26 April 2022

Q1'22 Earnings Presentation

It's time to build together a better future for you

Important information

Non-IFRS and alternative performance measures

This presentation contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards ("IFRS") and derived from our financial statements, 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 (ESMA/2015/1415en) and other non-IFRS measures ("Non-IFRS Measures"). These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from Santander Group; however those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by our auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS measures to be useful metrics for our management and investors to compare operating performance between accounting periods, as these measures exclude items outside the ordinary course performance of our business, which are grouped in the "management adjustment" line and are further detailed in Section 3.2 of the Economic and Financial Review in our Directors' Report included in our Annual Report on Form 20-F for the year ended 31 December 2021. Nonetheless, these APMs and non-IFRS measures should be considered supplemental information to, and are not meant 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. For further details on APMs and Non-IFRS Measures, including its 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 2021 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") on 1 March 2022, as updated by the Form 6-K filed with the SEC on 8 April 2022 in order to reflect our new organizational and reporting structure, as well as the section "Alternative performance measures" of the annex to the Banco Santander, S.A. ("Santander") Q1 2022 Financial Report, published as Inside Information on 26 April 2022. These documents are available on Santander's website (www.santander.com). Underlying measures, which are included in this presentation, 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 included businesses 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.

Forward-looking statements

Santander advises that this presentation contains "forward-looking statements" as per the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words like "expect", "project", "anticipate", "should", "intend", "probability", "risk", "VaR", "RoRAC", "RoRWA", "TNAV", "target", "goal", "objective", "estimate", "future" and similar expressions. Found throughout this presentation, they include (but are not limited to) statements on our future business development, economic performance and shareholder remuneration policy. However, a number of risks, uncertainties and other important factors may cause actual developments and results to differ materially from our expectations. The following important factors, in addition to others discussed elsewhere in this presentation, could affect our future results and could cause materially different outcomes from those anticipated in forward-looking statements: (1) general economic or industry conditions of areas where we have significant operations or investments (such as a worse economic environment; higher volatility in the capital markets; inflation or deflation; changes in demographics, consumer spending, investment or saving habits; and the effects of the war in Ukraine or the COVID-19 pandemic in the global economy); (2) exposure to various market risks (particularly interest rate risk, foreign exchange rate risk, equity price risk and risks associated with the replacement of benchmark indices); (3) potential losses from early repayments on our loan and investment portfolio, declines in value of collateral securing our loan portfolio, and counterparty risk; (4) political stability in Spain, the United Kingdom, other European countries, Latin America and the US (5) changes in legislation, regulations, taxes, including regulatory capital and liquidity requirements, especially in view of the UK exit of the European Union and increased regulation in response to financial crises; (6) our ability to integrate successfully our acquisitions and related challenges that result from the inherent diversion of management's focus and resources from other strategic opportunities and operational matters; and (7) changes in our access to liquidity and funding on acceptable terms, in particular if resulting from credit spreads shifts or downgrade in credit ratings for the entire Group or significant subsidiaries.

Important information

Numerous factors could affect our future results and could cause those results deviating from those anticipated in the forward-looking statements. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements.

Forward-looking statements speak only as of the date of this presentation and are informed by the knowledge, information and views available on such date. Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise.

No offer

The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by Santander. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in this presentation. No investment activity should be undertaken on the basis of the information contained in this presentation. In making this presentation available Santander gives no advice and makes no recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever.

Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act 2000.

Historical performance is not indicative of future results

Statements about historical performance or accretion must not be construed to indicate that future performance, share price or results (including earnings per share) in any future period will necessarily match or exceed those of any prior period. Nothing in this presentation should be taken as a profit forecast.

Third Party Information

In particular, regarding the data provided by third parties, neither Santander, nor any of its administrators, directors or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in by any means, Santander may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, Santander assumes no liability for any discrepancy.

Q1'22 highlights

Growth

We increased our customer base (+7mn YoY), digital customers (+11% YoY) and digital sales (56% of total sales vs. 50% in Q1'21)
Commercial activity¹ remained robust, up QoQ and YoY (loans +5%; deposits +5%; mutual funds +6%)
We continued to grow revenue¹ , achieving solid year-on-year growth rates (NII +6% and net fee income +6%). Net operating income up to €6.8bn

Profitability

Q1'22 attributable profit of €2,543mn (+19% vs Q1'21 underlying profit; +12% in constant euros). Including restructuring costs in Q1'21, +58% in euros
Cost discipline and greater productivity led to an efficiency ratio of 45.0%
Improved profitability QoQ and YoY (RoTE of 14.2% and EPS of €14.1 cents, +22% vs. Q1'21 underlying EPS)
Outstanding TNAV performance: TNAVps of €4.29. TNAV + Cash DPS: +13% YoY

Strength

Ongoing risk management: cost of credit at 0.77%; NPL ratio of 3.26%; loan-loss reserves of €25bn
FL CET1 ratio of 12.05%² with a net organic generation of 17bps in the quarter(+40bps from earnings and -23bps from dividend accrual and second share buyback)

Our business model's unique diversification continues to prove its resiliency in generating growth and profit while maintaining balance sheet strength

Profit growth underpinned by our geographic and business diversification

			% change
million €	Q1'22	Q1'21	Euros	Constant euros
NII	8 855 ,	956 7 ,	11	6
Net fee income	2 812 ,	2 548 ,	10	6
Trading and other income	638	886	-28	-31
Total revenue	12 305 ,	11 390 ,	8	3
Operating expenses	535 -5 ,	118 -5 ,	8	4
Net operating income	6 770 ,	6 272 ,	8	2
LLPs	-2 101 ,	-1 992 ,	5	1
Other results	-498	-467	7	5
Underlying PBT	4 171 ,	3 813 ,	9	3
Underlying . profit att	2 543 ,	2 138 ,	19	12
provisions¹ Net capital gains and	0	-530	-100	-100
Attributable profit	2 543 ,	1 608 ,	58	47

Positive profit trend backed by higher revenue, cost discipline and flat LLPs

(1) Includes overlay partial release

Customer revenue boosted by greater activity, volumes growth and higher interest rates

We continue to make structural changes to our operating model, driving sustainable efficiencies and mitigating the effects of higher inflation

Cost of credit remained well below 1%. In Q1, LLPs normalizing after releases in Q4'21

	Loan-loss provisions						Credit quality indicators
Constant € bn
						Mar-21	Dec-21	Mar-22
2.1		2.3		2.1	Cost of credit2	1.08%	0.77%	0.77%
	1.8		1.5		NPL ratio	3.20%	3.16%	3.26%3
Q1'21	Q2	Q3	1 Q4	Q1'22	Coverage ratio	74%	71%	69%3

Note: exposure and coverage ratio by stage in appendix, page 44

(1) Includes overlay partial release
(2) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months Considering annualized Q1'21 provisions, cost of credit would be 0.83%
(3) New definition of default (NDD) applied in Q1'22 (impact on the NPL ratio of +19bps)

Organic generation in Q1 led to an increase in the FL CET1 ratio to >12%

(1) Including acquisition of SC USA minority interest which closed on 31 January 2022 and the acquisition of Amherst Pierpont which completed in April 2022 (2) Including a 15bp charge from the second share buyback corresponding to 2021, and an 8bp charge from the cash dividend accrual, corresponding to 20% of Q1'22 profit 11

Committed to delivering shareholder value

(1) Nov-21 interim distribution of cash dividend of €4.85 cents per share and share buyback programme of €841mn. From 2 May 2022, final distribution of the cash dividend of €5.15 cents per share payable and the ongoing second share buyback of €865mn, started on 15 March 2022. Yield against Q1'22 average share price

(2) Implementation of shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals

Outstanding QoQ and YoY profitability. TNAVps + cash dividend: +13% YoY

Note: the averages for the Q1 RoTE denominators are calculated on the basis of 4 months from December to March and 2021 RoTE denominator is calculated on the basis of 13 months from December to December. For periods of less than a year, and in the event of items outside the ordinary performance of our business, the profit used to calculate the statutory RoTE is the annualized underlying attributable profit (excluding these results), to which these results are added without annualizing them

Supporting the green transition of our clients and committed to our climate change goals

	Supporting the green transition…
Green finance1	funds2 AuM in sustainable	Decarbonization targets
€69bn since 2019	€27bn Mar-22	0.23 e/MWh5 tCO in 2019 2
€3.6bn in Q1'22		0.18 by 2025
€120bn by 2025 €220bn by 2030	€100bn by 2025	0.11 by 2030
Green products	Renewable energy
>€1bn in electric vehicles >€2bn in green buildings	8 wind farm3 agreements in Q1'22 Enel Alliance with	Thermal coal-related power6 & mining phase out €7bn in 2021
in Q1'22	Acquisition of 80% WayCarbon4	0 by 2030

…whilst engaging top management with ESG goals: 20% of long-term incentives in scorecard

Note: Q1'22 data not audited

(1) Only SCIB global business

(2) AuMs classified as Article 8 and 9 funds (SFDR) from SAM, plus third-party funds and other ESG products according to EU taxonomy from Private Banking. We apply equivalent ESG criteria to SAM's funds in Latin America

14 (4) In April 2022, Banco Santander completed the acquisition of 80% of WayCarbon Soluções Ambientais e Projetos de Carbono ('WayCarbon'), a leading Brazil-based ESG consultancy firm
(5) Reduce emissions intensity in our power generation portfolio
(6) Refers to power generation clients with over 10% of their revenue depending on thermal coal

Our geographic and business diversification continued to be a key growth driver

Q1'22 vs. Q1'21		Total customers (mn)	Customer loans (€bn)	Customer deposits (€bn)	Net operating income1 (€mn)	Underlying att. profit1 (€mn)	RoTE2
	Europe	46 1	584	604	2 245 ,	1 018 ,	13 5%
		--	+4%	+5%	+12%	+30%	+3 0 pp
	North	25 1	141	119	1 535 ,	806	24 5%
	America	+3%	+8%	+7%	4% -	+4%	0 4 pp -
	South	64 4	149	124	2 711 ,	900	26 7%
	America	+11%	+9%	+6%	+7%	+8%	+0 7 pp
Digital Consumer Bank	Digital Consumer	19 2	117	5 7	667	282	12 7%
	Bank	--	+1%	+6%	+3%	+11%	+1 5 pp

Note: YoY changes in constant euros. Loans and advances to customers excluding reverse repos. Customer deposits excluding repos

(1) North America excluding Bluestem portfolio disposal impact in % changes. Otherwise, net operating income -10% and underlying attributable profit 0%

(2) Adjusted RoTEs: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%

Accelerating our business transformation and advancing towards a common 'One Europe' operating model
Focus on growing our business, with higher volumes and revenue, by improving customer satisfaction
Higher profit and returns from widening operating jaws (revenue: +5%; costs: -2%) and excellent risk management
We have implemented several initiatives to support Ukrainian customers, employees and refugees

Highlights Key data and P&L

Loans	Deposits	Mutual Funds
€584bn +4%	€604bn +5%	€102bn +3%
Efficiency	CoR1	RoTE2
47 8% -3 3pp	0 37% -13bps	13 5% +3 0pp

P&L*	Q1'22	% Q4'21	% Q1'21
Total revenue	4,305	9.5	4.9
Net operating income	2,245	24.9	12.2
Underlying att. profit	1,018	60.5	29.9
(*) € mn and % change in constant euros

Note: Q1'22 data and YoY changes (loans, deposits and mutual funds in constant euros)

(1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months

(2) Adjusted RoTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, RoTE is 9.7%

Spain UK

Growth remained robust in individuals (mortgages, consumer) and transactional products
Efficiency plans well on track and strong LLP reductions (annualized CoR for the first three months: 0.61%)

Loans	Deposits	Mutual Funds
€248bn +6%	€293bn +9%	€77bn +5%
Efficiency	CoR1	RoTE2
48 1% -1 0pp	0.88% +9bps	8.8% +1.3pp

P&L*	Q1'22	% Q4'21	% Q1'21
NII	998	-3 0	-7 1
fee income Net	745	1 8	8 9
Total revenue	2 021 ,	9 9	-2 3
Operating expenses	-972	-6 5	3 -4
operating income Net	1 049 ,	31 4	-0 3
LLPs	-391	-38 2	-17 2
Underlying . profit att	365	396 9	20 9

(*) € mn and % change

Strong net mortgage lending (£3.6bn) and higher rates
Higher NII and cost control YoY (efficiency: -7.3 pp), leading to sharp rise in profit and RoTE (16.3%)

Loans	Deposits	Mutual Funds
€252bn +2%	€226bn -1%	€9bn +1%
Efficiency	CoR1	RoTE2
52 0% -7 3pp	0 08% -29bps -	16.3% +2.9pp

P&L*	Q1'22	% Q4'21	% Q1'21
NII	1 192 ,	2 1	15 5
Net fee income	92	11 4	-26 6
Total revenue	1 291 ,	3 9	12 5
Operating expenses	-672	1 3	-1 3
operating income Net	620	0 7	32 6
LLPs	-51	—	169 7
Underlying . profit att	375	-11 3	25 9

