Santander Financial Overview 2023

Net operating income grew strongly on the back of improved efficiency (-5pp) as revenue grew much faster than costs Net operating income (€ mn) 207 194 155 237 273 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Santander Q1'23 Q1'22 YoY (%) QoQ (%) Total income 405 333 21.8 11.8 Operating Expenses (132) (125) 5.5 5.2 Net operating income 273 207 31.7 15.4 Efficiency ratio 32.6% 37.7% -5.0pp 17

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