#1Portugal 9M'22 Earnings Presentation 26 October 2022 Santander#2Important Information Non-IFRS and alternative performance measures This presentation contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards ("IFRS") and derived from our financial statements, 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 (ESMA/2015/1415en) and other non-IFRS measures ("Non-IFRS Measures"). These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from the Banco Santander Group; however those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by our auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS measures to be useful metrics for our management and investors to compare operating performance between accounting periods, as these measures exclude items outside the ordinary course performance of our business, which are grouped in the "management adjustment" line and are further detailed in Section 3.2 of the Economic and Financial Review in our Directors' Report included in our Annual Report on Form 20-F for the year ended 31 December 2021. Nonetheless, these APMs and non-IFRS measures should be considered supplemental information to, and are not meant to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. For further details on APMs and Non-IFRS Measures, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the 2021 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") on 1 March 2022, as updated by the Form 6-K filed with the SEC on 8 April 2022 in order to reflect our new organizational and reporting structure, as well as the section "Alternative performance measures" of the annex to the Banco Santander, S.A. ("Santander") Q3 2022 Financial Report, published as Inside Information on 26 October 2022. These documents are available on Santander's website (www.santander.com). Underlying measures, which are included in this presentation, are non-IFRS measures. This presentation also contains statements on emissions and other climate-related performance data, statistics, metrics and/or targets (the "ESG Data"). The ESG Data are not financial data and are non-IFRS data. Such ESG Data are non-audited estimates, continue to evolve and may be based on assumptions believed to be reasonable at the time of preparation, but should not be considered guarantees. The ESG Data is for informational purposes only, is not intended to be comprehensive and does not constitute investment, legal or tax advice. The businesses included in each of our geographic segments and the accounting principles under which their results are presented here may differ from the included businesses 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. Forward-looking statements Santander advises that this presentation contains "forward-looking statements" as per the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words like "expect", "project", "anticipate", "should", "intend", "probability", "risk", "VaR", "RORAC", "RORWA", "TNAV", "target", "goal", "objective", "estimate", "future", "commitment", "commit", "focus", "pledge" and similar expressions. Found throughout this presentation, they include (but are not limited to) statements on our future business development, performance, shareholder remuneration policy and ESG Data. However, a number of risks, uncertainties and other important factors may cause actual developments and results to differ materially from those anticipated, expected, projected or assumed in forward-looking statements. The following important factors, in addition to other factors discussed 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 cause materially different outcomes from those anticipated, expected, projected or assumed in forward- looking statements: (1) general economic or industry conditions of areas where we have significant operations or investments (such as a worse economic environment; higher volatility in the capital markets; inflation or deflation; changes in demographics, consumer spending, investment or saving habits; energy prices; and the effects of the war in Ukraine or the COVID-19 pandemic in the global economy); (2) climate-related conditions, regulations, targets and weather events; (3) exposure to various market risks (particularly interest rate risk, foreign exchange rate risk, equity price risk and risks associated with