(*) € mn and % change in constant euros

Note: Q1'22 data and YoY changes (loans, deposits and mutual funds). UK changes in constant euros

(1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months

(2) Adjusted RoTEs: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, RoTE is 7.4% for Spain and 10.9% for the UK

Refocusing our position in the US while maintaining disciplined capital allocation
Increased customer base and enhanced customer experience through tailored products and services
Overall volumes growth QoQ and YoY
Profit remained at high levels driven by NII improvement and no minority interest in SC USA, offsetting rise in LLPs

Highlights Key data and P&L

Loans	Deposits		Mutual Funds
€141bn +8%	€119bn +7%		€26bn +9%
Efficiency	CoR1	RoTE2
45 1% +1 6pp	0 93% -142bps	24 5%	-0 4pp

P&L*	Q1'22	% Q4'21	% Q1'21
Total revenue	2 795 ,	1 9	-0 9
operating income Net	1 535 ,	12 8	-3 7
Underlying . profit att	806	6 6	3 7
(*) € mn and % change in constant euros

Note: Q1'22 data and YoY changes (loans, deposits and mutual funds in constant euros). Efficiency and YoY changes in P&L excluding Bluestem portfolio disposal

(1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months (2) Adjusted RoTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, RoTE is 12.5%

Simpler and more integrated structure across four core businesses: Consumer, Commercial, CIB and WM
Profit levels remained high supported by solid top line despite YoY decline due to normalization of leasing and LLPs

Loans	Deposits	Mutual Funds
€104bn +8%	€85bn +8%	€14bn +13%
Efficiency	CoR1	RoTE2
44 1% +2 0pp	0 49% -163bps	23 6%	-2 4pp
P&L*	Q1'22	% Q4'21	% Q1'21
NII	1 378 ,	-0 1	1 4
Net fee income	197	10 5	-9 8
Total revenue	1 811 ,	0 8	9 -4
Operating expenses	-798	-7 9	-0 4
Net operating income	1 013 ,	8 9	-8 1
LLPs	-256	—	119 9
Underlying . profit att	583	11 0	0 -5

(*) € mn and % change in constant euros

USA Mexico

Successful customer attraction strategy (+1mn customers YoY) reflected in volumes growth
Improved profitability with solid profit growth YoY driven by customer revenue and lower LLPs

Loans	Deposits	Mutual Funds
€37bn +9%	€34bn +4%	€13bn +5%
Efficiency	CoR1	RoTE2
44 0% +0 6pp	2 22% -79bps	30 8% +6 0pp
P&L*	Q1'22	% Q4'21	% Q1'21
NII	753	0 0	6 9
fee income Net	245	12 9	12 9
Total revenue	982	4 6	3 7
Operating expenses	-432	-10 2	8 8
operating income Net	549	20 1	6 2
LLPs	-183	22 3	-24 5
Underlying . profit att	249	5 6	31 7

(*) € mn and % change in constant euros

Note: Q1'22 data and YoY changes (loans, deposits and mutual funds in constant euros). USA efficiency and YoY changes in P&L excluding Bluestem portfolio disposal

(1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months (2) Adjusted RoTEs: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, RoTE is 12.4% for the US and 14.7% for Mexico

Strengthening the connection and sharing best practices among units, capturing new business opportunities
Continued customer base growth, mainly in Brazil and Chile
YoY profit increase boosted by the double-digit rise in customer revenue, more than offsetting higher costs and LLPs
QoQ comparison affected by seasonality (strong Q4 revenue from cards and insurance in Brazil) and higher LLPs (increase in individual loans)

Highlights Key data and P&L

Loans	Deposits	Mutual Funds
€149bn +9%	€124bn +6%	€60bn +8%
Efficiency	CoR1	RoTE2
35.4% +0.9pp	2 73% -8bps	26 7% +0 7pp

P&L*	Q1'22	% Q4'21	% Q1'21
Total revenue	4 195 ,	-3 0	10 1
operating income Net	2 711 ,	-2 2	4 7
Underlying . profit att	900	-1 4	8 0
(*) € mn and % change in constant euros

Note: Q1'22 data and YoY changes (loans, deposits and mutual funds in constant euros)

(1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months

(2) Adjusted RoTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, RoTE is 19.8%

Brazil Chile

Sharp growth in loyal customer base and solid volumes dynamics
Strong top line performance (transactionality). Costs affected by inflation (salary agreement: +11%) and higher LLPs (loans to individuals)

Loans	Deposits	Mutual Funds
	€75bn +3%	€47bn +5%
Efficiency	CoR1	RoTE2
30 8% +2 1pp	3 94% +15bps	27 4%	-2 0pp
P&L*	Q1'22	% Q4'21	% Q1'21
NII	2 143 ,	-6 2	6 8
Net fee income	743	-3 0	1 4
Total revenue	3 019 ,	-1 2	6 2
Operating expenses	-930	-2 1	14 0
Net operating income	2 089 ,	-0 7	3 1
LLPs	-852	6 1	37 6
Underlying . profit att	627	2 2	-0 7

(*) € mn and % change in constant euros

Focus on customer acquisition and expanding Getnet, Superdigital and Life. Launch of Prospera in the quarter
Profit up YoY backed by the main P&L lines and improved efficiency and cost of risk

Loans	Deposits	Mutual	Funds
€91bn +8%	€75bn +3%	€47bn	+5%
Efficiency	CoR1		RoTE2
30 8% +2 1pp	3 94% +15bps	27 4%	-2 0pp
	Q1'22	% Q4'21	% Q1'21
	2 143 ,	-6 2	6 8
income fee	743	-3 0	4 1
revenue	3 019 ,	-1 2	6 2
Operating expenses	-930	-2 1	14 0
operating income	2 089 ,	-0 7	3 1
	-852	6 1	37 6
Underlying . profit att	627	2 2	-0 7

Note: Q1'22 data and YoY changes (loans, deposits and mutual funds in constant euros)

(1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months

(2) Adjusted RoTEs: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, RoTE is 21.0% for Brazil and 21.4% for Chile

Reinforced our leadership position via new strategic alliances, leasing, subscriptions and BNPL
New lending +17% YoY, gaining market share in both auto and other consumer
Strong top line performance with 5% revenue growth, due to fees (new business) and leasing activity (+48%)
Costs affected by investments in strategic initiatives and perimeter effects. Good credit quality performance
Continued growth in Openbank's customer base, reflected in the balance sheet: +52% in loans, +18% in customer funds

Highlights Key data and P&L

New lending	Loans	Customer	Funds
€12bn +17%	€117bn +1%		€59bn +9%
Efficiency	CoR1		RoTE2
49.2% +0.9pp	0 44% -25bps	12	7% +1 5pp

P&L*	Q1'22	% Q4'21	% Q1'21
NII	1,020	0.4	1.6
Net fee income	206	0.7	9.2
Total revenue	1,312	0.4	4.6
Operating expenses	-645	7.3	6.8
Net operating income	667	-5.5	2.6
LLPs	-148	89.9	-11.2
Underlying att. profit	282	-20.9	10.8
(*) € mn and % change in constant euros

Note: Q1'22 data and YoY changes (loans, deposits and mutual funds in constant euros)

(1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months

(2) Adjusted RoTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, RoTE is 12.6%

Global businesses

Best quarter in SCIB's history with record revenue, profit and RoRWA fueled by strong results from our core businesses and disciplined capital management
Strengthened our positioning in the US (APS acquisition) and our ESG franchise (acquisition of 80% of WayCarbon in Brazil)

Total fees	Profit	RoTE
€521mn +9%	€759mn +10%	24.8% +1.8pp
P&L*	Q1'22	% Q4'21	% Q1'21
Total revenue	1 763 ,	27 7	5 5
operating income Net	1 148 ,	66 8	3 3
Underlying . profit att	759	71 8	9 9
(*) € mn and % change in constant euros

Corporate & Investment Banking Wealth Management & Insurance

Double-digit growth on a like-for-like basis (+14%), thanks to our diversified value-added proposition with a focus on ESG
Private Banking commercial activity levels remained solid and ranked Top 3 among Global Private Banks¹
SAM volumes were impacted by market volatility but continued delivering a high value-added product mix
Insurance delivered sustained growth, mainly in non-related business (+13% in non-related fees)

AuM	Total fees2,3		Contribution to profit2,3
€401bn +2%	€852mn +4%	€603mn	+7%
P&L*	Q1'22	% Q4'21	3 % Q1'21
Total revenue	587	8 7	8 0
Net operating income	343	15 0	9 6
Underlying . profit att	245	18 9	11 9
(*) € mn and % change in constant euros

24 Note: Q1'22 data and YoY changes in constant euros. APS = Amherst Pierpont Securities

(1) For clients up to \$250 million in the Euromoney Private Banking and Wealth Management Survey 2022

(2) Including fees generated by asset management and insurance transferred to the commercial network

(3) Excluding insurance one-off in Q1'21: Total fees: +7%; Contribution to the profit: +14%; Total revenue: +15%; Net operating income: +23% and Attributable profit: +26%

Merchant Acquiring: Total Payments Volume rose 40% backed by Brazil (+26%), Europe (+56%) and Mexico (+45%)
International Trade: real time payments between Spain and Brazil available in One Trade since Q1'22

Merchant Acquiring	International Trade
Total Payments Volume (TPV)	# Active customers	Turnover
€34.1bn +40%	c.8k >15k

Cards

95 million cards managed globally in Mar-22 with revenue of around €3bn in 2021
High profitability with an RoTE of c.30% in Q1'22

Cards

€69.4bn		+23%			+25% # transactions

Quarterly revenue performance

703	766	793	941	917
					+30% YoY
Q1'21	Q2	Q3	Q4	Q1'22

NII affected due to the higher liquidity buffer to strengthen our position
Negative FX hedging results offset by the positive performance of exchange rates in the countries' results
Significant decrease in LLPs and other provisions

Highlights Income statement

P&L*	Q1'22	Q1'21
NII	-172	-133
Gains/Losses Financial on Transactions	-119	-44
Operating expenses	-87	-79
LLPs and other provisions	-49	-187
and minority interests Tax	-25	43
Attributable profit	-462	-402
(*) € mn

We reiterate our 2022 financial targets

Our strengths and management levers

In the current geopolitical situation, our starting point is very solid: we have excellent liquidity and capital positions and our direct exposure to Russia and Ukraine is negligible
Our capacity to attract customers and grow in more profitable businesses, coupled with the current interest rate scenario, should lead to an increase in revenue
Proven track record of managing cost growth below inflation, through transformation plans and greater connectivity across regions
Our market and customer knowledge should contribute to a cost of credit at or below the average of the cycle
Disciplined capital allocation strategy to drive profitability improvement & maximize shareholder returns

Our business and geographic diversification provides a resilient foundation for growth and puts us on track to meet our FY22 financial targets

Growth		Profitability		Strength
Revenue	Mid-single digit growth1	Efficiency RoTE	45% >13%	FL CET1	12%

Appendix

Other countries

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

Portugal Poland

Strengthened customer loyalty and increased activity in mortgages and WM&I
Strong fee growth, transformation plan (costs: -14% YoY) and CoR improvement were offset by ALCO sales in Q1'21

Loans	Deposits	Mutual Funds
€40bn +2%	€43bn +7%	€4bn +14%
Efficiency	CoR1	RoTE2
37 7% +2 9pp	33 5% 0 03% -36bps		+3 5pp

P&L*	Q1'22	% Q4'21	% Q1'21
NII	170	-2 6	-8 5
Net fee income	122	1 5	23 1
Total revenue	333	13 7	-20 8
Operating expenses	-125	-6 4	-14 1
operating income Net	207	30 7	-24 4
LLPs	-8	—	4 -77
Underlying . profit att	148	7 1	-5 1
(*) € mn and % change

Increased demand from SMEs, companies and mortgages drove volumes growth
Six-fold profit increase driven by NII (interest rates), fee income, lower LLPs and cost growth well below inflation

Loans	Deposits	Mutual Funds
€31bn +6%	€38bn +5%	€4bn -19%
Efficiency	CoR1	RoTE2
32 5% -12 8pp	0 65% -37bps	21 7%	+18 7pp

P&L*	Q1'22	% Q4'21	% Q1'21
NII	407	35 4	78 0
Net fee income	138	4 4	10 6
Total revenue	511	11 2	48 6
Operating expenses	-166	-7 4	6 7
operating income Net	345	23 2	83 3
LLPs	-64	61 3	-5 0
Underlying . profit att	112	263 2	637 3
(*) € mn and % change in constant euros

Note: Q1'22 data and YoY changes (loans, deposits and mutual funds). Poland changes in constant euros

(1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months

(2) Adjusted RoTEs: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, RoTE is 15.0% for Portugal and 15.0% for Poland

Loan growth boosted by the local currency portfolio and individual loans
Profit up YoY driven by the main revenue lines and strong efficiency gains. Steady growth in digital transactions

Loans	Deposits	Mutual Funds
€6bn +44%	€10bn +50%	€3bn +100%
Efficiency	CoR1	RoTE2
59 6% -5 8pp	3 31% -124bps	27 1% +3 7pp

