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6-K<\/p>\n<p>SECURITIES AND EXCHANGE COMMISSION<\/p>\n<p>Washington, D.C. 20549<\/p>\n<p>Report of Foreign Issuer<\/p>\n<p>Pursuant to Rule 13a-16 or 15d-16<\/p>\n<p>of the Securities Exchange Act of 1934<\/p>\n<p>For the month of July, 2026<\/p>\n<p>Commission File Number: 001-12518<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>Banco Santander, S.A.<\/p>\n<p>(Exact name of registrant as specified in its charter)<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>Ciudad Grupo Santander<\/p>\n<p>28660 Boadilla del Monte (Madrid) Spain<\/p>\n<p>(Address of principal executive office)<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:<\/p>\n<p>Form 20-F\u00a0\u00a0\u2612\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Form 40-F\u00a0\u00a0\u2610<\/p>\n<p>BANCO SANTANDER, S.A.<\/p>\n<p>________________________<\/p>\n<p>TABLE OF CONTENTS<\/p>\n<p>Part 1<\/p>\n<p>Interim consolidated directors\u2019 report<\/p>\n<p>3<\/p>\n<p>Interim unaudited consolidated financial statements<\/p>\n<p>93<\/p>\n<p>Part 2<\/p>\n<p>Supplemental information<\/p>\n<p>161<\/p>\n<p>Part 1. Interim consolidated directors&#8217; report and interim unaudited consolidated financial statements<\/p>\n<p>Index                                                                                            <\/p>\n<p>3<\/p>\n<p>Interim consolidated directors&#8217; report<\/p>\n<p>3<\/p>\n<p>SIGNIFICANT EVENTS IN THE PERIOD<\/p>\n<p>4<\/p>\n<p>KEY CONSOLIDATED DATA<\/p>\n<p>6<\/p>\n<p>BUSINESS MODEL<\/p>\n<p>7<\/p>\n<p>GROUP FINANCIAL INFORMATION<\/p>\n<p>7<\/p>\n<p>General background<\/p>\n<p>8<\/p>\n<p>Highlights of the period<\/p>\n<p>10<\/p>\n<p>Income statement <\/p>\n<p>18<\/p>\n<p>Balance sheet<\/p>\n<p>21<\/p>\n<p>Solvency ratios<\/p>\n<p>22<\/p>\n<p>Risk management<\/p>\n<p>26<\/p>\n<p>The Santander share<\/p>\n<p>28<\/p>\n<p>FINANCIAL INFORMATION BY SEGMENT<\/p>\n<p>45<\/p>\n<p>SUSTAINABILITY<\/p>\n<p>46<\/p>\n<p>CORPORATE GOVERNANCE<\/p>\n<p>47<\/p>\n<p>APPENDIX<\/p>\n<p>48<\/p>\n<p>Financial information<\/p>\n<p>70<\/p>\n<p>Alternative Performance Measures<\/p>\n<p>83<\/p>\n<p>Interim condensed consolidated financial statements<\/p>\n<p>86<\/p>\n<p>Glossary<\/p>\n<p>87<\/p>\n<p>Important information<\/p>\n<p>90<\/p>\n<p>Main risks and uncertainties<\/p>\n<p>91<\/p>\n<p>Other disclosures required by the Bank of Spain<\/p>\n<p>93<\/p>\n<p>Interim condensed consolidated financial statements<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g1.jpg\" alt=\"foto indice ENG.jpg\" style=\"height:294px; margin-bottom:5pt; vertical-align:text-bottom; width:802px\" id=\"i-1\"\/><\/p>\n<p>This report was approved by the board of directors on 21 July 2026, following a favourable report from the audit committee. Important information regarding this report can be found on pages 87, 88 and 89.<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-2\"\/><\/p>\n<p>Index<\/p>\n<p>Significant events in the period<\/p>\n<p>Completion of the TSB acquisition<\/p>\n<p>\u2022On 30 April 2026, Santander completed the acquisition of TSB Banking Group plc (TSB), the UK subsidiary of Banco de Sabadell, S.A. (Sabadell), having received the required regulatory approvals and fulfilled the conditions required for closing, for a cash consideration of approximately GBP 2.9 billion (approximately EUR 3.3 billion), with a -55 bp impact on the June 2026 CET1 capital ratio. <\/p>\n<p>\u2022TSB is fully incorporated within the Retail &amp; Commercial Banking global business. Therefore, from 1 May 2026, the balance sheet and results of Grupo Santander, Retail &amp; Commercial Banking (within Retail UK) and the UK secondary segment include TSB. As a result, unless otherwise stated, all metrics for Q2 2026 and H1 2026 included in this report incorporate TSB\u2019s business from May 2026. However, we provide some underlying income statements and balance sheet metrics excluding TSB to facilitate comparisons.<\/p>\n<p>\u2022As of 30 June 2026, TSB had approximately EUR 53 billion of total assets, a gross loan book of EUR 42 billion, more than 90% of which is residential mortgage lending, and around EUR 42 billion of customer funds, fully comprising customer deposits, of which over 80% are demand deposits. TSB has approximately 4,700 employees, around 180 branches and over 4 million customers in the UK.<\/p>\n<p>Changes to Group Reporting in 2026<\/p>\n<p>\u2022On 10 February 2026, the Group announced a series of changes to its reporting structure, effective from Q1 2026. They do not change the Group\u2019s reported profit attributable to the parent nor do they affect the Group&#8217;s targets announced to the market in the Q4 2025 results presentation.<\/p>\n<p>\u2022These changes, which affect the income statements and certain management metrics, have been applied to the information reported from Q1 2026 onwards, as well as to prior periods presented in this report to facilitate comparisons. These changes do not affect the Group\u2019s consolidated balance sheet. For further information on these changes, see the &#8216;Significant events in the period&#8217; section of the Q1 2026 Quarterly financial report. <\/p>\n<p>\u2022In addition, other minor changes affecting the primary and secondary segments were disclosed, which are detailed in the &#8216;Financial information by segment&#8217; section of this report. <\/p>\n<p>Announcement of the Webster acquisition<\/p>\n<p>\u2022On 3 February 2026, Santander announced that it had reached an agreement to acquire 100% of Webster Financial Corporation\u2019s (Webster) share capital, a US retail and commercial bank, highly complementary to the activities and services Santander provides in the US. The transaction is subject to customary closing conditions, including the corresponding regulatory approvals. In May 2026, Webster&#8217;s shareholders approved the transaction. Once completed, we expect that this acquisition, valued at USD 12.2 billion (approximately EUR 10.3 billion), will enable us to improve Santander&#8217;s positioning and market share in the country. <\/p>\n<p>Completion of the Poland disposal<\/p>\n<p>\u2022On 9 January 2026, Banco Santander and Erste Group Bank AG (Erste) announced the completion of the sale of Santander Bank Polska (Santander Poland), which had been disclosed in May 2025, after obtaining all required regulatory approvals and fulfilling of the conditions for closing. The abovementioned transaction will hereinafter be referred to as the &#8216;Poland disposal&#8217;. <\/p>\n<p>\u2022Erste acquired approximately 49% of the share capital of Santander Poland and the 50% of the asset management company (TFI) which was not integrated within Santander Poland, for a total cash consideration of approximately EUR 7 billion. The all-cash transaction at 584 zlotys per share values the bank at 2.2 times Q1 2025 tangible book value per share and represents a premium of 7.5% versus Santander Poland&#8217;s closing price on 2 May 2025, excluding the dividend paid in May 2025. <\/p>\n<p>\u2022The transaction generated a net capital gain of EUR 1,895 million for Santander, increasing its CET1 ratio by 95 basis points, equivalent to around EUR 6 billion. The financial impacts on both results and capital from this transaction were recorded in Q1 2026. For further information, see the &#8216;Alternative performance measures&#8217; section in this report.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-3\"\/><\/p>\n<p>3<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-4\"\/><\/p>\n<p>Index<\/p>\n<p>Key consolidated data<\/p>\n<p>BALANCE SHEET (EUR million) 1<\/p>\n<p>Jun-26Mar-26%Jun-26Jun-25%Dec-25Total assets1,954,465\u00a01,856,625\u00a05.3\u00a01,954,465\u00a01,815,888\u00a07.6\u00a01,867,515\u00a0Loans and advances to customers1,149,162\u00a01,070,809\u00a07.3\u00a01,149,162\u00a01,010,727\u00a013.7\u00a01,037,288\u00a0Customer deposits1,133,762\u00a01,059,261\u00a07.0\u00a01,133,762\u00a01,008,229\u00a012.5\u00a01,041,200\u00a0Total funds1,489,431\u00a01,394,819\u00a06.8\u00a01,489,431\u00a01,307,359\u00a013.9\u00a01,363,160\u00a0Total equity115,898\u00a0112,548\u00a03.0\u00a0115,898\u00a0108,985\u00a06.3\u00a0112,748\u00a0<\/p>\n<p>Note: total funds includes customer deposits, mutual funds, pension funds and managed portfolios.<\/p>\n<p>INCOME STATEMENT (EUR million) 2<\/p>\n<p>Q2&#8217;26Q1&#8217;26%H1&#8217;26H1&#8217;25%2025Net interest income11,692\u00a011,019\u00a06.1\u00a022,711\u00a021,211\u00a07.1\u00a042,348\u00a0Total income15,682\u00a015,140\u00a03.6\u00a030,822\u00a028,978\u00a06.4\u00a058,311\u00a0Net operating income9,277\u00a09,010\u00a03.0\u00a018,287\u00a016,580\u00a010.3\u00a033,532\u00a0Profit before tax4,932\u00a05,029\u00a0(1.9)9,961\u00a09,104\u00a09.4\u00a018,681\u00a0Profit attributable to the parent3,518\u00a05,455\u00a0(35.5)8,973\u00a06,833\u00a031.3\u00a014,101\u00a0<\/p>\n<p>Note: net operating income is defined as total income minus operating expenses.<\/p>\n<p>EPS AND PROFITABILITY (%) 2 3<\/p>\n<p>Q2&#8217;26Q1&#8217;26%H1&#8217;26H1&#8217;25%2025EPS (euros)0.23\u00a00.36\u00a0(35.5)0.60\u00a00.43\u00a037.6\u00a00.91\u00a0RoE13.7\u00a015.1\u00a015.1\u00a013.6\u00a013.9\u00a0RoTE15.8\u00a017.3\u00a017.4\u00a016.0\u00a016.3\u00a0RoA0.82\u00a00.92\u00a00.91\u00a00.81\u00a00.84\u00a0RoRWA2.56\u00a02.80\u00a02.81\u00a02.35\u00a02.44\u00a0<\/p>\n<p>UNDERLYING INCOME STATEMENT <\/p>\n<p>(EUR million) 4 5<\/p>\n<p>Q2&#8217;26Q1&#8217;26%H1&#8217;26H1&#8217;25%2025Net interest income11,692\u00a011,019\u00a06.1\u00a022,711\u00a021,237\u00a06.9\u00a042,401\u00a0Total income15,707\u00a015,140\u00a03.7\u00a030,847\u00a028,966\u00a06.5\u00a058,308\u00a0Net operating income8,980\u00a08,656\u00a03.7\u00a017,636\u00a015,715\u00a012.2\u00a031,898\u00a0Profit before tax5,318\u00a05,029\u00a05.7\u00a010,347\u00a09,338\u00a010.8\u00a018,936\u00a0Underlying profit attributable to the parent3,768\u00a03,560\u00a05.8\u00a07,328\u00a06,377\u00a014.9\u00a013,152\u00a0Changes in constant euros:Q2&#8217;26 \/ Q1&#8217;26: NII: +4.8%; Total income: +2.5%; Net operating income: +2.4%; Profit before tax: +4.7%; Underlying attributable profit: +4.8%.H1&#8217;26 \/ H1&#8217;25: NII: +6.3%; Total income: +5.8%; Net operating income: +11.2%; Profit before tax: +10.0%; Underlying attributable profit: +14.3%.<\/p>\n<p>UNDERLYING EPS, PROFITABILITY AND EFFICIENCY (%) 3 4 5<\/p>\n<p>Q2&#8217;26Q1&#8217;26%H1&#8217;26H1&#8217;25%2025Underlying EPS (euros)0.25\u00a00.23\u00a07.6\u00a00.48\u00a00.40\u00a019.9\u00a00.84\u00a0Underlying RoE13.9\u00a013.3\u00a013.6\u00a012.7\u00a013.0\u00a0Underlying RoTE16.0\u00a015.2\u00a015.6\u00a014.9\u00a015.2\u00a0Underlying RoA0.84\u00a00.82\u00a00.83\u00a00.77\u00a00.79\u00a0Underlying RoRWA2.60\u00a02.49\u00a02.55\u00a02.23\u00a02.31\u00a0Efficiency ratio42.8\u00a042.8\u00a042.8\u00a045.7\u00a045.3\u00a0SOLVENCY (%)Jun-26Mar-26Jun-26Jun-25Dec-25Phased-in CET1 ratio14.0\u00a014.4\u00a014.0\u00a013.0\u00a013.5\u00a0Phased-in total capital ratio18.8\u00a018.9\u00a018.8\u00a017.2\u00a017.8\u00a0<\/p>\n<p>4<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-5\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-6\"\/><\/p>\n<p>Index<\/p>\n<p>CREDIT QUALITY (%) 3<\/p>\n<p>Jun-26Mar-26Jun-26Jun-25Dec-25<\/p>\n<p>Cost of risk 5 6<\/p>\n<p>1.15\u00a01.14\u00a01.15\u00a01.13\u00a01.14\u00a0NPL ratio2.93\u00a03.00\u00a02.93\u00a02.90\u00a02.91\u00a0NPL coverage ratio64\u00a066\u00a064\u00a067\u00a066\u00a0MARKET CAPITALIZATION AND SHARESJun-26Mar-26%Jun-26Jun-25%Dec-25Shares (millions)14,689\u00a014,689\u00a00.0\u00a014,689\u00a014,885\u00a0(1.3)14,689\u00a0Number of shareholders3,508,619\u00a03,503,270\u00a00.2\u00a03,508,619\u00a03,508,261\u00a00.03,518,729\u00a0Share price (euros)12.084\u00a09.490\u00a027.3\u00a012.084\u00a07.027\u00a072.0\u00a010.070\u00a0Market capitalization (EUR million)177,506\u00a0139,402\u00a027.3\u00a0177,506\u00a0104,599\u00a069.7\u00a0147,921\u00a0Tangible book value per share (euros)6.32\u00a06.13\u00a06.32\u00a05.50\u00a05.76\u00a0Price \/ Tangible book value per share (X)1.91\u00a01.55\u00a01.91\u00a01.28\u00a01.75\u00a0CUSTOMERS (thousands)Jun-26Mar-26%Jun-26Jun-25%Dec-25Total customers182,488\u00a0176,312\u00a03.5\u00a0182,488\u00a0170,412\u00a07.1174,197\u00a0Active customers105,684\u00a0102,247\u00a03.4\u00a0105,684\u00a0100,025\u00a05.7\u00a0101,651\u00a0Digital customers61,998\u00a060,435\u00a02.6\u00a061,998\u00a057,241\u00a08.359,040\u00a0<\/p>\n<p>Note: customer data in 2025 exclude Poland. Including Poland: in December 2025, total customers 180,221; active customers 106,410; digital customers 62,982. In June 2025, total customers 176,431; active customers 104,733; digital customers 61,100.<\/p>\n<p>OTHER DATA Jun-26Mar-26%Jun-26Jun-25%Dec-25Number of employees185,279\u00a0185,243\u00a00.0\u00a0185,279\u00a0193,678\u00a0(4.3)187,539\u00a0Number of branches6,496\u00a06,589\u00a0(1.4)6,496\u00a07,322\u00a0(11.3)6,765\u00a0<\/p>\n<p>Note: employees and branches data in 2025 exclude Poland. Including Poland: in December 2025, number of employees 198,403; number of branches 7,124. In June 2025, number of employees 204,330; number of branches 7,683.<\/p>\n<p>Note: for Argentina and any grouping which includes it, the variations in constant euros have been calculated considering the Argentine peso exchange rate on the last working day for each of the periods presented. For further information, see the &#8216;Alternative performance measures&#8217; section in the appendix to this report. <\/p>\n<p>Certain figures contained in this report, have been subject to rounding to enhance their presentation. Accordingly, in certain instances, the sum of the numbers in a column or a row in tables contained in this report may not conform exactly to the total figure given for that column or row.<\/p>\n<p>1.In the Group&#8217;s consolidated balance sheet, balances as at 30 June 2026 include TSB, affecting comparisons with prior periods. The assets associated with the Poland disposal were classified under the &#8216;non-current assets held for sale&#8217; line item and the related liabilities under &#8216;liabilities associated with non-current assets held for sale&#8217; from the announcement of disposal until its completion.<\/p>\n<p>2.In the statutory income statement, results associated with the business subject to the Poland disposal in all periods in 2025 and the resulting capital gain in Q1 2026 are reported under a single line item in the consolidated income statement \u2014 &#8216;profit\/(loss) after tax from discontinued operations&#8217;. Consequently, the results from the Poland disposal perimeter are excluded line by line from the breakdown of continuing operations, though they are included in the profit attributable to the parent and, therefore, in the metrics calculated based on said profit.<\/p>\n<p>3.For further information, see the &#8216;Alternative performance measures&#8217; section in this report.<\/p>\n<p>4.In the underlying income statement, results associated with the business subject to the Poland disposal in all periods in 2025 and the resulting capital gain in Q1 2026 are recorded in &#8216;non-recurring items&#8217;. This line item also includes restructuring costs associated with M&amp;A transactions, such as those recorded in Q2 2026 relating to the TSB acquisition. These items grouped under \u2018non-recurring items\u2019 are excluded from underlying profit and underlying metrics, and explain the difference between underlying attributable profit and profit attributable to the parent.<\/p>\n<p>5.In addition to financial information prepared in accordance with International Financial Reporting Standards (IFRS) and derived from our consolidated financial statements, this report contains certain financial measures that constitute alternative performance measures (APMs) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non-IFRS financial measures, including the figures related to \u201cunderlying\u201d results, which do not include factors that are outside the ordinary course of our business, or have been reclassified within the underlying income statement. Further details are provided in the &#8216;Alternative performance measures&#8217; section in the appendix to this report. For further details on the APMs and non-IFRS measures used, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the annual consolidated financial statements prepared under IFRS, please see our 2025 Annual financial report, published in the CNMV on 25 February 2026, our 20-F report for the year ending 31 December 2025 filed with the SEC in the United States on 25 February 2026, as updated by the Form 6-K filed with the SEC on 1 April 2026 in order to reflect our new reporting structure as well as the &#8216;Alternative performance measures&#8217; section in this report.<\/p>\n<p>6.Underlying allowances for loan-loss provisions over the last 12 months \/ Average loans and advances to customers and debt securities issued by non-financial institutions over the last 12 months.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-7\"\/><\/p>\n<p>5<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-8\"\/><\/p>\n<p>Index<\/p>\n<p>Our business model<\/p>\n<p>CUSTOMER FOCUSBuilding a digital bank with branches<\/p>\n<p>\u2192 We continue to build a digital bank with branches, with a multichannel proposition designed to meet all our customers&#8217; financial needs.<\/p>\n<p>182 mn<\/p>\n<p>106 mn<\/p>\n<p>total customersactive customersSCALEGlobal and in-market scale<\/p>\n<p>\u2192 Our global and in-market scale helps us to improve our local banks&#8217; profitability, adding value and network benefits.<\/p>\n<p>\u2192 Our activity is organized under five global businesses: Retail &amp; Commercial Banking (Retail), Openbank, Corporate &amp; Investment Banking (CIB), Wealth Management &amp; Insurance (Wealth) and Payment Solutions (Payments).<\/p>\n<p>\u2192 Our five global businesses support value creation based on the profitable growth and the operational leverage that ONE Santander provides. <\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g4.jpg\" alt=\"modelo.jpg\" style=\"height:236px; margin-bottom:5pt; vertical-align:text-bottom; width:302px\" id=\"i-9\"\/>DIVERSIFICATIONBusiness, geographical and balance sheet<\/p>\n<p>\u2192 Well-balanced diversification between businesses and markets with a solid and simple balance sheet that gives us recurrent net operating income with low volatility and more predictable results.<\/p>\n<p>Our corporate culture<\/p>\n<p>The Santander Way remains unchanged to continue to deliver for all our stakeholders<\/p>\n<p>Our purpose<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g5.jpg\" alt=\"Circulo eng.jpg\" style=\"height:251px; margin-bottom:5pt; vertical-align:text-bottom; width:309px\" id=\"i-10\"\/><\/p>\n<p>To help people and businesses prosper<\/p>\n<p>Our aim<\/p>\n<p>To be the best open financial services platform, by acting responsibly and earning the lasting loyalty of our people, customers, shareholders and communities<\/p>\n<p>Our how<\/p>\n<p>Everything we do should be Simple, Personal and Fair<\/p>\n<p>6<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-11\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-12\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022General background<\/p>\n<p>Group financial information<\/p>\n<p>General background<\/p>\n<p>Grupo Santander&#8217;s operating environment in Q2 2026 was characterized by some volatility, particularly due to geopolitical tensions in the Middle East. However, at the end of the quarter, economic growth indicators were solid across our footprint and unemployment rates remained relatively low in general. Uncertainty regarding the global economic outlook persists and we therefore expect a moderate economic slowdown compared to our previous estimates, as well as a pickup in global inflation, driven by a negative supply shock resulting from the conflict in the Middle East.<\/p>\n<p>Country<\/p>\n<p>GDP Change1<\/p>\n<p>Economic performance<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g6.jpg\" alt=\"EU.jpg\" style=\"height:26px; margin-bottom:5pt; vertical-align:text-bottom; width:26px\" id=\"i-13\"\/><\/p>\n<p>Eurozone<\/p>\n<p>+0.3%Economic growth slowed and inflation increased following the conflict with Iran, due to higher energy prices, though second-round effects remained limited. In June, the ECB raised its deposit facility rate to 2.25%.<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g7.jpg\" alt=\"Spain.jpg\" style=\"height:26px; margin-bottom:5pt; vertical-align:text-bottom; width:26px\" id=\"i-14\"\/><\/p>\n<p>Spain<\/p>\n<p>+2.7%<\/p>\n<p>Indicators in Q2 2026 point to solid growth, albeit more moderate than in the previous quarter. Industrial activity remained dynamic, partly driven by front-loading of orders, while consumer confidence deteriorated further. Employment accelerated in Q2 2026 and unemployment fell to 2.2 million. Inflation stabilized at 3.2% in June, though services prices are accelerating. So far, there are no clear signs of second-round effects.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g8.jpg\" alt=\"UK.jpg\" style=\"height:26px; margin-bottom:5pt; vertical-align:text-bottom; width:26px\" id=\"i-15\"\/><\/p>\n<p>UK<\/p>\n<p>+0.9%The economy started 2026 more strongly than expected, but more recent data point to a clear loss of momentum. The labour market continued to weaken, though the pace of rebalancing could be stabilizing: the unemployment rate fell to 4.9%, partly due to higher inactivity, while private sector wage growth moderated further. Headline inflation fell to 2.8% in May. Following the 25 bp cut in January, the Bank of England held interest rates at 3.75% in June.<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g9.jpg\" alt=\"Portugal.jpg\" style=\"height:26px; margin-bottom:5pt; vertical-align:text-bottom; width:26px\" id=\"i-16\"\/><\/p>\n<p>Portugal<\/p>\n<p>+2.3%Portugal began Q2 2026 with moderate growth after stagnating in Q1 2026. The rebound in inflation to 3.3% in May and weaker confidence could weigh on consumption, though the solid labour market (with the unemployment rate at 5.5% in May), tourism and sound public finances should continue to support activity. The main downside risk stems from weakness in external demand and goods exports. S&amp;P, Fitch and DBRS revised the sovereign debt outlooks from stable to positive in 2026.<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g10.jpg\" alt=\"US.jpg\" style=\"height:26px; margin-bottom:5pt; vertical-align:text-bottom; width:26px\" id=\"i-17\"\/><\/p>\n<p>US<\/p>\n<p>+2.7%Solid economic growth in Q2 2026 was driven by the sharp increase in investment, despite uncertainty stemming from the conflict in the Middle East. The unemployment rate remained stable, with employment growth in line with labour force growth. Inflation remained elevated in June (3.5%). The Federal Reserve held the interest rate range at 3.5%\u20133.75% in June and noted concerns about inflation having been above the 2% target for more than five years.<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g11.jpg\" alt=\"Mexico.jpg\" style=\"height:26px; margin-bottom:5pt; vertical-align:text-bottom; width:26px\" id=\"i-18\"\/><\/p>\n<p>Mexico<\/p>\n<p>+0.2%After a weak Q1 2026, the economy showed signs of recovery at the beginning of Q2 2026, which we expect to strengthen in the coming months, albeit with modest growth. Exports continued to grow solidly and the labour market remained resilient, with a very low unemployment rate (2.7% in May). Inflation moderated to 3.4% in June, mainly driven by lower food prices. The central bank cut interest rates by 25 bps again in May, bringing them to 6.5%, and indicated it is likely to hold rates going forward.<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g12.jpg\" alt=\"Brazil.jpg\" style=\"height:26px; margin-bottom:5pt; vertical-align:text-bottom; width:26px\" id=\"i-19\"\/><\/p>\n<p>Brazil<\/p>\n<p>+1.8%At the beginning of Q2 2026, the economy consolidated the recovery that began in the previous two quarters, supported by the reactivation of industrial activity and the resilience of services. The labour market remained solid, with the unemployment rate close to historical lows (5.6% in May). Inflation rebounded to 4.6% in June, driven by higher fuel, transport and food prices, and services prices remained elevated. The central bank continued its gradual easing cycle, lowering the policy rate by 25 bps in April and again in June to 14.25%, and remained cautious about the outlook, closely monitoring inflation trends and expectations.<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g13.jpg\" alt=\"Chile.jpg\" style=\"height:26px; margin-bottom:5pt; vertical-align:text-bottom; width:26px\" id=\"i-20\"\/>Chile-0.5%Following the decline in Q1 2026, the economy remained weak in Q2 2026, driven by domestic demand, though there are signs of improvement in mining. Inflation picked up to 4.3% in June, mainly driven by energy and food prices, though expectations remain anchored at the 3% target from 2027 onwards. In Q2 2026, the central bank held rates at 4.5%, adopting a cautious tone given the conflict in the Middle East, though it acknowledged that inflation risks are beginning to balance out.<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g14.jpg\" alt=\"Argentina.jpg\" style=\"height:26px; margin-bottom:5pt; vertical-align:text-bottom; width:26px\" id=\"i-21\"\/>Argentina+2.3%During 2026, the economy has shown mixed signals, with weaker domestic demand, while exports remained solid. In Q2 2026, inflation moderated following the uptick at the beginning of the year, with a monthly average inflation of 2.2% in Q2 2026, compared to 3.1% in Q1 2026. The central bank maintained a restrictive stance, though with some signs of easing at the margin. Fiscal policy remained contractionary, meeting surplus targets and contributing to Fitch&#8217;s and S&amp;P\u2019s recent sovereign rating upgrades from CCC+ to B-.<\/p>\n<p>1.Year-on-year changes for Q1 2026.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-22\"\/><\/p>\n<p>7<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-23\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Highlights of the period<\/p>\n<p>Highlights of the period: main figures<\/p>\n<p>ATTRIBUTABLE PROFITQ2&#8217;26EUR 3,518 mn-36% in euros \/Q1&#8217;26H1&#8217;26EUR 8,973 mn+31% in euros \/H1&#8217;25UNDERLYING ATT. PROFITQ2&#8217;263,768 mill. euros+6% in euros\/ Q1&#8217;26+5% in constant eurosH1&#8217;267,328 mill. euros+15% in euros\/ H1&#8217;25+14% in constant eurosRoTE<\/p>\n<p>RoTE (underlying)<\/p>\n<p>17.4%15.6%+1.4 pp+0.7 pp\/H1&#8217;25VOLUMES AND REVENUELoans and advances to customersCustomer<br \/>funds+9%+11%Net interest incomeNet fee<br \/>income+6%+7%Note: YoY changes in constant euros and Argentina in current euros.EFFICIENCY42.8%-3 pp \/H1&#8217;25COST OF RISK1.15%+2 bps \/Jun-25<\/p>\n<p>CET1 RATIO1<\/p>\n<p>14.0%-0.4 pp \/Mar-26<\/p>\n<p>uIn Q2 2026, profit attributable to the parent was EUR 3,518 million, which included TSB results from May 2026. The quarter-on-quarter comparison was significantly impacted by the EUR 1,895 million capital gain from the completion of the Poland disposal in Q1 2026 and by EUR 250 million of restructuring charges associated with the TSB integration in Q2 2026, resulting in a 36% decline. <\/p>\n<p>Excluding these two non-recurring impacts, underlying attributable profit was EUR 3,768 million, achieving another quarterly record, up 6% compared to Q1 2026. In constant euros, profit increased 5% quarter-on-quarter, supported by strong increases in net interest income and net fee income. Additionally, the quarter-on-quarter comparison was favoured by the incorporation of TSB and the provisions for potential complaints related to motor finance dealer commissions in the UK recorded in Q1 2026. <\/p>\n<p>uYear-on-year, profit attributable to the parent in H1 2026 increased 31% to EUR 8,973 million, favoured by the aforementioned capital gain. In underlying terms, profit rose 15% year-on-year to EUR 7,328 million. In constant euros, underlying attributable profit rose 14%, driven by good performances in revenue and costs, with the cost of risk practically stable, and a small positive impact from the incorporation of TSB.<\/p>\n<p>uUnderlying attributable profit grew strongly year-on-year across most of our global businesses, supported by good revenue performances and cost management.<\/p>\n<p>uThese strong results put us in a good position to meet our 2026 targets.<\/p>\n<p>uProfitability improved significantly year-on-year, achieving a RoTE of 17.4% in H1 2026 and the underlying RoTE increased to 15.6%, advancing towards our goal of achieving a RoTE above 20% in 2028.<\/p>\n<p>uWe continued to record sustained earnings per share growth, increasing to EUR 60 cents in H1 2026, favoured by the capital gain from the Poland disposal. Underlying earnings per share improved by 20% year-on-year to EUR 48 cents, boosted by positive profit trends and the share buybacks executed over the last 12 months.<\/p>\n<p>uIn terms of business volumes, both loans and advances to customers and customer funds grew at a solid pace, supported by our focus on active and disciplined capital management and profitable growth. They were also favoured by the incorporation of TSB. <\/p>\n<p>Gross loans and advances to customers (excluding reverse repos) rose 9% year-on-year in constant euros. Excluding TSB, they increased 5% in constant euros, boosted by widespread growth across businesses.<\/p>\n<p>Customer funds (customer deposits excluding repos plus mutual funds) grew 11% year-on-year in constant euros. Excluding TSB, they rose 7% in constant euros, increasing across all global businesses. Customer deposits excluding TSB rose 5% in constant euros, mainly driven by time deposits, and mutual funds increased double digits.<\/p>\n<p>uIn a somewhat volatile environment, total income grew 6% year-on-year. In constant euros, it also rose 6% (+5% excluding TSB, in line with our 2026 target), underpinned by solid performances in net interest income (+6%), driven by higher volumes and our active balance sheet management, and net fee income (+7%), boosted by higher activity and transactionality.<\/p>\n<p>uTotal costs were flat year-on-year in euros. In constant euros, they decreased 1%, -2% excluding TSB, in line with our 2026 target. These solid performances in revenue and costs continued to reflect the progress in our ONE Transformation strategy. As a result, the efficiency ratio improved year-on-year to 42.8%, supported by all businesses.<\/p>\n<p>uCredit quality remained robust, supported by our good risk management and low unemployment levels across our footprint. The Group&#8217;s cost of risk was virtually unchanged year-on-year at 1.15%, even after the impact from a weaker performance in Argentina in the year, reflecting sector-wide trends in the country. In Retail and Openbank, which accounted for more than 90% of the Group&#8217;s net loan-loss provisions, cost of risk was 1.19% and 2.09%, respectively.<\/p>\n<p>u The NPL ratio remained at low levels (2.93%), broadly in line with June 2025 (+3 bps year-on-year). The NPL coverage ratio stood at 64%. Total loan-loss reserves ended the quarter at EUR 24,207 million.<\/p>\n<p>uThe CET1 ratio ended June 2026 at 14.0% after recording a -55 bp impact from the closing of the TSB acquisition. Excluding this impact, the CET1 ratio rose 0.2 pp in the quarter, with net organic generation (+27 bps), from +61 bps from attributable profit, -33 bps from capital distributions2 (in line with our 50% payout target) and -1 bp from net RWA growth. Taking into account the expected impact from the Webster acquisition, which is still subject to completion, we remain on track to meet our aim to end the year with a CET1 ratio in the range of 12.8-13%, at the top end of our 12-13% operating range.<\/p>\n<p>Note: in this section, unless indicated otherwise, results are presented on an underlying basis and management metrics exclude Poland in all periods of 2025. For further information, see the &#8216;Significant events in the period&#8217; and &#8216;Alternative performance measures&#8217; sections in this report.<\/p>\n<p>1.CET1 ratio on a phased-in basis, calculated in accordance with the transitory treatment of the CRR.<\/p>\n<p>2.Capital distribution includes deduction for the accrual of ordinary shareholder remuneration and AT1 costs. For further information on our shareholder remuneration policy, see the &#8216;Santander share&#8217; section in this report.<\/p>\n<p>8<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-24\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-25\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Highlights of the period<\/p>\n<p>ORDINARY SHAREHOLDER REMUNERATION*EUR million<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g15.jpg\" alt=\"eng.jpg\" style=\"height:63px; margin-bottom:5pt; vertical-align:text-bottom; width:151px\" id=\"i-26\"\/>+14%higher than 2024 total cash dividend*Remuneration based on the full-year results of each periodTNAVps + CASH DPS<\/p>\n<p>n\u00a0Cash DPS: EUR 24.00 cents<\/p>\n<p>+19%<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g16.jpg\" alt=\"tnav eng.jpg\" style=\"height:79px; margin-bottom:5pt; vertical-align:text-bottom; width:102px\" id=\"i-27\"\/>\/Jun-25<\/p>\n<p>uOn 27 March 2026, the general shareholders&#8217; meeting approved a final cash dividend of EUR 12.50 cents per share against H2 2025 results, which was paid in May 2026. Considering the interim cash dividend of EUR 11.50 cents per share paid in November 2025, the total cash dividend per share paid against 2025 results was EUR 24.00 cents, 14% higher than that paid against 2024 results.<\/p>\n<p>uOn 3 February 2026, the board of directors approved the Second 2025 Buyback Programme worth up to EUR 5,030 million. The programme started on 4 February 2026. <\/p>\n<p>This programme includes EUR 1,830 million as part of our ordinary shareholder remuneration policy charged against H2 2025 results and the remaining amount corresponds to an extraordinary buyback of EUR 3,200 million, equivalent to approximately 50% of the CET1 capital generated following completion of the Poland disposal.<\/p>\n<p>This programme puts us on track to achieve our goal of distributing at least EUR 10 billion through share buybacks charged against 2025 and 2026 results and against expected capital excess1. Considering the share buyback currently underway, we have already carried out approximately 80% of this goal.<\/p>\n<p>uConsidering the cash dividends and the two share buybacks as part of our ordinary payout policy, total shareholder remuneration charged against 2025 results will be around EUR 7,030 million (approximately 50% of the Group&#8217;s 2025 net reported profit, excluding non-cash, non-capital ratios impact items), split almost evenly between cash dividends and share buybacks. This is a 12% increase compared to the ordinary shareholder remuneration charged against 2024 results.<\/p>\n<p>uAt the end of the quarter, TNAV per share was EUR 6.32. Including the cash dividends charged against 2025 results, TNAV per share increased 19% year-on-year.<\/p>\n<p>CUSTOMER GROWTH <\/p>\n<p>(vs. Jun-25)<\/p>\n<p>Total customers:+12mnActive customers:+6mn<\/p>\n<p>uWe continued to make progress in the implementation of our global platforms, which represent a clear competitive advantage, as the capability to build platforms once and deploy them across multiple markets enables us to improve time-to-market, cost to serve and customer satisfaction.<\/p>\n<p>uThese developments, alongside other initiatives focused on delivering the best experience to our customers and improving service quality, enable us to continue to attract more customers to the Group.<\/p>\n<p>uAs a result, total customers increased 12 million year-on-year and active customers grew 6 million year-on-year, both also favoured by the incorporation of TSB.<\/p>\n<p>Contribution to Group revenue 2<\/p>\n<p>Retail<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g17.jpg\" alt=\"Rosco Retail.jpg\" style=\"height:33px; margin-bottom:5pt; vertical-align:text-bottom; width:37px\" id=\"i-28\"\/>55%<\/p>\n<p>Openbank<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g18.jpg\" alt=\"Rosco Consumer.jpg\" style=\"height:33px; margin-bottom:5pt; vertical-align:text-bottom; width:37px\" id=\"i-29\"\/>21%<\/p>\n<p>CIB<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g19.jpg\" alt=\"Rosco CIB.jpg\" style=\"height:33px; margin-bottom:5pt; vertical-align:text-bottom; width:37px\" id=\"i-30\"\/>15%<\/p>\n<p>Wealth<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g20.jpg\" alt=\"Rosco Wealth.jpg\" style=\"height:33px; margin-bottom:5pt; vertical-align:text-bottom; width:37px\" id=\"i-31\"\/>7%<\/p>\n<p>Payments<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g21.jpg\" alt=\"Rosco Payments.jpg\" style=\"height:33px; margin-bottom:5pt; vertical-align:text-bottom; width:37px\" id=\"i-32\"\/>2%<\/p>\n<p>H1 2026 data. Year-on-year changes in constant euros.<\/p>\n<p>uIn Retail, underlying attributable profit grew 12% to EUR 4,124 million, boosted by solid performance in revenue and by a strong reduction in costs, reflecting our transformation efforts. It was also slightly favoured by the incorporation of TSB from May 2026. <\/p>\n<p>uThe efficiency ratio improved to 40.5% and cost of risk stood at 1.19%. RoTE rose to 17.1%.<\/p>\n<p>uIn Openbank, profit before tax increased 15% excluding the additional provisions in the UK, driven by solid performances in revenue and costs, which was not reflected in underlying attributable profit, which was also impacted by the end of tax benefits for electric vehicles in the US in 2025.<\/p>\n<p>uThe efficiency ratio improved to 41.6% and cost of risk stood at 2.09%, with RoTE at 7.7%.<\/p>\n<p>uIn CIB, underlying attributable profit increased 17% to EUR 1,742 million, due to higher revenue across all business lines, but especially due to a strong Q1 in Global Markets and a solid Q2 in Global Banking.<\/p>\n<p>uThe efficiency ratio improved to 40.8% and RoTE to 20.3%.<\/p>\n<p>uIn Wealth, underlying attributable profit rose 19% to EUR 1,083 million, boosted by solid activity, with double-digit growth in both net fee income and gains on financial transactions.<\/p>\n<p>uThe efficiency ratio improved to 35.0% and RoTE was 56.9%.<\/p>\n<p>uIn Payments, underlying attributable profit increased significantly to EUR 78 million, with revenue growing at a much faster pace than costs, boosted by higher activity.<\/p>\n<p>uEBITDA margin reached 32.6% (+3.8 pp year-on-year).<\/p>\n<p>1.As previously announced, Santander intends to allocate at least EUR 10 billion to shareholders through share buybacks charged against 2025 and 2026 results and against the expected capital excess. This share buyback target includes: i) buybacks that are part of the existing shareholder remuneration policy; and ii) additional buybacks following the publication of annual results to distribute year-end excesses of CET1 capital. The implementation of the shareholder remuneration policy and additional buybacks is subject to corporate and regulatory decisions and approvals.<\/p>\n<p>2.As % of total operating areas, excluding the Corporate Centre.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-33\"\/><\/p>\n<p>9<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-34\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Statutory income statement<\/p>\n<p>Grupo Santander results<\/p>\n<p>As a result of the announcement of the Poland disposal and in accordance with IFRS 5 requirements, in the statutory income statement, results associated with the business subject to the Poland disposal are reported under a single line item in the consolidated income statement \u2014 &#8216;profit\/(loss) after tax from discontinued operations&#8217; \u2014 for results corresponding to 2025. Additionally, in Q1 2026, the capital gain from the closing of the Poland disposal was recorded in the same &#8216;profit\/(loss) after tax from discontinued operations&#8217; line item. For further information, see the &#8216;Alternative performance measures&#8217; section in this report. Furthermore, as mentioned in the &#8216;Significant events in the period&#8217; section, Q2 2026 results include TSB from May 2026.<\/p>\n<p>Grupo Santander. Summarized income statementEUR  millionChangeChangeQ2&#8217;26Q1&#8217;26%H1&#8217;26H1&#8217;25%Net interest income11,692\u00a011,019\u00a06.1\u00a022,711\u00a021,211\u00a07.1\u00a0<\/p>\n<p>Net fee income 1 <\/p>\n<p>3,494\u00a03,357\u00a04.1\u00a06,851\u00a06,342\u00a08.0\u00a0<\/p>\n<p>Gains or losses on financial assets and liabilities and exchange differences 2<\/p>\n<p>81\u00a0651\u00a0(87.6)732\u00a01,032\u00a0(29.1)Dividend income534\u00a090\u00a0493.3\u00a0624\u00a0471\u00a032.5\u00a0Share of results of entities accounted for using the equity method163\u00a0313\u00a0(47.9)476\u00a0332\u00a043.4\u00a0<\/p>\n<p>Other operating income\/expenses (net) 3<\/p>\n<p>(282)(290)(2.8)(572)(410)39.5\u00a0Total income15,682\u00a015,140\u00a03.6\u00a030,822\u00a028,978\u00a06.4\u00a0Operating expenses(6,405)(6,130)4.5\u00a0(12,535)(12,398)1.1\u00a0\u00a0\u00a0\u00a0Administrative expenses(5,566)(5,302)5.0\u00a0(10,868)(10,772)0.9\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Staff costs   (3,551)(3,379)5.1\u00a0(6,930)(6,736)2.9\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Other general administrative expenses   (2,015)(1,923)4.8\u00a0(3,938)(4,036)(2.4)\u00a0\u00a0\u00a0Depreciation and amortization(839)(828)1.3\u00a0(1,667)(1,626)2.5\u00a0Provisions or reversal of provisions(985)(765)28.8\u00a0(1,750)(1,012)72.9\u00a0Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)(3,373)(3,198)5.5\u00a0(6,571)(6,524)0.7\u00a0Impairment on other assets (net)(8)(22)(63.6)(30)(147)(79.6)Gains or losses on non-financial assets and investments, net3\u00a013\u00a0(76.9)16\u00a0(32)\u2014\u00a0Negative goodwill recognized in results5\u00a0\u2014\u00a0\u2014\u00a05\u00a022\u00a0(77.3)Gains or losses on non-current assets held for sale not classified as discontinued operations13\u00a0(9)\u2014\u00a04\u00a0217\u00a0(98.2)Profit or loss before tax from continuing operations4,932\u00a05,029\u00a0(1.9)9,961\u00a09,104\u00a09.4\u00a0Tax expense or income from continuing operations(1,192)(1,250)(4.6)(2,442)(2,367)3.2\u00a0Profit from the period from continuing operations3,740\u00a03,779\u00a0(1.0)7,519\u00a06,737\u00a011.6\u00a0Profit or loss after tax from discontinued operations\u2014\u00a01,895\u00a0(100.0)1,895\u00a0726\u00a0161.0\u00a0Profit for the period3,740\u00a05,674\u00a0(34.1)9,414\u00a07,463\u00a026.1\u00a0Profit attributable to non-controlling interests(222)(219)1.4\u00a0(441)(630)(30.0)Profit attributable to the parent3,518\u00a05,455\u00a0(35.5)8,973\u00a06,833\u00a031.3\u00a0EPS (euros)0.23\u00a00.36\u00a0(35.5)0.60\u00a00.43\u00a037.6\u00a0Diluted EPS (euros)0.23\u00a00.36\u00a0(35.5)0.60\u00a00.43\u00a037.6\u00a0Memorandum items:\u00a0\u00a0\u00a0Average total assets1,923,462\u00a01,847,367\u00a04.1\u00a01,885,415\u00a01,835,466\u00a02.7\u00a0\u00a0\u00a0\u00a0Average stockholders&#8217; equity108,548\u00a0107,148\u00a01.3\u00a0107,848\u00a0100,703\u00a07.1\u00a0Note: the summarized income statement groups some lines of the consolidated statutory income statement on page 85 as follows:<\/p>\n<p>1.\u2018Commission income\u2019 and \u2018Commission expense\u2019.<\/p>\n<p>2.\u2018Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net\u2019; \u2018Gain or losses on financial assets and liabilities held for trading, net\u2019; \u2018Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss\u2019; \u2018Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net\u2019; \u2018Gain or losses from hedge accounting, net\u2019; and \u2018Exchange differences, net\u2019.<\/p>\n<p>3.\u2018Other operating income\u2019; \u2018Other operating expenses\u2019; \u2019Income from insurance and reinsurance contracts\u2019; and \u2018Expenses from insurance and reinsurance contracts\u2019.<\/p>\n<p>10<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-35\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-36\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Statutory income statement<\/p>\n<p>Statutory income statement<\/p>\n<p>H1 2026 results compared to H1 2025 <\/p>\n<p>In H1 2026, profit attributable to the parent totalled EUR 8,973 million, including the capital gain of EUR 1,895 million from the closing of the Poland disposal in Q1 2026 and TSB results from May 2026. Thus, profit increased 31% year-on-year, also supported by the solid performances across businesses and good activity levels.<\/p>\n<p>Total income<\/p>\n<p>Total income in H1 2026 amounted to EUR 30,822 million, up 6% year-on-year. By line:<\/p>\n<p>\u2022Net interest income (NII) totalled EUR 22,711 million, 7% higher than in H1 2025, supported by solid performances in Retail, CIB and Openbank.<\/p>\n<p>Net interest incomeEUR million<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g22.jpg\" alt=\"1776\" style=\"height:158px; margin-bottom:5pt; vertical-align:text-bottom; width:325px\" id=\"i-37\"\/><\/p>\n<p>\u2022Net fee income amounted to EUR 6,851 million, up 8% compared to H1 2025, underpinned by growth across all businesses. Of note were Retail, where we saw strong growth across most countries, and CIB and Wealth, both driven by solid commercial activity. <\/p>\n<p>Net fee incomeEUR million<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g23.jpg\" alt=\"2069\" style=\"height:158px; margin-bottom:5pt; vertical-align:text-bottom; width:325px\" id=\"i-38\"\/><\/p>\n<p>\u2022Gains or losses on financial assets and liabilities and exchange differences reached EUR 732 million (EUR 1,032 million in H1 2025) driven by lower results in the Corporate Centre, due to a greater impact from foreign currency hedges, and in CIB, affected by lower volatility in Europe and Latin America. <\/p>\n<p>\u2022Dividend income was EUR 624 million (EUR 471 million in H1 2025), with the increase mainly driven by dividends from our stake in Poland recorded in the Corporate Centre.<\/p>\n<p>\u2022Income from companies accounted for by the equity method reached EUR 476 million, compared to EUR 332 million in H1 2025, supported by higher results from certain stakes recorded in the Corporate Centre.<\/p>\n<p>\u2022Other operating income recorded a loss of EUR 572 million, (compared to a EUR 410 million loss in H1 2025), affected by a more negative impact from the hyperinflation adjustment in Argentina and lower leasing revenue in Openbank US.<\/p>\n<p>In summary, we had a solid performance in total income, reflecting the benefits of our diversification and global scale, our sound margin management and higher volumes.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g24.jpg\" alt=\"2953\" style=\"height:158px; margin-bottom:5pt; vertical-align:text-bottom; width:325px\" id=\"i-39\"\/><\/p>\n<p>Operating expenses<\/p>\n<p>Operating expenses in H1 2026 amounted to EUR 12,535 million, increasing slightly year-on-year (+1%), rising at a much slower pace than revenue.<\/p>\n<p>Our cost management continued to focus on further structurally improving efficiency. We continued to drive our business model transformation plan, ONE Transformation, which, together with the rollout of our global platforms, the use of AI and network effects across our footprint, is resulting in greater operational leverage and better commercial dynamics.<\/p>\n<p>Operating expensesEUR million<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g25.jpg\" alt=\"3431\" style=\"height:158px; margin-bottom:5pt; vertical-align:text-bottom; width:340px\" id=\"i-40\"\/><\/p>\n<p>Provisions or reversal of provisions<\/p>\n<p>Provisions (net of provision reversals) amounted to EUR 1,750 million in H1 2026 and included additional provisions for potential complaints related to motor finance dealer commissions in the UK mainly in Q1 2026 and a EUR 337 million charge (EUR 250 million net of tax) from M&amp;A-related restructuring costs in Q2 2026 <\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-41\"\/><\/p>\n<p>11<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-42\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Statutory income statement<\/p>\n<p>associated with the TSB acquisition. In H1 2025, this line totalled EUR 1,012 million.<\/p>\n<p>Impairment or reversal of impairment of financial assets not measured at fair value through profit or loss (net)<\/p>\n<p>Impairment of financial assets not measured at fair value through profit or loss (net) was EUR 6,571 million, impacted by Argentina, reflecting sector-wide trends in the country. In H1 2025, it was EUR 6,524 million and included provisions which strengthened the balance sheet after having updated macroeconomic parameters in Brazil\u2019s credit provisioning models.<\/p>\n<p>Impairment on other assets (net)<\/p>\n<p>The impairment on other assets (net) was EUR 30 million. In H1 2025, the impairment on other assets totalled EUR 147 million.<\/p>\n<p>Gains or losses on non-financial assets and investments (net)<\/p>\n<p>This line recorded a net gain of EUR 16 million in H1 2026. In the same period in 2025, this line recorded a EUR 32 million loss.<\/p>\n<p>Negative goodwill recognized in results<\/p>\n<p>In H1 2026, there was EUR 5 million of negative goodwill. In H1 2025, we recorded EUR 22 million relating to the acquisition of CrediScotia Financiera from Scotiabank which expanded our presence in the consumer business in Peru.<\/p>\n<p>Gains or losses on non-current assets held for sale not classified as discontinued operations<\/p>\n<p>This item, which mainly includes the sale and impairments of foreclosed assets, recorded a EUR 4 million gain in H1 2026. In H1 2025, this line recorded a EUR 217 million gain, which included a capital gain in Q2 2025 of EUR 231 million from the sale of Santander\u2019s remaining 30.5% stake in CACEIS.<\/p>\n<p>Profit or loss before tax from continuing operations<\/p>\n<p>Profit before tax was EUR 9,961 million in H1 2026, up 9% year-on-year, supported by solid performances in net interest income and net fee income, with good cost management.<\/p>\n<p>Tax expense or income from continuing operations<\/p>\n<p>Total tax expense in H1 2026 amounted to EUR 2,442 million, which includes a EUR 174 million charge corresponding to the accrual of the tax on expected income obtained in Spain for the year. In H1 2025, tax expense was EUR 2,367 million and included a EUR 174 million charge corresponding to the accrual of the tax on expected income obtained in Spain for the year.<\/p>\n<p>Profit or loss after tax from discontinued operations<\/p>\n<p>Profit from discontinued operations totalled EUR 1,895 million in H1 2026 corresponding to the capital gain generated from the completion of the Poland disposal, compared to EUR 726 million in H1 2025 which reflects the results associated with the business subject to the Poland disposal.<\/p>\n<p>Profit attributable to non-controlling interests<\/p>\n<p>Profit attributable to non-controlling interests amounted to EUR 441 million in H1 2026, compared to EUR 630 million in H1 2025.<\/p>\n<p>Profit attributable to the parent<\/p>\n<p>Profit attributable to the parent rose to a new record of EUR 8,973 million in H1 2026, compared to EUR 6,833 million in H1 2025. This 31% increase year-on-year was driven by our solid revenue performance and good cost control, also supported by the aforementioned capital gain, which more than offset the impact of additional provisions for potential complaints related to motor finance dealer commissions in the UK mainly in Q1 2026, amounting to EUR 194 million net of tax and non-controlling interests.<\/p>\n<p>12<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-43\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-44\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Underlying income statement<\/p>\n<p>Underlying income statement<\/p>\n<p>\u2192 Another consecutive quarter of record profit, driven by solid revenue and cost performances.<\/p>\n<p>\u2192 We continue to drive profitable growth and efficiency improvement, maintaining sound credit quality.<\/p>\n<p>\u2192 Results include TSB from May 2026, with impacts of around 1 pp across the P&amp;L. <\/p>\n<p>Underlying attributable profit<\/p>\n<p>EfficiencyUnderlying RoTEEUR 7,328 million+15% in euros42.8%15.6%+14% in constant euros-3 pp+0.7 ppNote: changes vs. H1 2025.<\/p>\n<p>H1 2026 results compared to H1 2025 <\/p>\n<p>The Group presents, both at the total Group level and for each of the business units, the changes in euros registered in the income statement, as well as variations excluding the exchange rate effect (i.e. in constant euros, except for Argentina and any grouping which includes it), understanding that the latter provide a better analysis of the Group\u2019s management. For further information, see the &#8216;Alternative performance measures&#8217; section in this report.<\/p>\n<p>At the Group level, the impact of exchange rates during the period was not significant, with a favourable year-on-year impact of 0.7 pp on total income and an unfavourable impact of 0.2 pp on total costs.<\/p>\n<p>In addition, to better understand the business trends, the underlying income statement includes the reclassification of certain items. These reclassifications between the underlying income statement and the statutory income statement include: <\/p>\n<p>In H1 2026:<\/p>\n<p>\u2022Certain charges that, in the statutory income statement are recorded under the &#8216;other results and provisions&#8217; line item, are presented in the underlying income statement under &#8216;total costs&#8217;. These are mainly related to recurring operating charges, primarily related to labour and legal processes, amounting to EUR 676 million. <\/p>\n<p>\u2022In Q2 2026, we recorded additional provisions totalling EUR 39 million, net of tax and non-controlling interests, for potential complaints related to motor finance dealer commissions in the UK associated with our joint ventures, reclassified to the \u2018other results and provisions\u2019 line item.<\/p>\n<p>In H1 2025:<\/p>\n<p>\u2022In the statutory income statement, the results related to the business subject to the Poland disposal are reported in the &#8216;profit\/(loss) after tax from discontinued operations&#8217; line item.<\/p>\n<p>However, in the underlying income statement, the results related to the business subject to the Poland disposal are recorded in a single line item under &#8216;non-recurring items&#8217;, and are therefore excluded from the Group&#8217;s underlying profit. <\/p>\n<p>\u2022Additionally, certain charges that, in the statutory income statement are recorded under the &#8216;other results and provisions&#8217; line item, are presented in the underlying income statement under &#8216;total costs&#8217;. These are mainly related to recurring operating charges, primarily related to labour and legal processes, amounting to EUR 865 million. <\/p>\n<p>Summarized underlying income statement (EUR million)<\/p>\n<p>Ex. TSBChangeChangeH1&#8217;26H1&#8217;25%% excl. FX%% excl. FXNet interest income22,711\u00a021,237\u00a06.96.35.95.3Net fee income6,851\u00a06,311\u00a08.67.48.37.2<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>732\u00a01,026\u00a0(28.7)(28.6)(29.0)(28.9)Other operating income553\u00a0392\u00a041.144.042.345.3Total income30,847\u00a028,966\u00a06.55.85.75.1Total costs(13,211)(13,251)(0.3)(0.5)(1.3)(1.5)Net operating income17,636\u00a015,715\u00a012.211.211.610.6Net loan-loss provisions(6,574)(6,058)8.57.18.36.8Other gains (losses) and provisions(715)(319)124.1127.3124.2127.4Profit before tax10,347\u00a09,338\u00a010.810.09.99.1Tax on profit(2,549)(2,577)(1.1)(2.3)(2.1)(3.3)Profit from continuing operations7,798\u00a06,761\u00a015.314.714.513.9Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u2014\u2014\u2014Consolidated profit7,798\u00a06,761\u00a015.314.714.513.9Non-controlling interests(470)(384)22.420.822.420.8<\/p>\n<p>Underlying profit attributable to the parent 2<\/p>\n<p>7,328\u00a06,377\u00a014.914.314.113.5Non-recurring items1,645\u00a0456\u00a0260.7260.7264.8264.8Profit attributable to the parent8,973\u00a06,833\u00a031.330.730.830.2Underlying EPS (euros)0.48\u00a00.40\u00a019.9\u00a0Underlying Diluted EPS (euros)0.48\u00a00.40\u00a019.8\u00a0<\/p>\n<p>1. Includes exchange differences.<\/p>\n<p>2. Excludes non-recurring items.<\/p>\n<p>Note: all underlying management metrics have been calculated excluding Poland. For further information, see the &#8216;Alternative performance measures&#8217; section in this report.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-45\"\/><\/p>\n<p>13<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-46\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Underlying income statement<\/p>\n<p>Additionally, regarding results that fall outside the ordinary course of our business and are therefore excluded from the underlying income statement:<\/p>\n<p>In H1 2026:<\/p>\n<p>\u2022The total amount recorded under the &#8216;non-recurring items&#8217; line item was EUR 1,645 million, including the EUR 1,895 million capital gain from the completion of the Poland disposal in Q1 2026 and a EUR 250 million charge (net of tax) from M&amp;A-related restructuring costs in Q2 2026 associated with the TSB acquisition. <\/p>\n<p>In H1 2025:<\/p>\n<p>\u2022The total amount in &#8216;non-recurring items&#8217; was EUR 456 million corresponding to the results related to the business subject to the Poland disposal.<\/p>\n<p>\u2022Additionally, in Q2 2025 this line included the following two events of the same value but opposite signs:<\/p>\n<p>\u2022A capital gain of EUR 231 million from the sale of Santander\u2019s remaining 30.5% stake in CACEIS.<\/p>\n<p>\u2022A one-off charge of EUR 467 million (EUR 231 million, net of tax and minority interests), which strengthened the balance sheet after having updated macroeconomic parameters in Brazil\u2019s credit provisioning models.<\/p>\n<p>For further information on the reconciliation between the statutory and underlying income statements, see the &#8216;Alternative performance measures&#8217; section in this report.<\/p>\n<p>As a result, profit attributable to the parent and underlying profit attributable to the parent were not the same in either period.<\/p>\n<p>\u2022Profit attributable to the parent in H1 2026 was EUR 8,973 million, compared to EUR 6,833 million in H1 2025, representing a 31% year-on-year increase in euros, also +31% in constant euros.<\/p>\n<p>\u2022Underlying profit attributable to the parent reached EUR 7,328 million in H1 2026, compared to EUR 6,377 million in H1 2025. This represents a 15% increase year-on-year in euros, +14% in constant euros. <\/p>\n<p>This underlying profit year-on-year comparison reflects solid trends in both total income and total costs and was also slightly favoured by the incorporation of TSB from May 2026 (excluding TSB, underlying attributable profit rose 14%, also +14% in constant euros).<\/p>\n<p>Total income amounted to EUR 30,847 million in H1 2026, a 6% increase year-on-year. In constant euros, it also increased by 6% year-on-year, with the following detail by line:<\/p>\n<p>\u2022Net interest income (NII) performed well, increasing 6% year-on-year. By business:<\/p>\n<p>\u2022In Retail, it grew by 4%, with positive performances in most countries supported by higher volumes and our active balance sheet management, in addition to being slightly favoured by the incorporation of TSB.<\/p>\n<p>\u2022In Openbank, the positive trends from last year continued, rising 4% especially in Openbank Europe and in South America, supported by higher volumes and disciplined margin management. <\/p>\n<p>\u2022In CIB, NII increased strongly (+36%), mainly due to higher financing volumes in less capital-intensive products in Global Markets.<\/p>\n<p>\u2022In Wealth, NII declined 1%, though it improved in the quarter supported by higher loan yields and an increase in the credit portfolio.<\/p>\n<p>\u2022In Payments, NII decreased 2%, mainly due to Argentina.<\/p>\n<p>Net interest incomeEUR million<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g26.gif\" alt=\"leyendaconstantesa07.gif\" style=\"height:8px; margin-bottom:5pt; vertical-align:text-bottom; width:30px\" id=\"i-47\"\/>constant euros<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g27.jpg\" alt=\"5453\" style=\"height:177px; margin-bottom:5pt; vertical-align:text-bottom; width:340px\" id=\"i-48\"\/><\/p>\n<p>\u2022Net fee income rose 7% year-on-year, driven by widespread growth across all businesses, benefitting from the network effect and higher transactionality. By business:<\/p>\n<p>\u2022In Retail, it grew by 6%, particularly in transactional, FX, insurance and mutual fund fees and with good trends across most countries.<\/p>\n<p>\u2022In Openbank, net fee income increased by 6%, with particularly strong performances in Brazil, which benefitted from portfolio expansion and higher insurance activity, and Europe, driven by a pickup in new business volumes.<\/p>\n<p>\u2022In CIB, it grew 7%, reflecting a strong second quarter in Global Banking, particularly in Corporate Finance in the US and Europe.<\/p>\n<p>\u2022In Wealth, it rose 11%, with strong performances in both business lines, but particularly in Private Banking, driven by solid commercial activity and our focus on promoting fee-generating activities and products.<\/p>\n<p>\u2022In Payments, it increased 8% driven mainly by Getnet due to higher activity.<\/p>\n<p>This net fee income growth is in line with our target of increasing net fee income at a faster rate than net interest income.<\/p>\n<p>14<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-49\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-50\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Underlying income statement<\/p>\n<p>Net fee incomeEUR million<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g26.gif\" alt=\"leyendaconstantesa14.gif\" style=\"height:8px; margin-bottom:5pt; vertical-align:text-bottom; width:30px\" id=\"i-51\"\/>constant euros<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g28.jpg\" alt=\"6416\" style=\"height:166px; margin-bottom:5pt; vertical-align:text-bottom; width:340px\" id=\"i-52\"\/><\/p>\n<p>\u2022Gains on financial transactions decreased 29%, affected by a weaker performance in the Corporate Centre, due to higher impacts from foreign exchange hedges, and a decline CIB due to lower market volatility in Europe and Latin America, partially offset by solid performances in the other businesses, mainly in Wealth.<\/p>\n<p>\u2022Other operating income increased 44% compared to the same period in 2025, as dividends from our stake in Poland and  higher results from certain stakes, both recorded in the Corporate Centre, more than offset a greater negative impact from the hyperinflation adjustment in Argentina and lower leasing revenue in Openbank US.<\/p>\n<p>This total income performance keeps us on track to achieve our mid-single-digit revenue growth target for 2026. <\/p>\n<p>Total incomeEUR million<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g26.gif\" alt=\"leyendaconstantesa07.gif\" style=\"height:8px; margin-bottom:5pt; vertical-align:text-bottom; width:30px\" id=\"i-53\"\/>constant euros<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g29.jpg\" alt=\"7106\" style=\"height:166px; margin-bottom:5pt; vertical-align:text-bottom; width:340px\" id=\"i-54\"\/><\/p>\n<p>Total costs in H1 2026 amounted to EUR 13,211 million, in line with H1 2025. In constant euros, they declined 1%. In real terms (i.e. excluding the impact of average inflation and perimeter effects and in constant euros), they were 5% lower. <\/p>\n<p>The positive performance reflects our transformation efforts and lower charges related to asset impairments and operational risk, mainly in Retail in Spain and the UK and in Openbank Europe.<\/p>\n<p>Our cost management remained focused on structurally improving our efficiency and our target of bringing it to levels close to 36% by the end of 2028. With that aim, we continued to make progress in our transformation plan, ONE Transformation, which provides greater operational leverage, improving business dynamics, simplifying processes and promoting leaner and more agile structures.<\/p>\n<p>By business and in constant euros, total costs performed as follows:<\/p>\n<p>\u2022In Retail, total costs declined by 3%. In real terms, they fell 8%, reflecting our transformation efforts and lower asset impairment and operational risk charges. The efficiency ratio improved to 40.5% from 43.4% in H1 2025.<\/p>\n<p>\u2022In Openbank, total costs decreased 3%. In real terms, they declined 6% backed by our efficiency efforts and or focus on transformation, primarily in Europe and the US, as well as by lower legal and asset impairment charges. The efficiency ratio improved to 41.6% from 44.5% in H1 2025.<\/p>\n<p>\u2022In CIB, total costs rose 7%, +4% in real terms, reflecting higher activity levels, but they increased at a much slower pace than revenue. We maintained a leading position among peers in terms of efficiency, with the efficiency ratio improving to 40.8% from 44.7% in H1 2025.<\/p>\n<p>\u2022In Wealth, total costs grew 6%, +3% in real terms, due to our investments to strengthen our teams and develop new capabilities to address increasing commercial activity. The efficiency ratio improved to 35.0% from 36.3% in H1 2025.<\/p>\n<p>\u2022In Payments, total costs rose 8%, reflecting investments in the development of our global platforms. However, costs grew at a lower pace than revenue, which increased double digits.<\/p>\n<p>Total costsEUR million<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g26.gif\" alt=\"leyendaconstantesa07.gif\" style=\"height:8px; margin-bottom:5pt; vertical-align:text-bottom; width:30px\" id=\"i-55\"\/>constant euros<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g30.jpg\" alt=\"9355\" style=\"height:166px; margin-bottom:5pt; vertical-align:text-bottom; width:340px\" id=\"i-56\"\/><\/p>\n<p>Net operating income in H1 2026 amounted to EUR 17,636 million, up 12% compared to H1 2025. In constant euros, it rose 11%, underpinned by the good performances across net interest income and net fee income and reflecting the positive impacts from our transformation efforts on costs.<\/p>\n<p>The efficiency ratio stood at 42.8%, improving by 3 pp year-on-year, supported by the positive dynamics in both revenue and costs, with efficiency improvements across all global businesses.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-57\"\/><\/p>\n<p>15<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-58\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Underlying income statement<\/p>\n<p>Net operating incomeEUR million<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g26.gif\" alt=\"leyendaconstantesa14.gif\" style=\"height:8px; margin-bottom:5pt; vertical-align:text-bottom; width:30px\" id=\"i-59\"\/>constant euros<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g31.jpg\" alt=\"9637\" style=\"height:162px; margin-bottom:5pt; vertical-align:text-bottom; width:340px\" id=\"i-60\"\/><\/p>\n<p>Net loan-loss provisions amounted to EUR 6,574 million in H1 2026, an 9% increase year-on-year.<\/p>\n<p>In constant euros, they grew 7%, mainly due to higher provisions in Retail Argentina, reflecting sector-wide trends in the country and some single names in CIB in Europe and Brazil. Excluding Argentina, the Group&#8217;s net loan-loss provisions were broadly stable in constant euros, with a good performance in Retail (mainly in Spain) and a decline in the Corporate Centre, having recorded provisions in H1 2025 related to our plan to accelerate NPL ratio reductions, which improved the Group&#8217;s credit quality.<\/p>\n<p>All in all, the cost of risk was broadly stable at 1.15%, in line with the Group\u2019s year-end target.<\/p>\n<p>Net loan-loss provisionsEUR million<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g26.gif\" alt=\"leyendaconstantesa07.gif\" style=\"height:8px; margin-bottom:5pt; vertical-align:text-bottom; width:30px\" id=\"i-61\"\/>constant euros<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g32.jpg\" alt=\"10370\" style=\"height:170px; margin-bottom:5pt; vertical-align:text-bottom; width:340px\" id=\"i-62\"\/><\/p>\n<p>Other gains (losses) and provisions registered a EUR 715 million loss, compared to a EUR 319 million loss in H1 2025. This comparison was impacted by the EUR 245 million additional provisions for potential complaints related to motor finance dealer <\/p>\n<p>commissions in the UK (EUR 194 million, net of tax and non-controlling interests) in H1 2026 as well as by higher charges related to our transformation, mainly in Retail and Openbank Europe.<\/p>\n<p>Tax on profit amounted to EUR 2,549 million, a 1% decline year-on-year. In constant euros, it fell 2%, mainly due to a lower tax burden in the Corporate Centre. In both H1 2026 and H1 2025, this line included a charge related to the accrual of the tax on expected income obtained in Spain for the year, for similar amounts.<\/p>\n<p>Underlying profit attributable to the parent in H1 2026 reached EUR 7,328 million, 15% higher than in H1 2025. In constant euros, it increased by 14% year-on-year, keeping us on track to achieve our 2026 underlying profit target of more than EUR 14.1 billion.<\/p>\n<p>Underlying profit attributable to the parentEUR million<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g26.gif\" alt=\"leyendaconstantesa07.gif\" style=\"height:8px; margin-bottom:5pt; vertical-align:text-bottom; width:30px\" id=\"i-63\"\/>constant euros<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g33.jpg\" alt=\"11099\" style=\"height:170px; margin-bottom:5pt; vertical-align:text-bottom; width:340px\" id=\"i-64\"\/><\/p>\n<p>Underlying RoTE for H1 2026 reached 15.6% compared to 14.9% in H1 2025. Underlying RoRWA stood at 2.55% (2.23% in H1 2025) and underlying earnings per share stood at EUR 0.48 (EUR 0.40 in H1 2025).<\/p>\n<p>The &#8216;Non-recurring items&#8217; line in H1 2026 recorded a EUR 1,645 million result, corresponding to the capital gain from the completion of the Poland disposal in Q1 2026, partially offset by EUR 250 million of restructuring costs related to the TSB integration in Q2 2026. In H1 2025, this line recorded a EUR 456 million positive result related to the business subject to the Poland disposal.<\/p>\n<p>Considering these non-recurring items, profit attributable to the parent in H1 2026 was EUR 8,973 million, +31% year-on-year, +31% also in constant euros. <\/p>\n<p>RoTE for H1 2026 reached 17.4% compared to 16.0% in H1 2025. RoRWA was 2.81% (2.35% in H1 2025) and earnings per share stood at EUR 0.60 (EUR 0.43 in H1 2025).<\/p>\n<p>16<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-65\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-66\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Underlying income statement<\/p>\n<p>Q2 2026 results compared to Q1 2026<\/p>\n<p>As described above, there were some results that did not form part of our underlying business that were included under &#8216;non-recurring items&#8217; in both Q2 2026 and Q1 2026. We recorded a EUR 250 million (net of tax) charge for restructuring costs related to the acquisition of TSB in Q2 2026 and a EUR 1,895 million capital gain from the completion of the Poland disposal in Q1 2026.<\/p>\n<p>As a result, profit attributable to the parent and underlying profit attributable to the parent were not the same in either period. <\/p>\n<p>\u2022Profit attributable to the parent in Q2 2026 was EUR 3,518 million, compared to EUR 5,455 million in Q1 2026, which was favoured by the aforementioned capital gain from the Poland disposal. <\/p>\n<p>\u2022Underlying profit attributable to the parent in Q2 2026 stood at EUR 3,768 million, compared to EUR 3,560 million in Q1 2026.<\/p>\n<p>This represents a 6% quarter-on-quarter increase in underlying profit. In constant euros, it rose 5%, supported by a solid revenue performance and the incorporation of TSB in May 2026 (excluding TSB, underlying profit was up 4%,+3% in constant euros). In constant euros:<\/p>\n<p>\u2022Total income rose 2%, by line as follows:<\/p>\n<p>\u2022Net interest income increased by 5%, supported by Retail (+7%), with positive trends in most countries, especially in the<\/p>\n<p>UK driven by TSB, as well as by CIB (increases across business lines) and a pickup in Wealth.<\/p>\n<p>\u2022Net fee income rose 3%, boosted especially by CIB (+14%), driven by strong activity in the quarter in Global Banking.<\/p>\n<p>\u2022Gains on financial transactions declined significantly, due to lower results in Global Markets in CIB, affected by lower volatility.<\/p>\n<p>\u2022Total costs increased 3% quarter-on-quarter mainly driven by the incorporation of TSB in Retail UK, partially offset by a good performance in Openbank in the US and Europe.<\/p>\n<p>\u2022Net loan-loss provisions rose 2% driven by higher provisions in Retail, especially in Spain and the UK (balance sheet optimization initiatives) and some single names in CIB.<\/p>\n<p>\u2022The other gains (losses) and provisions line item recorded a EUR 313 million loss, compared to a EUR 402 million loss in Q1 2026. This improvement reflected lower additional provisions for potential complaints related to motor finance dealer commissions in the UK (EUR 39 million in Q2 2026 compared to EUR 207 million in Q1 2026), which more than offset higher charges related to our transformation, mainly in Retail Spain.<\/p>\n<p>Summarized underlying income statement (EUR million)<\/p>\n<p>ChangeEx. TSBChangeQ2&#8217;26Q1&#8217;26%% excl. FX%% excl. FXNet interest income11,692\u00a011,019\u00a06.14.84.22.8Net fee income3,494\u00a03,357\u00a04.12.73.62.3<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>81\u00a0651\u00a0(87.6)(87.8)(88.1)(88.3)Other operating income440\u00a0113\u00a0289.4289.0293.6293.3Total income15,707\u00a015,140\u00a03.72.52.21.0Total costs(6,727)(6,484)3.72.51.70.5Net operating income8,980\u00a08,656\u00a03.72.42.61.3Net loan-loss provisions(3,349)(3,225)3.81.93.41.4Other gains (losses) and provisions(313)(402)(22.1)(22.5)(22.1)(22.5)Profit before tax5,318\u00a05,029\u00a05.74.74.23.1Tax on profit(1,299)(1,250)3.92.81.80.7Profit from continuing operations4,019\u00a03,779\u00a06.45.34.93.9Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u2014\u2014\u2014Consolidated profit4,019\u00a03,779\u00a06.45.34.93.9Non-controlling interests(251)(219)14.613.614.613.6<\/p>\n<p>Underlying profit attributable to the parent 2<\/p>\n<p>3,768\u00a03,560\u00a05.84.84.33.3Non-recurring items(250)1,895\u00a0\u2014\u2014\u2014\u2014Profit attributable to the parent3,518\u00a05,455\u00a0(35.5)(36.0)(36.2)(36.7)Underlying EPS (euros)0.25\u00a00.23\u00a07.6\u00a0Underlying Diluted EPS (euros)0.25\u00a00.23\u00a07.6\u00a0<\/p>\n<p>1. Includes exchange differences.<\/p>\n<p>2. Excludes non-recurring items.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-67\"\/><\/p>\n<p>17<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-68\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Balance sheet<\/p>\n<p>Grupo Santander&#8217;s balance sheet<\/p>\n<p>As a result of the Poland disposal and in accordance with IFRS 5 requirements, the assets associated with the Poland disposal were classified under the &#8216;non-current assets held for sale&#8217; line item in the Group\u2019s consolidated balance sheet and the related liabilities under &#8216;liabilities associated with non-current assets held for sale&#8217; from the announcement of disposal until its completion. As previously explained in the &#8216;Significant events in the period&#8217; section, the balance sheet includes TSB from May 2026. <\/p>\n<p> Grupo Santander. Condensed balance sheetEUR millionChangeAssetsJun-26Jun-25Absolute%Dec-25Cash, cash balances at central banks and other demand deposits138,008\u00a0175,555\u00a0(37,547)(21.4)152,281\u00a0Financial assets held for trading 286,941\u00a0234,834\u00a052,107\u00a022.2\u00a0252,318\u00a0\u00a0\u00a0\u00a0Debt securities113,686\u00a085,290\u00a028,396\u00a033.3\u00a098,568\u00a0\u00a0\u00a0\u00a0Equity instruments23,105\u00a016,278\u00a06,827\u00a041.9\u00a022,030\u00a0\u00a0\u00a0\u00a0Loans and advances to customers49,308\u00a035,715\u00a013,593\u00a038.1\u00a032,766\u00a0\u00a0\u00a0\u00a0Loans and advances to central banks and credit institutions41,596\u00a039,263\u00a02,333\u00a05.9\u00a040,599\u00a0\u00a0\u00a0\u00a0Derivatives59,246\u00a058,288\u00a0958\u00a01.6\u00a058,355\u00a0<\/p>\n<p>Financial assets designated at fair value through profit or loss1<\/p>\n<p>15,942\u00a014,515\u00a01,427\u00a09.8\u00a015,807\u00a0\u00a0\u00a0\u00a0Loans and advances to customers6,087\u00a05,597\u00a0490\u00a08.8\u00a06,440\u00a0\u00a0\u00a0\u00a0Loans and advances to central banks and credit institutions436\u00a01,110\u00a0(674)(60.7)413\u00a0\u00a0\u00a0\u00a0Other (debt securities an equity instruments)9,419\u00a07,808\u00a01,611\u00a020.6\u00a08,954\u00a0Financial assets at fair value through other comprehensive income75,371\u00a075,801\u00a0(430)(0.6)74,612\u00a0\u00a0\u00a0\u00a0Debt securities58,970\u00a060,929\u00a0(1,959)(3.2)58,305\u00a0\u00a0\u00a0\u00a0Equity instruments3,602\u00a02,300\u00a01,302\u00a056.6\u00a02,281\u00a0\u00a0\u00a0\u00a0Loans and advances to customers12,444\u00a012,268\u00a0176\u00a01.4\u00a012,906\u00a0\u00a0\u00a0\u00a0Loans and advances to central banks and credit institutions355\u00a0304\u00a051\u00a016.8\u00a01,120\u00a0Financial assets measured at amortized cost1,334,351\u00a01,148,957\u00a0185,394\u00a016.1\u00a01,202,689\u00a0\u00a0\u00a0\u00a0Debt securities165,861\u00a0119,661\u00a046,200\u00a038.6\u00a0140,014\u00a0\u00a0\u00a0\u00a0Loans and advances to customers1,081,323\u00a0957,147\u00a0124,176\u00a013.0\u00a0985,176\u00a0\u00a0\u00a0\u00a0Loans and advances to central banks and credit institutions87,167\u00a072,149\u00a015,018\u00a020.8\u00a077,499\u00a0Investments in subsidiaries, joint ventures and associates7,722\u00a07,191\u00a0531\u00a07.4\u00a07,052\u00a0Tangible assets26,480\u00a028,997\u00a0(2,517)(8.7)27,438\u00a0Intangible assets18,772\u00a017,249\u00a01,523\u00a08.8\u00a017,308\u00a0\u00a0\u00a0\u00a0\u00a0Goodwill13,143\u00a011,960\u00a01,183\u00a09.9\u00a011,958\u00a0\u00a0\u00a0\u00a0\u00a0Other intangible assets5,629\u00a05,289\u00a0340\u00a06.4\u00a05,350\u00a0Non-current assets held for sale2,866\u00a068,710\u00a0(65,844)(95.8)75,011\u00a0<\/p>\n<p>Other assets2<\/p>\n<p>48,012\u00a044,079\u00a03,933\u00a08.9\u00a042,999\u00a0Total assets1,954,465\u00a01,815,888\u00a0138,577\u00a07.6\u00a01,867,515\u00a0Liabilities and shareholders&#8217; equityFinancial liabilities held for trading 193,417\u00a0155,682\u00a037,735\u00a024.2\u00a0171,546\u00a0\u00a0\u00a0\u00a0Customer deposits47,168\u00a039,997\u00a07,171\u00a017.9\u00a036,120\u00a0\u00a0\u00a0\u00a0Debt securities issued\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u00a0\u00a0\u00a0Deposits by central banks and credit institutions51,974\u00a030,816\u00a021,158\u00a068.7\u00a039,443\u00a0\u00a0\u00a0\u00a0Derivatives52,319\u00a050,396\u00a01,923\u00a03.8\u00a051,968\u00a0\u00a0\u00a0\u00a0Other41,956\u00a034,473\u00a07,483\u00a021.7\u00a044,015\u00a0Financial liabilities designated at fair value through profit or loss43,407\u00a035,513\u00a07,894\u00a022.2\u00a042,148\u00a0\u00a0\u00a0\u00a0Customer deposits26,214\u00a022,499\u00a03,715\u00a016.5\u00a025,930\u00a0\u00a0\u00a0\u00a0Debt securities issued15,221\u00a09,671\u00a05,550\u00a057.4\u00a011,686\u00a0\u00a0\u00a0\u00a0Deposits by central banks and credit institutions1,950\u00a03,343\u00a0(1,393)(41.7)4,510\u00a0\u00a0\u00a0\u00a0Other22\u00a0\u2014\u00a022\u00a0\u2014\u00a022\u00a0Financial liabilities measured at amortized cost1,543,776\u00a01,400,632\u00a0143,144\u00a010.2\u00a01,421,184\u00a0\u00a0\u00a0\u00a0Customer deposits1,060,380\u00a0945,733\u00a0114,647\u00a012.1\u00a0979,150\u00a0\u00a0\u00a0\u00a0Debt securities issued332,846\u00a0302,292\u00a030,554\u00a010.1\u00a0312,704\u00a0\u00a0\u00a0\u00a0Deposits by central banks and credit institutions100,832\u00a0108,310\u00a0(7,478)(6.9)93,234\u00a0\u00a0\u00a0\u00a0Other49,718\u00a044,297\u00a05,421\u00a012.2\u00a036,096\u00a0Liabilities under insurance contracts19,347\u00a018,343\u00a01,004\u00a05.5\u00a018,737\u00a0Provisions9,211\u00a08,098\u00a01,113\u00a013.7\u00a08,355\u00a0Liabilities associated with non-current assets held for sale\u2014\u00a059,361\u00a0(59,361)(100.0)62,995\u00a0<\/p>\n<p>Other liabilities3<\/p>\n<p>29,409\u00a029,274\u00a0135\u00a00.5\u00a029,802\u00a0Total liabilities1,838,567\u00a01,706,903\u00a0131,664\u00a07.71,754,767\u00a0Shareholders&#8217; equity143,259\u00a0138,066\u00a05,193\u00a03.8\u00a0141,144\u00a0\u00a0\u00a0\u00a0Capital stock7,345\u00a07,443\u00a0(98)(1.3)7,345\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0Reserves4<\/p>\n<p>126,941\u00a0123,790\u00a03,151\u00a02.5\u00a0121,396\u00a0\u00a0\u00a0\u00a0Profit attributable to the Group 8,973\u00a06,833\u00a02,140\u00a031.3\u00a014,101\u00a0\u00a0\u00a0\u00a0Less: dividends\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(1,698)Other comprehensive income(33,913)(37,565)3,652\u00a0(9.7)(37,974)Minority interests6,552\u00a08,484\u00a0(1,932)(22.8)9,578\u00a0Total equity115,898\u00a0108,985\u00a06,913\u00a06.3\u00a0112,748\u00a0Total liabilities and equity1,954,465\u00a01,815,888\u00a0138,577\u00a07.6\u00a01,867,515\u00a0Note: the condensed balance sheet groups some lines of the consolidated balance sheet on pages 83 and 84 as follows:<\/p>\n<p>1.&#8217;Non-trading financial assets mandatorily at fair value through profit or loss&#8217; and &#8216;Financial assets designated at fair value through profit or loss&#8217;.<\/p>\n<p>2.\u2018Hedging derivatives\u2019; \u2018Changes in the fair value of hedged items in portfolio hedges of interest risk\u2019; &#8216;Assets under reinsurance contracts&#8217;; \u2018Tax assets\u2019; and \u2018Other assets\u2019.<\/p>\n<p>3.\u2018Hedging derivatives\u2019; \u2018Changes in the fair value of hedged items in portfolio hedges of interest rate risk\u2019; \u2018Tax liabilities\u2019; and \u2018Other liabilities\u2018.<\/p>\n<p>4.\u2018Share premium\u2019; \u2018Equity instruments issued other than capital\u2019; \u2018Other equity\u2019; \u2018Accumulated retained earnings\u2019; \u2018Revaluation reserves\u2019; \u2018Other reserves\u2019; and \u2018Own shares\u2019.<\/p>\n<p>18<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-69\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-70\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Balance sheet<\/p>\n<p>Gross loans and advances to customers (excl. reverse repos)<\/p>\n<p>Customer funds (deposits excl. repos + mutual funds)<\/p>\n<p>Good performance of the loan portfolio, boosted, in part, by the incorporation of TSB into our Retail business.<\/p>\n<p>Customer funds increased both quarter-on-quarter and year-on-year, also supported by the incorporation of TSB.<\/p>\n<p>EUR 1,072 billion+5% QoQ+1% QoQ ex. TSBEUR 1,297 bn+6% QoQ+2% QoQ ex. TSB+9% YoY+5% YoY ex. TSB+11% YoY+7% YoY ex. TSB<\/p>\n<p>By business:<\/p>\n<p>By product:<\/p>\n<p>Year-on-year growth across all businesses. Notable increases in Retail mortgages, auto in Openbank and a double-digit rise in CIB. <\/p>\n<p>Compared to June 2025, higher deposits, both demand and time deposits, and strong growth in mutual funds, with widespread increases across countries.<\/p>\n<p>Retailex. TSBOpenbankCIBDemandex. TSBTimeex. TSBMutual funds+9%+2%+3%+22%+7%+2%+14%+11%+16%Note: changes in constant euros.<\/p>\n<p>Loans and advances to customers<\/p>\n<p>As at 30 June 2026, loans and advances to customers stood at EUR 1,149,162 million, a 7% increase quarter-on-quarter, and +14% year-on-year. These quarter-on-quarter and year-on-year comparisons were favoured by the incorporation of TSB from May 2026.<\/p>\n<p>For the purpose of analysing traditional banking loans, the Group uses gross loans and advances to customers excluding reverse repos. As at 30 June 2026, gross loans and advances to customers excluding reverse repos, totalled EUR 1,071,562 million. <\/p>\n<p>Additionally, the comments below do not include the exchange rate impact (i.e. in constant euros) except for Argentina and any grouping which includes it. For further information, see the &#8216;Alternative performance measures&#8217; section in this report. <\/p>\n<p>Compared to March 2026, gross loans and advances to customers excluding reverse repos increased 5% in constant euros (+1% excluding TSB), with the following detail:<\/p>\n<p>\u2022In Retail, they increased by 7%, favoured by the incorporation of TSB, whose loan portfolio is largely concentrated in mortgages to individuals. Excluding TSB, they rose 1%, as widespread increases in mortgages more than offset lower SME loans mainly in Spain and Brazil.<\/p>\n<p>\u2022In Openbank, they were up 2%, due to higher auto balances across our main markets. <\/p>\n<p>\u2022In CIB, loans increased 2%, boosted by increases in Global Transaction Banking and Global Markets.<\/p>\n<p>\u2022In Wealth, loans rose 6%, with broad-based growth across countries, particularly in Spain.<\/p>\n<p>Gross loans and advances to customers (excl. reverse repos)EUR billion<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g34.jpg\" alt=\"2161\" style=\"height:147px; margin-bottom:5pt; vertical-align:text-bottom; width:257px\" id=\"i-71\"\/>   <\/p>\n<p>1. In constant euros: +9%.<\/p>\n<p>\u2022In Payments, loan balances are not material as they represent only 0.1% of the Group total. <\/p>\n<p>Compared to June 2025, gross loans and advances to customers (excluding reverse repos) grew 9% in constant euros (+5% excluding TSB), as follows:<\/p>\n<p>\u2022In Retail, they rose 9%. Excluding TSB, loans rose 2%, with increases across all products except SMEs, which were affected by declines in Spain (ICO loan maturities and our focus on active risk management and balance sheet optimization). There were strong performances across our footprint in mortgages, in most countries in personal loans and in loans to corporates, mainly in Brazil and Europe. <\/p>\n<p>\u2022In Openbank, they were up 3%, boosted by the good performances in auto (+6%) across our footprint.<\/p>\n<p>\u2022In CIB, they increased 22%, boosted by growth across business lines, especially in less capital-intensive products, such as Export Finance (ECAs) and Trade Finance in Global Transaction Banking and securitized products in Global Markets.<\/p>\n<p>\u2022In Wealth, they increased 6%, particularly in Spain and the US, both rising double digits.<\/p>\n<p>As at 30 June 2026, gross loans and advances to customers excluding reverse repos, maintained a diversified mix across our footprint, with presence in different countries in Europe, Latin America and the US.<\/p>\n<p>Gross loans and advances to customers (excl. reverse repos)% operating areas. June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g35.jpg\" alt=\"3444\" style=\"height:139px; margin-bottom:5pt; vertical-align:text-bottom; width:328px\" id=\"i-72\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-73\"\/><\/p>\n<p>19<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-74\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Balance sheet<\/p>\n<p>Customer funds<\/p>\n<p>Customer deposits amounted to EUR 1,133,762 million as at 30 June 2026, up 7% quarter-on-quarter and 12% year-on-year. Both comparisons benefitted from the incorporation of TSB from May 2026. <\/p>\n<p>The Group uses customer funds (customer deposits excluding repos, plus mutual funds) for the purpose of analysing traditional retail banking funds. As at 30 June 2026, they amounted to EUR 1,297,293 million. <\/p>\n<p>The comments below do not include the exchange rate impact (i.e. in constant euros), except for Argentina and any grouping which includes it. For further information, see the &#8216;Alternative performance measures&#8217; section in this report.<\/p>\n<p>Compared to March 2026, customer funds increased 6% in constant euros. Excluding TSB, they were up 2%, with the following detail: <\/p>\n<p>\u2022By product, customer deposits excluding repos increased 1%, driven by both demand and time deposits, while mutual funds continued to grow (+6%). <\/p>\n<p>\u2022By business, customer funds grew in  Retail (+2%), Wealth (+5%) and Openbank (+1%), which more than offset the decrease in CIB (-2%).<\/p>\n<p>Compared to June 2025, customer funds were 11% higher in constant euros. Excluding TSB, they were up 7%, with the following detail: <\/p>\n<p>\u2022By product, deposits excluding repos rose 5%, with growth mainly in time deposits and, to a lesser extent, in demand deposits. Mutual funds increased 16%, with solid performances across countries.<\/p>\n<p>\u2022By business, they rose 8% in Retail, driven by double-digit growth in time deposits and mutual funds, with growth also in demand deposits They grew 4% in Openbank, supported by higher demand deposits as part of our funding cost optimization strategy, and by mutual funds, which recorded double-digit growth. In CIB, they increased 1%, as higher time deposits more than offset declines in mutual funds and demand deposits. In Wealth, they were up 12% driven by mutual funds (+19%). <\/p>\n<p>\u2022By country, customer funds grew across our footprint.<\/p>\n<p>As at 30 June 2026, customer funds maintained a diversified mix across our footprint, with presence in Europe, Latin America and the US. The weight of demand deposits as a percentage of total customer funds was 53%, while time deposits accounted for 25% of the total and mutual funds for 22%.