Slide 1: Form 6-K
FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of April, 2022 Commission File Number: 001-12518 Banco Santander, S.A. (Exact name of registrant as specified in its char
Slide 2: Table of Contents
BANCO SANTANDER, S.A. ________________________ TABLE OF CONTENTS Item 1. January - March 2022 Earnings presentation
Slide 3: Q1'22 Earnings Presentation
Q1’22 Earnings Presentation 26 April 2022 It's time to build together a better future for you
Slide 4: Important information: Non-IFRS and alternative performance measures
2 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 (“AP
Slide 5: Important information: forward-looking statements
3 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 statemen
Slide 6: Index
4 Index 1 Appendix 3 Business areas review Final remarks 2 4 Highlights and Group performance
Slide 7: Q1'22 highlights
5 Q1’22 highlights • We increased our customer base (+7mn YoY), digital customers (+11% YoY) and digital sales (56% of total sales vs. 50% in Q1’21) • Commercial activity1 remained robust, up QoQ and YoY (loans +5%; deposits +5%; mutual funds +6%) • We continued to grow revenue1, achieving solid yea
Slide 8: Group results and contribution by region
6(1) Q1'21: restructuring costs (net of tax), corresponding mainly to the UK and Portugal (2) Changes in constant euros. North America change excluding Bluestem portfolio disposal (3) Contribution as a % of operating areas, excluding the Corporate Centre Europe South America North America Q1’22 vs.
Slide 9: Positive profit trend backed by higher revenue, cost discipline and flat LLPs
7 Positive profit trend backed by higher revenue, cost discipline and flat LLPs 1,608 2,067 2,174 2,275 2,543 1,732 2,194 2,245 2,357 2,543 2,275 Q1'21 Q2 Q3 Q4 Q1'22 2,086 1,824 2,287 1,524 2,101 Q1'21 Q2 Q3 Q4 Q1'22 5,297 5,413 5,514 5,765 5,535 Costs LLPs 2,655 2,706 2,689 2,766 2,812 8,335 8,551
Slide 10: Customer revenue boosted by greater activity, volumes growth and higher interest rates
8 8.3 8.9 2.7 2.8 0.9 0.6 11.9 12.3 Q1'21 Q1'22 Customer revenue boosted by greater activity, volumes growth and higher interest rates Note: changes in constant euros (1) Gross written protection insurance premiums Total revenue +33% PoS turnover Activity recovery +5% Loans +5% Deposits +6% Mutual f
Slide 11: Structural changes to operating model, efficiency
9 We continue to make structural changes to our operating model, driving sustainable efficiencies and mitigating the effects of higher inflation 45.0% -1.2pp Efficiency Q1’22 vs. FY’21 Note: changes in constant euros (1) Excluding the impact from average inflation +4.5% -3.3% in real terms1 Total co
Slide 12: Cost of credit remained well below 1%
10 2.1 1.8 2.3 1.5 2.1 Q1'21 Q2 Q3 Q4 Q1'22 Constant € bn Note: exposure and coverage ratio by stage in appendix, page 44 (1) Includes overlay partial release (2) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months C
Slide 13: Organic generation led to FL CET1 ratio above 12%
11 Organic generation in Q1 led to an increase in the FL CET1 ratio to >12% Fully-loaded CET1 ratio quarterly evolution % Phased-in CET1 ratio 12.351 12.251 2 12.05 -0.23 -0.03 -0.05 11.96 +0.40 Dec-21 Pro forma Gross organic generation Shareholder remuneration Regulatory & Models Markets & others M
Slide 14: Committed to delivering shareholder value
12 Committed to delivering shareholder value ~50% via cash dividend 40% payout split in equal parts Total capital distributed to shareholders against 2021 results1 2022 shareholder remuneration policy2 ~€3.4bn 6% yield ~50% via share buybacks (1) Nov-21 interim distribution of cash dividend of €4.85
Slide 15: Profitability and TNAVps plus cash dividend
13 Outstanding QoQ and YoY profitability. TNAVps + cash dividend: +13% YoY Note: the averages for the Q1 RoTE denominators are calculated on the basis of 4 months from December to March and 2021 RoTE denominator is calculated on the basis of 13 months from December to December. For periods of less t