P&L*	Q1'22	% Q4'21	% Q1'21
NII	300	-14 5	68 8
fee income Net	121	-16 3	86 5
Total revenue	364	-19 2	59 1
Operating expenses	-217	-11 7	45 0
operating income Net	147	-28 1	85 5
LLPs	-39	-23 0	218 7
Underlying . profit att	59	-33 8	52 7

Argentina Uruguay & Andean region

Strong customer loyalty reflected in double-digit loan growth
Customer revenue growth drove profit increase and high profitability

Note: Q1'22 data and YoY changes (underlying profit, loans and funds in constant euros)

(1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months

(2) Adjusted RoTEs: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, RoTE is 18.3% for Argentina, 20.9% for Uruguay, 7.3% for Peru and 18.7% for Colombia

Appendix

Other countries

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

Well-funded, diversified, prudent and highly liquid balance sheet (large % contribution from customer deposits), reflected in solid liquidity ratios

	Liquidity Coverage Ratio (LCR)		Net Stable Funding Ratio (NSFR)
	1 Mar-22	Dec-21	Dec-21
Spain2	141%	151%	118%
K2 U	176%	168%	138%
Portugal	138%	138%	124%
Poland	171%	197%	156%
U S	142%	150%	128%
Mexico	168%	184%	134%
Brazil	154%	141%	116%
Chile	139%	148%	124%
Argentina	242%	258%	180%
SCF	3 361%	319%	115%
Group	157%	163%	126%

Note: Liquidity balance sheet for management purposes (net of trading derivatives and interbank balances)

(1) Provisional data

(2) Spain: Parent bank, UK: Ring-fenced bank

(3) February 2022 data

(4) 12 month average, provisional data

Interest rate risk hedging

Mostly positive interest rate sensitivity

Net interest income sensitivity to a +/-100 bp parallel shift € mn, Feb-22

ALCO portfolios reflect our geographic diversification

Distribution of ALCO portfolios by country %, Mar-22

Conservative and decentralized liquidity and funding model

(1) Data includes public issuances from all units with period-average exchange rates. Excludes securitizations (2) Includes Banco Santander, S.A. and Santander International Products PLC Note: preference shares also includes other AT1 instruments

Spain² UK DCB Chile USA Other

16.4

YTD issuances against 2022 funding plan

Execution of 2022 funding plan
€ bn, Mar-22
	Hybrids SNP Senior Covered +					Bonds	TOTAL
	Plan	Issued	Plan	Issued	Plan	Issued	Plan	Issued
Banco Santander S A	3 3 5	1 1 8	9 10	2 6 5	-		12 13 5	8 3
, SCF	-	0 0	- 6 5	1 2	0 0 5	-	- 6 5 5	1 2
U K	-	0 0	- 3 - 4	1 5	- 0 0 5 75	- 1 8	- 3 - 4 5 75	3 3
	-				-
SHUSA	-	0 0	2 2 5 -	0 9	-	-	2 2 5 -	0 9
TOTAL	3 3 5 -	1 1 8	19 22 5 -	2 10 2	0 5 1 25 -	1 8	22 5 27 25 -	13 8

The Financial Plan is mainly focused on covering TLAC/MREL requirements to:

Banco Santander, S.A.'s 2022 funding plan contemplates the following:

continue building up TLAC/MREL buffers

pre-finance senior non-preferred / senior preferred transactions which lose TLAC/MREL eligibility due to entering in the <1 year window

cover the increase in estimated RWAs which are the base of both requirements

Note: Issuance plan subject to, amongst other considerations, market conditions and regulatory requirements. Other secured issuances (for example ABS, RMBS, etc.) are not considered in the table above

(1) Includes €1.8bn of sub debt issued in Q4'21 as pre-funding for 2022

(2) Includes €2,1bn of senior non-preferred issued Q4'21 as pre-funding for2022

Santander's capital levels, both phased-in and fully loaded, exceed minimum regulatory requirements

Following regulatory changes in response to the covid-19 crisis, the minimum CET1 to be maintained by the Group is 8.85% (was 9.69% pre-changes) 8.85%
As of Mar-22, the distance to the MDA is 321 bps² and the CET1 management buffer is 347 bps 4

AT1 and T2 ratios are planned to be above 1.5% and 2% of RWAs respectively

(1) The phased-in ratio includes the transitory treatment of IFRS 9, calculated in accordance with article 473 bis of the Capital Requirements Regulation (CRR2) and subsequent modifications introduced by Regulation 2020/873 of the European Union. Total phased-in capital ratios include the transitory treatment according to chapter 4, title 1, part 10 of the CRR2.

(4) MDA trigger = 3.47% - 0.26% = 3.21% (26 bps of AT1 shortfall is covered with CET1).

TLAC/MREL for the Resolution Group headed by Banco Santander, S.A.

Note: Figures applying the IFRS 9 transitional arrangements

(1) TLAC RWAs are €289.5bn and leverage exposure is €718.6bn. MREL RWAs are €372.3bn and leverage exposure is €772.4bn

(2) MREL Requirement based on RWAs from Jan-24: 31.89% + Combined Buffer Requirement (CBR)

(3) CBR for MREL is applied to the RWAs post-MPE Add-on

Appendix

Other countries

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

Yield on loans (%)

	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22
Europe	2	2	1	1	2
	06	02	98	99	08

Spain	1	1	1	1	1
	84	78	68	69	73

United Kingdom	2 27	2 25	2 27	2 23	2 23
Portugal	1	1	1	1	1
	52	47	44	41	42

Poland	2	2	2	3	4
	90	91	93	31	64

America North	7 71	7 59	7 48	7 38	7 37
US	6	6	6	6	6
	91	76	59	41	29

Mexico	10	10	10	10	10
	11	03	08	23	47

America South	9 92	10 00	10 52	12 42	12 90
Brazil	11	11	12	13	14
	37	63	20	25	36

Chile	6	6	7	10	9
	94	74	07	94	99

Argentina	22	21	21	23	24
	03	97	63	33	39

Digital	3	3	3	3	4
Consumer	98	94	93	88	02
Bank

Cost of deposits (%)

	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22
Europe	0	0	0	0	0
	11	08	07	07	08

Spain	0	0	0	0	0
	05	05	05	05	05

United Kingdom	0 21	0 14	0 11	0 10	0 12
Portugal	0	0	0	0	0
	02	01	01	01	00

Poland	0	0	0	0	0
	06	04	02	04	16

America North	0 65	0 61	0 65	0 67	0 73
US	0	0	0	0	0
	17	12	11	08	09

Mexico	1	1	2	2	2
	87	87	03	21	39

America South	1 80	2 15	2 79	3 93	20 5
Brazil	1	2	3	4	6
	46	14	06	57	15

Chile	0	0	0	1	1
	36	32	43	10	60

Argentina	11	11	12	12	13
	48	92	13	05	62

Digital	0	0	0	0	0
Consumer	30	26	21	21	22
Bank

Appendix

Other countries

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

Stage coverage

		¹ Exposure				Coverage
	Mar-21	Jun-21	Sep-21	Dec-21	Mar-22	Mar-21	Jun-21	Sep-21	Dec-21	Mar-22
Stage 1	885	904	912	929	967	0	5% 0 5%	0 5%	0 5%	0 5%
Stage 2	70	70	67	71	68	8	1% 8 2%	8 6%	7% 7	8 0%
Stage 3	32	33	33	33	36	42	5% 42 2%	43 0%	41 3%	41 0%

(1) Exposure subject to impairment in € bn

NPL ratio (%)

	Mar-21	Jun-21	Sep-21	Dec-21	Mar-22
Europe	3	3	3	3	3
	26	30	15	12	01

Spain	4	5	4	4	4
	98	16	86	72	47

United Kingdom	1 35	1 30	1 27	1 43	1 42
Portugal	3	3	3	3	3
	84	71	44	44	42

Poland	4	4	4	3	3
	82	58	34	61	50

America North	2 39	2 28	2 56	2 42	2 83
US	2	2	2	2	2
	11	00	36	33	75

Mexico	3	3	3	2	3
	21	10	14	73	09

America South	4 30	4 36	4 38	4 50	5 05
Brazil	4	4	4	4	5
	42	55	72	88	68

Chile	4	4	4	4	4
	74	57	36	43	70

Argentina	2	3	3	3	3
	32	34	85	61	21

Digital	2	2	2	2	2
Consumer	23	18	15	13	27
Bank
TOTAL GROUP	3 20	3 22	3 18	3 16	3 26

Total coverage ratio (%)

	Mar-21	Jun-21	Sep-21	Dec-21	Mar-22
Europe	50	48	51	49	49
	0	4	1	4	1

Spain	48	45	49	51	50
	0	7	6	4	4

United Kingdom	40 5	37 4	36 6	25 8	26 1
Portugal	69	73	75	71	72
	2	0	5	7	8

Poland	70	72	74	73	78
	3	4	6	9	5

America North	153 4	152 3	139 3	134 9	110 5
US	183	185	161	150	122
	2	7	5	3	2

Mexico	95	90	90	95	79
	6	6	1	0	5

America South	98 4	98 1	98 8	98 3	92 2
Brazil	116	112	111	111	101
	5	3	8	2	1

Chile	63	63	64	63	60
	4	9	1	3	7

Argentina	232	167	149	153	161
	4	6	3	8	7

Digital	111	111	112	107	99
Consumer	4	9	8	8	4
Bank
TOTAL GROUP	74 0	72 9	74 0	71 3	69 5

Credit impaired loans and loan-loss allowances. Breakdown by operating areas. March 2022

Credit impaired loans Loan-loss allowances

Cost of credit (%)

	Mar-21	Jun-21	Sep-21	Dec-21	Mar-22
Europe	0	0	0	0	0
	51	49	48	39	37

Spain	0	0	0	0	0
	79	91	97	92	88

United Kingdom	0 21	0 09	0 01	(0 09)	(0 08)
Portugal	0	0	0	0	0
	38	41	35	09	03

Poland	1	0	0	0	0
	02	88	82	67	65

America North	2 34	1 67	1 46	0 93	0 93
US	2	1	1	0	0
	12	34	06	43	49

Mexico	3	2	2	2	2
	00	74	69	44	22

America South	2 81	2 51	2 52	2 60	2 73
Brazil	3	3	3	3	3
	79	51	60	73	94

Chile	1	1	0	0	0
	33	07	89	85	83

Argentina	4	3	3	3	3
	55	94	51	01	31

Digital	0	0	0	0	0
Consumer	69	64	57	46	44
Bank
TOTAL GROUP	1 08	0 94	0 90	0 77	0 77

Appendix

Other countries

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

All ESG commitments for 2021 achieved Future commitments include decarbonization targets

	2018		2019	2020	2021	Q1'22	Target
Women in senior positions	20%		22.7%	23.7%	26.3%		30% by 2025
Equal Pay Gap	3%		2%	1.5%	1.0%		~0% by 2025
People financially empowered (cumulative)			2.0mn	4.9mn	7.5mn		10mn by 2025
Green Finance raised and facilitated (€ cumulative)			19bn	33.8bn	65.7bn	69.3bn	120bn by 2025 220bn by 2030
Electricity from renewable sources	43%		50%	57%	75%		100% by 2025
New Thermal coal-related power& mining phase out(€)					7bn		0 by 2030
New Reduce emission intensity in power generation portfolio		0.23	tCO2e/MWh				0.18 tCO2e/MWh by 2025 0.11 tCO2e/MWh by 2030
New Sustainable investment(€bn AuM in sustainable funds)					27bn	27bn	100bn by 2025

From…To Cumulative target

Appendix

Other countries

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

SANTANDER GROUP (EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
7	8	8	8	8	+1	7	8	+11
956	240	458	716	855	6%	956	855	3%
,	,	,	,	,		,	,
2	2	2	2	2	5%	2	2	+10
548	621	641	692	812	+4	548	812	4%
,	,	,	,	,		,	,
886	444	832	370	638	+72 4%	886	638	-28 0%
11	11	11	11	12	+4	11	12	+8
390	305	931	778	305	5%	390	305	0%
,	,	,	,	,		,	,
(5	(5	(5	(5	(5	-1	(5	(5	+8
118)	259)	401)	637)	535)	8%	118)	535)	1%
,	,	,	,	,		,	,
6	6	6	6	6	+10	6	6	+7
272	046	530	141	770	2%	272	770	9%
,	,	,	,	,		,	,
(1	(1	(2	(1	(2	+43	(1	(2	5%
992)	761)	220)	463)	101)	6%	992)	101)	+5
,	,	,	,	,		,	,
(467)	(470)	(506)	(850)	(498)	-41 4%	(467)	(498)	+6 6%
3	3	3	3	4	+9	3	4	+9
813	815	804	828	171	0%	813	171	4%
,	,	,	,	,		,	,
2	2	2	2	2	+7	2	2	+15
489	481	551	663	869	7%	489	869	3%
,	,	,	,	,		,	,
2	2	2	2	2	+11	2	2	+18
138	067	174	275	543	8%	138	543	9%
,	,	,	,	,		,	,
(530)	—	—	—		—	(530)		-100 0%
1	2	2	2	2	+11	1	2	+58
608	067	174	275	543	8%	608	543	1%
,	,	,	,	,		,	,
						—		—

