The group continued to increase profitability and create value for shareholders, achieving a return on tangible equity (RoTE) of 16.1% (+0.7 percentage points) post-AT1, earnings per share (EPS) of €0.66 (+16%), and tangible net asset value (TNAV) per share of €5.56 at end-September 2025. Including the 11.00 euro cents cash dividend paid in May and the 11.50 euro cents interim cash dividend to be paid in November, total value creation (TNAV plus cash dividend per share) increased by 15% year-on-year.

In the first nine months of the year, customer funds grew 7% in constant euros, with deposits up 5% and mutual funds up 16%, reflecting higher customer activity and positive market performance. Loans rose 2% in constant euros to €1.0 trillion, driven by growth in Consumer, CIB, Wealth and Payments, while the loan book in Retail was stable as the bank maintained its focus on profitability and capital optimization.


[1] Reconciliation of underlying results to statutory results, available in the ‘Alternative Performance Measures’ section of the financial report at CNMV 

[2]As previously announced, Santander intends to allocate at least €10bn to shareholder remuneration in the form of share buybacks, corresponding to the 2025 and 2026 results, as well as to the expected excess capital. This share buyback target includes: (i) buybacks that are part of the existing shareholder remuneration policy outlined below, and (ii) additional buybacks following the publication of annual results to distribute year-end excesses of CET1 capital. The current remuneration policy for the 2025 results, which the board intends to apply, will remain the same as for the 2024 results, consisting of a total shareholder remuneration of approximately 50% of the Group’s reported profit (excluding non-cash and non-capital ratios impact items), distributed in approximately equal parts between cash dividends and share buybacks. The execution of the shareholder remuneration policy and share buybacks to distribute the excess CET1 capital is subject to corporate and regulatory decisions and approvals.