Slide 16: Supporting the green transition of our clients
14 Supporting the green transition of our clients and committed to our climate change goals Note: Q1’22 data not audited (1) Only SCIB global business (2) AuMs classified as Article 8 and 9 funds (SFDR) from SAM, plus third-party funds and other ESG products according to EU taxonomy from Private Ban
Slide 17: Index: Business areas review
15 Index 1 Appendix 3 Business areas review Final remarks 2 4 Highlights and Group performance
Slide 18: Geographic and business diversification as growth driver
16 Our geographic and business diversification continued to be a key growth driver Underlying att. profit1 (€mn) Net operating income1 (€mn) Europe South America North America Q1’22 vs. Q1’21 RoTE2 Customer deposits (€bn) Customer loans (€bn) Digital Consumer Bank Total customers (mn) Digital Consum
Slide 19: Europe
17 Europe Highlights Key data and P&L P&L* Q1'22 % Q4'21 % Q1'21 Total revenue 4,305 9.5 4.9 Net operating income 2,245 24.9 12.2 Underlying att. profit 1,018 60.5 29.9 (*) € mn and % change in constant euros Loans Deposits Mutual Funds Efficiency CoR1 RoTE2 €584bn +4% €604bn +5% €102bn +3% 47.8% -3
Slide 20: Spain and United Kingdom
18 Efficiency CoR1 RoTE2 P&L* Q1'22 % Q4'21 % Q1'21 NII 998 -3.0 -7.1 Net fee income 745 1.8 8.9 Total revenue 2,021 9.9 -2.3 Operating expenses -972 -6.5 -4.3 Net operating income 1,049 31.4 -0.3 LLPs -391 -38.2 -17.2 Underlying att. profit 365 396.9 20.9 (*) € mn and % change P&L* Q1'22 % Q4'21 %
Slide 21: North America
19 North America Note: Q1’22 data and YoY changes (loans, deposits and mutual funds in constant euros). Efficiency and YoY changes in P&L excluding Bluestem portfolio disposal (1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the
Slide 22: United States and Mexico
20 • Simpler and more integrated structure across four core businesses: Consumer, Commercial, CIB and WM • Profit levels remained high supported by solid top line despite YoY decline due to normalization of leasing and LLPs • Successful customer attraction strategy (+1mn customers YoY) reflected in
Slide 23: South America
21 South America Note: Q1’22 data and YoY changes (loans, deposits and mutual funds in constant euros) (1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months (2) Adjusted RoTE: adjusted based on Group’s deployed cap
Slide 24: Brazil and Chile
22 €91bn +8% €75bn +3% €47bn +5% 30.8% +2.1pp 3.94% +15bps 27.4% -2.0pp P&L* Q1'22 % Q4'21 % Q1'21 NII 2,143 -6.2 6.8 Net fee income 743 -3.0 4.1 Total revenue 3,019 -1.2 6.2 Operating expenses -930 -2.1 14.0 Net operating income 2,089 -0.7 3.1 LLPs -852 6.1 37.6 Underlying att. profit 627 2.2 -0.7
Slide 25: Digital Consumer Bank
23 Digital Consumer Bank Digital Consumer Bank Note: Q1’22 data and YoY changes (loans, deposits and mutual funds in constant euros) (1) Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months (2) Adjusted RoTE: adjusted
Slide 26: Corporate & Investment Banking and Wealth Management & Insurance
24 Note: Q1’22 data and YoY changes in constant euros. APS = Amherst Pierpont Securities (1) For clients up to $250 million in the Euromoney Private Banking and Wealth Management Survey 2022 (2) Including fees generated by asset management and insurance transferred to the commercial network (3) Excl
Slide 27: Cards and PagoNxt
25Note: Q1’22 and YoY changes. Cards do not include Digital Consumer Bank and PagoNxt Cards PagoNxt quarterly revenue performance +122% YoY Merchant Acquiring €34.1bn +40% International Trade c.8k 73 131 150 170 162 Q1'21 Q2 Q3 Q4 Q1'22 • Merchant Acquiring: Total Payments Volume rose 40% backed by
Slide 28: Corporate Centre
26 Corporate Centre Highlights Income statement • NII affected due to the higher liquidity buffer to strengthen our position • Negative FX hedging results offset by the positive performance of exchange rates in the countries' results • Significant decrease in LLPs and other provisions P&L* Q1'22 Q1'
