Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 101

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 101
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 or
contingent convertible capital securities of such series upon any such conversion into equity may also be subject to any application of the Spanish Bail-in Power.

Any application of the Spanish Bail-in Power and Non-Viability
Loss Absorption powers shall be in accordance with the hierarchy of claims in normal insolvency proceedings (unless otherwise provided by the Applicable Banking Regulations (as defined below)). Accordingly, the impact of such application on holders
will depend on the ranking of the relevant instrument.

12

In addition, in accordance with Article 64.1(i) of Law 11/2015, the Relevant Resolution
Authority has the power to alter the amount of interest payable under debt instruments, contingent convertible capital securities and other eligible liabilities subject to resolution proceedings and the date on which the interest becomes payable
under the debt instrument or contingent convertible capital securities (including the power to suspend payment for a temporary period).

The powers set out in the BRRD as implemented through Law 11/2015, RD 1012/2015 and the SRM Regulation will impact how credit institutions and
investment firms are managed as well as, in certain circumstances, the rights of creditors. Holders of the debt securities or contingent convertible capital securities of any series may be subject, among others, to write-down and/or conversion into
equity or other securities or obligations on any application of the Spanish Bail-in Power and, in the case of the subordinated debt securities and contingent convertible capital securities of any series, to Non-Viability Loss Absorption, which may result in such holders losing some or all of their investment.

The uncertainty may adversely affect the value of holders’ investments in the debt securities or contingent convertible capital
securities and the price and trading behaviour of the debt securities or contingent convertible capital securities may be affected by the threat of a possible exercise of any power under Law 11/2015 (including any early intervention measure before
any resolution) or any suggestion of such exercise. Moreover, the Relevant Resolution Authority may exercise any such power without providing any advance notice to the holders.

Because global securities will be held by or on behalf of DTC, investors will have to rely on their procedures for transfer, payment and communication with Banco Santander.

The securities of any series issued may be represented by one or more global securities. Such
global securities will be registered with Cede & Co. as a nominee of the Depository Trust Company (“DTC”), and may be held through a DTC participant, including Euroclear and Clearstream. Except