Banco Santander S A : Digital Consumer Bank

30 April 2024

Digital Consumer Bank

Q1'24

Important Information

Consumer

Non-IFRS and alternative performance measures

This presentation contains financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as alternative performance measures (APMs) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non- IFRS measures. The APMs and non-IFRS measures were calculated with information from Grupo Santander; however, they are neither defined or detailed in the applicable financial reporting framework nor audited or reviewed by our auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider them to be useful metrics for our management and investors to compare operating performance between periods. APMs we use are presented unless otherwise specified on a constant FX basis, which is computed by adjusting comparative period reported data for the effects of foreign currency translation differences, which distort period-on-periodcomparisons. Nonetheless, the APMs and non-IFRSmeasures are supplemental information; their purpose is not to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRSmeasures differently, thus making them less useful for comparison purposes. APMs using ESG labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR. For further details on APMs and Non-IFRSMeasures, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the 2023 Annual Report on Form 20-Ffiled with the U.S. Securities and Exchange Commission (the SEC) on 21 February 2024 (https://www.santander.com/content/dam/santander-com/en/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2024/sec-2023-annual-20-f-2023-en.pdf),as well as the section "Alternative performance measures" of Banco Santander, S.A. (Santander) Q1 2024 Financial Report, published on 30 April 2024 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results).Underlying measures, which are included in this document, are non-IFRSmeasures.

The businesses included in each of our geographic segments and the accounting principles under which their results are presented here may differ from the businesses included and local applicable accounting principles of our public subsidiaries in such geographies. Accordingly, the results of operations and trends shown for our geographic segments may differ materially from those of such subsidiaries.

Non-financial information

This presentation contains, in addition to financial information, non-financial information (NFI), including environmental, social and governance-related metrics, statements, goals, commitments and opinions.

NFI is not audited nor reviewed by an external auditor. NFI is prepared following various external and internal frameworks, reporting guidelines and measurement, collection and verification methods and practices, which are materially different from those applicable to financial information and are in many cases emerging and evolving. NFI is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. NFI is thus subject to significant measurement uncertainties, may not be comparable to NFI of other companies or over time or across periods and its inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. NFI is for informational purposes only and without any liability being accepted in connection with it except where such liability cannot be limited under overriding provisions of applicable law.

Forward-looking statements

Santander hereby warns that this presentation contains "forward-looking statements" as per the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements can be understood through words and expressions like "expect", "project", "anticipate", "should", "intend", "probability", "risk", "VaR", "RoRAC", "RoRWA", "TNAV", "target", "goal", "objective", "estimate", "future", "commitment", "commit", "focus", "pledge" and similar expressions. They include (but are not limited to) statements on future business development, shareholder remuneration policy and NFI.

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Important Information

Consumer

While these forward-looking statements represent our judgement and future expectations concerning our business developments and results may differ materially from those anticipated, expected, projected or assumed in forward-looking statements.

In particular, forward looking statements are based on current expectations and future estimates about Santander's and third-parties' operations and businesses and address matters that are uncertain to varying degrees and may change, including, but not limited to (a) expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including expectations regarding future execution of Santander's and third-parties' (including governments and other public actors) energy and climate strategies, and the underlying assumptions and estimated impacts on Santander's and third-parties' businesses related thereto; (b) Santander's and third-parties' approach, plans and expectations in relation to carbon use and targeted reductions of emissions, which may be affected by conflicting interests such as energy security; (c) changes in operations or investments under existing or future environmental laws and regulations; (d) changes in rules and regulations, regulatory requirements and internal policies, including those related to climate-related initiatives ; (e) our own decisions and actions including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; and (f) the uncertainty over the scope of actions that may be required by us, governments and others to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and governmental standards and regulations.

In addition, the important factors described in this presentation and other risk factors, uncertainties or contingencies detailed in our most recent Form 20-F and subsequent 6-Ks filed with, or furnished to, the SEC, as well as other unknown or unpredictable factors, could affect our future development and results and could lead to outcomes materially different from what our forward-looking statements anticipate, expect, project or assume.

Forward-looking statements are therefore aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this presentation, are informed by the knowledge, information and views available on such date and are subject to change without notice. Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law. Santander does not accept any liability in connection with forward-looking statements except where such liability cannot be limited under overriding provisions of applicable law.

Not a securities offer

This presentation and the information it contains does not constitute an offer to sell nor the solicitation of an offer to buy any securities.

Past performance does not indicate future outcomes

Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or results (including earnings per share) will necessarily be the same or higher than in a previous period. Nothing in this presentation should be taken as a profit and loss forecast.

