pago, S.L. | Spain | 50.00% | 0.00% | | 50.00% | | 50.00% | | Payment services | Associated |
|---|
| European Hospitality Opportunities S.à r.l. | Luxembourg | 0.00% | 49.00% | | 49.00% | | 49.00% | | Holding company | Joint ventures |
|---|
| Evacuación Liquesun, S.L. | Spain | 0.00% | 35.00% | | 50.00% | | 50.00% | | Electricity production | Joint ventures |
|---|
| Evolve SPV S.r.l. | Italy | —(d) | | — | | — | | Securitization | Joint ventures | |
|---|
| Exam Papers Plus Ltd | United Kingdom | — | 25.00% | | 25.00% | | — | | Commerce | Associated |
|---|
| Federal Reserve Bank of Boston | United States | — | 21.38% | | 21.38% | | 21.09% | | Banking | — |
|---|
| Fondo de Titulización de Activos UCI 14 | Spain | —(d) | | — | | — | | Securitization | Joint ventures | |
|---|
Annual report 2025894
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Societies of which Grupo Santander owns more than 5% (c) , entities associated with Grupo Santander and jointly controlled entities |
|---|
| % of ownership held by Banco Santander · Percentage of voting power (b) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity · Type of company |
|---|
| Fondo de Titulización de Activos UCI 15 | Spain | —(d) | | — | | — | | Securitization | Joint ventures |
|---|
| Fondo de Titulización de Activos UCI 16 | Spain | —(d) | | — | | — | | Securitization | Joint ventures |
|---|
| Fondo de Titulización de Activos UCI 17 | Spain | —(d) | | — | | — | | Securitization | Joint ventures |
|---|
| Fondo de Titulización, RMBS Green Prado XI | Spain | —(d) | | — | | — | | Securitization | Joint ventures |
|---|
| Fondo de Titulización, RMBS Prado IX | Spain | —(d) | | — | | — | | Securitization | Joint ventures |
|---|
| Fondo de Titulización, RMBS Prado VIII | Spain | —(d) | | — | | — | | Securitization | Joint ventures |
|---|
| Fondo de Titulización, RMBS Prado X | Spain | —(d) | | — | | — | | Securitization | Joint ventures |
|---|
| Forest Power Aranda, S.L. Unipersonal | Spain | 0.00% | 55.00% | 55.00% | 55.00% | Renewable energies | Joint ventures | |
|---|
| Forest Power Cantabria, S.L. Unipersonal | Spain | 0.00% | 55.00% | 55.00% | — | | Electricity production | Joint ventures | |
|---|
| Forest Power Delta, S.L. Unipersonal | Spain | 0.00% | 55.00% | 55.00% | — | | Gas production | Joint ventures | |
|---|
| Forest Power Epsilon, S.L. Unipersonal | Spain | 0.00% | 55.00% | 55.00% | — | | Chemical products production | Joint ventures | |
|---|
| Forest Power Gamma, S.L. Unipersonal | Spain | 0.00% | 55.00% | 55.00% | — | | Chemical products production | Joint ventures | |
|---|
| Forest Power Kappa, S.L. Unipersonal | Spain | 0.00% | 55.00% | 55.00% | — | | Gas production | Joint ventures | |
|---|
| Forest Power Lambda, S.L. Unipersonal | Spain | 0.00% | 55.00% | 55.00% | — | | Chemical products production | Joint ventures | |
|---|
| Forest Power Omicron, S.L. Unipersonal | Spain | 0.00% | 55.00% | 55.00% | — | | Chemical products production | Joint ventures | |
|---|
| Forest Power Zeta, S.L. Unipersonal | Spain | 0.00% | 55.00% | 55.00% | — | | Chemical products production | Joint ventures | |
|---|
| Forest Power, S.L. | Spain | 0.00% | 55.00% | 55.00% | 55.00% | Renewable energies | Joint ventures | |
|---|
| Forgepoint Capital International Management Limited | United Kingdom | 50.00% | 0.00% | 50.00% | 50.00% | Consulting services | Joint ventures | |
