[SAN] Santander: Q3 2026 Earnings Preview on Webster, TSB and Capital

Santander, the Spain-based retail and commercial banking group operating across Europe and the Americas, is scheduled to report results for the third quarter of 2026, ending September 30, 2026, and hold its earnings call on 2026-10-28 [1]. In the latest disclosed quarter, the second quarter of 2026, net interest income was €11.692 billion, net fee income €3.494 billion, total income €15.707 billion, total costs €6.727 billion and loan-loss provisions €3.349 billion; underlying attributable profit reached a quarterly record of €3.768 billion, up 4.8% from the first quarter in constant euros [2]. The CET1 ratio stood at 14.0% at the end of June [3]. For full-year 2026, Santander's official targets are mid-single-digit revenue growth excluding acquisitions, with fees growing faster than net interest income, lower total costs in constant euros and a year-end CET1 ratio of 12.8%-13% [4]. On the second-quarter call, management added that full-year profit excluding acquisitions should exceed €14.1 billion and that cost of risk should average 1%-1.1% over 2026-2028 [5]. The third-quarter estimate compiled by Drillr rests on a single analyst: revenue of €16.548 billion, attributable net income of €4.027 billion and EPS of €0.274, and it is unclear whether it includes Webster, consolidated from August 20 [6]. The earnings calendar separately lists EPS of 0.31 and revenue of 18.851 billion, which appear to be in US dollars when checked against second-quarter actuals and cannot be compared directly with the euro figures [1].

Three things matter most in this Santander Q3 2026 earnings report. The first is whether net interest income and costs in the existing business are still improving once TSB and Webster are excluded: second-quarter net interest income excluding TSB rose 2.8% quarter on quarter in constant euros [2], like-for-like total costs fell 1.5% year on year in the first half [7], and Spain's net interest income reached €2.000 billion in the quarter, up 7.5% [8]. With two acquisitions consolidated at once, only like-for-like figures can show whether the underlying earning power is still rising. The second is whether credit costs stay near target: first-half loan-loss provisions were €6.574 billion, up 7% in constant euros, mainly because of retail lending in Argentina, and the group cost of risk was 1.15% [9]; provisions are already the bank's largest single deduction from profit. The third is how much capital remains after Webster: Santander estimates Webster will reduce CET1 by about 150 basis points and says it can still end the year at 12.8%-13% [3], so the actual September ratio will show whether buyback capacity holds or whether the bank must choose between buybacks and growth.

Company Background and Business Structure

Santander is a large banking group headquartered in Spain that runs local banks in many countries, and in 2026 one sale and two purchases clearly changed its geographic footprint. The company is based in Madrid (Boadilla del Monte), its shares are listed in Madrid and other exchanges, its American depositary shares trade on the NYSE as SAN, and Ana Botín is executive chair. On January 9, 2026, Santander completed the sale of about 49% of Santander Bank Polska to Erste and booked a €1.895 billion capital gain in the first quarter [10]. On April 30, it completed the acquisition of UK lender TSB for about £2.9 billion (about €3.3 billion) in cash [11]. On February 3, it announced the acquisition of US retail and commercial bank Webster Financial for about $12.2 billion (about €10.3 billion), and Webster shareholders approved the deal in May [12]. According to an F-4 filed by the company on September 21, 2026, the transaction closed on August 20, 2026, and Webster was merged into Santander Holdings USA.

Santander reports through five global businesses, with Retail & Commercial Banking generating half of revenue and consumer finance the second-largest source. Of 2025 underlying total income of €62.390 billion, Retail & Commercial Banking contributed €31.216 billion, about 50%; Digital Consumer Bank €13.015 billion, about 21%; Corporate & Investment Banking €8.488 billion, about 14%; Payments €6.013 billion, about 10%, including €4.640 billion from Cards and €1.373 billion from PagoNxt; and Wealth Management & Insurance €4.239 billion, about 7%, while the Corporate Centre was negative €581 million [13]. This split means group profit depends mainly on local retail lending, deposits and consumer credit, while investment banking, wealth management and payments mostly carry fee growth.

