Banco Santander (SAN) updates €1.44B buyback, 15.1% of 2021 shares retired

Rhea-AI Filing Summary

Banco Santander, S.A. reports further progress on its share buyback programme. As of 3 December 2025, the bank has spent 1,437,943,994 Euros repurchasing its own shares, which it states is approximately 84.6% of the programme’s maximum investment amount. The bank indicates that, with these purchases, it has bought back around 15.1% of its outstanding shares as of 2021, meaning a significantly smaller share count for remaining shareholders.

Between 27 November and 3 December 2025, Banco Santander repurchased a total of 9,600,000 shares across several trading venues, at weighted average prices generally around €9.22–€9.45 per share. The purchases were made under the previously announced Buyback Programme and carried out in accordance with European market abuse and buyback regulations.

Positive

• Significant buyback progress: Banco Santander has spent 1,437,943,994 Euros, about 84.6% of the Buyback Programme’s maximum investment amount, repurchasing approximately 15.1% of its outstanding shares as of 2021.

Negative

• None.

Insights

Equity Capital Markets Analyst

Santander advances a large, previously announced buyback, now ~84.6% complete.

Banco Santander details execution of its ongoing share buyback, reporting cash outlays of 1,437,943,994 Euros by 3 December 2025. It notes that this corresponds to about 84.6% of the Buyback Programme’s maximum investment amount and that purchases so far equal roughly 15.1% of outstanding shares as of 2021.

During the week from 27 November to 3 December 2025, the bank repurchased 9,600,000 shares across venues such as XMAD and CEUX at weighted average prices around €9.22–€9.45. This continues a sizeable capital return that reduces the share count, aligning with the programme described in the earlier Buyback Commencement Communication.

The update is primarily mechanical, confirming progress under an established plan rather than launching a new action. Future company disclosures will be needed to show how close the programme is to full completion and how the reduced share count interacts with earnings trends.

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 December, 2025

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 December 4, 2025

 

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 30 July 2025 (official registry number 2844) (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 27 November and 3 December 2025 (both inclusive).

The cash amount of the shares purchased to 3 December 2025 as a result of the execution of the Buyback Programme amounts to 1,437,943,994 Euros, which represents approximately 84.6% 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 15.1% of its outstanding shares as of 2021.

Date	Security	Transaction	Trading venue	Number of shares	Weighted average price (€)
27/11/2025	SAN	Purchase	XMAD	1,710,697	9.2196
27/11/2025	SAN	Purchase	CEUX	121,426	9.2298
27/11/2025	SAN	Purchase	TQEX	24,635	9.2342
27/11/2025	SAN	Purchase	AQEU	43,242	9.2193
28/11/2025	SAN	Purchase	XMAD	1,311,569	9.2332
28/11/2025	SAN	Purchase	CEUX	92,748	9.2347
28/11/2025	SAN	Purchase	TQEX	39,940	9.2361
28/11/2025	SAN	Purchase	AQEU	55,743	9.2403
01/12/2025	SAN	Purchase	XMAD	1,877,422	9.2446
01/12/2025	SAN	Purchase	CEUX	128,253	9.2362
01/12/2025	SAN	Purchase	TQEX	26,350	9.2375
01/12/2025	SAN	Purchase	AQEU	67,975	9.2401
02/12/2025	SAN	Purchase	XMAD	1,772,623	9.4259
02/12/2025	SAN	Purchase	CEUX	144,082	9.4300
02/12/2025	SAN	Purchase	TQEX	30,579	9.4240
02/12/2025	SAN	Purchase	AQEU	52,716	9.4309
03/12/2025	SAN	Purchase	XMAD	1,855,974	9.4422
03/12/2025	SAN	Purchase	CEUX	128,122	9.4530
03/12/2025	SAN	Purchase	TQEX	38,918	9.4405
03/12/2025	SAN	Purchase	AQEU	76,986	9.4527
			TOTAL	9,600,000

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), 4 December 2025

1 

 

ANNEX I

Detailed information on each of the transactions carried out within the context of the Buy-back Programme between 27/11/2025 and 03/12/2025 (both inclusive)

(https://www.santander.com/content/dam/santander-com/es/documentos/cumplimiento/do-anexo-i-27-11-a-03-12-2025.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:	December 4, 2025	By:	/s/ Pedro de Mingo Kaminouchi
			Name:	Pedro de Mingo Kaminouchi
			Title:	Head of Corporate Compliance

FAQ

What does Banco Santander (SAN) disclose in this Form 6-K?

Banco Santander provides an update on its share Buyback Programme, detailing purchases of its own ordinary shares between 27 November and 3 December 2025 and the cumulative cash spent on the programme.

How much has Banco Santander spent on its share buyback so far?

As of 3 December 2025, Banco Santander reports a cash amount of 1,437,943,994 Euros spent on share repurchases under its Buyback Programme.

What portion of the buyback programme is completed for Banco Santander (SAN)?

The bank states that the 1,437,943,994 Euros invested represent approximately 84.6% of the Buyback Programme’s maximum investment amount.

How many Banco Santander shares were repurchased in the reported week?

Between 27 November and 3 December 2025, Banco Santander repurchased a total of 9,600,000 ordinary shares across several trading venues.

At what prices did Banco Santander repurchase its shares during this period?

The shares were bought at weighted average prices generally between €9.2193 and €9.4530 per share, depending on the trading venue and date.

How much of Banco Santander’s share capital has been bought back?

Banco Santander indicates that, with the purchases executed so far, it has repurchased approximately 15.1% of its outstanding shares as of 2021.

What regulations govern Banco Santander’s buyback transactions?

The bank cites article 5 of Regulation (EU) no. 596/2014 on Market Abuse and articles 2.2 and 2.3 of Commission Delegated Regulation (EU) 2016/1052 as the framework for its buyback transactions.