Banco Santander Q1 Earnings Call Highlights

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MarketBeat

Wed, April 29, 2026 astatine 5:46 AM CDT 7 min read

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Banco Santander (NYSE:SAN) opened its first-quarter 2026 results presumption by highlighting that it is the archetypal 4th reported aft the disposal of Santander Polska and nether a caller radical reporting operation announced successful February. Raul said underlying metrics exclude Poland’s impacts successful some 2025 and 2026 to guarantee comparability, and that the Poland interaction is present shown successful non-recurring items.

Record nett and stronger returns

CEO Héctor Grisi described the play arsenic “another fantabulous quarter,” saying nett reached a caller grounds of EUR 3.6 billion, up 12% versus Q1 2025. He said results were supported by each planetary businesses “even aft a EUR 210 cardinal centrifugal concern proviso successful U.K.”

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Grisi said the group’s “efficiency improving by 2 percent points” and underlying instrumentality connected tangible equity (ROTE) rising to 15.2%. He besides pointed to a “very solid” equilibrium sheet, with the CET1 superior ratio reaching an “all-time high” of 14.4%. He added that underlying ROTCE adjusted for excess superior “would beryllium astir 16.5%.”

On shareholder returns, Grisi said worth instauration remained strong, with dividend per stock up 19%. He besides said that including the buyback underway, Santander has returned EUR 7 billion to shareholders toward its committedness to administer astatine slightest EUR 10 billion for 2025 and 2026.

Revenue growth, outgo discipline, and recognition prime

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Grisi said gross roseate 6% successful changeless euros, with nett involvement income (NII) and fees up 5% and 7%, respectively, unneurotic representing astir 95% of full income. He attributed show to an summation of 8 million customers year-over-year and increasing contributions from “network benefits” crossed planetary businesses.

CFO José confirmed full gross accrued 6% year-over-year to EUR 15 billion, which helium said is successful enactment with the group’s 2026 target. He noted the spread betwixt current-euro and constant-euro maturation was astir 2 percent points this quarter, “mainly owed to the depreciation of the US dollar.” He said nett grew 14% year-over-year successful changeless euros.

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On costs, José said the ratio ratio improved to 42.8%, supported by gross maturation and costs declining 1% year-over-year successful changeless euros (or down 4% “in existent terms”). He said retail and Openbank—together representing astir 75% of the outgo base—reduced costs by 3% portion gross grew 3%.