Banco Santander S A : Wealth Management and Insurance

30 April 2024

Wealth Management & Insurance

Q1'24

Important Information

Wealth

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-period comparisons. Nonetheless, the APMs and non-IFRS measures 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-IFRS measures 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- IFRS Measures, 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-F filed 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-IFRS measures.

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.

2

Important Information

Wealth

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

We keep on building the best responsible wealth and insurance manager in Europe	Wealth
and the Americas

KEY DATA

Q1'24

YoY

Total assets under management

1

(€bn)

€482bn

+14.4%

Gross written premiums (€bn)

€3.0bn

-3.6%

Total gross fees

2

(€mn)

€1,012mn

+12.5%

Total fees generated as % of Group's total fees

2

31%

+2.2pp

Total revenue

2

(€mn)

€1,539mn

+13.7%

Attributable profit (€mn)

€400mn

+24.9%

Profit contribution

2

(€mn)

€838mn

+16.4%

Efficiency ratio

34.4%

-4.0pp

RoTE

3

80.4%

+9.4pp

RWAs

€16bn

+0.2%

Accelerating our customers' connectivity

with our global product platforms

Cost of risk	4	-0.05%	-0.15pp
Private Banking customers (k)	277	+13%

• Global approach, leading investment flows between our markets, coupled with leadership local positions

• Our scale enables us to offer better products and more capacity to invest in common technology platforms

Note: all references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from hyperinflation. C/I, CoR, RWAs and RoTE ratios and their YoY changes are calculated in current euros.

(1) Total assets marketed, advised, under custody and/or managed in Private Banking + SAM excluding AuMs of Private Banking customers managed by SAM.5

(2) Including fees generated by Asset Management and Insurance ceded to the commercial network.

(3) RoTE is adjusted based on Group's deployed capital. Data are presented annualizing the impact of the temporary levy on revenue earned in Spain. Without annualizing it, 77.3% (+9.1pp).

(4) Negative CoR indicates net releases.

Wealth Management & Insurance integrates three complementary businesses with significant synergies

Wealth

Leading global platform serving	Global asset manager manufacturing	Insurance solutions provider across
private banking customers by	Retail and Institutional funds for our	the Group through partnerships with
combining the benefits of being part	customers combining local customer	leading insurance companies
of a strong financial group with an	knowledge and global investment	allowing us to offer the best value
excellent service model	capabilities	proposition to our clients

General	Investment	Real estate	Wealth	Equity	Fixed	Multi	Alternatives	Related	Non-related	Savings
banking	solutions	advisory	solutions		Income	Assets				Annuities, non-
										guarantees & Unit linked

CAL 310+	€bn	AuMs 220+	€bn	GWP	1	13+	€bn

Note: CAL = customer assets and liabilities; AuMs = Assets under Management; GWPs = Gross Written Premiums;	6
(1) FY'23 data.

Accelerating our customers' connectivity with our global product platforms Wealth

Customer experience	Operational leverage		Global platform	2025 target
Named again Best Private		Boosted results by		Kicked off our global		c.60% RoTE
	fostering collaboration		investments platform		80.4% Q1'24
Bank in LatAm (Euromoney)		with Retail and CIB and
		project to further digitalize
while growing our customer		simplified our product offer			c.10% Revenue
		our investment distribution
base by +13% YoY		in SAM and Insurance
		capabilities		growth
					+17% Q1'24 vs. Q1'23

Key

drivers

Assets under

management1 (€ bn)

+18%

409	482

Collaboration

fees (€ bn)

+12%

0.88 0.99

Revenue growth

including ceded fees2(€ bn)

+14%

1.4 1.5

Dec-22

Mar-24

Q1'23 Q1'24

Q1'23

Q1'24

(1) Includes off-balance sheet assets and deposits.

(2) Includes all fees generated by Santander Asset Management and Insurance, even those ceded to the commercial network, which are reflected in Retail & Commercial Banking's P&L. 7 Note: revenue CAGR 22-25 target. RoTE annualizing the impact of the temporary levy on revenue earned in Spain.

Strong growth in volumes (AuMs +14% YoY) as a result of record commercial activity	Wealth
in PB and SAM

AuMs (Constant € bn)

	435	442	461	482
422

Mar-23

Jun-23

Sep-23

Dec-23

Mar-24

€ bn	Q1'24	Q1'23	YoY (%)	QoQ (%)
Fund & Investments 1	277	247	12	4
Custody	136	107	28	7
Deposits	69	68	2	2
Total AuMs	482	422	14	5
Loans	22	21	4	1
Net new money		Net sales
(PB)			(SAM)

GWPs (Constant € bn)

			3.9
3.1	3.2	3.0	3.0

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

€5.5bn	€3.8bn
7% of total CAL2	7% of total SAM AuMs2

	Q1'24	Q1'23	YoY (%)	QoQ (%)
Protection	1.2	1.2	3	-6
Savings	1.7	1.9	-8	-33
Total GWPs	3.0	3.1	-3.6	-24.1

Note: AuMs = Assets under Management; GWPs = Gross Written Premiums; CAL = Customer Assets and Liabilities.

8

1. Excluding overlaps of PB investment funds managed by SAM.
2. Considering annualized net new money (PB) as a % of total CAL and annualized net sales (SAM) as % of SAM AuMs.

Index

1

2

3

4

About us, Strategy	Results	Final remarks	Appendix
and Business

9

NII grew 26% YoY, boosted by solid margin management

Wealth

Net interest income (Constant € mn)

392	409	377	423
336

Q1'23

Q2'23

Q3'23

Q4'23

Q1'24

Yields and Costs1 (%)

	4.24%	4.48%	4.72%	4.87%
3.84%
		Yield on loans
1.93%	2.18%	2.41%	2.25%	2.62%
			Cost of deposits
Q1'23	Q2'23	Q3'23	Q4'23	Q1'24

Note: Wealth information excluding overlaps between businesses;	10
(1) Yields and costs only include PB.