#1Investor Relations | November 2022 Portugal 9M'22 Institutional Presentation Santander#2Disclaimer Santander Totta SGPS, S.A. ("Santander Totta") cautions that this presentation contains forward looking statements. These forward looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic performance. While these forward looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, (1) general market, macro-economic, governmental and regulatory trends, (2) movements in local and international securities markets, currency exchange rates, and interest rates, (3) competitive pressures, (4) technological developments, (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties, The risk factors and other key factors that we have indicated could adversely affect our business and financial performance contained in our past and future filings and reports, including those with the Securities and Exchange Commission of Portugal. The information contained herein is in accordance with the Bank of Portugal's criteria. Unless otherwise stated, data in this presentation refers to consolidated figures for Santander Totta SGPS, the group's holding company in Portugal. BST is Santander Totta SGPS' main operating unit, aggregating the group's retail banking business in Portugal. Santander 2#3Macroeconomic environment and financial system 01#4Loans continued growing driven by strong mortgage dynamics, despite the recent normalization. Deposits reached historically high levels Total loans (€ bn) 232.2 231.9 227.1 227.1 225.2 YOY (%) 3.4 3.6 3.1 2.5 2.5 Jun-21 Sep-21 Dec-21 Jun-22 Aug-22 Total customer deposits (€ bn) 287.5 287.8 273.8 264.9 268.6 8.1 8.6 8.5 YOY 7.2 7.4 (%) Jun-21 Sep-21 Dec-21 Jun-22 Aug-22 Santander Source: Statistics Portugal, Ministry of Finance, Santander Portugal forecasts and estimates. Household credit demand continued to be driven by new mortgage production strong dynamics, with monthly new business around €1.3bn, gradually normalizing. New loans to Corporates are also decelerating, with the monthly average declining to below €2bn in Q3. The stock of deposits continued to mark new record highs, with household deposits registering a resilient YoY growth of around 6%, while corporate deposits increased by 10% YoY in August. 4#5Strategy and business 02#6Santander Portugal aims to provide best-in-class service to its customers, maintaining a leadership position in lending KEY DATA 9M'22 YoY Var. Customer loans €41.1 bn +1.6% Customer Deposits €39.3 bn +3.6% Attributable profit €385.1 mn +123.7% ROTE¹ 15.0% +5.5 pp Efficiency ratio 39.0% -210 bps Loans market share² 17.9% -4 bps Deposits market share² 13.4% -0 bps Total customers 3.0 mn -0.4% Digital customers 1.1 mn +9.4% Branches³ 340 -2.9% Se Employees³ 4,638 -14.1% Santander (1) Using tangible equity. (2) As at Jun-22 (3) Branches and Employees in Portugal Strategic Priorities Consolidate the commercial and digital integration model Grow organically in terms of profitable market share, improving our lending leadership position Maintain our position as market leaders in efficiency, improving the cost base Maintain an appropriate risk policy with high credit quality and strong capital position 6#7Santander Portugal continues to increase its digital footprint: a key lever to increase customer loyalty and service quality perception Total customers (mn) 3.1 0% 3.0 Loyal customers (mn) Digital customers (mn) +7% +9% 0.91 0.84 0.98 1.07 Sep-21 Sep-22 Sep-21 Sep-22 Sep-21 Sep-22 Digital sales/total¹: 49% (-8pp YoY) Our commercial and digital transformation aiming at providing first-class service to customers continues to be reflected in sustained growth in the number of loyal customers (+7%) We aim to provide a seamless experience across channels, translated into the continued increase in digital customers (+9%) Significant investment in Virtual Teller Machines (VTMs), to cover a significant part of the retail network, providing customers with 24/7 self-banking service, including deposits of coins and banknotes Santander (1) YTD data. 7#8Santander Portugal is fully committed to helping people and businesses to prosper... People New Mortgages - Market Share (%) 21.4 23.7 EUROMONEY 2022 MARKET LEADERS Jan/Aug-21 Jan/Aug-22 TRADE FINANCE Each Summer, Santander welcomes Portuguese Emigrants in their annual visit to Portugal, while providing full-year service through Santander Próximo Residences no Exterior Neste verão, tenha o Santander no coração Santander A Santander #SomosAsEscolhasQue Fazemos Our mission: to support our customers in their choices towards their progress DOMESTIC Businesses Better Service Best Bank in Trade Finance, as Market Leader and Best Service, recognizing Santander's continued support of the internationalization of Portuguese companies WORLD FINANCE BEST RETAIL BANK, PORTUGAL 2022 SANTANDER Best Retail Bank in Portugal, also recognizing the bank's digital transformation process Protocol with the European Investment Bank to provide €820mn in loans to small and mid cap companies Santander Portugal Private Banking recognized as Best Private Banking Services Overall for the 11th time EUROMONEY ✶ PRIVATE BANKING 2022 Leading Position in urban renewal lines (IFRRU) PRÉMIO CINCO ESTRELAS 2022 CRÉDITO HABITAÇÃO Most relevant banking brand in mortgage loans 80#9... while further embedding ESG in its strategy to build a more responsible bank Environmental: supporting the green transition Green Confirming Santander launched the 1st sustainable confirming solution in Portugal, with SONAE and Ecovadis > Social: building a more inclusive society 500 scholarships for refugees To support Ukrainian refugees in Portugal by offering Portuguese language courses Governance: doing business the right way Embedding new Corporate behaviours Social & environmental team buildings to promote teamwork and engagement €220mn Debt Refinancing of a wind farm portfolio of Generg (Total Group) €233mn¹ Green Mortgages 2,800 scholarships in tech, entrepreneurship and languages #1 NPS The bank with the best recommendation index in Portugal by Stiga / Deloitte Most Responsible Bank - ESG 1st place in the sector in Merco's ESG ranking 2021 >474k financially empowered people 2019-H1'22 37% women in senior positions SuperLinha Sénior Service line specifically for non-digital customers over 70 years old 43% women on the board Santander Note: H1'22 data, unless otherwise stated. (1) Data as of 9M'22. 9#10Strong increase in mortgages was partially offset by lower demand from corporates Total customer loans¹ (EUR bn) +1.6% +0.2% Sep-22 YoY (%) QoQ (%) 40.5 40.4 40.8 41.0 41.1 Individuals 25.3 +6.6 +1.5 Mortgage 23.1 +6.7 +1.6 Consumer and other 2.2 +5.5 +1.1 Corporates 15.7 -4.1 -1.8 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Santander (1) Loans and advances at amortised cost 10#11More moderate growth YoY in customer funds driven by a QoQ decrease in deposits, while mutual funds affected by volatile market conditions Total Deposits (EUR bn) +3.6% -2.2% 40.2 39.3 39.3 37.9 38.5 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Santander Sep-22 YoY (%) QoQ (%) Deposits 39.3 +3.6 -2.2 Off Balance Sheet Resources 7.4 -10.3 -2.6 Investment Funds 3.7 -11.3 -2.3 Insurance and other 3.7 -9.2 -2.9 Total Customer Funds 46.7 +1.2 -2.3 11#12Results 03#13NII grew QoQ reflecting the positive effect of higher interest rates Net interest income (EUR mn) Yields and Costs (%) Yield on loans 1.64% 194 1.44% 1.41% 1.42% 1.45% 175 171 176 178 Cost of deposits 0.01% 0.01% 0.00% 0.00% 0.06% Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Differential 3Q21 4Q21 1Q22 2Q22 3Q22 143 bps 140 bps 142 bps 145 bps 158 bps Santander 13#14Net fee income maintained its positive trajectory driven by resilient growth from transactional fees, reflecting the economic recovery Net fee income (EUR mn) 119 120 119 113 111 Credit Means of Payment Mutual funds Insurance Other 9M'22 9M'21 YoY (%) QoQ (%) 59 52 +13.2 -4.9 80 87 73 +18.7 +3.1 28 27 27 +6.0 -2.2 95 55 84 - +13.6 +0.1 88 89 60 80 +11.6 -3.9 Total net fee income 359 316 +13.6 -1.2 3Q21 4Q21 1Q22 2Q22 3Q22 Santander 14#15Total income accelerated QoQ, reflecting the growth in NII and the effect from the SRF contribution in Q2 Total income (EUR mn) 309 293 332 321 281 3Q21 4Q21 1Q22 2Q22 3Q22 Santander (1) Other includes gains/losses on financial transactions and other operating income. 