Slide 29: Index: Final remarks
27 Index 1 Appendix 3 Final remarks 4 Highlights and Group performance Business areas review 2
Slide 30: We reiterate our 2022 financial targets
28 • In the current geopolitical situation, our starting point is very solid: we have excellent liquidity and capital positions and our direct exposure to Russia and Ukraine is negligible • Our capacity to attract customers and grow in more profitable businesses, coupled with the current interest ra
Slide 31: Index: Appendix
29 Index 1 Appendix 3 Final remarks 4 Highlights and Group performance Business areas review 2
Slide 32: Appendix
30 Appendix Other countries Balance sheet and capital management Yield on loans and cost of deposits NPL and coverage ratios and cost of credit Responsible Banking Quarterly income statements Glossary
Slide 33: Portugal and Poland
31 Efficiency CoR1 RoTE2 Loans Deposits Mutual Funds Efficiency CoR1 RoTE2 Loans Deposits Mutual Funds €40bn +2% €43bn +7% €4bn +14% 37.7% +2.9pp 0.03% -36bps 33.5% +3.5pp €31bn +6% €38bn +5% €4bn -19% 32.5% -12.8pp 0.65% -37bps 21.7% +18.7pp P&L* Q1'22 % Q4'21 % Q1'21 NII 170 -2.6 -8.5 Net fee inco
Slide 34: Argentina, Uruguay, Peru and Colombia
32 Efficiency CoR1 RoTE2 Loans Deposits Mutual Funds €6bn +44% €10bn +50% €3bn +100% 59.6% -5.8pp 3.31% -124bps 27.1% +3.7pp P&L* Q1'22 % Q4'21 % Q1'21 NII 300 -14.5 68.8 Net fee income 121 -16.3 86.5 Total revenue 364 -19.2 59.1 Operating expenses -217 -11.7 45.0 Net operating income 147 -28.1 85.5
Slide 35: Appendix: Balance sheet and capital management
33 Appendix Other countries Balance sheet and capital management Yield on loans and cost of deposits NPL and coverage ratios and cost of credit Responsible Banking Quarterly income statements Glossary
Slide 36: Well-funded, diversified and highly liquid balance sheet
34 Well-funded, diversified, prudent and highly liquid balance sheet (large % contribution from customer deposits), reflected in solid liquidity ratios Liquidity Balance Sheet ST Funding Securitizations and others Loans and advances to customers Fixed assets & other Customer deposits M/LT debt issua
Slide 37: Interest rate risk hedging
35 Interest rate risk hedging ALCO portfolios reflect our geographic diversification Distribution of ALCO portfolios by country %, Mar-22 Mostly positive interest rate sensitivity SCF, 6% Spain, 4% UK, 5% Poland, 15% Portugal, 2% USA, 17%Mexico, 18% Brazil, 19% Chile, 10% Other South America, 5% Net
Slide 38: Conservative and decentralized liquidity and funding model
36 Conservative and decentralized liquidity and funding model €11bn1 issued in public markets in Q1’22 Very manageable maturity profile € bn, Mar-22 Covered Bonds Senior Non- Preferred Senior Other Other includes issuances in Brazil and Mexico (1) Data includes public issuances from all units with
Slide 39: Execution of 2022 funding plan
37 YTD issuances against 2022 funding plan Execution of 2022 funding plan € bn, Mar-22 Banco Santander, S.A.’s 2022 funding plan contemplates the following: Note: Issuance plan subject to, amongst other considerations, market conditions and regulatory requirements. Other secured issuances (for examp
Slide 40: Capital levels exceed minimum regulatory requirements
38 Santander’s capital levels, both phased-in and fully loaded, exceed minimum regulatory requirements 4.50% 12.33% 0.84% 2.50% 1.00% CCyB, 0.01% 1.78% 1.52% 2.38% 2.54% 13.01% 16.39% Regulatory Requirement 2022 Group ratios Mar-22 4.50% 12.05% 11-12% 0.84% 2.50% 1.00% CCyB, 0.01% 1.78% 1.52% 1.50%
Slide 41: TLAC/MREL for the Resolution Group
39 TLAC/MREL for the Resolution Group headed by Banco Santander, S.A. Note: Figures applying the IFRS 9 transitional arrangements (1) TLAC RWAs are €289.5bn and leverage exposure is €718.6bn. MREL RWAs are €372.3bn and leverage exposure is €772.4bn (2) MREL Requirement based on RWAs from Jan-24: 31.
