Investor Presentaiton

Net operating income increased 88% boosted by the solid performance in the main revenue lines. The efficiency ratio improved 4.2pp YoY Net operating income (Constant € mn)¹ 141 109 193 139 206 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 (%) Total income 821 487 68.7 39.6 Operating Expenses (477) (303) 57.3 33.5 Net operating income 345 184 87.7 48.6 Efficiency ratio 58.0% 62.3% -4.2pp 18

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