EarningsQ2 2026 Earnings Report
MX:SANN Q2 2026 EPS Results
Actual EPS$4.70
Consensus EPS$4.87
Beat/MissMissed by -$0.16
One Year Ago EPS$4.50
MX:SANN Q2 2026 Revenue Results
Actual Revenue$675.34B
Expected Revenue$320.19B
Beat/MissBeat by +$355.16B
YoY Revenue Growth+125.14%
Earnings Announcement Details
QuarterQ2 2026
Date07/22/2026
TimeBefore Open
Conference CallWednesday, July 22, 2026
MX:SANN Upcoming Earnings
Banco Santander's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a strong set of operating and financial results with record profit, healthy top-line growth, improved efficiency, solid capital generation and clear progress on strategic initiatives (TSB and Webster). These positives were tempered by region-specific challenges — mainly Argentina-driven higher provisions, a material motor finance hit in Openbank Europe (~EUR 245m), weaker trading income in CIB, transformation/integration costs (~EUR 250m already booked for TSB with additional charges expected) and some pressure in Brazil and UK competition. Overall, the favorable operational momentum, diversified revenue growth and capital/return metrics outweigh the identifiable one-offs and regional credit pressures, supporting a constructive outlook.Company Guidance
Record Profit and Best Half Ever
Quarterly profit reached a record EUR 3.8 billion, making H1 2026 the best half ever. Underlying profit grew 14% year-on-year and management remains on track to exceed guidance of >EUR 14.1 billion profit for 2026 (ex M&A).
Top-line Growth and Fee Momentum
Total revenue increased 6% year-on-year (constant EUR). Net fee income rose 7% year-on-year with record fees driven across businesses (retail fees +6%, Wealth fees double-digit, CIB U.S. fees +40%). Payments revenue was up 17% and payment volumes increased 10%.
Net Interest Income Resilience
Net interest income grew ~6% year-on-year (management cited 6% in presentation; later comments referenced 7.7% first-half NII growth), supported by margin resilience, profitable volume growth and active balance sheet management. Spain NII strong (quarterly Spain NII +8% vs Q1).
Strong Capital and Shareholder Returns
CET1 ratio stood at 14% after absorbing a 55 bp TSB impact; underlying RoTE improved to 15.6% (close to ~17% at normalized CET1 levels). Underlying EPS rose 20% and TNAV plus cash dividend per share increased 19%. ECB approved a new buyback up to EUR 1.8 billion; total buybacks expected around EUR 9 billion (near commitment of >=EUR 10 billion for 2025-26).
Customer Base and Reach Expansion
Customer franchise expanded to 182 million customers, up by more than 12 million year-on-year (including ~4 million TSB customers added after April 30 close). Openbank Pay now serves >2.6 million customers; Getnet processed ~15 billion transactions in the last 12 months.
Operational Efficiency Improvements
Efficiency improved by ~3 percentage points group-wide. Group efficiency ratio improved to 42.8% (costs down 1% year-on-year, down 5% in real terms); Spain efficiency ratio improved to 33.6% (cost down 3% in Spain). Cost per active customer declined 6% in retail.
Balanced Business Performance
Retail & Openbank underlying profit +12% YoY with revenue +4% and costs -3%. CIB profit +17% YoY, originating new business at ~23% RoTE. Wealth profit +19% YoY with customer assets & liabilities +15% and cross-border referrals +20% YoY. Payments (Getnet/Ebury) showing scalable growth: payments revenue +17%, EBITDA margin 33%, profit up four-fold and Rule of 40 >50.
Progress on Strategic M&A and Integration
TSB acquisition closed April 30; integration progressing to plan and expected to support Santander UK RoTE of ~16% by 2028 with at least EUR 400 million synergies. Webster acquisitions received regulatory approvals (OCC, ECB) and remain on track to close in H2 2026.
Asset & Liability Management Details
ALCO portfolio increased to ~EUR 60 billion at an average yield of 3.3% and ~6-year duration to maintain interest-rate sensitivity (~EUR 450 million per 100 bp). Net organic capital generation was +27 basis points in the quarter despite absorbing TSB.
MX:SANN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed