#12 February 2023 Earnings Presentation 2022 Santander#2Important information Non-IFRS and alternative performance measures This presentation contains financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as alternative performance measures (APMs) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non-IFRS measures. The APMs and non- IFRS measures were calculated with information from Grupo Santander; however, they are neither defined or detailed in the applicable financial reporting framework nor audited or reviewed by our auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider them to be useful metrics for our management and investors to compare operating performance between accounting periods. Nonetheless, the APMs and non-IFRS measures are supplemental information; their purpose is not to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non- IFRS measures differently, thus making them less useful for comparison purposes. For further details on APMs and Non-IFRS Measures, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the 2021 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 1 March 2022, as updated by the Form 6-K filed with the SEC on 8 April 2022 in order to reflect our new organizational and reporting structure, as well as the section "Alternative performance measures" of the annex to the Banco Santander, S.A. (Santander) Q4 2022 Financial Report, published as Inside Information on 2 February 2023. These documents are available on Santander's website (www.santander.com). Underlying measures, which are included in this presentation, are non-IFRS measures. The businesses included in each of our geographic segments and the accounting principles under which their results are presented here may differ from the businesses included and local applicable accounting principles of our public subsidiaries in such geographies. Accordingly, the results of operations and trends shown for our geographic segments may differ materially from those of such subsidiaries. Non-financial information This presentation contains, in addition to financial information, non-financial information (NFI), including environmental, social and governance-related metrics, statements, goals, commitments and opinions. NFI is included to comply with Spanish Act 11/2018 on non-financial information and diversity and to provide a broader view of our impact. NFI is not audited nor, save as expressly indicated under 'Auditors' review', reviewed by an external auditor. NFI is prepared following various external and internal frameworks, reporting guidelines and measurement, collection and verification methods and practices, which are materially different from those applicable to financial information and are in many cases emerging and evolving. NFI is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. NFI is thus subject to significant measurement uncertainties, may not be comparable to NFI of other companies or over time or across periods and its inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. NFI is for informational purposes only and without any liability being accepted in connection with it except where such liability cannot be limited under overriding provisions of applicable law. Forward-looking statements Santander hereby announces that this presentation contains "forward-looking statements" as per the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements can be understood through words and expressions like "expect", "project", "anticipate", "should", "intend", "probability", "risk", "VaR", "RORAC", "RORWA", "TNAV", "target", "goal", "objective", "estimate", "future", "commitment", "commit", "focus", "pledge" and similar expressions. They include (but are not limited to) statements on future business development, shareholder remuneration policy and NFI. However, risks, uncertainties and other important factors may lead to developments and results to differ materially from those anticipated, expected, projected or assumed in forward-looking statements. Santander 2#3Important information The following important factors (and others described elsewhere in this presentation and other risk factors, uncertainties or contingencies detailed in our most recent Form 20-F and subsequent 6-Ks filed with, or furnished to, the SEC), as well as other unknown or unpredictable factors, could affect our future development and results and could lead to outcomes materially different from what our forward-looking statements anticipate, expect, project or assume: (1) general economic or industry conditions (e.g., an economic downturn; higher volatility in the capital markets; inflation; deflation; changes in demographics, consumer spending, investment or saving habits; and the effects of the war in Ukraine or the COVID-19 pandemic in the global economy) in areas where we have significant operations or investments; (2) climate-related conditions, regulations, targets and weather events; (3) exposure to various market risks (e.g., risks from interest rates, foreign exchange rates, equity prices and new benchmark indices); (4) potential losses from early loan repayment, collateral depreciation or counterparty risk; (5) political instability in Spain, the UK, other European countries, Latin America and the US; (6) legislative, regulatory or tax changes (including regulatory capital and liquidity requirements), especially in view of the UK's exit from the European Union and increased regulation prompted by financial crises; (7) acquisition integration challenges arising from deviating management's resources and attention from other strategic opportunities and operational matters; and (8) uncertainty over the scope of actions that may be required by us, governments and others to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and governmental standards and regulations; and (9) changes affecting our access to liquidity and funding on acceptable terms, especially due to credit spread shifts or credit rating downgrades for the entire group or core subsidiaries. Forward looking statements are based on current expectations and future estimates about Santander's and third-parties' operations and businesses and address matters that are uncertain to varying degrees, including, but not limited to developing standards that may change in the future; plans, projections, expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including expectations regarding future execution of Santander's and third-parties' energy and climate strategies, and the underlying assumptions and estimated impacts on Santander's and third-parties' businesses related thereto; Santander's and third-parties' approach, plans and expectations in relation to carbon use and targeted reductions of emissions; changes in operations or investments under existing or future environmental laws and regulations; and changes in government regulations and regulatory requirements, including those related to climate-related initiatives. Forward-looking statements are aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this presentation, are informed by the knowledge, information and views available on such date and are subject to change without notice. Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law. Not a securities offer This presentation and the information it contains does not constitute an offer to sell nor the solicitation of an offer to buy any securities. Past performance does not indicate future outcomes Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or results (including earnings per share) will necessarily be the same or higher than in a previous period. Nothing in this presentation should be taken as a profit and loss forecast. Third Party Information In this presentation, Santander relies on and refers to certain information and statistics obtained from publicly-available information and third-party sources, which it believes to be reliable. Neither Santander nor its directors, officers and employees have independently verified the accuracy or completeness of any such publicly-available and third-party information, make any representation or warranty as to the quality, fitness for a particular purpose, non-infringement, accuracy or completeness of such information or undertake any obligation to update such information after the date of this presentation. In no event shall Santander be liable for any use by any party of, for any decision made or action taken by any party in reliance upon, or for inaccuracies or errors in, or omission from, such publicly-available and third-party information contained herein. Any sources of publicly-available information and third-party information referred or contained herein retain all rights with respect to such information and use of such information herein shall not be deemed to grant a license to any third party. Santander 3#4Index 1 2 3 4 2022 Highlights Santander Group and Business areas review Final Appendix remarks 4#5€ Our strategy execution delivered record results with a 18% increase in attributable profit Customers +7mn Customer focus and scale drove profitable growth Total revenue +12% Delivered record year in profit, with €2.3bn in Q4 Attributable profit €9.6bn % Increased profitability, shareholder value and returns 8 ROTE 13.4% EPS +23% FL CET1 12.04% Further strengthened our rock-solid balance sheet COR 0.99% Santander Note: FY'22 data or YoY changes in euros. In constant euros: attributable profit +8%, total revenue +6%. LO 5#6Record profit boosted by 12% revenue growth... Delivered on Group 2022 targets Revenue growth backed by volume increase and initial interest rate tailwinds Efficiency ratio improvement Based on operational improvements, record net operating income (representing 2.7% of loans) • CoR <1% ROTE: 13.4% % change Constant € million 2022 2021 Euros euros NII 38,619 33,370 16 9 Net fee income 11,790 10,502 12 7 • Trading and other income 1,745 2,532 -31 -37 Total revenue 52,154 46,404 12 6 Operating expenses -23,903 -21,415 12 7 Net operating income 28,251 24,989 13 5 LLPs -10,509 -7,436 41 31 Other results -2,492 -2,293 9 8 Underlying att. profit 9,605 8,654 11 2 . Net capital gains and provisions 0 -530 -100 -100 Attributable profit 9,605 8,124 18 8 Santander (1) 2021: restructuring costs (net of tax), corresponding mainly to the UK and Portugal. 60#7...led to increased profitability, shareholder remuneration and returns Profitability + EPS growth TNAVps + Cash DPS € cents ROTE EPS 53.9 13.4% 43.8 12.0% +23% YOY 2021 2022 2021 2022 € per share 4.37 4.12 +6% YOY 2021 2022 2022 includes €0.11 of cash dividends² Cash DPS1 growth: +16% YoY In the last two years, we have repurchased 5% of our outstanding shares³ Santander (1) Our 2022 shareholder remuneration policy is c.40% payout split in approximately equal parts (cash and share buybacks). Cash DPS estimated as 20% of the profit for the year. Implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. (2) Including the cash dividends per share paid in May 2022 and November 2022. (3) Includes share buybacks completed in Nov-21, May-22 and January-23. 7#8Disciplined capital allocation plus our diversification further strengthen our rock-solid balance sheet Credit quality remained robust 0.99% 3.16% 3.08% 0.77% Improved NPL ratio Delivered on our CoR target (<1%) 2021 2022 2021 2022 High quality funding and conservative liquidity management High quality / stable retail funding Delivered on capital targets (FL CET1 >12% every quarter) 17% Wholesale 152% Regulatory requirement (100%) 83% Retail LCR Deposits 70% 80% 2022 target of 80% RWAs with 11.96% 12.04% ROE>COE achieved Continued growth in FL CET1 Regulatory requirement (9.07%)² 2021 2022 20211 2022 Santander (1) Including acquisition of SC USA minority interest and Amherst Pierpont Securities completed at the beginning of 2022. (2) Regulatory requirement using estimated December 2022 countercyclical buffer. 8#9In-market scale coupled with global network allowed us to be among the most profitable banks in our markets Ranking in lending In-market scale in volumes Santander #51 #3 #1 #3 Qa #2 Digital Consumer Bank #32 #1 in Europe #1 #2 #2 Additionally, we are leaders in profitability in 4 out of 10 markets Our global and network businesses (CIB, WM&I, PagoNxt and Auto) represent >30% of Santander's total revenue and >50% of profit Note: considering privately-owned banks. (1) Retail auto originations. (2) Mortgages. 