Q1'21 Earnings Presentation

Results Net operating income YoY performance affected by NII pressure and IT investments (•) 529 Net operating income (Constant EUR mn)¹ 585 Q1'21 Q1'20 YoY (%) QoQ (%) 503 492 469 Total income 865 899 -3.9 -2.9 Operating Expenses (373) (371) 0.6 -11.5 Net operating income 492 529 -7.0 4.9 Efficiency ratio 43.1% 41.2% 189 bps Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Santander (1) Average exchange rate as at Q1'21. 18

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