#1Strategic and Financial Analysis. Financial Division Institutional Presentation 2023 Santander#2Index 1 2 3 4 5 Our business model and strategy Santander Group structure and businesses 2023 results & activity Final remarks Links to public materials 2#3Santander 1. Our business model ● and strategy#4Santander, a leading group financial Santander 2023 Highlights Total assets (€ bn) 1,797 Customer loans (€ bn excluding reverse repos) 1,015 Customer deposits + mutual funds (€ bn excluding repos) 1,177 Branches 8,518 2023 Net operating income (pre-provision profit) (€ mn) 32,222 2023 Attributable profit (€ mn) 11,076 Market capitalization (€ bn; 29-12-23) 61 MA People (headcount) Customers (mn) 212,764 165 Shareholders (mn) Financial inclusion starting 2023 (mn people) 3.7 1.8 4#5The Santander Way 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 Who we are and what guides us Our purpose To help people and businesses prosper Our how Everything we do should be Simple, Personal and Fair Santander which motivates An engaged talented team generates support for our communities We create value for all customer loyalty so we deliver strong financial results for our shareholders leading to 5#6Santander business model SCALE DIVERSIFICATION J Γ CUSTOMER L 1 focus Our business model based on unique competitive advantages is the foundation for generating value for our shareholders Digital bank with branches In-market & Global Business Geography Balance sheet Santander Entering a new phase of value creation 60#701. • Customer focus 165 (+5mn) million customers Distribution by market NA 15% E 28% SA 45% DCBE 12% We have grown our customer base over the last seven years, with balanced growth by region and business 100 mn (+0.3mn) Active customers Customer satisfaction Top 3 NPS1 in 7 markets Bo +10% Transactions per active customer 54.2 mn (+5%) Digital customers 56% Digital sales as a % of total sales in 2023 Santander Note: YoY changes Transactions include merchant acquiring, cards and electronic A2A payments. (1) NPS internal benchmark of individual customers' satisfaction audited by Stiga/Deloitte H2'23. 7#801. Customer focus To bring all our customers to a common operating model, while converging to a common technology to build a digital bank with branches Santander Note: data as of Dec-23. Bo DODO Traditional banking Branches, ATMs, retail agents, ... Digital banking Internet, mobiles, tablets, smartphones, smartwatches,... Branches: >8,000 Best omni-channel experience, while we guarantee access to all segments Collaborative spaces and increased digital capabilities WORK CAFE / SANTANDER Sparsely populated communities O Most vulnerable groups Santander Smart and Ágil branches ● Low-income communities O University students WWW T i 8#902. Scale In-market scale Market shares Our unique combination of in-market scale and global scale network allow us to be among the most profitable banks in our markets North America 4% Auto lending 2% Deposits 7% Deposits 9% Loans Europe Digital Consumer Bank Europe 12% 17% Loans Loans 13% Loans South America 11% 13% Deposits #0000 Deposits 12% 18% Deposits Loans #1 European Consumer Bank 9% 20% 18% Loans Deposits Loans 17% 10% Deposits Deposits 12% Loans 10% Deposits Global scale Five global businesses Retail & Commercial Banking Digital Consumer Bank Corporate & Investment Banking Wealth Management & Insurance Payments Market share data: as at Sep-23 or latest available. Spain includes Santander España + Hub Madrid + SCF España + Openbank and Other Resident sectors in deposits. The UK: includes London Branch. Poland: Santander including SCF business in Poland. The US: retail auto loans includes Santander Consumer USA and Chrysler Capital combined. Deposits market share in the US as of 30/06/2023 considering all states where Santander Bank operates. Brazil: deposits including debenture, LCA (agribusiness notes), LCI (real estate credit notes), financial bills (letras financeiras), COE (certificates of structured operations) and LIG (Letras inmobiliarias Grantidas). 9#1003. Diversification Profit Customer loans Customer funds 10% 45% 55% 13% 17% Geographical well-diversified profit 25% and balance sheet 20% 16% 16% 6% 62% 15% Europe North America South America DCB Europe Santander Note: 2023 underlying attributable profit by region (% operating areas excluding Corporate Centre). Dec-23 customer loans excluding reverse repos and customer funds includes customer deposits excluding repos + mutual funds (% operating areas). 10#1103. Diversification Business diversification Corporates, 15% SMES, 9% Customer loans Customer funds CIB, 13% Home mortgages, 33% Mutual funds, 18% Individuals, 48% CIB, 13% Consumer, 24% Other individuals, 6% SMEs, Corp & other, 21% Santander Note: data as of Dec-23. Customer loans excluding reverse repos. Customer funds: customer deposits excluding repos + mutual funds. Corporates includes corporates and institutions. 11#1203. Diversification Rock-solid balance sheet with conservative risk management Santander Simple, transparent and easy to analyze balance sheet Medium-low risk profile Strong liquidity ratios well above requirements Strong solvency ratios Focus on capital efficiency and asset rotation Stable and diversified deposit structure High-quality retail customer deposits Highly collateralized and diversified loan portfolio Low-risk loan portfolio Supporting value creation and sustainable remuneration to our shareholders 12#13In summary Reliable risk-return profile Lower volatility of results Differential Pre-provision profit/loans and cost of risk EPS volatility2 Our results show that our business model works. It is based on unique competitive advantages which differentiate us in terms of growth, cost and profitability 1.60% 0.62% 1.90% 1.89% 1.80% 1.90% 1.80% 1.61% 1.65% 1.65% 1.70% 1.25% 1.21% Fill 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Pre-provision profit/loans + 3.25% 3.06% 2.94% 3.04% 2.90% 2.83% 2.97% 2.89% 2.80%. 2.49% 2.57% 2.70% 3.03% Cost of risk¹ 2.44% 1.65% 1.69% 1.43% 1.25% 1.18% 1.07% 1.00% 1.00% 1.28% 1.18% 0.77% 0.99% 12% 40% 39% 42% 84% 126% 116% 148% 252% 631% Santander (1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months. 13 (2) Calculated using quarterly data from Jan-99 to Q3'23. Source: Bloomberg, with GAAP criteria. Standard deviation of the quarterly EPS starting from the first available data since Jan-99.#14A new phase of profitability and growth underpinned by three tenets Think Value Think Customer Delivering double-digit value creation, on average through-the-cycle Building a digital bank with branched with well targeted products and services to grow our customer base Santander Think Global Best customer experience leveraging our global and in- market scale, network and technology capabilities to accelerate profitable growth 14#15Environmental, Social and Governance 2023 Green Finance raised and facilitated €114.6bn We continue to make progress on our ESG agenda Socially responsible Investments (AUM) €67.7bn = 2025 targets €120bn €100bn Financial inclusion (# People) 1.8mn >>> 5mn Note: information has been verified with limited assurance by PricewaterhouseCoopers Auditores, S.L. Not taxonomy. Green finance raised & facilitated (€bn): since 2019. Financial inclusion (#people, mn): starting Jan-23. Does not include financial education. Definitions in the Glossary of this presentation. Santander More information available at www.santander.com/en/our-approach. 