Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 317

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 317
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) by Spanish regulations.                                                                                                                    |

| • |     | Capital gains obtained directly by any non-Spanish tax resident                                                                                                                       
 shareholder resident of another EU Member State or indirectly through a permanent establishment of such non-Spanish shareholder in a EU Member State other than Spain, provided that: |

| i. | the issuer’s assets do not mainly consist of, directly or indirectly, Spanish real estate; |

| ii. | if the non-resident transferor is an individual, at any time during the                                                                                        
 preceding 12 months the non-Spanish tax resident shareholder has not held a direct or indirect interest of at least 25% in the issuer’s capital or net equity; |

| iii. | if the non-resident transferor is an entity, and transfer of the                                                        
 issuer’s shares complies with the requirements to apply CIT participation exemption regime (see paragraph 2.1 (b)); and |

| iv. | the gain is not obtained through a country or territory defined as a                             
 non-cooperative jurisdiction (jurisdicción no cooperativa) under applicable Spanish regulations. |

This exemption shall also apply to capital gains which have not been obtained through a permanent establishment in Spain by individuals and entities resident for tax purposes in Member States of the EEA (other than Spain), or permanent establishments of these resident in other Member States of the EEA (other than Spain), provided that the requirements set forth in the NRIT Law are met.

| • |     | Capital gains realised by non-Spanish tax resident shareholders who                                                                                                                                       
 benefit from a DTT that provides for taxation only in such non-Spanish shareholders’s country of residence. As a result, capital gains realized by a U.S. investor entitled to the benefits of the Treaty 
 will generally not be subject to Spanish taxation.                                                                                                                                                        |

According to the Order dated December 17, 2010, shareholders, as the case may be, will be obliged to submit a Spanish tax form (currently form 210) within:

| • |     | the first 20 calendar days of April, July, October and January, in respect of capital gains accrued in the 
 preceding quarter, if there is a tax payment to be made; or                                                |

| • |     | the first 20 calendar days of January of the year following that in which the relevant capital gain is accrued, 
 if no tax is due (i.e., if qualifying for a tax exemption).                                                     |

In order for the exemptions mentioned above to apply,