<\/p>\n<p>In addition to capturing customer deposits, the Group, for strategic reasons, maintains a selective policy of issuing securities in the international fixed income markets and strives to adapt the frequency <\/p>\n<p>Customer funds EUR billion.<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g36.jpg\" alt=\"6067\" style=\"height:166px; margin-bottom:5pt; vertical-align:text-bottom; width:234px\" id=\"i-75\"\/>+13%\u00a0\u00b91+20%+11%<\/p>\n<p>\u2022Total<\/p>\n<p>\u2022Mutual funds<\/p>\n<p>\u2022Deposits excl. repos<\/p>\n<p>Jun-26 \/ Jun-25 <\/p>\n<p>1. In constant euros: +11%.<\/p>\n<p>and volume of its market operations to the structural liquidity needs of each unit, as well as to the receptiveness of each market. The Group&#8217;s issuances for H1 2026 were as follows: <\/p>\n<p>\u2022Medium- and long-term senior debt totalling EUR 14,009 million and covered bonds placed in the market for EUR 6,806 million.<\/p>\n<p>\u2022TLAC eligible instruments issued amounted to EUR 9,796 million, of which EUR 7,156 million was senior non-preferred, EUR 1,356 million was subordinated debt and EUR 1,284 million was contingently convertible AT1s (CoCos).<\/p>\n<p>\u2022Maturities of medium- and long-term debt totalled EUR 25,832 million. <\/p>\n<p>The net loan-to-deposit ratio was 101% (100% in June 2025), and the ratio of deposits plus medium- and long-term funding to the Group\u2019s loans was 124%, showing a comfortable funding structure. The Group liquidity coverage ratio (LCR) was an estimated 155% in June 2026 (see the &#8216;Risk management&#8217; chapter of this report).<\/p>\n<p>The Group&#8217;s access to wholesale funding markets, as well as the cost of issuances depends, in part, on the ratings granted by the rating agencies.<\/p>\n<p>Rating agenciesLong termShort termOutlookFitch RatingsA (Senior A+)F1 (Senior F1)StableMoody&#8217;sA1P-1StableS&amp;P Global RatingsA+A-1StableDBRSA (High)R-1 (Middle)Stable<\/p>\n<p>Following the upgrade of the Kingdom of Spain&#8217;s rating in September 2025, Moody&#8217;s raised Santander&#8217;s long-term rating to A1 and maintained the short-term rating at P-1 in October 2025.<\/p>\n<p>Fitch has maintained A+ rating for Santander&#8217;s long-term senior rating since Q1 2025. <\/p>\n<p>S&amp;P Global Ratings maintained Santander&#8217;s credit rating at A+ for long-term and A-1 for short-term debt. Since Q2 2024, S&amp;P has maintained its BBB- (investment grade) rating for our AT1 instruments. <\/p>\n<p>All four agencies view the outlook as stable, in line with their respective ratings for the sovereign. <\/p>\n<p>Sometimes the methodology applied by the rating agencies limits a bank&#8217;s rating to the sovereign rating of the country where it is headquartered. Banco Santander, S.A. is still rated above the sovereign debt rating of the Kingdom of Spain in long-term senior debt by Moody&#8217;s and Fitch, and rated at the same level by S&amp;P and DBRS. These ratings above the sovereign demonstrate our financial strength and the benefits derived from our diversification.<\/p>\n<p>Customer funds% operating areas. June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g37.jpg\" alt=\"8071\" style=\"height:181px; margin-bottom:5pt; vertical-align:text-bottom; width:328px\" id=\"i-76\"\/><\/p>\n<p>20<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-77\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-78\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Solvency ratios<\/p>\n<p>Solvency ratios<\/p>\n<p>Phased-in capital ratio<\/p>\n<p>CET1 ratio<\/p>\n<p>The phased-in CET1 ratio stood at 14.0%, keeping us on track to end the year within our target range of 12.8-13%.<\/p>\n<p>In the quarter, the CET1 ratio increased 0.2 pp excluding the impact of the TSB acquisition.<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g38.jpg\" alt=\"capital_ENG.jpg\" style=\"height:113px; margin-bottom:5pt; vertical-align:text-bottom; width:215px\" id=\"i-79\"\/>Attributable profit+61 bps<\/p>\n<p>Ordinary capital distribution1<\/p>\n<p>-33 bps<\/p>\n<p>Value creation<\/p>\n<p>TNAVps<\/p>\n<p>\u20ac6.32<\/p>\n<p>TNAVps + Cash DPS<\/p>\n<p>+19% YoYNote: Phased-in ratios are calculated in accordance with the transitory treatment of the CRR. <\/p>\n<p>As at 30 June 2026, the total phased-in capital ratio (applying the CRR transitional arrangements) stood at 18.8% and the phased-in CET1 ratio at 14.0%.<\/p>\n<p>We comfortably meet the levels required by the ECB on a consolidated basis, estimated at 14.1% for the total capital ratio and at 9.8% for the CET1 ratio. This resulted in a distance to the maximum distributable amount (MDA) of 401 bps and a CET1 management buffer of 418 bps.<\/p>\n<p>In the quarter, the CET1 ratio declined 0.4 pp to 14.0%, mainly due to the acquisition of TSB in May (-55 bps). Excluding this impact, the CET1 ratio increased 0.2 pp as net organic capital generation remained solid at +27 bps in the quarter, the result of +61 bps from attributable profit, -33 bps from capital distributions1 (in line with our 50% payout target) and -1 bp from net RWA growth. Additionally, there was a +4 bp contribution in &#8216;Regulatory &amp; models&#8217; following model updates and -11 bps in &#8216;Markets &amp; others&#8217; mainly from deductions related to DTAs.<\/p>\n<p>Taking into account the expected impact from the Webster acquisition (which is subject to completion)2, estimated at c.-150 bps, we remain on track to meet our aim to end the year with a CET1 ratio in the range of 12.8-13%, at the top end of our 12-13% operating range.<\/p>\n<p>TNAV per share ended the quarter at EUR 6.32. Including the interim cash dividend charged against 2025 results paid in November 2025 (EUR 11.50 cents per share) and the final cash dividend charged against 2025 results paid in May 2026 (EUR 12.50 cents per share), TNAV plus cash dividend per share increased 19.3% over the last twelve months (+3.1% in the quarter).<\/p>\n<p>Lastly, the leverage ratio was 4.81%.<\/p>\n<p>Eligible capital. June 2026<\/p>\n<p>EUR millionPhased-inCET186,447\u00a0Basic capital96,673\u00a0Eligible capital115,750\u00a0Risk-weighted assets616,803\u00a0%CET1 capital ratio14.0\u00a0Tier 1 capital ratio15.7\u00a0Total capital ratio18.8\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g39.jpg\" alt=\"6047313956943\" style=\"height:207px; margin-bottom:5pt; vertical-align:text-bottom; width:638px\" id=\"i-80\"\/><\/p>\n<p>Note: Phased-in ratios are calculated in accordance with the transitory treatment of the CRR. <\/p>\n<p>1.Capital distribution includes deductions for the accrual of ordinary shareholder remuneration and AT1 costs. For further information on our shareholder remuneration policy, see the &#8216;Santander share&#8217; section in this report.<\/p>\n<p>2.The transaction is subject to customary closing conditions, including the corresponding regulatory approvals.<\/p>\n<p>3.Business RWA change net of risk transfer initiatives.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-81\"\/><\/p>\n<p>21<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-82\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Risk management<\/p>\n<p>Risk management<\/p>\n<p>Credit risk<\/p>\n<p>Market risk<\/p>\n<p>Credit quality indicators remained contained within expected levels.Average VaR decreased slightly in Q2 2026, reflecting lower market volatility amid expectations of reduced geopolitical tensions in the Middle East.Cost of riskNPL ratioNPL coverage ratioAverage VaR1.15%2.93%64%Q2&#8217;26EUR 18 million-EUR 1 mn vs. Q1&#8217;26+1 bp vs. Mar-26-7 bps vs. Mar-26-1 pp vs. Mar-26<\/p>\n<p>Structural and liquidity risk<\/p>\n<p>Operational risk<\/p>\n<p>Robust and diversified liquidity buffer, with ratios well above regulatory requirements.In Q2 2026, our operational risk profile remained stable, focusing on risks associated with suppliers, technology, cyberrisk and business continuity. Operational losses declined compared to the previous quarter.Liquidity Coverage Ratio (LCR)<\/p>\n<p>155%1<\/p>\n<p>+4 pp vs. Mar-26<\/p>\n<p>Credit risk2<\/p>\n<p>In H1 2026, the global economy remained relatively resilient, despite an environment marked by geopolitical tensions, uncertainty surrounding trade policies and central banks&#8217; monetary policy decisions in response to inflation and economic developments. These factors resulted in pressure on energy markets and some bouts of volatility, though less pronounced in Q2 2026.<\/p>\n<p>In this context, our global and diversified business model, together with our strong local presence and prudent risk management, enable us to maintain a medium-low risk profile, even in a still uncertain macroeconomic and geopolitical environment.<\/p>\n<p>In terms of credit quality:<\/p>\n<p>\u2022The NPL ratio stood at 2.93%, improving 7 bps compared to March 2026, driven by gross credit risk with customers (total risk), which grew 7% to EUR 1,281 billion, mainly driven by positive volume trends in Retail (favoured by the integration of TSB in the UK) and CIB. This improvement was partially offset by an increase in credit impaired loans, which rose 5% to EUR 37,560 million, impacted by less favourable exchange rate movements, dynamics in certain portfolios (primarily in CIB, due to some single names), and the integration of TSB in Retail.<\/p>\n<p>Year-on-year, the NPL ratio remained under control (+3 bps), as some increases in credit impaired loans, partly impacted by exchange rate movements and portfolio trends in Argentina, were mostly offset by total risk growth, mainly in CIB and Retail.<\/p>\n<p>\u2022In Q2 2026, net loan-loss provisions totalled EUR 3,349 million, up 2% in constant euros compared to the previous quarter, driven by higher Retail provisions, particularly in Spain and the UK, due to balance sheet optimization initiatives, and some single names in CIB.<\/p>\n<p>In H1 2026, provisions rose 7% year-on-year in constant euros, reaching EUR 6,574 million, mainly due to higher provisions in Retail in Argentina, reflecting sector-wide trends in the country, and in CIB, due to some single names in Europe and Brazil. Excluding Argentina, the Group&#8217;s net loan-loss provisions were practically stable year-on-year in constant euros, with a good performance in Retail (mainly in Spain) and lower provisions in the Corporate Centre, following provisions recorded in H1 2025 related to our plan to accelerate NPL ratio reductions, which improved the Group&#8217;s credit quality.<\/p>\n<p>Key risk metrics<\/p>\n<p>Net loan-loss provisions 3<\/p>\n<p>Cost of risk (%) 4<\/p>\n<p>NPL ratio (%)NPL coverage ratio (%)Q2&#8217;26H1&#8217;26Chg (%)<br \/>\/ H1&#8217;25Chg (%)<br \/>\/ Q1&#8217;26Jun-26Chg (bps)<br \/>\/ Jun-25Chg (bps)<br \/>\/ Mar-26Jun-26Chg (bps)<br \/>\/ Jun-25Chg (bps)<br \/>\/ Mar-26Jun-26Chg (pp)<br \/>\/ Jun-25Chg (pp)<br \/>\/ Mar-26Retail2,0784,0215.74.31.19623.05(6)(13)662(1)Openbank1,0292,0842.7(3.4)2.09025.6164970(7)(1)CIB238444447.313.80.292261.02251737(6)0Wealth(2)7(66.3)\u20140.03(16)(6)1.1721(2)50(21)(7)TOTAL GROUP3,3496,5747.11.91.15212.933-764(2)(1)<\/p>\n<p>Note: Payment Solutions&#8217; detail is not disclosed, as credit risk metrics are not relevant for this type of business.<\/p>\n<p>All management metrics included in this section have been calculated excluding Poland.<\/p>\n<p>1.Group LCR. See &#8216;Structural and liquidity risk&#8217; in this section. Provisional data.<\/p>\n<p>2.Changes in current euros, unless otherwise indicated. <\/p>\n<p>3.EUR million. % change in constant euros.<\/p>\n<p>4.Calculated as underlying allowances for loan-loss provisions over the last 12 months \/ Average loans and advances to customers and debt securities issued by non-financial institutions over the last 12 months.<\/p>\n<p>For more detailed information, please see the &#8216;Alternative performance measures&#8217; section.<\/p>\n<p>22<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-83\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-84\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Risk management<\/p>\n<p>\u2022Cost of risk stood at 1.15%, 1 bp above March 2026 and 2 bps above June 2025. Excluding Argentina, cost of risk would have improved 1 bp quarter-on-quarter and 2 bps year-on-year.<\/p>\n<p>\u2022The NPL coverage ratio was broadly stable in Q2 2026 at 64%, with loan-loss allowances of EUR 24,207 million. The coverage ratio remained at comfortable levels considering that more than 65% of the Group\u2019s portfolio is backed by quality collateral.<\/p>\n<p>Regarding the IFRS 9 stages, the distribution of the portfolio was stable in Q2 2026 in percentage terms.<\/p>\n<p>NPL coverage ratio by stageEUR billion<\/p>\n<p>Exposure1<\/p>\n<p>NPL coverage2<\/p>\n<p>Jun-26Mar-26Jun-25Jun-26Mar-26Jun-25Stage 11,0901,0249650.3%0.3%0.3%Stage 29389825.4%5.7%5.7%Stage 338363341.7%41.9%42.1%1. Exposure subject to impairment. Additionally, in June 2026 there were EUR 60 billion in loans and advances to customers not subject to impairment recorded at mark to market with changes through P&amp;L (EUR 48 billion in March 2026 and EUR 46 billion in June 2025).<\/p>\n<p>Stage 1: financial instruments for which no significant increase in credit risk has been identified since its initial recognition.<\/p>\n<p>Stage 2: if there has been a significant increase in credit risk since the date of initial recognition but the impairment event has not materialized, the financial instrument is classified in Stage 2.<\/p>\n<p>Stage 3: a financial instrument is catalogued in this stage when it shows effective signs of impairment as a result of one or more events that have already occurred resulting in a loss.<\/p>\n<p>2. Total loan-loss reserves in each stage \/ exposure subject to impairment in each stage.<\/p>\n<p>Credit impaired loans and loan-loss allowancesEUR million Change (%)Q2&#8217;26QoQYoYBalance at beginning of period35,893\u00a06.4\u00a05.0\u00a0\u00a0\u00a0\u00a0Net additions4,121\u00a0(8.9)37.2\u00a0\u00a0\u00a0\u00a0Increase in scope of consolidation502\u00a0\u2014\u00a0\u2014\u00a0\u00a0\u00a0\u00a0Exchange rate differences and other306\u00a0(58.5)\u2014\u00a0\u00a0\u00a0\u00a0Write-offs(3,262)5.1\u00a0(7.7)Balance at period-end37,560\u00a04.6\u00a015.1\u00a0Loan-loss allowances24,207\u00a02.7\u00a010.9\u00a0\u00a0\u00a0\u00a0For impaired assets15,659\u00a04.1\u00a012.7\u00a0\u00a0\u00a0\u00a0For other assets8,548\u00a00.2\u00a07.7\u00a0<\/p>\n<p>Our Retail, Openbank and CIB businesses account for around 97% of the Group&#8217;s total credit portfolio as of 30 June 2026, while Payment Solutions and Wealth have limited balance sheet exposure. Therefore, the following explanations are focused on the most relevant businesses from a credit risk management point of view:<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g40.jpg\" alt=\"FA_SAN_VERTICAL_GROUP_FONDO_RGB.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:22px\" id=\"i-85\"\/><\/p>\n<p>Retail &amp; Commercial Banking<\/p>\n<p>Credit risk exposure<\/p>\n<p>55% of total Group<\/p>\n<p>Retail&#8217;s portfolio mainly comprises high quality mortgage loans, where around 90% of loans have a loan to value below 80%, and a corporate portfolio in which more than 50% has property collateral or other collateral. <\/p>\n<p>The NPL ratio improved 13 bps in Q2 2026 to 3.05%, driven by an increase in total risk (+8%), underpinned by widespread growth and  the integration of TSB. Credit impaired loans were up 3%, mainly due to the aforementioned integration and some single names in the corporate portfolio in Brazil.<\/p>\n<p>The cost of risk rose 6 bps compared to June 2025, reaching 1.19%, with higher provisions, mainly in Argentina (reflecting sector-wide trends in the country), Mexico (partially due to higher lending activity and model updates) and the UK (partly due to portfolio normalization). This was partially offset by solid trends in Spain (driven by a good portfolio performance and our balance sheet optimization strategy) and Brazil (underpinned by prudent risk management and a shift in the portfolio mix). Compared to Q1 2026, cost of risk increased 2 bps, with higher provisions, mainly in Argentina, Mexico and the UK, partially offset by a good performance in Spain.<\/p>\n<p>The NPL coverage ratio decreased 1 pp in Q2 2026, reaching 66%, a level we consider appropriate given the Retail portfolio includes the mortgage portfolios in Spain and the UK, which have high-quality collateral.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g40.jpg\" alt=\"FA_SAN_VERTICAL_GROUP_FONDO_RGB.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:22px\" id=\"i-86\"\/><\/p>\n<p>Openbank<\/p>\n<p>Credit risk exposure<\/p>\n<p>17% of total Group<\/p>\n<p>Openbank comprises business originated by consumer finance companies, including our digital bank (formerly called Openbank), Open Digital Services (ODS) and our retail business in the US.<\/p>\n<p>The NPL ratio stood at 5.61%, 9 bps above that of March 2026, as a 4% increase in credit impaired loans, primarily in the US and Brazil, was partially offset by total risk growth (+2%), supported by solid trends across most of our markets, particularly in Openbank Europe, the US and Brazil.<\/p>\n<p>The cost of risk was stable compared to June 2025, standing at 2.09%, the result of a good performance in provisions in the US, driven by the implementation of capital optimization measures and resilient consumer behaviour, backed by persistently high used car prices. This positive dynamic was partly offset by increases in other units, mainly in Openbank Europe, which was impacted in part by the macro environment and a credit quality deterioration in corporates. Compared to Q1 2026, cost of risk was up 2 bps, due to higher provisions, especially in Brazil and Openbank Europe, partially offset by a good performance in the US. <\/p>\n<p>The NPL coverage ratio decreased 1 pp in Q2 2026, standing at 70%, a level we are comfortable with considering more than 80% of the portfolio consists of auto loans.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-87\"\/><\/p>\n<p>23<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-88\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Risk management<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g40.jpg\" alt=\"FA_SAN_VERTICAL_GROUP_FONDO_RGB.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:22px\" id=\"i-89\"\/><\/p>\n<p>Corporate &amp; Investment Banking<\/p>\n<p>Credit risk exposure<\/p>\n<p>25% of total Group<\/p>\n<p>CIB comprises Global Transaction Banking, Global Banking (Global Debt Financing and Corporate Finance) and Global Markets business lines and offers products and services on a global scale to corporate and institutional clients, and collaborates with other global businesses to better serve our broad customer base.<\/p>\n<p>The NPL ratio rose 17 bps in Q2 2026 to 1.02%, due to higher credit impaired loans, primarily driven by some single names, which were partially offset by total risk growth (+10%).<\/p>\n<p>The cost of risk was up 22 bps compared to June 2025 to 0.29%, with higher provisions due to some single names and growing from a low base, as virtually no provisions were recorded in Q4 2024 and Q1 2025. Compared to March 2026, the ratio rose 6 bps, driven by higher provisions as a result of portfolio growth and some single names, particularly in Europe, the US and Brazil.<\/p>\n<p>The NPL coverage ratio stood at 37%, with no material changes  compared to March 2026.<\/p>\n<p>Market risk <\/p>\n<p>In Q2 2026, market risk was mainly shaped by market volatility stemming from the conflict in the Middle East. Volatility moderated as peace talks between the US and Iran began, though uncertainty remained regarding the possibility of inflation remaining persistently high.<\/p>\n<p>Trading activity in CIB is focused on meeting our clients&#8217; needs. Its risk is measured in terms of daily VaR at 99% and originates mainly from possible movements in interest rates.<\/p>\n<p>In Q2 2026, average VaR was EUR 18 million, slightly lower than in Q1 2026, amid somewhat lower market volatility, despite the persistence of some geopolitical uncertainty.<\/p>\n<p>VaR figures remained low compared to the size of the balance sheet and the Group&#8217;s activity, and continued to be primarily driven by interest rate risk.<\/p>\n<p>Trading portfolios1. VaR by region <\/p>\n<p>EUR million20262025Q2AverageLastAverageTotal18.0\u00a014.1\u00a018.2\u00a0Europe13.7\u00a010.7\u00a015.7\u00a0North America6.0\u00a05.8\u00a05.8\u00a0South America7.2\u00a08.0\u00a08.5\u00a0<\/p>\n<p>1. Activity in Santander Corporate &amp; Investment Banking markets.<\/p>\n<p>Trading portfolios1. VaR by market factor <\/p>\n<p>EUR millionQ2 2026Min.Avg.Max.LastVaR total12.6\u00a018.0\u00a028.5\u00a014.1\u00a0Diversification effect(12.7)(18.2)(25.1)(17.7)Interest rate VaR12.1\u00a015.7\u00a021.0\u00a013.5\u00a0Equity VaR4.6\u00a07.0\u00a011.4\u00a06.6\u00a0FX VaR4.0\u00a05.8\u00a08.7\u00a04.7\u00a0Credit spreads VaR3.4\u00a05.9\u00a09.7\u00a04.2\u00a0Commodities VaR1.2\u00a01.8\u00a02.8\u00a02.8\u00a0<\/p>\n<p>1.Activity in Santander Corporate &amp; Investment Banking markets.<\/p>\n<p>Note: in the North America, South America and Asia portfolios, VaR corresponding to the credit spreads factor other than sovereign risk is not relevant and is included in the interest rate factor.<\/p>\n<p>Trading portfolios1. VaR performance<\/p>\n<p>\u00a0<\/p>\n<p>EUR million<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g41.jpg\" alt=\"23089744196722\" style=\"height:226px; margin-bottom:5pt; vertical-align:text-bottom; width:701px\" id=\"i-90\"\/><\/p>\n<p>1. Activity in Santander Corporate &amp; Investment Banking markets.<\/p>\n<p>24<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-91\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-92\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Risk management<\/p>\n<p>Structural and liquidity risk<\/p>\n<p>Structural exchange rate risk<\/p>\n<p>Grupo Santander&#8217;s structural exchange rate risk mainly arises from foreign currency transactions related to permanent financial investments, their results and associated hedges.<\/p>\n<p>During Q2 2026, the performance of the main currencies in which the Group operates generally appreciated against the euro, notably the Mexican peso, amid expectations that the central bank may have reached the end of its easing cycle with the 25 basis point cut in May to 6.50%.<\/p>\n<p>Our dynamic management of this risk aims to limit the impact on the CET1 capital ratio from exchange rate movements. In Q2 2026, the coverage of the main currencies impacting this ratio remained close to 100%. <\/p>\n<p>Regarding financial results, the exchange rate hedging strategy is tactical and dynamic, depending on our expectations of the evolution of the different currencies in the various countries where the Group operates.<\/p>\n<p>Structural interest rate risk<\/p>\n<p>Interest rate risk management aims to mitigate potential negative impacts on Santander, both in terms of net interest income and economic value of its equity, due to adverse fluctuations in interest rate curves in the various currencies in which the Group operates.<\/p>\n<p>The Group measures interest rate risk through statistical models based on structural risk mitigation strategies using interest rate instruments, such as fixed-income bond portfolios and derivative instruments, to keep the risk profile within the risk appetite. <\/p>\n<p>Our structural interest rate risk remained at comfortable levels during the period. Our structural debt portfolios performed well, in a context in which, although uncertainty around the evolution of the conflict in the Middle East persisted, pressure on interest rates was lower amid expectations of a resolution to the conflict between the US and Iran.<\/p>\n<p>At an aggregate level, Santander maintains positive net interest income sensitivity to interest rate hikes and negative sensitivity in the same scenario for the economic value of its equity.<\/p>\n<p>Liquidity risk<\/p>\n<p>Liquidity risk is the risk of not having the necessary liquid financial resources available to meet our obligations as they come due. Losses can be caused by forced asset sales or margin impacts due to the mismatch between expected cash inflows and outflows. <\/p>\n<p>Our strong liquidity position is based on a decentralized model, where each subsidiary is managed autonomously. <\/p>\n<p>In Q2 2026, the Group maintained a comfortable position, with ratios well above regulatory limits, supported by a robust and diversified liquidity buffer. <\/p>\n<p>The Group liquidity coverage ratio (Group LCR1) ended June 2026 at 155%, +4 pp compared to March 2026.<\/p>\n<p>Operational risk<\/p>\n<p>The operational risk profile remained stable in Q2 2026. However, the Group closely monitors the evolution of operational risks, focusing on operational resilience (technology, cyberrisk, suppliers and business continuity) and risks linked to transformation plans (including the use of new technologies), external fraud, the most significant legal processes and the impact of geopolitical risks on the current environment.<\/p>\n<p>In Q2 2026, operational risk losses2 decreased double digits quarter-on-quarter, reflecting the impact of the provision for potential complaints related to motor finance dealer commissions in the UK recorded in Q1 2026. Legal proceedings continued to be the main driver of these losses, which were concentrated in the Retail business.<\/p>\n<p>1.The Consolidated LCR ratio as at end June 2026 was 146%, comfortably exceeding internal and regulatory requirements. All LCR figures are provisional. For more information on the calculation of both the Group LCR and the Consolidated LCR, see the &#8216;Liquidity and funding management&#8217; section of the &#8216;Economic and financial review&#8217; chapter in the Annual report 2025 published on 24 February 2026.<\/p>\n<p>2.Operational risk losses are provisional.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-93\"\/><\/p>\n<p>25<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-94\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Santander share<\/p>\n<p>The Santander share<\/p>\n<p>Dividends and shareholder remuneration<\/p>\n<p>In accordance with the 2025 shareholder remuneration policy, the bank paid a final cash dividend charged against 2025 results of EUR 12.50 cents per share in May 2026. <\/p>\n<p>Additionally, the bank announced a second share buyback programme worth up to a maximum of EUR 5,030 million, started on 4 February 2026 and is currently underway. Of which:<\/p>\n<p>\u2022EUR 1,830 million corresponds to approximately 25% of the Group\u2019s net reported profit in H2 2025, in line with the ordinary shareholder remuneration policy charged against 2025 results. <\/p>\n<p>\u2022The remaining EUR 3,200 million corresponds to an extraordinary buyback, equivalent to approximately 50% of the CET1 capital generated following completion of the sale of 49% of Santander Bank Polska to Erste Group in January 2026.<\/p>\n<p>As at the date of publication of this report, approximately 80% of the aforementioned buyback programme had been executed.<\/p>\n<p>As a result, total shareholder remuneration charged against 2025 results amounts to approximately EUR 7,030 million, comprising the interim dividend of EUR 11.50 cents per share paid in November 2025, the final cash dividend of EUR 12.50 cents per share paid in May 2026, the first share buyback programme of EUR 1,700 million (completed in December 2025) and EUR 1,830 million under the second share buyback programme (underway) corresponding to ordinary remuneration from 2025 results.<\/p>\n<p>This is equivalent to approximately 50% of the Group&#8217;s 2025 net reported profit, excluding non-cash, non-capital ratios impact items), split approximately 50% in cash dividends and 50% in share buybacks.<\/p>\n<p>As announced on 25 February 2026, the board of directors intends to: i) apply an ordinary shareholder remuneration policy for 2026 to 2028 results that entails distributing approximately 50% of the Group\u2019s underlying profit (excluding non-cash, non-capital ratios impact items), split approximately evenly between cash dividends and share buybacks for 2026 results; and ii) distribute any excess capital to shareholders at the end of the 2026-2028 period. From 2027 results, the ordinary shareholder remuneration policy is expected to comprise around 35% of the Group&#8217;s underlying profit (on the same basis) in cash dividends and around 15% in share buybacks.<\/p>\n<p>The execution of the ordinary shareholder remuneration policy and the distribution of any excess capital to shareholders at the end of the 2026-2028 period is subject to corporate and regulatory decisions and approvals.<\/p>\n<p>Share price performance<\/p>\n<p>Santander&#8217;s shares are listed on five markets: on four exchanges in Spain (Madrid, Barcelona, Bilbao and Valencia), in the US (as ADRs), in the UK (as a CDI), in Mexico (Sistema Internacional de Cotizaciones) and in Poland.<\/p>\n<p>In Q2 2026, we operated in an environment characterized by some volatility, driven by geopolitical tensions in the Middle East. However, at the end of the quarter, economic growth indicators were solid across our footprint and unemployment rates remained relatively low in general.<\/p>\n<p>Despite this environment, equities performed well, with widespread increases. As of 30 June 2026, Santander\u2019s share price had increased 20.0% in the year to date, outperforming both the sector as a whole and the broader European market.<\/p>\n<p>In the banking sector, the Euro Stoxx Banks, the eurozone&#8217;s main index, rose 11.6% year to date, while the DJ Stoxx Banks was up 12.5% and the MSCI World Banks +10.4%. The other main indices also closed higher (Ibex 35 +12.5% and DJ Stoxx 50 +10.1%).<\/p>\n<p>Share price<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g42.jpg\" alt=\"accion4.jpg\" style=\"height:18px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-95\"\/><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g43.jpg\" alt=\"accin3a01.jpg\" style=\"height:20px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-96\"\/><\/p>\n<p>START 31\/12\/2025<\/p>\n<p>END 30\/06\/2026<\/p>\n<p>\u20ac10.070\u20ac12.084<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g44.jpg\" alt=\"accionmax.jpg\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:20px\" id=\"i-97\"\/><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g45.jpg\" alt=\"accionmin.jpg\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:20px\" id=\"i-98\"\/><\/p>\n<p>MAXIMUM 30\/06\/2026<\/p>\n<p>MINIMUM 23\/03\/2026<\/p>\n<p>\u20ac12.084\u20ac8.938Comparative share performance<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g46.jpg\" alt=\"6047313962736\" style=\"height:207px; margin-bottom:5pt; vertical-align:text-bottom; width:699px\" id=\"i-99\"\/><\/p>\n<p>26<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-100\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-101\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Santander share<\/p>\n<p>Market capitalization and trading<\/p>\n<p>As at 30 June 2026, Santander\u2019s market capitalization of EUR 177,506 million was the largest in the eurozone and the 14th largest in the world among financial institutions. <\/p>\n<p>The share\u2019s weighting in the Stoxx Europe 600 Banks index was 9.0% and 14.6% in the Euro Stoxx Banks. In the domestic market, its weight in the Ibex 35 was 17.8% as at 30 June 2026. <\/p>\n<p>A total of 3,663 million shares were traded in the quarter for an effective value of EUR 38,117 million and an annualized liquidity ratio of 50%. <\/p>\n<p>The average daily trading volume was 29.3 million shares with an effective value of EUR 305 million.<\/p>\n<p>Shareholder base <\/p>\n<p>The total number of Santander shareholders as at 30 June 2026 was 3,508,619, of which 2,846,326 were European (71.25% of the capital stock) and 649,332 from the Americas (27.33% of the capital stock).<\/p>\n<p>Excluding the board, which holds 1.34% of the bank\u2019s capital stock, retail shareholders accounted for 32.27% and institutional shareholders accounted for 66.39%.<\/p>\n<p>Share capital distribution by geographic area30 June 2026The AmericasEuropeOther27.33%71.25%1.42%<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g47.jpg\" alt=\"accionfinala01.jpg\" style=\"height:157px; margin-bottom:5pt; vertical-align:text-bottom; width:346px\" id=\"i-102\"\/>Source: data obtained from the shareholder registers of Banco Santander.<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g48.gif\" alt=\"globo-Europa 2.gif\" style=\"height:101px; margin-bottom:5pt; vertical-align:text-bottom; width:93px\" id=\"i-103\"\/><\/p>\n<p>#1<\/p>\n<p>Bank in the eurozone by market capitalizationEUR177,506million The Santander share30 June 2026Shares and trading dataShares (number)14,689,319,502\u00a0Average daily turnover (number of shares)29,306,828\u00a0Share liquidity (%)50(Annualized number of shares traded during the period \/ number of shares)Stock market indicatorsPrice \/ Tangible book value per share (X)1.91\u00a0Free float (%)97.49<\/p>\n<p>.<\/p>\n<p>Share capital distribution by type of shareholder30 June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g49.jpg\" alt=\"4597\" style=\"height:161px; margin-bottom:5pt; vertical-align:text-bottom; width:170px\" id=\"i-104\"\/>Institutions66.39%Board *1.34%Retail32.27%<\/p>\n<p>     * Shares owned or represented by directors. <\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-105\"\/><\/p>\n<p>27<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-106\"\/><\/p>\n<p>Index<\/p>\n<p>Financial information by segment<\/p>\n<p>Description of segments<\/p>\n<p>We base segment reporting on financial information presented to the chief operating decision maker, which excludes certain statutory results items that distort year-on-year comparisons and are not considered for management reporting. This financial information (underlying basis) is computed by adjusting reported results for the effects of certain gains and losses (e.g. capital gains, write-downs, impairment of goodwill, etc.). These gains and losses are items that management and investors ordinarily identify and consider separately to better understand the underlying trends in the business. <\/p>\n<p>The Group has aligned the information in this chapter with the underlying information used internally for management reporting and with that presented in the Group&#8217;s other public documents.<\/p>\n<p>Santander&#8217;s executive committee has been selected to be its chief operating decision maker. The Group&#8217;s operating segments reflect its organizational and managerial structures. The Group&#8217;s executive committee reviews internal reporting based on these segments to assess performance and allocate resources.<\/p>\n<p>The segments are split by global business and by country in which profits are earned. We prepare the financial information by aggregating the figures for Santander\u2019s global businesses and countries, relating it to both the accounting data of the business units integrated in each segment and that provided by management information systems. The same general principles as those used in the Group are applied.<\/p>\n<p>Main changes to the composition of Santander&#8217;s segments in 2026<\/p>\n<p>On 10 February 2026, the Group announced a series of changes to its reporting structure, effective from Q1 2026. These changes did not affect the Group\u2019s reported profit attributable to the parent, nor the targets we communicated to the market during the Q4 2025 results presentation. For further information about these changes, see \u2018Significant events in the period\u2019 section of the Q1 2026 Financial report. <\/p>\n<p>In addition to these changes, a number of modifications to the reporting structure were also communicated that only affect the Group\u2019s primary and secondary segments, as follows:<\/p>\n<p>Reporting of the Cards business within Retail &amp; Commercial Banking (Retail)<\/p>\n<p>Given that our payments platform strategy is now largely established, we are positioning Payments, renamed Payment Solutions, as the Group\u2019s payments platform business.<\/p>\n<p>In this context, from 1 January 2026, the income statement and balance sheet items relating to the Cards business have been reclassified to Retail (previously recorded in Payments), to better align reporting with the management structure in these businesses in 2026.<\/p>\n<p>The Group\u2019s card processing platform remains in Payment Solutions and charges market-based fees to the global businesses for card processing, valued at market prices. <\/p>\n<p>RoTE Spain<\/p>\n<p>The Santander Spain secondary segment does not have its own accounting tangible equity since it is booked under Banco Santander, <\/p>\n<p>S.A. with other units such as the Corporate Centre. For this reason, a theoretical tangible equity is allocated to the segment.<\/p>\n<p>In this context, the methodology for allocating such tangible equity to Spain has been updated to increase accuracy, taking into account: i) the amount required to reach a 13% CET1 ratio; and ii) the allocation of deductions and other capital adjustments (add-ons).<\/p>\n<p>Other changes within the primary segments<\/p>\n<p>In addition to the change in the Payments business previously described, two minor adjustments have been introduced to the primary segments: i) the Digital Consumer Bank (Consumer) business has been renamed Openbank; and ii) Wealth Management &amp; Insurance has been reorganized into two business lines: Private Banking, which comprises the corporate private banking unit and International Private Banking in the US, Switzerland and the UAE; and Insurance &amp; Asset Management Solutions, which brings together the insurance business and liquid and illiquid asset management activities, and includes the investment platforms and holdings that complement the traditional Wealth business. These changes do not have any impact on the reported figures at the Group or primary segment levels.<\/p>\n<p>Composition of Santander&#8217;s segments<\/p>\n<p>Taking into account all of the changes detailed above, from 2026 the primary and secondary segments are structured as follows:<\/p>\n<p>Primary segments<\/p>\n<p>This primary level of segmentation, comprises six reportable segments: five global businesses plus the Corporate Centre.<\/p>\n<p>Retail &amp; Commercial Banking (Retail): area that integrates the retail banking and commercial banking businesses (individuals, SMEs and corporates), except private banking clients and business originated in the consumer finance businesses. Detailed financial information is provided on Spain (Retail Spain), the UK (Retail UK), Mexico (Retail Mexico) and Brazil (Retail Brazil), which represent most of the total Retail business. <\/p>\n<p>Openbank, previously known as Digital Consumer Bank (Consumer): comprises business originated by consumer finance companies, including our digital bank (formerly Openbank), Open Digital Services (ODS) and our retail business in the US. Detailed financial information is provided on Europe (Openbank Europe) and the US (Openbank US).<\/p>\n<p>Corporate &amp; Investment Banking (CIB): business which includes the Global Transaction Banking, Global Banking (Global Debt Financing and Corporate Finance) and Global Markets business lines. It offers products and services on a global scale to corporate and  institutional clients and collaborates with other global businesses to better serve our broad customer base.<\/p>\n<p>Wealth Management &amp; Insurance (Wealth): comprises two business lines: i) Private Banking, which includes the corporate private banking unit and international private banking in the US, Switzerland and the UAE; and ii) Insurance &amp; Asset Management Solutions, which brings together the insurance business and liquid and illiquid asset management activities and includes the investment platforms and holdings that complement the traditional Wealth business.<\/p>\n<p>28<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-107\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-108\"\/><\/p>\n<p>Index<\/p>\n<p>Payment Solutions (Payments): brings together the Group\u2019s digital payment solutions and provides global technological solutions to Group entities and new customers in the open market. It comprises Getnet, Getnet Platforms and Ebury.<\/p>\n<p>Corporate Centre: includes the centralized activities relating to equity stakes in financial companies, financial management of the structural exchange rate position, assumed within the sphere of the Group\u2019s asset and liability committee, as well as management of liquidity and of shareholders\u2019 equity via issuances. <\/p>\n<p>As the Group\u2019s holding entity, this area manages all capital and reserves and allocation of capital and liquidity to the other businesses. It also incorporates goodwill impairments but not the costs related to the Group\u2019s central services (charged to the areas), except for corporate and institutional expenses related to the Group\u2019s functioning.<\/p>\n<p>Secondary segments<\/p>\n<p>This secondary level includes our main geographical units and the Corporate Centre, as described in the primary segments.<\/p>\n<p>Detailed financial information is provided on Spain, the UK, Portugal, Openbank Europe (previously referred to as DCB Europe, which includes all consumer business, our digital bank in Europe and ODS), the US, Mexico, Brazil, Chile and Argentina.<\/p>\n<p>Information is also provided for the &#8216;Rest of the Group&#8217;, the grouping which brings together everything that is not included in the aforementioned geographical units or the Corporate Centre.<\/p>\n<p>The businesses included in each of the segments in this report and the accounting principles under which their results are presented here may differ from the businesses included and accounting principles applied in the financial information separately prepared and disclosed by our subsidiaries (some of which are publicly listed) which in name or geographical description may seem to correspond to the business areas covered in this report. Accordingly, the results and trends shown for our business areas in this document may differ materially from those of such subsidiaries.<\/p>\n<p>The Group&#8217;s underlying income statement records the results related to the business subject to the Poland disposal for all periods in 2025, the capital gain from the completion of the Poland disposal in Q1 2026 and M&amp;A-related restructuring costs in Q2 2026 associated with the integration of TSB under a single line item, &#8216;non-recurring items&#8217;. The impacts recorded in this line are therefore excluded from the Group&#8217;s underlying profit. Consequently, the global businesses, which are reported only on an underlying basis in accordance with IFRS 8, also exclude these non-recurring items. The underlying ratios, management metrics and business volumes do not include the activity affected by the Poland disposal.<\/p>\n<p>Additionally, both the balance sheets and income statements of the Retail global business, Retail UK and the UK secondary segment include TSB from May 2026. <\/p>\n<p>On the other hand, the results of our segments presented below include the impact of foreign exchange rate fluctuations. However, for a better understanding of the changes in the performance of our primary and secondary segments, we also provide and discuss the year-on-year changes to our results excluding such exchange rate impacts (i.e. in constant euros), except for Argentina, and any grouping which includes it, where the variations in constant euros have been calculated considering the Argentine peso exchange rate on the last working day for each of the periods presented. For further information, see methodology in the &#8216;Alternative performance measures&#8217; section in this report. <\/p>\n<p>Lastly, certain figures contained in this report, have been subject to rounding to enhance their presentation. Accordingly, in certain instances, the sum of the numbers in a column or a row in tables contained in this report may not conform exactly to the total figure given for that column or row.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-109\"\/><\/p>\n<p>29<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-110\"\/><\/p>\n<p>Index<\/p>\n<p>January-June 2026<\/p>\n<p>Main items of the underlying income statementEUR millionPrimary segmentsNet interest<br \/>incomeNet fee<br \/>incomeTotal<br \/>incomeNet operating<br \/>incomeProfit<br \/>before taxUnderlying profit attributable to the parentRetail &amp; Commercial Banking14,159\u00a03,329\u00a017,135\u00a010,188\u00a05,861\u00a04,124\u00a0Openbank5,610\u00a0714\u00a06,535\u00a03,817\u00a01,405\u00a0827\u00a0Corporate &amp; Investment Banking2,543\u00a01,353\u00a04,779\u00a02,831\u00a02,379\u00a01,742\u00a0Wealth Management &amp; Insurance655\u00a0898\u00a02,093\u00a01,360\u00a01,356\u00a01,083\u00a0Payment Solutions82\u00a0563\u00a0771\u00a0114\u00a092\u00a078\u00a0Corporate Centre(338)(6)(466)(673)(746)(525)TOTAL GROUP22,711\u00a06,851\u00a030,847\u00a017,636\u00a010,347\u00a07,328\u00a0Secondary segmentsSpain3,860\u00a01,588\u00a06,380\u00a04,238\u00a03,529\u00a02,534\u00a0UK2,687\u00a0209\u00a02,713\u00a01,268\u00a0987\u00a0725\u00a0Portugal672\u00a0266\u00a0937\u00a0672\u00a0631\u00a0471\u00a0Openbank Europe2,415\u00a0385\u00a02,989\u00a01,619\u00a0616\u00a0253\u00a0US2,909\u00a0755\u00a04,004\u00a02,171\u00a01,274\u00a0989\u00a0Mexico2,502\u00a0804\u00a03,412\u00a02,024\u00a01,280\u00a0897\u00a0Brazil5,067\u00a01,615\u00a06,595\u00a03,926\u00a01,457\u00a01,093\u00a0Chile1,093\u00a0306\u00a01,538\u00a01,081\u00a0781\u00a0469\u00a0Argentina1,162\u00a0452\u00a01,355\u00a0837\u00a0221\u00a0194\u00a0Corporate Centre(338)(6)(466)(673)(746)(525)Rest of the Group682\u00a0476\u00a01,391\u00a0474\u00a0316\u00a0229\u00a0TOTAL GROUP22,711\u00a06,851\u00a030,847\u00a017,636\u00a010,347\u00a07,328\u00a0<\/p>\n<p>Underlying profit attributable to the parent distribution1<\/p>\n<p>H1 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g50.jpg\" alt=\"8\" style=\"height:219px; margin-bottom:5pt; vertical-align:text-bottom; width:329px\" id=\"i-111\"\/><\/p>\n<p>1. As a % of operating areas. Excluding the Corporate Centre.<\/p>\n<p>Underlying profit attributable to the parent. H1 2026<\/p>\n<p>EUR million. % change YoYRetailOpenbankCIBWealthPayments     <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g51.jpg\" alt=\"80\" style=\"height:219px; margin-bottom:5pt; vertical-align:text-bottom; width:117px\" id=\"i-112\"\/>    Var<\/p>\n<p>Var2<\/p>\n<p>+13\u00a0%+12\u00a0%-21\u00a0%-19\u00a0%+18\u00a0%+17\u00a0%+19\u00a0%+19\u00a0%+400\u00a0%+297\u00a0%   <\/p>\n<p>2. Changes in constant euros.<\/p>\n<p>30<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-113\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-114\"\/><\/p>\n<p>Index<\/p>\n<p>January-June 2025<\/p>\n<p>Main items of the underlying income statementEUR millionPrimary segmentsNet interest<br \/>incomeNet fee<br \/>incomeTotal<br \/>incomeNet operating<br \/>incomeProfit<br \/>before taxUnderlying profit attributable to the parentRetail &amp; Commercial Banking13,357\u00a03,057\u00a016,202\u00a09,167\u00a05,283\u00a03,653\u00a0Openbank5,504\u00a0681\u00a06,425\u00a03,565\u00a01,456\u00a01,042\u00a0Corporate &amp; Investment Banking1,857\u00a01,268\u00a04,119\u00a02,279\u00a02,188\u00a01,472\u00a0Wealth Management &amp; Insurance671\u00a0813\u00a01,930\u00a01,229\u00a01,196\u00a0906\u00a0Payment Solutions80\u00a0510\u00a0641\u00a041\u00a022\u00a016\u00a0Corporate Centre(232)(16)(353)(567)(807)(713)TOTAL GROUP21,237\u00a06,311\u00a028,966\u00a015,715\u00a09,338\u00a06,377\u00a0Secondary segmentsSpain3,585\u00a01,503\u00a06,118\u00a03,916\u00a03,232\u00a02,258\u00a0UK2,543\u00a0166\u00a02,492\u00a0974\u00a0762\u00a0560\u00a0Portugal684\u00a0255\u00a0989\u00a0722\u00a0730\u00a0525\u00a0Openbank Europe2,266\u00a0372\u00a02,827\u00a01,356\u00a0727\u00a0396\u00a0US2,949\u00a0678\u00a03,927\u00a01,959\u00a0904\u00a0839\u00a0Mexico2,238\u00a0689\u00a03,010\u00a01,700\u00a01,093\u00a0794\u00a0Brazil4,740\u00a01,549\u00a06,309\u00a03,841\u00a01,551\u00a0996\u00a0Chile1,002\u00a0297\u00a01,410\u00a0921\u00a0623\u00a0369\u00a0Argentina939\u00a0390\u00a01,145\u00a0624\u00a0393\u00a0262\u00a0Corporate Centre(232)(16)(353)(567)(807)(713)Rest of the Group523\u00a0428\u00a01,092\u00a0269\u00a0129\u00a091\u00a0TOTAL GROUP21,237\u00a06,311\u00a028,966\u00a015,715\u00a09,338\u00a06,377\u00a0<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-115\"\/><\/p>\n<p>31<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-116\"\/><\/p>\n<p>Index<\/p>\n<p>RetailUnderlying attributable profit<\/p>\n<p>EUR 4,124 mn<\/p>\n<p>\u2192 We continued to drive our ONE Transformation programme to support our vision of becoming a digital bank with branches, through the implementation of a common operating model and the rollout of our global technology platform.<\/p>\n<p>\u2192 Loans increased 9% in constant euros year-on-year (+2% ex. TSB), mainly driven by mortgages. In constant euros, deposits rose 13% (+6% ex. TSB), with positive dynamics in most countries, and mutual funds grew 18%.<\/p>\n<p>\u2192 Underlying attributable profit reached EUR 4,124 million, up 13% year-on-year in euros and +12% in constant euros (+10% ex. TSB), driven by total income (both in net interest income as well as net fee income) and a strong cost reduction, resulting from the implementation of our common operating model.<\/p>\n<p>Strategy<\/p>\n<p>In Q2 2026, we continued our business transformation, in line with our vision of being a digital bank with branches, which combine leading technology with close, expert advice for our customers. To achieve this, we continue to successfully execute on our strategic priorities:<\/p>\n<p>\u2022Transformation of our operating model based on three pillars: <\/p>\n<p>\u2022End-to-end digitalization. We continued to drive product digitalization and optimize customer journeys, improving the share of products and services that are available digitally by 7 pp year-on-year to 73%, resulting in a 21% increase year-on-year in digital sales. The launch of the global app has enabled us to deliver a more consistent and higher-quality experience across digital channels. In addition, we continued to roll out our new branch model and Work Caf\u00e9s, with new openings in Brazil, the UK and Portugal in the quarter. <\/p>\n<p>\u2022Automation and simplification. We continued to simplify and automate processes at scale while promoting leaner and more agile structures. This enabled us to reduce the number of non-commercial FTEs per million customers by 19% year-on-year, freeing up capacity for commercial activities and higher value-added customer service, thereby improving customer experience and lowering the cost per active customer 6% year-on-year.<\/p>\n<p>\u2022Global Technology Platform. We remain focused on the rollout of common technology platforms. Gravity, our back-end technology, has been fully implemented in Spain, Mexico and Chile, enabling us to reduce transaction costs and improve response times, and is also technically ready for deployment in Brazil in 2026. The new global app is now available in Spain, Mexico, Brazil and Chile, and our assisted channel solution is operational in more than half of the Group&#8217;s branches and across contact centres in Mexico, enhancing productivity and sales. Our new customer interaction platform, which was already available in Brazil, the UK, Argentina, Chile and Mexico, is now technically <\/p>\n<p>ready for rollout in Spain. This platform enables effective hyper-personalization across all channels and segments, increasing the sales conversion ratio.<\/p>\n<p>\u2022Transformation of the business model by remaining focused on value creation and positioning the customer at the centre of our management through:<\/p>\n<p>\u2022Customer relationships. We are providing a simpler value proposition tailored to our key customer segments. In Spain, for example, we are significantly enhancing SME profitability through improvements to Santander Growth, which leverages advanced analytics to identify high-growth companies and provide them with tailored solutions supported by specialized teams. We are rolling out the model across Brazil, Mexico, the UK, Chile and Portugal. In Spain, we also launched a new Teens App, designed for teenagers taking their first financial steps, with access to exclusive offers. In Mexico, we strengthened our commercial offering for individuals, entrepreneurs and SMEs with a comprehensive package that combines lending, digital banking and international transfers with better conditions.<\/p>\n<p>\u2022Customer experience. We continue to integrate the best digital products with a new branch model redefined as community hubs, and we are using advanced hyper-personalization tools enabling us to improve our customer experience. <\/p>\n<p>\u2022Structural efficiency and profitability improvement. The transformation of our operating and business model continues to drive structural efficiency improvements and commercial capacity, which, together with prudent risk management and strict capital allocation, supports our profitable growth. We completed the acquisition of TSB in the UK in Q2 2026 and we expect to complete the Webster acquisition in the US this year. In the coming months, we will continue to work to ensure the successful integration of both entities into the Group.<\/p>\n<p>Retail. Customers. June 2026<\/p>\n<p>Thousands and year-on-year changeTotal Retail<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g7.jpg\" alt=\"Spain.jpg\" style=\"height:17px; margin-bottom:5pt; vertical-align:text-bottom; width:17px\" id=\"i-117\"\/><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g8.jpg\" alt=\"UK.jpg\" style=\"height:17px; margin-bottom:5pt; vertical-align:text-bottom; width:17px\" id=\"i-118\"\/><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g11.jpg\" alt=\"Mexico.jpg\" style=\"height:17px; margin-bottom:5pt; vertical-align:text-bottom; width:17px\" id=\"i-119\"\/><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g12.jpg\" alt=\"Brazil.jpg\" style=\"height:17px; margin-bottom:5pt; vertical-align:text-bottom; width:17px\" id=\"i-120\"\/>Total customers154,51115,23526,92722,23275,577+7%0%+20%+3%+6%Active customers79,6339,25015,90611,58333,771+6%+4%+18%+5%+2%<\/p>\n<p>32<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-121\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-122\"\/><\/p>\n<p>Index<\/p>\n<p>Business performance<\/p>\n<p>Gross loans and advances to customers, excluding reverse repos, increased 11% year-on-year. In constant euros, they grew 9%. This comparison was favoured by the TSB acquisition, whose loan book mostly comprises mortgages. Excluding TSB, loans increased 2% in constant euros, mainly driven by growth in mortgages to individuals, with the following breakdown by segment:<\/p>\n<p>\u2022In individuals, the mortgage portfolio grew in all countries, but particularly in the UK, Portugal, Brazil and Spain. Personal loans also increased across our footprint, except in Brazil, which reflects our capital optimization strategy and macro environment in the country. Card volumes increased in general, especially in Select customers in Brazil.<\/p>\n<p>\u2022SME loans were affected by lower volumes in Spain and the UK, with positive dynamics across the rest of our footprint. Commercial loans increased mainly driven by Brazil and the UK, which more than offset decreases in the US and Mexico.<\/p>\n<p>The year-on-year performance of customer funds also was favoured by the incorporation of TSB&#8217;s deposits (TSB does not have mutual funds), with 15% year-on-year growth in customer deposits, excluding repos and +13% in constant euros. Excluding TSB and in constant euros: <\/p>\n<p>\u2022Customer deposits, excluding repos grew 6%, largely due to a good performance in Spain and the UK. There was a 12% increase in time deposits with positive performances across the board except in the US and Argentina, while demand deposits rose 4%, increasing in most countries. <\/p>\n<p>\u2022Mutual funds grew 18% year-on-year, rising across most of our footprint. Overall, customer funds grew 8%.<\/p>\n<p>Retail. Business performance. June 2026<\/p>\n<p>EUR billion and YoY % change in constant euros<\/p>\n<p>655<\/p>\n<p>+9%<\/p>\n<p>Ex. TSB: +2%<\/p>\n<p>810<\/p>\n<p>+14%<\/p>\n<p>Ex. TSB: +8%<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g52.jpg\" alt=\"6047313960530\" style=\"height:128px; margin-bottom:5pt; vertical-align:text-bottom; width:83px\" id=\"i-127\"\/><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g53.jpg\" alt=\"6047313960532\" style=\"height:128px; margin-bottom:5pt; vertical-align:text-bottom; width:83px\" id=\"i-128\"\/>Gross loans and advances to customers excl. reverse reposCustomer deposits excl. <br \/>repos + mutual funds<\/p>\n<p>Results <\/p>\n<p>Underlying attributable profit in H1 2026 was EUR 4,124 million, 13% higher year-on-year. This comparison was slightly favoured by the TSB acquisition, with around 1-2 pp contributions across P&amp;L lines. In constant euros profit increased 12%, as follows:<\/p>\n<p>\u2022Total income increased 4% driven mainly by positive performances in net interest income and net fee income.<\/p>\n<p>Net interest income increased 4% year-on-year, with positive performances in most countries, driven by higher volumes and our active balance sheet management, and slightly favoured by the TSB acquisition.<\/p>\n<p>Our more targeted products and high value-added services offering, especially to Select segments, contributed to 6% net fee income growth year-on-year, particularly in transactional, FX, insurance and mutual fund fees. By country, there were notable increases in Mexico, Argentina, the UK and Spain.<\/p>\n<p>Retail. Total income. H1 2026<\/p>\n<p>EUR million and YoY % change in constant euros<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g54.jpg\" alt=\"6047313960567\" style=\"height:139px; margin-bottom:5pt; vertical-align:text-bottom; width:181px\" id=\"i-133\"\/> VarEx. TSB+6%+14%+4%+4%-2%+2%\u00a0\u00a0\u00a0\u00a0\u00a0Retail<\/p>\n<p>EUR 17,135 mn<\/p>\n<p>+4%<\/p>\n<p>+2%<\/p>\n<p>\u2022Total costs decreased 3% year-on-year, -8% in real terms, reflecting our transformation efforts through organizational simplification, process automation and the rollout of our global platform and a lower impact from asset impairment and operational risk charges. The efficiency ratio improved to 40.5%.<\/p>\n<p>\u2022Net loan-loss provisions grew 6% year-on-year, mainly in Argentina, reflecting sector-wide trends in the country. Excluding Argentina, provisions declined 4%, with positive performances in Spain and Brazil. Cost of risk was 1.19% (+6 bps year-on-year) and the NPL ratio improved to 3.05%, the latter favoured by the TSB acquisition.<\/p>\n<p>Overall, RoTE in H1 2026 was 17.1%.<\/p>\n<p>Compared to Q1 2026, the P&amp;L was favoured by TSB. Excluding it, profit increased 2% in constant euros, driven by net interest income and net fee income, which more than offset greater provisions related to balance sheet optimization initiatives in Spain and the UK, and higher restructuring charges related to transformation.<\/p>\n<p>Retail. Underlying income statementEUR million and % change\/ Q1&#8217;26\/ H1&#8217;25Q2&#8217;26%excl. FXH1&#8217;26%excl. FXEx. TSBEx. TSBTotal income8,851\u00a0+7+5+317,135\u00a0+6+4+2Total costs-3,594+7+5+2-6,948-1-3-5Net operating income5,258+7+5+310,188+11+9+8LLPs-2,078+7+4+4-4,021+9+6+5PBT2,976+3+205,861+11+10+8Underlying attrib. profit2,115+5+5+24,124+13+12+10<\/p>\n<p>Detailed financial information in Appendix.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-134\"\/><\/p>\n<p>33<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-135\"\/><\/p>\n<p>Index<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g7.jpg\" alt=\"Spain.jpg\" style=\"height:30px; margin-bottom:5pt; vertical-align:text-bottom; width:30px\" id=\"i-136\"\/><\/p>\n<p>Retail Spain<\/p>\n<p>Profit before tax<\/p>\n<p>EUR 2,229 mn<\/p>\n<p>Commercial activity and business performance<\/p>\n<p>Commercial activity remained strong in the quarter as we continued to gain market share in payrolls, pensions, cards and active Bizum users.<\/p>\n<p>Gross loans and advances to customers, excluding reverse repos, increased 1% year-on-year as the higher mortgages and personal loans in Select, more than offset a decrease in SMEs as a result of our active risk management, balance sheet optimization initiatives and ICO loan maturities.<\/p>\n<p>Customer deposits, excluding repos, grew 6% year-on-year, mainly due to demand deposits driven by our value proposition for Select customers which supports deposit growth and improves our funding mix. Mutual funds improved 17%. As a result, customer funds rose 8%.<\/p>\n<p>Results <\/p>\n<p>Profit before tax in H1 2026 reached EUR 2,229 million, 33% higher than in H1 2025. By line:<\/p>\n<p>\u2022Total income was 6% higher, with increases in net interest income, driven by balance sheet management and lower cost of deposits, net fee income, driven by strong momentum in FX and insurance fees, and gains on financial transactions (valuation of stakes).<\/p>\n<p>\u2022Total costs decreased 8%, benefitting from transformation initiatives and a lower impact from operational risk and asset impairment charges. The efficiency ratio improved 4.9 pp to 31.3%.<\/p>\n<p>\u2022Net loan-loss provisions declined 45%, driven by balance sheet optimization initiatives and credit quality improvement.<\/p>\n<p>In the quarter, net operating income increased 4% driven by strong revenue, with a positive net interest income performance (active balance sheet management and volumes growth), and better costs. However, the good net operating income performance was not reflected in profit before tax due to higher provisions, after balance sheet optimization initiatives in Q1, and higher transformation-related charges.<\/p>\n<p>Retail Spain. Underlying income statementEUR million and % changeQ2&#8217;26\/ Q1&#8217;26H1&#8217;26\/ H1&#8217;25Total income1,949\u00a0+23,857\u00a0+6Total costs-598\u00a0-2-1,207\u00a0-8Net operating income1,351\u00a0+42,650\u00a0+14LLPs-187\u00a0+59-304\u00a0-45PBT1,068\u00a0-82,229\u00a0+33<\/p>\n<p>Detailed financial information in Appendix.<\/p>\n<p> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g8.jpg\" alt=\"UK.jpg\" style=\"height:30px; margin-bottom:5pt; vertical-align:text-bottom; width:30px\" id=\"i-137\"\/><\/p>\n<p>Retail UK<\/p>\n<p>Profit before tax<\/p>\n<p>EUR 938 mn<\/p>\n<p>Commercial activity and business performance<\/p>\n<p>In Q2 2026, we completed the TSB acquisition, becoming the third largest bank in the country in terms of individual current account volumes and the fourth largest by mortgage volumes.<\/p>\n<p>Gross loans and advances to customers, excluding reverse repos, increased 22% year-on-year. In constant euros, they also increased 22%. This comparison was favoured by the incorporation of TSB in May 2026. Excluding TSB, loans increased 4% in constant euros driven by positive trends in mortgage originations since H2 2025, as well as a pickup in new business volumes in corporates.<\/p>\n<p>Customer deposits, excluding repos, increased 26% year-on-year. In constant euros, they also grew 26%, similarly favoured by the incorporation of TSB&#8217;s deposits. Excluding TSB, deposits increased 6% in constant euros, driven by growth in time deposits from individuals and demand deposits from corporates. Mutual funds rose 31% in constant euros. As a result, customer funds excluding TSB improved 7% in constant euros. <\/p>\n<p>Results <\/p>\n<p>Profit before tax in H1 2026 reached EUR 938 million, 36% higher than in H1 2025. In constant euros, it increased 40%. Excluding TSB, profit before tax was 28% higher in constant euros, by line: <\/p>\n<p>\u2022Total income rose 4%, driven by higher transactional fees, net interest income, supported by volumes growth, and gains on financial transactions, following weaker hedging results in H1 2025.<\/p>\n<p>\u2022Total costs fell 10%, boosted by process automation, our simplification efforts and lower asset impairment charges. As a result, net operating income grew 28%, with a significant improvement in the efficiency ratio.<\/p>\n<p>\u2022Net loan-loss provisions increased as a result of model updates and balance sheet optimization initiatives, but remained at very low levels.<\/p>\n<p>Compared to Q1 2026, excluding TSB, profit before tax increased 6% in constant euros, driven by higher net fee income, gains on financial transactions and lower costs from transformation savings, which amply offset an increase in provisions as a result of balance sheet optimization initiatives.<\/p>\n<p>Retail UK. Underlying income statementEUR million and % change\/ Q1&#8217;26\/ H1&#8217;25Q2&#8217;26%excl. FXH1&#8217;26%excl. FXEx. TSBEx. TSBTotal income1,452\u00a0+23+22+32,635\u00a0+11+14+4Total costs-763+17+17-3-1,416-4-1-10Net operating income689+30+30+121,219+35+39+28LLPs-115+52+52+32-191+69+74+60PBT522+25+25+6938+36+40+28<\/p>\n<p>Detailed financial information in Appendix.<\/p>\n<p>34<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-138\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-139\"\/><\/p>\n<p>Index<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g11.jpg\" alt=\"Mexico.jpg\" style=\"height:30px; margin-bottom:5pt; vertical-align:text-bottom; width:30px\" id=\"i-140\"\/><\/p>\n<p>Retail Mexico<\/p>\n<p>Profit before tax<\/p>\n<p>EUR 832 mn<\/p>\n<p>Commercial activity and business performance<\/p>\n<p>In the quarter, we continued to make great strides in the transformation of our operating model, driving digital adoption (76% of our active customers now use digital channels) and strengthening our commercial offering for individuals, entrepreneurs and SMEs.<\/p>\n<p>Gross loans and advances to customers, excluding reverse repos, increased 13% year-on-year. In constant euros, they grew 1% driven by higher mortgages and personal loans which more than offset a decline in the corporate portfolio in line with our strategy.<\/p>\n<p>Customer deposits, excluding repos, rose 17% year-on-year. In constant euros, they grew 5% driven by both demand and time deposits. We are targeting mutual fund growth, resulting in an 11% increase in constant euros. As a result, customer funds rose 7% in constant euros.<\/p>\n<p>Results <\/p>\n<p>Profit before tax in H1 2026 reached EUR 832 million, 11% higher than in H1 2025. In constant euros, it increased 4%, as follows:<\/p>\n<p>\u2022Total income rose 4%, driven mainly by net fee income, particularly in transactional and insurance fees, reflecting the improvement in our value proposition and greater customer transactionality, and higher gains on financial transactions from FX. Net interest income increased slightly, supported by a lower cost of deposits in a lower interest rate environment.<\/p>\n<p>\u2022Total costs decreased 3%, driven by savings from our simplification and automation initiatives, helping to sustain the business\u2019s recurring profitability. As a result, net operating income grew 9% and the efficiency ratio improved 2.8 pp to 40.1%.<\/p>\n<p>\u2022Net loan-loss provisions increased 14%, in part due to higher lending activity and model updates.<\/p>\n<p>Compared to Q1 2026, profit before tax grew 3% in constant euros, driven by positive performances in net interest income, due to our active balance sheet management, and net fee income (insurance and transactional fees), with slightly lower provisions following model updates in Q1.<\/p>\n<p>Retail Mexico. Underlying income statementEUR million and % change\/ Q1&#8217;26\/ H1&#8217;25Q2&#8217;26%excl. FXH1&#8217;26%excl. FXTotal income1,299\u00a0+4+22,552\u00a0+11+4Total costs-523\u00a0+5+3-1,022\u00a0+4-3Net operating income775\u00a0+3+11,529\u00a0+17+9LLPs-341\u00a0+10-679\u00a0+22+14PBT426\u00a0+5+3832\u00a0+11+4<\/p>\n<p>Detailed financial information in Appendix.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g12.jpg\" alt=\"Brazil.jpg\" style=\"height:30px; margin-bottom:5pt; vertical-align:text-bottom; width:30px\" id=\"i-141\"\/><\/p>\n<p>Retail Brazil<\/p>\n<p>Profit before tax<\/p>\n<p>EUR 634 mn<\/p>\n<p>Commercial activity and business performance<\/p>\n<p>In Q2 2026, our business strategy remained focused on expanding the affluent and corporate segments by offering a personalized and global experience and providing an integrated multi-channel experience and a simplified product offering to the mass market to reinforce engagement and customer satisfaction.<\/p>\n<p>Gross loans and advances to customers, excluding reverse repos, increased 12% year-on-year. In constant euros, they rose 3%, driven by strong momentum in all products except personal loans in the mass segment, in line with our strategy focused on profitable growth and prudent risk management.<\/p>\n<p>Customer deposits, excluding repos, increased 21% year-on-year. In constant euros, they grew 12%, mainly on the back of growth in time deposits in Select, reflecting the increased engagement and primacy achieved in the affluent segments. Mutual funds grew 25% year-on-year in constant euros. As a result, customer funds rose 15% in constant euros.<\/p>\n<p>Results <\/p>\n<p>Profit before tax in H1 2026 was EUR 634 million, 6% lower than in H1 2025. In constant euros, it decreased 10%, by line: <\/p>\n<p>\u2022Total income declined 2%, impacted by lower net fee income, especially in insurance from high levels in H1 2025, and a decline in gains on financial transactions due to lower capital market-related activity in corporates. Net interest income was flat, as higher volumes in the affluent segment offset a lower result in mass market segment, in line with our strategy.<\/p>\n<p>\u2022Total costs increased 1%, but were down 3% in real terms, reflecting our efforts in simplification, automation and digitalization. <\/p>\n<p>\u2022Net loan-loss provisions decreased 4%, reflecting our prudent risk management and the shift in the portfolio mix.<\/p>\n<p>Compared to Q1 2026, profit before tax decreased in constant euros, as growth in net interest income, driven by our active balance sheet management, and insurance fees did not offset lower gains on financial transactions, higher costs and an increase in provisions impacted by the macro environment and single names in corporates.<\/p>\n<p>Retail Brazil. Underlying income statementEUR million and % change\/ Q1&#8217;26\/ H1&#8217;25Q2&#8217;26%excl. FXH1&#8217;26%excl. FXTotal income2,423\u00a0+504,737\u00a0+3-2Total costs-1,081\u00a0+8+3-2,085\u00a0+6+1Net operating income1,343\u00a0+3-22,652\u00a00-4LLPs-1,032\u00a0+8+3-1,988\u00a0+1-4PBT285\u00a0-18-23634\u00a0-6-10<\/p>\n<p>Detailed financial information in Appendix.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-142\"\/><\/p>\n<p>35<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-143\"\/><\/p>\n<p>Index<\/p>\n<p>OpenbankUnderlying attributable profit<\/p>\n<p>EUR 827 mn<\/p>\n<p>\u2192 Our priority is to become a leading digital bank that combines advanced technology with a personal and human touch, placing customers at the centre of everything we do and maximizing profitability and long-term shareholder value.<\/p>\n<p>\u2192 Loans rose 3% year-on-year in constant euros, +6% in auto, with solid trends across our footprint. Deposits increased 3% in constant euros, driven by strong growth in the Americas, supported by our digital bank, in line with our strategy to optimize funding costs and reduce net interest income volatility across the cycle.<\/p>\n<p>\u2192 Underlying attributable profit was EUR 827 million in H1 2026, heavily impacted by additional provisions for potential complaints related to motor finance dealer commissions in the UK recorded in the period. Excluding it, profit before tax rose 15% year-on-year in constant euros, reaching EUR 1,651 million, underpinned by improvements in net interest income, net fee income and total costs.<\/p>\n<p>Strategy<\/p>\n<p>Openbank brings together Santander&#8217;s mobility finance and consumer banking operations under a single global business, supported by our global digital banking platform, which is live in the US, Spain, Mexico and Germany. The business has a strong foundation for growth, operating in 26 countries in Europe and the Americas and serving 28 million customers.<\/p>\n<p>Our vision is to evolve our business from a primarily monoline lending model to a leading, digital banking model that combines advanced technology with a personal, human touch, placing customers at the heart of our management.<\/p>\n<p>To navigate an increasingly competitive environment and meet evolving customer needs while delivering on our vision, we are transforming Openbank into a more global, integrated, scalable and efficient business, focusing on advancing our strategic priorities:<\/p>\n<p>\u2022Consolidate our leadership in mobility finance. We are optimizing the business to maximize profitability and capital efficiency, while continuing to deepen and expand strategic relationships with global OEMs and key industry players. At the same time, we are expanding beyond traditional auto lending into segments such as operational leasing to better serve our customers and partners while supporting growth.<\/p>\n<p>In Europe, we continued to develop our leasing platform this quarter, with new features to enhance customer experience and drive efficiency, including a vehicle replacement service, greater SME digital functionalities and the expansion of our cross-border vehicle remarketing capabilities into the Netherlands and Belgium.<\/p>\n<p>In the US, we further strengthened our capabilities across the full credit spectrum, while maintaining a disciplined approach to portfolio management. In the quarter, we implemented a new pricing model and adjusted our longer-term financing offering in line with broader market practices. In Latin America, we maintained our leadership in new and used vehicle financing across our footprint, backed by strong commercial momentum.<\/p>\n<p>\u2022Grow our digital banking business. We are building scale in our core markets, strengthening our value proposition to become our customers\u2019 primary bank, driving engagement and loyalty while laying the foundations to expand into new markets.<\/p>\n<p>In the US, our digital bank maintained its solid performance in new customers and deposits captured, supported by our partnership with Verizon. We also refined the customer experience through improvements in usability, transparency, speed and reliability.<\/p>\n<p>In Mexico, we delivered a strong performance, surpassing 1.2 million customers, while further reinforcing our offering through initiatives such as Plan Personal de Pagos, which enables customers <\/p>\n<p>to split purchases into instalments. We also launched a new pricing functionality for credit cards, which enables us to tailor our offering to customers&#8217; profiles.<\/p>\n<p>In Europe, we maintained strong customer growth across our markets, while broadening our proposition through several initiatives. In Spain, we launched a new onboarding experience and in Germany, launched an improved &#8216;Best Giro&#8217; current account with new features and a new &#8216;Best Card&#8217; which strengthens our payments and travel offering.<\/p>\n<p>In parallel, we continue to develop Openbank Pay, our checkout lending and embedded finance engine, incorporating new partners and countries to drive customer growth with low acquisition costs. In the quarter, we upgraded customer journeys on Amazon Spain, driving higher conversion rates and helping us reach more than 2.6 million customers.<\/p>\n<p>\u2022Leverage AI and automation capabilities to accelerate our transformation and growth. In the quarter, we further embedded new technologies across our processes to improve productivity and personalization and reduce cost to serve across our footprint. For instance, in the US, we leveraged increased automation to enhance the decision-making process across our dealer network.<\/p>\n<p>\u2022As part of our focus on profitable growth, we continued to  optimize deposit gathering and manage interest rate sensitivity through hedging and repricing actions. We maintained a disciplined approach to balance sheet management, focusing on risk and capital while supporting sustainable growth.<\/p>\n<p>Finally, we completed the merger of Santander Consumer Finance, S.A. and Open Bank, S.A. in Europe, creating a single legal entity under the Openbank brand and supporting the transformation and simplification of our business.<\/p>\n<p>Openbank. Total customersMillions<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g55.jpg\" alt=\"4459\" style=\"height:136px; margin-bottom:5pt; vertical-align:text-bottom; width:207px\" id=\"i-144\"\/><\/p>\n<p>36<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-145\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-146\"\/><\/p>\n<p>Index<\/p>\n<p>Business performance <\/p>\n<p>New lending was 8% higher year-on-year in constant euros, on the back of good performances in Europe, the US and Brazil. We continued to focus on balancing profitability and prudent risk management in an environment marked by some volatility and geopolitical uncertainty.<\/p>\n<p>Gross loans and advances to customers, excluding reverse repos, grew 4% year-on-year. In constant euros, they rose 3%, supported by auto (+6%), with a good performance particularly in Europe, despite a weak start to the year for the market. There were double-digit increases across most of our countries in Latin America.<\/p>\n<p>Our EUR 12.3 billion leasing portfolio contracted 18% year-on-year in constant euros, as solid growth in Europe was more than offset by a weaker performance in the US, following the discontinuation of our partnership with Stellantis and lower demand for electric vehicles following the end of fiscal incentives.<\/p>\n<p>Our access to wholesale funding markets remained strong and diversified. Customer deposits, excluding repos, increased 4% year-on-year. In constant euros, they rose 3%, reflecting our focus on deposit gathering, supported by our digital bank. Including mutual funds, customer funds were up 4% in constant euros.<\/p>\n<p>Openbank. Business. June 2026<\/p>\n<p>EUR billion and YoY % change in constant euros<\/p>\n<p>220<\/p>\n<p>+3%<\/p>\n<p>145<\/p>\n<p>+4%<\/p>\n<p>Openbank EuropeOpenbank US<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g56.jpg\" alt=\"5680\" style=\"height:75px; margin-bottom:5pt; vertical-align:text-bottom; width:102px\" id=\"i-147\"\/>  Openbank EuropeOpenbank US<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g57.jpg\" alt=\"5684\" style=\"height:75px; margin-bottom:5pt; vertical-align:text-bottom; width:102px\" id=\"i-148\"\/>Gross loans and advances to customers excl. reverse reposCustomer deposits excl. <br \/>repos + mutual funds<\/p>\n<p>Openbank. Leasing portfolio. June 2026<\/p>\n<p>EUR billion and YoY % change in constant euros<\/p>\n<p>Total leasing<\/p>\n<p>12<\/p>\n<p>-18%<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g58.jpg\" alt=\"5690\" style=\"height:128px; margin-bottom:5pt; vertical-align:text-bottom; width:321px\" id=\"i-149\"\/><\/p>\n<p>Results<\/p>\n<p>In H1 2026, underlying attributable profit stood at EUR 827 million, 21% lower year-on-year, due to the aforementioned additional provisions in the UK and a normalized tax rate. In constant euros, profit decreased 19%, as follows:<\/p>\n<p>\u2022Total income grew 4%, supported by solid net interest income and net fee income trends, which more than offset softer dynamics in other income.<\/p>\n<p>Net interest income increased 4%, mainly driven by disciplined margin management and higher volumes. Good performance across most of our footprint, with notable contributions from Europe and South America.<\/p>\n<p>Net fee income rose 6%, underpinned by broad-based growth, but particularly in Brazil, benefitting from portfolio expansion and higher insurance activity, and in Europe, driven by a pickup in new business trends.<\/p>\n<p>Other income decreased, mainly due to leasing, as growth in Europe, supported by improvements in the portfolio mix and new business trends, did not fully offset a weaker performance in the US, impacted by lower residual values and volumes.<\/p>\n<p>Openbank. Total income. H1 2026<\/p>\n<p>EUR million and YoY % change in constant eurosOpenbank EuropeOpenbank USOther  <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g59.jpg\" alt=\"6555\" style=\"height:75px; margin-bottom:5pt; vertical-align:text-bottom; width:162px\" id=\"i-150\"\/> <\/p>\n<p>\u2022Total costs fell 3%, backed by our efficiency and transformation efforts, primarily in Europe and the US, as well as lower operational risk (including those linked to the CHF portfolio) and asset impairment charges. As a result, net operating income grew 9% and efficiency improved 2.9 pp to 41.6%.<\/p>\n<p>\u2022Net loan-loss provisions rose 3%, in line with credit growth, with a good performance in the US that partially offset increases in Europe, Brazil and Argentina. Credit quality remained under control, with the NPL ratio at 5.61% and cost of risk stable at 2.09%.<\/p>\n<p>\u2022Other gains (losses) and provisions posted a higher loss, due to additional provisions for potential complaints related to motor finance dealer commissions in the UK recorded this year and higher charges related to our transformation in Europe.<\/p>\n<p>\u2022Excluding said charges in the UK, profit before tax increased 15% year-on-year.<\/p>\n<p>\u2022The effective tax rate normalized following the end of fiscal benefits for electric vehicles in the US in 2025.<\/p>\n<p>RoTE stood at 7.7% in H1 2026, 9.7% excluding the additional provisions in the UK.<\/p>\n<p>Compared to Q1 2026, underlying attributable profit was favoured by lower provisions in the UK. Excluding these charges, profit was up 28% in constant euros, supported by an improvement in leasing in the US and Europe, broad-based cost savings, lower LLPs in the US and a decline in transformation charges.<\/p>\n<p>Openbank. Underlying income statementEUR million and % change\/ Q1&#8217;26\/ H1&#8217;25Q2&#8217;26%excl. FXH1&#8217;26%excl. FXTotal income3,276\u00a0006,535\u00a0+2+4Total costs-1,324\u00a0-5-6-2,718\u00a0-5-3Net operating income1,952\u00a0+5+43,817\u00a0+7+9LLPs-1,029\u00a0-2-3-2,084\u00a00+3PBT866\u00a0+60+591,405\u00a0-3-2Underlying attrib. profit537\u00a0+85+82827\u00a0-21-19<\/p>\n<p>\u00a0Detailed financial information in Appendix.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-151\"\/><\/p>\n<p>37<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-152\"\/><\/p>\n<p>Index<\/p>\n<p>OBE<\/p>\n<p>Openbank Europe<\/p>\n<p>Profit before tax<\/p>\n<p>EUR 616 mn<\/p>\n<p>Commercial activity and business performance<\/p>\n<p>In a market that saw a softer start to the year in new car registrations, we grew new business volumes 8% year-on-year in constant euros, while maintaining our focus on profitability.<\/p>\n<p>The stock of gross loans and advances to customers, excluding reverse repos, increased 2% year-on-year. In constant euros, it also rose 2%, underpinned by higher auto balances.<\/p>\n<p>Customer deposits, excluding repos, contracted 1% year-on-year. They fell 2% in constant euros, reflecting our focus on prioritizing profitability in a competitive environment. Mutual funds expanded 20% in constant euros, from low levels.<\/p>\n<p>Results <\/p>\n<p>In H1 2026, profit before tax stood at EUR 616 million, 15% lower year-on-year, impacted by the additional provisions in the UK. In constant euros, profit before tax declined 16%, as follows:<\/p>\n<p>\u2022Total income increased 6%, with strong net interest income (+6%), underpinned by good margin management and higher volumes. Net fee income (+4%) and leasing income also supported growth, benefitting from a pickup in new business.<\/p>\n<p>\u2022Total costs decreased 7%, mainly backed by savings from our efficiency and transformation efforts, as well as lower operational risk charges, including those linked to the CHF portfolio.<\/p>\n<p>\u2022Net loan-loss provisions rose 11%, partly reflecting a model update, higher volumes in Openbank Pay and a lower contribution from portfolio sales. Cost of risk remained around 1%.<\/p>\n<p>\u2022Other gains (losses) and provisions posted a higher loss, due to the additional provisions in the UK recorded this year and higher charges related to our transformation efforts. <\/p>\n<p>\u2022Excluding the additional provisions in the UK, profit before tax grew 18% year-on-year.<\/p>\n<p>Compared to Q1 2026, profit before tax saw a sharp increase in constant euros, partially favoured by lower provisions in the UK. Excluding these charges, profit before tax rose 21%, mainly driven by stronger performances in net fee income and leasing, supported by improved new business dynamics and lower costs and transformation charges.<\/p>\n<p>Openbank Europe. Underlying income statementEUR million and % change\/ Q1&#8217;26\/ H1&#8217;25Q2&#8217;26%excl. FXH1&#8217;26%excl. FXTotal income1,501\u00a0+102,989\u00a0+6+6Total costs-663\u00a0-6-6-1,370\u00a0-7-7Net operating income837\u00a0+7+71,619\u00a0+19+19LLPs-347\u00a0+1+1-689\u00a0+11+11PBT433\u00a0+136+135616\u00a0-15-16<\/p>\n<p>\u00a0Detailed financial information in Appendix. <\/p>\n<p> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g10.jpg\" alt=\"US.jpg\" style=\"height:30px; margin-bottom:5pt; vertical-align:text-bottom; width:30px\" id=\"i-153\"\/><\/p>\n<p>Openbank US<\/p>\n<p>Profit before tax<\/p>\n<p>EUR 568 mn<\/p>\n<p>Commercial activity and business performance<\/p>\n<p>Our digital bank has delivered a solid performance since its launch, now serving around 235,000 customers, with USD 11.4 billion in deposits gathered (+123% year-on-year). Our partnership with Verizon remained a key contributor, generating more than USD 1.3 billion in deposits since its launch in April 2025.<\/p>\n<p>Gross loans and advances to customers, excluding reverse repos, were up 3% year-on-year. In constant euros, they were flat, as an increase in auto offset the impact of our asset rotation initiatives. The leasing portfolio fell 36% in constant euros, following the discontinuation of our partnership with Stellantis and weaker demand for electric vehicles.<\/p>\n<p>Customer deposits, excluding repos, rose 12% year-on-year. In constant euros, they were up 9%, driven by demand deposits, supported by momentum from our digital bank, which saw strong deposit gathering early in the year, in line with our strategy to optimize funding costs. Mutual funds saw double-digit growth, contributing to a 9% increase in customer funds in constant euros.<\/p>\n<p>Results<\/p>\n<p>In H1 2026, profit before tax rose 13% year-on-year to EUR 568 million. In constant euros, it grew 21%, as follows:<\/p>\n<p>\u2022Total income was down 2%, mainly due to the impact of lower residual values and reduced volumes on leasing income. Net interest income remained resilient, backed by funding optimization, while net fee income fell 9%, primarily due to lower servicing fees.<\/p>\n<p>\u2022Total costs decreased 4%, supported by the benefits from productivity initiatives and continued cost discipline, as well as lower charges related to asset impairments.<\/p>\n<p>\u2022Net loan-loss provisions improved 11%, reflecting capital relief measures and resilient repayment behaviour, in part supported by persistently high used car prices. Cost of risk fell year-on-year to 4.03%.<\/p>\n<p>Compared to Q1 2026, profit before tax rose 46% in constant euros, driven by a strong leasing performance, a sharp decrease in total costs (partly due to lower marketing-related expenses), lower transformation charges and favourable seasonal trends in net loan-loss provisions.<\/p>\n<p>Openbank US. Underlying income statementEUR million and % change\/ Q1&#8217;26\/ H1&#8217;25Q2&#8217;26%excl. FXH1&#8217;26%excl. FXTotal income1,207\u00a0+102,406\u00a0-9-2Total costs-489\u00a0-6-6-1,008\u00a0-10-4Net operating income718\u00a0+5+51,398\u00a0-8-1LLPs-384\u00a0-13-14-827\u00a0-16-11PBT338\u00a0+47+46568\u00a0+13+21<\/p>\n<p>\u00a0Detailed financial information in Appendix. <\/p>\n<p>38<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-154\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-155\"\/><\/p>\n<p>Index<\/p>\n<p>CIBUnderlying attributable profit<\/p>\n<p>EUR 1,742 mn<\/p>\n<p>\u2192 Our diversification across business lines, client types and global footprint, enhanced by the investments made in recent years, makes us more resilient in challenging environments and reinforces our long-term strategy focused on sustainable growth.<\/p>\n<p>\u2192 Good activity levels year-on-year across all business lines, especially Global Banking (GB) and Global Markets (GM), reflecting the benefits from the growth initiatives we have launched.<\/p>\n<p>\u2192 Underlying attributable profit reached EUR 1,742 million, a 18% increase year-on-year (+17% in constant euros), supported by strong revenue performances across business lines that far outpaced cost growth. We maintain a leading position in efficiency and profitability, with RoTE at 20.3%.<\/p>\n<p>Strategy<\/p>\n<p>Our Corporate &amp; Investment Banking (CIB) business is a global franchise, well diversified by business line, country and client type. We continue to demonstrate the strength of our global platform, delivering solid performances and supporting sustainable growth in 2026 despite geopolitical uncertainty.