Investor Presentaiton

LLPs remain at very low levels, reflecting the strength of our balance sheet and a resilient labour market Net LLPs (€ mn) 25 9M'22 9M'21 YoY (%) QoQ (%) Net operating income 557 591 -5.8 25.0 Loan-loss provisions (9) (95) -90.2 Net operating income after 547 497 10.2 28.4 provisions 80 3 -2 NPL ratio 3.03% 3.44% -41bps -30bps Cost of risk -0.12% 0.35% -46bps -7bps -57 Coverage ratio 76% 76% 0.8pp 2.0pp Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Santander (1) Cost of risk based on allowances for loan-loss provisions over the last 12 months / average loans and advances to customers over the last 12 months. 19

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