Investor Presentaiton

Costs rose 57% YoY, at a slower pace than total income and virtually in line with inflation Operating expenses (Constant € mn)¹ 231 204 181 162 273 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Santander (1) Average exchange rate as at 6M'22. H1'22 H1'21 YoY (%) QoQ (%) Operating Expenses 477 303 57.3 33.5 Branches (#) 407 408 -0.2 0.0 Employees (#) 8,514 8,814 -3.4 -0.4 17

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