SANTANDER GROUP (Constant EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
interest income Net	8 335 ,	8 551 ,	8 685 ,	8 986 ,	8 855 ,	-1 5%	8 335 ,	8 855 ,	+6 2%
Net fee income	2 655 ,	2 706 ,	2 689 ,	2 766 ,	2 812 ,	+1 7%	2 655 ,	2 812 ,	+5 9%
(losses) Gains financial transactions and other on	928	474	858	375	638	+70 3%	928	638	-31 2%
Total revenue	11 918 ,	11 731 ,	12 232 ,	12 127 ,	12 305 ,	+1 5%	11 918 ,	12 305 ,	+3 3%
Operating expenses	(5 297) ,	(5 413) ,	(5 514) ,	(5 765) ,	(5 535) ,	-4 0%	(5 297) ,	(5 535) ,	+4 5%
operating income Net	6 621 ,	6 318 ,	6 718 ,	6 362 ,	6 770 ,	+6 4%	6 621 ,	6 770 ,	+2 3%
Net loan-loss provisions	(2 086) ,	(1 824) ,	(2 287) ,	(1 524) ,	(2 101) ,	+37 8%	(2 086) ,	(2 101) ,	+0 7%
(losses) Other gains and provisions	(475)	(470)	(511)	(867)	(498)	-42 6%	(475)	(498)	8% +4
Underlying profit before tax	4 060 ,	4 024 ,	3 920 ,	3 971 ,	4 171 ,	+5 0%	4 060 ,	4 171 ,	+2 7%
Underlying consolidated profit	2 641 ,	2 620 ,	2 630 ,	2 754 ,	2 869 ,	+4 2%	2 641 ,	2 869 ,	+8 6%
Underlying attributable profit	2 275 ,	2 191 ,	2 244 ,	2 356 ,	2 543 ,	+7 9%	2 275 ,	2 543 ,	+11 8%
Net capital gains and provisions*	(543)	2	1	1	—	-100 0%	(543)	—	-100 0%
Attributable profit	1 732 ,	2 194 ,	2 245 ,	2 357 ,	2 543 ,	9% +7	1 732 ,	2 543 ,	+46 8%

Europe (EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
2 551 ,	2 656 ,	2 650 ,	2 717 ,	2 839 ,	+4 5%	2 551 ,	2 839 ,	+11 3%
1 072 ,	1 086 ,	1 080 ,	1 107 ,	1 154 ,	+4 2%	1 072 ,	1 154 ,	+7 7%
432	107	385	93	312	+235 4%	432	312	-27 8%
4 055 ,	3 848 ,	4 114 ,	3 917 ,	4 305 ,	+9 9%	4 055 ,	4 305 ,	+6 2%
(2 072) ,	(2 071) ,	(2 049) ,	(2 126) ,	(2 060) ,	-3 1%	(2 072) ,	(2 060) ,	-0 6%
1 983 ,	1 777 ,	2 065 ,	1 790 ,	2 245 ,	+25 4%	1 983 ,	2 245 ,	+13 2%
(596)	(606)	(675)	(416)	(515)	+23 8%	(596)	(515)	-13 6%
(249)	(346)	(257)	(436)	(236)	-45 9%	(249)	(236)	-5 4%
1 138 ,	825	1 133 ,	938	1 494 ,	+59 3%	1 138 ,	1 494 ,	+31 3%
771	561	842	647	1 073 ,	+65 9%	771	1 073 ,	+39 1%
769	542	809	629	1 018 ,	+61 9%	769	1 018 ,	+32 3%

Europe (Constant EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
interest income Net	2 593 ,	2 687 ,	2 676 ,	2 733 ,	2 839 ,	+3 9%	2 593 ,	2 839 ,	+9 5%
Net fee income	1 077 ,	1 089 ,	1 082 ,	1 108 ,	1 154 ,	+4 1%	1 077 ,	1 154 ,	+7 1%
(losses) Gains financial transactions and other on	433	106	386	93	312	+237 1%	433	312	-28 0%
Total revenue	4 104 ,	3 882 ,	4 143 ,	3 933 ,	4 305 ,	+9 5%	4 104 ,	4 305 ,	+4 9%
Operating expenses	(2 102) ,	(2 091) ,	(2 063) ,	(2 136) ,	(2 060) ,	-3 6%	(2 102) ,	(2 060) ,	-2 0%
operating income Net	2 002 ,	1 791 ,	2 080 ,	1 797 ,	2 245 ,	+24 9%	2 002 ,	2 245 ,	+12 2%
Net loan-loss provisions	(596)	(602)	(675)	(412)	(515)	+25 1%	(596)	(515)	-13 5%
(losses) Other gains and provisions	(249)	(346)	(258)	(440)	(236)	-46 4%	(249)	(236)	4% -5
Underlying profit before tax	1 157 ,	843	1 147 ,	945	1 494 ,	+58 1%	1 157 ,	1 494 ,	+29 2%
Underlying consolidated profit	785	573	852	652	1 073 ,	+64 5%	785	1 073 ,	+36 6%
Underlying attributable profit	783	555	820	634	1 018 ,	+60 5%	783	1 018 ,	+29 9%

Spain (EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
1 074 ,	1 065 ,	998	1 028 ,	998	-3 0%	1 074 ,	998	-7 1%
684	693	679	732	745	+1 8%	684	745	+8 9%
310	74	331	78	278	+255 6%	310	278	-10 3%
2 068 ,	1 833 ,	2 009 ,	1 839 ,	2 021 ,	+9 9%	2 068 ,	2 021 ,	-2 3%
(1 016) ,	(1 011) ,	(984)	(1 040) ,	(972)	-6 5%	(1 016) ,	(972)	3% -4
1 052 ,	822	1 024 ,	798	1 049 ,	+31 4%	1 052 ,	1 049 ,	-0 3%
(472)	(612)	(603)	(633)	(391)	-38 2%	(472)	(391)	-17 2%
(131)	(147)	(161)	(74)	(139)	+86 9%	(131)	(139)	+6 1%
449	63	260	91	519	+468 5%	449	519	+15 6%
302	48	203	74	365	+396 6%	302	365	+21 0%
302	49	203	73	365	+396 9%	302	365	+20 9%

United Kingdom (EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
989	1 088 ,	1 156 ,	1 151 ,	1 192 ,	+3 6%	989	1 192 ,	+20 6%
120	117	114	82	92	+12 2%	120	92	-23 3%
(10)	(6)	21	(7)	7	—	(10)	7	—
1 099 ,	1 199 ,	1 291 ,	1 226 ,	1 291 ,	+5 3%	1 099 ,	1 291 ,	+17 5%
(652)	(648)	(638)	(655)	(672)	+2 6%	(652)	(672)	+3 0%
447	551	653	571	620	+8 4%	447	620	+38 5%
(18)	86	(1)	178	(51)	—	(18)	(51)	+181 6%
(31)	(63)	(39)	(187)	(66)	-64 8%	(31)	(66)	+112 4%
398	575	613	563	503	-10 7%	398	503	+26 2%
286	391	443	417	375	-10 0%	286	375	+31 4%
286	391	443	417	375	-10 0%	286	375	+31 4%

United Kingdom (Constant EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
Net interest income	1 032 ,	1 121 ,	1 183 ,	1 167 ,	1 192 ,	+2 1%	1 032 ,	1 192 ,	+15 5%
Net fee income	126	121	116	83	92	+11 4%	126	92	-26 6%
(losses) Gains financial transactions and other on	(10)	(6)	22	(8)	7	—	(10)	7	—
Total revenue	1 148 ,	1 236 ,	1 321 ,	1 243 ,	1 291 ,	+3 9%	1 148 ,	1 291 ,	+12 5%
Operating expenses	(681)	(667)	(652)	(663)	(672)	+1 3%	(681)	(672)	-1 3%
operating income Net	467	569	669	579	620	+7 0%	467	620	+32 6%
Net loan-loss provisions	(19)	90	(2)	183	(51)	—	(19)	(51)	+169 7%
(losses) gains provisions Other and	(32)	(65)	(40)	(192)	(66)	-65 6%	(32)	(66)	+103 4%
Underlying profit before tax	416	594	628	571	503	-11 9%	416	503	+20 9%
Underlying consolidated profit	298	404	454	423	375	-11 3%	298	375	+25 9%
Underlying attributable profit	298	404	454	423	375	-11 3%	298	375	+25 9%

United Kingdom (GBP mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
864	938	989	976	997	+2 1%	864	997	+15 5%
105	101	97	69	77	+11 4%	105	77	-26 6%
(8)	(5)	18	(6)	6	—	(8)	6	—
960	1 034 ,	1 105 ,	1 039 ,	1 080 ,	+3 9%	960	1 080 ,	+12 5%
(569)	(558)	(545)	(555)	(562)	+1 3%	(569)	(562)	-1 3%
391	476	560	485	518	0% +7	391	518	+32 6%
(16)	75	(1)	153	(43)	—	(16)	(43)	+169 7%
(27)	(54)	(33)	(160)	(55)	-65 6%	(27)	(55)	+103 4%
348	497	525	477	420	-11 9%	348	420	+20 9%
249	338	380	354	314	-11 3%	249	314	+25 9%
249	338	380	354	314	-11 3%	249	314	+25 9%

Portugal (EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
interest income Net	185	184	178	174	170	6% -2	185	170	5% -8
Net fee income	99	110	115	116	122	+5 1%	99	122	+23 1%
(losses) Gains financial transactions and other on	135	1	12	2	41	—	135	41	-69 9%
Total revenue	420	296	305	292	333	+13 7%	420	333	-20 8%
Operating expenses	(146)	(143)	(140)	(134)	(125)	-6 4%	(146)	(125)	-14 1%
operating income Net	274	153	165	159	207	+30 7%	274	207	-24 4%
Net loan-loss provisions	(35)	(35)	(25)	57	(8)	—	(35)	(8)	-77 4%
(losses) Other gains and provisions	(13)	(11)	(2)	(1)	15	—	(13)	15	—
Underlying profit before tax	226	107	138	215	215	+0 0%	226	215	-5 1%
Underlying consolidated profit	156	73	95	139	148	0% +7	156	148	0% -5
Underlying attributable profit	156	73	95	138	148	+7 1%	156	148	-5 1%

Poland (EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
Net interest income	233	242	244	302	407	+35 1%	233	407	+75 1%
fee income Net	127	126	133	132	138	3% +4	127	138	+8 8%
(losses) Gains financial transactions and other on	(10)	41	21	26	(35)	—	(10)	(35)	+242 8%
Total revenue	349	410	398	460	511	+11 0%	349	511	+46 2%
Operating expenses	(158)	(163)	(162)	(179)	(166)	-7 6%	(158)	(166)	+4 9%
Net operating income	191	247	236	281	345	+22 8%	191	345	+80 3%
provisions Net loan-loss	(68)	(45)	(47)	(39)	(64)	+61 9%	(68)	(64)	-6 5%
(losses) Other gains and provisions	(72)	(126)	(56)	(150)	(46)	-69 6%	(72)	(46)	-36 9%
Underlying profit before tax	51	76	133	91	236	+158 1%	51	236	+362 9%
Underlying consolidated profit	20	44	97	48	167	+250 7%	20	167	—
Underlying attributable profit	15	29	65	31	112	+263 8%	15	112	—

Poland (Constant EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
interest income Net	229	238	241	301	407	+35 4%	229	407	+78 0%
Net fee income	125	124	131	132	138	+4 4%	125	138	+10 6%
(losses) Gains financial transactions and other on	(10)	40	21	26	(35)	—	(10)	(35)	+248 4%
Total revenue	344	402	393	459	511	2% +11	344	511	6% +48
Operating expenses	(155)	(160)	(160)	(179)	(166)	-7 4%	(155)	(166)	+6 7%
operating income Net	188	242	233	280	345	+23 2%	188	345	+83 3%
Net loan-loss provisions	(67)	(44)	(47)	(39)	(64)	+61 3%	(67)	(64)	-5 0%
(losses) Other gains and provisions	(71)	(123)	(55)	(149)	(46)	-69 4%	(71)	(46)	-35 9%
Underlying profit before tax	50	74	131	91	236	+158 4%	50	236	+370 5%
Underlying consolidated profit	20	43	96	48	167	+250 2%	20	167	—
Underlying attributable profit	15	28	64	31	112	+263 2%	15	112	—

Poland (PLN mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
1 057 ,	098 1 ,	1 112 ,	389 1 ,	1 881 ,	4% +35	1 057 ,	1 881 ,	0% +78
576	573	606	610	637	+4 4%	576	637	+10 6%
(46)	187	98	121	(160)	—	(46)	(160)	+248 4%
1 587 ,	1 857 ,	1 815 ,	2 121 ,	2 359 ,	+11 2%	1 587 ,	2 359 ,	+48 6%
(718)	(739)	(739)	(827)	(766)	4% -7	(718)	(766)	+6 7%
869	1 118 ,	1 076 ,	1 293 ,	1 593 ,	+23 2%	869	1 593 ,	+83 3%
(309)	(205)	(216)	(182)	(294)	+61 3%	(309)	(294)	-5 0%
(329)	(570)	(255)	(690)	(211)	-69 4%	(329)	(211)	-35 9%
231	343	605	421	1 088 ,	+158 4%	231	1 088 ,	+370 5%
93	199	444	220	771	+250 2%	93	771	—
70	130	298	143	518	+263 2%	70	518	—

