#126 July 2023 United Kingdom + H123 Earnings Presentation 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 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. APMs using ESG labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR. Banco 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 Santander, S.A. (Santander) Q2 2023 Financial Report, published on 26 July 2023 (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. 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, policies, 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; (8) our own decisions and actions including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; (9) 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 (10) 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, regulatory requirements and internal policies, 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 5 Financial system Strategy and business Santander Results Concluding remarks Appendix 4#5Mortgage activity to remain subdued amid ongoing squeeze in buyer affordability + Total loans (£bn¹) 2,255 2,278 2,286 2,293 2,303 3.6% 3.0% 3.5% YOY (%) 2.5% 2.1% Jun-22 Sep-22 Dec-22 Mar-23 Jun-23(e) 2,512 Total customer funds (£bn²) 2,534 2,542 2,524 2,533 Secured lending growth to slow rapidly in 2023 as demand hit by sharp rises in mortgage rates Unsecured lending growth to remain robust as households use credit cards to manage expenditure during the period of high inflation ▸ Corporate borrowing growth to weaken in response to declining investment intentions and higher interest rates Retail deposit flows expected to fall back as cost of living pressures bite YOY (%) 3.8% 3.6% 2.9% 1.5% 0.8% Corporate deposit growth weakens as firms use deposits to navigate through the challenging high inflation environment Jun-22 Sep-22 Dec-22 Mar-23 Jun-23(e) Santander Source: Bank of England Bankstats (Monetary and Financial Statistics) published at end-June 2023, internal estimates for latest month. Annual growth rates are calculated using Bank of England methodology. (1) Total loans includes household (mortgages and consumer credit) plus corporate loans. (2) Total deposits include household deposits (with banks and NS&I) and corporate deposits, excluding cash holdings. UT 5#6Index 1 2 3 4 5 Financial system Strategy and business Santander Results Concluding remarks Appendix 6#7Customer focused strategy with resilient balance sheet KEY DATA H1'23 YoY Var. Strategic Priorities Customer loans¹ £207.7bn -3.7% Customer funds² ₤197.2bn +0.4% Deliver growth through customer loyalty and outstanding customer experience Attributable profit £717mn +15.6% هههه ROTE 13.9% +3.1pp Efficiency ratio 49.4% -1.8pp ▸ Simplify and digitalize the business for improved efficiency and returns Loans market share³ 9.6% -32bps Deposits market share³ 7.6% +2bps Be a responsible and sustainable business Total customers 22.4mn +0.7% Digital customers 7.1mn +4.8% Engage, motivate and develop a talented and diverse team Branches 445 -1.1% 00 Employees 22,163 +9.1% (1) Gross loans excluding reverse repos. Santander (2 (2) Excluding repos. (3) As of Dec-22. Includes mortgages and retail deposits only. Includes London Branch. 7#8Well established UK market position Total customers (mn) Active customers (mn) Digital customers (mn) 22.2 +1% 22.4 13.9 Jun-22 Jun-23 0% 13.9 6.8 Jun-22 Jun-23 +5% 7.1 Jun-22 Jun-23 ▸ Enhanced digital capability attracted a further >323k digital customers in the first six months of the year ▸ 76% of our refinanced mortgages were retained online ▸ 91% of current account openings and 98% of credit card openings were made through digital channels Santander 米 8#9Customer focused proposition We have a well-established UK market position c.14 million 000 active UK customers M AA My Home Manager 445 branches Across the UK L Top 5 retail mortgage provider¹ Top 5 largest commercial lender¹ Santander Up Edge + Launched Santander 'Edge' and Santander 'Edge Up' current account and savings brand Finding your edge. It Starts Here Only current account on the market to offer cashback on both debit card spending and direct debits 941 Manage my mortgege What would you like to do today? Overpayments Explore our deals Move home Borrow more 注 Change term or repayment method Get a settlement figure Launched My Home Manager 'release 2', bringing services together to help customers get more from their home Customers can: see their estimated home value and equity, view their Energy Performance Certificates, access a green knowledge hub and access cost estimates and quotes from local tradespeople for maintenance and repair Santander (1) Santander UK industry analysis of latest available bank and building society reports. Mortgage provider: UK mortgage stock, Retail Banking divisions. Commercial lender: UK commercial lending stock, Corporate and/or Commercial Banking divisions (excludes investment banking). 