#1Investor Relations | November 2023 Portugal 9M'23 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#4Tight monetary policy is conducing to a deleveraging of the banking sector Total loans (bn) 230.0 228.1 227.0 227.9 227.0 YOY (%) 2.7 1.9 -0.2 -0.5 -0.7 Sep-22 Dec-22 Mar-23 Jun-23 Aug-23 Total customer deposits (€ bn) 287.7 291.4 283.6 286.6 285.6 7.1 6.4 YOY (%) 1.5 -0.3 -0.8 Sep-22 Dec-22 Mar-23 Jun-23 Aug-23 Santander Source: Statistics Portugal, Ministry of Finance, Santander Portugal forecasts and estimates. The stock of loans is declining at a faster pace, as economic agents react to the high interest rate environment. On the one hand, new loan demand has declined compared to the same period of last year, but shows signs of stabilization in recent months. On the other hand, households and companies continue to early redeem their loans, as financing costs, mostly at floating rate, rose. Asset quality continued to hold at historically low levels. Deposits decline YoY, as households and corporates partly repay in advance their loans. In June, the Government revised the interest rate paid on Saving Certificates, to a maximum of 2.5%, with a significant decline in new subscriptions. The banking sector continues to gradually increase the interest rates paid on deposits. 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'23 YoY Var. Customer loans (gross) €44.9 bn +3.4% Customer Deposits €35.5 bn -9.7% Attributable profit €621.7 mn +61.5% ROTE¹ 20.9% +5.9 pp Efficiency ratio 27.5% -11.5 pp Loans market share² 17.1% -32 bps Deposits market share² 13.9% -94 bps Total customers 2.9 mn -4.8% Digital customers 1.2 mn +7.4% Branches³ 332 -2.4% 4,662 -0.3% Se Employees³ ◆Santander (1) Using tangible equity. (2) As at Mar-23 (3) Branches and Employees in Portugal 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 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 drive its commercial and digital transformation, boosting customer loyalty and experience Total customers (mn) -5% Active customers (mn) Digital customers (mn) +8% +3% 3.0 2.9 1.1 1.8 1.8 Sep-22 Sep-23 Sep-22 Sep-23 1.2 Sep-22 Sep-23 The Bank continues executing its commercial and digital transformation, aiming at providing first-class service to customers, by simplifying its offer and processes, which is: Contributing to the sustained growth in the number of active customers (+3%); Translated into the continued increase in digital customers (+7%), underpinned by our focus in providing a seamless experience across channels. Santander (1) YTD data. 7#8We are fully committed to helping people and businesses prosper Individuals Mortgage Loans The Bank stands close to its customers to mitigate the impacts of higher interest rates Escolha a casa, as preocupações ficam à porta Conheça as novas soluções de crédito habitação, agora com mais tempo e taxas mais reduzidas. Também para transferências Pedidos até 31/12. Conhecer campanha Current accounts Domiciliar o ordenado no Santander dá mais Conheça tudo o que pode receber ao abrir uma conta à ordem com domiciliação de ordenado até 31/12. Conhecer campanha Santander a tua LIBERDADE é da nossa conta Escolhe uma conto universitaria no Sentender, comum deposito de 55 recebe BOE em mblidade, egoming até 31/12 informo-te em santander.pt secuturo, desporto Santander Businesses Financing solutions for small business CrediSimples Negócios