9#10Our global businesses continue to drive in-market and Group profitable growth and value CIB: leaders in LatAm and strengthening common value proposition in Europe and the US WM&I: Top 3 Best Global Private Banking and preferred asset manager and insurance provider in LatAm and Europe Our global reach with local expertise generates additional business / revenue opportunities... Cross-border & collaboration revenue ...and supports higher and more predictable growth than peers... ...with better efficiency YoY changes +32% Revenue +11% €3.4bn +33% YoY 47% of CIB total revenue Efficiency ratio SAN 39% and profitability levels Peers 61% Private Banking €51bn +2% YoY cross-border & collaboration AuMs 21% of total PB AuMs peers +34% YoY changes in constant euros +23% PBT +13% peers +24% +13% +1% - 0% -4% PB Revenue AM Revenue Insurance GWPs PBT/RWAS Efficiency ratio¹ PBT/AuMs¹ 3.7% SAN 45% 0.29% 2.4% Peers 69% 0.15% Santander Note: Santander data - FY'22. Peer data - 9M'22 or latest available. Peer group corresponds to the those included in the benchmarking exercise for the variable renumeration calculations for these businesses. (1) Includes Private Banking and Asset Management. 10#11Auto and Payments global scale advantages and capabilities are driving profitable growth across our 10 core markets and beyond Auto mobility services: a worldwide leader supported by our global OEM partnerships New loan growth (YoY) New auto DCB +2% #1 in Europe in volumes and Market¹ -4% profitability... Used auto +15% -11% Payments: expanding our merchant and card capabilities through the Group Getnet Merchant acquiring Top 3 in LatAm Scaling up our global platforms... Market share Mexico (# transactions) DCB Efficiency ratio 47% RoA² 20% 18% 14% 2.01% Peers 50% 1.06% Cards 97mn Cards managed globally +4mn YOY ...leveraging 2020 2021 Nov-22 Market position % activity related to partner OEM relationships in Europe YoY changes in constant euros PagoNxt Cards ...with strong +72% growth as we +19% +14% >40% ramp-up business +27% our position to #1 in LatAm grow in the Americas #5 in the US TPV Revenue Turnover Revenue Santander Note: Santander data - FY'22. Peer data - 9M'22 or latest available. Peer group corresponds to the those included in the benchmarking exercise for the variable renumeration calculations for DCB. New auto change in number of new car registrations; used auto change in number of market transactions. PBT/ average outstanding loans (with operational lease). 11#12Our actions are enabling us to deliver on our customer and digital targets while supporting the transition to a green economy Customer centric Our ESG approach is embedded in all our businesses Do 2022 YOY SCIB Total customers 160mn +7mn Green finance¹ c.€91bn Loyal customers 27mn +8% Consumer businesses Electric vehicles €4.8bn 2022 YOY Digital customers 51mn +8% WM&I Digital transactions 80% +4pp Socially responsible investment AuMs4 €53bn Project finance Renewables² #2 global leader Rest³ €0.3bn Innovative Partnerships: (RED) & Innoenergy Santander Note: 2022 provisional ESG figures. New business in 2022, unless stated otherwise. (1) Cumulative since 2019. Public target of €120bn by 2025 and €220bn by 2030. (2) According to Infralogic Dec-22 (3) Includes bicycles, solar panels, electric chargers, green heating systems, etc. (4) AuMs classified as Article 8 and 9 funds (SFDR) from SAM, plus third-party funds and other ESG products according to EU taxonomy from Private Banking. We apply equivalent ESG criteria to SAM's funds in Latin America. 12#13Supporting our teams, strengthening our culture and promoting financial inclusion Teams & Culture Social & Governance Financial inclusion ahead of targets Women in senior positions¹ c.29% (30% 2025 target) Financially empowered people since 2019 >10mn Microcredits (LatAm) >€900mn 54 Global eNPS² (16 higher than companies average) Corporate Governance siz Equal pay gap c.1% Board gender composition 40% women Note: 2022 provisional figures. Santander (1) Senior positions make up 1.2% of the total workforce. (2) Employee net promoter score. According to external benchmark Workday Peakon Employee Voice. 13#14Index 1 2 3 4 2022 Highlights Santander Group and Business areas review Final Appendix remarks 14#15Record profit boosted by 12% revenue growth... % change Attributable profit Constant € million 2022 2021 Euros € mn euros NII 38,619 33,370 16 9 Net fee income 11,790 10,502 12 7 2,543 2,275 2,351 2,422 2,289 Trading and other income 1,745 2,532 -31 -37 2,138 2,174 2,067 Total revenue 52,154 46,404 12 6 1,608 Q4 charges DGF & Bank Levy (c.€300mn after tax) Operating expenses -23,903 -21,415 12 7 Net operating income 28,251 24,989 13 5 LLPs -10,509 -7,436 41 31 Other results -2,492 -2,293 9 8 Q1'21 Q2 Q3 Q4 Q1'22 Underlying profit Q2 Q3 === Q4 Underlying att. profit 9,605 8,654 11 2 Net capital gains and provisions' 0 -530 -100 -100 Attributable profit (Constant € mn) 1,831 2,285 2,314 2,424 2,627 2,305 2,357 2,315 Attributable profit 9,605 8,124 18 8 Santander (1) 2021: restructuring costs (net of tax), corresponding mainly to the UK and Portugal. 15#16...and our geographic footprint Loans Deposits Contribution (€ bn) (€ bn) to Group's underlying profit Underlying attributable profit Underlying ROTE¹ (€ mn) Group +5% +9% Europe 579 643 3,810 12.5% 33% +3% +9% +38% +3.2 pp North 157 136 2,878 20.5% 25% America +9% +14% -14% -3.6 pp South 152 123 3,658 25.1% 31% America +10% +5% +1% -1.1 pp Digital 125 59 1,308 14.4% DCB Consumer Bank 11% +9% +7% +12% +1.3 pp Santander Note: YoY changes in constant euros. (1) Adjusted ROTES: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 9.3% for Europe, 11.1% for North America, 18.8% for South America and 13.7% for DCB. 16#17Q4 revenue growth supported by all regions and global businesses. Revenue breakdown Quarterly revenue drivers Q4'22 vs. Q3'22 Constant € mn 1.4bn 13,750 13,220 12,539 12,391 Revenue NII 1.2bn 10,400 9,808 9,178 8,904 NII Fees Trading gains 3,002 2,741 2,808 2,949 337 344 354 582 Fees Growth in Europe (+13%) and South America (+6%) Strong quarter in North America, after record NII in Q3 DCB activity offset by wholesale funding costs • Growth boosted by South America, mainly Brazil, and DCB Positive trends continued in: CIB +1%, WM&I (+3% including ceded fee income) and PagoNxt +18% 109 Other income • Q4 affected by DGF charges -234 Other 557 61 income Q1'21 Q2 Q3 Q4 Q1'22 Q2 Q3 Q4 Santander 17#18Full-year NII and NIM improved, supported by volumes and interest rate