Research · Sep 3, 2026
[SAN] Santander Thesis 2026: Return on Equity Leads European Banking Peers
Banco Santander FY25 (Dec 31, 2025) at $119.89B revenue (-8% USD; underlying cc growth +7% NII / +6% fees Q3). Net income $14.10B (+12%); Diluted EPS $0.87 (+13%). Q3 record quarterly profit €3.5B; 9M2025 best ever. RoTE 16.1%; CET1 13.1%. Customer base 178M (+7M YoY). Loan growth +16.2% cc / +11.7% reported. Q4 segments: Spain net profit €4.1B (loan growth +8%), Mexico €1.4B Q4 (25.6% market share), Turkey €805M, South America €726M (Peru+Colombia growth, Argentina deteriorating), Rest of Business €627M. €10B accelerated buyback target through 2025-2026. Wealth profit +21% (RoTE ~70%); CIB profit +10% (Global Markets +27%); Payments profit >60%.