the replacement of benchmark indices); (4) potential losses from early repayments on our loan and investment portfolio, declines in value of collateral securing our loan portfolio, and counterparty risk; (5) political stability in Spain, the United Kingdom, other European countries, Latin America and the United States; (6) changes in legislation, regulations, taxes, including regulatory capital and liquidity requirements, especially in view of the United Kingdom exit from the European Union and increased regulation in response to financial crises; (7) our ability to integrate successfully our acquisitions and related challenges that result from the inherent diversion of management's focus and resources from other strategic opportunities and operational matters; and (8) changes in our access to liquidity and funding on acceptable terms, in particular if resulting from credit spreads shifts or downgrade in credit ratings for the entire Santander, the Banco Santander Group or significant subsidiaries. Santander 2#3Important Information Forward looking statements are based on current expectations and future estimates about Santander's and third-parties' operations and businesses and address matters that are uncertain to varying degrees, including, but not limited to developing standards that may change in the future; plans, projections, expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including expectations regarding future execution of Santander's and third-parties' energy and climate strategies, and the underlying assumptions and estimated impacts on Santander's and third-parties' businesses related thereto; Santander's and third-parties' approach, plans and expectations in relation to carbon use and targeted reductions of emissions; changes in operations or investments under existing or future environmental laws and regulations; and changes in government regulations and regulatory requirements, including those related to climate-related initiatives. Forward-looking statements are aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this presentation, are informed by the knowledge, information and views available on such date and are subject to change without notice. Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law. No offer The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by Santander. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in this presentation. No investment activity should be undertaken on the basis of the information contained in this presentation. In making this presentation available Santander gives no advice and makes no recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever. Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act 2000. Historical performance is not indicative of future results Statements about historical performance must not be construed to indicate that future performance, share price or results (including earnings per share) in any future period will necessarily match or exceed those of any prior period. Nothing in this presentation should be taken as a profit 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#5Loans 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 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. Santander Source: Statistics Portugal, Ministry of Finance, Santander Portugal forecasts and estimates. 5#6Index 1 2 3 4 5 Financial system Strategy and business Santander Results Concluding remarks Appendix 6#7Santander Portugal aims to provide best-in-class service to its customers, maintaining a leadership position in lending 9M'22 YoY Var. Strategic Priorities KEY DATA Customer loans¹ €40.6bn +0.9% Customer funds² €46.6bn +1.4% Underlying att. profit €360mn +11.4% ROTE³ 26.7% +5.1pp Efficiency ratio 40.3% -1.7pp Loans market share4 17.9% -7bps Deposits market share4 13.4% +4bps Total customers 3.0mn -0.4% Digital customers 1.1mn +9.4% Branches 385 -3.0% S Employees 4,953 -13.3% Santander (1) Excluding reverse repos. (2) Excluding repos. 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 (3) Adjusted RoTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 13.2%. (4) As of Jun-22. 7#8Santander 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) +7% 0.91 0.84 Digital customers (mn) +9% 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. 