Shareholder remuneration

Information on shareholder remuneration in 2024

In November, in accordance with the 2024 shareholder remuneration policy, the bank paid an interim cash dividend against 2024 results of €10.00 cents per share, 23% higher than its 2023 equivalent. Including the €9.50 cent dividend paid in May 2024, the total cash dividend per share during 2024 was 39% greater than cash dividends per share paid during 2023.

In addition, between 27 August 2024 and 3 December 2024, the bank carried out a first share buyback programme against 2024 results totalling €1,525 million.

As a result, in this first round of shareholder remuneration charged against 2024 results, payout surpassed €3,057 million, 17% higher than its equivalent in 2023 and represented approximately 50% of H1’2024 attributable profit (approximately 25% in cash dividends and 25% in share buybacks).

Information on shareholder remuneration charged against 2024 results

The bank’s board of directors is expected to propose to the AGM the approval of a final cash dividend, in line with the current shareholder remuneration policy¹. The total cash dividend per share charged against 2024 results is expected to be approximately 20% higher than the one charged against 2023 results.

Likewise, in application of the bank’s shareholder remuneration policy, Santander announced on 5 February a share repurchase programme for an amount of c.25% of the group’s profit in the second half of 2024 (approximately €1,587 million). The regulatory authorization has already been obtained and its execution commences on 6 February.

The Buy-Back Programme will be executed pursuant to the resolutions adopted by the general shareholders’ meeting held on 31 March 2023 and will have the following characteristics:

• Purpose of the Buy-Back Programme: to reduce the Bank’s share capital through the redemption of the shares acquired under the Programme in the share capital reduction approved by the 2024 Annual Shareholders' Meeting under item 5ºC of the agenda and/or, where applicable, the capital reduction that will be submitted to the approval of the 2025 Ordinary General Meeting of Shareholders.
• Maximum investment: the Buy-Back Programme will have a maximum monetary amount of 1,587 million euros.
• Maximum number of shares: The maximum number of shares that may be acquired pursuant to the Programme will depend on the average price at which they are acquired but will not exceed 1,413,743,296 shares. Assuming that the average purchase price at which shares are acquired pursuant to the Programme were 5.00 euros, the maximum number of shares that would be acquired would be 317,400,000 (c. 2.10% of the Bank’s share capital).
• Other conditions: shares will be purchased at market price, subject to the following restrictions:
  • The Bank may not purchase shares at a price higher than the greater of the following two: (a) the price of the last independent trade, or (b) the highest current independent purchase bid on the trading venue where the purchase is carried out.
  • The Bank may not purchase on any trading day more than 25% of the average daily volume of the Bank’s shares on the trading venue on which the purchase is carried out. The average daily volume will be based on the average daily volume traded in the twenty (20) business days preceding the date of each purchase.
• Indicative duration of the Buy-Back Programme: from 6 February 2025 to 27 June 2025. However, the Bank reserves the right to terminate the Buy-Back Programme if, prior to its expiry date, the maximum monetary amount is reached or if any other circumstances so advise.
• Execution of the Buy-Back Programme: the Programme will be executed by the team that, in accordance with the Bank’s treasury stock policy, is responsible for the execution of treasury shares transactions. Acquisitions under the Buy-Back Programme may be made in the Spanish Automated Quotation System (Mercado Continuo), as well as in Turquoise Europe, DXE Europe and Aquis Exchange Europe.

The interruption, termination or modification of the Buy-Back Programme will be duly communicated to the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores). Transactions under the Buy-Back Programme will be publicly disclosed within 7 daily market sessions following the date of their execution.

_{¹  In line with the current shareholder remuneration policy of approximately 50% of the Group’s reported profit (excluding non-cash, non-capital ratios impact items), divided approximately equally between cash dividends and share buybacks. The implementation of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.}

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 169 Kb) (Only available in Spanish)
• The most recent and historical dividend payments are shown in the table below.