Slide 42: Appendix: Yield on loans and cost of deposits
40 Appendix Other countries Balance sheet and capital management Yield on loans and cost of deposits NPL and coverage ratios and cost of credit Responsible Banking Quarterly income statements Glossary
Slide 43: Yield on loans
41 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Europe 2.06 2.02 1.98 1.99 2.08 Spain 1.84 1.78 1.68 1.69 1.73 United Kingdom 2.27 2.25 2.27 2.23 2.23 Portugal 1.52 1.47 1.44 1.41 1.42 Poland 2.90 2.91 2.93 3.31 4.64 North America 7.71 7.59 7.48 7.38 7.37 US 6.91 6.76 6.59 6.41 6.29 Mexico 10.11 10.03 10.08 10.23
Slide 44: Cost of deposits
42 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Europe 0.11 0.08 0.07 0.07 0.08 Spain 0.05 0.05 0.05 0.05 0.05 United Kingdom 0.21 0.14 0.11 0.10 0.12 Portugal 0.02 0.01 0.01 0.01 0.00 Poland 0.06 0.04 0.02 0.04 0.16 North America 0.65 0.61 0.65 0.67 0.73 US 0.17 0.12 0.11 0.08 0.09 Mexico 1.87 1.87 2.03 2.21 2.39
Slide 45: Appendix: NPL and coverage ratios
43 Appendix Other countries Balance sheet and capital management Yield on loans and cost of deposits NPL and coverage ratios and cost of credit Responsible Banking Quarterly income statements Glossary
Slide 46: Stage coverage
44 Exposure ¹ Coverage Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Stage 1 885 904 912 929 967 0.5% 0.5% 0.5% 0.5% 0.5% Stage 2 70 70 67 71 68 8.1% 8.2% 8.6% 7.7% 8.0% Stage 3 32 33 33 33 36 42.5% 42.2% 43.0% 41.3% 41.0% Stage coverage (1) Exposure subject to impairment in
Slide 47: NPL ratio
45 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Europe 3.26 3.30 3.15 3.12 3.01 Spain 4.98 5.16 4.86 4.72 4.47 United Kingdom 1.35 1.30 1.27 1.43 1.42 Portugal 3.84 3.71 3.44 3.44 3.42 Poland 4.82 4.58 4.34 3.61 3.50 North America 2.39 2.28 2.56 2.42 2.83 US 2.11 2.00 2.36 2.33 2.75 Mexico 3.21 3.10 3.14 2.73
Slide 48: Total coverage ratio
46 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Europe 50.0 48.4 51.1 49.4 49.1 Spain 48.0 45.7 49.6 51.4 50.4 United Kingdom 40.5 37.4 36.6 25.8 26.1 Portugal 69.2 73.0 75.5 71.7 72.8 Poland 70.3 72.4 74.6 73.9 78.5 North America 153.4 152.3 139.3 134.9 110.5 US 183.2 185.7 161.5 150.3 122.2 Mexico 95.6 90.6
Slide 49: Credit impaired loans and loan-loss allowances
47 Spain, 26.7% UK, 4.0% Portugal, 4.2% Poland, 3.7% Other Europe, 0.0%US, 16.1% Mexico, 4.0% Brazil, 23.3% Chile, 5.3% Argentina, 1.2% Other South America, 0.7% Digital Consumer Bank, 10.7% Spain, 37.6% UK, 10.8% Portugal, 4.1% Poland, 3.4% Other Europe, 0.0% US, 9.4% Mexico, 3.5% Brazil, 16.4% Chi
Slide 50: Cost of credit
48 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Europe 0.51 0.49 0.48 0.39 0.37 Spain 0.79 0.91 0.97 0.92 0.88 United Kingdom 0.21 0.09 0.01 (0.09) (0.08) Portugal 0.38 0.41 0.35 0.09 0.03 Poland 1.02 0.88 0.82 0.67 0.65 North America 2.34 1.67 1.46 0.93 0.93 US 2.12 1.34 1.06 0.43 0.49 Mexico 3.00 2.74 2.69
Slide 51: Appendix: Responsible Banking
49 Appendix Other countries Balance sheet and capital management Yield on loans and cost of deposits NPL and coverage ratios and cost of credit Responsible Banking Quarterly income statements Glossary
Slide 52: ESG commitments and targets
50 All ESG commitments for 2021 achieved Future commitments include decarbonization targets Women in senior positions Equal Pay Gap People financially empowered (cumulative) Green Finance raised and facilitated (€ cumulative) Electricity from renewable sources Thermal coal-related power & mining pha
Slide 53: Appendix: Quarterly income statements
51 Appendix Other countries Balance sheet and capital management Yield on loans and cost of deposits NPL and coverage ratios and cost of credit Responsible Banking Quarterly income statements Glossary
