#12 February 2023 United Kingdom + 2022 Earnings Presentation 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 accounting 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. 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) Q4 2022 Financial Report, published as Inside Information on 2 February 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, 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 announces 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; and (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#5Mortgage market activity to fall as borrowing rates remain elevated 2,217 Total loans (£bn¹) 2,243 2,257 2,280 2,294 3.4% 3.4% 3.1% 3.6% 3.7% YOY (%) Dec-21 Mar-22 Jun-22 Sep-22 Dec-22(e) 2,469 Total customer funds (£bn²) 2,485 2,510 2,532 2,543 YOY (%) 6.1% 4.9% 3.6% 3.8% 3.0% Dec-21 Mar-22 Jun-22 Sep-22 Dec-22(e) Mortgage lending growth to slow sharply in 2023 as buyer demand hit by further Base Rate increases Unsecured lending to ease slightly as the fall in household consumption reduces demand for credit Corporate borrowing growth set to be weaker in response to declining investment intentions and higher interest rates 米 Retail deposit flows are expected to fall back as cost of living pressures bite Corporate deposit growth stabilises on account of firms having built up adequate buffers from the substantial government support provided and to help pay down debt Santander Source: Bank of England Bankstats (Monetary and Financial Statistics) published at early-January 2023, 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#6Index 1 2 3 4 5 Financial system Strategy and business Santander Results Concluding remarks Appendix 6#7KEY DATA Customer focused strategy with resilient balance sheet 2022 YoY Var. * Strategic Priorities Customer loans¹ £217.1bn +4.3% Customer funds² £203.1bn +1.7% Underlying att. profit £1,189mn -10.0% Deliver growth through customer loyalty and outstanding customer experience هههه ROTE³ 15.4% -2.6pp Efficiency ratio 49.6% -4.3pp ▸ Simplify and digitalize the business for improved efficiency and returns 4 Loans market share 9.9% +25bps Deposits market share 4 7.5% -25bps Be a responsible and sustainable business Total customers 22.4mn -5.0% Digital customers 7.0mn +5.2% Engage, motivate and develop a talented and diverse team Branches 449 -0.2% Employees 21,185 +4.6% 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 10.7%. (4) As of Sep-22. Includes mortgages and retail deposits only. Includes London Branch. 7#8Well established UK market position Total customers (mn) Loyal customers (mn) Digital customers (mn) 23.6 -5% +3% +5% 7.0 6.6 4.6 22.4 4.5 Dec-21 Dec-22 Dec-21 Dec-22 Dec-21 Dec-22 Digital sales/total¹: 88% (+3pp YoY) ▸ Total customers fell as we closed out inactive accounts in the quarter ▸ Enhanced digital capability attracted a further >344k digital customers in the year ‣ 76% of our refinanced mortgages were retained online ‣ 92% of current account openings and 99% of credit card openings were made through digital channels Santander (1) FY data. 8 +#9Customer focused proposition We have a well-established UK market position c.14 million 000 active UK customers mm AA 449 branches 3rd largest retail mortgage provider¹ 5th Across the UK My Home Manager 9:41 Manage my mortgage http://www.santander.co.uk/info/personal/.. What would you like to do today? Overpayments Explore our deals largest commercial lender¹ Move home Borrow more Change term or repayment method Get a settlement figure Launched My Home Manager, bringing services together to help customers get more from their home Customers can: see their estimated home value and equity, view their Energy Performance Certificates, access cost estimates and quotes from local tradespeople for maintenance and repair Eda Santander Launched 'Santander Edge' current account and savings brand Only current account on the market to offer cashback on both debit card spending and direct debits (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). 米 9#10Customer loans up 4% mainly supported by strong mortgage growth (£35.5bn gross new lending) Total customer loans¹ (£ bn) + 218.2 217.1 215.7 212.4 208.1 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Dec-22 Dec-21 YoY (%) QoQ (%) Individuals² 196.1 185.3 5.9 -0.2 o/w Mortgages³ 186.4 176.2 5.8 0.1 SMES 2.5 3.5 -28.7 -7.5 Corporates 18.5 19.3 -4.0 -2.4 CIB Total customer loans 217.1 208.1 4.3 -0.5 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. 