Banco Santander’s U.S.-listed ADRs (SAN) are moving sharply higher as investors reprice the bank’s near-term capital return. The group has been executing a new €5 billion repurchase program that began on February 4, 2026 (running to an indicative end date of July 21, 2026), and it has also put forward a fixed supplementary final dividend of €0.125 per share against 2025 results, payable on May 5, 2026.

The buyback and dividend narrative has an added kicker: a sizeable portion of the repurchase is explicitly tied to excess capital generated by the completed sale of 49% of Santander Bank Polska to Erste Group, which closed on January 9, 2026. That linkage gives investors a cleaner line of sight to distribution capacity (buybacks plus cash dividends) and supports the view that the bank can sustain elevated payouts without stretching its capital position.

For the dividend, the last day to trade shares with the right to receive the payout is April 29, 2026, with an ex-dividend date of April 30, 2026, and a record date of May 4, 2026; payment is scheduled for May 5, 2026. Investors will also be watching ongoing buyback execution updates (pace and pricing) and any additional capital-return signals tied to the bank’s stated multi-year distribution goals.