By country, Santander's revenue is widely spread, with Latin America and Europe each forming a large block and the US the third-largest single market. In 2025, total income was €12.602 billion in Brazil, €11.990 billion in Spain, €7.929 billion in the US, €6.305 billion in Mexico, €5.925 billion in Consumer Europe, €5.280 billion in the UK, €3.724 billion in Poland (since sold), €2.714 billion in Chile, €2.235 billion in Argentina and €1.959 billion in Portugal [13]. Each local bank takes current and time deposits from individuals and companies, makes mortgages, consumer loans, auto loans and leases, corporate loans and credit card loans, and charges fees for accounts, payments, funds, insurance, foreign exchange and investment banking. Credit losses are low in Spanish and UK mortgages and higher in US auto lending, European consumer finance and Latin American retail credit.

Financial History and Current Position

Santander's underlying profit set a record in 2025, and both profitability and efficiency improved. On the underlying basis reported in the 20-F, which still includes Poland, 2025 net interest income was €45.354 billion, net fee income €13.661 billion, total income €62.390 billion, net operating income €36.665 billion, profit before tax €20.867 billion and attributable profit €14.101 billion [13]. Attributable profit rose 12.1% from €12.574 billion in 2024, RoTE after AT1 costs was 16.3% and underlying RoTE was 15.2% [14]. The efficiency ratio was 41.2%, cost of risk was 1.15% and full-year loan-loss provisions were €12.411 billion [15].

From 2026 the quarterly reports exclude Poland, and first-quarter attributable profit was lifted sharply by the sale gain while underlying profit kept growing steadily. First-quarter total income was €15.140 billion, up 5.6% year on year in constant euros; net interest income was €11.019 billion, net fee income €3.357 billion, total costs €6.484 billion, loan-loss provisions €3.225 billion and underlying attributable profit €3.560 billion [16]. Including the €1.895 billion capital gain from the Polish sale, first-quarter attributable profit reached €5.455 billion [10]. Because the 2025 full-year figures include Poland and the 2026 quarterly reports do not, the two must be read separately rather than compared directly.

The second quarter, which includes two months of TSB, delivered record underlying quarterly profit, but the mix of income diverged. Net interest income was €11.692 billion, net fee income €3.494 billion and total income €15.707 billion, while gains on financial transactions fell from €651 million in the first quarter to €81 million; total costs were €6.727 billion, loan-loss provisions €3.349 billion and underlying attributable profit €3.768 billion [2]. After €250 million of TSB integration charges, attributable profit was €3.518 billion [10]. First-half total income was €30.847 billion, total costs €13.211 billion and underlying attributable profit €7.328 billion, up 14.3% year on year in constant euros [7]. First-half RoTE was 17.4%, underlying RoTE 15.6% and underlying EPS €0.48, up 20% [10], and the CET1 ratio was 14.0% at the end of June [3].

Operating Model

Santander's revenue equation has four parts, and net interest income, at more than 70% of the total, sets the basic direction. Total income equals net interest income plus net fee income, gains on financial transactions and other operating income, which in 2025 were €45.354 billion, €13.661 billion, €2.436 billion and €939 million [13]. Net interest income is roughly earning assets times asset yield, minus deposits and wholesale funding times funding cost. In Spain, the UK and Portugal, margins after European Central Bank rate cuts depend mainly on lower deposit costs and loan growth, and Spain's second-quarter net interest income was €2.000 billion, up 7.5% quarter on quarter [8]. In Latin America, consumer credit and card margins are higher but move with interest rates and currencies in Brazil, Mexico and Argentina. Consumer finance revenue is also exposed to used-car residual values: in the first half, lower residual values and smaller leasing volumes cut Digital Consumer Bank total income by 2% in constant euros, and net fee income fell 9% [17].

