Investor Presentaiton

Final remarks Revenue • In an uncertain environment, we expect revenue to improve: NII should increase in the coming quarters, benefitting from interest rate hikes and expected activity levels, accelerating in 2023 ⚫ Fee income supported by commercial activity and global business growth (SCIB, WM&I and Payments) Costs We will continue to manage costs below inflation while enhancing the customer experience by evolving our operating model... ... which should allow us to continue improving productivity and efficiency Credit quality Capital · • Credit quality improved YTD and no deterioration is expected, supported by our loan portfolio structure, high household savings rates and low unemployment rates across our footprint 6 month annualized CoR (0.91%) allows us to be confident in achieving our goal for the year Fully committed to maintaining CET1 at 12% in each quarter both through continued profit growth and disciplined capital allocation We expect revenue growth to offset cost inflation pressures and a potential CoR increase and achieve Group Targets Revenue Mid-single digit growth1 Santander (1) In constant euros. Efficiency ROTE 45% >13% FL CET1 12% 56

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