9M'22 9M'21 YoY (%) QoQ (%) Net interest income Net Fees 548 559 -1.9 +0.8 359 316 +13.6 -1.2 Customer revenue 906 874 +3.7 -0.0 Other 27 151 -82.1 Total income 934 1,026 -9.0 +14.1 15#16Operating expenses continued to improve YoY, reflecting our commercial and digital transformation 138 Operating expenses (EUR mn) 121 122 122 107 9M'22 9M'21 YoY (%) QoQ (%) Operating Expenses 365 422 -13.6 +0.2 Efficiency ratio (with amortisations) 39.0% 41.1% -2.1pp -5.2pp Branches in Portugal (#) 340 350 -2.9 -0.3 Employees in Portugal (#) 4,638 5,397 -14.1 -0.5 3Q21 4Q21 1Q22 2Q22 3Q22 Santander 16#17LLPs remain at very low levels, reflecting the strength of our balance sheet and a resilient labour market Net LLPs (EUR mn) 28 -3 9M'22 9M'21 YoY (%) QoQ (%) 9 4 Net Operating Income LLPs 569 604 -5.7 +24.6 10 -101 +110.9 Net Operating Income after LLPs 579 502 +15.3 +26.8 NPE ratio 2.0% 2.3% -0.3pp -0.2pp NPE coverage ratio 84.8% 83.4% +1.5pp +2.8pp -33 3Q21 Cost of Credit (1) -0.09% 0.33% -0.42pp -0.10pp 4Q21 1Q22 2Q22 3Q22 Santander (1) Cost of credit based on 12 month loan-loss provisions divided by average customer loans. 17#18Underlying profit increased 75% QoQ driven by the recovery in total income, combined with flat cost base and low provisioning Attributable Profit (EUR mn) 91 126 155 86 144 3Q21 4Q21 1Q22 2Q22 3Q22 Santander 9M'22 9M'21 YoY (%) QoQ (%) Profit before taxes 558 247 +126.3 +68.0 Taxes and MI -173 -75 +132.4 +69.5 Attributable Profit 385 172 +123.7 +67.3 18#19Santander Portugal's transformation resulted in greater customer loyalty and transactions, as well as one of the best efficiency ratios in the Portuguese banking system Financial System ▸ Economic activity continues operating above its potential, driven by private consumption and the post-pandemic recovery in tourism. The persistently high level of inflation is penalizing households' purchasing power, which is already affecting economic sentiment and future investment decisions ▸ The abrupt and fast monetary policy tightening is contributing to a faster-than-expected increase in interest rates which will have a mixed effect on the banking system's trajectory, with a favourable impact on NII but a potentially negative effect on provisions Strategy & Business Santander Portugal's comprehensive transformation programme allowed it to increase customer loyalty, with the improvement in net fee income, high new origination volumes, controlled costs and strict asset quality management We remain focused on our digital transformation process, with the aim of achieving top customer satisfaction, best-in-class efficiency ratio and attractive financial performance, including sound capital and liquidity OD Results Total income accelerated QoQ, supported by growth in NII, reflecting the positive effect of higher interest rates and the effect from the SRF contribution in Q2. YoY comparison continued to be affected by ALCO sales in 2021 ▸ Operating expenses continued to improve YoY, reflecting our commercial and digital transformation. Efficiency ratio improved by 2.1pp ▸ LLPs remain at very low levels, reflecting the strength of our balance sheet and a resilient labour market ▸ Attributable profit increased 67% QoQ, driven by the recovery in total income, combined with a flat cost base and low provisioning Santander 19#20Financial and liquidity management 04#21Santander 114.2% Loans to Deposit Ratio 126.5% 117.8% 116.1% 111.3% 110.5% 108.3% Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Sep-22 21 21#22Funding structure Santander EMTN's Repos 1.1 0.0 ECB BEI Securitizations. 2% 1.1 0% 0.0 .0% 0.0 .0% 2% Covered Bonds 2.0 Capital+Sub. Debt 3.6 8% 4% Customer Deposits.... 