| Investments in associates and joint ventures |
| 11. | Investments in associates and joint ventures |
Jointly-controlled entities
Banco Santander and its subsidiaries classify investments
as joint control when they have shareholder agreements that require strategic, financial, and operational decisions to receive unanimous
consent from all investors.
Significant Influence
Entities in which the Bank directly or indirectly holds
significant influence are considered affiliated, characterized by the ability to participate in decisions regarding the financial and
operational policies of the investee, without, however, exercising individual or joint control. Significant influence may arise from shareholding
(presumed when it represents 20% or more of the affiliate's voting power) or from other factors, such as participation in governance bodies
or relevant agreements between shareholders.
a) Breakdown
| Schedule of jointly controlled and significant influence - participation |
|
|
|
|
| |
|
|
Equity interest in % |
| |
Activity |
Country |
2025 |
2024 |
| Jointly Controlled by Banco Santander |
|
|
|
|
| Banco RCI Brasil S.A. |
Bank |
Brasil |
39.89% |
39.89% |
| Estruturadora Brasileira de Projetos S.A. - EBP (1)(2) |
Other Activities |
Brasil |
11.11% |
11.11% |
| Gestora de Inteligência de Crédito (1) |
Credit Bureau |
Brasil |
15.56% |
15.56% |
| Jointly controlled companies of Santander Corretora de Seguros |
|
|
|
|
| Hyundai Corretora de Seguros |
Insurance Brokerage |
Brasil |
50.00% |
50.00% |
| Subsidiary of Webmotors S.A. |
|
|
|
|
|
|
|
% |
% |
|
|
|
% |
% |
| Subsidiary of Car10 Tecnologia e Informação S.A. |
|
|
|
|
| Pag10 Fomento Mercantil Ltda. |
Technology |
Brasil |
100.00% |
100.00% |
| Subsidiary of Tecnologia Bancária S.A. |
|
|
|
|
| Tbnet Comércio, Locação e Administração Ltda. (Tbnet) |
Other Activities |
Brasil |
100.00% |
100.00% |
| TecBan Serviços Integrados Ltda. |
Other Activities |
Brasil |
100.00% |
100.00% |
| Subsidiary of Tbnet |
|
|
|
|
| Tbforte Segurança e Transporte de Valores Ltda. (Tbforte) |
Other Activities |
Brasil |
100.00% |
100.00% |
| Significant Influence of Banco Santander |
|
|
|
|
| Núclea S.A. |
Other Activities |
Brasil |
17.53% |
17.53% |
| Pluxee Beneficios Brasil S.A. (3) |
Benefits |
Brasil |
20.00% |
20.00% |
| Santander Auto S.A. |
Other Activities |
Brasil |
50.00% |
50.00% |
| Significant Influence of Santander Corretora de Seguros |
|
|
|
|
| Tecnologia Bancária S.A. - TECBAN (1) |
Other Activities |
Brasil |
18.98% |
18.98% |
| CSD Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A |
Other Activities |
Brasil |
18.35% |
20.00% |
| Biomas - Serviços Ambientais, Restauração e Carbono S.A. |
Other Activities |
Brasil |
16.66% |
16.66% |
| Webmotors S.A. |
Other Activities |
Brasil |
30.00% |
30.00% |
| Schedule of jointly controlled and significant influence investments |
|
|
| |
Investments |
| |
2025 |
2024 |
| Jointly Controlled by Banco Santander |
534,505 |
644,426 |
| Banco RCI Brasil S.A. |
485,793 |
591,951 |
| Estruturadora Brasileira de Projetos S.A. - EBP |
428 |
387 |
| Gestora de Inteligência de Crédito |
48,284 |
52,088 |
| Jointly Controlled by Santander Corretora de Seguros |
3,492 |
2,307 |
| Hyundai Corretora de Seguros |
3,492 |
2,307 |
| Significant Influence of Banco Santander |
2,370,206 |
2,422,571 |
| Núclea S.A. |
314,434 |
306,521 |
| Pluxee Benefícios Brasil S.A. (3) |
1,933,758 |
2,059,643 |
| Santander Auto S.A. |
56,745 |
56,407 |
| FIDC Creditórios Multisegmentos NPL Ipanema X Responsabilidade Limitada |
65,269 |
— |
| Significant Influence of Santander Corretora de Seguros |
608,891 |
570,872 |
| Tecnologia Bancária S.A. - TECBAN (1) |
250,552 |
248,951 |
| CSD Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A |
47,321 |
41,027 |
| BIOMAS – Serviços Ambientais, Restauração e Carbono S.A. |
3,946 |
2,923 |
| Webmotors S.A. |
307,072 |
277,971 |
| Total |
3,517,094 |
3,640,176 |
| (1) | Entities with a one-month lag in equity method accounting.
