#1Mexico H1'22 Earnings Presentation 28 July 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 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") Q2 2022 Financial Report, published as Inside Information on 28 July 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 Statement 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#5System loan and deposit growth continues to expand Total loans (Constant € bn¹) 252 255 263 269 276 9.3% YOY (%) 4.6% 6.2% -1.9% -5.6% Jun-21 Sep-21 Dec-21 Mar-22 May-22 Total customer funds (Constant € bn¹) System loan growth accelerated +9.3% YoY driven by individuals and corporate loans Positive performance in consumer loans as economic activity recovers (•) 295 305 309 282 283 Total system deposits (+10.4%) continue to expand year-on-year 10.4% 8.0% 5.7% YOY (%) 2.4% 1.7% Total deposits growth driven by demand (+10.8% YoY) and time (+9.4%) deposits Jun-21 Sep-21 Dec-21 Mar-22 May-22 Santander (1) End period exchange rate as of May-22. Source: CNBV Banks as of May-22. 5#6Index 1 2 3 4 5 Financial system Strategy and business Santander Results Concluding remarks Appendix 6#7Santander México: one of the leading financial groups in the country KEY DATA H122 YoY Var.5 Strategic Priorities Do Do Customer loans 1 €39.9bn +11.2% Customer funds 2 €49.4bn +2.9% Underlying att. Profit €546mn +31.6% ROTE ³ 33.2% +6.5pp Efficiency ratio 44.4% +0.9pp 4 Loans market share 13.6% +21bps Deposits market share 4 12.1% -76bps Total customers 20.5mn +5.8% Digital customers Branches 5.8mn +11.6% 1,373 -0.2% Employees 28,236 +10.5% (5) Constant euros. To become the leading bank in terms of customer experience, leveraging new tools and improved processes Maintain strong growth rates in loyal and digital customers, as well as increase presence in high- potential businesses Strengthen the corporate business to maintain our position as market leaders in value-added products Further the technological transformation and digitalization, through the execution of a multi-year plan to improve the operating model (1) Gross loans excluding reverse repos. Santander (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 15.8%. (4) As at March 2022. 7#8We are executing our strategy to strengthen customer loyalty and further digitalize our products and operations to become the bank that provides the best customer experience Total customers (mn) Loyal customers (mn) Digital customers (mn) +6% 20.5 19.3 Jun-21 Jun-22 3.7 +10% 4.1 Jun-21 Jun-22 5.2 Jun-21 +12% 5.8 Jun-22 Digital sales/total¹: 61% (+11pp YoY) Strong focus on increasing loyalty while attracting new customers through innovative products ▸ Loyal individuals: +10% YoY leveraging our large number of products Increased digital customers by 12% YoY reaching 5.8 million >635k LikeU credit cards issued through digital channels with a fully-online acquisition process, of which 95% remain digitally activated Santander (1) YTD data. 00 8#9Further strengthening our market leading position in value-added products (•) Mortgages Launch of a tailored offer, Hipoteca Integral, to serve the mixed-income population (fixed and variable). Our Hipoteca Online platform processes 96% of the mortgages formalized likeU LikeU The first credit card in Mexico that can be personalized, with the highest security specifications and supports a social cause. >635k cards issued since its launch ten months ago ULD Auto ~14.2% market share reached in May-22 vs. 8.5% in May-21. We are the #3 player in the market Distribution model Improved value proposition of our collections and payments business by including new commercial alliances with the main convenience store chains, >30k points of service $ Corporate & Investment Banking Continuing to position our Corporate & Investment Banking business as one of the top three players in Mexico TTTTTT Digitalization Further development of new features and enhancements on mobile and web (digital bank statement query, increased the amount for cardless cash withdrawals, inter-bank and express transfers) reflected in the +20% YoY transactional users as of Jun-22 Santander 9#10Further embedding ESG to build a more responsible bank more inclusive Environmental: Social: building a > supporting the green transition Sustainable Operations¹ 1st Sustainable Linked Pre-Delivery Payment Facility 1 Social Bond 2 Sustainable Bonds Hipoteca Integral to serve the mixed income population (fixed and variable), recognizing the total income of families society Most Socially Responsible Bank Award International Finance IMEF Gender Equality Award IMEF² and Women in Finance Governance: doing business the right way 1 independent woman board president ESG Panel Formed to structure our governance in terms of sustainable businesses (•) Carbon Neutral in our operations Santander Note: H1'22 data, unless otherwise