27 October 2021

9M'21 Earnings Presentation

All. Together. Now.

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 2020. 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 2020 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") on 26 February 2021, as updated by the Form 6-K filed with the SEC on 14 April 2021 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") Q3 2021 Financial Report, published as Inside Information on 27 October 2021. 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 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 crisis; (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 future (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.

Delivered another strong set of results in Q3, reflecting business momentum

Net operating income up 11% YoY driven by the 8% increase in total income (volumes: +4% loans; +6% deposits; +17% mutual funds) and efficiency improvement
Widespread growth across regions and businesses
Increased digitalization: 54% of sales through digital channels in 9M'21 (44% in 9M'20) and c.47 million digital customers (+13% YoY)
Q3'21 profit of EUR 2,174 mn: +3% QoQ
9M'21 Group attributable profit of EUR 5,849 mn¹ and 9M'21 underlying profit of EUR 6,379 mn (+87% YoY)
- Increased profitability: underlying RoTE of 12.6% and underlying EPS of EUR 34.4 cents

Profitability

Cost of credit improved to 0.90%. Loan-loss reserves stood at EUR 24.5 bn, with a coverage ratio of 74%
Fully-loaded CET1 ratio of 11.85% with continued organic generation (+48 bps in Q3'21)
Outstanding TNAV performance: TNAVps of EUR 3.99. TNAV + Dividend per share² : +1.4% QoQ; +6.5% YoY
Announced shareholder remuneration policy³ for 2021: pay-out set at c.40% of underlying profit, to be split in equal parts in two cash dividend payments and share buyback programmes. Interim distribution of approximately EUR 1.7 bn

On track to outperform our FY'21 goals and we reiterate our M/T RoTE⁴ target of 13-15%

Note: changes in constant euros

(1) Q1'21: -EUR 530 mn (net of tax) mainly due to restructuring charges for FY'21
(2) Including EUR 4.85 cents from the dividend to be paid in November 2021 (already deducted from shareholders' equity in September) and EUR 2.75 cents paid in May 2021
(3) The board of directors has approved the payment of the interim cash dividend against 2021 results in November and the repurchase programme, which commenced on 6 October

The implementation of the remainder of the shareholder remuneration policy for 2021 is subject to the appropriate corporate and regulatory approvals (4) Medium-term underlying RoTE

Steady customer growth and increased digitalization led to strong revenue generation and efficiency improvement

9M underlying profit of EUR 6.4 billion, driven by solid net operating income growth (+11%¹ YoY), improved efficiency and lower cost of credit

			% change
million EUR	9M'21	9M'20	Euros	Constant euros
NII	24 654 ,	23 975 ,	3	7
Net fee income	7 810 ,	7 559 ,	3	8
Trading and other income	2 162 ,	2 071 ,	4	8
income Total	34 626 ,	33 605 ,	3	8
Operating expenses	-15 778 ,	-15 726 ,	0	4
operating income Net	18 848 ,	17 879 ,	5	11
LLPs	973 -5 ,	-9 562 ,	-38	-34
Other results	-1 443 ,	-1 301 ,	11	15
Underlying PBT	11 432 ,	7 016 ,	63	74
Underlying . profit att	6 379 ,	3 658 ,	74	87
provisions² Net capital gains and	-530	-12 706 ,	-96	-96
Attributable profit	5 849 ,	-9 048 ,	—	—

(1) Changes in constant euros

(2) 9M'21: restructuring costs (net of tax), corresponding mainly to the UK and Portugal. 9M'20: adjustments to the valuation of goodwill & deferred tax assets and other (3) Contribution as a % of operating areas and excluding the Corporate Centre

Strong revenue drove earnings growth in Q3, with some seasonality in provisions in the US

NII up 7% YoY driven by an outstanding volume performance and margin management

NII growth YoY and QoQ was driven by higher lending and deposit volumes, partially offset by seasonality in Europe
Activity picked up in the quarter: loans grew EUR 8 bn and deposits EUR 15 bn
Margin management: repricing of liabilities (Europe, North America and Chile) and loan spreads improvement in the UK, Poland and the US
Average interest rates remained lower than 9M'20, despite some initial increases in 2021 in Latin America (similar average levels in Brazil)

Net fee income up 8% YoY, recovering to pre-pandemic levels and growing in higher value-added services and products

Activity rebound

	9M'21 vs. 9M'20	Q3'21 vs. Q2'21
PoS turnover	+40%	+14%	• Strong acquiring turnover recovery boosted by
Cards turnover	+25%	+7%	• Overall growth in cards turnover

Digital Consumer Bank (new lending)	+11%	-5%	Strong signs of recovery YoY. Sector-wide stress in Q3 affected • new vehicles; consumer new lending increased

			• Business diversification: SCIB 17% and WM&I 32% of total fees
SAM+Private Banking (AuM)	+12%	+2%	• Strong commercial flows in WM&I: EUR 14 bn YTD
Insurance premiums1	+13%	-1%	• Insurance business boosted YoY by
DCM+ECM+M&A fees	+23%	+8%	• Fee income recorded another strong quarter, YTD EUR 1.3 bn

Continued progress on driving efficiencies (mainly in Europe: -657 bps YoY) despite accelerating inflation. Costs fell 1% in real terms

Cost of credit remained well below 1%. In Q3, LLPs reflected seasonality in the US

Note: exposure and coverage ratio by stage in appendix, page 58

(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. Considering annualized 9M'21 provisions, cost of credit would be 0.83% (1.33% in 9M'20)

Strong organic generation, which enabled us to maintain the fully-loaded CET1 ratio at the top end of our 11-12% target range…

(1) Market risk, NPL backstop, New Default Definition anticipation (2) Mainly HTC&S

…whilst we continued to deliver outstanding growth in profitability and TNAVps

Notes: the averages for the 9M RoTE denominators are calculated on the basis of 10 months from December to September and 2020 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

Committed to delivering shareholder value

Shareholder remuneration policy for 2021

(*) The average purchase price of shares not to exceed EUR 3.98 nor 9.7% of the Bank's share capital. Estimated duration of the buyback programme: from 6 October 2021 to 17 December 2021

15 (1) The board of directors has approved the payment of the interim cash dividend against 2021 results in November and the repurchase programme, which commenced on 6 October 2021 (2) The implementation of the remainder of the shareholder remuneration policy for 2021 is subject to the appropriate corporate and regulatory approvals

(3) Equivalent to a total amount of EUR 841 mn

ESG: supporting the green transition of our clients and committed to our climate change goals…

Note: more details on page 64 of appendix (1) We have set a specific target to strive to reduce emission intensity on power generation portfolio by 2030

… whilst we continue building a more inclusive society

S Social		G Governance
Santander finance for all	Diversity & Inclusion	An independent and diverse Group Board
Goal: 10 mn of financially empowered people by 2025	Goal: 30% women in senior leadership positions1 by 2025	Independent Women directors	ESG in compensation
6.2 mn people since 2019	25.4% Sep-21	>60% 40%	ESG metrics are part of our executive compensation 3 bonus scorecard
Microentrepreneurs 1.3 mn people since 2019	+3 pp since 20192	80% engagement4 of	employees (4 pp above sector)

Santander awards in Q3	World's Best Bank for Financial Inclusion 2021 by Euromoney • • Most innovative entity in digital banking for its financial inclusion initiatives by The Banker
	• Best Bank in Sustainable Finance in Latin America by Global Finance and Euromoney

(1) Senior positions represent c.2,300 employees (2) As of Jan-19 (3) Also including contribution to the climate project, development of green finance and contribution to financially empowering people (4) Global Engagement Survey 2021

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

9M'21 vs. 9M'20	Digital customers (mn)	Customer loans (EUR bn)	Customer deposits (EUR bn)	Net operating income (EUR mn)	Underlying att. profit (EUR mn)	Underlying RoTE
Europe	15 9 +6%	567 +3%	589 +4%	6 108 , +29%	2 293 , +98%	8% +3 7 pp
North 1 America	6 5 +11%	127 +1%	109 +8%	4 649 , +5%	2 288 , +125%	2 13% +6 7 pp
South America	23 5 +18%	126 +10%	111 +11%	386 7 , +12%	2 471 , +31%	20% +3 1 pp
Digital Digital Consumer Consumer Bank Bank	0 7 +24%	114 1% -	54 +7%	2 170 , +4%	935 +17%	13% +2 3 pp

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

(1) Excluding disposals impact in % changes. Otherwise, loans 0%, net operating income -1% and underlying profit +122%

The pick up of activity in individuals, notably mortgages and consumer lending, was offset by the continued slowdown in SME and corporate demand after 2020 highs

Q3 profit up boosted by improved trends in LLPs, further cost reductions and SRF contribution in Q2. NII decreased mainly due to CIB activity

Profit growth YoY driven by higher revenue (margin management and increased fees) and strong efficiency improvement

DATA KEY	9M'21	% 9M'20	P&L* Q3'21 vs.		Q2'21	9M'21		VOLUMES1 Sep-21
(mn) Digital customers	3 5	+3%	NII	975	-3 9	3 009 ,	4 1
			fee income Net	616	-0 1	1 821 ,	4 6	0%	+6%
(%) NPL ratio	99 5	+1 bps	income Total	1 881 ,	11 1	5 359 ,	4 1		336
(%) credit Cost of	1 01	+21 bps	Operating expenses	-818	-4 0	-2 537 ,	-7 2
			operating income Net	1 063 ,	26 3	2 822 ,	16 8	200
(%) Efficiency ratio	47 3	bps -575	LLPs	-449	-8 7	-1 390 ,	0 0
			PBT	453	123 7	995	42 9
(%) Underlying RoTE	6 5	+2 3 pp	Underlying . profit att	340	130 5	730	47 0	Loans	Funds

Solid performance YoY across the P&L: volume growth, margin management (NIM: +26 bps), strong efficiency improvement and cost of credit well below 10 bps

As a result, significant improvements in efficiency and profitability, maintaining a double-digit RoTE

KEY DATA	9M'21	% 9M'20	P&L*	Q3'21	Q2'21 vs.	9M'21	% 9M'20	VOLUMES1	Sep-21
(mn) Digital customers	6 5	+5%	NII	1 168 ,	4 5	3 268 ,	26 6
			Net fee income	114	-3 7	352	-13 8	+1%	+3%
(%) NPL ratio	1 27	-6 bps	Total income	1 303 ,	6 8	3 625 ,	20 7
	0 01		Operating expenses	-638	-2 3	-1 937 ,	-2 4	244	234
(%) Cost of credit		-25 bps	operating income Net	665	17 3	1 688 ,	65 8
(%) Efficiency ratio	53 4	-1 266 bps ,	LLPs	-1	—	67	—
			Underlying PBT	625	6 5	1 623 ,	413 9
(%) Underlying RoTE	11 5	+9 3 pp	Underlying . profit att	452	12 2	1 145 ,	407 3	Loans	Funds

(*) EUR mn and % change in constant euros

Brazil

Our growth strategy focused on improving customer service, which enabled us to accelerate customer acquisition and increase loyalty

Loans rose at double-digit rates YoY, with controlled credit quality and lower cost of risk

Profit up YoY: higher revenue (volumes and fee income), strong cost control and lower LLPs

In Q3, continued strong NII growth (volumes and interest rates), was offset by a rise in costs (inflation and collective labour agreement) and higher provisions (volume growth in retail)

KEY DATA	9M'21	% 9M'20	P&L*	Q3'21	Q2'21 vs.	9M'21	% 9M'20	VOLUMES1	Sep-21
(mn) Digital customers	18 2	+20%	NII	2 083 ,	1 5	5 782 ,	11 9
			Net fee income	696	-3 7	2 027 ,	6 7	+13%	+3%
(%) NPL ratio	72 4	+8 bps	Total income	2 882 ,	4 0	8 085 ,	9 8
(%) Cost of credit	3 60	-98 bps	Operating expenses	-864	7 3	-2 366 ,	1 1		104
			operating income Net	2 019 ,	2 7	5 719 ,	13 9	74
(%) Efficiency ratio	29 3	-252 bps	LLPs	-757	8 9	-1 980 ,	-9 7
			Underlying PBT	1 172 ,	-5 8	3 526 ,	34 1
(%) Underlying RoTE	21 6	+3 3 pp	Underlying . profit att	582	-9 5	1 762 ,	28 9	Loans	Funds

(*) EUR mn and % change in constant euros

Profit grew YoY boosted by net operating income (+17% excluding Puerto Rico and Bluestem portfolio disposals) and significant LLP savings

Revenue up YoY mainly driven by auto leasing results. NII and fees comparison affected by disposals (excluding them: NII +7%; fees +8%; total income +14%)

Profit down in Q3 due to seasonality in LLPs coupled with releases in the prior quarter, and lower CIB fees and lease income

KEY DATA	9M'21	% 9M'20	P&L*	Q3'21	Q2'21 vs.	9M'21	% 9M'20	VOLUMES2	Sep-21
(k) Digital customers	1 032	+4%	NII	1 359 ,	0 1	4 022 ,	-0 4
	,		Net fee income	174	-11 7	606	-5 5	+2%	+13%
(%) NPL ratio	2 36	+51 bps	Total income	1 849 ,	-1 6	586 5 ,	6 9	95	91
(%) Cost of credit	1 06	-202 bps	Operating expenses	-815	1 7	-2 346 ,	8 2
			operating income Net	1 034 ,	-4 1	3 240 ,	6 0
(%) Efficiency ratio	42 0	+50 bps	LLPs	-294	—	-450	-79 8
1			Underlying PBT	734	-33 7	2 784 ,	261 3
(%) Underlying RoTE	14 3	+10 3 pp	Underlying . profit att	498	-28 2	1 788 ,	304 6
								Loans	Funds

(*) EUR mn and % change in constant euros

USA

(1) RoTE adjusted for excess capital: 28%

(2) Loans and advances to customers excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds. EUR bn and YoY changes in constant euros, excluding Bluestem portfolio disposal impact. Considering it, loans +1%.

