Banco Santander, S.A. Q3 2026 Earnings Recap

Santander shares fell 5.8% after earnings, despite growth in profit and revenue. The transcript offers no explicit guidance cut or clear explanation for the selloff; Argentina-related loan-loss provisions and the outlook for EV incentives are potential pressure points, but neither is identified as the cause of the market reaction.

Key Takeaways

• Underlying profit for the first nine months reached a record €11.2 billion, up 14% year on year in constant euros.
• Revenue rose 7%, with net interest income up 8% and fees up 7%; costs declined excluding TSB and Webster.
• Efficiency improved by almost 2 percentage points, while underlying RoTE rose to 16% and CET1 stood at 12.7%.
• Loan-loss provisions remained affected by Argentina; Santander said provisions in the rest of the group grew broadly in line with organic portfolio growth.
• In the U.S., profit was up 24% year on year excluding Webster, while the transcript also noted that U.S. electric-vehicle tax incentives had ended.