Banco Santander S.A. — Earnings Release 2024

Apr 30, 2024

30 April 2024

Earnings Presentation

Q1'24

Important information

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-sobreresultados-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.

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.

Important information

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.

Third Party Information

In this presentation, Santander relies on and refers to certain information and statistics obtained from publicly-available information and third-party sources, which it believes to be reliable. Neither Santander nor its directors, officers and employees have independently verified the accuracy or completeness of any such publicly-available and third-party information, make any representation or warranty as to the quality, fitness for a particular purpose, non-infringement, accuracy or completeness of such information or undertake any obligation to update such information after the date of this presentation. In no event shall Santander be liable for any use by any party of, for any decision made or action taken by any party in reliance upon, or for inaccuracies or errors in, or omission from, such publicly-available and third-party information contained herein. Any sources of publicly-available information and third-party information referred or contained herein retain all rights with respect to such information and use of such information herein shall not be deemed to grant a license to any third party.

Note: Quarterly series include adjustments relating to revenue sharing criteria between CIB and Retail & Commercial Banking to better reflect business dynamics of our new operating model with five global businesses as new primary segments; these adjustments do not affect results at the Group level, nor do they affect the full-year results of Retail & Commercial Banking and CIB. 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.

Strong first quarter performance with all our global businesses contributing to our 2024 targets

Continued momentum in revenue growth driven by 5mn new customers YoY and good activity levels

Strong operating performance and growth in profitability backed by first year of ONE Transformation

Solid balance sheet and increasing shareholder remuneration supporting sustained value creation

Note: YoY changes. In constant euros: Attributable Profit +9%; Revenue +9%. P&L accounts are all presented in underlying basis.

All references to variations in constant euros across the presentation include Argentina in current euros to mitigate distortions from a hyperinflationary economy. TNAVps + Cash DPS includes the €8.10 cent cash dividend paid in November 2023 and the €9.50 cent cash dividend approved in March (to be paid from 2 May), executed as part of the shareholder remuneration policy.

Strong YoY profit increase, with double-digit growth in net operating income, supported by customer revenue and efficiency improvements

P&L			Current	Constant
€ million	Q1'24	Q1'23	%	%
NII	11,983	10,185	18	16
Net fee income	3,240	3,043	6	5
Other income	157	707	-78	-78
Total revenue	15,380	13,935	10	9
Operating expenses	-6,547	-6,145	7	5
Net operating income	8,833	7,790	13	11
LLPs	-3,125	-2,873	9	7
Other results*	-1,125	-822	37	34
Attributable profit	2,852	2,571	11	9

2024 has started with excellent business and commercial dynamics

• Outstanding NII growth
• Record net fee income
• C/I and RoTE improvement

Note: underlying P&L.

(*) Including the temporary levy on revenue earned in Spain (-€335mn in Q1'24 and -€224mn in Q1'23).

Strong start to the year, which puts us on track to deliver our 2024 targets, or even overdeliver some of them…

	Q1'24	2024 targets
Revenue1	9%	Mid -single digit growth
Efficiency	42 6%	<43%
CoR	1 20%	1 2% c
FL CET1	12 3%	>12 0% after Basel III implementation
RoTE	16.2% 14 9% annualizing the temporary levy impact	16%

(1) YoY change in constant euros, except Argentina in current euros.

… backed by consistent execution of ONE Transformation…

… and value added by our five global businesses, which are accelerating the achievement of our ID targets

Q1'24	Revenue (€bn)	Contribution to Group's revenue1	C/I	RoTE2	2025 RoTE2 target
Retail	8 0 +13%	52%	41 1% -3 9pp	17 6% +2 9pp	c.17%
Consumer	3 2 +4%	20%	41 2% -1 9pp	11 9% -0 3pp	>14%
CIB	2 1 +5%	13%	42 0% 0pp +5	19 7% -2 4pp	>20%
Wealth	0 9 +17%	6%	34 4% -4 0pp	80 4% +9 4pp	c.60%
Payments	1 4 -0%	9%	48 1% +3 3pp	PagoNxt 17 0% +9 5pp	EBITDA margin >30%
Group	15 4 +9%		42 6% -1 5pp	16 2% +0 9pp	15-17%

Note: revenue YoY change in constant euros.

(1) As % of total operating areas, excluding Corporate Centre.

(2) Global businesses' RoTEs are adjusted based on Group's deployed capital. Data are presented annualizing the impact of the temporary levy. Without annualizing its impact: Retail 15.6% (+2.3pp); Consumer 11.2% (-0.5pp); CIB 19.2% (-2.5pp), Wealth 77.3% (+9.1pp), PagoNxt EBITDA 17.0% (not affected) and Group 14.9% (+0.55pp).

Retail: strong profit growth YoY with solid C/I driven by revenue and cost control

Execution of the strategy
Driving growth and efficiency on the back of our new model and proprietary technology
Customer	New digital onboarding and products leading to an increase
experience	in digital customers and digital sales
Operational	New model and automation reducing operational resources
leverage	and driving increase in commercial focus in branches
Global	Scale of new platform (ODS-Gravity) reducing
platform	cost per technical transaction and driving efficiencies

Operational leverage – Revenue vs. Costs (€ mn, excl. Argentina)

Note: data and YoY changes in constant euros. RoTE annualizing the impact of the temporary levy. (1) Metrics cover all products and employees in the branch network in our 10 main countries.