<\/p>\n<p>In Q2 2026, we continued to make progress on our strategic priorities, scaling the capabilities built in recent years to support growth across the Group, while maintaining capital discipline, profitability and shareholder value creation, in line with our ambition to:<\/p>\n<p>\u2022Deepen strategic relationships with clients, putting them first, supported by a business model that combines in-depth industry knowledge, expert advice and proven financing capabilities. This focus enabled us to lead the ranking in terms of investment banking fees in Spain in H1 2026.<\/p>\n<p>Clients increasingly expect faster, safer and more integrated solutions across products, sectors and markets. A good example this quarter was our role as Coordinating Lead Arranger in a USD 22.8 billion loan for Vantage Data Centers, one of our largest project finance loan deals, reflecting seamless collaboration across our Structured Finance &amp; Advisory (SF&amp;A), Private Debt Mobilization and Debt Capital Markets teams, among others.<\/p>\n<p>\u2022Accelerate ONE Santander and strengthen collaboration across the Group, reinforcing an integrated client agenda between GB, GM and Global Transaction Banking (GTB), and further embedding CIB capabilities across the Group\u2019s global businesses. Of note were GM solutions and execution services, as well as GB and GTB acting as product factories to better serve Commercial Banking customers.<\/p>\n<p>Our global platforms, particularly FX and Trade, remain important levers to strengthen CIB&#8217;s product integration across the Group, increase digitalization and support more scalable and capital-light <\/p>\n<p>growth models. In Trade, we are progressing in the industrialization of our operating model and now close to 50% of the Group&#8217;s Trade business is running on global platforms.<\/p>\n<p>The US remains one of our most important growth priorities, as reflected in its contribution to total CIB revenue. Looking ahead, the Webster acquisition, which is expected to be completed in H2 2026, represents an additional opportunity to expand our client access in this market and benefit from greater scale through collaboration and leverage Santander\u2019s US platform more broadly.<\/p>\n<p>\u2022Transform our operating model through simplification, globalization and technology and AI to drive productivity, efficiency and enhanced risk and control management. We remained focused on shared platforms and on disciplined investment allocation. As a result, our progress in application and vendor optimization is generating meaningful efficiencies in support operations.<\/p>\n<p>Technology and AI are key priorities, supporting the scaling of our capabilities. This quarter, we completed our first High-Quality Liquid Assets Exchange (HQLAx) tokenized securities lending trade, an important milestone in the use of distributed ledger technology to improve collateral mobility, settlement traceability and scalability.<\/p>\n<p>AI is already delivering business benefits through initiatives such as the Automated Pricer, a tool for sales in equity derivatives and repos that increases pricing automation, enabling a higher volume of client requests to be served and improving funding decisions.<\/p>\n<p>\u2022We continue to actively manage capital through our Originate-to-Share (OtS) model and to support the scale-up of our client franchise and the growth of fee-intensive and capital-light businesses. As a result, our total revenue to risk-weighted assets ratio improved 0.8 pp year-on-year to 8.8%.<\/p>\n<p>Recent awards<\/p>\n<p>Ranking in League Tables H1 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g60.jpg\" alt=\"top3.jpg\" style=\"height:23px; margin-bottom:5pt; vertical-align:text-bottom; width:30px\" id=\"i-156\"\/>Global FinanceGTRStructured Finance*Debt Capital Markets<\/p>\n<p>Best Bank for Payments in Latin America <\/p>\n<p>Best Supply Chain Finance Bank<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g61.jpg\" alt=\"STRUCTURED FINANCE.jpg\" style=\"height:49px; margin-bottom:5pt; vertical-align:text-bottom; width:127px\" id=\"i-157\"\/><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g62.jpg\" alt=\"dcm.jpg\" style=\"height:49px; margin-bottom:5pt; vertical-align:text-bottom; width:127px\" id=\"i-158\"\/>Global Banking &amp; MarketsEuromoneyEquity Capital MarketsM&amp;AECAs*<\/p>\n<p>Sovereign Bond Deal of the Year (Qatar)<\/p>\n<p>Latin America\u2019s \/ Spain&#8217;s Best Investment Bank<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g63.jpg\" alt=\"ecm.jpg\" style=\"height:49px; margin-bottom:5pt; vertical-align:text-bottom; width:127px\" id=\"i-159\"\/><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g64.jpg\" alt=\"M&amp;A.jpg\" style=\"height:49px; margin-bottom:5pt; vertical-align:text-bottom; width:68px\" id=\"i-160\"\/><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g65.jpg\" alt=\"ECA.jpg\" style=\"height:49px; margin-bottom:5pt; vertical-align:text-bottom; width:95px\" id=\"i-161\"\/>Source: Dealogic, Infralogic, Bloomberg; specific filters apply. (*) Brazil Project Finance Bonds. ECAs as of FY 2025.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-162\"\/><\/p>\n<p>39<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-163\"\/><\/p>\n<p>Index<\/p>\n<p>Business performance<\/p>\n<p>Global Transaction Banking recorded higher activity levels in H1 2026 driven mainly by Export Finance, despite a less favourable interest rate environment:<\/p>\n<p>\u2022Trade &amp; Working Capital Solutions maintained its good momentum driven by product innovation, strategic partnerships and our focus on strengthening clients&#8217; supply chains. We created initiatives that generate new business opportunities and enhance customer engagement and we increased the scale of solutions such as the Invensa partnership with Pemberton Asset Management and EIB guarantee agreements, both aimed at strengthening supply chains.<\/p>\n<p>\u2022Export Finance had high activity levels, leveraging our global platform, sector expertise and strong relationships with Export Credit Agencies and multilateral institutions. We remained focused on supporting clients globally with flexible and innovative solutions, such as the BPI France Assurance Export-backed financing for MSC Cruises, which strengthens our leading global position.<\/p>\n<p>\u2022Cash Management activity remained robust even in the current interest rate environment. We continued to grow our franchise in Latin America, expanding real-time payment solutions, enhancing treasury connectivity and developing product capabilities.<\/p>\n<p>Global Banking (GB) registered strong activity levels, mainly in the Americas, supported by cross-border coverage, advisory and financing platforms: <\/p>\n<p>\u2022Corporate Finance (CF) achieved a very strong increase in activity levels year-on-year across products and markets. Leveraged Finance activity was supported by investor appetite across key sectors, with notable high-yield and cross-border transactions, such as Carlyle\u2019s (US) buyout of BASF Coatings (Germany). ECM had a record quarter in terms of activity, supported by strong IPO momentum in the US and an important role in the IPO market reopening in Brazil.<\/p>\n<p>\u2022Structured Finance showed good activity levels despite geopolitical uncertainty, with especially good momentum in Fund Finance. Activity was supported by AI-related infrastructure and energy transition sectors. Activity remained strong in the US and in South America, while in Europe it remained at softer levels. <\/p>\n<p>\u2022Debt Finance continued with strong activity, supported by investor demand for investment-grade bonds in Europe and the US, and sustained momentum in Latin America. Activity also remained solid across refinancing, acquisition and event-driven financing, with notable transactions in the quarter such as Verizon\u2019s inaugural USD hybrid bond.<\/p>\n<p>Global Markets (GM) performed well, supported by sustained client-driven activity with institutional clients. Activity was mixed across countries, with strong momentum in the US, Mexico, Argentina and Chile compensating softer activity in Brazil. By product, the main activity drivers were Fixed Income, Currencies, and Commodities, mostly through securitized products, credit, FX and equity.<\/p>\n<p>Gross customer loans and advances, excluding reverse repos, were up 25% year-on-year. In constant euros, they grew 22%, boosted by growth across business lines, especially in less capital-intensive products, such as Export Finance (ECAs) and Trade Finance in GTB and securitized products in GM. <\/p>\n<p>Customer deposits, excluding repos, increased 7% year-on-year. In constant euros, they increased 4%, mainly driven by Cash Management.<\/p>\n<p>Results<\/p>\n<p>Underlying attributable profit in H1 2026 rose 18% year-on-year to EUR 1,742 million. In constant euros, it grew 17%, as follows:<\/p>\n<p>\u2022Total income rose 16%, on the back of strong net interest income and net fee income growth.<\/p>\n<p>Net interest income increased 36%, due to higher volumes in financing activities through less capital-intensive products in GM.<\/p>\n<p>Net fee income rose 7%, reflecting a strong Q2 in GB which was driven especially by Corporate Finance in the US and Europe.<\/p>\n<p>Other income decreased due to lower gains on financial transactions, in a context of lower market volatility in Europe and Latin America. <\/p>\n<p>By business line, in addition to double-digit revenue growth in GB and GM, total income in GTB increased 5%. By country, there were double-digit increases in the US, Europe, Mexico, Chile and Argentina.<\/p>\n<p>CIB. Total income by business. H1 2026<\/p>\n<p>EUR million and % change in constant euros<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g66.jpg\" alt=\"7590\" style=\"height:98px; margin-bottom:5pt; vertical-align:text-bottom; width:340px\" id=\"i-164\"\/><\/p>\n<p>Note: total income includes revenue from other activities which are less material (EUR 7 million in H1&#8217;25 and EUR 76 million in H1&#8217;26).<\/p>\n<p>\u2022Total costs increased 7%, reflecting higher activity levels, rising at a much slower pace than revenue. Efficiency improved 3.9 pp to 40.8%, one of the best in the sector.<\/p>\n<p>\u2022Net loan-loss provisions have a limited impact due to the nature of the business and the high quality of the portfolio. In H1 2026, they increased, driven by credit portfolio growth and some single names in Europe and Brazil.<\/p>\n<p>As a result, RoTE reached 20.3% in H1 2026, 0.8 pp higher year-on-year, reflecting our focus on capital management, efficiency and profitability.<\/p>\n<p>Compared to Q1 2026, total income was broadly stable in constant euros, as the strong quarter in GB offset the usual seasonality in GM in Q1. However, this was not reflected in underlying attributable profit due to higher costs and the impact of some single names in net loan-loss provisions.<\/p>\n<p>CIB. Underlying income statementEUR million and % change\/ Q1&#8217;26\/ H1&#8217;25Q2&#8217;26%excl. FXH1&#8217;26%excl. FXTotal income2,395\u00a00-14,779\u00a0+16+16Total costs-1,003\u00a0+6+5-1,948\u00a0+6+7Net operating income1,392\u00a0-3-42,831\u00a0+24+23LLPs-238\u00a0+15+14-444\u00a0+450+447PBT1,151\u00a0-6-72,379\u00a0+9+8Underlying attrib. profit853\u00a0-4-51,742\u00a0+18+17<\/p>\n<p>Detailed financial information in Appendix.<\/p>\n<p>40<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-165\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-166\"\/><\/p>\n<p>Index<\/p>\n<p>Wealth<\/p>\n<p>Underlying attributable profit<\/p>\n<p>EUR 1,083 mn<\/p>\n<p>\u2192 We continue building the best wealth and insurance manager in Europe and the Americas, supported by our leading global private banking platform and our fund and insurance factories that leverage our scale and global capabilities to offer the best value proposition to our customers. <\/p>\n<p>\u2192 Record total assets under management of EUR 581 billion, +13% year-on-year in constant euros, on the back of the solid commercial dynamics. In the insurance business, gross written premiums increased to EUR 6.2 billion.<\/p>\n<p>\u2192 Underlying attributable profit amounted to EUR 1,083 million, 19% higher year-on-year (+19% also in constant euros), with revenue increasing across business lines.<\/p>\n<p>Strategy<\/p>\n<p>We aim to continue developing our Wealth Management &amp; Insurance service model and value proposition through a common global platform that leverages the Group&#8217;s scale and capabilities. <\/p>\n<p>From 2026, our business lines are organized into two verticals: Private Banking and Insurance &amp; Asset Management Solutions. This new structure enables us to capture more synergies and strengthen collaboration across businesses. <\/p>\n<p>In Q2 2026, we focused on the following strategic initiatives:<\/p>\n<p>\u2022In Private Banking (PB), we continued to strengthen our global positioning, in line with our focus on enhancing client experience, increasing specialization, improving connectivity across regions and segments, and expanding our offering of higher value-added solutions.<\/p>\n<p>During the quarter, we advanced in our innovation agenda, further enhancing AI-powered tools and capabilities across key markets.<\/p>\n<p>For example, in Spain, we are developing AI-enabled solutions to increase the productivity and efficiency of our bankers, enabling them to focus on client advisory and higher value-added interactions. We are also making progress with our operational efficiency initiatives in our International Private Banking unit. These developments are helping to improve commercial effectiveness, advisory capabilities and client experience.<\/p>\n<p>We continue to promote international collaboration as a key pillar of our value proposition, enabling us to connect clients to the full range of Santander&#8217;s global capabilities. This is reflected in a 20% year-on-year increase in new client referrals.<\/p>\n<p>At the same time, our efforts remain focused on Ultra-High-Net-Worth (UHNW) and Family Office clients through an enhanced value-added proposition, covering health, education, art and lifestyle services, aimed at strengthening client engagement within this strategic segment. <\/p>\n<p>Private Banking clients Thousands+11%<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g67.jpg\" alt=\"1672\" style=\"height:105px; margin-bottom:5pt; vertical-align:text-bottom; width:257px\" id=\"i-167\"\/><\/p>\n<p>Note: June 2025 figures have been adjusted for better comparability due to a change in perimeter. Without this adjustment, PB\u2019s customers +5% year-on-year.<\/p>\n<p>\u2022Insurance &amp; Asset Management Solutions (Ins. &amp; AM Solutions) is now an established business line which offers a value proposition that brings together liquid, illiquid and insurance <\/p>\n<p>products into a unified model, as a result of the integration of asset management and insurance businesses.<\/p>\n<p>\u2022In liquid products, we continue to strengthen our global investment platform and operating model to underpin solid commercial activity and sustained client engagement. The Group&#8217;s global capabilities and a product offering aligned with client needs support the solid performance of our commercial metrics.<\/p>\n<p>During the quarter, we continued to simplify and globalize our operating model, while deploying digital and automation capabilities, including tools such as SAMi (AI assistant supporting commercial activity) and SAM Conecta (global distribution and business intelligence platform that centralizes commercial and product information). Both enhance commercial effectiveness and operational efficiency. <\/p>\n<p>\u2022In illiquid products, we are scaling up the alternatives business. We continued to reinforce distribution and investment capabilities, while broadening our product offering, which is attracting institutional investors, family offices and private investors. <\/p>\n<p>During Q2 2026, our private credit strategy fund (ABCL II) closed its first funding round. The initiative, which provides financing to companies backed by hard assets that are essential for business continuity, has an active fundraising pipeline that is expected to drive additional capital commitments in the coming months.<\/p>\n<p>\u2022In insurance, we are building a global operating model to become an integrated insurance platform that combines Life &amp; Pensions, Health and Protection under a single execution model:<\/p>\n<p>\u2013In Life &amp; Pensions, we are setting up a one-stop shop for retirement needs. In Spain and Portugal, we have integrated life savings and pensions into a single structure to deliver combined solutions, gaining efficiencies and scale, with the model already in place and new solutions under development.<\/p>\n<p>\u2013In Protection, we continue to integrate products into banking interactions with clients while strengthening our distribution model and unlocking value pools, such as health insurance. <\/p>\n<p>In Brazil, we are addressing high value segments such as Select and SMEs. We also launched a proof of concept for the SaudeCompara platform, a solution that compares and distributes healthcare plans under a B2B2E model. In Portugal, our OneCare Health was named Product of the Year 2026, an award chosen by consumers, reflecting a differentiated health solution driven by its modularity and focus on prevention.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-168\"\/><\/p>\n<p>41<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-169\"\/><\/p>\n<p>Index<\/p>\n<p>Business performance<\/p>\n<p>Solid commercial activity and market performance in Q2 2026 enabled us to reach record total assets under management (AuMs) of EUR 581 billion, 13% higher year-on-year in constant euros. <\/p>\n<p>By business and in constant euros, volumes performed as follows:<\/p>\n<p>\u2022In PB, commercial activity progressively normalized throughout Q2 following the exceptionally strong start to the year, demonstrating the resilience of client activity despite market movements and geopolitical uncertainty. At the same time, we remained focused on growing recurrent fees.<\/p>\n<p>Customer assets and liabilities reached EUR 380 billion, +15% year-on-year, with all products growing, including value-added  solutions, such as alternatives and discretionary portfolio management which we are promoting. Net new money totalled EUR 11.0 billion and our Private Banking customer base stood at nearly 302,000.<\/p>\n<p>\u2022In Insurance &amp; Asset Management Solutions, total AuMs reached EUR 294 billion, +11% year-on-year:<\/p>\n<p>\u2013Liquid products: total AuMs reached EUR 292 billion, +11% year-on-year, on the back of solid commercial activity, demonstrating strong client engagement and an attractive product offering. Net sales totalled EUR 6.6 billion in H1 2026.<\/p>\n<p>\u2013Illiquid products: total AuMs reached EUR 2.6 billion, reflecting our expansion across countries.<\/p>\n<p>\u2013Insurance: gross written premiums reached EUR 6.2 billion in H1 2026, +11% year-on-year, with both Life &amp; Pensions and Protection growing double digits.<\/p>\n<p>Wealth. Business performance. June 2026<\/p>\n<p>EUR billion and % change in constant eurosTotal AuMsFunds and investmentCustodyCustomer depositsCustomer loansGWPs <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g68.jpg\" alt=\"6108\" style=\"height:151px; margin-bottom:5pt; vertical-align:text-bottom; width:188px\" id=\"i-170\"\/> \/ Mar-26\/ Jun-25+6%+13%+6%+12%+8%+22%+1%0%+7%+6%+20%+11%<\/p>\n<p>Note: total products marketed, advised, under custody and\/or managed.<\/p>\n<p>Results<\/p>\n<p>Underlying attributable profit in H1 2026 amounted to EUR 1,083 million, 19% higher year-on-year. In constant euros, it also grew 19%, with the following performance by line:<\/p>\n<p>\u2022Total income increased 9% as a result of our focus on value-added solutions to expand our fee businesses and improve revenue recurrency and predictability.<\/p>\n<p>Net interest income decreased 1%, though it improved in the quarter supported by higher loan yields and an increase in the credit portfolio. <\/p>\n<p>Net fee income rose 11% year-on-year, with strong performances across both business lines, but particularly in Private Banking, driven by solid commercial activity and our focus on promoting fee-generating activities and products.<\/p>\n<p>Other income increased, boosted by the good performance in insurance.<\/p>\n<p>\u2022Total costs increased 6% year-on-year (growing at slower pace than total income) due to our investments to strengthen our teams and to develop new capabilities to address increasing commercial activity.<\/p>\n<p>Including the fees distributed and recorded in other global businesses, total income reached EUR 3,385 million, up 8% on the back of higher customer activity in PB and higher volumes in Insurance &amp; Asset Management Solutions.<\/p>\n<p>Wealth. Total income. H1 2026<\/p>\n<p>EUR million and YoY % change in constant euros<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g69.jpg\" alt=\"7500\" style=\"height:52px; margin-bottom:5pt; vertical-align:text-bottom; width:139px\" id=\"i-171\"\/>Total incomeTotal income + distr. fees+5%+5%+23%+13%Total incomeDistribution fees<\/p>\n<p>Note: additionally, Wealth&#8217;s total income included EUR 72 million in H1&#8217;25 and EUR 36 million in H1&#8217;26 corresponding to Other Investments. Information excludes overlaps between Wealth businesses and insurance fees recorded in Openbank.<\/p>\n<p>When considering these distributed fees along with our PAT, the total contribution to Group profit (PAT+Fees) reached EUR 1,945 million, up 14% year-on-year in constant euros.<\/p>\n<p>As a result, our RoTE in H1 2026 was 56.9%.<\/p>\n<p>Compared to Q1 2026, underlying attributable profit increased 19% in constant euros, supported by strong revenue growth in Insurance &amp; Asset Management Solutions and lower costs.<\/p>\n<p>Wealth. Underlying income statementEUR million and % change\/ Q1&#8217;26\/ H1&#8217;25Q2&#8217;26%excl. FXH1&#8217;26%excl. FXTotal income1,093\u00a0+9+92,093\u00a0+8+9Total costs-367\u00a00-1-733\u00a0+5+6Net operating income726\u00a0+15+141,360\u00a0+11+11LLPs2\u00a0\u2014\u2014-7\u00a0-66-66PBT732\u00a0+17+161,356\u00a0+13+13Underlying attrib. profit590\u00a0+20+191,083\u00a0+19+19<\/p>\n<p>Detailed financial information in Appendix.<\/p>\n<p>42<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-172\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-173\"\/><\/p>\n<p>Index<\/p>\n<p>Payments<\/p>\n<p>Underlying attributable profit<\/p>\n<p>EUR 78 mn<\/p>\n<p>\u2192 Santander holds a unique position in the payments industry, driven by its payments platform business, offering best-in-class products across the entire value chain: issuing, acquiring, account-to-account (A2A) payments and international payments. <\/p>\n<p>\u2192 Activity increased across all business lines, underpinned by the development of our global platforms, which enabled us to continue to gain scale. Total payments volume (TPV) in Getnet rose 10% year-on-year in constant euros, the number of transactions processed in Getnet Platforms was five times higher and Ebury&#8217;s customer base grew 28% year-on-year.<\/p>\n<p>\u2192 Underlying attributable profit was EUR 78 million, four times higher than in H1 2025 in constant euros, driven by strong revenue growth. EBITDA margin improved 3.8 pp year-on-year to 32.6%.<\/p>\n<p>Strategy<\/p>\n<p>In Payment Solutions (Payments), the Group&#8217;s payments platform business, we continued executing our priorities and strengthening our strategic positioning:<\/p>\n<p>\u2022In Getnet, our acquiring business, we maintain our leadership in the payments ecosystem across Latin America, Spain and Portugal. In Mexico in Q2 2026, we continued to innovate through an agentic payments use case that is pioneering in Latin America, in collaboration with Mastercard and the software company Neivor. It enables merchants to accept and process AI agent-initiated payments, strengthening our position in next-generation payment solutions.<\/p>\n<p>We also strengthened our value proposition for global merchants with the launch of Pay-in in Brazil, an initiative that enables international businesses to trade and receive payments without establishing an entity in the country, thereby strengthening and simplifying cross-border expansion. We also enhanced our Dynamic Currency Conversion (DCC) solution in Mexico, our value-added service that allows international customers to pay in their local currency, with flexible pricing adapted to the transaction.<\/p>\n<p>Additionally, we continued to advance in our commercial expansion in key sectors and countries through new strategic partnerships, such as the one reached with AEVI, a payment technology provider. Through this partnership, which has been deployed in Mexico, we have jointly developed a payments solution that broadens our potential access to new customers, supporting further growth in payments volumes.<\/p>\n<p>\u2022In Getnet Platforms, we continued to deploy our technology platform for A2A payment processing, foreign exchange, fraud detection and other value-added services. The platform now processes more than 1 billion payments per month across our markets. <\/p>\n<p>At the same time, we are continuing to expand the rollout of our global card platform which is now processing more than 500 million transactions per month across Brazil, Mexico, Chile, Spain and the UK. <\/p>\n<p>These platforms support multiple payment methods and greater differentiation in the open market and improve the efficiency of our operational processes and infrastructure. <\/p>\n<p>\u2022Ebury, our global platform offering cross-border payments and FX solutions for mid-sized companies and SMEs, completed a funding round of approximately GBP 550 million during the quarter, led by Centerbridge alongside Santander and existing stakeholders, to accelerate product development, international expansion and AI capabilities, further strengthening its long-term growth potential.<\/p>\n<p>Business performance<\/p>\n<p>In H1 2026, activity increased year-on-year, with widespread growth across our business lines.<\/p>\n<p>\u2022Getnet\u2019s total payment volume reached EUR 129 billion, representing a 10% year-on-year increase in constant euros, driven mainly by higher commercial activity in Mexico, Brazil and Europe.<\/p>\n<p>\u2022In Getnet Platforms, the number of processed transactions were five times higher than the same period last year, driven by Brazil.<\/p>\n<p>\u2022At Ebury, the number of active customers grew by 28% year-on-year, surpassing 28,000.<\/p>\n<p>Loans and deposits are not material in Payments, as they represent just 0.1% and 0.2% of the total Group, respectively.<\/p>\n<p>Results<\/p>\n<p>Underlying attributable profit was EUR 78 million in H1 2026, compared with a profit of EUR 16 million in H1 2025. In constant euros, the performance across lines was the following:<\/p>\n<p>\u2022Total income grew 17%, driven by net fee income in Getnet, supported by increased activity, and higher revenue from payment processing services provided to other financial institutions.<\/p>\n<p>\u2022Total costs rose 8%, +4% in real terms, reflecting the investments in the development of global platforms.<\/p>\n<p>\u2022Net loan-loss provisions increased due to the impact in Getnet Brazil in Q1 2026, though they are not material given the nature of the business.<\/p>\n<p>Overall, the EBITDA margin reached 32.6% (+3.8 pp year-on-year).<\/p>\n<p>Compared to Q1 2026, underlying attributable profit grew significantly in constant euros, supported by higher net fee income, net loan-loss provision normalization in Getnet Brazil and a lower tax burden. <\/p>\n<p>Payments. Underlying income statementEUR million and % change\/ Q1&#8217;26\/ H1&#8217;25Q2&#8217;26%excl. FXH1&#8217;26%excl. FXTotal income387\u00a0+1-1771\u00a0+20+17Total costs-337\u00a0+5+4-657\u00a0+9+8Net operating income51\u00a0-19-23114\u00a0+176+138LLPs-6\u00a0-53-55-20\u00a0+85+81PBT43\u00a0-12-1792\u00a0+327+230Underlying attrib. profit59\u00a0+197+18378\u00a0+400+297<\/p>\n<p>Detailed financial information in Appendix.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-174\"\/><\/p>\n<p>43<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-175\"\/><\/p>\n<p>Index<\/p>\n<p>Corporate Centre<\/p>\n<p>Underlying attributable profit<\/p>\n<p>-EUR 525 mn<\/p>\n<p>\u2192 The Corporate Centre continued to support the Group, defining, developing and coordinating the Group&#8217;s strategy, as well as aiding the operating units, adding value. <\/p>\n<p>\u2192 It carries out the financial and capital management functions as well as corporate oversight and control functions and coordinates interactions with the Group&#8217;s supervisors and regulators.<\/p>\n<p>\u2192 Underlying attributable loss in H1 2026 of EUR 525 million, compared with a loss of EUR 713 million in H1 2025, driven by lower LLPs, following provisions recorded in H1 2025 related to our plan to reduce the NPL ratio, and a lower tax burden. Additionally, it was supported by positive results related to certain stakes and dividends from our stake in Poland.<\/p>\n<p>Strategy and functions<\/p>\n<p>The Corporate Centre contributes value to the Group through the following functions, among others:<\/p>\n<p>\u2022Global control frameworks and supervision. <\/p>\n<p>\u2022Fostering the exchange of best practices in cost management, which enables us to be one of the most efficient banks.<\/p>\n<p>\u2022Collaborating in the definition and execution of the global strategy, corporate development operations and projects to ensure we meet the business plan.<\/p>\n<p>\u2022Contributing to the launch of projects that will be developed by our global businesses, aimed at leveraging our worldwide presence to generate economies of scale.<\/p>\n<p>\u2022Ensuring open and constructive communication with shareholders, analysts, investors, bondholders, rating agencies and other market players.<\/p>\n<p>\u2022Adding value to our businesses, countries and divisions by encouraging the exchange of best practices, driving and managing innovative global initiatives and defining corporate policies to improve process efficiency and customer service quality.<\/p>\n<p>It also coordinates relationships with European regulators and supervisors and carries out functions related to financial management and capital, as follows:<\/p>\n<p>\u2022Financial Management functions: <\/p>\n<p>\u2022Structural management of liquidity risk associated with funding the Group\u2019s recurring activity and stakes of a financial nature. At the end of June 2026, the liquidity buffer was EUR 329 billion (provisional data).<\/p>\n<p>This is done ensuring the diversification of funding sources (issuances and others), maintaining an adequate profile in volumes, maturities and costs. <\/p>\n<p>The price of these transactions with other Group units is the market rate that includes all liquidity concepts (which the Group supports by immobilizing funds during the term of the transaction) and regulatory requirements (TLAC\/MREL).<\/p>\n<p>\u2022We also actively manage interest rate risk to dampen the impact of interest rate changes on net interest income, conducted via high credit quality, very liquid and low capital consumption derivatives. <\/p>\n<p>\u2022Strategic management of exposure to exchange rates in equity and dynamic management of the FX hedges related to the units\u2019 next 12 months results in euros. The net investments in equity currently hedged totalled EUR 15,822 million (mainly in the UK, <\/p>\n<p>Mexico and Chile) with different FX instruments (spots and forwards).<\/p>\n<p>\u2022Management of total capital and reserves: Group capital planning and management, aimed at optimizing capital use and efficient allocation across business units and opportunities by: i) coordinating with subsidiaries; ii) setting solvency targets and monitoring capital ratios; and iii) utilizing asset mobilization and risk transfer through the Global Asset Desk to maximize capital efficiency and shareholder returns.<\/p>\n<p>Results<\/p>\n<p>In H1 2026, the underlying attributable loss was EUR 525 million, compared with a loss of EUR 713 million recorded in H1 2025. By line:<\/p>\n<p>\u2022Net interest income declined EUR 107 million impacted by lower interest rates. <\/p>\n<p>\u2022Losses on financial transactions worsened by EUR 307 million, due to a higher impact from foreign currency hedges.<\/p>\n<p>\u2022Additionally, &#8216;other operating income&#8217; increased due to higher results from certain stakes and the dividends from our stake in Poland. <\/p>\n<p>\u2022Total costs decreased by 3% compared to H1 2025, reflecting simplification measures.<\/p>\n<p>\u2022Net loan-loss provisions improved significantly, as we recorded provisions in H1 2025 related to our plan to accelerate NPL ratio reductions, which improved  the Group&#8217;s credit quality.<\/p>\n<p>\u2022Additionally, the improvement in underlying profit was supported by a lower tax burden year-on-year.<\/p>\n<p>Corporate Centre. Underlying income statementEUR million and % changeQ2&#8217;26Q1&#8217;26% chg.H1&#8217;26H1&#8217;25% chg.Total income-295\u00a0-171+72-466\u00a0-353+32Net operating income-399\u00a0-274+46-673\u00a0-567+19PBT-450\u00a0-296+52-746\u00a0-807-8Underlying attrib. profit-385\u00a0-141+174-525\u00a0-713-26<\/p>\n<p>Detailed financial information in Appendix. <\/p>\n<p>44<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-176\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-177\"\/><\/p>\n<p>Index<\/p>\n<p>Sustainability<\/p>\n<p>Strategy<\/p>\n<p>1Support our customers in meeting their goals in their transition to a low-carbon economy, while also managing climate-related risks and impacts.2Encourage employee growth, fostering an inclusive culture and promoting skill development, while providing fair working conditions.3Contribute to the economic, financial and social development of our communities, with a special focus on education, employability and entrepreneurship.4Be a trusted partner to our customers, with products and services adapted to their needs, while applying responsible practices, supporting their financial inclusion and protecting their information.5Act responsibly through a strong culture, governance and conduct. <\/p>\n<p>Key highlights<\/p>\n<p>In Q2 2026, we advanced in the following initiatives:<\/p>\n<p>\u2192 In Retail, we promoted sustainable financing in Latin America, including three transactions in Brazil totalling BRL 900 million under the Eco Invest Brazil initiative; in Mexico we structured the first silver-labelled social loan, aimed at supporting vulnerable elderly people, totalling MXN 250 million, and we led a USD 1.2 billion syndicated green financing for a hotel group; and in Argentina we participated in the first international green bond issuance by a renewable energy company, amounting to USD 400 million. Additionally, 6.7 million people continued to benefit from financial inclusion measures, of which 1.4 million were new beneficiaries in H1 2026. <\/p>\n<p>\u2192 In Openbank Europe, we financed around 200,000 electric vehicles in H1 2026, a 71% increase year-on-year, with a 12.2% market share in Europe as of May 2026.<\/p>\n<p>\u2192 In CIB, we financed, among others, the following international projects:<\/p>\n<p>\u2013We allocated EUR 6.9 billion to green financing or mobilization during the quarter, achieving EUR 188 billion to date towards our target of EUR 220 billion in green financing or mobilization by 2030.1<\/p>\n<p>\u2013In ECM, we participated in Solaria&#8217;s EUR 300 million capital increase, supporting its expansion in clean energy for data centres through wind power and battery storage. <\/p>\n<p>\u2013In GTB, we acted as Sole Sustainability Coordinator for the Republic of Ecuador\u2019s USD 500 million transaction, partly guaranteed by the Inter-American Development Bank (IDB), which was named Environmental Finance\u2019s 2026 Social Loan of the Year.<\/p>\n<p>\u2013In DCM, we continued to participate through different leadership roles in European Green Bond (EuGB), such as a EUR 500 million issuance for Gruppo Hera, EUR 500 million for Redeia and EUR 1.5 billion for Groupe BPCE. In Latin America, we supported MSU Green Energy&#8217;s USD 400 million green bond issuance, one of Argentina&#8217;s leading renewable energy platforms, and Mundo&#8217;s USD 435 million sustainability bond, a Chilean telecommunications operator.<\/p>\n<p>\u2013In Structured Finance, we supported financing Foxtail Flats and Four Mile Mesa Solar and Storage, two projects by DESRI, one of the leading renewable energy developers in the US, providing solar generation and battery storage capacity to power Meta&#8217;s data centres.<\/p>\n<p>\u2192 In Wealth, our Socially Responsible Investments reached 24% of total assets under management, including SAM funds, third-party funds, portfolios and directly held assets under advisory in Private Banking.<\/p>\n<p>Additionally, we allocated EUR 29.1 million in the quarter to promote education, employability and entrepreneurship, and helped 1.2 million people and organizations. In total, we have allocated EUR 351.1 million since 2023, moving towards our EUR 400 million target set for 2023-2026.<\/p>\n<p>1.Target was set in 2019 and 2021, before the publication of the European taxonomy in Q2 2023. Therefore, the target definition is not fully aligned with the taxonomy. For further information, see the &#8216;Alternative performance measures&#8217; section in this report.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-178\"\/><\/p>\n<p>45<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-179\"\/><\/p>\n<p>Index<\/p>\n<p>Corporate governance<\/p>\n<p>Changes to the Group&#8217;s Senior Management<\/p>\n<p>On 23 June, Banco Santander\u2019s Board of Directors approved the appointment of Mat\u00edas S\u00e1nchez and Borja Oyarz\u00e1bal as Global Co-Heads of the Group\u2019s Retail &amp; Commercial Banking business. Mat\u00edas S\u00e1nchez will be responsible for Retail, while Borja Oyarz\u00e1bal will lead Commercial. The appointments are subject to the relevant regulatory approvals. Mr S\u00e1nchez has nearly three decades of experience within the Group, where he has held a number of leadership positions. Since September 2022, he has served as Global Head of Cards and Digital Solutions. Mr Oyarz\u00e1bal joined the Group in March 2025 as Global Head of Commercial and Head of Commercial Spain, having previously served as Chief Executive Officer of Tresmares Capital since 2019. They succeed Daniel Barriuso, who remains with the Group as Senior Advisor to the Chair and the Chief Executive Officer and as a board member of Santander M\u00e9xico and Openbank.<\/p>\n<p>46<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-180\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-181\"\/><\/p>\n<p>Index<\/p>\n<p>Appendix<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g70.jpg\" alt=\"anexo eng gestion.jpg\" style=\"height:467px; margin-bottom:5pt; vertical-align:text-bottom; width:700px\" id=\"i-182\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-183\"\/><\/p>\n<p>47<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-184\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Group information<\/p>\n<p>Financial information<\/p>\n<p>Group information<\/p>\n<p>In this appendix, results are presented on an underlying basis and the balance sheet figures, ratios and other metrics exclude Poland for all periods in 2025. However, if we were to include Poland, the Group&#8217;s main management ratios would not be materially affected. For further information, see the &#8216;Alternative performance measures&#8217; section in this report.<\/p>\n<p>From May 2026, the balance sheet and results of Grupo Santander, Retail &amp; Commercial Banking (within Retail UK) and the UK secondary segment include TSB. For further information, see the &#8216;Significant events in the period&#8217; section in this report.<\/p>\n<p>For Argentina and any grouping which includes it, the variations in constant euros have been calculated considering the Argentine peso exchange rate on the last working day for each of the periods presented. For more information, see the calculation method detailed in the \u2018Alternative performance measures\u2019 section in this appendix. <\/p>\n<p>Underlying net fee income. Consolidated<\/p>\n<p>EUR millionQ2&#8217;26Q1&#8217;26Change (%)H1&#8217;26H1&#8217;25Change (%)Fees from services1,907\u00a01,823\u00a04.63,730\u00a03,503\u00a06.5Wealth management and marketing of customer funds1,154\u00a01,117\u00a03.32,271\u00a02,119\u00a07.2Securities and custody433\u00a0417\u00a03.8850\u00a0689\u00a023.4Net fee income3,494\u00a03,357\u00a04.16,851\u00a06,311\u00a08.6<\/p>\n<p>Underlying total costs. Consolidated<\/p>\n<p>EUR millionQ2&#8217;26Q1&#8217;26Change (%)H1&#8217;26H1&#8217;25Change (%)Staff costs3,551\u00a03,379\u00a05.16,930\u00a06,736\u00a02.9Other general administrative expenses2,015\u00a01,923\u00a04.83,938\u00a04,024\u00a0(2.1)\u00a0\u00a0\u00a0Information technology652\u00a0627\u00a04.01,279\u00a01,125\u00a013.7\u00a0\u00a0\u00a0Communications97\u00a088\u00a010.2185\u00a0175\u00a05.7\u00a0\u00a0\u00a0Advertising125\u00a0121\u00a03.3246\u00a0267\u00a0(7.9)\u00a0\u00a0\u00a0Buildings and premises165\u00a0162\u00a01.9327\u00a0388\u00a0(15.7)\u00a0\u00a0\u00a0Printed and office material14\u00a017\u00a0(17.6)31\u00a041\u00a0(24.4)\u00a0\u00a0\u00a0Taxes (other than tax on profits)119\u00a0140\u00a0(15.0)259\u00a0279\u00a0(7.2)\u00a0\u00a0\u00a0Other expenses843\u00a0768\u00a09.81,611\u00a01,749\u00a0(7.9)Administrative expenses5,566\u00a05,302\u00a05.010,868\u00a010,760\u00a01.0Depreciation and amortization839\u00a0828\u00a01.31,667\u00a01,626\u00a02.5Operating expenses6,405\u00a06,130\u00a04.512,535\u00a012,386\u00a01.2Other operating costs322\u00a0354\u00a0(9.0)676\u00a0865\u00a0(21.8)Total costs6,727\u00a06,484\u00a03.713,211\u00a013,251\u00a0(0.3)<\/p>\n<p>48<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-185\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-186\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Group information<\/p>\n<p>Employees and branches. Consolidated <\/p>\n<p>EmployeesBranchesJun-26Jun-25ChangeJun-26Jun-25ChangeRetail &amp; Commercial Banking125,036132,236-7,200Spain1,458\u00a01,724\u00a0(266)Openbank29,53531,344-1,809UK484\u00a0420\u00a064\u00a0Corporate &amp; Investment Banking13,31312,742571Portugal281\u00a0373\u00a0(92)Wealth Management &amp; Insurance7,3157,391-76Openbank Europe293\u00a0297\u00a0(4)Payment Solutions8,2138,15360US372\u00a0403\u00a0(31)Corporate Centre1,8671,81255Mexico1,264\u00a01,332\u00a0(68)Total Group185,279193,678(8,399)Brazil1,515\u00a01,888\u00a0(373)Chile223\u00a0231\u00a0(8)Argentina366\u00a0405\u00a0(39)Rest of the Group240\u00a0249\u00a0(9)Total Group6,4967,322(826)<\/p>\n<p>Underlying net loan-loss provisions. Consolidated<\/p>\n<p>EUR millionQ2&#8217;26Q1&#8217;26Change (%)H1&#8217;26H1&#8217;25Change (%)Non-performing loans3,769\u00a03,648\u00a03.37,417\u00a06,902\u00a07.5Recovery of written-off assets(420)(423)(0.7)(843)(844)(0.1)Net loan-loss provisions3,349\u00a03,225\u00a03.86,574\u00a06,058\u00a08.5<\/p>\n<p>Loans and advances to customers. Consolidated<\/p>\n<p>EUR millionChangeJun-26Jun-25Absolute%Dec-25Commercial bills52,293\u00a048,432\u00a03,861\u00a08.051,110\u00a0Secured loans589,377\u00a0529,629\u00a059,748\u00a011.3530,749\u00a0Other term loans315,997\u00a0280,488\u00a035,509\u00a012.7295,998\u00a0Finance leases39,871\u00a038,185\u00a01,686\u00a04.438,540\u00a0Receivable on demand11,683\u00a011,593\u00a090\u00a00.810,313\u00a0Credit cards receivable27,628\u00a024,582\u00a03,046\u00a012.426,179\u00a0Impaired assets34,713\u00a030,401\u00a04,312\u00a014.231,577\u00a0Gross loans and advances to customers (excl. reverse repos)1,071,562\u00a0963,310\u00a0108,252\u00a011.2984,466\u00a0Reverse repos100,403\u00a068,227\u00a032,176\u00a047.273,980\u00a0Gross loans and advances to customers1,171,965\u00a01,031,537\u00a0140,428\u00a013.61,058,446\u00a0Loan-loss allowances22,803\u00a020,810\u00a01,993\u00a09.621,158\u00a0Loans and advances to customers1,149,162\u00a01,010,727\u00a0138,435\u00a013.71,037,288\u00a0<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-187\"\/><\/p>\n<p>49<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-188\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Group information<\/p>\n<p>Total funds. Consolidated<\/p>\n<p>EUR millionChangeJun-26Jun-25Absolute%Dec-25Demand deposits685,768\u00a0631,963\u00a053,805\u00a08.5646,125\u00a0Time deposits326,774\u00a0278,911\u00a047,863\u00a017.2298,284\u00a0Mutual funds284,751\u00a0237,566\u00a047,185\u00a019.9255,389\u00a0Customer funds1,297,293\u00a01,148,440\u00a0148,853\u00a013.01,199,798\u00a0Pension funds15,966\u00a015,631\u00a0335\u00a02.116,112\u00a0Managed portfolios54,952\u00a045,933\u00a09,019\u00a019.650,459\u00a0Repos121,220\u00a097,355\u00a023,865\u00a024.596,791\u00a0Total funds1,489,431\u00a01,307,359\u00a0182,072\u00a013.91,363,160\u00a0<\/p>\n<p>Eligible capital (phased-in)1. Consolidated<\/p>\n<p>EUR millionChangeJun-26Jun-25Absolute%Dec-25Capital stock and reserves138,082\u00a0131,218\u00a06,864\u00a05.2128,798\u00a0Attributable profit8,973\u00a06,833\u00a02,141\u00a031.314,101\u00a0Dividends(1,832)(1,708)(124)7.3(3,525)Other retained earnings(36,055)(39,970)3,915\u00a0(9.8)(40,445)Minority interests7,143\u00a08,179\u00a0(1,035)(12.7)9,037\u00a0Goodwill and intangible assets(15,246)(15,297)50\u00a0(0.3)(15,037)Other deductions(14,617)(8,001)(6,616)82.7(8,190)CET186,447\u00a081,253\u00a05,194\u00a06.484,739\u00a0Preferred shares and other eligible tier 110,226\u00a09,578\u00a0648\u00a06.89,645\u00a0Tier 196,673\u00a090,830\u00a05,843\u00a06.494,385\u00a0Generic funds and eligible tier 2 instruments19,076\u00a016,905\u00a02,172\u00a012.817,460\u00a0Eligible capital115,750\u00a0107,735\u00a08,014\u00a07.4111,845\u00a0Risk-weighted assets616,803\u00a0625,750\u00a0(8,947)(1.4)629,430\u00a0CET1 capital ratio14.013.01.013.5Tier 1 capital ratio15.714.51.215.0Total capital ratio18.817.21.517.8Note: includes Poland.<\/p>\n<p>1.\u00a0Phased-in ratios are calculated in accordance with the transitory treatment of the CRR. <\/p>\n<p>50<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-189\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-190\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>Segment information<\/p>\n<p>Primary segments<\/p>\n<p>Retail &amp; Commercial Banking<\/p>\n<p>Q<\/p>\n<p>EUR millionEx. TSBEx. TSB\/ Q1&#8217;26\/ Q1&#8217;26\/ H1&#8217;25\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FX%% excl. FXH1&#8217;26%% excl. FX%% excl. FXNet interest income7,370\u00a08.6\u00a07.0\u00a05.4\u00a03.9\u00a014,159\u00a06.0\u00a04.3\u00a04.4\u00a02.7\u00a0Net fee income1,697\u00a04.0\u00a02.2\u00a03.1\u00a01.4\u00a03,329\u00a08.9\u00a06.3\u00a08.4\u00a05.9\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>151\u00a0(15.1)(14.4)(17.0)(16.3)329\u00a08.3\u00a07.3\u00a07.2\u00a06.1\u00a0Other operating income(367)16.6\u00a016.0\u00a015.1\u00a014.5\u00a0(681)32.4\u00a031.3\u00a031.5\u00a030.4\u00a0Total income8,851\u00a06.8\u00a05.3\u00a04.1\u00a02.5\u00a017,135\u00a05.8\u00a03.9\u00a04.4\u00a02.5\u00a0Total costs(3,594)7.1\u00a05.4\u00a03.2\u00a01.5\u00a0(6,948)(1.2)(2.7)(3.1)(4.6)Net operating income5,258\u00a06.6\u00a05.2\u00a04.7\u00a03.2\u00a010,188\u00a011.1\u00a08.9\u00a010.1\u00a07.9\u00a0Net loan-loss provisions(2,078)6.9\u00a04.3\u00a06.1\u00a03.5\u00a0(4,021)9.4\u00a05.7\u00a09.0\u00a05.3\u00a0Other gains (losses) and provisions(204)99.7\u00a099.1\u00a099.7\u00a099.1\u00a0(306)46.3\u00a048.4\u00a046.4\u00a048.4\u00a0Profit before tax2,976\u00a03.2\u00a02.4\u00a00.4\u00a0(0.3)5,861\u00a010.9\u00a09.6\u00a09.4\u00a08.2\u00a0Tax on profit(757)(4.7)(5.5)(8.0)(8.8)(1,550)4.8\u00a03.5\u00a03.0\u00a01.7\u00a0Profit from continuing operations2,220\u00a06.2\u00a05.4\u00a03.6\u00a02.9\u00a04,310\u00a013.3\u00a012.1\u00a011.9\u00a010.7\u00a0Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit2,220\u00a06.2\u00a05.4\u00a03.6\u00a02.9\u00a04,310\u00a013.3\u00a012.1\u00a011.9\u00a010.7\u00a0Non-controlling interests(104)27.9\u00a026.8\u00a027.9\u00a026.8\u00a0(186)23.7\u00a021.9\u00a023.7\u00a021.9\u00a0Underlying attributable profit to the parent2,115\u00a05.3\u00a04.6\u00a02.6\u00a01.9\u00a04,124\u00a012.9\u00a011.7\u00a011.4\u00a010.2\u00a0Activity metricsGross loans and advances to customers \u00b2655,098\u00a08.6\u00a07.4\u00a01.6\u00a00.5\u00a0655,098\u00a011.2\u00a09.3\u00a04.1\u00a02.3\u00a0Customer funds810,250\u00a09.1\u00a08.0\u00a03.5\u00a02.5\u00a0810,250\u00a015.6\u00a013.6\u00a09.7\u00a07.8\u00a0\u00a0\u00a0\u00a0\u00a0Customer deposits \u00b3686,510\u00a010.0\u00a08.9\u00a03.3\u00a02.3\u00a0686,510\u00a014.5\u00a012.8\u00a07.6\u00a06.0\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds123,740\u00a04.6\u00a03.4\u00a04.6\u00a03.4\u00a0123,740\u00a022.3\u00a018.1\u00a022.3\u00a018.1\u00a0Risk-weighted assets295,406\u00a05.1\u00a00.5\u00a0295,406\u00a01.7\u00a0(2.8)Ratios (%), employees and customersRoTE17.4\u00a00.7\u00a017.1\u00a00.8\u00a0Efficiency ratio40.6\u00a00.1\u00a040.5\u00a0(2.9)NPL ratio3.05\u00a0(0.13)3.05\u00a0(0.06)NPL coverage ratio66\u00a0(1)66\u00a02\u00a0Number of employees125,036\u00a00.9\u00a0125,036\u00a0(5.4)Number of total customers (thousands)154,511\u00a03.8\u00a0154,511\u00a07.2\u00a0Number of active customers (thousands)79,633\u00a04.0\u00a079,633\u00a05.7\u00a01.  Includes exchange differences.2.  Excluding reverse repos.3.  Excluding repos.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-191\"\/><\/p>\n<p>51<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-192\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>Retail Spain<\/p>\n<p>Q<\/p>\n<p>EUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%H1&#8217;26%Net interest income1,548\u00a04.8\u00a03,025\u00a02.5\u00a0Net fee income331\u00a0(3.8)675\u00a06.8\u00a0Total income1,949\u00a02.2\u00a03,857\u00a06.4\u00a0Total costs(598)(1.7)(1,207)(8.0)Net operating income1,351\u00a04.0\u00a02,650\u00a014.5\u00a0Net loan-loss provisions(187)59.2\u00a0(304)(44.9)Profit before tax1,068\u00a0(8.0)2,229\u00a032.7\u00a0Activity metrics<\/p>\n<p>Gross loans and advances to customers 1<\/p>\n<p>161,116\u00a01.9\u00a0161,116\u00a00.6\u00a0Customer funds292,610\u00a03.5\u00a0292,610\u00a07.9\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 2<\/p>\n<p>237,924\u00a03.2\u00a0237,924\u00a06.1\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds54,686\u00a05.0\u00a054,686\u00a016.6\u00a01.  Excluding reverse repos.2.  Excluding repos.Retail UK<\/p>\n<p>Q<\/p>\n<p>EUR millionEx. TSBEx. TSB\/ Q1&#8217;26\/ Q1&#8217;26\/ H1&#8217;25\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FX%% excl. FXH1&#8217;26%% excl. FX%% excl. FXNet interest income1,428\u00a018.2\u00a017.9\u00a00.5\u00a00.3\u00a02,635\u00a07.3\u00a010.5\u00a0(1.4)1.5\u00a0Net fee income102\u00a026.4\u00a026.1\u00a08.3\u00a08.0\u00a0183\u00a032.4\u00a036.3\u00a021.8\u00a025.4\u00a0Total income1,452\u00a022.7\u00a022.5\u00a03.5\u00a03.3\u00a02,635\u00a010.9\u00a014.1\u00a01.3\u00a04.3\u00a0Total costs(763)16.9\u00a016.7\u00a0(3.3)(3.5)(1,416)(3.9)(1.1)(12.9)(10.3)Net operating income689\u00a029.8\u00a029.6\u00a011.9\u00a011.6\u00a01,219\u00a035.0\u00a039.0\u00a024.5\u00a028.2\u00a0Net loan-loss provisions(115)52.5\u00a052.2\u00a032.3\u00a032.0\u00a0(191)69.4\u00a074.4\u00a055.9\u00a060.5\u00a0Profit before tax522\u00a025.4\u00a025.2\u00a06.2\u00a06.0\u00a0938\u00a035.8\u00a039.8\u00a024.2\u00a027.9\u00a0Activity metrics<\/p>\n<p>Gross loans and advances to customers 1<\/p>\n<p>275,225\u00a019.8\u00a018.2\u00a01.6\u00a00.2\u00a0275,225\u00a021.7\u00a022.3\u00a03.2\u00a03.7\u00a0Customer funds266,699\u00a020.7\u00a019.1\u00a01.9\u00a00.5\u00a0266,699\u00a025.7\u00a026.3\u00a06.1\u00a06.6\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 2<\/p>\n<p>259,024\u00a021.6\u00a020.0\u00a02.0\u00a00.7\u00a0259,024\u00a025.6\u00a026.1\u00a05.4\u00a05.9\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds7,675\u00a0(2.7)(4.0)(2.7)(4.0)7,675\u00a030.3\u00a030.9\u00a030.3\u00a030.9\u00a01.  Excluding reverse repos.2.  Excluding repos.<\/p>\n<p>52<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-193\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-194\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>Retail Mexico<\/p>\n<p>Q<\/p>\n<p>EUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FXH1&#8217;26%% excl. FXNet interest income1,063\u00a05.6\u00a03.9\u00a02,070\u00a08.0\u00a00.9\u00a0Net fee income274\u00a07.0\u00a05.3\u00a0529\u00a022.5\u00a014.5\u00a0Total income1,299\u00a03.6\u00a02.0\u00a02,552\u00a011.5\u00a04.2\u00a0Total costs(523)4.9\u00a03.2\u00a0(1,022)4.2\u00a0(2.6)Net operating income775\u00a02.8\u00a01.1\u00a01,529\u00a016.9\u00a09.2\u00a0Net loan-loss provisions(341)1.2\u00a0(0.5)(679)21.8\u00a013.9\u00a0Profit before tax426\u00a04.7\u00a03.0\u00a0832\u00a010.8\u00a03.5\u00a0Activity metrics<\/p>\n<p>Gross loans and advances to customers 1<\/p>\n<p>39,352\u00a01.5\u00a0(2.5)39,352\u00a012.5\u00a01.4\u00a0Customer funds58,160\u00a04.0\u00a0(0.1)58,160\u00a018.5\u00a06.8\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 2<\/p>\n<p>40,899\u00a02.2\u00a0(1.8)40,899\u00a016.8\u00a05.2\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds17,260\u00a08.6\u00a04.3\u00a017,260\u00a022.8\u00a010.6\u00a01.  Excluding reverse repos.2.  Excluding repos.Retail Brazil<\/p>\n<p>Q<\/p>\n<p>EUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FXH1&#8217;26%% excl. FXNet interest income1,966\u00a07.5\u00a02.7\u00a03,794\u00a04.9\u00a00.3\u00a0Net fee income567\u00a06.6\u00a01.8\u00a01,100\u00a01.6\u00a0(3.0)Total income2,423\u00a04.8\u00a00.0\u00a04,737\u00a02.7\u00a0(1.9)Total costs(1,081)7.6\u00a02.8\u00a0(2,085)6.1\u00a01.4\u00a0Net operating income1,343\u00a02.6\u00a0(2.1)2,652\u00a00.2\u00a0(4.2)Net loan-loss provisions(1,032)7.9\u00a03.1\u00a0(1,988)0.8\u00a0(3.7)Profit before tax285\u00a0(18.4)(22.6)634\u00a0(5.9)(10.1)Activity metrics<\/p>\n<p>Gross loans and advances to customers 1<\/p>\n<p>70,392\u00a02.3\u00a00.7\u00a070,392\u00a011.7\u00a03.1\u00a0Customer funds94,110\u00a06.9\u00a05.2\u00a094,110\u00a024.9\u00a015.4\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 2<\/p>\n<p>66,975\u00a09.1\u00a07.3\u00a066,975\u00a021.2\u00a011.9\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds27,135\u00a01.9\u00a00.2\u00a027,135\u00a035.1\u00a024.8\u00a01.  Excluding reverse repos.2.  Excluding repos.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-195\"\/><\/p>\n<p>53<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-196\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>Openbank<\/p>\n<p>Q<\/p>\n<p>EUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FXH1&#8217;26%% excl. FXNet interest income2,815\u00a00.7\u00a0(0.1)5,610\u00a01.9\u00a04.1\u00a0Net fee income342\u00a0(8.1)(9.1)714\u00a05.0\u00a05.9\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>(12)383.9\u00a0397.3\u00a0(14)(39.4)(38.1)Other operating income130\u00a037.7\u00a037.2\u00a0225\u00a0(14.9)(11.6)Total income3,276\u00a00.5\u00a0(0.3)6,535\u00a01.7\u00a03.8\u00a0Total costs(1,324)(5.1)(5.7)(2,718)(5.0)(2.9)Net operating income1,952\u00a04.6\u00a03.6\u00a03,817\u00a07.1\u00a09.2\u00a0Net loan-loss provisions(1,029)(2.4)(3.4)(2,084)0.4\u00a02.7\u00a0Other gains (losses) and provisions(57)(78.9)(79.0)(328)852.0\u00a0894.8\u00a0Profit before tax866\u00a060.5\u00a058.7\u00a01,405\u00a0(3.5)(1.9)Tax on profit(243)45.8\u00a044.4\u00a0(409)47.2\u00a045.2\u00a0Profit from continuing operations623\u00a067.0\u00a065.0\u00a0996\u00a0(15.4)(13.4)Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit623\u00a067.0\u00a065.0\u00a0996\u00a0(15.4)(13.4)Non-controlling interests(86)4.1\u00a03.8\u00a0(169)25.0\u00a024.7\u00a0Underlying attributable profit to the parent537\u00a085.0\u00a082.4\u00a0827\u00a0(20.7)(18.5)Activity metricsGross loans and advances to customers \u00b2220,241\u00a02.1\u00a01.6\u00a0220,241\u00a04.3\u00a02.6\u00a0Customer funds145,426\u00a01.8\u00a01.4\u00a0145,426\u00a05.1\u00a03.8\u00a0\u00a0\u00a0\u00a0\u00a0Customer deposits \u00b3135,631\u00a01.2\u00a00.9\u00a0135,631\u00a04.4\u00a03.0\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds9,796\u00a09.9\u00a09.5\u00a09,796\u00a017.2\u00a015.8\u00a0Risk-weighted assets160,650\u00a01.5\u00a0160,650\u00a03.1\u00a0Ratios (%), employees and customersRoTE10.2\u00a05.1\u00a07.7\u00a0(2.7)Efficiency ratio40.4\u00a0(2.4)41.6\u00a0(2.9)NPL ratio5.61\u00a00.09\u00a05.61\u00a00.64\u00a0NPL coverage ratio70\u00a0(1)70\u00a0(7)Number of employees29,535\u00a0(2.6)29,535\u00a0(5.8)Number of total customers (thousands)27,612\u00a01.6\u00a027,612\u00a06.7\u00a01.  Includes exchange differences.2.  Excluding reverse repos.3.  Excluding repos.<\/p>\n<p>54<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-197\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-198\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>Openbank Europe<\/p>\n<p>Q<\/p>\n<p>EUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FXH1&#8217;26%% excl. FXNet interest income1,211\u00a00.6\u00a00.2\u00a02,415\u00a06.6\u00a06.2\u00a0Net fee income195\u00a02.5\u00a02.4\u00a0385\u00a03.4\u00a03.5\u00a0Total income1,501\u00a00.8\u00a00.5\u00a02,989\u00a05.7\u00a05.5\u00a0Total costs(663)(6.2)(6.5)(1,370)(6.9)(7.0)Net operating income837\u00a07.2\u00a06.8\u00a01,619\u00a019.4\u00a019.1\u00a0Net loan-loss provisions(347)1.2\u00a01.0\u00a0(689)11.3\u00a011.2\u00a0Profit before tax433\u00a0136.3\u00a0134.7\u00a0616\u00a0(15.3)(15.6)Activity metrics<\/p>\n<p>Gross loans and advances to customers 1<\/p>\n<p>145,717\u00a01.9\u00a01.9\u00a0145,717\u00a02.4\u00a02.0\u00a0Customer funds88,644\u00a02.2\u00a02.2\u00a088,644\u00a0(0.1)(0.6)<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 2<\/p>\n<p>82,924\u00a01.7\u00a01.8\u00a082,924\u00a0(1.3)(1.7)\u00a0\u00a0\u00a0\u00a0Mutual funds5,719\u00a09.2\u00a09.2\u00a05,719\u00a019.9\u00a019.9\u00a0<\/p>\n<p>1. Excluding reverse repos. <\/p>\n<p>2. Excluding repos. <\/p>\n<p>Openbank US<\/p>\n<p>Q<\/p>\n<p>EUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FXH1&#8217;26%% excl. FXNet interest income1,097\u00a00.4\u00a0(0.3)2,189\u00a0(6.8)(0.5)Net fee income65\u00a0(22.4)(22.9)148\u00a0(15.2)(9.5)Total income1,207\u00a00.6\u00a0\u2014\u00a02,406\u00a0(8.6)(2.3)Total costs(489)(5.8)(6.4)(1,008)(9.7)(3.5)Net operating income718\u00a05.5\u00a04.9\u00a01,398\u00a0(7.8)(1.4)Net loan-loss provisions(384)(13.2)(13.8)(827)(16.4)(10.7)Profit before tax338\u00a046.8\u00a046.1\u00a0568\u00a013.5\u00a021.2\u00a0Activity metrics<\/p>\n<p>Gross loans and advances to customers 1<\/p>\n<p>49,711\u00a01.3\u00a00.4\u00a049,711\u00a02.7\u00a0(0.1)Customer funds55,307\u00a00.9\u00a00.0\u00a055,307\u00a012.5\u00a09.4\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 2<\/p>\n<p>51,231\u00a00.2\u00a0(0.7)51,231\u00a012.4\u00a09.3\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds4,076\u00a011.1\u00a010.1\u00a04,076\u00a013.6\u00a010.5\u00a01.  Excluding reverse repos.2.  Excluding repos.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-199\"\/><\/p>\n<p>55<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-200\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>Corporate &amp; Investment Banking<\/p>\n<p>Q<\/p>\n<p>EUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FXH1&#8217;26%% excl. FXNet interest income1,331\u00a09.8\u00a08.3\u00a02,543\u00a036.9\u00a035.6\u00a0Net fee income725\u00a015.2\u00a014.2\u00a01,353\u00a06.8\u00a07.5\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>66\u00a0(87.9)(88.0)613\u00a0(16.7)(16.3)Other operating income274\u00a0\u2014\u00a0\u2014\u00a0270\u00a04.5\u00a04.7\u00a0Total income2,395\u00a00.5\u00a0(0.6)4,779\u00a016.0\u00a015.9\u00a0Total costs(1,003)6.1\u00a05.2\u00a0(1,948)5.9\u00a06.9\u00a0Net operating income1,392\u00a0(3.2)(4.4)2,831\u00a024.2\u00a022.9\u00a0Net loan-loss provisions(238)15.2\u00a013.8\u00a0(444)450.2\u00a0447.3\u00a0Other gains (losses) and provisions(4)(14.1)(14.5)(8)(25.4)(24.4)Profit before tax1,151\u00a0(6.3)(7.4)2,379\u00a08.8\u00a07.6\u00a0Tax on profit(262)(12.9)(13.9)(563)(13.0)(14.1)Profit from continuing operations889\u00a0(4.1)(5.2)1,816\u00a017.9\u00a016.7\u00a0Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit889\u00a0(4.1)(5.2)1,816\u00a017.9\u00a016.7\u00a0Non-controlling interests(36)(6.2)(7.7)(75)8.8\u00a06.1\u00a0Underlying attributable profit to the parent853\u00a0(4.0)(5.1)1,742\u00a018.3\u00a017.2\u00a0Activity metricsGross loans and advances to customers \u00b2161,618\u00a02.6\u00a01.8\u00a0161,618\u00a025.1\u00a022.0\u00a0Customer funds144,553\u00a0(1.3)(2.1)144,553\u00a05.0\u00a01.5\u00a0\u00a0\u00a0\u00a0\u00a0Customer deposits \u00b3130,434\u00a0(2.1)(2.9)130,434\u00a06.9\u00a03.9\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds14,119\u00a07.1\u00a05.6\u00a014,119\u00a0(10.2)(16.2)Risk-weighted assets106,989\u00a0(0.9)106,989\u00a08.0\u00a0Ratios (%) and employeesRoTE19.7\u00a0(1.2)20.3\u00a00.8\u00a0Efficiency ratio41.9\u00a02.2\u00a040.8\u00a0(3.9)NPL ratio1.02\u00a00.17\u00a01.02\u00a00.25\u00a0NPL coverage ratio37\u00a00\u00a037\u00a0(6)Number of employees13,313\u00a0(2.2)13,313\u00a04.5\u00a01.  Includes exchange differences.2.  Excluding reverse repos.3.  Excluding repos.<\/p>\n<p>56<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-201\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-202\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>Wealth Management &amp; Insurance<\/p>\n<p>Q<\/p>\n<p>EUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FXH1&#8217;26%% excl. FXNet interest income340\u00a07.9\u00a07.4\u00a0655\u00a0(2.4)(1.4)Net fee income442\u00a0(3.2)(3.8)898\u00a010.5\u00a011.2\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>135\u00a011.6\u00a010.7\u00a0255\u00a040.3\u00a040.6\u00a0Other operating income177\u00a063.5\u00a061.2\u00a0285\u00a07.3\u00a04.8\u00a0Total income1,093\u00a09.3\u00a08.5\u00a02,093\u00a08.4\u00a08.7\u00a0Total costs(367)0.1\u00a0(0.6)(733)4.5\u00a05.6\u00a0Net operating income726\u00a014.6\u00a013.8\u00a01,360\u00a010.6\u00a010.5\u00a0Net loan-loss provisions2\u00a0\u2014\u00a0\u2014\u00a0(7)(66.1)(66.3)Other gains (losses) and provisions4\u00a0\u2014\u00a0\u2014\u00a03\u00a0\u2014\u00a0\u2014\u00a0Profit before tax732\u00a017.2\u00a016.4\u00a01,356\u00a013.4\u00a013.2\u00a0Tax on profit(127)6.6\u00a05.9\u00a0(246)(7.1)(7.0)Profit from continuing operations605\u00a019.7\u00a018.8\u00a01,110\u00a019.2\u00a019.0\u00a0Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit605\u00a019.7\u00a018.8\u00a01,110\u00a019.2\u00a019.0\u00a0Non-controlling interests(15)18.2\u00a016.3\u00a0(27)7.8\u00a05.4\u00a0Underlying attributable profit to the parent590\u00a019.7\u00a018.9\u00a01,083\u00a019.5\u00a019.3\u00a0Activity metricsGross loans and advances to customers \u00b227,071\u00a06.6\u00a05.8\u00a027,071\u00a07.6\u00a05.8\u00a0Customer funds193,687\u00a06.0\u00a05.4\u00a0193,687\u00a014.7\u00a012.4\u00a0\u00a0\u00a0\u00a0\u00a0Customer deposits \u00b356,591\u00a01.8\u00a01.2\u00a056,591\u00a00.1\u00a0(1.0)\u00a0\u00a0\u00a0\u00a0Mutual funds137,096\u00a07.9\u00a07.2\u00a0137,096\u00a022.1\u00a019.1\u00a0Risk-weighted assets18,020\u00a0(1.3)18,020\u00a09.1\u00a0Assets under management580,941\u00a06.6\u00a05.8\u00a0580,941\u00a016.8\u00a013.2\u00a0Gross written premiums3,398\u00a021.0\u00a019.7\u00a06,205\u00a011.9\u00a011.1\u00a0<\/p>\n<p>Ratios (%), employees and customers<\/p>\n<p>RoTE62.5\u00a011.0\u00a056.9\u00a0(3.0)Efficiency ratio33.6\u00a0(3.1)35.0\u00a0(1.3)NPL ratio1.17\u00a0(0.02)1.17\u00a00.21\u00a0NPL coverage ratio50\u00a0(7)50\u00a0(21)Number of employees7,315\u00a0(0.1)7,315\u00a0(1.0)<\/p>\n<p>Number of Private Banking customers (thousands) 4<\/p>\n<p>302\u00a06.6\u00a0302\u00a04.7\u00a01.  Includes exchange differences.2.  Excluding reverse repos.3.  Excluding repos.<\/p>\n<p>4.  Affected by a perimeter change. On a like-for-like basis, year-on-year growth would be +11%. <\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-203\"\/><\/p>\n<p>57<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-204\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>Payment Solutions<\/p>\n<p>Q<\/p>\n<p>EUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FXH1&#8217;26%% excl. FXNet interest income37\u00a0(19.8)(23.1)82\u00a02.3\u00a0(1.7)Net fee income290\u00a05.9\u00a04.2\u00a0563\u00a010.4\u00a07.5\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>0\u00a0\u2014\u00a0\u2014\u00a00\u00a0(99.9)(99.9)Other operating income61\u00a0(4.4)(4.5)126\u00a058.0\u00a057.8\u00a0Total income387\u00a01.0\u00a0(0.7)771\u00a020.2\u00a017.1\u00a0Total costs(337)4.9\u00a03.8\u00a0(657)9.5\u00a07.6\u00a0Net operating income51\u00a0(19.0)(22.9)114\u00a0176.5\u00a0138.3\u00a0Net loan-loss provisions(6)(52.8)(54.7)(20)85.1\u00a080.5\u00a0Other gains (losses) and provisions(1)\u2014\u00a0\u2014\u00a0(1)(85.6)(85.6)Profit before tax43\u00a0(12.2)(16.8)92\u00a0326.6\u00a0230.4\u00a0Tax on profit24\u00a0\u2014\u00a0\u2014\u00a0(2)10.4\u00a0(55.6)Profit from continuing operations67\u00a0187.2\u00a0175.3\u00a091\u00a0348.6\u00a0271.5\u00a0Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit67\u00a0187.2\u00a0175.3\u00a091\u00a0348.6\u00a0271.5\u00a0Non-controlling interests(9)134.5\u00a0135.0\u00a0(13)174.1\u00a0165.9\u00a0Underlying attributable profit to the parent59\u00a0197.4\u00a0182.7\u00a078\u00a0400.2\u00a0297.0\u00a0Activity metricsGross loans and advances to customers \u00b21,106\u00a0(5.6)(7.5)1,106\u00a0(11.4)(18.0)Customer funds1,876\u00a05.5\u00a05.5\u00a01,876\u00a087.9\u00a087.9\u00a0\u00a0\u00a0\u00a0\u00a0Customer deposits \u00b31,876\u00a05.5\u00a05.5\u00a01,876\u00a087.9\u00a087.9\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Risk-weighted assets5,62118.5\u00a05,621(9.2)Ratios (%) and employeesEBITDA margin31.7\u00a0(1.7)32.6\u00a03.8\u00a0NPL ratio4.71\u00a00.75\u00a04.71\u00a01.62\u00a0NPL coverage ratio570\u00a0574\u00a0Number of employees8,2130.1\u00a08,2130.7\u00a01.  Includes exchange differences.2.  Excluding reverse repos.3.  Excluding repos.<\/p>\n<p>58<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-205\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-206\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>Corporate Centre<\/p>\n<p>Q<\/p>\n<p>EUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26Q1&#8217;26%H1&#8217;26H1&#8217;25%Net interest income(200)(138)44.8\u00a0(338)(232)45.9\u00a0Net fee income(1)(6)(87.3)(6)(16)(60.6)<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>(259)(191)35.6\u00a0(450)(143)214.1\u00a0Other operating income165\u00a0164\u00a00.7\u00a0329\u00a039\u00a0751.4\u00a0Total income(295)(171)72.3\u00a0(466)(353)32.2\u00a0Total costs(104)(103)1.7\u00a0(207)(214)(3.2)Net operating income(399)(274)45.9\u00a0(673)(567)18.8\u00a0Net loan-loss provisions0\u00a02\u00a0(74.7)2\u00a0(197)\u2014\u00a0Other gains (losses) and provisions(51)(24)114.5\u00a0(75)(43)74.7\u00a0Profit before tax(450)(296)52.1\u00a0(746)(807)(7.5)Tax on profit65\u00a0155\u00a0(58.0)221\u00a093\u00a0136.1\u00a0Profit from continuing operations(385)(141)173.8\u00a0(526)(713)(26.3)Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit(385)(141)173.8\u00a0(526)(713)(26.3)Non-controlling interests0\u00a00\u00a062.3\u00a00\u00a00\u00a0\u2014\u00a0Underlying attributable profit to the parent(385)(141)173.9\u00a0(525)(713)(26.4)Balance sheetLoans and advances to customers6,379\u00a06,967\u00a0(8.4)6,379\u00a07,208\u00a0(11.5)Cash, central banks and credit institutions122,570\u00a0113,576\u00a07.9\u00a0122,570\u00a0101,315\u00a021.0\u00a0Debt instruments17,962\u00a012,034\u00a049.3\u00a017,962\u00a010,556\u00a070.2\u00a0Other financial assets2,994\u00a02,802\u00a06.8\u00a02,994\u00a01,784\u00a067.8\u00a0Other asset accounts121,433\u00a0122,273\u00a0(0.7)121,433\u00a0179,007\u00a0(32.2)Total assets271,337\u00a0257,652\u00a05.3\u00a0271,337\u00a0299,870\u00a0(9.5)Customer deposits1,501\u00a01,360\u00a010.4\u00a01,501\u00a01,841\u00a0(18.5)Central banks and credit institutions30,909\u00a029,650\u00a04.2\u00a030,909\u00a022,262\u00a038.8\u00a0Marketable debt securities125,556\u00a0111,805\u00a012.3\u00a0125,556\u00a0109,719\u00a014.4\u00a0Other financial liabilities934\u00a02,860\u00a0(67.4)934\u00a014\u00a0\u2014\u00a0Other liabilities accounts6,618\u00a05,516\u00a020.0\u00a06,618\u00a066,700\u00a0(90.1)Total liabilities165,517\u00a0151,191\u00a09.5\u00a0165,517\u00a0200,536\u00a0(17.5)Total equity105,820\u00a0106,462\u00a0(0.6)105,820\u00a099,334\u00a06.5\u00a0Memorandum items:<\/p>\n<p>Gross loans and advances to customers 2<\/p>\n<p>6,429\u00a07,013\u00a0(8.3)6,429\u00a07,365\u00a0(12.7)Customer funds1,501\u00a01,360\u00a010.4\u00a01,501\u00a01,841\u00a0(18.5)<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 3<\/p>\n<p>1,501\u00a01,360\u00a010.4\u00a01,501\u00a01,841\u00a0(18.5)\u00a0\u00a0\u00a0\u00a0Mutual funds\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0ResourcesNumber of employees1,867\u00a01,866\u00a00.0\u00a01,867\u00a01,812\u00a03.0\u00a0<\/p>\n<p>1.  Includes exchange differences. <\/p>\n<p>2.  Excluding reverse repos. <\/p>\n<p>3.  Excluding repos. <\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-207\"\/><\/p>\n<p>59<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-208\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>Secondary segments<\/p>\n<p>SpainEUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%H1&#8217;26%Net interest income2,000\u00a07.5\u00a03,860\u00a07.7\u00a0Net fee income824\u00a07.8\u00a01,588\u00a05.7\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>16\u00a0(96.3)440\u00a0(23.0)Other operating income387\u00a0272.5\u00a0491\u00a07.2\u00a0Total income3,227\u00a02.4\u00a06,380\u00a04.3\u00a0Total costs(1,063)(1.6)(2,142)(2.7)Net operating income2,164\u00a04.4\u00a04,238\u00a08.2\u00a0Net loan-loss provisions(331)26.7\u00a0(592)(1.2)Other gains (losses) and provisions(96)361.9\u00a0(117)38.8\u00a0Profit before tax1,738\u00a0(3.0)3,529\u00a09.2\u00a0Tax on profit(489)(3.4)(995)2.2\u00a0Profit from continuing operations1,249\u00a0(2.9)2,534\u00a012.2\u00a0Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit1,249\u00a0(2.9)2,534\u00a012.2\u00a0Non-controlling interests(1)\u2014\u00a0(1)163.2\u00a0Underlying attributable profit to the parent1,248\u00a0(2.9)2,534\u00a012.2\u00a0Balance sheetLoans and advances to customers295,419\u00a06.7\u00a0295,419\u00a011.9\u00a0Cash, central banks and credit institutions63,122\u00a0(16.6)63,122\u00a0(35.5)Debt instruments134,989\u00a03.1\u00a0134,989\u00a040.7\u00a0Other financial assets56,329\u00a00.1\u00a056,329\u00a015.7\u00a0Other asset accounts16,645\u00a0(5.0)16,645\u00a0(21.3)Total assets566,503\u00a01.6\u00a0566,503\u00a07.4\u00a0Customer deposits360,569\u00a00.0\u00a0360,569\u00a04.1\u00a0Central banks and credit institutions67,692\u00a019.5\u00a067,692\u00a035.8\u00a0Marketable debt securities28,908\u00a01.6\u00a028,908\u00a09.6\u00a0Other financial liabilities68,510\u00a0(3.4)68,510\u00a09.2\u00a0Other liabilities accounts22,060\u00a00.4\u00a022,060\u00a02.4\u00a0Total liabilities547,739\u00a01.7\u00a0547,739\u00a08.1\u00a0Total equity18,764\u00a0(1.6)18,764\u00a0(9.6)Memorandum items:<\/p>\n<p>Gross loans and advances to customers 2<\/p>\n<p>251,026\u00a02.6\u00a0251,026\u00a08.0\u00a0Customer funds438,012\u00a02.3\u00a0438,012\u00a08.2\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 3<\/p>\n<p>321,426\u00a01.2\u00a0321,426\u00a05.0\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds116,586\u00a05.6\u00a0116,586\u00a017.8\u00a0Ratios (%), branches and customersRoTE26.3\u00a00.4\u00a026.2\u00a04.8\u00a0Efficiency ratio32.9\u00a0(1.3)33.6\u00a0(2.4)NPL ratio1.87\u00a0(0.07)1.87\u00a0(0.25)NPL coverage ratio53\u00a00\u00a053\u00a00\u00a0Number of branches1,458\u00a0(9.3)1,458\u00a0(15.4)Number of total customers (thousands)15,442\u00a00.5\u00a015,442\u00a00.4\u00a0Number of active customers (thousands)9,440\u00a01.3\u00a09,440\u00a04.4\u00a0<\/p>\n<p>1.  Includes exchange differences. <\/p>\n<p>2.  Excluding reverse repos. <\/p>\n<p>3.  Excluding repos. <\/p>\n<p>60<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-209\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-210\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>UKEUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FXH1&#8217;26%% excl. FXNet interest income1,453\u00a017.7\u00a017.5\u00a02,687\u00a05.7\u00a08.8\u00a0Net fee income117\u00a025.9\u00a025.7\u00a026\u00a025.7\u00a029.6\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>(11)(56.6)(56.8)(37)(45.5)(43.9)Other operating income(67)(16.1)(16.3)(147)(1.4)1.5\u00a0Total income1,491\u00a022.1\u00a021.9\u00a02,713\u00a08.8\u00a012.0\u00a0Total costs(777)16.6\u00a016.3\u00a0(1,444)(4.9)(2.1)Net operating income714\u00a028.8\u00a028.5\u00a01,268\u00a030.2\u00a034.1\u00a0Net loan-loss provisions(115)52.5\u00a052.2\u00a0(191)69.4\u00a074.4\u00a0Other gains (losses) and provisions(52)33.0\u00a032.7\u00a0(90)(9.1)(6.4)Profit before tax547\u00a024.4\u00a024.1\u00a0987\u00a029.5\u00a033.4\u00a0Tax on profit(141)17.2\u00a017.0\u00a0(262)29.7\u00a033.5\u00a0Profit from continuing operations406\u00a027.0\u00a026.8\u00a0725\u00a029.5\u00a033.3\u00a0Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit406\u00a027.0\u00a026.8\u00a0725\u00a029.5\u00a033.3\u00a0Non-controlling interests\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Underlying attributable profit to the parent406\u00a027.0\u00a026.8\u00a0725\u00a029.5\u00a033.3\u00a0Balance sheetLoans and advances to customers286,813\u00a015.6\u00a014.0\u00a0286,813\u00a019.5\u00a020.1\u00a0Cash, central banks and credit institutions62,810\u00a015.5\u00a014.0\u00a062,810\u00a06.3\u00a06.8\u00a0Debt instruments13,156\u00a025.9\u00a024.2\u00a013,156\u00a00.8\u00a01.3\u00a0Other financial assets759\u00a0122.6\u00a0119.6\u00a0759\u00a0161.6\u00a0162.8\u00a0Other asset accounts7,043\u00a099.5\u00a096.8\u00a07,043\u00a055.5\u00a056.2\u00a0Total assets370,582\u00a017.0\u00a015.4\u00a0370,582\u00a016.9\u00a017.5\u00a0Customer deposits271,367\u00a020.7\u00a019.1\u00a0271,367\u00a021.8\u00a022.3\u00a0Central banks and credit institutions20,171\u00a02.7\u00a01.3\u00a020,171\u00a0(14.4)(14.0)Marketable debt securities58,709\u00a07.0\u00a05.6\u00a058,709\u00a010.0\u00a010.5\u00a0Other financial liabilities3,446\u00a010.3\u00a08.8\u00a03,446\u00a025.7\u00a026.2\u00a0Other liabilities accounts2,598\u00a038.8\u00a037.0\u00a02,598\u00a032.5\u00a033.1\u00a0Total liabilities356,291\u00a017.1\u00a015.5\u00a0356,291\u00a017.0\u00a017.5\u00a0Total equity14,291\u00a013.7\u00a012.2\u00a014,291\u00a014.8\u00a015.3\u00a0Memorandum items:<\/p>\n<p>Gross loans and advances to customers 2<\/p>\n<p>276,971\u00a019.7\u00a018.0\u00a0276,971\u00a020.7\u00a021.3\u00a0Customer funds274,500\u00a020.4\u00a018.8\u00a0274,500\u00a022.6\u00a023.1\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 3<\/p>\n<p>266,554\u00a021.1\u00a019.5\u00a0266,554\u00a023.2\u00a023.7\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds7,946\u00a00.7\u00a0(0.6)7,946\u00a05.7\u00a06.2\u00a0Ratios (%), branches and customersRoTE11.7\u00a02.0\u00a010.7\u00a01.8\u00a0Efficiency ratio52.1\u00a0(2.5)53.2\u00a0(7.7)NPL ratio0.97\u00a0(0.07)0.97\u00a0(0.28)NPL coverage ratio35\u00a02\u00a035\u00a04\u00a0Number of branches484\u00a038.7\u00a0484\u00a015.2\u00a0Number of total customers (thousands)26,954\u00a018.5\u00a026,954\u00a019.4\u00a0Number of active customers (thousands)15,924\u00a018.0\u00a015,924\u00a017.5\u00a0<\/p>\n<p>1.  Includes exchange differences. <\/p>\n<p>2.  Excluding reverse repos. <\/p>\n<p>3.  Excluding repos. <\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-211\"\/><\/p>\n<p>61<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-212\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>PortugalEUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%H1&#8217;26%Net interest income333\u00a0(1.7)672\u00a0(1.7)Net fee income133\u00a00.6\u00a0266\u00a04.5\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>7\u00a0(51.7)21\u00a0(46.5)Other operating income(31)\u2014\u00a0(22)\u2014\u00a0Total income443\u00a0(10.4)937\u00a0(5.2)Total costs(132)(1.1)(266)(0.6)Net operating income311\u00a0(13.8)672\u00a0(6.9)Net loan-loss provisions(10)(21.7)(22)\u2014\u00a0Other gains (losses) and provisions(10)4.6\u00a0(19)\u2014\u00a0Profit before tax292\u00a0(14.0)631\u00a0(13.6)Tax on profit(70)(20.9)(159)(22.2)Profit from continuing operations221\u00a0(11.6)472\u00a0(10.3)Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit221\u00a0(11.6)472\u00a0(10.3)Non-controlling interests0\u00a0(92.3)0\u00a0(60.0)Underlying attributable profit to the parent221\u00a0(11.5)471\u00a0(10.2)Balance sheetLoans and advances to customers42,640\u00a01.3\u00a042,640\u00a07.4\u00a0Cash, central banks and credit institutions2,638\u00a0(32.0)2,638\u00a0(34.1)Debt instruments16,331\u00a00.0\u00a016,331\u00a07.7\u00a0Other financial assets1,372\u00a06.4\u00a01,372\u00a016.8\u00a0Other asset accounts951\u00a03.2\u00a0951\u00a0(8.7)Total assets63,932\u00a0(0.9)63,932\u00a04.7\u00a0Customer deposits41,947\u00a01.5\u00a041,947\u00a05.7\u00a0Central banks and credit institutions8,430\u00a0(25.4)8,430\u00a0(4.9)Marketable debt securities6,705\u00a020.2\u00a06,705\u00a020.1\u00a0Other financial liabilities285\u00a0(7.8)285\u00a0(17.1)Other liabilities accounts3,399\u00a09.8\u00a03,399\u00a0(0.4)Total liabilities60,766\u00a0(1.4)60,766\u00a05.0\u00a0Total equity3,166\u00a08.9\u00a03,166\u00a0(1.0)Memorandum items:<\/p>\n<p>Gross loans and advances to customers 2<\/p>\n<p>43,296\u00a01.1\u00a043,296\u00a07.1\u00a0Customer funds47,794\u00a01.9\u00a047,794\u00a06.5\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 3<\/p>\n<p>41,947\u00a01.5\u00a041,947\u00a05.7\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds5,847\u00a04.7\u00a05,847\u00a012.4\u00a0Ratios (%), branches and customersRoTE28.6\u00a0(2.0)29.7\u00a0(1.4)Efficiency ratio29.8\u00a02.8\u00a028.3\u00a01.3\u00a0NPL ratio1.77\u00a0(0.17)1.77\u00a0(0.37)NPL coverage ratio82\u00a0(1)82\u00a01\u00a0Number of branches281\u00a0(5.4)281\u00a0(24.7)Number of total customers (thousands)2,963\u00a0(0.1)2,963\u00a00.0\u00a0Number of active customers (thousands)1,957\u00a00.3\u00a01,957\u00a01.9\u00a0<\/p>\n<p>1.  Includes exchange differences. <\/p>\n<p>2.  Excluding reverse repos. <\/p>\n<p>3.  Excluding repos. <\/p>\n<p>62<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-213\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-214\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>Openbank EuropeEUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FXH1&#8217;26%% excl. FXNet interest income1,211\u00a00.6\u00a00.2\u00a02,415\u00a06.6\u00a06.2\u00a0Net fee income195\u00a02.5\u00a02.4\u00a0385\u00a03.4\u00a03.5\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>(20)89.6\u00a089.8\u00a0(30)46.7\u00a047.1\u00a0Other operating income114\u00a09.0\u00a08.7\u00a0219\u00a05.0\u00a05.9\u00a0Total income1,501\u00a00.8\u00a00.5\u00a02,989\u00a05.7\u00a05.5\u00a0Total costs(663)(6.2)(6.5)(1,370)(6.9)(7.0)Net operating income837\u00a07.2\u00a06.8\u00a01,619\u00a019.4\u00a019.1\u00a0Net loan-loss provisions(347)1.2\u00a01.0\u00a0(689)11.3\u00a011.2\u00a0Other gains (losses) and provisions(58)(77.4)(77.5)(314)\u2014\u00a0\u2014\u00a0Profit before tax433\u00a0136.3\u00a0134.7\u00a0616\u00a0(15.3)(15.6)Tax on profit(148)123.2\u00a0122.3\u00a0(215)2.8\u00a02.4\u00a0Profit from continuing operations285\u00a0143.7\u00a0141.7\u00a0402\u00a0(22.5)(22.9)Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit285\u00a0143.7\u00a0141.7\u00a0402\u00a0(22.5)(22.9)Non-controlling interests(77)6.9\u00a07.0\u00a0(149)21.5\u00a021.6\u00a0Underlying attributable profit to the parent208\u00a0363.2\u00a0354.5\u00a0253\u00a0(36.2)(36.6)Balance sheetLoans and advances to customers142,447\u00a02.0\u00a01.9\u00a0142,447\u00a02.3\u00a01.9\u00a0Cash, central banks and credit institutions15,581\u00a0(3.7)(3.9)15,581\u00a0(11.9)(12.2)Debt instruments7,409\u00a01.7\u00a01.8\u00a07,409\u00a0(8.7)(8.9)Other financial assets74\u00a0(55.9)(55.9)74\u00a0(29.6)(29.6)Other asset accounts12,710\u00a05.5\u00a05.4\u00a012,710\u00a08.2\u00a07.8\u00a0Total assets178,221\u00a01.6\u00a01.6\u00a0178,221\u00a00.7\u00a00.4\u00a0Customer deposits82,924\u00a01.7\u00a01.8\u00a082,924\u00a0(1.3)(1.7)Central banks and credit institutions29,219\u00a06.9\u00a06.3\u00a029,219\u00a0(6.3)(6.5)Marketable debt securities44,523\u00a0(0.8)(0.8)44,523\u00a011.9\u00a011.7\u00a0Other financial liabilities2,468\u00a011.7\u00a011.7\u00a02,468\u00a0(4.5)(4.6)Other liabilities accounts6,345\u00a02.7\u00a02.6\u00a06,345\u00a011.6\u00a011.2\u00a0Total liabilities165,479\u00a02.1\u00a02.0\u00a0165,479\u00a01.4\u00a01.0\u00a0Total equity12,743\u00a0(3.7)(3.6)12,743\u00a0(7.2)(7.7)Memorandum items:<\/p>\n<p>Gross loans and advances to customers 2<\/p>\n<p>145,717\u00a01.9\u00a01.9\u00a0145,717\u00a02.4\u00a02.0\u00a0Customer funds88,644\u00a02.2\u00a02.2\u00a088,644\u00a0(0.1)(0.6)<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 3<\/p>\n<p>82,924\u00a01.7\u00a01.8\u00a082,924\u00a0(1.3)(1.7)\u00a0\u00a0\u00a0\u00a0Mutual funds5,719\u00a09.2\u00a09.2\u00a05,719\u00a019.9\u00a019.9\u00a0Ratios (%), branches and customersRoTE7.9\u00a07.1\u00a04.3\u00a0(2.6)Efficiency ratio44.2\u00a0(3.3)45.8\u00a0(6.2)NPL ratio2.57\u00a0(0.07)2.57\u00a0(0.05)NPL coverage ratio88\u00a00\u00a088\u00a06\u00a0Number of branches293\u00a0(0.3)293\u00a0(1.3)Number of total customers (thousands)20,263\u00a01.1\u00a020,263\u00a03.5\u00a0<\/p>\n<p>1.  Includes exchange differences. <\/p>\n<p>2.  Excluding reverse repos. <\/p>\n<p>3.  Excluding repos. <\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-215\"\/><\/p>\n<p>63<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-216\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>USEUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FXH1&#8217;26%% excl. FXNet interest income1,475\u00a02.8\u00a02.2\u00a02,909\u00a0(1.4)5.4\u00a0Net fee income386\u00a04.5\u00a03.9\u00a0755\u00a011.3\u00a018.9\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>117\u00a0(19.8)(20.3)263\u00a053.0\u00a063.4\u00a0Other operating income50\u00a079.9\u00a079.0\u00a077\u00a0(39.7)(35.6)Total income2,027\u00a02.6\u00a01.9\u00a04,004\u00a02.0\u00a08.9\u00a0Total costs(896)(4.4)(5.0)(1,833)(6.9)(0.5)Net operating income1,131\u00a08.8\u00a08.1\u00a02,171\u00a010.8\u00a018.4\u00a0Net loan-loss provisions(427)(8.2)(8.8)(892)(13.2)(7.3)Other gains (losses) and provisions4\u00a0\u2014\u00a0\u2014\u00a0(5)(82.2)(81.0)Profit before tax708\u00a025.1\u00a024.4\u00a01,274\u00a041.0\u00a050.6\u00a0Tax on profit(148)7.4\u00a06.8\u00a0(285)339.5\u00a0369.5\u00a0Profit from continuing operations560\u00a030.7\u00a030.0\u00a0989\u00a017.9\u00a025.9\u00a0Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit560\u00a030.7\u00a030.0\u00a0989\u00a017.9\u00a025.9\u00a0Non-controlling interests\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Underlying attributable profit to the parent560\u00a030.7\u00a030.0\u00a0989\u00a017.9\u00a025.9\u00a0Balance sheetLoans and advances to customers153,078\u00a09.1\u00a08.1\u00a0153,078\u00a024.8\u00a021.4\u00a0Cash, central banks and credit institutions21,170\u00a0(10.4)(11.2)21,170\u00a0(24.6)(26.7)Debt instruments34,647\u00a01.7\u00a00.8\u00a034,647\u00a0(9.2)(11.7)Other financial assets3,996\u00a018.9\u00a017.8\u00a03,996\u00a075.0\u00a070.1\u00a0Other asset accounts10,165\u00a0(2.0)(2.9)10,165\u00a0(21.5)(23.6)Total assets223,056\u00a05.3\u00a04.4\u00a0223,056\u00a09.3\u00a06.3\u00a0Customer deposits133,484\u00a08.8\u00a07.9\u00a0133,484\u00a017.2\u00a013.9\u00a0Central banks and credit institutions37,799\u00a00.6\u00a0(0.3)37,799\u00a00.2\u00a0(2.6)Marketable debt securities25,747\u00a0(1.7)(2.5)25,747\u00a0(10.2)(12.6)Other financial liabilities7,466\u00a04.6\u00a03.7\u00a07,466\u00a028.2\u00a024.7\u00a0Other liabilities accounts3,099\u00a012.0\u00a011.0\u00a03,099\u00a00.8\u00a0(2.0)Total liabilities207,594\u00a05.8\u00a04.8\u00a0207,594\u00a09.7\u00a06.7\u00a0Total equity15,463\u00a00.1\u00a0(0.8)15,463\u00a04.2\u00a01.4\u00a0Memorandum items:<\/p>\n<p>Gross loans and advances to customers 2<\/p>\n<p>115,701\u00a00.7(0.2)115,701\u00a09.26.2Customer funds103,278\u00a01.80.9103,278\u00a06.53.6<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 3<\/p>\n<p>86,157\u00a00.4(0.5)86,157\u00a04.01.2\u00a0\u00a0\u00a0\u00a0Mutual funds17,121\u00a09.58.517,121\u00a020.917.5Ratios (%), branches and customersRoTE14.7\u00a03.1\u00a013.2\u00a02.2\u00a0Efficiency ratio44.2\u00a0(3.2)45.8\u00a0(4.3)NPL ratio4.43\u00a0(0.21)4.43\u00a0(0.17)NPL coverage ratio53\u00a0(1)53\u00a0(10)Number of branches372\u00a0(1.3)372\u00a0(7.7)Number of total customers (thousands)4,288\u00a0(1.9)4,288\u00a0(4.2)Number of active customers (thousands)4,109\u00a0(1.2)4,109\u00a0(4.0)<\/p>\n<p>1.  Includes exchange differences. <\/p>\n<p>2.  Excluding reverse repos. <\/p>\n<p>3.  Excluding repos. <\/p>\n<p>64<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-217\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-218\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>MexicoEUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FXH1&#8217;26%% excl. FXNet interest income1,295\u00a07.2\u00a05.5\u00a02,502\u00a011.8\u00a04.5\u00a0Net fee income405\u00a01.6\u00a00.0\u00a0804\u00a016.7\u00a09.0\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>107\u00a044.3\u00a042.3\u00a0182\u00a033.1\u00a024.4\u00a0Other operating income(52)110.1\u00a0107.5\u00a0(76)42.0\u00a032.7\u00a0Total income1,756\u00a06.0\u00a04.3\u00a03,412\u00a013.4\u00a05.9\u00a0Total costs(707)3.9\u00a02.2\u00a0(1,388)5.9\u00a0(1.0)Net operating income1,048\u00a07.4\u00a05.7\u00a02,024\u00a019.1\u00a011.3\u00a0Net loan-loss provisions(366)1.9\u00a00.2\u00a0(725)19.5\u00a011.6\u00a0Other gains (losses) and provisions(9)(20.4)(21.8)(19)\u2014\u00a0\u2014\u00a0Profit before tax674\u00a011.2\u00a09.5\u00a01,280\u00a017.1\u00a09.4\u00a0Tax on profit(199)7.7\u00a06.0\u00a0(383)28.9\u00a020.4\u00a0Profit from continuing operations476\u00a012.7\u00a011.0\u00a0897\u00a012.7\u00a05.3\u00a0Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit476\u00a012.7\u00a011.0\u00a0897\u00a012.7\u00a05.3\u00a0Non-controlling interests0\u00a0(82.8)(83.8)(1)(72.4)(74.2)Underlying attributable profit to the parent475\u00a012.8\u00a011.1\u00a0897\u00a012.9\u00a05.5\u00a0Balance sheetLoans and advances to customers51,531\u00a03.0\u00a0(1.1)51,531\u00a019.9\u00a08.0\u00a0Cash, central banks and credit institutions15,731\u00a018.6\u00a014.0\u00a015,731\u00a046.5\u00a032.0\u00a0Debt instruments33,515\u00a00.7\u00a0(3.2)33,515\u00a025.6\u00a013.1\u00a0Other financial assets4,782\u00a0(7.0)(10.6)4,782\u00a015.9\u00a04.5\u00a0Other asset accounts5,673\u00a0(1.7)(5.6)5,673\u00a05.5\u00a0(5.0)Total assets111,231\u00a03.5\u00a0(0.6)111,231\u00a023.7\u00a011.5\u00a0Customer deposits60,829\u00a06.6\u00a02.4\u00a060,829\u00a025.7\u00a013.2\u00a0Central banks and credit institutions17,072\u00a06.0\u00a01.9\u00a017,072\u00a019.6\u00a07.7\u00a0Marketable debt securities10,725\u00a08.3\u00a04.1\u00a010,725\u00a015.8\u00a04.3\u00a0Other financial liabilities10,195\u00a0(15.3)(18.6)10,195\u00a038.6\u00a024.9\u00a0Other liabilities accounts3,101\u00a0(7.4)(11.0)3,101\u00a013.3\u00a02.1\u00a0Total liabilities101,921\u00a03.5\u00a0(0.5)101,921\u00a024.3\u00a011.9\u00a0Total equity9,310\u00a02.9\u00a0(1.1)9,310\u00a018.1\u00a06.4\u00a0Memorandum items:<\/p>\n<p>Gross loans and advances to customers 2<\/p>\n<p>53,145\u00a03.2\u00a0(0.9)53,145\u00a019.9\u00a08.0\u00a0Customer funds73,257\u00a04.8\u00a00.7\u00a073,257\u00a017.5\u00a05.9\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 3<\/p>\n<p>47,819\u00a02.4\u00a0(1.6)47,819\u00a015.9\u00a04.4\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds25,439\u00a09.7\u00a05.4\u00a025,439\u00a020.7\u00a08.8\u00a0Ratios (%), branches and customersRoTE21.5\u00a01.7\u00a020.7\u00a0(0.3)Efficiency ratio40.3\u00a0(0.8)40.7\u00a0(2.8)NPL ratio2.97\u00a00.20\u00a02.97\u00a00.04\u00a0NPL coverage ratio100\u00a0(3)100\u00a01\u00a0Number of branches1,264\u00a0(0.2)1,264\u00a0(5.1)Number of total customers (thousands)23,538\u00a02.5\u00a023,538\u00a08.5\u00a0Number of active customers (thousands)12,889\u00a04.2\u00a012,889\u00a014.9\u00a0<\/p>\n<p>1.  Includes exchange differences. <\/p>\n<p>2.  Excluding reverse repos. <\/p>\n<p>3.  