Banco Santander has communicated to the National Securities Market Commission (CNMV) that it has already completed 38.18% of its share buyback program amounting to 1.825 billion euros at the close of the fifth week of execution.
This buyback plan involves allocating 25% of the profit generated between January and June of this year, which was 7.328 billion euros. Another 25% will be paid as a cash dividend, a proposal that will be submitted for approval by the board of directors on September 29, in line with the commitment of the Cantabrian bank to distribute 50% of its earnings among shareholders.
In the fifth week of the program's validity --between September 17 and 23, both inclusive-- the entity has repurchased 10.9 million shares at an average price of 12.67 euros, with an outlay close to 138 million euros.
In total accumulated so far, the bank has reacquired 55 million shares at an average price of 12.68 euros, which amounts to nearly 697 million euros.
According to the planned schedule, the estimated duration of the program is 98 market sessions, so its completion is set for early January 2027. Purchase orders can be executed both in the Spanish Continuous Market and in Turquoise Europe, DXE Europe, and Aquis Exchange Europe.
The entity may not acquire more than 25% of the average daily trading volume of its shares on the day the operation is carried out. This average daily volume will be calculated based on the transactions recorded in the 20 trading days prior to each purchase.
The maximum limit of shares to be repurchased within the program will depend on the average price at which the acquisitions are executed, although in no case will it exceed 1,468,931,950 shares. If an average purchase price of 12.10 euros is considered, the estimated maximum volume would be approximately 150.8 million shares, equivalent to 1.026% of the bank's share capital.