Bankinter, S.A.

Good morning, and welcome to Banking Does Results presentation for the first half of 2026. Our financial statements were posted with market authorities earlier this morning, and all materials can be found on our corporate website. Please refer to the disclaimer in the presentation, and please note that this call is being recorded. We are joined today by our Chief Executive Officer, Gloria Ortiz, and our Chief Financial Officer, Jacobo Diaz.

Gloria, over to you. Thank you, Lori. Before talking about results, I wanted to express my sincere congratulations to the Spanish football team for the success in the World Cup last week from the whole of Bank Inter team. Well, coming back to results, we have delivered another strong quarter and excellent results for the first half of the year. Profitable growth and disciplined execution once again translated into strong shareholder value creation, €605 million of net profit, a roti above 20%, continued capital generation and 17% increase in shareholder value. What is quite encouraging is the quality and consistency of the performance. Thank you very much. Thank you very much. Total customer volumes increased by 18 billion euros or 8% over last 12 months. Customer lending grew by 5% while customer funds increased by 10%, supported by a 2% increase in on-balance sheet retail deposits and an excellent 20% growth in assets under management, reflecting both strong net inflows into our wealth management business and the quality of our customer base. Growth remains well diversified geographically, with Spain providing scale and Portugal and Ireland continuing to grow at double-digit rates. Growing better is not only about volumes. It is also about building a stronger and more diversified revenue base. Transcription by CastingWords While fee income increased by 17% to 237 million euros. Importantly, an increasing share of our growth is coming from recurring and capital-light fee businesses, such as wealth management and brokerage, making our revenue mix more balanced and resilient. The second element of our model is disciplined execution. As we grow, we remain very focused on the three levers that sustain value creation over time. Efficiency, Asset Quality, and Capital Generation Our cost-to-income ratio has improved significantly, falling to 34.3% from 36.1% in 2025. This demonstrates the scalability of our business model and highlights an important point. In banking, scale alone does not guarantee efficiency. What matters is agility, disciplined execution, a culture that remains aligned as the organization grows. These have long been the key strengths of Bank Inter. Asset quality also remains a clear differentiator, with an NPL ratio below 2% and a prudent coverage ratio of 69%, despite continued growth in customer volumes. At the same time, strong earning generation has allowed us to further strengthen our capital position, with CT1 increasing to 12.9%, while maintaining our position as one of the most resilient banks in Europe. Shareholder Value Creation Roti increased above 20%, earnings per share grew 11%, and shareholder value generation measured through tangible book value plus dividends increased by 17% over the last 12 months. Importantly, strong capital generation allows us to do more than simply grow the business. It gives us the flexibility to invest in attractive opportunities that strengthen the franchise and diversify future earnings streams, including the alternative investment platforms announced this year and our entry into the Netherlands through TULP. Thank you Gloria. Good morning.

