Santander plans exchange offers to buy remaining minority stake in Santander Brasil

Banco Santander plans concurrent exchange offers in Brazil and the US to buy Santander Brasil’s outstanding minority stake.

• Offer terms: 0.2028 Banco Santander BDR or ADS per Santander Brasil common or preferred share; 0.4056 per unit or ADS.
• Implied initial value BRL 29.04 per unit, a 15% premium to the unaffected BRL 25.25 close on July 30, 2026.
• The exchange ratio adjusts for dividends or interest on equity between announcement and expiration and is calculated on a gross basis.
• Completion is targeted for the first half of 2027 and is expected to be capital neutral, with EPS accretion of about 0.5% from 2028.