Investor Presentaiton

Our strategy is paying off in revenue, costs and LLPS NII + Fees Costs COR North America Europe + Digital Consumer Bank North America Europe + Digital Consumer Bank North America Europe + Digital Consumer Bank +5% +5% 1.1% +9% +1% 0.4% +9% South America* YoY % changes in constant euros * Excluding Argentina, +1% ⚫NII increase driven by greater volumes and higher rates across the board •Improved quarterly NII trend, which we expect to continue ⚫ Fee growth supported by CIB, payments and WM&I +17% South America* YoY % changes in constant euros * Excluding Argentina, +9% • Focus on efficiency with the aim of maintaining cost growth below inflation • Efficiency ratio of 45.5% improving on FY'21 (46.2%) ⚫ Challenging 2022 cost-to-income target due to time lag between inflation and rates 3.1% South America COR fundamentals remain good with stable Group delinquency rates ⚫Our high-quality loan portfolio and collateral valuation with a solid labour market... ⚫... keeps us on track to meet our <1% COR year-end target Santander 49

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