Santander Holdings USA Inc · NYSE:SNUS/PH
Santander Holdings USA — Debt Investor Presentation (June 2026)
29 slides from Santander Holdings USA's debt investor presentation, Jun 12, 2026
Slide 1: First Quarter 2026 Fixed Income Investor Presentation
1 June 12, 2026 SANTANDER HOLDINGS USA, INC. First Quarter 2026 Fixed Income Investor Presentation
Slide 2: Forward-looking statements and non-GAAP disclaimer
2 This presentation of Santander Holdings USA, Inc. (“SHUSA”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of SHUSA. Words such as “may,
Slide 3: Index: Core Business Activities
3 1 At a glance 2 Results Appendix 4 Index 3 Core Business Activities
Slide 4: Core Business Activities
4 SHUSA 1 | Asset-backed securitizations. 2 | Certificates of deposit. 3 | Federal Home Loan Bank borrowings. 4 | Represents assets and assets under management, which includes customer deposits, securities, loans and letters of credits. 5 | Includes assets categorized as “other”. SHUSA SC Fund auto
Slide 5: SHUSA Q1 2026 Results at a Glance
5 SHUSA Q1 2026 Results at a Glance Improved Financial Metrics Normalized Credit Strong Capital / Liquidity $1.5B NET INTEREST INCOME (“NII”) Up 0.1% QoQ Up 2.6% YoY 12.3% 30-89 DAYS AUTO1 DELINQUENCY Down 192bps QoQ Up 136bps YoY 13.0% COMMON EQUITY TIER 1 (“CET1”) Up 41bps QoQ Up 50bps YoY $414M N
Slide 6: Index: Results
6 1 At a glance 2 Results Appendix 4 Index 3 Core Business Activities
Slide 7: Q1 2026 Results Overview
7 Re ve nu e1 Stable NII performance reflecting funding efficiencies and benefits associated with continued expansion of Openbank deposits offset by lower loan and lease balances During the quarter we began funding virtually all Auto loans and lease originations with deposits Fee income contin
Slide 8: Net Interest Income & Net Interest Margin
8 Stable YoY and QoQ performance of NII and NIM sustained by: Openbank deposit growth enabling reduction of higher-cost liabilities and driving funding optimization Higher returns from investment securities Offset by lower interest and fees on federal funds sold and securities purchased under
Slide 9: Non-Interest Income
9 108 123 124 111 69 34 96 109 171 168 235 162 40 40 26 $523 $576 $517 Q1 2025 Q4 2025 Q1 2026 Securities gains, net Miscellaneous income, net Capital market revenue Net lease income1 Consumer and commercial fees Non-Interest Income Non-interest income decreased QoQ driven by: Prior quarter miscel
Slide 10: General, Administrative, & Other Expenses
10 Other expense Loan Technology2 Occupancy and equipment Compensation and benefits General, Administrative, & Other Expenses1 G&A and other expenses (excluding lease expense) down QoQ and YoY driven by: Disciplined execution of transformation and cost-efficiency initiatives QoQ and YoY QoQ impa
Slide 11: Credit Loss Expense and Allowance for Credit Losses
11 Strong credit performance QoQ and YoY driven by: Lower NCOs QoQ reflecting Auto seasonality NCOs below prior-year levels despite normalizing delinquencies, reflecting continued consumer resilience and recoveries which remain at historically elevated levels Release in ACL reserves due to sea
Slide 12: Balance Sheet Trends | Assets
12 87 85 84 83 83 33 36 38 39 40 20 20 20 21 23 21 21 16 14 15 11 10 10 8 7 $172 $172 $168 $165 $168 1Q25 2Q25 3Q25 4Q25 1Q26 Loans and leases down 1.1% QoQ and 8.0% YoY, driven by lower auto originations, off-balance sheet securitizations, and portfolio sales Total loan yields were flat QoQ and
Slide 13: Balance Sheet Trends | Liabilities
13 IBD4 Deposits Balance Sheet Trends | Liabilities NIBD1 Deposits Equity Other Liabilities2 Borrowed Funds IB Deposits Savings NIBD Deposits CDs Money Market 1 | Non-interest-bearing demand. 2 | Other liabilities include securities sold under repurchase agreements and trading liabilities. 3 | Other
Slide 14: Liquidity & Wholesale Funding
14 Cash at Federal Reserve Capacity at FHLB Discount window Liquidity from unencumbered securities (5% haircut) Liquidity from released govt. deposit collateral3 45.4 27.6 Liquidity & Wholesale Funding Cash and Immediately Available Sources of Liquidity Uninsured Deposits Q4 2025 Q1 2026 SBNA Insure
Slide 15: Debt & TLAC
15 $0.50 6.57% $0.75 6.89% $1.00 6.50% $0.50 7.66% $1.00 9.38% $0.85 SOFR2 +57bps $0.50 6.12% $0.40 SOFR +161 $1.00 6.17% $0.75 5.74% $0.50 8.41% $0.95 3.24% $1.05 4.40% $1.00 2.49% $0.85 5.47% $1.00 5.35% $0.50 2.88% $0.50 7.18% $0.75 6.34% $0.50 8.17% $1.80 $2.30 $1.00 $2.75 $2.00 $1.75 $0.50 $0.7
