Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 254

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 254
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enture Act;                                 |

| • |     | with respect to any contingent convertible capital security (including a global security), to amend any such                                                                                                                                      
 contingent convertible capital security to conform to the description of the terms of such contingent convertible capital security in the prospectus, prospectus supplement, product supplement, pricing supplement or any other similar offering 
 document related to the offering of such contingent convertible capital security; and                                                                                                                                                             |

| • |     | to change or modify any provision of the contingent convertible capital securities indenture as necessary to                                              
 ensure that the contingent convertible capital securities of any series shall be convertible into ordinary shares of Newco in the event of a Newco Scheme |

Other modifications and amendments may be made to the contingent convertible capital securities indenture and any applicable supplemental indenture with the consent of not less than a majority in aggregate outstanding Liquidation Preference of the contingent convertible capital securities of the series outstanding under the contingent convertible capital securities indenture and any applicable supplemental indenture that are affected by 111

the modification or amendment, voting as one class. However, no modifications or amendments may be made without the consent of the holder of each contingent convertible capital security affected that would:

| • |     | change the terms of any contingent convertible capital security as set forth in the contingent convertible 
 capital securities indenture;                                                                              |

| • |     | reduce the Liquidation Preference of, the Distribution rates of, or the payments with respect to any contingent                                                
 convertible capital security, other than as permitted under the contingent convertible capital securities indenture and any applicable supplemental indenture; |

| • |     | change Banco Santander’s (or any successor’s) obligation to pay Additional Amounts; |

| • |     | change the currency of payment; |

| • |     | reduce the percentage in aggregate Liquidation Preference of outstanding contingent convertible capital                                                                                                                             
 securities of the series necessary to modify or amend the applicable indenture or to waive compliance with certain provisions of the contingent convertible capital securities indenture and any applicable supplemental indenture; |

| • |     | impair the right to institute suit for the enforcement of any payment due and payable; |

| • |     | modify the subordination provisions or the terms of Banco Santander’s obligations in respect of the payment                                                                                                                                              
 of amounts due and payable on the contingent convertible capital securities in a manner adverse to the holders, in each case other than as permitted under the contingent convertible capital securities indenture or applicable supplemental indenture; |

| • |     | modify the provisions of the contingent convertible