Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 136

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 136
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, no payment of the relevant Distribution on the
contingent convertible capital securities of such series.

The level of Banco Santander’s Available Distributable Items may also be
affected by changes to accounting rules, regulation or the requirements and expectations of applicable regulatory authorities. Any such potential changes could adversely affect the Banco Santander’s Available Distributable Items in the future.

Banco Santander’s Available Distributable Items, and therefore the Banco Santander’s ability to make Distributions under the
contingent convertible capital securities, may be adversely affected by the performance of the business of the Group in general, factors affecting its financial position (including capital and leverage), the economic environment in which the issuer
and the Group operates and other factors outside of Banco Santander’s control. In addition, adjustments to earnings, as determined by the management of Banco Santander, may fluctuate significantly and may materially adversely affect Available
Distributable Items.

In addition, no payment will be made on the contingent convertible capital securities of any series (whether by way
of a repayment of the Liquidation Preference, the payment of any Distribution or otherwise) if and to the extent that such payment would cause a breach of any regulatory restriction or prohibition on payments on Additional Tier 1 Instruments
pursuant to Applicable Banking Regulations, including, without limitation (i) any such restriction or prohibition relating to any Maximum Distributable Amount under Article 48 of Law 10/2014 and any provisions implementing such Article, Article
16 bis of Law 11/2015 and any other provision of Spanish law transposing or implementing Article 141(2) of the CRD IV, (ii) any restrictions that could be imposed if a G-SII does not meet at the leverage
ratio buffer under Article 48ter of Law 10/2014 or (iii) any other restrictions contained in the Applicable Banking Regulations.

There can, therefore, be no assurances that a holder of contingent convertible capital securities of any series will receive payments of
Distributions in respect of the contingent convertible capital securities of such series. Unpaid Distributions are not cumulative or payable at any time thereafter and, accordingly, if any Distribution (or part thereof) is not made in respect of the
contingent convertible capital securities of any series as a result of any requirement for, or election of, Banco Santander to cancel such Distributions then the right of the holders of contingent convertible capital securities of such series to
receive the relevant Distribution (or part thereof) in respect of