Loans affected by corporates but started to show signs of recovery: individuals +11% YoY with mortgages +14%

Slight profit increase YoY due to NII pressures (lower rates and lending) and reduced trading gains (ALCO sales in 2020). Cost growth well below inflation and cost of credit down to 2.7%

Q3 profit up with improved trends in NII and gains on financial transactions, whilst costs increased due to IT projects and the insourcing of employees

KEY DATA	9M'21	% 9M'20	P&L*	Q3'21	Q2'21 vs.	9M'21	% 9M'20	VOLUMES1	Sep-21
(mn) Digital customers	3 5	+11%	NII	711	1 7	2 063 ,	-3 6
			Net fee income	203	8 -5	617	6 4	-2%	+5%
(%) ratio NPL	3 14	+80 bps	Total income	919	2 4	2 662 ,	-4 5
(%) Cost of credit	2 69	-28 bps	Operating expenses	-425	9 9	-1 177 ,	3 0	32	43
			operating income Net	494	-3 2	1 485 ,	-9 8
(%) Efficiency ratio	44 2	+325 bps	LLPs	-213	1 9	-645	-16 9
			Underlying PBT	280	2 -5	828	-2 9
(%) Underlying RoTE	13 6	-1 6 pp	Underlying . profit att	215	2 7	602	0 9	Loans	Funds

(*) EUR mn and % change in constant euros

Profit up YoY driven by revenue increases (net fee income boosted by higher activity) and improved cost of credit

Strong profit growth in Q3 driven by increased revenue (in particular, net fee income in Germany), SRF charge in Q2 and efficiency improvement

KEY DATA	9M'21	% 9M'20	P&L*	Q3'21	Q2'21 vs.	9M'21	% 9M'20	VOLUMES1	Sep-21
(mn) Active customers	19 1	-4%	NII	1 077 ,	0 5	3 207 ,	-0 1
			income Net fee	222	7 5	616	8 8	-1%	+11%
(%) NPL ratio	2 15	-14 bps	Total income	1 369 ,	5 4	3 975 ,	3 6
			Operating expenses	-591	-3 4	-1 805 ,	3 7	114
(%) Cost of credit	0 57	-22 bps	operating income Net	778	13 3	2 170 ,	3 6		57
(%) Efficiency ratio	45 4	-3 bps	LLPs	-141	-0 4	-449	-40 7
			Underlying PBT	594	18 5	1 602 ,	16 0
(%) Underlying RoTE	13 2	+2 3 pp	Underlying . profit att	366	31 9	935	17 5
			(*) EUR mn and % change in constant	euros				Loans	Funds

Global businesses

Corporate & Investment Banking

Another strong set of results in Q3'21

Strong underlying profit growth YoY backed by all revenue lines and a sharp reduction in LLPs

Leading positions in the rankings of different products (e.g. #1 in Structured Finance in LatAm and Europe by # of transactions)

	Underlying . profit att	547	9 5	1 744 ,	25 9
Net	operating income	840	12 4	2 709 ,	12 3
Total	income	1 414 ,	9 2	4 352 ,	12 1
P&L*		Q3'21	Q2'21 vs.	9M'21	% 9M'20
	2.4%	EUR 1,335 mn (+19% YoY)		37.7%
Underlying RoRWA		Total fees		Efficiency

(*) EUR mn and % change in constant euros

Wealth Management & Insurance

Commercial flows YTD: Private Banking EUR 7.9 bn; SAM EUR 6.3 bn.

Gross written premiums (Insurance): +5% YoY boosted by protection business (+13%)

Total contribution to Group profit increased driven by higher volumes, private banking fees and growth in insurance protection business

AUMs	Total fees1		Contribution to Group's profit2
396 bn EUR (+12% YoY)	2,494 mn EUR (+11% YoY)		EUR 1,733 mn (+16% YoY)
P&L*	Q3'21 Q2'21 vs.		9M'21	% 9M'20
Total income	616	17 7	1 637 ,	13 6
operating income Net	395	34 0	969	20 7
Underlying . profit att	292	38 2	698	23 9

(*) EUR mn and % change in constant euros

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

(2) Profit after tax + fees generated by asset management and insurance transferred to the commercial network

Continued momentum in Q3

Lower revenue affected by the positive impact of FX hedging in 2020

Operating expenses decreased in real terms driven by streamlining and simplification measures

Significantly lower provisions due to charges in 9M'20 for certain holdings whose valuation was affected by the crisis

P&L*	9M'21	9M'20
NII	-1 033 ,	-1 029 ,
Gains/Losses Financial Transactions on	-145	182
Operating expenses	-249	-248
LLPs and other provisions	-277	-430
Tax and minority interests	134	112
Underlying . profit att	-1 607 ,	-1 455 ,

(*) EUR mn

Corporate

Centre

9M'21 Key takeaways

Business normalization underpins our great confidence in our profitable growth ahead

Appendix

Primary segments and other countries

Secondary segments

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

Revenue increased YoY driven by NII (UK mortgages and funding cost management), net fee income in most countries and strong increase in SCIB

Strong efficiency improvement as a result of the ongoing optimization plans

Solid performance in credit quality after LLPs dropped in most countries (releases in the UK)

In Q3, variation boosted by continued efficiency improvement and SRF charge in Q2

KEY DATA	9M'21	% 9M'20	P&L*	Q3'21	Q2'21 vs.	9M'21	% 9M'20	VOLUMES1 Sep-21
Digital customers	(mn) 15 9	+6%	NII	2 744 ,	-0 5	8 140 ,	11 9
			income Net fee	1 079 ,	-0 6	3 236 ,	6 9	+3%	+6%
(%) ratio NPL	3 15	-14 bps	Total income	4 208 ,	6 5	12 299 ,	11 5		695
credit	0 48	+0 bps	Operating expenses	-2 048 ,	-1 3	-6 191 ,	-1 5	567
(%) Cost of			operating income Net	2 160 ,	15 2	6 108 ,	28 8
(%) Efficiency ratio	50 3	-657 bps	LLPs	-676	11 6	-1 877 ,	-22 5
			Underlying PBT	1 227 ,	32 8	3 377 ,	96 5
(%) Underlying RoTE	6 7	+3 7 pp	Underlying . profit att	867	44 0	2 293 ,	98 3	Loans	Funds

(*) EUR mn and % change in constant euros

Sharp rise in digital and mobile customers leading to higher digital sales penetration

Continued strength in customer loans driven by corporate and mortgage new business

Profit up YoY boosted by net fee income, ALCO portfolio sales, cost control and lower LLPs more than offsetting weaker NII (lower interest rates)

Q3 sustained improvement as positive trends in fee income, costs and LLPs continued

DATA KEY	9M'21	% 9M'20	P&L* Q3'21 Q2'21 vs.	9M'21	% 9M'20	VOLUMES1 Sep-21
Digital customers	(k) 980	+9%	NII	185	-3 5	569	-3 9	+4%	+7%
			Net fee income	115	3 4	325	13 9
(%) NPL ratio	3 44	-81 bps	Total income	312	3 0	1 042 ,	6 3		46
	0 35		Operating expenses	-140	-2 0	-429	-2 8	40
(%) Cost of credit		-7 bps	operating income Net	172	7 5	613	13 9
(%) Efficiency ratio	41 2	-389 bps	LLPs	-25	-27 8	-95	-37 6
		+2 7 pp	Underlying PBT	145	27 4	492	40 5
(%) Underlying RoTE	11 2		Underlying . profit att	100	27 5	339	39 3
								Loans	Funds

(*) EUR mn and % change

Recovery in Retail and SME banking activity reflected in record mortgage loan sales and new customer acquisition

Net operating income after LLPs up 34% YoY supported by strong net fee income and a sharp fall in LLPs, more than offsetting lower NII (lower interest rates)

Profit impacted by a charge of EUR 148 mn YTD related to CHF mortgages, mainly recorded in Q2

KEY DATA	9M'21	% 9M'20	P&L*	Q3'21	vs. Q2'21	9M'21	% 9M'20	VOLUMES2 Sep-21
Digital customers (k)	2,917	+8%	NII	251	1.3	741	-4.0
			Net fee income	133	5.7	386	19.5	+4%	+11%
NPL ratio (%)	4.34	-24 bps	Total income	405	-2.2	1,179	6.7		41
	0.82	-17 bps	Operating expenses	-162	0.0	-483	4.6	30
Cost of credit (%)			Net operating income	243	-3.7	696	8.3
Efficiency ratio (%)	41.0	-84 bps	LLPs	-47	5.3	-161	-33.7
		-0.8 pp	Underlying PBT	140	69.6	281	-4.7
1 Underlying RoTE (%)	5.1		Underlying att. profit	70	110.3	125	-9.4
			(*) EUR mn and % change in constant euros					Loans	Funds

Poland

(1) RoTE adjusted for excess capital: 10%

(2) EUR bn and YoY changes in constant euros. Loans and advances to customers excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds

Accelerated growth in loan and customer fund volumes, driven by better performance in Mexico and the US

Strong profit growth YoY boosted by cost of credit improvement mainly in the US and revenue increase (excluding US disposals: NII +3%; fees +7%; total income +7%)

Profit down in Q3 mainly due to LLP seasonality in the US and higher costs in Mexico

KEY DATA	9M'21	% 9M'20	P&L*	Q3'21	Q2'21 vs.	9M'21	% 9M'20	VOLUMES2	Sep-21
(mn) Digital customers	6 5	+11%	NII	2 070 ,	0 7	6 085 ,	-1 5
			Net fee income	386	-8 0	1 247 ,	0 0	+1%	+10%
(%) NPL ratio	2 56	+59 bps	Total income	2 779 ,	-0 1	8 266 ,	3 0
		-161 bps	Operating expenses	-1 275 ,	4 5	-3 617 ,	8 5	127	134
(%) Cost of credit	1 46		operating income Net	1 504 ,	-3 8	4 649 ,	-1 0
ratio	43 8	+222	LLPs	-506	156 6	-1 095 ,	-63 6
			Underlying PBT	959	-30 4	3 504 ,	117 4
(%) Underlying RoTE	13 4	+6 7 pp	Underlying . profit att	661	-24 8	2 288 ,	121 5
(%) Efficiency 1		bps						Loans	Funds

(*) EUR mn and % change in constant euros

(1) RoTE adjusted for excess capital: 21%

(2) Loans and advances to customers excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds. EUR bn and YoY changes in constant euros, excluding disposal of Bluestem impact. Considering it, loans 0%.

Strengthening regional ties to continue growing profitably, supported by the solid increase in loyal (+24%) and digital customers (+18%), reflected in higher volumes

Profit up YoY underpinned by NII and fee income double-digit growth, efficiency improvement (costs down 3% in real terms) and lower cost of credit (-97 bps to 2.52%)

Q3 profit dampened by higher costs (inflation, activity and labour agreements) and provisions. On the positive side, NII increased driven by higher volumes and rates

KEY DATA	9M'21	% 9M'20	P&L* Q3'21 9M'21 Q2'21 % 9M'20 vs.		VOLUMES1 Sep-21
(mn) Digital customers	23 5	+18%	NII	2 920 ,	4 2	8 254 ,	12 8
			Net fee income	956	0 8	2 726 ,	13 2	+10%	+10%
(%) ratio NPL	4 38	-2 bps	Total income	3 991 ,	4 0	11 302 ,	11 0		163
(%) Cost of credit		-97 bps	Operating expenses	-1 398 ,	6 1	-3 916 ,	8 6	126
	2 52		operating income Net	2 593 ,	2 9	386 7 ,	12 4
(%) Efficiency ratio	34 6	-81 bps	LLPs	-892	8 0	-2 384 ,	-17 8
			Underlying PBT	1 577 ,	-3 7	4 691 ,	36 3
(%) Underlying RoTE	20 1	+3 1 pp	Underlying . profit att	826	-6 8	2 471 ,	30 8	Loans	Funds

(*) EUR mn and % change in constant euros

Chile

We continued to make headway with our commercial strategy, ranking #1 in NPS

Increased mortgage loans YoY offset the declines in corporates and CIB

Profit up YoY due to NII (margin management and inflation), higher fee income and improved efficiency and cost of credit

In Q3, positive fee and cost trends continued. On the other hand, greater LLPs (low level recorded in Q2) and NII affected by higher funding costs after interest rate hike

