#1Portugal 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 5 Financial system Strategy and business Santander Results Concluding remarks Appendix 4#5Higher interest rates contributed to the early redemption of loans and subsequent decline in the deposit base Total loans (€ bn) 231.9 232.8 230.4 230.7 228.8 3.2 YOY (%) 3.0 2.5 1.6 0.4 Mar-22 Jun-22 Sep-22 Dec-22 Feb-23 Total customer deposits (€ bn) 287.5 287.7 279.6 291.4 283.9 8.9 8.5 YOY 7.1 6.4 (%) 3.3 Mar-22 Jun-22 Sep-22 Dec-22 Feb-23 The increase in interest rates is starting to impact demand for loans, with new loan origination levels declining to the lowest levels since early 2020, both for mortgages and corporate loans. Both households and non-financial corporations are beginning to redeem their loans early, as financing costs, mostly at floating rate, rise in line with higher interest rates. Asset quality remains at historically low levels. 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 saving products (Saving Certificates), with have a higher remuneration than deposits. Santander Source: Statistics Portugal, Ministry of Finance, Santander Portugal forecasts and estimates. UT 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 Q1'23 YoY Var. Strategic Priorities KEY DATA Customer loans¹ €39.3bn -2.1% Customer funds² 2 €41.1bn -5.1% Attributable profit €180mn +21.4% هههه ROTE 20.9% +5.9pp Efficiency ratio 32.6% -5.0pp Loans market share³ 17.4% -11bps Deposits market share³ 13.9% -80bps Total customers 2.9mn -3.3% Digital customers 1.1mn +11.6% Branches 377 -3.1% Employees 4,957 -1.0% Santander (1) Excluding reverse repos. (2) Excluding repos. (3) As of Dec-22. 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 7#8Santander Portugal continues to increase its digital footprint: a key lever to drive customer loyalty and service quality perception Total customers (mn) -3% Active customers (mn) Digital customers (mn) +12% +4% 3.0 1.1 2.9 1.0 1.7 1.8 Mar-22 Mar-23 Mar-22 Mar-23 Mar-22 Mar-23 Our commercial and digital transformation, aiming at providing first-class service to customers, continues to be reflected in sustained growth in the number of active customers (+4%) We aim to provide a seamless experience across channels, translated into the continued increase in digital customers (+12%) 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 8#9We are fully committed to helping people and businesses prosper Individuals Rewards para si Conheça os reembolsos e descontos para poupar mais no dia a dia, para si que é cliente Santander. Businesses EXCLUSIVA ONLINE Conta Ready Uma conta para abrir online, para quem acaba de criar o seu negócio A MAIS POPULAR Conta Start A conta mais popular, onde pode incluir tudo o que precisa para gerir o seu negócio Better Service BANK BEST AWARD 2023 Santander Rewards Marketplace where Santander customers can purchase goods and services from top brands with cashback Depósito a Prazo Crescente Premium A MAIS COMPLETA Conta Grow A conta mais completa, para quem quer juntar os produtos e serviços mais úteis Online accounts with the best offer for your business 30TH ANNUAL GLOBAL FINANCE Best Bank in Portugal Saving accounts Personalized offer of savings products O seu crédito habitação vale compras para a casa Best offering in mortgage loans Factoring Confirming Leadership position in cash management solutions EUROMONEY 2023 MARKET LEADERS TRADE FINANCE Best Bank in Trade Finance, as Market Leader and Best Service, recognizing Santander's continued support of the internationalization of Portuguese companies EUROMONEY GLOBAL PRIVATE BANKING AWARDS 2023 Best International Private Banking in Portugal merco RESPONSABILIDADE ESG Most Responsible Bank in Portugal Santander 9#10Stock of loans impacted by higher rates driving customers to prepay their mortgages Total customer loans¹ (€bn) Mar-23 Mar-22 YoY (%) QoQ (%) 40.1 40.6 40.6 40.1 Individuals² 25.2 24.7 1.9 -1.8 39.3 o/w Mortgages 22.5 22.1 2.0 -1.9 SMES 5.9 6.3 -6.1 -2.4 Corporates & Institutions 3.0 3.3 -10.5 -5.4 CIB 2.3 2.4 -2.7 -6.7 Other 2.9 3.4 -14.8 5.9 Total customer loans 39.3 40.1 -2.1 -1.9 Commercial Paper (CP) 3.5 3.8 -7.2 0.8 Customer loans + CP 42.8 43.9 -2.1 -1.9 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Santander Group criteria. (1) Excludes reverse repos. (2) Includes Private Banking. 