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    Andrea Filtri • Mediobanca

    Andrea Filtri's questions to Banco Santander SA (SAN) leadership

    Andrea Filtri's questions to Banco Santander SA (SAN) leadership • Q2 2025

    Question

    Andrea Filtri asked if the benefits of the 'One Transformation' program have been mostly realized given the proximity to targets, and questioned why the Consumer segment is a drag on group RoTE and when this might change.

    Answer

    CEO Héctor Grisi Checa clarified that current results are just the 'tip of the iceberg' for the transformation, with more benefits to come as dual-platform operations cease. CFO José García Cantera explained the Consumer segment's performance is mixed: Openbank and US Auto are performing well, while Consumer Europe is weak due to lower auto volumes. He anticipates a normalization of returns in Europe as lower interest rates are expected to boost volumes and improve credit quality.

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    Andrea Filtri's questions to Banco Santander SA (SAN) leadership • Q1 2025

    Question

    Andrea Filtri questioned the rationale for selling only a 49% stake in the Polish bank, the progress of the digital transformation, the outlook for Brazil's cost of risk, and the reason for high provisions in the U.K.

    Answer

    Executive Hector Blas Grisi Checa declined to comment on the specifics of the Poland transaction. He described the digital transformation as being in a 'transition phase' that is successfully driving customer growth, noting a gain of 9 million customers in a year. He stated that actions to de-risk the portfolio in Brazil should lead to an improving cost of risk over time.

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    Andrea Filtri's questions to Banco Santander SA (SAN) leadership • Q1 2024

    Question

    Andrea Filtri from Mediobanca pressed for more specific 2024 profit guidance beyond the 16% RoTE target, an absolute euro target for group costs in 2024 and 2025, and asked if the bank would consider internalizing its insurance business given recent regulatory changes.

    Answer

    CEO Héctor Grisi reiterated the 16% RoTE target for 2024 and the 15-17% goal for 2025. He stated that while he would love to internalize the insurance business due to its potential, existing long-term JV agreements prevent it. CFO José García Cantera later added that the 16% RoTE implies a net profit north of EUR 12 billion and that cost growth for 2024 would be around 2-2.5%, with a long-term goal of flat absolute costs.

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    Andrea Filtri's questions to CaixaBank SA (CAIXY) leadership

    Andrea Filtri's questions to CaixaBank SA (CAIXY) leadership • Q1 2025

    Question

    Andrea Filtri of Mediobanca asked about the target level for the ALCO portfolio, the timeline for using overlay provisions, the ability to minimize the bank levy, the guided tax rate, and management's wish list for regulatory simplification.

    Answer

    Javier Pano Riera (executive) explained that the bank is now more keen on using fixed-income securities for hedging due to attractive sovereign spreads, aiming to maintain its NII sensitivity target. He stated the base case is for overlay provisions to be used this year, but it depends on the environment. He also confirmed the effective tax rate of around 34% this quarter could be a reasonable run rate. Gonzalo Gortázar Rotaeche (executive) provided a detailed wish list for regulatory simplification, including slowing the pace of new rules and rationalizing sustainability disclosures.

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    Andrea Filtri's questions to CaixaBank SA (CAIXY) leadership • Q2 2024

    Question

    Andrea Filtri from Mediobanca asked for CaixaBank's view on the ECB's work to standardize overlay provisions and whether the ECB is increasing scrutiny on areas like leveraged loans.

    Answer

    CEO Gonzalo Gortázar responded that while the ECB's mission is to continually assess risks, CaixaBank is very well-positioned with a top-tier NPL coverage ratio and a low NPL ratio among peers. He also highlighted that the bank has a very small leveraged lending book, making it not particularly exposed to increased scrutiny in that specific area.

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    Andrea Filtri's questions to CaixaBank SA (CAIXY) leadership • Q2 2024

    Question

    Andrea Filtri from Mediobanca asked about CaixaBank's expectations for the ECB's work on standardizing overlay provisions and whether the ECB's focus on areas like leveraged loans indicates a broader push to tighten regulations.

    Answer

    CEO Gonzalo Gortázar acknowledged that identifying and managing risk is the ECB's mission but stated CaixaBank is very well-prepared for any scrutiny, citing its top-tier NPL coverage ratio and low NPL ratio among Spanish peers. He added that the bank has a very small book in leveraged lending, so it is not particularly impacted by discussions in that area, reflecting its prudent approach to risk.

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    Andrea Filtri's questions to CaixaBank SA (CAIXY) leadership • Q1 2024

    Question

    Andrea Filtri asked about any requirement for the Spanish government to divest its stake, whether share buybacks are less appealing with the stock price above tangible book value, and if the ECB has a hostile view towards higher dividend payouts.

    Answer

    CFO Javier Pano noted the government's divestment deadline can be easily postponed. He argued that with a 16% ROTE, the bank's valuation is still attractive for buybacks based on its earnings multiple, making tangible book value a less relevant metric. He added that he has seen no negative indications from the ECB regarding higher payouts or special dividends.

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    Andrea Filtri's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership

    Andrea Filtri's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership • Q4 2024

    Question

    Andrea Filtri from Mediobanca requested detailed assumptions behind the 2025 guidance, including interest rates and ALCO contribution for Spain NII, key metrics for Turkey, and Argentina's net profit contribution.

    Answer

    Executive Maria Gomez Bravo provided key assumptions: for Spain, terminal rates at 2% by June; for Turkey, year-end inflation around 26.5% and interest rates at 31%. Executive Onur Genç added that Argentina's 2025 profit contribution is expected to be marginal, similar to the EUR 182 million in 2024. He also detailed Turkey's EUR 3.4 billion CPI linker portfolio, which hedges its net monetary position.

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