Financial and Liquidity Management Summary

Operating expenses continued to improve YoY, reflecting our commercial and digital transformation 138 Operating expenses (EUR mn) 121 122 122 107 9M'22 9M'21 YoY (%) QoQ (%) Operating Expenses 365 422 -13.6 +0.2 Efficiency ratio (with amortisations) 39.0% 41.1% -2.1pp -5.2pp Branches in Portugal (#) 340 350 -2.9 -0.3 Employees in Portugal (#) 4,638 5,397 -14.1 -0.5 3Q21 4Q21 1Q22 2Q22 3Q22 Santander 16

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