Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 1

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 1
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 Banco Santander, such payment obligations rank (i)pari passu among themselves and with any other Senior Non Preferred
Liabilities (as defined herein), (ii) junior to the Senior Higher Priority Liabilities (as defined herein) (and, accordingly, upon the insolvency of Banco Santander, the payment obligations of Banco Santander in respect of principal under the Notes
will be met after payment in full of the Senior Higher Priority Liabilities) and (iii) senior to any present and future subordinated obligations (créditos subordinados) of Banco Santander in accordance with Article 281 of the
Spanish Insolvency Law (as defined herein).

By its acquisition of the Notes, each holder (which, for the purposes of this clause, includes each holder of a beneficial interest in the Notes) acknowledges, accepts, consents to and agrees to be bound by the terms of the Notes related to the exercise of the Bail-inPower (as defined herein) set forth under“Description of Debt Securities—Agreement and Acknowledgement with Respect to the Exercise of the Bail-inPower” in the accompanying prospectus. See“Notice to Investors”on page S-iof this prospectus supplement for further information.

The Notes are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental
agency of the Kingdom of Spain, the United States or any other jurisdiction.

We may redeem the Notes of any series, in whole but not in
part, at 100% of their principal amount plus accrued and unpaid interest (if any) (i) at any time upon the occurrence of certain tax events, (ii) at any time upon

the occurrence of certain regulatory events set forth herein or (iii) if 75% or more of the initial aggregate principal amount of such series of Notes (which, for the avoidance of doubt, includes any additional issuances issued subsequently and constituting a single series of securities under the Base Indenture (as defined herein) as described under “ Description of Debt Securities—Additional Issuances” in the accompanying prospectus) have been redeemed or purchased by, or on behalf of, Banco Santander and cancelled. We may not redeem the Notes of any series under other circumstances, and there are no put rights with respect to the Notes of any series. See “ Description of the Notes—Redemption and Repurchase.” We intend to apply to list the Notes on the New York Stock Exchange in accordance with its rules. Investing in the Notes involves risks