15#16и тагета RVICIOS ICCION CIONES/ DISEÑO Santander bga 71 Bathoge WORK CAFE SANTANDER 2. Group structure and ⚫ businesses#17Primary segments (Global Businesses) Retail Consumer CIB Wealth Payments Private Banking Individuals Consumer business1 SBNA consumer² Transactional Banking Investment Banking Openbank Markets Asset Management (SAM) Insurance PagoNxt Cards Group organizational structure from January 2024 SMES Corporates Santander E Secondary (geographic) segments Europe DCBE DCB Europe NA North America SA South America Spain UK SCF SCF Portugal Poland C Openbank United States Mexico Brazil Uruguay Chile Argentina Peru Colombia Other Europe General Secretariat³ Internal Audit Strategy & ESG Comms & Marketing Risk & Compliance Corporate Development Technology & Operations Talent & Human Resources Group functions and Corporate Centre activities Regulatory & Supervisory Relations Financial Accounting Finance & Control Universities Note: Corporate Centre is allocated to both the primary and secondary segments. (1) Includes all consumer finance companies across the Group. (2) Includes individuals. (3) Includes Legal, Internal Governance, Tax and Security & Intelligence. Investment Platforms & Corporate Investments Costs & Organization 17#18Our last step towards ONE Santander announced on 18 September Global businesses Retail Retail & Commercial Banking Consumer Digital Consumer Bank CIB Corporate & Investment Banking ONE Santander Wealth Wealth Management & Insurance 2023 Payments Payments New reporting from 2024* E NA SA DCBE Europe North America South America DCB Europe Santander Santander will concentrate operations in five global businesses which will become the bank's primary reporting segments, while will maintain current governance of subsidiaries autonomous in capital and liquidity (*) The Group will align the way it reports its financial results to this new model from January 2024, once it is fully implemented. Retail & Commercial and Digital Consumer Bank will be new global businesses. Payments will include Cards and PagoNxt, which retains its own distinct Governance arrangements. 18#19Santander Global Businesses 19#20هههه 2023 Highlights Total income (€ mn) 29,754 Efficiency ratio 43.1% ROTE 15.1% Underlying attributable profit (€ mn) 5,659 Retail & Commercial Banking 'A new global business integrating all our retail and commercial banking business globally to better serve our customers, improve efficiency and drive value creation' Strategic priorities ■ Implement a common operating model, leveraging the scale of Group and our local presence ■ Spread transformation efforts across Retail & Commercial Banking footprint to foster simplification, process automation and deployment of our best-in-class tech platform ■ Further increase profitability supported by customer base growth and cost-to-serve efficiencies Santander Note: new global business definitions as published on 20 December 2023. More information at https://www.santander.com/en/about-us/where-we-are/retail-commercial-banking 20 20#212023 Highlights Total income (€ mn) 12,296 Efficiency ratio 42.8% ROTE 11.5% Underlying attributable profit (€ mn) 1,901 Santander Digital Consumer Bank 'Global leader in auto financing and digital consumer activities' Strategic priorities ■ Expand our leadership in consumer lending across our footprint (e.g. #1 finance company in Europe and LatAm, top 5 in the US and top 10 in China in auto finance) by providing the best customer experience and enhancing our global relationships ■ Converge towards a more digital global operating model, building a world-class digital offering in mobility, supporting our partners' transformation journeys ■ Continue to build flex-term solutions (leasing, subscription) based on common platforms Note: new global business definitions as published on 20 December 2023. More information at https://www.santander.com/en/about-us/where-we-are/santander-digital-consumer-bank 21 21#222023 Highlights Total income (€ mn) Efficiency ratio 7,527 45.0% 17.5% ROTE Underlying attributable profit (€ mn) 2,440 Santander Corporate & Investment Banking 'Santander CIB supports corporate and institutional clients, delivering tailored services and value-added wholesale products suited to their complexity and sophistication' Strategic priorities ■ Our aim is to become a focused world-class CIB business, positioning ourselves as a strategic advisor to our clients: - Double the size of our franchise in the US, focusing on reinforcing our advisory capabilities - Continue the globalization of our Markets business, with focus on institutional investors and the US Accelerate asset rotation to optimize profitability and new business origination - Recent Awards SRP PFI Europe Bank of the Year Best House, Best Distributor and Best Performance Institutional Investor Best Iberian Broker Trade Finance Global Best Trade Finance Bank Leading positions in League Tables Q4'23 Top 3 Structured Finance Debt Capital Markets Equity Capital Markets M&A Export Finance SCIB Green Global Source: Dealogic, Infralogic, Bloomberg Note: new global business definitions as published on 20 December 2023. More information at https://www.santander.com/en/about-us/where-we-are/santander-corporate---investment-banking 22#232023 Highlights Wealth Management & Insurance 'We want to become the best Wealth and Insurance Manager in Europe and the Americas' Strategic priorities Total assets under management 460 Total fees generated as % of the Group's total fees² 31% Santander ■ Private Banking ROTE 72.2% Continue building our global platform leveraging the connectivity of our teams Keep developing a more sophisticated value proposition ■ Nurture our PB segments, with a global service supporting cross-border clients in Private Wealth EUROMONEY AWARDS FOR EXCELLENCE LATIN AMERICA BEST BANK FOR WEALTH MANAGEMENT 2013 EUROMONEY GLOBAL PRIVATE BANKING AWARDS 2023 Underlying attributable profit (€ mn) 1,467 Total contribution to Group's profit (€ mn) 3,129 Santander Continue to be the preferred funds partner for our retail network ■ Become a relevant player in the Alternatives businesses PUM The Banker GLOBAL PRIVATE BANKING AWARDS 2023 WINNER Best Pre Bank in Spain PUM The Banker GLOBAL PRIVATE BANKING AWARDS 2023 WINNER Best Private BarkinMed Asset Management ■ Grow in the Institutional and Private Banking segments Contribution to Group's profit +15% YoY مية EOE Private banking clients (k) 260 Private banking net new money (€ bn) 13.7 Santander Asset Management - net sales (€ bn) 9.0 Insurance - Gross written premiums +12% YoY 222 Santander Santander Insurance ■ Enable digital investment platforms in all countries ■ Work to be the preferred insurance provider for our customers ■ Focus on improving customer lifetime value and user experience through innovative programmes Leverage data analytics to deliver better service to our customers Our ESG commitment: reach €100bn Socially Responsible Investments (SRI) AuMs by 2025 GLOBAL Private Banking INNOVATION AWARDS 2029 PAN-FINANCE AWARD WINNER 2023 Santander Asset. Management XXXIV Premios Fondos Expansión allfunds 2023 Note: new global business definitions as published on 20 December 2023. YoY changes in constant euros. (1) Total assets marketed and/or managed. Private Banking + SAM excluding AuM of Private Banking customers managed by SAM. (2) Includes all fees generated by asset management and insurance businesses, even those ceded to the commercial network. More information at