Financial Performance Update Q3'22

Net operating income remained flat as revenue growth was offset by higher costs Net operating income (Constant € mn)1 9M'22 9M'21 YoY (%) QoQ (%) 2,284 2,262 2,245 2,268 2,148 Total income 9,671 9,456 2.3 -2.3 Operating Expenses (3,009) (2,769) 8.7 4.4 Net operating income 6,661 6,687 -0.4 -5.2 Efficiency ratio 31.1% 29.3% 1.8pp Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 (1) Average exchange rate as at 9M'22. Santander 18

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