Q1'21 Earnings Presentation

Results Profit down YoY impacted by pressure on NII, which more than offset the positive performance of LLPs Underlying Attributable Profit (Constant EUR mn)¹ (•) Q1'21 Q1'20 YoY (%) QoQ (%) PBT 259 278 -6.7 8.8 196 194 195 182 171 Tax on profit (63) (66) -4.8 18.0 Consolidated profit 196 212 -7.3 6.2 Minority interests (14) (15) -6.8 6.2 Underlying attributable 182 196 -7.4 6.2 profit Effective tax rate 24.3% 23.8% 0.5 pp Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Santander (1) Average exchange rate as at Q1'21. 20 20

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