Excluding repos. <\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-219\"\/><\/p>\n<p>65<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-220\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>BrazilEUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FXH1&#8217;26%% excl. FXNet interest income2,611\u00a06.3\u00a01.6\u00a05,067\u00a06.9\u00a02.1\u00a0Net fee income819\u00a02.8\u00a0(1.8)1,615\u00a04.3\u00a0(0.4)<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>(92)688.7\u00a0668.2\u00a0(104)650.8\u00a0617.3\u00a0Other operating income(1)\u2014\u00a0\u2014\u00a016\u00a0(51.4)(53.5)Total income3,337\u00a02.4\u00a0(2.2)6,595\u00a04.5\u00a0(0.1)Total costs(1,385)7.9\u00a03.1\u00a0(2,669)8.2\u00a03.3\u00a0Net operating income1,952\u00a0(1.1)(5.7)3,926\u00a02.2\u00a0(2.4)Net loan-loss provisions(1,266)8.3\u00a03.5\u00a0(2,436)6.4\u00a01.6\u00a0Other gains (losses) and provisions(29)532.0\u00a0515.0\u00a0(33)\u2014\u00a0\u2014\u00a0Profit before tax657\u00a0(17.8)(22.0)1,457\u00a0(6.1)(10.3)Tax on profit(50)(75.2)(78.1)(251)(44.9)(47.4)Profit from continuing operations607\u00a01.5\u00a0(3.2)1,206\u00a010.1\u00a05.1\u00a0Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit607\u00a01.5\u00a0(3.2)1,206\u00a010.1\u00a05.1\u00a0Non-controlling interests(57)(0.4)(5.1)(113)13.8\u00a08.8\u00a0Underlying attributable profit to the parent551\u00a01.7\u00a0(3.0)1,093\u00a09.7\u00a04.8\u00a0Balance sheetLoans and advances to customers94,142\u00a02.0\u00a00.3\u00a094,142\u00a011.2\u00a02.7\u00a0Cash, central banks and credit institutions59,854\u00a0(1.3)(2.9)59,854\u00a015.9\u00a07.0\u00a0Debt instruments54,535\u00a010.5\u00a08.7\u00a054,535\u00a021.3\u00a012.1\u00a0Other financial assets7,806\u00a0(38.9)(39.9)7,806\u00a0(15.4)(21.9)Other asset accounts16,702\u00a05.1\u00a03.4\u00a016,702\u00a011.8\u00a03.3\u00a0Total assets233,039\u00a00.9\u00a0(0.7)233,039\u00a013.4\u00a04.8\u00a0Customer deposits108,127\u00a08.0\u00a06.3\u00a0108,127\u00a019.1\u00a010.0\u00a0Central banks and credit institutions35,686\u00a0(1.8)(3.4)35,686\u00a05.7\u00a0(2.4)Marketable debt securities31,977\u00a01.2\u00a0(0.4)31,977\u00a020.2\u00a011.1\u00a0Other financial liabilities33,424\u00a0(16.4)(17.8)33,424\u00a03.1\u00a0(4.8)Other liabilities accounts6,446\u00a05.1\u00a03.4\u00a06,446\u00a04.4\u00a0(3.6)Total liabilities215,661\u00a00.7\u00a0(0.9)215,661\u00a013.7\u00a05.0\u00a0Total equity17,378\u00a03.0\u00a01.4\u00a017,378\u00a010.5\u00a02.0\u00a0Memorandum items:<\/p>\n<p>Gross loans and advances to customers 2<\/p>\n<p>99,966\u00a01.8\u00a00.2\u00a099,966\u00a011.9\u00a03.4\u00a0Customer funds152,212\u00a05.2\u00a03.5\u00a0152,212\u00a016.6\u00a07.7\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 3<\/p>\n<p>92,588\u00a07.0\u00a05.3\u00a092,588\u00a016.8\u00a07.9\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds59,623\u00a02.4\u00a00.8\u00a059,623\u00a016.3\u00a07.4\u00a0Ratios (%), branches and customersRoTE14.2\u00a0(0.6)14.5\u00a00.3\u00a0Efficiency ratio41.5\u00a02.1\u00a040.5\u00a01.4\u00a0NPL ratio7.89\u00a00.67\u00a07.89\u00a01.35\u00a0NPL coverage ratio72\u00a0(7)72\u00a0(10)Number of branches1,515\u00a0(2.3)1,515\u00a0(19.8)Number of total customers (thousands)76,189\u00a01.3\u00a076,189\u00a06.3\u00a0Number of active customers (thousands)34,381\u00a00.6\u00a034,381\u00a02.4\u00a0<\/p>\n<p>1.  Includes exchange differences. <\/p>\n<p>2.  Excluding reverse repos. <\/p>\n<p>3.  Excluding repos. <\/p>\n<p>66<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-221\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-222\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>ChileEUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FXH1&#8217;26%% excl. FXNet interest income608\u00a025.3\u00a026.4\u00a01,093\u00a09.0\u00a08.9\u00a0Net fee income146\u00a0(8.6)(7.7)306\u00a03.1\u00a03.0\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>58\u00a0(29.8)(29.0)140\u00a016.9\u00a016.7\u00a0Other operating income(2)\u2014\u00a0\u2014\u00a00\u00a0(94.6)(94.6)Total income809\u00a011.1\u00a012.1\u00a01,538\u00a09.1\u00a08.9\u00a0Total costs(236)6.6\u00a07.6\u00a0(457)(6.5)(6.6)Net operating income573\u00a013.1\u00a014.1\u00a01,081\u00a017.3\u00a017.2\u00a0Net loan-loss provisions(147)7.7\u00a08.6\u00a0(284)(3.4)(3.5)Other gains (losses) and provisions(6)(35.9)(35.1)(16)227.6\u00a0227.3\u00a0Profit before tax420\u00a016.4\u00a017.4\u00a0781\u00a025.5\u00a025.3\u00a0Tax on profit(53)(16.3)(15.4)(116)26.5\u00a026.3\u00a0Profit from continuing operations367\u00a023.3\u00a024.4\u00a0666\u00a025.3\u00a025.2\u00a0Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit367\u00a023.3\u00a024.4\u00a0666\u00a025.3\u00a025.2\u00a0Non-controlling interests(108)22.7\u00a023.7\u00a0(196)20.9\u00a020.8\u00a0Underlying attributable profit to the parent259\u00a023.6\u00a024.6\u00a0469\u00a027.2\u00a027.1\u00a0Balance sheetLoans and advances to customers41,154\u00a02.2\u00a00.3\u00a041,154\u00a07.4\u00a03.2\u00a0Cash, central banks and credit institutions6,478\u00a0(1.5)(3.3)6,478\u00a044.7\u00a039.1\u00a0Debt instruments10,508\u00a013.5\u00a011.4\u00a010,508\u00a026.8\u00a021.8\u00a0Other financial assets10,925\u00a0(4.1)(5.9)10,925\u00a0(2.7)(6.5)Other asset accounts2,289\u00a0(3.1)(4.9)2,289\u00a013.5\u00a09.0\u00a0Total assets71,354\u00a02.2\u00a00.3\u00a071,354\u00a010.9\u00a06.6\u00a0Customer deposits31,496\u00a07.8\u00a05.8\u00a031,496\u00a015.4\u00a010.9\u00a0Central banks and credit institutions10,401\u00a02.9\u00a01.0\u00a010,401\u00a020.6\u00a015.9\u00a0Marketable debt securities9,373\u00a0(1.7)(3.5)9,373\u00a0(3.8)(7.6)Other financial liabilities12,108\u00a0(3.2)(5.0)12,108\u00a03.3\u00a0(0.8)Other liabilities accounts2,112\u00a0(16.0)(17.6)2,112\u00a04.9\u00a00.8\u00a0Total liabilities65,489\u00a02.5\u00a00.6\u00a065,489\u00a010.2\u00a05.9\u00a0Total equity5,865\u00a0(1.7)(3.5)5,865\u00a018.8\u00a014.2\u00a0Memorandum items:<\/p>\n<p>Gross loans and advances to customers 2<\/p>\n<p>42,369\u00a02.5\u00a00.6\u00a042,369\u00a08.8\u00a04.5\u00a0Customer funds44,833\u00a06.8\u00a04.9\u00a044,833\u00a014.8\u00a010.3\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 3<\/p>\n<p>30,335\u00a06.4\u00a04.4\u00a030,335\u00a014.0\u00a09.5\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds14,498\u00a07.8\u00a05.8\u00a014,498\u00a016.5\u00a012.0\u00a0Ratios (%), branches and customersRoTE24.8\u00a05.6\u00a022.0\u00a02.5\u00a0Efficiency ratio29.2\u00a0(1.2)29.7\u00a0(4.9)NPL ratio5.79\u00a00.04\u00a05.79\u00a00.36\u00a0NPL coverage ratio47\u00a00\u00a047\u00a0(2)Number of branches223\u00a0(2.2)223\u00a0(3.5)Number of total customers (thousands)4,826\u00a01.4\u00a04,826\u00a06.9\u00a0Number of active customers (thousands)2,693\u00a0(0.1)2,693\u00a01.3\u00a0<\/p>\n<p>1.  Includes exchange differences. <\/p>\n<p>2.  Excluding reverse repos. <\/p>\n<p>3.  Excluding repos. <\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-223\"\/><\/p>\n<p>67<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-224\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>ArgentinaEUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%H1&#8217;26%Net interest income562\u00a0(6.4)1,162\u00a023.8\u00a0Net fee income232\u00a05.7\u00a0452\u00a015.9\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>70\u00a050.4\u00a0116\u00a0(4.1)Other operating income(156)(29.2)(376)23.1\u00a0Total income708\u00a09.6\u00a01,355\u00a018.3\u00a0Total costs(255)(3.3)(518)(0.5)Net operating income454\u00a018.4\u00a0837\u00a034.0\u00a0Net loan-loss provisions(265)(18.9)(592)183.2\u00a0Other gains (losses) and provisions(8)(48.5)(23)2.3\u00a0Profit before tax180\u00a0342.3\u00a0221\u00a0(43.6)Tax on profit(38)\u2014\u00a0(27)(79.3)Profit from continuing operations142\u00a0172.9\u00a0194\u00a0(26.0)Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit142\u00a0172.9\u00a0194\u00a0(26.0)Non-controlling interests0\u00a0194.8\u00a00\u00a0(39.3)Underlying attributable profit to the parent142\u00a0172.9\u00a0194\u00a0(26.0)Balance sheetLoans and advances to customers9,012\u00a04.1\u00a09,012\u00a04.7\u00a0Cash, central banks and credit institutions3,751\u00a0(6.3)3,751\u00a0(8.3)Debt instruments4,284\u00a032.0\u00a04,284\u00a051.9\u00a0Other financial assets55\u00a011.3\u00a055\u00a0(19.3)Other asset accounts1,329\u00a07.3\u00a01,329\u00a038.1\u00a0Total assets18,431\u00a07.2\u00a018,431\u00a011.4\u00a0Customer deposits12,012\u00a07.6\u00a012,012\u00a04.7\u00a0Central banks and credit institutions983\u00a0(10.0)983\u00a065.4\u00a0Marketable debt securities316\u00a072.7\u00a0316\u00a05.7\u00a0Other financial liabilities1,604\u00a026.8\u00a01,604\u00a047.5\u00a0Other liabilities accounts504\u00a0(17.2)504\u00a0(1.8)Total liabilities15,419\u00a07.7\u00a015,419\u00a010.4\u00a0Total equity3,012\u00a04.6\u00a03,012\u00a016.8\u00a0Memorandum items:<\/p>\n<p>Gross loans and advances to customers 2<\/p>\n<p>9,896\u00a04.2\u00a09,896\u00a010.1\u00a0Customer funds20,520\u00a09.7\u00a020,520\u00a015.5\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 3<\/p>\n<p>12,012\u00a07.6\u00a012,012\u00a04.7\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds8,507\u00a012.9\u00a08,507\u00a035.4\u00a0Ratios (%), branches and customersRoTE20.4\u00a013.413.9(7.9)Efficiency ratio36.0\u00a0(4.8)38.2(7.2)NPL ratio9.93\u00a0(0.12)9.936.17NPL coverage ratio89\u00a0(1)89(32)Number of branches366\u00a0(3.7)366(9.6)Number of total customers (thousands)5,580\u00a02.15,5804.9Number of active customers (thousands)3,719\u00a01.83,7191.4<\/p>\n<p>1.  Includes exchange differences. <\/p>\n<p>2.  Excluding reverse repos. <\/p>\n<p>3.  Excluding repos. <\/p>\n<p>68<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-225\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-226\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Information by segment<\/p>\n<p>Rest of the GroupEUR million\/ Q1&#8217;26\/ H1&#8217;25Underlying income statementQ2&#8217;26%% excl. FXH1&#8217;26%% excl. FXNet interest income344\u00a02.1\u00a02.8\u00a0682\u00a030.5\u00a031.2\u00a0Net fee income237\u00a0(0.9)(0.6)476\u00a011.3\u00a012.3\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>89\u00a0(13.0)(14.5)190\u00a072.6\u00a073.7\u00a0Other operating income32\u00a0214.0\u00a0224.3\u00a042\u00a036.1\u00a036.9\u00a0Total income702\u00a02.0\u00a02.3\u00a01,391\u00a027.4\u00a028.3\u00a0Total costs(508)24.5\u00a025.0\u00a0(916)11.4\u00a012.3\u00a0Net operating income194\u00a0(30.8)(30.8)474\u00a076.3\u00a077.0\u00a0Net loan-loss provisions(76)(3.0)(1.3)(155)38.5\u00a035.9\u00a0Other gains (losses) and provisions1\u00a0\u2014\u00a0\u2014\u00a0(4)(86.9)(86.9)Profit before tax119\u00a0(39.8)(40.0)316\u00a0144.7\u00a0151.0\u00a0Tax on profit(28)(42.6)(43.6)(77)84.0\u00a083.8\u00a0Profit from continuing operations91\u00a0(38.8)(38.8)239\u00a0173.9\u00a0184.5\u00a0Net profit from discontinued operations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Consolidated profit91\u00a0(38.8)(38.8)239\u00a0173.9\u00a0184.5\u00a0Non-controlling interests(9)591.9\u00a0507.4\u00a0(10)\u2014\u00a0\u2014\u00a0Underlying attributable profit to the parent82\u00a0(44.2)(44.0)229\u00a0150.4\u00a0160.4\u00a0Balance sheetLoans and advances to customers26,546\u00a04.9\u00a02.5\u00a026,546\u00a013.9\u00a08.0\u00a0Cash, central banks and credit institutions11,404\u00a0(23.2)(24.1)11,404\u00a068.6\u00a062.4\u00a0Debt instruments14,323\u00a04.3\u00a03.3\u00a014,323\u00a0171.2\u00a0162.4\u00a0Other financial assets3,140\u00a042.5\u00a039.7\u00a03,140\u00a021.0\u00a013.5\u00a0Other asset accounts3,630\u00a09.1\u00a08.3\u00a03,630\u00a015.3\u00a013.2\u00a0Total assets59,043\u00a0(0.6)(2.2)59,043\u00a043.6\u00a037.2\u00a0Customer deposits29,506\u00a0(0.4)(2.1)29,506\u00a036.1\u00a030.6\u00a0Central banks and credit institutions13,944\u00a0(8.5)(10.2)13,944\u00a053.6\u00a042.7\u00a0Marketable debt securities5,529\u00a0(2.2)(2.7)5,529\u00a0115.7\u00a0112.9\u00a0Other financial liabilities3,576\u00a032.7\u00a030.0\u00a03,576\u00a054.4\u00a048.9\u00a0Other liabilities accounts1,683\u00a017.5\u00a015.8\u00a01,683\u00a033.0\u00a029.4\u00a0Total liabilities54,238\u00a0(0.8)(2.3)54,238\u00a047.0\u00a040.3\u00a0Total equity4,805\u00a00.7\u00a0(0.9)4,805\u00a014.3\u00a09.7\u00a0Memorandum items:<\/p>\n<p>Gross loans and advances to customers 2<\/p>\n<p>27,047\u00a04.9\u00a02.5\u00a027,047\u00a013.9\u00a08.0\u00a0Customer funds52,743\u00a06.2\u00a05.0\u00a052,743\u00a041.2\u00a037.3\u00a0<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Customer deposits 3<\/p>\n<p>29,278\u00a0(0.4)(2.1)29,278\u00a036.5\u00a030.9\u00a0\u00a0\u00a0\u00a0\u00a0Mutual funds23,465\u00a015.7\u00a015.3\u00a023,465\u00a047.6\u00a046.3\u00a0<\/p>\n<p>1.  Includes exchange differences. <\/p>\n<p>2.  Excluding reverse repos. <\/p>\n<p>3.  Excluding repos. <\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-227\"\/><\/p>\n<p>69<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-228\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Alternative performance measures<\/p>\n<p>Alternative performance measures (APMs)<\/p>\n<p>In addition to the financial information prepared under IFRS, this consolidated directors\u2019 report contains financial measures that constitute alternative performance measures (APMs) to comply with the guidelines on alternative performance measures issued by the European Securities and Markets Authority on 5 October 2015 and non-IFRS measures. <\/p>\n<p>The financial measures contained in this consolidated directors\u2019 report that qualify as APMs and non-IFRS measures have been calculated using our financial information but are not defined or detailed in the applicable financial information framework or under IFRS and therefore have neither been audited nor are susceptible to being fully audited. <\/p>\n<p>We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period. While we believe that these APMs and non-IFRS financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute of IFRS measures. In addition, the way in which Santander defines and calculates these APMs and non-IFRS measures may differ from the calculations used by other companies with similar measures and, therefore, may not be comparable.<\/p>\n<p>The APMs and non-IFRS measures we use in this document can be categorized as follows: <\/p>\n<p>Underlying results<\/p>\n<p>In addition to IFRS results measures, we present some results measures which are non-IFRS and which we refer to as underlying measures. These measures allow in our view a better year-on-year comparability given that they exclude items outside the ordinary performance of our business (e.g. capital gains, write-downs, impairment of goodwill) or certain line items have been reclassified in the underlying (&#8220;adjusted&#8221;) income statement, as their impact on profit is zero, to facilitate comparisons with prior quarters and better understand the trends in the business.<\/p>\n<p>In addition, in the &#8216;Financial information by segment&#8217; section, covering the primary and secondary segments, results are presented only on an underlying basis in accordance with IFRS 8, and reconciled on an aggregate basis to our IFRS consolidated results to the consolidated financial statements, which are set out below.<\/p>\n<p>As a result of the announcement of the Poland disposal on 5 May 2025 and in accordance with IFRS 5 requirements, in the statutory income statement, results associated with the business subject to the Poland disposal are reported under a single line in the consolidated income statement \u2014 &#8216;profit\/(loss) after tax from discontinued operations&#8217; \u2014 for results corresponding to 2025. Consequently, the results affected by the Poland disposal perimeter are excluded line by line from the breakdown of continuing operations. In Q1 2026, this line &#8216;profit\/(loss) after tax from discontinued operations&#8217; recorded the capital gain from the completion of the Poland disposal. <\/p>\n<p>The Group&#8217;s underlying income statement records the results related to the business subject to the Poland disposal for all periods in 2025 and the capital gain from the completion of the Poland disposal in Q1 2026 in a single line item, &#8216;non-recurring items&#8217;. The impacts recorded in this line are therefore excluded from the Group&#8217;s underlying profit, thereby enabling a consistent comparison. <\/p>\n<p>From Q2 2026, there no additional impacts from the Poland disposal.<\/p>\n<p>Following the completion of the TSB acquisition, TSB results have been included line by line in both the statutory and underlying income statements from May 2026.<\/p>\n<p>However, in the underlying income statement, the restructuring costs associated with this transaction were recorded under \u2018non-recurring items\u2019, as they are costs associated with M&amp;A activity and, therefore, are excluded from the Group\u2019s underlying attributable profit.<\/p>\n<p>70<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-229\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-230\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Alternative performance measures<\/p>\n<p>Reconciliation of underlying results to statutory resultsEUR millionJanuary-June 2026Statutory resultsAdjustmentsUnderlying resultsNet interest income22,711\u00a0\u2014\u00a022,711\u00a0Net fee income6,851\u00a0\u2014\u00a06,851\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>732\u00a0\u2014\u00a0732\u00a0Other operating income528\u00a025\u00a0553\u00a0Total income30,822\u00a025\u00a030,847\u00a0Total costs(12,535)(676)(13,211)Net operating income18,287\u00a0(651)17,636\u00a0Net loan-loss provisions(6,574)\u2014\u00a0(6,574)Other gains (losses) and provisions(1,752)1,037\u00a0(715)Profit before tax9,961\u00a0386\u00a010,347\u00a0Tax on profit(2,442)(107)(2,549)Profit from continuing operations7,519\u00a0279\u00a07,798\u00a0Net profit from discontinued operations1,895\u00a0(1,895)\u2014\u00a0Consolidated profit9,414\u00a0(1,616)7,798\u00a0Non-controlling interests(441)(29)(470)Profit attributable to the parent8,973\u00a0(1,645)7,328\u00a0<\/p>\n<p>1. Includes exchange differences. <\/p>\n<p>Explanation of adjustments corresponding to 2026 results:<\/p>\n<p>\u2022Certain charges recorded in the statutory account under the line items that comprise &#8216;other gains (losses) and provisions&#8217; are presented in the underlying income statement under the &#8216;total costs&#8217; line item. These are mainly related to recurring operating charges, primarily related to labour and legal processes, amounting to EUR 676 million. <\/p>\n<p>\u2022In the statutory income statement, the EUR 1,895 million capital gain resulting from the completion of the Poland disposal in Q1 2026 was recorded in the &#8216;profit\/(loss) after tax from discontinued operations&#8217; line item. However, in the underlying income statement, said capital gain is excluded from underlying profit.<\/p>\n<p>\u2022In the statutory income statement, EUR 250 million (net of tax) of restructuring costs associated with the TSB acquisition in Q2 2026 were recorded in the &#8216;provisions or reversal of provisions&#8217; line item, aggregated in &#8216;other gains (losses) and provisions&#8217;. However, in the underlying income statement, these costs have been excluded from underlying profit.<\/p>\n<p>\u2022In Q2 2026, an additional provision totalling EUR 39 million, net of tax and non-controlling interests, was recorded for or potential complaints related to motor finance dealer commissions in the UK associated with our joint ventures. In the underlying income statement, this provision has been reclassified from a line item that is aggregated within \u2018other operating income\u2019, from &#8216;tax on profit&#8217; and from &#8216;non-controlling interests&#8217; to &#8216;other gains (losses) and provisions&#8217;, thereby recording the full amount in aggregate in a single line item.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-231\"\/><\/p>\n<p>71<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-232\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Alternative performance measures<\/p>\n<p>Reconciliation of underlying results to statutory resultsEUR millionJanuary-June 2025Statutory resultsAdjustmentsUnderlying resultsNet interest income21,211\u00a026\u00a021,237\u00a0Net fee income6,342\u00a0(31)6,311\u00a0<\/p>\n<p>Gains (losses) on financial transactions 1<\/p>\n<p>1,032\u00a0(6)1,026\u00a0Other operating income393\u00a0(1)392\u00a0Total income28,978\u00a0(12)28,966\u00a0Total costs(12,398)(853)(13,251)Net operating income16,580\u00a0(865)15,715\u00a0Net loan-loss provisions(6,525)467\u00a0(6,058)Other gains (losses) and provisions(951)632\u00a0(319)Profit before tax9,104\u00a0234\u00a09,338\u00a0Tax on profit(2,367)(210)(2,577)Profit from continuing operations6,737\u00a024\u00a06,761\u00a0Net profit from discontinued operations726\u00a0(726)\u2014\u00a0Consolidated profit7,463\u00a0(702)6,761\u00a0Non-controlling interests(630)246\u00a0(384)Profit attributable to the parent6,833\u00a0(456)6,377\u00a0<\/p>\n<p>1. Includes exchange differences. <\/p>\n<p>Explanation of adjustments corresponding to 2025 results:<\/p>\n<p>\u2022In the statutory income statement, results associated with the business subject to the Poland disposal are reported in the &#8216;profit\/(loss) after tax from discontinued operations&#8217; line item. However, in the underlying income statement, the results related to the business subject to the Poland disposal are excluded from underlying profit.<\/p>\n<p>\u2022Certain charges recorded in the statutory account under the line items that comprise &#8216;other gains (losses) and provisions&#8217; are presented in the underlying income statement under the &#8216;total costs&#8217; line item. These are mainly related to recurring operating charges, primarily related to labour and legal processes, amounting to EUR 865 million. <\/p>\n<p>\u2022A capital gain, that falls outside the ordinary course of our business, in Q2 2025 of EUR 231 million from the sale of Santander\u2019s remaining 30.5% stake in CACEIS.<\/p>\n<p>\u2022A one-off charge of EUR 467 million in Q2 2025 (EUR 231 million, net of tax and minority interests), which strengthened the balance sheet after having updated macroeconomic parameters in Brazil\u2019s credit provisioning models.<\/p>\n<p>72<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-233\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-234\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Alternative performance measures<\/p>\n<p>Ratios<\/p>\n<p>All underlying profitability, efficiency, credit quality and other metrics included in this &#8216;Alternative performance measures&#8217; section have been calculated in all the periods in 2025 excluding business affected by the Poland disposal, in line with the underlying income statement, unless indicated otherwise.<\/p>\n<p>Profitability and efficiency ratios<\/p>\n<p>The purpose of the profitability ratios is to measure the ratio of profit to equity, to tangible equity, to assets and to risk-weighted assets, while the efficiency ratio measures the amount of costs needed to generate revenue. The results related to activity in Poland affected by the Poland disposal are recorded in the &#8216;non-recurring items&#8217; line within the underlying income statement. Profitability ratios are therefore also presented on an underlying basis.<\/p>\n<p>RatioFormulaRelevance of the metricRoEProfit attributable to the parent (annualized)This ratio measures the return that shareholders obtain on the funds invested in the bank and as such measures the bank\u2019s ability to pay shareholders.(Return on Equity)<\/p>\n<p>\u00a0\u00a0\u00a0Average stockholders\u2019 equity 1 (excl. minority interests)<\/p>\n<p>Underlying RoEUnderlying profit attributable to the parent (annualized)This ratio measures the return that shareholders obtain on the funds invested in the bank excluding results from operations outside the ordinary course of business.<\/p>\n<p>\u00a0\u00a0\u00a0Average stockholders\u2019 equity 1 (excl. minority interests)<\/p>\n<p>RoTE <\/p>\n<p>Profit attributable to the parent minus AT1 <\/p>\n<p>costs (annualized) 2<\/p>\n<p>This indicator is used to assess the profitability of a company as a percentage of its tangible equity, deducting AT1 issuance costs from the numerator. It is measured as the return that shareholders receive as a percentage of the funds invested in the bank less intangible assets.(Return on Tangible Equity) <\/p>\n<p>Average stockholders&#8217; equity 1 (excl. minority interests) &#8211; intangible assets<\/p>\n<p>Underlying RoTE<\/p>\n<p>Underlying profit attributable to the parent minus AT1 costs (annualized) 2<\/p>\n<p>As with RoTE, this indicator is used to assess the profitability of the tangible equity of a company, deducting AT1 issuance costs from the numerator, but excluding results from operations outside the ordinary course of business (i.e. arising from underlying activities).<\/p>\n<p>Average stockholders&#8217; equity 1 (excl. minority interests) &#8211; intangible assets<\/p>\n<p>RoAConsolidated profit (annualized)This metric measures the profitability of a company as a percentage of its total assets. It is an indicator that reflects the efficiency of the bank\u2019s total assets in generating profit over a given period.(Return on Assets)Average total assetsUnderlying RoAUnderlying consolidated profit (annualized)This metric measures the profitability of a company as a percentage of its total assets excluding results from operations outside the ordinary course of business. It is an indicator that reflects the efficiency of the bank\u2019s total assets in generating underlying profit over a given period.Average total assetsRoRWAConsolidated profit (annualized)The return adjusted for risk is a derivative of the RoA metric. The difference is that RoRWA measures profit in relation to the bank\u2019s risk-weighted assets.(Return on Risk-Weighted Assets)Average risk-weighted assetsUnderlying RoRWAUnderlying consolidated profit (annualized)This relates the underlying consolidated profit (excluding results from operations outside the ordinary course of business) to the Group\u2019s risk-weighted assets.Average risk-weighted assetsEfficiency<\/p>\n<p>Total costs 3 <\/p>\n<p>One of the most commonly used indicators when comparing productivity of different financial entities. It measures the amount of resources used to generate the bank\u2019s total income.(Cost-to-income)Total income<\/p>\n<p>1.Stockholders\u2019 equity = Capital and Reserves + Accumulated other comprehensive income + Profit attributable to the parent + Dividends.<\/p>\n<p>2.Excluding the adjustment to the valuation of goodwill, since they are not considered in the denominator, we believe this calculation is more correct.<\/p>\n<p>3.Total costs = Administrative expenses + Amortizations + Other operating costs.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-235\"\/><\/p>\n<p>73<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-236\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Alternative performance measures<\/p>\n<p>Profitability and efficiency 1 2 3 (EUR million and %)<\/p>\n<p>Q2&#8217;26Q1&#8217;26H1&#8217;26H1&#8217;25RoE13.7%15.1%15.1%13.6%Profit attributable to the parent (annualized)14,82616,13516,30213,665Average stockholders&#8217; equity (excluding minority interests)108,548107,148107,848100,703Underlying RoE13.9%13.3%13.6%12.7%Profit attributable to the parent (annualized)14,82616,13516,30213,665(-) Non-recurring items(250)1,8951,645913Underlying profit attributable to the parent (annualized)15,07614,24014,65812,752Average stockholders&#8217; equity (excluding minority interests)108,548107,148107,848100,703RoTE15.8%17.3%17.4%16.0%Profit attributable to the parent (annualized)14,82616,13516,30213,665(-) AT1 costs (annualized)620654637620(-) Goodwill impairment\u2014\u2014\u2014(1)Profit attributable to the parent minus AT1 costs (annualized, excluding goodwill impairment)14,20615,48115,66613,046Average stockholders&#8217; equity (excluding minority interests)108,548107,148107,848100,703(-) Average intangible assets18,37517,47817,92719,030Average stockholders&#8217; equity (excl. minority interests) &#8211; intangible assets90,17389,67089,92281,673Underlying RoTE16.0%15.2%15.6%14.9%Profit attributable to the parent (annualized)14,82616,13516,30213,665(-) AT1 costs (annualized)620654637620(-) Goodwill impairment\u2014\u2014\u2014(1)(-) Non-recurring items(250)1,8951,645913Underlying profit attributable to the parent minus AT1 costs (annualized, excluding goodwill impairment)14,45613,58614,02112,133Average stockholders&#8217; equity (excluding minority interests)108,548107,148107,848100,703(-) Average intangible assets18,37517,47817,92719,030Average stockholders&#8217; equity (excl. minority interests) &#8211; intangible assets90,17389,67089,92281,673RoA0.82%0.92%0.91%0.81%Consolidated profit (annualized)15,79817,01117,21314,951Average total assets1,923,4621,847,3671,885,4151,835,466Underlying RoA0.84%0.82%0.83%0.77%Consolidated profit (annualized)15,79817,01117,21314,951(-) Adjustments to consolidated profit for activity outside the ordinary course of business(279)1,8951,6161,430Underlying consolidated profit (annualized)16,07715,11715,59713,521Average total assets \u20741,923,4621,847,3671,885,4151,764,578RoRWA2.56%2.80%2.81%2.35%Consolidated profit (annualized)15,79817,01117,21314,951Average risk-weighted assets \u2075617,486607,147612,316635,445Underlying RoRWA2.60%2.49%2.55%2.23%Consolidated profit (annualized)15,79817,01117,21314,951(-) Adjustments to consolidated profit for activity outside the ordinary course of business(279)1,8951,6161,430Underlying consolidated profit (annualized)16,07715,11715,59713,521Average risk-weighted assets \u2074 \u2075617,486607,147612,316607,358Efficiency ratio42.8%42.8%42.8%45.7%Operating expenses6,4056,13012,53512,398Adjustments to operating expenses in the underlying income statement322354676853Underlying total costs6,7276,48413,21113,251Total income15,68215,14030,82228,978Adjustments to total income in the underlying income statement25\u201425(12)Underlying total income15,70715,14030,84728,966<\/p>\n<p>1.Averages included in the RoE, RoTE, RoA and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from using daily balances.<\/p>\n<p>2.For periods less than one year, and if there are results outside the ordinary course of our business, the profit used to calculate RoE and RoTE is the annualized underlying profit, to which said results are added without annualizing. However, in 2025 figures, results relating to the Poland disposal have been annualized.<\/p>\n<p>3.For periods less than one year, and if there are results outside the ordinary course of our business, the profit used to calculate RoA and RoRWA is the annualized underlying consolidated profit, to which said results are added without annualizing. However, in 2025 figures, results relating to the Poland disposal have been annualized.<\/p>\n<p>4.2025 figures exclude balances related to the Poland disposal.<\/p>\n<p>5.The risk-weighted assets included in the denominator of the RoRWA metric are calculated in line with the criteria laid out in the CRR (Capital Requirements Regulation).<\/p>\n<p>74<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-237\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-238\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Alternative performance measures<\/p>\n<p>Ratio Formula Relevance of the metricGlobal business and country underlying RoTE<\/p>\n<p>Underlying profit attributable to the parent minus AT1 costs1 (annualized, excluding goodwill impairment)<\/p>\n<p>This indicator is used to assess the profitability of the tangible equity of a company arising from underlying activities, i.e. excluding results from operations outside the ordinary course of business, deducting AT1 issuance costs from the numerator.<\/p>\n<p>Average stockholders&#8217; equity (excl. minority interests) &#8211; intangible assets2<\/p>\n<p>1.For both global businesses and countries, AT1 costs are allocated according to RWA consumption.<\/p>\n<p>2.For global businesses, tangible equity is allocated according to RWA consumption.<\/p>\n<p>Underlying RoTE  (EUR million and %)<\/p>\n<p>H1&#8217;26H1&#8217;25%NumeratorDenominator%NumeratorDenominatorRetail &amp; Commercial Banking17.1\u00a07,947\u00a046,537\u00a016.3\u00a07,003\u00a042,903\u00a0Openbank7.7\u00a01,487\u00a019,398\u00a010.3\u00a01,922\u00a018,583\u00a0Corporate &amp; Investment Banking20.3\u00a03,370\u00a016,615\u00a019.5\u00a02,839\u00a014,557\u00a0Wealth Management &amp; Insurance56.9\u00a02,142\u00a03,764\u00a059.9\u00a01,791\u00a02,989\u00a0Spain26.2\u00a04,932\u00a018,853\u00a021.4\u00a04,376\u00a020,494\u00a0UK10.7\u00a01,384\u00a012,962\u00a08.9\u00a01,060\u00a011,947\u00a0Portugal29.7\u00a0926\u00a03,123\u00a031.1\u00a01,034\u00a03,329\u00a0Openbank Europe4.3\u00a0412\u00a09,563\u00a06.9\u00a0706\u00a010,230\u00a0US13.2\u00a01,885\u00a014,278\u00a011.0\u00a01,591\u00a014,490\u00a0Mexico20.7\u00a01,758\u00a08,484\u00a021.0\u00a01,558\u00a07,423\u00a0Brazil14.5\u00a02,081\u00a014,339\u00a014.2\u00a01,898\u00a013,343\u00a0Chile22.0\u00a0909\u00a04,130\u00a019.5\u00a0711\u00a03,651\u00a0Argentina13.9\u00a0372\u00a02,673\u00a021.8\u00a0510\u00a02,337\u00a0Numerator: underlying profit attributable to the parent minus AT1 costs (annualized, excluding goodwill impairment). <\/p>\n<p>Denominator: average stockholders&#8217; equity (excluding minority interests) &#8211; tangible assets.<\/p>\n<p>Payment Solutions&#8217; underlying RoTE is not provided as we do not consider it a relevant metric to measure performance in this type of business.<\/p>\n<p>Efficiency ratio (EUR million and %)<\/p>\n<p>H1&#8217;26H1&#8217;25%NumeratorDenominator%NumeratorDenominatorRetail &amp; Commercial Banking40.5\u00a06,948\u00a017,135\u00a043.4\u00a07,036\u00a016,202\u00a0Openbank41.6\u00a02,718\u00a06,535\u00a044.5\u00a02,860\u00a06,425\u00a0Corporate &amp; Investment Banking40.8\u00a01,948\u00a04,779\u00a044.7\u00a01,840\u00a04,119\u00a0Wealth Management &amp; Insurance35.0\u00a0733\u00a02,093\u00a036.3\u00a0701\u00a01,930\u00a0Payments85.3\u00a0657\u00a0771\u00a093.6\u00a0600\u00a0641\u00a0Spain33.6\u00a02,142\u00a06,380\u00a036.0\u00a02,202\u00a06,118\u00a0UK53.2\u00a01,444\u00a02,713\u00a060.9\u00a01,518\u00a02,492\u00a0Portugal28.3\u00a0266\u00a0937\u00a027.0\u00a0267\u00a0989\u00a0Openbank Europe45.8\u00a01,370\u00a02,989\u00a052.0\u00a01,471\u00a02,827\u00a0US45.8\u00a01,833\u00a04,004\u00a050.1\u00a01,968\u00a03,927\u00a0Mexico40.7\u00a01,388\u00a03,412\u00a043.5\u00a01,310\u00a03,010\u00a0Brazil40.5\u00a02,669\u00a06,595\u00a039.1\u00a02,468\u00a06,309\u00a0Chile29.7\u00a0457\u00a01,538\u00a034.7\u00a0489\u00a01,410\u00a0Argentina38.2\u00a0518\u00a01,355\u00a045.5\u00a0520\u00a01,145\u00a0Numerator: underlying total costs.<\/p>\n<p>Denominator: underlying total income.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-239\"\/><\/p>\n<p>75<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-240\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Alternative performance measures<\/p>\n<p>Credit risk indicators<\/p>\n<p>The credit risk indicators measure the quality of the credit portfolio and the percentage of non-performing loans covered by provisions. These metrics have been enhanced to include corporate exposures originated through private fixed income products. Additionally, they exclude the balances affected by the Poland disposal from all periods presented. <\/p>\n<p>RatioFormulaRelevance of the metric <\/p>\n<p>NPL ratio<\/p>\n<p>(Non-performing loans ratio)<\/p>\n<p>Credit impaired customer loans and advances, guarantees and undrawn balances and debt securities issued by non-financial institutionsThe NPL ratio is an important variable regarding financial institutions&#8217; activity since it gives an indication of the level of credit risk the entities are exposed to. It calculates risks that are, in accounting terms, declared to be credit impaired as a percentage of the total outstanding amount of customer credit and contingent liabilities and debt securities issued by non-financial institutions.<\/p>\n<p>Total risk 1<\/p>\n<p>NPL coverage ratioTotal allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances and debt securities issued by non-financial institutionsThe NPL coverage ratio is a fundamental metric in the financial sector. It reflects the level of provisions as a percentage of the credit impaired assets. Therefore, it is a good indicator of the entity&#8217;s solvency against customer defaults both present and future.Credit impaired customer loans and advances, guarantees and undrawn balances and debt securities issued by non-financial institutionsCost of riskAllowances for loan-loss provisions over the last 12 monthsThis ratio quantifies loan-loss provisions arising from credit risk over a defined period of time for a given loan and debt securities issued by non-financial institutions portfolio. As such, it acts as an indicator of credit quality.Average loans and advances to customers and debt securities issued by non-financial institutions over the last 12 months<\/p>\n<p>1. Total risk = non-impaired and impaired customer loans and advances and guarantees + impaired undrawn customer balances + debt securities issued by non-financial institutions.<\/p>\n<p>Credit risk (EUR million and %)<\/p>\n<p>Jun-26Mar-26Jun-25NPL ratio2.93%3.00%2.90%Credit impaired balances37,56035,89332,636Gross loans and advances to customers registered under the headings &#8216;financial assets measured at amortized cost&#8217; and &#8216;financial assets designated at fair value through other comprehensive income&#8217; classified in stage 3, excluding POCI (Purchased or Originated Credit Impaired)34,11833,40030,337POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired or acquired in business combinations60312064Customer guarantees and undrawn balances classified in stage 31,3141,2991,473Doubtful exposure of portfolios at fair value through profit or loss302022Gross debt securities issued by non-financial institutions registered under the headings &#8216;financial assets measured at amortized cost&#8217; and &#8216;financial assets designated at fair value through other comprehensive income&#8217; classified in stage 31,4951,054740Total risk1,280,7551,197,2691,125,246Impaired and non-impaired gross loans and advances to customers1,171,9651,093,0251,031,536Impaired and non-impaired customer guarantees and impaired undrawn customer balances86,54582,34274,173Impaired and non-impaired gross debt securities issued by non-financial institutions22,24521,90219,537<\/p>\n<p>76<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-241\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-242\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Alternative performance measures<\/p>\n<p>Jun-26Mar-26Jun-25NPL coverage ratio64%66%67%Total allowances to cover impairment losses24,20723,57221,836Total allowances to cover impairment losses on loans and advances to customers measured at amortized cost and designated at fair value through other comprehensive income22,80322,21620,810Total allowances to cover impairment losses on customer guarantees and undrawn balances748764652Total allowances to cover impairment losses on debt securities issued by non-financial institutions measured at amortized cost and designated at fair value through other comprehensive income656592374Credit impaired balances37,56035,89332,636Gross loans and advances to customers registered under the headings &#8216;financial assets measured at amortized cost&#8217; and &#8216;financial assets designated at fair value through other comprehensive income&#8217; classified in stage 3, excluding POCI (Purchased or Originated Credit Impaired)34,11833,40030,337POCI exposure (Purchased or Originated Credit Impaired) that is additionally impaired or acquired in business combinations60312064Customer guarantees and undrawn balances classified in stage 31,3141,2991,473Doubtful exposure of portfolios at fair value through profit or loss302022Gross debt securities issued by non-financial institutions registered under the headings &#8216;financial assets measured at amortized cost&#8217; and &#8216;financial assets designated at fair value through other comprehensive income&#8217; classified in stage 31,4951,054740Cost of risk1.15%1.14%1.13%Underlying allowances for loan-loss provisions over the last 12 months12,64212,27011,933Allowances for loan-loss provisions over the last 12 months12,64312,73812,410Adjustments to loan-loss provisions for items outside ordinary course of business(1)(468)(476)Average loans and advances to customers and debt securities issued by non-financial institutions over the last 12 months1,099,1681,071,8331,060,614<\/p>\n<p>NPL ratio (EUR million and %)<\/p>\n<p>Jun-26Jun-25%NumeratorDenominator%NumeratorDenominatorRetail &amp; Commercial Banking3.05\u00a021,507\u00a0705,862\u00a03.11\u00a019,703\u00a0634,287\u00a0Openbank5.61\u00a012,390\u00a0221,021\u00a04.97\u00a010,521\u00a0211,670\u00a0Corporate &amp; Investment Banking1.02\u00a03,241\u00a0318,379\u00a00.77\u00a01,874\u00a0242,557\u00a0Wealth Management &amp; Insurance1.17\u00a0328\u00a027,951\u00a00.96\u00a0248\u00a025,820\u00a0Spain1.87\u00a06,350\u00a0338,761\u00a02.13\u00a06,490\u00a0304,773\u00a0UK0.97\u00a02,812\u00a0288,908\u00a01.25\u00a03,028\u00a0241,761\u00a0Portugal1.77\u00a0861\u00a048,727\u00a02.13\u00a0980\u00a045,986\u00a0Openbank Europe2.57\u00a03,756\u00a0146,047\u00a02.62\u00a03,739\u00a0142,860\u00a0US4.43\u00a07,576\u00a0170,947\u00a04.61\u00a06,245\u00a0135,574\u00a0Mexico2.97\u00a01,704\u00a057,397\u00a02.93\u00a01,418\u00a048,408\u00a0Brazil7.89\u00a010,178\u00a0128,937\u00a06.55\u00a07,384\u00a0112,764\u00a0Chile5.79\u00a02,665\u00a046,051\u00a05.43\u00a02,288\u00a042,140\u00a0Argentina9.93\u00a01,037\u00a010,438\u00a03.76\u00a0349\u00a09,272\u00a0<\/p>\n<p>Numerator: credit impaired customer loans and advances, guarantees and undrawn balances + debt securities issued by non-financial institutions.<\/p>\n<p>Denominator: total risk.<\/p>\n<p>Payment Solutions&#8217; NPL ratio is not provided as we do not consider it a relevant metric for this type of business.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-243\"\/><\/p>\n<p>77<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-244\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Alternative performance measures<\/p>\n<p>NPL coverage ratio (EUR million and %)<\/p>\n<p>Jun-26Jun-25%NumeratorDenominator%NumeratorDenominatorRetail &amp; Commercial Banking66\u00a014,107\u00a021,507\u00a064\u00a012,625\u00a019,703\u00a0Openbank70\u00a08,650\u00a012,390\u00a076\u00a08,041\u00a010,521\u00a0Corporate &amp; Investment Banking37\u00a01,211\u00a03,241\u00a044\u00a0818\u00a01,874\u00a0Wealth Management &amp; Insurance50\u00a0163\u00a0328\u00a070\u00a0175\u00a0248\u00a0Spain53\u00a03,389\u00a06,350\u00a053\u00a03,454\u00a06,490\u00a0UK35\u00a0993\u00a02,812\u00a031\u00a0939\u00a03,028\u00a0Portugal82\u00a0704\u00a0861\u00a081\u00a0796\u00a0980\u00a0Openbank Europe88\u00a03,300\u00a03,756\u00a082\u00a03,078\u00a03,739\u00a0US53\u00a04,044\u00a07,576\u00a063\u00a03,942\u00a06,245\u00a0Mexico100\u00a01,708\u00a01,704\u00a099\u00a01,409\u00a01,418\u00a0Brazil72\u00a07,321\u00a010,178\u00a082\u00a06,044\u00a07,384\u00a0Chile47\u00a01,262\u00a02,665\u00a050\u00a01,140\u00a02,288\u00a0Argentina89\u00a0922\u00a01,037\u00a0121\u00a0422\u00a0349\u00a0<\/p>\n<p>Numerator: total allowances to cover impairment losses on customer loans and advances, guarantees and undrawn balances + debt securities issued by non-financial institutions.<\/p>\n<p>Denominator: credit impaired customer loans and advances, guarantees and undrawn balances + debt securities issued by non-financial institutions.<br \/>Payment Solutions&#8217; coverage ratio is not provided as we do not consider it a relevant metric for this type of business.<\/p>\n<p>Cost of risk (EUR million and %)<\/p>\n<p>Jun-26Jun-25%NumeratorDenominator%NumeratorDenominatorRetail &amp; Commercial Banking1.19\u00a07,496\u00a0631,744\u00a01.13\u00a07,096\u00a0627,236\u00a0Openbank2.09\u00a04,466\u00a0214,131\u00a02.09\u00a04,444\u00a0212,852\u00a0Corporate &amp; Investment Banking0.29\u00a0641\u00a0219,023\u00a00.07\u00a0138\u00a0188,045\u00a0Wealth Management &amp; Insurance0.03\u00a07\u00a026,175\u00a00.19\u00a046\u00a024,496\u00a0Spain0.411,134\u00a0276,004\u00a00.47\u00a01,200\u00a0256,872\u00a0UK0.10255\u00a0250,622\u00a00.05\u00a0115\u00a0250,146\u00a0Portugal0.0523\u00a045,045\u00a00.00\u00a00\u00a042,538\u00a0Openbank Europe1.011,432\u00a0142,407\u00a00.89\u00a01,244\u00a0139,184\u00a0US1.472,108\u00a0142,968\u00a01.68\u00a02,365\u00a0140,972\u00a0Mexico2.741,357\u00a049,457\u00a02.53\u00a01,163\u00a045,876\u00a0Brazil4.144,555\u00a0109,998\u00a04.19\u00a04,455\u00a0106,323\u00a0Chile1.28521\u00a040,826\u00a01.31\u00a0539\u00a041,171\u00a0Argentina11.12957\u00a08,607\u00a05.09\u00a0428\u00a08,405\u00a0<\/p>\n<p>Numerator: underlying allowances for loan-loss provisions over the last 12 months.<\/p>\n<p>Denominator: average loans and advances to customers + debt securities issued by non-financial institutions over the last 12 months.<\/p>\n<p>Payment Solutions&#8217; cost of risk is not provided as we do not consider it a relevant metric for this type of business.<\/p>\n<p>78<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-245\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-246\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Alternative performance measures<\/p>\n<p>Other indicators <\/p>\n<p>The Group has a series of additional financial metrics which facilitate analysis of the underlying business trends and performance.<\/p>\n<p>RatioFormulaRelevance of the metric TNAV per share <\/p>\n<p>\u00a0Tangible book value 1<\/p>\n<p>This is a very commonly used ratio used to measure the company\u2019s accounting value per share having deducted the intangible assets. It is useful in evaluating the amount each shareholder would receive if the company were to enter into liquidation and had to sell all the company\u2019s tangible assets.(Tangible net asset value per share) \u00a0Number of shares excluding treasury stockPrice \/ tangible book value per share (X) Share priceThis is one of the most commonly used ratios by market participants for the valuation of listed companies both in absolute terms and relative to other entities. This ratio measures the relationship between the price paid for a company and its accounting equity value.TNAV per shareLTD ratioNet loans and advances to customersThis is an indicator of the bank&#8217;s liquidity. It measures the<br \/>total loans and advances to customers net of loan-loss provisions as a percentage of customer deposits.(Loan-to-deposit) Customer depositsLoans and advances (excl. reverse repos)Gross loans and advances to customers excluding reverse reposIn order to aid analysis of the commercial banking activity, reverse repos are excluded as they are highly volatile treasury products.Deposits (excl. repos)Customer deposits excluding reposIn order to aid analysis of the commercial banking activity, repos are excluded as they are highly volatile treasury products.PAT + fees paid to SAN (in Wealth Management &amp; Insurance) Net profit + fees ceded by Santander Insurance &amp; Asset Management Solutions to the branch network, net of taxes, excluding Private Banking customersMetric to assess Wealth Management &amp; Insurance\u2019s total contribution to the Group\u2019s profit.Payments&#8217; EBITDA margin<\/p>\n<p>EBITDA 2<\/p>\n<p>EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is a financial metric whose purpose is to measure the operating performance of the business before interest, taxes and amortization, in relation to total revenue. It is used to assess the business\u2019s operating profitability and its capacity to generate results from its core activities, isolating the impact of financial, tax and accounting factors.Total income<\/p>\n<p>1.Tangible book value = Stockholders&#8217; equity (excl. minority interests) &#8211; intangible assets.<\/p>\n<p>2.EBITDA = net operating income &#8211; amortizations &#8211; impairment of other assets + net loan-loss provisions.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-247\"\/><\/p>\n<p>79<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-248\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Alternative performance measures<\/p>\n<p>Others (EUR million and %)<\/p>\n<p>Jun-26Mar-26Jun-25TNAV (tangible book value) per share6.326.135.50Tangible book value90,57488,49881,878Number of shares excl. treasury stock (million)14,32114,42614,884Price \/ Tangible book value per share (X)1.911.551.28Share price (euros)12.0849.4907.027TNAV (tangible book value) per share6.326.135.50Loan-to-deposit ratio101%101%100%Net loans and advances to customers1,149,1621,070,8091,010,727Customer deposits1,133,7621,059,2611,008,229Q2&#8217;26Q1&#8217;26H1&#8217;26H1&#8217;25PAT + fees (in Wealth) (constant EUR million)1,0219241,9451,707Profit after tax6035071,110933Net fee income net of tax418417835774Payments&#8217; EBITDA margin31.733.432.628.8EBITDA123128251185Net operating income516311465(-) Amortizations(75)(75)(150)(130)(-) Impairment of other assets(3)(4)(7)\u2014Net loan-loss provisions(6)(14)(20)(11)Total income387383771641<\/p>\n<p>1.For TNAVs corresponding to periods in 2025, we have taken into account intangible assets related to the Poland disposal, even though they were recorded in \u2018non-current assets held for sale\u2019 from Q2 2025, in accordance with IFRS 5 requirements.<\/p>\n<p>2.For 2026 data, the definition of EBITDA margin has been aligned with the new Group reporting, without changing prior periods. Therefore, the net operating income used for periods in 2025 does not include the \u2018other operating costs\u2019 line item.<\/p>\n<p>Sustainability indicators<\/p>\n<p>\u200bMetricDefinitionJun-26Green finance raised and facilitated accumulated from 2019-2026 (EUR billion)Nominal amount of project finance, financial advisory, project bonds, green bonds (DCM), export finance (ECA), mergers and acquisitions (M&amp;A), and equity capital markets (ECM) transactions ranked by the SCFS panel and reported in the League Tables of Dealogic, Inframation News, TXF and Mergermarket since 2019.188.0Socially responsible investment assets under management (SRI AuMs) as a percentage of total assets under management in Wealth Management &amp; InsuranceValue corresponding to total volume of assets under management  registered as article 8 &#8211; promoting ESG characteristics &#8211; and 9 &#8211; with explicit sustainability objectives &#8211; of the Sustainable Finance Disclosure Regulation (SFDR, EU Reg. 2019\/2088) except for illiquid investments in Private Banking which are reported in terms of committed capital. It includes: i) assets managed or advised by Santander Asset Management (SAM) and other Group asset managers in the EU and, using equivalent criteria, in countries where SFDR does not apply; and ii) third party funds and assets advised deemed sustainable investments according to SFDR (Article 2.17) or using internal criteria as per SFICS (Sustainable Finance &amp; Investment Classification System) divided by total assets under management in Wealth Management &amp; Insurance.24%<\/p>\n<p>Note: targets were set before the publication of the European taxonomy in Q2 2023. Therefore, target definitions are not fully aligned with the taxonomy. <\/p>\n<p>80<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-249\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-250\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Alternative performance measures<\/p>\n<p>Local currency measures<\/p>\n<p>We make use of certain financial measures in local currency to help in the assessment of our ongoing operating performance. These non-IFRS financial measures include the results of operations of our subsidiary banks located outside the eurozone, excluding the impact of foreign exchange. Because changes in foreign currency exchange rates do not have an operating impact on the results, we believe that evaluating their performance on a local currency basis provides an additional and meaningful assessment of performance to both management and the company\u2019s investors. <\/p>\n<p>The Group presents, at both the Group level as well as the business unit level, the changes in the income statement as well as the changes excluding the exchange rate effect (&#8216;excluding FX&#8217; or &#8216;constant euros&#8217;), as it considers the latter facilitates analysis, since it enables business movements to be identified without taking into account the impact of converting each local currency into euros. <\/p>\n<p>Said variations, excluding the impact of exchange rate movements, are calculated by converting income statement lines for the different business units comprising the Group into our presentation currency, the euro, applying the average exchange rate for H1 2026 to all periods contemplated in the analysis. We use this method for all countries with the exception of Argentina, where we use the exchange rate on the last working day of each period presented, given it is a hyperinflationary economy, to mitigate the distortions caused by the hyperinflation.<\/p>\n<p>We present, at both the Group level as well as the business unit level, the changes in euros as well as the changes excluding the exchange rate effect (&#8216;excluding FX&#8217; or &#8216;constant euros&#8217;) for loans and advances to customers excluding reverse repurchase agreements (repos) and customer funds (which comprise customer deposits and mutual funds) excluding repos. Additionally, we <\/p>\n<p>present changes in the main balance sheet lines of the Group&#8217;s countries both in euros as well as the changes excluding the exchange rate effect. As with the income statement, the reason is to facilitate analysis by isolating the changes in the balance sheet that are not caused by converting each local currency into euros. <\/p>\n<p>These changes excluding the impact of exchange rate movements are calculated by converting the balances into our presentation currency, the euro, applying the closing exchange rate on the last working day of June 2026 to all periods contemplated in the analysis. We use this method to calculate the variations for all countries with the exception of Argentina, where we use the exchange rate on the last working day of each period presented, given it is a hyperinflationary economy, to mitigate the distortions caused by the hyperinflation.<\/p>\n<p>In Q1 2025, due to the significant divergence between the official exchange rate and other macroeconomic magnitudes in Argentina, mainly inflation, we applied an alternative exchange rate for the Argentine peso taking the dollar contado con liquidaci\u00f3n rate (CCL) as a reference, which is the exchange rate resulting from the sale of local bonds denominated in Argentine pesos in US dollars (dual denomination peso\/dollar bonds). <\/p>\n<p>From Q2 2025, we once again apply the official exchange rate given that the value of the dollar CCL exchange rate did not significantly differ from other market rates or the official exchange rate following the lifting of currency controls and the removal of restrictions on the purchase of foreign currency for individuals in Argentina. <\/p>\n<p>The average and period-end exchange rates for the main currencies in which the Group operates are set out in the table below. <\/p>\n<p>Exchange rates: 1 euro \/ currency parityAverage (income statement)Period-end (balance sheet)H1&#8217;26H1&#8217;25Jun-26Mar-26Jun-25US dollar1.166\u00a01.092\u00a01.143\u00a01.153\u00a01.175\u00a0Pound sterling0.867\u00a00.842\u00a00.861\u00a00.873\u00a00.857\u00a0Brazilian real6.006\u00a06.286\u00a05.915\u00a06.011\u00a06.405\u00a0Mexican peso20.370\u00a021.796\u00a019.962\u00a020.776\u00a022.158\u00a0Chilean peso1,041.468\u00a01,042.620\u00a01,053.147\u00a01,073.161\u00a01,095.928\u00a0<\/p>\n<p>Argentine peso1<\/p>\n<p>1,692.910\u00a01,592.870\u00a01,401.188\u00a0<\/p>\n<p>1. Average exchange rates for the Argentine peso are not included since we use the exchange rate on the last working day of each period presented given it is a hyperinflationary economy. We apply the official ARS exchange rate except for Q1 2025 when we applied an alternative exchange rate for the Argentine peso that better reflected the evolution of inflation. <\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-251\"\/><\/p>\n<p>81<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-252\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Alternative performance measures<\/p>\n<p>Impact of inflation rate on the variations of total costs <\/p>\n<p>Santander presents, for both the Group and the business units included in the primary and secondary segments: i) the changes in total costs in euros; ii) the changes excluding the exchange rate effect with the exception of Argentina which is calculated as described above in &#8216;Local currency measures&#8217;; and iii) the changes excluding the exchange rate effect and significant M&amp;A impacts (i.e. in H1 2026, it excludes TSB) minus the effect of average inflation over the last twelve months (i.e. in &#8216;real terms&#8217;), except for Argentina as Argentina&#8217;s cost growth in euros should already largely reflect the effect of hyperinflation on exchange rates. The reason is that the two latter facilitate analysis for management purposes.<\/p>\n<p>Inflation is calculated as the arithmetic average of the last 12 months for each country and, for the global businesses, as the weighted average the inflation rate of each country comprising the global business, weighted by each country&#8217;s total costs. For the Group and the global businesses, to mitigate the impact from hyperinflation in the country, we exclude the impact of inflation in Argentina from the calculation as Argentina&#8217;s cost growth in euros should already largely reflect the effect of hyperinflation on exchange rates.<\/p>\n<p>The table below shows the average inflation rates calculated as indicated.<\/p>\n<p>Average inflation %Average inflation last 12 monthsRetail &amp; Commercial Banking3.5Openbank2.7Corporate &amp; Investment Banking3.1Wealth Management &amp; Insurance3.0Payment Solutions3.5Spain2.9UK3.3Portugal2.6Openbank Europe2.3US3.1Mexico3.8Brazil4.6Chile3.6Total Group3.3<\/p>\n<p>Note: the Total Group&#8217;s and the global businesses&#8217; average inflations are calculated excluding the impact of inflation in Argentina.<\/p>\n<p>82<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-253\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-254\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Condensed consolidated financial statements<\/p>\n<p>Interim condensed consolidated financial statements<\/p>\n<p>Condensed consolidated balance sheet<\/p>\n<p>Condensed consolidated income statement<\/p>\n<p>NOTE:The following financial information for the first six months of 2026 and 2025 (attached herewith) corresponds to the condensed consolidated financial statements prepared in accordance with the International Financial Reporting Standards. Interim condensed consolidated balance sheetEUR millionASSETSJun-26Dec-25Jun-25Cash, cash balances at central banks and other deposits on demand138,008\u00a0152,281\u00a0175,555\u00a0Financial assets held for trading286,941\u00a0252,318\u00a0234,834\u00a0Non-trading financial assets mandatorily at fair value through profit or loss8,058\u00a07,761\u00a05,724\u00a0Financial assets designated at fair value through profit or loss7,884\u00a08,046\u00a08,791\u00a0Financial assets at fair value through other comprehensive income75,371\u00a074,612\u00a075,801\u00a0Financial assets at amortised cost1,334,351\u00a01,202,689\u00a01,148,957\u00a0Hedging derivatives5,006\u00a03,931\u00a04,628\u00a0Changes in the fair value of hedged items in portfolio hedges of interest risk(500)50\u00a053\u00a0Investments7,722\u00a07,052\u00a07,191\u00a0Joint ventures entities2,019\u00a01,956\u00a01,929\u00a0Associated entities5,703\u00a05,096\u00a05,262\u00a0Assets under reinsurance contracts230\u00a0223\u00a0228\u00a0Tangible assets26,480\u00a027,438\u00a028,997\u00a0Property, plant and equipment25,515\u00a026,416\u00a028,174\u00a0For own-use11,993\u00a011,663\u00a011,967\u00a0Leased out under an operating lease13,522\u00a014,753\u00a016,207\u00a0Investment property965\u00a01,022\u00a0823\u00a0Of which : Leased out under an operating lease790\u00a0860\u00a0649\u00a0Intangible assets18,772\u00a017,308\u00a017,249\u00a0Goodwill13,143\u00a011,958\u00a011,960\u00a0Other intangible assets5,629\u00a05,350\u00a05,289\u00a0Tax assets31,478\u00a030,076\u00a028,003\u00a0Current tax assets11,138\u00a011,132\u00a09,516\u00a0Deferred tax assets20,340\u00a018,944\u00a018,487\u00a0Other assets11,798\u00a08,719\u00a011,167\u00a0Insurance contracts linked to pensions63\u00a067\u00a073\u00a0Inventories6\u00a07\u00a06\u00a0Other11,729\u00a08,645\u00a011,088\u00a0Non-current assets held for sale2,866\u00a075,011\u00a068,710\u00a0TOTAL ASSETS1,954,465\u00a01,867,515\u00a01,815,888\u00a0<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-255\"\/><\/p>\n<p>83<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-256\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Condensed consolidated financial statements<\/p>\n<p>Interim condensed consolidated balance sheetEUR millionLIABILITIESJun-26Dec-25Jun-25Financial liabilities held for trading 193,417171,546155,682Financial liabilities designated at fair value through profit or loss43,40742,14835,513Financial liabilities at amortized cost1,543,7761,421,1841,400,632Hedging derivatives4,4944,2484,431Changes in the fair value of hedged items in portfolio hedges of interest rate risk (51)4970Liabilities under insurance  contracts19,34718,73718,343Provisions9,2118,3558,098Pensions and other post-retirement obligations1,6161,6561,652Other long term employee benefits1,052993984Taxes and other legal contingencies3,3032,9892,768Contingent liabilities and commitments748713653Other provisions2,4922,0042,041Tax liabilities 9,7849,5688,911Current tax liabilities3,8163,6643,099Deferred tax liabilities5,9685,9045,812Other liabilities 15,18215,93715,862Liabilities associated with non-current assets held for sale\u201462,99559,361TOTAL LIABILITIES1,838,5671,754,7671,706,903EQUITYShareholders&#8217; equity143,259141,144138,066Capital 7,3457,3457,443Called up paid capital7,3457,3457,443Unpaid capital which has been called up\u2014\u2014\u2014Share premium 36,79236,79238,492Equity instruments issued other than capital\u2014\u2014\u2014Equity component of the compound financial instrument\u2014\u2014\u2014Other equity instruments issued\u2014\u2014\u2014Other equity355273271Accumulated retained earnings102,45691,95991,954Revaluation reserves\u2014\u2014\u2014Other reserves(8,847)(7,532)(6,922)(-) Own shares(3,815)(96)(5)Profit attributable to shareholders of the parent8,97314,1016,833(-) Interim dividends\u2014(1,698)\u2014Other comprehensive income (loss)(33,913)(37,974)(37,565)Items not reclassified to profit or loss (3,160)(4,121)(4,060)Items that may be reclassified to profit or loss(30,753)(33,853)(33,505)Non-controlling interest6,5529,5788,484Other comprehensive income(1,925)(1,947)(2,032)Other items8,47711,52510,516TOTAL EQUITY115,898112,748108,985TOTAL LIABILITIES AND EQUITY1,954,4651,867,5151,815,888MEMORANDUM ITEMS: OFF BALANCE SHEET AMOUNTSLoan commitments granted325,379321,234302,446Financial guarantees granted17,49817,44918,251Other commitments granted151,556148,118143,921<\/p>\n<p>84<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-257\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-258\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Condensed consolidated financial statements<\/p>\n<p>Interim condensed consolidated income statementEUR millionH1&#8217;26H1&#8217;25Interest income52,336\u00a051,338\u00a0\u00a0\u00a0\u00a0Financial assets at fair value through other comprehensive income3,374\u00a02,736\u00a0\u00a0\u00a0\u00a0Financial assets at amortized cost39,590\u00a038,800\u00a0\u00a0\u00a0\u00a0Other interest income9,372\u00a09,802\u00a0Interest expense(29,625)(30,127)Interest income\/ (charges)22,711\u00a021,211\u00a0Dividend income624\u00a0471\u00a0Income from companies accounted for using the equity method476\u00a0332\u00a0Commission income9,280\u00a08,553\u00a0Commission expense(2,429)(2,211)Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net58\u00a08\u00a0\u00a0\u00a0\u00a0Financial assets at amortized cost(29)(14)\u00a0\u00a0\u00a0Other financial assets and liabilities87\u00a022\u00a0Gain or losses on financial assets and liabilities held for trading, net571\u00a0701\u00a0\u00a0\u00a0\u00a0Reclassification of financial assets at fair value through other comprehensive income\u2014\u00a0\u2014\u00a0\u00a0\u00a0\u00a0Reclassification of financial assets from amortized cost\u2014\u00a0\u2014\u00a0\u00a0\u00a0\u00a0Other gains (losses)571\u00a0701\u00a0Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss180\u00a0523\u00a0\u00a0\u00a0\u00a0Reclassification of financial assets at fair value through other comprehensive income\u2014\u00a0\u2014\u00a0\u00a0\u00a0\u00a0Reclassification of financial assets from amortized cost\u2014\u00a0\u2014\u00a0\u00a0\u00a0\u00a0Other gains (losses)180\u00a0523\u00a0Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net216\u00a0(301)Gain or losses from hedge accounting, net(40)(13)Exchange differences, net(253)114\u00a0Other operating income (*)682\u00a0745\u00a0Other operating expenses(1,305)(1,196)Income from insurance and reinsurance contracts247\u00a0237\u00a0Expenses from insurance and reinsurance contracts(196)(196)Total income30,822\u00a028,978\u00a0Administrative expenses(10,868)(10,772)\u00a0\u00a0\u00a0Staff costs(6,930)(6,736)\u00a0\u00a0\u00a0Other general and administrative expenses(3,938)(4,036)Depreciation and amortization(1,667)(1,626)Provisions or reversal of provisions, net(1,750)(1,012)Impairment or reversal of impairment of financial assets not measured at fair value<br \/>through profit or loss and net gains and losses from modifications(6,571)(6,524)\u00a0\u00a0\u00a0Financial assets at fair value through other comprehensive income(20)(55)\u00a0\u00a0\u00a0Financial assets at amortized cost(6,551)(6,469)Impairment of investments in subsidiaries, joint ventures and associates, net\u2014\u00a0\u2014\u00a0Impairment on non-financial assets, net(30)(147)\u00a0\u00a0\u00a0Tangible assets(14)(114)\u00a0\u00a0\u00a0Intangible assets(8)(28)\u00a0\u00a0\u00a0Others(8)(5)Gain or losses on non-financial assets and investments, net16\u00a0(32)Negative goodwill recognized in results5\u00a022\u00a0Gains or losses on non-current assets held for sale not classified as discontinued operations4\u00a0217\u00a0Operating profit\/(loss) before tax9,961\u00a09,104\u00a0Tax expense or income from continuing operations(2,442)(2,367)Profit\/(loss) for the period from continuing operations7,519\u00a06,737\u00a0Profit\/( loss) after tax from discontinued operations1,895\u00a0726\u00a0Profit\/(loss) for the period9,414\u00a07,463\u00a0Profit attributable to non-controlling interests441\u00a0630\u00a0Profit\/(loss) attributable to the parent8,973\u00a06,833\u00a0Earnings\/(losses) per shareBasic 0.60\u00a00.43\u00a0Diluted0.60\u00a00.43\u00a0<\/p>\n<p>(*) Includes -EUR 364 million at 30 June 2026 (-EUR 299 million at 30 June 2025) derived from the net monetary loss generated in Argentina as a result of the application of IAS 29 Financial reporting in hyperinflationary economies.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-259\"\/><\/p>\n<p>85<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-260\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022Glossary<\/p>\n<p>Glossary<\/p>\n<p>\u2022A2A: Account-to-account <\/p>\n<p>\u2022Active customer: Those customers who comply with the minimum balance, income and\/or transactionality requirements as defined according to the business area<\/p>\n<p>\u2022ADR: American Depositary Receipt<\/p>\n<p>\u2022AI: Artificial intelligence<\/p>\n<p>\u2022APM: Alternative Performance Measures<\/p>\n<p>\u2022AuMs: Assets under management<\/p>\n<p>\u2022bn: Billion<\/p>\n<p>\u2022bps: basis points<\/p>\n<p>\u2022CDI: CREST Depository Interest<\/p>\n<p>\u2022CET1: Common Equity Tier 1<\/p>\n<p>\u2022CF: Corporate Finance<\/p>\n<p>\u2022CHF: Swiss francs<\/p>\n<p>\u2022CIB: Corporate &amp; Investment Banking<\/p>\n<p>\u2022CNMV: Spanish National Securities Market Commission (Comisi\u00f3n Nacional del Mercado de Valores)<\/p>\n<p>\u2022CRR: Capital Requirements Regulation <\/p>\n<p>\u2022Digital customers: Every consumer of a commercial bank\u2019s services who has logged on to their personal online banking and\/or mobile banking in the last 30 days<\/p>\n<p>\u2022ECAs: Export credit agency, government-backed financial institutions that support domestic companies&#8217; international trade<\/p>\n<p>\u2022ECB: European Central Bank<\/p>\n<p>\u2022EPS: Earnings per share<\/p>\n<p>\u2022ESMA: European Securities and Markets Authority<\/p>\n<p>\u2022Financial inclusion: Number of people who are unbanked, underbanked, in financial difficulty, with difficulties in accessing credit who, through the Group&#8217;s products and services, are able to access the financial system or receive tailored finance. Financially underserved groups are defined as people who do not have a current account, or who have an account but obtained alternative (non-bank) financial services in the last 12 months. Beneficiaries of various programmes are included in the quantification process only once in the entire period. Only new empowered people are counted, taking as a base year those existing since 2019.\u00a0<\/p>\n<p>\u2022Free float: total number of shares in circulation minus treasury shares as a % the total number of shares in circulation<\/p>\n<p>\u2022FX: Foreign Exchange<\/p>\n<p>\u2022GB: Global Banking <\/p>\n<p>\u2022GDP: Gross Domestic Product<\/p>\n<p>\u2022GM: Global Markets<\/p>\n<p>\u2022GTB: Global Transaction Banking<\/p>\n<p>\u2022ICO: Official Credit Institute in Spain (Instituto de Cr\u00e9dito Oficial)<\/p>\n<p>\u2022IDB: Inter-American Development Bank<\/p>\n<p>\u2022IFRS 5: International Financial Reporting Standard 5, regarding non-current Assets Held for Sale and Discontinued Operations<\/p>\n<p>\u2022IFRS 8: International Financial Reporting Standard 8, regarding operating segments<\/p>\n<p>\u2022IFRS 9: International Financial Reporting Standard 9, regarding financial instruments<\/p>\n<p>\u2022IPO: Initial Public Offering<\/p>\n<p>\u2022LCR: Liquidity Coverage Ratio <\/p>\n<p>\u2022LLPs: Loan-loss provisions<\/p>\n<p>\u2022MDA: Maximum Distributable Amount<\/p>\n<p>\u2022mn: Million<\/p>\n<p>\u2022MREL: Minimum Requirement for own funds and eligible liabilities<\/p>\n<p>\u2022M&amp;A: Mergers and acquisitions<\/p>\n<p>\u2022NII: Net interest income<\/p>\n<p>\u2022NPS: Net promoter score<\/p>\n<p>\u2022OBE: Openbank Europe<\/p>\n<p>\u2022OB US: Openbank US<\/p>\n<p>\u2022ODS: Open Digital Services<\/p>\n<p>\u2022Payments: Payment Solutions (Getnet, Getnet Platforms and Ebury)<\/p>\n<p>\u2022PB: Private Banking<\/p>\n<p>\u2022PBT: Profit before tax<\/p>\n<p>\u2022pp: percentage points<\/p>\n<p>\u2022QoQ: quarter-on-quarter<\/p>\n<p>\u2022Retail: Retail &amp; Commercial Banking<\/p>\n<p>\u2022Repos: Repurchase agreements<\/p>\n<p>\u2022RoA: Return on assets<\/p>\n<p>\u2022RoE: Return on equity<\/p>\n<p>\u2022RoRWA: Return on risk-weighted assets<\/p>\n<p>\u2022RoTE: Return on tangible equity excluding the cost of AT1issuances from the numerator<\/p>\n<p>\u2022RWAs: Risk-weighted assets<\/p>\n<p>\u2022Sales conversion: Indicator that measures the effectiveness of a commercial process in converting opportunities into actual sales<\/p>\n<p>\u2022SAM: Santander Asset Management<\/p>\n<p>\u2022SBNA: Santander Bank N.A.<\/p>\n<p>\u2022SEC: Securities and Exchanges Commission<\/p>\n<p>\u2022SMEs: Small and medium enterprises<\/p>\n<p>\u2022Time-to-market: The length of time it takes for a product or service to being available for purchase<\/p>\n<p>\u2022TLAC: The total loss-absorbing capacity requirement which is required to be met under the CRD V package<\/p>\n<p>\u2022TNAV: Tangible net asset value<\/p>\n<p>\u2022TPV: Total payments volume<\/p>\n<p>\u2022VaR: Value at Risk<\/p>\n<p>\u2022Wealth: Wealth Management &amp; Insurance <\/p>\n<p>\u2022YoY: Year-on-year<\/p>\n<p>86<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-261\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-262\"\/><\/p>\n<p>Index<\/p>\n<p>Important information<\/p>\n<p>Non-IFRS and alternative performance measures<\/p>\n<p>Banco Santander, S.A. (\u201cSantander\u201d) cautions that this report may contain financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as alternative performance measures (APMs) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non-IFRS measures. The APMs and non-IFRS measures were calculated with information from Grupo Santander; however, they are neither defined or detailed in the applicable financial reporting framework nor audited or reviewed by our auditors. We use the APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider them to be useful metrics for our management and investors to compare operating performance between accounting periods.<\/p>\n<p>Nonetheless, the APMs and non-IFRS measures are supplemental information; their purpose is not to substitute the IFRS measures. Furthermore, other companies, including some  in our industry, may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. APMs using environmental, social and governance labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR.<\/p>\n<p>For more details on APMs and non-IFRS measures, please see the 2025 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 27 February 2026 (https:\/\/www.santander.com\/content\/dam\/santander-com\/es\/documentos\/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec\/2026\/sec-2025-annual-20-f-2025-disponible-solo-en-ingles-es.pdf), except with respect to the information and the audited financial statements included therein and superseded by the information and the audited financial statements included in our Report on Form 6-K furnished to the SEC on 1 April 2026 relating to certain recast financial information as a result of certain changes to the presentation of the Group\u2019s financial information (https:\/\/www.santander.com\/content\/dam\/santander-com\/en\/documentos\/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec\/2026\/sec-recast-of-certain-financial-information-and-related-disclosure-for-the-three-years-ended-31-december-2025-en.pdf), as well as the section \u201cAlternative performance measures\u201d  of this second quarter financial report, which was published on 22 July 2026 (https:\/\/www.santander.com\/en\/shareholders-and-investors\/financial-and-economic-information#quarterly-results).<\/p>\n<p>Sustainability information<\/p>\n<p>This report may contain, in addition to financial information, sustainability-related information, including environmental, social and governance-related metrics, statements, goals, targets, commitments and opinions. Sustainability information is not audited nor reviewed by an external auditor. Sustainability information is prepared following various external and internal frameworks, reporting guidelines and measurement, collection and verification methods and practices, which may materially differ from those applicable to financial information and are in many cases emerging and evolving. Sustainability information is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. Sustainability information is thus subject to significant measurement uncertainties, may not be comparable to sustainability information of other companies or over time or across periods and its use is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. The sustainability information is for informational purposes only, without any liability being accepted in connection with it except where such liability cannot be limited under overriding provisions of applicable law.<\/p>\n<p>Forward-looking statements<\/p>\n<p>Santander hereby warns that this report may contain &#8216;forward-looking statements&#8217;, as defined by the US Private Securities Litigation Reform Act of 1995. Such statements can be understood through words and expressions like &#8216;expect&#8217;, &#8216;project&#8217;, &#8216;anticipate&#8217;, &#8216;should&#8217;, &#8216;intend&#8217;, &#8216;probability&#8217;, &#8216;risk&#8217;, &#8216;VaR&#8217;, &#8216;RoRAC&#8217;, &#8216;RoRWA&#8217;, &#8216;TNAV&#8217;, &#8216;target&#8217;, &#8216;goal&#8217;, &#8216;objective&#8217;, &#8216;estimate&#8217;, &#8216;future&#8217;, &#8216;ambition&#8217;, &#8216;aspiration&#8217;, &#8216;commitment&#8217;, &#8216;commit&#8217;, &#8216;focus&#8217;, &#8216;pledge&#8217; and similar expressions. They include (but are not limited to) statements on future business development, shareholder remuneration policy and non-financial information. However, risks, uncertainties and other important factors may lead to developments and results that differ materially from those anticipated, expected, projected or assumed in forward-looking statements. The important factors below (and others mentioned in this report, as well as other unknown or unpredictable factors, could affect our future development and results and could lead to outcomes materially different from what our forward-looking statements anticipate, expect, project or assume:<\/p>\n<p>\u2022general economic or industry conditions (e.g., an economic downturn; higher volatility in the capital markets; inflation; deflation; changes in demographics, consumer spending, investment or saving habits; and the effects of the armed conflicts in Ukraine and the Middle East, or the outbreak of public health emergencies in the global economy) in areas where we have significant operations or investments;<\/p>\n<p>\u2022exposure to operational risks, including cyberattacks, data breaches, data losses and other security incidents;<\/p>\n<p>\u2022exposure to market risks (e.g., risks from interest rates, foreign exchange rates, equity prices and new benchmark indices); <\/p>\n<p>\u2022potential losses from early loan repayment, collateral depreciation or counterparty risk;<\/p>\n<p>\u2022political instability in Spain, the UK, other European countries, Latin America and the US;<\/p>\n<p>\u2022changes in monetary, fiscal and immigration policies and trade tensions, including the imposition of tariffs and retaliatory responses;<\/p>\n<p>\u2022legislative, regulatory or tax changes (including regulatory capital and liquidity requirements) and greater regulation prompted by financial crises;<\/p>\n<p>\u2022acquisitions, integrations, divestitures and challenges arising from deviating management\u2019s resources and attention from other strategic opportunities and operational matters;<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-263\"\/><\/p>\n<p>87<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-264\"\/><\/p>\n<p>Index<\/p>\n<p>\u2022reputational risk and potential adverse reactions of stakeholders, including adverse effects on the market price of our securities<\/p>\n<p>\u2022climate-related conditions, regulations, targets and weather events;<\/p>\n<p>\u2022uncertainty over the scope of actions that may be required by us, governments and other to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and potential conflicts and inconsistencies among governmental standards and regulations. Important factors affecting sustainability information may materially differ from those applicable to financial information. Sustainability information is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. Sustainability information is thus subject to significant measurement uncertainties, may not be comparable to sustainability information of other companies or over time or across periods and its inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. The sustainability information is for informational purposes only, without any liability being accepted in connection with it except where such liability cannot be limited under overriding provisions of applicable law;<\/p>\n<p>\u2022our own decisions and actions, including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; and<\/p>\n<p>\u2022changes affecting our access to liquidity and funding on acceptable terms, especially due to credit spread shifts or credit rating downgrade for the entire group or core subsidiaries.<\/p>\n<p>Additionally, Webster Financial Corporation\u2019s (\u201cWebster\u201d) and Santander\u2019s actual results, financial condition and achievements may differ materially from those indicated in these forward-looking statements. Important factors that could cause Webster\u2019s and Santander\u2019s actual results, financial condition and achievements to differ materially from those indicated in such forward-looking statements include, in addition to those set forth in Webster\u2019s and Santander\u2019s filings with the SEC: (1) the risk that the cost savings, synergies and other benefits from the acquisition of Webster by Santander (the \u201cTransaction\u201d) may not be fully realized or may take longer than anticipated to be realized, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Webster and Santander operate; (2) the failure of the closing conditions in the Transaction agreement by and among Webster, Santander and a wholly owned subsidiary of Webster providing for the Transaction to be satisfied, or any unexpected delay in closing the Transaction or the occurrence of any event, change or other circumstances that could delay the Transaction or could give rise to the termination of the Transaction agreement; (3) the outcome of any legal or regulatory proceedings or governmental inquiries or investigations that may be currently pending or later instituted against Webster, Santander or the combined company; (4) the possibility that the Transaction does not close when expected or at all because required regulatory or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed Transaction); (5) disruption to the parties\u2019 businesses as a result of the announcement and pendency of the Transaction; (6) the costs associated with the anticipated length of time of the pendency of the Transaction, including the restrictions contained in the definitive Transaction agreement on the ability of Webster to operate its business outside the ordinary course during the pendency of the Transaction; (7) risks related to management and oversight of the expanded business and operations of the combined company following the closing of the proposed Transaction; (8) the risk that the integration of Webster\u2019s operations with Santander\u2019s will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate each party\u2019s businesses into the other\u2019s businesses; (9) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (10) reputational risk and potential adverse reactions of Webster\u2019s or Santander\u2019s customers, employees, vendors, contractors or other business partners, including those resulting from the announcement or completion of the Transaction; (11) the dilution caused by Santander\u2019s issuance of additional ordinary shares and corresponding American depositary shares, each representing the right to receive one of its ordinary shares (\u201cADSs\u201d), in connection with the Transaction; (12) the possibility that any announcements relating to the Transaction could have adverse effects on the market price of Webster\u2019s common stock and Santander\u2019s ordinary shares and ADSs; (13) a material adverse change in the condition of Webster or Santander; (14) the extent to which Webster\u2019s or Santander\u2019s businesses perform consistent with management\u2019s expectations; (15) Webster\u2019s and Santander\u2019s ability to take advantage of growth opportunities and implement targeted initiatives in the timeframe and on the terms currently expected; (16) the inability to sustain revenue and earnings growth; (17) the execution and efficacy of recent strategic investments; (18) the impact of macroeconomic factors, such as changes in general economic conditions and monetary and fiscal policy, particularly on interest rates; (19) changes in customer behavior; (20) unfavorable developments concerning credit quality; (21) declines in the businesses or industries of Webster\u2019s or Santander\u2019s customers; (22) the possibility that the combined company is subject to additional regulatory requirements as a result of the proposed Transaction or expansion of the combined company\u2019s business operations following the proposed Transaction; (23) general competitive, political and market conditions and other factors that may affect future returns of Webster and Santander, including changes in asset quality and credit risk; (24) security risks, including cybersecurity and data privacy risks, and capital markets; (25) inflation; (26) the impact, extent and timing of technological changes; (27) capital management activities; (28) competitive product and pricing pressures; (29) the outcomes of legal and regulatory proceedings and related financial services industry matters; and (30) compliance with regulatory requirements. Any forward-looking statement made in this report is based solely on information currently available to us and speaks only as of the date on which it is made.<\/p>\n<p>Forward looking statements are based on current expectations and future estimates about Santander\u2019s and third-parties\u2019 operations and businesses and address matters that are uncertain to varying degrees, including, but not limited to developing standards that may change in the future; plans, projections, expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including expectations regarding future execution of Santander\u2019s and third parties\u2019 energy and climate strategies, and the underlying assumptions and estimated impacts on Santander\u2019s and third-parties\u2019 businesses related thereto; Santander\u2019s and third-parties\u2019 approach, plans and expectations in relation to carbon use and targeted reductions of emissions; changes in operations or investments under existing or future environmental laws and regulations; and changes in government regulations and regulatory requirements, including those related to climate-related initiatives.<\/p>\n<p>Forward-looking statements are aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this report and are informed by the knowledge, information and views available on such date and are subject to change without notice. <\/p>\n<p>88<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-265\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-266\"\/><\/p>\n<p>Index<\/p>\n<p>Banco Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law.<\/p>\n<p>No offer or solicitation<\/p>\n<p>This report does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d). No investment activity should be undertaken on the basis of the information contained in this report. By making this report available, no advice or recommendation is being given to buy, sell or otherwise deal in any securities or investments whatsoever.<\/p>\n<p>Past performance does not indicate future outcomes <\/p>\n<p>Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or earnings (including earnings per share) will necessarily be the same or higher than in previous periods. Nothing mentioned in this report should be taken as a profit and loss forecast.<\/p>\n<p>Third Party Information<\/p>\n<p>Regarding the data provided by third parties, neither Santander, nor any of its directors, managers or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in by any means, Santander may introduce any changes it deems suitable, and may omit, partially or completely, any of the elements of this report, and in case of any deviation, Santander assumes no liability for any discrepancy.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-267\"\/><\/p>\n<p>89<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-268\"\/><\/p>\n<p>Index<\/p>\n<p>Main risks and uncertainties<\/p>\n<p>At the date of preparation of this management report, Grupo Santander considers that the important factors highlighted under \u2018Forward-looking statements\u2019 in the \u2018Important Information\u2019 section, as well as other unknown or unpredictable factors, could affect our future development and results and could lead to outcomes materially different from what our forward-looking statements anticipate, expect, project or assume.<\/p>\n<p>These are not the only risks that the bank may face. Other unknown risks or those not considered relevant at this time, may materialize in the future.<\/p>\n<p>Our geographic and business diversification protects us, to some extent, from adverse circumstances and enables us to respond to them with resilience. Although it is difficult to make estimations in the current environment, our strategy and business model are a clear competitive advantage.<\/p>\n<p>90<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-269\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-270\"\/><\/p>\n<p>Index<\/p>\n<p>Other disclosures required by the Bank of Spain<\/p>\n<p>Disclosures required under Bank of Spain Circular 6\/2012 on sector and geographic concentration of risk<\/p>\n<p>Concentration of risk<\/p>\n<p>The breakdown at 30 June 2026 of the concentration of the Group&#8217;s risk, by activity and geographic location of counterparties, is as follows:<\/p>\n<p>Million euros<\/p>\n<p>30\/06\/2026<\/p>\n<p>Total<\/p>\n<p>Spain<\/p>\n<p>Rest of the European Union<\/p>\n<p>America<\/p>\n<p>Rest of the world<\/p>\n<p>Central banks and Credit institutions329,09142,24466,743133,51086,594Public sector305,86393,29575,287119,50517,776Of which:Central government259,47773,86269,42098,84717,348Other central government46,38619,4335,86720,658428Other financial institutions (financial business activity)252,91417,47655,103130,37449,961Non-financial companies and individual entrepreneurs (non-financial business activity) (broken down by purpose)456,487103,61990,334198,14464,390Of which:Construction and property development18,5384,0841,3338,2714,850Civil engineering construction4,9252,1021,2861,45186Large companies298,26253,33460,650134,80149,477SMEs and individual entrepreneurs134,76244,09927,06553,6219,977Households \u2013 other (broken down by purpose)607,15292,727101,315151,217261,893Of which:Residential382,67663,27327,72548,745242,933Consumer loans203,39420,57971,94392,57618,296Other purposes21,0828,8751,6479,896664<\/p>\n<p>Total (*)<\/p>\n<p>1,951,507\u00a0349,361\u00a0388,782\u00a0732,750\u00a0480,614\u00a0<\/p>\n<p>(*)\u00a0\u00a0For the purpose of this table, the definition of risk includes the following public balance sheet items: loans and advances to credit institutions, deposits at central banks, loans and advances to customers, debt securities, capital instruments, trading derivatives, hedging derivatives, equity investments and guarantees extended.