Q1'21 Earnings Presentation

Results Loan-loss provisions dropped 7% YoY despite charges recorded for certain corporate customers Net LLPs (Constant EUR mn)1 (•) 244 299 Q1'21 Q1'20 YoY (%) QoQ (%) Net operating income 492 529 -7.0 4.9 228 218 Loan-loss provisions (228) (244) -6.7 7.5 212 Net operating income after 264 285 -7.1 2.7 provisions NPL ratio 3.21% 2.07% 114 bps 40 bps Cost of credit 1 3.00% 2.69% 31 bps -3 bps 2 Coverage ra 96% 134% -38.3 pp -25.3 pp Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Santander (1) Average exchange rate as at Q1'21. (2) Cost of credit based on 12-month loan-loss provisions divided by average customer loans. 19

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