Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 70

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 70
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TT is levied. However, the taxable persons ( sujetos pasivos) are those investment services firms or credit institutions acquiring the shares on their own account. Furthermore, the financial intermediaries taking part in the transaction are the substitute taxpayers ( sustitutos del contribuyente). In principle, the tax base of the Spanish FTT will be determined by the S-42

consideration paid, excluding transaction costs, or, when the amount of the consideration is not known, the market value of the shares. The Spanish FTT will accrue on the date when the shares are
registered in the acquirer’s name.

The Spanish tax authorities published on their website the list of the Spanish companies with a
market capitalization exceeding €1 billion at December 1, 2024 and Banco Santander was included in such list. Therefore, onerous acquisitions of Banco Santander’s shares carried out during 2025 would fall within the scope of the
Spanish FTT.

According to the criterion of the Spanish tax authorities, the Spanish FTT would not apply in relation to the acquisition of
debt securities or contingent convertible capital securities. Additionally, the conversion of the contingent convertible capital securities into ordinary shares falls within the Spanish FTT although it may be exempt of such tax if it consists in a
primary market transaction. However, the Spanish FTT would apply (at a fixed rate of 0.2%) to other financial transactions involving Banco Santander’s shares, regardless of the jurisdiction of residence of the parties involved in the
transaction.

Prospective investors are advised to seek their own professional advice in relation to the Spanish FTT.

U.S. Federal Income Tax Considerations

See the section of the accompanying prospectus entitled “Taxation—U.S. Federal Income Tax Considerations—Taxation of Debt Securities” for a discussion of the U.S. federal income tax consequences of the ownership and disposition of the Notes to the U.S. Holders described therein, as supplemented or superseded by the following discussion.

Sale, Retirement or Other Taxable Disposition of the Notes

The following discussion supersedes and replaces, solely insofar as it relates to the Notes offered hereby, the third paragraph of the discussion under the heading “Taxation—U.S. Federal Income Tax Considerations—Taxation of Debt Securities—Sale, Retirement or Other Taxable Disposition of the Debt Securities” in the accompanying prospectus, and should be read in conjunction with the discussion under the heading “Taxation—U.S. Federal Income