Q1'21 Earnings Presentation

Results YoY decrease in NII as a result of interest rate cuts and lower portfolio volumes (•) Net interest income (Constant EUR mn)1 Yields and Costs (%) Yield on loans 713 681 706 707 12.25% 667 11.00% 10.73% 10.36% 10.11% 3.54% Cost of deposits 3.21% 2.53% 2.03% 1.85% Q1'20 Q2'20 Q3'20 Q4'20 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q1'21 NIM² 4.27% 3.31% Official interest rate (TIIE)³ 7.34% 6.05% Differential 8.7 pp 7.8 pp 8.2 pp 8.3 pp 8.3 pp 3.41% 3.47% 3.43% 4.98% 4.51% 4.37% Santander (1) Average exchange rate as at Q1'21. (2) Group criteria. (3) Quarterly average. 14

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