DATA KEY	9M'21	% 9M'20	P&L*	Q3'21	Q2'21 vs.	9M'21	% 9M'20	VOLUMES1	Sep-21
(k) Digital customers	1 934	+30%	NII	467	-3 5	1 476 ,	11 8		+17%
	,		Net fee income	104	14 0	294	20 0	0%
(%) NPL ratio	4 36	-40 bps	Total income	583	-3 5	1 834 ,	6 7
(%) credit Cost of		-69 bps	Operating expenses	-229	-1 6	-710	2 1	39	40
	0 89		operating income Net	354	-4 7	1 125 ,	11 5
(%) Efficiency ratio	38 7	-210 bps	LLPs	-84	8 5	-266	-48 0
			Underlying PBT	265	-11 1	857	67 9
(%) Underlying RoTE	18 5	+7 5 pp	Underlying . profit att	142	-11 0	463	68 5
			(*) EUR mn and % change in constant	euros				Loans	Funds

Ongoing digital transformation: launch of Superdigital and a new 100% online financing platform. Digital sales (78% of total), Getnet (40 k active merchants)

Overall inflation impact on P&L and volume performance

Profit increased YoY boosted by the main revenue lines and lower provisions

Q3 underlying PBT rose 60% QoQ from higher customer revenue, which was not reflected in attributable profit due to the normalization of tax rates

KEY DATA	9M'21	% 9M'20	P&L*	Q3'21	Q2'21 vs.	9M'21	% 9M'20	VOLUMES1	Sep-21
(k) Digital customers	2 713	+1%	NII	268	11 7	708	25 6
	,		fee income Net	110	23 8	272	72 2	+33%	+53%
(%) ratio NPL	3 85	+98 bps	income Total	365	18 9	929	31 8
(%) Cost of credit		-203 bps	Operating expenses	-204	11 6	-554	44 2		11
	3 51		operating income Net	161	29 6	375	16 9
(%) Efficiency ratio	59 6	+514 bps	LLPs	-40	15 0	-88	-36 4	5
(%) Underlying RoTE		-3 9 pp	Underlying PBT	92	60 3	193	33 5
	25 3		Underlying . profit att	73	14 8	180	43 4
			(*) EUR mn and % change in constant euros						Funds

Uruguay and Andean region

High profitability sustained across all countries supported by stronger customer loyalty, leading to greater transactionality and digitalization

Uruguay: profit decreased YoY mainly impacted by lower interest rates

Peru: profit rose YoY boosted by higher revenue and efficiency improvement

Colombia: profit growth was driven by customer revenue

Underlying attributable profit

Appendix

Primary segments and other countries

Secondary segments

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

Retail Banking

Accelerating our digital transformation through a multi-channel strategy, adapting channels to new business trends and customer needs

We ranked top 3 in customer satisfaction, measured by NPS, in 7 of our markets

YoY profit growth due to higher revenue, with better efficiency and lower cost of credit

P&L*	Q3'21	vs. Q2'21	9M'21	% 9M'20
NII	7,968	1.5	23,206	7.2	+12% YoY
Net fee income	1,746	-1.5	5,208	3.1	Loyal
Total income	10,173	2.5	29,520	7.3	customers
Operating expenses	-4,336	1.2	-12,740	1.3
Net operating income	5,837	3.5	16,780	12.3
LLPs	-2,199	26.1	-5,708	-34.9	7
Underlying PBT	3,194	-6.8	9,759	81.6	markets
Underlying att. profit	1,960	-1.2	5,750	92.4	Top 3 NPS2

(*) EUR mn and % change in constant euros

Note: Customer figures corresponding to total Group

(1) EUR bn and YoY changes in constant euros. Loans and advances to customers excluding reverse repos. Customer funds: customer deposits excluding repos + marketed mutual funds (2) NPS = Net Promoter Score. Refers to number of countries in Top 3 position in H1'21

We continued to strengthen our position as our client's strategic advisors

Increased our participation in green and ESG bonds, being one of the world leaders in financing and advising on renewable energy

Profit increased YoY and QoQ backed by higher revenue and sharp LLP reductions. Costs up due to investments in products and franchises under development. Best-in-class in efficiency

Strong revenue growth YoY, with all products increasing, mainly Global Debt Financing (GDF), market activities and investment banking fees

Total income (Constant EUR mn)

Q3'21	Q2'21 vs.	9M'21	% 9M'20
747	0	2	7
	0	207	5
		,
435	-0	1	19
	8	335	0
		,
144	42 6	656	18 6
1	9	4	12
414	2	352	1
,		,
-574	4	-1	11
	9	642	8
		,
840	12	2	12
	4	709	3
		,
-7	-66 0	-75	-73 5
832	9	2	27
	7	640	8
		,
547	9	1	25
	5	744	9
		,

37.7% Efficiency ratio

2.4%

RoRWA

(*) EUR mn and % change in constant euros

Private Banking: continued good activity levels and business growth. Net new money YTD: EUR 7.9 bn. Total customer assets and liabilities +17% YoY

SAM: volumes continued to grow (+7% YoY), both by market movement and by positive net sales (EUR 6.3 bn YTD)

Insurance: gross written premiums +5% YoY, boosted by protection business (+13%)

Total contribution to Group's profit up 16% YoY, driven by higher volumes, higher private banking fees and increased insurance protection business, mainly non-credit related

ACTIVITY				P&L*	Q3'21	vs. Q2'21	9M'21	% 9M'20
EUR bn and % change in constant euros		QoQ	YoY	NII	96	3.8	275	-2.4	EUR 1,733 mn
Total AUM	396	2%	12%	Net fee income	321	0.8	933	11.9	(+16% YoY) Total contribution
Funds and investments1	243	2%	10%	Total income	616	17.7	1,637	13.6	to Group's profit2
- Asset Management (SAM)	192	2%	7%	Operating expenses	-221	-3.4	-668	4.7	Total fees3
- Private Banking	77	1%	18%	Net operating income	395	34.0	969	20.7	EUR 2,494 mn
Custody of customer funds	98	2%	23%	LLPs	-6	114.2	-14	-39.1	(+11% YoY)
Customer deposits	55	2%	3%	Underlying PBT	405	39.5	966	24.9	Weight of Total Group
Customer loans	20	5%	25%	Underlying att. profit	292	38.2	698	23.9	32%

(*) EUR mn and % change in constant euros

Note. AuM: total assets marketed and/or managed

(1) Total adjusted for funds from private banking customers managed by SAM

(2) Profit after tax + fees generated by asset management and insurance transferred to the commercial network

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

Appendix

Primary segments and other countries

Secondary segments

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 Sep-21	Jun-21	Jun-21
Spain2	165%	159%	116%
K2 U	147%	146%	135%
Portugal	132%	132%	123%
Poland	185%	199%	155%
U S	152%	143%	125%
Mexico	180%	167%	117%
Brazil	140%	172%	114%
Chile	135%	142%	123%
Argentina	235%	352%	181%
SCF	395%	490%	116%
Group	164%	164%	124%

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) 12 month average, provisional data

Conservative and decentralized liquidity and funding model

Note: preference shares also includes other AT1 instruments. (2) Includes Banco Santander S.A. and Santander International Products PLC

Interest rate risk hedging

Net interest income sensitivity* to a +/-100 bp parallel shift EUR mn, Aug-21

Mostly positive interest rate sensitivity ALCO portfolios reflect our geographic diversification

Distribution of ALCO portfolios by country %, Sep-21

Issuances YTD against funding plan

2021 Funding plan and issuances

EUR bn, Sep-21	Snr Non-Preferred	Snr +		Hybrids	Covered	Bonds	TOTAL
	Plan	Issued	Plan	Issued	Plan	Issued	Plan	Issued
Santander S A	8-10	9 8	2-3	1 4 9	-	-	10-13	14 6
SCF	3-4	1 9	-	-	0-1	-	3-5	1 9
U K	2 5-3 5	3 4	-	-	-	-	2 5-3 5	3 4
SHUSA	3-4	-	-	-	-	-	3-4	-
2 Other	2 5-3 5	3 2	0-0 5	-	-	0 2	2 5-4	3 4
2 TOTAL	19-25	18 2	2-3 5	4 9	0-1	0 2	21-29 5	23 3

o The Financial Plan is focused on covering TLAC/MREL requirements, with no secured issuances, to:

Banco Santander S.A.'s 2021 funding plan contemplates the following:

o continue building up TLAC/MREL buffers.
o pre-finance senior non-preferred / senior preferred transactions which lose TLAC eligibility due to entering in the <1 year window.
o cover the increase in estimated RWAs which are the base of both requirements.

49 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) Two T2 instruments issued in Q4'20 as prefunding for 2021, totalling EUR 2.3 billion: EUR 1 billion issued 22-Oct-20 with a coupon of 1.625% and USD 1.5 billion issued 3-Dec-20 with a coupon of 2.749%. Issuance of additional hybrid securities will depend on RWA growth, to continue fulfilling the AT1 and T2 buffers (1.5% and 2% respectively). (2) Santander International Products, Plc. Is not included in the table: in 9M'21 issued EUR 0.80 bn of Senior Unsecured

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 8.86% (was 9.69% pre-changes)
As of Sep-21, the distance to the MDA is 319 bps²and the CET1 management buffer is 340 bps

**SREP capital requirements and MDA* Assumed capital requirements (fully-loaded)**

AT1 and T2 issuance are planned to be zero to target 1.5% and 2% of RWAs respectively

50 * The phased-in ratio includes the transitory treatment of IFRS 9, calculated in accordance with article 473 bis of the Regulation on Capital Requirements (CRR) and subsequent amendments introduced by Regulation 2020/873 of the European Union. Additionally, the Tier 1 and total phased-in capital ratios include the transitory treatment according to chapter 2, title 1, part 10 of the aforementioned CRR. (1) Countercyclical buffer.

(2) MDA trigger = 3.40% - 0.02% - 0.20% = 3.19% (2 bps of AT1 and 20 bps of T2 shortfall is covered with CET1).

In the EBA Stress Test, Santander had the highest PAT in both scenarios and was the only one of its peers to generate profit in adverse scenario

Profit after tax¹ baseline (EUR mn) Profit after tax1,2 adverse (EUR mn)

-5,352

-4,660

-2,777

-2,587

966

(1) Accumulated profit after tax (3 years). 51 (2) FX impact is only applied in the adverse scenario

Peers include: BBVA, BNP, Commerzbank, Crédit Agricole, Deutsche Bank, ING, Intesa SP, Nordea, Société Générale and Unicredit

Santander was also is the bank with the lowest impact in the CET1 phased-in ratio under the adverse scenario

(1) Phased-in includes IFRS 9 transitional arrangements

Peers include: BBVA, BNP, Commerzbank, Crédit Agricole, Deutsche Bank, ING, Intesa SP, Nordea, Société Générale and Unicredit

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

TLAC Ratio

EUR mn	December 31 2020	March 31 2021	30 June 2021	(E) September 30
Funds Own	86 836 ,	86 879 ,	86 046 ,	86 860 ,
(CET1) of which: Equity Tier capital Common 1	69 451 ,	69 594 ,	68 950 ,	68 899 ,
of (AT1) which: Additonal Tier capital 1	723 7 ,	591 7 ,	675 7 ,	8 708 ,
of which: (T2) capital Tier 2	9 662 ,	9 694 ,	9 422 ,	9 254 ,
Eligible Liabilities	30 ,434	32 ,531	34 ,714	35 ,122
Subordinated instruments	964	1 120 ,	2 824 ,	1 458 ,
preferred debt Non senior	22 540 ,	24 352 ,	24 730 ,	26 364 ,
Preferred debt and with the same insolvency ranking senior instruments	6 930 ,	7 059 ,	7 160 ,	7 300 ,
TLAC BEFORE DEDUCTIONS	117,270	119 ,410	120 ,760	121 982 ,
Deductions	51,134	48 893 ,	48 ,733	47,475
TLAC AFTER DEDUCTIONS	66 ,135	70 ,517	72 027 ,	74,507
(RWAs) Risk Weighted Assets	277 ,178	282 373 ,	286 386 ,	291 993 ,
(% RWAs) TLAC RATIO	9% 23	0% 25	2% 25	.5% 25
(LE) Leverage Exposure	632 ,194	689 334 ,	673 015 ,	667 341 ,
(% LE) TLAC RATIO	10 .5%	10 2%	10 .7%	11.2%

TLAC ratio increased from 25.2% to 25.5% of RWAs (compared to a fully-loaded TLAC requirement of 21.5% in January 2022 and 19.5% in September 2021) as the growth of instruments more than offset the increase in RWAs.
The instruments before deductions increased by EUR 1.2 bn as the issuances carried out (EUR 1.0 bn of AT1 and EUR 1.3 bn of senior non-preferred) and the dollar appreciation (EUR 0.4 bn) offset the loss of computability in the quarter (EUR 1.5 bn of subordinated debt). Additionally, we issued EUR 0.3 bn of senior debt in the quarter (without impact on the TLAC ratio, due to the cap on senior preferred debt). The deductions were EUR 1.3 bn lower due to higher excesses, mainly in Portugal, the UK and the US.
In Q3, RWAs grew by EUR 5.6 bn, mainly due to transfer of portfolios to the Resolution Group perimeter and higher surpluses in other resolution groups.

