Shareholder remuneration

In application of the shareholder remuneration policy, the board of directors approved the first remuneration cycle charged against 2025 results, which will be made in two parts:

• The payment of an interim cash dividend against 2025 results of €11.50 cents per share approved by the board of directors on 30 September 2025, equivalent to c.25% of the Group’s underlying profit in H1’25, 15% higher than its 2024 equivalent, which will be paid from 3 November 2025. Including the €11.00 cent dividend per share paid in May 2025, the cash dividend per share paid during 2025 will be 15% higher than that paid in 2024.
• A share buyback programme against 2025 results of up to €1.7 billion, which commenced on 31 July 2025 once the applicable regulatory approval had been obtained.

This programme puts us on track to reach our goal to distribute at least €10 billion through share buybacks charged against 2025 and 2026 results and against expected capital excess*.

Total shareholder remuneration charged against H1’25 results will be approximately €3,400 million, 11% higher than the remuneration charged against H1’24 results. The amount is approximately 50% of H1’25 attributable profit (around 25% through cash dividend payments and around 25% through share buybacks).

At the end of the quarter, TNAV per share was €5.56. Including the final cash dividend against 2024 results and the interim cash dividend charged against 2025 results, TNAV per share increased 15% year-on-year.

^{*As previously announced, Santander intends to allocate at least €10bn 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 are subject to future 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.