stated. (1) Prepared with figures from April to June 2022. (2) Mexican Institute of Finance Executives. >1.5mn financially empowered people 2019-H1′22 c.17% women in senior positions 50% independent directors 36% women on the board 10#11Loan portfolio growth driven by loans to individuals and corporates. Of note was the increase in cards, mortgages, consumer credit and CIB QoQ and YoY Total customer loans (Constant € bn) 1 (•) Jun-22 Jun-21 YoY (%) QoQ (%) Individuals² 15.9 14.2 11.8 4.3 39.9 39.2 o/w Mortgages 9.3 8.3 11.9 2.6 37.7 35.9 35.9 o/w Consumer credit 2.4 2.3 11.8 5.4 o/w Cards 2.6 2.4 14.6 6.3 SMEs 2.6 2.7 -3.0 -2.5 Corporates & Institutions 12.8 11.9 7.8 0.1 CIB 7.6 6.5 16.5 1.4 Other 0.0 0.0 42.4 18.8 Total customer loans* 39.9 35.9 11.2 2.0 * o/w Government³ 4.1 3.9 5.6 -3.9 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Santander Group criteria. (1) Excludes reverse repos. End period exchange rate as at Jun-22. (2) Includes Private Banking. (3) Government loans in local GAAP. 11#12Customer funds increased YoY boosted by time deposits, mainly reflecting funding strategy and interest rate hikes Total customer funds (Constant € bn) 1 (•) 49.8 49.7 49.4 48.8 48.0 Demand Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Santander Group criteria. (1) Excluding repos. End period exchange rate as at Jun-22. Jun-22 Jun-21 YoY (%) QoQ (%) 25.4 25.1 0.9 -3.3 Time 10.0 9.7 3.8 0.6 Total deposits 35.4 34.8 1.7 -2.2 Mutual Funds 14.0 13.2 6.2 3.5 Total customer funds 49.4 48.0 2.9 -0.7 12#13Index 1 2 Financial system Strategy and business Santander 3 4 Results Concluding remarks 5 Appendix 13#14YoY increase in NII supported by higher volumes and the first impacts of rises in interest rates Net interest income (Constant € mn)1 Yields and Costs (%) () 824 738 751 782 782 10.03% 10.08% 10.23% 10.47% Yield on loans 11.07% 1.87% 2.03% 2.21% 2.39% Cost of deposits 2.58% Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 NII/Average Total Assets 3.62% 3.84% Official interest rate (TIIE)² 4.30% 4.64% Differential 3.79% 3.81% 3.94% 8.2pp 8.1pp 8.Opp 8.1pp 8.5pp 5.19% 6.03% 7.07% Santander (1) Average exchange rate as at 6M'22. (2) Quarterly average. 14#15Robust net fee income quarterly trend mainly from credit cards, insurance, account management and investment and pension funds Net fee income (Constant € mn)1 () H1'22 H121 YoY (%) QoQ (%) Transactional fees 312 244 27.8 14.8 Payment methods 182 126 44.7 22.9 274 Transfers, drafts, cheques 255 45 42 7.7 2.0 and other orders 229 226 216 Account admin + Packs 67 59 14.0 5.6 plans Other transactional 18 18 2.1 7.0 Investment and pension 63 57 10.3 7.0 funds Insurance 139 122 14.6 13.7 Securitites and custody 16 21 -21.3 -30.7 services Other (2) 12 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Total net fee income 529 455 16.2 7.4 Santander (1) Average exchange rate as at 6M'22. 15#16Total income YoY performance underpinned by customer revenue Total income (Constant € mn)1 1,077 1,020 949 973 975 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 H1'22 H121 YoY (%) QoQ (%) Net interest income 1,606 1,470 9.3 5.3 Net fee income 529 455 16.2 7.4 Customer revenue 2,135 1,925 10.9 5.8 Other² (38) (25) 53.0 21.5 Total income 2,096 1,900 10.3 5.6 Santander (1) Average exchange rate as at 6M'22. (2) Other includes Gains (losses) on financial transactions and Other operating income. 16 (•)#17Costs increased YoY affected by digitalization investments and the insourcing of employees Operating expenses (Constant € mn)¹ 500 481 454 449 413 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Santander (1) Average exchange rate as at 6M'22. H1'22 H1'21 YoY (%) QoQ (%) Operating Expenses 930 826 12.6 7.1 Branches (#) 1,373 1,376 -0.2 0.1 Employees (#) 28,236 25,543 10.5 1.6 17 ()#18Net operating income performance boosted by revenue, despite the rise in costs Net operating income (Constant € mn)1 537 519 475 596 571 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Santander (1) Average exchange rate as at 6M'22. H1'22 H1'21 YoY (%) QoQ (%) Total income 2,096 1,900 10.3 5.6 Operating Expenses (930) (826) 12.6 7.1 Net operating income 1,166 1,074 8.6 4.4 Efficiency ratio 44.4% 43.5% 0.9pp 18 (•)#19LLPs dropped 23% YoY due to the positive portfolio performance with healthy asset quality. Cost of risk decreased 69bps Net LLPs (Constant € mn)1 (•) 222 226 H122 H121 YoY (%) QoQ (%) Net operating income 1,166 1,074 8.6 4.4 190 Loan-loss provisions (367) (474) -22.6 -7.0 177 156 Net operating income after provisions 799 600 33.2 10.0 NPL ratio 2.95% 3.10% -15bps -14bps Cost of risk² 2.05% 2.74% -69bps -17bps Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Coverage ratio 84% 91% -6.5pp 4.6pp Santander (1) Average exchange rate as at 6M'22. (2) Cost of credit based on 12-month loan-loss provisions divided by average customer loans. 