The profit equation deducts costs, loan-loss provisions and other provisions from income, and costs and credit losses are the two largest transmission lines. Attributable profit equals total income minus total costs, loan-loss provisions, other gains and provisions, tax and minority interests. On the cost side, migration to a global platform, automation and branch and staff reductions are lowering costs in nominal terms, and first-half total costs excluding TSB fell 1.5% year on year in constant euros [7]. Loan-loss provisions are concentrated in Latin American retail, US auto lending and European consumer finance, while the other gains and provisions line absorbs items such as UK motor finance commission complaints and transformation charges, a €313 million loss in the second quarter [18]. Retail shows the transmission most directly: first-half underlying attributable profit in Retail & Commercial Banking was €4.124 billion, up 13%, driven by net interest income growth of about 4% and fee growth of about 6% [19]. Capital gains and acquisition restructuring charges are treated as non-recurring items and excluded from underlying profit.

For a bank, the cash equation is better expressed as capital generation, and changes in the CET1 ratio determine what can be returned to shareholders. In the second quarter, attributable profit added about 61 basis points of CET1, dividends and buyback accruals at a 50% payout subtracted about 33 basis points and risk-weighted asset growth subtracted 1 basis point, for net organic capital generation of 27 basis points; the TSB acquisition cut 55 basis points in the quarter it closed [3]. Capital above the 12%-13% operating range is returned through buybacks: Santander has committed to at least €10 billion of buybacks funded by 2025-2026 profit and excess capital, and on the call it said the European Central Bank had approved a new buyback of up to €1.8 billion [5]. Funding comes mainly from customer deposits, and TSB's roughly €42 billion of customer funds are entirely deposits, more than 80% of them demand deposits [11].

Industry and Competitive Position

Santander is one of the largest banking groups in the euro area, and its biggest difference from peers is its wide geographic spread. In 2025, Brazil, Mexico, Chile and Argentina together contributed about 38% of total income [13]; its European business outside Spain is concentrated in the UK and Portugal, and in the US it is mainly auto finance plus, after Webster, commercial banking. After the TSB acquisition, Santander says it is the third-largest bank in the UK by individual current account volumes and the fourth-largest by mortgage volumes [20]. In Spain it competes with BBVA and CaixaBank for loans and deposits; in the UK with Lloyds, NatWest and Barclays for mortgages and deposits; and in Brazil with Itaú and Bradesco.

Santander's advantages come from its global platform, cross-border consumer finance and payments scale, while its constraints come from Latin American macro conditions, UK regulatory matters and a dense run of acquisition integration. Its 41.2% efficiency ratio reflects the cost advantage of scale and a unified platform [15], but Latin American revenue is earned in local currencies, so euro reporting is exposed to exchange rates. UK motor finance commission complaints required new provisions of €207 million in the first quarter of 2026 and €39 million in the second [18], and completing both TSB and Webster within a year adds integration and capital pressure at the same time. The available record does not include line-by-line peer financials, so this competitive picture describes market position only and cannot support a direct comparison of margins or returns.

Core Debates

Excluding TSB and Webster, can Santander keep growing net interest income while cutting costs?

This question matters because net interest income made up 73% of 2025 total income, and from the third quarter two acquisitions are consolidated at once, so headline figures will be distorted by the change in scale. Net interest income was €45.354 billion in 2025 against total income of €62.390 billion [13]. Santander has committed for 2026 to mid-single-digit like-for-like revenue growth, lower costs and higher profit than in 2025 [4], and on the call it described the revenue growth target as about 6% and put profit excluding acquisitions above €14.1 billion [5]. Only figures that exclude TSB and Webster can show whether the existing business is still becoming more profitable.