Other Europe (EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
71	76	75	61	72	+17 9%	71	72	+2 2%
41	38	39	44	56	+26 9%	41	56	+35 7%
6	(3)	(1)	(6)	21	—	6	21	+221 2%
119	111	113	99	149	+50 3%	119	149	+25 9%
(101)	(106)	(125)	(118)	(125)	+5 4%	(101)	(125)	+24 2%
18	5	(13)	(19)	24	—	18	24	+35 1%
(3)	(1)	1	21	(1)	—	(3)	(1)	-55 8%
(2)	1	0	(24)	(1)	-95 2%	(2)	(1)	-49 2%
13	5	(11)	(22)	22	—	13	22	+67 2%
7	4	3	(30)	17	—	7	17	+132 1%
10	1	3	(31)	17	—	10	17	+67 2%

Other Europe (Constant EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
73	78	76	62	72	+16 6%	73	72	-0 4%
44	40	40	45	56	+25 3%	44	56	+28 8%
8	(3)	(0)	(6)	21	—	8	21	+153 1%
124	115	116	100	149	+48 6%	124	149	+20 0%
(104)	(109)	(128)	(120)	(125)	+4 4%	(104)	(125)	+20 2%
21	6	(12)	(19)	24	—	21	24	+18 5%
(3)	(1)	2	21	(1)	—	(3)	(1)	-58 0%
(2)	1	0	(24)	(1)	-95 4%	(2)	(1)	-49 3%
16	6	(10)	(22)	22	—	16	22	+41 6%
9	5	4	(31)	17	—	9	17	+87 6%
12	2	4	(31)	17	—	12	17	+43 0%

North America (EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
Net interest income	1 971 ,	1 977 ,	2 037 ,	2 086 ,	2 131 ,	+2 2%	1 971 ,	2 131 ,	+8 1%
Net fee income	451	410	386	397	443	+11 7%	451	443	-1 8%
(losses) Gains financial transactions and other on	313	299	322	204	220	+7 9%	313	220	-29 6%
Total revenue	2 735 ,	2 686 ,	2 745 ,	2 687 ,	2 795 ,	+4 0%	2 735 ,	2 795 ,	+2 2%
Operating expenses	(1 149) ,	(1 194) ,	(1 275) ,	(1 349) ,	(1 260) ,	-6 6%	(1 149) ,	(1 260) ,	+9 7%
operating income Net	1 587 ,	1 492 ,	1 471 ,	1 337 ,	1 535 ,	+14 8%	1 587 ,	1 535 ,	-3 3%
Net loan-loss provisions	(393)	(195)	(506)	(115)	(439)	+281 8%	(393)	(439)	+11 6%
(losses) Other gains and provisions	(20)	8	(38)	(96)	(46)	-52 2%	(20)	(46)	+129 8%
Underlying profit before tax	1 174 ,	1 305 ,	926	1 127 ,	1 050 ,	-6 8%	1 174 ,	1 050 ,	-10 5%
Underlying consolidated profit	887	990	749	889	815	-8 4%	887	815	-8 1%
Underlying attributable profit	750	831	637	741	806	+8 7%	750	806	+7 5%

North America (Constant EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
Net interest income	2 111 ,	2 107 ,	2 122 ,	2 133 ,	2 131 ,	-0 1%	2 111 ,	2 131 ,	+0 9%
fee income Net	482	434	399	405	443	+9 3%	482	443	-8 2%
(losses) Gains financial transactions and other on	336	322	338	204	220	+8 0%	336	220	-34 5%
Total revenue	2 930 ,	2 863 ,	2 859 ,	2 742 ,	2 795 ,	+1 9%	2 930 ,	2 795 ,	-4 6%
Operating expenses	(1 228) ,	(1 271) ,	(1 328) ,	(1 381) ,	(1 260) ,	-8 8%	(1 228) ,	(1 260) ,	+2 6%
operating income Net	1 702 ,	1 593 ,	1 532 ,	1 361 ,	1 535 ,	+12 8%	1 702 ,	1 535 ,	-9 8%
provisions Net loan-loss	(420)	(204)	(530)	(111)	(439)	+294 0%	(420)	(439)	4% +4
(losses) Other gains and provisions	(21)	9	(39)	(100)	(46)	-54 5%	(21)	(46)	+114 6%
Underlying profit before tax	1 260 ,	1 397 ,	962	1 149 ,	1 050 ,	-8 6%	1 260 ,	1 050 ,	-16 7%
Underlying consolidated profit	952	1 061 ,	779	908	815	-10 2%	952	815	-14 5%
Underlying attributable profit	806	890	663	756	806	+6 6%	806	806	+0 0%

United States (EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
interest income Net	1 310 ,	1 300 ,	1 332 ,	1 356 ,	1 378 ,	+1 6%	1 310 ,	1 378 ,	+5 2%
Net fee income	241	191	174	176	197	+11 7%	241	197	-18 3%
(losses) Gains financial transactions and other on	324	318	316	239	236	-0 9%	324	236	-26 9%
Total revenue	1 875 ,	1 809 ,	1 822 ,	1 771 ,	1 811 ,	+2 3%	1 875 ,	1 811 ,	-3 4%
Operating expenses	(748)	(783)	(815)	(850)	(798)	-6 2%	(748)	(798)	+6 7%
operating income Net	1 127 ,	1 025 ,	1 007 ,	920	1 013 ,	+10 1%	1 127 ,	1 013 ,	-10 1%
Net loan-loss provisions	(165)	9	(294)	31	(256)	—	(165)	(256)	+54 6%
(losses) Other gains and provisions	(15)	15	(6)	(110)	(19)	-82 4%	(15)	(19)	+32 9%
Underlying profit before tax	947	1 049 ,	708	841	738	-12 3%	947	738	-22 1%
Underlying consolidated profit	720	799	575	652	583	-10 6%	720	583	-19 0%
Underlying attributable profit	598	655	479	519	583	+12 3%	598	583	-2 4%

United States (Constant EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
1 407 ,	1 397 ,	1 399 ,	1 380 ,	1 378 ,	-0 1%	1 407 ,	1 378 ,	-2 1%
259	206	182	178	197	+10 5%	259	197	-23 9%
348	342	332	240	236	-1 3%	348	236	-32 0%
2 013 ,	1 944 ,	1 912 ,	1 797 ,	1 811 ,	+0 8%	2 013 ,	1 811 ,	-10 0%
(803)	(842)	(856)	(867)	(798)	-7 9%	(803)	(798)	-0 6%
1 210 ,	1 102 ,	1 056 ,	930	1 013 ,	+8 9%	1 210 ,	1 013 ,	-16 3%
(178)	10	(312)	39	(256)	—	(178)	(256)	+44 0%
(16)	16	(6)	(116)	(19)	-83 3%	(16)	(19)	+23 8%
1 017 ,	1 128 ,	738	853	738	-13 5%	1 017 ,	738	-27 4%
773	858	600	661	583	-11 8%	773	583	-24 6%
642	704	500	526	583	+11 0%	642	583	-9 1%

United States (USD mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
interest income Net	1 578 ,	1 567 ,	1 569 ,	1 548 ,	1 546 ,	-0 1%	1 578 ,	1 546 ,	-2 1%
Net fee income	290	231	204	200	221	+10 5%	290	221	-23 9%
(losses) Gains financial transactions and other on	390	383	372	269	265	-1 3%	390	265	-32 0%
Total revenue	2 258 ,	2 181 ,	2 146 ,	2 016 ,	2 032 ,	+0 8%	2 258 ,	2 032 ,	-10 0%
Operating expenses	(901)	(945)	(960)	(973)	(895)	-7 9%	(901)	(895)	-0 6%
operating income Net	1 358 ,	1 236 ,	1 185 ,	1 044 ,	1 137 ,	+8 9%	1 358 ,	1 137 ,	-16 3%
Net loan-loss provisions	(199)	11	(350)	43	(287)	—	(199)	(287)	+44 0%
(losses) Other gains and provisions	(18)	18	(7)	(130)	(22)	-83 3%	(18)	(22)	+23 8%
Underlying profit before tax	1 141 ,	1 265 ,	828	957	828	-13 5%	1 141 ,	828	-27 4%
Underlying consolidated profit	867	963	673	742	654	-11 8%	867	654	-24 6%
Underlying attributable profit	720	790	561	590	654	+11 0%	720	654	-9 1%

Mexico (EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
661	678	705	730	753	+3 2%	661	753	+13 9%
204	210	203	211	245	+16 4%	204	245	+20 4%
(6)	(16)	5	(30)	(17)	-44 3%	(6)	(17)	+161 6%
858	872	913	910	982	8% +7	858	982	+14 4%
(373)	(379)	(425)	(466)	(432)	-7 3%	(373)	(432)	+15 9%
485	493	488	444	549	+23 6%	485	549	+13 2%
(228)	(204)	(213)	(146)	(183)	+25 4%	(228)	(183)	-19 6%
(5)	(6)	(1)	(6)	(26)	+305 8%	(5)	(26)	+408 4%
253	282	274	292	340	+16 5%	253	340	+34 6%
192	217	227	243	257	+6 1%	192	257	+34 3%
177	200	210	228	249	+9 1%	177	249	+40 3%

Mexico (Constant EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
Net interest income	704	711	723	753	753	+0 0%	704	753	+6 9%
Net fee income	217	221	208	217	245	+12 9%	217	245	+12 9%
(losses) Gains financial transactions and other on	(7)	(17)	6	(31)	(17)	-46 5%	(7)	(17)	+145 5%
Total revenue	915	914	937	939	982	+4 6%	915	982	3% +7
Operating expenses	(397)	(397)	(437)	(481)	(432)	-10 2%	(397)	(432)	+8 8%
operating income Net	517	517	500	458	549	+20 1%	517	549	+6 2%
loan-loss provisions Net	(243)	(214)	(218)	(150)	(183)	+22 3%	(243)	(183)	-24 5%
(losses) Other gains and provisions	(6)	(7)	(1)	(7)	(26)	+292 1%	(6)	(26)	+377 0%
Underlying profit before tax	269	296	281	301	340	+12 9%	269	340	+26 3%
Underlying consolidated profit	204	227	233	250	257	+2 8%	204	257	+26 0%
Underlying attributable profit	189	210	216	236	249	+5 6%	189	249	+31 7%

Mexico (MXN mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
16	16	16	17	17	+0	16	17	+6
201	346	630	312	319	0%	201	319	9%
,	,	,	,	,		,	,
995	077	781	998	641	+12	995	641	+12
4	5	4	4	5	9%	4	5	9%
,	,	,	,	,		,	,
(156)	(399)	134	(717)	(384)	-46 5%	(156)	(384)	+145 5%
21	21	21	21	22	+4	21	22	3%
039	024	544	592	576	6%	039	576	+7
,	,	,	,	,		,	,
(9	(9	(10	(11	(9	-10	(9	(9	+8
139)	140)	048)	067)	939)	2%	139)	939)	8%
,	,	,	,	,		,	,
11	11	11	10	12	+20	11	12	+6
900	884	497	525	638	1%	900	638	2%
,	,	,	,	,		,	,
(5	(4	(5	(3	(4	+22	(5	(4	-24
582)	921)	012)	445)	212)	3%	582)	212)	5%
,	,	,	,	,		,	,
(127)	(151)	(30)	(154)	(606)	+292 1%	(127)	(606)	+377 0%
6	6	6	6	820	+12	6	820	+26
192	813	455	926	7	9%	192	7	3%
,	,	,	,	,		,	,
4	5	5	5	5	+2	4	5	+26
699	229	354	761	921	8%	699	921	0%
,	,	,	,	,		,	,
4	4	4	5	5	+5	4	5	+31
347	837	972	419	724	6%	347	724	7%
,	,	,	,	,		,	,

Other North America (EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
interest income Net	0	0	0	0	0	+92 1%	0	0	—
Net fee income	7	8	9	10	1	-91 2%	7	1	-86 9%
(losses) Gains financial transactions and other on	(5)	(2)	1	(4)	1	—	(5)	1	—
Total revenue	2	5	10	5	2	-68 1%	2	2	-16 2%
Operating expenses	(28)	(32)	(35)	(33)	(30)	-9 7%	(28)	(30)	+6 2%
operating income Net	(26)	(26)	(25)	(27)	(28)	+1 9%	(26)	(28)	+8 0%
Net loan-loss provisions	(0)	(0)	0	(0)	0	—	(0)	0	—
(losses) Other gains provisions and	(0)	(0)	(31)	21	(0)	—	(0)	(0)	-67 5%
Underlying profit before tax	(26)	(27)	(55)	(7)	(28)	+328 5%	(26)	(28)	+7 3%
Underlying consolidated profit	(25)	(25)	(52)	(5)	(26)	+376 9%	(25)	(26)	+3 5%
Underlying attributable profit	(25)	(25)	(52)	(6)	(26)	+322 2%	(25)	(26)	+3 9%