19#20Outstanding results driven by customer revenue and lower LLPs led to improved profitability Underlying Attributable Profit (Constant € mn)¹ (•) H1'22 H1'21 YoY (%) QoQ (%) 287 PBT 747 587 27.1 11.4 259 245 Tax on profit (182) (139) 30.7 11.6 225 218 Consolidated profit 565 448 26.0 11.3 Minority interests (19) (34) -42.6 16.5 Underlying attributable profit 546 415 31.6 11.1 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Santander (1) Average exchange rate as at 6M'22. Effective tax rate 24.3% 23.7% 0.7pp 20 20#21Index 1 2 Financial system Strategy and business Santander 3 4 Results Concluding remarks 5 Appendix 21#22Strong business performance and healthy asset quality boosted profitability (•) Financial System System loan growth accelerated +9.3% YoY driven by individuals and corporate loans Positive performance in consumer loans as economic activity recovers Total system deposits (+10.4%) continue to expand year-on-year and total deposits growth driven by demand (+10.8% YoY) and time (+9.4%) deposits Strategy & Business ▸ Continued focus on loyalty and digitalization to improve customer experience ▸ Well positioned with strong capital and liquidity levels ▸ Making progress to become ESG reference bank in Mexico Loan growth boosted by individuals and commercial loans with sustained market share gains in mortgages and auto loans ▸ Sustained improvement in our funding mix towards demand deposits, reflecting the success of our loyalty and customer acquisition strategies OD Results Total income YoY performance underpinned by customer revenue Costs increased YoY affected by digitalization investments and the insourcing of employees LLPs dropped 23% YoY due to the positive portfolio performance with healthy asset quality. Cost of risk decreased 69bps ▸ Outstanding results driven by customer revenue and lower LLPs led to improved profitability Santander 22#23Index 1 2 3 4 Financial system Strategy and business Results Santander Concluding remarks 5 Appendix 23#24Balance sheet Constant € million¹ Variation Jun-22 Jun-21 Amount % Loans and advances to customers 39,007 36,509 2,497 6.8 Cash, central banks and credit institutions 13,499 12,780 719 5.6 Debt instruments 22,860 21,927 933 4.3 Other financial assets 7,915 8,155 (240) (2.9) Other asset accounts 4,179 3,838 341 8.9 Total assets 87,459 83,209 4,250 5.1 Customer deposits 41,011 39,972 1,038 2.6 Central banks and credit institutions 16,211 14,850 1,361 9.2 Marketable debt securities 8,219 6,901 1,318 19.1 Other financial liabilities 12,026 11,484 542 4.7 Other liabilities accounts 2,262 2,363 (101) (4.3) Total liabilities 79,729 75,570 4,159 5.5 Total equity 7,730 7,639 92 1.2 Other managed customer funds 14,298 13,520 777 5.8 Mutual funds 13,992 13,171 821 6.2 Pension funds 84 94 (10) (10.8) 221 255 (33) (13.1) Managed portfolios Santander (1) End of period exchange rate as at Jun-22. (•) 24 14#25Income statement Constant € million¹ Variation H1'22 H121 Amount % Net interest income 1,606 1,470 136 9.3 Net fee income 529 455 74 16.2 Gains (losses) on financial transactions 22 44 (22) (50.7) Other operating income (60) (69) 9 (12.8) Total income 2,096 1,900 196 10.3 Operating expenses (930) (826) (104) 12.6 Net operating income 1,166 1,074 92 8.6 Net loan-loss provisions (367) (474) 107 (22.6) Other gains (losses) and provisions (53) (13) (40) 319.8 Underlying profit before tax 747 587 159 27.1 Tax on profit (182) (139) (43) 30.7 Underlying profit from continuing operations 565 448 117 26.0 Net profit from discontinued operations Underlying consolidated profit 565 448 117 26.0 Non-controlling interests (19) (34) 14 (42.6) Underlying attributable profit to the parent 546 415 131 31.6 Santander (1) Average exchange rate as at 6M'22. 25 ()#26Quarterly income statement Constant € million¹ () Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Net interest income 732 738 751 782 782 824 Net fee income 226 229 216 226 255 274 Gains (losses) on financial transactions 31 13 39 (5) 13 8 Other operating income (38) (31) (33) (28) (31) (29) Total income 950 949 973 975 1,020 1,077 Operating expenses (413) (413) (454) (500) (449) (481) Net operating income 537 537 519 475 571 596 Net loan-loss provisions (252) (222) (226) (156) (190) (177) Other gains (losses) and provisions (6) (7) (1) (7) (27) (25) Underlying profit before tax 280 308 292 313 353 393 Tax on profit (67) (72) (50) (53) (86) (96) Underlying profit from continuing operations 212 236 242 260 267 298 Net profit from discontinued operations Underlying consolidated profit 212 236 242 260 267 298 Non-controlling interests (16) (18) (17) (15) (9) (10) Underlying attributable profit to the parent 196 218 225 245 259 287 Santander (1) Average exchange rate as at 6M'22. 26#27Thank You. 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