Q1 2023 Financial Report

Credit quality remained solid. LLPs rose sharply YoY due to higher CHF mortgage provision 62 Net LLPs (Constant € mn) 1 136 89 Q1'23 Q1'22 YoY (%) QoQ (%) 150 151 Net operating income 531 338 57.1 3.6 Loan-loss provisions (151) (62) 142.7 0.7 Net operating income after 380 276 37.7 4.9 provisions Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Cost of risk² 1.71% 0.65% 107bps 28bps NPL ratio 3.66% 3.50% 16bps -14bps Coverage ratio 75% 79% -3.4pp 1.2pp Santander (1) Average exchange rate as at 3M'23. (2) Cost of risk based on allowances for loan-loss provisions over the last 12 months / average loans and advances to customers over the last 12 months. 18

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