https://www.santander.com/en/about-us/where-we-are/wealth-management-insurance 23#242023 Highlights PagoNxt revenue (€ mn) EBITDA margin Merchants 1,140; +17% YoY 24.8% PagoNxt Payments 'One-of-a-kind paytech business that offers innovative payment solutions' Strategic priorities ■ We are a one-of-a-kind paytech business backed by Santander Helping our customers prosper and accelerate their growth through a one-stop shop, providing solutions beyond payments to merchants and SMEs & corporates ■ Strategic priorities: scaling up our global technology platform, accelerating our commercial growth and pursuing the open market opportunity Total payments volume (€ bn) 206; +22% YoY Business verticals #transactions +29% YoY Getnet PagoNxt Payments Getnet PagoNxt Ebury Global and integrated acquiring, processing and value-added solutions for physical and e-comm merchants Payments Hub, account-to- account payment and processing businesses OneTrade, solutions for the management of international business of corporations and institutions Santander Note: new global business definitions as published on 20 December 2023. Revenue and TPV in constant euros. More information at https://www.santander.com/en/about-us/where-we-are/payments#pagonxt Ebury Global cross-border payments platform for SMEs 24 24#252023 Highlights Cards Payments 'Provide exceptional payments experiences, fostering customer loyalty and leveraging transactional data to enhance profitability' Strategic priorities Turnover (€ bn) 306; +8% YoY ■ Expand cards business to increase our revenue Total revenue (€ mn) 4,158; +10% YoY Expand, develop and adopt common digital services to improve customer experience # cards (mn) ROTE 99 ■ Become a best-in-class global card issuing tech platform 35% Global Cards Santander Santander Note: new global business definitions as published on 20 December 2023. 25 2023 and YoY changes in constant euros. Cards does not include Digital Consumer Bank or PagoNxt; not including payments business in the US, except for # of cards. More information at https://www.santander.com/en/about-us/where-we-are/payments#globalcards#26Santander Geographic segments 26#272023 Highlights Branches 3,083 00 MA Employees 67,457 2 Total customers (mn) 46.3 2 Digital customers (mn) 18.3 Customer loans (€ bn) 552 Customer funds (€ bn) 725 Underlying attributable profit (€ mn) 5,482 ROTE 14.5% E Europe 'We continue to accelerate our business transformation to achieve higher growth and a more efficient operating model' Strategic priorities Improve our customer experience with our omnichannel strategy and adding value to our customer interactions to become a digital bank with branches Grow our business supported by the best Group assets and leveraging our unique position, as a result of our scale and geographical diversification ■ Increase efficiency by implementing a common operating model based on simplification, exploit Group's global scale through common platforms and services Maximize business value and sustainable growth focused on capital-efficient opportunities and risk management Further improve performance, profitability and efficiency Santander More information at https://www.santander.com/en/about-us/where-we-are/europe 27#28*Spain E 'Focus on our business transformation leveraging global solutions to enhance customer service while increasing efficiency and profitability' 2023 Highlights Branches 1,874 00 Mй Employees 26,834 Total customers (mn) 15.0 Digital customers (mn) 6.4 Customer loans (€ bn) 230 Customer funds (€ bn) 387 Strategic priorities ■■ Grow our customer base, providing the best customer experience across all channels Deliver a simpler value proposition for retail and a specialized one for high-value segments and evolve our customer relationship model towards a digital bank with branches Simplify our product portfolio and automate processes to enhance operational excellence Underlying attributable profit (€ mn) 2,371 Leverage our scale across the region to grow our business and build a common operating model ROTE 14.2% Santander Continue optimizing our capital management through better capital allocation and balance sheet mobilization More information at https://www.santander.com/en/about-us/where-we-are/santander-espana 28#292023 Highlights Branches 444 00 Mй Employees 22,280 Total customers (mn) 22.5 2 Digital customers (mn) 7.2 Customer loans (€ bn) 235 Customer funds (€ bn) 232 Underlying attributable profit (€ mn) 1,545 هههه ROTE 13.0% UK 'Santander UK creates value by serving customers with tailored financial products and services' Strategic priorities ■■ Well established UK market position. Customer focused strategy with resilient balance sheet Deliver growth through customer loyalty and outstanding customer experience ■ Simplify and digitalize the business for improved efficiency and returns Be a responsible and sustainable business. Engage, motivate and develop a talented and diverse team Santander More information at https://www.santander.com/en/about-us/where-we-are/santander-uk E 29#30Portugal 'Santander Portugal aims to provide best-in-class service to its customers, maintaining a lending leadership position' E 2023 Highlights Branches 376 00 MA Employees 4,945 Total customers (mn) 2.9 Digital customers (mn) 1.2 ■ Customer loans (€ bn) 38 Strategic priorities ■■ Continue to implement our transformation plan with the aim of improving service quality and increasing our customer base Grow organically in terms of profitable market share and with adequate capital remuneration Customer funds (€ bn) 41 Maintain our position as market leaders in efficiency, improving the cost base Underlying attributable profit (€ mn) 896 هههه ROTE 25.9% Maintain an appropriate risk policy with high credit quality and strong capital position Santander More information at https://www.santander.com/en/about-us/where-we-are/santander-portugal 30#312023 Highlights Branches 381 00 MA Employees 10,822 Total customers (mn) 5.9 Digital customers (mn) 3.5 Customer loans (€ bn) 35 Customer funds (€ bn) 49 Underlying attributable profit (€ mn) 674 هههه ROTE 17.7% Poland '3rd largest bank and one of the most innovative financial institutions in Poland' E Strategic priorities Maintain Top 3 NPS position in a highly competitive digital market in Poland - implementing the agenda from our customer roadmap to strengthen our position Work to implement Total Experience, combining attention to the best employee and customer experience. An innovative approach to experience management with a direct impact on the bank's performance Continue to optimize the branch network to increase the number of cashless branches Optimize and automate repetitive processes with low added value for customers, further exit form paper communication, migration of customers to service in remote channels with new role of customer advisor in retail banking Santander More information at https://www.santander.com/en/about-us/where-we-are/santander-polska 31#322023 Highlights DCBE Digital Consumer Bank Europe 'Europe's consumer finance leader: solid business model, geographic diversification and leading market shares in auto/mobility finance and in personal finance/e-commerce' 73 Strategic priorities ■■ ■ Secure leadership positions in global digital consumer lending, both auto and non-auto (consumer) ■ Continue with the transformation of our operating model in Europe, to defend our best- in-class efficiency through i) single IT platforms, ii) a simpler operational structure, and iii) automation