8 00#9Santander Portugal is fully committed to helping people and businesses prosper... People New Mortgages - Market Share (%) 21.4 23.7 EUROMONEY 2022 MARKET LEADERS DOMESTIC 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 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 9#10while 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. 10#11Strong increase in mortgages was partially offset by lower demand from corporates Total customer loans¹ (€ bn) 40.6 40.6 Sep-22 Sep-21 YoY (%) QoQ (%) 40.2 40.3 40.1 Individuals² 25.6 24.0 6.7 1.5 o/w Mortgages 22.9 21.4 7.1 1.7 SMES 6.2 6.3 -0.7 -2.0 Corporates & Institutions 3.2 3.5 -9.1 -2.9 CIB 2.4 2.8 -12.7 -3.1 Other 3.1 3.7 -14.1 -2.2 Total customer loans 40.6 40.2 0.9 0.0 Commercial Paper (CP) 3.4 3.6 -6.1 -2.7 Customer loans + CP 44.0 43.8 0.3 -0.2 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Santander Group criteria. (1) Excludes reverse repos. (2) Includes Private Banking. 11#12More moderate growth YoY in customer funds driven by a QoQ decrease in demand deposits, while mutual funds affected by volatile market conditions Total customer funds (€bn) Sep-22 Sep-21 YoY (%) QoQ (%) 47.6 47.1 Demand 24.8 23.7 4.6 -2.6 46.7 46.6 46.0 Time 18.2 18.1 0.2 -0.9 Total deposits 42.9 41.8 2.7 -1.9 Mutual Funds 3.7 4.2 -11.3 -2.3 Total customer funds 46.6 46.0 1.4 -1.9 of which: Financial Insurance Deposits ex-Fin. Insurance 3.5 3.9 -12.1 -4.1 39.5 37.9 4.2 -1.7 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Additionally, the bank also includes securities placed (€3.3 bn, +26% YoY) and other managed funds² (€5.3 bn, -11% YoY) in its management of customer funds. Santander Group criteria. (1) Includes financial insurance. (2) Mutual funds, pension funds and managed portfolios. 12#13Index 1 2 Financial system Strategy and business Santander 3 4 Results Concluding remarks 5 Appendix 13#14NII grew QoQ reflecting the positive effect of higher interest rates Net interest income (€ mn) Yields and Costs (%) Yield on loans 178 174 175 170 171 1.64% 1.44% 1.41% 1.42% 1.45% Cost of deposits 0.01% 0.01% 0.00% 0.00% 0.06% Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 NII/Average total assets Differential 1.19% 1.16% 1.13% 1.12% 1.14% 143 bps 140 bps 142 bps 145 bps 158 bps Central Bank interest rate 0.00% 0.00% 0.00% 0.00% 1.25% Santander 14#15Net fee income maintained its positive trajectory driven by resilient growth from transactional fees, reflecting the economic recovery Net fee income (€ mn) 9M'22 9M'21 YoY (%) QoQ (%) Transactional fees 217 194 12.3 -2.7 Payment methods 87 74 17.0 3.1 122 123 121 Account admin. and 115 116 62 62 58 6.8 -6.8 maintenance Exchange and commercial 39 34 14.0 -11.2 bills Other transactional 29 27 9.1 1.1 Investment and pension funds 31 30 3.2 -2.9 Insurance 95 54 84 13.6 0.1 Securitites and custody 4 5 -15.0 -25.3 services Other 18 12 47.6 31.2 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Total net fee income 366 325 12.7 -1.2 Santander 15#16Total income accelerated QoQ, reflecting the growth in NII and the effect from the SRF contribution in Q2 Total income (€ mn) 305 292 333 320 9M'22 9M'21 YoY (%) QoQ (%) 281 Net interest income 516 548 -5.8 2.7 Net fee income 366 325 12.7 -1.2 Customer revenue 882 872 1.1 1.1 Other¹ 51 148 -65.6 Total income 933 1,020 -8.6 13.9 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Santander (1) Other includes Gains (losses) on financial transactions and Other operating income. 16#17Operating expenses continued to improve YoY, reflecting our commercial and digital transformation Operating expenses (€ mn) 140 9M'22 9M'21 134 YoY (%) QoQ (%) 125 125 125 Operating Expenses 376 429 -12.4 0.2 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Santander Branches (#) 385 397 -3.0 -0.3 Employees (#) 4,953 5,716 -13.3 -0.5 17#18Net operating income increased by 25% QoQ supported by higher revenue and controlled operating expenses. YoY decline due to ALCO portfolio sales in 2021 Net operating income (€ mn) 165 159 207 155 194 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Santander 9M'22 9M'21 YoY (%) QoQ (%) Total income 933 1,020 -8.6 13.9 Operating Expenses (376) (429) -12.4 0.2 Net operating income 557 591 -5.8 25.0 Efficiency ratio 40.3% 42.1% -1.7pp 18#19LLPs remain at very low levels, reflecting the strength of our balance sheet and a resilient labour market Net LLPs (€ mn) 25 9M'22 9M'21 YoY (%) QoQ (%) Net operating income 557 591 -5.8 25.0 Loan-loss provisions (9) (95) -90.2 Net operating income after 547 497 10.2 28.4 provisions 80 3 -2 NPL ratio 3.03% 3.44% -41bps -30bps Cost of risk -0.12% 0.35% -46bps -7bps -57 Coverage ratio 76% 76% 0.8pp 2.0pp Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 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. 