increases Constant € million NII and NIM 2.53% 2.41% Volume growth¹ • Deposits (+9%) increased in all regions NII drivers Loans (+5%) up in all markets All segments grew. Of note loans in CIB (+11%) NIM NII 35,417 +9% Higher • 38,619 interest rates • 2021 2022 Santander (1) In constant euros. In euros +6% in loans; +9% in deposits. . Benefiting the UK, Poland and Mexico Not yet fully reflected in Spain, Portugal and the US Brazil, Chile & DCB affected by negative sensitivity Margin management ⚫ Higher NIM supported by cost of deposit management Accelerated TLTRO repayments: €61bn to date • Continued rebuilding ALCO portfolio 18#19Net fee income supported by cross-border collaboration and growth in loyal customers driving both higher volumes and improved activity Net fee income Net fee income drivers YoY % changes in constant euros Constant € million Trade Private Banking net new money Insurance premiums +7% +13% €11.7bn +24% 11,790 DCB new lending Cards fees 11,045 >>> +10% +9% Pago Nxt fees +60% 2021 2022 Santander • Increase in all regions and DCB Greater transactional activity and high value-added products and services 19#20Focus on productivity and efficiency with real costs decreasing across our footprint Costs and Efficiency drivers Costs and efficiency ratio Constant € million 46.2% 45.8% Efficiency Costs 22,336 +7% 23,903 2021 2022 ✓ Santander Note: costs in real terms exclude the impact from weighted average inflation. Costs in real terms: -5% Costs grew below inflation in all regions Investments in digitalization and salary agreements affected some markets Structural improvement in Europe (-5pp) Efficiency improvement continued Ongoing transformation process towards simpler and more integrated models Focus on lowering cost-to-serve 20 20#21We achieved our <1% CoR target... Constant € million LLPs and CoR 0.99% 0.77% COR LLPs LLPs 8,011 2021 Santander +31% 10,509 2022 LLPs and CoR drivers • Q4 LLPs of €3.0bn (+11% QoQ) ⚫ 2022 includes additional LLPs due to updated macro assumptions (mainly US, Spain and UK) Normalization in some countries vs. releases in 2021 Cost of risk Improvement in Spain and Mexico ⚫ The UK (0.12%) and the US (1.35%) up from very low levels in 2021. CHF mortgages in Poland As expected, core trends continued to improve in Brazil in Q4, excluding a one-off 21#22...backed by a loan portfolio that is highly collateralized, diversified... Credit quality Solid loan portfolio structure Dec-22, YoY % changes in constant euros Dec-21 Dec-22 €1,019bn NPL ratio 3.16% 3.08% €1,019bn CIB 14% +11% >65% investment grade² Unsecured 35% SMEs & Corps Coverage ratio 71% 68% 0% c.50% secured 24% Non-auto & other +8% Stage 1 €929.4bn €1,004.1bn 13% Adequate risk-return levels in consumer Auto +8% Secured 65% 15% Stage 2 €70.8bn €69.1bn Indiv. mortgage +6% c.90% with LTVs <80% 34% Stage 3 €33.2bn €34.7bn Guarantee Segments Santander (1) Managerial breakdown. (2) Considering investment grade exposures with rating above equivalent rating agencies' BBB. 22#23...medium-low risk and predictable Loan portfolio structure in the main countries Spain UK Average mortgage portfolio LTV of 62%. 75% of the mortgage portfolio at variable rate Employment remains resilient Simple average mortgage LTV: 40% (LTV over 80% <5%). New business vintage delinquency rates stable Low unemployment rate Brazil ⚫ Unsecured individuals represent 20% of Brazil's total portfolio. Proactively implementing mitigation and correction measures to strengthen the portfolio Positive macroeconomic outlook: 2023 GDP growth and low unemployment is expected US SC Santander c.80% of total US portfolio is prime. Auto NPL coverage ratio c.90% and >10% coverage of the total auto portfolio Historically low unemployment rate and high collateral values (used car prices 43% higher than 2019, but correcting) 23#24Brazilian portfolio well-balanced between individuals and companies while we increased collateralization. 2022 impacted by a one-off, though main individuals' segments improved slightly Individual + CF portfolio breakdown Cost of risk 4.50% 4.89% 4.36% 4.06% 3.93% 4.35% 3.73% 4.79% 17% 16% 16% 16% 17% 17% (2% 2% 2% 2% 2% 72% Others 1 Agro 21% 21% 22% 21% 20% 19% Auto loans 2015 2016 2017 2018 2019 2020 2021 2022 Secured 24% 23% 19% 21% 21% 21% Mortgages I I 13% 16% 21% 21% 20% 21% Payroll loans Unsecured 17% 17% 17% 16% 17% Credit cards 16% Unsecured portfolio 6% 5% 3% 3% 4% 4% Personal loans 2015 2016 2019 2020 2021 2022 Personal loans 21.0% Strong growth of collateralized portfolio weight 18.9% 17.4% 14.0% 12.5% 9.9% Credit 39.2% 36.8% % total 26.4% 28.4% portfolio secured¹ 36.3% 37.0% cards 9.0% 9.4% 7.7% 7.1% 6.1% Secured portfolio 43% Corporates 48% 45% 45% 64% 62% + SMEs 7.42% Auto loans 4.33% 4.53% 5.25% Individuals 57% 52% 55% 55% 4.66% Payroll 2.61% 3.45% 4.42% 2.27% + 36% 38% Consumer Finance loans 2015 2016 2019 2020 2021 2022 Q4'19 Q4'20 Q4'21 Q4'22 Santander (1) Secured portfolio includes mortgages, payroll loans, auto and agro. 24#25In the US, credit normalization to continue in 2023, but the shift in Auto loan mix is supporting a CoR below pre-pandemic levels $ million US Net Total Charge-Offs $3,238 US Auto 60+ DQ 2019-2023 SC and SBNA Delinquency Rates 7.00% $494 6.00% Estimated to be below pre-pandemic "normal levels" 5.00% $1,897 4.00% 3.00% $2,597 $1,755 2.00% 1.00% 0.00% Q1'19 Q1'20 Q1'21 -Total Q1'22 SBNA ―SC Q1'23 (e) 2019 2022 Auto I Consumer (ex. Auto) Commercial Other inc. Bluestem US RICS and Auto loan distribution by FICO Segment¹ 2019-2023 NCO % (inc. repo) 8.0% >=640 14% 15% 21% 6.70% 34% 7.0% 38% 39% 41% 600-639 17% 17% US Auto Net-Charge Off Rates Estimated to be below pre-pandemic "normal levels" 18% 6.0% 16% 5.0% 16% 16% 17% 3.70% 3.60% 4.0% <600 53% 51% 51% 3.0% 41% 38% 38% 35% 1.70% 2.0% No FICO 16% 17% 1.0% 11% 9% 9% 7% 7% 0.0% 2016 2017 2018 2019 2020 2021 2022 2019 % funded with deposits 17% 18% 22% 30% 2020 INCO rate (annual) 2021 ―NCO rate (quarterly) 2022 2023 (e) Santander Note: NCO's are in IFRS. (1) Consumer Retail instalment contract (RICS) and auto loans, excludes commercial fleet. Excludes LHFS. 25#26Strengthening our capital position 2022 FL CET1 performance % 11.96 +1.38 Disciplined capital allocation strategy 2022 TARGETS 2022 ACHIEVEMENT 12.04 RWAs rising below -0.62 -0.27 -0.34 -0.07 loan growth (excluding FX impact) RWAS +1% < Loans +5% Dec-211 Gross organic generation Shareholder remuneration & models Regulatory Markets Corporate Dec-22 & others transactions 2022 front book RoRWA: 2.2% 2.6% In Q4, +40bps of gross organic capital generation, -23bps from cash dividend accrual and share buybacks and -23bps from regulatory, models and others % of RWAs with RoE > CoE: 80% 80% (70% in FY'21) Santander (1) Including acquisition of SC USA minority interest and Amherst Pierpont Securities completed at the beginning of 2022. 