General information

Dear shareholder,

2022 was another challenging year, during which, your support and trust in Santander helped us to deliver excellent results.

Our customer focus, scale, and diversification enabled us to grow profitably and sustainably, increasing earnings per share and cash dividend per share by 23% and 18% respectively1.

We did this while acting responsibly, focusing on providing the best service to our customers while generating a greater return for our shareholders and for society.

At our Investor Day on 28 February, we announced plans to build on our success, and begin a new phase of growth.

We will increase the shareholder payout policy (the proportion of profit distributed to shareholders) from c.40% to c.50%2 in 2023-2025 through both cash dividends and share buybacks.

Our aim is to achieve double-digit growth in Tangible Net Asset Value (TNAV) per share plus dividend per share through-the-cycle, a key measure of value creation.

Date and location

icono fecha

31 March,
on second call.

icono fecha

10:00 am (CEST).

icono fecha

Santander Group City,
Boadilla del Monte, Madrid.

Meeting agenda

At the general meeting, matters such as the anual financial statements, corporate management, and the accounts to apply the shareholder remuneration policy will be discussed and submitted for shareholder approval.

How to participate

Our shareholders’ participation in the general meeting is very important to Santander. You can do so in the following ways:

icono 1

Electronic channels
Available until 6.00 pm (CEST) on 29 March:

icono 2

By completing the printed card
To be received by 27 March

  • And taking it to a Santander branch.
  • Or return it by post.
icono 3

You can take part in the meeting and vote in person or remotely

In real time through the corporate website, which will connect directly to the event.

All relevant documentation and information is available on our corporate website

Yours faithfully,

Ana Botín

1. Our 2022 shareholder remuneration policy consists in distributing approximately 40% of the Grupo Santander attributable underlying profit split in approximately equal parts in cash dividend and share buybacks. The dividend against 2022 results has been submitted to the 2023 AGM for approval. In the last two years, we have repurchased 5% of our outstanding shares (includes share buybacks completed in November 2021, May 2022 and January 2023).

2. Target payout will be c.50% of Group reported profit (excluding non-cash, non-capital ratio impact items), distributed in approximately 50% in cash dividend and 50% in share buybacks. Execution of the shareholder remuneration policy is subject to future corporate and regulatory decisions and approvals.