January - June
2025
Index                                                                                            
3
SIGNIFICANT EVENTS IN THE PERIOD
4
KEY CONSOLIDATED DATA
6
BUSINESS MODEL
7
GROUP FINANCIAL INFORMATION
7
General background
8
Highlights of the period
10
Income statement
17
Balance sheet
20
Solvency ratios
21
Risk management
25
The Santander share
27
FINANCIAL INFORMATION BY SEGMENT
45
SUSTAINABILITY
46
CORPORATE GOVERNANCE
47
APPENDIX
48
Financial information
76
Alternative performance measures
88
Interim condensed consolidated financial statements
91
Glossary
92
Important information
This report was approved by the board of directors on 29 July 2025, following a favourable report from the audit committee. 
Important information regarding this report can be found on pages 92 and 93.


SIGNIFICANT EVENTS IN THE PERIOD
In Q2 2025, Santander announced the entry into an agreement with Erste Group Bank AG (Erste) to sell approximately 49% of its stake in 
Santander Bank Polska S.A. and the 50% of the asset management company (TFI) which was not integrated within Santander Polska to Erste, for 
a total cash amount of approximately EUR 7 billion. In addition, Santander announced its intention to acquire 100% of Santander Consumer Bank 
Polska by purchasing the 60% stake currently held by Santander Bank Polska S.A. (approximately EUR 0.7 billion), thereby bringing the business 
fully within the perimeter of Grupo Santander and excluding it from the scope of the sale. Santander and Erste also announced a strategic 
collaboration to leverage the strengths and international presence of both institutions in Corporate & Investment Banking (CIB) and to enable 
Erste to benefit from Santander’s global payments platforms. The transaction is subject to customary closing conditions, including regulatory 
approvals, such as that of the Polish Financial Supervision Authority (KNF). Completion is expected around the end of 2025. The abovementioned 
transaction will hereinafter be referred to as the 'Poland disposal', based on the assumption that it will be completed under the terms described 
above.
In accordance with IFRS 5 requirements, the business subject to the Poland disposal has been classified as 'non-current assets/liabilities held for 
sale' and the related results have been reported under 'discontinued operations'. Accordingly:
• In the Group’s consolidated balance sheet, the assets associated with the Poland disposal are classified under the 'non-current assets held for 
sale' line item and the related liabilities under 'liabilities associated with non-current assets held for sale'. This classification applies solely to 
the balance sheet as at 30 June 2025 and does not affect balance sheets for prior periods.
• In the statutory income statement, the results associated with the business subject to the Poland disposal are reported under a single line in 
the consolidated income statement — 'profit/(loss) after tax from discontinued operations' — for results corresponding to both 2025 and 2024. 
Consequently, the results from the Poland disposal perimeter are excluded line by line from the breakdown of continuing operations in both 
periods.
However:
• In the underlying income statement, both at the Group and the primary and secondary segment levels (which are presented on an underlying 
basis only), the results from Poland continue to be reported line by line and disaggregated, as they were in previous quarterly disclosures given 
the fact that the management of Santander Polska remains unchanged until the Poland disposal is completed. This reporting approach is 
consistent with the information used internally in management reporting, as well as with other public Group disclosures.
• For the same reason, all management metrics included in this report have been calculated including Poland, i.e. maintaining the same 
perimeter that existed at the time of the announcement of the Poland disposal. However, if we were to exclude Poland, the Group's main 
management ratios would not be materially affected.
For further information, see the 'Alternative performance measures' section in the appendix to this report.
Additionally, after the close of Q2 2025, Santander announced it has reached an agreement to acquire 100% of TSB Banking Group plc's (TSB) 
share capital from Banco de Sabadell, S.A. (Sabadell) with a valuation of GBP 2.65 billion (approximately EUR 3.1 billion) in an all-cash 
transaction. This agreement does not impact the information presented is this report nor is it expected to affect future publications until the 
transaction is completed. The transaction is subject to Sabadell shareholder approval and the corresponding regulatory approvals. 
Significant events 
Key consolidated data
Business model
Group financial 
information
Financial information 
by segment
Sustainability
Corporate governance
Appendix
  