<\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-271\"\/><\/p>\n<p>91<\/p>\n<p>Significant events<\/p>\n<p>Key consolidated data<\/p>\n<p>Business model<\/p>\n<p>Group financial information<\/p>\n<p>Financial information by segment<\/p>\n<p>Sustainability<\/p>\n<p>Corporate governance<\/p>\n<p>Appendix<\/p>\n<p>\u00a0\u00a0<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g2.gif\" alt=\"HomeGrafitoCabecera.gif\" style=\"height:15px; margin-bottom:5pt; vertical-align:text-bottom; width:15px\" id=\"i-272\"\/><\/p>\n<p>Index<\/p>\n<p>Million euros (*)Secured loansNet exposureLoan-to-value (**)Total<\/p>\n<p>Unsecured loans<\/p>\n<p>Of which: Mortgage collateral<\/p>\n<p>Of which: Other collateralLess than or equal to 40%<\/p>\n<p>Greater than 40% and less than or equal to 60%<\/p>\n<p>Greater than 60% and less than or equal to 80%Greater than 80% and less than or equal to 100%Greater than 100%Public sector32,90431,4151561,333200222301442324Other financial institutions (financial business activity)155,83246,8322,047106,9532,2061,322412104,473587Non-financial corporations and individual entrepreneurs (non-financial business activity) (broken down by purpose)329,246186,61663,59579,03522,88627,28619,93046,70725,821Of which:Construction and property development16,37176615,4421634,2107,5122,1941,125564Civil engineering construction2,3721,581177741188521456111Large companies190,634135,33518,28437,0156,9486,3356,25327,1558,608SMEs and individual entrepreneurs119,86948,93429,85241,08311,61013,35411,46217,97116,538Households\u00a0\u2013 other (broken down by purpose) 601,220111,559388,302101,359109,820140,893128,74367,02343,182Of which:Residential381,3111,157380,02013499,157129,905114,41535,2571,420Consumer loans203,225108,9741,90592,3465,7327,67312,11527,40941,322Other purposes16,6841,4286,3778,8794,9313,3152,2134,357440Total1,119,202\u00a0376,422\u00a0454,100\u00a0288,680\u00a0135,112\u00a0169,723\u00a0149,386\u00a0218,645\u00a069,914\u00a0Memorandum itemRefinanced and restructured transactions19,7146,3517,0866,2772,1252,5552,2302,4054,048<\/p>\n<p>(*)\u00a0\u00a0In addition, the Group has granted advances to customers amounting to EUR 29,960 million; therefore, the total amount of loans and advances to customers amounts to EUR 1,149,162 million.<\/p>\n<p>(**)\u00a0Includes balances net of impairment or accumulated losses in fair value due to credit risk.<\/p>\n<p>92<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"Image6.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-273\"\/><\/p>\n<p>January &#8211; June 2026<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g71.jpg\" alt=\"Portadas junio 2026_ingl\u00e9s super 6K.jpg\" style=\"height:1120px; margin-bottom:5pt; vertical-align:text-bottom; width:796px\" id=\"i-274\"\/><\/p>\n<p>Banco Santander, S.A. and companies composing Santander Group<\/p>\n<p>INDEX TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS<\/p>\n<p>95<\/p>\n<p>Condensed consolidated balance sheets as of 30 June 2026 and 31 December 2025 (unaudited)<\/p>\n<p>97<\/p>\n<p>Condensed consolidated income statements for the six-month periods ended 30 June 2026 and 30 June 2025 (unaudited)<\/p>\n<p>98<\/p>\n<p>Condensed consolidated statements of recognised income and expense for the six-month periods ended 30 June 2026 and 30 June 2025 (unaudited)<\/p>\n<p>99<\/p>\n<p>Condensed consolidated statements of changes in total equity for the six-month periods ended 30 June 2026 and 30 June 2025 (unaudited)<\/p>\n<p>101<\/p>\n<p>Condensed consolidated statements of cash flows for the six-month periods ended 30 June 2026 and 30 June 2025 (unaudited)<\/p>\n<p>102<\/p>\n<p>Notes to the unaudited condensed consolidated financial statements<\/p>\n<p>GRUPO SANTANDER<\/p>\n<p>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS AT 30 JUNE 2026 AND 31 DECEMBER 2025<\/p>\n<p>(EUR million)<\/p>\n<p>ASSETS<\/p>\n<p>Note<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>CASH, CASH BALANCES AT CENTRAL BANKS AND OTHER DEPOSITS ON DEMAND138,008152,281FINANCIAL ASSETS HELD FOR TRADING5286,941252,318NON-TRADING FINANCIAL ASSETS MANDATORILY AT FAIR VALUE THROUGH PROFIT OR LOSS58,0587,761FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS57,8848,046FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME575,37174,612FINANCIAL ASSETS AT AMORTISED COST51,334,3511,202,689HEDGING DERIVATIVES5,0063,931CHANGES IN THE FAIR VALUE OF HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RISK(500)50INVESTMENTS7,7227,052Joint venture entities2,019\u00a01,956\u00a0Associated entities5,703\u00a05,096\u00a0ASSETS UNDER REINSURANCE CONTRACTS230223TANGIBLE ASSETS726,48027,438Property, plant and equipment25,515\u00a026,416\u00a0For own-use11,993\u00a011,663\u00a0Leased out under an operating lease13,522\u00a014,753\u00a0Investment properties965\u00a01,022\u00a0Of which : Leased out under an operating lease790\u00a0860\u00a0INTANGIBLE ASSETS818,77217,308Goodwill13,143\u00a011,958\u00a0Other intangible assets5,629\u00a05,350\u00a0TAX ASSETS31,47830,076Current tax assets11,138\u00a011,132\u00a0Deferred tax assets20,340\u00a018,944\u00a0OTHER ASSETS11,7988,719Insurance contracts linked to pensions63\u00a067\u00a0Inventories6\u00a07\u00a0Other11,729\u00a08,645\u00a0NON-CURRENT ASSETS HELD FOR SALE62,86675,011TOTAL ASSETS1,954,465\u00a01,867,515\u00a0<\/p>\n<p>The accompanying explanatory Notes 1 to 17 are an integral part of the condensed consolidated balance sheet as at 30 June 2026.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-275\"\/><\/p>\n<p>95<\/p>\n<p>GRUPO SANTANDER<\/p>\n<p>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS AT 30 JUNE 2026 AND 31 DECEMBER 2025<\/p>\n<p>(EUR million)<\/p>\n<p>LIABILITIES<\/p>\n<p>Note<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>FINANCIAL LIABILITIES HELD FOR TRADING9193,417171,546FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS943,40742,148FINANCIAL LIABILITIES AT AMORTISED COST 91,543,7761,421,184HEDGING DERIVATIVES4,4944,248CHANGES IN THE FAIR VALUE OF HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK(51)49LIABILITIES UNDER INSURANCE CONTRACTS19,34718,737PROVISIONS9,2118,355Pension and other post-retirement obligations101,616\u00a01,656\u00a0Other long term employee benefits101,052\u00a0993\u00a0Taxes and other legal contingencies103,303\u00a02,989\u00a0Contingent liabilities and commitments14748\u00a0713\u00a0Other provisions102,492\u00a02,004\u00a0TAX LIABILITIES9,7849,568Current tax liabilities3,816\u00a03,664\u00a0Deferred tax liabilities5,968\u00a05,904\u00a0OTHER LIABILITIES15,18215,937LIABILITIES ASSOCIATED WITH NON-CURRENT ASSETS HELD FOR SALE6\u2014\u00a062,995\u00a0TOTAL LIABILITIES1,838,567\u00a01,754,767\u00a0SHAREHOLDERS\u00b4 EQUITY143,259141,144CAPITAL117,3457,345Called up paid capital7,345\u00a07,345\u00a0Unpaid capital which has been called up\u2014\u00a0\u2014\u00a0SHARE PREMIUM36,79236,792EQUITY INSTRUMENTS ISSUED OTHER THAN CAPITAL\u2014\u2014Equity component of the compound financial instrument\u2014\u00a0\u2014\u00a0Other equity instruments issued\u2014\u00a0\u2014\u00a0OTHER EQUITY355273ACCUMULATED RETAINED EARNINGS102,45691,959REVALUATION RESERVES\u2014\u2014OTHER RESERVES(8,847)(7,532)(-) OWN SHARES(3,815)(96)PROFIT ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT38,97314,101(-) INTERIM DIVIDENDS\u2014(1,698)OTHER COMPREHENSIVE INCOME (LOSS)11(33,913)(37,974)Items not reclassified to profit or loss(3,160)(4,121)Items that may be reclassified to profit or loss(30,753)(33,853)NON-CONTROLLING INTEREST66,5529,578Other comprehensive income(1,925)(1,947)Other items8,477\u00a011,525\u00a0TOTAL EQUITY115,898\u00a0112,748\u00a0TOTAL LIABILITIES AND EQUITY1,954,465\u00a01,867,515\u00a0MEMORANDUM ITEMS: OFF BALANCE SHEET AMOUNTS14Loan commitments granted325,379\u00a0321,234\u00a0Financial guarantees granted17,498\u00a017,449\u00a0Other commitments granted151,556\u00a0148,118\u00a0<\/p>\n<p>The accompanying explanatory Notes 1 to 17 are an integral part of the condensed consolidated balance sheet as at 30 June 2026.<\/p>\n<p>96<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-276\"\/>January &#8211; June 2026<\/p>\n<p>GRUPO SANTANDER <\/p>\n<p>UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENTS <\/p>\n<p>FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2026 AND 2025<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(EUR million)<\/p>\n<p>(Debit) \/ Credit<\/p>\n<p>Note<\/p>\n<p>01-01-2026 to 30-06-2026<\/p>\n<p>01-01-2025 to 30-06-2025 <\/p>\n<p>Interest income52,336\u00a051,338\u00a0\u00a0\u00a0\u00a0Financial assets at fair value through other comprehensive income3,374\u00a02,736\u00a0\u00a0\u00a0\u00a0Financial assets at amortised cost39,590\u00a038,800\u00a0\u00a0\u00a0\u00a0Other interest income9,372\u00a09,802\u00a0Interest expense(29,625)(30,127)Interest income\/ (charges)22,71121,211Dividend income624\u00a0471\u00a0Income from companies accounted for using the equity method476\u00a0332\u00a0Commission income9,280\u00a08,553\u00a0Commission expense(2,429)(2,211)Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net58\u00a08\u00a0\u00a0\u00a0\u00a0Financial assets at amortised cost(29)(14)\u00a0\u00a0\u00a0Other financial assets and liabilities87\u00a022\u00a0Gain or losses on financial assets and liabilities held for trading, net571\u00a0701\u00a0\u00a0\u00a0\u00a0Reclassification of financial assets at fair value through other comprehensive income\u2014\u00a0\u2014\u00a0\u00a0\u00a0\u00a0Reclassification of financial assets at amortised cost\u2014\u00a0\u2014\u00a0\u00a0\u00a0\u00a0Other gains (losses)571\u00a0701\u00a0Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss180\u00a0523\u00a0\u00a0\u00a0\u00a0Reclassification of financial assets at fair value through other comprehensive income\u2014\u00a0\u2014\u00a0\u00a0\u00a0\u00a0Reclassification of financial assets at amortised cost\u2014\u00a0\u2014\u00a0\u00a0\u00a0\u00a0Other gains (losses)180\u00a0523\u00a0Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net216\u00a0(301)Gain or losses from hedge accounting, net(40)(13)Exchange differences, net(253)114\u00a0Other operating income (*)682\u00a0745\u00a0Other operating expenses(1,305)(1,196)Income from insurance and reinsurance contracts247\u00a0237\u00a0Expenses from insurance and reinsurance contracts(196)(196)Total income30,82228,978Administrative expenses(10,868)(10,772)\u00a0\u00a0\u00a0Staff costs(6,930)(6,736)\u00a0\u00a0\u00a0Other general and administrative expenses(3,938)(4,036)Depreciation and amortisation cost(1,667)(1,626)Provisions or reversal of provisions, net(1,750)(1,012)Impairment or reversal of impairment of financial assets not measured at fair value<br \/>through profit or loss and net gains and losses from modifications(6,571)(6,524)\u00a0\u00a0\u00a0Financial assets at fair value through other comprehensive income(20)(55)\u00a0\u00a0\u00a0Financial assets at amortised cost5(6,551)(6,469)Impairment of investments in subsidiaries, joint ventures and associates, net\u2014\u00a0\u2014\u00a0Impairment on non-financial assets, net(30)(147)\u00a0\u00a0\u00a0Tangible assets(14)(114)\u00a0\u00a0\u00a0Intangible assets(8)(28)\u00a0\u00a0\u00a0Others(8)(5)Gain or losses on non financial assets and investments, net16\u00a0(32)Negative goodwill recognised in results5\u00a022\u00a0Gains or losses on non-current assets held for sale not classified as discontinued operations64\u00a0217\u00a0Operating profit\/(loss) before tax9,9619,104Tax expense or income from continuing operations(2,442)(2,367)Profit\/(loss) for the period from continuing operations7,5196,737Profit\/( loss) after tax from discontinued operations1,895\u00a0726\u00a0Profit\/(loss) for the period9,4147,463Profit attributable to non-controlling interests441\u00a0630\u00a0Profit\/(loss) attributable to the parent8,973\u00a06,833\u00a0Earnings\/(losses) per share3Basic 0.60\u00a00.43\u00a0Diluted0.60\u00a00.43\u00a0<\/p>\n<p>(*) Includes -EUR 364 million at 30 June 2026 (-EUR 299 million at 30 June 2025) derived from the net monetary loss generated in Argentina as a result of the application of IAS 29 Financial reporting in hyperinflationary economies.<\/p>\n<p>The accompanying explanatory Notes 1 to 17 are an integral part of the condensed consolidated income statement<\/p>\n<p>for the six-month period ended 30 June 2026.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-277\"\/><\/p>\n<p>97<\/p>\n<p>GRUPO SANTANDER<\/p>\n<p>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF RECOGNISED INCOME AND EXPENSE <\/p>\n<p>FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2026 AND 2025<\/p>\n<p>(EUR million)<\/p>\n<p>(Debit) \/ Credit<\/p>\n<p>Note<\/p>\n<p>01-01-2026 to 30-06-2026<\/p>\n<p>01-01-2025 to 30-06-2025  <\/p>\n<p>CONSOLIDATED PROFIT\/(LOSS) FOR THE PERIOD9,4147,463OTHER RECOGNISED INCOME AND EXPENSE\u00a03,111(1,374)Items that will not be reclassified to profit or loss11(111)316Actuarial gains and losses on defined benefit pension plans(159)21Non-current assets held for sale\u2014(11)Other recognised income and expense of investments in subsidiaries, joint ventures and associates51Changes in the fair value of equity instruments measured at fair value through other comprehensive income(20)263Gains or losses resulting from the accounting for hedges of equity instruments measured at fair value through other comprehensive income, net\u2014\u2014Changes in the fair value of equity instruments measured at fair value through other comprehensive income (hedged item)44(95)Changes in the fair value of equity instruments measured at fair value through other comprehensive income (hedging instrument)(44)95Changes in the fair value of financial liabilities at fair value through profit or loss attributable to changes in credit risk2460Income tax relating to items that will not be reclassified39(18)Items that may be reclassified to profit or loss113,222(1,690)Hedges of net investments in foreign operations (effective portion)11(838)756Revaluation gains (losses)(838)756Amounts transferred to income statement\u2014\u2014Other reclassifications\u2014\u2014Exchange differences113,737(3,540)Revaluation gains (losses)3,737(3,540)Amounts transferred to income statement\u2014\u2014Other reclassifications\u2014\u2014Cash flow hedges (effective portion)(283)692Revaluation gains (losses)(650)(266)Amounts transferred to income statement367958Transferred to initial carrying amount of hedged items\u2014\u2014Other reclassifications\u2014\u2014Hedging instruments (items not designated)34\u2014Revaluation gains (losses)32\u2014Amounts transferred to income statement2\u2014Other reclassifications\u2014\u2014Debt instruments at fair value with changes in other comprehensive income(331)704Revaluation gains (losses)(273)666Amounts transferred to income statement(58)38Other reclassifications\u2014\u2014Non-current assets held for sale558178Revaluation gains (losses)\u2014178Amounts transferred to income statement558\u2014Other reclassifications\u2014\u2014Share of other recognised income and expense of investments88(28)Income tax relating to items that may be reclassified to profit or loss257(452)Total recognised income and expenses for the year12,5256,089Attributable to non-controlling interests557598Attributable to the parent11,9685,491<\/p>\n<p>The accompanying explanatory Notes 1 to 17 are an integral part of the condensed consolidated statement of recognised income and expense for the six-month period ended 30 June 2026.<\/p>\n<p>98<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-278\"\/>January &#8211; June 2026<\/p>\n<p>GRUPO SANTANDER<\/p>\n<p>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY  <br \/>FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2026 AND 2025<\/p>\n<p>(EUR million)<\/p>\n<p>Capital<\/p>\n<p>Share premium<\/p>\n<p>Equity instruments issued (not capital)<\/p>\n<p>Other equity instruments<\/p>\n<p>Accumulated retained earnings<\/p>\n<p>Revaluation reserves<\/p>\n<p>Other reserves<\/p>\n<p>(-)<\/p>\n<p>\u00a0Own shares<\/p>\n<p>Profit Attributable to shareholders of the parent<\/p>\n<p>(-)<\/p>\n<p>\u00a0Interim dividends<\/p>\n<p>Other comprehensive income<\/p>\n<p>Non-Controlling interest<\/p>\n<p>Total<\/p>\n<p>Other comprehensive income<\/p>\n<p>Other items<\/p>\n<p>Balance as at 31-12-2025<\/p>\n<p>7,345\u00a036,792\u00a0\u2014\u00a0273\u00a091,959\u00a0\u2014\u00a0(7,532)(96)14,101\u00a0(1,698)(37,974)(1,947)11,525\u00a0112,748\u00a0Adjustments due to errors\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Adjustments due to changes in accounting policies\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0<\/p>\n<p>Opening balance as at 01-01-2026 <\/p>\n<p>7,345\u00a036,792\u00a0\u2014\u00a0273\u00a091,959\u00a0\u2014\u00a0(7,532)(96)14,101\u00a0(1,698)(37,974)(1,947)11,525\u00a0112,748\u00a0Total recognised income and expense\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a08,973\u00a0\u2014\u00a02,995\u00a0116\u00a0441\u00a012,525\u00a0Other changes in equity\u2014\u00a0\u2014\u00a0\u2014\u00a082\u00a010,497\u00a0\u2014\u00a0(1,315)(3,719)(14,101)1,698\u00a01,066\u00a0(94)(3,489)(9,375)Issuance of ordinary shares\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Issuance of preferred shares\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Issuance of other financial instruments\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Maturity of other financial instruments\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Conversion of financial liabilities into equity\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Capital reduction\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Dividends\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(1,800)\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(413)(2,213)Purchase of equity instruments\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(4,640)\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(4,640)Disposal of equity instruments\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a016\u00a0921\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0937\u00a0Transfer from equity to liabilities\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Transfer from liabilities to equity\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Transfers between equity items\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a012,297\u00a0\u2014\u00a0(960)\u2014\u00a0(14,101)1,698\u00a01,066\u00a0(94)94\u00a0\u2014\u00a0Increases (decreases) due to business combinations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(3,274)(3,274)Share-based payment\u2014\u00a0\u2014\u00a0\u2014\u00a0(86)\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(86)Others increases or (-) decreases of the equity\u2014\u00a0\u2014\u00a0\u2014\u00a0168\u00a0\u2014\u00a0\u2014\u00a0(371)\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0104\u00a0(99)<\/p>\n<p>Balance as at 30-06-2026<\/p>\n<p>7,345\u00a036,792\u00a0\u2014\u00a0355\u00a0102,456\u00a0\u2014\u00a0(8,847)(3,815)8,973\u00a0\u2014\u00a0(33,913)(1,925)8,477\u00a0115,898\u00a0<\/p>\n<p>The accompanying explanatory Notes 1 to 17 are an integral part of the condensed consolidated statement of changes in total equity <\/p>\n<p>for the six-month period ended 30 June 2026.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-279\"\/><\/p>\n<p>99<\/p>\n<p>GRUPO SANTANDER<\/p>\n<p>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY <\/p>\n<p>FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2026 AND 2025<\/p>\n<p>(EUR million)<\/p>\n<p>Capital<\/p>\n<p>Share premium<\/p>\n<p>Equity instruments issued (not capital)<\/p>\n<p>Other equity instruments<\/p>\n<p>Accumulated retained earnings<\/p>\n<p>Revaluation reserves<\/p>\n<p>Other reserves<\/p>\n<p>(-)<\/p>\n<p>\u00a0Own shares<\/p>\n<p>Profit Attributable to shareholders of the parent<\/p>\n<p>(-)<\/p>\n<p>\u00a0Interim dividends<\/p>\n<p>Other comprehensive income<\/p>\n<p>Non-Controlling interest<\/p>\n<p>Total<\/p>\n<p>Other comprehensive income<\/p>\n<p>Other items<\/p>\n<p>Balance as at 31-12-2024 <\/p>\n<p>7,576\u00a040,079\u00a0\u2014\u00a0217\u00a082,326\u00a0\u2014\u00a0(5,976)(68)12,574\u00a0(1,532)(36,595)(2,020)10,746\u00a0107,327\u00a0Adjustments due to errors\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Adjustments due to changes in accounting policies\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0<\/p>\n<p>Opening balance as at 01-01-2025 <\/p>\n<p>7,576\u00a040,079\u00a0\u2014\u00a0217\u00a082,326\u00a0\u2014\u00a0(5,976)(68)12,574\u00a0(1,532)(36,595)(2,020)10,746\u00a0107,327\u00a0Total recognised income and expense\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a06,833\u00a0\u2014\u00a0(1,342)(32)630\u00a06,089\u00a0Other changes in equity(133)(1,587)\u2014\u00a054\u00a09,628\u00a0\u2014\u00a0(946)63\u00a0(12,574)1,532\u00a0372\u00a020\u00a0(860)(4,431)Issuance of ordinary shares\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Issuance of preferred shares\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Issuance of other financial instruments\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Maturity of other financial instruments\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Conversion of financial liabilities into equity\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Capital reduction(133)(1,587)\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0133\u00a01,587\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Dividends\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(1,643)\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(819)(2,462)Purchase of equity instruments\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(2,021)\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(2,021)Disposal of equity instruments\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a032\u00a0497\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0529\u00a0Transfer from equity to liabilities\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Transfer from liabilities to equity\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Transfers between equity items\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a011,271\u00a0\u2014\u00a0(601)\u2014\u00a0(12,574)1,532\u00a0372\u00a020\u00a0(20)\u2014\u00a0Increases (decreases) due to business combinations\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(5)(5)Share-based payment\u2014\u00a0\u2014\u00a0\u2014\u00a0(66)\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(66)Others increases or (-) decreases of the equity\u2014\u00a0\u2014\u00a0\u2014\u00a0120\u00a0\u2014\u00a0\u2014\u00a0(510)\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(16)(406)<\/p>\n<p>Balance as at 30-06-2025 <\/p>\n<p>7,443\u00a038,492\u00a0\u2014\u00a0271\u00a091,954\u00a0\u2014\u00a0(6,922)(5)6,833\u00a0\u2014\u00a0(37,565)(2,032)10,516\u00a0108,985\u00a0<\/p>\n<p>The accompanying explanatory Notes 1 to 17 are an integral part of the condensed consolidated statement of changes in total equity <\/p>\n<p>for the six-month period ended 30 June 2026.<\/p>\n<p>100<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-280\"\/>January &#8211; June 2026<\/p>\n<p>GRUPO SANTANDER<\/p>\n<p>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS <br \/>FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2026 AND 2025<\/p>\n<p>(EUR million)<\/p>\n<p>Note<\/p>\n<p>30-06-2026<\/p>\n<p>30-06-2025 <\/p>\n<p>A. CASH FLOWS FROM OPERATING ACTIVITIES(19,259)2,604\u00a0Profit\/(loss) for the period9,4147,463Adjustments made to obtain the cash flows from operating activities12,66817,400Depreciation and amortisation cost1,667\u00a01,626\u00a0Other adjustments11,001\u00a015,774\u00a0Net increase\/(decrease) in operating assets101,71433,806Financial assets held-for-trading29,050\u00a09,104\u00a0Non-trading financial assets mandatorily at fair value through profit or loss87\u00a0(398)Financial assets at fair value through profit or loss(178)882\u00a0Financial assets at fair value through other comprehensive income(2,416)(6,706)Financial assets at amortised cost72,690\u00a029,804\u00a0Other operating assets2,481\u00a01,120\u00a0Net increase\/(decrease) in operating liabilities62,77312,664Financial liabilities held-for-trading18,718\u00a05,777\u00a0Financial liabilities designated at fair value through profit or loss 1,029\u00a0(817)Financial liabilities at amortised cost45,633\u00a07,039\u00a0Other operating liabilities (2,607)665\u00a0Income tax recovered\/(paid)(2,400)(1,117)B. CASH FLOWS FROM INVESTING ACTIVITIES6,273\u00a0(563)Payments9,6214,247Tangible assets72,844\u00a03,202\u00a0Intangible assets684\u00a0812\u00a0Investments260\u00a046\u00a0Subsidiaries and other business units23,318\u00a0187\u00a0Non-current assets held for sale and associated liabilities62,515\u00a0\u2014\u00a0Other payments related to investing activities\u2014\u00a0\u2014\u00a0Proceeds15,8943,684Tangible assets72,935\u00a02,927\u00a0Intangible assets\u2014\u00a0\u2014\u00a0Investments175\u00a0275\u00a0Subsidiaries and other business units5,270\u00a053\u00a0Non-current assets held for sale and associated liabilities67,514\u00a0429\u00a0Other proceeds related to investing activities\u2014\u00a0\u2014\u00a0C. CASH FLOW FROM FINANCING ACTIVITIES(5,757)(8,058)Payments9,5008,936Dividends31,800\u00a01,643\u00a0Subordinated liabilities2,345\u00a04,084\u00a0Redemption of own equity instruments\u2014\u00a0\u2014\u00a0Acquisition of own equity instruments4,640\u00a02,021\u00a0Other payments related to financing activities715\u00a01,188\u00a0Proceeds3,743878Subordinated liabilities2,682\u00a0306\u00a0Issuance of own equity instruments11\u2014\u00a0\u2014\u00a0Disposal of own equity instruments944\u00a0542\u00a0Other proceeds related to financing activities117\u00a030\u00a0D. EFFECT OF FOREIGN EXCHANGE RATE DIFFERENCES1,955\u00a0(8,185)E. NET INCREASE\/(DECREASE) IN CASH AND CASH EQUIVALENTS(16,788)(14,202)F. CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD154,796\u00a0192,208\u00a0G. CASH AND CASH EQUIVALENTS AT END OF PERIOD138,008\u00a0178,006\u00a0COMPONENTS OF CASH AND CASH EQUIVALENTS AT END OF PERIODCash6,579\u00a06,807\u00a0Cash equivalents at central banks119,102\u00a0158,978\u00a0Other financial assets12,327\u00a09,770\u00a0Less: Bank overdrafts refundable on demand\u2014\u00a0\u2014\u00a0TOTAL CASH AND CASH EQUIVALENTS AT END OF PERIOD138,008\u00a0175,555\u00a0In which: restricted cash\u2014\u00a0\u2014\u00a0TOTAL CASH AND CASH EQUIVALENTS AT END OF PERIOD ASSOCIATED WITH NON-CURRENT ASSETS HELD FOR SALE6\u2014\u00a02,451\u00a0<\/p>\n<p>The accompanying explanatory Notes 1 to 17 are an integral part of the condensed consolidated statement of cash flow for the six-month period ended 30 June 2026.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-281\"\/><\/p>\n<p>101<\/p>\n<p>Banco Santander, S.A. and Companies composing Grupo Santander<\/p>\n<p>Explanatory notes to the interim condensed consolidated financial statements for the six-month period ended 30 June 2026.<\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0Introduction, basis of presentation of the interim condensed consolidated financial statements and other information<\/p>\n<p>a)\u00a0\u00a0\u00a0\u00a0Introduction<\/p>\n<p>Banco Santander, S.A. (&#8216;the parent&#8217; or &#8216;Banco Santander&#8217;) is a private-law entity subject to the rules and regulations applicable to banks operating in Spain. The Bylaws and other public information of the Bank can be consulted at its registered office at Paseo de Pereda 9 -12, Santander.<\/p>\n<p>In addition to the operations carried on directly by it, Banco Santander is the head of a group of subsidiaries that engage in various business activities and which compose, together with it, Grupo Santander (&#8216;Santander&#8217; or &#8216;The Group&#8217;). <\/p>\n<p>Grupo Santander&#8217;s interim condensed consolidated financial statements (&#8216;interim financial statements&#8217;) for the six-month period ended 30 June 2026 were authorised and approved by Grupo Santander&#8217;s directors at the board of directors meeting held on 21 July 2026. Grupo Santander&#8217;s consolidated annual accounts for year 2025 were approved by shareholders at Banco Santander annual general meeting on 27 March 2026.<\/p>\n<p>b)\u00a0\u00a0\u00a0\u00a0Basis of presentation of the interim financial statements<\/p>\n<p>Under Regulation (EC) n.\u00ba 1606\/2002 of the European Parliament and of the Council of 19 July 2002 all companies governed by the law of an EU Member State and whose securities are admitted to trading on a regulated market of any Member State must prepare their consolidated financial statements for the years beginning on or after 1 January, 2005 in conformity with the International Financial Reporting Standards (&#8216;IFRS&#8217;) previously adopted by the European Union (&#8216;EU-IFRS&#8217;). In order to adapt the accounting system of Spanish credit institutions with the principles and criteria established by the IFRS adopted by the European Union (&#8216;EU-IFRS&#8217;), the Bank of Spain published circular 4\/2017, dated 27 November 2017, and subsequent changes, on Public and Confidential Financial Reporting Standards and Financial Statement Formats.<\/p>\n<p>The consolidated annual accounts for 2025 were authorised at the board of directors meeting on 24 February 2026 in compliance with International Financial Reporting Standards as adopted by the European Union, taking into account Bank of Spain Circular 4\/2017, and subsequent modifications, using the basis of consolidation, accounting policies and measurement bases described in Note 2 to the aforementioned consolidated annual accounts and, accordingly, they presented fairly Grupo Santander\u2019s consolidated equity and consolidated financial position at 31\u00a0December 2025 and the consolidated results of its operations, and the consolidated cash flows in 2025. The aforementioned consolidated annual accounts, which were updated taking into account the changes described later in this section and in Note 12, are included in Grupo Santander\u2019s Form 6-K filed with the U.S. Securities and Exchange Commission on 1 April 2026, and these interim financial statements are also in compliance with International Financial Reporting Standards as issued by the International Accounting Standards Board (&#8216;IFRS-IASB&#8217;, and together with EU-IFRS, &#8216;IFRS&#8217;).<\/p>\n<p>These interim financial statements were prepared and are presented in accordance with International Accounting Standard (IAS 34), Interim Financial Reporting, for the preparation of interim financial statements in accordance with the provisions of article 12 of Royal Decree 1362\/2007 taking into account the requirements of Circular 3\/2018, of June 28, of the Securities and Exchange Commission (CNMV). These interim financial statements will be included in the Half-Yearly Financial Information corresponding to the first half of  2026 that the Group presents in accordance with the aforementioned Circular 3\/2018.<\/p>\n<p>In accordance with IAS 34, the interim financial statements are intended only to provide an update on the content of the latest consolidated annual accounts authorised for issue, focusing on new activities, events and circumstances occurring during the first six months, and does not duplicate information previously reported in the latest consolidated annual accounts. Consequently, these interim financial statements do not include all the information that would be required for a complete set of consolidated annual accounts prepared in accordance with IFRS and, accordingly, for a proper comprehension of the information included in these interim financial statements, they should be read together with Grupo Santander\u2019s consolidated annual accounts for the year ended 31\u00a0December 2025, which are included in Grupo Santander\u2019s Form 6-K filed with the U.S. Securities and Exchange Commission on 1 April 2026.<\/p>\n<p>Grupo Santander policies include presenting the interim financial statements for its use in the different markets using the Euro as its presentation currency. The amounts held in other currencies and the balances of entities whose functional currency is not the Euro, have been translated to the presentation currency in accordance with the criteria indicated in Note 2.a to the consolidated annual accounts for 2025. As indicated in that note, for practical reasons, the balance sheet amounts has been converted to the closing exchange rate, the equity to the historical type, and the income and expenses have been converted by applying the average exchange rate of the period; the application of such exchange rate or that corresponding to the date of each transaction does not lead to significant differences in the interim financial statements of Grupo Santander.<\/p>\n<p>102<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-282\"\/>January &#8211; June 2026<\/p>\n<p>The accounting policies and methods used in preparing these interim financial statements are the same as those applied in the consolidated annual accounts for 2025 including the following accounting standards with an effective application date 1 January 2026, which are detailed below:<\/p>\n<p>\u2022Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures: (i) amendments to classification and measurement requirements related to the assessment of contractual cash flows of certain financial assets (with ESG characteristics, non-recourse or contractually linked); (ii) an accounting policy option for the derecognition of financial liabilities settled through an electronic payment system is included; (iii) the disclosure requirements related to equity instruments designated at fair value through other comprehensive income are amended; (iv) disclosure requirements are included for financial instruments with contingent characteristics that may modify their contractual cash flows.<\/p>\n<p>\u2022Amendments to IFRS 9 and IFRS 7 &#8211;  Nature-dependent electricity contracts for electricity contracts dependent on energy sources and susceptible to variations due to uncontrollable factors, such as weather conditions, this modification: (i) clarifies the application of the &#8216;own use&#8217; requirements; (ii) allows hedge accounting if these contracts were used as hedging instruments; and, (iii) adds new filing requirements for greater clarity on the impact of these contracts.<\/p>\n<p>\u2022Amendments to IFRS Improvement Cycle: introduces minor amendments, effective from 1 January 2026, to the following standards:<\/p>\n<p>\u25e6IFRS 1 First-time Adoption of International Financial Reporting Standards, for hedge accounting in first adoption.<\/p>\n<p>\u25e6IFRS 7 Financial Instruments: Disclosures: updated references and alignment with IFRS 13, as well as clarifications in the Implementation Guidance.<\/p>\n<p>\u25e6IFRS 9 Financial Instruments: amendment to apply derecognition criteria to lease liabilities recorded by the lessee and replacement of the term &#8216;transaction price&#8217; with &#8216;the amount determined in accordance with IFRS 15&#8217;.<\/p>\n<p>\u25e6IFRS10 Consolidated Financial Statements: Determining a &#8216;de facto agent&#8217;.<\/p>\n<p>\u25e6IAS 7 Statement of Cashflows: replacing the term &#8216;cost method&#8217; with &#8216;cost&#8217;.<\/p>\n<p>The aforementioned accounting standards and modifications have not had a significant effect on Grupo Santander\u2019s financial statements. <\/p>\n<p>All accounting policies and measurement bases with a material effect on the interim financial statements for 30 June 2026 were applied in their preparation. <\/p>\n<p>In addition, the Group has implemented a change in the presentation of certain charges in the consolidated income statement. As from the current period, such charges\u2014mainly levies and other expenses\u2014are reported under \u201cOther operating expenses\u201d rather than under \u201cOther provisions\u201d.<\/p>\n<p>During the first half of 2026, the Group continued working on the implementation project of IFRS 18, &#8220;Presentation and Disclosure in Financial Statements&#8221;, which will come into effect on 1 January 2027. With the information analyzed up to the authorization of these interim financial statements, no significant impacts arising from its adoption have been identified.<\/p>\n<p>By the time of the preparation of these interim financial statements, there are no standards pending adoption by the European Union for the current exercise by the IASB with an effective date of 1 January 2026.<\/p>\n<p>c)\u00a0\u00a0\u00a0\u00a0 Use of critical estimates <\/p>\n<p>The consolidated results and the determination of the consolidated equity are sensitive to the accounting principles and policies, valuation criteria and estimates used by the directors of Banco Santander in preparing the interim financial statements. The main accounting principles, policies, and valuation criteria are indicated in Note 2 of the consolidated annual accounts of the year 2025, except for those indicated in these interim financial statements due to the accounting standards and modifications that have come into effect during the first six months of the year 2026.<\/p>\n<p>The interim financial statements contain estimates made by the senior management of Banco Santander and of the consolidated entities in order to quantify certain of the assets, liabilities, income, expenses and obligations reported in the consolidated entities. These estimates, which were made on the basis of the best information available, relate mainly to the following:<\/p>\n<p>\u2022The income tax expense, which is recognised in interim periods based on the best estimate of the weighted average tax rate expected by Grupo Santander for the full financial year; <\/p>\n<p>\u2022The impairment losses on certain assets \u2013 financial assets at fair value through other comprehensive income, financial assets at amortised cost, non-current assets held for sale, investments in subsidiaries, joint ventures and associates, tangible assets and intangible assets;<\/p>\n<p>\u2022The assumptions used in the calculation of the post-employment benefit liabilities and commitments and other obligations;<\/p>\n<p>\u2022The useful life of the tangible and intangible assets;<\/p>\n<p>\u2022The measurement of goodwill impairment arising on consolidation; <\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-283\"\/><\/p>\n<p>103<\/p>\n<p>\u2022The calculation of provisions and the consideration of contingent liabilities;<\/p>\n<p>\u2022The fair value of certain unquoted assets and liabilities; <\/p>\n<p>\u2022The recoverability of deferred tax assets;<\/p>\n<p>\u2022The fair value of the identifiable assets acquired and the liabilities assumed in business combinations in accordance with IFRS 3; and<\/p>\n<p>\u2022The measurement of assets under reinsurance contracts and liabilities under insurance contracts.<\/p>\n<p>To update the previous estimates, the Group&#8217;s management has considered the current macroeconomic scenario, characterized by an uncertain geopolitical environment and its impact on economic activity and inflation, as well as the evolution of monetary and fiscal policies in major economies. The analysis also considers developments of interest rates, credit spreads, and currency movements, along with labor market trends in the geographies in which the Group operates. <\/p>\n<p>In this context, the Group&#8217;s management has evaluated the main uncertainties caused by the current environment, in particular,  in relation to credit risk, maintaining active oversight of clients in geographies and sectors more exposed to international trade tensions, global geopolitical uncertainty and the impact of public debt containment policies or fiscal stimulus measures, liquidity and market risks. All of the above, taking into account the best available information, to estimate the impact on the credit portfolio&#8217;s impairment provision, and in the debt instruments&#8217; interest rates and valuation.<\/p>\n<p>During the six-month period ended on 30 June 2026, there were no additional significant changes to the estimates made at the end of the 2025 financial year, other than those indicated in these interim financial statements. <\/p>\n<p>d)\u00a0\u00a0\u00a0\u00a0Contingent assets and liabilities <\/p>\n<p>Note 25 to Grupo Santander&#8217;s consolidated annual accounts for the year ended 31\u00a0December 2025 includes information on the contingent assets and liabilities at that date. There were no significant changes in Grupo Santander&#8217;s contingent assets and liabilities from 31\u00a0December 2025 to the date of formal preparation of these interim financial statements.<\/p>\n<p>e)\u00a0\u00a0\u00a0Comparative information<\/p>\n<p>The information contained in the interim income statement for the first six months of 2025 has been modified as a result of the retrospective application of the change in the presentation of certain charges in the amount of EUR 238 million, mainly levies and other expenses, of which EUR 204 million have been reclassified from the line item &#8216;Other provisions&#8217; to the line item &#8216;Other operating expenses&#8217; (see Note 1.b).<\/p>\n<p>Likewise, the information in Note 12 related to segment information for June 2025 has been restated, in accordance with the changes in the segments&#8217; composition of Grupo Santander, as required by IFRS 8 (see Note 12).<\/p>\n<p>In order to interpret the changes in the balances with respect to 31\u00a0December 2025, it is necessary to take into consideration the exchange rate effect arising from the volume of foreign currency balances held by the Group in view of its geographic diversity (Note 51.b to the consolidated annual accounts for the annual year ended 31\u00a0December 2025) and the impact of the appreciation\/depreciation of the various currencies against the euro in the first six months of 2026: Mexican peso (5.81%), US dollar (2.88%), Brazilian real (9.18%), Argentinian peso (0.80%), Pound sterling (1.39%) and Chilean peso (0.63%); as well as the evolution of the average exchange rates between comparable periods: Mexican peso (7.02%), US dollar (-5.45%), Brazilian real (5.09%), Pound sterling (-2.47%) and Chilean peso (1.11%).<\/p>\n<p>f)\u00a0\u00a0\u00a0\u00a0 Seasonality of the Grupo Santander\u2019s transactions<\/p>\n<p>The business activities carried on by Grupo Santander entities, and their transactions are not cyclical or seasonal in nature. Therefore, no specific disclosures are included in these explanatory notes to the interim financial statements for the six-month period ended 30 June 2026.<\/p>\n<p>g)\u00a0\u00a0\u00a0\u00a0Materiality<\/p>\n<p>In determining the note disclosures to be made on the various items in the interim financial statements or other matters, Grupo Santander, in accordance with IAS 34, took into account their materiality in relation to the interim financial statements for the six-month period ended 30 June 2026.<\/p>\n<p>h)\u00a0\u00a0\u00a0\u00a0Events after the reporting period<\/p>\n<p>From 1 July to the date of authorization of these interim financial statements for the six months of 2026, no significant events other than those indicated therein have occurred.<\/p>\n<p>104<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-284\"\/>January &#8211; June 2026<\/p>\n<p>2.\u00a0\u00a0\u00a0\u00a0Grupo Santander<\/p>\n<p>Appendices I, II and III to the consolidated annual accounts for the year ended 31\u00a0December 2025 provide relevant information on Grupo Santander companies at that date and on the companies accounted for under the equity method.<\/p>\n<p>Also, Note 3 to the aforementioned consolidated annual accounts includes a description of the most significant acquisitions and disposals of companies performed by Grupo Santander in 2025, 2024 and 2023.<\/p>\n<p>The most significant transactions carried out during the first six months of 2026 or pending execution at 30 June 2026 are described below: <\/p>\n<p>Agreement for the acquisition of Webster Financial Corporation<\/p>\n<p>On 3 February 2026, Banco Santander announced that it had reached an agreement to acquire Webster, the parent company of Webster Bank, N.A., for approximately USD 12,200\u00a0million (around EUR 10,300\u00a0million). Webster shareholders will receive USD 48.75 in cash and 2.0548 Santander shares for each Webster share, resulting in a total consideration of USD 75 per Webster share. Completion of the transaction is expected to take place in the second half of 2026.<\/p>\n<p>Agreement for the sale of 49% of Santander Bank Polska S.A and accelerated placement of ordinary shares <\/p>\n<p>On 9 January 2026, Banco Santander announced an agreement to sell the 49% of the share capital of Santander Bank Polska S.A. (Santander Bank Polska) to Erste Group Bank AG at a price of 584 zlotys per share, as well as the 50% of Santander Towarzystwo Funduszy Inwestycyjnych S.A. (TFI, the asset management business in Poland) owned directly by Banco Santander, S.A., for a total amount of EUR 7,035\u00a0million. <\/p>\n<p>Following these transactions and the accelerated placement of ordinary shares announced on 2 December 2025, representing approximately 3.5% of its share capital, Banco Santander holds 9.7% of Santander Bank Polska&#8217;s share capital (58.7% as of 31 December 2025).<\/p>\n<p>The remaining share capital has been classified under the heading &#8216;Financial assets at fair value through other comprehensive income &#8211; Equity instruments&#8217;, initially recognised at the loss of control-date fair value, amounting to EUR 1,310\u00a0million.<\/p>\n<p>The profit (loss) for the year from discontinued operations as at 30 June 2026 amounts to EUR 1,895\u00a0million, entirely attributable to the net gain on disposal after deducing related costs. As the transaction was completed in the first days of the fiscal year, no significant operating results were recognised during the period. <\/p>\n<p>The main additional accounting effects arising from the transaction have been as follows:<\/p>\n<p>\u2022Disposal of assets and liabilities previously classified as held for sale amounted to EUR 9,098\u00a0million.<\/p>\n<p>\u2022Disposal of non-controlling interests amounted to EUR 3,274\u00a0million.<\/p>\n<p>\u2022Reclassification to accumulated losses through other comprehensive income, mainly due to foreign currency balance translation differences amounted to EUR 697\u00a0million.<\/p>\n<p>Additionally, as part of this transaction, on 23 December 2025, Santander Consumer, S.A. acquired 60% of Santander Consumer Bank Polska, which was owned by Santander Bank Polska, for PLN 3,105\u00a0million (EUR 726\u00a0million). This transaction had no significant impact on the Group\u00b4s consolidated financial statements.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-285\"\/><\/p>\n<p>105<\/p>\n<p>Agreement for the acquisition of TSB Banking Group Limited<\/p>\n<p>As of 30 April 2026, following the receipt of the relevant regulatory approvals and the satisfaction of the conditions to which the transaction was subject, Banco Santander completed the acquisition of 100% of TSB Banking Group Limited (&#8216;TSB&#8217;) from Banco de Sabadell, for a cash consideration of GBP 2,867\u00a0million (EUR 3,318\u00a0million). TSB is a retail banking franchise in the United Kingdom, operating primarily in the personal and small business banking segments, and it will be integrated into Santander UK.<\/p>\n<p>For the purposes of the Group\u2019s consolidated financial statements, the business combination has been accounted for using the acquisition method under IFRS 3, and since the acquisition date TSB has been fully consolidated in the Group\u2019s consolidated financial statements.<\/p>\n<p>In accordance with IFRS 3, the Group has measured the identifiable assets acquired and liabilities assumed at fair value. Such fair values are provisional and may be finalized within the one-year measurement period permitted under the standard. In this regard, the valuations performed by the Group represent the best estimates available as of the date of authorization of these Interim Financial Statements and are therefore provisional in nature and should not be considered final. Nevertheless, the Group does not expect significant changes to these amounts before the expiry of the measurement period available to finalize the valuation. The detail of the provisional fair values of the identifiable assets acquired and liabilities assumed at the acquisition date is set out below:<\/p>\n<p>30 April 2026<\/p>\n<p>EUR Million<\/p>\n<p>Cash and balances with central banks5,270Financial instruments3,953Deposits with credit institutions223Loans to customers41,583Financial assets at fair value through other comprehensive income517Intangible assets (*)427Tangible assets169Other assets205Total assets52,347Cash and balances with central banks689Financial instruments614Loans from customers40,483Debt securities in issue and other financial liabilities5,603Subordinated debt345Other liabilities1,778Total liabilities49,512Net assets \/ (liabilities)2,835Consideration transferred for the business combination3,318Other equity instruments acquired294Goodwill777<\/p>\n<p>(*) In the purchase price allocation exercise, intangible assets amounting to EUR 393\u00a0million were identified, mainly associated with customer deposits.<\/p>\n<p>Goodwill arose as the fair value of the net assets acquired was lower than the consideration transferred. The goodwill mainly reflects the expected revenue and cost synergies arising from the business combination and the benefits of future technology integration. The goodwill recognized is not expected to be deductible for corporate income tax purposes.<\/p>\n<p>The contribution of the acquired business to the Group\u2019s attributable profit from the acquisition date, and the impact on the Group\u2019s attributable profit assuming the transaction had been completed on 1 January 2026, are not material.<\/p>\n<p>106<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-286\"\/>January &#8211; June 2026<\/p>\n<p>3.\u00a0\u00a0\u00a0\u00a0Shareholder remuneration system and earnings per share<\/p>\n<p>a)\u00a0\u00a0\u00a0Shareholder remuneration system <\/p>\n<p>The cash remuneration paid by Banco Santander to its shareholders in the first six months of 2026 and 2025 was as follows:<\/p>\n<p>30-06-202630-06-2025% of par <br \/>valueEuros per <br \/>shareAmount <br \/>(EUR million)% of par <br \/>valueEuros per <br \/>shareAmount <br \/>(EUR million)Ordinary shares25.00\u00a0%0.125\u00a01,80122.00%0.110\u00a01,643\u00a0Other shares (without vote, redeemable, etc.)\u2014\u2014\u00a0\u2014\u2014\u00a0\u2014\u00a0\u2014\u00a0Total remuneration paid25.00\u00a0%0.125\u00a01,80122.00%0.110\u00a01,643\u00a0Dividend paid out of profit25.00\u00a0%0.125\u00a01,80122.00%0.110\u00a01,643\u00a0Dividend paid with a charge to reserves or share premium\u2014\u2014\u00a0\u2014\u2014\u00a0\u2014\u00a0\u2014\u00a0Dividend in kind\u2014\u2014\u00a0\u2014\u2014\u00a0\u2014\u00a0\u2014\u00a0Flexible payment\u2014\u2014\u2014\u2014\u00a0\u2014\u00a0\u2014\u00a0<\/p>\n<p>At the Board of Directors meeting held on 24 February 2026, it was agreed to pay a complementary dividend in cash against 2025 results of EUR 12.5 cents per share which was paid on 5 May 2026, which was approved by the general meeting of shareholders on 27 March 2026. <\/p>\n<p>Likewise, on 4 February 2026 a second buyback program on account of the 2025 and expected excess capital was launched for a maximum total amount of EUR 5,030 million, of which EUR 1,830\u00a0million corresponds to an amount equivalent to 25% of the Group\u2019s underlying profit in the second half of 2025, and the remaining EUR 3,200\u00a0million corresponds to 50% of the capital released following completion of the sale of the 49% stake in Santander Bank Polska. A capital reduction resolution approved by the general meeting of shareholders will enable the cancellation of the treasury shares acquired under this second buyback programme.<\/p>\n<p>At the general meeting of shareholders held on 4 April 2025, it was agreed to pay an interim dividend in cash against 2024 results of EUR 11 cents per share agreed by the board of directors on 25 February 2025, which became effective on 2 May 2025. Likewise, on 6 February 2025 a buyback program on account of the 2024 results was started for a maximum amount of EUR 1,587\u00a0million, which finalized on June 2025.<\/p>\n<p>b)\u00a0\u00a0\u00a0Earnings per share from continuing and discontinued operations<\/p>\n<p>i. Basic earnings per share<\/p>\n<p>Basic earnings per share for the period are calculated by dividing the net profit attributable to Grupo Santander for the first six months adjusted by the after-tax amount relating to the remuneration of contingently convertible preference shares and contingently convertible perpetual obligations recognised in equity by the weighted average number of ordinary shares outstanding during the period, excluding the average number of treasury shares held in the period.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-287\"\/><\/p>\n<p>107<\/p>\n<p>Accordingly:<\/p>\n<p>30-06-2026<\/p>\n<p>30-06-2025<\/p>\n<p>Profit attributable to the Parent (EUR million)8,973\u00a06,833\u00a0Remuneration of contingently convertible preferred securities (CCPS) (EUR million)(318)(310)8,655\u00a06,523\u00a0Of which:Profit or Loss from discontinued operations (non controlling interest net) (EUR million)1,895\u00a0454\u00a0Profit or Loss from continuing operations (CCPS net) (EUR million)6,760\u00a06,069\u00a0Weighted average number of shares outstanding14,458,003,078\u00a014,995,834,683\u00a0Basic earnings per share (euros)0.60\u00a00.43\u00a0Of which: from discontinued operations (euros)0.13\u00a00.03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0from continuing operations (euros)0.47\u00a00.40\u00a0<\/p>\n<p>ii. Diluted earnings per share<\/p>\n<p>Diluted earnings per share for the period are calculated by dividing the net profit attributable to Grupo Santander for the first six months adjusted by the after-tax amount relating to the remuneration of contingently convertible preference shares recognised in equity and of perpetual liabilities contingently amortisable in their case by the weighted average number of ordinary shares outstanding during the period, excluding the average number of treasury shares and adjusted for all the dilutive effects inherent to potential ordinary shares (share options, warrants and convertible debt instruments).<\/p>\n<p>Accordingly, diluted earnings per share were determined as follows:<\/p>\n<p>30-06-2026<\/p>\n<p>30-06-2025<\/p>\n<p>Profit attributable to the Parent (EUR million)8,9736,833\u00a0Remuneration of contingently convertible preferred securities (CCPS) (EUR million)(318)(310)8,655\u00a06,523\u00a0Of which:Profit or Loss from discontinued operations (non controlling interest net) (EUR million)1,895\u00a0454\u00a0Profit or Loss from continuing operations (CCPS net) (EUR million)6,760\u00a06,069\u00a0Weighted average number of shares outstanding14,458,003,078\u00a014,995,834,683\u00a0Dilutive effect of options\/receipt of shares82,062,704\u00a081,043,722\u00a0Adjusted number of shares14,540,065,782\u00a015,076,878,405\u00a0Diluted earnings per share (euros)0.60\u00a00.43\u00a0Of which: from discontinued operations (euros)0.13\u00a00.03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0from continuing operations (euros)0.47\u00a00.40\u00a0<\/p>\n<p>108<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-288\"\/>January &#8211; June 2026<\/p>\n<p>4.\u00a0\u00a0\u00a0\u00a0Remuneration and other benefits paid to Banco Santander\u2019s directors and senior managers<\/p>\n<p>Note 5 to Grupo Santander\u2019s consolidated annual accounts for the year ended 31\u00a0December 2025 details the remuneration and other benefits to members of Banco Santander\u2019s Board of Directors and senior management in 2025.<\/p>\n<p>Following is a summary of the most significant data on the remunerations and benefits for the six-month periods ended\u00a030 June 2026 and 2025:<\/p>\n<p>Remuneration of members of the board of directors (1)<\/p>\n<p>EUR thousand<\/p>\n<p>30-06-2026<\/p>\n<p>30-06-2025<\/p>\n<p>Members of the board of directors: (2)Remuneration conceptFixed salary remuneration of executive directors3,4573,292Variable salary remuneration of executive directors\u2014\u00a0\u2014\u00a0Directors&#8217; fees537622Bylaw-stipulated emoluments (annual emolument)2,0952,021Other1,7502,3617,839\u00a08,296\u00a0<\/p>\n<p>1.The Notes to the consolidated annual accounts for 2026 will contain detailed and complete information on the remuneration paid to all the directors, including executive directors. <\/p>\n<p>2.Ms. Homaira Akbari stepped down as member of the board of directors on 27 March 2026.  From 12 May 2026, Ms. Deborah Stern Vieitas joined the board of directors.<\/p>\n<p>Other benefits of members of the board of directors<\/p>\n<p>EUR thousand<\/p>\n<p>30-06-2026<\/p>\n<p>30-06-2025<\/p>\n<p>Members of the board of directorsOther benefitsAdvances\u2014\u00a0\u2014\u00a0Loans granted230\u00a0262\u00a0Pension funds and plans: Endowments and\/or contributions (1)1,284\u00a01,208\u00a0Pension funds and plans: Accumulated rights (2)90,265\u00a082,578\u00a0Life insurance premiums634\u00a0928\u00a0Guarantees provided for directors\u2014\u00a0\u2014\u00a0<\/p>\n<p>1. These correspond to the endowments and\/or contributions made during the first six months of 2026 and 2025 in respect of retirement pensions, widowhood, orphanhood and permanent disability.<\/p>\n<p>2. Corresponds to the rights accrued by the directors in matters of pensions. Additionally, former members of the board had at 30 June 2026 and 30 June 2025 rights accrued for this concept for EUR 41,098 thousand and EUR 42,662 thousand, respectively.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-289\"\/><\/p>\n<p>109<\/p>\n<p>Remuneration of senior management (1) (2)<\/p>\n<p>The table below includes the corresponding amounts related to remunerations of senior management at 30 June 2026 and 2025, excluding the executive directors:<\/p>\n<p>EUR thousand<\/p>\n<p>30-06-2026<\/p>\n<p>30-06-2025<\/p>\n<p>Senior management (1)Total remuneration of senior management (2)16,320\u00a015,540\u00a0<\/p>\n<p>1.Remunerations received during the first six months by members of the senior management who ceased in their functions by 30 June 2026, amounted to EUR 1,362 thousand (EUR 0 thousand by 30 June 2025). <\/p>\n<p>2.The number of members of Banco Santander&#8217;s senior management, excluding executive directors, is 15 as of 30 June 2026 (15 persons as of 30 June 2025)<\/p>\n<p>The variable annual remuneration (or bonuses) received for fiscal year 2025, both for directors and the rest of senior management, were included in the information on remuneration included in the annual report for that year. Similarly, the variable remuneration attributable to the 2026 results, which will be submitted for approval by the Board of Directors at the appropriate time, will be included in the financial statements for the current year.<\/p>\n<p>Funds and pension plans of senior management<\/p>\n<p>EUR thousand<\/p>\n<p>30-06-2026<\/p>\n<p>30-06-2025<\/p>\n<p>Senior management (1)Pension funds: Endowments and \/ or contributions (2)2,387\u00a02,708\u00a0Pension funds: Accumulated rights (3)55,264\u00a053,863\u00a0<\/p>\n<p>1.During the first six months of 2026 and 2025, no contributions were made to pension funds for members who had ceased in their functions during those periods.<\/p>\n<p>2.Corresponds to the allocations and\/or contributions made during the first six months of 2026 and 2025 as retirement pensions.<\/p>\n<p>3.Corresponds to the rights accrued by members of senior management in the area of pensions. In addition, former members of senior management had at 30 June 2026 and 30 June 2025 rights accumulated for this same concept for EUR 77,811 thousand and EUR 73,141 thousand, respectively.<\/p>\n<p>110<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-290\"\/>January &#8211; June 2026<\/p>\n<p>5.\u00a0\u00a0\u00a0\u00a0Financial assets<\/p>\n<p>  a)\u00a0\u00a0\u00a0Breakdown<\/p>\n<p>The detail, by nature and category for measurement purposes, of Grupo Santander&#8217;s financial assets, other than the balances relating to Cash, cash balances at central banks and other deposits on demand and Hedging derivatives, at\u00a030 June 2026 and 31\u00a0December 2025 is as follows, presented by the nature and categories for valuation purposes:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>Financial <br \/>assets\u00a0held  <br \/>for\u00a0tradingNon-trading  <br \/>financial <br \/>\u00a0assets  <br \/>\u00a0mandatorily  <br \/>\u00a0at\u00a0fair\u00a0value  <br \/>\u00a0through  <br \/>profit\u00a0or\u00a0lossFinancial  <br \/>\u00a0assets  <br \/>\u00a0designated  <br \/>\u00a0at\u00a0fair\u00a0value  <br \/>\u00a0through  <br \/>profit\u00a0or\u00a0lossFinancial  <br \/>\u00a0assets\u00a0at\u00a0fair  <br \/>\u00a0value\u00a0through  <br \/>\u00a0other  <br \/>\u00a0comprehensive  <br \/>incomeFinancial  <br \/>\u00a0assets\u00a0at  <br \/>\u00a0amortised  <br \/>costDerivatives59,246\u00a0Equity instruments23,105\u00a06,278\u00a03,602\u00a0Debt instruments113,686\u00a0247\u00a02,894\u00a058,970\u00a0165,861\u00a0Loans and advances90,904\u00a01,533\u00a04,990\u00a012,799\u00a01,168,490\u00a0Central Banks18,524\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a017,156\u00a0Credit institutions23,072\u00a0\u2014\u00a0436\u00a0355\u00a070,011\u00a0Customers49,308\u00a01,533\u00a04,554\u00a012,444\u00a01,081,323\u00a0Total286,941\u00a08,058\u00a07,884\u00a075,371\u00a01,334,351\u00a0EUR million<\/p>\n<p>31-12-2025<\/p>\n<p>Financial <br \/>assets\u00a0held  <br \/>for\u00a0tradingNon-trading  <br \/>financial <br \/>\u00a0assets  <br \/>\u00a0mandatorily  <br \/>\u00a0at\u00a0fair\u00a0value  <br \/>\u00a0through  <br \/>profit\u00a0or\u00a0lossFinancial  <br \/>\u00a0assets  <br \/>\u00a0designated  <br \/>\u00a0at\u00a0fair\u00a0value  <br \/>\u00a0through  <br \/>profit\u00a0or\u00a0lossFinancial  <br \/>\u00a0assets\u00a0at\u00a0fair  <br \/>\u00a0value\u00a0through  <br \/>\u00a0other  <br \/>\u00a0comprehensive  <br \/>incomeFinancial  <br \/>\u00a0assets\u00a0at  <br \/>\u00a0amortised  <br \/>costDerivatives58,355\u00a0Equity instruments22,030\u00a05,815\u00a02,281\u00a0Debt instruments98,568\u00a0245\u00a02,894\u00a058,305\u00a0140,014\u00a0Loans and advances73,365\u00a01,701\u00a05,152\u00a014,026\u00a01,062,675\u00a0Central Banks14,632\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a015,986\u00a0Credit institutions25,967\u00a0\u2014\u00a0413\u00a01,120\u00a061,513\u00a0Customers32,766\u00a01,701\u00a04,739\u00a012,906\u00a0985,176\u00a0<\/p>\n<p>Total<\/p>\n<p>252,318\u00a07,761\u00a08,046\u00a074,612\u00a01,202,689\u00a0January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-291\"\/><\/p>\n<p>111<\/p>\n<p>Following is the gross exposure of financial assets subject to impairment stages at 30 June 2026 and 31\u00a0December 2025:<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Gross AmountGross AmountStage 1Stage 2Stage 3TotalStage 1Stage 2Stage 3TotalFinancial assets at fair value through other comprehensive income71,266\u00a0428\u00a0153\u00a071,847\u00a071,559\u00a0737\u00a0122\u00a072,418\u00a0Debt instruments58,974\u00a0\u2014\u00a0\u2014\u00a058,974\u00a058,290\u00a020\u00a0\u2014\u00a058,310\u00a0Loans and advances12,292\u00a0428\u00a0153\u00a012,873\u00a013,269\u00a0717\u00a0122\u00a014,108\u00a0\u00a0\u00a0\u00a0Central Banks\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u00a0\u00a0\u00a0Credit institutions  355\u00a0\u2014\u00a0\u2014\u00a0355\u00a01,120\u00a0\u2014\u00a0\u2014\u00a01,120\u00a0\u00a0\u00a0\u00a0Customers11,937\u00a0428\u00a0153\u00a012,518\u00a012,149\u00a0717\u00a0122\u00a012,988\u00a0Financial assets at amortised cost1,233,331\u00a088,116\u00a035,463\u00a01,356,910\u00a01,109,395\u00a082,323\u00a032,251\u00a01,223,969\u00a0Debt instruments163,464\u00a01,573\u00a01,498\u00a0166,535\u00a0138,219\u00a01,460\u00a0842\u00a0140,521\u00a0Loans and advances1,069,867\u00a086,543\u00a033,965\u00a01,190,375\u00a0971,176\u00a080,863\u00a031,409\u00a01,083,448\u00a0\u00a0\u00a0\u00a0Central Banks17,156\u00a0\u2014\u00a0\u2014\u00a017,156\u00a015,986\u00a0\u2014\u00a0\u2014\u00a015,986\u00a0\u00a0\u00a0\u00a0Credit institutions69,984\u00a033\u00a0\u2014\u00a070,017\u00a061,517\u00a0\u2014\u00a0\u2014\u00a061,517\u00a0\u00a0\u00a0\u00a0Customers982,727\u00a086,510\u00a033,965\u00a01,103,202\u00a0893,673\u00a080,863\u00a031,409\u00a01,005,945\u00a0Total1,304,597\u00a088,544\u00a035,616\u00a01,428,757\u00a01,180,954\u00a083,060\u00a032,373\u00a01,296,387\u00a0<\/p>\n<p>On 30 June 2026, Grupo Santander has EUR 859 million (EUR 315 million on 31\u00a0December 2025) of exposure in impaired assets purchased with impairment, with a provision of EUR 70 million, which mainly correspond to the business combinations carried out by Grupo Santander. Of the aforementioned amount, EUR 493 million come from the acquisition of TSB (see Note 2).<\/p>\n<p>b)\u00a0\u00a0\u00a0\u00a0Impairment allowances of financial assets at amortised cost portfolio<\/p>\n<p>The following is the movement that has taken place, during the six-month periods ended 30 June 2026 and 2025, in the balance of provisions that cover losses due to impairment of assets which comprise the heading balance of the financial assets at amortised cost:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>30-06-2025<\/p>\n<p>Balance as at beginning of period21,595\u00a022,326\u00a0Impairment losses charged to income for the period7,394\u00a07,314\u00a0Of which:Impairment losses charged to income14,814\u00a014,514\u00a0Impairment losses reversed with a credit to income(7,420)(7,200)Write-off of impaired balances against recorded impairment allowance(6,350)(6,780)Exchange differences and other778\u00a0(1,774)Balance as at end of period23,417\u00a021,086\u00a0Of which, relating to:Impaired assets15,443\u00a013,607\u00a0Other assets7,974\u00a07,479\u00a0Of which:Individually calculated2,850\u00a02,628\u00a0Collectively calculated20,567\u00a018,458\u00a0<\/p>\n<p>112<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-292\"\/>January &#8211; June 2026<\/p>\n<p>Previously written-off assets recovered during the first six months of 2026 and 2025 amount to EUR 843 million and to EUR 845 million, respectively. Considering these amounts, the recorded impairment of financial assets at amortised cost is EUR 6,551 million and EUR 6,469 million at 30 June 2026 and 30 June 2025.<\/p>\n<p>Following is the movement of the loan loss provision broken down by impairment stage of loans and advances to customers recognised under &#8216;Financial assets at amortised cost&#8217; as at 30 June 2026 and 30 June 2025:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>Stage\u00a01Stage\u00a02Stage\u00a03TotalImpairment allowance as at beginning of period2,975\u00a04,623\u00a013,478\u00a021,076\u00a0Transfers between stages(577)484\u00a04,702\u00a04,609\u00a0Net changes of the exposure and modifications in the credit risk850\u00a0(485)2,383\u00a02,748\u00a0Write-offs\u2014\u00a0\u2014\u00a0(6,298)(6,298)Exchange differences and other(94)75\u00a0543\u00a0524\u00a0Carrying amount at end of period3,154\u00a04,697\u00a014,808\u00a022,659\u00a0EUR million<\/p>\n<p>30-06-2025<\/p>\n<p>Stage\u00a01Stage\u00a02Stage\u00a03TotalImpairment allowance as at beginning of period3,281\u00a04,735\u00a013,967\u00a021,983\u00a0Transfers between stages(769)596\u00a03,925\u00a03,752\u00a0Net changes of the exposure and modifications in the credit risk663\u00a0(469)3,313\u00a03,507\u00a0Write-offs\u2014\u00a0\u2014\u00a0(6,717)(6,717)Exchange differences and other(217)(411)(1,208)(1,836)Carrying amount at end of period2,958\u00a04,451\u00a013,280\u00a020,689\u00a0<\/p>\n<p>c)\u00a0\u00a0Impaired assets of financial assets at amortised cost portfolio<\/p>\n<p>The movement during the six-month periods ended 30 June 2026 and 2025, in the balance of financial assets classified at amortised cost and considered impaired by reason for the credit risk is as follows:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>30-06-2025<\/p>\n<p>Balance as at beginning of period32,297\u00a034,206\u00a0Net additions8,564\u00a06,119\u00a0Written-off assets(6,350)(6,780)Perimeter Changes502\u00a0\u2014\u00a0Exchange differences and other1,044\u00a0(2,549)Balance at end of period36,057\u00a030,996\u00a0<\/p>\n<p>This amount, after deducting the related allowances, represents Grupo Santander&#8217;s best estimate of the discounted value of the flows that are expected to be recovered from the impaired assets. <\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-293\"\/><\/p>\n<p>113<\/p>\n<p>d)\u00a0\u00a0Collaterals received<\/p>\n<p>Following is the breakdown of the value of the collaterals received to ensure the collection of the financial assets that comprise the heading of financial assets at amortized cost, distinguishing between real collaterals and other collaterals at 30 June 2026 and 31\u00a0December 2025:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Real collaterals value673,085\u00a0604,281\u00a0Of which: Impaired 11,857\u00a011,072\u00a0Other collaterals value102,125\u00a0100,726\u00a0Of which: Impaired 2,218\u00a01,809\u00a0Total value of the collaterals received775,210\u00a0705,007\u00a0<\/p>\n<p>e)\u00a0\u00a0Fair value of financial assets not measured at fair value<\/p>\n<p>Following is a comparison of the carrying amounts of Grupo Santander\u2019s financial assets measured at other than fair value and their respective fair values at 30 June 2026 and 31\u00a0December 2025:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Carrying <br \/>amountFair\u00a0<br \/>valueCarrying <br \/>amountFair\u00a0<br \/>valueLoans and advances1,168,490\u00a01,167,161\u00a01,062,675\u00a01,062,981\u00a0Debt instruments165,861\u00a0164,914\u00a0140,014\u00a0139,242\u00a0ASSETS1,334,351\u00a01,332,075\u00a01,202,689\u00a01,202,223\u00a0<\/p>\n<p>The main valuation methods and inputs used in the estimation of the fair value of the financial assets of the previous table are detailed in Note 51.c of the consolidated annual accounts for the year 2025.<\/p>\n<p>6.\u00a0\u00a0\u00a0\u00a0Non-current assets held for sale and liabilities associated with non-current assets held for sale<\/p>\n<p>The detail, by nature, of Grupo Santander\u2019s non-current assets held for sale and liabilities associated with non-current assets held for sale at 30 June 2026 and 31\u00a0December 2025 is as follows presented by nature:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Tangible assets2,8572,850Foreclosed assets2,4872,487\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Of which Property assets in Spain 1,6431,705Other tangible assets held for sale370363Entities held for sale\u201472,148Santander Bank Polska (Note 2)\u201472,148Other assets913Total Assets associated with non-current assets held for sale2,866\u00a075,011\u00a0EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Entities held for saleSantander Bank Polska  (Note 2)\u201462,995Total Liabilities associated with non-current assets held for sale\u2014\u00a062,995\u00a0<\/p>\n<p>114<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-294\"\/>January &#8211; June 2026<\/p>\n<p>The balance of the provisions for tangible assets at 30 June 2026 is EUR 2,241 million (EUR 2,357 million at 31\u00a0December 2025). The charges recorded in the first six months of 2026 and 2025 amounted to EUR 30 million and EUR 54 million, respectively, and the recoveries undergone during those periods amount to EUR 12 million and EUR 7 million, respectively.<\/p>\n<p>Assets and liabilities from entities held for sale<\/p>\n<p>As mentioned in Note 2, on 9 January 2026 the sale of 49% of the share capital of Santander Bank Polska and 50% of its asset management business in Poland to Erste Group Bank AG was completed. <\/p>\n<p>The changes in the accounting balances of the Polish business for sale between 31 December 2025, and the closing date of the transaction, 9 January 2026, are not material for the purposes of these consolidated condensed interim financial statements.<\/p>\n<p>The consolidated condensed balance sheet as of 31 December 2025 the consolidated condensed income statement, and the consolidated statement of cash flows for the first six months of 2025 for the Polish business for sale are included below:<\/p>\n<p>Condensed balance sheets of companies held for sale  &#8211; Santander Bank Polska<\/p>\n<p>EUR millionCondensed assets<\/p>\n<p>31-12-2025<\/p>\n<p>Cash, cash balances at central banks and other deposits on demand2,515Financial assets held for trading1,956Financial assets designated at fair value through other comprehensive income8,173Financial assets at amortised cost55,642Intangible assets1,335Tax assets1,224Other assets1,303TOTAL ASSETS72,148EUR millionCondensed liabilities<\/p>\n<p>31-12-2025<\/p>\n<p>Financial liabilities held for trading842Financial liabilities at amortised cost59,704Provisions603Tax liabilities1,335Other liabilities511TOTAL LIABILITIES62,995EUR millionOther comprehensive income<\/p>\n<p>31-12-2025<\/p>\n<p>Items that will not be reclassified to profit or loss56Actuarial gains or losses on defined benefit pension plans\u2014Changes in the fair value of equity instruments measured at fair value through other comprehensive income56Items that may be reclassified to profit or loss(590)Hedges of net investments in foreign operations (effective portion)(522)Exchange differences(164)Cash flow hedges (effective portion)98Debt instruments at fair value with changes in other comprehensive income8Share in other income and expenses recognised in investments, joint ventures and associates(10)January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-295\"\/><\/p>\n<p>115<\/p>\n<p>Condensed income statements of companies held for sale &#8211; Santander Bank Polska<\/p>\n<p>EUR millionCondensed consolidated income statements<\/p>\n<p>01-01-2025 to<br \/>30-06-2025<\/p>\n<p>Interest Margin1,505Dividend income3Investments accounted for using the equity method14Net commissions342Net trading income37Other operating results(73)Total income1,828Administrative expenses, depreciation and amortisation cost(501)<\/p>\n<p>Impairment of financial assets (*)<\/p>\n<p>(121)Other results and provisions(243)Profit before taxes963Tax expense(237)Profit of the year726<\/p>\n<p>(*) Of which EUR -63 million correspond to renegotiations or contractual modifications as of 30 June 2025.<\/p>\n<p>Condensed statements of cash flows of companies held for sale &#8211; Santander Bank Polska<\/p>\n<p>EUR millionCondensed consolidated statements of cash flows<\/p>\n<p>30-06-2025<\/p>\n<p>A) Cash flows from operating activities430B) Cash flows from investing activities(11)C) Cash flows from financing activities(466)D) Effect of foreign exchange rate differences9E) Net increase\/(decrease) in cash and cash equivalents(38)<\/p>\n<p>Effect on net cash inflows from discontinued operations &#8211; Sale of Santander Bank Polska<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>Cash and cash equivalents disposed of(2,515)Consideration received satisfied in cash &#8211; Santander Bank Polska7,035<\/p>\n<p>116<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-296\"\/>January &#8211; June 2026<\/p>\n<p>7.\u00a0\u00a0\u00a0Tangible assets<\/p>\n<p>a)\u00a0\u00a0\u00a0Changes in the period<\/p>\n<p>In the first six months of 2026 and 2025, tangible assets (rights of use are not included) were acquired for EUR 2,844 million and EUR 3,197 million, respectively.<\/p>\n<p>Likewise, in the first six months of 2026 and 2025 tangible asset items were disposed of with a carrying amount of EUR 2,923 million and EUR 2,927 million, generating a net profit of EUR 12 million and EUR 1 million, respectively.<\/p>\n<p>b)\u00a0\u00a0\u00a0Property, plant and equipment purchase commitments<\/p>\n<p>At 30 June 2026 and 2025, Grupo Santander did not have any significant commitments to purchase property, plant and equipment items.<\/p>\n<p>c)   Leasing rights<\/p>\n<p>As of 30 June 2026, Grupo Santander has tangible assets under lease for the amount of EUR 1,607 million (EUR 1,556 million at 31\u00a0December 2025).<\/p>\n<p>8.\u00a0\u00a0\u00a0\u00a0Intangible assets<\/p>\n<p>The detail of Intangible Assets &#8211; Goodwill at 30 June 2026 and 31\u00a0December 2025, based on the cash-generating units giving rise thereto, is as follows:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Banco Santander (Brazil)3,309\u00a03,031\u00a0United Kingdom (*)1,398\u00a0609\u00a0SAM Investment Holdings Limited1,382\u00a01,444\u00a0Santander Consumer Germany1,304\u00a01,304\u00a0Santander Portugal1,040\u00a01,040\u00a0Santander Espa\u00f1a998\u00a0998\u00a0Santander US Auto971\u00a0943\u00a0Santander Holding USA (ex. Auto)787\u00a0765\u00a0Grupo Financiero Santander (Mexico)489\u00a0463\u00a0Banco Santander &#8211; Chile473\u00a0470\u00a0Ebury Partners329\u00a0326\u00a0Santander Consumer Nordics218\u00a0211\u00a0Other entities445\u00a0354\u00a0Total Goodwill13,143\u00a011,958\u00a0<\/p>\n<p>(*) United Kingdom includes both Santander UK and TSB Banking Group Limited.<\/p>\n<p>During the first six months of 2026 there has been an increase in goodwill of EUR 1,185 million, mainly due to the initial recognition of goodwill amounting to EUR 777\u00a0million arising from the acquisition of TSB Banking Group Limited. This amount has been determined on a provisional basis in accordance with IFRS 3, as further described in Note 2. To a lesser extent, the increase also reflects foreign exchange differences (see Note 11), which, in accordance with the applicable accounting standards, have been recognised through the heading &#8216;Other comprehensive income &#8211; Items that may be reclassified subsequently to profit or loss &#8211; Foreign currency translation&#8217; within equity in the Condensed Consolidated Statement of Recognised Income and Expense. <\/p>\n<p>Note 17 of the consolidated annual accounts for the year ended 31\u00a0December 2025 includes detailed information on the procedures followed by Grupo Santander to analyse the potential impairment of the goodwill recognised with respect to its recoverable amount and to recognise the related impairment losses, where appropriate.<\/p>\n<p>In accordance with IAS 36, a Cash Generating Unit (CGU) to which goodwill has been assigned should be subjected to an annual impairment test, and when there are signs of impairment.<\/p>\n<p>In accordance with all mentioned before and the analysis made of the information available on the evolution of the different cash-generating units that could reveal the existence of indications of impairment, the directors of the Grupo Santander have concluded that during the first six months of 2026 , there were no triggers that required the recording of impairments. <\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-297\"\/><\/p>\n<p>117<\/p>\n<p>9.\u00a0\u00a0\u00a0Financial liabilities<\/p>\n<p>a)\u00a0\u00a0\u00a0Breakdown<\/p>\n<p>The following is a breakdown of Grupo Santander&#8217;s financial liabilities, other than the balances corresponding to the Derivatives &#8211; hedge accounting heading, as of 30 June 2026 and 31\u00a0December 2025, presented by nature and categories for valuation purposes:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Financial <br \/>liabilities <br \/>held\u00a0for <br \/>tradingFinancial <br \/>liabilities <br \/>designated\u00a0at <br \/>fair\u00a0value\u00a0through <br \/>profit\u00a0or\u00a0lossFinancial <br \/>liabilities\u00a0at <br \/>amortised\u00a0costFinancial <br \/>liabilities <br \/>held\u00a0for <br \/>tradingFinancial <br \/>liabilities <br \/>designated\u00a0at <br \/>fair\u00a0value\u00a0through <br \/>profit\u00a0or\u00a0lossFinancial <br \/>liabilities\u00a0at <br \/>amortised\u00a0costDerivatives52,319\u00a051,968\u00a0Short Positions41,956\u00a044,015\u00a0Deposits99,142\u00a028,164\u00a01,161,212\u00a075,563\u00a030,440\u00a01,072,384\u00a0Central banks7,833\u00a0435\u00a017,217\u00a012,385\u00a03,086\u00a018,542\u00a0Credit institutions44,141\u00a01,515\u00a083,615\u00a027,058\u00a01,424\u00a074,692\u00a0Customer47,168\u00a026,214\u00a01,060,380\u00a036,120\u00a025,930\u00a0979,150\u00a0Debt instruments\u2014\u00a015,221\u00a0332,846\u00a0\u2014\u00a011,686\u00a0312,704\u00a0Other financial liabilities\u2014\u00a022\u00a049,718\u00a0\u2014\u00a022\u00a036,096\u00a0<\/p>\n<p>Total<\/p>\n<p>193,417\u00a043,407\u00a01,543,776\u00a0171,546\u00a042,148\u00a01,421,184\u00a0<\/p>\n<p>b)\u00a0\u00a0\u00a0Information on issuances, repurchases or redemptions of debt instruments issued<\/p>\n<p>The detail of the balance of debt instruments issued according to their nature is:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Bonds and debentures outstanding269,438\u00a0253,893\u00a0Subordinated30,911\u00a028,859\u00a0Promissory notes and other securities47,718\u00a041,638\u00a0Total debt instruments issued348,067\u00a0324,390\u00a0<\/p>\n<p>The detail, at 30 June 2026 and 2025, of the outstanding balance of the debt instruments, excluding promissory notes, which at these dates had been issued by Banco Santander or any other Group entity is disclosed below. Also included is the detail of the changes in this balance in the first six months of 2026 and 2025:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>Opening balance as at 01-01-2026PerimeterIssuances or placementsRepurchases\u00a0or <br \/>redemptionsExchange <br \/>rate\u00a0and\u00a0other <br \/>adjustmentsClosing balance as at 06-30-26Bonds and debentures outstanding253,893\u00a04,874\u00a059,911\u00a0(53,295)4,055\u00a0269,438\u00a0Subordinated28,859\u00a05\u00a02,696\u00a0(1,655)1,006\u00a030,911\u00a0Bonds and debentures outstanding and subordinated liabilities issued282,752\u00a04,879\u00a062,607\u00a0(54,950)5,061\u00a0300,349\u00a0<\/p>\n<p>118<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-298\"\/>January &#8211; June 2026EUR million<\/p>\n<p>30-06-2025<\/p>\n<p>Opening balance as at 01-01-2025PerimeterIssuances or placementsRepurchases\u00a0or <br \/>redemptionsExchange <br \/>rate\u00a0and\u00a0other <br \/>adjustmentsClosing balance as at 06-30-25Bonds and debentures outstanding252,765\u00a0\u2014\u00a037,180\u00a0(32,874)(12,180)244,891\u00a0Subordinated35,461\u00a0\u2014\u00a0278\u00a0(3,147)(1,641)30,951\u00a0Bonds and debentures outstanding and subordinated liabilities issued288,226\u00a0\u2014\u00a037,458\u00a0(36,021)(13,821)275,842\u00a0<\/p>\n<p>Below is information on the main issuances, placements and redemptions carried out by Banco Santander, S.A. during the first six months of 2026 and 2025: <\/p>\n<p>On 11 June 2026, Banco Santander, S.A. proceeded to buyback for subsequent early amortization for a total nominal amount of USD 701.6\u00a0million contingent convertible preferred securities into ordinary shares with ISIN US05971KAH23, which are listed on the &#8220;New York Stock Exchange&#8221; (the &#8220;CCPS&#8221;). Following this buyback, the outstanding nominal amount was reduced to USD 298.4\u00a0million.<\/p>\n<p>On 3 June 2026, Banco Santander, S.A. carried out an issuance of newly issued contingent convertible preferred securities into the Bank\u00b4s ordinary shares (CCPS) in a total nominal amount of USD 1,500\u00a0million. The issuance was priced at par, and the distribution on the CCPS, the payment of which is subject to certain conditions and is also discretionary, was set at 7.25% payable quarterly for the first ten years. Thereafter, it will be reset every five years at a rate equal to the five-years U.S. Treasury rate plus a margin of 283.7 basis points. <\/p>\n<p>On 22 April 2026, Banco Santander, S.A. issued EUR 1\u00a0billion of subordinated debt with a 12-year maturity. The issuance was priced at 99.834% of par value and carries an annual coupon of 4.25% for the first seven years, with an issuer call option in April 2033. if the notes are not redeemed on that date, the coupon will be reset to a fixed rate equal to the five-year Euro swap rate plus 135 basis points.<\/p>\n<p>On 14 January 2026, Banco Santander, S.A. proceeded to prepay all of the contingently convertible Tier 1 preferred shares with ISIN code XS2102912966, for a total nominal amount of EUR 1,033.4\u00a0million.<\/p>\n<p>On 18 March 2025, Banco Santander, S.A. carried out an issue of subordinated debt for an amount of EUR 1,500\u00a0million and carrying a 2.50% coupon with ISIN code XS1201001572.<\/p>\n<p>On 17 February 2025, Banco Santander, S.A. prepaid EUR 600.8\u00a0million out of a total of EUR 1,500\u00a0million of the transaction with ISIN XS1384064587 following the tender announcement launched on 6 February 2025.<\/p>\n<p>On 17 February 2025, Banco Santander, S.A. prepaid EUR 563.6\u00a0million euros out of a total of EUR 1,000\u00a0million of the transaction with ISIN XS1548444816 following the tender announcement launched on 6 February 2025.<\/p>\n<p>c)\u00a0\u00a0\u00a0\u00a0Other issuances guaranteed by Grupo Santander<\/p>\n<p>At 31 June 2026 and 2025, there were no debt instruments issued by associates or non-Group third parties (unrelated) that had been guaranteed by Banco Santander or any other Group entity.<\/p>\n<p> d)\u00a0\u00a0\u00a0Fair value of financial liabilities not measured at fair value<\/p>\n<p>Following is a comparison between the value by which Grupo Santander\u2019s financial liabilities are recorded that are measured using criteria other than fair value and their corresponding fair value at 30 June 2026 and 31\u00a0December 2025:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Carrying\u00a0amountFair\u00a0valueCarrying\u00a0amountFair\u00a0valueDeposits1,161,212\u00a01,161,811\u00a01,072,384\u00a01,073,147\u00a0Debt instruments332,846\u00a0333,653\u00a0312,704\u00a0314,173\u00a0Liabilities1,494,058\u00a01,495,464\u00a01,385,088\u00a01,387,320\u00a0<\/p>\n<p>Additionally, other financial liabilities are accounted for EUR 49,718 million and EUR 36,096 million as of 30 June 2026 and 31\u00a0December 2025, respectively.<\/p>\n<p>The main valuation methods and inputs used in the estimation of the fair value of the financial liabilities in the previous table are detailed in Note 51.c of the consolidated annual accounts for 2025, other than those mentioned in these interim financial statements. <\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-299\"\/><\/p>\n<p>119<\/p>\n<p>10.\u00a0\u00a0\u00a0Provisions<\/p>\n<p>a)\u00a0\u00a0\u00a0\u00a0Provisions for Pensions and other post-retirements obligations and Other long term employee benefits<\/p>\n<p>The variation experienced by the balance of the Pensions and other post-retirements obligations and other long-term employee benefits from 31\u00a0December 2025 to 30 June 2026, is mainly due to net provisions recognised in equity as a result of changes in financial assumptions and other experience adjustments, partially offset by benefit payments, premiums and contributions (see Note 11.d).<\/p>\n<p>b)\u00a0\u00a0\u00a0\u00a0Provisions for taxes and other legal contingencies and Other provisions<\/p>\n<p>Set forth below is the detail, by type of provision, of the balances at 30 June 2026 and at 31\u00a0December 2025 of Provisions for taxes and other legal contingencies and Other provisions. The types of provisions were determined by grouping together items of a similar nature:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Provisions for taxes763\u00a0720\u00a0Provisions for employment-related proceedings (Brazil)801\u00a0594\u00a0Provisions for other legal proceedings1,739\u00a01,675\u00a0Provision for customer remediation1,031\u00a0826\u00a0Provision for restructuring534\u00a0279\u00a0Other927\u00a0899\u00a05,795\u00a04,993\u00a0<\/p>\n<p>Relevant information is set forth below in relation to each type of provision shown in the preceding table:<\/p>\n<p>The provisions for taxes include provisions for tax-related proceedings.<\/p>\n<p>The provisions for employment-related proceedings (Brazil) relate to claims filed by trade unions, associations, the prosecutor\u2019s office and ex-employees claiming employment rights to which, in their view, they are entitled, particularly the payment of overtime and other employment rights, including litigation concerning retirement benefits. The number and nature of these proceedings, which are common for banks in Brazil, justify the classification of these provisions in a separate category or as a separate type from the rest. The Group calculates the provisions associated with these claims in accordance with past experience of payments made in relation to claims for similar items. When claims do not fall within these categories, a case-by-case assessment is performed and the amount of the provision is calculated in accordance with the status of each proceeding and the risk assessment carried out by the legal advisers.<\/p>\n<p>The provisions for other legal proceedings include provisions for court, arbitration or administrative proceedings (other than those included in other categories or types of provisions disclosed separately) brought against Grupo Santander companies.<\/p>\n<p>The provisions for customer remediation include mainly the estimated cost of payments to remedy errors relating to the sale of certain products in the UK, as well as the estimated amount related to the floor clauses of Banco Popular Espa\u00f1ol, S.A.U. To calculate the provision for customer remediation, the best estimate of the provision made by management is used, which is based on the estimated number of claims to be received and, of these, the number that will be accepted, as well as the estimated average payment per case. <\/p>\n<p>The provisions for restructuring include only the costs arising from restructuring processes carried out by the various Group companies.