26#27Index 1 2 3 4 2022 Highlights Group and Business areas review Final remarks Santander Appendix 27 27#28Strong performance in 2022, delivering on profitability, capital and CoR targets We continue to serve more customers while maintaining a rock-solid balance sheet - +7 million customers in 2022 - Top 3 by NPS in 8 markets - FL CET1 above 12%, while delivering on CoR target (<1%) As a result, 2022 has been a record - - year: Double-digit growth in revenue (+6% in constant euros) and profit ROTE 13.4% and EPS +23% YOY - Increased shareholder remuneration: cash DPS +16% year-on-year¹ Santander (1) Our 2022 shareholder remuneration policy is c.40% payout split in approximately equal parts (cash and share buybacks). Cash DPS estimated as 20% of the profit for the year. Implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. 28#29We achieved our 2022 and 2019 medium-term Group financial targets 2019 medium-term targets 2022 2022 targets Mid-single digit Revenue +6% growth1 Efficiency ratio 42-45% ~45% 45.8% COR <1% 0.99% ROTE 13-15% >13% 13.4% FL CET1 11-12% ~12% 12.04% ✓ Payout 40-50% 40% 40% Santander 29 Note: our 2022 shareholder remuneration policy is c.40% payout split in approximately equal parts (cash and share buybacks). Implementation of the shareholder remuneration policy 29 is subject to future corporate and regulatory decisions and approvals. (1) In constant euros.#30Looking ahead, we are well positioned to drive profitable growth in 2023 We are confident that our customer focus and consistent track record in increasing profitability will enable us to achieve the following 2023 targets Revenue Efficiency ratio COR FL CET1 ROTE Double-digit growth 44-45% <1.2% >12% >15% Santander Note: targets market dependent. Based on macro assumptions aligned with international economic institutions. 30#31Our purpose and how we want to be different (SI PIF) will drive customer growth and customer loyalty, increasing profitability to drive shareholder remuneration and value creation Our aim To be the best open financial services platform, by acting responsibly and earning the lasting loyalty of our people, customers, shareholders and communities Our purpose To help people and businesses prosper Santander ISI Our how Everything we do should be Simple, Personal and Fair 31#32Santander INVESTOR | 28 February 2023 DAY LONDON KKKKKKKKKKKK 259 O PGS NE FUER P DATE SPEAKERS 28 February 2023 8.00 am -1.00 pm Ana Botín Executive Chair EVENT LOCATION Héctor Grisi CEO of Grupo Santander José García Cantera CFO of Grupo Santander 8 Northumberland Avenue London WC2N 5BY United Kingdom Phone: +44 20 3263 1011#33Index 1 2 3 4 2022 Highlights Group and Business areas review Final Appendix remarks Santander 33#34Appendix Primary and Secondary segments Responsible Banking Glossary The other information in the Appendix regularly provided each quarter can be found in the document entitled "Supplementary Information", published together with this presentation on the Group's corporate website. Santander 34#35Santander Primary segments Detail by region and country 35#36Europe Loans €579bn +3% €643bn +9% Key data and P&L Deposits Mutual Funds €93bn -13% Efficiency 47.3% -4.9pp COR 0.39% Obps ROTE¹ 12.5% +3.2pp Highlights Business transformation to deliver accelerated growth, a more efficient operating model and increased customer satisfaction Customers, loans and deposits up in most countries Double-digit profit growth supported by strong NII performance, cost control and contained COR Costs decreased 7% in real terms and efficiency improved 5pp, reflecting the structural changes in our operating model In Q4, NII growth was noteworthy (+13%). Profit affected by DGF contribution in Spain and the Bank Levy charge and the settlement agreed with the FCA in the UK P&L* NII Q4'22 % Q3'22 2022 % 2021 % 20212 3,567 12.8 12,565 18.5 18.8 Net fee income Total revenue 1,051 -6.5 4,493 3.3 3.4 4,757 1.8 18,030 12.9 13.2 Operating expenses -2,227 4.9 -8,523 2.1 2.5 Net operating income LLPs 2,530 -0.7 9,507 24.8 24.8 -636 3.9 -2,396 4.8 4.5 Underlying att. profit 973 -2.0 3,810 37.8 38.6 (*) € mn and % change in constant euros. Santander Note: 2022 data and YoY changes (loans, deposits and mutual funds in constant euros). (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 9.3%. (2) % change in current euros. 36#37Spain Increased service quality reflected in customer and volumes growth, mainly in mortgages, consumer, CIB and deposits ⚫ Profit x2.5 vs. 2021 on the back of 9% higher NII, good cost control and 31bps CoR improvement . . UK Strong net mortgage lending (£9.8bn in 2022) NOI up 22% YoY supported by NII and efficiency gains Higher LLPs due to macro update vs. releases in 2021. Q4 profit impacted by the Bank Levy charge and the settlement agreed with the FCA (€127mn) Loans Deposits Mutual Funds Loans €250bn +2% €335bn +15% €72bn -10% €245bn +4% Deposits €222bn +2% Mutual Funds €7bn -17% Efficiency COR ROTE¹ Efficiency COR ROTE¹ 48.6% -3.7pp 0.61% -31bps 9.2% +5.4pp 49.6% -4.3pp 0.12% +21bps 15.4% -2.6pp P&L* Q4'22 % Q3'22 2022 % 2021 P&L* Q4'22 % Q3'22 2022 % 2021 % 2021² NII 1,405 25.5 4,539 9.0 NII 1,297 3.2 4,992 13.0 13.9 Net fee income 646 -7.3 2,818 1.0 Net fee income 95 3.4 390 -10.8 -10.1 Total revenue 2,175 2.5 8,233 6.3 Total revenue 1,388 0.9 5,418 11.6 12.5 Operating expenses -1,057 6.0 -3,998 -1.3 Operating expenses -677 4.3 -2,685 2.8 3.6 Net operating income 1,118 -0.6 4,236 14.6 Net operating income 710 -2.2 2,733 21.9 22.9 LLPs -390 -7.5 -1,618 -30.3 LLPs -82 -23.8 -316 Underlying att. profit 456 1.0 1,560 148.9 Underlying att. profit 257 -34.6 1,395 -10.0 -9.2 (*) € mn and % change. (*) € mn and % change in constant euros. Santander Note: 2022 data and YoY changes (loans, deposits and mutual funds in constant euros). (1) Adjusted RoTES: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 7.9% for Spain and 10.7% for the UK. (2) % change in current euros. 