Consumer: strong net operating income growth with successful deposit gathering

Execution of the strategy
Transforming into a best-in-class, global business and operating model
Customer experience	Providing global solutions integrated in our partners' processes Expanding partnerships across regions
Operational leverage	Simplifying and automating our processes Launched a new digital onboarding for pure digital players
Global platform	Openbank launch in the US and Mexico Expanding the functionality of our new leasing platform

Key drivers Operating performance

Note: data and YoY changes in constant euros. RoTE annualizing the impact of the temporary levy. ANEAs = Average net earning assets, including renting.

CIB: all-time high revenue. Profit down from a record Q1'23, impacted by investments

Execution of the strategy			Q1'24 financials
Playing to our strengths to better serve our corporate customers and institutions			Loans		Deposits
Customer	Significant progress building new capabilities in the US		€139bn -1%		€143bn +1%
experience	Expansion on new value-added areas of growth
Operational leverage	Enhanced centres of expertise, with new and strengthened industry and product teams		C/I
			42 0%		€705mn
Global platform	Increased distribution capabilities, evolving our originate-to share model towards a mainstream end-to-end platform		0pp +5		-5%

Revenue (€ mn)

Key drivers

Note: data and YoY changes in constant euros. RoTE annualizing the impact of the temporary levy.

Wealth: double-digit growth across businesses with record commercial activity

	Execution of the strategy		Q1'24 financials
	Accelerating our customers' connectivity with our global product platforms	Net new money (PB)	Net sales (SAM)
Customer experience	Named again Best Private Bank in LatAm (Euromoney) while growing our customer base by +13% YoY	€5 5bn 7% of volumes2	€3 8bn 7% of volumes2
Operational	Boosted results by fostering collaboration with Retail and CIB, and by	C/I
leverage	simplifying our product offer in SAM and Insurance	34 4%	€838mn
Global platform	Kicked off our global investments platform project to further digitalize our investment distribution capabilities	-4 0pp	+16%

Revenue (including ceded fees, € mn)

Note: data and YoY changes in constant euros. RoTE annualizing the impact of the temporary levy. (1) Includes off-balance sheet assets and deposits. (2) Considering annualized net new money as % of total CAL and annualized net sales as % of SAM AuMs.

(3) 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.

Payments: sound credit quality led to double-digit profit growth

Note: data and YoY changes in constant euros. Transactions include merchant payments, cards and electronic A2A payments. (1) Excluding a one-time positive fee recorded in the first quarter of 2023 from commercial agreements in Brazil.

Outstanding profitability and value creation with 14% YoY growth in TNAVps + Cash DPS

Since 2021 and including full execution of second share buyback against 2023 results currently in place, Santander will have repurchased c.11% of its outstanding shares

15 Note: our shareholder remuneration policy is c.50% payout split in approximately equal parts (cash and share buybacks). Implementation of shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.

(1) TNAVps + Cash DPS includes the €8.10 cent cash dividend paid in November 2023 and the €9.50 cent cash dividend approved in March (to be paid from 2 May), executed as part of the shareholder remuneration policy.

Strong profit increase YoY, with double-digit growth in net operating income, supported by customer revenue and efficiency improvements

P&L € million	Q1'24	Q1'23	Current %	Constant %	Attributable profit
NII	11,983	10,185	18	16	€ mn +11%
Net fee income	3,240	3,043	6	5	+14% excluding temporary levy
Other income	157	707	-78	-78	2,933 2,902 2,852
Total revenue	15,380	13,935	10	9	2,670 2,571 3% -
Operating expenses	-6,547	-6,145	7	5	QoQ +9% excluding
Net operating income	8,833	7,790	13	11	temporary levy
LLPs	-3,125	-2,873	9	7	Q1'23 Q2 Q3 Q4 Q1'24
Other results*	-1,125	-822	37	34	Attributable profit (Constant € mn)
Attributable profit	2,852	2,571	11	9	2 620 2 675 2 907 2 930 2 852 , , , , ,

High-single digit revenue growth backed by customer activity across businesses

NII and NIM up YoY, supported by volumes and margin improvement

Note: NIM = NII / Average earning assets. Data and YoY % changes in constant euros.

Net fee income growth, demonstrating the value added from our business diversification

ONE Transformation is driving structural efficiency gains and positive jaws

Credit quality remains robust

Strong capital generation, profitable front-book growth >15% RoTE and significant RWA mobilization

(1) Shareholder remuneration charged against profit earned in Q1 2024 (split between cash dividends and share buybacks) in line with our 50% payout target. Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.

Making progress towards our ID target in our new phase of value creation for our shareholders

2024 has begun with excellent business and commercial dynamics

backed by all global businesses
Structural efficiency gains and profitable growth	€15	4bn	42	6%
driven by strategy execution	Revenue			Efficiency
ONE Transformation and value-added by our global businesses accelerating the achievement of our ID targets
Profitability, capital and credit quality in line with targets	12 3% FL CET1
Organic capital generation to mitigate accelerated Basel III implementation
TNAVps + Cash DPS growing 14% YoY

in our new phase of value creation for our shareholders

Outstanding customer revenue performance

TNAVps + Cash DPS includes the €8.10 cent cash dividend paid in November 2023 and the €9.50 cent cash dividend approved in March (to be paid from 2 May), executed as part of the shareholder remuneration policy.