and processes redesign ■ Grow by progressing in transformational projects in Europe, with new OEM partnerships and leasing platform in auto ■ Reduce sensitivity to interest rate rises by increasing deposit acquisition with focus on profitability Branches 342 00 MЛ Employees 16,795 Total customers (mn) 20.2 Points of sale (k) >130 Customer loans (€ bn) 135 Customer funds (€ bn) Underlying attributable profit (€ mn) 1,199 ROTE 12.3% Santander More information at https://www.santander.com/en/about-us/where-we-are/digital-consumer-bank-europe 32#332023 Highlights NA North America 'We provide a full range of financial services with a particular focus on Retail, Private and Corporate Banking' Branches 1,784 00 MA Employees 45,593 2 Total customers (mn) 25.0 2 Digital customers (mn) 7.9 Customer loans (€ bn) 161 Strategic priorities Leveraging our own local strengths and capabilities while promoting strong Group network contributions in Mexico and the US Rationalize businesses and products with limited scale and profitability to generate efficiencies and profitable growth Provide a compelling value proposition by taking advantage of our global connectivity, adopting best practices and maximizing the benefits of our global platforms Customer funds (€ bn) 171 Underlying attributable profit (€ mn) 2,354 Boost sustainable profitability levels through loyalty strategies and a refined tailored service for better customer experience هههه ROTE 9.8% Focus on expanding and implementing sustainable finance opportunities within our businesses Santander More information at https://www.santander.com/en/about-us/where-we-are/north-america 33#342023 Highlights Branches 415 00 M Employees 13,489 Total customers (mn) 4.5 ■ Digital customers (mn) 1.1 Customer loans (€ bn) 113 Customer funds (€ bn) 108 ■ Underlying attributable profit (€ mn) 932 هههه ROTE¹ 9.1% Santander United States 'Santander US combines a stable, retail-oriented depository base supporting its auto finance, wealth management and corporate banking businesses' NA Strategic priorities ■■ Targeting segments with proven competitive advantage and strong Group network contribution Simplification: rationalize businesses and products with limited scale Transformation: leverage Group digital capabilities to drive scalability and lower cost to serve Network Contribution: leverage Group's network to drive top line growth and achieve scale synergies Profitable growth: support growth across target businesses while maintaining disciplined capital management (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 6.1%. More information at https://www.santander.com/en/about-us/where-we-are/santander-us 34#352023 Highlights •Mexico NA 'Santander México, one of the leading financial groups in the country, focused on commercial transformation and innovation' Strategic priorities ■■ Advance with the technological transformation to improve the digital channels ■ Simplify products, processes and operations to transform the service model, building on technology and data to improve customer experience Grow our customer base and increase loyalty through integrated digital products and offerings, new service models and mass market value proposition Remain the market leader with value-added products for corporates and by building on existing relationships to attract more customers, particularly individuals Improve deposit mix and contribute to better cost of deposits Branches 1,369 00 MA Employees 30,876 ◉ Total customers (mn) 20.5 2 Digital customers (mn) 6.9 ◉ Customer loans (€ bn) 49 Customer funds (€ bn) 63 Underlying attributable profit (€ mn) 1,560 هههه ROTE 17.7% Santander More information at https://www.santander.com/en/about-us/where-we-are/santander-mexico 35#36SA 2023 Highlights Branches 3,309 00 MA Employees 80,997 Total customers (mn) 73.0 Digital customers (mn) 26.6 Customer loans (€ bn) 161 Customer funds (€ bn) 206 South America 'Moving forward to become the most profitable bank in each of the countries across the region while promoting synergies in our global and regional businesses' Strategic priorities ■■ In consumer finance, continue to strengthen our leadership position in the region, reinforcing partnerships with OEMs and developing new agreements by leveraging existing ones globally In payment methods, increase market share through Getnet and OneTrade. We are increasing our trade finance activity through new international solutions, such as Ebury's expansion in Brazil and building a unique global platform In CIB, continue to work on the development and implementation of joint initiatives to deepen relationships with multinational clients and become the leading wholesale banking operator in most countries and products Underlying attributable profit (€ mn) 3,038 هههه ROTE 14.4% For corporates, reinforce the differential value offering through Multi-Latins and work with other countries in the Group to increase synergies in multinational companies Continue to support our microcredit business, through Prospera and Surgir programmes Santander More information at https://www.santander.com/en/about-us/where-we-are/south-america 36#37Brazil exeg 'Santander Brasil has a solid strategy, which benefits from being part of a large international group' SA 2023 Highlights Branches 2,580 00 ■ Mй Employees 57,775 Total customers (mn) 62.8 2 Digital customers (mn) 20.8 Customer loans (€ bn) 103 Customer funds (€ bn) 145 Underlying attributable profit (€ mn) 1,921 одо ■ ROTE 13.7% ■ Strategic priorities ■■ Continuing to develop the best integrated distribution platform in the market in order to strengthen connectivity between businesses and capture opportunities more swiftly Increasing and capitalizing on our customer base, primarily through greater loyalty, maximizing growth Simplifying products and processes and boosting operational efficiency and customer experience ■ Keeping credit quality under control by continually anticipating trends and enhancing risk models Focusing on value creation, profitability and superior payout levels. Innovating to adapt and satisfy to new demands Santander More information at https://www.santander.com/en/about-us/where-we-are/santander-brasil 37#382023 Highlights Chile 'We are the leading bank in the country and we always have the customer at the centre of our strategy' SA Branches 00 Mй Employees Total customers (mn) 2 Digital customers (mn) هههه Customer loans (€ bn) 248 9,948 4.1 2.1 44 Customer funds (€ bn) 40 Underlying attributable profit (€ mn) 582 ROTE 14.8% ■ ◉ Strategic priorities ■■ Continue with a leadership position through the commercial network transformation and digital banking proposition Boost the innovative initiatives: Más Lucas, WorkCafé Expresso, Inversiones y Startup and specialized business service model focus on the agricultural, auto and Multi-Latins Specialization and a differential value-added offering and service for corporates in transactional products, FX and consulting Sustained generation of new business opportunities, fostering competition, seeking growth and leading the sustainable finance market Santander More information at https://www.santander.com/en/about-us/where-we-are/santander-chile 38#39Argentina 'The leading privately-owned bank in Argentina in terms of loans and deposits' SA 2023 Highlights Branches 322 00 Mй Employees 8,455 Total customers (mn) 4.8 Digital customers (mn) 3.2 Strategic priorities ■■ Grow customer base and loyalty and ensure the best customer service through our