Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 124

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 124
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2015 and Rule 24 of the Bank of Spain Circular 2/2016, restrictions of discretionary payments
will be scaled according to the extent of the breach of the “combined buffer requirement” and calculated as a percentage of the profits of the institution generated since the last annual decision on the distribution of profits. Such
calculation will result in a Maximum Distributable Amount in each relevant period. As an example, the scaling is such that in the bottom quartile of the “combined buffer requirement”, no discretionary payments will be permitted to be
made. As a consequence, in the event of breach

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of the combined buffer requirement (including where additional capital requirements are imposed that have the result of increasing the regulatory minimum required under CRD IV) it may be necessary to reduce discretionary payments (in whole or in part), including payments of Distributions in respect of the contingent convertible capital securities. There are a number of factors that make the determination and application of the Maximum Distributable Amount particularly complex, including the following:

| • |     | the Maximum Distributable Amount applies when the “combined buffer requirement” is not                                                                                                                                                             
 maintained. The “combined buffer requirement” represents the amount of capital that a financial institution is required to maintain beyond the minimum “Pillar 1” and (if applicable) “Pillar 2” capital                                           
 requirements. However, there are several different buffers, some of which are intended to encourage countercyclical behaviour (with extra capital retained when profits are robust) and others of which are intended to provide additional capital 
 cushions for institutions whose failure would result in a significant systemic risk;                                                                                                                                                               |

| • |     | the institution-specific countercyclical buffer, the global systemically important institution (“G-SII”) buffer and the systemic risk buffer may be applied and varied at any time upon decision of the relevant authorities. As a result, the potential impact of the Maximum Distributable Amount will 
 change over time;                                                                                                                                                                                                                                                                                        |

| • |     | the Maximum Distributable Amount calculation could be different for Banco Santander on a                                                                                                                                                                 
 consolidated and on an individual basis and different capital buffers could also apply. In addition, if a capital buffer is not respected, it is not completely clear the extent to which Banco Santander’s consolidated as compared to its              
 individual net income may be taken into account in different circumstances. It is also possible that some discretionary payments will affect the Maximum Distributable Amount on a consolidated but not an individual basis for Banco Santander and vice 
 versa