39.5 84% As of Sep/22 22 22#23Capital ratios - ST, SGPS CET 1 - full implemented 25.1% 15.1% 14.2% 14.1% 20.6% 17.3% RWA (bn€) 21.9 19.9 18.5 18.0 15.4 14.9 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Sep-22 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Sep-22 Santander 23#24Benchmarking 05#25Results Sustained profitability and strong capital position 385 Net Income - Domestic (M€) 159 296 537 429 17.3% CET 1 (full implemented) 13.5% 11.4% 18.7% Market: 15.0% as at Jun/22 12.1% ST Bank # Bank # Bank # Bank # ST Bank # Bank # Bank # Bank # Santander As at Sep/22 25#26Asset Quality Market: 3.4% as at Jun/22 2.0% 1.4% NPE Ratio 3.7% 2.1% 5.0% 90.0% 84.8% NPE Coverage Ratio 65.8% 104.1% Market: 52.6% as at Jun/22 77.2% ST Bank # Bank # Bank # Bank # ST Bank # Bank # Bank # Bank # Santander As at Sep/22 26#27Rating Portuguese Banks - Senior Debt Long Term Ratings - Senior Debt DBRS Fitch Moody's A Santander A- Santander Santander Baa2 Bank 1 | Bank 3 BBB+ S&P Santander Bank 3 AL Baa3 Bank 2 BBB+ BBB Bank 3 BBBH Bal BBB BBB- BBB Bank 1 Bank 1 Ba2 BBB- BB+ Bank 2 BBBL Bank 2 BB+ BBH Ba3 Bank 2 BB B1 BB BB- BB BBL BB- B+ BH Bank 4 B B BL Santander Peer Group (Main Banks) Last update 8-Nov-2022 B2 B+ B3 Bank 4 B Caal B- Caa2 CCC+ B- CCC+ CCC 27#28Appendix 06#29Balance Sheet Santander Totta, SGPS BALANCE SHEET (million euro) Sep-22 Sep-21 Var. Cash, cash balances at central banks and other demand deposits Financial assets held for trading, at fair value through profit or loss, and at fair value 10,176 8,144 +25.0% 8,405 9,977 -15.8% through other comprehensive income Financial assets at amortised cost 41,090 40,526 +1.4% Investments in subsidiaries, joint ventures and associates 109 107 +1.6% Tangible assets 468 574 -18.5% Intangible assets Tax assets 37 35 +4.2% 322 391 -17.6% Non-current assets held for sale 14 50 -71.6% Other assets 734 175 >200% Total Assets 61,355 59,979 +2.3% Financial liabilities held for trading 438 650 -32.6% Other financial liabilities mandatory at fair value through profit or loss 2,861 3,299 -13.3% Financial liabilities at amortised cost 52,635 49,078 +7.2% Resources from Central Banks and Credit Institutions 8,140 7,689 +5.9% Customer deposits 39,314 37,931 +3.6% Debt securities issued 4,676 3,189 +46.6% Other financial liabilities Provisions Technical provisions Tax liabilities Other liabilities 505 269 +87.9% 171 301 -43.3% 642 693 -7.4% 325 376 -13.7% 708 1,051 -32.6% Total Liabilities 57,781 55,449 +4.2% Share capital atributtable to ST SGPS shareholders 3,573 4,529 -21.1% Non controlling interests 1 2 -31.2% Total Shareholders' Equity 3,574 4,531 -21.1% Total Shareholders' Equity and Total Liabilities 61,355 59,979 +2.3% Santander 29 29#30Income Statement Santander Totta, SGPS CONSOLIDATED INCOME STATEMENTS* (million euro) Net interest income Income from equity instruments Sep-22 Sep-21 Var. 547.9 558.5 -1.9% 3.7 1.5 +144.4% Results from associates Net fees Other operating results Insurance activity Commercial revenue Gain/losses on financial assets Net Income from Banking Activities Operating costs 17.1 11.4 +50.3% 358.6 315.7 +13.6% -32.8 -29.7 +10.3% 8.3 12.5 -33.6% 902.9 869.9 +3.8% 30.7 155.7 -80.3% 933.6 1,025.7 -9.0% -364.5 -422.0 -13.6% Staff expenses -196.9 -234.7 -16.1% Other Administrative Expenses -133.1 -149.3 -10.8% Depreciation -34.5 -38.0 -9.2% Net operating Income 569.1 603.7 -5.7% Impairment (net) of financial assets at amortised cost 10.0 -101.4 Net provisions and other results -20.8 -255.6 -91.9% Income before taxes and non-controlling interests 558.3 246.7 +126.3% Taxes -173.1 -74.5 +132.4% Non-controlling interests -0.1 -0.1 +135.7% Consolidated net income 385.1 172.2 +123.7% (1) Includes the costs with the Resolution and Deposit Guarantee Funds (*) Not audited Santander 30 30#31Thank you. Our purpose is to help people and business prosper. Our culture is based on believing that everything we do should be: Simple Personal Fair Santander MEMBER OF Dow Jones Sustainability Indices In Collaboration with RobecoSAM FTSE4Good