Slide 54: Santander Group (EUR mn)
52 SANTANDER GROUP (EUR mn) (*) Including: in Q1’21, restructuring costs Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 7,956 8,240 8,458 8,716 8,855 +1.6% 7,956 8,855 +11.3% Net fee income 2,548 2,621 2,641 2,692 2,812 +4.5% 2,548 2,812 +10.4
Slide 55: Santander Group (Constant EUR mn)
53 SANTANDER GROUP (Constant EUR mn) (*) Including: in Q1’21, restructuring costs Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 8,335 8,551 8,685 8,986 8,855 -1.5% 8,335 8,855 +6.2% Net fee income 2,655 2,706 2,689 2,766 2,812 +1.7% 2,655 2,8
Slide 56: Europe (EUR mn)
54 Europe (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 2,551 2,656 2,650 2,717 2,839 +4.5% 2,551 2,839 +11.3% Net fee income 1,072 1,086 1,080 1,107 1,154 +4.2% 1,072 1,154 +7.7% Gains (losses) on financial transactions and other 43
Slide 57: Europe (Constant EUR mn)
55 Europe (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 2,593 2,687 2,676 2,733 2,839 +3.9% 2,593 2,839 +9.5% Net fee income 1,077 1,089 1,082 1,108 1,154 +4.1% 1,077 1,154 +7.1% Gains (losses) on financial transactions and
Slide 58: Spain (EUR mn)
56 Spain (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 1,074 1,065 998 1,028 998 -3.0% 1,074 998 -7.1% Net fee income 684 693 679 732 745 +1.8% 684 745 +8.9% Gains (losses) on financial transactions and other 310 74 331 78 278 +255.6
Slide 59: United Kingdom (EUR mn)
57 United Kingdom (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 989 1,088 1,156 1,151 1,192 +3.6% 989 1,192 +20.6% Net fee income 120 117 114 82 92 +12.2% 120 92 -23.3% Gains (losses) on financial transactions and other (10) (6) 21 (
Slide 60: United Kingdom (Constant EUR mn)
58 United Kingdom (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 1,032 1,121 1,183 1,167 1,192 +2.1% 1,032 1,192 +15.5% Net fee income 126 121 116 83 92 +11.4% 126 92 -26.6% Gains (losses) on financial transactions and other
Slide 61: United Kingdom (GBP mn)
59 United Kingdom (GBP mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 864 938 989 976 997 +2.1% 864 997 +15.5% Net fee income 105 101 97 69 77 +11.4% 105 77 -26.6% Gains (losses) on financial transactions and other (8) (5) 18 (6) 6 — (8) 6
Slide 62: Portugal (EUR mn)
60 Portugal (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 185 184 178 174 170 -2.6% 185 170 -8.5% Net fee income 99 110 115 116 122 +5.1% 99 122 +23.1% Gains (losses) on financial transactions and other 135 1 12 2 41 — 135 41 -69.9%
Slide 63: Poland (EUR mn)
61 Poland (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 233 242 244 302 407 +35.1% 233 407 +75.1% Net fee income 127 126 133 132 138 +4.3% 127 138 +8.8% Gains (losses) on financial transactions and other (10) 41 21 26 (35) — (10) (35
Slide 64: Poland (Constant EUR mn)
62 Poland (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 229 238 241 301 407 +35.4% 229 407 +78.0% Net fee income 125 124 131 132 138 +4.4% 125 138 +10.6% Gains (losses) on financial transactions and other (10) 40 21 26 (35)
Slide 65: Poland (PLN mn)
63 Poland (PLN mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 1,057 1,098 1,112 1,389 1,881 +35.4% 1,057 1,881 +78.0% Net fee income 576 573 606 610 637 +4.4% 576 637 +10.6% Gains (losses) on financial transactions and other (46) 187 98 12
Slide 66: Other Europe (EUR mn)
64 Other Europe (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 71 76 75 61 72 +17.9% 71 72 +2.2% Net fee income 41 38 39 44 56 +26.9% 41 56 +35.7% Gains (losses) on financial transactions and other 6 (3) (1) (6) 21 — 6 21 +221.2% Tota
Slide 67: Other Europe (Constant EUR mn)
