Banco Santander (SAN) AGM 2025 summary

Opening remarks and agenda

• AGM held fully virtually, enabling global shareholder participation and reducing costs and environmental impact.

• Meeting format aligns with digital transformation and international best practices.

• Notarial minutes prepared, with a notary present via the platform.

• Quorum achieved with over 68% of voting capital represented.

Financial performance review

• Record profit of EUR 12.6 billion in 2024, exceeding all financial targets.

• Shareholder remuneration reached EUR 3.6 billion, six times more than in 2014.

• CET1 fully loaded ratio at 12.8%, ROTE at 16.3%, and double-digit growth in tangible net asset value plus dividend per share.

• Retail profit up 29% to EUR 7.3 billion; consumer, CIB, and wealth businesses all reported strong growth.

Board and executive committee updates

• Transition of lead independent director completed; board composition reviewed for optimal skills and experience.

• Committee chairs reported on audit, sustainability, remuneration, and nomination activities.

• Board effectiveness review completed internally, confirming governance strength.