<\/p>\n<p>Lastly, the Other heading contains very atomized and individually insignificant provisions, such as the provisions to cover the operational risk of the different offices of the Group.<\/p>\n<p>Qualitative information on the main litigation proceedings affecting the Group is provided in Note 10.c.<\/p>\n<p>The Group&#8217;s general policy is to record provisions for tax and legal proceedings in which the Group assesses the chances of loss to be probable and the Group does not record provisions when the chances of loss are possible or remote. Grupo Santander determines the amounts to be provided for as its best estimate of the expenditure required to settle the corresponding claim based, among other factors, on a case-by-case analysis of the facts and the legal opinion of internal and external counsel or by considering the historical average amount of the loss incurred in claims of the same nature. The definitive date of the outflow of resources embodying economic benefits for the Group depends on each obligation. In certain cases, the obligations do not have a fixed settlement term and, in others, they depend on legal proceedings in progress.<\/p>\n<p>With respect to changes in provisions in the first six months of 2026, for employment and other legal proceedings, in Brazil, provisions of EUR 361 million and EUR 138 million were recorded, making payments of EUR 210 million and EUR 91 million, respectively.<\/p>\n<p>120<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-300\"\/>January &#8211; June 2026<\/p>\n<p>c)\u00a0\u00a0\u00a0\u00a0Litigation and other matters<\/p>\n<p>i. Tax-related litigation <\/p>\n<p>At 30 June 2026 the main tax-related proceedings concerning the Group were as follows:<\/p>\n<p>\u2022Legal actions filed by Banco Santander (Brasil) S.A. and other Group entities to avoid the application of Law 9.718\/98, which modifies the basis to calculate Programa de Integra\u00e7ao Social (PIS) and Contribui\u00e7\u00e3o para Financiamento da Seguridade Social (COFINS), extending it to all the entities income, and not only to the income from the provision of services. In relation of Banco Santander (Brasil) S.A. process, in 2015 the Federal Supreme Court (FSC) admitted the extraordinary appeal filed by the Federal Union regarding PIS, and dismissed the extraordinary appeal lodged by the Brazilian Public Prosecutor&#8217;s Office regarding COFINS contribution, confirming the decision of Federal Regional Court favourable to Banco Santander (Brasil) S.A. of August 2007. The Federal Supreme Court also admitted the appeals related to the other Group entities both for PIS and COFINS. On June 13, 2023, the Federal Supreme Court ruled unfavorably two cases through General Repercussion (Theme 372), including Banco Santander (Brasil) S.A. case. The Bank has filed a new appeal, considering the possible loss as a contingent liability. The cases of the other Group entities are no longer susceptible of appeal and a provision has been recognized for the amount of the estimated loss.<\/p>\n<p>\u2022Banco Santander (Brasil) S.A. and other Group companies in Brazil have appealed against the assessments issued by the Brazilian tax authorities questioning the deduction of loan losses in their income tax returns (Imposto sobre a Renda das Pessoas Jur\u00eddicas &#8211; IRPJ &#8211; and Contribu\u00e7ao Social sobre o Lucro Liquido -CSLL-) in relation to different administrative processes of various years on the ground that the requirements under the applicable legislation were not met. The appeals, which involve several cases, are pending decision in different administrative and judicial instances. No provision was recognised in connection with the amount considered to be a contingent liability.<\/p>\n<p>\u2022Banco Santander (Brasil) S.A. and other Group companies in Brazil are involved in administrative and legal proceedings against several municipalities that demand payment of the Service Tax on certain items of income from transactions not classified as provisions of services. There are several cases in different judicial instances. A provision was recognised in connection with the amount of the estimated loss.<\/p>\n<p>\u2022Banco Santander (Brasil) S.A. and other Group companies in Brazil are involved in administrative and legal proceedings against the tax authorities in connection with the taxation for social security purposes of certain items which are not considered to be employee remuneration. There are several cases in different judicial instances. A provision was recognised in connection with the amount of the estimated loss.<\/p>\n<p>\u2022In May 2003 the Brazilian tax authorities issued separate infringement notices against Santander Distribuidora de T\u00edtulos e Valores Mobiliarios, Ltda. (DTVM, actually Santander Brasil Tecnolog\u00eda S.A.) and Banco Santander (Brasil) S.A. in relation to the Provisional Tax on Financial Movements (Contribui\u00e7\u00e3o Provis\u00f3ria sobre Movimenta\u00e7\u00e3o Financeira) of the years 2000 to 2002. The administrative discussion ended unfavourably for both companies, and on July 3, 2015, filed a lawsuit requesting the cancellation of both tax assessments. The lawsuit was judged unfavourably in first instance. Therefore, both plaintiffs appealed to the court of second instance. In December 2020, the appeal was decided unfavourably, and the judgement was appealed before the higher courts. This case fell within the scope of the Comprehensive Transaction Programme (Programa de Transa\u00e7ao Integral) established by the Ministry of Finance, and in 2025 a final settlement was reached. The amounts paid under the terms of the Transaction were fully provisioned.<\/p>\n<p>\u2022In December 2010 the Brazilian tax authorities issued an infringement notice against Santander Seguros S.A. (Brasil), (currently Zurich Santander Brasil Seguros e Previd\u00eancia S.A.), as the successor by merger to ABN AMRO Brasil dois Participa\u00e7\u00f5es S.A., in relation to income tax (IRPJ and CSLL) for 2005, questioning the tax treatment applied to a sale of shares of Real Seguros, S.A. The administrative discussion ended unfavourably, and the CARF decision has been appealed at the Federal Justice. As the former parent of Santander Seguros S.A. (Brasil) (currently Zurich Santander Brasil Seguros e Previd\u00eancia S.A.), Banco Santander (Brasil) S.A. is liable in the event of any adverse outcome of this proceeding. No provision was recognised in connection with this proceeding as it is considered to be a contingent liability.<\/p>\n<p>\u2022In November 2014 the Brazilian tax authorities issued an infringement notice against Banco Santander (Brasil) S.A. in relation to corporate income tax (IRPJ and CSLL) for 2009 questioning the tax-deductibility of the amortisation of the goodwill of Banco ABN AMRO Real S.A. performed prior to the absorption of this bank by Banco Santander (Brasil) S.A., but accepting the amortisation performed after the merger. The Bank appealed before the Higher Chamber of CARF, and a final favourable decision was obtained in April 2024. No provision was recognised in connection with this proceeding as it was considered to be a contingent liability.<\/p>\n<p>\u2022Banco Santander (Brasil) S.A. has also appealed against infringement notices issued by the tax authorities questioning the tax deductibility of the amortisation of the goodwill arising on the acquisition of Banco Comercial e de Investimento Sudameris S.A from years 2007 to 2012. In May and October 2024, the appeal related to period 2009 to 2012 was finally rejected by the CARF and the resolution was appealed at the Federal Justice. No provision was recognised in connection with this matter as it was considered to be a contingent liability.<\/p>\n<p>\u2022Banco Santander (Brasil) S.A. and other companies of the Group in Brazil are undergoing administrative and judicial procedures against Brazilian tax authorities for not admitting tax compensation with credits derived from other tax concepts, not having registered a provision for the amount considered to be a contingent liability.<\/p>\n<p>\u2022Banco Santander (Brasil) S.A. is involved in appeals in relation to infringement notices initiated by tax authorities regarding the offsetting of tax losses in the CSLL of year 2009 and 2019. The appeals are pending decision at the administrative level. No provision was recognised in connection with this matter as it is considered to be a contingent liability.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-301\"\/><\/p>\n<p>121<\/p>\n<p>\u2022Banco Santander (Brasil) S.A. filed a suspensive judicial measure aiming to avoid the withholding income tax (Imposto sobre a Renda Retido na Fonte &#8211; IRRF), on payments derived from technology services provided by Group foreign entities. A favorable decision was handed down and an appeal was filed by the tax authority at the Federal Regional Court. The Regional Court has issued a decision upholding the tax authorities&#8217; appeal, which has subsequently been challenged by the Bank. No provision was recognized as it is considered to be a contingent liability.<\/p>\n<p>\u2022Banco Santander (Brasil) S.A. filed a lawsuit to exclude the income earned on compulsory deposits held with the Central Bank of Brazil (BACEN) from the PIS and COFINS tax base. In 2024, a favorable decision was rendered, which was appealed by the National Treasury. A provision was recognized for the amounts involved.<\/p>\n<p>\u2022Brazilian tax authorities have issued infringement notices against Getnet Adquir\u00eancia e Servi\u00e7os para Meios de Pagamento S.A and Banco Santander (Brasil) S.A. as jointly liable in relation to corporate income tax (IRPJ and CSLL) for 2014 to 2018 questioning the tax-deductibility of the amortization of the goodwill from the acquisition of Getnet Tecnologia  Proces S.A., considering that  the company would not have complied with the legal requirements for such amortization. The tax assessment notices were appealed to the CARF. In 2024, the CARF issued a favourable partial decision on both infraction notices. In December 2024, the tax authorities issued a new infringement notice for 2019 and 2020. No provision was recognized as it is considered to be a contingent liability. <\/p>\n<p>The total amount for the aforementioned Brazil lawsuits that are fully provisioned is EUR 852\u00a0million, and for lawsuits that qualify as contingent liabilities is EUR 5,507\u00a0million.<\/p>\n<p>At the date of approval of these interim financial statements, there are other less significant tax disputes.<\/p>\n<p>ii. Non-tax-related proceedings<\/p>\n<p>At 30 June 2026 the main non-tax-related proceedings concerning the Group were as follows:<\/p>\n<p>\u2022Payment Protection Insurance (PPI): AXA France IARD and AXA France Vie (former GE Capital Corporation Group entities, known as Financial Insurance Company Ltd (FICL) and Financial Assurance Company Ltd (FACL), acquired by AXA SA in 2015) (together, AXA France) brought a claim against (i) Santander Cards UK Limited (formerly known as GE Capital Bank Limited (GECB), which was acquired by Banco Santander, S.A. in 2008 and subsequently transferred to Santander UK plc); and (ii) Santander Insurance Services UK Limited (a Banco Santander, S.A. subsidiary) (SISUK and together with GECB the Santander Entities). The claim relates to the allocation of liability for compensation and associated costs in respect of a large number of PPI policies distributed by GECB pre-2005, which were underwritten by FICL and FACL.<\/p>\n<p>On 25 July 2025, the Commercial Court of England and Wales handed down its judgment in relation to the claim brought by AXA France (the Judgment). It found against SISUK in relation to AXA France\u2019s claim pursuant to an indemnity in an agency agreement entered into between GECB, FICL and FACL in 2000 and novated by GECB to SISUK in 2010.  It also found GECB negligent in the sale of PPI policies, but this element of the claim was time barred to PPI policies sold in the period between 2002 and 2005 and overlaps with the indemnity claim. The Judgment required the Santander Entities to pay GBP 515\u00a0million plus interest of GBP 162\u00a0million. <\/p>\n<p>In October 2025 the Santander Entities obtained permission to appeal the findings in the Judgment relating to the application of the indemnity arising from PPI sales occurring before the indemnity had been agreed in December 2000 (Santander Appeal).\u00a0 In January 2026, AXA France obtained permission to cross-appeal the Commercial Court\u2019s rejection of AXA France\u2019s contribution claim made under the Civil Liability (Contribution) Act 1978 (the AXA France\u2019s cross appeal). A decision on the Santander Appeal and AXA France\u2019s cross appeal is expected in the second half of 2026.<\/p>\n<p>With respect to the Santander Appeal and AXA France\u2019s cross-appeal, there are points of legal interpretation to be resolved and, in the case of the cross-appeal, factual points to be determined. The significant uncertainties make it difficult to predict the timing or the final impact of the resolution of the appeals for the Group. <\/p>\n<p>No customers have suffered loss as a consequence of the claim brought by AXA France or the Judgment, nor does it impact upon past redress paid to customers for PPI complaints. <\/p>\n<p>\u2022Motor Finance Broker Commissions: following the Financial Conduct Authority\u2019s (FCA) Motor Market review in 2019 which resulted in a change in rules in January 2021, Santander Consumer (UK) plc (SCUK) received several of county court claims and complaints in respect of its historical use of discretionary commission arrangements (DCAs) prior to the 2021 rule changes. In January 2024, the FCA commenced a review of the use of DCAs between lenders and credit brokers (the FCA Review). Pending the conclusion of its review, the FCA paused the handling of motor finance commission related complaints. The pause is in place until 31 May 2026, reflecting the extended timeline of the FCA&#8217;s Review and subsequent Consultation (see below). A claim was issued against SCUK, Santander UK plc and others in the Competition Appeal Tribunal (CAT), alleging that SCUK\u2019s historical DCAs in respect of used car financing operated in breach of the Competition Act 1998. These proceedings have been stayed until the end of December 2026\u00a0reflecting the timeline of the challenges to the FCA&#8217;s final redress scheme published on 30 March 2026 (as is explained below).<\/p>\n<p>122<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-302\"\/>January &#8211; June 2026<\/p>\n<p>The Santander UK group Holdings recognised a provision of GBP 293.0\u00a0million (EUR 353.3\u00a0million) in its financial results for 2024 following a decision of the Court of Appeal\u00a0in Hopcraft, Wrench and Johnson (Hopcraft) stating that motor dealers acting as credit brokers owed fiduciary or disinterested duties to their customers. On 1 August 2025, the Supreme Court overturned this decision finding that commission payments by lenders to motor dealers would not be unlawful on that basis. In addition, the Supreme Court held that an unfair relationship under s.140A of the Consumer Credit Act 1974 had arisen in one of the cases on its facts and awarded the amount of the commission paid by the lender plus interest at a commercial rate as the remedy. It also confirmed that the test for unfairness of the relationship with borrower was highly fact sensitive and it outlined a series of non-exhaustive factors to consider in assessing unfair relationships in this context (indicating that no or partial disclosure was not necessarily enough on its own to constitute an unfair relationship).  <\/p>\n<p>Following the Supreme Court\u2019s judgment, on 3 August 2025, the FCA announced that it aimed to publish a consultation on an industry wide redress scheme in early October and that this consultation would be open for six weeks.\u00a0In early September 2025, the appeal to the Court of Appeal of the High Court\u2019s judicial review of a final decision by the Financial Ombudsman Service against another lender (which alongside the Supreme Court case was highly relevant to the outcome of the FCA\u2019s Review) was discontinued.<\/p>\n<p>Santander UK increased its provision to GBP 461\u00a0million (EUR 528.1\u00a0million) in its financial results for 2025, further to the\u00a0publication of the FCA\u2019s consultation paper on 7 October 2025 regarding a\u00a0proposed industry-wide motor finance consumer redress\u00a0scheme (the Consultation). This was based on a\u00a0range of scenarios\u00a0and assumptions, reflecting an increased likelihood that a higher number of cases than previously predicted could be eligible for redress, that the FCA would seek to impose a remedy that extended beyond reversing any damaging financial consequences caused by any unfair relationships and potential changes to the proposed scheme following responses to the Consultation or publication of the FCA\u2019s final scheme rules.<\/p>\n<p>On 30 March 2026, the FCA published its Policy Statement PS26\/3: Motor finance consumer redress scheme. Following its assessment of the final scheme rules, which included several changes to the proposals in the Consultation, Santander UK group decided not to challenge the scheme and to focus on its implementation in order to bring greater certainty to its customers. <\/p>\n<p>Santander UK updated its scenarios and assumptions including operational and legal costs to reflect the final scheme rules. This  resulted in an additional charge of GBP 179\u00a0million (EUR 207\u00a0million), increasing the total provision to GBP 633\u00a0million (EUR 725\u00a0million), at the upper end of the previously assessed range.<\/p>\n<p>Applications have been made by certain lenders and a consumer group to challenge aspects of the scheme before the Upper Tribunal. On 1 July 2026, the Tribunal made orders providing for the management of those proceedings and partially suspending certain elements of the scheme including sending communications to affected customers and making compensation payments pending determination of the challenges. The substantive hearing is expected to take place by Q1 2027. <\/p>\n<p>At 30 June 2026, Santander UK has a provision of GBP 623\u00a0million (EUR 724\u00a0million) corresponding to the existing provision at the end of previous quarter after utilization of costs incurred to date. <\/p>\n<p>As a result, the legal and regulatory outcomes, and the nature, extent and timing of any remediation action remain uncertain.<\/p>\n<p>Given the existing uncertainties, including those relating to the potential implementation of the scheme and the outcome of the challenges, the final financial impact of this matter could differ from the provision recorded as of the reporting date.<\/p>\n<p>\u2022Banco Popular\u00b4s acquisition: after the declaration of the resolution of Banco Popular, some investors filed claims against the EU\u2019s Single Resolution Board decision, and the FROB&#8217;s resolution executed in accordance with the aforementioned decision. Likewise, numerous civil lawsuits were filed against Banco Santander, S.A. alleging that the information provided by Banco Popular was erroneous and requesting from Banco Santander, S.A. the restitution of the price paid for the acquisition of the investment instruments or, where appropriate, the corresponding compensation.<\/p>\n<p>In relation to the direct appeals filed before the General Court of the European Union (EGC) and the Court of Justice of the European Union (CJEU), all appeals were either dismissed or discontinued. Currently, there are no ongoing appeals. On 4 February 2026, the National Court issued its first rulings dismissing the actions brought against the FROB\u2019s decision, in application of the judgments of the EGC and the CJEU.<\/p>\n<p>In the civil proceedings, several Spanish judges referred to the CJEU a number of preliminary questions that have already been resolved. In particular, in the judgments of 5 May 2022 (C-410\/20) and 5 September 2024 (C-775\/22, C-779\/22, C-794\/22), the CJEU stated that Directive 2014\/59\/EU on bank resolution prevents shareholders, subordinated debt holders, and holders of equity instruments converted into shares bringing actions against a financial institution subject to a resolution proceeding or against its successor after the resolution, claiming liability for the information contained in the prospectus, under Directive 2003\/71\/EC, or actions seeking the nullity of the contract of subscription of capital instruments, which, given its retroactive effects, would result in the refund of the value of such securities, plus the interest accrued as of the date of execution of the contract. In its 11 September 2025 resolutions (C-687\/23 and C-447\/23), the CJEU declared that the above referred TJUE resolutions do not apply to actions pursued prior to the entity\u2019s resolution. There are currently no other preliminary questions under consideration. <\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-303\"\/><\/p>\n<p>123<\/p>\n<p>On 4 March 2024, in the context of preliminary proceedings 42\/2017, the Central Court of Instruction No. 4 issued a ruling transforming the proceedings into Summary Proceedings and terminating the investigation phase. The ruling considers that the circumstantial evidence resulting from the investigation which could constitute a crime is basically the following: (i) an alleged misrepresentation in the prospectus of the 2016 capital increase of Banco Popular; (ii) an alleged misrepresentation in the annual accounts of Banco Popular for 2015, the interim financial statements for 2016 and the annual accounts for 2016; and (iii) the offer to the market of a distorted amount of regulatory capital, after the capital increase of 2016 (for allegedly having been granted by Banco Popular financing to clients for the subscription of shares in the aforementioned capital increase, without discounting it from the regulatory capital). According to the aforementioned ruling, these facts could constitute the crimes of fraud of investors (art. 282 of the Criminal Code) and accounting falsehood (art. 290 of the Criminal Code). All appeals filed against the ruling have been dismissed. <\/p>\n<p>The accusing parties, including the Public Prosecutor&#8217;s Office, filed their indictment briefs on 28 October 2024, which included requests for compensation for civil liability and the request that not only the defendants but also several entities are held liable for such compensation, including Banco Santander, S.A., the auditing firm and several insurance companies. Following the filing of the indictment briefs, on 22 November 2024, the Court (Investigating Judge) issued an order for the opening of the oral trial against the defendants and civil liability parties, including Banco Santander, S.A. as a possible civil liable party. However, in line with what was determined by the Spanish National Court and confirmed by the Supreme Court concerning the hypothetical succession of Banco Popular by Banco Santander, S.A., the oral trial has not been opened against the Bank as possible direct civil liable party. Regarding civil liability, the Bank considers that it has no subsidiary civil liability, in light of the CJEU\u2019s judgments of 5 May 2022 (C-410\/20), 5 September 2024 (C-775\/22, C-779\/22, C-794\/22) and 11 September 2025 (C-687\/23 and C-447\/23). Notwithstanding the foregoing, in its 5 October 2022 ruling, the Spanish National Court has stated that this issue shall be resolved within the ongoing proceedings. <\/p>\n<p>The order to open the oral trial states that the plaintiffs have requested compensation for civil liability for a total amount of EUR 2,277.65\u00a0million. Additionally, the order rejects the imposition of the guarantee requested by several of the accusing parties, considering that it is unnecessary to secure the outcome of the trial. The defendants and potential civil liable parties submitted their defense writs on 4 February 2025. On 2 March 2026, the order admitting the evidence was issued, and the oral hearing was scheduled to take place from 19 January to 30 June 2027. <\/p>\n<p>The estimated cost of any compensation to shareholders and bondholders of Banco Popular recognized in the 2017 accounts amounted to EUR 680\u00a0million, of which EUR 535\u00a0million were applied to the commercial loyalty program. On 15 December 2024, Banco Santander, S.A., proceeded to redeem in advance voluntarily all bonds in circulation regarding such commercial action. The CJEU judgements of 5 May 2022 (C-410\/20), 5 September 2024 (C-775\/22, C-779\/22, C-794\/22) and 11 September 2025 (C-687\/23 and C-447\/23) referred above, represented a very significant reduction in the risk associated with these claims.<\/p>\n<p>\u2022German shares investigation: the Bank and other group entities based in the UK &#8211; Santander UK plc, Santander Financial Services Plc and Cater Allen International Limited- are involved in investigation and supervisory proceedings conducted by the competent German authorities, in relation to a particular type of tax dividend linked transactions known as cum-ex transactions.<\/p>\n<p>The Group is cooperating with the German authorities. According to the state of the investigations, the result, and the effects for the Group, which may potentially include the imposition of material financial consequences (penalties, and\/or disgorgement of proceeds) cannot be reliably anticipated. For this reason, the Group has not recognized any provisions in relation to the potential imposition of financial liabilities.<\/p>\n<p>\u2022Banco Santander was sued in a legal proceeding in which the plaintiff alleges that the Banco Santander breached his contract as CEO of the institution: in the lawsuit, the claimant mainly requested a declaratory ruling upholding the existence, validity and effectiveness of such contract and its enforcement together with the payment of certain amounts. For the case that the main request is not granted, the claimant sought a compensation for a total amount of approximately EUR 112\u00a0million or, an alternative relief for other minor amounts. Banco Santander answered to the legal action stating that the conditions to which the appointment of that position was subject to were not met; that the executive services contract required by law was not concluded; and that in any case, the parties could terminate the contract without any justified cause. On 17 May 2021, the plaintiff reduced his claims for compensation to EUR 61.9\u00a0million. <\/p>\n<p>On 9 December 2021, the Court upheld the claim and ordered the Bank to compensate the claimant in the amount of EUR 67.8\u00a0million. By court order of 13 January 2022, the Court corrected and supplemented its judgment, reducing the total amount to be paid by the Bank to EUR 51.4\u00a0million and clarifying that part of this amount (EUR 18.6\u00a0million buy out) was to be paid under the terms of the offer letter, i.e., entirely in Banco Santander shares, within the deferral period for this type of remuneration at the plaintiff&#8217;s former employer and subject to the performance metrics or parameters of the plan in force at the Bank, which was that of 2018. As explained in note 5 of the report of the consolidated annual accounts of the year 2022, the degree of performance of these objectives was 33.3%.<\/p>\n<p>The Bank filed an appeal against the judgment before the Madrid Court of Appeal, which was opposed by the plaintiff. At the same time, the plaintiff filed an application for provisional enforcement of the judgment in the First Instance Court. A court order was issued ordering enforcement of the judgment, and the Bank deposited in the court bank account the full amount provisionally awarded to the claimant, including interest, for an approximate sum of EUR. 35.5\u00a0million, within the voluntary compliance period.<\/p>\n<p>On 6 February 2023, Banco Santander was notified with the judgment of 20 January 2023 by which the Madrid Court of Appeal partially upheld the appeal filed by the Bank. The judgment has reduced the amount to be paid by EUR 8\u00a0million, which, to the extent that this amount was already paid in the provisional partial enforcement of the judgement of first instance court, must be returned to the Bank together with other amounts for interest, which the appeal judgement also rejects. The plaintiff deposited circa EUR 9.6\u00a0million. This amount was received by the Bank on 11 July 2023. <\/p>\n<p>124<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-304\"\/>January &#8211; June 2026<\/p>\n<p>On 11 April 2023, the Bank filed an extraordinary appeal for procedural infringement and an appeal in cassation against the Madrid Court of Appeal\u2019s judgment before Spanish Supreme Court. The extraordinary and cassation appeals submitted by the Bank were accepted on 26 March 2025 and are pending to be resolved. Existing provisions cover the estimated risk of loss.<\/p>\n<p>\u2022CHF Polish Mortgage Loans (Santander Consumer Bank Poland): in October 2019, the CJEU rendered its decision in relation to the effects of the potential unfairness of certain contractual clauses in CHF-Indexed loan agreements. The CJEU established that it for the national courts to determine the invalidity of a  contract where it cannot be maintained without the clause declared unfair and where no  supplementary provisions exist that would allow the contract to be maintained. Subsequently, in  June 2023, the CJEU confirmed that the effects of such invalidity must be determined in accordance with national law, interpreted in the light of Directive 93\/13\/EEC, and that claims by financial institutions exceeding the reimbursement of the loan principal and, where applicable, default interest, are contrary to the objectives of that Directive.<\/p>\n<p>In April 2024, the Civil Chamber of the Polish Supreme Court issued a judgment confirming that clauses relating to the mechanism for determining the exchange rate declared abusive cannot be replaced by alternative provisions and that, in the absence of a binding exchange rate, the contract is not enforceable for the parties. With regard to the effects of invalidity, the Supreme Court confirmed the existence of independent restitution claims for each party and ruled out the possibility of claiming interest or other amounts for the use of the funds. Nevertheless, certain aspects of this judgment have been subject to internal debate within the Supreme Court itself, reflecting the complexity and evolving nature of the jurisprudential framework.<\/p>\n<p>In this context, Santander Consumer Bank S.A. estimates legal risk using a model that considers different possible outcomes and regularly review court rulings on this matter in order to assess changes in case law, including the impact of the aforementioned Supreme Court judgment. Settlements are being reached both with customers who have already initiated legal proceedings and with customers who have not yet filed a claim. The model used to calculate provisions for legal risks considers the evolution and expected development of such settlements.<\/p>\n<p>As of 30 June 2026, Santander Consumer Bank S.A. (Poland), held a portfolio of mortgages denominated in or indexed to CHF amounting to approximately PLN 523.4 million (EUR 123.9 million).\u00a0As of the same date, the total amount adjusted against the gross carrying amount of loans in accordance with IFRS 9, together with the provisions recognised under IAS 37, amounts to PLN 775.1 million (EUR 180.4 million), of which PLN 410.1 million (EUR 95.4 million) corresponds to adjustments to the gross carrying amount under IFRS 9 and PLN 365.0 million (EUR 84.9 million) to provisions recognised under IAS 37. The adjustment to gross carrying amount in accordance with IFRS9 and under IAS 37 during the first 6 months of 2026 are not material. Other costs related to the dispute amounted to PLN 62.3 million (EUR 14.7 million). <\/p>\n<p>The Group continues to monitor the evolution of legal proceedings and to periodically review the adequacy of the provisions recognised, which represent the best estimate of the risk existing as of 30 June 2026.<\/p>\n<p>\u2022Banco Santander Mexico: dispute regarding a testamentary trust constituted in 1994 by Mr. Roberto Garza Sada in Banca Serfin (currently Santander Mexico) in favor of his four sons in which he affected shares of Alfa, S.A.B. de C.V. (respectively, Alfa and the Trust). During 1999, Mr. Roberto Garza Sada instructed Santander M\u00e9xico in its capacity as trustee to transfer 36,700,000 shares from the Trust&#8217;s assets to his sons and daughters and himself. These instructions were ratified in 2004 by Mr. Roberto Garza Sada before a Notary Public. <\/p>\n<p> Mr. Roberto Garza Sada passed away on 14 August 2010 and subsequently, in 2012, his daughters filed a complaint against Santander Mexico alleging it had been negligent in its trustee role. The lawsuit was dismissed at first instance in April 2017 and on appeal in 2018. In May 2018, the plaintiffs filed an appeal (recurso de amparo) before the First Collegiate Court of the Fourth Circuit based in Nuevo Le\u00f3n, which ruled in favor of the plaintiffs on 7 May 2021, annulling the 2018 appeal judgment and condemning Santander Mexico to the petitions claimed, consisting of the recovery of the amount of 36,700,000 Alfa shares, together with dividends, interest and damages.<\/p>\n<p>Since 2021, Santander Mexico has filed before the Supreme Court of Justice of the Nation a constitutional review challenge (recurso de revisi\u00f3n constitucional) against the referred decision which was initially rejected by the Supreme Court; and several appeals (recursos de reclamaci\u00f3n) against such rejection. On 25 June 2025, one of the appeals filed by the Bank was accepted, and this decision was extended to a remaining one, which will now be resolved. In case that these appeals are resolved favorably to the Bank, the Supreme Court will decide on the merits of the constitutional review against the judgment which condemned the Bank.<\/p>\n<p>In parallel to the foregoing, the Bank also filed an amparo against the judgment favorable to the plaintiffs rendered by the First Collegiate Court of the Fourth Circuit in the State of Nuevo Le\u00f3n before the Collegiate Courts of such State. In April 2026, the Supreme Court of Justice of the Nation admitted the request filed by the Bank in 2024 to hear and resolve the amparo appeal. <\/p>\n<p>The challenges and appeals filed by the Bank imply that the judgment rendered in favour of the plaintiffs is not final, and Santander M\u00e9xico believes that the actions taken should prevail and reverse the decision against it. The impact of a potential unfavorable resolution for Santander M\u00e9xico will be determined in a subsequent proceeding and will also depend on the additional actions that Santander M\u00e9xico may take in its defense, so it is not possible to reliably determine it at this time. At the current stage of the proceedings, the provisions recorded are considered sufficient to cover the risks deriving from this claim.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-305\"\/><\/p>\n<p>125<\/p>\n<p>\u2022Mortgage Expenses: In December 2015 the Spanish Supreme Court ruled that mortgage clauses relating to the payment of fees associated to formalizing the mortgage were abusive. On 27 November 2018, the Supreme Court agreed that the taxpayer of the documented legal acts stamp duty tax (IAJD) on the mortgage loans should be the borrower. On 9 November 2018, RDL 17\/2018 came into force and modified the Law of the IAJD, establishing that the taxpayer is the Bank. On 23 January 2019, the Supreme Court ruled the distribution of the same must be 50% between the Bank and the borrower in public notary expenses and agency expenses. The Supreme Court also ruled that the Bank must pay 100% of the Registry. On 26 October 2020, the Supreme Court ruled that the Bank is fully responsible for the management expenses; and on 27 January 2021, the Supreme Court ruled that the Bank is also responsible for the valuation expenses. <\/p>\n<p>The CJEU judgment of 25 January 2024 established that, for the purposes of calculating the limitation period, it is necessary that the consumer is aware of their rights and of the possibility that their clause may be null and void. The CJEU also stated that it cannot be presumed that the consumer has knowledge of national case law on consumer rights, even if such case law is well established. The CJEU judgment of 25 April 2024, while declaring that the specific judgment declaring the nullity of the clause constitutes an appropriate moment for the limitation period to commence, added that this is without prejudice to the professional\u2019s ability to prove that the consumer had, or could reasonably have had, knowledge of the unfair nature of the clause in question prior to that decision being issued. The Spanish Supreme Court, in its judgment of 14 June 2024, confirmed that the commencement of the limitation period requires the professional to prove, in each individual case, that the consumer was aware of the unfair nature of the clause, providing specific evidence regarding their dealings with that consumer. The recorded provision includes the best estimate of Group\u2019s liability for this matter.<\/p>\n<p>Banco Santander, S.A. and the other Group companies are subject to claims and, therefore, are party to certain legal proceedings incidental to the normal course of their business including those in connection with lending activities, relationships with employees and other commercial or tax matters additional to those referred to here.<\/p>\n<p>With the information available to it, the Group considers that, at 30 June 2026, it had reliably estimated the obligations associated with each proceeding and had recognized, where necessary, sufficient provisions to cover reasonably any liabilities that may arise as a result of these tax and legal risks. Those cases in which provisions have been registered but are not disclosed are justified on the basis that it would be prejudicial to the proper defense of the Group. Subject to the qualifications made, the Group believes that any liability arising from such claims and proceedings will not have, overall, a material adverse effect on the Group\u2019s business, financial position, or results of operations.<\/p>\n<p>126<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-306\"\/>January &#8211; June 2026<\/p>\n<p>11.\u00a0\u00a0\u00a0Equity<\/p>\n<p>In the six-month periods ended 30 June 2026 and 2025 there were no quantitative or qualitative changes in Grupo Santander&#8217;s equity other than those indicated in the condensed consolidated statements of changes in total equity.<\/p>\n<p>a)\u00a0\u00a0\u00a0\u00a0Capital <\/p>\n<p>Banco Santander&#8217;s share capital at 30 June 2026 and 31 December 2025 consisted of EUR 7,345 million, represented by 14,689,319,502 shares of EUR 0.50 of nominal value each and all of them of a unique class and series.<\/p>\n<p>b)\u00a0\u00a0\u00a0\u00a0Share premium <\/p>\n<p>Includes the amount paid by the bank&#8217;s shareholders in capital issuances in excess of par value.<\/p>\n<p>c)   Breakdown of other comprehensive income &#8211; Items not reclassified to profit or loss and Items that may be reclassified to profit or loss<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Other comprehensive income accumulated<\/p>\n<p>(33,913)<\/p>\n<p>(37,974)<\/p>\n<p>\u00a0Items not reclassified to profit or loss<\/p>\n<p>(3,160)<\/p>\n<p>(4,121)<\/p>\n<p>Actuarial gains or losses on defined benefit pension plans(3,895)(3,896)Non-current assets held for sale\u2014\u00a056\u00a0Share in other income and expenses recognised in investments, joint ventures and associates6\u00a01\u00a0Other valuation adjustments\u2014\u00a0\u2014\u00a0Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income744\u00a0(250)Inefficacy of fair value hedges of equity instruments measured at fair value with changes<br \/>in other comprehensive income\u2014\u00a0\u2014\u00a0Changes in the fair value of equity instruments measured at fair value with changes<br \/>in other comprehensive income (hedged item)253\u00a0208\u00a0Changes in the fair value of equity instruments measured at fair value with changes<br \/>in other comprehensive income (hedging instrument)(253)(208)Changes in the fair value of financial liabilities measured at fair value through profit or loss<br \/>attributable to changes in credit risk(15)(32)<\/p>\n<p>\u00a0\u00a0Items that may be reclassified to profit or loss<\/p>\n<p>(30,753)<\/p>\n<p>(33,853)<\/p>\n<p>Hedge of net investments in foreign operations (effective portion)(8,181)(7,343)Exchange differences(21,864)(25,475)Hedging derivatives (effective portion)154\u00a0333\u00a0Changes in the fair value of debt instruments measured at fair value with changes in other comprehensive income(577)(372)Hedging instruments (items not designated)22\u00a0(11)Non-current assets held for sale\u2014\u00a0(590)Share in other income and expenses recognised in investments, joint ventures and associates(307)(395)<\/p>\n<p>d) Other comprehensive income \u2013 Items not to be reclassified to profit or loss \u2013 Actuarial gains or losses on defined benefit pension plans.<\/p>\n<p>The balance of the heading Other accumulated comprehensive income &#8211; Items not reclassified to profit or loss &#8211; Actuarial gains or losses on defined benefit pension plans, includes the actuarial gains or losses and the return on the assets assigned to the plan, less administration costs and plan&#8217;s own taxes, and any change in the effects of the asset limit, excluding amounts included in net interest on net defined benefit liability (asset). Its variation is shown in the consolidated condensed statement of recognized income and expense.<\/p>\n<p>During the first six months of 2026, the amount of actuarial losses (net of actuarial gains) has increased by EUR 159 million. The main impacts are:<\/p>\n<p>In first place, due to the higher addition against equity amounting to EUR 37 million, with the following breakdown:<\/p>\n<p>\u2022Increase of EUR 48 million in the accumulated actuarial losses relating to the Group\u00b4s entities in the United Kingdom, mainly due to the evolution of the asset portfolio, experience adjustments and movements in long-term inflation -increase from 2.90% to 2.96%- partially offset by movements in the discount rate -increase from 5.58% to 5.92%-.<\/p>\n<p>\u2022Decrease of EUR 11 million in the cumulative actuarial losses relating to the Group&#8217;s businesses in other geographical areas. <\/p>\n<p>In second place, due to the evolution of exchange rates, a EUR 122 million increase, mainly due to the appreciation of the Brazilian real and the sterling pound.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-307\"\/><\/p>\n<p>127<\/p>\n<p>e)  Other comprehensive income &#8211; Items not reclassified to profit or loss \u2013 Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income<\/p>\n<p>Includes the net amount of unrealised fair value changes in equity instruments at fair value with changes in other comprehensive income.<\/p>\n<p>Below is a breakdown of the composition of the balance as of 30 June 2026 and 31\u00a0December 2025 under &#8216;Other comprehensive income &#8211; Items not reclassified to profit or loss &#8211; Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income&#8217; depending on the geographical origin of the issuer:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Revaluation gainsRevaluation lossesNet revaluation gains\/(losses)Fair valueRevaluation gainsRevaluation lossesNet revaluation gains\/(losses)Fair valueDomesticSpain56\u00a0(383)(327)117\u00a047\u00a0(1,326)(1,279)133\u00a0InternationalRest of Europe262\u00a0(31)231\u00a01,669\u00a075\u00a0(81)(6)186\u00a0United States23\u00a0(1)22\u00a035\u00a023\u00a0(1.00)22\u00a036\u00a0America and rest of the world818\u00a0\u2014\u00a0818\u00a01,781\u00a01,013\u00a0\u2014\u00a01,013\u00a01,926\u00a01,159\u00a0(415)744\u00a03,602\u00a01,158\u00a0(1,408)(250)2,281\u00a0Of which:Listed1,022\u00a0(58)964\u00a03,328\u00a01,033\u00a0(49)984\u00a01,993\u00a0Unlisted137\u00a0(357)(220)274\u00a0125\u00a0(1,359)(1,234)288\u00a0<\/p>\n<p>f) Other comprehensive income &#8211; Items that may be reclassified to profit or loss \u2013 Hedges of net investments in foreign operations (effective portion) and exchange differences<\/p>\n<p>Other comprehensive income &#8211; Items that may be reclassified to profit or loss &#8211; Hedges of net investments in foreign operations (effective portion) includes the net amount of the changes in value of hedging instruments in hedges of net investments in foreign operations, in respect of the portion of these changes considered to be effective hedges.<\/p>\n<p>Other comprehensive income &#8211; Items that may be reclassified to profit or loss &#8211; Exchange differences includes the net amount of exchange differences arising on non-monetary items whose fair value is adjusted against equity and the differences arising on the translation to euros of the balances of the consolidated entities whose functional currency is not the euro.<\/p>\n<p>The net variation of both headings recognised during the first six months of 2026 in the interim condensed consolidated statement of recognised income and expenses, reflects the impact of the evolution of the currencies during the year, reflecting mainly the general appreciation of the currencies Brazilian real, Mexican peso, US dollar, Argentine peso and Pound sterling (see Note 1.e).<\/p>\n<p>Of this variation, a capital gain of EUR 395 million corresponds to the valuation at the closing exchange rate of goodwill for the first six months of 2026 (see Note 8). <\/p>\n<p>128<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-308\"\/>January &#8211; June 2026<\/p>\n<p>g) Other comprehensive income \u2013 Items that may be reclassified to profit or loss \u2013 Changes in the fair value of debt instruments measured at fair value through other comprehensive income &#8211; Loans and advances and debt instruments<\/p>\n<p>Includes the net amount of unrealised fair value changes in debt instruments- loans and advances and debt instruments- at fair value through other comprehensive income.<\/p>\n<p>Below is a breakdown of the composition of the balance as of 30 June 2026 and 31\u00a0December 2025 under Other comprehensive income &#8211; Items that may be reclassified to profit or loss &#8211; Changes in the fair value of debt instruments measured at fair value through other comprehensive income depending on the type of instrument:<\/p>\n<p>EUR Million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Revaluation gainsRevaluation lossesNet revaluation gains\/(losses)Revaluation gainsRevaluation lossesNet revaluation gains\/(losses)Loans and advances146\u00a0(121)25\u00a0169\u00a0(71)98\u00a0Debt instruments289\u00a0(891)(602)364\u00a0(834)(470)<\/p>\n<p>The detail of Debt instruments depending on the geographical origin of the issuer is as follows:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Revaluation gains<\/p>\n<p>Revaluation losses<\/p>\n<p>Net revaluation gains\/(losses)<\/p>\n<p>Fair value<\/p>\n<p>Revaluation gains<\/p>\n<p>Revaluation losses<\/p>\n<p>Net revaluation gains\/(losses)<\/p>\n<p>Fair value<\/p>\n<p>Issued by public Public-sector\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Spain90\u00a0\u2014\u00a090\u00a011,447\u00a0118\u00a0\u2014\u00a0118\u00a010,142\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Rest of Europe 47\u00a0(42)5\u00a05,484\u00a061\u00a0(36)25\u00a06,469\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0America and rest of the world 105\u00a0(645)(540)33,044\u00a0109\u00a0(528)(419)31,685\u00a0Issued by Private-sectorSpain8\u00a0(5)3\u00a0279\u00a08\u00a0(6)2\u00a0376\u00a0Rest of Europe27\u00a0(5)22\u00a04,045\u00a028\u00a0(15)13\u00a04,672\u00a0America and rest of the world12\u00a0(194)(182)4,671\u00a040\u00a0(249)(209)4,961\u00a0289\u00a0(891)(602)58,970\u00a0364\u00a0(834)(470)58,305\u00a0January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-309\"\/><\/p>\n<p>129<\/p>\n<p>12.\u00a0\u00a0\u00a0Segment information (Primary segments)<\/p>\n<p>Grupo Santander has aligned the information in this note with the underlying information used internally for management reporting and with that presented in Grupo Santander&#8217;s other public documents.<\/p>\n<p>Grupo Santander&#8217;s executive committee has been selected to be its chief operating decision maker. Grupo Santander&#8217;s operating segments reflect its organizational and managerial structures. Grupo Santander&#8217;s executive committee reviews internal reporting based on these segments to assess performance and allocate resources.<\/p>\n<p>The segments are split by global business and country in which profits are earned. Santander prepares the information by aggregating the figures for Grupo Santander\u2019s global businesses and countries, relating it to both the accounting data of the business units integrated in each segment and that provided by management information systems. The same general principles as those used in Grupo Santander are applied.<\/p>\n<p>On 10 February 2026, the Group announced a series of changes to its reporting structure, effective from Q1 2026:<\/p>\n<p>\u2022Reporting of the Cards business within Retail &amp; Commercial Banking: the income statement and balance sheet items relating to the Cards business are reclassified to Retail (previously recorded in Payments).<\/p>\n<p>\u2022Other changes within the primary segments:<\/p>\n<p>\u25e6The Digital Consumer Bank (Consumer) business is renamed Openbank.<\/p>\n<p>\u25e6Wealth Management &amp; Insurance is reorganized into two business lines: Private Banking, which comprises the corporate private banking unit and International Private Banking in the US, Switzerland and the UAE; and Insurance &amp; Asset Management Solutions, which brings together the insurance business and liquid and illiquid asset management activities, and include the investment platforms and holdings that complement the traditional Wealth business.<\/p>\n<p>These changes do not have any impact on the reported figures at the Group or primary segment levels.<\/p>\n<p>The Group&#8217;s primary level of segmentation, comprises six reportable segments: five global businesses plus the Corporate Centre. The global businesses are: <\/p>\n<p>\u2022Retail &amp; Commercial Banking (Retail): area that integrates the retail banking and commercial banking businesses (individuals, SMEs and corporates), except private banking clients and business originated in the consumer finance businesses.<\/p>\n<p>\u2022Openbank, previously known as Digital Consumer Bank: comprises business originated by consumer finance companies, including the digital bank (formerly Openbank), Open Digital Services (ODS) and the retail business in the US.<\/p>\n<p>\u2022Corporate &amp; Investment Banking (CIB): business which includes Global Transaction Banking, Global Banking (Global Debt Financing and Corporate Finance) and Global Markets business lines. Offers products and services on a global scale to corporate and institutional customers, and collaborates with other global businesses to better serve the broad customer base.<\/p>\n<p>\u2022Wealth Management &amp; Insurance (Wealth): comprises two business lines: i) Private Banking, which includes the corporate private banking unit and International Private Banking in the US, Switzerland and the UAE; and ii) Insurance &amp; Asset Management Solutions, which will bring together the insurance business and liquid and illiquid asset management activities and includes the investment platforms and holdings that complement the traditional Wealth business.<\/p>\n<p>\u2022Payment Solutions (Payments): brings together the Group\u2019s digital payment solutions and provides global technological solutions to Group entities and new customers in the open market. It will comprise Getnet, Getnet Platforms and Ebury. <\/p>\n<p>\u2022Corporate Centre: includes the centralized activities relating to equity stakes in financial companies, financial management of the structural exchange rate position, assumed within the sphere of the Group\u2019s asset and liability committee, as well as management of liquidity and of shareholders\u2019 equity via issuances.<\/p>\n<p>As the Group\u2019s holding entity, this area manages all capital and reserves and allocations of capital and liquidity with the other businesses. It also incorporates goodwill impairments but not the costs related to the Group\u2019s central services (charged to the areas), except for corporate and institutional expenses related to the Group\u2019s functioning.<\/p>\n<p>In accordance with the information used by the Group&#8217;s executive committee for decision making, following is a distribution of the gross margin by business segment of the consolidated income statements for the six-month periods ended 30 June 2026 and 2025.<\/p>\n<p>This financial information (&#8216;underlying basis&#8217;) is computed by adjusting reported results for the effects of certain gains and losses (e.g.: capital gains, write-downs, etc.). These gains and losses are items that management and investors ordinarily identify and consider separately to understand better the underlying trends in the business. <\/p>\n<p>130<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-310\"\/>January &#8211; June 2026<\/p>\n<p>Following is the reconciliation between the adjusted profit and the statutory profit corresponding to the six-month periods ended 30 June 2026 and 2025:<\/p>\n<p>EUR million<\/p>\n<p>Total Income<\/p>\n<p>Profit before tax<\/p>\n<p>Profit<\/p>\n<p>Segment<\/p>\n<p>30-06-2026<\/p>\n<p>30-06-2025<\/p>\n<p>30-06-2026<\/p>\n<p>30-06-2025<\/p>\n<p>30-06-2026<\/p>\n<p>30-06-2025<\/p>\n<p>Retail &amp; Commercial Banking17,135\u00a016,202\u00a05,861\u00a05,283\u00a04,124\u00a03,653\u00a0Openbank6,535\u00a06,425\u00a01,405\u00a01,456\u00a0827\u00a01,042\u00a0Corporate &amp; Investment Banking4,779\u00a04,119\u00a02,379\u00a02,188\u00a01,742\u00a01,472\u00a0Wealth Management &amp; Insurance2,093\u00a01,930\u00a01,356\u00a01,196\u00a01,083\u00a0906\u00a0Payments771\u00a0641\u00a092\u00a022\u00a078\u00a016\u00a0Corporate Centre(466)(353)(746)(807)(525)(713)<\/p>\n<p>Underlying Profit<\/p>\n<p>30,847<\/p>\n<p>28,965<\/p>\n<p>10,347<\/p>\n<p>9,337<\/p>\n<p>7,328<\/p>\n<p>6,376<\/p>\n<p>Adjustments<\/p>\n<p>(25)<\/p>\n<p>13<\/p>\n<p>(386)<\/p>\n<p>(233)<\/p>\n<p>1,645<\/p>\n<p>457<\/p>\n<p>Statutory Profit30,822\u00a028,978\u00a09,961\u00a09,104\u00a08,973\u00a06,833\u00a0<\/p>\n<p>Explanation of the adjustments to the statutory profit at 30 June 2026:<\/p>\n<p>\u2022In the statutory income statement, the capital gain resulting from the completion of the Poland disposal in the first quarter of 2026 was recorded in the &#8216;profit\/(loss) after tax from discontinued operations&#8217; line item. However, in the underlying income statement, said capital gain is excluded from the underlying profit. <\/p>\n<p>\u2022In the statutory income statement, restructuring costs associated with the TSB acquisition in the second quarter of 2026 were recorded in the &#8216;Provisions or reversal of provisions&#8217; line item, aggregated in &#8216;Other results and provisions&#8217;. The recorded amount, net of taxes, is EUR 250\u00a0million. However, in the underlying income statement, these costs have been excluded from underlying profit.<\/p>\n<p>\u2022In the second quarter of 2026, a provision totalling EUR 39\u00a0million, net of tax and non-controlling interests, was recorded for or potential complaints related to motor finance dealer commissions in the UK associated with joint ventures. In the underlying income statement, this provision has been reclassified from a line item that is aggregated within \u2018other operating income\u2019, from &#8216;tax on profit&#8217; and from &#8216;non-controlling interests&#8217; to &#8216;other gains (losses) and provisions&#8217;, thereby recording the full amount in aggregate in a single line item.<\/p>\n<p>Explanation of the adjustments to the statutory profit at 30 June 2025: <\/p>\n<p>\u2022In accordance with IFRS 5 requirements, in the statutory profit, results subject to the Poland disposal have been reported under the line &#8216;Profit or loss after tax from discontinued operations&#8217; (see Note 2). However, in the underlying profit, the results from Poland have been reclassified so that they are reported line by line and disaggregated in each of the corresponding line items.<\/p>\n<p>\u2022A capital gain of EUR 231\u00a0million at 30 June 2025, from the sale of Santander&#8217;s remaining 30.5% stake in CACEIS.<\/p>\n<p>\u2022Charges of EUR 467\u00a0million at 30 June 2025 (EUR 231\u00a0million net of taxes and minority interests) after updating the macroeconomic parameters in Brazil&#8217;s credit provisioning models.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-311\"\/><\/p>\n<p>131<\/p>\n<p>113.\u00a0\u00a0\u00a0Related parties<\/p>\n<p>The parties related to Grupo Santander are deemed to include, in addition to its subsidiaries, associates and joint ventures, Banco Santander\u2019s key management personnel (the members of its board of directors and the executive vice presidents, together with their close family members) and the entities over which the key management personnel may exercise significant influence or control.<\/p>\n<p>Following is a detail of the transactions performed by Grupo Santander with its related parties in the first six months of 2026 and 2025, distinguishing between significant shareholders, members of Banco Santander\u2019s board of directors, Banco Santander\u2019s executive vice presidents, Grupo Santander entities and other related parties. Related party transactions were made on terms equivalent to those that prevail in arm\u2019s-length transactions or, when this was not the case, the related compensation in kind was recognised:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>Expenses\u00a0and\u00a0income<\/p>\n<p>Significant <br \/>shareholdersDirectors\u00a0and <br \/>executivesGroup\u00a0companies <br \/>or\u00a0entitiesOther\u00a0related <br \/>parties<\/p>\n<p>Total<\/p>\n<p>ExpensesFinance costs\u2014\u00a0\u2014\u00a067\u00a01\u00a068\u00a0Leases\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Services received\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Purchases of stocks\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Other expenses\u2014\u00a0\u2014\u00a057\u00a01\u00a058\u00a0\u2014\u00a0\u2014\u00a0124\u00a02\u00a0126\u00a0IncomeFinance income\u2014\u00a0\u2014\u00a0209\u00a03\u00a0212\u00a0Dividends received\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Services rendered\u2014\u00a0\u2014\u00a016\u00a0\u2014\u00a016\u00a0Sale of stocks\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Other income\u2014\u00a0\u2014\u00a0781\u00a01\u00a0782\u00a0\u2014\u00a0\u2014\u00a01,006\u00a04\u00a01,010\u00a0EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>Other\u00a0transactions<\/p>\n<p>Significant <br \/>shareholdersDirectors\u00a0and <br \/>executivesGroup\u00a0companies <br \/>or\u00a0entitiesOther\u00a0related <br \/>parties<\/p>\n<p>Total<\/p>\n<p>Financing agreements: loans and capital contributions (lender)\u2014\u00a02\u00a0183\u00a040\u00a0225\u00a0Financing agreements: loans and capital contributions (borrower)\u2014\u00a0(2)283\u00a0153\u00a0434\u00a0Guarantees provided\u2014\u00a0\u2014\u00a0\u2014\u00a0(8)(8)Guarantees received\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Commitments acquired\u2014\u00a0\u2014\u00a040\u00a014\u00a054\u00a0Dividends and other distributed profit\u2014\u00a03\u00a0\u2014\u00a023\u00a026\u00a0Other transactions\u2014\u00a0\u2014\u00a0(26)(6)(32)<\/p>\n<p>132<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-312\"\/>January &#8211; June 2026<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>Balance closing period<\/p>\n<p>Significant <br \/>shareholdersDirectors\u00a0and <br \/>executivesGroup\u00a0companies <br \/>or\u00a0entitiesOther\u00a0related <br \/>parties<\/p>\n<p>Total<\/p>\n<p>Debt balances:Customers and commercial debtors\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Loans and credits granted\u2014\u00a020\u00a010,495\u00a0314\u00a010,829\u00a0Other collection rights\u2014\u00a0\u2014\u00a0333\u00a015\u00a0348\u00a0\u2014\u00a020\u00a010,828\u00a0329\u00a011,177\u00a0Credit balances:Suppliers and creditors granted\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Loans and credits received\u2014\u00a013\u00a03,109\u00a0217\u00a03,339\u00a0Other payment obligations\u2014\u00a0\u2014\u00a0179\u00a0\u2014\u00a0179\u00a0\u2014\u00a013\u00a03,288\u00a0217\u00a03,518\u00a0<\/p>\n<p>EUR million<\/p>\n<p>30-06-2025<\/p>\n<p>Expenses\u00a0and\u00a0income<\/p>\n<p>Significant <br \/>shareholdersDirectors\u00a0and <br \/>executivesGroup\u00a0companies <br \/>or\u00a0entitiesOther\u00a0related <br \/>parties<\/p>\n<p>Total<\/p>\n<p>ExpensesFinance costs\u2014\u00a0\u2014\u00a060\u00a02\u00a062\u00a0Leases\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Services received\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Purchases of stocks\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Other expenses\u2014\u00a0\u2014\u00a051\u00a01\u00a052\u00a0\u2014\u00a0\u2014\u00a0111\u00a03\u00a0114\u00a0IncomeFinance income\u2014\u00a0\u2014\u00a0221\u00a04\u00a0225\u00a0Dividends received\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Services rendered\u2014\u00a0\u2014\u00a015\u00a0\u2014\u00a015\u00a0Sale of stocks\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Other income\u2014\u00a0\u2014\u00a0666\u00a01\u00a0667\u00a0\u2014\u00a0\u2014\u00a0902\u00a05\u00a0907\u00a0January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-313\"\/><\/p>\n<p>133<\/p>\n<p>EUR million<\/p>\n<p>30-06-2025<\/p>\n<p>Other\u00a0transactions<\/p>\n<p>Significant <br \/>shareholdersDirectors\u00a0and <br \/>executivesGroup\u00a0companies <br \/>or\u00a0entitiesOther\u00a0related <br \/>parties<\/p>\n<p>Total<\/p>\n<p>Financing agreements: loans and capital contributions (lender)\u2014\u00a03\u00a0281\u00a0111\u00a0395\u00a0Financing agreements: loans and capital contributions (borrower)\u2014\u00a0(5)(424)162\u00a0(267)Guarantees provided\u2014\u00a02\u00a07\u00a04\u00a013\u00a0Guarantees received\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Commitments acquired\u2014\u00a0\u2014\u00a027\u00a0(7)20\u00a0Dividends and other distributed profit\u2014\u00a03\u00a0\u2014\u00a033\u00a036\u00a0Other transactions\u2014\u00a0\u2014\u00a0(204)(3)(207)EUR million<\/p>\n<p>31-12-2025<\/p>\n<p>Balance closing period<\/p>\n<p>Significant <br \/>shareholdersDirectors\u00a0and <br \/>executivesGroup\u00a0companies <br \/>or\u00a0entitiesOther\u00a0related <br \/>parties<\/p>\n<p>Total<\/p>\n<p>Debt balances:Customers and commercial debtors\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Loans and credits granted\u2014\u00a018\u00a010,121\u00a0274\u00a010,413\u00a0Other collection rights\u2014\u00a0\u2014\u00a0370\u00a021\u00a0391\u00a0\u2014\u00a018\u00a010,491\u00a0295\u00a010,804\u00a0Credit balances:Suppliers and creditors granted\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Loans and credits received\u2014\u00a015\u00a02,786\u00a0376\u00a03,177\u00a0Other payment obligations\u2014\u00a0\u2014\u00a0191\u00a0\u2014\u00a0191\u00a0\u2014\u00a015\u00a02,977\u00a0376\u00a03,368\u00a0<\/p>\n<p>134<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-314\"\/>January &#8211; June 2026<\/p>\n<p>14.\u00a0\u00a0\u00a0Off-balance-sheet exposures<\/p>\n<p>The off-balance-sheet exposures relate to balances representing loans commitments, financial guarantees and other commitments granted (recoverables and non recoverables).<\/p>\n<p>Financial guarantees granted include financial guarantees contracts such as financial bank guarantees, credit derivatives, and risks arising from derivatives granted to third parties; non-financial guarantees include other guarantees and irrevocable documentary credits.<\/p>\n<p>Loan and other commitments granted include all off-balance-sheet exposures, which are not classified as guarantees provided, including loans commitment granted.<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Loan commitments granted325,379\u00a0321,234\u00a0\u00a0\u00a0Of which impaired432\u00a0345\u00a0Financial guarantees granted17,498\u00a017,449\u00a0Of which impaired316\u00a0332\u00a0Bank sureties17,455\u00a017,437\u00a0Credit derivatives sold43\u00a012\u00a0Other commitments granted151,556\u00a0148,118\u00a0Of which impaired574\u00a0668\u00a0Other granted guarantees64,229\u00a062,161\u00a0Other87,327\u00a085,957\u00a0<\/p>\n<p>The breakdown of the off-balance sheet exposure and impairment on 30 June 2026 and 31\u00a0December 2025 by impairment stages is EUR 471,257 million and EUR 464,215 million of exposure and EUR 357 million and EUR 338 million of impairment in stage 1, EUR 21,854 million and EUR 21,241 million of exposure and EUR 218 million and EUR 206 million of impairment in stage 2, and EUR 1,322 million and EUR 1,345 million of exposure and EUR 173 million and EUR 169 million of impairment in stage 3, respectively.<\/p>\n<p>15.\u00a0\u00a0\u00a0Average headcount and number of branches<\/p>\n<p>The average number of employees at Banco Santander and Grupo Santander, by gender, in the six-month periods ended 30 June 2026 and 2025 is as follows:<\/p>\n<p>Average\u00a0headcountBank<\/p>\n<p>Group (*)<\/p>\n<p>30-06-2026<\/p>\n<p>30-06-2025<\/p>\n<p>30-06-2026<\/p>\n<p>30-06-2025<\/p>\n<p>Men11,49311,91390,63894,530Women11,12111,45195,173100,87222,614\u00a023,364\u00a0185,811\u00a0195,402\u00a0<\/p>\n<p> (*) As of 30 June 2025, this excludes the Group\u2019s business sold in Poland. Including Poland, the average headcount amounted to 206,045.<\/p>\n<p>The number of branches, depending on their location, as of 30 June 2026 and 31\u00a0December 2025 is as follow:<\/p>\n<p>Number\u00a0of\u00a0branchesGroup<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Spain (*)<\/p>\n<p>1,4991,674<\/p>\n<p>Group (**)<\/p>\n<p>4,9975,0916,496\u00a06,765\u00a0<\/p>\n<p>(*) Includes branches in Spain of the Openbank business.<\/p>\n<p>(**) Excludes 359 branches from the business sold in Poland at 31 December 2025.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-315\"\/><\/p>\n<p>135<\/p>\n<p>16.\u00a0\u00a0\u00a0Other disclosures<\/p>\n<p>a)         Valuation techniques for financial assets and liabilities<\/p>\n<p>The following table shows a summary of the fair values, at 30 June 2026 and 31\u00a0December 2025, of the financial assets and liabilities indicated below, classified on the basis of the various measurement methods used by Grupo Santander to determine their fair value:<\/p>\n<p>EUR million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Level 1<\/p>\n<p>Level\u00a02\u00a0<\/p>\n<p>Level\u00a03<\/p>\n<p>Total<\/p>\n<p>Level 1<\/p>\n<p>Level 2<\/p>\n<p>Level\u00a03<\/p>\n<p>Total<\/p>\n<p>Financial assets held for trading120,390\u00a0158,735\u00a07,816\u00a0286,941\u00a0106,529\u00a0139,293\u00a06,496\u00a0252,318\u00a0Non-trading financial assets mandatorily at fair value through profit or loss2,647\u00a02,413\u00a02,998\u00a08,058\u00a02,407\u00a02,465\u00a02,889\u00a07,761\u00a0Financial assets designated at fair value through profit and loss2,857\u00a04,976\u00a051\u00a07,884\u00a02,860\u00a05,152\u00a034\u00a08,046\u00a0Financial assets at fair value through other comprehensive income53,995\u00a011,384\u00a09,992\u00a075,371\u00a052,589\u00a012,962\u00a09,061\u00a074,612\u00a0Hedging derivatives (assets)\u2014\u00a05,006\u00a0\u2014\u00a05,006\u00a0\u2014\u00a03,924\u00a07\u00a03,931\u00a0Financial liabilities held for trading34,617\u00a0157,680\u00a01,120\u00a0193,417\u00a037,192\u00a0133,490\u00a0864\u00a0171,546\u00a0Financial liabilities designated at fair value through profit or loss\u2014\u00a043,279\u00a0128\u00a043,407\u00a0\u2014\u00a042,148\u00a0\u2014\u00a042,148\u00a0Hedging derivatives (liabilities)\u2014\u00a04,490\u00a04\u00a04,494\u00a0\u2014\u00a04,229\u00a019\u00a04,248\u00a0Liabilities under insurance contracts\u2014\u00a019,103\u00a0244\u00a019,347\u00a0\u2014\u00a018,510\u00a0227\u00a018,737\u00a0<\/p>\n<p>The Group determines the fair value of financial instruments as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When quoted prices in active markets exist for identical instruments, those prices are used without significant adjustments. In the absence of quoted prices in active markets, fair value is estimated using valuation techniques generally accepted in the market, maximising the use of observable inputs and minimising the use of unobservable inputs.<\/p>\n<p>The valuation techniques applied by the Group include, among others, discounted cash flow methods, present\u2011value models, option\u2011pricing models, techniques based on prices or spreads of comparable instruments, credit models, and simulation or stochastic\u2011volatility models for more complex instruments. Key inputs include interest\u2011rate and discount curves, inflation curves, exchange rates, spot prices, credit curves, liquidity spreads, volatilities, dividends, correlations, recovery rates, prepayment rates and other parameters relevant to the instrument being valued.<\/p>\n<p>Classifications are reviewed periodically considering, among other factors, market depth and liquidity, the frequency and dispersion of quotes, the availability of observable transactions, the extent of price corroboration from independent sources and the relevance of unobservable inputs to the measurement. Transfers between levels are recognised in accordance with the Group\u2019s internal policies and reflect changes in input observability or their relative significance.<\/p>\n<p>The Group has a valuation governance and control framework with segregated responsibilities. Business units are responsible for originating and managing financial products, while the independent Risk and\/or Valuation functions periodically verify models, market inputs, valuation results, valuation adjustments and the fair value hierarchy classification. This framework includes new\u2011product approval processes, independent model validation, independent price verification, observability analysis, data\u2011quality controls and escalation of material issues or exceptions. <\/p>\n<p>136<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-316\"\/>January &#8211; June 2026<\/p>\n<p>Valuation techniques<\/p>\n<p>Valuations obtained from market prices or internal models are adjusted, where appropriate, to reflect the exit price that market participants would consider at the measurement date. These adjustments are part of the fair value measurement and are intended to incorporate risks, costs or uncertainties not fully captured by the price or the valuation technique used.<\/p>\n<p>The main valuation adjustments considered by the Group, where applicable and significant, are as follows:<\/p>\n<p>\u2022Bid-offer and liquidity adjustments: reflect the estimated cost of closing, transferring or hedging positions, especially when the reference valuation is obtained from market mid\u2011prices or when market depth is limited.<\/p>\n<p>\u2022Input\u2011uncertainty adjustments: cover dispersion or limited observability of prices, curves, spreads, volatilities, correlations, recovery rates, prepayment rates or other parameters used in valuation.<\/p>\n<p>\u2022Model\u2011risk adjustments: capture the uncertainty inherent in the valuation methodology, calibration assumptions or the inability to fully replicate an instrument\u2019s risks in the market, especially for complex products or with non\u2011standard optionalities.<\/p>\n<p>\u2022Counterparty credit risk adjustments (CVA): reflect the risk that the counterparty defaults before the maturity of the transactions, considering expected positive exposure, probability of default, loss severity, netting and collateral arrangements, and the applicable discount curves.<\/p>\n<p>\u2022Own credit risk adjustments on derivatives (DVA): reflect the effect of the Group\u2019s own credit risk in the valuation of derivative liabilities, considering expected negative exposure and relevant own\u2011credit parameters.<\/p>\n<p>\u2022Funding adjustments (FVA\/FFVA): incorporate, where applicable, the impact of funding costs or benefits associated with uncollateralised or partially collateralised components of the OTC derivatives portfolio, in line with the terms that a market participant would consider in valuation. <\/p>\n<p>\u2022Collateral and collateral\u2011remuneration adjustments: reflect the impact of contractual collateralisation terms, collateral remuneration and the quality of guarantees where not fully captured in the base valuation.<\/p>\n<p>\u2022Own\u2011credit risk adjustments on liabilities designated at fair value: incorporate the effect of the Group\u2019s own credit quality on certain financial liabilities designated at fair value, in accordance with the applicable accounting framework.<\/p>\n<p>These adjustments are calculated on bases consistent with the Group\u2019s fair value framework and rely, to the extent possible, on observable market information. Where sufficient observable information is not available, duly documented internal estimates are used and are subject to independent validation, verification and ongoing monitoring. The materiality of adjustments and their potential impact on the classification of instruments within the fair value hierarchy are assessed periodically.<\/p>\n<p>When, on initial recognition of a financial instrument measured at fair value, differences exist between the transaction price and the valuation obtained from a model using significant unobservable inputs, such differences are recognised in accordance with the applicable accounting framework, normally deferring recognition in profit or loss until the relevant inputs become observable, cease to be significant, the position is realised, or the period during which unobservability is considered to persist has elapsed.<\/p>\n<p>As of 30 June 2026, the main adjustments recorded are as follows:<\/p>\n<p>\u2022The CVA (Credit Valuation Adjustment) accounted for was EUR 240 million (an increase of 7.1% compared to 31\u00a0December 2025) and adjustments of DVA (Debt Valuation Adjustment) was EUR 291 million (an increase of 2.1% compared to 31\u00a0December 2025). The increase in CVA was driven by movements in credit markets and growth in certain derivatives portfolios, while the increase in DVA was mainly attributable to a modest widening of credit spreads.<\/p>\n<p>\u2022Valuation adjustments accounted to EUR 324 million, representing an increase of 4.95% compared to 31\u00a0December 2025. These adjustments mainly reflect bid-offer spread uncertainty, the dispersion of valuation inputs among different pricing contributors and the uncertainty associated with certain valuation models. The increase reflects greater uncertainty regarding the inputs used to arrive at a fair valuation of the Group&#8217;s positions.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-317\"\/><\/p>\n<p>137<\/p>\n<p>Set forth below are the financial instruments at fair value whose measurement was based on internal models (levels 2 and 3) at 30 June 2026 and 31\u00a0December 2025:<\/p>\n<p>EUR millionEUR millionFair\u00a0values\u00a0calculated\u00a0using internal\u00a0models\u00a0at 30-06-2026 (*)Fair\u00a0values\u00a0calculated\u00a0using internal\u00a0models\u00a0at 31-12-2025 (*)Level\u00a02Level\u00a03Level\u00a02Level\u00a03Valuation\u00a0techniquesMain inputsASSETS182,514\u00a020,857\u00a0163,796\u00a018,487\u00a0Financial assets held for trading158,735\u00a07,816\u00a0139,293\u00a06,496\u00a0Loans and receivables (**)84,231\u00a06,529\u00a067,992\u00a05,185\u00a0Present value methodInterest rates, Exchange rates, Credit spreadsDebt instruments<br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a017,133\u00a0311\u00a014,456\u00a0340\u00a0Present value method. Prices observed in inactive markets or for similar assetsInterest rates, Exchange rates, Credit spreadsEquity instruments16\u00a0\u2014\u00a014\u00a0\u2014\u00a0Net present value. Prices observed in inactive markets or for similar assetsMarket prices, Interest rates, Exchange rates, DividendsDerivatives57,355\u00a0976\u00a056,831\u00a0971\u00a0Swaps42,279\u00a0546\u00a039,716\u00a0551\u00a0Cash flow discountingInterest rates, Credit spreads, Basis, LiquidityExchange rate options1,160\u00a031\u00a01,332\u00a039\u00a0Black-Scholes modelExchange rate, Volatilities, Correlations, LiquidityInterest rate options1,824\u00a01\u00a01,490\u00a039\u00a0Black-Scholes, SABR and LGM modelsInterest rate, Volatilities, Correlations, LiquidityIndex and securities options552\u00a0214\u00a0439\u00a0120\u00a0Black-Scholes modelEquity prices, Volatilities, DividendsInterest rate futures774\u00a03\u00a0177\u00a0\u2014\u00a0Present value methodInterest rateOther10,766\u00a0181\u00a013,677\u00a0222\u00a0Present value method, advanced stochastic volatility models. Multifactor modelsInterest rate, Exchange rates, Credit spreads, Volatilities, Correlations, Liquidity, Prepayment rates, Recovery ratesHedging derivatives5,006\u00a0\u2014\u00a03,924\u00a07\u00a0Swaps4,736\u00a0\u2014\u00a03,690\u00a07\u00a0Cash flow discountingInterest rates, Credit spreads, Basis, LiquidityInterest rate options102\u00a0\u2014\u00a091\u00a0\u2014\u00a0Black-Scholes, SABR and LGM modelsInterest rate, Volatilities, Correlations, LiquidityOther168\u00a0\u2014\u00a0143\u00a0\u2014\u00a0Present value method, advanced stochastic volatility models. Multifactor modelsInterest rate, Exchange rates, Credit spreads, Volatilities, Correlations, Liquidity, Prepayment rates, Recovery ratesNon-trading financial assets mandatorily at fair value through profit or loss2,413\u00a02,998\u00a02,465\u00a02,889\u00a0Loans and receivables 1,368\u00a0165\u00a01,512\u00a0171\u00a0Present value methodInterest rates, Exchange rates, Credit spreadsDebt instruments17\u00a0230\u00a054\u00a0175\u00a0Present value method. Prices observed in inactive markets or for similar assetsInterest rates, Exchange rates, Credit spreadsEquity instruments1,028\u00a02,603\u00a0899\u00a02,543\u00a0Net present value. Prices observed in inactive markets or for similar assetsMarket prices, Interest rates, Exchange rates, DividendsFinancial assets designated at fair value through profit or loss4,976\u00a051\u00a05,152\u00a034\u00a0Loans and receivables4,963\u00a027\u00a05,138\u00a014\u00a0Present value methodInterest rates, Exchange rates, Credit spreadsDebt instruments13\u00a024\u00a014\u00a020\u00a0Present value method. Prices observed in inactive markets or for similar assetsInterest rates, Exchange rates, Credit spreadsFinancial assets at fair value through other comprehensive income11,384\u00a09,992\u00a012,962\u00a09,061\u00a0Loans and receivables (***)4,085\u00a08,714\u00a06,124\u00a07,902\u00a0Present value methodInterest rates, Exchange rates, Credit spreadsDebt instruments7,296\u00a01,005\u00a06,819\u00a0887\u00a0Present value method. Prices observed in inactive markets or for similar assetsInterest rates, Exchange rates, Credit spreadsEquity instruments3\u00a0273\u00a019\u00a0272\u00a0Net present value. Prices observed in inactive markets or for similar assetsMarket prices, Interest rates, Exchange rates, Dividends<\/p>\n<p>138<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-318\"\/>January &#8211; June 2026LIABILITIES224,499\u00a01,496\u00a0198,377\u00a01,110\u00a0Financial liabilities held for trading157,680\u00a01,120\u00a0133,490\u00a0864\u00a0Deposits98,944\u00a0198\u00a075,563\u00a0\u2014\u00a0Present value methodInterest rates, Exchange rates, Credit spreadsDerivatives49,841\u00a0922\u00a050,248\u00a0864\u00a0Swaps35,089\u00a0431\u00a033,597\u00a0418\u00a0Cash flow discountingInterest rates, Credit spreads, Basis, LiquidityExchange rate options828\u00a017\u00a0903\u00a034\u00a0Black-Scholes modelExchange rate, Volatilities, Correlations, LiquidityInterest rate options1,853\u00a084\u00a01,951\u00a095\u00a0Black-Scholes, SABR and LGM modelsInterest rate, Volatilities, Correlations, LiquidityIndex and securities options2,352\u00a0188\u00a01,094\u00a0151\u00a0Black-Scholes modelEquity prices, Volatilities, DividendsInterest rate and equity futures520\u00a03\u00a0121\u00a0\u2014\u00a0Present value methodInterest rates, Equity prices, DividendsOther9,199\u00a0199\u00a012,582\u00a0166\u00a0Present value method, advanced stochastic volatility models. Multifactor modelsInterest rate, Exchange rates, Credit spreads, Volatilities, Correlations, Liquidity, Prepayment rates, Recovery ratesShort positions8,895\u00a0\u2014\u00a07,679\u00a0\u2014\u00a0Hedging derivatives4,490\u00a04\u00a04,229\u00a019\u00a0Swaps3,861\u00a04\u00a04,191\u00a019\u00a0Cash flow discountingInterest rates, Credit spreads, Basis, LiquidityInterest rate options\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Black-Scholes, SABR and LGM modelsInterest rate, Volatilities, Correlations, LiquidityOther629\u00a0\u2014\u00a038\u00a0\u2014\u00a0Present value method, advanced stochastic volatility models. Multifactor modelsInterest rate, Exchange rates, Credit spreads, Volatilities, Correlations, Liquidity, Prepayment rates, Recovery ratesFinancial liabilities designated at fair value through profit or loss (****)43,279\u00a0128\u00a042,148\u00a0\u2014\u00a0Present value methodInterest rates, Credit spreads, Prepayment ratesLiabilities under insurance  contracts19,103\u00a0244\u00a018,510\u00a0227\u00a0Actuarial models and present value methodInterest rates, Mortality rates<\/p>\n<p>(*)     The internal models of level 2 implement figures based on the parameters observed in the market, while level 3 internal models use significant inputs that are not observable in market data. <\/p>\n<p>(**)\u00a0\u00a0\u00a0\u00a0   Includes mainly temporary acquisitions\/disposals of assets with corporate clients and, to a lesser extent, with central banks.<\/p>\n<p>(***)   Includes mainly syndicated loans under the HTC&amp;S business model. <\/p>\n<p>(****) Includes mainly short-term deposits that are managed based on their fair value.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-319\"\/><\/p>\n<p>139<\/p>\n<p>Level 3 financial instruments<\/p>\n<p>Instruments classified as Level 3 are those whose valuation incorporates significant unobservable inputs. Inclusion of an instrument in Level 3 does not necessarily imply that no observable inputs are used in its valuation; it reflects that at least one unobservable input has a significant effect on the fair value measurement of the instrument as a whole.<\/p>\n<p>The Group\u2019s main Level 3 instruments, together with the most relevant unobservable inputs that justify such classification, are as follows:<\/p>\n<p>\u2022Syndicated loans classified at fair value through other comprehensive income, particularly those with a held\u2011to\u2011collect and sell (HTC&amp;S) business model, for which credit spreads or certain liquidity adjustments are not directly observable in the market. In some cases the borrower\u2019s prepayment option or the absence of representative transactional prices may be relevant.<\/p>\n<p>\u2022Long\u2011term repo and reverse\u2011repo transactions classified as financial assets or liabilities held for trading, whose valuation incorporates financing, liquidity, collateral, remaining tenor or counterparty\u2011risk parameters that cannot always be corroborated with observable prices for equivalent transactions.<\/p>\n<p>\u2022Unlisted or illiquid equity instruments, included in portfolios at fair value through profit or loss or through other comprehensive income, valued using prices of comparable transactions, net present\u2011value methods, multiples, fund valuations or internal price estimates, with adjustments for liquidity, transfer restrictions or parameter uncertainty.<\/p>\n<p>\u2022Interest\u2011rate derivatives with cancellable optionality or long\u2011dated structures, where parameters such as volatility, curve correlations, mean reversion of interest rates, basis, liquidity or curve extensions beyond observable tenors may be significant.<\/p>\n<p>\u2022Swaps linked to securitisations or other derivatives in which cash\u2011flow evolution depends on the performance of an underlying portfolio. In these cases, prepayment rates, early amortisation, loss severity or expected portfolio behaviour may constitute significant unobservable inputs.<\/p>\n<p>\u2022Inflation derivatives, particularly when referenced to indices or tenors with limited market liquidity. Relevant inputs include forward inflation curves, inflation volatilities, seasonality and correlations with other market factors.<\/p>\n<p>\u2022Equity derivatives and structured products on indices, shares or baskets, especially long\u2011dated or on illiquid underlyings. Key unobservable inputs may include long\u2011term volatilities, expected dividends, correlations between underlyings, volatility skews, liquidity discounts and strike or barrier parameters.<\/p>\n<p>\u2022Foreign\u2011exchange or interest\u2011rate derivatives in certain geographies or currencies, mainly when maturities exceed the observable zone of curves, volatilities or correlations, or when local markets do not provide sufficient information for independent corroboration.<\/p>\n<p>\u2022Debt instruments referenced to illiquid rates or spreads, or with contractual structures for which observable prices of comparable instruments do not exist, valued using discounted cash\u2011flow methods, market proxies, estimated credit curves or liquidity adjustments.<\/p>\n<p>Sensitivity for Level 3 instruments is determined by considering reasonably possible changes in the significant unobservable inputs, in line with the nature of the instrument, data availability and quality, historical experience, market conditions and the Group\u2019s prudent valuation criteria. Potential effects are presented in the corresponding tables, distinguishing between favourable and unfavourable scenarios where such information is significant.<\/p>\n<p>Valuations obtained using internal models could differ if other reasonably possible methods or assumptions were applied regarding interest rates, credit spreads, liquidity, exchange rates, volatilities, correlations, dividends, prepayment rates, house\u2011price indices or other unobservable inputs. Nevertheless, based on the controls and procedures described, the Group considers that the fair values recognised in the consolidated balance sheet, as well as the results arising from these instruments, are reasonable and reflect the information available at the reporting date.<\/p>\n<p>During 2025 there was an increase in instruments classified as Level 3, especially in the last quarter of the year. This increase was driven by higher volumes of some of these instruments in the portfolio due to new business, with no material reclassifications detected arising from changes in market observability of valuation inputs for the remaining positions. The main increases include long\u2011term repo\/reverse\u2011repo activity, illiquid equities in non\u2011trading portfolios and syndicated loans with an HTC&amp;S business model for which no observable market price exists under the criteria applied.<\/p>\n<p>The net amount recorded in the results of the first six months of 2026 arising from models whose significant inputs are unobservable market data (level 3) amounted to a loss of EUR 22 million (loss of EUR 148 million in the first six months of 2025). <\/p>\n<p>140<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-320\"\/>January &#8211; June 2026<\/p>\n<p>The table below shows the effect, at 30 June 2026 and 31\u00a0December 2025, on the fair value of the main financial instruments classified as Level 3 of a reasonable change in the assumptions used in the valuation. This effect was determined by applying the probable valuation ranges of the main unobservable inputs detailed in the following table:<\/p>\n<p>30-06-2026<\/p>\n<p>Portfolio\/Instrument<\/p>\n<p>Valuation technique<\/p>\n<p>Main unobservable inputs<\/p>\n<p>Range<\/p>\n<p>Weighted average<\/p>\n<p>Impacts (EUR million)<\/p>\n<p>(Level 3)<\/p>\n<p>Unfavourable scenario<\/p>\n<p>Favourable scenario<\/p>\n<p>Financial assets held for tradingLoans and advances to customersRepos\/Reverse reposMarket proxyPrice \/ Credit spread<\/p>\n<p>n.a.<\/p>\n<p>n.a.(11.70)11.70\u00a0Repos\/Reverse reposPresent value methodInterest rate curve<\/p>\n<p>(4.90)bps &#8211; 68.90bps<\/p>\n<p>0.00bps(7.97)0.57\u00a0Debt securitiesCorporate debtDiscounted Cash FlowsCredit spread<\/p>\n<p>0% &#8211; 10.00%<\/p>\n<p>5.10%(2.06)2.11\u00a0Government debtDiscounted Cash FlowsDiscount curve<\/p>\n<p>0% &#8211; 8%<\/p>\n<p>4.00%(9.97)9.90\u00a0OthersDiscounted Cash FlowsCredit spread<\/p>\n<p>10% &#8211; 90%<\/p>\n<p>40.70%(0.88)0.55\u00a0DerivativesCap&amp;FloorBlack Scholes modelVolatility<\/p>\n<p>(6.50)bps &#8211; 6.50bps<\/p>\n<p>2.60bps(0.03)0.06\u00a0EQ OptionsEQ option pricing modelVolatility<\/p>\n<p>0% &#8211; 70%<\/p>\n<p>35.50%(0.70)0.72\u00a0EQ OptionsLocal volatilityVolatility<\/p>\n<p>10% &#8211; 90%<\/p>\n<p>50.00%(35.74)35.74\u00a0Fx OptionsFx option pricing modelVolatility<\/p>\n<p>0% &#8211; 40%<\/p>\n<p>19.80%(0.39)0.38\u00a0FX ForwardForward estimationSwap Rate<\/p>\n<p>\u00a00% &#8211; 15%<\/p>\n<p>7.60%(0.12)0.12\u00a0Inflation DerivativesAsset Swap modelInflation Swap Rate<\/p>\n<p>2% &#8211; 8%<\/p>\n<p>4.90%(0.18)0.17\u00a0IR OptionsIR option pricing modelVolatility<\/p>\n<p>0% &#8211; 30%<\/p>\n<p>14.80%(0.18)0.18\u00a0IR OptionsINF option pricing modelVolatility<\/p>\n<p>0% &#8211; 30%<\/p>\n<p>14.90%(0.60)0.59\u00a0IRSOthersOthers<\/p>\n<p>5% &#8211; n.a.