65 Other Europe (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 73 78 76 62 72 +16.6% 73 72 -0.4% Net fee income 44 40 40 45 56 +25.3% 44 56 +28.8% Gains (losses) on financial transactions and other 8 (3) (0) (6) 21 — 8 21 +15
Slide 68: North America (EUR mn)
66 North America (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 1,971 1,977 2,037 2,086 2,131 +2.2% 1,971 2,131 +8.1% Net fee income 451 410 386 397 443 +11.7% 451 443 -1.8% Gains (losses) on financial transactions and other 313 299 3
Slide 69: North America (Constant EUR mn)
67 North America (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 2,111 2,107 2,122 2,133 2,131 -0.1% 2,111 2,131 +0.9% Net fee income 482 434 399 405 443 +9.3% 482 443 -8.2% Gains (losses) on financial transactions and other 3
Slide 70: United States (EUR mn)
68 United States (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 1,310 1,300 1,332 1,356 1,378 +1.6% 1,310 1,378 +5.2% Net fee income 241 191 174 176 197 +11.7% 241 197 -18.3% Gains (losses) on financial transactions and other 324 318
Slide 71: United States (Constant EUR mn)
69 United States (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 1,407 1,397 1,399 1,380 1,378 -0.1% 1,407 1,378 -2.1% Net fee income 259 206 182 178 197 +10.5% 259 197 -23.9% Gains (losses) on financial transactions and other
Slide 72: United States (USD mn)
70 United States (USD mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 1,578 1,567 1,569 1,548 1,546 -0.1% 1,578 1,546 -2.1% Net fee income 290 231 204 200 221 +10.5% 290 221 -23.9% Gains (losses) on financial transactions and other 390 383
Slide 73: Mexico (EUR mn)
71 Mexico (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 661 678 705 730 753 +3.2% 661 753 +13.9% Net fee income 204 210 203 211 245 +16.4% 204 245 +20.4% Gains (losses) on financial transactions and other (6) (16) 5 (30) (17) -44.3%
Slide 74: Mexico (Constant EUR mn)
72 Mexico (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 704 711 723 753 753 +0.0% 704 753 +6.9% Net fee income 217 221 208 217 245 +12.9% 217 245 +12.9% Gains (losses) on financial transactions and other (7) (17) 6 (31) (17)
Slide 75: Mexico (MXN mn)
73 Mexico (MXN mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 16,201 16,346 16,630 17,312 17,319 +0.0% 16,201 17,319 +6.9% Net fee income 4,995 5,077 4,781 4,998 5,641 +12.9% 4,995 5,641 +12.9% Gains (losses) on financial transactions and
Slide 76: Other North America (EUR mn)
74 Other North America (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 0 0 0 0 0 +92.1% 0 0 — Net fee income 7 8 9 10 1 -91.2% 7 1 -86.9% Gains (losses) on financial transactions and other (5) (2) 1 (4) 1 — (5) 1 — Total revenue 2 5 10
Slide 77: Other North America (Constant EUR mn)
75 Other North America (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 0 0 0 0 0 +92.1% 0 0 — Net fee income 7 8 9 10 1 -91.2% 7 1 -86.9% Gains (losses) on financial transactions and other (5) (2) 1 (4) 1 — (5) 1 — Total reven
Slide 78: South America (EUR mn)
76 South America (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 2,570 2,756 2,916 3,065 3,037 -0.9% 2,570 3,037 +18.1% Net fee income 842 928 956 995 1,013 +1.8% 842 1,013 +20.3% Gains (losses) on financial transactions and other 122
Slide 79: South America (Constant EUR mn)
77 South America (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 2,760 2,901 3,024 3,271 3,037 -7.2% 2,760 3,037 +10.0% Net fee income 912 985 988 1,061 1,013 -4.5% 912 1,013 +11.1% Gains (losses) on financial transactions and
Slide 80: Brazil (EUR mn)
