Buyback programme: transactions 17-23sept

Santander has spent €696.8M to repurchase 18.3% of shares since 2021.

What the company is saying

Banco Santander, S.A. is providing a regulatory update on its ongoing share buyback programme, as approved by its Board of Directors. The announcement details that as of 23 September 2026, the bank has spent €696,824,000 on repurchasing its own shares. This spend represents 38.2% of the maximum investment amount allocated to the buyback programme. The company states that these transactions have resulted in the repurchase of approximately 18.3% of its outstanding shares as of 2021. The update lists specific purchase dates, trading venues (XMAD, CEUX, TQEX, AQEU), and weighted average prices for each transaction. The tone is strictly factual and regulatory, with no promotional language or forward-looking statements.

What the data suggests

The disclosed figures confirm that Santander has executed 10,900,000 share repurchases between 17 and 23 September 2026 across multiple European trading venues. The cumulative cash outlay for the buyback programme has reached €696,824,000, which is 38.2% of the programme's maximum investment limit. The bank has now bought back 18.3% of its outstanding shares as measured from 2021. Weighted average prices per share for these transactions ranged from €12.5928 to €12.9668. The data is granular, with each transaction's volume and price specified, but the update is limited to buyback progress and does not provide information on the company's broader financial performance or strategic rationale. There is no commentary on the impact of the buyback on earnings per share, capital ratios, or shareholder value.

Analysis

The announcement is a factual, regulatory update on the progress of Banco Santander's ongoing share buyback programme. All claims are realised and supported by specific numerical disclosures, including the cash amount spent, the percentage of the programme completed, and the number of shares repurchased. There is no forward-looking or promotional language; the tone is strictly informational, with no claims about future benefits, earnings impact, or strategic rationale. The only capital intensity signal is the large cash outlay for the buyback, but this is a standard feature of such programmes and is not paired with any exaggerated claims about future returns. The data is transparent and complete for the stated purpose, with no evidence of narrative inflation or overstatement.

Risk flags

• ●The announcement provides no context on how the buyback affects Santander's capital position, leverage, or regulatory ratios, which could be material for a bank of this size.
• ●There is no disclosure of the strategic rationale or expected impact on shareholder value, leaving investors without insight into whether the buyback is the best use of capital.
• ●The update does not address potential market or regulatory risks that could affect the continuation or completion of the buyback programme.

Bottom line

Santander has made significant progress in its share buyback programme, spending €696.8 million to repurchase 10.9 million shares and reducing its outstanding share count by 18.3% since 2021. The update is transparent about transaction details but does not discuss the broader financial or strategic implications of the buyback. Investors are given no information on how this capital allocation affects the bank's capital adequacy, earnings per share, or long-term value creation. The announcement is purely operational and regulatory, with no forward-looking guidance or commentary. The most important takeaway is that the buyback is ongoing, with substantial capital already deployed but no insight provided into its impact on the bank's financial health or shareholder returns.

Announcement summary

(LSE:BNC) Banco Santander, S.A. has provided an update on its ongoing Buyback Programme for own shares, as approved by its Board of Directors. The Bank reports that as of 23 September 2026, the cash amount spent on share repurchases totals 696,824,000 Euros, representing approximately 38.2% of the maximum investment amount allocated to the Buyback Programme. The purchases to date have resulted in the Bank repurchasing approximately 18.3% of its outstanding shares as of 2021. Between 17 and 23 September 2026, Banco Santander executed multiple transactions across several trading venues, including XMAD, CEUX, TQEX, and AQEU. On 17 September 2026, 100,000 shares were purchased on XMAD at a weighted average price of €12.9668. On 18 September 2026, purchases included 3,650,000 shares on XMAD at €12.6700, 1,699,345 shares on CEUX at €12.5928, 258,963 shares on TQEX at €12.6166, and 691,692 shares on AQEU at €12.6149. On 21 September 2026, 100,000 shares were purchased on XMAD at €12.7150. On 22 September 2026, 1,223,128 shares were bought on XMAD at €12.6744, 70,503 shares on CEUX at €12.6526, 57,366 shares on TQEX at €12.6552, and 49,003 shares on AQEU at €12.6524. On 23 September 2026, 2,200,000 shares were purchased on XMAD at €12.6638, 436,742 shares on CEUX at €12.6527, 128,068 shares on TQEX at €12.6542, and 235,190 shares on AQEU at €12.6532. The total number of shares repurchased during this period is 10,900,000. The issuer is Banco Santander, S.A., with LEI 5493006QMFDDMYWIAM13, and the financial instrument involved is ordinary shares with ISIN ES0113900J37. This update is provided in compliance with Regulation (EU) no. 596/2014 and Commission Delegated Regulation (EU) 2016/1052, and detailed transaction information is attached as Annex I.

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