SKN | Banco Santander Shares Rise 3.94% as Bank Maintains 2026 Financial Targets

Key Takeaways:

• Banco Santander shares traded at €11.07 on Lang & Schwarz on November 9, up 3.94% from the €10.65 quote recorded in the previous report.
• The bank maintained its 2026 targets, including mid-single-digit revenue growth, lower costs in constant euros and underlying profit above the €14.1 billion reported in 2025.
• Nine-month underlying profit increased 16% to €11.176 billion, while the CET1 capital ratio stood at 12.7%, against a year-end target of 12.8%–13%.

Santander Shares Advance as Investors Assess Earnings Performance

Banco Santander shares traded at €11.07 on Lang & Schwarz at 17:51 CET on Monday, November 9, 2026, representing a 3.94% increase from the €10.65 quote recorded in the previous report on November 6.

The movement provides an updated market reference following the bank’s third-quarter results, published on October 28. Santander’s operating performance remains supported by underlying profit growth, customer expansion and efficiency improvements, while management has maintained its financial objectives for the full year.

The latest share-price comparison reflects the change between the two reported quotations and should be distinguished from a daily Xetra performance comparison. The available figures do not establish that the increase was directly caused by the earnings announcement.

2026 Financial Targets Remain Unchanged

Santander has retained its full-year 2026 operating targets following its nine-month results. The bank continues to expect mid-single-digit revenue growth, lower costs in constant euros and underlying profit exceeding the €14.1 billion recorded in 2025.

Its capital objective also remains unchanged, with a year-end CET1 ratio target of between 12.8% and 13%.

For the first nine months of 2026, Santander reported underlying profit of €11.176 billion, underlying return on tangible equity of 16.0% and a CET1 ratio of 12.7%. The capital ratio therefore remained below the stated year-end target range at the reporting date, making subsequent capital generation and balance-sheet developments relevant to the next assessment.

The underlying profitability figures provide insight into the bank’s recurring operating performance. They also offer a more useful basis for assessing progress against management’s objectives than the statutory attributable profit figure alone.

Underlying Earnings Growth Provides the Operating Context

Santander’s underlying profit increased 16% during the first nine months of 2026 to €11.176 billion. Revenue rose 8% to €46.807 billion, reflecting continued business expansion and the contribution of its wider customer and operating base.

Attributable profit reached €12.405 billion over the same period. However, the statutory result included a net capital gain from the disposal of Santander Bank Polska, alongside charges that included integration costs associated with TSB and Webster.

This distinction is important when evaluating the sustainability of reported earnings. The capital gain contributed to attributable profit but does not represent the same type of recurring operating income captured by the underlying measure.

For investors assessing Santander’s earnings trajectory, the underlying figures provide a clearer reference point for evaluating whether the bank can sustain profitability while managing costs, capital requirements and integration activities.

February Results Presentation Sets the Next Reporting Milestone

Santander’s next quarterly earnings presentation is scheduled for February 3, 2027. The announcement will provide the next scheduled opportunity to assess full-year performance, capital developments and progress with the integration effects of recent acquisitions.

Investors will be able to evaluate whether the bank has achieved its 2026 objectives for revenue growth, cost reduction and underlying profitability, as well as whether its CET1 ratio has moved into the targeted year-end range.

The February presentation will also offer further information on the contribution of customer growth and operational efficiency to the group’s financial performance.

Closing Insights

Banco Santander enters the final reporting period of 2026 with its financial targets unchanged and underlying earnings growth providing support for its operating outlook. The 3.94% increase in the latest reported share-price comparison adds a positive market development, although the available information does not establish a direct relationship between the share movement and the bank’s financial results.

The central considerations remain earnings quality, capital strength and the ability to sustain profitability while managing integration costs. With underlying profit at €11.176 billion after nine months and the CET1 ratio at 12.7%, the February 3, 2027 presentation will be an important checkpoint for assessing the bank’s progress against its full-year objectives.

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