Santander reaffirmed its financial goals for the 2026-2028 period on Friday despite global economic uncertainty, highlighting its diversified economic model after a strong start to 2026.
The largest bank in the euro zone by market capitalization said it was on track to achieve its 2026 goals, with positive trends from previous years continuing in the first quarter, driven by client base growth and revenue progression. Costs are expected to decrease on an annual basis at constant exchange rates.
Executive chairman Ana Botin stated in a preliminary statement ahead of her speech at the shareholder meeting on Friday that the group’s balanced presence in different countries would significantly reduce risks by decreasing volatility in an increasingly complex global environment.
“The world is now facing a scenario of rising inflation and slowing growth, threats that are becoming more pressing every day. Their severity will depend on the duration of the conflict (in the Gulf) and its impact on global energy supply,” Botin emphasized in the statement.
In February, Santander had indicated it was aiming for higher profits in 2026 compared to the record of €14.1 billion ($16.24 billion) in 2025. Last month, Santander raised its profit target by over 40% to surpass €20 billion in 2028 compared to 2025, supported by the outcomes of the acquisitions of the American lender Webster and the British TSB.
Santander specified that it had improved its efficiency gains by around 250 basis points in the first quarter, benefiting from its digital transformation.
At 08:50 GMT, Santander’s stock was down 1%.
During the meeting, Santander shareholders will vote on the issuance of over 334.8 million new shares to finance the Webster operation, with 65% in cash and 35% in new shares.
Based on Santander’s Thursday closing price, Webster is valued at approximately $11.6 billion, of which $3.63 billion would be settled in new shares.
Botin is also expected to clarify that artificial intelligence will contribute to generating over one billion euros in a mix of savings and revenue by 2028.
(1 $ = 0.8680 euro)
