2022 Earnings Presentation

Net operating income decreased 3% YoY impacted by higher costs Net operating income (Constant € mn)1 2,270 2,253 2,276 2022 2021 YoY (%) QoQ (%) 2,156 2,045 Total income 12,910 12,785 1.0 0.6 Operating Expenses (4,180) (3,803) 9.9 12.6 Net operating income 8,730 8,981 -2.8 -5.1 Efficiency ratio 32.4% 29.7% 2.6pp Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Santander (1) Average exchange rate as at 12M'22. 17

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