Bankinter, S.A.

Good morning, and thank you for joining our 2025 Full Year Earnings Call. Financial statements were posted with market authorities early this morning. All materials can also be found on our corporate website. Please refer to the disclaimer in the presentation and note that this call is being recorded. And we welcome today our Chief Executive Officer, Gloria Ortiz, and Chief Financial Officer, Jacobo Diaz. Gloria, over to you, please.

Thank you, Laurie, and thank you all for joining us in this 2025 full-year results presentation. Since we are reporting the full year, I believe it's appropriate to start with a brief overview of the environment in which our business has operated to provide context for the figures that we are about to review. 2025 was the year of Donald Trump's return to the White House, an event that has set the political tempo of the international calendar. Continuing the trend of previous years, the events in 2025 confirmed that the international landscape is moving towards an increasingly turbulent and fragmented scenario. Long-standing conflicts such as Ukraine remain unresolved despite failed attempts to reach an end to the war. In Gaza, the ceasefire came only after months of escalating violence. Meanwhile, the Franco-German axis, the traditional engine of the European Union, has been weakened by deep domestic political crisis. Without a doubt, tariff has been the most repeated word of the year. The imposition of tariffs on international trade has become the main diplomatic pressure tool of the Trump administration. The European Union, which for years has been a strategic partner of the United States, ultimately conceded in trade negotiations and accepted a 15% tariff to maintain access to the U.S. markets. Thus, the balance of 2025 confirms an international landscape that is increasingly fragmented and less predictable, where open conflicts tend to become chronic and long-lasting political solutions are replaced by fragile trusses or unbalanced agreements. And indeed, what we have been observing in these first weeks of 2026, for example, in Venezuela or in the U.S. stands on Greenland, amongst others, confirms that this year will again be marked by geopolitical volatility just as 2025 was. At the same time, technology led by artificial intelligence continues to advance at a blistering pace, transforming operating and business models. And the banking sector is undoubtedly no exception. These are global trends shaping the broader environment, but if we focus on the countries in which we operate, it is worth noting that the three economies, Spain, Portugal and Ireland, are among the most dynamic in the Eurozone and have become the new growth locomotives of the Union. In fact, in the Eurozone in 2025, inflation, which had surged sharply after the pandemic and the Ukraine war, moderated, and as a result, the ECB accelerated interest rate cuts, especially during the first half of the year. With inflation under control at the European Central Bank's target level, benchmark rates stabilised at 2% and no further cuts are expected in the short term. As a result, in 2025, the ECB reference rate averaged 2.2%, that is 1.4% each point lower than in 2024, while the 12-month Euribor fell by an average of 1.05%. Turning to financial markets, it's notable that despite escalating conflict and increased political polarization, market performance remained robust. The EBIT35 achieved a record increase of 50%, German equities rose by 23%, and the NASDAQ advanced by 19%. In this environment of geopolitical uncertainty and significantly lower interest rates compared to the previous year, we have delivered in 2025 very strong results, once again record-breaking. These results are built on solid foundations and driven by recurring client commercial activity. Moreover, in 2025, we executed major strategic projects that will underpin the bank's future growth, such as the integration of EvoBanco and AvanMoney, which is now Bank Inter Ireland, a branch of Bank Inter just like Portugal. Of course, before moving on, I want to express my thanks to all Bank Inter Group employees for the dedication, effort, and commitment, because they are the true architects of the results that we present today. The results we present today are very satisfactory, driven by intense commercial activity that brings us to report a net profit of 1,090 million euros in 2025, representing 14% growth over the previous year. 2025 was marked by diversified growth, both geographically and by business line, Overall, we grew 9% in total business volume, 5% in lending, 6% in customer funds, and delivered a strong double-digit growth, 19% in our balance sheet products. Despite the sharp decline in interest rates, we managed to limit the falling interest income to 1.8% in 2025, and on a year-over-year basis, the inflection point was reached in the