Financial Review Quarter 3 2023

Credit fundamentals remained robust and NPL ratio continued to reduce. LLPs and CoR remain well under control despite increased due to very low levels in 2022 Net LLPs (EUR mn) 9 2 9M'23 9M'22 YoY (%) QoQ (%) Net Operating Income LLPs 1,020 569 +79.3 +51.1 -61 10 -712.9 +45.7 Net Operating Income after LLPs 959 579 +65.6 +51.5 NPE ratio 1.6% 2.0% -0.4pp -0.5pp -17 -18 NPE coverage ratio 93.2% 84.8% +8.3pp +4.6pp (1) Cost of Credit 0.14% -0.09% +0.23pp +0.08pp -26 3Q22 4Q22 1Q23 2Q23 3Q23 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. 16

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