Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 39

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 39
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for, if and as required.

Early Redemption for a TLAC/MREL Disqualification Event

See “Description of Debt Securities—Redemption and Repurchase—Early Redemption of Senior Debt Securities for a TLAC/MREL Disqualification Event”in the accompanying prospectus.

Clean-upRedemption

If 75% or more of the initial aggregate principal amount of a series of Notes (which, for the avoidance of doubt, includes any
additional issuances issued subsequently and constituting a single series of securities under the Base Indenture, as described under “Description of Debt Securities—Additional Issuances” in the accompanying prospectus) have
been redeemed or purchased by, or on behalf of, Banco Santander and cancelled, Banco Santander may, on any date that is an Interest Payment Date on the Notes of the relevant series, at its option and having given no less than five (5) nor more
than 30 days’ notice to the holders of the Notes of the relevant series in accordance with the terms described under “Description of Debt Securities—Notices” in the accompanying prospectus (which notice shall be
irrevocable and shall specify the date for redemption) and a concurrent copy thereof to the Trustee, elect to redeem in whole but not in part the outstanding Notes of such series (the “Clean-up
Redemption”).

The Notes of the relevant series will be redeemed at their early clean-up
redemption amount, which shall be their principal amount, together with any accrued and unpaid interest thereon to (but excluding) the date fixed for redemption.

The Clean-up Redemption is subject to Banco Santander obtaining prior Supervisory Permission, if and
as required under Applicable Banking Regulations, and may only take place in accordance with Applicable Banking Regulations (including, without limitation, in accordance with Articles 77 and 78a of the CRR) in force at the relevant time.

No Additional Redemption Events

Other than as set forth under (i) “—Early Redemption for Taxation Reasons,” (ii) “Description of Debt Securities—Redemption and Repurchase—Early Redemption of Senior Debt Securities for a TLAC/MREL Disqualification Event” in the accompanying prospectus, and (iii) “—Clean-upRedemption,” Banco Santander may not redeem the Notes of any series.

S-22

Notice of Redemption See “ Description of Debt Securities— Redemption and Repurchase— Notice of Redemption” in the accompanying prospectus. Repurchase of Notes Banco Santander and any of its subsidiaries