Report by Link Securities
The Board of Directors of Banco Santander (SAN) has approved the implementation of a share buy-back programme for an amount equivalent to approximately 25 per cent of the group’s ordinary profit for the first half of 2026 (i.e. approximately €1.825 million).
The relevant regulatory authorisation for the new programme has already been obtained and the programme will be carried out in accordance with the terms set out below.
The Share Buy-back Programme will be carried out in accordance with the resolutions adopted by the Annual General Meeting of Shareholders on 31 March 2023 and will have the following characteristics:
Purpose of the Share Buy-back Programme: to reduce the bank’s share capital through the cancellation of the shares acquired under the Programme, in accordance with the capital reduction approved by the 2026 Annual General Meeting of Shareholders.
- Maximum number of shares: this will depend on the average price at which the purchases are made, but shall not exceed
- 1,468,931,950 shares.
Other conditions: the shares will be purchased at market price, subject to the following restrictions:-The bank may not acquire shares at a price higher than the higher of the following: (a) the price of the most recent independent transaction, or (b) the highest independent bid at that time on the trading venue where the purchase is made. – The bank may not purchase, on any trading day, more than 25 per cent of the average daily trading volume of the Bank’s shares on the trading venue where the purchase is made. The average daily trading volume shall be based on the average daily trading volume over the 20 business days preceding the date of each purchase.
Start of the Buy-Back Programme: it will commence on the first trading day following the effective completion of the current buy-back programme. If, as expected, the Current Programme ends on 21 August 2026, the Buy-Back Programme will commence on 24 August 2026.
Indicative duration of the Buy-back Programme: The indicative duration of the Buy-back Programme will be 98 trading sessions and, therefore, if it were to commence on 24 August 2026, its indicative end date would be 8 January 2027. However, Santander reserves the right to terminate or suspend the Buy-back Programme if, prior to its expiry date, the maximum monetary amount is reached or if any other circumstances arise that would warrant such action.
