The total amount returned to shareholders as 2025 interim remuneration will be around €3.4 billion, with half paid in the form of a cash dividend and half through the current share repurchase programme.

Santander has reaffirmed its commitment to deliver at least €10 billion in share buybacks from 2025 and 2026 earnings and excess capital, in addition to cash dividends^[1].

Santander’s share price has increased by more than 95% year-to-date.

Madrid, 30 September 2025.
The board of directors of Banco Santander today announced its decision to pay an interim cash dividend against 2025 results of 11.5 euro cents per share, an increase of 15% compared to the same dividend last year.

The total amount returned to shareholders through the 2025 interim remuneration will be approximately €3.4 billion, equivalent to around 50% of Santander’s first-half attributable profit, split roughly evenly between cash dividend and share buybacks. Approximately half will be paid in the form of a cash dividend of 11.5 euro cents per share from 3 November 2025^[2], and the remaining c.€1.7 billion will be distributed through the share repurchase programme launched in July. The final distribution from 2025 earnings is expected to be decided and announced in the first quarter of 2026¹.

The 2025 interim shareholder remuneration represents an equivalent annualized yield of over 5%^[3]. Since 2021 and after finalizing the current repurchase programme, Santander will have repurchased over 15% of its outstanding shares through share buybacks.

Ana Botín, Banco Santander executive chair, said: “We are increasing our interim cash dividend per share by 15% to 11.5 euro cents. Since our Investor Day in 2023, our cash dividend per share is on track to double, reflecting the success of our strategy. Our aim is to be the best open financial services platform in the world, delivering both sustainable growth and increasing profitability as we continue to invest.”

Santander achieved a record attributable profit of €6,833 million in the first half of 2025, a 13% increase versus the same period of 2024. The group continued to increase profitability and shareholder value creation, with a return on tangible equity (RoTE) of 16% (post-AT1); earnings per share (EPS) of €0.43, up 19%, and tangible net asset value (TNAV) per share of €5.50 at the end of June. Including the interim cash dividend from 2024 results paid in November and the final dividend paid in May 2025, total value creation (TNAV plus cash dividend per share) increased 16%. Santander’s share price has increased by more than 95% year-to-date.

For the full year of 2025, Santander is targeting revenue of c.€62 billion; mid-high single digit growth in net fee income in constant euros; cost base down in euros versus 2024; cost of risk of c.1.15%; CET1 of 13% (operating range of 12-13%); and RoTE of c.16.5% post-AT1 (over 17% pre-AT1). The strength of the bank’s organic capital generation, which resulted in CET1 reaching 13% at the end of the first half of 2025, is expected to enable the bank to return at least €10 billion to shareholders in buybacks from 2025 and 2026 earnings and excess capital ahead of the initial timetable, in addition to its standard cash dividend distribution¹.
 

^[1] As previously announced, Santander intends to allocate at least €10bn to shareholder remuneration in the form of share buybacks, corresponding to the 2025 and 2026 results, as well as to the expected excess capital. This share buyback target includes: (i) buybacks that are part of the existing shareholder remuneration policy outlined below, and (ii) additional buybacks following the publication of annual results to distribute year-end excesses of CET1 capital. The current remuneration policy for the 2025 results, which the board intends to apply, will remain the same as for the 2024 results, consisting of a total shareholder remuneration of approximately 50% of the Group's reported profit (excluding non-cash and non-capital ratios impact items), distributed in approximately equal parts between cash dividends and share buybacks. The execution of the shareholder remuneration policy and share buybacks to distribute the excess CET1 capital is subject to corporate and regulatory decisions and approvals.

^[2] The ex-dividend date will be 30 October 2025 and the record date will be 31 October 2025.

^[3] Per Banco Santander's market capitalization on 30 September 2025.