#126 April 2022 United Kingdom + Q1'22 Earnings Presentation 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 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 its 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") Q1 2022 Financial Report, published as Inside Information on 26 April 2022. 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 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" and similar expressions. Found throughout this presentation, they include (but are not limited to) statements on our future business development, economic performance and shareholder remuneration policy. However, a number of risks, uncertainties and other important factors may cause actual developments and results to differ materially from our expectations. The following important factors, in addition to others discussed elsewhere in this presentation, could affect our future results and could cause materially different outcomes from those anticipated 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; and the effects of the war in Ukraine or the COVID-19 pandemic in the global economy); (2) 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); (3) potential losses from early repayments on our loan and investment portfolio, declines in value of collateral securing our loan portfolio, and counterparty risk; (4) political stability in Spain, the United Kingdom, other European countries, Latin America and the US (5) changes in legislation, regulations, taxes, including regulatory capital and liquidity requirements, especially in view of the UK exit of the European Union and increased regulation in response to financial crises; (6) 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 (7) 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 Group or significant subsidiaries. Santander 2#3Important Information Numerous factors could affect our future results and could cause those results deviating from those anticipated in the forward-looking statements. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements speak only as of the date of this presentation and are informed by the knowledge, information and views available on such date. Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise 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 or accretion 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 particular, regarding the data provided by third parties, neither Santander, nor any of its administrators, directors or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents by any means, Santander may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, Santander assumes no liability for any discrepancy. Santander 3#4Index 1 2 3 4 5 Financial system Strategy and business Santander Results Concluding remarks Appendix 4#5Mortgage market activity to ease slightly as borrowing costs rise Total loans (GBP bn¹) ++ 2,179 2,201 2,204 2,217 2,233 3.7% YoY 2.6% 3.6% 3.4% 3.1% (%) Mar-21 Jun-21 Sep-21 Dec-21 Mar-22(e) Total customer funds (GBP bn²) Mortgage market remains resilient driven by strong demand The unsecured market expected to recover further in 2022, underpinned by double-digit credit card expansion Corporate borrowing growth is set to improve this year as firms look to increase capital spending after years of under investment 2,361 2,414 2,432 2,469 2,467 Retail deposit flows expected to continue to ease back towards more typical pre-pandemic levels YOY 14.4% (%) 9.9% 7.9% 6.1% 4.2% Corporate deposit growth is set to moderate on account of firms having built up adequate buffers from the substantial government support provided Mar-21 Jun-21 Sep-21 Dec-21 Mar-22(e) Santander Source: Bank of England Bankstats (Monetary and Financial Statistics) published in end-March 2022, 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 5 UT#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 Q1'22 YoY Var. * Strategic Priorities Customer loans¹ GBP 212.4 bn +2.1% Customer funds² GBP 197.9 bn -1.3% Deliver growth through customer loyalty and