Other North America (Constant EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
Net interest income	0	0	0	0	0	+92 1%	0	0	—
income Net fee	7	8	9	10	1	-91 2%	7	1	-86 9%
(losses) Gains financial transactions and other on	(5)	(2)	1	(4)	1	—	(5)	1	—
Total revenue	2	5	10	5	2	-68 1%	2	2	-16 2%
Operating expenses	(28)	(32)	(35)	(33)	(30)	-9 7%	(28)	(30)	+6 2%
Net operating income	(26)	(26)	(25)	(27)	(28)	+1 9%	(26)	(28)	+8 0%
Net loan-loss provisions	(0)	(0)	0	(0)	0	—	(0)	0	—
(losses) Other gains and provisions	(0)	(0)	(32)	22	(0)	—	(0)	(0)	-67 5%
Underlying profit before tax	(26)	(27)	(56)	(5)	(28)	+437 1%	(26)	(28)	3% +7
Underlying consolidated profit	(25)	(25)	(54)	(4)	(26)	—	(25)	(26)	+3 5%
Underlying attributable profit	(25)	(25)	(54)	(5)	(26)	+437 4%	(25)	(26)	+3 9%

South America (EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
interest income Net	2 570 ,	2 756 ,	2 916 ,	3 065 ,	3 037 ,	-0 9%	2 570 ,	3 037 ,	+18 1%
Net fee income	842	928	956	995	1 013 ,	+1 8%	842	1 013 ,	+20 3%
(losses) Gains financial transactions and other on	122	85	115	(13)	145	—	122	145	+18 7%
Total revenue	3 535 ,	3 768 ,	3 987 ,	4 048 ,	4 195 ,	+3 6%	3 535 ,	4 195 ,	+18 7%
Operating expenses	(1 219) ,	(1 299) ,	(1 398) ,	(1 464) ,	(1 484) ,	+1 4%	(1 219) ,	(1 484) ,	+21 8%
operating income Net	2 316 ,	2 469 ,	2 589 ,	2 583 ,	2 711 ,	9% +4	2 316 ,	2 711 ,	+17 0%
Net loan-loss provisions	(683)	(809)	(892)	(867)	(999)	+15 2%	(683)	(999)	+46 1%
(losses) Other gains and provisions	(132)	(55)	(124)	(162)	(151)	-6 9%	(132)	(151)	+14 1%
Underlying profit before tax	1 500 ,	1 605 ,	1 573 ,	1 554 ,	1 561 ,	+0 5%	1 500 ,	1 561 ,	+4 0%
Underlying consolidated profit	903	1 011 ,	961	998	1 052 ,	+5 4%	903	1 052 ,	+16 6%
Underlying attributable profit	770	868	823	855	900	3% +5	770	900	+16 8%

South America (Constant EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
Net interest income	2 760 ,	2 901 ,	3 024 ,	3 271 ,	3 037 ,	2% -7	2 760 ,	3 037 ,	+10 0%
Net fee income	912	985	988	1 061 ,	1 013 ,	-4 5%	912	1 013 ,	+11 1%
(losses) Gains financial transactions and other on	138	90	122	(8)	145	—	138	145	+5 4%
Total revenue	3 809 ,	3 976 ,	135 4 ,	323 4 ,	195 4 ,	-3 0%	3 809 ,	195 4 ,	+10 1%
Operating expenses	(1 284) ,	(1 355) ,	(1 439) ,	(1 550) ,	(1 484) ,	-4 3%	(1 284) ,	(1 484) ,	+15 6%
Net operating income	2 525 ,	2 621 ,	2 696 ,	2 773 ,	2 711 ,	-2 2%	2 525 ,	2 711 ,	4% +7
Net loan-loss provisions	(749)	(866)	(935)	(937)	(999)	+6 6%	(749)	(999)	+33 3%
(losses) Other gains and provisions	(141)	(56)	(128)	(171)	(151)	-11 4%	(141)	(151)	6% +7
Underlying profit before tax	1 636 ,	1 699 ,	1 633 ,	1 666 ,	1 561 ,	-6 3%	1 636 ,	1 561 ,	6% -4
Underlying consolidated profit	971	1 061 ,	995	1 065 ,	1 052 ,	-1 1%	971	1 052 ,	+8 4%
Underlying attributable profit	833	917	853	913	900	-1 4%	833	900	+8 0%

Brazil (EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
interest income Net	1 778 ,	1 917 ,	2 081 ,	2 091 ,	2 143 ,	+2 5%	1 778 ,	2 143 ,	+20 5%
Net fee income	632	698	696	701	743	+5 9%	632	743	+17 5%
(losses) Gains financial transactions and other on	109	64	103	5	133	—	109	133	+22 6%
Total revenue	2 519 ,	2 680 ,	2 880 ,	2 797 ,	3 019 ,	+7 9%	2 519 ,	3 019 ,	+19 8%
Operating expenses	(723)	(779)	(864)	(870)	(930)	+6 8%	(723)	(930)	+28 6%
operating income Net	1 797 ,	1 900 ,	2 017 ,	1 927 ,	2 089 ,	+8 4%	1 797 ,	2 089 ,	+16 3%
Net loan-loss provisions	(549)	(674)	(757)	(735)	(852)	+15 9%	(549)	(852)	+55 2%
(losses) Other gains and provisions	(96)	(28)	(89)	(103)	(114)	+11 1%	(96)	(114)	+18 8%
Underlying profit before tax	1 152 ,	1 198 ,	1 170 ,	1 090 ,	1 123 ,	+3 1%	1 152 ,	1 123 ,	-2 5%
Underlying consolidated profit	623	683	653	624	700	+12 2%	623	700	+12 4%
Underlying attributable profit	560	617	580	562	627	+11 6%	560	627	+12 0%

Brazil (Constant EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
2 006 ,	2 089 ,	2 195 ,	2 283 ,	2 143 ,	-6 2%	2 006 ,	2 143 ,	+6 8%
713	761	733	766	743	-3 0%	713	743	+4 1%
123	69	109	6	133	—	123	133	+8 7%
2 842 ,	2 919 ,	3 037 ,	3 055 ,	3 019 ,	-1 2%	2 842 ,	3 019 ,	+6 2%
(815)	(849)	(912)	(950)	(930)	-2 1%	(815)	(930)	+14 0%
2 027 ,	2 070 ,	2 125 ,	2 105 ,	2 089 ,	-0 7%	2 027 ,	2 089 ,	+3 1%
(619)	(736)	(801)	(803)	(852)	+6 1%	(619)	(852)	+37 6%
(108)	(29)	(95)	(112)	(114)	+1 8%	(108)	(114)	+5 3%
1 300 ,	1 305 ,	1 229 ,	1 190 ,	1 123 ,	6% -5	1 300 ,	1 123 ,	-13 6%
703	744	686	682	700	+2 7%	703	700	-0 4%
632	673	609	614	627	+2 2%	632	627	-0 7%

Brazil (BRL mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
Net interest income	11 731 ,	12 215 ,	12 834 ,	13 348 ,	12 527 ,	-6 2%	11 731 ,	12 527 ,	+6 8%
fee income Net	169 4 ,	450 4 ,	285 4 ,	476 4 ,	342 4 ,	-3 0%	169 4 ,	342 4 ,	1% +4
(losses) Gains financial transactions and other on	718	402	635	35	780	—	718	780	+8 7%
Total revenue	16 618 ,	17 067 ,	17 755 ,	17 859 ,	17 650 ,	-1 2%	16 618 ,	17 650 ,	+6 2%
Operating expenses	(4 767) ,	(4 966) ,	(5 330) ,	(5 554) ,	(5 435) ,	-2 1%	(4 767) ,	(5 435) ,	+14 0%
Net operating income	11 852 ,	12 102 ,	12 425 ,	12 306 ,	12 215 ,	-0 7%	11 852 ,	12 215 ,	+3 1%
provisions Net loan-loss	(3 619) ,	(4 302) ,	(4 683) ,	(4 693) ,	(4 980) ,	+6 1%	(3 619) ,	(4 980) ,	+37 6%
(losses) Other gains and provisions	(633)	(172)	(555)	(655)	(666)	+1 8%	(633)	(666)	+5 3%
Underlying profit before tax	599 7 ,	628 7 ,	187 7 ,	6 958 ,	6 569 ,	6% -5	599 7 ,	6 569 ,	-13 6%
Underlying consolidated profit	4 109 ,	4 350 ,	4 013 ,	3 986 ,	4 094 ,	+2 7%	4 109 ,	4 094 ,	-0 4%
Underlying attributable profit	3 695 ,	3 935 ,	3 562 ,	3 589 ,	3 668 ,	+2 2%	3 695 ,	3 668 ,	-0 7%

Chile (EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
Net interest income	497	511	467	508	483	-4 8%	497	483	-2 8%
Net fee income	95	96	104	100	112	+12 1%	95	112	+18 1%
(losses) Gains financial transactions and other on	22	30	12	14	55	+288 2%	22	55	+146 1%
Total revenue	614	637	582	622	650	+4 6%	614	650	+5 9%
Operating expenses	(236)	(245)	(229)	(233)	(234)	+0 7%	(236)	(234)	-0 7%
operating income Net	378	392	354	389	416	+6 9%	378	416	+10 0%
Net loan-loss provisions	(100)	(82)	(84)	(75)	(95)	+25 9%	(100)	(95)	5% -5
(losses) Other gains and provisions	(1)	5	(5)	(14)	1	—	(1)	1	—
Underlying profit before tax	277	315	265	300	322	+7 4%	277	322	+16 6%
Underlying consolidated profit	222	245	206	254	267	5% +5	222	267	+20 7%
Underlying attributable profit	152	168	142	174	188	+8 1%	152	188	+23 2%

Chile (Constant EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
479	487	470	527	483	-8 4%	479	483	+1 0%
91	91	104	104	112	+7 8%	91	112	+22 6%
22	29	12	15	55	+264 0%	22	55	+155 5%
591	608	586	646	650	+0 6%	591	650	+9 9%
(227)	(234)	(230)	(242)	(234)	-3 3%	(227)	(234)	+3 1%
364	374	356	404	416	+2 9%	364	416	+14 2%
(97)	(78)	(84)	(79)	(95)	+20 0%	(97)	(95)	-1 9%
(1)	4	(5)	(14)	1	—	(1)	1	—
266	300	267	312	322	+3 5%	266	322	+21 1%
213	234	208	262	267	+1 9%	213	267	+25 3%
147	161	143	180	188	4% +4	147	188	9% +27

Chile (CLP mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
Net interest income	433 496 ,	441 440 ,	425 810 ,	477 726 ,	437 644 ,	-8 4%	433 496 ,	437 644 ,	+1 0%
fee income Net	82 698 ,	82 631 ,	94 239 ,	94 052 ,	101 410 ,	8% +7	82 698 ,	101 410 ,	+22 6%
(losses) Gains financial transactions and other on	19 479 ,	26 231 ,	11 153 ,	13 672 ,	49 773 ,	+264 0%	19 479 ,	49 773 ,	+155 5%
Total revenue	535 673 ,	550 302 ,	531 201 ,	585 451 ,	588 826 ,	+0 6%	535 673 ,	588 826 ,	+9 9%
Operating expenses	(205 743) ,	(211 816) ,	(208 503) ,	(219 346) ,	(212 156) ,	-3 3%	(205 743) ,	(212 156) ,	+3 1%
operating income Net	329 930 ,	338 486 ,	322 698 ,	366 105 ,	376 671 ,	+2 9%	329 930 ,	376 671 ,	+14 2%
loan-loss provisions Net	(87 495) ,	(70 398) ,	(76 361) ,	(71 581) ,	(85 876) ,	+20 0%	(87 495) ,	(85 876) ,	-1 9%
(losses) Other gains and provisions	(1 155) ,	4 015 ,	(4 609) ,	(12 242) ,	1 288 ,	—	(1 155) ,	1 288 ,	—
Underlying profit before tax	241 279 ,	272 103 ,	241 729 ,	282 282 ,	292 083 ,	+3 5%	241 279 ,	292 083 ,	+21 1%
Underlying consolidated profit	193 299 ,	212 074 ,	188 354 ,	237 659 ,	242 277 ,	+1 9%	193 299 ,	242 277 ,	+25 3%
Underlying attributable profit	132 850 ,	145 483 ,	129 423 ,	162 734 ,	169 969 ,	+4 4%	132 850 ,	169 969 ,	+27 9%

Argentina (EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
203	234	267	361	300	-16 9%	203	300	+47 8%
74	87	110	149	121	8% -18	74	121	3% +63
(16)	(22)	(13)	(47)	(57)	+21 6%	(16)	(57)	+263 6%
261	300	364	463	364	-21 4%	261	364	+39 3%
(171)	(179)	(204)	(252)	(217)	-13 9%	(171)	(217)	+27 0%
91	121	160	211	147	-30 3%	91	147	+62 5%
(14)	(35)	(40)	(52)	(39)	-25 4%	(14)	(39)	+179 1%
(34)	(31)	(29)	(42)	(38)	-10 3%	(34)	(38)	+10 4%
42	55	91	117	71	-39 7%	42	71	+66 2%
45	62	72	93	60	-36 0%	45	60	+33 4%
44	62	72	92	59	-35 8%	44	59	+33 7%

