Banco Santander (SAN) AGM 2026 summary

Opening remarks and agenda

• The meeting was held exclusively online, leveraging a proven digital platform to ensure equal participation and sustainability, with the highest quorum in 30 years achieved.

• Legal and procedural details, including notarial oversight and voting instructions, were clarified at the outset.

• Shareholders could submit presentations and questions in multiple formats, with responses provided during the meeting or in writing.

Financial performance review

• Attributable profit for 2025 reached a record EUR 14.1 billion, up 16% year-on-year, with EPS up 17%.

• Return on tangible equity (RoTE) post-AT1 was 16.3%, and the cost-to-income ratio improved to 41.2%.

• CET1 capital ratio closed at 13.5%, above the operating range, supporting growth and shareholder remuneration.

• Total tax contribution was EUR 9.553 billion, and tangible net asset value per share plus cash dividend grew 14%.

Board and executive committee updates

• Deborah Vieitas was proposed as a new Independent Director, replacing Homaira Akbari.

• Re-elections of several directors were proposed, and the Board's annual evaluation confirmed strong governance and culture.

• The Board remains focused on ensuring the right skills and diversity for future success.