Let me briefly summarize the income statement. Net profit reached €315 million in the quarter, up 8% quarter on quarter and 16% year on year, bringing first half net profit to €605 million, up 12%. Performance accelerated in the second quarter versus the first, with revenues up 6% quarter on quarter and net profit up 8%. Performance accelerated This was driven by strong revenue growth of 7% year-to-date, with both NII and fees contributing positively, while costs remain contained and provisions under control. I'll now walk through the main drivers behind these lines in more detail. Next page, NII continued to evolve positively in the second quarter, reaching €589 million, up 5% year-on-year and 3% quarter-on-quarter. This performance reflects solid volume growth across the franchise, together with continued pricing discipline, allowing us to improve customer margin to 2.71%, while keeping NIM broadly stable. On fees, fee income accelerated further in the second quarter, reaching 237 million euros, up 23% year-on-year, while results include 23 million of irrelevant income this quarter from a performance fee on the sale of an alternative investment vehicle announced in April. It is worth highlighting that our current asset management and brokerage business still grew by an impressive 19% year-on-year, Thank you very much. Let me spend a moment on Bank Inter Investment, which contributed to the 23 million euros performance fee we discussed in this previous slide. Importantly, we do not view this as simply a one-off event. It reflects a platform that is reaching greater scale and maturity, with a growing proportion of vintages entering the stage where performance fees and equity-accounted earnings can increasingly contribute to results. Since its launch in 2017, we have built a differentiated alternative investments platform that today manages 32 vehicles, serves more than 20,000 investors, and has accumulated 5.9 billion of committed capital. Importantly, around one-third of committed capital comes from Vintage's launch before 2020, providing a growing pool of assets approaching the stage where monetization opportunities become increasingly relevant. The corporate transactions announced with Plinium and Access Capital Partners last quarter represent the next step in this strategy. They expand our scale, deepen our capabilities and broaden our European footprint while maintaining the capital-light characteristics of the platform. Overall, we believe Bank Inter Investment is entering a new phase of scale and maturity in the business of alternative investment funds, creating additional opportunities for value creation through management fees, equity-accounted earnings, and performance-related revenues over time. Thank you for joining us. Thank you very much. As a result, our cost-to-income ratio improved further to 34.3%, down from 36.1% in 2025, reinforcing the structural efficiency of our business model. Looking at costs, growth remains well contained. Personal expenses increased by just 1%, with most of the increase coming from amortization reflecting our continued IT investment in the franchise. Overall, widening operating jobs remain a key driver of profitability growth, efficiency gains, and strong capital generation. Let me build on this efficiency a little bit and explain how technology and AI are helping us further enhance the scalability of our business model. Importantly, AI is not about reducing cost. It is a core enabler of our business model, allowing us to manage higher volumes, create additional capacity, and provide better service to a growing number of customers without a proportional increase in resources. The chart on the left illustrated this clearly. Since 2020, customer volumes have grown by 55%, while our workforce has increased by only 9% and has remained broadly stable since 2024. At the same time, our branch network remains essentially unchanged from more than 15 years ago. As a result, the analyzed costs required to support each billion euros of customer volumes has decreased by 14%. Thank you very much. We have already deployed AI through a combination of top-down initiatives and bottom-up adoption, with growing employee engagement and an expanding range of practical use cases across the bank. Moving into the next page, as we continue to grow the balance sheet, its quality remains very strong. Cost of risk remains low and stable at 33 basis points, despite the strong growth in lending volumes over the last 12 months, while other provisions remain well controlled at just 8 basis points. Together, these metrics continue to demonstrate the quality of our diversified and disciplined growth. Let me conclude the income statement review. The earnings momentum continues to reflect the strength of our business model. Net profit increased to a record of €315 million, up 16% year-on-year and accelerating versus the first quarter, supported by solid revenue growth, positive operating jobs and stable risk costs. Thank you very much. Set 1 closed the quarter at 12.91%, comfortably above our target operating range. The strength of our earliest generation more than offset business growth, allowing us to further strengthen our capital position while continuing to support growth across the franchise. These provide us with significant flexibility to support future growth, future organic growth, pursue attractive strategic opportunities and deliver enhanced shareholder value. As discussed last quarter, in the coming months we expect to complete the alternative investment transaction with Plinium and Access Capital Partners, as well as the pending acquisition of TOLP, the Dutch digital platform, which Gloria will cover in a moment. Thank you very much. Thank you very much. Beyond capital generation, our resilience remains a clear differentiator. The latest EBA stress test once again positioned Bank Inter as the most resilient listed bank in the Eurozone, while our PILOR II requirement remains