Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 75

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 75
---
 series are subject to the subordination provisions of the Spanish Insolvency Law. |

| • |     | Holders are bound by and consent to the exercise of any Spanish Bail-in                                                                                                         
 Power, Non-Viability Loss Absorption and resolution tool by the Relevant Resolution Authority, as applicable, and are likely to have limited rights to challenge such exercise. |

| • |     | The circumstances under which the Relevant Resolution Authority would exercise its Spanish Bail-in Power or Non-Viability Loss Absorption are currently uncertain. |

| • |     | The securities may be subject to effect of potential FATCA Withholding, Global Minimum Tax and the European 
 financial transaction tax.                                                                                  |

| • |     | The market value of the securities is likely to be limited by early redemption features. |

| • |     | Changes in law or the official interpretation by regulatory authorities may adversely affect holders’ rights 
 under the securities and may adversely affect the Group’s business, financial performance and capital plans. |

| • |     | The securities provide for limited or no events of default, contain a waiver of                                                                      
 set-off rights, may be redeemed by Banco Santander prior to maturity and may be subject to substitution and/or variation without a holder’s consent. |

| • |     | The securities may not be a suitable investment for investors. |

| • |     | There is no restriction under the relevant indentures on the amount or type of further securities or indebtedness 
 which Banco Santander may incur.                                                                                  |

| • |     | The debt securities of any series are not bank deposits and are not insured or guaranteed by the Federal Deposit 
 Insurance Corporation, the Deposit Insurance Fund, or any other government agency.                               |

| • |     | Banco Santander will be restricted from making payments of Distributions on the contingent convertible capital 
 securities in certain circumstances and may cancel any Distributions in whole or in part at any time.          |

| • |     | The contingent convertible capital securities are irrevocably and mandatorily convertible into newly issued 
 Common Shares in certain prescribed circumstances.                                                          |

| • |     | The circumstances that may give rise to the Trigger Event are inherently unpredictable and may be caused by 
 factors outside of Banco Santander’s control.                                                               |

5

| • |     | The contingent convertible capital securities have no scheduled maturity and no fixed redemption date and are not 
 investment grade.                                                                                                 |

| • |     | Holders of the contingent convertible capital securities of any series have limited anti-dilution protection.