Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 89

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 89
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| • |     | Damage to our reputation could cause harm to our business prospects. |

| • |     | We engage in transactions with our subsidiaries or affiliates that others may not consider to be on an arm’s-length basis. |

Reporting and control risks

| • |     | Changes in accounting standards could impact reported earnings. |

4

| • |     | Our financial statements are based in part on assumptions and estimates which, if inaccurate, could cause 
 material misstatement of the results of our operations and financial position.                            |

| • |     | Disclosure controls and procedures over financial and non-financial 
 reporting may not prevent or detect all errors or acts of fraud.    |

Foreign private issuer and other risks

| • |     | Our corporate disclosure may differ from disclosure regularly published by other issuers of securities. |

| • |     | Investors may find it difficult to enforce civil liabilities against us or our directors and officers. |

| • |     | Holders of ADSs will have different shareholders’ rights than do shareholders of other companies and may be 
 subject to additional risks related to holding ADSs rather than shares.                                     |

Risks relating to the Securities

| • |     | Holders of any series of securities may experience a loss in their investment in the event Banco Santander 
 becomes subject to a resolution process under Law 11/2015.                                                 |

| • |     | Law 11/2015 enables a range of actions that could materially affect the value of any securities. |

| • |     | There is no active trading market for the securities. |

| • |     | The securities of any series are subject to the subordination provisions of the Spanish Insolvency Law. |

| • |     | Holders are bound by and consent to the exercise of any Spanish Bail-in                                                                                                         
 Power, Non-Viability Loss Absorption and resolution tool by the Relevant Resolution Authority, as applicable, and are likely to have limited rights to challenge such exercise. |

| • |     | The circumstances under which the Relevant Resolution Authority would exercise its Spanish Bail-in Power or Non-Viability Loss Absorption are currently uncertain. |

| • |     | The securities may be subject to effect of potential FATCA Withholding, Global Minimum Tax and the European 
 financial transaction tax.                                                                                  |

| • |     | The market value of the securities is likely to be limited by early redemption features. |

| • |     | Changes in law or the official interpretation by regulatory authorities may adversely affect holders