10#11Customer deposits increased supported by successful eSaver and ISA campaigns. Mutual funds affected by markets Total customer funds (£ bn) 203.1 199.7 197.9 196.5 197.1 + Dec-22 Dec-21 YoY (%) QoQ (%) Demand 179.0 181.1 -1.2 1.1 Time¹ 17.7 11.1 60.1 27.1 Total deposits 196.7 192.2 2.4 3.0 Mutual Funds² 6.3 7.6 -16.5 3.7 Total customer funds 203.1 199.7 1.7 3.0 Dec-21 Mar-22 Jun-22 Sep-22 Dec-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. 11#12Index 1 2 Financial system Strategy and business Santander 3 4 Results Concluding remarks 5 Appendix 12#13Strong NII performance from higher mortgage volumes and cost of deposit management in a rising base rate environment Net interest income (£ mn) Yields and Costs (%) + 1,127 1,092 Yield on loans 2.67% 2.43% 1,040 2.23% 2.23% 2.30% 997 976 Cost of deposits 0.79% 0.35% 0.10% 0.12% 0.21% Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 NII/Average total assets 1.34% 1.38% 1.43% 1.49% 1.52% Differential 2.1pp 2.1pp 2.1pp 2.1pp 1.9pp 1.25% 2.25% 3.50% Central Bank interest rate (EOP) 0.25% 0.75% Santander 13#14Net fee income impacted by CIB transfer and campaigns to support our customers Net fee income (£ mn) 2022 2021 YoY (%) QoQ (%) Transactional fees 313 328 -4.7 -3.1 93 82 Account admin. and 80 201 215 -6.5 0.7 77 69 maintenance Transfers, drafts, cheques 79 80 -0.6 -17.3 and other orders Other transactional 32 32 33 -2.4 0.0 Investment and pension 49 49 66 -24.9 -4.8 funds Insurance 63 63 49 29.6 25.3 Other (92) (69) 32.0 -9.2 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Total net fee income 332 373 -10.8 3.4 Santander 14#15Strong NII performance drove double-digit YoY growth in total income Total income (£ mn) 1,195 1,206 1,138 1,080 1,039 2022 2021 YoY (%) QoQ (%) Net interest income 4,256 3,768 13.0 3.2 Net fee income 332 373 -10.8 3.4 Customer revenue Other¹ 4,588 4,140 10.8 3.2 31 (2) Total income 4,619 4,138 11.6 0.9 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Santander (1) Other includes Gains (losses) on financial transactions and Other operating income. 15 +#16Increase in operating expenses, though 6% decrease in real terms, reflecting the ongoing success of our transformation programme Operating expenses (£ mn) + 589 555 562 574 565 2022 2021 YoY (%) QoQ (%) Operating Expenses 2,289 2,227 2.8 4.3 Branches (#) 449 450 -0.2 0.0 Employees (#) 21,185 20,259 4.6 1.8 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Santander 16#17Strong NII performance and cost management led to a 4.3pp efficiency improvement and 22% growth in net operating income Net operating income (£ mn) + 631 617 564 518 485 2022 2021 YoY (%) QoQ (%) Total income 4,619 4,138 11.6 0.9 Operating Expenses (2,289) (2,227) 2.8 4.3 Net operating income 2,330 1,911 21.9 -2.2 Efficiency ratio 49.6% 53.8% -4.3pp Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Santander 17#18Cost of risk remained low, absorbing higher provisions related to macro update. Improved NPL and coverage ratios Net LLPs (£ mn) + 2022 2021 YoY (%) QoQ (%) Net operating income 2,330 1,911 21.9 -2.2 93 71 Loan-loss provisions (269) 211 -23.8 63 43 Net operating income after provisions 2,061 2,122 -2.9 1.6 NPL ratio Cost of risk -153 Coverage ratio 1.21% 1.43% -23bps 0.12% -0.09% 21bps 34% 26% 8.0pp 5bps 10bps 1.3pp Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 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. 18#19Profit affected by the settlement agreed with the FCA regarding AML controls prior to 2017 and the Bank Levy charge Underlying Attributable Profit (£ mn) + 354 344 314 306 2022 2021 YoY (%) QoQ (%) PBT 1,620 1,847 -12.3 -30.8 Tax on profit (431) (526) -18.2 -19.9 Consolidated profit 1,189 1,321 -10.0 -34.6 225 Minority interests Underlying attributable profit 1,189 1,321 -10.0 -34.6 Effective tax rate 26.6% 28.5% -1.9pp Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Santander 19#20Index 1 2 Financial system Strategy and business Santander 3 4 Results Concluding remarks 5 Appendix 20 20#21+ Concluding remarks Financial System ▸ The UK economy has faced a range of challenges over recent years. The latest is a cost of living crisis caused by higher inflation and increased base rate, together with the impacts from the