2022 Earnings Presentation

NII fell 4% YoY due to the negative sensitivity to interest rate rises and more selective lending. However, slight increase in the quarter Net interest income (Constant € mn)1 Yields and Costs (%) 2,462 2,311 2,197 2,188 2,205 14.36% 14.89% 14.81% Yield on loans 14.90% 13.25% 8.52% Cost of deposits 8.60% 7.22% 6.15% 4.57% Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 NII/Average total assets 5.34% 5.04% Official interest rate² 8.30% 10.58% Differential 4.75% 4.62% 4.59% 8.7pp 8.2pp 7.7pp 6.3pp 6.3pp 12.47% 13.57% 13.75% Santander (1) Average exchange rate as at 12M'22. (2) Quarterly average. 13

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