37#38Portugal Strengthened customer loyalty (#2 in NPS) and increased activity in mortgages and protection insurance Profit up supported by fees, further efficiency gains and well-controlled CoR. NII growth accelerated in Q4 Poland Strong operating performance, NII doubled supported by higher rates, while costs grew well below inflation Profit soared, absorbing the impacts from CHF portfolio, mortgage payment holidays and IPS contribution Loans €40bn 0% Deposits €42bn -1% Mutual Funds €4bn -17% Loans €31bn +1% Deposits €39bn +6% Mutual Funds €3bn -29% Efficiency COR ROTE¹ Efficiency COR ROTE¹ 38.7% -4.1pp 0.04% -5bps 29.6% +6.0pp 28.0% -13.0pp 1.43% +76bps 18.1% +11.3pp P&L* NII Q4'22 % Q3'22 2022 % 2021 P&L* Q4'22 % Q3'22 2022 % 2021 % 2021< 231 31.7 747 3.4 NII 552 3.7 1,976 98.7 93.7 Net fee income 118 -2.6 484 9.8 Net fee income 125 -7.7 528 4.6 2.0 Total revenue 362 13.4 1,295 -1.3 Total revenue 695 0.5 2,474 57.0 53.0 Operating expenses -126 0.2 -502 -10.9 Operating expenses -182 6.3 -692 7.2 4.5 Net operating income 237 21.9 793 5.8 Net operating income 512 -1.5 1,782 91.6 86.7 LLPs -8 - -17 -55.0 LLPs and other provisions -235 -47.5 -993 68.8 64.5 Underlying att. profit 174 28.5 534 15.7 Underlying att. profit 134 475.7 364 165.9 159.2 (*) € mn and % change. (*) € mn and % change in constant euros. Santander Note: 2022 data and YoY changes (loans, deposits and mutual funds in constant euros). (1) Adjusted ROTES: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 15.0% for Portugal and 11.9% for Poland. (2) % change in current euros. 38#39North America Highlights Larger customer base and enhanced customer experience through tailored products and services • Overall volumes growth, driven by most segments in Mexico and by CIB, CRE and Auto in the US Profitability remained high driven by outstanding results in Mexico and high profit in the US • In Q4, NII remained high, costs increased and LLPs normalization Loans €157bn +9% Efficiency 47.7% +1.9pp Key data and P&L Deposits Mutual Funds €136bn +14% €28bn 0% COR 1.49% +57bps ROTE¹ 20.5% -3.6pp P&L* Q4'22 % Q3'22 2022 % 2021 % 20212 NII 2,603 -0.3 9,705 6.6 20.2 Net fee income 508 -1.1 1,958 5.7 19.1 Total revenue 3,295 2.2 12,316 0.6 13.5 Operating expenses -1,632 6.1 -5,871 5.1 18.2 Net operating income LLPS 1,663 -1.4 6,445 -3.1 9.5 -872 24.6 -2,538 85.5 109.8 Underlying att. profit 607 -12.0 2,878 -14.1 -2.8 (*) € mn and % change in constant euros. Santander Note: 2022 data and YoY changes (loans, deposits and mutual funds in constant euros). (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 11.1%. (2) % change in current euros. 39#40USA Strong volume growth: loans up mainly due to Auto, CRE and CIB, while time deposits grew on the back of higher rates High profit (€1.8bn) from strong NII and good cost control, offsetting LLP normalization and lower lease income • • Mexico Successful customer attraction strategy (+0.6mn total customers YoY) reflected in growth in loans and fees Outstanding results driven by greater customer revenue and strong credit quality performance (NPL ratio: -41bps) Loans €115bn +9% Deposits €98bn +19% Mutual Funds €15bn -3% Loans €41bn +8% Deposits €37bn +1% Mutual Funds €14bn +3% Efficiency COR ROTE¹ 47.2% +3.3pp 1.35% +93bps 16.8% -7.2pp Efficiency 44.9% -1.3pp COR ROTE¹ 1.95% -48bps 35.4% +7.0pp P&L* Q4'22 % Q3'22 2022 % 2021 % 2021² P&L* Q4'22 % Q3'22 2022 % 2021 % 2021² NII 1,594 -3.4 6,140 3.0 15.9 NII 1,009 4.9 3,565 13.3 28.6 Net fee income 183 -3.6 771 -12.3 -1.4 Net fee income 309 0.6 1,140 21.3 37.7 Total revenue 1,957 -0.8 7,623 -6.8 4.8 Total revenue 1,311 6.6 4,623 14.7 30.1 Operating expenses -964 2.6 -3,599 0.1 12.6 Operating expenses -609 12.3 -2,076 11.4 26.4 Net operating income 993 -3.8 4,025 -12.3 -1.4 LLPS -637 24.9 -1,744 270.3 316.4 Net operating income LLPs 702 2.1 2,547 17.5 33.3 -233 23.4 -788 -12.2 -0.3 Underlying att. profit 294 -24.8 1,784 -29.6 -20.8 Underlying att. profit 339 2.0 1,213 31.0 48.6 (*) € mn and % change in constant euros. (*) € mn and % change in constant euros. Santander Note: 2022 data and YoY changes (loans, deposits and mutual funds in constant euros). (1) Adjusted RoTES: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 9.4% for the US and 16.9% for Mexico. (2) % change in current euros. 40#41South America Highlights Strengthening the connection and sharing best practices among units, capturing new business opportunities ⚫ Customer base growth (+7mn YoY) Loans €152bn +10% Key data and P&L Deposits €123bn +5% Mutual Funds €59bn +7% Efficiency 37.0% +2.0pp COR 3.32% +72bps ROTE¹ 25.1% -1.1pp . Profit up YoY boosted by revenue and a lower tax burden, more than offsetting inflationary pressures and higher LLPs P&L* Q4'22 % Q3'22 2022 % 2021 % 2021² NII 3,141 5.5 12,979 5.6 14.8 Net fee income 1,165 12.0 4,515 11.5 21.4 • High profitability, with double-digit ROTEs in all countries Total revenue 4,412 4.5 18,025 7.6 17.5 Operating expenses -1,740 12.3 -6,675 18.0 24.1 Q4 customer revenue up 7% (partly due to higher transactionality), offset by growth in costs (labour agreements and activity) and LLPs (lower without one-off in Brazil) (*) € mn and % change in constant euros. Net operating income LLPS 2,672 -0.2 11,350 2.3 14.0 -1,408 12.1 -5,041 37.2 55.1 Underlying att. profit 774 -9.4 3,658 0.6 10.3 Santander Note: 2022 data and YoY changes (loans, deposits and mutual funds in constant euros). (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 18.8%. (2) % change in current euros. 