Index
January - June 2025
3


KEY CONSOLIDATED DATA
BALANCE SHEET (EUR million)
Jun-25
Mar-25
%
Jun-25
Jun-24
%
Dec-24
Total assets
 1,815,888  1,845,177  
(1.6)  1,815,888  1,786,261  
1.7  1,837,081 
Loans and advances to customers
 1,010,727  1,064,416  
(5.0)  1,010,727  1,065,596  
(5.1)  1,054,069 
Customer deposits
 1,008,229  1,081,894  
(6.8)  1,008,229  1,037,646  
(2.8)  1,055,936 
Total funds
 1,307,359  1,386,326  
(5.7)  1,307,359  1,309,903  
(0.2)  1,348,422 
Total equity
 
108,985  
110,514  
(1.4)  
108,985  
103,648  
5.1  
107,327 
Note: total funds includes customer deposits, mutual funds, pension funds and managed portfolios.
If we include loans, deposits and funds associated with the Poland disposal, as at 30 June 2025 loans and advances to customers would have been EUR 1,048,951 million; 
customer deposits EUR 1,060,208 million and total funds EUR 1,366,729 million. 
For further information, see the 'Significant events in the period', 'Alternative performance measures' and 'Financial information' sections in this report.
INCOME STATEMENT (EUR million)
Q2'25
Q1'25
%
H1'25
H1'24
%
2024
Net interest income
 
10,590  
10,621  
(0.3)  
21,211  
22,056  
(3.8)  
43,787 
Total income
 
14,503  
14,679  
(1.2)  
29,182  
29,035  
0.5  
58,380 
Net operating income
 
8,395  
8,423  
(0.3)  
16,818  
16,552  
1.6  
33,231 
Profit before tax
 
4,415  
4,689  
(5.8)  
9,104  
8,724  
4.4  
17,347 
Profit attributable to the parent
 
3,431  
3,402  
0.9  
6,833  
6,059  
12.8  
12,574 
Note: net operating income as total income minus operating expenses.
EPS, PROFITABILITY AND EFFICIENCY (%) 
1
Q2'25
Q1'25
%
H1'25
H1'24
%
2024
EPS (euros)
 
0.22  
0.21  
2.4  
0.43  
0.37  
18.5  
0.77 
RoE
 
13.7  
13.4 
 
13.6  
12.6 
 
13.0 
RoTE
 
16.9  
16.6 
 
16.7  
15.9 
 
16.3 
RoTE (post-AT1)
 
16.2  
15.8 
 
15.98  
15.1 
 
15.5 
RoA
 
0.82  
0.81 
 
0.81  
0.74 
 
0.76 
RoRWA
 
2.38  
2.34 
 
2.36  
2.07 
 
2.18 
Efficiency ratio 
2
 
41.2  
41.8 
 
41.5  
41.6 
 
41.8 
UNDERLYING INCOME STATEMENT 
2 (EUR million)
Q2'25
Q1'25
%
H1'25
H1'24
%
2024
Net interest income
 
11,338  
11,378  
(0.4)  
22,716  
23,457  
(3.2)  
46,668 
Total income
 
15,473  
15,537  
(0.4)  
31,010  
31,050  
(0.1)  
62,211 
Net operating income
 
9,097  
9,048  
0.5  
18,145  
18,137  
0.0  
36,177 
Profit before tax
 
5,116  
5,187  
(1.4)  
10,303  
9,508  
8.4  
19,027 
Underlying profit attributable to the parent
 
3,431  
3,402  
0.9  
6,833  
6,059  
12.8  
12,574 
Changes in constant euros:
Q2'25 / Q1'25: NII: +2.5%; Total income: +2.4%; Net operating income: +3.4%; Profit before tax: +1.1%; Attributable profit: +3.5%.
H1'25 / H1'24: NII: +1.3%; Total income: +4.6%; Net operating income: +5.3%; Profit before tax: +13.4%; Attributable profit: +18.3%.
Significant events 
Key consolidated data
Business model
Group financial 
information
Financial information 
by segment
Sustainability
Corporate governance
Appendix
  