Note: our shareholder remuneration policy is c.50% payout split in approximately equal parts (cash and share buybacks). Implementation of shareholder remuneration policy is subject

TNAVps + DPS

+14%

Profit

€2.9bn

Appendix

Investor Day Targets summary

Detail by global business, region and country

Reconciliation of underlying results to statutory results

Glossary

The other information in the Appendix regularly provided each quarter can be found in the document entitled "Supplementary Information", published together with this presentation on the Group's corporate website

ONE Transformation driving double-digit growth in value creation

		2022	2023	Q1'24	2025 targets
	RoTE (%)	13 4	15 1	14 9	15-17
Profitability	Payout (Cash + SBB)1 (%)	40	50	50	50
	EPS Growth (%)	23	21 5	13 7	Double-digit
Customer centric	Total customers (mn)	160	165	166	c.200
	Active customers (mn)2	99	100	100	c.125
Simplification & automation	Efficiency ratio (%)	45 8	44 1	42 6	c.42
Customer activity	Transactions volume per active customer (month, % growth)3	-	10	11	c.+8
Capital	FL CET1 (%)	12 0	12 3	12 3	>12
	RWA with RoRWA > CoE (%)	80	84	83	c.85
	Green financed raised & facilitated (€bn)	94 5	114 6	118 5	120
	Socially responsible Investments (AuM) (€bn)	53	67 7	72 8	100
ESG4	Financial inclusion (# People, mn)	-	1 8	2 3	5
	Women in leadership positions (%)	c.29	31 4	31 4	35
	Equal pay gap (%)	c.1	c.0	-	c.0
TNAVps+DPS	(Growth YoY)	+6%	+15%	+14%	Double-digit growth average through-the-cycle

(1) Target payout defined as c.50% of Group reported profit (excluding non-cash, non-capital ratios impact items), distributed in approximately 50% in cash dividend and 50% in share buybacks. Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.

• (2) Those customers who meet transactionality threshold in the past 90 days.
• (3) Total transactions annual growth include merchant payments, cards and electronic A2A payments. Target c.+8% CAGR 2022-25.
• (4) Information is audited on a limited assurance basis. Green finance raised & facilitated (€bn): since 2019 (not EU taxonomy aligned). Financial inclusion (# people, mn): since 2023. Definitions in the Glossary section in this document. Equal pay gap is annually calculated.

Appendix

Investor Day Targets summary

Detail by global business, region and country

Reconciliation of underlying results to statutory results

Glossary

The other information in the Appendix regularly provided each quarter can be found in the document entitled "Supplementary Information", published together with this presentation on the Group's corporate website

Detail by global business

Retail & Commercial Banking

Highlights

• Convergence towards a common business and operating model, our transformation and disciplined capital allocation are reflected in significant total customer growth, and improvements in efficiency (-4pp to 41.1%) and profitability (RoTE +3pp to 17.6%)
• Loans down YoY, affected by prepayments in Europe (especially mortgages), partially offset by growth in South America and Mexico. Deposits up, mainly time deposits across countries and segments
• Strong profit growth YoY (+22%), despite the impact from the temporary levy, with solid revenue performance and lower LLPs:
• -NII rose with widespread growth across our footprint, especially Spain, Portugal, Brazil, Argentina and, to a lesser extent, Mexico and Poland
• Solid fee performance, mainly due to higher activity in funds and insurance
• Provisions improved mainly due to the good credit quality performance in Europe. CoR under control at comfortable levels (1.03%)
• •In the quarter, good net operating income performance and lower LLPs. This performance was not reflected in profit due to the temporary levy and a higher tax burden

Loans Deposits Mutual Funds Efficiency CoR RoTE Key data €621bn -2% €642bn +2% €89bn +13% 41.1% -3.9pp 1.03% +11bps 17.6% +2.9pp

Underlying P&L

Attributable profit	1 503 ,	-1 9	21 6	25 7
LLPs	-1	-11	-1	0
	523	8	6	7
	,
operating	4	10	21	24
income	744	3	1	5
Net	,
Operating expenses	-3 304 ,	6 7	4 1	6 2
Total revenue	8 048 ,	8 8	13 5	16 3
Net	1	17	9	11
fee	193	5	1	0
income	,
NII	145	10	17	20
	7	7	3	5
	,
Underlying	Q1'24	%	%	Q1'23¹
P&L*		Q4'23	Q1'23	%

(*) € mn and % change in constant euros.

(1) % change in current euros.

Digital Consumer Bank

Highlights

• We continue expanding our leadership in consumer finance across our footprint, while we focus on converging towards a more digital global operating model, using common platforms and with a global approach to our partnerships
• Loans up 4% YoY, driven by strong activity in Europe (+6%) and Brazil (+8%)
• Deposits rose 13%, mainly in Europe, reflecting our strategy to grow customer deposits to lower funding costs
• Net operating income increased 7%, supported by positive revenue performance (+4%) and good cost control (-4% in real terms)
• Profit down YoY, impacted by the temporary levy and higher provisions and cost of risk normalization, in line with expectations, and still below historical average levels
• In the quarter, profit up 1% supported by growth of net interest income and fees, and good cost management, especially in the US, which more than offset the impact from the temporary levy in Q1

Key data

New lending	Loans	Deposits
€21.6bn +7%	€208bn +4%	€119bn +13%
Efficiency	CoR	RoTE
41.2% -1.9pp	2.12% +32bps	11.9% -0.3pp

Underlying P&L

Attributable profit	464	1 5	-4 8	0 -5
LLPs	-1	1	24	24
	137	5	5	1
	,
operating	1	3	7	7
income	874	5	5	4
Net	,
Operating expenses	-1 311 ,	1 -4	-0 2	-0 5
Total revenue	3 185 ,	1 2	4 2	4 0
Net	354	4	22	23
fee		7	4	0
income
NII	2	4	6	6
	710	7	6	4
	,
Underlying	Q1'24	%	%	Q1'23¹
P&L*		Q4'23	Q1'23	%

(*) € mn and % change in constant euros.

(1) % change in current euros.