<\/p>\n<p>n.a.(4.88)3.08\u00a0Other IR derivativesDiscounted Cash FlowsPrice<\/p>\n<p>n.a. &#8211; n.a.<\/p>\n<p>n.a.(0.97)0.97\u00a0IRSDiscounted Cash FlowsCredit spread<\/p>\n<p>9.10bps &#8211; 69.70bps<\/p>\n<p>32.40bps(2.29)1.44\u00a0IRSDiscounted Cash FlowsInflation Swap Rate<\/p>\n<p>1.0% &#8211; 99.0%<\/p>\n<p>35.30%(2.19)1.18\u00a0OthersForward estimationPrice<\/p>\n<p>60bps &#8211; 300bps<\/p>\n<p>179.80bps(3.37)3.35\u00a0OthersDiscounted Cash FlowsCommodity curve<\/p>\n<p>10.0% &#8211; 90.0%<\/p>\n<p>10.00%0.00\u00a00.00\u00a0Property derivativesOption pricing modelGrowth rate<\/p>\n<p>(5.0)% &#8211; 5.0%<\/p>\n<p>0.00%(2.32)2.32\u00a0Securitisation SwapDiscounted Cash FlowsConstant prepayment rates<\/p>\n<p>10.0% &#8211; 90.0%<\/p>\n<p>54.00%(11.78)14.40\u00a0January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-321\"\/><\/p>\n<p>141<\/p>\n<p>30-06-2026<\/p>\n<p>Portfolio\/Instrument<\/p>\n<p>Valuation technique<\/p>\n<p>Main unobservable inputs<\/p>\n<p>Range<\/p>\n<p>Weighted average<\/p>\n<p>Impacts (EUR million)<\/p>\n<p>(Level 3)<\/p>\n<p>Unfavourable scenario<\/p>\n<p>Favourable scenario<\/p>\n<p>Financial assets designated at fair value through profit or lossLoans and advances to customersMortgage portfolioBlack Scholes modelGrowth rate<\/p>\n<p>(5)% &#8211; 5%<\/p>\n<p>0.00%(0.12)0.12\u00a0Debt securitiesOther debt securitiesOthersInflation Swap Rate<\/p>\n<p>0% &#8211; 8%<\/p>\n<p>4%(3.87)3.79\u00a0Non-trading financial assets mandatorily at fair value through profit or lossDebt securitiesProperty securitiesProbability weightingGrowth rate<\/p>\n<p>(5)% &#8211; 5%<\/p>\n<p>0%\u2014\u00a0\u2014\u00a0Equity instrumentsEquitiesPrice BasedPrice<\/p>\n<p>90% &#8211; 110%<\/p>\n<p>100%(260.30)260.30\u00a0Financial assets at fair value through other comprehensive incomeLoans and advances to customersLoansDiscounted Cash FlowsCredit spread<\/p>\n<p>n.a. &#8211; n.a.<\/p>\n<p>n.a.(25.34)9.26\u00a0LoansDiscounted Cash FlowsInterest rate curve<\/p>\n<p>4.6% &#8211; 7.1%<\/p>\n<p>5.80%0.00\u00a00.00\u00a0LoansDiscounted Cash FlowsMargin of a reference portfolio<\/p>\n<p>2.8% &#8211; 6.5%<\/p>\n<p>4.70%(0.59)0.59\u00a0LoansPresent value methodCredit spread<\/p>\n<p>185.7bps &#8211; 119.3bps<\/p>\n<p>185.70bps(0.02)0.00\u00a0LoansMarket priceMarket price<\/p>\n<p>(0.5)% &#8211; 0.5%<\/p>\n<p>0.00%(8.94)8.94\u00a0Debt securitiesMortgage LettersDiscounted Cash FlowsMortgage Letters<\/p>\n<p>3.2% &#8211; 8.3%<\/p>\n<p>5.70%0.00\u00a00.00\u00a0Equity instrumentsEquitiesPrice BasedPrice<\/p>\n<p>90% &#8211; 110%<\/p>\n<p>100.00%(27.26)27.26\u00a0<\/p>\n<p>142<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-322\"\/>January &#8211; June 2026<\/p>\n<p>30-06-2026<\/p>\n<p>Portfolio\/Instrument<\/p>\n<p>Valuation technique<\/p>\n<p>Main unobservable inputs<\/p>\n<p>Range<\/p>\n<p>Weighted average<\/p>\n<p>Impacts (EUR million)<\/p>\n<p>(Level 3)<\/p>\n<p>Unfavourable scenario<\/p>\n<p>Favourable scenario<\/p>\n<p>Financial liabilities held for tradingDerivativesCap&amp;FloorVolatility option modelVolatility<\/p>\n<p>10% &#8211; 90%<\/p>\n<p>46.30%(0.17)0.14\u00a0FX OptionsVolatility option modelVolatility<\/p>\n<p>10% &#8211; 90%<\/p>\n<p>41.90%(0.71)0.47\u00a0IRSDiscounted Cash FlowsInflation Swap Rate<\/p>\n<p>10% &#8211; 90%<\/p>\n<p>46%(0.02)0.02\u00a0IRSDiscounted Cash FlowsCredit Spread<\/p>\n<p>20bps &#8211; 37bps<\/p>\n<p>26.20bps(1.11)0.63\u00a0January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-323\"\/><\/p>\n<p>143<\/p>\n<p>31-12-2025<\/p>\n<p>Portfolio\/Instrument<\/p>\n<p>Valuation technique<\/p>\n<p>Main unobservable inputs<\/p>\n<p>Range<\/p>\n<p>Weighted average<\/p>\n<p>Impacts (EUR million)<\/p>\n<p>(Level 3)<\/p>\n<p>Unfavourable scenario<\/p>\n<p>Favourable scenario<\/p>\n<p>Financial assets held for tradingLoans and advances to customersRepos\/Reverse reposMarket proxyPrice \/ Credit spreadn.a.n.a.(10.50)10.50\u00a0Debt securitiesCorporate debtDiscounted Cash FlowsCredit spread<\/p>\n<p>0% &#8211; 10%<\/p>\n<p>5.10%(2.24)2.29\u00a0Government debtDiscounted Cash FlowsDiscount curve<\/p>\n<p>0% &#8211; 8%<\/p>\n<p>4.00%(9.21)9.24\u00a0OthersDiscounted Cash FlowsCredit spread<\/p>\n<p>10% &#8211; 90%<\/p>\n<p>35.50%(1.32)0.62\u00a0DerivativesCap&amp;FloorBlack Scholes modelVolatility<\/p>\n<p>(6.50)bps &#8211; 6.50bps<\/p>\n<p>1.00bps(0.38)0.52\u00a0CCSDiscounted Cash FlowsCredit spread<\/p>\n<p>146.3% &#8211; 148.3%<\/p>\n<p>147.30%(0.01)0.01\u00a0EQ OptionsEQ option pricing modelVolatility<\/p>\n<p>0% &#8211; 70%<\/p>\n<p>40.50%(0.17)0.24\u00a0EQ OptionsLocal volatilityVolatility<\/p>\n<p>10% &#8211; 90%<\/p>\n<p>50.00%(18.86)18.86\u00a0Fx OptionsFx option pricing modelVolatility<\/p>\n<p>0% &#8211; 40%<\/p>\n<p>19.80%(0.50)0.49\u00a0FX ForwardForward estimationSwap Rate<\/p>\n<p>0% &#8211; 15%<\/p>\n<p>8.10%(0.01)0.02\u00a0Inflation DerivativesAsset Swap modelInflation Swap Rate<\/p>\n<p>2% &#8211; 8%<\/p>\n<p>4.90%(0.18)0.17\u00a0IR OptionsIR option pricing modelVolatility<\/p>\n<p>0% &#8211; 30%<\/p>\n<p>14.80%(0.19)0.19\u00a0IR OptionsINF option pricing modelVolatility<\/p>\n<p>0% &#8211; 30%<\/p>\n<p>14.90%(0.63)0.63\u00a0IRSOthersOthers<\/p>\n<p>5% &#8211; n.a.<\/p>\n<p>n.a.(11.24)8.23\u00a0IRSDiscounted Cash FlowsCredit spread<\/p>\n<p>19.6% &#8211; 127.5%<\/p>\n<p>50.50%(2.10)0.84\u00a0IRSDiscounted Cash FlowsInflation Swap Rate<\/p>\n<p>1.0% &#8211; 99.0%<\/p>\n<p>99.00%\u2014\u00a01.41\u00a0OthersForward estimationPrice<\/p>\n<p>60bps &#8211; 300bps<\/p>\n<p>179.8bps(3.48)3.47\u00a0Property derivativesOption pricing modelGrowth rate<\/p>\n<p>(5)% &#8211; 5%<\/p>\n<p>0.00%(2.64)2.64\u00a0Securitisation SwapDiscounted Cash FlowsConstant prepayment rates<\/p>\n<p>10% &#8211; 90%<\/p>\n<p>50.00%\u2014\u00a0\u2014\u00a0Financial assets designated at fair value through profit or lossLoans and advances to customersLoansDiscounted Cash FlowsCredit spreads<\/p>\n<p>0.1% &#8211; 3%<\/p>\n<p>1.60%(0.12)0.12\u00a0Mortgage portfolioBlack Scholes modelGrowth rate<\/p>\n<p>(5)% &#8211; 5%<\/p>\n<p>0.00%(0.23)0.23\u00a0<\/p>\n<p>144<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-324\"\/>January &#8211; June 2026<\/p>\n<p>31-12-2025<\/p>\n<p>Portfolio\/Instrument<\/p>\n<p>Valuation technique<\/p>\n<p>Main unobservable inputs<\/p>\n<p>Range<\/p>\n<p>Weighted average<\/p>\n<p>Impacts (EUR million)<\/p>\n<p>(Level 3)<\/p>\n<p>Unfavourable scenario<\/p>\n<p>Favourable scenario<\/p>\n<p>Debt securitiesOther debt securitiesOthersInflation Swap Rate<\/p>\n<p>0% &#8211; 8%<\/p>\n<p>4.10%\u2014\u00a0\u2014\u00a0Non-trading financial assets mandatorily at fair value through profit or lossDebt securitiesProperty securitiesProbability weightingGrowth rate<\/p>\n<p>(5)% &#8211; 5%<\/p>\n<p>0.00%(0.11)0.11\u00a0Equity instrumentsEquitiesPrice BasedPrice<\/p>\n<p>90% &#8211; 110%<\/p>\n<p>100.00%(254.29)254.29\u00a0Financial assets at fair value through other comprehensive incomeLoans and advances to customersLoansDiscounted Cash FlowsCredit spreadn.a.n.a.(2.33)2.33\u00a0LoansDiscounted Cash FlowsInterest rate curve<\/p>\n<p>6.1% &#8211; 7.2%<\/p>\n<p>6.6%\u2014\u00a00.00\u00a0LoansDiscounted Cash FlowsMargin of a reference portfolio<\/p>\n<p>3.3% &#8211; 6.5%<\/p>\n<p>5%(0.25)0.25\u00a0LoansPresent value methodCredit spread<\/p>\n<p>121.9bps &#8211; 174.7 bps<\/p>\n<p>121.9bps(1.60)\u2014\u00a0LoansMarket priceMarket price<\/p>\n<p>(0.3)% &#8211; 0.1%<\/p>\n<p>(0.30)%(2.70)0.54\u00a0Debt securitiesMortgage LettersDiscounted Cash FlowsMortgage Letters<\/p>\n<p>3.4% &#8211; 5.5%<\/p>\n<p>4.50%\u2014\u00a0\u2014\u00a0Equity instrumentsEquitiesPrice BasedPrice<\/p>\n<p>90% &#8211; 110%<\/p>\n<p>100.00%(27.16)27.16\u00a0Financial liabilities held for tradingDerivativesCap&amp;FloorVolatility option modelVolatility<\/p>\n<p>10% &#8211; 90%<\/p>\n<p>43.80%(0.09)0.07\u00a0FX OptionsVolatility option modelVolatility<\/p>\n<p>10% &#8211; 90%<\/p>\n<p>42.30%(0.33)0.22\u00a0IRSDiscounted Cash FlowsInflation Swap Rate<\/p>\n<p>1% &#8211; 99%<\/p>\n<p>50.40%(1.38)1.40\u00a0IRSDiscounted Cash FlowsCredit spread<\/p>\n<p>8.4bps &#8211; 19.2bps<\/p>\n<p>10.70bps(2.42)0.66\u00a0<\/p>\n<p>1. For each instrument, the valuation technique is shown, the unobservable inputs described in the &#8220;Main unobservable inputs&#8221; column under probable scenarios, variation range, average value and impact resulting from valuing the position in the established <\/p>\n<p>maximum and minimum range. <\/p>\n<p>2. The breakdown of impacts is shown by type of instrument and unobservable inputs. <\/p>\n<p>3. The estimation of the range of variation of the unobservable inputs has been carried out taking into account plausible movements of said parameters depending on the type of instrument.<\/p>\n<p>4. Zero impacts from fully hedged or back-to-back transactions have not been included in this exercise.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-325\"\/><\/p>\n<p>145<\/p>\n<p>Lastly, the changes in the financial instruments classified as level 3 in the first six months of 2026 and 2025 were as follows:<\/p>\n<p>01-01-2026<\/p>\n<p>Changes<\/p>\n<p>30-06-2026<\/p>\n<p>EUR millionFair value calculated using internal models (Level\u00a03)Purchases\/IssuancesSales\/AmortisationChanges in fair value recognized in profit\u00a0or\u00a0lossChanges in fair value recognised in\u00a0equityLevel reclassificationsOtherFair value calculated using internal models (Level\u00a03)Financial assets held for trading6,496\u00a04,962\u00a0(3,714)190\u00a0\u2014\u00a0(148)30\u00a07,816\u00a0Central Banks441\u00a0609\u00a0\u2014\u00a010\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a01,060\u00a0Credit institutions152\u00a0301\u00a0(138)(4)\u2014\u00a0\u2014\u00a0\u2014\u00a0311\u00a0Customers4,592\u00a03,900\u00a0(3,318)25\u00a0\u2014\u00a0(41)\u2014\u00a05,158\u00a0Debt instruments340\u00a0130\u00a0(174)(1)\u2014\u00a012\u00a04\u00a0311\u00a0Trading derivatives971\u00a022\u00a0(84)160\u00a0\u2014\u00a0(119)26\u00a0976\u00a0Swaps551\u00a022\u00a0(43)86\u00a0\u2014\u00a0(72)2\u00a0546\u00a0Exchange rate options39\u00a0\u2014\u00a0\u2014\u00a03\u00a0\u2014\u00a0(14)3\u00a031\u00a0Interest rate options39\u00a0\u2014\u00a0(38)\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a01\u00a0Index and securities options120\u00a0\u2014\u00a0(2)65\u00a0\u2014\u00a029\u00a02\u00a0214\u00a0Securities and interest rate futures\u2014\u00a0\u2014\u00a0\u2014\u00a03\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a03\u00a0Other222\u00a0\u2014\u00a0(1)3\u00a0\u2014\u00a0(62)19\u00a0181\u00a0Hedging derivatives (Assets)7\u00a0\u2014\u00a0\u2014\u00a0(3)\u2014\u00a0(9)5\u00a0\u2014\u00a0Swaps7\u00a0\u2014\u00a0\u2014\u00a0(3)\u2014\u00a0(9)5\u00a0\u2014\u00a0Financial assets designated at fair value through profit or loss34\u00a015\u00a0(10)10\u00a0\u2014\u00a0\u2014\u00a02\u00a051\u00a0Loans and advances to customers14\u00a03\u00a0\u2014\u00a010\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a027\u00a0Debt instruments20\u00a012\u00a0(10)\u2014\u00a0\u2014\u00a0\u2014\u00a02\u00a024\u00a0Non-trading financial assets mandatorily at fair value through profit or loss2,889\u00a0151\u00a0(165)15\u00a0\u2014\u00a058\u00a050\u00a02,998\u00a0Loans and advances to customers171\u00a02\u00a0\u2014\u00a0(47)\u2014\u00a027\u00a012\u00a0165\u00a0Debt instruments175\u00a043\u00a0(6)(5)\u2014\u00a01\u00a022\u00a0230\u00a0Equity instruments2,543\u00a0106\u00a0(159)67\u00a0\u2014\u00a030\u00a016\u00a02,603\u00a0Financial assets at fair value through other comprehensive income9,061\u00a06,259\u00a0(5,358)\u2014\u00a0(96)64\u00a062\u00a09,992\u00a0Loans and advances to customers7,902\u00a06,108\u00a0(5,193)\u2014\u00a0(114)4\u00a07\u00a08,714\u00a0Debt instruments887\u00a0145\u00a0(161)\u2014\u00a017\u00a060\u00a057\u00a01,005\u00a0Equity instruments272\u00a06\u00a0(4)\u2014\u00a01\u00a0\u2014\u00a0(2)273\u00a0TOTAL ASSETS18,48711,387(9,247)212(96)(35)14920,857Financial liabilities held for trading864\u00a0234\u00a0(29)239\u00a0\u2014\u00a0(213)25\u00a01,120\u00a0Credit institutions\u2014\u00a0198\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0198\u00a0Customers\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Trading derivatives864\u00a036\u00a0(29)239\u00a0\u2014\u00a0(213)25\u00a0922\u00a0Swaps418\u00a036\u00a0(19)82\u00a0\u2014\u00a0(96)10\u00a0431\u00a0Exchange rate options34\u00a0\u2014\u00a0\u2014\u00a0(9)\u2014\u00a0(10)2\u00a017\u00a0Interest rate options95\u00a0\u2014\u00a0(3)(1)\u2014\u00a0(7)\u2014\u00a084\u00a0Index and securities options151\u00a0\u2014\u00a0(2)79\u00a0\u2014\u00a0(40)\u2014\u00a0188\u00a0Securities and interest rate futures\u2014\u00a0\u2014\u00a0\u2014\u00a03\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a03\u00a0Others166\u00a0\u2014\u00a0(5)85\u00a0\u2014\u00a0(60)13\u00a0199\u00a0Hedging derivatives (Liabilities)19\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(15)\u2014\u00a04\u00a0Swaps19\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0(15)\u2014\u00a04\u00a0Interest rate options\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Others\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Financial liabilities designated at fair value through profit or loss\u2014\u00a0130\u00a0\u2014\u00a0(1)\u2014\u00a0(1)\u2014\u00a0128\u00a0Liabilities under insurance contracts227\u00a0\u2014\u00a0\u2014\u00a0(4)\u2014\u00a0\u2014\u00a021\u00a0244\u00a0TOTAL LIABILITIES1,110364(29)234\u2014(229)461,496   <\/p>\n<p>146<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-326\"\/>January &#8211; June 2026<\/p>\n<p>01-01-2025<\/p>\n<p>Changes<\/p>\n<p>30-06-2025<\/p>\n<p>EUR millionFair value calculated using internal models (Level\u00a03)Purchases\/IssuancesSales\/AmortisationChanges in fair value recognized in profit\u00a0or\u00a0lossChanges in fair value recognised in\u00a0equityLevel reclassificationsOtherFair value calculated using internal models (Level\u00a03)Financial assets held for trading3,930\u00a04,092\u00a0(2,697)64\u00a0\u2014\u00a0129\u00a0(41)5,477\u00a0Central Bank\u2014\u00a0437\u00a0\u2014\u00a031\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0468\u00a0Credit institutions769\u00a044\u00a0(745)1\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a069\u00a0Customers1,801\u00a03,484\u00a0(1,572)33\u00a0\u2014\u00a099\u00a0(2)3,843\u00a0Debt instruments413\u00a047\u00a0(112)(16)\u2014\u00a0(77)(43)212\u00a0Equity instruments\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Trading derivatives947\u00a080\u00a0(268)15\u00a0\u2014\u00a0107\u00a04\u00a0885\u00a0Swaps556\u00a064\u00a0(94)(29)\u2014\u00a019\u00a0133\u00a0649\u00a0Exchange rate options2\u00a06\u00a0(1)(29)\u2014\u00a07\u00a030\u00a015\u00a0Interest rate options30\u00a0\u2014\u00a0(5)4\u00a0\u2014\u00a021\u00a0(8)42\u00a0Index and securities options241\u00a04\u00a0(115)41\u00a0\u2014\u00a0(8)(107)56\u00a0Interest  rate futures\u2014\u00a0\u2014\u00a0(20)2\u00a0\u2014\u00a0\u2014\u00a020\u00a02\u00a0Other118\u00a06\u00a0(33)26\u00a0\u2014\u00a068\u00a0(64)121\u00a0Hedging derivatives (Assets)20\u00a03\u00a0(5)7\u00a0\u2014\u00a0\u2014\u00a0(11)14\u00a0Swaps20\u00a03\u00a0(5)7\u00a0\u2014\u00a0\u2014\u00a0(11)14\u00a0Financial assets designated at fair value through profit or loss106\u00a0\u2014\u00a0\u2014\u00a0(11)\u2014\u00a0\u2014\u00a0(50)45\u00a0Loans and advances to customers20\u00a0\u2014\u00a0\u2014\u00a0(3)\u2014\u00a0\u2014\u00a0\u2014\u00a017\u00a0Debt instruments86\u00a0\u2014\u00a0\u2014\u00a0(8)\u2014\u00a0\u2014\u00a0(50)28\u00a0Non-trading financial assets mandatorily at fair value through profit or loss2,588\u00a083\u00a0(436)112\u00a0\u2014\u00a02\u00a010\u00a02,359\u00a0Loans and advances to customers505\u00a0\u2014\u00a0(395)\u2014\u00a0\u2014\u00a0\u2014\u00a0(28)82\u00a0Debt instruments242\u00a01\u00a0(4)16\u00a0\u2014\u00a02\u00a0(25)232\u00a0Equity instruments1,841\u00a082\u00a0(37)96\u00a0\u2014\u00a0\u2014\u00a063\u00a02,045\u00a0Financial assets at fair value through other comprehensive income8,675\u00a06,405\u00a0(4,918)\u2014\u00a0(98)85\u00a0(1,063)9,086\u00a0Loans and advances to customers7,253\u00a05,982\u00a0(4,703)\u2014\u00a0(72)85\u00a0(1,016)7,529\u00a0Debt instruments1,047\u00a0423\u00a0(213)\u2014\u00a0(25)\u2014\u00a039\u00a01,271\u00a0Equity instruments375\u00a0\u2014\u00a0(2)\u2014\u00a0(1)\u2014\u00a0(86)286\u00a0TOTAL ASSETS15,31910,583(8,056)172(98)216(1,155)16,981Financial liabilities held for trading934\u00a0285\u00a0(300)315\u00a0\u2014\u00a0(183)(97)954\u00a0Credit institutions\u2014\u00a026\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a026\u00a0Customers\u2014\u00a052\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a052\u00a0Trading derivatives934\u00a0207\u00a0(300)315\u00a0\u2014\u00a0(183)(97)876\u00a0Swaps479\u00a032\u00a0(27)37\u00a0\u2014\u00a09\u00a0(31)499\u00a0Interest rate options79\u00a02\u00a0(1)2\u00a0\u2014\u00a0(18)47\u00a0111\u00a0Index and securities options294\u00a0135\u00a0(122)(36)\u2014\u00a0(6)(110)155\u00a0Exchange rate options\u2014\u00a05\u00a0(2)(26)\u2014\u00a014\u00a024\u00a015\u00a0Securities and interest rate futures\u2014\u00a0\u2014\u00a0(19)29\u00a0\u2014\u00a0\u2014\u00a019\u00a029\u00a0Others82\u00a033\u00a0(129)309\u00a0\u2014\u00a0(182)(46)67\u00a0Hedging derivatives (Liabilities)12\u00a0\u2014\u00a0\u2014\u00a020\u00a0\u2014\u00a0(2)\u2014\u00a030\u00a0Swaps12\u00a0\u2014\u00a0\u2014\u00a020\u00a0\u2014\u00a0(2)(1)29\u00a0Interest rate options1\u00a01\u00a0Financial liabilities designated at fair value through profit or loss 160\u00a0\u2014\u00a0(7)\u2014\u00a0\u2014\u00a0(153)\u2014\u00a0\u2014\u00a0Liabilities under insurance contracts246\u00a0\u2014\u00a0\u2014\u00a0(15)\u2014\u00a0\u2014\u00a01\u00a0232\u00a0TOTAL LIABILITIES1,352285(307)320\u2014(338)(96)1,216January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-327\"\/><\/p>\n<p>147<\/p>\n<p> b)   Refinancing and restructured transactions<\/p>\n<p>The following terms are used with the meanings specified below:<\/p>\n<p>\u2022Refinancing transaction: transaction that is granted or used, for reasons relating to current or foreseeable financial difficulties of the borrower, to repay one or more of the transactions granted to it, or through which the payments on such transactions are brought fully or partially up to date, in order to enable the borrowers of the cancelled or refinanced transactions to repay their debt (principal and interest) because they are unable, or might foreseeably become unable, to comply with the conditions thereof in due time and form.<\/p>\n<p>\u2022Restructured transaction: transaction with respect to which, for economic or legal reasons relating to current or foreseeable financial difficulties of the borrower, the financial terms and conditions are modified in order to facilitate the payment of the debt (principal and interest) because the borrower is unable, or might foreseeably become unable, to comply with the aforementioned terms and conditions in due time and form, even if such modification is envisaged in the agreement.<\/p>\n<p>For maximum guarantees amount, we will consider as follows:<\/p>\n<p>\u2022Collateral: the appraisal amount or valuation amount of the collateral received; for each transaction it cannot be higher than the covered amount of exposure.<\/p>\n<p>148<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-328\"\/>January &#8211; June 2026<\/p>\n<p>30-06-2026<\/p>\n<p>TotalOf which: impairedWithout\u00a0collateralWith\u00a0collateralWithout\u00a0collateralWith\u00a0collateralMaximum amount of the actual collateral that can be consideredMaximum amount of the actual collateral that can be consideredAmounts in million euros, except number of transactions in unitsNumber of transactionsGross amountNumber of operationsGross amountMortgage collateralOther collateralImpairment of accumulated value or accumulated losses in fair value due to credit riskNumber of transactionsGross amountNumber of operationsGross amountMortgage collateralOther collateralImpairment of accumulated value or accumulated losses in fair value due to credit riskCredit entities\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014Public sector115532\u201435\u2014532\u20143Other financial institutions and: individual shareholder1,212100464121711451716233207747648Non financial institutions and individual shareholder573,2865,932157,0225,7843,4348932,754274,1843,123141,5652,3061,1103502,467Of which: Financing for constructions and property development1943559816733169136219517495150Other warehouses2,762,4004,919658,04010,4893,8314,2974,0471,415,2012,625339,2516,0581,8592,6243,344Total3,336,90910,956815,53116,3977,3385,2046,8551,690,1065,771481,1418,4443,0182,9805,862Financing classified as non-current assets and disposable groups of items that have been classified as held for sale\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-329\"\/><\/p>\n<p>149<\/p>\n<p>31-12-2025<\/p>\n<p>TotalOf which: impairedWithout\u00a0collateralWith\u00a0collateralWithout\u00a0collateralWith\u00a0collateralMaximum amount of the actual collateral that can be consideredMaximum amount of the actual collateral that can be consideredAmounts in million euros, except number of transactions in unitsNumber of transactionsGross amountNumber of operationsGross amountMortgage collateralOther collateralImpairment of accumulated value or accumulated losses in fair value due to credit riskNumber of transactionsGross amountNumber of operationsGross amountMortgage collateralOther collateralImpairment of accumulated value or accumulated losses in fair value due to credit riskCredit entities\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014Public sector146975\u2014852975\u20148Other financial institutions and: individual shareholder9339446218211715945795025975221189Non financial institutions and individual shareholder489,1925,09542,7005,5963,2719232,713296,0082,90126,7672,5851,1664202,420Of which: Financing for constructions and property development249215237396954751673264156115450Other warehouses3,000,0714,556515,2539,6993,7523,7773,6651,620,3432,401296,4705,3131,7302,2322,991Total3,490,2109,751558,42415,4847,1454,7156,4801,916,9355,354323,5057,9802,9232,6635,508Financing classified as non-current assets and disposable groups of items that have been classified as held for sale13,4992614,630566406141716,9011201,7202351105145<\/p>\n<p>150<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-330\"\/>January &#8211; June 2026<\/p>\n<p>c)  Real estate business \u2013 Spain<\/p>\n<p>i) Portfolio of home purchase loans to families<\/p>\n<p>Home purchase loans granted to families in Spain on 30 June 2026 amounted to EUR 64,030 million (EUR 60,002 million at 31\u00a0December 2025). Of which mortgage collateral are 98.47%:<\/p>\n<p>EUR Million<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Gross AmountOf which: impairedGross AmountOf which: impairedHome purchase loans to families64,030\u00a0518\u00a060,002\u00a0625\u00a0-Without mortgage collateral981\u00a026\u00a0215\u00a07\u00a0&#8211; With mortgage collateral63,049\u00a0492\u00a059,787\u00a0618\u00a0<\/p>\n<p>The risk profile of the home purchase mortgage loan portfolio in Spain remained at a medium-low level, with limited prospects of additional impairment:<\/p>\n<p>\u2022Principal is repaid on all mortgages from the start.<\/p>\n<p>\u2022Early repayment is common so the average life of the transaction is well below that of the contract.<\/p>\n<p>\u2022High quality of collateral concentrated almost exclusively in financing the first home.<\/p>\n<p>\u2022Average affordability rate at the end of June stood at 22.5%.<\/p>\n<p>\u202295% of the portfolio has a LTV below 80%, calculated as total risk\/latest available house appraisal.<\/p>\n<p>30-06-2026<\/p>\n<p>Gross amount in books on the amount of the last appraisal (loan to value)EUR MillionLess than or equal\u00a0to\u00a040%More than 40% or less than 60%More than 60% and less than 80%More than 80% and less or equal\u00a0to\u00a0100%<\/p>\n<p>More than 100%<\/p>\n<p>TotalGross amount17,826\u00a021,061\u00a020,703\u00a02,940\u00a0519\u00a063,049\u00a0Of which: impaired108\u00a0136\u00a0116\u00a061\u00a071\u00a0492\u00a0<\/p>\n<p>31-12-2025<\/p>\n<p>Gross amount in books on the amount of the last appraisal (loan to value)EUR MillionLess than or equal\u00a0to\u00a040%More than 40% or less than 60%More than 60% and less than 80%More than 80% and less or equal\u00a0to\u00a0100%<\/p>\n<p>More than 100%<\/p>\n<p>TotalGross amount17,191\u00a020,310\u00a018,811\u00a02,812\u00a0663\u00a059,787\u00a0Of which: impaired122\u00a0158\u00a0151\u00a084\u00a0103\u00a0618\u00a0<\/p>\n<p>ii)   Financing construction and property development<\/p>\n<p>At 30 June 2026 and 31\u00a0December 2025 the financing amount related to construction and real estate business in Spain amounted to EUR 3,157 million and EUR 2,967\u00a0million net of allowances, respectively.<\/p>\n<p>30-06-2026<\/p>\n<p>EUR MillionGross amountExcess of gross exposure over maximum recoverable amount of effective collateralSpecific allowanceFinancing for construction and property  development recognised by the Group&#8217;s credit institutions (including land) (business in Spain)3,172\u00a098\u00a015\u00a0Of which: watchlist\/  impaired17\u00a0\u2014\u00a08\u00a0Memorandum items: Written-off assets232\u00a0January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-331\"\/><\/p>\n<p>151<\/p>\n<p>31-12-2025<\/p>\n<p>EUR MillionGross amountExcess over collateral valueSpecific allowanceFinancing for construction and property  development recognised by the Group&#8217;s credit institutions (including land) (business in Spain)2,984\u00a0211\u00a017\u00a0Of which: watchlist\/  impaired31\u00a0\u2014\u00a011\u00a0Memorandum items: Written-off assets240\u00a0<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>EUR Million<\/p>\n<p>Carrying amount<\/p>\n<p>Memorandum items:Total loans and advances to customers excluding the public sector (business in Spain) (book value)249,522\u00a0240,609\u00a0Total consolidated assets (Total business) (book value)1,954,465\u00a01,867,515\u00a0Impairment losses and provision for exposure classified as normal (business in Spain)1,037\u00a01,086\u00a0<\/p>\n<p>At the end 30 June 2026 and 31\u00a0December 2025 the concentration of this portfolio was as follows:<\/p>\n<p>30-06-202631-12-2025EUR Million<\/p>\n<p>Loans: Gross amount<\/p>\n<p>1. Without mortgage collateral<\/p>\n<p>15\u00a014\u00a0<\/p>\n<p>2. With mortgage collateral<\/p>\n<p>3,157\u00a02,970\u00a02.1 Completed buildings1,092\u00a0976\u00a02.1.1 Residential982\u00a0658\u00a02.1.2 Other110\u00a0318\u00a02.2 Buildings and other constructions under construction2,053\u00a01,981\u00a02.2.1 Residential1,953\u00a01,913\u00a02.2.2 Other100\u00a068\u00a02.3 Land12\u00a013\u00a02.3.1 Developed consolidated land9\u00a09\u00a02.3.2 Other land3\u00a04\u00a0Total3,1722,984<\/p>\n<p>152<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-332\"\/>January &#8211; June 2026<\/p>\n<p>d)          Foreclosed real estate assets<\/p>\n<p>The following table shows the breakdown at 30 June 2026 and 31\u00a0December 2025 of the foreclosed assets for the Spanish business:<\/p>\n<p>30-06-2026<\/p>\n<p>EUR Million<\/p>\n<p>Gross carrying amount<\/p>\n<p>Accumulated impairment losses<\/p>\n<p>Of which: Impairment losses since time of the foreclosure<\/p>\n<p>Carrying amount<\/p>\n<p>Property assets arising from financing provided to construction and property development companies3,705\u00a02,047\u00a01,520\u00a01,658\u00a0Of which:Completed Buildings439\u00a0310\u00a0271\u00a0129\u00a0Residential114\u00a067\u00a057\u00a047\u00a0Other325\u00a0243\u00a0214\u00a082\u00a0Buildings under construction161\u00a062\u00a048\u00a099\u00a0Residential\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Other161\u00a062\u00a048\u00a099\u00a0Land3,105\u00a01,675\u00a01,201\u00a01,430\u00a0Developed Land663\u00a0366\u00a0215\u00a0297\u00a0Other land2,442\u00a01,309\u00a0986\u00a01,133\u00a0Property assets from home purchase mortgage loans to households322\u00a0171\u00a0118\u00a0151\u00a0Other foreclosed property assets74\u00a041\u00a034\u00a033\u00a0Total property assets4,1012,2591,6721,842<\/p>\n<p>31-12-2025<\/p>\n<p>EUR Million<\/p>\n<p>Gross carrying amount<\/p>\n<p>Accumulated impairment losses<\/p>\n<p>Of which: Impairment losses since time of the foreclosure<\/p>\n<p>Carrying amount<\/p>\n<p>Property assets arising from financing provided to construction and property development companies3,843\u00a02,144\u00a01,591\u00a01,699\u00a0Of which:Completed Buildings481\u00a0324\u00a0282\u00a0157\u00a0Residential129\u00a071\u00a060\u00a058\u00a0Other352\u00a0253\u00a0222\u00a099\u00a0Buildings under construction107\u00a049\u00a035\u00a058\u00a0Residential\u2014\u00a0\u2014\u00a0\u2014\u00a0\u2014\u00a0Other107\u00a049\u00a035\u00a058\u00a0Land3,255\u00a01,771\u00a01,274\u00a01,484\u00a0Developed Land776\u00a0429\u00a0260\u00a0347\u00a0Other land2,479\u00a01,342\u00a01,014\u00a01,137\u00a0Property assets from home purchase mortgage loans to households334\u00a0172\u00a0119\u00a0162\u00a0Other foreclosed property assets81\u00a044\u00a036\u00a037\u00a0Total property assets4,2582,3601,7461,898<\/p>\n<p>Additionally, Grupo Santander holds a stake in entities holding real estate assets foreclosed or received in payment of debts for an amount of EUR 22 million and capital instruments foreclosed or received in payment of debts for an amount of EUR 9 million.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-333\"\/><\/p>\n<p>153<\/p>\n<p>e)   Solvency information<\/p>\n<p>The Group commands a solvency position above the levels required by regulators and by the European Central Bank. At 30 June 2026, at a consolidated level, the Group must maintain a minimum capital ratio of 9.83% of CET1 phase-in, applying the transitional CRR provision (4.50% being the requirement for Pillar I, 0.98% being the requirement for Pillar II, 2.50% being the requirement for capital conservation buffer, 1.25% being the requirement for systemically important institutions, 0.55% being the requirement for anti-cyclical capital buffer and 0.06% being the requirement for systemic risk requirement).<\/p>\n<p>Grupo Santander must also maintain a minimum capital ratio of 11.66% of Tier 1 phase-in and a minimum total ratio of 14.09% phase-in.<\/p>\n<p>At 30 June 2026, the Group has a capital ratio regulatory CET1 of 14.02% and a total ratio of 18.77%.<\/p>\n<p>Capital ratio<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>Capital ratio<\/p>\n<p>Level 1 ordinary eligible capital (million euros)86,44784,739Level 1 additional eligible capital (million euros)10,2269,645Level 2 eligible capital (million euros)19,07617,460Risk-weighted assets (million euros)616,803629,430Level 1 ordinary capital coefficient (CET 1)14.02%13.46%Level 1 additional capital coefficient (AT1)1.66%1.53%Level 1 capital coefficient (TIER1)15.67%15.00%Level 2 capital coefficient (TIER 2)3.09%2.77%Total capital coefficient18.77%17.77%<\/p>\n<p>Leverage<\/p>\n<p>30-06-2026<\/p>\n<p>31-12-2025<\/p>\n<p>LeverageTier 1 capital (EUR million)96,67394,385Exposure (EUR million)2,010,6811,924,349Leverage ratio4.81%4.90%<\/p>\n<p>154<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-334\"\/>January &#8211; June 2026<\/p>\n<p>17.\u00a0\u00a0\u00a0Additional disclosure requirements<\/p>\n<p>This note includes relevant information about additional disclosure requirements.<\/p>\n<p>17.1\u00a0\u00a0\u00a0\u00a0Parent company financial statements<\/p>\n<p>Below are the summarised unaudited condensed balance sheets of Banco Santander, S.A. as of 30 June 2026 and 31 December 2025. In the financial information of the Parent, investments in subsidiaries, jointly controlled entities and associates are recorded at cost. As of 31 December 2025 we reclassified the assets associated with the businesses held for sale in Poland from &#8216;Investment in affiliated companies&#8217; to &#8216;Non-current assets held for sale&#8217; under the &#8216;Other assets&#8217; item. See note 2 above.<\/p>\n<p>UNAUDITED\u00a0CONDENSED\u00a0BALANCE\u00a0SHEETS<\/p>\n<p>30 June 2026<\/p>\n<p>31 December 2025<\/p>\n<p>(Parent\u00a0company\u00a0only)<\/p>\n<p>(EUR million)<\/p>\n<p>AssetsCash and due from banks126,198\u00a0144,292\u00a0Of which:To bank subsidiaries14,622\u00a011,517\u00a0Trading account assets184,891\u00a0154,939\u00a0Investment securities109,138\u00a091,217\u00a0Of which:To bank subsidiaries12,994\u00a013,607\u00a0To non-bank subsidiaries1,639\u00a01,697\u00a0Net Loans and leases354,613\u00a0323,253\u00a0Of which:To non-bank subsidiaries23,115\u00a023,340\u00a0Investment in affiliated companies101,780\u00a098,317\u00a0Of which:To bank subsidiaries74,510\u00a071,796\u00a0To non-bank subsidiaries27,270\u00a026,521\u00a0Premises and equipment, net5,728\u00a05,825\u00a0Other assets14,790\u00a018,941\u00a0Total assets897,138836,784LiabilitiesDeposits419,537\u00a0415,898\u00a0Of which:To bank subsidiaries10,856\u00a08,773\u00a0To non-bank subsidiaries31,748\u00a026,412\u00a0Short-term debt172,032\u00a0129,462\u00a0Long-term debt118,829\u00a0114,756\u00a0Total debt290,860\u00a0244,218\u00a0Of which:To bank subsidiaries6,281\u00a03,994\u00a0To non-bank subsidiaries1,374\u00a01,363\u00a0Other liabilities101,657\u00a094,325\u00a0Total liabilities812,055\u00a0754,441\u00a0Stockholders&#8217; equityCapital stock7,345\u00a07,345\u00a0Retained earnings and other reserves77,739\u00a074,998\u00a0Total stockholders&#8217; equity85,084\u00a082,343\u00a0Total liabilities and Stockholders\u2019 Equity897,138836,784January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-335\"\/><\/p>\n<p>155<\/p>\n<p>Below are the summarised unaudited condensed statements of income of Banco Santander, S.A. for the periods ended 30 June 2026 and 2025. Results associated with the businesses held for sale in Poland have been reclassified to &#8216;Income\/(charges) after tax from discontinued operations&#8217; for both periods. See note 2 above.<\/p>\n<p>UNAUDITED\u00a0CONDENSED\u00a0STATEMENTS\u00a0OF\u00a0INCOME<\/p>\n<p>Six months ended<\/p>\n<p>Six months ended<\/p>\n<p>(Parent\u00a0company\u00a0only)<\/p>\n<p>30 June 2026<\/p>\n<p>30 June 2025<\/p>\n<p>(EUR million)Interest income16,054\u00a015,769\u00a0Interest from earning assets13,368\u00a012,900\u00a0Dividends from affiliated companies2,686\u00a02,869\u00a0Of which:From bank subsidiaries2,263\u00a02,394\u00a0From non-bank subsidiaries423\u00a0475\u00a0Interest expense(9,122)(9,344)Interest income \/ (charges)6,932\u00a06,425\u00a0Provision for credit losses(666)(606)Interest income \/ (charges) after provision for credit losses6,265\u00a05,819\u00a0Non-interest income:3,179\u00a03,292\u00a0Non-interest expense:(4,264)(3,852)Income before income taxes5,180\u00a05,259\u00a0Tax expense or income from continuing operations(597)(524)Income\/ (charges) for the period from continuing operations4,583\u00a04,735\u00a0Income\/ (charges) after tax from discontinued operations4,043\u00a0856\u00a0Net income8,6265,591<\/p>\n<p>156<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-336\"\/>January &#8211; June 2026<\/p>\n<p>Below are the summarised unaudited condensed statements of comprehensive income of Banco Santander, S.A. for the periods ended 30 June 2026 and 2025.<\/p>\n<p>UNAUDITED\u00a0CONDENSED\u00a0STATEMENTS\u00a0OF<\/p>\n<p>Six months ended<\/p>\n<p>Six months ended<\/p>\n<p>COMPREHENSIVE\u00a0INCOME\u00a0(Parent\u00a0company\u00a0only)<\/p>\n<p>30 June 2026<\/p>\n<p>30 June 2025<\/p>\n<p>(EUR million)<\/p>\n<p>NET INCOME8,626\u00a05,591\u00a0OTHER COMPREHENSIVE INCOME 126\u00a0224\u00a0Items that may be reclassified subsequently to profit or loss90\u00a038\u00a0Hedging instruments (items not designated)\u2014\u00a0\u2014\u00a0Revaluation gains (losses)\u2014\u00a0\u2014\u00a0Amounts transferred to income statement\u2014\u00a0\u2014\u00a0Other reclassifications\u2014\u00a0\u2014\u00a0Debt instruments at fair value with changes in other comprehensive income(43)70\u00a0Revaluation gains (losses)(27)6\u00a0Amounts transferred to income statement(16)64\u00a0Other reclassifications\u2014\u00a0\u2014\u00a0Cash flow hedges:103\u00a0(65)Revaluation gains\/(losses)94\u00a0(62)Amounts transferred to income statement9\u00a0(3)Amounts transferred to initial carrying amount of hedged items\u2014\u00a0\u2014\u00a0Other reclassifications\u2014\u00a0\u2014\u00a0Hedges of net investments in foreign operations:(114)280\u00a0Revaluation gains (losses)(114)280\u00a0Amounts transferred to income statement\u2014\u00a0\u2014\u00a0Other reclassifications\u2014\u00a0\u2014\u00a0Exchange differences119\u00a0(291)Revaluation gains (losses)119\u00a0(291)Amounts transferred to income statement\u2014\u00a0\u2014\u00a0Other reclassifications\u2014\u00a0\u2014\u00a0Non-current assets held for sale\u2014\u00a0\u2014\u00a0Income tax25\u00a044\u00a0Items that will not be reclassified to profit or loss:37\u00a0186\u00a0Actuarial gains\/(losses) on pension plans\u2014\u00a024\u00a0Other recognised income and expense of investments in subsidiaries, joint ventures and associates\u2014\u00a0\u2014\u00a0Changes in the fair value of equity instruments measured at fair value through other comprehensive income25\u00a0144\u00a0Gains or losses resulting from the accounting for hedges of equity instruments measured at fair value through other comprehensive income, net\u2014\u00a0\u2014\u00a0Changes in the fair value of equity instruments measured at fair value through other comprehensive income (hedged item)44\u00a0(95)Changes in the fair value of equity instruments measured at fair value through other comprehensive income (hedging instrument)(44)95\u00a0Changes in the fair value of financial liabilities at fair value through profit or loss attributable to changes in credit risk17\u00a040\u00a0Income tax relating to items that will not be reclassified(5)(22)TOTAL COMPREHENSIVE INCOME8,752\u00a05,815\u00a0January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-337\"\/><\/p>\n<p>157<\/p>\n<p>Below are the summarised unaudited condensed cash flow statements of Banco Santander, S.A. for the periods ended 30 June 2026 and 2025.<\/p>\n<p>UNAUDITED CONDENSED CASH FLOW STATEMENTS<\/p>\n<p>Six months ended<\/p>\n<p>Six months ended<\/p>\n<p>(Parent company only)<\/p>\n<p>30 June 2026<\/p>\n<p>30 June 2025<\/p>\n<p>(EUR million)<\/p>\n<p>1. Cash flows from operating activitiesConsolidated profit8,626\u00a05,591\u00a0Adjustments to profit(5,243)1,254\u00a0Net increase\/decrease in operating assets(81,200)(15,128)Net increase\/decrease in operating liabilities53,603\u00a03,812\u00a0Reimbursements\/payments of income tax(133)926\u00a0Total net cash flows from operating activities (1)(24,347)(3,545)2. Cash flows from investing activitiesInvestments (-)(3,446)(1,334)Divestments (+)9,999\u00a04,186\u00a0Total net cash flows from investment activities (2)6,553\u00a02,852\u00a03. Cash flows from financing activitiesIssuance of own equity instruments\u2014\u00a0\u2014\u00a0Disposal of own equity instruments549\u00a0316\u00a0Acquisition of own equity instruments(4,350)(1,903)Issuance of debt securities2,327\u00a0305\u00a0Redemption of debt securities(2,212)(3,802)Dividends paid(1,801)(1,643)Issuance\/Redemption of equity instruments\u2014\u00a0\u2014\u00a0Other collections\/payments related to financing activities(68)(144)Total net cash flows from financing activities (3)(5,555)(6,871)4. Effect of exchange rate changes on cash and cash equivalents (4)680\u00a0(4,070)5. Net increase\/decrease in cash and cash equivalents (1+2+3+4)(22,670)(11,634)Cash and cash equivalents at beginning of period74,786\u00a097,457\u00a0Cash and cash equivalents at end of period52,116\u00a085,823\u00a0<\/p>\n<p>17.2\u00a0\u00a0\u00a0\u00a0Preference Shares and Preferred Securities<\/p>\n<p>The following table shows the balance of the preference shares and preferred securities as of 30 June 2026 and 31 December 2025:<\/p>\n<p>30 June 2026<\/p>\n<p>31 December 2025<\/p>\n<p>(EUR million)<\/p>\n<p>Preference shares204\u00a0201\u00a0Preferred securities9,912\u00a010,103\u00a0Total at period-end10,116\u00a010,304\u00a0<\/p>\n<p>Both preference shares and preferred securities are recorded under the \u201cFinancial liabilities at amortized cost \u2013 Subordinated Liabilities\u201d caption in the consolidated balance sheet as of 30 June 2026 and 31 December 2025.<\/p>\n<p>Preference shares include the financial instruments issued by the consolidated companies which, although equity for legal purposes, do not meet the requirements for classification as equity in the financial statements. These shares do not carry any voting rights and are non-cumulative.<\/p>\n<p>Preference shares include non-cumulative preferred non-voting shares issued by Santander UK plc.<\/p>\n<p>Preferred securities include non-cumulative preferred non-voting securities issued by Banco Santander, S.A.<\/p>\n<p>158<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-338\"\/>January &#8211; June 2026<\/p>\n<p>For the purposes of payment priority, preferred securities are junior to all general creditors and to subordinated deposits. The payment of dividends on these securities, which have no voting rights, is conditional upon obtaining sufficient distributable profit and upon the limits imposed by Spanish banking regulations on equity.<\/p>\n<p>Preference shares and preferred securities are perpetual securities and there is no obligation that requires the Group to redeem them. All securities have been fully subscribed by third parties outside the Group.<\/p>\n<p>Santander Finance Preferred, S.A. (Unipersonal), issuer of registered securities guaranteed by Banco Santander, S.A. until November 2017, merged on that date with Banco Santander, S.A.<\/p>\n<p>For further information, see note 23.c. to our consolidated financial statements in Part 1 of our Annual Report on Form 20-F for the year ended 31 December 2025 filed with the SEC on 27 February 2026, as superseded by the information and the audited financial statements included in the Form 6-K filed with the SEC on 1 April 2026, and note 9.b. to our consolidated financial statements in Part 1 of this report.<\/p>\n<p>Outstanding at 30 June 2026<\/p>\n<p>Amount in<\/p>\n<p>Preference Shares<\/p>\n<p>currency<\/p>\n<p>Interest rate<\/p>\n<p>Redemption<\/p>\n<p>Issuer\/Date of issue<\/p>\n<p>Currency<\/p>\n<p>(million)<\/p>\n<p>Option (A)<\/p>\n<p>Santander UK plc, October 1995Pounds Sterling80.310.375\u00a0%No optionSantander UK plc, February 1996Pounds Sterling80.3\u00a010.375\u00a0%No option<\/p>\n<p>Outstanding at 30 June 2026<\/p>\n<p>Amount in<\/p>\n<p>Preferred Securities<\/p>\n<p>currency<\/p>\n<p>Interest\u00a0rate<\/p>\n<p>Maturity\u00a0date<\/p>\n<p>Issuer\/Date of issue<\/p>\n<p>Currency<\/p>\n<p>(million)<\/p>\n<p>Banco Santander, S.A.Banco Santander, S.A., May 2021US Dollar298.3\u00a04.75\u00a0%(B)PerpetuityBanco Santander, S.A., May 2021Euro750.0\u00a04.125\u00a0%(C)PerpetuityBanco Santander, S.A., September 2021Euro1,000.0\u00a03.625\u00a0%(D)PerpetuityBanco Santander, S.A., November 2023US Dollar1,150.0\u00a09.625\u00a0%(E)PerpetuityBanco Santander, S.A., November 2023US Dollar1,349.9\u00a09.625\u00a0%(F)PerpetuityBanco Santander, S.A., May 2024Euro1,500.0\u00a07.00\u00a0%(G)PerpetuityBanco Santander, S.A., August 2024US Dollar1,499.8\u00a08.00\u00a0%(H)PerpetuityBanco Santander, S.A., July 2025Euro1,500.0\u00a06.00\u00a0%(I)PerpetuityBanco Santander, S.A., June 2026US Dollar1,497.4\u00a07.25\u00a0%(J)PerpetuitySantander Finance Preferred, S.A. (Unipersonal), September 2004Euro143.7\u00a0<\/p>\n<p>\u20acCMS 10  +0.05% subject to a maximum distribution of 8% per annum<\/p>\n<p>Perpetuity<\/p>\n<p>A.From these dates the issuer can redeem the shares, subject to prior authorization by the national supervisor.<\/p>\n<p>B.Payment is subject to certain conditions and to the discretion of Banco Santander. The 4.750% interest rate is set  for the first six years, revised every 5 years thereafter by applying a margin of 375.3 basis points over the 5-year UST rate.<\/p>\n<p>C.Payment is subject to certain conditions and to the discretion of Banco Santander. The 4.125% interest rate is set for the first seven years, revised every 5 years thereafter by applying a margin of 431.1 basis points over the applicable 5-year Euro Mid-Swap Rate.<\/p>\n<p>D.Payment is subject to certain conditions and to the discretion of Banco Santander. The 3.625% interest rate is set for the first eight years, revised every 5 years thereafter by applying a margin of 376 basis points over the 5-year Mid-Swap Rate.<\/p>\n<p>E.Payment is subject to certain conditions and to the discretion of Banco Santander. The 9.625% interest rate is set for the first five years and six months, revised every 5 years thereafter by applying a margin of 530.6 basis points on the 5-year UST rate.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-339\"\/><\/p>\n<p>159<\/p>\n<p>F.Payment is subject to certain conditions and to the discretion of Banco Santander. The 9.625% interest rate is set for the first ten years, revised every 5 years thereafter by applying a margin of 529.8 basis points on the 5-year UST rate.<\/p>\n<p>G.Payment is subject to certain conditions and to the discretion of Banco Santander. The 7.00% interest rate is set for the first six years, revised every 5 years thereafter by applying a margin of 443.2 basis points on the 5-year Mid-Swap rate.<\/p>\n<p>H.Payment is subject to certain conditions and to the discretion of Banco Santander. The 8.00% interest rate is set for the first ten years, revised every 5 years thereafter by applying a margin of 391.1 basis points on the 5-year Mid-Swap rate.<\/p>\n<p>I.Payment is subject to certain conditions and to the discretion of Banco Santander. The 6.00% interest rate is set for the first six years, revised every 5 years thereafter by applying a margin of 381.9 basis points on the 5-year Mid-Swap rate.<\/p>\n<p>J.Payment is subject to certain conditions and to the discretion of Banco Santander. The 7.25% interest rate is set for the first ten years, revised every 5 years thereafter by applying a margin of 283.7 basis points on the 5-year UST rate.<\/p>\n<p>160<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-340\"\/>January &#8211; June 2026Part 2. Supplemental information January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-341\"\/><\/p>\n<p>161<\/p>\n<p>INDEX TO THE SUPPLEMENTAL INFORMATION<\/p>\n<p>PageITEM 1. PRESENTATION OF FINANCIAL AND OTHER INFORMATION<\/p>\n<p>163<\/p>\n<p>ITEM 2. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS<\/p>\n<p>165<\/p>\n<p>ITEM 3. SELECTED FINANCIAL DATA<\/p>\n<p>167<\/p>\n<p>ITEM 4. RISK FACTORS<\/p>\n<p>172<\/p>\n<p>ITEM 5. INFORMATION ON THE COMPANY<\/p>\n<p>173<\/p>\n<p>Average balance sheets and interest rates<\/p>\n<p>173<\/p>\n<p>Other statistical disclosure requirements<\/p>\n<p>181<\/p>\n<p>ITEM 6. TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS<\/p>\n<p>183<\/p>\n<p>ITEM 7. RISK DISCLOSURES<\/p>\n<p>184<\/p>\n<p>ITEM 8. CORPORATE GOVERNANCE<\/p>\n<p>199<\/p>\n<p>ITEM 9. OTHER DISCLOSURES<\/p>\n<p>200<\/p>\n<p>162<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-342\"\/>January &#8211; June 2026<\/p>\n<p>ITEM 1. PRESENTATION OF FINANCIAL AND OTHER INFORMATION<\/p>\n<p>This report on Form 6-K should be read together with our annual report on Form 20-F for the year ended 31 December 2025 filed with the US Securities and Exchange Commission (&#8216;SEC&#8217;) on 27 February 2026, as superseded by the information and the audited financial statements included in the Form 6-K filed with the SEC on 1 April 2026 in order to reflect our new organizational and reporting structure (accession no. 0000891478-26-000037) (the &#8216;2025 Recast 6-K&#8217;, and our annual report on Form 20-F for the year ended 31 December 2025, as superseded by the 2025 Recast 6-K, the &#8216;2025 Form 20-F&#8217;).<\/p>\n<p>Accounting principles<\/p>\n<p>Under Regulation (EC) No. 1606\/2002 of the European Parliament and of the Council of 19 July 2002, all companies governed by the law of an EU Member State (a &#8216;Member State&#8217;) and whose securities are admitted to trading on a regulated market of any Member State must prepare their consolidated financial statements in conformity with the International Financial Reporting Standards previously adopted by the European Union (&#8216;EU-IFRS&#8217;). The Bank of Spain Circular 4\/2004 of 22 December 2004 on Public and Confidential Financial Reporting Rules and Formats (&#8216;Circular 4\/2004&#8217;) required Spanish credit institutions to adapt their accounting systems to the principles derived from the adoption by the European Union of International Financial Reporting Standards. This Circular was repealed on 1 January 2018 by Bank of Spain Circular 4\/2017, of 27 November 2017 on Public and Confidential Financial Reporting Rules and Formats (&#8216;Circular 4\/2017&#8217;). Therefore, Grupo Santander (the &#8216;Group&#8217; or &#8216;Santander&#8217;) is required to prepare its consolidated financial statements for the six-month period ended 30 June 2026 in conformity with EU-IFRS and Bank of Spain Circular 4\/2017. Differences between EU-IFRS, Bank of Spain Circular 4\/2017 and International Financial Reporting Standards as issued by the International Accounting Standards Board (&#8216;IFRS-IASB&#8217;) are not material. Therefore, we assert that the financial information contained in this report on Form 6-K complies with IFRS-IASB.<\/p>\n<p>We have presented our financial information according to the classification format for banks used in Spain. We have not reclassified the line items to comply with Article 9 of Regulation S-X, as permitted by the rules and regulations of the SEC. Article 9 is a regulation of the SEC that contains presentation requirements for bank holding company financial statements. <\/p>\n<p>General information <\/p>\n<p>Our consolidated financial statements are in Euros, which are denoted &#8216;euro&#8217;, &#8216;euros&#8217;, &#8216;EUR&#8217; or &#8216;\u20ac&#8217; throughout this report. Also, throughout this report, when we refer to:<\/p>\n<p>\u2022&#8217;we&#8217;, &#8216;us&#8217;, &#8216;our&#8217;, the &#8216;Group&#8217;, &#8216;Grupo Santander&#8217;, \u2018Banco Santander\u2019 or &#8216;Santander&#8217;, we mean Banco Santander, S.A. and its subsidiaries, unless the context otherwise requires;<\/p>\n<p>\u2022&#8217;dollars&#8217;, &#8216;US$&#8217; or &#8216;$&#8217;, we mean United States dollars; and <\/p>\n<p>\u2022&#8217;pounds&#8217;, &#8216;GBP sterling&#8217; or &#8216;\u00a3&#8217;, we mean United Kingdom pounds.<\/p>\n<p>When we refer to &#8216;net interest income&#8217; we mean &#8216;interest income\/(charges)&#8217;.<\/p>\n<p>When we refer to &#8216;staff costs&#8217; we mean &#8216;personnel expenses&#8217;.<\/p>\n<p>When we refer to &#8216;profit before tax&#8217; we mean &#8216;operating profit\/(loss) before tax&#8217;.<\/p>\n<p>When we refer to &#8216;average balances&#8217; for a particular period, we mean the average of the month-end balances for that period, unless otherwise noted. We do not believe that monthly averages present trends that are materially different from trends that daily averages would show. In calculating our interest income, we include any interest payments we received on non-accruing loans if they were received in the period when due.<\/p>\n<p>When we refer to &#8216;loans&#8217;, we mean loans, leases, discounted bills and accounts receivable, unless otherwise noted. The loan to value &#8216;LTV&#8217; ratios disclosed in this report refer to LTV ratios calculated as the ratio of the outstanding amount of the loan to the most recent available appraisal value of the mortgaged asset. Additionally, if a loan shows signs of impairment, we update the appraisals which are then used to estimate allowances for loan losses.<\/p>\n<p>When we refer to the non-performing loans ratio (&#8216;NPL ratio&#8217;), we mean credit impaired loans and advances to customers, debt securities issued by non-financial institutions, customer guarantees and customer commitments granted divided by total risk (which comprises total loans and advances to customers, customer guarantees and customer commitments granted, including those that are credit impaired).<\/p>\n<p>When we refer to &#8216;credit impaired balances&#8217;, unless otherwise noted, we mean credit impaired loans and advances to customers, debt securities issued by non-financial institutions, customer guarantees and customer commitments granted.<\/p>\n<p>When we refer to &#8216;allowances for credit losses&#8217;, unless otherwise noted, we mean allowances for inherent losses of impaired assets. Allowances reflect expected credit losses.<\/p>\n<p>When we refer to &#8216;perimeter effect&#8217;, we mean growth or reduction derived from changes in the companies that we consolidate resulting from acquisitions, dispositions or other reasons.<\/p>\n<p>Where a translation of foreign exchange is given for any financial data, we use the exchange rates of the relevant period (as of the end of such period for balance sheet data and the average exchange rate of such period for income statement data) as published by the European Central Bank (ECB), unless otherwise noted.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-343\"\/><\/p>\n<p>163<\/p>\n<p>Management makes use of certain financial measures in local currency to help in the assessment of ongoing operating performance. These non-GAAP financial measures include the results of operations of our subsidiary banks located outside the eurozone, excluding the impact of foreign exchange. We analyse these banks\u2019 performance on a local currency basis to better measure the comparability of results between periods. Because changes in foreign currency exchange rates have a non-operating impact on the results of operations, we believe that evaluating their performance on a local currency basis provides an additional and meaningful assessment of performance to both management and our investors. Variances in financial metrics, excluding the exchange rate impact, are calculated by translating the components of the financial metrics to our Euro presentation currency using the same foreign currency exchange rate for both periods presented.  For a discussion of the accounting principles used in translation of foreign currency-denominated assets and liabilities to Euros, see note 2(a) to our consolidated financial statements included in Part 1 of our 2025 Form 20-F. See more information in &#8216;Alternative performance measures (APMs)&#8217; in Part 1 of this report.<\/p>\n<p>164<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-344\"\/>January &#8211; June 2026<\/p>\n<p>ITEM 2. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS<\/p>\n<p>We advise that this report on Form 6-K contains statements that constitute &#8216;forward-looking statements&#8217; within the meaning of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, information regarding:<\/p>\n<p>\u2022future business development;<\/p>\n<p>\u2022shareholders&#8217; remuneration policy;<\/p>\n<p>\u2022exposure to various types of market risks;<\/p>\n<p>\u2022management strategy;<\/p>\n<p>\u2022capital expenditures;<\/p>\n<p>\u2022earnings and other targets;<\/p>\n<p>\u2022asset portfolios; and<\/p>\n<p>\u2022non-financial information.<\/p>\n<p>Forward-looking statements may be identified by words such as &#8216;may&#8217;, &#8216;will&#8217;, &#8216;expect&#8217;, &#8216;project&#8217;, &#8216;anticipate&#8217;, &#8216;should&#8217;, &#8216;intend&#8217;, &#8216;probability&#8217;, &#8216;risk&#8217;, &#8216;VaR&#8217;, &#8216;RoRAC&#8217;, &#8216;RoRWA&#8217;, &#8216;TNAV&#8217;, &#8216;target&#8217;, &#8216;goal&#8217;, &#8216;objective&#8217;, &#8216;estimate&#8217;, &#8216;future&#8217;, &#8216;commitment&#8217;, &#8216;commit&#8217;, &#8216;focus&#8217;, &#8216;pledge&#8217; and similar expressions which are found throughout this report on Form 6-K. We include forward-looking statements throughout this report on Form 6-K, including but not limited to, the &#8216;Quantitative and Qualitative Disclosures About Market Risk&#8217; section as well as climate and ESG related metrics, data, targets and other non-financial disclosures. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statements.<\/p>\n<p>Written and\/or oral forward-looking statements may also be made in the periodic reports to the US Securities and Exchange Commission, shareholders&#8217; and investors&#8217; reports, offering circulars, prospectuses, press releases and other written materials, and in oral statements made by our directors, officers or employees to third parties, including financial analysts.<\/p>\n<p>You should understand that the following important factors, in addition to those discussed under &#8216;Item 4. Risk Factors&#8217;, &#8216;Item 5. Information on the Company&#8217;, &#8216;Part 1. Consolidated Directors\u2019 Report\u2014Group Financial Information&#8217;, &#8216;Part 1. Consolidated Directors\u2019 Report\u2014Financial Information by Segments&#8217;, and elsewhere in this report on Form 6-K, could affect our future results and could cause those results or other outcomes to differ materially from those anticipated in any forward-looking statement:<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-345\"\/><\/p>\n<p>165<\/p>\n<p>Economic and industry conditions<\/p>\n<p>\u2022general economic or industry conditions in Spain, the UK, other European countries, the US, Brazil, other Latin American countries and other areas where we have significant operations or investments, including a worsening of the economic environment in these areas and an increase in capital markets volatility;<\/p>\n<p>\u2022climate-related conditions, regulations, targets and weather events;<\/p>\n<p>\u2022uncertainty over the scope of actions that may be required by us, governments and others to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and potential conflicts and inconsistencies among governmental standards and regulations;<\/p>\n<p>\u2022exposure to various market risks, principally including interest rate risk, foreign exchange rate risk, equity price risk, inflation, deflation and risks associated with new or modified benchmark indices;<\/p>\n<p>\u2022the effects of a decline in real estate prices, particularly in Spain and the UK;<\/p>\n<p>\u2022the effects of political developments in the UK, including the UK\u2019s exit from the European Union;<\/p>\n<p>\u2022monetary and interest rate policies of the ECB and various central banks;<\/p>\n<p>\u2022the effects of market behaviour not captured by our statistical models, such as the VaR model we use;<\/p>\n<p>\u2022the inability to hedge some risks economically;<\/p>\n<p>\u2022changes in demographics (including due to an ageing population or migration flows), consumer spending, investment or saving habits;<\/p>\n<p>\u2022changes in energy prices;<\/p>\n<p>\u2022potential losses from early repayments on our loan and investment portfolio, declines in value of collateral securing our loan portfolio, and counterparty risk; and<\/p>\n<p>\u2022changes in competition and pricing environments, including as a result of the progressive adoption of the internet for conducting financial services and\/or other factors.<\/p>\n<p>Political, geopolitical and governmental factors<\/p>\n<p>\u2022political instability in Spain, the UK, other European countries, the US,  Brazil, other Latin American countries and other areas where we have significant operations or investments;<\/p>\n<p>\u2022changes in monetary, fiscal and immigration policies and trade tensions, including the imposition of tariffs and retaliatory responses;<\/p>\n<p>\u2022effects of wars and conflicts (including the armed conflicts in Ukraine and the Middle East or other hostilities) or the outbreak of public health emergencies on the global economy;<\/p>\n<p>\u2022changes in Spanish, UK, EU, US, Latin American or other jurisdictions\u2019 legislation, regulations or taxes, including changes in regulatory capital and liquidity requirements; and<\/p>\n<p>\u2022increased regulation in response to financial crises.<\/p>\n<p>Transaction and commercial factors<\/p>\n<p>\u2022acquisitions, dispositions or restructurings of businesses that may not be completed in a timely manner or at all and may not perform in accordance with our expectations; and our ability to successfully integrate our acquisitions and related challenges that may result from the diversion of management\u2019s focus and resources from other strategic opportunities and operational matters;<\/p>\n<p>\u2022reputational risk and potential adverse reactions of customers, employees, vendors or other business partners, including adverse effects on the market price of our securities; and<\/p>\n<p>\u2022the outcome of our negotiations with business partners and governments.<\/p>\n<p>Operating factors<\/p>\n<p>\u2022the adequacy of loss reserves;<\/p>\n<p>\u2022potential losses associated with an increase in the level of impairment by counterparties to other types of financial instruments;<\/p>\n<p>\u2022the adequacy of provisions for tax, legal and other contingencies;<\/p>\n<p>\u2022technical difficulties and\/or failure to adequately improve or upgrade our information technology;<\/p>\n<p>\u2022changes in our access to liquidity and funding on acceptable terms, including as a result of credit spread shifts or downgrades in our credit ratings or those of our more significant subsidiaries;<\/p>\n<p>\u2022our exposure to operational risks (e.g., failed internal or external processes, people and systems, liabilities derived from utilizing artificial intelligence or potential losses associated with cyberattacks, data breaches, data losses and other security incidents); <\/p>\n<p>\u2022limitations in our disclosure controls and procedures over financial and non-financial reporting;<\/p>\n<p>\u2022changes in our ability to recruit, retain and develop appropriate senior management and skilled personnel;<\/p>\n<p>\u2022the occurrence of force majeure events, such as natural disasters, epidemics and pandemics, that impact our operations or impair the asset quality of our loan portfolio; <\/p>\n<p>\u2022the impact of changes in the composition of our balance sheet on future interest income \/ (charges); and<\/p>\n<p>\u2022our own decisions and actions, including those affecting or changing our practices, operations, priorities, strategies, policies or procedures.<\/p>\n<p>The forward-looking statements contained in this report on Form 6-K speak only as of the date of this report. We do not undertake to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.<\/p>\n<p>166<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-346\"\/>January &#8211; June 2026<\/p>\n<p>ITEM 3.  SELECTED FINANCIAL DATA<\/p>\n<p>We have derived the following financial information from our consolidated financial statements. You should read this information in connection with, and it is qualified in its entirety by reference to, our consolidated financial statements included in Part 1 of this report on Form 6-K, as well as the consolidated financial statements included in our 2025 Form 20-F.<\/p>\n<p>In May 2025, we agreed to sell approximately 49% of the share capital of Santander Bank Polska, S.A., (our subsidiary in Poland) and 50% of the share capital of Santander Towarzystwo Funduszy Inwestycyjnych S.A. (the asset management business in Poland) owned directly by Banco Santander, S.A. to Erste Group Bank AG. The transaction was completed on 9 January 2026 (see notes 2 and 6 to our interim consolidated financial statements in Part 1 of this report on Form 6-K) (the Poland disposal). Accordingly: <\/p>\n<p>\u2022In the statutory income statement, the results associated with the businesses subject to the Poland disposal are reported under a single line in the consolidated income statement \u2014 &#8216;profit\/(loss) after tax from discontinued operations&#8217; \u2014 for the six-month period ended 30 June 2026 and all prior periods contained herein. Consequently, the results associated with the businesses subject to the Poland disposal are excluded line by line from the breakdown of continuing operations. Due to such reclassification, the consolidated income statement data for the years ended 31 December 2024 and 2023 differ from the consolidated income statement data for such periods included in our annual report on Form 20-F for the year ended 31 December 2024, as filed with the SEC on 28 February 2025.<\/p>\n<p>\u2022In the consolidated balance sheet, the assets associated with the businesses subject to the Poland disposal are classified under the &#8216;non-current assets held for sale&#8217; line item and the related liabilities under &#8216;liabilities associated with non-current assets held for sale&#8217;. This classification applies solely to the balance sheet as of 30 June 2025 and 31 December 2025 and does not affect prior periods.<\/p>\n<p>On 10 February 2026, we announced the implementation of a series of changes to our reporting structure. These changes did not affect our attributable profit and were intended to improve the transparency and comparability of the metrics and financial statements, as well as to align the reporting with the way the bank has been managed since the beginning of 2026. These changes, which affect the income statements, segment reporting and certain management metrics, have been reflected retrospectively in all periods presented herein. These changes did not affect our consolidated balance sheet. Changes to the income statements relate to certain charges that until 31 December 2025 were recorded under the &#8216;other provisions&#8217; line item and are now presented in different lines of the income statement. In particular, charges mainly relating to bank levies and other taxes applicable to the banking sector are reclassified to &#8216;other operating costs&#8217; to ensure uniformity across the Group. In addition, certain recurring operating charges, primarily related to labour (mainly in Brazil) and legal processes, are presented in &#8216;total costs&#8217; (comprising &#8216;administrative expenses and amortizations&#8217; and &#8216;other operating costs&#8217;). Changes to the management metrics relate to the cost of risk, the non-performing loan (NPL) ratio and the NPL coverage ratio that were enhanced to include corporate exposures originated through debt securities issued by non-financial institutions. These adjustments provided a more accurate view of our credit exposure and quality.  See the 2025 Recast 6-K for further details on these reporting structure changes.<\/p>\n<p>On 30 April 2026, we completed the acquisition of TSB Banking Group plc (TSB) once the relevant regulatory approvals were obtained. TSB was integrated into our consolidated financial statements from 1 May 2026. See note 2 to our interim consolidated financial statements in Part 1 of this report on Form 6-K.<\/p>\n<p>Our unaudited interim condensed consolidated financial statements reflect all adjustments that we believe are necessary to state such information fairly for the six months ended 30 June 2026 and 2025. All adjustments are of a normal recurring nature. Our results for the six months ended 30 June 2026 are not necessarily indicative of what our results will be for the full year or for any future period.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-347\"\/><\/p>\n<p>167<\/p>\n<p>Year ended 31 December,<\/p>\n<p>BALANCE SHEET (EUR million) <\/p>\n<p>2025<\/p>\n<p>2024<\/p>\n<p>2023<\/p>\n<p>30 June 2026<\/p>\n<p>30 June 2025<\/p>\n<p>Total assets 1,867,515\u00a01,837,081\u00a01,797,062\u00a01,954,465\u00a01,815,888\u00a0Loans and advances to customers 1,037,288\u00a01,054,069\u00a01,036,349\u00a01,149,162\u00a01,010,727\u00a0Customer deposits 1,041,200\u00a01,055,936\u00a01,047,169\u00a01,133,762\u00a01,008,229\u00a0Total customer funds (A)1,363,160\u00a01,348,422\u00a01,306,942\u00a01,489,431\u00a01,307,359\u00a0Total equity 112,748\u00a0107,327\u00a0104,241\u00a0115,898\u00a0108,985\u00a0CAPITALIZATION  (EUR million) Shareholders&#8217; equity141,144\u00a0135,196\u00a0130,443\u00a0143,259\u00a0138,066\u00a0Other comprehensive income(37,974)(36,595)(35,020)(33,913)(37,565)Stockholders&#8217; equity (B)103,170\u00a098,601\u00a095,423\u00a0109,346\u00a0100,501\u00a0Non-controlling interest (including net income of the period)9,578\u00a08,726\u00a08,818\u00a06,552\u00a08,484\u00a0Total equity112,748\u00a0107,327\u00a0104,241\u00a0115,898\u00a0108,985\u00a0Subordinated debt issued by Banco Santander, S.A., or issued by subsidiaries and guaranteed by Banco Santander, S.A., excluding preferred securities and preferred shares11,574\u00a013,411\u00a015,070\u00a012,783\u00a012,863\u00a0Other Subordinated debt (C)7,409\u00a012,370\u00a06,559\u00a08,424\u00a09,212\u00a0Preferred securities (D)10,103\u00a09,821\u00a09,081\u00a09,912\u00a09,089\u00a0Preferred shares (D)201\u00a0211\u00a0202\u00a0204\u00a0205\u00a0Total subordinated debt29,288\u00a035,813\u00a030,912\u00a031,323\u00a031,369\u00a0Total capitalization142,035\u00a0143,140\u00a0135,153\u00a0147,221\u00a0140,354\u00a0Stockholders\u2019 equity per average share (B) (O)6.93\u00a06.36\u00a05.90\u00a07.56\u00a06.70\u00a0Stockholders\u2019 equity per share at period end (B) (O)7.03\u00a06.51\u00a06.01\u00a07.64\u00a06.75\u00a0INCOME STATEMENT (EUR million) Interest income \/ (charges)42,348\u00a043,787\u00a040,650\u00a022,711\u00a021,211\u00a0Total income58,311\u00a058,043\u00a053,951\u00a030,822\u00a028,978\u00a0Net operating income (E)33,532\u00a032,828\u00a029,267\u00a018,287\u00a016,580\u00a0Operating profit\/(loss) before tax18,681\u00a017,347\u00a015,005\u00a09,961\u00a09,104\u00a0Profit from continuing operations13,958\u00a012,503\u00a011,125\u00a07,519\u00a06,737\u00a0Profit from discontinued operations1,542\u00a01,241\u00a01,058\u00a01,895\u00a0726\u00a0Profit attributable to the Parent14,101\u00a012,574\u00a011,076\u00a08,973\u00a06,833\u00a0PERFORMANCE (%)ROE (F) (H)13.9\u00a0%13.0\u00a0%11.9\u00a0%15.1\u00a0%13.6\u00a0%RoTE (G) (H)16.3\u00a0%15.5\u00a0%14.4\u00a0%17.4\u00a0%16.0\u00a0%ROA (H)0.84\u00a0%0.76\u00a0%0.69\u00a0%0.91\u00a0%0.81\u00a0%SOLVENCY RATIOS (%) Phased-in CET1 capital ratio (I)13.5\u00a0%12.8\u00a0%12.3\u00a0%14.0\u00a0%13.0\u00a0%Phased-in total capital ratio (I)17.8\u00a0%17.4\u00a0%16.4\u00a0%18.8\u00a0%17.2\u00a0%CREDIT QUALITY DATA (%)Loans and advances to customers (K)Allowances for total balances as a percentage of total gross loans2.00\u00a0%2.04\u00a0%2.13\u00a0%1.95\u00a0%2.02\u00a0%Credit impaired balances as a percentage of total gross loans (J)2.98\u00a0%3.11\u00a0%3.19\u00a0%2.97\u00a0%2.95\u00a0%Allowances for total balances as a percentage of credit impaired balances (J)67\u00a0%66\u00a0%67\u00a0%66\u00a0%68\u00a0%Net loan charge-offs as a percentage of total gross loans 1.08\u00a0%1.10\u00a0%1.17\u00a0%0.93\u00a0%1.15\u00a0%Ratios adding contingent liabilities to loans and advances to customers (L)Allowances for total balances as a percentage of total loans and contingent liabilities1.93\u00a0%1.95\u00a0%2.04\u00a0%1.89\u00a0%1.94\u00a0%<\/p>\n<p>168<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-348\"\/>January &#8211; June 2026Credit impaired balances as a percentage of total loans and contingent liabilities (J) (M)2.91\u00a0%3.03\u00a0%3.11\u00a0%2.93\u00a0%2.90\u00a0%Allowances for total balances as a percentage of credit impaired balances (J) (M)66\u00a0%64\u00a0%66\u00a0%64\u00a0%67\u00a0%Net loan and contingent liabilities charge-offs as a percentage of total loans and contingent liabilities0.99\u00a0%1.00\u00a0%1.08\u00a0%0.86\u00a0%1.05\u00a0%MARKET CAPITALIZATION AND SHARES Number of shareholders3,518,729\u00a03,485,134\u00a03,662,377\u00a03,508,619\u00a03,508,261\u00a0Shares (millions)14,689\u00a015,152\u00a016,184\u00a014,689\u00a014,885\u00a0Share price (euros)10.070\u00a04.465\u00a03.780\u00a012.084\u00a07.027\u00a0Market capitalization (EUR million)147,921\u00a067,648\u00a061,168\u00a0177,506\u00a0104,599\u00a0Payout ratio (%) (N)25\u00a0%25\u00a0%25\u00a0%\u2014\u00a0\u2014\u00a0PER SHARE  INFORMATIONAverage number of shares (EUR thousands) (O)14,890,305\u00a015,497,607\u00a016,172,085\u00a014,458,003\u00a014,995,835\u00a0Basic earnings per share (euros)0.91\u00a00.77\u00a00.65\u00a00.60\u00a00.43\u00a0Basic earnings per share continuing operation (euros)0.84\u00a00.72\u00a00.61\u00a00.47\u00a00.40\u00a0Diluted earnings per share (euros)0.90\u00a00.77\u00a00.65\u00a00.60\u00a00.43\u00a0Diluted earnings per share continuing operation (euros)0.84\u00a00.72\u00a00.61\u00a00.47\u00a00.40\u00a0Remuneration (euros) (P)0.2400\u00a00.2100\u00a00.1760\u00a00.1250\u00a00.1100\u00a0Remuneration (US$) (P)0.2820\u00a00.2182\u00a00.1945\u00a00.1428\u00a00.1290\u00a0OPERATING DATANumber of employees (Q)187,539\u00a0196,088\u00a0201,942\u00a0185,279\u00a0193,678\u00a0Number of branches (Q)6,765\u00a07,718\u00a08,137\u00a06,496\u00a07,322\u00a0<\/p>\n<p>(A) Total customer funds includes customer deposits, mutual funds, pension funds and managed portfolios. See notes 21 and 35 to our consolidated financial statements included in Part 1 of our 2025 Form 20-F. <\/p>\n<p>(B) Equals the sum of the amounts included at the end of each year as &#8216;Shareholders\u2019 equity&#8217; and &#8216;Other comprehensive income&#8217; as stated in our consolidated financial statements included in Part 1 of this report. We have deducted the book value of treasury stock from stockholders\u2019 equity.<\/p>\n<p>(C) Other Subordinated debt includes issuances by subsidiaries not guaranteed by Banco Santander, S.A., excluding preference shares and preferred securities.<\/p>\n<p>(D) In our consolidated financial statements included in Part 1 of this report, preference shares and preferred securities are included under &#8216;Subordinated liabilities&#8217;.<\/p>\n<p>(E) Net Operating Income is used for the Group\u2019s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement. Net operating income equals the sum of &#8216;Total income&#8217;, &#8216;Administrative expenses&#8217; and &#8216;Depreciation and amortization&#8217; as stated in our consolidated financial statements included in Part 1 of this report.<\/p>\n<p>(F) The Return on average stockholders\u2019 equity ratio is calculated as profit attributable to the Parent divided by average stockholders\u2019 equity.<\/p>\n<p>(G) The Return on average tangible equity ratio (ROTE) is calculated as profit attributable to the Parent excluding goodwill impairment minus AT1 costs divided by the monthly average of: capital + reserves + retained earnings + other comprehensive income (excluding non-controlling interests) &#8211; goodwill &#8211; other intangible assets. We provide this non-GAAP financial measure deducting the cost of AT1 issuances from the numerator because this is the definition of ROTE that is commonly used as a measure of profitability over tangible equity. See &#8216;Alternative performance measures (APMs)&#8217; in the interim consolidated directors&#8217; report in Part 1 of this report on Form 6-K.<\/p>\n<p>(H) Consolidated profit and profit attributable to the Parent for the six months ended 30 June 2026 and 30 June 2025 have been annualized by doubling the recurring results, that is, assuming that non-recurring results registered during the first half of the year (if any) will not be repeated in the second half of the year. In the first half of 2026 we registered  in &#8216;consolidated profit&#8217; a non-recurring profit of EUR 1,645 million (mainly capital gains derived from the Poland disposal) while in the first half of 2025 we registered a non-recurring profit of EUR 457 million (mainly associated with the businesses subject to the Poland disposal). See Part 1 &#8211; Interim consolidated directors&#8217; report &#8211; Alternative performance measures &#8211; Underlying results. We believe that annualizing the profits by doubling only the recurring amounts presents an accurate picture of the evolution of our profitability. Consolidated profit and profit attributable to the Parent for the first half of any year are not necessarily indicative of the results for the full year.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-349\"\/><\/p>\n<p>169<\/p>\n<p>(EUR million,\u00a0except\u00a0percentages)<\/p>\n<p>2025<\/p>\n<p>2024<\/p>\n<p>2023<\/p>\n<p>30 June 2026<\/p>\n<p>30 June 2025<\/p>\n<p>Profit attributable to the parent (H)14,101\u00a012,574\u00a011,076\u00a016,302\u00a013,665\u00a0Profit attributable to the parent excluding goodwill impairment (H)14,105\u00a012,578\u00a011,096\u00a016,302\u00a013,666\u00a0Profit attributable to the parent excluding goodwill impairment and deducting AT1 costs (H)13,483\u00a011,958\u00a010,603\u00a015,666\u00a013,046\u00a0Average equity101,497\u00a096,744\u00a093,035\u00a0107,848\u00a0100,703\u00a0Effect of goodwill and other intangible assets(18,865)(19,428)(19,361)(17,926)(19,030)Average tangible equity82,631\u00a077,316\u00a073,675\u00a089,922\u00a081,673\u00a0Return on equity (ROE) (%)13.9\u00a013.0\u00a011.9\u00a015.1\u00a013.6\u00a0Return on tangible equity (ROTE) (%)16.3\u00a015.5\u00a014.4\u00a017.4\u00a016.0\u00a0<\/p>\n<p>(I) The phased-in capital ratios reflect the application of the transitory provisions and subsequent amendments introduced by Regulation 2020\/873 of the European Union.<\/p>\n<p>(J) Reflect Bank of Spain classification criteria. These classifications differ from the classifications applied by US banks in reporting loans as non-accrual, past due, restructured and potential problem loans. See note 2 to our consolidated financial statements included in Part 1 of our 2025 Form 20-F.<\/p>\n<p>(K) These ratios comprise loans and advances to customers. To facilitate comparisons they do not include the assets and results associated with the businesses subject to the Poland disposal for all periods presented. Ratios at 31 December 2024 and 31 December 2023 with data as disclosed in note 10 to our consolidated audited financial statements included in our 2025 Form 20-F, i.e. including Poland, would be as follows:<\/p>\n<p>CREDIT QUALITY DATA (%)<\/p>\n<p>2024<\/p>\n<p>2023<\/p>\n<p>Loans and advances to customersAllowances for total balances as a percentage of total gross loans2.06%2.15%Credit impaired balances as a percentage of total gross loans3.14%3.22%Allowances for total balances as a percentage of credit impaired balances66%67%Net loan charge-offs as a percentage of total gross loans 1.08%1.16%<\/p>\n<p>(L) We disclose these ratios because our credit risk exposure comprises loans and advances to customers, debt securities issued by non-financial institutions and contingent liabilities, all of which are subject to impairment and, therefore, allowances are taken in respect thereof. These credit ratios are prepared for management purposes. To facilitate comparisons they do not include the assets and results associated with the businesses subject to the Poland disposal for all periods presented.<\/p>\n<p>(M) Credit impaired balances include credit impaired loans and advances, debt securities issued by non-financial institutions, customer guarantees and customer commitments granted.<\/p>\n<p>(N)  Pay-out information for the six months ended 30 June 2026 and 2025 and for the year-end is not comparable. The interim figures for the six months ended 30 June 2026 and 2025 include in the numerator cash dividends paid during the first half of the year on account of that year (therefore, zero, given that the first interim dividend on account of every year is paid in the second half of that year) while the full-year figures include in the numerator all cash dividends paid or to be paid on account of that year.<\/p>\n<p>(O) Average number of shares has been calculated on a monthly basis as the weighted average number of shares outstanding in the relevant year, net of treasury stock.<\/p>\n<p>(P) With regard to the remuneration policy against the 2023 earnings, the board followed a policy of allocating 50% of the Group\u2019s reported profit, excluding non-cash, non-capital ratios impact items, to shareholder remuneration, distributed in approximately 50% in cash dividend and 50% in share buybacks.<\/p>\n<p>Interim remuneration. On 26 September 2023, the board approved the payment of an interim cash dividend against the 2023 results of 8.10 euro cents per share entitled to the dividend (equivalent to approximately 25% of the Group&#8217;s reported profit in the first half of 2023). The interim dividend was paid on 2 November 2023. The board also approved the implementation of a share repurchase programme (the &#8216;First 2023 Buyback Programme&#8217;) worth approximately EUR 1,310 million (equivalent to approximately 25% of the Group&#8217;s reported profit in the first half of 2023). The First 2023 Buyback Programme was completed on 25 January 2024, and resulted in the acquisition of a total of 358,567,487 shares.<\/p>\n<p>Final remuneration. Under the 2023 shareholder remuneration policy, on 19 February 2024, the board of directors resolved to submit a resolution at the 22 March 2024 AGM to approve a final cash dividend in the gross amount of 9.50 euro cents per share entitled to dividends. Following the approval at the AGM, the dividend was paid from 2 May 2024. The board of directors also resolved to implement the Second 2023 Buyback Programme worth EUR 1,459 million, which commenced on 20 February 2024 and was completed on 17 June 2024 resulting in the acquisition of a total of 331,305,000 shares. The total shareholder remuneration for 2023 amounted to EUR 5,538 million (approximately 50% of the Group&#8217;s reported profit for 2023), which was distributed approximately as follows: 50% in the form of a cash dividend and 50% in the form of share buybacks.  <\/p>\n<p>With regard to the remuneration policy against the 2024 earnings, the board continued the policy of allocating approximately 50% of the Group&#8217;s underlying profit to shareholder remuneration, split in approximately equal parts in cash dividends and share buybacks.<\/p>\n<p>Interim remuneration. On 24 September 2024, the Board approved the payment of an interim cash dividend against the 2024 results of 10 euro cents per share entitled to the dividend (equivalent to approximately 25% of the Group&#8217;s underlying profit in the first half of 2024). The interim dividend was paid on 2 November 2024. The board also approved the implementation of a share repurchase programme (the &#8216;First 2024 Buyback Programme&#8217;) worth approximately EUR 1,525 million (equivalent to approximately 25% of the Group&#8217;s underlying profit in the first half of 2024). The First 2024 Buyback Programme was completed on 4 December 2024, and resulted in the acquisition of a total of 341,781,250 shares.<\/p>\n<p>Final remuneration. Under the 2024 shareholder remuneration policy, on 25 February 2025 the board resolved to implement a second share repurchase programme (the &#8216;Second 2024 Buyback Programme&#8217;) worth approximately EUR 1,587 million (equivalent to approximately 25% of the Group\u00b4s underlying profit in the second half of 2024). The Second 2024 Buyback Programme was completed on 2 June 2025 and resulted in the acquisition of a total of 267,166,950 shares. In addition, on 25 February 2025, the board of directors resolved to submit a resolution at the 2025 AGM to approve a final cash dividend in the gross amount of 11 euro cents per share entitled to dividends. Following the approval at the 2025 AGM, the dividend was paid from 2 May 2025. Total shareholders&#8217; remuneration for 2024 amounted to EUR 6,287 million (approximately 50% of the Group underlying profit for 2024), distributed as follows: approximately 50% in the form of cash dividends (EUR 3,175 million) and 50% in the form of share buybacks (EUR 3,112 million).<\/p>\n<p>170<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-350\"\/>January &#8211; June 2026<\/p>\n<p>With regard to the remuneration policy against the 2025 earnings, the board continued the policy of allocating approximately 50% of the Group&#8217;s underlying profit to shareholder remuneration, split in approximately equal parts in cash dividends and share buybacks.<\/p>\n<p>Interim remuneration. On 30 September 2025, the Board approved the payment of an interim cash dividend against the 2025 results of 11.5 euro cents per share entitled to the dividend (equivalent to approximately 25% of the Group&#8217;s underlying profit in the first half of 2025). The interim dividend was paid on 3 November 2025. The board also approved the implementation of a share repurchase programme (the &#8216;First 2025 Buyback Programme&#8217;) worth approximately EUR 1,700 million (equivalent to approximately 25% of the Group&#8217;s underlying profit in the first half of 2025), which was completed on 22 December 2025, and resulted in the acquisition of a total of 196,005,870 shares.<\/p>\n<p>Final remuneration. Under the 2025 shareholder remuneration policy, on 3 February 2026, the board resolved to implement a second share repurchase programme (the &#8216;Second 2025 Buyback Programme&#8217;) worth approximately EUR 5,030 million (equivalent to approximately 25% of the Group&#8217;s underlying profit in the second half of 2025), which will be completed in August 2026. In addition, on 24 February 2026, the board of directors resolved to submit a resolution at the 2026 AGM to approve a final cash dividend in the gross amount of 12.5 euro cents per share entitled to dividends. Following the approval at the 2026 AGM, the dividend was paid from 5 May 2026. The total shareholder remuneration for 2025 amounted to EUR 7,050 million (approximately 50% of the Group&#8217;s underlying profit for 2025), distributed as follows: approximately 50% in the form of cash dividends (EUR 3,520 million) and 50% in the form of share buybacks (EUR 3,530 million).<\/p>\n<p>In order to comply with applicable US securities laws, the Second 2025 Buyback Programme was suspended between 24 April 2026, date of the calling of the meeting where Webster\u2019s stockholders would vote on the acquisition (the &#8216;Stockholders\u2019 Meeting&#8217;), and 27 May 2026, both inclusive. For more information on such transaction, see section 13.2 &#8216;Material Contracts&#8217; of our 2025 Form 20-F.<\/p>\n<p>(Q) Data excluding Poland. Including Poland: In 2025: Number of employees 198,403; Number of branches 7,124. In 2024: Number of employees 206,753; Number of branches 8,086. In 2023: Number of employees 212,764; Number of branches 8,518. In June 2025: Number of employees: 204,330; Number of branches: 7,683. <\/p>\n<p>Set forth below is a table showing our allowances for credit impaired balances broken down by various categories as disclosed and discussed throughout this report on Form 6-K:<\/p>\n<p>2025<\/p>\n<p>2024<\/p>\n<p>2023<\/p>\n<p>30 June 2026<\/p>\n<p>30 June 2025<\/p>\n<p>Allowances refers to:(EUR million)Allowances for total balances (A) 22,358\u00a022,155\u00a022,734\u00a024,207\u00a021,836\u00a0Allowances for contingent liabilities and commitments 712\u00a0688\u00a0674\u00a0748\u00a0652\u00a0Allowances for debt securities issued by non-financial institutions 488\u00a0322\u00a0266\u00a0656\u00a0374\u00a0Allowances for loans and advances to customers21,158\u00a021,145\u00a021,794\u00a022,803\u00a020,810\u00a0Other allowances (B)524\u00a0347\u00a0290\u00a0692\u00a0403\u00a0Allowances for total balances (excluding contingent liabilities and commitments)21,682\u00a021,492\u00a022,084\u00a023,495\u00a021,213\u00a0Of which:Allowances for customers21,158\u00a021,145\u00a021,794\u00a022,803\u00a020,810\u00a0Allowances for credit institutions and other financial assets4\u00a05\u00a010\u00a06\u00a07\u00a0Allowances for debt instruments520\u00a0342\u00a0280\u00a0686\u00a0396\u00a0Allowances for Financial assets at amortised cost21,596\u00a021,364\u00a021,972\u00a023,416\u00a021,086\u00a0Allowances for Financial assets at fair value through other comprehensive income86\u00a0128\u00a0112\u00a079\u00a0127\u00a0<\/p>\n<p>(A)Allowances for credit impaired loans and advances to customers, customer guarantees and customer commitments granted and debt securities issued by non-financial institutions. <\/p>\n<p>(B)Includes &#8216;Allowances for debt instruments&#8217; and &#8216;Allowances for credit institutions and other financial assets&#8217; .<\/p>\n<p>                 Note: These metrics exclude the assets associated with the businesses subject to the Poland disposal. Including those assets, as of 31 December 2024 and 2023, &#8216;Allowances for customers&#8217; as disclosed in note 10 to our consolidated financial statements included in our 2025 Form 20-F would amount to EUR 22,125 million and EUR 22,788 million, respectively.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-351\"\/><\/p>\n<p>171<\/p>\n<p>ITEM 4. RISK FACTORS<\/p>\n<p>For a description of risks associated with Banco Santander and the Group, see the section entitled &#8216;Risk Factors&#8217; in our 2025 Form 20-F. These risks should be read in conjunction with the other information included in our 2025 Form 20-F and this report on Form 6-K and should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties that Banco Santander and the Group face. In addition, our results could be affected by competition and other factors, including risks that we currently consider not to be material or of which we are not currently aware, and any of these risks could have a material adverse effect on our business, financial condition, results of operations or prospects. The occurrence of any such risks remains uncertain and we cannot predict whether any such risks will materialize.