dá- The liquidez imediata Se precisa de uma resposta rápida para avançar com projetos da sua empresa, simule agora as suas mensalidades 100% online. TAE desde 12,7%. Santander University Students Campaign to acquire new customers focused on new college students Simples sto New BEI line, in the amount of €400mn, which will allow Mid-Caps to fund investment projects up to €560mn BEST BANK 30TH Better Service AWARD 2023 ANNUAL GLOBAL BEST SME FINANCE BANK AWARD 2023 EUROMONEY AWARDS FOR EXCELLENCE PORTUGAL 2023 BEST BANK WORLD FINANCE BEST RETAIL BANK, PORTUGAL 2023 SANTANDER GLOBAL FINANCE EUROMONEY 2023 MARKET LEADERS DOMESTIC TRADE FINANCE MARKET LEADER 8#9Ongoing deleveraging at the level of households, but offset by the growth in corporate and institutional loan book Total customer loans (EUR bn) +3.4% +7.1% 44.9 43.5 43.3 42.6 41.9 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Santander Sep-23 Sep-22 YoY (%) QoQ (%) Individuals 24.2 25.3 -4.2 -1.6 Mortgage 22.1 23.1 -4.0 -1.3 Consumer and other 2.0 2.2 -6.8 -4.8 Corporates and Institucionals 20.7 18.2 +13.9 +19.5 9#10Deposit volumes affected by excess liquidity in the system, the deleveraging by households and increased net new money in mutual funds Total Deposits (EUR bn) -9.7% -2.9% Sep-23 Sep-22 YoY (%) QoQ (%) 39.3 38.5 37.3 Deposits 35.5 39.3 -9.7 -2.9 36.6 35.5 Off Balance Sheet Resources 7.7 7.4 +4.2 +0.3 Investment Funds 4.0 3.7 +9.6 +2.5 Insurance and other 3.7 3.7 -1.3 -2.0 Total Customer Funds 43.2 46.7 -7.5 -2.4 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Santander 10#11Results 03#12NII grew strongly, continuing to reflect higher interest rates and low deposit betas Net interest income (EUR mn) 319 268 235 178 446 Yields and Costs (%) 4.03% Yield on loans 4.63% 3.33% 2.37% 1.69% 0.02% 0.04% 0.14% 0.26% Cost of deposits 0.38% Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Differential 3Q22 4Q22 1Q23 2Q23 3Q23 1.7pp 2.3pp 3.2pp 3.8pp 4.2pp Santander 12#13Net fee income declined, mainly affected by lower activity and new regulation on mortgage prepayment fees Net fee income (EUR mn) 9M'23 9M'22 YoY (%) QoQ (%) 119 122 112 115 110 Credit 45 55 59 -24.3 -10.7 Means of Payment 80 60 868 87 -7.8 -2.6 Mutual funds 26 28 -8.0 +2.3 Insurance Other 92 95 55 -3.3 +1.5 103 89 +15.6 +23.8 3Q22 4Q22 1Q23 2Q23 3Q23 Santander Total net fee income 346 359 -3.6 +4.6 13#14Total income continued to increase supported by strong NII growth. On a quarterly basis revenue was also boosted by SRF contribution recorded in Q2 Total income (EUR mn) 422 408 358 321 577 3Q22 4Q22 1Q23 2Q23 3Q23 Santander (1) Other includes gains/losses on financial transactions and other operating income. 9M'23 9M'22 YoY (%) QoQ (%) Net interest income Net Fees 1,033 548 +88.5 +40.1 346 359 -3.6 +4.6 Customer revenue 1,379 906 +52.1 +31.0 Other 29 27 +6.9 Total income 1,408 934 +50.8 +36.6 14#15Expenses increased due to inflationary pressures but remained stable in real terms as a result of our transformation efforts Operating expenses (EUR mn) 9M'23 9M'22 YoY (%) QoQ (%) 132 128 128 122 121 Operating Expenses 387 365 +6.3 +3.3 Efficiency ratio (with amortisations) 27.5% 39.0% -11.5pp -7.4pp Branches in Portugal (#) 332 340 -2.4 -0.3 Employees in Portugal (#) 4,662 4,674 -0.3 -0.1 3Q22 4Q22 1Q23 2Q23 3Q23 Santander 15#16Credit fundamentals remained robust and NPL ratio continued to reduce. LLPs and CoR remain well under control despite increased due to very low levels in 2022 Net LLPs (EUR mn) 9 2 9M'23 9M'22 YoY (%) QoQ (%) Net Operating Income LLPs 1,020 569 +79.3 +51.1 -61 10 -712.9 +45.7 Net Operating Income after LLPs 959 579 +65.6 +51.5 NPE ratio 1.6% 2.0% -0.4pp -0.5pp -17 -18 NPE coverage ratio 93.2% 84.8% +8.3pp +4.6pp (1) Cost of Credit 0.14% -0.09% +0.23pp +0.08pp -26 3Q22 4Q22 1Q23 2Q23 3Q23 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. 