9#10Customer loans were down reflecting lower demand in most segments due to higher borrowing costs Total customer loans¹ (£ bn) 215.7 218.2 217.1 212.4 207.7 Jun-23 Jun-22 YoY (%) QoQ (%) Individuals² 187.3 193.7 -3.3 -2.2 o/w Mortgages³ 178.0 183.5 -3.0 -2.4 SMES 2.1 3.0 -27.9 -7.8 Corporates 18.4 19.1 -3.6 -1.4 CIB Total customer loans 207.7 215.7 -3.7 -2.2 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Santander Group criteria. (1) Excludes reverse repos. (2) Includes Private Banking. (3) Mortgages refers to residential retail mortgages only and excludes social housing and commercial mortgage assets. 10 米#11Customer deposits were resilient, supported by successful ISA products, although increase in time and reduction in demand reflects customers seeking higher yields Total customer funds (£ bn) 米 203.1 196.5 197.1 198.0 197.2 Jun-23 Jun-22 YoY (%) QoQ (%) Demand 165.5 177.6 -6.8 -3.6 Time¹ 25.5 12.4 105.4 27.8 Total deposits 191.0 190.0 0.5 -0.3 Mutual Funds² 6.2 6.5 -4.5 -2.5 Total customer funds 197.2 196.5 0.4 -0.4 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Santander Group criteria. (1) Time deposits include ISAs. (2) Third-party off-balance sheet assets originated by Santander Asset Management in the United Kingdom. 11#12Index 1 2 Financial system Strategy and business Santander 3 4 Results Concluding remarks 5 Appendix 12#13NII remained high supported by spread management in a rising base rate environment Net interest income (£ mn) Yields and Costs (%) 1,127 1,133 1,130 1,092 1,040 Yield on loans 3.16% 2.94% 2.71% 2.33% 2.46% Cost of deposits 1.37% 1.10% 0.79% 0.21% 0.35% Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 NII / Average earning assets 1.45% 1.52% Differential 1.54% 1.58% 1.59% 2.1pp 2.1pp 1.9pp 1.8pp 1.8pp Central Bank interest rate (EOP) 1.25% 2.25% Santander 3.50% 4.25% 5.00% 米 13#14Net fee income impacted by lower insurance profit share and higher cashback Net fee income (£ mn) H123 H1'22 YoY (%) QoQ (%) 93 Transactional fees 133 136 -2.6 -6.8 82 Account admin. and 80 92 95 -2.7 -1.1 73 73 maintenance Transfers, drafts, cheques (4) (3) 38.7 -46.2 and other orders Other transactional 45 45 0.3 -21.6 Investment and pension 24 26 -9.7 -1.5 funds Insurance 15 24 -39.3 2.4 Other (25) (17) 48.1 -33.9 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Total net fee income 146 170 -14.0 0.6 Santander 米 14#15Total income grew strongly driven by NII performance Total income (£ mn) 1,195 1,206 1,208 1,209 H123 H1'22 YoY (%) QoQ (%) 1,138 Net interest income Net fee income 2,263 2,037 11.1 -0.2 146 170 -14.0 0.6 Customer revenue 2,410 2,207 9.2 -0.2 Other¹ 8 11 -30.1 153.0 Total income 2,417 2,218 9.0 0.1 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Santander (1) Other includes Gains (losses) on financial transactions and Other operating income. 15 米#16Operating expenses impacted by high inflation but partly offset by transformation programme savings (-5% YoY in real terms) Operating expenses (£ mn) 589 595 599 574 565 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Santander H123 H1'22 YoY (%) QoQ (%) Operating Expenses 1,195 1,136 5.2 0.7 Branches (#) 445 450 -1.1 -0.2 Employees (#) 22,163 20,320 9.1 1.4 16#17Net operating income up 13% on the back of revenue growth and further efficiency improvements Net operating income (£ mn) + 631 617 613 610 564 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Santander H1'23 H1'22 YoY (%) QoQ (%) Total income 2,417 2,218 9.0 0.1 Operating Expenses (1,195) (1,136) 5.2 0.7 Net operating income 1,223 1,082 12.9 -0.5 Efficiency ratio 49.4% 51.2% -1.8pp 17#18Cost of risk stable at low levels, as LLPs remained contained despite the higher interest + rate environment Net LLPs (£ mn) H1'23 H1'22 YoY (%) QoQ (%) Net operating income 1,223 1,082 12.9 -0.5 Loan-loss provisions (91) (105) -27.4 -14.2 Net operating income after provisions 1,132 977 15.9 2.1 93 71 63 52 38 Cost of risk 0.11% -0.02% 13bps -1bp NPL ratio 1.32% 1.17% 15bps 5bps Coverage ratio 32% 33% -1.0pp -1.2pp Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Santander (1) Cost of risk based on allowances for loan-loss provisions over the last 12 months / average loans and advances to customers over the last 12 months. 