June 21 figures show the closing data, not the estimates shown in the second quarter earnings presentation

Appendix

Primary segments and other countries

Secondary segments

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 (%)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21
Europe	2	2	2	2	2	2	2
	30	12	06	09	08	04	00

Spain	1	1	1	1	1	1	1
	99	86	82	85	85	80	68

United Kingdom	2 49	2 35	2 32	2 36	2 33	2 32	2 33
Portugal	1	1	1	1	1	1	1
	63	57	57	51	46	40	36

Poland	4	3	2	2	2	2	2
	04	34	95	89	91	91	94

North America	8 99	89 7	85 7	71 7	7 74	61 7	51 7
US	7	6	6	6	6	6	6
	80	93	98	85	96	76	59

Mexico	12	11	10	10	10	10	10
	25	00	73	36	11	12	21

South America	11 70	10 00	9 03	9 50	9 92	10 00	10 52
Brazil	13	12	11	11	11	11	12
	56	28	66	07	37	63	20

Chile	7	5	4	7	6	6	6
	35	74	75	03	93	67	99

Argentina	23	20	18	19	22	22	21
	75	06	37	93	03	05	63

Digital	22	22	07	05	3	3	3
Consumer	4	4	4	4	98	94	93
Bank

Cost of deposits (%)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21
Europe	0	0	0	0	0	0	0
	36	25	14	12	11	08	07

Spain	0	0	0	0	0	0	0
	06	04	04	04	04	03	03

United Kingdom	0 69	0 52	0 29	0 23	0 21	0 15	0 11
Portugal	0	0	0	0	0	0	0
	08	06	05	03	02	02	02

Poland	0	0	0	0	0	0	0
	65	42	14	09	05	03	01

North America	1 60	1 18	0 91	0 74	0 64	0 61	0 65
US	0	0	0	0	0	0	0
	73	40	30	23	17	12	11

Mexico	3	3	2	2	1	1	2
	54	21	53	03	85	86	02

South America	3 13	2 07	1 58	1 45	1 83	2 15	2 80
Brazil	3	2	1	1	1	2	3
	12	27	61	46	47	15	07

Chile	1	0	0	0	0	0	0
	35	71	34	45	35	31	41

Argentina	10	7	8	9	11	11	12
	64	37	70	98	62	88	10

Digital	0	0	0	0	0	0	0
Consumer	47	44	39	35	30	26	21
Bank

Appendix

Primary segments and other countries

Secondary segments

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-20	Jun-20	Sep-20	Dec-20	Mar-21	Jun-21	Sep-21	Mar-20	Jun-20	Sep-20	Dec-20	Mar-21	Jun-21	Sep-21
Stage 1	891	878	862	864	885	904	912	0 6%	0 6%	0 6%	0 5%	0 5%	0 5%	0 5%
Stage 2	53	61	60	69	70	70	67	8 2%	7% 7	8 8%	8 5%	8 1%	8 2%	8 6%
Stage 3	33	33	31	32	32	33	33	40 8%	41 1%	43 3%	43 4%	42 5%	42 2%	43 0%

Additionally, customer loans not subject to impairment recorded at mark to market with changes through P&L (EUR 31 bn in March 2020, EUR 35 bn in June 2020, EUR 29 bn in September 2020, EUR 25 bn in December 2020, EUR 27 bn in March 21, EUR 26 bn in June 2021 and EUR 27 bn in September 2021)

NPL ratio (%)

	Mar-20	Jun-20	Sep-20	Dec-20	Mar-21	Jun-21	Sep-21
Europe	3	3	3	3	3	3	3
	37	41	29	34	26	30	15

Spain	6	6	5	6	6	6	5
	88	55	98	23	18	22	99

United Kingdom	0 99	1 10	1 33	1 24	1 35	1 30	1 27
Portugal	4	4	4	3	3	3	3
	56	43	25	89	84	71	44

Poland	4	4	4	4	4	4	4
	29	57	58	74	82	58	34

North America	2 02	1 73	1 96	2 23	2 39	2 28	2 56
US	2	1	1	2	2	2	2
	00	49	85	04	11	00	36

Mexico	2	2	2	2	3	3	3
	07	50	33	81	21	10	14

America South	4 63	4 74	4 40	4 39	4 30	4 36	4 38
Brazil	4	5	4	4	4	4	4
	93	07	64	59	42	55	72

Chile	4	4	4	4	4	4	4
	63	99	76	79	74	57	36

Argentina	3	3	2	2	2	3	3
	97	15	88	11	32	34	85

Digital	2	2	2	2	2	2	2
Consumer	21	31	29	17	23	18	15
Bank
TOTAL GROUP	3 25	3 26	3 15	3 21	3 20	3 22	3 18

Total coverage ratio (%)

	Mar-20	Jun-20	Sep-20	Dec-20	Mar-21	Jun-21	Sep-21
Europe	47	46	48	50	50	48	51
	0	5	7	3	0	4	1

Spain	44	43	46	47	47	46	48
	6	3	0	1	2	0	8

United Kingdom	39 7	42 8	41 6	44 7	40 5	37 4	36 6
Portugal	59	60	64	66	69	73	75
	0	9	3	5	2	0	5

Poland	68	69	70	70	70	72	74
	1	0	8	7	3	4	6

America North	170 1	206 5	201 6	182 6	153 4	152 3	139 3
US	181	253	228	210	183	185	161
	4	1	8	4	2	7	5

Mexico	133	114	132	120	95	90	90
	9	9	6	8	6	6	1

America South	92 9	93 0	97 2	97 4	98 4	98 1	98 8
Brazil	108	110	114	113	116	112	111
	0	2	9	2	5	3	8

Chile	57	54	59	61	63	63	64
	2	7	7	4	4	9	1

Argentina	131	165	186	275	232	167	149
	2	7	3	1	4	6	3

Digital	111	108	110	113	111	111	112
Consumer	6	0	6	3	4	9	8
Bank
TOTAL GROUP	71 3	72 1	76 0	76 4	74 0	72 9	74 0

Credit impaired loans and loan-loss allowances. Breakdown by operating areas. September 2021

Credit impaired loans Loan-loss allowances

Cost of credit (%)

	Mar-20	Jun-20	Sep-20	Dec-20	Mar-21	Jun-21	Sep-21
Europe	0	0	0	0	0	0	0
	36	41	48	58	51	49	48

Spain	0	0	0	1	0	1	1
	64	68	80	01	91	00	01

United Kingdom	0 14	0 22	0 26	0 27	0 21	0 09	0 01
Portugal	0	0	0	0	0	0	0
	23	30	42	51	38	41	35

Poland	0	0	0	1	1	0	0
	88	96	99	10	02	88	82

America North	3 02	3 21	3 07	2 92	2 34	1 67	1 46
US	3	3	3	2	2	1	1
	13	30	08	86	12	34	06

Mexico	2	2	2	3	3	2	2
	69	95	97	03	00	74	69

America South	3 29	3 49	3 50	3 32	2 81	2 51	2 52
Brazil	4	4	4	4	3	3	3
	43	67	58	35	79	51	60

Chile	1	1	1	1	1	1	0
	25	46	59	50	33	07	89

Argentina	48	67	5	93	4	3	3
	5	5	54	5	55	94	51

Digital	0	0	0	0	0	0	0
Consumer	63	74	79	83	69	64	57
Bank
TOTAL GROUP	1 17	1 26	1 27	1 28	1 08	0 94	0 90

Appendix

Primary segments and other countries

Secondary segments

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 Responsible Banking goals

				Ambition to be net zero by 2050
				With the first
				decarbonization targets:
				▪ Aligning our power generation portfolio to Paris by 2030
				▪ Stop providing financial services to
				power generation clients with a revenue
				dependency on thermal coal of over
				10% by 2030
				▪ Reduce our exposure to thermal coal mining to zero by 2030.

				Commitment Cumulative From Achieved target …To

Inclusion of our responsible banking targets as a qualitative metric in our executive remuneration bonus scorecard

Note: H1'21 data not audited

(*) 9M'21 provisional and not audited data
(1) Includes Santander overall contribution to green finance: project finance, syndicated loans, green bonds, capital finance, export finance, advisory, structuring and other products to help our clients in the transition to a low carbon economy. Commitment from 2019 to 2030 is EUR 220 bn
(2) In those countries where it is possible to certify renewable sourced electricity for the properties occupied by the Group
(3) According to relevant external indexes in each country (Great Place to Work, Top Employer, Merco, etc.)
(4) Senior positions represent 1% of total workforce
(5) Calculation of equal pay gap compares employees of the same job, level and function. Data reported annually.
(6) People (unbanked, underbanked or financially vulnerable), who are given access to the financial system, receive tailored finance and increase their knowledge and resilience through financial education

(7) People supported through Santander Universities initiative (students who will receive a Santander scholarship, will achieve an internship in an SME or participate in entrepreneurship programmes supported by the bank). Commitment refreshed after early completion in 2020 (200k).
(8) People helped through our community investment programmes (excluded Santander Universities and financial education initiatives)

Appendix

Primary segments and other countries

Secondary segments

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)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	8 487 ,	7 715 ,	7 773 ,	8 019 ,	7 956 ,	8 240 ,	8 458 ,	23 975 ,	24 654 ,
Net fee income	2 853 ,	2 283 ,	2 423 ,	2 456 ,	2 548 ,	2 621 ,	2 641 ,	7 559 ,	7 810 ,
(losses) Gains financial transactions and other on	474	706	891	520	886	444	832	2 071 ,	2 162 ,
income Total	11 814 ,	10 704 ,	11 087 ,	10 995 ,	11 390 ,	11 305 ,	11 931 ,	33 605 ,	34 626 ,
Operating expenses	(5 577) ,	(5 076) ,	(5 073) ,	(5 241) ,	(5 118) ,	(5 259) ,	(5 401) ,	(15 726) ,	(15 778) ,
Net operating income	6 237 ,	628 5 ,	6 014 ,	754 5 ,	6 272 ,	6 046 ,	6 530 ,	17 879 ,	18 848 ,
loan-loss provisions Net	(3 909) ,	(3 118) ,	(2 535) ,	(2 611) ,	(1 992) ,	(1 761) ,	(2 220) ,	(9 562) ,	(5 973) ,
(losses) Other gains provisions and	(372)	(625)	(304)	(485)	(467)	(470)	(506)	(1 301) ,	(1 443) ,
Underlying profit before tax	1 956 ,	1 885 ,	3 175 ,	2 658 ,	3 813 ,	3 815 ,	3 804 ,	7 016 ,	11 432 ,
Underlying consolidated profit	696	1 677 ,	2 047 ,	1 738 ,	2 489 ,	2 481 ,	2 551 ,	4 420 ,	7 521 ,
Underlying attributable profit	377	1 531 ,	1 750 ,	1 423 ,	2 138 ,	2 067 ,	2 174 ,	3 658 ,	6 379 ,
Net capital gains and provisions*	(46)	(12 660) ,	—	(1 146) ,	(530)	—	—	(12 706) ,	(530)
Attributable profit	331	(11 129) ,	1 750 ,	277	1 608 ,	2 067 ,	2 174 ,	(9 048) ,	5 849 ,

(*) Including: in Q1'20, restructuring costs in Q2'20, adjustment to the valuation of goodwill, adjustment has been made to deferred tax assets of the Spanish consolidated fiscal group and restructuring costs and other in Q4'20, restructuring costs and other in Q1'21, restructuring costs

SANTANDER GROUP (Constant EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	7 646 ,	7 485 ,	7 825 ,	169 8 ,	8 037 ,	8 247 ,	8 370 ,	956 22 ,	24 654 ,
Net fee income	2 569 ,	2 230 ,	2 423 ,	2 484 ,	2 572 ,	2 624 ,	2 613 ,	7 223 ,	7 810 ,
(losses) Gains financial transactions and other on	456	655	888	519	892	446	824	2 000 ,	2 162 ,
income Total	10 672 ,	10 371 ,	11 137 ,	11 172 ,	11 502 ,	11 317 ,	11 808 ,	32 179 ,	34 626 ,
Operating expenses	(5 148) ,	(4 961) ,	(5 107) ,	(5 321) ,	(5 153) ,	(5 265) ,	(5 360) ,	(15 216) ,	(15 778) ,
operating income Net	5 524 ,	5 410 ,	6 030 ,	5 850 ,	6 349 ,	6 051 ,	6 448 ,	16 963 ,	18 848 ,
Net loan-loss provisions	(3 524) ,	(3 004) ,	(2 589) ,	(2 674) ,	(2 015) ,	(1 761) ,	(2 197) ,	(9 117) ,	(5 973) ,
(losses) Other gains and provisions	(334)	(621)	(306)	(493)	(467)	(471)	(505)	(1 260) ,	(1 443) ,
Underlying profit before tax	1 666 ,	1 785 ,	3 135 ,	2 684 ,	3 866 ,	3 820 ,	3 746 ,	6 586 ,	11 432 ,
Underlying consolidated profit	510	1 612 ,	2 031 ,	1 760 ,	2 518 ,	2 487 ,	2 516 ,	4 154 ,	7 521 ,
Underlying attributable profit	208	1 472 ,	1 738 ,	1 445 ,	2 165 ,	2 072 ,	2 142 ,	3 418 ,	6 379 ,
Net capital gains and provisions*	(45)	(12 662) ,	(23)	(1 142) ,	(533)	2	1	(12 730) ,	(530)
Attributable profit	162	(11 190) ,	1 716 ,	304	1 632 ,	2 074 ,	2 143 ,	(9 312) ,	5 849 ,