|---|
| Fortune Auto Finance Co., Ltd | China | 0.00% | 50.00% | 50.00% | 50.00% | Finance company | Joint ventures | |
|---|
| FrauDfense, S.L. | Spain | 33.33% | 0.00% | 33.33% | 33.33% | IT services | Joint ventures | |
|---|
| Fremman limited (consolidado) | United Kingdom | 32.99% | 0.00% | 4.99% | 4.99% | Consulting services | Associated | |
|---|
| Fundo de Investimento em Direitos Creditórios Multisegmentos NPL Ipanema X Responsabilidade Limitada | Brazil | 0.00% | 44.93% | 50.00% | — | | Investment fund | Joint ventures | |
|---|
| Gestamp Real Estate Assets 1, S.L. (e) | Spain | 0.00% | 43.89% | 43.89% | — | | Real estate management | — | |
|---|
| Gestamp Real Estate Bizkaia, S.L. (e) | Spain | 0.00% | 24.92% | 24.92% | — | | Real estate management | — | |
|---|
| Gestamp Real Estate Investment 2, S.L. (e) | Spain | 0.00% | 37.41% | 37.41% | — | | Real estate management | — | |
|---|
| Gestamp Real Estate Management 3, S.L. (e) | Spain | 0.00% | 36.19% | 36.19% | — | | Real estate management | — | |
|---|
| Gestora de Inteligência de Crédito S.A. | Brazil | 0.00% | 13.98% | 16.00% | 16.00% | Collection services | Associated | |
|---|
| Gire S.A. | Argentine | 0.00% | 58.23% | 58.33% | 58.33% | Payments and collection services | Associated | |
|---|
Annual report 2025895
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Societies of which Grupo Santander owns more than 5% (c) , entities associated with Grupo Santander and jointly controlled entities |
|---|
| % of ownership held by Banco Santander · Percentage of voting power (b) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity · Type of company |
|---|
| Glenrowan Solar Holdings Pty Ltd | Australia | 49.00% | 0.00% | 49.00% | 49.00% | Holding company | Joint ventures | |
|---|
| Global Esmirna, S.L. (en liquidación) (a) | Spain | 0.00% | 15.00% | 37.51% | — | | Services | — | |
|---|
| HCUK Auto Funding 2017-2 Ltd | United Kingdom | —(d) | | — | | — | | Securitization | Joint ventures |
|---|
| HCUK Auto Funding 2022-1 Limited | United Kingdom | —(d) | | — | | — | | Securitization | Joint ventures |
|---|
| HCUK Auto Funding 2025-1 Ltd | United Kingdom | —(d) | | — | | — | | Securitization | Joint ventures |
|---|
| Healthy Neighborhoods Equity Fund I LP | United States | 0.00% | 22.37% | 22.37% | 22.37% | Real estate | — | |
|---|
| Hyundai Capital UK Limited | United Kingdom | 0.00% | 50.01% | 50.01% | 50.01% | Finance company | Joint ventures | |
|---|
| Hyundai Corretora de Seguros Ltda. | Brazil | 0.00% | 44.93% | 50.00% | 50.00% | Insurance mediation | Joint ventures | |
|---|
| Imperial Holding S.C.A. (a) | Luxembourg | 0.00% | 36.36% | 36.36% | 36.36% | Securities investment | — | |
|---|
| Imperial Management S.à r.l. (a) | Luxembourg | 0.00% | 40.20% | 40.20% | 40.20% | Holding company | — | |
|---|
| Invensa Tradeco UK Limited | United Kingdom | 25.00% | 0.00% | 25.00% | 4.99% | Holding company | Associated | |
|---|
| Inverlur Aguilas I, S.L. | Spain | 0.00% | 50.00% | 50.00% | 50.00% | Real estate | Joint ventures | |
|---|
| Inverlur Aguilas II, S.L. | Spain | 0.00% | 50.00% | 50.00% | 50.00% | Real estate | Joint ventures | |
|---|
| Inversiones ZS América Dos Ltda. | Chile | 0.00% | 49.00% | 49.00% | 49.00% | Real estate and property investment | Associated | |