multi-channel strategy Increase our market share in personal, agro and consumer credit, and position ourselves as a leader in sustainable finance and financial inclusion Customer loans (€ bn) 4 Customer funds (€ bn) 10 Expand our financial platform, simplifying processes and products and improving efficiency through our digital transformation Underlying attributable profit (€ mn) 386 هههه ROTE 55.6% Increase collaboration between businesses and develop new businesses with focus on profitable growth, optimizing capital allocation and preserving portfolio quality Santander More information at https://www.santander.com/en/about-us/where-we-are/santander-argentina 39#40Uruguay 'Santander Uruguay is the country's leading privately-owned bank' هههه 2023 Highlights Underlying att. profit (€ mn) 187 ROTE () Peru 'Activity focused on corporates, the country's large companies and the Group's global customers (SCIB)' 2023 Highlights Underlying att. profit (€ mn) 84 22.8% 24.8% одо ROTE هههه Colombia SA 'Bank specialized in corporates, CIB and auto finance' 2023 Highlights Underlying att. profit (€ mn) 28 ROTE 14.0% Strategic priorities Consolidate our position as the country's leading privately-owned bank, with business model that allows us to increase out customer base Strengthen our offer to individuals with SOY, Mi Auto and Getnet Strategic priorities Accelerate growth in global businesses. Among the top 3 investment banks and leaders in syndicated loans, Debt Capital Markets and auto loans Progress in our digital strategy (expansion of NeoAuto, Surgir, ...) Strategic priorities Continue to offer sustainable and inclusive financial solutions with CIB and Corporate offerings Strength the Multi-Latin business Santander 40#41Santander Group functions and Corporate Centre activities ● Global T&O strategy HR strategy Risk management and compliance Corporate governance and internal control Our brand 41#42Technology and Operations (T&O) 'The T&O mission is to enable the Group strategy by building customer- oriented, secure, efficient and innovative technology working with the business units in a flexible and agile way' Global T&O capabilities are key for our digital transformation Composed of four main domains that contribute to the digital transformation Focused on five technological pillars to respond to the changing business needs Operating model oriented to develop global platforms and digital services, guaranteeing their quality and security Technology Cybersecurity Operations ATMs Data T *** Business needs R&C DCB Payments CIB WM&I Speed Innovation Security by design Cost Service quality Open business model Common Architecture Operational Excellence Agile (Business Embedding) Core Deep Cloud systems technology Data evolution skills Risk Management (incl. cybersecurity)... c.4,500 tech professionals The robust T&O service allows us to run the bank and serves our customers with high standards of quality and efficiency Santander 42#43日は SHALOM LOHA MERHABA HR strategy: Our aim is to be an employer of choice 'Focus on employee engagement, leveraging our SPF culture to retain and attract the best talent' 0 0 212,764 Employees (Dec-23) 98% workforce with a permanent contract (as of end 2023) 53% women in our workforce (as of end 2023) The SPF culture is based on our 5 corporate behaviours Think, customer Embrace change Act now TEA Move together Speak MS A M Your VOICE Continuous Employee Listening (*) Up Santander scores above benchmark in engagement and other key dimensions Average score (out of 10) Vs. benchmark +0.2 +0.5 +0.4 +1.1 8.9 8.5 8.4 8.1 Engagement Diversity & Inclusion Health & Wellbeing Transformation & Change Our corporate management evaluation model 50% what we do 40% how we do it O 10% Santander (*) Data from latest Your Voice engagement survey issued to the full organization from 9 to 19 October 2023. Workday/Peakon benchmark for Finance Companies. Engagement score is the average of 4 engagement questions around engagement, loyalty, belief and satisfaction. D&l score relates to the question "I'm satisfied with Santander's efforts to support diversity and inclusion". Health & Wellbeing score relates to the question"Employee health and wellbeing is a priority at Santander". T&C score relates to the question "Organizational transformation and change is managed well at Santander". risks 43#44Risk, compliance & conduct management 'Our risk, compliance & conduct management is key to remain a strong, secure and sustainable bank, that helps people and businesses prosper' A risk, compliance & conduct management model that relies on: Common Risk Principles aligned with regulatory requirements and inspired by best market practices A 3 lines of defence model with a robust risk governance ខម Advanced management tools Risk Profile Assessment Systematic exercise to assess the risk profile, including all risk types defined in the Corporate framework, through a single methodology Risk Appetite Statement & Structure of Limits Scenario Analysis Aggregate level and types of risk we deem prudent for our business strategy, even in unforeseen circumstances Anticipating potential impacts to take preventive action Risk Reporting Comprehensive, versatile with deep analysis to facilitate decision-making A proactive management, customer-centric, with the goal of maintaining our medium-low risk profile ✓ Embedding ESG factors across the different risks types, both from a regulatory and management perspective ✓✓Clearly defined management and control processes Santander Models' unit Oversee Plan Data and advanced analytics are a key lever to drive our business strategy, be more efficient, improve quality and meet the challenges of our customers and employees Risk, compliance annual plans to better oversight and follow up on the implementation of long-term strategies risk pro A risk culture based on the principle that all employees are risk managers More information on the Group's Overview of our Corporate Governance presentation. See link to this document on slide 66. 44#45Diversified and well-balanced shareholder base Corporate governance and internal control 'As a responsible bank, we have clear and robust governance to ensure a long-term sustainable business model' Composition of the board of directors, Dec-23 20.0% Board committees Executive Audit Effective engagement with our shareholders and investors 66.7% 13.3% Effective board of directors Focus on responsible business practices and attention to all stakeholders' interests 11% Non-executive directors (independent) Executive directors Non-executive directors (neither proprietary nor independent) 40% 40% Women 33% on the board 2011 2015 2022 2023 Nomination Remuneration Risk supervision, regulation and compliance Innovation and technology Responsible banking, sustainability and culture External advisory board International advisory board Santander More information on the Group's Overview of our Corporate Governance presentation. See link to this document on slide 66. 