Corporate & Investment Banking

• We continue making our centres of expertise more sophisticated, deepening client relationships with a particular focus on the US build-out to complement our capabilities, and actively managing capital
• Strong activity year-on-year, supported by an excellent quarter in Global Banking and Global Markets, slightly offset by Global Transaction Banking, due to Cash Management
  • Global Transaction Banking: another good quarter for Trade and Export Finance, however there was lower activity in Cash Management, impacted by interest rate cuts in LatAm
  • Global Banking grew both in Global Debt Finance, where we are gaining market share, and Corporate Finance, benefitting from positive market momentum, though still below historical averages
  • Good activity levels in Global Markets as European customers are normally more active in Q1
• Record quarterly revenue, up 5% vs. Q1'23. Profit impacted by our investments in transformation, products and new capabilities, in line with our strategy

Highlights Key data Loans Deposits Efficiency CoR RoTE 42.0% +5.0pp 0.14% -2bps 19.7% -2.4pp €139bn -1% €143bn +1%

Underlying P&L

Underlying	Q1'24	%	%	Q1'23¹
P&L*		Q4'23	Q1'23	%
NII	1	2	25	25
	062	4	3	8
	,
Net	654	39	6	9
fee		2	8	7
income
Total revenue	2 112 ,	24 4	8 4	5 4
Operating expenses	-888	9 -11	18 8	19 7
operating	1	77	-3	-3
income	225	2	4	0
Net	,
LLPs	-40	-80 5	—	—
Attributable profit	705	139 8	1 -5	0 -5

(*) € mn and % change in constant euros.

(1) % change in current euros.

Note: Global Banking = GDF & CF. RoTE annualizing the impact of the temporary levy. 34

Wealth Management & Insurance

Highlights Key data

• We continue building the best Wealth and Insurance manager in Europe and the Americas, supported by our leading global PB platform and bestin-class funds and insurance product factories
• Euromoney named us the Best International Private Bank in Latin America for the second year in a row, and the Best International Private Bank in 8 of our countries
• All-time high assets under management, up 14% YoY, as a result of record commercial activity in PB and SAM. In Insurance, GWPs dropped YoY after an extraordinary Q1'23 and impacted by a lower savings activity
• 25% profit growth YoY, supported by strong revenue growth, both from NII (PB activity and good margin management) and fees in PB and SAM
• Total fees³ , including those ceded to the commercial network, increased 13% YoY, contributing 31% of the Group's total fees, with good performance across all three businesses
• Wealth's total contribution to the Group's profit increased 16% YoY, in a capital-light business, reflected in a RoTE exceeding 80%

AuMs	Net new money (PB)	Net sales (SAM)
€482bn +14%	€5 5bn 7% of volumes2	€3 8bn 7% of volumes2
Gross written premiums	Efficiency	RoTE
€3 0bn -4%	34 4% 0pp -4	80 4% +9 4pp

Underlying P&L

Underlying P&L*	Q1'24	% Q4'23	% Q1'23	Q1'23¹ %
NII	423	12 2	25 6	26 5
Net fee income	364	14 2	17 4	18 1
Total revenue	892	13 7	16 6	17 6
Operating expenses	-306	-8 6	4 7	5 3
operating income Net	585	30 3	24 0	25 3
LLPs	-4	—	—	—
Attributable profit	400	11 6	24 9	26 5
Contribution profit to	838	3 7	16 4	18 3

(*) € mn and % change in constant euros.

(1) % change in current euros.

Payments

• Getnet: TPV increased 14% YoY and the number of transactions rose 13% YoY
• Ebury: 22k active customers (+20% YoY)
• Payments Hub already one of the largest A2A payments processors in Europe
• Revenue increased 13% YoY due to an overall increase in business activity and volumes across countries, supporting EBITDA margin improvement to 17.0%

Getnet
Getnet Total Payments Volume (TPV)	Number of transactions
€54bn +14%	+13%

PagoNxt underlying P&L
Underlying P&L*	Q1'24	% Q4'23	% Q1'23	Q1'23¹ %		EBITDA margin
NII	31	-18.7	216.6	230.9
fee income Net	224	-10.9	-0.1	2.5		+9 5pp
Total revenue	283	-11.3	13.4	16.3
Operating expenses	-304	14.2	8.4	9.7			17.0%
Net operating income	-21		— -32.0	-37.5		7.5%
LLPs	-4	207.6	-39.2	-39.0
Attributable profit	-39		— -26.3	-28.7
(*) € mn and % change in constant euros.
(1) % change in current euros.						Q1'23	Q1'24

Cards • Group total number of cards rose to 102 million, continuing the positive

• Solid growth in customer activity (€78bn turnover, +6% YoY)
• Revenue up 5% excluding Q1'23 positive one-off²
• High profitability with RoTE at 35.5%

trends in previous quarters

Cards
Turnover	Average balance
€78bn +6%	€22bn +6%

Underlying P&L
Underlying P&L*	Q1'24	% Q4'23	% Q1'23	% Q1'23¹
NII	644	18.3	9.0	12.5
Net fee income	452	-0.6	-20.0	-17.9
Total revenue	1,070	8.2	-3.1	-0.2
Operating expenses	-346	22.1	7.8	11.0
Net operating income	724	2.6	-7.6	-4.8
LLPs	-414	13.4	-14.1	-10.9
Attributable profit	177	-1.2	6.8	9.1
(*) € mn and % change in constant euros. (1) % change in current euros.

Note: in PagoNxt a negative growth rate indicates a lower loss. Number of cards managed by Cards equals to 99 million, because it excludes those managed by Digital Consumer Bank including Openbank (3 million cards).