<\/p>\n<p>172<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-352\"\/>January &#8211; June 2026<\/p>\n<p>ITEM 5. INFORMATION ON THE COMPANY<\/p>\n<p>The information set forth below should be read in conjunction with our consolidated financial statements and the related notes included in Part 1 of this report on Form 6-K.<\/p>\n<p>5.1. Average balance sheets and interest rates <\/p>\n<p>The following tables include, by domicile of the Group entity at which the relevant asset or liability is accounted for, our average balances and interest rates for the six months ended 30 June 2026 and 2025. Domestic balances are those of the Group entities domiciled in Spain, which reflect our domestic activities, and international balances are those of the Group entities domiciled outside of Spain, which reflect our foreign activities.<\/p>\n<p>The Poland disposal has impacted year-on-year variations in the information presented herein, primarily as follows: <\/p>\n<p>\u2022In the statutory income statement, the results associated with the businesses subject to the Poland disposal are reported under a single line in the consolidated income statement \u2014 &#8216;profit\/(loss) after tax from discontinued operations&#8217; \u2014 for the six-month periods ended 30 June 2026 and 2025. Consequently, the results associated with the businesses subject to the Poland disposal are excluded line by line from the breakdown of continuing operations in both periods.<\/p>\n<p>\u2022In the consolidated balance sheet, the assets associated with the businesses subject to the Poland disposal were classified under the &#8216;non-current assets held for sale&#8217; line item and the related liabilities under &#8216;liabilities associated with non-current assets held for sale&#8217; for periods from 31 May 2025 to 31 December 2025 and did not affect prior periods. However, to facilitate meaningful analysis and comparability of the information presented herein, average balance sheets for the six months ended 30 June 2025 were calculated based on adjusted month-end data (January through June) classifying assets and liabilities associated with the businesses subject to the Poland disposal under &#8216;assets\/liabilities from discontinued operations&#8217;. After completion of the transaction on 9 January 2026, average balance sheets in the first half of 2026 do not include such businesses.<\/p>\n<p>To better understand the behaviour of average balance sheets and interest rates, we have split our foreign activities into \u2018International \u2013 Mature markets\u2019 which include Europe (except for Spain and Poland) and the United States and \u2018International \u2013 Developing markets\u2019 which include South America, Mexico and Poland.<\/p>\n<p>You should read the following tables and the tables included under &#8216;\u2014Changes in Interest Income\/(charges)\u2014Volume and Rate Analysis&#8217; and &#8216;\u2014Assets\u2014Earning Assets\u2014Yield Spread&#8217; considering the following:<\/p>\n<p>\u2022We have included in interest income loan arrangement fees and other similar items;<\/p>\n<p>\u2022We have not recalculated tax-exempt income on a tax-equivalent basis because the effect of doing so would not be significant;<\/p>\n<p>\u2022We have included income and expenses from interest-rate hedging transactions as a separate line item under interest income and expenses if these transactions qualify for hedge accounting under IFRS-IASB. If these transactions do not qualify for such treatment, we have included income and expenses on these transactions elsewhere in our income statement. See Note 2 to our consolidated financial statements included in Part 1 of our 2025 Form 20-F for a discussion of our accounting policies for hedging activities;<\/p>\n<p>\u2022We have stated average balances on a net basis, netting our allowances for credit losses; and<\/p>\n<p>\u2022All average data have been calculated as the simple average of month-end balances over the relevant date range, which is not significantly different from using daily averages.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-353\"\/><\/p>\n<p>173<\/p>\n<p>Average Balance Sheet &#8211; Assets and Interest Income<\/p>\n<p>Six months ended 30 June,<\/p>\n<p>2026<\/p>\n<p>2025<\/p>\n<p>ASSETS<\/p>\n<p>Average Balance<\/p>\n<p>Interest<\/p>\n<p>Average Rate<\/p>\n<p>Average Balance<\/p>\n<p>Interest<\/p>\n<p>Average Rate<\/p>\n<p>(EUR million, except percentages)Cash balances at central banks and other deposits on demand, and loans and advances to central banks and credit institutions271,506\u00a06,563\u00a04.83\u00a0%283,498\u00a07,041\u00a04.97\u00a0%Domestic96,402\u00a01,516\u00a03.15\u00a0%110,379\u00a01,888\u00a03.42\u00a0%International &#8211; Mature markets107,114\u00a01,883\u00a03.52\u00a0%111,414\u00a02,431\u00a04.36\u00a0%International &#8211; Developing markets67,990\u00a03,164\u00a09.31\u00a0%61,705\u00a02,722\u00a08.82\u00a0%Of whichReverse repurchase agreements69,514\u00a02,657\u00a07.64\u00a0%62,784\u00a02,449\u00a07.80\u00a0%Domestic37,108\u00a0833\u00a04.49\u00a0%33,778\u00a0869\u00a05.15\u00a0%International &#8211; Mature markets6,948\u00a0205\u00a05.90\u00a0%7,438\u00a0212\u00a05.70\u00a0%International &#8211; Developing markets25,458\u00a01,619\u00a012.72\u00a0%21,568\u00a01,368\u00a012.69\u00a0%Loans and advances to customers1,086,852\u00a035,881\u00a06.60\u00a0%1,019,299\u00a035,670\u00a07.00\u00a0%Domestic279,819\u00a05,279\u00a03.77\u00a0%269,633\u00a05,555\u00a04.12\u00a0%International &#8211; Mature markets605,051\u00a015,905\u00a05.26\u00a0%562,694\u00a016,279\u00a05.79\u00a0%International &#8211; Developing markets201,982\u00a014,697\u00a014.55\u00a0%186,972\u00a013,836\u00a014.80\u00a0%Of whichReverse repurchase agreements86,663\u00a02,422\u00a05.59\u00a0%67,676\u00a02,647\u00a07.82\u00a0%Domestic13,755\u00a0218\u00a03.17\u00a0%11,218\u00a0202\u00a03.60\u00a0%International &#8211; Mature markets71,798\u00a02,134\u00a05.94\u00a0%55,271\u00a02,378\u00a08.60\u00a0%International &#8211; Developing markets1,110\u00a070\u00a012.61\u00a0%1,187\u00a067\u00a011.29\u00a0%Debt securities324,716\u00a09,188\u00a05.66\u00a0%275,234\u00a07,896\u00a05.74\u00a0%Domestic152,970\u00a02,584\u00a03.38\u00a0%116,375\u00a01,903\u00a03.27\u00a0%International &#8211; Mature markets74,692\u00a01,382\u00a03.70\u00a0%71,863\u00a01,257\u00a03.50\u00a0%International &#8211; Developing markets97,054\u00a05,222\u00a010.76\u00a0%86,996\u00a04,736\u00a010.89\u00a0%Income from hedging operations548\u00a0774\u00a0Domestic258\u00a0181\u00a0International &#8211; Mature markets418\u00a0600\u00a0International &#8211; Developing markets(128)(7)Other interest156\u00a0(43)Domestic81\u00a0(120)International &#8211; Mature markets11\u00a017\u00a0International &#8211; Developing markets64\u00a060\u00a0Total Interest-earning assets1,683,074\u00a052,336\u00a06.22\u00a0%1,578,031\u00a051,338\u00a06.51\u00a0%Domestic529,191\u00a09,718\u00a03.67\u00a0%496,387\u00a09,407\u00a03.79\u00a0%International &#8211; Mature markets786,857\u00a019,599\u00a04.98\u00a0%745,971\u00a020,584\u00a05.52\u00a0%International &#8211; Developing markets367,026\u00a023,019\u00a012.54\u00a0%335,673\u00a021,347\u00a012.72\u00a0%Other non-interest-earning assets202,340\u00a0191,334\u00a0Assets from discontinued operations\u2014\u00a066,101\u00a0Total Average Assets1,885,414\u00a052,336\u00a01,835,466\u00a051,338\u00a0<\/p>\n<p>Note: As of 30 June 2026 and 30 June 2025, Total Average Assets attributed to international activities accounted for 67% and 69%, respectively, of the Group&#8217;s Total Average Assets (of which International &#8211; Mature markets accounted for 45% and 44%, respectively, and International &#8211; Developing markets accounted for 22% and 25%, respectively).<\/p>\n<p>174<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-354\"\/>January &#8211; June 2026<\/p>\n<p>Average Balance Sheet &#8211; Liabilities and Interest Expense<\/p>\n<p>Six months ended 30 June,<\/p>\n<p>2026<\/p>\n<p>2025<\/p>\n<p>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY<\/p>\n<p>Average Balance <\/p>\n<p>Interest <\/p>\n<p>Average Rate <\/p>\n<p>Average Balance <\/p>\n<p>Interest <\/p>\n<p>Average Rate <\/p>\n<p>(EUR million, except percentages)<\/p>\n<p>Deposits from central banks and credit institutions144,687\u00a03,842\u00a05.31\u00a0%144,288\u00a04,053\u00a05.62\u00a0%Domestic73,609\u00a01,359\u00a03.69\u00a0%62,185\u00a01,347\u00a04.33\u00a0%International &#8211; Mature markets26,169\u00a0554\u00a04.23\u00a0%35,460\u00a0881\u00a04.97\u00a0%International &#8211; Developing markets44,909\u00a01,929\u00a08.59\u00a0%46,643\u00a01,825\u00a07.83\u00a0%Of whichRepurchase agreements76,873\u00a02,117\u00a05.51\u00a0%67,879\u00a02,258\u00a06.65\u00a0%Domestic51,873\u00a01,027\u00a03.96\u00a0%41,474\u00a01,004\u00a04.84\u00a0%International &#8211; Mature markets10,262\u00a0248\u00a04.83\u00a0%8,240\u00a0253\u00a06.14\u00a0%International &#8211; Developing markets14,738\u00a0842\u00a011.43\u00a0%18,165\u00a01,001\u00a011.02\u00a0%Customer Deposits1,084,019\u00a015,582\u00a02.87\u00a0%1,017,973\u00a016,063\u00a03.16\u00a0%Domestic368,788\u00a01,836\u00a01.00\u00a0%349,563\u00a02,094\u00a01.20\u00a0%International &#8211; Mature markets500,103\u00a06,193\u00a02.48\u00a0%470,902\u00a06,948\u00a02.95\u00a0%International &#8211; Developing markets215,128\u00a07,553\u00a07.02\u00a0%197,508\u00a07,021\u00a07.11\u00a0%Of whichRepurchase agreements117,755\u00a03,883\u00a06.60\u00a0%99,878\u00a03,849\u00a07.71\u00a0%Domestic38,963\u00a0415\u00a02.13\u00a0%33,932\u00a0398\u00a02.35\u00a0%International &#8211; Mature markets53,017\u00a01,776\u00a06.70\u00a0%45,102\u00a02,223\u00a09.86\u00a0%International &#8211; Developing markets25,775\u00a01,692\u00a013.13\u00a0%20,844\u00a01,228\u00a011.78\u00a0%Marketable debt securities (A)324,881\u00a08,022\u00a04.94\u00a0%306,080\u00a07,538\u00a04.93\u00a0%Domestic141,546\u00a02,650\u00a03.74\u00a0%137,921\u00a02,557\u00a03.71\u00a0%International &#8211; Mature markets134,118\u00a02,624\u00a03.91\u00a0%125,197\u00a02,632\u00a04.20\u00a0%International &#8211; Developing markets49,217\u00a02,748\u00a011.17\u00a0%42,962\u00a02,349\u00a010.94\u00a0%Of whichCommercial paper21,781\u00a0340\u00a03.12\u00a0%20,532\u00a0472\u00a04.60\u00a0%Domestic14,343\u00a0188\u00a02.62\u00a0%12,164\u00a0259\u00a04.26\u00a0%International &#8211; Mature markets5,931\u00a093\u00a03.14\u00a0%6,736\u00a0138\u00a04.10\u00a0%International &#8211; Developing markets1,507\u00a059\u00a07.83\u00a0%1,632\u00a075\u00a09.19\u00a0%Other interest-bearing liabilities23,326\u00a0355\u00a03.04\u00a0%22,585\u00a0318\u00a02.82\u00a0%Domestic18,123\u00a0266\u00a02.94\u00a0%17,495\u00a0243\u00a02.78\u00a0%International &#8211; Mature markets3,764\u00a021\u00a01.12\u00a0%3,653\u00a08\u00a00.44\u00a0%International &#8211; Developing markets1,439\u00a068\u00a09.45\u00a0%1,437\u00a067\u00a09.32\u00a0%Expenses from hedging operations859\u00a0953\u00a0Domestic296\u00a0345\u00a0International &#8211; Mature markets437\u00a0546\u00a0International &#8211; Developing markets126\u00a062\u00a0Other interest965\u00a01,202\u00a0Domestic456\u00a0457\u00a0International &#8211; Mature markets226\u00a0197\u00a0International &#8211; Developing markets283\u00a0548\u00a0Total interest-bearing liabilities1,576,913\u00a029,625\u00a03.76\u00a0%1,490,926\u00a030,127\u00a04.04\u00a0%January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-355\"\/><\/p>\n<p>175<\/p>\n<p>Six months ended 30 June,<\/p>\n<p>2026<\/p>\n<p>2025<\/p>\n<p>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY<\/p>\n<p>Average Balance <\/p>\n<p>Interest <\/p>\n<p>Average Rate <\/p>\n<p>Average Balance <\/p>\n<p>Interest <\/p>\n<p>Average Rate <\/p>\n<p>(EUR million, except percentages)<\/p>\n<p>Domestic602,066\u00a06,863\u00a02.28\u00a0%567,164\u00a07,043\u00a02.48\u00a0%International &#8211; Mature markets664,154\u00a010,055\u00a03.03\u00a0%635,212\u00a011,212\u00a03.53\u00a0%International &#8211; Developing markets310,693\u00a012,707\u00a08.18\u00a0%288,550\u00a011,872\u00a08.23\u00a0%Other non-interest-bearing liabilities194,170\u00a0176,009\u00a0Non-Controlling interest6,483\u00a08,765\u00a0Stockholders&#8217; Equity107,848\u00a0100,703\u00a0Liabilities from discontinued operations\u2014\u00a059,063\u00a0Total average liabilities and Stockholders&#8217; Equity1,885,414\u00a029,625\u00a01,835,466\u00a030,127\u00a0<\/p>\n<p>Note: As of 30 June 2026 and 30 June 2025, Total average liabilities attributed to international activities accounted for 61% and 62%, respectively, of the Group&#8217;s Total average liabilities (of which International &#8211; Mature markets accounted for 40% and 39%, respectively, and International &#8211; Developing markets accounted for 21% and 23%, respectively).<\/p>\n<p>(A) Does not include contingently convertible preference shares and perpetual subordinated notes because they do not accrue interest. We include them under \u201cOther non-interest-bearing liabilities\u201d.  <\/p>\n<p>Changes in Interest Income \/ (Charges)\u2014Volume and Rate Analysis<\/p>\n<p>The following tables include, by domicile of the Group entity at which the relevant asset or liability is accounted for, changes in our interest income \/ (charges) attributable to changes in average volume and changes in average rate for the first six months of 2026 compared to the same period of 2025. We have calculated volume variances based on changes in average balances over the period and rate variances based on changes in interest rates on average interest-earning assets and average interest-bearing liabilities, as applicable, over the period. You should read the following tables and the footnotes thereto in light of our observations noted in the preceding sub-section entitled &#8216;\u2014Average Balance Sheets and Interest Rates&#8217;.<\/p>\n<p>176<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-356\"\/>January &#8211; June 2026<\/p>\n<p>Volume and Rate Analysis<\/p>\n<p>Six months ended 30 June<\/p>\n<p>2026 \/ 2025<\/p>\n<p>Increase (Decrease) due to changes in<\/p>\n<p>INTEREST INCOME<\/p>\n<p>Volume (1)<\/p>\n<p>Rate (2)<\/p>\n<p>Net Change<\/p>\n<p>(EUR million)Cash balances at central banks and other deposits on demand, and loans and advances to central banks and credit institutions(31)(447)(478)Domestic(227)(145)(372)International &#8211; Mature markets(91)(457)(548)International &#8211; Developing markets287\u00a0155\u00a0442\u00a0Of whichReverse repurchase agreements314\u00a0(106)208\u00a0Domestic81\u00a0(117)(36)International &#8211; Mature markets(14)7\u00a0(7)International &#8211; Developing markets247\u00a04\u00a0251\u00a0Loans and advances to customers2,474\u00a0(2,263)211\u00a0Domestic204\u00a0(480)(276)International &#8211; Mature markets1,175\u00a0(1,549)(374)International &#8211; Developing markets1,095\u00a0(234)861\u00a0Of whichReverse repurchase agreements640\u00a0(865)(225)Domestic42\u00a0(26)16\u00a0International &#8211; Mature markets603\u00a0(847)(244)International &#8211; Developing markets(5)8\u00a03\u00a0Debt securities1,209\u00a083\u00a01,292\u00a0Domestic616\u00a065\u00a0681\u00a0International &#8211; Mature markets51\u00a074\u00a0125\u00a0International &#8211; Developing markets542\u00a0(56)486\u00a0Income from hedging operations(226)\u2014\u00a0(226)Domestic77\u00a0\u2014\u00a077\u00a0International &#8211; Mature markets(182)\u2014\u00a0(182)International &#8211; Developing markets(121)\u2014\u00a0(121)Other interest199\u00a0\u2014\u00a0199\u00a0Domestic201\u00a0\u2014\u00a0201\u00a0International &#8211; Mature markets(6)\u2014\u00a0(6)International &#8211; Developing markets4\u00a0\u2014\u00a04\u00a0Total Interest-earning assets3,625\u00a0(2,627)998\u00a0Domestic871\u00a0(560)311\u00a0International &#8211; Mature markets947\u00a0(1,932)(985)International &#8211; Developing markets1,807\u00a0(135)1,672\u00a0January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-357\"\/><\/p>\n<p>177<\/p>\n<p>Six months ended 30 June,<\/p>\n<p>2026 \/ 2025<\/p>\n<p>Increase (Decrease) due to changes in<\/p>\n<p>INTEREST CHARGES<\/p>\n<p>Volume (1)<\/p>\n<p>Rate (2)<\/p>\n<p>Net Change<\/p>\n<p>(EUR million)Deposits from central banks and credit institutions(52)(159)(211)Domestic227\u00a0(215)12\u00a0International &#8211; Mature markets(209)(118)(327)International &#8211; Developing markets(70)174\u00a0104\u00a0Of whichRepurchase agreements85\u00a0(226)(141)Domestic225\u00a0(202)23\u00a0International &#8211; Mature markets55\u00a0(60)(5)International &#8211; Developing markets(195)36\u00a0(159)Customer Deposits1,142\u00a0(1,623)(481)Domestic110\u00a0(368)(258)International &#8211; Mature markets412\u00a0(1,167)(755)International &#8211; Developing markets620\u00a0(88)532\u00a0Of whichRepurchase agreements715\u00a0(681)34\u00a0Domestic56\u00a0(39)17\u00a0International &#8211; Mature markets346\u00a0(793)(447)International &#8211; Developing markets313\u00a0151\u00a0464\u00a0Marketable debt securities597\u00a0(113)484\u00a0Domestic68\u00a025\u00a093\u00a0International &#8211; Mature markets181\u00a0(189)(8)International &#8211; Developing markets348\u00a051\u00a0399\u00a0Of whichCommercial paper21\u00a0(153)(132)Domestic41\u00a0(112)(71)International &#8211; Mature markets(15)(30)(45)International &#8211; Developing markets(5)(11)(16)Other interest-bearing liabilities9\u00a028\u00a037\u00a0Domestic9\u00a014\u00a023\u00a0International &#8211; Mature markets0\u00a013\u00a013\u00a0International &#8211; Developing markets0\u00a01\u00a01\u00a0Expenses from hedging operations(94)\u2014\u00a0(94)Domestic(49)\u2014\u00a0(49)International &#8211; Mature markets(109)\u2014\u00a0(109)International &#8211; Developing markets64\u00a0\u2014\u00a064\u00a0Other interest(237)\u2014\u00a0(237)Domestic(1)\u2014\u00a0(1)International &#8211; Mature markets29\u00a0\u2014\u00a029\u00a0International &#8211; Developing markets(265)\u2014\u00a0(265)Total interest-bearing liabilities1,365\u00a0(1,867)(502)Domestic364\u00a0(544)(180)International &#8211; Mature markets304\u00a0(1,461)(1,157)International &#8211; Developing markets697\u00a0138\u00a0835\u00a0<\/p>\n<p>178<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-358\"\/>January &#8211; June 2026<\/p>\n<p>(1) We calculate the volume variance as the result of the average interest rate of the earlier period multiplied by the difference between the average balances of both periods.<\/p>\n<p>(2) We calculate the rate variance as the result of the average balance of the earlier period multiplied by the difference between the average interest rates of both periods.<\/p>\n<p>Assets<\/p>\n<p>Interest-earning Assets\u2014Yield Spread<\/p>\n<p>The following table analyses our average interest-earning assets, interest and similar income and interest income \/ (charges) by domicile of the Group entity at which they are accounted for. Furthermore, it shows gross yields, net yields and yield spreads for each of the periods indicated. You should read this table and the footnotes thereto in light of our observations noted in the preceding sub-section entitled      &#8216;\u2014Average Balance Sheets and Interest Rates&#8217;.<\/p>\n<p>Six months ended 30 June<\/p>\n<p>2026<\/p>\n<p>2025<\/p>\n<p>(EUR million, except percentages)Average interest-earning assets1,683,074\u00a01,578,031\u00a0Domestic529,191\u00a0496,387\u00a0International &#8211; Mature markets786,857\u00a0745,971\u00a0International &#8211; Developing markets367,026\u00a0335,673\u00a0Interest and similar income52,336\u00a051,338\u00a0Domestic9,718\u00a09,407\u00a0International &#8211; Mature markets19,599\u00a020,584\u00a0International &#8211; Developing markets23,019\u00a021,347\u00a0Interest income \/ (charges) (A)22,711\u00a021,211\u00a0Domestic2,855\u00a02,364\u00a0International &#8211; Mature markets9,544\u00a09,372\u00a0International &#8211; Developing markets10,312\u00a09,475\u00a0Gross yield (B) (%)6.22\u00a06.51\u00a0Domestic3.67\u00a03.79\u00a0International &#8211; Mature markets4.98\u00a05.52\u00a0International &#8211; Developing markets12.54\u00a012.72\u00a0Net yield (C) (%)2.70\u00a02.69\u00a0Domestic1.08\u00a00.95\u00a0International &#8211; Mature markets2.43\u00a02.51\u00a0International &#8211; Developing markets5.62\u00a05.65\u00a0Yield spread (D) (%)2.46\u00a02.47\u00a0Domestic1.39\u00a01.31\u00a0International &#8211; Mature markets1.95\u00a01.99\u00a0International &#8211; Developing markets4.36\u00a04.49\u00a0<\/p>\n<p>(A) Interest income \/ (charges) is the net amount of interest and similar income and interest expense and similar charges. See &#8216;Income Statement&#8217; in the consolidated financial statements included in Part 1 of this report on Form 6-K. For a discussion of the changes in interest income \/ (charges) over the periods presented, see &#8216;Part 1. Consolidated directors&#8217; report\u2014Group financial information\u2014Grupo Santander results&#8217;.<\/p>\n<p>(B) Gross yield is the quotient of interest income divided by average earning assets.<\/p>\n<p>(C) Net yield is the quotient of interest income \/ (charges) divided by average earning assets.<\/p>\n<p>(D) Yield spread is the difference between gross yield on earning assets and the average cost of interest-bearing liabilities.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-359\"\/><\/p>\n<p>179<\/p>\n<p>Interest-earning assets-composition<\/p>\n<p>The following table shows, by domicile of the Group entity at which the relevant asset is accounted for, the percentage mix of our average interest-earning assets for the periods indicated. You should read this table in light of our observations noted in the preceding sub-section entitled &#8216;\u2014Average Balance Sheets and Interest Rates&#8217; and the footnotes thereto.<\/p>\n<p>Six months ended 30 June<\/p>\n<p>2026<\/p>\n<p>2025<\/p>\n<p>Cash balances at central banks and other deposits on demand, and loans and advances to central banks and credit institutions (%)16.13\u00a017.97\u00a0Domestic5.73\u00a06.99\u00a0International &#8211; Mature markets6.36\u00a07.06\u00a0International &#8211; Developing markets4.04\u00a03.92\u00a0Loans and advances to customers (%)64.58\u00a064.59\u00a0Domestic16.63\u00a017.09\u00a0International &#8211; Mature markets35.95\u00a035.65\u00a0International &#8211; Developing markets12.00\u00a011.85\u00a0Debt securities (%)19.29\u00a017.44\u00a0Domestic9.09\u00a07.38\u00a0International &#8211; Mature markets4.43\u00a04.55\u00a0International &#8211; Developing markets5.77\u00a05.51\u00a0<\/p>\n<p>180<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-360\"\/>January &#8211; June 2026<\/p>\n<p>5.2. Other statistical disclosure requirements<\/p>\n<p>Credit Ratios<\/p>\n<p>The following table sets out the impairment losses to total loans outstanding ratio and the net charge-offs to average loans outstanding ratios for the periods ended 31 December 2025, 2024 and 2023 and 30 June 2026 and 2025 (see note 5 to our interim consolidated financial statements in Part 1 of this report and note 10 to our consolidated financial statements for the year ended 31 December 2025 included in Part 1 of our 2025 Form 20-F):<\/p>\n<p>31 December<\/p>\n<p>Six\u00a0Months\u00a0Ended\u00a030 June<\/p>\n<p>2025<\/p>\n<p>2024<\/p>\n<p>2023<\/p>\n<p>2026<\/p>\n<p>2025<\/p>\n<p>(EUR million, except percentages)(EUR million, except percentages)Impairment losses to total loans outstanding2.00\u00a0%2.04\u00a0%2.13\u00a0%1.95\u00a0%2.02\u00a0%Allowances for credit losses21,158\u00a021,145\u00a021,794\u00a022,803\u00a020,810\u00a0Total loans outstanding1,058,446\u00a01,038,306\u00a01,025,256\u00a01,171,965\u00a01,031,537\u00a0Net charge-offs during the period to average loans outstanding:Commercial credit 0.48\u00a0%0.32\u00a0%0.29\u00a0%0.41\u00a0%0.42\u00a0%Net charge-offs during the period225\u00a0153\u00a0141\u00a096\u00a098\u00a0Average loans outstanding46,420\u00a047,332\u00a048,117\u00a047,216\u00a047,225\u00a0Secured loans0.59\u00a0%0.62\u00a0%0.64\u00a0%0.48\u00a0%0.55\u00a0%Net charge-offs during the period3,238\u00a03,417\u00a03,595\u00a01,378\u00a01,508\u00a0Average loans outstanding551,269\u00a0554,933\u00a0562,768\u00a0572,550\u00a0553,010\u00a0Reverse repurchase agreementsn\/an\/an\/an\/an\/aNet charge-offs during the periodn\/an\/an\/an\/an\/aAverage loans outstanding71,827\u00a061,528\u00a046,238\u00a086,664\u00a067,678\u00a0Other term loans1.97\u00a0%2.06\u00a0%2.22\u00a0%1.53\u00a0%2.11\u00a0%Net charge-offs during the period5,868\u00a06,195\u00a06,583\u00a02,467\u00a03,119\u00a0Average loans outstanding297,187\u00a0300,990\u00a0296,407\u00a0322,458\u00a0296,039\u00a0Finance leases0.16\u00a0%0.27\u00a0%0.11\u00a0%0.21\u00a0%0.19\u00a0%Net charge-offs during the period64\u00a0101\u00a040\u00a041\u00a037\u00a0Average loans outstanding38,826\u00a037,777\u00a036,647\u00a039,829\u00a038,539\u00a0Receivables on demand3.35\u00a0%0.66\u00a0%1.49\u00a0%5.81\u00a0%3.25\u00a0%Net charge-offs during the period394\u00a082\u00a0195\u00a0347\u00a0194\u00a0Average loans outstanding11,772\u00a012,347\u00a013,087\u00a011,955\u00a011,954\u00a0Credit card receivables6.38\u00a0%5.88\u00a0%6.06\u00a0%8.03\u00a0%7.51\u00a0%Net charge-offs during the period1,686\u00a01,452\u00a01,484\u00a01,146\u00a0979\u00a0Average loans outstanding26,447\u00a024,712\u00a024,471\u00a028,528\u00a026,078\u00a0Total loans1.10\u00a0%1.10\u00a0%1.17\u00a0%0.99\u00a0%1.14\u00a0%Net charge-offs during the period11,475\u00a011,400\u00a012,038\u00a05,475\u00a05,935\u00a0Average loans outstanding1,043,748\u00a01,039,620\u00a01,027,736\u00a01,109,200\u00a01,040,523\u00a0<\/p>\n<p>For the purposes of calculating the net charge-offs during the period to average loans outstanding ratio, net charge-offs consist of charge-offs against credit loss allowance less recoveries of loans previously charged-off and loans outstanding refer to gross loans and advances to customers. To facilitate comparisons, the table above was prepared excluding the businesses subject to the Poland disposal for all periods presented. Total net charge offs during the period and total average loans outstanding at 31 December 2024 and 31 December 2023 with data as disclosed in note 10 to our consolidated audited financial statements included in our 2025 Form 20-F, i.e. including Poland, would be EUR 11,612 million, EUR 12,260 million, EUR 1,075,821 million and EUR 1,059,566 million, respectively. Reverse repurchase agreements are collateralized <\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-361\"\/><\/p>\n<p>181<\/p>\n<p>and therefore cannot be charged-off. Net charge-offs to average loans outstanding ratios at 30 June 2026 and 30 June 2025 reflect year-to-date net charge-offs annualized. Annualized figures are not necessarily indicative of actual or expected results for the full-year period.<\/p>\n<p>Credit impaired balances ratios<\/p>\n<p>The following table shows the total amount of our computable credit risk, our credit impaired loans and contingent liabilities, our allowances for credit impaired balances, our net loans and contingent liabilities charged-off, the NPL ratio, the coverage ratio and the net charge-offs to computable credit risk ratio at the dates indicated:<\/p>\n<p>Year\u00a0Ended\u00a031 December<\/p>\n<p>Six\u00a0Months\u00a0Ended\u00a030 June<\/p>\n<p>2025<\/p>\n<p>2024<\/p>\n<p>2023<\/p>\n<p>2026<\/p>\n<p>2025<\/p>\n<p>(EUR\u00a0million,\u00a0except\u00a0percentages)Computable credit risk (A)1,159,180\u00a01,134,418\u00a01,115,288\u00a01,280,755\u00a01,125,246\u00a0Credit impaired balances33,739\u00a034,383\u00a034,671\u00a037,560\u00a032,636\u00a0Allowances for credit impaired balances22,358\u00a022,155\u00a022,734\u00a024,207\u00a021,836\u00a0Net loans charged-off11,475\u00a011,400\u00a012,038\u00a05,475\u00a05,935\u00a0Ratios: (%)NPL ratio (B)2.91\u00a03.03\u00a03.11\u00a02.93\u00a02.90\u00a0Coverage ratio (C)66\u00a064\u00a066\u00a064\u00a067\u00a0Net loans charged-off to computable credit risk (D)0.99\u00a01.00\u00a01.08\u00a00.85\u00a01.05\u00a0<\/p>\n<p>Note: Credit impaired balances ratios are prepared for management purposes and exclude the assets and results associated with the businesses subject to the Poland disposal for all periods presented. See &#8216;Alternative performance measures (APMs)&#8217; in the interim consolidated directors&#8217; report in Part 1 of this report on Form 6-K.<\/p>\n<p>(A) Computable credit risk is the sum of the face amounts of loans and advances to customers, customer guarantees and customer commitments granted and debt securities issued by non-financial institutions, including those that are credit impaired, and excluding country risk.<\/p>\n<p>(B) Credit impaired balances (credit impaired loans and advances to customers, customer guarantees and customer commitments granted and debt securities issued by non-financial institutions) to computable credit risk.<\/p>\n<p>(C) Allowances for credit impaired balances as a percentage of credit impaired balances.<\/p>\n<p>     (D)  Ratios at 30 June 2026 and 30 June 2025 reflect year-to-date net charge-offs annualized. Annualized ratios are not necessarily indicative of actual or expected results for the full-year period. Ratios at year-end reflect full-year net charge-offs.<\/p>\n<p>182<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-362\"\/>January &#8211; June 2026<\/p>\n<p>ITEM 6. TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS<\/p>\n<p>The following table summarizes our contractual obligations by remaining maturity at 30 June 2026:<\/p>\n<p>Contractual obligations<\/p>\n<p>More\u00a0than<\/p>\n<p>More\u00a0than<\/p>\n<p>Less\u00a0than<\/p>\n<p>1\u00a0year\u00a0but<\/p>\n<p>3\u00a0years\u00a0but<\/p>\n<p>More than<\/p>\n<p>(EUR million)<\/p>\n<p>1\u00a0year<\/p>\n<p>less\u00a0than\u00a03\u00a0years<\/p>\n<p>less\u00a0than\u00a05\u00a0years<\/p>\n<p>5 years<\/p>\n<p>Total<\/p>\n<p>Deposits from credit institutions (A)72,497\u00a016,319\u00a01,995\u00a010,021\u00a0100,832\u00a0Customer deposits (A)1,019,781\u00a023,761\u00a07,982\u00a08,856\u00a01,060,380\u00a0Marketable debt securities (A)93,504\u00a0100,837\u00a066,286\u00a072,219\u00a0332,846\u00a0Liabilities under insurance contracts3,602\u00a04,585\u00a02,733\u00a08,427\u00a019,347\u00a0Lease obligations576\u00a0650\u00a0314\u00a0317\u00a01,857\u00a0Other long-term liabilities (B)1,698\u00a03,153\u00a03,740\u00a05,810\u00a014,401\u00a0Contractual interest payment (C)18,889\u00a013,061\u00a014,451\u00a043,553\u00a089,954\u00a0Total1,210,547\u00a0162,366\u00a097,501\u00a0149,203\u00a01,619,617\u00a0<\/p>\n<p>(A)    Financial liabilities at amortized cost.<\/p>\n<p>(B)    Other long-term liabilities relate to pensions and similar obligations and include the estimated benefit payable for the next ten years.<\/p>\n<p>(C)   Calculated for the amortized cost portfolios of Deposits from credit institutions, Customer deposits and Marketable debt securities, based on average interest rates at 30 June 2026 for all maturities, and assuming that obligations maturing in more than five years have an average life of ten years.<\/p>\n<p>The table above excludes the &#8216;fixed payments&#8217; of our derivatives since derivative contracts executed by the Group apply close-out netting across all outstanding transactions, that is, these agreements provide for settlements to be made on a maturity or settlement date for the differences that arise, and as such, the obligation to be settled in the future is not fixed as of the reporting date and is not determined by the fixed payments.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-363\"\/><\/p>\n<p>183<\/p>\n<p>ITEM 7. RISK DISCLOSURES<\/p>\n<p>Higher-Risk Loans<\/p>\n<p>Our loan portfolio is focused mainly on retail banking with a medium-low risk profile, with a broadly diversified geographical footprint well-balanced between emerging and developed markets, further supported by the announced acquisition of Webster in the US (pending completion) and the acquisition of TSB in the UK (completed on 30 April 2026), reinforcing our presence in strategic markets. In addition, our business diversification across customer segments is a key factor in maintaining resilience.<\/p>\n<p>Certain portfolios require specific monitoring due to their inherent business characteristics and risk profiles. These higher-risk loan portfolios generally include portfolios that combine material exposure with a comparatively higher cost of risk, as well as high-yield portfolios. This includes, for instance, the auto loans business in the US and the retail portfolio in Argentina, as well as other material portfolios subject to explicit oversight under our risk appetite framework and applicable monitoring policies.<\/p>\n<p>Looking at the portfolio overall, it should be noted that, at 30 June 2026, c. 65% of our net customer loans are secured, mostly by real estate collateral.<\/p>\n<p>Additionally, given their materiality within our loan portfolio, mortgages to individuals are also closely monitored. They represent approximately 32% of our loan portfolio, at 30 June 2026, with a low risk profile and low non-performing ratios, along with appropriate provision coverage. Among other factors, this is due to the fact that these are mainly primary residence mortgage loans, which are subject to a rigorous assessment of credit risk and affordability. The admission process assesses the current and future payment capacity of the customer, including whether the customer&#8217;s disposable income will be sufficient to meet the loans\u2019 instalments even in a more stressed but feasible scenario.<\/p>\n<p>Mortgage portfolios that may present higher risks, such as interest-only loans, flexible loans, loans with LTVs greater than 100%, or buy-to-let lending, are managed under stricter lending policies. However, these represent a low percentage of our portfolio and are continuously monitored to support close and effective risk control.<\/p>\n<p>Exposures related to complex structured assets \/ derivatives<\/p>\n<p>Our exposure to complex structured instruments and assets is very limited (see &#8216;Quantitative and Qualitative Disclosures About Market Risk&#8217; below), which reflects our robust risk culture and prudent risk management.<\/p>\n<p>Our derivatives business mainly involves providing investment products and risk hedging services for customers. In particular, the trading volume of credit derivatives is small in notional terms, representing 0.7% of total counterparty risk notional at 30 June 2026, and is subject to a strong control environment and robust internal procedures.<\/p>\n<p>Changes in Practices <\/p>\n<p>In the first half of 2026, our credit exposure was influenced by geopolitical and macroeconomic uncertainty. While this did not materially alter the overall risk profile of our loan portfolio, it prompted a reinforcement of our monitoring to provide timely and effective risk management across our various portfolios, supported by management action plans designed to provide guidance and enable proactive action as conditions evolve. <\/p>\n<p>In this context and given that the current estimated credit impact of these risks is not material, no additional adjustment to the provisioning framework is deemed necessary at this stage. Nevertheless, our provisioning model is designed to incorporate specific adjustments should future developments warrant it.<\/p>\n<p>In general, the most significant impacts are related to trade policy uncertainty, energy market volatility driven mainly by oil prices, weaker economic growth in some countries, inflationary and interest rates pressures, which could tighten financing conditions. In parallel, geopolitical tensions and emerging technologies may also increase operational resilience risks through new cyberattacks and other cybersecurity incidents, third-party service dependency and AI-related risks.<\/p>\n<p>Furthermore, in light of evolving regulatory requirements and their implementation, we may undertake a reassessment of our disclosures regarding risk management arising from our relationships with end-users, employees and suppliers.<\/p>\n<p>Quantitative and Qualitative Disclosures About Market Risk <\/p>\n<p>A.\u00a0\u00a0\u00a0\u00a0Activities subject to market risk and types of market risk<\/p>\n<p>Activities exposed to market risk encompass transactions where risk is assumed as a consequence of potential changes in interest rates, inflation rates, exchange rates, stock prices, credit spreads, commodity prices, volatility and other market factors, liquidity risks arising from our products and markets, and balance sheet liquidity risk. Therefore, they include trading risks and structural risks.<\/p>\n<p>\u2022Interest rate risk arises from movements in interest rates that could adversely affect the value of a financial instrument, a portfolio or the Grupo Santander. It can affect loans, deposits, debt securities, most assets and liabilities held for trading, and derivatives.<\/p>\n<p>\u2022Inflation rate risk arises from movements in inflation rates that could adversely affect the value of a financial instrument, a portfolio or the entire group. It can affect instruments such as loans, debt securities and derivatives, where the returns are linked to future inflation values or a change in the current rate.<\/p>\n<p>184<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-364\"\/>January &#8211; June 2026<\/p>\n<p>\u2022Exchange rate risk is the possibility of loss in the value of a position not denominated in the base currency due to shifts in exchange rates. A long or open position in a foreign currency may produce a loss if it depreciates against the base currency. Exposures affected by this risk include non-euro currency investments in subsidiaries and transactions in foreign currency.<\/p>\n<p>\u2022Equity risk is the possibility of loss from open positions in equities due to adverse movements in their market prices or expectations about future dividends. This affects positions in shares, stock market indices, convertible bonds and derivatives with shares as the underlying asset (put, call, equity swaps, etc.).<\/p>\n<p>\u2022Credit spread risk is the possibility of loss from open positions in fixed income securities or credit derivatives to adverse movements in credit spread curves or recovery rates associated with specific issuers and types of debt. The spread is the yield difference between financial instruments with a quoted margin over other benchmark instruments, mainly the internal rate of return (IRR) of government bonds and interbank interest rates.<\/p>\n<p>\u2022Commodity price risk is the possibility of loss from adverse movements in commodity prices. Our exposure to this risk is minor and stems mainly from commodity derivatives.<\/p>\n<p>\u2022Volatility risk is the possibility of loss caused by adverse movements in the volatility of interest rates, exchange rates, shares, credit spreads and other risk factors affecting the value of our portfolio. It is inherent to all financial instruments whose value is affected by volatility (especially options contracts).<\/p>\n<p>These market risks can be partly or fully mitigated with derivatives such as options, futures, forwards and swaps. However, there are other types of market risks that require more complex hedging:<\/p>\n<p>\u2022Correlation risk is the possibility of loss due to an adverse change in the relationship between risk factors (correlation) of the same type (e.g. two exchange rates) or different types (e.g. an interest rate and a commodity price).<\/p>\n<p>\u2022Market liquidity risk originates when Santander or a subsidiary cannot reverse or close a position without materially affecting the market price or the transaction cost. Market liquidity risk can arise from a reduction in market makers or institutional investors, the execution of a large volume of transactions or market instability. It could also increase depending on how exposures are distributed among products and currencies.<\/p>\n<p>\u2022Pre-payment or cancellation risk originates when mortgages, deposits and other on-balance-sheet instruments give holders the option to buy or sell them, thus altering future cash flows. Potential mismatches on the balance sheet pose a risk since cash flows may have to be reinvested at an interest rate that is potentially lower (assets) or higher (liabilities).<\/p>\n<p>\u2022Underwriting risk arises when an entity underwrites or places securities and other types of debt and assumes the risk of having to acquire issued securities partially if buyers have not taken them up.<\/p>\n<p>In addition to the above market risks, balance sheet liquidity risk (unlike market liquidity risk) is the possibility of meeting payment obligations late or at an excessive cost. Losses may be caused by forced sales of assets or margin impacts due to the mismatch between expected cash inflows and outflows.<\/p>\n<p>On the other hand, pension and actuarial risks also depend on shifts in market factors. Further details are provided in this chapter.<\/p>\n<p>Finally, in recent years there has been an increased focus on climate and environmental risks, which arise from the possibility that changes in climate may adversely affect the value of a financial instrument, a portfolio or the Group as a whole. Changes in climate include both extreme weather scenarios as well as gradual climate change and other situations where there is environmental degradation. This risk may have an impact both on the value of financial instruments or portfolios and on Santander&#8217;s liquidity. The Group measures this risk through stress scenarios for both market and liquidity risk.<\/p>\n<p>We aim to comply with the Basel Committee\u2019s Fundamental Review of the Trading Book and the EBA&#8217;s Guidelines on the management of interest rate risk arising from non-trading book activities. Through several projects, we aim to provide risk managers and control teams with appropriate tools to manage market risks under the governance framework applicable to the models we use, report risk metrics, and support compliance with the related requirements.<\/p>\n<p>B.\u00a0\u00a0\u00a0\u00a0Trading market risk management<\/p>\n<p>Management limits and control system<\/p>\n<p>The market risk function monitors market risk positions daily to ensure that they remain within approved limits. It assesses the performance of, and major changes in, market risk metrics, and distributes regular reports to senior management and other internal and external stakeholders so market risk activities can be properly monitored.<\/p>\n<p>The market risk limits are established based on different metrics and are intended to cover all activities subject to market risk from many perspectives, applying a prudent approach. The main ones are:<\/p>\n<p>\u2022 Value at Risk (VaR) and Stressed VaR limits<\/p>\n<p>\u2022 Limits of equivalent and\/or nominal positions<\/p>\n<p>\u2022 Interest rate sensitivity limits<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-365\"\/><\/p>\n<p>185<\/p>\n<p>\u2022 Vega limits<\/p>\n<p>\u2022 Delivery risk limits for short positions in securities (fixed income and securities)<\/p>\n<p>\u2022 Limits to constrain the volume of effective losses or protect results generated during the period:<\/p>\n<p>\u2022 Loss trigger<\/p>\n<p>\u2022 Stop loss<\/p>\n<p>\u2022 Credit limits:<\/p>\n<p>\u2022 Total exposure limit<\/p>\n<p>\u2022 Jump to default limit by issuer<\/p>\n<p>\u2022 Others<\/p>\n<p>\u2022 Limits for origination transactions<\/p>\n<p>Those general limits include sub-limits that make the structure granular enough to control market risks arising from Santander&#8217;s trading operations. We monitor subsidiaries&#8217; positions daily, checking changes in portfolios and at trading desks in order to detect events that may necessitate immediate mitigation.<\/p>\n<p>The Group establishes global approval and control limits, global approval limits with local control, and local approval and local control limits. They are requested by each subsidiary&#8217;s business manager in consideration of particular circumstances of the business, budgetary targets and the risk\/reward ratio. Limits are then approved by risk bodies according to internal governance processes.<\/p>\n<p>Subsidiaries must comply with the approved limits. On the day a limit breach occurs, subsidiary business managers must provide a written explanation with an action plan and corrective measures, such as reducing the position within the limits or formulating a strategy that justifies raising the relevant limit.<\/p>\n<p>Methodologies<\/p>\n<p>a) Value at Risk (VaR)<\/p>\n<p>Value at Risk (VaR), our standard methodology for managing and controlling market risk, measures maximum expected loss with a certain confidence level over a given time.<\/p>\n<p>For standard historical simulation, the confidence level is 99% and the time horizon is one day. We also make statistical adjustments to incorporate recent developments affecting our levels of risk. Our time frame is two years or at least 520 days from the reference date of the VaR calculation. We report the higher of two VaR figures we calculate daily. One applies an exponential decay factor that allocates less weight to the oldest observations; the other has the same weight for all observations. <\/p>\n<p>We also simultaneously calculate Value at Earnings (VaE). It measures the maximum potential gain with a certain level of confidence and specific time frame under the same methodology for VaR.<\/p>\n<p>VaR by historical simulation has many advantages as a risk metric. It states a portfolio&#8217;s market risk in a single figure according to market movements, without assumptions about functions, forms or correlations between market factors.<\/p>\n<p>However, the VaR metric has some limitations, regardless of the methodology used to calculate it. In particular:<\/p>\n<p>\u2022 As VaR calculation has a certain confidence level, it does not indicate the levels of possible losses beyond it.<\/p>\n<p>\u2022 The liquidity horizon of some products in the portfolio is longer than that of the VaR model.<\/p>\n<p>\u2022 VaR is a static measure of risk subject to significant (albeit unlikely) changes in the following day.<\/p>\n<p>Historical simulation methodology also has limitations:<\/p>\n<p>\u2022 High sensitivity to time frame used;<\/p>\n<p>\u2022 Inability to capture plausible high-impact events if these do not occur during the time frame used.<\/p>\n<p>\u2022 Valuation parameters with no market input (such as correlations, dividend and recovery rates).<\/p>\n<p>\u2022 Slow adjustment to new volatility and correlation, as the weighting of the newest and oldest data is the same.<\/p>\n<p>Using Stressed VaR and expected shortfall (ES) helps overcome some of these limitations. We calculate VaR with exponential decay, apply conservative valuation adjustments, and regularly conduct analyses and backtesting to assess the accuracy of the VaR calculation model.<\/p>\n<p>b) Stressed VaR (sVaR) and expected shortfall (ES)<\/p>\n<p>186<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-366\"\/>January &#8211; June 2026<\/p>\n<p>We calculate sVaR daily for our main portfolios with the same methodology as for VaR, with these exceptions:<\/p>\n<p>\u2022 We use a window of 260 observations (as opposed to 520 for VaR) over a continuous period of stress on a portfolio. For each portfolio, we review the history of a subset of selected market risk factors based on expert judgement and the most significant positions in the books.<\/p>\n<p>\u2022 Unlike VaR, we obtain sVaR by using the percentile with uniform weighting, and not with the higher of the percentiles with exponential and uniform weightings.<\/p>\n<p>To calculate the ES we estimate expected potential loss above the level obtained from VaR and assign uniform weights to all observations. Unlike VaR, ES has the advantage of capturing the risk of large losses with a low probability (tail risk) and being a sub-additive metric. According to the Basel Committee, an ES with a 97.5% confidence interval delivers a level of risk similar to VaR at a 99% confidence interval.<\/p>\n<p>c) Scenario analysis<\/p>\n<p>Santander&#8217;s risk measures are based on normal market conditions, price stability, sufficient liquidity and other assumptions used in daily risk management and decision-making. However, it is possible that extreme movements and strong unforeseen changes will not be properly anticipated. Therefore, we run scenario analyses, which prove important to predict the outcome of a wide range of risks and estimate the capital needed to absorb any losses in case such unexpected events occur.<\/p>\n<p>These stress scenarios are important to estimate future risk, overcome the limitations of models and historical data, support liquidity and capital plans, report on risk tolerance levels and develop risk reduction and contingency plans under stress conditions.<\/p>\n<p>We regularly calculate and analyse stress scenarios for our subsidiaries with trading activities, which include historical scenarios, hypothetical scenarios and reverse stress test scenarios.<\/p>\n<p>d) Analysis of positions, sensitivities and results<\/p>\n<p>Santander uses positions to quantify the market values of transactions in the portfolio, grouped by main risk factor and considering the delta value of any futures or options. We can express risk positions in our subsidiaries&#8217; base currency and in the currency used for standardized information. We monitor positions daily to detect incidents and correct them immediately.<\/p>\n<p>Measurements of market risk sensitivity estimate the variation of an instrument or portfolio&#8217;s market value resulting from changes in a risk factor with analytical approximations given through partial derivatives or a complete revaluation of the portfolio.<\/p>\n<p>The daily profit and loss (P&amp;L) statement prepared by the market risk function is a key indicator of the impact of changes in financial variables on portfolios.<\/p>\n<p>e) Derivatives activities and credit management<\/p>\n<p>We run controls over derivative activities and credit management daily with specific measures due to their atypical nature. We control and monitor underlying assets&#8217; sensitivity to price movements (Delta and Gamma), volatility (Vega) and time (Theta). Also, we systematically review measurements such as sensitivity to the spread, jump-to-default and concentrations of positions by rating.<\/p>\n<p>For credit risk in trading portfolios, we also calculate Incremental Risk Charge (IRC), an additional metric recommended by the Basel Committee and current regulations. IRC covers default risks and rating migrations not adequately captured in VaR through variations in credit spreads.<\/p>\n<p>We apply this metric to government and corporate bonds, derivatives on bonds (forward, options, etc.) and credit derivatives (credit default swaps, asset backed securities, etc.). We calculate IRC using direct measurements of loss distribution tails at an appropriate percentile (99.9%), over a one-year horizon. We follow the Monte Carlo methodology, applying one million simulations.<\/p>\n<p>f) Credit Valuation Adjustment (CVA) and Debt Valuation Adjustment (DVA)<\/p>\n<p>Santander calculates trading portfolio results with credit valuation adjustment (CVA) and debit valuation adjustment (DVA). The CVA is for over-the-counter (OTC) derivatives and results from the risk associated with the credit exposure assumed with each counterparty.<\/p>\n<p>The CVA for a particular counterparty is the total CVA for all its maturities. To calculate it, we consider inputs such as expected exposure, loss given default, probability of default and a discount factor curve.<\/p>\n<p>DVA is similar to CVA but results from the risk our counterparties assume in OTC derivatives traded with us.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-367\"\/><\/p>\n<p>187<\/p>\n<p>C.\u00a0\u00a0\u00a0\u00a0Key metrics (Trading Market Risk)<\/p>\n<p>Market volatility in the first half of 2026 was primarily driven by the potential adverse effect on global economic growth resulting from the new trade policies in the US and by geopolitical tensions stemming from the ongoing armed conflicts in Ukraine and the Middle East. In this challenging and uncertain environment, Santander\u2019s trading risk profile remained low, in line with previous years, because trading risks arise mainly from customer activities in non-complex instruments, primarily related to hedging interest rate and exchange rate risks.<\/p>\n<p>Value at Risk (VaR) analysis<\/p>\n<p>During the first half of 2026, Santander continued its strategy of focusing its trading activity on customer business, minimising, where possible, exposure to directional risk in net terms and maintaining its diversification by geography and risk factor. <\/p>\n<p>Evolution of VaR for the first half of 2026. <\/p>\n<p>EUR million. VaR at 99% over a one day horizon.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g72.jpg\" alt=\"VaREvolution1H26.jpg\" style=\"height:247px; margin-bottom:5pt; vertical-align:text-bottom; width:404px\" id=\"i-368\"\/><\/p>\n<p>VaR during the first half of 2026 fluctuated between EUR 12.6 million and EUR 33.5 million, with an average VaR for the period of EUR 18.6 million and ending in June at EUR 14.1 million. Most of the time, daily VaR was above the average of the last three years, mainly due to the high volatility in markets during the period.<\/p>\n<p>The following histogram shows the distribution of risk in terms of VaR in the first six months of 2026. The accumulation of days with levels up to EUR 27 million (94%) is shown. Values higher than EUR 27 million (6%) largely occur in periods affected by temporary spikes in volatility or punctual increases in exposure, mainly in interest rates.<\/p>\n<p>VaR Histogram<\/p>\n<p>VaR at 99%, over a one-day horizon. Number of days (%) in each range for the first half of 2026.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g73.jpg\" alt=\"P&amp;LHist1H26.jpg\" style=\"height:194px; margin-bottom:5pt; vertical-align:text-bottom; width:249px\" id=\"i-369\"\/><\/p>\n<p>Risk by factor<\/p>\n<p>188<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-370\"\/>January &#8211; June 2026<\/p>\n<p>The minimum, average, maximum and final values in VaR terms at 99% for the first six months of 2026 are displayed in the following table:<\/p>\n<p>VaR statistics by risk factor<\/p>\n<p>EUR million. VaR at 99%, with one day time horizon<\/p>\n<p>VaR\u00a0(99%)<\/p>\n<p>Minimum<\/p>\n<p>Average<\/p>\n<p>Maximum<\/p>\n<p>Latest<\/p>\n<p>Total tradingTotal12.618.633.514.1Diversification effect(11.5)(17.3)(34.7)(17.7)Interest rate12.116.329.413.5Equities4.66.911.46.6Exchange rate3.05.411.84.7Credit spread3.45.59.74.2Commodities1.01.85.92.8EuropeTotal9.913.824.410.7Diversification effect(8.2)(14.9)(24.2)(14.6)Interest rate7.211.919.89.6Equities4.66.38.97.1Exchange rate2.95.010.24.2Credit spread3.45.49.54.4Commodities0.00.10.20.0South AmericaTotal4.16.814.08.0Diversification effect(1.7)(6.3)(20.5)(5.2)Interest rate3.36.614.28.2Equities1.02.86.71.0Exchange rate0.51.95.60.7Credit Spread0.00.02.20.5Commodities1.01.85.82.8North AmericaTotal4.96.19.95.8Diversification effect(0.4)(1.5)(4.6)(1.1)Interest rate5.06.29.95.8Equities0.20.72.80.4Exchange rate0.10.71.80.7Credit Spread0.00.00.00.0Commodities0.00.00.00.0January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-371\"\/><\/p>\n<p>189<\/p>\n<p>The average VaR in the first half of 2026, EUR 18.6 million, was only slightly lower than the average VaR in the first half of 2025, EUR 19.6 million, across all market risk factors, as economic and geopolitical factors contributed to volatility in markets.<\/p>\n<p>VaR evolution by risk factor<\/p>\n<p>EUR million. VaR at 99% with one day time horizon (15 day moving average)<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g74.jpg\" alt=\"VaRRiskFactorEvol1H26.jpg\" style=\"height:232px; margin-bottom:5pt; vertical-align:text-bottom; width:366px\" id=\"i-372\"\/><\/p>\n<p>Gauging and backtesting measures<\/p>\n<p>Regulations dictate that the VaR model should accurately capture market risks. VaR uses statistical techniques under normal conditions. Therefore, for a certain confidence level and defined time horizon, the estimated maximum loss can differ from actual losses. Santander reviews and contrasts the VaR calculation model on a regular basis to verify its accuracy.<\/p>\n<p>The market risk function runs tests such as internal backtesting, VaR contrast measures and hypothetical portfolio analysis for subsidiaries covered by the internal market risk model. For subsidiaries with an approved internal model, we also perform regulatory backtesting to count overshootings (when daily loss or profit exceeds VaR or VaE) affecting the calculation of market risk regulatory capital requirements.<\/p>\n<p>Our backtesting assesses the general quality and effectiveness of the risk measurement model and compares the daily VaR\/VaE obtained on D-1 with these P&amp;Ls obtained on D:<\/p>\n<p>\u2022Economic P&amp;L: is calculated on the basis of end-of-day mark-to-market or mark-to-model values. This test checks whether the VaR\/VaE methodology used to measure and aggregate risk is appropriate.<\/p>\n<p>\u2022Actual P&amp;L: is calculated based on the difference between the portfolio&#8217;s end-of-day value and actual value at the end of the subsequent day. It includes the profit and loss stemming from intraday operations, minus fees, commissions and net interest income. It is used to count regulatory overshootings.<\/p>\n<p>\u2022Hypothetical P&amp;L: is calculated daily by comparing the portfolio&#8217;s end-of-day value and its value at the end of subsequent day, assuming unchanged positions. It does not account for the time effect to be consistent with VaR. This backtesting helps us make sure portfolios are regularly subject to an intraday risk not reflected in closing positions and, therefore, not reflected in VaR. We also use it to count regulatory overshootings.<\/p>\n<p>\u2022Theoretical P&amp;L: is calculated with the market risk calculation engine, without intraday results, changes in portfolio positions or time (theta). We use it exclusively to test the quality of our internal VaR model.<\/p>\n<p>We run regulatory backtesting on our subsidiaries every day. We also run internal (non-regulatory) backtesting daily, weekly and monthly based on the granularity of a given portfolio level. The number (or proportion) of overshootings we register is one of the most intuitive indicators of a model&#8217;s goodness of fit. We calculate regulatory backtesting for one year (250 days) and at a VaR confidence level of 99%.<\/p>\n<p>In the last twelve months, for Hypothetical P&amp;L backtesting and for the total portfolio, there was one overshooting in VaR at 99%, on 20 March, as a result of high volatility in markets mainly due to increased tensions in the Middle East. There were no overshootings in VaE at 99%. The results are consistent with the assumptions specified in the VaR calculation model.<\/p>\n<p>190<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-373\"\/>January &#8211; June 2026<\/p>\n<p>Derivatives risk management<\/p>\n<p>Our derivatives business primarily involves selling investment products and hedging risks for customers. Our risk management aims to keep open net risk as low as possible. Transactions include options on equities, fixed income and exchange rates, mainly in Spain, Brazil and the UK.<\/p>\n<p>Risk of derivatives (in terms of VaR Vega at 99%, over a one-day horizon) moved in the first half of 2026 in a range between EUR 4.1 million and EUR 9.2 million, with an average value of EUR 5.8 million. <\/p>\n<p>Santander&#8217;s exposure to complex structured instruments and assets is very limited, reflecting our risk culture and prudent risk management. The Risk Appetite of the Group limits the total of level 3 assets and liabilities (those whose fair value is calculated using significant inputs not observable in market data) to 5% of the Group&#8217;s total assets and liabilities measured at fair value. On the other hand, at the end of the first half of 2026, our exposure to hedge funds was EUR 376 million (all indirect), acting as counterparty in derivative transactions. We analyse the risk related to this type of counterparty on a case-by-case basis, setting collateralization ratios based on each fund&#8217;s characteristics and assets.<\/p>\n<p>Our policy for approving new derivative transactions remains extremely prudent and conservative. It is closely monitored by senior management.<\/p>\n<p>Scenario analysis<\/p>\n<p>Various stress scenarios were calculated and analysed regularly in the first half of 2026 (at least monthly) for all the trading portfolios.<\/p>\n<p>Worst-case scenario<\/p>\n<p>This is a hypothetical scenario that considers the movements of risk factors and their respective volatilities without taking into account the potential interaction, correlation or compensation among such risk factors. The construction of these scenarios is based on the application of the market shocks (positive for an increase and negative for a decrease) defined in the new regulatory framework for the calculation of market risk capital requirements (Fundamental Review of the Trading Book, FRTB). Its aim is to analyse the risk profile and potential maximum losses of trading portfolios, identifying the most unfavourable scenario.<\/p>\n<p>At the end of June 2026, the stress test revealed that the economic loss in trading portfolios would be EUR 310 million (market price) if the stress movements in the worst-case scenario materialized in the market. The loss would mainly affect North America, under a scenario of interest rate and credit spread increases. In Europe, losses would be most pronounced in scenarios of interest rate and credit spread increases, as well as in the event of exchange rate impacts under a scenario of appreciation of the Euro. In the case of South America, losses would be most pronounced in scenarios of depreciation of local currencies and interest rate decreases. <\/p>\n<p>Stress scenario: worst case. EUR million<\/p>\n<p>Interest\u00a0rate<\/p>\n<p>Equities<\/p>\n<p>Exchange\u00a0rate<\/p>\n<p>Credit\u00a0spread<\/p>\n<p>Commodities<\/p>\n<p>Total<\/p>\n<p>Total trading<\/p>\n<p>(114.3)<\/p>\n<p>30.9<\/p>\n<p>(92.3)<\/p>\n<p>(133.9)<\/p>\n<p>0.0<\/p>\n<p>(309.6)<\/p>\n<p>Europe(21.1)32.4(70.0)(68.5)0.0(127.2)North America(86.1)(0.3)(1.3)(65.4)0.0(153.1)South America(7.1)(1.2)(21.0)0.00.0(29.3)<\/p>\n<p>Other global stress test scenarios<\/p>\n<p>\u2018Abrupt crisis\u2019: an ad-hoc scenario with sharp market movements in all risk factors: rises in interest rate curves, sharp falls in stock markets, strong appreciation of the USD against other currencies, increase in volatility and credit spreads and default of main debt and equity positions.<\/p>\n<p>\u2018Subprime crisis\u2019: historical scenario based on 2007-2008 events arising from the US subprime mortgage crisis. This financial crisis led to a sharp increase in volatility and a sharp reduction in liquidity in all financial markets worldwide. The worst 1-day and 10-day market shocks are identified for each market risk factor.<\/p>\n<p>\u2018Forward Looking Scenario\u2019: a plausible hypothetical scenario based on current portfolios and expert judgement regarding the short term expected movements in market risk factors that may negatively affect trading positions.<\/p>\n<p>\u2018EBA adverse scenario\u2019: hypothetical scenario based on the adverse macroeconomic scenario applied to all market risk factors, as proposed by the EBA to perform the &#8216;EU wide stress test&#8217; exercise every two years.<\/p>\n<p>&#8216;Covid-19 crisis&#8217;: scenario based on the sharp movements in the financial markets as a result of the health crisis. Its calculation is based on the identification of the 10-day period with the highest losses in the trading portfolio during the first half of 2020.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-374\"\/><\/p>\n<p>191<\/p>\n<p>Reverse stress test scenarios identify market variable shifts that can lead to a loss that will endanger our survival. They complement traditional stress scenarios and help signal business vulnerabilities, hidden risks and interactions between risk factors. They begin with a known stress result (such as a failure to achieve certain capital, liquidity or solvency ratios) and identify extreme scenarios.<\/p>\n<p>D.\u00a0\u00a0\u00a0\u00a0Structural balance sheet risk management<\/p>\n<p>System for controlling limits<\/p>\n<p>Like with trading market risk, annual limits planning sets limits for balance sheet structural risks based on risk appetite.<\/p>\n<p>The main limits we use are:<\/p>\n<p>\u2022 Balance sheet structural interest rate risk:<\/p>\n<p>\u2022 Limit on net interest income (NII) over a 1-year horizon.<\/p>\n<p>\u2022 Limit on the sensitivity of the economic value of equity (EVE).<\/p>\n<p>\u2022 Limit on the market value variations of ALCO portfolios under stress scenarios.<\/p>\n<p>\u2022 Structural exchange rate risk:<\/p>\n<p>\u2022 Limit on the potential impact of the net foreign currency permanent position on the Core Capital Ratio.<\/p>\n<p>\u2022 Limit on the individual hedge required by each currency.<\/p>\n<p>Financial Management must explain why limits or sub-limit breaches occur and provide action plans to correct them.<\/p>\n<p>Methodologies<\/p>\n<p>a) Structural interest rate risk<\/p>\n<p>We analyse the potential impact of changes in interest rate levels on EVE and NII. Depending on the changes in rates, impacts will be different and therefore various subtypes of interest rate risk need to be monitored and managed, such as repricing, curve or basis risk, among others.<\/p>\n<p>Based on the balance sheet interest rate position and the market situation and outlook, financial actions (such as transacting positions or setting interest rates for products we market) may be needed to achieve our desired risk profile. <\/p>\n<p>The suite of metrics we use to monitor interest rate risks includes the sensitivity of NII and EVE to changes in interest rates:<\/p>\n<p>&#8211; Net interest income (NII) sensitivity<\/p>\n<p>NII is the difference between income from interest on assets and the cost of liabilities in the banking book over a typical one-to three-year horizon (one year being standard in Santander). NII sensitivity is the difference between the NII calculated under a selected scenario and the NII calculated under a base scenario. There can be as many NII sensitivities as scenarios. This metric helps identify short-term risk and is complementary to EVE sensitivity. Scenarios of -100 basis points parallel changes and +100 basis points are considered, choosing the worst one (hereinafter, figures show the result under these scenarios).<\/p>\n<p>-Economic value of equity (EVE) sensitivity<\/p>\n<p>EVE is the difference between the net current value of assets and the net current value of outstanding liabilities in the banking book at a certain point in time. EVE sensitivity is the difference in EVE calculated under a selected scenario and under a base scenario. There can be as many EVE sensitivities as scenarios considered. This metric helps identify long-term risk and is complementary to NII sensitivity. Scenarios of -100 basis points parallel changes and +100 basis points are considered, choosing the worst one (hereinafter, figures show the result under these scenarios).<\/p>\n<p>b) Interest rate models<\/p>\n<p>Interest rate risk metrics consider the behaviour of financial products under stressed scenarios where uncertainty is common and contractual terms may not be met. We have methodologies that help to explain products&#8217; behaviour. Key interest rate risk models are: <\/p>\n<p>-Treatment of liabilities without stated maturity<\/p>\n<p>Our model uses variables such as stable and unstable volumes, the rate of settlement over time and the difference between customer rates and market rates to model non-maturity account balances.<\/p>\n<p>&#8211; Pre-payment treatment for certain assets<\/p>\n<p>Pre-payment risk mainly affects fixed-rate mortgages in subsidiaries where contractual rates are low relative to market levels. We model this risk and include it in risk appetite metrics.<\/p>\n<p>192<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-375\"\/>January &#8211; June 2026<\/p>\n<p>c) Structural foreign exchange rate risk\/hedging of results<\/p>\n<p>We monitor these activities daily via position measurements, VaR and results.<\/p>\n<p>d) Structural equity risk<\/p>\n<p>We monitor these activities monthly via position measurements, VaR and results.<\/p>\n<p>E. Structural balance sheet risks key metrics<\/p>\n<p>Consistent with previous years, the market risk profile of Santander&#8217;s balance sheet remained moderate in the first half of 2026 in terms of assets, shareholders\u2019 equity and net interest income volumes. <\/p>\n<p>Each subsidiary&#8217;s finance division manages its interest rate risk from commercial banking and is responsible for managing structural risk caused by fluctuating interest rates.<\/p>\n<p>We use statistical models to measure interest rate risk and different strategies to manage structural risk with interest rate instruments, such as fixed income bond portfolios and derivative instruments, to keep the risk profile within risk appetite.<\/p>\n<p>Structural interest rate risk<\/p>\n<p>Europe<\/p>\n<p>At the end of June 2026, the EVE sensitivity of our balance sheets in Europe was positive to interest rate decreases. In the case of NII, the sensitivity of our balance sheets was positive to interest rate increases.<\/p>\n<p>Exposure levels in all countries were moderate in relation to the annual budget and capital levels.<\/p>\n<p>At the end of June 2026, considering the scenarios previously mentioned, the most significant risk of NII sensitivity was in the British pound at EUR 299 million, followed by the euro interest rate curve at EUR 164 million, and the US dollar at EUR 26 million, all relating to the risk of rate decreases.<\/p>\n<p>Net interest income (NII) sensitivity <\/p>\n<p>% of the total<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g75.jpg\" alt=\"NII_EU.jpg\" style=\"height:193px; margin-bottom:5pt; vertical-align:text-bottom; width:359px\" id=\"i-376\"\/><\/p>\n<p>Others: Portugal and OpenBank.<\/p>\n<p>The most significant risk in EVE was in the euro interest rate curve at EUR 1,027 million, followed by the British pound at EUR 692 million, and the US dollar at EUR 75 million, all relating to the risk of rate increases.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-377\"\/><\/p>\n<p>193<\/p>\n<p>Economic value of equity (EVE) sensitivity <\/p>\n<p>% of the total <\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g76.jpg\" alt=\"EVE_EU.jpg\" style=\"height:200px; margin-bottom:5pt; vertical-align:text-bottom; width:370px\" id=\"i-378\"\/><\/p>\n<p>Others: Portugal and OpenBank.<\/p>\n<p>South America<\/p>\n<p>At the end of June, the EVE in our South American balance sheets was positioned for interest rate decreases. In the case of NII, Brazil and Argentina were positioned for interest rate decreases whilst our other core South American balance sheet (Chile) was positioned for interest rate increases. In the first half of 2026, exposure levels in all countries were moderate in relation to the annual budget and capital levels.<\/p>\n<p>At the end of June, the most significant risk to NII was located in Brazil (EUR 83 million).<\/p>\n<p>Net interest income (NII) sensitivity  <\/p>\n<p>% of the total <\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g77.jpg\" alt=\"NII_SA.jpg\" style=\"height:214px; margin-bottom:5pt; vertical-align:text-bottom; width:396px\" id=\"i-379\"\/><\/p>\n<p>Others: Argentina, Peru and Uruguay.<\/p>\n<p>The most significant risk to the EVE was also in Brazil (EUR 318 million).<\/p>\n<p>194<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-380\"\/>January &#8211; June 2026<\/p>\n<p>         Economic value of equity (EVE) sensitivity <\/p>\n<p>% of the total<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g78.jpg\" alt=\"EVE_SA.jpg\" style=\"height:212px; margin-bottom:5pt; vertical-align:text-bottom; width:393px\" id=\"i-381\"\/><\/p>\n<p>Others: Argentina, Peru and Uruguay.<\/p>\n<p>North America<\/p>\n<p>At the end of June, the NII of our North American balance sheets showed positive sensitivity to interest rate increases in the case of the US and negative sensitivity to the same scenario in the case of Mexico. In the case of EVE, negative sensitivities to interest rate increases were shown in both balance sheets. <\/p>\n<p>In the first half of 2026, exposure levels in all countries were moderate in relation to the annual budget and capital levels.<\/p>\n<p>At the end of June, the most significant risk to NII was mainly in the US (EUR 42 million).<\/p>\n<p>Net interest income (NII) sensitivity  <\/p>\n<p>% of the total<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g79.jpg\" alt=\"NII_NA.jpg\" style=\"height:196px; margin-bottom:5pt; vertical-align:text-bottom; width:362px\" id=\"i-382\"\/><\/p>\n<p>The most significant risk to the EVE was also in the US (EUR 692 million).<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-383\"\/><\/p>\n<p>195<\/p>\n<p>Economic value of equity (EVE) sensitivity <\/p>\n<p>% of the total<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g80.jpg\" alt=\"EVE_NA.jpg\" style=\"height:207px; margin-bottom:5pt; vertical-align:text-bottom; width:385px\" id=\"i-384\"\/><\/p>\n<p>Structural foreign exchange rate risk\/hedging of results<\/p>\n<p>Our structural exchange rate risk is driven by exposures in foreign currencies related to permanent financial investments, their results and related hedges. <\/p>\n<p>Our dynamic management of this risk seeks to limit the impact on the core capital ratio from foreign exchange rate movements. At the end of June 2026, the largest exposures of permanent investments (with their potential impact on equity) were (in order), in UK pounds sterling, US dollars, Brazilian reais, Mexican pesos and Chilean pesos. We hedge some of these positions (which are permanent in nature) with foreign exchange-rate derivatives.<\/p>\n<p>The financial division is responsible for foreign exchange rate risk management, hedging expected results and dividends in subsidiaries where the base currency is not the euro.<\/p>\n<p>Structural equity risk<\/p>\n<p>We hold equity positions in our banking book as equity instruments or equity stakes depending on the percentage owned or control.<\/p>\n<p>At the end of June 2026, we held a diversified equity portfolio in the banking book across Spain, Poland, China, Morocco, and other countries. Most of the portfolio was invested in the finance and insurance industries, and also includes real estate.<\/p>\n<p>Structural equity positions have market risk exposure. We calculate VaR for these positions with market price data series or proxies. By the end of June 2026, the VaR at 99% over a one-day time horizon was EUR 250 million (EUR 162 million and EUR 141 million at the end of 2025 and 2024, respectively).<\/p>\n<p>F.\u00a0\u00a0\u00a0\u00a0Pension and actuarial risks<\/p>\n<p>Pension risk<\/p>\n<p>Santander assumes the financial, market, credit and liquidity risks in the assets and investments of defined benefit employee pension funds, as well as the actuarial risks from pension obligations. Our main goal in the pension risk control and management is to identify, measure, monitor, mitigate and disclose all sources of pension risk.<\/p>\n<p>We annually estimate combined losses in assets and liabilities under a stress scenario that includes changes in interest rates, exchange rates, inflation, stock markets, real estate prices and credit spreads.<\/p>\n<p>Actuarial risk<\/p>\n<p>Actuarial risk stems from biometric changes in the life expectancy of defined benefit pension scheme beneficiaries; from life insurance holders; unforeseen non-life insurance payments; and unexpected changes in holders&#8217; behaviour when filing claims covered by insurance contracts.  <\/p>\n<p>We distinguish the following actuarial risks:<\/p>\n<p>Life liability risk is the risk of loss if fluctuations in risk factors change the value of pension liabilities:<\/p>\n<p>196<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-385\"\/>January &#8211; June 2026<\/p>\n<p>\u2022Mortality\/longevity risk: risk of loss if variations in insured parties&#8217; estimated probability of death\/survival change the value of liabilities.<\/p>\n<p>\u2022Morbidity risk: risk of loss if insured parties&#8217; estimated probability of disability\/incapacity changes the value of liabilities.<\/p>\n<p>\u2022Surrender\/lapse risk: risk of loss caused by changes in the value of liabilities because of the early termination or changes in policyholders&#8217; rights in regard to surrender, extraordinary contributions and\/or paid-up options.<\/p>\n<p>\u2022Expense risk: risk of loss if an adverse deviation in expected expenses changes the value of liabilities.<\/p>\n<p>\u2022Catastrophe risk: losses if catastrophic events increase pension liabilities.<\/p>\n<p>Non-life liability risk is the risk of losses from changes in the value of Santander&#8217;s non-life benefit liabilities with employees, caused by fluctuations in related risk factors:<\/p>\n<p>\u2022Premium risk: loss from insufficient premiums to pay for claims that might be made in the future.<\/p>\n<p>\u2022Reserve risk: loss from insufficient reserves for unsettled claims, including related costs.<\/p>\n<p>\u2022Catastrophe risk: losses if catastrophic events increase non-life liabilities.<\/p>\n<p>G.\u00a0\u00a0\u00a0\u00a0Management of structural liquidity<\/p>\n<p>Structural liquidity management aims to finance the Group\u2019s recurring activity under optimum conditions of maturity and cost and avoid assuming undesired liquidity risks.<\/p>\n<p>Given the retail nature of the Group, commercial branches have continued taking deposits following the Group&#8217;s selective financing strategy taking into account their costs.<\/p>\n<p>Notwithstanding the aforementioned, the different Group companies have maintained frequent issuance activity in the different wholesale funding markets during the year in order to continue strengthening their liquidity position and presence in the markets, taking advantage of favourable market conditions. The Group issued in the first half of 2026 EUR 30,611 million of medium- and long-term issues, of which EUR 14,009 million was senior debt, EUR 6,806 million was covered bonds and EUR 9,796 million were TLAC (Total Loss Absorbing Capacity) eligible instruments of which EUR 7,156 million was senior non-preferred and EUR 1,356 million was subordinated debt and EUR 1,284 million was additional Tier 1. Maturities of medium- and long-term debt amounted to EUR 25,832 million in the first half of 2026, of which EUR 8,127 million was senior debt, EUR 9,667 million was covered bonds, EUR 6,344 million was senior non-preferred, EUR 373 million was subordinated debt and EUR 1,321 million was additional Tier 1. Additionally, securitizations placed in the market amounted to EUR 10,245 million while maturities followed a similar pattern.<\/p>\n<p>In short, all these actions have contributed to strengthening the Group\u2019s balance sheet and capital base and maintaining an appropriate liquidity position.<\/p>\n<p>The main aspects in relation to the structural management of liquidity during the first half of 2026 were:<\/p>\n<p>\u2022Adequate structural liquidity position. We are essentially a retail bank. Therefore, customer deposits are the main source of funds in our financing structure. These deposits, together with capital and similar instruments, enable us to address most of the Group\u2019s liquidity needs. <\/p>\n<p>Diversification of markets and instruments to obtain liquidity. We have an active presence in several wholesale markets, across the different countries where the Group operates. This strategy limits our dependence on specific markets and allows us to maintain a comfortable capacity of recourse to the markets.<\/p>\n<p>\u2022As of 30 June 2026, the balance sheet of the Group was solid, consistent with the Group\u2019s retail nature. Lending, which accounted for around 69% of net assets, was fully financed by customer deposits and medium and long-term funding. The Group has an adequate structure of medium and long-term issuances, well diversified by products (including, senior debt, senior non-preferred debt, covered bonds, subordinated debt and additional Tier 1 instruments) with a moderately conservative maturity profile (4.4 years as of 30 June 2026). All of this results in moderate needs of recourse to short term wholesale funding at the Group level.<\/p>\n<p>Excluding securitizations, most medium- and long-term issuance activity has been concentrated in the eurozone and the UK, with a moderate contribution from Chile, the US and Mexico.<\/p>\n<p>On 30 June 2026, the Group&#8217;s structural liquidity surplus stood at EUR 381.2 billion on a consolidated basis. This surplus is based mainly on fixed income securities (EUR 322.2 billion), equities (EUR 33.0 billion) short positions on fixed income securities and equities (-EUR 42.0 billion) and net lent deposits to central banks and credit entities (EUR 116.6 billion), partially offset by short term funding balances (EUR 48.6 billion).<\/p>\n<p>\u2022High capacity to obtain liquidity on the balance sheet. The reserve includes deposits at central banks and cash, unencumbered sovereign debt, undrawn credit lines granted by central banks, as well as other assets eligible as collateral and other undrawn credit lines from official institutions (FHLB, etc.), all of which reinforce the solid liquidity position of the Group and its subsidiaries. As evidence of this sound and ample liquidity position, the Group as a whole exhibits both a Liquidity Coverage Ratio (LCR) well above the 100% regulatory limit and a <\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-386\"\/><\/p>\n<p>197<\/p>\n<p>Net Stable Funding Ratio (NSFR), also well above 100%. Compared to year-end 2025, the consolidated LCR, the Group LCR and the NSFR are expected to remain fairly stable during the first half of 2026.<\/p>\n<p>\u2022Access to wholesale markets for liquidity based on short and long-term ratings.<\/p>\n<p>\u2022Independence of the subsidiaries in funding within a coordinated liquidity management framework. The most important subsidiaries obtain their funding in wholesale markets in accordance with their needs, establishing their own liquidity and contingency plans, without recourse to lines from the parent Bank to finance their activity.<\/p>\n<p>\u2022Moderate use of assets as security for structural balance-sheet funding sources that has slightly increased since the end of 2025.<\/p>\n<p>The Group performs a continuous internal process to ensure the adequacy of its liquidity position and the management, measurement, monitoring and control of its liquidity risk (Group Internal Liquidity Adequacy and Assessment Process). However, in accordance with Santander\u2019s model for liquidity management based on autonomous subsidiaries, this adequacy assessment process encompasses separate adequacy assessment processes at the subsidiary level (each of them an Internal Liquidity Adequacy and Assessment Process), which are complemented and overseen by corporate processes, governance and coordination functions.<\/p>\n<p>All these processes, which are forward-looking and integrated into the decision-making and management process, risk management and risk appetite, liquidity planning and overall strategy, have the ultimate objective of ensuring that the Group&#8217;s entities have and will have adequate liquidity resources to meet their obligations under both normal and stressed conditions and over an appropriate set of time horizons, taking into account all material sources of liquidity risk.<\/p>\n<p>198<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-387\"\/>January &#8211; June 2026<\/p>\n<p>ITEM 8. CORPORATE GOVERNANCE<\/p>\n<p>In addition to the second quarter 2026 information disclosed in &#8216;Part 1. Consolidated Directors\u2019 Report\u2014Corporate Governance&#8217;, the following are other significant corporate governance events that occurred during 2026:<\/p>\n<p>2026 Ordinary general shareholders\u2019 meeting<\/p>\n<p>We held our 2026 ordinary general shareholders\u2019 meeting on 27 March exclusively by remote means. The meeting was broadcast live from the corporate headquarters in Boadilla del Monte.<\/p>\n<p>This meeting format promotes shareholder participation and ensures equal treatment, is enabled by robust and secure technology, is consistent with Santander\u2019s digitalisation and sustainability strategy, and is aligned with growing market trends.<\/p>\n<p>480,570 shareholders, owning 71.724% of the share capital, attended the general meeting on their own behalf or by proxy. This represented the highest quorum in the last 30 years.<\/p>\n<p>The proposed resolutions submitted by the board passed with an average of 98.5% votes in favour. 99.5% of voting shareholders approved the Bank\u2019s management for the 2025 financial year. <\/p>\n<p>Detailed information on the resolutions that passed at the general meeting can be found on our corporate website (www.santander.com).<\/p>\n<p>Changes to the board of directors<\/p>\n<p>At the above-mentioned 2026 ordinary general meeting, the shareholders approved the appointment of Deborah Vieitas as an independent director, to fill the vacancy left by Homaira Akbari following the conclusion of the meeting. Her appointment received the relevant regulatory approval.<\/p>\n<p>Changes to the board committees <\/p>\n<p>Following the conclusion of the ordinary general meeting, Homaira Akbari also ceased to be a member of the audit committee, the responsible banking, sustainability and culture committee, and the innovation and technology committee. On 28 March 2026, Germ\u00e1n de la Fuente joined the responsible banking, sustainability and culture committee. On 12 May 2026, Deborah Vieitas joined the audit committee upon taking her position as director.<\/p>\n<p>The current composition of the board committees is available on our corporate website (www.santander.com).<\/p>\n<p>Changes to the international advisory board<\/p>\n<p>Sebastian Gunningham joined the international advisory board. Mr Gunningham has extensive international experience in the technology and financial sectors. He spent a significant part of his career at Amazon, where he held senior leadership roles, and previously served at technology companies such as Oracle, Apple and Peace Software. He has also held board positions in several Santander Group companies. He is currently the CEO of the international remittances and payments company Remitly.<\/p>\n<p>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-388\"\/><\/p>\n<p>199<\/p>\n<p>ITEM 9. OTHER DISCLOSURES<\/p>\n<p>Purchases of equity securities by the issuer and affiliated purchasers<\/p>\n<p>The following table shows the repurchases of shares made by the Bank or any of its affiliates during the first six months of 2026:<\/p>\n<p>2026<\/p>\n<p>Total number of<\/p>\n<p>\u00a0shares -or units <\/p>\n<p>purchased (A)<\/p>\n<p>Average price <\/p>\n<p>paid per share (or<\/p>\n<p>\u00a0unit) in euros<\/p>\n<p>Total number of shares (or<\/p>\n<p>\u00a0units) purchased as part of<\/p>\n<p>publicly announced plans or<\/p>\n<p>\u00a0programs (B)<\/p>\n<p>Euro value of the maximum number of shares<\/p>\n<p>(or units) that may yet be purchased <\/p>\n<p>under the plans or programs (B)<\/p>\n<p>January20,665,68410.33\u2014\u2014February155,343,57310.62147,909,8953,457,094,891March122,615,2659.68104,130,6542,455,153,604April37,894,5389.9825,862,7472,200,702,748May13,377,69010.33\u20142,200,702,748June97,411,27311.0267,256,7641,458,030,243Total447,308,023345,160,060<\/p>\n<p>A) The number of shares purchased does not include securities lending and short positions.<\/p>\n<p>(B) Purchases relate to the Second 2025 Buyback Programme. For more information see &#8216;Corporate Governance. Section 2.5 Treasury shares&#8217; in Part 1 of our 2025 Form 20-F and note 11 to our interim consolidated financial statements in Part 1 of this report on Form 6-K. In order to comply with applicable US securities laws, the Second 2025 Buyback Programme was suspended between 24 April 2026, date of the calling of the meeting where Webster\u2019s stockholders would vote on the acquisition (the &#8216;Stockholders\u2019 Meeting&#8217;), and 27 May 2026, both inclusive.<\/p>\n<p>During the first six months of 2026, all purchases and sales of equity securities were made in open-market transactions.<\/p>\n<p>200<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g3.jpg\" alt=\"a201905201359a02.jpg\" style=\"height:22px; margin-bottom:5pt; vertical-align:text-bottom; width:94px\" id=\"i-389\"\/>January &#8211; June 2026<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/07\/san-20260630_g81.jpg\" alt=\"ContraportadaENG.jpg\" style=\"height:1123px; margin-bottom:5pt; vertical-align:text-bottom; width:797px\" id=\"i-390\"\/><\/p>\n<p>SIGNATURE<\/p>\n<p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.<\/p>\n<p>Banco Santander, S.A.Date:\u00a0\u00a0\u00a024 July 2026By:\/s\/ Jos\u00e9 Garc\u00eda CanteraName:Jos\u00e9 Garc\u00eda CanteraTitle:Chief Financial Officer<\/p>\n","protected":false},"excerpt":{"rendered":"0000891478false12-312026-06-302026Q2five years, six 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