45#46Corporate governance and internal control 'Best practices on robust governance are channelled to all subsidiaries' Group-subsidiary governance model Group Board of Directors Group Executive Chair¹ Group CEO² Subsidiary B The Group-subsidiary governance model enhances control and oversight through: Subsidiary A A Board of Directors A Presence of the Group in the subsidiaries' boards of directors establishing guidelines for board structure, dynamics and effectiveness B CEO/Country Head B Regional Heads³ Reporting of the CEO / Country Heads to the Group CEO/ Regional Heads and Group executive committee Control, management and business functions Control, management and C business functions Interaction between the Group's and the subsidiaries' control, management and business functions Compliance Compliance Audit C Audit D Interaction between global businesses * and local businesses Risk Finance Risk Financial Control/ Accounting ⚫ Others4 Global Businesses5 Santander D Finance Financial Control / Accounting Others4 Global Businesses5 The Group's appointment and suitability assessment procedure is a key element of Governance (1) First executive. (2) Second executive who reports to the board of directors. (3) Europe, North America and South America, reporting to Group CEO. (4) Technology & Operations, Human Resources, General Secretariat, Marketing, Communications, Strategy. (5) Retail & Commercial Banking; Digital Consumer Banking, Corporate & Investment Banking, Wealth Management & Insurance and Payments * Each global business is responsible to define the common business and operating model, set the global ambition and identify and managing the global tech platforms and product factories. 46#47Santander E 1414 Santander Products #123LiteAccount P The cument account shback on your household Moble Barkan Let's make it simple Santander insurance Santander brand 'Our brand embeds the essence of the Group's culture and identity' Santander is one of the most valued brands in the world rd best global retail bank brand 3rd by Interbrand's Best Global Brands Ranking, 2023 Let's make it Simple FORTUNE Santander 75 Ray-Ban A Ceva brembo NOK CF VISTAJET aws As one of our most important strategic assets, our brand helps us connect with people and businesses, demonstrating our commitment to prosperity and determination to bring it to life in a positive and sustainable manner every day. CHANGE THE WORLD 2023 RT Work CafeP Santander Let's keep working for a better world #TheRightWay Santander More information at https://www.santander.com/en/about-us/our-brand#48Santander 3. 2023 results & activity#49Achieved a record year and delivered on our financial targets Record results with 5mn new customers YoY contributing to double-digit revenue growth FY'23 Attributable Profit €11.1bn +15% FY'23 Revenue €58bn +11% First year of ONE Transformation is driving profitable growth and structural efficiency improvement Cost-to-income 44.1% -173bps ROTE 15.1% +169bps Strong balance sheet, with solid credit quality metrics and a higher capital ratio Delivering double-digit value creation and higher shareholder remuneration COR 1.18% +0.19pp TNAVps + DPS +15% Cash DPS c.+50% FL CET1 12.3% +0.2pp EPS +21.5% Santander Note: unless otherwise indicated, detail by global business presented across this document reflects the new operating model announced in September 2023. For more information, see also the presentation published on 20 December 2023 that explains the new operating model and adapted financial disclosures. YoY changes. In constant euros: Attributable Profit +18%; Revenue +13%. TNAVPs + DPS includes the €5.95 cent cash dividend paid in May 2023 and the €8.10 cent cash dividend paid in November 2023. 49#50All time high attributable profit boosted by double-digit net operating income growth P&L € million 2023 2022 Current % Constant % Delivered on Group 2023 targets NII 43,261 38,619 12 16 Double-digit revenue growth Net fee income 12,057 11,790 2 Other income 2,329 1,745 33 11 Efficiency ratio improvement YoY Total revenue 57,647 52,154 11 13 Operating expenses -25,425 -23,903 6 10 Record net operating income Net operating income 32,222 28,251 14 16 LLPs -12,458 -10,509 19 19 COR <1.2% Other results* -3,066 -2,492 23 34 ROTE >15% Attributable profit 11,076 9,605 15 18 Santander Note: underlying P&L. (*) Including the temporary levy in Spain (-€224mn) in Q1'23. 50#51Strong performance drove higher gross organic capital generation and TNAVps + Cash DPS growth of 15%, while improving our payout to 50% % FL CET1 TNAVps + Cash DPS € per share Cash DPS: €14 cents 2023 shareholder remuneration 12.0 +c.50bps like-for-like +1.19 +15% 4.90 +0.09 12.5 12.3 -0.80 4.26 4.76 Dec-22 Organic Shareholder Regulatory generation remuneration & others Dec-23 pre-EBA SBB 2 Dec-23 2022 20233 Total shareholder remuneration +44% YOY Cash dividend per share c.+50% YoY Since 2021, Santander has repurchased c.9% of its outstanding shares4 Santander Note: Our shareholder remuneration policy is c.50% payout split in approximately equal parts (cash and share buybacks). Cash DPS against 2023 results estimated as 25% of the profit for the year. Implementation of 2023 shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. (1) Dividend accrual during 2023 + impact on capital of share buybacks approved by regulator in 2023, and in line with our remuneration policy. FL CET1 ratio previous to deducting 26bp resulting from the following of new EBA Q&A 2023_6887 released in Q4 of accruing share buybacks included in distribution policies. TNAVPs + DPS includes the €5.95 cent cash dividend paid in May 2023 and the €8.10 cent cash dividend paid in November 2023 executed as part of the shareholder remuneration policy51 (4) Including €1,310mn from the first buyback programme against 2023 results completed on 25 January 2024.#52Our business model and strategy deliver sustained earnings with lower volatility and allow us to accelerate profitable growth and shareholder value creation High profitable growth Attributable profit¹ (€bn) Increasing remuneration and strengthening capital Dividends & Buybacks² (€bn) Dividends³ Covid 11.1 Share buybacks crisis 9.6 8.7 8.1 8.3 7.5 6.6 6.6 5.8 5.1 4.2 5.5 Covid crisis 3.8 3.5 3.3 3.0 2.3 2.5 1.7 1.1 0.5 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 ROTE¹ (%) 15.1 11.8 12.1 11.8 Covid crisis 13.4 12.7 11.0 11.0 11.1 9.6 III 7.4 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Santander FL CET1 (%) 11.9 12.0 12.0 12.3 11.3 11.4 10.6 10.8 10.1 8.3 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (1) Underlying. (2) Total shareholder remuneration charged against the results corresponding to the calendar year: cash dividend + share buybacks, excluding scrip dividends. Our shareholder remuneration policy for 2023 is c.50% payout split in approximately equal parts (cash and share buybacks). Cash DPS against 2023 results estimated as 25% of the profit for the year. Implementation of 2023, shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. (3) Cash dividend. (4) Including acquisition of SC USA minority interest which closed on 31 January 2022 and the acquisition of Amherst Pierpont. 52#53A strong first year in our new phase of value creation for our shareholders... 2023 vs. 2025 ID targets Strength FL CET1 12.3% >12% Shareholder remuneration Payout 50% Cash dividend + SBB 50% annually TNAVps + DPS +15% Double-digit growth average through-the-cycle Santander Note: Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. Disciplined capital allocation RWAs with RoRWA > COE 84% c.85% Profitability ROTE 15.1% 15-17% 53#54...leveraging our business model strengths: diversification, customer focus and global and in-market scale Our two key strategic and operating advantages... Leadership position in local markets + Global network businesses >>> .are driving structural benefits helping us become the most profitable bank in every market Higher growth in customer revenue and profitability from network effects + Lower costs from common operating model + Tech platforms Currently we are Top 3 in profitability in 8 out of our 10 markets1 Santander (1) Latest available data (9M'23). 