outstanding customer experience Underlying att. profit GBP 314 mn +25.9% одо ROTE³ 16.3% Efficiency ratio 52.0% +2.9 pp -729 bps ▸ Simplify and digitalize the business for improved efficiency and returns Loans market share4 9.8% +13 bps Deposits market share4 7.6% -42 bps Be a responsible and sustainable business Total customers 23.5 mn 0.0% Digital customers 6.7 mn +5.5% Engage, motivate and develop a talented and diverse team Branches 450 -20.2% Employees 18,689 -13.4% Santander (1) Gross loans excluding reverse repos. (2) Excluding repos. (3) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 10.9%. (4) As of Dec-21. Includes London Branch. 7#8Well established UK market position Total customers (mn) Loyal customers (mn) 23.5 0% 23.5 +4% 4.4 4.3 Mar-21 Mar-22 Mar-21 Mar-22 Digital customers (mn) 6.4 +6% 6.7 Mar-21 Mar-22 Digital sales/total: 83% (-3 pp YoY) ▸ Enhanced digital capability attracted a further >108 k digital customers during the quarter ▸ 75% of our refinanced mortgages were retained online ▸ 90% of current account openings and 99% of credit card openings were made through digital channels Santander (1) YTD data. + 00 8#9Customer focused proposition We have a well-established UK market position 000 mm 14 million active UK customers AA 450 branches Across the UK Д Santander Switch to a Santander current account d get £130 shback Santander 3rd largest retail mortgage provider¹ + My Money Manager < 9:41 Your monthly report See how you did in May Feb EVERYDAY CURRENT ACCOUNT Total cash flow: £1,980.20 ... A view of your account activity: Mar Apr Money out -£1,980.20 -E922.94 N £449.75 Your ang rotal money in minut total outgoings Money in May £3,665.00 €473.20 Change from your ave £2.360.20 29 May 2020 £980.20 Government deposit 15 May 2020, Signed up over 1 million customers Provides tailored spending insights through our mobile app Helps customers to manage their finances 5th largest commercial lender¹ Teal money in mirustotal outgoings for Dec Summary by type for May OUT Salary: IN CURRENT ACCOUNT SWITCH GUARANTEE Launched in September 2021 Cashback opportunity for new and existing customers who switch their current accounts ▸ Campaign has attracted >40,000 net switches (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#10Working to become a more sustainable and responsible bank Environmental: supporting the green transition Social: building a > >3,500 more inclusive society Top 20 >21 k GBP 3.97 bn Green Finance EnergyFact reports Ranking Social Mobility Index People supported flood risk 100% 95%¹ mortgages negligible/very low reduction single-use plastic 100% electricity from renewable sources Carbon Neutral in our operations through volunteering 500 k Young people educated >750 k financially empowered people 2019-2021 22% women in senior positions Governance: doing business the right way 73% employees proud to work for Santander Remuneration policy for people and sustainability2 50% independent directors 33% women on Board 米 Santander Note: 2021 data, unless stated otherwise (1) 2021 assessment of our UK mortgage portfolio, see page 25, 2021 Santander UK Strategic Report. (2) At 1 January 2022. 10#11Customer loans up 2% as Santander UK increased its share within a strong mortgage market Total customer loans¹ (GBP bn) + 212.4 208.1 208.2 209.2 208.1 Mar-22 Mar-21 YoY (%) QoQ (%) Individuals² 190.4 179.5 6.1 2.7 o/w Mortgages³ 179.9 169.7 6.0 2.1 SMES 3.2 4.0 -19.7 -8.0 Corporates 18.8 20.4 -7.7 -2.6 CIB 0.0 4.2 -100.0 Total customer loans 212.4 208.1 2.1 2.1 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 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. 11#12Deposit YoY trends impacted by the transfer of the CIB business. Total deposits showed good performance (+1%) on a like-for-like basis Total customer funds (GBP bn) 200.6 202.4 200.8 199.7 197.9 Mar-22 Mar-21 YoY (%) QoQ (%) Demand 179.2 179.3 -0.1 -1.1 Time¹ 11.5 14.1 -18.8 3.7 Total deposits 190.7 193.4 -1.4 -0.8 Mutual Funds² 7.2 7.1 1.3 -4.6 Total customer funds 197.9 200.6 -1.3 -0.9 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Santander Group criteria. (1) Time deposits include ISAs. (2) Third-party off-balance sheet assets originated by Santander Asset Management in the United Kingdom. 