• NII improved driven by higher liquidity buffer remuneration
• Lower gains on financial transactions due to higher negative FX hedging impacts
• Cost improved driven by ongoing simplification measures
• Other results and provisions improved slightly YoY

Highlights Income statement

Q1'24	Q1'23
-31	-52
-162	-54
-87	-95
-42	-41
-18	-19
-357	-279

Detail by region and country

Highlights

• We remain focused on growing our business while transforming our operating model to increase efficiency and boost customer experience
• Customers up (+666k YoY) in all countries, mainly driven by consistent growth in Spain
• New business lending volumes are recovering, however loans declined year-on-year, still affected by prepayments in a context of higher interest rates. Customer deposits rose, with strong increase in time deposits
• Strong profit YoY supported by double-digit NII growth, especially in Retail, on the back of higher average interest rates and strict control of funding costs. Efficiency gains and active risk management
• Profit up 17% QoQ, despite the temporary levy, with good performance across the main P&L lines except NII (lower volumes and higher costs of deposits in the UK)

Key data and P&L

Loans	Deposits			Mutual Funds
€553bn -4%	€614bn +1%		€111bn	+17%
Efficiency	CoR			RoTE
39 7% -2 2pp	0 41%	-1bps	18	0% +3 6pp
Underlying P&L*	Q1'24	% Q4'23	% Q1'23	Q1'23¹ %
NII	4 123 ,	-0 7	11 8	14 6
Net fee income	1 202 ,	11 8	1 6	2 9
Total revenue	809 5 ,	10 8	10 1	12 3
Operating expenses	-2 305 ,	-2 8	4 5	6 4
operating income Net	3 504 ,	22 0	14 1	16 7
LLPs	-484	-17 5	-26 3	-24 6
Attributable profit	1 541 ,	17 5	26 8	29 6
(*) € mn and % change in constant euros.
(1) % change in current euros.

Spain UK

• Sustained strong growth in customers. Drop in loans (mortgage prepayments, ICO maturities and CIB). Migration to time deposits trend continues, while mutual funds demand increases (12% YoY)

España and UK

• Profit +65% driven by higher NII, driven by margin management in a context of higher interest rates, especially in Retail, and robust credit quality performance
• Profit up QoQ supported by the main lines, despite the negative impact of the temporary levy in Q1'24

Loans	Deposits		Mutual Funds	Loans	Deposits			Mutual Funds
€228bn -5%	€299bn -1%		€83bn +12%	€237bn -5%	€228bn	+2%		€7bn
Efficiency	CoR		RoTE	Efficiency	CoR			RoTE
34.2% -5.6pp	0.59% -4bps		23.3% +8.6pp	58 4% +9 1pp	0 08%	-4bps	10	4%
Underlying P&L*	Q1'24	% Q4'23	% Q1'23	Underlying P&L*	Q1'24	% Q4'23	% Q1'23	Q1'23¹ %
NII	1 816 ,	4 5	24 3	NII	1 185 ,	-4 4	-10 4
Net fee income	746	14 4	-0 8	Net fee income	79	4 6	8 -7
Total revenue	3 016 ,	28 8	18 4	Total revenue	1 257 ,	-3 0	-10 9
Operating expenses	-1 032	-6 2	1 8	Operating expenses	-734	3 9	5 6
operating income Net	, 1 984	59 9	29 4	operating income Net	523	-11 1	-27 0	-24
LLPs	, -331	-3 3	-20 2	LLPs	-17	-4 5	-71 7	-70
Attributable profit	772	49 5	65 5	Attributable profit	305	0 1	-25 2	-22
(*) € mn and % change.				(*) € mn and % change in constant euros. (1) % change in current euros.

• Loan volumes drop in a context of higher rates in line with our deleveraging strategy. Strong migration from demand to time deposits

• Profit -25% YoY affected by the cost of deposits, lower mortgage volumes and cost increases
• Profit flat QoQ as revenue (higher liability costs) and cost performance (personnel costs) were offset by lower LLPs

Loans	Deposits		Mutual Funds
€228bn -5%	€299bn -1%		€83bn +12%
Efficiency	CoR		RoTE
34.2% -5.6pp	0.59% -4bps		23.3% +8.6pp
Underlying P&L*	Q1'24	% Q4'23	% Q1'23
NII	1 816 ,	4 5	24 3
Net fee income	746	14 4	-0 8
Total revenue	3 016 ,	28 8	18 4
Operating expenses	-1 032 ,	-6 2	1 8
operating income Net	1 984 ,	59 9	29 4
LLPs	-331	-3 3	-20 2
Attributable profit	772	49 5	65 5
(*) € mn and % change.

40

Portugal Poland Poland

Portugal and Polonia

• Loans: moderate decline as new business recovered, offsetting last year's deleverage. Cost of deposits under control, affecting deposit volumes
• Profit +69% YoY with strong NII, driven by interest rate increases and controlled funding costs, and net fee income. Solid credit quality with CoR at very low levels
• Profit up QoQ due to fees, lower costs and strong LLPs performance

Loans	Deposits		Mutual Funds
€38bn -3%	€37bn -2%		€4bn +15%
Efficiency	CoR		RoTE
22.9% -9.7pp	0.19% +13bps	31.1%	+10.2pp
Underlying P&L*	Q1'24	% Q4'23	% Q1'23
NII	431	-4 5	65 1
Net fee income	127	14 3	2 6
Total revenue	584	0 0	44 1
Operating expenses	-134	-4 9	1 2
operating income Net	450	1 6	64 9
LLPs	-7	-60 9	-46 8
Attributable profit	303	3 7	68 6
(*) € mn and % change.