54 54#55Global Businesses With our last step towards ONE Santander, we have laid the foundation to capture the full potential of our in-market and global value Tangible progress on our transformation Our model capitalizes on our strategic advantage of combining global capabilities with local expertise Retail Retail & Commercial Banking Consumer Digital Consumer Bank CIB Corporate & Investment Banking ONE Santander Wealth Wealth Management & Insurance ◆ Payments E NA Europe Santander Payments SA DCBE North America South America DCB Europe Serve our customers better Grow more and faster Better risk-return from a global perspective across business lines Improved and more disciplined capital allocation for higher profitability Be more efficient More resilient balance sheet 55#56Retail Driving growth and efficiency on the back of our new model and proprietary technology Д Customer experience Operational leverage Global platform 2025 target c.17% ROTE Product simplification and digital first Common operating model globally leveraging process automation Proprietary back-end (Gravity) and our cloud based front-end (ODS) technologies 15.1% 2023 <42% C/I Key drivers Active customers (mn) 74.6 +1% 75.1 2022 2023 # of products (k) -16% 10.1 Santander (1) Metrics cover all products and employees in the branch network. 8.4 # of non-commercial FTEs¹ per mn total customers 43.1% 2023 -1.5% 657 647 2022 2023 Jun-23 Dec-23 56#57Consumer Transforming into a best-in-class, global business and operating model Д Customer experience Operational leverage Global platform 2025 target Global relationship management (OEMS, importers, retailers) Operational & commercial benchmark to maximize profitability and growth From multiple country- specific platforms to global platforms (e.g. Leasing, BNPL) > 14% ROTE 11.5% 2023 c.40% C/I Key drivers Total customers (mn) +1% 25.4 25.2 Retail deposits cost-to-serve (bp) -8bp 118 110 # of non-commercial FTEs¹ per mn total customers 42.8% 2023 -0.4% 439 437 2022 2023 2022 2023 2022 2023 Santander (1) DCB Europe only. 40 57#58CIB Playing to our strengths to better serve our corporate customers and institutions Customer experience Operational leverage Global platform 2025 target Trusted advisor for our customers, leveraging our global and local products Continue growing fee and transactional business through our global centres of expertise and tech Optimize capital returns on the back of origination and global distribution capabilities >20% ROTE 17.5% 2023 <45% C/I Key drivers % customer related revenue Santander +1.7pp 83.5 81.8 Fee growth (constant €bn) 1.9 +14% 2.1 % Total revenue/ RWAS 45.0% 2023 +0.8pp 6.7 5.9 2022 2023 2022 2023 2022 2023 508 58#59Wealth Accelerating our customers connectivity with our global product platforms Customer experience Operational leverage Global platform Providing our customers with a specialized product & service proposition in all countries Leverage our global operations and factories to connect geographies and increase collaboration with CIB and Retail Global platforms and infrastructure to improve efficiency and time-to-market 2025 target c.60% ROTE 72.2% 2023 c.10% Revenue growth +22% 2023 Key drivers Assets under management¹ (€bn) Collaboration fees (€ bn) +14% +6% 460 402 3.4 3.6 2022 2023 (1) Includes off-balance sheet assets and deposits. 2022 2023 Revenue growth including ceded fees² (€ bn) Santander (2) Includes all fees generated by asset management and insurance businesses, even those ceded to the commercial network. Note: revenue CAGR 22-25 target. +11% 5.7 5.1 2022 2023 59#60Payments Seizing a growing opportunity by capturing scale through global platforms Customer experience Operational leverage Global platform Deliver best-in-class payment solutions leveraging our global and local scale Reduce cost per transaction through capex optimization and operational efficiency Migrate volumes to common global platforms to gain scale and offer competitive pricing in the open market 2025 target PagoNxt >30% EBITDA margin 24.8% 2023 c.30% Revenue growth +17% 2023 Key drivers #transactions (bn per month) 2.6 +15% 3.0 2022 2023 Cost per transaction (€ cents, PagoNxt) -16% 4.1 3.5 2022 2023 % open market revenue (PagoNxt) Santander Note: transactions include merchant payments, cards and electronic A2A payments. PagoNxt revenue CAGR 22-25 target. 13.6 +2.2pp 15.8 2022 2023 60 60#61In summary, our global platforms will deliver operational leverage and profitable growth to become the most profitable bank in every market Most upside from changes to common platforms in Retail, Consumer and Payments, which represent 81% of total revenue Global businesses 2023 Revenue (€bn) Contribution to Group's revenue¹ Efficiency ROTE² 2025 ROTE² target 30 43.1% 15.1% Retail +12% 51% c.17% -157bps +1.0pp 12 42.8% 11.5% Consumer 21% >14% +1% +86bps -4.0pp 8 45.0% 17.5% CIB >20% 13% +17% +171bps +1.6pp 3 37.9% 72.2% Wealth 6% c.60% +22% -333bps +19.8pp EBITDA margin PagoNxt 5 ◆ Payments 9% 44.2% 24.8% >30% +12% -235bps +15.7pp 58 44.1% 15.1% 15-17% Group +13% -173bps +1.7pp Note: YoY change in constant euros. New global business definitions as published on 20 December 2023. Santander (1) As % of total operating areas, excluding Corporate Centre. (2) Global businesses' ROTEs are adjusted based on Group's deployed capital. 61#62Santander 4. ◆ Final remarks#63Record results in our first year of our new phase of value creation and growth Excellent progress in the execution of our strategy Efficiency and profitability improvement Resilient balance sheet with a stronger capital ratio Foundation for further growth, value creation and shareholder remuneration €11.1bn 44.1% +21.5% Profit Efficiency EPS Strong first year in our new phase of value creation and growth Supported by our winning combination of local leadership with global scale and network +15% c.+50% Last step towards ONE Santander unlocks full potential of the Group Common operating model supporting value creation based on profitable growth and operational leverage provided by global platforms TNAVps + DPS Cash DPS Santander Note: Our shareholder remuneration policy is c.50% payout split in approximately equal parts (cash and share buybacks). Cash DPS against 2023 results estimated as 25% of the profit for the year. Implementation of 2023 shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals. TNAVPs + DPS includes the €5.95 cent cash dividend paid in May 2023 and the €8.10 cent cash dividend paid in November 2023. 63#64In summary, a great set of results delivering on all our 2023 targets Revenue¹ >>> Efficiency ratio COR FL CET1 ROTE ^ ^ ^ ^ ^ Santander (1) YoY change in constant euros. 2023 targets Our 2023 achievement Double-digit growth +13% 44-45% 44.1% <1.2% 1.18% >12% 12.3% >15% 15.1% 19 64#65Looking ahead, we are well positioned to continue driving additional profitable growth in 2024 Our consistent track record and the implementation of ONE Santander make us confident we will deliver on the following targets in 2024 Mid-single <43% c.1.2% >12.0% 16% digit growth Revenue¹ Efficiency COR FL CET1 ROTE after Basel II| implementation Double-digit growth of TNAVps+DPS through-the-cycle Santander Note: targets market dependent. Based on macro assumptions aligned with international economic institutions. (1) YoY revenue growth in constant euros, but Argentina in current euros. 