The evidence so far shows the existing business still improving, but total income is growing much more slowly than net interest income. Second-quarter net interest income excluding TSB rose 2.8% quarter on quarter in constant euros, but gains on financial transactions fell from €651 million to €81 million, so like-for-like total income grew only 1.0% [2]. First-half like-for-like total costs fell 1.5% year on year and the efficiency ratio was about 42.8% [7]. Spain's second-quarter net interest income was €2.000 billion, up 7.5% from about €1.860 billion in the first quarter [8]. An alternative reading is that part of the second-quarter improvement came from balance sheet actions and coincided with the collapse in trading income, so a single quarter's gain may not carry forward.

The financial transmission runs as follows: lower deposit costs and loan growth in Spain, the UK and the US push like-for-like net interest income higher quarter on quarter, and Santander wants fees to grow faster than interest income so that total income grows by a mid-single-digit rate. The global platform and automation lower total costs year on year, which in turn improves net operating income and the efficiency ratio. On the call, management said the favorable conditions Spain saw in the first half should persist in the second half [5], but that is a company statement not yet tested by third-quarter data.

The third-quarter report should be read for the quarter-on-quarter direction of net interest income excluding acquisitions, whether Spain's net interest income holds at €2 billion, nine-month like-for-like costs versus a year earlier, and whether Santander keeps its 2026 targets. If like-for-like net interest income falls quarter on quarter, Spain drops back to its first-quarter level or costs start rising, the view that the existing business is still improving no longer holds. If all three hold instead, the growth from acquisitions sits on top of an existing business that is still getting better.

In TSB's first full quarter, is UK growth coming from synergies or just added scale?

TSB turns the UK from a mid-sized market for Santander into a more important profit source, so the quality of this deal directly affects group returns. The UK contributed only €5.280 billion of revenue in 2025 [13], while TSB brings about €53 billion of total assets, €42 billion of loans (more than 90% residential mortgages) and about €42 billion of customer deposits, for a price of about €3.3 billion [11]. If integration goes well, synergies and low-cost deposits will lift UK returns; if deposits leave or provisions get out of hand, the acquisition will drag on group returns.

UK results excluding TSB are still improving, but more of the gain comes from costs than from revenue. First-half UK profit before tax was €938 million, up 40% in constant euros and up 28% excluding TSB; excluding TSB, loans rose 4%, deposits 6% and total income 4%, while total costs fell 10%, and second-quarter profit before tax excluding TSB rose 6% quarter on quarter in constant euros [20]. The group booked €250 million of TSB integration and restructuring charges in the second quarter [10], and new provisions for motor finance commission complaints fell from €207 million in the first quarter to €39 million [18]. An alternative reading is that part of the profit improvement excluding TSB came from the 10% cost decline and lower asset impairments rather than from revenue expansion.

The financial transmission has two lines: consolidating TSB enlarges UK loans and deposits and directly adds net interest income, while system migration and branch and staff reductions deliver what the company calls at least €400 million of synergies on the cost side [5]. Integration and restructuring charges are booked as non-recurring items, while motor finance complaint provisions go to other gains and provisions; both affect reported profit, but only the latter reaches underlying profit.

The third quarter is TSB's first full quarter in the group, so readers should watch UK profit excluding TSB quarter on quarter, changes in TSB or UK deposits, the latest statements on integration charges and synergies, and whether motor finance provisions rise again. It is still unclear whether TSB deposits will be disclosed separately, which limits any judgment on deposit retention. If UK profit excluding TSB falls quarter on quarter, deposits run off or motor finance provisions climb again, the view that the acquisition is adding value needs revision.

Will Argentina and consumer finance push Santander's credit costs off target?

Loan-loss provisions are Santander's largest single deduction from profit, and small moves are enough to cancel out cost savings. Provisions were €12.411 billion in 2025, about one-third of net operating income that year, and cost of risk was 1.15% [15]. Measured roughly against the group's loan book, each 5-basis-point change in cost of risk shifts annualized provisions by about €500 million, enough to offset most of the like-for-like cost decline. On the call, management set a target for cost of risk to average 1%-1.1% over 2026-2028 [5].

