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Banco Santander (SAN) investor relations material
Banco Santander Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Attributable profit reached €10.3 billion for 9M 2025, up 11% year-on-year, with all global businesses contributing to growth and 7 million new customers added YoY.
Profitability improved with ROTE (post-AT1) at 16.1%, advancing toward the 2025 target of ~16.5%.
Efficiency ratio improved to 41.3%, the best in over 15 years, supported by transformation initiatives and global platform rollouts.
Solid balance sheet with robust credit quality, organic capital build, and disciplined capital allocation supporting double-digit value creation.
All global businesses—retail, consumer, CIB, wealth, and payments—delivered strong profit growth, supported by digitalization, automation, and disciplined capital allocation.
Financial highlights
Total revenue for 9M 2025 reached €46.3 billion, up 4% in constant euros year-on-year.
Net interest income (NII) was €33.8 billion, down 2% in current euros but up 2% in constant euros YoY; net fee income hit a record €10.0 billion, up 4% in current euros and 8% in constant euros.
Operating expenses decreased 1% in current euros, with efficiency ratio improving to 41.3%.
EPS rose 16% year-on-year, and TNAVps plus cash dividend per share grew 15%.
Profit before tax increased 5% to €13,761 million.
Outlook and guidance
On track to meet or exceed 2025 targets, including ROTE of ~16.5% and revenue guidance of €62 billion.
Cost base expected to decline versus 2024, with mid-high single digit revenue growth and double-digit shareholder value creation through the cycle.
CET1 ratio maintained at 13.1%, above the 12-13% operating range target.
Shareholder remuneration policy targets at least €10 billion in buybacks and dividends for 2025-2026.
Net interest income is expected to be stable or slightly up in 2025 (constant euros, excluding Argentina), with positive fee momentum.
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Next Banco Santander earnings date
Q4 20254 Feb, 2026
Next Banco Santander earnings date
Q4 20254 Feb, 2026
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Frequently asked questions
Banco Santander S.A. offers a wide range of banking and financial services, including retail banking, corporate banking, asset management, and insurance products. The bank operates primarily in Europe, Latin America, and North America, serving individual customers, SMEs, and multinational corporations. Banco Santander S.A. is headquartered in Madrid, Spain, and its shares are listed on the BME.
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