first quarter. From that point onward, net interest income grew quarter after quarter thanks to predictable growth and margin management. Customer spreads averaged 2.68% for the year, with the overall NIM at 1.78%. Fee income from services had an exceptional year, growing 11%, which in nominal terms almost doubled the reduction in interest income. This allowed us to grow gross margin by 5%. And I think it is important to note that the strong performance in fee income is due to the significant growth in our balance sheet funds and not to any increases in customer fees. All this growth has been achieved while keeping our risk appetite unchanged, improving the asset quality of our balance sheet, reflected in a non-performance loan ratio below 2%, specifically 1.94%. Another key element of our business model is efficiency at 36%, indeed the best efficiency level across the industry. These three pilots, diversified growth, asset quality, and efficiency, are the foundation of our business profitability, which reached a ROT of 20%. As I have been commenting in previous quarters, commercial activity with clients has been very strong. Total customer business volume stands at €241 billion, €20 billion more than in 2024, representing 9% growth in the year, or a compound annual growth rate of 8%, an increase of €80 billion since 2020. This volume breaks down into $84 billion in lending, representing 5% growth versus 2024 year-end. Customer funds reached $88 billion, $5 billion more than a year ago, and we now manage $69 billion in assets under management, 19% more than at the end of 2024. We have more than doubled the balance recorded at the end of 2020 with a compound annual growth rate of 17%. All this growth is organic and diversified with every geography contributing and outperforming the market. Our diversified customer business volume growth is what enables us to consistently strengthen revenue streams. Core revenue fees and interest income reached $3,032 billion, a compound annual growth rate of 12% and a record for the series exceeding 2024 by 1% despite the headwind of lower interest rates. We achieved this by limiting the decline in interest income to 1.8% through volume and margin management, and through the excellent performance of fee income, which, with an 11% growth rate, more than offset the reduction in net interest income. The drivers of the income are the strong growth in off-balance sheet funds, the increasing activity of Bank Inter investment across all its business lines, and the positive performance of the economies in which we operate. Regarding interest income, I would like to highlight its upward trend throughout the year. It bottomed out in the first quarter of 2025, and from that point on, revenues increased quarter after quarter. By the fourth quarter, we already grew on a year-on-year basis by 4%. So the outlook continues to be more positive, especially with the forward rate current scenario for 2026. In summary, sustained growth, asset quality, and efficiency are what allows us, once again, to deliver results that surpass our own records, exceeding 1 billion and representing 14% growth versus 2024, tripling our results over a five-year period. Our ROTI now at 20% is also the highest in the entire series. Before I hand over to Jacobo to review in further detail the financial results, I wanted to quickly showcase one commercial strategy that was quite successful in 2025. In 2025, the 100% digital new client acquisition is what I'm referring to. Since the AIBO integration, we have improved our digital customer experience with the use of AI in commercial and marketing processes. Our deposit gathering capabilities are now stronger, more granular, and flexible. We increased customer funds in this channel by 64% in the year, now reaching 12 billion euros, close to 14% of our total customer deposit base. New customer acquisition trends have doubled since 2022 and the digital channel now represents more than half of the new client acquisition in 2025. From an industry perspective, our digital offering not only allows us to compete effectively with new entrants, but gives us a clear competitive advantage. Customers benefit from a full multi-channel ecosystem, digital branches, contact center, and also private banking network, which enhances loyalty and broadens upsell opportunities. In the second half of 2025, the strong growth of this channel generated some short-term pressure on deposit cost. However, looking ahead, our digital strategy and strengthened deposit gathering capabilities create meaningful upside supported by lower acquisition and servicing costs. Overall, our digital franchise has become a scalable and cost-efficient acquisition engine that strengthens loyalty, supports margin resilience, and accelerates fee growth, a competitive mode that becomes more powerful each quarter. Jacobo, now over to you.

