Banco Santander S A : Brasil FY'23

31 January 2024

Brazil

2023

Earnings Presentation

Important Information

Non-IFRS and alternative performance measures

This presentation contains financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as alternative performance measures (APMs) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015, and other non-IFRS measures. The APMs and non-IFRS measures were calculated with information from Grupo Santander; however, they are neither defined or detailed in the applicable financial reporting framework nor audited or reviewed by our auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider them to be useful metrics for our management and investors to compare operating performance between periods. APMs we use are presented unless otherwise specified on a constant FX basis, which is computed by adjusting comparative period reported data for the effects of foreign currency translation differences, which distort period-on-period comparisons. Nonetheless, the APMs and non-IFRS measures are supplemental information; their purpose is not to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. APMs using ESG labels have not been calculated in accordance with the Taxonomy Regulation or with the indicators for principal adverse impact in SFDR. For further details on APMs and Non-IFRS Measures, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the 2022 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the SEC) on 1 March 2023 (https://www.santander.com/content/dam/santander-com/en/documentos/informacion-sobre-resultados-semestrales-y-anuales-suministrada-a-la-sec/2023/sec-2022-annual-20-f-2022-en.pdf), as well as the section "Alternative performance measures" of Banco Santander, S.A. (Santander) Q4 2023 Financial Report, published on 31 January 2024 (https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information#quarterly-results). Underlying measures, which are included in this document, are non-IFRS measures.

The businesses included in each of our geographic segments and the accounting principles under which their results are presented here may differ from the businesses included and local applicable accounting principles of our public subsidiaries in such geographies. Accordingly, the results of operations and trends shown for our geographic segments may differ materially from those of such subsidiaries.

Non-financial information

This presentation contains, in addition to financial information, non-financial information (NFI), including environmental, social and governance-related metrics, statements, goals, commitments and opinions.

NFI is included to comply with Spanish Act 11/2018 on non-financial information and diversity and to provide a broader view of our impact. NFI is not audited nor reviewed by an external auditor. NFI is prepared following various external and internal frameworks, reporting guidelines and measurement, collection and verification methods and practices, which are materially different from those applicable to financial information and are in many cases emerging and evolving. NFI is based on various materiality thresholds, estimates, assumptions, judgments and underlying data derived internally and from third parties. NFI is thus subject to significant measurement uncertainties, may not be comparable to NFI of other companies or over time or across periods and its inclusion is not meant to imply that the information is fit for any particular purpose or that it is material to us under mandatory reporting standards. NFI is for informational purposes only and without any liability being accepted in connection with it except where such liability cannot be limited under overriding provisions of applicable law.

Forward-looking statements

Santander hereby warns that this presentation contains "forward-looking statements" as per the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements can be understood

through words and expressions like "expect", "project", "anticipate", "should", "intend", "probability", "risk", "VaR", "RoRAC", "RoRWA", "TNAV", "target", "goal", "objective", "estimate", "future",

"commitment", "commit", "focus", "pledge" and similar expressions. They include (but are not limited to) statements on future business development, shareholder remuneration policy and NFI.

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Important Information

While these forward-looking statements represent our judgement and future expectations concerning our business developments and results may differ materially from those anticipated, expected, projected or assumed in forward-looking statements.

In particular, forward looking statements are based on current expectations and future estimates about Santander's and third-parties' operations and businesses and address matters that are uncertain to varying degrees and may change, including, but not limited to (a) expectations, targets, objectives, strategies and goals relating to environmental, social, safety and governance performance, including expectations regarding future execution of Santander's and third-parties' (including governments and other public actors) energy and climate strategies, and the underlying assumptions and estimated impacts on Santander's and third-parties' businesses related thereto; (b) Santander's and third-parties' approach, plans and expectations in relation to carbon use and targeted reductions of emissions, which may be affected by conflicting interests such as energy security; (c) changes in operations or investments under existing or future environmental laws and regulations; (d) changes in rules and regulations, regulatory requirements and internal policies, including those related to climate-related initiatives ; (e) our own decisions and actions including those affecting or changing our practices, operations, priorities, strategies, policies or procedures; and (f) the uncertainty over the scope of actions that may be required by us, governments and others to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and governmental standards and regulations.

In addition, the important factors described in this presentation and other risk factors, uncertainties or contingencies detailed in our most recent Form 20-F and subsequent 6-Ks filed with, or furnished to, the SEC, as well as other unknown or unpredictable factors, could affect our future development and results and could lead to outcomes materially different from what our forward-looking statements anticipate, expect, project or assume.

Forward-looking statements are therefore aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this presentation, are informed by the knowledge, information and views available on such date and are subject to change without notice. Santander is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law. Santander does not accept any liability in connection with forward-looking statements except where such liability cannot be limited under overriding provisions of applicable law.

Not a securities offer

This presentation and the information it contains does not constitute an offer to sell nor the solicitation of an offer to buy any securities.

Past performance does not indicate future outcomes

Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or results (including earnings per share) will necessarily be the same or higher than in a previous period. Nothing in this presentation should be taken as a profit and loss forecast.