18#19Profit grew supported by higher revenue, efficiency gains and contained cost of risk evolution + Attributable Profit (£ mn) 344 306 225 368 H1'23 H1'22 YoY (%) QoQ (%) 349 PBT 987 838 17.8 6.3 Tax on profit (271) (218) 24.1 8.6 Consolidated profit 717 620 15.6 5.4 Attributable profit 717 620 15.6 5.4 Effective tax rate 27.4% 26.0% 1.4pp Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Santander 19#20Index 1 2 3 4 5 Financial system Strategy and business Santander Results Concluding remarks Appendix 20 20#21Concluding remarks Financial System ▸ Secured lending growth to slow rapidly in 2023 as demand hit by sharp rises in mortgage rates. Unsecured lending growth to remain robust as households use credit cards. Corporate borrowing growth to weaken in response to declining investment intentions and higher interest rates Retail deposit flows expected to fall back as cost of living pressures bite. Corporate deposit growth weakens as firms use deposits to navigate through the challenging high inflation environment Strategy & Business ▸ We have a well-established market position: 14mn active customers, 446 branches, top 5 retail mortgage provider and commercial lender ▸ Enhanced digital capability attracted a further >323k digital customers during 2023 76% of our refinanced mortgages were retained online, 91% of current account openings and 98% of credit card openings were made through digital channels 001 Results ▸ Total income grew double-digits driven by strong NII performance ▸ Double-digit net operating income increase on the back of further efficiency improvements Cost of risk stable at low levels, as LLPs remained contained despite the higher interest rate environment ▸ Profit grew supported by higher revenue, efficiency gains and contained cost of risk evolution Santander 21 米#22Index 1 2 3 4 Financial system Strategy and business Results Santander Concluding remarks 5 Appendix 22#23Balance sheet £ million Variation Jun-23 Jun-22 Amount % Loans and advances to customers 217,661 223,187 (5,527) (2.5) Cash, central banks and credit institutions 55,499 56,140 (641) (1.1) Debt instruments 7,475 5,312 2,163 40.7 Other financial assets 922 494 428 86.6 Other asset accounts 2,027 4,530 (2,503) (55.3) Total assets Customer deposits 283,583 200,468 289,664 (6,080) (2.1) Central banks and credit institutions 196,933 30,818 39,545 (8,727) 3,535 1.8 (22.1) Marketable debt securities 37,115 37,073 43 0.1 Other financial liabilities 2,667 2,591 76 2.9 Other liabilities accounts 1,725 1,643 82 5.0 Total liabilities 272,793 277,785 (4,991) (1.8) Total equity 10,790 11,879 (1,089) (9.2) Other managed customer funds 6,207 6,498 (291) (4.5) Mutual funds 6,207 6,498 (291) (4.5) Pension funds Santander Managed portfolios 米 23#24Underlying income statement £ million 米 Variation H1'23 H1'22 Amount % Net interest income 2,263 2,037 226 11.1 Net fee income 146 170 (24) (14.0) Gains (losses) on financial transactions 6 10 (4) (40.4) Other operating income 1 1 1 155.3 Total income 2,417 2,218 199 9.0 Operating expenses (1,195) (1,136) (59) 5.2 Net operating income 1,223 1,082 140 12.9 Net loan-loss provisions (91) (105) 15 (14.2) Other gains (losses) and provisions (145) (139) (6) 4.0 Profit before tax 987 838 150 17.8 Tax on profit (271) (218) (53) 24.1 Profit from continuing operations 717 620 97 15.6 Net profit from discontinued operations - Consolidated profit 717 620 97 15.6 Non-controlling interests - - Profit attributable to the parent 717 620 97 15.6 Santander 24 24#25Quarterly underlying income statement £ million Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Net interest income 997 1,040 1,092 1,127 1,133 1,130 Net fee income 77 93 80 82 73 73 Gains (losses) on financial transactions 5 5 23 (7) 0 6 Other operating income 1 (0) 1 4 2 (0) Total income 1,080 1,138 1,195 1,206 1,208 1,209 Operating expenses (562) (574) (565) (589) (595) (599) Net operating income 518 564 631 617 613 610 Net loan-loss provisions (43) (63) (93) (71) (52) (38) Other gains (losses) and provisions (55) (84) (76) (226) (82) (63) Profit before tax 420 418 462 320 479 509 Tax on profit (106) (112) (118) (95) (130) (141) Profit from continuing operations 314 306 344 225 349 368 Net profit from discontinued operations - Consolidated profit 314 306 344 225 349 368 Non-controlling interests - Profit attributable to the parent 314 306 344 225 349 368 Santander 25 米#26Thank You. 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