Group credit costs are broadly stable for now, but parts of retail and consumer finance are weakening. First-half loan-loss provisions were €6.574 billion, up 7% in constant euros, with the increase mainly from Argentine retail; excluding Argentina they were broadly flat, and group cost of risk was 1.15% [9]. Retail cost of risk was 1.19%, up 6 basis points year on year and 2 basis points quarter on quarter, driven mainly by Argentina, Mexico and the UK, while Spain and Brazil improved [21]. Consumer finance cost of risk was 2.09%, up 2 basis points quarter on quarter, with a 5.61% non-performing loan ratio; the US performed well while Brazil and Openbank Europe weakened [22]. An alternative reading is that Argentina's rise reflects an industry-wide cycle and is temporary, while the improvement in Spain and Brazil is more structural.

Credit costs transmit as follows: borrower defaults and model updates in Argentine and Mexican retail raise retail provisions, while used-car prices in US auto lending and residual values in European consumer finance drive consumer finance provisions. Together they form group loan-loss provisions, which come straight out of profit before tax. On the call, management said it anticipated some improvement in Argentina's cost of risk in the second half and that Brazil's full-year cost of risk would be no more than 4.2% [5].

The third-quarter report should be read for cost of risk at group, retail and consumer finance level, the direction of Argentine provisions and quarterly provision growth excluding Webster. Because cost of risk is a 12-month rolling measure that smooths single-quarter moves, quarterly provision amounts need to be read alongside it. If group cost of risk rises above 1.20% or consumer finance goes above 2.20%, the view that credit costs are stable no longer holds.

After consolidating Webster, how much capital does Santander have left for buybacks?

CET1 constrains both buybacks and the two acquisitions, making it the common variable behind the pace of shareholder returns. Santander has committed to at least €10 billion of buybacks funded by 2025-2026 profit and excess capital [5], while completing both TSB and Webster within a year, with Webster priced at about $12.2 billion [12]. Its goal is a RoTE above 20% in 2028 [10]. If CET1 lands within the 12.8%-13% year-end target, both the buybacks and that return path hold; below it, the bank must trade buybacks off against growth.

At the end of June capital still had headroom, but the Webster deduction will absorb most of it. CET1 was 14.0% at the end of June, TSB cut 55 basis points in the second quarter and net organic capital generation was 27 basis points; Santander estimates Webster will cut about 150 basis points and says it can still reach 12.8%-13% by year-end [3]. On the call, it said the European Central Bank had approved a new buyback of up to €1.8 billion [5], and first-half underlying RoTE was 15.6% [10].

Capital transmits as follows: quarterly attributable profit adds about 61 basis points, the 50% payout of dividends and buyback accruals subtracts about 33 basis points and risk-weighted asset growth subtracts the rest, leaving net organic capital generation; Webster's goodwill, intangibles and risk-weighted assets subtract about 150 basis points in one step [3]. The CET1 ratio that results from these two forces determines how large a buyback the excess capital can still support.

The third-quarter report should be read for the September CET1 ratio, the actual Webster deduction, organic capital generation in the quarter and the company's statements on the year-end target and buybacks. There are no official Webster financials before this report, so the third quarter is also the first look at Webster's actual effect on capital. If the September CET1 ratio is below 12.5% or the Webster deduction clearly exceeds 150 basis points, the view on capital and buybacks needs revision.

Risks and Falsifiers

Each of the six risks below maps to a financial line that can be observed in the third-quarter report, and together they determine whether the current understanding holds. Each risk carries a specific falsifier: if the opposite is observed, the concern has not materialized.

The first risk is Latin American macro conditions and currencies, because Brazil, Mexico and Argentina together contributed about 34% of 2025 total income and management judges growth in constant euros. In 2025, total income was €12.602 billion in Brazil, €6.305 billion in Mexico and €2.235 billion in Argentina [13], and on the call management said Brazil's 2026 cost of risk would be no more than 4.2% [5]. If third-quarter Latin American revenue and profit in euros are not clearly below the constant-currency figures and Brazil's cost of risk is no higher than 4.2%, this risk has not materialized.

