Investor Presentaiton

Net operating income increased by 25% QoQ supported by higher revenue and controlled operating expenses. YoY decline due to ALCO portfolio sales in 2021 Net operating income (€ mn) 165 159 207 155 194 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Santander 9M'22 9M'21 YoY (%) QoQ (%) Total income 933 1,020 -8.6 13.9 Operating Expenses (376) (429) -12.4 0.2 Net operating income 557 591 -5.8 25.0 Efficiency ratio 40.3% 42.1% -1.7pp 18

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