(*) Including: in Q1'20, restructuring costs

in Q2'20, adjustment to the valuation of goodwill, adjustment has been made to deferred tax assets of the Spanish consolidated fiscal group and restructuring costs and other in Q4'20, restructuring costs and other in Q1'21, restructuring costs

Europe (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	2 378 ,	2 330 ,	2 534 ,	2 670 ,	2 645 ,	2 751 ,	2 744 ,	241 7 ,	8 140 ,
Net fee income	1 128 ,	942	961	968	1 072 ,	1 086 ,	1 079 ,	3 032 ,	3 236 ,
(losses) Gains financial transactions and other on	212	125	388	37	432	106	385	725	923
Total income	3 718 ,	3 398 ,	3 883 ,	3 675 ,	4 149 ,	3 942 ,	4 208 ,	10 998 ,	12 299 ,
Operating expenses	(2 175) ,	(2 038) ,	(2 046) ,	(2 015) ,	(2 071) ,	(2 072) ,	(2 048) ,	(6 259) ,	(6 191) ,
operating income Net	1 543 ,	1 359 ,	1 837 ,	1 659 ,	2 077 ,	1 870 ,	2 160 ,	4 739 ,	6 108 ,
Net loan-loss provisions	(1 004) ,	(677)	(735)	(927)	(595)	(606)	(676)	(2 417) ,	(1 877) ,
(losses) Other gains and provisions	(236)	(186)	(177)	(371)	(251)	(344)	(258)	(598)	(854)
Underlying profit before tax	303	496	925	361	1 231 ,	919	1 227 ,	1 724 ,	3 377 ,
Underlying consolidated profit	202	360	660	268	829	616	899	1 223 ,	2 344 ,
Underlying attributable profit	193	336	628	256	826	599	867	1 157 ,	2 293 ,

Europe (Constant EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	2 360 ,	2 347 ,	2 569 ,	2 711 ,	2 656 ,	2 748 ,	2 735 ,	275 7 ,	8 140 ,
fee income Net	1 120 ,	944	965	971	1 073 ,	1 085 ,	1 078 ,	3 028 ,	3 236 ,
(losses) Gains financial transactions and other on	213	122	388	35	432	107	384	723	923
income Total	3 692 ,	3 413 ,	3 921 ,	3 717 ,	4 162 ,	3 940 ,	4 197 ,	11 026 ,	12 299 ,
Operating expenses	(2 162) ,	(2 051) ,	(2 072) ,	(2 041) ,	(2 080) ,	(2 069) ,	(2 042) ,	(6 285) ,	(6 191) ,
operating income Net	1 531 ,	1 361 ,	1 849 ,	1 676 ,	2 082 ,	1 871 ,	2 155 ,	741 4 ,	6 108 ,
Net loan-loss provisions	(999)	(683)	(743)	(933)	(596)	(606)	(676)	(2 424) ,	(1 877) ,
(losses) Other gains and provisions	(234)	(184)	(180)	(374)	(249)	(346)	(258)	(599)	(854)
Underlying profit before tax	298	495	927	369	1 236 ,	919	1 221 ,	1 719 ,	3 377 ,
Underlying consolidated profit	200	358	662	275	832	618	895	1 219 ,	2 344 ,
Underlying attributable profit	189	336	631	263	829	600	864	1 156 ,	2 293 ,

Spain (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	925	931	1 034 ,	1 067 ,	1 019 ,	1 015 ,	975	2 890 ,	3 009 ,
fee income Net	643	535	562	573	587	617	616	1 740 ,	1 821 ,
(losses) Gains financial transactions and other on	220	96	204	(8)	178	62	290	520	529
income Total	1 789 ,	1 562 ,	1 800 ,	1 632 ,	1 785 ,	1 693 ,	1 881 ,	5 150 ,	5 359 ,
Operating expenses	(944)	(896)	(893)	(873)	(867)	(852)	(818)	(2 734) ,	(2 537) ,
operating income Net	844	665	907	759	918	842	1 063 ,	2 417 ,	2 822 ,
Net loan-loss provisions	(628)	(313)	(449)	(611)	(449)	(492)	(449)	(1 390) ,	(1 390) ,
(losses) Other gains and provisions	(104)	(115)	(112)	(128)	(129)	(147)	(162)	(331)	(438)
Underlying profit before tax	112	237	346	20	340	202	453	696	995
Underlying consolidated profit	90	160	246	20	243	147	340	496	730
Underlying attributable profit	90	161	246	20	243	147	340	497	730

United Kingdom (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	820	796	905	983	1 001 ,	1 100 ,	1 168 ,	2 521 ,	3 268 ,
Net fee income	190	94	115	96	120	117	114	398	352
(losses) Gains financial transactions and other on	(3)	1	14	(31)	(10)	(6)	21	12	5
Total income	1 007 ,	891	1 034 ,	1 048 ,	1 111 ,	1 211 ,	1 303 ,	2 932 ,	3 625 ,
Operating expenses	(686)	(631)	(620)	(601)	(652)	(648)	(638)	(1 938) ,	(1 937) ,
operating income Net	321	259	414	447	459	563	665	994	1 688 ,
Net loan-loss provisions	(178)	(223)	(179)	(97)	(18)	86	(1)	(580)	67
(losses) Other gains and provisions	(71)	(5)	(30)	(150)	(31)	(63)	(39)	(106)	(132)
Underlying profit before tax	72	31	205	200	410	587	625	308	1 623 ,
Underlying consolidated profit	52	19	149	171	294	399	452	220	1 145 ,
Underlying attributable profit	52	19	149	171	294	399	452	220	1 145 ,

United Kingdom (GBP mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	706	706	818	885	874	948	1 000 ,	2 230 ,	2 822 ,
Net fee income	163	85	104	87	105	101	97	352	304
(losses) Gains financial transactions and other on	(2)	1	13	(27)	(8)	(5)	18	11	4
Total income	867	791	934	945	971	1 044 ,	1 115 ,	2 593 ,	3 130 ,
Operating expenses	(591)	(560)	(562)	(543)	(569)	(558)	(545)	(1 714) ,	(1 673) ,
operating income Net	276	231	372	402	401	486	570	879	1 457 ,
Net loan-loss provisions	(153)	(197)	(163)	(89)	(16)	75	(1)	(513)	58
(losses) Other gains and provisions	(61)	(5)	(27)	(134)	(27)	(54)	(33)	(94)	(114)
Underlying profit before tax	62	28	182	179	358	507	536	273	1 401 ,
Underlying consolidated profit	45	17	133	153	257	345	387	195	989
Underlying attributable profit	45	17	133	153	257	345	387	195	989

Portugal (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	202	197	193	195	193	192	185	592	569
Net fee income	101	90	94	103	99	110	115	285	325
(losses) Gains financial transactions and other on	47	30	25	19	135	1	12	102	148
Total income	350	317	312	317	427	303	312	979	1 042 ,
Operating expenses	(151)	(145)	(146)	(149)	(146)	(143)	(140)	(442)	(429)
operating income Net	199	172	166	168	281	160	172	538	613
Net loan-loss provisions	(80)	(24)	(47)	(42)	(35)	(35)	(25)	(152)	(95)
(losses) Other gains provisions and	(21)	(16)	1	7	(13)	(11)	(2)	(36)	(26)
Underlying profit before tax	98	132	120	133	234	114	145	350	492
Underlying consolidated profit	68	92	83	95	161	78	100	243	339
Underlying attributable profit	68	92	83	95	161	78	100	243	339

Poland (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	296	251	246	243	240	250	251	794	741
Net fee income	116	104	112	120	127	126	133	332	386
(losses) Gains financial transactions and other on	(48)	23	35	24	(10)	41	21	10	52
Total income	365	377	394	388	357	417	405	1 136 ,	1 179 ,
Operating expenses	(172)	(143)	(161)	(154)	(158)	(163)	(162)	(475)	(483)
operating income Net	193	235	233	234	199	254	243	661	696
Net loan-loss provisions	(95)	(89)	(65)	(81)	(68)	(45)	(47)	(249)	(161)
(losses) Other gains and provisions	(36)	(40)	(32)	(87)	(72)	(126)	(56)	(108)	(254)
Underlying profit before tax	62	105	136	66	58	83	140	303	281
Underlying consolidated profit	32	74	100	34	26	49	103	206	177
Underlying attributable profit	23	51	68	20	21	34	70	142	125

Poland (PLN mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	1 279 ,	1 134 ,	1 095 ,	1 096 ,	1 090 ,	1 131 ,	1 145 ,	3 508 ,	3 367 ,
Net fee income	503	467	498	541	576	573	606	1 468 ,	1 754 ,
(losses) Gains financial transactions and other on	(206)	95	156	109	(46)	187	98	45	238
Total income	1 576 ,	1 696 ,	1 749 ,	1 746 ,	1 621 ,	1 891 ,	1 848 ,	021 5 ,	360 5 ,
Operating expenses	(742)	(645)	(714)	(694)	(718)	(739)	(739)	(2 100) ,	(2 197) ,
operating income Net	834	1 051 ,	1 036 ,	1 052 ,	902	1 151 ,	1 109 ,	2 921 ,	3 163 ,
Net loan-loss provisions	(411)	(399)	(291)	(363)	(309)	(205)	(216)	(1 101) ,	(730)
(losses) Other gains and provisions	(155)	(181)	(141)	(390)	(329)	(570)	(255)	(478)	(1 154) ,
Underlying profit before tax	268	470	603	300	265	376	638	1 342 ,	1 279 ,
Underlying consolidated profit	140	329	442	154	116	223	467	911	806
Underlying attributable profit	98	225	302	93	93	153	321	626	567

Other Europe (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	134	155	155	182	192	195	165	445	553
Net fee income	78	120	78	75	138	115	101	276	354
(losses) Gains financial transactions and other on	(5)	(24)	109	32	139	8	41	80	188
income Total	207	251	343	290	469	318	307	801	1 095 ,
Operating expenses	(222)	(223)	(226)	(238)	(249)	(267)	(290)	(671)	(806)
Net operating income	(15)	28	116	52	221	51	17	129	289
provisions Net loan-loss	(23)	(29)	5	(97)	(26)	(121)	(153)	(46)	(299)
(losses) Other gains and provisions	(4)	(9)	(4)	(12)	(6)	2	(0)	(17)	(4)
Underlying profit before tax	(42)	(10)	117	(58)	189	(67)	(136)	66	(14)
Underlying consolidated profit	(40)	15	81	(52)	106	(58)	(95)	56	(47)
Underlying attributable profit	(40)	14	81	(51)	108	(60)	(94)	56	(46)

Other Europe (Constant EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	133	152	155	182	192	195	165	439	553
fee income Net	75	118	78	75	139	115	100	272	354
(losses) Gains financial transactions and other on	(6)	(25)	109	32	139	9	40	78	188
income Total	202	244	343	290	470	319	306	789	1 095 ,
Operating expenses	(218)	(219)	(225)	(237)	(250)	(266)	(290)	(663)	(806)
operating income Net	(16)	25	117	52	220	53	16	126	289
Net loan-loss provisions	(22)	(30)	6	(98)	(26)	(121)	(153)	(46)	(299)
(losses) Other gains and provisions	(5)	(7)	(6)	(12)	(4)	1	(1)	(18)	(4)
Underlying profit before tax	(43)	(11)	117	(57)	190	(67)	(137)	62	(14)
Underlying consolidated profit	(41)	14	81	(52)	105	(56)	(96)	53	(47)
Underlying attributable profit	(42)	14	81	(50)	108	(59)	(95)	53	(46)

North America (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	2 261 ,	2 079 ,	2 076 ,	2 055 ,	2 005 ,	2 010 ,	2 070 ,	6 415 ,	6 085 ,
Net fee income	464	405	413	402	451	410	386	1 282 ,	1 247 ,
(losses) Gains financial transactions and other on	216	227	194	242	313	299	322	637	934
Total income	2 941 ,	2 711 ,	2 683 ,	2 699 ,	2 768 ,	2 719 ,	2 779 ,	8 335 ,	8 266 ,
Operating expenses	(1 230) ,	(1 123) ,	(1 109) ,	(1 215) ,	(1 149) ,	(1 194) ,	(1 275) ,	(3 462) ,	(3 617) ,
operating income Net	1 711 ,	1 587 ,	1 574 ,	1 484 ,	1 620 ,	1 525 ,	1 504 ,	4 873 ,	4 649 ,
Net loan-loss provisions	(1 246) ,	(1 123) ,	(775)	(773)	(393)	(195)	(506)	(3 144) ,	(1 095) ,
(losses) Other gains and provisions	(14)	(38)	(24)	(57)	(20)	8	(38)	(76)	(50)
Underlying profit before tax	452	427	774	654	1 207 ,	1 338 ,	959	1 653 ,	3 504 ,
Underlying consolidated profit	337	369	528	500	910	1 014 ,	772	1 234 ,	2 696 ,
Underlying attributable profit	282	334	439	417	773	854	661	1 055 ,	2 288 ,