10#11Mortgage prepayments also affect deposit base as customers prepaid with savings Total customer funds (€bn) 43.3 43.9 43.2 42.1 41.1 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Santander Group criteria. (1) Includes financial insurance. (2) Mutual funds, pension funds and managed portfolios. Mar-23 Mar-22 YoY (%) QoQ (%) Demand 22.7 24.5 -7.2 -6.2 Time¹ 14.6 14.7 -1.0 2.2 Total deposits 37.3 39.2 -4.9 -3.1 Mutual Funds 3.8 4.1 -7.6 4.5 Total customer funds 41.1 43.3 -5.1 -2.5 11#12Index 1 2 Financial system Strategy and business Santander 3 4 Results Concluding remarks 5 Appendix 12#13NII grew strongly reflecting higher interest rates and controlled cost of deposits Net interest income (€ mn) 170 171 175 261 231 Yields and Costs (%) Yield on loans 3.33% 2.37% 1.69% 1.46% 1.48% Cost of deposits 0.01% 0.02% 0.02% 0.04% 0.14% Q1'22 Q2'22 Q1'22 Q2'22 Q3'22 Q3'22 Q4'22 Q4'22 Q1'23 Q1'23 NII/Average earning assets 1.18% 1.17% Central Bank interest rate 0.00% 0.00% Santander Differential 1.20% 1.59% 1.85% 1.4pp 1.5pp 1.7pp 2.3pp 3.2pp 1.25% 2.50% 3.00% 13#14Net fee income remained broadly stable as advisory service fees offset lower transactional fees due to lower new lending Net fee income (€ mn) 122 123 124 121 118 Q1'23 Q1'22 YoY (%) QoQ (%) Transactional fees 66 70 -5.4 -6.8 Payment methods 27 28 -1.4 -9.4 Account admin. and 19 20 -5.5 -3.4 Exchange and commercial bills 9 12 -25.2 -13.9 Other transactional 10 9 8.9 1.8 Investment and pension funds 10 11 -11.0 1.1 Insurance 31 31 -2.2 -0.9 Securities and custody services Other 2 1 25.2 -32.2 16 9 83.7 283.0 Total net fee income 124 122 1.6 5.0 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Santander 14#15Double-digit growth in total income supported by strong NII performance 333 Total income (€ mn) 405 362 320 281 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q1'23 Q1'22 YoY (%) QoQ (%) Net interest income 261 170 53.6 13.0 Net fee income 124 122 1.6 5.0 Customer revenue 385 292 31.9 10.3 Other¹ 20 41 -50.2 53.9 Total income 405 333 21.8 11.8 Santander (1) Other includes Gains (losses) on financial transactions and Other operating income. 15#16Expenses increased due to inflationary pressures, in real terms costs came down 3%, reflecting our transformation programme Operating expenses (€ mn) 132 125 125 125 126 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Santander Q1'23 Q1'22 YoY (%) QoQ (%) Operating Expenses 132 125 5.5 5.2 Branches (#) 377 389 -3.1 -1.6 Employees (#) 4,957 5,009 -1.0 0.1 16#17Net operating income grew strongly on the back of improved efficiency (-5pp) as revenue grew much faster than costs Net operating income (€ mn) 207 194 155 237 273 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Santander Q1'23 Q1'22 YoY (%) QoQ (%) Total income 405 333 21.8 11.8 Operating Expenses (132) (125) 5.5 5.2 Net operating income 273 207 31.7 15.4 Efficiency ratio 32.6% 37.7% -5.0pp 17#18LLPs remained at very low levels, reflecting the strength of our balance sheet. The NPL and coverage ratios continued to improve. CoR remained very low Net LLPs (€ mn) Q1'23 Q1'22 YoY (%) QoQ (%) Net operating income 273 207 31.7 15.4 Loan-loss provisions (14) (8) 72.8 75.3 Net operating income after 259 199 30.1 13.3 provisions Cost of risk NPL ratio 0.06% 3.05% 3.42% 0.03% 3bps 1bp -37bps 6bps 14 8 Coverage