12 +#13Index 1 2 Financial system Strategy and business Santander 3 4 Results Concluding remarks 5 Appendix 13#14NII boosted by higher volumes in a resilient mortgage market and latest interest rates hikes Net interest income (GBP mn) Yields and Costs (%) + Yield on loans 989 997 976 938 2.27% 2.25% 2.27% 2.23% 2.23% 864 Cost of deposits 0.21% 0.14% 0.11% 0.10% 0.12% Q1'21 Q2'21 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q3'21 Q4'21 Q1'22 NIM¹ 1.17% 1.29% 1.37% 1.34% 1.38% Differential 207 bps 211 bps 216 bps 213 bps 211 bps Central Bank interest rate (EOP) 0.10% 0.10% 0.10% 0.25% 0.75% Santander (1) Group criteria. NIM is calculated as Net Interest Income / Total Average Assets. 14#15Net fee income yearly comparison reflects the CIB business transfer. QoQ good commercial dynamics were reflected in 11% net fee income growth Net fee income (GBP mn) + Q1'22 Q1'21 YoY (%) QoQ (%) Transactional fees 77 81 -4.0 -1.3 Account admin. and 105 101 97 51 60 60 -15.2 -0.9 maintenance Transfers, drafts, cheques 77 20 and other orders 20 11 87.3 -3.9 69 Other transactional 7 10 -33.9 3.9 Investment and pension 14 16 -16.0 -8.9 funds Insurance 11 12 -5.2 -10.1 Other (25) (4) -31.4 Total net fee income 77 105 -26.6 11.4 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Santander 15#16Strong NII performance drove double-digit YoY growth in total income Total income (GBP mn) 1,105 1,080 1,034 1,039 960 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 Q1'21 YoY (%) QoQ (%) Net interest income 997 864 15.5 2.1 Net fee income 77 105 -26.6 11.4 Customer revenue Other¹ 1,074 969 10.9 2.7 6 (8) Total income 1,080 960 12.5 3.9 Santander (1) Other includes Gains (losses) on financial transactions and Other operating income. 16 +#17Productivity measures are paying off, delivering good cost control, despite our continued investments in IT Operating expenses (GBP mn) 569 558 545 555 562 Q1'22 Q1'21 YoY (%) QoQ (%) Operating Expenses 562 569 -1.3 1.3 Branches (#) 450 564 -20.2 0.0 Employees (#) 18,689 21,581 -13.4 0.0 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Santander 17 +#18Widening jaws reflected in 7.3 pp efficiency ratio enhancement and double-digit net operating income growth Net operating income (GBP mn) 476 560 518 485 Q1'22 Q1'21 YoY (%) QoQ (%) 391 Total income 1,080 960 12.5 3.9 Operating Expenses (562) (569) -1.3 1.3 Net operating income 518 391 32.6 7.0 Efficiency ratio 52.0% 59.3% -729 bps Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Santander 18 +#19Cost of credit remains low, with Q1'22 charge reflecting the risks of higher cost of living + Net LLPs (GBP mn) Q1'22 Q1'21 YoY (%) QoQ (%) Net operating income 518 391 32.6 7.0 Loan-loss provisions (43) (16) 169.7 43 16 1 Net operating income after provisions 475 375 26.8 -25.4 NPL ratio -75 Cost of credit -0.08% 1.42% 1.35% 0.21% 7 bps -1 bp -29 bps 1 bp Coverage ratio 26% 40% -14.3 pp 0.4 pp -153 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Santander (1) Cost of credit based on 12-month loan-loss provisions divided by average customer loans. 19#20Strong revenue performance, efficiency enhancement drove 21% PBT growth and +26% in profit YoY Underlying Attributable Profit (GBP mn) Q1'22 Q1'21 YoY (%) QoQ (%) PBT 420 348 20.9 -11.9 380 Tax on profit (106) (98) 8.2 -13.7 354 338 314 Consolidated profit 314 249 25.9 -11.3 249 Minority interests 0 0 Underlying attributable profit 314 249 25.9 -11.3 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Santander Effective tax rate 25.3% 28.3% -3.0 pp 20 20#21Index 1 2 Financial system Strategy and business Santander 3 4 Results Concluding remarks 5 Appendix 21#22Concluding remarks Financial System ▸ The UK economy has faced a range of challenges over the last two years from Brexit, and most