2022 Highlights and ESG Progress

Focus on productivity and efficiency with real costs decreasing across our footprint Costs and Efficiency drivers Costs and efficiency ratio Constant € million 46.2% 45.8% Efficiency Costs 22,336 +7% 23,903 2021 2022 ✓ Santander Note: costs in real terms exclude the impact from weighted average inflation. Costs in real terms: -5% Costs grew below inflation in all regions Investments in digitalization and salary agreements affected some markets Structural improvement in Europe (-5pp) Efficiency improvement continued Ongoing transformation process towards simpler and more integrated models Focus on lowering cost-to-serve 20 20

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