Banco Santander SA

Despite intact medium-term bullish structure and a rising long-term uptrend, short-term exhaustion at a marginal new high and rejection at flattening 9/21 EMAs argue for deferred engagement near intermediate support in line with the Value + EPS strategy.

• ↑FY 2025 profit €14.1 B (+12% YoY); cost/income ratio improved to 39%
• ↑Webster acquisition to top-10 US retail banks with €800 M in cost synergies and 18% RoTE by 2028
• ↓Webster integration delays could undermine €800 M synergy targets