41#42Efficiency 32.4% +2.6pp Brazil Selective volume growth, mainly secured and corporates Profit remained high in a difficult scenario given inflation and higher interest rates In Q4, NII and fees increased. Profit impacted by higher costs (labour agreement and activity) and LLPs (lower without one-off) Loans €92bn +8% Deposits €76bn +4% Mutual Funds €45bn 0% COR ROTE¹ 4.79% +106bps 24.9% -2.8pp Chile Focus on Getnet and Santander Life, boosting banking penetration. #1 in NPS Profit up YoY due to higher revenue (fees and trading gains), cost control and lower tax burden NII affected by the negative sensitivity to interest rate hikes Loans €45bn +8% Deposits €29bn -8% Mutual Funds €9bn +3% Efficiency COR 40.1% +1.7pp 0.93% +8bps ROTE¹ 28.7% +3.8pp P&L* NII Q4'22 % Q3'22 2,229 0.8 2022 8,901 % 2021 % 2021² P&L* Q4'22 % Q3'22 2022 % 2021 % 2021² -3.7 13.1 NII 332 -17.3 1,772 -8.7 -10.6 Net fee income 884 11.0 3,296 2.8 20.8 Net fee income 127 6.2 468 21.3 18.8 Total revenue 3,240 0.6 12,910 1.0 18.7 Total revenue 515 -10.7 2,449 1.9 -0.3 Operating expenses -1,171 12.6 -4,180 9.9 29.2 Operating expenses -244 -1.7 -981 6.4 4.1 Net operating income 2,069 -5.1 8,730 -2.8 14.3 LLPs -1,252 10.6 -4,417 38.4 62.7 Net operating income LLPs 271 -17.5 1,468 -0.9 -3.0 -108 26.5 -399 19.5 16.9 Underlying att. profit 517 -20.6 2,544 -6.7 9.7 Underlying att. profit 126 -21.0 677 8.8 6.5 (*) € mn and % change in constant euros. (*) € mn and % change in constant euros. Santander Note: 2022 data and YoY changes (loans, deposits and mutual funds in constant euros). (1) Adjusted RoTES: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 19.2% for Brazil and 19.5% for Chile. (2) % change in current euros. 42#43Argentina Changes affected by high inflation Strengthened the customer loyalty. #1 in NPS ⚫ Profit up YoY driven by revenue growth well above inflation and efficiency improvement. Strong credit quality Uruguay, Peru and Colombia Consumer credit expansion in Uruguay and joint initiatives between CIB and Corporates in Peru and Colombia Strong customer loyalty reflected in loan growth Profits up due to NII. High profitability: double-digit ROTES Loans €6bn +72% Deposits €11bn +87% Mutual Funds €4bn +136% Uruguay ROTES¹ Peru Colombia Efficiency COR ROTE1 33.1% +2.9pp 20.1% -2.6pp 10.6% -0.9pp 53.9% -4.2pp 2.91% -10bps 47.1% +12.5pp P&L* Q4'22 % Q3'22 NII 431 42.9 2022 1,778 171.5 % 2021 % 20212 67.0 Underlying attributable profit € mn Net fee income 97 27.7 542 109.6 28.9 138 +5% Total revenue 420 47.1 1,833 114.8 32.1 73 +4% 27 +14% Operating expenses -178 27.7 -987 99.4 22.6 Net operating income 242 72.2 846 136.1 45.2 LLPs -26 63.2 -132 53.0 -5.9 Underlying att. profit 91 87.1 324 95.1 20.0 2022 2022 2022 (*) € mn and % change in constant euros. Santander Note: 2022 data and YoY changes (underlying profit, loans, deposits and mutual funds in constant euros). (1) Adjusted RoTES: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 26.2% for Argentina, 21.8% for Uruguay, 22.7% for Peru and 16.0% for Colombia. (2) % change in current euros. 43#44DCB Digital Consumer Bank Highlights We expanded our value proposition further with new commercial alliances, leasing, subscription and BNPL services Significant market share gains as new lending (+10% YoY) clearly outperformed a shrinking market Revenue growth (leasing and fees) more than absorbed negative sensitivity to rate rises and new TLTRO conditions Costs grew well below inflation (-6% in real terms), absorbing transformational projects • Credit quality remains solid; NPL down to 2.06% and CoR remained low at 0.45% New lending Key data and P&L Loans Customer Funds €52bn +10% €125bn +9% €62bn +7% Efficiency 46.7% -0.4pp COR 0.45% Obps ROTE¹ 14.4% +1.3pp P&L* NII Q4'22 % Q3'22 2022 % 2021 % 2021² 990 -0.2 4,022 -0.5 -0.5 Net fee income 215 5.4 843 2.8 2.7 Total revenue 1,382 5.6 5,269 3.2 3.3 Operating expenses -609 1.6 -2,462 2.4 2.4 Net operating income LLPS 773 9.0 2,807 3.9 4.2 -115 -18.4 -544 3.1 3.2 Underlying att. profit 400 19.2 1,308 11.7 12.4 (*) € mn and % change in constant euros. Santander Note: 2022 data and YoY changes (loans and customer funds in constant euros). (1) Adjusted RoTES: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 13.7%. (2) % change in current euros. 44#45Corporate Centre Highlights Income statement P&L* NII 2022 2021 -652 -624 Gains/losses on financial transactions -724 -140 Operating expenses -372 -346 LLPS and other provisions -164 -345 -27 -25 Underlying attributable profit -2,049 -1,535 (*) € mn . • NII impacted by the rising interest rates Negative FX hedging results offset by the positive impact from exchange rates in the countries' results Significant decrease in LLPs and other provisions Tax and minority interests Santander 45#46Santander Secondary segments Detail by business 46#47Global businesses Corporate & Investment Banking SCIB's client centric transformation from lenders to strategic partners is yielding strong results ⚫ Further diversified business model across clients, geographies and products. Accelerated capital rotation ⚫ Robust operating performance driven by double-digit growth in all core businesses, especially Markets, GDF and GTB • • Wealth Management & Insurance Strong growth in contribution to Group profit on a like-for-like basis (+18%) in a challenging market environment Private Banking: recognized as a top 3 Best Global Private Bank with a record year in results and cross-border business SAM showed resilience market turmoil maintaining contribution to profit level Insurance: sustained growth in gross written premiums: +24% Total fees €1,988mn +9% Profit €2,805mn +31% ROTE 22.0% +4.5pp AuMs Total fees¹ €401bn -3% €3,689mn +3% ROTE 59.7% +5.1pp P&L* Q4'22 % Q3'22 2022 % 2021 % 2021² P&L* Q4'22 % Q3'22 2022 % 2021 % 2021² Total revenue 1,798 -3.1 7,395 27.4 31.6 Total revenue 701 5.0 2,608 12.1 16.4 Net operating income 935 -17.1 4,497 35.0 38.8 Net operating income 417 1.7 1,566 14.8 18.1 Underlying att. profit 441 -38.6 2,805 31.0 32.7 Underlying att. profit 301 2.1 1,118 15.3 18.8 (*) € mn and % change in constant euros. Contribution to profit 3 738 3.9 2,728 9.7 15.7 (*) € mn and % change in constant euros. Santander Note: 2022 data and YoY changes (fees, profit and commercial activity in constant euros). (1) Including fees generated by asset management and insurance ceded to the commercial network; +4% excluding insurance one offs in 2021. (2) % change in current euros. (3) Excluding insurance one-off in 2021: contribution to the profit: +18%; total revenue: +22%, net operating income: +34% and attributable profit: +36%. 