Total interim shareholder remuneration against 2026 results will amount to approximately €3.7 billion, split roughly evenly between a cash dividend and the share buyback programme launched in August.
Including the share buyback programme currently underway, Santander will have delivered c.€9 billion towards its plan to distribute at least €10 billion through share buybacks for 2025 and 2026.
Madrid, 29 September 2026.
The board of directors of Banco Santander today announced its decision to pay an interim cash dividend against 2026 results of 12.7 euro cents per share, an increase of 10% compared with the interim dividend paid last year. The dividend will be payable on 2 November 2026.
Total shareholder remuneration against first half of 2026 results will amount to approximately €3.7 billion, equivalent to around 50% of the group’s underlying profit in the period. It will be split roughly evenly between an approximately €1.8 billion cash dividend and the c.€1.8 billion share buyback programme launched in August.
Including the share buyback programme currently underway, together with the buybacks against 2025 results and the additional distribution linked to the sale of Santander Poland, Santander will have delivered c.€9 billion towards its plan to distribute at least €10 billion through share buybacks for 2025 and 20261.
The increase in our cash dividend marks the fifth consecutive year of double-digit growth, with the interim dividend per share up 162% since 2021. This dividend, together with the share buyback announced against our first-half 2026 results, represents €3.7 billion of shareholder remuneration, rising to €6.9 billion when including the extraordinary buyback linked to the sale of Santander Poland. Our first-half performance demonstrates the benefits of our transformation, with strong customer growth, higher revenue and improved efficiency.
Santander generated a record €7,328 million in underlying profit in the first half of 2026 (+15%), as the group continued to expand its customer base, adding 12 million customers over the previous twelve months to reach 182 million. Revenue increased by 6% to €30,847 million, while the efficiency ratio improved by 2.9 percentage points to 42.8%.
For 2026, Banco Santander continues to target mid-single-digit revenue growth and lower costs in constant euros, underlying profit above the €14.1 billion reported in 2025, and a year-end CET1 ratio of between 12.8% and 13%2. These targets exclude the impact of the M&A transactions related to Poland, TSB and Webster carried out in 2025 and 2026.
The board intends to apply an ordinary shareholder remuneration policy for results from 2026 to 2028 that allocates approximately 50% of the group’s underlying profit. From 2027 results, the policy is expected to comprise approximately 35% of the group’s underlying profit in cash dividends and around 15% in share buybacks, increasing the proportion of earnings distributed in cash. The implementation of the policy remains subject to the corresponding corporate and regulatory decisions and approvals.
1. Total share buybacks as of today including: i) €1.7bn share buyback against H1’25 results (completed); ii) €1.8bn share buyback against H2’25 results (completed); iii) €3.2bn additional share buyback to distribute approx. 50% of the CET1 capital generated following the completion of the sale of 49% of Santander Bank Polska to Erste Group on 9 January 2026 (completed); and iv) €1.8bn share buyback against H1'26 results (underway).
2. CET1 targets including all the impacts from inorganic transactions.