Shareholder remuneration

The 2026 general shareholders’ meeting approved a final cash dividend of €12.50 cents per share against H2 2025 results, which was paid in May 2026.

Considering the interim cash dividend of €11.50 cents per share paid in November 2025, the total cash dividend per share paid against 2025 results was €24.00 cents, 14% higher than that paid against 2024 results.

On 3 February 2026, the board of directors approved the Second 2025 Buyback Programme worth up to €5,030 million. The programme started on 4 February 2026.

This programme includes €1,830 million as part of our ordinary shareholder remuneration policy charged against H2 2025 results and the remaining amount corresponds to an extraordinary buyback of €3,200 million, equivalent to approximately 50% of the CET1 capital generated following completion of the Poland disposal.

This programme puts us on track to achieve our goal of distributing at least €10 billion through share buybacks charged against 2025 and 2026 results and against expected capital excess¹. Considering the share buyback currently underway, we have already carried out approximately 80% of this goal.

Considering the cash dividends and the two share buybacks as part of our ordinary payout policy, total shareholder remuneration charged against 2025 results will be around €7,030 million (approximately 50% of the Group’s 2025 net reported profit, excluding non-cash, non-capital ratios impact items), split almost evenly between cash dividends and share buybacks. This is a 12% increase compared to the ordinary shareholder remuneration charged against 2024 results.

^{1. As previously announced, Santander intends to allocate at least €10 billion to shareholders through share buybacks charged against 2025 and 2026 results and against the expected capital excess. This share buyback target includes: i) buybacks that are part of the existing shareholder remuneration policy; and ii) additional buybacks following the publication of annual results to distribute year-end excesses of CET1 capital. The implementation of the shareholder remuneration policy and additional buybacks is subject to corporate and regulatory decisions and approvals.}

Further information on shareholder remuneration can be found in the following sections of this website:

• Dividends
• Share buybacks and why they’re important to shareholders
• Prices of latest reinvestments (PDF 160 Kb) (Only available in Spanish)
• The most recent and historical dividend payments are shown in the table below.

Shareholder return