Banco Santander, S.A. (SAN) H1 2025 Earnings Call Transcript

Banco Santander, S.A. (NYSE:SAN) H1 2025 Earnings Call July 30, 2025 4:00 AM ET

Company Participants

Hector Blas Grisi Checa – Group CEO & Executive Director
Jose Antonio Garcia-Cantera – Senior EVP & Group Chief Financial Officer
Raul Sinha – Corporate Participant

Conference Call Participants

Alvaro Serrano Saenz de Tejada – Morgan Stanley, Research Division
Andrea Filtri – Mediobanca—Banca di credito finanziario S.p.A., Research Division
Carlos Joaquim Peixoto – Banco BPI, S.A., Research Division
Cecilia Romero Reyes – Barclays Bank PLC, Research Division
Chris Hallam – Goldman Sachs Group, Inc., Research Division
Francisco Riquel Correa – Alantra Equities Sociedad de Valores, S.A., Research Division
Ignacio Cerezo Olmos – UBS Investment Bank, Research Division
Ignacio Ulargui – BNP Paribas Exane, Research Division

Raul Sinha

Good morning, and welcome to Santander’s First Half 2025 Results Presentation. We are delighted to be joined by our CEO, Hector Grisi; and our CFO, Jose Garcia-Cantera. We will start with the presentation and then come back for your questions. Hector, over to you.

Hector Blas Grisi Checa

Thanks, Raul. Good morning, everyone, and thank you for joining Santander results presentation. We will follow the usual structure. First, I will talk about our results with a special focus on the performance of our global businesses. Then Jose, our CFO, will give a deep dive on the financials, and I will conclude with some final remarks before opening up for Q&A.

Before starting the presentation, let me remind everyone that we have announced an agreement to sell our business in Poland. Given that until the deal is completed, we’re still managing Poland as prior to the announcement. All figures in this presentation include Poland.

We are approaching the end of our strategic cycle well ahead of our plan. Thanks to our disciplined capital allocation, which is further improving profitability up