Argentina (Constant EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
178	225	251	351	300	-14 5%	178	300	+68 8%
65	84	104	144	121	-16 3%	65	121	+86 5%
(14)	(21)	(13)	(45)	(57)	+26 8%	(14)	(57)	+315 1%
229	288	342	450	364	-19 2%	229	364	+59 1%
(149)	(172)	(192)	(245)	(217)	-11 7%	(149)	(217)	+45 0%
79	116	150	205	147	-28 1%	79	147	+85 5%
(12)	(32)	(37)	(50)	(39)	-23 0%	(12)	(39)	+218 7%
(30)	(30)	(27)	(41)	(38)	-8 1%	(30)	(38)	+26 1%
37	53	86	113	71	-37 7%	37	71	+89 7%
39	59	68	90	60	-34 1%	39	60	+52 3%
39	59	68	90	59	-33 8%	39	59	+52 7%

Argentina (ARS mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
Net interest income	21 907 ,	27 724 ,	30 984 ,	43 242 ,	36 978 ,	-14 5%	21 907 ,	36 978 ,	+68 8%
Net fee income	977 7 ,	10 342 ,	12 802 ,	17 770 ,	14 875 ,	-16 3%	977 7 ,	14 875 ,	+86 5%
(losses) Gains financial transactions and other on	(1 686) ,	(2 575) ,	(1 558) ,	(5 521) ,	(6 999) ,	+26 8%	(1 686) ,	(6 999) ,	+315 1%
Total revenue	28 197 ,	35 490 ,	42 227 ,	55 491 ,	44 854 ,	-19 2%	28 197 ,	44 854 ,	+59 1%
Operating expenses	(18 420) ,	(21 246) ,	(23 720) ,	(30 259) ,	(26 714) ,	-11 7%	(18 420) ,	(26 714) ,	0% +45
operating income Net	9 777 ,	14 245 ,	18 507 ,	25 232 ,	18 140 ,	-28 1%	9 777 ,	18 140 ,	+85 5%
Net loan-loss provisions	(1 503) ,	(4 003) ,	(4 603) ,	(6 219) ,	(4 791) ,	-23 0%	(1 503) ,	(4 791) ,	+218 7%
(losses) Other gains and provisions	(3 691) ,	(3 717) ,	(3 358) ,	(5 064) ,	(4 654) ,	-8 1%	(3 691) ,	(4 654) ,	+26 1%
Underlying profit before tax	4 582 ,	6 524 ,	10 546 ,	13 949 ,	8 695 ,	-37 7%	4 582 ,	8 695 ,	+89 7%
Underlying consolidated profit	828 4 ,	288 7 ,	8 383 ,	11 151 ,	352 7 ,	-34 1%	828 4 ,	352 7 ,	+52 3%
Underlying attributable profit	4 798 ,	7 240 ,	8 327 ,	11 075 ,	7 326 ,	-33 8%	4 798 ,	7 326 ,	+52 7%

Other South America (EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
92	93	102	105	111	+5 4%	92	111	+20 3%
41	46	45	46	38	-17 6%	41	38	-8 6%
7	13	13	14	13	4% -6	7	13	+99 2%
140	152	160	166	162	-2 0%	140	162	+15 6%
(90)	(96)	(101)	(110)	(104)	8% -5	(90)	(104)	+15 7%
51	56	59	55	59	+5 8%	51	59	+15 4%
(20)	(19)	(11)	(4)	(13)	+196 7%	(20)	(13)	-35 4%
(1)	(1)	(1)	(4)	(1)	-78 2%	(1)	(1)	-10 6%
30	37	47	47	45	-5 0%	30	45	+51 4%
13	21	29	27	25	-8 0%	13	25	+86 9%
14	21	29	27	25	-5 2%	14	25	+84 7%

Other South America (Constant EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
97	100	108	110	111	+1 3%	97	111	+14 7%
43	49	48	47	38	-20 3%	43	38	-12 3%
7	13	14	15	13	-12 0%	7	13	+91 3%
147	162	170	172	162	-5 8%	147	162	+10 5%
(93)	(100)	(105)	(113)	(104)	2% -8	(93)	(104)	1% +12
55	62	65	60	59	-1 4%	55	59	+7 7%
(21)	(20)	(12)	(5)	(13)	+184 0%	(21)	(13)	-37 8%
(1)	(1)	(1)	(4)	(1)	-78 4%	(1)	(1)	-16 0%
32	41	52	51	45	-12 1%	32	45	+38 1%
16	24	33	30	25	3% -16	16	25	4% +61
16	24	33	29	25	-14 0%	16	25	+59 9%

Digital Consumer Bank (EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
996	1 015 ,	1 017 ,	1 014 ,	1 020 ,	+0 6%	996	1 020 ,	+2 4%
188	206	222	204	206	+0 8%	188	206	+9 3%
59	21	71	86	86	+0 2%	59	86	+45 1%
1 244 ,	1 242 ,	1 309 ,	1 304 ,	1 312 ,	+0 6%	1 244 ,	1 312 ,	+5 5%
(600)	(613)	(591)	(600)	(645)	5% +7	(600)	(645)	4% +7
643	629	718	704	667	-5 3%	643	667	+3 7%
(166)	(142)	(141)	(78)	(148)	+89 4%	(166)	(148)	-10 9%
(31)	(45)	(43)	(74)	(17)	-76 9%	(31)	(17)	-44 6%
446	442	534	551	502	-9 0%	446	502	+12 5%
330	329	420	432	391	4% -9	330	391	7% +18
249	236	324	355	282	-20 5%	249	282	+13 0%

Digital Consumer Bank (Constant EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
1 004 ,	1 019 ,	1 024 ,	1 015 ,	1 020 ,	+0 4%	1 004 ,	1 020 ,	+1 6%
189	206	222	204	206	+0 7%	189	206	+9 2%
61	23	72	87	86	-0 7%	61	86	+40 9%
1 254 ,	1 248 ,	1 318 ,	1 306 ,	1 312 ,	+0 4%	1 254 ,	1 312 ,	+4 6%
(603)	(615)	(594)	(601)	(645)	3% +7	(603)	(645)	+6 8%
650	633	724	706	667	-5 5%	650	667	+2 6%
(167)	(142)	(142)	(78)	(148)	+89 9%	(167)	(148)	-11 2%
(31)	(44)	(43)	(74)	(17)	-76 8%	(31)	(17)	-45 1%
452	446	539	554	502	-9 4%	452	502	+10 9%
335	333	424	433	391	-9 7%	335	391	+16 9%
254	240	328	356	282	-20 9%	254	282	+10 8%

Corporate Centre (EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
(133)	(164)	(162)	(165)	(172)	2% +4	(133)	(172)	+29 2%
(5)	(8)	(2)	(12)	(3)	-74 0%	(5)	(3)	-36 7%
(41)	(67)	(60)	0	(126)	—	(41)	(126)	+208 3%
(179)	(239)	(224)	(177)	(301)	+69 6%	(179)	(301)	+68 1%
(79)	(81)	(89)	(97)	(87)	-10 2%	(79)	(87)	+10 1%
(258)	(319)	(314)	(274)	(388)	+41 4%	(258)	(388)	+50 3%
(154)	(9)	(6)	13	(1)	—	(154)	(1)	-99 2%
(33)	(33)	(43)	(82)	(48)	-41 6%	(33)	(48)	+47 0%
(445)	(361)	(362)	(343)	(437)	+27 4%	(445)	(437)	-1 7%
(402)	(409)	(420)	(303)	(462)	+52 4%	(402)	(462)	+14 9%
(402)	(410)	(420)	(303)	(462)	+52 3%	(402)	(462)	+15 0%

Retail Banking (EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
interest income Net	286 7 ,	573 7 ,	770 7 ,	966 7 ,	8 094 ,	+1 6%	286 7 ,	8 094 ,	+11 1%
Net fee income	1 721 ,	1 768 ,	1 754 ,	1 801 ,	1 816 ,	+0 8%	1 721 ,	1 816 ,	+5 5%
(losses) Gains financial transactions and other on	349	297	438	145	184	+27 4%	349	184	-47 2%
Total revenue	9 357 ,	9 638 ,	9 962 ,	9 912 ,	10 095 ,	+1 8%	9 357 ,	10 095 ,	+7 9%
Operating expenses	(4 137) ,	(4 229) ,	(4 309) ,	(4 429) ,	(4 399) ,	-0 7%	(4 137) ,	(4 399) ,	+6 4%
operating income Net	220 5 ,	409 5 ,	654 5 ,	483 5 ,	695 5 ,	+3 9%	220 5 ,	695 5 ,	+9 1%
Net loan-loss provisions	(1 783) ,	(1 724) ,	(2 190) ,	(1 384) ,	(2 111) ,	+52 5%	(1 783) ,	(2 111) ,	+18 4%
(losses) Other gains and provisions	(398)	(454)	(442)	(759)	(425)	-44 0%	(398)	(425)	+6 8%
Underlying profit before tax	3 039 ,	3 231 ,	3 022 ,	3 340 ,	3 159 ,	-5 4%	3 039 ,	3 159 ,	+4 0%
Underlying consolidated profit	2 034 ,	2 212 ,	2 150 ,	2 338 ,	2 311 ,	-1 2%	2 034 ,	2 311 ,	+13 6%
Underlying attributable profit	1 728 ,	1 848 ,	1 822 ,	1 991 ,	2 055 ,	+3 2%	1 728 ,	2 055 ,	+18 9%

Retail Banking (Constant EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
Net interest income	7 642 ,	7 861 ,	7 980 ,	8 218 ,	8 094 ,	-1 5%	7 642 ,	8 094 ,	+5 9%
Net fee income	1 796 ,	1 823 ,	1 785 ,	1 856 ,	1 816 ,	-2 1%	1 796 ,	1 816 ,	+1 1%
(losses) Gains financial transactions and other on	372	326	462	141	184	4% +30	372	184	5% -50
Total revenue	9 810 ,	10 010 ,	10 227 ,	10 215 ,	10 095 ,	-1 2%	9 810 ,	10 095 ,	+2 9%
Operating expenses	(4 286) ,	(4 358) ,	(4 402) ,	(4 535) ,	(4 399) ,	-3 0%	(4 286) ,	(4 399) ,	+2 7%
operating income Net	5 524 ,	5 652 ,	5 826 ,	5 680 ,	5 695 ,	+0 3%	5 524 ,	5 695 ,	+3 1%
Net loan-loss provisions	(1 877) ,	(1 785) ,	(2 256) ,	(1 445) ,	(2 111) ,	+46 1%	(1 877) ,	(2 111) ,	+12 4%
(losses) gains provisions Other and	(407)	(457)	(446)	(775)	(425)	-45 1%	(407)	(425)	+4 4%
Underlying profit before tax	3 240 ,	3 409 ,	3 123 ,	3 461 ,	3 159 ,	-8 7%	3 240 ,	3 159 ,	-2 5%
Underlying consolidated profit	2 158 ,	2 329 ,	2 220 ,	2 413 ,	2 311 ,	2% -4	2 158 ,	2 311 ,	1% +7
Underlying attributable profit	1 839 ,	1 952 ,	1 884 ,	2 056 ,	2 055 ,	-0 0%	1 839 ,	2 055 ,	+11 7%

Corporate & Investment Banking (EUR mn)

					Change			Change
Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
690	716	729	785	786	+0 1%	690	786	+13 8%
462	427	433	422	521	+23 6%	462	521	+12 9%
466	108	237	144	456	+217 0%	466	456	-2 2%
1 618 ,	1 252 ,	1 399 ,	1 351 ,	1 763 ,	+30 5%	1 618 ,	1 763 ,	+9 0%
(545)	(560)	(595)	(679)	(615)	-9 4%	(545)	(615)	+12 9%
1 073 ,	691	804	672	1 148 ,	+70 9%	1 073 ,	1 148 ,	+6 9%
(49)	(20)	(11)	(71)	13	—	(49)	13	—
(29)	22	(3)	(7)	(19)	+159 6%	(29)	(19)	-35 8%
995	693	790	594	1 142 ,	+92 4%	995	1 142 ,	+14 7%
705	508	579	458	813	+77 5%	705	813	+15 4%
670	469	540	433	759	3% +75	670	759	+13 2%

