#1Poland Q1'23 Earnings Presentation 25 April 2023 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 with ESG content 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, as well as the section "Alternative performance measures" of the Banco Santander, S.A. (Santander) Q1 2023 Financial Report, published on 25 April 2023. These documents are available on Santander's website (www.santander.com). Underlying measures, which are included in this presentation, 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, save as expressly indicated under 'Auditors' review', 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, 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) 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 (9) 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 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. 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 Financial system Strategy and business Santander UT Results Concluding remarks Appendix 4#5Loan growth slowing down while total deposits up fuelled by time deposits Total loans (Constant € bn¹) 284 277 280 276 278 7% 6% YOY (%) 6% 1% 1% YOY (%) Mar-22 Jun-22 Sep-22 Dec-22 Feb-23 Total customer deposits (Constant €bn¹) 370 364 349 349 380 9% 8% 6% 6% 6% Mar-22 Jun-22 Sep-22 Dec-22 Feb-23 Loan growth slowed to 1%. Loans to businesses performed well (+6%) mainly due to elevated demand for working capital Loans to households fell by 5% (FX-adjusted) in February, driven by lower mortgage originations and elevated repayments (PLN mortgage growth below zero) New business for consumer loans and rising number of mortgage loan applications may deliver on stronger growth rates in the coming quarters Deposits grew 9% in February, primarily fuelled by time deposits (+96%), while the volume of demand deposits continued to decrease (-10%) Differing trends between deposit and loan growth is mostly resulting from a rise in net foreign assets of the banking system Santander (1) End period exchange rate as of Mar-23. Source: National Bank of Poland, Santander Bank Polska. UT 5#6Index 1 2 3 4 Financial system Strategy and business Santander UT Results Concluding remarks Appendix 6#7Santander Bank Polska S.A. - 3rd largest bank in Poland هههه 2022 YoY Var.4 KEY DATA Customer loans¹ €30.8bn +0.5% Customer funds² €42.8bn +3.9% Attributable profit €167mn +51.4% ROTE 19.5% +4.6pp Efficiency ratio 27.1% -5.4pp Loans market share³ 3 11.8% +30bps Deposits market share³ 11.3% +2bps 00 Total customers 5.7mn +3.8% Digital customers 3.4mn +7.4% Branches 393 -6.4% Employees 10,618 +3.0% Strategic Priorities Strengthen customer engagement to achieve a strong top 3 NPS position in a highly competitive market Optimizing the sales network, changing branch model in favour of cashless service and supporting customer use of remote channels and language used with them Continuing efforts to optimize and digitalize sales and post-sales processes, digitalizing paper consuming processes in favour of electronic forms of communication Improving employee experience - implementing initiatives that support employee well-being, building a supportive and inclusive work environment Note: 3rd largest bank in Poland in terms of assets as of Dec-22. (1) Gross loans excluding reverse repos. Santander (2) Excluding repos. (3) As of December 2022. (4) Constant euros. 7#8Sustained customer growth and increased loyalty Total customers (mn) 5.5 +4% Active customers (mn) Digital customers (mn) 5.7 4.1 Mar-22 Mar-23 +5% +7% 4.3 3.4 3.1 Mar-22 Mar-23 Mar-22 Mar-23 Significant increase in both total (+4%) and active (+5%) customers ▸ Growth in loyal SMEs reached 7% YoY Investments in digitalization drove 7% growth in our digital customer base Santander 00 8#9Retail Banking Q1 2023 Summary Total Experience focus Provide superior customer experience in every available customer service channel ▸ Continued programme to strengthen employee experience and engagement 000 Business performance Continued customer acquisition growth Sales volumes growth in key business lines, especially in personal loans (in March the highest monthly sales ever) Strong total income growth - 1.5 times more than in Q1 2022 Business transformation Strategic programmes focused on digital acceleration and simplification of the comercial offer to clients with fewer products Increased number of digital and mobile customers ▸ Optimization of the retail banking network: 2 branches closed in Q1 2023 Santander 9#10Loans grew following our growth strategy in the corporate segment, SMEs and CIB Total customer loans (Constant € bn) 1 Mar-23 Mar-22 YoY (%) QoQ (%) 30.6 31.1 31.1 30.6 30.8 Individuals² 14.5 15.1 -3.4 -0.9 o/w Mortgages 10.7 11.3 -5.4 -0.1 o/w Consumer credit 3.1 2.9 4.8 2.7 SMES 3.5 3.4 2.1 2.1 Corporates & Institutions 8.2 7.7 6.5 0.8 CIB 4.3 4.1 4.6 7.1 Other 0.2 0.3 -32.1 -32.9 Total customer loans 30.8 30.6 0.5 0.6 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Santander Group criteria. (1) Excludes reverse repos. End period exchange rate as at Mar-23. (2) Includes Private Banking. 