Q1 2023 Financial Report

NII grew strongly boosted by commercial activity, higher interest rates and tight cost of deposit management Net interest income (Constant € mn)1 Yields and Costs (%) 586 533 553 480 400 Yield on loans 8.26% 7.28% 7.64% 6.22% 4.64% Cost of deposits 1.58% 1.75% 1.00% 0.16% 0.49% Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 NII / Average earning assets 3.41% 4.05% Official interest rate² 2.69% 5.08% Differential 4.40% 4.41% 4.70% 4.5pp 5.7pp 6.3pp 6.1pp 6.5pp 6.52% 6.75% 6.75% Santander (1) Average exchange rate as at 3M'23. (2) Quarterly average. 13

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