Banco Santander shares are rallying sharply as investors focus on a renewed shareholder-return cadence and a more ambitious medium-term profit narrative. The bank launched a roughly €5 billion share buyback in February 2026, combining repurchases tied to second-half 2025 results and excess capital linked to the partial sale of its Poland unit, reinforcing a more aggressive capital return story that can mechanically lift earnings per share over time. (santander.com)

Sentiment is also being supported by Santander’s agreed $12.2 billion acquisition of Webster Financial, which is positioned as a major step-up in the group’s U.S. scale and profitability ambitions. The transaction is expected to close in the second half of 2026, subject to approvals, keeping investor attention on execution milestones and the potential for better U.S. returns as integration plans progress. (santander.com)

With the stock already in motion, the next near-dated event for many holders is the spring dividend timetable. Santander has outlined a late-April ex-dividend schedule and early-May record date for the final cash dividend tied to 2025 results, which can pull forward incremental demand in ADRs as investors position around key dates. (santander.com)