North America (Constant EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	2 074 ,	2 010 ,	2 094 ,	2 064 ,	2 026 ,	2 023 ,	2 036 ,	6 178 ,	6 085 ,
Net fee income	426	399	423	405	457	412	379	1 247 ,	1 247 ,
(losses) Gains financial transactions and other on	199	213	191	239	315	301	317	603	934
Total income	2 699 ,	2 622 ,	2 707 ,	2 708 ,	2 798 ,	2 736 ,	2 732 ,	8 028 ,	8 266 ,
Operating expenses	(1 129) ,	(1 085) ,	(1 121) ,	(1 219) ,	(1 161) ,	(1 201) ,	(1 255) ,	(3 335) ,	(3 617) ,
operating income Net	1 570 ,	1 537 ,	1 586 ,	1 490 ,	1 637 ,	1 535 ,	1 477 ,	4 694 ,	4 649 ,
Net loan-loss provisions	(1 145) ,	(1 070) ,	(793)	(784)	(399)	(195)	(501)	(3 009) ,	(1 095) ,
(losses) Other gains and provisions	(13)	(36)	(24)	(56)	(20)	8	(38)	(73)	(50)
Underlying profit before tax	413	431	769	650	1 219 ,	1 348 ,	938	1 612 ,	3 504 ,
Underlying consolidated profit	308	368	528	496	919	1 021 ,	756	1 204 ,	2 696 ,
Underlying attributable profit	257	334	442	415	781	860	647	1 033 ,	2 288 ,

United States (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	1 462 ,	1 429 ,	1 406 ,	1 348 ,	1 337 ,	1 326 ,	1 359 ,	4 297 ,	4 022 ,
Net fee income	250	215	218	206	241	191	174	682	606
(losses) Gains financial transactions and other on	217	157	206	247	324	318	316	580	958
Total income	1 929 ,	1 801 ,	1 830 ,	1 801 ,	1 902 ,	1 835 ,	1 849 ,	559 5 ,	586 5 ,
Operating expenses	(809)	(776)	(722)	(772)	(748)	(783)	(815)	(2 307) ,	(2 346) ,
operating income Net	1 120 ,	1 024 ,	1 108 ,	1 029 ,	1 154 ,	1 052 ,	1 034 ,	3 252 ,	3 240 ,
Net loan-loss provisions	(972)	(832)	(572)	(561)	(165)	9	(294)	(2 376) ,	(450)
(losses) Other gains and provisions	(6)	(30)	(20)	(37)	(15)	15	(6)	(56)	(6)
Underlying profit before tax	141	163	515	431	974	1 076 ,	734	820	2 784 ,
Underlying consolidated profit	99	170	333	330	739	817	593	602	2 150 ,
Underlying attributable profit	60	151	259	260	616	674	498	470	1 788 ,

United States (USD mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	1 612 ,	1 573 ,	1 644 ,	1 608 ,	1 611 ,	1 599 ,	1 601 ,	4 829 ,	4 810 ,
fee income Net	275	237	255	247	290	231	204	767	725
(losses) Gains financial transactions and other on	239	173	240	291	390	383	372	652	1 145 ,
income Total	2 126 ,	1 983 ,	2 139 ,	2 145 ,	2 290 ,	2 213 ,	2 177 ,	6 248 ,	6 680 ,
Operating expenses	(892)	(855)	(846)	(918)	(901)	(945)	(960)	(2 593) ,	(2 806) ,
operating income Net	1 235 ,	1 128 ,	1 292 ,	1 227 ,	1 390 ,	1 268 ,	1 217 ,	3 655 ,	3 875 ,
Net loan-loss provisions	(1 072) ,	(916)	(683)	(679)	(199)	11	(350)	(2 671) ,	(538)
(losses) Other gains and provisions	(7)	(33)	(24)	(44)	(18)	18	(7)	(63)	(7)
Underlying profit before tax	156	180	586	504	1 173 ,	1 297 ,	860	921	3 329 ,
Underlying consolidated profit	109	188	381	386	890	985	695	677	2 571 ,
Underlying attributable profit	66	166	296	305	743	813	583	529	2 139 ,

Mexico (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	798	650	669	707	667	684	711	2 118 ,	2 063 ,
Net fee income	211	185	189	188	204	210	203	584	617
(losses) Gains financial transactions and other on	(2)	70	(10)	(4)	(6)	(16)	5	58	(18)
Total income	1 007 ,	905	848	891	865	878	919	2 760 ,	2 662 ,
Operating expenses	(415)	(341)	(375)	(422)	(373)	(379)	(425)	(1 130) ,	(1 177) ,
operating income Net	592	565	473	469	492	499	494	1 629 ,	1 485 ,
Net loan-loss provisions	(273)	(291)	(203)	(212)	(228)	(204)	(213)	(767)	(645)
(losses) Other gains and provisions	(8)	(6)	(4)	(19)	(5)	(6)	(1)	(18)	(13)
Underlying profit before tax	311	267	266	238	259	289	280	844	828
Underlying consolidated profit	237	201	200	185	196	221	231	638	649
Underlying attributable profit	220	186	185	171	182	205	215	591	602

Mexico (MXN mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net	17	16	17	17	16	16	16	51	49
interest	484	706	310	322	360	503	783	500	647
income	,	,	,	,	,	,	,	,	,
Net	4	4	4	4	4	5	4	14	14
fee	617	719	868	596	995	077	781	203	853
income	,	,	,	,	,	,	,	,	,
(losses) Gains financial transactions and other on	(51)	1 658 ,	(194)	(91)	(156)	(399)	134	1 413 ,	(422)
Total income	22 049 ,	23 083 ,	21 984 ,	21 827 ,	21 199 ,	21 181 ,	21 698 ,	67 117 ,	64 077 ,
Operating expenses	(9 088) ,	(8 749) ,	(9 654) ,	(10 327) ,	(9 139) ,	(9 140) ,	(10 048) ,	(27 491) ,	(28 326) ,
operating	12	14	12	11	12	12	11	39	35
income	962	334	330	500	060	041	650	626	751
Net	,	,	,	,	,	,	,	,	,
Net	(5	(7	(5	(5	(5	(4	(5	(18	(15
loan-loss	985)	336)	339)	194)	582)	921)	012)	660)	514)
provisions	,	,	,	,	,	,	,	,	,
(losses) Other gains provisions and	(167)	(166)	(109)	(470)	(127)	(151)	(30)	(442)	(308)
Underlying profit before tax	6 810 ,	6 832 ,	6 881 ,	5 836 ,	6 351 ,	6 970 ,	6 608 ,	20 523 ,	19 929 ,
Underlying	5	5	5	4	4	5	5	15	15
consolidated	191	149	170	529	810	339	461	511	611
profit	,	,	,	,	,	,	,	,	,
Underlying	4	4	4	4	4	4	080	14	14
attributable	814	761	786	198	458	947	5	361	485
profit	,	,	,	,	,	,	,	,	,

Other North America (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	(0)	0	0	0	0	0	0	0	0
Net fee income	4	5	7	8	7	8	9	16	24
(losses) Gains financial transactions and other on	2	(1)	(2)	(0)	(5)	(2)	1	(1)	(6)
Total income	5	4	6	8	2	5	10	15	18
Operating expenses	(6)	(6)	(13)	(22)	(28)	(32)	(35)	(24)	(94)
operating income Net	(0)	(2)	(7)	(14)	(26)	(26)	(25)	(9)	(77)
Net loan-loss provisions	(0)	(0)	(0)	(0)	(0)	(0)	0	(0)	0
(losses) Other gains and provisions	(0)	(2)	(0)	0	(0)	(0)	(31)	(2)	(31)
Underlying profit before tax	(1)	(4)	(7)	(14)	(26)	(27)	(55)	(11)	(108)
Underlying consolidated profit	2	(3)	(5)	(15)	(25)	(25)	(52)	(6)	(102)
Underlying attributable profit	2	(3)	(5)	(15)	(25)	(25)	(52)	(6)	(102)

Other North America (Constant EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	(0)	0	0	0	0	0	0	0	0
Net fee income	4	5	7	8	7	8	9	16	24
(losses) Gains financial transactions and other on	2	(1)	(2)	(0)	(5)	(2)	1	(1)	(6)
Total income	5	4	6	8	2	5	10	15	18
Operating expenses	(6)	(6)	(13)	(22)	(28)	(32)	(35)	(24)	(94)
operating income Net	(0)	(2)	(7)	(14)	(26)	(26)	(25)	(9)	(77)
Net loan-loss provisions	(0)	(0)	(0)	(0)	(0)	(0)	0	(0)	0
(losses) Other gains and provisions	(0)	(2)	(0)	0	(0)	(0)	(31)	(2)	(31)
Underlying profit before tax	(1)	(4)	(7)	(14)	(26)	(27)	(55)	(11)	(108)
Underlying consolidated profit	2	(3)	(5)	(15)	(25)	(25)	(52)	(6)	(102)
Underlying attributable profit	2	(3)	(5)	(15)	(25)	(25)	(52)	(6)	(102)

South America (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	3 065 ,	2 606 ,	2 486 ,	2 566 ,	2 575 ,	2 760 ,	2 920 ,	8 157 ,	8 254 ,
fee income Net	1 077 ,	779	848	885	842	928	956	2 704 ,	2 726 ,
(losses) Gains financial transactions and other on	26	310	149	70	122	85	115	485	322
income Total	4 169 ,	3 695 ,	3 483 ,	3 522 ,	3 539 ,	3 772 ,	3 991 ,	11 346 ,	11 302 ,
Operating expenses	(1 492) ,	(1 281) ,	(1 250) ,	(1 335) ,	(1 219) ,	(1 299) ,	(1 398) ,	(4 023) ,	(3 916) ,
operating income Net	2 677 ,	2 414 ,	2 233 ,	2 187 ,	2 320 ,	2 473 ,	2 593 ,	324 7 ,	386 7 ,
provisions Net loan-loss	(1 325) ,	(1 110) ,	(787)	(702)	(683)	(809)	(892)	(3 222) ,	(2 384) ,
(losses) Other gains and provisions	(142)	(54)	(71)	(54)	(132)	(55)	(124)	(266)	(312)
Underlying profit before tax	1 210 ,	1 250 ,	1 375 ,	1 431 ,	1 505 ,	1 609 ,	1 577 ,	3 836 ,	4 691 ,
Underlying consolidated profit	796	781	832	935	905	1 014 ,	964	2 408 ,	2 883 ,
Underlying attributable profit	700	682	731	794	773	871	826	2 113 ,	2 471 ,

South America (Constant EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	2 430 ,	2 415 ,	2 475 ,	2 655 ,	2 620 ,	2 759 ,	2 875 ,	321 7 ,	8 254 ,
income Net fee	841	730	836	906	859	930	937	2 407 ,	2 726 ,
(losses) Gains financial transactions and other on	24	277	149	74	127	83	112	450	322
income Total	3 296 ,	3 422 ,	3 460 ,	3 635 ,	3 606 ,	3 772 ,	3 924 ,	10 178 ,	11 302 ,
Operating expenses	(1 178) ,	(1 186) ,	(1 242) ,	(1 381) ,	(1 232) ,	(1 302) ,	(1 382) ,	(3 607) ,	(3 916) ,
operating income Net	2 118 ,	2 236 ,	2 217 ,	2 254 ,	2 374 ,	2 470 ,	2 542 ,	6 571 ,	7 386 ,
Net loan-loss provisions	(1 046) ,	(1 041) ,	(814)	(745)	(701)	(809)	(874)	(2 901) ,	(2 384) ,
(losses) Other gains and provisions	(107)	(54)	(69)	(61)	(134)	(56)	(122)	(229)	(312)
Underlying profit before tax	965	1 142 ,	1 335 ,	1 448 ,	1 540 ,	1 605 ,	1 546 ,	3 441 ,	691 4 ,
Underlying consolidated profit	642	714	811	950	922	1 012 ,	949	2 167 ,	2 883 ,
Underlying attributable profit	559	619	711	808	789	871	811	1 889 ,	2 471 ,

Brazil (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	2 270 ,	1 813 ,	1 756 ,	1 786 ,	1 780 ,	1 919 ,	2 083 ,	5 840 ,	5 782 ,
Net fee income	869	614	664	677	632	698	696	2 148 ,	2 027 ,
(losses) Gains financial transactions and other on	(3)	224	114	82	109	64	103	335	276
Total income	3 137 ,	2 651 ,	2 534 ,	2 544 ,	2 521 ,	2 682 ,	2 882 ,	8 322 ,	8 085 ,
Operating expenses	(1 004) ,	(835)	(805)	(897)	(723)	(779)	(864)	(2 644) ,	(2 366) ,
operating income Net	2 133 ,	1 816 ,	1 729 ,	1 648 ,	1 799 ,	1 902 ,	2 019 ,	5 677 ,	5 719 ,
Net loan-loss provisions	(1 066) ,	(843)	(569)	(540)	(549)	(674)	(757)	(2 478) ,	(1 980) ,
(losses) Other gains and provisions	(127)	(31)	(68)	(36)	(96)	(28)	(89)	(226)	(214)
Underlying profit before tax	940	942	1 092 ,	1 072 ,	1 154 ,	1 200 ,	1 172 ,	2 973 ,	3 526 ,
Underlying consolidated profit	571	533	611	636	624	684	655	1 716 ,	1 963 ,
Underlying attributable profit	517	478	550	568	562	619	582	1 545 ,	1 762 ,