The second risk is volatility in markets-related income: second-quarter gains on financial transactions fell from €651 million in the first quarter to €81 million [2], because low volatility hurt Global Markets in Corporate & Investment Banking [18]. A swing of several hundred million euros in a quarter can erase the 2%-3% quarter-on-quarter growth in like-for-like net interest income. If third-quarter gains on financial transactions return to around the first-quarter level and Santander flags no new markets losses, this risk is falsified.

The third risk is narrower deposit margins after European rate cuts, which could make the jump in Spain's second-quarter interest income unsustainable. Spain's quarterly net interest income is about €2.000 billion [8], and a return to the first-quarter level would mean about €140 million less revenue a quarter. If Spain's third-quarter net interest income is no lower than €2 billion and group net interest income excluding acquisitions rises quarter on quarter, this risk is falsified.

The fourth risk is UK motor finance commission complaints, where a regulatory redress scheme could require further provisions. New after-tax provisions were €207 million in the first quarter of 2026 and €39 million in the second, booked in other gains and provisions and reducing attributable profit directly [18]. If there are no new provisions in the third quarter, or they are no higher than €39 million, this risk is falsified.

The fifth risk is that the deterioration in Argentine and Mexican retail credit continues into the second half. Argentina was the main source of the 7% rise in group provisions in the first half [9], retail cost of risk has already risen to 1.19% [21], and each 5-basis-point rise in group cost of risk adds about €500 million of annualized provisions. If third-quarter retail cost of risk is no higher than 1.19% and Santander confirms improvement in Argentina, this risk is falsified.

The sixth risk is that Webster integration and the capital deduction turn out larger than planned. The deal is priced at about €10.3 billion [12], and every extra 25 basis points of CET1 deduction moves the year-end ratio closer to 12.5% and shrinks room for buybacks accordingly. If the Webster deduction disclosed in the third-quarter report is no more than about 150 basis points and Santander keeps its year-end target, this risk is falsified [3].

What to Watch Next

• Like-for-like interest income and costs: net interest income excluding acquisitions grew 2.8% quarter on quarter in the second quarter; continued growth confirms the view and a decline falsifies it. First-half like-for-like costs fell 1.5%; a continued decline over nine months confirms, a rise falsifies. Spain's net interest income was €2.000 billion; holding at or above €2 billion confirms, a return to about €1.860 billion falsifies.
• TSB's first full quarter: UK profit before tax excluding TSB rose 6% quarter on quarter; continued growth in profit and deposits confirms, lower profit or deposit outflows falsify. New motor finance provisions were €39 million after €207 million; no more than €39 million confirms, a renewed rise falsifies.
• Credit costs: group, retail and consumer finance cost of risk stand at 1.15%, 1.19% and 2.09%; staying near these levels confirms, while group cost of risk above 1.20% or consumer finance above 2.20% falsifies.
• Capital and buybacks: CET1 was 14.0% at the end of June with an estimated Webster deduction of about 150 basis points; a deduction of no more than about 150 basis points with the 12.8%-13% year-end target intact confirms, a September ratio below 12.5% falsifies. Net organic capital generation was 27 basis points; staying in the 20s confirms, a clear weakening falsifies.

Conclusion

Santander's business is driven by local retail lending, deposits and consumer credit, and its current financial position combines record underlying profit and ample capital with a turning point as two acquisitions are consolidated at once. Second-quarter underlying attributable profit was €3.768 billion and net interest income €11.692 billion [2], first-half underlying RoTE was 15.6% [10] and CET1 was 14.0% at the end of June [3]. The central unresolved relationship is whether interest income growth and cost cuts in the existing business can continue excluding acquisitions, whether credit costs stay near target, and whether the capital left after the Webster deduction can keep supporting buybacks.

