Banco Santander (SAN) Investor Day 2026 summary

Strategic vision and business model

• Transitioned to a globally aligned, customer-driven platform, leveraging global businesses, network effects, and digitalization for value creation and operational efficiency.

• ONE Transformation and technology integration, including AI, drive product simplification, automation, and enhanced customer experience, with 70% of products/services digitally available by 2025.

• Maintains strategy as an open global financial services platform, focusing on responsible banking, personalization, and supporting the green economy.

• Network businesses (CIB, Wealth, Payments) and bolt-on acquisitions (TSB, Webster) are central to growth and diversification.

• Delivered on all 3-year plans since 2015, with profitability and capital strength now enabling accelerated growth.

Financial targets and shareholder returns

• Targets profit above €20 billion and RoTE above 20% by 2028, with double-digit EPS growth from 2026-2028.

• Ordinary payout remains at 50%, with cash dividend payout rising to 35% from 2027, aiming to more than double cash DPS by 2028.

• CET1 ratio expected around 13% by 2028, with excess capital above this level to be distributed to shareholders.

• Value creation (TNAV plus dividends per share) to accelerate to high teens by 2028, up from previous double-digit growth targets.

• 2025 total shareholder remuneration will be approximately €7.05 billion, yielding about 4.5%.

Operational and business growth levers

• Customer base to exceed 210 million by 2028, with active customers rising from 106 million to nearly 125 million.

• Fees per active customer targeted to increase to €135, supporting high-single-digit CAGR in fees.

• Cost per active customer to fall by close to 17% by 2028, with efficiency ratio improving to around 36%.

• Gravity and One App platforms to serve over 80% of retail and consumer customers by end-2026, enabling personalized offerings at lower cost.

• ONE Transformation and technology initiatives expected to deliver €4-5bn in cost synergies by 2028, including TSB and Webster integrations.