|---|
| Inversiones ZS América SpA | Chile | 0.00% | 49.00% | 49.00% | 49.00% | Real estate and property investment | Associated | |
|---|
| Klar Holdings Limited (consolidado) | Cayman Islands | 0.00% | 7.35% | 7.35% | — | | Holding company | — | |
|---|
| LB Oprent, S.A. | Spain | 40.00% | 0.00% | 40.00% | 40.00% | Industrial machinery rental | Associated | |
|---|
| Logitek Software Ltd (e) | United Kingdom | 0.00% | 20.27% | 20.27% | — | | Software | Joint ventures | |
|---|
| Mapfre Santander Portugal - Companhia de Seguros, S.A. | Portugal | 0.00% | 49.99% | 49.99% | 49.99% | Insurance | Associated | |
|---|
| Massachusetts Business Development Corp. (consolidado) | United States | 0.00% | 21.61% | 21.61% | 21.61% | Finance company | — | |
|---|
| MB Capital Fund IV, LLC | United States | 0.00% | 21.51% | 21.51% | 21.51% | Finance company | — | |
|---|
| Merlin Properties, SOCIMI, S.A. (consolidado) | Spain | 20.08% | 4.63% | 24.68% | 24.90% | Real estate investment | Associated | |
|---|
| Merlion Aviation One Designated Activity Company | Ireland | —(g) | | — | | — | | Renting | — |
|---|
| Metrovacesa, S.A. (consolidado) | Spain | 31.94% | 17.46% | 49.43% | 49.47% | Real estate development | Associated | |
|---|
| Nera Agro Holding, S.L. | Spain | 50.00% | 0.00% | 50.00% | — | | Holding company | Joint ventures | |
|---|
| Nera Paraguay S.A. | Paraguay | 0.00% | 50.00% | 50.00% | — | | Financial services | — | |
|---|
| Nera Uruguay S.A. | Uruguay | 0.00% | 50.00% | 50.00% | — | | Financial services | — | |
|---|
| Ocyener 2008, S.L. | Spain | 0.00% | 45.00% | 45.00% | 45.00% | Holding company | Associated | |
|---|
| Operadora de Activos Beta, S.A. de C.V. | Mexico | 49.99% | 0.00% | 49.99% | 49.99% | Finance company | Associated | |
|---|
| Payever GmbH | Germany | 0.00% | 10.00% | 10.00% | 10.00% | Software | Associated | |
|---|
Annual report 2025896
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Societies of which Grupo Santander owns more than 5% (c) , entities associated with Grupo Santander and jointly controlled entities |
|---|
| % of ownership held by Banco Santander · Percentage of voting power (b) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity · Type of company |
|---|
| Phoenix C1 Aviation Designated Activity Company (a) | Ireland | —(g) | | — | | — | | Renting | — |
|---|
| Play Digital S.A. | Argentine | 0.00% | 13.49% | 13.52% | 14.21% | Payment platform | Associated | |
|---|
| Pluxee Beneficios Brasil S.A. | Brazil | 0.00% | 17.97% | 20.00% | 20.00% | Services | Associated | |
|---|
| POLFUND - Fundusz Poręczeń Kredytowych S.A. | Poland | 0.00% | 29.35% | 50.00% | 50.00% | Management | Associated | |
|---|
| Portland SPV S.r.l. | Italy | —(d) | | — | | — | | Securitization | Joint ventures |
|---|
| Prodesa Medioambiente, S.L. | Spain | 0.00% | 9.80% | 24.50% | — | | Agricultural projects | — | |
|---|
| Promontoria Manzana, S.A. (consolidado) | Spain | 20.00% | 0.00% | 20.00% | 20.00% | Holding company | Associated | |
|---|
| Proteos Biotech, S.L. | Spain | 0.00% | 12.00% | 30.00% | — | | Pharmaceutical | — | |
|---|
| Redbanc S.A. | Chile | 0.00% | 22.44% | 33.43% | 33.43% | Services | Associated | |
|---|
| Redsys Servicios de Procesamiento, S.L. (consolidado) | Spain | 24.90% | 0.06% | 24.96% | 24.96% | Cards | Associated | |
|---|
