Financial Review Quarter 3 2023

Expenses increased due to inflationary pressures but remained stable in real terms as a result of our transformation efforts Operating expenses (EUR mn) 9M'23 9M'22 YoY (%) QoQ (%) 132 128 128 122 121 Operating Expenses 387 365 +6.3 +3.3 Efficiency ratio (with amortisations) 27.5% 39.0% -11.5pp -7.4pp Branches in Portugal (#) 332 340 -2.4 -0.3 Employees in Portugal (#) 4,662 4,674 -0.3 -0.1 3Q22 4Q22 1Q23 2Q23 3Q23 Santander 15

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