• Loans rose mainly driven by Retail (lifetime record mortgage and personal loans sales) and CIB. Significant growth in deposits, especially time deposits
• Profit up 18% YoY supported by good revenue performance (higher yields and volumes, with low cost of deposits), positive fees and underlying LLPs, which offset higher costs
• Profit up QoQ, driven by favourable fees and lower CHF impacts

Loans	Deposits		Mutual Funds	Loans	Deposits			Mutual Funds
€38bn -3%	€37bn -2%		€4bn +15%	€36bn +7%	€45bn	+6%		€6bn
Efficiency	CoR		RoTE	Efficiency	CoR			RoTE
22.9% -9.7pp	0.19% +13bps	31.1%	+10.2pp	27 5% +0 4pp	1 95%	+24bps	20	1%
Underlying P&L*	Q1'24	% Q4'23	% Q1'23	Underlying P&L*	Q1'24	% Q4'23	% Q1'23	%
NII	431	-4 5	65 1	NII	686	0 0	8 7
Net fee income	127	14 3	2 6	Net fee income	176	12 8	11 5
Total revenue	584	0 0	44 1	Total revenue	834	-2 5	5 2
Operating expenses	-134	-4 9	1 2	Operating expenses	-229	-6 8	6 7
operating income Net	450	1 6	64 9	Net operating income	605	-0 7	4 7
LLPs	-7	-60 9	-46 8	LLPs	-130	-36 2	-20 8
				Attributable profit	213	45 6	17 7
Attributable profit	303	3 7	68 6	(*) € mn and % change in constant euros.
(*) € mn and % change.				(1) % change in current euros.

Note: Q1'24 data and YoY changes (loans, deposits and mutual funds in constant euros).

• We are focused on strengthening our leadership in auto and non-auto through strategic alliances and better service through new operational leasing and non-auto BNPL platforms
• Loans rose 6% YoY, mainly driven by Auto (+7%). Customer deposits increased 21%, in line with our strategy to decrease our funding costs and reduce margin volatility across the interest rate cycle
• Revenue up 5% YoY, mainly driven by NII, as we actively repriced loans and grew customer deposits. Strong increase in fees, driven by insurance in France and Germany
• Profit down QoQ affected by seasonality, lower gains on financial transactions (down from high levels in 2023), and higher LLPs following portfolio sales in Q4'23

Highlights Key data and P&L

New lending	Loans		Customer	Funds
€13bn -1%	€135bn +6%		€77bn	+21%
Efficiency	CoR		RoTE
47 1% -1 9pp	0 67% +19bps		9 9%	-0 6pp
Underlying P&L*	Q1'24	% Q4'23	% Q1'23	% Q1'23¹
NII	1,095	0.6	6.1	6.4
Net fee income	220	14.5	14.8	15.1
Total revenue	1,410	-2.0	4.7	5.0
Operating expenses	-665	1.6	0.7	0.8
Net operating income	745	-5.1	8.6	9.0
LLPs	-276	80.4	42.7	42.8
Attributable profit	229	-39.4	-6.3	-6.2
(*) € mn and % change in constant euros.
(1) % change in current euros.

• Focus on transformation, leveraging the strengths of our businesses in the US and Mexico and enhancing our regional operating model in T&O
• Solid loan growth, particularly in Mexico. Deposits are also increasing, mainly driven by Retail in Mexico and Consumer in the US
• Revenue up 8% YoY driven by NII in Mexico (higher volumes) and strong performance of our CIB business across the region, particularly in the US
• Costs grew, impacted by inflation and investments in transformation, CIB build out in the US and digitalization, partially offset by the efficiencies captured in Retail and Consumer in the US
• Profit decreased slightly YoY as the strong revenue performance was offset by higher costs and LLPs, which were affected by expected normalization
• Strong profit growth QoQ driven by revenue in CIB and Wealth in the US, better sequential LLPs (seasonality in Auto) and cost improvements, mainly in Mexico

Highlights Key data and P&L

Loans	Deposits		Mutual Funds
€167bn +3%	€144bn +1%		€32bn	+5%
Efficiency	CoR		RoTE
47 7% -0 1pp	2 15% +52bps		11 3%	+0 8pp
Underlying P&L*	Q1'24	% Q4'23	% Q1'23	% Q1'23¹
NII	2,611	-1.2	3.8	6.7
Net fee income	638	13.5	16.8	22.4
Total revenue	3,485	2.8	7.9	10.9
Operating expenses	-1,661	-6.1	8.2	10.8
Net operating income	1,824	12.5	7.5	11.1
LLPs	-985	-12.6	19.8	21.8
Attributable profit	644	39.4	-1.6	2.7
(*) € mn and % change in constant euros.
(1) % change in current euros.

US

• Lending slightly up, mainly driven by CIB activity. Deposits declined slightly with time growing at the expense of lower demand deposits
• Good revenue performance YoY. However, profit down due to investments to improve our CIB franchise and LLP normalization
• Strong profit growth QoQ, with outstanding fee performance and lower costs, and provisions down (seasonality in Q4)

Loans	Deposits			Mutual Funds
€115bn +1%	€94bn	-1%		€13bn -12%
Efficiency	CoR			RoTE2
50.3% +0.4pp	1.98%	+46bps		10.8% -0.8pp
Underlying P&L*	Q1'24	% Q4'23	% Q1'23	Q1'23¹ %
NII	1 396 ,	-1 3	-3 6	-4 7
Net fee income	267	44 0	42 4	40 7
Total revenue	1 869 ,	6 7	3 5	2 3
Operating expenses	-940	-1 7	4 2	3 0
operating income Net	929	16 9	2 7	1 5
LLPs	-615	-24 8	9 7	8 4
Attributable profit	279	328 4	-5 7	-6 8

(*) € mn and % change in constant euros.

(1) % change in current euros.

• Successful customer acquisition campaigns driving up loan volumes (Consumer and corporate loans) and time deposits

Mexico

• Profit up 6% YoY supported by double-digit revenue growth and improved efficiency. CoR rose in line with expectations
• Profit growing QoQ, supported by cost improvements

Loans	Deposits			Mutual Funds
€115bn +1%	€94bn	-1%		€13bn -12%
Efficiency	CoR			RoTE2
50.3% +0.4pp	1.98%	+46bps		10.8% -0.8pp
Underlying P&L*	Q1'24	% Q4'23	% Q1'23	Q1'23¹ %
	1 396 ,	-1 3	-3 6	-4 7
Net fee income	267	44 0	42 4	40 7
Total revenue	1 869 ,	6 7	3 5	2 3
Operating expenses	-940	-1 7	4 2	3 0
operating income Net	929	16 9	2 7	1 5
LLPs	-615	-24 8	9 7	8 4
Attributable profit	279	328 4	-5 7	-6 8
€ mn and % change in constant euros.

Note: Q1'24 data and YoY changes (loans, deposits and mutual funds in constant euros). (2) Adjusted RoTE: adjusted based on Group's deployed capital calculated as contribution of RWAs at 12%. Using tangible equity, RoTE is 8.0%.

• We are focused on being the primary bank for our 75 million customers, on becoming the most profitable in each of our countries and on enhancing service quality
• Loans grew both QoQ and YoY, mainly in Brazil (Retail and Consumer) and Chile, with time deposits and mutual funds increasing also QoQ and YoY
• Profit increased YoY, as strong NII growth across countries was mostly offset by higher costs (inflation and salary agreements) and higher provisions, affected by volumes
• Significant efficiency gains (-2pp) and controlled CoR (+5bps) YoY
• Profit up 15% QoQ driven by good performance of the main revenue lines, lower provisions and devaluation of the Argentine peso in Q4'23

Highlights Key data and P&L

Loans	Deposits	Mutual Funds
€161bn +5%	€133bn +6%	€71bn +14%
Efficiency	CoR	RoTE
37 4% -1 7pp	3 44% +5bps		14 8% -0 4pp
Underlying P&L*	Q1'24	% Q4'23	% Q1'23	% Q1'23¹
NII	4,185	32.6	31.4	32.3
Net fee income	1,182	16.8	0.6	1.3
Total revenue	4,887	14.6	10.3	11.0
Operating expenses	-1,829	17.0	5.9	6.1
Net operating income	3,058	13.3	13.2	14.1
LLPs	-1,378	-11.0	10.0	11.9
Attributable profit	796	14.9	1.4	0.8
(*) € mn and % change in constant euros.
(1) % change in current euros.

Brazil Chile

• Growth in loans across all businesses except CIB (impacted by a more competitive market), in time deposits and in mutual funds
• Profit increased strongly YoY, driven by NII (higher activity and lower cost of deposits) and efficiency gains, offsetting higher LLPs
• Profit rose QoQ also due to strong NII growth, with lower costs and LLPs

Loans	Deposits			Mutual Funds
€104bn +6%	€89bn +11%		€55bn	+15%
Efficiency	CoR			RoTE
33.0% -2.4pp	4.79% -5bps		15.4%	+1.3pp
Underlying P&L*	Q1'24	% Q4'23	% Q1'23	Q1'23¹ %
NII	2 630 ,	8 5	20 5	24 9
Net fee income	846	-3 6	0 0	3 6
Total revenue	3 507 ,	1 3	10 6	14 7
Operating expenses	-1 156 ,	-1 6	3 3	1 7
operating income Net	2 351 ,	2 8	14 7	18 9
LLPs	-1 163 ,	-17 4	8 5	12 5
Attributable profit	561	14 5	15 4	19 7

(*) € mn and % change in constant euros.

(1) % change in current euros.

Brasil and Chile

• Loans increased mainly due to mortgages, CIB and Payments. Double-digit growth in time deposits and mutual funds
• Profit fell YoY despite the strong performance in NII (volumes and lower interest rates), impacted by growing costs, albeit below inflation, and a tick up in LLPs from low levels in previous years

• In Q1, profit affected by lower NII (UF) and higher LLPs

Loans	Deposits			Mutual Funds
€104bn +6%	€89bn +11%		€55bn	+15%
Efficiency	CoR			RoTE
33.0% -2.4pp	4.79% -5bps		15.4%	+1.3pp
Underlying P&L*	Q1'24	% Q4'23	% Q1'23	Q1'23¹ %
	2 630 ,	8 5	20 5	24 9
Net fee income	846	-3 6	0 0	3 6
Total revenue	3 507 ,	1 3	10 6	14 7
Operating expenses	-1 156 ,	-1 6	3 3	1 7
Net operating income	2 351 ,	2 8	14 7	18 9
LLPs	-1 163 ,	-17 4	8 5	12 5
Attributable profit	561	14 5	15 4	19 7
mn and % change in constant euros.

(1) % change in current euros.

