Santander Business Strategy and Financial Inclusion

Results Lower operating expenses, aligned with the structure optimization driven by the digital and commercial transformation process Operating expenses (EUR mn) 147 143 142 141 138 3Q20 4Q20 1Q21 2Q21 3Q21 Santander 9M'21 9M'20 YoY (%) QoQ (%) Operating Expenses 422 430 -1.8 -2.2 Efficiency ratio (with amortisations) 41.1% 44.6% -3.5pp -6.1pp Branches in Portugal (#) 350 450 -100 -5,445 Employees in Portugal (#) 5,439 6,077 -638 -326 16

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