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Banco Santander Q4 2025 & Acquisition earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 & Acquisition earnings summary3 Feb, 2026
Executive summary
Achieved record attributable profit of €14.1 billion in 2025, up 12% year-over-year, with strong performances across all global businesses and revenue lines, and added 8 million customers to reach 180 million total.
Transformation initiatives and operational efficiency, including simplification, automation, and the ONE Transformation program, drove improved profitability and cost control.
Board approved a new €5 billion share buyback, part of a commitment to distribute at least €10 billion from 2025-26 earnings and excess capital.
Announced acquisition of Webster in the US for $12.2 billion, expected to nearly double US ROTE to 18% by 2028 and deliver 7-8% EPS accretion.
Financial highlights
Total income for 2025 was €62.4 billion, flat in euros but up 4% in constant euros; net fee income reached a record €13.7 billion, up 5% (+9% in constant euros).
Operating expenses declined 1% in euros, improving the efficiency ratio to 41.2%, the best in over 15 years.
Attributable profit grew 12% year-over-year to €14.1 billion, with EPS up 17% and TNAVps + Cash DPS up 14%.
CET1 capital ratio reached 13.5%, up 0.7pp year-over-year and above the 13% target.
Cost of risk at 1.15% and NPL ratio at 2.91%, with NPL coverage ratio at 66%.
Outlook and guidance
For 2026, targets mid-single-digit revenue growth in constant euros, lower costs, and CET1 ratio of 12.8-13%; expects double-digit revenue growth and mid-teens profit growth in 2027 post-Webster, with ROTE over 20% by 2028.
Shareholder remuneration policy targets at least €10 billion in buybacks for 2025 and 2026, with 50% payout of reported profit.
CET1 ratio guided to 12.8-13% by end of 2026, above 13% in 2027.
ROTE expected to exceed 20% by 2028, with US and UK at scale and best-in-class profitability.
Webster acquisition: Group EPS accretion outlook
Remaining 2025-26 share buyback plan details
ONE Transformation's impact on cost-to-income ratio
Webster $800M cost synergies: key drivers?
Post-Webster, what's the capital allocation strategy?
Clarify "no more bolt-on acquisitions" for 3 years
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Next Banco Santander earnings date
CMD 202625 Feb, 2026
Banco Santander
Next Banco Santander earnings date
CMD 202625 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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