Thank you very much, Gloria, and good morning, everybody. 2025 marks yet another year of increased revenues and profitability. In operating income, we have grown by 5% with increased volumes, continued strong fee growth, and effective margin management. Operating costs were more balanced this year over the quarters, with annual cost growth growing below revenue growth to end the year with guidance confirming positive operating views another year. Cost of risk and related provisions declined by more than 15%, reflecting a continued positive trend in risk management. A net profit increased by 14.4% to well surpass our initial goal of 1 billion euros in 2025. Onto NII and customer margins. On the next page, NII contributed to 2,237 million euros this year, slightly below our initial target. Asset yields for the year averaged 365 basis points and remained quite stable this quarter at 3.48%, down only one basis point from the third quarter, given the good volume growth, especially in corporate and uptick in short-term interest rate. This helps soften the impact of a slight increase of three BIPs in quarterly deposit costs due to the same uptick in short-term rates as well as the successful commercial strategy that Gloria just mentioned regarding digital account deposit gathering. Customer margins for the year averaged 268 basis points, very near to our 270 longer-term target. We believe Q4-25 marked a low point as the downward repricing of digital accounts deposit is underway in Q1-26. Therefore, we expect customer margins to recover moving forward. NIM averaged 178 basis points for the year, as the non-customer interest income improved in the quarter, leading to an increase of NIM of 4 basis points in Q4. Regarding the ALCO portfolio, this has been achieved through increased ALCO balances that you can see on page 13, as well as reduced wholesale funding costs. Moving on to fees. Fees continue to deliver sequential increases each year, reaching 795 million euros, up 11% versus 24, reaching a double-digit compound annual growth rate of 10%. This sustained growth momentum is mainly attributed to the strong growth volume, or strong volume growth in asset management, custody, and brokerage services. Moving on to page 15. Equity method and trading dividend income lines also up with an impressive 21% on a year-on-year basis. The diversification of sources of revenue is well represented here as a result of our business investment in the past. For example, Bank Inter investment that we will look later in the presentation, insurance JVs, as well with our JV Portugal with Sonai called Universal. We also confirm the banking tax will have no impact in 2025 and expect this to be the case for 26 and 27. Moving into the contribution of gross operating income. There's been a very strong contribution from each geography in gross operating income, demonstrating increased diversification, with Portugal and Ireland growing from an 11% contribution to gross income in 22 up to 16% in 25. Moving to the expenses on page 17, we have contained total operating cost growth to 4%, notably with flat general expenses due to the tangible impact we are achieving through our IT and AI initiatives, as well as with the Evo integration. Efficiency ratio improved to 36.1% this year, demonstrating our commitment to delivering positive operating jobs now and in the future. On page 18, PPP more than doubled over a five-year period to reach €1,947 million in 2025. Moving on, we see improvement in credit and other provisions. Significant decrease in cost of risk down to 33 basis points from 39 basis points in 2024, with loan loss provision volumes now below those even of the ones in 2023. Other provisions also performing well, down to 8 basis points for the year. With no signs of deteriorations in the market in our portfolio and our disciplined approach to risk management, we remain optimistic to maintain current levels for the coming quarters with potentially some upside risk. Next page, net profit reached, once again, historical levels at 1,090 million euros, an exceptional increase of 14.4% in the year, maintaining similar growth rates seen in 24, even with the headwinds faced in interest rate during the year. Moving into the credit and asset quality indicators, as you can see, they continue to improve. Risk quality, measured in terms of the non-performing low ratio, has improved significantly this year, breaking below 2% to reach 1.94%. The coverage ratio remains very solid at 68%, substantially higher than in 2020. By geographies, Spain down to 2.1%, Portugal at 1.4%, and Ireland stable 0.3%, all well below sector average consistently over time. Moving into capital, our Z1 ratio ended the year at 12.72%, and well above the minimum requirements of 8.36%, leaving an ample capital buffer of 4.4%, as well as adequate MREL and leverage ratios. Main movements in the year related to retained earnings contributing to a total of 111 basis points. Capital consumption on 51 basis points in RWAs and 35 basis points in operational and market risk. The implementation of the counter-cyclical buffer in Spain has resulted in a 41 basis point increase in minimum requirements. Moving into page 24, commercial activity, volumes, and profit trends remain not only strong, but with a greater diversification each year across geographies. Customer volumes up 8% in Spain, 15% in Portugal, and 23% in Ireland. Each region contributed at increasing levels to the profit of the bank, as well we see on the following slide. Within Spain, loan growth this year up 3%, with a strong performance in the business lending segment, growing 6%. I consider this satisfactory growth rate, especially when considering the intense competitive margin dynamics in Spain, as well as a reduced appetite for open market consumer lending in Spain in 2025. Retail deposits continue to demonstrate solid and balanced growth, increasing by 5% fueled by the successful digital campaigns we mentioned a little bit earlier. Stellar performance in wealth management, reflected by an 18% increase in assets under management balances, as well as a 19% increase in assets under custody. Profit before tax up 14%, reflecting solid contribution from our core Spanish business. Moving into Portugal, a continued momentum in lending activity across both business segments, up 9% in total with a strong deposit gathering growing 8%, as well as a substantial increase in wealth management