65#66Santander Help millions around the world realise their dreams and prosper. 5. ● Links to public materials#67Links to Grupo Santander public materials For additional information on the Group, please click on the images, icons or flags below 2023 financial results Financial report Earnings presentation Series (Excel) Shareholders report (interactive) Financial Report 2023 January-December Santander Country presentations USA 312024 Earnings Presentation 2023 UK Poland Portugal Mexico Spain Brazil Chile ⚫ Argentina Santander 000 Santander XLS Santander Press release XLS (New operating model) Fixed income presentation DCB Europe Video (3 minutes) FIXED INCOME INVESTORS PRESENTATION FY 2023 Santander www.santander.com 02 SPANACTIVITY 031 EU3760 ОКУ ЗНАМЕНошея велокт Pillar 3 Santander Par 3 Diclesure Report 2022 Santander Ratings Follow us on in Other information 2023 Digital Annual review Santander P Think Value Think Customer Think Global 2023 Aw 03. 2023 02 01. Baca Dias Later Chef becue Offryser 06. 05. obomb Our gy 2023 Annual report Think Value Think Customer Think Global 2023 Annual report Santander Overview of our Corporate Governance presentation 67#68Santander Glossary#69. • Glossary - Acronyms ALCO: Assets and Liabilities Committee . AM: Asset management AuMs: Assets under Management FL: Fully-loaded • RoRWA: Return on risk-weighted assets • FX: Foreign exchange • ROTE: Return on tangible equity • FY: Full year • RWA: Risk-weighted assets . bn: Billion IFRS 9: International Financial Reporting • SAM: Santander Asset Management • BNPL: Buy now, pay later Standard 9, regarding financial instruments • SAN: Santander • . bps: Basis points LLPS: Loan-loss provisions • SBB: share buybacks . c.: Circa • mn: million • SC USA: Santander Consumer USA • . CAL: Customer assets and liabilities NII: Net interest income • SME: Small and Medium Enterprises • • . CHF: Swiss franc • • • CET1: Common equity tier 1 CIB: Corporate & Investment Bank CoE: Cost of equity COR: Cost of risk Covid-19: Coronavirus Disease 19 CRE: Commercial Real Estate DCB: Digital Consumer Banking NIM: Net interest margin • TNAV: Tangible net asset value • NPL: Non-performing loans • TPV: Total Payments Volume • NPS: Net promoter score • YoY: Year-on-Year OEM: Original equipment manufacturer YTD: Year to date • PB: Private Banking PBT: Profit before tax • P&L: Profit and loss • DGF: Deposit guarantee fund DPS: Dividend per share • EPS: Earning per share ESG: Environmental, social and governance • pp: Percentage points Ps: Per share QoQ: Quarter-on-Quarter Repos: Repurchase agreements RoE: Return on equity Santander 69#70• • Glossary - 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 + amortisations 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 NPL 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: Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances 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 ESG METRICS Green Finance raised and facilitated = Nominal amount of PF, PF Advisory, PF bonds, Green bonds, ECA, M&A, ECM transactions classified by SCFS panel and reported in the League Tables since the beginning of the exercise. SRI = Volume of assets under management classified as article 8 - promoting ESG objectives - and 9 - with explicit sustainability objectives - of the SFDR regulation (EU Reg. 2019/2088). Includes assets managed by Santander Asset Management (SAM), third-party funds and SAM funds managed with equivalent criteria in those geographies where SFDR does not apply (mainly LatAm). Financial inclusion (# People) = Number of people who are unbanked, underbanked, in financial difficulty, with difficulties in accessing credit or with limited financial literacy who, through the Group's products, services and social investment initiatives, are able to access the financial system, receive tailored finance. Financially underserved groups are defined as people who do not have a current account, or who have an account but obtained alternative (non-bank) financial services in the last 12 months. Beneficiaries of various programs are included in the quantification process only once in the entire period. Only new empowered people are counted, taking as a base year those existing since 2019. Santander Notes: The averages for the ROTE and RoRWA denominators are calculated using the monthly average over the period, which we believe should not differ materially from using daily balances. 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). 70#71Important 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 periods. APMs we use are presented unless otherwise specified on a constant FX basis, which is computed by adjusting comparative period reported data for the effects of foreign currency translation differences, which distort period-on-period comparisons. 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. APMs using ESG labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR. 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 2022 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 1 March 2023 (https://www.santander.com/content/dam/santander-com/en/documentos/informacion-sobre-resultados- semestrales-y-anuales-suministrada-a-la-sec/2023/sec-2022-annual-20-f-2022-en.pdf), as well as the section "Alternative performance measures" of Banco Santander, S.A. (Santander) Q4 2023 Financial Report, published on 31 January 2024 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic- information#quarterly-results). Underlying measures, which are included in this document, 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 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 warns 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. Santander 71#72Important information While these forward-looking statements represent our judgement and future expectations concerning our business developments and results may differ materially from those anticipated, expected, projected or assumed in forward-looking statements. In particular, 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 and may change, including, but not limited to (a) 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' (including governments and other public actors) energy and climate strategies, and the underlying assumptions and estimated impacts on Santander's and third-parties' businesses related thereto; (b) Santander's and third-parties' approach, plans and expectations in relation to carbon use and targeted reductions of emissions, which may be affected by conflicting interests such as energy security; (c) changes in operations or investments under existing or future environmental laws and regulations; (d) changes in rules and regulations, regulatory requirements and internal policies, including those related to climate-related initiatives; (e) our own decisions and actions including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; and (f) the 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. In addition, the important factors described 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. Forward-looking statements are therefore 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. Santander does not accept any liability in connection with forward-looking statements except where such liability cannot be limited under overriding provisions of 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 2 72#73Thank 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