Slide 16: Capital Ratios
16 Confidential On June 27, 2025, the Federal Reserve informed SHUSA of its updated stress capital buffer (“SCB”) requirement, which became effective on October 1, 2025. SHUSA’s updated SCB is 3.4% of its CET1, resulting in an overall CET1 capital requirement of 7.9%. Capital Ratios 1 | Under capita
Slide 17: Index: Appendix
17 1 At a glance 2 Results Appendix 4 Index 3 Core Business Activities
Slide 18: Business Activities Overview
18 1 | Multifamily Construction is reported within “CRE” in the Company’s Form 10-Q for the period ended March 31, 2026. Total Multifamily = $9.51B and total other CRE = $8.00B. 2 | Excludes commercial equipment vehicle financing. 3 | Does not include the acquired 20% interest in a structured limite
Slide 19: Consumer Activities Income Statement Data
19 Income Statement Data Consumer Activities | Auto & CBB 1 | Prior period data has been recast. 2 | Auto loans excludes commercial fleet and LHFS. 3 | Ending balance loans and leases held-for-investment (“HFI”). Q1 2026 Q1 20251 Total Consumer Activities YoY($M) Auto CBB Auto CBB Interest income $
Slide 20: Commercial Activities Income Statement Data
20 Income Statement Data Commercial Activities | CRE, Multifamily, and C&I Loans & Deposits ($B) CRE Portfolio and Geographic Diversification Portfolio by Maturity and Interest Rate Type ($B) 1 | Prior period data has been recast. 2 | Ending balance loans and leases HFI. Q1 2026 Q1 20251 YoY CRE loa
Slide 21: CIB & Wealth Management Income Statement Data
21 CIB Income Statement Data CIB & Wealth Management Wealth Income Statement Data 1 | Prior period data has been recast. ($M) Q1 2026 Q1 20251 YoY Interest income $ 634 $ 713 (10.9%) Interest expense 532 661 (19.5%) Fees and other income 210 192 9.4% Credit loss expense/(benefit) 2 (5) NM General, a
Slide 22: Index
22 1 At a glance 2 Results Appendix 4 Index 3 Core Business Activities
Slide 23: Loan Delinquency by Portfolio Class
23 Loan Delinquency by Portfolio Class Consumer | 90+ Days Past Due1 Commercial | 90+ Days Past Due1 Consumer | 30-89 Days Past Due1 Commercial | 30-89 Days Past Due1 1 | Based on a percentage of financing receivables for their respective loan businesses. 2 | Other consumer ($15.6M in Q1 2026) prima
Slide 24: Charge-offs and Recoveries by Portfolio Segment
24 Consumer NCO levels are marginally higher than prior year, reflecting continued consumer resilience, despite higher delinquencies, as well as strong recoveries. Consumer NCOs are lower versus prior quarter, consistent with seasonal trends. Charge-offs and Recoveries by Portfolio Segment Net c
Slide 25: Rating Agencies
25 Santander1 A1/Baa1 SHUSA Baa2 SBNA2 Baa1 Santander1 A+/A- SHUSA BBB+ SBNA A- Stable outlook (May 17, 2026) In May 2026, Fitch upgraded SBNA’s senior unsecured debt ratings from ‘A-’ to ‘A’, and affirmed SHUSA’s senior unsecured debt ratings at ‘A-’ S&P and Moody’s affirmed SHUSA’s senior unse
Slide 26: Quarterly Trended Statement of Operations
26 SHUSA | Quarterly Trended Statement Of Operations ($M) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Interest income $ 2,890 $ 2,985 $ 3,133 $ 3,182 $ 3,137 Interest expense (1,395) (1,490) (1,614) (1,701) (1,679) Net interest income 1,495 1,495 1,519 1,481 1,458 Fees & other income 778 818 821 849 838
Slide 27: Non-GAAP Reconciliations – Income Statement Metrics
27 SHUSA | Non-GAAP Reconciliations – Income Statement Metrics 1 | Represents US GAAP measure. 2 | Represents non-US GAAP measure. ($M) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 SHUSA Revenue Net interest income1 $ 1,495 $ 1,495 $ 1,519 $ 1,481 $ 1,458 Total non-interest income1 804 858 874 871 878 Le
Slide 28: Non-GAAP Reconciliations – Capital Metrics
28 SHUSA | Non-GAAP Reconciliations – Capital Metrics ($M) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 CET1 to risk-weighted assets CET1 capital $ 13,862 $ 13,500 $ 14,584 $ 14,173 $ 13,751 Risk-weighted assets 106,804 107,408 110,787 110,393 110,211 Ratio 13.0% 12.6% 13.2% 12.8% 12.5% Tier 1 leverage T
Slide 29: Thank You
Thank You. Our purpose is to help people and businesses prosper. Our culture is based on believing that everything we do should be:
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