Brazil (BRL mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest	11	10	11	11	11	12	12	32	36
income	100	725	066	446	744	228	847	891	819
Net	,	,	,	,	,	,	,	,	,
Net	4	3	4	4	4	4	4	12	12
fee	250	679	167	324	169	450	285	096	905
income	,	,	,	,	,	,	,	,	,
(losses) Gains financial transactions and other on	(14)	1 196 ,	703	538	718	402	635	1 885 ,	1 756 ,
Total income	15 336 ,	15 600 ,	15 935 ,	16 308 ,	16 632 ,	17 080 ,	17 767 ,	46 871 ,	51 479 ,
Operating expenses	(4 907) ,	(4 922) ,	(5 065) ,	(5 696) ,	(4 767) ,	(4 966) ,	(5 330) ,	(14 894) ,	(15 062) ,
operating	10	10	10	10	11	12	12	31	36
income	429	678	871	612	865	115	437	977	417
Net	,	,	,	,	,	,	,	,	,
Net	(5	(4	(3	(3	(3	(4	(4	(13	(12
loan-loss	214)	990)	752)	588)	619)	302)	683)	957)	604)
provisions	,	,	,	,	,	,	,	,	,
(losses) Other gains and provisions	(621)	(226)	(428)	(252)	(633)	(172)	(555)	(1 274) ,	(1 360) ,
Underlying profit before tax	594 4 ,	462 5 ,	6 691 ,	6 771 ,	612 7 ,	641 7 ,	200 7 ,	16 746 ,	22 453 ,
Underlying	2	3	3	4	4	4	4	9	12
consolidated	794	111	760	008	118	359	022	665	500
profit	,	,	,	,	,	,	,	,	,
Underlying	2	2	3	3	3	3	3	8	11
attributable	526	792	386	583	704	944	571	704	219
profit	,	,	,	,	,	,	,	,	,

Chile (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	448	425	420	494	497	511	467	1 293 ,	1 476 ,
Net fee income	92	74	74	94	95	96	104	240	294
(losses) Gains financial transactions and other on	12	85	38	6	22	30	12	136	64
Total income	553	584	532	594	614	637	583	1 669 ,	1 834 ,
Operating expenses	(230)	(228)	(223)	(219)	(236)	(245)	(229)	(681)	(710)
operating income Net	322	356	310	375	378	392	354	988	1 125 ,
Net loan-loss provisions	(163)	(183)	(154)	(94)	(100)	(82)	(84)	(500)	(266)
(losses) Other gains and provisions	1	(2)	13	4	(1)	5	(5)	12	(2)
Underlying profit before tax	160	171	169	285	277	315	265	500	857
Underlying consolidated profit	138	129	125	236	222	246	206	393	674
Underlying attributable profit	97	86	86	163	153	169	142	269	463

Chile (CLP mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	397 015 ,	384 057 ,	383 394 ,	447 669 ,	433 780 ,	441 721 ,	426 106 ,	1 164 466 , ,	1 301 606 , ,
Net fee income	81 770 ,	67 170 ,	67 421 ,	85 452 ,	82 698 ,	82 631 ,	94 239 ,	216 362 ,	259 567 ,
(losses) Gains financial transactions and other on	10 853 ,	76 628 ,	35 003 ,	316 5 ,	19 479 ,	26 231 ,	11 153 ,	122 484 ,	56 862 ,
income Total	489 638 ,	527 855 ,	485 818 ,	538 437 ,	535 956 ,	550 583 ,	531 497 ,	1 503 312 , ,	1 618 035 , ,
Operating expenses	(204 237) ,	(205 998) ,	(203 043) ,	(198 727) ,	(205 743) ,	(211 816) ,	(208 503) ,	(613 279) ,	(626 062) ,
Net operating income	285 401 ,	321 857 ,	282 775 ,	339 710 ,	330 213 ,	338 767 ,	322 993 ,	890 033 ,	991 973 ,
provisions Net loan-loss	(144 587) ,	(165 302) ,	(140 381) ,	(85 889) ,	(87 495) ,	(70 398) ,	(76 361) ,	(450 270) ,	(234 254) ,
(losses) Other gains and provisions	739	(1 905) ,	11 526 ,	3 859 ,	(1 155) ,	4 015 ,	(4 609) ,	10 360 ,	(1 749) ,
Underlying profit before tax	141 553 ,	154 650 ,	153 920 ,	257 680 ,	241 563 ,	272 384 ,	242 024 ,	450 123 ,	755 970 ,
Underlying consolidated profit	122 619 ,	116 749 ,	114 468 ,	213 738 ,	193 497 ,	212 270 ,	188 561 ,	353 837 ,	594 329 ,
Underlying attributable profit	86 013 ,	918 77 ,	78 454 ,	147 535 ,	133 049 ,	145 679 ,	129 630 ,	242 385 ,	408 357 ,

Argentina (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	241	261	218	192	204	235	268	721	708
income Net fee	76	56	70	71	74	87	110	202	272
(losses) Gains financial transactions and other on	1	(8)	(14)	(36)	(16)	(22)	(13)	(21)	(51)
income Total	318	310	274	226	262	301	365	902	929
Operating expenses	(186)	(153)	(152)	(141)	(171)	(179)	(204)	(491)	(554)
operating income Net	132	157	122	85	92	122	161	411	375
Net loan-loss provisions	(75)	(57)	(46)	(48)	(14)	(35)	(40)	(178)	(88)
(losses) Other gains and provisions	(14)	(18)	(17)	(22)	(34)	(31)	(29)	(48)	(94)
Underlying profit before tax	44	82	59	15	44	57	92	185	193
Underlying consolidated profit	34	75	52	18	46	63	73	162	182
Underlying attributable profit	34	75	52	18	45	62	73	161	180

Argentina (ARS mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest	16	22	24	29	22	27	31	64	81
income	991	846	646	613	035	866	122	484	023
Net	,	,	,	,	,	,	,	,	,
Net	5	5	7	10	7	10	12	18	31
fee	327	132	611	109	977	342	802	070	120
income	,	,	,	,	,	,	,	,	,
(losses) Gains financial transactions and other on	89	(595)	(1 349) ,	(4 047) ,	(1 686) ,	(2 575) ,	(1 558) ,	(1 855) ,	(5 820) ,
Total income	22 407 ,	27 384 ,	30 908 ,	35 674 ,	28 326 ,	35 632 ,	42 366 ,	80 699 ,	106 324 ,
Operating expenses	(13 112) ,	(13 756) ,	(17 093) ,	(21 259) ,	(18 420) ,	(21 246) ,	(23 720) ,	(43 960) ,	(63 386) ,
operating	9	13	13	14	9	14	18	36	42
income	295	628	815	416	906	386	646	738	938
Net	,	,	,	,	,	,	,	,	,
Net	(5	(5	(5	(7	(1	(4	(4	(15	(10
loan-loss	266)	207)	417)	430)	503)	003)	603)	890)	109)
provisions	,	,	,	,	,	,	,	,	,
(losses) Other gains and provisions	(953)	(1 546) ,	(1 821) ,	(2 933) ,	(3 691) ,	(3 717) ,	(3 358) ,	(4 319) ,	(10 767) ,
Underlying profit before tax	3 076 ,	6 875 ,	6 578 ,	052 4 ,	711 4 ,	6 666 ,	10 685 ,	16 529 ,	22 062 ,
Underlying	2	6	5	4	4	7	8	14	20
consolidated	421	276	807	089	918	387	480	504	785
profit	,	,	,	,	,	,	,	,	,
Underlying	2	6	5	4	4	7	8	14	20
attributable	405	234	759	047	888	339	424	399	651
profit	,	,	,	,	,	,	,	,	,

Other South America (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	106	107	91	94	93	93	102	304	289
Net fee income	40	34	40	43	41	46	45	114	133
(losses) Gains financial transactions and other on	16	9	11	19	7	13	13	35	33
income Total	162	149	143	157	141	152	161	454	454
Operating expenses	(72)	(65)	(70)	(78)	(90)	(96)	(101)	(206)	(287)
Net operating income	90	85	73	79	51	57	60	248	167
provisions Net loan-loss	(21)	(27)	(19)	(20)	(20)	(19)	(11)	(66)	(50)
(losses) Other gains and provisions	(2)	(2)	1	(0)	(1)	(1)	(1)	(3)	(3)
Underlying profit before tax	67	55	55	59	30	37	47	178	115
Underlying consolidated profit	52	43	43	45	14	21	30	138	65
Underlying attributable profit	52	43	43	45	14	21	30	138	65

Other South America (Constant EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	88	96	88	92	92	95	102	272	289
Net fee income	35	31	39	42	41	47	45	105	133
(losses) Gains financial transactions and other on	13	8	10	19	6	13	13	31	33
income Total	136	135	136	152	139	154	161	407	454
Operating expenses	(61)	(60)	(67)	(76)	(89)	(96)	(101)	(188)	(287)
Net operating income	75	75	69	76	50	57	60	219	167
provisions Net loan-loss	(17)	(24)	(18)	(19)	(20)	(19)	(11)	(59)	(50)
(losses) Other gains and provisions	(2)	(2)	1	(0)	(1)	(1)	(1)	(3)	(3)
Underlying profit before tax	56	49	52	57	29	38	48	157	115
Underlying consolidated profit	43	38	40	43	13	22	30	121	65
Underlying attributable profit	44	38	40	43	13	22	30	121	65

Digital Consumer Bank (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	1 088 ,	1 054 ,	1 048 ,	1 073 ,	1 056 ,	1 075 ,	1 077 ,	3 190 ,	3 207 ,
Net fee income	192	163	211	205	188	206	222	566	616
(losses) Gains financial transactions and other on	11	(4)	50	74	59	21	71	57	151
Total income	1 291 ,	1 214 ,	1 309 ,	1 352 ,	1 304 ,	1 302 ,	1 369 ,	3 814 ,	3 975 ,
Operating expenses	(596)	(552)	(585)	(596)	(600)	(613)	(591)	(1 733) ,	(1 805) ,
operating income Net	695	662	724	756	703	689	778	2 081 ,	2 170 ,
Net loan-loss provisions	(331)	(200)	(222)	(204)	(166)	(142)	(141)	(753)	(449)
(losses) Other gains and provisions	40	23	(20)	6	(31)	(45)	(43)	43	(119)
Underlying profit before tax	404	485	482	558	506	502	594	1 371 ,	1 602 ,
Underlying consolidated profit	297	356	357	424	372	371	462	1 009 ,	1 204 ,
Underlying attributable profit	234	273	281	345	291	278	366	787	935

Digital Consumer Bank (Constant EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	1 086 ,	1 067 ,	1 058 ,	1 084 ,	1 057 ,	1 072 ,	1 078 ,	3 211 ,	3 207 ,
income Net fee	192	164	211	205	188	206	222	567	616
(losses) Gains financial transactions and other on	11	(4)	51	75	60	21	70	58	151
income Total	1 289 ,	1 227 ,	1 319 ,	1 364 ,	1 305 ,	1 300 ,	1 370 ,	3 835 ,	3 975 ,
Operating expenses	(595)	(557)	(589)	(600)	(601)	(612)	(592)	(1 741) ,	(1 805) ,
operating income Net	694	670	730	764	705	687	778	2 094 ,	2 170 ,
Net loan-loss provisions	(331)	(202)	(224)	(208)	(166)	(142)	(141)	(757)	(449)
(losses) Other gains and provisions	40	23	(20)	7	(31)	(45)	(43)	43	(119)
Underlying profit before tax	404	491	486	562	507	501	594	1 381 ,	1 602 ,
Underlying consolidated profit	297	361	360	428	372	370	461	1 018 ,	1 204 ,
Underlying attributable profit	234	278	284	349	292	277	365	796	935

Corporate Centre (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	(304)	(354)	(371)	(345)	(324)	(355)	(354)	(1 029) ,	(1 033) ,
Net fee income	(9)	(6)	(11)	(3)	(5)	(8)	(2)	(26)	(15)
(losses) Gains financial transactions and other on	9	47	110	96	(41)	(67)	(60)	166	(168)
income Total	(304)	(313)	(271)	(252)	(370)	(430)	(416)	(889)	(1 216) ,
Operating expenses	(85)	(82)	(82)	(80)	(79)	(81)	(89)	(248)	(249)
Net operating income	(389)	(395)	(353)	(333)	(449)	(511)	(505)	(1 137) ,	(1 465) ,
loan-loss provisions Net	(3)	(8)	(16)	(4)	(154)	(9)	(6)	(27)	(168)
(losses) Other gains and provisions	(20)	(370)	(12)	(9)	(33)	(33)	(43)	(403)	(108)
Underlying profit before tax	(413)	(773)	(381)	(345)	(635)	(553)	(553)	(1 567) ,	(1 741) ,
Underlying consolidated profit	(937)	(188)	(330)	(389)	(527)	(534)	(545)	(1 454) ,	(1 606) ,
Underlying attributable profit	(1 031) ,	(94)	(330)	(389)	(527)	(535)	(545)	(1 455) ,	(1 607) ,

