All variations are year-on-year unless otherwise stated.
Banco Santander reported an attributable profit of €14,101 million in 2025, up 12% year-on-year (or +16% in constant euros), marking another record year, with total customers reaching 180 million for the first time after adding eight million customers in the year. Strong results were driven by resilient net interest income, record fees and efficiency gains, with continued improvement in credit quality. Fourth-quarter attributable profit reached €3,764 million (+15%), marking the seventh consecutive quarter of record results.
The group continued to increase profitability and create value for shareholders, achieving a return on tangible equity (RoTE) of 16.3% (+0.8 percentage points) post-AT1, earnings per share (EPS) of €0.91 (+17%) and tangible net asset value (TNAV) per share of €5.76 at year-end 2025. Including cash dividends paid during the year, total value creation (TNAV plus cash dividend per share) rose by 14%.
Customer funds grew 6% year-on-year in constant euros, with deposits up 5% and mutual funds up 14% in constant euros, reflecting higher customer activity and positive market dynamics. Loans rose 4% in constant euros to around €1.0 trillion, driven by growth across all businesses. This growth was supported by the addition of eight million customers, particularly in Retail and Consumer, as well as continued expansion in Payments and Wealth, benefitting from increased transaction volumes and customer engagement.
Total income stood at €62,390 million, flat in euros but up 4% in constant euros, driven by record net fee income of €13,661 million, up 5% (+9% in constant euros), and resilient net interest income (+3% in constant euros excluding Argentina). This reflects robust customer activity, which offset the impact of a less favourable interest rate environment in several markets.