78 Brazil (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 1,778 1,917 2,081 2,091 2,143 +2.5% 1,778 2,143 +20.5% Net fee income 632 698 696 701 743 +5.9% 632 743 +17.5% Gains (losses) on financial transactions and other 109 64 103 5 13
Slide 81: Brazil (Constant EUR mn)
79 Brazil (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 2,006 2,089 2,195 2,283 2,143 -6.2% 2,006 2,143 +6.8% Net fee income 713 761 733 766 743 -3.0% 713 743 +4.1% Gains (losses) on financial transactions and other 123 69 1
Slide 82: Brazil (BRL mn)
80 Brazil (BRL mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 11,731 12,215 12,834 13,348 12,527 -6.2% 11,731 12,527 +6.8% Net fee income 4,169 4,450 4,285 4,476 4,342 -3.0% 4,169 4,342 +4.1% Gains (losses) on financial transactions and ot
Slide 83: Chile (EUR mn)
81 Chile (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 497 511 467 508 483 -4.8% 497 483 -2.8% Net fee income 95 96 104 100 112 +12.1% 95 112 +18.1% Gains (losses) on financial transactions and other 22 30 12 14 55 +288.2% 22 55 +146
Slide 84: Chile (Constant EUR mn)
82 Chile (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 479 487 470 527 483 -8.4% 479 483 +1.0% Net fee income 91 91 104 104 112 +7.8% 91 112 +22.6% Gains (losses) on financial transactions and other 22 29 12 15 55 +264.0% 22
Slide 85: Chile (CLP mn)
83 Chile (CLP mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 433,496 441,440 425,810 477,726 437,644 -8.4% 433,496 437,644 +1.0% Net fee income 82,698 82,631 94,239 94,052 101,410 +7.8% 82,698 101,410 +22.6% Gains (losses) on financial tra
Slide 86: Argentina (EUR mn)
84 Argentina (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 203 234 267 361 300 -16.9% 203 300 +47.8% Net fee income 74 87 110 149 121 -18.8% 74 121 +63.3% Gains (losses) on financial transactions and other (16) (22) (13) (47) (57) +2
Slide 87: Argentina (Constant EUR mn)
85 Argentina (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 178 225 251 351 300 -14.5% 178 300 +68.8% Net fee income 65 84 104 144 121 -16.3% 65 121 +86.5% Gains (losses) on financial transactions and other (14) (21) (13) (45
Slide 88: Argentina (ARS mn)
86 Argentina (ARS mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 21,907 27,724 30,984 43,242 36,978 -14.5% 21,907 36,978 +68.8% Net fee income 7,977 10,342 12,802 17,770 14,875 -16.3% 7,977 14,875 +86.5% Gains (losses) on financial transac
Slide 89: Other South America (EUR mn)
87 Other South America (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 92 93 102 105 111 +5.4% 92 111 +20.3% Net fee income 41 46 45 46 38 -17.6% 41 38 -8.6% Gains (losses) on financial transactions and other 7 13 13 14 13 -6.4% 7 13 +
Slide 90: Other South America (Constant EUR mn)
88 Other South America (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 97 100 108 110 111 +1.3% 97 111 +14.7% Net fee income 43 49 48 47 38 -20.3% 43 38 -12.3% Gains (losses) on financial transactions and other 7 13 14 15 13 -
Slide 91: Digital Consumer Bank (EUR mn)
89 Digital Consumer Bank (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 996 1,015 1,017 1,014 1,020 +0.6% 996 1,020 +2.4% Net fee income 188 206 222 204 206 +0.8% 188 206 +9.3% Gains (losses) on financial transactions and other 59 21
Slide 92: Digital Consumer Bank (Constant EUR mn)
90 Digital Consumer Bank (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 1,004 1,019 1,024 1,015 1,020 +0.4% 1,004 1,020 +1.6% Net fee income 189 206 222 204 206 +0.7% 189 206 +9.2% Gains (losses) on financial transactions and
Slide 93: Corporate Centre (EUR mn)
91 Corporate Centre (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income (133) (164) (162) (165) (172) +4.2% (133) (172) +29.2% Net fee income (5) (8) (2) (12) (3) -74.0% (5) (3) -36.7% Gains (losses) on financial transactions and other (41
