Banco Santander, S.A.

Record profitability + strong underlying growth (supports 2026 guidance) - Q3 momentum continues: underlying profit for 9M 2026 = EUR 11.2bn (new record). - Underlying profit grew +14% YoY (constant euros); P&L performance solid across all main P&L lines. - Total revenue +7% YoY, supported by NII +8% and record fees +7% (fees growth outpacing ex-M&A NII growth). - Costs broadly stable despite TSB/Webster consolidation, reflecting operational leverage; efficiency ratio at 42.6% (best in 17 years). - Management reiterates ability to exceed 2026 guidance (> EUR 14.1bn profit excluding M&A).

Transformation-led efficiency gains (ONE Transformation) - ONE Transformation is delivering structural savings: efficiency improved by ~2 percentage points and underlying RoTE to 16%. - YTD costs down ~2% YoY excluding M&A; Q3 costs down ~4% QoQ excluding M&A. - Product/digital traction highlighted: 73% of products digitally enabled; transactionality increasing. - Synergies from TSB/Webster: still early to quantify acceleration; they expect most UK-related integration milestones via “Part VII” through early next year to unlock platform/customer migration (toward 3Q 2027 for full TSB platform availability to TSB customers).

Capital strength despite integration impacts; forecast to run above year-end target - CET1 at 12.7%, absorbing ~147 bps impact from Webster; despite that, CET1 excluding Webster impact up ~15 bps in the quarter. - Organic capital generation remains strong: 59 bps of capital from profit this quarter. - Outlook: still on track for year-end CET1 at/above 12.8% target (upper end of 12–13% operating range) after remaining regulatory + integration impacts in Q4. - Distribution: share buybacks ~EUR 9bn total (incl. current program), consistent with commitment to distribute at least EUR 10bn for 2025–2026.