10#11Deposits increased in time on the back of higher rates Total customer funds (Constant € bn)¹ 42.4 42.8 41.2 40.9 39.9 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Santander Group criteria. (1) Excluding repos. End period exchange rate as at Mar-23. Mar-23 Mar-22 YoY (%) QoQ (%) Demand 29.3 33.3 -12.0 -0.9 Time 10.1 4.3 133.8 3.4 Total deposits 39.4 37.6 4.7 0.1 Mutual Funds 3.4 3.5 -4.7 9.0 Total customer funds 42.8 41.2 3.9 0.8 11#12Santander Index 1 2 Financial system Strategy and business 3 4 UT Results Concluding remarks Appendix 12#13NII grew strongly boosted by commercial activity, higher interest rates and tight cost of deposit management Net interest income (Constant € mn)1 Yields and Costs (%) 586 533 553 480 400 Yield on loans 8.26% 7.28% 7.64% 6.22% 4.64% Cost of deposits 1.58% 1.75% 1.00% 0.16% 0.49% Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 NII / Average earning assets 3.41% 4.05% Official interest rate² 2.69% 5.08% Differential 4.40% 4.41% 4.70% 4.5pp 5.7pp 6.3pp 6.1pp 6.5pp 6.52% 6.75% 6.75% Santander (1) Average exchange rate as at 3M'23. (2) Quarterly average. 13#14Net fee income grew strongly as payment method fees delivered double-digit growth Net fee income (Constant € mn)1 Q1'23 Q1'22 YoY (%) QoQ (%) Transactional fees 99 97 2.4 6.1 145 135 136 128 126 Payment methods 24 19 31.6 33.5 Transfers, drafts, cheques 13 13 -2.3 -3.1 and other orders Foreign exchange 39 39 -0.7 -4.0 currencies Other transactional 23 26 -11.3 7.3 Investment and pension 10 12 -17.5 -6.7 funds Insurance 9 8 12.3 33.0 Securities and custody 8 8 -0.8 20.7 services Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Other 19 10 81.7 132.8 Total net fee income 145 135 7.1 15.4 Santander (1) Average exchange rate as at 3M'23. 14#15Total income had a positive performance supported mainly by strong NII Total income (Constant € mn)1 729 692 696 572 501 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q1'23 Q1'22 YoY (%) QoQ (%) Net interest income 586 400 46.6 6.0 Net fee income 145 135 7.1 15.4 Customer revenue 731 535 36.6 7.8 Other² (2) (34) -94.5 Total income 729 501 45.5 4.8 Santander (1) Average exchange rate as at 3M'23. (2) Other includes Gains (losses) on financial transactions and Other operating income. 15#16Operating expenses rose sharply following high inflation rates and a tight labour market Operating expenses (Constant € mn)¹ Q1'23 Q1'22 YoY (%) QoQ (%) 197 183 171 172 Operating Expenses 197 163 21.3 8.0 163 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Santander (1) Average exchange rate as at 3M'23. Branches (#) 393 420 -6.4 -0.5 Employees (#) 10,618 10,312 3.0 0.8 16#17Strong net operating income performance on the back of higher revenue as well as 5pp efficiency improvement, absorbing inflationary pressures Net operating income (Constant € mn)¹ 401 338 520 531 513 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Santander (1) Average exchange rate as at 3M'23. Q1'23 Q1'22 YoY (%) QoQ (%) Total income 729 501 45.5 4.8 Operating Expenses (197) (163) 21.3 8.0 Net operating income 531 338 57.1 3.6 Efficiency ratio 27.1% 32.5% -5.4pp 17#18Credit quality remained solid. LLPs rose sharply YoY due to higher CHF mortgage provision 62 Net LLPs (Constant € mn) 1 136 89 Q1'23 Q1'22 YoY (%) QoQ (%) 150 151 Net operating income 531 338 57.1 3.6 Loan-loss provisions (151) (62) 142.7 0.7 Net operating income after 380 276 37.7 4.9 provisions Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Cost of risk² 1.71% 0.65% 107bps 28bps NPL ratio 3.66% 3.50% 16bps -14bps Coverage ratio 75% 79% -3.4pp 1.2pp Santander (1) Average exchange rate as at 3M'23. (2) 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#19Double-digit profit increase following our strategy based on increasing volumes and revenue, while keeping costs controlled Attributable Profit (Constant € mn)¹ 110 94 23 134 Q1'23 Q1'22 YoY (%) QoQ (%) 167 PBT 336 231 45.3 21.3 Tax on profit (88) (67) 31.1 14.9 Consolidated profit 247 164 51.1 23.7 Minority interests (81) (54) 50.5 23.0 Attributable profit 167 110 51.4 24.1 