2022 Highlights and ESG Progress

South America Highlights Strengthening the connection and sharing best practices among units, capturing new business opportunities ⚫ Customer base growth (+7mn YoY) Loans €152bn +10% Key data and P&L Deposits €123bn +5% Mutual Funds €59bn +7% Efficiency 37.0% +2.0pp COR 3.32% +72bps ROTE¹ 25.1% -1.1pp . Profit up YoY boosted by revenue and a lower tax burden, more than offsetting inflationary pressures and higher LLPs P&L* Q4'22 % Q3'22 2022 % 2021 % 2021² NII 3,141 5.5 12,979 5.6 14.8 Net fee income 1,165 12.0 4,515 11.5 21.4 • High profitability, with double-digit ROTEs in all countries Total revenue 4,412 4.5 18,025 7.6 17.5 Operating expenses -1,740 12.3 -6,675 18.0 24.1 Q4 customer revenue up 7% (partly due to higher transactionality), offset by growth in costs (labour agreements and activity) and LLPs (lower without one-off in Brazil) (*) € mn and % change in constant euros. Net operating income LLPS 2,672 -0.2 11,350 2.3 14.0 -1,408 12.1 -5,041 37.2 55.1 Underlying att. profit 774 -9.4 3,658 0.6 10.3 Santander Note: 2022 data and YoY changes (loans, deposits and mutual funds in constant euros). (1) Adjusted ROTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, ROTE is 18.8%. (2) % change in current euros. 41

View entire presentation