Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 135

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 135
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 investment will have on the potential investor’s overall investment portfolio. Prior to making an investment decision, potential investors should consider carefully, in light of their own financial circumstances and investment objectives, all the information contained in this prospectus and the prospectus supplement or incorporated by reference herein. The market value of the contingent convertible capital securities of any series may be influenced by unpredictable factors. Certain factors, many of which are beyond Banco Santander’s control, will influence the value of the contingent convertible capital securities of any series and the price, if any, at which securities dealers may be willing to purchase or sell the contingent convertible capital securities of such series in the secondary market, including:

| • |     | Banco Santander’s creditworthiness from time to time; |

| • |     | supply and demand for Additional Tier 1 Instruments such as the contingent convertible capital securities; |

| • |     | supply and demand for the contingent convertible capital securities of such series; |

| • |     | economic, financial, political or regulatory events or judicial decisions that affect Banco Santander, the Group,                     
 the banking sector or the financial markets generally, including the introduction or amendment of any financial transactions tax; and |

| • |     | the trading price of Banco Santander’s ordinary shares and/or ADSs; |

Accordingly, if holders sell their contingent convertible capital securities of any series in the secondary market, they may not be able to obtain a price equal to the Liquidation Preference of the contingent convertible capital securities of such series or a price equal to the price that they paid for the contingent convertible capital securities of such series. The contingent convertible capital securities are not investment grade and are subject to the risks associated with non-investmentgrade securities. The contingent convertible capital securities of any series, upon issuance, will not be considered to be investment grade securities, and as such will be subject to a higher risk of price volatility than higher-rated securities. Furthermore, deteriorating outlooks for Banco Santander or the Group, or volatile markets, could lead to a significant deterioration in market prices of below-investment grade rated securities such as the contingent convertible capital securities of any series. Credit ratings may not reflect all risks associated with an investment in the contingent convertible capital securities of any series. Ratings may not reflect the potential impact of all risks related to structure, market, additional factors discussed above, and other factors that may affect the value of the contingent convertible capital securities of any series. Similar ratings assigned to different types of securities do not necessarily mean the same thing and any rating