among the lowest in Europe. Moving on to the performance of our geographies and businesses. Spain continues to perform strongly, with revenues up 6% and pre-tax profit by 11%. Corporate and SME banking remain particularly strong, with lending volumes growing 7%, while wealth management continues to deliver robust growth. Overall, strong commercial activity and operating discipline translated into further efficiency gains and another period of double-digit profit growth. Portugal, turning to Portugal, the business continues to scale rapidly, with revenues up 10% and pre-tax profit up 9% in the first half. Lending volumes increased by 8% and customer funds by 12%, reflecting the continued expansion of the franchise. Importantly, profit growth accelerated during the second quarter, reinforcing the positive trajectory of the business and supporting a strong first-half result. Ireland Thank you very much. Moving into next page with corporate and SME banking, where growth continues to outpace the market. Lending volumes increased 7% compared with sector growth of 3.6, supporting further market share gains, where our international business remains a key contributor. In our retail business, customer acquisition remains strong, with salary and digital account balances increasing 20% over the last 12 months. In mortgages, although we continue to prioritize profitability over volume, we have seen origination trends improve significantly during the second quarter, with June production exceeding June 25 levels by 8%, while maintaining our disciplined pricing approach. These allow us to optimize capital allocation across the group, directing growth towards segments and geographies offering the most attractive risk-adjusted return, including Portugal and Ireland. At the same time, the mortgage-backed book continues to grow at healthy levels, increasing 3% year-on-year to €39 billion. Turning to wealth management, the business continues to demonstrate remarkable resilience despite periods of elevated market volatility. Total assets under management and custody increased by 27 billion euros over the last 12 months, supported by both strong net inflows and positive market performance. In particular, assets under management grew by 20%, while assets under custody increased by 18%, delivering another year of strong double-digit growth. What is particularly encouraging is that clients continue to entrust us with a larger share of their savings, even during periods of uncertainty, reflecting the strength of our wealth management franchise, the quality of our client base, and the depth of our customer relationship. Before handing back to Gloria, let me take a moment to reflect Our ambitions for full year 26. In the second quarter, we continued to deliver strong results. Customer margins recovered to 270 basis points. Recurrent fees remained very strong, supported in this case by an extraordinary performance fee from our alternative investment vehicles, while efficiency continued to improve and provisions remained well contained. While our certainty around the macroeconomic and interest rate environment remains, our underlying business trends continue to evolve broadly in line with our expectations. We continue to deliver solid and diversified volume growth in line with our initial assumptions while maintaining a strong focus on capital allocation and risk adjuster returns. Therefore, on the lending side, we continue to expect mid-single-digit growth supported by resilient economic conditions across our geographies. Across the group, we expect growth trends in the second half to remain broadly consistent with those in the first half, with Portugal and Ireland continuing to deliver strong growth and Spain maintaining solid momentum, particularly in corporate banking. Thank you very much. Thank you very much. Once again, higher arrival rates are supportive to our NII growth. Our NII sensitivity remains similar to previous quarters with a 7% increase in expected NII for the next 24 months for a 100 basis points parallel shift increase. While we expect deposit costs to have reached the trough, we continue to target an average customer margin for the year on 270 basis points or slightly above. On fees, strong recurring growth combined with a performance fee recognized this quarter from our alternative funds franchise supports an upgrade of our fee growth ambition to low double-digit for the full year from high single-digit where we were before. We remain very confident in the outlook for wealth management. We remain fully committed to maintain positive operating jobs. We expect cost growth to remain low, supporting a gap between revenue growth and cost growth at least in line with current levels. I remind you, our long-term ambition towards a 30% efficiency ratio is getting closer. In terms of asset quality, our outlook remains stable. We continue to see no signs of deterioration, and we expect the cost of risk to remain around current levels. We also expect to continue generating capital at a strong pace, supporting organic growth, strategic opportunities, shareholder remuneration, and resilient management buffers. Over the long term, we expect to allocate excess capital first to profitable growth in our existing businesses and geographies, then to new business opportunities like those recently announced in alternative investment funds and in the Netherlands. and rest assured any remaining excess capital will be returned to shareholders through the most efficient route as we have done in the past like for example with the Linea Directa spin-off in 2021. Finally, we expect to deliver a sustained level of return on tangible equity above 20% in the following quarters with disciplined capital allocation, disciplined execution, and reflecting the long-term strength and sustainability of our business model and our ability to continue creating attractive and compounding value for our shareholders. Thank you, Gloria. Back to you, please.