2022 Earnings Presentation

Costs increased 10% impacted by inflation, the salary agreement and higher operating expenses related to business growth Operating expenses (Constant € mn)¹ 1,160 2022 2021 YoY (%) QoQ (%) 1,025 1,003 1,030 987 Operating Expenses 4,180 3,803 9.9 12.6 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Santander (1) Average exchange rate as at 12M'22. Branches (#) 2,847 2,964 -3.9 -1.9 Employees (#) 55,993 52,871 5.9 4.3 16

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