Since the second-quarter results, the outside coverage located has mostly been deal news, such as Webster's approval and completion and buyback progress, and no independently citable outside assessment with specific reasoning turned up; an earlier risk commentary on the Webster deal dates from February 2026, before the latest results, and falls outside this window. This is a coverage gap: the four debates above can for now be judged only from the company's own disclosures, and scattered deal news should not be treated as outside judgment.

The combination of observations that would materially strengthen the current understanding is: continued quarter-on-quarter growth in net interest income excluding acquisitions with like-for-like costs still falling, Spain's net interest income holding at €2 billion, group cost of risk staying near 1.15% as Argentine provisions start to ease, and a September CET1 ratio that still points to 12.8%-13% at year-end after the roughly 150-basis-point Webster effect. Conversely, if like-for-like interest income falls quarter on quarter, group cost of risk rises above 1.20% or CET1 drops below 12.5%, the current understanding that the existing business keeps improving and that capital can support buybacks would need material revision.

Sources

[1] Drillr earnings calendar (updated 2026-09-28) · SAN 2026-10-28 call · 2026-09-28 · Drillr earnings calendar · https://gateway.drillr.ai/mcp/private

[2] SAN 6-K filed 2026-07-22 · Q2 2026 vs Q1 2026 underlying income statement · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=6-K

[3] SAN 6-K filed 2026-07-24 · CET1 June 2026 and Webster impact · 2026-07-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=6-K

[4] SAN 20-F filed 2026-02-27 · 2026 targets · 2026-02-27 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=20-F

[5] SAN Q2 2026 earnings call 2026-07-22 · 2026 outlook, TSB synergies and buybacks · 2026-07-22 · earnings-call transcript (Investing.com) · https://www.investing.com/news/transcripts/earnings-call-transcript-santander-posts-record-q2-2026-profit-shares-rise-premarket-93CH-4805077

[6] Drillr analyst_financial_estimates (updated 2026-09-28) · SAN quarter ending 2026-09-30 · 2026-09-28 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[7] SAN 6-K filed 2026-07-24 · H1 2026 vs H1 2025 underlying income statement · 2026-07-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=6-K

[8] SAN 6-K filed 2026-07-22 · Spain Q2 2026 underlying income statement · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=6-K

[9] SAN 6-K filed 2026-07-24 · Group loan-loss provisions H1 2026 · 2026-07-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=6-K

[10] SAN 6-K filed 2026-07-22 · Q2 2026 headline profit and RoTE · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=6-K

[11] SAN 6-K filed 2026-07-22 · TSB completion and balance sheet · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=6-K

[12] SAN 6-K filed 2026-07-24 · Webster acquisition status June 2026 · 2026-07-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=6-K

[13] SAN 20-F filed 2026-02-27 · 2025 underlying results by segment · 2026-02-27 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=20-F

[14] SAN 20-F filed 2026-02-27 · 2025 RoTE · 2026-02-27 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=20-F

[15] SAN 20-F filed 2026-02-27 · 2025 efficiency and cost of risk · 2026-02-27 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=20-F

[16] SAN 6-K filed 2026-04-29 · Q1 2026 underlying income statement · 2026-04-29 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=6-K

[17] SAN 6-K filed 2026-07-22 · Consumer H1 2026 results · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=6-K

[18] SAN 6-K filed 2026-07-22 · Q2 2026 quarter-on-quarter drivers · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=6-K

[19] SAN 6-K filed 2026-07-22 · Retail H1 2026 results · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=6-K

[20] SAN 6-K filed 2026-07-22 · UK H1 2026 results · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=6-K

[21] SAN 6-K filed 2026-07-24 · Retail credit quality Q2 2026 · 2026-07-24 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=6-K

[22] SAN 6-K filed 2026-07-22 · Consumer credit quality Q2 2026 · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000891478&type=6-K