Argentina

• We are working to integrate our recent inorganic acquisitions
• Profit YoY affected by hyperinflation adjustment and non-credit related provisions
• QoQ comparison affected by strong peso devaluation in Q4

Loans	Deposits			Mutual Funds
€5bn -10%	€6bn	-41%		€4bn -13%
Efficiency		CoR RoTE
51.4% +1.6pp	5.43%	+245bps		20.5%	-9.4pp
Underlying P&L*	Q1'24	Q4'23	% Q4'23	% Q1'23
NII	1 025 ,	112	814 0	92 7
Net fee income	131	-50	—	-4 2
Total revenue	555	-27	—	10 8
Operating expenses	-286	6	—	14 4
operating income Net	270	-21	—	7 3
LLPs	-35	-7	410 5	-18 5
Attributable profit	101	-20	—	-27 2
(*) € mn and % change in current euros.

(1) % change in current euros.

Argentina y Uruguay

Uruguay, Peru and Colombia

• Strong loan growth in Uruguay and on joint initiatives between CIB and Corporates in Peru and Colombia
• Profit up YoY on the back of double-digit revenue growth in all three countries
• High profitability: double-digit RoTEs

Note: Q1'24 data and YoY changes (profit, loans, deposits and mutual funds in constant euros). 47 In Argentina, given the strong ARS devaluation and high inflation and its effect on exchange rates, variations are in current euros.

Appendix

Investor Day Targets summary

Detail by global business, region and country

Reconciliation of underlying results to statutory results

Glossary

Reconciliation of underlying results to statutory results

		January-March 2024		January-March 2023
	Statutory results	Adjustments	Underlying results	Statutory results	Adjustments	Underlying results
Net interest income	11,983	—	11,983	10,396	(211)	10,185
Net fee income	3,240	—	3,240	3,043	—	3,043
Gains (losses) on financial transactions 1	623	—	623	715	—	715
Other operating income	(801)	335	(466)	(232)	224	(8)
Total income	15,045	335	15,380	13,922	13	13,935
Administrative expenses and amortizations	(6,547)	—	(6,547)	(6,145)	—	(6,145)
Net operating income	8,498	335	8,833	7,777	13	7,790
Net loan-loss provisions	(3,125)	—	(3,125)	(3,347)	474	(2,873)
Other gains (losses) and provisions	(790)	(335)	(1,125)	(598)	(224)	(822)
Profit before tax	4,583	—	4,583	3,832	263	4,095
Tax on profit	(1,468)	—	(1,468)	(967)	(263)	(1,230)
Profit from continuing operations	3,115	—	3,115	2,865	—	2,865
Net profit from discontinued operations	—	—	—	—	—	—
Consolidated profit	3,115	—	3,115	2,865	—	2,865
Non-controlling interests	(263)	—	(263)	(294)	—	(294)
Profit attributable to the parent	2,852	—	2,852	2,571	—	2,571

(1) Includes exchange differences.

Explanation of Q1'24 adjustments:

• Temporary levy on revenue earned in Spain in the first quarter, totalling EUR 335 million, which was moved from total income to other gains (losses) and provisions. Explanation of Q1'23 adjustments:

• Temporary levy on revenue earned in Spain in the first quarter, totalling EUR 224 million, which was moved from total income to other gains (losses) and provisions.

• Income in Brazil related to the reversal of tax liabilities amounted to EUR 261 million (EUR 211 million recorded in net interest income and a positive impact of EUR 50 million in tax) and provisions to strengthen the balance sheet, which net of tax was EUR 261 million (EUR 474 million recorded in net loan-loss provisions and a positive impact of EUR 213 million in tax).

Appendix

Investor Day Targets summary and our last step towards ONE SANTANDER

Detail by global business, region and country

Reconciliation of underlying results to statutory results

Glossary

Glossary - Acronyms

• A2A: account to account
• ALCO: Assets and Liabilities Committee
• AM: Asset management
• AuMs: Assets under Management
• bn: Billion
• BNPL: Buy now, pay later
• bps: Basis points
• c.: Circa
• CAL: Customer assets and liabilities
• CET1: Common equity tier 1
• CHF: Swiss franc
• CIB: Corporate & Investment Banking
• CoE: Cost of equity
• Consumer: Digital Consumer Bank
• CoR: Cost of risk
• Covid-19: Coronavirus Disease 19
• DCB Europe: Digital Consumer Bank Europe
• DPS: Dividend per share
• EPS: Earning per share
• ESG: Environmental, social and governance
• EV: Electric Vehicle
• FL: Fully-loaded
• FTE: Full time employee
• FX: Foreign exchange
• FY: Full year
• IFRS 9: International Financial Reporting Standard 9, regarding financial instruments
• LLPs: Loan-loss provisions
• mn: million
• NII: Net interest income
• NIM: Net interest margin
• NPL: Non-performing loans
• NPS: Net promoter score
• OEM: Original equipment manufacturer
• Payments: PagoNxt and Cards
• PB: Private Banking
• PBT: Profit before tax
• P&L: Profit and loss
• pp: Percentage points
• Ps: Per share
• QoQ: Quarter-on-Quarter
• Repos: Repurchase agreements
• Retail: Retail & Commercial Banking
• RoE: Return on equity
• RoRWA: Return on risk-weighted assets
• RoTE: Return on tangible equity
• RWA: Risk-weighted assets
• SAM: Santander Asset Management
• SBB: share buybacks
• SME: Small and Medium Enterprises
• TNAV: Tangible net asset value
• TPV: Total Payments Volume
• YoY: Year-on-Year
• YTD: Year to date
• Wealth: 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
• NPL 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 risk: 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

ESG METRICS

• Women in leadership positions = Percentage of women in senior executive positions over total headcount. This segment corresponds to less than 1% of the total workforce
• Equal pay gap = The equal pay gap measures differences in remuneration between women and men in the same job at the same level.
• For financial ESG metrics, please see 'Alternative Performance Measures' section of the Quarterly Financial Report.

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