19#20Underlying profit increased 75% QoQ driven by the recovery in total income, combined with flat cost base and low provisioning Underlying Attributable Profit (€ mn) 45 95 138 9M'22 9M'21 YoY (%) QoQ (%) 148 135 PBT 524 471 11.3 74.7 Tax on profit (162) (146) 11.0 74.9 Consolidated profit 361 324 11.4 74.6 77 Minority interests (1) (1) 44.0 29.3 Underlying attributable profit 360 324 11.4 74.8 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Santander Effective tax rate 31.0% 31.1% -0.1 pp 20 20#21Index 1 2 Financial system Strategy and business Santander 3 4 Results Concluding remarks 5 Appendix 21#22Santander Portugal's transformation resulted in greater customer loyalty and transactions, as well as one of the best efficiency ratios in the Portguese 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 1.8pp ▸ LLPs remain at very low levels, reflecting the strength of our balance sheet and a resilient labour market ‣ Underlying profit increased 75% QoQ, driven by the recovery in total income, combined with a flat cost base and low provisioning Santander 22#23Index 1 2 3 4 5 Financial system Strategy and business Santander Results Concluding remarks Appendix 23#24Balance sheet EUR million Variation Sep-22 Sep-21 Amount % Loans and advances to customers 39,637 39,168 469 1.2 Cash, central banks and credit institutions 11,188 9,177 2,011 21.9 Debt instruments 7,779 8,752 (973) (11.1) Other financial assets 1,328 1,566 (238) (15.2) Other asset accounts 1,542 1,329 213 16.0 Total assets 61,473 59,992 1,481 2.5 Customer deposits 42,944 41,817 1,127 2.7 Central banks and credit institutions 10,344 9,502 842 8.9 Marketable debt securities 3,335 2,651 683 25.8 Other financial liabilities 444 218 226 103.8 Other liabilities accounts 1,234 1,671 (436) (26.1) Total liabilities 58,302 55,859 2,443 4.4 Total equity 3,172 4,133 (961) (23.3) Other managed customer funds 5,301 5,980 (679) (11.3) Mutual funds 3,693 4,165 (472) (11.3) Pension funds 1,208 1,342 (134) (10.0) Managed portfolios 400 472 (72) (15.3) Santander 24 14#25Income statement Santander EUR million Variation 9M'22 9M'21 Amount % Net interest income Net fee income Gains (losses) on financial transactions 516 548 (32) (5.8) 366 325 41 12.7 54 151 (97) (64.3) Other operating income (3) (3) 0 (10.9) Total income 933 1,020 (87) (8.6) Operating expenses (376) (429) 53 (12.4) Net operating income 557 591 (34) (5.8) Net loan-loss provisions (9) (95) 85 (90.2) Other gains (losses) and provisions (24) (26) 2 (9.0) Underlying profit before tax 524 471 53 11.3 Tax on profit (162) (146) (16) 11.0 Underlying profit from continuing operations 361 324 37 11.4 Net profit from discontinued operations Underlying consolidated profit 361 324 37 11.4 Non-controlling interests (1) (1) (0) 44.0 Underlying attributable profit to the parent 360 324 37 11.4 25#26Quarterly income statement EUR million Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Net interest income 185 184 178 174 170 171 175 Net fee income 99 110 115 116 122 123 121 Gains (losses) on financial transactions 147 6 (2) (9) 30 14 10 Other operating income (12) (5) 14 11 11 (27) 13 Total income 420 296 305 292 333 281 320 Operating expenses (146) (143) (140) (134) (125) (125) (125) Net operating income 274 153 165 159 207 155 194 Net loan-loss provisions (35) (35) (25) 57 (8) (3) 2 Other gains (losses) and provisions (13) (11) (2) (1) 15 (40) 1 Underlying profit before tax 226 107 138 215 215 112 196 Tax on profit (70) (33) (43) (76) (67) (35) (61) Underlying profit from continuing operations 156 73 95 139 148 78 136 Net profit from discontinued operations - - - Underlying consolidated profit 156 73 95 139 148 78 136 Non-controlling interests (0) (0) (0) (0) (0) (0) (0) Underlying attributable profit to the parent 156 73 95 138 148 77 135 Santander 26#27Thank You. 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