Index
4
January - June 2025


SOLVENCY (%)
Jun-25
Mar-25
Jun-25
Jun-24
Dec-24
Phased-in CET1 ratio
 
13.0  
12.9 
 
13.0  
12.5 
 
12.8 
Phased-in total capital ratio
 
17.2  
17.2 
 
17.2  
16.7 
 
17.4 
CREDIT QUALITY (%)
1
Jun-25
Mar-25
Jun-25
Jun-24
Dec-24
Cost of risk 
2, 3
 
1.14  
1.14 
 
1.14  
1.21 
 
1.15 
NPL ratio
 
2.91  
2.99 
 
2.91  
3.02 
 
3.05 
NPL coverage ratio
 
67.2  
65.7 
 
67.2  
66.5 
 
64.8 
MARKET CAPITALIZATION AND SHARES
Jun-25
Mar-25
%
Jun-25
Jun-24
%
Dec-24
Shares (millions)
 
14,885  
15,152  
(1.8)  
14,885  
15,494  
(3.9)  
15,152 
Number of shareholders
 3,508,261  3,435,876  
2.1  3,508,261  3,526,649 
(0.5)  3,485,134 
Share price (euros)
 
7.027  
6.196  
13.4  
7.027  
4.331  
62.3  
4.465 
Market capitalization (EUR million)
 
104,599  
93,885  
11.4  
104,599  
67,098  
55.9  
67,648 
Tangible book value per share (euros)
 
5.50  
5.46 
 
5.50  
4.94 
 
5.24 
Price / Tangible book value per share (X)
 
1.28  
1.13 
 
1.28  
0.88 
 
0.85 
CUSTOMERS (thousands)
4
Jun-25
Mar-25
%
Jun-25
Jun-24
%
Dec-24
Total customers
 
176,431  
174,769  
1.0  
176,431  
168,243 
4.9  
172,537 
Active customers
 
104,733  
104,179  
0.5  
104,733  
101,277  
3.4  
103,262 
Digital customers
 
61,100  
60,651  
0.7  
61,100  
57,000 
7.2  
59,317 
OTHER DATA
4
Jun-25
Mar-25
%
Jun-25
Jun-24
%
Dec-24
Number of employees
 
204,330  
207,137  
(1.4)  
204,330  
209,553  
(2.5)  
206,753 
Number of branches
5
 
7,683  
7,985  
(3.8)  
7,683  
8,348  
(8.0)  
8,086 
Note: for Argentina and any grouping which includes it, the variations in constant euros have been calculated considering the Argentine 
peso exchange rate on the last working day for each of the periods presented. For further information, see the 'Alternative performance 
measures' section in the appendix to this report. 
Certain figures contained in this report, have been subject to rounding to enhance their presentation. Accordingly, in certain instances, 
the sum of the numbers in a column or a row in tables contained in this report may not conform exactly to the total figure given for that 
column or row.
1. For further information, see  the 'Alternative performance measures' section in the appendix to this report.
2. 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 measures, including the figures related to “underlying” results, which do not 
include factors that are outside the ordinary course of our business, or have been reclassified within the underlying income statement. Further details are provided in the 
'Alternative performance measures' section of 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 2024 Annual Financial Report, published in the CNMV on 28 February 2025, our 20-F report for the year ending 31 December 2024 filed with the SEC in the United States on 
28 February 2025 as well as the 'Alternative performance measures' section of the appendix to this report.
3. Allowances for loan-loss provisions over the last 12 months / Average loans and advances to customers over the last 12 months.
4.
Customers, employees and branches include Poland.
5.
For June 2025 data and all previous periods, we have included the CartaSur points of sale and the banking service points in Argentina, while we have excluded operational 
locations that do not provide customer service in Colombia.
Significant events 
Key consolidated data
Business model
Group financial 
information
Financial information 
by segment
Sustainability
Corporate governance
Appendix
  
Index
January - June 2025
5