war in Ukraine GDP fell in Q3 and the prospect of a recession seems likely. The outlook remains uncertain with inflation significantly above the 2% target rate creating negative real disposable income. Although the energy price guarantee scheme has mitigated some of the effects of rising energy costs, utility bills for households and businesses are likely to remain substantially higher than a year ago. With the cost of food, mortgages and rent also increasing, and with house prices starting to fall, this will create further challenges for households and businesses well into 2023. Strategy & Business ▸ We have a well-established market position: 14mn active customers, 449 branches, 3rd largest retail mortgage provider and 5th largest commercial lender Enhanced digital capability attracted a further >344k digital customers in the year 76% of our refinanced mortgages were retained online, 92% of current account openings and 99% of credit card openings were made through digital channels 001 Results oo ▸ Strong NII performance from higher mortgage volumes and cost of deposit management in a rising base rate environment ▸ NII performance and cost management led to a 4.3pp efficiency improvement and 22% growth in net operating income Cost of risk remained low, absorbing higher provisions related to macro update. Improved NPL and coverage ratios ▸ Profit affected by the settlement agreed with the FCA regarding AML controls prior to 2017 and the Bank Levy charge Santander 21#22Index 1 2 3 4 Financial system Strategy and business Results Santander Concluding remarks 5 Appendix 22#23Balance sheet £ million Variation Dec-22 Dec-21 Amount % Loans and advances to customers 223,358 219,600 3,759 1.7 Cash, central banks and credit institutions 58,490 60,903 (2,413) (4.0) Debt instruments 6,468 6,580 (112) (1.7) Other financial assets 533 326 207 63.4 Other asset accounts Total assets Customer deposits Central banks and credit institutions Marketable debt securities 2,919 291,768 4,761 292,169 (1,842) (38.7) (401) (0.1) 204,681 203,912 769 0.4 32,829 37,062 (4,234) (11.4) 39,093 34,270 4,823 14.1 Other financial liabilities 3,147 2,149 998 46.4 Other liabilities accounts 1,377 2,051 (674) (32.9) Total liabilities 281,127 279,445 1,682 0.6 Total equity 10,642 12,724 (2,083) (16.4) Other managed customer funds 6,303 7,552 (1,249) (16.5) Mutual funds 6,303 7,552 (1,249) (16.5) Pension funds Santander Managed portfolios 23 +#24Income statement £ million Variation 2022 2021 Amount % Net interest income 4,256 3,768 489 13.0 Net fee income 332 373 (40) (10.8) Gains (losses) on financial transactions 26 (7) 33 Other operating income 5 5 (0) (2.8) Total income 4,619 4,138 481 11.6 Operating expenses (2,289) (2,227) (62) 2.8 Net operating income 2,330 1,911 419 21.9 Net loan-loss provisions (269) 211 (480) Other gains (losses) and provisions (441) (275) (167) 60.7 Underlying profit before tax 1,620 1,847 (228) (12.3) Tax on profit (431) (526) 96 (18.2) Underlying profit from continuing operations 1,189 1,321 (132) (10.0) Net profit from discontinued operations Underlying consolidated profit 1,189 1,321 (132) (10.0) Non-controlling interests Underlying attributable profit to the parent 1,189 1,321 (132) (10.0) Santander + 24 14#25Quarterly income statement £ million + Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Net interest income Net fee income 864 938 989 976 997 1,040 1,092 1,127 105 101 97 69 77 93 80 82 Gains (losses) on financial transactions (11) (3) 16 (9) 5 5 23 (7) Total income Other operating income Operating expenses Net operating income 2 (2) 2 2 1 (0) 1 4 960 1,034 1,105 1,039 1,080 1,138 1,195 1,206 (569) (558) (545) (555) (562) (574) (565) (589) 391 476 560 485 518 564 631 617 Net loan-loss provisions (16) 75 (1) 153 (43) (63) (93) (71) Other gains (losses) and provisions (27) (54) (33) (160) (55) (84) (76) (226) Underlying profit before tax 348 497 525 477 420 418 462 320 Tax on profit (98) (159) (146) (123) (106) (112) (118) (95) Underlying profit from continuing operations 249 338 380 354 314 306 344 225 Net profit from discontinued operations Underlying consolidated profit 249 338 380 354 314 306 344 225 Non-controlling interests - - Underlying attributable profit to the parent 249 338 380 354 314 306 344 225 Santander 25#26Thank You. 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