ratio 80% 73% 7.4pp 0.9pp 80 3 -2 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 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 increased 21% YoY driven by greater efficiency and controlled COR 148 Attributable Profit (€ mn) 77 135 Q1'23 Q1'22 YoY (%) QoQ (%) 180 174 PBT 261 215 21.3 3.6 Tax on profit (81) (67) 21.5 4.3 Consolidated profit 180 148 21.2 3.3 Minority interests 0 0 -57.7 -60.9 Attributable profit 180 148 21.4 3.5 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Santander Effective tax rate 31.0% 31.0% 0.1pp 19#20Index 1 2 Financial system Strategy and business Santander 3 4 Results Concluding remarks 5 Appendix 20 20#21Santander 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 origination levels 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 saving products (Saving Certificates), with have a higher remuneration 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 Net operating income grew strongly on the back of improved efficiency (-5pp) as revenue grew much faster than costs LLPs remained at very low levels, reflecting the strength of our balance sheet. The NPL and coverage ratios continued to improve ▸ Profit increased 21% YoY driven by greater efficiency and controlled COR Santander 21#22Index 1 2 3 4 5 Financial system Strategy and business Santander Results Concluding remarks Appendix 22#23Balance sheet € million Variation Mar-23 Mar-22 Amount % Loans and advances to customers 38,336 39,123 (787) (2.0) Cash, central banks and credit institutions 9,698 10,026 (329) (3.3) Debt instruments 7,959 8,544 (585) (6.8) Other financial assets 1,128 1,434 (306) (21.3) Other asset accounts 1,350 1,252 98 7.8 Total assets 58,471 60,379 (1,908) (3.2) Customer deposits 37,311 39,228 (1,918) (4.9) Central banks and credit institutions 9,617 9,236 381 4.1 Marketable debt securities 3,251 2,619 632 24.1 Other financial liabilities 304 255 49 19.3 Other liabilities accounts 4,642 5,238 (596) (11.4) Total liabilities 55,125 56,576 (1,452) (2.6) Total equity 3,346 3,802 (456) (12.0) Other managed customer funds 5,511 5,866 (355) (6.1) Mutual funds 3,784 4,096 (311) (7.6) Pension funds 1,328 1,313 15 399 457 (58) 1.1 (12.8) Santander Managed portfolios 23#24Underlying income statement € million Variation Q1'23 Q1'22 Amount % Net interest income 261 170 91 53.6 Net fee income 124 122 2 1.6 Gains (losses) on financial transactions 9 30 (21) (69.6) Other operating income. 11 11 0 0.9 Total income 405 333 73 21.8 Operating expenses (132) (125) (7) 5.5 Net operating income 273 207 66 31.7 Net loan-loss provisions (14) (8) (6) 72.8 Other gains (losses) and provisions 1 15 (14) (91.5) Profit before tax 261 215 46 21.3 Tax on profit (81) (67) (14) 21.5 Profit from continuing operations 180 148 31 21.2 Net profit from discontinued operations Consolidated profit 180 148 31 21.2 Non-controlling interests (0) (0) 0 (57.7) Profit attributable to the parent 180 148 32 21.4 Santander 24 14#25Quarterly underlying income statement Santander € million Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Net interest income 170 171 175 231 261 Net fee income 122 123 121 118 124 Gains (losses) on financial transactions 30 14 10 2 9 Other operating income 11 (27) 13 11 11 Total income 333 281 320 362 405 Operating expenses (125) (125) (125) (126) (132) Net operating income 207 155 194 237 273 Net loan-loss provisions (8) (3) 2 (8) (14) Other gains (losses) and provisions 15 (40) 1 23 1 Profit before tax 215 112 196 252 261 Tax on profit (67) (35) (61) (78) (81) Profit from continuing operations 148 78 136 174 180 Net profit from discontinued operations Consolidated profit 148 Non-controlling interests (0) (0) Profit attributable to the parent 148 1207 78 136 174 180 (0) (0) (0) 77 135 174 180 25#26Thank You. 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