Q1 2023 Financial Report

Strong net operating income performance on the back of higher revenue as well as 5pp efficiency improvement, absorbing inflationary pressures Net operating income (Constant € mn)¹ 401 338 520 531 513 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Santander (1) Average exchange rate as at 3M'23. Q1'23 Q1'22 YoY (%) QoQ (%) Total income 729 501 45.5 4.8 Operating Expenses (197) (163) 21.3 8.0 Net operating income 531 338 57.1 3.6 Efficiency ratio 27.1% 32.5% -5.4pp 17

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