Financial Performance Update Q3'22

Credit quality under pressure due to a more challenging environment. LLPs rose YoY driven by retail portfolio growth Net LLPs (Constant € mn) 1 9M'22 9M'21 YoY (%) QoQ (%) 1,132 1,118 Net operating income 6,661 6,687 -0.4 -5.2 915 Loan-loss provisions (3,165) (2,317) 36.6 -1.2 861 863 Net operating income after 3,496 4,370 -20.0 -9.3 provisions NPL ratio 6.63% 4.72% 191bps 29bps Cost of risk² 4.46% 3.60% 86bps 20bps Coverage ratio 89% 112% -22.6pp -3.1pp Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Average exchange rate as at 9M'22. Santander 19 (2) 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.

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