16#17Profit increased YoY driven by higher revenue on the back higher net operating income supported by NII growth and tight risk management Attributable Profit (EUR mn) 144 222 288 9M'23 9M'22 YoY (%) QoQ (%) 186 Profit before taxes 914 558 +63.7 +78.4 148 Taxes and MI -292 -173 +68.7 +49.2 Attributable Profit 622 385 +61.5 +94.9 3Q22 4Q22 1Q23 2Q23 3Q23 Santander 17#18Santander Portugal's transformation drove increased customer loyalty and transactions, as well as one of the best efficiency ratios Financial System The increase in interest rates is starting to impact demand for loans, with new loan originations declining to the lowest levels since early 2020, both for mortgages and corporate loans ▸ Deposits are growing at a slower pace, as households and non-financial corporates begin to use their savings to pay down loans. Households are also diversifying part of their savings into Government Savings Certificates, which have higher interest rates than deposits Strategy & Business ▸ 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 ▸ 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 001 Results ▸ Double-digit growth in total income supported by strong NII performance reflecting higher interest rates and low deposit betas Net operating income grew strongly on the back of improved efficiency (-12pp) as revenue grew much faster than costs Credit fundamentals remained robust and NPL ratio continued to reduce. LLPs and CoR remain well under control despite increased due to very low levels in 2022 ▸ Profit increased YoY driven by higher revenue on the back higher net operating income supported by NII growth and tight risk management Santander 18#19Financial and liquidity management 04#20Santander 114.2% 126.5% 117.8% Loans to Deposit Ratio 116.1% 111.3% 110.5% 110.1% 124.5% Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Jun-23 20 20#21Funding and liquidity structure Repos ECB ΒΕΙ 4.6 LCR EMTN's 0.0 0.0 9% 1.4 0% .0% 3%. Securitizations Capital+Sub. Debt 3.8 139% 1.1 8% 2% Covered Bonds 3.6 7% NSFR 118% Santander Customer Deposits 35.6 71% Liquidity Buffer (% of deposits) 49% As of Sep/23 21#22Capital ratios - ST, SGPS CET 1 - full implemented 25.1% 14.2% 14.1% 15.1% 20.6% 16.3% 16.3% RWA (bn€) 21.9 19.9 18.5 18.0 16.2 14.9 15.3 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Sep-23 Dec-17 dez-18 dez-19 dez-20 dez-21 dez-22 set-23 Santander 22 22#23Capital ratios- ST, SGPS SREP capital requirements (fully loaded) MREL and TLAC 20.7% 24.2% T2 1.8% 21.0% 3.0% AT1 +818bp 2.6% Buffers 3.0% 12.5% +877bp T2 2.4% AT1 1.8% O-SIB buffer 0.5% +793bp 21.2% 16.3% CET1 ССов Requirement 18.0% 2.5% 0.8% Pillar 2 R 4.5% Pillar 1 27.9% SREP Requirement Ratios - Sep-23 ▸ The minimum CET1 to be maintained by the Bank is 8.34% ▸ As of Sep-23, the distance to the MDA was 818bps and the CET1 buffer was 793bps TLAC MREL Ratios - Sep-23 ▸ As of Jun-23, the Bank comfortably met both the TLAC and