Slide 94: Retail Banking (EUR mn)
92 Retail Banking (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 7,286 7,573 7,770 7,966 8,094 +1.6% 7,286 8,094 +11.1% Net fee income 1,721 1,768 1,754 1,801 1,816 +0.8% 1,721 1,816 +5.5% Gains (losses) on financial transactions and
Slide 95: Retail Banking (Constant EUR mn)
93 Retail Banking (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 7,642 7,861 7,980 8,218 8,094 -1.5% 7,642 8,094 +5.9% Net fee income 1,796 1,823 1,785 1,856 1,816 -2.1% 1,796 1,816 +1.1% Gains (losses) on financial transacti
Slide 96: Corporate & Investment Banking (EUR mn)
94 Corporate & Investment Banking (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 690 716 729 785 786 +0.1% 690 786 +13.8% Net fee income 462 427 433 422 521 +23.6% 462 521 +12.9% Gains (losses) on financial transactions and other 466
Slide 97: Corporate & Investment Banking (Constant EUR mn)
95 Corporate & Investment Banking (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 711 737 742 802 786 -2.0% 711 786 +10.5% Net fee income 478 440 439 429 521 +21.4% 478 521 +9.0% Gains (losses) on financial transactions and ot
Slide 98: Wealth Management & Insurance (EUR mn)
96 Wealth Management & Insurance (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 113 115 122 127 145 +14.9% 113 145 +28.9% Net fee income 289 306 315 336 321 -4.5% 289 321 +10.9% Gains (losses) on financial transactions and other 126 1
Slide 99: Wealth Management & Insurance (Constant EUR mn)
97 Wealth Management & Insurance (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income 116 118 124 129 145 +13.0% 116 145 +25.3% Net fee income 299 315 321 341 321 -5.8% 299 321 +7.5% Gains (losses) on financial transactions and oth
Slide 100: PagoNxt (EUR mn)
98 PagoNxt (EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income (1) (1) 0 3 2 -39.7% (1) 2 — Net fee income 81 127 140 144 157 +9.0% 81 157 +93.3% Gains (losses) on financial transactions and other (14) (4) 4 14 3 -77.8% (14) 3 — Total reve
Slide 101: PagoNxt (Constant EUR mn)
99 PagoNxt (Constant EUR mn) Change Change Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'22 / Q4'21 Q1'21 Q1'22 Q1'22 / Q1'21 Net interest income (1) (1) 0 3 2 -43.4% (1) 2 — Net fee income 88 136 146 153 157 +3.1% 88 157 +79.4% Gains (losses) on financial transactions and other (14) (3) 4 14 3 -78.2% (14) 3 — T
Slide 102: Appendix: Glossary
100 Appendix Other countries Balance sheet and capital management Yield on loans and cost of deposits NPL and coverage ratios and cost of credit Responsible Banking Quarterly income statements Glossary
Slide 103: Glossary - Acronyms
101 Glossary - Acronyms ❑ ALCO: Assets and Liabilities Committee ❑ AT1: Additional Tier 1 ❑ AuM: Assets under Management ❑ BFG: Deposit Guarantee Fund in Poland ❑ bn: Billion ❑ Bps: basis points ❑ BNPL: Buy now, pay later ❑ CET1: Common equity tier 1 ❑ CIB: Corporate & Investment Bank ❑ CoR: Cost of
Slide 104: Glossary - Definitions
102 Glossary - Definitions Notes: The averages for the RoTE and RoRWA denominators are calculated using 4 months from December to March. For periods less than one year, and if there are results in the net capital gains and provisions line, the profit used to calculate RoE and RoTE is the annualized
Slide 105: Thank You
Thank You. Our purpose is to help people and businesses prosper. Our culture is based on believing that everything we do should be:
Slide 106: Signature
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Banco Santander, S.A. Date: 26 April 2022 By: /s/ José García Cantera Name: José García Cantera Title: C