Santander Financial Overview 2023

Expenses increased due to inflationary pressures, in real terms costs came down 3%, reflecting our transformation programme Operating expenses (€ mn) 132 125 125 125 126 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Santander Q1'23 Q1'22 YoY (%) QoQ (%) Operating Expenses 132 125 5.5 5.2 Branches (#) 377 389 -3.1 -1.6 Employees (#) 4,957 5,009 -1.0 0.1 16

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