47#48PagoNxt Merchant Acquiring: Total Payments Volume rose backed by Brazil (+16%), Europe (+39%) and Mexico (+35%) ⚫ Revenue increased 93% YoY (+72% in constant euros) due to overall increase in business activity and volumes across regions • Cards 97 million cards managed globally Revenue grew 29% YoY (+19% in constant in euros) • High profitability with an ROTE of c.30% Merchant Acquiring Total Payments Volume (TPV) International Trade Cards # Active customers Turnover ONe Trade €165bn +27% >30k Ebury €302bn +14% # transactions +13% PagoNxt quarterly revenue performance Quarterly revenue performance Constant € mn Constant € mn 295 +72% 2022 vs. 2021 972 999 975 1,055 938 806 829 253 232 739 179 159 173 139 78 ill FY'22 target: +50% +19% 2022 vs. 2021 Q1'21 Q2 Q3 Q4 Q1'22 Q2 Q3 Q4 Q1'21 Q2 Q3 Q4 Q1'22 Q2 Q3 Q4 Santander Note: 2022 and YoY changes in constant euros. Cards does not include Digital Consumer Bank or PagoNxt. 48#49Appendix Primary and Secondary segments Responsible Banking Glossary Santander 49#50New in 2022 We continue to make progress on our ESG agenda 2018 2019 2020 2021 2022 2025/2030 target Electricity used from renewable energy sources 43% 50% 57% 75% 86% -→100% 120bn by 2025 Green finance raised and facilitated (€) 19bn 33.8bn 65.7bn 90.9bn 220bn by 2030 Socially Responsible Investments AuMs (€) 27bn 53bn 100bn by 2025 Thermal coal-related power & mining phase-out (€) Emissions intensity of power generation portfolio Absolute emissions of energy portfolio 7bn 6bn 0 by 2030 0.21 0.17 23.84 Emissions intensity of aviation portfolio 92.47 Emissions intensity of steel portfolio Financially empowered people Women in senior positions Equal pay gap 1.58 2mn 5mn 7mn 10mn 20% 23% 23.7% 26.3% 0.11 tCO2e/MWh in 2030 16.98 mtCO2e in 2030 -61.71 grCO2e / RPK in 2030 -1.07 tCO2e/tCS in 2030 10mn by 2025 29.1% -30% by 2025 3% 2% 2% 1% 1% -----~0% by 2025 Santander Note: 2022 provisional data. --> From...to... Accumulated 50#51Appendix Primary and Secondary segments Responsible Banking Glossary Santander 51#52Glossary - Acronyms ALCO: Assets and Liabilities Committee AM: Asset management AML: Anti-Money Laundering AT1: Additional Tier 1 AuMs: Assets under Management BFG: Deposit Guarantee Fund in Poland bn: Billion BNPL: Buy now, pay later bps: Basis points c.: Circa CET1: Common equity tier 1 CHF: Swiss franc CIB: Corporate & Investment Bank CoE: Cost of equity COR: Cost of risk Covid-19: Coronavirus Disease 19 CRE: Commercial Real Estate DCB: Digital Consumer Bank DGF: Deposit guarantee fund DPS: Dividend per share eNPS: Employee net promoter score EPS: Earning per share ESG: Environmental, social and governance FL: Fully-loaded FX: Foreign exchange Santander FY: Full year GDF: Global Debt Finance GDP: Gross domestic product GTB: Global Transaction Banking GWPs: Gross written premiums HQLA: High quality liquid asset HTC&S: Held to collect and sell IFRS 9: International Financial Reporting Standard 9, regarding financial instruments IPS: Institutional Protection Scheme LCR: Liquidity coverage ratio LLPS: Loan-loss provisions LTV: Loan to value M/LT: Medium-and long-term mn: million MREL: Minimum requirement for own funds and eligible liabilities NII: Net interest income NIM: Net interest margin NOI: Net operating income NPL: Non-performing loans NPS: Net promoter score OEM: Original equipment manufacturer PB: Private Banking PBT: Profit before tax P&L: Profit and loss POS: Point of Sale pp: Percentage points Ps: Per share QoQ: Quarter-on-Quarter Repos: Repurchase agreements RoA: Return on assets RoE: Return on equity RoRWA: Return on risk-weighted assets ROTE: Return on tangible equity RWA: Risk-weighted assets SAM: Santander Asset Management SAN: Santander SCIB: Santander Corporate & Investment Banking SC USA: Santander Consumer USA SME: Small and Medium Enterprises SRF: Single Resolution Fund ST: Short term T1/T2: Tier 1/Tier 2 TLAC: Total loss absorbing capacity TLTRO: Targeted longer-term refinancing operations TNAV: Tangible net asset value TPV: Total Payments Volume YoY: Year-on-Year YTD: Year to date WM&I: Wealth Management & Insurance 52#53Glossary - Definitions PROFITABILITY AND EFFICIENCY ROTE: Return on tangible capital: Group attributable profit/ average of: net equity (excluding minority interests) - intangible assets (including goodwill) RoRWA: Return on risk-weighted assets: consolidated profit/ average risk-weighted assets Efficiency: Operating expenses / total income. Operating expenses defined as general administrative expenses + amortizations VOLUMES Loans: Gross loans and advances to customers (excl. reverse repos) Customer funds: Customer deposits excluding repos + marketed mutual funds CREDIT RISK ✓ NPL ratio: Credit impaired loans and advances to customers, customer guarantees and customer commitments granted / Total risk. Total risk is defined as: Total loans and advances and guarantees to customers (including credit impaired assets) + contingent liabilities granted that are credit impaired Total coverage ratio: Total allowances to cover impairment losses on loans and advances to customers, customer guarantees and customer commitments granted / Credit impaired loans and advances to customers, customer guarantees and customer commitments granted Cost of risk: Allowances for loan-loss provisions over the last 12 months / average loans and advances to customers of the last 12 months CAPITALIZATION Tangible net asset value per share - TNAVps: Tangible stockholders' equity/ number of shares (excluding treasury shares). Tangible stockholders' equity calculated as shareholders equity + accumulated other comprehensive income - intangible assets Notes: The averages for the ROTE and RoRWA denominators are calculated using 13 months from December to December. For periods less than one year, and if there are results in the net capital gains and provisions line, the profit used to calculate RoE and RoTE is the annualized underlying attributable profit to which said results are added without annualizing. For periods less than one year, and if there are results in the net capital gains and provisions line, the profit used to calculate RoA and RoRWA is the annualized underlying consolidated profit, to which said results are added without annualizing. The risk-weighted assets included in the denominator of the RoRWA metric are calculated in line with the criteria laid out in the CRR (Capital Requirements Regulation). Santander 53#54Thank You. Our purpose is to help people and businesses prosper. Our culture is based on believing that everything we do should be: Simple Personal Fair Santander Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA FTSE4Good