significantly, the covid-19 crisis. Attention has now switched to the high rates of inflation seen globally, exacerbated by the conflict in Ukraine that has triggered a sharp increase in commodity prices Despite a positive start to 2022, growth has started to lose momentum with the economy growing by 0.1% in February. The outlook remains uncertain, with inflation hitting record levels and real disposable income under pressure Strategy & Business We have a well-established market position: 14 mn active customers, 450 branches, 3rd largest retail mortgage provider and 5th largest commercial lender Enhanced digital capability attracted a further > 108 k digital customers during the quarter 75% of our refinanced mortgages were retained online, 90% of current account openings and 99% of credit card openings were made through digital channels 001 Results Strong commercial dynamics supported by mortgage market momentum is reflected in higher revenue and interest rate hike ▸ Our efficiency plans were able to offset higher inflation and franchise control investments, delivering an enhanced efficiency ratio + Widening jaws boosted net operating income (+33% YoY), while risk management led to a normalization in the cost of credit after releases last year ‣ Underlying attributable profit was up 26%, mainly boosted by strong operating performance Santander 22#23Index 1 2 3 4 Financial system Strategy and business Results Santander Concluding remarks 5 Appendix 23#24Balance sheet GBP million Variation Mar-22 Mar-21 Amount % Loans and advances to customers 221,741 223,104 (1,363) (0.6) Cash, central banks and credit institutions Debt instruments 57,781 5,583 56,291 1,491 2.6 7,861 (2,278) (29.0) Other financial assets 374 678 (304) (44.8) Other asset accounts Total assets 4,768 290,247 5,780 (1,012) 293,714 (3,467) (17.5) (1.2) Customer deposits Central banks and credit institutions Marketable debt securities 200,190 205,678 (5,488) 38,084 24,691 13,393 (2.7) 54.2 34,404 44,828 (10,424) (23.3) Other financial liabilities Other liabilities accounts Total liabilities Total equity 2,720 2,688 31 1.2 1,687 3,178 (1,491) (46.9) 277,085 281,063 (3,979) (1.4) 13,162 12,650 512 4.0 Other managed customer funds Mutual funds 7,207 7,192 15 0.2 7,207 7,112 94 1.3 Pension funds Santander Managed portfolios 80 60 (80) (100.0) + 24 14#25Income statement Santander GBP million Variation Q1'22 Q1'21 Amount % Net interest income 997 864 134 15.5 Net fee income 77 105 (28) (26.6) Gains (losses) on financial transactions 5 (11) 16 Other operating income 1 2 (1) (61.0) Total income 1,080 960 120 12.5 Operating expenses (562) (569) 8 (1.3) Net operating income 518 391 128 32.6 Net loan-loss provisions (43) (16) (27) 169.7 Other gains (losses) and provisions (55) (27) (28) 103.4 Underlying profit before tax 420 348 73 20.9 Tax on profit (106) (98) (8) 8.2 Underlying profit from continuing operations 314 249 65 25.9 Net profit from discontinued operations Underlying consolidated profit 314 249 65 25.9 Non-controlling interests Underlying attributable profit to the parent 314 249 65 25.9 25 +#26Quarterly income statement GBP million Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Net interest income 864 938 989 976 997 Net fee income 105 101 97 69 77 Gains (losses) on financial transactions (11) (3) 16 (9) 5 Other operating income 2 (2) 2 2 1 Total income 960 1,034 1,105 1,039 1,080 Operating expenses (569) (558) (545) (555) (562) Net operating income 391 476 560 485 518 Net loan-loss provisions (16) 75 (1) 153 (43) Other gains (losses) and provisions (27) (54) (33) (160) (55) Underlying profit before tax 348 497 525 477 420 Tax on profit (98) (159) (146) (123) (106) Underlying profit from continuing operations 249 338 380 354 314 Net profit from discontinued operations Underlying consolidated profit 249 338 380 354 314 Non-controlling interests Underlying attributable profit to the parent 249 338 380 354 314 Santander 26 +#27Thank You. 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