Banco Santander reports Q3 result

* Banco Santander press release [https://www.santander.com/content/dam/santander-com/en/documentos/resultados-trimestrales/2025/q3/rt-3q-2025-banco-santander-financial-report-en.pdf] (NYSE:SAN [https://seekingalpha.com/symbol/SAN]): Q3 GAAP EPS of $0.23.
* Net interest income of €10.35B (+2% Y/Y)
* The CET1 ratio ended September 2025 at 13.1%, having increased 0.1 pp in the quarter, and is slightly above the top end of our operating range of 12–13% and our 2025 target.
* In Q3 2025, profit attributable to the parent was EUR 3,504 million, a sixth consecutive quarterly record, up 2% compared to Q2 2025. In constant euros, profit rose 3% quarter-on-quarter, despite the impact of Argentina. Excluding it, profit grew 4%, driven by a resilient NII even in a less favourable interest rate environment, solid net fee income and lower provisions, with controlled costs. u In 9M 2025, attributable profit increased 11% year-on-year to EUR 10,337 million, also an all-timehigh.
* In constant euros, profit rose 16% backed by solid performances across all revenue lines, especially in net fee income, with costs flat in real terms and better cost of risk. In addition, the year-on-year comparison was favoured by the charges in Q2 2024 following the discontinuation of the merchant platform in Germany and Superdigital in Latin America.
* Strong profit growth across our global businesses, most of them at or close to double digits year-onyear, supported by the solid increase in revenue. u These results in 9M 2025 put us on track to meet our 2025 targets

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