For the recognition of equity method income, the financial position as of 12/31/2025 was utilized on 11/30/2025. |
| (2) | Despite holding a stake of less than 20%, the Bank exercises
joint control over the entity with the other majority shareholders, through a shareholders' agreement that stipulates no business decision
can be made by a single shareholder, that is, decisions require the unanimous consent of the parties sharing control.” |
| (3) | The balance of the transaction for the acquisition of a
stake in Pluxee includes its investment in its benefits subsidiary, Pluxee Instituição de Pagamento S.A. (Current name of
“Ben Benefícios e Serviços Instituição de Pagamentos S.A”) and goodwill generated by expected
future profitability, as per terms described in Note 3.i. |
| Schedule of jointly controlled and significant influence results of equity |
|
|
|
| |
Equity method results |
| |
2025 |
2024 |
2023 |
| Jointly Controlled by Banco Santander |
134,304 |
91,247 |
60,813 |
| Banco RCI Brasil S.A. |
138,067 |
95,674 |
66,229 |
| Núclea S.A. |
- |
- |
- |
| Estruturadora Brasileira de Projetos S.A. - EBP |
41 |
(8) |
20 |
| Gestora de Inteligência de Crédito |
(3,804) |
(4,419) |
(5,436) |
| |
|
|
|
| |
Equity method results |
| |
2025 |
2024 |
2023 |
| Jointly Controlled by Santander Corretora de Seguros |
1,197 |
700 |
353 |
| Hyundai Corretora de Seguros |
1,197 |
700 |
353 |
| |
|
|
|
| Significant Influence of Banco Santander |
253,276 |
184,987 |
128,414 |
| Núclea S.A. |
111,109 |
106,160 |
109,223 |
| Pluxee Benefícios Brasil S.A. |
110,797 |
53,039 |
- |
| Santander Auto S.A. |
36,489 |
25,788 |
19,191 |
| FIDC Creditórios Multisegmentos NPL Ipanema X Responsabilidade Limitada |
(5,119) |
— |
— |
| Significant Influence of Santander Corretora de Seguros |
69,536 |
36,052 |
49,656 |
| Tecnologia Bancária S.A. - TECBAN |
1,633 |
2,868 |
2,435 |
| PSA Corretora de Seguros e Serviços Ltda. |
- |
- |
1,925 |
| CSD Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A |
6,294 |
(1,538) |
2 |
| BIOMAS – Serviços Ambientais, Restauração e Carbono S.A. |
(6,476) |
(5,663) |
(1,415) |
| Total |
458,313 |
312,986 |
239,236 |
| Schedule of jointly controlled and significant influence total |
|
|
|
| |
|
|
2025 |
| |
Total assets |
Total liabilities |
Total Income |
| Jointly Controlled by Banco Santander |
15,623,855 |
15,303,124 |
322,033 |
| Banco RCI Brasil S.A. |
14,406,307 |
14,060,196 |
346,111 |
| Estruturadora Brasileira de Projetos S.A. - EBP |
3,889 |
3,876 |
369 |
| Gestora de Inteligência de Crédito |
1,213,660 |
1,239,052 |
(24,447) |
| Jointly Controlled by Santander Corretora de Seguros |
3,169,143 |
3,184,741 |
(45,238) |
| Tecnologia Bancária S.A. - TECBAN |
2,836,231 |
2,797,987 |
8,603 |
| Hyundai Corretora de Seguros Ltda. |
11,069 |
8,676 |
2,393 |
| CSD Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A |
279,750 |
295,046 |
(15,295) |
| BIOMAS – Serviços Ambientais, Restauração e Carbono S.A. |
42,093 |
83,032 |
(40,939) |
| Significant Influence of Banco Santander |
11,271,921 |
9,932,267 |
1,260,785 |
| Núclea S.A. |
2,164,151 |
1,524,528 |
| Pluxee Benefícios Brasil S.A. |
8,419,988 |
7,792,935 |
553,985 |
| Santander Auto S.A. |
687,782 |
614,804 |
72,978 |
| Significant Influence of Santander Corretora de Seguros |
846,681 |
614,883 |
226,950 |
| Webmotors S.A. |
| Total |
30,911,600 |
29,035,015 |
1,764,530 |
| |
|
|
|
| |
|
|
2024 |
| |
Total assets |
Total liabilities |
Total Income |
| Jointly Controlled by Banco Santander |
14,064,120 |
13,920,211 |
212,081 |
| Banco RCI Brasil S.A. |
12,806,942 |
12,663,035 |
239,839 |
| Estruturadora Brasileira de Projetos S.A. - EBP |
1,784 |
1,783 |
1 |
| Gestora de Inteligência de Crédito |
1,255,393 |
1,255,393 |
(27,759) |
| Jointly Controlled by Santander Corretora de Seguros |
3,003,077 |
3,034,120 |
(31,043) |
| Tecnologia Bancária S.A. - TECBAN |
2,752,924 |
2,755,450 |
(2,526) |
| Hyundai Corretora de Seguros Ltda. |
7,152 |
5,753 |
1,399 |
| CSD Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A |
211,773 |
211,538 |
235 |
| BIOMAS – Serviços Ambientais, Restauração e Carbono S.A. |
31,228 |
61,379 |
(30,151) |
| Significant Influence of Banco Santander |
11,442,660 |
10,558,737 |
883,923 |
| Núclea S.A. |
2,779,787 |
2,212,634 |
| Santander Auto S.A. |
422,852 |
371,276 |
51,576 |
| Significant Influence of Santander Corretora de Seguros |
634,889 |
510,446 |
124,443 |
| Webmotors S.A. |
| Total |
29,144,746 |
28,023,514 |
1,189,405 |
The Bank does not have guarantees granted to companies
with joint control and significant influence.