MREL requirements Santander 23#24Benchmarking 05#25Results Sustained profitability and strong capital position 622 Net Income - Domestic (M€) 324 557 837 CET 1 (full implemented) 638 16.3% 14.9% 14.5% 20.1% System: 16.4% as at Jun/23 16.5% ST Bank # Bank # Bank # Bank # ST Bank # Bank # Bank # Bank # Santander As at Sep/23 25#26Asset Quality System: 3.1% as at Jun/23 1.6% 1.5% NPE Ratio 3.0% 1.8% 4.2% 96.0% 93.2% NPE Coverage Ratio 130.9% System: 56.6% as at Jun/23 83.8% 81.0% ST Bank # Bank # Bank # Bank # ST Bank # Bank # Bank # Bank # Santander As at Sep/23 26#27Rating Portuguese Banks - Senior Debt Long Term Ratings - Senior Debt DBRS Fitch Moody's S&P A Santander A- Santander A3 BBB+ Santander Bank 3 Bank 3 AL Santander BBB+ BBBH Bank 1 BBB Baal BBB Bank 1 Bank 3 Baa2 Bank 2 BBB- Bank 2 BBB BBB- Bank 1 Baa3 BB+ BBBL Bank 2 BB+ Bank 2 Bal Bank 4 BB BBH BB BB BB- BBL Bank 4 B+ BH B BL Santander Peer Group (Main Banks) Last update 12-Dec-2023 Ba2 Ba3 B1 BB- B+ B B2 B- B B- B3 CCC+ CCC+ Caal CCC 27#28Appendix 06#29Balance Sheet Santander Totta, SGPS BALANCE SHEET (million euro) Sep-23 Sep-22 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 4,700 10,176 -53.8% 9,028 8,405 +7.4% through other comprehensive income Financial assets at amortised cost 42,405 41,090 +3.2% Investments in subsidiaries, joint ventures and associates 70 109 -36.0% Tangible assets 414 468 -11.6% Intangible assets Tax assets 36 37 -1.7% 311 322 -3.6% Non-current assets held for sale 43 14 +198.4% Other assets 530 734 -27.8% Total Assets 57,535 61,355 -6.2% Financial liabilities held for trading 1,187 438 +170.9% Other financial liabilities mandatory at fair value through profit or loss 2,825 2,861 -1.3% Financial liabilities at amortised cost 47,916 52,635 -9.0% Resources from Central Banks and Credit Institutions 5,822 8,140 -28.5% Customer deposits 35,494 39,314 -9.7% Debt securities issued 6,252 4,676 +33.7% Other financial liabilities Provisions Technical provisions Tax liabilities Other liabilities 349 505 -30.8% 150 171 -12.3% 573 642 -10.7% 414 325 +27.4% 622 708 -12.2% Total Liabilities 53,687 57,781 -7.1% Share capital atributtable to ST SGPS shareholders 3,847 3,573 +7.7% Non controlling interests 1 1 +10.6% Total Shareholders' Equity 3,848 3,574 +7.7% Total Shareholders' Equity and Total Liabilities 57,535 61,355 -6.2% Santander 29 29#30Income Statement Santander Totta, SGPS CONSOLIDATED INCOME STATEMENTS* (million euro) Net interest income Sep-23 Sep-22 Var. 1,033.0 547.9 +88.5% Income from equity instruments Results from associates Net fees Other operating results 1.7 3.7 -55.0% 12.6 17.1 -26.3% 345.7 358.6 -3.6% -18.9 -32.8 -42.3% Insurance activity 14.0 8.3 +67.9% Commercial revenue 1,388.0 902.9 +53.7% Gain/losses on financial assets 19.6 30.7 -36.2% Net Income from Banking Activities (1) 1,407.6 933.6 +50.8% Operating costs -387.4 -364.5 +6.3% Staff expenses -209.9 -196.9 +6.6% Other Administrative Expenses -144.3 -133.1 +8.4% Depreciation -33.2 -34.5 -3.7% Net operating Income 1,020.1 569.1 +79.3% Impairment (net) of financial assets at amortised cost -61.3 10.0 Net provisions and other results -44.9 -20.8 +116.1% Income before taxes and non-controlling interests 913.9 558.3 +63.7% Taxes -292.0 -173.1 +68.7% Non-controlling interests -0.2 -0.1 +65.4% Consolidated net income 621.7 385.1 +61.5% (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