Financials Banco Santander, S.A.

Equities

SAN

ES0113900J37

Banks

Real-time Estimate Tradegate Other stock markets 15:16:18 16/02/2026 GMT			5-day change	1st Jan Change
10.33 ^EUR	+2.94%		-4.56%	+2.58%

11:36am	SANTANDER : UBS reiterates its Buy rating	ZD
10:57am	Europe Moves at a Gentle Pace as Wall Street Remains Closed

Projected Income Statement: Banco Santander, S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	44,600	46,404	52,117	57,423	62,211	62,390	62,089	64,500
Change	-	4.04%	12.31%	10.18%	8.34%	0.29%	-0.48%	3.88%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	23,633	24,989	28,251	32,222	36,177	36,665	36,134	38,062
Change	-	5.74%	13.05%	14.06%	12.27%	1.35%	-1.45%	5.34%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-2,076	14,547	15,250	16,698	19,027	20,867	21,782	23,875
Change	-	800.72%	4.83%	9.5%	13.95%	9.67%	4.39%	9.61%
Net income ¹	-8,771	8,124	9,605	11,076	12,574	14,101	14,710	15,896
Change	-	192.62%	18.23%	15.31%	13.52%	12.14%	4.32%	8.06%
Announcement Date	03/02/21	02/02/22	02/02/23	31/01/24	05/02/25	03/02/26	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	10,995	11,390	11,305	11,931	11,778	12,305	12,815	13,474	13,523	13,922	14,088	14,861	14,552	15,380	15,670	15,135	16,026	15,537	15,473	15,267	16,113	14,622	15,216	15,675	-
Change	-	3.59%	-0.75%	5.54%	-1.28%	4.47%	4.14%	5.14%	0.36%	2.95%	1.19%	5.49%	-2.08%	5.69%	1.89%	-3.41%	5.89%	-3.05%	-0.41%	-1.33%	5.54%	-9.25%	4.06%	3.02%	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,754	6,272	6,046	6,530	6,141	6,770	6,915	7,349	7,217	7,790	7,965	8,379	8,088	8,833	9,304	8,786	9,254	9,048	9,097	8,999	9,521	8,296	8,679	8,787	8,818
Change	-	9%	-3.6%	8.01%	-5.96%	10.24%	2.14%	6.28%	-1.8%	7.94%	2.25%	5.2%	-3.47%	9.21%	5.33%	-5.57%	5.33%	-2.23%	0.54%	-1.08%	5.8%	-12.86%	4.61%	1.24%	0.36%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,195	-	3,812	3,802	3,831	4,171	3,744	3,846	3,489	3,832	4,258	4,447	3,922	4,583	4,925	4,919	4,600	5,187	5,116	5,197	5,367	-	-	-	-
Change	-	-	-	-0.26%	0.76%	8.87%	-10.24%	2.72%	-9.28%	9.83%	11.12%	4.44%	-11.81%	16.85%	7.46%	-0.12%	-6.49%	12.76%	-1.37%	1.58%	3.27%	-	-	-	-
Net income ¹	277	1,608	2,067	2,174	2,275	2,543	2,351	2,422	2,289	2,571	2,670	2,902	2,933	2,852	3,207	3,250	3,265	3,402	3,431	3,504	3,764	3,465	3,419	3,847	4,093
Change	-	480.51%	28.54%	5.18%	4.65%	11.78%	-7.55%	3.02%	-5.49%	12.32%	3.85%	8.69%	1.07%	-2.76%	12.45%	1.34%	0.46%	4.2%	0.85%	2.13%	7.42%	-7.95%	-1.33%	12.54%	6.38%
Announcement Date	03/02/21	28/04/21	28/07/21	27/10/21	02/02/22	26/04/22	28/07/22	26/10/22	02/02/23	25/04/23	26/07/23	25/10/23	31/01/24	30/04/24	24/07/24	29/10/24	05/02/25	30/04/25	29/07/25	29/10/25	03/02/26	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 S1	2022 S1	2023 S1	2024 S1
Net sales ¹	22,695	25,120	28,010	31,050
Change	-	10.69%	11.5%	10.85%
EBITDA	-	-	-	-
Change	-	-	-	-
EBIT ¹	12,318	13,685	15,755	18,137
Change	-	11.1%	15.13%	15.12%
Charge d'intérêts	-	-	-	-
Earnings before Tax (EBT) ¹	-	7,915	8,090	9,508
Change	-	-	2.21%	17.53%
Net income ¹	3,675	4,894	5,241	6,059
Change	-	33.17%	7.09%	15.61%
Announcement Date	28/07/21	28/07/22	26/07/23	24/07/24

¹EUR in Million

Estimates

Forecast Balance Sheet: Banco Santander, S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	03/02/21	02/02/22	02/02/23	31/01/24	05/02/25	03/02/26	-	-

Estimates

Cash Flow Forecast: Banco Santander, S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024
CAPEX ¹	12,766	7,386	10,015	9,066	11,446	8,494
Change	-	-42.14%	35.59%	-9.48%	26.25%	-25.79%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	28/02/20	23/02/21	26/02/22	01/03/23	21/02/24	26/02/25

¹EUR in Million

Estimates

Forecast Financial Ratios: Banco Santander, S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-	-
EBIT Margin (%)	-	52.99%	53.85%	54.21%	56.11%	58.15%	58.77%	58.2%	59.01%
EBT Margin (%)	-	-4.65%	31.35%	29.26%	29.08%	30.58%	33.45%	35.08%	37.02%
Net margin (%)	-	-19.67%	17.51%	18.43%	19.29%	20.21%	22.6%	23.69%	24.65%
FCF margin (%)	-	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-	-
Profitability
ROA	-	0.4%	0.65%	0.63%	0.69%	0.76%	0.84%	0.78%	0.81%
ROE	-	5.68%	10.29%	10.67%	11.91%	13%	13.9%	13.11%	13.61%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	0.1275	0.1	0.1178	0.1405	0.195	0.225	0.2583	0.3139
Change	-	-	-21.57%	17.8%	19.27%	38.79%	15.38%	11.29%	21.53%
Book Value Per Share ¹	-	4.706	5.095	5.384	6.562	7.09	7.681	7.569	8.092
Change	-	-	8.25%	5.67%	21.88%	8.06%	8.34%	8.36%	6.91%
EPS ¹	-	-0.538	0.436	0.539	0.65	0.77	0.9	1.04	1.123
Change	-	-	181.04%	23.62%	20.59%	18.46%	16.88%	18.16%	7.93%
Nbr of stocks (in thousands)	-	17,327,859	17,071,070	16,550,713	15,882,962	15,141,457	14,602,464	14,602,464	14,602,464
Announcement Date	-	03/02/21	02/02/22	02/02/23	31/01/24	05/02/25	03/02/26	-	-