and custody balances, rising 28% on a year-on-year basis. Cost-to-income ratio at a very efficient low level of 33%, even with increased investment in IT. Profit before tax up 7% to €210 million, or 14% of total contribution to the group. Moving into Ireland, 2025 marked the year for our Irish business to convert into a branch of Bank Inter, allowing for increased upside risk in terms of volume potential and efficiencies. We launched deposit in Q4, albeit with volume still at marginal levels. Definitively more to come in this space during 2026 as we begin to scale up deposit campaigns this quarter. Asset market dynamics and urban kinter-style commercial differentiation supported a 27% growth rate in the mortgage book in 2025, with improved trends seen in the second half of the year. Consumer finance also growing at 11%. Profit before tax contribution reaching 46 million euros, up 13% this year, with important improvements in the cost-to-income ratio, down to 44% from 48% last year. Now moving into the corporate and SME banking business. Business lending continues to deliver a strong performance, up 6% this year, consistently increasing market share year after year. One key growth catalyst continues to be our international business segment that has doubled loan volumes over a five-year period, now reaching €11 billion, representing 30% of the business lending book currently. This segment is also a strong recurring contributor to fee income from services. We also see increased activity and upside risk from other growth catalysts, like our new ESG client solution across loan and servicing income products. For example, the loan advances we provide for energy certificates, where we were the first to launch in the market in 2025. Additionally, we are expanding substantially our Bank Inter investment business that I will detail more in the next couple of slides. Bankinter Investment has doubled income contribution to the group over the past five years, with currently 31 alternative investment vehicles and associated vintages well distributed over the years since 2017. More than 15,000 Iberian Bankinter customers now invest in real assets. This franchise has been a key source for increased fee income to the group, reaching a 12% compound annual growth rate with upside risk potential for the future. On the next page, you can see the strong diversification of the different investment strategy for the vehicles across many sectors and countries, with more than 360 different underlying assets in the portfolio. Moving on now to review the retail banking business. Retail banking asset and deposit trends remain strong, with increased core salary account balances up by 7%. New mortgage origination up 10% year-on-year, with solid market shares of new production across Spain, Portugal, and Ireland. Our mortgage back book is growing steadily at 5% annually, despite rising competition in 2025. The wealth management business, on page 32, shows our high-quality, affluent client base that continues to drive exceptional incremental wealth volumes, up 21 billion euros this year, a 16% increase on a year-on-year basis, of which half of it is new money to the bank. When excluding the market effect, the net new money has reached the 10 billion euro level milestone, well above our historical range between 5 to 7 billion. Of balance sheet volumes under management and custody on page 33, ended the year at 156 billion euros, up 25 billion or 19%, increasing significantly with the markets and net inflows in all categories. With exception of fixed income security, we have provided additional details regarding commercial activity and trends for those key fee income growth catalysts in the annex, no doubt a key driver here. of continued fee growth for the future. Now let me just spend a couple minutes sharing our ambitions and targets for 2026 before I hand back to Gloria. We expect, first one, we expect solid macro outlook for all the regions where we are operating. Therefore, we expect growth across all segments and geographies, focus on our targeted type of customer, and ensuring a disciplined risk-return approach for asset origination. Volumes are expected to grow at similar levels than in 2025 and previous years. This means that lending volumes at mill single-digit growth, with deposit volumes targeting to keep our liquidity ratio stable, that is, above 100% in terms of deposit-to-loan or below 100% in terms of loan-to-deposit. All geographies and business segments are expected to grow at similar levels, with Portugal and Ireland keeping their successful track record and Spain keeping strong volumes in the corporate and retail businesses. Regarding NAI, with the current arrival 12-month rate outlook in 26 stable around current levels or slightly increasing towards the end of the year and following years, we expect customer average margin to recover 270 bps, our initial target, and therefore we target in 2026 overall similar levels of client margins and NIM that the ones we saw in 2025. With residual negative repricing for mortgages and a downward repricing of our digital accounts in Q1, we expect minimal margin compression in the first half of 26 with an upset bias to possibly reach stable asset yields by the end of Q1 and beginning of Q2. Given these dynamics, we would expect NII for the entire 2026 to increase in correlation with volume growth. For fee growth, we target high single digits for the year, supported by increasing volumes from assets under management and assets under custody, as well as from increased transactionality from each of the geographies, which are strongly correlated with the economic growth of each of them. With our strict cost allocation and management, while keeping strong IT investment around 10% of our gross income, efficiency remains one of our pillars, our main pillars, and we are committed to delivering positive operating jobs again in 2026, reducing cost to income levels below 35% for the year. In terms of credit quality, we have a stable outlook for cost of risk for the year around current levels of 33 basis points, albeit with a positive bias. And ROTI is expected to stay above 20%, ensuring attractive shareholder value creation. In summary, we expect 2026 to be another year of consistent growth in volumes and profitability, reaching new records in volumes, gross income, efficiency, net income, and of course profitability. Gloria, back to you, please.