Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 342

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 342
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| • |     | exposure to various types of market risks; |

| • |     | management strategy; |

| • |     | capital expenditures; |

| • |     | earnings and other targets; and |

| • |     | asset portfolios. |

Forward-looking statements may be identified by words such as “expect,” “project,” “anticipate,” “should,” “intend,” “probability,” “risk,” “VaR,” “RoRAC,” “RoRWA,” “TNAV,” “target,” “goal,” “objective,” “estimate,” “future” “commitment,” “commit,” “focus,” “pledge,” and similar expressions or by the use of similar expressions or variations on such expressions, or by the discussion of strategy or objectives. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statements. You should understand that the following important factors could affect our future results and could cause those results or other outcomes to differ materially from those anticipated in any forward-looking statement: Economic and Industry Conditions

| • |     | general economic or industry conditions in Spain, the U.K., the U.S., other European countries, Brazil, other 
 Latin American countries and the other areas where we have significant operations or investments;             |

| • |     | effects of the war in Ukraine or the covid-19 pandemic in the global 
 economy;                                                             |

| • |     | climate-related conditions, regulations, targets and weather events; |

| • |     | uncertainty over the scope of actions that may be required by us, governments and others to achieve goals                                                            
 relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and governmental standards and regulations; |

| • |     | exposure to various market risks, principally including interest rate risk, foreign exchange rate risk, equity 
 price risk and risks associated with the replacement of benchmark indices;                                     |

| • |     | a worsening of the economic environment in Spain, the U.K., the U.S., other European countries, Brazil, other                                            
 Latin American countries and the other areas where we have significant operations or investments, and increase of the volatility in the capital markets; |

| • |     | the effects of a decline in real estate prices, particularly in Spain and the U.K.; |

| • |     | the effects of results of U.K. political developments, including the U.K.’s exit from the European Union