Banco Santander (BCDRF) details progress on large share buyback

Rhea-AI Filing Summary

Banco Santander reports progress on its share buyback programme. As of 18 March 2026, it has purchased own shares for a cash amount of 2,140,850,510 Euros, equal to about 42.6% of the programme’s maximum investment. The bank states that, with these purchases, it has repurchased approximately 16.5% of its outstanding shares as of 2021.

Between 12 and 18 March 2026, Banco Santander bought 20,457,881 ordinary shares on several trading venues, including XMAD, CEUX, TQEX and AQEU, at weighted average prices around 9.5 to 9.7 Euros per share.

Positive

• Substantial buyback execution: Banco Santander has spent 2,140,850,510 Euros under its share repurchase programme, equal to about 42.6% of the maximum investment amount, and reports retiring approximately 16.5% of its outstanding shares as of 2021, which can materially boost per-share metrics.

Negative

• None.

Insights

Equity capital markets analyst

Large ongoing buyback reduces Santander’s share count meaningfully.

Banco Santander is executing a sizeable share repurchase. It has spent 2,140,850,510 Euros so far, corresponding to 42.6% of the buyback programme’s maximum investment amount, and indicates that this has retired about 16.5% of its outstanding shares as of 2021.

Such a large reduction in share count can support earnings per share, assuming stable profits, because the same earnings are spread over fewer shares. The purchases between 12 and 18 March 2026 total 20,457,881 shares at weighted average prices just below 10 Euros.

The overall impact will depend on how the programme continues relative to its stated maximum investment amount. Future disclosures from Banco Santander about completion of the programme and any subsequent capital actions will further clarify the medium-term capital structure.

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of March, 2026

Commission File Number: 001-12518

Banco Santander, S.A.

(Exact name of registrant as specified in its charter)

Ciudad Grupo Santander

28660 Boadilla del Monte (Madrid) Spain

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X Form 40-F

Banco Santander, S.A.

TABLE OF CONTENTS

Item
1	Report of Other Relevant Information dated March 19, 2026

 

Item 1

Banco Santander, S.A. (the “Bank” or “Banco Santander”), in compliance with the Securities Market legislation, hereby communicates the following:

OTHER RELEVANT INFORMATION

Reference is made to our notice of inside information of 4 February 2026 (official registry number 3077) (the “Buyback Commencement Communication”), relating to the buyback programme of own shares (the “Buyback Programme”) approved by the Board of Directors of Banco Santander.

Pursuant to article 5 of Regulation (EU) no. 596/2014 on Market Abuse of 16 April 2014, and articles 2.2 and 2.3 of Commission Delegated Regulation (EU) 2016/1052, of 8 March 2016, the Bank informs of the transactions carried out over its own shares between 12 and 18 March (both inclusive).

The cash amount of the shares purchased to 18 March 2026 as a result of the execution of the Buyback Programme amounts to 2,140,850,510 Euros, which represents approximately 42.6% of the maximum investment amount of the Buyback Programme. The programme was announced together with its other characteristics through the Buyback Commencement Communication. With these purchases, the Bank has repurchased approximately 16.5% of its outstanding shares as of 2021.

Date	Security	Transaction	Trading venue	Number of shares	Weighted average price (€)
12/03/2026	SAN	Purchase	XMAD	2,000,000	9.6156
13/03/2026	SAN	Purchase	XMAD	2,000,000	9.5888
16/03/2026	SAN	Purchase	XMAD	2,531,203	9.5315
16/03/2026	SAN	Purchase	CEUX	1,201,818	9.5370
17/03/2026	SAN	Purchase	XMAD	4,867,085	9.5933
17/03/2026	SAN	Purchase	CEUX	1,520,903	9.6001
17/03/2026	SAN	Purchase	TQEX	300,000	9.5899
17/03/2026	SAN	Purchase	AQEU	435,525	9.6052
18/03/2026	SAN	Purchase	XMAD	4,078,073	9.6919
18/03/2026	SAN	Purchase	CEUX	1,274,899	9.6717
18/03/2026	SAN	Purchase	AQEU	248,375	9.6647
			TOTAL	20,457,881

Issuer name: Banco Santander, S.A. - LEI 5493006QMFDDMYWIAM13

Reference of the financial instrument: ordinary shares - Code ISIN ES0113900J37

Detailed information of the transactions carried out within the referred period is attached as Annex I.

Boadilla del Monte (Madrid), 19 March 2026

1 

 

ANNEX I

Detailed information on each of the transactions carried out within the context of the Buy-back Programme between 12/03/2026 and 18/03/2026 (both inclusive)

(https://www.santander.com/content/dam/santander-com/es/documentos/cumplimiento/do-anexo-i-12-a-18-marzo-2026-es.pdf)

2 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Banco Santander, S.A.
Date:	March 19, 2026	By:	/s/ Pedro de Mingo Kaminouchi
			Name:	Pedro de Mingo Kaminouchi
			Title:	Head of Corporate Compliance

FAQ

How much has Banco Santander spent on its current share buyback?

Banco Santander has spent 2,140,850,510 Euros on its share buyback programme. This amount represents approximately 42.6% of the programme’s maximum investment, indicating significant progress in returning capital to shareholders through repurchases of its own ordinary shares.

What portion of Banco Santander’s share buyback programme is completed?

Banco Santander states that the cash amount invested so far equals about 42.6% of the buyback programme’s maximum investment. This means the bank has executed a substantial but not yet complete portion of the authorised share repurchase capacity at this stage.

How many Banco Santander shares were repurchased between 12 and 18 March 2026?

Between 12 and 18 March 2026, Banco Santander repurchased a total of 20,457,881 ordinary shares. These purchases were executed across several trading venues, including XMAD, CEUX, TQEX and AQEU, at weighted average prices slightly below 10 Euros per share.

What impact has the buyback had on Banco Santander’s share count?

Banco Santander indicates that, with the reported purchases, it has repurchased approximately 16.5% of its outstanding shares as of 2021. This reduction in share count can increase earnings per share and ownership percentage for remaining shareholders, assuming stable or growing profits.

On which markets did Banco Santander execute recent buyback trades?

During 12–18 March 2026, Banco Santander executed buyback trades in its ordinary shares on multiple venues, including XMAD, CEUX, TQEX and AQEU. Using several platforms helps the bank source liquidity while carrying out the planned repurchases under its buyback programme.

What security is being repurchased in Banco Santander’s buyback programme?

The buyback programme targets Banco Santander’s ordinary shares, identified with ISIN code ES0113900J37. Repurchases of these ordinary shares reduce the number of shares outstanding, which may enhance per-share financial metrics and consolidate existing shareholders’ proportional ownership in the bank.