Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 41

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 41
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but exclude) the following Floating Interest Payment Date, or, in the case of the final interest period, the 2030 Floating Rate Notes Maturity Date (each an “Interest Period”).

S-24

As further set forth herein, the amount of interest accrued and payable on the 2030 Floating
Rate Notes for each Interest Period will be equal to the product of (i) the outstanding principal amount of the 2030 Floating Rate Notes multiplied by (ii) the product of (a) the interest rate for the relevant Interest Period
multiplied by (b) the quotient of the actual number of calendar days in such Interest Period divided by 360.

The interest rate on
the 2030 Floating Rate Notes for each Interest Period will be equal to Compounded SOFR plus a margin of 112 basis points, subject to a minimum interest rate of 0.000%.

“Compounded SOFR,” which is a compounded average of daily SOFR, will be determined by the Calculation Agent in respect of any
Interest Period in accordance with the following formula, with the resulting percentage being rounded, if necessary, to the fifth decimal place, with 0.000005 being rounded upwards:

Where:

“d” means, in respect of the relevant Observation Period, the number of calendar days in such Observation Period;

“d” means, in respect of any Observation Period, the
number of U.S. Government Securities Business Days in the relevant Observation Period;

“” means a series of whole numbers from one to d, each representing the relevant U.S. Government Securities Business Days in
chronological order from, and including, the first U.S. Government Securities Business Day in the relevant Observation Period;

“n” means, in respect of any U.S. Government Securities
Business Day in the relevant Observation Period the number of calendar days from, and including, such U.S. Government Securities Business Day up to, but excluding, the following U.S. Government Securities Business Day; and

“SOFR” means, in respect of any U.S. Government Securities
Business Day in the relevant Observation Period, the SOFR in respect of such U.S. Government Securities Business Day.

“Observation Period” means, in respect of an Interest Period, the period from, and including, the date falling the number of
Observation Shift Days (as defined herein) prior to the first day of such Interest Period and ending on, but excluding, the date that is the number of Observation Shift Days prior to the Floating Interest Payment