| Resurgence, S.L. | Spain | 0.00% | 40.00% | 40.00% | — | | Real estate development | Joint ventures | |
|---|
| Retama Real Estate, S.A. Unipersonal | Spain | 0.00% | 50.00% | 50.00% | 50.00% | Real estate | Joint ventures | |
|---|
| Rías Redbanc S.A. | Uruguay | 0.00% | 25.00% | 25.00% | 25.00% | Services | — | |
|---|
| RMBS Belém No.2 | Portugal | —(d) | | — | | — | | Securitization | Joint ventures |
|---|
| Roc Aviation One Designated Activity Company | Ireland | —(g) | | — | | — | | Renting | — |
|---|
| Roc Shipping One Designated Activity Company | Ireland | —(g) | | — | | — | | Renting | — |
|---|
| RP Royal Distribution, S.L. | Spain | 0.00% | 23.73% | 23.73% | — | | Food | Associated | |
|---|
| S3 Caceis Brasil Distribuidora de Títulos e Valores Mobiliários S.A. | Brazil | 0.00% | 50.00% | 50.00% | 50.00% | Securities company | Joint ventures | |
|---|
| S3 Caceis Brasil Participações S.A. | Brazil | 0.00% | 50.00% | 50.00% | 50.00% | Holding company | Joint ventures | |
|---|
| S3 CACEIS Colombia S.A. Sociedad Fiduciaria | Colombia | 0.00% | 50.00% | 50.00% | 50.00% | Finance company | Joint ventures | |
|---|
| Sancus Green Investments II, S.C.R., S.A. | Spain | 0.00% | 33.02% | 33.02% | 33.02% | Venture capital company | — | |
|---|
| Santander Allianz Towarzystwo Ubezpieczeń na Życie S.A. | Poland | 0.00% | 28.76% | 49.00% | 49.00% | Insurance | Associated | |
|---|
| Santander Allianz Towarzystwo Ubezpieczeń S.A. | Poland | 0.00% | 28.76% | 49.00% | 49.00% | Insurance | Associated | |
|---|
| Santander Assurance Solutions, S.A. | Spain | 0.00% | 66.67% | 66.67% | 66.67% | Insurance mediation | Joint ventures | |
|---|
| Santander Auto S.A. | Brazil | 0.00% | 44.93% | 50.00% | 50.00% | Insurance | Associated | |
|---|
| Santander Caceis Latam Holding 1, S.L. | Spain | 0.00% | 50.00% | 50.00% | 50.00% | Holding company | Joint ventures | |
|---|
| Santander Caceis Latam Holding 2, S.L. | Spain | 0.00% | 50.00% | 50.00% | 50.00% | Holding company | Joint ventures | |
|---|
| Santander Generales Seguros y Reaseguros, S.A. | Spain | 0.00% | 49.00% | 49.00% | 49.00% | Insurance | Joint ventures | |
|---|
| Santander Mapfre Hipoteca Inversa, E.F.C., S.A. | Spain | 0.00% | 50.00% | 50.00% | 50.00% | Finance company | Joint ventures | |
|---|
| Santander Mapfre Seguros y Reaseguros, S.A. | Spain | 0.00% | 49.99% | 49.99% | 49.99% | Insurance | Associated | |
|---|
| Santander Vida Seguros y Reaseguros, S.A. | Spain | 0.00% | 49.00% | 49.00% | 49.00% | Insurance | Joint ventures | |
|---|
| Seaya Holdco, S.L. (consolidado) | Spain | 24.99% | 0.00% | 24.99% | 24.99% | Holding company | Associated | |
|---|
| Servicios de Infraestructura de Mercado OTC S.A | Chile | 0.00% | 8.38% | 12.48% | 12.48% | Services | Associated | |
|---|
Annual report 2025897
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Societies of which Grupo Santander owns more than 5% (c) , entities associated with Grupo Santander and jointly controlled entities |
|---|
| % of ownership held by Banco Santander · Percentage of voting power (b) |
|---|
| Company · Location · Direct · Indirect · Year 2025 · Year 2024 · Activity · Type of company |
|---|
| SIBS-SGPS, S.A. (consolidado) | Portugal | 0.00% | 15.54% | 16.55% | 15.56% | Management of portfolios | — | |
|---|
| SIG RCRS A/B MF 2023 Venture LLC | United States | 0.00% | 20.00% | 20.00% | 20.00% | Finance company | — | |
