Investor Presentaiton

Underlying profit increased 75% QoQ driven by the recovery in total income, combined with flat cost base and low provisioning Underlying Attributable Profit (€ mn) 45 95 138 9M'22 9M'21 YoY (%) QoQ (%) 148 135 PBT 524 471 11.3 74.7 Tax on profit (162) (146) 11.0 74.9 Consolidated profit 361 324 11.4 74.6 77 Minority interests (1) (1) 44.0 29.3 Underlying attributable profit 360 324 11.4 74.8 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Santander Effective tax rate 31.0% 31.1% -0.1 pp 20 20

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