Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 137

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 137
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 the relevant Distribution Period will be extinguished and Banco Santander will have no obligation to pay such Distribution (or part thereof) or to pay any interest thereon, whether or
not Distributions on the contingent convertible capital securities of any series are paid in respect of any future Distribution Period.

As set forth in the terms of the contingent convertible capital securities, if practicable, Banco Santander will provide notice of any
cancellation or deemed cancellation of Distributions. However, the cancellation of any Distributions on the contingent convertible capital securities could occur without prior notice or warning. Any such cancellation or any perceived risk that
Distributions may be cancelled may have a negative impact on the value of the contingent convertible capital securities.

No such election
to cancel the payment of any Distribution (or part thereof) or non-payment of any Distribution (or part thereof) will constitute an event of default, a breach of any obligations of Banco Santander under the
contingent convertible capital securities of such series, or the occurrence of any event related to the insolvency of Banco Santander or entitle holders to take any action to cause the liquidation, dissolution or winding up of Banco Santander.

34

If, as a result of any of the conditions set out above being applicable, only part of the
Distributions under the contingent convertible capital securities of any series may be paid, Banco Santander may proceed, in its sole discretion, to make such partial Distributions under the contingent convertible capital securities of such series.

As a holding company, the level of Banco Santander’s Available Distributable Items is affected by a number of factors and insufficient Available Distributable Items may restrict Banco Santander’s ability to make Distributions on the contingent convertible capital securities of any series.

As a holding company of other operating companies, the level of Banco Santander’s Available Distributable Items is affected in part by a
number of factors, including Banco Santander’s ability to receive funds, directly or indirectly, from Banco Santander’s operating subsidiaries in a manner which creates Available Distributable Items. Consequently, Banco Santander’s
future Available Distributable Items, and therefore Banco Santander’s ability to make payments of Distributions, are a function of Banco Santander’s existing Available Distributable Items, Banco Santander’s future profitability and
performance and the ability of Banco Santander’s operating subsidiaries to distribute or dividend profits up the Group structure to Banco Santander. In addition, Banco Santander’s Available Distributable Items will also be reduced by the
redemption of equity instruments