Banco Santander (Brasil) S.A. (NYSE: BSBR)

Banco Santander (Brasil) S. A. is a full service bank operating in Brazil as part of the global Santander Group. It provides a wide array of banking and financial products and services to individuals, small and medium enterprises, and corporate clients through its commercial and wholesale banking platforms. The company’s offerings include retail banking products such as payroll loans, real estate financing, auto loans, credit cards, and investment services, as well as wholesale solutions like structured finance, merger and acquisition advisory, and global transaction banking. It serves customers through a multichannel distribution network that includes physical branches, mini branches, ATMs, remote call centers, external banking correspondents, and digital online and mobile banking platforms.

The company generates revenue primarily from interest earned on loans and advances, which amounted to R$57,634 million in net interest income for the year ended December 31, 2025. Additional revenue comes from fees and commissions on card and payment services, insurance brokerage, investment management, and other banking services. In 2025, the company’s credit card portfolio reached R$71.3 billion with total card turnover of R$406.4 billion, while its insurance business generated R$17.1 billion in premiums and its payroll loan portfolio amounted to R$61.1 billion. Net interest income and operating income before tax are derived from its Commercial Banking and Global Wholesale Banking segments, with the Commercial Banking segment contributing R$16,729 million and the Global Wholesale Banking segment contributing R$7,791 million to operating income before tax in the same year. Net income was R$12,965 million in 2025.

The company operates through the following segments: Commercial Banking and Global Wholesale Banking.

• Commercial Banking: This segment provides banking and financial products and services to individuals and companies, excluding global corporate customers, and includes retail banking for individuals, small and medium enterprises, and consumer finance, as well as corporate banking for domestic companies. Retail banking offers payroll loans, real estate loans, auto loans, credit cards, insurance products, and investment services, and also provides consumer finance for vehicle and goods financing. Corporate banking provides working capital finance, trade finance, and structured lending to domestic firms.

• Global Wholesale Banking: This segment offers national and international tailored financial services and structured solutions to global corporate customers, encompassing Santander Corporate & Investment Banking which delivers global transaction banking, global banking, and global markets activities such as mergers and acquisitions advisory, equity capital markets, debt capital markets, and risk management solutions. It also provides structured finance, project finance, and asset based lending to multinational corporations operating in Brazil and abroad, and includes cash management and custody services for corporate clients.

Santander Brasil ranks as the third largest privately owned bank in Brazil and is the only international bank with a nationwide presence. It is consistently among the five largest financial institutions in the country by assets, competing with Bradesco, Itaú Unibanco, Banco do Brasil, and Caixa Econômica Federal. Competitive advantages stem from its integration with the Santander Group, which provides access to a global operational network, advanced technology, and cross border expertise, while its focus on digital innovation and a broad product portfolio enables it to serve diverse customer segments efficiently. The bank reported a gross loan portfolio of R$602.0 billion as of December 31, 2025, and maintained a digital transaction share of 98.5% in the same year, reflecting its strong technology driven model. In 2025, the bank invested R$2,111 million in information technology to enhance its digital platforms and support hyper personalized customer experiences. The company held a 9.3% share of the individual credit card portfolio market, a 20.3% share of auto loans to individuals, and an 8.5% share of the payroll loan market as of December 31, 2025.

The company serves a broad base that includes tens of millions of individual customers, small and medium enterprises, and large corporate and multinational clients. In 2024 it reported serving approximately 69,000,000 customers across its retail and wholesale businesses. Its individual customer base is served through tailored propositions such as the Santander Free offering for low income customers and the Santander Select offering for high income customers, while its small and medium enterprise focus emphasizes proximity and integration with client operations. Corporate and multinational clients receive customized wholesale solutions that support their working capital, trade, and investment needs across Brazil and internationally. As of December 31, 2025, the bank had 25 million digital customers, defined as individuals who used at least one of its digital channels in the prior 30 days, reflecting a 6.2% increase from the previous year. Its small and medium enterprise clients are served through a segmentation model that includes Companies 1, 2, 3, and MEI, with revenue thresholds ranging from up to R$3 million to over R$200 million.