Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 88

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 88
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 our business or reputation, and create significant legal, regulatory or financial exposure. |

| • |     | We rely on third parties and affiliates for important products and services. |

Liquidity and funding risks

| • |     | Liquidity and funding risks are inherent in our business and could have a material adverse effect on us. |

| • |     | Credit, market and liquidity risk may have an adverse effect on our credit ratings and our cost of funds. |

Market risks

| • |     | Our financial results are constantly exposed to market risk. We are subject to fluctuations in interest rates and 
 other market risks, which may materially and adversely affect us and our profitability.                           |

| • |     | We are subject to market, operational and other related risks associated with our derivative transactions that 
 could have a material adverse effect on us.                                                                    |

| • |     | Market conditions have resulted and could result in material changes to the estimated fair values of our 
 financial assets.                                                                                        |

Risks related to our industry

| • |     | Goodwill impairments may be required in relation to acquired businesses. |

| • |     | Changes in our pension liabilities and obligations could have a material adverse effect on us. |

| • |     | We depend in part on dividends and other funds from subsidiaries. |

| • |     | Increased competition may adversely affect our results of operations. |

| • |     | We may be unable to successfully manage organic and inorganic growth and to execute our strategic actions. |

| • |     | We may not effectively manage risks associated with the replacement or reform of benchmark indices. |

Risk management

| • |     | We may fail to successfully implement and continue to improve our risk management policies. |

Model risk

| • |     | We rely on models for many of our decisions, which may be inaccurately or incorrectly used. |

General risks Risks related to our industry

| • |     | Climate change can create transition risks, physical risks, and other risks that could adversely affect us. |

| • |     | The financial problems faced by our customers could adversely affect us. |

| • |     | Our ability to maintain our competitive position depends, in part, on the success of new products and services we                                             
 offer our customers and on our ability to offer products and services that meet the customers’ needs during the whole life cycle of the products or services. |

| • |     | We rely on recruiting, retaining and developing appropriate senior management and skilled personnel