|---|
| Siguler Guff SBIC Fund LP | United States | 0.00% | 20.00% | 20.00% | 20.00% | Investment company | — | |
|---|
| Sistema de Tarjetas y Medios de Pago, S.A. | Spain | 20.61% | 0.00% | 20.61% | 20.61% | Payment methods | Associated | |
|---|
| Sociedad Conjunta para la Emisión y Gestión de Medios de Pago, E.F.C., S.A. | Spain | 45.70% | 0.00% | 45.70% | 45.70% | Payment services | Joint ventures | |
|---|
| Sociedad de Garantía Recíproca de Santander, S.G.R. | Spain | 24.91% | 0.22% | 25.13% | 25.17% | Financial services | — | |
|---|
| Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria, S.A. | Spain | 22.21% | 0.00% | 22.21% | 22.21% | Financial services | — | |
|---|
| Sociedad Interbancaria de Depósitos de Valores S.A. | Chile | 0.00% | 19.66% | 29.29% | 29.29% | Securities deposits | Associated | |
|---|
| Sociedad Operadora de la Cámara de Compensación de Pagos de Alto Valor S.A. | Chile | 0.00% | 9.21% | 13.72% | — | | Services | Associated | |
|---|
| Solar Maritime Designated Activity Company | Ireland | —(d) | | — | | — | | Leasing | Joint ventures |
|---|
| STELLANTIS Insurance Europe Limited | Malta | 0.00% | 50.00% | 50.00% | 50.00% | Insurance | Joint ventures | |
|---|
| STELLANTIS Life Insurance Europe Limited | Malta | 0.00% | 50.00% | 50.00% | 50.00% | Insurance | Joint ventures | |
|---|
| Stephens Ranch Wind Energy Holdco LLC (consolidado) | United States | 0.00% | 15.10% | 15.10% | 15.80% | Renewable energies | — | |
|---|
| Tecnologia Bancária S.A. | Brazil | 0.00% | 17.05% | 19.81% | 18.98% | ATMs | Associated | |
|---|
| Tonopah Solar Energy Holdings I, LLC (e) | United States | 0.00% | 26.80% | 26.80% | 26.80% | Holding company | Joint ventures | |
|---|
| Transbank S.A. | Chile | 0.00% | 16.78% | 25.00% | 25.00% | Cards | Associated | |
|---|
| U.C.I., S.A. | Spain | 50.00% | 0.00% | 50.00% | 50.00% | Holding company | Joint ventures | |
|---|
| UCI Greece Credit and Loan Receivables Servicing Company Single Member Societe Anonyme | Greece | 0.00% | 50.00% | 50.00% | 50.00% | Financial services | Joint ventures | |
|---|
| UCI Holding Brasil Ltda. | Brazil | 0.00% | 50.00% | 50.00% | 50.00% | Holding company | Joint ventures | |
|---|
| UCI Mediação de Seguros, Unipessoal Lda. | Portugal | 0.00% | 50.00% | 50.00% | 50.00% | Insurance mediation | Joint ventures | |
|---|
| UCI Servicios para Profesionales Inmobiliarios, S.A. Unipersonal | Spain | 0.00% | 50.00% | 50.00% | 50.00% | Real estate services | Joint ventures | |
|---|
| Uncapped Limited | United Kingdom | 0.00% | 29.14% | 29.14% | — | | Finance company | — | |
|---|
| Unicre-Instituição Financeira de Crédito, S.A. | Portugal | 0.00% | 21.83% | 21.86% | 21.86% | Finance company | — | |
|---|
| Unión de Créditos Inmobiliarios, S.A. Unipersonal, EFC | Spain | 0.00% | 50.00% | 50.00% | 50.00% | Mortgage lending company | Joint ventures | |
|---|
| Valorhold, S.L. | Spain | 0.00% | 16.00% | 39.99% | — | | Holding company | — | |
|---|
| VCFS Germany GmbH | Germany | 0.00% | 50.00% | 50.00% | 50.00% | Marketing | Joint ventures | |
|---|
| Venda de Veículos Fundo de Investimento em Direitos Creditórios | Brazil | 0.00% | 35.85% | 39.89% | 39.89% | Securitization | Joint ventures | |
|---|
| Volvo Car Financial Services UK Limited | United Kingdom | 0.00% | 50.01% | 50.01% | 50.01% | Leasing | Joint ventures | |