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Santander (1) Average exchange rate as at 3M'23. Effective tax rate 26.3% 29.2% -2.9pp 19#20Index 1 2 Financial system Strategy and business Santander 3 4 Results Concluding remarks 5 Appendix 20 20#2100 Concluding remarks 00Û Financial System Loan growth slowed to 1%. Loans to businesses performed well (+6%) mainly due to elevated demand for working capital. Loans to households fell by 5% (FX-adjusted) in February, driven by lower mortgage originations and elevated repayments ▸ New business for consumer loans and rising number of mortgage loan applications may deliver on stronger growth rates in the coming quarters ▸ Deposits grew 9% in February, primarily fuelled by time deposits (+96%), while the volume of demand deposits continued to decrease (-10%) Strategy & Business ▸ Strengthen customer engagement to achieve a strong top 3 NPS position in a highly competitive market ▸ Improving employee experience implementing initiatives that support employee well-being, building a supportive and inclusive work environment We continue optimizing the sales network, changing branch model in favour of cashless service and supporting customer use of remote channels. We are also simplifying the language used in communication with customers (in contracts and daily messages) Results Revenue up supported by strong NII, boosted by commercial activity, higher interest rates and tight cost of deposit management Strong net operating income performance on the back of higher revenue as well as 5pp efficiency improvement, absorbing inflationary pressures ▸ Credit quality remained solid. LLPs rose sharply YoY due to higher CHF mortgage claims ▸ Double-digit profit increase following our strategy based on increasing volumes and revenue, while keeping costs controlled as well Santander 21#22Index 1 2 3 4 Financial system Strategy and business Results Santander Concluding remarks 5 Appendix 22#23Balance sheet Constant € million¹ Variation Mar-23 Mar-22 Amount % Loans and advances to customers 30,021 29,756 265 0.9 Cash, central banks and credit institutions 8,725 3,744 4,982 133.1 Debt instruments 11,557 14,127 (2,571) (18.2) Other financial assets 501 694 (193) (27.8) Other asset accounts 1,626 1,582 44 2.8 Total assets 52,431 49,903 2,527 5.1 Customer deposits 39,409 37,647 1,762 4.7 Central banks and credit institutions 3,898 4,190 (292) (7.0) Marketable debt securities 1,095 917 177 19.3 Other financial liabilities 1,075 1,041 33 3.2 Other liabilities accounts 1,399 1,250 149 11.9 Total liabilities 46,876 45,046 1,830 4.1 Total equity 5,555 4,857 698 14.4 Other managed customer funds 3,518 3,719 (201) (5.4) Mutual funds 3,353 3,519 (166) (4.7) Pension funds Managed portfolios 165 200 (35) (17.4) Santander (1) End of period exchange rate as at Mar-23. 23#24Underlying income statement Constant € million¹ Variation Q1'23 Q1'22 Amount % Net interest income 586 400 186 46.6 Net fee income 145 135 10 7.1 Gains (losses) on financial transactions 26 13 13 105.9 Other operating income (28) (47) 19 (39.7) Total income 729 501 228 45.5 Operating expenses (197) (163) (35) 21.3 Net operating income 531 338 193 57.1 Net loan-loss provisions (151) (62) (89) 142.7 Other gains (losses) and provisions (44) (45) 1 (1.2) Profit before tax 336 231 105 45.3 Tax on profit (88) (67) (21) 31.1 Profit from continuing operations 247 164 84 51.1 Net profit from discontinued operations Consolidated profit 247 164 84 51.1 Non-controlling interests (81) (54) (27) 50.5 Profit attributable to the parent 167 110 57 51.4 Santander (1) Average exchange rate as at 3M'23. 24 14#25Quarterly underlying income statement Constant € million¹ Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Net interest income 400 480 533 553 586 Net fee income 135 128 136 126 145 Gains (losses) on financial transactions 13 43 25 11 26 Other operating income (47) (80) (2) 6 (28) Total income 501 572 692 696 729 Operating expenses (163) (171) (172) (183) (197) Net operating income 338 401 520 513 531 Net loan-loss provisions (62) (136) (89) (150) (151) Other gains (losses) and provisions (45) (59) (361) (86) (44) Profit before tax 231 206 71 277 336 Tax on profit (67) (65) (36) (77) (88) Profit from continuing operations 164 141 35 200 247 Net profit from discontinued operations Consolidated profit 164 141 35 200 247 Non-controlling interests (54) (47) (12) (66) (81) Profit attributable to the parent 110 94 23 134 167 Santander (1) Average exchange rate as at 3M'23. 25#26Thank You. 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