Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 870

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 870
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032 |     |      | 9,283 |     |      | 8,096 |

Both Preference Shares and Preferred Securities are recorded under the “Financial liabilities at amortized cost - Subordinated Liabilities” caption in the consolidated balance sheet as of December 31, 2024, 2023 and 2022.

Preference Shares include the financial instruments issued by the consolidated companies which, although equity for legal purposes, do not meet the requirements for classification as equity in the financial statements. These shares do not carry any voting rights and are non-cumulative. Preference shares include non-cumulative preferred non-voting shares issued by Santander UK plc. Preferred securities include non-cumulative preferred non-voting securities issued by Banco Santander, S.A. For the purposes of payment priority, preferred securities are junior to all general creditors and to subordinated deposits. The payment of dividends on these securities, which have no voting rights, is conditional upon the obtainment of sufficient distributable profit and upon the limits imposed by Spanish banking regulations on equity.

Annual report 2024 827

| Contents |     | Auditor's report |     | Consolidated financial statements |     | Notes to the consolidated financial statements |     | Appendix |

Preference shares and preferred securities are perpetual securities and there is no obligation that requires the Group to redeem them. All securities have been fully subscribed by third parties outside the Group. Santander Finance Preferred, S.A. (Unipersonal)- issuer of registered securities guaranteed by Banco Santander, S.A. until November 2017, merged in that month with Banco Santander, S.A.

For further information, see note 23.c. 'Subordinated liabilities-other disclosures'.

|                                        |     | Outstanding at 31 December 2024 |     |          |     |      |                              |     |         |     |               |     |           |     |            |
| Preference Shares Issuer/Date of issue |     |                                 |     | Currency |     |      | Amount in currency (million) |     |         |     | Interest rate |     |           |     | Redemption 
 Option (A) |
| Santander UK plc, October 1995         |     | Pounds Sterling                 |     |          |     | 80.3 |                              |     | 10.375% |     |               |     | No option |     |            |
| Santander UK plc, February 1996        |     | Pounds Sterling                 |     |