Shareholder remuneration

_{*Existing shareholder remuneration policy defined as c.50% of Group reported profi t (excluding non-cash, non-capital ratios impact items), distributed c.50% in cash dividends and c.50% in share buybacks. The implementation of the shareholder remuneration policy and any share buybacks to distribute CET1 surpluses are subject to future corporate and regulatory decisions and approvals.}

The ordinary general shareholders’ meeting approved a final cash dividend charged against 2024 results in the gross amount of EUR 11.00 cents per share entitled to dividends cash paid from 2 May 2025. Including the interim cash dividend paid in November 2024 (EUR 10.00 cents), the total cash dividend per share paid against 2024 results will be EUR 21.00 cents, around 19% more than the dividends paid against 2023 results.

These dividends are complemented by two share buyback programmes. The first for a total of EUR 1,525 million and the second for EUR 1,587 million, both already completed. With the execution of both programmes, the Group has repurchased approximately 14.16% of its outstanding shares since we began our buybacks in 2021.

As a result, total shareholder remuneration against 2024 results has been around EUR 6.3 billion, 13% higher than the remuneration against 2023 results, distributed approximately equally between cash dividends and share buybacks.

On 5 February 2025, we announced that the board of directors intends to return up to EUR 10 billion to our shareholders through share buybacks corresponding to 2025 and 2026 results as well as to distribute excesses of our capital¹. With regard to this, on 5 May 2025, Santander announced the sale of c. 49% of Santander Polska to Erste Group Bank and the intention to distribute 50% of the capital released upon completion of the transaction to accelerate its planned share buybacks, equivalent to approximately €3.2 billion, with potential to exceed the previously announced share buyback target, subject to regulatory approval².

^{1 This share buyback target includes i) buybacks that are part of the existing shareholder remuneration policy, and ii) additional buybacks following the publication of annual results to distribute year-end excesses of CET1 capital, subject to future corporate and regulatory approvals.
2 Reference is made to our notice of inside information of 5 May 2025 (official registry number 2728) relating to the sale of c.49% in Santander Bank Polska, S.A. and 50% of Santander’s Polish asset management business TFI to Erste Group Bank AG for a total cash consideration of €7 billion. The transaction is subject to customary conditions including regulatory approvals, including the Polish Financial Supervision Authority (KNF).}

Further information on shareholder remuneration can be found in the following sections of this website:

• Dividends
• Share buybacks and why they’re important to shareholders
• Prices of latest reinvestments (PDF 160 Kb) (Only available in Spanish)
• The most recent and historical dividend payments are shown in the table below.