Investor Presentaiton

Inflation coming down quickly on lower energy prices Evolution of prices in Madrid and Spain General and underlying inflation Contribution to inflation by components Community of Madrid 10,0 12,0 10,0 8,0 6,0 4,0 2,0 0,0 -2,0 may.-18 Source: INE nov.-18 may.-19 nov.-19 may.-20 nov.-20 General CM General SPA may.-21 nov.-21 may.-22 nov.-22 may.-23 8,0 88 69 6,0 4,0 40 2% 2,0 0,0 20 -2,0 ང་ sep-20 nav-20 Underlying COM Underlying SP Source: Own elaboration based on INE data. ene-21 mar-21 may-21 jul-21 sep-21 nov-21 Unprocessed food Processed foods Services Underlying ene-22 mar-22 may-22 jul-22 sep-22 nov-22 Energy products BINE General Inflation ene-23 mar-23 may-23 ✓ Negative CPI 2020 ✓ Climbing begins March 21 SPAIN 9,8% mar22, 10,8% jul22, 10,5% aug22, 7,3% oct22, 5,7% dec22, 6,0% feb23, 3,3% Mar23; 4,1% Apr 23, 3,2% May 23 CM 9,0% mar22, 9,6% jul22, 9,3% aug22, 6,3% oct22, 4,9% dec22, 5,2% feb23, 2,6% mar23, 3,4% Apr 23, 2,4% May 23 Underlying inflation SPAIN > 2% since dec21; above headline since dec22 SPAIN 6,4% aug22, 6,2% oct22, 7,0% dec22, 7,6% feb23, 7,5% Mar23, 6,6% Apr 23, 6,1% May 23 ✓ Underlying inflation CM, the lowest of all the Autonomous Communities. CM 5,4% auo22, 5,2% oct22, 6,0% dec22, 6,4% feb23, 6,2% Mar23, 5,5% Apr 23, 4,9% May 23 ✓ Leading indicator May23: general inflation 3,2% (-0,9 vs Apr), underlying 6,1% (-0,5). 160

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