Retail Banking (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net	8	272	280	500	472	766	968	22	23
interest	004	7	7	7	7	7	7	557	206
income	,	,	,	,	,	,	,	,	,
income	2	1	1	1	1	1	1	5	5
Net	058	536	707	685	709	753	746	301	208
fee	,	,	,	,	,	,	,	,	,
(losses) Gains financial transactions and other on	108	263	444	165	355	292	458	815	1 105 ,
income Total	10 171 ,	9 071 ,	9 431 ,	9 349 ,	9 536 ,	9 811 ,	10 173 ,	28 673 ,	29 520 ,
Operating expenses	(4 632) ,	(4 191) ,	(4 183) ,	(4 280) ,	(4 157) ,	(4 247) ,	(4 336) ,	(13 006) ,	(12 740) ,
operating	538	880	248	069	378	564	837	15	16
income	5	4	5	5	5	5	5	667	780
Net	,	,	,	,	,	,	,	,	,
Net	(3	(2	(2	(2	(1	(1	(2	(9	(5
loan-loss	890)	862)	465)	415)	783)	726)	199)	217)	708)
provisions	,	,	,	,	,	,	,	,	,
(losses) Other gains and provisions	(343)	(219)	(267)	(409)	(405)	(463)	(445)	(829)	(1 312) ,
Underlying profit before tax	1 306 ,	1 799 ,	2 516 ,	2 246 ,	3 190 ,	3 375 ,	3 194 ,	620 5 ,	9 759 ,
Underlying	873	1	1	1	2	2	2	3	6
consolidated		242	633	594	143	318	288	748	749
profit		,	,	,	,	,	,	,	,
Underlying	693	1	1	1	1	1	1	3	5
attributable		040	375	313	836	954	960	108	750
profit		,	,	,	,	,	,	,	,

Retail Banking (Constant EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net	7	7	7	7	7	7	7	21	23
interest	241	073	335	635	548	771	887	649	206
income	,	,	,	,	,	,	,	,	,
Net	1	1	1	1	1	1	1	054	208
fee	844	501	709	705	727	754	727	5	5
income	,	,	,	,	,	,	,	,	,
(losses) Gains financial transactions and other on	136	240	431	147	358	295	452	807	1 105 ,
income Total	9 221 ,	8 814 ,	9 475 ,	9 487 ,	9 633 ,	9 820 ,	10 067 ,	27 510 ,	29 520 ,
Operating expenses	(4 266) ,	(4 094) ,	(4 214) ,	(4 353) ,	(4 187) ,	(4 252) ,	(4 302) ,	(12 574) ,	(12 740) ,
Net	4	4	261	134	446	568	765	14	16
operating	956	720	5	5	5	5	5	936	780
income	,	,	,	,	,	,	,	,	,
provisions	(3	(2	(2	(2	(1	(1	(2	(8	(5
Net	507)	750)	517)	479)	807)	725)	176)	773)	708)
loan-loss	,	,	,	,	,	,	,	,	,
(losses) Other gains and provisions	(304)	(216)	(269)	(420)	(405)	(465)	(442)	(789)	(1 312) ,
Underlying profit before tax	1 145 ,	1 754 ,	2 474 ,	2 234 ,	3 234 ,	3 378 ,	3 147 ,	5 373 ,	9 759 ,
Underlying	777	1	1	1	2	2	2	3	6
consolidated		216	617	590	166	322	260	610	749
profit		,	,	,	,	,	,	,	,
Underlying	607	1	1	1	1	1	1	2	750
attributable		019	363	310	858	958	934	988	5
profit		,	,	,	,	,	,	,	,

Corporate & Investment Banking (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	677	705	771	765	720	739	747	2 153 ,	2 207 ,
income Net fee	402	405	360	375	466	434	435	1 167 ,	1 335 ,
(losses) Gains financial transactions and other on	217	300	242	113	469	110	231	759	810
income Total	1 297 ,	1 410 ,	1 373 ,	1 253 ,	1 655 ,	1 283 ,	1 414 ,	4 079 ,	4 352 ,
Operating expenses	(528)	(499)	(488)	(523)	(526)	(543)	(574)	(1 515) ,	(1 642) ,
operating income Net	769	910	885	730	1 130 ,	740	840	2 564 ,	2 709 ,
Net loan-loss provisions	(6)	(239)	(40)	(185)	(47)	(21)	(7)	(284)	(75)
(losses) Other gains and provisions	(15)	(28)	(20)	(72)	(25)	31	(1)	(63)	6
Underlying profit before tax	748	644	825	472	1 058 ,	750	832	2 217 ,	2 640 ,
Underlying consolidated profit	528	465	585	339	740	534	587	1 578 ,	1 861 ,
Underlying attributable profit	494	434	554	316	704	494	547	1 482 ,	1 744 ,

Corporate & Investment Banking (Constant EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	609	677	768	778	724	741	742	2 054 ,	2 207 ,
Net fee income	367	396	358	381	469	435	431	1 121 ,	1 335 ,
(losses) Gains financial transactions and other on	182	272	251	128	472	108	230	706	810
Total income	1 158 ,	1 345 ,	1 377 ,	1 288 ,	1 665 ,	1 284 ,	1 403 ,	3 881 ,	4 352 ,
Operating expenses	(491)	(488)	(490)	(529)	(528)	(544)	(570)	(1 469) ,	(1 642) ,
operating income Net	668	857	887	759	1 137 ,	740	832	2 412 ,	2 709 ,
Net loan-loss provisions	(5)	(237)	(42)	(183)	(47)	(22)	(7)	(284)	(75)
(losses) Other gains and provisions	(14)	(27)	(20)	(68)	(25)	32	(1)	(61)	6
Underlying profit before tax	649	593	825	507	1 066 ,	750	823	2 066 ,	2 640 ,
Underlying consolidated profit	460	429	584	363	744	535	581	1 473 ,	1 861 ,
Underlying attributable profit	432	400	553	339	708	495	542	1 385 ,	1 744 ,

Wealth Management & Insurance (EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	109	93	92	100	88	91	96	294	275
income Net fee	308	269	279	296	297	316	321	857	933
(losses) Gains financial transactions and other on	133	99	102	149	117	113	199	334	428
income Total	550	462	474	545	502	519	616	1 486 ,	1 637 ,
Operating expenses	(237)	(212)	(207)	(216)	(220)	(227)	(221)	(656)	(668)
operating income Net	313	250	266	329	281	293	395	830	969
Net loan-loss provisions	(6)	(6)	(11)	(5)	(5)	(3)	(6)	(23)	(14)
(losses) Other gains and provisions	(1)	(2)	(3)	7	(3)	(1)	16	(6)	12
Underlying profit before tax	307	242	252	331	273	288	405	801	966
Underlying consolidated profit	232	186	193	249	206	218	300	611	724
Underlying attributable profit	222	179	184	238	197	210	292	584	698

Wealth Management & Insurance (Constant EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	100	89	93	102	89	91	95	282	275
Net fee income	291	264	279	298	298	316	319	834	933
(losses) Gains financial transactions and other on	122	99	103	150	117	113	198	324	428
Total income	514	452	475	549	505	520	612	1 440 ,	1 637 ,
Operating expenses	(223)	(207)	(208)	(217)	(222)	(227)	(219)	(638)	(668)
operating income Net	291	245	267	332	283	293	393	802	969
Net loan-loss provisions	(6)	(6)	(11)	(5)	(5)	(3)	(6)	(23)	(14)
(losses) Other gains and provisions	(1)	(2)	(3)	7	(3)	(1)	16	(6)	12
Underlying profit before tax	284	237	252	333	274	289	403	773	966
Underlying consolidated profit	214	182	193	251	207	219	299	589	724
Underlying attributable profit	205	174	184	240	198	210	290	564	698

PagoNxt(EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
Net interest income	0	(1)	0	(0)	(1)	(1)	0	(0)	(2)
Net fee income	94	78	88	103	81	127	141	259	349
(losses) Gains financial transactions and other on	7	(3)	(8)	(2)	(14)	(4)	4	(3)	(14)
income Total	101	75	81	100	67	123	144	256	334
Operating expenses	(95)	(92)	(113)	(142)	(136)	(162)	(181)	(301)	(479)
Net operating income	5	(18)	(33)	(42)	(69)	(40)	(36)	(45)	(145)
loan-loss provisions Net	(4)	(3)	(3)	(2)	(2)	(2)	(2)	(10)	(7)
(losses) Other gains and provisions	7	(6)	(1)	(2)	(2)	(3)	(34)	(0)	(39)
Underlying profit before tax	8	(26)	(37)	(46)	(73)	(45)	(73)	(55)	(191)
Underlying consolidated profit	(1)	(27)	(34)	(55)	(72)	(56)	(79)	(62)	(207)
Underlying attributable profit	(1)	(27)	(33)	(55)	(72)	(56)	(79)	(61)	(206)

PagoNxt(Constant EUR mn)

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	9M'20	9M'21
interest income Net	0	(0)	0	(0)	(1)	(1)	0	(0)	(2)
Net fee income	76	75	88	103	83	128	138	240	349
(losses) Gains financial transactions and other on	7	(3)	(7)	(2)	(14)	(3)	4	(3)	(14)
Total income	83	72	81	101	68	123	142	237	334
Operating expenses	(85)	(89)	(113)	(142)	(137)	(162)	(179)	(287)	(479)
operating income Net	(1)	(17)	(31)	(41)	(68)	(39)	(37)	(50)	(145)
Net loan-loss provisions	(3)	(3)	(3)	(2)	(2)	(2)	(2)	(9)	(7)
(losses) Other gains and provisions	5	(5)	(1)	(2)	(2)	(3)	(34)	(1)	(39)
Underlying profit before tax	1	(25)	(35)	(45)	(72)	(45)	(74)	(60)	(191)
Underlying consolidated profit	(5)	(27)	(33)	(55)	(72)	(55)	(79)	(65)	(207)
Underlying attributable profit	(5)	(26)	(32)	(54)	(72)	(55)	(79)	(64)	(206)

Appendix

Primary segments and other countries

Secondary segments

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
❑ CET1: Common equity tier 1
❑ CIB: Corporate & Investment Bank
❑ Covid-19: Coronavirus Disease 19
❑ 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
❑ 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
❑ mn: million
❑ MREL: Minimum requirement for 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
❑ PPP: Pre-provision profit
❑ 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
❑ SCIB: Santander Corporate & Investment Banking
❑ SC USA: Santander Consumer USA
❑ SME: 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
❑ 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

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

DIGITAL

✓ 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
✓ Transactions monetary & voluntary: customer interaction through mobile or internet banking which resulted in a change of balance. ATM transactions are not included
✓ 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 using10 months from December to September.

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. — Investor Presentation 2021

1798_rns_2021-10-27_b18c2288-6377-4e05-be6d-a84c51aec083.pdf

9M'21 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

Delivered another strong set of results in Q3, reflecting business momentum

On track to outperform our FY'21 goals and we reiterate our M/T RoTE4 target of 13-15%

Steady customer growth and increased digitalization led to strong revenue generation and efficiency improvement

9M underlying profit of EUR 6.4 billion, driven by solid net operating income growth (+11%1 YoY), improved efficiency and lower cost of credit

Strong revenue drove earnings growth in Q3, with some seasonality in provisions in the US

NII up 7% YoY driven by an outstanding volume performance and margin management

Net fee income up 8% YoY, recovering to pre-pandemic levels and growing in higher value-added services and products

Continued progress on driving efficiencies (mainly in Europe: -657 bps YoY) despite accelerating inflation. Costs fell 1% in real terms

Cost of credit remained well below 1%. In Q3, LLPs reflected seasonality in the US

Strong organic generation, which enabled us to maintain the fully-loaded CET1 ratio at the top end of our 11-12% target range…

…whilst we continued to deliver outstanding growth in profitability and TNAVps

Committed to delivering shareholder value

Shareholder remuneration policy for 2021

… whilst we continue building a more inclusive society

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

Global businesses

Corporate & Investment Banking

Another strong set of results in Q3'21

Wealth Management & Insurance

Continued momentum in Q3

9M'21 Key takeaways

Appendix

Primary segments and other countries

Uruguay and Andean region

Underlying attributable profit

Appendix

Secondary segments

Retail Banking

Appendix

Balance sheet and capital management

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

Conservative and decentralized liquidity and funding model

Interest rate risk hedging

Mostly positive interest rate sensitivity ALCO portfolios reflect our geographic diversification

Issuances YTD against funding plan

2021 Funding plan and issuances

Banco Santander S.A.'s 2021 funding plan contemplates the following:

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

SREP capital requirements and MDA* Assumed capital requirements (fully-loaded)

In the EBA Stress Test, Santander had the highest PAT in both scenarios and was the only one of its peers to generate profit in adverse scenario

Santander was also is the bank with the lowest impact in the CET1 phased-in ratio under the adverse scenario

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

TLAC Ratio

Appendix

Yield on loans and cost of deposits

Yield on loans (%)

Cost of deposits (%)

Appendix

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

Santander Responsible Banking goals

Inclusion of our responsible banking targets as a qualitative metric in our executive remuneration bonus scorecard

Appendix

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 (GBP mn)

Portugal (EUR mn)

Poland (EUR mn)

Poland (PLN mn)

Banco Santander S.A. Investor Presentation 2021

On track to outperform our FY'21 goals and we reiterate our M/T RoTE⁴ target of 13-15%

9M underlying profit of EUR 6.4 billion, driven by solid net operating income growth (+11%¹ YoY), improved efficiency and lower cost of credit

**SREP capital requirements and MDA* Assumed capital requirements (fully-loaded)**