Note: Quarterly series also include adjustments to some of the 2023 business volumes metrics in Retail & Commercial Banking, Digital Consumer Bank, CIB and Wealth Management & Insurance to better reflect our five global businesses' perimeters according to our new operating model; these adjustments do not affect business volumes metrics at the Group level.

3

Index

1

2

3

4

About us, Strategy	Results	Final remarks	Appendix
and Business

4

A single model across our markets for our consumer and auto finance businesses and for Openbank

Consumer

KEY DATA	Q1'24	YoY Var.
Customer loans	€208bn	+4.5%
New business volumes	€21.6bn	+7.0%
Leasing	€17bn	+4.0%
Customer funds	€126bn	+13.1%
Attributable profit	€464mn	-4.8%
Efficiency ratio	41.2%	-1.9pp
RoTE	1	11.9%	-0.3pp
RWAs	€157bn	+2.7%
Total customers	25.0mn	-0.5%

A unique combination of global scale

and local leadership

Leadership in consumer lending across our footprint

(e.g. #1 finance company in Europe and LatAm, top 5 in the US and top 10 in China in auto finance)

Note: all references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from hyperinflation.	5
Gross loans and advances to customers (excluding reverse repos) and deposits excluding repos. C/I, CoR, RWAs and RoTE and their YoY changes are calculated in current euros.
1. Annualizing the impact of the temporary levy on revenue earned in Spain. Without annualizing it, RoTE was 11.2% (-0.5pp).

Execution of the strategy: transforming into a best-in-class, global business and operating model

Consumer

Customer experience	Operational leverage		Global platform		2025 target
Providing global		Simplifying and automating		Openbank launch in the US		> 14% RoTE
solutions integrated in		our processes		and Mexico		11.9% Q1'24
our partners' processes
	Launched a new digital		Expanding the functionality
				c.40% C/I
Expanding partnerships		onboarding for pure digital		of our new leasing platform
			41.2% Q1'24
across regions		players

Key

drivers

Total

customers (mn)

-0%

25.2 25.0

Dec-22

Mar-24

Retail deposits	Operating expenses /
cost-to-serve (%)	ANEAs (%)
-0.18pp

1.18 1.00

2022

Q1'24

Note: RoTE annualizing the impact of the temporary levy on revenue earned in Spain. Without annualizing it, RoTE was 11.2% (-0.5pp).	6
ANEAs = Average net earning assets, including renting.

Progress in the execution of our strategy in Q1'24

Consumer

	Customer experience	Operational leverage		Global platform
	Global solutions &		Moving all units to		From country-specific
global relationship management		best Group practices		to global platforms
•	Multi-regional commercial	• Process simplification / redesign		• Global leasing platform
	opportunities with more than 10	in all markets		operative in 2 European markets
	partnerships with OEMs &
	importers	• Transitioning to operational hubs		• Zinia live in Germany - 1mn
• In Zinia, expanding existing	in Europe		contracts since launch H2 2023
	relationships across markets	• Building scale. Resulting in C/I		• Openbank to be launched in US
			ratio improvement		and Mexico in H2 2024
•	Single point of integration for any	(-1.9pp YoY)
	direct or digital model available in
	Europe (vs. country-specific)
				7

Loans rose 4% YoY driven by both auto and non-auto businesses

Consumer

Loans (Constant € bn)1

215

217

221

225

225

Mar-23

Jun-23

Sep-23

Dec-23

Mar-24

Leasing

	Q1'24	Q1'23	YoY (%)	QoQ (%)
Auto	164	156	5.4	0.3
Non-auto	43	43	1.1	-0.9
o/w mortgages	12	13	-6.0	-1.6
Total customer loans	208	199	4.5	0.0
Leasing	17	17	4.0	0.8
Total customer loans + leasing	Q1'24	Q1'23	YoY (%)	QoQ (%)
DCB Europe	139	130	6.9	0.1
US	68	70	-3.2	-1.6
Other	17	15	19.2	6.7

(1) Excludes reverse repos. End period exchange rates as at Mar-24.

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Customer deposits rose to €119bn (13% YoY), mainly due to time deposits

Consumer

Customer funds (Constant € bn)1

111 113 118 122 126

Mar-23Jun-23Sep-23Dec-23Mar-24

	Q1'24	Q1'23	YoY (%)	QoQ (%)
Demand	81	84	-3.4	0.0
Time	37	21	79.4	10.4
Total customer deposits	119	105	12.9	3.0
Mutual Funds	7	6	15.6	5.6
Total customer funds	126	111	13.1	3.2

(1) Excluding repos. End period exchange rates as at Mar-24.

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Index

1

2

3

4

About us, Strategy	Results	Final remarks	Appendix
and Business

10