Q1 2023 Financial Report

Operating expenses rose sharply following high inflation rates and a tight labour market Operating expenses (Constant € mn)¹ Q1'23 Q1'22 YoY (%) QoQ (%) 197 183 171 172 Operating Expenses 197 163 21.3 8.0 163 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Santander (1) Average exchange rate as at 3M'23. Branches (#) 393 420 -6.4 -0.5 Employees (#) 10,618 10,312 3.0 0.8 16

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