Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 321

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 321
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 it may be exempt of such tax if it consists in a primary market
transaction. However, the Spanish FTT would apply (at a fixed rate of 0.2%) to other financial transactions involving Banco Santander’s shares, regardless of the jurisdiction of residence of the parties involved in the transaction.

Prospective investors are advised to seek their own professional advice in relation to the Spanish FTT.

U.S. Federal Income Tax Considerations

The following is a description of the material U.S. federal income tax consequences to the U.S. Holders described below of the ownership and
disposition of debt securities denominated in U.S. dollars or contingent convertible capital securities denominated in U.S. dollars and any Conversion Shares or ADSs representing Conversion Shares. This summary applies only to the U.S. Holders
described below that (i) hold debt securities

157

or contingent convertible capital securities and any Conversion Shares or ADSs representing Conversion Shares as capital assets for U.S. federal income tax purposes and (ii) purchase the debt securities or contingent convertible capital securities in their offering and, in the case of debt securities, at their “issue price” which will equal the first price to the public (not including bond houses, brokers or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers) at which a substantial amount of the debt securities of such series is sold for money. To the extent this discussion relates to debt securities, it only applies to debt securities that are treated as debt for U.S. federal income tax purposes. This discussion does not describe all of the tax consequences that may be relevant in light of a U.S. Holder’s particular circumstances, including the alternative minimum tax and the Medicare contribution tax on net investment income, as well as tax consequences applicable to U.S. Holders subject to special rules, such as:

| • |     | certain financial institutions; |

| • |     | insurance companies; |

| • |     | dealers or certain traders in securities; |

| • |     | persons holding contingent convertible capital securities, ADSs, Conversion Shares or debt securities as part of 
 a straddle, wash sale, constructive sale, conversion transaction or integrated transaction;                      |

| • |     | persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar; |

| • |     | entities or arrangements classified as partnerships for U.S. federal income tax purposes; |

| • |     | tax-exempt entities, “individual retirements