Third Party Information

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

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Index

1

2

3

4

5

Financial	Strategy and	Results	Concluding	Appendix
system	business		remarks

4

Macroeconomic conditions continued to impact loan portfolio growth. Loans to SMEs registered the highest growth in the quarter

Total loans (Constant € bn1)

996 1,007 1,015 1,038 1,051

YoY	14.5%	13.0%
(%)		10.1%	8.2%
		7.1%

Dec-22Mar-23Jun-23Sep-23Nov-23

• Total loan growth slowed (+7.1% YoY), with public banks (+7.9% YoY) still outperforming privately-owned banks (+6.5% YoY)
• In terms of segments, loans to individuals continued to grow (+9.2% YoY), driven by agricultural loans, auto loans, credit cards and mortgages. Loans to Corporates and SMEs grew +3.9% YoY, boosted by SMEs (+6.7% YoY)

Total customer funds (Constant € bn1,2)

	2,083	2,098	2,169	2,245	2,291
YoY	10.4%	8.9%	9.4%	9.3%	10.4%
(%)

Dec-22Mar-23Jun-23Sep-23Nov-23

• Total customer funds and mutual funds rose 10.4% YoY, mainly due to funding from customers which increased 15.2% YoY

Source: Brazilian Central Bank.	5
(1)	End period exchange rate as of Nov-23.
(2)	Total Deposits + mutual funds + other funding (debentures, real estate credit notes - LCI, agribusiness credit notes - LCA, financial bills (letras financeiras) and
	Certificate of Structured Transactions - COEs).

Index

1

2

3

4

5

Financial	Strategy and	Results	Concluding	Appendix
system	business		remarks

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Santander Brasil has a solid strategy, which benefits from being part of a large international group

KEY DATA	2023	YoY Var.5
Customer loans1	€102.6bn	+5.7%
Customer funds2	€145.0bn	+13.9%
Attributable profit	€1,921mn	-24.8%
RoTE	13.7%	-5.5pp
Efficiency ratio	34.6%	+2.2pp
Loans market share3	9.0%	-39bps
Deposits market share4	10.2%	-22bps
Total customers	62.8mn	+4.5%
Digital customers	20.8mn	+2.1%
Branches	2,580	-9.4%
Employees	57,775	+3.2%

Strategic Priorities

• Continuing to develop the best integrated distribution platform in the market in order to strengthen connectivity between businesses and capture opportunities more swiftly
• Increasing and capitalizing on our customer base, primarily through greater loyalty, maximizing growth
• Simplifying products and processes and boosting operational efficiency and customer experience
• Keeping credit quality under control by continually anticipating trends and enhancing risk models
• Focusing on value creation, profitability and superior payout levels
• Innovating to adapt and satisfy to new demands

(1)	Gross loans excluding reverse repos.
(2)	Excluding repos.	7
(3)	As at Sep-23.
(4)	As at Jun-23. Including demand, savings and time deposits, LCA (agribusiness notes), LCI (real estate credit notes) and financial bills (Letras financeiras).
(5)	Constant euros.

Customer-centric strategy, seeking to become their main bank, prioritizing higher transactionality and profitability

Total customers (mn)	Active customers (mn)	Digital customers (mn)
+4%	-4%	+2%

60.1 62.8

31.8	30.5	20.4	20.8

Dec-22

Dec-23

Dec-22

Dec-23

Dec-22

Dec-23

• Constant improvement in our customer experience by optimizing and personalizing offerings, resulting in increased customer satisfaction across all segments, compared to 2022.
• Constantly enhancing our offerings through technology, by integrating sales channels, refining self-service and customer service
• Focus on adding value through our multichannel structure to increase customers and usage
• Total customers increased 4% YoY, while digital customers rose 2% YoY

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Continuous focus on our customers and our business diversification, through the development of our growth levers

Retail & Commercial

Focus on adding value through our multichannel structure to increase

customer principality

1.2 mn high-income customers1 at Select, exceeding our 2023 ambition

Agrobusiness. BRL 54 bn credit portfolio, surpassing our ambition of BRL 50 bn in 2023

Payroll. Outperforming the market in

loans throughout 2023

SMEs

Specialized service to enhance

customer experience

FY'23 revenue in SMEs increased 10% YoY

+6% in monthly costumer acquisition³

Corporate & SCIB

1st place in local trade finance,

with 25% market share

1st place in local FX, with

13% market share

1st place in

commodities ranking

2nd largest independent energy trader

Wealth Management & Insurance

1. We have attained our goal of 1.4 k advisors, targeting 2.0 k in the coming
   months
   Private bank. Record-breaking year in
   revenue

Toro. Investment platform with BRL 17.4 bn

in Assets under Custody (+76% YoY)

Insurance. 29% of penetration rate in customers in Santander Financiamentos

Digital Consumer Banking | Auto

Record originations (+38% in Q4'233)

Leaders with a 21%1 market share in

auto loans to individuals

Commercial agreements should continue

to enhance growth

Payments | Cards

Credit turnover of

BRL 238 bn2

+45% cards issued in Q4'233

+14% in average spending3

(1)	As of Nov-23	9
(2)	12M'23.
(3)	Q4'23 vs. Q4'22.

Loans rose 6% YoY mainly due to SMEs, Corporates and Individuals

Total customer loans (Constant € bn)1

97.1 98.9 99.0 99.8 102.6

Dec-22Mar-23Jun-23Sep-23Dec-23

			Dec-23	Dec-22	YoY (%)	QoQ (%)
Individuals	2		44.6	42.3	5.5	2.6
o/w Mortgages		11.7	11.0	6.3	1.8
o/w Consumer Credit		15.4	14.3	7.6	1.4
o/w Cards		8.1	7.5	8.6	8.8
Consumer Finance		11.4	11.1	2.2	5.2
SMEs			11.2	10.4	8.1	3.9
Corporates & Institutions	3	35.4	33.3	6.2	2.0
Total customer loans		102.6	97.1	5.7	2.8

Group criteria.	10
(1)	Excludes reverse repos. End period exchange rate as at Dec-23.
(2)	Includes Private Banking.
(3)	Includes Corporates, Institutions, CIB and other.