|---|
| Waycarbon Soluções Ambientais e Projetos de Carbono S.A. | Brazil | 68.75% | 0.00% | 50.00% | 100.00% | Consulting services | Associated | |
|---|
| Webmotors S.A. | Brazil | 0.00% | 26.96% | 30.00% | 30.00% | Services | Associated | |
|---|
Annual report 2025898
| Contents | Auditor's reportl | Consolidated financial statementsl | Notes to the consolidated financial statementsl | Appendixl |
| Societies of which Grupo Santander owns more than 5% (c) , entities associated with Grupo Santander and jointly controlled entities |
|---|
| % of ownership held by Banco Santander · Percentage of voting power (b) |
|---|
| Company | Location | Direct | Indirect | Year 2025 | Year 2024 | Activity | Type of company |
|---|
| WWSO II LLP | United Kingdom | 0.00% | 94.00% | 94.00% | — | Real estate investment | Joint ventures |
|---|
| Zurich Santander Brasil Seguros e Previdência S.A. | Brazil | 0.00% | 48.79% | 48.79% | 48.79% | Insurance | Associated |
|---|
| Zurich Santander Holding (Spain), S.L. Unipersonal | Spain | 0.00% | 49.00% | 49.00% | 49.00% | Holding company | Associated |
|---|
| Zurich Santander Holding Dos (Spain), S.L. Unipersonal | Spain | 0.00% | 49.00% | 49.00% | 49.00% | Holding company | Associated |
|---|
| Zurich Santander Insurance América, S.L. | Spain | 0.00% | 49.00% | 49.00% | 49.00% | Holding company | Associated |
|---|
| Zurich Santander Seguros Argentina S.A. | Argentine | 0.00% | 49.00% | 49.00% | 49.00% | Insurance | Associated |
|---|
| Zurich Santander Seguros de Vida Chile S.A. | Chile | 0.00% | 49.00% | 49.00% | 49.00% | Insurance | Associated |
|---|
| Zurich Santander Seguros Generales Chile S.A. | Chile | 0.00% | 49.00% | 49.00% | 49.00% | Insurance | Associated |
|---|
| Zurich Santander Seguros México, S.A. | Mexico | 0.00% | 49.00% | 49.00% | 49.00% | Insurance | Associated |
|---|
| Zurich Santander Seguros Uruguay S.A. | Uruguay | 0.00% | 49.00% | 49.00% | 49.00% | Insurance | Associated |
|---|
a. Company in liquidation as at 31 December 2025.
b. Pursuant to Article 3 of Royal Decree 1159/ 2010, of 17 September, approving the rules for the preparation of consolidated annual accounts, in order to determine the voting rights, voting rights held directly by the parent company have been added to those held by companies controlled by the parent company or by other persons acting in their own name but on behalf of a group company. For these purposes, the number of votes corresponding to the parent company, in relation to the companies indirectly dependent on it, is that corresponding to the dependent company that directly participates in the share capital of the latter.
c. Excluding the Group companies listed in Appendix I, as well as those which are of negligible interest with respect to the true and fair view that the consolidated financial statements must give (in accordance with articles 48 of the Commercial Code and 260 of the Spanish Companies Act).
d. Companies over which joint control is maintained.
e. Company with no financial information available.
f. Investment managed discretionally by a manager outside the Santander Group, the voting rights not being, in this case, decisive in determining control of the entity.
g. Company over which effective control has been lost.
Annual report 2025899
