Banco Santander (Brasil) (SANB4) investor relations material

Executive summary

• Recurring net profit for Q2 2026 was R$3.0 billion, down 20.4% quarter-over-quarter and 17.6% year-over-year, with ROAE at 12.5% and efficiency ratio at 39.3%, reflecting a challenging macroeconomic environment and higher cost of risk.

• Total revenues reached R$20.7 billion, a 2.7% decrease sequentially but a 0.4% increase year-over-year, while active customers grew 3% year-over-year to 34.4 million and total customers up 6% to 76.2 million.

• Strategic focus remains on quality growth, risk-adjusted profitability, and rebalancing the product and customer mix for resilience.

Financial highlights

• Net interest income was R$15.3 billion, down 3.0% from 1Q26 and 0.4% from 2Q25, with fee income totaling R$5.3 billion, a 1.9% decrease from 1Q26 but a 2.5% increase year-over-year.

• Loan loss provisions rose 21.0% QoQ and 6.5% YoY, totaling R$8.3 billion, reflecting a challenging credit environment and one-off effects.

• Efficiency ratio closed at 39.3%, pressured by lower revenue generation and higher expenses.

• Loan portfolio grew 5.8% year-over-year and 1.3% quarter-over-quarter to R$714.8 billion, led by consumer finance and SME operations.

Outlook and guidance

• Revenue growth is expected to remain subdued in the short term as the bank prioritizes risk-adjusted returns and secured lending.

• Accelerated adoption of AI and digital solutions is expected to drive customer engagement and operational efficiency.

• Management expects ROE to return to higher levels by next year, with further improvements as portfolio adjustments take effect.