Corporate & Investment Banking (Constant EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
Net interest income	711	737	742	802	786	-2 0%	711	786	+10 5%
Net fee income	478	440	439	429	521	+21 4%	478	521	+9 0%
(losses) Gains financial transactions and other on	482	106	238	148	456	+206 9%	482	456	-5 5%
Total revenue	1 672 ,	1 283 ,	1 420 ,	1 380 ,	1 763 ,	+27 7%	1 672 ,	1 763 ,	+5 5%
Operating expenses	(561)	(575)	(606)	(692)	(615)	-11 1%	(561)	(615)	+9 6%
operating income Net	1 111 ,	708	814	688	1 148 ,	+66 8%	1 111 ,	1 148 ,	+3 3%
Net loan-loss provisions	(48)	(21)	(12)	(71)	13	—	(48)	13	—
(losses) gains provisions Other and	(30)	26	(3)	(9)	(19)	+115 9%	(30)	(19)	-37 2%
Underlying profit before tax	1 033 ,	714	798	609	1 142 ,	+87 5%	1 033 ,	1 142 ,	+10 5%
Underlying consolidated profit	728	522	584	468	813	+73 8%	728	813	+11 7%
Underlying attributable profit	691	482	544	442	759	+71 8%	691	759	+9 9%

Wealth Management & Insurance (EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
interest income Net	113	115	122	127	145	+14 9%	113	145	+28 9%
Net fee income	289	306	315	336	321	-4 5%	289	321	+10 9%
(losses) Gains financial transactions and other on	126	114	209	68	120	+77 1%	126	120	-4 6%
Total revenue	528	535	646	531	587	6% +10	528	587	0% +11
Operating expenses	(223)	(225)	(228)	(238)	(244)	+2 6%	(223)	(244)	+9 4%
operating income Net	305	310	418	293	343	+17 0%	305	343	+12 2%
Net loan-loss provisions	(4)	(6)	(10)	(18)	0	—	(4)	0	—
(losses) Other gains and provisions	(4)	(3)	16	(3)	(5)	+71 2%	(4)	(5)	+34 9%
Underlying profit before tax	298	301	424	272	338	+24 3%	298	338	+13 6%
Underlying consolidated profit	225	229	317	214	260	+21 3%	225	260	+15 7%
	214	219	306	202	245	+21 3%	214	245	+14 7%
Underlying attributable profit

Wealth Management & Insurance (Constant EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
interest income Net	116	118	124	129	145	+13 0%	116	145	+25 3%
Net fee income	299	315	321	341	321	-5 8%	299	321	+7 5%
(losses) Gains financial transactions and other on	129	115	210	71	120	+70 2%	129	120	-6 5%
Total revenue	543	548	655	540	587	+8 7%	543	587	+8 0%
Operating expenses	(231)	(233)	(233)	(242)	(244)	+0 9%	(231)	(244)	+5 8%
operating income Net	313	316	422	298	343	+15 0%	313	343	+9 6%
Net loan-loss provisions	(4)	(6)	(10)	(19)	0	—	(4)	0	—
(losses) Other gains and provisions	(4)	(3)	16	(3)	(5)	+72 8%	(4)	(5)	+30 7%
Underlying profit before tax	305	307	427	277	338	+22 2%	305	338	+10 8%
Underlying consolidated profit	230	235	320	218	260	+18 9%	230	260	+12 8%
Underlying attributable profit	219	224	309	206	245	9% +18	219	245	9% +11

PagoNxt(EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
interest income Net	(1)	(1)	0	3	2	-39 7%	(1)	2	—
Net fee income	81	127	140	144	157	+9 0%	81	157	+93 3%
(losses) Gains financial transactions and other on	(14)	(4)	4	14	3	8% -77	(14)	3	—
Total revenue	67	123	144	161	162	+0 7%	67	162	+142 7%
Operating expenses	(136)	(162)	(181)	(194)	(190)	-2 2%	(136)	(190)	+40 1%
operating income Net	(69)	(40)	(36)	(33)	(28)	-16 1%	(69)	(28)	-59 5%
Net loan-loss provisions	(2)	(2)	(2)	(3)	(3)	-16 4%	(2)	(3)	+13 8%
(losses) Other gains and provisions	(2)	(3)	(34)	1	(1)	—	(2)	(1)	-39 5%
Underlying profit before tax	(73)	(46)	(73)	(35)	(32)	-11 0%	(73)	(32)	-56 7%
Underlying consolidated profit	(72)	(56)	(79)	(44)	(53)	+18 4%	(72)	(53)	-27 0%
Underlying attributable profit	(72)	(56)	(79)	(47)	(54)	+15 5%	(72)	(54)	-24 8%

PagoNxt(Constant EUR mn)

						Change			Change
	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22	/ Q1'22 Q4'21	Q1'21	Q1'22	/ Q1'22 Q1'21
Net interest income	(1)	(1)	0	3	2	-43 4%	(1)	2	—
Net fee income	88	136	146	153	157	+3 1%	88	157	+79 4%
(losses) Gains financial transactions and other on	(14)	(3)	4	14	3	-78 2%	(14)	3	—
Total revenue	73	131	150	170	162	5% -4	73	162	+122 3%
Operating expenses	(140)	(167)	(184)	(199)	(190)	-4 8%	(140)	(190)	+35 2%
Net operating income	(68)	(36)	(34)	(30)	(28)	-6 6%	(68)	(28)	-58 8%
Net loan-loss provisions	(3)	(3)	(2)	(3)	(3)	-22 6%	(3)	(3)	+1 3%
(losses) Other gains and provisions	(2)	(4)	(35)	1	(1)	—	(2)	(1)	-42 2%
Underlying profit before tax	(72)	(42)	(71)	(32)	(32)	-3 0%	(72)	(32)	-56 2%
Underlying consolidated profit	(72)	(54)	(78)	(42)	(53)	+24 9%	(72)	(53)	-26 5%
Underlying attributable profit	(71)	(53)	(78)	(44)	(54)	+21 6%	(71)	(54)	-24 3%

Appendix

Other countries

Balance sheet and capital management

Yield on loans and cost of deposits

NPL and coverage ratios and cost of credit

Responsible Banking

Quarterly income statements

Glossary

Glossary - Acronyms

❑ ALCO: Assets and Liabilities Committee
❑ AT1: Additional Tier 1
❑ AuM: Assets under Management
❑ BFG: Deposit Guarantee Fund in Poland
❑ bn: Billion
❑ Bps: basis points
❑ BNPL: Buy now, pay later
❑ CET1: Common equity tier 1
❑ CIB: Corporate & Investment Bank
❑ CoR: Cost of credit / cost of risk
❑ Covid-19: Coronavirus Disease 19
❑ DCB: Digital Consumer Bank
❑ DGF: Deposit guarantee fund
❑ HQLA: High quality liquid asset
❑ FL: Fully-loaded
❑ FX: Foreign exchange
❑ EPS: Earning per share
❑ ESG: Environmental, social and governance
❑ FY: Full year
❑ GDF: Global Debt Financing
❑ GTB: Global Transactional banking
❑ HTC&S: Held to collect and sell
❑ IFRS 9: International Financial Reporting Standard 9, regarding financial instruments
❑ LLPs: Loan-loss provisions
❑ M/LT: Medium- and long-term
❑ MKS: Market share
❑ mn: million
❑ MREL: Minimum requirement for own funds and eligible liabilities
❑ NII: Net interest income
❑ NIM: Net interest margin
❑ NPL: Non-performing loans
❑ NPS: Net promoter score
❑ PBT: Profit before tax
❑ P&L: Profit and loss
❑ PoS: Point of Sale
❑ Pp: percentage points
❑ QoQ: Quarter-on-Quarter
❑ Repos: Repurchase agreements
❑ RoRWA: Return on risk-weighted assets
❑ RoTE: Return on tangible equity
❑ RWA: Risk-weighted assets
❑ SAM: Santander Asset Management
❑ SBNA: Santander Bank NA
❑ SCF: Santander Consumer Finance
❑ SCIB: Santander Corporate & Investment Banking
❑ SC USA: Santander Consumer USA
❑ SFDR: Sustainable Finance Disclosure Regulation
❑ SMEs: Small and Medium Enterprises
❑ SRF: Single Resolution Fund
❑ ST: Short term
❑ T1/T2: Tier 1 / Tier 2
❑ TLAC: Total loss absorbing capacity
❑ TNAV: Tangible net asset value
❑ TPV: Total Payments Volume
❑ UX: User experience
❑ YoY: Year-on-Year
❑ YTD: Year to date
❑ WM&I: Wealth Management & Insurance

Glossary - Definitions

PROFITABILITY AND EFFICIENCY

✓ RoTE: Return on tangible capital: Group attributable profit / average of: net equity (excluding minority interests) intangible assets (including goodwill)
✓ RoRWA: Return on risk-weighted assets: consolidated profit / average risk-weighted assets
✓ Efficiency: Operating expenses / total income. Operating expenses defined as general administrative expenses + amortisations

VOLUMES

✓ Loans: Gross loans and advances to customers (excl. reverse repos)
✓ Customer funds: Customer deposits excluding repos + marketed mutual funds

CREDIT RISK

✓ NPL ratio: Credit impaired loans and advances to customers, customer guarantees and customer commitments granted / Total risk. Total risk is defined as: Total loans and advances and guarantees to customers (including credit impaired assets) + contingent liabilities granted that are credit impaired
✓ Total coverage ratio: Total allowances to cover impairment losses on loans and advances to customers, customer guarantees and customer commitments granted / Credit impaired loans and advances to customers, customer guarantees and customer commitments granted
✓ Cost of credit: Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months

CAPITALIZATION

✓ Tangible net asset value per share – TNAVps: Tangible stockholders' equity / number of shares (excluding treasury shares). Tangible stockholders' equity calculated as shareholders equity + accumulated other comprehensive income - intangible assets

OTHER

✓ BNPL: a digital short-term financing solution that allows consumers to make purchases but pay for them at a later date
✓ Digital customers: every physical or legal person, that, being part of a commercial bank, has logged in its personal area of internet banking or mobile phone or both in the last 30 days
✓ Digital sales: percentage of new contracts executed through digital channels during the period. Digital sales as % of total sales

Notes: The averages for the RoTE and RoRWA denominators are calculated using 4 months from December to March.

For periods less than one year, and if there are results in the net capital gains and provisions line, the profit used to calculate RoE and RoTE is the annualized underlying attributable profit to which said results are added without annualizing. For periods less than one year, and if there are results in the net capital gains and provisions line, the profit used to calculate RoA and RoRWA is the annualized underlying consolidated profit, to which said results are added without annualizing.

The risk weighted assets included in the denominator of the RoRWA metric are calculated in line with the criteria laid out in the CRR (Capital Requirements Regulation).

Our purpose is to help people and businesses prosper.

Our culture is based on believing that everything we do should be:

AI assistant

Banco Santander S.A. — Earnings Release 2022

1798_rns_2022-04-26_9ac4dfd8-df86-4260-8b9b-c9e0fcfa7545.pdf

Q1'22 Earnings Presentation

Important information

Non-IFRS and alternative performance measures

Forward-looking statements

Important information

No offer

Historical performance is not indicative of future results

Third Party Information

Q1'22 highlights

Growth

Profitability

Strength

Our business model's unique diversification continues to prove its resiliency in generating growth and profit while maintaining balance sheet strength

Profit growth underpinned by our geographic and business diversification

Positive profit trend backed by higher revenue, cost discipline and flat LLPs

Customer revenue boosted by greater activity, volumes growth and higher interest rates

Cost of credit remained well below 1%. In Q1, LLPs normalizing after releases in Q4'21

Outstanding QoQ and YoY profitability. TNAVps + cash dividend: +13% YoY

Supporting the green transition of our clients and committed to our climate change goals

…whilst engaging top management with ESG goals: 20% of long-term incentives in scorecard

Our geographic and business diversification continued to be a key growth driver

Highlights Key data and P&L

Spain UK

(*) € mn and % change

Highlights Key data and P&L

(*) € mn and % change in constant euros

USA Mexico

Highlights Key data and P&L

Brazil Chile

Highlights Key data and P&L

Global businesses

Corporate & Investment Banking Wealth Management & Insurance

Cards

Highlights Income statement

We reiterate our 2022 financial targets

Our strengths and management levers

Appendix

Other countries

Portugal Poland

Argentina Uruguay & Andean region

Appendix

Other countries

Balance sheet and capital management

Well-funded, diversified, prudent and highly liquid balance sheet (large % contribution from customer deposits), reflected in solid liquidity ratios

Interest rate risk hedging

Mostly positive interest rate sensitivity

ALCO portfolios reflect our geographic diversification

Conservative and decentralized liquidity and funding model

YTD issuances against 2022 funding plan

Santander's capital levels, both phased-in and fully loaded, exceed minimum regulatory requirements

TLAC/MREL for the Resolution Group headed by Banco Santander, S.A.

Appendix

Other countries

Yield on loans and cost of deposits

Yield on loans (%)

Cost of deposits (%)

Appendix

Other countries

NPL and coverage ratios and cost of credit

Stage coverage

NPL ratio (%)

Total coverage ratio (%)

Credit impaired loans Loan-loss allowances

Cost of credit (%)

Appendix

Responsible Banking

All ESG commitments for 2021 achieved Future commitments include decarbonization targets

Appendix

Quarterly income statements

SANTANDER GROUP (EUR mn)

SANTANDER GROUP (Constant EUR mn)

Europe (EUR mn)

Europe (Constant EUR mn)

Spain (EUR mn)

United Kingdom (EUR mn)

United Kingdom (Constant EUR mn)

United Kingdom (GBP mn)

Banco Santander S.A. Earnings Release 2022