The Bank does not have contingent liabilities with
significant possible risk of loss related to investments for companies with joint control and significant influence.
b) Changes
The changes in the balance of this item in the years
ended December 31, 2025 and 2024 were:
| Schedule of jointly controlled and significant influence changes in the balance |
|
|
|
|
| |
|
|
2025 |
2024 |
| Jointly Controlled by Banco Santander |
|
|
|
|
| Balance at the beginning of the fiscal year |
|
|
975,731 |
878,944 |
| Change in corporate participation |
|
|
- |
- |
| Addition/(disposal) |
|
|
- |
186 |
| Capital decreases/reduction |
|
|
- |
- |
| Equity method results |
|
|
135,501 |
91,947 |
| Dividends |
|
|
(279,091) |
(81,467) |
| Adjustment to fair value |
|
|
34,854 |
86,121 |
| Balance at the end of the fiscal year |
|
|
866,995 |
975,731 |
| Significant Influence of Banco Santander |
|
|
|
|
| Balance at beginning of year |
|
|
2,664,444 |
730,836 |
| Change in corporate participation |
|
|
70,388 |
- |
| Equity method results |
|
|
322,812 |
221,039 |
| Dividends |
|
|
(347,427) |
(297,832) |
| Addition/(disposal) (1) |
|
|
7,500 |
2,011,369 |
| Capital decreases/reduction |
|
|
28 |
(2,364) |
| (-) Amortization |
|
|
(94,543) |
- |
| Adjustment to fair value |
|
|
(1,142) |
1,396 |
| Balance at the end of the fiscal year |
|
|
2,650,098 |
2,664,444 |
| (1) |
Transaction for the acquisition of a stake in Pluxee Benefícios Brasil S.A. |
| (2) |
Amortization of goodwill recognized in the acquisition of an interest in non-controlled companies is allocated to the investment, as provided
for in current accounting standards. |
c) Impairment losses
No impairment losses were recognized for the non-recovery
of investments in associates and joint ventures in 2025 and 2024.
d) Other information
Details on the main jointly-controlled entities:
| • | Banco RCI Brasil S.A.: Incorporated
as a joint-stock company and headquartered in the state of Paraná, its main objective is to engage in investment, leasing, credit,
financing, and investment activities, aimed at fostering the growth of automakers Renault and Nissan in the Brazilian market, with a primary
focus on financing and leasing to end consumers. It is a financial institution that is part of the RCI Banque Group and the Santander
Conglomerate, with its operations being executed within a framework of institutions that operate in an integrated manner in the financial
market. In accordance with the Shareholders' Agreement, the key decisions affecting this company are made jointly by Banco Santander and
other controlling shareholders. |
| Schedule of principal jointly controlled entities |
|
|
| |
2025 |
2024 |
| |
Banco RCI Brasil |
Banco RCI Brasil |
| Assets |
13,984,420 |
12,276,584 |
| Liabilities |
(12,767,790) |
(10,782,915) |
| Cash and Cash Equivalents |
350,232 |
336,955 |
| Depreciation and amortization |
(2,080) |
(1,937) |
| Income |
680,804 |
772,324 |
| Interest income |
2,164,109 |
1,891,374 |
| Interest expenses |
(1,483,305) |
(1,119,050) |
| Income / (Expense) from Income Tax |
(260,142) |
(139,420) |
| Current Liabilities (excluding Trading, Other Liabilities, and Provisions) |
(5,161,615) |
(4,698,162) |
| Non-Current Liabilities (excluding Trading, Other Liabilities, and Provisions) |
(7,606,175) |
(6,084,753) |
|