Last update: 31/10/2025

Santander is committed to creating value for its 3.5 million shareholders worldwide, offering sustainable profitability and generating double-digit growth.

Increasing profitability and creating value for all our 3.5 million shareholders are among Grupo Santander’s top priorities. As a responsible bank, we pledge to offer constant, attractive returns that are underpinned by sustainable growth.

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.

*Data as of September 2025

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.}

Promoting transparency and engagement

Transparency is key to maintaining trust in the market. Santander provides all information it considers pertinent to meet shareholders’ needs and interests, and regularly engages with shareholders through official communications channels.

We outline our strategy and targets at regular Investor Days. At the most recent Investor Day, in February 2023, we presented our growth plan for 2023-2025 which aims to maximize profitability and kick off a new phase of shareholder value creation. The overall strategy is to grow lending and our customer base while achieving greater efficiency on the back of automation and simplification of processes.

We listen to our shareholders’ opinions and encourage them to take part in decision-making at the bank. Every shareholder can take part in general shareholders’ meetings, regardless of the number of shares they hold. 

We hold regular meetings with shareholders and offer them tailor-made, real-time assistance through our website, our Shareholders and Investors app, a dedicated telephone line, WhatsApp and email. 

Santander shareholders also get exclusive financial products and services, as well as access to our Yo Soy Accionista loyalty programme with promotions, prize draws and discounts.  

Such organizations as Asociación Española de Relación con Inversores (Spanish association of shareholder relations, or AERI) and leading publications IR Magazine and Institutional Investor have often praised our shareholder engagement.