Financial Performance Update Q3'22

NII fell 1% YoY as higher volumes and spread management were not enough to offset the initial negative sensitivity to interest rate hikes Net interest income (Constant € mn)1 Yields and Costs (%) 2,359 2,454 2,303 2,190 2,180 14.36% 14.89% Yield on loans 14.81% 13.25% 12.20% Cost of deposits 8.52% 7.22% 6.15% 4.57% 3.06% Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 NII/Average total assets 5.28% 5.34% Official interest rate² 5.25% 8.30% Differential 5.04% 4.75% 4.62% 9.1pp 8.7pp 8.2pp 7.7pp 6.3pp 10.58% 12.47% 13.57% (1) Average exchange rate as at 9M'22. Santander (2) Quarterly average. 14

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