Banco Santander (SAN) investor relations material

Executive summary

• 9M’26 underlying attributable profit reached €11,176m, up 16% in euros and 14% in constant euros; statutory attributable profit was €12,405m, up 20%, including the Poland disposal gain and non-recurring charges.

• 189m customers after 17m additions YoY; loans and customer funds each grew 16% in constant euros, including acquisitions.

• Revenue growth and ONE Transformation supported 14% growth in net operating income, 16.0% underlying RoTE and a 42.6% efficiency ratio.

Financial highlights

• 9M underlying total income was €46,807m, up 8% in euros and 7% in constant euros; excluding M&A, constant-euro growth was 5%.

• Net interest income rose 10% in euros and 8% in constant euros; net fee income increased 9% in euros and 7% in constant euros.

• Underlying costs were €19.9bn, flat in constant euros and down 1% excluding TSB and Webster; net operating income rose 14% to €26,882m.

• Underlying EPS increased 21% to €0.74 and statutory EPS rose 25%; TNAV per share plus cash dividend per share increased 11%.

Outlook and guidance

• 2026 underlying profit is expected above €15bn including M&A; prior guidance was above €14.1bn excluding M&A. Revenue growth is targeted at mid-single digits, with lower costs in constant euros.

• Year-end CET1 target is 12.8–13%, at the top of the 12–13% operating range; September CET1 was 12.7%.

• 2028 targets include underlying profit above €20bn, RoTE above 20% and more than 210m customers; efficiency ratio ambition is close to 36%.

• 2026–28 shareholder remuneration policy targets ~50% of underlying profit, subject to approvals; from 2027 results, expected allocation is ~35% cash dividends and ~15% buybacks.