Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 1058

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 1058
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 Under the 2023 shareholder remuneration policy, on 19 February 2024, the board of directors resolved to submit a resolution at the 22 March 2024 AGM to approve a final cash dividend in the gross amount of 9.50 euro cents per share entitled to dividends. Following the approval at the AGM, the dividend was paid from 2 May 2024. The board of directors also resolved to implement the Second 2023 Buyback Programme worth 1,459 million euros, which commenced on 20 February 2024 and was completed on 17 June 2024 resulting in the acquisition of a total of 331,305,000 shares. Once the above-mentioned actions were completed, total shareholder remuneration for 2023 amounted to 5,538 million euros (approximately 50% of the Group's reported profit in 2023), distributed in approximately 50% in cash dividend and 50% in share buybacks.

With regard to the remuneration policy against the 2024 earnings , the board continued the policy of allocating approximately 50% of the Group's underlying profit to shareholder remuneration, split in approximately equal parts in cash dividends and share buybacks.

Interim remuneration. On 24 September, the Board approved the payment of an interim cash dividend against the 2024 results of 10 euro cents per share (equivalent to approximately 25% of the Group's underlying profit in the first half of 2024). The interim dividend was paid on 2 November 2024. The board also approved to implement a share repurchase programme (the First 2024 Buyback Programme) worth approximately 1,525 million euros (equivalent to approximately 25% of the Group's underlying profit in the first half of 2024), which was completed on 4 December 2024, and resulted in the acquisition of a total of 341,781,250 shares.

Final remuneration. Under the 2024 shareholder remuneration policy, on 25 February 2025 the board resolved to implement the Second 2024 Buyback Programme worth approximately 1,587 million euros (equivalent to approximately 25% of the Group´s underlying profit in the second half of 2024), which will be completed on 27 June 2025. In addition, on 25 February 2025, the board of directors resolved to submit a resolution at the 2025 AGM to approve a final cash